Publication Search

This study investigates the effect of total risk on firm performance and sustained growth among consumer non-cyclicals manufacturing companies listed on the Indonesia Stock Exchange (IDX) over the period 2019–2023. Total risk is operationalized through the systematic risk proxy (Beta/β), estimated via the Capital Asset Pricing Model (CAPM) framework as the covariance between individual stock returns and the market return divided by the variance of market returns, using the Jakarta Composite Index (JCI) as the market benchmark. Firm performance is measured through Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q, while sustained growth is operationalized following Gerson et al. (2025) as SG = b × ROE, where b denotes the earnings retention ratio. Panel data regression analysis is applied to 225 firm-year observations drawn from 45 companies, with model selection guided by the Chow and Hausman specification tests. The Fixed Effect Model (FEM) is adopted for ROA, ROE, and SG, while the Random Effect Model (REM) is applied for Tobin’s Q. Results indicate that systematic risk exerts a significant negative effect on ROA (β = −0.312; p < 0.01) and ROE (β = −0.278; p < 0.01), but is statistically non-significant for Tobin’s Q, suggesting that capital market pricing in Indonesia does not fully incorporate systematic risk information. Critically, systematic risk exerts the largest and most significant negative effect on sustained growth (β = −0.347; p < 0.01), revealing a dual transmission mechanism through which risk suppresses ROE while simultaneously inducing more conservative dividend policies, both of which constrain long-run growth sustainability. These findings carry important implications for corporate risk management strategy and empirically enrich the literature on risk, performance, and growth in emerging capital markets.

This study examines the effect of working capital on firm performance and sustained growth among consumer non-cyclicals manufacturing companies listed on the Indonesia Stock Exchange (IDX) over the period 2019–2023. Working capital is operationalized through three distinct proxies derived from Akgün and Memiş Karatəs (2021): the Cash Holding Level (CHL), which measures the proportion of cash and cash equivalents relative to total assets; the Cash Interactive Effect (CIE), which captures the efficiency of converting revenue into operating cash flow; and the Gross Working Capital Ratio (GWCR), which reflects the share of current assets within total assets. Firm performance is assessed through Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q, while sustained growth is measured using the model proposed by Gerson et al. (2025), expressed as SG = b × ROE, where b denotes the earnings retention ratio. Panel data regression analysis is applied to 225 firm-year observations drawn from 45 companies. The study employs the Fixed Effect Model (FEM) for ROA and ROE, and the Random Effect Model (REM) for Tobin’s Q, as determined by the Hausman specification test. The findings reveal that CHL and CIE exert significant positive effects on ROA and ROE, while CIE is the only proxy to produce a statistically significant positive effect on Tobin’s Q. With respect to sustained growth, CHL and GWCR demonstrate significant negative effects, whereas CIE shows a significant positive effect, indicating that operational efficiency dimensions of working capital actively support long-term growth sustainability. These results reinforce the liquidity management theory and contribute empirical evidence that the structure and efficiency of working capital are strategic determinants of both short-term financial performance and long-term growth sustainability in Indonesia’s consumer goods manufacturing sector.

This research investigates how Environmental, Social, and Governance (ESG) practices influence the tax liabilities of consumer cyclical companies in Indonesia between 2020 and 2024. By employing the Effective Tax Rate (ETR) as a proxy for tax burden, the study analyzes 160 data points from 32 purposively selected firms. Utilizing a Fixed Effect Model for panel data regression, the empirical results indicate that superior ESG performance significantly correlates with a higher ETR. This suggests that corporations with higher sustainability transparency tend to exhibit better tax compliance and avoid aggressive tax avoidance schemes. Grounded in stakeholder and legitimacy theories, these findings underscore that ethical ESG adoption strengthens public accountability and enhances the integrity of corporate governance within the Indonesian capital market.

