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Journal of Economics, Finance, Accounting, and Organizational Advancement
Published by CV. Data Sinergi Digital
ISSN : -     EISSN : 31236286     DOI : https://doi.org/10.65853/jenova.v1i2
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JENOVA: Journal of Economics, Finance, Accounting, and Organizational Advancement is a peer-reviewed scholarly journal devoted to the dissemination of high-quality research across Accounting, Economics, Finance, Business, and Organizational Management. The journal serves as a reputable academic platform for theoretical and empirical contributions that advance economic resilience, robust financial and accounting practices, organizational effectiveness, strategic value creation, and sustainable, responsible management in local, regional, and global contexts. Manuscripts submitted to JENOVA must align with the journal’s Focus & Scope and Author Guidelines, and be formatted using the official JENOVA article template. Submissions are accepted exclusively through the journal’s Open Journal Systems (OJS) platform. The journal accepts only original scholarly work that has not been previously published, is not under consideration elsewhere, and makes a substantive contribution to its field. All submissions undergo plagiarism screening, with a maximum allowable similarity index of 20% as determined by reputable plagiarism-detection software. To uphold the highest standards of academic integrity, JENOVA implements a double-blind peer-review process in which both authors and reviewers remain anonymous. This policy ensures impartial evaluation, mitigates potential conflicts of interest, and safeguards the objectivity and rigor of the review process.
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Articles 10 Documents
 1 
Momentum Factor Effects in Emerging Markets An Analysis of ASEAN Countries romayanis lbgaol; Evi Nur Cahyanti
JENOVA : Journal of Economics, Finance, Accounting, and Organizational Advancement Vol. 1 No. 1 (2025): Journal of Economics, Finance, Accounting, and Organizational Advancement
Publisher : Cv. Data Sinergi Digital

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65853/jenova.v1i1.109

Abstract

This study examines the role of momentum factors in portfolio formation across relatively illiquid ASEAN stock markets. Grounded in the Efficient Market Hypothesis (EMH), the study investigates whether past stock returns provide predictive information for future returns in emerging markets characterized by heterogeneous liquidity, volatility, and investor behavior. Using a quantitative approach, the study analyzes secondary data from large firms consistently listed in Indonesia, Malaysia, the Philippines, and Thailand during the 2020–2024 period. Stock price and firm-level data were obtained from Bloomberg, Refinitiv, and Yahoo Finance, while non-price variables included ESG scores, corporate governance ratings, market capitalization, and selected macroeconomic indicators. The analysis employed winner-minus-loser (WML) portfolio construction, Pearson correlation, Ordinary Least Squares (OLS) regression, and classical assumption tests. The findings reveal that lagged returns have a negative and statistically significant effect on current returns at the annual horizon, indicating the presence of mean reversion rather than persistent annual momentum. However, medium-term momentum effects remain evident in more liquid markets, particularly Indonesia and Malaysia. In contrast, the Philippines is dominated by reversal patterns, while Thailand shows a stronger relationship between ESG scores and stock returns. These results suggest that momentum effects in ASEAN markets are heterogeneous and highly dependent on liquidity, market depth, investment horizon, and sustainability-related factors. The study contributes to the literature on market anomalies by showing that momentum strategies in emerging markets require context-specific portfolio designs.
Organizational Resilience Strategies in Facing the Post-Pandemic Economy Ayu Trisanti; Ritawati Sirait; Lestari Pratiwi Sitanggang
JENOVA : Journal of Economics, Finance, Accounting, and Organizational Advancement Vol. 1 No. 1 (2025): Journal of Economics, Finance, Accounting, and Organizational Advancement
Publisher : Cv. Data Sinergi Digital

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65853/jenova.v1i1.110

Abstract

This study examines the effectiveness of organizational resilience strategies in maintaining revenue stability amid post-COVID-19 economic uncertainty. Employing a quantitative descriptive-correlational design, the study collected data from 200 top managers across various industrial sectors in Indonesia using an online Likert-scale questionnaire, supported by corporate financial reports from 2019 to 2023. Pearson correlation and multiple linear regression analyses were used to assess the relationship between resilience strategies and revenue stability. The findings indicate that all examined strategies have positive and significant effects on revenue stability. Adaptive leadership emerged as the most influential factor, showing the strongest correlation and regression coefficient (r = 0.68; β = 0.37; p < 0.01). Supplier diversification (r = 0.61; β = 0.28) and business process digitalization (r = 0.59; β = 0.23) also contributed substantially, while cash flow management (r = 0.52; β = 0.19) and remote working policies (r = 0.44; β = 0.14) provided significant but relatively smaller effects. The regression model explained 58% of the variance in revenue stability (Adjusted R² = 0.58). This study concludes that adaptive leadership, supplier diversification, digitalization, prudent cash flow management, and flexible work arrangements constitute key organizational resilience practices. The findings contribute to resilience literature by confirming the strategic role of adaptive leadership in sustaining organizational performance during post-pandemic recovery.
The Influence of Hybrid Work Models on Employee Productivity and Well-Being Oslan Juliana Simbolon; Thomas H. Sihombing
JENOVA : Journal of Economics, Finance, Accounting, and Organizational Advancement Vol. 1 No. 1 (2025): Journal of Economics, Finance, Accounting, and Organizational Advancement
Publisher : Cv. Data Sinergi Digital

