Prelims

Half Title Page

Modeling Economic Growth in Contemporary Indonesia

Series Title Page

Entrepreneurship and Global Economic Growth

Entrepreneurship and Global Economic Growth is Emerald's cutting-edge Global Economic Growth book series, presenting modern examinations of economic growth at national, regional, and global levels. Each book in this series discusses different dimensions of the changing economic and industrial contexts and examines in detail their impact on the nature of growth and development. For academics and senior practitioners, this series puts forward significant new research in the global economic growth field, opening discussions regarding new topics and updating existing literature.

Title Page

Modeling Economic Growth in Contemporary Indonesia

Edited by

Bruno S. Sergi

Harvard University, USA

And

Dedhy Sulistiawan

University of Surabaya, Indonesia

United Kingdom – North America – Japan – India – Malaysia – China

Copyright Page

Emerald Publishing Limited

Howard House, Wagon Lane, Bingley BD16 1WA, UK

First edition 2022

Editorial matter and selection © 2022 Bruno S. Sergi and Dedhy Sulistiawan. Published under exclusive licence by Emerald Publishing Limited.

Individual chapters © 2022 by Emerald Publishing Limited.

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British Library Cataloguing in Publication Data

A catalogue record for this book is available from the British Library

ISBN: 978-1-80262-432-8 (Print)

ISBN: 978-1-80262-431-1 (Online)

ISBN: 978-1-80262-433-5 (Epub)

Preface

Dear Readers,

I am proud to be Indonesian – a great country with more than 17,000 islands, 700 living languages, and 1,300 recognized ethnic groups. That richness and diversity pose a challenge to managing a country. After the Asian monetary crisis, the economic growth is substantial. Now, Indonesia has become the largest economy in Southeast Asia. A projection from the international organization also predicts that in 2030 Indonesia will become the fifth-largest economy in the world. Those are great projections.

As Vice Chairman of the People’s Consultative Assembly of The Republic of Indonesia, I believe contemporary Indonesia still faces many challenges related to education, religiosity, regulation, technology, financial market, and poverty. This book academically provides some answers to the challenges. The topics raised in the chapters in this book are multiperspective and multidisciplinary issues. A summary of contemporary Indonesian economic growth events is presented in data, facts, and analyses written by researchers. It provides added value to the discussion of the topics raised in this book because the authors are not only researchers who examine the phenomenon of Indonesia's economic growth sharply, but they are also the actors and witness how the growth takes place.

The role of entrepreneurship education in developing countries has become so prominent today. Modeling Economic Growth in Contemporary Indonesia describes how entrepreneurship education and curriculum encourage students to be entrepreneurs. The fundings and innovations inherent in entrepreneurs in dealing with various problems in developing countries are described in the book chapters.

Education is the spearhead of a nation's progress and civilization. The discussion on the relationship between education, government policy, and entrepreneurship is an important discussion in this book. Using national scope in analyzing Indonesian phenomena, the chapters view situations from several regions in Indonesia.

Business, funding, lending, and stock market activities are also analyzed to give readers more information about some specific cases in Indonesia. Fishery and agribusiness topics were also explored to get more information about other economic activities. These studies should be useful to be discussed in the class and seminars to stimulate how to make Indonesia better.

In a broader context, Modeling Economic Growth in Contemporary Indonesia can help provide helpful information for national policymaking. This book can also become a reference for other countries with similarities with Indonesia.

