Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi
https://journal.umpo.ac.id/index.php/ekuilibrium
<div style="text-align: justify;"><p><strong>Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi</strong> is a journal published by the Economic Faculty, Universitas Muhammadiyah Ponorogo (UMPO) in collaboration with Universitas Muhammadiyah Ponorogo Research and Community Service. Published <strong>twice a year (March and September)</strong>, contains ten articles and receive articles in the field of economic and business review studies with research methodologies that meet the standards set for publication. Manuscript articles can come from researchers, academics, practitioners, and other economic observers who are interested in research in the field of economics.</p><p><a href="https://drive.google.com/file/d/1e9MQnvjhc5e3fvpio8QgfzOkvMwI5YGC/view?usp=sharing" target="_self">Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi has been accredited as a scientific journal by the Ministry of Research-Technology and Higher Education Republic of Indonesia: <span>SK-AKREDITASI NOMOR 36/E/KPT/201</span>9</a></p><p><a href="https://issn.brin.go.id/terbit/detail/1180426993" target="_blank">ISSN <span>1858-165X (Print)</span></a></p><p><a href="https://issn.brin.go.id/terbit/detail/1463576614" target="_blank">ISSN <span>2528-7672 (Online)</span></a></p><p>DOI : <a href="http://doi.org/10.24269/ekuilibrium" target="_self">DOI Crossref Ekuilibrium</a></p></div>Universitas Muhammadiyah Ponorogoen-USEkuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi1858-165X<h3>Retained Rights/Terms and Conditions of Publication</h3><p><strong>1. As an author you (or your employer or institution) may do the following:</strong></p><ul><li>make copies (print or electronic) of the article for your own personal use, including for your own classroom teaching use;</li><li>make copies and distribute such copies (including through e-mail) of the article to research colleagues, for the personal use by such colleagues (but not commercially or systematically, e.g. via an e-mail list or list server);</li><li>present the article at a meeting or conference and to distribute copies of the article to the delegates attending such meeting;</li><li>for your employer, if the article is a ‘work for hire’, made within the scope of your employment, your employer may use all or part of the information in the article for other intra-company use (e.g. training);</li><li>retain patent and trademark rights and rights to any process, procedure, or article of manufacture described in the article;</li><li>include the article in full or in part in a thesis or dissertation (provided that this is not to be published commercially);</li><li>use the article or any part thereof in a printed compilation of your works, such as collected writings or lecture notes (subsequent to publication of the article in the journal); and prepare other derivative works, to extend the article into book-length form, or to otherwise re-use portions or excerpts in other works, with full acknowledgement of its original publication in the journal;</li><li>may reproduce or authorize others to reproduce the article, material extracted from the article, or derivative works for the author’s personal use or for company use, provided that the source and the copyright notice are indicated, the copies are not used in any way that implies RCEPM-LIPI endorsement of a product or service of any employer, and the copies themselves are not offered for sale.</li></ul><p>All copies, print or electronic, or other use of the paper or article must include the appropriate bibliographic citation for the article’s publication in the journal.</p><p><strong>2. 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Upon submission of an article to Ekuilibrium: Jurnal Ilmiah Bidang Ilmu Ekonomi, an author is required to transfer copyright in the article to Economy Faculty Universitas Muhammadiyah Ponorogo, and the author must update any previously posted version of the article with a prominently displayed Economy Faculty Universitas Muhammadiyah Ponorogo copyright notice. Upon publication of an article by the Universitas Muhammadiyah Ponorogo, the author must replace any previously posted electronic versions of the article with either (1) the full citation to the work with a Digital Object Identifier (DOI) or link to the article abstract in Ekuilibrium: Jurnal Ilmiah Bidang Ilmu Ekonomi journal homepage, or (2) the accepted version only (not the final, published version), including the Economy Faculty Universitas Muhammadiyah Ponorogo copyright notice and full citation, with a link to the final, published article in journal homepage.