Journal Research of Social Science, Economics, and Management
Journal Title: Journal of Research of Social Science, Economics, and Management E-ISSN : 2807-6311 P-ISSN : 2807-6494 DOI : 10.36418 Frequency : Monthly Indexing and Abstracting : Google Scholar, Dimensions - Road - Crossref - Garuda -- Scilit- Ebsco Publication Guidelines : COPE Guidelines Publisher : Publikasi Indonesia 1st Issues of Publication: 2021 Journal of Research of Social Science, Economics, and Management is an international interdisciplinary publication of original research and writing on social science, economic and management. This journal is can be accessed openly. Journal Research of Social Science, Economics, and Management provides a means for ongoing discussion of relevant issues that fall within the focus and scope of the journal that can be empirically examined. This journal publishing innovative theory-driven research papers in the selected areas of social sciences i.e., management and economics. Journal has become a member of Crossref (Prefix: 10.46799) with Online ISSN 2807-6311 and Print ISSN 2807-6494. Beginning with issue 1 of volume 1 (2021), this journal will be published monthly journal (12 issues/year) by Publikasi Indonesia.
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The Role of Flash Sales and Joy of Missing Out (JOMO) in Shaping Impulsive Buying Behavior of E-Commerce Consumers in Cirebon City
Customers are now more exposed to time-based advertising tactics due to the rapid development of e-commerce and digital payment systems, which can exacerbate impulsive buying. This study uses the Stimulus-Response (S-R) theoretical framework to investigate how flash sales and the Joy of Missing Out (JOMO) influence impulsive buying among e-commerce customers in Cirebon City. While JOMO is an internal psychological stimulus that influences consumer reactions, flash sales are considered an external advertising stimulus. This study uses a quantitative methodology, collecting data through an online survey of 180 participants. The data was analyzed using Structural Equation Modeling with Partial Least Squares (SEMPLS). The results show that limited-time promotions increase emotional arousal and purchase urgency, as flash sales have a beneficial and significant impact on impulsive purchases. Conversely, impulsive purchase is negatively impacted by JOMO (Joy of Missing Out), suggesting that increased psychological awareness and self-control reduce the propensity for impulsive purchasing. Concurrently, impulsive purchasing is strongly influenced by flash sales and JOMO, underscoring the interaction between internal psychological control and external advertising pressure. The significance of digital marketing strategies that consider both customer psychological control and promotion intensity. In the context of a cashless digital economy, this study advances the use of stimulus-response theory to explain impulsive purchasing behavior.
Copyright (c) 2026 Lameina Revasanda, Siska Ernawati Fatimah https://creativecommons.org/licenses/by-sa/4.0
The Effect of 7P Marketing Mix on The Satisfaction of Foreign Tourists at Siloam Hospital Denpasar
This research examines how the seven elements of the marketing mix product, price, place, promotion, people, process, and physical evidence, collectively known as the 7Ps shape the satisfaction levels of overseas patients seeking treatment at Siloam Hospital Denpasar, Bali. It is driven by the expanding medical tourism sector on the island and the growing rivalry among hospitals competing for foreign patients. A cross-sectional, quantitative approach was applied, drawing on a purposively selected group of international visitors who used outpatient or inpatient services during 2026. A closed-ended, Likert-scale questionnaire, already verified for validity and reliability, was used to gather the data, which were subsequently processed through multiple linear regression. Findings indicate that the 7P marketing mix, taken together, exerts a significant influence on patient satisfaction, supported by comparatively strong R and R Square figures. Examined individually, people, process, and physical evidence each contribute positively and significantly to satisfaction, with physical evidence emerging as the most influential, trailed by people and then process, whereas product, price, and promotion show no significant contribution and place exerts a negative one. Overall, the results suggest that within a medical tourism setting, strengthening the hospital’s physical surroundings, the caliber of its staff, and the smoothness of its service procedures ought to be treated as priorities for raising satisfaction among international patients.
Copyright (c) 2026 Nyoman Adhi Pratama, Denpharanto Agung Krisprimandoyo https://creativecommons.org/licenses/by-sa/4.0
Analysis of Environmental, Social, and Governance (ESG) Risks in the Oil and Gas Industry
The oil and gas industry is characterized by high operational risks that significantly affect Environmental, Social, and Governance (ESG) aspects. This study aimed to identify ESG risk events and risk agents, determine the priority levels of risk agents, and formulate effective and efficient mitigation strategies in the oil and gas industry, with PT X as the research object. This research employed a mixed-methods approach. Qualitative risk identification was conducted through document reviews and expert interviews, followed by quantitative assessment using the Analytical Hierarchy Process (AHP) and House of Risk (HOR) Phases 1 and 2 involving 11 expert respondents consisting of professionals, academics, and regulators. The results identified 15 risk events and 15 ESG risk agents. The AHP weighting results showed that the priority order of ESG dimensions was Environmental (40.11%), Social (30.18%), and Governance (29.72%), with an acceptable consistency ratio (CR = 0.0667). Based on the weighted Aggregate Risk Potential (ARP) values and the 80% Pareto principle, 11 priority risk agents were identified, with the highest priority being non-compliance with Bahan Berbahaya dan Beracun (B3) waste management procedures by contractors and subcontractors (ARP = 585.24). The Phase 2 HOR analysis based on the Effectiveness-to-Difficulty (ETD) ratio recommended five priority preventive actions: strengthening workplace safety culture, digitizing the B3 waste audit and reporting system, improving facility safety systems, implementing a Risk-Based Inspection (RBI) program for pipeline integrity management, and integrating ESG targets into management Key Performance Indicators (KPIs).
Copyright (c) 2026 Deswita Deswita, Iwan Vanany https://creativecommons.org/licenses/by-sa/4.0
The Effect of Service Quality and Trust on Repurchase Intentions, Mediated by Consumer Satisfaction in the Multifinance Industry
The automotive financing sector, particularly used car financing, plays a strategic role in Indonesia’s financial services industry. Amid increasingly intense competition among multifinance companies, retaining repeat customers has become a major challenge. This study aims to analyze the influence of service quality and trust on repurchase intention, with customer satisfaction acting as a mediating variable, among repeat financing customers at conventional multifinance companies. The study employed a quantitative associative approach using the PLS-SEM method with SmartPLS software. Data were collected from 100 purposively selected respondents who had completed at least one prior vehicle financing contract. The findings indicate that service quality does not significantly influence customer satisfaction or repurchase intention. In contrast, trust has a positive and significant effect on customer satisfaction, although its direct effect on repurchase intention is not statistically significant. Furthermore, customer satisfaction does not significantly mediate the relationship between service quality and repurchase intention, but it significantly mediates the relationship between trust and repurchase intention. These findings suggest that repeat financing customers in conventional multifinance companies tend to prioritize relational factors such as trust, transparency, and a sense of security rather than operational service quality alone. This study contributes to the service marketing and customer behavior literature by emphasizing the importance of relationship quality in shaping repeat financing behavior in the multifinance industry. Practically, the findings imply that multifinance companies should prioritize trust-building strategies and customer relationship management to strengthen long-term customer retention.
Copyright (c) 2026 Cittadhi Astridewi Nirmala, Damelina Basauli Tambunan , Yuli Kartika Dewi https://creativecommons.org/licenses/by-sa/4.0
Increasing Purchase Intention in Digital Marketing for the Premium Real Estate Industry: The Role of Brand Image, Product Quality, Service Quality, and Customer Satisfaction
This study analyzes the influence of digital marketing on purchase intention in the premium property industry, examining the mediating role of brand image, perceived product quality, perceived service quality, and customer satisfaction. Using an explanatory quantitative approach, data were collected via an online questionnaire from 110 prospective Developer C consumers categorized as qualified leads who had completed a site visit. Saturated (total) sampling was applied, and data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) in SmartPLS 4.0. Results show that digital marketing has a positive and significant effect on brand image, perceived product quality, and perceived service quality in the pre-purchase phase. However, in shaping customer satisfaction, only perceived product quality emerges as the dominant functional determinant and the sole significant mediator; brand image and perceived service quality fail to mediate the relationship, as premium property consumers evaluate them merely as minimum hygiene factors. Customer satisfaction, in turn, significantly mediates the relationship between perceived product quality and purchase intention, but not the paths from brand image or service quality. These findings confirm that in high-involvement industries, purchase intention is driven by functional satisfaction with the product's physical quality rather than emotional preference for the developer's reputation. Developer C management is therefore advised to prioritize product quality control and maintain consistency between digital information visualization and physical reality during site visits to minimize gaps in consumer expectations.
