Proceeding International Conference on Economics, Finance and Creative Industry
The Proceedings of the International Conference on Economics, Finance and Creative Industries (ICEFCI) is an international peer-reviewed conference proceeding published by the Master Program of Islamic Economics and Halal Industry, Faculty of Economics and Business, Universitas Negeri Surabaya (UNESA) . The proceedings provide an international platform for researchers, academics, practitioners, and policymakers to share original research and innovative ideas in economics, finance, halal industry, entrepreneurship, and creative industries. ICEFCI promotes interdisciplinary research that addresses contemporary economic challenges through sustainable development, financial innovation, digital transformation, and the advancement of the creative economy. All submitted manuscripts undergo a rigorous double-blind peer-review process to ensure academic quality and research integrity. Accepted papers are published in the official conference proceedings, while selected outstanding papers may be recommended for publication in reputable national and international journals.
The Influence of Capital Structure, Profitability, and Firm Size on Firm Value: The Mediating Role of Leverage in Coal Mining Sub-Sector Companies Listed on the Indonesia Stock Exchange (IDX) from 2022 to 2025
This study aims to analyze the effects of capital structure, profitability, and firm size on firm value, with leverage as an intervening variable, among mining companies in the coal subsector listed on the Indonesia Stock Exchange (IDX) for the period 2022–2025. This study employs a quantitative approach using secondary data. The sampling technique used is purposive sampling based on predetermined criteria. The data analysis methods used include descriptive statistical analysis, classical assumption tests, and path analysis. The results show that capital structure, profitability, and firm size have a significant effect on leverage and firm value. Leverage also has a significant effect on firm value and mediates the relationship between capital structure, profitability, firm size, and firm value.
The Influence of Environmental Cost, Leverage, Environmental Performance, Profitability (ROA) on Company Value
This study aims to examine the influence of environmental costs, leverage, environmental performance, and profitability on firm value in energy sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. The study applies a quantitative approach with descriptive methods and utilizes secondary data sourced from annual reports and corporate sustainability reports. The sample was determined using a purposive sampling technique, resulting in 41 companies meeting the research criteria with a total of 164 observation units. Firm value was measured using the Tobin's Q ratio, while leverage was proxied by the Debt to Asset Ratio (DAR), profitability was measured using Return on Assets (ROA), and environmental performance was assessed using the PROPER rating. Meanwhile, environmental costs were measured by the proportion of environmental costs to net profit after tax. Data analysis was conducted using statistical analysis techniques to test the influence of each independent variable on firm value. The results of this study are expected to provide empirical evidence regarding the determinants of firm value in the energy sector in Indonesia, as well as serve as a reference for academics, investors, and management in supporting decision-making oriented towards increasing firm value.
Financial Literacy and Sustainable Entrepreneurial Intention: The Mediating Role of Entrepreneurial Mindset
Sustainable entrepreneurship has become a central agenda in higher education as institutions are pressed to prepare graduates who can create economic value while safeguarding social and environmental well-being. Despite growing interest, empirical evidence on the psychological pathway through which financial literacy translates into sustainable entrepreneurial behavior remains fragmented, particularly among Economics Education students who are simultaneously trained as future economic actors and future teachers of economic literacy. This study examines the relationship between financial literacy and sustainable entrepreneurship, positioning entrepreneurial mindset as a mediating mechanism. Grounded in Human Capital Theory and the Theory of Planned Behavior, a quantitative explanatory research design was employed using Partial Least Squares Structural Equation Modeling (SEM-PLS) with SmartPLS 4. Data were obtained from 250-350 Economics Education students through a Likert-scale questionnaire and analyzed through measurement and structural model evaluation, including outer loading, Average Variance Extracted (AVE), composite reliability, R², path coefficients, effect size, and mediation testing. The study proposes that financial literacy exerts both a direct and an indirect effect on sustainable entrepreneurship, with entrepreneurial mindset serving as the psychological bridge connecting financial competence to sustainability-oriented venture behavior. The findings are expected to extend Human Capital Theory and the Theory of Planned Behavior into the sustainability domain and to offer practical implications for economics curricula and creative-economy policy. This study proposes an integrated mediation model linking financial literacy to sustainable entrepreneurship through entrepreneurial mindset among Economics Education students. This research contributes a rarely tested mediation model in the specific context of Economics Education students, aligning with the Human Capital subtheme of contemporary economics and creative industry conferences.