Economic growth in ASEAN countries has shown heterogeneous dynamics, particularly in the post-pandemic period. This study aims to analyze the effect of economic complexity, manufacturing value added, and foreign direct investment on economic growth in ASEAN-8 countries during 2015–2024. The study employs a quantitative explanatory approach using panel data regression analysis. The data were obtained from the World Development Indicators (World Bank) and Harvard Growth Lab. Based on the Chow and Hausman tests, the Fixed Effect Model (FEM) was selected as the best estimation model. The results indicate that economic complexity has a negative and significant effect on economic growth, suggesting that increasing economic sophistication does not automatically promote growth when industrial and institutional readiness remain limited. Meanwhile, the manufacturing sector has a positive but insignificant effect on economic growth. In contrast, foreign direct investment has a positive and significant effect on economic growth through capital accumulation and technology transfer. Simultaneously, all independent variables significantly affect economic growth in ASEAN-8 countries. These findings imply the importance of strengthening industrial capacity, institutional quality, and technological readiness to support sustainable economic growth in ASEAN countries.

The purpose of this study was to determine and analyze the effect of wage levels, economic growth, and the Human Development Index (HDI) on income inequality through labor absorption in the Districts/Cities of Jambi Province from 2020-2024. The research method used is a quantitative descriptive analysis using panel data regression with the Fixed Effect Model approach.  The analysis method used Eviews 12. The results showed of that partially, income inequality in the Districts/Cities of Jambi Province is significant positive influenced by the wage level variable, while economic growth does not have a significant effect on income inequality. In addition, the Human Development Index (HDI) has a significant negative effect on income inequality. This implies that wage increases are actually followed by in income inequality. Meanwhile, economic growth has not been able to provide a broad income redistribution effect. Conversely, improving the quality of human development proves to be the most effective factor, as it is capable of significant reducing inequalirt levels. Simultaneously, the results show that the variables of wage levels, economic growth, and the Human Development Index (HDI) collectively have a significant influence on income inequality in Districts/Cities of Jambi Province.

This study investigates the factors influencing export performance in five ASEAN countries Indonesia, Malaysia, the Philippines, Singapore, and Thailand during the 2014-2023 period. The topic is highly relevant given the vital role of exports in sustaining monetary stability and promoting long-term economic growth. The novelty of this research lies in its integrated approach, which simultaneously examines key export-related macroeconomic variables, namely foreign direct investment and inflation, while incorporating foreign exchange reserves as a moderating variable an approach that remains limited in existing ASEAN-focused studies. This analysis uses secondary data obtained from the World Bank and processed using panel data regression methods, including the Common Effect Model, Fixed Effect Model, and Random Effect Model, strengthened by a Moderated Regression Analysis (MRA) approach. The results show that foreign direct investment and inflation significantly influence foreign exchange reserves. Furthermore, foreign exchange reserves have been shown to play a strategic role in strengthening the economic resilience of ASEAN countries and can be used as a reference in formulating monetary and international trade policies.

This study investigates the factors influencing export performance in five ASEAN countries Indonesia, Malaysia, the Philippines, Singapore, and Thailand during the 2014-2023 period. The topic is highly relevant given the vital role of exports in sustaining monetary stability and promoting long-term economic growth. The novelty of this research lies in its integrated approach, which simultaneously examines key export-related macroeconomic variables, namely foreign direct investment and inflation, while incorporating foreign exchange reserves as a moderating variable an approach that remains limited in existing ASEAN-focused studies. This analysis uses secondary data obtained from the World Bank and processed using panel data regression methods, including the Common Effect Model, Fixed Effect Model, and Random Effect Model, strengthened by a Moderated Regression Analysis (MRA) approach. The results show that foreign direct investment and inflation significantly influence foreign exchange reserves. Furthermore, foreign exchange reserves have been shown to play a strategic role in strengthening the economic resilience of ASEAN countries and can be used as a reference in formulating monetary and international trade policies.

