Al-Kharaj: Journal of Islamic Economic and Business
Al-Kharaj: Journal of Islamic Economic and Business is peer-reviewed journal published by Program Studi Ekonomi Syariah, Institut Agama Islam Negeri (IAIN) Palopo. Al-Kharaj focus on the research of Economic and Business and shariah economic, Management, Finance and accounting, public administration, Sharia Economic Law. The aims of this journal is to explore and develop economic related disciplines. This Journal welcomes contributions from researchers in related diciplines. Accredited Sinta 3 by minister of education and culture, Research and Technology (SK Dirjen Pendidikan Tinggi, Riset dan Teknologi No 0173/C3/DT.05.00/2025. This journal was published twice a year June and Desember from 2019-2022, then Since 2023 onwards it is published four times a year, on March, June, September and December Journal title Al-Kharaj: Journal of Islamic Economic and Business Initials kharaj Abbreviation al. kharaj. j. islam. econ. bus. Frequency 4 issues per year DOI Prefix 10.24256 by Crossref ISSN 2686-262X (Print) | 2685-9300 (Online) Editor-in-chief Mujahidin Publisher Institut Agama Islam Negeri Palopo Indexing SINTA | Garuda | Dimensions | Crossref
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Analysis of Islamic Bank Performance Through Evaluation Maqasid Syariah Index (Comparative Study of Bank Muamalat and Bank Syariah Indonesia for the 2021-2025 Period)
This study aim for analyze and compare performance of Bank Muamalat Indonesia and Bank Syariah Indonesia using Maqasid Syariah Index (MSI) approach during 2021–2025 period. Research This based on measurement performance Islamic banking in Indonesia which is still dominated by indicators finance conventional so that not yet fully reflect Sharia objectives and values. The study used a quantitative approach with descriptive-comparative and inferential methods. The data used were secondary data obtained from the annual financial statements and annual reports of Bank Muamalat Indonesia and Bank Syariah Indonesia for the 2021–2025 period. The Maqasid Syariah Index was calculated using the Simple Additive Weighting (SAW) method based on three dimensions of Abu Zahrah's maqasid syariah, namely tahdzib al-fard (educating individuals), iqamah al-'adl (upholding justice), and jalb al-maslahah (realizing benefits). Data analysis techniques included trend analysis, descriptive statistics, normality tests using the Shapiro-Wilk test, and difference tests using the Independent Sample t-test. The results showed that the performance of Bank Syariah Indonesia tended to be more stable despite fluctuations during the study period, while Bank Muamalat Indonesia showed higher fluctuations in the MSI value. The results of the difference test indicate that there is no significant difference between the performance of the Maqasid Syariah Index of Bank Muamalat Indonesia and Bank Syariah Indonesia with a significance value of. 771 (p >.05). This finding indicates that differences in asset scale, service network, and institutional characteristics do not directly determine the success of achieving the maqasid syariah. This study provides implications that the Maqasid Syariah Index can be used as an alternative measurement of Islamic bank performance that is more comprehensive than conventional financial indicators because it is able to assess aspects of justice, welfare, and social function of Islamic banking.
Copyright (c) 2026 Suraya, Abdullah Ahadish Shamad Muis https://creativecommons.org/licenses/by-sa/4.0
Earning Persistence Moderates the Influence of Corporate Social Responsibility, Conservative Accounting, and Growth Opportunity on Earnings Response Coefficient
This study aims to analyze Purpose: the influence of Corporate Social Responsibility (CSR), accounting conservatism, and growth opportunity on the Earnings Response Coefficient (ERC), with earnings persistence as a moderating variable, in IDX80-listed companies over the 2021–2024 period. Methods: This research employs a quantitative approach using secondary data drawn from annual reports published on the official website of the Indonesia Stock Exchange (IDX). A purposive sampling technique yielded 42 companies and 168 firm-year observations. Data were analyzed using panel data regression, with model selection determined through the Chow Test, Hausman Test, and Lagrange Multiplier Test, followed by descriptive statistics, classical assumption tests, multiple linear regression, the F-test, the t-test, and Moderated Regression Analysis (MRA). Results: The results show that CSR and accounting conservatism do not significantly affect ERC, while growth opportunity has a significant effect on ERC; furthermore, earnings persistence moderates the relationship between CSR and ERC as well as between growth opportunity and ERC, but does not moderate the relationship between accounting conservatism and ERC. Implications: These findings imply that investors and analysts evaluating IDX80 firms should weigh growth opportunity and the persistence of reported earnings when interpreting earnings information, rather than relying on CSR disclosure or conservatism alone as signals of earnings quality, while for management and regulators they highlight that the market value of CSR initiatives may depend on the firm’s underlying earnings stability. Future research could extend the observation period, broaden the sample beyond IDX80, incorporate alternative measures of CSR, or test other potential moderating and mediating variables to deepen understanding of the determinants of the earnings response in the Indonesian capital market.
Copyright (c) 2026 Muhammad Ridho, Nofryanti, Holiawati https://creativecommons.org/licenses/by-sa/4.0
Implementation of Consumer Warranty Rights by Mobile Phone Service Business Actors Maslahah Mursalah Perspective and Law No. 8 of 1999 concerning Consumer Protection (Case Study in Gunung Tua, North Padang Lawas Regency)
This study aims to analyze the implementation of consumer warranty rights in mobile phone service services and assess its conformity with applicable legal provisions and review the practice from the perspective of maslahah mursalah. The problems studied focus on the gap between legal norms and practices in the field related to the provision of guarantees by business actors. The method used is empirical legal research with a qualitative approach through interviews and literature studies. The results of the study show that the implementation of the warranty has not been running optimally. Some business actors have provided guarantees both in writing and verbally. However, there are still business actors who have not provided any warranty This condition causes consumer rights to not be fulfilled and causes legal uncertainty. Based on Law Number 8 of 1999 concerning Consumer Protection, this practice has not fulfilled the obligations of business actors. From the perspective of maslahah mursalah, this condition does not reflect the principle of benefit because it has not been able to provide protection and prevent losses for consumers. This study concludes that the implementation of the warranty has not reflected legal certainty, justice, and optimal utility. Therefore, a mandatory policy is needed for business actors to provide guarantees to consumers as a form of responsibility for the services provided and to realize more effective consumer protection.
Copyright (c) 2026 Bintang Sri Bulan, Fatimah Zahara https://creativecommons.org/licenses/by-sa/4.0
A Sharia-Compliant Digital Accounting Information System Model: Design, Implementation, and Implications for Islamic Financial Practices
This study aims to develop a Sharia-Compliant Digital Accounting Information System (SCDAIS) model that integrates digital accounting technologies with Islamic accounting principles, Sharia governance, and ethical objectives. Using a qualitative approach grounded in the interpretive paradigm, the research adopts a multi-sited ethnographic orientation to explore how digital accounting systems are conceptualized and practiced across Islamic financial institutions, including Islamic banks, fintech platforms, zakat and waqf institutions, and regulatory environments. Data were collected through participant observation, in-depth interviews with 12–15 key informants, and document analysis, and analyzed using thematic analysis guided by thick description. The findings reveal that digital accounting systems in Islamic contexts operate as socio-technical and socio-religious constructs shaped by institutional values, technological capabilities, and interpretations of Sharia principles. Five core dimensions of SCDAIS were identified: digital infrastructure, accounting system core, Sharia compliance mechanisms, governance structures, and maqasid al-shariah-oriented outcomes. The study highlights that digital technologies are inherently value-neutral and require intentional embedding of Sharia principles within system architecture to ensure compliance. Furthermore, human interpretation remains essential in addressing complex financial practices that cannot be fully automated. The proposed SCDAIS model contributes to the literature by offering an integrative framework that bridges technology, accounting, and Islamic ethics. Practically, the findings provide guidance for developing ethical, transparent, and accountable digital accounting systems that support sustainable Islamic financial practices in the digital economy.
Copyright (c) 2026 Andi Riska Andreani Syafaruddin, Alimuddin, Syarifuddin https://creativecommons.org/licenses/by-sa/4.0
Accountability Dilemma, Burnout, and Coping Mechanisms Among Working Accounting Postgraduate Students: A Phenomenological Study
This study aims to explore and construct the lived experiences of accounting postgraduate students who simultaneously engage in full-time employment, focusing on accountability dilemmas, burnout, and coping mechanisms. Using an interpretive paradigm and a phenomenological approach, this research captures the subjective experiences of seven informants through in-depth interviews. Data were analyzed using thematic phenomenological analysis to uncover the essential meanings (eidos) underlying participants’ experiences. The findings reveal that working postgraduate students experience dual-role conflicts characterized by time fragmentation, competing priorities, and overlapping accountability demands between academic and professional environments. Accountability is not merely perceived as a formal obligation but evolves into a moral responsibility, intensifying internal pressure to maintain performance in both domains. This condition leads to multidimensional burnout, including emotional exhaustion, mental fatigue, and physical strain, often manifesting as invisible suffering. Furthermore, the study identifies a tendency toward toxic productivity, where individuals persistently sustain performance despite declining well-being. To cope with these pressures, participants develop diverse coping strategies, including structured time management, social adjustment, emotional regulation, and meaning-focused coping grounded in spiritual values. These strategies function not only as stress management tools but also as mechanisms for sustaining resilience and negotiating personal meaning. The study concludes that the experience of working while studying represents an ongoing existential negotiation between responsibility, identity, and self-preservation within competing institutional demands.
Copyright (c) 2026 Yayah Maudy Limbangtasi, Syafika Marzuka, Ulfa Melati, Syarifuddin https://creativecommons.org/licenses/by-sa/4.0
The Issue of Honorarium for Temporary Teachers from the Perspective of the Ijarah Contract and Islamic Economic Justice: A Literature Review
This study aims to analyze the phenomenon of low wages for contract teachers from the perspective of the ijarah contract and Islamic economic distributive justice, as well as to identify forms of structural injustice within the education system. The study employs a qualitative approach using a literature review. The data sources consist of 40 scientific articles obtained from the Google Scholar, Sinta, and DOAJ databases, focusing on the welfare of honorary teachers, remuneration, the ijarah contract, and distributive justice. Data collection was conducted through systematic literature review, while data analysis employed content analysis with a descriptive-analytical approach, following the stages of data reduction, data presentation, and drawing conclusions. The results indicate that the low ujrah for contract teachers not only impacts their economic well-being but also has the potential to affect the overall quality of education. In many cases, the practice of paying honoraria to contract teachers has not fully aligned with the principles of the ijarah contract, particularly regarding aspects of justice, wage adequacy, and the principle of taradhi. Furthermore, the distribution of welfare within the education system reveals disparities between civil servant (ASN) and non-ASN teachers, reflecting the suboptimal implementation of distributive justice. The implications of this study underscore the importance of reformulating wage policies and labor protections for honorary teachers that are fairer, more proportional, and in line with Islamic economic principles to support teachers’ welfare and improve the quality of education.
Copyright (c) 2026 Siti Alfia -, Tri Hidayati https://creativecommons.org/licenses/by-sa/4.0
The The Influence of Domestic and Global Factors on Inflation in Indonesia: Augmented Vitaliano Model with ECM Approach
This study aims to analyze the influence of domestic and global factors on inflation in Indonesia using the Augmented Vitaliano Model. The variables analyzed include domestic factors represented by the money supply (M2), real Gross Domestic Product (GDP), government spending, and global variables represented by world oil prices, and exchange rates. This study uses a quantitative approach with time series data and the Error Correction Model (ECM) method. The results of the study show that all variables become stationary at the first differentiation and have a long-term equilibrium relationship. The regression results show that world oil prices have a positive and significant effect on inflation, while the money supply, real GDP, government spending, and exchange rates have no significant effect partially. However, simultaneously all variables affect inflation. A negative and significant Error Correction Term (ECT) value indicates the existence of an adjustment mechanism from short-term imbalance to long-term equilibrium, with an adjustment rate of 137.69% per quarter, which means that the adjustment process takes place very quickly, which is less than 1 quarter or in 65 days to return to long-term equilibrium. These findings show that inflation dynamics in Indonesia are influenced by domestic economic conditions as well as fluctuations in global energy prices. Therefore, the formulation of inflation control policies needs to consider global economic developments. Further research is suggested to add other macroeconomic variables as well as use longer data periods. Keywords: inflation, domestic factors, global factors, ECM, Indonesia
Copyright (c) 2026 wahyu fitrah, Ida Ayu Putri Suprapti https://creativecommons.org/licenses/by-sa/4.0
Productive Zakat And Its Implications For Improving Mustahik Welfare
This study aims to analyze the concept, implementation forms, implications, and factors influencing the effectiveness of productive zakat in improving the welfare of those entitled to receive it. Productive zakat is viewed as a Sharia-based economic empowerment instrument that focuses not only on consumer assistance but also on creating sustainable income sources through business capital, training, and mentoring. This study used a literature review approach, examining various scientific journals discussing the implementation of productive zakat in zakat management institutions such as BAZNAS and LAZ in Indonesia. The analysis was conducted using content analysis and thematic synthesis techniques to identify implementation patterns, impacts, and supporting factors for the program's success. The study results indicate that productive zakat has significant implications for increasing mustahik's income, the sustainability of micro-enterprises, family economic stability, and improving quality of life. Furthermore, productive zakat also has broader socio-economic impacts, such as local business growth and employment. Program effectiveness is influenced by the professionalism of zakat institution management, the accuracy of mustahik selection, the quality of business mentoring and training, ongoing monitoring, and the motivation and readiness of mustahik to develop their businesses. With integrated management, productive zakat has great potential as a poverty alleviation strategy based on sustainable and socially just sharia economics.
Copyright (c) 2026 MHD. Nanang Hidayat, M.Ilham, Muhammad Fakhri Khairi, Khoiruddin https://creativecommons.org/licenses/by-sa/4.0
The Role Of Trust And Transparency In Forming Shariah Bank Customer Loyalty
The purpose of this study is to analyze the role of trust and transparency in shaping Sharia bank customer loyalty. The method used is a literature review, examining various scientific sources, including journals, books, and publications relevant to the research topic. The data used is secondary data, analyzed descriptively and qualitatively through a process of reduction, presentation, and conclusion drawing. The results indicate that trust is a fundamental factor influencing customer loyalty because it reflects customer confidence in the integrity, security, and compliance of bank operations with Sharia principles. Meanwhile, transparency plays a crucial role in building and strengthening trust through information disclosure, clear contracts, and honest and accountable communication. Good transparency can increase customer understanding and comfort, thus encouraging the formation of long-term relationships. Trust and transparency are interconnected and simultaneously influence customer loyalty. Transparency is the foundation for building trust, while trust strengthens loyalty by increasing customer commitment and retention. However, challenges remain in its implementation, such as a lack of information transparency and suboptimal levels of customer trust. Therefore, integrating trust and transparency is key to increasing customer loyalty in Islamic banks. Therefore, a sustainable strategy is needed to improve both aspects to support the development of the Islamic banking industry.
Copyright (c) 2026 Nurhayati https://creativecommons.org/licenses/by-sa/4.0
The Production and Carbon Emission Efficiency Analysis of the Manufacturing Sector across Six Provinces in Java: An SBM Approach (2018–2022)
Objective: This study aims to estimate green efficiency levels in the manufacturing sector across six provinces on Java Island and to identify benchmarks for environmentally friendly industrial governance policies, both spatially and temporally. Methods: A quantitative-descriptive approach was employed, utilizing input-oriented Slack-Based Measure Data Envelopment Analysis (SBM-DEA) modeling under the assumption of Variable Returns to Scale (VRS). The geographical scope covers six provinces on Java Island (Banten, DKI Jakarta, West Java, Central Java, DI Yogyakarta, and East Java) over the 2018–2022 observation period. Input variables include capital, labor, and fossil energy consumption, while output variables consist of industrial GDP (desirable output) and carbon dioxide (CO2) emissions as a negative environmental residual effect (undesirable output). Data were gathered from secondary reports by Statistics Indonesia (BPS) and the Ministry of Energy and Mineral Resources (ESDM). Results: The findings reveal a stark dichotomy in efficiency performance. Banten, DKI Jakarta, West Java, and DI Yogyakarta consistently maintained perfect efficiency status (a score of 1.0000) throughout the observation period. Conversely, Central Java (average 0.8556) and East Java (average 0.7034) experienced persistent green inefficiency due to excessive emissions (slacks) and energy input wastage. Benchmark analysis (Lambda) revealed dynamic shifts: Central Java was self-efficient during the pandemic but saw a decline post-pandemic in 2022, whereas East Java’s reference point for improvement shifted entirely from DI Yogyakarta (2018) toward the low-carbon technology characteristics of DKI Jakarta and West Java (2020–2022), with contribution weights exceeding 60%. Implications: The findings highlight the need for regional authorities in Central and East Java to move away from "business-as-usual" policies. Concrete policy interventions are recommended, including the implementation of mandatory energy audits for the heavy industry sector, the provision of green fiscal incentives, and the standardization of integrated industrial zones (eco-industrial parks) modeled after the West Java clusters. Future studies should expand the scope of analysis by utilizing firm-level data and incorporating other environmental pollutants, such as liquid waste and SOx/NOx emissions.
Copyright (c) 2026 Nadillah Lilhidayah, Deni Kusumawardani https://creativecommons.org/licenses/by-sa/4.0
The Effect Of Work Ethos, Work Ethics, And Employee Loyalty On Employee Productivity The Sofa Industry In Tarub District, Tegal Regency
Employees play a crucial role in the production process and the sustainability of a business; employee productivity generates output in the form of goods and services. High-quality human resources lead to increased employee productivity, and vice versa. The purpose of this study is to analyze the decline in employee productivity in the sofa industry in Tarub Subdistrict, Tegal Regency, Central Java, and the factors influencing it. Methods: This is a quantitative study using numerical data. The sampling technique employed was random sampling. The population and sample consisted of 77 employees in the sofa industry in Tarub Subdistrict, Tegal Regency. Primary data were obtained through interviews with respondents and a questionnaire technique, which involved providing respondents with a set of written statements to be answered using a Likert scale. The collected primary data were tested for validity and reliability of the research instrument using SPSS 25. This was followed by data processing and analysis, including assumption testing (covering normality, heteroscedasticity, and multicollinearity tests) and multiple linear regression analysis. Finally, hypothesis testing was conducted to obtain t-test results, F-test results, and the coefficient of determination. Results: The t-test for the Work Ethic variable shows a positive effect on Employee Productivity (3.395 > 1.666 and p-value 0.000 ≤ 0.05), meaning Hypothesis 1 is “accepted.”; The Work Ethic variable has a positive effect on Employee Productivity (12.300 > 1.666 and p-value 0.000 ≤ 0.05), meaning Hypothesis 2 is “accepted.” The Employee Loyalty variable has a positive effect on Employee Productivity (4.373 > 1.666 and p-value 0.000 ≤ 0.05), meaning Hypothesis 3 is “accepted”. All three variables have a simultaneous effect on Employee Productivity (62.113 > 2.730 and sig. 0.000 ≤ 0.05), meaning Hypothesis 4 is “accepted,” supported by the coefficient of determination indicating that the three variables contribute 70.7% to employee productivity.
Copyright (c) 2026 agil maulana, Maulana Agil Sumawang https://creativecommons.org/licenses/by-sa/4.0
Analysis of Compliance in Submitting Accountability Reports of Work Unit Treasurers in Central Sulawesi Province
Compliance with the submission of Accountability Reports (LPJ) by work unit treasurers is an important indicator in supporting the accountability of state financial management. However, in practice, repeated delays in submitting LPJs are still found. This study aims to analyze the level of compliance in submitting LPJs and identify patterns and causes of delays based on administrative documents. This study uses a descriptive quantitative approach with content analysis techniques on the Office Notes extending the deadline for submitting LPJs by work unit treasurers in Central Sulawesi Province for the period January–June 2025. The unit of analysis for this study is the statement of reasons for delays listed in the Office Notes. Data were analyzed through coding, frequency calculation, and percentage presentation. The results show that delays in submitting LPJs occurred in every month of observation, indicating a suboptimal level of compliance with reporting time. Quantitatively, administrative factors were the most dominant cause of delays at 57.1%, followed by technical factors at 28.6% and operational factors at 14.3%. In addition, a shift in the causes of delays between periods was found, where at the beginning of the budget year delays were dominated by administrative factors, while in subsequent periods they began to be influenced by technical and operational factors. This study confirms that delays in submitting the LPJ are influenced by the interaction between internal administrative capacity and the stability of the reporting support system.
Copyright (c) 2026 Khairunnisa, Muhammad Din, Sugianto, Masruddin https://creativecommons.org/licenses/by-sa/4.0
A Livestock-Based Circular Economy Model Within the Framework of Islamic Economic Development
This article aims to formulate and thoroughly elaborate on a conceptual model of a circular economy in the livestock sector, holistically integrated with the fundamental principles of Islamic economics. Using a qualitative literature review methodology and an analytical-synthesis approach, this research examines the synergy between the core principles of the circular economy—such as reduce, reuse, recycle—and the noble values of Islamic economics, including the trusteeship of khalifah fil ardh (stewardship on Earth), the strict prohibition against wastefulness (israf), and the pursuit of Maqasid al-Shariah (the essential objectives of Islamic law). The result of this analysis is a zero-waste integrated farming model, where every output stream, including those previously considered waste, is transformed into a valuable productive input. The proposed model not only offers a technical solution for environmental sustainability and resource efficiency but also inherently integrates Islamic financial and social instruments like Musharakah, Productive Waqf, and Zakat to realize distributive justice and achieve falah (holistic well-being). Thus, this model provides a comprehensive framework for the development of the livestock sector that is not only ecologically and economically sustainable but also deeply rooted in the ethical and spiritual foundations of Islam.
Copyright (c) 2026 Aminata Sukriya, Anita Sari, St Chadijah, Fasiha https://creativecommons.org/licenses/by-sa/4.0
The Influence of @tmghoteljakarta's Instagram Digital Marketing Content on Building Brand Awareness and Online Booking Decisions (Case Study: TMG Hotel Tebet, Marclan Collection, Jakarta)
The purpose of this research is to analyze the influence of Instagram digital marketing content on brand awareness and its implications for online booking decisions at TMG Hotel Tebet. The research employs a quantitative approach using a survey method involving 158 hotel guests who have previously made an online booking and viewed the Instagram content of @tmghoteljakarta. Data were collected through a questionnaire using a five-point Likert scale as the research instrument. The data were analyzed using Partial Least Squares–based Structural Equation Modeling (PLS-SEM) with the assistance of SmartPLS software. The results indicate that Instagram digital marketing content has a positive and significant effect on brand awareness, with a path coefficient of 0.522 (T-statistics = 9.152; p < 0.05). Furthermore, digital marketing content also has a positive and significant effect on online booking decisions. The coefficient of determination (R²) value of 0.272 shows that digital marketing and brand awareness explain 27.2% of the variance in online booking decisions. These findings confirm that optimizing informative, engaging, and consistent Instagram content can be an effective strategy to build brand awareness and simultaneously encourage online room booking conversions in the hospitality industry.
Copyright (c) 2026 Erika Munandari, Vidya Kusumawardani, Danang Trijayanto https://creativecommons.org/licenses/by-sa/4.0
The Effect of Operating Cash Flow on Earnings Quality: The Moderating Role of Leverage in Indonesian Industrial Sector Firms
This study examines the direct effect of operating cash flow on earnings quality and evaluates the moderating role of leverage in industrial sector companies listed on the Indonesia Stock Exchange during the post-pandemic recovery period of 2022-2025. Employing a quantitative explanatory design, secondary data were gathered from audited annual financial statements of 41 firms selected through purposive sampling, yielding 164 firm-year observations. Earnings quality was measured as an inverse proxy via the absolute value of discretionary accruals (ABSDA) using the Modified Jones Model. Due to significant heteroskedasticity violations in the diagnostic phase, the model was estimated using Robust Standard Errors with the HC3 estimator. The empirical results demonstrate that operating cash flow does not significantly affect earnings quality. This indicates that operational cash metrics during this transitional timeline were driven by defensive liquidity survival rather than financial report modification. Furthermore, leverage fails to moderate the relationship, as stringent debt covenants independently restrict interactive accrual manipulation. Conversely, firm size exhibits a significant negative effect on ABSDA, confirming that a larger corporate scale is associated with superior earnings quality due to heightened public scrutiny and robust internal controls. These findings suggest that capital market participants should prioritize corporate scale over isolated cash metrics when assessing financial reporting integrity.
Copyright (c) 2026 Sulton Afzani, Eni Srihastuti, Agus Athori https://creativecommons.org/licenses/by-sa/4.0
The Role of Culture in Moderating the Influence of Financial Literacy and the Performance of SMEs in North Toraja Regency
This research aims to analyze and determine the role of culture in moderating the influence of financial literacy on SME performance. This research uses a quantitative approach. The objects studied were SME owners in Toraja Regency. Data was obtained through a survey with an instrument, namely a questionnaire and the sampling method used was the simple random sampling method. The results of the research conclude that financial literacy has a significant effect on the performance of North Toraja Regency MSMEs and culture can moderate the influence of financial literacy on the performance of North Toraja Regency SMEs.
Copyright (c) 2026 Stefani Marina Palimbong, Mince Batara https://creativecommons.org/licenses/by-sa/4.0
Analysis of the Role of Input Markets and Output Markets in Increasing Productivity, Competitiveness, and Economic Welfare: Perspectives of Conventional Economics and Islamic Economics.
The input market and the output market are two fundamental elements in the economic system that play an important role in determining the level of productivity, competitiveness, and economic welfare. The input market provides various factors of production, such as labor, capital, land, and entrepreneurship needed in the production process, while the output market is a means of distributing goods and services to consumers. In the conventional economy, market efficiency is the main factor in optimizing the allocation of resources to achieve economic growth and community welfare. Meanwhile, Islamic economics not only emphasizes efficiency, but also prioritizes the principles of justice, balance, benefit, and the achievement of falah as the ultimate goal of economic activity. This research aims to analyze the role of input markets and output markets in increasing productivity, competitiveness, and economic welfare through the perspective of conventional economics and Islamic economics. The method used is library research with a descriptive-comparative approach through the analysis of various literatures, scientific journals, books, and relevant research results. The results of the study show that the input market and the output market have a significant contribution in encouraging productivity through optimizing the use of production factors and increasing the efficiency of production distribution. In the perspective of conventional economics, productivity and competitiveness are influenced by price mechanisms, market competition, and resource allocation efficiency. As for the perspective of Islamic economics, productivity and competitiveness are not only measured in terms of economic profits, but also by the extent to which market activities are able to create distribution justice, avoid exploitative practices, and provide benefits to society at large. Therefore, the integration of conventional economic efficiency values with sharia principles can be an alternative in realizing a productive, competitive, and welfare-oriented market system.
Copyright (c) 2026 Pephitasya Juliana, Siradjuddin https://creativecommons.org/licenses/by-sa/4.0
Analysis of the Global Environmental Crisis in the Perspective of Maqasid Sharia: Efforts to Realize Sustainable Development
The global environmental crisis is a serious threat to the sustainability of human life, economic stability, and the balance of the world's ecosystems. Rising global temperatures, air pollution, water pollution, and biodiversity loss show that environmental issues require a multidisciplinary approach that is not only technical, but also ethical and normative. In an Islamic perspective, maqasid sharia provides a value framework that aims to realize benefits and prevent damage. This research aims to analyze environmental issues through the perspective of maqasid sharia by emphasizing the five main goals of sharia: protecting religion, soul, intellect, descent, and property. The method used is a literature study with a descriptive-analytical approach from classical sources and cutting-edge references. The results of the study show that environmental protection is an integral part of the sharia goals and is relevant to be applied in today's sustainable development policies..
Copyright (c) 2026 Pephitasya Juliana, Andi Ahmad Dhiyauddin, Radina Fauzi, Murtiadi Awaluddin, Sudirman https://creativecommons.org/licenses/by-sa/4.0
Customer Loyalty Formation In E-Commerce: The Role Of Trust, Peer-To-Peer Communication, Purchase Decision, And Customer Satisfaction
This study aims to analyze the influence of trust and peer-to-peer communication on customer loyalty through purchase decision and customer satisfaction among Shopee users in DKI Jakarta. This study employed a quantitative approach using an explanatory research method. The sampling technique used purposive sampling with a total of 155 Shopee users in DKI Jakarta as respondents. Data analysis was conducted using Structural Equation Modeling–Partial Least Square (SEM-PLS) with the assistance of SmartPLS software. The results showed that trust had a positive and significant effect on purchase decision and customer satisfaction. Peer-to-peer communication was also proven to have a positive and significant effect on purchase decision and customer satisfaction. Furthermore, purchase decision had a positive and significant effect on customer satisfaction. Customer satisfaction was proven to have a positive and significant effect on customer loyalty among Shopee users in DKI Jakarta. The findings indicate that increasing consumer trust and positive communication among users can improve purchase decisions, customer satisfaction, and customer loyalty on e-commerce platforms. This study provides a theoretical contribution to the development of digital marketing management studies, particularly related to consumer behavior in the e-commerce industry. In addition, this study also provides practical implications for e-commerce companies in improving customer loyalty through strengthening trust and optimizing peer-to-peer communication Keywords: Trust, Peer to Peer Communication, Purchase Decision, Customer Satisfaction, Customer Loyalty, E-Commerce.
Copyright (c) 2026 Harimurti Wulandjani, Supriadi Thalib, Widarto Rachbini, Aryo Seno, Ahmad Fikri https://creativecommons.org/licenses/by-sa/4.0
The Influence Of Service Quality And Religiosity On Customer Loyalty At Bank Syariah Indonesia
This study aims to analyze the influence of Service Quality and Religiosity on Customer Loyalty among customers of Bank Syariah Indonesia. The study employs a quantitative approach using an explanatory research method. The purposive sampling technique amounted to a total of 413 respondents who are Bank Syariah Indonesia’s customers. Data were collected through questionnaires using a five-point Likert scale. Data analysis was conducted using SPSS 27 to test three working hypothesis. The results showed that Service Quality and Religiosity have a positive and significant effect on Customer Loyalty when tested individualy. Consistently, the same result obtained when both independent variable were tested simultaneously. Service Quality and Religiosity significantly influenced Customer Loyalty. The findings indicate that customer loyalty of Bank Syariah Indonesia is influenced not only by service provision, but also by consumers’ perceived Islamic value. This is marked by the superior statistic result of religiosity toward customer loyalty when compared to that of service quality. Therefore, Bank Syariah Indonesia should strategize their marketing program to assimilate values and service quality, as well as design an effective communication strategy to increase customer retention. Keywords: Service Quality, Religiosity, Customer Loyalty, Islamic Banking, Bank Syariah Indonesia.
Copyright (c) 2026 Ahmad Rafif Hubeis, Novita Ikasari https://creativecommons.org/licenses/by-sa/4.0
The Dynamics of Skincare Purchasing Decisions: The Mediating Role of Brand Image in the Influence of Product Quality, Price Fairness, and Social Proof
The expansion of the Korean skincare market has led to increasingly intense competition among brands in attracting Generation Z consumers. This research investigates how product quality, perceived price fairness, and social proof affect purchasing decisions for SKIN1004 skincare products in Surabaya, with brand image positioned as a mediating variable. A quantitative explanatory design was employed using purposive sampling, involving 190 Generation Z respondents aged 17–28 years who had purchased and used SKIN1004 products. Data were processed through the Partial Least Squares–Structural Equation Modeling (PLS-SEM) technique. The results indicate that product quality, price fairness, and social proof positively and significantly influence both brand image and purchase decisions. Price fairness emerges as the most influential factor in shaping brand image and driving purchase decisions, while brand image partially mediates these relationships. These findings indicate that Generation Z's purchasing decisions are shaped not only by perceptions of product quality but also by perceptions of price fairness, social influence, and the brand image formed through digital interactions. The study provides managerial implications for skincare brands in designing pricing strategies, strengthening digital engagement, and building a competitive brand image in e-commerce markets.
Copyright (c) 2026 Afrinia Dewi Kusmiarni, Purwanto, Ririn Andriana https://creativecommons.org/licenses/by-sa/4.0
The The Influence of Millenial Leadership and Job Transfer Patterns on Organizational Culture and Employee Performance at KPP Pratama Jakarta Tanah Abang Two and KPP Pratama Jakarta Tanah Abang Three
Abstract Millennial leadership and job transfer patterns are considered important factors in strengthening organizational culture and improving employee performance. This study employed a quantitative approach using a survey method. The research population consisted of all employees of KPP Pratama Jakarta Tanah Abang Two and KPP Pratama Jakarta Tanah Abang Three, with a sample of 114 respondents. Data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS). The results indicate that Millennial Leadership has a positive and significant effect on Organizational Culture, with a path coefficient of 0.448, a t-statistic value of 6.025, and a p-value of 0.000. Similarly, Job Transfer Patterns also have a positive and significant effect on Organizational Culture, with a path coefficient of 0.413, a t-statistic value of 5.156, and a p-value of 0.000. Millennial Leadership does not have a significant effect on Employee Performance, as indicated by a path coefficient of 0.141, a t-statistic value of 1.471, and a p-value of 0.142. In contrast, Job Transfer Patterns have a positive and significant effect on Employee Performance, with a path coefficient of 0.151, a t-statistic value of 1.997, and a p-value of 0.046. Furthermore, Organizational Culture has a positive and significant effect on Employee Performance, with a path coefficient of 0.648, a t-statistic value of 5.712, and a p-value of 0.000. Organizational Culture is also proven to mediate the relationship between Millennial Leadership and Employee Performance (β = 0.290; t = 3.824; p = 0.000) as well as the relationship between Job Transfer Patterns and Employee Performance (β = 0.268; t = 3.685; p = 0.000). These findings indicate that improving employee performance within KPP Pratama is influenced not only by leadership quality and the implementation of job transfer policies but also, and more importantly, by the strength of organizational culture in internalizing the values of integrity, professionalism, synergy, service excellence, and continuous improvement.
Copyright (c) 2026 Issabella Manalu, Nur Hastuty Kesumo Wardhani, Murtanto https://creativecommons.org/licenses/by-sa/4.0
Forecasting Analysis of PT Bank Nationalnobu Tbk Stock Prices Using the ARIMA(0,1,2) Model on Daily Data for the 2023–2026 Period
Stock price forecasting is important because investors need empirical information to reduce uncertainty in short-term investment decisions. This study aims to analyze the daily stock price movement of PT Bank Nationalnobu Tbk and to determine the feasibility of the ARIMA model for forecasting the stock price. The study used a quantitative time series approach based on daily closing prices from May 2, 2023, to April 30, 2026, with 712 observations. The analysis was conducted using RStudio through descriptive statistics, stationarity testing, first differencing, ACF and PACF identification, ARIMA model comparison, diagnostic testing, and forecast accuracy evaluation. The results show that the data were non-stationary at the original level because the Augmented Dickey-Fuller p-value was 0.1847. After first differencing, the p-value decreased to 0.0100, indicating stationarity. The ARIMA(0,1,2) model was selected because it had the lowest AIC value. The Ljung-Box test produced a p-value of 0.1675, indicating no residual autocorrelation. The model yielded an MAE of 29.2604, an RMSE of 38.9040, and a MAPE of 5.2949%. These results indicate that the ARIMA(0,1,2) model is sufficiently accurate for short-term forecasting of NOBU stock prices, although residual normality remains a limitation of the model.
