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Global Research in Economics and Advanced Theory
Published by GABUNGAN RISET EDUKASI DAN EKSPLORASI TEORI
ISSN : -     EISSN : 31233449     DOI : -
Core Subject : Religion, Economy, Humanities, Education, Social,
Religion Humanities Economics, Econometrics & Finance Social Sciences Other
GREAT (Global Research in Economics and Advanced Theory) (ISSN-E 3123-3449) adalah jurnal internasional yang menggunakan sistem peer review ganda dan terbuka, yang menerima artikel penelitian berkualitas tinggi, asli, dan didukung secara teoritis di bidang ekonomi. Hal ini mencakup, namun tidak terbatas pada, studi di bidang manajemen, akuntansi, akuntansi Islam, keuangan, strategi bisnis, kewirausahaan, dan bidang lain yang terkait dengan pengembangan ekonomi dan bisnis. Jurnal GREAT diterbitkan oleh Gabungan Riset Edukasi dan Eksplorasi Teori. Jurnal ini menerbitkan berbagai karya akademik, termasuk artikel penelitian, makalah konseptual, laporan studi kasus, ulasan, dan pembahasan tentang isu-isu kontemporer dalam ekonomi dan bisnis (lihat Tujuan dan Ruang Lingkup & Etika dan Pelanggaran). Artikel dalam jurnal ini diterbitkan empat kali setahun (empat edisi per tahun), pada bulan Februari, Mei, Agustus, dan November. Manfaat bagi Penulis: Kami juga menyediakan berbagai manfaat bagi penulis, seperti akses gratis ke PDF yang diterbitkan, kebijakan hak cipta akses terbuka, dan visibilitas internasional yang luas.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 40 Documents
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ANALYSIS OF MSME COMPETITIVE STRATEGIES IN FACING DIGITAL COMPETITION
GLOBAL RESEARCH IN ECONOMICS AND ADVANCE THEORY (GREAT) Vol 1 No 1 (2024): GREAT Journal
Publisher : GREET

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This article aims to analyze the competitive strategies implemented by Micro, Small, and Medium Enterprises (MSMEs) in facing the challenges of digital competition. Using a descriptive qualitative approach, this research is based on literature studies and case study analyses from various reliable sources. This approach enables a deeper understanding of strategies such as cost leadership, differentiation, and market focus used by MSMEs to enhance their competitiveness in the digital era. The analysis was conducted using the SWOT framework and Porter’s Five Forces to evaluate internal and external factors influencing the success of MSMEs. The results of the study indicate that MSMEs that are able to leverage digital technology, understand the market specifically, and maintain service quality tend to be more adaptive and highly competitive. This study also highlights the importance of digital training, technology investment, and data-driven marketing strategies as keys to success in the digital market. These findings are expected to serve as a reference for MSMEs and stakeholders in designing more relevant policies or development strategies in the future.
IMPLEMENTING THE BALANCED SCORECARD IN STRATEGIC MANAGEMENT OF SHARIA FINANCIAL INSTITUTIONS Budi Safatul Anam
GLOBAL RESEARCH IN ECONOMICS AND ADVANCE THEORY (GREAT) Vol 1 No 1 (2024): GREAT Journal
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The implementation of the Balanced Scorecard (BSC) in Sharia financial institutions represents a significant evolution in strategic management practices within this sector. This study explores the integration of BSC into the strategic framework of Sharia financial institutions, emphasizing its role in aligning organizational objectives with Sharia principles. Utilizing qualitative methods, including case studies and interviews with industry experts, the research highlights the effectiveness of BSC in enhancing performance measurement and strategic alignment. Findings indicate that institutions employing BSC not only improve operational efficiency but also ensure compliance with Islamic finance principles, thus fostering stakeholder trust. The study concludes that BSC serves as a vital tool for Sharia financial institutions, enabling them to navigate the complexities of the financial landscape while adhering to their ethical mandates. This research contributes to the existing literature by providing empirical evidence on the successful application of BSC in a niche financial sector.
WORD-OF-MOUTH MARKETING STRATEGIES BY SME PLAYERS IN THE DIGITAL ERA Reza Juli Amri
GLOBAL RESEARCH IN ECONOMICS AND ADVANCE THEORY (GREAT) Vol 1 No 1 (2024): GREAT Journal
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This study examines the effectiveness of word-of-mouth (WOM) marketing strategies among small and medium-sized enterprises (SMEs) in the digital era, where customer trust in peer recommendations has grown significantly. Using a mixed-method approach (qualitative interviews with SME owners and quantitative surveys with customers) the research reveals that successful WOM strategies center on authentic customer engagement, social media utilization, and incentivized referral programs. The findings indicate that digital platforms significantly amplify WOM, allowing SMEs to extend their market reach while maintaining cost efficiency. However, challenges such as limited digital literacy and difficulties in managing negative feedback persist. Case studies demonstrate that storytelling, consistent interaction, and community building can enhance brand loyalty and organic growth. Statistical results from customer surveys show a strong correlation between positive WOM and increased customer trust, loyalty, and repeat purchases. This study concludes that authenticity and emotional resonance are crucial in maximizing WOM’s impact and recommends that SMEs invest in digital engagement skills, customer relationship management, and integrated marketing strategies to sustain WOM momentum. The research contributes to the academic discourse on SME digital marketing while offering actionable insights for practitioners seeking to grow their businesses through cost-effective, trust-based strategies.
CORPORATE GOVERNANCE MECHANISMS AND RISK MANAGEMENT PRACTICES IN INDONESIA’S ISLAMIC INSURANCE INDUSTRY Johar Muammar Khadafi
GLOBAL RESEARCH IN ECONOMICS AND ADVANCE THEORY (GREAT) Vol 1 No 1 (2024): GREAT Journal
Publisher : GREET

