Journal of Economics, Entrepreneurship, Management Business and Accounting

Income, Saving Behavior, and Household Financial Decision-Making: A Moderated-Mediation Analysis of Behavioral and Economic Factors in Indonesia

2026-06-02T05:48:00+00:00

Purpose: This study examines the roles of income and saving behavior in household financial decision-making, with financial risk management as an intervening factor.

Design/methodology/approach: This study uses survey data from 500 working individuals and applies a predictive composite modeling approach combining robust MM estimation and cross-validated regression to address non-normal behavioral finance data.

Findings/Results: The results show that saving behavior has a strong positive effect on household financial decision-making and financial risk management. It also indirectly affects financial decision-making through financial risk management. Income has a positive but weaker effect. The interaction between income and saving behavior is significant, indicating that the effect of income becomes smaller when saving discipline is higher. The model explains 62.8% of the variance in household financial decision-making.

Originality/Value: This study shows that household financial decisions are shaped not only by economic capacity but also by behavioral discipline. The findings suggest that strengthening saving behavior and financial risk management is more effective than relying on income alone.

Driving Factors of the Marine Capture Fishery Production Economy and Resource Sustainability

2026-06-02T08:38:32+00:00

Purpose: This study examines the effects of fleet size, number of fishermen, and the Fishermen’s Exchange Rate on marine capture fishery production, with fishing households and fish consumption as mediating variables.

Design/methodology/approach: This study uses panel data from 33 provinces during 2010–2020 and applies regression-based path analysis to test both direct and indirect effects among the variables.

Findings/Results: The results show that fleet size and number of fishermen have positive effects on fishery production, while the Fishermen’s Exchange Rate has a significant negative effect. Fishing households show a mediating role depending on production and distribution conditions, while fish consumption contributes to production through demand pressure.

Originality/Value: This study highlights the interaction between economic, household, and demand-side factors in shaping fishery production. The findings suggest that fisheries policy should integrate productivity, distribution efficiency, and sustainability considerations.

Hospital Financial Resilience Model Based on Resource-Based View and Dynamic Capabilities

2026-06-01T23:49:06+00:00

Purpose – This study aims to develop and examine a Hospital Financial Resilience model based on the Resource-Based View (RBV) and Dynamic Capabilities (DC) within healthcare organizations.

Design/methodology/approach – This study employed a quantitative approach with an explanatory research design. Data were collected through questionnaires distributed to hospital leaders and managers involved in financial and operational management. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to examine the relationships among the research variables.

Finding/Results – The results show that Resource-Based View has a positive and significant effect on Hospital Financial Resilience, indicating that the management of valuable, rare, inimitable, and non-substitutable resources strengthens financial resilience. Dynamic Capabilities also positively and significantly influence financial resilience through the organization’s ability to sense opportunities, seize strategic actions, and reconfigure resources in response to environmental changes.

Originality/Value – This study provides theoretical and practical contributions by presenting an integrated Hospital Financial Resilience model based on RBV and DC. The model offers strategic guidance for hospital management in improving financial sustainability and ensuring the continuity of healthcare services amid environmental uncertainty.

Firm Size Moderating-Investor Perception Mediation: Green Accounting, Carbon-Audit Factors on Financial Performance

2026-05-09T00:24:17+00:00

Purpose: This study examines the effects of green accounting, carbon tax, carbon emission disclosure, audit opinion, and audit quality on financial performance. It also investigates the mediating role of investor perception and the moderating role of firm size in explaining these relationships.

Design/methodology/approach: This study uses panel data from energy sector companies listed on the Indonesia Stock Exchange during 2021–2024. The sample was selected using purposive sampling. Data were analyzed using panel regression models, including the Common Effect Model, Fixed Effect Model, and Random Effect Model, with model selection based on the Chow, Hausman, and Lagrange Multiplier tests. The analysis was conducted using EViews 12.

Findings/Results: The results show that green accounting, carbon tax, carbon emission disclosure, audit opinion, and audit quality have positive and significant effects on financial performance. Firm size strengthens the effects of green accounting and carbon tax on financial performance, but does not significantly moderate the effects of carbon emission disclosure, audit opinion, or audit quality. Investor perception partially mediates the relationships between the independent variables and financial performance, except in the case of audit quality.

Originality/Value: This study highlights the importance of integrating environmental accounting, carbon-related factors, and audit-related variables in explaining financial performance. The findings imply that investor perception and firm size are important mechanisms in strengthening the relationship between sustainability-related practices and firm performance.

When Animosity Becomes Action: Understanding McDonald's Boycott in Indonesia

2026-06-05T08:32:40+00:00

Purpose – This study examines how consumer animosity influences boycott intention toward McDonald’s in Indonesia by testing cognitive judgment and affective evaluation as mediating variables and xenocentrism as a moderating variable.

Design/methodology/approach – A quantitative explanatory and cross-sectional survey design was employed. Data were collected from 150 consumers in the Jabodetabek area who were aware of and participated in the McDonald’s boycott. Respondents were selected through purposive sampling. The data were analyzed using Partial Least Squares Structural Equation Modeling with SmartPLS 3.0 and a bootstrapping procedure involving 5,000 resamples.

Findings/Results – The results show that consumer animosity significantly reduces cognitive judgment and affective evaluation, while strongly increasing boycott intention. Cognitive judgment negatively affects boycott intention and partially mediates the relationship between consumer animosity and boycott intention. In contrast, affective evaluation does not significantly influence boycott intention and does not function as a mediator. Xenocentrism does not moderate the relationship between consumer animosity and boycott intention, although it has a significant direct effect on boycott intention. The model explains 64.8% of the variance in boycott intention.

Originality/Value –This study extends the consumer animosity literature by demonstrating that boycott intention in the Indonesian context is driven more by cognitive and ethical evaluation than by affective response alone. It also provides empirical evidence from an underrepresented Southeast Asian context and offers practical insight for multinational brands facing politically and morally charged consumer resistance.

Gen Z Perspective: Phenomenological Study of the Meaning of Economics Subjects in Sharia Accounting Students

2026-05-24T04:47:25+00:00

Purpose - This study aims to explore the meaning of economics courses in enhancing Sharia economic understanding among Sharia Accounting students.

Design/methodology/approach - Using a qualitative phenomenological approach, data were collected through in-depth interviews with students who had completed economics courses. The data were analyzed through thematic analysis to identify essential meanings derived from student’s learning experiences.

Finding/Results - The results show that economics courses help students develop systematic and critical thinking in understanding Sharia economics. This improvement is supported by structured learning materials, the integration of conventional economic concepts with Sharia values, and interactive teaching methods. Nevertheless, the learning process is hindered by student’s involvement in various extracurricular activities and their perception of economics courses as an academic burden. This study concludes that economics courses serve not only as introductory subjects but also as strategic conceptual foundations that strengthen student’s holistic understanding of Sharia economics.

Originality/Value - This study offers novelty by exploring the lived experiences and meanings of economics subjects among Generation Z students in Sharia Accounting programs through a phenomenological approach. Unlike previous studies that focus mainly on academic achievement or learning outcomes, this research emphasizes how Gen Z students interpret economics subjects within the context of digital transformation, Islamic values, and future career relevance

Understanding How Trust Drives Saving Intention Toward Islamic Rural Banks

2026-05-18T02:16:10+00:00

Purpose – This study examines how trust drives saving intention toward Islamic rural banks (BPRS) by investigating the roles of Islamic financial literacy, perceived security, and Islamic financial inclusion as antecedents of trust.

