ETIKONOMI
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The Nexus among Green Financing: Companies in G20 Emerging Market Countries
No full textResearch Originality: This study addresses this urgent research gap by examining not only these relationships but also the underexplored role of national R&D capacity as a moderating factor, highlighting how emerging economies\u27 innovation limitations may dilute the benefits of green capital inflows.
Research Objectives: This study analyzed the impact of green financing and FDI on firm profitability and productivity in G20 emerging markets, and assess how R&D expenditure moderates these effects.
Research Method: Panel data from 57 multinational companies across ten G20 emerging market countries during 2016–2021 were analyzed using fixed-effect regression.
Empirical Results: Green financing and FDI both show significant positive impacts on firm profitability and productivity. However, R&D negatively moderates the green finance–profitability link and has no significant moderating effect on productivity or the FDI relationship, suggesting structural inefficiencies in R&D systems within emerging economies.
Implications: The findings call for urgent policy interventions to enhance R&D infrastructure and efficiency in G20 emerging markets. Redirecting subsidies from fossil fuels to green innovation, fostering public-private R&D collaboration, and strengthening institutional frameworks can help unlock the full potential of green finance and FDI in supporting a sustainable economic transformation.
JEL Classification: Q5, G3, F
The Determinants of Biodiesel Price in Indonesia
No full textResearch Originality: Indonesia is one of the leading producers of biodiesel globally. Despite this progress, the country surprisingly still experiences significant volatility in biodiesel prices. This phenomenon raises a critical question about the factors driving these fluctuations, which the existing literature still does not address adequately.Research Objectives: This study delves into the dynamic relationships between biodiesel prices and various potential determinants.Research Methods: The Vector Autoregressive model was employed, given its robustness in capturing dynamic interdependencies between multiple time series. The analysis utilized monthly data spanning Jan. 2016 to Dec. 2022 collected from the Ministry of Energy and Mineral Resources, Indonesia.Empirical Results: The VAR analysis reveals the nuanced influences of these variables on biodiesel prices. It suggests that an increase in the prices of CPO, crude glycerine, catalyst, and PFAD positively affects biodiesel prices, while price shocks in gasoil and methanol inversely impact them.Implications: The findings highlight the necessity for a multi-factor approach to formulating pricing strategies. They inform policy decisions to foster price stability and drive the growth of the biodiesel sector.JEL Classification: Q2, Q3, Q4, P28How to Cite:Junejo, S., Wibert, J., Hasundungan, V., & Wicaksono, T. Y. (2025). The Determinants of Biodiesel Price in Indonesia. Etikonomi, 24(1), 155 – 174. https://doi.org/10.15408/etk.v24i1.37581
Assessing Sustainable Tourism in Top Selfie: A Mapping and Decision-Making Technique
No full textResearch Originality: This research paper combined literature on sustainable tourism, including the mapping and decision-making of tourism management in Top Selfie, Indonesia, towards sustainable tourism potential zones.Research Objectives: This study examined the impact of sustainable tourism patterns in the Top Selfie Pinusan area of Magelang, Indonesia, by considering various sustainability criteria.Research Methods: The researchers conducted comprehensive interviews with key stakeholders. The data was analyzed using ArcGIS to identify the development map of Top Selfie Pinusan and AHP analysis to policy recommendations for tourism development in Top Selfie Pinusan.Empirical Results: The research found that the location and potential of the Top Selfie Pinusan area make it a promising tourist destination when viewed from its development map. The AHP analysis showed that the eco-environmental criterion gave the highest weight to the water resources conservation sub-criterion. The alternative policy proposed in this research emphasized the promotion of alternative tourism.Implications: This research has important implications for the local government and tourism businesses, as they must address the challenge of creating tourist attractions aligned with the principles of sustainable tourism in Indonesia.JEL Classification: C1, Q510How to Cite:Sasanti, I. A., Gravitiani, E., Sartika, R. C., & Herniti, D. (2025). Assessing Sustainable Tourism in Top Selfie: A Mapping and Decision-Making Technique. Etikonomi, 24(1), 119 – 134. https://doi.org/10.15408/etk.v24i1.37947
The Digital Revolution: Can Yogyakarta\u27s Micro-Enterprises Ride the Wave?
