EQUITY: JURNAL EKONOMI p-ISSN 1978-3795, e-ISSN 2721-6721 Equity: Jurnal Ekonomi is a double-blind peer-reviewed, open-access scientific journal dedicated to high-quality research in economics and development. Scope includes (but is not limited to) literature reviews and critical analyses; modeling in economics, finance, and monetary policy; fiscal and regional economics; Islamic economics; human and natural resource economics; and other contemporary economic issues. Managed by the Department of Economics, Faculty of Economics and Business, Universitas Bangka Belitung. Based on the latest re-accreditation, Equity: Jurnal Ekonomi is accredited SINTA 3 (Kemendikbudristek), valid for articles from Vol. 9, No. 2 (2021) to Vol. 14, No. 1 (2026). We appreciate the trust and contributions of our authors, reviewers, and readers. We remain committed to rigorous editorial standards and impactful scholarship. CALL FOR PAPERS & DEADLINES We invite submissions to Equity: Jurnal Ekonomi. Submission deadline (1st edition): June Submission deadline (2nd edition): December Submit manuscripts (English or Indonesian) via our online system. Please follow the Author Guidelines, and upload the Agreement form under “Supplementary Files.” We encourage using citation managers (e.g., Mendeley). Refer to JEL codes in the abstract. Average initial decision time: approximately 12 weeks. Make a Submission Author Guidelines JOURNAL STATISTICS INDEXED BY
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Tourism Transformation and the Limits of Local Fiscal Capture: Evidence from Bangka Belitung
This study investigates whether tourism-led economic transformation has generated employment and strengthened local fiscal capacity in Bangka Belitung Province, Indonesia. This issue is important because the province has historically relied on tin mining, while tourism has increasingly been positioned as an alternative pathway for post-mining development. Using panel data from seven regencies and municipalities during 2011–2025, the study applies descriptive analysis, fixed-effects estimation, first-difference models, and a dynamic difference-in-differences/event-study approach. Tourism transformation is proxied by the share of tourism-related gross regional domestic product, while local own-source revenue and employment are used as the main outcome variables. The findings show that tourism transformation has not consistently increased local own-source revenue or employment. Event-study estimates indicate a positive early employment response, but no corresponding improvement in fiscal capacity. These results suggest that tourism creates labor-market benefits more rapidly than local fiscal gains, revealing a weak mechanism of local revenue capture from tourism activity. The study underscores the importance of strengthening tourism fiscal governance, business formalization, digital tax administration, and linkages between tourism and local micro, small, and medium enterprises.
Copyright (c) 2026 Muhamad Mufti Arkan, Devi Valeriani, Annisa Deni Istina, Andi Kurniawan Karta Negara https://creativecommons.org/licenses/by/4.0
The Influence of Digital Financial Literacy and Financial Attitudes on Online Loan Decisions and Financial Decision-Making Among Generation Z in Sidoarjo Regency
This study examines the role of digital financial literacy and financial attitude in shaping online loan decisions and financial decision-making among Generation Z in Sidoarjo Regency. Generation Z was selected as the focus of the study due to their intensive engagement with digital financial technologies and the growing use of online lending services. The research seeks to determine the extent to which digital financial literacy and financial attitude influence online borrowing decisions and overall financial decision-making behaviour. A quantitative method with a causal-associative approach was applied. Data were gathered through questionnaires distributed to Generation Z individuals who had experience with online lending platforms. The analysis was conducted using Partial Least Squares Structural Equation Modelling (PLS-SEM) with SmartPLS 4. The results indicate that digital financial literacy positively and significantly affects financial decision-making, suggesting that individuals with stronger digital financial competencies are more likely to make prudent financial choices. Financial attitude was also found to have a positive and significant impact on financial decision-making. Nevertheless, neither digital financial literacy nor financial attitude demonstrated a significant influence on online loan decisions. These findings imply that online borrowing behaviour among Generation Z is likely driven by external considerations, including convenience, lifestyle orientation, peer influence, and immediate financial pressures. Overall, improving digital financial literacy and encouraging responsible financial attitudes remain important in enhancing the financial decision-making quality of Generation Z.
Copyright (c) 2026 Farid, Achmad Zaki, Cynthia Eka Violita, Devika Cherly P https://creativecommons.org/licenses/by/4.0
Analysis of the Effect of Village Funds, Village Fund Allocation, Education Capital Expenditure, Health Capital Expenditure, Gross Regional Domestic Product, and Human Development Index on Poverty in Underdeveloped Districts in Indonesia
This study aims to analyze the effects of village funds, village fund allocation, education capital expenditure, health capital expenditure, Gross Regional Domestic Product (GRDP), and the Human Development Index (HDI) on poverty in underdeveloped districts in Indonesia. The research employs a quantitative approach using panel data regression analysis by combining time-series data from 2015 to 2024 and cross-sectional data from 62 underdeveloped districts in Indonesia. The data used in this study are secondary data obtained from Statistics Indonesia (BPS) and the Ministry of Finance. The independent vaiables consist of village funds, village fund allocation, education capital expenditure, health capital expenditure, GRDP, HDI, while poverty serves as the dependent variable. Chow test, Hausman test, and Lagrange Multiplier test were conducted, and the results indicate that the Random Effects Model (REM) is the most appropriate estimation model. The results show that, partially, village funds, education capital expenditure, GDRP, and HDI have a negative and significant effect on poverty. Meanwhile, village fund allocation and health capital expenditure have a positive but insignificant effect on poverty in underdeveloped districts in Indonesia.
