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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 12 Documents
 1   2 
Search results for , issue "Vol. 2 No. 11 (2025): Nomico-December" : 12 Documents clear
Circular Economy Practices and Profitability in Indonesian Manufacturing: Structural Enablers, Barriers, and Sectoral Divergence Fitria Husnatarina
Nomico Vol. 2 No. 11 (2025): Nomico-December
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/jqqkw312

Abstract

  The shift toward a circular economy has become increasingly important for Indonesia’s manufacturing industry as firms face rising material costs, environmental pressures, and global competitiveness demands. However, evidence on the profitability implications of circular practices remains fragmented and sector-dependent. This study examines how circular economy implementation influences profitability in Indonesian manufacturing firms through a Systematic Literature Review guided by the PRISMA 2020 protocol. Forty-two relevant studies were synthesized to evaluate the economic effects of practices such as recycling, remanufacturing, industrial symbiosis, eco-design, and service-based business models. The findings indicate that circular adoption enhances profitability mainly through cost efficiency, reduced reliance on virgin materials, operational stability, and new revenue creation. Nevertheless, profitability outcomes diverge across sectors and firm types, shaped by technological readiness, supply chain maturity, access to capital, regulatory certainty, and human capital capability. This review contributes by clarifying the structural conditions under which circular economy practices translate into financial gains in emerging manufacturing contexts.
The Role of Brand Image in Mediating Sales Promotion and Perceived Ease of Use Toward Purchase Decisions for Fashion Products Among Zalora Marketplace Consumers in Jember Ardini Manzilatun Nikmah; Raden Andi Sularso; Bambang Irawan
Nomico Vol. 2 No. 11 (2025): Nomico-December
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/ezsdrn90

Abstract

This study aims to analyze the influence of sales promotion and perceived ease of use on purchasing decisions of fashion products among Zalora consumers in Jember, with brand image as a mediating variable. This research employs a quantitative approach by distributing questionnaires to respondents who have made purchases through the Zalora platform. Data were analyzed using Partial Least Square (PLS) to examine both the structural model and measurement model, enabling evaluation of direct and indirect relationships among the research variables. The results indicate that sales promotion and perceived ease of use have a positive and significant influence on purchasing decisions. Furthermore, sales promotion and perceived ease of use are found to positively affect brand image. The findings also show that brand image significantly influences purchasing decisions. Mediation testing confirms that brand image mediates the relationship between sales promotion and perceived ease of use on purchasing decisions, demonstrating the strategic role of brand image in strengthening the impact of marketing stimuli and digital platform experience on consumer purchasing decisions on Zalora in Jember.
Sensing without Seizing: The Institutional Barriers to AI Adoption in Indonesian MSMEs Dadet Sugiarto; Eryco Muhdaliha; Jemmy Jemmy; Selamet Riyadi
Nomico Vol. 2 No. 11 (2025): Nomico-December
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/e7650540

Abstract

Despite strong policy support, the adoption of Artificial Intelligence (AI) among Indonesian Micro, Small, and Medium Enterprises (MSMEs) remains critically low, creating a notable "digital paradox." This study investigates the "gap between sensing and seizing," defined as the disparity between awareness of AI opportunities and deployment capability. Integrating Dynamic Capabilities Theory and Institutional Theory, we examine how internal organizational capabilities intersect with contextual barriers. Utilizing an interpretivist approach based on the Gioia Methodology, data were analyzed from 28 MSMEs in the Special Region of Yogyakarta through indepth interviews, focus group discussions, and document analysis. The analysis reveals that while sensing capability is widespread, it relies heavily on informal peer networks and is constrained by a cognitive mismatch regarding the relevance of AI for small businesses. Seizing capability is hampered less by financial constraints than by weak absorptive capacity and challenges in assessing return on investment. Transforming capabilities among early adopters are incremental and highly dependent on external ecosystem support. The study concludes that this adoption gap reflects institutional voids, specifically infrastructure inequality and regulatory uncertainty, rather than a lack of entrepreneurial will. These findings refine the theoretical understanding of technology adoption in developing economies and offer strategic guidance for policymakers and technology providers.
The Impact of Financial Inclusion on MSME Growth in Developing Countries: A Regional Comparative Study Ida Ayu Putu Megawati; Made Ratih Nurmalasari; Putu Putri Prawitasari; Ni Putu Ari Krismajayanti; Ni Nengah Rupadi Kertiriasih
Nomico Vol. 2 No. 11 (2025): Nomico-December
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/myfkbn74

