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This study examines the factors influencing Indonesia’s motor vehicle exports to nine developing countries using the gravity model approach with long-term and short-term panel data. The variables analyzed include the Gross Domestic Product (GDP) of partner countries, exchange rates, economic distance, and trade cooperation agreements. The data are analyzed using the Error Correction Model (ECM) to capture short-term dynamics and long-term relationships. The long-term results show that partner countries’ GDP has a significant positive effect on Indonesia’s vehicle exports, indicating that economic growth in partner countries increases demand for Indonesian automotive products. Conversely, exchange rates and economic distance have significant negative effects, suggesting that depreciation of partner currencies and economic disparities reduce export volumes. Trade cooperation agreements do not have a significant impact in the long term. In the short term, changes in GDP continue to have a significant positive effect, while exchange rates maintain a significant negative impact on exports. Economic distance and trade agreements are not significant in the short term. The significant and negative error correction term (ECT) confirms the existence of an adjustment mechanism toward long-term equilibrium. This study highlights the importance of partner countries’ economic growth and exchange rate stability in supporting Indonesia’s vehicle exports to developing countries, as well as the need to address structural barriers to improve long-term competitiveness.

This study aims to analyze the development of debit card, credit card, and e-money usage and inflation in Indonesia, while also examining the effect of these three payment instruments on inflation from January 2015 to July 2025. The method used is the Error Correction Model (ECM) with the help of Eviews 12 software, while data was obtained from Bank Indonesia (BI) and the Central Statistics Agency (BPS). The results show that in the long term, debit cards do not have a significant impact on inflation. Conversely, credit cards have a positive and significant impact, indicating that increased credit card usage can drive up inflation. On the other hand, e-money has a negative and significant effect on inflation in the long term, so that increased e-money transactions actually tend to suppress inflation. In the short term, these three payment instruments—debit cards, credit cards, and e-money—do not show a significant impact on inflation in Indonesia. These findings provide insight into the dynamics of non-cash payment instruments and provide assurance regarding price stability.

Macroeconomic indicators are essential instruments in the process of planning a country's development. Assumptions regarding inflation, unemployment, and economic growth are often used by governments to determine macroeconomic policies. Given this context, it becomes important to empirically understand the relationship among these three macroeconomic indicators in Indonesia. This study statistically examines the relationship between the variables of inflation, unemployment, and economic growth using the Vector Error Correction Model (VECM) method. The results show that inflation and the open unemployment rate significantly influence economic growth. Inflation has a positive relationship with economic growth, while the open unemployment rate has an inverse relationship with economic growth. In the short term, economic growth is significantly affected by the growth rate in the previous period (lag-1 or t-1). Meanwhile, inflation and the open unemployment rate do not statistically have a significant impact on economic growth. Shocks to inflation and the open unemployment rate are relatively not excessively responded to by economic growth.

One of the business strategies used by companies to strengthen their business and reduce competition is through acquisitions. This study was conducted to determine changes in financial performance after the acquisition process, measured using liquidity, activity, solvency, and profitability ratios. The population of this study was companies that made acquisitions in 2022. The sampling technique used purposive sampling, and four companies that conducted acquisitions in 2022 and were listed on the IDX were obtained. The research period was two years before and two years after the acquisition. The hypothesis was tested with a non-parametric test using the Wilcoxon signed rank test. Based on the results of the study, it is known that of the four financial ratios, only the activity ratio had a significant difference before and after the acquisition. Meanwhile, there were no significant differences in the liquidity, solvency, and profitability ratios. This is because the impact of the acquisition process cannot be seen in the short term. It takes integration and a long time to create synergy or change after an acquisition.  

This study analyzes the dynamics of Non-Performing Loans (NPLs) in the Indonesian banking sector by examining both internal and external factors affecting financial stability. The variables included in the research are NPL, Loan to Deposit Ratio (LDR), lending interest rate, inflation, Household Debt to Income (HDTI), fintech lending, and Capital Adequacy Ratio (CAR). Using annual secondary data from 2005 to 2024, sourced from the World Bank and Statistics Indonesia (BPS), the study employs a Vector Autoregression (VAR) method. This method includes stationarity tests, optimal lag selection, cointegration tests, Impulse Response Function (IRF), and Forecast Error Variance Decomposition (FEVD). The results show that most variables demonstrate a dominant contribution from their own shocks, although interactions between variables remain significant. The IRF analysis reveals that CAR and HDTI are relatively stable and quickly return to equilibrium, while fintech lending, inflation, and NPLs show more volatile responses, making them more susceptible to external shocks. LDR and lending interest rates are sensitive in the short term but tend to stabilize over the long run. FEVD further indicates that inflation plays a significant role in driving NPL variations, while fintech lending is closely associated with CAR in the long term. The study concludes that the stability of Indonesia’s banking sector is influenced by both internal factors like CAR and LDR, as well as external factors such as inflation, fintech lending, and household debt. Thus, a coordinated approach involving monetary policy, macroprudential measures, and financial supervision is crucial to enhance the resilience of the banking sector against global and domestic economic shifts.

