INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE) E-ISSN 3063-3648 is a scientific journal that publishes articles in the field of Business and finance that contain conceptual ideas in the fields of Economics, Accounting, Management, Business and finance. The scope is Human Resource Management, Marketing Management, Financial Management, Production/Operational Management, Strategic Management, Islamic Business Management, Halal Industry Management, Hajj and Umrah Management, Zakat and Waqf Management / Islamic Philanthropy, Tourism Management, Banking Management, Industrial Management, Agribusiness Management, Business Administration and financial management within the scope of organisations both banking, hospitality, and others. INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE) is published once a month and serves as a peer-reviewed journal specialising in field research and literature reviews related to Economics, Accounting, Management, business and finance. All submitted articles will be reviewed by the Editor, editorial board, and blind reviewers. Submissions that violate formatting or length guidelines will be rejected without review
FACTORS INFLUENCING THE CAREER INTEREST OF UDAYANA UNIVERSITY ACCOUNTING STUDENTS TOWARDS THE PUBLIC ACCOUNTING PROFESSION
Career interest refers to an internal psychological tendency marked by feelings of attraction, enjoyment, and sustained attention toward a specific occupation without external pressure. One such interest among undergraduate accounting students is pursuing a career as a public accountant, which demands strong academic preparation, professional competence, and long-term commitment through advanced education and certification. This study aims to examine the effects of adversity intelligence, career motivation, economic motivation, professional recognition, and work environment on students’ interest in becoming public accountants at Udayana University. A quantitative approach was employed using a survey method, with data collected through questionnaires distributed to active accounting students from the Class of 2022 and alumni from the Classes of 2020 and 2021. The sample consisted of 168 respondents selected through purposive sampling. Data were analyzed using multiple linear regression, supported by classical assumption tests, model feasibility (F-test), coefficient of determination (R²), and hypothesis testing (t-test) with SPSS software. The findings reveal that adversity intelligence, economic motivation, and work environment positively influence career interest, while career motivation and professional recognition show no significant effect.
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DETERMINANTS OF INDONESIA’S SUGAR IMPORT VOLUME
Sugar is one of the strategic food commodities in Indonesia that plays an important role in fulfilling household consumption needs as well as serving as a raw material for the food and beverage industry. However, relatively low domestic sugar production has not been able to meet national demand, causing the government to continue importing sugar to maintain the availability of domestic sugar supplies. The high volume of sugar imports is driven by fluctuating international sugar prices, continuous population growth, and exchange rate fluctuations. This study aims to analyze the effect of international sugar prices, population size, and the United States dollar exchange rate on the volume of Indonesia’s refined sugar imports. This study employed a quantitative approach with an associative research design and utilized time series data covering the period 1994–2024. The study consisted of 31 observations. The data used were secondary data obtained from various official sources such as the World Bank, the Food and Agriculture Organization (FAO), the United Nations (UN), and relevant government institutions. The analytical technique applied was multiple linear regression analysis using the Ordinary Least Square (OLS) approach processed through SPSS software. The results indicate that international sugar prices, population size, and the United States dollar exchange rate simultaneously have a significant effect on Indonesia’s sugar import volume. Partially, international sugar prices have a negative and significant effect on Indonesia’s sugar import volume. Population size has a positive and significant effect on Indonesia’s sugar import volume, while the United States dollar exchange rate has a negative but insignificant effect on Indonesia’s sugar import volume. The implications of this study suggest that, first, since international prices affect sugar import volume, the government needs to improve sugarcane sector productivity and maintain the stability of domestic sugar supplies in order to suppress domestic prices and reduce import dependency. Second, population growth should be accompanied by improvements in agricultural technology and agricultural productivity to balance increasing demand. Third, exchange rate stability should remain under the authority of the central bank, considering its close relation to international transactions.
FISCAL DECENTRALIZATION AND LOCAL BUSINESS DEVELOPMENT: THE ROLE OF REGIONAL TAX POLICIES IN ECONOMIC GROWTH
This study aims to analyze the impact of fiscal decentralization on local business development through the implementation of regional tax policies to encourage economic growth. Fiscal decentralization provides greater authority to regional governments in managing revenue sources and determining fiscal policies according to the characteristics of their respective regions. In the context of regional economic development, regional tax policies are a strategic instrument that can create a conducive business climate, increase investment, expand employment opportunities, and strengthen local economic competitiveness. This study uses a literature review method by examining various scientific articles, academic books, policy reports, and previous research results related to fiscal decentralization, regional tax policies, local business development, and economic growth. The results of the study indicate that fiscal decentralization can have a positive impact on regional economic growth when accompanied by effective, transparent, and accountable fiscal governance. Regional tax policies that are proportional and oriented towards business development have been proven to increase local economic activity, particularly in the micro, small, and medium enterprise sector. In addition, the flexibility of regional governments in determining fiscal incentives also contributes to increased investment and economic productivity. However, this study also identified challenges in the form of disparities in fiscal capacity between regions, low effectiveness of regional tax administration, and the potential for excessive tax burdens on businesses. Therefore, synergy between the central and regional governments is needed to formulate adaptive and sustainable fiscal policies to create inclusive and equitable economic growth.