Copyright (c) 2026 Mawar Endah Banondari Iryawan, Safa Aulia Putri Rahmadhani, Athara Inzira Maulia Siregar, Citra Ardianti https://creativecommons.org/licenses/by-sa/4.0
A Comparative Analysis of ARIMA Models Based on Data Period and Frequency at PT Midi Utama Indonesia Tbk
Uncertainty in short-term investment decision-making. This study aims to analyze the daily stock price movement of PT Midi Utama Indonesia Tbk and to determine the feasibility of the ARIMA model for forecasting stock prices. The study employed a quantitative time series approach using daily closing price data over a 3-year period with daily frequency observations. The analysis was conducted using RStudio through descriptive statistics, stationarity testing, first-order differencing, ACF and PACF identification, ARIMA model selection, diagnostic testing, and forecast accuracy evaluation. The results indicate that the data were non-stationary at the level because the Augmented Dickey-Fuller test produced a p-value of 0.4372. After first differencing, the p-value decreased to 0.0100, indicating that the data had become stationary. The best model identified was ARIMA (1,1,1) because it had the lowest AIC value among the compared models. The Ljung-Box test yielded a p-value of 0.7116, indicating that there was no residual autocorrelation. The model produced an MAE of 6.10853, an RMSE of 8.97241, and a MAPE of 2.43817%, indicating that the model is highly accurate with an error rate below 8%. These findings demonstrate that the ARIMA (1,1,1) model is suitable for short-term forecasting of PT Midi Utama Indonesia Tbk stock prices.
Copyright (c) 2026 Aprilia Prastianti, Dwi Putri Nanda, Marcella Lolo Langi' https://creativecommons.org/licenses/by-sa/4.0
Analysis of Marketing Relationships on Customer Loyalty in the Service Sector
This study aims to analyze the effect of relationship marketing on customer loyalty in the service sector. Relationship marketing is an important strategy in the service business world because it can build long-term relationships between companies and customers through communication, trust, commitment, and complaint handling. Customer loyalty is a crucial factor for the sustainability of service companies because loyal customers tend to make repeat purchases, provide positive recommendations, and are less likely to switch to competitors. This study uses a quantitative approach with an associative research type. Data were obtained by distributing questionnaires to customers in the service sector using a purposive sampling technique. Data analysis was carried out through validity tests, reliability tests, classical assumption tests, and linear regression analysis to determine the effect of relationship marketing on customer loyalty. The research results show that relationship marketing has a positive and significant impact on customer loyalty. The variables of communication, trust, commitment, and complaint handling have been shown to contribute to increasing customer loyalty in the service sector. Customer trust is the most dominant factor in shaping loyalty because customers tend to maintain relationships with companies that are able to provide consistent and reliable service. Furthermore, effective communication and good complaint handling can also increase customer satisfaction, thereby strengthening long-term relationships between companies and customers. Therefore, service companies need to optimally implement relationship marketing to increase customer loyalty and create a competitive advantage amidst increasingly fierce business competition.
Copyright (c) 2026 Evi Sirait, Ina Sawitri, Adyk Marga Raharja, Andriya Risdwiyanto, Djoko Widagdo https://creativecommons.org/licenses/by-sa/4.0
The Meaning of Risk in Stock Investment: A Phenomenological Study of Beginner Investors
The development of the capital market in Indonesia has increased the number of novice investors investing in stocks through various digital platforms. However, this increased participation has not been fully accompanied by a deep understanding of investment risk. Most previous studies have focused on quantitative risk measurement, while the meaning of risk based on investors' lived experiences is still relatively rare. This study aims to understand the meaning of risk in stock investment from the perspective of novice investors using a phenomenological approach. This study employed a qualitative method with a phenomenological approach. Informants were selected through purposive sampling technique, namely novice investors who have actively invested in stocks, have experienced both profits and losses, and are willing to share their investment experiences. Data were collected through in-depth interviews, observation, and documentation, then analyzed using phenomenological analysis stages through bracketing, horizontalization, grouping themes, and compiling textural and structural descriptions to uncover the essence of informants' experiences. The results show that risk is interpreted as an integral part of stock investment, not simply the potential for financial loss. Experience with losses, market fluctuations, and emotional stress shapes investors' perspectives to become more rational, cautious, and able to control their emotions when making investment decisions. Furthermore, the social environment and digital media influence risk perception, although personal experience is a key factor in developing a more mature understanding. This research contributes to the development of behavioral finance studies by demonstrating that the meaning of risk is a construct of investors' lived experiences. The research findings also offer practical implications for regulators, securities firms, and educational institutions in designing investment education programs that emphasize risk understanding and managing investor behavior.
Copyright (c) 2026 Retnowati Jasa, Bambang Sugeng Dwiyanto, Dian Widyantini, Wiwit Agustina, Dany Luqyana Idris https://creativecommons.org/licenses/by-sa/4.0
Analyzing Analyzing Cost of Poor Quality and the Effectiveness of the Welder Performance Qualification Test in Mitigating Cost Inefficiency Risks in Steel Fabrication EPC Projects
This study examines the effect of Welder Performance Qualification Test (WPQT) implementation on project cost performance through welder competency and repair rate within the Cost of Poor Quality (CoPQ) framework in the steel fabrication EPC industry. A quantitative explanatory approach was employed using data from WPQT records, Ultrasonic Testing (UT) reports, and welder competency questionnaires. The sample consisted of 52 welders involved in the the case project, selected through a census sampling technique. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results reveal that WPQT positively influences welder competency, while welder competency significantly reduces repair rates. In turn, higher repair rates negatively affect project cost performance by increasing failure costs. Furthermore, welder competency and repair rate mediate the relationship between WPQT and project cost performance. These findings demonstrate that WPQT serves not only as a qualification requirement but also as a strategic quality control mechanism for improving cost performance in EPC projects
Copyright (c) 2026 Mohammad Fuad Zamroni, Nurhidayah, Abdullah Syakur Novianto https://creativecommons.org/licenses/by-sa/4.0
Procurement Management Strategy for Zinc Ingots Based on LME Price Volatility: Achieving Cost Reduction Targets and Optimizing Operational Performance in the Hot-Dip Galvanizing Industry
This study aims to analyze the effect of London Metal Exchange (LME) Zinc price volatility and Zinc Ingot procurement management strategies on the company's operational performance through procurement cost efficiency at the participating EPC company. High volatility in global Zinc prices can influence raw material procurement costs and consequently affect the effectiveness of operational performance. Therefore, appropriate procurement strategies are required to control costs and maintain operational efficiency. This study employed a quantitative approach using a survey method, with data collected through questionnaires distributed to 32 respondents involved in the company's procurement, production, and operational activities. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 4 software. The results indicate that LME Zinc price volatility significantly affects procurement cost efficiency and the company's operational performance. Zinc Ingot procurement management strategies also have a significant effect on procurement cost efficiency and operational performance. Furthermore, procurement cost efficiency significantly influences operational performance. The mediation analysis reveals that procurement cost efficiency successfully mediates the effects of both LME Zinc price volatility and Zinc Ingot procurement management strategies on operational performance. These findings suggest that effective commodity price risk management and procurement strategies are essential for improving cost efficiency and supporting the achievement of sustainable operational performance
Copyright (c) 2026 Suherman, Nurhidayah, Abdullah Syakur Novianto https://creativecommons.org/licenses/by-sa/4.0
The Influence of Halal Awareness and the Image of Halal Destinations on Visit Intentions in Halal Culinary Tourism in Banten Province
Halal culinary tourism has become an increasingly important segment of the global tourism industry as Muslim tourists seek destinations that align with religious values while offering authentic culinary experiences. This study examines the relationship between halal awareness, halal destination image, and visit intention for halal culinary tourism in Banten Province. This study uses a quantitative approach, data was collected from 147 respondents through targeted sampling and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results of the study show that halal awareness has a significant positive influence on the image of halal destinations and the intention of visiting in Banten Province. The image of halal destinations also has a strong and positive influence on visit intentions, which confirms its central role in shaping tourist behavior decisions in Banten Province. The findings suggest that halal awareness serves as a fundamental cognitive mechanism that reinforces the perception of the destination and reduces perceived uncertainty, while the image of the halal destination consolidates this perception into a strong foundation for travel intentions. This study contributes to the halal tourism literature by empirically validating the integrated role of destination awareness and imagery in halal culinary tourism and offers practical insights for destination managers seeking to increase competitiveness through halal-oriented strategies.
Copyright (c) 2026 Fajar Hidayatullah, Sulaeman Jazuli, Wazin, Suryani https://creativecommons.org/licenses/by-sa/4.0
The Influence of System Quality Factors and Information Quality on The Quality of Financial Reports Using SIPD RI at BPKAD of Sulawesi Tengah Province
The primary objective of this study is to evaluate and examine the influence of System Quality and Information Quality on Financial Report Quality related to the implementation of the Regional Government Information System (SIPD RI) within the Regional Finance and Asset Management Agency (BPKAD) of Central Sulawesi Province. SIPD RI serves as a centralized digital platform that supports local government activities in financial planning, budgeting, implementation, and reporting. This study employed a quantitative strategy utilizing the Structural Equation Modeling–Partial Least Squares (SEM-PLS) framework. Data collection was conducted by distributing a Likert-scale questionnaire (scored from 1 to 5) to BPKAD employees who routinely operate SIPD RI. The findings indicate that system quality and information quality have a constructive and meaningful impact on Financial Report Quality. These findings suggest that improving the performance of the system and information generated by SIPD RI can improve local government financial reporting standards. Thus, these results provide practical recommendations for local governments in optimizing the potential of SIPD RI in increasing public financial transparency and accountability.
Copyright (c) 2026 Nur Kholifah, Masruddin, Sugianto, Fikry Karim https://creativecommons.org/licenses/by-sa/4.0
Transforming Multi-Platform Digital Zakat Fundraising Among Millennials And General Z
This study aims to analyze the transformation of multi-platform digital fundraising of zakat funds among Millennials and Generation Z in the context of changing Islamic philanthropic behavior in the digital era. This phenomenon is significant because advances in financial technology and social media have transformed how young Muslim generations interact with religious practices, particularly in fulfilling zakat obligations. This research employs a qualitative approach using a case study method, enabling the researcher to explore users’ meanings and experiences in utilizing various digital zakat platforms. Data were collected through semi-structured interviews, participatory observation, and digital documentation involving informants from zakat management institutions, platform developers, as well as young donors from the Millennial and Generation Z groups who actively use digital zakat applications.The findings reveal three main themes: (1) increased digital trust in zakat institutions due to transparency and transaction security; (2) the emergence of technology-based religious motivation that positions digital zakat as an expression of modern spirituality; and (3) the role of social media in shaping philanthropic awareness through narratives of empathy and online solidarity. These findings indicate that zakat digitalization not only transforms fundraising mechanisms but also reconstructs how young generations interpret worship and social participation.This study contributes theoretically to the development of the concepts of digital religiosity and the Technology Acceptance Model (TAM) within the context of Islamic philanthropy. Practically, the findings provide guidance for zakat institutions in optimizing transparent and participatory digital communication strategies. Future research is recommended to examine the influence of social media algorithms on digital religious behavior to broaden understanding of zakat dynamics in the era of technological transformation
Copyright (c) 2026 Mariyatul Qibthiyyah Mery, Muhammad farid, indra hidayatullah, Nurhafid Ishari https://creativecommons.org/licenses/by-sa/4.0
Halal Tourism Development Through Creative Economy Of Local Communities In Sumbersuko District
This study aims to analyze the role of micro, small, and medium enterprises (MSMEs) and the creative economy in supporting the development of halal tourism in Sumbersuko District, Lumajang Regency. The research focuses on identifying the potential of MSMEs, the contribution of the creative economy to empowering local communities, as well as the supporting and inhibiting factors in the development of halal tourism. This study employs a descriptive qualitative approach, with data collection techniques including observation, in-depth interviews, documentation, and literature review. The research informants consist of MSME actors, tourism managers, and surrounding communities at two tourist destinations, namely Selokambang Natural Bath and Tumpak Selo Mini Tubing. The findings indicate that MSMEs play a strategic role in providing Muslim-friendly products and services, such as halal-certified culinary offerings and business services tailored to the needs of Muslim tourists. Community-based creative economic activities, including souvenir production and local product innovation, also enhance the attractiveness of halal tourism. However, several challenges remain, including increases in entrance ticket prices that affect visitor numbers, the lack of supporting halal tourism facilities, and fluctuations in tourist visits during certain periods. This study concludes that the development of halal tourism in Sumbersuko District requires synergy among MSMEs, creative economy actors, tourism managers, and local government. Such collaboration is essential to enhance halal product innovation, improve tourism facilities, and strengthen digital promotion in order to create a competitive, sustainable halal tourism destination that can improve the welfare of local communities.
Copyright (c) 2026 Nur Farahim Kayfa, Siti Nur Latifa, Moch Mahsun, Nurhafid Ishari https://creativecommons.org/licenses/by-sa/4.0
Leverage and Earnings Management: Firm Size Moderation in Indonesian Industrial Firms
Abstract Purpose: This study investigates the firm-level determinants of accrual-based earnings management among Indonesian industrial firms, focusing on leverage, firm size, and their interaction. It hypothesises that leverage positively affects the magnitude of discretionary accruals (H1), firm size negatively affects it (H2), and firm size moderates the relationship between leverage and earnings management (H3). Methods: Using purposive sampling, the sample comprises 41 industrial-sector firms listed on the Indonesia Stock Exchange over the 2023–2025 period, yielding 123 firm-year observations. Earnings management is proxied by the absolute value of discretionary accruals from the cross-sectional Modified Jones Model. Two nested ordinary least squares models, namely a baseline and a moderation specification, are estimated with year fixed effects and firm-clustered standard errors, with all continuous variables winsorised at the 1st and 99th percentiles. Results: firm size is negatively and marginally associated with discretionary accruals (p = .073), offering modest support for the political cost hypothesis, whereas leverage's main effect is positive but statistically weak. Sales growth emerges as the most robust positive determinant of accrual magnitude, and the interaction between leverage firm size is positive and marginally significant, indicating amplification rather than attenuation of the relationship for larger firms. Implications: Auditors should treat sales growth as a salient operational risk signal when designing substantive procedures, and regulators may use the evidence to support differentiated audit-risk frameworks. Future research should extend the analysis to multi-sector panels and incorporate real activities manipulation proxies.
Copyright (c) 2026 Eni Srihastuti, Sulthon Afzani https://creativecommons.org/licenses/by-sa/4.0
The Influence of Macroeconomic Factors and Global Commodity Prices on the Jakarta Islamic Index (JII) in Indonesia with the VECM Approach
This study analyzes the influence of macroeconomic factors and global commodity prices on the prices of sharia stocks that are members of the Jakarta Islamic Index (JII) in Indonesia, using monthly data for the period January 2011-December 2024 as many as 168 observations. The variables used include inflation, BI Rate, rupiah exchange rate, money supply (M2), world gold price, and world oil price. Data was obtained from BPS, Bank Indonesia, Indonesia Stock Exchange, World Gold Council, and U.S. Energy Information Administration (EIA). The Vector Error Correction Model (VECM) method is used to identify short-term and long-term influences. The results show that in the long term, gold prices and world oil prices have a significant positive effect on JII, while the rupiah exchange rate and the money supply have a significant negative effect. Inflation and the BI Rate do not have a significant influence. In the short term, the ECT value of −0.038970 indicates an adjustment towards a long-term equilibrium of 3.9% per period. The novelty of this research lies in the use of a longer data range until 2024 and the simultaneous integration of domestic macro and global commodity variables in the VECM model, thus providing a more comprehensive picture of the behavior of the sharia stock market after the pandemic. Practically, these findings are important for investors and policymakers to understand JII's sensitivity to global factors, especially world gold and oil price movements, in order to optimize investment strategies and stability of the Islamic capital market. Keywords: Jakarta Islamic Index, Macroeconomics, Gold Price, World Oil Price, VECM.
Copyright (c) 2026 Nofrianto Nofrianto, Wilda Hanifah https://creativecommons.org/licenses/by-sa/4.0
The Influence of Digital Literacy and Learning Motivation on Digital Marketing Content Creation Competency in Grade X and Xi Students of Digital Business at Smks Budi Agung Medan
This study aims to determine the influence of digital literacy and learning motivation on the competence of digital marketing content creation in students in grades X and XI of the Digital Business Skills Program at SMKS Budi Agung Medan. This study uses a quantitative approach with a survey method. Data collection techniques are carried out through questionnaires, observations, and documentation. The questionnaire instrument was compiled using the Likert scale to measure digital literacy levels, learning motivation, and digital marketing content creation competencies. The population in this study is 55 students in grades X and XI of the Digital Business Skills Program. Because the population is relatively small, all members of the population are sampled using the saturated sampling technique. The results of the study show that digital literacy and learning motivation have a positive and significant influence on students' digital marketing content creation competence. These findings indicate that the better the students' ability to utilize digital technology and the higher their motivation to learn, the better their competence in producing digital marketing content. Conversely, low digital literacy and learning motivation can have an impact on declining students' ability to develop content that suits digital marketing needs. Thus, strengthening digital literacy and increasing learning motivation are important factors that need to be considered in an effort to improve the competence of digital marketing content creation in students of the Digital Business Expertise Program.
Copyright (c) 2026 Yessi Novitasari Laia, Lenti Susanna Saragih https://creativecommons.org/licenses/by-sa/4.0
The Influence of Organizational Culture on Employee Performance with Organizational Commitment as a Mediation Variable in the BIF Mantrijeronan Yogyakarta Cooperative
The abstract contains a brief description of the purpose: describes the objectives and hypotheses of the research. Methods: describes the essential features of the research design, data, and analysis. It may include the sample size, geographic location, demographics, variables, controls, conditions, tests, descriptions of research design, details of sampling techniques, and data gathering procedures. Results: describes the key findings of the study, including experimental, correlational, or theoretical results. It may also provide a brief explanation of the results. Implications: show how the results connect to policy and practice and provide suggestions for follow-up, future studies, or further analysis.
Copyright (c) 2026 Teti Safari, Heri Usodo, R.A Marlien, M. Zaki Mubarok https://creativecommons.org/licenses/by-sa/4.0
The Effect Of Profitability, Leverage, And Company Size On Company Value In Manufacturing Companies Listed On The Indonesia Stock EXCHANGE (Consumer Goods Industry Sub-Sector, 2020-2024 Period)
Firm value is an indicator that reflects investors' perceptions of a company's performance and future prospects. This study aims to analyze the effect of profitability, leverage, and firm size on firm value in manufacturing companies in the Consumer Goods Industry sub-sector listed on the Indonesia Stock Exchange for the 2020–2024 period. This study uses a quantitative approach with secondary data obtained from the companies' annual financial reports. The research sample was selected using a purposive sampling technique based on predetermined criteria. Profitability is proxied using Return on Assets (ROA), leverage using the Debt to Equity Ratio (DER), firm size using the natural logarithm of total assets, while firm value is proxied by Price to Book Value (PBV). Data analysis was performed using panel data regression with the help of EViews 12 software. The results show that simultaneously, profitability, leverage, and firm size have a significant effect on firm value. Partially, profitability does not have a significant effect on firm value, leverage has a positive and significant effect on firm value, while firm size does not have a significant effect on firm value. These findings indicate that investor decisions in assessing a company are more influenced by funding structure than profitability or firm size.
Copyright (c) 2026 Aiko Aurelia Nur Amri, Dudi Pratomo https://creativecommons.org/licenses/by-sa/4.0
The Effect of Environmental Costs and Green Investment on Sustainability Finance
This study examines how environmental costs and green investment affect sustainability finance in coal mining subsector companies listed on the Indonesia Stock Exchange (IDX), especially during 2020 to 2024. This study uses a quantitative method with secondary data obtained from the company's annual report and sustainability report. The sampling technique used is purposive sampling so that 68 observation data that meet the research criteria are obtained. Hypothesis testing was carried out using t-test and F-test to analyze the partial and simultaneous influence of the study variables. The results of the partial test showed that environmental costs had a negative and significant effect on sustainability finance, while green investment had a positive and significant effect on sustainability finance. Meanwhile, the results of simultaneous testing show that environmental costs and green investment together have a significant effect on sustainability finance. The results of this study show the importance of effective environmental cost management and increasing green investment in supporting the company's financial sustainability. Further research is suggested to add moderation or mediation variables to clarify the factors that affect sustainability finance.
Copyright (c) 2026 Devina Nur Fitriani, Siti Kustinah https://creativecommons.org/licenses/by-sa/4.0
The Role of Hedonic and Utilitarian Value Moderation in the Relationship Between Advertising Value and Purchase Intention: A Study of iPhone and Samsung Smartphone Consumers
The development of digital technology and the increasing use of premium smartphones such as the iPhone and Samsung indicate that this phenomenon is occurring among various groups in Indonesia. However, the high prices of these products are relatively significant compared to the average income of the population. This phenomenon suggests that consumers' purchasing decisions are not solely influenced by rational considerations but also by psychological factors and value perceptions formed through the products themselves. This study aims to analyze the influence of advertising value on purchase intention among iPhone and Samsung smartphone consumers, as well as to examine the role of hedonic and utilitarian values as moderating variables in this relationship. The research employs a quantitative approach with an explanatory research design. The population consists of consumers and prospective consumers of iPhone and Samsung smartphones in two cities in East Java, namely Surabaya, Malang, Kediri, Madiun, and Blitar. The sampling technique uses purposive sampling with a total of 250 respondents. Advertising value is measured using indicators of valuable, useful, and important, while purchase intention is measured through indicators of probability, consideration, willingness to buy, and performance purchase. Hedonic and utilitarian values serve as moderating variables to determine the extent to which consumers' psychological orientations can strengthen or weaken the influence of advertising value on purchase intention. This research is expected to contribute theoretically to the development of consumer behavior literature and advertising effectiveness, as well as provide practical implications for companies in designing marketing strategies that are more aligned with consumer characteristics.
Copyright (c) 2026 Rendy Setiawan, Radityo Putro Handrito https://creativecommons.org/licenses/by-sa/4.0
The Effect of Accounting Earnings, Total Cash Flow, and Net Profit Margin on Stock Returns: Evidence from Infrastructure Companies Listed on the Indonesia Stock Exchange (2021–2024)
Stock return is one of the important indicators used by investors to assess the success of their investments in the capital market. Changes in stock returns are influenced by various factors, both from the company's financial performance and external conditions. This study aims to analyze the effect of accounting profit, total cash flow, and net profit margin on stock returns of infrastructure sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. This research employed a quantitative approach using secondary data obtained from companies’ annual financial reports and stock price data. The sampling technique used was purposive sampling, resulting in 25 companies with a total of 100 research observations. Data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression analysis, partial tests (t-test), simultaneous tests (F-test), and the coefficient of determination with the assistance of IBM SPSS Statistics software. The results indicate that accounting profit has a negative and significant effect on stock returns, total cash flow has no significant effect on stock returns, while net profit margin has a positive and significant effect on stock returns. Simultaneously, accounting profit, total cash flow, and net profit margin significantly affect stock returns. The coefficient of determination value of 11.1% indicates that the ability of the three independent variables to explain variations in stock returns is relatively limited, while the remaining 88.9% is influenced by other factors outside the research model. The findings imply that corporate profitability information, particularly net profit margin, can be considered by investors in making investment decisions within the infrastructure sector and may serve as a reference for future studies regarding factors affecting stock returns.
Copyright (c) 2026 Tasya Putri Abidtya, Fitria Magdalena Suprapto; Rike Selviasari https://creativecommons.org/licenses/by-sa/4.0
The Influence of Digital Tax Literacy, Trust in E-Tax System, Religiosity, and Nationalism on Tax Compliance of Individual Taxpayers at KPP Pratama Kediri
This research is motivated by the transformation of digital-based tax administration that requires digital tax literacy and trust in the e-tax system, and is influenced by the values of religiosity and nationalism in shaping tax compliance. This study aims to analyze the influence of Digital Tax Literacy, Trust in E-tax System, Religiosity, and Nationalism on the Tax Compliance of Individual Taxpayers at KPP Pratama Kediri. The research method used was quantitative with an associative design through a survey of 51 Individual Taxpayers using a four-level Likert scale questionnaire. Data were analyzed using simple linear regression and multiple linear regression at a significance level of 5%. The results of the study show that partially Digital Tax Literacy has an effect of 16,6%, Trust in E-tax System by 18,6%, Religiosity by 15,2%, and Nationalism by 38,6% on Tax Compliance. Simultaneously, the four variables were able to explain 45,9% of the variation in Tax Compliance and had a statistically significant effect. The novelty of this research lies in the integration of technological factors, institutional trust, and moral and civic values in an empirical model of tax compliance for Individual Taxpayers in the digital era.
Copyright (c) 2026 Diana Fitria Hermanita, Imroatus Suaida, Eni Srihastuti https://creativecommons.org/licenses/by-sa/4.0
Financial Management Implementation and Good University Governance in Muhammadiyah Higher Education Institutions in South Sulawesi
Financial management is a crucial foundation for implementing Good University Governance in private faith-based higher education institutions, particularly in Muhammadiyah Higher Education Institutions in South Sulawesi. This study aims to examine how financial management is implemented, how transparency, accountability, and participation are practiced, and how institutional efforts support governance improvement within Muhammadiyah higher education. This study employed a descriptive qualitative approach involving selected Muhammadiyah Higher Education Institutions in South Sulawesi. Data were collected through interviews, document analysis, and observation, focusing on financial planning, budgeting, implementation, reporting, accountability, and compliance with Muhammadiyah financial management guidelines. The findings show that the studied institutions have generally implemented financial management according to formal Muhammadiyah guidelines. Financial planning and budgeting are conducted through institutional mechanisms, while transparency and participation have been applied through internal communication, budget discussions, and involvement of relevant institutional units. However, accountability remains the most challenging dimension. Delays in financial reporting, limited human resource competence, uneven financial literacy, and inadequate information technology systems reduce the effectiveness of financial accountability. The discussion indicates that Good University Governance in Muhammadiyah higher education requires not only formal rules but also professional financial personnel, integrated digital systems, internal supervision, and institutional commitment to transparency and accountability. This study contributes to the literature by highlighting the hybrid nature of financial governance in faith-based private higher education, where formal governance principles, religious values, organizational guidelines, and institutional capacity interact. Strengthening financial governance is essential for improving public trust, institutional credibility, and long-term sustainability.
Copyright (c) 2026 Liya Saputri, Asrijal Bintang, Kahar, Irwan Abdullah https://creativecommons.org/licenses/by-sa/4.0
Islamic Business Ethics in the Digital Era: A Study of the Use of Image Generators to Increase Consumer Trust
Penggunaan generator gambar AI dalam pemasaran digital semakin banyak dimanfaatkan oleh bisnis karena dapat menghasilkan gambar produk yang menarik dan cepat. Namun, visual yang dihasilkan AI seringkali tidak sesuai dengan kondisi produk sebenarnya, sehingga menyesatkan konsumen dan bertentangan dengan etika bisnis Islam yang menekankan kejujuran, kepercayaan, dan larangan gharar. Studi ini bertujuan untuk menilai bagaimana penggunaan AI memengaruhi kepercayaan konsumen Muslim dan apakah praktik tersebut sesuai dengan prinsip-prinsip syariah. Studi ini menggunakan penelitian kualitatif melalui wawancara dan observasi terhadap UMKM dan konsumen Muslim. Hasil studi ini menawarkan wawasan baru tentang pentingnya penggunaan AI secara etis dan memberikan rekomendasi agar teknologi tersebut dapat digunakan sesuai dengan nilai-nilai Islam dalam membangun kepercayaan konsumen menggunakan situs web Pippit AI.
Copyright (c) 2026 Siti NurJannah, Saifuddin https://creativecommons.org/licenses/by-sa/4.0
Legal Liability of the Board of Directors for Errors in Withholding and Reporting of Employee Income Tax
This study analyzes the legal liability of the Board of Directors regarding the mismanagement of PPh 21 (Employee Income Tax) by subordinates, amidst the ongoing tension between the doctrine of limited liability under the Law on Limited Liability Companies and the concept of personal liability for corporate officers under Tax Law. Employing a normative legal research method with statutory, conceptual, and case-law approaches, this research examines the juridical qualification of delegated authority through the lens of fiduciary duty and the Business Judgment Rule (BJR). The findings indicate that the delegation of payroll management is a legally valid operational action. Following the Constitutional Court Decision Number 41/PUU-XVIII/2020, the paradigm of the Board of Directors' legal liability has shifted from strict liability to fault-based liability. The Directors are shielded from personal liability provided they can demonstrate the implementation of adequate internal control systems (due care) and the absence of criminal intent (mens rea). Liability for administrative tax sanctions rests upon corporate assets, while criminal liability for tax embezzlement committed by individual employees is personal and cannot be automatically imputed to the Directors.
Copyright (c) 2026 Feriawan Ardiawanto https://creativecommons.org/licenses/by-sa/4.0
The Influence of e-WOM and Online Media Regarding the Dangers of Matcha Consumption on Matcha Drink Purchase Decisions in Mataram City Mediated by Health Awareness
This study aims to analyze the influence of electronic word of mouth (e-WOM) and online media regarding the dangers of matcha consumption on matcha beverage purchasing decisions in Mataram City, with health awareness as a mediating variable. The background of the study is based on the increasing consumption of matcha beverages amidst the proliferation of digital information regarding its health impacts spread through online media and consumer reviews. This study used a quantitative approach with a survey design. The sample consisted of 80 respondents selected using a purposive sampling technique. The criteria were domiciled in Mataram City, had consumed matcha beverages, and had been exposed to matcha information through online media. Primary data were collected through an online questionnaire using a 1-5 Likert scale and analyzed using Structural Equation Modeling based on Partial Least Squares (SEM-PLS). The results showed that e-WOM and online media had a positive and significant influence on purchasing decisions. Health awareness also had a positive and mediating effect on the influence of e-WOM and online media on purchasing decisions. This study concluded that digital information and health awareness play a significant role in shaping matcha beverage purchasing decisions.
Copyright (c) 2026 Ni Nyoman Jingga Sukmarani, Lalu Edy Herman Mulyono https://creativecommons.org/licenses/by-sa/4.0
The Influence of Work Motivation and Work Discipline on Employee Performance with Work Engagement as a Mediating Variable
This study investigates the influence of work motivation and work discipline on employee performance, with work engagement as a mediating variable in a government law enforcement institution. Grounded in motivational theory—including Self-Determination Theory, Goal-Setting Theory, and Equity Theory—and supported by established frameworks on work discipline and employee engagement, this research develops seven hypotheses relating these constructs. A quantitative explanatory design was employed, collecting data from 125 respondents selected through proportional random sampling using the Slovin formula from a population of 182 employees. Structural Equation Modeling based on Partial Least Squares (SEM-PLS) was used for data analysis. Results indicate that: (1) work motivation positively and significantly influences work engagement; (2) work motivation does not significantly influence employee performance directly; (3) work discipline positively and significantly influences work engagement; (4) work discipline positively and significantly influences employee performance; (5) work engagement does not significantly influence employee performance; (6) work engagement does not mediate the relationship between work motivation and performance; and (7) work engagement does not mediate the relationship between work discipline and performance. These findings suggest that in bureaucratic, rule-based organizations, formal discipline exerts a more dominant direct effect on performance than psychological engagement. The study contributes to human resource management theory by contextualizing motivational constructs within institutional settings.
Copyright (c) 2026 Edhy Richard, Restu Alam Paripurnawaty https://creativecommons.org/licenses/by-sa/4.0
The Effect of Current Ratio and Debt to Equity Ratio on Return On Assets in Real Estate Companies Listed on the IDX in 2020-2024
The Indonesian real estate sector experienced considerable fluctuations in financial performance during the period of economic disruption caused by the COVID-19 pandemic and the subsequent recovery phase. These conditions increased the importance of evaluating factors that influence corporate profitability, particularly Return on Assets (ROA), which reflects a company's effectiveness in utilizing its assets to generate earnings. Previous studies examining the relationship between liquidity, leverage, and profitability have produced inconsistent results, indicating the need for further investigation. Therefore, this study aims to analyze the effect of Current Ratio (CR) and Debt to Equity Ratio (DER) on Return on Assets (ROA) in real estate companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. This research employed a quantitative approach with a causal-descriptive design. Secondary data were obtained from audited annual reports published by the IDX. The sample was selected using purposive sampling, resulting in 135 firm-year observations. Data were analyzed using multiple linear regression supported by IBM SPSS version 23 after fulfilling the classical assumption tests. The results indicate that Current Ratio does not significantly affect Return on Assets, suggesting that liquidity is not a primary determinant of profitability in the real estate industry. In contrast, Debt to Equity Ratio has a significant negative effect on Return on Assets, indicating that higher leverage increases financial burdens and reduces profitability. Simultaneously, Current Ratio and Debt to Equity Ratio significantly explain variations in ROA. In conclusion, effective debt management plays a more important role than liquidity management in improving the profitability of real estate companies. Managers should therefore maintain an optimal capital structure to support sustainable financial performance.
Copyright (c) 2026 Vinka Nashwa Sukmala, Dian Festiana Hadi Saputro, Imang Dapit Pamungkas, Lilis Setyowati https://creativecommons.org/licenses/by-sa/4.0
Financial Ratios and Earnings Per Share Evidence from Indonesian Food and Beverage Firms
The purpose of this research is to look at food and drink firms listed on the Indonesia Stock Exchange from 2020 to 2024 and see how EPS is affected by current ratios, debt-to-equity ratios, and return on assets. Unpredictability in enterprises' capacity to produce profits for shareholders during the post-pandemic recovery phase prompted the study's impetus. The researchers used panel data regression analysis to take a quantitative approach. There were 121 firm-year observations in the sample, which was comprised of 25 enterprises chosen by selective sampling. Companies' websites and the Indonesia Stock Exchange's published annual financial statements were sources of secondary data. After using the Chow, Hausman, and Lagrange Multiplier tests to pick a model, the Random Effect Model (REM) was determined to have the best fit. Stronger liquidity enables better shareholder profitability, as seen by the positive and substantial influence of Current Ratio on profitability Per Share. A positive and statistically significant relationship between ROA and EPS indicates that efficient use of assets increases profits and value for shareholders. On the other hand, EPS is unaffected by the Debt to Equity Ratio. Return on Assets, Debt to Equity Ratio, and Current Ratio all have a substantial impact on Earnings Per Share at the same time. The significance of profitability and liquidity in enhancing shareholder returns in the food and beverage industry is shown by these studies.
