Proceeding National Conference Business, Management, and Accounting (NCBMA)
Prosiding National Conference Business, Management, and Accounting (NCBMA) berisi artikel-artikel ilmiah dari para peneliti secara nasional yang mengikuti konferensi NCBMA yang diadakan rutin setiap tahun oleh Fakultas Ekonomi dan Bisnis Universitas Pelita Harapan. 2962-4479 (e-ISSN) https://ncbma.uph.edu/
Faculty of Economics and Business Universitas Pelita Harapan
PERANCANGAN PUREPLAY CUSTOMER JOURNEY DOKTER KANDUNGAN DALAM MENINGKATKAN VAKSINASI INFLUENZA IBU HAMIL (STUDI KASUS PT KSF)
This study aims to design a pureplay customer journey to improve influenza vaccination uptake among pregnant women by optimizing digital interactions with obstetricians. A descriptive qualitative approach was used, employing in-depth interviews, non-participant observations, and document analysis of digital communication activities. Data were analyzed through transcription, thematic coding, gap analysis, and customer journey mapping based on the RACE Framework (Reach, Act, Convert, and Engage). The findings indicate that the current digital journey is fragmented, lacks personalization, and is insufficient in supporting obstetricians’ clinical decision-making. This study proposes a more structured pureplay customer journey that emphasizes segmentation, content relevance, decision support, and continuous engagement. The proposed model is expected to enhance market adoption of influenza vaccination for pregnant women.
Copyright (c) 2026 http://creativecommons.org/licenses/by-sa/4.0
FOOD SOVEREIGNTY SORGUM: SINTESIS STRATEGI GREEN DIGITAL BRANDING DAN AKSELERASI EKOSISTEM PANGAN LOKAL MASA DEPAN
The transformation of the global food system faces the pressures of climate change, supply chain disruptions, and a dependency on imported food; these factors reinforce the urgency of food sovereignty based on adaptive local commodities. Sorghum possesses strategic potential as a future food source due to its resilience in marginal lands, water-use efficiency, and compatibility with sustainable bioeconomic systems. However, studies on sorghum development, the value-added potential of local food, and the digital transformation of agrifood remain fragmented, thus failing to form an integrative sustainability-based framework. This research aims to synthesize the strategic potential of sorghum as a commodity to strengthen food sovereignty, examine the role of Green Digital Branding in increasing the added value and competitiveness of sorghum products, and formulate an acceleration model for a sorghum-based local food ecosystem that is digitally integrated, sustainable, and collaborative. The study employs the Systematic Literature Review (SLR) method through the analysis of national and internationally indexed literature, utilizing inclusion-exclusion selection, study quality assessment, data extraction, and thematic synthesis. The analysis focuses on the agronomic-economic potential of sorghum, green branding of sorghum products, the digital agrifood ecosystem, and food sovereignty based on alternative food sources. The synthesis results indicate that sorghum's potential can be optimized by strengthening its economic value and production sustainability based on agroecological characteristics. The integration of Green Digital Branding enhances the competitiveness of sorghum products through sustainability narratives, digital supply chain transparency, and the strengthening of ecological identity. The acceleration model for a sorghum-based food ecosystem requires green financing, the digitalization of production, distribution, and consumption value chains, as well as multi-stakeholder collaboration to bolster a resilient local food system oriented toward long-term food sovereignty.
TRANSFORMASI FILOSOFI NITENI, NIROKKE, NAMBAHI DALAM MENDESAIN INOVASI PEMBELAJARAN INTERAKTIF GENERASI ALFA
The development of the digital era in the world of education demands a learning ecosystem that is not only interactive and cutting-edge, but also remains rooted in local wisdom. The main problem in this research is the challenge of 21st-century education where digital technology penetration often does not correlate with the depth of cognitive processes and local values, necessitating a strong methodological framework to bridge technological sophistication with learning effectiveness. This research aims to design interactive learning innovations for Alpha Generation, who are known to be active and tech-savvy, by transforming Javanese philosophy from Ki Hadjar Dewantara's thoughts, namely Niteni, Nirokke, and Nambahi, into modern learning that aligns with the current "nature of the times" (kodrat zaman). The research method used is Systematic Literature Review (SLR) by deeply examining relevant literature from national and international databases and other journal articles discussing Ki Hadjar Dewantara's thoughts, the Kurikulum Merdeka, and deep learning approaches at the elementary school level. The review results show that the transformation of Niteni is realized through critical observation features, Nirokke through procedural imitation in interactive simulations, and Nambahi as a space for digital creative modification. This integration is proven to create meaningful learning experiences that are in harmony with the "nature of the times" of Generation Alpha without losing cultural roots. This research emphasizes the importance of a learning flow that provides space for independent exploration alongside technical instruction.
THE EFFECT OF ESG AND CAPITAL STRUCTURE ON FIRM VALUE IN ASEAN-5
The research is driven by the increasing demand for sustainable finance and the inconsistency of previous findings in emerging markets. This quantitative study addresses heteroskedasticity and cross-sectional correlation using panel data regression with Driscoll-Kraay Standard errors. A total of 1,070 observations for 2015-2024 are generated by the sample, which includes 107 non-financial companies in five ASEAN-5 countries. The t-test results indicate that the influence depends on the firm value proxy used. ESG and DER were not statistically significant in Model 1 (Tobin's Q). Nevertheless, PBV was significantly and positively impacted by both primary variables in Model 2 (PBV). The regression model (F-test) was statistically significant overall. These results suggest that the ASEAN-5 capital market is highly responsive to ESG and optimal debt usage (DER) when value is measured by PBV, which is consistent with both the Trade-off Theory and the Stakeholder Theory. The implication is that management is encouraged to prioritize ESG investments strategically, as these have been shown to improve market valuation (PBV) substantially.
PENGARUH STRUKTUR DEWAN KOMISARIS DAN KOMITE AUDIT TERHADAP INTEGRITAS LAPORAN KEUANGAN DENGAN KUALITAS AUDIT SEBAGAI VARIABEL MODERASI
This study examines the influence of the board of commissioners, audit committee, and audit quality on financial statement integrity, and further examines whether audit quality moderates these relationships. The research focuses on 45 capital goods sector companies listed on the Indonesia Stock Exchange during the 2020– 2024 period, resulting in 225 firm-year observations selected through purposive sampling. Multiple linear regression analysis was conducted using SPSS version 31 to test the proposed hypotheses. The findings reveal that both independent commissioners and audit committees exert a significant positive effect on financial statement integrity, indicating that stronger internal governance is associated with higher reporting reliability. In contrast, audit quality does not significantly affect financial statement integrity when examined directly. However, audit quality is found to strengthen the relationship between independent commissioners and financial statement integrity, although it does not enhance the influence of audit committees. These results highlight that financial statement integrity is shaped not only by external audit quality but also by the effectiveness of internal oversight mechanisms. The study emphasizes the importance of improving the competence, independence, and governance roles of both the board of commissioners and the audit committee in supporting high-quality financial reporting.
DOES ESG PERFORMANCE REDUCE CORPORATE CASH HOLDINGS? EVIDENCE FROM PANEL FIXED EFFECTS MODELS
This study investigates the impact of Environmental, Social, and Governance (ESG) performance on corporate cash holding policies in an emerging market setting. Using panel data from 833 non-financial firms listed in Indonesia over the period 2021–2024 (3,327 firm-year observations), this research applies panel fixed effects estimation following Chow, LM, and Hausman tests. The results reveal that ESG performance is negatively and significantly associated with corporate cash holdings. The findings suggest that firms with stronger ESG performance tend to hold lower levels of cash, supporting the agency theory argument that ESG acts as an external governance mechanism that constrains managerial discretion and reduces excess liquidity accumulation. The study contributes to the literature by providing emerging market evidence and highlighting ESG as a determinant of corporate liquidity policy. The results are robust after controlling for firm size, leverage, tax aggressiveness, and profitability.
DETERMINANTS OF FINANCIAL DISTRESS: ANALYSIS OF DEBT TO EQUITY RATIO AND COMPANY SIZE IN THE BANKING SECTOR LISTED ON THE INDONESIA STOCK EXCHANGE IN 2020–2024
This study is based on increasing pressure on Indonesian banking sector listed on the Indonesia Stock Exchange during 2020–2024. This study aims to examine the effect of Debt to Equity Ratio (DER) and firm size on distress in banking companies. The banking sector faced increased financial pressure during this period due to global economic slowdown and post pandemic recovery challenges which heightened financial risk exposure. Financial distress is measured using the Altman Z-Score. DER is calculated as total liabilities divided by equity, while firm size is measured by the natural logarithm of assets. This study uses a quantitative approach with secondary data from annual reports. Purposive sampling resulted in 31 banking companies, producing 155 firm observations. Data were analyzed using multiple linear regression. The results show that DER has a negative and significant effect on financial distress, while firm size has a positive and significant effect. Simultaneously, DER and firm size significantly affect financial distress. These findings indicate that higher leverage increases financial risk, while larger firms tend to have greater stability. This study provides implications for investors, regulators, and management in identifying early warning signals of distress. The findings contribute to risk assessment and support decision making to maintain banking sector stability and sustainable performance in Indonesia. This research enriches empirical literature by providing evidence from post pandemic conditions and offers insight for improving financial monitoring and institutional resilience within emerging capital markets.
FROM CONVENTIONAL TO SUSTAINABLE MOBILITY: EXAMINING BYD ELECTRIC VEHICLE PURCHASE INTENTION AMONG INTERNAL COMBUSTION ENGINE VEHICLE OWNERS IN SURABAYA
The global transition from conventional mobility to sustainable mobility is driving the accelerated adoption of electric vehicles (EVs), particularly in emerging markets. This study aims to analyze the factors influencing the purchase intention of BYD electric vehicles among the internal combustion engine (ICE) vehicle owners in Surabaya. The ICE vehicle owners are seen as a potential segment in the transition to sustainable mobility. This study examines the influence of environmental concern, brand credibility, perceived benefits, and competitive advantage on purchase intention. Environmental concern reflects an individual's level of concern for environmental issues, while brand credibility is positioned as an intangible strategic asset that builds consumer trust. Perceived benefit describes consumers' perceptions of the functional, economic, and environmental benefits of electric vehicles, while competitive advantage represents the perception of BYD's strategic superiority over conventional vehicles. Data will be collected through a structured questionnaire distributed to internal combustion engine vehicle owners in Surabaya. Data analysis was conducted using Structural Equation Modeling (SEM) to simultaneously examine the relationships between variables. The results of this study are expected to contribute to the development of strategic management and sustainable marketing literature, particularly in understanding the determinants of consumer transition to electric vehicles. Practically, the findings of this study can serve as a basis for electric vehicle manufacturers in formulating effective sustainable positioning strategies in the Indonesian urban market.
THE ROLE OF EXTENSIFICATION IN PLASTIC EXCISE SEGMENTATION TO REDUCE CONSUMPTION AND INCREASE STATE REVENUE: A SUSTAINABLE WASTE MANAGEMENT PERSPECTIVE
Indonesia faces significant challenges in managing plastic waste. Projections from the National Waste Management Information System (SIPSN) estimate that national waste generation will reach 50.06 million tons in 2025, with around 40 percent remaining unmanaged and entering the ocean. Each year, approximately 16.02 million tons of waste flow into Indonesian waters, threatening marine ecosystems. Despite waste management budget realization reaching IDR 61.86 billion in 2024 and absorption levels consistently exceeding 99 percent, environmental outcomes remain suboptimal. This condition highlights the need for stronger fiscal instruments that ensure administrative efficiency and directly reduce plastic consumption and improve environmental performance. Previous studies on plastic excise in Indonesia have generally applied uniform tax rates without considering segmentation based on product categories or environmental impact. In addition, research addressing excise as a dual fiscal–environmental instrument remains limited. This study aims to examine the role of extensification in segmented plastic excise as a more proportional alternative to conventional approaches. This research employs a qualitative policy analysis approach, supported by a comparative review of international practices in plastic taxation. The findings indicate that uniform excise rates are less effective in addressing varying environmental impacts across plastic products. A segmented excise system, based on product characteristics and environmental impact, is more effective in influencing consumption behavior while expanding fiscal capacity. This study contributes by proposing an extensification-based segmentation model that integrates environmental objectives with fiscal policy, providing practical insights for policymakers in designing more adaptive and sustainable plastic excise policies in Indonesia.
ROLE OF TAX CONSULTANTS IN ENCOURAGING CORPORATE TAXPAYER COMPLIANCE WITH THE CORETAX ADMINISTRATION SYSTEM AS A MODERATING VARIABLE
This study investigates the effect of the role of Tax Consultants on Corporate Taxpayer Compliance by examining the Coretax Administration System as a moderating variable during its implementation in 2025. The year 2025 marks a transitional period in the digitalization of tax administration aimed at strengthening sustainable tax governance. Tax compliance plays a vital role in maintaining state revenue stability to support sustainable social, economic, and environmental development. This research employs a quantitative approach with a sample of 86 corporate taxpayers who receive professional assistance from tax consultants in fulfilling their tax obligations and have utilized the Coretax system throughout 2025. Data were analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) with SmartPLS version 4 to assess the measurement model, structural relationships, and research hypotheses. The findings reveal that the role of Tax Consultants has a positive and statistically significant effect on Corporate Taxpayer Compliance. However, the Coretax Administration System does not exhibit a significant moderating effect on the relationship between Tax Consultants and Corporate Taxpayer Compliance. These results indicate that professional assistance provided by Tax Consultants remains a key determinant in enhancing corporate taxpayer compliance despite ongoing changes in the tax administration system.
