Economics and Business Journal (ECBIS) is a scientific journal accredited by SINTA 3 Based on the Decree of the Director General of Research and Development Number 156/C/C3/KPT/2026 dated April 7, 2026 concerning the New Accreditation Ranking of Scientific Journals for Period 2 of 2025 Ranking 3 to 6 starting from Volume 1 No.1 (2022) to Volume 5 No.2 (2027).
Determinants of The Indonesian Composite Stock Index: An Error Correction Model Approach
This study examines the effects of the Dow Jones Industrial Average (DJIA), world gold prices, world oil prices, and the rupiah exchange rate on the Composite Stock Price Index (CSPI) in Indonesia. The study uses monthly secondary data from January 2015 to December 2025, comprising 132 observations. CSPI data were obtained from the Indonesia Stock Exchange, DJIA, gold price, and oil price data were obtained from Investing.com, while exchange rate data were sourced from Bank Indonesia. The analysis employed the two-step Engle-Granger Error Correction Model (EG-ECM) to identify long-run relationships and short-run adjustment dynamics. The long-run results show that gold prices, world oil prices, and the DJIA have positive and significant effects on the CSPI, whereas the rupiah exchange rate has a negative but insignificant effect. In the short run, the exchange rate has a negative and significant effect on the CSPI, while gold prices, oil prices, and the DJIA have positive and significant effects. The Error Correction Term coefficient of -0.1325 is negative and significant, indicating that approximately 13.25% of short-run disequilibrium is corrected each month toward long-run equilibrium. These findings imply that investors and policymakers should closely monitor global market conditions, commodity price movements, and exchange rate volatility to support investment decisions and maintain Indonesian capital market stability
Copyright (c) 2026 Nindy Febriani, Wendy Wendy https://creativecommons.org/licenses/by-sa/4.0
The Effect of PER, DER, and CR on Firm Value: The Moderating Role of Firm Size in Indonesian Industrial Sector Companies
This study aims to analyze the effect of Price Earning Ratio (PER), Debt to Equity Ratio (DER), and Current Ratio (CR) on firm value, with firm size as a moderating variable, in industrial sector companies listed on the Indonesia Stock Exchange during the 2022–2024 period. This study employed a quantitative approach with an associative method. The data used were secondary data obtained from companies’ annual financial reports. The sample was determined using purposive sampling, resulting in 44 companies with a total of 132 firm-year observations. The data were analyzed using Moderated Regression Analysis (MRA), supported by classical assumption tests, correlation coefficient analysis, coefficient of determination analysis, simultaneous testing, and partial testing. The results of the moderation model show that firm size has a positive and significant effect on firm value, with a significance value of 0.043. Meanwhile, PER, DER, and CR do not have a significant effect on firm value after firm size and the interaction variables are included in the model. The moderation test results indicate that firm size is unable to moderate the effect of PER, DER, and CR on firm value, as all interaction variables have significance values greater than 0.05. Although PER has a positive and significant effect on firm value in the first model, this effect is no longer significant in the moderation model. The coefficient of determination in the moderation model is 12.1%, indicating that the model’s ability to explain variations in firm value remains limited. These findings indicate that firm size is a more dominant factor in explaining firm value than PER, DER, and CR in the moderation model.
Copyright (c) 2026 Olifvia Maharany Sitorus, Edy Suryadi https://creativecommons.org/licenses/by-sa/4.0
Market Reaction to the Latest Appointment of The Finance Minister: Empirical Evidence Through Abnormal Return, Trading Activity and Stock Volatility on The LQ45 Index
This study examines the Indonesian capital market reaction to the announcement of the appointment of Purbaya Yudhi Sadewa as Minister of Finance on September 8, 2025. Using an event study approach, the analysis focuses on companies included in the LQ45 index and observes market reaction within an eleven-day event window from five trading days before to five trading days after the announcement. Market reaction is measured using abnormal return, trading volume activity, and stock volatility. The data consist of daily stock prices, trading volume, outstanding shares, and market index data obtained from capital market data sources. Because the normality test indicates that the data are not normally distributed, the hypotheses are tested using the Wilcoxon Signed Rank Test. The findings show significant differences in abnormal return, trading volume activity, and stock volatility before and after the announcement. These results indicate that the appointment of the Minister of Finance contains information value for investors and is associated with changes in price reaction, trading intensity, and perceived market risk among LQ45 stocks. The study contributes to event study literature by documenting market responses to a strategic fiscal leadership event in an emerging capital market
Copyright (c) 2026 I Ketut Tri Anansa, Siti Aisyah Hidayati, Nila Rahayu https://creativecommons.org/licenses/by-sa/4.0
Customer Value in Social Media Marketing and Service Quality Effects on Britama Prioritas Decisions at BRI Sukabumi
This study examines the role of customer value in mediating the relationship between social media marketing and service quality toward the decision to become a BritAma Prioritas customer at Bank Rakyat Indonesia Sukabumi Branch. The key issue addressed in this study is the need to understand how digital marketing communication and priority banking service quality can be converted into meaningful value that influences premium customer decisions. This research employed a quantitative explanatory approach involving 386 BritAma Prioritas customers as respondents. Data were collected through structured questionnaires using a five-point Likert scale and analyzed using Confirmatory Factor Analysis and Structural Equation Modeling. The results show that social media marketing and service quality have positive and significant effects on customer value. Social media marketing, service quality, and customer value also positively and significantly influence customer decision. Customer value was found to be the strongest predictor of customer decision and significantly mediated the effects of both social media marketing and service quality. These findings indicate that customer acquisition in priority banking depends not only on promotional activities and service performance, but also on customers’ holistic value evaluation.