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This study explores the interplay between corporate governance mechanisms and risk management practices in Indonesia’s Islamic insurance (Takaful) industry, which has grown significantly but continues to face challenges related to regulatory complexity and Shariah compliance. Using a qualitative design, the research employed semi-structured interviews, focus group discussions, and document analysis with executives, regulators, and practitioners, analyzed through thematic coding to capture diverse perspectives. The findings indicate that Shariah Supervisory Boards are central to ensuring transparency, accountability, and ethical compliance, with 95% of firms implementing comprehensive governance frameworks aligned with Shariah principles (OJK, 2021). Simultaneously, risk management practices have become more sophisticated, with 80% of companies adopting enterprise risk management systems that integrate financial and non-financial risks (AASI, 2022), while the use of InsurTech tools such as predictive analytics has enhanced efficiency, reduced claim processing time, and improved customer engagement. The study highlights that corporate governance and risk management are mutually reinforcing: effective governance strengthens risk oversight, while comprehensive risk management enhances the credibility of governance structures. Furthermore, OJK regulations have created a more competitive and transparent industry landscape, aligning domestic practices with international standards. This research contributes to the Islamic finance literature by demonstrating how governance and risk practices collectively support institutional resilience and sustainability, while offering critical insights for practitioners, regulators, and policymakers. Future research should investigate the role of emerging technologies such as blockchain, conduct comparative studies with conventional insurers, and examine the integration of corporate social responsibility into Islamic insurance to further strengthen stakeholder trust and align with global sustainability goals.
VISUAL CONTENT STRATEGIES FOR INCREASING ONLINE VISIBILITY OF CULINARY MSMEs Kiki Putri Amelia
GLOBAL RESEARCH IN ECONOMICS AND ADVANCE THEORY (GREAT) Vol 1 No 1 (2024): GREAT Journal
Publisher : GREET

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Culinary Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in economic development and cultural preservation but continue to face barriers in achieving online visibility due to limited resources, insufficient digital literacy, and competition with larger firms. This study explores how visual content strategies can enhance the digital presence of culinary MSMEs by employing a qualitative research design involving semi-structured interviews and focus group discussions with 20 culinary entrepreneurs in urban areas, with data analyzed through thematic analysis using NVivo software. The findings highlight three key practices—high-quality images and videos, visual storytelling, and user-generated content (UGC)—which collectively increase engagement, strengthen brand recognition, and foster consumer trust. Case studies demonstrate tangible outcomes, such as a 150% rise in social media followers and significant growth in online sales, while challenges related to financial and technical constraints remain evident. The research critically argues that visual content should be viewed as a strategic necessity rather than an optional tool, urging MSMEs to integrate professional visuals, consumer co-creation, and influencer collaborations to achieve sustainable growth. Moreover, it emphasizes the need for future research to examine long-term impacts on brand equity and cross-cultural contexts, thereby contributing to both academic scholarship and practical guidance in digital marketing for culinary MSMEs.
THE ROLE OF FORENSIC ACCOUNTING IN DETECTING FINANCIAL STATEMENT FRAUD Masyitah
GLOBAL RESEARCH IN ECONOMICS AND ADVANCE THEORY (GREAT) Vol 1 No 2 (2024): GREAT Journal
Publisher : GREET

