Green Finance in Indonesia: Implementation and Challenges
The transition toward a low-carbon economy has increased the need for financing mechanisms that incorporate environmental considerations. In Indonesia, the implementation of green finance has continued to develop through strengthened policy frameworks, green financing instruments, and market-based mechanisms, although various challenges remain. This study aims to examine the implementation of green finance in Indonesia by reviewing policy developments, the application of green finance instruments, and the challenges associated with their implementation. This study employs a qualitative descriptive approach using a narrative literature review. Data sources include scholarly articles, regulations, official reports from government agencies and financial institutions, and institutional publications relevant to green finance in Indonesia. The findings indicate that the implementation of green finance is supported by the Sustainable Finance Roadmap, Financial Services Authority regulations, and the Indonesian Taxonomy for Sustainable Finance. Its implementation is reflected in instruments and mechanisms such as green bonds, green sukuk, green banking, and the carbon exchange. Each faces specific challenges, including the limited availability of eligible green projects, transparency and impact-reporting requirements, the technical capacity of financial institutions, the quality of environmental, social, and governance (ESG) data, and limited market liquidity and participation. In addition, uneven stakeholder literacy and the risk of greenwashing emerge as cross-cutting challenges.
Copyright (c) 2026 Journal of Economics and Business UBS
Optimizing AI for Competitive Growth at Digital Marketing Agencies in Indonesia
Artificial intelligence (AI) has increasingly transformed digital marketing practices by supporting content creation, data analysis, reporting, campaign preparation, creative production, and service innovation. However, the adoption of AI does not automatically lead to optimal business outcomes. This study examines how Indonesian digital marketing agencies adopt and optimize AI for competitive growth. Using a qualitative multiple case study approach, this research analyzes three digital marketing agencies in Indonesia: Socioworks, IND! Communication, and Pepple Digital. Data were collected through semi-structured interviews with agency owners, managers, and decision-makers, supported by digital observation and secondary data. The data were analyzed using the Gioia Method and interpreted through the Technology Acceptance Model (TAM) and the Technology-Organization-Environment (TOE) framework. The findings show that AI adoption is mainly driven by operational efficiency, competitive pressure, and business growth opportunities. However, AI optimization is constrained by human capability gaps, generic AI outputs, fragmented workflows, tool integration barriers, and unclear cost-performance measurement. The study concludes that AI can support competitive growth only when agencies move beyond basic task-based AI usage toward structured, integrated, and client-value-oriented AI optimization. The proposed business solutions include AI capability development, strategic AI investment and governance, workflow optimization, service innovation, and AI-assisted service packaging.
Analysis of Financial Distress Using the Modified Altman, Ohlson, and Grover Models in Property and Real Estate Companies Listed on the Indonesia Stock Exchange (IDX) During the 2022–2024 Period
This study analyzes financial distress in property and real estate companies listed on the Indonesia Stock Exchange (IDX) during 2022-2024 using the Modified Altman Z-Score, Ohlson O-Score, and Grover G-Score models, and evaluates each model's predictive accuracy against firms' actual financial condition. Despite its strategic economic role, this cyclical sector faces post-pandemic pressures, including rising interest rates, inflation, and declining purchasing power, increasing financial distress risk and the need for early detection. This research used a quantitative descriptive approach with secondary data from audited financial statements of IDX-listed companies. Purposive sampling yielded 42 qualifying companies over the three-year observation period. Distress scores were calculated using the three models, compared through non-parametric Kruskal-Wallis and Friedman tests, and validated against actual financial condition, defined by consecutive net losses and non-dividend distribution. Results reveal significant differences among the three models' predictions, confirmed by both the Kruskal-Wallis and Friedman tests (Asymp. Sig. < 0.001). The Modified Altman Z-Score and Ohlson O-Score classified all sample companies as non-distressed, while the Grover G-Score identified five companies as distressed. Accuracy rates reached 71.43% for both the Altman Z-Score and Ohlson O-Score, and 83.33% for the Grover G-Score, making it the most effective predictor. These findings offer practical implications for management, investors, and policymakers: guiding early-warning systems for risk management and strategic decisions, informing investment decisions by flagging at-risk companies, and contributing evidence on model accuracy in Indonesia's post-pandemic property sector. Future research should extend the study period, cover other sectors, and add models for more comprehensive results.
