Economic Transactions Research Articles

Relationship Between Economics of Trust and Transaction Cost: A Brief Exposition

Survival of enterprise to some degree depends on how to manage transaction cost. It is more so in a highly competitive market with competitive products such as technology-based products. In economics, the theory of transaction costs is based on the assumption that people are influenced by competitive self-interest. Transaction cost economy which was developed by Williamson (1981) is based on uncertainty and unpredictability in the world. Asset specificity, organizations that enter into transactions find it expensive to leave them, inherent opportunistic behavior of individuals in an economic transaction making it harder for contractual agreements to be enforced fully after a long period of time. Although the transaction cost has been extensively discussed and used in supply chain management field, no economic theoretical arguments has been advanced as to how transaction cost help improving economic growth. This paper attempts to explain how transaction cost could add to economic growth.

VOLATILITAS NILAI TUKAR RUPIAH YANG DIPENGARUHI FAKTOR MONETER INDONESIA DAN AMERIKA SERIKAT

The exchange rate plays an important role if a country is going to carry out economic transactions (international trade) with other countries. The economic changes that occurred in Indonesia's economic partner countries quickly affected the Indonesian economy. One of Indonesia's economic partners, namely the United States, whose currency is the dollar is the world's currency, so that changes in United States fundamentals will have an impact on the rupiah exchange rate against the dollar. Bank Indonesia as the central bank in Indonesia always tries to stabilize the rupiah through various policies. A country that has a stable currency value indicates that the country has a stable economic condition. The purpose of this study is to analyze the effect of Indonesian inflation, US inflation, Indonesian interest rates, and US interest rates simultaneously and partially on the Rupiah exchange rate. This research uses a quantitative approach in the form of associative conducted in Indonesia. This study uses monthly data from 2018 - 2021 so that the sample size in this research is 48 observations (observations). The data analysis technique used is panel data regression analysis. The results showed that Indonesia's inflation, US inflation, Indonesian interest rates, and US interest rates simultaneously had a significant effect on the rupiah exchange rate against the dollar. Indonesian inflation has no negative and significant effect on the rupiah exchange rate against the dollar. United States inflation and Indonesian interest rates have a positive and significant effect on the rupiah exchange rate against the dollar.
 Keywords: inflation, interest rates, exchange rates
 Klasifikasi JEL: C68, F43, L52

The Prospect of Business Undergraduates’ Intention to Engage in Digital Entrepreneurship: Do the Government Initiative Matters?

The synergies between rapid information technology (IT) development and the shifting paradigms of economic transactions have led to the emergence of digital entrepreneurship. This study aims to investigate potential precursors affecting the intention of final-year business students to engage in digital entrepreneurship. This research was examining the IT acceptance among the business students by employing two tailored technology acceptance models (TAM) based on theory of planned behaviour (TPB) and theory of reasoned action (TRA) models. A sample of 302 respondents were analysed using SPSS and Smart-PLS. The results revealed that fresh graduates’ intentions to engage in digital entrepreneurship were significantly influenced by their own attitudes towards IT. The study also reaffirmed that the dimensions of Ajzen’s Theory of Planned Behaviour model, among others, attitude towards information technology (IT), perceived usefulness, perceived ease of use, subjective norms except perceived risk have a “direct effect” on undergraduates’ interest in an Internet-based business model. Although the results have contributed to the paucity of the empirical research in digital entrepreneurship particularly in the Asian region, the availability of information technology, government resources and support to affect the digital usage and behaviour are not to be underestimated.

Identifying production costs of Rosa sp: a transaction costs economics perspective

Transaction costs are costs that appear in almost every economic transaction. The existence of transaction costs creates production cost inefficiencies. This research aims to identify the production costs borne by rose farmers as one of the leading commodities in East Java, especially Batu City. Apart from that, this research also identifies transaction costs that make production costs inefficient. The method used in this study is qualitative. The data collection tool used was unstructured interviews with rose farmer group administrators in Gunungsari Village, Batu City. Based on the research results, without transaction costs, the average total costs incurred by rose farmers in cutting rose farming is IDR 43,565,085.78 per planting season. The research results also show that there are six types of transaction costs that we have identified. These costs consist of explicit and implicit costs. Explicit costs refer to costs that are clear in amount and farmers know the exact data. Meanwhile, implicit costs refer to costs that farmers do not know the exact amount of.

