EKUITAS (Jurnal Ekonomi dan Keuangan) https://ejournal.stiesia.ac.id/ekuitas <p>EKUITAS (Jurnal Ekonomi dan Keuangan) is published by the <strong><a href="https://stiesia.ac.id/">Sekolah Tinggi ilmu Ekonomi Indonesia (STIESIA) Surabaya</a></strong> periodically (every three months), in <strong>March</strong>, <strong>June</strong>, <strong>September</strong>, and <strong>December</strong>, with the aim of disseminating the results of research, study, and development in the economic and finance, particularly in the fields of accounting, management, capital markets, business law, taxation, information systems, as well as other areas of economics and finance. Articles published in EKUITAS can be in the form of Research Articles or Conceptual Articles (non-research). EKUITAS (Jurnal Ekonomi dan Keuangan) is accredited with number <strong><a href="https://ejournal.stiesia.ac.id/public/site/images/trisulo/sertif-akreditasi-2021.jpg">No. 158/E/KPT/2021</a></strong> with ISSN numbers e-ISSN <a title="eISSN" href="https://portal.issn.org/resource/ISSN/2548-5024" target="_blank" rel="noopener"><strong>2548 – 5024</strong></a> and p-ISSN <a title="pISSN" href="https://issn.brin.go.id/terbit/detail/1478073444" target="_blank" rel="noopener"><strong>2548 – 298X</strong></a></p> Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya en-US EKUITAS (Jurnal Ekonomi dan Keuangan) 2548-298X SUSTAINING ENTREPRENEURIAL INTENTION WITH ENTREPRENEURIAL LEARNING, ENTREPRENEURIAL KNOWLEDGE, HUMAN CAPITAL https://ejournal.stiesia.ac.id/ekuitas/article/view/6134 <p>This study examines the effect of entrepreneurial learning on entrepreneurial intention through entrepreneurial knowledge and human capital during the COVID-19 pandemic. The population of this study were 7,246 students majoring in business from Bali's universities. The sample size was 379 with the Slovin method. The link to the online survey was sent to respondents via email. Two hundred seventy-nine questionnaires were returned and confirmed valid, with a usable response rate of 73.61%. The results were analyzed using WarpPLS 7.0. The study resulted that entrepreneurial learning influenced knowledge, human capital, and intention. Entrepreneurial knowledge did not affect entrepreneurial intention, and human capital affected entrepreneurial intention. This study also found that entrepreneurial knowledge had almost no mediating effect between entrepreneurial learning and entrepreneurial intention, and human capital succeeded in being a partial mediator on the influence of entrepreneurial learning on entrepreneurial intention. Moreover, this study contributes to the understanding and is useful for scholars, academics, and practitioners in the field of entrepreneurship to create a broader view of the relationship between entrepreneurial learning, entrepreneurial knowledge, human capital, and entrepreneurial intention and mediation mechanism that occurs in the model for the conceptual generalization and entrepreneurial practices purposes.</p> Ida Ketut Kusumawijaya Partiwi Dwi Astuti Copyright (c) 2024 2024-05-30 2024-05-30 8 2 201 221 10.24034/j25485024.y2024.v8.i2.6134 DIRECTOR'S NATIONALITY DIVERSITY AND COMPANY PERFORMANCE: THE EVIDENCE FROM EMERGING MARKET https://ejournal.stiesia.ac.id/ekuitas/article/view/6190 <p>This study describes the diversity of directors' nationality from company attributes: company leverage, growth, size, age, and sub-sector. This study also analyses the association between directors' nationality diversity and the performance of Indonesia's listed companies using two measurements: ROA and ROS (accounting performance) and Stock return and Tobin’s Q (market performance). This study used 3,290 observations in 235 companies (from 2004 to 2017). As a result, the level of director nationality diversity varies based on the company size (large vs. small), company age (old vs. young), company growth (high vs. low), company leverage (high vs. low), company sub-sector (central vs. manufacturing vs. trading &amp; service sub-sector). In addition, the diversity of the supervisory board nationality is negatively related to the ROA and Tobin’s Q and positively associated with stock return. The company breaks the negative effect of supervisory board nationality diversity by reducing the periods foreign directors need to familiarise themselves with newly discovered circumstances, such as culture, systems, and language. The company suggests increasing the supervisory board nationality diversity regarding the stock return as detailed theoretical and practical implications.