Copyright (c) 2026 Saiful Ragatna Berutu, Sirojuzilam Sirojuzilam, Sukardi Sukardi https://creativecommons.org/licenses/by/4.0
Does Fiscal Decentralization Impact Environmental Quality in Indonesia?
Purpose: In realizing the need for environmental governance, this study examines the effect of fiscal decentralization on Environmental Quality Index (IKLH) through Green Budgeting as mediation and educational-level moderation as proxy social supervision. Design/Methodology/Approach: Using a balanced panel dataset of 34 Indonesian provinces for the period 2018 to 2024, the study employs Two-Stage Least Squares (TSLS) with Fixed Effects. This approach systematically identifies and accounts for endogeneity bias between fiscal capacity, budgetary allocations, and ecological outcomes. Key Findings: The first-stage estimation indicates that the Flypaper Effect and the Resource Curse are rigid; indeed, none of the central transfers (DAU, DAK, DBH) have an effect on encouraging Green Budgeting. As such, Local Own-Source Revenue (PAD) is established as the driver of ecological innovation. A crucial conditional moderation is highlighted in the second stage: Green Budgeting (GB) alone has no effect on, or improves, IKLH, but when combined with higher education, it acts effectively and, by any means, becomes an important driver of environmental quality. Originality/value: This research challenges the widely held notion that fiscal decentralization improves local environments. It lends empirical support to the argument that, in the absence of rigorous scrutiny from a well-informed citizenry (demand-side social control), government financial interventions (supply-side) will continue to spur inefficiencies. Practical/Policy implications: The reform of revenue-sharing schemes into Ecological Fiscal Transfers (EFT) should be treated as an emergency solution by the central government, whereas local governments must implement transparency in the execution of environmental budget to enforce community social control.
Copyright (c) 2026 Indra Sulistyo, Priyagus Priyagus, Diana Lestari https://creativecommons.org/licenses/by/4.0
Good Corporate Governance Moderation on Profitability, Capital Structure, CSR, and Firm Value in Healthcare
This study is motivated by the importance of firm value in the healthcare sector, which faces high operational risk, long-term financing needs, and increasing demands for transparency and accountability. This research aims to examine the effects of profitability, capital structure, and Corporate Social Responsibility (CSR) on firm value, as well as to analyze the moderating role of Good Corporate Governance (GCG) in Indonesian healthcare companies. A quantitative approach was employed using panel data regression and Moderated Regression Analysis (MRA), with a sample of 22 healthcare companies listed on the Indonesia Stock Exchange during the 2018–2024 period, resulting in 154 firm-year observations. The results show that profitability, measured by Return on Assets (ROA), has a positive and significant effect on firm value. Meanwhile, capital structure and CSR disclosure do not have a significant effect on firm value. The findings also reveal that GCG weakens the relationship between profitability and firm value, suggesting that investors may consider not only the level of profit generated by a company but also the quality of its governance when evaluating corporate performance. This study contributes to the corporate governance and firm value literature by providing empirical evidence on the moderating role of GCG in the relationship between financial and non-financial factors and firm value in the Indonesian healthcare sector.
Copyright (c) 2026 Iiniya Zulfasari, Hasan Mukhibad https://creativecommons.org/licenses/by/4.0
Market Reaction Differentiation to Share Buyback Announcements in Terms of Market Capitalization
This study aims to analyze the differences in market reactions to share buyback announcements in large-cap and small-cap companies listed on the Indonesia Stock Exchange during the period 2022–2024. Market reactions are measured through abnormal returns and trading volume activity (TVA) around the date of the buyback announcement. This study uses a comparative quantitative approach with the event study method. The research sample consists of 45 share buyback actions selected using purposive sampling. Abnormal returns were calculated using the Constant Return Model (CRM), while differences before and after the buyback announcement were analyzed using a paired sample t-test, as the test compares market conditions before the announcement (anticipation period) and after the announcement (adjustment period). The results show that both big cap and small cap companies experienced significant negative abnormal returns in the pre-announcement and post-announcement periods, but no significant abnormal returns were found on the announcement date. These findings indicate that the market had anticipated the buyback information prior to the official announcement. Meanwhile, trading volume activity (TVA) results show that big cap companies experienced significant and sustained changes in trading volume after the buyback announcement, while small cap companies did not show statistically significant changes in trading volume. Overall, the findings indicate that company size does not affect short-term stock price reactions, but influences differences in investor trading activity following share buyback announcements.