Analysis of the Influence of Service Quality and Trust on Patient Loyalty in Diabetic Wound Care Services: A Case Study at Rumat
Diabetic wound care represents a long-term, high-risk service that requires continuous patient engagement to prevent severe complications such as infection and amputation. RUMAT, a diabetic wound care provider in Indonesia, faces a substantial challenge: a significant mismatch between a large market potential and its market share, compounded by a 37.91% patient dropout rate before treatment completion, predominantly after the third visit. This study analyzed the influence of service quality and trust on patient satisfaction, and the subsequent effect of satisfaction on patient loyalty, to inform patient retention strategies. Primary data were collected via a five-point Likert questionnaire from 134 active or former RUMAT patients, with a minimum of two visits, in the Jabodetabek and Bandung areas, selected through purposive sampling. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS, evaluating both measurement and structural models through path coefficients, R², effect size, and mediation analysis. All five proposed hypotheses were supported. Service Quality strongly influenced Satisfaction (β = 0.672; f² = 0.485), while Trust had a smaller, yet significant, effect (β = 0.282; f² = 0.085). Satisfaction significantly influenced Loyalty (β = 0.435), fully mediating the effects of both Service Quality and Trust, whose direct paths to Loyalty were insignificant. The model explained 88.6% of the variance in Satisfaction and 77.5% of the variance in Loyalty, with a Goodness of Fit of 0.8114, indicating strong model fit. These findings provide an empirical basis for RUMAT to prioritize service quality improvements, enhance transparency, and implement targeted dropout-prevention strategies.
The Effect of Green Marketing on Repurchase Decisions for Nadnad Cloth Sanitary Pads
This study aimed to describe Green Marketing and Repurchase Decision and to examine the effect of Green Marketing on the Repurchase Decision of Nadnad cloth sanitary pads. The study was motivated by a 31% decline in Nadnad’s sales during the fourth quarter of 2025, supported by a pre-research survey indicating that many consumers were hesitant to repurchase due to concerns regarding perceived quality, price, promotion, and product comfort. This research employed a quantitative approach with a descriptive method. Data were collected through an online Likert-scale questionnaire distributed to 363 female respondents of reproductive age who had previously used Nadnad cloth sanitary pads. Respondents were selected using purposive and snowball sampling techniques. Data were analyzed using descriptive statistics, instrument validity and reliability tests, classical assumption tests, simple linear regression analysis, t-tests, and coefficient of determination analysis. The results showed that both Green Marketing and Repurchase Decision were categorized as moderate, although most indicators received high to very high ratings. Hypothesis testing demonstrated that Green Marketing had a positive and significant effect on Repurchase Decision, with a calculated t-value of 15.623, which exceeded the t-table value of 1.967, and a significance value below 0.001. The coefficient of determination indicated that Green Marketing explained 40.3% of the variance in Repurchase Decision, while the remaining 59.7% was influenced by other factors outside the research model. These findings confirm that strengthening Green Marketing strategies, particularly through environmental education and sustainability-oriented value creation, can enhance consumer loyalty and encourage consistent repurchase decisions for Nadnad cloth sanitary pads.
Analysis of The Accounting Information System for The Procurement of Food Raw Materials at Nutritional Support Units (SPPG) Under The Free Nutritious Meals Program: A Multi-Site Case Study in West Java
The Free Nutritious Meals Program (Program Makan Bergizi Gratis/MBG), administered by Indonesia’s National Nutrition Agency (Badan Gizi Nasional/BGN), positions Nutritional Support Units (Satuan Pelayanan Pemenuhan Gizi/SPPG) as technical implementers responsible for large-scale daily procurement of fresh food ingredients. This study aimed to analyze the conditions, constraints, and effectiveness of internal controls within the food ingredient procurement accounting information system (AIS) at five SPPG units in West Java. The study employed a qualitative approach using a multi-site descriptive case study design involving SPPG Cililin, Cileunyi, Cijaura, Padasuka Cimahi, and Sukamenak. Primary data were collected through semi-structured in-depth interviews with 14 informants, complemented by accounting document reviews and field observations, and analyzed using the interactive model of Miles, Huberman, and Saldaña (2014). The findings indicate that four of the five SPPG units had implemented relatively well-organized procurement AIS practices with varying levels of maturity, whereas SPPG Cililin experienced systemic challenges due to limited human resources. The main determinants of AIS quality were compliance with BGN’s official standard operating procedures, disciplined routine reconciliation processes, and the administrative quality of partner cooperatives. The study also found that BGN had established formal standards and reporting systems that encouraged SPPG reporting compliance through a fund-disbursement incentive mechanism. Based on the COSO (2013) framework, internal controls over procurement at four SPPG units were considered relatively adequate due to layered authorization procedures, although a fully independent verification function had not yet been formally implemented. The study recommends strengthening the dissemination of BGN’s existing AIS standards, enforcing segregation of duties at the SPPG level, and standardizing documentation practices among partner cooperatives.