INOVASI ADMINISTRASI PERPAJAKAN DIGITAL: ANALISIS FAKTOR PENERIMAAN CORETAX ADMINISTRATION SYSTEM DAN IMPLIKASINYA TERHADAP KEBERLANJUTAN BISNIS WAJIB PAJAK BADAN
Modernisasi administrasi pajak global, yang dipandu oleh paradigma Administrasi Perpajakan 3.0, telah memaksa otoritas pajak untuk mengintegrasikan teknologi berbasis data untuk meningkatkan kepatuhan. Penelitian ini bertujuan untuk menganalisis faktor-faktor penerimaan Sistem Administrasi Pajak Inti (CTAS) di kalangan wajib pajak badan dan implikasinya terhadap keberlanjutan usaha. Dengan menggunakan pendekatan kuantitatif dengan desain eksplanasi, data dikumpulkan melalui kuesioner dari 128 responden yang mewakili manajemen perusahaan di Indonesia. Analisis data dilakukan dengan menggunakan Structural Equation Modelling (SEM) berbasis komponen. Temuan tersebut menunjukkan bahwa penerapan Coretax berdampak positif dan sangat signifikan terhadap keberlanjutan bisnis. Keberhasilan sistem didorong oleh integrasi fungsi pendaftaran, pelaporan, dan pembayaran, yang dapat mengurangi biaya kepatuhan hingga 20% di yurisdiksi yang menerapkan sistem serupa. Transparansi digital dan fitur SPT yang telah diisi sebelumnya telah terbukti efektif dalam mengurangi asimetri informasi dan risiko sengketa pajak. Studi ini menyimpulkan bahwa efisiensi administrasi digital bukan sekadar peningkatan teknis tetapi landasan strategis untuk stabilitas arus kas dan daya saing perusahaan di era global. Rekomendasi penelitian menekankan perlunya meningkatkan pengalaman pengguna dan melakukan penjangkauan intensif untuk meminimalkan resistensi sistemik
THE EFFECT OF WORK MOTIVATION AND WORK LIFE BALANCE ON EMPLOYEE PRODUCTIVITY IN STARTUPS IN WEST JAVA
Startups in West Java operate in high velocity environments characterized by tight deadlines, rapid change, and flexible working arrangements, which may shape employee productivity. This study examines the effects of work motivation and work life balance on employee productivity among startup employees in West Java, Indonesia. Using a quantitative cross-sectional design, data were collected through a structured questionnaire from 42 startup employees and analyzed using PLS-SEM. The measurement model demonstrated adequate convergent validity with AVE values exceeding 0.50 for all constructs (Employee Productivity is 0.744; Work Life Balance is 0.681; Work Motivation is 0.712, and discriminant validity was supported by HTMT values below 0.85. The structural model explained 17.2% of the variance in employee productivity (R² = 0.172), with acceptable model fit 0.086. The results show that work life balance significantly influences employee productivity (β = −0.421, p = 0.002), while work motivation does not have a significant effect (β = 0.016, p = 0.950). The novelty of this study lies in providing empirical evidence from Indonesian startups showing that productivity is more strongly associated with work life conditions than with general motivation levels in the observed sample. Practically, the findings suggest that startups should implement structured flexibility, strengthen boundary management, and provide supportive leadership to sustain productivity.
MARKET REACTION TO INTEREST RATE CUT ANNOUNCEMENTS: AN EVENT STUDY ON THE INDONESIA STOCK EXCHANGE
This study aims to analyze the differences in the performance of all stock indices listed on the Indonesia Stock Exchange (IDX) before and after the implementation of a rate cut policy. A rate cut is a monetary policy instrument used to stimulate economic growth by increasing liquidity, lowering borrowing costs, and encouraging consumption and investment. Such policy changes may affect capital market movements; however, each stock index may respond differently depending on its characteristics and sectoral composition. This research employs a quantitative approach with a paired-sample comparative design. The population consists of all IDX stock indices, including IHSG, FTSE Indonesia, LQ45, Kompas 100, Bisnis-27, IDX30, IDX Islamic, IDX Main Board, IDX Syariah, IDX Sri-Kehati, IDX Banking, SMinfra18, MNC36, Investor33, Jakarta Islamic 70 (JII70), and IDX80. A saturated sampling technique was applied, with observation periods of 15 trading days before and 15 trading days after the rate cut announcement. Data were analyzed using normality tests (Shapiro–Wilk), followed by either the Paired Sample T-Test or the Wilcoxon Signed Rank Test depending on data distribution. The findings indicate that statistically there are no significant differences in the performance of most stock indices before and after the rate cut policy (p-value > 0.05). This suggests that the Indonesian capital market responds efficiently to monetary policy changes, and that the rate cut information may have been anticipated by investors. The results provide implications for investors, regulators, and policymakers in understanding market dynamics following monetary policy adjustments and serve as empirical evidence for investment decision-making and economic policy evaluation.
THE INFLUENCE OF FINANCIAL LITERACY, FINANCIAL TECHNOLOGY, AND LIFESTYLE ON THE FINANCIAL BEHAVIOR OF THE MILLENNIAL GENERATION
This study aims to analyze the effect of financial literacy, financial technology, and lifestyle on the financial behavior of the millennial generation in Jatisampurna Subdistrict, Bekasi City. The background of this research is based on the importance of millennials ability to manage finances effectively amid the development of digital financial technology and changes in consumption patterns. The population of this study consists of millennials residing in Jatisampurna Subdistrict, totaling 8,140 individuals, with a sample of 99 respondents determined using the Slovin formula with a 10% margin of error. This study employs multiple linear regression analysis. The results indicate that financial literacy and financial technology influence the financial behavior of the millennial generation in Jatisampurna Subdistrict, while lifestyle does not influence the financial behavior of the millennial generation in Jatisampurna Subdistrict.
GREEN ACCOUNTING, ECO-EFFICIENCY, AND CORPORATE FINANCIAL PERFORMANCE
This study to analyze the relationship between Green Accounting, Eco Efficiency and Carbon Emission Disclosure to financial performance. This study uses a quantitative approach with secondary data analysis taken form the annual reports of companies listed on the Indonesia Stock Exchange (IDX). This study examines the relationship between independent variables, namely Green Accounting, Eco Efficiency and Carbon Emission Disclosure with the dependent variable, namely Financial Performance. This approach allows researchers to identify significant patterns confirm and relationships between environmentally friendly practice and company financial results. These findings confirm that transparency in carbon emission disclosure can increase investor confidence and contribute to better financial performance. This study provides originality regarding Green Accounting and Financial Performance in Indonesia, and provides empirical evidence supporting the importance of carbon emission disclosure in increasing transparency and investor confidence. This study not only highlights the importance of implementing environmentally friendly practices, but also encourages cross-sector collaboration to achieve better sustainability and energy efficiency goals.
ANALYSIS OF FACTORS AFFECTING FIRM VALUE
This study aims to examine the effect of capital structure, profitability, and firm size on firm value in companies belonging to the basic materials sector listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. The research seeks to provide empirical evidence regarding which financial factors contribute significantly to firm value creation. The population of this research consists of all basic materials sector companies listed on the IDX during the observation period. Using purposive sampling based on predetermined criteria, 103 valid observations were obtained. The study employs secondary data sourced from the IDX and applies multiple linear regression analysis as the analytical method. The results show that capital structure has no significant effect on firm value, while profitability and firm size both have significant positive effects on firm value. This indicates that firm value in the basic materials sector is primarily influenced by the company’s ability to generate profits and maintain larger business scale. This study provides new insights into the financial determinants of firm value within the Indonesian basic materials sector, specifically during the post-pandemic recovery period (2021–2024). The findings emphasize the relative insignificance of capital structure compared to profitability and firm size, which enriches the literature on corporate finance in emerging markets
A CONCEPTUAL FRAMEWORK FOR SUPERIOR HIGH-QUALITY HUMAN CAPITAL IN THE ACCOUNTING PROFESSION
Strengthening the accounting profession to support the Golden Indonesia 2045 vision requires improving the quality of human resources to respond to the acceleration of technological transformation, the development of international professional standards, and the increasing demands for ethical accountability. Human capital theory has emphasised that investments in education, experience, and professional development enhance individual and organisational performance, yet the integration of human resource theory into accounting studies that project future competency needs remains limited. Therefore, this conceptual study develops a framework for a model of human resource excellence relevant to the accounting profession. This research employs a qualitative approach using a literature review method by analysing relevant scientific literature. The data were analysed using a descriptive qualitative approach through theoretical synthesis and content analysis. This conceptual study place technical accounting competency, digital literacy, and ethical judgement as key domains shaping professionalism in a knowledge-based economy. The framework integrates Werther and Davis's competency theory to explain the interaction between knowledge, skills, and behaviour in producing superior and competitive human resources. A human resource accounting perspective further strengthens this approach by recognising employees as strategic organisational assets that create sustainable value. The synthesis of various theoretical perspectives produces a conceptual model that can serve as a basis for developing accounting education curricula, professional development policies, and an empirical research agenda to strengthen the capacity of Indonesian accountants to face global economic dynamics.
THE INFLUENCE OF WORK STUDY CONFLICT, SELF-EFFICACY, AND SOCIAL SUPPORT ON ACADEMIC BURNOUT AMONG WORKING STUDENTS
This study aims to analyze the influence of Work–Study Conflict, self-efficacy, and social support on academic burnout among working students of Universitas Dian Nusantara, cohort 2021. The research employed a quantitative approach with a causal associative research design. The sample consisted of 99 respondents selected using a simple random sampling technique. Data were collected through questionnaires, and multiple linear regression analysis was used as the analytical method. Hypothesis testing was conducted simultaneously using the F-test and partially using the t-test. The results indicate that, partially, Work–Study Conflict has a positive and significant effect on academic burnout, self-efficacy has a negative and significant effect on academic burnout, and social support has a negative and significant effect on academic burnout. Simultaneously, the three independent variables significantly affect academic burnout. These findings confirm that work–study role conflict increases the risk of academic burnout, while self-efficacy and social support function as protective factors that reduce burnout levels.
PENGARUH SELF-EFFICACY, DUKUNGAN SOSIAL, DAN BURNOUT TERHADAP PROKRASTINASI AKADEMIK MAHASISWA
Prokrastinasi akademik merupakan fenomena umum pada mahasiswa kelas karyawan yang menghadapi tekanan ganda antara tuntutan akademik dan pekerjaan. Penelitian ini bertujuan menganalisis pengaruh self-efficacy, dukungan sosial, dan burnout akademik terhadap prokrastinasi akademik. Menggunakan metode kuantitatif dengan sampel 157 responden, data dianalisis melalui regresi linier berganda. Hasil menunjukkan self-efficacy berpengaruh negatif signifikan, sementara dukungan sosial dan burnout berpengaruh positif signifikan terhadap prokrastinasi akademik. Secara simultan, ketiga variabel memberikan kontribusi sebesar 66,8% terhadap perilaku penundaan tugas mahasiswa.
PENGARUH PEMANFAATAN TEKNOLOGI DIGITAL, KOMPETENSI SUMBER DAYA MANUSIA DAN MOTIVASI KERJA TERHADAP KINERJA APARATUR DESA BOJONGKULUR
This study aims to analyze the influence of digital technology utilization, human resource competency, and work motivation on the performance of village apparatus in Bojongkulur Village. This research uses a quantitative approach with a survey method. Data were collected through questionnaires distributed to village community respondents. Data analysis techniques include validity and reliability tests, multiple linear regression analysis, and hypothesis testing using t-test and F-test with SPSS. The results show that digital technology utilization, HR competency, and work motivation have a positive and significant effect on the performance of village apparatus, both partially and simultaneously. The coefficient of determination (R²) indicates that 80.7% of performance variation is explained by the independent variables. This research contributes to strengthening the role of digital transformation and human resource development in improving public sector performance at the village level.
CSR SAMPAI “I’M LOVIN’ IT”: MEMBANGUN KEPUASAN PELANGGAN MELALUI CITRA MEREK AFEKTIF DI INDUSTRI FAST FOOD
The purpose of this study is to investigate how brand image mediates the relationship between CSR and customer satisfaction, with a focus on the emotive dimension. Economic, social, and environmental dimensions make up the multifaceted idea of Corporate Social Responsibility (CSR). This study uses a survey method and a quantitative approach, focusing on consumers who have purchased products from McDonald’s and are aware of its CSR initiatives. Structured questionnaires will be used to gather data, and the Statistical Package for Social Sciences (SPSS) will be used for analysis. The suggested correlations between the variables will be investigated using multiple regression analysis and mediation testing. The purpose of this study is to determine if CSR has a substantial impact on customer satisfaction and affective brand image, as well as to evaluate the mediating function of affective brand image in this connection. Additionally, it looks at how emotional brand impressions are impacted by the economic, social, and environmental CSR components. This study is new since it only examines the emotive aspect of brand image as a mediating variable, leaving out the functional aspect, which has been extensively studied in earlier research. Furthermore, a better understanding of how CSR activities affect consumer satisfaction and emotional brand perceptions in the fast-food business may be gained by applying a three-level CSR framework: economic, social, and environmental.
THE IMPACT OF ESG DISCLOSURE AND CSR ON FIRM VALUE IN INDONESIA'S FMCG SECTOR
This study aims to examine the influence of Environmental, Social, and Governance (ESG) Disclosure and Corporate Social Responsibility (CSR) on Firm Value in the Fast-Moving Consumer Goods (FMCG) sector in Indonesia. The main objective of this study is to determine whether non-financial disclosures such as ESG and CSR can affect firm value in the FMCG sector listed on the Indonesia Stock Exchange. This study uses a quantitative approach with a panel data research design, which applies the Pooled OLS, Fixed Effects, and Random Effects regression models. The research sample consists of 28 FMCG companies listed on the Indonesia Stock Exchange in the period 2021–2024. The data used are sourced from annual reports and company sustainability reports. Data analysis techniques include panel data regression, the Chow Test, the Hausman Test, and the Lagrange Multiplier Test for appropriate model selection. The results of the t and F tests are used to examine the partial and simultaneous effects of variables on Firm Value. The results show that although the regression model is significant, ESG Disclosure and CSR do not have a significant effect on Firm Value. This research provides theoretical and practical contributions in understanding the relationship between non-financial disclosure and firm value
THE ROLE OF PROFITABILITY AND CAPITAL STRUCTURE IN STOCK PRICE FORMATION: AN EMPIRICAL STUDY OF CIGARETTE SUBSECTOR MANUFACTURING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE DURING 2019-2023
The tobacco industry is one of the sectors that contributes significantly to state revenue through taxes and excise, thereby holding a strategic position in the national economy. However, during the period 2019-2023, the stock prices of tobacco subsector companies listed on the Indonesia Stock Exchange showed a declining trend despite the continuous increase in excise revenue. This condition indicates a discrepancy between industry performance and stock price movements, highlighting the importance of examining fundamental company factors, particularly profitability and capital structure, in influencing stock prices. This study aims to analyze the effect of profitability and capital structure on stock prices of manufacturing companies in the tobacco subsector listed on the Indonesia Stock Exchange for the period 2019-2023. The research employs a quantitative approach using panel data regression analysis. The sample was determined using a saturated sampling technique, consisting of four companies that were consistently listed during the observation period. The data used are secondary data obtained from annual financial reports and official publications of the Indonesia Stock Exchange. The results indicate that profitability, proxied by Net Profit Margin (NPM), and capital structure, proxied by Debt to Equity Ratio (DER), have positive and significant effects on stock prices. Simultaneously, both variables significantly influence stock prices. The coefficient of determination (R²) of 0.890 shows that 89% of stock price variation can be explained by profitability and capital structure, confirming their important role in stock price formation.
