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Mustard Journal De Ecobusin
Published by Generasi Sains Indonesia
ISSN : -     EISSN : 30481538     DOI : https://doi.org/10.37899/mjde
Core Subject : Economy,
Economics, Econometrics & Finance
Mustard Journal De Ecobusin [e-ISSN 3048-1538] is a peer-reviewed journal published three times a year in the field of Economic and Business. Mustard Journal De Ecobusin is intended to be the journal for publishing articles reporting the results of economic research. Mustard Journal De Ecobusin is invites manuscripts on various topics to include, including but not limited to functional areas of Entrepreneurship, Strategic Alliances, Microeconomics, Behavioral and Health Economics, Government Regulation, Taxation, Macroeconomics, Financial Markets, Investment, Banking, International Economics, Foreign Direct Investment, Economic Development, Environmental Studies, Urban Issues, Emerging Markets, Empirical Studies, Quantitative and Experimental Methods.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 50 Documents
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Recognition of Ijarah (Capital Rent) Income from Business Using the Rahn (Pawn) Agreement : JEL Classification: G21, M41, Z12, G28, K22 Nursakinah Nursakinah; Sahabuddin Sahabuddin; Winarti Winarti
Mustard Journal De Ecobusin Vol. 3 No. 1 (2026): Mustard Journal De Ecobusin (MJDE)
Publisher : Generasi Sains Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37899/mjde.v3i1.322

Abstract

This study aims to analyze the recognition of ijarah income derived from rahn contracts within a Sharia-compliant financial institution. A qualitative case study approach was employed, utilizing observations, in-depth interviews, and documentation to examine accounting practices at PT Pegadaian Daya Branch. The findings indicate that ijarah income is recognized based on the accrual principle at the point when custodial services are initiated, supported by real-time transaction recording systems. The study also reveals a clear separation between financing and service components, ensuring compliance with Sharia principles. Additionally, ijarah rates are determined based on collateral value and service duration, while financial reporting adopt.s a standardized and net presentation approach. The novelty of this research lies in its micro-level analysis of how Sharia accounting standards are operationalized in practice, particularly in hybrid rahn–ijarah transactions. The study contributes to the literature by bridging the gap between theoretical frameworks and real-world implementation. The findings provide practical implications for improving transparency, consistency, and compliance in Islamic financial reporting, as well as theoretical insights into the integration of accrual accounting and Sharia principles within institutional systems.
The Impact of Nickel Downstreaming on Economic Growth in East Luwu Regency : JEL Classification: L72, O13, O14, Q32, R11 Waode Sarmin; Nur Mita
Mustard Journal De Ecobusin Vol. 3 No. 1 (2026): Mustard Journal De Ecobusin (MJDE)
Publisher : Generasi Sains Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37899/mjde.v3i1.328

Abstract

This study analyzes the impact of nickel downstreaming on regional economic growth in East Luwu Regency, Indonesia, during the 2020–2026 period. The research aims to evaluate whether value-added industrialization associated with nickel processing contributes significantly to regional economic expansion. Using a quantitative explanatory approach, the study employs a time-series regression model based on regional economic indicators, including Gross Regional Domestic Product growth, downstreaming value added, industrial investment, government expenditure, labor absorption, and population growth. The findings reveal that nickel downstreaming has a positive and statistically significant effect on regional economic growth, primarily through increased industrial investment and expansion of mining and processing activities. However, the results also indicate that growth remains highly capital-intensive, with limited employment spillovers and increasing dependence on the nickel sector. The novelty of this study lies in its subnational focus and its integration of downstreaming indicators into a regional growth framework covering the post-export ban industrialization period. The study contributes to the literature on resource-based industrialization and provides practical implications for policymakers regarding the importance of diversification, local economic linkages, and inclusive industrial development in resource-rich regions.
The Effectiveness of the Business Capital Assistance Program in Improving the Performance of MSMEs : JEL Classification: G28, H84, L26, O12, R11 Nurul Amelia Malik; Fahrul Kahfi; Fey Armita
Mustard Journal De Ecobusin Vol. 3 No. 1 (2026): Mustard Journal De Ecobusin (MJDE)
Publisher : Generasi Sains Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37899/mjde.v3i1.329

