Financial and Economic Risk in Developing Markets
Financial and Economic Risk in Developing Markets is an esteemed, peer-reviewed academic journal focused on analyzing and addressing the unique financial and economic risks faced by developing economies. Published by the Fakultas Sosial Ekonomi & Humaniora, Universitas Nahdlatul Ulama (UNU) Purwokerto in collabration with the Be Actual Research Institute (BARI), the journal provides a platform for scholarly research that explores the complexities of financial risk, economic development, and sustainable growth in emerging and developing markets. The journal covers a wide array of topics related to financial and economic risks, including macroeconomic volatility, credit risk, inflation, exchange rate fluctuations, fiscal policy, investment risks, and the challenges faced by financial institutions in developing markets. As a double-blind peer-reviewed journal, it ensures that all submitted manuscripts meet the highest academic standards through rigorous evaluation by experts in the field. Financial and Economic Risk in Developing Markets is published biannually, with issues released in January–June and July–December. The journal publishes original research articles, policy analyses, case studies, and reviews that provide valuable insights into the financial and economic challenges specific to developing markets. It seeks to contribute to the development of practical solutions and policies for managing risks in these economies. The journal welcomes contributions from researchers, academicians, policymakers, and practitioners working on financial and economic issues in developing countries. Submissions must adhere to the journal’s formatting and style guidelines, and any manuscripts that do not comply will be returned without review. Only manuscripts that meet the journal's academic and scholarly standards will be considered for peer review and further editorial evaluation. Financial and Economic Risk in Developing Markets aims to advance the understanding of financial and economic risks in emerging economies and to provide a foundation for developing more effective policies and risk management strategies. Through its peer-reviewed research, the journal aspires to support sustainable economic growth and financial stability in developing markets globally.
Fakultas Sosial Ekonomi & Humaniora, Universitas Nahdlatul Ulama (UNU) Purwokerto
The Role of the Sharia Capital Market in Improving the Economy in Indonesia
This research aims to analyze the role of the Islamic capital market in supporting the Indonesian economy. The sharia capital market functions as a source of funding and investment instruments for the community and companies that operate in accordance with sharia principles. The research method uses a literature study approach with secondary data analysis obtained from the reports of the Financial Services Authority (Otoritas Jasa Keuangan /OJK) and the Central Statistics Agency (Badan Pusat Statistik /BPS). The results of the study show that the Islamic capital market contributes positively to national economic growth, both through increasing investment activities and expanding the investor base oriented towards ethical finance. The contribution of the Islamic capital market to Indonesia’s Gross Domestic Product is also considered significant, reflecting its role in strengthening the stability and inclusiveness of the national financial sector. However, this study also found several main challenges, especially the low level of Islamic financial literacy and limited access to Islamic capital market products. Therefore, efforts to improve education, socialization, and product innovation are needed to encourage the sustainable development of this sector.
Organizational Alignment Strategy through Balanced Scorecard
The development of organizational performance management in the modern era has experienced a fundamental transformation, shifting away from traditional annual reviews toward more dynamic, data-driven, and collaborative approaches. This modern concept emphasizes continuous feedback mechanisms, the application of real-time technology, and the integration of individual growth strategies with broader organizational goals. One of the most widely recognized and applied approaches is the Balanced Scorecard, originally developed by Kaplan and Norton, which functions as a strategic management system designed to translate vision and mission into measurable performance indicators. The Balanced Scorecard framework provides a holistic view of organizational performance by incorporating four interrelated perspectives: financial, customer, internal business processes, and learning and growth. This article systematically reviews contemporary literature on Balanced Scorecard implementation across various organizational sectors, drawing attention to its advantages in improving performance outcomes, strengthening strategic decision-making, enhancing transparency, and fostering effective internal communication. Employing a literature review method, the study also discusses the contextual adaptation of performance indicators as well as the opportunities and challenges of applying Balanced Scorecard within the rapidly evolving landscape of modern digital transformation.
