American Journal of Economic and Management Business (AJEMB)

Digital Payments, Monetary Conditions, and Household Consumption: Evidence from Indonesia

2026-10-05T08:07:25+00:00

The rapid expansion of digital payments in Indonesia has generated growing interest in understanding how payment digitalization and monetary conditions are associated with household consumption. This study aims to examine the short- and long-run relationships among Quick Response Code Indonesian Standard (QRIS) transactions, inflation, Bank Indonesia's policy interest rate (BI-Rate), the velocity of money, and household consumption. A quantitative approach was employed using 48 monthly observations from January 2022 to December 2025, obtained from Bank Indonesia and Statistics Indonesia (BPS). Annual household consumption and nominal gross domestic product (GDP) data were disaggregated into monthly series using the Denton temporal disaggregation method. The data were analyzed using an autoregressive distributed lag (ARDL) model, bounds testing, and an error correction model (ECM) in EViews. The results indicate that QRIS transactions and the velocity of money exhibit positive and statistically significant relationships with household consumption in both the short and long run. Inflation exhibits a positive and statistically significant long-run relationship but is not statistically significant in the short run. The BI-Rate is not statistically significant in the long run, although positive relationships are observed at specific short-run lags. The bounds test supports the existence of a cointegrating relationship, with an estimated speed of adjustment of approximately 22.2% per month. These findings suggest that payment digitalization and the velocity of money are consistently associated with household consumption, whereas the relationships between monetary conditions and consumption vary across time horizons. The study highlights the importance of coordinating digital payment development with monetary policies aimed at sustaining household purchasing power.

The Effect of Digital Payments on Currency in Circulation Mediated by Digital Financial Inclusion

2026-09-23T07:51:03+00:00

The rapid growth of digital payment systems has transformed Indonesia’s payment behavior; however, currency in circulation remains substantial despite the increasing adoption of cashless instruments. This study aims to examine the effect of digital payments, represented by Quick Response Code Indonesian Standard (QRIS), electronic money, and card-based payment instruments (APMK), on currency in circulation, both directly and indirectly through Digital Financial Inclusion as a mediating variable. This study employs a quantitative approach with a causal associative design using monthly time-series data from January 2020 to December 2025, consisting of 72 observations obtained from Bank Indonesia publications. The data were analyzed using the Autoregressive Distributed Lag (ARDL) model, Error Correction Model (ECM), and Sobel test to evaluate short-term, long-term, and mediation relationships. The results indicate that QRIS and electronic money significantly strengthen Digital Financial Inclusion in the long term, while APMK has a weaker contribution. However, Digital Financial Inclusion does not significantly mediate the relationship between digital payment instruments and currency in circulation. Electronic money shows a positive and significant long-term effect on currency circulation, indicating that digital payments have not replaced cash but continue to coexist within the payment ecosystem. The study concludes that Indonesia remains in a complementary cashless society phase, where digital payment development advances alongside the continued role of physical currency.

The Influence of Experiential Marketing, Event Quality, and Social Media Engagement on the Loyalty of Prambanan Jazz Festival Visitors Through Satisfaction as a Mediation Variable

2026-09-23T07:50:49+00:00

The rapid growth of music festivals in Indonesia has transformed live events into experience-based industries where visitor loyalty becomes essential for long-term sustainability. Prambanan Jazz Festival, as a cultural music festival held at the Prambanan Temple complex, faces the challenge of maintaining visitor loyalty beyond temporary attraction from performers and social media trends. Experiential marketing, event quality, and social media engagement are considered important factors that shape visitor satisfaction and loyalty. This study aims to examine the effects of experiential marketing, event quality, and social media engagement on visitor loyalty at Prambanan Jazz Festival, with visitor satisfaction as a mediating variable. This research employed a quantitative approach with an explanatory design. Data were collected through online questionnaires from 180 visitors who had attended Prambanan Jazz Festival at least twice during 2024–2025. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The findings indicate that experiential marketing, event quality, and social media engagement significantly and positively affect visitor loyalty and satisfaction. Visitor satisfaction also significantly influences loyalty and partially mediates the relationships between the three independent variables and visitor loyalty. Social media engagement showed the strongest direct effect on loyalty, while event quality had the strongest effect on satisfaction. Visitor loyalty at Prambanan Jazz Festival is shaped by experiential, operational, and digital factors. Strengthening event quality, creating memorable experiences, and enhancing social media interaction are important strategies for sustaining visitor satisfaction and loyalty.

The Effect of Career Path on Employee Performance through Sustainable Leadership and Work Engagement as Mediating Variables among Employees of Contact Center PLN 123 Site Jakarta

2026-10-05T08:10:49+00:00

Declining employee performance in demanding contact center environments underscores the importance of structured career development and supportive leadership practices. This study examined the relationship between career paths and employee performance, with sustainable leadership and work engagement serving as individual and serial mediators among employees at Contact Center PLN 123 Site Jakarta. A quantitative explanatory research design employing a cross-sectional survey was adopted. A total of 160 customer service officers were selected from a population of 194 employees using purposive sampling. Data were collected through a 37-item questionnaire using a five-point Likert scale and analyzed using partial least squares structural equation modeling (PLS-SEM) with SmartPLS 4 and 5,000 bootstrap resamples. All 11 hypotheses were supported, demonstrating positive and statistically significant direct and indirect relationships. Career paths exhibited a positive and significant direct relationship with employee performance (? = 0.242, p = 0.002), while work engagement demonstrated the strongest direct relationship with employee performance (? = 0.370, p < 0.001). The serial mediating effect of sustainable leadership and work engagement was statistically significant (? = 0.112, p < 0.001), indicating complementary partial mediation. The model explained 66.1% of the variance in employee performance. These findings were consistent with the motivational process proposed by the Job Demands–Resources (JD-R) model, highlighting the importance of career development, sustainable leadership, and work engagement in enhancing employee performance. Integrating transparent career advancement pathways, sustainable leadership practices, and employee engagement initiatives may provide an effective strategy for improving employee performance and service quality in contact center environments.