INOVASI PEMBIAYAAN HIJAU (GREEN FINANCING) BAGI WIRAUSAHA MUDA: ANALISIS AKSESIBILITAS DAN DAMPAKNYA TERHADAP PERTUMBUHAN
Green financing is increasingly promoted to accelerate the green transition, yet young entrepreneurs often face barriers in accessing green-oriented capital. This study examines (1) how green financing accessibility influences the adoption of green financing innovations and (2) how both accessibility and adoption affect young venture growth. Using a survey of 250 Indonesian young entrepreneurs (18–35 years old) and partial least squares structural equation modeling (PLS-SEM), the findings show that accessibility significantly increases adoption of green financing innovations (β = 0.52, p < 0.001). Adoption, in turn, positively affects venture growth (β = 0.41, p < 0.001), while accessibility also has a smaller but significant direct effect on growth (β = 0.21, p = 0.004), indicating partial mediation. Credibility signals (e.g., transparent disclosure, third-party verification, and reputable early backers) strengthen the effect of accessibility on adoption (β = 0.15, p = 0.031). The model explains 27% of variance in adoption and 43% of variance in growth. The novelty lies in operationalizing “green financing accessibility” as a multi-dimensional construct tailored to young entrepreneurs and testing its impact pathway to growth through innovation adoption.
ANALISIS PERAN KAPABILITAS INOVASI DAN KEUNGGULAN DIFERENSIASI DALAM MENINGKATKAN KINERJA UMKM BERBASIS ORIENTASI KEWIRAUSAHAAN DI PULAU JAWA
This research investigates the mediating role of innovation capability and the direct influence of differentiation advantage on the performance of Small and Medium Enterprises (SMEs) based on entrepreneurial orientation in Java Island. This study employs a quantitative approach with a sample of 235 SME owners from various busines sectors. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) via SmartPLS software to test structural relationships between variables. The results show that entrepreneurial orientation has a positive effect on innovation capability and differentiation advantage, but no direct effect on business performance. Conversely, innovation capability and differentiation advantage have a positive effect on business performance. Furthermore, innovation capability and differentiation advantage serve as significant mediators in the relationship between entrepreneurial orientation and business performance. These findings indicate that entrepreneurial orientation needs to be transformed through innovation capability and differentiation strategy to influence business performance, as the effect is not automatic. This research provides theoretical contributions by integrating the Resource-Based View and Dynamic Capability Theory perspectives in explaining the relationship mechanism between EO and performance. Practically, the results emphasize the importance of developing innovation capability and differentiation as primary strategies for improving SME performance in a competitive business environment.
THE RELATIONSHIP BETWEEN LEADERSHIP AND VILLAGE PERFORMANCE AND SUSTAINABILITY IN HIGH-POVERTY AREAS IN SUMATRA
The Village Law has been in effect in Indonesia for a decade, having a positive impact on village development and governance. These achievements serve as a foundation for the government to improve future village governance and sustainability. Therefore, this study aims to investigate the relationship between leadership and village performance and sustainability in poor areas of Sumatra. This study used a quantitative approach with a survey method. Primary data were collected using questionnaires distributed to village officials and village leaders in Bengkulu and Nanggroe Aceh Darussalam Provinces. The results indicate that leadership is crucial for improving performance and achieving sustainable village development.
THE EFFECT OF CORPORATE GOVERNANCE AND b OWNERSHIP STRUCTURE ON SUSTAINABILITY REPORTING QUALITY AS A FINANCIAL SIGNAL
This study aims to analyze the effect of corporate governance and ownership structure on sustainability reporting quality as a financial signal in food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. Corporate governance in this study is proxied by the size of the board of commissioners and gender diversity of the board of commissioners, while ownership structure is proxied by managerial ownership and institutional ownership. Sustainability reporting quality is considered a non-financial signal that reflects corporate transparency and commitment to sustainable business practices. This research employs a quantitative approach using panel data regression analysis. The sample was selected through purposive sampling, resulting in 11 companies with a total of 44 observations. The data used in this study are secondary data obtained from annual reports, sustainability reports, and share ownership information published by the companies and the Indonesia Stock Exchange. Data analysis was conducted using EViews software. The results indicate that institutional ownership has a positive and significant effect on sustainability reporting quality. Meanwhile, the size of the board of commissioners, gender diversity of the board of commissioners, and managerial ownership do not have a significant effect on sustainability reporting quality. Simultaneously, corporate governance and ownership structure do not have a significant effect on sustainability reporting quality. These findings suggest that improvements in sustainability reporting quality are not solely influenced by corporate governance mechanisms and ownership structure, but also by other factors outside the research model
REPUTASI PERUSAHAAN SEBAGAI MEDIATOR: PERAN CORPORATE SOCIAL RESPONSIBILITY, KUALITAS AUDIT, DAN FINANCIAL DISTRESS DALAM AGRESIVITAS PAJAK
This study examines the effect of Corporate Social Responsibility (CSR), audit quality, and financial distress on tax aggressiveness,with corporate reputation as a mediating variable in energy sector companies listed on the Indonesia Stock Exchange during 2019-2024. This research uses a quantitative approach with secondary data and Partial Least Square (PLS) analysis. The sample consists of 34 companies selected through purposive sampling. The results show that financial distress has a positive and significant effect on tax aggressiveness, while CSR and audit quality have no significant effect. Corporate reputation neither affects tax aggressiveness nor mediates the relationships between variables. These findings indicate that tax aggressiveness is more driven by financial pressure than by reputational or governance factors. The study highlights that non-financial signals such as CSR do not always reflect actual tax compliance.
CONFUSING BRAINS WITH RETURNS: EVIDENCE OF INVESTOR OVERCONFIDENCE AND TRADING ACTIVITY IN THE INDONESIAN STOCK MARKET
This study investigates the presence of investor overconfidence in the Indonesian equity market by analyzing the lead-lag relationship between stock returns and subsequent trading activity. Focusing on the constituents of the LQ45 index from January 2023 to December 2025, we employ a firm-level panel data approach with fixed effects and clustered robust standard errors on a monthly dataset (N=1,485$). Using share turnover as a proxy for trading intensity, the analysis tests the hypothesis that past positive returns lead to increased trading volume due to biased self-attribution. The empirical results demonstrate that both contemporaneous and lagged individual stock returns exert a positive and statistically significant influence on trading activity (p < 0.05$), confirming that Indonesian investors tend to trade more aggressively following periods of capital gains. This behavioral pattern remains robust across alternative turnover specifications, including total-share and free-float-based proxies, as well as log-transformed models. Furthermore, lagged market returns exhibit a dominant positive effect, suggesting that market-wide sentiment acts as a powerful catalyst for trading frequency. These findings provide strong evidence of overconfidence-driven behavior in the Jakarta Composite Index, highlighting how psychological biases—rather than purely fundamental information—drive market liquidity and volatility in an emerging market context.
DETERMINAN MAKROEKONOMI TERHADAP STOCK MARKET DEVELOPMENT DI ASEAN
This study investigates the relationship between macroeconomic factors and stock market development. Specifically, it examines the roles of gross domestic product, inflation, trade openness, financial intermediary development, investment rate, and saving rate across multiple dimensions of market development, including stock market capitalization, equity trading, turnover ratio, and the number of listed companies in ASEAN countries over the period 2000–2024. Testing methods conducted by a fixed effects panel data approach with Driscoll–Kraay standard errors to account for heteroscedasticity and cross-sectional dependence, the findings reveal substantial heterogeneity in the effects of macroeconomic variables. The results indicate that gross domestic product, inflation, financial intermediary development, and investment rate have an insignificant relationship across most stock market development indicators. Trade openness demonstrates a positive and significant relationship, particularly when proxied by equity trading and listed companies. Saving rate indicates a robust significant effect on stock market capitalization, further supported by turnover ratio dynamics. These findings highlight the differentiated transmission mechanisms of macroeconomic factors within ASEAN financial systems and underscore the need for coordinated macro-financial policies to enhance the complementarity between banking institutions and capital markets, thereby fostering sustainable market development.
PENGARUH SIKLUS HIDUP PERUSAHAAN DAN KEPEMILIKAN INSTITUSIONAL TERHADAP KEBIJAKAN DIVIDEN
This study aims to provide empirical evidence of the influence of the corporate life cycle and institutional ownership on dividend policy. Dividend policy is measured by DivRate, DivTA, and DivPAT. The corporate life cycle is divided into 3 stages, namely growth, mature, and stagnant, which are measured using a multivariate cross-sectional approach by calculating the median values of median age, median sales growth, and median dividend policy. Institutional ownership is measured based on the percentage of institutional share ownership relative to total outstanding shares. The study sample of manufacturing companies listed on the IDX in 2015-2024. The sample selection method is the purposive sampling method which totals 342 observations. The results show that the corporate life cycle has an effect on dividend policy using the proxies DivRate, DivTA and DivPAT. Companies in the mature stage were not found to pay higher dividends than companies in the growth stage. Companies in the stagnant stage were found to pay higher dividends than companies in the growth stage. Companies in the stagnant stage paid higher dividends than companies in the mature stage. The results of further research prove that institutional ownership has a positive influence on dividend policy using the proxies DivRate, DivTA and DivPAT.
PENGARUH PENERAPAN GREEN ACCOUNTING DAN IMPLEMENTASI SUSTAINABILITY REPORTING TERHADAP KINERJA KEUANGAN PERUSAHAAN DENGAN GOOD CORPORATE GOVERNANCE SEBAGAI VARIABEL MODERASI
This study examines the effect of Green Accounting and Sustainability Reporting on corporate financial performance with Good Corporate Governance as a moderating variable in mining companies listed on the Indonesia Stock Exchange during 2021–2024. A quantitative causal associative approach was employed. The sample consisted of 11 companies with 44 observations selected through purposive sampling. Financial performance was measured using Return on Assets (ROA). Green Accounting was measured through environmental cost disclosure analysis, Sustainability Reporting through a CSR Disclosure Index based on GRI Standards, and Good Corporate Governance was proxied by the audit committee. Panel data regression and Moderated Regression Analysis (MRA) were applied using EViews 12. Green AccountingThe results indicate that Green Accounting and Sustainability Reporting do not significantly affect ROA directly. However, Good Corporate Governance strengthens the relationship between sustainability practices and financial performance. These findings suggest that corporate governance mechanisms play a crucial role in translating sustainability initiatives into financial outcomes.
EXPLORING FIRM VALUE IN SUSTAINABILITY ERA : FINANCE, GOVERNANCE, AND ESG
In the sustainability era, firm value is increasingly shaped not only by financial performance but also by governance practices and Environmental, Social, and Governance (ESG) disclosure. Although extensive research has examined the ESG and firm value relationship, most studies rely on empirical firm-level analyses without systematically synthesizing the intellectual structure and thematic evolution of the field. Addressing this gap, this study conducts a comprehensive bibliometric analysis of 775 global publications from 2015 to 2024 using VOSviewer to map research trends, collaboration networks, and thematic clusters. The findings reveal that sustainability has become a central pillar in value creation, with ESG disclosure and governance mechanisms functioning as key determinants and moderating dimensions. The novelty of this research lies in its integrative perspective, which unifies financial, governance, and sustainability dimensions within a single analytical framework, offering deeper insights into the multidimensional drivers of firm value. These results contribute to theory development and provide practical guidance for long term strategic decision making
PENGARUH GOOD CORPORATE GOVERNANCE DAN KINERJA KEUANGAN TERHADAP PENGUNGKAPAN SUSTAINABILITY REPORTING
This study aims to analyze the influence of Good Corporate Governance (GCG) and financial performance on Sustainability Reporting disclosure in pharmaceutical companies listed on the Indonesia Stock Exchange for the 2021–2024 period. The study used a quantitative approach using secondary data from annual reports and sustainability reports. The research sample was determined through purposive sampling, resulting in 10 companies with 40 observations. Sustainability Reporting was measured based on Global Reporting Initiative guidelines, while data analysis used panel data regression. The results showed that Good Corporate Governance and financial performance did not significantly influence Sustainability Reporting disclosure, either partially or simultaneously. This finding suggests that Sustainability Reporting disclosure in pharmaceutical companies remains voluntary and is influenced by factors beyond the research variables.
PENGARUH STRUKTUR UTANG TERHADAP PROFITABILITAS: STUDI EMPIRIS PADA PERUSAHAAN NON-KEUANGAN DI INDONESIA
The purpose of this study is to examine the effect of capital structure on corporate financial performance, as measured by profitability. Capital structure is assessed using Short-term Debt (STD) and Long-term Debt (LTD), while profitability is evaluated through Return on Assets (ROA) and Net Profit Margin (NPM). The research data comprises 807 non-financial companies registered on the Indonesia Stock Exchange. Panel data regression is employed for the analysis over the observation period from 2015 to 2024, estimated using the Fixed Effects Model. The panel regression results indicate that both STD and LTD significantly and negatively impact profitability, as measured by ROA and NPM. Overall, the findings suggest that capital structure is a critical factor that should be considered in relation to the company’s profitability.
