E-Journal UMSIDA (Universitas Muhammadiyah Sidoarjo)
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Financial Inclusion as a Bridge Between Capital Markets and Growth: Inklusi Keuangan sebagai Jembatan Antara Pasar Modal dan Pertumbuhan
General Background: Capital markets are widely recognized as critical drivers of economic growth through efficient resource allocation and investment mobilization. Specific Background: In Indonesia, the extent to which capital markets contribute to growth may be contingent on the inclusiveness of the financial system.Knowledge Gap: However, limited research systematically explores the mediating role of financial inclusion in this relationship within the Indonesian context. Aims: This study conducts a Systematic Literature Review (SLR) to evaluate existing literature on the interconnection between capital markets, financial inclusion, and economic growth, with particular attention to financial inclusion as a mediating factor. Results: The synthesis reveals that capital markets can significantly influence economic growth, but their effectiveness is moderated by the depth and accessibility of financial inclusion. Novelty: This review highlights the dual importance of market development and inclusive access to financial services, offering a nuanced understanding of how capital markets can equitably support national growth. Implications: Findings underscore the need for policy frameworks that not only deepen capital markets but also enhance inclusive financial infrastructure to maximize economic benefits across society.
Highlights:
Highlights the mediating role of financial inclusion in economic growth.
Synthesizes Indonesian studies using a Systematic Literature Review method.
Emphasizes policy implications for inclusive financial development.
Keywords: Capital Market, Economic Growth, Financial Inclusio
Developing Students’ Critical Thinking Skills in Solving Problems in Probability Theory
General Background: Critical thinking is foundational in mathematics education, especially in probabilistic reasoning, which underpins decision-making under uncertainty. Specific Background: Despite its relevance, probability theory is often taught procedurally rather than conceptually, limiting students' reasoning skills. Knowledge Gap: Existing studies rarely integrate cognitive pedagogy with probability instruction, particularly in under-researched educational contexts like Uzbekistan. Aims: This study aims to evaluate the impact of a pedagogical model—incorporating inquiry, paradox analysis, and reflection—on developing tenth-grade students’ critical thinking in probability. Results: Using a quasi-experimental design, the intervention group significantly outperformed the control group in post-test scores (83.1 vs. 70.2), with a large effect size (Cohen’s d = 1.12). Improvements were particularly strong in logical inference, assumption evaluation, and problem analysis. Novelty: This research uniquely applies metacognitive strategies to probabilistic education within a context lacking prior integrative frameworks. Implications: Findings suggest that embedding critical thinking in probability instruction not only enhances cognitive skills but also supports broader curriculum reform and teacher development. The model holds promise for adaptation across diverse educational settings, contributing to a deeper, more transferable understanding of mathematics.HIghlight :
Significant Skill Gains – Students in the experimental group improved critical thinking scores by over 20 points, nearly triple the control group’s gains.
Active Learning Methods – Paradox analysis, reflection, and inquiry-based tasks fostered deeper reasoning and better problem-solving in probability.
Educational Reform Implications – The study supports shifting from rote teaching to metacognitive, student-centered strategies in math instruction.
Keywords : Critical Thinking, Probability Theory, Inquiry Learning, Problem Solving, Metacognitive Strateg
Lifestyle Mediates Financial Attitudes and Self-Concept in Student Consumption: Gaya Hidup Memediasi Sikap Keuangan dan Konsep Diri dalam Konsumsi Mahasiswa
General Background: Urban living has influenced student lifestyles, often fostering consumptive behaviors. Specific Background: Overseas students are particularly vulnerable, facing peer pressure and environmental shifts that affect their financial decisions and self-perception. Knowledge Gap: Existing studies report inconsistent findings regarding how financial attitudes and self-concept affect consumption behavior, particularly lacking the mediating role of lifestyle. Aims: This study investigates whether lifestyle mediates the relationship between financial attitudes, self-concept, and the consumption behavior of overseas students. Results: Using a quantitative approach with SmartPLS 4 and data from 114 FEB UPN Veteran East Java students, the study found that both financial attitudes and self-concept negatively relate to lifestyle and consumption behavior, while lifestyle has a positive relationship with consumption and serves as a mediator. Novelty: The study provides novel insights by integrating lifestyle as a mediating variable, clarifying the previously inconsistent relationships among variables. Implications: The findings suggest that fostering a modest lifestyle may reduce consumptive behavior, even among students with weaker financial attitudes or lower self-concept, guiding effective interventions in student financial education and lifestyle management.Highlight :
Lifestyle significantly moderates the link between financial attitude and consumptive behavior.