Abstract

This study aims to analyze the impact of financial inclusion on MSME growth in Bali, Indonesia, and Malaysia. Using Structural Equation Modeling (SEM), the study examines the relationship between financial inclusion, measured by access to financial services, financial literacy, and government policies, and MSME growth, measured by revenue, number of employees, and business expansion. The results show that financial inclusion positively impacts MSME growth in both countries, with a greater effect in Malaysia. In Bali, although financial inclusion has a positive effect, the impact is smaller due to lower financial literacy and limited access to financial services. In Malaysia, more advanced financial inclusion policies and broader fintech access contribute significantly to MSME growth. This study suggests that to foster MSME growth, more structured financial inclusion policies, as well as improving financial literacy and access to financial services, should be a primary focus
Strategic Customer Engagement and Conditional Loyalty in Herbal E-Commerce: An Ethical SDL Perspective Abdul Rohman; Andreas Cahya U.R.P Saragih; Sosidah Sosidah; Selamet Riyadi
Nomico Vol. 2 No. 11 (2025): Nomico-December
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/c72k1082

Abstract

Indonesia’s herbal e-commerce market presents a distinctive paradox: while exhibiting steady annual growth of 6.2% within the global wellness economy, the ecosystem grapples with a structural trust deficit stemming from the prevalence of product adulteration. Through the lens of Service-Dominant Logic (SDL), this qualitative interpretive study investigates how strategic engagement shapes loyalty within this high-risk context. Drawing on in-depth interviews with 18 consumers and sellers, the analysis demonstrates that successful market actors navigate this deficit not through transactional efficiency, but through Ethical Resource Integration establishing regulatory compliance as a moral value proposition—and Developmental Engagement, a mechanism that elevates consumer health literacy. This interaction fosters heteropatric value co-creation, culminating in a distinct state of Conditional Loyalty: a vigilant adherence where emotional attachment is contingent upon continuous safety validation. Theoretically, this study extends SDL by positioning ethical capabilities as critical antecedents to engagement in regulated health markets. From a managerial perspective, the findings suggest that sustainable value arises less from price competition and more from the seller's evolution into an ethical health advisor within a multi-actor governance ecosystem
Green Economy and Carbon Investment: Business Strategies for Facing the Global Energy Transition Hamdani Hamdani; Firayani Firayani
Nomico Vol. 2 No. 11 (2025): Nomico-December
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/zqw2jr34

Abstract

The global energy transition has reshaped business dynamics and capital markets through the rise of the green economy and carbon investment as the new foundation of corporate competitiveness. This study analyzes how companies in Indonesia formulate green business strategies while optimizing carbon investment to sustain competitive advantage during the global energy shift. A Systematic Literature Review (SLR) following PRISMA guidelines was employed to identify, screen, and synthesize 24 relevant scientific articles published between 2018 and 2025. The findings reveal that corporate sustainability strategies rely not only on low-carbon technological innovation, energy efficiency, and supply-chain transformation but also on the implementation of carbon investment, participation in carbon credit markets, and access to ESG-based financing. The integration of green economy and carbon investment enhances corporate market reputation, reduces regulatory risks, lowers capital costs, and creates new revenue opportunities through carbon asset monetization. This study concludes that the success of Indonesian companies in navigating the global energy transition is determined by their ability to position the green economy and carbon investment as the core of their long-term business strategies.             
The Impact of Environmental Externalities on Commodity Price Stability: GARCH (Generalized Autoregressive Conditional Heteroskedasticity) Volatility Analysis Eki Dudi Darmawan
Nomico Vol. 2 No. 11 (2025): Nomico-December
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/2ccmsh89

