The Moderating Role of Firm Size in the Effects of Operational Risk and Digital Transformation on Financial Performance
The financial performance of firms in the Indonesian non-cyclical consumer sector is increasingly influenced by operational risk management and digital transformation, while firm size may shape how these factors translate into performance outcomes. This study employed a quantitative approach using panel data regression on non-cyclical consumer companies listed on the Indonesia Stock Exchange during 2019–2024, with purposive sampling and firm size as a moderating variable, analyzed using EViews and fixed effect model selection. Results show that operational risk has a significant negative effect on financial performance, and digital transformation also negatively affects performance, while firm size strengthens the relationship between both variables and financial performance, with an adjusted R-squared of 0.752 indicating strong explanatory power. This study concludes that integrating operational risk, digital transformation, and firm size provides a comprehensive model for explaining financial performance in Indonesian consumer non-cyclical firms, offering implications for managerial decision-making and corporate strategy development. These findings highlight the importance of strengthening risk governance and accelerating digital adoption in medium and large firms, particularly in emerging markets, where resource differences influence the effectiveness of transformation strategies and financial resilience across industries over time. Policy and managerial recommendations should focus on sustainable digital risk integration strategies.
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ESG Dimensions and Stock Return Volatility: Empirical Evidence from Shariacompliant Manufacturing Firms
This study aims to analyze the effect of Environmental, Social, and Governance (ESG) dimensions on the stock price volatility of Sharia-compliant companies listed in the Indonesian Sharia Stock Index (ISSI) within the manufacturing sector over the period 2018–2024. This study employs a quantitative approach using panel data regression. ESG is measured based on sustainability report disclosures referring to GRI Standards, while stock price volatility is calculated using the standard deviation of stock returns. The results indicate that the Environmental dimension has a significant negative effect on stock price volatility, whereas the social dimension is only significant at the 10% level and the Governance dimension shows no significant effect. These findings suggest that the market does not respond to ESG as a unified construct, but rather selectively based on the relevance of each dimension to firm-level risk. In the context of the manufacturing sector, the environmental aspect is more dominant due to its direct association with operational risk.
Pengaruh Gaya Kepemimpinan, Komitmen Organisasi dan Budaya Organisasi terhadap Kinerja Pegawai pada Kantor Bawaslu Kabupaten Ponorogo
Sumber daya manusia merupakan aset strategis yang menentukan keberhasilan organisasi publik, termasuk Badan Pengawas Pemilihan Umum (Bawaslu) yang berperan menjaga integritas demokrasi. Penelitian ini bertujuan untuk menganalisis pengaruh gaya kepemimpinan, komitmen organisasi, dan budaya organisasi terhadap kinerja pegawai pada Kantor Bawaslu Kabupaten Ponorogo, baik secara parsial maupun simultan. Penelitian menggunakan pendekatan kuantitatif dengan teknik sampling jenuh terhadap seluruh populasi yang berjumlah 31 pegawai. Data primer dikumpulkan melalui kuesioner berskala Likert dan dianalisis menggunakan regresi linier berganda dengan bantuan program IBM SPSS Statistics. Hasil penelitian menunjukkan bahwa gaya kepemimpinan berpengaruh positif dan signifikan terhadap kinerja pegawai (t = 3,997; sig. 0,000), komitmen organisasi berpengaruh positif dan signifikan (t = 5,311; sig. 0,000), dan budaya organisasi berpengaruh positif dan signifikan (t = 6,074; sig. 0,000). Secara simultan, ketiga variabel berpengaruh signifikan terhadap kinerja pegawai (F = 25,075; sig. 0,000) dengan koefisien determinasi 73,6%, sedangkan 26,4% dipengaruhi faktor lain di luar model. Penelitian ini menyimpulkan bahwa peningkatan kinerja pegawai Bawaslu Kabupaten Ponorogo memerlukan pengelolaan kepemimpinan yang efektif, penguatan komitmen organisasi, dan pengembangan budaya organisasi yang berorientasi pada integritas dan profesionalisme.
The Effect of ESG Disclosure and Firm Size on Firm Value: An Analysis Using Tobin’s Q as a Market Value Proxy Moderated by Financial Performace
This study aims to examine the effect of Environmental, Social, and Governance (ESG) performance and firm size on firm value, proxied by Tobin’s Q, among energy sector companies in Indonesia, with profitability serving as a moderating variable and leverage and firm age included as control variables. The study employed a quantitative approach using panel data from 91 energy sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period, resulting in a total of 212 observations. The data were analyzed using panel data regression, with the most appropriate model selected through the Chow, Hausman, and Lagrange Multiplier tests, indicating that the common effect model was the best-fitting model. The findings reveal that ESG has a negative and significant effect on firm value, while firm size has a positive and significant effect on firm value. Furthermore, profitability was found to strengthen the relationship between ESG and firm value but weaken the effect of firm size on firm value. These findings suggest that ESG practices have not yet been fully appreciated by the market within Indonesia’s energy sector and only generate added value when supported by strong financial performance. This study provides both theoretical and practical implications for corporate management, investors, and regulators in understanding the role of ESG in firm value creation.
