Journal of Economics, Entrepreneurship, Management Business and Accounting

Consumer Behavior: A Study on Motorcycle Credit Decisions

2026-06-27T00:25:37+00:00

Purpose – This study aims to analyze the influence of Brand Image, Trust, and Experience on consumer credit decisions in FIFGROUP Kupang City.

Design/methodology/approach – Quantitative design with purposive sampling and using multiple regression analysis to measure the relationship between these variables. 100 data were collected through a questionnaire survey with purposive sampling tactics, and the data was processed with the help of SPSS V.26.

Finding/Results – The results show that Brand Image has a positive influence on credit decisions, where a strong brand image increases consumers' tendency to take credit. In addition, trust proves to be a key factor in building long-term relationships, where consumers' trust in the integrity and transparency of the company greatly influences their decisions. Positive experiences during the credit application process also contribute significantly, with a good experience driving word-of-mouth recommendations.

Originality/Value – This research provides suggestions for FIFGROUP to strengthen these three aspects in marketing and customer service strategies to increase conversions and consumer loyalty.

Employee Performance Determinant Model: Organizational Culture, Career Development and Competence through Employee Loyalty

2026-07-16T22:50:17+00:00

Purpose – This study examines the role of employee loyalty in mediating the influence of organizational culture, career development, and competence on employee performance in a public service organization. The research is motivated by inconsistencies in prior findings and the need for an integrated human resource management model within PT. PLN (Persero) South Sulawesi, where performance issues are linked to cultural, developmental, and competency-related challenges.

Design/methodology/approach – This research employs a quantitative approach with a correlational design. Data were collected from 92 employees of PT. PLN (Persero) South Sulawesi using purposive sampling. Data analysis was conducted using Structural Equation Modelling (SEM) with AMOS to examine both direct and indirect relationships among variables, including the mediating role of employee loyalty.

Finding/Results – The results show that organizational culture, career development, and competence have positive and significant effects on employee loyalty and performance. Employee loyalty also significantly influences performance and acts as a partial mediating variable. The findings indicate that the indirect effects through loyalty strengthen the overall impact of organizational factors on employee performance.

Originality/Value – This study offers an integrated structural model that highlights employee loyalty as a key mediating variable in explaining employee performance. The findings emphasize that improving performance requires a holistic approach combining organizational culture, career development, and competence. Practically, this research provides evidence-based recommendations for strengthening human resource management strategies in public sector organizations, particularly in enhancing sustainable employee performance.

Decoding Financial Sustainability in Microfinance: The Interplay of Financial Literacy and Leadership Trust

2026-07-20T04:53:34+00:00

Purpose – This study empirically decodes the micro-level structural drivers determining the long-term financial sustainability of grassroots microfinance institutions, specifically savings and loan cooperatives in the North Sumatra region of Indonesia by uncoupling the dimensions of financial literacy.

Design/methodology/approach – Utilizing a quantitative cross-sectional survey, data was collected from 276 active cooperative members. The hypothesized causal-predictive relationships were analyzed using Variance-Based Partial Least Squares Structural Equation Modeling (PLS-SEM).

Finding/Results – Applied financial skills directly and significantly drive institutional sustainability. Financial knowledge indirectly enhances sustainability through the mediation of calculus-based institutional trust. Conversely, traditional financial culture fails to exert any significant direct or indirect effect on sustainability.

Originality/Value – This research challenges the conventional reliance on informal social capital in microfinance. By evaluating individual financial literacy (knowledge and skills) alongside the environmental context of localized financial culture. The findings suggest that technical human capital (applied skills) and cognitively validated trust—rather than communal culture alone—serve as critical foundational components for grassroots financial resilience within the tested model.