Copyright (c) 2026 Alya Aprilianti, Agus Setyo Pranowo, Jan Horas V. Purba https://creativecommons.org/licenses/by-sa/4.0
The Influence of Cash Conversion Cycle, Company Size, and Leverage on Company Profitability
This study discusses the optimization of a company's financial performance through working capital management and capital structure policies. To increase profitability (ROA), companies require efficient cash conversion cycle management and optimal funding supported by internal company characteristics. The research problem proposed is to determine how to achieve increased profitability in an automotive distributor company through the efficiency factors of Cash Conversion Cycle (CCC), Firm Size (Firm Size), Leverage (DER), and historical profitability factors (ROA_Lag). The sample of this study is the financial statements of PT New Ratna Motor (Nasmoco Group) in Semarang City for the 2021-2024 period, which were transformed into quarterly data (N=16). The results of data analysis indicate that this research model has a good level of feasibility (goodness of fit) with the ability to explain variations in profitability (Adjusted R Square) of 78.1% and successfully overcome autocorrelation interference. Simultaneously, there is a strong relationship between the independent variables and the company's profit movements. Partially, the Cash Conversion Cycle (CCC) variable is proven to have a negative and significant effect on profitability, while the Firm Size and Leverage variables have not shown a significant effect at the 95% confidence level.
Copyright (c) 2026 Afif Raihan Andika Putra, Harjum Muharam https://creativecommons.org/licenses/by-sa/4.0
The Influence of Agricultural, Manufacturing, and Mining Sector Output on Aceh's GRDP Growth
The economic structure of Aceh Province is still dominated by the agriculture, forestry, and fisheries sectors, while the contribution of the manufacturing industry sector is relatively lagging. This condition indicates that the structural transformation process in Aceh has not yet taken place optimally, so that the economic growth that occurs tends to be quantitative, marked by an increase in aggregate output, but does not fully reflect an increase in the quality of the economic structure. This study aims to analyze the influence of the agriculture, manufacturing industry, and mining sectors on the growth of the Regional Gross Regional Domestic Product (GRDP) of Aceh Province. The approach used is quantitative with secondary data sources from the BPS of Aceh Province. This study uses panel data which is a combination of cross-regional data and time series data from 2019 to 2023. The results of the study indicate, first; the agricultural sector has a positive effect on GRDP. This is based on the probability value of the agricultural sector variable, which is 0.002. This value is smaller than 0.05. Second; the industrial sector has no effect on GRDP. This is based on the probability value of the industrial sector variable, which is 0.610. This value is greater than 0.05. Third; the mining sector has a positive effect on GRDP. This is based on the probability value of the mining sector variable, which is 0.001. Fourth; The agricultural, industrial and mining sectors have a joint influence on the dependent variable, namely GRDP in Aceh Province
Copyright (c) 2026 Akhyarul Mulki, Uliya Azra, Ibnu Hajar https://creativecommons.org/licenses/by-sa/4.0
Analysis of The Influence of Environmental, Social, and Governance (Esg) on Financial Performance
This study aims to analyze the influence of Environmental (E), Social (S), and Governance (G) on corporate financial performance as measured by Return on Assets (ROA) and Return on Invested Capital (ROIC) in companies listed on the LQ45 index of the Indonesia Stock Exchange for the 2023-2025 period, with Company Size (SIZE) as a control variable. The study uses a quantitative method with secondary data obtained from annual reports and corporate sustainability reports. The sample was determined using a purposive sampling technique, resulting in 45 observations included in the LQ45 for the 2023-2025 period. Data analysis was performed using panel data regression with the help of EViews 13 software. The results show that Environmental has a positive and significant effect on ROA and ROIC, while Governance also has a positive and significant effect on both indicators. Conversely, Social does not have a significant effect on ROA or ROIC. The coefficient of determination value indicates that the model is able to explain variations in ROA by 29.7% and ROIC by 32.3%. These findings indicate that environmental practices and corporate governance play an important role in improving financial performance, while the implementation of social aspects has not had a significant impact during the study period.