Monetary Reform and Central Bank Digital Currencies: The Impact on Retail Banking

This research aims to clarify the impact of monetary reform on retail banking, with the introduction of private crypto-currencies (CCs) and retail central bank digital currencies (CBDCs). Given the exponential increase in private de-centralized CCs, involving stablecoins and non-backed digital assets, total crypto assets have now developed into a USD 1.04 trillion market capitalization. Governments and monetary authorities were initially reticent, but now a number of central banks are developing their own wholesale and retail CBDCs. By conducting library research, document and content analysis involving secondary data, this research confirms, involving central bank admission, that the current centralized monetary system allows commercial banks to lend the vast majority of deposit money into existence. However, the impact of private CCs and introduction of retail CBDCs will eliminate credit creation, thus rendering the commercial banking model obsolete. This will inevitably involve a structural change in the global financial system, with the separation of the public issuance of money and the private issuance of equity finance and investment. Ultimately, retail CBDCs will have to develop into public stablecoins that are pegged to intrinsic value to satisfy the store of value function of money and provide stability as the common denominator for all economic transactions.

PELATIHAN PENYUSUNAN LAPORAN KEUANGAN SEDERHANA PADA UMKM RUFATA

The important role of MSMEs in the history of reducing unemployment rates during the economic crisis in Indonesia and as a booster for economic recovery after the Covid-19 pandemic cannot be separated from the creativity and hard work of MSME entrepreneurs in maintaining the sustainability of their businesses. The sustainability of MSME businesses will be maintained if MSME entrepreneurs not only carry out various innovative efforts to sell their business products or services but must also be able to manage the financial results of their business by increasing their knowledge and skills in preparing financial reports for all economic transactions of their business. Likewise, Rufata MSME entrepreneurs really need training from teachers or lecturers. The Bachelor of Accounting Study Program, Faculty of Economics and Business, Trisakti University collaborates with the Rufata MSME Coordinator, Cikokol Village, Pancoran District, South Jakarta, held a Community Service (PKM) program with the title: "Training on Preparing Simple Financial Reports for Rufata MSMEs", so that MSME entrepreneurs are not only able to make simple financial reports from economic transactions of their business businesses correctly in accordance with SAK EMKM, but also can analyze and evaluate the sustainability of their business and can make appropriate decisions for business development. The results after the implementation of the PKM were in line with expectations, where participants were very enthusiastic about asking questions about the accounting process, the concept of business entities and answering the given accounting exercise questions, where the results of the assessment obtained an average score of 58 to 73

Makelar dalam Transaksi Ekonomi (Analisis Fatwa DSN MUI No. 151/DSN-MUI/VI/2022 Tentang Akad Samsarah)

Brokers in economic transactions are common jobs undertaken by society. However, in practice, brokers often pose problems, especially for consumers or buyers. It is not uncommon for buyers to find that the price set during the transaction is not the price set by the owner of the goods, but rather a price added by the broker. The significant price difference from the original price becomes a separate problem for the community.
 This article aims to explain the practice of brokers in Islam by analyzing the Fatwa DSN MUI NO. 151/DSN-MUI/VI/2022 on Samsarah Contracts. The focus of this article is: What is the nature of brokers in Islam? How does the Fatwa DSN MUI No. 151/DSN-MUI/VI/2022 on Samsarah Contracts play a role in ensuring the legality of broker practices in Indonesia?
 In this article, researchers use a research library approach. Primary data sources include literature on brokers in Islam. In Islam, brokerage is considered an allowed practice; a broker aims to provide assistance to both the buyer and the owner of the goods to be sold. Meanwhile, the role of Fatwa DSN MUI NO. 151/DSN-MUI/VI/2022 has outlined the technical implementation of broker services and provided arguments in accordance with Islamic Sharia teachings.

Analysis of Financial Performance on Banking Companies That Are members of the Kompas100

Banking plays an important role in managing the wheels of economic transactions in a country's society. Therefore, as a financial institution that has an intermediary function, banks must demonstrate good financial performance through their financial ratios. The purpose of this study was to determine the effect of the ratio of Non Performing Loans, Loan to Deposit Ratios, and Operational Efficiency Ratio on Return on Assets in Kompas100 indexed banking in 2018-2020. There are eight research samples that meet the criteria in the purposive sampling method with data analysis using multiple linear regression. The findings of this study are Non Performing Loans and Loan to Deposit Ratio have a positive but not significant effect on Return on Assets, while Operational Efficiency Ratio have a negative and significant effect on Return on Assets. Simultaneously, NonPerforming Loans, Loan to Deposit Ratios, and Operational Efficiency Ratio have a significant effect on Return on Assets.