The Influence of Motivation, Entrepreneurship, and Utilization of Information Technology of Management on the Performance of KPRI Cooperatives in Bangkalan Regency

2026-07-27T15:04:20+00:00

Purpose – This study examines whether work motivation, entrepreneurial orientation, and information technology (IT) utilization are associated with the performance of Republic of Indonesia Employee Cooperatives (Koperasi Pegawai Republik Indonesia, KPRI) in Bangkalan Regency.

Design/methodology/approach – A quantitative, cross-sectional explanatory survey was conducted in May 2025. Questionnaire responses were obtained from 106 KPRI administrators representing 36 cooperatives and analyzed using descriptive statistics, item-total correlations, Cronbach's alpha, diagnostic tests, and multiple linear regression.

Finding/Results – The regression model was statistically significant, F(3, 102) = 18.551, p < .001, and explained 35.3% of the variance in cooperative performance (adjusted R² = .334). Work motivation had a positive unique association with performance (B = .341, beta = .286, p = .009). Entrepreneurial orientation (B = .151, beta = .218, p = .055) and IT utilization (B = .151, beta = .187, p = .072) were positive but did not reach the conventional .05 threshold after adjustment for the other predictors.

Originality/Value – By testing motivational, entrepreneurial, and digital factors in a single model within Indonesian employee cooperatives, the study shows that collectively relevant capabilities do not necessarily make equally strong unique statistical contributions. The findings refine performance priorities for locally embedded cooperatives and caution against interpreting digital adoption or entrepreneurial orientation as automatic performance gains.

Right, Not Reward: A Doctrinal Boundary for Managerial Tools in Zakat Governance

2026-07-30T23:56:50+00:00

Purpose – This conceptual study examines the doctrinal limits of managerial practices in zakat governance by distinguishing managerial tools that facilitate the delivery of divinely mandated rights from those that redefine eligibility for zakat recipients. It addresses the growing adoption of nonprofit management practices in Islamic social finance and their implications for Shariah compliance.

Design/methodology/approach – The study employs an integrative conceptual approach by drawing on the Qur'an, Sunnah, classical juristic scholarship across the four Sunni schools, contemporary fatwas of the International Islamic Fiqh Academy and the Indonesian Council of Ulama, and an integrative-critical review of zakat governance literature indexed in Scopus, Web of Science, and DOAJ (2013–2025).

Findings – The study classifies managerial practices into five categories: verification, administrative efficiency, needs-based sequencing, conditionality, and performance-based selection. It argues that only performance-based selection, in its strong form, conflicts with Shariah by transforming the fixed right of eligible beneficiaries into a reward for projected productivity. The findings further support severity-based prioritisation while rejecting productivity-based beneficiary selection and propose a governance framework consisting of six design principles and five testable propositions.

Originality/value – This study provides a jurisprudential framework that reconciles managerial effectiveness with doctrinal fidelity by distinguishing permissible administrative innovations from practices that alter zakat entitlement. It offers a practical governance model for Islamic social finance institutions seeking to improve efficiency without compromising Shariah principles.

Perceived Capacity to Maintain Food Access under Extractive Pressure: Evidence from Rice-Farming Households in Bangka, Indonesia

2026-07-30T23:18:11+00:00

Purpose – This study examines the associations of perceived mining impacts, perceived climate variability, perceived market access, and adaptation strategies with households’ Perceived Capacity to Maintain Food Access (PCMFA) among rice-farming households in Bangka and South Bangka Regencies, Indonesia, using the Sustainable Livelihood Framework (SLF).

Design/methodology/approach – A structured survey was conducted among 107 lowland rice-farming households. Data were analysed using Ordinary Least Squares regression with White heteroskedasticity-consistent robust standard errors.

Findings/Results – Perceived mining impacts were negatively and significantly associated with PCMFA. Perceived market access and adaptation strategies were positively and significantly associated with PCMFA, with market access showing the strongest positive standardised association. Perceived climate variability did not show a statistically significant direct association with PCMFA at the 5% level. The findings indicate that PCMFA is associated with both mining-related vulnerability pressures and livelihood capacities.

