Proceeding of Djuanda Global Economics Conference
This proceeding compiles a series of scientific articles presented by academics, researchers, practitioners, and policymakers from various national and international institutions. We believe that the contributions and research findings contained within will offer significant value both as scholarly references and as foundations for visionary business practices and policy development.
Lembaga Penelitian dan Pengabdian kepada Masyarakat, Universitas Djuanda
The Influence of Organizational Culture, the Role of Internal Audit and Internal Control on Fraud Prevention with the Effectiveness of the Whistleblowing System as a Moderating Variable
Background: Advances in information technology have increased the risk of fraud due to weak internal controls and data misuse. Fraud prevention is essential to maintaining organizational integrity. Organizational culture, the role of internal audit, and internal controls are key pillars in preventing fraud. However, their effectiveness can be influenced by the existence of a whistleblowing system that provides a safe reporting channel for employees. Purpose: This study aims to analyze the influence of organizational culture, internal audit role, and internal control on fraud prevention, as well as to examine the role of whistleblowing system effectiveness as a moderating variable at PT Sejahtera Eka Graha. Methodology: This research is quantitative in descriptive approach. Data was collected through questionnaires given to respondents at PT Sejahtera Eka Graha. Data analysis was performed using a Partial Least Square (PLS)-based Structural Equation Modeling (SEM) model to test the relationship between variables and moderating effects. Finding: The results show that organizational culture, the role of internal audit, and internal control have a significant effect on fraud prevention. In addition, the effectiveness of the whistleblowing system has been proven to strengthen the relationship between these three independent variables and fraud prevention. Limitation: This study was conducted on only one company (PT Sejahtera Eka Graha), so the results cannot be generalized to other sectors. In addition, the data was obtained through questionnaires that depended on the respondents' perceptions, which could potentially cause subjective bias. Originality: This study is unique in its use of the effectiveness of whistleblowing systems as a moderating variable in the relationship between organizational culture, the role of internal audit, and internal control in fraud prevention. This approach provides a new perspective because most previous studies have only examined the direct relationship between variables without considering the moderating role of whistleblowing systems.
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The Effect Of Product Quality And Influencer Marketing On Consumer Satisfaction With Consumer Trust As An Intervening Variabel In The Originote Skincare Products In Bogor Regency
Background: The rapid growth of the skincare industry in Indonesia, driven by increasing consumer awareness of skincare, has intensified competition among brands. Companies are required not only to focus on product quality but also to adopt effective marketing strategies such as influencer marketing. The Originote, a local skincare brand, utilizes influencer marketing to enhance consumer trust and satisfaction. However, variations in consumer perceptions highlight the need for further investigation into how product quality and influencer marketing affect consumer trust and satisfaction. Purpose: This study aims to identify and analyze the influence of product quality, influencer marketing, and consumer satisfaction on consumer trust in The Originote products in Bogor Regency. Methodology: This research employs a quantitative approach using descriptive and verificative methods. The population consists of users of The Originote products in Bogor Regency, with a total sample of 100 consumers selected through a survey method. Data were collected using questionnaires with a Likert scale and analyzed through path analysis using SPSS version 25.0. Finding: The findings indicate that product quality and influencer marketing have both direct and indirect effects on consumer satisfaction through consumer trust as an intervening variable. The results emphasize the importance of maintaining product quality and credible influencer collaborations to enhance customer trust and loyalty. Limitation: This study is limited to The Originote skincare consumers in Bogor Regency, so the results may not be generalizable to other regions or skincare brands. Originality: This study provides empirical evidence on the mediating role of consumer trust in the relationship between product quality, influencer marketing, and consumer satisfaction within the local skincare industry context.
ANALYSIS OF THE INFLUENCE OF JOB SATISFACTION ON EMPLOYEE PERFORMANCE AT PT MY REPUBLIC JAKARTA
Background: Baground Specific Problem at PT My Republic Jakarta: The company faces significant challenges related to employee retention. A high employee turnover rate is a primary concern, which indicates potential problems with job satisfaction and performance. Furthermore, the company has received customer complaints regarding service quality, which may be related to employee performance. General Business Context: The research is set against the backdrop of intense business competition, which requires companies to have a competitive advantage. Human resources (HR) are a critical factor in a company's success, as the quality of HR is directly correlated with the company's overall performance. Theoretical Basis: Job satisfaction is identified as a key factor in building employee loyalty. Employees who are satisfied tend to show higher commitment and contribute more to achieving company goals. This optimal employee performance positively impacts the organization's overall performance. Given these issues, the research aims to measure the levels of job satisfaction and performance at PT My Republic Jakarta and to analyze the specific influence of job satisfaction on employee performance within the company. Purpose: the purpose of this research is: To measure the level of job satisfaction and employee performance at PT My Republic Jakarta. To analyze the influence of job satisfaction on employee performance at the company. To provide insights for the company's management to help identify factors that need to be improved to achieve optimal employee performance. Methodology: the methodology used in this research is as follows: Research Approach: The study employed a quantitative approach, where data was collected and analyzed in numerical form to produce measurable conclusions. Data Collection: Primary Data: Collected by distributing questionnaires to 100 respondents who were employees at the company. Secondary Data: Obtained from company documentation, journals, and other sources. Variables: Independent Variable: Job satisfaction, which was measured using indicators like compensation, promotion, and working conditions. Dependent Variable: Employee performance, measured through work quality and quantity, initiative, and teamwork ability. Measurement Tool: A Likert scale was used in the questionnaires to measure the respondents' level of agreement with various statements. Instrument Testing: Validity Test: Performed to ensure the questionnaire measured what it was intended to measure. The test, involving 100 respondents, confirmed all statements were valid as their significance values were below 0.05. Reliability Test: Conducted using Cronbach's Alpha. All variables were deemed reliable, with Cronbach's Alpha values greater than the 0.6 threshold. Data Analysis: Simple linear regression was used to test and measure the relationship and influence of job satisfaction (the independent variable) on employee performance (the dependent variable). Finding: the key findings: Respondent Demographics: The majority of the 100 respondents were male (61%), over 35 years old (40%), had an S1/S2 (Bachelor's/Master's) degree (55%), and worked in the Sales division (39%). Instrument Validity and Reliability: All statements in the questionnaire were found to be valid, with significance values ranging from 0.000 to 0.048 (all < 0.05). All variables were also found to be reliable, with Cronbach's Alpha values exceeding the 0.6 threshold (0.636 for Job Satisfaction and 0.654 for Employee Performance). Level of Job Satisfaction: The average level of employee job satisfaction was found to be in the "moderate" category, with an average value of 3.17. This suggests employees are fairly satisfied, but there is still room for improvement. Level of Employee Performance: The average level of employee performance was also in the "moderate" category, with an average value of 3.10. This indicates that performance is productive but can be enhanced with more strategic measures. Influence of Satisfaction on Performance: The study found a significant positive influence of job satisfaction on employee performance. Regression Equation: The relationship is represented by the equation Y = 29.268 + 0.303X_1. Coefficient: For every one- unit increase in job satisfaction (X1), employee performance (Y) increases by 0.303 units. Significance: The t-test confirmed this relationship is statistically significant, with a t-count (3.870) greater than the t-table (1.984) and a significance value of 0.000 (which is < 0.05). Strength of the Relationship: While the influence is significant, it is not the only factor. The R- Square (R^2) value was 0.133. This means that job satisfaction explains only 13.3% of the variation in employee performance. The remaining 86.7% is influenced by other factors not examined in this study. The R value of 0.364 suggests the overall correlation is "weak". Limitation: the main limitation is that job satisfaction, while a significant factor, explains only a small portion of employee performance. Here are the specific details: The coefficient of determination (R^2) was 0.133. This means that job satisfaction accounts for only 13.3% of the variation in employee performance. Consequently, the remaining 86.7% of the variation in performance is influenced by other factors that were not analyzed in this particular study. The article explicitly states that other factors need to be considered, such as intrinsic motivation, managerial support, career development opportunities, and work-life balance, which can also influence performance. Originality: the originality of this article stems from its specific application of established human resource theories to a unique, contemporary case study: PT My Republic Jakarta. While the relationship between job satisfaction and employee performance is a well-studied topic, this article's originality lies in: Investigating a Specific Corporate Problem: The research is not just theoretical; it is grounded in addressing significant, documented challenges at PT My Republic Jakarta, namely a high employee turnover rate and customer complaints about service quality. Providing Company- Specific Data: The article contributes new empirical data by quantitatively measuring the precise levels of job satisfaction (average 3.17) and employee performance (average 3.10) among 100 employees at this specific company. Quantifying the Local Impact: It calculates the specific statistical relationship between these two factors within PT My Republic Jakarta, finding that job satisfaction significantly predicts performance (regression coefficient of 0.303). In summary, the originality is not in creating a new theory, but in the specific, localized, and data-driven analysis of how a general theory applies to a particular company facing documented business problems.
Assessing the Effectiveness of the Zakat Capital Assistance Programme (ZCAP) in Enhancing Asnaf Economic Empowerment: Malaysia Perspective
Background: The Zakat Capital Assistance Programme (ZCAP) is one of the key zakat distribution initiatives designed to enhance the living standards of eligible recipients (asnaf). Unlike conventional financial aid, ZCAP provides loan-free capital assistance, allowing recipients to start or expand their businesses without the obligation to repay the funds. Despite its potential to promote entrepreneurship and financial independence among the asnaf, the number of applications for ZCAP remains significantly lower compared to cash-based zakat assistance. Purpose: This study aims to examine the factors contributing to the success and failure of the program from both the officers’ and recipients’ (asnaf) perspectives. Methodology: Through interviews: conducted with 2 zakat officers and 5 selected recipients (asnaf). Finding: The findings reveal that several factors influence the program’s outcomes. These include the recipients’ attitudes and motivation, their knowledge and ability to maintain proper financial records, as well as the overall structure and implementation of the program. Limitation: Small Sample Size: The study relies on interviews with selected zakat officers and recipients, which may not represent the broader population of all ZCAP participants across different regions or states. Lack of Longitudinal Data: The study does not track recipients over time, so it cannot fully measure the long-term impact or sustainability of the programme’s success. Originality: Unlike previous zakat studies that focus mainly on financial performance or distribution efficiency, this research highlights attitude, financial knowledge, and programme structure as key determinants of success or failure. The study enriches the growing field of Islamic social finance and zakat management by providing empirical insights that can guide improvements in capital assistance schemes aimed at economic empowerment.
Impact of Capital Structure and Firm Growth on Corporate Value: Evidence from PT Vale Indonesia Tbk (2020-2024)
Background: Previous research has widely examined the relationship between capital structure and firm value, emphasizing how financial leverage impacts market perception and company performance. However, empirical findings remain inconsistent, particularly in the mining industry, where external factors such as commodity prices and global demand fluctuations can influence firm value. Therefore, this study focuses on PT Vale Indonesia Tbk to address this research gap and provide a clearer understanding of how capital structure and company growth affect firm value during the 2020-2024 period. Purpose: This study aims to determine the effect of capital structure and company growth on firm value at PT Vale Indonesia Tbk for the 2020-2024 period, thereby identifying whether internal financial factors significantly influence the company's market valuation. Methodology: The research employs a quantitative method with a descriptive-associative approach. Secondary data were collected from PT Vale Indonesia Tbk's annual financial reports published on the Indonesia Stock Exchange (IDX) website. Firm value was proxied by the Price to Book Value (PBV), capital structure was measured by the Debt to Equity Ratio (DER), and company growth by the sales growth ratio. Data analysis was conducted using SPSS version 27 through multiple linear regression tests, including classical assumption tests, t- test, F-test, and the coefficient of determination (R). Finding: The results of this study show that the capital structure (DER) variable has a negative but insignificant influence on firm value (PBV) at PT Vale Indonesia Tbk during the 2020–2024 period. This means that changes in the company’s debt proportion did not significantly affect market perception or share value. The company growth (GROWTH) variable also shows a positive but insignificant effect, indicating that the increase in total assets or sales growth has not directly raised the firm’s market value. When tested simultaneously, both capital structure and company growth do not have a significant impact on firm value. This suggests that external factors such as global nickel prices, demand trends, and macroeconomic conditions have a stronger role in shaping the company’s valuation compared to internal financial factors. Limitation: This study is limited to one mining company, PT Vale Indonesia Tbk, so the results cannot be generalized to other sectors. The observation period of five years (2020–2024) may not fully represent long-term financial dynamics, especially in an industry that depends heavily on global market fluctuations. The analysis also focuses only on quantitative financial data, without including non- financial variables such as management quality, market sentiment, or government policy, which could also influence firm value. Future research is suggested to use a longer observation period, include several companies for comparison, and add external factors to provide a more comprehensive understanding of firm value determinants. Originality: The originality of this study lies in its focus on PT Vale Indonesia Tbk, one of the major mining companies in Indonesia, during a period of economic recovery and price volatility in the global market. While many previous studies examined the manufacturing or financial sectors, this research provides a closer view of how internal financial factors, especially capital structure and growth, influence firm value in the mining industry. The study offers empirical evidence that is relevant to the context of resource-based industries and emphasizes the importance of balancing financial decision-making with external economic conditions that shape company performance and investor perception.
Inclusive or Divisive? The Impact of Entrepreneurship and Macroeconomic Drivers on Income Inequality in Indonesia
Background: Income inequality remains a persistent challenge in Indonesia despite sustained economic growth and poverty reduction. While the country continues to advance toward its Vision 2045 goals of becoming a high- income and equitable nation, disparities in wealth and opportunity remain evident across regions and social groups. Entrepreneurship is widely promoted as a driver of innovation, job creation, and inclusive growth; however, its impact on income distribution is complex. In some cases, entrepreneurial activity fosters equality through employment and productivity gains, while in others, it amplifies disparities when access to capital and markets is uneven. Purpose: This study investigates the impact of entrepreneurship, economic growth, trade openness, financial development, human capital, and labor force participation on income inequality in Indonesia. It aims to assess whether entrepreneurship fosters inclusive growth or exacerbates disparities, in alignment with Indonesia’s Vision 2045 agenda. Methodology: Using annual time-series data from 1990 to 2024, the study employs the Autoregressive Distributed Lag (ARDL) model to capture both short- and long-run relationships. Robustness is verified through Fully Modified Ordinary Least Squares (FMOLS) and Dynamic Ordinary Least Squares (DOLS) estimations, complemented by comprehensive diagnostic and stability tests. Finding: he results reveal that entrepreneurship, financial development, and labor force participation exacerbate inequality in the long run, while economic growth, trade openness, and human capital help reduce income disparities. In the short run, GDP growth and human capital serve as strong equalizers, whereas entrepreneurship exerts only a mild effect. These outcomes suggest that without appropriate equity mechanisms, entrepreneurial and financial expansion may disproportionately benefit wealthier groups. Limitation: This study is subject to several limitations that should be acknowledged. First, it relies on national- level time-series data, which may obscure regional variations in income inequality and entrepreneurial activity across Indonesia’s diverse provinces. Second, the available data do not differentiate between necessity-driven and opportunity-driven entrepreneurship, which may have distinct effects on inequality. Third, while the ARDL model effectively captures short- and long-run dynamics, it may not fully account for potential structural breaks or nonlinear relationships arising from policy changes or economic shocks. Lastly, the study focuses primarily on macroeconomic variables, excluding sociopolitical and institutional factors that could also influence inequality dynamics. Future research should consider panel data and spatial approaches to provide deeper insights into regional disparities and the multidimensional nature of inclusive growth in Indonesia. Originality: This paper offers one of the first Indonesia-specific long-term empirical analyses of the entrepreneurship–inequality nexus. By integrating multiple macroeconomic determinants, it provides novel insights for achieving a more equitable balance between growth and inclusion in an emerging economy context.
LAND UTILIZATION OPTIMIZATION IN ADDRESSING LAND CONVERSION FOR FAMILY RESILIENCE IN THE BEKASI-JAKARTA BORDER DISTRICT, BOGOR REGENCY
Background: This pressure for land conversion has resulted in a decline in rice paddy area and rice production. This phenomenon indicates a significant shift in land use from the agricultural to non-agricultural sectors. In the context of family resilience, this situation has the potential to reduce households' ability to meet food needs independently and sustainably. Family resilience, as explained by the FAO (2021), is an integral part of national food security, as the family is the smallest unit in the food production, distribution, and consumption system. Optimizing land use is a crucial strategy in addressing this challenge. Through agricultural intensification, crop diversification, and the utilization of home gardens, communities can increase household food self-sufficiency despite limited land area. Furthermore, policies for protecting sustainable agricultural land (LP2B) and implementing environmentally friendly agricultural technologies are also key to maintaining the productivity and sustainability of food sourc Purpose: • To identify the impact of land conversion on family resilience in the border area of Bekasi and Jakarta. • To develop effective land use optimization strategies to strengthen family resilience based on local resources Methodology: This research uses a quantitative descriptive approach to analyze the existing conditions of agricultural land use and develop a land use optimization model to improve family resilience. The research location was purposively determined based on agricultural potential and land conversion pressures, namely Tenjo District, Bogor Regency. The stages of this method include primary and secondary data collection, land suitability analysis, and optimization modeling. Data analysis was conducted by integrating land characteristics and the potential for suitable food commodities, and aimed to generate data-driven strategies based on local context that can sustainably strengthen food security in Tenjo District. The optimization model was designed using linear programming (LP) or multi-objective programming methods, with the objective function of maximizing food production (in tons or kcal). Finding: The results show that during the 2020–2024 period, the total rice field area decreased by 6.62%, from 5,175.57 ha to 4,832.74 ha, and the harvested area decreased by 10.3%. The 9.9% decline in rice production was primarily due to the reduction in active land due to conversion to residential and industrial areas. A sustainable optimization scenario through agricultural technology intensification (balanced fertilization and jajar legowo) and the integration of the family food yard (P2L) program could increase production efficiency by up to 15% without requiring new land expansion. Implementation of the sustainable optimization scenario could increase production by up to 54,392 tons, adding economic value of IDR 28.3 billion per year. Optimizing sustainable land use has the potential to strengthen family resilience in urban border areas, reduce food insecurity, and support the Sustainable Food Agricultural Land (LP2B) policy in Bogor Regency. Jonggol plays a strategic role as a center for agricultural economic optimization, making the largest contribution to increasing farmer incomes and regional food security. Limitation: The optimization model used (based on linear programming) relies on price, productivity, and input cost parameters, which are assumed to be constant throughout the analysis period. In reality, these three factors are highly dynamic and influenced by climatic conditions, market fluctuations, and government policies. Originality: The study area, which faces high urbanization pressure and borders Greater Jakarta (Jabodetabek), where agricultural land conversion is occurring rapidly, provides a novel contribution to understanding how land optimization strategies can maintain local food security in areas with high land conversion pressure.
THE EFFECT OF ONLINE CUSTOMER REVIEW ON PURCHASE DECISION THROUGH BRAND TRUST AS AN INTERVENING VARIABLE FOR HERBORIST BODY LOTION PRODUCTS ON THE SHOPEE PLATFORM
Background: The rapid growth of e-commerce in Indonesia has made Shopee one of the most popular platforms for purchasing beauty and body care products. In this context, online customer reviews play a significant role in shaping brand trust and influencing consumers’ purchase decisions. Herborist, a local brand known for its natural ingredients, competes in the digital marketplace through Shopee with its body lotion products. Purpose: This study aims to analyze the influence of online customer reviews on purchase decisions through brand trust as an intervening variable for Herborist body lotion products on the Shopee platform. Methodology: This research employed a quantitative approach with descriptive and verificative methods. The sample consisted of 100 respondents who had purchased Herborist body lotion on Shopee and resided in Bogor Regency. The sampling technique used was purposive sampling, and data were collected through an online questionnaire. Data analysis was performed using path analysis with SPSS version 26. Finding: The results indicate that online customer reviews have a positive and significant effect on brand trust and purchase decisions. Furthermore, brand trust positively influences purchase decisions and mediates the relationship between online customer reviews and purchase decisions. Limitation: This study focuses only on Herborist body lotion products sold on Shopee and involves respondents residing in Bogor Regency, limiting the generalization of the findings to a broader population. Originality: This study presents a new perspective by focusing solely on the influence of online customer reviews on purchase decisions through brand trust, without involving brand image as a variable. This approach offers a simplified yet focused model that highlights the mediating role of brand trust in digital consumer behavior.
THE ROLE OF LEADERSHIP STRATEGY AND GREEN HRM ON EMPLOYEE PERFORMANCE THROUGH SUSTAINABLE WORK CULTURE IN THE FURNITURE INDUSTRY OF CIREBON, WEST JAVA, INDONESIA
Background: The furniture industry in Cirebon, West Java, represents one of Indonesia’s most labour- intensive sectors, relying heavily on human resources to sustain productivity and competitiveness. However, increasing global attention to sustainability demands that organisations integrate environmental and social considerations into management practices. In this context, leadership strategy and Green Human Resource Management (Green HRM) play essential roles in shaping a sustainable work culture that enhances employee performance. Despite extensive research on each variable separately, empirical studies combining leadership, Green HRM, and sustainability culture in Indonesia’s furniture industry remain limited—creating an opportunity for this research to fill that gap. Purpose: The purpose of this study is to examine the role of leadership strategy and Green Human Resource Management (Green HRM) in enhancing employee performance through the mediating effect of a sustainable work culture within the furniture industry of Cirebon, West Java, Indonesia. This research aims to identify how transformational and participative leadership styles, alongside environmentally conscious HRM practices, contribute to building a sustainability-oriented organisational environment. By integrating both quantitative and qualitative approaches, the study seeks to provide empirical evidence and contextual insights that advance theoretical understanding and offer practical guidance for implementing sustainable people and knowledge management strategies in labour-intensive industries. Methodology: This study employed a mixed-methods approach combining quantitative and qualitative analyses to explore the influence of leadership strategy and Green Human Resource Management (Green HRM) on employee performance through sustainable work culture in the furniture industry of Cirebon, West Java. The quantitative phase involved distributing a Likert-scale questionnaire to 100 employees of Agung Jaya Putra Furniture, analysed using SPSS for validity, reliability, and regression testing. The qualitative phase included in- depth interviews with leaders and senior employees, analysed using NVivo through open and axial coding. This sequential explanatory design integrated statistical evidence with contextual insights to ensure comprehensive understanding and validity. Finding: The findings indicate that both leadership strategy and Green Human Resource Management (Green HRM) have a significant positive effect on employee performance, with sustainable work culture acting as a partial mediator. Quantitative analysis using SPSS revealed that transformational and participative leadership styles enhance employee motivation and engagement, while Green HRM practices—such as green recruitment, training, and sustainability-based appraisal—promote environmental awareness and responsibility. Qualitative insights from NVivo further confirmed that these practices collectively nurture a sustainability-oriented culture, fostering collaboration, innovation, and adaptability. Overall, the integration of leadership and Green HRM strengthens employee performance and organisational sustainability. Limitation: This study has several limitations that should be acknowledged. First, the research was conducted in a single organisation—Agung Jaya Putra Furniture—located in Cirebon, which limits the generalisability of thefindings to other regions or industries. Second, the cross-sectional design captures relationships at one point in time, preventing causal inferences about long-term effects. Third, self-reported data from questionnaires may introduce social desirability bias. Lastly, the sample size of 100 employees, though adequate for regression analysis, may not fully represent the diversity of experiences within Indonesia’s broader furniture sector or other labour-intensive industries. Originality: This study offers originality by integrating *leadership strategy*, *Green Human Resource Management (Green HRM)*, and *sustainable work culture* into a single conceptual and empirical framework within Indonesia’s furniture industry context-a sector rarely examined in sustainability- oriented HR research. Unlike previous studies that explored these constructs separately or in modern corporate settings, this research applies a mixed-method approach to reveal how leadership and Green HRM jointly cultivate sustainability values and influence employee performance. By focusing on Agung Jaya Putra Furniture in Cirebon, the study contributes a novel perspective on human- centered sustainability in labour-intensive manufacturing industries.
