Journal of Economics, Entrepreneurship, Management Business and Accounting

Income, Saving Behavior, and Household Financial Decision-Making: A Moderated-Mediation Analysis of Behavioral and Economic Factors in Indonesia

Muhammad Sohilauw — 2026-06-02

Purpose: This study examines the roles of income and saving behavior in household financial decision-making, with financial risk management as an intervening factor.

Design/methodology/approach: This study uses survey data from 500 working individuals and applies a predictive composite modeling approach combining robust MM estimation and cross-validated regression to address non-normal behavioral finance data.

Findings/Results: The results show that saving behavior has a strong positive effect on household financial decision-making and financial risk management. It also indirectly affects financial decision-making through financial risk management. Income has a positive but weaker effect. The interaction between income and saving behavior is significant, indicating that the effect of income becomes smaller when saving discipline is higher. The model explains 62.8% of the variance in household financial decision-making.

Originality/Value: This study shows that household financial decisions are shaped not only by economic capacity but also by behavioral discipline. The findings suggest that strengthening saving behavior and financial risk management is more effective than relying on income alone.

Driving Factors of the Marine Capture Fishery Production Economy and Resource Sustainability

Muhammad Ikbal — 2026-06-02

Purpose: This study examines the effects of fleet size, number of fishermen, and the Fishermen’s Exchange Rate on marine capture fishery production, with fishing households and fish consumption as mediating variables.

Design/methodology/approach: This study uses panel data from 33 provinces during 2010–2020 and applies regression-based path analysis to test both direct and indirect effects among the variables.

Findings/Results: The results show that fleet size and number of fishermen have positive effects on fishery production, while the Fishermen’s Exchange Rate has a significant negative effect. Fishing households show a mediating role depending on production and distribution conditions, while fish consumption contributes to production through demand pressure.

Originality/Value: This study highlights the interaction between economic, household, and demand-side factors in shaping fishery production. The findings suggest that fisheries policy should integrate productivity, distribution efficiency, and sustainability considerations.

Hospital Financial Resilience Model Based on Resource-Based View and Dynamic Capabilities

Yosefina Andia Dekrita — 2026-06-02

Purpose – This study aims to develop and examine a Hospital Financial Resilience model based on the Resource-Based View (RBV) and Dynamic Capabilities (DC) within healthcare organizations.

Design/methodology/approach – This study employed a quantitative approach with an explanatory research design. Data were collected through questionnaires distributed to hospital leaders and managers involved in financial and operational management. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to examine the relationships among the research variables.

Finding/Results – The results show that Resource-Based View has a positive and significant effect on Hospital Financial Resilience, indicating that the management of valuable, rare, inimitable, and non-substitutable resources strengthens financial resilience. Dynamic Capabilities also positively and significantly influence financial resilience through the organization’s ability to sense opportunities, seize strategic actions, and reconfigure resources in response to environmental changes.

Originality/Value – This study provides theoretical and practical contributions by presenting an integrated Hospital Financial Resilience model based on RBV and DC. The model offers strategic guidance for hospital management in improving financial sustainability and ensuring the continuity of healthcare services amid environmental uncertainty.

Firm Size Moderating-Investor Perception Mediation: Green Accounting, Carbon-Audit Factors on Financial Performance

Mohamad Zulman Hakim — 2026-06-02

Purpose: This study examines the effects of green accounting, carbon tax, carbon emission disclosure, audit opinion, and audit quality on financial performance. It also investigates the mediating role of investor perception and the moderating role of firm size in explaining these relationships.

Design/methodology/approach: This study uses panel data from energy sector companies listed on the Indonesia Stock Exchange during 2021–2024. The sample was selected using purposive sampling. Data were analyzed using panel regression models, including the Common Effect Model, Fixed Effect Model, and Random Effect Model, with model selection based on the Chow, Hausman, and Lagrange Multiplier tests. The analysis was conducted using EViews 12.

Findings/Results: The results show that green accounting, carbon tax, carbon emission disclosure, audit opinion, and audit quality have positive and significant effects on financial performance. Firm size strengthens the effects of green accounting and carbon tax on financial performance, but does not significantly moderate the effects of carbon emission disclosure, audit opinion, or audit quality. Investor perception partially mediates the relationships between the independent variables and financial performance, except in the case of audit quality.