Prof. Dr. Ir Fadel Muhammad

Vice Chairman of People’s Consultative Assembly of the Republic of Indonesia and Professor at Universitas Brawijaya

List of Figures and Tables

About the Contributors

Candra Fajri Ananda was born in Lumajang on October 29, 1964. He completed his education and obtained his Bachelor of Economics degree from Brawijaya University in 1988. He holds a Master's Degree (MSc.) from the Institute of Rural Development, University of Göttingen, Germany, 1994, and a Doctorate (DR) from the Institute of Rural Development University of Göttingen, Germany, June 1998. He is a Lecturer and Professor at the Faculty of Economics and Business, Universitas Brawijaya. In addition, he has served as Dean of the Faculty of Economics and Business, Universitas Brawijaya (June 2013–May 2017), Member of FGD for the discussion of BI Bill (2015–present), Head of DPN (National Management Board) AFEBI (Association of Indonesian Faculty of Economics and Business (2015)–2017), Vice President of Abest21 (accreditation agency) in Tokyo (2015–2017), Chair of UB Deans Forum (2013–2017), Member of Focus Group Discussion Regional Development of Indonesian Economic Experts Association (ISEI Pusat), 2015–2018, and Chairman of the Association Indonesian Economist, ISEI Malang (2015–2018).

Rila Anggraeni has been a Lecturer in the Department of Management, Faculty of Economics and Business, Universitas Brawijaya, Indonesia, since 2016. She possesses academic degrees such as a Master's in Management (MM) and a Bachelor of Management (SE). She teaches Marketing Management for undergraduate students. She is involved in various community engagement and governmental programs. Before academic involvement, she had been serving with many industrial companies. Her research spans consumer behavior, marketing management, and strategy. She published several articles in journals and books.

Anton Mulyono Azis started his career as a Lecturer in 2005, currently as an Associate Professor of the Post-Graduate Program of EKUITAS Business School-Indonesia. He is active in conducting research and community service, both as a training instructor and facilitator of activities. As a researcher, he is active in publishing research either individually or in groups, and several of the articles are published in Scopus-indexed journals. Some of his articles have received the “Best Paper” award in various international forums. One of his articles, in October 2017, received the Best Journal Paper at the 13th Asia-Pacific Business Research Conference forum in Singapore, and in May 2015 became the Outstanding Research at the International Conference organized by Suan Sunandha Rajabbat University, Bangkok, Thailand. In addition, he was also the Best Presenter at the Asian Federations of Academic Professionals organized by Universiti Teknologi Malaysia in January 2013.

Suryaning Bawono is a Business Owner, Chairman, CEO of several national companies in Indonesia and outside Indonesia, Head of Research Journal Publications at the Tamansiswa School of Economics, Malang, Indonesia. He has businesses in nutmeg plantations, agriculture and trading of agricultural products in Indonesia and outside Indonesia, hotel business, and tourism in Indonesia. His business include PT. Frost Yunior, Cheap – Inn, Kendang Kempul Hostel, Gandrung City Hostel, among others.

Inglan Sari Budianto obtained a degree in Economics majoring in Accounting from Surabaya University in 2017. She began her career as Accounting Analyst at PT HM Sampoerna in 2017. Currently, she is the supervisor accounting in the same company.

Dani Dagustani is an Assistant Professor of Management in the Department of Management for undergraduate and postgraduate program School of Business Ekuitas Bandung, Indonesia. He received his Doctoral Degree in Management Science at Padjadjaran University, Bandung, Indonesia. He has teaching and research experience and consultancy as well at the institute in marketing for 14 years. His research interest and research publication include tourism marketing, brand strategy, consumer behavior, strategic management, and risk management for marketing. He has participated and presented papers in several international conferences. In addition, he produced a book on brand strategy for small and medium-sized enterprises. Some research concerning eco-tourism and brand strategy obtained grants from the Ministry of Education, Culture, Research, and Technology, Indonesia.

Liliana Dewi is an Associate Professor in Strategic Management and Management Lecturer at the School of Business and Management, Universitas Ciputra, Surabaya, Indonesia. She puts forward the field of management in family business entrepreneurship. Her research topic is in the fields of strategic management, family business, and entrepreneurship. She has published several articles such as “Eliciting family business owners attitude and professionalism toward business performances” in Management Application Journal (JAM), the “Factor analysis of ownership behavior at family business: the case of Indonesia” in International Journal of Economics and Business Administration (IJEBA), and “Owner-manager objectives as significant driving factor of family business performance” in International Journal of Economic Policy in Emerging Economies (IJEPEE).