THE MEANING OF FINANCIAL LITERACY AND DIGITAL MARKETING FOR MSMES
Digital transformation has transformed the management and marketing patterns of micro, small, and medium enterprises (MSMEs), yet many MSMEs still face limitations in financial literacy and optimal use of digital marketing. This condition is important to examine because both capabilities influence the efficiency, competitiveness, and sustainability of businesses in Kendari City. This study aims to describe the meaning of financial literacy, digital marketing, and their integration in the business practices of MSMEs in Kendari City. The study used a qualitative phenomenological approach with data collection techniques through in-depth interviews, observation, and documentation of purposively selected informants. Data analysis was conducted using the Miles and Huberman model through data reduction, data presentation, and drawing conclusions. The results show that financial literacy is defined as the ability to manage cash flow, separate personal and business finances, and utilize profits productively. Digital marketing is understood as a means of promotion and market expansion through digital media. The integration of the two strengthens business efficiency, increases competitiveness, and supports the sustainability of MSMEs. The implications of this study emphasize the importance of integrated training between financial literacy and digital marketing for strengthening local MSMEs.
A LEGAL ANALYSIS OF THE ROLE OF ECONOMIC LAW IN SUPPORTING DOMESTIC TRADE IN INDONESIA
This study examines the role of economic law in supporting national trade in Indonesia through a literature review using a normative legal approach. Economic law is positioned as a vital instrument in creating legal certainty, justice, protection for business operators and consumers, and orderliness in national trade activities. The discussion indicates that Law No. 7 of 2014 on Trade serves as the primary foundation for regulating national trade, whilst the development of digital trade and globalisation demands more responsive regulatory adaptation. The findings also confirm that the implementation of economic law still faces a number of challenges, such as regulatory disharmony, weak supervision, infrastructure limitations, and the complexity of electronic-based trade. Therefore, the strengthening of economic law is necessary so that national trade can develop in an orderly, fair, and sustainable manner.
CRITICAL ANALYSIS ON THE PRACTICE AND EFFECTIVENESS OF DIGITAL MARKETING STRATEGIES IN STRENGTHENING MSME BRANDING IN KENDARI CITY
Kendari City's MSMEs, which contribute 60% of local GDP, are facing the challenge of low brand equity due to fragmented digital marketing strategies and weak digital infrastructure in the era of transformation post-pandemic. This study aims analyze critical the practice and effectiveness of digital marketing strategies in strengthening the branding of Kendari MSMEs using a qualitative approach descriptive. Data collected through interview In-depth research with 15 informants (MSME owners, agencies, Cooperative Service officials), observation, and documentation, analyzed using the Miles & Huberman model. The results identified three theme Main factors: strategic fragmentation (80%), cultural-content gap Tolaki (73%), and digital infrastructure bottleneck (93%), hindering the RACE framework and brand associations Aaker (1991). Implications covers training local cultural content and contribute to the marketing roadmap contextual emerging market Indonesia.
TAX RISK MANAGEMENT AND FINANCIAL REPORTING QUALITY
This study aims to comprehensively examine the relationship between tax risk management and financial reporting quality through a literature review approach. In a global context characterized by increasing complexity of tax regulations and demands for transparency of financial information, tax risk management has become a strategic aspect that not only influences fiscal compliance but also impacts the integrity and credibility of corporate financial reports. The method used in this study is a systematic literature review, which categorizes, compares, and synthesizes the results of previous research from various reputable scientific journals. The results indicate that effective tax risk management tends to improve financial reporting quality by reducing fiscal uncertainty, minimizing profit manipulation practices, and strengthening a company's internal oversight mechanisms. Conversely, weak tax risk management has the potential to reduce financial reporting quality due to increased tax aggressiveness and the risk of reporting errors. This study confirms that tax risk management functions not only as a tax compliance tool but also as a crucial instrument in improving the quality of corporate financial information. This study is expected to serve as a reference for further research and as a consideration for regulators and practitioners in strengthening tax governance and financial reporting.