The Effect of Profitability, Liquidity, and Asset Structure on Debt Policy with PSAK 71 as a Moderating Variable in Basic Material Sub- Sector Companies Listed on the Indonesia Stock Exchange for the Period 2020-2024
Background: Indonesia's post-COVID-19 economic recovery requires companies to implement appropriate financial policies, particularly in debt management as an external funding source. The basic material sector is characterized by substantial capital requirements, thus tending to rely on external debt financing. Previous studies show inconsistent results regarding the effects of profitability, liquidity, and asset structure on debt policy. Additionally, the implementation of PSAK 71 since 2020, which regulates the recognition and measurement of financial instruments, potentially moderates these relationships through enhanced financial reporting transparency. Purpose: his study aims to analyze the effects of profitability, liquidity, and asset structure on debt policy, and to examine the moderating role of PSAK 71 in basic material sub-sector companies listed on the Indonesia Stock Exchange for the 2020-2024 period. Methodology: This quantitative study uses a sample of 29 basic material companies from a population of 109 on IDX for 2020-2024 (145 observations). Analysis employs panel data regression with Moderated Regression Analysis (MRA) to examine the effects of profitability (ROA), liquidity (CR), and asset structure on debt policy (DER) with PSAK 71 moderation. Finding: Results show profitability and asset structure have positive significant effects, while liquidity has a negative significant effect on debt policy. PSAK 71 significantly moderates the relationships between profitability, liquidity, asset structure and debt policy, strengthening the effects of profitability and asset structure while weakening liquidity's effect. Limitation: Limitations include: (1) sample limited to basic material sector; (2) observation period encompasses pandemic conditions; (3) limited variables; and (4) PSAK 71 measurement uses dummy variable. Originality: This research is original in its use of PSAK 71 as a moderating variable in examining the relationship between profitability, liquidity, and asset structure on debt policy. The study focuses on Basic Material sub-sector companies listed on the IDX during 2020–2024, a period rarely explored under PSAK 71 implementation after the pandemic. Therefore, this study provides a new contribution to understanding the impact of accounting standards on corporate financing policies in Indonesia.
The Effect of Liquidity, Auditor Opinion, and Company Size on the Timeliness of Financial Statement Disclosure with Profitability as a Moderating Variable in Real Estate Companies Listed on the Indonesia Stock Exchange from 2022 to 2024
Background: Financial reporting is a crucial aspect of transparent and accountable corporate governance, serving as a means of communication between management and stakeholders. Relevant information is also needed by investors and creditors in making economic decisions. Strict regulations from the Financial Services Authority (OJK) and the Indonesia Stock Exchange (IDX) govern the timeliness of financial reporting. However, many companies are still late in fulfilling this obligation, which has the potential to cause market distrust and information loss. This study highlights the influence of three main factors liquidity, auditor opinion, and company size on the timeliness of financial reporting, with profitability as a moderating variable, particularly in the property and real estate sector, which has unique characteristics in managing significant assets and liabilities. Purpose: This study aims to analyze the variables of liquidity, auditor opinion, and company size on the timeliness of financial reporting with profitability as a moderating variable in companies in the real estate sector listed on the Indonesia Stock Exchange during the period from 2022 to 2024. Methodology: This study uses a quantitative method with a causality approach, utilizing secondary data in the form of audited annual financial reports. The sampling technique used is purposive sampling, resulting in a sample size of 71 companies. Data analysis was performed using Econometric Views 12 software through logistic regression and moderation analysis to test the relationship between the research variables objectively and systematically. Finding: The results of the study indicate that liquidity, auditor opinion, and company size are thought to have a significant effect on the timeliness of financial reporting, while profitability acts as a moderating variable in this relationship. This study makes an important contribution to the development of accounting science and corporate governance, particularly in the property and real estate sector in the Indonesian capital market. Limitation: This study is limited to real estate companies listed on the Indonesia Stock Exchange during the three-year period of 2022-2024. The focus of the variables is limited to liquidity, auditor opinion, company size as independent factors, and profitability as a moderating variable. Other variables that may affect the timeliness of financial reporting are not included in this study, so the results cannot be generalized to other industrial sectors. Originality: This study is unique in its selection of the real estate property sector, which has not been widely researched, combining the variables of liquidity, auditor opinion, company size, and profitability as moderating variables in the context of financial reporting timeliness. The use of the latest data for the 2022-2024 period contributes to the current developments in accounting science and corporate governance.
Does ESG Drive ROI Recovery in Distressed Malaysian Companies?
Background: Malaysia’s PN17 and GN3 classifications flag companies in financial distress. Boards in these companies face hard choices about where to focus limited effort. ESG is widely discussed, but the pillar that may matter most for a turnaround is governance. The dataset covers Malaysian distressed companies from 2015 to 2024, a period when sustainability reporting matured and disclosure quality improved. This creates a useful setting to study whether better governance aligns with better investment returns inside the same company over time. Purpose: To test whether within-company improvements in the Governance pillar are linked to higher Return on Investment, and to compare the governance link against Environmental and Social pillars for distressed Malaysian companies. Methodology: This study uses annual panel data on PN17 and GN3 companies from 2015 to 2024. The dependent variable is return on investment, while the main independent variables are the Environmental, Social, and Governance pillars. Controls include company size, company age, revenue growth, leverage, insider shareholdings, and board size. The analysis relies on panel regressions that track changes within the same company over time and includes year controls to capture common shocks. Standard errors are clustered by company. Finding: This study expects governance to show a positive and economically meaningful association with ROI within companies, while environmental and social effects are weaker or less precise once controls are included. Limitation: As an observational design, the results reflect associations rather than strict causality. Performance changes may influence governance actions, creating potential simultaneity. Pillar-level indicators for E, S, and G may carry measurement error or inconsistent coding, especially for smaller issuers. Limited within-company variation in some variables can reduce precision. Recovery, delisting, or missing data may introduce selection concerns that cannot be fully addressed with the available sample. Originality: This study focusses on distressed Malaysian companies rather than broad-market samples and examines changes within the same company over time to keep interpretation practical for directors and investors. Offering a clear modelling takeaway. The evidence speaks directly to whether improving governance is a realistic lever for better investment returns during distress, with implications for boards, investors, and policy discussions in the PN17 and GN3 context.
Strengthening Urban Resilience Through Income Capital: Evidence from Low- Income Communities in Kuala Lumpur, Malaysia
Background: Urban poverty remains a complex and persistent challenge in rapidly urbanizing regions of the developing world. In Malaysia, recurrent socio-economic crises have disproportionately impacted urban poor communities, especially women, youth, and informal workers. Purpose: This study investigates the relationship between income capital, defined through stable employment and consistent income sources, and resilience among low-income communities in Malaysia. Methodology: Using a structured questionnaire, data were collected from 400 urban poor households and analyzed through statistical methods. Finding: Findings reveal a significant positive relationship, highlighting the need for spatially targeted, income- enhancing policies coordinated across governance levels to address structural urban poverty and build sustainable urban resilience. Limitation: The sample was limited to PPR residents in Kuala Lumpur, which, while representative of certain urban poor populations, does not reflect the full diversity of Malaysia’s low-income urban communities. Groups living in informal settlements, inner-city slums, or peri-urban fringes may experience different vulnerabilities shaped by their spatial, social, and policy environments. Originality: In alignment with the Sustainable Development Goals, this study explores resilience strategies, focusing on income capital as a critical factor in strengthening urban resilience. Despite its importance, empirical research on how income capital contributes to community resilience within Malaysia’s multi-level governance framework remains limited.
WHEN SUSTAINABILITY MEETS STRATEGY: HOW ESG DISCLOSURE, INTELLECTUAL CAPITAL, AND DIVIDEND POLICY SHAPE FIRM VALUE
Background: The infrastructure sector plays a vital role in supporting Indonesia’s sustainable economic growth. However, this sector often faces environmental, social, and governance (ESG) challenges that can influence investor confidence and firm value. Previous studies examining the effects of ESG disclosure, intellectual capital, and dividend policy on firm value have produced inconsistent findings, particularly in emerging markets such as Indonesia. Purpose: This study aims to analyze the effect of environmental, social, and governance (ESG) disclosures, intellectual capital, and dividend policy on firm value in infrastructure companies listed on the Indonesia Stock Exchange (IDX) during the 2020-2024 period. Methodology: This research employs a quantitative approach using secondary data obtained from annual and sustainability reports, consisting of 75 firm-year observations of infrastructure companies listed on the IDX. The sample is selected using purposive sampling techniques. ESG disclosure is measured using the Global Reporting Initiative (GRI) Standards 2016 & 2021, intellectual capital is assessed through the Value Added Intellectual Coefficient (VAICTM) model, dividend policy is proxied by the Dividend Payout Ratio (DPR), and firm value is measured using the Price to Book Value (PBV) ratio. The analysis utilizes multiple linear regression with panel data, conducted through Stata 17 Software. Finding: The results show that environmental, social, and governance disclosures each have a positive and significant effect on firm value. Conversely, intellectual capital and dividend policy exhibit no significant effect. These findings indicate that investors prioritize ESG transparency as a key determinant of firm value, while intellectual capital and dividend policy are not yet perceived as critical drivers in the infrastructure sector. Limitation: This study is limited by its reliance on secondary data obtained from publicly available company reports, which may not fully capture qualitative managerial or strategic aspects. The analysis focuses solely on ESG disclosure, intellectual capital, and dividend policy as determinants of firm value, excluding other financial or macroeconomic influences that could provide additional explanatory power. Moreover, variations in firm characteristics may introduce unobserved heterogeneity that is not entirely controlled within the empirical model. Originality: This study provides new insights by jointly analyzing ESG disclosure, intellectual capital, and dividend policy as independent predictors of firm value — a combination rarely explored in prior research. It contributes by integrating financial and non-financial dimensions within a single analytical framework, highlighting how sustainability transparency and intangible assets interact with dividend decisions. Using updated GRI Standards 2021 and the VAICTM model, this study applies a contemporary approach to assess firm value creation. The repositioning of dividend policy as an independent variable adds theoretical depth and practical originality to corporate value studies.
The Influence of Training and Work Motivation On The Performance of Production Employees at PT. Massindo Karya Prima Bekasi
Background: In the era of globalization, competition among companies is becoming increasingly intense, requiring firms to have qualified and competent human resources. PT Massindo Karya Prima Bekasi, as a manufacturing company, faces issues related to suboptimal performance among its production employees, which is suspected to be influenced by insufficient training programs and low work motivation. Purpose: This study aims to identify and analyze the influence of training and work motivation on the performance of production employees at PT Massindo Karya Prima Bekasi, both partially and simultaneously. Methodology: This research employs a quantitative method with a descriptive and verificative approach. The population consists of all production employees at PT Massindo Karya Prima Bekasi, using a saturated sampling technique. Data will be collected through questionnaires, interviews, and documentation studies, then analyzed using multiple linear regression analysis with the assistance of statistical software. Finding: The next stage of this research will involve distributing questionnaires to all production employees, followed by statistical testing to determine the extent to which training and work motivation influence employee performance. The research results are expected to provide recommendations for the company to improve the effectiveness of training and work motivation in order to enhance employee performance optimally. Limitation: The research object is limited to production employees at PT Massindo Karya Prima Bekasi; therefore, the findings cannot be generalized to all employees within the company. Originality: The originality of this research lies in its object and context — the mattress manufacturing industry at PT Massindo Karya Prima Bekasi — which has distinct operational characteristics compared to previous studies that mainly focused on service or banking sectors. Additionally, this study integrates preliminary field survey data with the company’s internal training and production data from 2023–2024, which have not been used in prior research.
Dynamics of MSME Finance in the Digital Era: An Analysis of the Impact of E- commerce, Fin-tech Payments, and Accounting Knowledge on Financial Performance (A 2025 Study)
Background: This study aims to examine the influence of e-commerce, fintech Payments, and accounting knowledge on the financial performance of Micro, Small, and Medium Enterprises (MSMEs). MSMEs play a crucial role in the national economy, with their growing presence in Indonesia serving as a key driver of economic activity. The increasing number of MSMEs in Indonesia highlights the importance of factors such as digital technology adoption and financial literacy for their success. Purpose: The purpose of this study is to determine the influence of the use of e-commerce, fintech Payments, and accounting knowledge on the financial performance of MSMEs in East Jakarta. Methodology: Utilizing a quantitative approach, data were collected through questionnaires distributed to MSMEs in East Jakarta. The study employed purposive sampling, with sample size determined by the Slovin formula. Data analysis involved validity testing, descriptive statistics, classical assumption tests, and multiple linear regression analysis using SPSS 2025. Finding: Results indicate that e-commerce usage, fintech Payments, and accounting knowledge all significantly positively affect the financial performance of MSMEs. These findings underscore the importance of digital and financial capabilities in enhancing MSMEs' economic outcomes. Limitation: The study is geographically limited to East Jakarta, which may affect the generalizability of the findings to other regions. The use of purposive sampling might introduce selection bias, limiting the representativeness of the sample. Data collection via questionnaires relies on self-reported information, which may be subject to respondent bias. The study focuses on financial performance without exploring other performance dimensions like customer satisfaction or operational efficiency. Originality: This research uniquely integrates three critical modern factors—e-commerce, fintech payments, and accounting knowledge—to examine their combined impact on MSMEs’ financial performance during the digital era. It specifically focuses on MSMEs in East Jakarta, providing localized insights potentially distinct from broader national or global studies. The use of up-to-date analytics tools, such as SPSS 2025, adds methodological rigor to the study.
The Influence of Entrepreneurial Orientation and Business Motivation on the Business Performance of Snack Food MSMEs in North Bogor District, Bogor City
Background: The development of MSMEs in North Bogor District also requires entrepreneurs to be able to compete actively amidst increasingly competitive business conditions. Therefore, innovation and appropriate strategies are needed to maintain and develop their businesses. In reality, many MSMEs still have limitations in terms of entrepreneurial orientation, business motivation, and business performance. This condition encourages research to determine the extent to which MSMEs possess the entrepreneurial orientation and business motivation that support business performance. Purpose: The purpose of this study is to analyze: 1) the response of business owners to entrepreneurial orientation and business motivation on business performance in snack food MSMEs in North Bogor District, Bogor City, 2) the simultaneous influence of entrepreneurial orientation and business motivation on business performance in snack food MSMEs in North Bogor District, Bogor City, 3) the partial influence of entrepreneurial orientation and business motivation on business performance in snack food MSMEs in North Bogor District, Bogor City. Methodology: The method used in this study was descriptive and verification with a quantitative approach. A sample of 100 business owners was drawn using a probability sampling method with a simple random sampling procedure. Finding: The test results concluded that simultaneously and partially, the entrepreneurial orientation and business motivation variables had a positive and significant effect on business performance. This implies that MSME owners who demonstrate stronger entrepreneurial orientation characterized by innovation, risk-taking, and proactiveness and higher levels of motivation tend to achieve better business performance. These findings emphasize that internal entrepreneurial factors play a crucial role in improving MSME success, particularly in regions with limited market access and economic challenges such as North Bogor District. Hence, this study can serve as a reference for local authorities and MSME support organizations in developing programs aimed at strengthening entrepreneurial orientation and enhancing business motivation among local entrepreneurs. Limitation: The research was conducted within a limited time frame, which restricted the possibility of conducting longitudinal analysis to observe changes in business performance over time and The data were collected through self-administered questionnaires, which may lead to response bias as some respondents might provide socially desirable answers rather than objective information. Originality: This study possesses a high degree of originality as it focuses on Micro, Small, and Medium Enterprises (MSMEs) located in the North Bogor District, an area that has rarely been the specific subject of academic research. Most previous studies on MSMEs in Bogor City have generally examined the city as a whole or other districts such as Central Bogor or Tanah Sareal, which have different economic and social characteristics. Furthermore, North Bogor District has unique local economic potential and demographic characteristics, such as a high concentration of home-based micro enterprises, limited access to formal financing, and relatively low levels of business digitalization. These conditions make this research both relevant and novel, as it provides a more contextual and in-depth understanding of MSME conditions in a specific local area. Therefore, this study not only enriches the existing literature on local MSME development but also serves as a new empirical reference for local governments and MSME support institutions in designing more targeted policies based on the actual conditions in North Bogor District.
Entrepreneurial orientation, entrepreneurial network capability and organizational commitment to the performance of snack businesses in West Bogor district
Background: Micro, small, and medium enterprises (MSMEs) play a vital role in economic growth and community welfare, particularly in the food industry sector. In Bogor Barat District, snack food MSMEs continue to grow; however, many still face challenges in improving business performance due to limited entrepreneurial capabilities, weak business networks, and low organizational commitment. Therefore, strengthening entrepreneurial orientation, networking capabilities, and commitment becomes crucial to enhance business competitiveness and sustainability. Purpose: his study aims to determine and analyze the influence of: Entrepreneurial orientation, Entrepreneurial network capability, and Organizational commitment on the business performance of snack food MSMEs in Bogor Barat District, both simultaneously and partially. Methodology: This research uses a quantitative approach with descriptive and verificative methods. The population consists of 1,540 snack food MSME owners in Bogor Barat District. A sample of 50 respondents was selected through appropriate sampling techniques. Data were analyzed using multiple linear regression analysis with IBM SPSS version 25.00. Finding: The findings indicate that: Entrepreneurial orientation, Entrepreneurial network capability, and Organizational commitment have a positive and significant influence on business performance, both simultaneously and partially. These results suggest that MSME owners with strong entrepreneurial spirit, extensive networking capabilities, and high organizational commitment will demonstrate enhanced business performance in terms of sales, growth, innovation, and competitiveness. Limitation: This study is limited to MSMEs specializing in snack food products and conducted only within Bogor Barat District with a relatively small sample size of 50 respondents. Additionally, the study focuses on three variables, while there may be other external and internal factors that influence business performance. Originality: This research contributes to the existing literature by combining the variables of entrepreneurial orientation, entrepreneurial network capability, and organizational commitment in the context of snack food MSMEs in Bogor Barat District, which has been rarely explored in prior studies. It provides empirical evidence on the importance of internal behavioral and relational capabilities in improving MSME performance.
THE INFLUENCE OF COMPETENCY AND WORK DISCIPLINE ON PERFORMANCE THROUGH JOB SATISFACTION AS A MEDIATION VARIABLE AT PT. HONORIS INDUSTRY
Background - One of the company's goals has been achieved, namely having human resources that are reliable and have high performance, but in reality PT Honoris Industry employees' performance is still low, this is due to the employee's competency, discipline and job satisfaction being still low. Purpose - to determine the direct and indirect influence between competence and work discipline on performance through job satisfaction. The objects studied were employees of the production department of PT Honoris Industry, Bogor City with a sample of 193 people methodology - using smart PLS software in the form of inner and outer model analysis as well as hypothesis testing in the form of direct and indirect effects. The research instrument was to distribute questionnaires to 193 production employees of PT Honoris Industry, Bogor City. Findings - Previous research shows that competence and work discipline have a direct and indirect effect on employee performance through job satisfaction. Therefore, researchers will research further with a different analysis unit, namely at PT Honoris Industry Originality - to improve performance in the company
The Influence of E-Service Quality, E-Trust and Social Factors on Purchasing Decisions on Lazada.
Background: The rapid growth of e-commerce in Indonesia has intensified competition among online marketplaces, including Lazada. To influence consumer purchasing decisions, platforms must build strong electronic trust (e-trust), provide reliable electronic services (e-service), and leverage social factors such as recommendations and online reviews. Consumers today face high uncertainty due to the lack of physical product interaction, making trust a crucial determinant in online transactions. Additionally, quality service features—such as secure payment, responsive customer support, and efficient delivery—play an important role in shaping customer satisfaction and decision-making. Social influences from peers and digital communities further encourage purchase intentions. Therefore, it is essential to examine how e- trust, e-service, and social factors significantly affect purchasing decisions on Lazada. Purpose: 1. To identify and analyze consumer responses toward e-service quality, consumer trust, and purchasing decisions among Lazada e-commerce users. 2. To determine and analyze the direct influence of e- service quality on consumer trust 3. To determine and analyze the direct influence of e-service quality on purchasing decisions. 4. To determine and analyze the direct influence of consumer trust on purchasing decisions. 5. To determine and analyze the indirect influence of e-service quality on purchasing decisions.. Methodology: Data are collected using an online questionnaire distributed to Lazada users. The measurement of each variable is based on a Likert scale to identify respondent perceptions related to e- trust, e-service quality, social factors, and purchasing decisions. The collected data are analyzed using Structural Equation Modeling (SEM) or multiple linear regression through statistical software to determine the direct and simultaneous effects among variables. Finding: The results of this research show that consumer trust in Lazada is still relatively low. Limitation: Practical limitations, such as the author's limited funds to directly access the related data. Originality: The research conducted is new research and different from previous research.