Transaction Security and Investment Benefit on Digital Gold Investment Intention
Penelitian ini bertujuan untuk menganalisis peran keamanan transaksi dan manfaat investasi dalam mendorong niat investasi di kalangan pengguna fitur tabungan emas digital pada aplikasi BYOND by BSI. Penelitian ini menggunakan pendekatan kuantitatif dengan desain penelitian eksploratif. Data dikumpulkan melalui kuesioner yang dibagikan kepada 100 pengguna aplikasi BYOND by BSI di Kabupaten Jombang. Responden dipilih menggunakan purposive sampling berdasarkan kriteria yang telah ditentukan. Data yang dikumpulkan diolah untuk menguji hubungan antara keamanan transaksi, manfaat investasi, dan niat pengguna untuk berinvestasi dalam emas digital. Hasil penelitian menunjukkan bahwa keamanan transaksi mendorong niat pengguna untuk berinvestasi karena pengguna merasa lebih percaya diri ketika data pribadi, rekening, dana, dan aktivitas transaksi mereka terlindungi dengan baik. Manfaat investasi juga mendorong niat investasi karena tabungan emas digital dianggap mudah diakses, praktis, terjangkau, dan bermanfaat untuk perencanaan keuangan. Kemudahan memantau harga emas dan melakukan transaksi melalui aplikasi semakin memperkuat minat pengguna untuk berinvestasi. Keamanan transaksi dan manfaat investasi merupakan pertimbangan penting dalam mendorong pengguna untuk berinvestasi dalam emas digital melalui BYOND by BSI. Oleh karena itu, Bank Syariah Indonesia hendaknya terus memperkuat perlindungan transaksi, memberikan informasi yang jelas mengenai layanannya, dan meningkatkan edukasi investasi agar pengguna dapat lebih memahami keamanan dan manfaat yang ditawarkan oleh tabungan emas digital.
Fintech Impact on Indonesian Bank Performance via Credit Risk
This study aims to analyze the effect of financial technology on the financial performance of conventional commercial banks in Indonesia during the 2023-2025 period, both directly and through credit risk as a mediating variable. The study employs a quantitative causal approach using panel data, focusing on financial technology, credit risk, and financial performance. The study population consists of 45 conventional commercial banks listed on the Indonesia Stock Exchange, with the sample selected through purposive sampling, resulting in 13 banks and 39 observations over the 2023-2025 period. The data were analyzed using panel data regression with EViews 12 software, followed by a mediation test. The results indicate that financial technology does not have a significant direct effect on either credit risk or financial performance. Credit risk, proxied by Non-Performing Loans (NPL), has a significant negative effect on Return on Assets (ROA); however, credit risk was not found to mediate the effect of financial technology on financial performance. These findings indicate that Non-Performing Loans (NPL) were the dominant determinant of bank profitability during this period, while the adoption of financial technology has not yet had a significant impact, either directly or through improvements in credit quality.
Profitability and Liquidity as Determinants of Transport-Logistics Firms’ Capital Structure
Transportation and logistics companies require substantial funding, as their business operations rely heavily on assets, fleets, and operating expenses. Consequently, decisions regarding the mix of debt and equity financing must be carefully weighed to ensure the company maintains healthy operations. This study aims to examine the impact of profitability and liquidity on the capital structure of transportation and logistics companies listed on the Indonesia Stock Exchange in 2024. A quantitative approach was employed, utilizing secondary data obtained from the companies' annual financial reports via documentation techniques. Profitability was measured using Return on Assets, liquidity using the Current Ratio, and capital structure using the Debt to Equity Ratio. The data were analyzed using multiple linear regression with the aid of SPSS. The results indicate that companies with a greater capacity to generate profit tend to utilize lower levels of debt. A similar trend was observed among companies with stronger liquidity positions, as they are generally better able to meet their funding requirements through internal sources. Overall, profitability and liquidity influence corporate decisions regarding capital structure. These findings suggest that companies tend to prioritize internal funds over debt financing. Future research is recommended to utilize a longer observation period and consider additional factors, such as firm size, asset structure, and business risk.
Why Business Model Replication Fails: Evidence from Greenhouse-Based Agritourism
Business model replication is widely recognized as an effective strategy for accelerating business growth. However, organizations adopting similar business models often achieve markedly different performance outcomes. This study aims to explain why business model replication fails to produce comparable competitive performance by examining the strategic role of the destination ecosystem in greenhouse-based agritourism. A comparative qualitative case study was conducted at two greenhouse-based fruit-picking destinations in East Java, Indonesia. Although both businesses adopted similar business concepts, cultivation practices, and managerial approaches under the guidance of the same mentor, they demonstrated substantially different business performance. Data were collected through field observations, semi-structured interviews, and document analysis and were analyzed using the interactive model of Miles, Huberman, and Saldaña, complemented by cross-case comparison. The findings reveal that business model replication alone is insufficient to achieve competitive success. Instead, differences in business performance are primarily explained by the destination ecosystem in which the businesses operate. Agritourism integrated with complementary attractions benefits from visitor spillover, broader tourism experiences, higher purchasing opportunities, and repeat visitation, whereas standalone agritourism relies almost entirely on intentionally planned visits. These findings suggest that the destination ecosystem functions as a strategic context that determines how organizational capabilities are translated into competitive performance. This study contributes to strategic management by demonstrating that competitive advantage depends not only on internal business capabilities but also on the strategic embeddedness of firms within interconnected tourism ecosystems.