THE IMPACT OF AUDITOR ROTATION ON PUBLIC SECTOR AUDIT QUALITY AND ACCOUNTABILITY
This study aims to analyze the impact of auditor rotation on audit quality and accountability in the public sector through a literature review approach. Auditor rotation is a policy designed to maintain auditor independence and minimize the risk of excessive closeness between the auditor and the audited entity. The research method used is a literature review, examining various scientific sources such as journals, books, and research reports relevant to the topics of auditor rotation, audit quality, and public accountability. The results of the study indicate that auditor rotation has a complex impact on audit quality. On the one hand, auditor rotation can enhance independence and objectivity, potentially improving audit quality and financial reporting transparency. However, on the other hand, auditor rotation can also pose challenges in the form of a loss of auditor-specific knowledge of the audited entity, which in the short term can reduce the efficiency and effectiveness of the audit process. Therefore, auditor rotation needs to be balanced with a sound transition strategy to optimize its benefits to audit quality and accountability.
FRAUD RISK MANAGEMENT IN PUBLIC SECTOR ACCOUNTING: A BEHAVIORAL PERSPECTIVE
This study aims to examine fraud risk management in public sector accounting using a behavioral perspective through a literature review approach. The primary focus of the study is to understand how individual and organizational behavioral factors influence the emergence of fraud risk and the effectiveness of implemented control mechanisms. The method used is a systematic literature review, reviewing various scientific sources such as international journals, academic books, and institutional reports relevant to the topic of fraud risk management and organizational behavior in the public sector. The results of the study indicate that fraud risk is influenced not only by weaknesses in the internal control system but also by behavioral aspects such as pressure, rationalization, and opportunity, as explained in the fraud triangle theory. Furthermore, organizational culture, individual integrity, and ethical leadership play a significant role in preventing and detecting fraud. The research findings also indicate that the implementation of effective fraud risk management requires a holistic approach that integrates technical and behavioral aspects, including increasing ethical awareness, training, and strengthening oversight systems. Thus, the behavioral perspective provides an important contribution to enriching fraud prevention and handling strategies in the public sector.
BEHAVIORAL FACTORS INFLUENCING AUDITOR JUDGMENT IN PUBLIC SECTOR AUDITS
This study aims to analyze behavioral factors that influence auditor judgment in public sector audits through a literature review approach. Auditor judgment is a crucial element in the audit process because it determines the quality of findings, recommendations, and the reliability of audit reports. In the context of the public sector, which is rife with political pressure, accountability demands, and regulatory complexity, behavioral factors are becoming increasingly dominant in shaping auditors' professional decisions. This study integrates findings from various academic literature and relevant empirical research to identify key variables such as cognitive bias, time pressure, auditor experience, professional ethics, independence, and the influence of the organizational environment on auditor judgment. The results indicate that cognitive biases such as overconfidence and anchoring can reduce auditor objectivity in evaluating audit evidence. In addition, time pressure and high workloads tend to encourage auditors to make heuristic decisions, potentially reducing the quality of judgment. On the other hand, auditor experience and competence have been shown to improve the quality of professional judgment, especially in complex audit situations. Ethical and independence factors are also important determinants in maintaining the integrity of auditor judgment, especially in a public sector environment that is vulnerable to external intervention. This study confirms that improving the quality of auditor judgment depends not only on technical aspects but also requires strengthening behavioral aspects through training, an ethical organizational culture, and an effective internal control system.
THE ROLE OF PERCEIVED VALUE IN MEDIATING THE EFFECT OF ATTITUDE TOWARD AR VTO ON REUSE INTENTION(A Study on Cosmetic AR VTO Users in Denpasar City)
The development of augmented reality virtual try-on (AR VTO) technology in the digital cosmetics industry presents both opportunities and challenges in encouraging the sustainable use of this technology by consumers. This study aims to examine the effect of attitude toward AR VTO on reuse intention, the effect of attitude toward AR VTO on perceived value, the effect of perceived value on reuse intention, and the mediating role of perceived value in the relationship between attitude toward AR VTO and reuse intention among cosmetic AR VTO users in Denpasar City. This research is grounded in the Theory of Reasoned Action (TRA) and employs a quantitative approach with data collection conducted through questionnaires distributed to 120 Generation Z respondents in Denpasar City who had previously used cosmetic AR VTO features. The data analysis method used was Partial Least Squares Structural Equation Modeling (PLS-SEM) with the assistance of SmartPLS 4.0 software. The findings indicate that attitude toward AR VTO has a positive and significant effect on reuse intention, attitude toward AR VTO has a positive and significant effect on perceived value, perceived value has a positive and significant effect on reuse intention, and perceived value partially mediates the relationship between attitude toward AR VTO and reuse intention. These findings extend the causal chain of the Theory of Reasoned Action into a belief–attitude–perceived value–intention framework, with rational indicators in attitude and functional value indicators in perceived value emerging as the dominant factors driving the reuse intention of cosmetic AR VTO in Denpasar City.