Anthon Efani is an Assistant Professor and CEO of Non-Academic Business Entity at Brawijya University. Non-Academic Business Entity is a business institution of Universitas Brawijaya that aims to develop business activities and generate income for universities. It operates a business and has an educational function to develop the entrepreneurial spirit for the academic community. As an Assistant Professor who is an expert in business management, he has written many papers about small and medium-sized enterprises and entrepreneurship, especially in the fisheries sector. Recently, he has focused on writing about the fishing business, such as social, economic, institutional and entrepreneurship aspects.

Marlina Ekawaty is a Lecturer and Researcher at Universitas Brawijaya, Indonesia. She earned her Doctoral degree in Islamic Economics from Universiti Sains Malaysia and her Master's degree from Gadjah Mada University, Indonesia. She teaches mathematical economics, econometrics, and the economy of zakat. Her research and publications include areas of economy of zakat and waqf, impact of zakat on both micro- and macroeconomy, corporate social responsibility, and public sector.

Khaira Amalia Fachrudin is an Associate Professor at the Universitas Sumatera Utara who has presented papers at seminars for small entrepreneurs. Apart from that, she is committed to conducting numerous research and community services related to small businesses. She has academic degrees of Doctorate of Finance from Universitas Brawijaya, Masters of Business Administration from Universiti Kebangsaan Malaysia, Bachelors of Accounting from Universitas Sumatra Utara, and gained certifications of Chartered Accountant, and Certificate of Appraisers from Indonesian Society of Appraisers. Additionally, she has rich experiences as an accountant, an appraiser, a senior lecturer, and the Head of Postgraduate Program of Property Management and Valuation at Universitas Sumatera Utara. Her other research works include capital structure, financial distress, and investment management. Her works are published in several Scopus and WoS indexed journals and proceedings. Her books pertain to financial distress, financial investor behavior, property management, asset management, and research methodologies.

Fachrudin is a Professor in Accounting who is also engaged as a Public Accountant. He holds a Doctoral degree of Accountancy from Universiti Sains Malaysia, a Master's degree of Science in Management from Florida International University, a Bachelor's degree of Accountancy from Universitas Sumatera Utara, and gained certifications of Certified Public Accountant and Certified Professional Investigation. In addition to serving as a teaching staff, he also serves as a Dean at Universitas Batam, the Head of Fachrudin & Mahyuddin public accounting firm, and runs a property business. Before being involved in academia, he ran batik cloth and tiles businesses. His research works and published books pertaining to the issues of corporate bankruptcy.

Nia Puspita Hapsari is a Lecturer at Esa Unggul University, Faculty of Law. She teaches Islamic Law, Pancasila, and Economic Business Law. She has published several articles in reputable national and international journals. She is also active in community service activities.

Maya Irjayanti has been involved in teaching and research activities since 2009. She is a full-time Senior Lecturer at EKUITAS Business School-Indonesia. Her research focus is on small and medium-sized enterprises, particularly in the creative industry sector. She has completed her Ph.D. at the Curtin University of Western Australia with a thesis that explored the local wisdom of female entrepreneurs in the creative industry. She was awarded various research grants from the Indonesian government for her research in creative industries from 2014 until the present (2021). Many of her research studies have been published in Scopus-indexed journals.

Muhammad Unggul Januarko is a Lecturer at Esa Unggul University, Faculty of Economics and Business. He has published several articles in national and international reputable journals. He teaches Introduction to Business, Banking Economics, and Business Ethics.

Novi Theresia Kiak graduated from Airlangga University Surabaya with a Master of Sciences degree in Economics. She is currently pursuing a Master's degree researching economics and specializing in Public Economics. Her research interests are centered on social development, economics public, macroeconomics, and regional finance.

