The Impact of Financial Metrics on ESG Disclosure in ASEAN Countries

Research Originality: This study breaks new ground by examining how financial metrics (ROA, ROCE, ETR, SGR, board size) influence ESG disclosure in the unique context of ASEAN.Research Objective: It investigates the relationship between financial performance and ESG disclosure levels for listed companies in Indonesia, Singapore, and Thailand.Research Methods:  Utilizing an in-depth analysis of 300 annual reports over a ten-year period (2011-2020), the study reveals country-specific dynamics.Empirical Results: For instance, Indonesian companies display a weak correlation between effective tax rate (ETR) and ESG disclosure. Conversely, Singaporean companies with higher return on assets (ROA) tend to report less ESG information. Thailand exhibits a more complex interplay, where aggressive tax strategies potentially hinder positive ESG perceptions.Implications: These findings highlight the critical need for tailoring ESG disclosure strategies to each country\u27s financial performance landscape. Additionally, the importance of responsible tax practices is emphasized. This knowledge empowers companies, investors, and policymakers to develop a more targeted approach to ESG implementation across ASEAN.JEL Classification: G32, M14, Q56How to Cite:Putra, D.M. (2025). Impact of Financial Metrics on ESG Disclosure in ASEAN Countries. Etikonomi, 24(1), 85 – 96. https://doi.org/10.15408/etk.v24i1.37712

Mediating Role of Self-Efficacy: Resiliency and Entrepreneurial Intention in Young Generation

Research Originality: While combining the TPB and Linan Model, this study provides novelty through its analysis of the underexplored role of financial resources and self-efficacy in shaping entrepreneurial intentions among the young generation. Research Objectives: The research investigates the resilience factors that shape entrepreneurial ambition, focusing on the direct effects of entrepreneurship education, creativity, and financial resources, as well as the indirect effect of entrepreneurial self-efficacy on the relationship between these factors and entrepreneurial intention. Research Methods: This study utilizes a questionnaire survey from 312 college students in Jakarta. Structural equation modeling (SEM) was used to analyze the data. Empirical Results: The findings show that financial resources, entrepreneurial education, and creativity influence self-efficacy. The associations between creativity and entrepreneurial intention, as well as between entrepreneurship education and entrepreneurial intention, are significant for the indirect paths that use self-efficacy as a mediator. Implications: We recommend that universities, governments, and other stakeholders prioritize initiatives that offer financial assistance and focus on educational programs and support systems that enhance confidence and belief in entrepreneurial capabilities. JEL Classification: L26, I23, O1

Orchestrating Digital Economy to Foster Economic Resilience of Smart Cities: The Soft System Approach

Research originality: This study provides new practical knowledge on the digital economy model and strategy to drive the resilient economy of smart cities.Research objective: This study aims to develop a digital economy management model for smart cities, a resilient economy framework for smart cities, and digital economy strategies for smart cities.  Research methods: This study employed a soft system methodology (SSM)-action approach by involving 30 digital economy and smart city experts from Jakarta, Bandung, Semarang, Surabaya, Banyuwangi, and Makassar.Empirical result: This study has successfully developed the digital economy model for smart cities by which digital technology, digital services, and digital finance are the keys. The resilient economy of smart cities is primarily characterized by economies of scale, economic structure, and economic stability. Moreover, the strategies should mainly focus on developing infrastructure and application, digital governance and policy, and digital society.Implication: The policy maker must consider critical policy interventions of the digital economy model and economic resilience goals, including budget priorities to the key digital economy strategies.JEL Classification: M21, O14, O18, P25, R11How to Cite:Subkhan, F., Maarif, M. S., Rochman, N. T., & Nugraha, Y. (2025). Orchestrating Digital Economy to Foster Economic Resilience of Smart Cities: The Soft System Approach. Etikonomi, 24(1), 315 – 334. https://doi.org/10.15408/etk.v24i1.39224

