Journal of Economics Research and Policy Studies

Ekspor teknologi tinggi, PMA dan pengendalian korupsi dalam dinamika kompleksitas ekonomi Indonesia

Rona Hinirim Gultom — 2026-06-18

This research explores the determinants shaping Indonesia's economic complexity index between 1998 and 2024, specifically examining three critical variables: technologically advanced product exports, incoming foreign capital investments, and governmental anti-corruption measures. Employing a quantitative analytical framework, the study utilizes secondary time-series data analyzed through the Error Correction Model methodology, enabling distinction between immediate and sustained economic dynamics. Empirical findings reveal nuanced patterns across different temporal horizons. Technologically sophisticated exports demonstrate statistically insignificant immediate effects but emerge as robust positive contributors over extended periods. Foreign capital inflows, conversely, exhibit no meaningful statistical association with the complexity index across both short-term and long-term frameworks. Anti-corruption governance initiatives consistently prove their significance, displaying positive statistical relationships regardless of temporal scope. The collective analytical power of these three determinants demonstrates substantial explanatory capacity, jointly accounting for significant variations in Indonesia's economic complexity measurement across both analytical timeframes. These results underscore the differential temporal impacts of technological advancement, capital mobility, and institutional quality on economic sophistication within developing economies.

Analisisi perbedaan abnormal return dan trading volume terhadap pergantian menteri keuangan activity: Studi peristiwa pada saham perbankan dan energi

Sulistio Murti Mulyono — 2026-07-02

Political events, particularly those related to changes in strategic economic positions, often attract investor attention due to their potential to influence economic stability and the direction of a country’s policy. The replacement of the Minister of Finance, as the primary authority in fiscal policy, can trigger market reactions reflected in stock price movements and trading activity. Previous studies have shown that political events and government policies can elicit significant market responses, including abnormal returns and changes in trading volume. In this context, this study analyzes the reaction of the Indonesian capital market to the announcement of the replacement of the Minister of Finance on September 8, 2025, focusing on stocks in the banking and energy sectors. This study employs a quantitative approach using an event study method with an observation window of 31 trading days, consisting of 15 days before, 1 day during, and 15 days after the event, using daily stock prices and trading volume data. The analysis compares conditions before and after the event using nonparametric statistical methods. The results indicate that there is no significant difference in abnormal returns between the two sectors; however, the banking sector shows a significant increase in trading volume. These findings suggest that the market responds more to political events through changes in trading activity rather than abnormal returns.

Analisis struktur ekonomi daerah berbasis pertambangan: indikasi enclave economy di Kabupaten Sumbawa Barat

Faizatul Amala — 2026-07-02

West Sumbawa Regency has an economic structure that is highly dependent on the mining sector, with an average contribution of 65–82% to the GRDP during the 2010–2023 period. This study aims to identify base sectors, analyze regional competitiveness, examine indications of an enclave economy, and determine potential sectors for post-mining economic diversification. The method used is a quantitative descriptive-analytical approach by utilizing secondary data of sectoral GRDP for 2010–2023. The analysis was conducted using Location Quotient (LQ), Shift-Share, Esteban-Marquillas, Overlay Analysis, and Klassen Typology. The results show that the mining sector is the main base sector with an LQ value of 4.67. Shift-Share analysis indicates that the construction, agriculture, and transportation sectors have relatively high competitive advantages. Meanwhile, Esteban-Marquillas' analysis shows that the mining sector is in a decline phase characterized by negative Competitive Effect and Allocation Effect values. Klassen Typology shows that there are no sectors in Quadrant I, thus reflecting weak economic diversification. These findings indicate strong enclave economy characteristics with still low sectoral linkages to regional economic transformation.

Pengaruh strategi kanal digital terhadap kinerja UMKM e-commerce di Indonesia: Analisis regresi logistik

Gilang Aldi Satria — 2026-07-02

This study aims to analyze the determinants of e-commerce MSME performance in Indonesia by emphasizing the role of digital channel strategy, internal business capacity, and geographical location factors. The study uses cross-sectional secondary data from the 2023 E-commerce Survey conducted by Statistics Indonesia, covering 35,543 e-commerce MSMEs. Binary logistic regression was employed to examine the effects of marketplace usage, digital capability, information technology training, education, Java location, and the interaction between marketplace usage and location on the probability of increased business income. The results show that marketplace usage has no significant effect on the probability of improved business performance. In contrast, digital capability, information technology training, and education have positive and significant effects on the probability of increased business income. Business location in Java negatively affects the probability of performance improvement. Furthermore, the interaction between marketplace usage and Java location has a significant negative effect, indicating that the benefits of marketplace utilization in Java are lower than outside Java due to higher digital market competition. These findings suggest that the performance improvement of digital MSMEs is determined more by the internal capacity of business actors than by the type of digital channel used.

