EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis

Digital Readiness as Driver of Sustainable Organizational Performance in Higher Education Institution: Systematic Literature Review

Yustinus Rawi Dandono — 2026-06-19

Growing demand on higher education institutes (HEIs) to consider digital transformation and sustainability at the same time has raised interest among scholars in digital readiness as a strategic driver for sustainable long-term organizational performance. The purpose of this study is therefore 3-fold: First, by means of a systematic review, to synthesize what we know about how digital readiness is defined and understood in the context of HEIs. Adopting a systematic literature review (SLR) design and guided by PRISMA 2020, this investigation analyzed 96 high-quality articles between bellwether year, 2015 to prognostic year of interest 2025. A thematic synthesis was carried out to explore the predominant patterns, mechanisms and theorizing of the digital readiness–performance link. Findings Five interdependent themes are brought to light: (1) digital readiness as a strategic capability, (2) governance and data-driven readiness enabling evidence-based sustainability, (3) human and cultural readiness in the guise of mediating mechanisms, (4) technological and infrastructural readiness propelling operational sustainability, and finally (5) digital leadership and strategic alignment as catalysts. The synthesis shows that the digital readiness is more than just about technological readiness, and include institutional capabilities that promote efficiency, resilience, innovation and governance legitimacy. In the absence of appropriate compendium, this study has gone a step forward by combining RBV DCs and sustainability to produce an integrated theoretical framework that offers new insights on both theory and practice for HEI leaders and their policy makers in search of sustainable digital transformation.

The Effect Of Exchange Rate, Interest Rates, And Foreign Direct Investment On JCI For The Consumer Goods Industry Sector With Profitability As A Moderation Variable (2019–2024 Period)

Muhammad Taufiq — 2026-07-06

This study aims to analyze the effect of exchange rates, interest rates, and Foreign Direct Investment (FDI) on the Composite Stock Price Index (CSPI) in the consumer goods industry sector and to examine the role of profitability as a moderating variable. This study employed a quantitative approach using secondary data obtained from the Indonesia Stock Exchange, Bank Indonesia, Statistics Indonesia, and the Investment Coordinating Board during the 2019–2024 period. The sample was determined using a purposive sampling method, resulting in 25 food and beverage sub-sector companies with a total of 150 observations. The analytical techniques used were multiple linear regression and Moderated Regression Analysis (MRA). The results show that exchange rates have a positive and significant effect on the CSPI, while interest rates and FDI have a negative and significant effect on the CSPI. Simultaneously, all independent variables significantly affect the CSPI. Meanwhile, profitability is unable to moderate the effect of exchange rates, interest rates, and FDI on the CSPI, indicating that the influence of macroeconomic variables on the CSPI is direct. These findings suggest that movements in the CSPI of the consumer goods industry sector are more dominantly influenced by external macroeconomic factors than by internal company factors. This study strengthens the relevance of Arbitrage Pricing Theory (APT) in explaining the relationship between macroeconomic factors and the capital market and provides implications for investors, companies, and policymakers in understanding stock market dynamics in Indonesia.

The Effect Of Training And Self-Esteem On Employee Performance With Job Satisfaction As An Intervening Variable In The Production Function Of Pt Kilang Pertamina Internasional Refinery Unit Iii Plaju

Almaurits Almaurits — 2026-07-07

This study aims to analyze the effect of training and self-esteem on employee performance with job satisfaction as an intervening variable in the Production Function of PT Kilang Pertamina Internasional RU III Plaju. The study used a quantitative explanatory approach with primary data collection through questionnaires distributed to 207 respondents consisting of operators and supervisors. Data analysis was conducted using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) method. The results showed that training had a positive and significant effect on employee job satisfaction and performance. Self-esteem also had a positive and significant effect on job satisfaction and performance. In addition, job satisfaction had a positive effect on employee performance and partially mediated the relationship between training and performance, as well as between self-esteem and performance. These findings indicate that improved performance in high-risk work environments is not only determined by technical competence through training, but also by psychological factors that shape employee perceptions and job satisfaction. Therefore, strengthening the quality of training and self-esteem supported by effective job satisfaction is an important strategy to optimize employee performance in the oil and gas sector.

Tax Dispute Resolution Analysis On Promotional Cost Adjustments

Wisnu Listiadi — 2026-07-07

This study aims to analyze tax disputes related to promotional expenses in the calculation of Corporate Income Tax (PPh Badan), focusing on the causes of disputes and the treatment of promotional expenses that do not meet administrative requirements. A qualitative approach using case studies is employed, analyzing 94 tax court decisions related to promotional expenses in 2024. The research also includes interviews with officials from the Directorate General of Taxes (DJP) and taxpayers. The results show that the main factors causing disputes are differences in interpretation between the tax authorities and taxpayers regarding the substance of promotional expenses, as well as incomplete administrative documentation, such as nominative lists. Although the court prioritizes the substance of promotional expenses, administrative non-compliance remains a reason for fiscal correction. The study identifies the need for formalizing tax policies related to promotional expenses into stronger regulations to provide clearer legal certainty. Additionally, it is recommended that the DJP improve the tax administration system by allowing taxpayers to substantiate legitimate promotional expenses, even if administrative documents are incomplete. The study also suggests enhancing training for tax officials to better understand the characteristics of taxpayers' businesses and the importance of proper document management to reduce future tax disputes.

The Effect of Interactivity and Visual Appeal on Impulse Buying of Fashion Products in TikTok Live Streaming: The Mediating Role of Perceived Usefulness and Perceived Enjoyment

Joya Damara Priyandarini — 2026-07-07

The rapid growth of live commerce in Indonesia has significantly transformed consumers’ online shopping behavior, particularly through TikTok Live. This study aims to examine the effect of interactivity and visual appeal on impulse buying of fashion products in TikTok live streaming, with perceived usefulness and perceived enjoyment serving as mediating variables. This research employs a quantitative approach using a survey method involving 200 respondents who have previously purchased fashion products through TikTok Live. Data were analyzed using Structural Equation Modeling based on Partial Least Squares (SEM-PLS) with the assistance of SmartPLS software. The results indicate that interactivity and visual appeal have a positive and significant effect on perceived usefulness and perceived enjoyment. Furthermore, perceived usefulness and perceived enjoyment are found to have a positive and significant influence on impulse buying. Mediation analysis reveals that perceived usefulness and perceived enjoyment partially mediate the relationship between interactivity, visual appeal, and impulse buying. These findings emphasize the strategic importance of interactive features and visual presentation in live streaming in shaping consumers’ cognitive and emotional experiences that ultimately stimulate impulsive purchasing behavior.

IWB Influenced By Digital Leadership, With A Climate For Initiative And Job Autonomy As Mediators

Ramayana Simarmata — 2026-07-07

Company management is expected to be able to carry out new strategies innovatively, this is of course closely related to digital leadership which can influence the climate in the environment and work autonomy. This research aims to see the impact of digital leadership on innovative work behavior with a fork in the mediating role of climate for initiative and work autonomy. This research uses a population, namely employees at Public Institutions at the Head Office, Jakarta using a sample of 262 respondents. Data hypothesis testing in this research was carried out through structural equation model (SEM) analysis using the LIS application. The research results show that digital leadership has a positive and significant effect on innovative work behavior. Digital leadership has a positive and significant effect on the initiative climate. Initiative climate has a positive and significant effect on innovative work behavior. Digital leadership has a positive and significant effect on work autonomy. Work autonomy has a positive and significant effect on innovative work behavior. Climate for Initiative can mediate the relationship between digital leadership and innovative work behavior. Work autonomy can mediate the relationship between digital leadership and innovative work behavior.

The Role Of Influencer Marketing, Electronic Word Of Mouth (E-WOM), And Fear Of Missing Out (FOMO) As Influencers Of Generation Z's Purchasing Decisions On SKIN1004 In Shopee E-Commerce

Dina Septia Wati — 2026-07-07

This study aims to analyze the influence of influencer marketing, electronic word of mouth (E-WOM), and fear of missing out (FOMO) on Generation Z purchase decisions for SKIN1004 products on Shopee. This research used a quantitative approach with primary data collected through an online questionnaire. The sample consisted of 150 Generation Z respondents who had purchased SKIN1004 products through Shopee. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0. The results show that influencer marketing has a positive and significant effect on purchase decisions with a coefficient of 0.272 and p-value of 0.000. E-WOM has a positive and significant effect with a coefficient of 0.209 and p-value of 0.001. FOMO also has a positive and significant effect with a coefficient of 0.216 and p-value of 0.006. These findings indicate that social influence, online consumer reviews, and trend-related psychological pressure shape Generation Z purchase decisions in e-commerce.

The Mediating Role of Work Motivation in the Effects of Transformational Leadership, Reward System, and Work-Life Balance on Generation Z Employee Performance in Surabaya, Indonesia

Shafa Tasya Salsabila — 2026-07-07

This study analyzes the effect of Transformational Leadership, Reward System, and Work-Life Balance on Employee Performance with Work Motivation as a mediating variable among Generation Z employees in Surabaya. Using a quantitative approach with cross-sectional design, data were collected from 200 respondents through Likert scale questionnaires and analyzed using SEM-PLS. Results showed that all three variables positively and significantly affect Work Motivation and Employee Performance, both directly and indirectly. Work Motivation acts as a partial mediator, explaining 62% of variance in employee performance. The structural model demonstrated substantial predictive power with R² of 62.2% for work motivation and 62.0% for employee performance. This study strengthens Self-Determination Theory in Indonesia's emerging market context and provides practical guidance for HR practitioners in designing transformational leadership strategies, adaptive reward systems, and work-life balance policies for Generation Z.

The The Effect Of Transformational Leadership And Work Environment On Job Satisfaction Through Motivation As A Mediating Variable Among Generation Z Employees In Kendal Regency

Rinandi Nadila Ade Kurnia — 2026-07-07

This study aims to analyze the influence of transformational leadership and work environment on job satisfaction among Generation Z employees in Kendal Regency, with work motivation as a mediating variable. A quantitative approach was employed using Partial Least Square (PLS) analysis with SmartPLS 4.0. The study involved 160 respondents who are Generation Z employees in Kendal Regency. The results indicate that both transformational leadership and work environment have a positive and significant effect on job satisfaction. Furthermore, work motivation is found to mediate the relationship between transformational leadership and job satisfaction, as well as between work environment and job satisfaction. These findings highlight the important role of work motivation as a mediating mechanism in enhancing employee job satisfaction. Overall, this study suggests that improving leadership quality and creating a supportive work environment can enhance employee motivation, which in turn increases job satisfaction among Generation Z employees.

The Effect Of Halal Certification, Social Media And Consumer Awareness On Gen Z's Interest In Buying Halal Cosmetics In Plampang District

Fadlia Galib — 2026-07-08

This study aims to examine the influence of halal certification, social media, and consumer awareness on the purchasing interest of halal cosmetics among Gen Z in Plampang District. Data collection in this study was conducted through distributing questionnaires with a purposive sampling method using a 5-point Likert scale from 98 respondents. The relationship between variables was analyzed using structural equation modeling with a partial least squares approach with the SmartPLS 4.0 statistical tool. The results of this study show that halal certification, social media, and consumer awareness have a positive and significant effect on the purchasing interest of halal cosmetics among Gen Z in Plampang District. This finding confirms that these three factors have an important role in driving purchasing decisions for halal cosmetics, so they can be a basis for consideration for industry players and marketers in designing more effective marketing strategies in the future.

The Influence of Environmental Cost and Carbon Productivity on Profitability: The Mediating Role of Green Innovation

Satrio Ashif Kevin Meikoko — 2026-07-08

This study aims to examine the influence of environmental cost and carbon productivity on company profitability, with green innovation as a mediating variable. The sample comprises 54 firm-year observations from 18 basic industry sector companies listed on the Indonesia Stock Exchange (IDX) for the 2022–2024 period. Data were analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM). The results show that green innovation does not mediate the effect of environmental cost or carbon productivity on profitability. However, environmental cost has a significant direct effect on profitability (negative direction), while carbon productivity has no significant effect. In addition, green innovation itself exerts a significant positive influence on profitability. These findings suggest that environmental investment directly impacts firm profits and green innovation can enhance profitability, whereas improving carbon productivity alone has not yet produced a tangible financial impact. Practically, this study provides insights for manufacturing firms in formulating sustainability strategies that balance environmental cost, carbon productivity, and green innovation to optimize profitability.

SWOT Analysis Of The PLN Mobile Application For Customers Of PT PLN UP3 Merauke

Nur Annisa Triswati — 2026-07-08

This study aims to analyze the strengths, weaknesses, opportunities, and threats (SWOT) of the PLN Mobile application to improve customer interaction and maximize the use of digital transactions at PT PLN UP3 Merauke. The main problems faced are the lack of digital socialization and education and limited internet network and infrastructure constraints in the Merauke area that hinder access and use of the application. The research method used is qualitative with data collection through observation and interviews related to application usage and marketing strategies. The results show that the PLN Mobile application has advantages such as ease of use, low admin costs, and fast response, but faces challenges in irrelevant features and dependence on a stable network. Opportunities for increasing application usage are supported by collaboration with MSMEs, broader digital education, and strengthening customer service. The strategy of strengthening the application through feature innovation and digital education can increase customer interaction and awareness of digital services. This study recommends increasing socialization and improving application features tailored to user characteristics to strengthen PLN Mobile's position as a trusted and inclusive digital electricity service platform.

Tax Awareness and Compliance: A Case Study of Instagram Celebrities in Palu City

Yeyen Masrianti Langkadja — 2026-07-08

The purpose of this study is to describe and analyze the level of awareness and compliance of Instagram celebrities in Palu City in carrying out their tax obligations, while identifying the factors that influence them. The benefit of this study is as input for the tax authorities in formulating more adaptive socialization, education, and supervision strategies for digital taxpayer groups in the region, so that state tax revenues can be more optimal. This study uses a qualitative approach with a phenomenological method. Semi-structured in-depth interviews were used to collect data, with two Instagram celebrities selected using a purposive sampling technique, namely those who have a minimum of 30,000 followers on Instagram, actively carry out endorsement or paid promotion activities, and are domiciled or have economic involvement in the Palu City area. The results of this study found that the level of tax awareness and compliance among Instagram celebrities in Palu City is formed through the interaction between knowledge factors, trust in the government, and dynamic digital economic conditions. Increasing tax awareness and compliance needs to be realized through three main strategies, namely strengthening digital tax literacy, simplifying the tax administration system, and increasing public transparency.

Adjustment Of TER Rates For Income Tax Article 21 For Corporate Taxpayers In CV. Kirana Cahaya Sejahtera Gunungsitoli

Fonahia Ndruru — 2026-07-08

This study aims to determine the calculation, withholding, and reporting system for Article 21 Income Tax for Employees at CV. Kirana Cahaya Sejahtera and to find solutions to existing problems related to the calculation, withholding, and reporting system for Article 21 Income Tax for Employees. In conducting this study, the researcher used a descriptive research method. Data collection techniques used were observation, interviews, and documentation. The collected data were analyzed using qualitative descriptive analysis techniques and deductive and inductive methods. The results of the study indicate that CV. Kirana Cahaya Sejahtera's system for calculating, depositing, and reporting Article 21 Income Tax for employees is quite good and adequate. However, the company has not been able to withhold Article 21 Income Tax in accordance with the Tax Law. Furthermore, the system for calculating Article 21 Income Tax for permanent employees does not match the calculated Article 21 Income Tax payable according to CV. Kirana Cahaya Sejahtera and the calculated Article 21 Income Tax payable according to the researcher, referring to Government Law No. 58 of 2023. This is because overtime pay given every month to employees is not included as an addition to gross income, because according to the company, what is included as an addition to gross income is only income that is regularly received in the same period (in this case every month), also in the same amount (in this case basic salary and attendance money). What should be correct according to Law No. 58 of 2023, overtime pay is one of the components that increase gross income. It is because of these considerations that there is a difference in underpayment between Article 21 Income Tax that has been deducted by the company and the researcher.

Proactive Personality And Transformational Leadership As Drivers Of Innovative Work Behavior: The Mediating Role Of Work Engagement In The Public Sector

Meyfrina Kristiana Tarigan — 2026-07-08

This study examines the effects of proactive personality and transformational leadership on innovative work behavior, with work engagement as a mediating variable among civil servants in a public-sector institution responsible for market regulation and service delivery. Using a quantitative cross-sectional design, data were obtained from 331 employees and analyzed with PLS-SEM. The results show that all hypotheses were supported. Proactive personality was the strongest predictor of both innovative work behavior and work engagement, while transformational leadership also positively influenced innovative work behavior directly and indirectly through engagement. Work engagement significantly mediated the effects of both predictors on innovative behavior. These findings highlight that innovation in the public sector is driven by individual readiness and leadership quality. Strengthening proactive traits and implementing transformational leadership are therefore crucial for fostering an innovation-oriented culture. The study further contributes theoretically by identifying work engagement as a key psychological mechanism linking personal and contextual factors to innovative behavior.

Investment Decision, Funding Decisions, And Dividend Policies On Firm Value: Empirical Evidence From Emerging Country

Lutfatul Jamiah — 2026-07-08

This study aims to examine the influence of investment decision, funding decision, and dividend policies on the value of non finance companies listed on the Indonesia Stock Exchange for the period 2019 to 2023. The study population included all non finance companies listed on the Indonesia Stock Exchange, and sample selection was carried out using purposive sampling techniques with criteria of consistency of financial reporting, cash dividend distribution, and completeness of data during the observation period. This study uses secondary data in the form of annual financial statements obtained from the official website of the Indonesia Stock Exchange and analyzed using multiple linear regression using the Ordinary Least Squares method through SPSS software version 26. The results of the study show that. Simultaneously, Debt to Equity Ratio (DER) ,Price Earnings Ratio (PER ) and Price to Book Value (PBV),have a significant effect on the company's value with adequate model explainability. This study provides theoretical implications in the form of strengthening signaling theory and trade-off theory, managerial implications in the form of the importance of stable dividend policy priorities, and regulatory implications in the form of the need to strengthen transparency in the disclosure of financial policies of public companies in the Indonesian capital market.

The Effect of Change Management, Organizational Culture, and Internal Communication on Employee Performance with Change Readiness as a Mediating Variable at PT Angkasa Pura Indonesia Belitung Branch

Abdul Halim — 2026-07-08

This study aims to analyze the influence of change management, organizational culture, and internal communication on employee performance with change readiness as a mediating variable at PT Angkasa Pura Indonesia, Belitung Branch. The research method applied was descriptive-verificative with a quantitative approach. Data were collected through questionnaires distributed to employees and analyzed using Structural Equation Modeling-Partial Least Square (SEM-PLS). The results indicate that change management and internal communication have a positive and significant effect on change readiness, while organizational culture does not show a significant effect. Furthermore, change management, organizational culture, and internal communication do not have a direct impact on employee performance. However, change readiness has been proven to positively and significantly influence employee performance. In addition, change readiness mediates the relationship between change management and internal communication on performance, but does not mediate the effect of organizational culture on performance. These findings emphasize that change readiness is a crucial factor in improving employee performance during organizational transformation. The practical implications of this research can be utilized by the management of PT Angkasa Pura Indonesia, Belitung Branch, to strengthen change management strategies, enhance the quality of internal communication, and build employee readiness in facing organizational dynamics, thereby optimizing performance improvement.

The Influence Of Infrastructure, Human Resources, Work Environment, Motivation, Standard Operating Procedures, And Work Discipline On The Work Effectiveness Of Class Iib Correctional Institution Employees

Titi Hasanah — 2026-07-08

This study aims to identify and analyze the influence of infrastructure, human resources, work environment, motivation, standard operating procedures, and work discipline both individually and collectively on the work effectiveness of employees at the Class IIB Muara Enim Correctional Institution. The research applies a quantitative approach by distributing questionnaires to respondents as the primary data collection method. Data quality was examined through validity, reliability, and normality tests, while the analysis was conducted using both descriptive and inferential statistics, including multiple regression analysis, partial (t-test), simultaneous (F-test), and the coefficient of determination (R²). The findings indicate that each independent variable namely infrastructure, human resources, work environment, motivation, standard operating procedures, and work discipline has a positive and significant influence on employee work effectiveness. Furthermore, when tested simultaneously, these variables collectively demonstrate a strong and significant impact on the overall work effectiveness of employees at the Class IIB Muara Enim Correctional Institution.