THE INFLUENCE OF SUPPLY CHAIN ??MANAGEMENT AND COMPETITIVE ADVANTAGE on COMPANY PERFORMANCE in AUTO2000 YASMIN BOGOR
Background: The automotive industry is growing rapidly along with global economic growth and increasing people's purchasing power. Competition between automotive brands is increasingly fierce, operational efficiency and innovation are the keys to success. Supply chain management and competitive advantage are strategic factors in improving the Company's performance. Indonesia is still the largest automotive market in ASEAN with sales of 633,218 units (January–September 2024), although this is down 16.2% compared to 2023. Brands such as Toyota, Honda and Hyundai dominate the national market with different strategies in facing electrification and digitalization trends. Auto2000 Yasmin Bogor is an official Toyota main dealer that applies the one-stop service concept starting from sales, service, to providing spare parts. Even though it has an extensive service network, data for 2024 shows that the average sales target achievement is only 91.52% and service delivery is 93.79%, indicating that performance is not yet optimal. Pre-survey results also show that 56% of employees think that work processes are not yet efficient, 52% think that competitive advantage is still weak, and 51% say that supply chain management is not yet effective. Purpose: This study aims to examine the influence of supply chain management and competitive advantage on company performance. Methodology: Data were collected through a questionnaire, while data analysis was carried out using multiple linear regression with the assistance of SPSS version 27.0.1. Finding: The results show that supply chain management has a positive and significant effect on company performance, and competitive advantage also has a positive and significant effect on company performance. Limitation: This study was conducted only at Auto2000 Yasmin Bogor, so the results cannot be generalized to all Auto2000 branches or other automotive companies in Indonesia. The sample size is relatively small (75 respondents), which limits data variability and the ability to compare results across different business units. The data were collected through a questionnaire, making the results dependent on respondents’ honesty, understanding, and subjective perceptions. The study focused only on three variables — supply chain management, competitive advantage, and company performance — without including other potential influencing factors such as innovation, service quality, leadership, or organizational culture. The research used a quantitative descriptive approach, which does not explore qualitative aspects such as organizational dynamics or managerial strategies that may affect performance outcomes. Originality: This research provides originality by empirically examining the direct relationship between supply chain management, competitive advantage, and company performance in the context of the automotive service industry, specifically at Auto2000 Yasmin Bogor. Previous studies have largely focused on manufacturing firms or large-scale industries, while this study highlights the application of supply chain management within a service- oriented automotive dealership. The findings contribute to understanding how supply chain efficiency and competitive advantage can jointly enhance company performance in a highly competitive market environment.
The Influence of Word of Mouth and Service Quality on Customer Loyalty through Customer Satisfaction at The Jayakarta Mountain Resort Cisarua Bogor
Background: In the highly competitive hospitality sector in Bogor Regency, The Jayakarta Mountain Resort Cisarua Bogor faces below-optimal occupancy rates and low customer satisfaction and loyalty. This study examines the influence of word-of-mouth (WOM) and service quality on customer loyalty, with customer satisfaction as an intervening variable. A quantitative descriptive-verification approach was employed, using purposive sampling to collect data from 150 respondents. Data were analyzed using path analysis and the Sobel test with SPSS version 25. The results show that WOM and service quality have a positive and significant effect on customer satisfaction, which in turn mediates their impact on customer loyalty. The coefficient of determination indicates that 86.6% of the variation in customer loyalty is explained by WOM, service quality, and customer satisfaction. The findings suggest that enhancing customer satisfaction is crucial for strengthening the effect of WOM and service quality on loyalty. Resort management should therefore prioritize customer-oriented promotional strategies, improve service responsiveness, and strengthen loyalty programs. Purpose: This study aims to examine the relationship between word of mouth (WOM), service quality, and customer loyalty, as well as to determine the role of customer satisfaction as an intervening variable Methodology: The research employs a quantitative descriptive-verificative approach using purposive sampling with a total of 150 respondents. Data were analyzed using path analysis and the Sobel test with the assistance of SPSS version 25. Finding: The findings reveal that both word of mouth (WOM) and service quality have a positive and significant effect on customer satisfaction, which subsequently enhances customer loyalty. These factors exert both direct and indirect effects on loyalty through customer satisfaction. The coefficient of determination indicates that WOM, service quality, and customer satisfaction explain 86.6% of the variation in customer loyalty. The Sobel test further confirms that customer satisfaction acts as a significant mediating factor. Limitation: This study is limited to one hotel, The Jayakarta Mountain Resort Cisarua Bogor, which may restrict the generalization of findings to other hotel contexts. Future research could include a broader range of hotels or regions to provide a more comprehensive understanding of the studied relationships. Originality: This study contributes to hospitality management literature by empirically proving the mediating role of customer satisfaction in the relationship between WOM, service quality, and loyalty. It emphasizes the strategic importance of improving service responsiveness and customer-oriented promotional efforts to build sustainable customer loyalty in the resort industry.
PENGARUH PENGEMBANGAN KARIR DAN KOMPENSASI TERHADAP RETENSI KARYAWAN DENGAN KEPUASAN KERJA SEBAGAI VARIABEL INTERVENING PADA CV. CLEAN & CLEAR INDONESIA BOGOR
Background: Penelitian ini dilatarbelakangi oleh tingginya tingkat labour turnover (LTO) di CV. Clean & Clear Indonesia Bogor yang mencapai 11,92%, melebihi batas normal 10%. Kondisi ini menunjukkan lemahnya retensi karyawan yang disebabkan oleh pengembangan karir yang belum optimal, kompensasi yang belum sesuai harapan, dan kepuasan kerja yang rendah. Purpose: Tujuan penelitian ini adalah untuk menganalisis pengaruh pengembangan karir dan kompensasi terhadap retensi karyawan dengan kepuasan kerja sebagai variabel intervening pada CV. Clean & Clear Indonesia Bogor. Methodology: Penelitian ini menggunakan metode kuantitatif dengan pendekatan verifikatif. Populasi terdiri dari 100 karyawan dan seluruhnya dijadikan sampel dengan teknik sampling jenuh. Pengumpulan data dilakukan melalui kuesioner skala Likert dan dianalisis menggunakan analisis jalur (path analysis) dengan bantuan SPSS versi 27. Finding: Hasil penelitian menunjukkan bahwa pengembangan karir berpengaruh negatif terhadap kepuasan kerja namun positif terhadap retensi karyawan. Kompensasi berpengaruh positif terhadap kepuasan kerja namun negatif terhadap retensi. Kepuasan kerja tidak berpengaruh signifikan terhadap retensi serta hanya memediasi pengaruh kompensasi terhadap retensi. Limitation: Penelitian ini terbatas pada satu perusahaan dengan jumlah responden 100 orang, sehingga hasilnya belum dapat digeneralisasikan ke perusahaan lain dengan karakteristik berbeda. Variabel lain seperti kepemimpinan, lingkungan kerja, dan budaya organisasi belum dimasukkan dalam model penelitian. Originality: Penelitian ini memberikan kontribusi dengan mengidentifikasi peran kepuasan kerja sebagai variabel intervening dalam hubungan antara pengembangan karir, kompensasi, dan retensi karyawan pada perusahaan jasa kebersihan, yang masih jarang diteliti sebelumnya.
Reinventing Human Resource Management in the Age of Artificial Intelligence: A Systematic Literature Review on the Transformation of Human–Machine Synergy
Background: The integration of Artificial Intelligence (AI) and Machine Learning (ML) in Human Resource Management (HRM) is recognized as a transformative trend, enhancing data-driven decision- making in areas like talent acquisition and performance analytics. However, a comprehensive and structured mapping of the global research landscape, its thematic evolution, and collaborative networks, particularly in the context of Southeast Asia's plural economies, remains unexplored, creating a rationale for a systematic synthesis Purpose: This study aims to map the intellectual structure and research trends of AI and ML applications in HRM, identifying dominant themes, key contributors, and collaborative patterns to establish a foundational overview and identify future research avenues Methodology: A systematic literature review was conducted following the PRISMA 2020 guidelines. Data was retrieved from the Scopus database, resulting in 62 final articles from an initial 1,566 after rigorous screening.Bibliometric analysis was performed using VOSviewer to visualize co-occurrence networks, country collaborations, and thematic clusters Finding: The findings reveal that artificial intelligence (AI) has reshaped the essence of human resource management (HRM) through three major dimensions: technical enablers, organizational capabilities, and sustainability outcomes. AI acts as a technical enabler that enhances decision-making accuracy and efficiency in HR processes, while organizational capability determines how effectively firms adapt through digital leadership and human–machine collaboration. Moreover, sustainability outcomes emphasize the ethical and human- centered implications of AI adoption, highlighting the need to balance innovation, governance, and employee well-being. Collectively, the review demonstrates that the future of HRM lies in the synergistic integration of human intelligence and machine capability, leading to a more adaptive, ethical, and sustainable model of workforce management Limitation: The study is limited to Scopus-indexed articles and focuses primarily on quantitative bibliometric analysis, suggesting the need for future qualitative investigations on contextual and ethical aspects of AI–HRM integration Originality: The study introduces a novel Human–Machine Synergy Framework that unites technical, organizational, and sustainability perspectives of AI-driven HRM, highlighting ethical and contextual insights often overlooked in Western-centric research
THE EFFECT OF WORKLOAD, WORK ABILITY, AND WORK MOTIVATION ON EMPLOYEE WORK PRODUCTIVITY AT PT JAYA RIYAN MANDIRI
Background: The development of science and technology today demands that companies in various sectors achieve competitive advantages. Fierce competition requires companies to demonstrate their best performance both internally and externally. This competition significantly limits a company's chances of survival. The key to success in this increasingly competitive environment lies in its resources. Rapid change requires companies to have high-quality and promising resources. One company resource that significantly contributes to its progress is its internal resources. The role of human resources is something that companies must always pay attention to. Companies must recognize that human resources are not just employees, but also a crucial asset for the company's survival. Human resources play a crucial role in planning, implementation, and decision-making. Without human resources, nothing will be achieved, especially in achieving company goals. Every company desires and always strives to obtain quality human resources to achieve its goals. It is clear that the role of human resources is crucial as a support for the continuity of a company's life. Therefore, companies must pay more attention to how to improve the welfare of their human resources to achieve more satisfying results. A good company must build a positive relationship between employees and the company. This relationship will ultimately determine how an employee behaves in carrying out their responsibilities. This behavior will ultimately impact the achievement of company goals. Therefore, knowledge is needed to direct stakeholders to perform optimally. In this regard, the company must formulate ways to consistently improve employee productivity. Purpose: 1. To identify and analyze the workload, work ability, work motivation, and work productivity of PT Jaya Riyan Mandiri employees. 2. To identify and test the simultaneous influence of workload, work ability, and work motivation on the work productivity of PT Jaya Riyan Mandiri employees. 3. To identify and test the influence of workload on the work productivity of PT Jaya Riyan Mandiri employees. 4. To identify and test the influence of work ability on the work productivity of PT Jaya Riyan Mandiri employees. 5. To identify and test the influence of work motivation on the work productivity of PT Jaya Riyan Mandiri employees. Methodology: This research uses a descriptive, verification method with a quantitative approach. The aim is to describe and examine the influence of workload, work ability, and work motivation on employee productivity. The research object encompasses four main variables: workload, work ability, work motivation, and work productivity. The research location is PT Jaya Riyan Mandiri. The unit of analysis is individual employees, with a population of 72, and the entire population is sampled using a saturated sampling technique. The data used consist of primary data (interviews and questionnaires) and secondary data (company documents and supporting literature). Data collection techniques include interviews, observations, questionnaires, and literature review. The research instrument was tested using validity and reliability tests, with all items found to be valid and reliable. The classical assumption test indicates that the data are normally distributed, free from multicollinearity, and free from heteroscedasticity. Data analysis used multiple linear regression with the model: Y = a + ??X? + ??X? + ??X? + e, where Y is work productivity, X? is workload, X? is work ability, and X? is work motivation. In addition, correlation analysis and the coefficient of determination (R2) were used to determine the strength of the relationship between variables, as well as F and t tests to examine simultaneous and partial effects. The testing criteria indicate that the hypothesis is accepted if the significance value is <0.05 or the calculated F/t value is > the table F/t value.
PLURAL ECONOMIES AND THE POLITICS OF VALUES: REIMAGINING SUSTAINABLE BUSINESS IN SOUTHEAST ASIA
Background: Southeast Asia represents a region of profound economic diversity, where formal, informal, communal, and digital systems coexist and interact in processes of production, distribution, and consumption. This multiplicity of systems generates a complex landscape in which the politics of value— the contestation over what is considered valuable or sustainable—plays a central role in shaping regional development trajectories. Understanding how these different economies interact is essential for addressing the challenges of building inclusive and sustainable growth across the region. Purpose: The primary purpose of this study is to examine how businesses, governments, and local communities in Southeast Asia negotiate economic, social, and environmental values in constructing inclusive and sustainable business practices. It seeks to rethink the prevailing framework of sustainable business by exploring how plural economic systems and diverse value perspectives influence the regional definitions of sustainability and success. By situating sustainability within the plural economic realities of Southeast Asia, this study aims to provide an alternative lens for understanding inclusive development. Methodology: Methodologically, this research adopts a qualitative and conceptual analytical approach to explore the interaction between multiple economic systems and their underlying value dynamics. It draws upon case- based insights, policy analyses, and theoretical discussions to understand how plural economies shape sustainable business practices across different local contexts. The study emphasizes interpretive and contextual analysis rather than quantitative measurement, aiming to capture the nuanced processes of value negotiation among varied stakeholders. Finding: The findings reveal that the success of sustainable business in Southeast Asia is not determined solely by technological innovation or policy frameworks. Instead, it relies heavily on the capacity of diverse actors—businesses, governments, and local communities—to construct shared understandings of value and sustainability. Plural economies provide a foundation for integrating broader perspectives, enabling the emergence of adaptive, equitable, and contextually grounded business models that effectively respond to regional challenges. Limitation: The main limitation of this study lies in its conceptual orientation, as it does not include extensive empirical or comparative case data. Future research incorporating fieldwork and cross-country analysis would strengthen the understanding of how plural economies function in practice to influence sustainable business outcomes across varying social and institutional contexts. Originality: This research contributes original insights by linking the concept of plural economies with the politics of value to reinterpret sustainable business practices in Southeast Asia. Departing from conventional sustainability studies that emphasize technology or policy instruments, this study highlights the social and cultural dimensions of value creation as essential foundations for sustainable and inclusive economic transformation in the region.
THE INFLUENCE OF COMPENSATION, WORK DISCIPLINE, AND ENVIRONMENT WORK ON EMPLOYEE PERFORMANCE AT PT. LOTUS BOGA LIMA IN BOGOR
Background: Human resources (HR) are a crucial factor in achieving company goals. Strong HR capabilities are reflected in strong performance and serve as an asset to the company. Therefore, management needs to prioritize effective HR management to improve organizational effectiveness and efficiency. Purpose: This study aims to determine the effect of compensation, work discipline, and the work environment on employee performance at PT. Lotus Boga Lima. Methodology: The objects of this study were compensation, work discipline, work environment, and employee performance. The sample size for this study was 42 people using non-probability sampling with a saturated sampling technique. The research method used was quantitative. Data were collected through questionnaires and analyzed using multiple linear regression. Prior to analysis, reliability testing and classical assumptions were conducted to ensure the validity of the model. Primary data were collected directly from respondents through questionnaire distribution, interviews, and field observations. Meanwhile, secondary data were obtained from literature studies including books, scientific journals, and reports from related companies. Finding: The research results show that compensation has the greatest influence on employee performance, followed by work discipline, which also has a significant effect. Meanwhile, the work environment has a positive effect but is the variable with the lowest influence. Overall, all three variables have been shown to contribute to improved employee performance. Limitation: A limitation of this study is the relatively small sample size, so the results may not be fully representative of the entire population. Furthermore, this study only used data from one company, so it cannot be generalized to other companies with different characteristics. Originality: The originality of this research lies in the combination of variables and research objects that have never been used in previous research, so it is hoped that it can provide a new perspective on the factors that influence employee performance.
Efforts to Realize a Prosperous Indonesia
Background: Indonesia has abundant natural resources, including gold, nickel, oil, gas, coal, copper, aluminum, fresh water, marine products, plantations, livestock, and air. These natural resources certainly have great potential to improve the welfare of society, but in fact, many Indonesians still have low incomes, are poor and destitute, unemployed, buskers, beggars, pickpockets, muggers, and even robbers. All of these types of people and social behaviors are born from economic inadequacy and low levels of education. Purpose: This study aims to determine the efforts that can be made to realize a prosperous Indonesia. Methodology: This research is a normative research with a statutory regulatory approach related to the research object, the theory used is the welfare state. Finding: The research results show that efforts to realize a prosperous Indonesia include: Providing Quality Education, Mastery of Science and Technology, Responsible and Sustainable Natural Resource Management, and Good Law Enforcement Instruments. Limitation: This research generally concerns the national economy, but specifically this research examines the national economy using a welfare state approach that is based on law. Originality: Efforts to Realize a Prosperous Indonesia is an original work resulting from my own thoughts and research, not the result of artificial intelligence/AI, plagiarism, and has never been published or presented at a seminar elsewhere.
A DECENT WAGE PAYMENT SYSTEM FOR COMPANY WORKERS TO IMPROVE WELFARE
Background: Article 27 paragraph (2) of the 1945 Constitution stipulates that: "Every citizen has the right to work and a decent living for humanity. The meaning of this article gives hope to everyone that the state has the authority to create jobs for all Indonesian citizens. Getting a good job is the hope for everyone because from working they will get a salary or wages. Purpose: The aim of good wages is to be given according to the abilities and contributions of workers for services they have provided to the company with the hope of becoming a motivation to improve the performance of workers and the company so that decent wages will be a guarantee for the development of the company's progress. Methodology: This research is a type of normative juridical research, with a statutory regulatory approach that regulates decent wages for workers, the legal materials used are the 1945 Constitution, the Employment Law, and other relevant regulations. Finding: Companies that pay attention to work relations and provide a decent wage payment system in company activities will create welfare for workers and have a positive impact on motivation in carrying out work activities. Limitation: Research limitations, this research is generally classified as labor law research, but specifically this research discusses a decent wage payment system for workers to improve workers' welfare. Originality: Research limitations, this research is generally classified as labor law research, but specifically this research discusses a decent wage payment system for workers to improve workers' welfare.
THE EFFECT OF WORD OF MOUTH AND CUSTOMER EXPERIENCE ON CUSTOMER RETENTION WITH CUSTOMER SATISFACTION AS AN INTERVENING VARIABLE AT BUANA TRIP BOGOR
Background: The tourism industry in Bogor Regency continues to grow and drives the increasing demand for travel services, one of which is Buana Trip Bogor. However, despite the increasing number of new customers, data shows that the rate of returning customers (Customer Retention) remains low. This is influenced by suboptimal Customer Experience, such as slow service response, inadequate cleanliness, and a mismatch between the atmosphere and promotions, which impacts low Customer Satisfaction. In addition, Word of Mouth from customers is also still weak, indicated by the lack of recommendations and interactions on the company's social media. In fact, Word of Mouth and Customer Experience have an important role in shaping satisfaction and encouraging customer loyalty. Therefore, this study was conducted to analyze the influence of Word of Mouth and Customer Experience on Customer Retention with Customer Satisfaction as an intervening variable at Buana Trip Bogor. Purpose: This study aims to analyze the influence of Word of Mouth and Customer Experience on Customer Retention with Customer Satisfaction as an intervening variable at Buana Trip Bogor. Methodology: Buana Trip customers, taken using a non-probability sampling technique with a purposive sampling method with the criteria of male and female customers aged >17 years and customers who have used Buana Trip services at least once. Finding: Based on initial observations, Buana Trip's internal data, and a preliminary customer survey, it was found that Buana Trip's Customer Retention rate is still relatively low. This is indicated by the decreasing number of repeat customers from year to year. Furthermore, Customer Satisfaction has not been achieved optimally, with most customers stating that the travel experience they received did not meet their expectations. Word of Mouth is also still low, as evidenced by the lack of recommendations and customer interaction on the company's official social media. This condition is caused by Customer Experience that has not consistently provided a positive impression, such as slow organizer responses, poor location cleanliness, and a mismatch between the atmosphere and promotional materials. These findings indicate that Customer Experience and Customer Satisfaction play a significant role in influencing Word of Mouth and Customer Retention at Buana Trip. Limitation: This study has several limitations that need to be considered. First, the study was conducted on only one object, namely Buana Trip Bogor, so the results of this study cannot be directly generalized to all travel service companies. Second, the study sample only included customers who had used the service at least once, so the perceptions of potential customers and customers who did not return were not accommodated. Third, the study only focused on the variables of Word of Mouth and Customer Experience as factors influencing Customer Retention, while other variables such as Brand Trust, Price Perception, and Service Quality were not included in the research model. Furthermore, the approach used was quantitative, so it does not describe the depth of customer experience qualitatively. Originality: The originality of this research lies in the context and model of the variable relationships used. This study examines the influence of Word of Mouth and Customer Experience on Customer Retention with Customer Satisfaction as an intervening variable at Buana Trip Bogor, a local adventure tourism service provider that has not been the object of research in previous studies. This research model also offers a different approach compared to previous studies, because it specifically places Customer Satisfaction as an intermediary variable in explaining the causal relationship between these variables. In addition, this research is based on the actual phenomenon of declining customer retention that occurs in the field, so it has practical relevance and contribution to the development of strategies to increase customer loyalty in the adventure tourism industry.
THE INFLUENCE OF BRAND IMAGE, PERCEIVED BENEFIT, PERCEIVED EASE OF USE AND LIFESTYLE ON INTENTION AND DECISION GEN Z TO USE THE GO-RIDE APPLICATION
Background: Information technological advances have change people’s behavior, including transactional behavior. One of the results of advances in information technology that has contributed greatly to behavioral change is the internet, which has encouraged the emergence of many applications for various activities, one of which is the provision of online transportation services. Purpose: This research aims to examine the influence of brand image, perceived benefits, perceived ease of use, and lifestyle on the intention and decision to use the Go-Ride application among Gen Z. Methodology: The population of this study consists of all Go-Ride aplication users aged 12 to 27 years. Data was collected by distributing questionnaires via Google Forms. The dependent variable is decision to use, while the independent variables are brand image, perceived benefits, perceived ease of use, and lifestyle. The intention to use the Go-Ride application is considered as a mediating variable that mediates the influence of brand image, perceived benefits, perceived ease of use, and lifestyle on decision to use the Go-Ride application. The analysis method used is a causal step regression analysis, and SPSS version 25 was used to estimate the regression model. Finding: The analysis of 143 respondents found that brand image, perceived benefits, perceived of ease, and lifestyle all had a positive and significant impact on intention to use and decision to use. Intention to use can mediate the influence of brand image and lifestyle on decision to use the Go-Ride application, but it cannot mediate the influence of perceived benefits and perceived of ease. Limitation: First, the cross-section research design and non-probabilistic sampling technique limit causal inference and generalization of findings to the entire Gen Z population. Second, this research focuses on one platform, namely Go-Ride, and the dynamic time context makes the research results unable to be generalized to competitors or different periods. Originality: This research has produced novelty in the context of conceptual novelty, where this research has tried to advance the state of the art by testing an integrated model that combines brand image, perceived benefit, perceived ease of use and lifestyle to explain Gen Z’s intention and decision to use Go-Ride Apps. This research has also tested the ability of intention to mediate four independent variables in the decision. And this research has also mapped the perception of benefits relevant to Gen Z to increase the strength of the explanatory model in the current context.