The Influence of the Fraud Hexagon Theory on Fraudulent Financial Reporting in the Indonesian Banking
Fraudulent reporting is a form of fraud that inflicts substantial financial losses and diminishes the trust of investors and stakeholders. The banking sector is highly vulnerable to such practices due to its operational characteristics and transaction complexity. This study aims to empirically analyze the influence of the Fraud Hexagon elements namely pressure, opportunity, rationalization, capability, arrogance, and collusionon fraudulent financial reporting in banking sector companies listed on the Indonesia Stock Exchange (IDX) for the 2022–2024 period. This study uses a quantitative research approach. The population consists of all banking companies listed on the IDX during the 2022–2024 period. By using the purposive sampling method based on specific criteria, 43 banks were selected, resulting in a total of 129 observations over the three-year period. Financial statement fraud, as the dependent variable, was measured using the Beneish M-Score formula. The collected data were then analyzed using multiple linear regression analysis with the help of SPSS software. The results of the hypothesis testing show that the variables of pressure, opportunity, capability, and collusion have a significant positive effect on financial statement fraud. This means that higher levels of these four factors will increase the risk of fraud. On the other hand, the variables of rationalization and arrogance have a significant negative effect on financial statement fraud. Simultaneously (together), the Fraud Hexagon model is proven to be valid, accurate, and significant in detecting and predicting financial statement fraud within the banking industry.
The Effect of Profitability, Leverage, And Liquidity on Financial Distress
This study aims to analyze the effect of profitability, leverage, and liquidity on financial distress in property and real estate sector companies listed on the Indonesia Stock Exchange (IDX) in 2024. A quantitative approach with an associative research design was employed, involving 72 companies as the sample, selected through purposive sampling from a total population of 92 companies. Data analysis was conducted using multiple linear regression with the assistance of SPSS software version 24. Prior to hypothesis testing, classical assumption tests were performed, comprising normality, multicollinearity, and heteroscedasticity tests, all of which were satisfied. The results of the partial test (t-test) show that profitability has a negative and insignificant effect, leverage has a positive and insignificant effect, and liquidity has a positive and insignificant effect on financial distress. Meanwhile, the coefficient of determination (R Square) of 2.4% indicates that profitability, leverage, and liquidity simultaneously explain 2.4% of the variation in financial distress among property and real estate sector companies listed on the IDX in 2024, while the remaining 97.6% is explained by other factors outside this research model.
Knowledge Sanction Income Influencing Jombang Online Drivers Motorcycle Tax Compliance
This study aims to examine the influence of taxpayer knowledge, tax sanctions, and income on motor vehicle tax compliance among online motorcycle taxi drivers in Jombang Regency. The study was motivated by the need to improve Motor Vehicle Tax compliance, which plays an important role in increasing regional revenue. A quantitative approach with a descriptive associative design was employed. Data were collected through questionnaires distributed to 90 online motorcycle taxi drivers selected from the Jombang Online Driver Community (KOJ). The collected data were analyzed using SPSS, including validity and reliability tests, classical assumption tests, multiple linear regression test. The results indicate that all research instruments are valid and reliable and satisfy the classical assumptions. The partial test reveals that taxpayer knowledge and tax sanction has a positive and significant effect on motor vehicle tax compliance. In contrast, income do not have a significant effect individually. However, the simultaneous test shows that taxpayer knowledge, tax sanctions, and income jointly have a significant effect on tax compliance. The model explains 41.9% of the variation in taxpayer compliance, while the remaining 58.1% is influenced by other factors outside the research model. For the government, this study is expected to provide valuable insights for the Directorate General of Taxes in formulating effective policies to enhance taxpayer compliance, particularly among informal workers such as online motorcycle taxi (ojek online) drivers. In addition, the findings may serve as a reference for improving tax education programs and strengthening public awareness campaigns regarding tax obligations.
How UGC Affects Samsung Smartphone Purchase Intention Online and Offline?
This study investigates the influence of User-Generated Content (UGC) on purchase intention for Samsung smartphones in DKI Jakarta, incorporating consumer trust and consumer engagement as mediating variables within a comparative online-offline analytical framework. A quantitative survey was administered to 120 respondents (60 online & 60 offline), and data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) and Multi-Group Analysis (MGA) via SmartPLS 4. The results demonstrate that UGC exerts a positive and statistically significant influence on purchase intention, consumer trust, and consumer engagement in both groups. Consumer trust did not have a significant direct effect on purchase intention and did not function as a significant mediator, whereas consumer engagement significantly influenced purchase intention and served as a partial mediator in the UGC-purchase intention relationship. MGA revealed no statistically significant differences in path coefficients between the online and offline groups, indicating that the UGC mechanism operates comparably across both channels; nonetheless, the offline group showed numerically larger path coefficients and stronger predictive power (R²) than the online group. These findings establish consumer engagement as the primary mechanism through which UGC translates into purchase intention, with a descriptively more pronounced role in the offline purchasing context.