Muhamad Khusaini was born in Pasuruan on January 11, 1971. He completed his education and obtained his Bachelor of Economics degree from Brawijaya University in 1995. He continued his postgraduate education in Business Administration, Brawijaya University and obtained his Master of Science degree in 1998. In 2002, he continued his studies at the Andrew Young School of Policy Studies, Georgia State University, USA, and obtained a Master of Arts degree in Applied Economics and Policy. He completed his education and obtained his Doctorate in Economics from Brawijaya University in 2006. He is also part of the teaching staff and professor at the Faculty of Economics and Business, Universitas Brawijaya, specializing in Public Finance and policy, Macroeconomics, and Fiscal Management, and is Deputy Chair of the Indonesian Economics Bachelor Association (ISEI) Malang branch (2020–2023). He is also active as an expert on LGSP-USAID, AIPD-AusAID in Planning and Budgeting Specialist (2010–2014).

Dodo Kurniawan is a Junior Lecturer at STKIP-STIE YAPIS Dompu since 2011, specializing in Entrepreneurship, Fundamentals of Economics, and Introduction to Microeconomics and Introduction to Macroeconomics, Regional Development Planning, and Economic Theory. He was born in Dompu, NTB, on March 20, 1987, and graduated from Doctor of Economics (Institutional Economics Concentration) Universitas Brawijaya Malang (2021). He has also had several articles published in Scopus indexed international journals. He has also been the Executive Director of the Institute of Economic Indicators (INDEK) from 2019 to the present and the Chair of STKIP YAPIS Dompu since 2020. He has also been Chairman of the Regional Leadership Council of the NTB Province Indonesian Lecturer Forum (2016–2019) and Deputy Chair of the Central Executive Board of the Indonesian Lecturer Association (2018–2022).

Gatot Iwan Kurniawan is a Lecturer and Researcher at STIE Ekuitas. He received a Master’s Degree in Business Administration from Institut Teknologi Bandung, Indonesia. He is currently pursuing his doctoral degree at Universitas Pendidikan Indonesia. His research interests are related to risk management, strategic management, financial management, marketing management, tourism, and entrepreneurship. He has working experience in a distributor company and a telecommunications maintenance company and has run a company with colleagues engaged in information technology, construction, interior design, and waste treatment. In addition, he provides training on topics related to Risk Management, Forecasting, Owner Estimate, Strategic Management, Decision-making, and many more. He also published a book on Risk Management.

Kazia Laturette is a Lecturer in the Management Department, Universitas Ciputra, Surabaya, East Java, Indonesia. Her background is as an auditor, lecturer, researcher, and entrepreneurial facilitator for eight years. She facilitates start-up entrepreneurs in starting their businesses. Her research experience is in accounting, entrepreneurship, and family business. She is interested in entrepreneurship in starting a business that is full of challenges. In the family business, it becomes a challenge when the first generation surrenders its business to the second generation. Her articles with her colleagues regarding family business have been published in accredited Indonesian national journals and several proceedings.

Riski Agung Lestariadi is an Assistant Professor at the Faculty of Fisheries and Marine Science, Brawijaya University. Starting his career in 2006, he has written many papers about risk management, production economics, resources management, and system dynamic in small-scale fisheries business.

Asfi Manzilati is a Senior Lecturer in Economics at the Faculty of Economics and Business Universitas Brawijaya. She is also the author of several books. Currently, she serves as Head of Doctoral Program in Economics at Universitas Brawijaya.

Ghozali Maski is a Professor in Economics at the Faculty of Economics and Business, Universitas Brawijaya. He received a Doctoral degree from Universitas Brawijaya, Indonesia.

Rediawan Miharja is a staff of the research, community service, and scientific publication center at STIE EKUITAS. He has a Master's degree in Management from Padjadjaran University, Indonesia. He has work experience in various types of assignments, especially regarding research. He is often involved in considerable research in the field of management, such as being involved in Projects Research/Study Economics or Management (Operations, Human Resources, Marketing, Strategic, Risk), National Government (Ministry), Regional Government or Individual Study. He has several article publications, especially in the field of management. He has participated in several international and national conferences as a committee or presenter.

