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

Human Capital as a Catalyst for Income Convergence: Evidence from ASEAN-8 Countries

Research Originality: This study takes a novel approach to analyzing the impact of human capital on income convergence in ASEAN-8 countries by comparing three indicators. This comparative analysis provides a more comprehensive understanding of human capital dynamics in ASEAN's economic convergence.Research Objectives: This study investigates the impact of human capital on income convergence by applying the concept of β-convergence to the ASEAN-8 countries.Research Methods: The analysis of β-convergence is based on the basic and augmented Solow growth models. The estimation is conducted using static and dynamic panel data regression from 1995 to 2019.Empirical Result: The results reveal the existence of absolute and conditional β-convergence in ASEAN-8 countries, suggesting that poor countries grow faster than rich countries, with human capital playing a crucial role in this process. Human capital, measured by average years of schooling, tertiary gross enrolment ratio, and HCI, are important factors that significantly increase income convergence.Implications: ASEAN-8 governments need to establish policies that enhance human capital, particularly in education, by increasing educational attainment and the rate of return to education.JEL Classification: E24, O47, C13How to Cite:Suprayitno, A. W., & Gitaharie, B. Y. (2025). Human capital as a Catalyst for Income Convergence: Evidence from ASEAN-8 Countries. Etikonomi, 24(1), 265 – 284. https://doi.org/10.15408/etk.v24i1.41571

Interconnectedness and Systemic Risk: Insights from Indonesian Financial Conglomerates

Research Originality: This research addresses the gap in existing studies by examining the time-varying volatility spillover index among conglomerates in listed financial companies in Indonesia, an unexplored area.Research Objectives: The study investigates the potential interconnectedness among financial institutions, one source of systemic risk, by analyzing volatility spillovers within conglomerates.Research Methods: Using a generalized VAR approach, we examined total volatility spillover, directional volatility spillover, and total volatility spillover indices for 14 companies from four conglomerates, utilizing daily data from 2010 to March 2023.Empirical Results: The results reveal significant interconnectedness within these conglomerates, indicating potential for systemic risk that could threaten the financial system's stability. Another noteworthy finding is that the volatility transmission within banking conglomerates predominantly originates from subsidiary companies to parent companies.Implications: Regulators need to supervise spillovers at both the parent and subsidiary levels by developing regulations that address both levels to ensure effective risk management.JEL Classification: C58, G21How to Cite:Kusumahadi, T. A., Saadah, S., Permana, F. C. (2025). Interconnectedness and Systemic Risk: Insights from Indonesian Financial Conglomerates. Etikonomi, 24(1), 53 – 68. https://doi.org/10.15408/etk.v24i1.38452

Effects of Sociographic and Personal Factors on Food Purchasing in Traditional Markets

Research Originality: The current literature lacks a structured analysis of how interactions between lifestyle factors and sociodemographic changes impact food purchasing behavior in traditional markets. By analyzing these factors, businesses can optimize product selections, refine marketing strategies, and enhance customer engagement to align with the diverse preferences and requirements of their target market, adapting to both current trends and future changes.Research Objectives: This study employs a psychodynamic approach, the theory of personality traits, two-way physical and perceptual interactions, and household assumptions to examine how sociographic lifestyle, household characteristics, and personality traits influence food purchasing behavior. Research Methods: The mixed methods, which included in-depth interviews with 183 household customers, utilized non-probability sampling and partial least squares structural equation modeling.Empirical Results: Increased food purchasing behavior is caused by changing sociographic lifestyles rather than personality traits and household characteristics. A greater sociodemographic lifestyle, personality traits, and household characteristics correspond to increased friendship, values, responsible spending, and household size.Implications: Food safety regulations must be implemented effectively, which includes appointing market management authorities, as agencies in the informal food sector are often underfunded and unregulated.JEL Classification: D1, E21, L66, R2How to Cite:Nurliza. (2025). Consumers in Traditional Markets: Sociographic Lifestyle, Household Features, and Personality Traits. Etikonomi, 24(1), 205 – 220. https://doi.org/10.15408/etk.v24i1.38288

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

The Digital Revolution: Can Yogyakarta's Micro-Enterprises Ride the Wave?

