PENANOMICS: International Journal of Economics

QUALITY MANAGEMENT ANALYSIS IN ISLAMIC RELIGIOUS EDUCATION TEXTBOOKS UPPER SECONDARY SCHOOL CHARACTER EDUCATION ORIENTED

Mustaqim Mustaqim — 2025-12-06

This study aims to analyze the quality management of Islamic Religious Education (PAI) textbooks for Senior High Schools (SMA) that are oriented towards character education. The focus of the study is directed at how the planning, implementation, supervision, and evaluation of the quality of PAI textbooks are carried out in accordance with the educational quality standards and character values mandated in the national education policy. This study uses a qualitative approach with descriptive analysis methods. Data were collected through document studies of PAI textbooks for Senior High Schools published by the Ministry of Primary and Secondary Education, in-depth interviews with book authors, editors, and PAI teachers, and observations of book use in the school environment. The results of the study indicate that the quality management of Islamic Religious Education textbooks has met the principles of Total Quality Management (TQM). In terms of planning, the textbooks have been compiled in accordance with curriculum standards, but the systematic integration of character values has not been optimal. In terms of implementation, the writing and editing processes have followed academic publishing mechanisms, but there is still an imbalance between the cognitive, affective, and psychomotor dimensions. In terms of supervision, the quality assurance system has not been implemented in an integrated manner between the author's institution, publisher, and book users. Meanwhile, in terms of evaluation, feedback from teachers and students has not been used effectively to improve the quality of content and learning design. This study concludes that improving the quality of Islamic Religious Education textbooks based on character education requires synergy between managerial, pedagogical, and spiritual aspects. The main recommendation is the need for a quality management model for Islamic Religious Education textbooks that emphasizes the integration of character values in every stage of quality management, from planning to evaluation. The findings of this study are expected to serve as a reference for policymakers, textbook authors, and educators in developing quality and character-based Islamic Religious Education textbooks.

The Influence of Price Perception and Perceived Product Quality on Consumer Satisfaction of Detergent Brand XYZ in Medan

Wily Julitawaty — 2025-12-10

This study investigates the influence of price perception and perceived product quality on customer satisfaction with detergent brand XYZ. Using a quantitative approach and Partial Least Squares Structural Equation Modeling (PLS-SEM), data were collected through a structured questionnaire administered to consumers who regularly use the brand. The measurement model demonstrated acceptable reliability and validity, while the structural model revealed substantial explanatory power, with an R² value of 0.431 for customer satisfaction. The findings indicate that both price perception and perceived product quality significantly and positively influence customer satisfaction. Perceived product quality exhibited the stronger effect, as reflected by higher f-square values and path coefficients. The combined influence of both variables also proved significant, confirming that customer satisfaction is shaped by the interplay of consumers’ value perceptions and product performance assessments. These results highlight the importance for detergent manufacturers to maintain competitive pricing strategies while consistently delivering high product quality. The study concludes with managerial implications and suggests avenues for future research, including expanding the model with additional variables and using more diverse samples to enhance generalizability.

THE EFFECT OF TRUST, PERCEIVED EASE OF USE, AND PERCEIVED RISK ON CONTINUANCE USE OF GOPAY

Shinta Sri Rahayu — 2025-12-31

Drawing on the Technology Acceptance Model (TAM) and the Expectation–Confirmation Model (ECM), this study investigates the effects of perceived ease of use, trust, and perceived risk on the continuance usage of the GoPay digital wallet. A quantitative research design was employed using a survey of 391 GoPay users in Indonesia. Data were collected through a structured Likert-scale questionnaire and analyzed using Structural Equation Modeling (SEM) to examine the proposed relationships. The findings indicate that perceived ease of use has a positive and significant effect on continuance usage, supporting TAM’s proposition that usability enhances users’ post-adoption behavior. Trust also exhibits a positive and significant influence on continuance usage, highlighting the role of transaction security, system reliability, and personal data protection in reinforcing users’ confirmation of expectations, as emphasized in ECM. In contrast, perceived risk does not significantly affect continuance usage, suggesting that potential risks are perceived as manageable and do not outweigh the perceived benefits of continued use. Overall, the results confirm that perceived ease of use and trust are the primary determinants of digital wallet continuance usage, while the integrated model explains users’ post-adoption behavior effectively. This study contributes to the fintech literature by extending TAM and ECM to the context of digital wallet services and offers managerial insights for strengthening user retention through usability and trust-enhancing strategies.