LABOUR MARKET DYNAMICS AND TOTAL REWARDS STRATEGIES IN COPING WITH ECONOMIC UNCERTAINTY IN 2026
This article analyses the dynamics of the Indonesian labour market in 2026, characterised by economic uncertainty, AI disruption and a demographic dividend, with an unemployment rate of 4.68% yet a 60% dominance of informal employment, and formulates an adaptive total rewards strategy as an organisational response through personalised compensation (a 5.8% pay rise), pay equity, and wellbeing programmes that boost retention by 20% in the VUCA era. Through a systematic literature review, the study reveals a shift from job creation to job upgrading, as well as a transformation of rewards from financial to holistic, data-AI-driven approaches, with practical implications for Indonesian HR practitioners in navigating talent shortages, rising benefit costs, and JKP-ALMP policies. Key contributions include a local-global integrative framework for talent retention and strategic recommendations: allocating 10–15% of the HR budget to reskilling, conducting annual pay equity audits, and fostering public-private collaboration to ensure inclusive growth and regional competitiveness amidst 5% economic stagnation.
DETERMINANTS OF ACCOUNTING STUDENTS’ INTEREST IN BECOMING TAX CONSULTANTS
The low level of interest among accounting students in pursuing a career as tax consultants has become an important issue amid the increasing demand for professional expertise in taxation. This study aims to empirically examine the effects of taxation knowledge, self-efficacy, perception, and work environment on accounting students’ interest in becoming tax consultants. This study employed a quantitative approach with an associative research design and was conducted at the Undergraduate Accounting Study Program, Faculty of Economics and Business, Udayana University. Primary data were collected through questionnaires distributed to 120 students selected using purposive sampling techniques. Data were analyzed using multiple linear regression analysis. The results indicate that taxation knowledge, self-efficacy, perception, and work environment have positive and significant effects on accounting students’ interest in becoming tax consultants. These findings suggest that higher levels of taxation knowledge and self-efficacy, more positive perceptions of the profession, and more conducive perceived work environments are associated with stronger interest among accounting students in pursuing a career as tax consultants. Theoretically, this study reinforces the Theory of Planned Behavior. Practically, the findings provide recommendations for study programs to strengthen practice-based taxation curricula, optimize elective courses in taxation, and facilitate students interested in becoming tax consultants in obtaining tax consultant certifications (tax brevet) through collaboration with training institutions and mentoring programs, thereby enabling students to prepare themselves more comprehensively.
ANALYSIS OF FINANCIAL PLANNING ON THE FINANCIAL STABILITY OF PT. CIPTA INOVASI
This study aims to analyse the impact of financial planning on the financial stability of PT. Cipta Inovasi, an innovative technology company focused on the development of digital products. Using a qualitative and quantitative approach, data was collected through an analysis of the company’s annual financial statements from 2018 to 2022, as well as interviews with the financial management team. The analytical methods included financial ratios such as liquidity, solvency, and profitability ratios, as well as long-term financial planning scenario simulations using a cash flow projection model. The research findings indicate that effective financial planning, including investment risk management and diversification of funding sources, has improved the company’s financial stability by 25% over the observation period, primarily through reduced cash flow volatility and an increase in the solvency ratio from 0.45 to 0.62. However, challenges such as fluctuations in the technology market and reliance on venture capital remain potential risks. The study’s conclusions recommend strengthening data-driven financial planning strategies to maintain long-term stability, with practical implications for similar companies in the innovation sector.
BRANDING AND DIGITAL MARKETING STRATEGIES FOR SMES IN BRIDGING THE MARKET GAP BETWEEN URBAN AND RURAL AREAS
This study examines branding and digital marketing strategies as effective solutions for Micro, Small and Medium Enterprises (MSMEs) in bridging the market gap between urban and rural areas. Through a literature review, it was found that strengthening brand identity based on local wisdom, authentic storytelling and attractive visual packaging can enhance the competitiveness of rural MSME products in competitive urban markets. These branding strategies create unique differentiation through a unique selling proposition (USP) rooted in local cultural values and natural resources, building consumer trust and long-term loyalty. Meanwhile, digital marketing via social media (Instagram, TikTok), marketplaces (Shopee, Tokopedia), and simple data analytics enables MSMEs to overcome physical infrastructure limitations by gaining real-time access to the national market. The integration of local-modern content strategies, collaboration with local influencers, and the optimisation of digital payment methods such as QRIS have been shown to increase turnover by up to 300% for businesses in remote areas. The synergy between strong branding and digital distribution creates an inclusive ecosystem that empowers the rural economy. Research findings confirm that holistic digital transformation—supported by digital literacy, internet infrastructure, and stakeholder collaboration—not only reduces regional disparities but also contributes to the Sustainable Development Goals (SDGs) through economic equality and the preservation of local culture. Recommendations include mass training programmes, subsidies for rural digital access, and certification of local products to accelerate the national adoption of these strategies.