Analisis Pengaruh Perilaku Perencanaan Keuangan Generasi Milenial Terhadap Keputusan Berinvestasi di Produk Reksa Dana
Generasi Milenial Indonesia saat ini dihadapkan pada tantangan yang cukup kompleks dalam pengelolaan keuangan, termasuk tantangan inflasi dan ketidakpastian ekonomi. Teori Perilaku Terencana mengemukakan bahwa niat untuk melakukan perencanaan investasi terbentuk dari tiga faktor di antaranya sikap individu, norma subjektif yang berlaku, serta persepsi mengenai kontrol atas perilaku tersebut. Studi ini bermaksud untuk menguji pengaruh perilaku keuangan, literasi keuangan, tingkat pendapatan serta perencanaan keuangan terhadap keputusan investasi produk reksa dana yang dilakukan oleh generasi milenial di Indonesia. Dalam penelitian ini, pendekatan yang diterapkan adalah kuantitatif, dengan menggunakan metode survei untuk memperoleh data. Data dikumpulkan melalui kuesioner online yang disebarkan kepada responden milenial usia 25 - 45 tahun di kota-kota besar Indonesia. Hasil penelitian diharapkan dapat mengungkap sejauh mana perilaku keuangan, perencanaan keuangan, tingkat pendapatan dan literasi keuangan mempengaruhi keputusan investasi milenial di produk reksa dana. Hasil temuan dari penelitian agar dapat dipergunakan sebagai masukan bagi perbankan dan pelaku industri keuangan lainnya dalam merencanakan produk investasi yang sesuai dan membuat strategi pemasaran yang lebih tepat sasaran, serta bagi pemerintah dan regulator dalam menyusun program edukasi dan literasi keuangan yang efektif bagi generasi muda
Bridging The Adoption Gap: An Extended TPB Analysis of Rent-To-Own Scheme Acceptance Among Young Homebuyers in Indonesia
Housing affordability has become a major challenge for Generation Z and Millennials in Indonesia, as reflected in the growing preference for renting rather than owning homes. This study examined the factors influencing the adoption of the Rent-to-Own (RTO) housing scheme by extending the Theory of Planned Behavior (TPB) framework with four additional constructs: Perceived Affordability, Government and Institutional Support, Perceived Risk of RTO, and Perceived Usefulness of RTO. A mixed-method approach was employed, combining a quantitative survey analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with qualitative interviews involving property and finance experts. The findings revealed that Perceived Affordability, Government and Institutional Support, and Perceived Usefulness significantly and positively influenced Attitude Toward RTO, Perceived Behavioral Control, and Subjective Norms, while Perceived Risk had no significant effect on Attitude Toward RTO or Perceived Behavioral Control. Subjective Norms emerged as the strongest predictor of Behavioral Intention, followed by Perceived Behavioral Control and Attitude Toward RTO. The qualitative findings indicated that limited financial literacy, consumptive lifestyles, unclear regulatory frameworks, and insufficient institutional support remained key barriers to RTO adoption among young adults. Based on these findings, this study proposed three strategic solutions: establishing a comprehensive regulatory framework, developing financial education and literacy programs using the Value-Focused Thinking (VFT) approach, and implementing the Financial Education for Savings (FES) model to strengthen long-term financial planning. This study contributes to the extension of the TPB framework within the housing finance context and provides practical recommendations for policymakers, financial institutions, and property developers to enhance the adoption of RTO schemes in Indonesia.
Leading with Barakah: Building A Leadership & Decision-Making Framework for Sakeena Family
The Indonesian children’s book market experienced a significant decline during the pandemic, with industry valuation decreasing from IDR 16 trillion to IDR 1.3 trillion, while nearly 95 percent of publishers ceased operations, declining from 1,870 publishers to 107 by 2022. In contrast, Sakeena, a family business founded on Islamic spiritual values, experienced 600 percent growth during the same period. However, this growth has relied heavily on the founders’ endurance, intuition, and personal charisma. The organization lacks a formal structure capable of ensuring sustainability beyond the founders’ involvement, a condition identified in this study as a governance void. This situation raises the central question addressed by this study: how can a business institutionalize Barakah, an intangible Islamic spiritual concept, into an operational framework that can sustain the organization beyond its founders? Using a qualitative case study approach combined with action research, this study examined the symptoms of founder dependency within Sakeena and developed a framework to address this challenge. The research provides three main contributions. First, to preserve organizational value through succession, it developed the Value-Integrated Succession Concept, consisting of the Barakah Integrated Ownership System (BIOS), a Four-Room Governance Model adapted to clarify stewardship rights, and a Code of Conduct establishing enforceable behavioral standards. Second, to improve decision-making effectiveness, it developed a Value-Aligned Decision-Making System designed to transform leadership practices from reactive responses into more integrative approaches. Third, these components were integrated into the Barakah-Based Business Framework, a model that translates spiritual values into measurable business functions and performance indicators. Academically, this study contributes by integrating spirituality, succession, and decision-making into a unified framework for value-based enterprises, addressing an interdisciplinary research gap that has not been comprehensively examined in previous literature.