Design/methodology/approach – A survey of 241 BPRS customers in Indonesia was analyzed using partial least squares structural equation modeling (PLS-SEM).

Finding/Results – Islamic financial inclusion and Islamic financial literacy significantly enhance customer trust, while perceived security does not. Trust, in turn, strongly and positively influences saving intention. Trust fully mediates the effects of inclusion and literacy on saving intention. These findings provide practical implications for Islamic rural banks and regulators to enhance Islamic financial literacy and financial inclusion in strengthening public trust.

Originality/Value – This study is among the early studies that position Islamic financial literacy and financial inclusion as determinants of trust in BPRS, while also demonstrating that perceived security is not always the primary determinant of trust. Therefore, this study fills a gap in the literature on customers’ saving behavior in BPRS, which remains underexplored from the customer perspective.

Digital Advertising and Generation Z Online Spending in Indonesia’s Emerging Market: The Moderating Role of Advertising Relevance

2026-05-28T03:49:50+00:00

Purpose - The rapid expansion of Indonesia’s digital economy has intensified the strategic role of digital advertising in influencing consumer purchasing behavior, particularly among Generation Z consumers who actively engage with social media and e-commerce platforms. Although personalized and relevance-based advertising systems have become increasingly common, empirical evidence regarding how digital advertising effectiveness influences actual online spending behavior remains limited and inconsistent. This study therefore examines the effect of digital advertising effectiveness on Generation Z online spending behavior and investigates the moderating role of advertising relevance within Indonesia’s emerging digital market.

Design/methodology/approach-This study employed a quantitative explanatory approach using a cross-sectional survey design. Data were collected from 420 Generation Z consumers aged 18–27 years who actively participated in online shopping activities. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The conceptual framework was primarily grounded in the Stimulus–Organism–Response (SOR) framework and supported by complementary insights from the Technology Acceptance Model (TAM).

Finding/Results - The findings indicate that digital advertising effectiveness positively and significantly influences online spending behavior and emerged as the strongest predictor in the model (β = 0.364, p < 0.001). Advertising relevance also demonstrated a significant direct effect (β = 0.154, p < 0.001) and strengthened the relationship between digital advertising effectiveness and online spending behavior (β = 0.114, p = 0.003). Digital literacy additionally contributed positively to online spending behavior (β = 0.171, p < 0.001). The structural model explained 27.8% of the variance in online spending behavior (R² = 0.278), indicating modest but meaningful explanatory capability.

Originality/Value - This study contributes to digital advertising and consumer behavior literature by demonstrating that advertising relevance functions both as a direct behavioral driver and as a contextual enhancer of digital advertising effectiveness in shaping Generation Z online spending behavior within an emerging market context. The findings also highlight the importance of personalization, contextual suitability, and consumer-oriented advertising strategies for improving digital engagement and purchasing outcomes.

The Influence of Finfluencer Credibility on the Quality of Individual Investors' Investment Decisions: The Role of Information Overload Mediation and Financial Literacy Moderation

2026-06-09T06:39:19+00:00

Background - The transformation of digital investment behavior has made social media the main source of information, but the high credibility of finfluencers has the potential to trigger a flood of information overload that affects investors' rationality.

Purpose – This study aims to analyze the influence of finfluencers' credibility on the quality of individual investors' investment decisions through the role of information overload mediation and the role of financial literacy moderation.

Method – The research method uses a quantitative approach with a survey design of 270 individual capital market investors in Indonesia who were selected using the purposive sampling technique, where structural model testing is carried out simultaneously using Structural Equation Modeling based on Partial Least Square (SEM-PLS).

Finding/Results – The results show that the credibility of finfluencers has a positive and significant effect on information overload, while information overload is proven to have a significant negative effect on reducing the quality of investors' investment decisions. The mediation analysis confirmed that information overload significantly mediated the influence of finfluencers' credibility on the quality of investment decisions, while the moderation analysis proved that good financial literacy was able to weaken the negative impact of information overload.

Conclusion – The conclusion of this research emphasizes that the abundance of digital information from credible sources does not necessarily increase the accuracy of economic actions, but rather requires a cognitive fortress in the form of financial skills so that the quality of investment decisions is maintained rationally.

Public Expenditure and Poverty Dynamics in Central Sulawesi: Evidence from Panel Data Analysis (2015–2024)

2026-06-04T18:17:42+00:00

Purpose –This study examines the effect of sectoral public expenditure comprising health, education, social protection, village fund (Dana Desa), and capital infrastructure expenditure on poverty dynamics across 13 districts/cities in Central Sulawesi Province, Indonesia, over the period 2015–2024.

Design/methodology/approach – Using balanced panel data (N=13, T=10, NT=130), this study estimates a Fixed Effect Model (FEM) with Driscoll-Kraay standard errors robust to heteroscedasticity, serial autocorrelation, and cross-sectional dependence. The Chow Test (F=80.014; p<0.001) confirms the relevance of individual effects, and the Hausman Test (Chi²=4.469; p=0.484) does not reject the Random Effect specification; nevertheless, FEM is retained on theoretical grounds because district-specific unobserved heterogeneity is expected to correlate with fiscal allocations. Diagnostic tests confirm serial autocorrelation (Breusch-Godfrey: χ²=53.775; p<0.001) and cross-sectional dependence (Pesaran CD: z=5.750; p<0.001), justifying Driscoll-Kraay inference. Two nested model specifications are estimated: Model 1 (health, education, social protection) and Model 2 (all five fiscal variables including Dana Desa and capital expenditure). All expenditure variables are deflated using the regional CPI (base year 2018=100), and the Dana Desa variable is transformed as ln(Dana Desa + 1) to accommodate the structural zero values for Kota Palu.

Finding/Results – All fiscal expenditure variables are measured as total district-level real expenditure (deflated by CPI, base year 2018=100); population size is controlled for implicitly through district fixed effects. In Model 1, health expenditure is the only variable that consistently and significantly reduces poverty (coefficient = −2.178; p<0.001). In the full Model 2, health expenditure retains its negative direction but with only marginal significance (coefficient = −1.552; p=0.076), indicating weaker evidence in the full specification. Capital expenditure (+1.499; p<0.001) and social protection (+0.822; p=0.003) are significant in Model 2. Education expenditure shows no significant short-to-medium-term effect across both models. Village Fund (Dana Desa) loses significance after CPI deflation, indicating that earlier nominal-data findings likely reflect spurious inflation-driven correlations rather than genuine real welfare effects.

Originality/Value – This study provides the first CPI-deflated panel analysis of multi-sectoral public expenditure and poverty in Central Sulawesi, addressing methodological gaps in the existing literature. The findings have important implications for regional fiscal policy reform in Eastern Indonesia, particularly regarding the spatial reallocation of capital expenditure and governance strengthening for the Village Fund (Dana Desa).

Driving Aceh’s Economic Growth through Digital Finance and MSME Credit: Empirical Evidence

2026-05-26T01:45:07+00:00

Purpose: This study examines district/city-level economic growth in Aceh Province by analyzing the roles of financial inclusion, MSME credit, payment digitalization, inflation, and unemployment. It highlights that regional growth is increasingly shaped by the productive use of financial services and digital payment systems, not merely by financial access.

