International Journal of Economics Development Research (IJEDR)

Quantitative Easing and Economic Stability: Adaptive Strategies in Indonesia’s New Trinity Framework

Dudi Duta Akbar — 2025-08-01

This study investigates how Quantitative Easing (QE), as an unconventional monetary policy, affects Indonesia's macroeconomic stability amidst increasing global volatility. While QE is intended to stimulate liquidity and economic recovery, its implementation in emerging economies like Indonesia faces structural constraints involving inflation control, exchange rate management, and monetary policy independence. Using 64 quarterly observations from 2007 to 2023, this quantitative research applies nonlinear econometric models including Threshold Vector Autoregression (TVAR), Bayesian Vector Autoregression (BVAR), and Time-Varying Parameter Vector Autoregression (TVP-VAR) to capture regime-dependent and time-varying policy dynamics. The analysis focuses on Indonesia’s macro-financial variables, including policy interest rate, inflation, GDP growth, REER, stock market index (IHSG), and government bonds (SUN). The study adopts the “new monetary trinity” framework, integrating financial stability alongside exchange rate and monetary autonomy. The main findings highlight nonlinear and time-varying relationships among variables: in low-volatility regimes, QE supports inflation control and bond stability, while in high-volatility regimes, it intensifies pressure on GDP and erodes monetary independence. The burden-sharing mechanism between the central bank and the government proves critical in sustaining liquidity and investor confidence. These insights underscore the need for adaptive, well-coordinated fiscal-monetary strategies to enhance resilience in Indonesia and other emerging markets.

Inclusive Regional Development: Implementation of the Child-Friendly Regency Policy in Bogor Regency

Nanda Dita Aryani — 2025-08-01

This study explores the implementation of the Child-Friendly Regency/City (KLA) policy in Bogor Regency, specifically focusing on Cluster III: Basic Health and Welfare, as part of efforts to promote inclusive regional development. The research is motivated by the high infant mortality rate in Bogor Regency—the highest in West Java with 799 reported cases—and the region’s current "developing" status in the national KLA assessment. Employing a qualitative descriptive approach, data were collected through interviews, document analysis, and field observations. The findings reveal four key obstacles hindering effective policy implementation: (1) the absence of local regulations governing child-friendly childbirth services and health facilities; (2) limited infrastructure and transportation access to healthcare for remote communities; (3) low public awareness regarding the importance of national health insurance (BPJS) and inadequate dissemination of early childhood nutrition programs; and (4) an insufficient number of child-friendly health centers. To address these challenges, the study recommends four strategic interventions: establishing a legal framework through regional regulations for child-friendly health indicators, improving infrastructure and transportation access, enhancing community literacy on child nutrition and health services, and expediting the verification of child-friendly healthcare facilities. These measures are essential for fostering inclusive development and advancing child welfare in the region.

Economic Value of Brand : The Role of Gamification, Price Fairness Perception, and Service Quality on Brand Equity through Customer Trust of Wardah Cosmetics

Wanda Puspa Dewi Astuti R — 2025-08-01

This study aims to explore the economic value of brand equity by analyzing the roles of gamification, perceived price fairness, and service quality, with customer trust as a mediating variable. The research focuses on consumers of Wardah cosmetics on the Shopee e-commerce platform. A quantitative approach was employed using a purposive sampling technique with a total of 385 respondents. Data were collected through a structured questionnaire using a five-point Likert scale. The findings reveal that gamification, perceived price fairness, and service quality each have a positive and significant impact on customer trust. Furthermore, these three variables also directly influence brand equity positively and significantly. Customer trust itself has a significant mediating role in the relationship between the independent variables and brand equity. These results highlight that enhancing the interactive experience, ensuring fair pricing, and improving service quality contribute to building customer trust and, in turn, strengthening the economic value of the brand.