Copyright (c) 2026 Sapna Salsabila, Sahabuddin Nanda , Nurlina Nurlina https://creativecommons.org/licenses/by/4.0
The Influence of Sharia Compliance and Profitability on Islamic Social Reporting Disclosure
The significant growth and expansion of the Islamic capital market has created an urgent need for corporations to balance financial performance with spiritual accountability and transparency with Islamic Social Reporting Disclosure. This study aims to examine the effect of sharia compliance and profitability on Islamic Social Reporting Disclosure in companies included in the Jakarta Islamic Index for the 2020–2024 period. This study utilizes a quantitative methodology using, secondary data from annual reports of firms listed on the Indonesia Stock Exchange for the 2020–2024 period. Through purposive sampling, 16 representative firms were selected and the analysis was conducted using panel data regression with EViews 13. Empirical evidence suggests that while Sharia compliance does not significantly drive Islamic Social Reporting Disclosure. In contrast, profitability exerts a positive and significant influence. However, both independent factors are present simultaneously, significantly affecting.
Copyright (c) 2026 Sisda Adzima, Nunung Aini Rahmah https://creativecommons.org/licenses/by/4.0
The Effects of Distributive and Interactional Justice on The Dysfunctional Behavior of Millennials
Experimental studies related to the effects of perceived justice on dysfunctional behavior have not been widely conducted. Studies related to fair treatment within organizations and its impact on dysfunctional aspects within organizations are relatively rare, especially considering the specific impact of organizational justice configuration patterns on dysfunctional behavior. The purpose of this study is to specifically examine the effects of distributive justice (DJ) and interactional justice (IJ) in various contexts and their impact on dysfunctional behavior. The study uses millennial subjects to gain an understanding of the attitudes and behaviors of this generation in responding to distributive and interactional justice. An experimental study was conducted to obtain artificial situations in four justice situations, namely high DJ - high IJ, high DJ – low IJ, low DJ – high IJ, and low DJ - low IJ. The results show that the interaction of distributive justice and interactional justice has a different impact on dysfunctional behavior, and millennials tend to be more concerned about welfare than interactional aspects.
Copyright (c) 2026 Heru Kurnianto Tjahjono https://creativecommons.org/licenses/by/4.0
The Impact of Sharia Fintech and People's Business Credit (KUR) on the Sustainability of MSMEs in Mataram City
This study aims to analyse the impact of Sharia Fintech and People's Business Credit (KUR) on the sustainability of MSMEs in Mataram City. This study is important because MSMEs still have limited access to financing, so the use of technology-based financial services and subsidised credit programmes is necessary to support business continuity. The study uses a quantitative approach with a survey method of 100 MSME actors selected through purposive sampling. The research instrument is a questionnaire with a 1–5 Likert scale, which is then analysed using multiple linear regression through SPSS version 22. The results show that Sharia Fintech has a positive and significant effect on the sustainability of MSMEs, as reflected in increased access to financing, operational efficiency, and innovation capabilities. In addition, KUR also has a positive and significant effect on the sustainability of MSMEs through capital strengthening, increased production capacity, and improved business stability. Simultaneously, both variables were proven to contribute significantly to the sustainability of MSMEs in Mataram City. Thus, it can be concluded that the integration of Sharia-based technology financing and government credit programmes can improve the sustainability performance of MSMEs and has the potential to become a strategic instrument in local economic development.
Copyright (c) 2025 Safina, Nur Fitri Hidayanti, Zaenafi Ariani, Mukhlishin https://creativecommons.org/licenses/by/4.0
The Influence of E-Money Usage Frequency and Understanding of Sharia Principles on Millennial Consumptive Behavior
The utilization of electronic money (e-money) has significantly increased in the era of digitalization, altering the consumption patterns of Muslim millennials in Mataram. This study aims to investigate the impact of the frequency of e-money usage and the level of understanding of Sharia principles on Sharia-compliant consumption behavior. Employing a quantitative research design, the study surveyed 93 respondents selected through simple random sampling. Data analysis was conducted using multiple linear regression with the assistance of SPSS software. The findings reveal that the frequency of e-money usage exerts a positive and statistically significant influence on consumption behavior aligned with Sharia principles, exhibiting a coefficient of 54.4% and a significance value of 0.00. Furthermore, the understanding of Sharia values demonstrates a positive effect of 28.3%, with a significance value of 0.013. Collectively, these two variables exert a robust influence on Sharia-oriented consumption behavior, as indicated by an F value of 51.99 and an R-squared value of 52.6%. These results suggest that an increased frequency of e-money usage, coupled with a deeper understanding of Sharia principles, corresponds to more ethical and balanced consumption behavior among Muslim millennials. Consequently, it is imperative to enhance digital literacy in conjunction with strengthening Sharia financial literacy, ensuring that the adoption of financial technology aligns with the objectives of Maqashid al-Syariah in fostering economic welfare and accountability in the digital age.