Originality/Value – This study applies the SLF in an extractive rural setting by distinguishing mining impacts and climate variability as vulnerability pressures from market access and adaptation strategies as livelihood capacities. It shows that mining-related pressure remains negatively associated with households’ perceived capacity to maintain food access, while market access and adaptation strategies are associated with higher PCMFA. The findings support integrated environmental protection, market access, and livelihood-strengthening interventions in mining-affected agricultural areas.

Analysis of the Role of Digital Marketing in Improving Marketing Performance: A Systematic Literature Review

2026-07-12T14:51:00+00:00

Purpose – This study synthesizes the contemporary literature on the relationship between digital marketing and marketing performance. It aims to identify the theoretical perspectives, underlying mechanisms, and research gaps explaining how digital marketing contributes to organizational performance.

Design/methodology/approach – This study employs a Systematic Literature Review (SLR) following the PRISMA framework. A structured search of the Scopus database covering publications from 2020–2025 identified 81 eligible peer-reviewed journal articles, which were analyzed using narrative synthesis.

Findings – The review demonstrates that digital marketing is increasingly viewed as a strategic organizational capability rather than merely a promotional tool. Its contribution to marketing performance is mediated through customer analytics, customer relationship management, organizational learning, innovation capability, data-driven decision-making, and digital transformation. The findings also highlight Resource-Based View (RBV) and innovation capability as dominant theoretical perspectives, while revealing inconsistencies in marketing performance measurement and limited theoretical integration.

Originality/Value – This study integrates fragmented evidence into a comprehensive conceptual framework linking digital marketing, organizational capabilities, innovation capability, and marketing performance. It clarifies the mechanisms underlying this relationship, identifies key research gaps, and provides directions for future empirical research and managerial practice.

From Relational Care Quality to Digital Health Literacy: The Mediating Role of Patient Engagement and Moderating Role of Patient Satisfaction

2026-08-01T05:07:56+00:00

Purpose – Indonesian regional hospitals face pressure to expand digital health services, yet whether patient engagement builds the digital literacy needed to use them, and under what conditions, remains untested. This study examined whether perceived care continuity, practitioner communication, and perceived empathic care predict patient digital literacy directly and indirectly through patient engagement, and whether patient satisfaction moderates the engagement-to-digital-literacy path.

Design/methodology/approach – This study used partial least squares structural equation modeling (PLS-SEM) on data from 400 patients across three Type B hospitals in Makassar, Indonesia.

Finding/Results – All three relational care quality constructs significantly predicted patient engagement (R² = .499), which significantly predicted digital literacy (β = .531, R² = .475). Care continuity and communication retained significant direct effects on digital literacy, while empathic care operated entirely through engagement. Patient satisfaction alone did not predict digital literacy, but its interaction with engagement was significant (β = .238), nearly tripling the effect from β = .293 among less-satisfied patients to β = .769 among more-satisfied patients. Confirmatory tetrad analysis supported the reflective measurement model, and reliability and validity criteria were met.

Originality/Value – Findings suggest patient engagement functions as a developmental pathway to digital literacy, conditional on satisfaction, offering hospital managers a sequencing rationale for pairing digital-service rollouts with service-quality improvement.

Vendor Satisfaction in E-Procurement: The Roles of System Quality, Service Quality, Transparency, and Trust

2026-07-09T02:16:36+00:00

Purpose – Evaluating vendor satisfaction is increasingly important because it supports the sustainability of the partnership relationship and the achievement of the company’s Key Performance Indicators (KPIs). However, measurement of vendor satisfaction in SMARTGEP remains limited, so it cannot provide a comprehensive picture of the factors affecting it. Therefore, this study aims to analyze how system quality, service quality, and transparency shape vendor satisfaction through trust in the SMARTGEP e-procurement system.

Design/methodology/approach – This study uses a quantitative approach, collecting data from 108 respondents via an online survey distributed to SMARTGEP user vendors. The data were analyzed using the PLS-SEM method.