Design/methodology/approach: This study employs a quantitative approach using balanced panel data from 23 districts/cities in Aceh Province during 2020–2025, yielding 138 observations. The analysis applies a Fixed Effects Model and uses Driscoll-Kraay robust standard errors to correct for heteroskedasticity, serial autocorrelation, and cross-sectional dependence. The 2025 observations are treated as projected data estimated using linear trend extrapolation based on the latest available official data. The projected variables include economic growth, financial inclusion, payment digitalization, MSME credit, inflation, and unemployment.

Findings: The findings indicate that payment digitalization shows the strongest positive association with district/city-level economic growth in Aceh Province. MSME credit is also positively associated with regional growth, while unemployment shows a negative association. Inflation is positively associated with growth during the study period, possibly reflecting demand-driven economic activity. Financial inclusion shows a negative and statistically significant coefficient, suggesting that financial access has not yet been effectively transformed into productive financial use.

Originality/value: This study contributes to the regional finance-growth literature by showing that payment digitalization is a stronger driver of district/city-level economic growth than general financial inclusion. The findings emphasize that financial access alone is insufficient unless it is transformed into productive-use inclusion through digital payments, MSME financing, and employment-oriented policies.

Digital Work Pressure, Workplace Well-Being, and Retention Intention among Generation Z Employees: A Qualitative Study

2026-06-11T14:03:54+00:00

Purpose: This study aims to explore the experiences of Generation Z employees within digital work environments, focusing specifically on digital work pressure, workplace well-being, and retention intention.

Design/methodology/approach: A qualitative approach utilizing an exploratory design and a constructivist paradigm was employed. Data were gathered through semi-structured in-depth interviews with 20 Generation Z employees working in digitally-based organizations in Yogyakarta. Participants were selected via purposive sampling, and the data were analyzed using reflexive thematic analysis.

Findings/Results: The analysis identified four core themes: (1) digital work pressure as a normalized strain within digital work cultures; (2) constant connectivity and the blurring lines between work and personal life; (3) the ambivalent effects of digital work pressure on productivity and mental exhaustion; and (4) workplace well-being as an interpretive mechanism in shaping retention intention. While digital technology is perceived to enhance flexibility and productivity, continuous connectivity induces mental fatigue and challenges work-life balance. The intent to remain within an organization is evaluated through the quality of work experiences, organizational support, self-development opportunities, and work-life harmony.

Originality/Value: This study enriches the literature on the digital work experiences of Generation Z and offers practical insights for organizations to design digital work policies that support employee well-being and reinforce retention.

Beyond Knowledge: The Moderating Role of Investment Literacy in Biases and Irrational Investment Decision-Making

2026-06-04T18:15:20+00:00

Purpose – This study investigates irrational investment behavior among individual stock investors in the Indonesian capital market, with particular attention to the role of investment literacy. Grounded in behavioral finance theory, the research examines how cognitive biases—namely availability bias, overconfidence bias, and herding bias are associated with irrational investment decision-making and assesses whether investment literacy moderates these relationships. As an additional analysis, the study also explores potential gender differences in the proposed relationships.

Design/methodology/approach – This study employed a quantitative research design and utilized Partial Least Squares Structural Equation Modeling (PLS-SEM) to examine the relationships among the proposed constructs and test the moderating effects. Data were collected from 756 Indonesian stock investors through structured online and offline questionnaires. CMB preventive strategies were implemented to reduce the risk of common method bias (CMB).

Findings – The results show that while investing literacy was inversely correlated with irrational investment decision-making, availability bias, overconfidence bias, and herding prejudice were favorably correlated. Additionally, the association between availability bias and irrational investment decision-making was considerably mitigated by investment literacy; a lesser relationship between availability bias and irrational investment decision-making was linked to higher levels of investment literacy. The associations between herding bias and overconfidence bias, however, were not substantially mitigated by financial literacy. There were no discernible variations between male and female investors in the structural linkages analyzed, according to the supplementary Multi-Group Analysis (MGA), indicating that the observed associations function equally across gender groups.

Originality/Value – This study adds to the body of research on behavioral finance by showing that investment literacy plays a crucial boundary condition in the relationship between availability bias and irrational investment decision-making, but it has no discernible moderating effect in the relationships between herding bias and overconfidence bias. The study offers a more comprehensive understanding of the circumstances in which financial knowledge is linked to lower levels of irrational investment decision-making by incorporating cognitive biases, objective investment literacy, and an additional gender-based comparison within an emerging market setting

APIP Capability and Local Financial Supervision in Corruption Prevention: An Islamic Economic Perspective in Jambi

2026-06-22T12:05:21+00:00

Purpose – This study aims to analyse the effect of Good Corporate Governance (GCG), Local Financial Management (LFM), and APIP Capability on Corruption Prevention in local governments of Jambi Province.

Design/methodology/approach – The research employed a quantitative approach with a causalcomparative design. The population consisted of 12 local governments in Jambi Province, all included as research samples through a total sampling technique. Data were collected from secondary sources, including MCP KPK, SAKIP, SPBE, and APIP capability reports issued by BPKP for the period 2020– 2022. Statistical analysis was performed using multiple linear regression with SPSS 25. The measurement model was tested for validity and reliability, with all indicators showing loading factors > 0.70, AVE > 0.50, and CR > 0.70, indicating acceptable construct validity and reliability.

Finding/Results – The results show that the model is significant overall (F-test p = 0.018) with an explanatory power of R² = 0.521, meaning 52.1% of corruption prevention is explained by GCG, LFM, and APIP capability. However, partial testing indicates that only APIP capability significantly influences corruption prevention (β = 11.027; p = 0.011), while GCG (β = 0.042; p = 0.895) and LFM (β = 0.183; p = 0.372) are not significant.

Originality/Value – This study contributes to the literature by emphasizing the dominant role of internal government supervision (APIP) in preventing corruption at the regional level, where previous studies focused primarily on external anti-corruption institutions. The integration of agency theory and institutional theory highlights why internal monitoring mechanisms are more effective than normative governance frameworks in reducing corruption risks

Designing Supply Chain Performance Measurement Using SCOR and AHP in an Indonesian Packaged Drinking Water Company

2026-06-12T21:13:54+00:00

Purpose – This study aims to develop an appropriate Supply Chain performance measurement design for a packaged drinking water company (Company X) using the Supply Chain Operations Reference (SCOR) model.

Design/methodology/approach – The Supply Chain Operations Reference (SCOR) model was used to develop key performance indicators (KPIs) related to supply chain performance measurement, The identified Key Performance Indicators (KPIs) were validated and weighted by three experts directly involved in the company’s supply chain activities, namely the Head of Candal and Warehouse Unit, the Head of Production, Maintenance and Laboratory Unit, and the Quality Control and Laboratory Staff, while the Analytical Hierarchy Process (AHP) method was applied to determine the weight of each KPI.

Findings/Results – The study produced 35 KPIs consisting of 6 Plan process KPIs, 8 Source process KPIs, 9 Make process KPIs, 5 Deliver process KPIs, 6 Return process KPIs, and 1 Enable process KPI. The AHP weighting results indicate that the Return activity has the highest priority among the six supply chain activities, with a weight value of 0.362.

Originality/Value – The study provides a Supply Chain performance measurement design for Company X by integrating the SCOR model and AHP method and identifies the Return activity as the most important supply chain activity.

The Impact of ESG disclosure and ESG Financial Materiality Disclosure on Financial Performance: Evidence from the Indonesian Energy Sector (2022–2024)

2026-06-22T23:23:49+00:00

Purpose – Sustainability reporting has become increasingly important in the energy sector due to growing regulatory requirements and stakeholder expectations. Nevertheless, evidence regarding the financial implications of ESG-related disclosures remains inconclusive. This study examines the impact of ESG disclosure and ESG financial materiality disclosure on the financial performance of energy companies listed on the Indonesia Stock Exchange (IDX) during 2022–2024.