The Role of Digital Marketing Personalization in Increasing Customer Loyalty in the Era of Digital Transformation
Digital marketing has become increasingly important in the era of digital transformation due to its ability to reach broader audiences, build stronger brand awareness, and enhance more personalized interactions with customers. This study examines the relationship between personalization in digital marketing and customer loyalty using a library research approach. Literature data indicate that personalization, user experience, and the integration of artificial intelligence-based technologies play a central role in creating relevant and memorable consumer experiences. These personalized strategies ultimately enhance customer engagement and drive repeat purchases. Findings from various studies emphasize that marketing personalization not only strengthens long-term relationships between brands and customers but also creates sustainable competitive differentiation and contributes significantly to corporate financial sustainability. Furthermore, customer loyalty is proven to be influenced not merely by product quality but also by the company’s capability to design adaptive, interactive, and data-driven marketing strategies. Therefore, personalization in digital marketing emerges as a key strategic factor that businesses must carefully consider when formulating modern business strategies that aim for both growth and long-term competitiveness.
The Role of IT in Improving Business Efficiency, Innovation, and Competitiveness
Information Technology has become a strategic factor in driving business transformation in the digital era. The application of Information Technology enhances operational efficiency through automation, supports data-driven decision-making, expands access to global markets, and facilitates product and service innovation. However, these changes also create new challenges, including the need for rapid adaptation to market dynamics, data-driven competition, and cybersecurity risks. This study employs a literature review approach to examine the contribution of Information Technology to organizational performance, competitive strategy, and its influence on relationships with customers and suppliers. The findings reveal that the strategic integration of Information Technology not only generates cost efficiency but also increases organizational flexibility in responding to environmental changes. Furthermore, Information Technology plays a crucial role in supporting business model innovation, strengthening service personalization, and fostering long-term sustainability. This research emphasizes that Information Technology is not merely an operational tool but a primary source of competitive advantage that determines business competitiveness in the digital age.
Circular Economy in Indonesia Towards Sustainable Development and the 2030 SDGs
Indonesia, as the world’s fourth most populous country, faces serious challenges related to waste accumulation, environmental degradation, and carbon emissions that contribute to ecological crises. The linear economy model based on the “take–make–dispose” approach has proven unsustainable, relying heavily on the continuous exploitation of natural resources and generating waste that pollutes ecosystems. Circular economy emerges as an alternative solution, emphasizing the principles of Rethink, Reduce, Reuse, Repair, and Recycle to preserve the value of products and materials within the economic cycle. This study employs a literature review method to examine the implementation of circular economy in Indonesia and its connection to achieving the Sustainable Development Goals 2030. The findings indicate that Indonesia has incorporated circular economy policies into several priority sectors, including plastics, textiles, construction, food and beverages, and electronics. Nevertheless, significant challenges remain, such as insufficient incentives, inadequate facilities, and limited cross-actor collaboration. Circular economy demonstrates strong potential to support Sustainable Development Goals, particularly in sustainable consumption and production, resilient cities, and climate action.
Digital Transformation and IoT in Industry 4.0: Opportunities and Security Challenge
The rapid development of information and communication technology has driven a global digital revolution that fundamentally changes patterns of social interaction, business operations, and organizational management. Within the framework of the Industrial Revolution 4.0, the Internet of Things serves as the backbone of digitalization by connecting physical devices through sensors and intelligent systems capable of generating real-time data for decision-making. This concept enables higher operational efficiency, automation, more accurate predictions, and the creation of new data-driven business models. However, this transformation also brings significant challenges, particularly in terms of cybersecurity, data privacy, and the digital divide, which has the potential to widen inequalities in technology access. This study applies a literature review method to analyze IoT development, its contributions to digital transformation, as well as the risks and opportunities it generates. The findings indicate that IoT can enhance productivity and efficiency across sectors, yet requires robust security strategies and adaptive regulations to ensure sustainable implementation.
