https://darkgray-woodpecker-377287.hostingersite.com/index.php/rgeft 2026-05-29T00:00:00Z Journal Title : Review of Global Economic, Finance, and Transformation Initials : RGEFT Frequency : 4 Issues per year (February, May, August, November) Online ISSN : 3109-807X Editor in Chief : Dr. Sayu Ketut Sutrisna Dewi DOI : 10.70865/rgeft Publisher : CV. Proaksara Global Transeduka Review of Global Economic, Finance, and Transformation (E-ISSN 3109-807X ) is a peer-reviewed journal examining global economic systems, financial markets, and economic transformation as interconnected forces shaping sustainable development in a changing world. RGEFT prioritizes research from and about developing and transitioning economies, alongside comparative and globally relevant scholarship on financial and digital transformation. The scope of the journal includes global economic system transformation, monetary and fiscal policy, international economics and global trade, macroeconomics and economic growth, financial economics and global financial markets, financial system stability, exchange rate policy, the creative economy, globalization, financial crises and recovery, sustainable finance and green investment, the digital economy, economic policy and society, natural resource and environmental economics, and regional and urban economics. All manuscripts submitted to RGEFT should be written in English. Every submission goes through an initial review and double-blind peer review , and RGEFT publishes accepted papers quarterly, in February , May , August , and November . https://darkgray-woodpecker-377287.hostingersite.com/index.php/rgeft/article/view/194 2026-05-29T00:00:00Z

The central issue motivating this study is the growing disconnect between the WTO's rules-based mandate and its declining effectiveness amid major-power trade conflicts. This study analyzes the implications of the trade war between the United States and China on the legitimacy of the World Trade Organization (WTO) as the guardian of international trade order. Using a qualitative approach with a case study of the 2018–2025 period, this research employs perspectives from Institutional Economics, International Trade Regime Theory, Institutional Legitimacy Theory, and Hegemonic Stability Theory. Data were analyzed using qualitative content analysis and critical discourse analysis. The findings indicate that unilateral actions, tariff retaliation, and the paralysis of the Appellate Body have weakened the function and legitimacy of the WTO as a rules-based system. Trade conflicts have tended to shift from legal mechanisms toward power-based settlement approaches. Nevertheless, developing countries, including Indonesia, continue to regard the WTO as an important forum and play a role in sustaining the international trading regime. This study concludes that the WTO is experiencing not only a policy crisis but also a crisis of legitimacy and global trust amid shifting dynamics of international economic power.

Dwi Fauziansyah Moenardy Rizal Budi Santoso Rizqi Muttaqin https://darkgray-woodpecker-377287.hostingersite.com/index.php/rgeft/article/view/172 2026-03-31T00:00:00Z

In the context of rapid digital transformation and accelerating urbanization, smart governance has increasingly been recognized as a critical pillar for enhancing public governance effectiveness, service quality, and citizen participation. This paper examines the concept and core components of smart governance in the digital era, while synthesizing and comparing implementation experiences from selected countries, including South Korea, Singapore, Austria, and Sweden. Employing a research methodology that combines literature review, policy analysis, and comparative case studies, the study highlights the pivotal roles of flexible legal frameworks, interoperable data governance, user-centered service design, and controlled experimental mechanisms in advancing smart governance. The findings suggest that smart governance extends beyond the mere application of digital technologies, representing a comprehensive process of institutional, procedural, and relational transformation among the state, businesses, and citizens. Based on these insights, the paper derives key lessons learned and policy implications for Vietnam in refining its smart governance model, thereby contributing to sustainable development and enhancing national competitiveness in the digital era.

Pham Hong Nhung https://darkgray-woodpecker-377287.hostingersite.com/index.php/rgeft/article/view/146 2025-10-27T00:00:00Z

The economic structure of Banggai Regency has undergone significant transformation amidst post-pandemic recovery and shifting development dynamics. This research analyzes the transformation of economic structure and leading sectors in Banggai Regency during the period 2020–2024 as a response to post-pandemic development dynamics. The purpose of this research is to identify the direction of economic structural changes as well as sectors that have comparative advantages and significant contributions to regional growth. The method used is a descriptive quantitative approach with secondary data analysis obtained from the Central Statistics Agency (BPS) of Banggai Regency and BPS of Central Sulawesi Province. Three main analytical tools were used: Location Quotient (LQ) to identify base sectors, Growth Ratio Model (GRM) to analyze sectoral growth dynamics over time, and Shift Share Analysis (SSA) to assess sectoral performance and competitiveness. The research results show an economic shift from the primary sector toward the industrial and service sectors, with agriculture, mining, transportation, financial services, and real estate as the main base sectors. Meanwhile, the manufacturing industry and trade sectors have long-term growth potential. In conclusion, Banggai's economic transformation is directed toward economic diversification and modernization that demands policies to strengthen value-added sectors and improve regional competitiveness.