Circular economy approach: A sustainable business model in transforming farmers’ livelihoods

Fajar Purwanto — 2026-07-18

The transition toward a circular economy in agriculture is essential for improving resource efficiency, reducing waste, and strengthening farmers’ livelihoods. This study aims to formulate a sustainable business model based on a circular economy approach to support the transformation of farmers’ livelihoods. A qualitative descriptive case study was conducted using interviews, focus group discussions, field observations, and secondary data. The data were analyzed using SWOT, IFAS–EFAS, and TOWS matrices to identify internal and external strategic factors. The IFAS results show that strengths exceed weaknesses, with a difference of 0.415, while the EFAS results indicate that opportunities exceed threats, with a difference of 0.414. These findings place the farmers’ business position in the aggressive or SO quadrant. The key strategic insight is that farmers should prioritize market expansion for organic products, technology adoption, product differentiation, stronger partnerships, and research collaboration while gradually improving post-harvest processing, packaging, human resource regeneration, and access to financing. A circular economy-based sustainable business model is feasible for transforming farmers’ livelihoods by improving cost efficiency, product quality, supply stability, market access, and business resilience.

Digital financial innovation and MSMES’ sustainable performance in developing countries: A prisma-based systematic review

Eka Yuliyanti — 2026-07-22

MSMEs play a vital role in economic growth and job creation in developing countries, yet they still face numerous challenges that can be addressed through digital financial innovation, although evidence on their impact on sustainable performance remains fragmented and not yet comprehensively integrated. This study presents a PRISMA-based systematic literature review of 40 studies retrieved from Web of Science and Scopus (2020–2025). The selected studies were synthesized using thematic content analysis to identify dominant theoretical foundations, methodological approaches, and contextual factors. The findings show that digital financial innovation improves MSME performance through enhanced financial inclusion, operational efficiency, and business resilience. However, the magnitude of these effects varies across countries due to differences in digital infrastructure, regulatory environments, and digital literacy levels. Cross-sectional designs dominate the literature, while longitudinal evidence remains limited. Overall, institutional and infrastructural readiness is a key determinant of the effectiveness of digital financial innovation in supporting MSME sustainability.

Tracing the economic valuation of Mount Merbabu National Park: Benefit transfer method

Luthfi Alif Dinar Choirunnisa — 2026-07-24

Natural resource management problems occur because the value of environmental services is often ignored compared to economic commodities, thus increasing pressure and degradation on the National Park forest area. This study analyzes the economic valuation of Mount Merbabu National Park to determine its estimated Total Economic Value (TEV), comprising direct use value (timber, non-timber products, water consumption), indirect use value (soil and water conservation, carbon sequestration, flood prevention, water transportation, and biodiversity), and non use value (option and existence value) as a quantitative basis for sustainability planning. The novelty of this study lies in the first application of the benefit transfer method to Mount Merbabu National Park, transferring reference values from the Food and Agriculture Organization (2009) report on Indonesian Conservation Forests by adjusting for an average inflation rate of 5.28% over the 23 years (2002–2025) and scaling to the park’s specific area of 5,820.49 ha. The findings estimate the 2025 economic value of the park at 82,894.81 US$/ha. Notably, Use Value dominates this figure at 77,382.23 US$ / ha, driven primarily by water consumption (32,795.54 US$/ha) and flood prevention (16,383.93 US$/ha), highlighting the vital role of direct and indirect ecological functions for the surrounding community.

Ketimpangan pendapatan antarwilayah di Jawa Timur: Peran pertumbuhan ekonomi, belanja daerah, IPM, dan upah minimum

Ariyani Nurul Fadilah — 2026-07-27

Income inequality between regions in East Java Province remains an obstacle to equitable development even though economic growth continues to increase, indicating that economic progress is not evenly distributed across the region. The present study examined the extent to which economic growth, regional fiscal expenditure, the Human Development Index, and district-level minimum wages influence income inequality across regencies and municipalities in East Java Province. Income inequality was measured using the Williamson Index. The study employed a quantitative approach with a panel data regression method based on balanced panel data covering 38 districts and cities during the 2020–2024 period, resulting in 190 observations. Empirical results revealed that economic growth and minimum wage both exerted a statistically significant positive influence on income inequality. In contrast, greater allocation of regional fiscal expenditure and improvements in human development were found to serve as effective mechanisms in narrowing interregional income disparities within East Java Province.