Determinants of Customer Decisions in Choosing Hajj Savings at Bank Syariah Indonesia
This research is motivated by the increasing interest of the Indonesian people in performing the Hajj pilgrimage, accompanied by an increase in the number of Hajj Savings customers at Islamic financial institutions. The limited Hajj quota, which causes a longer waiting period for departure, encourages people to prepare for Hajj costs through the Hajj Savings program. Customer decisions in choosing this product are influenced by various factors, including perceptions of service quality, religiosity, and income levels. This study aims to analyze the influence of these three factors on customer decisions in choosing Hajj Savings products at Bank Syariah Indonesia KCP Nganjuk Yos Sudarso. The study used a quantitative approach by collecting data through questionnaires distributed to Hajj Savings customers, then analyzed to test the influence of variables partially and simultaneously. The results show that perceptions of service quality, religiosity, and income levels influence customers' decisions in choosing Hajj Savings products. Simultaneously, these three variables have a significant influence, so that improving service quality and marketing strategies that pay attention to the religiosity and economic conditions of customers are important factors in increasing people's decisions in choosing Hajj Savings products.
Collaboration Between Baznas and Indonesia’s Health Social Security Agency (Bpjs Kesehatan) in Expanding Access to Primary Healthcare Services for Mustahik in Blitar Regency
Access to primary healthcare services remains a challenge for underprivileged communities, particularly mustahik, despite the implementation of Indonesia's National Health Insurance (JKN). Financial limitations, inadequate information, and geographical barriers continue to hinder equitable healthcare utilization. This study aims to analyze the form and mechanism of collaboration between BAZNAS and BPJS Kesehatan, identify the supporting and inhibiting factors affecting its implementation, and examine its impact on expanding access to primary healthcare services for mustahik in Blitar Regency. This research employed a qualitative descriptive approach. Data were collected through in-depth interviews, observations, and documentation involving BAZNAS officials, BPJS Kesehatan officers, and mustahik beneficiaries. Data analysis was conducted through data reduction, data display, and conclusion drawing. The findings reveal that the collaboration has been institutionalized through a Memorandum of Understanding (MoU), whereby BAZNAS finances JKN premium contributions for eligible mustahik, while BPJS Kesehatan provides administrative management and healthcare services according to national regulations. The effectiveness of this collaboration is supported by institutional commitment, continuous coordination, and the availability of zakat funds. However, several obstacles remain, including incomplete data synchronization, limited public outreach, and geographical constraints affecting service accessibility. The collaboration has contributed to improving access to and utilization of primary healthcare services, reducing the financial burden on beneficiaries, and enhancing the overall welfare of mustahik. Therefore, strengthening data integration, coordination, and program evaluation is essential to ensure the sustainability and broader impact of this collaborative governance model.
Food Court Services as a Support For The Implementation of the Religreen
Program ReliGreen adalah rencana pengembangan kampus hijau berdasarkan ekoteologi Islam yang membutuhkan dukungan dari berbagai layanan kampus, termasuk food court. Penelitian sebelumnya tentang ruang makan biasanya berfokus pada kualitas layanan konvensional atau digitalisasi layanan, tetapi sedikit yang diketahui tentang bagaimana mengintegrasikan kualitas layanan, layanan digital, layanan hijau, dan layanan halal untuk mendukung pengembangan kampus hijau berdasarkan nilai-nilai Islam. Tujuan penelitian ini adalah untuk mengidentifikasi persepsi mahasiswa tentang kualitas layanan berbasis halal-thayyib, menentukan bagaimana mereka menggunakan layanan digital, dan menilai kontribusi operasional food court dalam mendukung kebijakan ReliGreen. Penelitian ini menggunakan metode deskriptif kualitatif untuk secara komprehensif meneliti persepsi dan pengalaman mahasiswa. Observasi partisipatif pasif, wawancara semi-terstruktur, dan dokumentasi dilakukan dengan tiga mahasiswa yang dipilih melalui pengambilan sampel bertujuan. Data dievaluasi menggunakan model Miles dan Huberman dan divalidasi melalui triangulasi sumber. Hasil menunjukkan bahwa integrasi layanan halal, hijau, dan digital berhasil mendukung praktik layanan yang selaras dengan prinsip keberlanjutan. Penggunaan asuransi halal berdasarkan prinsip halalan thayyiban dan menu berbasis kode QR mengurangi penggunaan kertas dan meningkatkan kepercayaan mahasiswa terhadap kualitas layanan. Selain itu, implementasi pilar ReliGreen, khususnya yang berkaitan dengan pengelolaan sampah, efisiensi energi, dan digitalisasi, didukung oleh fasilitas pemilahan sampah dan desain bangunan terbuka. Untuk mendukung implementasi ReliGreen di universitas-universitas Islam, studi ini menawarkan model konseptual inovatif yang mengintegrasikan layanan berkualitas, layanan ramah lingkungan, layanan halal, dan layanan digital ke dalam satu sistem layanan terpadu. Studi ini juga memperluas perspektif Triple Bottom Line melalui integrasi rantai nilai halal dan nilai-nilai ekoteologis Islam.