Ali Muntaha is an Assistant Professor at the Faculty of Fisheries and Marine Science, Brawijaya University. He has expertise in fisheries resource management.

Rihana Sofie Nabella is a Lecturer and Researcher at the Department of Economics, Faculty of Economics and Business, University of Brawijaya. She received her Master’s Degree in Economics from the University of Brawijaya. She had received research funding assistance from Bank Indonesia Institute when working on her thesis. Her major is Monetary Economics, Finance, and Banking. Her research interests include monetary economics, finance and banking, macroeconomics, economics development, and Islamic economics. Her research received the best paper award at West Java Economic Society 2020.

Yetty Nurhayati has been serving in the government of Malang regency since 1996, currently as the chair of Assets Department at the Office of Finance and Assets. She is now working on her Doctoral degree in Economics at Universitas Brawijaya. One of the conferences she attended is Putrajaya International Conference, where she presented her research entitled The Sustainability Status of Indonesian Tourism Villages: A Multidimensional Scaling with RAPFISH Approach.

Dewi Permatasari is a Lecturer at Khairun University, Ternate. She completed her Bachelor's and Master's study at the Department of Economics and Development Studies, Sam Ratulangi University, Indonesia. Currently, she is studying at the Doctoral Program in Economics, Brawijaya University, Indonesia.

Sri Palupi Prabandari is an Assistant Professor and Lecturer at the Faculty of Economics and Business, Universitas Brawijaya, Indonesia. She has a Doctorate from the School of Management, Huazhong University of Science and Technology, China. The research and dedication carried out focuses on entrepreneurship, entrepreneurship education, small enterprises, marketing, and company performance.

Eddy Priyanto is a Lecturer and Researcher at STIE Jaya Negara Tamansiswa Malang. He actively conducts research in the field of management.

Pudjihardjo has more than three decades of academic experience as a Professor in the Faculty of Economics and Business of Universitas Brawijaya, Indonesia. In addition to his duties teaching undergraduate and graduate students and supervising doctoral program students in Indonesia, he serves as an external examiner for doctoral program students in several universities in East Java. Some of his published journal articles are The Determining Factors for the Food Security of Farmer Families in Greater Malang and Economic Development Indicators for Islamic Financial Inclusion in OIC Countries.

Novita Puspasari is a Lecturer at Department of Accounting, Faculty of Economics and Business, Universitas Jenderal Soedirman, Indonesia. She serves as the Head of Co-operative and SMEs Innovation Hub at the School and sits on an executive committee at The Indonesian Consortium for Cooperative Innovation (ICCI). Her research interest is in Accounting for Cooperative and SMEs, Public Sector Auditing, and Rural Development. Her works have been published in both journals and mass media and used as a baseline for decision-making in the cooperative sector. Her notable achievements include winning several Best Paper awards in national and international conferences.

Marselina Ratu is a Senior Lecturer at Economic Development, Economic Business and Faculty Nusa Cendana University Kupang. Her areas of research include development planning, monetary economics, and banking. She has 13 years of teaching experience at Nusa Cendana University. She is actively involved in research, publication, and presenting conference papers at international, national, and university levels. Besides that, she also actively participates in social work and among trainers, mentors, and coaches to produce more successful planning development in the future.

Yanuar Eko Restianto is a Lecturer at the Faculty of Economics and Business, Universitas Jenderal Soedirman, Indonesia. He holds a Bachelor of Economics degree, majoring in Accounting from Universitas Jenderal Soedirman, a Master of Accounting from Universitas Gadjah Mada, and a Doctorate from Universitas Diponegoro. Apart from teaching, he is also actively conducting research and has written several books. He is currently a consultant for BLU information system development, government agencies, private companies, cooperatives, and MSMEs. Currently, he serves as the Coordinator of the Integrated Laboratory, as Secretary of the BLU Supervisory Board, auditor at the Public Accounting Firm, and partner at the Accounting Services Office. He is also a registered member of the Indonesian Institute of Accountants (IAI), the Indonesian Association of Procurement Experts (IAPI), and the Indonesian Institute of Certified Public Accountants (IAPI).