Copyright (c) 2026 Sausan Nabilla Malich, Tony Antonio, Trianggoro Wiradinata https://creativecommons.org/licenses/by-sa/4.0
Strategic and Financial Evaluation of New-Generation Jet Engine Maintenance Development: A Case Study on Investment Decision-Making for PT GG Aircraft Maintenance
In the next decade, the Maintenance, Repair, and Overhaul (MRO) market is expected to undergo significant changes driven by evolving demand for aircraft and engine maintenance services. The currently dominant CFM56 engine family is gradually being replaced by the LEAP engine family, which represents a new generation of commercial aircraft engines. As one of the largest MRO providers in Southeast Asia, PT GG Aircraft Maintenance has established capabilities in CFM56 engine maintenance but faces a strategic challenge regarding whether to invest in developing LEAP engine maintenance capabilities, which requires an estimated capital expenditure of approximately USD 75 million. This investment decision is critical to ensuring the company’s long-term sustainability, particularly in maintaining competitive aircraft engine maintenance service capabilities. This study examines strategic alternatives for the company, including the development of LEAP engine maintenance capabilities through internal investment and resources, as well as the evaluation of potential collaboration schemes with investors or strategic partners, such as joint operations (JO) or joint ventures (JV) with original equipment manufacturers (OEMs) or other MRO providers. This study aims to provide strategic recommendations supported by comprehensive financial evaluations, serving as a reference for strategic decision-making to strengthen the company’s long-term competitiveness in the regional and global MRO industry.
Copyright (c) 2026 Ari Wibowo, Oktofa Yudha Sudrajad https://creativecommons.org/licenses/by-sa/4.0
Developing an Accountable Budget Baseline for Infrastructure Projects: A Consolidated Cost and Schedule Estimation Framework and Maturity Assessment
Organizations frequently rely on multiple international references for cost estimating and schedule development, yet these references use different terminology, levels of detail, and emphases, which can leave budgeting stage estimation fragmented and difficult to audit. This paper develops a consolidated, stepwise framework by synthesizing prescriptive practices from PMI, AACE, NASA, and GAO, and applies the framework as an auditable process maturity assessment instrument. A benchmarking synthesis approach was used to screen candidate references for capital project relevance and explicit guidance for cost estimating and schedule development. Process steps were extracted, harmonized across sources, and consolidated into two aligned end to end process frameworks for cost estimating and schedule estimating. The consolidated steps were converted into assessment items, rated on a five-level maturity scale, and summarized using achieved versus maximum scoring. Application to PT Pertamina Patra Niaga (PPN)’s budgeting stage practices indicates that the current cost estimating process reaches 56/70 (80%) maturity, while the current schedule estimating process reaches 46/90 (51%). The previous cost estimating process scores 43/70 (61%). The most prominent gaps relate to the formal documentation of ground rules and assumptions, typically captured in a Basis of Estimate, and to schedule model discipline, particularly coding, logic structure, and systematic schedule quality checks. Overall, the findings show that the framework is practical to implement and supports evidence-based prioritization of process improvements toward more transparent, accountable, and reliable budgeting baselines for capital and infrastructure related investments.
Copyright (c) 2026 Haryo Utomo Wisnu Nugroho, Silvianita https://creativecommons.org/licenses/by-sa/4.0
Strategic Expansion in the Construction Business: A Financial Feasibility Study of a New Fabrication Workshop
This study evaluates the financial feasibility of establishing a steel fabrication workshop for ZAN Construction, a design-and-build contractor in Bandung, and compares two candidate locations: Bekasi City and West Bandung Regency. The research addressed the firm’s dependence on third-party fabrication, which previously caused an estimated opportunity loss of IDR 793 million in a single bridge project. Using a single embedded case design, the study combines quantitative capital budgeting with qualitative strategic analysis. The quantitative model projects a ten-year investment for a workshop with an annual capacity of 1,200 tons, financed equally by debt and equity. The discount rate is calculated through CAPM and adjusted using the firm’s capital structure, producing a Weighted Average Cost of Capital of approximately 11.5%. Financial feasibility is assessed using Net Present Value, Internal Rate of Return, Profitability Index, and Payback Period.The results show that both locations are financially feasible. Bekasi City generates an NPV of approximately IDR 30.1 billion, an IRR of 25.9%, a PI of 2.04, and a discounted payback period of 5.8 years. West Bandung Regency performs better, with an NPV of IDR 33.6 billion, an IRR of 31.8%, a PI of 2.52, and a discounted payback period of 4.7 years. The stronger performance of West Bandung Regency is mainly driven by lower land and labor costs, while both locations use the same revenue and utilization assumptions. Sensitivity analysis identifies raw steel price as the most critical variable, followed by production volume and labor cost.
Copyright (c) 2026 Muhaimin Hasbi, Sylviana Maya Damayanti https://creativecommons.org/licenses/by-sa/4.0
Efficiency and Risk Analysis of Hospital Supply Chain and Strategy Development Using FMEA and Swot: A Case Study of Husada Hospital
Efficient supply chain management (SCM) is essential for ensuring service continuity, cost efficiency, and patient safety in hospitals. This study aims to analyze the efficiency of the hospital supply chain, identify critical operational risks, and formulate strategic recommendations for improving logistics performance at Husada Hospital, Jakarta. A mixed-methods approach was employed by integrating quantitative inventory analysis with qualitative risk and strategic analyses. Quantitative assessment included demand patterns, lead time, inventory coverage, and inventory control indicators, while qualitative analysis involved process mapping, in-depth interviews, Failure Mode and Effects Analysis (FMEA), Internal Factor Evaluation (IFE), External Factor Evaluation (EFE), Internal–External (IE) Matrix, and SWOT analysis. The findings reveal that the existing supply chain is supported by a structured procurement and distribution workflow but remains highly dependent on manual planning, periodic reviews, and experiential decision-making. FMEA identified inventory planning, critical-item management, and supplier coordination as the highest-priority risk areas. The IFE score of 2.481 and EFE score of 2.427 positioned the organization within Cell V of the IE Matrix, indicating a hold-and-maintain strategic posture. Consequently, the recommended strategy emphasizes strengthening data-driven inventory planning, optimizing information systems, standardizing inventory parameters, improving vendor mapping and performance monitoring, establishing risk registries, and implementing risk-based approval mechanisms. These findings contribute to hospital supply chain management by demonstrating that sustainable logistics performance is achieved not through extensive structural changes but through systematic enhancement of planning accuracy, inventory control, risk mitigation, and strategic decision-making, thereby supporting operational resilience and improving healthcare service quality.
Copyright (c) 2026 Julianto, Saparso, Wani Devita Gunardi https://creativecommons.org/licenses/by-sa/4.0
The Impact of Green Finance Policy on Investment Behavior at Renewable Energy Companies in Indonesia
This research examines the influence of Green Finance Policy on investment behavior in renewable energy companies in Indonesia. This issue is motivated by the increasing urgency of transitioning to a low-carbon economy, the substantial financing requirements for renewable energy projects, and the uncertainty regarding the effectiveness of green finance implementation in developing countries. This research aims to analyze whether Green Finance Policy influences companies’ investment behavior and whether profitability and leverage moderate this relationship. Using an explanatory quantitative approach, this study employs panel data from energy sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period, with investment behavior measured using the ratio of capital expenditure to total assets. The empirical analysis was conducted using the Fixed Effects Model. The results show that Green Finance Policy has a positive but statistically insignificant effect on investment behavior. Profitability demonstrates a significant direct relationship with investment behavior but does not moderate the effect of Green Finance Policy. Leverage and firm size were also found to have insignificant effects. This study concludes that green finance policies have not yet directly encouraged renewable energy investment in Indonesia. This research contributes to the sustainable finance literature by emphasizing the importance of corporate fundamentals and macroeconomic conditions in explaining corporate investment behavior in developing countries.