Drivers of Cryptocurrency Adoption in Iran: Evidence from the Baluchistan Region

Research Originality: This study explores the key factors influencing the acceptance of cryptocurrencies in Iran, focusing on the under-researched Baluchistan region. In contrast to previous studies focusing on developed or technologically advanced economies, this research explores a socioeconomically disadvantaged region experiencing economic instability and restricted access to formal financial services. Research Objectives: The main goal of the study is to identify and analyze the key factors influencing cryptocurrency acceptance in this region. Research Methods: Using data from 200 active cryptocurrency users, we employed exploratory factor analysis followed by multiple regression analysis to identify and test predictive factors. Empirical Results: The findings reveal six primary drivers: financial constraints, national economic volatility, personality traits, social influences, managerial factors, and trust. Among these, income-related motivations and macroeconomic instability emerged as the strongest predictors of adoption. Implications: The study contributes to the literature by contextualizing cryptocurrency behavior within a developing country’s marginalized setting and provides insights for policymakers to enhance financial inclusion. It also highlights the need for regulatory clarity and user education to support safe and effective participation in digital finance. JEL Classification: G1, G4, G10, G4

Navigating Market Volatility: ESG and Islamic Stock Performance amidst Covid-19 Stringency

Research Originality:  This study examines the relationship between ESG and Islamic stocks under the exceptional circumstances of the COVID-19 pandemic. Researchers included the stock volatility and involved policy stringency, extending the recent literature focusing on accounting-based performance.Research Objectives: This study examines the relationship between ESG practices and Islamic stock performance during the COVID-19 pandemic.Research Methods: This study applied panel regression analysis. Researchers used Shariah-compliant stocks with ESG scores ranging from 2020 to 2022, resulting in 96 observations.Empirical Results: This study posits the ability of Social and Governance practices to reduce market volatility. The stringency of COVID-19 significantly affected stock volatility, highlighting the importance of government intervention during the Pandemic.Implications: These findings support the need for implementing measures and regulations that incentivize companies to adopt comprehensive ESG practices, which are expected to contribute to stock market stability, particularly during turbulent times.JEL Classification: J6, M2, O3How to Cite:Agustin, I. N., Safitri, D., Hesniati., & Robin. (2025). Navigating Market Volatility: ESG and Islamic Stock Performance Amidst Covid-19 Stringency. Etikonomi, 24(1), 69 – 84. https://doi.org/10.15408/etk.v24i1.38475

The Impact of Female Labor Force Participation on Regional Economic and Income Convergence

Research originality: Women tend to be chosen as the non-labor force, even though they are potential workers who can contribute directly to the economy. Their level of education influences this contribution.   Research objectives: This research examined the impact of female labor force participation on regional economic and income convergence. Research methods: Pooled Least Squares (PLS) and panel data estimation were conducted using cross-sectional data on 472 cities/districts across Indonesia between 2016 and 2022. Empirical result: The findings reveal that female labor force participation significantly enhances regional economic growth only when women have at least a senior high school education. However, their contribution to accelerating economic convergence remains suboptimal, as most female workers are elementary school graduates. Implications: To improve the contribution of the female workforce to the economy, the government should extend compulsory education from 9 to 12 years, expand access to non-formal education for women, and establish a female-friendly labor market through job flexibility and improved childcare access. JEL Classification: I25, J21, E12, J2

Nexus between Governance and Sustainable Development in Developing Countries: A Simultaneous Approach

Research Originality: The present research contributes a novel task in examining the simultaneous relationship between governance and sustainable development (SD), aiming to capture the endogenous relationship between these two concepts. Research Objectives: This study examines the relationship between governance and sustainable development in 59 developing countries, utilizing annual data from 2006 to 2022. Research Method: The study employs panel Generalized Methods of Moment (GMM) and panel three-stage least squares (3SLS) techniques by using STATA 17. Data for this study is extracted from the World Development Indicators (WDI), International Financial Statistics, and World Governance Indicators. Empirical Results:  The findings indicate that governance, tax-to-GDP ratio, and financial development are positively related to SD. Moreover, SD also has a positive impact on governance in developing countries. Control variables, including the misery index and population, are negatively related to governance. Implications: The study offers policy recommendations to enhance transparency and government quality, which are integrated into the development process to reduce social disparities, mitigate environmental challenges, foster economic growth, and ensure the well-being of citizens. JEL Classification: F63, O16, Q0