The Influence of Discount and Social Proof Programs in Determining Decisions to Buy Goods on Tiktok Shop in Pekanbaru City
The development of digital technology and the increasing use of social media have encouraged the emergence of the social commerce phenomenon, one example of which is the TikTok Shop platform, which integrates entertainment activities, social interactions, and buying and selling transactions within a single application. TikTok Shop offers various marketing strategies to influence consumer behavior, including discount programs and social proof. Discount programs provide economic incentives in the form of price reductions, vouchers, and limited-time promotions, while social proof refers to social validation mechanisms, such as customer reviews, ratings, sales numbers, and user recommendations, that can increase consumer trust. This study aims to analyze the influence of discount and social proof programs on consumer purchase decisions at TikTok Shop in Pekanbaru City. The research employs a quantitative method with an associative approach. Primary data were obtained through questionnaires distributed to 30 respondents selected using a purposive sampling technique. Data analysis was conducted through validity and reliability tests, classical assumption tests, and multiple linear regression analysis to examine the partial and simultaneous effects of the variables. The results showed that discount programs had a positive and significant effect on purchase decisions, whereas social proof did not have a partially significant effect. However, simultaneously, both variables had a significant effect on purchase decisions. The coefficient of determination (R²) value of 41.3% indicates that purchase decisions can be explained by discount and social proof programs, while the remaining 58.7% are influenced by factors outside the research model. These findings indicate that price-related factors are the primary considerations for consumers when shopping through TikTok Shop. This research is expected to provide a theoretical contribution to the development of digital marketing studies and serve as a practical recommendation for business actors in designing more effective promotional strategies.
Islamic Values in Business: The Role of Islamic Work Ethics in Strengthening the Impact of Ethical Production on Sme Growth in Surabaya
This research aims to examine the influence of Islamic production ethics on the growth of micro, small, and medium enterprises (MSMEs) in the food and beverage sector in Surabaya. Specifically, this study analyzes the moderating role of Islamic Work Ethics (IWE) in strengthening the relationship between Islamic production ethics and MSME growth. A quantitative approach is employed using the Partial Least Squares Structural Equation Modeling (PLS-SEM) method. Data were obtained through a survey of 106 purposively selected MSME owners. The results indicate that Islamic production ethics has a positive and significant impact on MSME growth. Islamic work ethics also shows a direct positive influence on business growth. However, as a moderating variable, Islamic work ethics weakens the positive influence of Islamic production ethics on MSME growth. These findings suggest that among entrepreneurs with a high level of Islamic work ethic, the influence of external ethical systems becomes less dominant because these values have been internalized in their daily work behavior. This research contributes both theoretically and practically to the development of contextual Islamic business ethics.
Trade Openness and Inflation Dynamics in Indonesia: Long-Run Evidence Across Four Structural Break Episodes (1969–2024)
Trade openness and its relationship with inflation dynamics have long been a crucial and extensively debated topic in the macroeconomic literature, particularly in developing economies where structural vulnerabilities make price stability a vital concern for investment and the business environment. This study empirically examines the short-run and long-run relationship between trade openness and inflation in Indonesia over the period 1969–2024, covering 56 annual observations and four major structural break episodes: the 1974 OPEC embargo, the 1998 Asian financial crisis, the 2008 global financial crisis, and the 2020 COVID-19 pandemic. Using the ARDL Bounds test, the F-bounds test confirms cointegration among the variables, with an F-statistic of 6.744 that substantially exceeds the upper critical bound at the 5% significance level. The long-run estimation yields a positive and significant coefficient on trade openness (β = 0.207, p < 0.05), which runs counter to the Romer (1993) hypothesis, indicating that greater trade exposure is associated with higher inflation in the Indonesian context. The error correction term (ECT = −1.407) is negative and significant, confirming a short-run adjustment mechanism toward long-run equilibrium. The robustness check further confirms that structural break dummies are not only theoretically justified but empirically necessary, as the long-run significance of all variables disappears entirely when dummies are excluded.
The Factors that Influence Individual Taxpayer Compliance in the Implementation of the Coretax System
This study examines the effects of taxpayer awareness, moral obligation, tax understanding, and the Coretax System on individual taxpayer compliance, with tax socialization serving as a moderating variable and income level as a control variable. Using purposive sampling, data were collected from 224 individual taxpayers residing in the Greater DKI Jakarta area through a questionnaire. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4 to evaluate both the measurement model and the structural model. The findings reveal that taxpayer awareness and tax understanding have positive and significant effects on individual taxpayer compliance. In contrast, the Coretax System and moral obligation do not significantly influence compliance behavior. Income level, included as a control variable, is found to be positively associated with individual taxpayer compliance. The results further indicate that tax socialization does not moderate the relationships between the independent variables and individual taxpayer compliance, suggesting that it neither strengthens nor weakens these relationships. These findings imply that improving taxpayer awareness and tax knowledge can enhance compliance. However, this study is limited by its reliance on self-administered questionnaires, which may have introduced misunderstandings and response bias. Future research should consider supervised data collection methods and explore additional factors influencing taxpayer compliance.