Design/methodology/approach – This study employed a quantitative research design using panel data regression analysis. The sample comprised 19 energy sector companies selected through purposive sampling, resulting in 57 firm-year observations. ESG disclosure was measured based on the GRI Standards 2021, while ESG financial materiality disclosure was assessed using the SASB Materiality Framework. Data were analyzed using the Fixed Effect Model (FEM).

Finding/Results – The results show that ESG disclosure is negatively associated with financial performance, although the relationship is not statistically significant. In contrast, ESG financial materiality disclosure has a negative and significant effect on financial performance, indicating that the costs associated with material ESG reporting may reduce short-term profitability.

Originality/Value – The findings suggest that not all ESG-related disclosures generate similar financial outcomes. This study provides evidence that financially material ESG disclosure may have different implications from general ESG disclosure, offering insights for energy companies in designing sustainability reporting strategies.

The Role of Green Economy Legal Instruments in Advancing Sustainable Development

2026-06-24T03:46:20+00:00

Purpose – This study aims to examine the role of green economy legal instruments in advancing sustainable development and to analyze how these instruments function within contemporary environmental governance systems. The study also explores the contribution of legal mechanisms to environmental accountability, ecological justice, and sustainability transitions.

Design/methodology/approach – This research employs a normative legal research design using statutory, conceptual, and analytical approaches. The analysis is based on primary, secondary, and tertiary legal materials, including environmental regulations, international policy frameworks, academic literature, and institutional reports. The collected materials were analyzed through qualitative legal analysis to identify the preventive, corrective, and transformative functions of green economy legal instruments.

Finding/Results – The findings reveal that green economy legal instruments operate through three interconnected functions. Preventive instruments reduce environmental risks through environmental impact assessments, permitting systems, environmental standards, and spatial planning regulations. Corrective instruments strengthen environmental accountability through sanctions, liability mechanisms, compensation schemes, and ecological restoration measures. Transformative instruments facilitate sustainability transitions by promoting renewable energy development, green investment, innovation, and resource-efficient economic practices. The study further finds that the effectiveness of these instruments depends on regulatory coherence, institutional capacity, enforcement effectiveness, and meaningful public participation.

Originality/Value – This study contributes to the literature by proposing an integrated framework that conceptualizes green economy legal instruments as preventive, corrective, and transformative mechanisms operating simultaneously within environmental governance systems. The framework enriches discussions on environmental law, ecological justice, and sustainable development while providing practical insights for strengthening sustainability-oriented legal governance.

Topic-Level Effectiveness of the Entrepreneur Development Class in Indonesia's Wirausaha Merdeka Program

2026-06-25T13:53:15+00:00

Purpose – This study evaluates the effectiveness of the Entrepreneur Development Class (EDC), the foundational learning phase of Indonesia’s Wirausaha Merdeka program, by examining topic-level learning gains across ten instructional modules. The study responds to persistent limitations in entrepreneurship education evaluation, including the dominance of perception-based measures, the reliance on aggregate outcomes, the limited empirical evidence on Wirausaha Merdeka, and the limited use of normalized gain analysis in assessing instructional effectiveness.

Design/methodology/approach – A quantitative one-group pre-test–post-test design was employed using a complete cohort of 550 students from twelve vocational higher education institutions participating in the 2024 Wirausaha Merdeka program coordinated by Politeknik Negeri Jember. Data were analyzed using descriptive statistics, the Kolmogorov–Smirnov test, paired-samples t-tests, Hake’s normalized gain (g), and Cohen’s d effect size.

Findings/Results – The overall mean score increased from 70.40 to 95.25, yielding a high normalized gain (g = 0.84) and a very large effect size (d = 1.70). Business Idea Development emerged as the most effective module (g = 0.90), whereas Pondasi Bisnis Berkah produced the lowest gain (g = 0.68). The findings suggest that instructional effectiveness varies across competency domains and is influenced by both baseline knowledge and the characteristics of the learning outcomes targeted.

Originality/Value – This study contributes to entrepreneurship education research by introducing a topic-level evaluation framework that combines objective knowledge assessment, normalized gain analysis, effect-size estimation, and significance testing. The approach provides a more diagnostic understanding of instructional effectiveness than aggregate program-level measures and offers practical guidance for curriculum improvement, quality assurance, and policy evaluation in large-scale vocational entrepreneurship programs.

Location is Destiny? Unravelling the Income Gap of Gig Workers in Indonesia with Blinder-Oaxaca Decomposition

2026-05-24T04:59:06+00:00

Purpose – The objective of this study is to analyze and identify key factors of the income gap between gig workers in urban and rural areas in Indonesia. Secondary data from the 2023 National Socioeconomic Survey (Susenas) was used in this study.

Design/methodology/approach – Data analysis was conducted by applying the Blinder-Oaxaca decomposition method to separate the sources of income inequality into components explained by differences in characteristics (endowments) and unexplained components (discrimination or non-observable factors). A robust regression model was also used to ensure the accuracy of the estimates.

Finding/Results – This study reveals that gig workers in urban areas have significantly higher incomes (around 12%) than their counterparts in rural areas. Most of this gap is due to differences in characteristics (explained component), particularly access to digital technology and education levels. However, the unexplained component is also significant, indicating differences in market value or discrimination against the same characteristics in both regions. Other factors such as full-time employment, white-collar jobs, male gender, and marital status also positively affect income levels.

Originality/Value – The value of this research lies in its primary focus on the long-term impact of spatial inequality among gig workers, as well as its comprehensive use of the Blinder-Oaxaca method in the context of the Indonesian gig economy to describe the sources of this inequality in detail

Marketing Strategies for Traditional Batik Products: A Case Study of Baduy Batik

2026-05-09T00:15:48+00:00

Purpose – The purpose of this study is to analyze and formulate effective marketing strategies for Baduy Batik as a traditional cultural product in the contemporary fashion market while maintaining its cultural authenticity. The study examines the internal and external factors influencing the marketing performance of Baduy Batik and identifies strategic approaches to enhance its competitiveness.

Design/methodology/approach – This study employs a qualitative case study approach. Data were collected through in-depth interviews with Baduy Batik artisans, business actors, and consumers. The collected data were analyzed using SWOT analysis to identify the key strengths, weaknesses, opportunities, and threats affecting the marketing of Baduy Batik and to formulate appropriate marketing strategies.

Findings/Results – The findings indicate that the distinctive cultural identity of Baduy Batik represents its primary competitive advantage in the fashion market. However, limited market access, insufficient promotional activities, and consumer perceptions of Baduy Batik as an overly traditional product remain significant challenges. The study proposes an integrated marketing strategy that combines cultural storytelling, social media marketing, e-commerce utilization, and collaboration with fashion designers to expand market reach while preserving the traditional values embedded in the product.

Originality/Value – This study contributes to the literature by demonstrating how traditional cultural products can adapt to contemporary market dynamics through innovative yet culturally sensitive marketing strategies. It also provides practical insights for artisans, policymakers, and business practitioners seeking to balance commercial development with the preservation of local cultural heritage.

Digital HRM Transformation Improves Employee Performance through Digital Competence

2026-05-17T11:55:42+00:00

Purpose – This study investigates how digital transformation in human resource management contributes to employee performance by emphasizing the role of digital competence within organizational work systems. The study is conducted in the context of organizations in Medan that have increasingly adopted digital-based HR practices.

