JOURNAL OF MANAGEMENT, ACCOUNTING, GENERAL FINANCE AND INTERNATIONAL ECONOMIC ISSUES

Economic Evaluation of Cobalt and Iron Pricing in Lateritic Nickel Ore Sales Based on Forecasted Benchmark Mineral Prices (Period II April-Period II July 2026)

Marwan Zam Mili — 2026-04-20

The pricing of lateritic nickel ore in Indonesia has traditionally been based on nickel (Ni) content alone, neglecting associated elements such as cobalt (Co) and iron (Fe), which may lead to undervaluation. This study aims to evaluate the economic impact of incorporating cobalt and iron in lateritic nickel ore pricing based on forecasted Benchmark Mineral Prices (HPM). Secondary data comprising Benchmark Mineral Reference Prices (HMA) for nickel, cobalt, and iron from Period I of May 2025 to Period I of April 2026 were utilized. Price forecasting employed the Moving Average method of order 2, selected based on the lowest Mean Squared Error (MSE), projecting prices from Period II of April to Period II of July 2026. A comparative approach between existing and proposed pricing schemes was applied. Results show that incorporating cobalt and iron significantly increases ore value, with the limonite layer rising from $21/ton to $85/ton and the saprolite layer from $47/ton to $70-75/ton. Based on volumes of 3.8 million wmt (limonite) and 3.62 million wmt (saprolite), nickel's economic potential reaches USD 60,211,426 (IDR 957,537,484,403) and USD 103,792,752 (IDR 1,650,607,831,636) respectively, while cobalt contributes USD 19,550,965 (IDR 310,917,430,537) and USD 1,978,843 (IDR 31,469,375,560). These findings confirm that a comprehensive pricing scheme encompassing all mineral constituents is essential for improving valuation accuracy and supporting equitable mineral pricing policies.

The Influence of Green Accounting and Intellectual Capital on Firm Value with Business Strategy as a Moderating Variable

Hana Agustin — 2026-04-27

Investor perceptions of corporate performance, as captured by firm value, are determined by financial considerations alongside non-financial dimensions, namely environmental responsibility management via green accounting and the strategic utilization of intellectual capital to secure competitive advantage. This study assesses the extent to which green accounting and intellectual capital affect firm value, while also considering the moderating role of business strategy. The analysis focuses on mining firms listed on the Indonesia Stock Exchange from 2021 to 2024, utilizing secondary data derived from annual reports through purposive sampling according to explicit selection criteria. Methodologically, the investigation applies a quantitative approach, implementing both multiple linear regression and Moderated Regression Analysis (MRA) for hypothesis testing. The results indicate that green accounting and intellectual capital each have a statistically significant impact on firm value. Nevertheless, business strategy is unable to moderate the influence of either green accounting or intellectual capital on firm value, and consequently, no moderating role is substantiated. The study aims to contribute to corporate value enhancement strategies and to provide a foundation for future scholarly inquiry.

The Influence of Government Expenditure, Domestic Investment, and Sustainable Development on Inclusive Economic Growth in Sumatra Provinces (2019-2023)

Nur Azima — 2026-05-15

Inclusive economic growth remains a critical challenge across Sumatra’s provinces, where disparities in welfare, infrastructure, and environmental quality persist. Focusing on ten provinces on the island of Sumatra between 2019 and 2023, this research assesses how inclusive economic growth is influenced by government social assistance expenditure, domestic investment (PMDN), and sustainable development (proxied by HDI and IKLH). Employing panel data regression with the Random Effects Model (REM) as the adjudicated specification, the empirical outcomes reveal that, under partial estimation, all independent variables exert a discernible bearing upon inclusive economic growth. Conversely, under simultaneous estimation, solely the Human Development Index (HDI) manifests as a statistically consequential determinant, whilst social assistance expenditure, domestic investment, and the Environmental Quality Index (IKLH) yield no appreciable influence on inclusive economic growth across the provinces under scrutiny. These findings suggest that human capital development plays a more dominant role than fiscal and investment variables in driving inclusive growth. Policymakers in Sumatra should prioritize sustainable human development to reduce inequality and enhance economic participation across provinces.