Analysis Of Factors Hindering The Level Of QRIS Usage In The MSME Sector In Palu City

Putri Dea Rizky — 2026-07-08

The use of QRIS by MSMEs in Palu City is still suboptimal, so it is important to identify factors that hinder its utilization. This study aims to analyze digital literacy barriers, technological infrastructure barriers, and risk perception barriers on QRIS adoption rates. A quantitative approach was used, involving 75 respondents obtained through purposive sampling. Data were collected through a Likert-scale questionnaire and analyzed using linear regression with SPSS.The results showed that only risk perception barriers significantly influenced QRIS adoption rates, while digital literacy and technological infrastructure barriers showed no significant impact. An R2 value of 0.149 indicates that the model only explains a small portion of the variation in QRIS usage. This finding confirms that digital security and trust remain key factors for MSMEs adopting QRIS. Consequently, improving digital security literacy and strengthening data protection need to be prioritized by local governments and Bank Indonesia to encourage wider QRIS adoption.

The Influence Of Good Corporate Governance (Gcg), Environmental, Social, And Governance (Esg), And Intellectual Capital On The Value Of Banking Companies In Indonesia For The Period 2020-2024

Vivi Riskianti — 2026-07-08

This study aims to analyze the effect of Good Corporate Governance (GCG), Environmental, Social, and Governance (ESG), and Intellectual Capital (IC) on the value of banking companies in Indonesia for the period 2020–2024. This study uses an explanatory quantitative approach with 20 banks selected through purposive sampling, resulting in 100 data observations. The GCG variable is proxied by institutional ownership, independent commissioners, and audit committees, ESG is measured using the ESG Disclosure Index, IC is measured using the Value Added Intellectual Coefficient (VAIC), and company value is proxied by Tobin's Q. Data analysis was performed using SEM-PLS through SmartPLS software. The results of the study indicate that Good Corporate Governance (GCG) does not have a significant effect on company value, while Environmental, Social, and Governance (ESG), and Intellectual Capital (IC) have a positive and significant effect on company value.

The Effect Of Workforce Transformation And Human Resource Development On The Performance Of Msmes Fostered By Palu City Business Incubator

Adelia Maharani — 2026-07-08

This study aims to analyze the effect of workforce transformation and human resource development on the performance of MSMEs under the guidance of the Palu City Business Incubator. A quantitative approach was used with a descriptive and causal design, involving 50 active MSMEs as samples obtained through purposive sampling. Primary data were collected through a Likert scale-based questionnaire and analyzed using multiple linear regression. The results show that workforce transformation has a positive and significant effect on MSME performance. Human resource development has also been proven to have a significant effect and is the most dominant variable in improving MSME performance. Simultaneously, workforce transformation and human resource development have a significant effect on MSME performance. These findings confirm that strengthening human resource capacity and workforce transformation are crucial strategies for improving the productivity, competitiveness, and sustainability of MSMEs in an increasingly competitive market.

The Application of Microlearning for Employee Upskilling

Mochammad Syafana Hilmy Khodir — 2026-07-08

This study aims to explore in depth the perceptions and experiences of employees in applying microlearning for upskilling complex skills. In this era of disruption, upskilling has become crucial, and microlearning has been widely adopted due to its flexibility. However, its effectiveness for deep competencies (not just procedural knowledge) is still not qualitatively understood. Using a qualitative case study design in a technology organization, data were collected through 17 semi-structured in-depth interviews with employees, managers, and the L&D team, then analyzed thematically. The results reveal three key findings. First, there is a dualistic perception: microlearning is praised as a just-in-time (JIT) tool, but is perceived as "superficial" for soft skills. Second, employees bear a heavy cognitive "synthesis burden" due to content fragmentation, forcing them to "stitch together" pieces of information themselves. Third, success is highly dependent on contextual factors, particularly proactive manager support and the availability of social learning interactions.

The Impact of Signaling Theory and Human Capital Theory on Self-Branding Strategies Among Gig Workers

Dila Puspa Dara Dinasti — 2026-07-08

This qualitative study aims to explore the self-branding strategies employed by experienced gig workers through the lens of Human Capital Theory and Signaling Theory. Using a multiple case study design, this research analyzes in-depth interviews to understand the life experiences of freelancers navigating a competitive digital marketplace. Thematic analysis reveals a fundamental strategic process. Findings indicate that authentic self-branding is rooted in continuous investment in human capital (substantive expertise), which is then consciously translated into credible market signals (e.g., curated portfolios and client testimonials) to reduce information asymmetry. These elements are further synthesized into a coherent personal brand narrative to communicate unique value. The success of this strategy facilitates the evolution of status from 'freelancer' to 'expert', but is accompanied by the constant burden of reputation management. The main contribution of this study is to demonstrate the interrelated and processual relationship between the two theories in practice, as well as to offer practical insights for workers in the gig economy.

Transformation of Student Investment Behavior: An Analysis of Determining Factors with Financial Literacy as an Intervening Variable

Rudi Ananda — 2026-07-08

This study aims to analyze the transformation of student investment behavior by identifying the determining factors influenced by financial literacy as an intervening variable. The variables observed include risk level, return level, access to information, information motivation, literacy, and investment decisions. The population of this study was active students of the Accounting Study Program at a private university in Palembang with a sample size of 285 respondents. Data were collected through questionnaires and analyzed using Structural Equation Modeling (SEM). The results show that: 1) Access to information has a positive effect on investment decisions, 2) Access to information affects financial literacy, 3) Financial literacy plays a role in influencing investment decisions, 4) Investment motivation affects investment decisions, 5) Investment motivation also influences financial literacy, 6) Return rate significantly influences investment decisions, 7) Return rate influences financial literacy, 8) Risk level influences investment decisions, and 9) Risk level also influences financial literacy. These findings indicate the importance of financial literacy in shaping students' investment decisions, especially in relation to perceptions of risk and return

The Effect Of Leverage, Liquidity, Inventory Turnover On Financial Distress With Profitability As An Intervening Variable (In Construction Sector Companies Listed on the Indonesia Stock Exchange for the Period 2017 - 2023)

Dodi Haryadi — 2026-07-10

This study aims to analyze the impact of Leverage, Liquidity, and Inventory turnover on Financial Distress with Profitability as an intervening variable in construction sector companies listed on the Indonesia Stock Exchange (IDX) during the period of 2017–2023. The research adopts a quantitative approach using regression analysis with EViews 13 and mediation testing using the Sobel Test. The results indicate that Leverage has a significant negative impact on Financial Distress, but does not mediate this relationship through Profitability. Meanwhile, Liquidity does not have a significant effect on Financial Distress, either directly or through Profitability. Inventory turnover has a significant positive effect on Profitability, but does not significantly affect Financial Distress, either directly or through Profitability as an intervening variable. On the other hand, Profitability was found to have a significant positive impact on Financial Distress, indicating that higher profitability increases the likelihood of experiencing financial distress. The mediation test results show that Profitability does not mediate the relationship between the independent variables (Leverage, Liquidity, and Inventory turnover) and Financial Distress significantly. These findings suggest that, although good financial management is important, in the construction sector, other factors such as project management and capital structure have a greater impact on a company's financial condition. This study provides practical implications for construction sector management in planning more cautious financial strategies and considering sector dynamics that can affect the stability of company finances in a more comprehensive way.

Socio‑Technical Pathways To Resilience: Indigenous Women Entrepreneurs In Papua Mountains

Nanang Gunawan — 2026-07-10

This study examines the entrepreneurial resiliency of indigenous Dani women entrepreneurs in Papua Pegunungan by analyzing the roles of digital literacy, dynamic capabilities, and adversity quotient through a mixed‑methods design. Quantitative data from 181 respondents were analyzed using Partial Least Squares Structural Equation Modeling (PLS‑SEM), while qualitative insights were obtained through a Delphi process. Results confirmed that digital literacy has both a strong direct effect on resiliency and an indirect effect mediated by dynamic capabilities, supporting all hypotheses. Qualitative findings revealed that digital literacy is practiced collectively, often through shared devices and platforms such as WhatsApp, serving as connective infrastructure rather than individual proficiency. Dynamic capabilities were expressed through communal improvisation, ecological awareness, and tacit knowledge, while resilience was sustained through solidarity and cooperation. Adversity quotient further enabled entrepreneurs to reframe limitations as shared challenges. The study advances a socio‑technical understanding of resiliency and offers guidance for inclusive entrepreneurship policies tailored to indigenous contexts.

The Influence Of Financial Technology, Herding Behavior, And Risk Tolerance On The Investment Decisions Of Generation Z In Palu City

Lesmana Adelyanto Sampe — 2026-07-10

This study aims to analyze the influence of financial technology, herding behavior, and risk tolerance on investment decisions of Generation Z in Palu City. This study used a quantitative approach by distributing questionnaires to 75 respondents who are active Generation Z investors. Data analysis was conducted using the multiple linear regression method. The results showed that financial technology has a positive and significant effect on investment decisions, which means that the higher the use of digital financial technology, the greater the tendency of Generation Z to make investment decisions efficiently and confidently. Meanwhile, herding behavior and risk tolerance did not have a significant effect on investment decisions, indicating that Generation Z in Palu City tends to make decisions based on rational and independent considerations. Simultaneously, these three variables influence investment decisions.

Investment Analysis And Economic Benefits Of Depressurisation Strategies For Enhanced Slope Stability And Optimization Of Coal Mine Slopes

Reynara Davin Chen — 2026-07-10

PT OPQ aims to increase its coal production target from 50 million tons in 2025 to 100 million tons in 2030 to meet both domestic and export market demand which aligns to the strategic direction from management. However, because of the geological and hydrogeological constraints and land limitations in Pit BU, there are only so many optimizations that can be done with just technical evaluations. It is necessary to conduct a thorough economic feasibility assessment to identify if the chosen operational approach can be executed profitably within the framework of the company’s long term business goals. Given the constraints that PT OPQ faces in PIT BU, the consideration of investment feasibility, driven through technical data in assessment of slope depressurization hipothetical scenarios, from a geological, hydrogeological and mine planning perspective, is paramount. Equally, having such a complex technical assessment requires a financial counterpart. This is the purpose of the study, to construct a financial model based on Discounted Cash Flow, with the Payback Period, Discounted Payback Period, Net Present Value (NPV), Internal Rate of Return (IRR), and Profitability Index (PI) as the key decision parameters. To understand the effect of market fluctuations and operational risk with respect to the investment’s feasibility, sensitivity analysis and Monte Carlo simulation were conducted. Analyzing the financial risk from the NPV also indicates the least risk to the finances of the business from the base case scenario. Therefore, the choice of depressurization (Option 2) compared to continued operation without depressurization (Option 1) illustrates that there is greater financial potential. In the worst case, there is still a minor loss of financial potential for a scenario exhibiting the dependence on the price of coal. Thus, the approach for depressurization is the best for the medium term, though there needs to be a reconsideration of the cost of the coal, the coal from the closed mine, the loss of volatility of the coal, and the mining of coal.

Pleasure-Seeking Or Fear-Driven? A Conceptual Examination Of Hedonic Motivation And FOMO As Catalysts Of Impulsive Buying In E-Commerce

Auliya Allendifa — 2026-07-10

Although impulsive buying in e-commerce has received considerable scholarly attention, the psychological mechanisms through which digitally engineered platform environments systematically erode consumer self-regulation remain undertheorized. This paper advances the Affective Urgency Model, a conceptual framework grounded in the Stimulus-Organism-Response paradigm, dual-process theory, prospect theory, approach-avoidance motivation theory, and self-determination theory. Through a critical narrative synthesis of Scopus and Web of Science literature, three theoretical contributions are made. First, hedonic motivation is reframed as an affective override mechanism that activates System 1 processing and suppresses deliberative evaluation, rendering consumers structurally vulnerable to spontaneous purchases. Second, commercially induced FOMO is reconceptualized as a threat response driven by loss aversion, wherein platform-deployed scarcity stimuli frame purchase inaction as loss and compress the decision window. Third, the construct of affective urgency is introduced to capture the compounded state arising from the co-activation of approach motivation and avoidance motivation, amplifying impulsive buying beyond the additive effects of either variable independently. The framework also incorporates the post-purchase paradox, wherein affective urgency-driven purchases produce cognitive dissonance, regret, and financial well-being deterioration despite their immediate hedonic appeal. Three formal propositions and a research agenda for empirical validation are advanced.

Optimizing The Value Of BEI Infrastructure Companies: The Role Of Capital Structure, Asset Effectiveness, And Liquidity

Vini Fionita — 2026-07-10

This research investigates how capital structure (measured by DER), asset efficiency (measured by TATO), and liquidity (measured by CR) impact the corporate value of infrastructure firms listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. Adopting a quantitative methodology, secondary data were gathered from audited corporate annual reports. A purposive sampling technique selected 45 eligible companies out of 70, establishing 225 initial data points. Following the removal of extreme outliers using boxplot analysis, a final set of 156 observations was evaluated via multiple linear regression using SPSS 26. The simultaneous F-test reveals that all independent variables concurrently exert a significant effect on corporate value. Individually (t-test), both capital structure and liquidity show a significant negative relationship with firm value, whereas asset efficiency does not demonstrate any meaningful impact. These findings indicate that maintaining prudent financing strategies and optimizing working capital without over-leveraging are vital components for enhancing market valuation among investors in the infrastructure sector.

The Effect Of Work Discipline And Job Training On Employee Work Performance With Job Satisfaction As An Intervening Variable (Study Of The Prokopim Section Of The Jember Regency Secretariat)

Yuyun Istifarida — 2026-07-10

This study aims to examine the influence of work discipline and job training on the work performance of employees of the Prokopim Section of the Jember Regency Secretariat with job satisfaction as an intervening variable. The problem raised is the extent to which discipline and job training can improve work performance directly or indirectly through employee job satisfaction. The research method used was quantitative with data collection through questionnaires and data analysis using path regression to test variable relationships. The results of the study show that work discipline and job training each have a positive and significant effect on work performance. In addition, both also have a significant effect on job satisfaction, which in turn becomes a mediating variable in strengthening the influence of these two variables on work performance. In other words, job satisfaction strengthens the positive impact of discipline and training on improving the work performance of Prokopim employees. The conclusion of the study emphasizes the importance of developing work discipline and continuous training, accompanied by efforts to increase job satisfaction as the main strategy in optimizing employee achievement. The implications of this research encourage Prokopim management to focus on improving the quality of training and the implementation of effective work discipline to create productive and motivated employees.

Macroeconomic Indicators and Regional Government Capital Expenditure: Panel Data Analysis of Provinces in Sumatra 2019–2024

Merri Anitasari — 2026-07-11

This study analyses the effects of economic growth, inflation, interest rates, unemployment rates, and poverty rates on local government capital expenditures in 10 provinces in Sumatra during the 2019–2024 period. Using a panel data regression approach with fixed and random effects models and the Hausman test, we found that economic growth had a significant positive effect on capital expenditures, while inflation and poverty rates had a significant negative effect. These results emphasize the importance of macroeconomic stability and fiscal capacity in encouraging public investment at the regional level.

The Influence Of Digital Adoption On MSME Performance With Competitor Orientation And Market Orientation As Moderating Variables Among Msmes In The Special Region Of Yogyakarta

Raihan Alfathan Dinatis — 2026-07-11

This study aims to analyze the effect of digital adoption on MSME performance with competitor orientation and market orientation as moderating variables among MSMEs in the Special Region of Yogyakarta. This study uses a quantitative approach with a survey method through questionnaire distribution to MSME owners. Data analysis was conducted using Partial Least Square-Structural Equation Modeling (PLS-SEM). The results indicate that digital adoption has a positive and significant effect on MSME performance. Competitor orientation strengthens the effect of digital adoption on MSME performance, although the significance level is moderate. Meanwhile, market orientation shows a negative moderating effect on the relationship between digital adoption and MSME performance. The study also finds that competitor orientation and market orientation do not directly affect MSME performance. The findings suggest that digital transformation has become a dominant factor in improving MSME performance compared to traditional market orientation. Therefore, MSMEs need to strengthen their digital capabilities to remain competitive in a dynamic business environment.

The Influence Of Motivation, Compensation, And Work Environment On The Performance Of Human Resources In Zakat Management Institutions: Organizational Commitment As An Intervening Variable In Zakat Institutions Of Pasuruan City

Akhmad Khalim — 2026-07-11

This study aims to examine the effects of work motivation, compensation, and work environment on the performance of human resources (HR) working in zakat management institutions in Pasuruan City, with organizational commitment serving as an intervening variable. A quantitative approach with a survey method was employed in this research. The study population consisted of employees from five zakat institutions in Pasuruan City, namely BAZNAS Pasuruan City, Yatim Mandiri, LAZISMU, LAZISNU, and Baitul Maal Hidayatullah. Data were collected through questionnaires distributed to 154 respondents and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with WarpPLS 5.0 software. The findings reveal that work motivation and compensation do not significantly influence either organizational commitment or employee performance. In contrast, the work environment has a positive and significant effect on both organizational commitment and employee performance. Furthermore, organizational commitment is found to have a positive and significant impact on employee performance. The mediation analysis indicates that organizational commitment does not mediate the relationship between work motivation and employee performance, nor the relationship between compensation and employee performance. However, organizational commitment significantly mediates the effect of the work environment on employee performance. The results suggest that the work environment is the most influential factor in enhancing both organizational commitment and employee performance within zakat management institutions. Therefore, zakat institutions should prioritize the development of a supportive, safe, and comfortable work environment to strengthen organizational commitment and improve employee performance effectively.

Beyond The Principal–Agent Dyad: How MCN Governance Structures Shape Social Proof Mechanisms And Monetization Outcomes In Live-Streaming Social Commerce Ecosystems

Corry Patricia Manik — 2026-07-11

The proliferation of live-streaming commerce has reconfigured digital marketing landscapes, yet Multi-Channel Networks (MCNs) remain systematically mischaracterized as exploitative intermediaries depleting creator earnings. Drawing upon Agency Theory, Relationship Marketing, and Social Proof Theory, this study develops a conceptual framework theorizing the strategic governance role of MCNs in talent marketing management, emphasizing digital gift distribution optimization and deliberate social proof construction on TikTok. Critically, this study clarifies that agencies receive a 7–15% commission disbursed directly by TikTok a structural arrangement preserving streamer net revenue entirely, contradicting prevailing exploitative narratives. The framework demonstrates that MCNs function as ecosystem catalysts through technical infrastructure provision, algorithmic performance coaching, and incentive-based mechanisms including diamond injection programs that amplify viewer engagement and algorithmic visibility. Agencies further orchestrate social proof dynamics generating self-reinforcing gifting cascades within a symbiotic value co-creation ecosystem. This study contributes to platform governance, algorithmic creator economy, and social commerce intermediation literature by reconceptualizing MCNs as indispensable strategic ecosystem partners.

Utilization Of Voice Of Customer From Online Patient Reviews On Google Maps As A Source Of Business Intelligence In The Evaluation Of Rata.Id Clinic Services In 2025

Galuh Nurvinda Kurniawati — 2026-07-11

This study examines the use of Voice of Customer data from online patient reviews on Google Maps as a source of business intelligence for evaluating the service quality of Rata.id Clinics. Using a Natural Language Processing (NLP)-based text analytics approach, this study applied sentiment analysis, bigram-based thematic analysis, and SERVQUAL mapping to analyze 390 patient reviews collected from 3 Rata.id Clinic branches. The results showed that the quality of services had been generally rated positively by the patients, especially at the Branch of Bandung. The relatively high negative sentiment at the Rata Clinic Center (RCC) and Gading Serpong branches, however, indicates disparities in the quality of service provided at the branches. The results of SERVQUAL mapping provides that all the clinic branches possess the following strengths: empathy, tangibles, and the main area for improvement is responsiveness. The main concerns that were identified are response time, service communication, lack of clarity regarding costs and service consistency. The results show that customer insights and business intelligence can be gained from patient online reviews, which are useful for the assessment and enhancement of healthcare services.

The Effect Of Compensation And Organizational Culture On Employee Performance With Work Motivation As An Intervening Variable At PT Kimia Farma Apotek Purwokerto Business Unit

Muchtar Habib — 2026-07-11

This study analyzes the effects of compensation and organizational culture on employee performance, with work motivation as an intervening variable, at PT Kimia Farma Apotek Purwokerto Business Unit. A quantitative associative approach was used. The population consisted of 34 employees, and all were included through saturated sampling. Data were collected through questionnaires and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS). The results show that compensation and organizational culture have positive and significant effects on both work motivation and employee performance. Work motivation also positively affects employee performance and significantly mediates the effects of compensation and organizational culture on performance. These findings indicate that strengthening organizational culture and improving compensation systems can enhance employee performance both directly and indirectly through higher work motivation.