Bank’s Liability in Electronic Fund Transfers and its Legal Effects

The bank, as a legal person, can typically be held legally liable under civil, penal, and administrative law for actions it performs. Liability, in general, arises from contractual obligations or tort. The electronic fund transfer process (EFT) is an example of the bank's contractual obligation. The applicable law and its specificity determine electronic contracts' legality and probative value. This research aims to clarify the position of the Jordanian legislator regarding the EFT payment process and the legal consequences and risks related to this process. It also aims to determine banks' liability for executing EFT operations in case of tort or negligence. The researchers employed the analytical and deductive approach. The results indicated that the Jordanian legislation in Electronic Transactions Law No. (15) of 2015, the system of payment and electronic transfer of funds 2017, and the Banking Law No. (7) of 2019 have granted electronic bonds the same probative value as the traditional bond. However, numerous legislative texts still require revision or replacement to accommodate the demands of commercial and economic transactions. For example, specific regulations for banking e-payment and funding operations and transfers should be included.

Analisis Eksplorasi terhadap Pola Transaksi Ekonomi Syariah dalam Praktik Jasa Titip (Jastip) atau Personal Shopper

Personal Shopper or JASTIP is one of today's Islamic economic products. Where many people conduct economic transactions using this pattern because of its convenience and time efficiency. Of course, the progress and development of innovation in this economic field must be balanced with legal certainty in the field of Islamic economics. In general, buying and selling transactions through this JASTIP pattern are in accordance with the theory of wakalah and murobahah in Islamic economics. However, at the technical level, this JASTIP pattern has three methods of payment and procurement of goods, First, the order-pay-send method. Second, the order by request method. Third, the order first-pay later method. The JASTIP pattern with the Order-Pay-Send method includes a wakalah bil ujroh contract. While the JASTIP pattern with the Order by Request method includes a Murobahah contract. And the JASTIP pattern with the Order First-Pay Later method includes the Bai' dain bi al-dain contract.

Microbial markets: socio-economic perspective in studying microbial communities.

Studying microbial communities through a socio-economic lens, this paper draws parallels with human economic transactions and microbes' race for resources. Extending the 'Market Economy' concept of social science to microbial ecosystems, the paper aims to contribute to comprehending the collaborative and competitive dynamics among microorganisms. Created by a multidisciplinary team of an economist, microbiologists, and mathematicians, the paper also highlights the risks involved in employing a socio-economic perspective to explain the complexities of natural ecosystems. Navigating through microbial markets offers insights into the implications of these interactions while emphasizing the need for cautious interpretation within the broader ecological context. We hope that this paper will be a fruitful source of inspiration for future studies on microbial communities.

Unveiling Prophetic Maqashid in Hadiths about Rahn

This article delved into the interplay between hadiths related to rahn (pledge or collateral) and the prophetic maqashid within the framework of Islamic finance. Addressing the gaps in existing literature, the research employs qualitative methods, combining hadith criticism and Hassan Hanafi's hermeneutics framework. Three main themes emerge: the permissibility of rahn, the utilization of rahn property, and the prohibition of owning rahn property. Hadiths regarding the permissibility of rahn showcase Prophet Muhammad's practical application of Islamic principles in economic transactions, emphasizing justice, ethical business practices, and leadership involvement. Hadiths on the utilization of rahn property emphasize compensation, tolerance, and ethical treatment of animals, aligning with Islamic values in economic activities. The prohibition of owning rahn property hadith establishes fundamental principles of justice, equality, and the protection of individual rights in economic transactions. The article concluded that these hadiths not only serve as legal guidance but also embody prophetic maqashid, contributing to the broader goals of Islam to create a just and balanced society, particularly in economics and finance. The comprehensive framework provided by these hadiths offers valuable insights for both academics and practitioners navigating the evolving landscape of Islamic finance, addressing contemporary challenges while upholding Islamic values

Wpływ cyfryzacji rejestru przedsiębiorców Krajowego Rejestru Sądowego na bezpieczeństwo obrotu gospodarczego

The article deals with the issues related to IT solutions implemented in the Polish registration procedure and their importance for economic transactions. The functioning of the IT system (Court Registers Portal) in the registration proceedings regarding the register of entrepreneurs kept by the National Court Register was shown. The introduced technological solutions have improved the registration procedure, although some functional shortcomings of the Court Registers Portal system remain visible and require its improvement. The advantage of digitization of the registration procedure is efficient access to registration files and financial documents of an entity entered in the National Court Register, which is a manifestation of the principle of openness of the registration procedure and improves business transactions. The analysis conducted leads to the conclusion that the implemented solutions constitute the right reform direction, which still requires further clarification.