The Effect of Financial Performance and Company Size on Tax Aggressiveness
Taxes are the primary source of state revenue, playing a crucial role in financing development and improving public welfare. Although tax revenue realization in Indonesia continues to increase, the government still faces challenges in the form of tax aggressive practices by companies through tax avoidance and evasion to minimize the tax burden. This practice is triggered by a conflict of interest between companies oriented towards maximizing profits and the government's efforts to optimize state revenue. Factors such as profitability, leverage, and company size are thought to influence the tendency of companies to engage in tax aggressiveness. High profitability encourages companies to manage profits to lower tax burdens, leverage provides tax reduction benefits through debt interest expenses, while large companies have greater resources and complexity in tax planning. This study aims to analyze the effect of financial performance and company size on tax aggressiveness in food and beverage companies listed on the Indonesia Stock Exchange. The study population is 26 manufacturing companies in the food and beverage subsector listed on the Indonesia Stock Exchange (IDX) for the 2021–2023 period, selected through a purposive sampling method. This study uses quantitative methods with secondary data obtained from sustainability reports and annual reports. The data were analyzed using multiple linear regression with the help of IBM SPSS 27. The results showed that profitability influences corporate tax aggressiveness, while company size does not.
Implementation of Accounting Practices in the Financial Statements of BUMDesa Tani Unggul Based on SAK EMKM
The Financial Accounting Standards for Micro, Small, and Medium-Sized Entities (SAK EMKM) are accounting standards issued by the Indonesian Institute of Accountants (IAI) as guidelines for the preparation of financial statements for entities that are not subject to public accountability. This study aims to analyze the implementation of SAK EMKM in the financial statements of BUMDesa Tani Unggul, located in Banjardowo Village, Jombang Subdistrict, Jombang Regency. The study employs a qualitative approach with a descriptive research design. Data collection was conducted through interviews, observations, and documentation. The results of the study indicate that BUMDesa Tani Unggul has prepared a statement of financial position and an income statement; although the terminology used differs from that specified in SAK EMKM, substantively the prepared reports serve the same function as required by SAK EMKM. Furthermore, BUMDesa Tani Unggul has not yet prepared Notes to the Financial Statements (CaLK) as part of its financial statements. Therefore, it can be concluded that the application of accounting practices in the financial statements of BUMDesa Tani Unggul in Banjardowo Village does not yet fully comply with the provisions set forth in SAK EMKM.
Analysis of Leading and Potential Sectors to Boost Economic Growth as A Basis For Determining Regional Economic Development Priorities
This research is motivated by the economic growth of Blitar City, East Java, Indonesia, which has tended to be low and volatile, necessitating the identification of priority sectors for regional development. Previous studies have generally relied on a single analytical method—such as Shift-Share Analysis, Location Quotient (LQ), or Klassen Typology—providing only a partial assessment of the region's economic potential. Therefore, this study integrates these three methods to identify sectoral shifts, distinguish between base and non-base sectors, identify sectors with potential, and formulate policy recommendations. A quantitative approach with a descriptive research design was employed, utilizing secondary data on the Gross Regional Domestic Product (GRDP) of Blitar City and East Java Province at constant prices by industrial sector for the 2015–2024 period, obtained from Statistics Indonesia (BPS). Shift-Share Analysis was used to evaluate sectoral competitiveness, LQ to identify base and non-base sectors, and Klassen Typology to classify sectors with potential. The results indicate that seven sectors possess a competitive advantage, eleven are classified as base sectors, and six as non-base sectors. The accommodation and food and beverage service sector was identified as a sector with potential, as it demonstrated high growth despite a relatively low contribution to the GRDP. Integrating these three analytical methods provides a more comprehensive framework for identifying leading and potential sectors compared to using a single method, while also offering evidence-based recommendations to support more effective and sustainable regional economic development policies in Blitar City.
Analysis: Influencer Credibility and Visual Appeal on Maybelline Impulse Buying
The rapid growth of social commerce in Indonesia has transformed consumer shopping behavior, particularly among Generation Z, who demonstrate high engagement with digital content. Amid the significant expansion of the cosmetics industry, Maybelline experienced a consecutive decline in brand index performance, creating a notable gap worth investigating. This study aims to analyze the effect of Influencer Credibility and Visual Appeal of Content on Impulse Buying through Brand Trust as a mediating variable among Generation Z consumers of Maybelline lipstick products on social commerce platforms. A quantitative approach was employed using purposive sampling, targeting Generation Z consumers residing in the Greater Jakarta area who had purchased Maybelline lipstick through social commerce within the past three months. Data were analyzed using Structural Equation Modeling based on Partial Least Squares (SEM-PLS) with SmartPLS software. The findings reveal that Influencer Credibility and Visual Appeal of Content exert a significant positive effect on both Brand Trust and Impulse Buying directly. Brand Trust is also proven to positively and significantly affect Impulse Buying, while simultaneously mediating the influence of Influencer Credibility and Visual Appeal of Content on Impulse Buying. These findings indicate that influencer credibility and content visual quality are important stimuli that shape brand trust and ultimately drive impulsive purchasing behavior among Generation Z consumers within the social commerce ecosystem.