Finding/Results – The results showed that six of the seven proposed hypotheses were significantly supported, while one hypothesis, namely the influence of system quality on vendor satisfaction, was not found to be significant. In addition, this study identified three indirect influences on vendor satisfaction, with trust as a mediator.

Originality/Value – Provide insights for improving vendor satisfaction in digital procurement systems.

Green Financing, Board Gender Diversity, and Firm Value: The Moderating Role of Capital Adequacy Ratio in Indonesian Banks

2026-07-20T03:51:31+00:00

Purpose – This study aims to examine the effects of green financing and board gender diversity on firm value, as well as the moderating role of Capital Adequacy Ratio (CAR), in banking companies listed on the Indonesia Stock Exchange during 2021–2024.

Design/methodology/approach – This study employs a quantitative explanatory approach using panel data regression analysis. The sample consists of 47 listed banks observed over the 2021–2024 period, resulting in 188 firm-year observations. Firm value is proxied by PBV, while green financing, board gender diversity, and CAR serve as the main explanatory variables. Profitability, non-performing loans, and firm size are included as control variables.

Finding/Results – The results show that green financing and CAR have positive and significant effects on firm value. In contrast, board gender diversity has a negative and significant direct effect. The moderating analysis further reveals that CAR weakens the positive effect of green financing on firm value but strengthens the effect of board gender diversity on firm value.

Originality/Value – The study contributes to the sustainable finance and corporate governance literature by demonstrating that market valuation in the banking sector is shaped not only by sustainability and diversity initiatives, but also by the bank’s underlying financial capacity. Practically, the findings suggest that banks should enhance the credibility of green financing strategies and ensure that board gender diversity is embedded more substantively within governance structures.

Transformation of Pesantren's Role in the Islamic Economic Ecosystem: From Islamic Educational Institution to Agent of Community Empowerment

2026-07-06T22:08:59+00:00

Purpose – This study examines the transformation of pesantren from Islamic educational institutions into community empowerment agents within the Islamic economic ecosystem. It explores strategies for economic self-sufficiency, empowerment mechanisms, and key implementation challenges.

Design/methodology/approach – This study develops a conceptual framework through a literature-based approach, combining systematic literature review elements with secondary quantitative data. A total of 122 documents published between 2020 and 2026 were synthesized, alongside secondary data from Kemenag RI, P3M, LIPI, BPS, and OJK.

Findings – The findings indicate that only 28% of pesantren operate independent business units, while 72% remain dependent on donations. Major challenges include limited access to shariah financing, business legality gaps, and low digital literacy. The analysis also identifies a digitalization paradox, where digital adoption is strongly associated with higher income despite its relatively low implementation across pesantren.

Originality/Value – This study contributes by conceptualizing pesantren as theologically embedded hybrid organizations and proposing a conceptual framework for the Pesantren Economic Independence Index (PEII). It further introduces the concepts of virtuous institutional recursion and the legitimacy–efficiency paradox, providing a foundation for future empirical research on Islamic educational institutions and community economic empowerment.

The Effect of Entrepreneurship Learning and Market Orientation on the Performance of Msme Precious Metal Craft Businesses with Innovation as A Mediating Variable

2026-07-13T23:49:06+00:00

Objective – This study aims to investigate and analyze the influence of entrepreneurship education and market orientation on the business performance of micro, small, and medium enterprises (MSMEs) in the precious metal craft sector in Makassar City, with product innovation serving as a mediating variable.
Design/methodology/approach – The data collection process used relies on a quantitative approach, with data collection techniques including observation, questionnaires, and documentation. In this study, the sample consisted of 100 MSMEs operating in the precious metal craft sector in Makassar City.
Findings/Results – The results of the study indicate that entrepreneurship learning has a significant positive influence on business performance, while market orientation also shows the same impact. In addition, product innovation makes a positive and significant contribution to learning outcomes. Furthermore, product innovation is also proven to function as a mediating variable between entrepreneurship learning and business performance, as well as between product orientation and business performance itself.
Originality/Value – The essence of this research is that the competitive success and performance of MSMEs in the precious metal craft sector is determined by more than just their ability to produce quality goods, but is also influenced by the strength of entrepreneurs to continue learning, understand market demands, and transform the knowledge gained into useful innovations. In other words, entrepreneurial learning and market orientation will have a broader impact on business performance if supported by the ability to innovate continuously.