Copyright (c) 2026 Ikayanti Puspaning Kartini, Grasia Wieke Tantyasari, Mita Sonaria https://creativecommons.org/licenses/by-sa/4.0
Designing A Knowledge Management-Based Framework For Operator Skill Transfer In Fast-Moving Consumer Goods (Fmcg) Manufacturing
Background: PT XYZ, a biscuit manufacturer in Bekasi, West Java, faces a critical knowledge attrition risk as many senior operators in its wafer stick area approach retirement within five years, while new-operator onboarding is slow, changeover time is extended, and defect rates are higher. These symptoms point to a deeper issue: the critical knowledge for optimal operator performance is largely tacit and not yet documented in a transferable form.Objective: This research designs a structured Knowledge Management (KM) framework that addresses this risk through systematic operator skill-transfer mechanisms, guided by three research questions on current KM practice, the forms of critical knowledge required, and the aspired KM framework.Methods: A qualitative case study was conducted using semi-structured interviews with ten internal informants across four role levels and one external benchmark informant, supported by Gemba Walk observation and Work Instruction document review. Thematic analysis followed Braun and Clarke combined with the Gioia data-structure method, mapping 127 quotes to the five enablers of Milton and Lambe: Strategy, Governance, People, Process, and Technology.Results: Current KM practice is informal, individual-dependent, and reactive, with the most acute pain point being the broken Externalization mode of the SECI cycle. Troubleshooting emerges as the primary tacit competence differentiator and the largest documentation gap.Conclusion: The research proposes the KM House Framework for Operator Skill Transfer, positioning Strategy as the roof, Governance as the foundation, Process and People as the two pillars, Technology as the enveloping layer, and the SECI cycle as the engine, operationalized through a 12-month implementation roadmap.
Copyright (c) 2026 Susilo Dwi Raharjo, Muhammad Yorga Permana https://creativecommons.org/licenses/by-sa/4.0
The Impact of the Free Nutritious Meals Program (MBG) on Regional Development: An Analysis of Food Security, Local Economic Growth, and Sustainable Development in Indonesia
The Free Nutritious Meals Program (MBG) is one of Indonesia’s strategic policies aimed at improving nutritional status and strengthening human capital development. Beyond its primary objective of improving nutrition, the program has significant potential to stimulate regional development through enhanced food security and local economic growth. This study analyzes the relationship between the MBG program, regional food security, local economic growth, and human development. Using a qualitative descriptive approach through a literature review, this study examined academic publications, international reports, and policy documents related to school feeding programs, food security, and regional development. The findings indicate that MBG generates multidimensional impacts. First, MBG strengthens regional food security by creating stable demand for local agricultural products. Second, it generates economic multiplier effects through increased income for farmers, micro and small enterprises, and supporting sectors. Third, it contributes to human development by improving nutritional status, health outcomes, and educational performance. This study developed the MBG Local Development Cycle Model to explain the relationship between MBG, food security, local economic growth, and sustainable regional development. The findings demonstrate that MBG should be viewed not only as a social assistance program but also as a strategic instrument for regional development and the achievement of the Sustainable Development Goals (SDGs).
Copyright (c) 2026 Siti Nurjanah, Jopie Tommy Rompas , Maulana Irfan Andriansyah https://creativecommons.org/licenses/by-sa/4.0
Competitive Strategy Analysis using SWOT and QSPM Matrix: A Case Study on MSMEs Putri Tunggal, Cikurubuk Main Market, Tasikmalaya
This study aims to analyze the competitive strategies of Putri Tunggal MSMEs, a vegetable trading business in the Cikurubuk Main Market, Tasikmalaya, using SWOT and QSPM analysis. A qualitative descriptive approach was applied with purposive sampling of five informants consisting of the business owner, two employees, and two regular customers. Data were collected through in-depth interviews, direct observations, and documentation, then validated through source triangulation to ensure the validity and reliability of the findings.The SWOT analysis identified four strengths, namely product freshness based on direct procurement from farmers, competitive selling prices, friendly and responsive service, and a strong loyal customer base. Four weaknesses were also identified, including stock instability, limited financial recording, absence of formal business legality (NIB), and limited stall conditions. Four opportunities were found, consisting of consistently high demand for fresh vegetables, wholesale market expansion, government support programs for MSMEs, and potential product variations. Four threats were also identified, namely intense price competition, supply instability from farmers, the entry of new competitors, and unpredictable vegetable price fluctuations.The SWOT matrix generated eleven strategy alternatives, which were then evaluated using QSPM analysis to select five priority strategies. The top priority is wholesale segment development (TAS 6.40), followed by product variation addition (TAS 5.87), differentiation through freshness and premium service guarantees (TAS 5.82), scheduled procurement agreements with farmers (TAS 5.68), and NIB management with digital record-keeping (TAS 4.46). These strategic recommendations offer practical guidance for vegetable traders in traditional markets facing intense competition.
Copyright (c) 2026 Nita Sulistiawati, Rina Madyasari https://creativecommons.org/licenses/by-sa/4.0
System Shift Risk, Measurement Error, and the Limits of Non-Experimental Marketing Measurement: An Exploratory Validation Using RCT Benchmarks
The increasing complexity of digital advertising environments has created significant challenges in ensuring the accuracy and reliability of marketing measurement. Although randomized controlled trials (RCTs) are considered the benchmark for causal evaluation, their implementation is often constrained by cost, operational limitations, and managerial requirements, leading organizations to rely on non-experimental measurement approaches that may generate substantial estimation errors. This study aims to explore the role of system-level factors in explaining measurement error and to validate the System Shift Framework as a diagnostic approach for understanding the reliability of non-experimental marketing measurement. This research employs an exploratory quantitative design using six aggregate-coded marketing cases and compares non-experimental lift estimates with RCT benchmarks. Data analysis was conducted using descriptive statistics, correlation analysis, linear regression, regularized logistic regression, model comparison, and cluster analysis. The findings indicate that Strategy Quality and Feedback Maturity demonstrate the strongest associations with lower measurement error, higher accuracy, and improved measurement reliability, whereas the aggregate System Shift Risk Score shows limited explanatory power for continuous measurement error. The results suggest that measurement reliability is influenced not only by statistical methods but also by an organization’s capability to interpret, evaluate, and correct analytical outcomes. This study concludes that the System Shift Framework provides a complementary diagnostic perspective for improving marketing measurement practices by integrating causal inference with systems thinking.
Copyright (c) 2026 Raymond Rubianto Tjandrawinata https://creativecommons.org/licenses/by-sa/4.0
Selecting Line of Business (LOB) Development Priority Using Analytical Hierarchy Process
PT Asuransi Kredit Indonesia (Askrindo), a state-owned insurance company and a member of the Indonesia Financial Group (IFG) holding, is currently facing a significant strategic agenda. Prior to this initiative, Askrindo’s parent company experienced a declining performance trend, as reflected by a 20% year-on-year decrease in gross written premiums (GWP) in 2025, while its combined ratio increased to 112% during the same period. This condition differed from the overall industry performance, as data from the Financial Services Authority (Otoritas Jasa Keuangan or OJK) indicated that the general insurance industry recorded 3% premium growth in 2025 while maintaining a combined ratio of approximately 71%. Askrindo’s business portfolio remained highly concentrated in the financial lines of business (LOB), which accounted for 88% of the company’s total portfolio in 2025. Therefore, portfolio diversification through the development of non-financial lines of business has become one of the company’s key strategic priorities. Askrindo needs to optimize its existing LOB portfolio to generate added value and maintain competitive advantage amid the consolidation of state-owned insurance companies.Based on these conditions, this study aimed to evaluate Askrindo’s financial performance compared with industry competitors and other companies within the IFG holding. Furthermore, this study sought to determine priority LOBs for further development using the Analytic Hierarchy Process (AHP). At the LOB level, the AHP framework identified Miscellaneous (microinsurance products), Suretyship, and Property as the priority business lines for further development by Askrindo.