The Influence of Workload and Competence on Employee Performance Through Work Morale as an Intervening Variable in the Production Division of PT. Tirta Fresindo Jaya Bogor
Background: Management activities generally involve efforts to achieve organizational goals by utilizing existing resources. Companies possess various types of resources that are managed according to the principles of efficiency and economy. One resource that is currently a primary focus is Human Resources (HR). HR plays a crucial role in achieving company goals. Corporate goals will be difficult to achieve without human resources, even with the most sophisticated tools available. Companies must have qualified HR to remain competitive and achieve their vision and mission. Purpose: The purpose of this study is to determine employee responses and analyze the direct and indirect influence of workload and competence on performance through work enthusiasm as an intervening variable in the production division of PT. Tirta Fresindo Jaya Bogor. Methodology: The objects of this research are workload, competence, work enthusiasm, and employee performance. The approach used in this research is a quantitative approach with descriptive data analysis techniques and path analysis. The population used in this research is employees of the Production Division of PT. Tirta Fresindo Jaya Bogor, which number approximately 361 people. The sampling technique in this research was carried out using a probability sampling technique. The result of the sample calculation using the Yamane Formula was 78 people, but was increased to 100 people. Primary data was obtained through questionnaires, interviews, and observations. Secondary data came from literature studies, including books, journals, theses, internet data, and company reports. Finding: Employee responses to workload, competence, work enthusiasm and employee performance are included in the high category; the results of the hypothesis test prove that workload and competence have a direct positive and significant effect on work enthusiasm; workload, competence and work enthusiasm have a direct positive and significant effect on performance; work enthusiasm is able to mediate workload and competence on performance. Limitation: This research was conducted only in the Production Division of PT. Tirta Fresindo Jaya Bogor, so the results cannot necessarily be generalized to other divisions within the same company or to other companies with different characteristics. Furthermore, this study only examined the effect of workload, competence, and work morale on employee performance. Other factors such as discipline, supervision, compensation, training, and leadership were not included, even though these factors can also influence employee performance. Originality: In previous research, the author has not found research that precisely replicates all the variables of the study he will conduct. Therefore, the author conducted a new study, namely the influence of workload and competence on employee performance through work morale as an intervening variable.
A CONCEPTUAL MODEL OF HIGH-PERFORMANCE WORK SYSTEMS (HPWS) IN PUBLIC BUREAUCRACY: THE ROLE OF PUBLIC SERVICE MOTIVATION (PSM) IN OPTIMIZING TAX REVENUE
Background: Global economic dynamics pose a major challenge for public bureaucracies, such as the Tax Service Office, to optimally improve performance in order to achieve tax revenue targets. In Human Resource Management (HRM) studies, there is the concept of a High-Performance Work Systems (HPWS), which refers to a series of integrated and mutually reinforcing HRM practices, designed not only to carry out administrative functions but also directly achieve strategic goals and organizational competitive advantage. Various empirical studies consistently show that the effective implementation of HPWS has a positive influence on organizational performance in the private sector. However, its application in the context of public bureaucracy, which tends to be rigid, hierarchical, and heavily regulated, has been minimally explored. Purpose: This research aims to develop a framework (conceptual model) that integrates the principles of HPWS in the context of public bureaucracy in the field of tax services. Methodology: The methodology used is a Systematic Literature Review (SLR). This method aims to build a new conceptual model by synthesizing existing literature. Finding: The proposed model argues that the implementation of a set of HPWS practices, designed to enhance employee ability, motivation, and opportunity (AMO), will positively impact a key mediating variable, namely public service motivation (PSM). In turn, stronger PSM will contribute to improved organizational performance, ultimately optimizing the achievement of tax revenue targets. Limitation: 1. Non-Empirical Nature 2. Limited Generalizability 3. Dependence on Existing Literature 4. Omission of Implementation Complexity Originality: 1. Integration of Public Service Motivation (PSM) as a Key Mediator 2. Conceptual Adaptation of HPWS for Public Bureaucracy 3. Context-Specific Application (Tax Administration) 4. Bridging HRM with Strategic Fiscal Outcomes
THE BENEFITS OF INTEGRATING THE NATIONAL IDENTITY NUMBER (NIK) INTO THE TAXPAYER IDENTIFICATION NUMBER (NPWP) ON TAX AWARENESS AND COMPLIANCE IN INDONESIA
Background: The awareness and compliance of individual taxpayers (WP OP) in Indonesia after the publication of new Regulations Law Number 7 of 2021 about Harmonization of Tax Regulations which states that NIK will be integrated with NPWP. Purpose: This research purpose is to test the benefits of integrating NIK and NPWP on tax awareness and taxpayer compliance as seen from the perceptions of tax administration students. Methodology: The model of this research is descriptive quantitative research using a survey method with a population of Tax administration students, Diponegoro University by distributing online closed survey form. Data analysis uses standard diagrams of survey form results and presented in statistical data information. Finding: The research results show that the student respondents already know about these regulations and the integration of NIK into NPWP is beneficial and can be an effort by the government to increase tax awareness and tax compliance. The results of the study also showed that, in general, the integration of NIK into NPWP is beneficial for the community or individual taxpayers because it provides administrative convenience through the Single Identification Number (SIN). The integration of NIK into NPWP is beneficial for the community because it makes it easier for the community not to need to carry many identity cards in fulfilling tax obligations, they only need to use an ID card containing NIK. Limitation: This regulation is one of the right, effective, and useful solutions to increase tax awareness and compliance. The determination of this regulation is one of the external factors according to attribution theory that can increase tax awareness and tax compliance of the community. Originality: This research is new and different because it examines the influence of the latest regulations on the integration of NIK into NPWP and its benefits in Indonesia.
Analysis of Profitability, Leverage on Tax Avoidance in Banking Companies
Background: Increasing global economic competition forces companies to maximize profits by minimizing tax burdens. Taxes are mandatory contributions collected by the government to finance state expenditures, but they are a burden for taxpayers, leading to widespread tax avoidance practices. This tax avoidance exploits legal loopholes to reduce tax burdens without breaking the rules, which can result in losses for state revenue. The largest source of revenue in Indonesia comes from tax revenue. This can be proven by data published by the Ministry of Finance, which occurred in 2023, namely tax revenue of Rp. 2,463.0 trillion. The increasing prevalence of tax avoidance by companies around the world. One company that is very dominant in Indonesia is the banking company. This study focuses on two main factors influencing tax avoidance: profitability and leverage. The purpose of using profitability is to encourage companies to protect their income by avoiding taxes, while the purpose of using leverage is to reduce taxable income thru interest expense. Tax avoidance is an effort to minimize tax burden by exploiting regulatory loopholes without breaking the law. Tax planning can be done using two methods: tax avoidance and tax evasion. The methods and techniques used are not within the framework of tax laws and regulations, making them unsafe for taxpayers as they are considered illegal criminal acts. Purpose: This research certainly aims to analyze the profitability and leverage of tax avoidance in banking companies listed on the IDX in 2023. Methodology: The research uses quantitative description aimed at providing a summary overview that can help understand the types of independent variables and test the established hypotheses. In this study, data collection techniques were carried out from secondary data sources, namely the company's financial statement data, with sampling done using research instruments. This research uses the following calculations: a. Profitability: NPM = Net Profit : Total Revenue b. Leverage: DAR = Total Debt : Total Assets c. Tax Avoidance: Tax Payment : Profit Before Tax Finding: The results of this study indicate that profitability, calculated using the NPM ratio, is above 20% for banking companies, which means profitability is considered good. Leverage, calculated using the DAR ratio, is below 1.0, indicating the company is in a safe or healthy position because total debt is less than total assets or equity. Meanwhile, tax avoidance in banking companies listed on the IDX for the 2023 period, calculated using the ETR method, shows that the average result is lower than 25%. This indicates that the companies are suspected of engaging in tax aggressiveness or, in other words, not paying the appropriate amount of taxes Limitation: In this study, the scope of the research problem is Profitability (X1), Leverage (X2), and Tax Avoidance (Y) in banking companies listed on the IDX for the period 2023. Profitability in this study is measured using Net Profit Margin (NPM), to determine the extent of profit earned by the company. Leverage is measured using the Debt to Asset Ratio (DAR), to determine the extent to which the company is financed by debt. Tax avoidance is measured by the Effective Tax Rate (ETR), and this proxy is the most widely used in the literature to measure tax aggressiveness in tax avoidance. Using ETR because it can provide a comprehensive overview of the tax burden that will impact profits. Originality: This research provides direction for problem-solving in society by identifying and analyzing the issues that are occurring within the community. Expanding one's horizons is one way to develop a good mindset for oneself and others. Problems in taxation: many taxpayers/entities do not pay taxes according to the amount set by the Directorate General of Taxes (DJP). Therefore, the researcher will provide an overview/insight to the public about paying their tax obligations to the state.
Exploring How Sustainability Reporting Moderates the Link Between Financial Ratios and Firm Value
Background: The energy sector plays an important role in supporting the transition toward clean energy but faces challenges in maintaining consistent growth amid economic fluctuations and sustainability demands. OJK Regulation No. 51/POJK.03/2017 requires the implementation of sustainability reports as a form of corporate responsibility in social, economic, and environmental aspects. The application of sustainability principles enhances investor confidence and corporate image. Firm value reflects performance and business prospects, which are influenced by financial ratios such as ROA, CR, and DER. This study analyzes the effect of financial ratios on firm value with the Sustainability Report as a moderating variable in the energy sector during 2021–2024. Purpose: This study aims to empirically analyze and test. The direct effect of ROA, CR, and DER on Firm Value in energy sector companies listed on the IDX for the period 2021-2024, and the role of the Sustainability Report as a moderating variable on the relationship between these financial ratios and Firm Value. Methodology: This study employs a quantitative approach using secondary data in the form of annual reports and sustainability reports obtained from the official websites of the IDX and the respective companies. The research population includes energy sector companies listed on the IDX during the 2021–2024 period. The sample was selected using a purposive sampling method, resulting in a total of 80 observations. Data were analyzed using panel data regression, selected through the Chow Test, Hausman Test, and Lagrange Multiplier Test, followed by a Moderated Regression Analysis (MRA) to examine the moderating effect. Finding: The findings show that Return on Assets (ROA), Debt to Equity Ratio (DER), and Sustainability Report (SR) have a positive and significant effect on firm value (PBV), while the Current Ratio (CR) has a negative and significant effect. Furthermore, the Sustainability Report (SR) positively moderates the relationship between Return on Assets (ROA) and Debt to Equity Ratio (DER) with firm value (PBV), but negatively moderates the relationship between Current Ratio (CR) and firm value (PBV). These results indicate that sustainability disclosure can strengthen the influence of profitability and leverage on increasing firm value but weaken the effect of liquidity in energy sector companies listed on the Indonesia Stock Exchange during 2021–2024. Limitation: This study is limited to the use of financial ratios (ROA, CR, and DER) and the Sustainability Report as research variables, so other financial and non-financial factors that may influence firm value have not been included. In addition, the measurement of the Sustainability Report is based solely on the disclosure index without assessing the quality or depth of the information presented Originality: The originality of this study lies in the use of the Sustainability Report as a moderating variable between financial ratios and firm value in the energy sector, providing the latest empirical evidence on the role of sustainability reporting in examining the influence of financial performance on firm value in the era of sustainable finance.
Determinants of Tax Avoidance in the Indonesian Chemicals Sub- Sector: The Moderating Role of Firm Size
Background: Taxes play a crucial role as the main source of national development financing and as an essential instrument in achieving economic stability. However, despite the steady increase in Indonesia’s tax revenue, the country’s tax-to-GDP ratio remains relatively low compared to other ASEAN nations. This gap indicates the persistence of corporate tax avoidance practices. The chemicals sub-sector within the basic materials industry presents an interesting case due to its operational complexity, high capital intensity, and cross-border transactions that may facilitate such practices. Purpose: This study aims to examine the influence of transfer pricing, capital intensity, and institutional ownership on tax avoidance, as well as to investigate the moderating effect of firm size on these relationships. The research seeks to provide empirical evidence on the determinants of tax avoidance and contribute to the ongoing discussion on how firm characteristics shape corporate tax behavior. Methodology: A quantitative research approach was employed using secondary data derived from the annual financial statements of chemical sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2020–2024. The final sample consisted of 45 firm-year observations obtained through a purposive sampling technique. Data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA) with the assistance of EViews software to examine both direct and moderating effects. Finding: The findings reveal that transfer pricing has no significant effect on tax avoidance, while capital intensity exerts a positive influence, and institutional ownership has a negative effect. Furthermore, firm size moderates only the relationship between capital intensity and tax avoidance. These results suggest that larger firms with greater investment in fixed assets tend to engage more in tax avoidance practices, whereas strong institutional ownership mitigates such behavior through enhanced monitoring and governance mechanisms. Limitation: The study is limited by the use of quantitative secondary data and financial indicators, which may not fully capture behavioral or managerial aspects influencing tax avoidance. In addition, potential macroeconomic or regulatory factors were not explicitly included in the analysis, leaving room for future research to integrate broader environmental and policy dimensions. Originality: This research extends prior studies by integrating firm size as a moderating variable in examining the relationship between firm characteristics and tax avoidance, particularly in the chemical sub-sector an industry that has received limited scholarly attention in Indonesia. The study provides new empirical insights into how capital intensity and institutional ownership interact with firm size to influence corporate tax strategies, offering valuable implications for policymakers and regulators in designing more effective tax compliance frameworks.
Examining the Influence of Profitability and Good Corporate Governance on Sustainability Report Disclosure in Indonesia’s Energy Sector
Background: In the context of sustainable development, companies are increasingly required not only to pursue economic gains but also to consider the social and environmental impacts of their business activities. The ongoing energy transition toward renewable sources has put pressure on the profitability of Indonesia’s energy sector, concurrently amplifying the demand for enhanced transparency and accountability in sustainability practices. Despite the growing public awareness of environmental and social issues, some companies still demonstrate a lack of commitment to sustainability and accountability principles. This condition reinforces the critical importance of effective implementation of Good Corporate Governance (GCG) to ensure credibility, consistency, and transparency in sustainability reporting. Purpose: This study aims to examine the effect of profitability and Good Corporate Governance (GCG) indicators represented by the board of directors, independent commissioners, institutional ownership, and managerial ownership on the extent of sustainability report disclosure in energy sector companies listed on the Indonesia Stock Exchange (IDX) over the 2021–2024 period. Methodology: This study employs a quantitative research design using secondary data obtained from annual and sustainability reports of energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. The population comprises all energy sector firms listed on the IDX, resulting in a total of 224 firm-year observations obtained through a purposive sampling technique. Data were analyzed using multiple linear regression with panel data to examine the relationship between profitability, Good Corporate Governance (GCG) indicators, and sustainability report disclosure. Finding: The findings reveal that profitability has no significant effect on sustainability report disclosure. The board of directors exerts a positive and significant influence, while independent commissioners and institutional ownership show no notable impact. Managerial ownership negatively affects disclosure levels. These results suggest that profitability does not necessarily drive greater transparency, and that internal governance mechanisms particularly the active role of the board of directors play a more decisive role in promoting sustainability disclosure within energy companies Limitation: The study relies on quantitative secondary data, which may overlook qualitative aspects such as corporate culture, stakeholder engagement, or managerial ethics influencing sustainability disclosure. It also examines only four indicators of Good Corporate Governance (GCG), excluding other governance elements like audit committees or gender diversity. Future research could apply broader variables or mixed-method approaches to obtain more comprehensive insights. Originality: This study integrates profitability and multiple GCG indicators using recent data, emphasizing that governance mechanisms play a more decisive role than profitability in promoting transparency and sustainability disclosure.
ANALYSIS OF PRODUCTION PROCESS AT THE MANUFACTURING COMPANY CV. HOKRI RUBBER, BOGOR REGENCY
Background: The expansion of the industrial and manufacturing sectors, which are vital to economic growth through the creation of goods and services, is always strongly related to the development of the national economy. Effective management of production processes is crucial for any industrial organization to maximize productivity, preserve product quality, and reduce adverse environmental effects. In addition to boosting output, effective process management demonstrates a company's social commitment to the environment. Purpose: This analysis's primary goal is to provide a detailed description and analysis of every step of CV. HOKRI RUBBER's retreaded tire production process, from material mixing to final buffing. Furthermore, this study intends to evaluate the efficacy and efficiency of the raw material utilization and workflow, examine the effects of production waste and its management initiatives, and offer suggestions for enhancement to make the production process more ecologically friendly and efficient in compliance with manufacturing industry standards. Methodology: The following methods of gathering data are employed: 1. Observation 2. Interview 3. Records Finding: This study intends to evaluate the effectivity and efficiency of the raw material utilization and workflow, examine the effects of production waste and its management initiatives, and offer suggestions for enhancement to make the production process more ecologically friendly and efficient in compliance with manufacturing industry standards. Limitation: In particular, this study examines CV. HOKRI RUBBER, a Bogor Regency-based manufacturer of rubber components or vulcanized tires, to comprehend its waste management procedures, production flow, and efficiency. Originality: This research provides a theoretical contribution to the development of operations management science, particularly in the field of production process management, as well as practical benefits for companies as a basis for evaluating and improving their production systems. Thus, production activities at CV. HOKRI RUBBER are not only oriented toward achieving economic profit, but also support the sustainability of the manufacturing industry in Indonesia.
Reconstruction of Siskeudes Implementation Based on the Technology Acceptance Model (TAM) (A Case Study of Villages in Ciawi District)
Background: The development of information technology in village financial management has encouraged the implementation of the Village Financial System (Siskeudes) to promote transparency and accountability. However, several villages still face challenges in adopting this system effectively, such as low technical capability, limited understanding of system functions, and insufficient supervision. The integration of the Technology Acceptance Model (TAM) provides a theoretical framework to understand how perceived usefulness and perceived ease of use influence the adoption of Siskeudes through mediating factors such as accountability and intention to use. Purpose: This study aims to analyze the influence of perceived usefulness and perceived ease of use on the adoption of Siskeudes, with accountability and intention to use as mediating variables among village officials in Ciawi District, Bogor Regency. Methodology: This research employs a quantitative descriptive approach. Data were collected through questionnaires distributed to village apparatus using Siskeudes in Ciawi District. The data were analyzed using the Structural Equation Modeling (SEM) method to test the direct and indirect effects between variables. Finding: The results show that both perceived usefulness and perceived ease of use significantly affect the adoption of Siskeudes. Furthermore, accountability and intention to use are proven to partially mediate the relationship between those perceptions and system adoption. These findings highlight that user acceptance and behavioral intention play essential roles in enhancing system effectiveness at the village level. Limitation: This study was conducted in several villages within one district (Ciawi), thus the findings may not be generalized to other regions. In addition, data were collected through self-reported questionnaires, which might introduce subjectivity bias. Originality: This study contributes to the empirical evidence of technology adoption in public sector accounting by reconstructing Siskeudes implementation through the Technology Acceptance Model (TAM) framework. Unlike previous studies, this research integrates behavioral and accountability perspectives to strengthen the understanding of digital financial system adoption in local government contexts.
The Influence of Tax Knowledge, Taxpayer Awareness, Taxpayer Income on Land and Building Tax Payment Compliance with the Role of Village Officials as a Moderating Variable (Empirical Study of Villages in the Cigombong District Area)
Background: The low realization of Rural and Urban Land and Building Tax (PBB-P2) revenue in Cigombong District, which has not reached the target over the past five years, indicates the need to improve taxpayer compliance. PBB-P2 plays an important role in supporting Regional Original Revenue (PAD), which is used to finance regional development. Taxpayer compliance is influenced by factors such as tax knowledge, taxpayer awareness, and income level. However, previous studies have shown inconsistent findings regarding the effect of these three factors on tax compliance. In addition, village officials play an important role in enhancing compliance through socialization activities, tax collection, and payment services. Based on Attribution Theory and Role Theory, this study includes the role of village officials as a moderating variable to analyze the extent to which their role can strengthen the relationship between tax knowledge, awareness, and income on taxpayer compliance in paying PBB-P2 in Cigombong District. Purpose: The purpose of this study is to analyze the effect of tax knowledge, taxpayer awareness, and taxpayer income on compliance with PBB-P2 payments, as well as to determine the extent to which the role of village officials moderates these relationships. Methodology: Sampling was conducted using probability sampling techniques and data analysis using the Structural Equation Modeling Based Component approach with the help of the LISREL 8.70 program. Data were collected from taxpayers to analyze the relationship between these factors and the extent to which the role of village officials moderates their influence. Finding: The findings suggest that taxpayer awareness and taxpayer income have a positive and significant effect on compliance with PBB-P2 payments. Tax knowledge, on the other hand, is thought to have no effect. The role of village officials is seen as moderating compliance with PBB-P2. Limitation: 1. The object of research is only tax knowledge, taxpayer awareness, taxpayer income regarding PBB-p2 payment compliance with the role of village officials as a moderating variable. 2. The research location is only villages in the Cigombong sub-district area. Originality: This study offers unique characteristics compared to previous research examining factors influencing taxpayer compliance with Land and Building Tax (PBB). Several previous studies, such as those by Sarani et al. (2024), Azizah & Sugiharto (2024), and Rizki Hapsari & Ramayanti (2022), found that tax knowledge, awareness, and taxpayer income positively influenced taxpayer compliance. However, other research findings showed inconsistent relationships between these variables. The difference between this study and previous research lies in the addition of the moderating variable of the role of village officials, based on Attribution Theory and Role Theory, to examine the extent to which village officials can strengthen the influence of knowledge, awareness, and income on taxpayer compliance. Furthermore, this study focuses on the Cigombong District, Bogor Regency, where PBB-P2 revenue has not reached its target for the past five years. Therefore, this study is expected to provide a new empirical contribution to improving taxpayer compliance at the village level.
Pengaruh Penerapan Green Accounting dan Kinerja Lingkungan terhadap Kinerja Keuangan dengan Reputasi Perusahaan sebagai Variabel Mediasi (Studi Empiris pada Perusahaan Sektor Pertambangan yang Terdaftar di Bursa Efek Indonesia Periode 2021–2025)
Background: Mahasiswa semester 7 jurusan akuntansi S1 di universitas Djuanda Bogor Purpose: Penelitian ini bertujuan untuk menganalisis pengaruh Green Accounting (GA) dan Kinerja Lingkungan (KL) terhadap Kinerja Keuangan (KK), dengan Reputasi Perusahaan (RP) sebagai variabel mediasi pada perusahaan sektor pertambangan yang terdaftar di BEI periode 2021–2025 Methodology: Penelitian ini merupakan penelitian kuantitatif dengan pendekatan deskriptif-verifikatif. Teknik Pengambilan Sampel: Menggunakan purposive sampling, yaitu pemilihan sampel berdasarkan kriteria Finding: “Penerapan Green Accounting dan peningkatan Kinerja Lingkungan tidak hanya berkontribusi langsung terhadap profitabilitas perusahaan, tetapi juga meningkatkan Reputasi Perusahaan, yang kemudian memperkuat hubungan antara tanggung jawab lingkungan dan kinerja keuangan.” Limitation: Keterbatasan Data Sekunder Penelitian ini menggunakan data sekunder dari annual report, sustainability report, dan peringkat PROPER. Tidak semua perusahaan sektor pertambangan secara konsisten menerbitkan laporan keberlanjutan selama periode 2021–2025, sehingga data yang tersedia mungkin terbatas atau tidak seragam antar perusahaan. Originality: Penambahan Variabel Mediasi (Reputasi Perusahaan) Sebagian besar penelitian terdahulu hanya menguji pengaruh Green Accounting dan Kinerja Lingkungan terhadap Kinerja Keuangan secara langsung (misalnya, Farouk et al., 2012; Yusnita, 2021; Abdullah & Amiruddin, 2020). Penelitian ini memiliki kebaruan (novelty) dengan menambahkan variabel mediasi “Reputasi Perusahaan”, yang menjelaskan mekanisme bagaimana praktik ramah lingkungan dapat meningkatkan hasil keuangan melalui peningkatan citra dan kepercayaan publik.