NET ZERO EMISSION CONTINGENCY FOR 2060 IN JAKARTA: A BIBLIOMETRIC ANALYSIS
As Indonesia's capital and economic center, Jakarta faces unprecedented challenges in aligning rapid urbanization with climate commitments. Indonesia has pledged to achieve Net Zero Emissions (NZE) by 2060, establishing a critical imperative for Jakarta's urban decarbonization strategy. This bibliometric analysis examines 156 articles and proceedings across nine years of publication (2017–2026) from the Dimensions database to map the scholarly landscape of Jakarta's NZE 2060 contingency planning. Using co-citation networks, keyword co-occurrence analysis, and thematic mapping via VOS viewer two dominant research clusters emerged: (1) Urban Energy Transition, emphasizing solar photovoltaic integration and smart grid modernization; (2) Climate Resilience and Adaptation, addressing flood mitigation and sea-level rise vulnerability centered on the Long-Term Strategy for Low Carbon and Climate Resilience (LTS-LCCR). A significant research gap was identified regarding contingency pathways during economic or environmental shocks, suggesting that while Jakarta's decarbonization roadmap is well-documented, scholarship on adaptive resilience mechanisms remains underdeveloped
FINANCIAL DISTRESS AND FINANCIAL SUSTAINABILITY: PANEL EVIDENCE FROM INDONESIAN NON-FINANCIAL FIRMS
Financial sustainability is a fundamental pillar of long-term corporate viability; however, it remains underexplored within the broader sustainability discourse, which is often dominated by environmental and social dimensions. This study aims to bridge this gap by examining financial distress as a key indicator of financial resilience and sustainable business continuity in emerging markets. Using panel data from 416 Indonesian non-financial firms over the period 2013–2022, this study employs a logistic regression approach to analyze the impact of profitability, liquidity, leverage, operating cash flow, and firm size on the likelihood of financial distress. Financial distress is defined based on the interest coverage ratio, where firms with a ratio below one are classified as distressed. The empirical results reveal that profitability is the only statistically significant determinant of financial distress, highlighting its dominant role in sustaining firm operations. In contrast, liquidity, leverage, operating cash flow, and firm size do not exhibit significant effects, suggesting that traditional financial indicators may have limited predictive power in the Indonesian context. These findings emphasize the importance of profitability-driven resilience as a core component of financial sustainability in emerging markets. This study contributes to the literature by repositioning financial distress within the financial sustainability framework and providing empirical evidence from a large panel dataset in Indonesia. The results offer practical implications for investors, creditors, and policymakers in developing more effective early warning systems and strengthening financial resilience as a foundation for sustainable business practices.
BEYOND THE GREEN HORIZON: UNPACKING THE IMPACT OF REGENERATIVE HRM ON SUSTAINABLE EMPLOYABILITY IN THE DIGITAL TRANSFORMATION ERA
Purpose, This research addresses the critical structural paradox of digital transformation within the contemporary labor market by investigating the impact of Regenerative Human Resource Management (HRM) on Sustainable Employability. Amidst the high-pressure digital pivoting of the financial sector in Surabaya, Indonesia, this study examines how restorative organizational practices influence long-term career vitality through the mediating role of Affective Commitment and the moderating influence of Digital Mindset. Design/methodology/approach, A quantitative-explanatory research design was employed, utilizing a self-administered survey to collect primary data from 128 permanent employees at Bank X Surabaya. The research framework was analyzed using PLS-SEM via SmartPLS 4.0. Findings, The empirical results reveal a significant paradoxical finding where Regenerative HRM does not directly impact Sustainable Employability. Instead, the relationship is characterized by full mediation through Affective Commitment. This indicates that restorative practices only enhance career longevity when they successfully foster deep emotional identification with the organization. Furthermore, Digital Mindset was found to be an insignificant moderator, suggesting that psychological and emotional bonds are more critical than cognitive-technological orientations in ensuring human capital sustainability amidst aggressive digitalization. Originality,This study contributes to the emerging discourse on regenerative economics by shifting the strategic focus from resource utilization to active human restoration. By identifying a full mediation mechanism, this research establishes a novel framework for sustainable human capital management in emerging economies, asserting that technological excellence must be achieved in tandem with the proactive replenishment of human energy and emotional trust.
A PANEL DATA PERSPECTIVE ON TRIPLE BOTTOM LINE IMPLEMENTA-TION AND FINANCIAL PERFORMANCE OF INDONESIA'S STATE-OWNED BANKS (2020-2024)
This study investigates how adopting a Triple Bottom Line (TBL) framework influences the financial performance of Indonesian state-owned banks. Drawing on Stakeholder and Signaling Theories, the research treats the Planet and People dimensions of TBL as indicators of management quality and organizational resilience. Using a quantitative panel data approach covering four major state-owned banks — Bank Mandiri, BNI, BRI, and BTN — across 2020 to 2024, the study generates 20 observations. The Planet dimension is measured through the Green Financing Ratio (GFR), while Social Disclosure Intensity (SDI) derived from a 40-item GRI 400-series checklist, captures the People dimension. Return on Assets (ROA) is used as the primary performance measure, with bank size and Non-Performing Loans (NPL) included as control variables. Analysis was conducted using Linear Mixed Models in IBM SPSS 29, with an AR(1) covariance structure to address serial correlation within banks. The results reveal that GFR has a modest positive but statistically insignificant relationship with ROA, while SDI shows virtually no effect, resulting in both hypotheses being rejected. Importantly, neither TBL variable harmed profitability, countering the notion that sustainability practices come at a financial cost. The high autocorrelation detected suggests that bank-specific historical performance is the dominant driver of ROA, potentially masking any short-term effects of TBL. Overall, the findings position TBL adoption as financially neutral at worst and modestly beneficial at best, with fuller profitability gains likely emerging over longer periods — offering practical guidance for sustainable resource planning in line with OJK's Sustainable Finance Roadmap Phase II.
ARTIFICIAL INTELLIGENCE ADOPTION AND ITS IMPACT ON ACCOUNT-ING INFORMATION QUALITY AND ACCOUNTING PROCESS EFFICIENCY
Digital transformation and the increasing adoption of Artificial Intelligence AI have reshaped accounting practices toward more automated and data-driven systems. However, their effectiveness in enhancing information quality and process efficiency in Indonesia still requires empirical examination. This study aims to examine the effect of Artificial Intelligence AI adoption on accounting information quality and accounting process efficiency, while considering the mediating role of accounting information quality. The research employs a quantitative approach using purposive sampling combined with snowball sampling, involving 125 respondents. The data are analyzed using Structural Equation Modeling based on Partial Least Squares SEM PLS to test the relationships among the research variables. This study is expected to provide both theoretical and practical contributions to the development of technology-based accounting information systems in Indonesia.
MEMBANGUN LOYALTY TOWARD BRAND PADA SHOPEE: PERAN PERCEIVED ENJOYMENT DAN SUBJECTIVE NORM
The development of e-commerce platforms not only focuses on transaction activities but also presents entertainment features such as digital games to increase user engagement. One such feature is Shopee Games, which is designed to provide an interactive experience for users. This study aims to analyze the influence of Perceived Enjoyment and Subjective Norm on Attitude toward Brand and its implications for Loyalty toward Brand among Shopee Games users. This study uses a quantitative approach with a survey method of 99 respondents who are Shopee Games users. The data analysis technique was carried out using Partial Least Squares - Structural Equation Modeling (PLS-SEM) with the help of SmartPLS software. The results show that Subjective Norm has a positive effect on Attitude toward Brand, while Perceived Enjoyment has no significant effect on Attitude toward Brand. In addition, Attitude toward Brand is proven to have a positive influence on Loyalty toward Brand. These findings indicate that social influence has an important role in shaping user attitudes towards Shopee, which ultimately can increase brand loyalty. This study implies that companies need to strengthen community-based marketing strategies and social influence to increase user loyalty towards game features in e-commerce platforms.
PENGARUH ENTREPRENEURIAL SKILL, MARKET ORIENTATION, SALES ORIENTATION, NETWORKING, DAN ENTREPRENEURIAL SELF EFFICACY TERHADAP KINERJA UMKM DI JABODETABEK
Sektor industri UMKM yang menjadi salah satu penyumbang terbesar bagi perekonomian di Indonesia masih menghadapi berbagai tantangan khususnya di wilayah Jabodetabek. Penelitian sebelumnya banyak berfokus pada pengaruh orientasi kewirausahaan, orientasi pasar, orientasi penjualan, dan networking terhadap kinerja UMKM. Penelitian ini bertujuan untuk menganalisis pengaruh entrepreneurial skill, market orientation, sales orientation, networking, dan entrepreneurial self efficacy terhadap kinerja UMKM. Penelitian ini menggunakan metode kuantitatif dengan menggunakan data primer yang diperoleh melalui penyebaran kuesioner melalui Google Form kepada 330 pemilik UMKM di Jabodetabek yang bergerak di sektor industri manufaktur, retail, wholesaling, agriculture, livestock, service, dan kuliner. Analisis data dilakukan dengan mengunakan SmartPLS 4.1 dengan jumlah responden sebanyak 330. Hasil penelitian ini menunjukan bahwa entrepreneurial skill, market orientation, sales orientation, networking dan entrepreneurial self efficacy berpengaruh positif dan signifikan terhadap kinerja UMKM. Temuan ini juga menyoroti pentingnya inovasi model bisnis dan orientasi pasar dalam mengoptimalkan pengelolaan sumber daya untuk meningkatkan kinerja UMKM di Jabodetabek.
PENGARUH DIGITAL SKILL, DIGITAL COLLABORATION, DIGITAL INNOVATIVENESS TERHADAP DIGITAL LEADERSHIP PADA GEN-Z DI SURABAYA
The development of digital technology has driven changes in how individuals collaborate, innovate, and lead in various contexts, including academic settings. Therefore, understanding the factors influencing digital leadership skills is crucial to supporting the younger generation's readiness for the era of digital transformation. This study aims to analyze the influence of Digital Skill, Digital Collaboration, and Digital Innovativeness on Digital Leadership in students. This study used a quantitative approach with a survey method. The population in this study were active students, while the research sample consisted of 99 respondents selected using a purposive sampling technique. Data was collected through a questionnaire measured using a five-level Likert scale. Data analysis was performed using multiple linear regression analysis with the help of SPSS software. Before conducting the regression analysis, the data were first tested through validity and reliability tests, as well as classical assumption tests including normality, multicollinearity, heteroscedasticity, and linearity tests. The results showed that DS, DC, and DI had a positive and significant influence on DL. Among the three variables, DC had the most dominant influence on DL. The results of this study indicate that improvements in DS, DC, and DI aspects can support the improvement of DL. Therefore, developing digital competencies, strengthening collaboration, and increasing innovation are important factors in supporting the effectiveness of DL in the academic environment.
MENJADI TANGGUH DI ERA DIGITAL: STUDI KUALITATIF TENTANG FAKTOR KEBERHASILAN WANITA GENERASI Z DALAM WIRAUSAHA ONLINE
Penelitian ini bertujuan mengidentifikasi faktor-faktor yang memengaruhi keberhasilan wanita generasi Z dalam menjalankan wirausaha berbasis digital (online shop). Perkembangan teknologi digital dan media sosial memberikan peluang besar bagi generasi Z untuk membangun usaha secara mandiri. Namun, meskipun partisipasi wanita generasi Z dalam bisnis digital meningkat, tidak sedikit yang belum mampu mempertahankan keberlanjutan usahanya. Kajian yang secara khusus meneliti keberhasilan wanita generasi Z sebagai pelaku wirausaha digital di Indonesia masih terbatas. Penelitian ini menggunakan pendekatan kualitatif dengan desain studi kasus. Narasumber utama terdiri dari tiga wanita generasi Z yang telah menjalankan usaha digital lebih dari tiga tahun. Untuk memperkuat validitas data, wawancara juga dilakukan terhadap keluarga inti masing-masing narasumber. Pengumpulan data dilakukan melalui studi literatur, wawancara mendalam, observasi, dan triangulasi sumber. Analisis data dilakukan dengan mengidentifikasi pola, kategori, dan variabel yang kemudian dirumuskan dalam proposisi model konseptual. Hasil penelitian menunjukkan bahwa keberhasilan usaha dipengaruhi oleh karakteristik internal (percaya diri, tekun, kreatif, komunikatif, adaptif terhadap tren), kemampuan menghadapi kegagalan, kemauan berinovasi, kedisiplinan dalam pengelolaan waktu, pengelolaan keuangan yang terpisah antara pribadi dan usaha, serta dukungan keluarga inti sebagai faktor eksternal. Penelitian ini memberikan implikasi praktis bagi wanita generasi Z pelaku usaha digital serta pihak-pihak yang terlibat dalam pembinaan kewirausahaan digital.
LEADERSHIP LEGACY AND SUSTAINABLE SCHOOL PERFORMANCE: A SYSTEMATIC LITERATURE REVIEW OF LEADERSHIP STYLE, ORGANIZATIONAL CULTURE, TEACHER MOTIVATION, AND JOB SATISFACTION
This study examines how leadership style, organizational culture, teacher motivation, and job satisfaction contribute to leadership legacy and sustainable school performance. The purpose of this study is to synthesize existing research, identify key research gaps, and propose an integrative conceptual framework that supports sustainable educational leadership aligned with Sustainable Development Goal 4 (SDG 4). A systematic literature review (SLR) was conducted following PRISMA guidelines. Articles were retrieved through the Dimensions AI platform, which provides access to major academic databases including Scopus, Emerald Insight, ScienceDirect, SpringerLink, and Google Scholar. The initial search identified 150 studies published between 2015 and 2025. After applying inclusion and exclusion criteria based on the PICOS framework and conducting independent screening by two researchers, 42 articles were selected for final analysis. Inter-coder reliability was assessed using Cohen’s kappa to ensure analytical consistency. The findings reveal three key patterns. First, leadership style—particularly transformational, instructional, and collaborative leadership—plays a central role in shaping leadership legacy and long-term school development. Second, organizational culture functions as an institutional mechanism that preserves leadership values and practices across leadership transitions. Third, teacher motivation and job satisfaction act as mediating factors linking leadership practices with school performance outcomes. This study contributes theoretically by proposing an integrative framework connecting leadership style, organizational culture, teacher motivation, and job satisfaction to leadership legacy and sustainable school performance. Practically, the findings provide insights for policymakers and school leaders seeking to strengthen sustainable educational leadership, particularly within the context of Indonesian secondary education.