Analysis Of Performance Improvement In Msmes In Digital Transformation Through The Role Of Human Resource Management In Mentored Partners

Risca Priba Ayu — 2026-07-11

This study aims to achieve several specific objectives. These objectives are to analyse the influence of Human Resource (HR) Management systems on Micro, Small, and Medium Enterprises (MSMEs) performance, evaluate the effectiveness of training on the performance of MSMEs, examine local government policy support for active HR management, and investigate the local and global factors that influence the digitally informed technological behaviour of the nurtured partners of the Cooperatives, Small and Medium Enterprises (SMEs) Office of Lubuklinggau City. As for the latter, this refers to the Lubuklinggau City partners nurtured by the Cooperatives. This research is study-based and of the qualitative approach. The findings indicate that the digital transformation of MSMEs in Lubuklinggau City is both a significant challenge and an immense opportunity. HR management strategies are an important key to optimizing the potential of MSME actors so that they can adapt and grow in the digital era. The limitations are a relatively small scope of research and a relatively short research time limit. This research contributes to providing knowledge from an academic perspective about the role of HR management strategies, efforts to improve MSME performance, and analysis of local government policies in supporting human resource management in the Fostered Partners of the Lubuklinggau City Cooperatives, Small and Medium Enterprises Office, and the performance Improvement in MSMEs in Digital Transformation through the Role of Human Resource Management in specific subject.

Work Culture, Information Technology, and Employee Performance: The Mediating Role of Work Discipline

Sri Oktavianti — 2026-07-11

This study aims to empirically examine the influence of work culture and information technology on employee performance, with work discipline as a mediating variable at the Department of Communication, Informatics, Statistics, and Encryption of Lubuklinggau City. The research was conducted at the aforementioned department, addressing issues such as the lack of data-based evaluations of program effectiveness, which hinders optimal service improvement; a lack of responsibility in task completion, leading to delays in program and public service implementation; and limited bandwidth causing slow internet connectivity. The population in this study consists of all employees at the Department of Communication, Informatics, Statistics, and Encryption of Lubuklinggau City. The sample includes 47 respondents from the same department. This is a quantitative study employing the Structural Equation Modeling (SEM) method using SmartPLS 4.0 software. The results show that work culture and information technology, both partially and simultaneously, have a significant effect on employee performance. Additionally, work culture and information technology also influence work discipline, both individually and collectively. Furthermore, work culture and information technology, mediated by work discipline, significantly impact employee performance.

Dynamics of Financial Inclusion and Economic Growth in Nigeria: Insights from Liquidity, Credit Allocation and Lending Rate

Gideon Olugbenga Torila — 2026-07-11

Financial inclusion is recognized as a key driver of economic growth, particularly in developing economies like Nigeria. This study investigates the impact of financial inclusion on Nigeria’s economic growth by examining indicators such as Gross Domestic Product (GDP), Loan-to-Deposit Ratio (LDR), Money Supply (MS), Credit to the Private Sector (CRED) and Lending Rate (LR). The study employs econometric techniques, including co-integration tests and dynamic least squares regression, to evaluate long-term relationships between financial inclusion and economic growth utilizing secondary data from 1991 to 2024. The findings suggest that while money supply positively influences economic growth, credit allocation inefficiencies, high lending rates and financial exclusion hinder Nigeria’s economic expansion. The results highlight the need for policy interventions to enhance financial access, improve credit allocation and promote financial literacy. Strengthening financial inclusion strategies can lead to sustainable economic development, poverty reduction and enhanced financial stability. This study provides valuable insights for policymakers, financial institutions and development agencies in Nigeria.

Determinants of Fraudulent Behavior Tendencies in Local Government

Bunga Ega Oktora — 2026-07-11

This study aims to analyze the influence of elements of Fraud Hexagon Theory, namely pressure (stimulus), capability, opportunity, rationalization, arrogance (ego), and collusion on the tendency of fraudulent behavior in the State Civil Apparatus (ASN) of the Kepahiang Regency Government. The research uses a quantitative method with a purposive sampling technique. The research sample amounted to 83 ASNs who met the criteria for positions and a minimum working period of two years. Data were collected through questionnaires and analyzed using multiple linear regression with the help of SPSS. The results of the study show that pressure, arrogance (ego), and collusion have a significant positive effect on the tendency of fraudulent behavior. Capability has a significant negative effect, while opportunity and rationalization have no significant effect. This research proves that Fraud Hexagon Theory is relevant to the public sector and provides implications for strengthening internal control and anti-corruption culture in local governments.

Does Income Diversification Improve Bank Performance? A Panel Study of Regional Development Banks and Commercial Banks in Indonesia

Rizka Rimasda — 2026-07-11

This study examines the effect of income diversification on bank performance in Indonesia using a Fixed Effect model with clustered standard errors. Bank performance is measured by ROA, ROE, SHROA, SHROE, and Z_SCORE, while income diversification is proxied by DIV_ADJ. The model also includes bank type, digitalization, and several control variables such as bank size, capital adequacy, operational costs, credit risk, and macroeconomic conditions. The results show that income diversification has a positive and significant effect only on risk-adjusted performance (SHROA and SHROE), but not on conventional profitability or stability. The moderating effects of bank type and digitalization are partial and inconsistent. Among control variables, bank size is the most consistent determinant of performance, while capital adequacy improves stability and credit risk reduces performance. Overall, income diversification mainly enhances bank performance through risk-adjusted measures, and its effectiveness depends on bank characteristics and risk management quality.

Detecting Fraudulent Financial Reporting Through External Auditors With Supporting Audit Evidence

Tono Hartono — 2026-07-11

Study This aim For know How proof support that can be used by the parties external auditor in detect fraud reporting finance That the research This highlight various fraud in report finance like manipulate report finance , the existence of error recording , deviation assets , corruption. Therefore, the external auditor plays a role in uncovering financial statement fraud based on supporting evidence found by the external auditor. The external auditor must also be professional and not believe anything conveyed by company management without clear supporting evidence. This method requires internal control tests in conducting audits. The required supporting evidence is a transaction logbook, clear supporting evidence, and the person responsible for the issued transactions. This study needs to review various cases of fraud that are real and have occurred in Indonesia. Therefore, this study needs to emphasize the importance of auditor independence and integrity in carrying out audit duties.

The Role Of Organizational Culture In The Influence Of Knowledge Management Capability And Transformational Leadership On Organizational Performance In Manufacturing Companies

Hesti Lusvita — 2026-07-11

The increasingly competitive market conditions make many manufacturing companies, especially in Batam, initiate changes and adaptations in their business processes by implementing knowledge management capability, the Influence of transformational leadership, and the contribution of organizational culture, and all of them influence organizational performance. This study aims to determine the correlations between the variables mentioned and the extent to which these roles directly or indirectly affect organizational performance. Data collection was carried out quantitatively using the convenience sampling method with employees working in the manufacturing industry as respondents, who were then analyzed using PLS-SEM software. Furthermore, this finding proves the negative effect of the correlation between knowledge management capability and organizational performance. However, transformational leadership positively affects organizational performance. Organizational culture as a mediator also plays an important role in this finding as it significantly mediates both knowledge management capability and transformational leadership variables on organizational performance, respectively. These findings highlight the roles of the variables and how they influence each other so that ways can be found to maintain overall organizational performance. It is also recommended for future research to expand the demographic context to make the research more comprehensive.

Implementation Of The Cooperative Performance Resilience Model Through Servant Leadership, Organizational Culture,And Social Capital At The Bintang 88 Muda Cooperative

Adriana Madya Marampa — 2026-07-12

The type of research used in this study is quantitative research. The sample in this study was 40 employees at the Bintang 88 cooperative. The scale used in this study was an ordinal scale. The data collection technique used in this study was purposive random sampling. The data analysis technique used in this study was SEM PLS. The results of this study indicate that there is a relationship between social capital and the resilience of cooperative performance, social capital influences the resilience of cooperative performance, servant leadership influences the resilience of cooperative performance.

Mediation of Work Motivation: The Impact of Talent Management and Transformational Leadership on Employee Performance

Nursaid Nursaid — 2026-07-13

Competition in the education industry is currently increasing, so every educational organization must prepare human resources that can face increasing challenges. This study aims to determine and analyze the impact of talent management and transformational leadership on lecturer performance with motivation as an intervening variable at the University of Muhammadiyah Jember. The population in this study were all lecturers who teach at UM Jember, both DPK and Persyaritan lecturers, totaling 294 lecturers. The sample was determined using the Slovin formula, resulting in a total of 71 lecturers. Each lecturer had the opportunity to become a respondent where the questionnaire was distributed via Google Form. Analysis of respondent descriptions was carried out using descriptive statistics. Validity and reliability tests were also conducted to test the measuring instrument used, namely the research questionnaire compiled based on indicator variables. Smart PLS was used to test the research hypothesis. The results of the study found that talent management did not affect work motivation. Leadership did affect work motivation. Talent management did affect lecturer performance. Meanwhile, transformational leadership did not affect lecturer performance, while work motivation did affect lecturer performance.

Proposed Business Development Strategy for Enhancing Profitability of CV. Kharisma Satria Lestari

Maria Ambalika Setiadi — 2026-07-13

Indonesia’s textile industry has experienced a significant decline, reflected in the rising number of bankrupt companies, large-scale layoffs, and reduced factory utilization rates. This contraction has sharply reduced the demand for textile machinery spare parts, which directly affects CV. Kharisma Satria Lestari (KSL), a supplier of spare parts for textile manufacturers. The company has faced a shrinking client base, a substantial drop in order volume, and revenue decline of 37.5 percent. This study aims to formulate an appropriate business development strategy to enhance CV.KSL’s profitability. This research adopts a qualitative approach through semi-structured interviews, participant observations, and literature review. The findings show that CV. KSL’s heavy dependence on a single customer segment, integrated production medium to large textile companies, has made the company highly vulnerable to downturns. The weak market condition also amplifies the bargaining power of buyers, posing a major challenge for CV. KSL. Competitive pressure from existing rivals and potential entrants further intensifies this situation. Internally, the company struggles with limited resources, outdated production machinery, and centralized decision-making processes that reduce agility and innovation. To address these challenges, a broader differentiation strategy is recommended. CV. KSL should expand its client acquisition efforts within its current target segment while also reaching new segments, particularly small-scale textile firms that demonstrate high demand for spare-part repair and replacement. Successful implementation requires strengthening digital marketing, networks, and R&D capabilities to support product enhancement, which creates added value that distinguishes KSL from competitors, ultimately improving its profitability.

Securities Market Efficiency During The Announcement Period Of The President And Vice President For The 2024-2025 Period: Abnormal Changes In Return And Trading Volume Activity

David David — 2026-07-13

This study analyzed the impact of the 2024–2029 inauguration of the President and Vice President on the abnormal returns and trading volume activity (TVA) of companies listed on the IDX that comprise the LQ-45 index. This study examines the 20-day interval preceding and succeeding the inauguration date of October 20, 2024, employing an event study methodology. Secondary data sources utilized include stock trading volumes, price summaries, and the Composite Stock Price Index (IHSG). A paired sample t-test is employed for analyzing returns that do not adhere to a normal distribution, while the Wilcoxon signed-rank test is utilized for TVA returns that also deviate from normality. The findings indicate that the incidence of anomalies does not differ considerably before and after the inaugurations of the president and vice president. The inauguration fails to furnish investors with much fresh information, as market expectations were presumably established in advance. Conversely, most LQ-45 companies experienced an increase in stock trading activity following the inauguration, signifying a notable disparity in TVA. The data indicates a substantial increase in trading activity, reflecting heightened investor interest and shifts in investment strategies, but stock prices remained relatively steady. This analysis indicates that the Indonesian capital market is more influenced by certain political events regarding trading volume than by abnormal returns.

Strategy to Restore Business Stability at PT. Edu

Salsabella Kanzu Watani — 2026-07-13

This study investigates the decline in revenue of a company in the education technology (edtech) industry, PT. Edu, which resulted in the company cutting its budget, laying off employees, and reducing its marketing efforts. A qualitative method was used to identify internal and external challenges that affected the decline faced by PT. Edu with the aim of determining the root cause of the decline and formulating solutions. Several tools were used for data analysis, such as Marketing Mix 7Ps, VRIO, PESTEL, Porter's Five Forces, and SWOT. The author also used the TOWS Matrix to formulate the solutions presented in this study, which contain strategic recommendations for PT. Edu to restore its business stability.

The Effect of Product Design and Price Discount on Impulse Buying through Positive Emotion as a Mediating Variable in the Fast Fashion Industry: Uniqlo in Jakarta

Raisya Rahma Aulia — 2026-07-13

This study analyzes the effect of product design and price discount on impulse buying through positive emotion as a mediating variable among Uniqlo consumers in Jakarta. A quantitative approach was used with data from 130 respondents and analyzed using Structural Equation Modeling (SEM). The results show that product design has a positive and significant effect on impulse buying and positive emotion. Price discount has no significant direct effect on impulse buying but has a positive effect on positive emotion. Positive emotion also has a positive and significant effect on impulse buying. The mediation analysis indicates that positive emotion partially mediates the relationship between product design and impulse buying, and fully mediates the relationship between price discount and impulse buying. Overall, the findings highlight that emotional factors and product design play a more dominant role than price discounts in driving impulse buying behavior.

Environmental, Social, and Governance (ESG) and Corporate Tax Avoidance: Evidence from Non-Financial Firms in Indonesia, Malaysia, and Singapore

Nabela Khoiriyah — 2026-07-13

This study aims to examine how Environmental, Social, and Governance (ESG) factors influence tax avoidance in non-financial companies across Indonesia, Malaysia, and Singapore from 2019 to 2023. ESG data and tax avoidance metrics, based on the Current Effective Tax Rate (CETR), were collected from Bloomberg. Regression analysis indicates that ESG has a significant negative impact on tax avoidance. Further tests revealed that only the governance component had a significant negative effect, while the environmental and social components were not significant. These results support the Legitimacy Theory, which suggests that sustainability commitments, especially governance, promote more ethical tax behavior.

Islamic Work Ethics in Daily Work Practices: A Case Study of Employees at Bank Syariah Indonesia, Palembang Branch

Harianto Harianto — 2026-07-13

This study aims to explore the practice of Islamic Work Ethics (IWE) in the daily lives of employees of Bank Syariah Indonesia (BSI) Palembang Branch Office after the merger, with a focus on the influence of anxiety related to job placement on the internalization of IWE values. The research method used a qualitative approach with a case study design. Data were collected through in-depth interviews with 15 informants from various banks (former BRI Syariah, BNI Syariah, Mandiri Syariah), observation, and documentation. Data analysis used the Miles & Huberman interactive model. Findings The study found that anxiety about job placement manifests itself in cognitive, affective, behavioral, relational, and spiritual dimensions. Four typologies of employee responses were identified: resilient (strengthened IWE, 20-25%), surviving (stable IWE - decreased OCB, 40-50%), vulnerable (weakened IWE, 20-25%), and problematic (deviant behavior, 5-10%). IWE values such as trustworthiness and honesty are relatively well-maintained, but cross-group collaboration (ukhuwwah) and the meaning of work as worship face significant challenges. This research integrates IWE theory, organizational justice, social identity, and spiritual resilience in the context of Islamic bank mergers in Indonesia.

Digital Payment and Financial Technology: Their Impact on the Financial Performance of MSMEs in Yogyakarta

Eska Prima Monique Damarsiwi — 2026-07-13

Digital transformation has driven significant changes in the business activities of MSMEs, particularly in the areas of transactions and financial management. The use of digital payments and financial technology (FinTech) is one strategy that can improve operational efficiency, expand access to financial services, and support improved business performance. This study aims to analyse the impact of digital payments and financial technology on the financial performance of MSMEs in the Special Region of Yogyakarta. The study employs a quantitative approach using explanatory research methodology. Data were collected through the distribution of questionnaires to 200 MSME operators selected using purposive sampling. The Digital Payment variable was measured using indicators of QRIS usage, e-wallet usage, ease of transactions, transaction speed, transaction security, and ease of transaction recording. The Financial Technology variable was measured using indicators of ease of access to digital financial services, ease of obtaining digital financing, efficiency of business financial management, and ease of monitoring transactions and cash flow. Meanwhile, Financial Performance was measured through sales growth, profit growth, operational cost efficiency, improved cash flow, and increased profitability. Data analysis was carried out using multiple linear regression with the aid of SPSS software. The results of the study indicate that Digital Payment has a positive and significant effect on Financial Performance.

The Role Of Financial Distress In Mediating The Relationship Between Liquidity, Leverage, And Operating Capacity On Profitability

Yosi Kurnia — 2026-07-14

The purpose of the study is to determine the effect of Liquidity, Leverage, Operating Capacity, on Profitability through Financial Distress. This type of research is classified as survey research with theory development and hypothesis testing methods (explanatory). The results of the study show a significant effect of Liquidity on Financial Distress. Significant influence of Liquidity on Profitability. Significant influence of Leverage on Financial Distress. Significant influence of Leverage on Profitability. Significant influence of Financial Distress on Profitability. Significant influence of Operating Capacity on Profitability. Significant influence of Operating Capacity on Profitability.

Analysis of E-Service Quality and E-Trust on E-Satisfaction of PLN Mobile App Users With Digital Marketing as a Mediating Variable (Case Study at PT. PLN UP3 Pematang Siantar)

Resignedly Hatoguan Pakpahan — 2026-07-14

This study analyzes the influence of e-service quality and e-trust on the e-satisfaction of PLN Mobile app users, with digital marketing as a mediating variable at PT. PLN UP3 Pematang Siantar. This is a quantitative study using a survey approach, involving 220 respondents and analyzed using Partial Least Squares with SmartPLS. The results indicate that e-service quality and e-trust have a positive and significant effect on e-satisfaction. Both variables also have a positive and significant effect on digital marketing, which subsequently mediates their influence on user satisfaction. The R-square value for e-satisfaction of 0.589 indicates that 58.9% of the variation in user satisfaction is explained by e-service quality, e-trust, and digital marketing. These findings confirm that user satisfaction with the PLN Mobile app is influenced by service quality, user trust, and the effectiveness of digital marketing. This study also highlights the importance of interactive and educational digital communication strategies to enhance user understanding and engagement. The research findings are expected to provide practical insights for PLN to design feature improvements, build customer loyalty, and optimize digital service transformation.

The Influence Of Human Resource Development, Leadership And Organizational Culture On Employee Performance With Work Ethic As An Intervening Variable In The Housing And Regional Office Langkat Regency Settlement

Ferisna Yuliamita Saragih — 2026-07-14

This research aims to analyze the influence of human resource development, leadership, and organizational culture on employee performance with work ethic as an intervening variable in the Langkat Regency Housing and Settlement Area Office. This study uses a quantitative approach. The population in this study is all employees of the Langkat Regency Housing and Settlement Areas Office which totals 50 people. Because the population is relatively small, the entire population is used as a sample with a total sampling technique, so that the research sample totals 50 respondents. Data was collected through the distribution of questionnaires with a Likert scale and analyzed using the Partial Least Squares-Structural Equation Modeling (PLS-SEM) method with the help of the SmartPLS 3.0 application. The results of the study show that human resource development has a positive and significant effect on work ethic with a coefficient of 0.357 and on employee performance with a coefficient of 0.644. Organizational culture has a positive and significant effect on work ethic with a coefficient of 0.452, but does not have a significant effect on employee performance with a coefficient of 0.049. Work ethic has a positive and significant effect on employee performance with a coefficient of 0.258. Furthermore, leadership does not have a significant effect on work ethic with a coefficient of 0.145, but has a positive and significant effect on employee performance with a coefficient of 0.581. In the indirect influence, organizational culture has a significant effect on employee performance through work ethic with a coefficient of 0.217, and human resource development also has a significant effect on employee performance through work ethic with a coefficient of 0.192. Meanwhile, leadership does not have a significant effect on employee performance through work ethic with a coefficient of 0.138. The R Square value shows that work ethic can be explained by 82.4%, while employee performance can be explained by 87.0% by the research model. This research shows that the development of human resources, leadership, and organizational culture has an important role in improving employee performance, both directly and indirectly through work ethic. Therefore, agencies need to improve human resource development programs, strengthen leadership, and build a good organizational culture to encourage improvement in work ethic and employee performance.