Urge to Buy as Mediator in Lawson Consumers’ Impulse Buying
This study examines how store environment and shopping enjoyment tendency influence Impulse buying behaviour at Lawson convenience stores in Jakarta, using urge to buy as a mediating variable. Guided by the Stimulus-Organism-Response (S-O-R) framework, this research explores the drivers behind unplanned retail purchases. Methodologically, primary data were collected through online questionnaires from 200 consumers who had transacted at Lawson at least twice in the past three months. The data were then analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The structural analysis shows that both store environment and shopping enjoyment tendency have positive and statistically significant direct impacts on the urge to buy. In turn, the urge to buy has a highly significant direct effect on Impulse buying behaviour. In contrast, the direct paths from store environment and shopping enjoyment tendency to Impulse buying behaviour are statistically non-significant. These results confirm that the urge to buy functions as a full mediator in this model. Therefore, external store environment and personal traits do not directly cause unplanned purchases; they depend entirely on triggering an immediate emotional urge to buy.
Empowering People With Disabilities Through Productive Zakat A Baznas Blitar Regency Intiative To Enhance The Quality Of Life Of Vulnerable Groups
Limited access to economic opportunities for people with disabilities leaves them vulnerable to social and economic disempowerment, necessitating sustainable empowerment strategies through productive zakat. This study aims to analyze the management of productive zakat for people with disabilities at BAZNAS Blitar Regency, identify the factors supporting and hindering its implementation, and examine its impact on improving the quality of life of beneficiaries. The study employed a qualitative approach using a case study design. Data were collected through in-depth interviews, observations, and documentation involving BAZNAS Blitar Regency, the Indonesian Association of People with Disabilities (PPDI) Blitar Regency, and beneficiaries with disabilities, and were subsequently analyzed through data reduction, data presentation, and the drawing and verification of conclusions. The results of the study indicate that the management of productive zakat has been implemented through the stages of planning, organizing, implementation, supervision, and evaluation, supported by needs assessments, the provision of business capital, training, mentoring, and monitoring. The program's success was supported by BAZNAS's commitment, collaboration with PPDI, active participation by beneficiaries, and training activities, while limitations in the number of mentors, human resources, and the intensity of mentoring posed the main challenges. Informants reported that the program contributed to increases in income, skills, self-confidence, independence, and social participation among people with disabilities. These findings indicate that productive zakat has the potential to be an effective empowerment tool for improving the quality of life of vulnerable groups through strengthened governance and sustainable mentoring.
Digital Governance Capability and Sustainability Performance: Empirical Evidence From Sharia-Based Msmes
This study aims to examine the effect of Digital Governance Capability on Sustainability Performance among Sharia-based Micro, Small, and Medium Enterprises (MSMEs). This study employed a quantitative approach using a survey method. Data were collected from 35 owners and managers of Sharia-based MSMEs selected through purposive sampling. The research instrument was distributed using a structured questionnaire with a five-point Likert scale. The collected data were analyzed using IBM SPSS Statistics through Pearson correlation, reliability testing using Cronbach's Alpha, and simple linear regression analysis. The results revealed a positive and significant relationship between Digital Governance Capability and Sustainability Performance, with a Pearson correlation coefficient of 0.717 (p < 0.001). The simple linear regression analysis also confirmed that Digital Governance Capability had a positive and significant effect on Sustainability Performance. The coefficient of determination (R² = 0.515) indicates that Digital Governance Capability explains 51.5% of the variance in Sustainability Performance, while the remaining 48.5% is influenced by other factors outside the research model. The findings indicate that strengthening Digital Governance Capability through digital leadership, digital strategy, digital risk management, digital compliance, and data governance can significantly enhance the sustainability performance of Sharia-based MSMEs. These results provide practical implications for policymakers and MSME stakeholders in designing digital governance strategies to support sustainable business development and contribute to the achievement of the Sustainable Development Goals (SDGs).
