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Journal Of Economic Cluster
Published by CV. Era Digital Nusantara
ISSN : 30626692     EISSN : 30626692     DOI : https://doi.org/10.59066/joec.v1i1
Core Subject : Economy,
Economics, Econometrics & Finance
Focus and Scope Journal Of Economic Cluster is a peer-reviewed journal on economics science. Specifically, the journal will deal with following topics: Monetary Economy Public Economics Human Resource Economics Accounting Management Development Economics Economic Education Financial Economics Islamic Economics Institutional Economics Monetary Economics
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 35 Documents
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Determinants of Financial Distress in Islamic Banks: Does Firm Size Matter? Muhammad Zaki As Shafi MT
Journal Of Economic Cluster Vol. 1 No. 2 (2024): JoEC: Journal of Economic Cluster
Publisher : CV. Era Digital Nusantara

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Abstract

This study examines the effects of Non-Performing Financing (NPF), Financing to Deposit Ratio (FDR), and Operating Expenses to Operating Income (BOPO) on Financial Distress, with Firm Size as a moderating variable, in Indonesian Sharia Commercial Banks from 2019 to 2023. Using panel data from 10 banks analyzed using the Random Effects Model (REM), the findings reveal that only FDR significantly affects Financial Distress. A key discovery is that Firm Size significantly moderates (weakens) the negative impact of FDR on Financial Distress, providing empirical support for the "Too Big to Fail" theory within the Islamic banking ecosystem. Conversely, NPF and BOPO showed no significant effects, suggesting that capital buffers and restructuring policies effectively mitigated financing risks and inefficiencies during the pandemic. Theoretically, this research contributes to the international Islamic finance literature by demonstrating that asset size is a more critical determinant of liquidity resilience than credit risk in distressed conditions. The global policy implications underscore the necessity for differential regulatory standards for smaller-scale Islamic banks to prevent systemic risks in emerging markets.
Customer Loyalty in Islamic Microfinance: The Role of Service Quality and Trust Lailatul Maghfiroh
Journal Of Economic Cluster Vol. 1 No. 2 (2024): JoEC: Journal of Economic Cluster
Publisher : CV. Era Digital Nusantara

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Abstract

This study examines the impact of service quality and trust on customer loyalty in BMT Trans Redjo Mulyo Dadi, Indonesia. Using survey data from 107 respondents and analyzed with SEM-PLS, the findings reveal that both service quality and trust significantly enhance customer loyalty. The novelty of this research lies in extending loyalty models to Islamic microfinance institutions, highlighting the critical role of trust and service quality in sustaining member commitment. This contributes to the global literature by offering empirical evidence from a developing-country context, where microfinance plays a vital role in financial inclusion and community empowerment.
Driving Performance in Islamic Banking: How Discipline, Compensation, and Education Intersect Kapita Tantri
Journal Of Economic Cluster Vol. 2 No. 1 (2025): JoEC: Journal of Economic Cluster
Publisher : CV. Era Digital Nusantara

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Abstract

The purpose of this study is to examine the role of discipline, work compensation, and educational background in enhancing employee performance at Bank Syariah Indonesia KC Sudirman Palembang. The population consists of all employees, with a saturated sampling technique applied so that the entire population of 47 respondents was included. Primary data were collected through questionnaires and analyzed using SmartPLS, covering measurement models (outer model), structural models (inner model), and hypothesis testing. The findings reveal that discipline, work compensation, and educational background contribute positively and significantly to employee performance. The novelty of this research lies in the simultaneous integration of these three key human resource management factors within the context of Islamic banking, which has rarely been investigated. Practically, the results provide valuable insights for Islamic bank management in designing policies that strengthen workplace discipline, establish fair compensation systems, and align career development strategies with employees’ educational backgrounds. Thus, this study not only reinforces human resource management theory in Islamic banking but also offers actionable recommendations to improve productivity and service quality in Indonesia’s Islamic financial institutions.
Financial Literacy, Risk Tolerance, and Risk Perception as Determinants of Investment Decisions: A Study of Mutual Fund Investors in Indonesia Sabina Adilia
Journal Of Economic Cluster Vol. 2 No. 1 (2025): JoEC: Journal of Economic Cluster
Publisher : CV. Era Digital Nusantara