Endang Sulistya Rini was born in 1962 in the city of Semarang. She has completed her undergraduate education at the University of Sumatera Utara in 1987, her Master Education at University of Airlangga, Surabaya, and her Doctoral Education also at University of Airlangga, Surabaya, in 2007. From 2017 until now, she has served as the Head of the Master and Doctoral Program in the Faculty of Economics and Business, University of Sumatera Utara, and received an “A” Accreditation by the BAN-PT. In 2020 she published approximately 11 international journals.

Felizia Arni Rudiawarni is an Assistant Professor at the Accounting Department University of Surabaya. She received her Doctoral degree in Accounting from the University of Airlangga. Her research interests include capital markets and financial accounting. She has published articles in several national and international journals. She is active in several professional organizations and is a trainer in the field of financial planning.

Endang Ruswanti is a Lecturer at Esa Unggul University. She received a Doctoral degree in the field of Management with research interests in marketing management. She received the Satya Lencana Karya Setya from the Indonesian government for serving as a lecturer for more than 20 years. Several grants from the government have been received. She has published several articles in National and International reputable journals. Her research interests are related to consumer behavior, entrepreneurship, organizational behavior, and integrated marketing communications. She is active in student internship mentoring and participates in international seminars.

Dedi Rusyandi obtained a Doctoral degree in 2016 from Padjadjaran University Bandung-Indonesia. Currently, he is a Lecturer at the EKUITAS Business School, Indonesia, and is active as a training instructor in the information system field and human resources management. Besides, he is also active as a researcher, one of his works being “Employee Engagement Impact In Banking Sector.” In addition, as an information technology professional, he is also assigned to develop an integrated information system and served as head of the Technology and Information Systems for the department where he currently serves.

Eko Budi Santoso is a Lecturer in the Accounting Department, School of Business and Management, Universitas Ciputra, Surabaya, East Java, Indonesia. He holds a Bachelor's Degree in Accounting, a Master of Science in Accounting, and is currently pursuing a doctorate in Accounting. His research interest is in the fields of Accounting and Entrepreneurship, specifically with topics associated with corporate social responsibility, financial reporting, business ethics, and family business. He has published articles related to those areas in several international proceedings and journals.

Putu Mahardika Adi Saputra is a Lecturer and Researcher at the Department of Economics, Faculty of Economics and Business, Universitas Brawijaya, Indonesia. Currently, he serves as the Head of Economics Laboratory of Faculty of Economics and Business, Universitas Brawijaya. He holds a Ph.D. in International Economics from the Faculty of Economics, University of Rome II, Italy. His primary research interests are in International Trade, Development Economics, and Applied Econometrics. He has collaborated actively with public institutions (central and local governments, including universities) and private institutions (SME) in research, teaching, and community service activities.

Kartika Sari is currently teaching at the Faculty of Economics, Brawijaya. Her scientific fields are banking finance and Islamic economics. In 2020, she participated in the Research Methodology Training event held by the West Java Economic Society with the title Disclosure of Ethical Identity and Performance: A Study On Islamic Banks In Indonesia. She received the best paper at the event. Another journal publication entitled “The Effect of Environmental Degradation and Natural Resource Rent on EconomicGrowth in ASEAN+ 5 countries: The Approach Panel” was published by the Center for Southeast Asian Studies in collaboration with the Taipei Economic and Trade Office won the Best nine Paper.

Puteri Andika Sari is a Senior Lecturer in the undergraduate management study program at Ekuitas Economics College (STIE Ekuitas), Bandung, Indonesia (puteri.andika@ekuitas.ac.id). She completed her Master's Degree in Human Resource Management from Bogor Agricultural University. Previously she had a Bachelor's Degree in Business Administration at Parahyangan Catholic University. In addition to formal education, professional degrees in the field of Human Capital Management are obtained through competency certifications issued by private and national professional certification bodies, namely Certified Human Capital Professional and Certified Human Capital Manager.