Copyright (c) 2026 Zico Andrea Aripratama, Sylviana Maya Damayanti https://creativecommons.org/licenses/by-sa/4.0
Optimizing the Quality of Public Services in Village Government: A Qualitative Study in Kertawinangun Village, Mandirancan District, Kuningan Regency
Public services at the village government level are strategic instruments in realizing accountable governance and supporting the economic development of rural communities. This research aims to analyze the quality of public services and formulate a service optimization strategy in Kertanginangun Village, Mandirancan District, Kuningan Regency. The research uses a qualitative approach with an intrinsic case study design. Data collection was carried out through in-depth interviews, participatory observations, and documentation studies during the January-March 2024 period. The informants consist of village heads, village officials, BPD members, and service user communities. Data analysis used the interactive model of Miles, Huberman, and Saldaña through the stages of data condensation, data presentation, and conclusion drawing by triangulating sources and methods. The results of the study show that the quality of service is relatively strong in the dimensions of empathy and social capital that build public trust. However, in the dimensions of reliability and responsiveness, there is still a dependence on certain apparatus, the standardization of procedures has not been optimal, and the digitization of administration is incremental. The findings show that social capital plays a role as a moderation variable in service implementation. Service optimization requires strengthening institutional capacity, standardizing SOPs, gradual digitalization, and institutionalizing community participation mechanisms. This study develops a social-administrative interaction model as a conceptual framework for village services that are adaptive to the local social context.
Copyright (c) 2026 rexy nakula urbaningrum, Merlinda Intan Fauziah https://creativecommons.org/licenses/by-sa/4.0
The Influence of Green Marketing Communication and Green Influencer Expertise on Green Purchase Behavior at Brand N'Pure
The beauty industry in Indonesia has experienced rapid growth in recent years, particularly in the skincare sector, accompanied by a significant shift in consumer behavior toward environmentally friendly and sustainable products. This phenomenon, known as green consumerism, has compelled brands to adopt green marketing strategies while also giving rise to challenges such as greenwashing. In this context, the role of influencers with credible expertise in conveying green messages has become increasingly important in shaping consumer purchasing decisions. This research aims to analyze the influence of green marketing communication and green influencer expertise on green purchase behavior. A quantitative method with a survey approach was employed, with data obtained through the distribution of questionnaires to 170 respondents and processed using SPSS with multiple linear regression analysis. The results show that green marketing communication and green influencer expertise simultaneously have a significant effect on green purchase behavior, with an F-test significance value of 0.000. A coefficient of determination (R²) of 0.631 indicates that 63.1% of the variation in green purchase behavior can be explained by both independent variables in the model, while the remainder is attributable to other variables outside the scope of the study. Partially, green influencer expertise has a positive and significant effect on green purchase behavior, while green marketing communication shows a significant effect in the negative direction based on the regression model results. The credibility and expertise of influencers are thus the most dominant variables in influencing respondents' green purchasing behavior
Copyright (c) 2026 Siti Khairiyyah, May Dedu https://creativecommons.org/licenses/by-sa/4.0
RFM-Based Customer Segmentation Using K-Means Clustering to Recommend Marketing Strategies for Motorcycle Repair Shops
Motorcycle repair workshops, as service-based businesses, require an understanding of customer characteristics to develop more effective marketing strategies. However, differences in customer transaction behavior make generalized marketing strategies less effective in meeting the needs of different customer groups. Customer segmentation is an approach that enables businesses to classify customers based on their transaction characteristics, allowing the identification of valuable customers and the development of more targeted marketing strategies. This study aims to apply the Recency, Frequency, Monetary (RFM) method and the K-Means Clustering algorithm to segment customers of AHASS Cimalaka Sumedang Motorcycle Workshop. The resulting customer segments are expected to support the formulation of marketing strategy recommendations, improve customer loyalty, and facilitate more effective marketing decision-making. Differences in customer transaction behavior reduce the effectiveness of generalized marketing strategies, highlighting the need for customer segmentation based on transaction data. To apply the Recency, Frequency, Monetary (RFM) method and the K-Means Clustering algorithm for customer segmentation and to develop marketing strategy recommendations. This study employed a quantitative approach consisting of data preprocessing, RFM calculation, data normalization, K-Means clustering, and cluster evaluation. The proposed approach successfully segmented customers into five clusters based on their RFM characteristics, namely Potential Loyal Customer, At Risk Customer, Lost Customer, Inactive Customer, and Loyal Customer, which served as the basis for prioritizing targeted marketing strategies. The combination of the RFM method and the K-Means Clustering algorithm effectively supports customer segmentation and provides a reliable basis for developing more targeted and effective marketing strategies.
Copyright (c) 2026 Nanda Oberusti, Sigit Anggoro, Tacbir Hendro Pudjiantoro https://creativecommons.org/licenses/by-sa/4.0
Mitigating Turnover Intention Among Generation Z Employees: Work-Life Balance, Career Development, and the Mediating Role of Work Engagement
Generation Z employees are more likely than previous generations to change jobs frequently and within shorter time frames, partly because they place greater emphasis on meaningful work and mental health. This explanatory quantitative study investigates the effects of work-life balance and career development on turnover intention among Generation Z employees in Greater Bandung, with work engagement examined as a mediating variable. Using purposive sampling, the study involved 139 respondents. Data were collected through an online questionnaire and analyzed with SmartPLS 3 by evaluating the measurement model, structural model, and bootstrapping results. The findings show that work-life balance and work engagement have significant negative effects on turnover intention, whereas career development has no significant direct effect on turnover intention. Work-life balance and career development also exert significant positive effects on work engagement. Furthermore, work engagement mediates the effects of both work-life balance and career development on turnover intention. These findings indicate that organizations can reduce turnover intention by strengthening work-life balance, career development, and work engagement.
Copyright (c) 2026 Defri Triana, Agung Nugroho Adi https://creativecommons.org/licenses/by-sa/4.0
Determining Stock Returns for the LQ45 Index on the Indonesia Stock Exchange
For a country, capital markets play a crucial role in maintaining capital flows and economic activity. Therefore, investing in capital markets requires numerous considerations. This study aims to identify factors that influence returns. Shares of companies listed on the LQ45 Index on the Indonesia Stock Exchange from 2023 to 2025. The independent variable in this study is Return on Assets (ROA). Return on Equity (ROE), Price to Book Value (PBV), Debt to Equity Ratio (DER) and Market Capitalization, while the dependent variable is Return Stocks. This study uses panel data using a purposive sampling method that produces 90 samples. Panel data regression analysis used Fixed Effect Model (FEM). The results of this study indicate that Price to Book Value (PBV) has a significant and negative influence against Return Stocks and Market Capitalization has a significant and positive influence on Return Stocks. Meanwhile, Return on Equity (ROE) and Debt to Equity Ratio (DER) does not have a significant effect on Return Stocks. This study confirms that in the 2023-2025 period, investors in companies listed in the LQ45 Index prioritized company value over profitability and existing capital structure. These findings are expected to provide practical insights for investors and other stakeholders in the capital market.
Copyright (c) 2026 Muhammad Khalqi, Sarwo Edy Handoyo https://creativecommons.org/licenses/by-sa/4.0
Social Influence, Impulse Buying and Virtual Product Purchasing Behavior among Indonesian Millennials and Generation Z in Mobile Legends: Bang Bang
This study aims to examine the determinants of purchasing behavior for virtual product shopping in Mobile Legends: Bang Bang among Indonesia Millennials and Generation Z, concentrating on the role of social influence as an independent variable, purchasing behavior as a dependent variable and impulsive buying as a mediator variable. Utilizing quantitative approach and positivism paradigm, 152 data was collected from respondents through an online survey and the data were then analyzed with SmartPLS 4.0 using PLS-SEM and Multi-Group Analysis (MGA). The findings demonstrate that purchasing behavior is significantly affected by social influence and mediated by impulse buying. While there are no significant differences between Millennials and Generation Z in terms of their purchasing behavior towards virtual in-game products, these findings highlight the importance of emotional and social factors on shaping customer purchasing behavior in virtual settings. Future research may extend this model of study by adding other contextual or psychological factors that may influence virtual product purchasing behavior.
