This is an open access book. The 12th Gadjah Mada International Conference on Economics and Business (GAMAICEB) is an annual international conference organized by the Publication Unit, Faculty of Economics and Business, Universitas Gadjah Mada. This conference aims to provide a medium for participants to disseminate their research ideas and results and develop their networks. Through the participants’ contribution, it is hoped that this conference could provide a deeper understanding of current economics and business issues.