Collaboration, Innovation, and Strengthening Human Resources of MSMEs in Supporting Food Security: A Bibliometric Analysis of Keyword Networks
Background: Food security is an increasingly complex strategic issue, particularly in developing countries where MSMEs play a crucial role in the food supply chain. However, the literature on how collaboration, innovation, and strengthening human resources (HR) of MSMEs contribute to food security remains fragmented. Purpose: This study aims to map the development of this theme through a bibliometric analysis based on keyword networks. Methodology: Data were collected from internationally indexed publications and analyzed using VOSviewer software to identify clusters, conceptual interconnections, and research dynamics. Finding: The analysis revealed four main clusters: (1) strengthening human resources and intellectual capital in supporting MSME performance, (2) cross-actor collaboration in the food supply chain ecosystem, (3) innovation and digital transformation in the MSME sector, and (4) food security, food safety, and the role of government. Limitation: These findings confirm that food security is influenced not only by production capacity but also by the quality of collaborative networks, innovation adoption, and the competency of MSME HR. Originality: This research contributes by mapping the current knowledge structure, identifying research gaps, and offering directions for future research related to the integration of MSMEs in strengthening national food security.
IMPLEMENTATION OF BREAK-EVEN POINT (BEP) ANALYSIS AS AN ANNUAL BUDGET PLANNING TOOL AT THE RAHMATAN LIL ALAMIN ISHAK DJUARSA FOUNDATION, BOGOR REGENCY
Background: Rahmatan Lil Alamin Ishak Djuarsa Foundation is a foundation that has been overseeing educational institutions since 2011, consisting of 3 institutions, namely TKIT, SDIT, and SMPIT, located at Jl. R.E. Soemantadiredja, Tanjakan Barat, Cijeruk, Palasari, Bogor Regency. Purpose: The urgency of this research is to analyze the Break Even Point in the Framework of Annual Budget Preparation at the Rahmatan Lil Alamin Ishak Djuarsa Foundation, Bogor Regency, West Java. Methodology: This research uses a qualitative descriptive approach with a Break Even Point analysis test. The data sources used in this research are primary data and secondary data. Data collection through interviews, observation and documentation. Finding: The results of the study show that the Rahmatan Lil Alamin Ishak Djuarsa Foundation in preparing the School Budget Activity Plan budget has not been in accordance with the Break Even Point and only makes a list so that the budget made does not match what is expected. Limitation: The results of the analysis show that the Break Even Point for preparing the annual budget for one year at the Rahmatan Lil Alamin Foundation shows a total cost of Rp. 2,550,081,000. So that the variable cost per student per unit is Rp. 1,306,416,000 and BEP per unit is 385. Originality: However, after calculating the general fixed costs of Rp. 1,243,665,000, or ± 2.5 times the direct fixed costs, this school has only reached BEP with the number of students as many as 1,120 or an increase of ± 45%.
EMOTIONAL DYNAMICS AND CONSUMER BEHAVIOR IN THE ERA OF DIGITAL COMMERCE
Digital transformation has revolutionized consumer behavior, particularly through experiential e- commerce, where live streaming and flash sale strategies have become dominant marketing tools. Previous studies have shown that live streaming enhances consumer engagement through real-time interaction, while flash sale promotions induce urgency that triggers spontaneous purchasing behavior. However, existing research has not yet explained how these marketing strategies influence impulse buying through consumers’ emotional mechanisms. The limited exploration of positive emotion as a mediating variable in the Stimulus–Organism–Response (S-O-R) framework forms the main rationale of this study, which aims to empirically examine how live streaming and flash sale stimulate positive emotion that leads to impulse buying in digital commerce environments. Purpose: This study aims to analyze the causal relationship between live streaming shopping and flash sale toward impulse buying, with positive emotion as a mediating variable. The research specifically seeks to verify how these digital marketing stimuli trigger emotional responses that influence spontaneous purchasing behavior. To achieve this objective, the study employs a quantitative explanatory approach using Structural Equation Modeling–Partial Least Squares (SEM–PLS) based on data collected from active students in Bogor who have experience with live streaming and flash sale features on e- commerce platforms. Methodology: This research applies a quantitative explanatory design to examine the causal relationships among live streaming shopping, flash sale, positive emotion, and impulse buying. The study involved 200 university students in Bogor who have shopped through live streaming and flash sale features on e- commerce platforms such as Shopee Live and TikTok Shop. Data were collected using an online questionnaire based on validated measurement indicators for each variable. The analysis was conducted using Structural Equation Modeling–Partial Least Squares (SEM–PLS) to test both direct and mediating effects, as well as to assess model fit, reliability, and validity. Finding The research findings indicate that both live streaming shopping and flash sale have a significant positive effect on impulse buying, either directly or indirectly through positive emotion. Live streaming shopping has a strong positive impact on consumers’ emotional states, enhancing feelings of enjoyment, excitement, and satisfaction during interactive shopping sessions. Flash sale, on the other hand, successfully triggers emotional arousal through time pressure and product scarcity, leading to spontaneous purchasing behavior. Positive emotion shows a significant mediating effect, confirming its role as the psychological bridge between digital marketing stimuli and consumer response. The analysis results show that live streaming shopping (t = 18.19) and flash sale (t = 17.21) significantly influence positive emotion, while positive emotion itself strongly predicts impulse buying (t = 20.67). Moreover, the mediation effects of positive emotion on the relationship between live streaming shopping (t = 2.75) and flash sale (t = 2.70) toward impulse buying are also significant. Overall, the model exhibits an excellent fit (RMSEA = 0.014; CFI = 1.00; NFI = 1.00; GFI = 0.98), supporting the Stimulus–Organism–Response (S–O–R) framework. These findings imply that emotional engagement is a crucial determinant of impulsive behavior in digital commerce. Therefore, marketers should design interactive live sessions and limited-time offers that elicit positive emotions to enhance impulse buying and strengthen consumer engagement. - 49 - Limitation This research was conducted only among university students in Bogor who have experience with live streaming and flash sale features on e-commerce platforms such as Shopee Live and TikTok Shop. Therefore, the results cannot be generalized to all online consumer segments or to different demographic and cultural groups. Moreover, the study focused only on the emotional mechanisms involved in impulse buying and did not include other potential influencing factors such as trust, brand loyalty, or platform usability. Future research is suggested to include broader samples and integrate additional psychological or behavioral variables to provide a more comprehensive understanding of digital consumer behavior. Originality Previous studies have mostly examined live streaming and flash sale as separate marketing strategies without integrating the emotional mechanisms that connect them to impulse buying behavior. This research offers originality by empirically testing the simultaneous influence of live streaming shopping and flash sale within one cohesive model, with positive emotion as the mediating variable. The study extends the Stimulus–Organism–Response (S–O–R) framework by demonstrating how emotional processes function as a psychological bridge between digital marketing stimuli and consumer impulsive responses. This integrated approach provides both theoretical advancement and practical insight for developing emotionally driven digital marketing strategies in the e-commerce context.
ANALYSIS OF THE UTILIZATION OF DIGITAL-BASED TRANSPORTATION SERVICES AT BISKITA TRANS PAKUAN AS AN EFFORT TO REALIZE SUSTAINABLE PUBLIC SERVICE INNOVATION IN THE CITY OF BOGOR
Background: The rapid development of digital technology has significantly transformed the implementation of public services, particularly in the transportation sector. Bogor City has become one of the regions adopting a digital-based public transportation system through the BISKITA Trans Pakuan program as a form of modern and sustainable public service innovation. Purpose: This study aims to analyze the extent to which the utilization of BISKITA Trans Pakuan’s digital transportation service improves the quality, efficiency, and sustainability of public service delivery in Bogor City. Methodology: The research employs a descriptive qualitative method with data collected through interviews, observations, and documentation involving users, operators, and local government officials. The collected data were then analyzed through systematic stages of data reduction, presentation, and conclusion drawing to reveal patterns and dynamics of digital transportation service utilization. Finding: The findings indicate that the implementation of digital-based services in BISKITA Trans Pakuan has positively influenced the accessibility and transparency of public transportation. The digital application allows users to quickly access route, schedule, and fare information, thereby enhancing convenience and trust among passengers. Limitation: Nevertheless, the study also identified several challenges, including system maintenance, digital literacy among users, and the need for inter-agency data integration to ensure program sustainability. Originality: The digital innovation implemented through BISKITA Trans Pakuan has proven to be a strategic step toward a more responsive, efficient, and environmentally friendly model of public service. With continuous optimization, this program is expected to serve as a model for other cities in developing digital public transportation systems that support the principles of smart city and sustainable public service. Keywords: Digital Transportation, Public Service Innovation, BISKITA Trans Pakuan, Sustainability, Bogor City
SUSTAINABLE WORK IN A HYBRID WORLD: CHALLENGES AND OPPORTUNITIES FOR INNOVATION
Background: Hybrid work has rapidly become the dominant global work model, reshaping organisational practices and sustainability priorities. Purpose: This keynote examines the environmental, technological, and human implications of hybrid work, highlighting both its benefits and emerging challenges. While reduced commuting and lower office occupancy contribute to lower emissions, rising home energy usage and the growing carbon footprint of digital technologies create new sustainability pressures. Methodology: The presentation explores innovative solutions—such as AI-driven energy optimisation, smart buildings, low-carbon digital applications, and immersive collaboration tools—that can enhance both productivity and environmental performance. Finding: It also emphasises the need for equitable digital access, strong employee well-being policies, and strategic alignment with ESG and UN Sustainable Development Goals. Limitation: By presenting real-world insights and forward-looking trends, the keynote outlines how organisations can embed sustainability into hybrid work policies and leverage innovation to build resilient, inclusive, and environmentally responsible workplaces. Originality: The session invites participants to reflect on the transformative role hybrid work will play in shaping a more sustainable - centric and human future.
Human Resources Competence As A Bridge Of Transparency, Accountability And Internal Control In Improving The Quality Of Regional Financial Reports
Background: Sukabumi Regency has received an Unqualified Opinion (WTP) for its Regional Financial Report (LKPD) for the 2023 Fiscal Year. This is the 11th consecutive year. This demonstrates a commitment to transparency and accountability in regional financial management. Following the WTP opinion, the Supreme Audit Agency (BPK) provided several findings and recommendations for further improvement, including those related to policies and mechanisms for measuring the performance of Public Service Providers (PPJU), processing overpayments, and improving the inventory and verification of infrastructure, facilities, and Public Service Providers (PSU) assets from housing developments. (https://www.google.com/search?q=hasil+audit+bpk+2024+kabupaten+sukabumi.) Purpose: This study aims to determine whether human resource competency can enhance transparency, accountability, and internal control in improving the quality of financial reports. Methodology: According to (Sugiyono, 2020), the research method is a series of activity processes starting from collecting, analyzing to interpreting data from research results. This research is a survey study with an associative approach to data analysis. The instrument used for data collection was a questionnaire, while the data analysis tool used was multiple linear regression. The subjects of this study were 30 employees of regional government agencies (OPD) involved in regional financial management in Sukabumi Regency. The sampling technique used purposive sampling with 120 employees. Findings – The test results show that transparency has a partial influence in improving the quality of financial reports. This means that the greater the transparency, the better the quality of financial reports. Conversely, the lower the transparency, the lower the quality of financial reports in Sukabumi Regency. Accountability has a partial influence in improving the quality of financial reports. This means that the greater the accountability of OPD employees, the better the quality of financial reports. Conversely, the lower the accountability, the worse the quality of financial reports in Sukabumi Regency. Internal Control has a partial influence in improving the quality of financial reports. This means that the greater the Internal Control of OPD employees, the better the quality of financial reports. Conversely, the lower the Internal Control in OPD, the worse the quality of financial reports in Sukabumi Regency. Human Resource Competence has a partial influence in improving the quality of financial reports. This means that the greater the Competence of OPD employees, the better the quality of financial reports. Conversely, the lower the Competence of OPD employees, the worse the quality of financial reports in Sukabumi Regency. Human Resource Competence can bridge the influence of transparency, accountability, and Internal Control in improving the quality of financial reports in Sukabumi Regency. This means that increasing the competency of OPD human resources in Sukabumi Regency will further increase the influence of transparency, accountability, and internal control in improving the quality of regional financial reports. Research limitations – This study was conducted based on data obtained using a questionnaire instrument and the perceptions of OPD employees in Sukabumi Regency. Therefore, these findings cannot be generalized to public perceptions in general. Originality/value – This study is relatively unique because human resource competency is rarely used as a mediator between transparency, accountability, and internal control in improving the quality of financial reports. This research can provide a new platform, as human resource competency has often been used as a direct variable in research. Keywords: Competence, Transparency, Accountability, Internal Control, Financial Reports
BUSINESS PERFORMANCE OF SNACK FOOD MSMEs ACTORS BASED ON MOTIVATION, ABILITY, AND ORGANIZATIONAL COMMITMENT
Background: Micro, Small, and Medium Enterprises (MSMEs) are a crucial business sector in both developed and developing countries. In developing countries, MSMEs are a key pillar of the national economy. Furthermore, their presence in Indonesia holds significant potential for achieving the Sustainable Development Goals (SDGs). However, several challenges remain in strategies to improve the performance of MSMEs, particularly in the snack food sector, including failure to achieve sales revenue targets and low motivation, capabilities and organizational commitment among business actors. Purpose: The objectives of this study are 1) to describe motivation, ability, organizational commitment and business performance; 2) to analyze the influence of motivation, ability, and organizational commitment on business performance simultaneously; 3) to analyze the influence of motivation, ability, and organizational commitment on business performance partially. Methodology: The sample in this study used a purposive sampling technique, totaling 108 snack food MSMEs in Central Bogor Dsitrict. Data testing included validity, reliability, normality, multicollinearity, heteroscedasticity, regression coefficients, coefficients of determination, F-tests, and t-tests. The research method used descriptive and verification methods, as well as multiple linear regression. Results: The results of this study indicate that 1) business performance, motivation, ability, and organizational commitment are in the sufficient category; 2) motivation, ability, and organizational commitment simultaneously have a significant positive effect on business performance; 3) motivation, ability, and organizational commitment partially have a significant positive effect on business performance. The results of the coefficient of determination indicate that simultaneously, business performance is influenced by motivation and ability by 59.1%. Conversely, 48.1% is influenced by other variables not studied, such as: work environment, entrepreneurial orientation, banking support, skills, quality of encouragement, guidance, manager support, quality of co-worker support, work systems, and facilities provided by the organization. Keywords: Business performance, Motivation, Ability, Organizational Commitment, Snack Food MSMEs.
SALES VOLUME MODERATES MARKET ORIENTATION,PRODUCT INNOVATION AND DIGITAL MARKETING TOWARDS COMPETITIVE ADVANTAGE
Purpose: This research was conducted to determine the influence of market orientation, product innovation and digital marketing on competitive advantage by increasing sales volume as a moderating variable. Research object in Bogor City MSMEs. Methodology: The data used in this research is secondary data. This type of research uses descriptive methods with a quantitative approach. The sampling technique is purposive sampling. The number of samples in this research based on the criteria obtained was 212 respondents using the SEM AMOS 24 testing tool. The analysis technique used was partial and moderate. Results: Partial test results show that market orientation has no effect on competitive advantage, product innovation has a positive and significant effect on competitive advantage, and digital marketing has a positive and insignificant effect on competitive advantage. And the results of the moderation test show that increasing sales volume weakens market orientation towards competitive advantage, while increasing sales volume can strengthen product innovation towards competitive advantage, and increasing sales volume weakens digital marketing towards competitive advantage. Keywords: Market Orientation,Product Innovation And Digital Marketing
THE EFFECT OF CURRENT RATIO AND RETURN ON ASSETS ON TOTAL ASSET TURNOVER (A Case Study of LQ-45 Companies on the Indonesia Stock Exchange for the Period 2020-2024)
Purpose: The purpose of this study is to examine the effect of current ratio and return on assets on total asset turnover in LQ-45 companies listed on the Indonesia Stock Exchange from 2020 to 2024. Methodology: This study uses a quantitative descriptive approach. The research population consists of companies listed on the LQ-45 index on the Indonesia Stock Exchange (IDX) from 2020 to 2024 according to data from www.idx.co.id. The sampling technique used purposive sampling of 19 LQ-45 companies. The data analysis technique used multiple linear regression analysis. Finding: The results showed that the current ratio and return on assets had an effect on total asset turnover. Keywords: current ratio, return on assets, total asset turnover, stock exchange
BIBLIOMETRIC STUDIES IN EMPLOYEE TURNOVER
Background: Employee turnover remains a critical issue in human resource management due to its significant economic and organizational consequences. Over the past two decades, research on employee turnover has expanded rapidly, reflecting growing attention to factors such as job satisfaction, organizational commitment, work engagement, leadership, and work environment dynamics. Despite this growth, a comprehensive understanding of global research patterns, thematic evolution, and influential intellectual structures in this domain remains fragmented. As scholarly contributions increase, a bibliometric analysis is needed to map the development of knowledge, identify emerging themes, and highlight research gaps to guide future investigations. Purpose: to systematically analyze global scientific output on employee turnover using bibliometric techniques. Specifically, this research aims to (1) examine publication trends and growth patterns; (2) identify the most influential authors, journals, and countries contributing to the field; (3) map co-authorship and co-citation networks; and (4) explore thematic clusters and conceptual structures shaping the evolution of turnover research. By presenting a comprehensive overview, this study helps clarify how research on employee turnover has developed and where scholarly attention is most needed moving forward. Methodology: This study employed a quantitative bibliometric approach using data extracted from the Scopus database, considering its broad coverage and acceptance in high-impact academic research. Data were analyzed using performance analysis and science-mapping techniques in VOSviewer and the Bibliometrix R package. The dataset consisted of peer-reviewed articles published between 2000 and 2025 with keywords such as “employee turnover”, “turnover intention”, “human resource management”, and “retention strategies”. Indicators such as publication growth, citation patterns, keyword co occurrence, and intellectual network structures were examined to provide a multidimensional understanding of scholarly trends in this field. Results: The results demonstrate a consistent annual increase in employee turnover research, with significant growth after 2015, reflecting the rising complexity of workforce dynamics. The most influential themes identified include turnover intention, job satisfaction, organizational commitment, leadership styles, work stress, retention strategies, and the role of organizational culture. Keyword co-occurrence analysis reveals three dominant clusters: (1) psychological factors affecting turnover intention, (2) organizational and environmental determinants of turnover, and (3) strategic HRM perspectives on retention and employee experience. Cocitation analysis highlights the seminal works of Hom, Griffeth, Mitchell, and Mobley as core intellectual foundations. The United States, China, the United Kingdom, and Australia emerge as leading contributors in terms of productivity and citation impact. Overall, this study provides a holistic map of the scientific landscape on employee turnover and underscores the need for future research exploring digital-era workforce behavior, algorithmic management, hybrid work models, and cross-cultural turnover predictors. The findings offer valuable insights for scholars, practitioners, and policymakers seeking to build effective employee retention frameworks in evolving organizational contexts. Keywords: Job satisfaction, Organizational commitment, Retention strategies, Scopus, VOSviewer.