This research aims to: 1) examine the development of the Human Development Index (HDI), Labor Force Participation Rate (LFPR), population size, economic growth, and the poverty gap index in the regencies/cities of Jambi Province from 2020 to 2024; and 2) analyze the influence of the Human Development Index, Labor Force Participation Rate, population size, and economic growth on the poverty gap index in the regencies/cities of Jambi Province. The research method employed is descriptive quantitative. The analytical tool used is Panel Data Regression through the Fixed Effect Model (FEM) approach, processed with EViews 12 software. The results show that the Human Development Index, population size, and economic growth have a significant influence on the poverty gap index in the regencies/cities of Jambi Province during the 2020-2024 period. Conversely, the LFPR does not have a significant effect on the poverty gap index in the region during the same period. These findings imply the importance of strengthening human resource quality through HDI improvement and more inclusive economic growth policies in Jambi Province. Furthermore, the government needs to evaluate the quality of available employment, as the high Labor Force Participation Rate (LFPR) has not yet been able to significantly reduce the depth of poverty.

This study examines the influence of income inequality and poverty on the prevalence of stunting in ten provinces across Sumatra Island during the 2016–2024 period. Using a panel dataset of 90 observations and applying a Fixed Effect Model, the results indicate that both income inequality—measured by the Gini Ratio—and poverty have a positive and significant effect on stunting. The Gini Ratio shows a coefficient of 1.46 (p = 0.0002), while poverty records a coefficient of 6.28 (p = 0.0140), jointly explaining 52% of the variation in stunting prevalence. Spatial analysis further supports these findings, with Moran’s I values exceeding 0.40, suggesting strong spatial autocorrelation and clustering of high-stunting regions. High-risk clusters—Aceh, Jambi, and Bengkulu—are characterized by Gini Ratios above 0.33 and poverty levels exceeding 12%, reinforcing the existence of an intergenerational poverty–stunting trap, particularly influenced by urban–rural disparities (rural 53.3% vs urban 34.9%). The study highlights that specific nutrition interventions such as supplementary feeding, micronutrient programs, and breastfeeding promotion are insufficient without accompanying structural reforms addressing economic inequality. Therefore, multisectoral convergence strategies are required, including expanded conditional cash transfers, progressive local taxation reforms, nutrition-focused social assistance, and universal basic infrastructure to accelerate stunting reduction toward the 14.2% target by 2029.

Income inequality and poverty continue to be major challenges in Indonesia's industrial areas, especially in DKI Jakarta, West Java, and Banten, although minimum wage policies continue to be developed as a form of protection for low-income workers. These policies theoretically serve as an instrument for income redistribution and improvement of labor welfare, but their effectiveness in reducing inequality and reducing poverty rates is still questionable, especially in areas with highly industrialized economic structures. This study aims to analyze the influence of income inequality, poverty rate, economic growth, and unemployment rate on the dynamics of the provincial minimum wage in the 2016–2023 period. The study used secondary data obtained from the Central Statistics Agency and analyzed using panel data regression to obtain a comprehensive empirical picture of the factors determining the minimum wage. The test results show that the Fixed Effect Model is the most suitable model for capturing variations between provinces and between times. Key findings reveal that poverty levels and economic growth have a significant influence on changes in the minimum wage, while income inequality and unemployment rates have no significant influence. The conclusion of the study emphasizes that the minimum wage policy is not effective enough in reducing income inequality and reducing poverty without the expansion of the formal sector, improving the quality of the workforce, and distributing economic growth more evenly between industrial areas.