Negative self-concept does not always lead to high consumption due to financial constraints.
Students with high allowances and trendy environments are more prone to consumptive lifestyles.
Keywords : Lifestyle, Financial Attitude, Self-Concept, Consumptive Behavior, Overseas Students
 
Dualism of Land Rights Recognition in National and Customary Legal Systems in the Perspective of Dignified Justice: Dualisme Pengakuan Hak Atas Tanah dalam Sistem Hukum Nasional dan Adat dalam Perspektif Keadilan Bermartabat
General Background: The recognition of land rights in Indonesia reflects a complex legal landscape marked by the coexistence of national land law and indigenous customary (ulayat) rights. Specific Background: This dualism often leads to legal uncertainty and conflicts, particularly in areas where indigenous land tenure systems remain active. Knowledge Gap: While existing studies acknowledge the presence of legal dualism, few explore it through the lens of dignified justice rooted in Pancasila values. Aims: This research aims to analyze the dualism of land rights recognition in Indonesia through the perspective of dignified justice, which upholds human dignity, balanced rights and obligations, and non-discriminatory legal treatment. Results: The findings reveal that dignified justice requires national land law to not merely coexist with, but harmonize and complement, ulayat rights to protect indigenous socio-cultural values while ensuring legal certainty. Novelty: The study introduces a framework wherein the UUPA (Basic Agrarian Law) serves as a foundational bridge to align state sovereignty over land with the recognition of living customary laws. Implications: Future regulatory frameworks must promote structural and administrative harmony, ensuring equitable land governance that respects cultural identity without compromising national legal unity.
Highlights:
Balances national legal certainty with indigenous land rights.
Promotes harmony between customary and state law.
Emphasizes justice based on Pancasila values.
Keywords: Legal Dualism, Land Rights, Dignified Justic
Management and Sustainability of BUMDes Businesses Based on Management Functions: Pengelolaan dan Keberlanjutan Usaha BUMDes Berdasarkan Fungsi Manajemen
General Background: The management of Village-Owned Enterprises (BUMDes) is an important strategy in driving the rural economy in Indonesia, but its sustainability often faces managerial and institutional challenges. Specific Background: In Benua Baru Village, the BUMDes “Maju Bersama” manages business units such as a night market, cassava chips, and livestock feed corn, which contribute to increasing village income but are hindered by communication and coordination problems following a change in management. Knowledge Gap: Empirical research that thoroughly examines BUMDes management based on management function theory, particularly the supporting and inhibiting factors at the village level, remains limited. Aims: This study analyzes the management of BUMDes “Maju Bersama” using Luther Gulick’s framework (POSDCoRB) and identifies factors influencing business sustainability. Results: The findings show that business management has aligned with the village’s potential and provided a positive impact on the local economy (2018–2022), but has experienced stagnation since 2023 due to weak communication and planning. Novelty: This study presents a village-level analysis integrating management theory with local leadership dynamics. Implications: The results highlight the importance of continuous coordination, communication, and managerial capacity to ensure the sustainability of BUMDes as a driver of the rural economy.
Highlights:
The sustainability of BUMDes greatly depends on communication and coordination after a change in leadership.
The application of Luther Gulick’s management function theory is effective in revealing supporting and inhibiting factors.
Aligning business activities with the village’s potential and needs is the key to local economic success.