Abstract

This study reviews the effectiveness of the Business Capital Assistance Program to improve the performance of the micro, small and medium scale businesses in the city of Palu in the context of economic recovery from disaster in Indonesia. The study will assess whether government support for enterprises in the form of financial assistance has a significant impact on enterprise income growth, enterprise production and sales performance, and enterprise continuity. The quantitative explanatory approach was used and the type of design was cross sectional. The data were gathered by using structured questionnaires and the respondents were the owners of MSMEs who received business capital assistance from the local government. The data was analyzed descriptively and multiple regression analysis was used to determine the relationship between capital assistance and MSME performance. The results indicate that business capital assistance is positively and significantly influencing the performance of the MSMEs. Financial assistance to the beneficiary enterprises led to increased income, growth of production and sales activity, and better stability of operations in the enterprise. The study also finds that the effectiveness of a programme is influenced by the characteristics of the sector: it is more effective for trade and food-related enterprises. This study's novelty is in its resilience-based assessment of a localized government assistance program in a post-disaster urban economy. Results offer theoretical and practice implications for developing more adaptive and sustainable MSME development policies in vulnerable areas.
Analysis of Regional Government Financial Performance Based on Value for Money: JEL Classification: H72; H83; H61; M41; O18 Kinan Nabawi; Fahmi Aziz; Muhammad Nizar Alif; Nur Maia Sella
Mustard Journal De Ecobusin Vol. 3 No. 1 (2026): Mustard Journal De Ecobusin (MJDE)
Publisher : Generasi Sains Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37899/mjde.v3i1.335

Abstract

This study examines regional government financial performance through the application of the value for money framework, which emphasizes the dimensions of economy, efficiency, and effectiveness in public sector financial management. Using a quantitative descriptive–analytical design, the study relies on secondary data obtained from audited regional government financial statements, budget realization reports, and official performance documents. The analysis focuses on regional governments operating within a decentralized fiscal system, enabling an evaluation of how public funds are planned, allocated, and utilized to achieve policy objectives. The findings indicate that regional governments generally demonstrate strong economy performance, as reflected in realized expenditures that are largely below or close to approved budget allocations, suggesting effective cost control and fiscal discipline. However, efficiency and effectiveness results vary considerably across regions and fiscal periods, revealing that prudent spending alone does not guarantee optimal resource utilization or successful achievement of targeted outcomes. Several regions with high budget absorption levels exhibit moderate or low efficiency and effectiveness, indicating gaps between financial inputs, outputs, and outcomes. These results confirm that financial performance in the public sector is multidimensional and cannot be adequately assessed using budget realization indicators alone. The study concludes that the value for money framework provides a comprehensive and practical tool for evaluating regional government performance, supporting accountability, and informing performance-oriented public financial management reforms.
Challenges of Implementing Artificial Intelligence in the Audit Profession and Its Impact on Audit Quality: JEL Classification: M42, O33, C88, D83, G34 Muhammad Abduh; Nuramal; Rusni; Andika Pramukti; Nur Aliyah; Riska Ananda
Mustard Journal De Ecobusin Vol. 3 No. 1 (2026): Mustard Journal De Ecobusin (MJDE)
Publisher : Generasi Sains Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37899/mjde.v3i1.338