Abstract

Crude oil is a highly strategic global commodity whose price is extremely sensitive to external dynamics and economic shocks. This study aims to analyze the effect of environmental externalities on crude oil price volatility by applying the Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model. Secondary data consisting of daily West Texas Intermediate (WTI) crude oil prices from January 2015 to December 2024 were examined using the ADF test, ARCH–LM test, model selection based on AIC and BIC, and parameter estimation of GARCH(1,1). The results indicate that environmental externalities have a positive and significant effect on crude oil price volatility, as evidenced by the γ coefficient of 0.227 and the α + β value of 0.905, demonstrating long-term volatility persistence. These findings show that crude oil price stability is determined not only by traditional supply and demand factors but also by global environmental regulations, emission policies, and energy transition dynamics. This study provides empirical contributions to energy economics research and practical insights for policymakers in developing energy security strategies that are adaptive to the sensitivity of global commodity prices.  
Research Title: The Effect of Financial Risk on the Profitability of Manufacturing Companies Listed on the IDX in 2020-2024 Kharimah Murni; Achmad Hizazi; Ratih Kusumastuti
Nomico Vol. 2 No. 11 (2025): Nomico-December
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/25x3n345

Abstract

This study analyzes the effect of financial risk, as measured by the Debt to Asset Ratio and Debt to Equity Ratio, on profitability (Return on Assets - ROA) in manufacturing companies listed on the Indonesia Stock Exchange during the 2020-2024 period. Using multiple linear regression with SPSS software on 95 observations, descriptive statistics show an average DAR of 0.3686, DER of 0.8498, and ROA of 0.0953. The results of the simultaneous test (F test) show a Sig. value of 0.000, indicating that DAR and DER together have a significant effect on ROA. The coefficient of determination (Adjusted R Square) of 0.289 indicates that 28.9% of the variation in ROA is explained by the model. Partially (t-test), DAR (X1) has a negative and significant effect (Sig. 0.000, coefficient -0.325) on ROA, while DER (X2) has a positive and significant effect (Sig. 0.000, coefficient 0.074) on ROA. These findings highlight the complexity of the relationship between financial risk and profitability in the manufacturing sector.
The Contribution of Sharia Investment Instruments to Economic Development in Indonesia: Opportunities and Challenges of Precious Metals Rukiah Rukiah
Nomico Vol. 2 No. 11 (2025): Nomico-December
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/8hbg1y81

Abstract

Global economic developments and increasing public awareness of halal finance are driving the growth of Islamic investment instruments in Indonesia. This study aims to analyze the contribution, opportunities, and challenges of Islamic investment instruments, including Islamic stocks, sukuk, Islamic mutual funds, and precious metal commodities, in the development of the Muslim economy. The research method used is a qualitative descriptive approach supported by quantitative data through documentation studies, content analysis, descriptive quantitative analysis, and SWOT analysis. The results indicate that Islamic investment instruments have a strategic role in strengthening the real sector, increasing financial inclusion and literacy among Muslims, and maintaining economic stability through the principles of justice, transparency, and sustainability in accordance with the maqasid al-shariah. Specifically, precious metals, especially gold, contribute as a hedging instrument, provide access to non riba financing, and strengthen the microeconomic resilience of the Muslim community. However, the development of Islamic investment instruments still faces challenges such as low Islamic financial literacy, limited product innovation, global market fluctuations, and suboptimal synergy among stakeholders. Therefore, strengthened regulations, public education, Islamic governance, and inclusive product innovation are needed so that Islamic investment instruments can function optimally as a driving force for equitable and sustainable Islamic economic development in Indonesia.
Circular Economy and Resource Efficiency in Industrial Competitiveness Marieska Lupikawaty
Nomico Vol. 2 No. 11 (2025): Nomico-December
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/drjvv540

Abstract

The transition toward a low-carbon economy has pushed industries to adopt circular economy and resource efficiency not merely as environmental initiatives, but as strategic drivers of competitiveness. However, academic studies examining the relationship between circular economy, resource efficiency, and industrial competitiveness remain fragmented and report inconsistent findings. This study aims to systematically analyze the contribution of circular economy and resource efficiency to industrial competitiveness and to identify the key mechanisms underlying this relationship. A systematic literature review was conducted using an evidence-based industrial sustainability approach, synthesizing peer-reviewed journal articles published between 2020 and 2025 and selected through the PRISMA process. The findings indicate that circular economy enhances industrial competitiveness primarily through improvements in resource efficiency, leading to cost reduction, supply stability, productivity gains, and process innovation. Resource efficiency emerges as a critical mediating mechanism translating circular practices into measurable competitive advantages. Nevertheless, the strength of evidence varies across industrial sectors, firm sizes, and institutional contexts. This study concludes that circular economy and resource efficiency act as strategic enablers of industrial competitiveness when implemented systematically and contextually, rather than as universally applicable solutions.      

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