Green Entrepreneurship, Green Innovation, Green Finance, and Organisational Culture: Differential Effects on MSME Performance and Business Sustainability in Medan

2026-07-25T03:19:50+00:00

Purpose – This study examines the effects of green entrepreneurship, green innovation, green finance, and organisational culture on MSME performance and sustainability, while testing MSME performance as a mediating pathway.

Design/methodology/approach – A causal quantitative survey was conducted among 656 MSMEs in Medan, Indonesia, using non-probability mixed-frame sampling. The data were analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM).

Findings – The findings reveal differential and contrasting effects of green practices. Green finance significantly improves MSME performance but reduces sustainability, while green entrepreneurship reduces performance but improves sustainability. Green innovation positively affects both outcomes, although its effect on performance is marginally significant. Organisational culture significantly enhances sustainability but has no significant effect on performance. MSME performance also has a significant negative effect on sustainability, indicating a potential trade-off between short-term performance and long-term sustainability.

Originality/Value – This study proposes a provisional Green Capability Trade-Off perspective, challenging the assumption that green practices universally generate win–win outcomes. It highlights the need to recognize the differentiated effects of green capabilities when designing strategies for sustainable MSME development.

Determinants of Patient Trust in Public Hospitals: The Mediating Role of Perceived Service Quality

2026-08-01T06:05:31+00:00

Purpose – This study examines whether Perceived Service Quality (PSQ) mediates the effects of Professional, Competency, Facility, and Government on Patient Trust among patients of public general hospitals (RSUD) in Indonesia, drawing on Service Quality Theory, Organizational Trust Theory, and the Structure-Process-Outcome framework.

Design/methodology/approach – This study employed a positivist, cross-sectional survey design with a seven-point Likert questionnaire administered to 350 patients of public general hospitals (RSUD) in Indonesia, analyzed using PLS-SEM with 5,000-subsample bootstrapping, Confirmatory Tetrad Analysis (CTA-PLS), the Cross-Validated Predictive Ability Test (CVPAT), Importance-Performance Map Analysis (IPMA), and Necessary Condition Analysis (NCA).

Finding/Results – Based on 350 valid respondents, eleven of thirteen hypotheses were supported: seven of nine direct paths (H1, H4–H9) were significant, while Professional→Trust (H2) and Facility→Trust (H3) were not; all four mediation paths (H10–H13) were significant, with Perceived Service Quality fully mediating the Facility and Professional effects and partially mediating the Competency and Government effects. The model explained 68.8% of the variance in Patient Trust (R²) and outperformed a naive linear-model benchmark in the Cross-Validated Predictive Ability Test (CVPAT).

Originality/Value – The study positions Perceived Service Quality as an explicit mediator reconciling mixed prior evidence on whether individual service-quality dimensions exert a direct effect on patient trust, extending single-dimension findings to Indonesia's public hospital system.

Market Sensing, Health Consciousness Alignment, and Marketing Performance: A Moderated Mediation Model

2026-08-01T06:32:02+00:00

Purpose – Market sensing capability shows inconsistent effects on marketing performance across prior SME studies, including Indonesia's herbal medicine sector, where firms hold rich biodiversity-based knowledge yet underperform commercially. This study tests value co-creation capability as the mediator reconciling these conflicting findings, with digital engagement capability as a boundary condition.