PENGARUH STRUKTUR MODAL TERHADAP PROFITABILITAS PERBANKAN KONVENSIONAL DI INDONESIA DENGAN REGRESI KUANTIL
The banking sector plays a critical role in maintaining financial stability and supporting economic growth. In banking institutions, capital adequacy is a key determinant of financial resilience and operational performance. However, the relationship between capital adequacy and profitability remains debated, particularly regarding whether higher capital level consistently enhances bank performance or instead creates inefficiencies due to excess capital holdings. This study aims to examine the impact of capital structure on the profitability of convention banks in Indonesia while emphasizing the potential non-linear relationship between capital adequacy and bank profitability. The study utilizes panel data from 41 conventional banks in Indonesia over the period 2014 – 2024, comprising 451 observations. Bank profitability is measured using Return on Equity (ROE). The primary explanatory variables include Capital Adequacy Ratio (CAR) and its squared term (CAR2) to capture potential non-linear effects. Control variables include Non-Performing Loan (NPL), Operating Expenses to Operating Income (BOPO), Loan to Deposit Ratio (LDR) and Net Interest Margin (NIM), while macroeconomic variables include Gross Domestic Product Growth (GDP), Inflation (INF) and market concentration measured using the Herfindahl-Hirschman Index (HHI). The empirical analysis applies panel quantile regression using STATA to capture heterogeneous effects across different profitability levels. The results show the bank-specific factors significantly influence profitability. BOPO and NPL negatively affect ROE, while NIM positively contributes to profitability. Furthermore, the findings reveal a non-linear relationship between capital adequacy and profitability, indicating the existence of an optimal capital level in the banking sector. In contrast, macroeconomic factors such as GDP growth, INF and HHI do not significantly affect bank profitability. This study contributes to the literature by providing empirical evidence on heterogeneous capital-profitability dynamics using a quantile regression framework in the Indonesia banking industry.
ECONOMIC DISPATCH DALAM OPTIMALISASI BIAYA OPERASI SISTEM TENAGA LISTRIK BERKELANJUTAN
Economic Dispatch (ED) merupakan metode optimasi dalam sistem tenaga listrik (STL) yang digunakan untuk menentukan pembagian daya pada setiap unit pembangkit agar kebutuhan beban terpenuhi dengan biaya operasi minimum serta tetap memenuhi batasan teknis sistem. Studi ini membahas prinsip dasar ED, model matematis, metode penyelesaian klasik dan modern, serta implementasinya pada sistem tenaga berbasis energi terbarukan. Hasil kajian menunjukkan bahwa ED memiliki peran penting dalam meningkatkan efisiensi operasi sistem tenaga listrik. Selain itu, akurasi dan kinerja ED dapat ditingkatkan melalui penerapan metode optimasi berbasis metaheuristic.
ANALISIS PERBANDINGAN KINERJA TEXTBLOB DAN CLIFF NLP PADA KLASIFIKASI SENTIMEN ULASAN PELANGGAN PENGRAJIN JEPARA
Analisis sentimen merupakan salah satu teknik dalam pemrosesan bahasa alami (Natural Language Processing/NLP) yang digunakan untuk mengidentifikasi opini dan emosi pengguna terhadap suatu produk atau layanan berdasarkan data teks. Penelitian ini bertujuan untuk melakukan analisis sentimen terhadap ulasan konsumen pengrajin mebel di Jepara yang diperoleh dari Google Maps Review, serta membandingkan kinerja dua pendekatan yang berbeda, yaitu metode berbasis transformer dan metode berbasis leksikon. Metode yang digunakan dalam penelitian ini adalah Text Mining-based Sentiment Analysis Method yang meliputi tahapan pengumpulan data, preprocessing teks, ekstraksi fitur, klasifikasi sentimen, dan evaluasi hasil. Pendekatan transformer diimplementasikan menggunakan model cardiffnlp/twitter-xlm-roberta-base-sentiment yang mampu memahami konteks kalimat melalui representasi embedding dan mekanisme self-attention, sedangkan pendekatan leksikon menggunakan TextBlob yang mengklasifikasikan sentimen berdasarkan kamus polaritas kata. Hasil analisis terhadap data ulasan menunjukkan bahwa distribusi sentimen didominasi oleh sentimen negatif dengan 63 ulasan (54%), diikuti oleh sentimen positif sebanyak 38 ulasan (33%), dan sentimen netral sebanyak 16 ulasan (13%). Temuan ini menunjukkan bahwa sebagian konsumen masih memiliki pengalaman yang kurang memuaskan terhadap layanan atau produk pengrajin Jepara. Secara metodologis, model berbasis transformer menunjukkan kemampuan yang lebih baik dalam memahami konteks bahasa dibandingkan metode leksikon yang cenderung bergantung pada polaritas kata secara individual. Penelitian ini diharapkan dapat memberikan kontribusi dalam memahami persepsi konsumen terhadap industri kerajinan lokal serta memberikan referensi metodologis dalam penerapan analisis sentimen pada data ulasan berbahasa Indonesia.
PENGARUH eWOM DAN e-REFERRAL TERHADAP NIAT PEMBELIAN: PERAN CITRA MEREK SEBAGAI VARIABEL MODERASI
This research was conducted to provide empirical evidence on the effect of the quality of Sustainable Development Goals (SDGs) disclosure and green accounting on financial performance. This study uses SDGs disclosure and environmental costs as independent variables, and Return on Assets and Return on Equity as dependent variables. The study employs secondary data from the sustainability reports of 180 non-financial companies from 2020 to 2024. This quantitative research is based on a positive paradigm, with samples selected using purposive sampling and analyzed using multiple linear regression with SPSS version 29. The results of this study indicate that (1) the quality of SDGs disclosure has no effect on financial performance, and (2) green accounting has no effect on financial performance. The implication of this research is that the quality of SDGs disclosure does not influence the financial performance of companies
STUDI PADA RUJUKAN ELEKTRONIK DAN GETOK TULAR: CITRA MEREK SEBAGAI VARIABEL MODERASI DALAM PERSPEKTIF TEORI KESESUAIAN DIRI
Penggunaan media sosial semakin masif sebagai sarana promosi untuk meningkatkan niat beli konsumen terhadap produk kecantikan yang dipengaruhi oleh rekomendasi dan ulasan online. Penelitian bertujuan menganalisis pengaruh Electronic Word of Mouth (eWOM) dan Electronic-Referral (e-Referral) pada niat pembelian dengan citra merek sebagai variabel moderasi. Sampel dalam penelitian adalah konsumen pengguna aplikasi TikTok Shop produk kosmetik Wardah di Manokwari, Papua Barat. Penelitian ini menggunakan pendekatan kuantitatif dengan Structural Equation Modeling-Partial Least Squares (SEM-PLS). Ukuran sampel dalam penelitian ini sebanyak 260 orang pengguna TikTok Shop yang pernah membeli atau berniat untuk membeli produk Wardah. Pengumpulan data dilakukan melalui penyebaran kuesioner secara langsung dengan menggunakan skala likert. Hasil penelitian ini menunjukkan bahwa e-Referral dan eWOM berpengaruh positif terhadap niat pembelian, namun berdasarkan hasil Structural Equation Modeling-Partial Least Squares menunjukkan variabel citra merek tidak mampu memoderasi hubungan antara e-Referral dan e-WOM terhadap niat pembelian. Niat beli konsumen pada produk lebih dipengaruhi rekomendasi dan komunikasi elektronik secara langsung terhadap citra merek.
KETIKA KESENJANGAN GAJI GAGAL MEMOTIVASI: PERAN KEPASTIAN INFORMASI DALAM TURNAMEN PROMOSI
Kesenjangan gaji yang besar secara teori seharusnya memotivasi karyawan untuk bersaing mendapatkan promosi. Namun dalam praktiknya, tidak jarang kesenjangan tersebut justru gagal mendorong perilaku kompetitif. Penelitian ini berargumen bahwa kegagalan tersebut disebabkan oleh ketidakpastian informasi tentang nilai hadiah promosi. Studi eksperimen ini bertujuan menguji bagaimana tingkat kepastian informasi berinteraksi dengan kesenjangan gaji dalam membentuk perilaku karyawan. Menggunakan desain eksperimen 2×2 antar-subjek dengan 90 mahasiswa akuntansi sebagai partisipan, penelitian ini memanipulasi kesenjangan gaji (tinggi vs. rendah) dan kepastian informasi (kuat vs. lemah) untuk mengamati pilihan partisipan antara strategi kompetitif dan kooperatif dalam turnamen promosi. Hasil menunjukkan pola interaksi yang signifikan: kesenjangan tinggi dengan kepastian kuat mendorong perilaku kompetitif (54,5%), tetapi ketika kepastian lemah, kesenjangan tinggi justru menghasilkan kerja sama tertinggi (84,6%). Temuan ini mengungkap bahwa kepastian informasi merupakan kondisi yang diperlukan agar insentif berbasis kesenjangan dapat memotivasi kompetisi. Dalam kondisi ketidakpastian, karyawan cenderung memilih kerja sama sebagai strategi aman. Penelitian ini berkontribusi pada akuntansi keperilakuan dengan mengintegrasikan rasionalitas terbatas ke dalam teori turnamen.
AUDIT ATAS PENGUNGKAPAN EMISI KARBON DALAM LAPORAN KEBERLANJUTAN: INDIKASI PRAKTIK GREENWASHING PADA PERUSAHAAN FAST FASHION GLOBAL
Penelitian ini bertujuan untuk menganalisis pengungkapan emisi karbon dalam laporan keberlanjutan serta mengidentifikasi indikasi praktek greenwashing pada perusahaan fast fashion global. Menggunakan pendekatan kualitatif dengan metode analisis isi dan indeks pengungkapan, studi ini menelaah laporan keberlanjutan H&M Group, Inditex (Zara), dan Adidas selama periode 2020 hingga 2024. Data dianalisis melalui pendekatan tematik, komparatif longitudinal dan cross-sectional, serta analisis kesenjangan antara narasi dan kinerja aktual. Hasil penelitian menunjukkan bahwa H&M memiliki tingkat transparansi tertinggi dengan pengungkapan Scope 1, 2, dan 3 secara konsisten serta target yang tervalidasi SBTi, meskipun realisasi penurunan Scope 3 masih tertinggal dari target. Inditex menunjukkan peningkatan kualitas pelaporan sejak 2022, namun masih didominasi narasi positif tanpa dukungan data memadai. Adidas telah mengadopsi standar IFRS dengan target ambisius, tetapi transparansi rantai pasok masih terbatas. Temuan mengkonfirmasi indikasi greenwashing dalam bentuk halus, meliputi selektivitas informasi, kesenjangan target-realisasi, serta ketidakseimbangan antara narasi dan data kuantitatif. Tantangan utama yang dihadapi ketiga perusahaan adalah pengelolaan dan pengungkapan emisi Scope 3 yang mencakup sebagian besar jejak karbon industri. Penelitian ini menegaskan pentingnya peran audit independen yang kredibel untuk memverifikasi tidak hanya akurasi data, tetapi juga kewajaran narasi keberlanjutan guna memastikan akuntabilitas perusahaan secara substantif.
PENGARUH ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) TERHADAP EARNINGS MANAGEMENT YANG DIMODERASI OLEH BOARD GENDER DIVERSITY PADA ASEAN-5
The purpose of this study is to empirically examine the impact of Environmental, Social, and Governance (ESG) performance practices on earnings management, using gender diversity as a moderating variable. This research focuses on non-banking companies in five ASEAN countries: Indonesia, Malaysia, the Philippines, Singapore, and Thailand, from 2015 to 2024. The sampling was purposive, based on a total of 1,310 observations analyzed using panel data regression and the Fixed Effects Model. Labor management variables were evaluated using Kothari's (2005) Absolute Discretionary Accruals model, while ESG work practices were evaluated using Refinitiv scores. Research findings indicate that ESG has a significant and negative impact on labor management. This illustrates Agency Theory, which states that ESG commitment effectively enhances transparency and drives managerial opportunities. However, the moderation results indicate that gender differences do not significantly affect the relationship between ESG and workforce management. This indicates that female directors in ASEAN have not yet reached a critical mass, with an average of 14.49 percent, making their impact more symbolic than substantial in terms of oversight. The implication of this research is that investors are advised to use the ESG score as a reliable primary indicator in assessing risk and the quality of financial reports, regardless of the current gender composition of the board.
NILAI PERUSAHAAN DAN MANAJEMEN LABA: APAKAH MANAJEMEN LABA AKRUAL DAN MANAJEMEN LABA RIIL DIPERSEPSIKAN SAMA OLEH PASAR?
Penelitian ini bertujuan untuk menganalisis pengaruh manajemen laba akrual dan manajemen laba riil terhadap nilai perusahaan dengan kualitas audit sebagai variabel moderasi. Studi ini menggunakan teori agensi dan teori sinyal sebagai dasar konseptualnya untuk menguji apakah dua jenis praktik manajemen laba yang berbeda dipersepsikan secara berbeda oleh pasar. Penelitian ini juga menguji apakah kualitas audit mempengaruhi sinyal yang diterima pasar oleh praktik kedua jenis manajemen laba. Data yang dianalisis berasal dari data sekunder berupa laporan keuangan perusahaan konstruksi yang terdaftar di Bursa Efek Malaysia dan Singapura selama periode 2019 hingga 2023, dengan total sebanyak 389 observasi. Sampel dalam penelitian ini diperoleh melalui metode purposive sampling, dan analisis data dilakukan dengan regresi linear berganda. Temuan penelitian mengindikasikan bahwa manajemen laba akrual memiliki pengaruh positif terhadap nilai perusahaan, sedangkan manajemen laba riil memberikan dampak negatif. Kualitas audit tidak menunjukkan pengaruh langsung terhadap nilai perusahaan serta tidak mampu memoderasi hubungan antara manajemen laba akrual dan nilai perusahaan. Namun demikian, kualitas audit terbukti dapat melemahkan dampak negatif yang ditimbulkan oleh manajemen laba riil terhadap nilai perusahaan.
EXPLORING LOYALTY DRIVERS IN GEN-Z DIGITAL BANKING USERS: INSIGHTS FROM INDONESIA’S BLU BY BCA DIGITAL
This study aims to examine the influence of Quality of Service, Perceived Risk, Brand Leadership, and Price Perception on Customer Loyalty through Customer Satisfaction of GEN-Z Blu by BCA Digital Customers in Denpasar City. A quantitative approach was used with an online questionnaire survey to 95 active Blu by BCA Digital customer respondents who are in the Z generation. Data analysis applied PLS-SEM to test the relationship between variables. The results showed that all independent variables had a significant effect on customer satisfaction, which in turn influenced customer loyalty. These findings underscore the importance of ease of consumption, perceived value, reliability, perceived risk and service quality in building sustainable satisfaction. The study provides practical contributions to marketing and management strategies in the digital banking sector, as a basis for policies to improve customer experience and strengthen brand position in the competitive market.
