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The last issue is now available

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Revista del Ciclo Económico ©

e-ISSN: 2718 – 8760

Volume III Number 2

Full issue, click here to download it.

Articles, click on the red header of each article to download it.

1. Rationality, the Secret of Qatar Development in Less than Three Decades 

Author: Rahman Parvaresh

Abstract: In this article, we present the first reflection of our work on the past, present and future of the countries of the Middle East region which have high potential and an unprecedented opportunity for economic development, in this regard, we will interpret and analyze Qatar’s privileged development model in detail.

2 .Financial Frictions and Monetary Policy Shocks in a Small Open Economy DGSE Model: Evidence from Sierra Leone

Author: Leroy N. Johnson (University of Ghana)

Abstract: The paper investigates the role of financial frictions and monetary policy in Sierra Leone within the Bayesian Dynamic Stochastic General Equilibrium (DSGE) framework. This Bayesian DSGE model mirrors a small open economy characteristic with financial frictions acquainted with activities of heterogeneous agents in the households drawing. Using the Bayesian technique, the study employed quarterly macroeconomic data from 2007q1 to 2021q4. The findings from this study shows that financial friction shocks has transient converging effect on inflation and a negative impact on output gap. The monetary policy shock has a negative but assuaging impact on output gap, demand shock has a transient negative impact on output growth while the productivity (supply) shock has a positive impact on output growth. The economics of the monetary policy shocks is that it assuages the contractionary impact on the economy albeit monetary policy alone cannot steer the economy to stimulate growth dynamics. Concerning the financial shocks, the economic intuition is that it is inimical to trust in the banking sector. These findings are evident that monetary authorities should boost financial system stability, thereby increasing confidence in the banking sector and revamp their efforts in stabilizing prices with monetary policy geared at productivity at levels that are growth inducing and not inimical to stabilizing inflation.


3 .The Effect of Customer Trust in Moderating Business Model Innovation on Competitive Advantage: A Case of Industrial Water Treatment Companies in Indonesia

Author: Bayu Rachmanul Hakim (Sekolah Tinggi Manajemen IPMI)

Abstract: As the largest economy in Southeast Asia, Indonesia has seen significant industrial and infrastructure development during the last five years, impacting the increased water supply demand. Based on data, the industry’s total water usage has an annual growth of 10% through 2025. However, the average business growth of water treatment companies for the previous five years is below five percent, which could be very low for some companies. Thus, industrial water treatment companies must look at their competitive advantage to distinguish them from the competition. This research followed the influence of customer trust (CT) as moderating variable that affects the relation of business model innovation (BMI) to competitive advantage (CA). This thesis employed the SPSS v25 and SmartPLS 4 software to generate the structural model and analyze the 65-questionnaire. Data was collected from the firm’s employees who worked at C-level and one layer under C-level at industrial water treatment companies, with growth below five percent done against ten industrial water treatment companies, their customers (end-user) who worked at C-level and one layer under C-level. The sampling period is from July to Aug 2022. The result showed that customer trust (CT) has a positive effect on moderating the relationship between business model innovation (BMI) and competitive advantage (CA). The finding contributes to the literature with the moderator variable of customer trust (CT). The practical implication of the study is to provide industrial water treatment companies’ management with some guidance on the appropriate response strategy, which would increase their competitive advantage.


4 .The Effect of Customer Trust in Moderating Business Model Innovation on Competitive Advantage: A Case of Industrial Water Treatment Companies in Indonesia

Author: Melkisedek N.B.C Neolaka , Luigi Pio Leonardo Cavaliere , Diana San Tabun , & Esrah D.N.A.Benu 

Abstract: This study illustrates the importance of bilateral investment and the impact on cooperation between Indonesia and Timor Leste. As an independent country, Timor Leste must be responsible for the welfare of the people and fully maintain its domestic political stability for long-term national security. Political stability and national resilience are two very important things to strive for as a new country. Timor Leste has a special priority to grow, maintain and develop political stability and national security. A newly independent country is prone to conflict within a country, as well as Timor Leste. International partnership as a step not to isolate Timor Leste from other countries. In addition to not being isolated from other countries, Timor Leste will also be able to support national security and social order within its own country to improve the welfare of the people which is still far from a decent standard of living (below the poverty line). one of the important reasons for Timor Leste to build partnerships with neighboring countries both bilaterally and multilaterally. The visa-free policy for Indonesian citizens in its implementation is not just reducing or minimizing the use of rat trails. Moreover, East Nusa Tenggara Province, especially Belu Regency, has four cross-border routes between Indonesia and Timor Leste. So that illegal road access will continue. Apart from the illegal route, the visa-free policy for Indonesian citizens is also a policy of reciprocity or reciprocity for Timor-Leste, for the policy of exempting East Timorese tourist visas to Indonesia.