Design/methodology/approach – A quantitative explanatory approach was employed using Partial Least Squares Structural Equation Modeling (PLS-SEM). Data were collected through questionnaires distributed to employees who had experience using digital HR systems, including electronic attendance, online training platforms, and digital performance evaluation systems.

Finding/Results – The findings demonstrate that digital HRM transformation positively influences employee digital competence and employee performance. Digital competence also shows a significant contribution to improving employee performance. In addition, the mediation analysis confirms that digital competence partially mediates the relationship between digital HRM transformation and employee performance, indicating that technological implementation becomes more effective when supported by employees’ digital capabilities.

Originality/Value – This study offers a broader understanding of digital transformation by positioning digital competence as a strategic organizational capability rather than merely an individual technical skill. The findings provide practical insights for organizations seeking to align technological transformation with human capability development in order to achieve sustainable performance improvement

Digital Readiness Catalyzing Halal Practices and Digital Payment for MSME Financial Performance

2026-05-29T12:05:33+00:00

Purpose – This study examines how halal practices and digital payment adoption influence the financial performance of micro and small enterprises. The increasing integration of halal standards and digital technology in business operations raises questions about how these factors jointly contribute to performance, particularly in transaction-intensive sectors.

Design/methodology/approach – A quantitative approach was employed using survey data collected from 167 micro and small enterprise owners in Bekasi City. Data were analyzed using Structural Equation Modeling (SEM) to test direct, mediating, and moderating relationships among variables.

Finding/Results – The results show that halal practices positively affect financial performance, while digital payment does not have a direct effect. Transaction efficiency significantly improves financial performance and mediates the effects of both halal practices and digital payment. Digital readiness strengthens the relationships between halal practices, digital payment, and transaction efficiency.

Originality/Value – This study highlights the critical role of transaction efficiency as a mechanism linking operational practices and technology to financial outcomes. It also emphasizes digital readiness as a key capability that enhances the effectiveness of both halal compliance and digital payment adoption in improving MSME performance.

Local Religious Traditions and Community Participation in Islamic Social Finance in Madura

2026-05-22T05:17:30+00:00

Purpose – This study examines the role of local religious traditions in supporting Islamic social finance practices in Madura, Indonesia, with community participation as a mediating variable. It addresses the limited quantitative evidence on the socio-cultural foundations of Islamic social finance.

Design/methodology/approach – A post-positivist quantitative approach was employed using quantitised interview data from 250 active or former koloman participants across four districts in Madura. Data were coded into three constructs—Local Religious Traditions (LRT), Community Participation (CP), and Islamic Social Finance Practices (ISF)—and analysed using partial least squares structural equation modelling (PLS-SEM).

Findings/Results – Local religious traditions positively influence community participation and Islamic social finance practices, while community participation also has a significant positive effect on Islamic social finance practices. Furthermore, community participation partially mediates the relationship between local religious traditions and Islamic social finance practices. These findings indicate that koloman serves as an important socio-religious institution that strengthens collective fundraising, social assistance, and community-based productive support.

Originality/Value – This study contributes to the Islamic social finance literature by integrating local religious traditions, community participation, and Islamic social finance practices into a single quantitative model. It demonstrates that koloman functions as a form of spiritual social capital that sustains Islamic social finance beyond formal institutional mechanisms.

Transactional Justice and Customer Satisfaction in Cafés: An Islamic Ethical Perspective

2026-05-04T03:24:53+00:00

Purpose – This study aims to investigate the determinants of customer satisfaction in the café industry by analyzing the relationships between product and service quality, promotion, hospitality, price perception, and satisfaction. Furthermore, it seeks to interpret these marketing dynamics through the lens of Islamic commercial ethics to understand the ethical foundations of consumer exchange.

Design/methodology/approach – A quantitative approach was employed using a survey of 124 café customers in Indonesia. The data were analyzed through a two-stage approach: Exploratory Factor Analysis (EFA) to identify underlying constructs, followed by Structural Equation Modeling (SEM) to validate the measurement model and test the structural hypotheses. The model's validity was confirmed through Confirmatory Factor Analysis (CFA).

Finding/Results – The results indicate that product and service quality significantly influence price perception, which in turn significantly dictates customer satisfaction. Conversely, promotion and hospitality do not significantly affect price perception. The findings reveal that satisfaction is primarily shaped by value congruence and transactional justice. From an Islamic ethical perspective, satisfaction emerges when there is just equivalence (ʿadl) and mutual consent (ridha) regarding the price-value exchange, while hospitality acts as benevolence (ihsan) that complements but does not determine economic valuation.

Originality/Value – This study contributes to the literature by linking perceived price fairness with Islamic commercial ethics (ʿadl, ridha, and ihsan). It shifts the understanding of customer satisfaction from a purely emotional or persuasive marketing outcome to an ethical approval of exchange grounded in transactional justice. The study is limited by its specific focus on the café industry and a relatively small sample size drawn through convenience sampling, which may affect generalizability. Future research should involve a larger, more diverse demographic and consider longitudinal data to observe changes in ethical consumption patterns over time.

Revisiting the Relationship between Foreign Direct Investment, Digital Competitiveness, and Economic Growth in Emerging Economies

2026-06-04T08:02:36+00:00

Purpose – This study examines the relationship between Foreign Direct Investment (FDI), digital competitiveness, and economic growth in developing and emerging economies. It addresses the fragmented literature by systematically synthesizing how digital readiness enhances the effectiveness of FDI spillovers in promoting sustainable economic growth.

Design/methodology/approach – A scoping review was conducted following the PRISMA-ScR framework. Literature published between 2018 and 2026 was collected from Scopus, Web of Science, and Google Scholar. From 530 initial records, 50 peer-reviewed articles met the inclusion criteria and were analyzed through thematic classification and conceptual synthesis.

Findings – The review shows that the FDI–growth relationship has shifted from a capital-driven perspective to a capability-based framework. Digital competitiveness, technological readiness, innovation systems, and absorptive capacity significantly strengthen the impact of FDI by facilitating domestic innovation, productivity improvement, and sustainable economic growth.

Originality/Value – This study positions digital competitiveness as a key enabling mechanism within the FDI–growth nexus, integrating two previously fragmented research streams. The findings suggest that policymakers should complement FDI attraction strategies with digital transformation, technological capability development, and institutional strengthening to maximize long-term economic competitiveness.

Job Satisfaction as a Mediator of the Effect of Psychological Empowerment and Organizational Culture on Employee Performance

2026-05-26T04:02:10+00:00

Purpose – This study aims to analyze the effect of psychological empowerment and organizational culture on employee performance, with job satisfaction as a mediating variable at the Maros Regency Health Office.

Design/methodology/approach – This research employed a quantitative correlational design. The population consisted of all employees of the Maros Regency Health Office. Using purposive sampling, 147 respondents were selected. Data were collected through online questionnaires distributed via Google Forms and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS).

Finding/Results – Indicate that psychological empowerment has a significant positive effect on job satisfaction and employee performance. Organizational culture has a significant effect on job satisfaction but does not directly influence employee performance. Job satisfaction significantly affects employee performance and serves as a mediating variable in the relationships among psychological empowerment, organizational culture, and performance.

Originality/Value – This study provides an empirical contribution regarding the role of job satisfaction as a mediating variable in the relationship between psychological empowerment, organizational culture, and employee performance in the government health sector, particularly in the Maro District Health Office, thus providing a more comprehensive understanding of the factors that influence employee performance.