With her competencies, she teaches courses in Human Resource Management, International Human Resource Management, Organizational Behaviour, Fundamental of Management, and Fundamentals of Business. Several scientific papers have been published in several national and international journals indexed by SINTA, DOAJ and Scopus (ID number: 57189048335). Her interest in research focuses on human resources in small companies, entrepreneurial competencies, and psychological aspects of entrepreneurs.

Wiendy Puspita Sari is Lecturer and Researcher in Ekuitas Economics College (STIE EKUITAS) in Bandung, Indonesia (wiendy.puspitasari@ekuitas.ac.id). She completed her Bachelor’s Degree in the Management Study Program of Padjadjaran University and Master’s Degree in Magister Management Science of Padjadjaran University. She also has a certification of Human Capital from Sahabat Karir Institut and Indonesian Government called Certified Trainer, Certified Human Capital Manager, and Certified Human Capital Professional.

She has taught the Bachelor’s Program of Management at STIE EKUITAS from 2015 to present. She teaches several subjects such as Human Resource Management, Advanced Human Resource Management, International Business, Fundamentals of Management, Fundamentals of Business, Basics of Economic Development, Business Feasibility Study, International Business, and Organizational Behaviour. Most of her studies focus on gender issues of women in management, such as fear of success, work–family conflict, and work–life balance. Her papers have been published in national and international journals indexed by DOAJ.

Beby Karina Fawzeea Sembiring is a Senior Lecturer with a PhD from the University of Brawijaya, Malang-Indonesia, in 2009. She completed her undergraduate degree in 1998 at the Faculty of Economics and Business, University of Sumatera Utara, as well as her Master's in 2004 at Magister Manajemen, University of Sumatera Utara. From 1998 to 1999 before becoming an Academician at the University of Sumatera Utara, she worked as a Stock Keeper Assistant at Compact Aluminium Industries, Medan, Indonesia. From March 2000 to the present, she has worked as an Academician at the University of Sumatera Utara, Medan, Indonesia. From 2010 to 2017 she served as the Head of Secretary Department of Faculty of Economics and Business of the University of Sumatera Utara. At present she is the Secretary of Doctoral Program of University of Sumatera Utara, Medan, Indonesia. She has many publications and serves as a reviewer of several reputable journals.

Allysca Libby Shafira completed her Bachelor's Degree in STIE Ekuitas. Her research interests are related to education and financial management. She is also interested in the influence of funds owned by educational institutions on the welfare of students, especially the educational facilities where students are able to reach a level of comfort in the educational space. She is involved in various community engagement and SME development programs with various government agencies. In addition, she is also involved in various organizational activities that deal with education for underprivileged children and has become a volunteer teacher in underdeveloped areas, whether organized by universities or organizations.

Yudha Aryo Sudibyo is a Lecturer at the Department of Accounting, Faculty of Economics and Business, Universitas Jenderal Soedirman, Indonesia, where he has been a faculty member since 2010. He holds a Bachelor’s Degree in Accounting from Universitas Jenderal Soedirman, Master of Science degree in Accounting from Universitas Gadjah Mada, and a PhD from Hebei University, China. He is currently supervising numerous master’s and undergraduate students. He teaches various subjects in accounting area such as research methodology, taxation, and auditing. He is also working as a practitioner in an accounting firm and focusing on providing services to SMEs.

Susilo is a Senior Lecturer in Economics at the Faculty of Economics and Business of Universitas Brawijaya, Indonesia. He received his Doctoral degree in economics from Airlangga University in 2004. In addition to his current position as the vice chair of Administration and Finance Department at the Vocational Program of Universitas Brawijaya, he is also the chair of scientific study teams for several local governments, the chair of the technical guidance team for regional finance under the Directorate General of Fiscal Balance, and the chair of the Center for State and Regional Financial Studies at the Faculty of Economics and Business of Universitas Brawijaya.