5. The Role of ESG in The Sustainability of Palm Oil Companies in Indonesia and the Effect on Performance and Stock Return

Authors: Abdurrahman Wahid , Dety Nurfadilah , & Ardo Ryan Dwitanto

Abstract: Plantation sector, especially in the palm oil industry, is a large and growing sector in Indonesia, and is a part of the biggest supplier of palm oil in the world. The Indonesian palm oil industry started to gain attention from both national and international, which demanded that the palm oil industry in Indonesia should comply with environmental, social, and governance (ESG) regulations from the Indonesian government and international organizations. With tighter regulation, there are promised benefits in complying with the ESG. so to analyze whether this benefit exists using already listed in the market for more than five years and have five years of ESG disclosure. This study aims to analyze Indonesia’s palm oil sector performance using seven Indonesian ESG palm oil companies during 2017-2021. The methodology used for this study is Purposive sampling method is used an Eviews statistical tool then financial ratio analysis, CAGR analysis, T-test analysis, and F-test analysis to examine the variables. The financial ratios are profitability, liquidity, operating return, multiples, and leverage. The T-test analysis is designed to find the mean difference between portfolio returns and market returns, while the F-test analysis is intended to find the variance difference. The results of this study show that the returns are statistically equal to market returns but ESG palm oil companies are riskier than the market. ESG palm oil companies show different financial performances but most have good liquidity, multiplier, and leverage. Then poor performance in profitability and operating return.


6. Does Graphic Design Elements on Product Packaging Affect Gen Z’s Buying Decisions? Evidence from Wellness Products

Authors: Lintang Tiara , Dety Nurfadilah , & Liza Agustina Maureen Nelloh

Abstract: Today, brands are competing through product packaging as it has become a tool to win customers’ approval. Yet, producers, especially SMEs, often lack the resources required to create packaging that can effectively capture customers’ interest. This study tries to resolve the gap in previous studies as research that tries to portray the effects of design elements on consumer buying decisions is still scarce, specifically for Indonesian consumable wellness products. This research investigates the effect of Use of Colors, Typeface, and Image towards consumers’ buying decisions. This research pursued the quantitative approach targeted at Generation Z between the age of 18-23 who lives in Jabodetabek area and are customers of consumable wellness products. This research relies on primary data collected through an online questionnaire and analyzed using SPSS statistics. This study found that out of 156 respondents, the Use of Colors and Typeface affect their buying decisions. On the other hand, Image does not have any significant effect. This research aims to theoretically and empirically verify which graphic design elements affect customers buying decisions, and to provide the basis for producers, especially SMEs, to develop their product packaging by giving them the latest customers insights on elements that influence their buying decisions the most.


7. The Effect of Marketing Mix and CSR Program Toward Purchase Intention of Uniqlo Among Millennial Generation in Jakarta

Authors: Della Aprilia Basri & Yulita Susanti 

Abstract: Fast-fashion retailers are regarded as a major economic player in Indonesia. Many worldwide retailers want to not only meet global demand, but also to extend their market into emerging markets such as Indonesia. Uniqlo, a Japanese clothing manufacturer, has emerged as Asia’s largest fast-fashion shop over the last decade. The purpose of this study is to examine how Uniqlo’s marketing mix influences purchasing intentions. Brand Image and CSR program will be used to supplement and increase the research’s accuracy. Marketing mix is utilized in marketing theory with the elements of product, price, promotion, and place.

CSR program, on the other hand, include the application that highlights the responsibility that corporations have towards the society and environment in which they choose to operate. Initially, the objective of CSR was to preserve the world, and it paved the path for many modes of operation. However, some argue that Corporate Social Responsibility in commercial practice has had the opposite effect. Interestingly, as the fashion business developed, it got more social, and its evolution over time has thrown more light on how vital the concept of CSR is in this context. Multiple regression analysis is used to analyse the response from 100 respondents. The sampling method used is non-probability sampling, especially systematic sampling.

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