Hadi Ismanto

Macroeconomic policy (fiscal and monetary) dynamics are interesting to analyze, especially considering corporate performance. This paper aims to determine the effect of macroeconomic policy on the company’s profit rate. Effectiveness of tax revenue (ETAX), realization of tax revenue (RTAX), Bank of Indonesian rate (BIRT), investment growth (INVG), realization of investments (RINV), infrastructure fund allocation rate (INFR), and realization of infrastructure funds (RINF) are macroeconomic policy variables. This study uses a sample of 256 companies listed on the Indonesia Stock Exchange (IDX) in 2005–2019. This paper employs such methods as GMM, using Wald-test and Sargan’s test. GMM estimator result shows that the instrument of infrastructure fund realization policy (RINF), investment growth (INVG), and investment realization (RINV) affect the company’s profit rate (PROF). Therefore, companies need to pay attention to the government development plans, investment growth, and investment realization, which can improve company performance. The result, government’s development for the 2005–2009 and 2015–2019 periods shows a significant difference in companies’ ability to generate profits.

Acknowledgments
We would like to thank the Department of Management, Faculty of Economics and Business, Universitas Islam Nahdlatul Ulama Jepara (Unisnu), and the Institute of Research and Community Services (LPPM) Unisnu Jepara Indonesia, which has supported this study.

Sharia fintech lending grew up at the teenage stage and has successfully taken a strategic place in the Indonesian loan market. Adopting the economics of information and signaling theory, this paper investigates the probability of successful crowdfunding. Using cross-section data, this study analyzes 1,153 funded projects on Ammana.id platform, a well-known Indonesia’s sharia P2P lending. This study runs OLS regressions to examine the effect of loan information (ranking, estimated profit shares, and financing duration) on the amount of crowded funding. This finding support both theories, that the information about the loan is a signal in determining the success of project funding. Ranking and duration of financing significantly affect the success of the P2P sharia lending platform, nevertheless profit share estimation is not significant. Loans that operated in short, tend to raise more funding, and vice versa. Loan ranking can provide the lender with instant information about the borrowers’ condition. Lenders tend to avoid low rankings loans due to the potential failure of loan payments. This study also found a surprising result that the coefficient of profit sharing is positive for Islamic funding but insignificant. This result shows that material gain is not the main issue for investors, but the elements of trust and justice are nobler according to Islamic beliefs. This study proves that loan information as a low-cost signal can be used by investors to make the best decision and reduce adverse selection problems. The findings support the strategic growth of Islamic platforms to build a sustainable Islamic investment and maintain financial stability.

Acknowledgments
Appreciation is given to the General Directorate of Higher Education, Research and Technology, Ministry of Education, Culture, Research and Technology, and the Institute for Research and Community Service of Universitas Islam Nahdlatul Ulama (Unisnu) Jepara, Indonesia.

The growth of financial technology (fintech) brings happiness to micro, small, and medium enterprises (MSMEs) that banks have denied access to credit. However, this condition has the potential to create a climate of intensified competition in the credit market and threaten banking stability. Therefore, this study examines the impact of banking stability and fintech on credit performance and credit access of MSMEs. This study uses a sample of 46 public commercial banks of the Republic of Indonesia and uses quarterly data from 2010 to 2022. The number of observations used for bank stability variables was 2,392, and for the fintech variables, 921 observations. This research analysis uses the fixed effect model method with robust standard errors. The results show that bank stability and fintech effect MSMEs’ credit performance and their access to credit. This finding encourages the competition-fragility theory. Bank stability reduces nonperforming loans and MSMEs’ access to credit. This indicates that stable banks encourage better MSME loan performance and thus restrict their lending to MSMEs. The existence of fintech is proven to improve MSMEs’ non-performing loans and their access to credit. Fintech that facilitates easy credit causes MSMEs` credit performance at banks to fall, which in turn opens the gate for MSME credit. The implication is that the financial services authority (OJK) needs to tighten further the online lending of fintech companies that have put more burden on MSMEs with high capital costs that can affect the ability of MSMEs to pay bank loan installments.

Acknowledgments
Appreciation is given to the Directorate General of Higher Education, Research and Technology, Ministry of Education, Culture, Research, and Technology, which has provided a fundamental research grant with contract number 182/E5/PG.02.00.PL/2023. Thanks are also given to higher education service institutions (LLDIKTI) Region 6 and the Institute of Research and Community Services (LPPM) Unisnu Jepara Indonesia, which has supported this research.

Credit is an important component in developing micro, small, and medium enterprises (MSMEs), as it can boost a country’s economy, help boost the production capacity of MSMEs, create jobs, and reduce poverty. This study aims to examine the characteristics of banks in Indonesia that influence lending to micro, small, and medium enterprises by adopting agency theory that explains the relationship between lenders (banks) and borrowers (MSMEs) as agents and principals. Data were taken from quarterly financial reports of banks in Indonesia. There are 42 sample banks from 2010 to 2022, so the data used are 2,182 observations. Data analysis uses a fixed effect model with robust standard errors. The results show that operating costs do not influence credit access for MSMEs or medium-sized enterprises. Bank stability has an impact on increasing MSME credit access. High bank capital also increases MSME credit access. Robustness tests were also conducted using the general method of moments. The results were consistent with the main model. The implication is that cost management theory and credit decision-making need to consider differences in business scale. The results also further strengthen the argument that bank stability is an important factor that can improve access to credit for small and medium enterprises.

Acknowledgments
Appreciation is given to the Doctoral program Universitas Sebelas Maret Surakarta Indonesia and the Institute of Research and Community Services (LPPM) Unisnu Jepara Indonesia, which has supported this research.

This study aims to analyze the influence of environmental awareness, information technology (IT) use, and access to credit as moderators on the sustainability of Indonesia’s micro, small, and medium enterprises (MSMEs). Data were obtained through a survey of 1,374 MSMEs. Sampling was carried out using purposive sampling techniques, targeting MSMEs that had been established for more than 3 years and had received loans from financial institutions. The analysis used the ordinary least square (OLS) regression method to evaluate the relationship between the independent variables and MSME sustainability. The results show that environmental awareness and IT use significantly positively affect MSME sustainability. Credit access was also found to have a significant and positive effect. However, the interaction between credit access, environmental awareness, and IT use resulted in a small but significantly negative effect. This suggests that an excessive increase in credit access might reduce the positive impact of environmental awareness and IT use on MSME sustainability. Overall, this study confirms the importance of environmental awareness and information technology in improving MSME sustainability and highlights the need for proper management of credit access.

Acknowledgment
Appreciation is given to the Directorate General of Higher Education, Research and Technology, Ministry of Education, Culture, Research and Technology, which has provided a fundamental research grant with contract number 108/E5/PG.02.00.PL/2024. Acknowledgments are also expressed to higher education service institutions (LLDIKTI) Region 6 and the Institute of Research and Community Services (LPPM) Unisnu Jepara Indonesia, which has supported this research.