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65853/jenova.v1i1.111

Abstract

This study examines the impact of hybrid work model implementation on employee productivity and well-being in Indonesian organizations. The hybrid model, combining remote and on-site work, is considered an adaptive post-pandemic strategy with economic and psychological implications. A mixed-methods explanatory sequential design was employed. Quantitative data were collected from 500 employees, measuring productivity through Key Performance Indicators (KPI) extracted from HRIS platforms (SAP SuccessFactors and Workday) and well-being using the WHO-5 Index. Analyses included descriptive statistics, paired t-tests, and linear regression. Complementary qualitative insights were obtained from 30 structured interviews and analyzed thematically. Results show that average KPI scores increased significantly from 77.38 to 81.32 (p < 0.001; Cohen’s d = 1.06), while WHO-5 scores rose from 55.03 to 63.76 (p < 0.001; Cohen’s d = 1.32). However, regression analysis revealed that improved well-being was not directly associated with productivity gains (p = 0.788). Thematic analysis identified four central themes: flexibility and time efficiency, enhanced work-life balance, collaboration challenges, and risks of digital fatigue. The study concludes that hybrid work substantially enhances both productivity and well-being, though their relationship is not linear. Organizational factors, particularly communication, managerial support, and digital workload management are critical for success. These findings contribute to human resource management literature and highlight the strategic significance of hybrid work in sustaining corporate performance in uncertain environments.
Analysis of Value Co-Creation in the Subscription-Based Digital Economy Yudikasih Halawa; Sariyoke Shintaruni
JENOVA : Journal of Economics, Finance, Accounting, and Organizational Advancement Vol. 1 No. 1 (2025): Journal of Economics, Finance, Accounting, and Organizational Advancement
Publisher : Cv. Data Sinergi Digital

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65853/jenova.v1i1.112

Abstract

This study examines the role of value co-creation in the subscription-based digital economy, particularly in strengthening customer retention and supporting long-term monetization through add-on bundling strategies. The study focuses on how customer participation, feedback, personalization, and platform interaction contribute to retention intention, Average Revenue Per User (ARPU), and churn reduction. A mixed-method approach was applied by combining survey data from 1,000 users of digital subscription services, including Netflix, Spotify, and local SaaS platforms, with qualitative insights from Product Managers. Quantitative data were analyzed using multiple linear regression with robust standard errors and logistic regression as a robustness test. The findings show that value co-creation has a positive and significant effect on customer retention (β = 0.459; p < 0.001) and reduces the probability of 60-day churn by 14.7 percentage points. However, its direct effect on monthly ARPU is not statistically significant (β = IDR 216; p = 0.706), indicating that co-creation primarily operates through the retention channel rather than direct revenue expansion. The qualitative findings further suggest that effective add-on bundling should emphasize flexibility, personalization, and complementarity. This study contributes to Service-Dominant Logic by showing that co-creation functions as a strategic retention mechanism in digital subscription business models.
Analysis of ESG Disclosure and its Impact on Firm Value in Southeast Asia Mela Nofaliska Panjaitan; Dian Purnama Sari
JENOVA : Journal of Economics, Finance, Accounting, and Organizational Advancement Vol. 1 No. 1 (2025): Journal of Economics, Finance, Accounting, and Organizational Advancement
Publisher : Cv. Data Sinergi Digital