The Effect of Lean Manufacturing Practices and Knowledge Sharing on Defect Reduction Performance Among Production Workers at a Bicycle Factory, with a Culture of Continuous Improvement as a Mediating Variable
This study aims to analyze the effect of Lean Manufacturing Practices and Knowledge Sharing on Defect Reduction Performance in bicycle factory production employees with Continuous Improvement Culture as a mediating variable. This study uses a quantitative approach with an associative research type. The research sample amounted to 290 production employees determined based on the number of indicators multiplied by 10. Data collection was carried out through a questionnaire with a Likert scale of 1–5. The data were analyzed using the Structural Equation Modeling-Partial Least Squares (SEM-PLS) method. The results showed that Lean Manufacturing Practices had a positive and significant effect on Defect Reduction Performance with a p-value of 0.000. Knowledge Sharing did not have a significant effect on Defect Reduction Performance with a p-value of 0.572. Lean Manufacturing Practices have a positive and significant effect on Continuous Improvement Culture with a p-value of 0.000. Knowledge Sharing also had a positive and significant effect on Continuous Improvement Culture with a p-value of 0.000. Continuous Improvement Culture has a positive and significant effect on Defect Reduction Performance with a p-value of 0.012. The mediation results show that Continuous Improvement Culture mediates the influence of Lean Manufacturing Practices and Knowledge Sharing on Defect Reduction Performance with a p-value of 0.022 each. This finding indicates that defect reduction is more effective when lean practices and knowledge sharing are supported by a culture of continuous improvement.
Impact of Rubber to Oil Palm Farm Transition on Income and Welfare of Farmers in North Padang Lawas Regency
The decline in rubber prices from Rp18,000 to Rp6,000–Rp10,000 per kilogram has encouraged farmers in Sihopuk Baru Village, North Padang Lawas Regency, to shift to oil palm farming as an adaptive response to structural market pressures. This study aims to analyze the driving factors of this shift and its impact on farmers' income and welfare. A mixed methods approach with a sequential explanatory design was applied, involving 32 respondents selected through a census method and 8 key informants selected purposively. Quantitative analysis using the Paired Samples T-Test was complemented by qualitative analysis conducted through the stages of data reduction, data presentation, and conclusion verification. The results identified five driving factors: structural rubber price pressure, superior oil palm productivity (an 8.1-fold increase), labor allocation efficiency, institutional support, and long-term profit prospects. The transition increased average farmer income by 139%, from Rp2,783,512.50 to Rp6,653,593.75 per month (t = −7.828; df = 31; p < 0.001). Multidimensional impacts include reduced workload intensity, increased accumulation of productive assets, and improved access to education. The findings confirm that the transformation of smallholder plantation commodities is an effective mechanism for improving rural welfare, although its sustainability depends on the stability of crude palm oil (CPO) prices and the capacity for household economic diversification.
Improving the Financial Performance of MSMES: The Role of Financial Literacy and Behavior Through Financial Planning
To provide a foundation for smarter financial strategies and policies for MSME owners, this study analyzes the effects of financial literacy and behavior on business performance in Pangkep Regency, focusing on financial planning as a mediator. The study concludes that financial literacy and behavior have an indirect positive impact on MSME performance through financial planning, a result that underscores the commonly ignored gap between knowledge and action. This study provides an alternative approach to MSME financial management by showing that actual financial behavior matters more to outcomes than knowledge alone, supported by behavioral finance frameworks and the Theory of Planned Behavior. Such conclusions back the implementation of empowerment programs and advanced technology for recording transactions. To test these causal relationships, this explanatory quantitative project surveys 358 MSME actors in Pangkep Regency using a 5-point Likert questionnaire, evaluating the structural and measurement systems through PLS-SEM and validating hypotheses with bootstrapping techniques. The study reveals that financial literacy and behavior contribute positively to financial planning, while financial behavior also maintains a direct link to MSME success. Financial literacy holds an indirect relationship with performance, mediated by financial planning, which elevates both operational effectiveness and planning standards. A key limitation is that the results center entirely on MSMEs within Pangkep Regency, meaning they lack wide generalizability. However, the study remains useful for guiding practitioners and policymakers as they create empowerment schemes meant to strengthen financial management through improved literacy, behavior, and planning habits.
The Influence of Influencers on the Instant Lifestyle of Middle-Class Muslims in Pontianak from the Perspective of the Theory of Planned Behavior
The culture of digitalization translated by humans in the influencer profession, which directly or indirectly has an impact on several aspects of people's lives. Influencer is one of the professions that quite affects the lifestyle of the middle-class Muslim community in the city of Pontianak, which is slowly changing their lifestyle toward an instant direction. For example, buying food with the GoCod application, buying goods with the Shopee application. Seen through the perspective of planned behavior theory, this qualitative research employed data collection using in-depth interview techniques, with informant determination conducted through purposive sampling strategies. The results of the study show that influencers have an influence on the instant lifestyle choices of middle-class Muslims in the city of Pontianak through digital content that they create or by serving as brand ambassadors. The phenomenon of instant lifestyle in the middle-class Muslim community in the city of Pontianak can be understood as a form of response to the digitalization phenomenon, which today makes influencers one of the public figures who most influence people's lifestyles. In addition, the instant lifestyle of the middle-class Muslim community in the city of Pontianak is a form of action that is very controlled and carried out with full awareness and without coercion.