Wega Wijaya Artha Sentosa Rita Yunus Haerul Anam Edhi Taqwa Anwar Nasruddin https://darkgray-woodpecker-377287.hostingersite.com/index.php/rgeft/article/view/131 2025-10-17T00:00:00Z

Indonesia has significant market potential with a high level of purchase intention in the fashion industry. Ironically, this high consumer purchase intention for clothing in general is not accompanied by a strong intention to purchase local fashion brands. The low purchase intention toward local fashion is reflected in the purchase intention for local casual wear, the most frequently purchased clothing type by Indonesian consumers which accounts for 90% of total fashion product sales in the country. Therefore, this study aims to examine the influence of perceived quality and self-congruity, which are believed to be key factors affecting purchase intention in the fashion and local brand industry. This research also investigates the mediating role of brand attitude in this relationship, considering that brand attitude is one of the factors influencing purchase intention, according to the Theory of Planned Behavior. The study was conducted by collecting 245 samples of Generation Z, aged 18–28 years, residing in Jakarta, Surabaya, and Bandung, who are familiar with but have never purchased from Erigo, 3Second, and Roughneck brand. The data were analyzed using PLS-SEM. The findings show that self-congruity and brand attitude have a significant direct influence on purchase intention, whereas perceived quality does not have a significant direct effect. The study also confirms that brand attitude plays a significant mediating role in the influence of perceived quality and self-congruity on purchase intention towards local casual clothing brands.

Daman Sudarman https://darkgray-woodpecker-377287.hostingersite.com/index.php/rgeft/article/view/78 2025-06-30T00:00:00Z

This research aims to analyze opportunities and threats in Indonesian tea plantation product trade, with a focus on trade relations between Indonesia and Malaysia, which is one of the main export markets. The background of this research is based on the declining trend of tea land area and production volume in Indonesia, which may impact global competitiveness. This research uses a comparative qualitative approach supported by literature analysis from official sources such as the Central Statistics Agency (BPS). Export structure, production volume, and product diversification are analyzed to assess Indonesia's competitive advantage in tea. The research results show that despite significant challenges, including declining production and land limitations, there are great opportunities to increase tea exports to Malaysia and other international markets. Technological innovation and strengthening marketing strategies are key to maintaining and improving competitiveness. The implications of this research emphasize the importance of synergy among stakeholders in supporting the sustainability of Indonesia's tea industry.

Elvina Ika Saputri Daspar Daspar https://darkgray-woodpecker-377287.hostingersite.com/index.php/rgeft/article/view/74 2025-05-30T00:00:00Z

This study investigated the relationship between audit firm attributes and real earnings management among listed service firms in Nigeria, covering a ten-year period from 2014 to 2023. Drawing on the auditor theory of inspired confidence, secondary data were collected from the annual reports and accounts of quoted companies on the Nigerian exchange group and analysed via STATA 13 statistical package. The findings revealed no significant relationship between any of these audit firm attributes and real earnings management, indicating that these factors do not have a measurable influence on managerial decisions to manipulate earnings through operational activities among the sampled Nigerian service firms.it is therefore recommended that Regulatory bodies should prioritize strengthening audit regulations and enforcement mechanisms, as relying solely on larger audit firms may not effectively curb real earnings management in Nigerian service firms.