The Effect of Green Investment, Eco-efficiency, and Carbon Emission Disclosure on Firm Value

Refika Afriani — 2026-05-15

Growing apprehensions regarding environmental stewardship have amplified compulsory demands on corporations to assimilate conscientious practices into their operative strategies, particularly within capital markets that incorporate ethical and environmental screening criteria. This research aims to identify the bearing of green investment, eco-efficiency, and carbon emission disclosure on firm valuation among enterprises enumerated on the Indonesian Sharia Stock Index (ISSI) spanning the 2022–2024 period. A quantitative investigative approach with purposive sampling was employed, yielding 45 observations from 15 companies across three years. Ancillary data were procured from annual reports and sustainability reports and scrutinised through panel data regression utilising EViews 12. The empirical outcomes divulge that green investment exerts a propitious and consequential bearing on firm value, whereas eco-efficiency manifests a deleterious and statistically significant effect, intimating that market participants construe environmental efficiency undertakings as transient fiscal encumbrances rather than enduring value catalysts. Carbon emission disclosure demonstrates an affirmative yet inconsequential bearing on firm value. Concurrently, the three variables conjointly and substantively impinge upon firm value. These findings augment the burgeoning compendium of literature on sustainability conduct and firm valuation within the purview of Islamic capital markets, proffering empirical elucidations germane to investors, practitioners, and policymakers operating within Sharia-compliant investment frameworks.

The Impact of Changes in Labor Force Structure on Inequality and Poverty in Indonesia

Bronson Marpaung — 2026-05-25

Indonesia has demonstrated high and sustained economic growth and has transformed into an industrial and service-oriented nation. The shift of labor from the agricultural sector to non-agricultural sectors such as industry and services has become the center of economic activity. This change can be observed from the increasing contribution of non-agricultural sectors to the economy, accompanied by a decline in the contribution of agriculture in Indonesia. This study differs from others that mainly focus on structural change and its impact on poverty and sectoral inequality, by highlighting the achievement of the turning point condition. Labor surplus in the agricultural sector causes the marginal productivity of labor in this sector to become very low or even nonexistent, a phenomenon that Lewis referred to as disguised unemployment, which frequently occurs in the agricultural sector of developing countries. The aim of this study is to identify the Lewis Turning Point (LTP) and analyze the impact of changes in labor structure on inequality and poverty in Indonesia. This study utilizes secondary data from several institutions, including the World Bank, Food and Agriculture Organization (FAO), and UNCTAD, in the form of time series data for the period 1980-2020. In this study, Indonesia has not yet reached the Lewis turning point as a result of the structural change process. The transformation from the agricultural sector to the industrial sector can reduce poverty and inequality, while the transformation from the agricultural sector to the service sector has proven unable to reduce inequality and poverty.

Analysis of the Competitiveness of Indonesia Shallot Commodity Exports in the International Market

Rizqi Muttaqin — 2026-06-04

Despite significant growth in domestic production, Indonesia’s export performance remains relatively low and fluctuating compared to its production capacity. This study analyzes the competitiveness of Indonesian shallot exports in the international market during the period 2015-2024. This research employs a quantitative descriptive approach using key indicators, including Revealed Comparative Advantage (RCA), Revealed Symmetric Comparative Advantage (RSCA), Growth RCA, and Export Product Dynamics (EPD), to assess competitiveness and export dynamics. The results show that Indonesia’s RCA values are generally below one, indicating a lack of strong comparative advantage, while RSCA values remain negative, reflecting weak competitiveness relative to major competitors such as Thailand and India. Growth RCA analysis reveals unstable competitiveness trends, heavily influenced by external factors such as global prices, trade policies, and the COVID-19 pandemic. Furthermore, EPD analysis indicates that Indonesian shallot exports are frequently positioned in the “Lost Opportunity” and “Retreat” categories, suggesting an inability to capitalize on growing global demand. In contrast, competing countries consistently demonstrate stronger and more stable export performance. The study concludes that Indonesia’s high production potential has not been effectively translated into export competitiveness due to challenges related to product quality, logistics efficiency, and policy support. Therefore, strategic efforts are required to improve quality standards, enhance supply chain efficiency, and expand export markets in order to strengthen Indonesia’s position in the global shallot trade.