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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 212 Documents
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MSME Price Adjustment Strategy in Local Market Competition in Surabaya: A Review of Price Theory Juliani Pudjowati; Susi Tri Wahyuni
Nomico Vol. 2 No. 9 (2025): Nomico - October
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/8h1kjb02

Abstract

Micro, Small, and Medium Enterprises (MSMEs) in Surabaya face complex challenges in establishing competitive pricing strategies amid dynamic local market competition. This study uses a systematic literature review approach to identify relevant price theories, analyze the price adjustment practices of MSMEs, and map challenges and opportunities in the context of the Surabaya market. Of the 943 publications identified, 27 selected articles were analyzed using thematic synthesis. The findings show that the majority of MSMEs (68%) still apply the cost-plus pricing model because of its convenience, but the trend towards value-based pricing (22%) and dynamic pricing (8%) is starting to be seen in MSMEs with higher digital literacy. External factors such as digitalization, consumer behavior, and innovation-based competition are key determinants of the success of a pricing strategy. Pricing training and the adoption of predictive technology have been proven to increase the efficiency and competitiveness of MSMEs. This research provides theoretical contributions through the synthesis of pricing models in the context of local MSMEs, as well as practical contributions in the form of strategic recommendations for business actors and policymakers.
Upper and Lower Auto Rejection (ARA-ARB) Policy on the Indonesia Stock Exchange: an Analysis of its Compliance with the Principles of Islamic Economic Law Muflih Adi Laksono
Nomico Vol. 2 No. 9 (2025): Nomico - October
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/vacej127

Abstract

High stock price volatility can trigger market instability and increase the risk of investor losses. To manage such fluctuations, the Indonesia Stock Exchange (IDX) implements the Auto Rejection Upper and Lower (ARA–ARB) policy as a daily price movement limit. In the context of the Islamic capital market, it is essential to examine whether this policy aligns with Islamic economic law and the objectives of maqāṣid al-sharī‘ah, particularly in promoting justice (‘adl), avoiding excessive uncertainty (gharar), and ensuring public welfare (maslahah). This study aims to analyze the conformity of the ARA–ARB mechanism with these principles. The research employs a normative-doctrinal approach through document analysis of regulatory texts, including IDX Board of Directors’ Decrees, OJK regulations, and DSN-MUI Fatwas, complemented by literature review and synthesis of empirical studies from 2020 to 2023. The findings indicate that, from a normative perspective, the ARA–ARB policy is consistent with maqāṣid al-sharī‘ah as it helps reduce extreme volatility, minimizes gharar, ensures fairness and transparency, and is free from elements of riba. Empirically, ARA–ARB provides positive signals toward abnormal returns under certain conditions, although often followed by a short-term decline in trading volume. This implies a trade-off between price stability and market liquidity. The study recommends regular sharia compliance evaluations, enhanced involvement of the Sharia Supervisory Board, and improved transparency and investor literacy to ensure that the implementation of ARA–ARB remains consistent with Islamic principles while supporting a stable and resilient capital market in Indonesia.  
QRIS-Based Digital Marketing: Collaborative Strategies between Merchants and Financial Service Providers Waqiah; Misfah Muslimawati; Farhatun Zaidah
Nomico Vol. 2 No. 9 (2025): Nomico - October
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/vj3s7g81

Abstract

This study aims to analyze the implementation of the Quick Response Code Indonesian Standard (QRIS) as a collaborative digital marketing strategy between merchants and financial service providers in Indonesia. Using a descriptive qualitative approach, this research explores the relationship between QRIS adoption, business collaboration, and its impact on transaction efficiency and MSME competitiveness in the digital economy. Data were collected through semi-structured interviews with MSME owners from the retail, culinary, and service sectors, as well as representatives from financial institutions involved in the QRIS ecosystem. The findings reveal that QRIS integration enhances transaction efficiency, strengthens consumer trust, and expands market access for small businesses. The collaboration between merchants and financial providers creates shared value through the utilization of transaction data as a foundation for marketing decision-making. Moreover, QRIS contributes to accelerating financial inclusion and reducing digital inequality across regions. Nonetheless, challenges remain, particularly in addressing limited digital literacy and infrastructure in rural areas. This study concludes that QRIS functions not only as a financial innovation but also as a strategic instrument for developing an inclusive, efficient, and sustainable digital marketing ecosystem for MSMEs in Indonesia.      
Corporate Social Responsibility (CSR) as an Instrument of Economic Justice Berilian Ayu Kusuma; Sri Wahyuni Jumadi; Pramidazzura Alifa Rifqi
Nomico Vol. 2 No. 9 (2025): Nomico - October
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/3znftz38

Abstract

This study examines Corporate Social Responsibility (CSR) as a strategic instrument for achieving economic justice in the context of global corporate transformation. The research adopts a qualitative descriptive approach focusing on the economic institutional framework to analyze how CSR contributes to redistributive mechanisms, economic empowerment, and inclusive growth. Data were collected through semi-structured interviews with CSR managers from multinational companies in the energy, mining, and manufacturing sectors, complemented by secondary data from sustainability reports and global policy documents such as those by the OECD, UNDP, and GRI. The findings reveal that CSR has shifted from philanthropic activities toward a strategic economic mechanism capable of reducing inequality and fostering social inclusion. Firms that integrate CSR into their core economic strategy exhibit higher levels of supply chain resilience, stakeholder trust, and community welfare. The study also highlights that empowerment-based CSR programs, particularly those supporting local entrepreneurship and inclusive digitalization, significantly improve community income and business performance. Furthermore, CSR is found to drive long-term corporate transformation through sustainability-oriented innovation and stakeholder capitalism, aligning business profitability with distributive justice and institutional resilience. In conclusion, CSR functions not only as a moral obligation but also as a redistributive economic policy tool essential for achieving sustainable and equitable growth in the global economy.
Consumer Behavior toward Digital Transactions Using QRIS: A Technology Acceptance Model (TAM) Approach R. Suprono Wahyujatmiko
Nomico Vol. 2 No. 9 (2025): Nomico - October
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/myxck774

Abstract

This study aims to analyze consumer behavior toward digital transactions using the Quick Response Code Indonesian Standard (QRIS) through the Technology Acceptance Model (TAM) framework. A quantitative descriptive approach was applied to examine the relationships among perceived usefulness (PU), perceived ease of use (PEOU), attitude toward use (ATU), and behavioral intention (BI) in determining consumer acceptance of QRIS. Data were collected from active users of digital payment systems in Indonesia and analyzed using the Partial Least Squares Structural Equation Modeling (PLS-SEM) method. The findings reveal that perceived usefulness and perceived ease of use significantly influence users’ positive attitudes toward QRIS, which subsequently enhance their behavioral intention to use. Trust and perceived security also play crucial roles in reinforcing the relationship between attitude and intention. Theoretically, this research confirms the robustness of the TAM framework within the context of financial technology adoption in developing economies. Practically, the study provides strategic implications for monetary authorities and digital payment providers to increase QRIS adoption through user experience enhancement, digital literacy programs, and stronger regulatory measures for transaction security.
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

Page 18 of 22 | Total Record : 212

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