The Effect of Competence, Digital Skills, Work-Life Balance, and Motivation on Employee Performance, with Work Discipline as A Mediating Variable, at The Majalengka Regency Environmental Agency
This study aimed to determine the effects of competence, digital skills, work-life balance, and motivation on employee performance through work discipline as a mediating variable at the Majalengka Regency Environmental Agency. The study employed a quantitative approach using descriptive and verification methods. The population consisted of all 64 civil servant employees at the Majalengka Regency Environmental Agency in 2026. The sampling technique used was saturated sampling or total sampling. This study utilized primary and secondary data. Primary data were collected through questionnaires distributed to civil servant employees at the Majalengka Regency Environmental Agency. Data analysis was conducted using IBM SPSS 27 software. The hypotheses were tested using path analysis. The data analysis process began with validity and reliability tests, followed by classical assumption tests, including normality, multicollinearity, and heteroscedasticity tests. Subsequently, correlation analysis, coefficient of determination analysis, multiple linear regression analysis, partial and simultaneous hypothesis testing, and mediation testing were conducted. Based on the research results and statistical tests, competence, digital skills, work-life balance, and motivation were found to influence employee performance through the mediating role of work discipline at the Majalengka Regency Environmental Agency. This finding indicates that work discipline plays an important role in strengthening the effects of these four factors on improving employee performance and, consequently, enhancing the quality of public services.
Panel Data Analysis: Population Size and Development Inequality in Relation to Poverty in East Kalimantan Province
Poverty remains a critical socioeconomic challenge in East Kalimantan Province despite its abundant natural resources. This study aimed to analyze the effects of population size and regional development inequality on poverty levels across 10 districts/cities in East Kalimantan during the 2022–2025 period. A quantitative approach using panel data regression analysis was employed, utilizing secondary data obtained from the Central Statistics Agency (BPS). The sample consisted of 40 observations selected through saturated sampling. The analysis was conducted using EViews 13 software, with the Common Effect Model (CEM) selected as the most appropriate model based on the Chow, Hausman, and Lagrange Multiplier tests. The results indicated that both population size and development inequality had positive and significant effects on poverty levels, both partially and simultaneously. The regression coefficient for population size (0.004198, p = 0.0006) indicated that a 1% increase in population size was associated with a 0.41% increase in poverty levels, while the development inequality coefficient (43.37810, p = 0.0003) demonstrated a stronger influence on poverty. The adjusted R² value of 50.1% indicated that the two variables explained approximately half of the variation in poverty levels. These findings support Malthusian theory and Kuznets’ hypothesis while aligning with recent studies on the development paradox in East Kalimantan. Poverty alleviation strategies should prioritize equitable development policies and improvements in human resource quality, particularly in disadvantaged areas, to achieve sustainable poverty reduction in East Kalimantan.
The Effect of Fraud Hexagon on the Potential of Fraudulent Financial Statements with Islamic Corporate Governance as a Moderation: A Study on Indonesian and Malaysian Sharia Banking
This research analyzes the influence of the Fraud Hexagon on fraudulent financial statements with Islamic Corporate Governance (ICG) as a moderator in Islamic banking in Indonesia and Malaysia, motivated by the potential for financial statement fraud in the industry despite Sharia principles emphasizing honesty and accountability. Performance pressure, weak oversight, and transaction complexity necessitate empirical testing using the Fraud Hexagon Theory approach. This research used a quantitative approach with explanatory research. The sample includes Islamic commercial banks in Indonesia and Malaysia, selected using purposive sampling based on the availability of financial and annual reports for the 2015-2024 period, yielding 140 observations for Indonesia and 150 for Malaysia. The data is secondary data organized in a panel structure and analyzed using moderated regression analysis with EViews 12. Model estimation used the Common Effect Model (CEM), Fixed Effect Model (FEM), and Random Effect Model (REM), selected based on the Chow, Hausman, and Lagrange Multiplier tests. The results show that the factors influencing fraudulent financial statements differ between the two countries, and Islamic Corporate Governance is proven to moderate part of that influence, particularly the financial stability dimension. This study is expected to contribute theoretically to the development of the Fraud Hexagon and Islamic Corporate Governance literature, as well as practically for management, regulators, and stakeholders in improving governance quality and minimizing fraudulent financial statement risk in Indonesia and Malaysia.