Keywords: BUMDes, Management Functions, POSDCoRB, Business Sustainability, Rural Econom
Household Waste Management Policy Challenges and Opportunities: Tantangan dan Peluang dalam Kebijakan Pengelolaan Sampah Rumah Tangga
General Background: Waste management remains a critical environmental and public health issue in Indonesia, affecting both urban and rural communities. Specific Background: In Kelinjau Ulu Village, East Kutai Regency, rising household waste generation is exacerbated by insufficient infrastructure, limited processing facilities, and suboptimal local policy enforcement. Knowledge Gap: While regional waste strategies are mandated, little empirical evidence exists on how these are operationalized at the village level and the local factors influencing success or failure. Aims: This study analyzes the direction and implementation of household waste management policy in Kelinjau Ulu Village, focusing on waste separation, collection, transportation, and disposal, as well as identifying enabling and constraining factors. Results: Employing a qualitative descriptive approach through observation, interviews, documentation, and literature review, findings reveal that although policy frameworks are comprehensive, implementation is hindered by inadequate facilities and infrastructure, while community awareness and government support serve as enabling factors. Novelty: This research offers a detailed, village-scale assessment of household waste policy implementation challenges, bridging the gap between regional strategies and local realities. Implications: Strengthening infrastructure, enhancing community engagement, and enforcing regulations are crucial for improving rural waste management policy effectiveness in Indonesia.
Highlights:
Infrastructure limitations significantly hinder effective household waste management in rural areas.
Community awareness and local government support are key enabling factors for policy success.
Village-level analysis reveals practical gaps between regional strategies and on-the-ground implementation.
Keywords: Household Waste Management, Policy Implementation, Rural Infrastructure, Community Engagemen
Enhancement of DC Electrical Conductivity of Polypyrrole/Cu Nanocomposites Synthesized via In-situ Chemical Polymerization: Peningkatan Konduktivitas Listrik DC Nanokomposit Polipirol/Cu yang Disintesis melalui Polimerisasi Kimia In-situ
General Background: Conducting polymers, such as polypyrrole (PPy), offer a unique blend of mechanical flexibility and electronic functionality, making them attractive for diverse technological applications. Specific Background: Incorporating metal nanoparticles into PPy has shown promise in enhancing its electrical properties, particularly DC conductivity. Knowledge Gap: However, a systematic understanding of how varying copper (Cu) nanoparticle concentrations affect charge transport mechanisms and activation energy in PPy/Cu nanocomposites remains limited. Aims: This study aims to synthesize PPy/Cu nanocomposites via in-situ chemical polymerization and evaluate their DC conductivity and activation energy across a temperature range of 293–433 K. Results: The addition of Cu significantly enhanced conductivity, from 1.7×10⁻⁷ S/cm (pure PPy) to 8.6×10⁻⁴ S/cm (10 wt.% Cu), and reduced activation energy from 0.045 eV to 0.023 eV, indicating improved charge transport. Novelty: The findings reveal a clear correlation between Cu concentration and the formation of efficient conduction pathways, supported by percolation theory and interfacial charge transfer dynamics. Implications: These results position PPy/Cu nanocomposites as promising materials for applications in energy storage, sensing, and electromagnetic shielding, where high conductivity and tunable electrical behavior are critical.Highlight :
High Conductivity Gain: Conductivity increased by 10,000× with 10 wt.% Cu addition.
Efficient Charge Transport: Activation energy dropped from 0.045 eV (pure) to 0.023 eV (10 wt.% Cu).
Application Potential: Suitable for energy storage, sensors, and electromagnetic shielding
Keywords : Polypyrrole, Copper Nanoparticles, Conductivity Enhancement, Nanocomposites, Activation Energy
 
EEG Schizophrenia Classification with Comparison of Three Machine Learning Algorithms: Klasifikasi Skizofrenia EEG dengan Perbandingan Tiga Algoritma Machine Learning
General Background: Schizophrenia is a chronic mental disorder affecting millions globally, requiring improved diagnostic methods. Specific Background: EEG signals have emerged as promising biomarkers for schizophrenia classification through machine learning. Knowledge Gap: Despite prior advances, no systematic comparison of key machine learning algorithms—Logistic Regression, Random Forest, and Decision Tree—using EEG data for schizophrenia classification has been conducted. Aims: This study aims to compare the performance of these three algorithms in classifying schizophrenia from EEG signals using a dataset of 1932 samples. Results: Random Forest achieved the highest classification accuracy (86%) and AUC (0.912), outperforming Logistic Regression (accuracy 82%, AUC 0.865) and Decision Tree (accuracy 81%, AUC 0.871). Novelty: Unlike previous studies, this research provides a comprehensive algorithmic comparison using EEG-derived features, integrating feature importance, calibration, learning curves, and statistical tests. Implications: The findings establish Random Forest as a robust classifier for EEG-based schizophrenia detection, offering a foundation for developing clinically relevant, cloud-based diagnostic support tools that can facilitate early detection and personalized treatment planning in mental health care.Highlight :
Random Forest achieved the highest accuracy and AUC in schizophrenia classification.