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65853/jenova.v1i1.113

Abstract

This study examines the effect of Environmental, Social, and Governance (ESG) disclosure on firm value in Southeast Asia by considering corporate governance quality and firm size as control variables. Using a quantitative approach, this study analyzes panel data from 30 publicly listed companies across six ASEAN countries during the 2021–2023 period, resulting in 90 firm-year observations. ESG disclosure is measured using ESG scores obtained from Refinitiv/MSCI, while firm value is proxied by market capitalization. Corporate governance is measured using the ASEAN Corporate Governance Scorecard, and firm size is proxied by the logarithm of market capitalization. The data were analyzed using multiple linear regression. The results show that the regression model is statistically significant, with an R² value of 0.892 and an F-statistic of 236.6 (p < 0.001). Partially, ESG disclosure has a positive but statistically insignificant effect on firm value (β = 0.046; p = 0.358). The ASEAN CG Score has a significant negative effect (β = -0.169; p = 0.015), while firm size has the strongest positive and significant effect (β = 13.93; p < 0.001). These findings indicate that Southeast Asian capital markets have not fully internalized ESG disclosure as a determinant of firm value. Instead, investors appear to place greater emphasis on firm size as an indicator of stability and growth potential. This study contributes to ESG literature by highlighting the need for stronger standardization and substantive disclosure quality in Southeast Asian sustainability reporting.
Determinants of Regional Economic Growth Using Panel Data from ASEAN Countries, 2000-2022 Chelsea Carissa Primastika Malau; Stefani Santoso
JENOVA : Journal of Economics, Finance, Accounting, and Organizational Advancement Vol. 1 No. 2 (2025): Journal of Economics, Finance, Accounting, and Organizational Advancement
Publisher : Cv. Data Sinergi Digital

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65853/jenova.v1i2.129

Abstract

This study investigates the determinants of regional economic growth across ten ASEAN member countries over the period 2000-2022 using a balanced panel data approach. The primary objective is to examine how Foreign Direct Investment (FDI), trade openness, government expenditure, inflation, gross fixed capital formation (GFCF), and human capital development influence GDP per capita growth in the ASEAN region. The study employs three panel data estimation techniques, Pooled Ordinary Least Squares (Pooled OLS), Fixed Effects Model (FEM), and Random Effects Model (REM), followed by the Hausman specification test to select the most appropriate model. Robustness checks are conducted using the Generalized Method of Moments (GMM) estimator to address potential endogeneity concerns. The Hausman test results favor the Fixed Effects Model as the best-fit specification. Empirical findings reveal that FDI, trade openness, GFCF, and human capital exert a statistically significant positive effect on GDP per capita growth, while inflation demonstrates a significant negative relationship. Government expenditure shows a positive but statistically insignificant coefficient across most specifications. The GMM estimation corroborates these findings, confirming the robustness of the results. This study contributes to the literature by providing a comprehensive, multi-variable analysis of economic growth determinants in the ASEAN context with an extended time horizon, offering policy recommendations for enhancing regional economic integration and sustainable development.
Fiscal Policy Effectiveness in Stabilizing Economic Cycles: A Time Series Analysis of Government Expenditure in Indonesia Cynthia Brillyan Siahaan; Eva Yunita Munthe
JENOVA : Journal of Economics, Finance, Accounting, and Organizational Advancement Vol. 1 No. 2 (2025): Journal of Economics, Finance, Accounting, and Organizational Advancement
Publisher : Cv. Data Sinergi Digital

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65853/jenova.v1i2.130

Abstract

Fiscal policy plays a central role in maintaining macroeconomic stability, particularly in emerging economies exposed to external shocks and domestic structural challenges. Focusing on Indonesia, this research analyzes the effectiveness of government expenditure in stabilizing economic cycles using quarterly time series data from 2000Q1 to 2023Q4. The empirical framework combines the Hodrick-Prescott filter to decompose real GDP into trend and cyclical components with the Vector Error Correction Model to examine short-run dynamics and long-run equilibrium relationships among government expenditure, tax revenue, GDP, and inflation. The Johansen cointegration test confirms the presence of long-run relationships among the variables, validating the use of the VECM approach. The estimation results show that government expenditure has a positive and statistically significant effect on GDP in both the short and long run. The estimated fiscal multiplier ranges from 0.82 to 1.62, with capital expenditure producing the strongest impact, reaching 1.35 in the short run and 1.62 in the medium run. Impulse Response Function analysis indicates that a positive government expenditure shock generates a persistent GDP response for approximately 8–12 quarters. Forecast Error Variance Decomposition further shows that government expenditure explains up to 30% of GDP fluctuations over the long horizon. Granger causality results reveal bidirectional causality between government expenditure and GDP, while the CUSUM test confirms model stability. These findings support the role of active fiscal policy as an effective instrument for economic stabilization in Indonesia.
Economic Growth and Environmental Degradation: A Panel Data Analysis of Carbon Emissions and GDP Across Developing Countries Ayu Trisanti; Oslan Juliana Simbolon
JENOVA : Journal of Economics, Finance, Accounting, and Organizational Advancement Vol. 1 No. 2 (2025): Journal of Economics, Finance, Accounting, and Organizational Advancement
Publisher : Cv. Data Sinergi Digital