Abstract

This research paper explores the difficulties faced by the implementation of Artificial Intelligence in audit work and its impact on audit quality. The overall goal of the research is to gain a holistic view of the impact of AI on auditing practice and its resulting technical, ethical, regulatory and professional challenges. This study is carried out using Systematic Literature Review (SLR) approach, which uses relevant articles found in Scopus, Web of Science and Google Scholar databases. The results show how Artificial Intelligence can use advanced data analytics and automation technologies to improve audit efficiency, fraud detection, continuous auditing, and risk assessment. But, there are data quality problems, legacy systems, algorithm transparency limitations, cybersecurity issues, regulatory uncertainty and inadequate auditor competencies to limit implementation of Artificial Intelligence. The study also shows that AI transforms the auditor's job from procedural tasks to analyzing the content and exercising professional judgement. The novelty of this research emerges from the integrative analysis, which is new to the study, and integrates several technology, ethical, regulatory and competency aspects into a single framework for the understanding of the adoption of Artificial Intelligence in auditing. The study suggests that the implementation of Artificial Intelligence in the audit process should be balanced, combining technological innovation, ethical governance, professional expertise, and institutional readiness for it to provide an effective, sustainable improvement in audit quality.
The Influence of Corporate Governance on E-Commerce Company Performance in the Artificial Intelligence Era: JEL Classification: G34, L81, O33, M15, D22 John Mathew Reyes; Maria Angla Cruz
Mustard Journal De Ecobusin Vol. 3 No. 2 (2026): Mustard Journal De Ecobusin (MJDE)
Publisher : Generasi Sains Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37899/mjde.v3i2.357

Abstract

This study investigates the influence of corporate governance on the performance of e-commerce companies in the Philippines in the era of Artificial Intelligence (AI). The rapid development of AI technologies has transformed digital business operations, increasing the importance of governance mechanisms in ensuring organizational effectiveness, accountability, and competitiveness. This research employed a quantitative explanatory approach using survey data collected from managers and executives working in Philippine e-commerce companies. The data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS). The findings reveal that corporate governance has a positive and significant effect on company performance. Governance dimensions such as transparency, accountability, board effectiveness, risk management, and stakeholder protection were found to contribute substantially to operational efficiency, innovation capability, financial growth, and competitive advantage. The study also demonstrates that governance quality plays an important role in supporting organizational adaptability within AI-driven business environments. The research contributes theoretically to governance and digital transformation literature while providing practical implications for managers and policymakers seeking to strengthen governance frameworks and organizational sustainability in the digital era.
Based Internal Auditing and Financial Transparency among Fintech Companies: JEL Classification: M42; G23; G28; O33; D83 Siti Khodijah Ismail; Aisyah Zulkifli
Mustard Journal De Ecobusin Vol. 3 No. 2 (2026): Mustard Journal De Ecobusin (MJDE)
Publisher : Generasi Sains Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37899/mjde.v3i2.364

Abstract

This study aims to analyze the influence of AI-based internal auditing on financial transparency among FinTech companies in Malaysia. The increasing complexity of digital financial systems and the growing demand for transparent financial governance have intensified the importance of intelligent auditing technologies within modern financial institutions. This research employed a quantitative explanatory approach using survey data collected from 187 respondents working in Malaysian FinTech companies, including internal auditors, financial managers, compliance officers, and operational staff. Data were analyzed using descriptive statistics, validity and reliability testing, correlation analysis, and multiple linear regression. The findings demonstrate that AI-based internal auditing has a positive and statistically significant effect on financial transparency. Fraud detection emerged as the strongest dimension of AI auditing implementation, while reporting accuracy represented the most dominant dimension of financial transparency. The study further reveals that AI-driven auditing systems improve accountability, strengthen financial reporting reliability, and support more effective governance practices within digital financial environments. The findings provide theoretical contributions to digital auditing literature and practical implications for regulators and FinTech companies in developing more transparent and accountable financial governance systems.
Debt Sustainability and Fiscal Resilience in the Era of Global Economic Uncertainty: JEL Classification: E62; F34; H63; H68; O23 Nurul Aisyah Ramli; Ahmad Pratama Diantara
Mustard Journal De Ecobusin Vol. 3 No. 2 (2026): Mustard Journal De Ecobusin (MJDE)
Publisher : Generasi Sains Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37899/mjde.v3i2.369