The Effect Of Digital Training On Teacher Performance : The Mediating Role Of Digital Self-Efficacy Among Teachers At SMA Negeri 1 Selesai

Firmansyah Firmansyah — 2026-07-14

This study examines the effect of Digital Training on Teacher Performance with Digital Self-Efficacy as a mediating variable. The research is based on the increasing need for teachers to adapt to digital learning environments and to improve their professional performance through technology-based competencies. A quantitative approach was employed using survey data collected from teachers and analyzed with Partial Least Squares Structural Equation Modeling (PLS-SEM). The measurement model was evaluated through outer loading, Cronbach’s Alpha, Composite Reliability, Average Variance Extracted, Fornell-Larcker criterion, cross-loading, and HTMT, while the structural model was assessed using R-square, direct effects, and indirect effects. The results show that Digital Training has a positive and significant effect on Teacher Performance. Digital Training also has a positive and significant effect on Digital Self-Efficacy. Furthermore, Digital Self-Efficacy positively and significantly affects Teacher Performance. The mediation test confirms that Digital Self-Efficacy partially mediates the relationship between Digital Training and Teacher Performance. The model explains 54.1% of the variance in Digital Self-Efficacy and 78.3% of the variance in Teacher Performance, indicating moderate to substantial explanatory power. These findings suggest that digital training contributes not only to teachers’ technical competence but also to their confidence in using digital technologies. Therefore, educational institutions should develop continuous digital training programs supported by mentoring and practical implementation to enhance teacher performance in digital learning settings.

The Influence of Parasocial Relationship, Promotion, and Perceived Usefulness on Customer Loyalty in TikTok Livestream

Atik Zanzabila — 2026-07-15

The rapid growth of social media and e-commerce has positioned TikTok as a prominent platform for livestreaming commerce, with high user engagement in Indonesia. This study aims to examine the effects of parasocial relationship, promotion, and perceived usefulness on purchase behavior and customer satisfaction, and their implications for customer loyalty within the Stimulus–Organism–Response (SOR) framework. A quantitative approach was employed using purposive sampling, involving 308 active TikTok users aged 18 years and above who had watched and purchased through TikTok livestreams. Data were collected via an online questionnaire and analyzed using Structural Equation Modeling (SEM) with AMOS Software. The findings reveal that parasocial relationship significantly influence purchase behavior, while purchase behavior and customer satisfaction have significant positive effects on customer loyalty. Promotion significantly affects customer satisfaction, whereas perceived usefulness does not.

The Influence of Leadership Style, Employee Loyalty, and Work Motivation on Employee Performance at PT. Mitra Puding Mas Palm Oil Mill (PKS)

Diki Heryanto — 2026-07-15

This study was motivated by the importance of improving employee performance as a key factor in achieving organizational goals at PT. Mitra Puding Mas’s palm oil mill. Employee performance is influenced by several internal factors, particularly leadership style, job loyalty, and work motivation. An effective leadership style can guide and influence employee behavior; job loyalty reflects commitment to the company; and work motivation serves as a driving force in improving productivity and work quality. This study aims to analyze the influence of leadership style, job loyalty, and work motivation on employee performance, both partially and simultaneously. The study employs a quantitative approach using a survey method via a questionnaire. Data analysis was conducted using multiple linear regression with the aid of SPSS, accompanied by validity and reliability tests, as well as hypothesis testing via t-tests and F-tests. The results of the study indicate that leadership style and work motivation have a positive and significant effect on employee performance, while job loyalty has a significant negative effect on employee performance. Collectively, leadership style, job loyalty, and work motivation have a significant effect on employee performance at PT. Mitra Puding Mas’s palm oil mill. These findings suggest that improving leadership style and work motivation can enhance employee performance, while job loyalty needs to be managed more effectively to contribute optimally to improved employee performance.

The Impact of National Health Insurance (JKN) Participation, Access to Health Services, and Economic Factors on the Poverty Depth Index in Central Java Districts/Cities

Desiana Tri Hidayati — 2026-07-15

The National Health Insurance Program (Jaminan Kesehatan Nasional/JKN) is Indonesia's strategic commitment to achieving Universal Health Coverage (UHC) and reducing health-related financial risks that can deepen poverty. While existing studies have examined the impact of JKN on healthcare utilization and out-of-pocket expenditures, its combined effects with healthcare access and local economic conditions on poverty intensity remain underexplored, particularly at the sub-national level. This study analyzes the impact of JKN coverage, healthcare access, and key economic factors on poverty depth across districts and cities in Central Java, Indonesia. A quantitative approach with a balanced panel data design was used, covering 35 districts/cities in Central Java from 2019 to 2024 (210 observations). Data are sourced from BPJS Kesehatan (active JKN membership), Statistics Indonesia (BPS) for the poverty depth index (P1), economic growth, and unemployment rate, and the Ministry of Health (community health center ratio). The analysis uses a fixed-effects regression model to control for heterogeneity that does not change over time, with robustness checks for model specification. JKN coverage has a significant negative effect on the poverty depth index (β = -0.0152, p<0.01), confirming its role in reducing poverty intensity. This effect is significantly strengthened in districts with better physical access to health facilities, as indicated by the negative and significant interaction term (JKN × Puskesmas: β = -0.0083, p<0.05). Economic growth shows a stronger poverty reduction effect (β = -0.0321, p<0.01), while the unemployment rate exacerbates poverty depth (β = 0.0264, p<0.01). JKN effectively contributes to reducing poverty depth, but its impact depends on adequate health infrastructure. Sustainable poverty reduction requires an integrated policy approach that combines health system strengthening through the simultaneous expansion of financial protection and physical access with broader economic strategies that stimulate inclusive growth and job creation. Policymakers should prioritize context-specific interventions that address both health sector and macroeconomic determinants of well-being.

Work-Life Balance, Workload, and Turnover Intention: An Empirical Study on a Local State-Owned Enterprise in Indonesia

Zaid Ilfan — 2026-07-15

Employee turnover rates at Perumda Dharma Jaya have risen sharply over the past five years, alongside indications of excessive workloads reflected in overtime hours that far exceed labor regulations. This study analyzes the effects of work-life balance and workload on employees’ turnover intentions at Perumda Dharma Jaya, both partially and simultaneously. The study uses a quantitative, explanatory research methodology, involving 100 respondents selected via purposive sampling from a population of 500 active employees. Data were collected through a Likert-scale questionnaire and analyzed using multiple linear regression. The results indicate that work-life balance has a significant negative effect on turnover intention, whereas workload has a significant positive effect. Simultaneously, both variables were found to have a significant effect on turnover intention, accounting for 88.1 percent of the variance. These findings confirm that appropriately managing workloads and supporting employees’ work-life balance are key determinants that Perumda Dharma Jaya’s management must prioritize to reduce future employee turnover.

The Impact of Information Technology Utilization, Digital Literacy, and Competencies on the Performance of KPU Employees in Kepahiang Regency

Indriana Indriana — 2026-07-15

The development of information technology in the Industry 5.0 era has accelerated digital transformation in the public sector, including election administration. The General Election Commission (KPU) utilizes various digital information systems to support effective, transparent, and accountable electoral processes. In this context, information technology, digital literacy, and employee competency are important factors influencing employee performance. This study employed a quantitative explanatory approach involving all employees and commissioners of the KPU of Kepahiang Regency. Data were collected through online questionnaires and analyzed using multiple linear regression. The results indicate that competency has the strongest influence on employee performance, while digital literacy has a positive and significant effect. Employees with strong digital literacy are better able to utilize applications, process information accurately, and adapt to digital work systems. In contrast, information technology does not significantly affect employee performance, suggesting that its utilization remains in an adaptive stage and requires optimization through improved implementation and continuous training. Simultaneously, information technology, digital literacy, and competency significantly influence employee performance, with an R² value of 0.898, indicating that 89.8% of employee performance is explained by these variables. In conclusion, information technology, digital literacy, and competency jointly contribute to employee performance. These findings highlight the importance of strengthening digital capabilities and competencies to support high-quality election administration.

The Effect Of Work Engagement, Work Stress, and Motivation on Employee Performance of PT. Daria Dharma Pratama Ipuh

Nining Septia — 2026-07-15

This study aims to analyze the effect of work engagement, work stress, and motivation on the employee performance of PMKS Ipuh PT. Daria Dharma Pratama. The research employed a quantitative approach with an explanatory research design and multiple linear regression analysis using IBM SPSS version 25. The research population consisted of 117 permanent employees, with a saturated sampling technique applied. Data were collected through a questionnaire using a 5-point Likert scale and analyzed through validity tests, reliability tests, multiple linear regression analysis, t-test (partial), F-test (simultaneous), and coefficient of determination (R²). The results show that work engagement has a positive and significant effect on employee performance (β = 0.184; p = 0.012), work stress has a negative and significant effect (β = −0.075; p = 0.035), and motivation is the most dominant predictor with a positive and significant effect (β = 0.369; p = 0.000). Simultaneously, the three variables significantly affect employee performance (F = 43.313; p = 0.000) with a coefficient of determination of 53.5%. The study concludes that motivation serves as the primary driver of performance, while work engagement acts as a facilitating condition and work stress functions as an inhibiting factor requiring management. Integrated and holistic human resource management interventions are recommended, with priority given to enhancing motivation, maintaining work engagement, and implementing comprehensive stress management programs.

Tax Surveillance and Optimization of Hotel Tax Revenues in Surabaya

Praptining Rahayu — 2026-07-15

This study aims to analyze the effect of tax surveillance on hotel tax revenue in Surabaya City. This research applies an explanatory quantitative approach using secondary panel data on hotel tax objects from 2013 to 2024. The unit of analysis is hotel tax object-year. The sample consists of 218 hotel tax objects with 1,918 observations. The dependent variable is hotel tax revenue, transformed into ln(tax revenue + 1), while the main independent variable is tax surveillance, measured as a dummy variable based on the installation year for each tax object. The data were analyzed using panel data regression with a two-way fixed effect model and clustered standard errors at the hotel tax object level. The results show that tax surveillance has a positive effect on hotel tax revenue, with a coefficient of 0.3718 and statistical significance at the 10 percent level. This coefficient indicates that after receiving tax surveillance, hotel tax revenue tends to increase by approximately 45.04 percent. Robustness checks also show a consistently positive direction of effect across several model specifications. These findings indicate that tax surveillance can serve as an instrument for local tax intensification by improving transaction monitoring, reducing information asymmetry, and strengthening data-driven tax supervision.

Understanding Muslim tourist experiences: A Sequential Exploratory Mixed-methods Study of Islamic Values in Destination Marketing

Eko Wediyanto — 2026-07-15

This study examines the multidimensional nature of perceived halal tourism benefits among foreign Muslim tourists and identifies market segments based on benefit preferences. Using Exploratory Factor Analysis (EFA), K-means cluster analysis, and Analysis of Variance (ANOVA), the findings reveal that halal tourism benefits encompass religious, social, emotional, and functional dimensions, indicating that Muslim tourists evaluate destinations through a holistic combination of religious values, comfort, safety, service quality, and emotional experiences. Three distinct segments were identified: tourists with high religiosity and gender ethics sensitivity, tourists oriented toward comprehensive Sharia compliance, and pragmatic tourists prioritizing convenience and safety. Significant differences among segments confirm the heterogeneity of Muslim tourist markets. The study further highlights that tourist experiences are influenced by the interaction of religiosity, socio-cultural factors, technology adoption, and sustainability considerations. By integrating a holistic experiential perspective with benefit-based segmentation, this research contributes to halal tourism literature and provides a foundation for developing adaptive, inclusive, and sustainable destination marketing strategies that address diverse Muslim tourist needs.

Analysis of the Implementation of Actuating and Controlling Functions in Handling Double Transfer Cases In The Treasurer Unit Of Jih Hospital, Yogyakarta

Anisah Indriani — 2026-07-15

This study aims to analyze the application of the actuating and controlling functions in handling double transfer cases in the vendor payment process at the Treasurer Unit of JIH Hospital Yogyakarta. The study used a qualitative approach with a case study method. Data were obtained through in-depth interviews with the Treasurer Unit Supervisor, who was selected purposively because of her direct involvement in the vendor payment process and handling of double transfer cases. Data analysis was carried out through the stages of transcription, coding, theme identification, and data interpretation. The results showed that double transfer cases occurred due to human error, particularly a lack of accuracy in checking payment documents, resulting in the double cross-check process not running optimally. Other contributing factors were the high volume of work and fatigue conditions that affected the concentration of officers. The actuating function was implemented through task division, coordination, communication, and work direction, while the controlling function was carried out through layered verification, document checking, identification of deviations, and corrective actions after errors were discovered. The implementation of both functions plays a crucial role in handling and minimizing the risk of vendor payment errors.

Business Risk, Firm Size, and Debt Policy on Firm Value: The Mediating Role of Financial Performance

Sosnon Putri Halawa — 2026-07-15

This study aims to examine the effect of Business Risk (RISK), Firm Size (SIZE), and Debt Policy (DER) on Firm Value (PBV) with Financial Performance (ROA) as a mediating variable in non-financial companies listed on the Indonesia Stock Exchange. The study population includes all companies in the non-financial sector listed on the Indonesia Stock Exchange, and the sample selection was carried out using purposive sampling with criteria of financial reporting consistency, full availability of variable data, and continuous recording during the observation period 2020-2024. This study uses secondary data in the form of annual financial statements obtained from the official website of the Indonesia Stock Exchange and is analyzed using path analysis with the Baron and Kenny procedure through SPSS version 26 software. The results show that RISK has a negative and significant effect on ROA, SIZE has a positive and significant effect on ROA as the most dominant determinant, and DER has a negative and significant effect on ROA. ROA has a positive and significant effect on PBV. Mediation testing proves that ROA significantly mediates the effect of all three independent variables on PBV through partial mediation. This study provides theoretical implications in strengthening the trade-off theory and signaling theory, managerial implications regarding the importance of optimally managing asset scale and leverage, and regulatory implications regarding the need for increased transparency in the disclosure of financial risks by public non-financial companies in the Indonesian capital market.

The Effect Of Internal Locus Of Control And Fraud Seriousness Level On Whistleblowing Intention: The Mediating Role Of Organizational Commitment

Annisa Dwi Kurnia — 2026-07-15

This study aimed to explore the effects of internal locus of control and fraud seriousness levels on whistleblowing intention, with organizational commitment as a mediating variable. SEM-PLS method was employed with the support of SmartPLS 4 software to analyze the data. Based on the findings, internal locus was found to have a positive effect on organizational commitment. Additionally, organizational commitment was also found to positively affect whistleblowing intention. Despite the findings, internal locus of control and fraud seriousness level had no direct association with whistleblowing intention. The result of mediation analysis indicated that organizational commitment functioned as a mediator between internal locus of control and whistleblowing intention. This suggested that the effect of internal locus of control on whistleblowing intention occurred through organizational commitment as a mediating variable (full mediation). In comparison, no mediating effect of organizational commitment was found in the relationship between fraud seriousness level and whistleblowing intention. The implications of this study emphasized the importance of strengthening organizational commitment and developing employees’ internal characteristics to enhance their willingness to report misconduct. Furthermore, the findings theoretically supported the Theory of Planned Behavior.

The Paradox of Government Spending and Demographics on Central Java's Economic Growth

Wahyu Adi Nugroho — 2026-07-15

This study analyzes the paradoxical relationship between government spending, population, and Gross Regional Domestic Product (GRDP) across 35 districts/cities in Central Java from 2019 to 2023. Using panel data regression and selecting the Fixed Effect Model (FEM) based on the Chow and Hausman tests, this study examines the influence of government spending (PM), life expectancy (UHH), school enrollment rate (APS), and total population (JP). The results indicate that government spending and total population have a negative and significant effect on GRDP, contradicting conventional economic theory. Conversely, life expectancy shows a positive and significant impact, while the school enrollment rate does not demonstrate a statistically significant influence. This paradox highlights the inefficiency of local fiscal allocation and the challenges of demographic management in Central Java. The findings suggest that accelerating regional economic growth requires improving the efficiency of government spending, enhancing the quality of human capital through better health outcomes, and managing population growth in conjunction with labor market expansion.

Social Capital And Climate Change Analysis Through Circular Economy Strategy On Goroho Banana MSME Resilience

Steefra D. Mangkay — 2026-07-15

Research aims: This study aims to analyze the influence of Social Capital and Climate Change on Business Resilience with the Circular Economy Strategy as a mediator. Design/Methodology/Approach: This study employs a mixed-methods approach, with a dominant quantitative component and supporting qualitative components, to explore the causal relationships among the variables under investigation. It also seeks to test five research hypotheses that are expected to address the research objectives. The sample in this study consisted of 145 SMEs engaged in the processing of Goroho bananas. The samples were distributed across two regencies: Minahasa and North Minahasa. The sample was determined using a purposive sampling method. The criteria for sample selection were SMEs that have been operational for at least three consecutive years. Research findings: The key findings reveal that the Circular Economy Strategy is not merely an operational response, but rather a transformational mechanism that mediates 41-45% of the total impact of Climate Change and Social Capital on Business Resilience, with a statistically significant result (t > 5.2, p < 0.001) and a medium-to-large effect size (f² > 0.23). More importantly, effect size analysis demonstrates that Climate Change and Social Capital have a very substantial practical impact on the adoption of the Circular Economy Strategy (f² > 1.0), indicating that businesses or enterprises facing high climate pressures or possessing strong social networks will dramatically enhance the implementation of circular practices. Qualitative findings reveal the actual dynamics behind statistical figures, showing that the resilience of banana goroho MSMEs is built through real-world experience and collective adaptation. In-depth analysis of the life experiences of banana goroho processing MSME actors reveals that business resilience is genuinely rooted in the foundation of communal values that are deeply ingrained in the lives of the Minahasan community. Social Capital is concretely manifested in mutual aid practices, belief systems passed down through generations, and kinship networks that form a natural safety net when facing external shocks, such as climate anomalies. Empirical evidence shows that, amid crop failures due to unpredictable weather, resource-sharing and knowledge-transfer mechanisms among community members occur without economic calculation—a practice reflecting the local wisdom of "torang samua basudara" (we are all brothers) as a social glue supporting the sustainability of collective endeavors. Theoretical Contribution/Originality: The theoretical contribution of this study lies in the empirical evidence that business resilience in the era of sustainability is not built through a single pathway, but rather through dual pathways—direct and indirect—which require business actors or organizations to transform external challenges into internal capabilities through innovation in circular business models, particularly in the local culinary SME sector. Practitioners/Policy Implications: Based on the research findings, to support business resilience and the implementation of the circular economy in SMEs, policies should include capacity-building for SMEs through training and improved access to resources, as well as incentives for those adopting environmentally friendly practices, such as using recycled materials and reducing waste. Additionally, it is crucial to foster stronger partnerships between the public and private sectors to support the transition of SMEs to a circular economy, along with establishing clear regulations to encourage the adoption of sustainability principles. These measures will enhance the competitiveness of SMEs, help them survive market challenges, and contribute to more sustainable development goals. Research Limitations/Implications: This study focuses on SMEs involved in the processing of Goroho bananas in Minahasa and North Minahasa districts. The study is limited to data from a specific sector; thus, generalization to other industries or geographic contexts should be done with caution.

Social Media Marketing And Brand Image As Determinant Patient Loyalty Wit Trust As Intervening

Indri Agustin — 2026-07-15

Purpose – Using patient trust as an intervening variable, the study intends to investigate and assess the direct and indirect effects of social media marketing and brand image on patient loyalty. Novelty – This study examines how social media marketing and brand image affect patient loyalty using an intervening test model (patient trust). Method – This study employs an explanatory/confirmatory design. The group consisted of outpatients from Jember Regency's Dr. Soebandi Regional General Hospital. Purposive and accidental sampling were used as the sampling techniques, and the number of samples was calculated using the Slovin formula. Partial Least Square (PLS) data analysis was performed using the WarpPLS 7.0 program. Findings – The results demonstrate that patient trust is greatly impacted by social media marketing and brand image. While company image has little bearing on patient loyalty, social media marketing has a substantial impact. Patient loyalty is positively and significantly impacted by patient trust. Patient loyalty is greatly impacted by social media marketing and brand image, with patient trust acting as an intervening variable. Limitations and Implications – The results of this study cannot be broadly applied because the research participants were restricted to patients at Dr. Sobeandi Regional Hospital in Jember. Future studies might use a larger population (national or regional). An additional constraint pertains to the requirement for a survey that integrates qualitative elements to elucidate the ways in which social media marketing impacts patient loyalty and trust.