This study aims to analyze the factors affecting real wages of construction workers across provinces in Indonesia from 2010 to 2023 using panel data analysis. The independent variables include Provincial Minimum Wage (UMP), Consumer Price Index (CPI), Open Unemployment Rate (TPT), and Performance Pay (Balas Jasa). A panel dataset of 476 observations from 34 provinces over 14 years was analyzed using three model approaches: Common Effect Model (CEM), Fixed Effect Model (FEM), and Random Effect Model (REM). The best model was determined through Chow Test, Hausman Test, and Lagrange Multiplier Test, which confirmed that the Fixed Effect Model (FEM) is the most appropriate for analyzing this research data. FEM estimation results show that simultneously, all independent variables (UMP, CPI, TPT, and Performance Pay) have a significant effect on real wages with an F-statistic value of 436,465.9 (p-value = 0.0000 < 0.05), indicating that the model as a whole is highly valid and capable of explaining the variation in real wages collectively. However, partial tests reveal that only the Real Wage variable has a positive and statistically significant effect on Performance Pay (coefficient = 106.3320; t-statistic = 1276.083; p-value = 0.0000), while UMP (p-value = 0.1472), CPI (p-value = 0.6460), and TPT (p-value = 0.6934) show no significant effects at the 5% significance level. The research model demonstrates very high predictive ability with an R-squared value of 0.999735 (99.97%), indicating that the variables studied can explain nearly all variation in real wages of construction workers at the provincial level. This research provides policy implications that improving real wages in the construction sector requires an integrated approach that focuses not only on minimum wage setting but also on regional inflation control, human capital quality improvement, and creating conducive labor market conditions through unemployment reduction

This study investigates the impact of board characteristics on the financial performance of non-financial companies listed in the JII70 index in Indonesia. Motivated by the ongoing debate on the effectiveness of corporate governance mechanisms in enhancing firm outcomes, particularly within Sharia-compliant markets, this study focuses on three key board attributes: board size, board independence, and female representation on the board. Using a quantitative causal approach and panel data from 25 companies over the period 2020–2023, the study employs a fixed effect model to evaluate the relationship between board structure and financial performance measured by Return on Assets (ROA). The results show that board size has a positive and significant effect on firm performance, indicating that larger boards may enhance oversight capacity and provide broader resources beneficial to strategic decision-making. Conversely, board independence and board female representation do not exhibit significant effects on financial performance, suggesting that their roles may be more symbolic or constrained by institutional and contextual factors in the sampled companies. These findings highlight the importance of understanding corporate governance not merely in structural terms, but in relation to functional effectiveness and contextual maturity. The study offers implications for regulators, companies, and governance reform initiatives, particularly regarding strengthening substantive roles of independent and female commissioners in improving firm performance within Sharia-compliant markets.

This study aims to analyze the effect of inflation, Gross Regional Domestic Product (GRDP), and the Provincial Minimum Wage (PMW) on the poverty line in 10 provinces in Indonesia. The research employs a quantitative approach using panel data regression analysis. The data utilized in this study consist of panel data covering a 10-year period, from 2015 to 2024, obtained from the Provincial Offices of Statistics and Statistics Indonesia (Badan Pusat Statistik/BPS). To examine the relationship between variables across regions and over time, the fixed effect model is applied in the analysis. The results of the analysis indicate that inflation and GRDP do not have a statistically significant effect on the poverty line in the 10 provinces examined. These findings suggest that although inflation and GRDP are important macroeconomic indicators, their variations during the study period were not sufficient to directly influence changes in the poverty line across the provinces. In contrast, the Provincial Minimum Wage (PMW) is found to have a significant effect on the poverty line. This result implies that increases in the minimum wage play a crucial role in improving household purchasing power, which can contribute to reducing poverty levels. Overall, the findings highlight the importance of wage policy as an effective instrument for poverty alleviation at the provincial level. While broader economic growth and price stability remain important, policies related to minimum wage determination appear to have a more direct and measurable impact on poverty conditions. Therefore, policymakers are encouraged to consider wage policies alongside other macroeconomic strategies to achieve more effective poverty reduction outcomes.

