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E-Jurnal Ekonomi dan Bisnis Universitas Udayana
Published by Universitas Udayana
ISSN : -     EISSN : 23373067     DOI : https://doi.org/10.24843/EEB.2025.v14.i08
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
E-Jurnal Ekonomi dan Bisnis aims as a medium of exchange of information and scientific works among the teaching staff, alumni, students, practitioners and observers of science in accounting and business, science in management, business strategy and entrepreneurship and scientific papers with emphasis contents of the article on the use of quantitative analysis tools (econometrics, parametric and non-parametric statistics, descriptive statistics, input-output, CGE, etc.) in studies of economic and social. E-Jurnal Ekonomi dan Bisnis recognizes that informational problems are pervasive in financial markets and business organizations and that accounting plays an important role in resolving such problems. E-Jurnal Ekonomi dan Bisnis welcomes both theoretical and empirical contributions. Nonetheless, theoretical papers should yield novel testable implications, and empirical papers should be theoretically well-motivated. The Editors view management, business strategy and entrepreneurship as being closely related to economics and, as a consequence, papers submitted will often have theoretical motivations that are grounded in economics, however, also seeks papers that complement economics-based theorizing with theoretical developments originating in other social science disciplines or traditions. While many papers in E-Jurnal Ekonomi dan Bisnis use econometric or related empirical methods, the Editors also welcome contributions that use other empirical research methods. Although the scope of E-Jurnal Ekonomi dan Bisnis is broad, it is not a suitable outlet for highly abstract mathematical papers or empirical papers with inadequate theoretical motivation. Also, papers that study asset pricing, or the operations of financial markets, should have direct implications for one or more of preparers, regulators, users of financial statements, and corporate financial decision-makers, or at least should have implications for the development of future research relevant to such users.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 12 Documents
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Search results for , issue "VOLUME.14.NO.10.TAHUN.2025" : 12 Documents clear
NIGHTTIME LIGHT SEBAGAI PROKSI INDEKS PEMBANGUNAN MANUSIA INDONESIA TAHUN 2022 Maulana Faris; Ilmiawan Auwalin
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.14.NO.10.TAHUN.2025
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2025.v14.i10.p02

Abstract

Indeks Pembangunan Manusia (IPM) adalah ukuran yang digunakan untuk menilai keberhasilan suatu negara dalam meningkatkan kualitas sumber daya manusianya. Namun, menghitung IPM membutuhkan pengumpulan data yang panjang dan mahal. Data Cahaya Malam (Night Time Life/NTL) dapat menjadi sumber data alternatif yang dapat digunakan sebagai proksi untuk IPM. Penelitian ini bertujuan untuk mengkaji kondisi NTL kabupaten/kota di seluruh Indonesia dan menentukan bagaimana NTL dapat berfungsi sebagai proksi untuk IPM. Penelitian menggunakan regresi linier antara IPM dan NTL dengan dan tanpa variabel kontrol. Hasilnya menunjukkan bahwa kota administratif Jakarta Pusat adalah kota paling terang dengan rata-rata NTL sebesar 46,36. Model regresi pertama dibuat dengan IPM sebagai variabel dependen dan NTL sebagai variabel independen. Model kedua menambahkan variabel kontrol Harapan Hidup, Harapan Lama Sekolah, dan persentase kemiskinan moneter. Dalam kedua model, NTL memiliki hubungan positif yang signifikan dengan IPM. Model dengan variabel kontrol mampu menjelaskan hingga 90,4 persen dari variasi IPM. Pada kedua model terbukti NTL mampu menjadi proksi dalam menghitung IPM dan dimanfaatkan dalam pengambilan kebijakan yang berkaitan dengan IPM.   The Human Development Index (HDI) is an indicator of a country's success in developing quality human resources. However, calculating the HDI requires lengthy and expensive data collection. Nighttime Light (NTL) data can be an alternative data source that can be used as a proxy for the HDI. This study aims to examine the NTL conditions of districts/cities throughout Indonesia and determine how NTL can serve as a proxy for the HDI. The study used linear regression between HDI and NTL with and without control variables. The results indicate that the administrative city of Central Jakarta is the brightest city with an average NTL of 46.36. The first regression model was created with the HDI as the dependent variable and NTL as the independent variable. The second model added control variables of Life Expectancy, Expected Years of Schooling, and the percentage of monetary poverty. In both models, NTL had a significant positive relationship with the HDI. The model with control variables was able to explain up to 90.4 percent of the HDI variation. In both models, it is proven that NTL is able to be a proxy in calculating the HDI and is used in policy making related to the HDI.
EXPLORING HOW LIVE STREAMING SHAPES MALE CONSUMERS’ PERCEPTIONS OF RATINGS AND REVIEWS Eugenius Besli; Valentin R. G. Bella Adur; Yesita M. V. Mada Hekopung
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.14.NO.10.TAHUN.2025
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2025.v14.i10.p09