Competitiveness and Factors Affecting Indonesia’s Natural Rubber Export: An Evidence from Eight Main Destination Countries

Research Originality: This research contribution focused on Indonesia's natural rubber productivity and the role of importer industrial sector development in Indonesia's natural rubber exports.Research Objectives: This research analyzed Indonesia's natural rubber export competitiveness and the effect of productivity, importer industrial sector development, and export price on Indonesia's natural rubber export volume.Research Methods: This research used secondary data from the World Bank, FAO, and UN Comtrade. The dataset covers eight countries from 2002 to 2022. Revealed comparative advantage (RCA), export product dynamics (EPD), and x-model potential export products are applied to analyze export competitiveness. In contrast, panel regression is applied to analyze the determinants of export.Empirical Results: The results showed that Indonesia's natural rubber competitiveness has declined since 2018. Nevertheless, Indonesia's natural rubber is still competitive, and its expansion in the main-destination countries is considered potential. Natural rubber productivity, importer industrial sector development, and export price positively and significantly impact natural rubber export volume.Implications: Indonesia's natural rubber competitiveness has declined. Hence, improving natural rubber quality would be suggested. Moreover, the positive impact of productivity can be maximized by building supporting infrastructure and upgrading production technologies.JEL Classification: C33, F14, Q17How to Cite:Novaldi, J., & Muchlisoh, S. (2025). Competitiveness and Factors Affecting Indonesia’s Natural Rubber Export: An Evidence from Eight Main Destination Countries. Etikonomi, 24(1), 175 – 190. https://doi.org/10.15408/etk.v24i1.37841

Assessing Sustainable Tourism in Top Selfie: A Mapping and Decision-Making Technique

Research Originality: This research paper combined literature on sustainable tourism, including the mapping and decision-making of tourism management in Top Selfie, Indonesia, towards sustainable tourism potential zones.Research Objectives: This study examined the impact of sustainable tourism patterns in the Top Selfie Pinusan area of Magelang, Indonesia, by considering various sustainability criteria.Research Methods: The researchers conducted comprehensive interviews with key stakeholders. The data was analyzed using ArcGIS to identify the development map of Top Selfie Pinusan and AHP analysis to policy recommendations for tourism development in Top Selfie Pinusan.Empirical Results: The research found that the location and potential of the Top Selfie Pinusan area make it a promising tourist destination when viewed from its development map. The AHP analysis showed that the eco-environmental criterion gave the highest weight to the water resources conservation sub-criterion. The alternative policy proposed in this research emphasized the promotion of alternative tourism.Implications: This research has important implications for the local government and tourism businesses, as they must address the challenge of creating tourist attractions aligned with the principles of sustainable tourism in Indonesia.JEL Classification: C1, Q510How to Cite:Sasanti, I. A., Gravitiani, E., Sartika, R. C., & Herniti, D. (2025). Assessing Sustainable Tourism in Top Selfie: A Mapping and Decision-Making Technique. Etikonomi, 24(1), 119 – 134. https://doi.org/10.15408/etk.v24i1.37947

Untapping the Determinants of Islamic Financial Behaviour among Young Generations

Research originality: The originality of this research lies in its integrated examination of psychological, social, and educational determinants of Islamic financial behaviour within a localized Malaysian context. Research objectives: Grounded in the Theory of Planned Behaviour, the research investigates how Islamic financial literacy, financial risk attitude, parental financial socialization, and financial self-efficacy influence financial behaviour. Research methods: A structured questionnaire was distributed to 358 respondents aged 18 to 30, and the data were analyzed using covariance-based Structural Equation Modelling (CB-SEM). Empirical result: The study reveals two significant findings: parental financial socialization and financial self-efficacy strongly predict Islamic financial behaviour, while financial literacy and risk attitude show insignificant relationships. Implications: Policymakers should embed Islamic financial literacy in national youth programs, educators must integrate hands-on financial training into curricula, and Islamic finance providers are encouraged to offer youth-friendly, Shariah-compliant products supported by educational outreach and family-involved financial awareness initiatives. JEL Classification: D10, D14, D91, G4