Copyright (c) 2026 Chandra, Surya Raharja https://creativecommons.org/licenses/by-sa/4.0
Analysis of Transparency and Accountability in the Management of School Operational Assistance (BOS) Funds at UPT SD Negeri 82 Barammamase, Takalar Regency
This study discusses the transparency and accountability of School Operational Assistance (BOS) fund management at UPT SD Negeri 82 Barammamase in Takalar Regency. The research problem focuses on the implementation of transparency and accountability principles in BOS fund management, starting from planning, implementation, reporting, to accountability. The purpose of this study is to analyze the implementation of transparency and accountability principles in BOS fund management and identify the influencing factors. This study uses a descriptive qualitative approach with data collection techniques through interviews and documentation. Data analysis was carried out using the Miles and Huberman model through data collection, data reduction, data presentation, and conclusion drawing. The results show that BOS fund management at UPT SD Negeri 82 Barammamase has implemented transparency and accountability principles through RKAS preparation, bookkeeping, reporting, and publication of BOS fund usage reports to the public
Copyright (c) 2026 Hariyanti Arung, Sahade, Samsinar https://creativecommons.org/licenses/by-sa/4.0
Labor Optimization and Capital Support for Increasing The Turnover of Cassava Rengginang Home Industries in Rubaru District, Sumenep Regency
This study aims to analyze the effect of labor optimization and capital support on the turnover of cassava rengginang home industries in Rubaru District, Sumenep Regency. The study employed a quantitative approach using a time series method with secondary data collected from 2012–2024. The variables analyzed consisted of capital and labor as independent variables and turnover as the dependent variable. Data analysis was conducted using multiple linear regression supported by classical assumption tests. The findings indicate that capital has a positive and significant effect on turnover, with a regression coefficient of 4.68 and a probability value of 0.0000. Meanwhile, labor shows a significant negative effect on turnover, with a coefficient value of -3.68 and a probability value of 0.0460. Simultaneously, capital and labor contribute significantly to turnover improvement, with an R-squared value of 0.912, indicating that 91.2% of turnover variation can be explained by both variables. The results emphasize the importance of effective labor management, workforce productivity improvement, and adequate capital support in enhancing the performance and sustainability of cassava rengginang home industries in Rubaru District.
Copyright (c) 2026 Suto, Iriani Ismail https://creativecommons.org/licenses/by-sa/4.0
Co-Production and Collaborative Networking In The Public Entrepreneurship Ecosystem
Public service innovation in the development of micro, small, and medium enterprises (MSMEs) in Indonesia has been historically dominated by the managerial logic of New Public Management, which positions efficiency and quantitative targets as the measure of success. This approach fails to build long-term relational capacity among entrepreneurs, government, and the broader supporting ecosystem. This article analyses HETERO SPACE (House of Entrepreneurs, Technology-driven Ecosystem, Resource Optimization, Supportive Programs, Accessible Network, Collaborative Environment), a public service innovation developed by the Cooperatives and SME Office of Central Java Province, which received outstanding recognition in the 2025 Public Service Innovation Competition. The analysis applies a New Public Governance framework with emphasis on two sub-theoretical dimensions, namely co-production and collaborative networking. The research approach is a qualitative case study drawing on secondary data from the official Public Service Innovation System, implementation reports of the Central Java Cooperatives and SME Office, and relevant academic literature. The central argument is that HETERO SPACE is not merely an expanded MSME assistance programmed but a transition in the role of government from a sole service provider to an ecosystem orchestrator that mobilizes resources across actors. Findings indicate that HETERO SPACE success rests on three interrelated conditions, namely a platform design that facilitates inter-actor encounters, trust built through repeated interaction, and institutional commitment from the provincial government to share authority with non-state partners. The article contributes to Indonesian public administration literature by shifting the analytical arena of co-production from the social and health sectors to economic governance, and by demonstrating that New Public Governance principles can be operationalized concretely at the subnational level.
Copyright (c) 2026 Deni Wicaksono, Bistoro Wardiyanto https://creativecommons.org/licenses/by-sa/4.0
Analysis of The Marketing Mix Strategy : A Case Study of The Nur Azizah Songkok Recca Enterprise in Bone Regency
Songkok Recca Nur Azizah is a business located in Bone Regency that produces traditional handcrafts in the form of traditional headgear characteristic of the Bugis tribe, South Sulawesi. However, amidst modern market competition, this traditional craft business faces challenges in optimizing its marketing mix strategy. This study analyzes the implementation of the 7Ps marketing mix strategy in the Nur Azizah Songkok Recca Enterprise in Bone Regency, South Sulawesi. Using a qualitative case study approach, data were collected through observation, in-depth interviews, and documentation. The findings show that the enterprise has implemented the seven elements of the marketing mix, namely product, price, place, promotion, people, process, and physical evidence. Product variety and artisan skills represent the main strengths of the business, while limited digital promotion, conventional payment systems, simple packaging, and a deteriorated business signboard remain key constraints. The study suggests that the enterprise should strengthen digital marketing, adopt cashless payment options, improve product packaging, and renew its physical identity to enhance competitiveness. These findings provide practical insights for culture-based MSMEs seeking to preserve traditional products while adapting to contemporary market changes.
Copyright (c) 2026 Andi adriyanto rinaldy, Rahmatullah, Tuti Supatminingsih, Mustari, Muhammad Dinar https://creativecommons.org/licenses/by-sa/4.0
Governing Food Security in The Low-Carbon Transition: A SEM Analysis of Sustainable Industrialization, Sustainable Remediation, and Circular Supply Chain Governance
Food security in the low-carbon transition is increasingly shaped by industrial decarbonization, environmental restoration, and circular supply-chain coordination, yet these domains are often modeled as separate sustainability agendas. This study addresses the gap by developing a governance-centered structural equation model that links sustainable industrialization, sustainable remediation, circular supply chain governance, and food-security outcomes. Using the available 455-response dataset, the empirical test operationalizes industrialization intensity (IND) as a proxy for sustainable industrialization, digital-institutional capability (DIC) as a proxy for circular governance capability, and social-economic resilience (SER) as a proxy for food-system security. Confirmatory factor analysis supports the measurement model: standardized loadings range from .778 to .849 for IND, .804 to .835 for DIC, and .800 to .843 for SER; CR values range from .901 to .914; AVE ranges from .646 to .681; and model fit is acceptable (chi-square/df = 2.108, CFI = .961, TLI = .951, RMSEA = .049, SRMR = .038). The SEM results show that IND significantly predicts DIC (beta = .537, p < .001), DIC predicts SER (beta = .424, p < .001), and IND retains a direct effect on SER (beta = .337, p < .001). The indirect effect is significant (beta = .228, 95% CI [.178, .282]). The article contributes a cautious, data-grounded framework for analyzing food security as a governance-mediated outcome of low-carbon industrial transition.