A Phenomenological Study of Fruit Pricing in Jakarta in the Context of a Harmonious Balance of Interests Among Suppliers, Vendors, and Buyers
Pricing practices in traditional markets are often understood from economic perspectives that emphasize cost calculations, market mechanisms, and profit maximization. However, everyday trading activities demonstrate that pricing decisions are also influenced by social relationships, moral considerations, and the sustainability of interactions among economic actors. This study aimed to explore the meaning of pricing experiences among papaya traders in Jakarta and to understand how prices function as a mechanism for balancing the interests of suppliers, traders, and buyers. This study employed a qualitative approach using Husserl’s transcendental phenomenological method. Data were collected through in-depth interviews with five purposively selected papaya traders in West Jakarta who had direct experience in determining selling prices. The data were analyzed using phenomenological stages, including noema, epoche, noesis, intentional analysis, and eidetic reduction. The findings reveal that traders do not interpret prices merely as instruments for generating profit but as social mechanisms that maintain supply continuity, buyer acceptance, and business sustainability. Pricing decisions reflect trust-based relationships with suppliers, efforts to offer acceptable prices to consumers, and strategies to sustain livelihoods. This study develops the concept of Harmony of Interests in Pricing, which explains that price formation integrates economic, social, and moral dimensions. The study concludes that pricing practices in traditional trade represent a form of social accountability that supports sustainable economic relationships among suppliers, traders, and buyers.
The Effect of State-Owned Asset Management on the Quality of Financial Statements at the State Audit Agency
The quality of government financial statements is a key indicator of transparency, accountability, and effective public financial management. One of the principal factors influencing the quality of financial statements is the proper administration of Barang Milik Negara (BMN; State Property), which includes bookkeeping, inventory, and reporting processes. Inadequate BMN administration may result in inaccurate asset records, discrepancies between administrative records and physical assets, and reduced reliability of financial information. This study aims to examine the effect of BMN administration, comprising bookkeeping, inventory, and reporting, on the quality of financial statements at the Audit Board of the Republic of Indonesia (BPK RI). This research employed a quantitative approach with an associative research design. The population consisted of employees involved in BMN administration at BPK RI, and 61 respondents were selected using purposive sampling. Data were collected through a questionnaire using a five-point Likert scale and analyzed using multiple linear regression with IBM SPSS Statistics. The results indicate that BMN bookkeeping, inventory, and reporting each had a significant positive effect on the quality of financial statements. Simultaneously, the three components of BMN administration significantly influenced financial statement quality, with an R² value of 0.565, indicating that 56.5% of the variation in financial statement quality was explained by BMN administration. The findings demonstrate that effective BMN administration plays a critical role in enhancing the accuracy, reliability, and accountability of government financial reporting. This study concludes that strengthening BMN administration systems is essential for supporting sustainable public sector governance and enhancing institutional accountability.
The Effect of Procedural Fairness in Compensation on Employee Performance, with Extrinsic Work Motivation as a Mediating Variable
Employee performance in public sector organizations, particularly within the Central Statistics Agency (Badan Pusat Statistik [BPS]), is critical to institutional effectiveness in providing accurate statistical data for national development planning. Although employee performance at BPS across West Sulawesi Province is generally satisfactory, variations in performance scores among work units indicate the need to examine organizational and psychological factors, particularly compensation procedural justice and extrinsic work motivation. This study examined the effect of compensation procedural justice on employee performance, with extrinsic work motivation as a mediating variable among BPS employees in the province. The research employed a quantitative survey approach, with data collected through questionnaires distributed to 147 BPS employees throughout the province. Data analysis was conducted using Structural Equation Modeling–Partial Least Squares (SEM-PLS) to examine the hypothesized relationships, including direct and indirect effects. The findings revealed that compensation procedural justice had no significant direct effect on employee performance. However, it had a significant positive effect on extrinsic work motivation, which significantly influenced employee performance. Extrinsic work motivation fully mediated the relationship between compensation procedural justice and employee performance. These findings indicate that compensation procedural justice should be viewed not merely as an administrative mechanism but also as a motivational instrument. Fair compensation procedures improved employee performance when they enhanced employees’ extrinsic work motivation. Theoretically, this study contributed to a deeper understanding of Equity Theory and Self-Determination Theory within the public sector context. Practically, the findings provided evidence-based recommendations for BPS and other government institutions in designing compensation and reward systems that are procedurally fair and effective in strengthening employee motivation and performance.