The Effect of Leverage and Profitability on Earnings Management with Company Size as A Moderating Variable
Profit management is a strategy implemented by company managers through the selection of accounting policies to change the projected figures stated in the financial statements which aims to manipulate the presentation of profit information so that stakeholders (stakeholders) obtain inaccurate information about the company's actual financial performance and stability. The objective of this study is to determine the extent to which leverage and profitability influence earnings management and to determine the extent to which firm size moderates this relationship. This study employs a quantitative approach using secondary data from companies in the food and beverage subsector listed on the Indonesia Stock Exchange from 2020 to 2024. The method used is purposive sampling, yielding 137 data units that meet the established criteria. To test the hypotheses, various linear regression techniques and Moderated Regression Analysis (MRA) were employed. The results indicate that leverage does not have a significant impact, whereas profitability is found to have a significant influence on earnings management. Meanwhile, firm size is not found to act as a moderating variable
The Mediating Role of Process Stability in the Relationship Between Supply Performance and Product Quality Consistency Among SMES in Japing
Product quality inconsistency is still a major challenge for food MSMEs due to high dependence on raw material supply and semi-manual production processes. This study aims to analyze the mediating role of process stability in the relationship between supply performance and product quality consistency in JAPA MSMEs. The research uses a quantitative approach supported by production operational data. Initial research used 120 production batches; after data screening for outliers, 90 observations were used in the final analysis. Data were analyzed using linear regression, path analysis, and Sobel tests. The results show that supply performance has a significant effect on process stability, but the direction of the influence is negative, so H1 is not supported. Process stability has a positive effect on product quality consistency, while supply performance does not directly affect product quality consistency. The Sobel test shows that process stability mediates the relationship between supply performance and product quality consistency. These findings confirm that improving the quality of food MSME products cannot be achieved solely through improving supply but requires strengthening the stability of the production process.
The Effect of Service Quality, AI Service Quality, Green Banking Practices, and Shariah Compliance on Customer Loyalty, with Customer Satisfaction as a Mediating Variable, in Islamic Banking in East Kalimantan
The development of digital technology, especially the use of Artificial Intelligence (AI), has driven the transformation of banking services through increasing efficiency, personalization, and the quality of customer interactions. However, in Islamic banking, the optimization of digital services has not been fully balanced with increasing customer satisfaction and loyalty, especially related to service quality, sharia compliance, and green banking practices. This study aims to analyze the influence of service quality, AI service quality, green banking practices, and shariah compliance on the satisfaction and loyalty of Islamic bank customers in East Kalimantan. This study uses a quantitative method with an explanatory design through a survey of 200 respondents and analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM). The results of the study show that service quality, AI service quality, and shariah compliance have a significant effect on customer satisfaction, while green banking practices have no significant effect. In addition, customer satisfaction has been proven to have a significant effect on customer loyalty. The results of the Multi-Group Analysis (MGA) show that the model applies consistently across gender, age, and length of customer service, thus showing the generalizability of the findings among Islamic banking customers in East Kalimantan. This research is expected to help Islamic banking in improving service quality, developing AI-based services, and strengthening the application of sharia principles to increase customer satisfaction and loyalty. In addition, this research also makes a theoretical contribution to the development of the Stimulus-Organism-Response (SOR) model in the context of Islamic banking and digital technology.
Pengaruh Harga dan Citra Merek terhadap Keputusan Pembelian dengan Promosi Media Sosial sebagai Variabel Moderasi
Penurunan keputusan pembelian pada perusahaan jasa boga di era digital menjadi tantangan, karena harga dan citra merek seringkali tidak diimbangi strategi promosi media sosial yang tepat. Tujuan penelitian ini adalah untuk menganalisis pengaruh harga dan citra merek terhadap keputusan pembelian serta menguji peran promosi media sosial sebagai variabel moderasi pada perusahaan jasa boga Dapurwins. Jenis penelitian yang digunakan adalah kuantitatif dengan pendekatan kausal asosiatif (explanatory research). Sampel sebanyak 223 responden ditentukan menggunakan rumus Slovin, dengan metode kuantitatif dan pengujian hipotesis menggunakan SEM-PLS melalui Smart PLS 4. Hasil penelitian menunjukkan harga dan citra merek berpengaruh positif serta signifikan terhadap keputusan pembelian. Namun, promosi media sosial tidak memoderasi hubungan antara harga maupun citra merek terhadap keputusan pembelian. Strategi promosi yang lebih efektif diperlukan untuk meningkatkan keputusan pembelian. Disimpulkan bahwa harga dan citra merek secara langsung mendorong keputusan pembelian, tetapi promosi media sosial belum efektif sebagai variabel moderasi. Strategi promosi yang lebih terintegrasi dan kontekstual diperlukan untuk meningkatkan efektivitas.
