Proceedings of the International Conference on Entrepreneurship (IConEnt)
The Proceedings of the International Conference on Entrepreneurship (IConEnt) features scientific articles that are international in scope from researchers who take part in the IConEnt conference, which is organized annually by the Faculty of Economics and Business at Universitas Pelita Harapan. 2988-2664 (e-ISSN)
Winning the Stream War: An Empirical Comparison of Netflix and Disney+ Hotstar in the Indonesian Market
The advancement of digital technology has transformed consumer behavior in accessing entertainment, with subscription video-on-demand (SVOD) services emerging as a dominant choice. This study compares Indonesian consumers’ perceptions of two leading SVOD platforms, Netflix and Disney+ Hotstar, across five key variables: user experience, subscription price, intention to subscribe, customer satisfaction, and customer loyalty. A quantitative approach was employed using purposive sampling, involving 180 respondents who had subscribed to both services within the past 12 months. Data were analyzed using SPSS and the non-parametric Wilcoxon Signed-Rank Test. Results reveal significant differences across all variables, with Netflix scoring higher than Disney+ Hotstar in each. These findings indicate that Netflix outperforms Disney+ Hotstar in delivering superior user experience, value for price, subscription intention, customer satisfaction, and loyalty among Indonesian consumers. This aligns with consumer behavior and marketing theories highlighting the influence of experience, pricing, and motivation on satisfaction and loyalty
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Reevaluating Brand Power: The Dominant Influence of Word of Mouth and Price in Health Product Purchases
The rising prevalence of diabetes in Indonesia has increased the demand for low-calorie sweetener products such as Diabetasol. However, despite ranking second in the Top Brand Index, its market share has declined over the past five years. This study aims to analyze the influence of brand image, price, and word of mouth on Diabetasol purchase decisions, with purchase intention as a mediating variable. Using a quantitative approach, data were collected through a structured questionnaire survey among members of the Indonesian Diabetes Association (PERSADIA) and analyzed using multiple linear regression, t-tests, F-tests, and the Sobel test. The results indicate that, simultaneously, the three independent variables significantly affect both purchase intention and purchase decisions. Only price and word of mouth directly affect both dependent variables; brand image has no significant direct impact. Purchase intention was found to mediate the influence of price and word of mouth on purchase decisions. These findings, analyzed based on consumer behavior and marketing communication theories, highlight the importance of pricing strategies aligned with perceived value and leveraging consumer testimonials to strengthen purchase decisions.
The Impact of Creativity, Leadership, Networking, and Organizational Innovation toward Organizational Performance on Content Creator Agency in Surabaya
This study examines the impact of creativity, leadership, networking, and organizational innovation on organizational performance among digital content creators in Surabaya. As the creative digital economy grows rapidly, content creators face intense competition that demands not only creativity but also strategic management capabilities. Creativity is essential in producing unique and engaging content, while leadership shapes vision, direction, and motivation. While leadership provides direction and motivation for sustainable growth. Networking enables collaboration with peers, platforms, and clients, expanding market reach and resource access. Organizational innovation, meanwhile, drives continuous improvement in content, processes, and business models. Using a quantitative approach, data were collected from digital content creators operating in Surabaya and analyzed to test the relationships between the proposed variables. The findings are expected to highlight how these four strategic management dimensions contribute to enhanced organizational performance in the creative digital sector. This study provides both theoretical insights and practical implications for entrepreneurs, policymakers, and educators to strengthen the competitiveness of local digital content creators.
Sustainability in a Water Bottle: CSR and Buying Intention of Le Minerale
This study investigates the influence of Corporate Social Responsibility (CSR) on competitive advantage (CA) and buying intention (BI) in the bottled water industry, focusing on Le Minerale in Surabaya, Indonesia. CSR is examined across four dimensions: legal and ethical responsibility, philanthropic and community services, respect for environment, and respect for customers. Using a quantitative approach with purposive sampling, 100 valid responses were collected from consumers-dominantly aged 17-25 who worked in private companies who purchased Le Minerale and are aware of its CSR activities. Data was analyzed through validity, reliability, normality, and regression tests using SPSS. The results reveal that CSR has a significant and positive effect on competitive advantage, explaining 74.5% of its variance. Furthermore, competitive advantage significantly influences buying intention, accounting for 52.3% of its variance. These findings suggest that CSR initiatives not only strengthen Le Minerale’s market positioning but also foster consumer trust, which eventually enhances buying intention. However, practical factors such as price and accessibility also shape purchasing decisions. The study highlights CSR as a strategic driver of sustainable competitiveness in a low-involvement market like bottled water.
Do ESG Score, Firm Value, and Gender Diversity Enhance Corporate Performance? Evidence from Emerging Asia-Pacific Industrial Firms
This study investigates the effect of Environmental, Social, and Governance (ESG) score, firm value, and gender diversity on corporate performance, measured by Return on Assets (ROA), in the industrial sector of emerging Asia-Pacific markets. Using a sample of publicly listed companies, the research aims to provide empirical evidence on how sustainability practices, market valuation, and board diversity contribute to financial performance. ESG scores are applied as a proxy for corporate sustainability, while firm value reflects investors’ perception of growth potential, and gender diversity is considered an indicator of inclusivity in corporate governance. The study employs quantitative analysis to examine the relationships among these variables. The findings are expected to demonstrate whether ESG initiatives and gender diversity complement firm value in driving profitability. This research contributes to the growing literature on sustainable finance by highlighting the role of non-financial factors in shaping firm performance in emerging markets. The results provide insights for managers, policymakers, and investors regarding the strategic importance of ESG and diversity in achieving long-term competitiveness.
Green Human Resource Management Research Landscape: Trends, Gaps, and Future Directions from a Systematic Literature Review
Green Human Resource Management (GHRM) has emerged as a vital organizational approach that aligns human capital practices with environmental sustainability. This study investigates publication trends, thematic orientations, and methodological patterns within GHRM research while identifying key theoretical and practical gaps. Using bibliometric evidence from Scopus between 2013–2025, the analysis highlights a sharp increase in scholarly attention after 2018, dominated by studies in Asia, particularly China, India, and Malaysia. The findings suggest that most works adopt the Ability–Motivation–Opportunity (AMO) and Social Exchange Theory as dominant frameworks, with limited exploration of broader institutional or stakeholder-based approaches. In addition, research gaps remain concerning cross-cultural validation, longitudinal analysis, and practical implementation challenges in organizations. The study contributes by proposing future research directions that connect GHRM to sustainable organizational performance, innovation, and resilience. Ultimately, this research underscores the significance of integrating environmental and human resource strategies to achieve long-term sustainability.
Competitive Differentiation Through Sustainability: Bank Jago’s Strategic Response to Inter-Firm Competition
This study aims to analyze the strategic responses of Bank Jago, a leading digital bank in Indonesia, to the evolving competitive landscape shaped by fintech innovation and regulatory dynamics. Employing a qualitative case study approach, this research draws on Bank Jago’s annual reports, industry analyses, and news sources, applying PESTEL, Porter’s Five Forces, SWOT, SPACE matrix, and Strategic Sustainability frameworks to comprehensively evaluate the bank’s external environment, competitive position, internal capabilities, and competitive differentiation through sustainability. The findings indicate that Bank Jago benefits from supportive government policies, rapid technological advancements, and a growing urban, tech-savvy customer base, while facing challenges such as stringent regulatory requirements, rising competition from regional fintech firms, and economic volatility. Strategic partnerships, particularly with fintech platforms like Gojek, and innovative digital banking services such as the ‘Pockets’ feature, have strengthened Bank Jago’s market position. The SPACE matrix analysis suggests an aggressive strategic posture, emphasizing growth and innovation to capitalize on market opportunities. The study concludes that Bank Jago’s adaptive strategies, focused on digital transformation, customer-centric innovation, regulatory compliance, and environmental sustainability, will be pivotal for its sustained competitive advantage and expansion in Indonesia’s digital banking sector.