Bibliometric Analysis Of The Development Of Digital Systems, Applications, And Products In Data Processing (SAP) During The 2018–2024 Period

Nadia Fahima — 2026-07-15

This study aims to map the development of research on Systems, Applications, and Products in Data Processing (SAP) during the 2018–2024 period using a bibliometric approach. Research data were collected from the Scopus database through a literature selection process based on the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines, resulting in 316 publications that met the inclusion criteria. Publication metadata were analyzed using VOSviewer through co-occurrence, overlay visualization, density visualization, and co-authorship network analyses to identify publication trends, thematic developments, and scientific collaboration patterns. The findings indicate that SAP-related publications remained relatively stable with moderate fluctuations, increasing from 42 publications in 2018 to a peak of 53 publications in 2022. The keyword network structure highlights SAP, Enterprise Resource Planning (ERP), and enterprise systems as core themes interconnected with digital transformation, cloud computing, process mining, artificial intelligence, machine learning, and SAP S/4HANA. Temporal analysis reveals a shift in research focus from conventional ERP implementation toward the development of enterprise systems increasingly integrated with digital technologies and data-driven capabilities. Furthermore, the co-authorship analysis demonstrates the emergence of international collaboration networks involving researchers from various countries in advancing SAP-related studies. Overall, the results provide a comprehensive overview of the evolution of SAP research and identify promising directions for future studies in the era of digital transformation.

Islamic Value-Based Health Service Model Satisfaction and Behavior Complaint Patients in Hospital: SEM-PLS Approach

Susi Handayani — 2026-07-16

This study aims to analyze the influence of an Islamic value-based healthcare service model on patient satisfaction and its implications for patient complaint behavior at PKU Muhammadiyah Mayong Hospital, Jepara. Using a quantitative approach with the Structural Equation Modeling - Partial Least Squares (SEM-PLS) method, data were collected from respondents through a structured questionnaire. The construct of the Islamic value-based healthcare service model integrates the prophetic values of shiddiq, amanah, fathanah, tabligh, and ihsan as service indicators. The results show that the implementation of Islamic values contributes positively and significantly to improving patient satisfaction holistically. Furthermore, the Islamic value-based healthcare service model has been proven effective in reducing the tendency of patient complaint behavior, both directly and through the mediation of patient satisfaction. Managerially, strengthening spiritual values is not merely an ethical aspect, but a strategic instrument to mitigate the risk of service failure and build patient trust as an economic asset of the hospital. Synchronizing medical professionalism and Islamic spirituality is the key to sustainable competitive advantage for faith-based healthcare institutions.

The Role of Relationship Management and Word of Mouth in Building Trust and Revisit Intention at Hotels in Batam

Stanley Asyer Francisco Tay — 2026-07-16

This study aims to analyze the effect of RM and WOM on revisit intention with trust as a mediating variable among customers of 4-star hotels in Batam City. A quantitative approach was used with the Structural Equation Modeling Partial Least Square (SEM-PLS) method. Data were obtained through a survey of 120 respondents who had stayed at 4-star hotels, using purposive sampling techniques. The results show that RM and WOM have a positive and significant effect on trust. However, trust does not have a significant effect on revisit intention. RM also does not have a direct effect on revisit intention. Meanwhile, WOM has a positive and significant effect on revisit intention. These findings indicate that promotion through customer-to-customer communication is more effective in encouraging revisit intention than relationship-based marketing alone. This study provides practical implications for hotel managers to strengthen WOM strategies, as well as opening up opportunities for further research by considering additional variables such as customer satisfaction and stay experience.

Analysis of Artificial Intelligence (AI) Recommendation Systems to Support Itsuki Matcha as a Micro, Small, and Medium Enterprise (MSME) in Indonesian Social E-Commerce

Esau Gultom — 2026-07-16

This study examines the implementation of artificial intelligence–based recommendation systems through Meta Ads and Odoo ERP in the micro, small, and medium enterprise (MSME) Itsuki Matcha. The research aims to evaluate how AI-driven digital advertising and operational systems contribute to brand awareness, customer interest, and sales performance. A mixed analytical approach was employed, combining the EPIC Model to assess advertising effectiveness with experimental budget variations in Meta Ads and operational evaluation of Odoo ERP. The findings indicate that communication-focused advertising content performs most effectively in attracting audience attention and conveying product information. While the Meta Ads recommendation system initially faced a cold-start condition, performance improved as the algorithm entered a learning phase, leading to higher engagement and the first recorded sales conversions. In addition, Odoo ERP enhanced operational efficiency by automating inventory management and synchronizing sales data, despite limitations in activating its AI recommendation features due to insufficient historical data. Overall, the study demonstrates that AI-based systems can support early-stage MSME growth by strengthening digital visibility and operational accuracy, although sustained implementation and longer observation periods are required to achieve stable financial performance and scalability.

Procurement Management Case Analysis Government Goods/Services in Indonesia Period of 2025

Dodi Hardinata — 2026-07-16

This study aims to analyze in detail the problems of implementing government procurement of goods/services that occurred in Indonesia in the period of 2025. Government procurement of goods and services in Indonesia is a complex process and has a significant impact on the success of national development. This study focuses on new policies, the application of technology in procurement, as well as issues such as transparency, efficiency, and accountability. Data are taken from various official government reports, articles, and the results of interviews with related parties. The research method used is a qualitative method, with a total of 68 informants. The results of the study, government procurement of goods and services in Indonesia in 2025 shows some progress in terms of policy and technology, but still faces major challenges related to transparency, accountability, and human resource competency. Increased technological capacity and stricter law enforcement are needed to realize more effective and efficient procurement. The novelty in this study is, providing recommendations for improvements based on the cases of procurement of goods/services analyzed, the government needs to strengthen policies and implementation of more accountable and transparent procurement. Supervision and law enforcement, conducting stricter supervision of the procurement process and taking firm action against any form of deviation to reduce the risk of criminal acts of corruption.

The Effect Of Perceived Social Value On The Competitiveness Of Stanley Tumbler Products In Indonesia:The Mediating Role Of Brand Trust And Brand Reputation

Rahman Maulana — 2026-07-16

The development of lifestyle-oriented consumption and social values has driven significant changes in consumer behavior toward premium products. Stanley Tumbler has emerged as a symbol of social consumption that is perceived not only in terms of functional attributes but also through social value, brand trust, and brand reputation. This study aims to examine the effect of perceived social value on the competitiveness of Stanley Tumbler products in Indonesia, with brand trust and brand reputation serving as mediating variables. This study adopts a quantitative approach using a survey method conducted among consumers of Stanley Tumbler products in Indonesia. Data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The results indicate that perceived social value has a positive and significant effect on brand trust and brand reputation. Furthermore, brand trust and brand reputation are found to have a positive and significant influence on product competitiveness. Mediation analysis reveals that brand trust and brand reputation significantly mediate the relationship between perceived social value and product competitiveness. These findings emphasize the importance of social value and brand perceptions as key sources of sustainable competitive advantage in the premium lifestyle product market.

Examining Financial Distress In The Indonesian Coal Sector: The Role Of Cash Flow, Leverage, Liquidity, And Institutional Ownership

Naomi Valentina Lumban Gaol — 2026-07-16

This study investigates the effects of operating cash flow, leverage, liquidity, and institutional ownership on financial distress in coal companies listed on the Indonesia Stock Exchange during the 2022–2024 period. Financial distress is measured using the continuous form of the Altman Z-Score Model for Emerging Markets (2019 modification). The study utilizes secondary data from 29 firms selected through purposive sampling, resulting in 75 firm-year observations. Data are analyzed using multiple linear regression techniques. The partial (t-test) results indicate that operating cash flow, leverage, and liquidity have a significant effect on financial distress, while institutional ownership does not exhibit a significant influence. The simultaneous (F-test) results show a significance level of 0.000 with an F-statistic of 83.818, indicating that all independent variables jointly affect financial distress. Furthermore, the Adjusted R² value of 0.817 suggests that 81.7% of the variation in financial distress can be explained by the variables included in the model, while the remaining 18.3% is explained by other factors. These findings indicate that internal financial conditions play a dominant role in determining financial vulnerability in coal companies and support the use of continuous Z-Score measurements in capturing variations in firms’ financial conditions.

Overvalued And Undervalued Stock? Comparative Case Study Using Discounted Cashflow Method

Yulia Sukma Hardyanti — 2026-07-16

This study aims to analyze the intrinsic value of PT Indofood Sukses Makmur Tbk and PT Unilever Indonesia Tbk using the Discounted Cash Flow (DCF) method. The companies were selected based on their strategic role in the consumer goods sector and their attractiveness to investors. A descriptive quantitative approach was applied using secondary data from financial reports for 2022–2024. The results indicate that INDF shares are undervalued on 2022 until 2024, UNVR shares are overvalued on 2022 until 2023 dan undervalued on 2024. This discrepancy reflects differences in business structure and cash flow efficiency between the firms. The findings emphasize the importance of fundamental valuation in supporting rational and strategic investment decisions.

Understanding Risky Credit Behavior In Paylater Usage: The Interplay Of Financial Literacy, Impulsive Buying, And Self-Control

Thania Kusmalinda — 2026-07-16

The rapid growth of PayLater services in the metropolitan city of Jakarta increases consumers exposure to the dynamics of consumptive financing. Financial literacy inequality and impulse buying tendencies have the potential to cause risky credit behavior in PayLater users. This research was conducted in 2025 using a quantitative method, using a measured questionnaire consisting of variables of financial literacy, impulse purchase, risky credit behavior, and self- control. Data analysis used Partial Least Squares Structural Equation Modeling (PLS-SEM) to test the structural relationships and moderation effects. The PayLater user population in the DKI Jakarta area is aged 18-45 years old with a purposive sample of 456 respondents who are actively using PayLater in the last six months. The results showed that financial literacy had a negative effect on impulse purchases (β = -0.28, p < 0.01). Impulse purchases were positively associated with risky credit behavior (β = 0.34, p < 0.001). Self-control acts as a moderation variable in the relationship between impulsive purchasing and risky credit behavior (interaction β = -0.12, p < 0.05), so that increased self-control weakens the impact of impulsivity on credit risk. Overall, financial literacy can suppress risk through reduced impulsivity, while self-control reinforces the benefits of literacy. These findings have practical implications for the PayLater platform, financial institutions, and financial literacy programs in Jakarta, in the form of higher financial literacy reducing impulsivity to purchase; impulsive buying increases risky credit behavior; self-control suppresses the impulsive effect on credit risk; financial literacy programs and increased self-control can reduce the level of credit risk in PayLater users.

The Effect Of Esg Disclosure, Asset Turnover, And Working Capital Turnover On Financial Performance In Industrial Goods Companies Listed On The Indonesian Stock Exchange From 2021 To 2024

Abdurrahman Faiz Ghifari — 2026-07-16

This study aims to analyze the effect of Environmental, Social, and Governance (ESG) disclosure, Asset Turnover (TATO), and Working Capital Turnover (WCTO) on the financial performance of industrial companies listed on the Indonesia Stock Exchange (IDX) during the period 2021–2024. This study uses a quantitative approach with a comparative causal research design. The data used is secondary data obtained from companies' annual financial reports and sustainability reports. Sampling was determined using purposive sampling, resulting in 113 observations that met the research criteria. The analysis method used was multiple linear regression to test the effect of independent variables on financial performance, which was proxied by Return on Assets (ROA). The results showed that ESG disclosure and asset efficiency had an effect on the financial performance of industrial companies, while working capital management efficiency showed varying effects. This study contributes to enriching the financial accounting literature by integrating aspects of sustainability and operational efficiency, as well as providing practical implications for company management, investors, and regulators in making sustainability-oriented decisions.

The Role Of Health Function Expenditure In Achieving Sdg 3 Moderated By Apip And Iepk In Indonesia

Moh Agil — 2026-07-16

Health is a central pillar of sustainable development and a key priority within Sustainable Development Goal 3 (SDG 3), yet Indonesia continues to face persistent health disparities across regions despite increasing public health expenditure. This study examines whether health function expenditure effectively improves SDG 3 outcomes and investigates the moderating roles of internal government supervision and corruption control. Using panel data from Indonesian provincial, district, and municipal governments for the post-pandemic period, this research applies regression and moderation analysis to assess the relationships among health expenditure, SDG 3 achievement, the capacity of the Government Internal Supervisory Apparatus (APIP), and the Effectiveness of Corruption Control Index (IEPK). The findings indicate that health function expenditure positively influences SDG 3 outcomes, and this effect is significantly strengthened when supported by effective internal supervision and strong corruption control. These results highlight that budget size alone is insufficient; governance quality plays a crucial role in translating expenditure into health improvements. The study contributes to the literature by integrating fiscal policy and governance perspectives and provides policy-relevant insights for strengthening accountability mechanisms to accelerate SDG 3 achievement in Indonesia.

The Influence of Digital Marketing Strategy and the Application of Information Technology on Go Global Decision Making Implications for Competitive Advantage (Survey on MSMEs in Palu City)

Rena Ayu Purniatin — 2026-07-16

This study aims to examine the influence of digital marketing strategies and the application of information technology on competitive advantage, with the decision to go global as an intervening variable in MSMEs in Palu City. The approach used is quantitative with the Path Analysis method, involving 100 MSME actors selected using purposive sampling techniques. Data collection was carried out through the distribution of questionnaires directly to respondents. The results of the analysis show that digital marketing strategies and the application of information technology have a positive and significant influence on the decision to go global and competitive advantage. In addition, the decision to go global has been proven to be able to act as a mediating variable in the relationship between the two variables to competitive advantage. These findings confirm that the implementation of digital strategies and the integrated use of information technology are important factors in increasing the competitiveness of MSMEs in a sustainable manner.

The Meaning Of Profit From The Perspective Of Business Actors In The Canteen Of The Faculty Of Economics And Business Tadulako University

Nurainun Habiba — 2026-07-16

This research aims to understand the meaning of profit from the perspective of business actors who carry out economic activities in the Canteen of the Faculty of Economics and Business, Tadulako University. This research uses a qualitative approach with phenomenological methods. Data were collected through semi-structured in-depth interviews, observations, and documentation conducted with two purposively selected informants. Data analysis uses the stages of data collection, data reduction, data presentation and conclusion drawn. The results of the study show that profit is interpreted multidimensionally, including interrelated material and non-material aspects. Functional material profit is understood as sustainability that supports the fulfillment of living needs and maintains business continuity. Meanwhile, non-material profits are interpreted as happiness, blessings and relationships. The campus environment as a social space also influences the way business actors view profits, so that business orientation is not solely directed at maximizing profits, but also at balancing economic interests and human values. This research contributes by broadening the understanding of profit as a contextual and social concept, especially in the practice of micro businesses operating in an environment full of social interaction.

Effectiveness Analysis Of The Mutual Agreement Procedure (MAP) As A Dispute Resolution Mechanism And The Advance Pricing Agreement (APA) As A Preventive Strategy For Transfer Pricing In Indonesia

Firgia Ekklesia Heilbron — 2026-07-16

This study aims to analyze the effectiveness of the Mutual Agreement Procedure (MAP) as a dispute resolution mechanism and the Advance Pricing Agreement (APA) as a preventive strategy for transfer pricing in Indonesia. This study employs a qualitative descriptive approach using secondary data in the form of tax regulations, OECD reports, and relevant academic literature. The findings indicate that, from a regulatory perspective, the implementation of MAP and APA in Indonesia is aligned with international standards, particularly following the issuance of PMK 172/PMK.03/2023. MAP has proven effective in reducing the risk of double taxation and providing a non-litigation alternative for dispute resolution, although it continues to face constraints such as lengthy processing times, the complexity of bilateral negotiations, and limited institutional capacity. Meanwhile, APA offers an advantage as a preventive instrument by providing legal certainty before transactions are carried out; however, its utilization remains relatively low due to administrative burdens, lengthy negotiation periods, and concerns regarding data confidentiality. Accordingly, the effectiveness of both mechanisms is strongly influenced by the quality of transfer pricing documentation, the preparedness of the tax authorities, and the level of taxpayer compliance. This study recommends strengthening institutional capacity, accelerating administrative procedures, and enhancing transparency to optimize the role of MAP and APA in supporting legal certainty and reducing international tax disputes in Indonesia.

Analysis of JNE 093 Pulo Gebang Indah Service Quality Using Servqual Dimensions and Importance Performance Analysis

Muhammad Abigail Athallah — 2026-07-16

This research aims to evaluate customer perceptions and expectations of JNE 093 Pulo Gebang Indah service quality and provide recommendations for improvement in its service quality. This research uses a mixed method by first conducting quantitative research using surveys with Likert scale answers for service quality questionnaires and distribute it to customers. The sample size for surveys is 100 respondents from JNE 093 Pulo Gebang Indah’s customers. Subsequently, qualitative research is conducted using surveys with an open-ended question for customers and semi-structured interviews with the owner and the expert. The results show that customers generally have a positive perception and expectation of the service quality at JNE 093 Pulo Gebang Indah. However, several service indicators have negative gaps. The gaps show that the service perceived by customers does not fully match the level of service expected. This gap provides an important basis for identifying the first quadrant of IPA matrix and at the same time formulate recommendations. This research contributes to the study of service quality in entrepreneurship.

Consumer Value, Digital Content Marketing, and Housing Purchase Intention in Urban Residential Markets

Syifa Hanifa Salsabil — 2026-07-16

Urban housing markets are becoming increasingly competitive, requiring a deeper understanding of factors that shape housing purchase intention. This study examines the influence of functional, emotional, social, and experiential value on housing purchase intention and investigates the mediating role of digital content marketing. Data were collected from urban housing consumers in the Greater Jakarta area and analyzed using Partial Least Squares Structural Equation Modeling. The results indicate that emotional and social value significantly influence housing purchase intention, while functional and experiential value do not. Digital content marketing shows neither a direct effect nor a mediating role in the proposed relationships. These findings suggest that housing purchase intention is driven primarily by emotional and social evaluations rather than digital marketing influence, highlighting the importance of value-based decision-making in urban housing markets.

The Effect of Leadership and Organizational Culture on Employee Performance: The Mediating Role of Service Quality (A Study at Sidotopo Public Health Center)

Dian Rakhmaniasari Yusuf — 2026-07-16

This study examines the effect of leadership and organizational culture on employee performance at Sidotopo Public Health Center in Surabaya, with service quality as a mediating variable. A quantitative approach was employed using a saturated sampling technique, involving all 44 employees of Sidotopo Public Health Center as respondents. Data were collected through a five-point Likert scale questionnaire and analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS) with SmartPLS version 4. The results indicate that leadership and organizational culture have positive and significant effects on service quality. Both leadership and organizational culture also positively and significantly influence employee performance. In addition, service quality has a positive and significant effect on employee performance. The mediation analysis confirms that service quality partially mediates the relationship between leadership and employee performance, as well as between organizational culture and employee performance. These findings provide both theoretical and practical implications for public health service organizations, emphasizing the importance of effective leadership, a strong organizational culture, and continuous improvement in service quality to enhance employee performance.

A Multidimensional Poverty Analysis In Madura Island, 2023

Wedi Musta Mulari — 2026-07-16

This quantitative study aims to analyze the determinants that influence the probability of multidimensional poverty among households on Madura Island in 2023. Using SUSENAS data and the Alkire-Foster (AF) Method, this study confirms that the multidimensional poverty rate in this region remains high. Logistic Regression Analysis identified key factors: Non-Cash Food Assistance (BPNT) proved to be significant and negative, confirming its effectiveness as a social safety net. The most crucial finding is the role of access to formal financial services (People's Business Credit and Cooperative Credit), which significantly and negatively affects the probability of multidimensional poverty, making it the most vital determinant in reducing deprivation. In addition, the marital status of the head of household (KRT) has a negative and significant effect, while the number of household members has a positive but insignificant effect. In conclusion, to overcome multidimensional poverty in Madura in the post-pandemic period, policies must focus efforts on massively expanding access to KUR and Cooperative Credit as an effective and sustainable economic empowerment strategy, while maintaining the continuity of social assistance.

The Effect Of Capital Intensity And Profitability On Tax Planning With Board Independence As A Moderating Variable

Leynavira Safitri — 2026-07-16

Tax planning is a strategic issue as governments increasingly rely on corporate tax revenue to finance development. This study examines the effects of capital intensity and profitability on corporate tax planning and evaluates the moderating role of board independence. Using a quantitative causal-comparative design, the study analyzes food and beverage companies listed on the Indonesia Stock Exchange during 2020–2024. Firms were selected through purposive sampling based on audited financial statements, positive earnings, and complete governance disclosures. Secondary data were analyzed using multiple linear regression and moderated regression analysis. The results indicate that capital intensity and profitability do not significantly affect tax planning, and board independence does not moderate these relationships. Nevertheless, the overall model is statistically significant, suggesting that tax planning may be influenced by other organizational or institutional factors. This study contributes to the literature by reassessing the role of financial and governance variables in tax planning research and offers practical insights for regulators and managers to strengthen governance quality and ensure tax strategies remain efficient, compliant, and sustainable.