Poverty remains a central issue in regional development, particularly in areas with pronounced economic disparities such as South Sumatra Province. This study aims to examine the effect of Gross Regional Domestic Product (GRDP) on the poverty rate across regencies and cities in South Sumatra during the period 2020–2024. A quantitative research approach was employed using panel data regression analysis, supported by descriptive statistics and classical assumption tests. The empirical findings indicate that GRDP has a negative and statistically significant effect on poverty, suggesting that an increase in regional economic capacity contributes to reducing poverty levels. However, the relatively small coefficient signifies that economic growth has not been fully inclusive and is influenced by the structural characteristics of each region. The Fixed Effect Model was identified as the most appropriate specification, highlighting the existence of heterogeneity across districts that shapes the relationship between GRDP and poverty. These results underscore the need for development strategies that not only promote economic growth but also ensure an equitable distribution of its benefits through the reinforcement of labor-intensive sectors, enhancement of human capital, and strengthening of local economic structures. The study provides valuable insights for regional policymakers in designing more effective and sustainable poverty alleviation strategies.

Poverty is a complex and multidimensional problem. It can be characterized as a condition in which there is a lack of aspects related to the quality of life. North Sumatra Province is known as one of the richest provinces in Indonesia with abundant natural resources and agricultural products such as petroleum, natural gas, palm oil, rubber, and forest products used as industrial materials. However, it still ranks among the provinces with the highest poverty rates in Indonesia. This study aims to analyze the effect of unemployment rate, economic growth, and Human Development Index (HDI) on poverty in 14 districts/cities of North Sumatra Province during the 2016–2023 period. The analytical method used is panel data regression with the Fixed Effect Model (FEM) approach. The results of this study indicate that simultaneously, the three independent variables have a significant effect on poverty. Partially, unemployment has a positive and significant effect, while economic growth and HDI have no significant effect on poverty.

This study investigates the influence of economic growth, investment, and minimum wage on the open unemployment rate across districts and cities in East Kalimantan Province. The research employs a quantitative descriptive approach with panel data regression analysis, processed using EViews 13 software. Model selection was carried out through the Chow and Hausman tests, which identified the Fixed Effect Model (FEM) as the most appropriate estimation technique. The study utilizes secondary data from 2018 to 2024, obtained from the Central Bureau of Statistics (BPS) and the Investment and One-Stop Integrated Service Office of East Kalimantan Province. The empirical findings demonstrate that economic growth exerts a negative and statistically significant impact on the open unemployment rate, indicating that higher economic growth effectively contributes to reducing unemployment in the region. Foreign Investment (PMA) is found to have a negative but insignificant effect, suggesting that inflows of foreign capital alone do not directly translate into job creation unless accompanied by supporting policies and local labor absorption capacity. In contrast, Domestic Investment (PMDN) shows a positive yet statistically insignificant relationship with unemployment, reflecting the possibility that domestic investments may not always generate sufficient employment opportunities in the short term due to structural constraints or sectoral imbalances. Furthermore, the minimum wage variable has a negative and significant effect on the open unemployment rate, implying that increases in the regional minimum wage can stimulate greater employment absorption and improve labor market conditions. Overall, the results highlight the importance of fostering sustained economic growth and designing investment policies that are more labor-intensive to optimize employment creation. Additionally, the findings emphasize the strategic role of minimum wage policy in supporting job opportunities while safeguarding workers’ welfare.

This study aims to examine the relationship between a company's value (firm value) and three key variables: environmental performance, capital structure, and management ownership. The research focuses on companies listed on the Indonesia Stock Exchange during the period from 2022 to 2024. The objective is to understand how these internal and external factors contribute to shaping a company’s market valuation and overall financial health. Using a panel data regression analysis with a fixed effect model, the study provides empirical evidence based on secondary data drawn from company financial reports and sustainability disclosures. The results indicate that capital structure, measured by the proportion of debt to equity, has a significant negative impact on firm value. In contrast, both environmental performance and the proportion of shares owned by management have a positive and significant effect on firm value. These findings suggest that while excessive debt may erode investor confidence and reduce a firm's valuation, strong environmental commitments and management ownership foster positive perceptions in the eyes of stakeholders, including investors and customers. Theoretically, this research supports stakeholder and agency theories by highlighting how internal governance and ethical responsibility play a role in corporate success. Pragmatically, the results offer important insights for companies, especially in emerging markets like Indonesia, to align sustainability and ownership strategies with financial management to boost firm value. Companies are encouraged to optimize their capital structures, strengthen their environmental reporting practices, and promote management ownership as a way to align interests and enhance long-term performance. Overall, this study contributes to the literature on corporate governance and sustainability by providing current, context-specific evidence relevant to stakeholders in the Indonesian capital market.