Exploring The Impact of User Generated Content, Electronic Word of Mouth (E-WOM), and Brand Trust on Kahf Product Purchase Intent on Social Media
The rapid development of social media has transformed consumer behavior in accessing information and making purchasing decisions. In the context of digital marketing, User-Generated Content (UGC), Electronic Word of Mouth (eWOM), and brand trust have become important factors influencing consumers’ purchase intentions. Although these variables have been widely studied, limited research has examined their combined effects on purchase intention within regional Indonesian markets, particularly for local brands such as Kahf. This study aimed to analyze the effects of UGC, eWOM, and brand trust on the purchase intention of Kahf products among social media users in Cirebon Regency and Cirebon City. Employing a quantitative approach with a survey method, data were collected from 234 Kahf product users through a Likert-scale questionnaire. The collected data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) to examine the hypothesized relationships among the constructs. The results indicated that all indicators met the validity and reliability criteria, confirming the adequacy of the measurement model. The R-square value of 0.631 indicated that UGC, eWOM, and brand trust collectively explained 63.1% of the variance in purchase intention, while the remaining variance was explained by other factors. The findings revealed that UGC, eWOM, and brand trust positively influenced consumers’ purchase intentions toward Kahf products. Among these variables, brand trust emerged as the most dominant factor shaping consumers’ purchase intentions. These findings highlight the importance of strengthening brand trust and optimizing user-generated content and digital communication-based marketing strategies to increase consumers’ purchase intentions.
Asymmetric Impacts of Rainfall Anomalies on Banking Credit Performance Across Customer Segments
The modern banking sector, particularly in emerging-market economies such as Indonesia, is increasingly exposed to nontraditional exogenous shocks, especially physical climate risks. For PT Bank XYZ, a systemically important State-Owned Enterprise (KBMI 4) bank with extensive grassroots penetration, extreme weather events directly threaten operational continuity and the repayment capacity of its vulnerable debtor base. While traditional literature evaluates credit portfolios through an aggregated macroeconomic perspective, this study comprehensively investigates the asymmetric impacts of physical climate risk—operationalized through monthly rainfall anomalies—on outstanding loan volumes across distinct borrower segments. To minimize aggregation bias and distinguish genuine business cycle effects from pandemic-induced supply chain disruptions, the portfolio was decomposed into Micro, Consumer, Retail, and Corporate segments using contiguous post-pandemic monthly time-series data from January 2022 to December 2025. Methodologically, the study employed separate autoregressive integrated moving average (ARIMA) (1,0,0) models with semirobust standard errors while controlling for inflation, benchmark interest rates, and economic confidence indices. The empirical estimations revealed a significant phenomenon termed the “Weather Paradox”: extreme rainfall did not immediately reduce outstanding credit in the Micro and Retail segments; instead, it appeared to trigger precautionary borrowing behavior and emergency digital credit drawdowns. Conversely, the Corporate and Consumer loan portfolios demonstrated strong institutional resilience to localized weather shocks. Furthermore, financial literacy was found to function as an effective cognitive risk buffer that mitigated these ecological pressures, preventing localized climate-related distress from escalating into systemic credit defaults. These findings provide important implications for climate-adjusted credit risk management and financial inclusion policies within emerging-market banking systems.
The Effects of Green Accounting, Carbon Emission Disclosure, and Tax Aggressiveness on Firm Value with Corporate Social Responsibility as a Moderating
This study examined the effects of green accounting, carbon emission disclosure, and tax aggressiveness on firm value, with corporate social responsibility (CSR) as a moderating variable and profitability as a control variable. This research reflected the growing global emphasis on sustainability, particularly in the energy sector, where business operations generate substantial environmental impacts. The study focused on oil and gas, coal, and metals and minerals companies listed on the Indonesia Stock Exchange during 2019–2023 due to their direct exposure to natural resource extraction and environmental impacts. This study employed a quantitative approach using secondary data obtained from annual reports and sustainability reports. Purposive sampling resulted in 55 firm-year observations, which were analyzed using panel data regression with the Random Effects Model (REM) through Stata software. The results showed that green accounting had a positive and significant effect on firm value, indicating that environmental accounting practices enhanced investor confidence and corporate reputation. Carbon emission disclosure did not have a significant effect on firm value, suggesting that carbon-related information had not yet become a primary consideration for investors. Tax aggressiveness had a significant effect on firm value, indicating that tax strategies influenced market perceptions when associated with operational efficiency and economic benefits. CSR was found to moderate the relationships between green accounting, carbon emission disclosure, and tax aggressiveness and firm value. These findings provide important implications for decision-makers, investors, and policymakers in developing sustainability strategies and regulations while contributing to the literature on sustainability accounting and corporate finance in Indonesia. Ultimately, the findings emphasize the importance of balancing economic performance, environmental responsibility, tax strategies, and consistent CSR implementation to sustainably enhance firm value.