Abstract

This study analyzes the relationship between debt sustainability and fiscal resilience in emerging economies during periods of global economic uncertainty. The research aims to examine how sovereign debt dynamics, fiscal imbalances, and macroeconomic instability influence governments’ capacity to maintain fiscal stability under external shocks. The study employs a quantitative panel data approach using observations from 25 emerging economies during the 2010–2025 period. Data were obtained from the International Monetary Fund, World Bank, OECD Statistics, and the World Uncertainty Database. The analysis applies Fixed Effects Model estimation, moderated regression analysis, and Generalized Method of Moments robustness testing. The findings indicate that public debt, fiscal deficits, external debt exposure, debt servicing obligations, inflation, and exchange rate volatility negatively affect fiscal resilience. In contrast, economic growth significantly strengthens governments’ fiscal adaptability and macroeconomic stability. The results also reveal that global economic uncertainty intensifies the adverse effects of debt accumulation on fiscal resilience. The study provides important implications for policymakers in designing adaptive fiscal strategies, strengthening debt governance, and enhancing economic resilience amid increasing global instability.
ESG-Based Financial Management and Sustainable Tourism Development: JEL Classification: G32; L83; M14; Q01; Q56 Nicholas Fernando; Melissa Hartono
Mustard Journal De Ecobusin Vol. 3 No. 2 (2026): Mustard Journal De Ecobusin (MJDE)
Publisher : Generasi Sains Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37899/mjde.v3i2.366

Abstract

This study examines the role of ESG-based financial management in supporting sustainable tourism development. The research aims to analyze how environmental responsibility, social inclusion, and governance accountability influence tourism sustainability and institutional resilience. A qualitative case-study approach was employed through semi-structured interviews, field observations, and document analysis involving tourism authorities, tourism business managers, local communities, sustainability consultants, and environmental organizations. The findings reveal that ESG integration significantly influences tourism financial governance through sustainable investment allocation, environmental conservation initiatives, participatory governance, and transparency mechanisms. The study also demonstrates that ESG-oriented financial management strengthens destination competitiveness, stakeholder trust, and long-term tourism resilience. The findings contribute theoretically to sustainable tourism and ESG governance literature while providing practical implications for tourism policymakers, investors, and tourism organizations regarding sustainability-oriented financial planning and governance accountability. The study emphasizes that sustainable tourism competitiveness increasingly depends on collaborative governance, environmental responsibility, and transparent financial management systems.
Commodity Price Shocks and Economic Growth Volatility: Evidence from Resource-Dependent Economies: JEL Classification: E32, F43, O13, Q02, C33 Ahmad Firdaus Karim; Rizky Ananta Putra; Samuel T. Navarro
Mustard Journal De Ecobusin Vol. 3 No. 2 (2026): Mustard Journal De Ecobusin (MJDE)
Publisher : Generasi Sains Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37899/mjde.v3i2.372

Abstract

This study examines the effect of commodity price shocks on economic growth volatility in resource-dependent economies during the period 2026. The research aims to analyze how fluctuations in global commodity markets influence macroeconomic stability in countries highly dependent on natural resource exports. Using a quantitative panel-data approach, the study investigates 30 resource-dependent economies across Sub-Saharan Africa, the Middle East, Latin America, Southeast Asia, and Central Asia. The analysis employs Fixed Effects and Generalized Method of Moments estimations using macroeconomic data obtained from the World Bank, International Monetary Fund, and Worldwide Governance Indicators databases. The findings reveal that commodity price shocks significantly increase economic growth volatility, particularly in highly resource-dependent and oil-exporting economies. Resource dependence, inflation, and exchange rate instability intensify macroeconomic vulnerability, whereas institutional quality reduces the negative impact of external shocks. The study further demonstrates that countries with stronger governance systems and more diversified economic structures exhibit greater resilience during periods of commodity market instability. The findings provide important implications for economic diversification policies, fiscal stabilization strategies, and institutional reform in developing economies.

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