THE EFFECT OF CUSTOMER INCIVILITY ON WORK ENGAGEMENT, MODERATED BY SELF-EFFICACY(A Study at Prama Sanur Beach Hotel, Bali)
The hospitality industry is characterised by roles involving a high intensity of service interactions; consequently, employees’ psychological engagement in performing their job roles is a crucial factor in maintaining service quality, as reflected in their level of work engagement. This study aims to analyse the effect of customer incivility on work engagement, with self-efficacy serving as a moderating variable. Testing the job demands–resources theory, this study employs a quantitative approach with a causal design. The study population comprises all frontline employees at Hotel Prama Sanur Beach Bali, selected via saturation sampling. Data were collected using a structured questionnaire and analysed using Structural Equation Modelling – Partial Least Squares (SEM-PLS) WarpPLS. The results indicate that customer incivility has a significant negative effect on work engagement. Self-efficacy was found to mitigate the negative impact of customer incivility on work engagement. These findings underscore the importance of strengthening self-efficacy as a personal resource to maintain employee work engagement when facing the emotional demands of the job.
THE EVOLUTION OF MODES AND REGULATORY LOOPHOLES IN ILLEGAL INVESTMENT IN INDONESIA: A SYSTEMATIC LITERATURE REVIEW FOLLOWING THE ESTABLISHMENT OF THE INVESTMENT VIGILANCE TASK FORCE 2.0
This study systematically examines the evolution of illegal investment schemes and regulatory loopholes in Indonesia following the establishment of the Investment Vigilance Task Force 2.0, using a systematic literature review (SLR) approach. The findings indicate that illegal investment schemes have shifted from conventional schemes to complex digital forms, ranging from money games, trading bots, fake crypto investments, to social media-based platforms and communication groups. On the other hand, regulations still contain serious loopholes, such as fragmentation of authority among agencies, policy delays in response to technological innovation, weak coordination of law enforcement, and limitations in cross-jurisdictional regulation. This study concludes that a holistic approach is needed, integrating cross-sectoral regulatory strengthening, the utilisation of technology-based regulation, and the improvement of public financial literacy to break the chain of evolution of illegal investment schemes in the SWI 2.0 era.
DATA SOVEREIGNTY VS. OPEN INNOVATION: A LITERATURE REVIEW OF DIGITAL ECONOMY REGULATION IN THE ERA OF ARTIFICIAL INTELLIGENCE AND THE GREEN ECONOMY
This article examines the structural tension between data sovereignty and open innovation in the regulation of the digital economy in the era of artificial intelligence (AI) and the green economy, using a systematic literature review approach. Data sovereignty, as enshrined in Indonesia’s Personal Data Protection Act (PDP), protects national strategic assets from exploitation by global platforms, yet hinders access to essential datasets for the development of AI models and green technology collaboration. Conversely, the open innovation paradigm, through regulatory sandboxes and open data policies, drives the digital economy target of Rp4,500 trillion (2030), but risks a brain drain of domestic data. A comparative analysis of the EU, US and China reveals a trade-off between protective regulation and market-driven approaches, whilst the Indonesian context demands a hybrid governance model: limited data localisation combined with trusted data-sharing frameworks. Recommendations include the 2026 Presidential Regulation on AI, strengthening cloud sovereignty, and a Digital Sovereignty Index to realise contextual AI that is sovereign, innovative, and sustainable, paving the way for Indonesia Emas 2045.
FROM POLICY TO PRACTICE: A SYSTEMATIC REVIEW OF INDONESIA’S DIGITAL ECONOMY REGULATIONS FOLLOWING THE PERSONAL DATA PROTECTION ACT AND THE ELECTRONIC INFORMATION AND TRANSACTIONS ACT
Indonesia’s digital economy has undergone an accelerated transformation following the enactment of Law No. 27 of 2022 on Personal Data Protection (PDP Law) and the amendment of Law No. 11 of 2008 on Information and Electronic Transactions (ITE Law) via Law No. 1 of 2024. This systematic review analyses the transformation of normative policies and the realities of regulatory implementation using a literature review method. Key findings highlight progressive regulatory synergy that is, however, hampered by a policy-practice gap, low compliance among businesses (35%), weak institutional coordination within the Personal Data Protection Commission (KPDP), and adaptation costs that burden SMEs. The Tokopedia-Akulaku data breach case study illustrates enforcement challenges, whilst private initiatives such as ‘Privacy by Design’ demonstrate the potential for collaboration. This article recommends accelerating the establishment of the Personal Data Protection Agency (KPDP), harmonising implementing regulations, conducting national digital literacy training, and adopting a multi-stakeholder model to bridge the regulatory-practice gap, thereby supporting the target of the digital economy contributing 25% of GDP by 2029.