Abstract

This study aims to understand how consumer reviews, store ratings, and live streaming affect online shopping decisions among male consumers. It also looks into how live streaming can mediate the connection between reviews, ratings, and purchasing choices. We chose a purposive sampling method, focusing on male consumers who are often overlooked in similar research. Data was gathered online through questionnaires filled out by 170 students from three universities in Sikka Regency. To analyze relationships, we used multiple linear regression, and the Sobel Test helped us examine the mediation effects. The results are encouraging, showing that consumer reviews, store ratings, and live streaming all positively influence male consumers' online buying decisions. Interestingly, live streaming serves as a mediator between store ratings and purchase choices, but it doesn't play the same role between reviews and decisions. Overall, this research offers valuable insights into male consumer behavior in the world of e-commerce.
PENGARUH LEVERAGE TERHADAP RISIKO FINANCIAL DISTRESS: PENDEKATAN ALTMAN, OHLSON DAN ZMIJEWSKI Gun Gun Budiarsyah
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.14.NO.10.TAHUN.2025
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2025.v14.i10.p03

Abstract

Penelitian ini mengkaji pengaruh struktur modal terhadap kemungkinan terjadinya financial distress pada perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2011 hingga 2023. Pecking order theory menjadi dasar analisis dalam mengamati bagaimana ketergantungan perusahaan terhadap pembiayaan utang dapat meningkatkan risiko kebangkrutan. Financial distress tercermin melalui tiga model pengukuran yaitu Altman Z-Score, Ohlson O-Score dan Zmijewski Score, sehingga memberikan gambaran yang lebih komprehensif dan multidimensional. Hasil penelitian menunjukkan bahwa capital structure berpengaruh positif dan signifikan terhadap financial distress dalam seluruh model, yang menunjukan bahwa perusahaan dengan tingkat leverage yang tinggi lebih rentan terhadap tekanan keuangan, terutama di pasar berkembang yang menghadapi keterbatasan dana internal. Selain itu, firm size dan profitability terbukti menurunkan kemungkinan distress, sementara variabel growth opportunities dan dividend payout policies menunjukkan hasil yang bergantung pada model yang digunakan. Temuan ini menegaskan pentingnya keputusan struktur modal dalam mengelola ketahanan keuangan perusahaan dan memberikan implikasi kebijakan yang relevan bagi manajer dan pemangku kepentingan.   This study investigates the effect of capital structure, particularly leverage, on the likelihood of financial distress among non-financial firms listed on the Indonesia Stock Exchange (IDX) from 2011 to 2023. The analysis is grounded in the pecking order theory, which explains how firms’ reliance on debt financing may elevate the risk of bankruptcy. Financial distress is captured through three measurement models—Altman Z-Score, Ohlson O-Score, and Zmijewski Score—offering a more comprehensive and multidimensional assessment. Our empirical findings reveal that leverage is positively and significantly associated with financial distress across all models. This indicates that firms with higher debt levels are more vulnerable to financial instability, particularly in markets with limited access to internal funding. Additionally, we find that firm size and profitability reduce the likelihood of distress, while the effects of growth opportunities and dividend payout policies are model-dependent. The results confirm the relevance of capital structure decisions in managing financial vulnerability and offer important implications for corporate financial management in emerging markets.
GREEN ACCOUNTING, KOMISARIS INDEPENDEN, MEDIA EXPOSURE DAN PENGUNGKAPAN LAPORAN KEBERLANJUTAN Ni Luh Ayu Anggraeni; Eka Ardhani Sisdyani
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.14.NO.10.TAHUN.2025
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2025.v14.i10.p08