</p> Zaitul Zaitul Desi Ilona Hafizah Abd-Mutalib Eugene Okyere-Kwakye Copyright (c) 2024 2024-05-30 2024-05-30 8 2 222 239 10.24034/j25485024.y2024.v8.i2.6190 CAPITAL ASSET PRICING MODEL VERSUS ARBITRAGE PRICING THEORY MODEL: WHICH IS MORE ACCURATE FOR INVESTMENT? https://ejournal.stiesia.ac.id/ekuitas/article/view/6283 <p>The food and beverage industry has become a focal point for investors, both domestically and internationally because it has the opportunity to provide greater returns. Mitigating investment risks with a thorough risk and return analysis is imperative, employing models like the Capital Asset Pricing Model (CAPM) and the Arbitrage Pricing Theory (APT). This study aims to assess the predictive accuracy of the CAPM and APT models concerning stock returns within the food and beverage sector. The research method utilizes quantitative data from secondary sources and a descriptive research approach; the study focused on 26 samples out of 89 food and beverage companies listed on the Indonesia Stock Exchange (IDX) from March 2020 to May 2023. The results indicate that the CAPM model outperforms the APT model, with market return variables emerging as the most reliable predictor for analyzing stock returns. Research discussion: 16 companies exhibited positive actual returns, while 11 experienced negative returns. This research is unique because it pioneered the assessment of accuracy between the CAPM and APT models, particularly within the context of food and beverage companies listed on the Indonesia Stock Exchange (IDX)</p> Rosdiana Rosdiana Muhammad Irfai Sohilauw Copyright (c) 2024 2024-05-30 2024-05-30 8 2 240 256 10.24034/j25485024.y2024.v8.i2.6283 GENDER DIVERSITY IN BOARD OF DIRECTORS AND AUDIT REPORTS LAG: EVIDENCE FROM INDONESIA https://ejournal.stiesia.ac.id/ekuitas/article/view/6005 <p>Di sejumlah negara dan wilayah yang semakin bertambah, penerapan kuota gender dalam dewan perusahaan telah banyak dibahas, namun Indonesia bukan salah satunya. Tujuan dari penelitian ini adalah untuk mengkaji hubungan antara keberagaman gender dalam dewan perusahaan dan keterlambatan laporan audit dengan menggunakan bukti empiris. Data yang digunakan dalam penelitian ini berasal dari 2.937 observasi dari seluruh perusahaan publik di Indonesia dari tahun 2012 hingga 2020. Hipotesis yang diajukan diuji menggunakan metode regresi efek tetap (fixed effect), serta uji ketahanan lain yang menunjukkan hasil yang kokoh. Temuan dari penelitian ini mengungkapkan bahwa adanya keberagaman gender dalam dewan, terutama di dewan direksi, mendukung peningkatan keterlambatan laporan audit. Namun, jika keberagaman gender terjadi di dewan komisaris, hal ini tidak memiliki signifikansi terhadap panjangnya keterlambatan laporan audit. Selanjutnya, penelitian ini juga menemukan bahwa ketika dewan perusahaan mencapai keberagaman maksimum, keterlambatan laporan audit meningkat. Ini adalah penelitian pertama yang memberikan bukti tentang dampak keberagaman gender dalam dewan terhadap keterlambatan laporan audit di Indonesia. Sebagai hasilnya, para pemangku kepentingan akan sangat diuntungkan dari penelitian ini ketika mempertimbangkan adopsi keberagaman gender dalam dewan perusahaan.</p> Elkabyta Auvianty Bintarto Iman Harymawan Copyright (c) 2024 2024-05-30 2024-05-30 8 2 257 273 10.24034/j25485024.y2024.v8.i2.6005 THE IMPACT OF THE HALAL INDUSTRY AND ISLAMIC FINANCIAL ASSETS ON INDONESIA'S ECONOMIC GROWTH USING THE VECTOR AUTOREGRESSION (VAR) APPROACH https://ejournal.stiesia.ac.id/ekuitas/article/view/6299 <p>The present study intends to examine the influence of the halal business and Sharia financial assets on economic growth in Indonesia. The research method requires a quantitative methodology. Research data was acquired in time series form from the Central Statistics Agency (BPS), Financial Services Authority (OJK), and State of the Global Islamic Economy Report (SGIE). The VAR approach is used for analysis once the data is interpolated monthly. The findings in this research suggest a favorable and significant association between the halal industry and economic growth in Indonesia in the short term. Meanwhile, Islamic financial assets significantly affect economic growth in Indonesia. According to the results of the Granger causality test, a one-way causal relationship exists between economic development in Indonesia and the halal industry. The research results demonstrate that the halal industry is essential in supporting economic growth in Indonesia. With this research, the halal industry and Sharia financial assets can improve Indonesia's economic growth by increasing the halal sector.