Community Dogma: Transactional Relations of the Suli Indah Village Community Cooperative

Alit Darmawan — 2026-07-16

The role of religious dogma shapes the belief system that affects the accountability of cooperative financial management. This research aims to find the meaning of cooperative accountability in the prescriptive Hindu dogma. The research locus is in Suli Indah Village, where the majority of the population is Hindu. A qualitative approach with phenomenological methods is used to explore the experience and subjective meaning of society. Data was obtained through in-depth interviews with managers and cooperative members as well as observation of financial practices. The results show that cooperatives are interpreted not only as economic institutions, but as a moral and spiritual space based on Dharma, honesty (Satya), solidarity, and social responsibility. Public trust is formed through collective experience, social closeness, and the perception of ethical and transparent accounting practices. Cooperatives are understood as Dharma Barns, where accountability is exercised as a moral and spiritual obligation, with dogma as the social legitimacy of the sustainability of cultural value-based practices.

The Role of Key Opinion Customers and Key Opinion Leaders in Purchasing Decisions for Scarlett Skincare Products on TikTok Shop

Miftah Emilia Zarwati — 2026-07-16

This study aims to analyze the impact of Key Opinion Customers (KOC) and Key Opinion Leaders (KOL) on purchasing decisions for Scarlett skincare products through the TikTok Shop platform. The approach used is quantitative, employing a survey method through a questionnaire distributed to respondents selected based on specific criteria, namely active TikTok users in Lampung Province who have viewed KOC or KOL content related to Scarlett products and have used the products. The research instrument has undergone validity and reliability testing and has been deemed suitable for use. The analysis results indicate that KOC has a positive and significant impact on purchasing decisions, meaning that authentic consumer experiences can increase user interest and confidence in purchasing products. In addition, KOL has also been proven to have a positive and significant impact, where the delivery of information by public figures helps strengthen consumer considerations in choosing products. Simultaneously, both variables indicate an important contribution to purchasing decisions, although there are still other aspects outside the scope of this study that also play a role. Overall, this study confirms that KOC and KOL have a strategic role in influencing the purchasing behavior of Scarlett skincare products on TikTok Shop.

Analysis of the Effect of Cash Holding and Liquidity on Company Value: The Role of Company Size as a Moderating Variable

Nur Aini Rojabiyah — 2026-07-16

The purpose of this study is to investigate how cash holdings and liquidity affect firm value in food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) between 2023 and 2024, using firm size as a moderating variable. This study adopts a quantitative approach utilizing secondary data sourced from corporate annual reports. The sample was determined through purposive sampling, yielding 176 observations. The data were examined using multiple linear regression and Moderated Regression Analysis (MRA), with all variables converted into natural logarithmic form to satisfy classical assumption criteria. The findings indicate that cash holdings exert a positive and significant influence on firm value, and liquidity likewise has a significant impact on firm value. The moderation analysis further reveals that firm size amplifies the effect of cash holdings on firm value. In contrast, firm size does not moderate the relationship between liquidity and firm value. These findings suggest that effective cash management is essential for improving firm value, especially in larger firms, while the contribution of liquidity to firm value is not contingent upon firm size. This study implies that corporate management should place greater emphasis on efficient cash management strategies to enhance firm value and investor confidence.

Beyond Social Protection: Advancing Economic Independence Among Family Hope Program Beneficiaries In Sidoarjo

Rizza Nur Rahayu — 2026-07-16

This study aims to analyze the effectiveness of business management education, community empowerment, and willpower on entrepreneurial motivation and economic independence for KPM of the Family Hope Program (PKH) in Sidoarjo District. This study uses a quantitative method to analyze the influence of independent variables, namely business management education, community empowerment and willpower, on the dependent variable consisting of entrepreneurial motivation and economic independence for KPM (Beneficiary Families) of PKH (Family Hope Program) in Sidoarjo District. The research location to test the hypothesis is in the study at KPM PKH Sidoarjo District. The number of respondents in this study is estimated at 150 people. The expected results are that each independent variable influences the dependent variable and the independent variables have a positive and significant effect together on the dependent variable.

The Effect of CEO Gender on Dividend Policy: A Multi-Theoretical Approach

Moh. Baqir Ainun — 2026-07-16

This study examines the effect of CEO gender on dividend policy in Indonesia, motivated by the underrepresentation of female CEOs (around 4% of large firms) and the inconsistent findings of prior studies. Using a multi-theoretical framework—Upper Echelons, Risk Aversion, Agency, Gender Role, and Signalling theories—the study provides a comprehensive lens to explain dividend decisions. Secondary data from manufacturing firms listed on the Indonesia Stock Exchange for 2019–2023 were analyzed using multiple linear regression, controlling for profitability, liquidity, leverage, growth, and firm size. The findings show that female CEOs are more likely to distribute dividends, reflecting leadership traits, cautious and risk-averse behavior, agency conflict reduction, socially driven gender roles, and signaling motives. This study contributes to the literature by integrating diverse theories and emphasizes the strategic importance of gender diversity in top management for improving transparency and investor confidence in emerging markets.

The Influence of Internal and Macroeconomic Factors on Bank Profitability Moderated by Asset Quality

Rully Hardiansyah — 2026-07-16

This study aims to analyze the impact of internal bank factors, including solvency (CAR), liquidity (LDR), and credit risk (NPL), as well as macroeconomic factors such as Gross Domestic Product (GDP) and inflation, on bank profitability measured by Return on Assets (ROA). In addition, the study examines the moderating role of Asset Quality (AQ) in influencing the relationship between independent variables and ROA. The data used in this research are derived from the financial statements of conventional banks in Indonesia and macroeconomic indicators covering the 2019–2024 period. The analysis is conducted using panel data regression with a moderation approach, applying the Generalized Least Squares (GLS) method and robustness testing with the Generalized Method of Moments (GMM). The results indicate that internal and macroeconomic variables collectively exert a significant influence on bank profitability. Partially, credit risk (NPL), asset quality (AQ), and bank size (SIZE) show statistically significant effects on ROA. Higher credit risk reduces profitability, while larger banks achieve greater efficiency and returns due to economies of scale. Asset quality demonstrates a dual role enhancing or constraining profitability depending on its management effectiveness. Moreover, AQ significantly moderates the relationship between internal and external factors, emphasizing the importance of prudent credit management and sound asset allocation for sustainable profitability in Indonesia’s banking sector.

The Effect Of Financial Information On Firm Value With Csr Disclosure As A Moderating Variable In The Energy Sector On The Indonesia Stock Exchange 2021-2024 Period

Ayu Rachmawati — 2026-07-16

This study aims to analyze the effects of profitability, firm size, and leverage on firm value, as well as to examine the moderating role of CSR disclosure in energy sector companies listed on the Indonesia Stock Exchange during 2021–2024. This research employs a quantitative approach with a causal research design. Secondary data were obtained from financial statements and sustainability reports of energy sector companies. Data collection was conducted using documentation techniques with purposive sampling, resulting in 23 sample companies. Panel data regression with moderation analysis was applied using EViews 13 software. The results indicate that profitability and firm size have no significant effect on firm value, while leverage has a significant positive effect. CSR disclosure has a significant positive effect on firm value. Furthermore, CSR disclosure does not moderate the relationship between profitability and firm value nor between firm size and firm value, but it significantly weakens the positive effect of leverage on firm value in energy sector companies. These findings suggest that firm value in the energy sector is influenced not only by financial performance but also by sustainability considerations. Therefore, companies are encouraged to integrate financial strategies and CSR disclosure, while investors should consider both financial and nonfinancial information.

Human Resource Transformation In The Digital Era: The Influence Of Competence, Human Resource Communication, And Responsiveness On The Service Image Of Lppjphki Universitas Dehasen Bengkulu

Vettyca Diana Saputri — 2026-07-16

This study aims to examine Human Resource Transformation in the Digital Age: The Influence of Competency, Human Resource Communication, and Responsiveness on the Service Image of LPPJPHKI Unived Bengkulu. The focus of this study is to determine whether Competency, Human Resource Communication, and Responsiveness influence the Service Image of LPPJPHKI Unived Bengkulu. The approach used is a quantitative approach with primary data. The sample in this study consists of respondents who meet the specified characteristics, totalling 146 participants. The results of the multiple linear regression analysis yielded the equation Y = 7.570 + 0.452 X1 + 0.282 X2 + 0.094 X3 + e. This indicates a positive regression direction, meaning that the variables of Competency, Human Resource Communication, and Responsiveness have a positive influence on the Service Image of LPPJPHKI Unived Bengkulu. From the calculations using SPSS 25, the coefficient of determination (R-squared) is found to be 0.590. This means that the values of Competency (x1), Human Resource Communication (x2) and Responsiveness (x3) account for 59% of the variation in Service Image (Y), whilst the remaining 41% is influenced by other variables not examined in this study. The results of the t-test at a significance level of < 0.05 indicate that, individually, Competency (x1), Human Resource Communication (x2) and Responsiveness (x3) have a significant influence on Service Image (Y) at LPPJPHKI Unived Bengkulu. As the F-test result is less than 0.000, the variables Competency (x1), Human Resource Communication (x2) and Responsiveness (x3) have a significant influence on Service Image (Y) at LPPJPHKI Unived Bengkulu.

The Quality Of Marine Products And Fish Auction Places (TPI) As Determining Factors In The Welfare Of The Lubuk Pakam Fishing Community

Khairun Nisa — 2026-07-16

This study aims to analyze the influence of seafood product quality and the role of Fish Auction Places (TPI) on improving the welfare of fishing communities in Lubuk Pakam. As a coastal area with abundant fishery potential, local fishermen still face constraints such as limited storage, processing, and distribution facilities, which impact the quality of their catch. Furthermore, the role of TPI as a means of marketing seafood is not yet optimal, thus reducing its effectiveness in creating fair and transparent prices. This study used a quantitative method with an associative approach, involving 98 respondents, and analyzed through multiple linear regression. The results show that seafood product quality has a positive and significant effect on improving fishermen's welfare. Similarly, the role of TPI has been shown to have a positive influence on fishermen's income and bargaining position. Simultaneously, these two independent variables contribute significantly to improving the welfare of fishing communities. These findings confirm that the synergy between improving product quality and optimizing the function of TPI is an important key in encouraging the creation of sustainable fishermen's welfare.

Investigating Factors Influencing Green Purchase Intention: The Moderating Role of Green Brand Knowledge

Bernadette Carla Gita Apriani — 2026-07-17

This study examines key determinants influencing consumers' green purchase intention, focusing on the moderating effect of green brand knowledge; specifically examines the effects of green brand positioning, green brand attitude, and environmental concern in shaping environmentally friendly product purchasing decisions towards environmentally friendly skincare brand. The data were collected with an online questionnaire distributed through purposive sampling and received 213 completed valid responses. Data analysis adopted Structural Equation Modelling (SEM) using SmartPLS version 4.0. The findings reveal that neither attitudes towards green brands nor brand positioning have a statistically significant influence over green purchase intention. Conversely, environmental concern positively and significantly predicts consumers' green purchase intention. Green brand knowledge was tested as a moderator but did not exhibit a significant moderating effect on the intercorrelations between green brand positioning, attitude toward green brands, environmental concern, and green purchase intention. These results suggest that consumers' green awareness will have a greater impact on green purchase behaviors than either brand positioning beliefs or attitudes towards green brands. The study puts forward the imperative of creating green environmental concern to facilitate green purchasing behavior and the limitations of effective green brand strategies if consumer consciousness or brand knowledge of sustainable practices is low.

The Influence Of PayLater, Live Streaming Shopping, And Flash Sale On Impulsive Buying Behaviour Among Generation Z Shopee Users

Vitari Hana Saputri — 2026-07-17

This study explores the impacts of PayLater, Live Streaming Shopping, and Flash Sale features on impulsive buying behaviour among Generation Z Shopee users. This research adopts a quantitative approach, collecting data via an online questionnaire administered to 100 respondents chosen through purposive sampling. Data analysis was carried out using multiple linear regression in SPSS version 29 to determine both partial and simultaneous effects of the variables. The results showed that PayLater, Live Streaming Shopping, and Flash Sale each demonstrated a positive and significant impact on impulsive buying behaviour. Taken together, the three features demonstrated a statistically significant, positive effect on impulsive buying behaviour. An R² of 0.814 suggests that PayLater, Live Streaming Shopping, and Flash Sale explain 81.4% of the variation in impulsive buying behaviour, which is classified as a strong influence. The research model explains most of the variation in impulsive buying behaviour, indicating that marketing strategies based on ease of payment, real-time interaction, and time urgency effectively influence Generation Z's purchasing decisions.

Decision-Making In The Implementation Of Risk Management In A Logistics Forwarding Company: A Case Study Of PT NLO

Nurul Adilla — 2026-07-17

This study employs a qualitative case study approach on PT NLO, a logistics forwarding company whose revenue and net asset value exceed the criteria of micro, small, and medium business entities (MSMEs). PT NLO previously experienced a detrimental export activity. The research aims to provide comprehensive recommendations to PT NLO’s Management for the implementation of risk management in accordance with ISO 31000:2018. Data sources were obtained through observation, document analysis, and interviews with six informants. The analytical techniques applied include qualitative descriptive analysis, quantitative analysis, and thematic analysis. Recommendations were formulated using the Decision-Making Concept (Adair, 2019). The reasons risk management has not yet been implemented include human resource constraints, a focus on profit generation, and minimal regulatory enforcement. Based on an assessment of the external environment, all PESTEL components were identified to have the potential to reduce profit and net income. Internal environmental dynamics, derived from the Financial Ratio analysis for the period 2020–2024, indicate that financial performance has tended to remain stagnant. In terms of risk management understanding, key risks for PT NLO were identified for risk assessment according to the activity cycle. Operational, compliance, and financial risks were found to significantly affect business continuity. Management acknowledges the importance of risk management and has approved the establishment of a Task Force. With the establishment of a Risk Management Task Force, PT NLO is expected to be better prepared to address challenges from both external and internal environments and to conduct the risk management process in a structured manner.

Testing the Role ESG as Moderator: When Financial Ratios Meet Tobin's Q

Harold Kevin Alfredo — 2026-07-17

This study seeks to evaluate the role of ESG as a moderating variable concerning the relationship between financial ratios and firm value, which is assessed using Tobin's Q. The analysis focuses on companies listed in the 2025 Morningstar Sustainalytics ranking. The independent variables include key financial ratios liquidity, profitability, and leverage extracted from firms’ 2024 financial statements. ESG risk ratings are employed as the moderating variable, while Tobin’s Q serves as the dependent variable. The findings indicate that profitability has a positive and significant impact on firm value, whereas liquidity and leverage exhibit no statistically meaningful effects. Furthermore, the results show that ESG risk does not moderate the relationships between liquidity or leverage and firm value. However, ESG risk is found to weaken the positive relationship between profitability and firm value, with significance at the 10% level. Overall, the results align with signaling theory, suggesting that the strength of financial signals can diminish when unfavourable non-financial signals, such as high ESG risk, are present.

Legitimacy of Coastal Resource Management Through Environmental Accounting of Blue Carbon Assessment of Mangrove Forests in Surumana Village

Retno Wulandari — 2026-07-18

Environmental accounting is needed to explain the interaction between the economy and the environment, while carbon estimation is a form of reporting the value of carbon or biomass produced from mangrove forests for sustainable coastal resource management in Surumana Village, South Banawa District. This study aims to calculate the amount of biomass and, as a form of legitimacy for interested parties, report the biomass produced by mangrove forests for coastal resource management. A mixed-methods approach is the method used in this study through interviews, observations, and plot sampling as data collection techniques. The results show that the carbon absorption of the mangrove ecosystem in Surumana Village is 153,97 tCO₂e with an asset value of Rp 22.171.680. This monetary value provides an absolute legal mandate for the Regional Government (Environmental Agency) to actively participate and implement Presidential Decree No. 98/2021 in upholding regulatory legitimacy, ensuring social legitimacy through transparency, and ensuring a solid legal and financial foundation for the Surumana Village mangrove ecosystem to be managed protectively and sustainably.

From Work to Home: The Psychological Impact of an Always-On Culture

Dewi Yullianty — 2026-07-18

The study aims to analyze the effect of Work Connectivity Behavior After Hours (WCBA) on Work Stress (WS), Work-Family Conflict (WFC), and Psychological Distress (PD) among civil servants in a public sector institution responsible for managing the commercial sector. A cross-sectional design was employed, with 357 responses analyzed using the CB-SEM approach. The findings indicate that WCBA significantly influences work stress and work-family conflict, both of which, in turn, directly affect psychological distress. Moreover, work stress and work-family conflict significantly mediate the relationship between WCBA and psychological distress. These results highlight the need for public sector institutions to implement the right-to-disconnect principle to protect employees’ psychological well-being and reduce work-related stress and conflict.

*** Integrating Demand Forecasting and Inventory Control Models to Enhance Operational Efficiency at an MRO Distributor : A Case Study of PT XYZ

Mateo Nathaniel Tarigan — 2026-07-18

Micro, Small, and Medium Enterprises (MSMEs) in the Maintenance, Repair, and Operations (MRO) sector often suffer from operational inefficiencies due to intuition-based inventory management. This study addresses such problems in PT XYZ, an MRO distributor that is experiencing significant overstocking and deadstock. Utilizing a quantitative case study methodology where 32 months of historical data have been used, this study classifies demand patterns based on the Syntetos-Boylan Categorization Matrix and tests the performance of different time-series forecasting models. The study determines the optimal inventory parameters (EOQ, ROP, Safety Stock) according to the most accurate forecasting models. Results indicate that the suggested data-driven system can release approximately Rp 604 million in frozen working capital and reduce annual inventory costs by 85.7% (Rp 113 million).

The Effect Of Sustainable Investment On Company Value In The LQ45 Index In The Indonesian Capital Market

Suchi Fausia Tenda — 2026-07-18

Sustainable investment based on environmental, social, and governance (ESG) principles is increasingly influencing global capital markets. In Indonesia, research on ESG, especially for companies in the LQ45 index, is still limited. This study analyzes the impact of governance, environment, and social factors on company value for 29 companies that have been consistently listed in the LQ45 index from 2020 to 2024. Using panel data and purposive sampling, secondary data were collected from annual reports, sustainability reports, and IDX publications. Firm value was measured using Tobin's Q, while ESG was measured through governance (shareholder rights, board independence, transparency), environment (waste management, carbon emissions, energy), and social (CSR contributions, community relations). Data analysis used panel regression in E-Views 12 to process data from several companies over several time periods and to examine differences between companies and changes over time.

The Effect Of Collaborative Learning Management And Academic Engagement On Statistics Learning Outcomes With Learning Motivation As A Mediating Variable (Case Study Of Diploma-3 Office Administration Students At Pamulang University)

Edi Junaedi — 2026-07-18

This study aims to analyze the influence of collaborative learning management and academic engagement on the Statistics learning outcomes of students in the Diploma-3 Office Administration Study Program at Pamulang University, with learning motivation as a mediating variable. The study used a quantitative approach with an explanatory research approach. The sample size was 150 students, selected through purposive sampling. Data were collected using a Likert-scale questionnaire and analyzed using path analysis. The results indicate that collaborative learning management and academic engagement have a positive and significant effect on student learning motivation and learning outcomes. Furthermore, learning motivation significantly influences learning outcomes and acts as a mediating variable in the relationship between collaborative learning management and academic engagement and learning outcomes. These findings emphasize the importance of collaborative learning management and increased academic engagement in improving Statistics learning outcomes.

Implications of Operating Cash Flow and Market Valuation on Food and Beverage Industry Stock Returns

Metha Dwi Apriyanti — 2026-07-18

Background: The volatility of the capital market during the 2019–2023 period, encompassing the global pandemic and subsequent economic recovery, has underscored the need for a precise assessment of fundamental drivers in the defensive food and beverage sector. Objective: This study aims to empirically examine the influence of Operating Cash Flow (OCF), Capital Structure, Price Earnings Ratio (PER), and Net Profit Margin (NPM) on stock returns. Methodology: Employing a quantitative approach, the research utilizes panel data regression analysis on a purposive sample of food and beverage companies listed on the Indonesia Stock Exchange. Results: The findings demonstrate that while Operating Cash Flow fails to exert a significant partial effect, Capital Structure, PER, and NPM significantly determine stock returns. Furthermore, the simultaneous analysis confirms that these variables collectively possess substantial predictive power regarding market performance. Discussion/Novelty: This research makes a novel contribution by demonstrating that, during periods of economic transition, market valuation and profitability metrics remain more salient to investors than liquidity-based indicators. Conclusion/Contribution: These results offer critical strategic insights for investors in optimizing portfolio selection and for corporate management in formulating financial policies to maximize shareholder wealth.