Relationality in transaction cost economics and stakeholder theory: A new conceptual framework

AbstractStakeholder scholars have long explored how stakeholder relationships differ from economic transactions. We contribute to this ongoing inquiry by developing a conceptual framework of relationality in stakeholder theory that encompasses a stakeholder‐theoretic extension of Williamson's contracting schema and a new typology of stakeholder relationships. Premised on understanding relationality as the need for informal human relationships beyond formal governance, our framework locates the key difference between transaction cost economics and stakeholder theory in their treatment of informal relationships. While transaction cost economics perceives informal relationships to be shaped by formal governance structures and enforced by contractual safeguards, stakeholder theory is open to the possibility that some informal relationships between stakeholders may be genuinely moral and thus irreducible to formal governance and contractual safeguards. These stakeholder relationships may lead to unique economic effects described by instrumental stakeholder theory. The difference that we identified between the two literatures shows how stakeholder theory's embrace of relationality surpasses that of transaction cost economics.

Сбор эйсфоры в Аттике второй половины IV в. до н. э. по данным договоров об аренде теменосов

The article deals with the problem of organizing the system of collecting the eisphora (emergency tax) in Attica in the second half of the IV century BC. The problem of the payment of the eisphora in Athens in the middle of the IV century BC is one of the most difficult in historiography, primarily for the reason that a small number of sources have survived to our time, thanks to the information of which it is possible to study this question. At the same time, this topic is very relevant, because at all times the taxation system has been very important for citizens, since it affected their own, first of all, financial interests. In modern historiography, there are separate works devoted to the problem of levying this type of tax. As a rule, the authors pay special attention to the principles of payment of the emergency tax in Athens, consideration of its distribution among the civilian population and meteks. At the same time, the research literature does not address the issue of paying an emergency tax during an economic transaction. As the main source, researchers use the information of ancient authors and some epigraphic information, without involving in the study of the inscription on the leasing of sacred lands. In this regard, the purpose of this article is to consider the system of levying an extraordinary tax on the territory of Attica in the second half of the IV century BC, using as the main source the texts of contracts on the leasing of temenos (sacred lands). This epigraphic material is of particular value in the study of this issue, since it contains information about how the collection of an extraordinary tax from the participants of the lease of land belonging to the gods and heroes took place. Based on the study of the text of the lease agreements of sacred lands in Attica of the second half of the IV century BC, the author comes to the conclusion that the collection of the eisphora was carried out not only in the center of the Athenian polis, but also in its Attica region. A comparative analysis with the information of ancient authors allows us to establish that the eisphora, as a rule, was charged in accordance with the valuation of the property. The use of the prosopographic research method allows the author to establish that the payment of the emergency tax was imposed on tenants, citizens with a high social status. In addition, analyzing the epigraphic material, it comes to the conclusion that the majority of taxpayers of the euphora are collectives of citizens (demes, religious communities), and not individual citizens of the ancient Greek polis. In general, it is concluded that the payment of the eisfora was carried out not only by private individuals, but also by entire collectives of citizens who participated in economic transactions, in particular, the lease of sacred lands. In Attica there were special officials (demarchs, treasurers) who supervised the timely introduction of the eisphora.

Detecting Counterfeit Currency with Image Processing

Detecting Counterfeit currency with Image Processing focuses on leveraging image processing techniques to identify counterfeit currency. Currency plays a crucial role in economic transactions, functioning as a means of trade, standard measure of value, and reservoir of wealth. Ensuring the integrity of currency is crucial for maintaining trust in financial systems, preventing economic disruptions, and protecting individuals and businesses from financial losses. The need for currency detection arises in the situation of counterfeit activities, which pose serious threats to the stability of economy. Counterfeit currency can lead to financial fraud, loss of confidence in monetary systems, and can negatively impact businesses and individuals. By employing efficient image processing algorithms, this paper aims to enhance the accuracy and efficiency of counterfeit currency detection, providing a robust tool for financial institutions, businesses, and law enforcement agencies to safeguard against economic threats.