Green Economy in Indonesia in Research Trends, Implementation Challenges and Policy Directions
Green economy has become a strategic paradigm in the pursuit of sustainable development, especially in addressing urgent global and national challenges such as climate change, environmental degradation, and the increasing demand for renewable energy resources. In the Indonesian context, the green economy is not only articulated in national planning documents such as the RPJMN, but it is also strategically positioned as both a tool for climate diplomacy and a driver of green investment opportunities. This article applies a Systematic Literature Review (SLR) approach to analyze scientific publications, focusing on the main trends, thematic priorities, and critical challenges in the implementation of the green economy in Indonesia. The review demonstrates that the majority of research emphasizes renewable energy, green financing, carbon trading, and circular economy. However, studies that address local-level policy, cross-sectoral integration, and the social justice dimension remain limited. Major challenges include the lack of integration between central and regional policies, insufficient financing mechanisms, and human resource capacity gaps. This article concludes that a successful transition toward a green economy in Indonesia demands a multidisciplinary perspective, stronger collaboration across stakeholders, and coherent long-term policy commitments that are adaptive to global sustainability dynamics.
The Role of CSR in Supporting the SDGs: Business Strategies for Sustainability and Well-Being
Corporate Social Responsibility has evolved into a fundamental element of modern business strategy, no longer limited to voluntary moral responsibility or charitable activities. Corporate Social Responsibility is increasingly recognized as a comprehensive approach designed to create long-term corporate value, strengthen brand reputation, enhance trust, foster sustainable relationships with stakeholders, and actively contribute to the realization of the Sustainable Development Goals. Implementation of Corporate Social Responsibility can be manifested in diverse initiatives covering social empowerment, community development, environmental protection, and economic innovation, which simultaneously improve quality of life and generate opportunities for sustainable business growth. This study applies a literature review method by synthesizing recent scholarly works that analyze the interconnections between Corporate Social Responsibility, corporate sustainability, and Sustainable Development Goals alignment. The review demonstrates that when Corporate Social Responsibility is integrated with Sustainable Development Goals, companies achieve dual benefits: improved competitiveness and measurable contributions to sustainable development. Nevertheless, major challenges remain, particularly resource constraints, significant costs, and methodological issues in measuring social and environmental impacts. Ensuring effectiveness requires transparency, continuous evaluation, and active collaboration across multiple stakeholders.
Digital Transformation and MSME Growth in the Modern Economy
Digital transformation has become a key factor in enhancing efficiency, innovation, and competitiveness, particularly for Micro, Small, and Medium Enterprises. Through the adoption of technologies such as Artificial Intelligence, the Internet of Things, Cloud Computing, and Big Data, Micro, Small, and Medium Enterprises are able to expand market reach, increase productivity, and create new business models that are adaptive to global dynamics. This study employs a literature review method to examine recent academic works on the role of digital technologies in fostering economic growth and strengthening the contribution of Micro, Small, and Medium Enterprises to Gross Domestic Product. The findings highlight that digitalization can reinforce the business ecosystem by improving operational efficiency, enhancing customer relationships, and driving data-based innovation. Nevertheless, several challenges remain, including the digital divide, data security risks, and the potential reduction of traditional labor, all of which must be addressed through inclusive government policies and supportive regulations. This study emphasizes that digital transformation is not merely a technical instrument but rather a strategic foundation for sustainable economic development.
Innovation Strategy and Change Management as the Foundation of Organizational Resilience in the Era of Disruption
The disruption era, marked by rapid technological advancement, digitalization, and globalization, compels organizations to be adaptive, resilient, and innovative in order to sustain long-term growth and competitiveness. This study aims to explore the role of innovation strategy in change management as a central factor in enhancing organizational resilience. By employing a comprehensive literature review of recent scholarly articles published, the study reveals that the integration of innovation and change management practices significantly influences an organization’s capacity to respond effectively to both internal and external challenges. Organizations that successfully implement these strategies are not only able to withstand uncertainty and disruptions but also achieve sustainable development and continuous growth through ongoing innovation. These insights contribute to the existing literature by deepening the understanding of the dynamic relationships between innovation strategy, change management, and organizational resilience. Moreover, the study offers practical implications for leaders and decision-makers in designing, implementing, and evaluating strategies that remain relevant and effective in a rapidly evolving disruption era.