Originality/Value: This study highlights the importance of integrating environmental accounting, carbon-related factors, and audit-related variables in explaining financial performance. The findings imply that investor perception and firm size are important mechanisms in strengthening the relationship between sustainability-related practices and firm performance.

When Animosity Becomes Action: Understanding McDonald's Boycott in Indonesia

Louis Utama — 2026-06-06

Purpose – This study examines how consumer animosity influences boycott intention toward McDonald’s in Indonesia by testing cognitive judgment and affective evaluation as mediating variables and xenocentrism as a moderating variable.

Design/methodology/approach – A quantitative explanatory and cross-sectional survey design was employed. Data were collected from 150 consumers in the Jabodetabek area who were aware of and participated in the McDonald’s boycott. Respondents were selected through purposive sampling. The data were analyzed using Partial Least Squares Structural Equation Modeling with SmartPLS 3.0 and a bootstrapping procedure involving 5,000 resamples.

Findings/Results – The results show that consumer animosity significantly reduces cognitive judgment and affective evaluation, while strongly increasing boycott intention. Cognitive judgment negatively affects boycott intention and partially mediates the relationship between consumer animosity and boycott intention. In contrast, affective evaluation does not significantly influence boycott intention and does not function as a mediator. Xenocentrism does not moderate the relationship between consumer animosity and boycott intention, although it has a significant direct effect on boycott intention. The model explains 64.8% of the variance in boycott intention.

Originality/Value –This study extends the consumer animosity literature by demonstrating that boycott intention in the Indonesian context is driven more by cognitive and ethical evaluation than by affective response alone. It also provides empirical evidence from an underrepresented Southeast Asian context and offers practical insight for multinational brands facing politically and morally charged consumer resistance.

Gen Z Perspective: Phenomenological Study of the Meaning of Economics Subjects in Sharia Accounting Students

Hasan Basri — 2026-06-08

Purpose - This study aims to explore the meaning of economics courses in enhancing Sharia economic understanding among Sharia Accounting students.

Design/methodology/approach - Using a qualitative phenomenological approach, data were collected through in-depth interviews with students who had completed economics courses. The data were analyzed through thematic analysis to identify essential meanings derived from student’s learning experiences.

Finding/Results - The results show that economics courses help students develop systematic and critical thinking in understanding Sharia economics. This improvement is supported by structured learning materials, the integration of conventional economic concepts with Sharia values, and interactive teaching methods. Nevertheless, the learning process is hindered by student’s involvement in various extracurricular activities and their perception of economics courses as an academic burden. This study concludes that economics courses serve not only as introductory subjects but also as strategic conceptual foundations that strengthen student’s holistic understanding of Sharia economics.

Originality/Value - This study offers novelty by exploring the lived experiences and meanings of economics subjects among Generation Z students in Sharia Accounting programs through a phenomenological approach. Unlike previous studies that focus mainly on academic achievement or learning outcomes, this research emphasizes how Gen Z students interpret economics subjects within the context of digital transformation, Islamic values, and future career relevance

Understanding How Trust Drives Saving Intention Toward Islamic Rural Banks

Ach Yasin — 2026-06-07

Purpose – This study examines how trust drives saving intention toward Islamic rural banks (BPRS) by investigating the roles of Islamic financial literacy, perceived security, and Islamic financial inclusion as antecedents of trust.

Design/methodology/approach – A survey of 241 BPRS customers in Indonesia was analyzed using partial least squares structural equation modeling (PLS-SEM).

Finding/Results – Islamic financial inclusion and Islamic financial literacy significantly enhance customer trust, while perceived security does not. Trust, in turn, strongly and positively influences saving intention. Trust fully mediates the effects of inclusion and literacy on saving intention. These findings provide practical implications for Islamic rural banks and regulators to enhance Islamic financial literacy and financial inclusion in strengthening public trust.

Originality/Value – This study is among the early studies that position Islamic financial literacy and financial inclusion as determinants of trust in BPRS, while also demonstrating that perceived security is not always the primary determinant of trust. Therefore, this study fills a gap in the literature on customers’ saving behavior in BPRS, which remains underexplored from the customer perspective.