The Influence of Digital-Based Islamic Financial Literacy on Family Financial Planning among Housewives in Sumedang Regency
This study aims to analyze the influence of digital-based Islamic financial literacy on family financial planning among housewives. This explanatory quantitative study was carried out using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) approach through Smart-PLS, involving 52 housewives as respondents. A Likert-scale questionnaire served as the primary data collection instrument. All constructs demonstrated satisfactory reliability and validity, as detailed in the Results section. The R-square value of 0.478 indicates that digital Islamic financial literacy accounts for 47.8% of the variance in family financial planning, while the f-square value of 0.916 reflects a large effect size. Furthermore, the path coefficient from X to Y was 0.691 (T-statistic = 13.752; p = 0.000), indicating a positive and statistically significant relationship. The findings reveal that digital-based Islamic financial literacy has a positive and significant influence on family financial planning among housewives. These findings offer practical relevance for policymakers, Islamic financial institutions, and digital financial education providers seeking to strengthen household economic resilience through targeted digital Islamic financial literacy initiatives
Market Reaction to IPO Proceeds Used for Debt Repayment
Penelitian ini mengkaji apakah pengungkapan penggunaan dana IPO untuk pembayaran utang memicu reaksi pasar di antara perusahaan-perusahaan yang melakukan Penawaran Umum Perdana (IPO) di Bursa Efek Indonesia selama tahun 2023–2025. Penelitian ini menggunakan pendekatan studi peristiwa untuk menyelidiki apakah informasi mengenai penggunaan dana IPO untuk pembayaran utang mengandung konten informasi yang memengaruhi reaksi investor. Sampel penelitian terdiri dari 24 perusahaan yang dipilih menggunakan purposive sampling berdasarkan prospektus IPO yang mengungkapkan pembayaran utang sebagai salah satu penggunaan dana yang dimaksud. Reaksi pasar diukur menggunakan Cumulative Abnormal Return (CAR) selama dua periode observasi, yaitu lima hari dan sepuluh hari setelah tanggal pencatatan IPO. Analisis data meliputi statistik deskriptif, uji normalitas Shapiro–Wilk, Uji Peringkat Bertanda Wilcoxon Satu Sampel, dan Uji Peringkat Bertanda Wilcoxon. Hasil penelitian menunjukkan bahwa penggunaan dana IPO untuk pembayaran utang memicu reaksi pasar yang signifikan selama kedua periode observasi. Namun, tidak ditemukan perbedaan signifikan antara reaksi pasar yang diamati dalam lima hari dan sepuluh hari setelah IPO. Temuan ini menunjukkan bahwa investor merespons informasi mengenai pembayaran utang segera setelah tanggal pencatatan saham, dan reaksi tersebut tetap relatif stabil selama periode perdagangan pasca-IPO awal. Kata kunci: Penawaran Saham Perdana, Pembayaran Utang, Studi Peristiwa, Reaksi Pasar, Pengembalian Abnormal Kumulatif.
Long-Term Debt and Sales Growth Effects on Return on Assets
This study examines the effect of Long-Term Debt (LTD) and Sales Growth (SG) on Return on Assets (ROA) in telecommunication sub-sector companies listed on the Indonesia Stock Exchange (IDX) during 2022–2024. A quantitative causal-associative approach was employed using secondary data from 17 telecommunication companies listed on the IDX. After adjusting for lagged data requirements (Sales Growth calculation), the final sample consisted of 34 firm-year observations during 2023–2024. Panel data regression analysis was performed using EViews 12. The Fixed Effect Model (FEM) was selected through the Chow and Hausman tests, followed by the t-test, F-test, and Adjusted R². Long-Term Debt has a significant negative effect on ROA (β = −1.934; p = 0.0010), whereas Sales Growth has a positive but insignificant effect (β = 0.139; p = 0.5694). Simultaneously, Long-Term Debt and Sales Growth do not have a statistically significant joint effect on ROA at the 5% level (Prob (F-statistic) = 0.0553). The model explains 41.34% of the variation in ROA (Adjusted R² = 0.4134). Long-Term Debt plays a more vital role in managing profitability than Sales Growth. However, given the marginally non-significant simultaneous effect, the combined influence of these variables warrants cautious interpretation when formulating broader corporate policies.
Analysis of Accountability and Transparency of Financial Reports of the National Amil Zakat Agency (BAZNAS) of Jombang Regency from the Perspective of PSAK 109
This study aims to analyze the implementation of PSAK 109 and examine the accountability and transparency of financial statements at the National Amil Zakat Agency (BAZNAS) of Jombang Regency. This research employed a qualitative approach with a descriptive method. The data were collected through interviews with the Head of BAZNAS, the finance department, and the distribution department. The data collection was supported by documentation in the form of financial statements and observations of the financial reporting process. Data analysis was conducted using the Miles and Huberman interactive model, which consists of data collection, data reduction, data display, and conclusion drawing. The findings indicate that BAZNAS Jombang Regency has implemented PSAK 109 in preparing its financial statements by presenting the statement of financial position, statement of changes in funds, statement of changes in managed assets, statement of cash flows, and notes to the financial statements. In terms of accountability, BAZNAS has managed zakat funds based on the principles of honesty, compliance with regulations, accountability in fund management processes, program accountability, and institutional policy accountability. In terms of transparency, BAZNAS has published its financial statements, provided open access to information for muzakki (zakat contributors), facilitated access to information for stakeholders, and prepared periodic reports. However, the study also found several challenges that hinder the preparation of financial statements, as well as obstacles encountered in the distribution process that require further improvement. Therefore, continuous efforts are needed to enhance the quality of financial reporting and strengthen transparency and accountability in zakat fund management.
The Digital Transformation of Gotong Royong: Analyzing Kitabisa.com as Cultural Adaptation in Crowdfunding
Indonesia, with its cultural diversity and strong tradition of cooperation, has great potential to adopt the crowdfunding model. Cooperation, which is a core value in Indonesian society, reflects a spirit of solidarity and collaboration. With the increasing reliance of Indonesian society on technology in daily life, it is important to explore how crowdfunding platforms can contribute to social and economic development. The purpose of this research is to represent the digital phenomenon that has a positive role for the Indonesian people who have the cultural adaptation of cooperation. In this context, crowdfunding platforms such as Kitabisa.com emerge as a bridge connecting the spirit of Islamic Economy with modern technology. The method used in this research is a field study by conducting an analysis approach through content analysis. The results of this study indicate that Kitabisa.com not only offers a crowdfunding platform but also reinforces the principle of cooperation, which is the core of Indonesia's social values. Additionally, Islamic economic values play a role in enhancing community participation in achieving common goals and sustainable social development. The Kitabisa.com platform can create deeper impacts because it better understands the social and cultural context of Indonesian society and effectively utilizes local networks and communities.