The Effect of Work Motivation and Self-Confidence on Employee Performance at Bank Indonesia Cirebon
Employee performance in the banking sector is influenced by various psychological factors, particularly within the context of institutional transformation and digitalization. This study aims to analyze the effect of work motivation and self-confidence on employee performance at Bank Indonesia Cirebon. A quantitative approach using an associative research design was employed, involving 60 employees as respondents selected through saturated sampling. Data were collected using a Likert-scale questionnaire and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 4 software. The results showed that work motivation has a positive and significant effect on employee performance (β = 0.550; t = 5.069; p < 0.05), while self-confidence also has a positive and significant effect (β = 0.430; t = 3.978; p < 0.05). The R² value of 0.946 indicates that both variables simultaneously explain 94.6% of the variance in employee performance. These findings confirm that work motivation and self-confidence are key determinants of employee performance in the banking sector. This study recommends that Bank Indonesia strengthen employee work motivation and self-confidence through structured training programs, coaching and mentoring systems, transparent performance-based reward mechanisms, and the creation of a work environment that supports autonomy and active participation.
Mapping Research on The Evolution of Organizational Agility and Strategic Agility: A Bibliometric and Systematic Literature Review
Organizational agility and strategic agility are increasingly recognized as essential capabilities that enable organizations to adapt quickly and effectively to changes in the business environment. This study aims to map the development of research on organizational agility and strategic agility from 2020 to 2026 through bibliometric analysis. The research data consisted of 334 scientific documents indexed in the Scopus database, which were analyzed using a bibliometric approach that included publication trend analysis, publication source analysis, research theme mapping, keyword analysis, and citation analysis. The results show that the number of publications increased significantly, from 19 articles in 2020 to 86 articles in 2025. Thematic analysis identified five main themes: (1) digital transformation and agility, (2) dynamic capabilities and strategic agility, (3) human resource management, leadership, and organizational agility, (4) agility in MSMEs and developing countries, and (5) artificial intelligence, sustainability, and organizational resilience. The most prolific journals in this field included Industrial Marketing Management, Technological Forecasting and Social Change, and the Journal of Business Research, among others. Digital transformation and dynamic capabilities emerged as the dominant and most frequently discussed themes across the reviewed literature. The study also identifies several research opportunities, particularly regarding organizational agility in developing countries, the application of artificial intelligence to enhance agility, and the long-term impact of agility on organizational sustainability. These findings provide a comprehensive overview of the intellectual structure of this research field and offer directions for future studies seeking to address the identified gaps and emerging themes in organizational and strategic agility research.
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.
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.
Expectation-Confirmation Theory in Emerging Digital Consumer Technologies A Scoping Review of Applications, Continuance Outcomes, and Methodological Patterns
Expectation-Confirmation Theory (ECT) and its information systems adaptation, the Expectation-Confirmation Model (ECM), have become important theoretical frameworks for explaining why users continue using digital technologies after initial adoption, a stage that is considered more critical for long-term success than initial acceptance. This scoping review mapped how ECT has been applied to emerging digital consumer technologies, focusing on applications, theoretical extensions, continuance outcomes, and methodological patterns. Given the rapid proliferation of these technologies, a synthesized understanding of ECT/ECM extensions remains limited. Following established scoping review guidelines, this review examined a curated body of ECT/ECM literature across mobile payment, mobile banking, e-commerce, food delivery applications, travel applications, social commerce, mHealth, video-on-demand services, e-learning platforms, and AI-enabled chatbots. The findings showed that ECT has expanded beyond its original confirmation–satisfaction–continuance pathway and is now frequently integrated with constructs such as trust, service quality, system quality, perceived risk, privacy, enjoyment, flow, engagement, affordance, self-determination, UTAUT, TAM, IS success models, and AI-specific factors, indicating a shift toward more integrative rather than standalone applications. The most frequently examined outcomes included continuance intention, reuse intention, repurchase intention, loyalty, satisfaction, recommendation intention, and electronic word-of-mouth. However, these outcomes were often treated interchangeably despite representing distinct behavioral and attitudinal concepts. Methodologically, the field was dominated by cross-sectional surveys and structural equation modeling, with increasing applications of meta-analysis, SEM-ANN, moderated mediation analysis, and cross-country comparisons. This review contributed by clarifying the evidence landscape of ECT-based digital consumer technology research and identifying research gaps related to conceptual fragmentation, limited longitudinal evidence, insufficient use of actual behavioral data, and underdeveloped theoretical explanations of AI-mediated continuance behavior, thereby providing a foundation for future research.
