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Dedi Purwanto Indra Kusuma
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INDONESIA
Jurnal Ekonomi, Manajemen, dan Bisnis
Published by Lembaga Penelitian dan Pendidikan (LPP) Kalibra
ISSN : -     EISSN : 30317150     DOI : https://doi.org/10.70716/emis
Core Subject : Economy,
Economics, Econometrics & Finance
Jurnal Ekonomi, Manajemen dan Bisnis is a double-blind peer-reviewed journal published by Lembaga Penelitian dan Pendidikan (LPP) Kalibra. It provides a platform for scholars, researchers, and practitioners to discuss issues in economics, management, and business. The journal publishes original research, literature reviews, and systematic literature reviews, aiming to contribute to the advancement of knowledge and practice in these fields.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 42 Documents
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Digital Financial Inclusion and MSME Resilience in Post-Pandemic Indonesia: An Empirical Analysis of Fintech Adoption and Business Sustainability Pratama, Rafiq Aditya; Azzahra, Salsabila Nur
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 4 No. 1 (2026): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v4i1.460

Abstract

This study analyzes the relationship between digital financial inclusion, fintech adoption, MSME resilience, and business sustainability in post-pandemic Indonesia. Micro, Small, and Medium Enterprises play a central role in Indonesia’s economic structure, yet they experienced significant financial vulnerability during the COVID-19 crisis. The research applies a quantitative explanatory design using a cross-sectional survey of 312 MSME owners across manufacturing, trade, and service sectors. Data were analyzed using Partial Least Squares Structural Equation Modeling to examine direct and mediated relationships among variables. The findings indicate that fintech adoption significantly strengthens digital financial inclusion. MSMEs that actively use digital payments, mobile banking, and peer-to-peer lending demonstrate broader access to formal financial services. Digital financial inclusion significantly enhances MSME resilience by improving liquidity stability, adaptive capacity, and revenue recovery speed. Resilience, in turn, strongly influences long-term business sustainability. Mediation analysis confirms that digital financial inclusion partially mediates the relationship between fintech adoption and resilience. This result suggests that fintech usage alone is insufficient to generate sustainable outcomes unless it translates into meaningful financial participation. The study concludes that strengthening digital financial inclusion is critical for reinforcing MSME resilience and sustainability in Indonesia’s post-pandemic economy. Policy strategies should prioritize digital infrastructure expansion, financial literacy development, and supportive regulatory frameworks to maximize fintech benefits for MSMEs.
The Impact of QRIS Adoption on Revenue Growth and Cost Efficiency of Micro and Small Enterprises in Yogyakarta: Evidence from a Panel Data Analysis Ramadhan, Muhammad Fadhil; Salsabila, Dewi Kartika
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 4 No. 1 (2026): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v4i1.461

Abstract

This study investigates the impact of QRIS adoption on revenue growth and cost efficiency of micro and small enterprises in Yogyakarta using a panel data approach. Micro and small enterprises play a critical role in regional economic development, yet many still rely on conventional cash transactions. The introduction of QRIS as a standardized digital payment system aims to enhance transaction efficiency and financial inclusion. However, empirical evidence on its measurable economic impact at the firm level remains limited. This research employs a quantitative design using balanced panel data from 162 micro and small enterprises observed over a three year period from 2022 to 2024. The study applies Fixed Effects regression and Difference in Differences estimation to identify the causal impact of QRIS adoption on annual revenue growth and operational cost efficiency. Revenue growth is measured as the percentage increase in annual sales, while cost efficiency is proxied by the ratio of operational costs to revenue. The results indicate that QRIS adoption significantly increases annual revenue growth by approximately 6 to 7 percentage points. In addition, QRIS adoption significantly reduces operational cost ratios by about 5 percentage points, reflecting improved cost efficiency. The findings remain robust after controlling for firm age, firm size, and digital literacy. Digital literacy further strengthens performance outcomes, indicating that technological capability enhances the benefits of adoption. The study concludes that QRIS adoption contributes positively to financial performance and operational efficiency of micro and small enterprises in Yogyakarta. Digital payment integration functions not only as a transaction tool but also as a strategic instrument that supports productivity, competitiveness, and sustainable business growth.
Penetrasi Bank Digital dan Inklusi Keuangan Rumah Tangga Perdesaan di Nusa Tenggara Barat: Pendekatan Structural Equation Modeling Mahadewi, Ni Luh Ayu Puspita; Syahputra, Muhammad Rafiq Fathurrahman
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 4 No. 1 (2026): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v4i1.462