Research on transparent management of economic transactions using blockchain technology

Abstract The data asset trading market is gradually emerging with the development of the digital economy, making the development of a safe and effective data asset trading management system an important research direction. This paper uses blockchain technology to create a transparent management system for economic transactions. A PHRP algorithm is proposed to guarantee the security of the transaction, addressing the privacy protection issue involved in the transaction process. The PHRP algorithm calculates the actual transaction amount by encrypting both the input and output amounts, utilizing the additive homomorphic property. It also ensures the undeniability and integrity of the transaction by encrypting and committing random numbers. The relevant test results show that the transaction privacy protection scheme based on the PHRP algorithm can better meet the requirements of the economic transaction management system. Users’ satisfaction with the system constructed in this paper in terms of perceived usefulness and perceived ease of use scored high on average, 4.23 and 4.17, respectively, and expressed average for security, for which this paper proposes relevant improvement strategies.

ВИТРАТИ І ВИДАТКИ: СУТНІСТЬ, ОСОБЛИВОСТІ ОБЛІКУ ТА АНАЛІЗУ

State financing requires control over the availability and movement of budget funds, the implementation of estimates, therefore it can be argued that the most important objects of accounting and analysis of the activities of budget institutions are costs and expenses. The article presents a theoretical generalization and solution of the scientific task, which consists in the study of the economic essence, features of accounting and analysis of costs and expenses in budgetary institutions. It was determined that the demarcation of the essence of the researched concepts is based on the change in the forms of resource use in the process of functioning of the budget institution. Peculiarities of regulatory and legal regulation of cost and expenditure accounting are considered. It is emphasized that the term "costs" is disclosed in national and international accounting standards and other legal documents, and "expenses" – in regulatory documents regulating the budget process; expense accounting is conducted using the accrual method, and budget expenditures – using the cash method. It is indicated on which accounts and in which registers of analytical accounting the costs and expenses of budgetary institutions are recorded. The directions of classification of expenses and costs of budgetary institutions are revealed, taking into account the current budget classification (functional, departmental, economic, programmatic). It is emphasized that the purpose of controlling costs and expenses is to establish their legality, reliability and expediency and the correctness of displaying relevant economic transactions in accounting, and the main purpose of their analysis is to find reserves for reducing the costs of budget institutions. Methods of economic analysis of costs and expenses of budget institutions are disclosed and characteristics are presented, which allow to identify reserves for increasing the efficiency of the use of labor, material and non-material resources, as well as budget funds used by budget institutions.

Multilayer Analysis in Complex Large Infrastructure Projects

The complexity of large infrastructure projects requires the use of methodological methods that can examine how various systems interact rather than just evaluating isolated systems (e.g., either risks or stakeholders). Although the project management literature has invested major efforts into unidimensional networks to study risks or stakeholders separately, there are missing multidimensional analyses that combine complementary perspectives. This study develops a multilayer network analysis by integrating the economic transaction between stakeholders and risks to expose the motives of project underperformances. A large infrastructure education project in Italy is used to demonstrate the application of this technique for identifying potential issues in risk allocation that may result in underperformance among stakeholders. The implementation of the multilayer network demonstrated that stakeholders within the public sector with active participation in the monetary transfers but low-risk exposition tend to perform adequately, which emphasizes the relevance of risk transfer to the contractor. Conversely, lower eigenvector and betweenness values in the multilayer network respecting these metrics in the money flow network expose risk allocation issues affecting the performance of the project.

Трансформация делового климата российского бизнеса в условиях западных санкций

Modern trends and problems in the development of the global economy require a search for increasing the competitiveness of Russian companies in the global economic system. At the same time, one of the most important indicators assessing competitiveness opportunities is business activity and confidence in the future. The article presents an assessment of the business environment and analysis of the business climate of the Russian Federation in the period from 2014 to 2023, including in various sectors of the economy, taking into account positive, negative and restraining assessments given by the heads of large, small and medium-sized businesses. The main problems, internal and external barriers to the functioning of enterprises during the sanctions period under consideration are analyzed. Every year, more than half of entrepreneurs note the problem of rising prices and tariffs, high taxation, instability of the ruble exchange rate and a high key rate. One of the most important, and rightfully one of the three most negative barriers to doing business, is the lack of highly qualified personnel. Also relevant are the problems of unfair competition, difficulties in carrying out foreign economic transactions, underdeveloped infrastructure, insufficient protection of property rights and contract rights; remaining high administrative barriers, etc.