The Influence of Storytelling Strategies, Customer Engagement, and Visual Content on Food Agritourism Sustainability: A Study of Wondis Chocolate, Kulon Progo
Sustainable tourism has become a strategic approach addressing complex ecological, social, and economic challenges in the post-pandemic era. Food agritourism is recognized as a strategic vehicle for creating sustainable value creation aligned with Sustainable Development Goals (SDGs). This study aims to analyze the influence of storytelling strategies, customer engagement, and visual content on food agritourism sustainability at Wondis Chocolate, Kulon Progo. The research employed a quantitative approach with explanatory design involving 100 tourist respondents selected through purposive sampling. Data were collected using Likert scale questionnaires and analyzed through multiple linear regression. Results indicate that storytelling strategies, customer engagement, and visual content have positive and significant effects on food agritourism sustainability, both partially and simultaneously. Visual content demonstrates the strongest influence, followed by customer engagement and storytelling. This research contributes theoretically to destination marketing theory development and provides practical recommendations for optimizing sustainable agritourism marketing strategies.
The Effect of Social Media Marketing and E-WoM on Purchase Decisions for Cetaphil Skincare Products in Medan Mediated by Brand Trust
Over the past few years, skincare has evolved into a crucial part of the daily routines of a large number of individuals all over the world. The skincare market in Indonesia is expanding at a quick rate, and there is a wide variety of goods accessible, ranging from locally produced brands that are affordable to international brands. This study aims to analyze the effect of social media marketing and Electronic Word of Mouth (E-WoM) on purchase decisions for Cetaphil skincare products in Medan, with brand trust as a mediating variable. The research utilizes a quantitative approach. Data were collected through questionnaires distributed to 140 respondents who have interacted with Cetaphil’s online content or made a purchase. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that both E-WoM have a significant positive effect on brand trust and purchase decision, while social media marketing shows no significant effect toward brand trust and purchase decision. Furthermore, brand trust plays a partial mediating role in the relationship between the independent variables of E-WoM toward purchase decisions.
The Science of Persuasion: Cialdini’s Principles in Shaping Purchase Decision on Shopee Indonesia
This study investigates whether Cialdini’s principles of persuasion – Reciprocity, Social Proof, and Liking – affect consumer purchasing decisions on the Shopee application in Indonesia. Amidst the rapid growth of e-commerce and intense competition among online platforms, understanding the psychological and social factors influencing consumer behavior is increasingly vital. While previous studies have explored general online buying behavior, few have focused specifically on Shopee Indonesia using Cialdini’s persuasive strategies. This quantitative research used a purposive sampling technique to gather data from 100 Shopee users who had made at least two purchases. Data was collected via an online questionnaire and analyzed using multiple linear regression. The results show that Social Proof and Liking have a significant and positive effect on purchasing decisions, while Reciprocity does not when tested independently. However, when analyzed simultaneously, all three variables significantly affect purchasing decisions, with a combined explanatory power of 73.5%. The findings highlight the importance of emotional and social strategies in enhancing digital marketing effectiveness and recommend Shopee prioritize influencer engagement and consumer review visibility.
The Significance of Perceived Ease of Use and Usefulness on Purchase Intention. An Adaptation from the Technology Acceptance Model (TAM) with the Moderation Role of Trust at Tiket.com in Indonesia
The rapid growth of online travel agencies (OTAs) and the increasing reliance on digital platforms for travel bookings have significantly transformed consumer behavior in the travel industry. Despite the growth of OTAs, Tiket.com has faced problems like system errors and difficult website navigation that made customers hesitate to make purchases. By adapting the Technology Acceptance Model (TAM), this research investigates the moderating role of trust between perceived ease of use, perceived usefulness, and purchase intention at Tiket.com. A quantitative approach was employed, with the data collected using a convenience sampling technique. The sample consisted of 110 respondents, and the data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal that perceived usefulness significantly and positively influences purchase intention, with a path coefficient of 0.507 and a p-value of 0.000. Conversely, perceived ease of use did not influence purchase intention, with a path coefficient of 0.067 and a p-value of 0.250. Additionally, the moderation of trust was found to be insignificant among these relationships. Tiket.com is suggested to focus on improving its perceived usefulness by increasing users' empowerment in selecting travel options, improving the user experience, providing enhanced customization features, and easy-to-use comparison tools.
The Effect Of Gender Diversity And The Effectiveness Of Audit Committees On Audit Report Lag: Empirical Evidence From Manufacturing Companies In Indonesia
This study tests the hypothesis regarding the influence of four variables on audit report lag (ARL) as the dependent variable. The four independent variables are gender diversity, the expertise of the audit committee chair, the number of audit committee members, and the frequency of audit committee meetings. The researcher employed purposive sampling to select the study population. The observed population consists of publicly listed manufacturing companies. After the sampling process, the final sample comprised 465 data points representing three fiscal years from 2021 to 2023. Audit report lag is calculated as the number of days from the beginning of the fiscal year to the date of the audit report. The results show that gender diversity and the number of audit committee members, particularly in Indonesian companies, do not affect audit report lag. Meanwhile, the frequency of audit committee meetings and the expertise of the audit committee chair—measured by accounting or auditing background—can reduce the audit report lag.
The Effect of Entrepreneurial Education on Internet Entrepreneurship Performance Mediated By Self-Efficacy (Empirical Study on Instagram Online Shop In Jakarta Province)
ABSTRACT The development of social media not only helps people in building communication but also becomes a business opportunity for internet-based entrepreneurs. However, on the other hand, the topic that discusses internet entrepreneurship is still very rarely raised. Therefore, this study was conducted to determine what factors are able to improve or influence internet entrepreneurship performance. This study is included in the type of quantitative research, with the number of samples obtained as many as 500 respondents, the data collection technique used was a questionnaire and the data analysis technique used was PLS-SEM. The results of the study showed that entrepreneurial education had a significant and positive effect on internet entrepreneurial self-efficacy and internet entrepreneurship performance, especially financial, internal and learning and growth perspectives. Internet entrepreneurial self-efficacy was also found to have a significant and positive effect on all perspectives in internet entrepreneurship performance. Then internet entrepreneurial self-efficacy also has significant mediation between the influence of entrepreneurial education on all perspectives in internet entrepreneurship performance. However, entrepreneurial education was found to have no significant effect on internet entrepreneurship performance: customer perspectives.
The Improvement of The Web-Based Application “Sampahqu” to Enhance Data Management Efficiency at The Waste Bank
SAMPAHQU as a waste collection company in Tangerang Selatan plays a crucial role in the circular economy. With the increasing number of customers and collaborating waste banks, the need for a waste deposit application that can be accessed by SampahQu, waste bank administrators, and customers has become evident. This application is intended to facilitate SampahQu in monitoring the volume and types of waste deposited, as well as the corresponding monetary transactions to be paid to customers or waste bank administrators. Additionally, customers and waste bank administrators can access information regarding the types and quantities of waste they have deposited, along with the earnings derived from these deposits. To address these requirements, a web-based waste deposit application has been developed, enabling access via mobile devices. Nonetheless, several issues have been identified during its implementation, such as the lack of a payment reporting feature to the waste bank and the absence of customer-specific reports grouped by waste bank. Consequently, this research focuses on the enhancement of the SampahQu application to improve its utility for waste banks and SampahQu customers.
Sustainable Innovation in Everyday Wearable Bag Design: The Case of Oh My Craft!
Oh My Craft! is a micro, small, and medium enterprise that specializes in crafting bags made from traditional Indonesian textiles, marketed both online and offline. The company actively engages in sustainability by repurposing fabric and leather waste into other innovative products. This paper explores sustainable practices and innovation in traditional bag product design while focusing on voice of customers. From preliminary surveys to their customers, more than 50% of customers place significant importance on the functionality of bags—such as size, capacity, and features when making a purchase decision. The customers also suggested that Oh My Craft! introduce product variations based on bag functionality. The purpose of this paper is to recommend bag product design innovation that will fulfill sustainability practice and voice of customers with Quality Function Development method. The outcome is an innovative two-ways sling-tote batik bag product design with enhanced functionality that can be used both as small sling bag and shopping tote bag, designed to meet the needs of Oh My Craft!'s market, while minimizing material waste and promoting the reuse of materials.