Tax Avoidance As Variables Moderation, Influence Profitability, Leverage, Size Of Business, And Growth Sales To Financial Distress

Khorida AR — 2026-07-18

The purpose of this empirical study, which involved 199 manufacturing companies listed on the Indonesian Stock Exchange from 2018 to 2022, is to determine how profitability, leverage, company size, and sales growth influence financial distress. Tax avoidance is used as a moderating variable. A total of 154 companies were purposively sampled. Panel data regression and moderation regression analyses were used in the research process. This study used Eviews 13. The results show that financial distress is influenced by profitability, leverage, and sales growth. On the other hand, financial distress is not influenced by company size or tax avoidance. In addition, tax avoidance does not reduce the impact of profitability, leverage, company size, and sales growth on financial distress.

The Effect of Risk Management and Earnings Quality on Firm Value with Good Corporate Governance as a Moderating Variable in Banking Companies Listed on the Indonesia Stock Exchange (2020–2024)

Ajeng Indah Kusuma — 2026-07-18

This study aims to analyze the effect of risk management and earnings quality on firm value, as well as to examine the moderating role of Good Corporate Governance (GCG) in banking companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Earnings quality in this study is proxied by Loan Loss Provision (LLP), which reflects earnings management practices in the banking sector. The study employs a quantitative approach using multiple linear regression and Moderated Regression Analysis (MRA). The data used consist of simulated panel data for learning purposes, constructed consistently with the characteristics of the banking industry.

The results indicate that risk management has a positive effect on firm value, while earnings quality proxied by Loan Loss Provision has a negative effect on firm value. Furthermore, Good Corporate Governance is proven to strengthen the influence of risk management on firm value and weaken the negative effect of earnings quality on firm value. These findings suggest that the implementation of good corporate governance plays a crucial role in enhancing the effectiveness of risk management and limiting opportunistic managerial behavior. This study contributes theoretically to the development of agency theory literature and provides practical implications for banking management and investors in enhancing firm value sustainably.

The Effect of Corporate Social Responsibility and Leverage on Tax Planning With Institutional Ownership As A Moderating Variable

Mita Rusliani — 2026-07-18

This study aims to assess the effect of Corporate Social Responsibility (CSR) and leverage on tax planning, with institutional ownership as a moderating variable. The population consists of companies in the food and beverage sub-sector listed on the Indonesia Stock Exchange (IDX) during the period 2020–2024. The sample was selected using purposive sampling and employed a quantitative approach using Moderated Regression Analysis (MRA). The results show that CSR does not have a significant effect on tax planning, meaning that the amount of CSR expenditure does not directly affect a company's ETR. Meanwhile, leverage has a positive and significant effect on tax planning, indicating that the use of debt is related to changes in tax burdens through interest expenses. Institutional ownership was unable to moderate the relationship between CSR and tax planning, but it was proven to weaken the effect of leverage on tax planning. Simultaneously, the model's ability to explain tax planning was still relatively low, with a coefficient of determination value below 10 percent, indicating that tax planning practices in the food and beverage sub-sector were more influenced by factors other than the research variables. These findings confirm that companies in this sub-sector are more focused on operational stability, regulatory compliance, and public legitimacy than on aggressive tax saving strategies

The Impact of The Baznas Microfinance Village Program on Improving The Economic Welfare and Religiosity of Female Heads of Households

Muhammad Fathan Izzuddin — 2026-07-18

This study analyzes the impact of the BAZNAS Microfinance Desa (BMD) program on the economic welfare and religiosity of Female Heads of Households (PEKKA) in West Java. Using a mixed-method approach with SEM-PLS analysis and the CIBEST model involving 151 respondents, this study examines the influence of business capital, mentoring, and training. The SEM-PLS results indicate that business capital does not have a significant partial effect on economic welfare, whereas mentoring and training have a significant positive impact, with mentoring being the most dominant variable. Furthermore, the CIBEST analysis confirms the program's success through a drastic reduction in absolute poverty (material and spiritual) from 61 to 6 individuals, alongside a significant increase in the number of beneficiaries in the prosperous quadrant. The study concludes that financial assistance must be bundled with intensive mentoring to ensure sustainable economic independence and spiritual strengthening for PEKKA.

The Role of Tobacco Excise Revenue Sharing Funds (DBHCHT) in Reducing Tax Evasion

Tjipto Aji Sudarso — 2026-07-18

This study examines the relationship between the allocation of DBHCHT for law enforcement and tax evasion efforts, as reflected by the number of illegal cigarette seizures, during the 2021–2023 period using a panel regression model. The research employs a Random Effects Panel Regression model with the Generalized Least Squares (GLS) estimation method. The analysis results indicate that DBHCHT significantly contributes to reducing tax evasion efforts through its positive association with the number of illegal cigarette seizures. Regions receiving relatively larger DBHCHT allocations demonstrate a greater impact in curbing tax evasion attempts. Therefore, the central government should reassess the allocation of DBHCHT for law enforcement and optimize its utilization at the local government level to strengthen oversight capacity in combating the circulation of illegal cigarettes.

Systematic Literature Review: The Role of Higher Education Institutions in Driving Economic Growth through Innovation and Human Resources

Nurfitriana Nurfitriana — 2026-07-18

This study aims to analyze the role of higher education in promoting economic growth through innovation and human capital development using a Systematic Literature Review (SLR) approach. The study reviews 30 open-access articles published between 2016 and 2026, selected based on their relevance to higher education, innovation, and economic growth. The findings show that higher education plays a strategic role in supporting economic growth both directly and indirectly. Direct contributions occur through the enhancement of human capital quality, while indirect effects are mediated by innovation, technological development, and cross-sector collaboration. The results also indicate that the quality of education, particularly at advanced levels, has a greater impact than the quantity of graduates. However, challenges such as regional disparities, limited infrastructure, and weak institutional collaboration remain significant barriers. Therefore, strengthening education quality, innovation capacity, and policy support is essential to achieve sustainable economic growth.

The Role Of Central Transfer Funds In Increasing The Impact Of Capital Expenditure And The Size Of Local Government On Regional Financial Performance In Java Island

Amanda Nurmubayani Permatasari — 2026-07-18

This study aims to analyze the role of central transfer funds in increasing the influence of capital expenditure and local government size on regional financial performance in districts/cities across Java for the period 2019–2023. A quantitative approach was applied using secondary data obtained from the Directorate General of Fiscal Balance (DJPK) and audited Local Government Financial Reports (LKPD) issued by the Supreme Audit Agency (BPK). Regional financial performance was measured using the fiscal independence ratio, capital expenditure was assessed through its proportion to total regional expenditure, and local government size was proxied by total assets. Data analysis was performed using panel data regression with the Moderated Regression Analysis (MRA) method. The results show that capital expenditure has a negative and insignificant effect on regional financial performance, while local government size shows a negative and significant effect. Central transfer funds are also found to have a negative and significant impact on performance. Furthermore, central transfer funds strengthen the relationship between local government size and financial performance but do not moderate the effect of capital expenditure. These findings highlight the need for more efficient capital management and strategic utilization of central transfers to enhance fiscal independence in Java.

Marketing Strategy Analysis of PT Andiarta Muzizat (Ninja Express) in Maintaining Sustainability in Gunungsitoli City

Darwin Cornelius Ismet Zendrato — 2026-07-18

In the era of globalization and increasingly fierce business competition, companies are required to have a strong marketing strategy to survive and thrive in a dynamic market. The sustainability of a company is the key to its long-term success. The purpose of this study is to determine the marketing strategy and to identify internal and external factors that can influence the business sustainability of PT Andiarta Muzizat (Ninja Express) in Gunungsitoli City. The type of research used is a qualitative research approach. The sampling technique used is purposive sampling with 3 informants. Data collection techniques used are observation, documentation and interviews. Meanwhile, data analysis techniques used are data collection, data reduction, data presentation and drawing conclusions. From the results of the study, it was obtained that based on the analysis of marketing strategies, internal and external factors that influence the sustainability of Ninja Express's business in Gunungsitoli City, it can be concluded that the company needs to take concrete steps to ensure their growth and sustainability in the logistics and freight forwarding market. Marketing strategies involving collaboration in local events, trade exhibitions, active interaction on social media, special offers, and improved customer service have been recognized as appropriate steps. By maintaining a focus on customer satisfaction, partnering with local communities, customizing delivery services to suit consumer needs, and leveraging social media, Ninja Express can strengthen their brand visibility in Gunungsitoli City.

The Role of Banking Financial Technology in Reducing GHG Emissions: A Study of ASEAN Banks

Herlina Herlina — 2026-07-18

Technological advancements facilitate the mitigation of Greenhouse gas (GHG) emissions. Technological advancements in the economic sector yield diverse breakthroughs and enhance managerial efficacy, fostering favourable economic expansion. The banking business is a key economic sector that has the potential to promote and encourage ESG. The banking business is committed to enhancing ESG as banks own financial instruments that support ESG and permeate all facets of their business. Sustainable financial technology reduces greenhouse gases by supporting ESG. The research question formulated in this study is whether the implementation of sustainable financial technology in ASEAN countries has an impact on GHG emissions. The research sample included 25 banks in ASEAN. The research utilises secondary data as sustainable financial report documents from 2019 to 2021. A total of 75 panels were included in this study. Using sustainable financial technology benefits GHG emissions, with a statistical significance of 1%. The impact of implementing sustainable financial technology on GHG emissions is 24.7845%.

Decrease in Operational Efficiency at PT X: Causes and Improvements with Lean Six Sigma DMAIC

Muhammad Faaiz Fadhlilah — 2026-07-18

Efficiency in pharmaceutical warehousing is critical because accuracy, speed, and regulatory compliance determine overall supply chain reliability. PT X has experienced declining warehouse performance marked by rising defects, long cycle times, and significant non-value-added activities. Purpose: This study aims to analyze the causes of operational inefficiency and formulate structured improvements. Approach: Using the Lean Six Sigma DMAIC framework, the research applies waste identification, Value Stream Mapping, Cost of Poor Quality, DPMO and sigma measurement, Process Activity Mapping, and Failure Mode and Effect Analysis.The Measure stage reveals a total lead time of 4,890 minutes with only 250 minutes of value-added work (Process Cycle Efficiency = 5.11%) and sigma levels between 3.2–3.6 across eight defect types. Analyze findings indicate that waiting, motion, inventory, and defect waste dominate, with the highest risk originating from recording errors, missing items, and FIFO violations. Improvement through WMS digitalization, layout restructuring, SOP standardization, and visual management produces a more efficient future-state VSM. Conclusion: Inefficiency in PT X warehouse is systemic, rooted in human factors, work methods, and information flow. Originality: This study presents an integrated model combining Lean waste analysis and Six Sigma defect reduction as a unified framework for optimizing pharmaceutical warehouse operations.

The Role Of Managerial Ownership In Moderating The Effect Of Capital Structure, Profitability, And Dividend Payments On Company Value In The Infrastructure Sector Listed On The Indonesian Stock Exchange For The Period 2019–2024

Dewi Rosmiati — 2026-07-18

This study aims to analyze the effect of capital structure, profitability, and dividend policy on firm value with managerial ownership as a moderating variable in infrastructure companies listed on the Indonesia Stock Exchange during the period 2019–2024. Firm value is an important indicator that reflects performance and investor perceptions of a company's future prospects. Capital structure, profitability, and dividend policy are suspected to be the main factors affecting company value, while managerial ownership plays a role in aligning the interests of management and shareholders.This study uses a quantitative approach with a causality method. The data used is secondary data in the form of annual financial reports of infrastructure sector companies. The sampling technique was carried out using purposive sampling. Data analysis was performed using panel data regression and Moderated Regression Analysis (MRA) to test the role of moderating variables. The results show that capital structure and profitability have a significant effect on company value, while dividend policy does not have a significant effect on company value. Managerial ownership can moderate the effect of capital structure and profitability on company value, but does not moderate the effect of dividend policy on company value. These findings indicate that managerial ownership plays an important role in strengthening the influence of financial performance on increasing company value.This study is expected to contribute to the development of corporate finance studies and serve as a consideration for investors and management in making financial decisions.

Development Of A Fuzzy Reliability Centered Maintenance (Fuzzy-Rcm) Based Maintenance Strategy For Production Machines At Pt Kimia Farma Tbk, Banjaran Plant

Mochamad Ridwan Nugaraha — 2026-07-18

This research was conducted at PT Kimia Farma Plant Banjaran, a pharmaceutical manufacturer producing various types of medicines. The relatively high frequency of machine failures has become a serious issue that disrupts the production process and reduces productivity. Currently, the company employs a System Corrective and Planned Maintenance method carried out once a month depending on the type of machine. However, this approach is less effective, as it still results in high downtime, unexpected maintenance costs, and potential secondary damage. This study discusses the maintenance strategy for the Blistering Machine using the Fuzzy Reliability Centered Maintenance approach. The maintenance strategy is determined based on the risk level of each machine component. Components with Very Low Risk are maintained using the Run to Failure or simple routine monitoring strategy. Low Risk components are handled through periodic Preventive Maintenance. Medium Risk components are managed using Predictive Maintenance through actual condition monitoring. Components of High Risk are managed through Condition-Based Maintenance supported by real-time data without interrupting operations. Meanwhile, components with Very High Risk require Immediate Action supported by a Failure Mode and Effect Analysis. This approach enables a more effective and efficient maintenance system that minimizes the potential for machine failures.

The Effect Of Retail Marketing Mix On Customer Satisfaction At PT Bumi Nyiur Swalayan In Palu City

Nuranda Deita — 2026-07-19

This study aims to test and analyze the effect of marketing mix consisting of product, price, location, and promotion on customer satisfaction of Bumi Nyiur Supermarket in Palu City. Data collection was carried out using a survey method through questionnaire distribution. The study population was all customers of Bumi Nyiur Supermarket in Palu City. The sampling technique used purposive sampling and the determination of sample size used roscoe's theory by setting a sample of twenty times the number of variables and obtained 100 samples. The data analysis technique used multiple linear regression. The results of the study showed; Marketing mix consisting of product, price, location, and promotion simultaneously have a positive and significant effect on customer satisfaction, promotion has a positive and significant effect on customer satisfaction, price has a positive and significant effect on customer satisfaction, location has a positive and significant effect on customer satisfaction and promotion has a positive and significant effect on customer satisfaction.

The Effect Of The Learning Environment And Emotional Intelligence On Academic Performance Of Management Students, Faculty Of Economics And Business Tadulako University

Annisa Savira — 2026-07-19

This study aims to examine the effect of the learning environment and emotional intelligence on the academic performance of undergraduate Management students at the Faculty of Economics and Business, Tadulako University. A quantitative approach was employed using a survey method. The sample consisted of 82 students selected through purposive sampling based on the 2021–2023 cohorts. Data were collected using a Likert-scale questionnaire and analyzed with multiple linear regression using SPSS version 27. The results indicate that the learning environment has a positive and significant effect on students’ academic performance. Emotional intelligence was also found to have a positive and significant effect on academic performance. Furthermore, both variables jointly contribute meaningfully to improving students’ academic outcomes. These findings suggest that a supportive campus learning environment, together with students’ ability to regulate their emotions and engage in positive interactions, plays an important role in helping them achieve optimal academic performance.

Hedonic Behavior In The Use Of E-Money: An Experimental Study On Students Of The Faculty Of Economics At Private Universities In Palembang City

Angka Wijaya — 2026-07-19

This study was motivated by the increasing intensity of e-money use among students. Although e-money provides convenience in transactions, this condition also encourages the emergence of uncontrolled consumptive behavior financially. This study observes variables such as hedonistic behavior, personal financial literacy, and intensity of e-money use. The population in this study consisted of active students of the Faculty of Economics at a private university in Palembang in 2025, with a sample size of 361 respondents. The results show that the intensity of e-money usage does not affect hedonistic behavior, and personal financial literacy also does not affect hedonistic behavior. However, personal financial literacy significantly affects the intensity of e-money usage. These findings emphasize the importance of personal financial literacy in moderating e-money usage, which can help students manage their finances more wisely despite the increasing ease of digital transactions.

Job Satisfaction As A Mediation Mechanism Between Organizational Support And Lecturer Performance

Yuyuk Liana — 2026-07-19

This study examines how organizational support influences lecturer performance, with job satisfaction positioned as a mediating factor. Lecturer performance is essential for the quality of higher education, yet many lecturers still face challenges such as administrative burdens, limited research facilities, and insufficient organizational support. Using a quantitative approach, the study involved 86 lecturers from higher education institutions in Malang, selected through proportional stratified random sampling. Data were collected through a structured questionnaire and analyzed using Partial Least Squares Structural Equation Modeling. The results indicate that organizational support significantly improves lecturer performance and enhances job satisfaction. Furthermore, job satisfaction has a strong positive effect on lecturer performance and serves as a psychological mechanism that strengthens the relationship between organizational support and performance. These findings demonstrate the importance of supportive organizational practices, including adequate facilities, recognition, and career development opportunities. Higher education institutions are encouraged to prioritize these aspects to foster greater job satisfaction and ultimately improve lecturer performance.

The influence of Marketing Mix Less Salt Seasoning on perceived value and purchase intention

Priyanka Prima Dewi — 2026-07-19

Spices and seasoning market showed good growth with CAGR 6% from 2021-2026 driven by the increment of customer demand and home cooking habit. The increasing of healthy lifestyle and Indonesia government policy in supporting healthy food product are become opportunity for seasoning industry to launch healthy value-added seasoning. This research aims to know marketing mix that influences perceived value and drive purchase intention of less salt flavor seasoning. The research conducted in Jakarta area with 320 respondents from gender male & female, age range 20-50 years old and various occupations. The research also collected data for respondents’ cooking, eating habit and their response on research hypothesis indicators. This research used PLS-SEM analysis and showed that product, price and promotion significantly influence perceived value and purchase intention. However, place does not significantly influence perceived value and purchase intention. The research result will be beneficial for seasoning industry in developing marketing strategy for healthy value-added seasoning.

Inventory Management Analysis of Engine Lubricant in Transportation Company

Muhammad Yaumal Akbar — 2026-07-19

The increasing demand for transportation services in Indonesia has made inventory management for critical maintenance parts, particularly engine lubricants, crucial. This study analyzes engine lubricant inventory management practices at an Indonesian transportation company, which identified recurring stockouts and unmet service levels between 2021 and 2024. The study aims to determine how inventory management analysis can optimize inventory levels, improve service levels, and reduce inventory costs. The research methodology includes ABC analysis, service level analysis, lead time measurement, safety stock calculations, and economic order quantity models. The findings indicate that these methods can improve service levels and reduce inventory costs. The optimal inventory level to increase service levels to 98% is to maintain a safety stock of 5,007 liters, with a reorder point of 16,366 liters. Furthermore, using the Economic Order Quantity (EOQ) method can reduce inventory costs by around 40%.

Impact of Board Composition and Ownership Structure to Dividend Policy with Profitability as Moderating Variable

Alwan Ayyasyi — 2026-07-19

This research investigates the impact of board composition and ownership structure on dividend policy, with profitability serving as a moderating variable. Board composition is represented by Board Size and Board Independence, while ownership structure is described by Institutional Ownership and Managerial Ownership. Profitability, measured by Return on Equity (ROE), acts as the moderating variable. Using a purposive sampling technique, the study analyzed 47 manufacturing firms listed on the Indonesia Stock Exchange that consistently distributed dividends from 2020 to 2024, resulting in 235 firm-observations. Panel data regression with the Common Effect Model (CEM) was employed for analysis, as determined by Chow, Hausman, and Lagrange Multiplier tests. The findings reveal that Board Size, Board Independence, Institutional Ownership, and Managerial Ownership all exert a significant positive effect on Dividend Policy. However, Firm Size, included as a control variable, showed no significant influence on Dividend Policy. In terms of moderation, profitability does not significantly moderate the relationship between Board Size and Dividend Policy. Conversely, profitability significantly strengthens the positive relationships between Board Independence and Dividend Policy, Institutional Ownership and Dividend Policy, and Managerial Ownership and Dividend Policy, acting as a quasi-moderator in these relationships. Collectively, the independent variables, along with their moderating effects, explain 88.91% of the variation in Dividend Policy, indicating a strong simultaneous influence.