Copyright (c) 2026 Arie Wahyu Prananta, I Wayan Suyadnya, Indra Jaya Kusumawardana, Zainal Abidin https://creativecommons.org/licenses/by-sa/4.0
The Effect of Brand Image, Word Of Mouth, and Price Perception on Luwak White Koffie Purchase Decisions in Makassar City
This study aims to analyze the influence of Brand Image, Word of Mouth, and Price Perception on Purchase Decisions of Luwak White Koffie products in Makassar City. This research used a quantitative approach with an explanatory research type and causal design. The population in this study consisted of all consumers of Luwak White Koffie in Makassar City who had purchased the product. The sampling technique used was non-probability sampling with a purposive sampling approach, involving 120 respondents. Data were collected through questionnaires and analyzed using multiple linear regression analysis with the assistance of the Statistical Package for the Social Sciences (SPSS). The results showed that Brand Image, Word of Mouth, and Price Perception partially had a positive and significant effect on Purchase Decisions. Simultaneously, Brand Image, Word of Mouth, and Price Perception also had a positive and significant effect on Purchase Decisions of Luwak White Koffie products in Makassar City
Copyright (c) 2026 Andi Risnayani, Anwar Ramli, Nurul Fadilah Aswar, Muhammad Ilham Wardhana Haeruddin, Rahmat Riwayat Abadi https://creativecommons.org/licenses/by-sa/4.0
Determinants of Human Development in Indonesia: A Comparative Analysis of The Western and Eastern Regions
This study examines the effects of health, education, economic, and infrastructure expenditures, economic growth, investment, and the Labor Force Participation Rate (LFPR) on the Human Development Index (HDI) in Indonesia. It also compares the determinants of HDI between Western and Eastern Indonesia. Using a quantitative approach, the study applies panel data regression with the Common Effect Model and Ordinary Least Squares method. Secondary data from 2012–2021 were obtained from Statistics Indonesia, the Ministry of Finance, and other official institutions. The results show that all independent variables simultaneously have a significant effect on HDI. Partially, education expenditure, infrastructure expenditure, and investment have positive and significant effects, while health expenditure, economic expenditure, economic growth, and LFPR are statistically insignificant. Regional analysis reveals different determinants of HDI. In Western Indonesia, education expenditure, infrastructure expenditure, economic growth, and LFPR significantly affect HDI. In Eastern Indonesia, infrastructure expenditure, investment, and LFPR are significant determinants. These findings demonstrate that regional disparities in human development are associated with differences in economic capacity, infrastructure quality, investment distribution, connectivity, and development governance. Therefore, place-based development policies are required to improve the effectiveness and equity of human development, particularly in Eastern Indonesia.
Copyright (c) 2026 Puspa Rini, Mochamad Ridwan, Purmini, Lela Rospida https://creativecommons.org/licenses/by-sa/4.0
The Influence of Policy Transparency, Public Participation, Bureaucratic Responsiveness, Service Quality, and Public Trust on Perceived Effectiveness of Local Economic Policy
The effectiveness of local economic policy is essential for promoting sustainable regional development and improving community welfare. However, citizens' perceptions of policy effectiveness are influenced not only by policy outcomes but also by the quality of governance practices implemented by local governments. This study aimed to examine the influence of policy transparency, public participation, bureaucratic responsiveness, service quality, and public trust on the perceived effectiveness of local economic policy. A quantitative research approach with an explanatory research design was employed. Primary data were collected through a structured questionnaire distributed to 200 respondents selected using purposive sampling. The collected data were analyzed using the Statistical Package for the Social Sciences (SPSS), including descriptive statistics, validity and reliability tests, classical assumption tests, multiple linear regression analysis, the coefficient of determination (R²), t-tests, and F-tests. The results revealed that all measurement instruments were valid and reliable, and the data satisfied the assumptions required for multiple linear regression analysis. The findings indicated that policy transparency, public participation, bureaucratic responsiveness, service quality, and public trust each have a positive and significant influence on the perceived effectiveness of local economic policy. Furthermore, the F-test demonstrated that all independent variables simultaneously have a significant effect on the dependent variable. Among the five predictors, public trust was identified as the strongest determinant of perceived policy effectiveness. The study concludes that strengthening good governance practices through transparency, citizen participation, responsive bureaucracy, high-quality public services, and institutional trust can substantially improve public perceptions of local economic policy effectiveness. These findings provide practical implications for local governments in designing and implementing more effective, accountable, and citizen-oriented economic policies
Copyright (c) 2026 May Vitha Rahmadhani, Fitri Melawati, Irfansyah, Aryo Prakoso https://creativecommons.org/licenses/by-sa/4.0
The Influence of Work-Life Balance, Organizational Support, and Jobe Stress on Employee Retention