EEG data were processed using STFT, Wavelet Transform, and Band Power features.
Comparison of three algorithms offers a systematic basis for clinical application.
Keywords : Machine Learning Classification, Random Forest, Logistic Regression, Decision Tree, Learning Curve
 
Mitigating Furniture Supply Chain Risks: A House of Risk Approach: Mengurangi Risiko Rantai Pasokan Mebel: Pendekatan Rumah Risiko
General Background The furniture manufacturing industry relies on complex production processes and natural raw materials, creating vulnerability to supply chain disruptions that threaten production continuity. Specific Background PT XYZ, a furniture manufacturer in East Java, experiences recurring problems in its upstream supply chain, particularly delays, material inconsistencies, and operational disruptions related to wood-based raw materials used in table production. Knowledge Gap Previous studies on furniture supply chains have largely applied general risk management approaches, while structured and quantitative applications of the House of Risk method in upstream furniture supply chains remain limited. Aims This study aims to identify critical supply chain risks, prioritize dominant risk agents, and formulate mitigation strategies using the House of Risk framework. Results The analysis identifies 21 risk events and 26 risk agents, with 11 dominant risk agents accounting for more than 80% of aggregate risk potential, primarily related to human error, material variability, storage conditions, coordination issues, and incomplete drying of wood. Novelty This study demonstrates the structured application of the House of Risk method in the upstream segment of the furniture supply chain, an area that has received limited empirical attention. Implications The findings provide practical guidance for furniture manufacturers to strengthen supply chain resilience through targeted mitigation strategies such as training, standardization, digital coordination, and material quality control, while also contributing empirical evidence to supply chain risk management literature.
Highlights:
Dominant supply chain vulnerabilities originate from human error, raw material variability, and storage conditions.
A small group of risk agents accounts for the majority of upstream supply chain disruptions.
Structured mitigation prioritization supports systematic risk handling in furniture manufacturing operations.
Keywords: House of Risk, Supply Chain Risk, Furniture Manufacturing, Risk Mitigation, Upstream Supply Chai
ISAK 35 to Improve Accountability and Transparency in Nonprofit Organizations: ISAK 35 untuk Meningkatkan Akuntabilitas dan Transparansi Organisasi Nirlaba
General Background: Non-profit organizations, including mosques, face increasing demands for transparent and accountable financial reporting. Specific Background: In Indonesia, ISAK 35 was introduced to enhance financial governance in religious institutions, replacing PSAK 45. Knowledge Gap: Despite growing adoption, few studies assess the practical impact of ISAK 35 on financial reporting quality across different mosque governance models. Aims: This study aims to analyze the application of ISAK 35 in two major mosques in Medan City—Al-Mashun Grand Mosque and the Medan Grand Mosque—and evaluate its role in improving accountability and transparency. Results: Findings reveal significant disparities: Medan Grand Mosque achieved 95% compliance, supported by structured systems and audits, while Al-Mashun scored 65%, with limited reporting practices. Novelty: The study is unique in comparing ISAK 35 implementation across distinct governance structures and linking technical compliance to Sharia ethical values and strategic governance. Implications: Results underscore the need for regulatory support, digital infrastructure, and ethical training to institutionalize ISAK 35. This study contributes to public sector accounting literature and offers practical pathways for professional, transparent mosque financial management in Indonesia.Highlight :
The study assessed the implementation of ISAK 35 in two large mosques in Medan City.
The results showed differences in compliance levels that reflected the quality of governance.
ISAK 35 plays an important role in improving the accountability and transparency of mosque financial reports.
Keywords : ISAK 35, Accountability, Transparency, Financial Reports, Religious Non-Profit Organization