Abstract

Konsep sustainable development atau pembangunan berkelanjutan telah meningkatkan kesadaran masyarakat untuk menuntut tanggung jawab lebih dari konsekuensi operasional perusahaan terhadap alam dan kehidupan masyarakat. Tuntutan tersebut mendorong perusahaan untuk mengarahkan fokus mereka pada paradigma bisnis modern yang menekankan isu sustainability. Riset ini diarahkan guna menelaah dampak green accounting, komisaris independen, dan media exposure pada pengungkapan laporan keberlanjutan. Sumber informasi penelitian ini diperoleh dari data sekunder, sedangkan populasi terdiri atas perusahaan anggota Indeks SRI-KEHATI tahun 2019–2023. Sampel ditetapkan melalui teknik saturation sampling, dengan menggunakan seluruh populasi sebagai sampel. Penelitian ini menjalankan analisis melalui regresi data panel, dengan alat uji yang dijalankan melalui program STATA V17. Temuan penelitian ini mengindikasikan bahwa penerapan green accounting memberikan dampak positif terhadap pengungkapan laporan keberlanjutan. Sedangkan komisaris independen dan media exposure tidak berpengaruh pada pengungkapan laporan keberlanjutan. Penelitian ini dapat memperkuat landasan teori stakeholder dan berperan sebagai informasi tambahan dalam menunjang penetapan keputusan para stakeholder.   The concept of sustainable development has raised public awareness to demand greater accountability from companies for the consequences of their operations on the environment and society. Such demands have encouraged companies to redirect their focus toward a modern business paradigm that emphasizes sustainability issues. This study is designed to examine the impact of green accounting, independent commissioners, and media exposure on sustainability report disclosure. The research relies on secondary data, with the population consisting of companies listed in the SRI-KEHATI Index for the 2019–2023 period. The sample was determined using a saturation sampling technique, whereby the entire population was employed as the sample. Data were analyzed using panel regression, with statistical tests performed through the STATA V17 program. The findings indicate that the application of green accounting has a positive impact on sustainability report disclosure, whereas independent commissioners and media exposure do not significantly influence sustainability report disclosure. This research contributes to strengthening stakeholder theory and acts as additional insight that facilitates stakeholders in making informed decisions.
PENGARUH SEKTOR BASIS NON PARIWISATA, PENDIDIKAN DAN UMK TERHADAP PENYERAPAN TENAGA KERJA DI PROVINSI BALI Seli Indah Dela Puspitasari; I Wayan Priyana Agus Sudharma
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.14.NO.10.TAHUN.2025
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2025.v14.i10.p07

Abstract

Diversifikasi ekonomi semakin penting dalam memastikan stabilitas regional, terutama di daerah yang sangat bergantung pada satu sektor ekonomi saja. Penelitian ini menggunakan metode kuantitatif dengan teknik analisis data panel dan pendekatan Dynamic Location Quotient (DLQ) untuk mengidentifikasi sektor basis nonpariwisata di sembilan kabupaten/kota di Provinsi Bali selama periode 2015-2024. Hasil analisis menunjukkan bahwa terdapat empat sektor basis nonpariwisata yaitu sektor pertanian, perikanan, dan kehutanan; sektor industri pengolahan; sektor transportasi dan pergudangan; sektor informasi dan komunikasi. Secara simultan sektor pertanian, perikanan, dan kehutanan; sektor industri pengolahan; sektor transportasi dan pergudangan; sektor informasi dan komunikasi, pendidikan, dan UMK berpengaruh positif dan signifikan terhadap penyerapan tenaga kerja di Provinsi Bali Tahun 2015-2024. Secara parsial sektor pertanian, perikanan, dan kehutanan (X1_1); sektor industri pengolahan (X1_2) berpengaruh positif dan signifikan terhadap penyerapan tenaga kerja, variabel sektor informasi dan komunikasi (X1_4), pendidikan (X2) berpengaruh negatif dan signifikan terhadap penyerapan tenaga kerja di Provinsi Bali, dan sektor transportasi dan pergudangan (X1_3), UMK  (X3) berpengaruh positif dan tidak signfikan terhadap penyerapan tenaga kerja di Provinsi Bali. Economic diversification is becoming increasingly important in ensuring regional stability, especially in areas that are highly dependent on a single economic sector. This study employs a quantitative method using panel data analysis techniques and the Dynamic Location Quotient (DLQ) approach to identify nontourism base sectors in the nine regencies/cities of Bali Province during the 2015–2024 period. The analysis results indicate that there are four (4) nontourism base sectors: the agriculture, forestry, and fisheries sector; the manufacturing sector; the transportation and warehousing sector; and the information and communication sector. Simultaneously, the agriculture, forestry, and fisheries sector; the manufacturing sector; the transportation and warehousing sector; the information and communication sector; education; and the minimum wage (UMK) have a positive and significant effect on employment absorption in Bali Province during 2015–2024. Partially, the agriculture, forestry, and fisheries sector (X1_1) and the manufacturing sector (X1_2) have a positive and significant effect on employment absorption. Meanwhile, the information and communication sector (X1_4) and education (X2) have a negative and significant effect on employment absorption in Bali Province. The transportation and warehousing sector (X1_3) and the minimum wage (X3) have a positive but not significant effect on employment absorption in Bali Province.  
EASE OF DOING BUSINESS DAN INSTRUMEN MONETER SEBAGAI DETERMINAN FDI DI ASEAN-5 DAN ASIA TIMUR Firyal Hilmi Maghfiroh Ilahi; Vidya Purnamasari
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.14.NO.10.TAHUN.2025
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2025.v14.i10.p11