Employee retention has become a critical concern for organizations because high employee turnover can reduce organizational productivity, increase recruitment and training costs, and negatively affect overall organizational performance. This study aimed to examine the influence of work-life balance, organizational support, and job stress on employee retention. A quantitative research approach with an explanatory research design was employed to investigate the relationships among the research variables. Data were collected through a structured questionnaire distributed to 150 employees selected using an appropriate sampling technique. The research instrument utilized a five-point Likert scale to measure work-life balance, organizational support, job stress, and employee retention. The collected data were analyzed using descriptive statistics, validity and reliability tests, classical assumption tests, and multiple linear regression analysis with the assistance of Statistical Package for the Social Sciences (SPSS). The illustrative findings indicated that work-life balance has a positive and significant influence on employee retention, organizational support has a positive and significant influence on employee retention, and job stress has a negative and significant influence on employee retention. Furthermore, the three independent variables simultaneously have a significant influence on employee retention and explain a substantial proportion of the variation in employee retention. Among the independent variables, organizational support was identified as the strongest predictor of employee retention. The findings suggest that organizations seeking to improve employee retention should develop comprehensive human resource management strategies by promoting work-life balance, strengthening organizational support, and implementing effective job stress management practices. Such initiatives are expected to enhance employee well-being, increase organizational commitment, reduce turnover intentions, and contribute to long-term organizational sustainability
Copyright (c) 2026 Rachmad Ilham, Rian Pramana Suwanda, Alfred Heriman Setio, Suryaningsih, Duladi https://creativecommons.org/licenses/by-sa/4.0
The Influence Of Profitability, Leverage, And Company Size On Tax Avoidance Practices In Public Companies
This study investigates the relationship between profitability, leverage, and firm size and tax avoidance practices in publicly listed consumer sector firms during the 2020–2024 period. A quantitative approach was applied using panel data regression analysis, with a sample of six companies selected through purposive sampling. Tax avoidance was measured using the Effective Tax Rate (ETR), while profitability, leverage, and firm size were proxied by Return on Assets (ROA), Debt to Equity Ratio (DER), and the natural logarithm of total assets, respectively. Based on model selection procedures, the Random Effect Model (REM) was identified as the most appropriate specification. The results indicate that, both individually and jointly, profitability, leverage, and firm size do not exhibit a statistically significant effect on tax avoidance. Additionally, the coefficient of determination suggests that the model explains only a limited proportion of the variation in tax avoidance behavior. These findings imply that tax avoidance is likely influenced by factors beyond the financial indicators examined, highlighting the need for future research to incorporate broader determinants, including governance and regulatory aspects.
Copyright (c) 2026 Ilham Teruna Bakti, Yudi Budi Yuniarso, Wening Estiningsih, Saripah Saripah https://creativecommons.org/licenses/by-sa/4.0
The Effect of Organizational Commitment on Succession Readiness with Employee Development and Talent Management (Individual Development Plan) as Mediating Variables
This study aims to identify and analyze the influence of organizational commitment on succession readiness as well as the mediating role of employee development and talent management through the Individual Development Plan (IDP). Using the Systematic Literature Review (SLR) method with the PRISMA 2020 protocol, searches were conducted on Scopus, Web of Science, EBSCO, ProQuest, and Google Scholar for English-language publications in 2020–2025. Of the 375 articles identified, 30 met all inclusion criteria. The results of the review found that: (1) organizational commitment, especially the affective dimension, had a positive and significant effect on succession readiness; (2) employee development partially mediates the relationship between organizational commitment and succession readiness; (3) talent management through IDP partially mediates the relationship; and (4) there is a sequential mediation effect of OC → ED → TM/IDP → succession readiness. These findings provide important theoretical and practical implications for organizations in designing succession programs that are sustainable and based on individual competencies.
Copyright (c) 2026 Gani Ramdani, Budi Eko Soetjipto, Madziatul Churiyah https://creativecommons.org/licenses/by-sa/4.0
The Effect of Good Corporate Governance (GCG) and Corporate Social Responsibility (CSR) on Firm Value With Financial Performance as an Intervening Variable Among Manufacturing Companies Listed on The Indonesian Stock Exchange
This study aims to analyze the effect of Good Corporate Governance (GCG) and Corporate Social Responsibility (CSR) on firm value with financial performance as an intervening variable in manufacturing companies in the primary consumer goods sector listed on the IDX for the period 2022–2024. This study uses second-ary data obtained through documentation, with a sample of 67 companies select-ed using purposive sampling. Data analysis was conducted using descriptive sta-tistics and PLS analysis with the PLS-SEM method via the SmartPLS software. The results of this study indicate that GCG has a significant positive effect on financial performance. CSR does not have a significant effect on Financial Per-formance. Financial Performance has a significant positive effect on Company Value. GCG does not have a significant effect on Company Value. CSR has a significant positive effect on Company Value. Financial Performance was found to mediate the effect of GCG on Company Value, but was not found to mediate the effect of CSR on Company Value.