Digital Advertising and Generation Z Online Spending in Indonesia’s Emerging Market: The Moderating Role of Advertising Relevance

Agung Wijoyo — 2026-06-08

Purpose - The rapid expansion of Indonesia’s digital economy has intensified the strategic role of digital advertising in influencing consumer purchasing behavior, particularly among Generation Z consumers who actively engage with social media and e-commerce platforms. Although personalized and relevance-based advertising systems have become increasingly common, empirical evidence regarding how digital advertising effectiveness influences actual online spending behavior remains limited and inconsistent. This study therefore examines the effect of digital advertising effectiveness on Generation Z online spending behavior and investigates the moderating role of advertising relevance within Indonesia’s emerging digital market.

Design/methodology/approach-This study employed a quantitative explanatory approach using a cross-sectional survey design. Data were collected from 420 Generation Z consumers aged 18–27 years who actively participated in online shopping activities. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The conceptual framework was primarily grounded in the Stimulus–Organism–Response (SOR) framework and supported by complementary insights from the Technology Acceptance Model (TAM).

Finding/Results - The findings indicate that digital advertising effectiveness positively and significantly influences online spending behavior and emerged as the strongest predictor in the model (β = 0.364, p < 0.001). Advertising relevance also demonstrated a significant direct effect (β = 0.154, p < 0.001) and strengthened the relationship between digital advertising effectiveness and online spending behavior (β = 0.114, p = 0.003). Digital literacy additionally contributed positively to online spending behavior (β = 0.171, p < 0.001). The structural model explained 27.8% of the variance in online spending behavior (R² = 0.278), indicating modest but meaningful explanatory capability.

Originality/Value - This study contributes to digital advertising and consumer behavior literature by demonstrating that advertising relevance functions both as a direct behavioral driver and as a contextual enhancer of digital advertising effectiveness in shaping Generation Z online spending behavior within an emerging market context. The findings also highlight the importance of personalization, contextual suitability, and consumer-oriented advertising strategies for improving digital engagement and purchasing outcomes.

The Influence of Finfluencer Credibility on the Quality of Individual Investors' Investment Decisions: The Role of Information Overload Mediation and Financial Literacy Moderation

Sri Rahayu — 2026-06-17

Background - The transformation of digital investment behavior has made social media the main source of information, but the high credibility of finfluencers has the potential to trigger a flood of information overload that affects investors' rationality.

Purpose – This study aims to analyze the influence of finfluencers' credibility on the quality of individual investors' investment decisions through the role of information overload mediation and the role of financial literacy moderation.

Method – The research method uses a quantitative approach with a survey design of 270 individual capital market investors in Indonesia who were selected using the purposive sampling technique, where structural model testing is carried out simultaneously using Structural Equation Modeling based on Partial Least Square (SEM-PLS).

Finding/Results – The results show that the credibility of finfluencers has a positive and significant effect on information overload, while information overload is proven to have a significant negative effect on reducing the quality of investors' investment decisions. The mediation analysis confirmed that information overload significantly mediated the influence of finfluencers' credibility on the quality of investment decisions, while the moderation analysis proved that good financial literacy was able to weaken the negative impact of information overload.

Conclusion – The conclusion of this research emphasizes that the abundance of digital information from credible sources does not necessarily increase the accuracy of economic actions, but rather requires a cognitive fortress in the form of financial skills so that the quality of investment decisions is maintained rationally.

Public Expenditure and Poverty Dynamics in Central Sulawesi: Evidence from Panel Data Analysis (2015–2024)

Dede Arseyani — 2026-06-16

Purpose –This study examines the effect of sectoral public expenditure comprising health, education, social protection, village fund (Dana Desa), and capital infrastructure expenditure on poverty dynamics across 13 districts/cities in Central Sulawesi Province, Indonesia, over the period 2015–2024.

Design/methodology/approach – Using balanced panel data (N=13, T=10, NT=130), this study estimates a Fixed Effect Model (FEM) with Driscoll-Kraay standard errors robust to heteroscedasticity, serial autocorrelation, and cross-sectional dependence. The Chow Test (F=80.014; p<0.001) confirms the relevance of individual effects, and the Hausman Test (Chi²=4.469; p=0.484) does not reject the Random Effect specification; nevertheless, FEM is retained on theoretical grounds because district-specific unobserved heterogeneity is expected to correlate with fiscal allocations. Diagnostic tests confirm serial autocorrelation (Breusch-Godfrey: χ²=53.775; p<0.001) and cross-sectional dependence (Pesaran CD: z=5.750; p<0.001), justifying Driscoll-Kraay inference. Two nested model specifications are estimated: Model 1 (health, education, social protection) and Model 2 (all five fiscal variables including Dana Desa and capital expenditure). All expenditure variables are deflated using the regional CPI (base year 2018=100), and the Dana Desa variable is transformed as ln(Dana Desa + 1) to accommodate the structural zero values for Kota Palu.

