Energy mix diversification is unique due to differences in resource potential, economic and environmental conditions in each country. The transition to renewable energy is one of the sustainable development agendas, as well as the G20's targets in addressing environmental issues and building energy security. However, in its implementation, a good financial system is needed to accommodate infrastructure development and construction. This study aims to analyze the role of financial development in influencing energy mix diversification, focusing on how progress in the financial sector can encourage a more diverse and sustainable energy transition. The fixed effect model and System-GMM estimator are employed in this study, using panel data samples from 19 members of G20 countries over a 22-year period. The estimation results show that financial development has a positive and significant effect on energy mix diversification. Therefore, strengthening financial systems both from the institutions and financial market side can play a crucial role in promoting a more balanced and inclusive energy transition. The results also show that the control variables energy efficiency, carbon emissions and FDI have a negative relationship to energy mix diversification, while economic growth has a positive relationship to energy mix diversification. These findings suggest that higher economic activity enhances a country’s capacity to expand energy diversification, whereas improvements in energy efficiency, higher carbon emissions, and profit-oriented foreign investment flows tend to limit efforts toward greater energy diversification.

This study examines the impact of digital financial literacy on the shopping and saving behaviors of Indonesian millennials, with a focus on both current practices and future financial intentions. As digital financial services proliferate in emerging markets, understanding their influence on consumer financial decision-making is increasingly vital. A quantitative approach using Structural Equation Modeling was employed to analyze data collected from 226 purposively selected Generation Z respondents (aged 17–27) residing in Yogyakarta. All participants actively use e-wallets, mobile banking, and fintech applications, and have prior experience with digital shopping and saving. The methodology ensured sample relevance and construct validity. Data were processed using LISREL 8.8 and SPSS 0.25. The findings reveal that higher levels of digital financial literacy significantly enhance strategic financial behavior, promoting responsible spending and consistent saving in both present and future contexts. Unlike prior research that emphasized financial inclusion, this study contributes to the literature by directly linking digital literacy with specific financial behaviors. The results highlight the need for targeted financial education to strengthen digital capabilities among youth. Practical implications are offered for educators, policymakers, and financial service providers to foster sustainable financial well-being among millennials in Indonesia and comparable developing economies.

This study seeks to analyze the effect of green accounting, corporate social responsibility (CSR), carbon emission disclosure (CED), and green product innovation (GPI) on the firm value of Indonesian listed manufacturing firms in 2019-2023. Data were obtained from PROPER and sample firms’ sustainability and financial statements and analyzed with the panel data multiple regression analysis run by E-views 12 software. Sample firms were selected using purposive sampling, yielding 100 final sample firms. Our findings reveal that CSR positively affects firm value in the overall sample and both subsamples, while CED and GPI exhibit positive effects on firm value only for the low CSR subsample, while green accounting has no significant effect in the overall sample and both subsamples. These findings highlight the importance of social and environmental responsibility and green innovation, especially for firms seeking to promote their sustainable reputation. Besides, this study offers practical insights for firms and policymakers in designing sustainability strategies.

Better financial literacy enables individuals, especially millennials, to make sound financial decisions. However, financial decisions, including indebtedness, are also influenced by other factors, such as materialism and risk perception. Accordingly, this study aims to investigate the effects of financial literacy, materialism, and risk perception on indebtedness among the millennial generation, employing a quantitative approach. We generated our data by distributing the questionnaires to the 190 respondents. The sample was selected using a purposive sampling technique to include individuals who were indebted and born between 1980 and 2000. This study ran SEM by using SmartPLS 4.0 to analyze the data. The empirical results reveal that financial literacy and risk perception negatively affect indebtedness, while materialism positively affects indebtedness. Our findings suggest that poorer financial literacy may lead to inadequate financial planning, while excessively materialistic individuals tend to be less appreciative of their possessions. Lastly, a lower risk perception leads to a poor understanding of the value of money. Our study suggests that financial literacy likely enhances the financial awareness, skills, attitudes, and behaviors essential for individuals’ future financial well-being. Such awareness helps them avoid impulsive behaviors and consider the risks associated with their financial decisions.