THE EFFECT OF CURRENT RATIO, DEBT TO EQUITY RATIO, NET PROFIT MARGIN AND TOTAL ASSETS TURNOVER ON STOCK PRICES IN FOOD AND BEVERAGE SUB-SECTOR COMPANIES LISTED ON THE IDX IN THE 2019-2023 PERIOD

Santi Kurniawati — 2025-12-30

The purpose of this study is to determine and analyze the partial effect of the Current Ratio on Stock Prices; to determine and analyze the partial effect of the Debt to Equity Ratio on Stock Prices; to determine and analyze the effect of the Net Profit Margin on Stock Prices; to determine and analyze the effect of the Total Asset Turnover on Stock Prices; and to determine and analyze the simultaneous effect of the Current Ratio, Debt to Equity Ratio, Net Profit Margin, and Total Asset Turnover on Stock Prices. This study uses a quantitative approach. The population consists of all financial reports of Food and Beverage Sub-Sector Companies listed on the Indonesia Stock Exchange (IDX) for the period 2019–2023. The sampling technique used is purposive sampling or judgment sampling. The analytical technique applied is multiple linear regression and panel data regression using Eviews 12 software. The results of this study indicate that the Current Ratio (CR) partially has no significant effect on Stock Prices. The Debt to Equity Ratio (DER) partially has a negative and significant effect on Stock Prices. The Net Profit Margin (NPM) partially has a positive and significant effect on Stock Prices. The Total Asset Turnover (TATO) partially has no significant effect on Stock Prices. However, simultaneously, CR, DER, NPM, and TATO together have a significant effect on Stock Prices.

UNEMPLOYMENT INSURANCE RESEARCH AND THE GOVERNANCE OF INDONESIA’S JOB LOSS GUARANTEE PROGRAM: A GLOBAL BIBLIOMETRIC ASSESSMENT AND SYSTEMATIC LITERATURE REVIEW

Adriyansya Iskandar — 2025-12-10

This study analyses global research trends on unemployment insurance (UI) alongside Indonesia’s Job Loss Guarantee programme (Jaminan Kehilangan Pekerjaan/JKP) by integrating bibliometric analysis and a systematic literature review. Drawing on 16,181 Scopus-indexed publications from 2010 to 2025, the bibliometric findings indicate a clear transition from early conceptual debates to rapid scholarly expansion after 2018, largely triggered by the COVID-19 pandemic and subsequent labour market reforms. Recent research increasingly focuses on adaptive UI systems that emphasise activation policies, digital governance, and reemployment support. A PRISMA-guided review identifies seven empirical studies relevant to Indonesia, examining ALMPs, JKP implementation, labour mobility, behavioural responses to job loss, unemployment forecasting, and skilled-worker vulnerability. Overall, Indonesia’s contribution to UI scholarship remains modest and predominantly descriptive, with limited methodological depth. Persistent challenges include weak institutional coordination, low public awareness of JKP, mismatched training provision, and restricted access for informal workers. The study highlights critical research gaps in impact evaluation, policy integration, and regional variation. Policy recommendations stress stronger governance coordination, data-driven activation mechanisms, and targeted skills development to enhance labour market protection in Indonesia.