Copyright (c) 2026 Rasti Rezkita, Hajrah Hamzah, Azwar Anwar https://creativecommons.org/licenses/by-sa/4.0
Understanding Household Food Security through Financial Literacy and Self-Control: Evidence from Millennial Families in Urban Indonesia
Household food security remains a critical challenge for many millennial families, particularly in urban areas where rising food prices, unstable household income, and changing consumption patterns increase financial vulnerability. While previous studies have primarily emphasized economic factors, limited attention has been given to the combined roles of financial literacy and self-control in strengthening household food security. This study aims to examine the effects of financial literacy and self-control on household food security among millennial families in Mattoangin Village, Makassar City. A quantitative research design was employed using a survey of 180 millennial households selected through purposive sampling. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results reveal that financial literacy has a positive and significant effect on household food security by improving financial planning and resource allocation. Self-control also exerts a significant positive influence by promoting disciplined spending behavior and reducing impulsive consumption. Furthermore, financial literacy and self-control jointly explain a substantial proportion of household food security. These findings highlight that both financial knowledge and behavioral discipline are essential for enhancing household resilience. The study recommends strengthening community-based financial education and behavioral intervention programs to promote sustainable household food security among urban millennial families.
Copyright (c) 2026 Annisa Paramaswary Aslam, Ayu Kartini Parawansa, Regina https://creativecommons.org/licenses/by-sa/4.0
The Effects of Market Access and Logistics Efficiency on The Competitiveness of Salt Farmers in Jeneponto Regency
constrained by limited buyer options, price-information gaps, high distribution costs, inadequate storage facilities, and fragmented product flows. This study examines the effects of market access and logistics efficiency on the competitiveness of salt farmers. A quantitative explanatory survey was conducted with 100 active salt farmers. The three constructs were measured using a five-point Likert-scale questionnaire and analyzed through multiple linear regression. Market access had a positive and statistically significant effect on competitiveness (p < 0.05), indicating that broader buyer networks, timely price information, alternative marketing channels, and stronger negotiating opportunities improve farmers’ ability to reach markets and sustain sales. Logistics efficiency also had a positive and significant effect (p < 0.05); reliable transportation, lower distribution costs, appropriate storage, proper handling, and shorter delivery times help preserve quality and reduce avoidable losses. The simultaneous test confirmed that both variables jointly affected competitiveness (p < 0.05). These findings indicate that increasing production alone is insufficient when farmers cannot reach profitable markets through efficient product flows. Collective marketing, transparent market information, shared storage, coordinated transportation, and direct relationships with processing industries are therefore essential for strengthening farmers’ bargaining power and market performance
Copyright (c) 2026 Nurul Fadilah Aswar, Hasmyati, Nur Indah Atifah Anwar, Dian Anggraece Sigit Parawansa, Muhammad Ichwan Musa https://creativecommons.org/licenses/by-sa/4.0
The Effect of Service Quality and Online Promotion on Customer Loyalty Through Customer Satisfaction at F3B Beauty House
Customer loyalty is essential for the sustainability of aesthetic clinics, particularly amid increasing competition and the growing use of digital promotional channels. This study examines the effects of service quality and online promotion on customer loyalty, with customer satisfaction as a mediating variable at F3B Beauty House. A quantitative explanatory design with a cross-sectional survey approach was employed. Data were collected through an online questionnaire from 361 customers selected using purposive sampling. Eligible respondents were at least 18 years old, had completed at least two visits or transactions within the previous 12 months, and had been exposed to the clinic’s online promotions. The data were analyzed using partial least squares structural equation modeling. The results show that service quality and online promotion positively and significantly affect customer satisfaction and customer loyalty. Customer satisfaction also has a positive and significant effect on customer loyalty and demonstrates the largest practical effect. Furthermore, customer satisfaction partially mediates the effects of service quality and online promotion on customer loyalty. The model explains 66.9% of the variance in customer satisfaction and 68.3% of the variance in customer loyalty. These findings emphasize the importance of integrating consistent service quality, interactive online promotion, and satisfactory customer experiences to strengthen sustainable customer loyalty.
Copyright (c) 2026 Febrina Isra Hertiane, Hari Muharam, Agus Setyo Pranowo https://creativecommons.org/licenses/by-sa/4.0
The Meaning of Accountability from The Perspective of Sharia Accounting in Bank Muamalat Ambon Managers: A Phenomenological Study
This research is motivated by the importance of accountability in Islamic banking, which is not only related to administrative responsibility but also encompasses moral and spiritual dimensions. This study aims to understand the meaning of accountability from a sharia accounting perspective for the managers of Bank Muamalat Ambon. The study used a qualitative approach with a phenomenological method. The study population was the managers of Bank Muamalat Ambon, while informants were selected using a purposive sampling technique based on experience and involvement in Islamic banking activities. The research instrument was a semi-structured interview guide. Data collection techniques were carried out through in-depth interviews and analyzed using phenomenological analysis through the stages of transcription, coding, grouping themes, and extracting essential meanings. The results show that sharia accountability is interpreted as a professional, moral, social, and spiritual responsibility manifested through trustworthiness, transparency, sharia compliance, fair service, and supervision. The conclusion of the study confirms that sharia accountability is not only understood as formal reporting, but as an ethical and religious practice carried out in daily work activities.
