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Nomico
Published by PT Anagata Sembagi Education
ISSN : -     EISSN : 30466318     DOI : https://doi.org/10.62872/apwm7d39
Core Subject : Economy,
Economics, Econometrics & Finance
The journal publishes original articles on current issues and trends occurring internationally in accounting, financial accounting, public sector accounting, auditing, economics, economics education, development economics, economic statistics, monetary economics, international economics, microeconomics, macroeconomics, econometrics, public economics, economic sociology.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekomomi dan Ekonometrika
Articles 10 Documents
 1 
Search results for , issue "Vol. 2 No. 10 (2025): Nomico-November" : 10 Documents clear
Financial Risk Management in Facing the Economic Crisis in Bangka Belitung Province Suhardi Suhardi
Nomico Vol. 2 No. 10 (2025): Nomico-November
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/zxp7zk81

Abstract

This research article discusses the importance of financial risk management in facing the economic crisis in Bangka Belitung Province, this region has great economic potential, especially in the mining and tourism sectors, but is also vulnerable to the global economic crisis, this study aims to analyze the condition of financial risk management in Bangka Belitung Province and identify the types of financial risks faced by companies and financial institutions. This study uses a case study method and secondary data analysis from provincial economic reports, the results of the study indicate that Bangka Belitung Province has relatively stable economic growth, but still faces significant financial risks, therefore effective financial risk management is needed to face the economic crisis. Effective financial risk management can help companies and financial institutions in Bangka Belitung Province to identify, measure and manage financial risks effectively, this can be done by developing appropriate risk management strategies, improving credit quality and strengthening the stability of the financial system. Thus, this study can contribute to the development of financial risk management in Bangka Belitung Province and help companies and financial institutions to face the economic crisis better, this study can also be a reference for local governments and related institutions in developing policies to improve the economic resilience of Bangka Belitung Province
The Application of Blockchain Technology in Stock Trading Efficiency Vidya Ramadhan Putra Pratama
Nomico Vol. 2 No. 10 (2025): Nomico-November
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/wbzp4x35

Abstract

Indonesia’s stock market has grown rapidly in volume and retail participation, creating increasing pressure on market infrastructures to deliver faster, more transparent, and more secure end-to-end processes. This study examines the potential of blockchain technology to enhance the efficiency of stock trading processes, covering trade execution at the Indonesia Stock Exchange, clearing performed by the Indonesia Clearing and Guarantee Corporation, and settlement and asset recording conducted by the Indonesian Central Securities Depository. Using a systematic literature review, the study synthesizes evidence from reputable academic databases and institutional publications through a structured selection approach and critical appraisal. The findings indicate that blockchain introduces substantial opportunities to accelerate transaction processing, strengthen data integrity, streamline clearing workflows, enable near real-time settlement, and automate corporate actions through smart contracts. Nevertheless, the study also reveals significant challenges, including limitations in scalability, infrastructure investment requirements, regulatory gaps, governance complexity, and the need for high-level technical readiness among market institutions. The study concludes that blockchain can serve as a transformative infrastructure for Indonesia’s capital market, provided its implementation follows a phased approach supported by rigorous pilot testing and clear regulatory frameworks.
Digital Financial Risk Control: Challenges and Innovation In The Modern Financial System Supiati Supiati
Nomico Vol. 2 No. 10 (2025): Nomico-November
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/esrq2y27

Abstract

The rapid expansion of Indonesia’s digital financial ecosystem has significantly advanced financial inclusion and innovation through the growth of fintech platforms, digital payments, and crypto-asset adoption. However, this transformation introduces multifaceted risks, including cyber threats, data breaches, digital fraud, regulatory uncertainty, and money-laundering vulnerabilities associated with crypto-assets and decentralized finance. This study employs a systematic literature review to examine the challenges and innovations in digital financial risk control within Indonesia’s fintech and digital asset sectors. Findings indicate that effective risk mitigation relies heavily on regulatory coordination, advanced supervisory technology, consumer digital literacy, and robust data protection practices. RegTech and SupTech innovations powered by artificial intelligence support real-time risk monitoring and enhance compliance with global standards such as FATF recommendations. Nevertheless, successful digital financial governance also requires algorithmic accountability and ethical technology deployment. This study underscores that safeguarding stability, trust, and consumer protection is essential to achieving a secure and inclusive digital financial system while enabling responsible innovation.
The Impact of Thin Capitalisation Rules on Corporate Tax Burden: Evidence from the Emerging Market Loso Judijanto
Nomico Vol. 2 No. 10 (2025): Nomico-November
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/8hssj844

