This study measures and compares economic resilience across 17 selected economies from 2015 to 2024 by constructing a multidimensional Economic Resilience Index (ERI). The index consists of nine indicators covering seven dimensions: economic, human, labour-market, financial, institutional, structural, and external capacities. Using secondary panel data, the ERI is developed through the Entropy Weight Method (EWM), while GIS analysis visualizes geographical differences and changes in resilience between 2015 and 2024. The results reveal substantial variation in resilience levels and dynamics across economies. Domestic Credit to the Private Sector receives the highest entropy weight, followed by Control of Corruption, Employment to Population Ratio, and Government Effectiveness, indicating the importance of financial, institutional, and labour-market factors. Based on the average ERI for 2015–2024, the United Arab Emirates records the highest resilience, followed by South Korea and Saudi Arabia. However, Saudi Arabia shows the largest improvement over the period, while Brazil experiences the greatest decline. GIS results further highlight clear geographical disparities in resilience. Overall, the findings confirm the multidimensional nature of economic resilience and underline the importance of stronger financial systems, institutions, labour markets, and productive structures for long-term economic adaptability. These results provide useful evidence for policymakers designing resilience-oriented development strategies globally.
This paper examines how investors behave in the Dar es Salaam Stock Exchange (DSE), with a focus on their tendency to follow others when making investment decisions. Based on survey data from 356 investors, the study uses Partial Least Squares Structural Equation Modeling (PLS-SEM) to explore how psychological, demographic, and informational factors shape herding behaviour. The results reveal that psychological traits including risk aversion, overconfidence, and trust in peers together with the market information environment, have a strong and significant effect on herding. In contrast, demographic factors such as age, education, and income show only weak influence. In the presence of limited information and uncertainty, psychological biases have more significance, hence making the investors base their decision on the actions of other people instead of their independent analysis. Such collective behaviour creates mispricing in the market, leading to inefficiency and poor investment performance. According to the findings of the paper, information transparency and better awareness of the investors would be effective in preventing herding behaviour.
This study examines how greenhouse gas (GHG) emissions mediate the relationships between per capita energy consumption, exports, foreign direct investment (FDI), and economic growth in the ASEAN-5 economies. A panel of Indonesia, Malaysia, the Philippines, Singapore, and Thailand from 1991 to 2023 is estimated using two linked panel-regression equations. Estimator selection follows the Chow and Hausman tests, and indirect effects are evaluated using the Sobel product-of-coefficients test. The results show that per capita energy consumption and FDI significantly increase GHG emissions, whereas exports reduce them. In the growth equation, energy consumption and exports have negative direct associations at the 10 percent level, FDI has a positive association at the 5 percent level, and GHG emissions have a negative association at the 5 percent level. All three indirect effects are statistically significant, the emission channel reinforces the negative relationship between energy and growth, offsets part of the negative relationship between exports and growth, and reduces the positive contribution of FDI to growth. The study's main contribution is to demonstrate that a common environmental mediator operates differently across major growth drivers. The findings support ASEAN strategies centered on energy productivity, low-carbon export upgrading, green-FDI screening, and interoperable regional carbon-management frameworks.
This study aims to determine the influence of visionary leadership, motivation, and organizational culture on employee performance at the Regional Finance Agency of Pagar Alam City. The research sample amounted to 70 employees of the Regional Finance Agency of Pagar Alam City. The data collection method was carried out through the distribution of questionnaires to respondents. The type of research used is quantitative research with multiple linear regression analysis to test the influence of independent variables on dependent variables. The results of the study show that visionary leadership, work motivation, and organizational culture have a positive and significant effect on employee performance. These findings show that the improvement in the performance of employees of the Pagar Alam City Regional Finance Agency is influenced by the clarity of the vision communicated by the leader, the work motivation that encourages employees to carry out their duties, and the existing organizational culture. This study recommends the importance of strengthening the role of visionary leadership, efforts to increase motivation, and organizational culture in order to support the effectiveness of organizational performance.
