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Journal of Economics Business Industry
Published by Lembaga Penelitian dan Ilmu Pengetahuan JEPIP
ISSN : 30250528     EISSN : 30250986     DOI : https://doi.org/10.59976/jebin
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
Journal of Economics Business Industry is a journal through a peer-review process.  Journal of Economics Business Industry for academics and researchers to publish their articles which is an original text that has not been published in another journal. The focus and scope are in the fields of Economics Industry, Mangement and Industry Businees, Economics Finance, Economics accounting, Economics Business.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 45 Documents
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The Competitiveness and Carbon Leakage Effects of Carbon Pricing Evidence from EITE Manufacturing Firms in Indonesia Riartri Nanda Bija; Bima Resi Pahlawan; Okky Putri Gunawan; Tantri Yuanika Sianipar; Bernat Joelsiman; Elisa Vania Yan
Journal of Economics Business Industry Vol. 2 No. 3 (2025): March
Publisher : Lembaga Penelitian dan Ilmu Pengetahuan JEPIP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59976/jebin.v2i3.280

Abstract

This study examines the effects of carbon pricing on industrial competitiveness and carbon leakage among energy-intensive and trade-exposed (EITE) manufacturing firms in the Jabodetabek metropolitan industrial cluster, Indonesia's largest industrial zone. Using an unbalanced panel of 423 firms and 2,687 firm-year observations from 2018 to 2024, we employ two-way fixed-effects regressions, instrumental variable estimation (IV-2SLS), and a difference-in-differences (DID) design exploiting the September 2023 launch of Indonesia's carbon exchange (IDXCarbon) as a natural experiment. We additionally quantify carbon leakage via a gravity model combined with multi-regional input-output (MRIO) analysis, and simulate the financial burden of the EU Carbon Border Adjustment Mechanism (CBAM). The results show that a one standard deviation increase in the effective carbon rate reduces total factor productivity (TFP) by 3.12 percentage points and decreases net profit margins by 1.89 percentage points. The DID estimate implies an 8.47 percentage point reduction in TFP for firms brought under the IDXCarbon scheme. The aggregate carbon leakage rate is 20.4%, with leakage split equally between domestic regional relocation and international displacement, driven predominantly by volume effects. Green innovation moderates the negative competitiveness effect, consistent with a partial Porter Hypothesis mechanism. The gap between Indonesia's effective carbon price (USD 3.9/tCO₂e) and the EU ETS benchmark (USD 70/tCO₂e) generates an estimated USD 291.8 million annual CBAM burden for Jabodetabek exporters, falling disproportionately on small and medium-sized enterprises. These findings provide robust empirical evidence for policymakers designing carbon pricing instruments that balance climate targets with industrial competitiveness in emerging economies.
Do Tax Reforms Improve Revenue Mobilization? Evidence from Ghana Using ECM and ARIMA Forecasting William Bekoe; John Kwaku Amoh; Kwadwo Opok; Joseph Danquah Ansong
Journal of Economics Business Industry Vol. 3 No. 1 (2025): July
Publisher : Lembaga Penelitian dan Ilmu Pengetahuan JEPIP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59976/jebin.v3i1.281

Abstract

This study evaluates the effectiveness of tax reforms on revenue mobilization in Ghana over the period 2000 to 2024. Using annual revenue data from the Ghana Revenue Authority (GRA), the analysis integrates multiple econometric approaches, including structural break identification, unit root diagnostics, an error correction model (ECM), and ARIMA forecasting. The findings reveal significant structural breaks in 2004, 2011, and 2016, which correspond to major reform episodes and external commodity shocks, indicating that policy changes have had measurable impacts on revenue performance. Stationarity tests confirmed that revenue is integrated of order one, justifying the use of the ECM to capture both short-run dynamics and long-run equilibrium relationships. The ECM results highlight a significant and negative error correction term of approximately 0.857, suggesting that roughly 86% of deviations from the long-run path are corrected within one year, thereby demonstrating the resilience of Ghana's fiscal adjustment mechanism. Forecast results project sustained revenue growth, with collections expected to exceed GH₵194 billion by 2025, assuming no major disruptions. Collectively, these results provide robust evidence that tax reforms have enhanced Ghana's revenue mobilization capacity, though the system remains sensitive to external shocks, particularly commodity price fluctuations and currency depreciation. The study underscores the importance of sustaining reforms and deepening revenue digitalization to ensure long-term fiscal stability.
The Buffering Role of Food Security in the Relationship between Food Price Volatility and Farmer Poverty Asri Ambariah; Andi Din Mahsyar Magribi Usdar; Frederik Katupu; Bernadetha Lista; Patrick Antonio; Dalila Aurelia
Journal of Economics Business Industry Vol. 3 No. 1 (2025): July
Publisher : Lembaga Penelitian dan Ilmu Pengetahuan JEPIP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59976/jebin.v3i1.286