The ROLE OF RELIGIOSITY IN ENCOURAGING SUSTAINABLE MANAGEMENT PRACTICES TO IMPROVE MSME BUSINESS PERFORMANCE

Sri Kemala — 2025-12-14

Micro, Small, and Medium Enterprises (MSMEs) play a strategic role in the economy, yet face challenges in maintaining economic, social, and environmental sustainability amidst increasingly fierce business competition. The importance of this research lies in understanding the internal factors that can strengthen sustainable management practices, one of which is religiosity. This study aims to analyze the role of religiosity in encouraging sustainable management practices to improve MSME business performance. This research uses a literature review approach, with data sources obtained from reputable academic databases such as Scopus, ScienceDirect, JSTOR, Emerald Insight, and Google Scholar. The results of the study indicate that religiosity, both intrinsic and extrinsic, plays a significant role in shaping managers' ethical behavior, strengthening a sustainable organizational culture, and improving governance, innovation, and stakeholder relations. This has a positive impact on overall business resilience and performance. In conclusion, religiosity serves as a moral and strategic foundation capable of addressing sustainability challenges through the integration of ethical values into managerial practices. This research contributes to the development of the concept of religious-based sustainable management and opens up further research directions to test empirical models of the relationship between religiosity and sustainable performance in various MSME sectors.

DIGITALIZATION, BANKING COMPETITION, AND CREDIT RISK AS ANTECEDENTS OF BANK STABILITY MEDIATED BY PROFITABILITY

Hartini Hartini — 2025-12-31

This study aims to analyze the effects of digitalization, banking competition, and credit risk on bank stability, with profitability as a mediating variable in conventional banking in Indonesia. This study employs a quantitative research design using hypothesis testing to examine the relationships between independent and dependent variables. The sample is selected using purposive sampling, consisting of conventional banks, including state-owned banks, private banks, regional development banks, and foreign banks. The observation period covers quarterly data from the first quarter of 2019 to the second quarter of 2025. Using panel data, a total of 2,366 observations are obtained. The analytical method applied is panel regression. The results indicate that digitalization does not have a direct effect on bank stability, but it has a positive effect on profitability. Profitability is found to have a positive effect on bank stability and mediates the relationship between digitalization and stability. Banking competition positively affects bank stability but does not significantly influence profitability. Profitability does not mediate the relationship between competition and stability. Credit risk does not directly affect bank stability and does not significantly influence overall profitability. However, when examined through individual profitability measures, credit risk shows a positive effect on profitability. Furthermore, profitability does not mediate the relationship between credit risk and bank stability when measured in aggregate, but partial mediation is observed through specific profitability indicators. The findings suggest that digitalization should be positioned as a strategic tool to enhance profitability, which in turn strengthens bank stability. Banking competition needs to be effectively managed to maintain systemic stability, while credit risk remains a critical instrument in supporting profitability and ensuring long-term sustainability in the banking industry. Digitalization, Banking Competition, Profitability, Credit Risk, Bank Stability

Financial Literacy and Financial Inclusion for The Welfare of Kuningan Households

Dwi Hartini Rahayu — 2026-02-16

Financial literacy and financial inclusion are widely acknowledged as important determinants of household welfare, particularly in emerging economies and rural areas. This study examines the influence of financial literacy and financial inclusion on household welfare in Kuningan Regency, West Java, Indonesia. Using primary data collected from 160 households, the study applies Partial Least Squares–Structural Equation Modeling (PLS-SEM) to analyze the proposed relationships. Financial literacy is measured through financial knowledge, behavior, and attitude, while financial inclusion is assessed based on access, usage, and quality of financial services. Household welfare is captured through indicators of consumer durables, housing characteristics, and access to public utilities. The results show that financial literacy has a positive and statistically significant effect on household welfare, although its impact is relatively modest. In contrast, financial inclusion demonstrates a strong and highly significant positive influence on household welfare, indicating its dominant role in improving living standards. These findings suggest that policies aimed at improving household welfare should prioritize expanding financial inclusion while simultaneously strengthening financial literacy to ensure effective utilization of financial services.