Copyright (c) 2026 Chairia Ananda Tandias, Namira Citta Asmara https://creativecommons.org/licenses/by-sa/4.0
The Influence of Gamification on Purchase Decisions on the Shopee Platform: A Case Study of Shopee Games Users in West Java
Shopee introduced Shopee Games as a form of gamification that integrates game elements into the online shopping experience. Through this feature, users can obtain various rewards that can be used during transactions, potentially influencing their purchase decisions. This study aims to identify the implementation of gamification and analyze its effect on the purchase decisions of Shopee Games users in West Java. This research employed a quantitative approach using descriptive and verificative methods. Data were collected through an online questionnaire distributed to 100 respondents who had used Shopee Games and made purchases on Shopee. Data analysis was conducted using descriptive analysis, instrument testing, classical assumption testing, simple linear regression, t-test, and coefficient of determination analysis with the assistance of SPSS software. The results indicate that the implementation of gamification in Shopee Games is categorized as good. The simple linear regression analysis produced the equation Y = 22.702 + 0.382X, indicating a positive effect of gamification on purchase decisions. The t-test results show that the calculated t-value of 13.162 is greater than the t-table value of 1.984, with a significance value of 0.000 < 0.05. Furthermore, the coefficient of determination (R²) value of 0.639 indicates that gamification explains 63.9% of the variation in purchase decisions. Therefore, gamification through Shopee Games has a positive and significant effect on the purchase decisions of Shopee users in West Java.
Copyright (c) 2026 Roihan Ahmad Takholi, Leni Cahyani, Donni Junipriansa https://creativecommons.org/licenses/by-sa/4.0
Analysis of the Flow of the Connection Service Process to Achieve an Increase in Electricity Sales Using Application Design
The electricity customer connection process at PT PLN (Persero) continues to face significant operational challenges, including unintegrated data systems, limited real-time monitoring capabilities, and slow coordination between units. These challenges negatively impact overall service efficiency and electricity sales growth. This study aims to analyze the current customer connection workflow and design an integrated information system application to improve operational effectiveness and service quality. Using a descriptive qualitative approach, data was collected through direct observation, comprehensive operational document analysis, persona canvas, and Root Cause Problem Solving (RCPS) to identify business process issues. Diagnostic analysis revealed that severe data fragmentation and the absence of a centralized monitoring platform were the primary root causes of delays. To address these challenges, the Integrated Customer Connection (ICE) application was designed. This system seamlessly integrates the end-to-end workflow, including initial customer inquiries, technical surveys, field connection execution, and real-time operational monitoring through an interactive dashboard. The application design implementation successfully accelerated kWh sales, with a projected volume increase of 1,867,177 kWh by 2025. This achievement represents a 6.24% increase in sales compared to 2024, reaching a total volume of 13,178,583 kWh while drastically reducing the average service duration to 1.38 days. Furthermore, the software offers advanced functional features, including job status tracking, network load analysis, and market potential mapping.The study concluded that user-centric application development effectively increased process transparency, optimized customer connection efficiency, and drove strategic electricity sales growth at PT PLN (Persero).
Copyright (c) 2026 Rizal Bima Bayuaji, Erma Suryani https://creativecommons.org/licenses/by-sa/4.0
Analysis of The Impact of Liquidity, Capital Structure, and Asset Growth on The Value of Mining Companies in The Coal Subsector in Indonesia
This study aimed to analyze the impact of liquidity, capital structure, and asset growth on firm value in coal mining subsector companies listed on the Indonesia Stock Exchange (IDX). The phenomenon of global coal price volatility and energy transition policies provided an important backdrop for examining the factors influencing market valuation in this sector. The population consisted of 27 coal mining companies. Using a purposive sampling method, 22 companies were selected as the research sample over the observation period 2021–2024, resulting in 88 panel observations. The data were analyzed using panel data regression, with the Fixed Effects Model (FEM) selected and estimated using the Panel EGLS (cross-section weights) method to address heteroskedasticity issues. The results indicated that, simultaneously, liquidity, capital structure, and asset growth had a significant effect on firm value. Partially, capital structure had a positive and significant effect on firm value, supporting the Trade-Off Theory, which suggests that debt usage provides tax shield benefits for coal mining companies. In contrast, asset growth had a negative and significant effect, indicating that overly aggressive asset expansion without corresponding profitability improvements is negatively perceived by the market. Meanwhile, liquidity was found to have no significant effect on firm value in this sector. The Adjusted R-squared value of 0.7120 indicated that the independent variables explained 71.20% of the variation in firm value.
Copyright (c) 2026 Ferly S. Rey, Ivonne S. Saerang, Hizkia H. D. Tasik https://creativecommons.org/licenses/by-sa/4.0
A Circular Economy-Based Strategy for the Development of Biochar from Oil Palm Empty Fruit Bunches to Increase Added Value at PT Perkebunan Nusantara IV
This study aims to formulate a strategy for developing biochar from empty fruit bunches (EFB) waste based on a circular economy approach to increase the added value of PT Perkebunan Nusantara IV. As a large-scale palm oil plantation company, PTPN IV generates a significant volume of EFB from fresh fruit bunch processing. Current EFB utilization is still dominated by land application, incineration, and direct selling, which have not yet created optimal economic value for the company. This research applied a case study approach supported by qualitative and quantitative analysis through document review, interviews, limited observation, cost-benefit analysis, value-added analysis, risk analysis, and strategy formulation using SWOT and TOWS frameworks. The findings indicate that converting EFB into biochar has the potential to transform waste from a cost center into a value driver by reducing waste handling costs, partially substituting chemical fertilizer use, creating commercialization opportunities, and strengthening the company’s environmental and ESG performance. Biochar development also supports the implementation of a closed-loop supply chain between palm oil mills and plantations, making it consistent with circular economy principles. The recommended implementation strategy includes conducting a pilot project, developing standard operating procedures and quality standards, strengthening human resource capacity, establishing technology partnerships, conducting agronomic validation, and implementing the program gradually in operational units with the highest readiness. Therefore, EFB-based biochar development can serve as a sustainable business strategy that supports operational efficiency, downstream development, and added value creation for PTPN IV.
Copyright (c) 2026 Setyo Dwi Wijayanto, Nazaruddin Nazaruddin, Meilita Tryana Sembiring https://creativecommons.org/licenses/by-sa/4.0
Developing A Project Management Maturity Model to Enhance Execution Performance in Solar EPCProjects: A Case Study of an Engineering, Procurement, and Construction (EPC) Company
PT TML Energy, an Engineering, Procurement, and Construction (EPC) company specializing in solar energy projects in Indonesia, experienced recurring project execution delays of 20–40% beyond planned schedules during 2021–2024. A review of project records indicated that these delays stem not from technical limitations but from systemic weaknesses in project management maturity. This study assesses the current level of project management maturity and develops a tailored Project Management Maturity Model to improve execution performance. A mixed-methods approach was applied: qualitative semi-structured interviews with four key informants explored why delays occur, while a quantitative questionnaire of twenty respondents measured maturity across seven PMBOK Knowledge Areas using Crawford’s (2014) Project Management Maturity Model. The qualitative analysis produced seven Knowledge-Area themes and identified five interconnected root causes of delay: absence of integrated pre-project planning, reactive and fragmented procurement, experience-dependent scheduling, informal communication, and absence of organizational learning. While the questionnaire placed the company at Level 4 (mean = 3.86), triangulation with interview evidence revealed a self-assessment inflation of approximately 1.3 levels, indicating an operational maturity at the upper boundary of Level 2. Five integrated business solutions were developed: an Integrated Project Management Plan template, a procurement lead-time integration framework, a parametric schedule database, a communication management plan template, and a lessons-learned database with a competency development framework. The findings demonstrate that single-method maturity assessments tend to overstate maturity, and that mixed-methods triangulation produces a more accurate and actionable maturity profile for emerging-market EPC contractors.