</p> Imsar Imsar Nurhayati Nurhayati Isnaini Harahap Purnama Ramadani Silalahi Copyright (c) 2024 2024-05-30 2024-05-30 8 2 274 287 10.24034/j25485024.y2024.v8.i2.6299 UNDERSTANDING YOUNG ENTREPRENEURS: INTEREST IN SUPPORTING BUSINESS SUCCESS https://ejournal.stiesia.ac.id/ekuitas/article/view/6324 <p>Reducing unemployment is one of the complex economic development problems that is being faced by various countries, including Indonesia. Increasing awareness and entrepreneurial abilities, which are currently being carried out by the government, is a way to improve economic conditions and increase community potential. This research aims to determine how student interest can support business success by paying attention to personal factors that influence student personality: environment, motivation, and skills. The research respondents were Budi Luhur University students who had previously been entrepreneurs, totaling 209 respondents. This research uses the Structural Equation Model method with Partials Least Square. The research results show that interest can mediate motivation and skills on business success; apart from that, environmental factors are an essential determinant of increasing students' motivation to become entrepreneurs. High motivation is the main drive; skills are a strong foundation in managing a business, while deep interest is the driving factor that maintains active involvement and focus on business development. A balanced combination of these three factors is often the key to student entrepreneurial success, helping them face challenges and take advantage of opportunities in the dynamic business world.</p> Retno Fuji Oktaviani Copyright (c) 2024 2024-05-30 2024-05-30 8 2 288 303 10.24034/j25485024.y2024.v8.i2.6324 DETERMINANTS OF FOREIGN DIRECT INVESTMENT IN ORGANIZATION OF THE ISLAMIC COOPERATION COUNTRIES: DOES FINANCIAL DEVELOPMENT MATTER? https://ejournal.stiesia.ac.id/ekuitas/article/view/6203 <p>A study on the factors influencing foreign direct investment (FDI) was started by the Islamic Cooperation countries, the majority of which are developing nations, due to the significance of capital flows for these nations. The present study employs an institutional quality framework, green economic policies, and the function of financial development to evaluate the components that effect foreign direct investment (FDI). The results of this research demonstrate that institutional changes and green economic policies stimulate foreign investment. Several institutional metrics, including government performance, the rule of law, political stability, and regulatory quality, have highly positive outcomes, while electoral accountability and preventing corruption have negative and minor consequences. Furthermore, elements of the green economy including human capital, natural resources, and environmental laws have a big impact on foreign investment. These results also suggest that the growth of the financial sector can boost the impact of institutional quality and the green economy on the attraction of foreign investment. The conclusions of this study demonstrate that investors examine institutional integrity, the green economy, and financial development when making investment decisions.</p> Zulkifli Zulkifli Alan Budi Kusuma Andi Ika Fahrika Muhammad Adnan Azzaki Copyright (c) 2024 2024-05-30 2024-05-30 8 2 304 323 10.24034/j25485024.y2024.v8.i2.6203 STRATEGIC MANAGEMENT AT SEVERAL OF THE BEST UNIVERSITIES IN INDONESIA https://ejournal.stiesia.ac.id/ekuitas/article/view/6530 <p>The strategic management process of each category of organization will undoubtedly be distinctive. This study aims to ascertain the strategic management process in higher education institutions in Indonesia. This research is a qualitative case study that examines the University of Indonesia (UI), Gajah Mada University (UGM), Bogor Agricultural Institute (IPB), Telkom University (TELU), Indonesian Islamic University (UII), and Muhammadiyah University of Surakarta (UMS). The strategic management process at Indonesian HEI is described or concluded by analyzing secondary data in the form of strategic plan documents compiled with analysis of primary data in the form of interviews with experts in the field of higher education. The research findings indicate that the strategic management process in Indonesian higher education institutions is comprised of four stages: (1) environmental analysis, (2) strategy formulation, (3) strategy implementation, and (4) evaluation control. An example of the originality or uniqueness of the strategic management process in Indonesian higher education institutions is internal environmental analysis, which employs its criteria rather than the commonly used value chain analysis or functional analysis approach criteria.</p> Rizal Ramdan Padmakusumah R. Wedi Rusmawan Kusumah Solahuddin Ismail Copyright (c) 2024 2024-05-30 2024-05-30 8 2 324 341 10.24034/j25485024.y2024.v8.i2.6530