No full textResearch Originality: This study enhances the comprehension of micro-enterprise owners who have transitioned to entrepreneurship by investigating their enhanced skills and flexibility in using digital technology.Research Objectives: This study examined the factors that influence technology adoption by business owners with experience in Microenterprises (MIEs). It also explored how digital technology\u27s adoption mediates the relationship between these factors and the firm\u27s performance.Research Methods: This study uses quantitative Path Analysis to examine the causal links between variables that impact the performance of micro-enterprises (MIEs) in Yogyakarta, Indonesia. A random sample of 461 MIE owners was selected.Empirical Results: The research found that micro-enterprises with organizational readiness and strategic orientation are more likely to use digital technology than those that do not adapt to or follow modern times. The cause was the high strategic orientation of Yogyakarta\u27s MIEs.Implications: This study\u27s empirical implication is to assess MIE development programmes in terms of digital technology usefulness within the context of business creation and technological transfer through MIEs in Yogyakarta.JEL Classification: C12, C31, O31How to Cite:Fridayani, H. D., Chiang, L. C., Mahendro, A. B., & Agustin, M. S. (2025). The Digital Revolution: Can Yogyakarta’s Micro Enterprise Ride the Wave. Etikonomi, 24(1), 191 – 204. https://doi.org/10.15408/etk.v24i1.37973
Division wise Loan Disbursement and Profitability of Bank: Evidence from Bangladesh
No full textResearch Originality: Loan disbursing in economically and industrially developed divisions of Bangladesh have profound impact on a bank’s profitability remaining other factors in considerations.Research Objectives: This study aims to investigate the effect of divisional loan disbursement on profitability and financial health of the banking sector in Bangladesh.Research Methods: The analysis is based on panel data from 44 banks, totaling 520 observations over an eighteen-year period from 2005 - 2022. To conduct this study, different models like Ordinary Least Square (OLS), Pooled Ordinary Least Square (POLS), Second Stage Least Square (2SLS), Generalized Method of Moments (GMM) are utilized.Empirical Results: The study found that there is favorable association between profit after tax and total revenue in all the model employed in the study. As opposed, PAT has an unfavorable association with Rangpur division’s loan disbursement and a total asset in all the model used in the study. In addition, the connections between PAT and loan disbursed in other is mixed but insignificant in nature.Implications: The empirical implications of this study are – lending economically and industrially developed or underdeveloped divisions of Bangladesh has too delicate relationship with a bank’s profit after tax.JEL Classification: E32, E43, G21How to Cite:Antora, L. A., Paul, S. C., & Rosid, M. H. (2025). Division wise Loan Disbursement and Profitability of Bank: Evidence from Bangladesh. Etikonomi, 24(1), 17 – 30. https://doi.org/10.15408/etk.v24i1.38326
Asymmetric Effect of Real Exchange Rates on Import Expenditures
No full textResearch Originality: This study contributes to the literature by investigating the asymmetric effect of the real exchange rate on real import expenditures in Turkey.Research Objectives: This study aims to investigate the short—and long-run symmetric/asymmetric effects of the exchange rate on import expenditures in the Turkish economy.Research Methods: The study utilized both a linear Distributed Lag Autoregressive (ARDL) bounds testing approach and a nonlinear ARDL (NARDL) model, using a dataset from 1980 to 2022.Empirical Result: The findings indicate that the real exchange rate has asymmetric effects on real import expenditures in the short run. The error correction model results reveal that short-run shocks among variables will lose their impact in the long run, and the co-movement of variables will correct itself in approximately 3 and 1.5 years.Implications: These results shed light on policymakers shaping Turkey’s import regime. In addition, adopting policies that provide macroeconomic balance based on real exchange rates is considered a crucial factor in reducing external dependency and eliminating Turkey’s foreign trade deficits. JEL Classification: C40, E00, F31How to Cite:Kanca, O. C. (2025). Asymmetric Effect of Real Exchange Rates on Import Expenditures. Etikonomi, 24(1), 135 – 154. https://doi.org/10.15408/etk.v24i1.3896
The Impact of Female Labor Force Participation on Regional Economic and Income Convergence
No full textResearch originality: Women tend to be chosen as the non-labor force, even though they are potential workers who can contribute directly to the economy. Their level of education influences this contribution.
Research objectives: This research examined the impact of female labor force participation on regional economic and income convergence.