Finding/Results – All fiscal expenditure variables are measured as total district-level real expenditure (deflated by CPI, base year 2018=100); population size is controlled for implicitly through district fixed effects. In Model 1, health expenditure is the only variable that consistently and significantly reduces poverty (coefficient = −2.178; p<0.001). In the full Model 2, health expenditure retains its negative direction but with only marginal significance (coefficient = −1.552; p=0.076), indicating weaker evidence in the full specification. Capital expenditure (+1.499; p<0.001) and social protection (+0.822; p=0.003) are significant in Model 2. Education expenditure shows no significant short-to-medium-term effect across both models. Village Fund (Dana Desa) loses significance after CPI deflation, indicating that earlier nominal-data findings likely reflect spurious inflation-driven correlations rather than genuine real welfare effects.

Originality/Value – This study provides the first CPI-deflated panel analysis of multi-sectoral public expenditure and poverty in Central Sulawesi, addressing methodological gaps in the existing literature. The findings have important implications for regional fiscal policy reform in Eastern Indonesia, particularly regarding the spatial reallocation of capital expenditure and governance strengthening for the Village Fund (Dana Desa).

Driving Aceh’s Economic Growth through Digital Finance and MSME Credit: Empirical Evidence

Yasrizal Yasrizal — 2026-06-16

Purpose: This study examines district/city-level economic growth in Aceh Province by analyzing the roles of financial inclusion, MSME credit, payment digitalization, inflation, and unemployment. It highlights that regional growth is increasingly shaped by the productive use of financial services and digital payment systems, not merely by financial access.

Design/methodology/approach: This study employs a quantitative approach using balanced panel data from 23 districts/cities in Aceh Province during 2020–2025, yielding 138 observations. The analysis applies a Fixed Effects Model and uses Driscoll-Kraay robust standard errors to correct for heteroskedasticity, serial autocorrelation, and cross-sectional dependence. The 2025 observations are treated as projected data estimated using linear trend extrapolation based on the latest available official data. The projected variables include economic growth, financial inclusion, payment digitalization, MSME credit, inflation, and unemployment.

Findings: The findings indicate that payment digitalization shows the strongest positive association with district/city-level economic growth in Aceh Province. MSME credit is also positively associated with regional growth, while unemployment shows a negative association. Inflation is positively associated with growth during the study period, possibly reflecting demand-driven economic activity. Financial inclusion shows a negative and statistically significant coefficient, suggesting that financial access has not yet been effectively transformed into productive financial use.

Originality/value: This study contributes to the regional finance-growth literature by showing that payment digitalization is a stronger driver of district/city-level economic growth than general financial inclusion. The findings emphasize that financial access alone is insufficient unless it is transformed into productive-use inclusion through digital payments, MSME financing, and employment-oriented policies.

Digital Work Pressure, Workplace Well-Being, and Retention Intention among Generation Z Employees: A Qualitative Study

Niken Widyastuti — 2026-06-17

Purpose: This study aims to explore the experiences of Generation Z employees within digital work environments, focusing specifically on digital work pressure, workplace well-being, and retention intention.

Design/methodology/approach: A qualitative approach utilizing an exploratory design and a constructivist paradigm was employed. Data were gathered through semi-structured in-depth interviews with 20 Generation Z employees working in digitally-based organizations in Yogyakarta. Participants were selected via purposive sampling, and the data were analyzed using reflexive thematic analysis.

Findings/Results: The analysis identified four core themes: (1) digital work pressure as a normalized strain within digital work cultures; (2) constant connectivity and the blurring lines between work and personal life; (3) the ambivalent effects of digital work pressure on productivity and mental exhaustion; and (4) workplace well-being as an interpretive mechanism in shaping retention intention. While digital technology is perceived to enhance flexibility and productivity, continuous connectivity induces mental fatigue and challenges work-life balance. The intent to remain within an organization is evaluated through the quality of work experiences, organizational support, self-development opportunities, and work-life harmony.

Originality/Value: This study enriches the literature on the digital work experiences of Generation Z and offers practical insights for organizations to design digital work policies that support employee well-being and reinforce retention.