The Effect of Financial Performance on Sharia Stock Prices with Sharia Market Sentiment as a Moderating Variable: A Study of Manufacturing Companies in ISSI 2019–2024
This study aims to analyze the effect of financial performance on Sharia-compliant stock prices, with Sharia market sentiment as a moderating variable, in manufacturing companies listed on the Indonesian Sharia Stock Index (ISSI) for the period 2019–2024. Financial performance is represented by Return on Assets (ROA), Net Profit Margin (NPM), Earnings per Share (EPS), and Debt to Equity Ratio (DER), while Sharia-compliant stock prices are used as an indicator of market response to company performance. Sharia market sentiment is measured using Google Trends data, which reflects the level of investor attention and interest in Sharia stocks. This study employs a quantitative approach and panel data regression method, with secondary data obtained from company financial reports and official capital market publications. The panel regression model was selected using the Chow Test, Hausman Test, and Lagrange Multiplier Test to obtain the most appropriate estimation model. This study is complemented by classical assumption tests and hypothesis testing to ensure the reliability of the research results. This study is expected to provide empirical evidence regarding the role of financial performance in determining Sharia stock prices and how Sharia market sentiment can strengthen or weaken this relationship. The results of this study are expected to contribute to the development of empirical literature in Islamic finance, particularly regarding the integration of fundamental factors and investor behavior. This research also provides practical implications for company management in improving financial performance.
The Theory of Constraints Approach for Analysing Constraints in The Process of Converting Prospects Into Business Customers at Telkom Manyar Regional Office
Business prospect conversion is a critical process in achieving sales performance within Business-to-Business (B2B) telecommunications services. However, many organizations experience difficulties in converting prospects into customers due to various operational constraints throughout the sales process. This study aims to identify the primary constraints affecting the conversion of business prospects into customers at Telkom Manyar Regional Office by applying the Theory of Constraints (TOC) approach. The study integrates prospect data quality measurement using Tuple Completeness and predictive analytics through a Decision Tree model. A quantitative descriptive approach was employed using 600 prospect records collected from January to June 2025. Tuple Completeness was utilized to evaluate the completeness of prospect data, while Fishbone Diagram analysis was used to identify root causes of conversion constraints. Furthermore, a Decision Tree model was developed using Altair AI Studio to predict conversion outcomes and identify influential variables. The results indicate that prospect data quality represents the primary constraint in the conversion process. Prospects with 100% Tuple Completeness achieved a conversion rate of 79.29%, while prospects with 67% and 33% completeness achieved conversion rates of 25.15% and 0%, respectively. The Decision Tree model achieved an accuracy of 86.11%, identifying Tuple Completeness as the most influential predictor of conversion success. These findings demonstrate that improving prospect data quality can significantly enhance customer conversion performance. The study contributes to the integration of Theory of Constraints, data quality assessment, and predictive analytics in the context of B2B customer acquisition within the telecommunications industry.
Factors Affecting The Job Performance of Employees at E-Commerce Companies in Indonesia
This study aims to analyze the antecedents of job performance by considering the mediating role of work engagement. The variables used in this study are transformational leadership and perceived supervisor support as the independent variables, job performance as the dependent variable, and work engagement as the mediating variable. The respondents of this study consisted of 150 employees at e-commerce companies. Data analysis was conducted using the Structural Equation Modeling (SEM) method with the assistance of AMOS software. The results of this study indicate that transformational leadership has a positive effect on job performance. Transformational leadership has a positive effect on work engagement. Perceived supervisor support has a positive effect on job performance. Perceived supervisor support has a positive effect on work engagement. Work engagement plays a mediating role in the relationship between transformational leadership and job performance, and work engagement also mediates the relationship between perceived supervisor support and job performance. Managerial implications: Management can provide recognition to high-achieving employees in the form of micro-rewards. Small but relevant rewards are often more meaningful than annual awards that are rarely given. In addition, management also needs to provide facilities in the form of professional career development for each individual employee, such as by providing opportunities for training, project rotation, or promotions. This makes employees feel valued because they are recognized as individuals with potential for development.
The Effect of ESG Score and Foreign Ownership on Financial Reporting Delay, with Financial Distress Measured Using The Merton Model as A Mediating Variable: A Study of Manufacturing Companies on The IDX from 2020 to 2024
This study aims to examine the effect of ESG score and foreign ownership on financial reporting delay with financial distress as a mediation variable in manufacturing companies listed on the Indonesia Stock Exchange for the 2020–2024 period. The population comprises all manufacturing companies listed on the IDX. Purposive sampling method resulted in 23 companies with 115 annual observations. Data analysis employed panel data regression using the Two-Stage Least Squares (TSLS) method to address endogeneity issues. Model selection was conducted through the Chow Test, Hausman Test, and Lagrange Multiplier Test. The results indicate that Equation 1 uses the Common Effect Model (CEM), while Equations 2 and 3 use the Fixed Effect Model (FEM). The findings reveal that ESG score has no significant effect on financial distress (p = 0.293 > 0.05) nor on financial reporting delay (p = 0.747 > 0.05). Foreign ownership has no significant effect on financial distress (p = 0.280 > 0.05). Financial distress has no significant effect on financial reporting delay (p = 0.348 > 0.05). Furthermore, financial distress does not mediate the effect of ESG score nor foreign ownership on financial reporting delay. Consequently, all five hypotheses are rejected. The implication is that ESG has not yet become a sufficiently strong factor in influencing corporate financial health in Indonesia. The novelty of this study lies in the use of the Merton Model to measure financial distress and the TSLS method to address endogeneity in the mediation model within the context of Indonesian manufacturing companies.
