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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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Beyond Literacy and Motivation: The Overriding Role of Product Innovation in Driving Housewives' Interest in Islamic Gold Savings Nurun Nazwa Humairoh; Muhammad Iqbal; Rosyada
Journal Of Economic Cluster Vol. 3 No. 1 (2026): JoEC: Journal of Economic Cluster
Publisher : CV. Era Digital Nusantara

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Abstract

Despite the accessibility and Sharia compliance of Islamic gold savings, participation among housewives remains suboptimal. This study examines the influence of Islamic financial literacy, investment motivation, and product innovation on the interest in investing in Pegadaian Syariah Gold Savings. Applying a quantitative associative design, the study involved 50 Family Welfare Movement (PKK) members in Srimulya Village, Palembang. Saturated sampling was utilized to include the entire population as respondents. Data collected via Likert-scale questionnaires were analyzed using multiple linear regression. The results reveal that Islamic financial literacy and investment motivation do not significantly affect investment interest. In contrast, product innovation has a positive and significant effect. Simultaneously, the variables explain 73.6% of the variance in investment interest. Theoretically, these findings indicate that mere Sharia knowledge is insufficient to trigger investment intention without perceived behavioral control (ease of use). Managerially, Pegadaian Syariah must prioritize continuous digital product innovation, user-friendly applications, and transparent mechanisms, rather than relying solely on basic financial literacy campaigns, to effectively attract housewives.
Resilience of FDI Inflows Against Global Economic Shocks: Evidence from BRICS and ASEAN 5 Countries Darussalam; Nguyen Thi Hong Thuy; Naila Erum; Afroza Yasmin Mitu
Journal Of Economic Cluster Vol. 3 No. 1 (2026): JoEC: Journal of Economic Cluster
Publisher : CV. Era Digital Nusantara

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Abstract

Foreign Direct Investment (FDI) drives emerging markets but faces increasing global volatility due to macroeconomic instability. This study analyzes and compares FDI resilience between BRICS and ASEAN 5 during the Eurozone Crisis (2012–2013) and the COVID-19 pandemic (2019–2020). Using secondary data from the World Bank (2010–2023), this quantitative study explicitly employed an independent sample t-test and Mann-Whitney U test to measure the statistical significance of FDI resilience differences between the two blocs across crisis and post-crisis periods. The results reveal significant divergence: BRICS experienced sharp FDI declines during the pandemic due to structural vulnerabilities like commodity dependence and political instability. Conversely, ASEAN 5 demonstrated stronger adaptability, rebounding rapidly to an average of 2.94% of GDP in the post-crisis period, with Vietnam leading at 4.3% and Indonesia stabilizing at 1.7%. Statistically, while the t-test showed descriptively higher resilience for ASEAN 5 during the initial shock, the Mann-Whitney U test confirmed that ASEAN 5’s FDI recovery was significantly stronger than that of BRICS in the post-crisis period (p < 0.05). Theoretically, this enriches the discussion on FDI resilience against multidimensional crises, proving that dynamic policy resilience can override static market-size advantages. Practically, BRICS requires deeper structural reforms, while ASEAN 5 must sustain fiscal responsiveness and regional integration to maintain momentum. Ultimately, this research provides a practical blueprint for policymakers to design shock-responsive economic frameworks and offers global investors strategic insights for capital allocation and risk mitigation in emerging markets.
The DuPont System Re-examined: Operating Efficiency, Asset Productivity, and Earnings Growth in Indonesia's Capital-Intensive Public Utility Sector Listri Herlina
Journal Of Economic Cluster Vol. 3 No. 1 (2026): JoEC: Journal of Economic Cluster
Publisher : CV. Era Digital Nusantara

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Abstract

Earnings growth is a crucial indicator for assessing corporate financial performance, especially for state-owned public utilities like PT PLN (Persero), which face dual compression from operating costs and capital efficiency. This study aims to examine the effect of Operating Profit Margin (OPM) and Total Asset Turnover (TATO) on Earnings Growth at PT PLN (Persero). Employing a causal-associative quantitative approach, the data comprises 30 quarterly time-series observations (Q3 2017–Q4 2024), analyzed using multiple linear regression. The partial test results reveal statistical insignificance for both OPM and TATO. However, rather than treating the extreme Variance Inflation Factor (VIF = 521.62) as a mere econometric defect, this study theoretically reframes it as empirical proof of deep structural integration between cost efficiency and asset productivity in capital-intensive industries. Consequently, the simultaneous test (F-test) proves that OPM and TATO collectively exert a highly significant effect on Earnings Growth (F = 37.01; p = 0.000), explaining 73.3% of the variance. Theoretically, this statistical contradiction confirms the DuPont System's multiplicative nature, explaining the periodic earnings contraction anomaly in odd quarters where dual compression occurs. Practically, the study implies that management cannot rely on atomistic operational efficiency; instead, they must synchronize minimum fixed asset capacity utilization with operational hedging to mitigate profit volatility under strict state tariff regulations.
Consumer Purchase Interest in Local and Imported Halal Products in the Marketplace from an Islamic Economic Perspective Suhaila Irfi; Syarlla Lidia Putri; Reni Ria Armayani Hasibuan
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 analyze the purchasing interest of Gen Z Muslim consumers in local and imported halal products in marketplaces from an Islamic economic perspective. Employing a descriptive quantitative approach, data were collected via a Likert-scale questionnaire from 30 active marketplace users aged 18–22 and analyzed using descriptive statistics (frequency distribution and percentage). The results reveal a phenomenon of Halal Certification Primacy, where official halal certification and clear halal information act as the primary determinants of purchasing decisions (86.7%). Furthermore, 86.7% of respondents showed high interest in local halal products, with 93.3% believing local quality can compete with imports. Meanwhile, 90% remained open to imported products provided halal assurance is met. Notably, 96.7% of respondents integrate Islamic economic principles, specifically mashlahah (benefit) and tayyib (goodness), into their consumption decisions. The scientific contribution of this study lies in enriching the literature on digital consumer behavior by integrating Islamic economic principles into the mapping of halal product preferences across origins (local vs. imported), providing empirical evidence that modern Muslim consumption is driven by a blend of spiritual commitment and economic rationality.
Beyond Technical Skills: The Full Mediation of Self-Efficacy in the Relationship between Employability Skills and Work Readiness Arlita Wulandari; Bungaran Saing; Dian Sudiantini
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 analyze the effect of employability skills on student work readiness with self-efficacy as a mediating variable. The subjects of this study were undergraduate (S1) students of the Management Study Program, Class of 2022, at Universitas Bhayangkara Jakarta Raya. The study used a quantitative approach with an explanatory design. The population consisted of 349 students, with an explicit sample size of N = 78 respondents determined using the Slovin formula and selected via a simple random sampling technique. Data were collected through a Likert-scale questionnaire and analyzed using Path Analysis with Partial Least Squares (PLS) Structural Equation Modeling (SEM) using SmartPLS 3.0 software. The results showed that employability skills did not have a significant direct effect on work readiness (coefficient 0.053, p-value 0.763). However, employability skills had a positive and significant effect on self-efficacy (coefficient 0.760, p-value 0.000), and self-efficacy had a positive and significant effect on work readiness (coefficient 0.685, p-value 0.000). Furthermore, self-efficacy positively and significantly mediated the effect of employability skills on work readiness (coefficient 0.521, p-value 0.000). This finding suggests that improving student work readiness is more effectively achieved through strengthening self-efficacy as a psychological mechanism that bridges employability skills with work readiness.

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