Copyright (c) 2025 Merry, Nur Fitri Hidayanti, Zaenafi Ariani, Mukhlishin https://creativecommons.org/licenses/by/4.0
Post Trade War Era: Investor Strategies For Dealing With Falling Gold Prices
This study analyzes the impact of the U.S.–China trade war de-escalation on global gold prices and investor strategies. During 2020–2025, trade tensions drove gold prices upward as a safe-haven asset, yet after the trade agreement in April–May 2025, gold prices declined as market confidence improved and investors shifted to riskier instruments such as stocks and bonds. The research employed a quantitative-descriptive approach using linear regression, event study, and portfolio strategy evaluation based on modern portfolio theory. Data were collected from global gold prices (XAU/USD), volatility indices, the U.S. dollar index, and questionnaires completed by 43 retail investors in Indonesia. The findings show that trade war de-escalation significantly affects gold prices (34.3%) and investor strategies (27.2%). These results highlight the crucial role of geopolitical stability, while other factors such as inflation, monetary policy, and exchange rates also play significant roles. The study recommends portfolio diversification, the application of Dollar-Cost Averaging (DCA), and improved financial literacy to help retail investors adapt to post-trade war market fluctuations.
Copyright (c) 2026 Selviani, Sintya Gracella, Siti Aisya, Wenni Anggita https://creativecommons.org/licenses/by/4.0
The Interaction of Digital Lifestyle and Food Waste on Household Food Security among Urban Millennials: Evidence from Palembang City, Indonesia
Household food security in urban areas, especially among millennials, is becoming an increasingly important issue as lifestyles and consumption patterns change due to the digitization of food services. This study aims to analyze the level of food security among millennial households in Palembang and examine the effect of spending on food delivery and food waste on the Household Food Insecurity Access Scale (HFIAS) score. Data were obtained from millennial household respondents through a questionnaire survey, with the HFIAS score as the dependent variable. The analysis was conducted using Ordinary Least Squares (OLS) regression, followed by Poisson regression as an alternative model suitable for count data. The results showed that the average HFIAS score was 3.17, with the majority (87%) of households falling into the mildly food insecure category. OLS and Poisson regressions show that spending on food delivery and food waste has a negative effect on food security. This study concludes that the food security of millennial households in Palembang is relatively vulnerable, mainly due to their increasing dependence on food delivery services.
Copyright (c) 2025 Yuli Nurhayati, Eri Triharyati https://creativecommons.org/licenses/by/4.0
Cyber-Epicurean Food Marketing: A Conceptual Model of Business Resource Structuring for SMEs in the Digital Era
This study investigates the influence of sensory experience (SE), satiety value (SV), menu selection (MS), hygiene (HYG), and price (PRC) on customer satisfaction (CS) and customer loyalty (CL) within the context of small and medium-sized culinary enterprises. Using regression analysis, the findings reveal that MS and HYG are the dominant predictors of CS, while SE, SV, and PRC also contribute positively, though to a lesser extent. CS is confirmed as a strong predictor of CL, highlighting that higher satisfaction directly fosters repeat patronage and positive word-of-mouth. However, the introduction of cyber marketing (CM) shows a negative direct effect on CL and no moderating influence on the CS–CL relationship, indicating that current digital marketing strategies remain insufficient in strengthening loyalty. These results emphasize the importance of enhancing core service quality dimensions, particularly menu variety and hygiene, while redesigning digital marketing initiatives to complement customer experiences and build sustainable loyalty.
Copyright (c) 2026 Chavid Moyo Jaladri, Agus Wisatono https://creativecommons.org/licenses/by/4.0
The Influence of Financial Technology, Financial Self-Efficacy, and Hedonistic Lifestyle on Personal Financial Management of Generation Z in Medan City
This study aims to examine the influence of financial technology, financial self-efficacy, and a hedonistic lifestyle on personal financial management among Generation Z in Medan City. Generation Z, as digital natives, are highly exposed to technological conveniences that often encourage impulsive consumption and hedonistic tendencies. The rapid growth of financial technology (fintech) has transformed the way individuals manage their finances, creating both opportunities for efficiency and risks of excessive spending. Using a quantitative approach, data were collected from 100 respondents representing Generation Z through questionnaires distributed online. The collected data were analyzed using multiple linear regression techniques with SPSS. The results show that financial technology, financial self-efficacy, and a hedonistic lifestyle each have a positive and significant effect on personal financial management, both partially and simultaneously. Among these, financial technology has the strongest influence, followed by financial self-efficacy and hedonistic lifestyle. The coefficient of determination (R²) value of 0.761 indicates that 76.1% of the variation in personal financial management can be explained by the three independent variables. These findings highlight that while technological advances enhance financial accessibility, strong self-efficacy and awareness are essential to maintain responsible financial behavior amid hedonistic lifestyle pressures.