Brewing Loyalty On The Move: The Role Of Food Quality, Price, And Variety On Customer Buying Decision Toward Kopi Keliling In Surabaya
This study investigates the impact of food quality, price, and menu variety on customer buying decisions among consumers of kopi keliling in Surabaya, a growing segment within Indonesia’s informal food and beverage industry. The research aims to provide insights into consumer behavior and offer practical recommendations for street-level entrepreneurs operating in dynamic urban markets. Using multiple linear regression analysis, the results reveal that food quality and menu variety significantly and positively influence buying decisions, while price despite being positively correlated, does not have a statistically significant effect. Among the three variables, food quality emerged as the strongest predictor, highlighting customers’ prioritization of taste, freshness, hygiene, and presentation. This supports previous findings, suggesting that consistency and quality are crucial to building trust and encouraging repeat purchases, especially in informal or mobile business settings. Menu variety also plays a vital role in shaping customer decisions. A diverse selection of coffee and beverage options helps vendors cater to different preferences and enhances the perceived value of the overall offering. In contrast, the insignificance of price indicates that consumers are more influenced by value perception than affordability alone challenging common assumptions about price sensitivity in informal market segments. The model’s Adjusted R² of 0.393 indicates that 39.3% of the variation in buying decisions can be explained by the three independent variables, while other potential factors such as service quality, vendor personality, and branding may also play a role.
The Influence of Information Quality, Convenience, and Customization on Purchase Intention through Perceived Value: A Study of Customized Cake Purchases via Social Media
This study aims to examine the effects of information quality, convenience, and customization on purchase intention, with perceived value as a mediating variable, in the context of food and beverage SMEs using social media. The research focuses on Instagram users who have seen, interacted with, or purchased customized cakes. Data will be collected through a survey of 240 respondents and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. This study is expected to contribute theoretically by extending the Theory of Planned Behavior to the domain of digital consumer behavior and methodologically by demonstrating the application of Importance-Performance Map Analysis (IPMA) in PLS-SEM. Practically, the research is anticipated to provide insights for SMEs in enhancing perceived value through accurate information, seamless convenience, and personalized services to strengthen purchase intention in competitive online markets. In addition, the findings are expected to guide digital marketing strategies for SMEs in building sustainable customer relationships and long-term competitiveness.
Exploring Athlete Personal Branding: An Analysis of Audience Reception of Instagram Ads
This study aims to analyze the interpretation of the Sepbol football Community about the personal branding of an athlete in Lay's Chip Cam Instagram ads. Personal branding is an interesting strategy for ad creators in promoting a product. Although the products advertised are often contradictory to the brand ambassador chosen. Like athletes that used to promote unhealthy foods. This study uses the theory of encoding-Decoding Stuart Hall, with the method of audience reception analysis and in-depth interviews as data collection techniques. The study found that the four community members who were informants in the study were in two different positions. Four people are in a hegemonic-dominant position, yet one person is in a negotiating position. The informant is in a negotiating position because his arguments regarding the use of athletes as brand ambassadors have a different dichotomy of functions.
Balancing Life, Shaping Minds: How Work-Life Balance, Workplace Environment, and Personality Drive Employee Productivity through Job Satisfaction
This study examines the influence of work–life balance, workplace environment, and the Big Five personality traits on employee productivity, with job satisfaction serving as a mediating variable. Using a quantitative research design and survey method, data were collected from 50 employees of PT X through structured questionnaires and analyzed using multiple linear regression. The findings reveal that the workplace environment does not significantly affect employee productivity, either directly or indirectly. Work–life balance exerts a significant influence on productivity, both directly and indirectly, while the Big Five personality traits significantly affect productivity only indirectly. Job satisfaction, however, does not significantly mediate these relationships. Overall, the study concludes that work–life balance plays a crucial role in shaping employee satisfaction and productivity, while the workplace environment does not exert a meaningful influence. The Big Five personality traits predict productivity but not job satisfaction, and job satisfaction itself does not significantly determine productivity within the company.
Employee Performance Based on Transactional Leadership Style, Employee Competence and Job Satisfaction
This study aims to examine the impact of transactional leadership style, employee competence, job satisfaction, and employee performance. The research follows a quantitative approach, utilizing a questionnaire with Likert scale responses from 1 to 5. Conducted at PT XYZ, the study employs purposive sampling, meaning respondents must meet specific criteria to have their responses accepted. The total sample consists of 100 participants. Data analysis was performed using the SmartPLS 4 software with the PLS-SEM (Partial Least Squares – Structural Equation Modeling) method. The findings reveal that transactional leadership style positively and significantly influences job satisfaction, employee competence has a positive and significant effect on job satisfaction, transactional leadership style positively and significantly affects employee performance, and employee competence also positively and significantly impacts employee performance. However, job satisfaction has a negative and significant effect on employee performance. It is hoped that readers will apply the positive insights from this research to enhance the company’s sustainability.
Urban Digital Transformation in Jakarta: The Role of Citizen Trust and Digital Attitudes
Digital transformation has significantly reshaped modern urban life, influencing governance, social dynamics, and economic activities. In Jakarta, Indonesia, strategic initiatives such as the JAKI super app, Jakarta Future City Hub, and widespread public Wi-Fi access have accelerated this transformation. Central to its success is the trust citizens place in both government and technology. This study examines the impact of trust in government and trust in technology on Digital Attitudes, with Performance Expectancy and Perceived Risk serving as mediating variables, and Traditional Media and Social Media Acting as moderating variables. Utilising a quantitative approach and Partial Least Squares Structural Equation Modelling (PLS-SEM), the sample in this study consisted of 160 residents of Jakarta who were undergoing digital transformation. Findings reveal that trust in technology significantly influences Digital Attitudes, while trust in government does not. Furthermore, neither mediators nor moderators showed significant effects. These results underscore the importance of technological reliability in shaping public digital engagement and suggest that trust in technology may outweigh institutional trust in driving digital adoption.
Sustainability Marketing for Gen Z Consumers: The Role of Functional, Emotional, and Social Value on Satisfaction and Purchase Intention in Surabaya
This study examines the influence of functional value, emotional value, and social value on satisfaction and purchase intention toward reusable smart tumblers among Gen Z in Surabaya. Using a quantitative approach, data were collected from 250 respondents and analyzed with multiple regression. The results show that all three values significantly and positively affect satisfaction, and satisfaction significantly drives purchase intention. These findings highlight that Gen Z purchase decisions are shaped not only by product functionality but also by emotional attachment and social recognition related to sustainability. This study provides insights for marketers to enhance consumer satisfaction and strengthen purchase intention through sustainability-based strategies.
The Signaling Effect of Elite Connections: How Political-Military Networks Influence Financial Reporting Quality via Audit Mechanisms in Indonesia
This study examines how political and military connections among corporate elites influence financial reporting quality in Indonesian manufacturing companies during 2022–2024. The research also investigates the mediating role of the audit process in the relationship between board connections and financial reporting quality. Using secondary data from publicly listed firms, we analyze political and military affiliations of board members, audit delays, and Beneish M-Scores as proxies for financial reporting quality. The study adopts a signaling theory framework to explain how elite networks and audit mechanisms may interact within corporate governance. By focusing on Indonesian manufacturing companies, this research provides context-specific evidence relevant to emerging markets and contributes to the understanding of elite governance structures and their potential influence on reporting practices.
Capital Structure Across The Firm Life Cycle: A Moderating Role of Life Cycle in Indonesian Real Estate Sector
This study investigates how firm life cycle stages moderate the relationship between capital structure determinants and leverage in the Indonesian real estate sector. Using panel data from listed real estate companies (2009–2024), firms are classified into young and mature groups based on retained earnings to total assets. Our analysis reveals that the firm life cycle is a significant moderator, with findings predominantly supporting the Pecking Order Theory. For young firms, leverage is strongly and negatively driven by liquidity, underscoring their reliance on internal funds. For mature firms, leverage is negatively influenced by profitability and liquidity. Asset tangibility also shows a significant but unexpectedly negative relationship for mature firms, while the tax shield is insignificant for both groups. These findings demonstrate that a firm’s developmental stage is crucial for understanding its capital structure choices, which are shaped by both life cycle-driven financing constraints and sector-specific characteristics
The Effect of Profitability, Company Size, and Independent Commissioners on Tax Management
This study aims to analyze the effect of profitability, firm size, and independent commissioner on tax management in consumer cyclicals sector companies listed on the Indonesia Stock Exchange for the period 2021–2023. The research employs a quantitative approach using secondary data from financial statements. The sample consists of 25 companies selected through purposive sampling. Data analysis was conducted using multiple linear regression with SPSS version 25. The results of the study indicate that, simultaneously, the three variables influence tax management. Profitability has a negative effect on tax management, firm size has a positive effect on tax management, while independent commissioner has no significant effect on tax management. This study concludes that profitability and firm size are important factors that can influence a company’s tax management practices. Therefore, companies need to implement efficient and legal tax management strategies.