Copyright (c) 2026 Muhammad Alvin, Fanji Farman https://creativecommons.org/licenses/by-sa/4.0
The Effects of Chasing Productivity Demand on Mental Health and Workplace Cheating Behavior: The Moderating Role of HR Support
The garment manufacturing industry is characterized by intensive production targets and high work demands, which may adversely affect employee health and workplace behavior. Excessive job demands often increase performance pressure, leading to psychological strain, stress, and declining employee wellbeing. At the same time, organizations are challenged to maintain productivity without compromising employee health. This study aims to examine the effect of job demands on employee health, investigate the mediating role of performance pressure, and analyze the moderating role of human resource support in mitigating the negative consequences of demanding work environments. The study adopts a mixed-methods approach, combining quantitative and qualitative methods. Quantitative data will be collected through questionnaires distributed to employees in the garment manufacturing sector, while qualitative insights will be obtained through in-depth interviews. Data analysis will be conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM) and supported by qualitative thematic analysis. The findings are expected to provide empirical evidence regarding the mechanisms through which job demands influence employee health and to demonstrate the buffering role of human resource support in reducing adverse outcomes. This study contributes to the literature on employee wellbeing, job demands, and sustainable human resource management, while offering practical recommendations for organizations seeking to balance productivity goals with employee health and sustainable workplace practices. Unlike previous studies that primarily focused on productivity demand and employee performance, this study simultaneously investigates employees' mental health and workplace cheating behavior while incorporating HR Support as an organizational buffering mechanism.
Copyright (c) 2026 Asa Sheila Amelia, Fauzi Ichwani, Rizki Maulana Ahzar, Ekka Nurcahyaningrum, Aruni Maratussolihah https://creativecommons.org/licenses/by-sa/4.0
Green Marketing Strategies for Local Community Empowerment Based on Halal Tourism
This study aims to analyze the implementation of green marketing strategies in local community empowerment based on halal tourism at Pantai Biru, Makassar. With the increasing demand for halal tourism, it is essential to integrate sustainability concepts in the development of tourism destinations. This research focuses on how green marketing strategies can strengthen local community empowerment while enhancing the attractiveness of halal tourism. The methodology used in this research is a quantitative approach with SWOT analysis, involving primary data collection through surveys and in-depth interviews with visitors and tourism managers. The study also employs validity and reliability techniques to ensure the quality of the collected data. The results indicate that the implementation of green marketing strategies can increase local community awareness of the importance of sustainability in managing tourism destinations. Furthermore, collaboration between the public sector, private enterprises, and local communities is key to the success of developing environmentally friendly halal tourism. The findings also indicate that green marketing strategies can enhance service and facility quality, thereby strengthening Pantai Biru's position as a sustainable halal tourism destination.
Copyright (c) 2026 Ratna Dewi, Aryati Arfah https://creativecommons.org/licenses/by-sa/4.0
Between Global Economic Shocks and Institutional Capacity: Explaining Fiscal Resilience in Timor-Leste
Timor-Leste faces significant fiscal challenges arising from its heavy dependence on petroleum revenues, exposure to global economic shocks, and the need to strengthen institutional capacity in the post-conflict development period. This study examines the effects of global economic dynamics and institutional capacity on fiscal resilience in Timor-Leste. A quantitative cross-sectional research design was employed using a structured Likert-scale questionnaire administered to 200 academics selected through stratified random sampling from accredited universities in Timor-Leste. The data were analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM) with SmartPLS 4.0. The measurement model demonstrated satisfactory reliability and validity, while the structural model exhibited strong explanatory power (R² = 0.705). The findings reveal that global economic dynamics have a significant negative effect on fiscal resilience (β = −0.715, p < 0.001), whereas institutional capacity has a significant positive effect on fiscal resilience (β = 0.459, p < 0.001). Together, both variables explain approximately 70.5% of the variance in fiscal resilience, indicating that external economic conditions and institutional quality are key determinants of fiscal sustainability in Timor-Leste. These findings highlight the importance of reducing dependence on petroleum revenues while strengthening public financial management, governance quality, and institutional effectiveness to enhance fiscal resilience. The study contributes to the literature on fiscal resilience in resource-dependent small states and provides evidence to support policy reforms aimed at improving long-term fiscal sustainability.
Copyright (c) 2026 Egídio Maria de Jesus Gomes, Frasto Biyanto, Miswanto, Baldric Siregar, Ananias Barreto, Helio Augusto da C. Xavier Mauquei, Apolinario Magno https://creativecommons.org/licenses/by-sa/4.0
Institutional Trust, Ethical Governance, and Public Sector Performance in Timor-Leste
Purpose: This study aims to analyze the influence of ethical governance and HRM practices on public sector performance, with institutional trust as a mediating variable, among public sector employees in Timor-Leste. Methods: This study employed a quantitative explanatory approach using purposive sampling, involving 150 respondents who work as civil servants across ministries and government agencies in Timor-Leste. Data were collected through a five-point Likert-scale questionnaire and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 3. Results: The results show that ethical governance and HRM practices have a positive and significant effect on institutional trust, while their direct effects on public sector performance are not significant. Institutional trust, in turn, has a positive and significant effect on public sector performance and fully mediates the relationship between both ethical governance and HRM practices toward performance. Implications: These findings suggest that public sector institutions in Timor-Leste should prioritize building institutional trust as a strategic mechanism to translate ethical governance and human resource practices into improved organizational performance, rather than relying on these practices alone.
Copyright (c) 2026 Novia Rosa de Sousa, Miswanto, Frasto Biyanto, Baldric Siregar https://creativecommons.org/licenses/by-sa/4.0
Generation Z's Intention to Join State-Owned Enterprises (BUMN): The Role of Employer Branding, Work-Life Balance, and Work Environment
This study examines the influence of employer branding, work–life balance, and work environment on Generation Z's intention to join Indonesian State-Owned Enterprises (BUMN). A quantitative approach was employed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS. The sample consisted of 200 Generation Z respondents aged 20–28 years who had participated in at least one BUMN recruitment process. Data were collected through an online questionnaire using purposive sampling. The results indicate that employer branding (β = 0.432; p < 0.001), work–life balance (β = 0.395; p < 0.001), and work environment (β = 0.457; p < 0.001) positively and significantly influence intention to join BUMN. Among the predictors, work environment has the strongest effect. Furthermore, the three variables simultaneously explain 55.1% of the variance in intention to join (R² = 0.551). These findings suggest that Generation Z evaluates prospective employers not only based on job security and compensation but also on organizational reputation, workplace flexibility, and supportive work environments. The study contributes to the literature on Generation Z career preferences in the public sector and provides practical implications for BUMN organizations in designing recruitment and talent management strategies
Copyright (c) 2026 Dwi Nuriya Aini, Frasto Biyanto, Dr., M.Si, Ak., CA, Miswanto, Prof., Dr, M.Si https://creativecommons.org/licenses/by-sa/4.0
Trademark Counterfeiting of Watches of Famous Brands MUI Fatwa Perspective No. 1/5/2005 and Law No. 20 2016 on Trademarks and Geographical Indications
Trade competition has intensified the competitiveness among various trademarks, particularly well-known trademarks, including those used in the watch industry. However, this condition has also increased the circulation of counterfeit watches, causing significant losses to trademark owners and consumers. This study aims to identify the indicators of trademark counterfeiting in the trade of well-known branded watches, analyze trademark counterfeiting from the perspective of Law No. 20 of 2016 on Trademarks and Geographical Indications, and examine such practices from the perspective of Fatwa of the Indonesian Council of Ulama (MUI) No. 1/MUNAS VII/MUI/5/2005 on the Protection of Intellectual Property Rights. This research employs a normative juridical method using the statutory approach and the conceptual approach. Data were collected through document analysis and examined qualitatively. The findings indicate that trademark counterfeiting constitutes a violation that may cause substantial losses to legitimate companies as the original owners and producers of the trademarks. Trademark counterfeiting is an unlawful act prohibited under both Indonesian positive law and Islamic law. According to MUI Fatwa No. 1/MUNAS VII/MUI/5/2005 on the Protection of Intellectual Property Rights, the trade of counterfeit branded watches is considered haram because it constitutes an act of injustice (ẓulm). Furthermore, under Law No. 20 of 2016, any party who permits or facilitates trademark infringement acts contrary to the objective of legal protection for trademarks. Therefore, both the MUI Fatwa and the Trademark Law prohibit trademark counterfeiting, including for parties who knowingly obtain financial benefits from transactions involving counterfeit branded goods.
Copyright (c) 2026 Erniawati, Annisa Sativa https://creativecommons.org/licenses/by-sa/4.0
The Effect of the Intensity of Food Purchases 0leh Free Nutritious Meal Program on the Income of Local Food MSMEs as a Source of Economic Learning in Teko Village
This study discusses the influence of the intensity of food purchases by the Free Nutritious Meal Program (MBG) on the income of local food MSMEs in Teko Village and its use as a source of contextual economic learning. The results of the study show that the MBG Program has a positive impact on increasing MSME income through regular and sustainable food purchases. The increase in income not only provides economic benefits for MSME actors, especially vegetable traders who are the main suppliers of food for the program, but can also be used as a source of economic learning that connects theoretical concepts with real conditions in society. Thus, the MBG Program has an important role not only in supporting the fulfillment of community nutrition, but also in improving the economic welfare of local communities and providing educational value for economic learning.
Copyright (c) 2026 Nila juliana, Mispandi, Rohaeniyah zain https://creativecommons.org/licenses/by-sa/4.0
Confession as a Ground for Case Termination in KPPU from the Perspective of Ibn Qayyim al-Jauziyah (A Study of Decision Number 04/KPPU-I/2024)
This study analyzes the position of confession as a ground for case termination in KPPU Decision Number 04/KPPU-I/2024 and examines it from the perspective of Ibn Qayyim al-Jauziyah. The background of this research is based on the behavioral change mechanism introduced under KPPU Regulation Number 2 of 2023, which allows the reported party to acknowledge the alleged violation and submit commitments for behavioral improvement, as well as concerns that confession may become a shortcut that weakens the deterrence function and the protection of public interests. This study employs normative juridical research using the statutory approach and the conceptual approach. Legal materials were collected through library research and analyzed qualitatively using deductive reasoning. The findings indicate that confession is not the sole basis for case termination but rather an initial requirement to enter the behavioral change mechanism. The termination of the case in KPPU Decision Number 04/KPPU-I/2024 was carried out after the commitments to behavioral change had been declared fulfilled through a process of supervision and verification in accordance with KPPU Regulation Number 2 of 2023. From the perspective of Ibn Qayyim al-Jauziyah, confession (iqrār) is a highly authoritative form of evidence but cannot stand alone without supporting proof capable of revealing the objective truth. Therefore, the case termination mechanism is fundamentally consistent with the legal thought of Ibn Qayyim al-Jauziyah. However, the effectiveness and legitimacy of case termination ultimately depend on the objectivity and accountability of the verification process regarding the implementation of the behavioral change commitments.
Copyright (c) 2026 Madinah Asri Putri Andarin, Mustapa Khamal Rokan https://creativecommons.org/licenses/by-sa/4.0
Consumer Protection for Intercity Bus Passengers in Pematangsiantar Against Overloading Practices (An Analytical Study of the Sadd Adz-Dzari'ah Principle)
The phenomenon of overloading on intercity buses remains common and poses a potential threat to passenger safety. This condition indicates that consumer protection in the transportation sector has not been implemented optimally. Therefore, it is necessary to examine this issue from both the perspectives of positive law and Islamic law, particularly through the principle of Sadd Adz-Dzari'ah as a preventive measure against potential harm. This study aims to examine how overloading practices occur on intercity buses in Pematangsiantar, how legal protection is provided for passengers affected by such practices, and how these practices are analyzed from the perspective of Islamic law through the principle of Sadd Adz-Dzari'ah as a means of preventing harm to consumers. This study employed a non-doctrinal (empirical juridical) research method using the statute approach and conceptual approach, with qualitative data analysis. The findings indicate that the practice of overloading passengers on intercity buses continues to occur frequently, particularly during peak travel periods. This condition not only causes discomfort to passengers but also increases the risk to their safety. Furthermore, legal protection for passengers subjected to such practices has not been implemented effectively, as reflected in weak regulatory supervision, low awareness among business operators, and the limited efforts of passengers to assert their rights. From the perspective of Islamic law, the practice of overloading clearly contradicts the principle of Sadd Adz-Dzari'ah because it creates opportunities for greater harm. Therefore, such practices should be prevented from the outset as a means of protecting the safety and welfare of passengers.
Copyright (c) 2026 Isro Ayu Marbun, Zulkifli Nas https://creativecommons.org/licenses/by-sa/4.0
The Use of Zakat Funds In The Economic Resilience of Natural Disaster Victims
The management of zakat funds by BAZNAS plays an important role in supporting the economic resilience of natural disaster victims. However, challenges such as inaccurate beneficiary identification, complex distribution procedures, and the mismatch between assistance and victims' urgent needs may reduce the effectiveness of zakat utilization. This study aims to analyze the process of beneficiary identification, the mechanism of aid distribution, and the utilization of zakat funds in strengthening the economic resilience of natural disaster victims in Hulu Sungai Utara Regency. A qualitative approach was employed using direct observation, semi-structured interviews, and documentation. Data were analyzed through data reduction, data display, and conclusion drawing, while triangulation was applied to ensure data credibility. The findings reveal that beneficiary identification is conducted through reports from village officials and relevant agencies, followed by administrative verification and field surveys to ensure the eligibility of recipients. The distribution mechanism consists of report verification, field assessment, internal administrative procedures, and coordinated distribution involving BAZNAS, village authorities, and other stakeholders. The study also found that zakat assistance primarily focuses on fulfilling the victims' immediate basic needs, including food supplies and emergency necessities, thereby supporting their economic resilience during the early post-disaster recovery period. These findings indicate that the structured and collaborative management of zakat funds contributes to more accurate and effective disaster assistance, although future efforts should strengthen productive empowerment programs to enhance long-term economic recovery for disaster-affected communities.
Copyright (c) 2026 Rahmawati Aulia Nor, Syahrani https://creativecommons.org/licenses/by-sa/4.0
The Effect Of Tax Planning And Good Corporate Governance On The Market Value Of Banking Companies Listed On The Indonesian Stock Exchange 2022-2024
This study aims to examine the effects of Tax Planning and Good Corporate Governance (GCG) on firm value among banking companies listed on the Indonesia Stock Exchange during the 2022–2024 period. This research employed a quantitative approach with an explanatory research design. The study population consisted of 47 banking companies, and a total of 141 observations were obtained from the companies' annual reports and financial statements. Data were analyzed using IBM SPSS Statistics through descriptive statistics, classical assumption tests, multiple linear regression analysis, the coefficient of determination, t-tests, and F-tests. The results indicate that Tax Planning has a positive and statistically significant effect on firm value, with a significance value of 0.009, while Good Corporate Governance also has a positive and statistically significant effect on firm value, with a significance value of 0.038. Furthermore, the simultaneous test demonstrates that Tax Planning and Good Corporate Governance jointly have a significant effect on firm value, as indicated by an F-test significance value of 0.006. The Adjusted R-squared value of 0.065 indicates that the two independent variables explain 6.5% of the variation in firm value. These findings suggest that the implementation of effective tax planning strategies and sound corporate governance practices can enhance firm value and strengthen investor confidence in the banking sector
Copyright (c) 2026 Shilfa Yustika Konsesa Shilfa, Srikalimah, Agus Athori https://creativecommons.org/licenses/by-sa/4.0
The Influence Of Product Quality, Price, And Brand Image On Fore Coffee Consumer Loyalty In The City Of Surabaya
The competition for the modern coffee industry in Indonesia is getting tighter, so companies need to increase consumer loyalty. Fore Coffee is one of the fastest-growing local coffee brands, but based on the Top Brand Index 2023-2025, its position is still below several main competitors. This condition shows that Fore Coffee's consumer loyalty still needs to be improved and is allegedly influenced by product quality, price, and brand image. This study aims to analyze the influence of product quality, price, and brand image on Fore Coffee consumer loyalty in the city of Surabaya. The research uses a quantitative approach with a type of causal associative research. The research sample amounted to 150 respondents who were selected using accidental sampling techniques. Data were collected through questionnaires and analyzed using multiple linear regression with the help of SPSS. The results showed that product quality, price, and brand image simultaneously had a positive and significant effect on consumer loyalty (F = 253,941; sig. = 0.000). Partially, product quality (t = 15,307), price (t = 12,449), and brand image (t = 10,813) also had a positive and significant effect with a significance value of 0.000. The value of the determination coefficient (R²) of 0.839 indicates that the three variables are able to explain 83.9% of the variation in consumer loyalty. The results of the study confirm that improving product quality, setting appropriate prices, and strengthening brand image play an important role in increasing Fore Coffee consumer loyalty in the city of Surabaya.
Copyright (c) 2026 Rizqia Khairunnisa Wibowo, Siti Ning Farida https://creativecommons.org/licenses/by-sa/4.0
The Effect of Capital Intensity and Inventory Intensity on Tax Aggressiveness in Multinational Companies in the Manufacturing Sector Listed on the IDX
This study investigates the influence of capital intensity and inventory intensity on tax aggressiveness among multinational corporations in the manufacturing sector listed on the Indonesia Stock Exchange (IDX) for the period 2020–2024, using the effective tax rate (ETR) as a proxy for tax aggressiveness. The approach employed is associative quantitative research based on panel data from 14 companies with a total of 70 observations selected through purposive sampling, processed employing multiple linear regression analysis via IBM SPSS 29. The test results indicate that capital intensity has a positive and significant effect on ETR (coefficient +0.038), this indicates that a higher proportion of fixed assets relative to total assets is associated with an increase in the company’s reported ETR, suggesting a lower level of tax aggressiveness This finding is inconsistent with the depreciation shield hypothesis and suggests that in the context of multinational manufacturing companies, investment in fixed assets tends to be accompanied by tax compliance burdens that actually increase ETR. Conversely, inventory intensity has a negative and significant effect on ETR (coefficient −0.151), meaning that the higher the proportion of inventories to total assets, the lower the ETR reported, which reflects an increase in tax aggressiveness. This finding indicates that in multinational manufacturing companies, intensive inventory management has the potential to suppress taxable income through storage costs, inventory valuation, and cross jurisdictional supply chain mechanisms. The findings suggest that both variables jointly have a significant effect on tax aggressiveness, with the regression model explaining 32.1% of the changes in tax aggressiveness. These findings validate that the characteristics of multinationality including international compliance pressures and consolidated accounting standards shape tax behavior that differs from domestic manufacturing companies, while also implying the need for a tax oversight approach based on asset structure profiling for multinational entities.
Copyright (c) 2026 Shelma Adiel Anindya, Eni Srihastuti, Imarotus Suaidah https://creativecommons.org/licenses/by-sa/4.0
Comparative Analysis of Income Tax Burden on In-Kind and Enjoyment and Effective Tax Rate Before and After PMK Number 66 of 2023 in Construction Companies Listed on the Indonesia Stock Exchange (2022 and 2024 Period)
Penelitian ini bertujuan untuk menganalisis perbedaan beban pajak penghasilan atas manfaat dalam bentuk barang dan kenikmatan serta Tingkat Pajak Efektif (PNP) pada perusahaan konstruksi yang terdaftar di Bursa Efek Indonesia (IDX) sebelum (2022) dan setelah (2024) implementasi Peraturan Menteri Keuangan (PMK) Nomor 66 Tahun 2023. Penelitian ini menggunakan pendekatan kuantitatif komparatif dengan data sekunder berupa laporan keuangan tahunan yang diaudit dan catatan atas laporan keuangan (CALK) perusahaan konstruksi yang terdaftar di IDX. Sebanyak 19 perusahaan dipilih sebagai sampel melalui teknik purposive sampling. Data dianalisis menggunakan Uji T Sampel Berpasangan dengan uji normalitas Shapiro-Wilk sebagai prasyarat. Hasil penelitian menunjukkan bahwa tidak ada perbedaan signifikan dalam beban pajak atas manfaat dalam bentuk barang dan kenikmatan antara tahun 2022 dan 2024 (t = -0,254; sig = 0,802>0,05), yang menunjukkan bahwa peraturan baru tersebut tidak memberikan dampak signifikan terhadap beban pajak nominal. Sebaliknya, terdapat perbedaan signifikan dalam ETR antara kedua periode (=6,721; p<0,001), dengan rata-rata ETR meningkat dari 3,13% pada tahun 2022 menjadi 4,48% pada tahun 2024. Namun, nilai ETR pada kedua periode tersebut masih jauh di bawah tingkat beban pajak perusahaan sebesar 22%, yang menunjukkan kemungkinan adanya praktik perencanaan pajak yang berkelanjutan di perusahaan sampel. Temuan ini menyiratkan bahwa PMK Nomor 66 Tahun 2023 memiliki dampak yang lebih besar terhadap efisiensi pajak secara proporsional daripada terhadap beban pajak nominal, dan menekankan perlunya peningkatan pengawasan kepatuhan pajak di sektor konstruksi.
Copyright (c) 2026 Rahma Nuria Putri, Khasanah Sahara, Dewi Wungkus Antasari https://creativecommons.org/licenses/by-sa/4.0
PAI Teachers and the Phenomenon of Spiritual Quiet Quitting: A Study on the Decline of Students' Worship Motivation Amid Academic Curriculum Density
The transformation of academic curricula demanding intensive cross-disciplinary competencies has produced a density of learning agendas with implications for students' psychological and spiritual dimensions. This phenomenon gives rise to a condition conceptualized as "spiritual quiet quitting", a term borrowed from workplace literature describing students who continue to perform worship formally while losing inner engagement, devotion, and meaning. This study aims to conceptually examine the relationship between academic curriculum density and the decline of students' worship motivation, to identify the characteristics of spiritual quiet quitting, and to analyze the role and strategies of Islamic Religious Education (PAI) teachers in responding to it. The study employs a qualitative descriptive-analytical library research approach, drawing data from nationally and internationally indexed journal articles published between 2019 and 2026, analyzed through data reduction, display, and conclusion drawing following the Miles and Huberman model. The findings indicate that, viewed through the job demands-resources framework, curriculum density can function as a demand that depletes students' psychological resources when not balanced by supporting resources such as social support and adequate spiritual meaning-making. PAI teachers hold a crucial role through authentic exemplary conduct, affective-personal approaches grounded in fulfilling the basic psychological needs of autonomy, competence, and relatedness, and reorienting the worship narrative from administrative obligation toward meaningful practice, as a preventive step against the spread of spiritual quiet quitting in school settings. Keywords: PAI teacher; spiritual quiet quitting; worship motivation; curriculum density; academic burnout; self-determination theory
Muhammad Yasin Abdul Aziz Rantisi Nasution
Copyright (c) 2026 Sesilia Marsya Nabila Zahara, Rice Putri Dia Utami, Muhammad Yasin Abdul Aziz Rantisi Nasution, Lety Febriana https://creativecommons.org/licenses/by-sa/4.0
Digital Transformation of Human Resources: Strategies for Survival and Competitiveness in the Society 5.0 Era at PT Maxride Makassar
This study aims to analyze human resource digital transformation as a strategy for organizational survival and competitive advantage in the Society 5.0 era at PT MaxRide Makassar. The research focuses on understanding and implementing human resource (HR) digital transformation, examining its impact on employee performance and organizational competitiveness, exploring the role of HR training and development, and identifying HR adaptation strategies in response to rapid technological change. The study is motivated by the increasing competition in the transportation and digital platform service industry, which requires companies to continuously adapt by leveraging digital technologies while strengthening the quality and capabilities of their human resources. This research employed a qualitative descriptive approach. Data were collected through in-depth interviews, direct observations, and document analysis. Informants were selected using the snowball sampling technique, involving management personnel, employees, and driver partners of PT MaxRide Makassar. The collected data were analyzed using the stages of data reduction, data display, and conclusion drawing. The findings reveal that digital transformation at PT MaxRide Makassar has positively contributed to improving work efficiency, service responsiveness, system transparency, and employee productivity. Digitalization has enabled work processes to become more efficient, structured, and data-driven, thereby enhancing the company's operational effectiveness. However, the implementation of HR digital transformation has not yet reached its full potential due to several challenges, including disparities in digital competencies, employee resistance to organizational change, insufficient training and development programs, and limitations in technological infrastructure and network connectivity. The study concludes that HR digital transformation at PT MaxRide Makassar has significantly contributed to improving organizational efficiency and competitive advantage. Nevertheless, its long-term success requires greater investment in human resource development, the cultivation of a supportive organizational culture, and the adoption of a human-centric digital transformation strategy to ensure sustainable implementation and strengthen business resilience in the digital era.
Copyright (c) 2026 Andi Munawwarah Rusli, Akhmad, Muchriady Muchran, Muhammad Rusydi, Andi Jam’an https://creativecommons.org/licenses/by-sa/4.0
Optimizing Food and Beverage Business with an Omnichannel System in Emerging Markets (ASEAN)
This study aims to analyze strategies for optimizing food and beverage businesses through omnichannel systems in increasingly competitive ASEAN emerging markets. Specifically, the study explores effective omnichannel implementation patterns, identifies success and failure factors in channel integration, examines the strategic implications of omnichannel adoption, and investigates the development of omnichannel systems in emerging market countries. This research employed a qualitative approach using a descriptive research design. Data were collected through passive participant observation, in-depth interviews, and documentation. A purposive sampling technique was applied to select ten key informants representing large-scale brands and MSMEs from Indonesia and Malaysia, including Gacoan, Fore Coffee, Kopi Kenangan, Tsuka Ramen & Bento, Es Teler Pattiro, Yappay, Kopi Komar, Lazuna Chicken, Moka Kopi, and Sugarbun. The data were analyzed using descriptive qualitative analysis involving data collection, reduction, display, and conclusion drawing, while credibility was ensured through source and technique triangulation. The findings reveal that the most effective omnichannel model for food and beverage businesses is the consistent integration of physical stores with digital channels, including social media, WhatsApp, marketplaces, delivery applications, and digital point-of-sale systems. The success of omnichannel implementation is influenced by information consistency, service responsiveness, stock accuracy, and standardized operating procedures, whereas the primary barriers include weak system integration, network limitations, unsynchronized inventory, and inadequate employee readiness. Furthermore, omnichannel implementation improves operational efficiency, expands market reach, enhances customer satisfaction, and strengthens customer loyalty. The study also indicates that emerging markets are increasingly moving toward integrated and data-driven digital ecosystems, although technological maturity varies across countries. The findings imply that food and beverage MSMEs should gradually strengthen digital integration by adopting simple technologies such as WhatsApp Business, QRIS, social media platforms, and digital POS systems before implementing more advanced features. Policymakers and supporting institutions are encouraged to provide digital training and infrastructure support to accelerate omnichannel transformation among MSMEs in emerging markets. Future studies may employ quantitative approaches to examine the effects of omnichannel implementation on business performance, customer satisfaction, and loyalty.
Copyright (c) 2026 Ipahriani Rahman, Buyung Romadhoni, Andi Mappatompo Badawi, Andi Ifayani Haanurat, Muchriady Muchran https://creativecommons.org/licenses/by-sa/4.0
Financial Literacy, Digital Nomadism, and Fintech Payment on Consumptive Behavior: Self-Control as a Mediating Variable in Generation Z
This study aims to analyze the influence of financial literacy, digital nomadism, and fintech payment on the consumptive behavior of Generation Z, with self-control as a mediating variable. The research was conducted nationally across Indonesia involving 252 Generation Z respondents born between 1999 and 2012 who are active fintech payment users from over 50 cities. Data were collected through an online questionnaire using purposive and snowball sampling techniques, and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) via SmartPLS 4.0, grounded in the Theory of Planned Behavior and Self-Control Theory. The results indicate that financial literacy, digital nomadism, and fintech payment each positively and significantly influence both consumptive behavior and self-control among Generation Z. The most notable finding is that higher financial literacy is associated with greater consumptive behavior (β = 0.348). This occurs because a better understanding of digital financial products encourages individuals to transact more actively and confidently, ultimately increasing spending frequency rather than reducing it. Self-control was confirmed as a partial mediator across all three pathways, with the model explaining 43.9% of the variance in Generation Z consumptive behavior This study affirms that self-control plays a critical role as the mechanism bridging external factors and actual consumption behavior. Therefore, financial education programs should integrate self-control training beyond mere cognitive knowledge transfer to effectively translate financial literacy into responsible financial behavior.
Copyright (c) 2026 Husnaeda, A. Ifayani Haanurat, Muhammad Nur Abdi https://creativecommons.org/licenses/by-sa/4.0
Talent Is Not Enough: Analysis of Marketing Factors on the Popularity and Persistence of Indonesian Idol Alumni
The growth of the digital music industry has required artists not only to achieve popularity but also to sustain it over time. This study examines the effects of perceived authenticity and personal branding on popularity persistence through parasocial relationship and fan loyalty among Indonesian Idol alumni from seasons 9 to 13. A quantitative approach was employed using a survey method, and the data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS). The results indicate that perceived authenticity and personal branding have positive and significant effects on fan loyalty, parasocial relationship, and popularity persistence. Furthermore, fan loyalty positively influences popularity persistence and mediates the effects of perceived authenticity and personal branding. In contrast, parasocial relationship does not significantly affect popularity persistence nor serve as a significant mediating variable. These findings highlight the importance of fan loyalty in sustaining artists’ long-term popularity in the digital era.
Copyright (c) 2026 Ayatullah Hamzah Al Hasani, Toni Tri Susanto https://creativecommons.org/licenses/by-sa/4.0
The Influence of Omnichannel Marketing Strategy on Visit Intention with Fear of Missing Out (FoMO) as a Mediating Variable: A Study on Visitors of Jolotundo Glamping and Edupark Nganjuk
This study examines the effect of omnichannel marketing strategy on visit intention to Jolotundo Glamping & Edupark, with Fear of missing out (FoMO) as a mediating variable. Despite the increasing integration of digital channels by tourism destinations, the effectiveness of omnichannel strategies in driving actual visit intention remains complex, indicating a gap between multi-platform presence and psychological consumer triggers. This study addresses this gap by incorporating FoMO as a mediating mechanism within the tourism marketing context. A quantitative explanatory approach was employed using a survey of 250 respondents who are within the productive age range (17-45 years) and have interacted with Jolotundo's digital channels. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that omnichannel marketing strategy significantly influences both FoMO and visit intention. Fear of missing out (FoMO) also has a significant effect on visit intention and partially mediates the relationship between omnichannel marketing and visit intention. This study contributes to the tourism marketing literature by highlighting the mediating role of psychological urgency in strengthening the effectiveness of integrated digital strategies for modern travel destinations.
Copyright (c) 2026 Nadiva Adista Yulia Putri, Raya Sulistyowati https://creativecommons.org/licenses/by-sa/4.0
Warning Clothing (WRNG) Business Development Strategy
Warning Clothing (WRNG), a pioneer streetwear brand from Bandung established in 2000 under PT. Adnan Jusson Indonesia, is experiencing a crisis due to its dependence on the conventional offline wholesale (B2B) model. Digital disruption has triggered a drastic decline in foot traffic at partner physical stores outside Java, causing annual revenue to plummet 40% from Rp14.4 billion (2020) to Rp8.6 billion (2025). This study aims to formulate WRNG's business development strategy through Design Thinking, Business Model Canvas (BMC), and SWOT/IFAS/EFAS analysis, and to test investment feasibility using NPV, IRR, Payback Period, Profitability Index, and the Timmons Model. A descriptive qualitative method with an applied case study approach was employed. IFAS analysis yields a score of 2.27 (weak internal position) and EFAS 2.65 (good external response), placing WRNG in the Turnaround quadrant. The BMC was reconstructed from an As-Is wholesale model to a To-Be hybrid omnichannel model encompassing official marketplace stores, a company website, and a partner dropship system. Financial feasibility analysis at a 12% discount rate produces NPV of Rp4,258,304,214, IRR >100%, Payback Period of ±8 months, and PI of 6.72, collectively declaring WRNG's business plan HIGHLY FEASIBLE for implementation.
Copyright (c) 2026 Adrilsyah Adnan, Keni Kaniawati https://creativecommons.org/licenses/by-sa/4.0
The Effect of the Implementation of PSAK 73 (Leases) and Good Corporate Governance on the Quality of Financial Statements, with Company Size as a Control Variable
This study aims to examine the impact of Good Corporate Governance (GCG) and the implementation of PSAK 73 on the quality of financial statements in transportation sector companies listed on the Indonesia Stock Exchange from 2022 to 2024. The control variable for this analysis is firm size. A quantitative methodology based on the causality approach was used in this study. Eleven companies were randomly selected using purposive sampling; a total of 33 observations were made. Multiple linear regression was used to analyze the data. According to the study’s findings, financial statement quality is positively and significantly influenced by the implementation of PSAK 73. Financial reporting quality is also significantly influenced by institutional ownership and managerial ownership, which serve as proxies for GCG. Financial reporting quality is significantly influenced by the simultaneous implementation of PSAK 73 and GCG, with firm size as a control variable. The findings of this study indicate that better financial reporting can be achieved through the implementation of corporate governance procedures and accounting standards.
Copyright (c) 2026 Wahyu Hidayatulloh, Eni Srihastuti, Marhaendra Kusuma https://creativecommons.org/licenses/by-sa/4.0
Istismar Zakat Funds in the Perspective of MUI Fatwa No. 4 of 2003: Implications For the Welfare of Mustahik
This study aims to analyze in depth the Fatwa of the Indonesian Ulema Council (MUI) No. 4 of 2003 regarding the legality of the use of zakat funds for istismar activities (investment) and how it is implemented within the framework of the productive zakat utilization program at the Central National Amil Zakat Agency (BAZNAS). The main focus of this research includes deconstructing the understanding of the substance of fatwas, mapping implementation practices at the level of national zakat authorities, and projecting its impact on the escalation of mustahik welfare. Methodologically, this study applies a qualitative approach with a case study design through a structured interview method with policy makers at the Central BAZNAS and comprehensive documentation techniques. A normative juridical approach is applied to dissect secondary data and literature materials, which includes synchronization between national zakat laws and regulations and fatwas related to investment in religious social funds. An analysis was carried out on primary and secondary literature to present a holistic insight into zakat governance from the perspective of positive law and Islamic law. The results of the study revealed two fundamental findings: first, the Central BAZNAS institutionally has strategic potential in transforming zakat funds into productive investment instruments in accordance with the mandate of the fatwa to create economic added value. Second, even though the instruments and implementation plans have been carefully prepared, the Central BAZNAS has not officially executed the investment program until this research is completed. This phenomenon is in contrast to several BAZNAS at the regional level, such as West Java, which have accelerated through similar productive zakat programs. This emphasizes that the implementation of the istismar fatwa is highly dependent on the courage of institutional innovation, appropriate risk mitigation, and certainty of operational regulations.