Abstract

This study examines the relationship between food price volatility, food security, and farmer poverty in six provinces of Java, Sumatra, and Sulawesi, Indonesia, over the period 2015-2023. Using a balanced panel dataset compiled from the Central Bureau of Statistics (BPS), the Food Security and Vulnerability Atlas (FSVA), and Bank Indonesia consumer price data, this study employs a two-way fixed-effects panel regression model augmented with an interaction term to capture the moderating role of food security on the poverty-volatility nexus. The results indicate that food price volatility exerts a statistically significant positive effect on farmer poverty rates (b = 0.389, p < 0.01), while food security exhibits a significant negative effect (b = -0.297, p < 0.01). The interaction term between food security and food price volatility is negative and significant (b = -0.081, p < 0.05), confirming that higher food security attenuates the adverse poverty effects of price volatility. These findings contribute to the literature on agricultural poverty traps by providing province-level evidence from a major developing economy and by quantifying the buffering capacity of food security systems. Policy implications point toward the urgency of strengthening national food reserves, improving market integration, and expanding social protection for smallholder farmers.
The Dark Side of Controlling Shareholders Equity Pledges for Corporate Green Innovation Shu Hsien Lin; Wang Kuei Yuan; Leszek Niewdana; Lin Zih Ying
Journal of Economics Business Industry Vol. 3 No. 1 (2025): July
Publisher : Lembaga Penelitian dan Ilmu Pengetahuan JEPIP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59976/jebin.v3i1.289

Abstract

Green innovation is fundamental to sustainable development but frequently encounters financial and governance constraints in newly industrialized and export-oriented economies. Controlling shareholders' behaviors, particularly equity pledges, may erode firms' long-term innovation incentives. This study investigates how controlling shareholders' equity pledges influence corporate green innovation in Taiwan and explores the underlying mechanisms and contextual variations of this relationship. The research focuses on Taiwan Stock Exchange (TWSE) and Taipei Exchange (TPEx) listed companies over the period from 2013 to 2023, offering insights from a high-technology economy in which green transformation ambitions coexist with concentrated family ownership structures and active equity pledging practices. Using panel data regression analysis and mediation models, this study examines the direct impact of equity pledges on green innovation and further analyzes three mediating channels: Environmental, Social and Governance (ESG) performance, financing constraints, and tunneling behavior. The results show that controlling shareholders' equity pledges significantly reduce firms' green innovation efforts, primarily by lowering research and development (R&D) investment. The adverse effects operate through worsened ESG performance, tighter financing constraints, and increased tunneling activities. However, the inhibitory effect is mitigated in firms with low pledge ratios, high pollution levels, or government-linked ownership structures. Equity pledging by controlling shareholders poses a substantial threat to green innovation in most Taiwanese firms, although certain firm characteristics can buffer this effect. This article contributes to the literature by uncovering the dark side of shareholder pledging behavior in the context of environmental innovation within a high-technology export economy, highlighting the need for regulatory scrutiny and corporate governance reforms to safeguard long-term sustainable development.
Dynamic Conditional Correlation of International and Domestic Meat Price Volatility Mohd Hafizuddin Ramli; Siti Norzailina Mohamad Noor; Ahmad Fauzi Ismail; Nurul Huda Abdul Rashid
Journal of Economics Business Industry Vol. 3 No. 1 (2025): July
Publisher : Lembaga Penelitian dan Ilmu Pengetahuan JEPIP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59976/jebin.v3i1.292