The Influence of Corporate Governance and Corporate Social Responsibility on Financial Performance in ASEAN-5
This study aims to analyze the influence of Corporate Governance and Corporate Social Responsibility on corporate financial performance in ASEAN-5, focusing on two performance indicators, namely Tobin's Q and Return on Assets (ROA). The method used was a regression analysis of panel data with secondary data from 144 companies listed on S&P Capital IQ during the period 2019 to 2023. This study employs the Fixed Effects research model for Model 1, while Model 2 utilizes the Random Effects model. The results of the study show that external corporate governance has no significant effect on financial performance, as measured by Tobin's Q. In contrast, debt financing has a negative impact on ROA's financial performance. In addition, market competition, as measured by the Herfindahl-Hirschman Index (HHI), did not affect Tobin's Q or ROA, while the ESG score showed no significant impact on either Tobin's Q or ROA. These findings offer valuable insights for companies to manage debt and develop sustainable strategies that enhance financial performance in a competitive market.
The Influence of Financial Literacy, Family Financial Education, and Financial Behavior on Borrowing Intention from Online Loans/P2P Lending among University Students in Manado
This study examines the influence of financial literacy, family financial education, and financial behavior on the intention to borrow from online loans/P2P Lending among university students in Manado. Using a quantitative associative approach, data were collected from 100 respondents through an online questionnaire and analyzed with Partial Least Square – Structural Equation Modeling (PLS-SEM). The findings reveal that financial literacy significantly influences borrowing intention, while family financial education does not significantly affect either borrowing intention or financial behavior. Moreover, financial behavior does not mediate the relationship between financial literacy or family financial education and borrowing intention. These results emphasize the importance of financial literacy in shaping students’ financial decision-making, while suggesting that family-based financial education alone may not be sufficient. This study contributes to financial literacy and fintech borrowing literature, offering insights for policymakers, universities, and fintech providers to promote responsible borrowing behavior among students
The Effect of Green Accounting and Tax Avoidance on Firm Value Moderated by the Board of Directors in Manufacturing Companies
This study aims to examine the effect of green accounting and tax avoidance on firm value, with the board of directors as a moderating variable. The research uses a quantitative approach with panel data regression analysis based on 86 manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023, totalling 430 firm-year observations. The results show that green accounting has a significant negative effect on firm value, indicating that environmental cost disclosures are not yet perceived positively by the market. Meanwhile, tax avoidance has a significant positive effect, reflecting its perception as an efficiency strategy by investors. Although the board of directors does not directly affect firm value, it significantly moderates the relationships between the independent variables and firm value: weakening the negative impact of green accounting and strengthening the positive impact of tax avoidance. These findings highlight the importance of corporate governance in managing environmental and fiscal strategies to optimize firm value.
The Impact of Digital Transformation and Entrepreneurial Orientation on Women-Led MSME Performance: The Mediating Role of Innovation Capability
Micro, Small, and Medium Enterprises (MSMEs) play a central role in Indonesia’s economy by generating employment and contributing to GDP. However, rapid technological change requires MSMEs to embrace digital transformation and strengthen entrepreneurial orientation to sustain growth. This study investigates how digital transformation and entrepreneurial orientation affect MSME performance, with innovation capability serving as a mediating factor. A quantitative descriptive design was employed, collecting data through surveys from 150 women-led MSMEs in the Greater Jakarta area. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to test seven proposed hypotheses. The results indicate that digital transformation and entrepreneurial orientation both have positive effects on innovation capability and business performance. Furthermore, innovation capability significantly improves MSME performance and mediates the influence of digital and entrepreneurial factors. This study contributes to the literature by linking digital transformation and entrepreneurial orientation with innovation-driven performance in women-led MSMEs. It also provides practical insights for policymakers and support institutions to develop digitalization and innovation programs that strengthen competitiveness in a dynamic market environment.
Trust, Online Reviews, and Ratings as Drivers of Purchase Intention: Evidence from Generation Z Shopee Users in Greater Jakarta
E-commerce growth in Indonesia has been accelerated by the rise of platforms such as Shopee, where trust and electronic word of mouth (e-WOM) play critical roles in consumer decision-making. While prior studies have examined reviews, ratings, and trust separately, few have integrated them into a unified model and tested their combined influence among Generation Z consumers. This digitally native cohort dominates online shopping. This study examines the impact of trust, online customer reviews, and online customer ratings on purchase intention, with gender serving as a potential moderator, in the context of Greater Jakarta. Using a quantitative approach and PLS-SEM analysis of survey data from 350 Shopee users, the results reveal that online customer reviews, ratings, and trust significantly and positively affect purchase intention, with online customer ratings exerting the most substantial effect. Unexpectedly, gender and its moderating effects were not significant, suggesting that male and female Gen Z consumers evaluate trust and e-WOM cues similarly. These findings extend the Theory of Planned Behavior and the Elaboration Likelihood Model by demonstrating how central (reviews, trust) and peripheral (ratings) cues jointly influence consumer intentions in an emerging market context. Practically, the study offers actionable implications for platforms and sellers, highlighting the need to strengthen trust-building mechanisms, ensure credible rating systems, and encourage authentic reviews. The research contributes by integrating trust and e-WOM variables into a single model, demonstrating their relevance in Indonesia, and revealing a generational shift in gender differences in online consumer behavior.
The Effect of Innovation, Brand Image Perception and Promotion on The Decision to Use Arts Tutorial Services
The purpose of this study was to analyze the influence of innovation, brand image perception, and promotion on the use of services at Sanggar Seni Annisa Rumpaka. This study uses a quantitative approach with a saturated sampling technique, namely all 110 active participants are considered as respondents. The data collection technique was carried out using a validated and proven reliable Likert scale. The data analysis method used is multiple linear regression to analyze the influence of independent variables (innovation, brand image, and promotion) on the dependent variable (decision to use services) both separately and simultaneously. The results of the study indicate that the independent variables have a statistically significant influence on the opinions of product users. Meanwhile, innovation, brand image perception, and promotion also have a significant influence on the decision to use Annisa Rumpaka Art Studio. This study suggests that studio managers continue to innovate in providing services, increase customer satisfaction through quality and consistency, and improve effective marketing strategies to attract and retain more customers.
The Influence of Government Support, Digital Literacy, and Market Orientation on Agrotourism Sustainability in the Menoreh Mountains
This study aims to analyze the influence of government support, digital literacy, and market orientation on agrotourism sustainability in the Menoreh Mountains. A quantitative approach with explanatory design was employed, involving 100 respondents consisting of agrotourism managers and operators. Data were collected through Likert-scale questionnaires and analyzed using multiple linear regression. The results reveal that government support has a significant positive impact on agrotourism sustainability through policies, infrastructure provision, and destination promotion. Digital literacy significantly enhances competitiveness via social media utilization, tourism applications, and online information management. Market orientation also shows significant effects by driving product adaptation, service adjustments, and targeted promotional strategies. Simultaneously, the three independent variables contribute significantly to agrotourism sustainability in the Menoreh Mountains. These findings indicate that synergy among policy support, digital capabilities, and adaptive marketing strategies is the key to strengthening competitiveness and ensuring long-term community-based agrotourism sustainability.
The Effect of Security Perception, Financial Literacy and Content Marketing on Mutual Fund Purchase Decisions on The Bibit Application with Trust As A Mediation
This study investigates the factors influencing consumer purchasing decisions on the Bibit mutual fund application, specifically examining the roles of perceived security, financial literacy, and content marketing, with trust acting as a mediating variable. Using a quantitative approach, data were collected from 95 respondents and analyzed using Structural Equation Modeling (SEM) with SmartPLS software. The results demonstrate that perceived security has a significant positive effect on user trust, whereas financial literacy and content marketing do not significantly influence trust. However, content marketing was found to significantly enhance financial literacy. Furthermore, trust significantly drives mutual fund purchase decisions and successfully mediates the relationship between perceived security and purchase decisions. These findings indicate that while educational content improves literacy, the perception of security is the primary driver of the trust required for users to commit to investment decisions on the platform.