Building Economic Brand Value through Brand Experience and Engagement: The Mediating Role of Brand Trust on Loyalty among NPURE Consumers

Sri Sulistiya Wati — 2025-08-01

This study aims to explore how brand experience and customer brand engagement contribute to the formation of brand loyalty and, ultimately, to the economic value of the brand, with brand trust serving as a mediating variable. The research focuses on users of NPURE skincare products within the PURE FRIENDS community on WhatsApp. Using a quantitative approach, data were collected through an online questionnaire, with a total of 159 respondents selected through purposive sampling. The sample size was determined using an online sample size calculator (calculator.net). The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4 software. The findings reveal that brand experience has a positive and significant effect on brand loyalty, mediated by brand trust. Although customer brand engagement does not directly influence brand loyalty significantly, brand trust plays a mediating role in strengthening this relationship. These results suggest that enhancing brand experience and engagement—supported by strong brand trust—can contribute to building not only brand loyalty but also long-term economic brand value.

Factors Affecting Firm Value and the Economic Significance of Firm Size as a Moderator: A Study of the Industrial Sector on the IDX (2020–2023)

Tiurma Santi Angelina Sianipar — 2025-08-01

This study investigates the influence of tax planning, profitability, liquidity, capital structure, and firm growth on firm value, with firm size as a moderating variable, in industrial sector companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023. Using a quantitative descriptive approach, the study analyzes 75 firm-year observations from 15 purposively selected companies. Firm value is proxied by Price to Book Value (PBV), while other variables are measured using standard financial ratios. Data were analyzed using multiple linear regression and moderation analysis with the absolute difference value method. The findings indicate that profitability, capital structure, and firm growth significantly influence firm value, with profitability being the most dominant factor. Firm size strengthens the relationship between key financial indicators and firm value, highlighting the advantage of scale in attracting investor confidence. The study emphasizes the importance of strong financial fundamentals, especially in navigating external shocks such as the COVID-19 pandemic. Recommendations are provided for companies, investors, regulators, and future researchers to optimize firm value in a dynamic market environment.

From Quality to Profitability: The Link between Service, Product Quality, and Customer Satisfaction at PT Mandiri Utama Finance

Komang Trisna Sari Dewi — 2025-08-01

This study investigates the influence of service quality and product quality on customer satisfaction at PT Mandiri Utama Finance, Buleleng Regency, and explores the broader implication of customer satisfaction as a driver of business profitability. Employing a quantitative approach, data were collected through questionnaires distributed to customers and analyzed using SPSS version 21.0. The analysis involved validity and reliability tests, classical assumption testing, multiple linear regression, goodness-of-fit evaluation, and hypothesis testing. The findings reveal that both service quality and product quality have a positive and significant effect on customer satisfaction. Furthermore, the study highlights that enhancing these quality dimensions is not only essential for improving satisfaction but also contributes to the company’s long-term financial performance by fostering stronger customer relationships and retention.

Improving Entrepreneurial Competitiveness Through MSMEs Development Strategies in the Era of Globalization

Ketut Dian Pradnya Pratiwi — 2025-08-01

This study aims to analyze the business development strategy used to enhance the competitiveness of UD. Dian Pertiwi in the era of globalization. A descriptive qualitative approach was employed, utilizing observation, interviews, and documentation as data collection techniques. The findings indicate that UD. Dian Pertiwi implements strategies in three key areas: business capital, service quality, and marketing. Capital management is conducted prudently to ensure operational continuity. Service improvement focuses on delivering friendly and professional interactions to enhance customer satisfaction. Marketing efforts leverage social media platforms to broaden market reach. The study concludes that the implemented business development strategies have effectively contributed to increasing the competitiveness of UD. Dian Pertiwi in facing global market challenges.