Christin Susilowati is a Lecturer in the Department of Management, Faculty of Economics and Business, Universitas Brawijaya, Indonesia, where she has been a faculty member since 1999. She holds a Master of Science degree in Strategic Management from the Airlangga University, Surabaya, and a Doctoral Program in Strategic Management from Universitas Brawijaya. Her research interests focus on strategic management, corporate social responsibility, and marketing. She has collaborated actively with various stakeholders, such as state-owned enterprises of Indonesia, Pelindo, BULOG, Pertamina, and DKB, on problems sustaining the business in the current market. She had extensive experience in human resource management and employee development and performance.

Ayi Tejaningrum has been a Lecturer since 1998, with a concentration on operational management. She received her Masters and doctoral degrees from the Bandung Institute of Technology, in Industrial Engineering and Management Study. Her research is more focused on quality management, with work published in related journals, TQM, MBNQA, SQC, House of Quality, quality management etc. Apart from being active as a lecturer, she is also a trainer in many large companies in Indonesia, both private and government-owned. She has taught nearly 2000 training classes for approximately 30 years. Currently, she is also a female entrepreneur who is engaged in the online culinary field, and in 2021 the company she leads will win the award as the most favorite culinary artist from the city of Bandung.

Etika Y. W. Tirta is a graduate student at the Faculty of Agriculture, Brawijaya University. As a student, she is also actively participating in research projects. She is currently pursuing a Master's degree by researching sociological economics, especially in the fisheries sector.

Cicilia Apriliana Tungga began her career in 2018 at Nusa Cendana University, responsible for asset management and property valuation. She teaches mathematics, statistics, and microeconomic for undergraduate students in Economic Development. She graduated from Gajah Mada University Indonesia with a Master of Economics degree in Development.

Heppy Agustiana Vidyastuti is Lecturer and Researcher at the School of Business on STIE Ekuitas Bandung West Java, Indonesia. Her major is Marketing Management. She completed her Undergraduate, Master and Doctoral degrees at Padjadjaran University, Bandung, Indonesia. She has been involved in teaching, research, and worked as a Mark Plus Facilitator. Her research interests are digital marketing, customer behavior, services marketing, brand strategy, and career management. She has presented papers in international and national conferences including research publications in refereed journals. She is also a practitioner on digital business related to fashion, food, and beverages business. She is an expert in both theoretical and practical marketing, which is an additional advantage to her.

Setyo Tri Wahyudi is an Associate Professor and Head of the Undergraduate Program in Economics, Finance, and Banking at the Department of Economics, Faculty of Economics and Business, Universitas Brawijaya (UB), Malang East Java, Indonesia. He has more than 15 years of working experience in education and research related to economics. His research and publication areas include regional economics, finance and banking, monetary economics, and macroeconomics. He has been the first Best Lecturer and first Best Head of the Study Program at UB. In writing, he has produced four textbooks covering econometrics, statistics, and quantitative research methods and more than 60 articles published in various national and international journals.

Yudi Wahyudin is a Lecturer at STIE Ekuitas. Currently he serves as Head of the Postgraduate Management program.

Eni Lestari Widarni is a Practitioner and Academic in Human Resource Management. She is the leader of the university of economics in Indonesia, namely the Jaya Negara Tamansiswa Malang School of Economics.

Tetty Yuliaty is a Lecturer in the Faculty of Economics and Business – University of Sumatera Utara and completed her Doctoral Program at the University of Muslim Sumatera Utara in 2020. She completed her undergraduate degree in 1995 at Harapan University as well as her Master's Degree in 2005 at the Faculty of Economics and Business, University of Sumatera Utara. She is active in Public Speaking as well as being a Secretary.

Dyah Dwi Zubaidah is currently a postgraduate student at the Faculty of Economics and Business, Brawijaya University. She has worked in a finance team in a shop in Malang since 2016. She also works as a freelancer in the data processing section. Before graduating with a Finance and Banking major from Brawijaya University, she published her journal as a graduation requirement about the effect of the announcement of the export prohibition of crude mineral and coal (minerba) on the mining sector stocks.