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INDONESIA
JURNAL EKONOMI DAN BISNIS AIRLANGGA
Published by Universitas Airlangga
ISSN : 23382686     EISSN : 25974564     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
JURNAL EKONOMI DAN BISNIS AIRLANGGA (J E B A) | JOURNAL OF ECONOMICS AND BUSINESS AIRLANGGA (Formerly Majalah Ekonomi) (p-ISSN: 2338-2686; e-ISSN: 2597-4564) is a scientific peer-reviewed journal published by Faculty of Economics and Business, Universitas Airlangga, Indonesia. Since established in 1981, JEBA is intended provide a medium for dissemination of original and quality research on various topic in economics and business. The journal calls for articles reporting the research result on accounting, economics, islamic economics and management, and other related fields to be published three times a year (April, August and December). JEBA welcomes for collaboration with profession assocations, research centers and scientific forum such as seminar and confrences.
Arjuna Subject : -
Articles 163 Documents
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THE IMPACT OF BUSINESS MODEL INNOVATION AND DIGITAL LEADERSHIP ON BUSINESS PERFORMANCE: ANALYZING THE MODERATING ROLE OF EMPLOYEE TENURE Muhamad Fazrur Rizal; Popy Rufaidah
Jurnal Ekonomi dan Bisnis Airlangga Vol. 36 No. 1 (2026): JURNAL EKONOMI DAN BISNIS AIRLANGGA
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jeba.V36I12026.158-182

Abstract

Introduction: This study aims to examine the impact of business model innovation and digital leadership on business performance, with employee tenure as a moderating factor. Methods: A quantitative approach was used, involving a survey distributed to middle and upper manager at PT Telkom Indonesia. Data analysis was conducted using the Partial Least Squares Structural Equation Modeling (PLS-SEM) method. Results: The results show that both BMI and DL positively and significantly enhance business performance, with BMI exerting the strongest direct effect. Importantly, the findings reveal that employee tenure negatively moderates the relationship between BMI and performance, indicating that long-established routines and cognitive inertia among long-tenured employees can constrain the performance gains from business model reconfiguration. In contrast, employee tenure does not significantly alter the impact of digital leadership, suggesting that effective digital leadership operates broadly across tenure groups. Conclusion and suggestion: The study extends dynamic capabilities theory by showing that employee tenure shapes how effectively business model innovation creates value. It also refines digital leadership theory by demonstrating that leadership impacts performance across tenure groups. For emerging economies, the findings emphasize the need for adaptive human capital strategies alongside digital investment.
DIGITAL PAYMENT TRANSFORMATION AND ITS IMPACT ON BANK PERFORMANCE AND STABILITY: THE CASE OF INDONESIA’S QRIS ADOPTION Lintang Selviana Aswan; Rizal Ahmad Fauzi; Wita Juwita Ermawati
Jurnal Ekonomi dan Bisnis Airlangga Vol. 36 No. 1 (2026): JURNAL EKONOMI DAN BISNIS AIRLANGGA
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jeba.V36I12026.1-15

Abstract

Introduction: This study investigates the impact of QRIS (Quick Response Code Indonesian Standard) adoption on the financial performance and stability of Indonesian banks during the 2020–2024, focusing on key indicators under varying macroeconomic conditions. Methods: A quantitative approach is applies panel data regression using the Common Effect Model to analyze the effects of the QRIS Index on performance indicators such as Return on Assets (ROA), Return on Equity (ROE), and Net Interest Margin (NIM), and the effects of QRIS Growth on financial stability indicators including Non-Performing Loans (NPL), Loan to Deposit Ratio (LDR), Capital Adequacy Ratio (CAR), and Z-score. Results: The QRIS Index has a positive and significant impact on all performance indicators, suggesting improved bank efficiency and profitability through digital payment integration. Conversely, rapid QRIS Growth is associated with a significant decline in financial stability, as indicated by increased credit and liquidity risks and reduced capital buffers. Macroeconomic variables such as inflation and the BI Rate also significantly influence the results. Conclusion and suggestion: QRIS adoption promotes profitability, its expansion must be accompanied by robust risk management and supervisory readiness to mitigate systemic vulnerabilities in the long term.
FINANCIAL INDICATORS AND MONEY SUPPLY IN NIGERIA Kehinde Isiaq Olaiya; Abdul-Azeez Adeniyi Alao; Mayowa Ebenezer Ariyibi; Emmanuel Olufemi Adebayo
Jurnal Ekonomi dan Bisnis Airlangga Vol. 36 No. 1 (2026): JURNAL EKONOMI DAN BISNIS AIRLANGGA
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jeba.V36I12026.110-125