Anak Agung Ayu Ngurah Agung Dewi Uttari Putri S. G.
DARI KERAMAIAN KE KONVERSI: TINJAUAN LITERATUR SISTEMATIS BERBASIS PRISMA ATAS FENOMENA ROJALI–ROHANA DAN TANTANGAN KEBERLANJUTAN KEWIRAUSAHAAN RITEL DI INDONESIA
This study examines how the Indonesian phenomenon of Rojali (crowds who rarely buy) and Rohana (crowds who only ask) can be repositioned as a retail entrepreneurship and sustainability issue rather than merely a social-media label. Using a PRISMA-guided systematic literature review, the paper synthesizes 20 core studies published between 2015 and 2025 on showrooming, webrooming, channel switching, and omnichannel retailing, identified through scholarly searches across major publisher databases and academic search engines. A statistical meta-analysis was not performed because the reviewed studies were highly heterogeneous in constructs, contexts, and outcome measures; therefore, a qualitative-thematic synthesis was employed. The review reveals four major insights. First, low-conversion traffic is driven by economic uncertainty, value consciousness, risk-reduction motives, need for touch, digital search convenience, and social-experiential motivations. Second, Rojali-Rohana behavior is conceptually closer to showrooming, webrooming, and broader cross-channel switching than to pure non-consumption. Third, the phenomenon creates a dual effect for retailers: lower in-store conversion and margin pressure on the one hand, but richer behavioral data and new conversion opportunities on the other. Fourth, sustainable retail entrepreneurship requires a shift from transaction-centric selling to integrated omnichannel conversion systems combining trust signaling, assisted selling, experiential retail, and customer data activation. The novelty of this paper lies in bridging an indigenous Indonesian market phenomenon with the global literature on omnichannel consumer behavior and proposing an integrative framework for conversion-oriented and sustainability-sensitive retail entrepreneurship
THE EFFECT OF ESG PERFORMANCE ON FIRM VALUE: EVIDENCE FROM INDONESIA AND MALAYSIA (2021–2024)
This study examines the impact of Environmental, Social, and Governance (ESG) performance on firm value in non-financial companies listed in Indonesia and Malaysia during the period 2021–2024. Although ESG has gained substantial global attention, empirical evidence regarding its effect on firm value remains inconclusive, particularly in emerging markets. Using panel data regression analysis on 364 firm-year observations, this research investigates the individual impact of environmental, social, and governance performance on Tobin’s Q as a proxy for firm value. ESG data are obtained from Refinitiv Eikon, while financial data are collected from annual reports and market databases. The findings reveal that governance performance significantly and positively influences firm value, supporting Signal Theory and suggesting that investors in emerging markets prioritize transparency and accountability. However, environmental and social performance show no statistically significant impact. The results indicate that ESG relevance is context-dependent and that governance mechanisms remain the most critical ESG pillar in Southeast Asian capital markets. This study contributes to the sustainability accounting literature by providing updated comparative evidence from two emerging economies and offering practical implications for corporate managers and policymakers.
THE EFFECT OF ENTREPRENEURIAL LEADERSHIP AND ENTREPRENEURIAL ORIENTATION ON BUSINESS PERFORMANCE OF BAKERY AT MEDAN: THE MEDIATING ROLE OF INNOVATION CAPABILITY
This research analyzes the influence of entrepreneurial leadership and entrepreneurial orientation on business performance, with innovation capability serving as a mediating variable. The study focuses on bakery micro, small, and medium enterprises (MSMEs) in Medan, which face challenges related to limited innovation resources and leadership practices. Using a quantitative research method, data were collected from 100 bakery entrepreneurs through structured questionnaires and interviews. The variables Entrepreneurial Leadership, Entrepreneurial Orientation, Innovation Capability, and Business Performance were analyzed using Structural Equation Modeling–Partial Least Squares (SEM–PLS) to test both direct and indirect relationships. The findings demonstrate that entrepreneurial leadership and entrepreneurial orientation have significant positive effects on business performance, both directly and indirectly through innovation capability. Entrepreneurs who display visionary, proactive, and risk-taking behaviors tend to enhance their firm’s innovation capacity, which in turn improves productivity, customer satisfaction, and financial outcomes. The study confirms that innovation capability acts as a strategic bridge, translating entrepreneurial traits into sustainable performance. Bakeries that adopt participative leadership, continuous product innovation, and modern marketing (e.g., influencer collaborations, natural ingredients, proofing technologies) achieve higher competitiveness and long-term success.
FOREIGN DIRECT INVESTMENT AND CORRUPTION IN WORLD COUNTRIES
This study investigates the influence of corruption control, economic growth, trade openness, inflation, and unemployment on Foreign Direct Investment (FDI) inflows across countries, utilizing secondary panel data from the World Bank. The research employs both traditional panel regression techniques Pooled Ordinary Least Squares (POLS), Fixed Effects Model (FEM), and Random Effects Model (REM) along with a Random Forest machine learning algorithm to determine variable importance and validate robustness. Empirical findings reveal that corruption control significantly and positively impacts FDI inflows, suggesting that institutional integrity and governance transparency are vital in attracting foreign capital. Economic growth and trade openness also show consistent positive effects on FDI, reaffirming their roles as indicators of market potential and international integration. Inflation and unemployment demonstrate more nuance influences, with their effects varying by model and context. Furthermore, Random Forest analysis highlights corruption control, economic growth, and trade openness as the most critical variables affecting FDI. This methodological innovation contributes to the literature by combining econometric analysis with data-driven learning algorithms for deeper insight. The study provides practical recommendations for policymakers, emphasizing the importance of anti-corruption frameworks, stable macroeconomic policies, and liberal trade systems to enhance foreign investment attractiveness. These findings are valuable for governments, investors, and researchers aiming to understand and improve the determinants of FDI in emerging and developing economies.
PENGARUH GAME ELEMENTS TERHADAP CUSTOMER ENGAGEMENT DAN PERCEIVED PLAYFULLNESS DAN DAMPAKNYA TERHADAP BEHAVIORAL INTENTION PADA PENGGUNA APPLIKASI KOPI KENANGAN DI JABODETABEK
This study aims to examine the effect of game elements on customer engagement, perceived playfulness, Attitude, & Behavioral Intention among users of the Kopi Kenangan App in the Greater Jakarta area. This study uses a quantitative, cross-sectional method. The sampling technique is non-probability sampling, specifically purposive sampling. Data were collected through an electronic 5-point Likert-scale questionnaire administered to 250 respondents aged 18–45 years residing in Jabodetabek who have used the Kopi Kenangan App. Data analysis was performed using PLS-SEM with SmartPLS 4.0.9.9. The results show that game elements have a significant positive effect on customer engagement and perceived playfulness. These two variables also have a significant positive effect on improving user Attitude, which ultimately increases Behavioral Intention. F&B app managers are advised to optimize gamification design to increase user enjoyment and engagement, thereby encouraging sustainable usage intentions.
INTERNAL MORAL RESILIENCE AND INSTITUTIONAL INTEGRITY: A DUAL-PILLAR MINDSET OF ANTI-CORRUPTION BEHAVIOR IN INDONESIA
Corruption persists in many emerging democracies despite institutional reforms and legal enforcement mechanisms. This study develops and empirically tests a Dual-Pillar Mindset integrating internal moral resilience and external Institutional Integrity Systems safeguards as complementary predictors of corruption resistance intention in Indonesia. This study employed a qualitative literature-based approach through secondary data analysis. The research relied on existing academic sources and theoretical frameworks to construct a proposition conceptual and analytical model. The results indicate that Ethical Leadership positively influences Internal Moral Resilience, and Corruption Resistance Intention, exceeding the direct effect of Institutional Integrity Systems positively influences Corruption Resistance Intention. Furthermore, Internal Moral Resilience positively influences Corruption Resistance Intention and mediate the relationship between Ethical Leadership and Corruption Resistance Intention, producing a synergistic effect. Findings suggest that sustainable anti-corruption reform requires synergy between Ethical Leadership based, Moral Resilience, and Institutional Integrity Systems mechanisms.
PENGARUH PENGUNGKAPAN ENVIRONMENTAL, SOCIAL, DAN GOVERNANCE SCORE TERHADAP EFISIENSI INVESTASI PERUSAHAAN DENGAN KUALITAS AUDIT SEBAGAI VARIABEL MODERASI
Penelitian ini bertujuan untuk memberikan bukti empiris mengenai pengaruh positif pengungkapan ESG score terhadap efisiensi investasi perusahaan dan peran moderasi kualitas audit dalam memperkuat pengaruh positif pengungkapan ESG score terhadap efisiensi investasi perusahaan. Sampel penelitian adalah perusahaan sektor industri yang tergabung dalam ASEAN-5 yang mempublikasikan data ESG score pada tahun 2021-2024 yang datanya dapat diakses melalui database LSEG (Refinitiv). Hasil penelitian membuktikan pengaruh positif pengungkapan ESG score terhadap efisiensi investasi perusahaan, namun belum berhasil membuktikan peran moderasi kualitas audit dalam memperkuat pengaruh positif pengungkapan ESG score terhadap efisiensi investasi perusahaan.
THE IMPACT OF SALES GROWTH AND CASH FLOW FROM OPERATING ACTIVITIES ON FINANCIAL DISTRESS
Along with the increase in internet penetration in Indonesia, which reached 79.5% in 2024, and the growing demand for digital services, the telecommunications sector has experienced significant development. However, several telecommunications companies listed on the Indonesia Stock Exchange, such as PT Telekomunikasi Indonesia Tbk (TLKM), PT Indosat Tbk (ISAT), PT XL Axiata Tbk (EXCL), and PT Smartfren Telecom Tbk (FREN), still show Altman Z’’-Score values below the financial distress threshold. This phenomenon indicates a discrepancy between industry growth and the financial condition of the companies. This study aims to analyze the effect of Sales Growth and Cash Flow from Operating Activities on Financial Distress in telecommunications sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. This research employs a quantitative approach using purposive sampling, resulting in four sample companies with a total of 20 observations. Financial distress is measured using the Altman Z’’-Score, sales growth is measured by the net sales growth ratio, and cash flow from operating activities is measured using the Operating Cash Flow Ratio (OCFR). The results of the multiple linear regression analysis indicate that sales growth has a significant negative effect on financial distress, cash flow from operating activities also has a significant negative effect on financial distress, and both variables simultaneously have a significant influence. Based on Signaling Theory, these findings suggest that strong sales growth and positive operating cash flows serve as positive signals for investors in assessing a company's ability to reduce the risk of financial distress.
THE IMPACT OF COUNTRY-OF-ORIGIN, BRAND IMAGE, ATTITUDE TOWARD THE BRAND IMAGE ON CONSUMERS’ PURCHASE INTENTION IN INDONESIAN MARKET: A CASE STUDY OF HUAWEI SMARTPHONE IN JABODETABEK
This study aims to examine the influence of Country of Origin (COO), Brand Image, and Attitude toward the Brand on Purchase Intention toward Huawei smartphones in Indonesia. The rapid development of the smartphone industry in Indonesia has intensified competition among global brands, making consumer perception a crucial determinant of purchasing behaviour. This research adopts a quantitative approach using purposive sampling with a total of 200 respondents who are familiar with Huawei smartphones. Data were collected through structured questionnaires using a 5-point Likert scale and analyzed using Structural Equation Modeling (SEM) with the Partial Least Squares (PLS) method. The findings indicate that Country of Origin has a significant positive effect on Brand Image, Attitude toward the Brand, and Purchase Intention. However, Brand Image does not significantly influence Purchase Intention directly. Meanwhile, Attitude toward the Brand has a strong and significant effect on Purchase Intention. These results highlight that consumer attitudes play a crucial mediating role in shaping purchase intention. The study contributes to the literature on consumer behavior and provides managerial insights for global brands in managing country-of-origin perception.
ANALISIS SUSTAINABLE CUSTOMER LOYALTY: STUDI KASUS PADA PT HYDROMART UTAMA INDONESIA
Penelitian ini bertujuan untuk menganalisis pengaruh Service Innovation , product quality, dan Corporate Image terhadap Customer Satisfaction serta Sustainable Customer loyalty pada pelanggan PT Hydromart Utama Indonesia (HUI). Sebagai perusahaan yang bergerak di sektor pengolahan air, HUI memiliki peran penting dalam menyediakan solusi air bersih dan pengelolaan limbah industri. Dengan adanya tantangan internal dan dinamika kebutuhan pelanggan, penelitian ini difokuskan untuk memahami faktor-faktor yang dapat meningkatkan kepuasan dan loyalitas pelanggan secara berkelanjutan. Pendekatan penelitian menggunakan metode kuantitatif dengan teknik purposive sampling, melibatkan 160 responden yang merupakan pelanggan HUI dengan jabatan manajerial. Data dikumpulkan melalui kuesioner daring berbasis skala Likert lima poin dan dianalisis menggunakan Partial Least Squares–Structural Equation Modeling (PLS-SEM). Hasil penelitian menunjukkan bahwa Service Innovation , product quality, dan Corporate Image masing-masing berpengaruh positif terhadap Customer Satisfaction dan Sustainable Customer Loyalty. Selain itu, Customer Satisfaction juga berpengaruh positif terhadap Sustainable Customer loyalty serta terbukti memediasi hubungan antara ketiga variabel independen (Service Innovation , product quality, dan corporate image) dengan Sustainable Customer Loyalty. Temuan ini menegaskan bahwa peningkatan inovasi layanan, kualitas produk, dan citra perusahaan merupakan strategi kunci dalam memperkuat kepuasan serta loyalitas pelanggan secara berkelanjutan di sektor pengolahan air.