Copyright (c) 2025 Veri Ferdiansyah, Nurbaiti, Imsar https://creativecommons.org/licenses/by/4.0
Restrictions on Digital Transformation on Micro and Small Enterprises in Kolaka Regency
The results of the National Digital Transformation Index (TDN) measurement in Southeast Sulawesi Province in 2022 are 44, indicating that digital transformation is still classified as C (adequate). Limited technology adoption and low innovation in business among micro and small business actors are one of the causes of low performance in the business pillar, which affects the acquisition of the TDN Index score. This study aims to investigate the factors that inhibit the implementation of digital transformation among micro and small business actors in Kolaka Regency. The sample in this study is 106 micro and small business actors with various types of businesses, including culinary, fashion, handicrafts, and agribusiness. Binary logistic regression analysis was used to estimate the inhibiting factors influencing the implementation of digital transformation in micro and small businesses. The study's findings reveal that digital knowledge, digitalization training, and digital transaction security are the primary factors hindering digital transformation among micro and small business actors in Kolaka Regency. Micro and small business actors who are unable to access information and participate in the digital community, have not received digital marketing and financialization training, and have not utilized the official digital transaction system are more likely to remain digitally untransformed. Meanwhile, the availability of digital devices and digital ecosystems does not have a significant influence on digital transformation. These findings recommend strategies to enhance digital transformation for micro and small business actors by focusing on increasing digital literacy and knowledge, continuous digitalization training, and building trust in the security of digital transactions.
Copyright (c) 2026 Sapriyadi Sapriyadi, Surianto Ilham, Andi Rezah Tenri Zizih https://creativecommons.org/licenses/by/4.0
Strategic Positioning Of Islamic Banks In Constructing Brand Image To Strengthen Brand Equity
Islamic banking in Indonesia has significant potential, supported by a large Muslim population and a strong regulatory framework. However, its market share remains stagnant compared to international benchmarks such as Malaysia and Saudi Arabia. This study aims to examine positioning strategies of Islamic banks in strengthening brand image to improve brand equity and to identify factors behind their limited growth. Using a descriptive qualitative approach, the research draws on literature reviews and secondary data from the Financial Services Authority, Bank Indonesia, and academic sources between 2019–2024. The findings reveal that the market share target of 20% in the Sharia Banking Roadmap 2020–2025 has not been met, with actual achievement only 7.72% in 2024. The shortfall is driven by weak product differentiation—for example, financing schemes and savings products that closely resemble conventional banks—along with underdeveloped digital platforms, relatively high financing margins, and low public awareness of sharia-based values. Compared with Malaysia’s emphasis on digital innovation and Saudi Arabia’s integration of Islamic banking into national identity, Indonesia still relies heavily on “riba-free” narratives. This study contributes by integrating positioning, brand image, and brand equity analysis while drawing international lessons. The implications highlight the need for halal lifestyle positioning, digital service transformation, and cross-sector collaboration to build stronger brand equity and accelerate market growth.
Copyright (c) 2025 Agus Dadang https://creativecommons.org/licenses/by/4.0
Analysis Productivity Labor in Indonesia
In the ASEAN context, the Republic of Indonesia ranks fourth in labor productivity within the region, reflecting ongoing complex challenges in optimizing its labor sector. Despite being endowed with abundant labor resources, Indonesia’s labor productivity lags behind several ASEAN neighbors, influenced by factors such as education gaps, skills mismatches, and uneven regional development. This study aims to identify Indonesian provinces falling into the optimal category of labor productivity based on key criteria: Gender Development Index, Health, Minimum Wage, and Investment. The novelty lies in explaining how Indonesia's regional characteristics form diverse pathways that illustrate the optimization potential of these regions. The objective of this study focuses on examining the conditions of regional characteristics associated with optimal labor productivity. This research uses a continuous analysis method known as Crisp-set Qualitative Comparative Analysis (csQCA). csQCA specializes in analyzing binary data to identify multiple causal patterns logically and holistically. It uses Boolean algebra to simplify complex data sets, revealing how different combinations of conditions relate to outcomes. The objects studied were 34 provinces in Indonesia in 2023. The results showed that provinces with optimal Gender Development Index conditions are located in the DKI Jakarta area with the flagship Transjakarta Pink program. In addition, the optimal Good Health Operational (BOK) conditions are in the Southeast Sulawesi region through the flagship program of the Mobile Health Service Program. Optimal wage conditions were observed in 19 provinces as a result of government policies in maintaining people's purchasing power.
Copyright (c) 2025 Fildjah Najibah Ghaisani, Indri Arrafi Juliannisa, M. Faizhal Ghaisani https://creativecommons.org/licenses/by/4.0
The Impact of East Java Electricity Investment on the Indonesian Economy: Interregional Input-Output (IRIO)
This study aims to analyze the impact of investment in the electricity sector in East Java using the Interregional Input-Output (IRIO) method. There are several data used for employment data, public income data and IRIO tables sourced from the Central Statistics Agency. The electricity sector is one of the leading sectors in East Java, which shows that it is able to increase the development of the upstream and downstream industries in the electricity sector itself, both directly and indirectly. The influence of the role of electricity sector activities in East Java has made the government's attention to increase electricity investment after the Covid-19 pandemic. The impact of electricity investment on other sectors in East Java occurred in the Mining and Quarrying sector in terms of increasing output and income, the Wholesale and Retail Trade sector; Repair of Motor Vehicles and Motorcycles in terms of increasing the workforce. In addition, it also has an impact on other regions that are the most dominant, namely in South Sumatra and East Kalimantan and the majority still affect other provinces on the island of Java.