Abstract

This study examines the impact of thin capitalization rules on corporate tax burdens in emerging markets, focusing on firm-level behavioural responses and policy effectiveness in Indonesia and Malaysia. Using a panel dataset of 78 firm-year observations drawn from 2015 to 2022, the study applies fixed-effects and random-effects regression models to assess changes in leverage, interest expenses, effective tax rates, and book tax differences following the implementation of thin capitalization rules. The findings indicate that the regulations significantly reduce corporate leverage and related-party interest expenses, consequently increasing cash effective tax rates among heavily leveraged firms. The results further show that firms engage in substitution toward non-debt tax planning channels when interest deductions are restricted, highlighting behavioural adaptability in response to regulatory pressure. Differences in regulatory effectiveness between Indonesia and Malaysia underscore the importance of enforcement capacity and administrative consistency in shaping compliance outcomes. The study concludes that thin capitalization rules contribute meaningfully to reducing debt-based profit shifting but require complementary tax governance reforms to maximize their impact. The results provide empirical insights relevant for policymakers seeking to strengthen corporate tax bases in emerging markets.              
Evaluation of Double Taxation Agreements (DTAs) in Preventing Double Taxation in the Digital Economy Era Loso Judijanto
Nomico Vol. 2 No. 10 (2025): Nomico-November
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/p3wqcd69

Abstract

This study analyzes the determinants of tax aggressiveness in public companies by examining the interaction between firm-level financial characteristics, corporate governance structures, and institutional environments. Employing a quantitative panel-data design, the study evaluates 84 firm-year observations from Indonesia and Malaysia, using fixed-effects and random-effects models to test how leverage, profitability, firm size, ownership concentration, and governance quality influence tax aggressiveness measured through cash effective tax rates and book-tax differences. The findings indicate that higher leverage and profitability significantly increase tax aggressiveness, while stronger board independence and higher audit quality reduce it. Institutional factors, including regulatory enforcement, legal clarity, and audit intensity, moderate firm behavior and shape the extent of aggressive tax practices. The results reveal that tax aggressiveness is not driven by isolated variables but emerges from combined financial incentives and institutional opportunities. Firms in weaker regulatory environments exhibit higher aggressiveness, demonstrating the role of institutional quality in shaping compliance. The study concludes that reducing tax aggressiveness requires comprehensive reforms that integrate improvements in corporate governance with strengthened enforcement and regulatory clarity. The findings contribute to the literature by offering a multidimensional analysis that bridges firm-level and institutional determinants of tax behavior
Analysis of Factors Affecting Tax Aggressiveness in Public Companies Loso Judijanto
Nomico Vol. 2 No. 10 (2025): Nomico-November
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/3d83ss69

Abstract

This study analyses the factors that influence tax aggressiveness in public companies by examining the interaction between company financial characteristics, governance structure, and institutional environment. Using a quantitative panel data research design, this study evaluates 84 firm-year observations from Indonesia and Malaysia using fixed effects and random effects models to test how leverage, profitability, company size, ownership concentration, and governance quality influence tax aggressiveness as measured by cash effective tax rate and book-tax differences. The findings show that higher leverage and profitability increase tax aggressiveness, while greater board independence and better audit quality decrease it. Institutional factors such as regulatory enforcement, legal clarity, and audit intensity moderate corporate behaviour and shape the level of tax aggressiveness. The results of the study reveal that tax aggressiveness is not driven by a single variable, but is the result of a combination of financial incentives and institutional opportunities. Companies operating in a weak regulatory environment exhibit higher tax aggressiveness, confirming the role of institutional quality in shaping compliance. This study concludes that reducing tax aggressiveness requires comprehensive reforms that integrate the strengthening of corporate governance with improvements in law enforcement and regulatory clarity. These findings contribute by offering a multidimensional analysis that combines internal and external determinants of tax behaviour
The Implications of the Global Minimum Tax on the Tax Strategies of Multinational Companies in Indonesia Loso Judijanto
Nomico Vol. 2 No. 10 (2025): Nomico-November
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/h5pmz708