Human Capital Perspectives on Organizational Culture, Work Environment, and Career Development: Mediating Role of Job Satisfaction in Enhancing Employee Performance at PT PLN Persero UPT Gresik

Luky Pamungkas — 2025-08-01

PT PLN (Persero) UPT Gresik faces several human capital challenges, including a misalignment of organizational culture, a less conducive work environment, and suboptimal career development practices. These issues negatively affect job satisfaction and, in turn, hinder employee performance. This study aims to examine the influence of organizational culture, work environment, and career development on employee performance, with job satisfaction acting as a mediating variable, within a human capital framework. A quantitative approach was employed using a structured questionnaire distributed to employees. The population consisted of 149 employees, with 43 respondents selected through Slovin’s formula. Data were analyzed using Structural Equation Modeling (SEM) with the Partial Least Squares (PLS) technique. The findings revealed that: (1) organizational culture and work environment have a positive and significant effect on job satisfaction; (2) career development does not significantly affect job satisfaction; (3) organizational culture and career development positively and significantly influence employee performance; (4) work environment has no significant effect on performance; (5) job satisfaction significantly improves employee performance; and (6) job satisfaction mediates the effects of organizational culture and work environment on performance, but not the effect of career development.

The Influence of Environmental, Social and Governance (ESG) Components on Debt Costs in Manufacturing Companies in Indonesia

Wa Ode Musmiarny Nilammadi — 2025-08-01

This study aims to test and analyze the influence of environmental, social and governance components on debt costs. The subjects of the study were manufacturing sector companies listed on the IDX for the 2020-2023 period. This study uses a quantitative method using secondary data and processed using the SmartPLS application. The results of this study indicate that environmental, social and governance do not have a significant effect on debt costs. This study contributes both academically and practically. From an academic perspective, this study serves as a foundation for further research on environmental, social, governance and debt costs. From a practical perspective, companies have the opportunity to improve the quality and credibility of their corporate sustainability reports.

The Impact of Employer Attractiveness on Job Application Intentions: Mediating Role of Organizational Reputation in Gen Z Student Community

Shofia Mumtaz — 2025-08-01

This study investigates the impact of employer attractiveness on the intention to apply for jobs, with organizational reputation as a mediating variable, within the context of Generation Z students. The research focuses on Company X, a fast-moving consumer goods (FMCG) company, and utilizes the Gen Z student community “Komunitas Mahasiswa Batch 3” as its sample. As members of Gen Z increasingly value company reputation, values, and branding in their career decisions, understanding the mechanisms that drive job application intentions becomes crucial. A quantitative approach was adopted using a survey method, collecting data from 388 student respondents who had completed their project with the community. The data were analyzed using Structural Equation Modeling (SEM) with the Partial Least Squares (PLS) approach via SmartPLS 4.0. The findings reveal that employer attractiveness significantly and positively influences both organizational reputation and job application intentions. Moreover, organizational reputation is found to play a significant mediating role in the relationship between employer attractiveness and the intention to apply. These findings offer both theoretical contributions to the employer branding literature and practical insights for companies seeking to attract and retain young talent in a competitive labor market.

From Convenience to Compulsion: Exploring the Economic Dynamics of E-Wallet-Induced Impulse Buying Among Gen Z in Indonesia

Khoirunnida Yasmin — 2025-08-01

This study investigates the economic dynamics behind impulse buying behavior induced by e-wallet usage among Generation Z in Indonesia. Applying the Stimulus-Organism-Response (S-O-R) framework, the research explores how perceived interactivity, perceived risk, visual appeal, and subjective norms influence user satisfaction and perceived enjoyment—two key psychological mediators that drive impulsive purchase decisions. The economic implications of these psychological factors are considered in the context of increased digital financial accessibility and consumer spending behavior. A total of 325 valid responses were obtained through a structured questionnaire and analyzed using Structural Equation Modeling (SEM) via SmartPLS v.3.0. The findings reveal that perceived interactivity, visual appeal, and subjective norms significantly enhance user satisfaction and perceived enjoyment. However, perceived risk shows no significant impact on these mediators. Notably, while user satisfaction does not lead to impulse buying, perceived enjoyment exerts a strong positive influence on such behavior. These insights highlight the critical role of digital economic convenience in shaping consumer spending habits, offering valuable implications for financial technology firms and marketers aiming to foster engagement and drive purchasing behaviors among Gen Z consumers.