Likuiditas, Asset Tangibility, Sales Growth, dan Firm Size sebagai Determinan Tobin’s Q pada Perusahaan Nonkeuangan dalam Indeks KOMPAS-100 Periode 2022–2025
Penelitian ini bertujuan menganalisis pengaruh karakteristik perusahaan yang mencakup likuiditas, asset tangibility, sales growth, dan firm size terhadap nilai perusahaan yang diproksikan dengan Tobin’s Q pada perusahaan non-keuangan dalam indeks KOMPAS-100 periode 2022–2025. Penelitian ini dilatarbelakangi oleh ketidakkonsistenan hasil penelitian terdahulu mengenai arah dan signifikansi pengaruh karakteristik perusahaan terhadap nilai perusahaan, serta masih terbatasnya penelitian yang menguji keempat variabel tersebut secara terintegrasi pada perusahaan non-keuangan dalam indeks KOMPAS-100. Kebaruan penelitian terletak pada penggunaan kombinasi variabel karakteristik internal perusahaan, objek perusahaan lintas sektor dengan kapitalisasi relatif besar, serta periode pengamatan terkini setelah pemulihan ekonomi. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan keuangan tahunan dan situs resmi Bursa Efek Indonesia. Sampel ditentukan melalui purposive sampling dan menghasilkan 49 perusahaan dengan 196 observasi perusahaan-tahun. Analisis dilakukan menggunakan regresi data panel dengan aplikasi Gretl. Berdasarkan uji Chow, Hausman, dan Lagrange Multiplier, Random Effect Model dipilih sebagai model estimasi terbaik. Hasil penelitian menunjukkan bahwa likuiditas, asset tangibility, dan sales growth tidak berpengaruh signifikan terhadap nilai perusahaan, sedangkan firm size berpengaruh negatif dan signifikan. Secara simultan, seluruh variabel berpengaruh terhadap nilai perusahaan. Temuan ini mengimplikasikan bahwa investor perlu lebih memperhatikan efisiensi dan produktivitas pengelolaan sumber daya dibandingkan sekadar tingkat likuiditas, pertumbuhan penjualan, aset berwujud, dan besarnya perusahaan. Bagi manajemen, peningkatan skala usaha perlu disertai pengendalian biaya, efisiensi operasional, dan optimalisasi aset agar mampu meningkatkan nilai perusahaan.
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.
From Awareness to Action: The Role of Green Product, Green Promotion, and Green Brand Image on Green Purchase Intention Among Innisfree Consumers
In this study, the aim of this study is to find out Green Product, Green Promotion, and Green Brand Image towards Green Purchase Intention in Innisfree consumers in Cirebon City. This study used a quantitative approach of associative clauseal design with 100 respondents selected through purposive sampling. The data were collected using a Likert scale questionnaire and analyzed using multiple linear regression with the help of SPSS. Green Product partially has no positive effect on Green Purchase Intention. Meanwhile, Green Promotion and Green Brand Image partially have a positive and significant effect on Green Purchase Intention. Simultaneously together it has a significant impact on green purchase intention. R2 shows that 88.2% of the variation in Green Purchase Intention and the rest is influenced by other variables. These findings confirm that promotion and environmentally friendly brand image are key factors in encouraging green purchase intentions, while green products have not yet become the main consideration of Innisfree consumers in Cirebon City in determining purchase intentions
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 Leadership Style and Work Environment on The Job Motivation of Finance, Accounting, and Tax Consultants, Moderated by Performance-Based Incentives
The increasing complexity of financial regulations, accounting standards, and taxation systems has intensified the demand for Finance, Accounting, and Tax (FAT) consultants with high levels of professional competence and sustained work motivation. In professional service organizations, employee motivation is influenced not only by individual capabilities but also by leadership practices, the work environment, and reward systems. This study aimed to examine the influence of leadership style and the work environment on the work motivation of FAT consultants while analyzing the moderating role of performance-based incentives. This research employed a quantitative survey design involving 53 FAT consultants at KJA CTO Consulting. Data were collected using a Likert-scale questionnaire and analyzed through Structural Equation Modeling–Partial Least Squares (SEM-PLS) using SmartPLS software. The results indicated that leadership style had a positive and statistically significant effect on work motivation, demonstrating that effective leadership characterized by clear direction, effective communication, support, and fairness contributed to higher consultant motivation. The work environment had a positive but statistically insignificant effect when evaluated simultaneously with the other variables. Meanwhile, performance-based incentives exerted the strongest positive influence on work motivation, indicating that transparent and performance-oriented reward systems enhanced consultant motivation. The moderation analysis revealed that performance-based incentives tended to strengthen the relationship between leadership style and work motivation; however, the moderating effect was not statistically significant. This study concluded that leadership quality and performance-based incentives were the primary factors influencing the work motivation of FAT consultants and that organizations should continue to strengthen leadership development and performance-based incentive systems.
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.