Patchwork Innovation: A Study of Social Bricolage and Social Value Creation in Indonesia's Social Enterprises
The concept of social bricolage highlights creativity, flexibility, and boldness in utilizing available resources as the core of the social entrepreneurship process. In developing countries like Indonesia, publicly listed companies occupy a strategic position as social development actors through hybrid models that integrate profit-making with social impact. This article critically and reflectively analyzes the application of social bricolage theory (Di Domenico et al., 2010) in three Indonesian public companies—PT Telkom Indonesia, PT Pertamina (Persero), and PT Bank Rakyat Indonesia (Persero) Tbk—using a case-based reflective essay approach. Five key dimensions—making do, improvisation, refusal to be constrained, stakeholder participation, and persuasion—are explored within the dynamic tension between commercial interests and social missions, as well as institutional challenges that shape the practice of social value creation. The findings suggest that implementing social bricolage in large-scale corporations is not only feasible but also represents an adaptive strategy in navigating the social complexities and regulatory pressures typical of emerging markets like Indonesia.
Wired to Change: The Role of Digital Messaging in Boosting EV Awareness Among Indonesian Millennials
In response to the global climate crisis, electric vehicles (EVs) have emerged as a sustainable alternative to gasoline-powered transportation. In Indonesia, PT PLN has leveraged Instagram to promote EV awareness among millennials. This study investigates the effectiveness of PLN’s digital messaging in enhancing awareness and shaping attitudes toward EVs. Using a quantitative survey method with 100 respondents aged 22–42, this research measures the relationship between message exposure, awareness, and attitude. Findings reveal that exposure to digital content significantly boosts both awareness and attitude, with awareness having a stronger impact. Regression analysis supports all four hypotheses, confirming that visual, informative, and relevant Instagram content leads to greater cognitive engagement and positive perception of EVs. The study underscores the role of social media in environmental communication, affirming the Elaboration Likelihood Model’s applicability in digital campaigns. These insights offer theoretical contributions to persuasion and consumer behavior studies, while also providing practical guidance for public-sector digital campaign strategies in emerging markets.
Green And Empowered: Sustainable Business in The Modern Era
The implementation of Community Service (CS) for the March 2025 period was carried out by a Team from the Faculty of Economics and Business School UPH Surabaya Campus together with Radio Sangkakala Surabaya as partners. Therefore, Universitas Pelita Harapan Surabaya Campus collaborated with Radio Sangkakala Surabaya to be able to provide education to the wider community. This collaboration was built by presenting quality speakers from the Management Study Program and the Accounting Study Program. Each speaker will present interesting topics that are in accordance with current issues. Based on discussions regarding community needs, this CS was carried out by providing supplies to the Community with the theme Green and Empowered. With the holding of this interactive talk show, it is hoped that it can provide information and educational education for the wider community in the Surabaya area in the fields of economics, business and immigrant issues that can improve community knowledge and skills.
Optimizing Smart Consumption and Green Financing Literacy Through Radio Talkshows
The implementation of Community Service (PKM) for the January 2025 period was carried out by a team from the Faculty of Economics and Business School UPH Surabaya Campus with partner Radio Sangkakala Surabaya. Therefore, Universitas Pelita Harapan Surabaya Campus collaborates with Radio Sangkakala Surabaya to be able to provide education to the community more broadly. This collaboration is built by presenting quality speakers from the Management Study Program and Accounting Study Program. Each speaker will present topics that are interesting and in accordance with current issues. Based on discussions regarding the needs of the community, this PKM is carried out by providing briefings to the community with 2 main themes on “Optimizing Smart Consumption" and Green Financing Literacy through Radio Talk Shows” which is a topic that is in demand and is being discussed. With the implementation of this interactive talk show, it is hoped that it can provide information and educational education for the wider community in the Surabaya area in terms of economics and business that can increase community knowledge and skills.
From Ideas to Action: Empowering Youth as Future Business Leaders in Entrepreneurship
One form of the tridharma of higher education is carrying out Community Service (PKM). The UPH Surabaya campus Management study program conducts PKM in the form of an entrepreneurship workshop. This workshop, which is applied in community service, aims to increase the confidence of class X students to try new things and become entrepreneurs from an early age. This activity is designed to provide an in-depth understanding of the principles of becoming a true entrepreneur as well as training practical skills that can be directly applied in entrepreneurial activities. Through a participatory approach, participants are expected to be able to produce simple products with limited resources, and even promote the results of their business in an interesting way. The expected result is an increase in the capacity of participants who can then become young entrepreneurs who participate in efforts to boost the Indonesian economy in the future.
Fostering Entrepreneurial Spirit: Building Business Plans Based On Creativity
Ownership Structures and Firm Value: Does Firm Size Matter?
This study aims to empirically demonstrate the positive influence of managerial and institutional ownership on firm value. Furthermore, it aims to demonstrate the moderating role of firm size in strengthening this relationship. This study used a sample of mining companies listed on the Indonesia Stock Exchange for the 2019-2023 period. This study successfully demonstrated that managerial and institutional ownership have a positive effect on firm value. However, the results failed to demonstrate the role of firm size in strengthening the positive influence of managerial and institutional ownership on firm value.
The Influence of Entrepreneurial Intention, Entrepreneurial Commitment, Family Support, on Entrepreneurial Behavior to Students in Bandung
Students with high entrepreneurial intention but who have not yet transformed it into entrepreneurial behavior represent a contradictory issue that requires in-depth research. This study explores the influence of entrepreneurial intention, entrepreneurial commitment, and family support on the entrepreneurial behavior of students in Bandung. The study involved 193 students from three universities in Bandung using a non-probability sampling method, specifically judgmental sampling. The results of the study indicate that entrepreneurial intention has a positive influence on entrepreneurial behavior, both directly and indirectly through entrepreneurial commitment. However, entrepreneurial commitment does not have a direct influence on entrepreneurial behavior. Furthermore, family support does not provide a positive moderating effect on the relationship between entrepreneurial intention and entrepreneurial commitment. This study provides insights into the importance of entrepreneurial intention in shaping entrepreneurial behavior, despite the absence of a role for entrepreneurial commitment and family support.
The Impact of Greenwashing Practices on Stock Liquidity and Volatility in Indonesia
This study examines the impact of greenwashing on stock liquidity and volatility, using data from companies listed on the Indonesian stock exchange in the period 2018 to 2022. The results show that greenwashing has a positive impact on liquidity. The results show that greenwashing has a positive effect with stock price volatility, which indicates that increased greenwashing leads to higher market uncertainty. Furthermore, greenwashing has a negative effect on liquidity during the Covid-19 pandemic, but the effect of greenwashing on stock volatility is not different during the Covid-19 period.
The Effect of Carbon Emission Disclosure and Tax Avoidance on Firm Value: The Moderating Role of Board Diversity
This study examines how board diversity affects the link between a company's carbon emission disclosure, tax avoidance, and its market value. Using data from 31 non-financial companies on Indonesia's Kompas 100 index from 2020 to 2023, the research found that carbon disclosure, tax avoidance, and board diversity do not directly influence firm value on their own. However, the study reveals that board diversity plays a crucial moderating role. It significantly strengthens the positive link between carbon emission disclosure and firm value, making environmental transparency more valuable to investors. In contrast, it does not affect the relationship between tax avoidance and firm value. The research suggests that for Indonesian companies, implementing board diversity is a key strategy to enhance the impact of their sustainability reporting. Furthermore, diverse boards can promote more ethical tax practices, which may positively influence company value in the long run.
Empowering Hospital Staff to Enhance Service Excellence: A Community-Based Intervention in Central Java
This study reports on a community service project conducted at Rumah Sakit Baptis, Central Java, to improve hospital service excellence through staff empowerment. The project addressed key challenges, including weak interdepartmental collaboration, ineffective communication, difficulties in delivering sensitive information, and limited awareness of patient-centered service quality. Using a participatory approach, the intervention included workshops, role-playing exercises, counseling sessions, and the introduction of standardized communication protocols. The results showed clear improvements in staff competencies, particularly in empathy, teamwork, and communication with patients and families. Staff reported greater confidence in handling sensitive conversations, while patients observed a more approachable and responsive service. Cross-departmental collaboration also improved, resulting in reduced delays and enhanced coordination. Initial patient satisfaction surveys indicated a positive shift in perceptions of care quality. These findings highlight that even in resource-limited hospital contexts, meaningful improvements can be achieved through structured training and cultural change. The project contributes both practical recommendations for hospital management and theoretical insights by applying the SERVQUAL and patient-centered care frameworks to the Indonesian healthcare setting.