Information and Electronic Transactions Act
DIGITAL ECONOMY REGULATION IN DEVELOPING COUNTRIES: A SYSTEMATIC LITERATURE REVIEW ON CONSUMER PROTECTION, PLATFORM TAXATION, AND LEGAL CERTAINTY IN CRYPTO TRANSACTIONS
The digital economy is growing rapidly in developing countries but faces complex regulatory challenges across three key pillars: consumer protection, taxation of digital platforms, and legal certainty regarding crypto transactions. This study employs a literature review methodology. The findings indicate that only a few countries have specific consumer protection regulations for digital financial services, Indonesia’s digital economy tax revenue reached Rp31.05 trillion by November 2024, and legal uncertainty surrounding crypto creates a high-risk environment for retail investors. In conclusion, developing countries require a holistic approach that updates consumer protection laws for digital transactions, establishes online dispute resolution (ODR) mechanisms, integrates technology into tax systems, enhances consumer digital literacy, and facilitates regional regulatory harmonisation within ASEAN as well as the OECD’s global digital tax framework. Indonesia emerges as a progressive case study with regulatory reforms treating crypto as an investment commodity and a tax rate increased to 0.21%, yet cross-border implementation challenges and weak digital literacy remain major obstacles to the sustainability of an inclusive and secure digital economy.
IMPLEMENTATION OF THE TOURISM CODE OF ETHICS IN THE CANGGU TOURISM AREA TO SUPPORT SUSTAINABLE TOURISM PROGRAMS IN BADUNG REGENCY
This study examines the implementation of the Tourism Code of Ethics in the Canggu tourism area to support sustainable tourism in Badung Regency. It addresses three main issues: (1) the types of tourism codes of ethics applied, (2) the strategies used in their implementation, and (3) the implications of these practices for sustainable tourism. The study also evaluates how the code of ethics regulates interactions among tourists, tourism industry actors, and local communities, as well as its contribution to mitigating negative impacts such as environmental degradation, cultural disruption, and social imbalance, particularly in the context of overtourism. This research employs a qualitative descriptive method, with data collected through field observations, stakeholder interviews, and literature review. The data were analyzed to assess the effectiveness of ethical practices in supporting sustainable tourism. The findings reveal that: (1) the implementation of tourism codes of ethics, including waste separation, use of local products, and respect for local customs, promotes responsible behavior among tourists and industry actors, helping maintain environmental and cultural balance; (2) collaborative strategies developed through regular interactions among village governments, accommodation providers, MSMEs, and customary communities effectively reduce social conflicts, strengthen the local economy, and enhance cultural awareness among tourists; and (3) active community involvement in tourism activities, such as traditional cooking classes, cultural performances, and local guiding, increases community income, fosters cultural pride, strengthens host-guest relationships, and functions as an educational medium for visitors.
WHISTLEBLOWING SYSTEMS AND AUDIT EFFECTIVENESS IN PUBLIC SECTOR GOVERNANCE
This study aims to analyze the role of whistleblowing systems in improving audit effectiveness in public sector governance through a literature review approach. The method used is a literature review, reviewing various scientific sources such as journals, academic books, and institutional reports relevant to the topic. The results of the study indicate that the implementation of effective whistleblowing systems can strengthen the oversight function by providing a secure, anonymous, and reliable channel for reporting violations. This system contributes to early fraud detection, increased transparency, and fostered accountability within public sector organizations. Furthermore, audit effectiveness is also influenced by supporting factors such as whistleblower protection, an ethical organizational culture, and management commitment to follow-up on reports. Therefore, optimal integration of whistleblowing systems can be a strategic instrument in strengthening audit quality and realizing good governance.
CLIMATE RISK AUDITING IN PUBLIC SECTOR FINANCE: A NEW PARADIGM FOR ACCOUNTABILITY
Climate change has become a systemic risk with a significant impact on the financial stability of the public sector, necessitating a new approach to audit practice to ensure more comprehensive accountability. This study aims to examine the concept of climate risk auditing as a new paradigm in public sector financial auditing using a literature review method. The study analyzes various scientific sources, international institutional reports, and relevant regulations to identify developments, challenges, and implications for implementing climate risk audits. The results indicate that integrating climate risk into the audit process not only broadens the scope of traditional audits but also encourages increased transparency, disclosure of non-financial risks, and strengthened public sector governance. Furthermore, auditors are required to possess new competencies that include an understanding of sustainability issues, environmental risk analysis, and the use of technology-based data. This study also found that there are still limitations in audit standards that specifically address climate risk, necessitating the development of an audit framework that is adaptive and responsive to the dynamics of climate change. Thus, climate risk auditing is a crucial element in strengthening public accountability and supporting sustainable decision-making in the public sector.