TESTING TRADE-OFF THEORY IN CORPORATE FINANCIAL DISTRESS: A RANDOM EFFECTS PANEL APPROACH
Drawing on Trade-Off Theory, this study examines corporate financial distress in an emerging economy by examining how firms balance the tax benefits of debt against the costs of distress. It analyses the effects of leverage, liquidity, institutional ownership, while assessing whether operational efficiency moderates these relationships. The sample comprises 153 firms listed on the Indonesia Stock Exchange over 2023–2024, generating 306 firm-year observations from S&P Capital IQ. Panel regression analysis was conducted using Chow, Lagrange-Multiplier, Hausman tests, with the Random Effects model selected as the preferred estimator. The findings show that leverage and liquidity significantly influence financial distress, supporting the risk–return trade-off in capital structure decisions. However, institutional ownership has no significant direct effect, operational efficiency does not moderate relationships. Overall, the results highlight the importance of prudent capital structure and liquidity management and provide evidence of the relevance of Trade-Off Theory in an emerging market context.
ANALISA BANK DIGITAL TERHADAP BANK-BANK DI INDONESIA
The development of digital financial systems in Indonesia, driven by innovations such as QRIS and BI-FAST, has brought about significant changes in banking services. Digital banks have emerged as a solution offering convenience, speed, and flexibility in conducting financial transactions without the need to visit a branch. However, amidst this progress, there remains the challenge of low digital literacy among the public, which can hinder the optimal utilization of these services. Considering this, this journal discusses how the development and utilization of digital banking in Indonesia can provide convenient financial services for the public, including those with low levels of digital literacy. This study employs literature review method, collecting and analyzing various sources of scientific literature, such as journals and regulations relevant to digital banking. The analysis process was conducted systematically through the stages of data collection from journals, data reduction, interpretation, and synthesis to gain a comprehensive understanding of the phenomenon under study. The results of the study indicate that digital banks offer various conveniences, such as online account opening, real-time transactions, operational cost efficiency, and innovative features in financial management. In addition, digital banks also play a role in enhancing financial inclusion for those who have not yet been reached by banking services. However, there are challenges in the form of cyber security risks, potential data breaches, and low digital literacy, which increase vulnerability to online fraud. Therefore, there is a need to improve digital literacy, strengthen security systems, and ensure ongoing regulatory oversight.
PENGARUH LITERASI KEUANGAN DAN PERILAKU KEUANGAN TERHADAP PENGELOLAAN KEUANGAN PADA USAHA CAFE DI DISTRIK MANOKWARI BARAT
Penelitian ini bertujuan untuk menganalisis pengaruh literasi keuangan dan perilaku keuangan terhadap pengelolaan keuangan pada usaha kafe di Distrik Manokwari Barat, Provinsi Papua Barat. Usaha kafe sebagai bagian dari sektor Usaha Mikro, Kecil, dan Menengah (UMKM) memiliki kontribusi penting terhadap perekonomian lokal, namun masih menghadapi berbagai kendala dalam pengelolaan keuangan usaha. Rendahnya tingkat literasi keuangan serta perilaku keuangan pelaku usaha diduga menjadi faktor yang memengaruhi kualitas pengelolaan keuangan tersebut. Penelitian ini menggunakan pendekatan kuantitatif dengan metode survei. Populasi penelitian adalah seluruh usaha kafe di Distrik Manokwari Barat, dengan penentuan sampel menggunakan teknik purposive sampling berdasarkan kriteria usaha yang telah beroperasi minimal satu tahun. Data dikumpulkan melalui kuesioner dan dianalisis menggunakan regresi linier berganda. Pengujian instrumen dilakukan melalui uji validitas dan reliabilitas, sedangkan uji hipotesis meliputi uji asumsi klasik, uji t, uji F, dan koefisien determinasi (R²). Hasil penelitian menunjukkan bahwa literasi keuangan dan perilaku keuangan secara parsial berpengaruh positif dan signifikan terhadap pengelolaan keuangan. Secara simultan, kedua variabel tersebut juga berpengaruh signifikan terhadap pengelolaan keuangan usaha kafe. Temuan ini menegaskan pentingnya peningkatan literasi keuangan dan pembentukan perilaku keuangan yang baik untuk mendukung pengelolaan keuangan yang efektif dan keberlanjutan usaha.
FROM EFFECTIVENESS TO EMPOWERMENT: REVEALING THE IMPACT OF WOMEN ENTREPRENEURS ON THE PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN JABODETABEK
This study aims to analyze the influence of Women's Entrepreneurial Effectuation (WEE) on Structural Empowerment (SE), Psychological Empowerment (PE), and SME Employee Performance (EP), as well as the moderating role of Gender Equality (GE) and Market Orientation (MO) on female employees working in MSMEs in the Greater Jakarta area. This study uses a quantitative method with a descriptive approach and judgment sampling technique on 330 respondents. Primary data were collected through questionnaires and analyzed using Partial Least Square (PLS). The results of the study show that Women's entrepreneurial effectuation does not have a positive influence on structural empowerment, Women's entrepreneurial effectuation has a positive influence on psychological empowerment, Women's entrepreneurial effectuation does not have a positive influence on SME employee performance, Gender equality as a moderating variable cannot strengthen the relationship between women's entrepreneurial effectuation on structural empowerment and SME employee performance, Gender equality as a moderating variable can strengthen the relationship between women's entrepreneurial effectuation on psychological empowerment, Structural empowerment does not have a positive influence on SME employee performance, Structural empowerment as a mediating variable cannot strengthen the relationship between women's entrepreneurial effectuation on SME employee performance, Psychological empowerment has a positive influence on SME employee performance, Psychological empowerment as a mediating variable can strengthen the relationship between women's entrepreneurial effectuation on SME employee performance, Market orientation as a moderating variable can strengthen the relationship between structural empowerment on SME employee performance, Market orientation as a moderating variable cannot strengthen the relationship between women's entrepreneurial effectuation and psychological empowerment on SME employee performance. These findings emphasize the importance of women's entrepreneurial effectuation in improving performance through structural empowerment. and market orientation support. Practically, this research provides recommendations for female MSMEs to integrate an effectuation approach with empowerment and market orientation strategies to improve business competitiveness and performance.
PENGARUH PERENCANAAN KEUANGAN DAN PENGAWASAN TERHADAP EFEKTIVITAS DANA BUMKAM WARIORI INDAH
Penelitian ini bertujuan menganalisis pengaruh perencanaan keuangan dan sistem pengawasan terhadap efektivitas pengelolaan dana BUMKam di Kampung Wariori Indah. Penelitian menggunakan pendekatan kuantitatif dengan teknik purposive sampling terhadap 75 responden yang terdiri dari pengurus, pengawas, dan anggota BUMKam. Data dikumpulkan melalui kuesioner dan dianalisis menggunakan Partial Least Squares Structural Equation Modeling (PLS-SEM) dengan bantuan SmartPLS versi 4. Hasil penelitian menunjukkan bahwa perencanaan keuangan dan sistem pengawasan secara parsial maupun simultan berpengaruh positif dan signifikan terhadap efektivitas pengelolaan dana. Artinya, semakin baik perencanaan dan semakin optimal sistem pengawasan, maka efektivitas pengelolaan dana semakin meningkat. Temuan ini menegaskan pentingnya penguatan perencanaan dan pengawasan dalam mewujudkan tata kelola keuangan BUMKam yang efektif dan berkelanjutan.
PENGARUH LAYANAN NIRSENTUH MELALUI APLIKASI SEPHORA DENGAN LAYANAN SALESPERSON TERHADAP PREFERENSI BELANJA GENERASI Z DI SEPHORA SENAYAN CITY
Percepatan transformasi digital dalam industri ritel, khususnya pascapandemi COVID-19, telah menghasilkan perubahan signifikan dalam perilaku konsumen. Layanan nirsentuh berbasis aplikasi digital menjadi standar baru bagi pengalaman belanja modern, terutama pada sektor kecantikan yang mengandalkan interaksi langsung dalam proses pemilihan produk. Generasi Z sebagai kelompok digital-native menunjukkan kecenderungan yang kuat terhadap adopsi layanan berbasis teknologi yang memberikan otonomi, efisiensi, dan pengalaman personal tanpa keterlibatan langsung tenaga penjual. Penelitian ini bertujuan untuk menganalisis pengaruh Interests in New Technology, Convenience Seeking, dan Security Seeking terhadap Preference for Contactless Service Over Salespersons pada pengguna aplikasi Sephora di gerai Sephora Senayan City. Selain itu, penelitian ini menguji peran mediasi Technology Self-Efficacy serta moderasi Consumer Conformity. Penelitian menggunakan pendekatan kuantitatif melalui penyebaran kuesioner kepada 304 responden Gen Z dan dianalisis menggunakan PLS-SEM melalui SmartPLS 4. Hasil penelitian menunjukkan bahwa ketiga variabel independen memberikan pengaruh positif signifikan terhadap preferensi layanan nirsentuh. Technology Self-Efficacy terbukti memediasi seluruh hubungan tersebut, sedangkan Consumer Conformity memperkuat pengaruh TSE terhadap preferensi digital. Temuan ini menegaskan bahwa minat terhadap teknologi, pencarian kenyamanan, kebutuhan keamanan, kepercayaan diri teknologi, serta kecenderungan konformitas sosial merupakan determinan utama dalam pembentukan preferensi layanan digital pada Gen Z.
EXPLORING THE INFLUENCE OF BRAND AWARENESS ON PURHCASE INTENTION: THE ROLE OF PERCEIVED QUALITY AND BRANDS ASSOCIATIONS IN THE INTERACTIVE ENTERTAINMENT MERCHANDISE MARKET
This research was conducted to determine the effect of Brand Awareness on Purchase Intention for HoYverse Merchandise, with Perceived Quality and Brand Association as mediators. The method used in this study is PLS-SEM to identify relationships among existing variables. The PLS-SEM method is well-suited for analyzing research involving multiple variables and causal relationships, with results remaining effective even when the available data do not meet the normal distribution assumption. The data for this study were obtained from questionnaires completed by 350 respondents, including fans and individuals familiar with the HoYoverse brand. Based on the data analysis, brand awareness and perceived quality significantly affect purchase intention, while the other variables also exert significant effects. The results of this study indicate that an effective marketing strategy is not only through how well a brand is known or the perception of product quality in the context of the interactive entertainment industry offering merchandise. Therefore, it is hoped that this research can serve as a reference for companies to optimize their marketing strategies and for future researchers to explore other relevant variables.
NAVIGATING GREY ZONES: INTEGRITY VULNERABILITIES IN REGIONAL GOVERNANCE
Formal integrity systems often fail to produce ethical outcomes in decentralized bureaucracies, giving rise to what this study conceptualizes as an "integrity paradox." This research investigates the structural and cultural vulnerabilities within Indonesian local governments that contribute to internal control failures. Using a qualitative case study approach, the study analyzes data from the Integrity Assessment Survey (SPI) and conducted in-depth interviews with internal and external stakeholders in South Kalimantan. The findings indicate that although formal anti-corruption instruments are technically in place, they are systematically undermined by "grey zone" practices, including normalized informal interventions and a pervasive culture of silence driven by fear of retaliation. The study further demonstrates that internal oversight functions, such as the Inspectorate, tend to be reactive rather than proactive. These findings suggest that strengthening public sector integrity requires moving beyond administrative compliance toward the institutionalization of whistleblower protection mechanism and audit-based early warning systems.
PENGARUH E-HRM TERHADAP KINERJA ORGANISASI: UJI PERAN MEDIASI KINERJA KARYAWAN DAN KEPUASAN KERJA
Penelitian ini bertujuan menganalisis pengaruh Electronic Human Resource Management (e-HRM) terhadap Kinerja Organisasi dengan Kinerja Karyawan dan Kepuasan Kerja sebagai variabel mediasi. Penelitian menggunakan pendekatan kuantitatif dengan melibatkan 226 responden pengguna e-HRM. Analisis data dilakukan menggunakan metode SEM-PLS dengan aplikasi SmartPLS 4.0. Hasil penelitian menunjukkan bahwa e-HRM berpengaruh positif dan signifikan terhadap Kinerja Karyawan dan Kepuasan Kerja, yang selanjutnya juga berpengaruh positif dan signifikan terhadap Kinerja Organisasi. Temuan penelitian menunjukkan bahwa Kinerja Karyawan dan Kepuasan Kerja memediasi hubungan antara e-HRM dan Kinerja Organisasi, baik secara parsial maupun serial. Hal ini menegaskan bahwa penerapan e-HRM yang efektif dapat meningkatkan Kinerja Organisasi.
AUDIT QUALITY IN INDONESIA’S PLANTATION SECTOR: THE NEXUS OF ESG AND FIRM CHARACHTERISTICS
This study examines the determinants of audit quality by integrating Environmental, Social, and Governance (ESG) performance and firm characteristics within a risk-based audit framework. It aims to assess whether ESG performance constitutes a meaningful risk signal in auditors decision-making relative to traditional financial and economic risk factors in a high-risk industry context. The empirical analysis focuses on plantation companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. Audit quality is proxied by audit fees and the likelihood of appointing Big Four auditors. ESG performance is measured using a composite ESG score constructed through content analysis of annual and sustainability reports. Panel data regression and logistic regression models are employed, incorporating robust standard errors as well as industry and year fixed effects to control for unobserved heterogeneity. The results show that firm size is positively and significantly associated with both audit fees and the probability of engaging Big Four auditors, while leverage exhibits a negative and significant relationship with both audit quality proxies. In contrast, ESG performance, operational complexity, and profitability do not demonstrate statistically significant effects on audit quality. This study introduces a hierarchical risk perspective by demonstrating that financially binding risk factors dominate audit outcomes, while ESG performance currently functions as a weak contextual signal in audit pricing and auditor selection decisions in a high ESG-exposure industry in an emerging market. The study is limited to a single industry focusing on firms operating in the plantation sector and covers a relatively short observation period from 2022 to 2024. Future research should examine additional industries, extend the observation window, and explore measures of ESG credibility, including third-party assurance.
INNOVATIVE MANAGEMENT FRAMEWORKS FOR SUSTAINABLE RURAL ENTERPRISES BASED ON DIGITAL TRANSFORMATION AND INSTITUTIONAL RESILIENCE TO ACHIEVE SUSTAINABLE LONG-TERM CHANGE
Our study explores how Village Owned Enterprises (Badan Usaha Milik Desa, or BUM Desa) have become the paradigm for modern management that aims to reveal business sustainability. In making that transformation from mere ‘nameplates’ onto a strong position in the global market, these rural institutions utilize new means of reach through digital-savvy marketing with teaming up and assets-based growth management. Based on the evidence collected by TEKAD and from relevant case studies, we developed a management framework that balances economic and social objectives with environmental stewardship. As it turns out, the way forward for sustainable business is technological leapfrogging, inclusive governance and social versus commercial hybrid.