Increasing MSME Productivity Towards a Green Economy and Sustainable Growth

Made Pranata Wibawa Ade Putera — 2025-08-01

This study aims to identify obstacles and solutions to increase the productivity of micro, small, and medium-sized enterprises (MSMEs) and to explore factors that contribute to sustainable businesses in the transition to a green economy in the German Beach Area of Banjar Segara Kuta, Bali. A qualitative method was used for data collection. Data were collected through interviews with key, expert, and supporting informants. Data analysis techniques use triangulation. The results revealed that to increase productivity and business sustainability towards a green economy, related parties must consider internal factors such as environmental awareness and collaboration with stakeholders, as well as provide coaching and education to improve the ability of MSME actors. This includes education related to the green economy as a form of MSME business sustainability efforts in the German Beach Area of Bali's Kuta district.

Analysis of the Contribution of Capital Structure, Accounting Information Systems, Financial Management and Spirituality to MSME Business Sustainability in Central Lombok Regency

Pipin Sulistia Ningsih — 2025-08-01

This study seeks to examine the influence of capital structure, accounting information systems, financial management, and spirituality on the sustainability of MSMEs in Central Lombok Regency. A quantitative method with an explanatory approach is employed in this research. A sample of 30 MSMEs was selected purposively, namely business actors who have used accounting information systems and have financial reports. Data analysis was performed using the SEM-PLS technique and SmartPLS 4 software. The findings demonstrate thatcapital structure significantly improves SMEs' sustainability. In contrast, accounting information systems, financial management, and spirituality did not show a significant effect. These results indicate the importance of optimally managing capital structure to support business sustainability. This research indicates the need to strengthen financial literacy and digitalization of accounting information in MSMEs.

Brand-Driven Economic Behavior: Analyzing the Impact of Brand Consciousness and Perceived Value on Luxury Beauty Purchases at Sephora

Uswatun Hasanah — 2025-08-02

This study investigates the influence of terminal values, instrumental values, and brand consciousness on the behavioral intentions of Generation Z consumers in Indonesia toward purchasing luxury beauty products at Sephora. The research is grounded in Self-Completion Theory and adapts a conceptual framework from Kautish et al. (2020). Using a quantitative approach with data collected from 296 respondents, this study employed Partial Least Squares Structural Equation Modeling (PLS-SEM) to test the hypotheses. The findings indicate that both terminal and instrumental values significantly affect brand consciousness. Moreover, brand consciousness strongly influences behavioral intention and also mediates the relationship between values and purchase intentions. The results emphasize that Gen Z’s consumption behavior in the luxury beauty sector is not only driven by product functionality and prestige, but also by deeper psychological needs such as self-expression and value alignment. These insights offer strategic implications for marketers aiming to create emotionally resonant and value-driven brand experiences in emerging markets like Indonesia

Optimizing Economic Performance via MES: A Strategic Decision-Making Framework for Apparel Manufacturing

Hariom Kumar Singh — 2025-08-03

In the dynamic landscape of the apparel manufacturing industry, timely and accurate decision-making is critical to operational success. However, the absence of a real-time monitoring system on the production floor has led to dependency on manual reporting, resulting in data delays, inconsistencies, and even manipulation. These challenges severely limit transparency, responsiveness, and overall efficiency. This thesis addresses this business-critical issue by proposing the implementation of a Manufacturing Execution System (MES) to digitally transform production monitoring and reporting processes. Utilizing the Soft Systems Methodology (SSM), this study explores multiple stakeholder perspectives including production teams, supervisors, and management to define root causes and identify feasible solutions. The research incorporates qualitative insights through interviews and surveys, coupled with best practice analysis to design a context-specific MES framework. The outcome aims to enhance real-time data visibility, streamline workflows, and support data-driven decision-making, ultimately contributing to increased productivity and trust across operational levels.