BLOCKCHAIN AND THE EVOLUTION OF ACCOUNTING PROFESSION: SKILLS, ROLES, AND ETHICAL IMPLICATIONS
The development of blockchain technology has brought significant changes to the practice and profession of accounting, particularly in terms of transparency, security, and efficiency in recording financial transactions. This study aims to analyze how blockchain influences the evolution of the accounting profession in terms of required skills, the professional role of accountants, and emerging ethical implications. The method used is a literature review, examining various scientific sources, including international journals, academic books, and research reports relevant to the topic of blockchain and accounting. The study results indicate that blockchain adoption is driving the transformation of accountants' skills from conventional to technology-based competencies, such as understanding distributed systems, data analysis, and digital-based auditing. Furthermore, the role of accountants is shifting from transaction recorders to strategic analysts and business advisors. Furthermore, blockchain implementation also raises ethical implications, such as issues of data privacy, professional responsibility, and the need for clear regulatory standards. Therefore, the accounting profession is required to proactively adapt to technological developments to maintain relevance and integrity in an increasingly digital business environment.
DIGITAL TRANSFORMATION AND ITS IMPACT ON PUBLIC SECTOR ACCOUNTING QUALITY IN DEVELOPING ECONOMIES
This study aims to analyze the impact of digital transformation on the quality of public sector accounting in developing economies using a literature review approach. The research systematically examines and synthesizes relevant academic articles, policy reports, and prior studies published in recent years to understand the relationship between digital technology adoption and improvements in accounting practices. Digital transformation, characterized by the integration of technologies such as cloud computing, big data analytics, and e-government systems, has played a significant role in enhancing the efficiency, transparency, and accountability of public financial management. The findings of this study indicate that the implementation of digital systems contributes to higher accounting quality through improved data accuracy, real-time reporting, and better internal control mechanisms. However, the study also identifies several challenges, including technological disparities, limited human resource competencies, and institutional constraints that may limit the effectiveness of digital transformation initiatives. Therefore, strengthening digital infrastructure, improving technical skills, and establishing supportive regulatory frameworks are essential to optimize the benefits of digital transformation in the public sector. This study provides valuable insights for policymakers and researchers in advancing the quality of public sector accounting in developing countries.
THE ROLE OF BRAND AWARENESS IN MEDIATING THE EFFECT OF ELECTRONIC WORD OF MOUTH ON PURCHASE DECISION(A Case Study of The Originote Products in Gianyar Regency)
One of the rapidly growing industries is the personal care and beauty sector, with various facial care brands emerging with different innovations and benefits to attract consumer interest and intention to use their products. Due to the high public interest in self-care and beauty, competition among skincare brands has become increasingly intense. One of the beauty brands in Indonesia that is currently gaining popularity among consumers from various segments is The Originote. In early 2024, The Originote experienced a decline in sales, indicating a decrease in customers’ repurchase intention and low public brand awareness of The Originote, which in turn affects purchase decisions. Purchase decision is a process in which consumers begin by recognizing a problem and proceed to making a final decision to purchase a product. This study aims to analyze the role of brand awareness and electronic word of mouth on purchase decision. The sample consisted of 30 users of The Originote products who had purchased the product at least once within a month. The research was conducted in Gianyar Regency. The method used was a survey with a questionnaire technique, analyzed using descriptive and inferential statistics. The results show that Electronic Word of Mouth has a positive and significant effect on Purchase Decision, but does not have a significant effect on Brand Awareness. Meanwhile, Brand Awareness has a positive and significant effect on Purchase Decision, but cannot mediate the effect of Electronic Word of Mouth on Purchase Decision. These findings are expected to serve as a reference for future research and provide practical implications, suggesting that The Originote should expand its marketing reach to increase broader brand recognition.
THE INFLUENCE OF PRODUCT INNOVATION, SOCIAL MEDIA MARKETING, AND LOCATION ON PURCHASE DECISIONS AT TEH POCI GANA(A Case Study of Teh Poci Gana in Bantul, Yogyakarta)
The background of this study is based on the phenomenon of a significant decline in the sales turnover of Teh Poci Gana due to intense competition from similar businesses within its operational area. This study aims to examine and explain the influence of product innovation, social media marketing, and location on purchase decisions at Teh Poci Gana. The research was conducted at Teh Poci Gana located in Dusun Ngebel, Tamantirto, Bantul Regency, Yogyakarta. This study employs a quantitative approach with an associative research design. The population consists of all consumers who have previously purchased products from Teh Poci Gana. The sampling technique used was purposive sampling, involving 200 respondents. Data were collected through questionnaires and analyzed using multiple linear regression analysis, classical assumption tests, and hypothesis testing (t-test and F-test) with the assistance of SPSS version 25. The results show that: (1) product innovation has a positive and significant effect on purchase decisions, indicating that better product innovation leads to higher consumer purchase decisions; (2) social media marketing has a positive and significant effect on purchase decisions, suggesting that effective promotion through social media can increase purchase decisions; and (3) location has a positive and significant effect on purchase decisions, where ease of access and visibility significantly contribute to consumers’ purchasing decisions. Simultaneously, these three independent variables have a significant effect on purchase decisions, with a contribution of 23.3%.