Copyright (c) 2025 Khalid Fauzi Aziz, Fahrizal Taufiqqurrachman, Putri Autika Arifin https://creativecommons.org/licenses/by/4.0
Spiritual Intelligence as a Moderator in the Influence of Work Loyalty, Individual Characteristics, and External Motivation on Employee Performance
This research addresses the gap in public sector employee performance models in Indonesia, which are still dominated by structural factors such as incentives, while the integration of values (psychological and spiritual) is rarely tested quantitatively. This research examines the influence of work loyalty, individual characteristics, and external motivation on employee performance, as well as the role of spiritual intelligence as a moderator at the Lubuklinggau City Agriculture Office. A quantitative survey method was used on 81 employees; data was collected through questionnaires, observations, and document reviews, then analyzed using simple linear regression, t-tests, correlation tests, and Moderated Regression Analysis (MRA). The results show that all three variables have a positive and significant effect on performance, and spiritual intelligence strengthens the relationship between each variable and performance. The findings emphasize the urgency of a value-based performance framework that integrates spiritual dimensions into bureaucratic performance management practices. Limitations include a single-agency design, potentially biased self-assessment, and narrow scope. Nevertheless, this study contributes empirical evidence of the moderating effect of spiritual intelligence and offers a value-based performance framework that integrates psychological and spiritual parameters in the context of government organization.
Copyright (c) 2025 yossi ariasanti, betti nuraini, dheo rimbano, herman paleni https://creativecommons.org/licenses/by/4.0
Career Development as a Mediator of Internal Communication and Work Motivation on Employee Performance
This study examines how internal communication and work motivation affect civil servant performance through career development as a mediator. Using a quantitative approach with an explanatory design to describe the relationship and influence between variables on 31 civil servants in the Communication, Informatics, and Statistics Office of Musi Rawas Regency, data were collected through questionnaires, observation, and documentation. The analysis included linear regression, path analysis, and Sobel's test to examine direct and indirect effects. The results showed that internal communication and work motivation had a positive effect on career development and performance; career development significantly mediated the influence of internal communication and work motivation on employee performance. These findings emphasize the importance of career-based intervention designs that link organizational communication practices and employee motivation to performance achievement. The uniqueness of the study lies in testing the mediation model at the district level with explicit links between individual/organizational and performance, providing a concise and measurable empirical basis for formulating human resource development policies in the public sector. Recommendations emphasize strengthening internal communication, maintaining motivation, and structured career development programs to optimize civil servant performance.
Copyright (c) 2025 aslinda Wati, herman paleni, sardiyo sardiyo https://creativecommons.org/licenses/by/4.0
Answering the Employment Challenge: The Influance of Private Investment, Education, and Population Growth on Labor Absorption in North Luwu Regency
This study aims to analyze the effect of private investment, education level, and population growth on labor absorption in North Luwu Regency during the period 2010–2024. The method used is a quantitative approach with multiple linear regression analysis, based on secondary data from the Central Statistics Agency (BPS) and DPMPTSP of North Luwu Regency. The results of the study indicate that simultaneously, the three independent variables have a significant effect on labor absorption, as indicated by the F-statistic probability value of 0.001 and the determination coefficient value (adjusted R²) of 0.644. Partially, only the level of education shows a positive and significant effect on labor absorption, with a regression coefficient of 0.139, a t-count value of 3.647, and a significance of 0.004. Meanwhile, private investment has a regression coefficient of 0.021 (t-count = 1.329; sig. = 0.211) and population growth of 0.041 (t-count = 0.189; sig. = 0.728), both of which are insignificant. This finding underscores the importance of improving the quality of education to increase employment opportunities, and highlights that private investment that is not directed to labor-intensive sectors and population growth that is not balanced with job creation can limit labor absorption. The proposed policy implications include formulating incentives for investors in labor-intensive sectors, skills-based vocational education reform, and integrating population and employment policies to ensure that population growth becomes a potential, not a burden on development.
Copyright (c) 2025 Suprianto Suprianto, Sri Wahyuny Mustafa, Muh. Yusuf Qamaruddin http://creativecommons.org/licenses/by/4.0
Forecasting Inflation in Indonesia Using ARIMAX : The Role of Money Supply and Exchange Rate
Inflation is an essential economic indicator since it signals rising prices for goods and services. Economic factors influence Indonesia's inflation rate, including the money supply and exchange rate. These factors can have an impact not only on inflation at a single point in time but also throughout time. The money supply and exchange rate are two economic factors that substantially influence inflation. As a result, it is critical to forecast Indonesia's inflation rate using money supply and exchange rate as input variables. This study examines the effect of the money supply and exchange rate on the inflation rate. The data used is monthly from 2021-2023 sourced from Bank Indonesia (SEKI BI). This study used the Autoregressive Integrated Moving Average with Exogenous Factor (ARIMAX) technique. The results reveal that the ARIMAX (0,2,1) accurately predicts inflation, as seen by MAPE values of 9.48%. The results also show that the money supply and exchange rate significantly affect the inflation rate in Indonesia. This is due to the impact of the COVID-19 pandemic on Indonesia, which has caused the inverse effect of the exogenous variables. The ARIMAX model can be a valuable and efficient tool for improving forecasting.