Pola Whistleblowing dan Pendeteksian Early Warning Fraud pada Skema Kredit Usaha Rakyat (KUR) oleh Pemerintah: Perspektif Akuntansi Forensik Sektor Publik
Skema Kredit Usaha Rakyat (KUR) sebagai instrumen strategis pemerintah menghadapi risiko fraud signifikan, sebagaimana diilustrasikan kasus KUR fiktif yang merugikan negara hingga miliaran rupiah. Penelitian sebelumnya lebih fokus pada sisi bank penyalur, mengabaikan perspektif pemerintah sebagai pengawas. Penelitian ini bertujuan memetakan pola whistleblowing, mengidentifikasi indikator early warning fraud, dan mengevaluasi kesenjangan sistem deteksi dini dalam skema KUR dari perspektif akuntansi forensik sektor publik. Penelitian kualitatif dengan desain studi kasus instrumental di Provinsi Banten. Data dikumpulkan melalui wawancara mendalam terhadap informan dari berbagai institusi pengawas KUR serta analisis dokumentasi. Analisis menggunakan analisis tematik enam fase Braun & Clarke. Hasil penelitian menunjukan bahwa Whistleblowing internal tidak berfungsi seluruh fraud terungkap dari laporan eksternal korban pencatutan identitas. Lima red flags early warning sistematis diabaikan, meliputi tanda tangan identik antar berkas, survei lapangan fiktif, dan aliran dana ke rekening penampung. Kesenjangan utama adalah lemahnya koordinasi lintas institusi, keterbatasan teknologi verifikasi, dan tidak adanya perlindungan whistleblower. Diperlukan integrasi data real-time lintas institusi, penerapan geotagging dan verifikasi biometrik, serta perlindungan hukum bagi whistleblower dengan insentif finansial.
Analisis Pengaruh Suku Bunga dan Kualitas Pelayanan terhadap Kepuasan Nasabah dalam Mengakses Kredit Modal Kerja pada Bank UOB Cabang Jakarta Selatan
Penelitian ini bertujuan menganalisis pengaruh suku bunga dan kualitas layanan terhadap kepuasan nasabah kredit modal kerja pada Bank UOB Indonesia Cabang Jakarta Selatan. Penelitian menggunakan pendekatan kuantitatif dengan data primer yang diperoleh melalui penyebaran kuesioner kepada 96 nasabah. Analisis data dilakukan menggunakan regresi linier berganda dengan bantuan IBM SPSS Statistics. Hasil penelitian menunjukkan bahwa suku bunga berpengaruh negatif dan signifikan terhadap kepuasan nasabah, sedangkan kualitas layanan berpengaruh positif dan signifikan. Secara simultan, kedua variabel juga terbukti berpengaruh signifikan terhadap kepuasan nasabah. Nilai koefisien determinasi (R²) sebesar 0,435 menunjukkan bahwa 43,5% variasi kepuasan nasabah dapat dijelaskan oleh suku bunga dan kualitas layanan, sedangkan 56,5% sisanya dipengaruhi faktor lain di luar model penelitian. Hasil uji asumsi klasik menunjukkan bahwa model regresi memenuhi kriteria normalitas, bebas multikolinearitas, dan tidak mengalami heteroskedastisitas. Penelitian ini menyimpulkan bahwa penetapan suku bunga yang kompetitif dan peningkatan kualitas layanan secara konsisten merupakan faktor penting dalam meningkatkan kepuasan nasabah kredit modal kerja.
Pengaruh Kemudahan Penggunaan, Kepercayaan, dan Keamanan terhadap Minat Penggunaan Qris pada UMKM (Studi Kasus Gen-Z di Kelurahan Pegangsaan Jakarta Pusat)
Adopsi sistem pembayaran digital QRIS di kalangan Generasi Z sebagai pelaku UMKM masih menghadapi tantangan, terutama terkait faktor kemudahan, kepercayaan, dan keamanan yang belum banyak diteliti secara simultan pada tingkat lokal. Penelitian ini menganalisis pengaruh kemudahan penggunaan, kepercayaan, dan keamanan terhadap minat penggunaan QRIS pada pelaku UMKM Gen-Z di Kelurahan Pegangsaan, Jakarta Pusat. Metode yang digunakan adalah survei kuantitatif dengan 100 responden dan analisis regresi linier berganda menggunakan SPSS 25. Hasil penelitian menunjukkan ketiga variabel berpengaruh positif dan signifikan, baik secara simultan maupun parsial, terhadap minat penggunaan QRIS. Nilai Adjusted R² sebesar 0,388 menandakan 38,8% variasi minat dijelaskan oleh variabel tersebut, sementara 61,2% dipengaruhi faktor lain. Temuan ini menegaskan bahwa Gen-Z memandang QRIS sebagai layanan praktis, aman, dan terpercaya dalam mendukung aktivitas kewirausahaan. Implikasinya, perlu pengembangan layanan pembayaran digital yang mudah digunakan dan aman, serta promosi berbasis media sosial untuk meningkatkan kepercayaan dan loyalitas Gen-Z terhadap QRIS.
