Journal Markcount Finance

IBN KHALDUN'S PHILOSOPHY OF ECONOMICS: BIBLIOMETRIC ANALYSIS AND DESCRIPTIVE QUALITATIVE STUDIES

Wahyu Hidayat — 2026-04-30

The purpose of this study is to see how Ibn Khaldun's philosophy of economics evolved from scientific publications published from 2019 to 2024. In addition, using bibliometric methods and descriptive qualitative analysis, this study will also investigate the conceptual structure of Ibn Khaldun's thought. The Publish or Perish (PoP) software, which has an initial count of 200 articles, uses Google Scholar to obtain research data. To perform bibliometric analysis, VOSviewer is used to observe the relevance of keywords and the tendencies of the research theme. Qualitative analysis shows that Ibn Khaldun's economic thought has an ontological, epistemological, and axiological structure that is coherent and relevant to the development of modern Islamic economics. The results of the analysis show that his thinking is predominantly associated with Islamic economics and Islam as a normative foundation. This study shows that there has been variation in research on how the philosophy of economics developed systematically and integratively based on Ibn Khaldun's thought.

CIRCULAR ECONOMY FINANCIAL PRACTICES: FINANCING MODELS FOR SUSTAINABLE BUSINESS INNOVATION

Chevy Herli Sumerli — 2025-12-04

The transition to a circular economy requires innovative financial practices to support sustainable business models and reduce environmental impact. Traditional financing mechanisms often focus on linear growth, emphasizing short-term profitability over long-term sustainability, which limits the adoption of circular practices. Circular economy financing aims to provide capital, incentives, and risk mitigation strategies that enable businesses to implement resource-efficient, regenerative, and waste-minimizing processes. This study investigates financial models that facilitate circular economy adoption, including green bonds, impact investing, leasing schemes, and public-private partnerships. A qualitative research design was employed, combining systematic literature review with case study analysis of firms implementing circular strategies across manufacturing, energy, and service sectors. Data were analyzed thematically to identify patterns in financing approaches, success factors, and barriers. Findings indicate that tailored financing mechanisms, such as performance-based loans and blended finance models, effectively support circular business innovations by aligning financial incentives with environmental and social outcomes. The study concludes that integrating innovative financial practices into circular economy initiatives can drive sustainable business transformation, enhance competitiveness, and reduce environmental footprint.

THE ROLE OF BLOCKCHAIN IN AUDITING: ENHANCING TRANSPARENCY AND REDUCING FRAUD RISKS

Yoosita Aulia — 2026-04-30

The rapid digitalization of financial and organizational processes has intensified concerns regarding audit transparency, data integrity, and fraud risk within conventional auditing systems. Traditional audit mechanisms often rely on ex post verification, fragmented records, and centralized control structures, which can limit real-time assurance and increase vulnerability to manipulation. This study aims to examine the role of blockchain technology in transforming auditing practices by enhancing transparency and reducing fraud risks. The research adopts a qualitative analytical approach based on an extensive review of peer-reviewed journal articles, professional auditing standards, and institutional reports published between 2016 and 2024. The findings indicate that blockchain-enabled auditing introduces immutable, time-stamped, and decentralized records that significantly improve audit trail reliability and real-time verification capabilities. Smart contracts and distributed ledgers reduce information asymmetry, limit opportunities for earnings manipulation, and strengthen internal control systems. Evidence also suggests that blockchain adoption reshapes the role of auditors from transaction verification toward continuous assurance and system oversight. The study concludes that blockchain technology has strong potential to enhance audit quality, transparency, and trust while mitigating fraud risks, although challenges related to scalability, regulatory alignment, data privacy, and auditor competency remain.

CLIMATE RISK AND FINANCIAL STABILITY: BUILDING RESILIENT FINANCIAL SYSTEMS IN THE FACE OF GLOBAL WARMING

Ari Purwanti — 2026-04-30

Climate change has emerged as a systemic risk with profound implications for global financial stability, affecting asset valuations, credit markets, insurance systems, and macroeconomic resilience. Increasing frequency and severity of climate-related shocks expose financial institutions to physical risks, transition risks, and liability risks that challenge the robustness of existing financial frameworks. This study aims to examine how climate risk interacts with financial stability and to identify strategic approaches for building resilient financial systems in the context of global warming. The research adopts a qualitative analytical design based on an extensive review of secondary data, including peer-reviewed journal articles, policy reports, and regulatory frameworks issued by central banks and international financial institutions. The findings reveal that climate risk amplifies traditional financial vulnerabilities through channels such as asset stranding, credit reallocation, and systemic contagion, while also exposing gaps in risk assessment, disclosure practices, and prudential regulation. Evidence indicates that proactive integration of climate risk into financial supervision, stress testing, and capital allocation enhances systemic resilience and reduces long-term instability. The study concludes that strengthening climate-related financial governance, improving data transparency, and aligning financial incentives with climate objectives are critical for safeguarding financial stability.