Abstract

This study analyzes the implications of the Global Minimum Tax for the tax strategies of multinational enterprises operating in Indonesia. Using a mixed conceptual policy approach, the research integrates doctrinal analysis of the Global Anti-Base Erosion framework with an economic evaluation of multinational behavioral responses. The findings show that the Global Minimum Tax fundamentally reshapes incentives for profit shifting, tax arbitrage, and the use of preferential regimes. Multinational enterprises are expected to revise strategies related to intellectual property placement, intra-group financing, and transfer pricing as low-tax structures lose effectiveness under top-up tax mechanisms. For Indonesia, the policy impact is substantial: traditional tax incentives such as holidays and special economic zone benefits become less attractive, prompting a shift toward expenditure-based and non-tax incentives. The study further reveals that Indonesia must strengthen regulatory certainty, administrative capacity, and digital tax infrastructure to implement the Global Minimum Tax effectively. Strategic adjustments are also required in investment policy, emphasizing infrastructure quality, human capital, and institutional stability as key competitiveness drivers. The research concludes that the Global Minimum Tax presents both opportunities and challenges for Indonesia, offering potential revenue gains while demanding comprehensive structural reforms to maintain investment attractiveness and align with global tax standards.             
Evaluation of the Effectiveness of Post-Pandemic MSME Tax Incentives on Local Economic Performance Loso Judijanto
Nomico Vol. 2 No. 10 (2025): Nomico-November
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/sw76xv68

Abstract

This study evaluates the effectiveness of post-pandemic tax incentives for micro, small, and medium enterprises in Indonesia and examines their impact on local economic performance. Using a combined conceptual and policy analysis approach, the research assesses how behavioural, structural, and institutional factors mediate the ability of MSMEs to convert tax relief into meaningful economic outcomes. The findings indicate that MSME responses to tax incentives are strongly influenced by business formality, liquidity constraints, digital readiness, sectoral composition, and information accessibility. Regions with stronger administrative capacity, higher digitalization, and greater purchasing power demonstrate more substantial improvements in employment recovery, business reopening rates, and local consumption. Structural factors such as regulatory clarity, financial inclusion, supply chain integration, human capital quality, and infrastructure development further shape the sustainability of tax incentive impacts. The study concludes that while tax incentives play an important role in supporting MSME recovery, their long-term effectiveness depends on broader institutional reforms that enhance administrative capability, promote digital access, strengthen financial systems, and improve local governance. Strengthening these structural conditions will expand the capacity of MSMEs to benefit from fiscal incentives and contribute to more resilient and inclusive local economic growth.    
The Effect of Corporate Social Responsibility Disclosure, Leverage, and Company Size on Company Value with Profitability as a Moderating Variable (Case Study of Energy Sector Companies Listed on the IDX in 2020-2023) Riska Huliawati; Netty Herawaty; Wiwik Tiswiyanti
Nomico Vol. 2 No. 10 (2025): Nomico-November
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/se9f2e49

Abstract

This study aims to determine the effect of Corporate Social Responsibility (CSR), leverage, and company size on firm value, with profitability as a moderating variable. The study population comprised energy sector companies listed on the Indonesia Stock Exchange (IDX) in 2020-2023. This study employed a quantitative method with secondary data in the form of company annual reports. The results show that CSR has a positive effect on firm value. Leverage has a negative effect on firm value. Company size has a positive effect on firm value. Profitability moderates the influence of CSR, leverage, and company size on firm value
Fiscal Efficiency and Public Service Innovation in the Era of Digitalization of Indonesian Government Muh. Nur
Nomico Vol. 2 No. 10 (2025): Nomico-November
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/a5r5gh34

Abstract

This study examines how digital transformation influences fiscal efficiency and public service innovation in Indonesia by integrating global evidence with national policy analysis. Using a mixed method approach that combines conceptual frameworks with secondary data on Indonesia’s digital governance initiatives, the study finds that digital transformation contributes to fiscal optimization through administrative simplification, improved transparency, automated workflows and enhanced data integration. Innovations such as e procurement, online licensing and digital budgeting demonstrate measurable reductions in transaction costs and increased accountability in several regions. However, the effectiveness of these initiatives is constrained by structural barriers including unequal digital infrastructure, limited human resource capacity, fragmented interoperability, cultural resistance and inconsistent leadership commitment across administrative levels. Governance dynamics within Indonesia’s decentralized system produce variations in digital readiness, which in turn shape the extent of efficiency gains and service improvements. The study concludes that digital transformation can significantly enhance fiscal performance when supported by coordinated regulatory frameworks, strengthened institutional capacity, standardized data governance and sustained investment. These findings highlight the need for integrated national strategies that combine technological development with organizational reform to ensure inclusive and long term public sector modernization.

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