The Role of Satisfaction in Mediating the Association of Pesantren Brand Image and Price Fairness on Customer Loyalty in Pesantren Cooperatives

2026-06-12T21:00:40+00:00

Purpose – This study examines the association between pesantren brand image and price fairness with customer loyalty in pesantren cooperatives in East Java, with customer satisfaction as a mediating variable. This study is important because pesantren cooperatives operate not only as business institutions, but also as institutions representing religious and social values that may be associated with customer loyalty.

Design/methodology/approach – This study employed a quantitative method using a cross-sectional approach. Data were collected through online questionnaires distributed to consumers who had experience purchasing products at pesantren cooperatives in East Java. A total of 209 respondents participated in this study, and the data were analysed using SEM-PLS to examine the relationships among variables.

Finding/Results – The results indicate that pesantren brand image is positively and significantly associated with customer loyalty (β = 0.213) and customer satisfaction (β = 0.323). Price fairness is similarly positively and significantly associated with customer loyalty (β = 0.208) and customer satisfaction (β = 0.279). Customer satisfaction is the strongest direct predictor of customer loyalty (β = 0.411). Mediation analysis reveals that customer satisfaction partially mediates the relationship between pesantren brand image and customer loyalty (β = 0.067) and the relationship between price fairness and customer loyalty (β = 0.166), with the latter demonstrating a substantially stronger mediating role.

Research Implications/Limitations – The findings provide additional insights into the application of satisfaction-mediated loyalty models within faith-based cooperative settings. However, the cross-sectional design limits the causal interpretation of the observed relationships. In addition, the focus on pesantren cooperatives in East Java limits the broader generalizability of the findings.

Originality/Value – This study extends customer loyalty research within the context of pesantren cooperatives and highlights the importance of religious institutional image and fair pricing in their positive association with customer satisfaction and loyalty.

Determinants of Generation Z Long Term Investment Interest Through Digital Literacy, Education and Risk Perception

2026-06-28T16:40:08+00:00

Purpose - This study examines the roles of digital financial literacy, digital financial education, and digital risk perception in shaping Generation Z’s long-term investment interest. The study addresses the gap between the rapid growth of digital investment platforms and the limited financial understanding that supports sustainable investment behavior.

Design/methodology/approach – A quantitative approach with an associative research design was employed. Primary data were collected from 270 Generation Z respondents in Makassar using purposive sampling. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 3.0.

Findings – The results indicate that digital financial literacy, digital financial education, and digital risk perception all have positive and significant effects on long-term investment interest. Financial literacy enhances individuals’ ability to evaluate financial information, financial education strengthens investment readiness, and rational risk perception increases confidence in making long-term investment decisions.

Originality/value – This study demonstrates that Generation Z’s long-term investment interest is shaped by financial knowledge, educational experiences, and digital risk assessment. The findings highlight the importance of strengthening integrated digital financial literacy and education to encourage sustainable investment behavior among young investors.

Behavior and Determinants of Public Savings in Commercial Banks in Indonesia: A Dynamic Model Approach

2026-06-23T16:52:24+00:00

Purpose – This study evaluated the impact of macroeconomic determinants (Bank Indonesia policy interest rate, commercial bank deposit rate, national inflation rate) and demographic shifts (productive-age population) on public savings within Indonesian commercial banks. To resolve frequency discrepancies between annual demographic and quarterly macroeconomic data, a static temporal disaggregation procedure was applied.

Design/methodology/approach – The empirical analysis utilized a quantitative time-series dataset spanning an eight-year observation period from 2016 to 2023. A dynamic Error Correction Model (ECM) accommodated short-term behavioral responses while simultaneously capturing long-term structural equilibrium adjustments.

Finding/Results – The estimation established that policy and deposit interest rates yielded statistically insignificant impacts on public savings across both temporal horizons. In contrast, the national inflation rate exerted a negative and significant influence on deposit volumes. Furthermore, a larger working-age population exhibited a positive and significant effect on long-term capital accumulation. The dynamic framework confirmed a negative Error Correction Term, proving that savings behavior requires a transitional phase to correct temporal deviations following macroeconomic shocks.

Originality/Value – Policymakers must transition from isolated monetary rate manipulations toward integrated macroeconomic and demographic strategies. Synchronizing inflation control mechanisms with long-term demographic planning provides a robust foundation for institutional funding, demonstrating that structural economic stability dictates saving capacities more decisively than traditional yield incentives.

Character-Based Knowledge Construction in Personal Bankers Within Banking Service Practices

2026-06-29T23:43:18+00:00

Purpose – This study aims to analyze the construction of character-based knowledge among personal bankers as bank marketing personnel in banking service practices. It explores how knowledge is developed and internalized through work experience, customer interactions, and organizational culture to enhance service quality.

Design/methodology/approach – This study adopts a qualitative approach with a descriptive-interpretative design. Data were collected through in-depth interviews and observations involving purposively selected personal bankers at a commercial bank branch in Kendari City, Southeast Sulawesi. The data were analyzed using thematic analysis.

Findings – The findings reveal that personal bankers’ knowledge is constructed through professional experience, customer interactions, and organizational culture. This knowledge is internalized into character values, including integrity, empathy, and responsibility, which are reflected in customer-oriented and communicative service behaviors. However, the consistent application of these values is constrained by performance target pressures.

Originality/Value – This study highlights the importance of character-based knowledge as a foundation for improving banking service quality. It contributes to the literature on human resource development and organizational behavior by demonstrating the need for organizational support and continuous learning to strengthen the internalization of character values in banking service practices.

HRM Perspective on Transformational Leadership and Employee Performance: The Mediating Role of Digital Information Technology and Work Environment

2026-05-26T01:46:42+00:00

Purpose: This study aims to examine and explain the effect of transformational leadership on employee performance, with digital information technology and work environment serving as mediating variables in West Java's Islamic banking sector.

Design/methodology/approach: This study employed a quantitative survey design using non-probability purposive sampling. Data were collected from 280 supervisors and employees of Islamic banking institutions in West Java, Indonesia. The proposed hypotheses were tested using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS software.

Findings: The results demonstrate that transformational leadership has a significant and positive effect on digital information technology adoption, work environment, and employee performance. Specifically, the work environment significantly mediates the relationship between transformational leadership and employee performance, as indicated by the indirect effect coefficient (β = 0.559, p < 0.000). In contrast, the mediating effect of digital information technology was found to be statistically insignificant. This is further supported by a p-value of 0.113, which is greater than the 0.05 significance level. Although transformational leadership encourages the use of digital information technology, technological factors alone do not significantly translate into improved employee performance without a supportive work environment.

Research Implications: Islamic banking institutions should strengthen transformational leadership and prioritize a supportive work environment that fosters collaboration and employee well-being. Additionally, investments in digital technology must be accompanied by organizational improvements to maximize their impact on employee performance.

Originality/Value: This study contributes to leadership and HRM literature by proving that in Islamic banking, the work environment is a much stronger mediator than digital information technology in explaining how transformational leadership enhances employee performance.

Strategic Management Accounting Practices and Organizational Performance Through Maqasid Shariah Orientation

2026-06-30T06:28:38+00:00

Purpose – This study investigates the effect of Strategic Management Accounting Practices on Organizational Performance by examining the mediating role of Maqasid Shariah Orientation in Sharia-based institutions and organizations in Indonesia.