The Influence of Social Media on Gen-Z’s Impulsive Buying of Cosmetics
This study aims to analyze the influence of social media marketing on Generation Z consumers’ impulsive buying behavior in cosmetic products using the Stimulus–Organism–Response framework. The research method employed is qualitative descriptive through a literature review based on scholarly articles. The findings reveal that stimuli in the form of social media content, including brand-generated content, targeted ads, influencer marketing, and user-generated content, exert different effects on consumer organisms such as emotions, perceptions, and motivations. Influencer marketing and user-generated content are identified as the most dominant stimuli due to their perceived authenticity and relatability among Gen-Z. These factors trigger positive emotional responses such as enthusiasm, curiosity, and the fear of missing out, ultimately leading to impulsive buying behavior. This study contributes theoretically by extending the application of the Stimulus–Organism–Response model in digital marketing contexts, and provides practical insights for cosmetic brands to design marketing strategies that are more ethical, effective, and sustainable.
Globalization and Economic Development in Developing Countries: Opportunities, Challenges, and Sustainability
Globalization is a multidimensional phenomenon that generates ambivalent impacts on developing countries. On the one hand, it offers opportunities through expanded trade, Foreign Direct Investment, and accelerated digitalization that strengthen integration into the global economy. Participation in global value chains has been shown to enhance industrialization and foster sustainable economic growth when supported by adequate domestic capacity. On the other hand, globalization also creates challenges in the form of dependency on advanced economies, income inequality, and the exploitation of natural resources. These findings align with dependency and world-systems theories, which emphasize the structural dominance of core countries over the periphery. A new direction of globalization emphasizes sustainability through the concept of green globalization, which views trade openness as a mechanism for promoting renewable energy adoption and environmentally friendly practices. The growing role of transnational actors such as non-governmental organizations and international institutions is also essential in ensuring that globalization contributes to social justice and the achievement of the Sustainable Development Goals.
Sustainability Accounting as an Instrument for Green Economy and the Achievement of SDGs
This study aims to examine the role of sustainability accounting in supporting the green economy, achieving the Sustainable Development Goals, and enhancing social welfare. The research adopts a qualitative approach through a literature review of academic that discuss sustainability accounting, the Triple Bottom Line, and their connection to social and environmental issues. The findings reveal that the application of sustainability accounting based on Triple Bottom Line expands corporate accountability by reporting economic, social, and environmental impacts in a more transparent manner. Furthermore, this practice not only improves corporate reputation and legitimacy but also contributes positively to profitability and competitiveness. However, the main challenges remain in the high implementation costs, limited managerial capacity, and low awareness among small and medium-sized enterprises. Despite these obstacles, opportunities for development are growing through regulatory support, investor pressure, and the adoption of digital technologies in sustainability reporting. Sustainability accounting can be regarded as a strategic instrument that not only strengthens economic performance but also promotes social welfare and environmental preservation.
Indonesia’s Creative Economy in the Digital Era: Opportunities and Challenges
The creative economy has become one of Indonesia’s strategic drivers of growth, especially in the digital era where technological advances reshape how creative products are produced, distributed, and consumed. This study applies a qualitative literature review approach to explore the opportunities, challenges, and strategies for strengthening Indonesia’s creative economy. The findings show that digitalization particularly through e-commerce and social media has democratized market access, accelerated innovation, and expanded the sector’s contribution to GDP. Moreover, government initiatives, such as Presidential Regulation No. 142/2018, provide a regulatory foundation, yet gaps in implementation remain. Indonesia’s demographic bonus, dominated by millennials and Gen Z, offers significant potential for advancing digital creative industries. Nevertheless, barriers such as limited digital literacy, weak intellectual property protection, and unequal technological access hinder progress. The study concludes that achieving sustainable development of Indonesia’s creative economy requires integrated strategies that combine digital technology, inclusive policymaking, and youth empowerment. Academically, this research enriches the discourse on creative economy and digitalization, while practically offering insights for policymakers, industry stakeholders, and young innovators.