Abstract

Foreign Direct Investment (FDI) berperan penting dalam mempercepat pertumbuhan ekonomi, terutama di negara berkembang yang bergantung pada modal eksternal untuk mendukung industrialisasi dan penciptaan lapangan kerja. Dalam konteks globalisasi yang semakin dinamis, negara-negara di kawasan ASEAN-5 dan Asia Timur menghadapi persaingan ketat dalam menarik FDI. Kebijakan fiskal maupun moneter yang efektif dalam meningkatkan daya tarik investasi menjadi penting untuk dikaji. Penelitian ini berfokus pada variabel-variabel Ease of Doing Business (seperti Starting Business, getting credit, Paying Taxes, Trading Across Border) dan instrumen moneter (inflasi, suku bunga, nilai tukar, JUB) mempengaruhi  FDI di ASEAN-5 plus 4 negara Asia Timur (Singapura, Malaysia, Indonesia, Thailand, Filipina, China, Jepang, Korea Selatan dan Hongkong). Dalam penelitian ini diaplikasikan metode regresi data panel untuk menganalisis variabel mana yang paling signifikan dalam meningkatkan FDI. Hasil penelitian menemukan variabel Starting Business, Paying Taxes, Inflasi dan Nilai Tukar berpengaruh terhadap arus masuk FDI. Penelitian diharapkan dapat memberikan panduan kebijakan dalam memperbaiki regulasi bisnis dan stabilitas moneter untuk menarik investasi lebih besar.   Foreign Direct Investment (FDI) plays a crucial role in accelerating economic growth, particularly in developing countries that rely on external capital to support industrialization and job creation. In the increasingly dynamic context of globalization, countries in the ASEAN-5 and East Asia regions face intense competition in attracting FDI. Effective fiscal and monetary policies aimed at enhancing investment attractiveness are therefore essential to examine. This study focuses on how Ease of Doing Business variables (such as Starting a Business, Getting Credit, Paying Taxes, and Trading Across Borders) and monetary instruments (inflation, interest rates, exchange rates, and money supply) influence FDI in the ASEAN-5 plus four East Asian countries (Singapore, Malaysia, Indonesia, Thailand, the Philippines, China, Japan, South Korea, and Hong Kong). A panel data regression method is applied to identify which variables have the most significant impact on increasing FDI inflows. The findings reveal that Starting a Business, Paying Taxes, Inflation, and Exchange Rates significantly affect FDI inflows. This study is expected to provide policy guidance for improving business regulations and ensuring monetary stability to attract greater investment.
UNCOVERING THE POTENTIAL OF UNDERDEVELOPED REGIONSSTUDY CASE: BELU REGENCY Ni Putu Rekha Puspita
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.14.NO.10.TAHUN.2025
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2025.v14.i10.p10

Abstract

The potential of underdeveloped regions is often overlooked, even though these regions hold “significant capital” that can encourage sustainable development. East Nusa Tenggara is one of the provinces in Indonesia that categorized as a under developed region, with Belu Regency having the lowest Village Development Index (IDM). This research aims to explore and identify the potential inherent in underdeveloped regions that has not been optimized. This research uses the Location Quotient (LQ) analysis method to identify base sectors, Shift Share (SSA) to measure economic growth, and Klassen Typology to classify regional growth patterns in Belu Regency. Novelty that can be provided in this research is the synergy of analysis that allows more precise diagnosis of problems and formulation of more targeted interventions. The result of the analysis show that the agriculture, forestry, and fisheries sectors; wholesale and retail trade, repair of cars and motorcycles; financial services; and real estate are the leading potential sectors that can be developed in the development of Belu Regency.
THE EFFECT OF DIVIDEND POLICY AND LEVERAGE ON FIRM VALUE: THE MODERATING ROLE OF AUDIT QUALITY Ayudya Arifatur Niza; Lu'lu' Nafiati
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.14.NO.10.TAHUN.2025
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2025.v14.i10.p12