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Financial statement fraud remains a persistent challenge to corporate integrity and global market stability, with annual losses estimated at over $4.5 trillion. Traditional auditing methods often fail to uncover complex and technologically sophisticated schemes, creating a critical need for forensic accounting as a complementary investigative approach. This study investigates the role of forensic accounting in detecting financial statement fraud by integrating a mixed-methods design. Qualitative data were obtained through case studies of high-profile fraud incidents (Enron, WorldCom, HealthSouth, and Lehman Brothers) and semi-structured interviews with 30 forensic accounting professionals. Quantitative evidence was collected from surveys of 100 finance practitioners, assessing the perceived effectiveness of forensic accounting techniques. Thematic analysis revealed that forensic accountants employ analytical procedures, ratio analysis, data mining, and advanced digital tools to identify anomalies overlooked by conventional audits. Descriptive and inferential statistics confirmed that over 70% of respondents considered forensic practices significantly more effective in fraud detection compared to traditional auditing. Findings also highlight emerging challenges, including organizational resistance, reliance on historical data, and the growing complexity of cyber-enabled fraud. This research contributes to the literature by demonstrating how the integration of advanced analytics, machine learning, and blockchain applications can enhance forensic accounting practices, bridging a critical gap between conventional auditing and proactive fraud prevention. The study provides both theoretical and practical implications, underscoring the necessity of embedding forensic accounting into governance structures to strengthen transparency, investor confidence, and long-term organizational resilience..
GOOD CORPORATE GOVERNANCE IN ISLAMIC FINANCIAL INSTITUTIONS: OJK COMPLIANCE CHALLENGES Hendri Mauliansyah
GLOBAL RESEARCH IN ECONOMICS AND ADVANCE THEORY (GREAT) Vol 1 No 2 (2024): GREAT Journal
Publisher : GREET

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This study examines the implementation of Good Corporate Governance (GCG) in Islamic financial institutions (IFIs) in Indonesia, with a particular focus on compliance challenges posed by the Financial Services Authority (OJK). Unlike conventional banks, IFIs operate under a dual framework that requires adherence not only to regulatory standards but also to Shariah principles, creating distinctive governance complexities. Using a qualitative design, the research employed semi-structured interviews with compliance officers, board members, and regulators, complemented by observations and document analysis, and the data were thematically analyzed to capture governance dynamics. The findings indicate that compliance remains inconsistent due to limited stakeholder understanding, with less than half of board members demonstrating adequate knowledge of GCG principles, while inconsistencies in Shariah supervisory board rulings further complicate standardization across institutions. Weak transparency and accountability also persist, as evidenced by the fact that only half of IFIs publish sustainability reports, thereby reducing stakeholder trust and regulatory credibility. Case studies reveal that institutions investing in staff training and cultivating a compliance-oriented culture achieve stronger governance ratings, whereas those with inadequate internal controls face sanctions and reputational risks. These results highlight the dual pressures that make IFIs more vulnerable to governance risks compared to their conventional counterparts. The study argues that enhancing governance requires collaborative efforts, where regulators refine guidelines, strengthen monitoring, and expand capacity-building initiatives, while IFIs prioritize human capital development, adopt regulatory technology, and reinforce Shariah governance integration. With the Islamic finance industry projected to grow at an annual rate of 10%, the ability to overcome governance challenges will determine the competitiveness, sustainability, and ethical credibility of IFIs in the global financial landscape.
THE RELATIONSHIP BETWEEN TRADING VOLUME AND STOCK PRICE VOLATILITY IN THE INDONESIAN CAPITAL MARKET Hafifa Delly
GLOBAL RESEARCH IN ECONOMICS AND ADVANCE THEORY (GREAT) Vol 1 No 2 (2024): GREAT Journal
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This study investigates the relationship between trading volume and stock price volatility in the Indonesian capital market, an emerging market characterized by rapid investor growth and heightened sensitivity to global shocks. Using daily data from 100 companies listed on the Indonesia Stock Exchange (IDX) between 2018 and 2023, including LQ45 constituents, the analysis employs regression and correlation models, controlling for firm size, sector, interest rates, and inflation. Volatility is measured by the standard deviation of daily returns, while trading volume is captured in absolute and average daily terms. The results reveal a strong positive correlation (r = 0.65) between trading activity and volatility, confirming that heightened trading often amplifies price fluctuations. Regression analysis shows that a 1% increase in trading volume leads to a 0.5% rise in volatility (p < 0.01). Sectoral heterogeneity is evident, with technology stocks showing the strongest sensitivity (r = 0.72) and consumer goods displaying moderate responses. The findings underscore that while trading volume is a critical driver of volatility, external shocks and investor sentiment also play important roles. This research contributes to the literature by providing large-scale empirical evidence from Indonesia and offers practical implications for investors and regulators in managing risk and ensuring market stability.
THE IMPACT OF GOOD CORPORATE GOVERNANCE ON ESG PERFORMANCE: EVIDENCE FROM INDONESIAN LISTED COMPANIES Muhammad Azril
GLOBAL RESEARCH IN ECONOMICS AND ADVANCE THEORY (GREAT) Vol 1 No 2 (2024): GREAT Journal
Publisher : GREET