This research examines the determinants of financial well-being, namely financial literacy, financial stress, financial inclusion, and financial wellness among young adults aged 25-35 in Blitar, East Java, who are experiencing a quarter-life crisis. Unlike previous studies that tended to examine these factors separately, the novelty of this research lies in introducing a new concept, namely how financial wellness influences financial well-being through its mediating role on financial literacy, financial stress, and financial inclusion. Using a quantitative research design, data were collected through questionnaires and analyzed using the SEM-PLS approach with a sample of productive-age individuals in Blitar. The results reveal that financial literacy, financial inclusion, and financial wellness have significant positive effects on financial well-being, while financial stress has a significant negative effect. These findings indicate that the financial well-being of young adults facing a quarter-life crisis is influenced not only by financial knowledge and access but also by the ability to manage financial stress and maintain financial wellness. Practical implications include the need for integrated programs combining financial literacy, financial stress management, and financial wellness strategies to support young adults in achieving financial stability during this critical life stage.

This research explores the driving forces of Generation Z's consumption behavior in terms of gadget ownership, imaginary companions, and the inner child in the context of social media influences in an increasingly digital society. The study location was chosen as Bali because of the significant lifestyle changes driven by tourism, making it a unique context for examining these phenomena. In this study, the quantitative approach was applied through survey questionnaires among 200 respondents in Denpasar, Bali, using a purposive sampling technique. Data analysis was performed with PLS-SEM to investigate the relationships among the identified psychological factors, consumer behavior, and gadget ownership as a mediating variable. This is a geographically limited study that might affect generalization, but it is of great value to present the emotional and digital determinants of Generation Z's consumption patterns. The following research contributes to understanding the emotional and social media influences of consumer behavior in the digital era by bridging gaps between psychological theories and digital consumption trends.

This study investigates the prevalence and impact of false advertising in residential property advertisements within the Indonesian market, particularly in Jakarta and Tangerang. Regulatory support allowing developers to advertise and sell properties before construction has stimulated demand. This research aims to empirically evaluate the accuracy of advertised distances and commute times, identifying potential discrepancies and their implications. The study utilizes a sample of 170 property advertisements, descriptive statistics, and the Wilcoxon Signed Rank test to analyze the differences between advertised and actual distances and commute times. Data collection involved comparing the advertised metrics with actual measurements obtained via Google Maps. The findings reveal significant discrepancies between the advertised and actual distances and commute times, suggesting prevalent false advertising practices in property developers. Developers and agents promote shorter distances and times than the actual value based on Google Maps measurements. This misrepresentation has implications for consumer trust and regulatory compliance. This research addresses a critical gap in understanding advertising practices in the Indonesian property market. It highlights the necessity for greater transparency and accuracy in property marketing to maintain consumer trust and comply with regulatory standards. The study underscores the importance of ethical advertising practices for long-term brand equity and customer loyalty. Property developers are advised to enhance the accuracy of their advertisements to build trust and avoid legal repercussions. Regulatory bodies are encouraged to enforce stricter advertising standards to protect consumers and ensure market integrity.

