Advances in Economics & Financial Studies

Asymmetric Impacts of Palm Oil Expansion and Industrial Downstreaming on Ecological Footprint: Evidence from Indonesia

Sat, 09 May 2026 00:00:00 +0700

Purpose: This study empirically investigates the asymmetric impacts of palm oil production, downstream industrialization, and trade openness on the ecological footprint. The primary objective is to determine whether environmental degradation responds differently to positive and negative macroeconomic shocks.

Research Method: The research employs a nonlinear autoregressive distributed lag framework to analyze annual time-series data spanning 30 years. The analytical procedure involves descriptive statistics, unit root tests to confirm stationarity, nonlinear bounds testing for long-run cointegration, and short-run Granger causality tests.

Results and Discussion: The empirical findings reveal a statistically significant asymmetric relationship. A positive shock in palm oil production exacerbates environmental degradation, while a negative shock is associated with measurable ecological recovery. Furthermore, downstream industrialization marginally reduces the ecological footprint in the long run, suggesting the potential for adopting circular economy practices. Conversely, trade openness slightly increases environmental pressures, indicating a global telecoupling effect in which international demand influences domestic industrialization and upstream expansion.

Implications: To mitigate imported environmental burdens, producing nations must implement robust integrated policies. Strategic interventions, such as enforcing strict forest moratoriums, facilitating land swaps to degraded mineral soils, and accelerating sustainable certification for smallholders, are critical for achieving long-term ecological resilience.

Originality: This research breaks new ground by employing a nonlinear framework to reveal asymmetric "ecological hysteresis," in which environmental recovery fails to keep pace with the degradation caused by palm oil expansion.

The Impact of Effective Digital Onboarding on the Growth of Islamic Bank Customers in Indonesia

Salwa Latipah Saleha, Muhammad Arif — Thu, 21 May 2026 00:00:00 +0700

Purpose: This study aims to analyze the relationship between the effectiveness of digital onboarding and the acceptance of digital banking services at Bank Syariah Indonesia in Medan.

Research Method: This study employs an associative quantitative approach with a cross-sectional design. Data were collected through a questionnaire distributed to 100 respondents who had used the digital onboarding service at Bank Syariah Indonesia in Medan. Data analysis was conducted using simple linear regression in SPSS, supported by tests of validity, reliability, normality, and heteroscedasticity.

Results and Discussion: The study indicates that digital onboarding has a positive and significant relationship with the acceptance of digital banking services. Ease of registration, time efficiency, flexibility of access, and ease of use of the system shape the public’s positive perception of digital banking services. These findings support the Technology Acceptance Model (TAM) and the Diffusion of Innovations Theory.

Implications: This study offers practical guidance for Islamic banking institutions on improving the quality of digital onboarding services to enhance public acceptance of digital services and advance financial inclusion.

Originality: This study focuses on digital onboarding as an initial mechanism for adopting digital services in Islamic banking in Medan

Determinants of Corporate Credit Growth

Jeger Situmorang, Jojok Dwiridotjahjono — Fri, 22 May 2026 00:00:00 +0700

Purpose: This study aims to analyze the effect of inflation, the BI 7-Day Reverse Repo Rate, Rupiah exchange rates, and gold prices on monthly outstanding loan distribution at PT Makmur Bersama Gadai Probolinggo Branch during the 2020–2025 period.

Research Method: This study employed a quantitative associative approach using saturated sampling, with 72 monthly time-series observations. Secondary data were analyzed using multiple linear regression with the Cochrane-Orcutt transformation to address autocorrelation.

Results and Discussion: The findings indicate that macroeconomic variables are significantly associated with the monthly distribution of outstanding loans. Partially, gold prices show a significant positive relationship, while the BI 7-Day Reverse Repo Rate demonstrates a significant negative relationship. Meanwhile, inflation and Rupiah exchange rates are not statistically significant. The model shows limited explanatory power, suggesting that the distribution of financing may also be influenced by other operational and customer-related factors not captured by the model.

Implications: The findings provide practical insights for private pawn institutions on managing collateral valuation and financing strategies amid fluctuating macroeconomic conditions.

Originality: This study focuses on a private pawn institution that implements a high Loan-to-Value (LTV) financing policy. This focus area has remained underexplored in previous studies, where state-owned pawn institutions have dominated.

Halal Lifestyle and Generation Z Interest in Saving at Indonesian Sharia Banks: A Mixed-Methods Approach

Putri Ramadani Saleha, Rahmi Syahriza, Fauzi Arif Lubis — Wed, 27 May 2026 00:00:00 +0700

Purpose: This study aims to analyze the role of the halal lifestyle in shaping Generation Z’s interest in saving at Bank Syariah Indonesia.

Research Method: This study employed a mixed-methods approach with a sequential explanatory design. Quantitative data were collected via a questionnaire administered to 132 Generation Z respondents in Medan and analyzed using simple linear regression in SPSS 22. Qualitative data were collected through semi-structured interviews with three employees of Bank Syariah Indonesia.

Results and Discussion: The study results indicate that a halal lifestyle has a positive and significant effect on Generation Z’s interest in saving with Bank Syariah Indonesia. However, the adjusted R² of 0.135 indicates that this effect remains relatively limited. Qualitative findings indicate that interest in saving is also related to digital services, product innovation, practical needs, and an understanding of Sharia contracts.

Implications: Islamic banking needs to strengthen its services, product innovation, and Islamic financial education in line with the characteristics of Generation Z.

Originality: This study employs a mixed-methods approach to examine the relationship between the halal lifestyle and Generation Z’s interest in saving, integrating quantitative and qualitative perspectives.

The Role of Institutional Ownership Moderation in the Relationship Between Financial Ratios and Financial Distress

Emillia Sastrasasmita, Chelsya Chelsya, Kartini Kartini, Sri Sundari — Fri, 29 May 2026 00:00:00 +0700

Purpose: This study aims to examine the effect of multidimensional financial ratios on corporate financial health, proxied by the Altman Z-Score, and to analyze the moderating role of institutional ownership in non-cyclical consumer-sector companies listed on the Indonesia Stock Exchange during 2022–2024.

Research Method: This study employs a quantitative research design using panel data regression and Moderated Regression Analysis (MRA). The sample was selected through purposive sampling based on the availability of annual financial reports. The independent variables include liquidity, profitability, solvency, leverage, operational efficiency, and firm size, while corporate financial health is measured using the Altman Z-Score. Institutional ownership is used as a moderating variable.

Results and Discussion: The findings reveal that profitability, measured by return on assets, and operational efficiency, measured by total asset turnover, have a significant positive effect on the Altman Z-Score. Meanwhile, liquidity, solvency, leverage, and firm size do not significantly affect financial health. Institutional ownership weakens the relationship between profitability and the Altman Z-Score.

Implications: The findings suggest that institutional ownership may function as a substitute monitoring mechanism rather than always strengthening financial signals.

Originality: This study contributes by integrating multidimensional financial ratios, the Altman Z-Score, and institutional ownership to assess financial health in Indonesia’s non-cyclical consumer sector.