This article examines the role of students of the Real Work Lecture (KKN) of the State Islamic University of North Sumatra in Stabat Lama Village in supporting community development through an integrative approach that covers three main areas, namely religious moderation, stunting prevention, and extreme poverty alleviation. The religious moderation program is carried out through Maghrib Mengaji, Gebyar Islami, and interfaith dialogue, which has been proven to strengthen tolerance and social harmony in the community. The stunting prevention program is realized through the provision of supplemental food (PMT) based on local ingredients, which is able to improve the nutritional status of toddlers while preventing the risk of new stunting. Furthermore, the community economic empowerment program is carried out through ecoprint training with eco pounding techniques that produce works of selling value and open up opportunities for environment-based businesses. The results of the activities show that the three programs complement each other and contribute to improving health, economic independence, and socio-religious harmony. The real impact of the implementation of this program is not only felt in the short term, but also provides the foundation for the development of a more independent and sustainable society. Through the active involvement of students, KKN activities succeeded in connecting academic theory with real practice in the field, so that it was able to provide contextual solutions to village problems. The empowerment carried out also emphasizes inclusive community participation, especially vulnerable groups such as housewives and toddlers, so as to provide more equitable benefits. Thus, KKN in Stabat Lama Village represents a holistic, sustainable, and relevant service model to the achievement of the Sustainable Development Goals (SDGs).

This study uses a quantitative associative approach to analyze the influence of exports, imports, inflation, and exchange rates on economic growth in five ASEAN member countries: Indonesia, Malaysia, Singapore, Thailand, and Vietnam. The data used are secondary data obtained from the World Bank for the period 2013–2023. The analysis technique used is the Panel Autoregressive Distributed Lag (Panel ARDL) Model, which begins with stationarity and cointegration tests. Results The ARDL Panel Model estimation in this study is declared valid because it meets the main requirements, namely having a cointegrated lag with a negative coefficient value of -0.831550 and significant at the 5% significance level (probability 0.0000 < 0.05). The long-term estimation results indicate that only the inflation variable has a significant influence on Gross Domestic Product (GDP) in the 5 ASEAN countries studied. Meanwhile, in the short term, no variables were found to have a significant influence on GDP in the 5 countries. Furthermore, country-level estimations show varying results. Indonesia is the only country that shows a significant influence of exports, imports, inflation, and exchange rates on GDP. Thailand shows a significant influence of exports and exchange rates, while Malaysia, Singapore, and Vietnam do not show any significant influence of exports, imports, inflation, and exchange rates on GDP. These findings reflect that the relationship between macroeconomic variables and economic growth in ASEAN countries is heterogeneous and is strongly influenced by the structural characteristics of each country.

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.

The digital economy has significantly transformed economic growth by introducing innovations in payment systems and financial services. The modernization of payment instruments through monetary policy has enhanced the ability to control inflation and ensure financial system stability. This study aims to analyze the effectiveness of monetary policy and the utilization of the digital economy in maintaining financial stability in Indonesia. Using time series data from 2010 to 2024 obtained from the World Bank, this research applies the Vector Autoregression (VAR) method to examine both short-term and long-term relationships among variables, including e-money, money supply, inflation, exchange rate, interest rate, and credit card usage. The results show that e-money has a significant reciprocal influence on the money supply, while inflation is also affected by e-money and interest rates. The impulse response function demonstrates that the interactions among these variables tend to converge towards equilibrium over time. Variance decomposition analysis indicates that in the short term, e-money primarily drives financial stability, whereas in the medium and long term, the money supply plays a dominant role. Overall, the findings suggest that monetary policy, supported by digital economic systems, effectively enhances financial system stability in Indonesia. This research contributes to understanding the dual effect of digital payment innovations and provides recommendations for policymakers to strengthen financial inclusion, economic resilience, and macro-financial stability in the digital era.