Copyright (c) 2026 Muhlisah Hanifati, Nurkhalis Muchtar, M. Dawud Arif Khan https://creativecommons.org/licenses/by-sa/4.0
Circular Economy Makan Bergizi Gratis Program: A Conceptual Product Based On Islamic Economy
Makan Bergizi Gratis Program (MBG) is a government policy to improve the quality of human resources by providing healthy food for school children. This program not only focuses on nutritional aspects, but also stimulates the local economy through the application of circular economy principles. This study aims to analyze the application of circular economy in the MBG program and review its relevance from an Islamic economic perspective. The method used is qualitative descriptive-conceptual with a literature study approach sourced from scientific literature, news articles, the Qur'an, hadith, and the thoughts of Islamic figures such as Al-Ghazali and Ibn Khaldun. The analysis was conducted using content analysis techniques to map concepts related to resource circulation, local food supply chains, and Islamic ethical principles. The results show that the MBG program has implemented circular economy principles through budget efficiency, the use of local food ingredients, waste management, and community empowerment. From an Islamic perspective, this program indicates the harmony between the circular economy mechanism of the MBG and the values ​​of social justice, wealth distribution, and public welfare as stated in QS. Al-Hasyr verse 7 and QS. At-Taubah verse 60. Islamic philanthropy such as zakat, infaq, sedekah, and waqf has the potential to support the sustainability of this program and strengthen the people's economy. Thus, the MBG represents a concrete implementation of collaboration between the circular economy and Islamic values ​​to achieve sustainable prosperity.
Copyright (c) 2026 Arivatu Ni'mati Rahmatika Rahmatika, Bekti Widyaningsih Widyaningsih, Trisna Putri Anggraeni Anggraeni https://creativecommons.org/licenses/by-sa/4.0
Implementation of Antam Gold Buying and Selling at ABC Gold Shop Pekanbaru From the Perspective of Maqashid Syariah, Especially in Protecting Property (Hifz Al-Mal)
This study aims to analyze the implementation of Antam gold buying and selling transactions at the ABC Pekanbaru gold shop from the perspective of Maqasid Sharia. Gold as a ribawi commodity has special provisions in its buying and selling practices, so a transaction mechanism is needed that is not only valid according to Islamic jurisprudence, but also able to realize benefits and avoid harm. The Maqasid Sharia approach, especially in safeguarding assets (hifz al-mal), is used to assess the suitability of gold transaction practices with the main objectives of Sharia. This study uses a qualitative method with a descriptive approach. Data were obtained through interviews with employees and customers of the ABC Pekanbaru gold shop, and supported by documentation. The analysis was carried out by linking field findings with the five objectives of Maqasid Sharia, namely protection of religion, life, mind, descendants, and property. The results show that protection of assets is a very prominent objective of Maqasid Sharia in gold buying and selling practices at the ABC Pekanbaru gold shop, this protection is realized through clear contracts, price transparency that follows market mechanisms, and the availability of buyback facilities that provide certainty of value and liquidity for customers. This mechanism protects customers from the risk of fraud and unreasonable losses, but based on the different views of Islamic scholars who require gold transactions to be carried out in cash and direct handover, the provision of cash transaction services is an important step to ensure that the assets owned by customers are truly protected from elements of usury and are valid according to Sharia.
Copyright (c) 2026 Febrian Permana, Muhammad Albahi, Rustam https://creativecommons.org/licenses/by-sa/4.0
The Role of Baitul Maal Wa Tamwil (BMT) Indragiri in Improving Sharia Financial Literacy For MSME: a Maqashid Syariah Perspective
Sharia financial literacy is an important factor in improving the understanding of MSME regarding financial management in accordance with sharia principles. The low level of understanding of the community and MSME regarding the products and services of sharia financial institutions can affect the utilization of financial institutions in supporting economic activities and business development. This study aims to analyze Baitul Maal Wa Tamwil (BMT) Indragiri in improving sharia financial literacy for MSME, analyze the supporting and inhibiting factors of efforts to improve sharia financial literacy for MSMEs in Rengat District, and analyze the role of BMT in improving sharia financial literacy reviewed from the perspective of maqashid sharia. The method used in this study is qualitative, and this research was conducted on Jalan Sultan Kompleks Indragiri Islamik Center, Kp Dagang Village, Rengat District, Indragiri Regency, Riau Province. The data sources in this study are primary data and secondary data, data collection techniques are interviews. Based on the research results, it was found that in improving Islamic financial literacy, BMT Indragiri has implemented a management plan consisting of planning, organizing, directing (actuating), and monitoring (controlling). The most supporting factor for BMT Indragiri's success in improving Islamic financial literacy is the increasing level of public awareness of the use of Islamic contracts. The factors that hinder BMT Indragiri in improving Islamic financial literacy are internal and external obstacles. BMT Indragiri consistently integrates the values ​​of maqashid sharia in every financial literacy activity, especially the values ​​of justice (al-'adl) and welfare (al-maslahah). Meanwhile, the value of welfare (al-maslahah) is reflected in the literacy orientation that emphasizes not only increasing knowledge, but also on empowering the people's economy. Overall, the level of implementation of maqashid sharia by MSME fostered by BMT Indragiri is in the fairly good category, especially in the aspects of financial transactions and business management.
Copyright (c) 2026 Yudi, Tasriani, Devi Megawati https://creativecommons.org/licenses/by-sa/4.0
The Influence of Sharia Financial Literacy, Gold Price Fluctuations, Risk Perception and Culture on Customer Decisions to Choose Gold Installments at Bank Syariah Indonesia KC Padangsidimpuan
This study aims to analyze the influence of Islamic financial literacy, gold price fluctuations, risk perception, and culture on customers’ decisions to choose gold installment products at Bank Syariah Indonesia KC Padangsidimpuan. The study was motivated by the increasing use of gold installment products despite fluctuations in gold prices, as well as the strong cultural values that influence gold ownership within the community. This research employed a quantitative approach with a sample of 213 customers selected through purposive sampling from a population of 475 gold installment customers in 2025. Data were collected using questionnaires and analyzed through multiple linear regression with the assistance of SPSS Statistics 25. The results indicate that Islamic financial literacy, risk perception, and culture have a positive and significant effect on customers’ decisions, while gold price fluctuations have a positive but insignificant effect. Simultaneously, all independent variables significantly influence customers’ decisions to choose gold installment products. These findings suggest that customers’ decisions are influenced not only by economic and financial considerations but also by risk perceptions and cultural values embedded in society.
Copyright (c) 2026 Miftahul Janna Ritonga, Leny Nofianti, Hariza Hasyim https://creativecommons.org/licenses/by-sa/4.0
The Effect of Green Brand Awareness and Green Brand Image on Sustainable Purchase Intention With Green Brand Trust as a Mediation Variable in Cake Products in Yogyakarta
This study aims to analyze the influence of green brand awareness, green brand image, and green brand trust on sustainable purchase intention among Cocoabutter Yogyakarta consumers. The research approach used is a quantitative approach. The population in this study are consumers who have never purchased but have received information. The sampling technique used a non-probability sampling method with a convenience sampling technique. The number of samples in this study was 281 respondents. The research data was obtained through online questionnaires using Google Forms with measurements using a 5-point Likert scale. The research data were analyzed using SmartPLS software version 4.1.1.8 with the Structural Equation Model (SEM) method. The results of the analysis show that green brand awareness has a positive and significant effect on green brand image, green brand awareness has a positive and significant effect on sustainable purchase intention, green brand awareness has a positive and significant effect on green brand trust, green brand image has a positive and significant effect on sustainable purchase intention, green brand image has a positive and significant effect on green brand trust, and green brand trust has a positive and significant effect on sustainable purchase intention among Cocoabutter Yogyakarta consumers.
Copyright (c) 2026 Riyan Indra Wijaya, Albari https://creativecommons.org/licenses/by-sa/4.0
The Impact of Profit Growth, Company Size, and Investment Opportunity Set on Profit Quality (Study on Manufacturing Companies in the Food and Beverage Sub-Sector for the 2021-2024 period)
This study has the aim to examine the effects of earnings growth, firm size, as well as investment opportunity set (IOS) on earnings quality in food and beverage manufacturing companies that are on the list of Indonesia Stock Exchange (IDX) throughout the 2021–2024 period. The hypotheses proposed are: (1) earnings growth has a significant effect on earnings quality; (2) firm size has a significant effect on earnings quality; (3) IOS has a significant effect on earnings quality; and (4) earnings growth, firm size, and IOS simultaneously affect earnings quality. This study uses a quantitative approach with secondary data from audited annual financial statements. Purposive sampling yielded a final sample of 21 companies (84 observations). Earnings quality is proxied by discretionary accruals using the Modified Jones model, earnings growth by the percentage change in net income, firm size by the natural logarithm of total assets, and IOS by the market-to-book value of equity (MBVE). Data were analyzed using multiple linear regression with classical assumption tests (normality, multicollinearity, heteroscedasticity, and autocorrelation). The results show that there is a significant negative effect of earnings growth on earnings quality (sig. = 0.000), while firm size (sig. = 0.279) and IOS (sig. = 0.108) do not have a significant partial effect. However, all three variables simultaneously affect earnings quality (sig. F = 0.000) with an Adjusted R² of 18.7%. These findings imply that earnings management in the post-pandemic recovery period is more strongly driven by changes in earnings performance than by company scale or growth opportunities. Companies are advised to strengthen internal control systems and transparent financial reporting to improve earnings quality, while investors should consider earnings growth trends as an indicator of earnings reliability. Keywords: Earnings Quality, Earnings Growth, Firm Size, Investment opportunity set, Discretionary Accruals
Copyright (c) 2026 Adam Amirul Insan Subroto, Fitria Magdalena, Rike Selviasari https://creativecommons.org/licenses/by-sa/4.0
The Influence Of Auditor Ethics, Competence And Experience On Audit Quality (In Public Accounting Firm (Kap) In West Java)
Audit quality is an important issue due to the increasing number of audit failures and violations of professional standards, which have reduced public trust in the public accounting profession. Therefore, auditors are required to possess professional ethics, adequate competence, and sufficient work experience to produce high-quality audits. This study aims to examine the effect of auditor ethics, auditor competence, and auditor work experience on audit quality at Public Accounting Firms (KAP) in West Java. This research employed a quantitative method with a survey approach. Primary data were collected through questionnaires distributed to auditors working at Public Accounting Firms in West Java. The sample consisted of 45 auditors selected using a purposive sampling technique. The data were analyzed using descriptive statistical analysis, multiple linear regression analysis, coefficient of determination (R²), partial test (t-test), and simultaneous test (F-test) with the assistance of IBM SPSS Statistics version 29. The results indicate that auditor ethics and auditor work experience have a positive and significant effect on audit quality, whereas auditor competence does not have a significant effect on audit quality. Simultaneously, auditor ethics, auditor competence, and auditor work experience significantly affect audit quality. These findings imply that improving audit quality requires not only technical competence but also strong professional ethics and sufficient audit experience.
Copyright (c) 2026 Aidah Intan Nabila, Teodora Winda Mulia https://creativecommons.org/licenses/by-sa/4.0
Financial Distress in Textile and Garment Firms: The Role of Executive Compensation, Sales Growth, and Operating Capacity
This study examines the relationship between financial difficulty and operating capacity, sales growth, and executive compensation in textile and apparel companies listed on the Indonesia Stock Exchange (IDX) between 2020 - 2024. Grounded in Signaling Theory, the study investigates whether these factors influence the likelihood of financial distress. Quantitative secondary data was utilized from yearly reports and financial statements. Purposive sampling was used to pick 17 companies for the sample, yielding 85 panel observations. The Altman Z-Score was used to gauge financial distress, and panel regression using the REM, which was chosen using the Chow, Hausman, and Lagrange Multiplier tests, was used to analyze the data. Higher compensation may improve managerial effectiveness and lessen financial challenges, based on the research, financial turmoil is significantly impacted negatively by executive salary. Sales Growth shows an insignificant effect, suggesting that increased sales do not necessarily improve a firm’s financial condition. On the other hand, operating capacity has a positive effect on financial distress, indicating that operational stress rather than better financial performance may be the cause of increasing asset turnover. Collectively, the independent variables significantly affect Financial Distress. These findings support Signaling Theory by demonstrating that managerial, growth, and operational factors provide signals regarding a firm’s financial condition. The results suggest that companies should implement effective executive compensation policies and improve operational management to mitigate financial distress risk. Future research is urged to include more variables and cover a wider range of industries in order to provide a more thorough knowledge of the factors that contribute to financial distress. Keywords: Executive Compensation, Financial Distress, Operating Capacity, Sales Growth, Signaling Theory
Copyright (c) 2026 Haifa Khairatun Hisan, Dudi Pratomo, Novy Fajriati https://creativecommons.org/licenses/by-sa/4.0
The Influence of Interactivity, Trust, and Online Customer Reviews on Impulse Buying of Avoskin Products on Shopee: a Study of Generation Z in Surabaya
This study aims to examine how interactions, trust, and online customer reviews influence impulsive purchasing of Avoskin products among Generation Z in Surabaya. This study employs the Stimulus-Organism-Response (S-O-R) theory, which explains that environmental influences can affect a person’s internal state, subsequently leading to specific actions or behaviors. The methodology used was a quantitative study involving 156 participants selected through purposive sampling. Research data were collected and analyzed using multiple linear regression with SPSS version 31. The results indicate that interaction, trust, and customer reviews collectively influence impulsive purchases of Avoskin products among Generation Z consumers in Surabaya. Partial tests also revealed that all three independent variables have a positive and significant impact on impulsive purchasing. Among these three variables, the trust variable had the greatest influence, with a regression coefficient of 0.426. Furthermore, the coefficient of determination of 71.4% indicates that changes in impulsive purchasing behavior can be explained by the three independent variables in this study, while the remaining portion is influenced by other factors outside the model under investigation.
Copyright (c) 2026 Siti Chalyandrha Putry, Acep Samsudin https://creativecommons.org/licenses/by-sa/4.0
The Effect of ESG Performance, Tax Avoidance, and Good Corporate Governance on Earnings Management Practices in Mining Companies in Indonesia for the 2020-2024 Period
This study investigates the influence of Environmental, Social, and Governance (ESG) performance, Tax Avoidance, and Good Corporate Governance (GCG) on earnings management among mining sector companies listed on the IDX during 2020–2024. Grounded in Agency Theory (Jensen et al., 1976), the study hypothesizes that ESG performance and GCG negatively influence earnings management, while Tax Avoidance exerts a positive influence. We used secondary data from sustainability reports and yearly reports to create a quantitative descriptive-causal approach. We obtained 75 firm-year observations and 15 enterprises through purposeful sampling. We used the IDX ESG Reporting Index (Form E020) to score ESG performance, the Effective Tax Rate (ETR) to proxy tax avoidance, and the proportion of independent commissioners, managerial ownership, and institutional ownership to measure GCG. Discretionary accruals via the Modified Jones Model were used to measure earnings management. We used EViews 12 to run panel data regression using simultaneous F-tests and partial t-tests. The results reveal that earnings management is strongly and adversely affected by ESG performance and GCG, but has no discernible effect from Tax Avoidance. Theoretically, these results add to the earnings management literature, and practically, they provide regulators and investors with information they can use to evaluate the profitability of mining companies that are adopting sustainability practices.
Copyright (c) 2026 Nindia Putri Septiani, Wiwin Aminah https://creativecommons.org/licenses/by-sa/4.0
Employee Competence Development Strategy in The Future Organizational Transformation: an Analytical Approach Hierarchy Process
Organizational changes marked by bureaucratic simplification have necessitated improving team member competency to achieve organizational goals. This study aims to determine strategic priorities in competency development decision-making. The study used the Analytical Hierarchy Process (AHP) method, which used Microsoft Excel to analyze the structure and main strategic alternatives—the analysis was based on primary data from interviews with 11 expert sources. The study results indicate that improving team member competency is the most crucial strategy in improving the organizational performance of the Ministry of Maritime Affairs and Fisheries (KKP), with strengthening the ASN education and training program as an integral part of the strategy. The most recommended strategic alternative is to build a competency-based education and training system for KKP ASN and the Functional Official Competency Certification. The results also indicate that leadership is the most important factor in ensuring the strategy for improving organizational competency. Therefore, the leadership quality of the Head of BBPPSDM KP is considered the most critical and influential actor in improving KKP organizational competency. Developing competency development policies and programs tailored to the needs that influence the career development of KKP functional officials is a primary goal that KKP must achieve. The managerial implications of this research are that public organizations must implement competency-based education and training and competency certification for functional officials. Leadership also plays a crucial role in strategic organizational management, empowering and directing organizational resources to achieve organizational goals effectively and efficiently.
Copyright (c) 2026 Ike Trisnawati, Anggraini Sukmawati, Yunus Triyonggo https://creativecommons.org/licenses/by-sa/4.0
The Influence of Country of Origin, Brand Association, and Brand Loyalty on Purchase Intention and Strategies to Increase Buying Interest in Skincare Products
The cosmetics industry is one of the leading businesses in the world and is mainstream in the global cosmetics industry. In line with the development of the world cosmetics market which is still showing positive growth, the Indonesian cosmetics industry has also shown an acceleration of growth in recent years. One of the impacts of current trends is that consumers' purchasing decisions are not only influenced by factors such as quality, price, and design, but also influenced by the brand name and country of origin. The purpose of this study is to analyze the influence of country of origin, brand association, and brand loyalty on the purchase intention of local and non-local (imported) skincare products and also formulate recommendations for strategies that can be done to increase consumer buying interest in local skincare products. In this study, the researcher used four methods, namely descriptive analysis, SEM-PLS, AHP, and SWOT.
Copyright (c) 2026 Netasari Khadijah, Alim Setiawan Slamet , Ma'mun Sarma https://creativecommons.org/licenses/by-sa/4.0
CSR, Corporate Governance, Firm Size and Earnings Management: Empirical Evidence from Indonesian Infrastructure Firms on the IDX
Corporate social responsibility (CSR), institutional ownership (IOW), audit committees, and company size (F size) are the variables that this study intends to examine in relation to earnings management. Companies listed on the IDX in the infrastructure industry from 2021–2025 are the main emphasis. We selected 20 out of 70 listed infrastructure businesses using a purposive sample technique and a quantitative research strategy based on secondary panel data for this study. Panel data regression analysis was used for hypothesis testing, and discretionary accruals were created from the Modified Jones Model to quantify earnings management. Chow, Hausman, and Lagrange Multiplier tests determined that the REM was the best fit. An Adjusted R-squared score of 19.20% shows that earnings management is significantly affected by all four independent factors. Earnings management and CSR disclosure show a negative correlation, although audit committee, firm size, and institutional ownership by themselves do not. Although firm size, audit committee meeting frequency, and concentration of institutional ownership are not sufficient factors to prevent managerial opportunism in the infrastructure industry, these results suggest that CSR disclosure is a useful tool for keeping earnings management practices in check. Investors, regulators, and corporate governance frameworks in Indonesia's infrastructure industry can benefit from this research, which also advances agency theory.
Copyright (c) 2026 Sultan Achmad Daffa, Roy Budiharjo https://creativecommons.org/licenses/by-sa/4.0
Forecasting Land Acquisition Financing Requirements for Optimizing Budget Execution in National Strategic Projects: A Time Series Approach Using ARIMA and Artificial Neural Network
This study addresses the persistent shortfall between planned and realized budgets for land acquisition financing of Indonesia's National Strategic Projects (Proyek Strategis Nasional/PSN), a shortfall that directly undermines the annual budget absorption rate used as a key performance indicator for the management of state investment funds allocated for land procurement. Method: this study compares two forecasting approaches, the Autoregressive Integrated Moving Average (ARIMA, extended to Seasonal ARIMA where required) and the Artificial Neural Network (ANN), to project the monthly land acquisition financing requirements of PSN across two categories, the Toll Road sector and the Non-Toll Road sector, using monthly realization data managed by the Indonesia Asset Management Agency (Lembaga Manajemen Aset Negara/LMAN) from 2017 through the first quarter of 2026. Forecast accuracy was evaluated using the Mean Absolute Percentage Error (MAPE) and, where the data contained values close to zero, the Symmetric Mean Absolute Percentage Error (sMAPE). Results: the ANN model consistently outperformed its statistical counterpart in both sectors. For the Toll Road sector, ANN achieved a MAPE of 49.01% against 80.93% for ARIMA, while for the Non-Toll Road sector, ANN achieved an sMAPE of 64.08% against 81.53% for SARIMA. Based on the ANN projections for the remaining nine months of 2026, the total financing requirement for land acquisition across all PSN sectors is estimated at Rp10.69 trillion, corresponding to a fund absorption rate of only 40.16% of the currently available budget. Implications: these findings suggest that machine learning approaches offer a more reliable basis for expenditure planning in this context, and that the persistently low absorption rate points to a continuing need for more accurate, data-driven budget execution planning at the ministry and agency level.
Copyright (c) 2026 Suryo Utomo, Muhammad Sjahid Akbar https://creativecommons.org/licenses/by-sa/4.0
The Effect of Non-Debt Tax Shield and Corporate Tax Rate on Capital Structure in Healthcarecare Sector Companies Listed on the IDX
This research investigates how the non-debt tax shield and corporate tax rate shape a firm's capital structure. As a fundamental financial policy, capital structure determines the composition of financing sources employed to sustain corporate operations and long-term growth. Variations in both the non-debt tax shield and the corporate tax rate are regarded as influential determinants capable of altering financing decisions. A quantitative descriptive design was implemented, whereas multiple linear regression analysis in SPSS served to examine the associations among the investigated variables. Empirical findings indicate that the non-debt tax shield exerts a statistically significant influence on capital structure. In contrast, no meaningful effect was identified between the corporate tax rate and the firm's capital structure. The findings of this research are expected to be considered for management in formulating more optimal funding policies and for future researchers in developing research related to factors that affect capital structure.
Copyright (c) 2026 Patma Ayu, Beby Hilda Agustin, Ahmad Yani https://creativecommons.org/licenses/by-sa/4.0
The Effect of Leverage, Firm Size, and Audit Opinion on Audit Delay in Consumer Non-Cyclical Companies Listed on the Indonesia Stock Exchange (2020–2024)
The timely submission of audited financial statements is a critical aspect of ensuring the relevance of financial information to stakeholders. However, some companies still experience audit delays, making it necessary to investigate the factors that influence them. This study aims to analyze the effects of leverage, firm size, and audit opinion on audit delays among companies in the non-cyclical consumer sector listed on the Indonesia Stock Exchange during the 2020–2024 period. The study employs a quantitative approach using secondary data obtained from annual financial statements and independent auditors’ reports. The research sample consists of 44 companies with a total of 220 observations selected using purposive sampling. Data analysis was performed using multiple linear regression with IBM SPSS Statistics version 27, including descriptive statistical analysis, classical assumption tests, the coefficient of determination test, the simultaneous test (F-test), and the partial test (t-test). The results of the study indicate that, when considered individually, leverage, firm size, and audit opinion do not have a significant effect on audit delay. However, when considered simultaneously, these three variables have a significant effect on audit delay. These findings provide empirical evidence that audit delay is influenced by a combination of firm characteristics; therefore, future research should consider other variables to improve the model’s ability to explain audit delay.
Copyright (c) 2026 Devina Ardelia Ramdhani, Ajeng Luthfiyatul Farida https://creativecommons.org/licenses/by-sa/4.0
The Effect of Functional Value to Revisit Intention Dufan Ancol: the Mediating Role of Customer Satisfaction and Destination Love
This study aims to analyze the influence of the perceived value dimension on revisit intention through customer satisfaction and destination love of Dufan Ancol tourists. This study uses a quantitative approach with a survey method involving 140 tourists who have visited Dufan Ancol. Cross-sectional methods are used in data collection. The research instrument has been declared to have passed the validity and reliability test. The data analysis technique used is structural equation modeling based on Smart PLS 3.0. The results of the study show that functional value has a positive effect on revisit intention through customer satisfaction. The findings of this study are expected to help Dufan Ancol managers in prioritizing increasing functional value to increase customer satisfaction so as to encourage revisit intention. Researchers are then advised to test other variables relevant to the characteristics of the research object to gain a more comprehensive understanding of the factors that can influence revisit intention.
Copyright (c) 2026 Nisa Ajshari, Yadi Ernawadi https://creativecommons.org/licenses/by-sa/4.0
The Impact of Green Supply Chain Management Practices on Company Performance in the Cafe Industry in Cimahi City
Increasing environmental challenges and rising waste production have prompted businesses to adopt environmentally friendly and sustainable practices. The café industry, which is experiencing rapid growth in Indonesia particularly in the city of Cimahi contributes to environmental problems through the use of plastic packaging, single-use products, and operational waste. Consequently, the Using Green Supply Chain Management (GSCM) techniques has become increasingly important to support business sustainability and improve company performance. The purpose of this study is to investigate how corporate performance is affected by green supply chain management methods, which are exemplified by eco-design, green manufacturing, and green purchasing in cafes in Cimahi City. This study employs a quantitative approach using descriptive and associative analyses. Primary data were collected from 66 respondents comprising café owners and employees—via a questionnaire. Simple random sampling was used, and SPSS version 25 was used to do multiple regression analysis on the data. The outcomes show that respondents’ perceptions of eco-design, green manufacturing, green purchasing, and overall company performance were generally categorized as moderate. At the same time, eco-design, the performance of businesses is significantly impacted by green manufacturing and green purchasing. However, when analyzed individually, eco-design does not significantly impact company performance, whereas in Cimahi City's cafés, green manufacturing and green purchasing have favorable and substantial benefits.
Copyright (c) 2026 Alya Rahmawati, Asep Kurniawan https://creativecommons.org/licenses/by-sa/4.0
The Effect of Discipline Development and Physical Work Environment on the Job Satisfaction of State Civil Apparatus (ASN) Functional Positions of the Cimahi City Education Office
Fostering good discipline and a good physical work environment will increase employee job satisfaction. Several phenomena at the Cimahi City Education Office show a decline in job satisfaction, including high employee absenteeism rates without explanation, disciplinary violations, and inadequate physical working conditions. This condition suggests that the development of discipline and physical work environment can affect employee job satisfaction. This study aims to find out how respondents respond to disciplinary coaching and physical work environment, and how employee job satisfaction. In addition, it aims to determine the influence of discipline developmentand physical work environment on the job satisfaction of ASN of the Functional Position of the Cimahi City Education Office both partially and simultaneously. This study uses a quantitative approach with a descriptive and associative research design. In this study, there were 82 respondents from ASN Functional Positions of the Cimahi City Education Office. The data collection technique was carried out by distributing questionnaires. The data analysis in this study used multiple linear regression analysis and determination coefficients. This study shows that the respondents' response to discipline developmentis included in the good criteria. Similarly, respondents' responses to the conditions of the physical work environment are included in the good criteria. Job satisfaction is included in the satisfaction criteria. In addition, this study shows that discipline developmenthas a positive effect on job satisfaction. This means that the better the Discipline development, the job satisfaction will increase. Similarly, the physical work environment has a positive effect on job satisfaction. This means that the better the physical work environment, the job satisfaction will increase. Discipline development and physical work environment affect the job satisfaction of ASN Functional Positions of the Cimahi City Education Office. This means that if the discipline and physical work environment are good, it can increase employee job satisfaction.
Copyright (c) 2026 Neni Andriani, RM Juddy Prabowo https://creativecommons.org/licenses/by-sa/4.0
Determinants of Financial Distress: The Role of Liquidity, Profitability, Leverage, Sales Growth, and Firm Size in Energy Sector Companies Listed on the Indonesia Stock Exchange for the 2020–2024 Period
Financial distress has become an important concern because it threatens corporate sustainability, financial performance, and investor confidence. Previous studies have reported inconsistent findings regarding the effects of liquidity, profitability, leverage, sales growth, and firm size on financial distress, particularly in Indonesia's energy sector. Therefore, this study aims to examine the influence of these factors on financial distress among energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. This study employs a quantitative approach using secondary data obtained from annual financial statements. The population consists of 89 energy sector companies listed on the IDX, from which 60 companies were selected using purposive sampling, resulting in 300 firm-year observations. Financial distress is measured using the Altman Z-Score model, while panel data regression analysis is employed using EViews 13, with the Common Effect Model (CEM) identified as the most appropriate estimation model. The findings indicate that liquidity, measured by the Current Ratio, has a positive and statistically significant effect on the Altman Z-Score, indicating that stronger liquidity reduces the likelihood of financial distress. In contrast, profitability, leverage, sales growth, and firm size do not exhibit statistically significant effects. These findings suggest that liquidity is the primary financial indicator in maintaining financial stability among Indonesian energy sector companies. This study contributes to the financial distress literature by providing updated empirical evidence from the Indonesian energy sector and offers practical insights for managers, investors, and other stakeholders in assessing corporate financial health and mitigating financial distress risk
Copyright (c) 2026 Najwa Salsabila Az Zahra, Farida Titik Kristanti https://creativecommons.org/licenses/by-sa/4.0
The Effect of Work-Life Balance and Workload on the Performance of Inpatient Installation Nurses at Pagelaran Cianjur Hospital
Nurse performance is one of the main indicators in determining the quality of hospital services. The high demands of health services require nurses to be able to provide professional, fast, and quality services. However, the high workload and difficulties in maintaining a work-life balance have the potential to affect nurses' performance. This condition was also found at Pagelaran Cianjur Hospital which was characterized by the presence of nurses who had sufficient performance categories, high levels of delays, and fluctuations in the number of patient visits which had an impact on increasing workload. This study aims to analyze the influence of work-life balance and workload on the performance of nurses at Pagelaran Cianjur Hospital, both partially and simultaneously. The research uses a quantitative approach with a survey method. The research population is all inpatient installation nurses of Pagelaran Cianjur Hospital totaling 34 people, which is also used as a research sample through saturated sampling techniques. Data were obtained through observation, interviews, documentation, and questionnaire deployment, then analyzed using multiple linear regression analysis with the help of IBM SPSS Statistics. Hypothesis testing was carried out using a partial test (t-test) and a simultaneous test (F-test). The results of the study showed that work-life balance did not have a significant effect on the performance of nurses. Workload has a significant effect on nurse performance according to the direction of the relationship shown by the results of regression analysis. In addition, work-life balance and workload simultaneously have a significant effect on the performance of nurses at Pagelaran Cianjur Hospital. The findings of the study show that improving work-life balance and proportional workload management are important factors in improving nurse performance so that it can support the improvement of hospital service quality.
Copyright (c) 2026 Amelia Putri, Mochamad. Vrans Romi https://creativecommons.org/licenses/by-sa/4.0
MSMEs' Strategy for Upgrading Through Product Quality and Marketing Improvements
Micro, Small, and Medium Enterprises (MSMEs) play a strategic role in driving national economic growth through job creation, increasing community income, and strengthening regional economies. However, most MSMEs in Indonesia still face various obstacles in increasing their competitiveness, preventing them from developing into more productive businesses or upgrading their businesses. This study aims to analyze MSMEs' strategies for upgrading their businesses through product quality and marketing improvements. The study employed a qualitative approach with descriptive methods. Data were obtained through in-depth interviews, observations, and documentation studies. Data analysis was conducted using the interactive model of Miles, Huberman, and Saldaña, which included data reduction, data presentation, and conclusion drawing. Data validity was ensured through source triangulation, method triangulation, and member checking. The results showed that improving product quality through the use of quality raw materials, product innovation, quality standardization, packaging design improvements, and compliance with product certification and legality increased added value and consumer trust. Furthermore, the implementation of digital marketing strategies through social media, marketplaces, websites, and branding enhancements has been shown to expand market reach, enhance customer interaction, and drive sales growth. This study also found that the success of MSMEs in upgrading is influenced by human resource competency, digital technology utilization, access to financing, government support, and partnerships with various stakeholders. However, challenges such as limited capital, low digital literacy, limited innovation, and increasingly fierce market competition remain major obstacles to MSME development. Therefore, an integrated strategy is needed through product quality improvement, digital transformation, continuous innovation, and marketing strengthening so that MSMEs can increase their competitiveness, expand market access, and make a greater contribution to national economic development.
Copyright (c) 2026 Rizal Perlambang CNAWP https://creativecommons.org/licenses/by-sa/4.0
Green Waqf-ILO C188 as an Islamic Social Finance Model for Decent Work in Fisheries
Indonesia's fisheries sector plays a strategic role in food security, employment, coastal livelihoods, exports, and sustainable blue economy development. However, fisheries workers and fishing vessel crews remain exposed to informal employment relations, occupational safety risks, limited social protection, weak monitoring, and vulnerability to labor exploitation. The ratification of ILO Convention No. 188 through Presidential Regulation No. 25 of 2026 strengthens the normative basis for fisheries labor protection, yet its implementation requires sustainable compliance financing. This study aims to develop a Green Waqf-ILO C188 framework that integrates Islamic Social Finance with decent work and fisheries labor governance. This research uses a qualitative conceptual approach based on systematic literature review, policy analysis, and thematic synthesis of academic literature, institutional reports, regulations, and policy documents published mainly between 2020 and 2026. The findings show that zakat, waqf, green waqf, sadaqah, and blended Islamic social finance can support occupational safety, ethical recruitment, social protection, emergency assistance, and digital governance. The novelty lies in integrating Islamic Social Finance, ILO C188, decent work, SDG 8, SDG 14, ESG, and sustainable blue economy within one conceptual policy framework.
Copyright (c) 2026 Imron Natsir, Eny Triastuti https://creativecommons.org/licenses/by-sa/4.0
Analysis of MSME Marketing Strategies Based on Local Wisdom to Increase Sales
This study aims to analyze the marketing strategies of Micro, Small, and Medium Enterprises (MSMEs) based on local wisdom in increasing sales. Local wisdom is a competitive advantage that can provide added value to products through the use of culture, traditions, and regional potential as a business identity. The study used a qualitative approach with descriptive methods. Data were obtained through in-depth interviews, observations, and documentation of MSMEs who apply elements of local wisdom in their business activities. Data were analyzed using data reduction, data presentation, and conclusion drawing techniques, while data validity was tested through source triangulation, technical triangulation, and member checking. The results show that the implementation of local wisdom-based marketing strategies can increase product appeal, strengthen brand image, and create differentiation that distinguishes MSME products from competitors. The use of digital media combined with storytelling about the product's cultural values has been proven to expand market reach and increase consumer purchasing interest. In addition, branding that emphasizes local identity provides added value to products, thereby increasing customer trust and loyalty. The study also identified several obstacles, including limited digital marketing capabilities, limited business capital, low innovation in product packaging, and the suboptimal use of cultural values as a promotional strategy. Overall, local wisdom-based marketing strategies have had a positive impact on increasing sales, customer numbers, and the competitiveness of MSMEs, while also contributing to the preservation of local culture and empowering the community's economy. Therefore, support from the government, academics, and various stakeholders is needed through training, mentoring, branding strengthening, and digital marketing development so that local wisdom-based MSMEs can develop sustainably.
