Journal Of Economic Cluster

Capital Structure, Growth Opportunity, and Firm Value: Dynamic Insights from the Indonesian Food and Beverage Industry

Dani Lismanto — 2026-06-30

This study examines how capital structure and growth opportunities affected the firm value of Food and Beverage (F&B) companies on the Indonesia Stock Exchange during the volatile 2019–2023 period. While the COVID-19 pandemic disrupted consumer markets, the strategic balance between debt financing and growth potential in maintaining market confidence remains underexplored. Using a causal quantitative approach with purposive sampling, this study analyzed 25 firm-year observations from 5 consistently active companies using Multiple Linear Regression. The empirical results indicate that capital structure has a positive and significant effect on firm value, whereas growth opportunities do not have a significant effect on firm value. Simultaneously, both variables explain 34.6% of the variance in firm value. These findings imply that during economic crises, investors prioritize robust corporate financing strategies over long-term expansion projects. Consequently, F&B managers should focus on optimizing debt-to-equity ratios rather than aggressive scaling to maintain market confidence and protect investor returns during volatile periods.

Tax Avoidance and Its Implications on the Cost of Debt: Evidence from the Indonesian Property and Real Estate Sector

Mohammad Caesar — 2026-06-30

Tax avoidance is a legal strategy used by companies to reduce tax liabilities by exploiting loopholes in tax regulations. Meanwhile, the cost of debt reflects the costs that companies must bear for using debt. This study aims to analyze the effect of tax avoidance on the cost of debt in property and real estate companies listed on the Indonesia Stock Exchange (IDX) in the 2021–2023 period. This study uses a quantitative method with secondary data from the financial statements of 13 property and real estate companies listed on the IDX. Data analysis techniques include classical assumption tests, simple linear regression analysis, and hypothesis testing using SPSS software version 24. The results show that tax avoidance has no significant negative effect on the cost of debt, with the calculated t-value (-0.773) smaller than the t-table (2.006) and a specific significance level (p-value = 0.443). In addition, the coefficient of determination (R²) value of 0.012 indicates that tax avoidance only explains 1.2% of the variation in the cost of debt, while 98.8% is influenced by other factors. This conclusion indicates that tax avoidance strategies do not significantly affect the company's cost of debt. This occurs because creditors in the capital-intensive property sector tend to ignore tax strategies and focus more heavily on hard assets or physical collateral to mitigate default risks, making corporate tax avoidance less relevant in debt pricing decisions.

Tax Knowledge and Policy Implementation as Determinants of Hotel Taxpayer Compliance: Evidence from the Serpong Tax Office

Indra Tribuana Putra — 2026-06-30

This study examines the role of tax knowledge and policy implementation in shaping hotel taxpayer compliance at the Serpong Tax Office. While national tax compliance rates show improvement, local-level enforcement and compliance in specific service sectors, such as hospitality, remain under-researched, leaving a critical gap in regional revenue optimization. Using a quantitative explanatory design, the research included 81 hotels and lodgings as the population, with saturated sampling. Primary data were collected through questionnaires and interviews, supported by secondary sources. Data analysis employed classical assumption tests and multiple regression using SPSS 20. The findings reveal that tax knowledge has a positive and significant effect on taxpayer compliance (t = 3.749, p < 0.05). Policy implementation also shows a positive and significant effect (t = 3.479, p < 0.05). Simultaneously, both variables strongly influence compliance (F = 176.939, p < 0.05), with an R² of 0.819, indicating that 81.9% of compliance variation is explained by these factors. This study highlights the critical role of taxpayer knowledge and consistent policy implementation in enhancing compliance. Practically, it implies that regional tax authorities must move beyond generic dissemination by implementing targeted digital workshops, integrating e-filing tailored for hospitality businesses, and enforcing transparent bureaucratic procedures to directly minimize local administrative friction.

The Effect of Cash Turnover and Operating Income on Net Profit at PT Bumi Resources Tbk

Restian Dwi Wijaya — 2026-06-30

This study analyzes the partial and simultaneous effects of cash turnover and operating income on net profit at PT Bumi Resources Tbk from 2013 to 2023. Employing a quantitative associative design, this research utilizes audited financial statement data from the Indonesia Stock Exchange, processed via multiple linear regression analysis. The novelty lies in examining the sensitivity of a systemic mining giant's profitability amid post-pandemic global commodity price volatility and regulatory shifts. The results reveal that cash turnover has a negative and significant effect on net profit, indicating transactional inefficiencies during rapid cash cycles. Conversely, operating income has a negative but non-significant effect, proving that top-line growth fails to secure profitability when eroded by soaring operational cost overruns. Simultaneously, both variables exert a positive and significant impact, explaining 66.8% of the net profit variance. This underscores the critical need for integrated capital governance to navigate market shocks.