Based on data from the Central Statistics Agency (BPS) from 2021 to 2023, the crime rate in Indonesia increased by 345,510 cases. This increase indicates social problems, particularly in the economic sector. Factors such as high unemployment, high poverty rates, and low minimum wages are the main causes driving crime. When people's basic needs are not met, the potential for deviant behavior to meet their living needs tends to increase. This study aims to analyze the influence of unemployment, poverty, and the Provincial Minimum Wage (UMP) on crime rates in Indonesia, both partially and simultaneously. The study uses a quantitative approach with secondary data sources obtained from official BPS publications. The data used is panel data, namely a combination of time series (time span) and cross-section (across regions/provinces) data for the period 2021–2023. Data analysis was performed using a panel data regression model with a Fixed Effect Model (FEM) approach after undergoing the Hausman Test. The results show that partially, the three variables—unemployment, poverty, and the UMP—have a significant influence on crime rates. Simultaneous testing also showed that collectively, these three variables significantly influence the crime rate. Furthermore, the coefficient of determination (R²) test result of 93.5% indicates that unemployment, poverty, and the minimum wage (UMP) variables are able to explain most of the variation in crime rates in Indonesia during the study period, while the remaining 6.5% is influenced by other variables not included in the model. This finding emphasizes the importance of improving the economic conditions of the community through job creation, poverty alleviation, and minimum wage adjustments as preventative measures to reduce crime rates in Indonesia.

This study aims to examine the influence of the Gini Ratio, Human Development Index (HDI), and Labor Force Participation Rate (LFPR) on the open unemployment rate in Lampung Province during the 2019–2023 period. The method used in the analysis is a fixed effect model approach with panel data regression, based on secondary data obtained from the Central Statistics Agency (BPS) of Lampung Province. The results of the partial test (t-test) indicate that the three independent variables—the Gini ratio, HDI, and LFPR—do not have a significant effect individually on the open unemployment rate in the region. However, the adjusted coefficient of determination (adjusted R²) value of 88.95% indicates that the model can explain almost all the variation that occurs in the open unemployment rate. This shows that although these variables are statistically insignificant in the model, theoretically they still have an important role in explaining unemployment dynamics in Lampung, along with other factors not yet included in the model. This research provides a strong basis for further analysis in formulating unemployment reduction policies, particularly in regions with economic and social characteristics such as Lampung. Recommendations from this study point to the need for a more comprehensive policy approach that considers other macroeconomic variables such as investment, industrial sector growth, and the quality of education and job training to effectively and sustainably reduce unemployment at the regional level.

This study aims to analyze the influence of leverage (DER), free cash flow (FCF), and operational efficiency using inventory turnover (ITO), and receivables turnover (RTO) on company value, with company size as a control variable, in food and beverage sector companies listed on the Indonesia Stock Exchange for the 2018–2023 period. The method used is panel data regression with the Fixed Effect Model approach. The results of the study show that leverage has a significant negative effect, and inventory turnover has a significant positive effect on the company's value. Meanwhile, FCF and RTO had no significant effect, while company size had a negative effect. Robustness checks with PBV as proxy for alternative values showed relatively consistent results. These findings support the signal theory, that operational efficiency and a well-managed financial structure can strengthen investors' perception of a company's value.