Abstract

This study examines the impact of digital banking penetration on rural household financial inclusion in West Nusa Tenggara using a Partial Least Squares Structural Equation Modeling approach. The research is motivated by limited access to formal financial services in rural areas and the rapid expansion of digital banking services over the past decade. The proposed model investigates the relationships among digital infrastructure, digital literacy, trust, digital banking penetration, and financial inclusion. Data were collected from 352 rural households selected through multistage random sampling. The analysis involved measurement and structural model assessments to ensure validity, reliability, and the significance of relationships among constructs. The findings reveal that digital banking penetration has a positive and significant effect on rural household financial inclusion. Digital infrastructure and digital literacy significantly enhance digital banking penetration, while trust strengthens the adoption and sustained use of digital financial services. The R square value of 0.63 indicates strong explanatory power of the model in explaining variations in financial inclusion. Mediation analysis confirms that digital literacy mediates the relationship between digital banking penetration and financial inclusion. The study concludes that improving rural financial inclusion requires more than expanding digital banking services. It demands adequate digital infrastructure, strong digital literacy, and high levels of trust in digital financial systems. Policy implications highlight the need for integrated strategies that combine infrastructure development, digital literacy programs, and consumer protection frameworks to foster sustainable financial inclusion in rural areas.
The Impact of Nickel Downstreaming Policy on the Transformation of the Economic Structure of Konawe Regency, Southeast Sulawesi Wicaksana, Muhammad Arsyad; Putri, Nur Intan Permatasari
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 4 No. 1 (2026): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v4i1.463

Abstract

This study analyzes the impact of the nickel downstream policy on economic structural transformation in Konawe Regency, Southeast Sulawesi. The policy, strengthened through the 2020 export ban on raw nickel ore and the acceleration of domestic smelter development, aims to increase value added, promote industrial upgrading, and stimulate regional economic growth. This research evaluates whether the policy has significantly altered the sectoral composition, employment structure, and competitiveness of the regional economy. The study applies a quantitative approach using secondary data from 2014 to 2023. Analytical tools include Location Quotient to identify sectoral specialization, Shift-Share analysis to measure regional competitiveness, and Interrupted Time Series regression to detect structural breaks after policy implementation. The analysis also examines labor reallocation patterns and investment trends to assess the depth and inclusiveness of transformation. The findings reveal a substantial structural shift from primary-sector dominance toward manufacturing-based activity. The contribution of the secondary sector increased significantly after 2020, driven by the rapid expansion of nickel processing industries. Location Quotient results confirm that manufacturing emerged as a leading and specialized sector. Shift-Share decomposition indicates a strong positive regional competitive effect, suggesting that local industrial growth exceeded national trends. Interrupted Time Series analysis identifies a statistically significant structural break following policy enforcement, confirming that the downstream policy accelerated the growth trajectory of the manufacturing sector. Despite these gains, the transformation remains capital intensive and concentrated in nickel processing. Employment absorption in manufacturing increased but did not match the pace of output expansion. Industrial diversification beyond nickel processing remains limited. The study concludes that the nickel downstream policy has successfully initiated economic structural transformation in Konawe Regency. However, sustainable and inclusive development requires broader industrial diversification, stronger human capital development, technological upgrading, and effective environmental governance.
Efektivitas Alokasi Dana Desa terhadap Pertumbuhan Ekonomi Lokal di Kabupaten Lombok Utara Tahun 2017–2023 Samudranta, Arya; Adiwikrama, Zhafran
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 4 No. 1 (2026): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v4i1.464