</li></ul><p><strong>4. Articles in Press (AiP) service</strong></p><p>Economy Faculty Universitas Muhammadiyah Ponorogo may choose to publish an abstract or portions of the paper before we publish it in the journal. Please contact our Production department immediately if you do not want us to make any such prior publication for any reason, including disclosure of a patentable invention.</p><p> </p><p><strong>5. Author/Employer Rights</strong></p><p>If you are employed and prepared the article on a subject within the scope of your employment, the copyright in the article belongs to your employer as a work-for-hire. In that case, Economy Faculty Universitas Muhammadiyah Ponorogo assumes that when you sign this Form, you are authorized to do so by your employer and that your employer has consented to the transfer of copyright, to the representation and warranty of publication rights, and to all other terms and conditions of this Form. If such authorization and consent has not been given to you, an authorized representative of your employer should sign this Form as the Author.</p><p> </p><p><strong>6. RCEPM-LIPI Copyright Ownership</strong></p><p>It is the formal policy of Economy Faculty Universitas Muhammadiyah Ponorogo to own the copyrights to all copyrightable material in its technical publications and to the individual contributions contained therein, in order to protect the interests of the Economy Faculty Universitas Muhammadiyah Ponorogo, its authors and their employers, and, at the same time, to facilitate the appropriate re-use of this material by others. Economy Faculty Universitas Muhammadiyah Ponorogo distributes its technical publications throughout the world and does so by various means such as hard copy, microfiche, microfilm, and electronic media. It also abstracts and may translate its publications, and articles contained therein, for inclusion in various compendiums, collective works, databases and similar publication.</p><p><strong>7. Licensing Terms</strong></p><p><a href="http://creativecommons.org/licenses/by-sa/4.0/" rel="license"><img src="https://i.creativecommons.org/l/by-sa/4.0/88x31.png" alt="Creative Commons License" /></a></p><p>Ekuilibrium is licensed under a <a href="http://creativecommons.org/licenses/by-sa/4.0/" rel="license">Creative Commons Attribution-ShareAlike 4.0 International License</a>.</p><p><span>Permissions beyond the scope of this license may be available at <a href="/" target="_blank">https://journal.umpo.ac.id/</a></span></p>The Comparison of Circular Economy Analysis in Developed and Developing Countries
https://journal.umpo.ac.id/index.php/ekuilibrium/article/view/7740
This study seeks to present a better understanding of knowledge about the circular economy by referring to literature studies in developed and developing countries during the observation period from 2006 to 2022. This study provides an overview of the bibliometric approach: time analysis, journal analysis, co-authorship analysis, keyword analysis, citation analysis, country analysis, and agency analysis. The level of research contribution in developed and developing countries tended to be low until 2016, increasing significantly in recent years. Keyword analysis reveals that Circular Economy has the highest contribution in 2019 for developed countries and in 2020 for developing countries. Then, the citation analysis shows that "Towards a National Circular Economy Indicator System in China: An Evaluation and Critical Analysis" has the highest citation. And China became the number one country for its contribution to circular economy publications globally. This study suggests that developed and developing countries collectively have a deeper understanding of the circular economy concept for sustainable green economic growth globally.Ratna Malisa IndriawatiEvi GravitianiPramana Widya Samara
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2024-03-152024-03-1519111710.24269/ekuilibrium.v19i1.2024.pp1-17Analyses of Relationship between Economic Growth and Zakat Distribution: Some Comparative Studies between Indonesia and Malaysia
https://journal.umpo.ac.id/index.php/ekuilibrium/article/view/8616