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Abstract

This study examines the influence of financial literacy, risk tolerance, and risk perception on investment decisions among mutual fund investors in Palembang, Indonesia. Primary data were collected from 98 respondents using purposive sampling and analyzed through Structural Equation Modelling (SEM) with SmartPLS 4. The results indicate that financial literacy does not significantly affect investment decisions, while risk tolerance and risk perception have positive and significant effects. The novelty of this research lies in simultaneously testing cognitive and psychological factors in the context of mutual fund investors in Indonesia. Theoretical contributions reinforce the role of risk tolerance and perception in investment decision-making, while practical implications provide insights for fund managers and regulators to improve investor education and risk management strategies.
Capital Structure, Growth Opportunity, and Firm Value: Dynamic Insights from the Indonesian Food and Beverage Industry Dani Lismanto
Journal Of Economic Cluster Vol. 3 No. 1 (2026): JoEC: Journal of Economic Cluster
Publisher : CV. Era Digital Nusantara

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Abstract

This study examines how capital structure and growth opportunities affected the firm value of Food and Beverage (F&B) companies on the Indonesia Stock Exchange during the volatile 2019–2023 period. While the COVID-19 pandemic disrupted consumer markets, the strategic balance between debt financing and growth potential in maintaining market confidence remains underexplored. Using a causal quantitative approach with purposive sampling, this study analyzed 25 firm-year observations from 5 consistently active companies using Multiple Linear Regression. The empirical results indicate that capital structure has a positive and significant effect on firm value, whereas growth opportunities do not have a significant effect on firm value. Simultaneously, both variables explain 34.6% of the variance in firm value. These findings imply that during economic crises, investors prioritize robust corporate financing strategies over long-term expansion projects. Consequently, F&B managers should focus on optimizing debt-to-equity ratios rather than aggressive scaling to maintain market confidence and protect investor returns during volatile periods.
Tax Avoidance and Its Implications on the Cost of Debt: Evidence from the Indonesian Property and Real Estate Sector Mohammad Caesar
Journal Of Economic Cluster Vol. 3 No. 1 (2026): JoEC: Journal of Economic Cluster
Publisher : CV. Era Digital Nusantara

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Abstract

Tax avoidance is a legal strategy used by companies to reduce tax liabilities by exploiting loopholes in tax regulations. Meanwhile, the cost of debt reflects the costs that companies must bear for using debt. This study aims to analyze the effect of tax avoidance on the cost of debt in property and real estate companies listed on the Indonesia Stock Exchange (IDX) in the 2021–2023 period. This study uses a quantitative method with secondary data from the financial statements of 13 property and real estate companies listed on the IDX. Data analysis techniques include classical assumption tests, simple linear regression analysis, and hypothesis testing using SPSS software version 24. The results show that tax avoidance has no significant negative effect on the cost of debt, with the calculated t-value (-0.773) smaller than the t-table (2.006) and a specific significance level (p-value = 0.443). In addition, the coefficient of determination (R2) value of 0.012 indicates that tax avoidance only explains 1.2% of the variation in the cost of debt, while 98.8% is influenced by other factors. This conclusion indicates that tax avoidance strategies do not significantly affect the company's cost of debt. This occurs because creditors in the capital-intensive property sector tend to ignore tax strategies and focus more heavily on hard assets or physical collateral to mitigate default risks, making corporate tax avoidance less relevant in debt pricing decisions.
Tax Knowledge and Policy Implementation as Determinants of Hotel Taxpayer Compliance: Evidence from the Serpong Tax Office Indra Tribuana Putra
Journal Of Economic Cluster Vol. 3 No. 1 (2026): JoEC: Journal of Economic Cluster
Publisher : CV. Era Digital Nusantara

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Abstract

This study examines the role of tax knowledge and policy implementation in shaping hotel taxpayer compliance at the Serpong Tax Office. While national tax compliance rates show improvement, local-level enforcement and compliance in specific service sectors, such as hospitality, remain under-researched, leaving a critical gap in regional revenue optimization. Using a quantitative explanatory design, the research included 81 hotels and lodgings as the population, with saturated sampling. Primary data were collected through questionnaires and interviews, supported by secondary sources. Data analysis employed classical assumption tests and multiple regression using SPSS 20. The findings reveal that tax knowledge has a positive and significant effect on taxpayer compliance (t = 3.749, p < 0.05). Policy implementation also shows a positive and significant effect (t = 3.479, p < 0.05). Simultaneously, both variables strongly influence compliance (F = 176.939, p < 0.05), with an R2 of 0.819, indicating that 81.9% of compliance variation is explained by these factors. This study highlights the critical role of taxpayer knowledge and consistent policy implementation in enhancing compliance. Practically, it implies that regional tax authorities must move beyond generic dissemination by implementing targeted digital workshops, integrating e-filing tailored for hospitality businesses, and enforcing transparent bureaucratic procedures to directly minimize local administrative friction.
The Effect of Cash Turnover and Operating Income on Net Profit at PT Bumi Resources Tbk Restian Dwi Wijaya
Journal Of Economic Cluster Vol. 3 No. 1 (2026): JoEC: Journal of Economic Cluster
Publisher : CV. Era Digital Nusantara