Moderating Role of Team Effectiveness on the Relationship Between Workload, Work Stress, and Turnover Intention Among Gen Z Women in Labor-Intensive Industries in Cirebon Indonesia

Maezar Seftiani — 2025-08-01

This study aims to analyze the influence of workload and work stress on the turnover intention of Gen Z female employees in large labor-intensive industries in Cirebon, Indonesia, with team effectiveness as a moderating variable. A quantitative approach was employed, with data collected from 200 respondents using a questionnaire. The data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA). The results show that both workload and work stress have a positive and significant effect on turnover intention. However, team effectiveness only moderates the relationship between work stress and turnover intention, not the relationship between workload and turnover intention. This research contributes to economic growth by highlighting strategies to reduce employee turnover in labor-intensive industries, which are crucial for local economic stability and productivity. Enhancing team effectiveness can mitigate the negative impact of work stress, leading to improved employee retention and business sustainability. This study offers originality by focusing on Gen Z female employees in labor-intensive industries—a demographic and sector that remain underexplored in the Indonesian context, particularly in Cirebon. It also uniquely examines the moderating role of team effectiveness in the relationship between stress, workload, and turnover intention.

The Role of Community Empowerment on Sustainable Tourism Development and Creative Economy and Its Impact on Community Wellbeing in Bandung

Huta Parlinggoman Hutajulu — 2025-08-03

The decrease in the number of foreign tourists and tourism foreign exchange receipts due to the COVID-19 pandemic shows how vulnerable Indonesia's tourism sector is to global crises. Before the pandemic, tourist visits and foreign exchange earnings demonstrated a significant upward trend, but the imposition of travel restrictions and the closure of tourist destinations caused a drastic decline, directly affecting the tourism industry and the creative economy. This condition emphasizes the urgent need for a sustainability-based tourism model that is less dependent on foreign tourists and more resilient to external shocks. This study aims to analyze the influence of community empowerment on sustainable tourism development and the creative economy in Bandung, as well as how these three variables collectively influence community wellbeing. A descriptive-quantitative approach was employed, with data collected from 385 respondents involved in the tourism and creative sectors. The data were analyzed using the Partial Least Squares (PLS) method, which allows simultaneous testing of complex relationships between latent variables. The results indicate that community empowerment has a significant influence on both sustainable tourism development and the creative economy. Furthermore, both sustainable tourism development and the creative economy significantly influence community wellbeing. The study also finds that sustainable tourism development mediates the effect of community empowerment on community wellbeing, as does the creative economy. These findings confirm the importance of strengthening community empowerment policies through skill development, improved access to markets, and enhanced collaboration between the government, local communities, and the private sector. Such measures are crucial to building inclusive and sustainable economic opportunities in the tourism and creative economy sectors, particularly in urban regions like Bandung that rely on local innovation and community participation for long-term resilience and growth.

The Effect of Foreign Direct Investment (FDI) and Labor on the Gross Regional Domestic Product of the Aglicultural Sub-Sector

Ikhwanul Ikhsan — 2025-08-05

This study aims to analyze the impact of Foreign Direct Investment (FDI) and labor on the Gross Regional Domestic Product (GRDP) of the agricultural subsector in Indonesia. FDI plays a crucial role in providing resources, technology, and infrastructure necessary to enhance efficiency and productivity in the agricultural sector. On the other hand, labor is a key factor in supporting the operations and management of this sector. This study uses a quantitative approach with purposive sampling to select relevant data according to the research objectives. The analysis technique includes panel data regression testing, hypothesis testing, and the determination coefficient analysis to examine the relationship between the variables studied. The data used is secondary data covering FDI realization, labor, and GRDP of the agricultural subsector from 2019 to 2022. This study is expected to provide a clearer picture of the contribution of FDI and labor to the economic growth of the agricultural subsector and offer useful recommendations for developing more effective agricultural sector policies.