Abstract

This study aims to examine volatility transmission between international and domestic beef and mutton prices in Malaysia and to assess the role of exchange rate and crude oil price shocks in shaping domestic meat price instability. The study uses monthly data from January 2020 to December 2024 covering domestic retail beef and mutton prices, international meat prices from Malaysia’s major trading partners, the Malaysian Ringgit exchange rate, and crude oil prices. Real price series are transformed into monthly log returns. The analysis applies Constant Conditional Correlation and Dynamic Conditional Correlation multivariate GARCH models, with exchange rate and crude oil prices incorporated as exogenous variables in the volatility equations. Stationarity, autocorrelation, and ARCH diagnostic tests are conducted to validate model suitability. The findings reveal stronger interdependence and volatility transmission in beef markets than in mutton markets. International beef price volatility is transmitted to Malaysia’s domestic beef market, while mutton prices show weaker cross-market linkage but high volatility persistence. Crude oil price volatility significantly increases both beef and mutton price volatility through logistics, cold-chain, and distribution-cost channels. Exchange rate volatility significantly affects beef price volatility, but its effect on mutton is weaker and statistically insignificant. This study contributes to agricultural price volatility literature by applying CCC-DCC MGARCH models to imported meat markets in a post-pandemic, geopolitically unstable context. The findings suggest the need to strengthen domestic livestock production, improve market information systems, stabilize import-related macroeconomic risks, and coordinate food price monitoring policies.
Electronic Invoicing Reform and Corporate Disclosure Quality in the Egyptian Capital Market Youssef Ahmed Hassan; Mariam Khaled El Sayed; Omar Mahmoud Ibrahim; Salma Tarek Mostafa
Journal of Economics Business Industry Vol. 3 No. 1 (2025): July
Publisher : Lembaga Penelitian dan Ilmu Pengetahuan JEPIP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59976/jebin.v3i1.296

Abstract

As a foundational pillar of capital market development, corporate information disclosure quality plays a central role in directing financial resources toward productive economic activities. This study treats Egypt's national electronic invoicing system, established by the Egyptian Tax Authority in December 2020, as a quasi-natural experiment and examines its effect on the information disclosure quality of non-financial companies listed on the Egyptian Exchange and headquartered in Cairo, using panel data from 2016 to 2024 and the difference-in-differences methodology. Results show that the introduction of digital transaction infrastructure significantly improves corporate information disclosure quality, and this finding remains stable across a series of robustness checks. Mechanism analysis reveals that financial bill digitization reduces corporate financial risk and strengthens internal control effectiveness, both serving as channels through which disclosure quality improves. Further heterogeneity analysis shows that the effect is more pronounced among firms facing higher internal governance difficulty and stronger external governance intensity. Improved disclosure quality is also associated with higher long-term and short-term firm value. The findings contribute to the literature on digital financial infrastructure and capital market quality in emerging economies, and provide empirical evidence for policy efforts aimed at modernizing Egypt's multilevel financial system.
Dynamic Macroeconomic Linkages in Indonesia Using Wavelet Transform Coherence Analysis Nabila Putri Anindya; Aisyah Nur Zahra; Nurul Azizah Safitri; Andika Bagas Wicaksono; Fajar Maulana Hidayat
Journal of Economics Business Industry Vol. 3 No. 2 (2025): November
Publisher : Lembaga Penelitian dan Ilmu Pengetahuan JEPIP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59976/jebin.v3i2.299

Abstract

This study aims to analyse the dynamic relationships among six key macroeconomic variables in Indonesia, namely Gross Domestic Product (GDP), the BI 7-Day Reverse Repo Rate (BI Rate), the Jakarta Composite Index (JCI), the Consumer Price Index (CPI), the Open Unemployment Rate (OUR), and global crude oil prices represented by West Texas Intermediate (WTI), over the period from 2010 to 2024. The study employs descriptive statistical analysis, Pearson correlation analysis, and the Wavelet Transform Coherence (WTC) method to assess how the relationships among these variables evolve across time and frequency domains. The results indicate that CPI is the most stable variable, while WTI and JCI exhibit substantially higher volatility, particularly during the COVID-19 pandemic and the 2013 to 2015 global oil price collapse. A strong positive relationship is observed between CPI and the BI Rate, consistent with the Taylor Rule framework, while strong coherence between CPI and WTI during during periods of global commodity price fluctuations reflects Indonesia’s sensitivity to global energy price movements. However, several findings reveal structural complexities within the Indonesian economy, including an unexpectedly weak or positive relationship between GDP and unemployment, potentially associated with the dominance of the informal sector and uneven labour absorption across industries. In addition, the relatively weak static CPI–WTI correlation suggests that domestic fuel subsidy policies partially shield consumer prices from external oil price shocks. These findings provide important implications for policymakers in designing responsive monetary and fiscal strategies, for investors managing portfolio exposure to commodity cycles, and for researchers seeking to deepen understanding of macroeconomic dynamics in emerging market economie
Enhancing Innovative Work Behaviour among State Civil Apparatus Employees through Leadership and Engagement Fitri Ayu Lestari; Dewi Kartika Sari; Ahmad Fadillah Putra; Rahmawati Nur Azizah
Journal of Economics Business Industry Vol. 3 No. 2 (2025): November
Publisher : Lembaga Penelitian dan Ilmu Pengetahuan JEPIP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59976/jebin.v3i2.303