Strengthening Work Engagement Through Perceived Organizational Support and Job Crafting in the Hospitality Industry
turnover rates in the hospitality industry, which necessitate strategies to increase employee engagement to maintain productivity and service quality. Purpose: The main purpose of the research is to analyze the role of perceived organizational support and job crafting in enhancing employee work engagement in the hospitality sector. Methodology: The methodology used is a qualitative approach that emphasizes document analysis to uncover the hidden meanings behind empirical facts. Finding: Initial findings indicate that both perceived organizational support and job crafting significantly contribute to increasing employee work engagement in the hospitality industry, where support perceived from the organization encourages employees to proactively shape their own jobs to be more meaningful and engaging. Limitation: This study has limitations because it focuses only on one geographical area and there is potential for self-report bias from the respondents. Originality: The novelty of this research lies in the simultaneous integration and exploration of perceived organizational support and job crafting as predictors of work engagement in the specific context of the hospitality industry in Indonesia, which is often under-researched in depth. Keywords: Work Engagement, Job Crafting, Perceived Organizational Support
HOW PROFIT PERSISTENCE OCCURS?: EVIDENCE FROM INDONESIA
Purpose: This research is aimed to examine and find out empirical evidence of the influence of cash flow volatility, magnitude of accrual, sales volatility, leverage, and operating cycle on earnings persistence. Methodology: Samples used in this research are manufacturing companies listed in Indonesia Stock Exchange (BEI) during period 2020-2024. Total samples are 141 companies. The data are collected using purposive sampling method. The analysis of this research employs multiple regression. Finding: Results show that cash flow volatility, magnitude of accrual, sales volatility, leverage have significant effect on earnings persistence, but operating cycle do not have significant effect on earnings persistence. Keywords: cash flow volatility, magnitude of accrual, sales volatility, leverage, operating cycle, and earnings persistence
Technology Readiness and E-Commerce Adoption as a Strategy to Improve MSME Business Performance in Bogor City
Background: Digital transformation has become a critical driver of competitiveness among Micro, Small, and Medium Enterprises (MSMEs) in Indonesia. Previous studies have confirmed the role of the Technology, Organization, Environment (TOE) framework in explaining technology adoption behavior. However, limited empirical research has explored how TOE factors simultaneously influence e-commerce adoption and how this adoption impacts MSME performance in Indonesia, particularly in regional cities such as Bogor. Purpose: This study aims to examine the influence of technological, organizational, and environmental factors on e-commerce adoption and to analyze the role of e-commerce adoption in improving MSME performance in Bogor City. Methodology: : A quantitative approach was employed using a survey method. Data were collected from 211 MSME respondents in Bogor City who have utilized or are in the process of adopting e commerce platforms. The research model was based on the TOE framework, and data analysis was conducted using Pearson correlation and path analysis with SPSS 25. The study tested the relationships among technology readiness, organizational support, and environmental pressure on e-commerce adoption, and subsequently on MSME performance. Finding: The findings reveal that all three TOE factors significantly and positively influence e commerce adoption. Among them, the environmental factor shows the strongest correlation (r = 0.689), followed by organizational (r = 0.639) and technological (r = 0.579) factors. Furthermore, e-commerce adoption has a significant positive correlation with MSME performance (r = 0.656). These results suggest that MSME organization, environmental support and technological capability are essential for enhancing e- commerce adoption and improving MSME performance. The originality of this study lies in integrating TOE factors with e- commerce adoption as a mediating mechanism to explain MSME performance improvement at the city level. Limitation: This research is limited by its cross sectional design and focus on a single geographical area Bogor City thus restricting generalization across different regions and business contexts. Future studies should employ longitudinal or comparative methods to validate the model across various local economies. Originality: This study contributes to the empirical validation of the TOE framework within the Indonesian MSME context and provides novel insights into how technology readiness acts both as a direct and indirect driver of business performance through e-commerce adoption. The findings also offer practical implications for policymakers to strengthen MSME digital readiness through infrastructure development, training programs, and incentive policies. Keywords: adoption, business performance, e-commerce, MSMEs, technology readiness, TOE framework
Exploring Customer Experience in Online Medicine Buying: A Netnographic Approach
Background: This study reveals three main findings. For customer experience, four themes emerged: cognitive journey, emotional rollercoaster, behavioral actions, and systemic failure. The core theme introduces a new concept, “Trust Bankruptcy,” describing a permanent collapse of consumer trust. Regarding trust and risk mechanisms, five themes were identified: trust formation, multidimensional risk perception, risk mitigation strategies, platform roles, and consequences of trust erosion. Indonesian consumers appear proactive, developing “personal safety protocols” such as BPOM verification and analyzing negative reviews to navigate weak regulatory environments. For satisfaction and loyalty, three critical concepts were found: single failure catastrophe effect, service recovery paradox, and transparency-trust mechanism. Although limited to the Indonesian context, this research offers deep insights into the psychological and social dynamics underlying consumer trust and loyalty in online pharmacy services. Purpose: This study aims to explore in depth the customer experience in online drug purchases through a netnography approach, uncover the mechanisms of trust building and risk management, and identify the main determinants of customer satisfaction and loyalty to online pharmacies. Methodology: This qualitative research employs the netnography method as its main strategy, observing digital platforms (forums, social media, e-commerce, reviews, and blogs) over 3–4 months. Seventeen data sources were analyzed using thematic content analysis with NVivo and sentiment analysis to explore customer experience patterns. Data, source, and method triangulation ensured the study’s credibility, transferability, dependability, and confirmability. Finding: The study answered three research questions. It identified four customer experience themes and introduced “Trust Bankruptcy,” a state of irrecoverable consumer trust collapse. For trust and risk, five themes emerged, showing Indonesian consumers as proactive actors developing personal safety protocols. In satisfaction and loyalty, key effects include single failure catastrophe, service recovery paradox, and transparency-trust mechanism. Despite contextual limits, qualitative depth reveals new psychological and social insights. Limitation: The study is limited to the Indonesian context and consumer perspectives only. The new concept of Trust Bankruptcy—though original—has not been quantitatively or experimentally tested, limiting its generalizability and empirical validation across different regulatory and cultural settings. Originality: This study is an original work independently developed by the authors and has not been published elsewhere. The concepts of “Trust Bankruptcy” and “personal consumer safety protocols” are novel intellectual contributions derived from empirical data through netnographic observation, sentiment analysis, and Focus Group Discussions (FGDs). All sources used have been properly cited following academic and ethical standards. Keywords: Keywords: online pharmacy, consumer trust, customer loyalty, netnography
Application of the Account Impersonate Feature in Coretax to Improve the Effectiveness of Corporate Taxpayer Services
Background: According to Law Number 6 of 1983 concerning General Provisions and Tax Procedures as amended by Law Number 7 of 2021 concerning the Harmonisation of Tax Regulations, this is one of the milestones of fundamental change in tax reform in Indonesia. This law was drafted with the aim of providing greater fairness, improving services to taxpayers, increasing legal certainty and enforcement, and enhancing the transparency of tax administration and voluntary compliance of taxpayers. Taxpayers are individuals or entities, including tax payers, tax withholders, and tax collectors, who have tax rights and obligations in accordance with the provisions of laws and regulations in the field of taxation. Digital transformation is the Directorate General of Taxes (DGT) main strategy of in realising a modern and efficient taxation system. One of the major steps is the implementation of the Coretax System, which is a core taxation system that integrates all tax services into a single digital platform. The government issued Minister of Finance Regulation (PMK) Number 81 of 2024 concerning taxation provisions in the context of implementing the core taxation administration system (Coretax). PMK number 81 of 2024 was stipulated on 14 October 2024 and will come into effect on 1 January 2025. The background of the issuance of this PMK is the need for regulations in the context of implementing a more transparent, effective, accountable and flexible tax administration system. As is well known, tax reform involves five pillars, namely organisational pillars; human resources; information technology and databases; business processes and regulations legislation. The pillars of information technology and databases as well as business processes need to be regulated through comprehensive regulations. Coretax is a tax directorate general service administration system that provides convenience for users. The main objective of developing Coretax is to modernise the existing tax administration system. Coretax integrates all core business processes of tax administration, from taxpayer registration, tax return reporting, tax payment, to tax audit and collection. The coretax application presents a new innovation in the form of an impersonating mechanism. With this mechanism, corporate taxpayer coretax account are managed by an individuals acting as administrator/representatives or proxies. These individuals can also be granted access rights according to specific types of taxes or services. In its implementation, the management of tax rights and obligations for corporate taxpayers will involve the account of individual taxpayers who are appointed as person in charge (PIC) or other parties who are given access. When a corporate taxpayers is first registered in the coretax system, one of the administrators is automatically designated as the person in charge (PIC). The system will default to assigning the PIC role to the person in charge registered on the DJP Online account. The PIC will have full access rights to the corporate taxpayer account and can use their personal account to access or act on behalf of the corporate taxpayer. In addition, the PIC can add other parties, such as administrators, employees, proxies, or consultants, and grant access rights according to their designated role. In general, impersonate is a technique that allows someone to act as if they were the person they are representing. This concept allows parties who have received access from corporate taxpayers to carry out tax responsibilities on behalf of the taxpayers they represent. With the impersonate mechanism and the addition of role access, it is now clear to corporate taxpayers who are the individuals or parties who are given the role to fulfill the tax obligations of the corporate/company. The Directorate General of Taxes also stated that this is implemented to prevent fraud. In accordance with Article 52 letter b of the Government Regulation. Corporate taxpayers who actively implement the coretax system in the taxation process are an interesting case study because these corporate taxpayers have directly experienced the impersonate account implementation service. Based on this phenomenon, this study focuses on exploring in depth how the implementation of impersonate account affects the effectiveness of tax services for corporate taxpayers. Purpose: 1. Analyze the mechanism of impersonating accounts contained in the coretax system. 2. Analyze the potential risks posed to the security and integrity of tax data. Methodology: This study utilised a descriptive qualitative approach, focusing on an in-depth understanding of the phenomenon and describing it as it is based on field data with a single case study in which the research centred on one case object that was considered representative of taxpayers. The research was conducted on corporate taxpayers using coretax with the main informants being tax and financial technicians of the taxpayer company and tax officers (Account Representatives) who handle the company. Data was collected through in- depth interviews, followed by direct observation of the coretax usage process and documentation in the form of layer captures and technical guidelines. Data analysis was carried out using the of Miles and Huberman (1994) model: data reduction was carried out by selecting raw data from interviews, observations, and documentation, data presentation, and drawing conclusions. Data validity was maintained through triangulation of sources and methods by comparing information from taxpayers, tax officials, and official tax regulation documents. Finding: Coretax is a service administration system of the Directorate General of Taxes that provides convenience for users. The construction of coretax is part of the project to reform the core tax administration system (PSIAP) regulated in Presidential Regulation Number 40 of 2018. The renewal of the core tax administration system (PSIAP) is a project to redesign the tax administration business process through the development of an information system based on COTS (Commercial Off-the-Shelf) accompanied by the improvement of the tax database. The main purpose of development coretax is to modernise the current tax administration system. Coretax integrates all core tax administration business processes, from taxpayer registration, tax return reporting, tax payment, to tax audit and collection. Impersonate is a technique to imitate a person's character. A person acts as if they were the person being impersonated. With the concept of impersonating, the management of the DGT coretax account for corporate taxpayers can be carried out by an individual acting as an administrators/representatives or appointed proxy. This concept can be seen in the DGT coretax account for corporate taxpayers. This account is only used to open a tax profile and grant access roles to designated individuals to fulfil corporate tax obligations. To carry out corporate tax obligations such as issuing tax invoices, making withholding receipts, and reporting a notification letter (SPT), individual taxpayers who are the person in charge or appointed officers impersonate from the DGT coretax account of the individual concerned. The concept of impersonate in the DGT coretax can reduce the risk of abuse of authority and increase the security of tax data on taxpayer accounts. Only individual taxpayers acting as the responsible parties and authorised officers are entitled to access the relevant corporate taxpayer accounts. Limitation: To maintain the focus and depth of the analysis, the study was limited to the following: 1. This research only discusses the security aspects of the account impersonation feature on coretax. 2. The discussion does not cover all modules or core tax functions as a whole, but focuses on user access mechanisms. 3. The research data is focused on the context of the DGT as a system management institution, not on taxpayers who use services. 4. The analysis was conducted based on literature studies, documentation, and interviews/observation results. 5. This study does not aim to assess the performance of the DGT, but to provide academic and technical recommendations in the application of the account impersonate feature on coretax. Originality: The novelty of this research lies in the application of the account impersonate feature in the coretax system. The account impersonate feature highlights the security side of the digital transformation of taxation in Indonesia which has just been implemented in coretax. Keywords: Coretax, Account Impersonation, Service Effectiveness, Corporate Taxpayer
The Influence Of Work Environment, Work Motivation And Intrapreneurship On Employee Performance At Swiss-Belhotel Bogor
Background: The world is currently facing various economic challenges that could hinder activities and long- term development prospects. The escalation of trade conflicts, tightening global financial conditions, and increasing climate risks are among these obstacles. According to the World Economic Situation and Prospects 2019, with rising downside risks that could exacerbate development challenges in many countries, global economic growth was projected to remain at 3.0% in 2019 and 2020. The COVID-19 pandemic, which began spreading globally in 2019, had a significant impact on the economy and investor confidence, including in Indonesia. The Indonesian economy felt a substantial impact from the COVID-19 pandemic starting in the second quarter of 2020. The government's Large-Scale Social Restrictions (PSBB) and Community Activity Restrictions (PPKM) policies, which imposed lockdowns in several cities to curb the spread of the virus, led to a decline in economic activity for both formal and informal companies. According to data from the Central Statistics Agency (BPS), Indonesia's economic growth contracted by -2.07% in 2020, demonstrating a drastic decline due to the unstable economic situation caused by the pandemic. This downturn resulted in layoffs and company bankruptcies, also affecting sectors like air transportation and tourism, with a significant drop in tourist visits to destinations such as Bogor City. Amid these economic challenges, Indonesia's hotel industry plays a vital role in supporting tourism and providing employment. Data from 2022 shows that the hotel industry absorbed 339,224 workers in Indonesia, with Swiss-Belhotel Bogor serving as one example of a four-star hotel that prioritizes employee performance to achieve targets and maintain customer satisfaction. Therefore, it is crucial for every company, including hotels, to have high-quality and adaptable staff who can compete effectively. A conducive, comfortable, and supportive work environment, along with strong work motivation, is key to enhancing employee performance and achieving organizational goals. Purpose: This study aims to analyze the influence of work environment, work motivation, and intrapreneurship on employee performance at Swiss-Belhotel Bogor. The background of this research highlights the critical role of employees in supporting hotel operations and service quality, especially in the post-COVID-19 era that demands greater work efficiency. This research employs a quantitative approach with an associative method. Methodology: Data were collected through questionnaires distributed to 117 employees from various departments at Swiss-Belhotel Bogor. Data analysis was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4 software. Finding: The findings of this study reveal that all three independent variables—work environment, work motivation, and intrapreneurship—have a positive and significant effect on employee performance at Swiss- Belhotel Bogor. Work Environment has a positive and significant influence on employee performance, indicating that a well-designed and comfortable workplace can enhance employee productivity, although it may not be the sole determinant of improved performance. Work Motivation also positively affects employee performance, suggesting that motivated employees tend to show higher commitment and productivity. Motivation can be strengthened through training, recognition, and opportunities for personal development. Intrapreneurship has the strongest positive impact on employee performance, highlighting that creativity, innovation, and proactive behavior among employees are crucial drivers of superior performance. Overall, the study emphasizes that creating a supportive environment, fostering motivation, and promoting intrapreneurial behavior are essential strategies for improving employee performance in the hospitality industry. Limitation: This study has several limitations that should be considered for future research. First, the research was conducted only at Swiss-Belhotel Bogor, which limits the generalizability of the findings to other hotels or industry sectors with different organizational cultures and management systems. Second, the data collection relied on self-reported questionnaires, which may lead to subjective bias or social desirability bias in respondents’ answers. Third, the study focused solely on three independent variables—work environment, work motivation, and intrapreneurship—while other potential factors such as leadership style, compensation, or organizational commitment were not examined and may also influence employee performance. Lastly, the cross-sectional nature of the research prevents it from capturing dynamic changes in employee attitudes or performance over time. Originality: This study offers originality by integrating the concept of intrapreneurship with traditional determinants of employee performance, namely work environment and work motivation, within the hospitality industry context. While previous studies have often examined these variables separately, this research provides a comprehensive analysis of how these three factors interact to influence employee performance in a hotel setting. Additionally, by focusing on Swiss-Belhotel Bogor, the study contributes empirical evidence from a real-world service organization operating in a competitive tourism market in Indonesia. The results provide new insights for both academics and practitioners on how fostering an intrapreneurial culture can enhance employee performance alongside motivation and a supportive work environment. Keywords: Work Environment, Work Motivation, Intrapreneurship, Employee Performance, Swiss Belhotel Bogor
The Effect of Influencer Marketing and E-WOM On Purchase Intention Mediated By E-Trust At PT. Bogor Sari Nutrisi On Social Media Instagram and TikTok
Background: The rapid growth of digital technology and social media has transformed how consumers interact with brands and make purchasing decisions. According to data from We Are Social (2024), Indonesia ranks among the top five countries globally in terms of social media usage, with 167 million active users, of the total population. Platforms such as Instagram and TikTok dominate digital engagement, with average daily usage reaching 3 hours and 14 minutes. This indicates that social media has become an integral tool for marketing communication and consumer interaction in the digital economy era. In this context, companies increasingly utilize Influencer Marketing and Electronic Word of Mouth (e-WOM) to reach and persuade consumers. Influencer Marketing allows brands to collaborate with social media personalities who possess strong credibility and emotional connection with audiences. Research by Maulidiyah & Handoko (2024) demonstrated that influencer credibility positively affects consumers’ trust and purchase decisions. Similarly, Electronic Word of Mouth (e- WOM) involving online reviews and user recommendations plays a significant role in influencing consumer perceptions. According to Ismagilova et al., (2017), positive e-WOM enhances brand reputation and drives purchase intention. However, the effectiveness of these digital marketing strategies depends heavily on Electronic Trust (e-Trust) the degree of consumer confidence in the credibility and reliability of a brand’s online activities. Studies by Saputra et al., (2024) reveal that e-trust serves as a psychological bridge connecting online marketing efforts to consumer behavioral intention. Without sufficient trust, even the most attractive influencer campaigns or viral reviews fail to generate purchasing behavior. Nonetheless, empirical studies in various sectors have produced inconsistent results, indicating the need for further investigation, especially in the food and beverage industry where sensory and emotional elements dominate consumer choice. The2nd Djuanda Global Economic Conference 2025 According to company data, PT. Bogor Sari Nutrisi, the producer of Yess Yoghurt, achieved only 87.6% of its 2024 revenue target, while a pre-survey showed that 57% of respondents expressed no intention to purchase after viewing social media promotions, and 77% reported low trust levels toward the brand. This condition highlights that digital promotional efforts have not yet optimally influenced consumer purchase intentions. Compared to competitors such as Cimory, Yess Yoghurt employs fewer influencers and exhibits lower engagement rates on TikTok and Instagram, which may hinder brand trust development. Therefore, this study aims to analyze the influence of Influencer Marketing and Electronic Word of Mouth (e-WOM) on Purchase Intention, mediated by Electronic Trust (e-Trust). This research is expected to contribute theoretically by reinforcing the Theory of Planned Behavior (TPB) within the context of digital marketing and practically by providing insights for companies to enhance consumer trust and improve the effectiveness of social media-based promotional strategies. Purpose: The purpose of this research is to analyze and explain the influence of influencer marketing and electronic word of mouth on purchase intentions mediated by Electronic trust at PT. Bogor Sari Nutrisi on Social media Instagram and TikTok Methodology: This study was conducted to analyze the effect of Influencer Marketing and Electronic Word of Mouth (e-WOM) on Purchase Intention, with Electronic Trust (e-Trust) as a mediating variable among social media users of Yess Yoghurt a product of PT. Bogor Sari Nutrisi on Instagram and TikTok. The research employed a quantitative approach with a descriptive and verificative design. Quantitative research method is a research method grounded in the philosophy of positivism, used to study specific populations or samples, data collection uses research instruments, the data analysis is quantitative/statistical in nature, with the aim of testing hypotheses that have been established (Sugiyono, 2022). The object of this research consists of individuals who have been exposed to Yess Yoghurt’s promotional content and are potential or existing consumers. Respondents in this study were social media users aged 17 years and above, who follow, view, or interact with Yess Yoghurt’s content on Instagram or TikTok. The sampling technique used was purposive sampling, ensuring respondents met the research criteria. Finding: The study found that both Influencer Marketing and Electronic Word of Mouth (e-WOM) had a significant and positive effect on Electronic Trust (e-Trust), which in turn influenced Purchase Intention among social media users. The mediating analysis revealed that e-Trust partially mediated the relationship between Influencer Marketing and Purchase Intention, as well as between e-WOM and Purchase Intention. This indicates that building consumer trust through credible influencers and positive online reviews is essential for strengthening purchase intention in digital environments. The results also showed that although promotional efforts through Instagram and TikTok increased product awareness, consumer trust and engagement remained relatively low, reflecting the need for more consistent digital marketing strategies. The findings support previous research emphasizing that trust serves as a psychological bridge connecting digital marketing stimuli to consumer behavioral intention. Limitation: This research has several limitations. First, the study was limited to a single company, PT. Bogor Sari Nutrisi (Yess Yoghurt), and two social media platforms, Instagram and TikTok, which restricts the generalizability of the results to other brands or platforms. Second, the study used cross sectional data, which captures consumer perceptions at one point in time and does not account for behavioral changes over time. Third, the data were collected through self-reported online surveys, which may be subject to respondent bias, such as social desirability or limited recall accuracy. Future research is suggested to use longitudinal designs, include comparative brand analysis, and incorporate qualitative methods to gain deeper insights into consumer motivations and digital trust formation. Originality: This study provides novelty by integrating Electronic Trust (e-Trust) as a mediating variable in examining the effects of Influencer Marketing and Electronic Word of Mouth (e-WOM) on Purchase Intention in the context of a local Indonesian food and beverage brand. While previous studies have often focused on fashion or cosmetic industries, this research extends the discussion to dairy-based products, offering new empirical evidence on how digital trust moderates consumer behavior in the food and beverage sector. Furthermore, this study contributes to the theoretical framework by validating the Theory of Planned Behavior (TPB) in a digital marketing context, showing that attitudes and trust derived from online interactions significantly drive consumers’ purchasing intentions. Keywords: Influencer Marketing, Electronic Word of Mouth, Purchase Intention, Electronic Trust
THE EFFECT OF FINANCIAL LITERACY ON THE FINANCIAL INCLUSION OF STUDENTS IN THE FACULTY OF ECONOMICS AND BUSINESS AT DJUANDA UNIVERSITY WITH FINANCIAL TECHNOLOGY (FINTECH) AS A MODERATING VARIABLE
access to formal financial services. However, survey results from OJK and BPS (2024) indicate that students still have relatively low levels of financial literacy and inclusion compared to other social groups. At the same time, the rapid development of Financial Technology (FinTech) offers new opportunities for increasing financial access among young people, especially students of economics and business who are expected to have good financial knowledge. Purpose: This research aims to analyze the effect of financial literacy on financial inclusion among students of the Faculty of Economics and Business, Universitas Djuanda, and to examine the moderating role of Financial Technology (FinTech) in strengthening this relationship. Methodology: This study uses a quantitative approach with an associative causal design. The population includes 959 students from the Faculty of Economics and Business, Universitas Djuanda. The Slovin formula determined a sample size of 283 respondents selected using probability sampling. Data were collected using questionnaires and analyzed using the Structural Equation Modeling (SEM) method with SmartPLS 3.0 software. The variables studied include Financial Literacy (independent variable), Financial Inclusion (dependent variable), and Financial Technology (moderating variable). Finding: The findings are expected to show that financial literacy has a positive and significant influence on financial inclusion, implying that students with higher financial literacy are more likely to access and utilize formal financial services effectively. Furthermore, FinTech is predicted to strengthen this relationship by providing easier and faster access to financial products and services. The moderation effect suggests that FinTech enhances the positive impact of financial literacy on inclusion, indicating that the integration of digital finance tools promotes financial participation among students. Limitation: This study is limited to students of the Faculty of Economics and Business at Universitas Djuanda, which may not represent all student populations. The research only focuses on the moderating role of FinTech without including other potential factors such as income, social environment, or government policy that might influence financial inclusion. Originality: This research contributes by integrating financial literacy, financial inclusion, and Financial Technology (FinTech) into one model using the Theory of Planned Behavior and Technology Acceptance Model. It provides new empirical evidence on how FinTech strengthens the relationship between financial knowledge and financial inclusion among university students in Indonesia. Keywords: digital competence, economic participation, technology adoption, personal finance behavior, student empowerment
The Effect of social media marketing on patient loyalty through patient trust"as intervening variable
Background: Healthcare is a primary need for every individual and a key indicator of a nation's development. The government continues to strive to improve the quality of healthcare services, develop strategies to enhance service quality, and communicate the value of services to the public. Rapid technological advancements have increased public awareness, providing an effective platform for institutions (hospitals) to provide education and information related to hospital service performance through social media marketing strategies. Purpose: This study aims to examine and analyze the effect of social media marketing on patient trust and loyalty, the effect of patient trust on loyalty, and the effect of social media marketing on patient loyalty through the intervening variable of patient trust. Methodology: The research classified as explanatory research and research design used descriptive and quantitative methods. The study population comprised all patients at dr. Soebandi Regional General Hospital in Jember, including both outpatients and inpatients. The sample size was 200, based on the Slovin formula. Purposive sampling was used. The data analysis technique used was Partial Least Squares (PLS) using WarpPLS 7.0. Finding: The results showed that social media marketing had a positive and significant effect on patient trust and loyalty, patient trust had a positive and significant effect on patient loyalty, and social media marketing had a positive and significant effect on patient loyalty through the intervening variable of patient trust. Limitation: The limitation is that the questionnaire only involved patients from Dr. Soebandi Regional Hospital in Jember, thus limiting generalizability. Second, the questionnaire instrument used has a high degree of subjectivity. Originality: Originally, the research involved a model testing the influence of social media marketing on patient loyalty by intervening in patient trust. Keywords: patient loyalty, patient trust. social media marketing
TRAVELOKA APP CUSTOMERS’ PERCEPTIONS OF LOYALTY AND ITS DRIVING FACTORS
Background: Customer loyalty is a key factor in the success of online service companies like Traveloka. Fierce competition between platforms requires companies to not only attract new customers but also retain existing ones through consistent and satisfying experiences Purpose: This study aims to analyze Traveloka customer loyalty and customer perceptions of the factors that drive loyalty. The factors driving loyalty in this study are service quality, trust, perceived price, and brand image Methodology: This study used survey data from 119 respondents, including Traveloka customers in the Greater Jakarta area who had used the app more than once in the past year. Sampling was conducted using a convenience sampling method, and data collection was conducted by distributing questionnaires via Google Forms. Data were analyzed using a quantitative descriptive analysis method Finding: The results of the study indicate that Traveloka customers are categorized as loyal. Customers perceive Traveloka’s service quality as good, with an attractive, easy-to-use, and well-organized application. Customers have high trust in Traveloka, believing it is safe to use. Customers perceive that the rates charged by Traveloka are competitive, which is a reason for choosing Traveloka. Regarding brand image, customers perceive that the Traveloka brand has a good image. Among the factors driving customer loyalty, the trust dimension has the highest level of agreement, while price perception and brand image have the lowest levels of agreement Limitation: First, this study used a convenience sampling method with a relatively limited number of respondents (119 people) and focused only on the Greater Jakarta area, so the results cannot be generalized to all Traveloka users in Indonesia. Second, the research approach was quantitative descriptive, so it cannot fully explain the causal relationships between the variables driving loyalty. Third, this study used only customer perceptions as the sole data source, without any other data Originality: First, it uses an integrative approach to four key factors driving customer loyalty-service quality, trust, price perception, and brand image-analyzed within the context of an app-based digital platform. Second, this study adds recent empirical evidence regarding customer perceptions of competitive rates and app usability as critical components in maintaining loyalty in Indonesia. Keywords: loyalty, service quality, trust, perceived price, brand image, OTA
Retail Investor Rationality: The Role of Financial Literacy and Experience Level in Moderating Overconfidence
Background: The rise of retail investors in Indonesia has transformed the capital market landscape, yet the quality of their investment decisions remains a concern. While financial literacy and investment experience are assumed to promote rationality, there is limited understanding of how psychological biases, especially overconfidence, interact with these factors in influencing decision making. Purpose: This research aims to analyze the influence of financial literacy and investment experience on rational investment decision making among retail investors, with overconfidence tested as a moderating variable. This study seeks to explore whether overconfidence strengthens or weakens the impact of cognitive competencies on investor rationality. Methodology: The study employs a quantitative approach involving 269 active retail investors in the Indonesian capital market, selected via purposive sampling. Data were collected using structured questionnaires and analyzed using SPSS version 29. The main techniques included multiple linear regression to test direct effects and moderated regression analysis (MRA) to test interaction effects. Financial literacy, investment experience, and overconfidence were measured using validated instruments adapted from prior studies, and all constructs were tested for validity and reliability before analysis. Results: The Finding: The analysis confirms that both financial literacy (? = 0.433, p < 0.05) and investment experience (? = 0.298, p < 0.05) significantly enhance rational investment decision making. Importantly, overconfidence significantly moderates these relationships. While it strengthens the effect of investment experience (? = 0.255, p < 0.05), it weakens the effect of financial literacy (? = -0.194, p < 0.05). These findings reveal a nuanced interplay between cognition and psychology in financial behavior. The originality of this study lies in integrating behavioral finance theory with psychological constructs in an emerging market context. The limitations include the use of self reported data and a cross sectional design, which may restrict causal interpretation. Nonetheless, the research contributes novel insights into how behavioral factors shape investment decisions in digitalizing economies. Limitation: The information respondents obtain in the investment context is often partial or incomplete. This impacts how they make investment decisions. Bounded rationality theory suggests that individuals tend to rely on easily accessible or readily available information without conducting a thorough information search. This limitation can cause the research results to reflect decisions based only on limited information, thus underrepresenting the decision-making process under ideal conditions. Originality: The novelty of this research lies in its attempt to examine the factors influencing rational investment decision-making by individuals. Research directly examining the factors that directly determine rational investment decision-making by individuals is rare. Mushinada (2020) empirically found that individual investors often exhibit irrational behavior in investing, including decision-making. Relatedly, Viryajaya & Handoyo (2022) attempted to examine the factors influencing irrational decisions by individual investors. The only study that examined the determinants of rational decisions by individual investors is Lu et al. (2020). However, that study examined the effect of consulting with an investment advisor on rational investment decision-making by individual investors. The proposed research attempts to examine 21 different factors influencing rational investment decision-making by individual investors, with financial literacy and experience level as independent variables, and overconfidence as a moderating variable.