Mapping Economic Insights: A Bibliometric Analysis of ASEAN MSME Policy Research (1995–2024)

Filza Isma — 2025-08-06

Research-based policies are made research position important, hence any research carried out expected can solve MSMEs problems. The research was conducted to map research articles with Scopus indexed ASEAN MSMEs policy topics using bibliometric analysis, therefore it is expected to be a direction for future research. The results show that (1) research on the topic of ASEAN MSMEs policy has increased every year and peak in 2023. (2) Indonesia is a country that influences the topic of ASEAN MSMEs policy by conducting the most publications dan have connections with other countries and Malaysia is the country with the most citations, however Pakistan and Canada are a the highest score of quality of paper. The most cited articles discuss the role of green finance in sustainable entrepreneurship and corporate social responsibility during the COVID-19 pandemic. (3) Keywords associated with MSMEs policy of ASEAN show a shift in focus from industrialization and business strategy in 2007-2019 to topics related to the green economy, sustainability, and the impact of COVID-19 in 2020-2024, therefore this topic can be researched from the perspective of green economy, innovation, and global economy. The main topic of ASEAN MSMEs policy is still relevant today and considering the limited amount of research conducted on this topic, it is anticipated that further research will drive scientific innovation and inform the formulation of policies supporting MSMEs that are more empowered and contribute to encouraging the economy in ASEAN.

Economic Perspectives of MSMEs on Peer-to-Peer Lending as Business Capital Financing in Asahan Regency

Ok. Putri Ananda Sari — 2025-08-07

This study aims to determine the perceptions of MSMEs in Asahan Regency towards peer-to-peer lending-based capital financing services. This service is presented as a digital financing alternative that offers ease and speed in accessing capital, especially for MSMEs that have difficulty obtaining capital from conventional financing. This study used a qualitative approach with interviews with 10 MSMEs, consisting of five users and five non-users of P2P lending services. Data analysis was conducted using Nvivo 12 Pro software to identify perceptions based on five components: ease, benefits, risks, challenges, and trust. The results show that MSMEs who have used P2P lending services have a positive perception of the ease and benefits directly experienced from using P2P lending services. However, they also face risks and challenges in using P2P lending services. In contrast, MSMEs who have never used P2P lending services tend to have perceptions dominated by doubt, worry, and ignorance due to lack of experience. User trust is formed through direct experience, while non-user trust relies more on reputation and information from their surroundings.

Customer Satisfaction in Indonesia's Retail Industry: Economic Antecedents and Business Consequences

Sandra Dewi — 2025-08-07

This study wants to find out how things like product variety, perceived price, store design, store atmosphere, customer service, and convenience affect how satisfied customers are. It also looks at how customer satisfaction affects whether they will buy from the store again. This study uses numbers and statistics to do this. The study collected information from 232 people using a questionnaire on Google Forms. These people were customers of Flying Tiger Copenhagen in Indonesia. The study used a method called SEM PLS to analyze the data. This included testing how well the data was measured, the relationships between different factors, and the study's main ideas. The results showed that product variety, perceived price, store atmosphere, customer service, and convenience all make customers satisfied. But store design actually made customers less satisfied. Also, satisfied customers were more likely to buy from the store again.

The Role of Transformational Leadership and Reward Systems in Enhancing Employee Performance: The Mediating Effect of Readiness for Change in Organizational Development

Jihanning Yudha Mayangsari — 2025-08-07

This study investigates the role of transformational leadership and reward systems in enhancing employee performance, with readiness for change as a mediating variable within the organizational development context. The research focuses on employees of Bank Jatim, Madiun Branch, using a quantitative approach and survey method. A total of 160 permanent employees participated by completing structured questionnaires. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4 software. The results reveal that: (1) transformational leadership positively and significantly influences readiness for change; (2) rewards positively and significantly influence readiness for change; (3) transformational leadership does not significantly affect employee performance; (4) rewards do not significantly affect employee performance; (5) readiness for change has a positive and significant effect on employee performance; (6) readiness for change significantly mediates the relationship between transformational leadership and employee performance; and (7) readiness for change significantly mediates the relationship between rewards and employee performance. These findings highlight the critical role of change readiness as a catalyst in optimizing employee performance, particularly in organizations adopting transformational leadership and structured reward strategies. The study’s practical implications emphasize the need to enhance employee readiness for change through targeted communication programs, adaptive training, and equitable reward systems to support sustainable organizational development.