Udofia Maria Etim Ebiaghan Frank Orits https://darkgray-woodpecker-377287.hostingersite.com/index.php/rgeft/article/view/62 2025-05-14T00:00:00Z

The study contributes to the discourse on the effectiveness of divers’ rate in driving economic growth. The specific rates considered were treasury bill rate (TREBR), savings rate (SAVR) and minimum rediscount rate (MINR). While, gross domestic product (GROSS) was the dependent variable. The ex post facto research design was used. The published annual reports and accounts of the Central Bank of Nigeria Statistical Bulletin for the financial period of through (21years) spanning from 2003 through 2023were used to measure the variables. The different estimations used for the study are: descriptive statistics, correlation analysis and multicollinearity. While ordinary least square was used to test the effect of the independent variables. The results shows that treasury bill rate (TREBR) and minimum rediscount rate (MINR) indicates weak and statistically insignificant relationships with GROSS. Also, the study reveals a significant negative relationship between the Savings Rate (SAVR) and gross domestic product (GROSS) in the examined period. Policymakers should focus on improving the efficiency of financial intermediation processes to ensure that savings are channeled effectively and also explore alternative monetary policy tools or combine existing tools with fiscal policy measures to stimulate economic growth.

Ayewumi Ezonfade Fredrick https://darkgray-woodpecker-377287.hostingersite.com/index.php/rgeft/article/view/57 2025-05-06T00:00:00Z

This study examines the association between CEO positive psychological traits, TL, and FP within Nigerian firms. The study acknowledge that financial measures have traditionally been used to assess operational success. However, modern research acknowledges that non-financial metrics, such as corporate sustainability (CS), innovation, and customer satisfaction, are equally essential for a comprehensive understanding of FP. A cross-sectional research method was judged most appropriate since the goal is to empirically examine the moderating influence of KS and the mediating function of CS on the link between TL and FP. The study concentrated on 82 non-financial firms that are listed on the Nigerian Exchange Group (NGX). Senior executives who can offer knowledgeable views on leadership practices and CS inside their firms, such as CEOs, project managers, and team leaders, were among the target responses. The findings reveal that CEO positive psychological traits, TL, CS, and KS in driving FP. CEOs and transformational leaders catalyze sustainability initiatives and KS cultures, ensuring organizational adaptability and innovation. The study concludes that combining sustainability, leadership qualities, and information exchange, Nigerian firms are guaranteed long-term success and a competitive edge in a fast-paced business climate.

Victoria Omenebele Kaizar Annmarie Nkemejina Okoli Ajueyitse Martins Otuedon Juliet Olise Samuel Ejiro Uwhejevwe-Togbolo https://darkgray-woodpecker-377287.hostingersite.com/index.php/rgeft/article/view/49 2025-04-26T00:00:00Z

The central aim of this research is to establish real-life data on how the Current Ratio and Debt-To-Equity Ratio impact the Return On Assets of Pharmaceutical Subsector Companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023. A regression analysis with a quantitative approach using company financial report data was the research method employed. The research sample consisted of 26 pharmaceutical subsector companies meeting the study criteria, selected through purposive sampling. The empirical evidence suggests that Current Ratio positively affects Return On Assets, as demonstrated by the regression coefficient (0.023) and significance level (p < 0.05), which confirms hypothesis H₁. The statistical evaluation reveals a t value of 4.422 when compared to the t_table of 1.991, with a significance value of 0.000 which is lower than α 0.05. To sum up, the rejection of H₀ indicates the acceptance of H₁. On the other hand, the Debt To Equity Ratio does not seem to have a notable effect on Return On Asset, as indicated by a regression coefficient of 0.011 and a significance level of 0.596 (>0.05), causing hypothesis H₂ to be rejected. Conversely, both the Current Ratio and Debt To Equity Ratio exhibit a significant influence on Return On Asset, supported by an F value of 15.785 and a significance level of 0.000b, resulting in the validation of hypothesis H₃. Thus, this study underscores the importance of the Current Ratio in improving Return On Asset, while the specific impact of the Debt To Equity Ratio is not deemed significant.