Green Entrepreneurial Orientation, Self-Efficacy, and Innovation: An RBV and Dynamic Capabilities Perspective on SME Performance
Sustainable entrepreneurship is vital for small and medium-sized enterprises (SMEs) in emerging economies facing environmental and market pressures. This study investigates how green entrepreneurial self-efficacy (GESE), green entrepreneurial orientation (GEO), and green innovation (GI) influence the economic performance of SMEs in Jakarta, Indonesia. Drawing on the Resource-Based View (RBV) and Dynamic Capabilities (DC) theory, the study examines both direct effects and the mediating role of GI. A quantitative approach was employed using survey data from 95 SME owners who implement green practices. Analysis with Partial Least Squares Structural Equation Modeling (PLS-SEM) revealed that GEO significantly promotes GI, while GESE does not. GI strongly enhances economic performance and mediates the relationship between GEO and economic performance, but not between GESE and performance. These findings extend RBV and DC by showing that strategic orientation, when translated into innovation, drives SME competitiveness, whereas self-efficacy alone is insufficient. The study offers theoretical contributions and practical implications for strengthening green strategies and innovation capacity in SMEs.
The Influence of Green Accounting and Capital Structure on Financial Performance: Does Audit Quality Matter?
This study was conducted with the aim of testing and analyzing the effect of Green Accounting and Capital Structure on Financial Performance with Audit Quality as moderating variable in ASEAN’s mining companies for the period of 2019-2023. The population in this study were mining companies listed on stock exchanges in ASEAN in 2019-2023. The sampling method used is purposive sampling technique. The data source used is secondary data. The data analysis method used in this research is regression analysis. The results of testing the hypothesis of this study indicate that Green Accounting has a positive and significant effect on Financial Performance, Capital Structure has no effect on Financial Performance and Audit Quality does not moderate the relationship of Green Accounting and Capital Structure towards Financial Performance. The results implied that by implementing Green Accounting the company will have a good image and reputation to attract more customers, investors and business partners so that this increase in reputation can increase sales and profitability. The results also indicate that the possibility of companies relying more on good performance or other things in generating profits without seeing how the proportion of financing (capital structure) utilized. Also, the results of this study show that investors, customers and business partners are likely to see good corporate governance to invest or to cooperate without considering how the company's audit quality level is.
The Impact Of Profitability, Company Size, Green Accounting, Media Disclosure, And The Board Of Commissioners On Csr Disclosure
The research aimed to investigate the influence of alterations in green accounting, firm size, board commissioner count, media disclosure, and profitability on CSR disclosure. Corporate Social Responsibility (CSR) has emerged as a critical factor, second only to financial performance, for publicly traded companies, hence necessitating the evaluation of additional variables in research. This study replicates the research conducted by Katarina Agnes (2023), with the addition of four control variables and modifications to the hypothesis testing program. The primary distinctions encompass the incorporation of four control variables, the transition from SPSS to STATA version 16 for hypothesis testing, and the research sample comprising 280 data points from 70 manufacturing firms listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023. The study process encompasses descriptive statistical analyses, classical assumption evaluations, model specification assessments, and hypothesis testing. The findings demonstrate that green accounting, firm size, and media exposure significantly influence CSR disclosure, while the number of board commissioners and profitability do not significantly affect CSR disclosure.
Connectivity Emotional Brand, Brand Love, Bridging Transition Process from Satisfaction to Loyalty (Evidenced from Samsung)
This study aims to analyze the positive effects of brand satisfaction, brand love, and emotional brand attachment on brand loyalty and customer loyalty. The research was conducted over four months, from August to November 2021, using a quantitative approach through online questionnaires distributed via Google Forms. A total of 300 respondents participated in this study. Data analysis was performed using SPSS and SEM AMOS software. The results indicate that all six proposed hypotheses are statistically significant. Brand satisfaction, brand love, and emotional brand attachment positively influence brand loyalty. Furthermore, brand satisfaction, brand loyalty, and emotional brand attachment also have a positive impact on customer loyalty. These findings highlight the importance of emotional and experiential factors in building long-term relationships between brands and consumers.
Managerial Ability and Carbon Emission Disclosure: Do CEOs Care About This Matter in Indonesia?
ABSTRACT This study examines the relationship between entity managerial capability and carbon emission disclosure of publicly listed companies on the Indonesian Stock Exchange, covering the years 2019–2023. Managerial capability is measured using data envelopment analysis (DEA) at the firm level as a decision-making unit using the Demerjian et al. (2012) model, while carbon emission disclosure uses a score for carbon emission disclosure. A final set of 301 firm-year observations was obtained by using a purposive sampling method and the available carbon emission disclosure data. Data analysis using multiple linear regression found evidence contradicting the study's hypothesis, where CEO managerial capability is negatively related to carbon emission disclosure for publicly listed companies in Indonesia. This study's findings imply that carbon emission disclosure, which is part of the global temperature reduction efforts outlined in the 2015 Paris Agreement and part of the Environment, Social, and Governance (ESG) program promoted by regulators, is still not a priority for publicly listed companies in Indonesia.
Integrating Sensory, Emotional, and Social Customer Experiences to Drive Loyalty in Indonesia’s Coffee Shop Industry
This study examines the integrated influence of customer experience, encompassing sensory, emotional, and social on consumer repurchase intention coffee shop industry. The study's background is rooted in the shift from a product-centered to an experience-centered economy, as well as the rapid growth of the coffee shop market in Indonesia, which necessitates differentiation strategies for business sustainability. Using a quantitative approach with a cross-sectional study design, data were collected from 300 respondents in the Jabodetabek area through an online survey. Data analysis was conducted using the Partial Least Squares Structural Equation Modeling (PLS-SEM) method. The results show that sensory, emotional, and social experiences have a direct and significant positive influence on repurchase intention. Furthermore, the study confirms a significant mediating role, where emotional and social experiences mediate the relationship between experience dimensions and repurchase intention. The most crucial finding is the confirmation of a sequential mediation model, where sensory experience influences repurchase intention through the sequential mediation of emotional and social experiences. Overall, this research provides empirical evidence that coffee shop businesses must holistically integrate sensory, emotional, and social elements into their strategies to build strong and sustainable customer loyalty.
Entrepreneurial Intention of Students in Jabodetabek Region
This study aims to further analyze the influence of Subjective Norm, Perceived Behavioral Control, Self-Efficacy, and Entrepreneurship Education on Entrepreneurial Intention among students majoring in Entrepreneurship in the Greater Jakarta area (Jabodetabek). The research employs a causal or explanatory design, aiming to test hypotheses. A quantitative approach is adopted in this study. The data collected constitute primary data obtained through an online questionnaire. The study utilizes a non-probability sampling technique, specifically purposive sampling, in which the sample is selected based on specific criteria, namely students majoring in Entrepreneurship in Jabodetabek. The total sample size is 167 respondents. The questionnaire responses were measured using a Likert scale. Based on the research findings, it can be concluded that Perceived Behavioral Control, Self-Efficacy, and Entrepreneurship Education have a positive and significant influence on the Entrepreneurial Intention of students majoring in Entrepreneurship in Jabodetabek. However, Subjective Norm does not have an effect on the Entrepreneurial Intention of these students
Determinants of Online Purchase Intention: Evidence from Indonesia’s E-Commerce
This study aims to examine the effect of perceived ease of use, perceived usefulness, social influences, price perception, and perceived risk on online purchase intention. The development of internet technology in Indonesia in various sectors is getting faster. One of the industrial sectors that rely on internet technology as a place to do business is e-commerce. Indonesia is one of the countries with the highest percentage of e-commerce users in the world, but the development of e-commerce cannot be separated from the problems that occur. As one of the e-commerce sites in Indonesia, “XYZ” is currently developing its services to make it more attractive to consumers, but there are still many problems that are felt by consumers related to “XYZ”, such as service quality that is not yet optimal. Thus, research is needed regarding the factors that influence online purchase intention. This study uses a quantitative approach with data collection methods using electronic questionnaires distributed through Google Forms. Analysis of the measurement model and structural model in this study was carried out using the Partial Least Square-Structural Equation Modeling (PLS-SEM) method with the help of the SmartPLS 3.0 application. The respondents of this research are Indonesian people who are more than 16 years old and have used “XYZ” e-commerce. The measurement model test consists of testing the validity and reliability, while the measurement model testing consists of testing the coefficient of determination, t -count, significance, and the relationship between constructs. The results of this study indicate that the perceived ease of use variable affects online purchase intention, the perceived usefulness variable affects online purchase intention, the social influences variable affects online purchase intention, and the price perception variable affects online purchase intention. Meanwhile, the perceived risk variable has no effect on online purchase intention.