Copyright (c) 2026 Radityo Suksmaneng Daru, Vera Selviana Adoe, Wiwit Agustina, Dany Luqyana Idris https://creativecommons.org/licenses/by-sa/4.0
The Impact of ESG Practices on Firm Value: a Human Resource Management and Financial Decision Perspective
The development of the business world that increasingly emphasizes sustainability aspects encourages companies to implement Environmental, Social, and Governance (ESG) principles as a strategy in creating long-term corporate value. This study aims to analyze the impact of ESG practices on corporate value from the perspective of human resource management and financial decision-making. This study uses a qualitative approach with descriptive methods through literature studies and analysis of company documents, such as annual reports, sustainability reports, and various relevant scientific references. Data analysis techniques are carried out through content analysis with the stages of data collection, data reduction, data presentation, and drawing conclusions. The results show that the implementation of ESG practices has a positive impact on increasing corporate value by strengthening reputation, increasing investor confidence, reducing business risks, and creating competitive advantages. From a human resource management perspective, ESG plays a role in improving employee welfare, competency development, workforce engagement, and establishing a sustainable organizational culture. Meanwhile, from a financial decision-making perspective, ESG helps companies in determining more effective investment, funding, and risk management strategies. This study concludes that the integration of ESG into corporate strategy is a crucial factor in building business sustainability and increasing corporate value in the long term.
Copyright (c) 2026 Sentot E Baskoro, Dessy Evianti, Suharti, Wiwit Agustina, Dany Luqyana Idris https://creativecommons.org/licenses/by-sa/4.0
The Effect of Performance Assessment and Work Discipline on the Work Productivity of Inpatient Installation Nurses at Performancelaran Cianjur Hospital
Nurses' work productivity is one of the important indicators in determining the quality of hospital services. Optimal productivity levels will support the effectiveness of health services, increase patient satisfaction, and strengthen organizational performance. However, nurses' work productivity is influenced by various factors, including performance assessment and work discipline. This study aims to analyze the effect of performance assessment and work discipline on the work productivity of nurses in the Inpatient Installation of Pagelaran Cianjur Hospital, both partially and simultaneously. The research uses a quantitative approach with the explanatory survey method. The research population is all nurses of the Inpatient Installation of Pagelaran Cianjur Hospital which totals 34 people. The sampling technique uses saturated sampling, so that the entire population is used as a research respondent. Data is collected through the deployment of questionnaires that have been tested for validity and reliability. Data analysis was carried out using multiple linear regression analysis with the help of IBM SPSS Statistics which included classical assumption tests, determination coefficients, partial tests (t test), and simultaneous tests (F tests). The results of the study showed that performance appraisal had an effect on the work productivity of nurses. Work discipline also affects the work productivity of nurses. In addition, simultaneous performance assessment and work discipline have a significant effect on the work productivity of nurses in the Inpatient Installation of Pagelaran Cianjur Hospital. These findings show that increasing nurses' work productivity can be achieved through the implementation of an objective, transparent, and employee-development-oriented performance appraisal system, as well as supported by improving work discipline through compliance with regulations, punctuality, and responsibility in carrying out duties. The results of the research are expected to be considered for the management of Pagelaran Cianjur Hospital in developing human resource management policies that are able to increase the work productivity of nurses and the quality of health services to the community.
Copyright (c) 2026 Fadya Maulani Laila, Mochamad. Vrans Romi https://creativecommons.org/licenses/by-sa/4.0
Integrating ESG Principles into Sustainable Fisheries Resource Management: A Strategic Framework for Indonesia's 2045 Blue Economy Vision
Marine ecosystems face escalating risks from overfishing, habitat degradation, pollution, and climate change, threatening both biodiversity and the livelihoods of coastal communities dependent on fisheries. Despite growing global commitments to sustainable ocean governance, fisheries management frameworks often lack integrated mechanisms that simultaneously address environmental, social, and governance (ESG) dimensions. This study examines how an ESG framework can be applied to mitigate marine ecosystem risks and advance sustainable fisheries resource management, with particular attention to Indonesia's 2045 Blue Economy Vision. Using a qualitative approach based on literature review and policy analysis, this research identifies key environmental risks (e.g., overexploitation and ecosystem degradation), social dimensions (e.g., community welfare and equitable resource access), and governance gaps (e.g., regulatory enforcement and stakeholder accountability) within the fisheries sector. The findings suggest that integrating ESG principles into fisheries policy can enhance ecosystem resilience, improve regulatory compliance, and strengthen long-term economic sustainability. This study contributes to the discourse on sustainable ocean governance by proposing an ESG-based strategic framework that aligns fisheries management with national blue economy targets, offering practical implications for policymakers, industry stakeholders, and coastal communities seeking to balance ecological preservation with economic growth toward 2045.
Copyright (c) 2026 M. Azizul Khakim, Fathur Rosi https://creativecommons.org/licenses/by-sa/4.0
The Influence of Workload and Work Motivation on the Work Productivity of Members of the Criminal Research Unit (Satreskrim) of the Karawang Police
Productivity The workload of members of the Criminal Investigation Unit (Satreskrim) of the Karawang Police is an important factor in supporting the successful implementation of police duties. Based on the results of the pre-survey, problems related to workload and work motivation were still found that affect the work productivity of members. This study aims to determine respondents' responses regarding workload and work motivation and to determine the work productivity of Satreskrim members based on the perceptions of direct superiors, and to analyze the influence of workload and work motivation on the work productivity of Satreskrim members. The research method used is a descriptive and associative method with a quantitative approach. The study population amounted to 62 people, consisting of 61 Satreskrim members as respondents for the workload and work motivation variables and 1 direct superior as the work productivity assessor. Data analysis was carried out using descriptive statistical analysis, classical assumption tests, multiple linear regression analysis, and coefficient of determination with the help of the SPSS version 25 program. The results of the study indicate that partially workload has a positive effect on the work productivity of Satreskrim members. In addition, partially work motivation also has a positive effect on the work productivity of Satreskrim members . Workload and work motivation also influence the work productivity of Satreskrim members simultaneously. Based on the results of the study, it can be concluded that appropriate workload and very high work motivation contribute to the high work productivity of members of the Karawang Police Criminal Investigation Unit .
Copyright (c) 2026 Neng Lisnasari Yulianti, RM Juddy Prabowo https://creativecommons.org/licenses/by-sa/4.0
The Effect of Perceived Product Quality, Perceived Price, and Celebrity Credibility on the Intention to Repurchase Nivea Hand and Body Lotion in Bandung
This study aims to analyze the influence of perceived product quality, perceived price, and celebrity credibility on the intention to repurchase NIVEA Hand and Body Lotion in Bandung. This study employed a survey method involving respondents who had previously purchased and used NIVEA Hand and Body Lotion in Bandung. The sampling technique used purposive sampling with a sample size of 160 respondents. Data analysis was conducted using multiple linear regression analysis with the aid of SPSS version 25 software. The results indicate that perceptions of product quality, price, and celebrity credibility fall into the “good” category. Individually, perceptions of product quality, price, and celebrity credibility have a positive and significant effect on repurchase intention. Simultaneously, these three variables also have a positive and significant effect on the repurchase intention for NIVEA Hand and Body Lotion in Bandung. These findings indicate that improving product quality, setting appropriate prices, and using credible celebrities can increase consumers’ willingness to repurchase. The results of this study are expected to serve as a basis for companies in developing effective marketing strategies to enhance consumer loyalty and brand competitiveness.
Copyright (c) 2026 Reni Indriyani, Faizal Fardhani Sigarlaki https://creativecommons.org/licenses/by-sa/4.0
An Analysis of Organizational Support and Work-Life Balance and Their Impact on Turnover Intention (A Qualitative Study of Teachers at RA Al-Idhar)
This study examines the influence of organizational support and work-life balance on turnover intention among teachers at RA Al-Idhar. In an educational setting, organizational support and work-life balance are important factors that can influence teachers’ comfort, job satisfaction, and desire to remain with the organization. This study aims to understand how organizational support and work-life balance influence the emergence of turnover intention among teachers at RA Al-Idhar. This study employed a qualitative approach, utilizing data collection techniques such as interviews, observation, and documentation. The informants in this study consisted of the school principal, teachers, and the teachers’ husbands. The results indicate that organizational support at RA Al-Idhar is considered quite good, as evidenced by effective communication, family-like working relationships, and the availability of work flexibility under certain conditions. Teachers’ work-life balance was also rated as fairly good in terms of time management and work flexibility; however, challenges were still identified regarding mental and physical health due to workloads and limited workplace facilities. These conditions give rise to turnover intentions, as evidenced by teachers’ thoughts of seeking other jobs, searching for job openings, and even wanting to leave the organization. This study shows that organizational support and work-life balance play a significant role in influencing teachers’ turnover intentions. The findings of this study are expected to serve as a basis for educational institutions to improve workplace comfort and teacher well-being, as well as to retain teaching staff so that turnover intentions can be minimized
Copyright (c) 2026 Shinta Indrie Nurmalatifah, Mochamad Vrans Romi https://creativecommons.org/licenses/by-sa/4.0
Protection of Concurrent Creditors in PKPU against Bankrupt Debtors from the Perspective of Hifz Maal (A Case Study of PT Altha Medika Indonesia)
Concurrent creditors do not possess specific security rights, making their position the weakest in the distribution of a debtor's assets. This is reflected in the case of PT Altha Medika Indonesia, which experienced financial difficulties resulting in delays in payments to its creditors. In Decision Number 238/Pdt.Sus-PKPU/2024/PN.Niaga.Jkt.Pst., the debtor proposed a debt repayment scheme of 50% of the outstanding debt, with the remaining balance to be paid over a period of 60 months. However, the debtor failed to fulfill its payment obligations to the concurrent creditors. Consequently, the creditors filed a petition for the annulment of the composition agreement under Decision Number 63/Pdt.Sus-Pembatalan Perdamaian/2025/PN.Niaga.Jkt.Pst., which ultimately resulted in the debtor being declared bankrupt. This study aims to analyze the legal protection of concurrent creditors in PKPU, examine the regulation of legal protection for concurrent creditors in the case of PT Altha Medika Indonesia, and analyze it from the perspective of hifz maal. This research employs normative legal research using the statute approach, conceptual approach, and judicial case study approach. The data used are secondary data collected through library research and analyzed qualitatively using a descriptive-analytical method. The findings indicate that the legal protection of concurrent creditors in PKPU is provided through voting rights, the right to file objections, and the right to receive proportional payment. Nevertheless, such protection remains inadequate because concurrent creditors remain in a vulnerable position due to the absence of security rights and their dependence on the debtor's ability to fulfill its obligations. From the perspective of hifz maal, the protection of property, justice, and responsibility in fulfilling the rights of concurrent creditors are strongly emphasized.
Copyright (c) 2026 Siti Aisyah, Cahaya Permata https://creativecommons.org/licenses/by-sa/4.0
Tax Compliance as a Social Responsibility Practice: An Interpretive Study from a Social Accounting Perspective
Tax compliance has traditionally been understood primarily as a legal and administrative obligation that emphasizes regulations, penalties, audits, and reporting procedures; as a result, existing frameworks remain limited in explaining how taxpayers perceive compliance as part of their social responsibility. This study aims to interpret the meaning of tax compliance as a practice of social responsibility from a social accounting perspective. The study employs an interpretive qualitative approach, with data collected through semi-structured interviews with four individual taxpayers as the primary informants. The data were analyzed through the stages of open coding, categorization, theme formation, interpretation of meaning, and conceptual synthesis. The research findings reveal five main themes: taxes as a social contribution; tax compliance as a form of concern for society; tax compliance as a moral obligation of citizens; taxation as a form of fiscal solidarity; and the importance of education, transparency, and institutional legitimacy in fostering compliance. These findings indicate that tax compliance is not merely interpreted as adherence to rules, but as a social practice built upon moral responsibility, collective solidarity, public trust, and accountability. This study contributes to the development of social accounting literature by introducing the concept of fiscal solidarity as a collective practice of citizens in supporting public welfare and strengthening the relationship between society, the state, and the tax system.
Copyright (c) 2026 Muarif Leo, Alimuddin, Syarifuddin https://creativecommons.org/licenses/by-sa/4.0
The Influence of Self-Efficacy, Growth Mindset, and Adaptability on the Human Capital of MSME Entrepreneurs in Makassar City, with Digital Literacy as a Moderating Variable
This study examines the effects of self-efficacy, growth mindset, and adaptability on human capital, with digital literacy serving as a moderating variable among Micro and Small Enterprises (MSEs) in Makassar City, Indonesia. A quantitative explanatory research design was employed. Data were collected through structured questionnaires administered to 200 MSE owners selected using purposive sampling. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The findings reveal that self-efficacy, growth mindset, and adaptability have positive and significant effects on human capital. Furthermore, digital literacy significantly strengthens the relationships between self-efficacy and human capital, as well as between adaptability and human capital. However, digital literacy does not moderate the relationship between growth mindset and human capital. The structural model demonstrates strong explanatory power, with an R² value of 0.881, indicating that the proposed model explains 88.1% of the variance in human capital. These findings highlight that strengthening human capital in MSEs requires not only psychological and adaptive capabilities but also digital competencies to enhance business competitiveness in the digital transformation era. The study offers practical implications for policymakers and business development institutions in designing integrated human capital development and digital literacy programs for MSEs.
Copyright (c) 2026 Firman Karim, Akhmad, Andi Rustam https://creativecommons.org/licenses/by-sa/4.0
The Influence of Influencer Credibility on Wardah's Impulsive Buying Intention Through the Mediation of Brand Attitude and Product Attractiveness
The rapid development of digital marketing has encouraged cosmetic companies to utilize influencer marketing strategies to influence consumer perceptions and purchasing behavior. This study aims to analyze the influence of influencer credibility on impulsive purchase intention through the mediating roles of brand attitude and product attractiveness among Wardah consumers in Sukabumi. This research employs a quantitative approach with an explanatory research design. Data were collected through questionnaires distributed to 161 respondents who had purchased Wardah products through TikTok Shop in Sukabumi. The sampling technique used was purposive sampling, while data analysis was conducted using Structural Equation Modeling (SEM) with AMOS software. The results indicate that influencer credibility, represented by influencer attractiveness and influencer trustworthiness, has a positive and significant effect on brand attitude and product attractiveness. Furthermore, brand attitude and product attractiveness have a positive and significant influence on impulsive purchase intention. The mediation analysis shows that brand attitude and product attractiveness play important roles in explaining the relationship between influencer credibility and impulsive purchase intention. These findings indicate that credible influencers can strengthen consumers’ positive perceptions toward brands and products, which ultimately encourages spontaneous purchasing behavior. This study contributes to digital marketing literature by explaining the mechanism through which influencer credibility affects impulsive buying behavior in the cosmetic industry. The findings provide practical implications for cosmetic companies in selecting credible influencers and developing effective digital marketing strategies.
Copyright (c) 2026 Syifa Rahadatul Aisyi, Muh. Abdul Aziz, Leonita Siwiyanti https://creativecommons.org/licenses/by-sa/4.0
The Impact of Tax Holiday, Tax Allowance, and Effective Tax Rate on Green Investment in Indonesian Geothermal Companies
The development of green investment is a key aspect in supporting a sustainable energy transition in Indonesia, particularly in the geothermal sector. This research analyzes the effects of tax holiday, tax allowance, and effective tax rate on green investment using a quantitative approach, drawing on secondary data from annual reports, sustainability reports, financial statements, official company websites, and publications from IDX. The analysis was conducted using panel data regression with a random effects model. Results reveal tax holiday and tax allowance have advantageous outcome on green investment, whereas the effective tax rate adverse impact. These results implies fiscal incentives can drive an increase in green investment, while a high tax burden has the potential to reduce a company’s capacity to develop sustainable investment activities. This study suggests that tax policy can be utilized as an instrument to strengthen the development of green investment in Indonesia’s geothermal sector.
Copyright (c) 2026 Arel Agrossia Heresy, Srikalimah, Muhammad Alfa Niam https://creativecommons.org/licenses/by-sa/4.0
The Effect of Educational, Esthetic, and Escapist on Revisit Intention: The Mediating Role of Emotional Engagement Tourists at the Bandung Geological Museum
This study aims to analyze the influence of educational, aesthetic, escapist, tour guide performance, and scentscape on revisit intention through emotional engagement in tourists of the Bandung City Geological Museum. This study uses a quantitative approach with a survey method involving 146 respondents. Data analysis using structural equation modeling with the help of SmartPLS version 3.0. The results of the study show that educational, aesthetic, and escapist have a positive effect on revisit intention through emotional engagement. This finding is expected to help the management of the Geological Museum in prioritizing the development of programs that are able to create escapists, followed by strengthening educational and aesthetic aspects, in order to increase tourist revisit intention. Further research is suggested to develop this study using theoretical foundations and other mediating variables to explain the psychological mechanisms that link the travel experience with revisit intention.
Copyright (c) 2026 Shantia Nur Fadilah, Yadi Ernawadi https://creativecommons.org/licenses/by-sa/4.0
An Islamic Economic Perspective on the Influence of Perceived Ease of Use and Perceived Usefulness on QRIS Usage Decisions Through Attitude Toward Using as an Intervening Variable: Evidence from MSMEs in Gowa Regency
This study aims to analyze the influence of the perception of ease of use and the perception of usability on the decision to use the Quick Response Code Indonesian Standard (QRIS), with user attitudes as an intervening variable in Micro, Small, and Medium Enterprises (MSMEs) in Gowa Regency in the perspective of Islamic economics. The type of research used is quantitative research with an explanatory approach. Data analysis was carried out using SmartPLS software version 4.11.4 through the Partial Least Squares (PLS) approach to test the validity, reliability, structural model, and research hypothesis. The results of the study show that the perception of ease of use does not have a significant effect on the decision to use QRIS or on user attitudes. On the other hand, the perception of usability has a positive and significant effect on the decision to use QRIS as well as on user attitudes. In addition, user attitudes have a significant effect on the decision to use QRIS. In the mediation analysis, the user's attitude did not mediate the influence of the perception of ease of use on the decision to use QRIS, but succeeded in mediating the influence of the perception of usability on the decision to use QRIS. Overall, the findings of this study show that the decision to use QRIS in MSMEs is more driven by the perception of benefits than the perception of ease of use. From an Islamic economic perspective, these results are in line with the principles of maqasid al-shariah, especially maslahah (public benefit) and hifz al-mal (protection of property), where the adoption of technology is expected to provide real benefits, increase efficiency, and ensure safe and transparent financial transactions.
Copyright (c) 2026 Azmi Yusriyah Naurah, Jamaluddin Majid, Sudirman https://creativecommons.org/licenses/by-sa/4.0
The Effect of Work-Life Balance and Job Insecurity on Burnout among Generation Z Employees in Sukabumi with Job Satisfaction as a Mediating Variable
This study aims to analyze the influence of Work-Life Balance and Job Insecurity on Burnout among Generation Z employees in Sukabumi, either directly or through Job Satisfaction as a mediating variable. This study uses a quantitative approach with a population of Generation Z employees in Sukabumi who have worked in two or three companies. The sample size was determined using the Hair formula based on 20 indicators from four variables, resulting in a minimum of 140 respondents. Primary data were collected through a Likert scale questionnaire (1–5) measuring four variables, namely Work-Life Balance (five indicators), Job Insecurity (five indicators), Job Satisfaction (five indicators), and Burnout (five indicators), then analyzed using Structural Equation Modeling (SEM) with the AMOS program. The results show that Work-Life Balance and Job Insecurity have a positive and significant effect on Burnout (H1 and H2 accepted) as well as on Job Satisfaction (H3 and H4 accepted). However, Job Satisfaction was not found to have a significant effect on Burnout (H5 rejected) and did not mediate the relationship between Work-Life Balance or Job Insecurity and Burnout (H6 and H7 rejected). These findings indicate that Burnout among Generation Z employees is more directly influenced by work-life balance conditions and job insecurity, rather than through the mechanism of job satisfaction. The results of this research are expected to be the basis for management in designing work policies that support Work-Life Balance and job stability to reduce the risk of burnout, as well as a reference for future research focusing on the psychological well-being of Generation Z employees in other sectors and regions.
Copyright (c) 2026 Nuryatul Faridah, Leonita Siwiyanti, Ade Sudarma https://creativecommons.org/licenses/by-sa/4.0
The Critical Roles of Educational, Esthetic, and Authenticity Factors as Determinants of Revisit Intention Through Tourist Satisfaction Bandung Geological Museum
Through visitor satisfaction, this study seeks to determine how educational, esthetic, tour guide, and authenticity elements affect visitors' intentions to return to the Bandung Geological Museum. In order to explain how educational tourism experiences affect tourist satisfaction and, consequently, encourage the intention to return, this study is grounded in expectation confirmation theory. 121 visitors to the Bandung Geological Museum participated in this study, which used a quantitative survey method. A questionnaire was used to gather the data, and partial least squares structural equation modeling was used for analysis. The findings show that the effects of educational, esthetic, and authenticity elements on the intention to return are mediated by visitor satisfaction. These results should help the Bandung Geological Museum's administration prioritize improving authenticity, esthetic appeal, and educational value in order to increase visitor satisfaction, which in turn affects the intention to return. The results of this study show that revisit intention in the context of educational tourism cannot yet be fully explained by the research model. In order to obtain a more thorough understanding of the factors influencing revisit intention, future researchers may expand the research model by adding additional pertinent variables consistent with the features of educational tourism and testing the model's consistency across various destination contexts.
Copyright (c) 2026 Az Zahra Saskya, Yadi Ernawadi https://creativecommons.org/licenses/by-sa/4.0
Sharia Construction of Multi-Level Marketing Systems Based on Halal Products
This study aims to formulate a comprehensive Sharia-based construction of multi-level marketing (MLM) systems grounded in halal products within the framework of Islamic economic law. Triggered by the rapid growth of the global halal economy and the massive expansion of MLM in Indonesia, the research responds to the tension between strong normative guidelines especially DSN-MUI Fatwa No. 75/DSN-MUI/VII/2009 on Sharia tiered direct selling and the frequent emergence of money game–like practices under Sharia labels. Using a qualitative normative-juridical approach and library research, this study analyzes primary sources (Qur’an, hadith, fiqh muamalah, DSN-MUI fatwa, and Indonesian MLM regulations) and secondary empirical studies on Sharia MLM cases such as PayTren, K-LINK Syariah, and Tiens Syariah. The analysis proceeds through normative-descriptive mapping of Sharia principles, structural comparison between the PLBS framework and actual MLM designs, critical assessment using usul al-fiqh and maqasid al-shariah, and constructive model building. The findings show, first, that DSN-MUI Fatwa No. 75/2009 already provides a robust normative framework that centers on real halal products, sales-based commissions, prohibition of pyramid schemes, price fairness, and ethical marketing. Second, there is a consistent gap between this framework and field practice: compensation systems still allow significant passive income for uplines without proportional sales effort, recruitment narratives overshadow genuine product distribution, and pricing and promotion patterns often verge on gharar, maysir, riba, and zulm. Third, empirical evidence indicates that substantive implementation of Sharia principles positively affects MLM performance, suggesting that rigorous compliance is commercially viable. The study concludes by proposing that a Sharia-compliant MLM system based on halal products must integrate three inseparable dimensions: a clear fiqh- and fatwa-based normative foundation, detailed operational design of network and compensation structures that structurally minimize exploitation, and effective governance and supervision to ensure ethical consistency at distributor level. This integrated construction is expected to serve as a normative and practical reference for regulators, Sharia boards, and halal-based MLM entrepreneurs.
Copyright (c) 2026 Muhammad Sofwan Jauhari https://creativecommons.org/licenses/by-sa/4.0
Financial Distress in Textile and Garment Companies: The Influence of Financial Performance, Firm Size, and Good Corporate Governance
The textile and garment industry plays an important role in Indonesia’s economy but faces financial pressures that may increase the risk of financial distress. This study aims to examine the effects of financial performance, firm size, and good corporate governance on financial distress in textile and garment companies listed on the Indonesia Stock Exchange during 2020–2024. Using a quantitative explanatory design, this study analyzed secondary data from 13 companies, resulting in 65 firm-year observations. Financial distress was measured using the Altman Z-Score, while financial performance, firm size, and corporate governance were measured by ROA, natural logarithm of total assets, board of directors, and board of commissioners, respectively. Panel data regression was conducted using EViews 13. The results show that ROA, firm size, and board of directors have no significant effect on financial distress, while the board of commissioners has a positive and significant effect on the Altman Z-Score. Simultaneously, all independent variables significantly affect financial distress. These findings highlight the importance of effective board supervision in strengthening corporate financial resilience.
Copyright (c) 2026 Fidelya Meindra Shafitri, Wiwin Aminah https://creativecommons.org/licenses/by-sa/4.0
The Effect of Independent Commissioner, Dividend Policy, and Audit Quality on Firm Value: Empirical Evidence from the Basic Materials Sector in Indonesia (2020-2024)
The research empirically investigates the explanatory capacity of impact exerted by independent commissioner, dividend policy, and audit quality on firm value in basic materials firms, specifically focusing on business entities maintained as IDX-listed issuers during the 2020–2024 period. Utilizing a quantitative causal framework, a Random Effect Model was executed on 85 firm-year observations obtained from 17 purposively sampled corporations. To represent firm value, the analysis employs Tobin's Q. Meanwhile independent commissioner, dividend, and audit quality are operationalized via board proportions, dividend payout ratio, and a Big Four audit dummy, respectively. The empirical findings indicate that, partially, no statistically significant relationship was identified between independent commissioners and dividend policy. Conversely, a significant negative coefficient was identified for audit quality in explaining firm value. However, simultaneously, the joint interaction of all three variables significantly influences firm value. These outcomes imply that corporate governance and financial signals are interpreted contextually by investors in the basic materials sector, where broader industrial risks and operational dynamics often overshadow structural signals. Future studies are encouraged to incorporate broader financial indicators, such as profitability and leverage, to shed further light on the underlying mechanisms governing firm valuation in this sector.
Copyright (c) 2026 Kristina Silalahi, Roy Budiharjo https://creativecommons.org/licenses/by-sa/4.0
The Effect of Green Accounting, Environmental Performance, Independent Commissioner, and Firm Size on Firm Value: Evidence from Basic Materials Sector Companies Listed on the Indonesia Stock Exchange (2021-2024)
This study was motivated by the inconsistencies in the results of perivous studies and the phenomenon of declining firm value in the basic materials sector. The analysis focuses on assessing the extent to which green accounting implementation, environmental performance, board independence represented by independent commissioners, and firm size influence firm value. Employing a quantitative approach, this study relies exclusively on secondary information extracted from annual reports, sustainability reports, and PROPER environmental assessment reports covering the 2021–2024 period. Sample selection followed a purposive sampling strategy, producing a balanced panel dataset consisting of 24 publicly listed firms and 96 firm-year observations. The proposed relationships were examined using panel data regression estimated through the Fixed Effects Model (FEM). The findings suggest that neither green accounting, environmental performance, nor board independence exerts a statistically meaningful influence on firm value. In contrast, firm size is found to be negatively associated with firm value.
Copyright (c) 2026 Najwa Hanaiudia Ramadhani, Roy Budiharjo https://creativecommons.org/licenses/by-sa/4.0
The Influence of Utilitarian Value on Repurchase Intention through Attitude among Bandung Indah Plaza Visitors
This study explores whether utilitarian value contributes to repurchase intention by considering attitude as an intervening variable among visitors to Bandung Indah Plaza. The research employed a cross-sectional quantitative design with 126 Generation Z participants from the Greater Bandung area recruited using purposive sampling. Data were collected through an online questionnaire and processed using descriptive analysis, simple and multiple linear regression techniques, together with Sobel mediation analysis in SPSS version 27. The empirical results reveal a statistically significant positive relationship between utilitarian value, attitude, and repurchase intention. Moreover, attitude significantly promotes repurchase intention while simultaneously functioning as the mechanism through which utilitarian value influences repurchase intention. Overall, the findings suggest that shopping center management should emphasize functional shopping experiences, including convenience and efficiency, to encourage repeat purchasing behavior in offline retail environments.
Copyright (c) 2026 Vira Novita, Edi Nurtjahjadi https://creativecommons.org/licenses/by-sa/4.0
The Influence of the Marketing Mix on E-loyalty for N’Pure Products on TikTok Shop in Greater Bandung
The purpose of this study is to investigate how the marketing mix affects e-loyalty for N'Pure items on TikTok Shop in the Greater Bandung region. The study focuses on consumers who have purchased or used N’Pure products on TikTok Shop in the Greater Bandung area. This research employs a quantitative method, using an online survey to collect a sample of 140 respondents. In addition, the data analysis methods used in this study included multiple regression analysis, which was conducted using the Statistical Program for the Social Sciences (SPSS). Based on the findings of this study, online loyalty is positively and significantly influenced by three aspects of the marketing mix product, price, place, and promotion while online loyalty is negatively and significantly influenced by one aspect of the marketing mix. E-loyalty is influenced simultaneously by the marketing mix (product, price, place, and promotion). These results suggest that managers should routinely evaluate packaging design to prevent visual fatigue and implement dynamic pricing in line with digital purchasing trends.
Copyright (c) 2026 Zahra Aliya Hafizhoh, Hariyadi Triwahyu Putra https://creativecommons.org/licenses/by-sa/4.0
The Influence of Financial Decisions and Business Strategy on Company Value with Financial Performance as a Mediation Variable Please create a background
This study aims to analyze the effect of financial decisions and business strategy on firm value with financial performance as a mediating variable. The proposed hypotheses suggest that financial decisions and business strategy have both direct and indirect effects on firm value through financial performance. This research employs a quantitative approach with an explanatory design. The sample consists of companies listed on the Indonesia Stock Exchange during the 2020–2024 period, selected using purposive sampling. The data used are secondary data obtained from annual financial reports. The variables include financial decisions, business strategy, financial performance, and firm value. Data analysis was conducted using Structural Equation Modeling (SEM) based on Partial Least Squares (PLS). The results indicate that financial decisions and business strategy have a positive and significant effect on firm value. In addition, both variables positively influence financial performance. Financial performance also has a positive effect on firm value and partially mediates the relationship between financial decisions and business strategy on firm value. The implications suggest that integrating financial policies with business strategy is crucial for enhancing firm value. These findings provide practical insights for managerial decision-making and offer directions for future research to expand the model with additional variables or different contexts
Copyright (c) 2026 Hani Krisnawati, Y. Sutomor, Sukirman, Muhammad Nurul Anwar https://creativecommons.org/licenses/by-sa/4.0
The Influence of Green Knowledge on Purchase Intention Mediated by Green Lifestyle for Tumbler Products Among Generation Z in Bandung
The escalation of plastic waste in Indonesia, particularly in Bandung, indicates that the reliance on single use plastics continues to pose an environmental challenge that requires intervention. A potential measure to mitigate this issue is the utilization of reusable tumblers instead of single-use drinking vessels. Nonetheless, the adoption of reusable tumblers within an environmentally conscious lifestyle remains limited among Generation Z. This study aims to examine the influence of green knowledge on purchase intention mediated by green lifestyle, concerning reusable tumblers among Generation Z in Bandung. This research utilized a quantitative approach with a sample of 121 participants chosen through purposive sampling. The information for this research was gathered via an online survey disseminated through Google Forms, and it was determined to be both valid and reliable. Furthermore the data satisfied the traditional assumption evaluations necessary for hypothesis testing in this research, which included simple regression analysis, multiple regression analysis, and the Sobel test. The examination was performed using SPSS version 26. The findings demonstrate that green knowledge positively and significantly influences green lifestyle, green knowledge also positively and significantly influences purchase intention, furthermore, green lifestyle positively and significantly impacts purchase intention, and green lifestyle mediates the effect of green knowledge on purchase intention.
Copyright (c) 2026 Nadia Nurul Saadah, Eka Septiarini https://creativecommons.org/licenses/by-sa/4.0
Analysis of Workload and Physical Work Environment on Job Satisfaction in Honorary Teachers at SDN 059 Cirangrang, Bandung City
Education is one of the important factors in creating quality human resources. In the world of education, teachers have a crucial role in supporting the success of the teaching and learning process, so teacher job saticfaction needs to be considered in order to improve the quality of learning. From the result of interviews and observations obtained several problems related to the job satisfaction of honorary teachers, which are reflected in the innappropriate workload and suboptimal physical work environment conditions such as the lack of natural lighting (sunlight). This study aims to analyze the workload and physical work environment on job satisfaction of honorary teachers at SDN 059 Cirangrang, Bandung City. The method used in this study is a qualitative method with data collection techniques through interviews, observation and documentation. Data validity testing was carried out using data triangulation, in this study the number of informants was five honorary teachers and one key informant. This study shows the results that the workload of honorary teachers at SDN 059 Cirangrang is in the high category, but can still be adjusted to the abilities and competencies og teachers. Furthermore, the physical work environment at SDN 059 Cirangrang is still considered inadequate due to limited facilities and uncomfortable working conditions. Consequently, both workload and the physical work environment impact to job saticfaction. It can be concluded that a workload that aligns with competencies and abilities, supported by comportable physical work environment, will increase job satisfaction among honorary teachers.
Copyright (c) 2026 Andara Rossa Kusuma, Khaerul Rizal Abdurahman https://creativecommons.org/licenses/by-sa/4.0
Analysis of Workload and Physical Work Environment in Increasing Employee Job Satisfaction in Convection RR83 Production
Human resources are the company's most valuable asset and must be considered for their welfare. Based on the results of an interview with one of the employees, dissatisfaction stems from two main factors. First, dissatisfaction with an unbalanced workload, especially when there is a surge in production demand. Second, the uncomfortable physical working environment conditions caused by the poorly organized layout of the production room, accompanied by limited room space. This study aims to determine the workload and physical work environment in increasing employee job satisfaction in RR83 Production convection. The research method uses a qualitative approach with the data collection methods used, namely observation, interviews, documentation, and literature research. The research population used social situations, in this study, namely the activities of RR83 Production convection employees. The sample used was purposive sampling, which is an employee of the tailoring section. The data collection instrument in this study is the researcher himself. Test the validity of the data using triangulation. The results of the study show that workload has an impact on increasing job satisfaction. In addition, the physical work environment also has an impact on increasing job satisfaction. Overall, workload and physical work environment have an impact on increasing job satisfaction.
Copyright (c) 2026 Dina Novitasari, Mochamad Vrans Romi https://creativecommons.org/licenses/by-sa/4.0
Teacher Performance Analysis Based on Competency and Work Motivation (A Case Study of Teachers at SD Islam Terpadu Insan Kamil Cimahi)
Teacher performance is an important factor in determining the success of the educational process. However, based on the results of interviews at SD Islam Terpadu Insan Kamil Cimahi, several obstacles were still found, such as the lack of teacher performance assessment and the lack of optimal integration of the Independent Curriculum with the integrated Islamic curriculum. Therefore, competence and work motivation need to be considered to support the improvement of teacher performance. This study aims to analyze competence, work motivation, teacher performance, as well as the role of competence and work motivation in improving teacher performance at SD Islam Terpadu Insan Kamil Cimahi. This study uses a qualitative method with data collection techniques in the form of interviews, observations, and documentation. The research informants consisted of 1 principal and 6 teachers, while the validity of the data was tested through triangulation of sources, techniques, and theories. The results of the study show that teachers' competence and work motivation are in the good category. Competence is reflected in the aspects of knowledge, understanding, skills, attitudes, and interests, while work motivation is seen from the spirit of achievement, responsibility, recognition, and development of one's potential. Teacher performance is also in the good category based on aspects of work quality, work quantity, punctuality, initiative, and independence. This study concludes that competence and work motivation play an important role in improving teacher performance so that the implementation of learning tasks can take place more optimally.