The influence of originality of thinking on entrepreneurial attitudes in economics education students at the University of Riau
Background: In the current era of globalization and the advancement of the 5.0 industrial revolution, entrepreneurship has become not only a promising career option but also a key driver of economic growth and social innovation. Higher education institutions are now expected to foster entrepreneurial attitudes among students, enabling them to become creators of opportunity rather than mere job seekers. According to Suryana (2013), an entrepreneurial attitude reflects an individual's readiness to take risks, face challenges, and create value through innovative business ventures. One of the essential factors influencing entrepreneurial attitudes is originality of thought, which refers to the ability to generate novel, unique, and unconventional ideas. As emphasized by Runco and Jaeger (2012), originality is a core element of creativity and plays a critical role in the development of innovative capabilities. In the context of entrepreneurship, Amabile (1996) highlighted that originality serves as the foundation for generating new business ideas that stand out in competitive markets. University students, as educated members of society, are expected to possess and develop original thinking skills to respond effectively to emerging social and economic challenges. However, in reality, many students remain passive and tend to follow existing patterns, indicating that their potential for original thought is underutilized. Zimmerer and Scarborough (2008) assert that creative and original thinking must be cultivated early on so that students can evolve into job creators equipped with the mindset and skills needed for innovation and independence. This study aims to understand and analyze the role of students as creative entrepreneurial actors in driving new economic growth in Pekanbaru. More specifically, the objectives of this study are as follows: Purpose: 1. To identify the level of originality of students' thinking in developing entrepreneurial ideas. - To analyze the extent to which students are able to create new, unique, and distinct business ideas from existing business concepts. - To identify the dominant dimensions of originality of thinking in the process of business idea formation among students. 2. To measure the level of entrepreneurial attitudes among students in Pekanbaru. - To assess the extent to which students demonstrate entrepreneurial attitudes such as independence, innovation, risk-taking, and goal orientation. - To examine differences in entrepreneurial attitudes based on educational background, gender, business experience, and major. 3. To analyze the relationship between originality of thinking and students' entrepreneurial attitudes. - To test whether there is a significant and strong relationship between the ability to think original and students' propensity for entrepreneurship. 4. Provide strategic recommendations for developing student entrepreneurship based on creativity and innovation. - Develop policy recommendations for higher education institutions, local governments, and business incubators to support student entrepreneurship. Methodology: The type of research used is quantitative with a research design testing the formulation of the problem conducted on economics education students of the Faculty of Teacher Training and Education, University of Riau. This study was conducted to determine the effect of originality on the Entrepreneurial Attitude of Economics Education Students of the University of Riau. Then from the results of the study will be obtained the influence of generalization. The research data is in the form of numbers and uses statistical analysis, so the quantitative method is used. Data is taken from primary data taken from Economics Education Students of the University of Riau Pekanbaru class of 2023 2024. The data collection method used is sampling. The questionnaire used is a closed questionnaire that has provided an explanation. The study was conducted for 6 (six) months since the study was approved. The population in this study were 84 economics education students. The sampling technique used was purposive random sampling with the Slovin formula. The Department of Education and Social Sciences (PIPS) of the University of Riau is located at Jalan Binawidya, KM 12.5, Simpang Baru Village, Tampan District, Pekanbaru City. This study used simple linear regression analysis. To determine the magnitude of the variable's influence, prerequisite tests were first conducted, including normality tests, linearity tests, t-tests, and correlation coefficient tests using SPSS software. Hypothesis testing of the variables was conducted using simple linear regression analysis. Finding: Findings and Discussion 1. Validity test Statement r count r table information P1 0,821 0,178 Valid P2 0,702 0,178 Valid P3 0,719 0,178 Valid P4 0,879 0,178 Valid P5 0,719 0,178 Valid P6 0,585 0,178 Valid P7 0,232 0,178 Valid P8 0,883 0,178 Valid P9 0,939 0,178 Valid P10 0,784 0,178 Valid P11 0,633 0,178 Valid P12 0,647 0,178 Valid All 12 items on the questionnaire showed valid results with r-count > r-table (0.178), indicating that all statements were valid for use in the study. 2. Uji Reliabilitas Using Cronbach’s Alpha, both variables were found to be highly reliable Variable Cronbach's Alpha Items Originality of Thought 0,881 12 Entrepreneurial Attitude 0,899 12 t Since both alpha values exceed the 0.60 threshold, the instrument is considered reliable. 3. Linearity test The linearity test results are as follows: ANOVA Table Sum of Squares df Mean Square F Sig. Y * X Between Groups (Combined) 36,169 19 7,735 1,276 ,217 Linearity 10,012 1 70,012 5,036 ,016 Deviation from Linearity 36,957 18 14,831 1,067 ,291 Within Groups 25,407 150 13,903 Total 22,376 83 Since the significance value is greater than 0.05, the relationship between originality of thought and entrepreneurial attitude is linear. 4. T- Test Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta 1 (Constant) 0,595 1,282 11,472 ,000 X ,81 ,073 ,84 2,938 ,047 a. Dependent Variable: Y The regression coefficient test showed: • t-value = 2.938 • t-table = 1.989 • Significance = 0.047 Since t-value > t-table and Sig <0.05, the hypothesis is accepted. This confirms that originality of thought significantly influences entrepreneurial attitude. 5. Correlation Tset Interpretation of Correlation Coefficient Coefficient Interval Relationship Level 0.00 –0.199 Very Low 0.20 – 0.399 low 0.40 – 0.599 currently 0.60 – 0.799 strong 0.80 – 1.00 Very strong Correlations VAR00001 VAR00002 VAR00001 Pearson Correlation 1 ,873** Sig. (2-tailed) ,021 N 84 84 VAR00002 Pearson Correlation ,873** 1 Sig. (2-tailed) ,021 N 84 84 The Pearson correlation result: • r = 0.873 • Sig. = 0.021 This signifies a very strong correlation (0.80–1.00) between originality of thought and entrepreneurial attitude, with the relationship being statistically significant. 6. Simple Linear Regression Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta 1 (Constant) 60,55 5,82 11,472 ,000 X ,21 ,073 ,84 2,236 ,021 a. Dependent Variable: Y Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate 1 ,891a ,514 ,492 3,79050 a. Predictors: (Constant), VAR00001 Regression Equation: Y= 60,55 + 0,21X This means 51.4% of the variance in entrepreneurial attitude can be explained by originality of thought, with the remaining 48.6% influenced by other factors not explored in this study. Based on the results of the analysis that has been done, it was found that all instrument items are valid and reliable, so that the data collected is credible and can be scientifically accounted for. There is a very strong and significant linear relationship between originality of thinking and entrepreneurial attitudes of students. Originality of thinking has a significant effect on entrepreneurial attitudes, with a contribution of 51.4% to the variability of these attitudes. Students who have original thinking skills: More confident in facing risks, Tend to be more creative in creating solutions or business ideas, Have a positive attitude towards entrepreneurial activities. Students who have very original business ideas tend to be more daring to take risks because they believe they do not have many direct competitors. They also show high intrinsic motivation not only pursuing financial gain, but also wanting to create social and cultural change. Originality makes students more resilient to initial failure, because they have a strong sense of ownership of their business ideas. Discussion The majority of respondents expressed a positive attitude toward originality. This is evident in the high percentages of "Strongly Agree" and "Agree" responses across the four statements. Respondents tended to feel they had unique ideas, were able to solve problems in unconventional ways, and created novel solutions. According to Robert (2003), successful intelligence involves the ability to think creatively and originally to solve real-world problems. In the context of entrepreneurship, this is the ability to generate novel, previously unthinkable solutions. Statements 2, 3, and 4 indicate a high level of confidence in originality. Over 60% of respondents stated "Strongly Agree" for each of these statements, indicating confidence in innovative and creative abilities in the business world. According to Adam (2016), originalists are those who are able to challenge the status quo and introduce impactful new ideas. Approximately 35% of respondents were neutral about the idea of originality (statements 1 and 3). This indicates that not all individuals are fully confident in the uniqueness of their ideas. This could be due to a lack of experience, confidence, or exposure to an environment that fosters innovation. Michael et al. (2018) argue that innovation and originality are at the heart of any entrepreneurial process. Teresa (2020) argues that entrepreneurs will be more original if they work in an ecosystem that supports the exploration of ideas without fear of failure. Frese et al. (2014) link originality to long-term business success, not just fleeting ideas. The statistical analysis confirms that originality of thought has a significant and positive effect on entrepreneurial attitudes. A linear relationship was established, validating the use of regression and correlation analyses. This implies that students with higher levels of originality are more likely to develop stronger entrepreneurial tendencies (Utami, 2017). Educational programs aiming to enhance originality may thus serve as effective tools for fostering entrepreneurial attitudes, particularly within economic education (Shepherd, 2024). However, since 48.6% of the variance in entrepreneurial attitude is attributed to other factors, future research is recommended to explore additional predictors such as risk-taking, self-efficacy, and innovation behavior (Hisrich, 2010). The limitations of this study include its scope, which was limited to Pekanbaru City and did not include students from other areas in Riau Province. Furthermore, the independent variables were limited to examining the influence of original thinking. Limitation: The limitations of this study include its scope, which was limited to Pekanbaru City and did not include students from other areas in Riau Province. Furthermore, the independent variables were limited to examining the influence of original thinking. Originality: This research presents a novel approach to the discourse on student entrepreneurship, particularly in the context of the Economics Education study program, which has not been widely explored in relation to entrepreneurial potential. The research findings indicate that Economics Education students have a high level of original thinking, which significantly influences their entrepreneurial attitudes. This is an important finding because, in general, entrepreneurial ability is often associated with students from study programs such as Management, Business, or Engineering, while students from educational backgrounds (especially Economics Education) tend to be perceived as more career-oriented as teachers. However, this research demonstrates that Economics Education students not only possess the cognitive capacity to understand economic principles but also the ability to develop original and innovative ideas relevant to the business world. This work is the result of my own thoughts and research analysis, not the result of plagiarizing other people's work. Keywords: originality of thought, entrepreneurial attitude
DETERMINANTS OF CAPITAL STRUCTURE AMONG SHARIAH COMPLIANT CONSUMER PRODUCT & SERVICES AND HEALTHCARE FIRMS LISTED
Background: Finance is defined as the provision of money when it is required. Every business, large, medium, or small, requires funding to operate and fulfill its goals. Indeed, finance is so important nowadays that it is accurately referred to as an enterprise's lifeblood. No firm can realistically achieve its goals without proper funding. Financial management is defined as a management activity that is strongly involved with the planning and control of a company's financial resources. The primary goal is to identify multiple sources of funding for the firm so that it can continue to run successfully, besides focusing on profit maximization and return on investment (ROI). Financial management requires the use of experts to come up with strategies, make arrangements, and oversee all of the company's financial dealings in order to determine the best way to finance the business and ensure the company's financial health and progress. Purpose: Malaysia LEAP Market Economy This study conducted research using shariah-compliant securities in The Leading Entrepreneur Accelerator Platform or known as LEAP Market. LEAP market was established primarily to assist SMEs in obtaining additional funding. They are the group that makes up the majority of the economy, after all. Most of the time, financial institutions provide over 95% of the capital they need to raise. Only 4% or less was secured by SME borrowing through the capital market. The LEAP Market wishes to expand this choice precisely for this reason. Mirza et al (2019) was used to determine whether debt financing is the best capital structure for businesses to use to finance their operations, and the findings revealed that some businesses use debt as a source of money in their capital structure because leverage is much more beneficial for the firms in operating the business because debt funding is easier to obtain than equity. The usage of debt over equity in the capital structure of a company is common, this includes the shariah compliant company. As a result, the chosen shariah compliant securities that will be conducted in this study is under the Consumer Products and Services and Healthcare Sectors of the LEAP market Methodology: The model can be expressed in the following way: Y = ? + ?¹X¹ + ?²X² + ?³X³ + ? X + ? X + ? Based on our research, the formula can be translated as: Y = Debt Ratio ? = Y intercept ?¹X¹ = Firm Size ?²X² = Profitability ?³X³ = Growth Opportunity ? X = Non-Debt Tax Shield ? X = Liquidity ? = Error of Prediction Finding: Random Effect Model Coefficient Coefficient Value ? LDEBT -3.5440 (0.0007) *** ? LDEBT LSIZE 3.0134 (0.0035) *** ? LDEBT LPROF -0.4465 (0.6565) ? LDEBT LGROW 1.6886 (0.0955) * ? LDEBT LNDTS 3.6531 (0.0005) *** ? LDEBT LIQD 5.0581 (0.0000) *** Notes: *** Significant at the 1% level, ** Significant at the 5% level, * Significant at the 10% level Limitation: Question of what factors influence the capital structure of Malaysian shariah-compliant healthcare and consumer products and services industry firms listed on the LEAP Market of Bursa Malaysia. I have meticulously analysed data from all companies’ annual reports listed in LEAP Market to shed light on whether there is a relationship between firm size, profitability, growth opportunity, non-tax debt shield and liquidity towards debt in Islamic capital structure. I analysis reveals significant findings between all the variables, illuminating the specific key area available for future improvements. While these findings offer valuable insights, they also prompt further exploration. Therefore, I proceed to craft crucial recommendations that address the knowledge gaps, potential areas for improvement, and practical applications. These recommendations serve as a roadmap for future endeavours, paving the way for even more refined and impactful research in this critical field. Originality: Debt ratio and its determinants have been widely discussed in financial literature and are considered the most motivating topics in capital structure. Shariah-compliant businesses still needed capital in the form of debt and equity issuances, even though they are prohibited from having riba, or interest, in their operations. Keywords: Islamic Capital Structure, Trade-off Theory, Pecking Order Theory, Agency Cost Theory
Audit Quality: The Effect of Role Stressor and Job Stress
Background: The public accounting profession is widely recognized as a highly stressful work environment (Gaertner & Ruhe, 1981; Libby, 1983) due to factors such as intense “busy seasons,” extended working hours that often exceed 60 per week (Ward & Albright, 2009), and boundary-spanning responsibilities (Rebele & Michaels, 1990). These pressures expose auditors to significant job stress, which can negatively affect performance and audit quality (Gundry & Liyanarachchi, 2007; Otley & Pierce,1996b). Job stress has been identified as a major contributor to reduced audit quality practices (RAQP), threatening firms’ credibility and increasing their legal risks (Fisher, 2001). Since stress is an unavoidable aspect of auditing work (DeZoort & Lord, 1997), its impact remains a critical concern, particularly in the wake of corporate scandals. Although prior studies have examined the link between stress and RAQP, limited research has applied a comprehensive theoretical model to fully explain how job stress influences auditors’ behavior and audit outcomes (Libby, 1983). Purpose: This article aims to examine how job stress influences reduced audit quality practices (RAQP) using a two-level job stress outcome model. The framework focuses on the relationship between key role stressors, including role overload, role ambiguity, and role conflict, and how these factors collectively contribute to auditors’ job stress and their tendency to engage in RAQP. Methodology: The study’s respondents consist of external auditors who are registered members of the Malaysian Institute of Accountants (MIA). Data were gathered through a survey questionnaire distributed to participants, accompanied by a pre-addressed envelope with postage paid to facilitate responses. Finding: The study reveals that all role stressors are positively associated with job stress; however, only role conflict shows a significant positive link with reduced audit quality practices (RAQP). Consistent with the proposed hypothesis, the findings also indicate a clear relationship between job stress and RAQP. Limitation: This study acknowledges several limitations that may influence the interpretation of its findings. The relatively small sample size may not accurately reflect the overall auditing environment in Malaysia, and the predominance of respondents from non–Big Four firms could bias the results, as work conditions and practices differ between larger and smaller firms. Additionally, since the study relies on self-reported questionnaires addressing sensitive topics such as reduced audit quality practices (RAQP),there is a possibility that some respondents may have withheld complete honesty in their answers, potentially affecting the reliability of the data. Originality: This study is among the earliest to simultaneously explore how role stressors and job stress interact to influence reduced audit quality practices (RAQP). By examining these factors together within a single framework, the research provides a more comprehensive understanding of how various sources of stress collectively affect auditors’ professional behavior and the overall quality of audit outcomes. Keywords: Audit Quality, Dysfunctional Behavior, Job Stress, RAQP, Overload, Conflict, Ambiguity, Role Stressor
THE EFFECT OF PRODUCT QUALITY STRATEGY ON REPURCHASE INTEREST THROUGH CONSUMER SATISFACTION AS AN INTERVENING VARIABLE AT PT. CIOMAS ADISATWA BOGOR REGENCY
Background: Business competition in the food industry requires companies to consistently maintain product quality to ensure customer satisfaction and loyalty. PT. Ciomas Adisatwa, a company engaged in the processing and distribution of broiler chickens, prioritizes product quality as a key factor in influencing consumer satisfaction and encouraging repeat purchases. Purpose: This study aims to determine and analyze the effect of product quality on repurchase intention, with consumer satisfaction as an intervening variable, at PT. Ciomas Adisatwa. Methodology: This research applies a quantitative approach with descriptive and verification methods. Data were collected through questionnaires distributed to 100 consumers of PT. Ciomas Adisatwa using an sampling technique used was non-probability sampling with a purposive sampling approach. The collected data were analyzed using path analysis with the help of SPSS 25 software to test direct and indirect effects between variables. Finding: The results indicate that product quality has a positive and significant effect on consumer satisfaction, and consumer satisfaction has a positive and significant effect on repurchase intention. Moreover, consumer satisfaction mediates the relationship between product quality and repurchase intention. This shows that consistent improvement in product quality enhances both customer satisfaction and loyalty. Limitation: This study focuses solely on consumers of PT. Ciomas Adisatwa and uses a quantitative method; therefore, the results may not be generalized to other industries or different consumer contexts. Future research could include additional variables such as brand image or service quality. Originality: This study provides empirical evidence on how product quality affects repurchase intention through consumer satisfaction in the poultry industry, emphasizing the importance of maintaining freshness, cleanliness, and safety in raw chicken products as determinants of customer loyalty. Keywords: Product Quality, Consumer Satisfaction, Repurchase Intention, PT. Ciomas Adisatwa
THE INFLUENCE OF PRODUCT QUALITY ON REPURCHASE INTEREST THROUGH CONSUMER SATISFACTION AS AN INTERVENING VARIABLE IN SCARLETT WHITENING BODY LOTION PRODUCTS (Case Study of Students at Djuanda University, Bogor)