Service Failure and Recovery: The Best Defense Is a Good Attack
Service failure is an inevitable aspect of any service-oriented business. When failures occur, the organization’s response is critical in shaping customer perceptions, satisfaction, and loyalty. This paper explores the notion that "the best defense is a good attack" in the context of service failure and recovery strategies. Proactive recovery initiatives, such as clear communication, swift actions, and personalized solutions, often outperform reactive or passive approaches in mitigating the negative effects of service failures. By employing a strategic recovery process, businesses not only address the immediate dissatisfaction but also create opportunities to strengthen customer relationships and even enhance brand reputation. The study examines key components of successful service recovery, including the role of empathy, transparency, and empowerment of frontline employees. It highlights the importance of preemptive measures such as employee training and the establishment of service recovery protocols. Furthermore, this paper discusses the psychological impact of recovery efforts on customers, emphasizing the significance of perceived justice—distributive, procedural, and interactional. Drawing from real-world examples and empirical studies, this research provides actionable insights for managers aiming to transform service failures into opportunities for improvement and differentiation. By adopting a mindset of proactive engagement, businesses can turn potentially negative experiences into moments that foster customer trust and loyalty. Ultimately, the findings suggest that an offensive approach in service recovery is not merely damage control but a strategic advantage in the competitive service landscape.
Banking Competition On Investment Efficiency of Non Financial Companies in Indonesia
The structure of the banking market influences corporate investment efficiency through credit allocation, where the level of banking competition determines the quality of credit screening and capital allocation. This study aims to examine the impact of banking competition on the investment efficiency of non-financial firms listed on the Indonesia Stock Exchange during the 2013–2023 period. The banking market structure is measured using three key indicators: Top 3 Bank Assets (TOP), the Herfindahl-Hirschman Index (HHI), and the Lerner Index. Data is processed using the Generalized Method of Moments (GMM) with a two-step system estimation and robust standard errors. Additionally, diagnostic tests (AR(1), AR(2), Sargan-Hansen) and robustness checks were conducted by removing dummy control variables. The results show that the TOP and HHI indicators have significantly negative coefficients on investment efficiency, indicating that a more concentrated banking market leads to more efficient corporate investment allocation. Although the Lerner Index also shows a negative coefficient, its influence is relatively weak in supporting the alternative hypothesis. These findings suggest that a more centralized banking structure can enhance credit monitoring mechanisms and improve investment efficiency in Indonesia.
The Impact of Market Orientation and Pricing Strategy on Sustainable Business Performance: A Case Study of Tour & Travel Businesses
This study is motivated by the importance of market understanding in improving the competitiveness of tour & travel businesses, especially in the digital era where business actors must adapt to consumer needs. The purpose of this study is to analyze the effect of market orientation on business performance mediated by price strategy in tour & travel businesses in the Jabodetabek area. This research is a replication of a previous study conducted in the hotel sector, with adjustments made to the tour & travel industry context. This study uses a quantitative approach with descriptive methods. Primary data were collected through questionnaires distributed to 138 tour & travel business owners in the Jabodetabek area. Data analysis was carried out using Partial Least Squares Structural Equation Modeling (PLS-SEM) with the help of SmartPLS version 4.1.1.2. The results show that market orientation does not have a direct significant effect on business performance. However, market orientation has a significant effect on price strategy, and price strategy significantly affects business performance. In addition, price strategy fully mediates the relationship between market orientation and business performance. The conclusion of this study indicates that market understanding needs to be translated into an appropriate pricing strategy in order to have a real impact on improving business performance.
The Effect of Profitability, Liquidity, Solvency, and Activity Ratios on Stock Prices with Dividend Payout Ratio as A Moderation Variable in Insurance Companies in Indonesia
This study aims to examine the influence of proxied financial performance on profitability, liquidity, solvency, and activity ratios, which are then moderated by dividend policy on the share price of insurance companies in Indonesia. Multi-linear regression panel data with a random effect approach was used to investigate the factors that influence stock prices. The sample data was selected to be limited to insurance companies listed on the Indonesia Stock Exchange (IDX) from 2014 to 2023. The data tested included 12 insurance companies listed on the Indonesia Stock Exchange (IDX). The data was obtained from the company's quarterly report which can be accessed through S&P Capital IQ. In this study, the software used to process the data is Stata version 17. The results show that the profitability ratio proxied at Return on Equity (ROE), solvency ratio proxied at Debt to Equity Ratio (DER), activity ratio proxied at Total Assets Turnover (TATO), and dividend policy proxied at Dividend Payout Ratio (DPR) have a significant effect on stock prices. Meanwhile, the ratio of liquidity proxied to the Current Ratio (CR) has no significant effect on the stock price and the DPR cannot moderate the influence of ROE on the stock price.
Board Gender Diversity and IPO Price Formation in Indonesia
This study aims to analyze the effect of gender diversity in boards of commissioners and directors on the level of underpricing on the first trading day following an Initial Public Offering (IPO) in Indonesia. The data used consist of companies that conducted IPOs in Indonesia dure in Indonesia during the period 2021-2024. The results indicate that in the Indonesian market, investors place greater emphasis on firms’ fundamental factors rather than gender-related aspects when making investment decisions at the time of an IPO. Market Capitalization, Return on Assets (ROA), and Share Overhang (SO) are found to be significant variables. This study contributes to the literature on factors influencing stock market performance during IPOs and provides practical implications for firms and regulators in formulating IPO strategies. Future research could be extended by incorporating additional factors such as financial characteristics, macroeconomic conditions, and managerial aspects in shaping investor decision-making.
Characteristics of Customer Who Makes Allocation for Pension Plan in Indonesia
This study sought to determine which characteristic from Indonesian people are most likely to make allocation for pension, and how to identify the key factors driving these purchases pension products. Recognizing Indonesia's relatively low allocation in pension plan, researchers analyzed a targeted sample of 199 data points from 38 companies across various sectors. Using the CRISP-DM data mining methodology, to determine what characteristics from customer with over 20 % allocation into the pension product, and in this study found that marriage status, income, industry, education, sex, domicile, electricity, position, age, status of property. The CRISP-DM process, which included defining objectives, data collection, preparation, modeling, and property ownership, as a characteristic of customer to invest in pension. This research uses data mining methodology with resulted in a model with 73.33 % accuracy. 1 The analysis revealed that the result demonstrated the highest stock market allocation by customers is based on industry (0,2), Listrik (0,13), Makan (0,12), transport (0,11), Pendidikan (0,10), income (0,06).
Inflation as a Trigger for Changes in Financial Behaviour People Shift from Saving to Investing
Investment is a financial strategy chosen by individuals to preserve and grow wealth. In recent years, investment activity in Indonesia has increased amid a downward trend in inflation. This reflects a shift in financial behaviour, where inflation is no longer seen solely as a threat but also as a driver for moving from saving to investing. As people become aware of inflation’s impact on purchasing power, they increasingly allocate funds to more profitable investment instruments. This study uses a behavioural finance approach and macroeconomic data from 2019 to 2024 to illustrate the pattern. The analysis shows that declining inflation, along with rising financial literacy, has significantly contributed to investment growth.