Research Originality: This study enhances the comprehension of micro-enterprise owners who have transitioned to entrepreneurship by investigating their enhanced skills and flexibility in using digital technology.Research Objectives: This study examined the factors that influence technology adoption by business owners with experience in Microenterprises (MIEs). It also explored how digital technology's adoption mediates the relationship between these factors and the firm's performance.Research Methods: This study uses quantitative Path Analysis to examine the causal links between variables that impact the performance of micro-enterprises (MIEs) in Yogyakarta, Indonesia. A random sample of 461 MIE owners was selected.Empirical Results: The research found that micro-enterprises with organizational readiness and strategic orientation are more likely to use digital technology than those that do not adapt to or follow modern times. The cause was the high strategic orientation of Yogyakarta's MIEs.Implications: This study's empirical implication is to assess MIE development programmes in terms of digital technology usefulness within the context of business creation and technological transfer through MIEs in Yogyakarta.JEL Classification: C12, C31, O31How to Cite:Fridayani, H. D., Chiang, L. C., Mahendro, A. B., & Agustin, M. S. (2025). The Digital Revolution: Can Yogyakarta’s Micro Enterprise Ride the Wave. Etikonomi, 24(1), 191 – 204. https://doi.org/10.15408/etk.v24i1.37973

Disruption or Catalyst? Foreign Banks' Impact on Competition in Indonesia's Islamic-Conventional Banking Ecosystem

Research Originality: This study uniquely examines the impact of foreign bank penetration on bank competition within Indonesia's dual-banking system. By incorporating the moderating effect of Islamic banks, this research provides novel insights into the dynamics of bank competition in a multi-faceted financial ecosystem.Research Objectives: This study investigates the impact of foreign banks on the level of competition in Indonesia's dual-banking system, encompassing both Islamic and conventional banks.Research Methods: The study employs panel data analysis of Islamic and conventional banks in Indonesia from 2011 to 2021. Bank competition and foreign bank penetration are measured using the Lerner Index and various ratios of foreign banks, respectively.Empirical Results: The findings reveal that an increase in the number of foreign banks enhances bank competition and reduces market power. However, increased foreign bank asset ownership is associated with reduced competition. While not statistically significant, Islamic banks tend supports increased competition in the banking sector.Implications: To maintain a competitive balance, regulators should focus on controlling foreign asset ownership rather than merely the number of foreign banks. Furthermore, the role of Islamic banks in fostering competition warrants consideration in policy formulation.JEL Classification: C1, E52How to Cite:Maharani, N. K., & Alwahidin. (2025). Disruption or Catalyst? Foreign Banks’ Impact on Competition in Indonesia’s Islamic Conventional Banking Ecosystem. Etikonomi, 24(1), 1 – 16. https://doi.org/10.15408/etk.v24i1.36338

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's 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

Determinant of Earnings Response Coefficient with Sales Growth as Moderating

 Research Originality: This study provides a new perspective by including the less explored sales growth as a factor that could potentially strengthen or weaken the relationship between earnings and market response. Investigating sales growth is crucial, as it enhances investor perceptions of revenue growth, a key indicator of corporate success.Research Objectives: This study analyzes the factors that affect earnings response coefficients in basic material and industrial companies listed on the Indonesia Stock Exchange in 2020–2022.Research Methods: This study uses secondary data that consisted of 76 companies with 228 observations in the basic material and industrial sectors listed on the Indonesia Stock Exchange from 2020 to 2022. This research uses multiple linear regression analysis and the data distribution is panel data.Empirical Results: The findings show that free cash flow has a positive effect on the earnings response coefficient, and systematic risk has a negative effect. Capital expenditure does not affect the earnings response coefficient. Sales growth, as moderation, can weaken systematic risk on the earnings response coefficient.Implication: This study had theoretical implications for examining the theory related to the earnings response coefficient. Practically, it provided investors with an overview of earnings quality, as shown by capital expenditure and free cash flow.JEL Classification: L6, D21, G10How to Cite:Pramesti, I. G. A. A., & Murwaningsari, E. (2025). Determinant of Earnings Response Coefficient with Sales Growth as Moderating. Etikonomi, 24(1), 233 – 246. https://doi.org/10.15408/etk.v24i1.38165