<p>Zakat serves as an economic instrument within the framework of Islam and can serve as a substantial source of revenue for the state, contributing to the funding of various expenditures. In contrast to alternative revenue streams, zakat possesses explicit and comprehensive guidelines on its acquisition and allocation. The state bears the task of maximizing the efficiency of zakat institutions to effectively mobilize and allocate zakat monies as a catalyst for economic development. Indonesia utilizes a bottom-up approach for the collection of zakat, whereas Malaysia follows a top-down approach. Therefore, the present investigation focuses aims to examine the impact of zakat distribution on economic development in two selected nations. The examination focused on many variables, including GDP, Gini index, inflation, and zakat distribution. The period for the analysis spanned from 2001 to 2019, and the ARDL approach is being used for the purpose of doing data analysis. The findings suggest that the distribution of zakat did not exert a statistically significant impact on economic development, either in the short-term or long-term, within the contexts of both nations. Therefore, there is a need to promote the professional and efficient management of zakat to enhance its collection and facilitate its effective distribution.</p>Dimas Bagus WiranatakusumaHabibullah Habibullah
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2024-03-152024-03-15191184110.24269/ekuilibrium.v19i1.2024.pp18-41Halal Awareness, Brand Image, and Viral Marketing: Three Key Factors Influencing Purchasing Decisions for Halal Skin Care and Cosmetics Products in Pontianak
https://journal.umpo.ac.id/index.php/ekuilibrium/article/view/8621
<p>This research aims to determine the influence of halal awareness, brand image, and viral marketing on the purchasing decisions of halal skincare and cosmetic products (a study on Generation Z in the environment of Muhammadiyah University Pontianak). The research is conducted within the Muhammadiyah University Pontianak environment. The population of this study includes all students of Muhammadiyah University Pontianak born between the years 1995-2010. The sample for this research consists of 200 students from Muhammadiyah University Pontianak. The data collection technique used is a questionnaire employing a Likert scale. The data analysis technique in this research uses Structural Equation Modeling (SEM) PLS with the SmartPLS Version 3.2.9 program. The results of this research show that halal awareness and brand image do not have a significant influence on purchasing decisions, whereas viral marketing has a positive and significant impact on purchasing decisions for halal skincare and cosmetic products among Generation Z in the Muhammadiyah University Pontianak environment. This study contributes theoretically by exploring the influence of halal product awareness, brand image, and viral marketing variables on purchasing decisions among Generation Z in a university setting. The findings enhance insights into academic literature related to halal skincare and cosmetics, even though halal product awareness and brand image are not significant. Practically, these findings provide guidance for industry practitioners to enhance marketing strategies, especially in the context of viral marketing that has proven to have a positive impact on purchasing decisions. The novelty of the research lies in its focus on Generation Z and the use of the Structural Equation Modeling (SEM) PLS analysis method, contributing to theoretical, practical, and methodological understanding in the context of marketing halal skincare and cosmetic products among Generation Z in a university environment.</p>Yasir HudzaifahWulan Purnama SariRisa Andriyani
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2024-03-152024-03-15191425810.24269/ekuilibrium.v19i1.2024.pp42-58Environmental Factors in Affecting Student Entrepreneurship Decision
https://journal.umpo.ac.id/index.php/ekuilibrium/article/view/8079
<p>The aim of this research is to examine the influence of environmental factors on students' entrepreneurial decisions in Indonesia. Based on theoretical mapping and previous research, the results showed that the environmental factors in question are the internal and external environment. The research design used is quantitative, with the population consisting of alumni of the Master of Sharia Economics UIN SATU Tulungagung. Based on the distribution of questionnaires to 158 alumni, 123 respondents or 78% were obtained and the remaining 22% did not fill out the questionnaire. By analyzing data using regression, the results showed that there was a significant positive internal and external environment on entrepreneurial decisions. Respondents were motivated to become entrepreneurs because it has been their dream since birth, government policies are pro-entrepreneurship, open access to obtain financing, entrepreneurship has become a culture, and promises independence for an entrepreneur.</p>Agus Eko SujiantoMashudi MashudiAliya Khansa
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2024-03-152024-03-15191597210.24269/ekuilibrium.v19i1.2024.pp59-72Banking Profitability Analysis: Company Cases on the Stock Exchange Indonesian Securities (BEI)
https://journal.umpo.ac.id/index.php/ekuilibrium/article/view/8672