The Influence of Digital Competence and System Ease of Use on Employee Performance in Utilizing the MySIMKARI Application at the North Sumatra High Prosecutor's
This study aims to analyze the influence of digital competence and ease of use of the system on employee performance in utilizing the MySIMKARI application at the North Sumatra High Prosecutor's Office, both partially and simultaneously. This study uses a quantitative approach with a causal associative research nature. The study population is all employees of the North Sumatra High Prosecutor's Office who use the MySIMKARI application in carrying out their daily tasks, with a sample of 86 respondents determined using the Slovin formula. Data were collected through a Likert-scale questionnaire and analyzed using multiple linear regression techniques with the help of SPSS software version 26. The results of the study indicate that digital competence has a positive and significant effect on employee performance, ease of use of the system has a positive and significant effect on employee performance, and both variables simultaneously have a positive and significant effect on employee performance with a contribution of 48.0 percent, while the rest is influenced by other factors outside this research model. These findings indicate that improving employee digital competence and simplifying the display and procedures for using the MySIMKARI application need to be a primary concern for the leadership of the North Sumatra High Prosecutor's Office in order to encourage the optimization of employee performance in supporting digital-based bureaucratic reform.
Beyond the Target: Macroeconomic Determinants of Inflation and Implications for The Creative Economy in Indonesia
This study is motivated by the persistent discrepancy between Bank Indonesia's inflation target and actual inflation in Indonesia during the 2019–2024 period. Notable inflation fluctuations - particularly the sharp spike to 5.51% in 2022 driven by global geopolitical conflict, and the unusually low inflation of 1.57% in 2024 reflecting weakened public purchasing power - underscore the need for an in-depth examination of the macroeconomic determinants of inflation. Inflation stability supports the creative economy sector: for several sub-sectors that depend on imported raw materials, exchange rate stability also helps contain fluctuations in production costs. This study aims to determine the short-run and long-run effects of money supply, exports, imports, interest rates, and exchange rates on inflation in Indonesia. A quantitative associative approach was employed using monthly time-series data for the period January 2019 - December 2024 (n = 72 observations), analyzed using the Error Correction Model (ECM) with the assistance of E-Views 10. The results show that money supply has a significant negative effect on inflation in the long run, while exports and interest rates have a significant positive effect in the long run. Imports and exchange rates have a positive but insignificant effect in the long run. In the short run, none of the variables have a significant effect on inflation. These findings indicate that the productive distribution of liquidity by Bank Indonesia has successfully curbed price pressures, while structural export growth and anticipatory interest rate policy are the main drivers of long-run inflation.
The Role of Social Media in Supporting Digital Business: A Literature Review
Digital transformation has changed communication patterns and marketing strategies in the business world. Social media has emerged as a key instrument in supporting digital business development by improving communication, marketing, and consumer engagement. This study aims to analyze the role of social media in supporting digital business through a systematic literature review approach. Resources were obtained from various scientific journals and academic references relevant to the study topic. The results show that social media plays a strategic role as a means of two-way communication, a digital marketing tool, and an instrument for building brand awareness and customer engagement. Furthermore, social media analytics features can assist companies in data-driven decision-making. For MSMEs, social media is an efficient marketing solution due to its easy access and low cost. However, challenges arise such as the need for digital literacy, consistent content management, and data security risks. Overall, social media significantly contributes to increasing the competitiveness and sustainability of digital businesses in the technology-driven economy.
Entrepreneurial Incentives for Skilled Diaspora Return in Azerbaijan
This study examines whether entrepreneurship-oriented incentives can support the return of skilled Azerbaijani diaspora members. It addresses a policy gap by comparing business start-up support with conventional employment-related incentives. The empirical analysis draws on a cross-sectional survey of 162 Azerbaijani citizens living abroad. Responses were measured on a five-point Likert scale and assessed using descriptive and comparative analysis. The findings show that 30.2% agreed that practical support for establishing a business in Azerbaijan would accelerate their return decision, while 25.9% were neutral and 43.9% disagreed. Entrepreneurial support attracted substantially less endorsement than competitive salaries aligned with qualifications (62.9%), transparent recruitment (58.0%), and faster recognition of foreign qualifications and professional experience (63.6%). These results indicate that business support should not be treated as a universal instrument for diaspora return. It is better understood as a targeted incentive for potential returnees who possess business experience, investment resources, or a credible entrepreneurial plan. The study concludes that Azerbaijan should combine general labour-market reforms with a selective diaspora entrepreneurship package comprising start-up finance, simplified administrative procedures, mentoring, investment guidance, and post-return advisory support. Such policy differentiation can strengthen the economic contribution of return migration by linking human-capital reintegration with new business formation, knowledge transfer, and employment creation.