Background: The development of the body care industry in Indonesia is very rapid and prospective, driven by lifestyle changes and increased health awareness, with body lotion dominating sales (37%). However, the local brand Scarlett Whitening faces a significant challenge in the form of a drastic decline in market share from 23.40% (2023) to 9.20% (2025), placing it at the bottom of the top brand list. This phenomenon indicates the need for an in-depth evaluation of product quality to enhance repurchase intention. This study aims to analyze the direct and indirect effects of product quality on repurchase intention, with consumer satisfaction as an intervening (mediating) variable. This study uses a quantitative approach with a sample of 100 respondents who are students of Djuanda University Bogor. The sample size was determined using the Lemeshow formula and selected through random sampling, given the unknown population size. Ordinal data was converted into interval data using the Method of Successive Interval (MSI). Data analysis utilized descriptive analysis, verified analysis, Path Analysis, and the Sobel Test. The descriptive results show that product quality and consumer satisfaction are rated as good and high. However, the product safety indicator had the lowest average score, while the referential intention indicator dominated repurchase intention. The verified results prove that product quality has a positive and significant effect on consumer satisfaction, product quality has a positive and significant effect on repurchase intention, and consumer satisfaction has a positive and significant effect on repurchase intention. Furthermore, a positive and indirect effect of product quality on repurchase intention through consumer satisfaction was also found. This conclusion affirms the crucial role of improving product quality, especially the safety aspect, in driving satisfaction and triggering consumer repurchase intention for Scarlett products. Purpose: The aim of this research is to analyze the direct and indirect influence of product quality on repurchase intention, with consumer satisfaction as an intervening variable. Apart from that, the problem formulation in this research is, to find out (a) What are consumers' responses regarding product quality, repurchase interest, and consumer satisfaction with Scarlett whitening body lotion products among consumers? (b) What is the direct influence of product quality on consumer satisfaction for Scarlett whitening body lotion products? (c) What is the direct influence of product quality on consumer interest in repurchasing Scarlett whitening body lotion products? (d) What is the direct influence of consumer satisfaction on consumers' interest in repurchasing Scarlett whitening body lotion products?, and (e) What is the indirect influence of product quality on repurchase interest through consumer satisfaction with consumers' Scarlett whitening body lotion products?.. Methodology: The research design used is descriptive research with a quantitative approach using the path analysis approach and Sobel test to determine the influence of intervening variables. This research variable uses exogenous variables & endogenous variables. This research sample used a non probability sampling method with a purposive sampling technique, which was determined using the Lemeshow formula, resulting in a sample size of 100 consumers. The data sources used in this research are primary and secondary data. Pengumpulan data dilakukan melalui dua pendekatan utama: (1) Studi lapangan yang melibatkan wawancara, distribusi kuesioner, dan observasi langsung, serta (2) Studi pustaka untuk memperoleh informasi tambahan dari sumber- sumber literatur yang relevan. Teknk yang digunaan dalam penelitian ini meliputi uji validitas, uji reliabilitias,, uji asumsi klasik, perhitungan koefisien korelasi, pengujian hipotesis (uji t dan uji Sobel) dengan bantuan perangkat lunak IBM SPSS versi 25.0. Calculations using path analysis by: 1) calculating multiple regression coefficients using the model; 2) calculate path coefficients with the model; 3) calculate the coefficient of determination; 4) calculate the influence simultaneously and partially. Variables are said to be intervening because they influence the relationship between the independent and dependent variables, referring to Baron and Kenny (1986) in Ghozali (2018) testing the mediation hypothesis through a sobel test with an absolute Z table value of 1.96. The Validity Test measures whether the questionnaire is valid or not, namely whether the instrument is able to reveal the variables being measured (Ghozali, 2018:52). Analyze the correlation of the score of each statement item with the total score. Decision Criteria: An item is declared valid if the correlation value (calculated r) is greater than the critical value (r table) at a significance level of 0.05 (5%). If it does not meet the requirements, the item is removed from the study. Reliability Test measures the consistency of measurement results, namely how far the results remain the same if the measurements are repeated (Sugiyono, 2018:199). The technique uses the Alpha Cronbach (?) formula. Decision Criteria: The instrument is declared reliable if the Cronbach Alpha (?) value is greater than 0.7 ((or rx?rttable). The classic assumption test is carried out to ensure that the regression model used meets the basic assumptions so that the analysis results are unbiased and valid. Normality Test tests whether the residual values ??in the regression model are normally distributed (Ghozali, 2018: 154). Technique: Using the Normal Probability Plot graphic method or Kolmogorov-Smirnov test. Decision criteria (Statistical Test):distribution. declared normal if the probability value (Asymptotic Significance) is >0.05. The Multicollinearity Test tests whether a strong correlation is found between independent (exogenous) variables in the regression model (Ghozali, 2018: 105). Technique: Analyze the Tolerance Value and Variance Inflation Factor (VIF). Decision criteria: The regression model is declared free from multicollinearity if the Tolerance Value is >0.10 (or >0.05 according to reference Sunyoto 2009:82) and VIF ?5. The heteroscedasticity test aims to test whether in the regression model there is an inequality of variance from the residuals of one observation to another. According to Priyatno (2012: 158) heteroscedasticity is a situation where in the regression model there is an inequality of variance from the residuals from one observation to another observation. In this study, the scatter plot test was used. A scatter plot is a graph that plots points or dots that show the relationship between two pairs of data, namely by plotting the ZPRED value (predicted value) with SRESID (residual value). It is said to be good if there is a certain pattern in the resulting graph, such as gathering in the middle, narrowing then widening or vice versa. Finding: Based on age, the 20–25 year group dominates at 79%. This age group is a transition period towards adulthood, where consumers tend to be more aware of the importance of physical appearance, exploration of self-identity, and skin care to maintain health. Overall, consumer perceptions are very positive: all variables, namely product quality (X), repurchase interest (Y), and consumer satisfaction (Z), obtained an average value above 77%, which shows that consumer responses are in the high to very good category. Product Quality dominates: product quality (X) received the highest average score, namely 84%, which falls into the Very Good category. This indicates that consumers have a very good perception of the attributes and quality of Scarlett body lotion products. Relationship between product quality, repurchase interest and consumer satisfaction: There is a sequence of values ??from highest to lowest, namely product quality of 84% ? repurchase interest of 79% ? consumer satisfaction of 77%. Even though all three are high, this order descriptively supports the assumption that the perception of excellent product quality is the main factor that drives high repurchase interest and consumer satisfaction with Scarlett body lotion products. 1. First path analysis results It is known that the R value is 0.666, which shows that the correlation or relationship between the exogenous variable of product quality and the endogenous variable of consumer satisfaction has a strong correlation at a value range of 0.60-0.79. This is identical to research conducted by Siti Masnun (2024) which shows that the correlation coefficient for product quality and consumer satisfaction is 0.770, meaning that the variables have the same correlation, namely strong in the range of 0.60-0.79. The PZ? value is 0.557, this shows that variable X has a positive effect on variable Z, where increasing product quality will increase satisfaction by 0.666 or 66.6%. 2. second path analysis resultsIt is known that the R value is 0.792 which shows that the correlation or relationship between the exogenous variable of product quality and the endogenous variable of consumer satisfaction has a strong correlation at a value range of 0.60-0.79. This is identical to research conducted by Miranda Claudia (2023) which shows that the correlation coefficient for product quality and consumer satisfaction is 0.605, meaning that the variables have the same correlation, namely strong in the range of 0.60-0.79. As for the PZ? value of 0.573, it can be seen that the Standardized coefficient beta value for the product quality variable has a positive sign, namely 0.549, meaning that every one unit increase in the product quality variable will increase consumer satisfaction by 0.549 assuming that other exogenous variables in the model continue to have a positive effect on consumer satisfaction. This shows that good product quality can increase consumer satisfaction. Meanwhile, the Standardized coefficient beta value for the consumer satisfaction variable has a positive sign, namely 0.312. This means that the consumer satisfaction variable has a positive effect on the consumer satisfaction variable, this shows that the better the product quality, the higher the satisfaction felt by consumers. This shows that variable 3. partial hypothesis testing The direct and positive influence on product quality has a tcount of 8.830 and a ttable value for ?= 0.05 with degrees of freedom 100-1-1= 98 of 1.661, meaning tcount > ttable (4,399 > 1.661) with a significance of 0.000 < 0.050. So it can be concluded that Ha1 is accepted and H01 is rejected, meaning that product quality directly has a positive and significant effect on consumer satisfaction. The direct and positive influence of product quality has a tcount of 6,600 and a ttable value for ?= 0.05 with degrees of freedom 100-1-1= 98 of 1.661, meaning tcount > ttable (6,600 > 1.661) with a significance of 0.000 < 0.050. So it can be concluded that Ha2 is accepted and H02 is rejected, meaning that product quality directly has a positive and significant effect on repurchase interest. The direct and positive influence of consumer satisfaction obtained a tcount of 3.753 and a ttable value for ?= 0.05 with degrees of freedom 100-1-1= 98 of 1.661, meaning tcount > ttable (3.753 > 1.661) with a significance of 0.000 < 0.050. So it can be concluded that Ha3 is accepted and H03 is rejected, meaning that consumer satisfaction directly has a positive and significant effect on repurchase interest. 4. recapitulation of the results of the influence coefficient From the results of the path analysis test, it can be interpreted that there is a direct influence of product quality on consumer satisfaction. This can be seen from the path coefficient of 0.666 or 66.6%. There is an influence of product quality on repurchase interest both directly and indirectly through consumer satisfaction. This can be seen from the direct path coefficient of 0.549 or 54.9% and the indirect effect of 0.207 or 20.7%. Apart from that, the total effect of these three variables is 0.873 or 87.3%. There is a direct influence of consumer satisfaction on repurchase interest. This can be seen from the path coefficient of 0.312 or 31.2%. The research results show that the product quality variable has the largest direct influence on the repurchase interest variable compared to other variables. This identifies that consumers tend to respond directly to the positive experiences they feel when interacting with a product or service. Therefore,Increasing the repurchase interest variable can be done by improving the quality of Scarlett body lotion products in the company which can be built through proper consumer satisfaction within the company. 5. Sobel test output results The results of calculating the statistical value of the Sobel test obtained a Zcount value of 3.46. The value of Zcount > Ztabel (3.46 > 1.96), then these results prove that consumer satisfaction is able to significantly mediate the influence of product quality on repurchase intention. Based on the results of the partial hypothesis test and Sobel test, it can be seen that four (4) alternative hypotheses in this research were obtained, which means that repurchase interest is determined by consumer satisfaction, where consumer satisfaction can be built and improved by product quality. Limitation: 1. By implementing the right strategy, Scarlett can improve consumer perceptions of its products and strengthen the brand's position in the market, such as providing honest and transparent information to consumers regarding the results of investigations, Offer compensation to consumers who experience irritation, for example refunds or product replacements, Strengthen the quality control system to prevent similar incidents from happening again in the future. 2. There are several factors that can cause dissatisfaction, such as poor product quality, too high a price, or an unpleasant user experience. 3. Given these problems, the company should improve product quality. Focus on developing products that are safe, effective and appropriate to consumer needs. Provide honest and complete information about products, including the ingredients used and potential side effects. And by conducting a thorough evaluation and taking appropriate action, Scarlett can increase consumer satisfaction and improve brand image. When a product such as Scarlett body lotion gets a low rating, it indicates there is a problem in the user experience of the product. So there is room for improvement in product design, by conducting a thorough evaluation and taking appropriate action, Scarlett can increase consumer satisfaction and improve brand image. So companies need to conduct regular surveys to find out directly what obstacles consumers have in using the product. For those who want to carry out further research, other variables can be added that can influence repurchase interest, including price, promotion, competition, marketing strategy, perceived value, trust. By considering these various variables, researchers can gain a clearer understanding of the factorsFactors that influence interest in repurchasing Scarlett body lotion. A multivariable approach will allow researchers to identify interactions between various variables and build more accurate models. In order to obtain optimal results.. Originality: The research used a sample of 100 respondents determined using the Lemeshow formula and selected through a random sampling method, with an unknown population. Ordinal data is converted into interval data using the Method of Successive Interval (MSI). Data analysis uses descriptive analysis, verification, Path Analysis, and Sobel Testand conducted on Djuanda Bogor University students Keywords: Product Quality, Repurchase Intention, Consumer Satisfaction, Scarlett Whitening..
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ANALYSIS OF TOURIST ATTRACTIONS AND DESTINATION IMAGE ON INTEREST IN RETURNING VISITS
Background: Tourism is one of the main pillars of Indonesia's economic development, increasing employment opportunities, and reducing poverty. the achievement of the target visitor in 2024 at the Luwihaja Hill Unit, PT Citra Wisata Alam Paseban is 95.3%. This means that the target is not achieved at 4.7%. This achievement is due to the fact that in January, April and December it has entered the annual national holiday season. Meanwhile, this non-achievement is suspected to be caused by the lack of optimal interest in revisiting, tourist attractions, and visitor satisfaction Purpose: This study analyzed tourist attraction and visitor satisfaction on tourists' intention to visit again Methodology: The research employs a descriptive qualitative method with 200 respondents. Finding: The results showed that the average interest in returning visits was high, with the highest score on promotion intention and the lowest on recommendation intention. Tourist attractions are considered attractive, with the highest score on something to see and the lowest on something to buy, while visitor satisfaction is included in the satisfied category, with the highest score on service and the lowest on access/reach. Limitation: This study is limited by its sample size and geographic scope, which may affect the generalizability of the results. Future research could include a larger sample and multiple destinations to enhance external validity. Originality: This research contributes to the existing body of knowledge by empirically examining the combined effects of destination attractiveness and tourist satisfaction on revisit intention, providing insights for destination managers to improve tourism experiences and visitor retention. Keywords: Tourist Satisfaction, Destination Attractiveness, Revisit Intention
The Influence of Innovation Capability and Information Technology on Business Performance through Competitive Advantage as an Intervening Variable in Culinary MSMEs in Cianjur Regency
Background: The increasingly competitive business environment requires Micro, Small, and Medium Enterprises (MSMEs) to continuously innovate and utilize information technology to maintain business performance amid dynamic market changes. Cianjur Regency has the largest number of culinary MSMEs among other sectors, making competitive advantage a crucial factor for achieving sustainable business growth. In this context, competitive advantage acts as an intervening factor that links innovation capability and the use of information technology to improved business performance. Purpose: This study aims to analyze the influence of innovation capability and information technology on business performance through competitive advantage as an intervening variable in culinary MSMEs in Cianjur Regency. Methodology: The research employs a quantitative approach using a survey method. The population consists of culinary MSME owners in Cianjur Regency, with a total of 100 respondents selected through purposive sampling. Data are collected using questionnaires measured on a Likert scale and analyzed using path analysis, preceded by validity, reliability, and classical assumption tests. Finding: Although this research is still at the proposal stage, it is theoretically expected that innovation capability and information technology have both direct and indirect significant effects on business performance through competitive advantage. This implies that MSMEs capable of developing innovations and integrating digital technologies tend to strengthen their competitiveness and enhance overall performance. Limitation: This study focuses only on culinary MSMEs in Cianjur Regency; therefore, the results may not be generalized to other sectors or regions. Future research is suggested to include a larger sample size and additional variables such as entrepreneurial orientation or market dynamics. Originality: This research provides a theoretical contribution to understanding how innovation capability and information technology synergistically influence business performance through competitive advantage, particularly within the context of local culinary MSMEs in Indonesia. Keywords: Innovation Capability, Information Technology, Competitive Advantage, Business Performance, Culinary MSMEs.
ANALYSIS OF INVENTORY EFFICIENCY AND OPERATIONAL LOSSES ON RETAIL SUSTAINABILITY: A CASE STUDY OF MATAHARI DEPARTMENT STORE TBK (2019-2023)
Background: This study explores how efficiency in inventory management and operational losses affect the sustainability of the retail business at PT Matahari Department Store Tbk from 2019 to 2023. Although there have been many studies on inventory efficiency and operational losses, the relationship between the two and the sustainability of retail companies still requires a more detailed explanation, especially in the context of post- COVID-19 market dynamics. Purpose: The purpose of this study is to conduct a quantitative analysis of the relationship between inventory efficiency and operational losses with retail business sustainability indicators measured through the ESG (Environmental, Social, Governance) index at PT Matahari Department Store Tbk Methodology: The approach used in this study is descriptive quantitative by analyzing financial ratios based on secondary data from the company's annual reports for the last five years (2019–2023). The ratios analyzed include inventory turnover and operating margin. Statistical analysis was applied to investigate the relationship between these variables and the Composite ESG as a representation of sustainability Finding: The findings of this study indicate that inventory management efficiency and operating losses do not have a statistically significant effect on the sustainability of the retail sector, although there is a fairly strong relationship between these two variables and the ESG index. The study emphasizes the importance of aligning operational efficiency strategies with more comprehensive sustainability policies to improve overall competitive positioning and business continuity Limitation: First, the analysis only used secondary quantitative data from the company's annual reports for five years, so social and environmental aspects were not fully accommodated. Second, the study only focused on two main variables, namely inventory turnover and operating margin, so other variables that might also affect business sustainability were not included in the analysis. Third, although there is a fairly strong relationship between inventory and operational efficiency and the ESG index, this influence is not statistically significant at a 95% confidence level, so the results are limited in explaining the real impact on the sustainability of the retail sector under review. Finally, market dynamics and external factors such as changes in consumer behavior and macroeconomic policies pose challenges that cannot be fully controlled or explained by the quantitative model used. Therefore, the author recommends that future research expand the scope of variables and use mixed methods to explore sustainability aspects more holistically. Originality: The originality of this article lies in its analysis of the relationship between inventory efficiency and operational losses with retail business sustainability as measured using the ESG (Environmental, Social, Governance) index at PT Matahari Department Store Tbk during the period 2019-2023. This research provides new insights by integrating operational financial variables and ESG-based sustainability indicators in the context of Indonesia's dynamic retail market post-COVID-19 pandemic. The quantitative approach using secondary quantitative data from annual reports over five consecutive years and focusing on large national retail companies is a unique strength of this research. Furthermore, this study highlights the importance of combining operational efficiency strategies with more comprehensive sustainability policies to enhance business competitiveness and sustainability. By demonstrating the real relationship between operational variables and ESG indices, this article provides a relevant and timely contribution to the field of retail management and business sustainability in Indonesia. This novelty adds to scientific knowledge with a perspective that integrates economic and sustainability aspects in modern business management. Keywords: Efficient inventory, Inventory management, Matahari Department Store, Operational losses, Retail business sustainability
Do Macroeconomic Variables Influence Inflation? Analysis from Malaysia
Background: This paper investigates the influence of some key macroeconomic variables on the inflation rate in Malaysia using annual time-series data for the period of 1982-2022. Methodology: The relationships between inflation and four major indicators-unemployment rate, economic growth, net imports, and interest rate-are investigated in this paper using the multiple linear regression technique based on the OLS method. Finding: The findings indicate that inflation in Malaysia has been significantly affected by fluctuations in those macroeconomic factors. From the estimates, economic growth, unemployment rate, and interest rate show a positive and significant effect on inflation, implying that high output, employment, and cost of borrowing are positively associated with escalating price levels. On the other hand, net imports have a negative and significant effect, which implies that greater trade openness and an inflow of imported goods may dampen upward pressure on domestic prices. Originality: Generally, the results provide useful insights into the dynamics of Malaysia's inflationary behavior and emphasize that coordinated macroeconomic policies are crucially important to achieve price stability along with economic growth. Keywords: Inflation rate; Macroeconomic variables; Economic growth; Interest rate; Net imports; Malaysia.
Sales Promotion, Service Quality, and Store Image on Customer Loyalty with Satisfaction as a Mediating Variable (Study at Familymart Kayu Jati Branch)
The retail industry continues to evolve through intense competition and shifting consumer preferences, making customer loyalty an essential aspect for business sustainability. Previous studies have shown that sales promotion, service quality, and store image influence customer behavior; however, limited research has examined the mediating role of customer satisfaction in strengthening customer loyalty, particularly within convenience store settings. This study was therefore conducted to analyze the influence of sales promotion, service quality, and store image on customer loyalty, with customer satisfaction as a mediating variable. A quantitative associative research design was employed, focusing on active customers of FamilyMart Kayu Jati. Data were collected through an online questionnaire distributed to respondents who had made purchases at the store. The analysis was performed using Structural Equation Modeling with SmartPLS version 4.0, which included outer model evaluation, inner model assessment, and hypothesis testing to ensure the reliability and validity of the findings. The results reveal that sales promotion, service quality, and store image each have a positive and significant effect on customer satisfaction, which in turn enhances customer loyalty. Moreover, customer satisfaction partially mediates the relationship between these independent variables and customer loyalty, confirming its pivotal role in the formation of long-term consumer relationships. The study contributes to the existing literature by emphasizing the importance of satisfaction as a bridge between marketing efforts and customer retention in modern retail contexts. Practically, the findings highlight that attractive promotional programs, excellent service delivery, and a strong brand image are crucial for improving both satisfaction and loyalty among FamilyMart customers. These insights provide a valuable reference for retail managers seeking to formulate effective and competitive marketing strategies to sustain customer engagement and loyalty in an increasingly dynamic market. Keywords: Sales Promotion, Service Quality, Store Image, Customer Loyalty, Customer Satisfaction.
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THE INFLUENCE OF WORK DISCIPLINE AND SERVICE QUALITY ON JOB SATISFACTION WITH COMPENSATION AS A MEDIATION VARIABLE (Case study of East Jakarta Gojek driver partners)
Background : Changes and developments in science and technology dynamically influence current service and transportation patterns, one of which is widely used by Gojek drivers. Driver job satisfaction for Gojek users is strongly influenced by factors such as work discipline, compensation, and service quality. Given the high number of complaints from users regarding the service, driver discipline may be significantly influenced by the compensation and job satisfaction received by Gojek drivers. Purpose : This research aims to identify the influence of work discipline and service quality on job satisfaction with compensation as a mediating variable (case study of East Jakarta Gojek driver partners). Methodology : This research uses quantitative, this research method is a survey method, which is obtained from the results of collection using a questionnaire. The population in this study were Gojek drivers in the East Jakarta area. The sample in this study was 100 respondents. The technique used in this research is purposive sampling technique with the help of Statistical Package for the Social Sciences (SPSS) software version 29. Results : The results of this research state that work discipline has a direct effect on job satisfaction. Service quality has a direct effect on job satisfaction. Work discipline has a direct effect on compensation. Service quality has a direct effect on compensation. Compensation has a direct effect on job satisfaction. Work discipline has a direct effect on job satisfaction through compensation. Service quality has a direct effect on job satisfaction through compensation. Key Words : Compensation, Job Satisfaction, Service Quality, Work Discipline.