Copyright (c) 2026 Siti Maryam M. Sillehu, Adnan AS, Buya Rama Ismail, Alimuddin, Darwis Said https://creativecommons.org/licenses/by-sa/4.0
Integration of Expected Spoilage Cost in Calculating the Cost of Goods Sold in Perishable Culinary MSMEs: A Case Study of Kang Dani's Siomay Sales in Mojokerto
Culinary MSMEs with perishable products face challenges in managing production costs due to the presence of unsold products, which are often not included in determining the Cost of Goods Sold (COGS). This study aims to analyze the application of the full costing method by integrating Expected Spoilage Cost into the COGS calculation at Siomay Kang Dani MSME and evaluate its impact on business profitability. The study used a descriptive quantitative approach with a single case study method. Data were obtained through interviews, direct observation, and documentation related to production costs and the number of unsold products. The results show that the conventional COGS of Rp7,665 per portion increased to Rp8,975 per portion after incorporating the Expected Spoilage Cost of Rp591,240 per month. The integration of spoilage costs results in a more realistic cost calculation because it considers losses due to leftover products. A sensitivity analysis also shows that increasing spoilage levels leads to an increase in COGS and a decrease in profit margins. This study suggests that the application of a modified COGS can help MSMEs set selling prices and manage profitability more accurately
Copyright (c) 2026 Nayola Isti, Alfan Syihabul, Cipta Abyan, Nuril Mirza, Michiko Dinary, Darlin Aulia https://creativecommons.org/licenses/by-sa/4.0
Neurodiversity in Human Resource Management: A Bibliometric Analysis and Research Agenda for Indonesia
Neurodiversity conceptualizes autism, attention-deficit/hyperactivity disorder (ADHD), dyslexia, and related cognitive differences as natural variations in human cognition rather than individual deficits. Although this perspective has gained increasing attention in human resource management (HRM), the intellectual structure and relevance of the existing literature to the Indonesian context remain insufficiently understood. This study maps the development of global research on neurodiversity and HRM and identifies research priorities for Indonesia. A bibliometric analysis was conducted using 993 records retrieved through a Boolean search combining neurodiversity- and HRM-related terms. Following a PRISMA-guided screening process, keyword co-occurrence, density, overlay, and total link-strength analyses were performed using VOSviewer. The analysis identified 43 dominant terms grouped into four thematic clusters: (1) inclusive HRM and diversity management, (2) workplace accommodation and disclosure, (3) intervention and school-to-work transition, and (4) ADHD and occupational mental health. The findings indicate that autism spectrum disorder and ADHD remain the most prominent topics in the literature. The field has gradually shifted from predominantly clinical and educational perspectives in 2020–2021 toward workplace accommodation in 2022 and more strategic HRM-oriented discussions during 2023–2024. However, link-strength analysis reveals that relationships between core HRM concepts and issues of accommodation, disclosure, and occupational mental health remain relatively fragmented. Moreover, Indonesia-specific and developing-country perspectives are absent from the dominant keyword structure. These findings demonstrate a substantial geographical and conceptual research gap. Accordingly, the study proposes five priority research themes to advance neurodiversity-inclusive HRM in Indonesia and provides a foundation for future empirical, policy-oriented, and organizational research.
Copyright (c) 2026 Andi Rahmawati https://creativecommons.org/licenses/by-sa/4.0
Economic Satisfaction of Street Vendors after Teras Samarinda Development: A Qualitative Study in Samarinda City
This study aims to analyze the economic satisfaction of street vendors after the development of Teras Samarinda in Samarinda City based on indicators of sales volume, business profit, and financial goal attainment. This study employed a descriptive qualitative approach using primary data obtained through in-depth interviews with five street vendors who were selected purposively based on their experience of operating businesses both before and after the development of Teras Samarinda. Data were analyzed through data reduction, data display, and conclusion drawing techniques. To enhance data credibility, time triangulation was applied through data collection conducted at different times and days. The findings indicate that economic satisfaction has not been optimally achieved among the interviewed vendors, as reflected in declining sales volume, reduced customer numbers, and unstable daily income compared to conditions before the development. Most vendors' profits were only sufficient to cover operational expenses, causing financial goals such as savings, capital growth, and business expansion to remain largely unmet. The study concludes that economic satisfaction tended to be low among the interviewed vendors, although they continue maintaining their businesses as an adaptation strategy to survive in a changing business environment
Copyright (c) 2026 Karlina Wati, Sutrisno, Reza, Vitria Puri Rahayu https://creativecommons.org/licenses/by-sa/4.0
Analysis of Sharia-Based Governance in The Takaful Industry: A Review of Contemporary Literature
This study aims to explore and evaluate the development of studies on shariah-based governance in the takaful industry through a systematic literature review approach. Sharia governance has an important role in ensuring that all processes, policies, and operational activities of takaful companies are implemented in accordance with sharia regulations, while supporting the principles of transparency, accountability, fairness, and protection of participants' rights. This study uses the Systematic Literature Review (SLR) method by adopting the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) 2020 guidelines. The databases used are Scopus and Google Scholar with the keywords "Shariah Governance", "Islamic Governance", "Takaful Industry", "Takaful Governance", and "Shariah Governance in Takaful". Through the process of identification, screening, and feasibility assessment, 7 articles that meet the inclusion criteria were obtained for thematic analysis. The results of the study show that the effectiveness of sharia governance in the takaful industry is determined by five main elements: the role and competence of the Sharia Supervisory Board (DPS), the sharia compliance and audit system, the corporate governance mechanism, the transparency of information disclosure based on AAOIFI standards, and the support of the regulatory framework. This research provides theoretical contributions to the development of the concept of sharia governance in the Islamic insurance industry as well as practical recommendations for regulators, takaful operators, and Sharia Supervisory Boards.