This research investigates the correlation between public debt and several indicators of economic stability in Iraq for the period from 2004 to 2023. It analyzes the development of both internal and external public debt in the Iraqi economy during this period and examines the relationship between public debt (internal and external) and key economic indicators, such as the Gross Domestic Product (GDP) and the inflation rate. The study utilizes standard statistical methods to analyze these relationships and provide a comprehensive overview of the effects of public debt on economic stability. The findings highlight a negative and significant impact of the growth rate of public debt on the inflation rate, both in the short term and long term, suggesting an inverse relationship between them. Similarly, the analysis shows a negative and significant effect of public debt growth on the unemployment rate, both in the short and long run, again indicating an inverse relationship. The study further discusses how the Iraqi government’s growing dependence on public debt, particularly external debt, can have an impact on the nation's economic policies. These results emphasize the complex dynamics between public debt and economic stability in Iraq, demonstrating how changes in debt levels can influence inflation and unemployment rates. The research underscores the need for effective debt management strategies to maintain economic stability and promote sustainable growth. Additionally, the findings suggest that public debt, if not managed carefully, can undermine key economic indicators and hinder the long-term stability of the economy, making it crucial for policymakers to consider the balance between debt levels and economic health.

In recent years, both global and domestic economic uncertainties have increasingly influenced the movement of Indonesia’s JCI and GDP. This study aims to examine how various factors including news sentiment, exchange rates, and interest rates affect the JCI as a proxy for economic growth expectations, and GDP as a reflection of actual economic growth. Using quarterly data from 2016 to 2024, the analysis is conducted through the Auto Regressive Distributed Lag (ARDL) model to identify both short-term and long-term effects. The results show that these variables collectively have a significant impact on both the JCI and GDP. In the short term, the JCI is found to respond more quickly to changes in information and policy, reinforcing its role as a leading indicator. In contrast, GDP responds more slowly, with exchange rates and the BI interest rate showing a significant influence in the long term. These findings highlight that economic information and policies may affect the financial market and the real economy differently, underscoring the importance of understanding expectation dynamics in assessing the direction of Indonesia’s economic growth.

Aceh’s economy has long been dominated by the oil and gas sector, particularly LNG Arun exports, which contributed more than 40% of regional GDP (GRDP) in the early observation period. However, declining production after 2014 drastically reduced its share to below 20%, and in recent years, to only around 10–12%. This study aims to analyze the contribution of oil and gas (migas) and non-oil and gas (nonmigas) exports to Aceh’s economy and to assess the potential of export diversification as a sustainable development strategy. The research employs a quantitative approach using secondary time series data from 2007–2021 obtained from BPS, Bank Indonesia, and other official sources. Data were analyzed descriptively and through simple econometric models, including OLS regression and cointegration tests. The findings reveal that oil and gas exports are significant in the short term but have weakened in the long term. In contrast, non-oil and gas exports, although relatively small, exhibit stable growth and demonstrate a long-term relationship with GRDP. These results underscore the importance of diversifying exports towards nonmigas commodities, particularly coffee, cocoa, rubber, and fisheries. The practical implication is the urgent need for Aceh’s development strategy to shift from oil and gas dependence towards globally competitive nonmigas industrialization

This study aims to examine in depth the influence of financial variables consisting of Current Ratio (CR), Return on Equity (ROE), Debt to Equity Ratio (DER), and Earning per Share (EPS) on Stock Returns in primary consumer sector companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period. This study uses a quantitative approach by utilizing secondary data in the form of annual reports published through the official websites of each company and the Indonesia Stock Exchange page, so that the data used can be accounted for its validity. Sample selection was carried out through a purposive sampling technique with certain criteria resulting in 15 sample companies with a total of 75 observation data which were then analyzed using Eviews 13 statistical software. The analysis focused on partial and simultaneous relationships between variables to determine how much each factor contributed to the movement of Stock Returns. The results showed that the Current Ratio had no significant effect on Stock Returns with a probability value of 0.4079, so that company liquidity in the short term was not a major determining factor for investors. Return on Equity also did not show a significant effect with a probability value of 0.2591, indicating that the company's efficiency in generating profits from shareholder equity has not been a consistent benchmark for investment returns. Conversely, the Debt to Equity Ratio was shown to have a significant negative effect on Stock Returns with a probability value of 0.0053, meaning that the higher the company's leverage level, the greater the risk borne, thus implying a decrease in investor interest and a decrease in returns. Earnings per Share also did not have a significant effect on Stock Returns with a probability value of 0.2989, indicating that although EPS is one of the fundamental indicators, in the context of this research period its effect was inconsistent on the returns received.

This study aims to analyze the dynamic relationship between population density, Gross Regional Domestic Product (GRDP) per capita, and regional economic inequality in Indonesia over the period 1995–2024. Regional inequality is measured using the Gini Ratio as a key indicator. A quantitative method with a time series approach is employed using the Vector Autoregression (VAR) model. The analysis includes unit root testing, optimal lag selection, VAR estimation, impulse response function (IRF), variance decomposition, and Granger causality testing. The results show that population density has a positive effect on regional inequality, while GRDP per capita has a negative effect. However, both variables are statistically insignificant. The impulse response analysis indicates that a shock in population density tends to increase inequality in the short term, whereas a shock in GRDP per capita tends to reduce inequality. The Granger causality test reveals that population density regional inequality, while GRDP per capita does not have a significant causal effect. Overall, the findings suggest the importance of equitable economic development and population control policies in reducing regional disparities in Indonesia.