Copyright (c) 2025 Besti Novianda https://creativecommons.org/licenses/by/4.0
Analysis Of Connectivity Spending, Capital Expenditure And Fiscal Independence On The Pace Of GDP
This study analysed the issue of the quality of regional spending, by analyzing the influence of Connectivity Spending, Capital Expenditure and Fiscal Independence on the GDP growth rate in Regencies/Cities throughout Lampung Province in the period 2018 to 2022. The results of the analysis indicated that the Connectivity Expenditure variable had a positive and significant influence on the GDP rate, meaning that every 1% increase in connectivity spending could increase the GDP growth rate by 0.26%. Meanwhile, Capital Expenditure had a negative impact or suppresses the GDP rate. It marked the allocation of the capital expenditure budget for asset acquisition was less effective in supporting economic growth and development between regions. Likewise, Fiscal Independence had no significant effect on the pace of GDP. This condition reflected the region's large dependence on central transfers. Using the Vector Autoregression (VAR) found that all variables affect GDP with a lag of 1 year after meaning that three variables could affect the rate of GDP after 1 year of implementation. The results of this study overviewed the importance of selecting efficient types of Capital Expenditure and Connectivity Expenditure which had an impact on economic growth (spending better), as well as the importance of increasing regional fiscal capacity through PAD optimization to support regional financing and sustainable regional economic growth.
Copyright (c) 2025 Ukhti Ciptawaty, Marselina Marselina, Gwen Adhitya Amalkhan
Political Marketing Mix in the Decision to Choose Pangkalpinang Mayoral Election 2024
Political marketing does not mean how to sell political parties or candidate pairs that are being promoted to voters, but something that focuses on how political parties or candidate pairs can create work programs related to current problems. The sustainability of regional development within five years requires testing of political marketing of the decision to elect the Mayor and Deputy Mayor of Pangkalpinang. The population of Pangkalpinang City, which has the right to vote and is also registered on the 2024 Permanent Voters List, amounting to 161,413 people, is the focus of this study. A sample of 399 was determined using the probability sampling method with a cluster sampling technique carried out in seven sub-districts in Pangkalpinang City. Data were collected using a quantitative questionnaire as a multiple linear regression analysis tool. The independent variable is the marketing mix associated with political marketing capacity, including political products, promotions, prices, and venues. In contrast, the decision to choose is a dependent variable. Regression analysis reveals a positive correlation between political products, political promotion, political price, and political place on voter decisions. The coefficient value of political products 0.402 indicates an influence of 40.2%, political promotion 0.255 indicates an influence of 25.5%, political price 0.163 indicates an influence of 16.3%, and political place 0.468 indicates an influence of 46.8% respectively on the decision-making process. The most significant regression analysis output is 0.468 on the shift of political place of political products, political promotion, and political price. This result shows that voters want to meet directly with voters to strengthen their opinions.
The Impact Of Balance Funds And Local Real Income On Poverty In Papua Province
The purpose of this study is to examine how poverty rates in Papua Province are impacted by Local Original Revenue (LOR) and balancing funds, such as the General Revenue Sharing (GRS) and the Specific Allocation Grant (SAG). Multiple regression analysis is the research tool employed in this study, enabling researchers to assess the correlation between various variables. Regional financial statistics and poverty indicators for the years 2011–2023 are among the data used. The study's findings demonstrate that LOR and the balance fund significantly and favorably lower Papua's poverty rate. This study concludes that increased fund allocation from the central government and better management of LOR can contribute to improving community welfare. Therefore, it is recommended that local governments increase their financial management capacity and prioritize programs that can effectively reduce poverty.
Copyright (c) 2025 Sutrisno Sutrisno, Fahrizal Taufiqqurrachman
Assesing The Efficiency Of Central Java’s Regional Budget Realization Using Data Envelopment Analysis
This study evaluates the efficiency of Central Java’s 2022 Regional Budget (APBD) realization using a Variable Returns to Scale (VRS) input-oriented Data Envelopment Analysis (DEA) model. The study analyzes 35 regencies and cities using data from the Central Java Regional Budget Realization Report and Statistics Indonesia (BPS). Inputs include regional expenditure, employee expenditure, goods and services expenditure, capital expenditure, and other expenditures, while outputs consist of Gross Regional Domestic Product (GRDP) and the Human Development Index (HDI). Findings reveal that only 7 out of 35 regions (20%) achieved efficiency due to effective planning, streamlined budget processes, and robust supervision. Meanwhile, 28 regions (80%) exhibited inefficiencies linked to policy inconsistencies, limited planning capacity, and socio-economic constraints. For instance, some regions allocated substantial capital expenditure but failed to utilize funds effectively due to delayed infrastructure projects. These inefficiencies highlight the need for improved coordination, strategic planning, and stronger institutional capacity. Local governments and policymakers should ensure budget allocations align with regional priorities and improve financial management and transparency. Additionally, academics can contribute by providing research-based insights to support policy reforms. Strengthening these aspects will enhance public financial management, promoting sustainable economic growth and human development.