Abstract

State civil apparatus (SCA) employees in North Kalimantan Province, Indonesia's youngest frontier province, are increasingly required to exhibit innovative work behaviour (IWB) as directed by national innovation policy. Transformational leadership (TFL) and work engagement (WE) are broadly understood to promote such behaviour, yet the moderating role of organisational justice (OJ) in this frontier public sector context remains underexplored. his study aimed to determine the direct influence of TFL, WE and OJ on IWB and to examine whether OJ functions as a moderating variable in these relationships. The study was conducted across regional apparatus organisations in North Kalimantan Province, Indonesia, with a random sample of 480 SCA employees drawn in 2025. Structural equation modelling partial least squares (SEM-PLS) was applied as the analytical method to test causal relationships and moderation effects for each hypothesis. TFL and WE each exerted significant positive direct effects on IWB. OJ, however, did not produce a significant direct effect on IWB and did not function as a moderating variable in any tested relationship. These findings affirm the central role of inspirational leadership and employee engagement in cultivating innovative behaviour within frontier public organisations. OJ, while ethically foundational, does not serve as a catalyst for IWB in this regional government context. This study extends social exchange theory to a frontier provincial context in Indonesia, empirically demonstrating that relational and motivational factors dominate over structural justice perceptions in shaping IWB among SCA employees.
Mandatory Housing Contributions and Non Housing Consumption among Urban Nigerian Households Chiamaka Grace Okafor; Ngozi Esther Nwankwo; Blessing Amarachi Eze; Aisha Fatima Bello
Journal of Economics Business Industry Vol. 3 No. 2 (2025): November
Publisher : Lembaga Penelitian dan Ilmu Pengetahuan JEPIP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59976/jebin.v3i2.307

Abstract

This study investigates the causal effect of mandatory National Housing Fund (NHF) contributions on non-housing consumption patterns among urban Nigerian households. Drawing on cross-sectional data from the 2023/24 Nigeria General Household Survey-Panel Wave 5 (GHS-Panel), we employ instrumental variable estimation to address endogeneity arising from reverse causality and omitted variable bias. Findings reveal a statistically significant negative relationship between NHF contributions and discretionary spending: an NGN 1 increase in per capita NHF outlays corresponds to an NGN 0.921 decline in non-housing consumption at the state level. This crowd-out effect intensifies among households that refrain from utilizing NHF for residential mortgage purposes, exhibiting a marginal propensity to consume reduction of NGN 1.872 per naira contributed. Heterogeneity analyses further demonstrate that low-income households, who exhibit lower NHF withdrawal probabilities, bear the inhibitory burden most acutely. Their non-housing expenditures decline more sharply relative to higher-income counterparts under equivalent contribution levels. Results from both the theoretical and empirical models suggest that whether a household participates in the NHF matters, but it is far more consequential for the household to actively leverage its lending capacity to relax liquidity constraints rather than merely sustain participation without accessing loans.
Revenue Diversification and Banks Funding Costs under Financial Regulation Jonathan Christian Halim; Clarissa Nathania Putri; Maria Gabriella Tan; Kevin Pratama Santoso
Journal of Economics Business Industry Vol. 3 No. 2 (2025): November
Publisher : Lembaga Penelitian dan Ilmu Pengetahuan JEPIP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59976/jebin.v3i2.310

Abstract

The banking literature suggests that banks can reduce their funding costs by optimising their deposit mix to prioritise low-cost accounts, managing capital efficiently, and employing diversification strategies to attract more cost-effective funding sources. While the roles of deposit mix optimisation and capital management in lowering funding costs are well documented, the impact of diversification remains relatively underexplored, particularly in the Indonesian context. This study examines the relationship between diversification, financial regulations, and banks' funding costs in Indonesia. A sample of 87 commercial banks operating in Indonesia over the period 2010 to 2024 was selected based on the availability of data. This study employs the fixed effects model as the main estimation approach, along with two-stage least squares (2SLS) and generalised method of moments (GMM) estimation techniques for robustness testing. The results indicate that diversification significantly lowers banks' cost of funds in Indonesia. The analysis also reveals that revenue diversification has a more pronounced impact on large and foreign or joint venture banks. Furthermore, the study identifies an indirect effect of financial regulations on banks' funding costs through revenue diversification. The study highlights the need for bank managers, particularly those in large and foreign or joint venture banks, to proactively adopt diversification strategies to optimise their funding structures and reduce costs effectively. The study provides insights into the broader implications of the interactions between regulatory frameworks, bank diversification, and funding costs in Indonesia. revenue diversification; asset diversification; financial regulations; banks' funding costs; Indonesia.

Page 4 of 5 | Total Record : 45

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