The moderating effect of the two variables, namely institutional quality and monetary policy, in the link between manufacturing sector performance and economic development in Nigeria between the period 2000Q1 and 2024Q4, have been investigated in this study. The results from the use of the ARDL framework to the quarterly time series data indicates that the path dependent growth theories are supported by the findings, since economic development from the past has significant impact on the current economic development. The manufacturing sector has a positive and statistically significant impact on the Human Development Index (HDI). Of particular interest, real interest rates exhibit a stronger effect on economic development via the manufacturing sector channels than broad money supply (M2). The institutional quality variable (regulatory quality) does not have a statistically significant moderating effect, indicating a lack of institutional quality in implementing governance in developing economies. The results support the Rostow's stage theory as these findings quantify the intertemporal spillover effects of development and shed light on monetary policy transmission heterogeneity in the endogenous growth field. There is a special focus on interest rate targeting to stimulate manufacturing investment and institutional mechanisms to guarantee developmental continuity in policy recommendations.
This study develops an Islamic financing model designed for the independent oil palm smallholders in West Pasaman, Indonesia that supports sustainable intensification. Using the Research and Development (R&D) approach of design science, combining survey and interview data from 187 farmers and 15 expert informants respectively. The findings demonstrate that the economically viable sustainable intensification of oil palm smallholders in West Pasaman is challenged by a lack of adequate planting material, poor financing, and limited technical capabilities coupled with fragmented institutional coordination. However, there is considerable potential in the region for oil palm-cattle integration and for intercropping. The study proposes a financing model that integrates Islamic commercial and social finance with technical support and institutional collaboration. This study contributes to existing financing literature by asserting that Islamic finance is a source of capital collaboration mechanism for oil palm smallholders to shift toward more sustainable in farming intensification systems.
This study aims to examine the effect of transfer pricing on tunneling practices by considering the role of female directors as a moderating variable. Using a quantitative approach with a sample of 265 observations of non-financial companies listed on the Indonesia Stock Exchange for the 2019–2023 period, this study applies linear regression analysis and Moderated Regression Analysis (MRA). The results show that transfer pricing has no significant effect on tunneling. However, female directors have been shown to significantly moderate the relationship by strengthening oversight mechanisms, thereby suppressing the potential for tunneling. This study's contribution lies in integrating agency theory and gender diversity to explain companies' opportunistic behavior in developing countries. In practice, these findings emphasize the importance of gender diversity in strengthening corporate governance and reducing the risk of financial policy abuse.
This study examined the effect of cultural intelligence on the work engagement of employees in MTN operating in Lagos State. It specifically assessed the influence of cognitive, metacognitive, motivational, and behavioural cultural intelligence on employee work engagement. A correlational cross-sectional survey research design was adopted. The population comprised 372 employees across MTN service centres in Lagos State, and a census approach was used. Data were collected through a structured questionnaire and analysed using descriptive statistics, including means and standard deviations, as well as multiple regression analysis to test the hypotheses. The findings revealed that metacognitive cultural intelligence had the strongest positive influence on work engagement (β = .771, p < 0.05), followed by cognitive cultural intelligence (β = .514, p < 0.05) and behavioural cultural intelligence (β= .313, p < 0.05). However, motivational cultural intelligence showed no significant effect (β= -.132, p > 0.05). The study concludes that developing multiple dimensions of cultural intelligence simultaneously enhances employee work engagement more effectively than focusing on individual dimensions. It recommended that organizations implement comprehensive cultural intelligence training programs to improve engagement.
The Israeli–Palestinian conflict represents a major geopolitical event that can trigger uncertainty and volatility in global financial markets. This study investigates the impact of the conflict on investor sentiment and stock returns by comparing the stability of sharia and conventional stock markets in five Southeast Asian countries (Indonesia, Malaysia, Singapore, Thailand, and the Philippines). Using an event study approach with a 101-day event window surrounding October 7, 2023, this study examines abnormal returns before and after the conflict escalation. The findings reveal that conventional stock markets exhibit more frequent significant abnormal returns, indicating higher sensitivity to geopolitical shocks, whereas sharia stock markets demonstrate greater stability with fewer significant reactions. Furthermore, while no significant difference in abnormal returns is found in conventional markets before and after the event, sharia markets show a significant difference, suggesting a more controlled but responsive reaction to new information. These results extend the risk-as-feelings theory by showing that emotional responses to geopolitical uncertainty are more contained within sharia-compliant investment frameworks. The study contributes to the literature by providing comparative evidence from Southeast Asia and offers practical insights for investors seeking more resilient investment strategies during periods of geopolitical instability.