Evaluating changes in public perceptions of gold investment before and after price increases is the objective of this study. The background of this study rests on the assumption that gold price volatility can affect an individual's interest in and view of gold as an investment vehicle. This study used a quantitative approach by distributing questionnaires using a Likert scale to 50 respondents, the results of which were analyzed using the paired sample t-test. The results of the analysis show that there is no statistically significant difference in people's perceptions before and after the gold price increase (significance value 0.363 > 0.05). The findings of this study indicate that the public still views gold as a safe and stable investment asset in the long term, regardless of price changes in the short term. The results of this study can be used as a reference by market participants and financial planners to understand the tendency of public attitudes towards gold investment.

This study investigates the impact of household consumption and investment on the open unemployment rate in West Kalimantan over both short and long terms. Using time series data from 1995–2024 and employing the Vector Error Correction Model (VECM) in EViews 12, results show all variables become stationary after first differencing. Johansen cointegration confirms a long-run equilibrium relationship. VECM findings reveal that investment significantly increases unemployment in the long run, while household consumption has no significant effect. In the short term, a significant error correction mechanism exists, indicating adjustment toward long-run equilibrium. Diagnostic tests confirm model validity through absence of autocorrelation and normally distributed residuals. These results highlight the need for more targeted policies to reduce unemployment.

This research aims to analyze the trade-off between unemployment and inflation, as well as government policies from an Islamic perspective. Inflation and unemployment issues remain primary challenges for governments in maintaining economic stability. Unlike conventional economic perspectives that accept the trade-off between these two variables, Islamic economics offers a more integrative and holistic approach. Using a literature review method, this study analyzes various literature related to the relationship between unemployment and inflation from both conventional and Islamic economic perspectives. Research findings reveal that in conventional economics, the Phillips Curve depicts a trade-off between unemployment and inflation in the short term, though its validity is questioned in the long term. In contrast, from an Islamic economic perspective, there is no dichotomy between reducing unemployment and controlling inflation, as both can be addressed simultaneously through a just economic system aligned with Sharia principles. Islamic economics offers solutions through strengthening the real sector, profit-sharing financial systems, and implementing zakat, infaq, and waqf instruments that can create employment without generating inflationary pressures. This research provides insights into government policies that align with Sharia values in addressing current macroeconomic challenges.

This study investigates the impact of Environmental, Social, and Governance (ESG) and Environmental Management Accounting (EMA) on firm value, with Green Innovation (GI) as a moderating variable. The research is based on secondary data from manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2021 to 2023, analyzed using path analysis with a moderated regression approach in SPSS. The findings reveal that ESG has a significant but negative impact on firm value, suggesting that ESG investments may be perceived as cost burdens in the short term. Meanwhile, EMA does not have a significant effect on firm value, indicating that its role in firm valuation remains unclear. The moderating role of GI does not significantly strengthen the relationship between ESG and firm value, while the interaction between EMA and GI negatively affects firm value,implying that green innovation strategies may introduce additional financial burdens. These findings highlight the complexity of sustainability investments and emphasize the need for a balanced approach to ESG and EMA implementation to optimize long-term firm value. The study contributes to legitimacy and stakeholder theories by demonstrating how sustainability strategies can influence financial outcomes. It provides practical insights for businesses to develop more effective ESG disclosure and EMA implementation strategies that align with investor expectations and long-term firm sustainability

This paper aims to evaluate the impact of changes in the tax base on Indonesia's economy. It begins by providing an overview of Indonesia's taxation system and recent changes in tax policy. The paper then discusses the effects of tax base changes on economic variables such as investment, government revenue, and economic growth. Using empirical data and economic models, this study assesses the short-term and long-term impacts of tax changes on key economic indicators. The findings indicate that while tax reforms can stimulate economic activity in the short term, their long-term effects depend on various factors such as tax structure, administrative efficiency, and economic conditions. The paper concludes with policy implications and recommendations for policymakers in Indonesia.

Developing and developed countries rely heavily on the use of electrical energy to carry out social and economic activities. The purpose of this study is to analyze economic growth and its influencing factors in the period 2004-2023. This research uses time series data. The data method used is the VECM model. The results of this study indicate that there is a one-way causality relationship between variables. In the short term only CO2 emission variables affect economic growth, while in the long term all variables such as electricity and population can affect economic growth.