Abstract

This study examines the effectiveness of Village Fund allocation on local economic growth in North Lombok Regency during the 2017–2023 period. The research is motivated by the strategic role of village fiscal policy in promoting regional economic development, particularly in areas with economic structures dominated by agriculture and community based tourism. The study draws on regional economic growth theory and endogenous growth theory, which emphasize the role of public investment and human capital in increasing regional output. This research employs a quantitative explanatory design. The data consist of panel data covering all villages in North Lombok Regency over a seven year period. The dependent variable is local economic growth, proxied by real regional GDP growth and village per capita income growth. The main independent variable is Village Fund allocation. Control variables include population size, education level, poverty rate, and village capital expenditure. Panel data regression with a fixed effect approach is applied based on the results of the Chow test and Hausman test. The findings indicate that Village Fund allocation has a positive and statistically significant effect on local economic growth at the 5 percent significance level. Increased Village Fund allocation stimulates growth through infrastructure spending and productive village programs. Education level and village capital expenditure also show positive and significant effects, while the poverty rate has a negative impact on economic growth. The coefficient of determination suggests that the model explains a substantial proportion of the variation in village economic growth. The study concludes that Village Fund allocation is effective in promoting local economic growth in North Lombok Regency. However, its effectiveness depends on the quality of budget management and the composition of village spending. Policy optimization should prioritize productive activities and human capital development to ensure more sustainable and inclusive economic growth.
Investor Expectation Management Strategies through IPO Roadshow and Book-building Processes Sandopart, Dewa Putu Yohanes Agata L.
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 3 No. 2 (2025): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v3i2.477

Abstract

This study explores investor expectation management strategies implemented by issuers and underwriters during the roadshow and book-building process of Initial Public Offerings (IPOs) on the Indonesia Stock Exchange. Employing a qualitative approach with an instrumental case study design, this research analyzes three main issuers representing the technology, consumer, and infrastructure sectors during the 2021-2025 period. Data were collected through in-depth interviews with 24 participants (issuer management, underwriters, institutional investors, and regulators), participant observation at three roadshow sessions, and document analysis of prospectuses and order book data. Thematic analysis yielded six main themes: (1) construction of corporate value narrative through selective framing, (2) two-stage price negotiation reflecting fundamentals and sentiment, (3) management of oversubscription and scarcity perception, (4) iterative feedback mechanisms between stages, (5) strategy differentiation based on issuer characteristics, and (6) implementation challenges and ethical risks. The main findings indicate that small technology companies employ aggressive strategies with the highest underpricing level (28.6%), while large infrastructure companies employ conservative strategies with the lowest underpricing (8.2%). This study confirms and extends Okamoto's (2023) two-step price adjustments model to the Indonesian emerging market context. The novelty lies in the systematic mapping of communication tactics used by management and underwriters in managing heterogeneous investor expectations. Policy implications include recommendations for adopting hybrid IPO auction models and strengthening supervision of selective disclosure practices during roadshows.
Dividend Policy Adaptation Strategies of New Issuers toward Capital Market Expectations: A Phenomenological Study Sandopart, Dewa Putu Yohanes Agata L.
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 3 No. 2 (2025): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v3i2.478

Abstract

This study aims to explore the dividend policy adaptation strategies employed by new issuers in responding to capital market expectations following an initial public offering (IPO). Using an interpretative phenomenological approach, this study involved 12 informants from 8 companies that conducted IPOs on the Indonesia Stock Exchange during the 2021–2023 period. Data were collected through semi-structured in-depth interviews, document analysis, and field notes. Data analysis followed the six-stage Interpretative Phenomenological Analysis (IPA) method. The findings identified four superordinate themes: signaling conformity (adherence to market signals), reported by 83.3% of informants; dividend smoothing, confirmed by all informants (100%); strategic decoupling (separation of formal policy from actual practice), identified in 58.3% of informants; and dividend theater (dividend narration as symbolic performance), which represents the original contribution of this study. The analysis reveals that the dividend policy of new issuers is not merely a rational financial decision but rather a social phenomenon shaped by collective market expectations and institutional legitimacy pressures. This study enriches signaling theory, agency theory, and institutional theory by incorporating processual and contextual dimensions. Policy implications recommend strengthening the Financial Services Authority’s oversight of earnings management practices and mandating new issuers to present more realistic dividend projections in their prospectuses.
Endorsement Communication Strategies in Building Consumer Trust: A Phenomenological Study of Social Media Followers Sandopart, Dewa Putu Yohanes Agata L.
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 1 No. 2 (2023): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v1i2.483