<div><table cellspacing="0" cellpadding="0" align="left"><tbody><tr><td align="left" valign="top"><p>This study aims to investigate the impact of Loans to Deposit Ratio (LDR) on Return On Assets (ROA) in the context of banking institutions. LDR is used as an indicator of a bank's ability to meet obligations and credit demands, while ROA reflects the level of bank profitability. The signal theory is also adopted to explain the asymmetry of information between company management and other stakeholders. The data used in this study was obtained from banking institutions with sample consists of 25 banking companies listed on BEI during the 2016-2019 period. The results indicate that LDR has a significant impact on ROA. Higher LDR values indicate a larger amount of third-party funds channeled into credit, which in turn increases profitability through higher interest income. These findings are consistent with previous research indicating a positive relationship between LDR and ROA. The results of this study contribute to the understanding of factors influencing the financial performance of banking institutions. Banking practitioners and investors can use these findings as a basis for making better decisions in managing risks and enhancing profitability.</p></td></tr></tbody></table></div>Prince Charles Heston RuntunuwuHanafi Hussin
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2024-03-152024-03-15191739110.24269/ekuilibrium.v19i1.2024.pp73-91Quality Improvement Efforts of DGT’s Internal Compliance Unit (Study at Yogyakarta Small Tax Office)
https://journal.umpo.ac.id/index.php/ekuilibrium/article/view/7694
<p>The Internal Control System is implemented in the organization as a prevention of fraud risk. The Directorate General of Taxes (DGT) already has an Internal Compliance Unit (hereinafter referred to as UKI) as the vanguard in internal control efforts. However, there are still cases of fraud and Hand-Arrest Operations at the DGT that have questioned the quality of UKI. This study aims to find the constraints experienced by UKI in carrying out internal control monitoring tasks as well as efforts that can be made to improve the quality of UKI. This research method is qualitative with a case study at the Yogyakarta Small Tax Office (STO). The types of data used are primary data and secondary data. Primary data is obtained directly from observations and interviews with informants in the field, while secondary data comes from documents, regulations, and data previously published to data users. The analysis technique was carried out by grouping data, coding, and then presenting a visualization of the results using NVivo 12 plus software. The results of the study found that the ways to improve the quality of UKI at STO are adhering to the Annual Monitoring Plan (RPT) guidelines, increasing the knowledge and soft skills of UKI staff, increasing the use of technology, segregating UKI duties and responsibilities.</p>Anika MailinaBachrudin K. UnaHendi Yogi Prabowo
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2024-03-152024-03-151919210610.24269/ekuilibrium.v19i1.2024.pp92-106The Role of Performance Political Stability and Macroeconomic Attracting Foreign Direct Investment in ASEAN
https://journal.umpo.ac.id/index.php/ekuilibrium/article/view/8451
<p>Foreign direct investment (FDI) plays a crucial role in developing nations to raise the standard of living for their citizens and strengthen their economies. This research aims to investigate the effects of macroeconomic factors like GDP, inflation, and female employment in the industry on flows of foreign direct investment as well as factor political stability with a research focus on 5 ASEAN countries (Indonesia, Malaysia, Vietnam, Laos, Cambodia) with research 20 years. The research method used panel data regression with secondary data from the World Bank. The Fixed Effect Model is found to be the best model selection. The results showed that political stability variables as well as all macroeconomic fundamental variables as measured by GDP, Inflation, and Employment Females in Industry partially had a significant and positive effect on the inflow of Foreign direct investment in 5 ASEAN countries and simultaneously had a significant positive effect.<em></em></p>Ivada Nafiah MaulidiyahMuhammad Khoirul Fuddin
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2024-03-152024-03-1519110712110.24269/ekuilibrium.v19i1.2024.pp107-121Gender Diversity on Commissioner Board and Decision Making: Evidence Using Capital Raised Through IPOs
https://journal.umpo.ac.id/index.php/ekuilibrium/article/view/8173