Copyright (c) 2026 Iqbal Masduki, Mochamad Vrans Romi https://creativecommons.org/licenses/by-sa/4.0
The Effect of Perceived Value and Team Identification on the Repeat Purchase of Persib Official Jersey Mediated By Bobotoh's Attitude in the City of Bandung
The ever-increasing growth of the football club merchandise market shows that official merchandise has become an important part of the sports industry. However, even though Persib Bandung has a large and loyal supporter base, sales of Persib Official Jersey in the 2024/2025 season have decreased by around 20% due to the rampant circulation of pirated jerseys. This condition shows that there is a gap between Bobotoh's emotional attachment to the club and the behavior of buying official products. This study aims to analyze the influence of Perceived Value and Team Identification on Repeat Purchase by placing Attitude Bobotoh as a mediating variable. Quantitative methods were applied as an approach in this study. This study involved 138 respondents as a research sample. Respondents were selected based on the purposive sampling method included in the non-probability sampling technique. At the same time, data were obtained through the use of questionnaires that met the criteria of validity and realism and passed the classical assumption test. Furthermore, hypothesis testing was analyzed through multiple regression and sobel test using SPSS version 22. The results show that Perceived Value and Team Identification have a positive and significant influence on Bobotoh's Attitude. Perceived Value and Team Identification positively and significantly influence Repeat Purchase. In addition, Bobotoh's Attitude can mediate the influence of Perceived Value and Team Identification on Repeat Purchases.
Copyright (c) 2026 Ahmad Nizar Sadili, Eka Septiarini https://creativecommons.org/licenses/by-sa/4.0
Determinants of Destination Loyalty Among Jatijajar Cave Tourists: A Sor Theory Perspective
This study aims to analyze the effects of legend storytelling, esthetic, education, and natural landscape on destination loyalty through destination attachment among Jatijajar Cave tourists. A survey method was employed involving respondents who had visited Jatijajar Cave . The data were analyzed using SEM with SmartPLS version 3.0. SOR theory served as the theoretical foundation for developing the conceptual model by modifying the independent variables from previous research to better suit the characteristics of a cultural heritage tourist destination. The results indicate that legend storytelling, esthetic, education, and natural landscape positively affect destination loyalty through destination attachment. The findings are expected to assist the management of Jatijajar Cave in prioritizing education, followed by natural landscape, esthetic, and legend storytelling. The relatively smaller influence of legend storytelling and esthetic suggests the need for further research by adding other relevant variables that can be hypothesized as antecedents of destination attachment at a higher level. Therefore, future research is recommended to include additional relevant variables in the conceptual model.
Copyright (c) 2026 Ryska Amelia Sabyla, Yadi Ernawadi https://creativecommons.org/licenses/by-sa/4.0
The Effect of Disciplinary Training and Workload on the Performance of Civil Servants (PNS) in the Assessment and Service Division of the Regional Revenue Agency of XYZ Regency
This investigation seeks to determine the impact of disciplinary training also workload on the performance of civil servants (PNS) in the Assessment and Services Division of the Regional Revenue Agency of XYZ Regency, both simultaneously also partially. Multiple linear regression analysis also the coefficient of determination using SPSS 23 were employed in the quantitative investigation technique. Data collection was conducted via questionnaires, interviews, also documentation, involving 34 employees in the Assessment and Services Division and 1 division head of the Assessment and Services Division. The findings of the investigation show disciplinary training has a positive influenceon employee performance, and workload has a positive influenceon on employee performance; simultaneously, disciplinary training also workload together influence employee performance. This suggests that the better the disciplinary training and workload management, the more optimal the employees’ performance will be.
Copyright (c) 2026 Nafa Raudatul Jannah, Dian Lestari https://creativecommons.org/licenses/by-sa/4.0
The Effect of Firm Size, Profitability, and Leverage on Tax Aggressiveness: Evidence from Consumer Non-Cyclicals Companies Listed on the Indonesia Stock Exchange (2020–2024)
Tax revenue constitutes the primary source of government income in Indonesia and plays a crucial role in financing national development. Nevertheless, tax aggressiveness remains one of the major challenges faced by tax authorities because it reduces government revenue and weakens fiscal sustainability. Tax aggressiveness refers to corporate strategies designed to minimize tax liabilities through various tax planning practices, ranging from legal tax avoidance to more aggressive approaches that exploit regulatory loopholes. The Consumer Non-Cyclicals sector represents one of the most resilient industries in Indonesia due to its stable demand and relatively consistent financial performance. These characteristics provide companies with opportunities to optimize financial policies, including tax management strategies. Consequently, understanding the determinants of tax aggressiveness has become increasingly important for both policymakers and corporate stakeholders. This study aims to examine the effect of firm size, profitability, and leverage on tax aggressiveness among Consumer Non-Cyclicals companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Specifically, the study investigates the individual and simultaneous effects of these financial characteristics on corporate tax aggressiveness. The study adopts a quantitative approach using descriptive and verificative research designs. Secondary data were collected from annual reports of publicly listed companies. The research population consisted of 132 Consumer Non-Cyclicals companies listed on the Indonesia Stock Exchange. Using purposive sampling, 80 companies were selected as research samples, resulting in 400 firm-year observations. Data were analyzed using panel data regression, preceded by descriptive statistical analysis, model selection, classical assumption testing, hypothesis testing, and coefficient of determination analysis. The findings indicate that firm size, profitability, and leverage significantly influence tax aggressiveness, both individually and simultaneously. These results suggest that corporate financial characteristics play an important role in shaping management decisions related to tax planning strategies. Larger firms possess greater organizational resources to manage tax obligations, while profitability and leverage influence managerial incentives and financing structures that affect tax behavior. This study contributes to the literature on taxation and corporate finance by providing recent empirical evidence from Indonesia’s Consumer Non-Cyclicals sector during the post-pandemic economic recovery period. The findings are expected to assist corporate managers in developing prudent tax planning strategies and provide useful insights for tax authorities in identifying corporate characteristics associated with tax aggressiveness.
Copyright (c) 2026 Achmad Kurniawan Syabana, Maya Safira Dewi https://creativecommons.org/licenses/by-sa/4.0
The Influence of Organizational Culture and the Physical Work Environment on Teacher Work Discipline at XYZ Vocational High School in Cimahi
In improving the performance of an institution, teacher work discipline plays a key role in achieving high-quality education. Ensuring good teacher work discipline involves fostering strong adherence among teachers to the values upheld by the institution; furthermore, providing adequate work facilities for teachers as they carry out their duties will encourage them to comply with the rules and regulations established by the institution. However, observations at SMK XYZ Cimahi indicate that the institution’s values have not yet been fully implemented and the work facilities provided by it are not yet optimal, which is suspected to affect work compliance. The aim of these studies to identify the influence of the organizational and workplace environment on teachers’ work discipline at XYZ Vocational High School in Cimahi, both individually and collectively. The study employed a quantitative methods approach with data analysis, and specifically multiple regression analysis using SPSS 26 software, which combines descriptive quantitative methods and associated quantitative methodology. Data were collected through the distribution of questionnaires. The sample consisted of 45 teachers at SMK XYZ Cimahi. The results show that organizational and workplace culture each have a partial effect on teacher discipline. Furthermore, organization's cultures and the workplace environment simultaneously influence work discipline; this study indicates that organization's culture and the workplace environment on work discipline fall into the category of high or strong influence. This suggests that the more strongly teachers uphold the values championed by the institution and the more adequate the facilities provided, the higher their level of adherence to applicable regulations and guidelines.
Copyright (c) 2026 Revina Purwanti, Khaerul Rizal Abdurrahman https://creativecommons.org/licenses/by-sa/4.0
Supply Chain Management of Ginger Coffee at UD Bintang Surayyah, Palu : A Qualitative Case Study
purpose: This study aims to examine the ginger coffee supply chain management at UD Bintang Surayyah, identify the main challenges, and develop appropriate strategies to improve the effectiveness of sustainable supply chain management. Methods: This study is a qualitative study using a descriptive approach with observation, interviews, and documentation as research methods. The informants in this study were selected through purposive sampling and consisted of business owners, farmers, and retailers; their responses were then analyzed using triangulation.. Results: The research findings show that the ginger supply chain at UD Bintang Surayyah consists of upstream, internal, and downstream segments involving farmers, production facilities, retailers, and consumers. The main challenges identified include inconsistent quality of ginger raw materials, high prices for ginger raw materials due to competition for supply from other businesses, a weak inventory control system, and high distribution costs and lead times. Building stronger partnerships with farmers through formal cooperation agreements, implementing a more structured system for demand forecasting and inventory control, and optimizing the distribution system are expected to be strategies that improve operational efficiency and support business sustainability. Implications: The study is expected to provide practical implications for MSME operators in improving operational efficiency and business sustainability through better supply chain management.
Copyright (c) 2026 Zulfadli R. Lakadjo, Fatlina Zainuddin, Syamsuddin, Suryadi Hadi https://creativecommons.org/licenses/by-sa/4.0
The Influence of Work Motivation and Physical Work Environment on the Performance of ASN Teachers at SMAN 1 Sukaresmi
The effectiveness of teachers significantly contributes to enhancing educational quality and fulfilling the objectives of academic institutions. The significance of teachers as the primary influence on the instructional and learning experience. Consequently, teachers are anticipated to provide a high standard of performance to facilitate effective learning, character development, and student success. Nonetheless, attaining peak teacher efficacy needs sufficient backing from both personal and organisational elements. At SMAN 1 Sukaresmi, many concerns about teacher efficacy have been noticed, encompassing signs of inadequate work motivation and physical work environmental factors may not entirely facilitate teachers in fulfilling their professional duties. This study aims to investigate the influence of work motivation and the physical work environment on the performance of ASN educators at SMAN 1 Sukaresmi. This research approach utilises a quantitative framework, collecting information via questionnaires, interviews, and documentation from all ASN educators at SMAN 1 Sukaresmi as subjects. The collected data was analysed by multiple linear regression utilizing SPSS version 27. Hypothesis testing was performed utilizing partial tests, simultaneous tests, and the measurement of the determination coefficient (R²) to evaluate the influence of independent variables on teacher performance, applying quantitative descriptive and quantitative associative analytic methodologies. The study outcomes demonstrate work motivation has a beneficial effect on the performance of ASN teachers at SMAN 1 Sukaresmi, and the physical work environment similarly enhances their performance. Furthermore, both job motivation and the physical work environment simultaneously affect the performance of ASN instructors at SMAN 1 Sukaresmi. The outcomes suggest improved teacher motivation, supported by a favourable, safe, and adequate physical work environment, might outcome in increased teacher performance. The outcomes of this study highlight the need of improving motivational factors and modernising workplace facilities to enhance the effectiveness of educational endeavours. As a outcome, educational institutions must continue to improve teachers' job motivation and the physical conditions of their work environment to achieve higher levels of teacher performance and educational quality.
Copyright (c) 2026 Nur Rostari, Khaerul Rizal Abdurrahman https://creativecommons.org/licenses/by-sa/4.0
The Influence of Perceived Ethicality and Electronic Word of Mouth (E-WOM) on E-Loyalty through Customer E-Trust Wardah Compact Powder in Cimahi City
The development of the digital cosmetics industry increases competition between brands, so companies need to understand the factors that shape customer e-loyalty. The decline in loyalty in Wardah solid powder products prompted this study to analyze the influence of perceived ethicality and electronic word of mouth (e-WOM) on e-loyalty through e-trust as a mediating variable in Wardah solid powder customers in Cimahi City. The study used a quantitative approach with a survey method of 120 respondents selected using convenience sampling. Data were analyzed using multiple regression and mediation tests. The results of the study show that perceived ethicality and e-WOM have a positive effect on e-trust, and e-trust has a positive effect on e-loyalty. E-trust is able to mediate the influence of perceived ethicality on e-loyalty, but does not mediate the influence of e-WOM on e-loyalty. This study concludes that increasing the perception of brand ethics and the quality of digital communication can strengthen customer trust and loyalty. The results of the study provide recommendations for PT Paragon Technology and Innovation to increase e-loyalty through strengthening ethical perception, e-WOM quality, e-trust, product quality consistency, privacy protection, clarity of information, complaint handling, and encouraging positive reviews on e-commerce platforms.
Copyright (c) 2026 Salma Aziizu, Hariyadi Triwahyu Putra https://creativecommons.org/licenses/by-sa/4.0
The Impact of Fixed Asset Revaluation and Depreciation Methods on the Financial Statements of PT Panca Putera Galvalum Steel
This study aims to analyze the effect of fixed asset revaluation and depreciation methods on the financial statements of PT Panca Putera Galvalum Steel. The depreciation methods examined include the straight-line method, the double-declining balance method, and the sum-of-the-years'-digits method. The results indicate that each depreciation method produces different depreciation expense values, thereby affecting the company's profit and the carrying amount of fixed assets. The double-declining balance method results in the highest depreciation expense, while the straight-line method produces the lowest depreciation expense. Furthermore, the revaluation of fixed assets reveals differences between the carrying amount and the fair value of the company's assets. Overall, both the depreciation methods and fixed asset revaluation have a significant effect on the company's financial statements, particularly on the value of fixed assets, depreciation expense, and company profit.
Copyright (c) 2026 Rosalia anggi Barimbing, Ninik Anggraini, Muhammad Alfa Niam https://creativecommons.org/licenses/by-sa/4.0
Analysis of the Influence of the Utilization of Augmented Reality Technology on IKEA Planner on Purchase Decisions through the Technology Acceptance Model (TAM) Approach
The development of digital technology has encouraged companies to present innovations that are able to improve the consumer experience in the purchasing decision-making process. One of the innovations that is growing is the use of Augmented Reality (AR) technology through IKEA Planner, which allows consumers to visualize the placement of furniture products virtually before making a purchase. This research seeks to explore the influence of the use of Augmented Reality technology in IKEA Planner on consumer purchase decisions using the Technology Acceptance Model (TAM) approach. The variables analyzed included Perceived Usefulness, Perceived Ease of Use, Attitude Toward Using, Behavioral Intention to Use, and Purchase Decision. The study used a quantitative approach with a survey method of IKEA Planner users who met the research criteria. Data was collected through questionnaire dissemination and analyzed using statistical analysis techniques to test the relationship between variables according to the research model. The results show that the use of Augmented Reality technology through IKEA Planner has a positive influence on purchasing decisions. The perception of usability, the perception of ease of use, attitude towards use, and the intention to use technology contribute to increasing consumer confidence in the purchase decision-making process. The findings of this study show that the application of Augmented Reality technology not only improves the digital shopping experience, but also becomes a marketing strategy that is able to strengthen consumer trust and support increased purchasing decisions. This research is expected to be a reference for companies in developing technology-based digital marketing strategies that are oriented towards improving consumer experience and behavior.
Copyright (c) 2026 Della Rahman Ramadhani, Astri Wulandari, Rahmat Hidayat https://creativecommons.org/licenses/by-sa/4.0
The Influence of Authentic Leadership And Psychological Capital on Work Engagement: The Mediating Role of Job Satisfaction
This study examines the effects of Authentic Leadership and psychological capital on Work Engagement, with job jatisfaction serving as a mediating variable among healthcare workers at Indramayu Regional General Hospital, Indonesia. The study addresses inconsistent findings in previous research regarding the relationship between these variables, particularly in healthcare settings. A quantitative study employing a cross-sectional survey design was conducted. Data were collected through an online questionnaire from 100 healthcare workers selected using purposive sampling from a population of 478 employees. The data were analysed using partial Least Squares Structural Equation Modelling (PLS-SEM) with Smart PLS 4. The findings reveal that Authentic Leadership has no Signifficant effect on either Job Satisfaction or Work Engagement, and Job Satisfaction does not mediate the relationship between Authentic Leadership and Work Engagement. In contrast, Psychological has positive and Signifficant effect on both Job Satisfaction and Work Engagement. In additional, Job Satisfaction positively influences Work Engagement. These findings indicate that Psychological Capital is a stronger predictor of Work Engagement than Authentic Leadership among healthcare workers. The study extends the Job Demands Resources (JD-R) theory by highlighting Psychological Capital as an important personal resource that enhances Work Engagement through Job Satisfaction. Practically, hospital management should prioritise strategies that strengthen employees Psychlogical Capital and improve Job Satisfaction to foster higher Work Engagement better healthcare service quality.
Copyright (c) 2026 Della Nur Fadilah, Hermin Endratno https://creativecommons.org/licenses/by-sa/4.0
Determinants Of Revisit Intention Situ Candi Cangkuang Garut: Social Exchange Theory Perspective
This study aims to analyze the influence of authenticity, historical culture, social value, and experiential quality on revisit intention through the role of visitor engagement mediation in tourists from Situ Candi Cangkuang, Garut based on the perspective of social exchange theory. This study uses a quantitative approach with a survey method involving 162 tourists who visited Situ Candi Cangkuang, Garut. Data analysis was carried out using structural equation modeling based on partial least squares with the help of smartpls software version 3.0. Based on the results of hypothesis testing, authenticity, historical culture, social value, and experiential quality are proven to have a positive effect on revisit intention through the mediation role of visitor engagement. The novelty of this research lies in the integration of social value and experiential quality as antecedent variables in the revisit intention model in cultural and historical heritage tourism destinations. Managerially, the findings of this study provide implications for the management of Situ Candi Cangkuang Garut to develop a strategy that focuses on improving the quality of tourist experiences, preserving the authenticity of destinations, strengthening historical and cultural values, and creating social values to strengthen visitor engagement and increase tourist revisit intention. Scientifically, this study expands the application of social exchange theory in the context of cultural tourism by integrating social value and experiential quality as antecedent variables that contribute to the formation of visitor engagement, thereby providing a more comprehensive understanding of the mechanism of forming revisit intention. It is further recommended to develop this research model by integrating other relevant variables in the perspective of social exchange theory so as to provide a more comprehensive understanding of the factors that influence revisit intention.
Copyright (c) 2026 Mita Mustika, Yadi Ernawadi https://creativecommons.org/licenses/by-sa/4.0
The Critical Role of Cultural Perception, Social Perception, and Social Safety on Altruistic Behaviour Among Bandung Residents: Resident Commitment and Life Satisfaction as Mediators
This study aims to analyze the influence of cultural perception, social perception, social trust, and social safety on altruistic behavior through resident commitment and life satisfaction in the residents of the city of Bandung. This research is based on social exchange theory and subjective well-being theory to explain how citizens' perception of the social and cultural environment affects altruistic behavior. The study used a survey method with a quantitative approach involving 148 residents of the city of Bandung. Data was collected through questionnaires and analyzed using partial least squares structural equation modeling. The results showed that resident commitment was proven to mediate the influence of cultural perception, social perception, and social safety on altruistic behavior, while life satisfaction mediated the influence of social safety on altruistic behavior. The novelty of this research lies in the development of a conceptual model based on social exchange theory through the replacement of the dimensions of economic perception, environmental perception, and infrastructure perception with social trust and social safety, as well as the addition of life satisfaction as a mediating variable adopted from subjective well-being theory. The results of this research are expected to be an input for the Bandung City government to prioritize improving social safety, followed by cultural perception, then social perception to increase altruistic behavior of Bandung City residents. The findings of this study provide an opportunity to develop a conceptual model through testing variables and other theoretical perspectives to test factors that can increase altruistic behavior.
Copyright (c) 2026 Hilmi Aulia Syarifah, Yadi Ernawadi https://creativecommons.org/licenses/by-sa/4.0
The Critical Role of Meaningfulness and Natural Soundscape to Revisit Intention at Tourist Geopark Ciletuh: Eudaimonic Satisfaction and Destination Engagement as a Mediators
This study aims to analyze the influence of novelty, meaningfulness, natural landscape, and natural soundscape on the revisit intention of Ciletuh Geopark tourists through eudaimonic satisfaction and destination engagement using the stimulus-organism-response (S-O-R) framework. The study used a survey method with a quantitative approach involving 160 tourist respondents who had visited the Ciletuh Geopark. Data was collected through questionnaires and analyzed using PLS-SEM with SmartPLS 3.0. Of the eighteen hypotheses proposed, nine hypotheses were supported by empirical data. The results showed that eudaimonic satisfaction mediated the influence of meanigfulness on revisit intention, while destination engagament mediated the influence of meaningfulness and natural soundscae on revisit intention. The results of this research are expected to be an input for the manager of the Ciletuh Geopark to prioritize increasing meaninfulness, followed by natural soundscape, in order to increase revisit intention through eudaimonic satisfaction and destination engagement. The findings of this study provide a basis for the development of a conceptual model through testing other variables that are relevant in increasing tourist revisit intention.
Copyright (c) 2026 Putri Darmayanti Ramadhani, Yadi Ernawadi https://creativecommons.org/licenses/by-sa/4.0
The Role of Memorable Tourism Experiences on Revisit Intention Through Visitor Engagement at the Lodge Maribaya
This study aims to analyze the influence of hedonism, meaningfulness, aesthetics, and safety on revisit intention, with visitor engagement as a mediating variable, among tourists at The Lodge Maribaya. A total of 108 visitors at The Lodge Maribaya participated in the quantitative survey that formed the basis of this study. The author used partial least squares (PLS) modeling based on Smart PLS 3.0 to analyze the data collected from the questionnaire. The findings show that although the safety factor does not play a mediating role in revisit intention, the factors of hedonism, meaningfulness, and aesthetics all play a mediating role through visitor engagement. The results of this study are expected to provide input for the management of The Lodge Maribaya to prioritize strengthening the aspect of hedonism, followed by aesthetics, and then meaningfulness, in order to increase tourists’ revisit intention through visitor engagement. Further research is needed to develop a study model that includes additional variables more relevant to the context of adventure and nature tourism. This will help the author gain a deeper understanding of the factors influencing revisit intention, as the study’s findings suggest that factors not included in the model may influence revisit intention.
Copyright (c) 2026 Natasyari Daeli, Yadi Ernawadi https://creativecommons.org/licenses/by-sa/4.0
The Effect of Physical Work Environment and Job Stress on Employee Job Satisfaction: A Case Study of UPTD Rusunawa Melong, Cimahi City
UPTD Rusunawa Melong in Cimahi City is currently facing challenges related to declining employee job satisfaction, as reflected in the increasing rate of employee turnover, transfer requests, and unexcused absenteeism. These conditions are presumed to be associated with inadequate physical working conditions together with the degree of occupational pressure faced by staff members in carrying out their responsibilities. This issue is important to investigate because employee fulfillment is essential for improving institutional performance and public service standards. This research investigates how workplace conditions and occupational pressure affect employee fulfillment at UPTD Rusunawa Melong in Cimahi City, both individually and simultaneously. This study adopted a quantitative research design. Information was obtained through questionnaires completed by 34 administrative staff members and processed using multiple regression analysis. The findings indicate that the physical work environment influences employee job satisfaction. In addition, job stress also affects employee job satisfaction. Collectively, the physical workplace conditions and occupational pressure influence employee satisfaction. These findings suggest that a conducive workplace conditions together with efficient job stress management are complementary factors in improving employee job satisfaction. This study concludes that creating a comfortable, safe, and supportive working environment, accompanied by effective job stress management, contributes to improving employee job satisfaction, which in turn supports better organizational performance.
Copyright (c) 2026 Leli Karisma Isabela Agustinawati, Dian Lestari https://creativecommons.org/licenses/by-sa/4.0
Brand Image as a Mediator Between Green Marketing, Price, and Consumer Purchase Decisions at Starbucks Coffee
This study aims to analyze the role of Brand Image in mediating the influence of Green Marketing and Price on the Purchase Decision of Starbucks Coffee consumers in Malang City. The research method used a quantitative approach with a purposive sampling technique on 105 respondents, and data analysis was carried out through Structural Equation Modeling (SEM) based on Partial Least Square (PLS) using SmartPLS. The results of the study show that Green Marketing has a positive but insignificant effect on purchase decisions, while Price has a positive and significant effect. In addition, Green Marketing and Price have been proven to have a significant effect on Brand Image, which in turn has a positive effect on purchase decisions. Another important finding is that Brand Image is able to mediate the influence of Green Marketing and Price on purchase decisions. Theoretically, this study strengthens the study of consumer behavior by placing Brand Image as a mediating variable, while practically providing implications for Starbucks to maintain the quality of products and services while strengthening sustainability programs so that brand image is more positive and consumer purchasing decisions increase.
Copyright (c) 2026 Lailia Afifah, Muhammad Ridwan Basalamah, Ahmad Subhan Mahardani https://creativecommons.org/licenses/by-sa/4.0
Business Sustainability Analysis of Street Vendors: A Case Study in Salletto Village, Simboro District, Mamuju Regency
This study aims to analyze the sustainability conditions of street vendors and identify the supporting and inhibiting factors faced by street vendors in Salletto Village Market, Simboro District, Mamuju Regency. This study uses a qualitative approach with a case study design. Informants were selected through purposive sampling and consisted of one key informant (the Head of Salletto Village), 15 main informants (street vendors who had been operating for at least one year), and supporting informants from the communities of Pasada and Ganno hamlets. Data were collected through in-depth interviews, participant observation, and documentation. Data were analyzed using the interactive model of Miles, Huberman, and Saldaña, consisting of data condensation, data display, and conclusion drawing and verification. Data validity was tested through source and method triangulation. The results show that the sustainability of street vendors in Salletto Village is more oriented toward meeting basic household needs (livelihood activities), with stable daily capital turnover, although there is not yet a strong orientation toward capital expansion. The main supporting factors include low operating costs, flexible payment systems (credit/installments), access to local microfinance, communal social ties, and the application of Islamic business ethics (sidiq and amanah). The inhibiting factors include low financial literacy and poor financial record-keeping, dependence on middlemen-based supply chains from Mamuju City, intense competition in basic commodities, and limited technological adaptation. This study recommends assistance in simple financial record-keeping and facilitation by the village government to break inefficient supply chains.
Copyright (c) 2026 Nashrullah Hidir, Khairul Haq https://creativecommons.org/licenses/by-sa/4.0
The Role of Control and Decision-Making in Online Loan Usage on the Financial Resilience of Bank Employees in Malang City
This study aims to explore how bank employees utilize online loans as part of their financial management strategies and to examine the role of online loans in supporting financial resilience amid increasing economic pressures and rising living costs. This study employed a qualitative approach using a case study research strategy. Data were collected through semi-structured interviews and non-participant observation involving bank employees who had experience using online loan services. The data were analyzed to identify patterns of financial behavior, debt management practices, and adaptive strategies related to financial resilience. The findings reveal that the use of online loans among bank employees cannot be viewed solely as a problematic financial practice. Instead, online loans function as a situational and adaptive financial control mechanism that helps individuals maintain liquidity, manage cash flow, fulfill priority obligations, and preserve economic and social stability. Financial resilience is reflected through continuous adjustments in financial decision-making, selective resource allocation, and the ability to cope with financial stress under dynamic conditions. The study suggests that online loans can serve as a complementary financial instrument when used responsibly and proportionally. For policy and practice, financial institutions and regulators should strengthen financial literacy programs emphasizing debt management and long-term financial planning. Future studies are encouraged to investigate the relationship between online loan usage, financial literacy, and financial resilience across different occupational groups and socioeconomic contexts.
Copyright (c) 2026 Noni Oktavianti, Masiyah Kholmi https://creativecommons.org/licenses/by-sa/4.0
The Meaning of Work Experiences Among Coworking Space Employees: An Interpretative Phenomenological Analysis in Makassar City
The rapid expansion of coworking spaces has transformed contemporary work environments by promoting flexible work arrangements, collaborative cultures, and community-oriented operations. While previous studies have predominantly examined coworking spaces from the perspective of users, limited attention has been paid to the lived experiences of employees responsible for managing daily operations. This study aims to explore how employees construct and interpret the meaning of their work experiences within coworking spaces in Makassar City, Indonesia. A qualitative research design employing Interpretative Phenomenological Analysis (IPA) was adopted to capture the subjective meanings embedded in employees' lived experiences. Data were collected through in-depth semi-structured interviews with six employees representing various operational functions, including finance, administration, customer service, facility management, operations, and community management. The findings reveal three interrelated experiential dimensions: (1) everyday operational experiences characterized by role flexibility, multitasking, and service coordination; (2) the formation of professional identity through adaptive role expansion, emotional regulation, and continuous learning; and (3) the development of work meaningfulness and job satisfaction shaped by personal growth, social relationships, organizational support, and spiritual values. The study demonstrates that employees perceive coworking spaces not merely as workplaces but as environments that continuously shape their professional identity and interpretation of work. These findings contribute to the human resource management literature by extending the understanding of employee work experiences in flexible work environments and providing practical insights for developing sustainable human resource practices in the rapidly growing coworking industry.
Copyright (c) 2026 Sitti Nur Khalifah Mannan, Andi Jam'an, Muhammad Najib Kasim, Muh. Asyraf Syakur https://creativecommons.org/licenses/by-sa/4.0
Human Resource Management Strategies to Enhance Employee Productivity at Perum Bulog, Makassar Branch Office
This study aims to analyze human resource management (HRM) implementation, identify factors inhibiting HRM effectiveness, and formulate appropriate strategies to improve employee productivity at Perum BULOG Makassar Branch Office. The study employed a qualitative descriptive approach using interviews, observation, and documentation as data collection methods. Informants consisted of branch management and employees directly involved in HRM and operational activities. Data were analyzed using SWOT analysis integrated with the Internal Factor Analysis Summary (IFAS), External Factor Analysis Summary (EFAS), and TOWS Matrix. The findings indicate that HRM at Perum BULOG Makassar Branch Office has been implemented relatively systematically through workforce planning, recruitment, employee placement, training, performance appraisal, coaching, and managerial support. However, several inhibiting factors remain, including workload imbalances, limited employee availability during periods of high operational demand, unequal access to training, competency gaps in adapting to digital systems, and suboptimal coordination and communication. The IFAS analysis produced a strength score of 3.648 and a weakness score of 2.427, while the EFAS analysis generated an opportunity score of 3.672 and a threat score of 3.267. The resulting strategic coordinates of (1.221; 0.405) place the organization in Quadrant I, indicating an aggressive strategy. Therefore, the recommended strategy is SO, emphasizing continuous competency development, technology utilization, improved workload allocation, stronger coordination, and optimization of work systems. This study contributes a contextual HRM strategy framework for state-owned food and logistics enterprises.
Copyright (c) 2026 Hikma. B, Asriati, Ismail Rasulong https://creativecommons.org/licenses/by-sa/4.0
Analysis of Determinants of Sharia Stock Price Index in the Jakarta Islamic Index (JII) for the Year 2015–2025
The purpose of this research is to determine the impact of inflation, exchange rates, and world oil prices on the Islamic stock price index in the Jakarta Islamic Index (JII) from 2015 to 2025. The research method used is a quantitative method with a multiple linear regression model, and the data source is secondary data obtained from the official websites of BPS and IDX. The data analysis techniques used are classical assumption tests, multiple linear regression tests, and hypothesis tests. Based on the data analysis results, inflation has a positive and insignificant effect on the JII. The exchange rate has a negative and significant effect on the JII, and world oil prices have a positive and insignificant effect on the JII. Simultaneously, inflation, the exchange rate, and world oil prices influence the JII by 66.2%, while the remaining 33.8% is explained by other variables outside the model. The results of this study imply that investors should pay more attention to exchange rate developments when considering investment decisions in sharia stocks. For the government and relevant authorities, exchange rate stability is one of the factors that need to be considered in maintaining the stability of the sharia capital market.
Copyright (c) 2026 Sarah Fitria Harahap, Maryam Batubara, Yusrizal https://creativecommons.org/licenses/by-sa/4.0
E-Commerce, Financial Technology, and MSME Development: the Moderating Role of Digital Literacy in Islamic Economics
Purpose: This study examines the direct effects of e-commerce, financial technology, and digital literacy on MSME development in Medan City, tests digital literacy as a moderator, and interprets the findings from an Islamic economic perspective. Methods: A quantitative cross-sectional survey involved 85 digitally active MSME owners or operators purposively selected from a population of 38,343 businesses. Five-point Likert data were analyzed using partial least squares structural equation modeling (PLS-SEM). Results: E-commerce (β = .256; p = .013), financial technology (β = .359; p = .001), and digital literacy (β = .359; p < .001) each had positive direct effects. The model explained 73.3% of MSME-development variance. Digital literacy did not moderate the financial-technology relationship (β = .005; p = .959) or the e-commerce relationship (β = -.057; p = .592). Implications: Digital literacy operates primarily as a direct business capability. MSME support should combine e-commerce optimization, secure digital finance, and Sharia-compliant digital-literacy development based on transparency, mutual consent, justice, and avoidance of riba, gharar, maysir, tadlis, and prohibited transactions.
Copyright (c) 2026 Anwar Sadat, Muhammad Syukri Albani Nasution, Muhammad Irwan Padli Nasution https://creativecommons.org/licenses/by-sa/4.0
MSME Empowerment Strategies through Islamic Cooperatives: A SWOT and QSPM Approach
Purpose: This study analyzes MSME empowerment by Koperasi UMKM Syariah Sumut and identifies priority strategies consistent with Islamic economics and Maqasid al-Shariah. Methods: A descriptive qualitative case study used interviews, observation, documentation, and strategic questionnaires, supported by IFE/EFAS, SWOT/TOWS, the IE Matrix, and QSPM. Eleven informants participated. Results: The IFE score was 2.59 and EFE score 2.75. SWOT coordinates (.71; 1.13) placed the cooperative in Quadrant I, while the IE Matrix placed it in Cell V. QSPM prioritized sharia-based business mentoring (STAS 6.95), followed by digitalization (6.80), Islamic financial literacy (6.65), strategic partnerships (6.12), and halal-local product development (5.39). Implications: Financing is more empowering when integrated with continuous mentoring, institutional strengthening, digital monitoring, and Maqasid-oriented outcomes. A contextual 6P empowerment model is proposed.
Copyright (c) 2026 Zainuddin Harahap, Saparuddin, Maryam Batubara https://creativecommons.org/licenses/by-sa/4.0
An Analysis of the Impact of Flash Floods on the Economic Welfare of the Community in Batang Toru From the Perspective of Maqasid Sharia
This study analyzes the factors causing landslides and flash floods and their impact on the economic well-being of communities in Batang Toru District, South Tapanuli Regency, from the perspective of Maqasid Sharia. It was prompted by the flash flood disaster of 25 November 2025, which resulted in fatalities, infrastructure damage, loss of productive assets, and disruption of social-economic activities. This qualitative field research collected data through in-depth interviews, observation, and documentation involving the village head, the Regional Disaster Management Agency (BPBD), and affected residents, analyzed using the Miles, Huberman, and Saldaña interactive model. The findings show that the disaster was caused by the interaction of extreme rainfall, steep topography, the overflow of the Batang Toru River, land-use change, and river sedimentation. The disaster significantly affected economic well-being through damaged farmland, lost productive assets, halted economic activity, declining household income, heightened health risks, and disrupted children's education. From the Maqasid Sharia perspective, these impacts touch all five essential objectives of sharia: hifz al-din, hifz al-nafs, hifz al-'aql, hifz al-nasl, and hifz al-mal. Mitigation, emergency response, and rehabilitation efforts by the government, BPBD, and the community reflect the implementation of Maqasid Sharia values, although economic recovery still requires strengthening through environmental-conservation-based mitigation policy and post-disaster economic empowerment programs.