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Abstract

This study analyzes the partial and simultaneous effects of cash turnover and operating income on net profit at PT Bumi Resources Tbk from 2013 to 2023. Employing a quantitative associative design, this research utilizes audited financial statement data from the Indonesia Stock Exchange, processed via multiple linear regression analysis. The novelty lies in examining the sensitivity of a systemic mining giant's profitability amid post-pandemic global commodity price volatility and regulatory shifts. The results reveal that cash turnover has a negative and significant effect on net profit, indicating transactional inefficiencies during rapid cash cycles. Conversely, operating income has a negative but non-significant effect, proving that top-line growth fails to secure profitability when eroded by soaring operational cost overruns. Simultaneously, both variables exert a positive and significant impact, explaining 66.8% of the net profit variance. This underscores the critical need for integrated capital governance to navigate market shocks.
Determinants of Financial Performance in Energy Sector State-Owned Enterprises: Evidence from PT. PLN (Persero) Wahyu Nugroho
Journal Of Economic Cluster Vol. 3 No. 1 (2026): JoEC: Journal of Economic Cluster
Publisher : CV. Era Digital Nusantara

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Abstract

This study aims to determine and examine the simultaneous and partial effects of operating costs (measured by BOPO) and liquidity (measured by Current Ratio) on the financial performance (measured by Return on Assets/ROA) of PT. PLN (Persero). The research population and sample consist of the quarterly financial report data of PT. PLN (Persero) from 2017 (Q3) to 2024 (Q4), comprising 30 quarterly observations selected through a saturated sampling method. Data were obtained from official financial publications and analyzed using multiple linear regression. The empirical results indicate that operating costs (BOPO) have a negative and significant effect on financial performance, while liquidity (Current Ratio) has a positive and significant effect on financial performance. Simultaneously, operating costs and liquidity exert a significant influence on financial performance, as evidenced by an F-statistic value of 119.86 (p < 0.05) and a high R-Square of 0.899. These findings imply that the financial performance of PT. PLN (Persero) is highly sensitive to operational efficiency and short-term asset management, suggesting that corporate strategies must prioritize suppressing the BOPO ratio and maintaining an optimal current ratio to ensure sustainable profit growth.
Bridging the Digital Divide with Spirituality: Social Commerce and Sharia Marketing Ethics among Rural Culinary MSMEs Anisa Fitri; Mufti Fiandi; Riduwansah
Journal Of Economic Cluster Vol. 3 No. 1 (2026): JoEC: Journal of Economic Cluster
Publisher : CV. Era Digital Nusantara

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Abstract

Digital transformation in rural areas is frequently confronted with the characteristics of agrarian communities and infrastructural limitations. This study aims to analyze the contribution of digital marketing strategies toward increasing the revenue of culinary MSMEs in Mekarsari Village, map out the structural obstacles faced, and evaluate the alignment of these digital business operations with the principles of Sharia Marketing Ethics. Utilizing a qualitative approach with a descriptive-analytical design, data were gathered through in-depth interviews with three key informants, social media observations, and source triangulation. The results indicate that the adoption of simple social media platforms (WhatsApp and Facebook) significantly increased self-reported estimated monthly net revenue by IDR 2,500,000 to IDR 5,000,000 through the optimization of hyper-local social network effects and communal bulk orders. However, this implementation remains suboptimal due to structural constraints such as internet signal instability, low digital literacy, and a lack of formal training. From an Islamic economic perspective, the digital marketing activities of these business actors have internalized the values of siddiq, amanah, tabligh, and fathanah. Nonetheless, a gap persists within the formal-legality dimension, as none of the MSMEs possess an official Halal Certification from BPJPH. Theoretically, this study offers a novel contribution by bridging the gap between basic technology adoption and spiritual values. It extends the Digital Empowerment Theory by demonstrating that low-complexity social commerce, when embedded in strong rural social capital, effectively drives micro-level economic resilience. Furthermore, it enriches Islamic marketing literature by conceptualizing how Sharia ethics operate substantively in informal digital ecosystems before formal halal institutionalization. Practically, this study implies the importance of local government synergy in strengthening digital literacy and facilitating halal legality to foster spirituality-based rural economic sustainability.

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