This study undertakes a comprehensive assessment of Palembang’s industrial agglomeration performance while also map policy interventions required to strengthen future outcomes. Using a mixed-method approach, we construct a five-dimensional Industrial Agglomeration Index: Capital Access (CAP), Infrastructure (INF), Local Market Conditions (LOM), Labor Availability (LAB), and Living Quality (HDI), to later examine its relationship with Palembang’s Balassa Index over 2015–2024. Despite Palembang’s poor performance when being compared nationwide, quantitative findings instead reveal a positive transformation within the city’s manufactures, with the Index rising from -0.133 to 0.609 under a 10-year observation span. However, when being deepened from each dimension, progress remains uneven; LOM, INF, and LAB exhibit persistent volatility. Regression analysis uncovers a significant one-to two-year temporal lag between agglomeration conditions and realized industrial performance. Qualitative insights from stakeholder interviews identify three priority interventions: sustained infrastructure investment, local market development, and labor market stabilization. The findings demonstrate that effective agglomeration policy requires coordinated, multi-dimensional attention and a medium-term evaluation horizon to deliver inclusive growth. Those requirement becomes really urgent for a city like Palembang to increase their manufacturing power and achieve stable economic growth.
This study examines the impact of unemployment, the Human Development Index (HDI), and internet penetration on income inequality in six provinces of the Sulawesi region during 2019–2023. Inclusive development remains a major pillar of Indonesia’s strategy to achieve the Sustainable Development Goals (SDGs) by 2030. However, income inequality continues to pose serious challenges, particularly in Sulawesi, where several provinces record some of the highest Gini ratios in the country. Using panel data regression with a Fixed Effects Model, this research finds that unemployment and HDI have negative but statistically insignificant effects on income inequality, while internet penetration significantly reduces inequality. When considered jointly, the three variables have a significant influence on income inequality in the Sulawesi region. The findings underscore the essential role of digital inclusion, improved human development, and effective labor market policies in promoting balanced and inclusive regional economic growth in Indonesia.
This research examines the determinants of banking stability in six ASEAN countries (2019-2023) using a microprudential framework. Analyzing 438 commercial banks through Fixed Effect Models, we measure stability via Z-Score (insolvency risk) and NPL ratio (credit risk). Results identify ROA as the most influential determinant—positively affecting Z-Score while reducing NPL—confirming profitability's crucial role in stability. Bank size negatively impacts both stability measures, suggesting larger institutions face systemic vulnerabilities despite their risk absorption capacity. Inflation enhances Z-Score, while GDP growth reduces NPL. Capital adequacy (CAR), liquidity (LDR), and efficiency (BOPO) show no significant effects. These findings emphasize that profitability management and strategic scaling are pivotal for enhancing financial resilience in ASEAN's banking sector.
The financial literacy ability of housewives describes the ability to manage family finances.The age, financial knowledge, financial attitudes, income, education, and occupation of housewivesall influence their ability to develop financial literacy. This study was conducted to assess the financial literacy abilities of housewivesin managing family finances using a descriptive quantitative approach. Providing insight to housewives in Palembang City on the importance of understanding financial literacy. The findings illustrate that of the six factors influencing the financial literacy of housewives; age has a significant impact on the financial literacy of housewives. Therefore, the financial management of housewives will be better if they can achieve a high level of financial literacy.
This study was conducted to analyze the influence of digital marketing on purchase decisions, both directly and indirectly with the mediation variables of Relationship Marketing on prospective car buyers in South Sumatra. The Structural Equation Modeling (SEM) process is carried out using SmartPLS. The results empirically show that digital marketing has a strong positive effect on relationships (path coefficient = 0.978; p < 0.001). The impact of digital marketing on purchase decisions was 0.212 (p < 0.001), followed by relationship marketing with a coefficient value of 0.759 (p<.000). Relationship marketing mediates the influence of digital marketing on purchase decisions with an indirect impact of 0.742 (P <.001). The findings from this study point to something new for automotive industry professionals looking to blend digital marketing and relationships to strengthen consumer purchase decisions. This study also adds to the literature on the Mediation model in the context of marketing and sales
This study analyzes the influence of geopolitical risk (GPR), non-renewable energy consumption (NRE), trade liberalization (TR), and industrialization (IDS) on environmental sustainability (SDI) in Indonesia for the period 1980–2023 using the VECM model. The results show that NRE and IDS have a long-term negative effect on SDI, TR has a positive effect, while GPR is insignificant. Granger causality tests indicate a bidirectional relationship between NRE and SDI, while variance decomposition results show that SDI is most influenced by itself and NRE (20%). The IRF analysis reveals that shocks to the main variables can be stabilized around the 30th period, indicating the structural adaptability of the economy and the environment. This finding confirms the existence of a feedback effect between energy and the environment, where dependence on fossil fuels worsens environmental quality. This study recommends a transition to clean energy and strengthening green industrial policies to maintain environmental sustainability.