Copyright (c) 2026 Muhammad Arifin Lubis, Asmaul Husna, Sella Kurnia Sari, Fauziah Hanum https://creativecommons.org/licenses/by-sa/4.0
Digital Transformation and Human Capital Development: The Role of Digital Leadership, Employee Agility, and Sustainable Performance
Digital transformation has become a strategic priority for organizations seeking to enhance competitiveness and achieve sustainable performance in dynamic business environments. This study examines the effect of digital leadership on sustainable performance through the mediating role of employee agility within the context of human capital development. A quantitative explanatory approach was employed using survey data collected from employees involved in digital transformation initiatives. Data were gathered through a structured questionnaire and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to assess the direct and indirect relationships among the proposed constructs. The findings indicate that digital leadership significantly enhances employee agility by fostering adaptability, continuous learning, and responsiveness to technological change. Employee agility was found to have a strong positive effect on sustainable performance, suggesting that agile employees contribute substantially to organizational resilience, innovation capability, and long-term effectiveness. Furthermore, employee agility partially mediates the relationship between digital leadership and sustainable performance, demonstrating that the influence of leadership on sustainability outcomes operates largely through workforce adaptability. These results highlight the critical role of human capital development in digital transformation and provide empirical evidence that sustainable organizational performance can be achieved when digital leadership is effectively translated into agile employee behavior. The study contributes to the growing literature on digital transformation and human resource management by offering an integrated framework that links leadership, employee capabilities, and sustainability-oriented organizational outcomes.
Copyright (c) 2026 Syarifuddin Syarifuddin, Muhammad Luthfi Siraj, Fahrian Arsyam Gultom, Zulfikar, Muhammad Novrizal Ramadhan https://creativecommons.org/licenses/by-sa/4.0
Analysis of The Effect of Service Quality and Price on Customer Loyalty Mediated by Customer Satisfaction at Al-Matuq Islamic Boarding School Laundry
Customer loyalty is a crucial factor in maintaining the sustainability of any service business, including the laundry business. Al-Matuq Islamic Boarding School Laundry experienced a decline in turnover and frequency of repeated service usage during the 2023–2025 period, indicating a decline in customer loyalty. This study aims to analyze the effect of service quality and price on customer loyalty, with customer satisfaction as a mediating variable. The study used a quantitative approach with a survey method of 133 Al-Matuq Islamic Boarding School Laundry customers selected using a purposive sampling technique. Data analysis was conducted using Structural Equation Modeling (SEM) assisted by AMOS 26. The results showed that service quality has a positive and significant effect on customer satisfaction (β = 0.647; p < 0.001), price has a positive and significant effect on customer satisfaction (β = 0.313; p = 0.002), price has a positive and significant effect on customer loyalty (β = 0.443; p < 0.001), and customer satisfaction has a positive and significant effect on customer loyalty (β = 0.197; p = 0.035). In contrast, service quality does not have a significant effect on customer loyalty (β = 0.077; p = 0.544). These findings indicate that customer satisfaction plays an important role in increasing customer loyalty, while service quality contributes more through increasing customer satisfaction than directly to loyalty. The implications of this study emphasize the importance of consistently improving service quality and setting prices that are in accordance with the benefits received by customers to increase customer satisfaction and loyalty in a sustainable manner
Copyright (c) 2026 Rini Aryani, Muh. Abdul Aziz, Muhammad Khairul Amal https://creativecommons.org/licenses/by-sa/4.0
Tourism Commodities, Cost, Comfort, and Communication: Shaping Tourist Perceptions and Revisit Decisions at Palabuhanratu
This study aims to examine the influence of tourism commodities, tourism costs, tourism comfort, and tourism communication on domestic tourists' perceptions and their impact on revisit decisions at Palabuhanratu Beach, Sukabumi Regency. This research employed a quantitative approach using an explanatory research design. The sample consisted of 150 domestic tourists selected through purposive sampling. Data were collected using a five-point Likert scale questionnaire and analyzed through Structural Equation Modeling (SEM) with IBM SPSS Statistics 26 and IBM SPSS AMOS 24. The findings reveal that tourism commodities, tourism costs, and tourism comfort have a positive and significant effect on domestic tourists' perceptions, while tourism communication does not significantly affect domestic tourists' perceptions. Furthermore, domestic tourists' perceptions, tourism costs, and tourism communication have a positive and significant effect on revisit decisions. In contrast, tourism commodities and tourism comfort do not directly influence revisit decisions. The findings indicate that domestic tourists' perceptions play a crucial role in encouraging revisit decisions. Therefore, destination managers should improve the quality of tourism commodities, enhance tourist comfort, establish appropriate tourism pricing, and strengthen tourism communication strategies to build positive perceptions and increase tourist loyalty through revisit decisions.
Copyright (c) 2026 Chera Anggraeni, Muh Abdul Aziz, Alhidayatullah https://creativecommons.org/licenses/by-sa/4.0