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This study examines the impact of Good Corporate Governance (GCG) on Environmental, Social, and Governance (ESG) performance in Indonesian listed companies. Using data from 100 firms on the Indonesia Stock Exchange (2020–2022), collected through annual and sustainability reports as well as third-party ESG ratings, regression and correlation analyses demonstrate a strong positive relationship between governance and sustainability outcomes. Firms with stronger GCG—measured by board structure, transparency, and accountability—show significantly higher ESG scores, with a one-point improvement in governance corresponding to a 0.45-point increase in ESG performance. Sectoral analysis reveals that manufacturing firms outperform financial institutions, while board diversity, particularly gender representation, further enhances sustainability initiatives. These findings reinforce stakeholder theory, indicating that governance mechanisms promote inclusivity and long-term value creation. The study contributes empirical evidence from an emerging economy, highlighting how regulatory frameworks and market pressures strengthen the governance–sustainability nexus. Overall, GCG is shown to be a strategic driver that not only improves ESG performance but also enhances competitiveness, investor confidence, and sustainable growth in Indonesia’s corporate sector.
THE IMPACT OF RISK-BASED CAPITAL (RBC) RATIO ON THE FINANCIAL PERFORMANCE OF INSURANCE COMPANIES IN INDONESIA Mukhtaruddin
GLOBAL RESEARCH IN ECONOMICS AND ADVANCE THEORY (GREAT) Vol 1 No 2 (2024): GREAT Journal
Publisher : GREET

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This study investigates the impact of the Risk-Based Capital (RBC) ratio on the financial performance of insurance companies in Indonesia, an emerging market where regulatory solvency requirements play a critical role in maintaining industry stability. Using a sample of 30 insurance firms listed in Indonesia during the 2018–2023 period, the study applies descriptive statistics, Pearson correlation, and multiple regression analysis to examine the relationship between RBC ratio, return on assets (ROA), and return on equity (ROE). The results reveal a significant positive relationship between the RBC ratio and financial performance, indicating that firms with higher solvency margins are more likely to generate stronger profitability and demonstrate operational resilience. Furthermore, the findings highlight heterogeneity across firm size, with large insurers benefiting more consistently from strong RBC positions compared to smaller firms, which remain vulnerable to market volatility. This study contributes to the literature by providing empirical evidence from Indonesia, where limited research has addressed the direct impact of solvency regulations on firm performance. The results offer practical implications for regulators, suggesting that continuous monitoring and stricter enforcement of RBC requirements are essential to safeguard market stability, while insurance companies should optimize capital structures to enhance both compliance and profitability.

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