Copyright (c) 2026 Rizalul Muslih Syawaluddin Hsb, Maryam Batubara, Muhammad Arif https://creativecommons.org/licenses/by-sa/4.0
Phenomenology of Digital Accounting Application Adoption in MSMEs in Polewali Mandar: Uncovering the Factors Affecting
This research is based on the development of digitalization in business management, especially financial recording in Micro, Small, and Medium Enterprises (MSMEs). Although digital accounting technology is widely available, the level of utilization for MSMEs in Polewali Mandar still varies, ranging from manual recording to the use of applications and websites. This research aims to understand the experience of MSME actors in adopting digital accounting technology and uncover the factors that affect the adoption process. The research uses a qualitative approach with phenomenological methods. Data was obtained through in-depth interviews, observations, and documentation of 15 MSME actors in Polewali Mandar, then analyzed through a process of data reduction, thematic grouping, interpretation of informant experiences, and extraction of meaning from the phenomenon studied. The results of the study show that the adoption of accounting technology in MSMEs takes place gradually and produces four conditions, namely the use of digital accounting applications, the use of websites, towards digital use, and manual recording. Factors that affect adoption include the experience of using digital applications, perception of benefits, ease of use, barriers to adoption and changes after adoption. This research has implications for the importance of increasing digital literacy and continuous mentoring so that MSMEs are able to adopt and utilize accounting technology according to their business needs.
Copyright (c) 2026 Sakinah Saharuna, Iqbal Nur Aswad, Muhammad Sarjan https://creativecommons.org/licenses/by-sa/4.0
Sustainable Logistics Transformation in Global Supply Chains: a Systematic Literature Review of Drivers, Practices, Impacts, and Implementation Challenges
Purpose: This study aims to evaluate recent developments in sustainable logistics within global supply chains and to identify the key drivers, practices, impacts, and implementation challenges associated with sustainable logistics transformation. Methods: This study employs a systematic literature review of 48 indexed scientific articles published between 2017 and 2025. The analysis categorizes the findings into four main dimensions: sustainable logistics practices, driving factors, impacts, and implementation challenges. Results: The findings indicate that sustainable logistics has evolved from a primary focus on operational efficiency toward a more comprehensive approach encompassing green transportation, reverse logistics and circular logistics, digital traceability, renewable energy integration, and regional supply network diversification. The implementation of these practices is influenced by external factors, including regulations, stakeholder expectations, participation in global value chains, and geopolitical disruptions, as well as internal organizational factors such as managerial commitment, technological readiness, and coordination capacity. The identified impacts span environmental, economic, and social dimensions, including reduced ecological burdens, improved market performance, enhanced supply chain resilience, strengthened food security, greater transparency, and increased social accountability. However, implementation continues to face significant challenges, particularly high investment costs, inadequate infrastructure, fragmented governance, and disparities in technological capabilities across firms and regions. Implications: Based on these findings, this study proposes an integrative framework linking driving factors, sustainable logistics practices, resulting impacts, and implementation barriers. The study also identifies future research agendas focusing on strengthening governance mechanisms, developing more robust sustainability measurement methods, and promoting context-specific implementation strategies that account for the characteristics of different sectors and regions.
Copyright (c) 2026 Arwin Taqwim, Maniah, Agus Purnomo https://creativecommons.org/licenses/by-sa/4.0
The Role of Dynamic Capabilities in Accelerating Service Performance: Synergistic Effects of Robotic Process Automation and Logistics Competence at PT Pos Indonesia
Purpose: This study examines the direct and indirect effects of Robotic Process Automation (RPA) and Logistics Competencies on Logistics Service Performance through Dynamic Capabilities at PT Pos Indonesia. Methods: An explanatory quantitative approach was employed using a cross-sectional survey of 172 managerial and supervisory employees. Data were collected using a 1–5 Likert-scale questionnaire and analysed using SEM-PLS with 1,000 bootstrap resamples. Results: The results support all seven hypotheses. RPA and Logistics Competencies significantly enhance Dynamic Capabilities (β = 0.392 and 0.384), while Dynamic Capabilities significantly improve Logistics Service Performance (β = 0.354). Significant indirect effects were also found for RPA (β = 0.139) and Logistics Competencies (β = 0.136) through Dynamic Capabilities. The model explains 46.8% of the variance in Dynamic Capabilities and 60.9% in Logistics Service Performance. Implications: The findings highlight that digital transformation requires more than technological investment. PT Pos Indonesia should integrate end-to-end RPA implementation with continuous development of logistics competencies and dynamic capabilities to achieve sustainable improvements in logistics service performance.
Copyright (c) 2026 Fajar Febrianto Catur Prasetiyo, Maniah, Agus Purnomo https://creativecommons.org/licenses/by-sa/4.0
Logistics Service Cost as a Moderator of the Effects of Real-Time Tracking and Delivery Timeliness on Shopee Customer Satisfaction
Purpose: This study aims to examine the effect of logistics service quality on customer satisfaction in the Shopee e-commerce platform, with a particular focus on the moderating role of Logistics Service Cost. The dimensions of logistics service quality investigated include Real-Time Tracking, Delivery Timeliness, and Logistics Service Cost. Methods: A quantitative descriptive approach was employed using an online questionnaire distributed through Google Forms. Of the 219 initial responses, 175 valid samples met the inclusion criteria after the screening process. The data were analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) with SmartPLS 4 software. Results: The structural model evaluation (R² = 0.758) indicates that 75.8% of the variance in customer satisfaction is explained by the proposed model. The findings reveal that Real-Time Tracking, Delivery Timeliness, and Logistics Service Cost each have a positive and significant direct effect on customer satisfaction. Among these variables, Logistics Service Cost emerged as the strongest predictor of customer satisfaction. However, the moderation analysis showed that Logistics Service Cost does not significantly moderate the relationships between Real-Time Tracking and customer satisfaction or between Delivery Timeliness and customer satisfaction. Implications: The findings indicate that, in a mature e-commerce market, Logistics Service Cost functions as an independent determinant of customer satisfaction rather than as a moderating factor. This suggests that consumers increasingly perceive logistics costs and information transparency as autonomous dimensions of service quality that constitute the minimum expected standard. The study contributes to the logistics service quality literature by providing empirical evidence on the changing role of logistics cost efficiency in shaping customer satisfaction within digital commerce.
Copyright (c) 2026 Andi Bintang, Agus Purnomo, Melia Eka Lestiani https://creativecommons.org/licenses/by-sa/4.0
The Effect of Job Satisfaction and Physical Work Environment on the Work Motivation of Production Employees on CV. Kanca Kemas Lestari
This study aims to analyze the influence of job satisfaction and physical work environment on the work motivation of production employees on CVs. Friends Pack Sustainable. The research was motivated by indications of a decrease in work motivation shown through a high rate of tardiness, early homecoming, and unmarked absences, as well as suboptimal physical work environment conditions. The research uses a quantitative approach with a survey method. The research population consists of all employees of the CV production department. Kanca Kemas Lestari which totals 34 people and all of them are respondents. Data were collected through a questionnaire with a Semantic Differential scale and analyzed using multiple linear regression, classical assumption test, determination coefficient, t-test, and F test with the help of SPSS version 25. The results of the study show that job satisfaction has a positive effect on work motivation. The physical work environment also has a positive effect on work motivation. In addition, job satisfaction and physical work environment have a simultaneous effect on the work motivation of CV production employees. Friends Pack Sustainable. These findings suggest that increased work motivation can be achieved through the fulfillment of employee job satisfaction supported by a safe, comfortable, and conducive physical work environment.
Copyright (c) 2026 Ravanelli Virgiawan, Aam Rachmat Mulyana https://creativecommons.org/licenses/by-sa/4.0
The Impact of Green Bond, Sukuk, and Zakat on Indonesia’s Economic Growth
Pertumbuhan ekonomi di Indonesia sebagian besar didorong oleh pengeluaran rumah tangga, sementara investasi, komponen terbesar kedua dari PDB, telah menurun selama beberapa tahun terakhir. Pada saat yang sama, degradasi lingkungan, perubahan iklim, dan keterbatasan keuangan Islam menyoroti kebutuhan akan sumber pembiayaan alternatif yang lebih berkelanjutan. Studi ini bertujuan untuk meneliti dampak obligasi hijau, sukuk, dan zakat terhadap pertumbuhan ekonomi Indonesia selama periode 2018–2025. Pendekatan kuantitatif digunakan dengan menggunakan data sekunder triwulanan dan dianalisis melalui ECM (Error Correction Model) dengan perangkat lunak EViews 13. Hasil menunjukkan bahwa hanya sukuk yang memiliki dampak positif dan signifikan terhadap pertumbuhan ekonomi dalam jangka pendek, sedangkan obligasi hijau dan zakat memiliki dampak yang tidak signifikan terhadap pertumbuhan ekonomi. Dalam jangka panjang,aEconomic growth in Indonesia is predominantly driven by household expenditure, while investment, the second largest component of GDP, has declined over the past several years. At the same time, environmental degradation, climate change, and limited Islamic finance highlight the need for more sustainable alternative financing sources. This study aims to examine the impacts of green bonds, sukuk, and zakat on Indonesia's economic growth during the 2018–2025 period. A quantitative approach was employed using quarterly secondary data and examined through the ECM (Error Correction Model) with EViews 13 software. The results indicate that only sukuk has a positive and significant impact on economic growth in the short run, while green bonds and zakat have an insignificant impact on economic growth. In the long run, green bonds, sukuk, and zakat have positive and significant impacts on economic growth. These results demonstrate that green finance and Islamic finance play important roles in economic growth, although the benefits of green bonds and zakat require time to materialize. Therefore, the government and relevant stakeholders should strengthen the green bonds and sukuk regulation while optimizing the collection and productive distribution of zakat to support Indonesia’s inclusive and sustainable economic growth. obligasi hijau, sukuk, dan zakat memiliki dampak positif dan signifikan terhadap pertumbuhan ekonomi. Hasil ini menunjukkan bahwa keuangan hijau dan keuangan Islam memainkan peran penting dalam pertumbuhan ekonomi, meskipun manfaat obligasi hijau dan zakat membutuhkan waktu untuk terwujud. Oleh karena itu, pemerintah dan pemangku kepentingan terkait harus memperkuat regulasi obligasi hijau dan sukuk sekaligus mengoptimalkan pengumpulan dan distribusi zakat yang produktif untuk mendukung pertumbuhan ekonomi Indonesia yang inklusif dan berkelanjutan.
Copyright (c) 2026 Ella Rahma Putri, Renny Oktafia https://creativecommons.org/licenses/by-sa/4.0
The Effect of Work Stress and Workload on Employee Turnover Intention at PT X
Human resources are an important factor in maintaining the sustainability of the organization, especially in the banking sector which is highly dependent on service quality. This study aims to analyze the influence of work stress and workload on employee turnover intention at PT X. The study used a quantitative approach with a survey method through the distribution of questionnaires to frontliner employees. The research data were analyzed using multiple linear regression to test the influence of work stress and workload on turnover intention. The results showed that work stress had a positive and significant effect on employee turnover intention, while workload showed a positive influence direction but did not have a significant effect on turnover intention. The findings of the study indicate that the psychological pressure that arises from work plays a greater role in driving the desire of employees to leave the organization than the demands of the job itself. Effective work stress management is necessary to increase employee retention and reduce turnover intention.
Copyright (c) 2026 Nazwa Intan Asy-Syifa, Mochamad Vrans Romi https://creativecommons.org/licenses/by-sa/4.0
The Effect of Firm Size, Good Corporate Governance, Dividend Policy, and Financial Performance on Firm Value with Corporate Social Responsibility Disclosure as a Moderating Variable
This study aims to analyze the effects of firm size, good corporate governance (GCG), dividend policy, and financial performance on firm value and to examine the role of corporate social responsibility (CSR) disclosure as a moderating variable. This study employs a quantitative research approach with a causal research design using secondary data obtained through documentation of annual reports and sustainability reports. The population consists of companies in the Consumer Cyclicals sector listed on the Indonesia Stock Exchange (IDX) during 2021–2024. Using purposive sampling, 15 companies were selected, resulting in 60 firm-year observations. Data were collected from the official IDX website and the respective corporate websites. The data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA). The results show that firm size and dividend policy have negative but insignificant effects on firm value, while GCG and financial performance have positive and significant effects. CSR disclosure moderates the effects of firm size and financial performance on firm value but does not moderate the effects of GCG and dividend policy. These findings imply that effective corporate governance and strong financial performance are important in enhancing firm value. Moreover, high-quality CSR disclosure can strengthen the contribution of firm size and financial performance to firm value. The study provides theoretical contributions to firm value literature and practical implications for management, investors, and regulators in developing sustainable corporate strategies and informed decision-making.
Copyright (c) 2026 Ella Bertania Simbolon, Fahmi Natigor, Ibnu Austrindanney Sina Azhar https://creativecommons.org/licenses/by-sa/4.0
Analysis of Market Reactions Before and After the Announcement of the IDR 200 Trillion Fund Injection into HIMBARA Shares
Finance Minister Purbaya Yudhi Sadewa announced a new policy on September 12, 2025, to channel funds to five state-owned banks: Bank Mandiri, BRI, BNI, BTN, and BSI. This injection of fund into teh association of state-owned banks was a significant event that triggered a capital market reaction. This study aims to analyze market reactions to the announcement of the injection of fund by the new finance minister by examing differences in Abnormal Return, Trading Volume Activity, Trading Frequency Activity before and after the event. This study used five samples, representing the entire relatively small population, known as a saturated sample. The observation period was 10 days, 5 days before and 5 days after the event. Testing was conducted using one sample t-test to examine Abnormal Return around the event and a paired sample t-test to determine differences in Abnormal Return, Trading Volume Activity and Trading Frequency Activity before and after the event. The result showed Abnormal Return around the event, but no differences in Abnormal Return, Trading Volume Activity and Trading Frequency Activity before and after the event.
Copyright (c) 2026 Kintara Balqis Rapasya, Desmiza https://creativecommons.org/licenses/by-sa/4.0
Improving Employee Productivity at CV Putra Lumpur Kabupaten Bogor Regency Though the Physical Work Environment and Motivation
Employee productivity plays a crucial role in supporting the achievement of corporate goals. Companies require a conducive physical work environment and effective motivation to enable employees to perform at their best. The physical work environment and motivation are factors that influence employee productivity. This study aims to determine the effect of the physical work environment and motivation on employee productivity at CV Putra Lumpur in Bogor Regency, both partially and simultaneously. This study employs a quantitative approach using quantitative descriptive analysis and quantitative associative analysis. The data collection methods used in this study are questionnaires and interviews. The respondents in this study consisted of 36 employees of CV Putra Lumpur in Bogor Regency, while the assessment of the work productivity variable was conducted by the company’s owner. The measurement scale used in this study was the Semantic Differential Scale. Instrument validation involved validity and reliability tests. Furthermore, the data analysis included tests of classical assumptions, multiple linear regression analysis, and the coefficient of determination. The results of the study indicate that the physical work environment has a positive effect on employee work productivity, and that motivation has a positive effect on employee work productivity. In addition, the physical work environment and motivation simultaneously affect employee work productivity. These findings suggest that improving the physical work environment and continuously enhancing motivation can increase employee work productivity, thereby enabling the company to achieve its operational targets more optimally.
Copyright (c) 2026 Windia Sari, RM Juddy Prabowo https://creativecommons.org/licenses/by-sa/4.0
The Influence of Brand Activism on Consumer Purchase Intention Through Brand Trust and Brand Image of The Body Shop Products After Change of Ownership in Bandung City
The change in ownership of The Body Shop has the potential to influence consumer perceptions of the brand's social commitment, which has long been known through brand activism. This study aims to analyze the influence of brand activism on purchase intention through brand trust and brand image for The Body Shop products after the change in ownership in Bandung City. This study used a quantitative method with a survey approach. The sample was determined using a purposive sampling technique. Data were collected through a Likert scale questionnaire and analyzed using regression analysis and the Sobel test. The results showed that brand activism had a positive and significant effect on brand trust and brand image. In addition, brand trust and brand image also had a positive and significant effect on purchase intention. Both variables were proven to mediate the influence of brand activism on purchase intention. These findings indicate that positively perceived brand social activities can increase trust, strengthen brand image, and encourage consumer purchase intention.
Copyright (c) 2026 Arinda Yoseffira, Abdul Ahmad Hafidh Nurmansyah https://creativecommons.org/licenses/by-sa/4.0
Analysis of Factors Affecting Consumer Loyalty to BULOG Products in the RPK of the Perum Bulog Bogor Work Area
This study aims to examine the influence of product quality, service quality, accessibility, price, and consumer trust on consumer satisfaction and its implications on consumer loyalty to BULOG rice products at Rumah PanganKita (RPK) in the operational area of Perum BULOG Bogor Branch. A quantitative approach was used by applying the Structural Equation–Partial Least Squares (SEM-PLS) Model using data collected from 317 respondents selected through purposive sampling techniques. The results showed that the proposed model explained 53.9% variance in consumer satisfaction and 46.0% variance in consumer loyalty. Product quality, price, and consumer trust have a positive and significant influence on consumer satisfaction, while service quality and accessibility do not significantly affect consumer satisfaction. In addition, consumer satisfaction has a positive influence on consumer loyalty and acts as an intermediate variable in the relationship between product quality, price, and consumer confidence with consumer loyalty. This research highlights the importance of maintaining competitive prices, consistent product quality, and consumer trust as strategic priorities to strengthen long-term consumer loyalty to BULOG rice products.
Copyright (c) 2026 Ahmad Hadyan Fadhil, Alim Setiawan Slamet , Doni Yusri https://creativecommons.org/licenses/by-sa/4.0
The Influence of Work Motivation and Organizational Culture on Employee Job Satisfaction of the Human Resources Division and Secretariat at PT. XYZ
Employee job satisfaction has become an important issue in human resource management in achieving organizational goals and sustainability. In an increasingly competitive business environment, organizations are required to create conditions that encourage employees to continue to have job satisfaction supported by work motivation and behavioral conformity with the values embraced by the organization. PT XYZ, as a state-owned company operating in the plantation sector, faces challenges related to indications of job dissatisfaction, work motivation, and implementation of organizational culture, which can affect employee job satisfaction. The existence of these indications is seen from the inappropriate behavior and rules set by the organization. Therefore, this study aims to analyze the influence of work motivation and organizational culture on the job satisfaction of employees of the Human Resources Division and Secretariat at PT XYZ. This research method uses a quantitative approach. Data was collected through a questionnaire that was distributed to all employees of the Human Resources Division and Secretariat at PT XYZ. The collected data was then analyzed using multiple linear regression analysis with the help of SPSS software. Hypothesis testing is carried out through partial tests (t-test), simultaneous tests (F-tests), and determination coefficient analysis (R²). The methods used are descriptive and quantitative associative. The results of the partial test showed that work motivation and organizational culture had a positive influence on employee job satisfaction. Likewise, simultaneously, work motivation and organizational culture affect employee job satisfaction, which shows that the level of influence is very strong. This result states that the higher the work motivation possessed by the employees of the Human Resources Division and Secretariat at PT XYZ, followed by the stronger the employees in implementing the values embraced by the organization, the higher the employee job satisfaction so that it can support the effectiveness of the organization.
Copyright (c) 2026 Alisha Hafsa Rahmanita, Khaerul Rizal Abdurrahman https://creativecommons.org/licenses/by-sa/4.0
The Effectiveness Of Distribution Direct Cash Assistance On The Poverty Level In Lambara Village, Tawaeli District
This study aims to analyze the effectiveness of the distribution direct cash assistance to the poverty level in Lambama Village, the research uses a descriptive method with an approach. The research population amounted to 239 Heads of Families, while the sample of 71 respondents was determined using the Slovin formula. Data collection was carried out through the distribution of questionnaires using the Guttman scale, while data analysis used effectiveness analysis with reference to theory. The results of the study showed that the effectiveness of direct cash assistance distribution obtained a value of 75.1 percent, so it was included in the effective category. In detail, the target accuracy indicator obtained a score of 77.4 percent (effective), the accuracy of the amount of assistance 100 percent (very effective), the timeliness of 81.6 percent (very effective), the accuracy of administration 100 percent (very effective), the accuracy of price 100 percent (very effective), and socialization and service 100 percent (very effective). However, the indicator of meeting basic needs only obtained a score of 42.2 percent (quite effective), while the indicator of reducing the burden of poverty obtained a value of 0 percent (ineffective). These findings show that although the implementation of direct cash assistance distribution has gone well according to the provisions, the assistance provided has not been able to reduce the poverty level significantly. Therefore, supporting programs are needed in the form of community economic empowerment, increasing employment opportunities, and updating beneficiary data so that the impact of direct cash assistance on poverty reduction can be more optimal.
Copyright (c) 2026 Sutarye Pujangan, Andi Herman Jaya, Yunus Sading, Rita Suirlan, Santi Yunus https://creativecommons.org/licenses/by-sa/4.0
The Influence of Cashless Lifestyle on Generation Z's Interest in Becoming a Customer at Bank Syariah Indonesia with Financial Behavior as a Mediating Variable
The rapid transformation of Indonesia’s digital payment ecosystem highlights a growing disparity between high non-cash adoption and the relatively stagnant market share of Islamic banking among digital natives. Grounded in the synthesis of the Theory of Planned Behavior and Lifestyle Theory, this study aims to analyze the direct effect of a cashless lifestyle on Generation Z's interest in becoming Bank Syariah Indonesia (BSI) customers, while evaluating the mediating mechanism of financial behavior in bridging daily payment practices with long-term banking decisions. A quantitative causal-associative design was deployed using Structural Equation Modeling based on Partial Least Squares (PLS-SEM) via SmartPLS 4.0. Primary data were gathered through structured online questionnaires from 400 Generation Z respondents in Madura selected through purposive sampling criteria. The empirical results demonstrate that a cashless lifestyle has a positive and significant effect on customer interest (t = 2.211, p = 0.027) and financial behavior (t = 11.218, p = 0.000). Furthermore, financial behavior significantly impacts customer interest (t = 13.718, p = 0.000) and acts as a pivotal mediating variable (t = 8.603, p = 0.000). These findings conclude that technical proficiency in digital payments alone does not drive institutional preference for Islamic banks; rather, structured financial behavior serves as the critical behavioral bridge. Practically, Islamic financial institutions must integrate personal financial management features into platforms like BYOND to cultivate disciplined financial habits and convert digital engagement into active account adoption.
Copyright (c) 2026 qorinah maulidiyah, Lukmanul Hakim https://creativecommons.org/licenses/by-sa/4.0
The Influence of Transformational Leadership to the Preparedness of Personnel Through Work Coordination
This study aims to analyze the influence of transformational leadership on personnel preparedness through work coordination. This study uses a quantitative approach with a survey method on personnel involved in escort activities. The variables studied included transformational leadership as an independent variable, work coordination as an intervening variable, and personnel preparedness as a dependent variable. The sample in this study amounted to 38 people in Denpom III/5 Bandung and the respondent determination technique in this study used census techniques. To answer the hypothesis presented, a simple linear regression analysis method, multiple linear regression analysis and determination coefficients with t-Test (Partial) and F-Test (Simultaneous) were used. Results The analysis was significantly shown that the transformational leadership variable had an effect on the personnel preparedness variable with work coordination as an intervening variable. As well as transformational leadership and work coordination on preparedness had an effect of 46% while 54% was influenced by other factors not included in this study.
Copyright (c) 2026 Ivon Tri Andity, Aam Rachmat Mulyana https://creativecommons.org/licenses/by-sa/4.0
Analysis of the Impact of Pearl Cultivation on the Welfare of Coastal Communities Involved in Pearl Cultivation Activities in Batu Putih Village, Sekotong District, West Lombok Regency
The fisheries and marine sector is one of the main pillars of livelihood for coastal communities, but the gap between the potential of the marine economy and the actual welfare of cultivators is still a problem in various coastal areas of Indonesia, including in Batu Putih Village, Sekotong District, West Lombok Regency, which is known as one of the South Sea Pearl pearl cultivation centers. This study aims to analyze the influence of pearl cultivation activities on the welfare of coastal communities involved in these activities, with the Sustainable Livelihood Framework as a conceptual foundation. The study used an explanatory quantitative approach with purposive sampling technique on 100 respondents, analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) through SmartPLS 4. Hypothesis testing through bootstrapping proves that pearl cultivation activities have a positive and significant effect on the welfare of coastal communities, so the research hypothesis is accepted. These findings confirm that pearl farming plays a role as an effective livelihood strategy for the coastal communities of Batu Putih Village, as well as providing empirical evidence for the application of the Sustainable Livelihood Framework in the context of aquaculture with high economic value in Indonesia.
Copyright (c) 2026 Moh. Albi Hasan, Diswandi https://creativecommons.org/licenses/by-sa/4.0
The Influence of Mental Well-Being and Financial Management on the Financial Literacy of MSMEs in Bajo District, Luwu Regency
The purpose of this study is to analyze the influence of mental well-being and financial management on the financial literacy of MSMEs in Bajo District, Luwu Regency. Good mental well-being is expected to provide positive findings for MSMEs to manage their finances more effectively, while skilled financial management is expected to improve their understanding of financial concepts. This study used a quantitative approach with a survey methodology involving 60 MSMEs as respondents. Data were collected using a questionnaire measuring the level of mental well-being, financial management, and financial literacy. The findings show that both mental well-being and financial management have a positive influence on the financial literacy of MSMEs. These findings suggest that stable mental well-being and good financial management can improve the ability of MSMEs to manage and plan their business finances, which in turn can support the sustainability and growth of their businesses. This study has important implications for the development of education and training programs that combine aspects of mental well-being and financial management to improve the financial literacy of MSMEs in the region.
Copyright (c) 2026 Ainul Magfirah, Asriany, Andika Rusli https://creativecommons.org/licenses/by-sa/4.0
The Effect of Price Perception on Customer Loyalty Mediated by Customer Satisfaction in Wardah Loose Powder Products in the City of Bandung
This study aims to analyze the influence of price perception on customer loyalty with customer satisfaction as a mediating variable in Wardah Loose Powder products in the city of Bandung. The study used a quantitative approach with a survey method of 120 respondents who were selected using convenience sampling techniques. Data were analyzed using descriptive analysis, simple linear regression, multiple linear regression, and Sobel test with the help of SPSS version 27. The results of the study show that price perception has a positive and significant effect on customer satisfaction and customer loyalty. In addition, customer satisfaction also has a positive and significant effect on customer loyalty and has been proven to mediate the influence of price perception on customer loyalty. These findings show that price perception is able to increase customer satisfaction, thus having an impact on increasing customer loyalty. Therefore, companies need to maintain pricing strategies that are in accordance with the value perceived by consumers, such as affordability, price compatibility with product quality, price competitiveness, price compatibility with benefits.
Copyright (c) 2026 Suci Khoironnisa, Hariyadi Triwahyu Putra https://creativecommons.org/licenses/by-sa/4.0
The Influence of Perceived Usefulness, Trust, and Ease of Access to Capital on MSME Business Sustainability: The Moderating Role of Business Owners' Education Level
The business sustainability of MSMEs is a strategic issue in the Indonesian economy, considering their substantial contribution to Gross Domestic Product (GDP) and employment in Indonesia. However, MSME owners still face various obstacles in accessing formal financing, influenced by perceived usefulness, trust in institutions, and ease of service access. This study aims to analyze the impact of these three variables on MSME business sustainability and to examine the moderating role of the business owner's education level in this relationship. A quantitative approach with an explanatory design was employed, involving 268 MSME owners—selected via purposive sampling—who have used or are currently using financing from formal financial institutions. Data were collected using a Google Forms-based questionnaire distributed via social media and analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS) with SmartPLS software (version 4.1.1.6) to identify relationships between variables. Structural testing comprised two stages: the measurement model (outer loading, reliability, convergent validity, and discriminant validity) and the structural model (R-squared, Q² Predict, and effect size/f²), followed by hypothesis testing. The analysis results indicate that trust in financial institutions and ease of access to capital have a significant positive effect on MSME business sustainability, whereas perceived usefulness do not have a significant effect. Education level only strengthens the influence of perceived usefulness on business sustainability but does not moderate the influence of trust or ease of access to capital. These findings underscore the importance of strengthening trust in financial institutions, improving ease of access to capital, and developing the educational capacity of business owners to support MSME business sustainability.
Copyright (c) 2026 Rachel Amanda Vinka Artamefia, Jeni Susyanti, Harun Alrasyid https://creativecommons.org/licenses/by-sa/4.0
From Content to Conversion: How Influencer Marketing and Social Media Content Drive Purchase Intention on TikTok Shop Through Brand Trust
Purpose: This research seeks to investigate the effects of social media content and influencer marketing on consumers' purchase intention toward TikTok Shop, while also evaluating the mediating role of brand trust within the SOR theoretical framework. Methods: The study employed an associative-causal design and a quantitative methodology. Purposive sampling was used to identify 210 active TikTok Shop users in Indonesia who were at least 17 years old to participate in an online survey utilizing a Google Forms questionnaire. With the aid of SmartPLS 4.0, data analysis was carried out using SEM-PLS. Results: The findings indicated that every proposed hypothesis was empirically supported. Both social media content and influencer marketing exerted significant and positive effects on brand trust as well as purchase intention, with social media content emerging as the most influential determinant of brand trust (coefficient = 0.670). Furthermore, brand trust significantly mediated the relationships betweensocial media content, purchase intention, and influencer marketing. The proposed research model accounted for 69.7% of the variance in purchase intention and 68.5% of the variance in brand trust. Implications: In addition to practical implications for businesses to prioritize social media content quality, choose reliable influencers, and develop brand trust sustainably in order to increase consumer purchase intention in TikTok Shop, these findings offer theoretical contributions to the development of the SOR model in thecontext of social commerce. Future research is recommended to test specific product categories and use a longitudinal design.
Copyright (c) 2026 Nasissatul Aziza, Firdaus, Hendrar Prihadi, Jumai https://creativecommons.org/licenses/by-sa/4.0
Transformation of Human Resource Management in Islamic Financial Institutions
This study aims to analyze the transformation of human resource management in Islamic financial institutions and to formulate strategies for its development in response to industrial modernization and digital disruption. The study employed a descriptive qualitative approach using a library research method. The findings indicate that the transformation of Human Resource Management requires a holistic approach that integrates technical competence (kafa'ah), managerial competence, and moral-spiritual character (himmah) based on Islamic values. This transformation is realized through the strengthening of personal, organizational, and spiritual competencies implemented in human resource planning, recruitment and selection, training and development, performance appraisal, and compensation systems based on the principle of justice ('adl). Furthermore, the development of human resources is carried out through the continuous enhancement of personal, organizational, and spiritual competencies integrated into recruitment, training, career development, and performance evaluation processes.
Copyright (c) 2026 Ghina Salsabilla Iskandar, Ari Prasetyo https://creativecommons.org/licenses/by-sa/4.0
Job Satisfaction of Sewing Department Employees in a Cimahi City Garment Company as Influenced by Occupational Safety and Occupational Health
Garment companies operating on a large scale with substantial workforces and complex production technologies rely heavily on employee engagement to ensure smooth operations and product quality; consequently, employee job satisfaction has become a crucial element of human resource management within these firms. A phenomenon of job dissatisfaction has been observed, indicated by data on employee absenteeism in the sewing department. Given that job satisfaction is linked to various factors, this study analyzes the impact of occupational health and safety on the job satisfaction of sewing department employees at a garment company in Cimahi City. This research method employs a quantitative approach. The study surveyed 92 sewing department employees using a questionnaire. Data were measured using the semantic differential scale and analyzed via multiple linear regression and the coefficient of determination. The analysis reveals that both occupational safety and occupational health significantly influence job satisfaction. Collectively, occupational health and safety impact the job satisfaction of sewing department employees in the garment company. Thus, it can be concluded that the better the implementation of occupational health and safety programs, the higher the level of job satisfaction among sewing department employees at garment companies in Cimahi City.
Copyright (c) 2026 Nabila Afifah, RM Juddy Prabowo https://creativecommons.org/licenses/by-sa/4.0
Analysis of Digital Transformation and Economic Resilience of MSMEs in Ambon City
This study analyzes the influence of digital transformation on the economic resilience of Micro, Small, and Medium Enterprises (MSMEs) in Ambon City. Digital transformation is measured through four variables, namely Operational Digitalization, Digital Literacy, Digital Payments, and Digital Marketing. The study used an explanatory quantitative approach with a cross-sectional survey design. Data was obtained from 190 MSME owners or managers and analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) through the SmartPLS application. The results of the evaluation of the measurement model showed that all indicators met the convergent validity and reliability of the construct. The validity of the discriminant based on the Fornell-Larcker criteria and cross loadings was also met. However, the HTMT value between Digital Payments and Digital Marketing of 0.911 indicates a potential empirical overlap between the two constructs. An R² value of 0.650 indicates that the four independent variables are able to explain 65 percent of the variation in MSME Economic Resilience. Operational Digitalization has a positive and significant effect on the Economic Resilience of MSMEs with a coefficient of 0.492, while Digital Literacy has a positive and significant effect with a coefficient of 0.287. In contrast, Digital Payments and Digital Marketing have a positive, but not significant, direction of influence. These findings confirm that digital application ownership alone is not enough without adequate integration, competencies, strategies, and sustainable business management. The research concludes that the economic resilience of MSMEs is more determined by the integration of technology in operational activities and the ability of business actors to utilize technology appropriately.
