Articles

Core Revenue of the State: The Opportunities and Challenges of State Revenue Authority (SRA) Establishment in Indonesia

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This study conducts a systematic literature review (SLR) of the opportunities and challenges surrounding the establishment of a State Revenue Authority (SRA) board for Indonesia. Drawing on comparative experiences across Latin America, Africa, and Asia, the review identifies how board structures can enhance strategic oversight, digital transformation, data governance, and integrity safeguards in revenue administration. Evidence suggests that boards add value when their mandates are clear, their composition is diverse and professional, and accountability is institutionalized through transparent reporting and performance metrics. However, autonomy alone does not guarantee stronger outcomes; revenue performance is shaped by the interaction of policy design, administrative capability, and service quality. For Indonesia, stabilizing the Core Tax Administration System (CTAS), embedding data governance under the Satu Data Indonesia and Personal Data Protection frameworks, and institutionalizing integrity measures emerge as near-term priorities. The findings contribute to global debates on tax administration reform while offering practical guidance for policymakers navigating fiscal modernization in Indonesia.

The Influence of Governance and Job Satisfaction on the Performance of Husada Hospital Mediated by Employee Loyalty

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Background: Hospital performance is vital for sustaining quality healthcare services. At Husada Hospital, fluctuations in inpatient numbers and workforce trends from 2019 to 2024 underscore the need to understand how governance and job satisfaction influence performance. Employee loyalty may play a key mediating role, yet this relationship remains underexplored.

Objective: This study aims to analyze the effects of governance and job satisfaction on hospital performance, and to assess the mediating role of employee loyalty in these relationships.

Methods: This quantitative study was conducted at Husada Hospital, Jakarta, from June 9–13, 2025, involving 160 employees selected through proportionate stratified random sampling. Data were collected using Likert-scale questionnaires and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) via SMARTPLS to assess direct and mediated relationships among governance, job satisfaction, employee loyalty, and hospital performance.

Results: PLS-SEM analysis showed that governance and job satisfaction significantly influenced employee loyalty (R² = 0.580) and hospital performance (R² = 0.413). Employee loyalty had the strongest direct effect on performance (β = 0.642) and significantly mediated the effects of both governance and job satisfaction, highlighting its key role in improving hospital outcomes.

Conclusion: Governance and job satisfaction significantly influence employee loyalty, which plays a key role in enhancing hospital performance. Job satisfaction had the strongest effect on loyalty, while loyalty emerged as the most dominant predictor of performance. Loyalty also mediated the effects of governance and job satisfaction on performance, confirming its central role in linking internal organizational factors to hospital outcomes.

Drivers of Stock Market Development in Nigeria: Does Openness Matter?

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The stock market represents a major source of long-term funds. However, the Nigerian stock market lacks depth due to the weak regulatory system and legal framework. Extant studies have shown that both institutional quality and openness are enablers of the stock market. An analysis of the effects of institutional quality and openness on the development of the Nigerian stock market from 1996 to 2021 is therefore crucial. The Auto Regressive Distributive Lag (ARDL) method is used to analyze data from World Bank databases and the Lane-Milesi Ferreti index, with results showing that institutional quality has a positive and significant impact on stock market development in Nigeria. Meanwhile, development of the stock market, institutional quality, and openness are related over the long term based on the ARDL bounds test. A further finding revealed that the development of Nigeria’s banking sector and the exchange rate had positive (negative) effects on the development of the stock market, respectively. Additionally, stock market liquidity contributed to development of the market. This study came to the conclusion that an enabling stock market in Nigeria could be strengthened by the interaction of institutional quality and openness. The study concludes that strengthening Nigeria’s governance institutions through the creation of an appropriate legal framework is necessary to ensure political stability and the absence of violence in the country’s political system. Besides, the government really needs to grant autonomy to agencies in charge of tackling corruption to enable them to enjoy simultaneous openness. Monetary authorities should also ensure exchange rate stability and improved credit for domestic investment activities.