Wahyu Indah Mursalini Nurhayati Nurhayati Muhamad Azen https://darkgray-woodpecker-377287.hostingersite.com/index.php/rgeft/article/view/28 2025-03-22T00:00:00Z

This study aims to determine the effect of Data Accuracy (DA) on Decision-Making Efficiency (DME), and examine the influence of Data Quality (DQ) on Decision-Making Efficiency (DME) in selected financial institutions in Delta State, Nigeria. The research adopts a quantitative approach, with a sample size of 222 respondents drawn from employees of various financial institutions in the region.The study employs structured questionnaires to gather data, utilizing statistical methods such as correlation and regression analysis to assess the relationships between data accuracy, data quality, and decision-making efficiency. The findings reveal that both Data Accuracy (DA) and Data Quality (DQ) have a significant positive impact on Decision-Making Efficiency (DME) in financial institutions. Specifically, higher levels of data accuracy contribute to more precise and timely decisions, while better data quality ensures more reliable and informed decision-making processes. Based on these findings, the study recommends that financial institutions invest in improving the accuracy and quality of their data systems, including regular data validation and cleaning procedures, to enhance decision-making processes. Training staff in data management and BI tools is also suggested to ensure effective use of data for decision-making. It highlights the importance of robust data systems in improving organizational performance and decision-making efficiency in financial institutions. The research concludes that the integration of high-quality data and accurate information systems is vital for enhancing the overall efficiency of decision-making processes within the financial sector in Nigeria.

Clinton Emmanuella https://darkgray-woodpecker-377287.hostingersite.com/index.php/rgeft/article/view/15 2025-03-20T00:00:00Z

Islamic monetary instruments, such as Sharia Bank Indonesia Certificates (SBIS) and Bank Indonesia Deposit Facility in Rupiah (FASBI), have an important role in maintaining Indonesia's economic stability, particularly in controlling inflation, liquidity management, and exchange rate stability. This study aims to comprehensively evaluate the effectiveness of Islamic monetary instruments, identify challenges in their implementation, and provide strategic recommendations to improve the role of Islamic monetary instruments in maintaining Indonesia's economic stability. This research uses a descriptive qualitative method with a library research approach that relies on secondary data from Bank Indonesia reports, academic journals, books, and relevant previous research. The data collection technique was conducted through the documentation method, while data analysis used descriptive-analytical and content analysis methods to identify patterns and trends in the implementation of Islamic monetary instruments in Indonesia. The results show that SBIS and FASBI play a role in increasing the resilience of Islamic banking and supporting financial system stability, although their effectiveness is still affected by external factors and limited Islamic financial infrastructure. Challenges faced include the limited secondary market, low participation of institutional investors, and the complexity of regulations that differentiate between Islamic and conventional systems. This research recommends the development of sharia-based financial technology, harmonisation of regulations between the Islamic and conventional financial systems, and capacity building of human resources in the Islamic financial sector. With these strategies, the effectiveness of Islamic monetary instruments in maintaining national economic stability can be improved, thereby contributing to more inclusive and sustainable economic growth.

Wildan Hilmawan https://darkgray-woodpecker-377287.hostingersite.com/index.php/rgeft/article/view/2 2025-03-20T00:00:00Z

This study examined the mean value of measures of instruments of trade in pre-fuel subisidy removal (pre-FSR) (54 weeks: 20th May 2022 – 26th May 2023) and post-FSR (54 weeks: 2nd June 2023 – 7th June 2024) using the paired sample t-test. Also, the study employed Autoregressive Distributed Lag (ARDL) bounds regression to further examined how equity measures and exchange traded products measues influences market capitalization growth in both compared periods.Various preliminary analysis conducted to ensure that the model is well fitted include the Clemente-Montanes-Reyes single additive outliers (AO) test, Spearman rank correlation, Lag-order selection criteria, Auguemtned Dicker Fuller (ADF) and Philip Peron (PP) unit root, autocorrelation, Homoskedasticity, Norrmality and Ramsey Reset, and Parameter Stability test. The paired sample t-test reported that the mean difference of Equity shares total turnover (ESTT), Equity total shares worth (ESW), Equity deals (ED), Exchange traded products volume (ETPV), Exchange traded product worth (ETPW), and Exchange traded product deals (ETPD) were higher during post-FSR than during pre-FSR. Nevertheless, the coefficient of explanatory variables during pre-FSR nor post-FSR were significant to explain Market capitalization: growth (MCG) in both short and long-run. The paper concludes that though FSR is an important element in the larger scheme to accelerate Nigerian Exchange Group (NGX) performance, FSR has not significantly impacted NGX in spite having better mean difference. Consequetly, the Nigerian government should invest freed financial resources into infrastructural facilities that will better the productivities of listed companies. Also, the Nigerian government should revitalize the domestic refineries to refine crude oil.

Ochuko Benedict Emudainohwo Oghenekparobo Ernest Agbogun