Copyright (c) 2026 Iftikar Fadhlirohman Soeroyo, Gatot Yudoko https://creativecommons.org/licenses/by-sa/4.0
Assessment and Evaluation of the Implementation of a Vendor Management System (VMS) in Vendor Data Management Using the DeLone & McLean Method and Gap Analysis at PT PLN (Persero)
The management of vendor data at PT PLN (Persero) before the implementation of the Vendor Management System (VMS) faced fundamental issues, including data duplication of up to 40% among 110,936 registered vendors, data fragmentation across various applications, such as Eproc and SAP, which were not integrated with one another, and repetitive registration and evaluation processes conducted separately within each unit. This research aims to analyze the implementation of VMS in vendor data management, evaluate the quality of the system and its services, and formulate improvement strategies to optimize VMS implementation. The research employs a qualitative approach with a case study design. Data were collected through in-depth interviews with eight key informants selected using purposive sampling, direct observation, and document reviews. The evaluation of the implementation was conducted using the DeLone and McLean Information Systems Success Model, which comprises six dimensions: system quality, information quality, service quality, system use, user satisfaction, and net benefits. The results indicate that VMS has been successfully implemented as a Single Source of Truth (SSoT), replacing the previous fragmented system. VMS demonstrates strong performance in terms of usability perceived by both internal and external users, while VMS Corner services are highly valued by vendors. The implementation of VMS has generated significant human resource efficiencies, including a reduction in personnel requirements from 48 employees distributed across various units to 14–16 centralized employees (a savings of 65–70%), the elimination of physical administrative costs, and improved data accuracy through a dual-verification mechanism.
Copyright (c) 2026 Irsyad Ardhi, Erwin Widodo https://creativecommons.org/licenses/by-sa/4.0
The Effects of Democratic Leadership Style, Intrinsic Motivation, and the Organizational Environment on Employee Job Satisfaction at Elmas Fresh
This study aims to investigate the effects of democratic leadership style, intrinsic motivation, and organizational environment on employee job satisfaction at Elmas Fresh Company. The approach used in this study was a quantitative method. Data were collected by distributing questionnaires to all employees of Elmas Fresh, employing a sampling technique. The data obtained online were subsequently analysed using multiple linear regression with the aid of SPSS software. The research results indicate that democratic leadership style and intrinsic motivation have a positive and significant effect on employee job satisfaction. Partially, the organizational environment does not have a significant effect; although the direction of its influence is positive, statistically, its impact is not strong enough. Simultaneously, democratic leadership style, intrinsic motivation, and organizational environment together have a significant influence on employee job satisfaction at Elmas Fresh Company. It is recommended that the company provide appreciation, maintain employees' intrinsic motivation, and pay attention to aspects of supporting employee competence development so that employee job satisfaction remains maintained and improves.
Copyright (c) 2026 Aditya, Syamsul Hadi, Tri Ratna Purnamarini https://creativecommons.org/licenses/by-sa/4.0
An Analysis of Bank Syariah Indonesia's Mobile Banking Services in Attracting Customers in Pandaan, Pasuruan
The development of digital technology has driven the transformation of banking services, including in the Islamic banking sector through the implementation of mobile banking. This study aims to analyze the mobile banking services of Bank Syariah Indonesia (BSI) in increasing the number of customers at KCP Pandaan Pasuruan. The research method used is a descriptive qualitative approach with a case study design. Data were collected through observation, interviews, and documentation, and analyzed systematically to obtain a comprehensive understanding of the implementation of digital services. The results show that BSI mobile banking services provide ease of access, time efficiency, and convenience in transactions, which positively influence public interest in becoming customers. Furthermore, features integrated with Islamic values such as ZISWAF and spiritual services offer competitive advantages that enhance customer trust and loyalty. However, several challenges remain, including uneven digital literacy, security concerns, and internet network limitations. Therefore, optimizing mobile banking services must be accompanied by digital education and system quality improvement. This study implies that sharia-based digital service innovation plays a strategic role in enhancing financial inclusion and increasing the number of customers.
Copyright (c) 2026 Afidatu Aininnisa, Sukamto Sukamto, Aslikhah Aslikhah https://creativecommons.org/licenses/by-sa/4.0
The Influence of Influencer Marketing and Word of Mouth on Consumer Buying Interest in Café Mune Patisserie in Cirebon City
The rapid growth of the café industry in Cirebon City has encouraged businesses to utilize digital-based marketing strategies to attract consumer interest. Influencer marketing and word of mouth (WOM) are two forms of marketing communication considered effective in shaping perceptions and encouraging purchase intention among consumers in the culinary services sector. This study aims to analyze the influence of influencer marketing and word of mouth on consumer purchase intention at Café Mune Patisserie in Cirebon City. A quantitative approach was employed using a survey method through the distribution of questionnaires to 192 respondents selected via purposive sampling. Data analysis was conducted using multiple linear regression with the aid of SPSS. The results indicate that, individually, influencer marketing has a positive and significant effect on consumer purchase intention, as does word of mouth. Simultaneously, both independent variables were found to have a significant combined effect on consumer purchase intention. The Adjusted R² value of 0.716 indicates that 71.6% of the variation in consumer purchase intention can be explained by influencer marketing and word of mouth, while the remainder is attributable to other variables outside the scope of the study. The word of mouth variable was found to exert a more dominant influence than influencer marketing. These findings confirm that social influence-based promotional strategies significantly increase consumer purchase intention in the café business
Copyright (c) 2026 Cancy Veronica Susanti https://creativecommons.org/licenses/by-sa/4.0
Measuring Stock Investment Risk Using Expected Shortfall tith the Gramcharlier Expansion at PT. Energi Mega Persada Tbk
Stock investment provides attractive return opportunities but is also accompanied by significant risks due to price volatility, especially in the energy sector. This study aims to measure the investment risk of PT Energi Mega Persada Tbk (ENRG) shares using the Expected Shortfall (ES) method with the Gram–Charlier Expansion approach. The research uses a quantitative approach based on secondary data consisting of daily closing prices of ENRG shares during the period January 2020 to December 2025, obtained from Investing.com. The analysis process included stock return calculation, descriptive statistical analysis, normality testing, and risk measurement using Value at Risk (VaR) and Expected Shortfall under both normal distribution assumptions and the Gram–Charlier Expansion approach. The results indicate that ENRG stock returns do not follow a normal distribution, characterized by positive skewness and high kurtosis, which reflects asymmetric behavior and heavy-tailed distribution. The risk measurement using normal distribution at a 95% confidence level produces an Expected Shortfall value of ?0.0771, while the Gram–Charlier Expansion approach generates a higher absolute Expected Shortfall value of ?0.2493. These findings demonstrate that the Gram–Charlier Expansion approach provides a more conservative and realistic estimation of extreme loss risks because it incorporates skewness and kurtosis characteristics of stock returns. Therefore, the application of Expected Shortfall based on Gram–Charlier Expansion is considered more appropriate for measuring investment risk in highly volatile energy sector stocks, particularly for investors requiring more accurate risk management information.
Copyright (c) 2026 Rifa Trisna Putri, Dwi Sulistiowati https://creativecommons.org/licenses/by-sa/4.0
The Effect of Marketing Strategy on Repurchase Intention with Customer Satisfaction as a Mediating Variable (A Study of R4 Automotive Companies)
The automotive industry in Indonesia is one of the strategic sectors contributing significantly to national economic growth, employment generation, and the development of the manufacturing sector. The automotive industry is highly competitive, making customer retention essential for long-term business sustainability. This study examined the effect of marketing strategy on repurchase intention, with customer satisfaction as a mediating variable. The research was based on theories of consumer behavior, relationship marketing, and service quality. Data were collected through an online questionnaire targeting R4 vehicle consumers in Lampung who had previously purchased an R4 vehicle. The research model was analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings were expected to provide insights into how marketing strategies influence consumers’ repurchase intentions. This research also aimed to support sales strategy development and measure the extent of repurchase intention among R4 consumers. The study was conducted with the intention of applying the findings within the author’s workplace.