Macroeconomic policy and stock market dynamics in Iraqi commercial banks: Evidence from a PLS-SEM approach (2010–2025)

Qasim Hameed Naser — 2026-07-29

The connection between macroeconomic policy and stock market dynamics of Iraqi private commercial banks is a gap in the literature which has traditionally neglected banking sectors in rentier economies. The oil-dependent economy in Iraq is a great place to look into how macroeconomic conditions influence financial markets. We take annual data for banks listed on the Iraq Stock Exchange for 2010-2025 and use the stock performance indicators to measure the influence of the macroeconomy as the dependent variable. Macroeconomic policy is modeled as a composite latent variable including M2 (money supply), inflation, and oil prices. The study uses Partial Least Squares Structural Equation Modeling (PLS-SEM) using SmartPLS and SPSS to test direct and indirect relationships. Higher liquidity and oil prices enhance banking stock performance, while inflation weakens these effects. It can be concluded that macroeconomic policy has an impact on stock markets mainly in terms of liquidity and confidence in the market by investors. The authors also highlight that macroeconomic indicators can be used as a tool of information for investors and policymakers in rentier economies.

Bridging the gap in islamic finance for climate action: A bibliometric analysis

Laela Rizki Fauzia — 2026-07-31

Climate change is one of the most pressing challenges in contemporary global development, necessitating large-scale, sustained financing for both mitigation and adaptation. In this context, Islamic finance, grounded in the principles of justice, transparency, and sustainability, offers a distinctive normative and operational framework to support climate action. However, the contribution of Islamic finance to climate-related financing remains relatively limited, constrained by structural and operational barriers at both national and global levels, including regulatory fragmentation, limited standardization, and underdeveloped green financial instruments. This study employs bibliometric analysis to map the development of research connecting Islamic finance with global climate action. The data were drawn from 73 peer-reviewed documents retrieved from the Scopus database spanning the period 2000 to early 2026. The analysis identified five major thematic clusters and three distinct phases of research development, namely a scientific and environmental foundation phase (2014–2017), a socio-religious integration phase (2018–2020), and a strategic financial policy phase (2021–present). Academic attention has progressively shifted from environmental pollution measurement toward Islamic financial instruments as climate solutions, yet a significant gap remains in integrating these instruments with technical environmental science literature.

Promosi pariwisata budaya dan ekowisata di wilayah perbatasan: Analisis SWOT dan strategi pengembangan di Kabupaten Malaka

Odilia Muti — 2026-07-31

This study examined the promotion of cultural tourism and ecotourism in Malaka Regency, a border area between Indonesia and Timor-Leste. The main problems identified were suboptimal destination promotion, limited facilities, low use of digital media, and weak integration between cultural and natural tourism potential. This study employed a qualitative descriptive approach using observation, interviews, focus group discussions, and documentation. The data were analyzed using a SWOT matrix to identify the strengths, weaknesses, opportunities, and challenges of tourism promotion. The findings showed that Malaka Regency had strong potential in Likurai and Bidu traditional dances, woven textiles, traditional houses, Motadikin Beach, Abudenok Beach, and community involvement. The main weaknesses were limited accessibility, inadequate facilities, cleanliness issues, budget constraints, and limited human resource capacity. Development opportunities emerged through digital promotion, cultural festivals, and integrated cultural-ecotourism packages. The main challenges involved competition with other destinations, climate change, and uneven public awareness. This study concluded that tourism promotion should integrate cultural and natural attractions through community, government, and digital media support.

Dari wisata bahari menuju ekowisata berkelanjutan: Valuasi ekonomi Pantai Ngudel melalui pendekatan CVM dan TCM

Saifudin Zuhri — 2026-07-31

Ngudel Beach in Sindurejo Village, Gedangan District, Malang Regency, holds significant potential for development as an ecotourism area; however, it still faces limitations regarding facilities, low community involvement, and a lack of information on the area's economic value. This study aims to analyze the baseline state of community participation and estimate the economic value of Ngudel Beach using the Contingent Valuation Method (CVM) and the Travel Cost Method (TCM). Primary data were obtained through a survey of 253 tourists using purposive sampling between February and June 2026. The results indicate that 93% of respondents were willing to pay an additional fee (ecotourism fee), with an average willingness-to-pay (WTP) of IDR 13,000 per person; consequently, the potential economic value based on CVM is estimated at IDR 2.555 billion per year. TCM analysis revealed an average travel cost of IDR 727,016 per person per visit, with a total potential economic value reaching IDR 46.54 billion per year. These findings demonstrate a positive economic preference among tourists for developing Ngudel Beach into a sustainable ecotourism area, as well as the importance of improving facilities and strengthening community participation in the area's management.