To comply with stringent IFRS 17 implementation standards in the insurance industry, Tugu Insurance has critically utilized the Tugu Insurance Core System (TICS) since January 2024 to enhance data collection process and data accuracy. This study addresses TICS's initial usability limitations impeding efficient policy data input. A User-Centered Design approach, employing mixed quantitative (System Usability Scale [SUS], Post-Study System Usability Questionnaire [PSSUQ]) and qualitative methods, evaluated the system. Sixteen respondents completed questionnaires; ten participated in testing. The proposed design, guided by Nielsen’s, Marenkov’s, and Schneiderman’s usability standards, significantly improved performance. SUS scores rose from 50.8 (Grade F, Poor) to 77.8 (Grade B+, Good). PSSUQ mean scores also increased across all categories: overall (2.76), system usefulness (2.70), information quality (2.82), and interface quality (2.63), all exceeding thresholds. These findings underscore how improved TICS usability directly supports Tugu Insurance's mandate for accelerated, accurate data processing, essential for IFRS 17 compliance.
This study analyzes the determinants influencing Tanzania’s rice exports to East African Community (EAC) markets from 2015 to 2024, focusing on the impact of Non-Tariff Barriers (NTBs) and environmental factors. Utilizing a longitudinal approach and the Vector Error Correction Model (VECM), the study draws on time series data from FAOSTAT, UN COMTRADE, and EAC trade reports. Findings reveal that rice exports are positively affected by exchange rate dynamics, international rice prices, domestic production levels, and GDP growth in importing countries, while NTBs (−0.41) and climate variability (−0.36) exert significant negative effect on rice export performance. The study recommends strategic investments in irrigation, mechanization, and climate-resilient rice varieties to enhance production stability, alongside policy reforms aimed at harmonizing standards, minimizing administrative bottlenecks, and streamlining customs procedures to facilitate regional trade and boost export competitiveness.
Abstract:This phenomenological study aims to obtain empirical evidence on the role of government internal auditors from the perspective of Ki Hajar Dewantara's philosophy, namely Ing Ngarsa Sung Tuladha, Ing Madya Mangun Karsa, and Tut Wuri Handayani. Interviews were conducted with several informants namely role givers, role recipients, and cultural figures, exploring the meaning of the philosophy. The results of the study found that government internal auditors have carried out their roles in accordance with the meaning of Ki Hajar Dewantara's philosophy. The role as a consultant and catalyst is demonstrated through exemplary behavior by providing an exemplary attitude of integrity as exemplified as well as providing direction and guidance. This can make government internal auditors the front guard in preventing fraud. Key word : Government internal auditor, Ki Hajar Dewantara's philosophy, phenomenology
Education is often associated with the main key to efforts to accelerate a country's economic growth. In realizing the vision of Golden Indonesia 2045, Indonesia faces the challenge of improving the quality of human resources through better education. Disparities in access and quality of education between regions can become an obstacle to economic growth in Indonesia. This study analyzes GRDP output across 34 provinces from 2013 to 2023, focusing on labor, capital, and education as key production factors. Using General Nesting Spatial (GNS) regression, the findings indicate that independent variables, spatial lags, and spatial errors significantly influence economic growth. Notably, years of education impact growth both directly (negatively) and indirectly (positively). The study highlights the need for equitable access to quality education as a strategy for sustainable economic growth in Indonesia.
This study was conducted to analyze the influence of digital marketing on purchase decisions, both directly and indirectly with the mediation variables of Relationship Marketing on car customers in South Sumatra. The Structural Equation Modeling (SEM) process is carried out using SmartPLS. The results empirically show that digital marketing has a strong positive effect on relationships (path coefficient = 0.978; p < 0.001). The impact of digital marketing on purchase decisions was 0.212 (p < 0.001), followed by relationship marketing with a coefficient value of 0.759 (p<.000). Relationship marketing mediates the influence of digital marketing on purchasing decisions with an indirect impact of 0.742 (P <.001). The findings from this study point to something new for automotive industry professionals looking to blend digital marketing and relationships to strengthen consumer purchasing decisions. This study also adds to the literature on the Mediation model in the context of marketing and sales.