THE EVOLUTION OF CONTRACT LAW IN THE DIGITAL AGE: THE CHALLENGES OF ELECTRONIC CONTRACTS, VIRTUAL BREACHES OF CONTRACT, AND CONSUMER PROTECTION IN THE PLATFORM ECONOMY
The digital era has triggered a significant evolution in Indonesian contract law, shifting the paradigm of the Civil Code from conventional obligations based on physical documents towards dynamic electronic contracts through the recognition of the Information and Electronic Transactions Act No. 11 of 2008, as amended by Act No. 1 of 2024, where this transformation faces challenges regarding the authentication of digital signatures, the proof of transaction data integrity, and the role of e-commerce platforms as subjects of multilateral contractual liability within a platform economy valued at Rp 500 trillion by 2025. This normative-legal study analyses the dynamics of virtual breach of contract in the form of non-delivery of goods, algorithmic system errors, and the manipulation of fake reviews—which are subject to Articles 1234–1246 of the Civil Code but require digital forensics to establish causality—as well as the evaluation of the effectiveness of consumer protection under the Consumer Protection Act No. 8 of 1999 and the Personal Data Protection Act No. 27 of 2022 against information asymmetry and misleading practices on marketplaces such as Shopee and Tokopedia. The analysis reveals a regulatory gap between the static norms of the Civil Code and the dynamics of blockchain smart contracts and the gig economy, where adaptive solutions include integrated Online Dispute Resolution (ODR), automatic escrow payments, and joint and several liability of platforms and sellers to mitigate virtual breach of contract, whilst reform recommendations include a dedicated digital contracts law, strengthening the BPSK for e-commerce mediation, and consumer legal literacy to realise a fair transaction ecosystem in line with the ASEAN Digital Economy 2030 vision.
THE DYNAMICS OF INDUSTRIAL AND TRADE LAW IN THE DIGITAL ECONOMY ERA: COMPETITION REGULATION, CONSUMER PROTECTION, AND THE TRANSFORMATION OF THE NATIONAL INDUSTRY
The digital economy has transformed the legal landscape of industry and trade in Indonesia, necessitating the adaptation of competition law, consumer protection regulations, and the transformation of national industries. This study analyses two key aspects: firstly, the effectiveness of Law No. 5 of 1999 on Competition and Law No. 8 of 1999 on Consumer Protection in addressing the dominance of digital platforms, predatory pricing, and the risk of data breaches; second, the role of Making Indonesia 4.0, the Job Creation Law, and the Government’s Digital Master Plan 2025–2045 as catalysts for the transformation of manufacturing towards Industry 4.0. Using a legal-normative literature review approach, it was found that the KPPU is actively addressing digital monopolies (the Google Play Billing System case), but regulatory revisions are required regarding algorithmic discrimination and the gig economy. Industrial transformation faces the digital divide and the need for harmonisation with the ASEAN Digital Economy Framework. The conclusion emphasises the need for holistic economic legislation that balances innovation, healthy competition, and inclusivity towards Indonesia Emas 2045.
REFORM OF MINING AND ENERGY LAW IN INDONESIA: THE CHALLENGES OF THE TRANSITION TO GREEN ENERGY AND ECOLOGICAL JUSTICE
Economic and legal reforms in Indonesia’s mining and energy sectors, introduced through the Mining and Energy Law No. 2 of 2025, establish a progressive framework that supports mineral downstreaming, equal opportunities for state-owned enterprises and SMEs, and alignment with the 2025 National Energy Policy (KEN) to ensure energy security. However, the transition to green energy faces multiple challenges: resistance from the fossil fuel industry, a revision of renewable energy targets from 23% to 17–19%, deforestation caused by nickel mine expansion, and social inequality resulting from the closure of coal-fired power plants, which threatens workers in producing regions. Ecological justice—as a constitutional right to a healthy environment (1945 Constitution, Article 28H)—demands a Just Transition framework akin to the JETP, the integration of ESG principles, and regulatory harmonisation to balance economic, social, and environmental considerations. This systematic legal literature review concludes that holistic reform is necessary for Indonesia to achieve Net Zero Emissions by 2060 in a fair and sustainable manner, with recommendations for harmonising the Mining Law and the Job Creation Law, as well as strengthening the participation of indigenous communities.