Copyright (c) 2026 Sherly Ferdinandus, Andre Sapthu, Ventje J Kuhuparuw, Amin, William G.M. Louhenapessy https://creativecommons.org/licenses/by-sa/4.0
The Effect of Workload and Work Discipline on Employee Productivity at CV. Wahana Sejahtera Food, Jombang Regency (A Study of Production Division Employees)
Employee productivity is one of the key determinants of organizational success in achieving corporate objectives. This study aims to analyze the effect of workload and work discipline on employee productivity at CV. Wahana Sejahtera Food, Jombang Regency, both partially and simultaneously. The study employs a quantitative approach with a causal associative research design. The research sample consisted of 131 production division employees selected through proportionate stratified random sampling. Data were collected using a Likert scale questionnaire and analyzed through validity testing, reliability testing, classical assumption tests, multiple linear regression analysis, t-test, F-test, and coefficient of determination using IBM SPSS Statistics version 30. The results indicate that workload and work discipline have a positive and significant effect on employee productivity, both partially and simultaneously. Furthermore, both variables are capable of explaining a portion of the variation in employee productivity, while the remainder is influenced by other factors beyond the scope of this study. These findings suggest that workload aligned with employee capacity, along with strong work discipline, plays an important role in enhancing employee productivity at CV. Wahana Sejahtera Food, Jombang Regency
Copyright (c) 2026 Aghisyna Dwi Inayah Fikamalina, Sumainah Fauziah https://creativecommons.org/licenses/by-sa/4.0
The Effect of Work Motivation and Job Satisfaction on the Performance of Marketing Department Employees at Company X
Employee performance is one of the key factors in achieving organizational goals, including for companies in the furniture industry. Employee performance, particularly within the Marketing department, plays a vital role in aiding in the accomplishment of organizational objectives and sales targets. Experts claim that among the elements influencing employe performance are job satisfaction and work motivation. The inability to reach sales goals, however, indicates that Company X's marketing department staff is still not performing at their best. The purpose of this study is to ascertain how employes at Company X's marketing department perform in relation to work motivation and job satisfaction. Using quantitative descriptive analysis and quantitative associative analysis, this study takes a quantitative approach. The study’s respondents were all employees in the Marketing department. Data were collected through observation, documentation, and a questionnaire using a semantic differential scale, and were then analyzed using multiple linear regression, the coefficient of determination, and hypothesis testing with the aid of SPSS version 24. The results of this study indicate that, individually, work motivation and job satisfaction have a positive effect on employee performance. In addition, work motivation and job satisfaction also have a simultaneous effect on employee performance, with a fairly significant level of influence. The results of this study suggest that increasing work motivation and job satisfaction can serve as a strategy for companies to improve the performance of their marketing department employees.
Copyright (c) 2026 Dwi Ayu Khoirunnisa, Khaerul Rizal Abdurahman https://creativecommons.org/licenses/by-sa/4.0
The Influence of Work Discipline, Workload, and Work Motivation on Employee Performance at the Manggala District Office, Makassar City
This study examines the effects of work discipline, workload, and work motivation on employee performance at the Manggala Subdistrict Office, Makassar City. The study employed a quantitative explanatory approach with a cross-sectional design. Data were collected through structured questionnaires using a five-point Likert scale and supported by observation and documentary analysis. The population consisted of 35 civil servants, all of whom were included as respondents using a census sampling technique. Data were analyzed using multiple linear regression with IBM SPSS Statistics after conducting validity, reliability, normality, multicollinearity, and heteroscedasticity tests. The results indicate that work discipline has a positive but statistically insignificant effect on employee performance (B = 0.159; β = 0.145; p = 0.094). In contrast, workload has a positive and statistically significant effect on employee performance (B = 0.344; β = 0.200; p = 0.044), indicating that appropriately managed workload may stimulate employee effort and task achievement. Work motivation demonstrates the strongest positive and statistically significant effect (B = 0.651; β = 0.682; p < 0.001). Simultaneously, work discipline, workload, and work motivation significantly explain employee performance (F = 109.906; p < 0.001), with an R² of 0.914. The findings imply that public-sector performance improvement should prioritize motivational mechanisms and balanced workload management while maintaining discipline as a foundational organizational requirement. The study contributes context-specific evidence to public-sector human resource management and provides practical implications for strengthening employee performance and service delivery.
Copyright (c) 2026 Dewi Asti Wulandari, Edi Jusriadi, Yusuf Alfian Rendra Anggoro KR https://creativecommons.org/licenses/by-sa/4.0
Analysis of Large Language Model-Based Stock Investment Recommendations for LQ45 Stocks
This study aims to examine the capability of Large Language Models (LLMs) to generate stock investment recommendations in the form of buy, hold, and sell for stocks included in the LQ45 Index of the Indonesia Stock Exchange. A quantitative experimental approach was employed using three generative artificial intelligence models: ChatGPT, Gemini, and DeepSeek. Each model received an identical prompt incorporating stock price information, trading volume, candlestick patterns, and macroeconomic and microeconomic sentiment. The research sample comprised 45 LQ45 constituent stocks observed over 20 trading days in December 2025, resulting in 900 observations for each model and 2,700 observations in total. Model performance was evaluated based on three primary dimensions: recommendation accuracy relative to actual stock price movements, investment returns, and downside risk. The findings indicate discrepancies between LLM-generated recommendations and actual stock price movements, suggesting that none of the three models can predict stock price direction with complete accuracy. Nevertheless, all models generated positive cumulative returns. DeepSeek achieved the highest Compounded Cumulative Return (CCR) at 24.01%, followed by Gemini at 23.58% and ChatGPT at 1.90%. In terms of risk, ChatGPT demonstrated the most favorable performance, recording the lowest total risk at 16.35%, compared with DeepSeek at 22.34% and Gemini at 24.85%. The loss rates were also below 50% across all models, namely 34.11% for DeepSeek, 37.88% for Gemini, and 27.33% for ChatGPT. These findings suggest that LLMs can function as Decision Support Systems for investment decision-making by generating recommendations with the potential to produce positive returns while maintaining relatively moderate risk. However, LLM-generated recommendations should not be interpreted as definitive market forecasts because their performance remains sensitive to market volatility, information dynamics, and rapidly changing financial conditions.
Copyright (c) 2026 Dian Anggraeni, Muryani Arsal, Muchriana Muchran https://creativecommons.org/licenses/by-sa/4.0
Building Employee Performance Following Mass Layoffs at PT Sang Hyang Seri (Persero), South Sulawesi Branch
Mass termination has become an increasingly important organizational strategy in response to financial pressure, restructuring, and changing business conditions. However, workforce reduction may generate unintended consequences for employees who remain in the organization, particularly in relation to workload, job insecurity, motivation, organizational commitment, and performance. This study aims to analyze how mass termination affects employee performance and to explore how surviving employees construct and maintain their performance following workforce reduction at PT Sang Hyang Seri (Persero), South Sulawesi Branch. A qualitative case study approach was employed involving ten informants, consisting of two terminated employees, five surviving employees, and three members of management. Data were collected through in-depth interviews, field observations, and document analysis and analyzed using thematic analysis supported by source and methodological triangulation, member checking, and systematic verification. The findings indicate that mass termination generated psychological uncertainty, increased workload, weakened organizational trust, and reduced motivation, job satisfaction, teamwork, and organizational commitment among surviving employees. Nevertheless, employees demonstrated adaptive responses through performance documentation, target setting, intensive coordination, routine evaluation, skill development, and work innovation. The study further reveals that transparent communication, procedural fairness, workload redesign, training, recognition, and organizational support are critical conditions for transforming employee adaptation into sustainable performance. The study contributes to the downsizing literature by conceptualizing workforce rationalization as a conditional performance strategy rather than merely a cost-reduction mechanism.
Copyright (c) 2026 Nurul Hikmah Hidayat, Muhammad Rusydi, Muh. Rum https://creativecommons.org/licenses/by-sa/4.0
The Impact of Digital Financial Literacy on MSME Sustainability Performance through Green Investment among MSMEs in South Sulawesi
This study aims to analyze the influence of digital financial literacy on the sustainability performance of MSMEs, the influence of digital financial literacy on green investment, the influence of green investment on MSME sustainability performance, and the role of green investment as a mediating variable in the relationship between digital financial literacy and MSME sustainability performance within the context of the circular economy. A quantitative approach was employed, utilizing a survey method involving 343 MSME owners in South Sulawesi Province selected through purposive sampling. Data were collected via questionnaires and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with the aid of SmartPLS 4.0. The results indicate that digital financial literacy has a positive and significant effect on both MSME sustainability performance and green investment. Green investment also positively and significantly affects MSME sustainability performance and mediates the relationship between digital financial literacy and MSME sustainability performance. The findings confirm that enhancing digital financial literacy encourages the adoption of green investment, which ultimately improves MSME sustainability performance. These results are expected to provide valuable insights for the government, financial institutions, and MSME owners in supporting digital transformation and the implementation of sustainable business practices.
Copyright (c) 2026 Khusnul Khatimah, Muryani Arsal, Ismail Badollahi https://creativecommons.org/licenses/by-sa/4.0
The Influence of Job Insecurity and Work Stress on Turnover Intention among Female Contract Employees in the Garment Department Line A–E PT XTZ in Cimahi
The high turnover of female contract employees in the Garment department of PT XTZ, an integrated textile company in the City of Cimahi, throughout March–October 2025, indicates a problem with turnover intention. The national textile industry itself is facing pressure from high operating costs, dependence on imported raw materials, and competition from cheap imported products, which demands effective human resource management, especially for contract employees whose position is more vulnerable. Interview results with the labor union leader at the company show that employees experience concern about the continuity of their work contracts as well as pressure from high production targets, reprimands from supervisors, and threats of line transfers, indicating the presence of job insecurity and work stress in the workplace. This study aims to determine the effect of job insecurity and work stress on turnover intention among female contract employees in the Garment Department Line A–E PT XTZ in Cimahi, both partially and simultaneously. This study uses a quantitative approach with descriptive and quantitative associative methods. Data were collected through interviews, documents, and questionnaires administered to 50 respondents who are female contract employees in the Garment Department Line A–E PT XTZ in Cimahi, drawn from a population of 100 people and determined using the Probability Sampling technique. Data analysis used multiple linear regression testing and the coefficient of determination with the assistance of SPSS. The study shows that respondents' responses to job insecurity and work stress fall into the moderate category. Likewise, respondents' responses to turnover intention fall into the moderate category. In addition, this study shows that job insecurity has a positive effect on turnover intention, while work stress also has a positive effect on turnover intention. Furthermore, job insecurity and work stress simultaneously have an effect on turnover intention. It can be concluded that job insecurity and work stress are two factors that contribute to driving turnover intention among female contract employees in the garment department, so that managing them through transparency of work contract policies and strengthening the work climate needs to be a company concern in order to reduce employees' turnover intention.
Copyright (c) 2026 Sri Dewi Purnamasari, Juddy Prabowo https://creativecommons.org/licenses/by-sa/4.0
Merchant Perceptions of Qris Use Among Msmes in Medan: an Islamic Economics Perspective
Purpose: This study examines how MDR perceptions, ease of use, and trust shape MSME merchants' decisions to use QRIS from an Islamic economics perspective. Methods: A qualitative field study among SIMDAKOP-assisted MSMEs in Medan involved ten merchants and two supporting informants. Interview, observation, and documentary data were thematically analyzed and verified. Results: MDR was accepted after merchants understood it as a service fee. QRIS simplified payments and records, while trust arose from regulation, traceability, settlement, and provider support. Technical and literacy constraints did not eliminate continuation intentions. Implications: MDR may constitute ujrah when the service, tariff, responsibility, and deduction are transparent and no surcharge is transferred to consumers. Sustainable adoption requires fee literacy, reliable infrastructure, consumer protection, and informed consent.
Copyright (c) 2026 M. Yasir Salim Pardede, Tuti Anggraini, Rahmi Syahriza https://creativecommons.org/licenses/by-sa/4.0
The Influence of Accessibility, Scenery, Scentscape, and Soundscape on Revisit Intention : Perspective of Theory of Planned Behavior
This study aims to analyze the influence of accessibility, scenery, scentscape, and soundscape on revisit intention mediated by attitude toward behavior, subjective norms, and perceived behavioral control of Kembang Soka Waterfall tourists. This research is based on the theory of planned behavior in formulating research hypotheses and conceptual models. The research approach carried out was quantitative with a survey method involving tourists from Kembang Soka Waterfall as respondents. The data analysis technique used the partial least squares-structural equation modeling method with the help of the SmartPLS 3.0 device. The findings of the study show that attitude toward behavior is able to mediate the influence of accessibility, scenery, scentscape, and soundscape on revisit intention. The results of this study are expected to be an input for the management of Kembang Soka Waterfall in prioritizing management strategies from the aspects of landscape, smell, sound atmosphere, and ease of access to destinations in order to form a positive attitude of tourists so as to encourage the formation of revisit intentions. In connection with the subjective norm found to have no effect on revisit intention indicating that this study is not supported by empirical data, the next study is expected to evaluate methodological aspects, especially through semantic testing of the research instrument in order to be able to represent the measured construct more accurately.
Copyright (c) 2026 Fegaretha Gamandari, Yadi Ernawadi https://creativecommons.org/licenses/by-sa/4.0
The Effect of Financial Awareness and Hedonistic Lifestyle on The Debt-Taking Behavior of Uinsu Students Through Peer-To-Peer (P2p) Lending Platforms
This study seeks to examine the impact of financial literacy and a hedonistic lifestyle on the borrowing behavior of UINSU students through Peer-to-Peer (P2P) lending platforms. A quantitative research approach was applied, involving students from the Faculty of Islamic Economics and Business (FEBI) at UINSU who had utilized P2P lending services, selected using purposive sampling. Data were gathered through a Likert-scale questionnaire and analyzed using multiple linear regression with SPSS 25. The findings reveal that financial literacy, when examined individually, does not significantly influence borrowing behavior, while a hedonistic lifestyle has a positive and significant influence on borrowing behavior. These findings indicate that a hedonistic lifestyle is a dominant factor in driving students’ debt taking behavior through P2P lending platforms; therefore, strengthening financial literacy and self control is necessary to minimize the risk of consumer debt among students
Copyright (c) 2026 Siti Ghadizah Nur Sitorus, Kusmilawaty, Muhammad Lathief Ilhamy Nasution https://creativecommons.org/licenses/by-sa/4.0
The Role of Attraction, Staff Service, Information, Facilities, and Quality of Activities in Increasing Revisit Intention through Tourist Satisfaction of to Sea World Ancol Visitors
This study aims to analyze the effect of attraction, staff service, information, facilities, and quality of activities on the revisit intention of Sea World Ancol visitors through the mediating role of tourist satisfaction, drawing on the expectancy confirmation theory (ECT) framework. This quantitative study employed a survey method with a nonprobability purposive sampling technique, targeting visitors who had visited Sea World Ancol within the past six months. Data were collected through an online questionnaire and analyzed using partial least squares structural equation modeling (PLS-SEM) with SmartPLS 3.2.9. Of the eleven hypotheses proposed, seven were supported by empirical findings. The results indicate that attraction, staff service, and information each exert a direct and significant effect on tourist satisfaction, which in turn exerts a direct and highly significant effect on revisit intention, whereas facilities and quality of activities exert a positive but non-significant effect on tourist satisfaction. Furthermore, tourist satisfaction was found to mediate the effects of attraction, staff service, and information on revisit intention, while its mediating role for facilities and quality of activities was not statistically supported. These findings offer theoretical and practical contributions by extending the application of expectancy confirmation theory to the context of indoor marine edutainment tourism and by demonstrating that the mediating role of satisfaction is conditional on the strength of an attribute's direct effect, while also providing practical guidance for Sea World Ancol's management to prioritize attraction renewal, staff service enhancement, and information expansion as key strategies for strengthening tourist satisfaction and encouraging repeat visitation.
Copyright (c) 2026 Fauzan Kamil Akbar, Yadi Ernawadi https://creativecommons.org/licenses/by-sa/4.0
The Influence of the Physical Work Environment and Non-Physical Work Environment on Teacher Performance at PKBM XYZ Tahfidzul Quran School
Teacher performance is a key factor in the success of educational institutions because it influences the quality of learning and the achievement of academic goals. However, there are still variations in the accuracy and consistency of task execution, indicating that the optimization of work-supporting factors needs to be continuously improved. This study aims to determine the influence of the physical work environment and the non-physical work environment on teacher performance at the PKBM (Community Learning Activity Center) XYZ Tahfidzul Quran School, both partially and simultaneously. The method used was quantitative, employing multiple linear regression analysis and the coefficient of determination using SPSS version 27. Data were collected via a questionnaire from all 32 permanent teachers and 1 school principal. The results indicate that the physical work environment has a positive effect on teacher performance when considered partially, while the non-physical work environment does not have a positive effect when considered partially. This suggests that improving teacher performance is more effectively achieved through the optimization of school facilities and physical comfort, while the development of the non-physical work environment remains necessary to maintain a harmonious work atmosphere.
Copyright (c) 2026 Avrilla Auliya Nisa Zukhruf, Dian Lestari https://creativecommons.org/licenses/by-sa/4.0
The Organizational Commitment, Motivation, and Culture on Performance: Job Satisfaction as Mediator at Tiumang Health Center
Purpose: This thesis examines the mediating role of job satisfaction on the effect of organizational commitment, work motivation, and organizational culture on employee performance, addressing the need to optimize human resource outcomes within the healthcare sector. Methods: An explanatory quantitative approach was applied in this study. Conducted at the Tiumang District Health Center, primary data was gathered using Likert-scale questionnaires. A total population sampling technique was utilized, involving 74 medical and administrative staff members. To test the direct and indirect hypotheses, data analysis was performed using Partial Least Square Structural Equation Modeling (PLS-SEM). Results: The findings indicate that organizational commitment, motivation, and work culture have a positive and significant direct impact on both job satisfaction and employee performance. Furthermore, the path analysis confirms that job satisfaction serves as a valid intervening variable, effectively bridging the three independent variables to drive higher overall performance. Implications: Practically, the health center management should prioritize fostering an adaptive work culture and sustaining psychological motivation to maintain high job satisfaction, which ultimately leads to better public healthcare services. Future studies are encouraged to expand the model by incorporating transformational leadership or workload variables across multiple healthcare centers to broaden the generalizability.
Copyright (c) 2026 Kiki Mirella, Elvis Wandi, Jhon Veri https://creativecommons.org/licenses/by-sa/4.0
The Effect of Carbon Tax On Carbon Emission Disclosure with Environmental Performance as a Mediating Variable in Energy Sector Companies Listed on the Indonesia Stock Exchange
This research aims to examine how carbon taxes affect Carbon Emission Disclosure (CED), with environmental performance serving as a mediating variable, focusing on energy scector firms listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. A quantitative approach was employed, relying on secondary panel data sourced from the annual reports and sustainability reports of each company. Through purposive sampling, 32 observations were collected and subsequently analyzed using multiple linear regression with SPSS 25. The conclusions specify carbon taxes have a significant effect on both CED and environmental performance; however, environmental performance itself was not found to have a significant effect on CED and failed to act as a mediator in the relationship between carbon taxes and CED. This research provides results that are in line with legitimacy theory and stakeholder theory, which assert that fiscal regulatory pressure in the form of a carbon tax directly encourages energy sector companies to expand the transparency of their carbon emissions disclosures in order to maintain legitimacy in the eyes of the government, investors, and the public.
Copyright (c) 2026 Alifiya Latifaturrohmah, Miladiah Kusumaningarti, Marhaendra Kusuma https://creativecommons.org/licenses/by-sa/4.0
The Consequences of Perceived Marketing Experience and Price Fairness in Tourism Marketing: A Stimulus-Organism-Response (S-O-R) Theory Perspective
This study aims to analyze the effect of experiental marketing dimensions, and price fairness on the revisit intention of Dunia Fantasi (Dufan) visitors through the mediating roles of memorable tourism experience and tourist satisfaction, using the stimulus-organism-response (S-O-R) framework. This quantitative study employs a survey method with a purposive sampling technique, targeting visitors who had visited Dufan at least once within the past year. Data were collected using an online questionnaire and analyzed using partial least squares structural equation modeling (PLS-SEM) with SmartPLS 4. Of the fourteen proposed hypotheses, all fourteen were supported by the empirical findings. The results indicate that sense, feel, act, relate, and price fairness each have a direct effect on tourist satisfaction, which in turn directly affects both memorable tourism experience and revisit intention, while memorable tourism experience also directly affects revisit intention. Furthermore, tourist satisfaction is shown to mediate the effect of all five stimulus variables on revisit intention, while memorable tourism experience additionally mediates the effect of sense on revisit intention. These findings provide both theoretical and practical contributions by extending the understanding of how experiential and price-related stimuli shape tourist behavior through psychological mechanisms, and by offering practical direction for Dufan's management to prioritize the cultivation of togetherness and shared visitor experience through the relate dimension as the primary strategy to strengthen tourist satisfaction and encourage repeat visitation.
Copyright (c) 2026 Elsa Revina Gultom, Yadi Ernawadi https://creativecommons.org/licenses/by-sa/4.0
Analysis of the Core Principles of Waqf in Relation to the Governance Strategy for Collecting Waqf Funds Through Donations for Land Acquisition for Hospital Construction at the One Wakaf Wahdah Islamiyah Institution
Purpose: This study aims to analyze the governance strategy of cash-based waqf fundraising for hospital land acquisition at One Wakaf Wahdah Islamiyah and to examine its implementation based on the Waqf Core Principles (WCP). Methods: This research employed a qualitative case study approach conducted at One Wakaf Wahdah Islamiyah in Makassar, Indonesia. Data were collected through observation, in-depth interviews with nazhir and waqif, and documentation. Data were analyzed using data reduction, data display, and conclusion drawing, while source triangulation was applied to ensure validity. WCP was used as the analytical framework. Results: The findings reveal that the waqf fundraising program faces several challenges, including uncertainty regarding the hospital land location, suboptimal fundraising strategies, and limited transparency and communication with waqif. The study found that the legal and institutional foundation dimensions of WCP have generally been fulfilled. However, governance implementation remains suboptimal, particularly in transparency, accountability, risk management, and Sharia compliance, resulting in a gap between normative WCP standards and actual management practices. Implications: The study highlights the need to strengthen waqf governance through improved transparency, accountability, risk management, and optimization of nazhir functions. The findings may serve as a reference for waqf institutions and policymakers in enhancing waqf governance practices and provide a basis for future research on the management of cash-based waqf during the early stage of waqf asset formation.
Copyright (c) 2026 Yumita, Mukhtar Lutfi, Hasbiullah, Hamzah Khaeriyah, Idris Parakkasi https://creativecommons.org/licenses/by-sa/4.0
The Effect of Attitude Toward Behavior, Subjective Norm, and Perceived Behavioral Control on the Intention to Use an Umrah Installment Scheme with Religiosity as a Moderating Variable (A Study at PT Wahdah Islamic Travel)
This study aims to examine the effects of attitude toward behavior, subjective norm, and perceived behavioral control on the intention to use an umrah installment scheme at PT Wahdah Islamic Travel, with religiosity as a moderating variable, based on the Theory of Planned Behavior. A quantitative associative design was employed. Data were collected through a questionnaire distributed to 129 active members of Wahdah Islamiyah in Makassar, selected using purposive sampling. The research instrument consisted of five variables with a total of 34 indicators measured using a four-point forced-choice Likert scale. Data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The results indicate that attitude toward behavior and perceived behavioral control have a positive and significant effect on the intention to use the umrah installment scheme, while subjective norm shows no significant effect. Furthermore, religiosity does not strengthen the relationships within the Theory of Planned Behavior model but instead tends to weaken the effects of its constructs on intention. These findings suggest that financing decisions related to religious worship among highly religious individuals are more strongly driven by moral values and sharia compliance than by social pressure or perceived convenience. The study implies that service providers should emphasize sharia contract clarity, transparency, and Islamic financial education, while future research is encouraged to examine religiosity as an independent variable and incorporate additional factors such as trust and perceived risk.
Copyright (c) 2026 Aisyah, Syaharuddin, Eka Suhartini, Awaluddin, Saiful Muchlis https://creativecommons.org/licenses/by-sa/4.0
The Effect of Incentives and Competence on the Performance of Market Levy Collectors: The Mediating Role of Job Satisfaction
This study aims to examine the effect of incentives and competence on the performance of market levy collectors, with job satisfaction as a mediating variable, in traditional markets across Central Lombok Regency. A quantitative approach with a causal associative design was employed. Data were collected through questionnaires distributed to all 62 levy collectors and analyzed using Structural Equation Modeling (SEM) to assess both direct and indirect relationships among the variables. The findings indicate that incentives and competence significantly influence job satisfaction and performance. Job satisfaction also has a significant effect on performance and serves as a partial mediator in the relationship between incentives, competence, and performance. These results highlight the strategic role of human resource management practices in improving employee performance within the context of local revenue administration. The study contributes empirical evidence to the public management literature by demonstrating the importance of integrating incentive systems and competency development to enhance performance outcomes in the public sector.
Copyright (c) 2026 Lukman Nul Hakim, Santi Nururly, I Nyoman Nugraha Ardana Putra https://creativecommons.org/licenses/by-sa/4.0
The Impact of Entrepreneurial Knowledge on Business Success: An Empirical Investigation
Purpose: This study empirically examines the extent to which entrepreneurial knowledge influences business success among small and medium-sized enterprise (SME) owner-managers. At the moment, Entrepreneurial knowledge (EK) has emerged as a critical cognitive asset distinguishing successful ventures from those that falter in their formative years. Grounded in Human Capital Theory (Becker, 1964) and the Resource-Based View(Barney, 1991), domain specific entrepreneurial knowledge is theorised to enhance founders' capacity to recognise opportunities, acquire resources, and govern promising operations, thus improving the possibility of venture survival and profitability. Methods: A quantitative, cross-sectional research design was employed. Data were collected from a purposive sample of 132 SME owner-managers using a structured questionnaire comprising ten items measuring EK and six items measuring business success, all rated on a five-point Likert scale. Following instrument validation through a pilot study confirming construct reliability, data were analysed in IBM SPSS Statistics using Pearson correlation and simple linear regression. Results: Consequently, entrepreneurial knowledge was significantly and positively correlated with business success (r = 0.456, p < 0.001). The regression model was statistically significant (F (1, 130) = 34.164, p < 0.001), with EK explaining 20.81 percent of the variance in BS (R² = 0.208). The unstandardised coefficient indicated that each one-unit increase in EK corresponds to a 0.318-unit increase in BS (B = 0.318, SE = 0.054, β = 0.456, t = 5.845, p < 0.001). The hypothesis H₁ that EK positively influences BS was therefore supported. Implications: The findings validate Human Capital Theory and Resource-Based View propositions, offering actionable guidance for entrepreneurship mentors, SME support agencies, and policy makers seeking to design knowledge-intensive founder-development interventions. The findings further suggest that SME development programmes should strengthen entrepreneurial knowledge in areas such as opportunity recognition, resource acquisition, management knowledge, and self-development. Future research is recommended to examine additional factors that may influence business success, including financial capital, network embeddedness, market structure, and macroeconomic conditions, as well as to employ longitudinal designs to strengthen causal inference. Keywords: entrepreneurial knowledge; business success; human capital theory; resource-based view; SME performance
Copyright (c) 2026 Yusra Ali Idriss, Yessy Artanti, Sri Setyo Iriani https://creativecommons.org/licenses/by-sa/4.0
The Effect of Performance Expectancy and Effort Expectancy on Purchase Intention in Wuling Electric Cars in the City of Bandung
This study examines the effects of performance expectancy and effort expectancy on purchase intention toward Wuling electric cars in Bandung City. Methods: A quantitative explanatory survey used purposive sampling among 134 Bandung residents aged at least 17 years who were familiar with Wuling electric cars. Twelve indicators were measured on a five-point Likert scale and analyzed using multiple linear regression in SPSS. Results: Performance expectancy positively affected purchase intention (B = .448; β = .550; t(131) = 9.694; p < .001), as did effort expectancy (B = .391; β = .541; t(131) = 9.537; p < .001). Jointly, both predictors were significant, F(2, 131) = 89.886, p < .001, and explained 57.8% of purchase intention variance. Implications: Wuling should emphasize measurable performance benefits and reduce perceived complexity through demonstrations, charging guidance, and accessible after-sales support. The study extends UTAUT to brand-specific electric vehicle purchase intention in an Indonesian urban market.
Copyright (c) 2026 Aldi Setiawan, Abdul Ahmad Hafidh Nurmansyah https://creativecommons.org/licenses/by-sa/4.0
IRSM: Extending the Resource-Based View to Explain Competitive Advantage in Conflict-Induced Displacement Entrepreneurship Among Sudanese Diaspora SMEs (2023–2026)
Purpose: This study aims to extend the Resource-Based View (RBV) by developing and empirically testing the Integrative Resource Strategy Model (IRSM) to explain how intangible resource bundles generate competitive advantage among conflict-induced displaced entrepreneurs. Specifically, the study examines the effects of Digital and AI Capabilities (X₁), Relational Capital and Personal Branding (X₂), and Entrepreneurial Human Capital (X₃) on Business Success (Y), and tests whether the three resource pillars jointly exert a significant effect on Business Success. Four hypotheses are proposed concerning the partial effects of each resource pillar and their simultaneous effect. Methods: A quantitative cross-sectional survey was conducted among Sudanese SME owners and managers who established or re-established businesses abroad following the outbreak of armed conflict in Sudan on 15 April 2023. Using purposive and snowball sampling, data were collected through a bilingual Arabic-English questionnaire from entrepreneurs operating across Egypt, the Gulf states, and neighbouring African countries. After data screening, 132 valid responses were analysed. The study measured Digital and AI Capabilities, Personal Branding, Entrepreneurial Knowledge, and Business Success using 28 five-point Likert-scale items. Ordinary least squares multiple linear regression was employed, with normality, multicollinearity, and homoscedasticity assumptions assessed before inference. Results: The regression model was statistically significant, F(3, 128) = 12.674, p < 0.001, explaining 22.9% of the variance in Business Success (R² = 0.229; Adjusted R² = 0.211). Entrepreneurial Knowledge was the only significant partial predictor of Business Success (β = 0.406, t = 4.491, p < 0.001), supporting H₃. Digital and AI Capabilities showed a positive but non-significant partial effect (β = 0.150, p = 0.072), while Personal Branding had a negligible and non-significant partial effect (β = 0.009, p = 0.924). Thus, H₁ and H₂ were not supported, whereas the significant simultaneous effect of all three resource pillars supported H₄. The findings indicate that Entrepreneurial Knowledge functions as a foundational cognitive resource through which digital and relational resources can contribute to business performance. Implications: The findings extend RBV to conflict-induced displacement by demonstrating how portable intangible resources can substitute for destroyed tangible and institutional resources. For practice, displaced entrepreneurs should prioritise entrepreneurial knowledge development while using AI and personal branding as complementary capabilities. For policymakers and multilateral agencies, enterprise-support programmes should emphasise entrepreneurial knowledge, AI and digital literacy, network development, simplified licensing, and financial instruments that recognise intangible resources. Future research should employ longitudinal and multi-country designs and examine the IRSM framework across other displacement contexts to strengthen causal inference and external validity.
The Influence of Attitude, Clarity Of Information, and Credibility on the Repurchase Intention of Wardah Lipstick in the City of Bandung
Indonesia's cosmetics industry has experienced significant growth in recent years, accompanied by increasingly fierce competition between local and international brands. Wardah, as one of the leading halal cosmetics brands in Indonesia, has managed to build a strong market presence through its commitment to halal certification, product quality, and affordable prices. However, the latest Top Brand Index data shows a continued decline in the performance of Wardah's lipstick market, which indicates a decline in consumer repurchase intentions. This situation highlights the importance of identifying the factors that influence consumers' desire to repurchase cosmetic products. This study aims to examine the influence of attitudes, clarity of information, and credibility on the intention to repurchase Wardah lipstick among consumers in the city of Bandung. A quantitative research approach with a verifiable design is used. Primary data was collected through a questionnaire distributed to 150 consumers aged at least 17 years who had previously purchased Wardah lipstick. Data were analyzed using multiple linear regression with the help of IBM SPSS Statistics Version 26. The results show that consumers generally perceive attitudes, clarity of information, credibility, and repurchase intentions positively. The results of the hypothesis test revealed that attitude did not have a significant positive effect on repurchase intention, while clarity of information and credibility had a positive and significant effect on repurchase intention. Furthermore, simultaneous analysis showed that attitude, clarity of information and credibility had a positive and significant effect on the repurchase intention of Wardah lipstick in the city of Bandung.
Copyright (c) 2026 Saskia Putri Brilian, Abdul Ahmad Hafidh Nurmansyah https://creativecommons.org/licenses/by-sa/4.0
The Influence of Audit Quality, Audit Committee, CEO Characteristics, and Profitability on Earnings Management in Infrastructure Companies Listed on the Indonesia Stock Exchange in 2021-2025
Purpose: Earnings management remains a serious problem in Indonesia's infrastructure sector, as shown by alleged financial statement manipulation cases at PT Waskita Karya, PT Wijaya Karya, and PT Nusantara Infrastructure during 2021-2025. This study aims to examine, both simultaneously and partially, the effect of audit quality, audit committee, CEO characteristics, and profitability on earnings management in infrastructure companies listed on the Indonesia Stock Exchange (IDX) in 2021-2025. Methods: This study uses a quantitative approach with panel data regression. From a population of 70 infrastructure companies, 37 companies were selected through purposive sampling; after removing three outlier companies, the final sample is 34 companies with 170 balanced panel observations. Earnings management is measured by discretionary accruals using the Modified Jones Model; audit quality by a Big Four dummy; the audit committee by its number of members; CEO characteristics by CEO tenure; and profitability by Return on Assets. Data were analyzed with EViews 12 through descriptive statistics, panel model selection, and hypothesis testing. Results: The model is significant, meaning the four variables simultaneously affect earnings management, with an adjusted R-squared of 5.33%. Partially, audit quality has a negative and significant effect, the audit committee has a positive and significant effect , contrary to the hypothesized direction; while CEO characteristics and profitability have no significant effect. Implications: Big Four auditors are an effective external monitoring mechanism, whereas adding audit committee members without ensuring competence and independence weakens oversight. Regulators should therefore emphasize the substantive effectiveness of audit committees rather than formal compliance, and investors can use auditor reputation as a signal of financial reporting quality.
Copyright (c) 2026 Fathur Mauludi Rahman, Ajeng Luthfiyatul Farida https://creativecommons.org/licenses/by-sa/4.0
The Influence of Transformational Leadership and Work Environment on Employee Performance at the PPTK Division of the Department of Industry and Manpower of Surabaya City
This study aims to analyze the effects of transformational leadership and the work environment on employee performance in the Training and Job Placement Division (PPTK) of the Department of Industry and Manpower of Surabaya City, both simultaneously and partially. A quantitative approach with a causal research design was employed. The study involved all 36 employees of the PPTK Division using a saturated sampling technique. Primary data were collected through a structured questionnaire using a five-point Likert scale, while secondary data were obtained from organizational documents and relevant literature. The data were analyzed using multiple linear regression with the assistance of SPSS software after passing validity, reliability, and classical assumption tests. The results indicate that transformational leadership and the work environment simultaneously have a positive and significant effect on employee performance (F= 14.158, Sig. = 0.000). Partially, transformational leadership has a positive and significant effect on employee performance (t = 3.967, Sig. = 0.000), and the work environment also has a positive and significant effect on employee performance (t = 4.114, Sig. = 0.000). The coefficient of determination shows that the two independent variables explain 42.9% of the variation in employee performance. These findings imply that strengthening transformational leadership practices and creating a supportive work environment can improve employee performance in public sector organizations, particularly within the PPTK Division of the Department of Industry and Manpower of Surabaya City. Future studies are recommended to include additional variables that may influence employee performance to provide a more comprehensive explanation of employee performance in government institutions.
Copyright (c) 2026 Nanda Akhilla Zahra Nanda, Indah Respati Kusumasari https://creativecommons.org/licenses/by-sa/4.0