Research methods: Pooled Least Squares (PLS) and panel data estimation were conducted using cross-sectional data on 472 cities/districts across Indonesia between 2016 and 2022.
Empirical result: The findings reveal that female labor force participation significantly enhances regional economic growth only when women have at least a senior high school education. However, their contribution to accelerating economic convergence remains suboptimal, as most female workers are elementary school graduates.
Implications: To improve the contribution of the female workforce to the economy, the government should extend compulsory education from 9 to 12 years, expand access to non-formal education for women, and establish a female-friendly labor market through job flexibility and improved childcare access.
JEL Classification: I25, J21, E12, J2
Nexus between Governance and Sustainable Development in Developing Countries: A Simultaneous Approach
No full textResearch Originality: The present research contributes a novel task in examining the simultaneous relationship between governance and sustainable development (SD), aiming to capture the endogenous relationship between these two concepts.
Research Objectives: This study examines the relationship between governance and sustainable development in 59 developing countries, utilizing annual data from 2006 to 2022.
Research Method: The study employs panel Generalized Methods of Moment (GMM) and panel three-stage least squares (3SLS) techniques by using STATA 17. Data for this study is extracted from the World Development Indicators (WDI), International Financial Statistics, and World Governance Indicators.
Empirical Results: The findings indicate that governance, tax-to-GDP ratio, and financial development are positively related to SD. Moreover, SD also has a positive impact on governance in developing countries. Control variables, including the misery index and population, are negatively related to governance.
Implications: The study offers policy recommendations to enhance transparency and government quality, which are integrated into the development process to reduce social disparities, mitigate environmental challenges, foster economic growth, and ensure the well-being of citizens.
JEL Classification: F63, O16, Q0
Examining Underpricing in Initial Public Offering: Deepening Insights on Non-Financial Information
No full textResearch Originality: The nominal value variable from the prospectus in this study is the novelty, as no previous research has been found. Investors indicate the nominal value as a positive signal from the company to reduce existing information asymmetry.
Research Objectives: This study examines the phenomenon of IPO underpricing on the Indonesia Stock Exchange, resulting in suboptimal IPO fund-raising.
Research Method: Using a quantitative approach with descriptive and causality designs, the study analyzed 251 companies from 2017 to 2023 through multiple linear regression analysis.
Empirical Results: Indonesia has a high IPO underpricing rate of 37.17%. Most IPOs (68.54%) were Shariah-compliant. The reputation of underwriters changed each year, and the free float ratio declined over time. On average, IPOs were oversubscribed by more than 28 times each year. Although COVID-19 affected market sentiment, it did not impact underpricing. The nominal value of IPO stocks varied each year but generally declined. Regression results show Shariah compliance and strong underwriters reduce underpricing, while higher free float, oversubscription, and nominal value increase it.
Implications: The implications of this research theoretically support signaling theory and information asymmetry. Practically, this research can be a reference for further researchers, investors, companies, and the government as regulators.
JEL Classification: G10, G24, G32, D8
Evaluating Asymmetric Impacts of Islamic Bank Financing on Employment In Indonesia
No full textResearch Originality: This research examines the asymmetric impact of Islamic bank financing on employment in IndonesiaResearch Objectives:. This research aims to test the nolinear impact (gn) of Islamic bank financing on employment in IndonesiaResearch Methods: This research utilizes secondary data from 2006 to 2022 and employs non-linear ARDL (Auto Regressive Distributive Lag) and Conditional ECM (Error Correction Model) analysis methodsEmpirical Results: In the short term, increases in Islamic bank financing significantly boost labor force participation (LFPR), while decreases have no significant effects. Long-term analysis shows positive changes continue to enhance LFPR, but negative changes do not impact GDP. The impact of financing on LFPR is symmetrical over time, indicating short-term asymmetries do not persistImplications: This research implies that the Indonesian government can boost the growth of Islamic bank financing to increase employment opportunities for the population both in the short and long term.JEL Classification: E24, G21,C32How to Cite:Cahyono, E. F., Ngah, W. A. S. W., Law, S. H., Mazlan, N. S., Ahmad, M. N. N., & Mohhamed, A. (2025). Evaluating Asymmetric Impacts of Islamic Bank Financing on Employment in Indonesia. Etikonomi, 24(1), 31 – 52. https://doi.org/10.15408/etk.v24i1.40139