Design/methodology/approach – Data from 300 herbal SME owners and managers in East Java were analyzed with PLS-SEM in SmartPLS 4, complemented by CTA-PLS, the cross-validated predictive ability test (CVPAT), importance-performance map analysis, and necessary condition analysis (NCA).

Finding/Results – Market sensing capability and health consciousness alignment significantly strengthened value co-creation capability (β = 0.420, 0.344; p < .001), which significantly predicted marketing performance (β = 0.483, p < .001) and complementarily (partially) mediated market sensing capability's effect on marketing performance while fully mediating health consciousness alignment's effect. Digital engagement capability had no direct effect but significantly strengthened the co-creation-to-performance path (β = 0.090, p = .003). CVPAT confirmed predictive superiority over a naive benchmark throughout and over a linear benchmark for marketing performance and the overall model; NCA identified value co-creation capability as the strongest necessity condition.

Originality/Value – The findings offer one plausible explanation for a documented contradiction in the SME literature, consistent with value co-creation capability, rather than an unstable sensing effect, accounting for divergent prior results in this sample, and giving herbal SME managers an evidence-based investment priority.

Evaluating the Emerging Field of Entrepreneurship Education and Islamic Business: A Bibliometric and Thematic Analysis

2026-07-20T03:58:03+00:00

Purpose – The main purpose of this study was to examine the emerging field of entrepreneurship education and Islamic business from perspective on the existing studies. The study evaluated publication trends, research gaps, major themes and focused on how entrepreneurship education with Islamic values and principles influences entrepreneurial activities and socio-economic development. Design/methodology/approach – A PRISMA-driven screening process was used, and 19 final journal articles were identified by relying on Scopus-indexed articles published between 2019 and 2026.

A bibliometric and a thematic review approach was applied. The bibliometric analysis supported examining the scientific publication trends and conducting analysis based on Bradford's and Lotka’s Law. MAXQDA software was used to perform thematic analysis, while the subcode-driven operational codebook supported identifying key themes based on article abstracts and key words.

Findings/Results – The key findings indicate that the research on entrepreneurship education and Islamic business publication increased after 2023 and the literature is spread across diverse journals suggesting a multi-disciplinary approach to the study. However, the field of study of entrepreneurship education and Islamic business is still developing. Thematic analysis has identified seven themes, out of which three themes such as entrepreneurial intention for Islamic business, sustainable and green Islamic entrepreneurship, and women in Islamic entrepreneurship can be considered emerging themes. Originality/Value – The study contributes by proposing a conceptual framework associated with entrepreneurship education and entrepreneurial intention via Islamic entrepreneurial competences. This framework can be tested in the future based on both a quantitative and qualitative research approach. This would lead to positive impact on socio-economic and sustainable development.

The Innovation Performance in Digital Ecosystems: The Roles of Platform Openness, Strategic Collaboration, Knowledge Sharing, and Absorptive Capacity

2026-08-08T00:05:53+00:00

Purpose – This study examines how innovation performance is generated within digital ecosystems by investigating the roles of platform openness, strategic collaboration, knowledge sharing, and absorptive capacity. It focuses on whether platform openness and strategic collaboration directly enhance innovation performance or operate through knowledge sharing, and whether absorptive capacity strengthens these relationships.

Design/methodology/approach – A quantitative research design was employed using survey data collected from 218 firms operating within digitally embedded ecosystems across Jakarta, Surabaya, Bandung, and Makassar, Indonesia. Respondents were selected through purposive sampling, and the data were analyzed using Structural Equation Modeling with Partial Least Squares (SEM-PLS).

Finding/Results – The findings indicate that platform openness positively influences innovation performance, with knowledge sharing partially mediating this relationship. Strategic collaboration does not directly influence innovation performance but has a significant indirect effect through knowledge sharing, indicating full mediation. Absorptive capacity does not significantly moderate the proposed relationships.