Abstract

Introduction: This study investigates the determinants of money supply (MS) in Nigeria, a volatile emerging economy, focusing on key financial indicators Net Domestic Assets (NDA), currency outside banks, demand deposits, and quasi-money and their implications for inflation control, liquidity management, and economic growth. Methods: The analysis applies advanced econometric techniques, including the Augmented Dickey-Fuller (ADF) test for stationarity and cointegration tests for long-run relationships. Although variables are non-stationary and not cointegrated, the Fully Modified Least Squares (FMOLS) method is employed to estimate long-term effects. Results: Findings show that demand deposits and quasi-money have significant positive effects on money supply, whereas NDA and other net assets exhibit negative relationships. This reflects the complex interplay between financial system components, liquidity conditions, and monetary dynamics. Conclusion and suggestion: The study emphasizes the roles of banking system confidence, liquidity levels, and domestic credit in shaping money supply. It recommends that policymakers adopt balanced monetary strategies to effectively manage liquidity, curb inflationary pressures, and support sustainable economic growth in Nigeria.
CASHLESS POLICY AND FINANCIAL PERFORMANCE OF DEPOSIT MONEY BANKS (DMBs) IN NIGERIA: A PARSIMONIOUS MODEL APPROACH James Ayanwale Obadeyi; Kehinde Isiaq Olaiya; Philip Olawale Odewole; Emmanue Olufemi Adebayo
Jurnal Ekonomi dan Bisnis Airlangga Vol. 36 No. 1 (2026): JURNAL EKONOMI DAN BISNIS AIRLANGGA
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jeba.V36I12026.95-109

Abstract

Introduction: Challenges such as electronic fraud, customer skepticism, and cybersecurity concerns in Nigeria’s financial sector may undermine the performance of Deposit Money Banks (DMBs), thus warranting an investigation into the effect of the cashless policy on their financial performance. Methods: Using an ex post facto design and purposive sampling over 15 years (2010–2024) with a one-year lag across five banks. Data were sourced from bank financial statements, Central Bank of Nigeria and National Bureau of Statistics, and analyzed employing ordinary least squares (OLS). Results: In the short run, ATM (0.13), mobile banking (1.25), and POS transactions (2.42) positively and significantly influence return on equity (ROE), while internet banking has a negative effect (-1.39) at p<0.05; however, in the long run, all variables exert a positive impact. The series are integrated of order one, I(1), and co-integrated at the 1% and 5% levels, while the parsimonious model explains 61.3% of variations in ROE. Conclusion and suggestion: The cashless policy has mixed short-run effects but positive long-run effects on DMBs’ performance, and recommends that regulators and operators should strengthen policy frameworks to enhance efficient cashless transactions and banking sector performance in Nigeria.
DOES CORPORATE SOCIAL RESPONSIBILITY DRIVE COMPETITIVENESS OF SMALL AND MEDIUM SIZED ENTERPRISES: EVIDENCE FROM FIRMS IN HARARE Upenyu Sakarombe; Charlotte Nyarunga
Jurnal Ekonomi dan Bisnis Airlangga Vol. 36 No. 1 (2026): JURNAL EKONOMI DAN BISNIS AIRLANGGA
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jeba.V36I12026.199-213