Students and the Digital Creative Economy in the Era of Industry 4.0/5.0
This study aims to analyze the role of university students in the digital creative economy within the context of Industry 4.0 and 5.0 using a descriptive qualitative approach. The research focuses on how digital natives, particularly students, actively contribute to innovation, technology adoption, and the development of creative business opportunities. Findings indicate that students possess significant potential as drivers of the creative economy through the utilization of social media, e-commerce platforms, and other digital tools that enable global market access. Higher education institutions play a crucial role by transforming into Education 4.0 and University 3.0 models, providing innovation ecosystems such as business incubators, entrepreneurship training, and international collaborations. However, students continue to face challenges including limited capital, uneven digital literacy, and intense competition in the digital marketplace. With government support, cross-sector collaboration, and continuous research and product development, students can maximize their contribution to sustainable growth in the digital creative economy. The study contributes theoretically by enriching the literature on student involvement in creative entrepreneurship, while also offering practical recommendations for strengthening digital entrepreneurship strategies both in Indonesia and globally.
Digital Economy and Management Innovation in the Era of Transformation
The digital revolution has brought major transformations in the global economic order, characterized by the integration of Information and Communication Technology that affects almost all aspects of life. The digital economy emerges as a key force reshaping traditional business models, driving efficiency, and opening new opportunities through the use of the internet, big data, Artificial Intelligence, cloud computing, and mobile platforms. Indonesia, with its large population, rapid internet penetration, and strong government support, is projected to become one of the largest digital markets in Southeast Asia. However, this growth also requires adaptive and sustainable management innovation. This article aims to examine the definition and context of the digital economy, identify current trends in managerial innovation, and compare regional and global developments. The method employed is a literature review of recent studies. The findings reveal that the adoption of digital technology not only impacts operational efficiency but also requires business strategy and management transformation to achieve sustainable competitiveness.
Infrastructure Accessibility Increases Productivity and Economic Growth
Infrastructure development is a fundamental factor in promoting sustainable economic growth. Adequate infrastructure, including transportation, energy, and communication networks, not only facilitates the mobility of goods and services but also reduces logistics costs, enhances productivity, and expands market reach. In developing countries, infrastructure functions as a catalyst for economic growth by generating employment opportunities, attracting investment, and improving competitiveness in global markets. Nevertheless, in the persistent gap between urban and rural areas remains a major challenge, as development efforts often concentrate on economic centers. This imbalance risks widening regional economic disparities and hindering equitable development. Furthermore, sustainability issues, particularly in terms of financing, long-term maintenance, and environmental impact, represent critical aspects that must be addressed. This study adopts a literature review approach to analyze the relationship between infrastructure and economic growth while simultaneously identifying sustainability challenges, ensuring that infrastructure development can provide long-term benefits for society and the overall economy.
Changes in Indonesia’s Economic Structure in the Era of the Industrial Revolution 4.0: Transformation and Adaptation Strategies
The Fourth Industrial Revolution represents a major transformation phase characterized by digitalization, automation, artificial intelligence, and the integration of cyber-physical systems. This transformation has significantly impacted the global economic structure, including Indonesia. This article aims to analyze the implications of the Fourth Industrial Revolution on changes in Indonesia’s economic structure through a literature study. The findings indicate that Industry 4.0 enhances efficiency and productivity through e-commerce, fintech, and the digitalization of the industrial sector, yet it also presents challenges such as digital infrastructure inequality, low technological literacy, resistance among traditional workers, and regulatory frameworks that remain less adaptive. The Indonesian government, through the Making Indonesia 4.0 program, has established strategies to strengthen digital infrastructure, improve workforce skills, and provide incentives for the technology industry. With an inclusive approach, collaboration among stakeholders, and the integration of technology-based education, Indonesia has significant potential to leverage the momentum of the Fourth Industrial Revolution as a driver of sustainable economic growth.