Design/methodology/approach – A quantitative explanatory design was employed using data collected from 250 managerial employees through a five-point Likert-scale questionnaire. The proposed relationships were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM).

Finding/Results – Strategic Management Accounting Practices positively influence Organizational Performance and Maqasid Shariah Orientation. Maqasid Shariah Orientation also exerts a positive effect on Organizational Performance and significantly mediates the relationship between Strategic Management Accounting Practices and Organizational Performance.

Originality/Value – This study proposes an integrative model demonstrating that Maqasid Shariah Orientation strengthens the contribution of Strategic Management Accounting Practices to organizational performance, offering insights for organizations seeking sustainable and value-based governance.

Transformational Leadership in Enhancing Public Service Quality in the Digital Era

2026-06-30T09:01:42+00:00

Purpose – This study aims to analyze the role of transformational leadership in improving the quality of public services in the digital era. It examines how transformational leadership supports digital transformation, service innovation, and citizen-oriented public service delivery.

Design/methodology/approach – This study adopts a qualitative approach with an interpretative case study design. Data were collected through in-depth interviews and observations involving purposively selected civil servants (ASN) at a local government agency in Makassar City. The data were analyzed using thematic analysis.

Findings – The findings reveal that transformational leadership enhances public service quality by fostering a digital transformation vision, encouraging service innovation, and promoting more responsive and citizen-oriented behaviors among public officials. It also creates a work environment that is adaptive to technological change. However, its implementation is constrained by limited digital competencies, resistance to change, and technical challenges in digital service systems.

Originality/Value – This study highlights transformational leadership as a critical driver of public service quality in the digital era. It contributes to the public administration literature by emphasizing the importance of integrating leadership, human resource capacity development, and digital infrastructure to achieve sustainable, citizen-centered public services.

Sectoral Public Expenditure and Income Inequality in Indonesia: A Spatial Panel Approach

2026-06-23T16:42:22+00:00

Purpose – This study evaluated the impact of sectoral local government expenditures (economic, health, education, and social protection) on regional income inequality. To address the specification bias inherent in traditional frameworks, this research explicitly accommodated spatial spillover mechanisms.

Design/methodology/approach – The empirical analysis utilized a balanced macro-level panel dataset comprising 33 Indonesian provinces, yielding 495 observations over a 15-year observation period from 2010 to 2024. A Spatial Durbin Model accommodated unobserved individual heterogeneity while simultaneously capturing endogenous spatial interactions. Marginal policy impacts were extracted via Monte Carlo parametric bootstrap simulations.

Finding/Results – A positive spatial autoregressive parameter confirmed that income inequality in one province systematically influenced contiguous territories. Decomposing the marginal impacts revealed that local educational expenditures directly compressed internal income inequality. Conversely, health allocations exhibited a positive direct effect on the Gini ratio. Furthermore, localized economic expenditures generated negative spatial spillovers that significantly reduced income disparities across neighboring provinces.

Originality/Value – Policymakers must transition from isolated fiscal planning toward coordinated interregional public investments to leverage positive agglomeration externalities. Physical infrastructure expansion requires harmonization with targeted social protection frameworks. Future research should integrate intra-regional microdata and explore the nonlinear threshold effects of fiscal decentralization to refine territorial wealth redistribution strategies.

Economic Vulnerability of Small Producers Due to Income Uncertainty and Institutional Asymmetry

2026-05-31T16:25:31+00:00

Purpose – This study examines the economic vulnerability of small-scale producers in Indonesia by analyzing the effects of income uncertainty and institutional asymmetry, while incorporating regulatory certainty as a mediating variable and the internalization of moral values as a moderating variable. The study aims to explain how structural, regulatory, and ethical dimensions influence the sustainability and resilience of small-scale producers.

Design/methodology/approach – This study employed a quantitative approach using a survey design involving small-scale producers in Indonesia. Data were collected through structured questionnaires and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) to examine the direct, mediating, and moderating relationships among income uncertainty, institutional asymmetry, regulatory certainty, moral value internalization, and economic vulnerability.

Finding/Results – The findings reveal that institutional asymmetry has a strong positive and significant effect on economic vulnerability, indicating that structural market inequality is the primary determinant of vulnerability among small-scale producers. In contrast, income uncertainty does not have a significant direct effect on economic vulnerability, as reflected by the near-zero path coefficient. However, its influence operates indirectly through regulatory certainty as a mediating mechanism. Furthermore, the internalization of moral values moderates the relationship between institutional asymmetry and economic vulnerability by strengthening producers’ adaptive capacity and resilience toward structural market pressures.

Originality/Value – This study contributes to the literature by integrating regulatory certainty and moral value internalization into a comprehensive structural model of economic vulnerability among small-scale producers. The findings emphasize the importance of inclusive market institutions, regulatory certainty, and ethical-economic values in reducing inequality and strengthening long-term economic sustainability.

The Influence of Influencer Credibility on Generation Z’S Purchase Decisions Of Azarine Products Through Brand Trust as An Intervening Variable in Bekasi City

2026-06-12T16:29:37+00:00

Purpose – This study examines the effect of influencer credibility on Generation Z consumers’ purchase decisions of Azarine skincare products in Bekasi City, with brand trust as a mediating variable. It investigates whether the effect is direct or operates indirectly through brand trust.

Design/methodology/approach – A quantitative, descriptive, and causal design was used. The study involved 96 Generation Z consumers in Bekasi City selected through purposive sampling. Data were collected via a five-point Likert questionnaire. Influencer credibility is assessed through three dimensions: trustworthiness, expertise, and attractiveness. Brand trust is evaluated based on reliability, honesty, and safety, while purchase decision is measured through five stages of the decision-making process. Data analysis is conducted using SEM-PLS to examine both direct and indirect relationships among the variables.

Finding/Results – Influencer credibility has no significant direct effect on purchase decisions but significantly increases brand trust, which in turn significantly affects purchase decisions. Brand trust fully mediates the relationship, indicating that credibility influences purchasing behavior only through trust formation.

Originality/Value – This study highlights brand trust as the key mediating mechanism between influencer credibility and purchase decisions, offering context-specific evidence from Generation Z consumers of Azarine in Bekasi City and enriching research on influencer marketing in the skincare industry

Marketing Strategy Analysis: The Effect of 7P Marketing Mix on School Choice Decision Using PLS-SEM in Bekasi

2026-06-26T22:07:05+00:00

Purpose – This study examines the influence of the 7P marketing mix on parents’ school choice decisions in the increasingly competitive private education sector in Bekasi, Indonesia. It addresses the limited evidence on the simultaneous effects of all seven marketing mix dimensions on school selection.

Design/Methodology/Approach – A quantitative cross-sectional design was employed. Data were collected from 202 parents and prospective parents using purposive sampling and analyzed with Partial Least Squares Structural Equation Modeling (PLS-SEM).

Findings – The results indicate that promotion, process, and physical evidence significantly influence school choice decisions, with process emerging as the strongest predictor. In contrast, product, price, place, and people have no significant effect.

Originality/Value – This study extends educational marketing research by simultaneously examining the complete 7P marketing mix framework in private school selection. The findings provide practical guidance for private schools to strengthen enrollment by prioritizing promotional strategies, improving service processes, and enhancing physical facilities.

The Role of Tax Knowledge and Awareness in Improving Tax Compliance: A Systematic Review

2026-05-09T08:31:34+00:00

Purpose - This article examines the role of tax knowledge and tax awareness in improving tax compliance. The topic is important because compliance depends not only on taxpayers’ understanding of tax rules, but also on motivational and administrative factors.