Determinants of Financial Performance in Energy Sector State-Owned Enterprises: Evidence from PT. PLN (Persero)

Wahyu Nugroho — 2026-06-30

This study aims to determine and examine the simultaneous and partial effects of operating costs (measured by BOPO) and liquidity (measured by Current Ratio) on the financial performance (measured by Return on Assets/ROA) of PT. PLN (Persero). The research population and sample consist of the quarterly financial report data of PT. PLN (Persero) from 2017 (Q3) to 2024 (Q4), comprising 30 quarterly observations selected through a saturated sampling method. Data were obtained from official financial publications and analyzed using multiple linear regression. The empirical results indicate that operating costs (BOPO) have a negative and significant effect on financial performance, while liquidity (Current Ratio) has a positive and significant effect on financial performance. Simultaneously, operating costs and liquidity exert a significant influence on financial performance, as evidenced by an F-statistic value of 119.86 (p < 0.05) and a high R-Square of 0.899. These findings imply that the financial performance of PT. PLN (Persero) is highly sensitive to operational efficiency and short-term asset management, suggesting that corporate strategies must prioritize suppressing the BOPO ratio and maintaining an optimal current ratio to ensure sustainable profit growth.

Bridging the Digital Divide with Spirituality: Social Commerce and Sharia Marketing Ethics among Rural Culinary MSMEs

Anisa Fitri — 2026-07-06

Digital transformation in rural areas is frequently confronted with the characteristics of agrarian communities and infrastructural limitations. This study aims to analyze the contribution of digital marketing strategies toward increasing the revenue of culinary MSMEs in Mekarsari Village, map out the structural obstacles faced, and evaluate the alignment of these digital business operations with the principles of Sharia Marketing Ethics. Utilizing a qualitative approach with a descriptive-analytical design, data were gathered through in-depth interviews with three key informants, social media observations, and source triangulation. The results indicate that the adoption of simple social media platforms (WhatsApp and Facebook) significantly increased self-reported estimated monthly net revenue by IDR 2,500,000 to IDR 5,000,000 through the optimization of hyper-local social network effects and communal bulk orders. However, this implementation remains suboptimal due to structural constraints such as internet signal instability, low digital literacy, and a lack of formal training. From an Islamic economic perspective, the digital marketing activities of these business actors have internalized the values of siddiq, amanah, tabligh, and fathanah. Nonetheless, a gap persists within the formal-legality dimension, as none of the MSMEs possess an official Halal Certification from BPJPH. Theoretically, this study offers a novel contribution by bridging the gap between basic technology adoption and spiritual values. It extends the Digital Empowerment Theory by demonstrating that low-complexity social commerce, when embedded in strong rural social capital, effectively drives micro-level economic resilience. Furthermore, it enriches Islamic marketing literature by conceptualizing how Sharia ethics operate substantively in informal digital ecosystems before formal halal institutionalization. Practically, this study implies the importance of local government synergy in strengthening digital literacy and facilitating halal legality to foster spirituality-based rural economic sustainability.

Beyond Technical Skills: The Full Mediation of Self-Efficacy in the Relationship between Employability Skills and Work Readiness

Arlita Wulandari — 2026-07-06

This study aims to analyze the effect of employability skills on student work readiness with self-efficacy as a mediating variable. The subjects of this study were undergraduate (S1) students of the Management Study Program, Class of 2022, at Universitas Bhayangkara Jakarta Raya. The study used a quantitative approach with an explanatory design. The population consisted of 349 students, with an explicit sample size of N = 78 respondents determined using the Slovin formula and selected via a simple random sampling technique. Data were collected through a Likert-scale questionnaire and analyzed using Path Analysis with Partial Least Squares (PLS) Structural Equation Modeling (SEM) using SmartPLS 3.0 software. The results showed that employability skills did not have a significant direct effect on work readiness (coefficient 0.053, p-value 0.763). However, employability skills had a positive and significant effect on self-efficacy (coefficient 0.760, p-value 0.000), and self-efficacy had a positive and significant effect on work readiness (coefficient 0.685, p-value 0.000). Furthermore, self-efficacy positively and significantly mediated the effect of employability skills on work readiness (coefficient 0.521, p-value 0.000). This finding suggests that improving student work readiness is more effectively achieved through strengthening self-efficacy as a psychological mechanism that bridges employability skills with work readiness.