Job Market Transformation in the Digital Age: The Dynamics of Gig Workers in the Indonesian Economy
The gig economy has emerged as a global phenomenon reshaping the traditional employment landscape, characterized by the increasing role of digital platforms as intermediaries between workers and consumers. In Indonesia, the growth of the gig economy runs in parallel with the dominance of informal labor, which constitutes more than half of the workforce. The gig economy provides opportunities for work flexibility, additional income generation, and contributes to national economic growth, as evidenced by the significant role of ride-hailing platforms and the digital creative sector in the country’s Gross Domestic Product. On the other hand, gig workers face considerable vulnerabilities, including income insecurity, extended working hours, and limited access to social protection and legal safeguards. This study aims to review the development of the gig economy in Indonesia through a literature-based approach and to examine its social and economic implications for workers. By understanding the characteristics, roles, and challenges of gig workers, this research seeks to provide a more comprehensive picture of the future of labor in the digital era.
The Role of the Digital Economy in Indonesia’s Economic Growth: Opportunities, Challenges, and Socio-Economic Impacts
This study examines the development of the digital economy in Indonesia and its contribution to national economic growth, with a focus on the e-commerce, fintech, digital banking, and SME transformation sectors. The research employs a descriptive-analytical method using data obtained from Central Statistics Agency (BPS), international industry reports, and academic articles. The findings reveal that the digital economy has significantly contributed to Indonesia’s Gross Domestic Product (GDP), while also creating new opportunities for job creation, financial inclusion, and the enhancement of digital literacy. However, this development also poses challenges such as the digital divide, low digital literacy among some SMEs, data security risks, and shifts in consumer behavior. This analysis highlights the importance of synergy between government, private sector, and society to maximize the benefits of the digital economy while minimizing its negative impacts. The study’s findings are expected to provide theoretical contributions to the academic literature on the digital economy, as well as practical insights for policymaking and strategies to harness digitalization opportunities in Indonesia.
Digital Transformation and Artificial Intelligence Adoption in Indonesian MSMEs in the Era of Industry 4.0
This study explores the digital transformation of Indonesian small and medium-sized enterprises (SMEs) in the context of the Fourth Industrial Revolution (Industry 4.0), with a particular focus on the adoption of artificial intelligence (AI). Using a qualitative descriptive method, data were collected from scholarly articles, journals, books, and credible official sources. The findings reveal that digitalization and AI adoption provide significant benefits for SMEs, including improved operational efficiency, enhanced customer data analysis, demand forecasting, and expanded market reach. However, the study also identifies key challenges such as limited financial resources, low levels of digital literacy among business actors, inadequate infrastructure, and risks related to data privacy and security. The Covid-19 pandemic served as a catalyst for accelerated digital adoption, but it also highlighted the digital divide between urban and rural SMEs. This research emphasizes that successful digital transformation requires not only technological availability but also strong human resource capacity and supportive ecosystems. The study concludes that collaborative strategies involving government policies, private sector partnerships, and improved digital literacy are essential for enabling SMEs to harness the opportunities of Industry 4.0.
Digital Transformation and Its Impact on the Economy and MSMEs in Indonesia
Digital transformation has become a key driver in shaping modern economic dynamics, particularly in Indonesia, which represents one of the fastest-growing digital markets in Southeast Asia. This study aims to analyze the role of digital technologies, including artificial intelligence, big data, the Internet of Things, and cloud computing, in fostering economic transformation, changing consumption patterns, and supporting the adaptation strategies of small and medium-sized enterprises. The research adopts a qualitative approach with a literature review model, focusing on scholarly articles. The findings reveal that digitalization enhances business efficiency, expands market access, and drives the growth of e-commerce and the cashless society. Consumer behavior has shifted from traditional offline shopping toward online purchasing, alongside increasing adoption of digital payment systems. For small and medium-sized enterprises, digitalization creates opportunities for innovation and competitiveness but also presents challenges such as limited digital literacy, financial constraints, and data security issues. This study highlights the importance of collaboration between government, academia, and the private sector in strengthening an inclusive and sustainable digital ecosystem. Thus, digital transformation is not only a technological phenomenon but also a strategic instrument for national economic development.