This study aims to analyze the sustainability of investments and operational optimization strategies for the Benowo Waste-to-Energy Power Plant (PLTSa) in Surabaya using a System Thinking approach through Causal Loop Diagram (CLD) and Cost-Benefit Analysis (CBA). Data were obtained through a mixed-methods approach, combining semi-structured interviews with PT Sumber Organik, the Surabaya Environmental Agency, PT PLN, the National Energy Council, and academic experts in finance, health, waste management, and system thinking. Secondary data, including waste processing capacity, electricity output, tipping fee and electricity sales revenue, and operational costs, were collected from official reports, academic publications, Bappenas, the Ministry of Environment and Forestry, Surabaya Population Agency, and Kominfo Jatim, covering the period 2015–2023 with projections up to 2032. The CLD highlights dynamic interactions among waste quality, public participation, technological efficiency, policy support, and environmental impacts. Financial analysis indicates that PLTSa Benowo is economically feasible, with a Benefit-Cost Ratio (BCR) of 2.58 at design capacity and 1.81 at effective capacity, and a Return on Investment (ROI) of 157.55% and 81.47%, respectively. Sensitivity analysis shows that increases in operational costs and the removal of tipping fees reduce BCR and ROI values. Therefore, cost efficiency, technology upgrading, revenue diversification, and sustainable policy support are needed to maintain the long-term viability of waste-to-energy projects in developing countries.

This study explores absorptive capacity on SMEs marketing performance through aggressive marketing strategy as a mediating variable. The study's novelty lies in developing an empirical model that proposes an aggressive marketing strategy to bridge the research gap between absorptive capability and SMEs marketing performance. This study involved 200 SMEs in East Sumba Regency, Indonesia. All hypotheses proposed were proven valid, indicating that absorptive capability, aggressive marketing strategy, proactive market orientation, and innovation capability have a significant influence on improving SMEs performance. This finding strengthens the logical relationship between variables and clarifies the theoretical framework used. In addition, this conceptual model is relevant in capturing business phenomena in the field, making it an essential reference for SMEs development. This study concludes that the synergy between absorptive capacity, proactive market orientation, innovation capability, and aggressive marketing strategy provides a strong framework for SMEs to achieve competitive advantage in a dynamic market.

Investment represents the deferral of current consumption for future benefits, involving the allocation of capital to support the production of goods or services within the economy. Foreign Direct Investment (FDI) plays a vital role in providing technology, skills, and other external inputs to enhance the competitiveness of companies and the economic performance of host countries. This study aims to analyze the impact of macroeconomic factors (economic growth, interest rates, and exchange rates) on Foreign Direct Investment in four ASEAN countries: Singapore, Indonesia, Laos, and Brunei Darussalam. Secondary data from the World Bank for the years 2018–2023 were used and analyzed using the panel regression method with the Fixed Effect Model (FEM), along with classical assumption tests and hypothesis testing in STATA 17. The results indicate that, partially, economic growth has a positive and significant effect on FDI, exchange rates have a negative and significant effect on FDI, and interest rates have no significant effect on FDI. Simultaneously, the variables of economic growth, interest rates, and exchange rates influence Foreign Direct Investment. Investasi merupakan pengalihan konsumsi saat ini demi keuntungan di masa depan, yang mencakup alokasi modal untuk mendukung produksi barang atau jasa dalam ekonomi. Foreign Direct Investment berperan penting dalam menyediakan teknologi, keterampilan, dan input lain dari luar negeri dalam menambah daya saing perusahaan serta kinerja ekonomi negara tuan rumah. Penelitian ini bertujuan untuk menganalisis pengaruh faktor ekonomi makro (pertumbuhan ekonomi, suku bunga, dan nilai tukar) terhadap Foreign Direct Investment di empat negara ASEAN, yaitu Singapura, Indonesia, Laos, dan Brunei Darussalam. Data sekunder dari World Bank tahun 2018–2023 digunakan dan dianalisis dengan metode regresi panel menggunakan Fixed Effect Model (FEM) serta pengujian asumsi klasik dan pengujian hipotesis pada STATA 17. Hasil penelitian menunjukkan bahwa secara parsial pertumbuhan ekonomi berpengaruh positif dan signifikan terhadap FDI, nilai tukar berpengaruh negatif dan signifikan terhadap FDI, dan suku bunga tidak berpengaruh signifikan terhadap FDI. Secara simultan, variabel pertumbuhan ekonomi, suku bunga dan nilai tukar mempengaruhi Foreign Direct Investment.