Resilience of FDI Inflows Against Global Economic Shocks: Evidence from BRICS and ASEAN 5 Countries

Darussalam — 2026-07-06

Foreign Direct Investment (FDI) drives emerging markets but faces increasing global volatility due to macroeconomic instability. This study analyzes and compares FDI resilience between BRICS and ASEAN 5 during the Eurozone Crisis (2012–2013) and the COVID-19 pandemic (2019–2020). Using secondary data from the World Bank (2010–2023), this quantitative study explicitly employed an independent sample t-test and Mann-Whitney U test to measure the statistical significance of FDI resilience differences between the two blocs across crisis and post-crisis periods. The results reveal significant divergence: BRICS experienced sharp FDI declines during the pandemic due to structural vulnerabilities like commodity dependence and political instability. Conversely, ASEAN 5 demonstrated stronger adaptability, rebounding rapidly to an average of 2.94% of GDP in the post-crisis period, with Vietnam leading at 4.3% and Indonesia stabilizing at 1.7%. Statistically, while the t-test showed descriptively higher resilience for ASEAN 5 during the initial shock, the Mann-Whitney U test confirmed that ASEAN 5’s FDI recovery was significantly stronger than that of BRICS in the post-crisis period (p < 0.05). Theoretically, this enriches the discussion on FDI resilience against multidimensional crises, proving that dynamic policy resilience can override static market-size advantages. Practically, BRICS requires deeper structural reforms, while ASEAN 5 must sustain fiscal responsiveness and regional integration to maintain momentum. Ultimately, this research provides a practical blueprint for policymakers to design shock-responsive economic frameworks and offers global investors strategic insights for capital allocation and risk mitigation in emerging markets.

Consumer Purchase Interest in Local and Imported Halal Products in the Marketplace from an Islamic Economic Perspective

Suhaila Irfi — 2026-07-06

This study aims to analyze the purchasing interest of Gen Z Muslim consumers in local and imported halal products in marketplaces from an Islamic economic perspective. Employing a descriptive quantitative approach, data were collected via a Likert-scale questionnaire from 30 active marketplace users aged 18–22 and analyzed using descriptive statistics (frequency distribution and percentage). The results reveal a phenomenon of Halal Certification Primacy, where official halal certification and clear halal information act as the primary determinants of purchasing decisions (86.7%). Furthermore, 86.7% of respondents showed high interest in local halal products, with 93.3% believing local quality can compete with imports. Meanwhile, 90% remained open to imported products provided halal assurance is met. Notably, 96.7% of respondents integrate Islamic economic principles, specifically mashlahah (benefit) and tayyib (goodness), into their consumption decisions. The scientific contribution of this study lies in enriching the literature on digital consumer behavior by integrating Islamic economic principles into the mapping of halal product preferences across origins (local vs. imported), providing empirical evidence that modern Muslim consumption is driven by a blend of spiritual commitment and economic rationality.

The DuPont System Re-examined: Operating Efficiency, Asset Productivity, and Earnings Growth in Indonesia's Capital-Intensive Public Utility Sector

Listri Herlina — 2026-07-09

Earnings growth is a crucial indicator for assessing corporate financial performance, especially for state-owned public utilities like PT PLN (Persero), which face dual compression from operating costs and capital efficiency. This study aims to examine the effect of Operating Profit Margin (OPM) and Total Asset Turnover (TATO) on Earnings Growth at PT PLN (Persero). Employing a causal-associative quantitative approach, the data comprises 30 quarterly time-series observations (Q3 2017–Q4 2024), analyzed using multiple linear regression. The partial test results reveal statistical insignificance for both OPM and TATO. However, rather than treating the extreme Variance Inflation Factor (VIF = 521.62) as a mere econometric defect, this study theoretically reframes it as empirical proof of deep structural integration between cost efficiency and asset productivity in capital-intensive industries. Consequently, the simultaneous test (F-test) proves that OPM and TATO collectively exert a highly significant effect on Earnings Growth (F = 37.01; p = 0.000), explaining 73.3% of the variance. Theoretically, this statistical contradiction confirms the DuPont System's multiplicative nature, explaining the periodic earnings contraction anomaly in odd quarters where dual compression occurs. Practically, the study implies that management cannot rely on atomistic operational efficiency; instead, they must synchronize minimum fixed asset capacity utilization with operational hedging to mitigate profit volatility under strict state tariff regulations.

Beyond Literacy and Motivation: The Overriding Role of Product Innovation in Driving Housewives' Interest in Islamic Gold Savings

Nurun Nazwa Humairoh — 2026-07-11

Despite the accessibility and Sharia compliance of Islamic gold savings, participation among housewives remains suboptimal. This study examines the influence of Islamic financial literacy, investment motivation, and product innovation on the interest in investing in Pegadaian Syariah Gold Savings. Applying a quantitative associative design, the study involved 50 Family Welfare Movement (PKK) members in Srimulya Village, Palembang. Saturated sampling was utilized to include the entire population as respondents. Data collected via Likert-scale questionnaires were analyzed using multiple linear regression. The results reveal that Islamic financial literacy and investment motivation do not significantly affect investment interest. In contrast, product innovation has a positive and significant effect. Simultaneously, the variables explain 73.6% of the variance in investment interest. Theoretically, these findings indicate that mere Sharia knowledge is insufficient to trigger investment intention without perceived behavioral control (ease of use). Managerially, Pegadaian Syariah must prioritize continuous digital product innovation, user-friendly applications, and transparent mechanisms, rather than relying solely on basic financial literacy campaigns, to effectively attract housewives.