Opportunities and Challenges of Digital Transformation in the Indonesian Economy
Digital transformation has become a key factor in driving global and local economic change, including in Indonesia. This study aims to analyze the contributions, challenges, and implications of digital transformation to the economy, consumption patterns, and business models in Indonesia through a literature review method. Data were obtained from scientific articles published in the last five years and analyzed thematically. The results of the study show that digitalization plays an important role in accelerating national economic growth, especially through the e-commerce, fintech, and creative economy sectors. The change in consumer behavior towards application-based services and the adoption of the platform economy business model are clear evidence of fundamental shifts due to technology. However, digital transformation also presents serious challenges, such as digital skills gaps, infrastructure inequality between urban and rural areas, and data security vulnerabilities. This research confirms that the success of digital transformation in Indonesia depends on collaboration between the government, the private sector, and the community to build an inclusive, secure, and sustainable digital ecosystem.
Global Business Strategy in the Era of Uncertainty: Integrating Competitive Advantage, Regulation, and Sustainability
This research aims to analyze global business strategies in dealing with the dynamics of world economic uncertainty by integrating normative and empirical perspectives. Normative approaches are used to examine theoretical frameworks such as Porter's competitive advantage, economic globalization, risk management, and sustainability, as well as international regulations such as WTO, FTA, and global sustainability standards. Meanwhile, the empirical approach is focused on actual trends such as the digitalization of trade, technology adoption, market diversification practices, and ESG implementation by multinational companies. The results of the analysis show that there is a gap between normative theories that emphasize innovation, regulation, and sustainability, and empirical reality that is colored by cost limitations, geopolitical uncertainty, and the risk of market fluctuations. The study confirms that the success of a global strategy is largely determined by the company's ability to adapt the theory of competitive advantage into practice, taking into account international regulations and sustainability demands. Therefore, this research contributes to providing a more comprehensive strategic framework for understanding the interaction between theory, regulation, and empirical reality in global business strategies.
Digital Marketing and Entrepreneurial Success: A Conceptual and Bibliometric Review
Digital transformation has changed the global business landscape and presented new challenges as well as great opportunities for entrepreneurs, especially MSMEs and startups. This study aims to understand the relationship between digital marketing strategies and entrepreneurial success through qualitative-based conceptual methods with literature review and bibliometric analysis. Data is collected from the Google Scholar database with strict selection criteria to guarantee relevance and quality. The results of the study show that social media, SEO, content marketing, and the integration of new technologies such as Artificial Intelligence (AI), Virtual Reality (VR), and chatbots play an important role in improving financial performance, brand positioning, innovation, and customer loyalty. However, there are gaps in implementation, especially among MSMEs who face limited digital literacy and resources. This research emphasizes the need for collaboration between academics, practitioners, governments, and technology providers to build an inclusive and sustainable digital entrepreneurship ecosystem. The practical implication is that digital marketing should be placed as a core strategy in modern entrepreneurship, while its academic implications open up room for further research on the integration of new technologies and socio-cultural factors that affect the effectiveness of digital marketing.
Indonesia’s Digital Economy: Opportunities, Challenges, and Implications
Indonesia’s digital economy has experienced rapid growth in recent years, mainly driven by technology adoption, increased internet penetration, and the impact of the COVID-19 pandemic which accelerated the transition of economic activities from offline to online. This research aims to analyze the development of Indonesia’s digital economy in a global and national context, by highlighting the role of MSMEs, regulatory challenges, digital literacy, and financial inclusion. Using a descriptive method with a content analysis approach, this study collects secondary data from journals, reports, and current policy documents to describe the dynamics of Indonesia’s digital economy. The results of the study show that digitalization opens up significant opportunities for economic growth and increased competitiveness, especially through strengthening MSMEs and expanding fintech services. However, there are challenges that still need to be overcome, such as low digital literacy, regulations that are not fully adaptive, the dominance of foreign companies in the marketplace sector, and inequality of digital infrastructure between regions. This study concludes that an integrated and inclusive national strategy is needed to ensure that the digital economy can develop sustainably while providing broad benefits to the Indonesian people.