Copyright (c) 2025 Mario Rosario Wisnu Aji, Elisa Letizia
The Role of Corporate Governance in Accelerating Financial Performance with Debt to Equity Ratio as a Moderating Variable
This study aims to analyze the influence of corporate governance on profitability, with the debt to equity ratio acting as a moderating variable. The research focuses on 35 manufacturing companies over a period of five years. Purposive sampling was employed to select the total number of manufacturing companies for the study. Data analysis was assisted by SmartPLS 3 software. The results demonstrate that corporate governance has a positive effect on ROA. Firm age also significantly positively influences ROA. Similar outcomes are shown in the relationships between DER and ROA, Market to Book and ROA, and sales and ROA. However, DER does not moderate the relationship between corporate governance and ROA, Market to Book and ROA, or sales and ROA. The role of DER is proven to be a moderator in the relationship between firm age and ROA, and sales and ROA. This study confirms the importance of strong governance practices in enhancing company profitability. Companies should invest in strengthening their governance mechanisms, such as enhancing transparency, improving accountability systems, and ensuring board independence to increase ROA. DER does not always function effectively as a moderator in the impact of corporate governance on ROA. Financial managers should be cautious in using leverage as a tool to enhance profitability. Leverage should be strategically employed, considering other factors such as firm age and market conditions, to optimize its impact on ROA.
How Does PNPM-MP Impact the Income of Poor People? (Case Study of SPP Members in Sumanik Village, Tanah Datar Regency)
In Nagari Sumanik, Salimpaung District, and Tanah Datar Regency, poverty issues require coordinated and collaborative actions from all parties. The local government launched the National Program for Rural Independent Community Empowerment (PNPM-MP) to improve poverty alleviation and job creation. PNPM-MP is a poverty alleviation effort that involves community members to improve the quality of life, independence, and welfare. The objectives of this study were to determine the differences in production before and after receiving SPP funds from PNPM-MP, the differences in employment opportunities before and after receiving SPP funds from PNPM-MP, and the differences in income before and after receiving SPP funds from PNPM-MP. This research found that there were significant differences in production, employment opportunities and income before and after receiving SPP funds from PNPM. Similarly, the Wilcoxon Signed Rank Test for income showed an asymp. Sig (2-tailed) value of 0.000 < 0.05, confirming a significant difference before and after receiving SPP funds.
Copyright (c) 2025 Lusi Sesmita, Nur Ari Sufiawan, Bintang Rizky AMS, Weriantoni Weriantoni
Analysis of Factor Affecting Work Spirit in Employees PDAM Tirta Gemilang Magelang
The purpose of this study is to see how factors such as work motivation, work environment, and work stress affect the work spirit of employees of the Regional Drinking Water Company (PDAM) Tirta Gemilang Magelang which is one of the regionally owned business units, which is engaged in the processing and distribution of clean water for the general public workers. The quantitative methodology of this research relies on questionnaires that were randomly distributed to gather primary data. Using a Likert scale from 1 (strongly disagree) to 5 (strongly agree), researchers asked participants to rate their level of agreement with a series of statements. Using the slovin formula, a sample of 53 individuals was obtained from a population of 113 individuals in this research. Tests for validity and reliability, multiple linear regression analysis, tests for classical assumptions like normality, multicollinearity, and heteroscedasticity, and tests for hypotheses like t tests, f tests, and adjusted R2 are all part of the statistical toolbox. Next, SPSS 26 software was used to process the collected data. Work environment and motivation both significantly and positively impact work spirit, according to the study's findings. However, there is substantial evidence that stress at work lowers morale. Researchers interested in learning more about work spirit might use this study's results as a starting point. Furthermore, businesses may use the study's findings to influence policies that aim to boost employee morale and productivity.
Copyright (c) 2025 Agil Nova Dwi, Didik Subiyanto, Tri Ratna Purnamarini
Attitude and Perceived Value on Intention to Revisit and Loyalty: A Theory of Planned Behavior Approach in Fast Food Retail
Fast food retail is a service that focuses on serving fast food. The development of this industry is relatively high and of course, this increases competition within it. The theory used as the grand theory in this research is the Theory of Planned Behavior. The Theory of Planned Behavior states that the factors influencing actual behavior are perceived behavioral control, attitude, and subjective norms.This study examines four factors influencing intention to revisit and customer loyalty: perceived value, subjective norm, attitude and quality. Researchers added perceived value as a novelty in this research. The object of this research is the fast food retail. The subjects in this research were fast food retail consumers ranging in age from 15 years to 50 years or generations Y and Z. Researchers used a quantitative approach in this study with a purposive sampling technique, which resulted in 200 samples. This research uses SEM analysis with AMOS Graphic software to manage data. The findings indicate that perceived value significantly affects attitude, while subjective norms do not significantly influence intention to revisit and loyalty. Moreover, attitude and quality play crucial roles in shaping customer loyalty and intention to revisit.
Copyright (c) 2025 Ridha Septia Haruni Usman, Endy Gunanto Marsasi