THE EFFECT OF PROFITABILITY AND MANAGERIAL ABILITY ON EARNINGS QUALITY WITH AUDIT QUALITY AS A MODERATING VARIABLE: EVIDENCE FROM INDONESIA
This study examines the impact of profitability and managerial ability on earnings quality, with audit quality as a moderating variable. Using a sample of 204 firm-year observations from industrial sector companies listed on the Indonesia Stock Exchange (2021–2024), this research applies multiple linear regression and moderation analysis. The findings reveal that profitability and managerial ability have significant negative effects on earnings quality. Additionally, audit quality does not significantly moderate these relationships. These results suggest that higher profitability and managerial efficiency may incentivize earnings management practices, thereby reducing earnings quality. This study contributes to the literature by highlighting the complex role of internal performance and external audit mechanisms in financial reporting quality.
PENGARUH PROFITABILITAS DAN SOLVABILITAS TERHADAP AUDIT DELAY DENGAN SUSTAINABILITY REPORTING SEBAGAI VARIABEL MODERASI
This study aims to determine the effect of profitability and solvency on audit delay, with sustainability reporting as a moderating variable, in energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2022-2024 period. The sample size for this study was 207. Secondary data were obtained from financial statements and termination reports. The analytical method used was multiple linear regression with descriptive statistical analysis, correlation analysis, r-square test, F-test, and t-test. It also included classical assumption tests, including normality, multicollinearity, heteroscedasticity, and autocorrelation tests. The results showed that profitability had a negative and does not have a significant effect on audit delay, while solvency had a positive and significant effect on audit delay. The interaction of sustainability reporting with profitability and solvency does not have a significant effect on audit delay. However, sustainability reporting weakened the effect of solvency on audit delay. The implications of this study indicate that although sustainability reporting is expected to enhance transparency and audit efficiency, the findings do not provide significant support for this role. This suggests that sustainability reporting disclosures have not yet been optimally utilized as a corporate governance mechanism to accelerate the audit process.
PERAN PEMANFAATAN AI DAN TIKTOK TERHADAP KINERJA BISNIS UMKM MELALUI PENGETAHUAN WIRAUSAHA DI TANGERANG
This study aims to analyze the effect of Artificial Intelligence (AI) and TikTok utilization on MSME business performance, with entrepreneurial knowledge as a mediating variable. The study was conducted on micro and small business owners in Tangerang who have utilized AI and/or TikTok in their business activities. A quantitative approach with a cross-sectional design was employed. Data were collected through an online survey of 467 respondents selected using purposive sampling. Data were analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0. The results show that the utilization of AI and TikTok has a positive and significant effect on entrepreneurial knowledge. In addition, entrepreneurial knowledge was also found to have a positive effect on business performance. The findings further indicate that AI and TikTok not only have a direct effect on business performance, but also an indirect effect through entrepreneurial knowledge as a mediator. These results confirm that the use of digital technology, accompanied by improved entrepreneurial knowledge, can become an important strategy to strengthen the competitiveness, efficiency, and sustainability of MSMEs. This study provides practical implications for business owners and policymakers in promoting a more targeted and effective digital transformation of MSMEs
PELATIHAN ANALISIS LINGKUNGAN BISNIS DAN MANAJEMEN: TREN TEKNOLOGI DAN IMPLIKASINYA BAGI DUNIA BISNIS
Massive technological advancements have fundamentally transformed the global business landscape. These changes not only affect companies’ operational aspects but also reshape how consumers interact, shop, and make decisions. Literacy regarding the impact of technological advancement has become increasingly crucial for younger generations so that they can understand the direction of market changes. This activity aims to provide students of Mahabodhi Senior High School with insights into the importance of business environment analysis in the digital era. Through a narrative approach, participants were encouraged to understand that adaptation to technological advancement is the key to surviving future competition.
DARI IDE MENJADI AKSI: MODEL PENGABDIAN KEPADA MASYARAKAT UNTUK PENGUATAN KREATIVITAS, INOVASI, DAN LITERASI AI BERPUSAT PADA MANUSIA DALAM MENUMBUHKAN MINAT KEWIRAUSAHAAN BERKELANJUTAN SISWA SMA
This community service (PkM, Pengabdian Kepada Masyarakat) article reports a youth entrepreneurship empowerment intervention for 16–18-year-old students at SMA Citra Kasih Jakarta (n=24). The program responds to two concurrent realities: (1) Indonesia’s creative economy is increasingly important for job creation, and (2) students’ growing reliance on generative AI risks weakening independent thinking and problem sensitivity. Four theoretical pillars guide the intervention: youth empowerment and entrepreneurial mindset; experiential learning and design thinking; (creative) self-efficacy as a driver of action; and UNESCO’s human-centered AI literacy. The intervention combined a 45-minute interactive session, guided discussion, a micro-challenge translating real problems into value propositions, and rapid prototyping using pipe-cleaners to practice iteration and feasibility. Evaluation used a post-activity survey (5-point Likert), facilitator observations, and a structured rubric assessing problem clarity, novelty, usefulness, feasibility, and sustainability sensitivity. Results show strong participant acceptance (means 4.46–4.58; SD 0.51–0.66) and six group prototypes with value statements; indicating early gains in problem-framing and confidence to ideate without letting AI replace human reasoning. The novelty lies in embedding human-centered AI literacy within a compact entrepreneurship learning design and providing a replicable logic model, worksheet template, rubric, and follow-up roadmap aligned with sustainability agendas.
ASISTENSI PELAPORAN SPT TAHUNAN PPH BERBASIS CORETAX SEBAGAI UPAYA PENINGKATAN KEPATUHAN WAJIB PAJAK ORANG PRIBADI
This study examines a community service (PkM) activity carried out by Universitas Pelita Harapan (UPH) in collaboration with KPP Pratama Tiga Raksa under Kanwil DJP Banten, focusing on assisting individual taxpayers in filing their 2025 Annual Personal Income Tax Returns (SPT Tahunan PPh OP) using the CoreTax system implemented by the Directorate General of Taxes (DGT). The CoreTax system represents a transformational shift in Indonesia's tax administration, replacing the previous e-Filing platform with a more integrated and real-time digital infrastructure. The activity was conducted on March 12, 2026 at the Spark Labs FEB, Gedung F UPH, Tangerang. Employing a descriptive participatory approach, the program involved tax volunteer students (Relawan Pajak) supervised by accounting faculty members who provided direct guidance to taxpayers, comprising UPH lecturers, staff, and surrounding community members, in navigating the CoreTax portal. Two main phases were implemented: (1) Training and Levelling, which equipped student volunteers with technical knowledge and soft skills, and (2) CoreTax Assistance, during which real-time SPT filing support was provided. Results demonstrate that structured, university-led tax assistance programs significantly enhance taxpayer compliance awareness and digital tax literacy. The collaboration between higher education institutions and tax authorities reflects best practices in tax education outreach and strengthens the sustainability of tax volunteer communities.
INTERACTIVE RADIO ON MONEY, FINANCIAL TECHNOLOGY, AND PSYCHOLOGY OF MONEY: SMART FINANCIAL MANAGEMENT IN THE MIDST OF A CRISIS
The implementation of Community Service (Pengabdian Kepada Masyarakat/PKM) for December 2025 was carried out by a team from the Faculty of Economics and Business, Universitas Pelita Harapan Surabaya Campus, in collaboration with Radio Sangkakala Surabaya. The primary objective was to deliver broader financial education to the community by presenting qualified academic speakers from the Management and Accounting Study Programs. The activity was conducted in an interactive talkshow format under the overarching theme "Interactive Radio on Money, Financial Technology, and Psychology of Money: Smart Financial Management in the Midst of a Crisis." Two sessions were held: the first on December 2, 2025, covering "Money and Technology in the Midst of a Crisis" by Dr. Renna Magdalena, and the second on December 16, 2025, covering "Psychology of Money" by Dr. Yanuar Dananjaya. The results demonstrated that this PKM activity successfully enhanced public awareness of financial literacy, digital financial technology utilization, and the psychological dimensions of financial decision-making. This initiative confirms that academic-media collaboration through radio serves as an effective and inclusive channel for financial education, particularly in reaching productive and financially vulnerable community groups in the Surabaya area
ACCOUNTING INFORMATION TECHNOLOGY IN TAX ADMINISTRATION: CORETAX SYSTEM TRAINING FOR CHURCH CONGREGATION MEMBERS IN SURABAYA
The implementation of the Coretax System beginning in 2025 marks a fundamental shift in Indonesia's tax administration infrastructure, introducing a fully integrated accounting information technology platform that affects all taxpayer categories. Despite its potential to improve efficiency and transparency, many taxpayers within community settings lack the technical readiness to operate the system correctly. This paper reports on a Community Service (Pengabdian Kepada Masyarakat/PKM) activity conducted by the Tax Center, Accounting Study Program, Universitas Pelita Harapan Surabaya Campus, held on March 6, 2026 at GSJA Ebenhaezer Church, Surabaya. The workshop was specifically designed for members of the church congregation, comprising professionals, employees, and small business owners who share the common need to fulfill their annual tax obligations through the new Coretax platform. Through a hands-on training format covering Coretax account activation and the practical filing of the 2025 Annual Tax Return (SPT Tahunan), the workshop successfully met its target attendance of at least 25 participants, with over 85% completing the full session. Findings indicate that structured, community-embedded accounting information technology training significantly improves participants' confidence and competence in using the Coretax System. This initiative demonstrates that university Tax Centers can serve as effective bridges between government-led digital tax reform and the practical readiness of community-based taxpayer groups.
COMMUNITY SERVICE DIGITAL TRANSFORMATION IN HEALTH CARE INDUSTRY AND BRANDING RS PREMIER BINTARO TANGERANG SELATAN
Berbicara mengenai transformasi digital kini menjadi kekuatan utama yang mendorong perubahan dalam sektor kesehatan, menghadirkan berbagai inovasi melalui pemanfaatan teknologi seperti kecerdasan buatan (AI), Internet of Things (IoT), big data, blockchain, serta layanan kesehatan jarak jauh (telemedicine). Tujuan dari transformasi ini adalah untuk meningkatkan mutu pelayanan medis, efisiensi dalam operasional, serta hasil kesehatan pasien, sembari mengatasi tantangan spesifik seperti isu privasi data, regulasi yang kompleks, dan meningkatnya harapan dari pasien. Elemen kunci dalam proses transformasi digital mencakup teknologi sebagai pendorong inovasi, data sebagai landasan pengambilan keputusan berbasis bukti, serta sumber daya manusia sebagai komponen utama yang membutuhkan penyesuaian budaya dan penguatan keterampilan digital. Di samping itu, branding memiliki peran strategis dalam membangun kepercayaan publik serta memperkuat identitas institusi kesehatan di era digital melalui peningkatan pengalaman pasien, keterbukaan informasi, dan komunikasi yang terarah. Berbagai contoh penerapan, seperti penggunaan AI, menunjukkan bagaimana transformasi digital yang terintegrasi dengan strategi branding dapat menghasilkan nilai tambah bagi organisasi. Meskipun demikian, implementasi transformasi digital masih menghadapi hambatan, antara lain regulasi yang ketat, resistensi terhadap perubahan, serta kebutuhan investasi yang besar. Kedepan, prospek transformasi digital di sektor kesehatan sangat menjanjikan, dengan kemunculan tren seperti layanan prediktif, personalisasi perawatan, serta integrasi data antar sistem (interoperabilitas). Dengan pendekatan yang menyeluruh yang menyatukan teknologi, data, dan manusia, transformasi digital berpotensi membawa perubahan positif yang signifikan bagi dunia kesehatan.
COMMUNITY SERVICE INNOVATIVE AND CREATIVEPRENEURSHIP SMA PELANGI KASIH
Inovasi dan kreativitas bukan lagi sekadar nilai tambah, melainkan menjadi komponen vital dalam strategi bertahan dan berkembangnya sebuah usaha. Kreativitas sangatlah dibutuhkan dalam menciptakan ide-ide produk yang dapat dikembangkan. Kreativitas dapat membantu pelaku usaha dalam mengelola sumber daya yang ada. Inovasi yang baik dan menarik dapat menjadi suatu kekuatan dalam menjalankan suatu bisnis, karena dengan adanya ide atau inovasi yang baru, pelaku usaha dapat menciptakan pasar yang baru sehingga calon konsumen tertarik dengan produk atau jasa baru yang ditawarkan. Ketika pelaku usaha sering berinovasi dalam menciptakan produk baru, hal ini akan mendukung perkembangan usahanya. Sebaliknya, kurangnya inovasi dalam berwirausaha dapat menyulitkan proses pengembangan usaha. Remaja dalam memulai suatu bisnis perlu didukung dari aspek pendidikan melalui kegiatan di sekolah. Para murid banyak yang ingin melakukan inovasi dari produk yang sudah ada di pasar, namun murid perlu diarahkan lebih jelas supaya usaha yang mereka jalankan bisa survive dan menghasilkan profit yang maksimal.
KETERLAMBATAN LAPORAN AUDIT : LEVERAGE, PROFITABILITAS, DAN UMUR PERUSAHAAN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI
The timeliness of audit report issuance is a critical aspect of financial reporting, as it relates to the relevance of information for investors and the efficiency of the capital market. This study aims to analyze the effects of leverage, profitability, and firm age on audit report lag, with firm size as a moderating variable, among non-essential consumer goods companies listed on the Indonesia Stock Exchange during the 2020–2024 period. This study employs a quantitative approach with a causal design and utilizes secondary data obtained from the financial statements of public companies. The research sample was selected using purposive sampling, comprising a total of 111 company observations. The analysis method employed was Moderated Regression Analysis (MRA) using EViews 13 software. The results of the study indicate that leverage has a negative and significant effect on audit report lag, while profitability and firm age do not have a significant effect on audit report lag. Furthermore, firm size has a positive and significant effect on audit report lag, but it does not moderate the relationship between leverage, profitability, and firm age and audit report lag. This study makes an empirical contribution by incorporating firm size as a moderating variable in the model analyzing audit report lags in the non-essential consumer goods sector, thereby enriching the literature on the determinants of audit report lags in the Indonesian capital market.