The Influance Of Digital Marketing, Product Innovation, And Brand Equity On Competitive Advantage Of UMKM Sambal Dede Satoe

Aisyah Putri Andini — 2026-07-19

This study was conducted at UMKM Sambal Dede Satoe in Surabaya. The high level of competition among chili sauce micro-enterprises and packaged chili products serves as the background of this research, focusing on the aspects of digital marketing, product innovation, and brand equity. The purpose of this study is to analyze the influence of digital marketing, product innovation, and brand equity on competitive advantage at UMKM Sambal Dede Satoe. This research employs a quantitative approach by distributing questionnaires to 65 consumers of Sambal Dede Satoe. The data were analyzed using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method. The results indicate that digital marketing and brand equity have a positive and significant effect on competitive advantage, while product innovation shows a positive but not significant effect. These findings suggest that digital marketing and brand equity are the strongest factors in enhancing competitive advantage at UMKM Sambal Dede Satoe, whereas product innovation remains incremental and has yet to produce a significant impact. This study is expected to provide practical insights for UMKM Sambal Dede Satoe in strengthening their competitive advantage, particularly through improvements in digital marketing, product innovation, and brand equity.

The Effect Of Loss Aversion, Confirmation Bias, And Herd Behavior In Online Loan Decision-Making Among Economics Students In Palembang City

Asma Mario — 2026-07-19

This study was motivated by concerns about the prevalence of online loan (Pinjol) problems that ensnare students, even leading to stress and suicide. This phenomenon highlights the importance of understanding the factors that influence students' decisions to use Pinjol services. Based on previous research findings, there are three relevant aspects of behavioral economics, namely loss aversion, confirmation bias, and herd behavior. This study uses a quantitative approach with the Ordinary Least Square (OLS) multiple linear regression analysis method using EViews 13 software. The results show that the three independent variables, namely loss aversion, confirmation bias, and herd behavior, have a proven effect on students' decisions to take out online loans. These findings confirm that students' economic behavior in the context of online loans is not only influenced by rational factors, but also by psychological and social biases. The implications of this study are expected to form the basis for prevention efforts and financial literacy education so that students can be wiser in managing their financial needs and avoid the trap of online loans.

The Determinants Of Customer Loyalty In The Financial Digital Industry: Bank-Based And Fintech-Based Qris Providers In Indonesia

Titania Permata Putri — 2026-07-19

The Indonesian digital financial system has been transformed through the Quick Response Code Indonesian Standard (QRIS), which has resulted in a homogenized environment with low switching costs. This study examines the factors that evenly contribute to customer loyalty of bank-based and fintech-based QRIS service providers through the Stimulus–Organism–Response (S-O-R) model. A quantitative method has been used in this study whereby the data was collected from 501 active QRIS users (296 from banks and 205 from fintechs). The findings indicate that Perceived Value has the strongest relative impact contribution to both groups. Contrary to previous findings, the findings of this study indicate that Trust acted as a hygiene factor without direct significant influence in this homogenized market environment. This study refutes the dominance of trust in the direct determination of customer loyalty in homogenized digital markets and has a bifurcated strategic roadmap.

The Influence of Employer Branding and Corporate Reputation on Intention to Apply in the Tobacco Industry: Social Media as Moderating Variable

Erlisa Luanita Yapriono — 2026-07-19

Human resources are critical for business success, making competition for top talent increasingly intense. This study examines the influence of employer branding and corporate reputation on job seekers’ intention to apply in the tobacco industry, using PT Hanjaya Mandala Sampoerna (HMSP) as the research context, and evaluates the moderating role of social media, specifically Instagram. A quantitative approach was used with purposive and snowball sampling, involving 160 job seekers aged 22–30 years in Jakarta and Surabaya. Data were collected through online questionnaires and analyzed using PLS-SEM. Results show that social media is the most influential factor in increasing intention to apply, followed by corporate reputation and employer branding. Active communication on social media strengthens corporate reputation, even in industries with negative stigma such as tobacco, while its interaction with employer branding is not significant. These findings highlight the strategic role of social media and reputation in attracting talent in challenging sectors. The study provides insights for companies to integrate authentic employer branding, reputation management, and digital engagement to optimize recruitment.

The Influence Of Human Resource Development, Competence And Leadership On Employee Performance With Workload As An Intervening Variable In The Medan Religious Court

Samsir Toona — 2026-07-20

This study aims to analyze the influence of Human Resource development, competence, and leadership on employee performance with workload as an intervening variable in the Medan Religious Court. This study uses a quantitative approach with data collection techniques through the distribution of questionnaires to all 60 employees, so that the sampling technique used is a saturated sample. The data analysis method used is Structural Equation Modeling (SEM) based on Partial Least Square (PLS) with the help of SmartPLS 3.0 software.The results showed that workload had a positive and significant effect on employee performance with a coefficient of 0.414, t-statistic of 3.854, and p-value of 0.000. Leadership had a positive and significant effect on employee performance with a coefficient of 0.306, t-statistic of 2.325, and p-value of 0.020, but had no significant effect on workload with a coefficient of 0.304, t-statistic of 1.853, and p-value of 0.064. Competency had a positive and significant effect on workload with a coefficient of 0.870, t-statistic of 6.233, and p-value of 0.000, and had a positive and significant effect on employee performance with a coefficient of 0.301, t-statistic of 2.188, and p-value of 0.029. Human resource development has a positive and significant effect on workload with a coefficient of 0.303, t-statistics of 2.502, and p-value of 0.013, and has a positive effect on employee performance with a coefficient of 0.142 and p-value of 0.047.In the indirect influence, the workload was unable to mediate the influence of leadership on employee performance with a coefficient of 0.126, t-statistic of 1.498, and p-value of 0.135. On the other hand, workload was able to mediate the influence of competency on employee performance with a coefficient of 0.360, t-statistic of 3.325, and p-value of 0.001, and was able to mediate the influence of human resource development on employee performance with a coefficient of 0.225, t-statistic of 1.989, and p-value of 0.049. Thus, it can be concluded that competence is the most dominant variable affecting workload, while workload is the most dominant variable affecting employee performance.

The Effect Of Size And Capital Adequacy Ratio (CAR) On Return On Assets (ROA) With Maqasid Shariah Index (MSI) As A Moderating Variable In Islamic Commercial Banks In Indonesia 2020-2024

Achmad Agus Yasin Fadli — 2026-07-20

This study examines the influence of firm size and capital adequacy on the profitability of Islamic commercial banks in Indonesia, with the Maqasid Shariah Index (MSI) serving as a moderating variable. Using panel data from leading Islamic banks over a recent multi-year period, the analysis applies the Common Effect Model and moderated regression to assess both direct and interaction effects. The findings reveal that firm size has no significant impact on profitability, while capital adequacy positively contributes to financial performance. The moderating analysis further shows that MSI does not alter the relationship between firm size and profitability; however, it significantly weakens the positive effect of capital adequacy on profitability, reflecting a shift in strategic priorities toward broader Sharia-based objectives. Overall, the study highlights the differing roles of financial and Sharia-compliance factors in shaping the performance of Islamic banks and provides insights for managers and policymakers in balancing profitability with Maqasid-driven responsibilities.

Evaluation Of The Implications Of Coretax Use Based On User Perceptions

Deviana Deviana — 2026-07-20

Directorate The General Directorate of Taxes (DGT) launched system CoreTax as part from digital transformation of taxation For simplify administration and improve efficiency service tax system This start implemented on January 1, 2025, but at the stage beginning its implementation Still found various constraints . Therefore that , research This conducted in the period of October 2025 for evaluate whether problem beginning the Still continued . Research This aim evaluate perception must tax to CoreTax use Technology Acceptance Model (TAM) approach as well analyze its relevance with efficiency and compliance taxation . The research method used is qualitative descriptive with primary data collection through questionnaires and interviews , as well as secondary data from document official and research previous research results show that based on perception users , CoreTax assessed capable increase efficiency and compliance taxation through convenience usage , data validation , and integration system . However , until October 2025, the problems faced users Still relatively the same , so that optimization and refinement system still required For increase quality service and experience user.

Digital Technology Access and Income Inequality: A Labour Market Behaviour Perspective in Rural Indonesia

Fitra Jaya — 2026-07-20

The importance of digital technology for inclusive economic development is becoming increasingly evident. This paper examines the impact of digital access and productive internet use on the individual labor income of rural Indonesians across different income percentiles, taking into account the heterogeneity of rural digital infrastructure and the high level of informality in the rural sector. By utilizing the 2024 National Socioeconomic Survey and the National Labour Force Survey, this paper employs the quantile regression technique to examine the effects of digital access and internet engagement at the 25th, 50th, and 75th income percentiles. The results indicate that digital access has a significant benefit for lower-middle-income individuals, with decreasing returns at higher income levels. Conversely, productive internet usage is associated with increased income, particularly at the upper quantiles, suggesting that digital skills enable rural individuals to capitalize on economic opportunities. Additionally, the proxies for job-searching behaviors do not demonstrate a relationship with income in any quantile, which indicates structural issues with the rural labor market. Thus, policymakers need integrated digital inclusion strategies that focus both on capability and institutional constraints to ensure fair economic access for rural residents.

The Effect Of Institutional Ownership, Profitability, Leverage, And Free Cash Flow On Earnings Management In Banking Companies Listed On The Indonesian Stock Exchange (Idx) From 2018 To 2023

Dinal Eka Pertiwi — 2026-07-20

Information about profits is very important for interested parties. Some parties await this information for various reasons. Both internal and external parties need this profit information for financial statement analysis in order to make decisions. Therefore, profits are closely watched by various parties such as investors, creditors, employees, and accounting policy makers. This study aims to examine the influence of Institutional Ownership, Profitability, Leverage, and Free Cash Flow on Profit Management in Banking Companies listed on the Indonesia Stock Exchange (IDX) during the period 2018-2023. This study employs a quantitative method using secondary data, namely company financial statements from the Indonesia Stock Exchange (IDX) via the website www.idx.co.id or the company's official website. The population in this study consists of banking companies listed on the Indonesia Stock Exchange (IDX) from 2018 to 2023. The sample was selected using purposive sampling, resulting in 30 companies that met the criteria, yielding 180 observations. Data analysis was conducted using multiple linear regression analysis with the assistance of SPSS 26.

The results of the study indicate that Institutional Ownership does not affect Profit Management, as seen from the t-value of 0.200 and the sig value of 0.842 > 0.05. Profitability affects Profit Management, as seen from the t-value of 2.470 and the sig value of 0.015 > 0.05. Leverage has no effect on earnings management, as seen from the t-value of -1.178 and a significance value of 0.241 > 0.05. Free cash flow affects earnings management, as seen from the t-value of -18.718 and a significance value of 0.000. Institutional ownership, profitability, leverage, and free cash flow simultaneously affect earnings management, as seen from the calculated F value of 74.768 with a significance level of 0.000 or less than 0.05.

Real Earnings Management and Annual Report Readability with Institutional Ownership Moderation

Harry Harsono — 2026-07-20

This study examines the effect of real earnings management on the readability of annual reports of infrastructure companies listed on the Indonesia Stock Exchange for the 2021–2023 period, with institutional ownership as a moderating variable. Readability is measured using the Python-based Gunning Fog Index and analyzed with EViews. The results show that manipulation of operating cash flow (REM_CFO) and production (REM_PROD) has no significant effect on readability, while manipulation of discretionary expenses (REM_DIS) has a positive and significant effect. Institutional ownership is able to weaken the negative effect of REM_DIS on readability, demonstrating the effectiveness of institutional investor oversight in improving reporting transparency. These findings emphasize the importance of governance in maintaining the quality of corporate disclosure.

Human Resources and Local Revenue Optimization: Insights from a Phenomenological Inquiry

Susilowati Susilowati — 2026-07-20

This study explores how human resources (HR) interpret and perform their strategic roles in optimizing Local Own-Source Revenue (PAD) at the Regional Revenue Agency (Bapenda) of Bondowoso Regency. PAD plays a significant role in supporting regional fiscal independence, yet its achievement relies heavily on employee competence, work motivation, digital readiness, and collaboration across institutions. Using a phenomenological approach, the research captures the lived experiences of internal actors (Bapenda employees) and external stakeholders such as taxpayers, partner institutions, and local government units. Data were collected through in-depth interviews, observations, and document reviews, and analyzed using coding techniques. The findings reveal seven central themes: HR competency, training and development, motivation and incentives, digital capability, collaboration, regulatory constraints, and managerial innovation. The study highlights that PAD optimization requires not only technical proficiency but also adaptive behavior, communication effectiveness, and supportive organizational and regulatory environments. This research provides practical insights for improving HR management in regional revenue institutions and contributes to a deeper understanding of the human-centered aspects of public-sector revenue performance

The Effect Of Cash Turnover, Receivables Turnover, Tax Costs, And Effective Tax Rate On Profitability (Empirical Study Of Manufacturing Companies In The Food And Beverage Sub-Industry Sector Listed On The Indonesia Stock Exchange For The Period 2020-2

Hylian Tanregudio — 2026-07-20

This study aims to determine the effects of cash turnover, accounts receivable turnover, tax expense, and the effective tax rate on profitability. The study was conducted on food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. Purposive sampling and statistical analysis, including classical assumption tests, were applied using IBM SPSS Statistics version 22. The sample consisted of 23 food and beverage manufacturing companies listed on the IDX. This resulted in 23 companies multiplied by 5 years, producing 115 observations. The results show that cash turnover does not affect profitability, with a significance value of 0.703. Accounts receivable turnover does not affect profitability, with a significance value of 0.889. Tax expense affects profitability, with a significance value of 0.000. The effective tax rate affects profitability, with a significance value of 0.000. Cash turnover, accounts receivable turnover, tax expense, and the effective tax rate simultaneously affect profitability, with a significance value of 0.000 < 0.05 and an Adjusted R Square of 97.6%.

Effective Personnel Recruitment Management Strategies For The Bengkulu Regional Police

Lastomo Lastomo — 2026-07-21

The objectives of this study are: 1) to describe and analyze effective recruitment management strategies to produce quality police personnel; 2) to describe and analyze the factors that influence the effectiveness of recruitment management for the Bengkulu Regional Police personnel; and 3) to describe and analyze solutions for overcoming the factors that affect the effectiveness of recruitment management for personnels of the Bengkulu Regional Police.This research is qualitative with a descriptive approach. Data collection techniques used observation, interviews, and documentation. The data analysis technique in this study used data triangulation based on Miles and Huberman's theory, namely data reduction, data display, and verification/conclusion. The results of this study indicate: the recruitment management strategy for the Bengkulu Regional Police personnel has been directed toward the principles of professionalism, transparency, accountability, and responsiveness to the local context. The planning stage becomes an important foundation because it determines the alignment between personnel needs and the dynamics of community security and social conditions. Recruitment implementation, marked by the application of digitization, the BETAH principles, and involvement of external stakeholders, demonstrates the seriousness of the National Police in building a selection process that is accountable and open. Meanwhile, the evaluation carried out comprehensively, participatively, and oriented toward continuous improvement makes the recruitment process not only function as a technical selection mechanism but also as an organizational learning tool. The factors supporting the success of the recruitment strategy include national regulations, leadership support, interagency synergy, availability of adequate resources, community involvement, and the quality of the recruitment team and internal supervisors. However, there are still obstacles such as negative public perceptions of the police profession, limited digital literacy among prospective candidates, technical barriers in implementing computer-based systems, and limited access to information in rural areas. Efforts by the Bengkulu Regional Police to overcome these obstacles are visible through improved public communication quality, provision of adaptive technological solutions, and intensive internal coordination.

The Contribution Of Food Sector Cooperatives To Food Security And The Free Nutritious Meals Program: A Case Study Of The UPI Melati Mekar Jaya SME Center Producers’ Cooperative, North Bengkulu

Kresnawati Kresnawati — 2026-07-21

The national priority programs on food security and the Free Nutritious Meals (MBG) initiative require the active participation of cooperatives and food-sector SMEs. This study aims to analyze the contribution of the UPI Melati Mekar Jaya IKM Producer Cooperative in North Bengkulu Regency in supporting food security and the MBG program. Method: A quantitative descriptive approach with a single case study design using 56 monthly transactions of actual sales report data from November 2025 to April 2026. Analysis was conducted using the FAO’s four pillars of food security framework, SWOT analysis, and a Fishbone diagram. Results: Total sales over six months reached Rp411,869,400, with animal protein products accounting for 72.3%. Sales trends were fluctuating (CAGR 18.2%; coefficient of variation 38.5%). The SWOT analysis indicates a Quadrant I position (aggressive strategy) with an IFAS score of 3.38 and an EFAS score of 3.19. Three of the four FAO pillars are met, but the stability pillar remains weak. Four main gaps were identified: production capacity, food safety and nutrition standardization, access to financing, and institutional coordination. Conclusion: Cooperatives possess real capacity as strategic partners of the government, but require strengthening of production capacity and access to capital. Novelty: This study presents empirical evidence based on six months of real transaction data, mapping of the supply chain to SPPGs, and explicit identification of implementation gaps.

The Influence Of Training, Development, Motivation, And Competence On Employee Work Quality At The Ministry Of Religious Affairs Of South Bengkulu

Derli Suflan — 2026-07-21

The aim of this study is to determine the effect of training, development, motivation, and competence on employee work quality at the Ministry of Religious Affairs of South Bengkulu. The data collection method used in this study was a questionnaire technique, with a sample of 40 employees from the Ministry of Religious Affairs of South Bengkulu. The results of the study show that the multiple linear regression equation is Y = -0.497 + 0.160X1 - 0.175X2 - 0.107X3 + 1.131X4 + 0.565. The variables of training (X1) and competence (X4) have a positive effect on improving employee work quality at the Ministry of Religious Affairs of South Bengkulu, meaning that the higher the training and competence, the higher the work quality. Meanwhile, development (X2) and motivation (X3) have negative coefficients, indicating that in this study both variables do not contribute positively to improving work quality. Overall, competence is the most dominant factor influencing work quality compared to the other variables. The training test (X1) shows tcount 2.836 > ttable 0.681 and a significance value of 0.008 < 0.05, so Ha is accepted and Ho is rejected, meaning training has a positive and significant effect on employee work quality. The development test (X2) shows tcount -3.195 < ttable 0.681 and significance 0.003 < 0.05, so Ha is accepted and Ho is rejected, meaning development has a positive and significant effect on employee work quality. The motivation test (X3) shows tcount -0.759 < ttable 0.681 and significance 0.453 > 0.05, so Ha is accepted and Ho is rejected, meaning motivation has no effect on employee work quality. The competence test (X4) shows tcount 7.709 < ttable 0.681 and significance 0.000 < 0.05, so Ha is accepted and Ho is rejected, meaning competence has a positive and significant effect on employee work quality. Based on the comparison between Fcount and Ftable, Fcount is greater than Ftable, namely 18.736 > 2.49. Therefore, the hypothesis is accepted, meaning there is a simultaneous effect of training (X1), development (X2), motivation (X3), and competence (X4) on employee work quality at the Ministry of Religious Affairs of South Bengkulu. This is also supported by a significance value of 0.000 < 0.05.

Agile Leadership, Organizational Values, And Employee Performance In The Digital Era: Evidence From Indonesia’s ICT Industry

Deny Marfriady — 2026-07-21

This study aims to analyze the effect of organizational values and agile leadership on employee performance and to test the role of digital technology transformation as a mediating variable at PT. Tekno ABC. The study applies an explanatory quantitative approach by distributing questionnaires to 290 employees using a convenience sampling technique. The data were analyzed using the Partial Least Square Structural Equation Modeling (PLS-SEM) method. The results indicate that organizational values have a positive and significant effect on both employee performance and digital technology transformation. Agile leadership also has a positive and significant effect on employee performance as well as on digital technology transformation. Furthermore, digital technology transformation is proven to have a positive and significant effect on employee performance. In addition, digital technology transformation significantly mediates the effect of organizational values on employee performance as well as the effect of agile leadership on employee performance. The conclusion of this study shows that improvements in employee performance are not only directly determined by organizational values and agile leadership, but are also reinforced through an indirect pathway with digital technology transformation as a mediator.

The Influence Of Corporate Social Responsibility On Customer Loyalty Through Trust And Electronic Word Of Mouth At Emina Cosmetics

Keisha Attila Fardhana — 2026-07-19

This study was conducted to analyze the influence of Corporate Social Responsibility (CSR) on customer loyalty through trust and Electronic Word of Mouth (E-WOM) in Emina Cosmetics consumers. This research was carried out with a quantitative method through the distribution of questionnaires to Emina Cosmetics consumers who have purchased Emina products. This study utilizes data sourced from questionnaires that have been filled out by Emina Cosmetics consumers who have purchased products, with 160 respondents' data processed using the PLS-SEM method assisted by SmartPLS 4. This research shows that CSR has been proven to be able to increase consumer trust, E-WOM, and customer loyalty. In addition, trust and E-WOM have also proven to be bridges that connect CSR with customer loyalty, where E-WOM has a much stronger role than trust. These findings confirm that relevant and efficiently communicated CSR programs through digital media can encourage consumers to share positive experiences, ultimately strengthening customer loyalty in a sustainable manner.