<p>This study aims to analyze the influence of the presence of women in the board of commissioners’ structure on the funds allocating decisions to finance various company investment opportunities sourced from corporate actions, such as an initial public offering (IPO). Service companies, especially the financial sector became a vast field for a woman, therefore, the financial sector that has conducted IPOs on the Indonesia Stock Exchange (IDX) for the past 21 years was selected as a research sample. The analytical tool used is multiple linear regression with OLS method which examines cross-sectionally the effect of the presence of women in 53 companies. This result shows that the presence of women on the board of commissioners affects the decision-making process on the amount of funding allocation for the company's investment opportunities. Their existence minimizes the allocation of IPO funds to finance various company investment opportunities in the future. Thus, gender studies in IPO corporate actions, especially in developing countries, are still very rarely studied. Women are known to have a short-term problem-solving perspective and are less confident than men, but they are more careful when making decisions. Despite the dominating nature of prudence, women can reduce the potential for financial distress due to risky investment decisions by choosing the decision to hoard funds in the form of cash to strengthen working capital.</p>Yuli SoesetioDyah Arini RudiningtyasWinarta WinartaCattetiana Dhevi
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2024-03-152024-03-1519112213510.24269/ekuilibrium.v19i1.2024.pp122-135Unsystematic Risk Management based on Financial Literacy as a Supporting Factor in Investment Decisions
https://journal.umpo.ac.id/index.php/ekuilibrium/article/view/7690
<p><span lang="EN-US">This research examines financial literacy's influence on investment decisions through unsystematic risk management. The data source used in this research is primary data obtained through a questionnaire. The sampling technique used was purposive sampling, using sample criteria to enter as a research sample. This research involved 88 respondents as research samples. The analytical tool used to carry out statistical tests is SmartPLS. This study found that financial literacy and unsystematic risk management simultaneously had a significant positive effect on investment decisions. Unsystematic risk management has a significant positive effect on investment decisions. Furthermore, unsystematic risk management can mediate the relationship between financial literacy and investment decisions. This study highlights investor behavior in making investment decisions using the theory of planned behavior approach.</span></p>Riawan RiawanWahna WidhianingrumWijianto Wijianto
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2024-03-152024-03-1519113614810.24269/ekuilibrium.v19i1.2024.pp136-148Inclusive Labor Market and Participation of Person with Disabilities: Case Study in Indonesia, Denmark, France, and Ireland
https://journal.umpo.ac.id/index.php/ekuilibrium/article/view/8091
<p>An inclusive labor market for persons with disabilities is one of the priority issues discussed in the G20, especially in the Employment Working Group (EWG) field. Typically, the number of individuals with disabilities participating in the labor market is lower than that of their non-disabled counterparts, mainly due to the company’s reluctance to hire disabled workers. This study aims to investigate the impact of disability on participation in the inclusive labor market. This research uses panel data from four countries - Indonesia, Denmark, France, and Ireland - spanning the years 2016 to 2021, sourced from the International Labor Organization (ILO). The variables used to determine the factors that influence the participation of individuals with disabilities in the labor market are their educational level, the number of disabled individuals in rural areas and their average income. By using the Fixed Effect Model, it is known that people with disabilities who have received education and the number of people with disabilities living in urban areas have a positive and significant effect on the participation of people with disabilities in the labor market. Meanwhile, the average income of people with disabilities has a negative and insignificant effect on the participation of people with disabilities in the labor market. Efforts to increase the participation of people with disabilities in the labor market are important as welfare reform, indicators of the success of inclusive development and poverty alleviation among groups of people with disabilities.</p>Ananda Putri Pratama SuwitantyNi Putu Wiwin Setyari
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2024-03-152024-03-1519114916110.24269/ekuilibrium.v19i1.2024.pp149-161