Abstract

Introduction: Corporate social responsibility (CSR) has increasingly been adopted by firms as a strategic tool to enhance competitiveness, particularly in developing economies. However, empirical evidence on its role among small and medium-sized enterprises (SMEs) in Zimbabwe remains limited. This study investigates the relationship between CSR practices and the competitiveness of SMEs operating in Harare, Zimbabwe. Methods: A quantitative research design was employed. Data were collected using self-administered questionnaires distributed to owners and managers of SMEs. Descriptive statistics, correlation analysis, and multiple regression analysis were used to analyze the data. Results: The findings reveal that environmental-oriented and market-oriented CSR practices have a significant positive effect on SME competitiveness, while workforce-oriented CSR practices were not statistically significant. Conclusion and suggestion: The study concludes that SMEs should prioritize environmental and market-oriented CSR initiatives to enhance competitiveness. The findings contribute to the limited CSR literature in the Zimbabwean SME context.
MACROECONOMIC DETERMINANTS OF SEASONED EQUITY OFFERING DECISIONS IN NIGERIA Kazeem Seun Belau; Russel Olukayode Christopher Somoye; Bamidele M. Ilo; Akinwumi Simeon Ilemobayo
Jurnal Ekonomi dan Bisnis Airlangga Vol. 36 No. 1 (2026): JURNAL EKONOMI DAN BISNIS AIRLANGGA
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jeba.V36I12026.48-69

Abstract

Introduction: Nigerian firms operate under volatile macroeconomic conditions that complicate their financing choices. Existing studies largely overlooked the role of broader macroeconomic forces in firms’ financing behavior by focusing on firm-specifics. This study investigated how macroeconomic conditions impact the likelihood of seasoned equity offerings (SEOs) among firms in Nigeria. Methods: This study employed panel data on 40 firms listed on the Nigerian Exchange Group between 2010 and 2025, selected using stratified random sampling. A logit regression model was used to investigate the effects of unemployment, interest rates, foreign exchange, inflation, equity value traded, gross domestic product, price-earnings ratio, and credit to the private sector on SEOs. Results: The findings reveal that inflation has a negative, while interest rates have a positive, statistically significant effect on SEO decisions. In contrast, unemployment, economic growth, and credit to the private sector exhibit marginally positive and significant relationships with SEO issuances. The study concluded that macroeconomic stability, interest rates, and financial system development are critical drivers of SEO decisions. Conclusion and suggestion: Therefore, it is recommended that policymakers prioritize inflation control, maintain balanced interest rate policies, and strengthen financial market development to enhance firms’ access to equity financing. The study also suggests that future research should incorporate behavioral factors, such as investor sentiment and media influence, to provide deeper insights into equity issuance decisions.
THE INFLUENCE OF ISLAMIC BANK FINANCING ON ECONOMIC GROWTH IN OIC COUNTRIES: A FIRST DIFFERENCE–GENERALIZED METHOD OF MOMENTS APPROACH) Ayu Rahmiyati; Siti Zulaikha; Nurrizka Puji Lestari; Eko Kurniawan; Tanza Dona Pertiwi
Jurnal Ekonomi dan Bisnis Airlangga Vol. 36 No. 1 (2026): JURNAL EKONOMI DAN BISNIS AIRLANGGA
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jeba.V36I12026.144-157

Abstract

Introduction: The rapid expansion of Islamic finance in Organization of Islamic Cooperation (OIC) countries raises an important question regarding its contribution to economic growth, as prior studies report mixed evidence. Methods: This study uses panel data from 15 OIC countries over 2014–2023 with a quantitative approach. Control variables include institutional quality, foreign direct investment, human development index, population, and trade openness. The first-difference generalized method of moments (FD-GMM) is applied to address endogeneity. Results: The empirical results show that Islamic bank financing has a positive and statistically significant effect on economic growth in both the short and long term. Additionally, institutional quality and human development are found to play a significant role in shaping economic growth dynamics across OIC countries. Conclusion and suggestion: The findings underscore the strategic importance of Islamic bank financing in strengthening the real sector, enhancing financial inclusion, expanding access to productive financing, and supporting capital accumulation. Therefore, this study suggests strengthening governance quality, improving human development outcomes, optimizing the allocation of productive Islamic financing, and promoting deeper integration between the Islamic financial sector and the real economy to foster inclusive and sustainable economic growth in OIC countries.
INVESTIGATING THE INTERACTION BETWEEN FINANCIAL DEVELOPMENT AND CARBON DIOXIDE EMISSIONS IN AFRICA: A SPATIAL ECONOMETRIC ANALYSIS Maldino Pramono; M. Abd. Nasir
Jurnal Ekonomi dan Bisnis Airlangga Vol. 36 No. 1 (2026): JURNAL EKONOMI DAN BISNIS AIRLANGGA
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jeba.V36I12026.126-143