BLOCKCHAIN TECHNOLOGY IN CROSS-BORDER PAYMENTS: REVOLUTIONIZING GLOBAL FINANCIAL SYSTEMS

Muchamad Bachtiar — 2026-05-02

Cross-border payment systems play a critical role in global trade and financial integration, yet they remain burdened by high transaction costs, long settlement times, limited transparency, and dependence on multiple intermediaries. This study aims to examine the role of blockchain technology in revolutionizing cross-border payments and to assess its implications for global financial systems. The research focuses on identifying key efficiencies, challenges, and systemic changes introduced by blockchain-based payment solutions compared to conventional cross-border banking infrastructures. A qualitative analytical research design was employed, utilizing an integrative review of peer-reviewed literature, industry reports, and documented blockchain-based payment initiatives. The data were analyzed thematically to compare operational processes, cost structures, governance mechanisms, and risk management features of blockchain-enabled and traditional payment systems. The findings indicate that blockchain technology significantly reduces transaction costs, enhances settlement speed, and improves transparency in cross-border payments. However, challenges related to regulatory fragmentation, scalability, interoperability, and cybersecurity remain substantial barriers to large-scale adoption. The study concludes that blockchain technology has the potential to revolutionize global cross-border payments, particularly when supported by regulatory harmonization and institutional collaboration.

THE FUTURE OF DECENTRALIZED FINANCE (DEFI): DISRUPTING TRADITIONAL BANKING MODELS

Amir Raza — 2026-05-02

The rapid advancement of blockchain technology has given rise to Decentralized Finance (DeFi), a financial ecosystem that operates without traditional intermediaries and challenges the foundational structures of conventional banking. DeFi platforms enable peer-to-peer financial services through smart contracts, offering increased transparency, accessibility, and efficiency. This study aims to analyze the potential of DeFi to disrupt traditional banking models by examining its core mechanisms, value propositions, and structural differences from centralized financial institutions. The research seeks to assess both the opportunities and challenges posed by DeFi in reshaping financial intermediation. A qualitative analytical approach was employed, drawing on an integrative review of peer-reviewed literature, industry reports, and documented DeFi case examples. Data were analyzed through thematic synthesis to compare DeFi functionalities with traditional banking operations, focusing on governance, risk management, and financial inclusion. The findings indicate that DeFi introduces innovative financial models that reduce transaction costs, expand access to financial services, and enhance operational transparency. The study concludes that DeFi represents a transformative yet complementary force rather than a complete replacement for traditional banking. Its future impact will depend on regulatory adaptation, technological maturity, and institutional integration.

IMPACT INVESTING AND CLIMATE FINANCE: MEASURING SOCIAL RETURN ON INVESTMENT (SROI) IN RENEWABLE ENERGY PROJECTS

Ava Lee — 2026-05-02

This study examines the role of impact investing and climate finance in generating measurable social value through renewable energy projects by applying the Social Return on Investment (SROI) framework. Growing global investment in renewable energy has emphasized financial performance and emission reduction outcomes, while systematic measurement of social impacts remains limited. The purpose of this research is to assess how SROI can be used to quantify the social and environmental value created by renewable energy investments and to demonstrate its relevance for impact-oriented decision-making. A mixed-methods approach was employed, combining secondary project data analysis, stakeholder engagement, outcome mapping, and monetization of social and environmental benefits to calculate SROI ratios. The findings reveal that renewable energy projects consistently produce social returns exceeding the initial investment, with SROI ratios varying according to project type, scale, stakeholder involvement, and socio-economic context. Community-based and decentralized projects tend to generate higher relative social returns, driven by employment creation, improved energy access, health improvements, and environmental benefits. The study concludes that integrating SROI into climate finance evaluation enhances transparency, accountability, and alignment between financial objectives and sustainable development goals.

A ANALYSIS OF THE EFFECTIVENESS OF ONLINE CUSTOMER REVIEWS AND LIVE STREAMING ON CONSUMER PURCHASE INTEREST ON E-COMMERCE SHOPEE IN KABUPATEN PASAMAN BARAT

Suci Sintia Dewi — 2026-05-02

This study aims to measure how much the effectiveness of the online customer review and live streaming features in influencing the buying interest of Shopee consumers, especially in Kabupaten Pasaman Barat. The research will be conducted using quantitative methods through a questionnaire survey. The data collected was analyzed using multiple linear regression and processed through the SPSS application. The research findings show that each variable, both online customer reviews and live streaming partially affects the buying interest of Shopee consumers in Kabupaten Pasaman Barat, with a t-count > t-table value, namely 4,302 > 1,68 for online customer reviews, and 4,271 > 1,68 for live streaming. Simultaneously, the two variables are also proven to influence the buying interest of Shopee consumers in Kabupaten Pasaman Barat with an F-count > F-table value, namely 35,596 > 2,80. It is recommended that further research be able to expand the research area and increase the number of research variables. For sellers in Shopee e-commerce, it is advisable to maximize the use of online customer review and live streaming features. For Shopee e- commerce, it is hoped that it will further improve these two features.