Copyright (c) 2026 Suhandi.s, Teofilus Teofilus, Endi Sarwoko https://creativecommons.org/licenses/by-sa/4.0
Investment Decision on the Serang–Panimbang Toll Road Project, Taking into Account the Phased Operation of the Toll Road
The Serang–Panimbang Toll Road is a National Strategic Project (PSN) developed to support the Tanjung Lesung Special Economic Zone (SEZ) and consists of three sections. Changes in design scope, prolonged approval processes, and delays in land acquisition necessitated a reassessment of the investment under a phased toll road operation scheme. The investment reassessment determines the critical investment decision threshold when the toll road operates in stages. The base case calculation was conducted using Discounted Cash Flow (DCF) with Weighted Average Cost of Capital (WACC) of 13.55% and a 50-year concession period (2019–2069). Net Present Value (NPV) was used as the primary investment decision parameter. Deterministic sensitivity analysis was applied to identify critical turning points, while stochastic sensitivity analysis was conducted using the Monte Carlo method with Crystal Ball through 10,000 trials. The base case yields NPV of IDR 399,084 million, IRR of 13.96%, Discounted Payback Period of 45 years, and Profitability Index of 1.05. Deterministic analysis identifies the most influential variables as toll tariff and construction Capex, with Section 1 operable no later than 2023, Section 2 by 2024, and Section 3 by 2038. The stochastic Monte Carlo simulation reveals an extreme financial risk profile, with a mean NPV of IDR -1,203,368 million and only 468 of 10,000 trials (4.68%) producing NPV > 0. The investment decision probability boundary ranges from 4.20% to 4.68%.
Copyright (c) 2026 Wahyu Utomo, Christiono Utomo https://creativecommons.org/licenses/by-sa/4.0
Entrepreneurial Orientation and Firm Performance among Automotive Parts Retail Firms in Zimbabwe: The Roles of Innovation Capability and Market Turbulence
Firms in Zimbabwe’s automotive parts retail sector operate in a dynamic market and volatile economy that threaten business competitiveness and hinder firm growth. This study aimed to investigate how entrepreneurial orientation influences firm performance among automotive parts retail firms within the broader Micro, Small, and Medium Enterprises (MSMEs) in Harare, Zimbabwe, while considering the roles of innovation capability and market turbulence. Grounded in the Resource-Based View, Dynamic Capabilities Theory, and Contingency Theory, the study employed a quantitative cross-sectional design, with data collected using an online structured and self-administered questionnaire from 204 owners and managers who had at least three years of experience in business. Data were obtained through a purposive sampling technique and analysed using the Statistical Package for the Social Sciences (SPSS) and Partial Least Squares Structural Equation Modelling (PLS-SEM). The results indicated that entrepreneurial orientation had a positive and significant effect on firm performance and innovation capability. The relationship between entrepreneurial orientation and firm performance is partially mediated by innovation capability and negatively moderated by market turbulence. The study extends entrepreneurship literature in an under-researched context in Sub-Saharan Africa and provides insight for managers and policymakers seeking to enhance business performance. The cross-sectional design and single-sector focus may limit causal inference and generalizability.
Copyright (c) 2026 Dominic Sadaraki, Muthia Pramesti https://creativecommons.org/licenses/by-sa/4.0
Lead-Time Variability and Single-Source Dependence as Continuity Risks in an Aerospace Metallic Raw-Material Supply Network
Aerospace manufacturers that source flight-critical metallic raw materials over long distances are widely assumed to face continuity risk because of that distance. This paper tests that assumption through an embedded single-case study of a Tier-1 Indonesian manufacturer (pseudonymized as PT VC Aero Bandung) that procures European forged billets and forgings for Airbus A320 flight-control components. The study followed a quantitatively dominant, explanatory-sequential mixed-methods design: it draws on the firm’s supplier and origin master data, 692 inbound shipment records (2023–2026), and safety-stock policy data, triangulated with secondary logistics and lead-time benchmarks, and then interprets that evidence through three semi-structured expert interviews. Three procedures are combined to locate where continuity risk resides, supply-network mapping, lead-time and variability analysis by sourcing region, and single-source concentration analysis across the part portfolio. Three findings emerge. First, the binding constraint is not shipping distance but upstream forging and melt capacity: air transit is short and stable across origins (mean 4.4 days), and even by sea the logistics leg is a minority of the 42-week order-to-delivery lead time, so geography enters mainly through the freight-mode decision. Second, the core vulnerability is lead-time variability (±8 weeks), not length: actual safety stock of three to five weeks sits far below the roughly eighteen weeks the variability would require to absorb. Third, all 124 metallic part numbers are single-sourced (close to 100 percent of spend), with one billet supplier (T UK) alone at about 64 percent, and the dependence falls hardest on the NADCAP-qualified flight-control forgings.
Copyright (c) 2026 Eko Taufik Sutisna, Liane Okdinawati https://creativecommons.org/licenses/by-sa/4.0
Correlation of Sustainability Report Disclosure Towards Financial Firm Performance in Indonesia, Malaysia & Singapore Palm Oil Sector from 2020 to 2024
This research examines the impact of sustainability performance on the financial performance of 26 publicly listed palm oil companies in Indonesia, Malaysia, and Singapore during 2020–2024, using 130 firm-year observations. The research addresses the increasing pressure on the palm oil sector to balance economic growth with environmental and social responsibility. Sustainability disclosure is measured through the ESG Score to evaluate whether strong ESG practices contribute to financial performance or merely represent compliance costs. The study applies a panel data approach, with the Random Effects (RE) Model selected as the most appropriate estimation technique based on the Hausman and Breusch–Pagan Lagrange Multiplier tests. The results indicate that sustainability disclosure has a positive and significant effect on financial performance. The ESG Score shows coefficients of 0.282 for Net Profit Margin (NPM) and 0.329 for Revenue Growth, both significant at the 1% level (p = 0.000), supporting H1 and H2. Meanwhile, firm size does not significantly influence either financial performance indicator, suggesting that sustainability maturity and strategic ESG integration are more important than asset scale. The findings demonstrate that integrating ESG principles into business strategies provides financial benefits by improving profitability and supporting revenue expansion. Furthermore, younger firms appear to be more responsive in achieving revenue growth, while older firms show slight advantages in maintaining profit margins. This research highlights ESG integration as a strategic investment that can create sustainable competitive advantages in the highly scrutinized palm oil industry.
Copyright (c) 2026 Adimas Jagad Jippanola, Taufik Faturohman https://creativecommons.org/licenses/by-sa/4.0
The Influence of Career Development and Transformational Leadership on Employee Performance
This study aims to determine the influence of career development and transformational leadership on employee performance at the Cirebon City Regional Disaster Management Agency. Employee performance is an important factor in improving work effectiveness and the quality of public services. This study uses d quantitative approach with a survey method. Data was obtained through the distribution of questionnaires to all BPBD employees with saturated sampling techniques. The data analysis method used is the Statistical Package for the Social Sciences (SPSS). The results of the study show that career development has a positive and significant effect on employee performance. Transformational leadership also has a positive and significant effect on employee performance. Simultaneously, career development and transformational leadership have a significant influence on employee performance. The results of this research are expected to be considered for agency leaders in improving employee performance through clear career management and the implementation of an effective leadership style.
Copyright (c) 2026 Edy Hartono, Aries Firmansyah https://creativecommons.org/licenses/by-sa/4.0
The Role of Career Development as a Mediator in the Relationship Between Emotional Intelligence, Work Engagement, and Work Motivation and the Performance of Generation Z Employees at PT. Asuransi Sinar Mas
The increasing presence of Generation Z in the workforce has created new challenges for organizations, particularly in managing employee performance through approaches that align with their characteristics, such as self-development orientation, career expectations, and meaningful work experiences. In the insurance industry, employee performance is a critical factor in maintaining competitiveness; however, psychological factors such as emotional intelligence, work engagement, and work motivation may not always directly improve performance without adequate organizational support. This study aims to examine the role of career development as a mediating variable in the relationship between emotional intelligence, work engagement, work motivation, and the performance of Generation Z employees at PT Asuransi Sinar Mas. This research employed a quantitative explanatory approach using Partial Least Squares Structural Equation Modeling (PLS-SEM). Data were collected through questionnaires distributed to Generation Z employees selected using purposive sampling based on specific criteria. The findings indicate that emotional intelligence, work engagement, and work motivation do not have a direct significant effect on employee performance. However, these three factors have a positive and significant effect on career development, while career development significantly improves employee performance. Furthermore, career development was proven to function as a full mediating variable that bridges psychological factors and performance outcomes. The study concludes that organizations should strengthen structured career development systems through training, mentoring, and transparent career pathways to optimize Generation Z employee performance.