Abstract

The proliferation of endorsement practices on social media has created a paradox: on one hand, it enhances product visibility, yet on the other, it triggers consumer skepticism due to the ambiguity between organic and commercial content. This study aims to explore how social media followers interpret endorsement communication strategies in building—or conversely, eroding—consumer trust. Employing an interpretative phenomenological approach, this research involved in-depth interviews with 23 informants who are active followers of at least three influencer accounts on Instagram and TikTok. The principal findings identify ten interrelated patterns of consumer consciousness: authenticity radar, transactional fatigue, selective trust construction, parasocial compensation, value resonance, digital literacy as a modulator, temporal trust fluctuation, social proof calibration, disclosure cynicism, and post-purchase dissonance. This research contributes to the development of an updated Influencer Trust Decay Theory and offers practical implications for brands and endorsers in designing sustainable communication strategies.
From Celebrity to Speculator – Retail Investor Experiences with Controversial Endorsements and Stock Price Dynamics in Indonesia’s Emerging Market Sandopart, Dewa Putu Yohanes Agata L.
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 4 No. 1 (2026): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v4i1.484

Abstract

Celebrity endorsements and financial influencers have become a significant phenomenon in the Indonesian capital market, coinciding with a rise in stock manipulation cases driven by public figure recommendations. Regulatory authorities have documented numerous alleged capital market violations, including pump-and-dump schemes involving influencers. This study aims to explore in depth how retail investors experience and respond to controversial endorsements, and how these dynamics shape their perceptions of stock prices. Employing a qualitative approach with an instrumental case study design, the research involved interviews with 25 retail investors in Jakarta, Surabaya, and Medan who had invested in stocks promoted by endorsers. The findings identify three experiential patterns: FOMO-driven herding triggered by endorser authority, cognitive dissonance following losses attributable to recommendations, and resilience signaling as a self-defense mechanism. This study contributes by integrating source credibility perspectives with behavioral finance and offers policy implications for capital market regulators in managing influencer activity.
Investor Perceptions of Financial Performance Announcements and Their Impact on Trading Decisions: A Phenomenological Study of Commodity Cycle Companies Sandopart, Dewa Putu Yohanes Agata L.
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 2 No. 2 (2024): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v2i2.485

Abstract

Theoretically, profit and loss announcements should serve as fundamental signals guiding investment decisions. However, empirical evidence suggests that investors, particularly those trading in commodity cycle companies, often make decisions that are not entirely rational. This study aims to explore in depth how investor perceptions of financial performance announcements are formed and how these perceptions influence trading decisions in commodity cycle companies. Employing a qualitative phenomenological approach, the research involved 18 informants, including retail investors, investment managers, and securities analysts actively trading shares of commodity companies on the Indonesia Stock Exchange. Data were collected through semi-structured interviews and participant observation in investor discussion forums and subsequently analyzed using interpretative phenomenological analysis. The main findings reveal four central themes: the ambiguity of profit meaning amidst commodity volatility, emotional heuristics as the primary mediator of perception, cognitive dissonance between fundamental information and actual trading behavior, and social proof within investor communities as a decision catalyst. This study contributes to the expansion of behavioral finance theory by demonstrating that investor perception operates through dual-processing mechanisms that diverge from perfect rationality assumptions. Practically, the findings underscore the need for financial literacy programs that account for the psychological aspects of commodity cycle investors.

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