Analisis Perilaku Konsumen Kopi Keliling Sebagai Tren Gaya Hidup Gen Z di Kota Depok dari Perspektif Ekonomi Mikro
Fenomena kopi keliling atau penjual kopi keliling menjadi salah satu bentuk usaha mikro yang tumbuh pesat di wilayah urban seperti Kota Depok. Dalam beberapa tahun terakhir, minat masyarakat—khususnya Generasi Z—terhadap produk kopi mengalami peningkatan, seiring dengan berkembangnya budaya minum kopi sebagai bagian dari gaya hidup. Penelitian ini bertujuan untuk menganalisis pengaruh harga dan promosi terhadap keputusan pembelian kopi lokal serta memahami perilaku konsumsi kopi keliling di kalangan Gen Z. Metode yang digunakan adalah campuran, dengan survei deskriptif sederhana dan wawancara mendalam terhadap 6 konsumen, 2 penjual, dan 1 pengamat budaya urban. Hasil penelitian menunjukkan bahwa konsumen muda (19–21 tahun) memilih kopi keliling karena harga murah, rasa cukup enak, lokasi mudah dijangkau, serta suasana akrab yang sering mereka abadikan di media sosial. Dari sisi penjual, meski menghadapi tantangan cuaca dan persaingan kafe modern, mereka tetap bertahan dengan pelanggan tetap, promosi mulut ke mulut, serta adaptasi lewat QRIS dan media sosial. Sementara itu, pengamat budaya menilai kopi keliling merepresentasikan identitas urban Gen Z yang otentik, sederhana, dan stylish, dengan media sosial sebagai penguat tren konsumsi.
Modeling the Performance of Civil Servants in the Tegal Regency Government
This study aims to examine the effect of workload, compensation, and training on the performance of Civil Servants (ASN), with job satisfaction as a mediating variable among ASN in the Tegal Regency Government. Using a quantitative approach with causal explanatory design, data were collected through questionnaires distributed to 200 ASN respondents selected using purposive sampling technique. The validity test results showed that all indicators had loading factor values above 0.60 with CR > 1.96 and p-value < 0.05, while the reliability test using Cronbach's Alpha produced values above 0.90 for all variables (workload 0.926, compensation 0.926, training 0.925, job satisfaction 0.916, performance 0.943). The Goodness of Fit test indicated a fit model (Chi-Square 1245.321, p = 0.061; CMIN/DF = 1.742; GFI = 0.91; RMSEA = 0.047). The results show that workload has a negative and significant effect on job satisfaction (CR = 2.984; p = 0.003) and performance (CR = 3.284; p = 0.001). Compensation has a positive and significant effect on job satisfaction (CR = 3.468; p = 0.001) and performance (CR = 3.112; p = 0.002). Training has a positive and significant effect on job satisfaction (CR = 3.873; p = 0.004) and performance (CR = 3.657; p = 0.000). Job satisfaction has a positive and significant effect on ASN performance (CR = 3.194; p = 0.001). Furthermore, job satisfaction mediates the relationships between workload, compensation, and training on performance with indirect effect values of 0.338 (p = 0.000), 0.297 (p = 0.002), and 0.365 (p = 0.000) respectively.
Pengaruh Aktivitas Pemasaran Melalui Konten Media Sosial terhadap Minat dan Angka Penjualan Kienka di Kota Tangerang Selatan: Fokus terhadap Perilaku Konsumen dan Permintaan Topik Inti Ekonomi Mikro
Perkembangan teknologi digital dan media sosial telah mengubah strategi pemasaran modern, khususnya dalam memengaruhi perilaku konsumen dan permintaan pasar. Penelitian ini bertujuan untuk menganalisis pengaruh content marketing melalui media sosial terhadap minat beli dan angka penjualan produk Kienka di Kota Tangerang Selatan. Penelitian menggunakan pendekatan kuantitatif eksplanatori dengan sampel sebanyak 50 responden yang dipilih melalui teknik purposive sampling berdasarkan kriteria tertentu, seperti aktif menggunakan media sosial dan pernah melihat konten Kienka. Instrumen penelitian menggunakan kuesioner skala Likert, dan analisis data dilakukan dengan regresi linear berganda menggunakan SPSS. Hasil penelitian menunjukkan bahwa content marketing berpengaruh positif dan signifikan terhadap minat beli dan angka penjualan. Nilai koefisien determinasi menunjukkan bahwa content marketing mampu menjelaskan 63,4% variasi minat beli dan 62,2% variasi penjualan. Temuan ini mengindikasikan bahwa konten yang informatif, relevan, dan interaktif mampu meningkatkan kepercayaan serta mendorong keputusan pembelian konsumen. Selain itu, fitur interaktif media sosial juga berkontribusi terhadap peningkatan konversi penjualan. Kesimpulannya, strategi content marketing yang efektif memiliki peran penting dalam meningkatkan kinerja bisnis, serta memberikan implikasi praktis bagi pengembangan strategi pemasaran digital pada brand lokal.