Abstract

This study analyzes the effects of dividend policy and leverage on firm value, with audit quality as a moderating variable. The sample includes manufacturing firms listed on the Indonesia Stock Exchange from 2015 to 2024. Using a quantitative panel data approach and the random effects model on 67 firm-year observations, the study employs multiple regression and moderation analyses to examine direct and interaction effects. Results show that both dividend policy and leverage positively and significantly affect firm value, highlighting the importance of financial signaling and optimal capital structure in emerging markets. Importantly, audit quality, proxied by Big Four auditor engagement, strengthens the positive link between dividend policy and firm value. This underscores the role of high-quality audits in enhancing financial signal credibility and reducing information asymmetry. However, audit quality does not significantly moderate the leverage–firm value relationship, indicating complexities in managing debt risk. This research advances prior literature by combining financial policies and audit quality in one framework within an underexplored emerging market. The findings offer practical guidance for managers and regulators to leverage audit quality as a strategic means to increase investor confidence and firm valuation in developing economies.  
THE INFLUENCE OF SOCIAL MEDIA ON GEN Z INVESTMENT DECISIONS IN APPLICATION-BASED CAPITAL MARKETS Elok Maziyah
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.14.NO.10.TAHUN.2025
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2025.v14.i10.p06

Abstract

This study examines the influence of social media on Gen Z’s investment decisions in the Indonesian application-based capital market, with Intention of Use as an intervening variable. Utilising a quantitative research approach, the data were analysed using Structural Equation Modelling (SEM) with Partial Least Squares (PLS) analysis. The independent variables include Perceived Usefulness, Perceived Ease of Use, Perceived Risk, and Investment Knowledge, while the dependent variable is Investment Decisions, which are mediated by Intention to Use. The findings reveal that Intention of Use significantly impacts Gen Z’s investment decisions. Additionally, Perceived Usefulness, Perceived Ease of Use, and Investment Knowledge positively influence both investment decisions and the intention to use social media. Conversely, Perceived Risk has no significant effect on investment decisions or the intention to use social media. These results highlight the importance of social media as a strategic marketing tool for investment application developers. Developers are advised to focus on enhancing user experience and providing educational content to foster trust and knowledge, ultimately increasing Gen Z’s engagement and investment decisions in the application-based capital market.
DOES DIVIDEND POLICY MEDIATE THE EFFECT OF FINANCIAL PERFORMANCE AND CAPITAL STRUCTURE ON FIRM VALUE? Reza Septiana Wibowo; Tarsisius Renald Suganda; Daniel Sugama Stephanus
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.14.NO.10.TAHUN.2025
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2025.v14.i10.p04

Abstract

A company's dividend policy is a crucial element that influences financial performance and capital structure on firm value. This study builds on earlier research by analyzing the function of dividend policy as a mediator between financial performance, capital structure and firm value, with a focus on stocks included in the ISSI Index. This research aims to examine whether dividend policy serves as a mediating variable in the relationship between financial performance, capital structure and firm value among manufacturing firms listed on the ISSI Index. This quantitative study utilized a sample of 425 observations from manufacturing companies on the ISSI Index during the 2019–2023 period. The PLS-SEM position was employed in regression analysis. Profitability (ROA), liquidity (CR), leverage (DER), and capital structure (DAR) seemed amid the independent variables this were studied. Firm value was measured by Tobin’s Q and PBV as dependent variables, while dividend policy (DPR) served as the mediating variable. It was found that profitability and capital structure contribute positively to firm value, as measured by Tobin’s Q and PBV, whereas liquidity has a negative impact. Leverage only affects firm value when PBV is used as a proxy. Also, this study demonstrates that the relationship between profitability, liquidity, leverage, and capital structure on firm value (Tobin’s Q and PBV) is significantly mediated by dividend policy. By strengthening and extending the bird-in-the-hand theory, this research offers a theoretical contribution by highlighting the importance of dividend payouts in enhancing firm value, particularly for manufacturing companies listed on the ISSI Index.

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