Design/methodology/approach - This study used a Systematic Literature Review guided by the PRISMA framework. Articles were collected from the Directory of Open Access Journals and limited to peer-reviewed studies published between 2022 and 2026. Selected studies were analyzed using qualitative descriptive synthesis.

Findings/Results - The review shows that tax knowledge generally improves tax compliance by strengthening understanding of tax obligations and procedures, while tax awareness is a more consistent driver of compliant behavior. The findings also indicate that tax education, socialization, trust, fairness, service quality, and user-friendly digital systems reinforce compliance outcomes.

Originality/Value - This study presents tax compliance as a behavioral and institutional outcome shaped by cognitive, attitudinal, and administrative factors. The main implication is that efforts to strengthen voluntary compliance should combine taxpayer education, awareness building, fair administration, and accessible digital services.

Economic Development and Energy Transition Readiness Using Spline Approach: Evidence from Asia Region

2026-06-26T22:37:02+00:00

Purpose – This study examines the impact of energy transition readiness on economic development in Asian countries by analyzing five dimensions: regulation & political commitment, infrastructure, education & human capital, innovation, and finance & investments.

Design/Methodology/Approach – A spline regression approach was employed to capture the non-linear relationship between energy transition readiness and GDP per capita. Data from Asian countries were analyzed to identify threshold effects across readiness dimensions.

Findings – The results show heterogeneous non-linear effects of energy transition readiness on GDP. Regulation & political commitment and infrastructure have consistently significant impacts, while innovation and finance & investments become significant only after certain readiness thresholds. Education & human capital does not show a significant effect.

Originality/Value – This study extends the literature by demonstrating that the economic benefits of energy transition readiness are non-linear and vary across development stages. The findings provide policy guidance for Asian countries to adopt targeted, stage-specific strategies that strengthen energy transition readiness and promote sustainable economic development.

Integrity As A Shield Against Fraud In Activity Management Unit (AMU) Fund Management: Empirical Evidence From Sragen Regency

2026-05-18T15:54:59+00:00

Purpose – This study seeks to assess and analysis the impact of competence, internal control systems, and anti-fraud awareness on fraud prevention, while also examining the role of integrity as a moderating variable.

Design/methodology/approach – This study employs a quantitative methodology, encompassing a population of 18 AMU in Sragen Regency and a sample of 48 respondents, which includes the chairindividual, secretary, treasurer, verification team, and supervisory board of AMU. This research utilises primary data. The data analysis method employs multiple regression analysis and Moderated Regression Analysis (MRA) utilising the SPSS application.

Finding/Results – The internal control system and anti-fraud awareness impact fraud prevention; however, competence does not affect fraud prevention. Integrity has been demonstrated to enhance the impact of anti-fraud awareness on fraud prevention. Nonetheless, integrity cannot mediate the relationship between competency and the internal control system about fraud prevention. These findings suggest that fraud prevention relies not only on technical measures and organisational controls but also on enhancing the integrity and ethical conduct of individualnel within the company.

Originality/Value – This research’s originality is in examining integrity as a moderating variable in fraud prevention at AMU, a local community fund management institution.

Lifestyle Mediates University Students' Consumption Behavior: Financial Literacy and Peer Groups

2026-06-24T08:10:56+00:00

Purpose – This research examines how financial literacy and peer groups shape university students' consumption behavior, with lifestyle positioned as the mediating variable. The study is motivated by the widespread pattern of consumptive habits among students, a condition driven by limited financial understanding coupled with intense social pressure to keep pace with current trends.

Design/methodology/approach – A quantitative design was applied using purposive sampling. Responses were gathered from 100 students enrolled in the 2022 and 2023 cohorts at Universitas Sarjanawiyata Tamansiswa (UST), Yogyakarta. Data were processed through the Partial Least Squares (PLS) technique with the help of SmartPLS software.

Finding/Results – The analysis reveals that financial literacy exerts a significant negative effect on students' consumption behavior, whereas peer groups and lifestyle both contribute significant positive effects. Lifestyle is further found to significantly mediate the relationships between financial literacy, peer groups, and students' consumption behavior.

Originality/Value – This study's central finding confirms that lifestyle functions as an essential bridge linking internal factors (financial literacy) and external factors (peers) to consumption decisions. Practically, this implies that strengthening financial literacy alongside cultivating a prudent lifestyle is essential for students seeking to curb excessive spending and secure long-term financial stability.

Strengthening Firm Value through ESG Assurance, Internal Audit, and Enterprise Risk Management: Asessing Audit Quality as Potential Boundary Condition

2026-06-04T18:15:01+00:00

Purpose – This study examined the influence of ESG assurance, internal audit and enterprise risk management on firm value and analyzed the role of audit quality as a moderating variable. The study was conducted on basic materials companies listed on the Indonesia Stock Exchange (IDX) for the 2022-2024 period, using agency theory and signaling theory.

Design/methodology/approach – The research employed a quantitative method. The sample was selected using purposive sampling within the basic materials sector. Firm value was measured using Tobin's Q, ESG assurance was measured using the existence of external assurance, internal audit implementation was proxied by its implementation indicators, ERM was measured using a strategy-based and operations-based index, and audit quality was measured using the reputation of the Public Accounting Firm. Data were analyzed using moderated regression analysis (MRA).

Finding/Results – The F-test results demonstrate that the regression model is overall statistically significant in explaining firm value. Individually, however, only internal audit implementation exerts a significant positive effect on firm value, whereas ESG assurance and ERM do not exhibit partial significance. This indicates that the simultaneous significance of the model is primarily driven by the robust individual contribution of internal audit practices.

Originality/Value – This study contributes to the governance and sustainability literature by providing evidence from the basic materials sector, a high-risk and capital-intensive industry. The findings highlight the importance of internal audit implementation as a governance mechanism that is directly valued by investors, while ESG assurance and ERM appear to have limited individual relevance in market valuation. The results also suggest that governance mechanisms may be more effective when implemented collectively rather than separately. Practical implications emphasize the need for stronger integration between internal audit, risk management, and sustainability practices, while regulators may consider enhancing ESG reporting standards to improve transparency and comparability.

The Mediating Role of Fintech Adoption in the Relationship between Financial Literacy, Digital Literacy, and MSMEs’ Financial Performance

2026-06-02T06:29:51+00:00

Purpose — This study investigates whether fintech adoption acts as a mediating mechanism in linking financial literacy and digital literacy to the financial performance of MSMEs.

Design/Methodology/Approach — A quantitative survey was conducted involving 400 MSME owners and managers in Banten Province, Indonesia. Data were analyzed using PLS-SEM to examine both direct and indirect relationships among constructs.

Findings/Results — The findings indicate that financial literacy did not significantly improve financial performance directly (β = 0.083; p = 0.225). In contrast, digital literacy positively influenced financial performance (β = 0.241; p < 0.001). Both financial literacy (β = 0.318; p < 0.001) and digital literacy (β = 0.354; p < 0.001) significantly increased fintech adoption. Fintech adoption also had a significant positive impact on financial performance (β = 0.401; p < 0.001). Mediation testing confirmed that fintech fully mediated the financial literacy–performance relationship and partially mediated the digital literacy–performance relationship.

Originality/Value — This study highlights fintech adoption as a strategic mechanism that transforms literacy capabilities into measurable financial outcomes, extending the understanding of MSME performance in emerging digital economies.