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65853/jenova.v1i2.131

Abstract

The relationship between economic growth and environmental degradation remains a critical issue for developing countries that seek to sustain economic expansion while reducing carbon emissions. Grounded in the Environmental Kuznets Curve (EKC) hypothesis, this article examines the relationship between carbon dioxide (CO₂) emissions and gross domestic product (GDP) per capita across 65 developing countries during 2000-2022. The empirical analysis applies panel data estimation techniques, including Fixed Effects, Random Effects, the Hausman specification test, and System Generalized Method of Moments (System GMM) to address potential endogeneity. Energy consumption, renewable energy share, foreign direct investment (FDI), and trade openness are included as control variables. The findings support the EKC hypothesis. GDP per capita has a positive and significant effect on CO₂ emissions, while the squared term of GDP per capita has a negative and significant effect, confirming an inverted U-shaped relationship. The estimated turning point of approximately US$8,742 per capita indicates that many developing countries remain in the growth phase where emissions continue to rise. Energy consumption is the strongest positive driver of emissions, whereas renewable energy share significantly reduces environmental degradation. FDI shows a positive but statistically insignificant effect, while trade openness significantly increases emissions. System GMM estimation confirms the robustness of the results after controlling for endogeneity and emissions persistence. These findings highlight the need for renewable energy transition, stronger environmental governance, and trade-investment policies that support green growth in developing economies.
Interest Rate Policy and Investment Behavior: A Panel Dataset Analysis of Corporate Financial Decisions in Indonesia Gladya Regita Siahaan; Patricia Aurel
JENOVA : Journal of Economics, Finance, Accounting, and Organizational Advancement Vol. 1 No. 2 (2025): Journal of Economics, Finance, Accounting, and Organizational Advancement
Publisher : Cv. Data Sinergi Digital

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65853/jenova.v1i2.132

Abstract

This study investigates the effect of interest rate policy on corporate investment behavior using a panel dataset of non-financial firms listed on the Indonesia Stock Exchange (IDX) for the period 2015-2023. Drawing upon the neoclassical theory of investment, the financial accelerator framework, and the interest rate channel of monetary policy transmission, the research examines how changes in Bank Indonesia’s benchmark interest rate (BI-Rate) affect firm-level capital expenditure decisions. Using a balanced panel of 185 firms across nine sectors with 1,665 firm-year observations, the study employs fixed-effects and random-effects panel regression models, complemented by Generalized Method of Moments (GMM) estimation to address endogeneity. The dependent variable is the investment rate (capital expenditure scaled by lagged total assets), while independent variables include the BI-Rate, Tobin’s Q, cash flow-to-assets ratio, leverage, firm size, and GDP growth. The results reveal that an increase in the BI-Rate significantly reduces corporate investment, with a one-percentage-point rise associated with a 2.34 percentage-point decline in the average investment rate. The effect is heterogeneous: younger firms, highly leveraged firms, and firms in capital-intensive sectors exhibit greater sensitivity to interest rate changes, consistent with the financial accelerator hypothesis. Tobin’s Q and cash flow positively and significantly influence investment, while leverage exerts a negative effect. Robustness checks using two-step system GMM confirm the baseline findings. The study contributes to the literature by providing micro-level evidence on the monetary policy transmission mechanism in an emerging market context.
Global Value Chain Participation and Industrial Upgrading: Evidence from Cross-Country Trade Integration Indicators Angela Vitaloka; Jessica Lianita Agnelleide Loo
JENOVA : Journal of Economics, Finance, Accounting, and Organizational Advancement Vol. 1 No. 2 (2025): Journal of Economics, Finance, Accounting, and Organizational Advancement
Publisher : Cv. Data Sinergi Digital

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65853/jenova.v1i2.133

Abstract

This study examines the relationship between global value chain (GVC) participation and industrial upgrading using a cross-country panel dataset of trade integration indicators covering 65 economies from 2005 to 2022. Drawing upon the OECD Trade in Value Added (TiVA) database and the World Bank's GVC indicators, the analysis decomposes GVC participation into forward and backward linkages and evaluates their distinct effects on industrial upgrading, measured by the share of medium-high and high-technology manufacturing in total value added. Employing a two-step system Generalized Method of Moments (GMM) estimator to address endogeneity, the findings reveal that both forward and backward GVC participation exert a statistically significant and positive effect on industrial upgrading, although the magnitude and channels differ substantially. Forward participation, reflecting a country's upstream positioning through the export of domestically produced intermediates, demonstrates a stronger upgrading effect (β = 0.438, p < 0.01) compared to backward participation (β = 0.267, p < 0.05). Further analysis shows that institutional quality, human capital, and foreign direct investment inflows moderate these relationships. The results are robust to alternative specifications and subsample analyses across income groups. This research contributes to the literature by providing novel empirical evidence on the nonlinear and heterogeneous nature of GVC-upgrading linkages, offering policy implications for developing economies seeking to leverage trade integration for structural transformation.

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