Pengaruh Suku Bunga Kredit dan Pertumbuhan Ekonomi Terhadap Volume Penyaluran Kredit UMKM Bank BRI di Indonesia Periode 2016–2024
Sektor UMKM berperan strategis dalam perekonomian Indonesia, dengan penyaluran kredit sebagai sumber pembiayaan utama. Bank BRI, sebagai bank dengan fokus kuat pada UMKM, menjadi penyalur utama kredit bagi sektor ini. Penelitian ini bertujuan menganalisis pengaruh suku bunga kredit dan pertumbuhan ekonomi terhadap volume penyaluran kredit UMKM BRI periode 2016–2024. Metode kuantitatif dengan pendekatan data time series digunakan, serta analisis regresi linier berganda terhadap data sekunder dari Laporan Tahunan BRI, Bank Indonesia, dan BPS. Hasil menunjukkan suku bunga berpengaruh negatif namun tidak signifikan (Sig. = 0,07), demikian pula pertumbuhan ekonomi berpengaruh positif tapi tidak signifikan (Sig. = 0,70). Secara simultan, kedua variabel juga tidak berpengaruh signifikan (Sig. = 0,10), meskipun model mampu menjelaskan 45% variasi data (Adjusted R² = 0,45). Uji asumsi klasik memenuhi syarat multikolinearitas, heteroskedastisitas, dan autokorelasi, tetapi normalitas tidak terpenuhi akibat keterbatasan data (n=9). Dengan demikian, pengaruh kedua variabel terhadap penyaluran kredit UMKM BRI terbatas dalam periode tersebut. Diperlukan penelitian lanjutan dengan cakupan data lebih luas dan penambahan variabel makroekonomi lain untuk hasil yang lebih komprehensif.Kata kunci: suku bunga kredit, pertumbuhan ekonomi, penyaluran kredit UMKM, regresi linier berganda, Bank BRI.
The Effect of Organizational Commitment, Compensation, and Workload on Turnover Intention with Job Satisfaction as an Intervening Variable
This study aims to analyze the influence of organizational commitment, compensation and workload on turnover intention, with job satisfaction as an intervening variable at SDIT Harapan Bunda Semarang. The main problems raised in this study are the existence of employees' intention to change jobs (turnover intention) and the differences in the results of previous research regarding the relationship between organizational commitment, compensation and workload to turnover intention. The research method used is a quantitative approach with an explanatory type of research. The population in this study is all 75 employees of SDIT Harapan Bunda Semarang, who were made respondents through the census sample technique. Data collection was carried out with a Likert scale questionnaire, while data analysis used SmartPLS-based Structural Equation Modeling (SEM) version 4.1.1.4 to test the direct and indirect relationships between variables. The results of the study show that organizational commitment does not have a significant effect on turnover intention directly, but has a positive and significant effect on job satisfaction. Compensation and workload have been proven to have a positive and significant effect on turnover intention. Job satisfaction was found to have a positive and significant effect on turnover intention (playing a role in reducing the intention to move). In mediation testing, job satisfaction was able to significantly mediate the relationship between the organization's commitment to turnover intention and the relationship between compensation and turnover intention. However, job satisfaction is not able to mediate the relationship between workload and turnover intention.
Dinamika Firm Value di Sektor Infrastruktur Bei: Integrasi Indikator Growth, Leverage, Liquidity, dan Firm Size
The primary objective of a company is to enhance its value as a means of maximizing shareholder wealth. This can be achieved through strong financial performance, including improvements in sales growth, debt-to-equity ratio, firm size, and liquidity (current ratio), which collectively play a role in attracting investors and strengthening market confidence. This research is intended to analyze the influence of sales growth, debt-to-equity ratio (DER), firm size, and current ratio on firm value in companies operating within the infrastructure sector listed on the Indonesia Stock Exchange (IDX). An associative research design with a quantitative approach was adopted in this study. The population consisted of 64 companies, from which 32 firms were selected as samples using purposive sampling techniques. The data were processed and analyzed using Statistical Product and Service Solutions (SPSS) version 25. The findings reveal that sales growth, DER, and firm size do not exhibit a statistically significant impact on firm value. However, the current ratio demonstrates a positive and significant influence on firm value among infrastructure companies listed on the IDX. In summary, the study concludes that sales growth, debt-to-equity ratio, and firm size are not determinants of firm value, whereas the current ratio plays a significant positive role in influencing firm value in infrastructure sector companies listed on the Indonesia Stock Exchange
The Relation Between Price, Online Reviews, Consumer Trust, and Purchase Decisions for OMG Lipmatte Products on the Shopee Platform
Current consumer behavior has been influenced by advances in digital technology and the increased use of e-commerce platforms in making purchasing decisions, especially for cosmetic products. As a leading marketplace in Indonesia, Shopee offers various features, such as competitive prices, online reviews, and transaction systems that help build consumer trust. This study aims to analyze the relationship between price, online reviews, and consumer trust and purchasing decisions for OMG Lipmatte products on the Shopee platform among 12th-grade students at SMAN 1 Cibingbin. This study uses a quantitative method with a correlational design involving 52 respondents, determined using the Slovin formula from a population of 105 female students, with data collected through questionnaires that met validity and reliability tests and were analyzed using Pearson’s correlation test in SPSS version 22. The results indicate that price, online reviews, and consumer trust have a positive and significant correlation with purchasing decisions. This finding demonstrates that these three variables play an important role in influencing students’ decisions to purchase OMG Lipmatte products.