Copyright (c) 2026 D. Wahyu Baswara Seta, Fermico Karambut, Enny Haryanti, Sulistyowati https://creativecommons.org/licenses/by-sa/4.0
The Effect of the Capital Adequacy Ratio and Non-Performing Loans on Profitability, With Good Corporate Governance as a Moderator: A Study of Commercial Banks Listed on the Indonesia Stock Exchange, 2020-2024
This study aims to analyze the effect of Capital Adequacy Ratio (CAR) and Non-Performing Loan (NPL) on bank profitability with Good Corporate Governance (GCG) as a moderating variable. A quantitative approach was employed using secondary data from annual financial reports of commercial banks listed on the Indonesia Stock Exchange for the 2020–2024 period. The sample consisted of 14 banks selected through purposive sampling, yielding 70 observations. Data analysis was conducted using Moderated Regression Analysis (MRA) with SPSS version 25. The results show that CAR has a significant negative effect on profitability, indicating that high capital adequacy does not necessarily increase profitability without effective capital management, consistent with Signalling Theory. NPL does not have a significant effect on profitability, implying that banks have implemented adequate credit risk management, consistent with Stakeholder Theory. GCG strengthens the effect of CAR on profitability, indicating that good governance improves capital management effectiveness, supporting Agency Theory. However, GCG is unable to moderate the effect of NPL on profitability, suggesting that credit risk management is more influenced by credit analysis quality and macroeconomic conditions than by governance mechanisms. These findings provide empirical evidence on GCG's role in strengthening the relationship between capital adequacy and bank profitability, offering practical implications for banking management in optimizing capital management and implementing corporate governance to improve financial performance. For future research, it is recommended to expand the research period, add macroeconomic control variables, and use more comprehensive GCG proxies.
Copyright (c) 2026 Evi Christiani, Sunarto Sunarto https://creativecommons.org/licenses/by-sa/4.0
From Leaf to Extract: A Cost-Benefit and Input-Output Assessment of Kratom Down streaming in Indonesia
Indonesia is one of the world's largest producers of kratom (Mitragyna speciosa), yet it captures only a small share of the value generated along the global kratom value chain. The enactment of Permendag 20/2024 and 21/2024 in October 2024, which prohibits raw kratom leaf exports and mandates processed-form exports, has created both an obligation and an opportunity to move downstream into high-purity extraction. This study assesses the financial feasibility and macroeconomic impact of producing fifty-percent mitragynine extract at a commercial scale of one hundred kilograms per month, using the case of PT MIT as the unit of analysis. An integrated framework combining a firm-level Cost-Benefit Analysis with an Input-Output Analysis is applied, grounded in validated pilot operational data and the 2020 Indonesian Input-Output Table. Three scenarios distinguished by capacity utilization of seventy-five, eighty-five, and ninety-three percent are evaluated at a fifteen-percent discount rate. The financial results indicate strong viability: the base case yields a net present value of Rp 11.80 billion, an internal rate of return of 37.59 percent, a profitability index of 2.31, and a discounted payback of 4.88 years. The macroeconomic results show that the pharmaceutical sector to which kratom extraction is mapped functions as a strong demand-pull sector, generating total economy-wide output of Rp 48.37 billion, supporting around ninety-three jobs, and contributing foreign exchange of USD 1.53 million per year. The study demonstrates that domestic down streaming aligns private profitability with national economic benefit.
Copyright (c) 2026 Sandy Akbar Nusantara, Raden Aswin Rahadi https://creativecommons.org/licenses/by-sa/4.0
The Effect of Implementing the Kaizen Philosophy on Employee Performance Through Employee Innovation and Work Efficiency: A Case Study at XYZ Bank in West Kalimantan
The banking industry has experienced increasingly intense competition, forcing companies to continuously improve service quality and operational efficiency through enhanced employee performance. This study investigated the effect of implementing the Kaizen philosophy on employee performance, with particular attention to the mediating role of employee innovation and work efficiency at PT XYZ in the West Kalimantan region. The Resource-Based View (RBV) framework provided the theoretical foundation for this research. A quantitative research design was employed, with data collected through questionnaires administered to 100 employees of PT XYZ in West Kalimantan, selected using purposive sampling. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS version 4.1.0.3 to examine both direct and indirect relationships among variables. The results revealed that the implementation of the Kaizen philosophy did not have a significant direct effect on employee performance. However, it had a positive and significant effect on both employee innovation and work efficiency. Furthermore, work efficiency had a positive and significant effect on employee performance and served as a full mediator in the relationship between Kaizen implementation and employee performance. In contrast, employee innovation did not significantly affect employee performance and did not function as a mediating variable. These findings indicate that, in the banking industry, the implementation of the Kaizen philosophy is more effective in improving employee performance through work efficiency rather than through employee innovation.
Copyright (c) 2026 Sinta Sinta, Denpharanto Agung Krisprimandoyo , William Santoso https://creativecommons.org/licenses/by-sa/4.0
Development Strategy for LS Music Studio Bandung
LS Music Studio Bandung has operated for seven years in the hilly area of Cimenyan and has established a strong reputation. This research aimed to formulate a business development strategy for LS Music Studio Bandung through the Design Thinking approach, Business Model Canvas, and Timmons Entrepreneurial Process, as well as to assess its financial feasibility. The study employed a descriptive-analytical qualitative method, with data collected through direct observation, in-depth interviews with the owner, sound engineers, and regular clients, as well as literature reviews. The collected data were analyzed using SWOT/TOWS analysis, the Business Model Canvas, and investment feasibility indicators, including Net Present Value (NPV), Internal Rate of Return (IRR), Payback Period, Profitability Index, and Net Profit Margin. The results formulated a business model transformation from one to seven revenue streams, with projected revenue increasing from IDR 982.97 million in the first year to IDR 3.61 billion in the fifth year (2026–2030), supported by a Capital Expenditure (CAPEX) investment of IDR 106 million through a combination of equity financing and Micro KUR financing. The feasibility analysis showed an NPV of IDR 5.34 billion, an IRR of 447.7%, a Payback Period of 3.7 months, and a Profitability Index of 51.37, with a Timmons Model evaluation score of 76.4%. The proposed business plan was considered feasible for implementation and provides practical contributions to transforming LS Music Studio Bandung into a sustainable creative music production hub.
Copyright (c) 2026 A. Kifail Ahyar, Meriza Hendri SIP https://creativecommons.org/licenses/by-sa/4.0
The Effect of Market Orientation and Entrepreneurial Orientation on the Business Performance of Coffee Shops in Bandung
This study examines the influence of Market Orientation (MO) and Entrepreneurial Orientation (EO) on the Business Performance (BP) of coffee shops in Bandung City. The rapid growth of the coffee shop industry has intensified competition, requiring business actors to implement adaptive and competitive strategies. This study employed a cross-sectional survey design using a quantitative approach. Data were collected from 150 coffee shops in Bandung City through a five-point Likert-scale questionnaire distributed via Google Forms, with respondents consisting of owners or managers selected using purposive sampling techniques. Data analysis was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. Before testing the structural model, measurement model purification was performed by eliminating indicators with outer loading values below 0.70. The results show that Market Orientation, particularly the MO-2 (Competitor Orientation) dimension, has a positive and significant effect on Business Performance (path coefficient = 0.337; t = 3.531; p = 0.000). In contrast, the effect of Entrepreneurial Orientation on Business Performance was not consistent: the EO-1 and EO-3 dimensions did not demonstrate significant effects, whereas the EO-4 dimension exhibited a negative and significant effect (path coefficient = ?0.352; t = 3.149; p = 0.002). The coefficient of determination (R²) value of 0.121 indicates that Entrepreneurial Orientation and Market Orientation jointly explain 12.1% of the variance in Business Performance. These findings indicate that Market Orientation plays a more consistent and practical role in improving coffee shop performance.
Copyright (c) 2026 Abyan Fawwaz, Sunardi Sembiring Brahmana https://creativecommons.org/licenses/by-sa/4.0