Abstract

Introduction: Although Africa contributes only a small share of global carbon emissions, it experiences disproportionate economic and environmental losses from climate change. This study examines the relationship between financial development and carbon dioxide emissions in Africa by identifying spatial interdependence patterns and assessing both direct and spillover effects across countries. Methods: This study employs a quantitative approach using the Spatial Durbin Model (SDM). This study examines 46 African countries over a 15-year period (2009–2023). Results: The findings reveal significant spatial interdependence and clustering of carbon emissions across African countries, indicating strong cross-country spatial linkages in emission dynamics. Financial development has a positive and statistically significant direct effect on carbon emissions. However, the indirect spillover effects on neighboring countries are insignificant, suggesting limited regional financial integration in Africa. Conclusion and suggestion: Financial development increases carbon emissions directly but shows insignificant spillover effects. Therefore, emission reduction policies should focus on high emission clusters, while financial institutions and regional organizations should strengthen green finance and regional cooperation to support sustainable development in Africa.
CEO CHARACTERISTICS AND NET OPERATING WORKING CAPITAL Rizka Dita Zhafira; Rahmat Setiawan
Jurnal Ekonomi dan Bisnis Airlangga Vol. 36 No. 1 (2026): JURNAL EKONOMI DAN BISNIS AIRLANGGA
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jeba.V36I12026.214-231

Abstract

Introduction: This study examines the effect of CEO characteristics, specifically CEO age, tenure, and gender on net operating working capital (NOWC) in non-financial firms listed on the Indonesia Stock Exchange. Methods: Using panel data from 320 firms over the period 2018-2025 (2,176 firm-year observations), this study employs linear regression to analyze the impact of managerial attributes on working capital policy. Results: The results show that CEO age, tenure, and gender have a positive and significant effect on NOWC. Firm size and gross profit margin positively influence NOWC, while sales growth and market share have a negative and significant effect. Conclusion and suggestion: These findings support Upper Echelons Theory, highlighting the role of managerial characteristics in shaping corporate financial decisions. This study contributes empirical evidence from an emerging market context and provides practical insights for aligning working capital strategies with CEO profiles.
ESG DISCLOSURE AND PROFITABILITY: IS THE RELATIONSHIP TOO GOOD TO BE TRUE FOR ALL FIRMS? Muhammad Miftahuddin; Widad Nabila Azzahra; Kumaralalita Makusara; Irene Rini Demi Pangestuti; Hisyam Kholish Prabaswara; Danes Quirira Octavio
Jurnal Ekonomi dan Bisnis Airlangga Vol. 36 No. 1 (2026): JURNAL EKONOMI DAN BISNIS AIRLANGGA
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jeba.V36I12026.70-94

Abstract

Introduction: This study aims to investigate the effect of Environmental, Social, and Governance Disclosure Score on firm profitability in ASEAN and explain the effect of ESGD on companies of different sizes. Methods: This quantitative study was conducted from 2019 to 2023 with 264 non-financial companies selected based on purposive sampling and resulting in 1,320 observations. This study uses panel data regression analysis and is supplemented with a robustness test: NPM (Net Profit Margin) as alternative proxy for profitability and sample split based on firm size. Results: Our research shows that ESGD, ENVD, and SOCD have significant positive effect on profitability in all models, including robustness tests. However, our research shows inconsistent relationship with the GOVD. Additional analysis shows that in large companies, ESGD and its dimensions consistently have significant positive effect on profitability. Otherwise, in small companies ESGD and its dimensions do not show statistical significance. Conclusion and suggestion: Our findings emphasize the importance of implementing ESGD for large companies to increase profitability. Meanwhile, for small companies implementing ESGD is not rational due to the high cost of ESG, and they can focus on cheaper initiatives. This is especially true in emerging markets such as Southeast Asia.

Page 16 of 17 | Total Record : 163

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