Digital Economy and Changing Indonesian Consumer Behavior
This study aims to analyze how the transformation of the digital economy has affected the consumption patterns of the Indonesian people. The development of e-commerce, fintech, and social commerce has encouraged a shift in shopping behavior from the conventional model to a more flexible, fast, and technology-based digital model. This study uses a literature review method with a qualitative approach, examining various current literature to understand the dynamics of changes in consumption in the digital era. The results of the analysis show that digitalization presents great opportunities in the form of increased market access for Micro, Small, and Medium Enterprises, distribution efficiency, and the creation of new jobs. However, on the other hand, there are challenges in the form of dominance of large platforms, the risk of impulse consumption due to Buy Now Pay Later services, and threats to personal data security. In addition, digital inequality between urban and rural communities is an important factor that has the potential to widen the socio-economic gap. This research emphasizes that inclusive policy strategies, strong consumer protection, and adequate digital and financial literacy are needed for the transformation of the digital economy to take place in a sustainable manner and provide equitable benefits to all levels of Indonesian society.
Artificial Intelligence, Economic Cycles, and Labor Markets
This study examines the role of Artificial Intelligence (AI) in reshaping the dynamics of the economic cycle and the labor market in the digital era. Using systematic literature review methods as well as bibliometric approaches, this study analyzes several recent academic publications that highlight the linkages of AI to automation, economic growth, and welfare distribution. The findings show that AI drives efficiency, innovation, and accelerates growth, while giving rise to new economic patterns. However, its implementation also presents serious challenges, including the risk of structural unemployment, skills polarization, and increasing socio-economic inequality. On the other hand, AI opens up new job creation opportunities in the digital technology, data analytics, and knowledge-based services sectors. The main dilemma that arises is “job destruction versus job creation”, which demands responsive public policy. The study concludes that AI has the potential to be a driver of sustainable economic growth, but it can only be optimized through inclusive policy strategies, investment in digital education, adaptive labor market regulation, and strengthening social protection.
Financial Technology and Financial Inclusion in Indonesia: Opportunities and Challenges
This study aims to analyze the role of Financial Technology in encouraging financial inclusion in Indonesia by using qualitative-based conceptual research methods and literature review. The background of this research is based on the rapid growth of FinTech that offers digital financial service innovations, such as online payments, peer-to-peer lending, and online investments, which can reach unbanked and underbanked groups. The results of the literature review show that Financial Technology contributes to the expansion of formal financial access, the empowerment of micro, small, and medium enterprises, as well as increased access for vulnerable groups such as women. However, the challenges that arise include the digital divide, low financial literacy, consumer protection issues, and the dynamics of the relationship between Financial Technology and traditional financial institutions. Therefore, the success of FinTech is highly dependent on adaptive regulation, increased digital financial literacy, and multi-stakeholder collaboration. The research is expected to make a theoretical contribution to the literature on FinTech and financial inclusion, as well as practical benefits for regulators, industry players, and society. Thus, FinTech has the potential to become the main instrument to support inclusive and sustainable economic development in Indonesia.
Social Entrepreneurship as a Community Empowerment Strategy in Indonesia
Social entrepreneurship is an innovative business approach that prioritizes the creation of sustainable social and environmental impacts rather than merely pursuing financial profit. This concept has developed as a response to complex social challenges such as poverty, inequality, and environmental degradation, which remain significant issues in Indonesia. Unlike conventional entrepreneurship, social entrepreneurship adopts the principle of the triple bottom line profit, people, and planet while placing community empowerment as its primary orientation. This article aims to analyze the role of social entrepreneurship in promoting community empowerment through socially oriented business models. The study employs a literature review method, utilizing recent scholarly works and published. Findings indicate that social entrepreneurship can strengthen community capacity through the stages of enabling, empowering, and independence, while also contributing to the achievement of the Sustainable Development Goals. Nevertheless, challenges such as limited public participation, restricted access to financing, and sustainability issues must be addressed through multi-actor collaboration involving government, private sector, academia, and civil society.