Drivers of Green Entrepreneurship Among MSMEs in Jakarta: An Empirical Analysis of Capability, Opportunity, Motivation, Incentives, and Capital Through the Lens of Self-Efficacy
This study investigates the determinants of green entrepreneurship among Micro, Small, and Medium Enterprises (MSMEs) in Jakarta, an urban economic hub increasingly pressured to adopt environmentally sustainable practices. The research examines the influence of green entrepreneurial skills, green opportunities, entrepreneurial motivation, green incentives, and availability of capital on green entrepreneurship, with green entrepreneurial self-efficacy positioned as a mediating variable. A quantitative survey was conducted with 200 MSME employees who have been engaged in or exposed to green business practices. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that all five predictors significantly and positively affect green entrepreneurship. Additionally, green entrepreneurial self-efficacy mediates all relationships, suggesting that cognitive belief systems play a central role in converting resources, opportunities, and motivations into environmentally responsible entrepreneurial behavior. This research contributes to the literature on sustainable entrepreneurship in emerging markets by demonstrating how psychological self-efficacy interacts with structural and motivational factors. The study also provides actionable insights for policymakers, MSME owners, and sustainability-driven institutions in Indonesia.
The Impact of Training, Workload, and Career Development on Job Satisfaction and Employee Performance: Evidence from Banco Nacional de Comércio de Timor-Leste (BNCTL)
This study investigates the influence of training, workload, and career development on job satisfaction and employee performance at Banco Nacional de Comércio de Timor-Leste (BNCTL). As Timor-Leste’s state-owned commercial bank, BNCTL plays a strategic role in financial inclusion and national economic development. Rapid modernization—branch expansion, digital banking, and international card products—creates both opportunities and human resource challenges. Using a quantitative, explanatory, cross-sectional design, this study employs stratified random sampling of 250 employees across branches and headquarters. Data will be collected through structured questionnaires and analyzed using SEM and regression models, including mediation and moderation testing. The research is expected to provide empirical evidence on how HR practices affect employee outcomes in small, post-conflict economies. Findings will contribute academically by extending HRM theories to developing country contexts, and practically by guiding BNCTL’s HR strategies in training investment, workload calibration, and transparent career pathways.
Strategic Synergy of Digitality, Spirituality, and Prosocial Leadership in Strengthening MSME Resilience in Jakarta
Micro, Small and Medium Enterprises (MSMEs) play a critical role in Jakarta’s urban economy, yet they face increasing pressure to remain resilient, surviving digital disruption, economic volatility, and post-pandemic recovery. This study investigates the interconnected influence of Digital Mastery, Prosocial Leadership, and Islamic Spirituality on Business Resilience among MSMEs in Jakarta. Drawing on Resilience Theory, the research proposes a holistic framework that integrates technological competence, ethical leadership, and faith-based values as strategic assets for MSME sustainability. Using a quantitative approach and a descriptive correlation method, data was collected from 100 MSME respondents through structured survey questionnaires delivered online. The statistical analysis was conducted using SmartPLS4, assessing both the outer and inner models. Results reveal that Digital Mastery and Prosocial Leadership significantly influence Business Resilience, while Spirituality contributes indirectly through its influence on leadership and digital adoption. The model demonstrated strong explanatory power (R² = 0.707) and predictive relevance (Q² = 0.477), with Digital Mastery showing the largest effect size (F² = 0.915). This study offers theoretical contributions by extending Resilience Theory into a culturally grounded MSME context and practical implications for policymakers and educators seeking to empower small businesses through integrated digital, ethical, and spiritual development. The findings highlight the importance of holistic capacity-building strategies to foster resilient entrepreneurial ecosystems in emerging countries in Southeast Asia, with the case study in Indonesia.
The Effect of Discounts and Trust on Purchase Decisions in Live Steraming Sales og The Tiktokshop Application in Banda Aceh
Purchasing products online makes it easier to shop without wasting a lot of time and energy. One innovation in this industry is the live streaming feature offered by the TikTok application, namely Tiktokshop, which allows sellers to interact directly with buyers in real-time. This study aims to analyze the influence of discounts and trust on purchasing decisions during live streaming on the TikTok application in Banda Aceh. This study uses a quantitative approach. The data collection technique was carried out by distributing questionnaires to a sample of 200 respondents. The sampling method in this study used purposive sampling. The data analysis method used is multiple linear regression analysis. The results show that the variables of discounts and trust have a positive and significant effect on purchasing decisions during live streaming sales on the TikTok application in Banda Aceh.
Beyond Compliance: The Role of ESG Reporting and Green Accounting in Enhancing Long-Term Value Creation
This conceptual paper explores the strategic role of green accounting in strengthening ESG (Environmental, Social, and Governance) reporting among publicly listed companies in Indonesia. Although the Financial Services Authority (OJK) has made sustainability reporting mandatory, current disclosure practices remain largely compliance-driven and disconnected from internal decision-making processes. Drawing on recent academic literature, the paper argues that ESG reporting alone is insufficient to foster long-term value creation unless it is supported by systematic measurement of environmental impacts through green accounting. While ESG reporting provides an external disclosure platform, green accounting generates decision-relevant information by quantifying environmental costs and translating them into financial terms. The paper reviews existing ESG reporting regulations in Indonesia, describes key elements of green accounting, and clarifies the conceptual linkage between the two. It then proposes a conceptual framework that positions green accounting as an integral component of ESG disclosure, enabling companies to internalize environmental risks and adopt more proactive sustainability strategies. This framework consists of three pillars: environmental measurement and valuation, ESG information integration, and strategic decision-making. The paper concludes that more integrated ESG–green accounting practices have the potential to shift sustainability reporting beyond symbolic compliance and enhance long-term value creation in Indonesian listed companies.
The Impact of Government Policies and Micro, Small, and Medium Enterprises (MSME) Empowerment on the Development of the Coffee Processing Industry: A Case Study of Banda Aceh
This study examines the impact of government policy and micro, small, and medium enterprises (MSMEs) empowerment on the development of the coffee processing industry in Banda Aceh, Indonesia. Using a quantitative approach with a sample of 30 coffee MSMEs, data were collected through surveys and interviews, and analyzed with multiple regression. The results reveal that government policy, including training, equipment assistance, and licensing facilitation, has a significant positive effect on industry development, although challenges remain in financing access and equitable support. Similarly, MSME empowerment, particularly in human resource capacity building and managerial guidance, also demonstrates a significant positive effect, yet programs tend to be short-term and lack sustainability. Simultaneously, both variables explain 53.2% of the variation in industry development, while the rest is influenced by factors such as market access, innovation, and local coffee culture. This study highlights the crucial role of adaptive government policy and continuous MSME empowerment in fostering a competitive and sustainable coffee industry in Banda Aceh.
The Influence of Country of Origin on Purchase Intention in The Indonesian Market Mediated by Brand Image and Attitude: A Case Study of Vivo
The objectives of this study are to examine the relationship between Country of Origin and Purchase Intention, to examine the relationship between Country of Origin and Brand Image, to examine the relationship between Country of Origin and Attitude towards the Brand, to examine the relationship between Brand Image and Purchase Intention, to examine the relationship between Brand Image and Attitude towards the Brand and to examine the relationship between Attitude towards the Brand and Purchase Intention. This research is quantitative. The population in this study is all consumers of the Vivo brand. The sampling procedure used in this study is non-probability with a purposive sampling technique; the researcher will take a sample of 164 consumers who have used the Vivo brand for at least 1 year. The primary data used in this study are the results of distributing questionnaires to Vivo brand consumers. The data analysis used in this study is the structural equation model (SEM), partial least squares (PLS) using Smart PLS 4.0.
The Influence of Macroeconomics on GDP Growth
This study investigates the relationship between macroeconomic factors and GDP Growth, with a focus on their collective impact on GDP growth across 185 countries from 2001 to 2022. Utilizing a panel data approach, this research explores how variables such as Aggregate Effective Tax Rate (AETR), Statutory Tax Rate (STR), Employment Growth (EG), Population (P), Control of Corruption (COC), and Tax Visit (TV) affect economic performance. The Fixed Effects Model is selected as the most appropriate estimation technique based on Chow and Hausman tests. The results reveal that AETR, EG, and P have significant positive effects on GDP growth, indicating that effective tax collection, labor expansion, and demographic growth are key drivers of macroeconomic performance. In contrast, STR, COC, and TV are found to have no statistically significant influence. Furthermore, Random Forest analysis identifies Population, Employment Growth, and Control of Corruption as the most important predictors, while model refinement shows that excluding the TV variable improves explanatory power. These findings suggest that tax policy effectiveness relies more on enforcement and demographic support than on nominal tax rates alone. The study offers insights for policymakers to design tax systems that align with broader economic goals and institutional capacities.