Originality/Value – The study demonstrates that innovation performance in digital ecosystems is driven primarily by knowledge-sharing processes rather than platform openness or strategic collaboration alone. These findings highlight the importance of developing mechanisms that facilitate knowledge exchange to convert ecosystem participation and inter-organizational collaboration into innovation outcomes.

Digital Capabilities, Data-Driven Decision-Making, and Operational Performance in SMEs: A Moderated Mediation Model

2026-08-01T06:57:07+00:00

Purpose – This study examines how digital transformation, analytic capability, and learning system orientation drive operational performance among SMEs through data-driven decision-making (DDDM), and tests whether environmental dynamism moderates the DDDM-performance link, offering a possible explanation for a contradiction in prior digital capability research between studies reporting a direct performance effect and studies reporting none.

Design/methodology/approach – The study surveys 275 Indonesian SME owners and managers through purposive and snowball sampling, analyzed with partial least squares structural equation modeling (PLS-SEM) in SmartPLS 4, supplemented by confirmatory tetrad analysis, a cross-validated predictive ability test, and necessary condition analysis (NCA).

Finding/Results – Six of the seven hypothesized relationships are supported, including a staged effect of digital transformation on analytic capability (H5); the hypothesized moderating effect of environmental dynamism (H6) is not supported. A competing model with direct effects added, estimated directly in SmartPLS, shows data-driven decision-making fully mediates the effects of all three antecedents (digital transformation, analytic capability, and learning system orientation) on operational performance. DDDM strongly predicts operational performance, environmental dynamism has a significant direct but no significant moderating effect, and learning system orientation is confirmed as a necessary condition for performance. Discriminant validity and out-of-sample predictive power are confirmed.

Originality/Value – The study extends digital capability research by reframing learning orientation's necessity and environmental dynamism's moderating effect into supported propositions, and by specifying data-driven decision-making as a plausible mechanism reconciling conflicting findings in prior studies, giving SME managers a mechanism-based roadmap for digital investment.

Africa’s Energy Security and Influence on Inclusive Human Development: Examining the Role Played by Governance

2026-07-30T23:07:16+00:00

Purpose – Looking at how a shift from dirty energies to clean advanced energies would affect livelihood and the fight against the long-aged poverty and inequality plight especially in Africa, has topped academic discourse. This study examines the effect of energy security on inclusive human development in Africa.

Design/methodology/approach – The study adopts a quantitative approach by using the panel regressions like the GMM, quantile regression, and mediation analysis as estimation strategies adopting data from 2010 to 2022 for 34 African countries. Secondary data were obtained from the WDI, WGI, OPEC, and UNDP.

Finding/Results – Firstly, a unit increase in energy security will lead to an increase in inclusive human development in Africa, by unit increases between 0.42 to 4.25. Secondly, those in the upper inclusive human development quantile (Q90) have a better gain from energy security when compared to the lowest quantile (Q10) [0.073 and 0.018 respectively]. Thirdly, lower middle income countries have a better output than lower income countries, with respect to an increase in inclusive human development (0.049 and 0.039 respectively). Lastly, governance acts as a good mediator in the energy security – inclusive human development nexus. This shows that energy security positively influences inclusive human development, through improvement in health, livelihood earnings, and education.

Originality/Value – Energy security delivers the greatest growth dividends where institutions strengthen infrastructure and absorptive capacity—reminding policymakers that reliable energy alone cannot close development gaps without these complementary foundations.

Self-Efficacy and Work Readiness: Mediating Role of Perceived Social Support among Indonesian University Students

2026-08-02T23:29:41+00:00

Purpose – This study examines the structural relationship between general self-efficacy, perceived social support, and work readiness among university students. Drawing on the agentic perspective of Social Cognitive Theory (SCT), it positions self-efficacy as a key cognitive factor influencing environmental appraisal and workforce readiness.

Design/methodology/approach – A quantitative cross-sectional survey was conducted among 217 final-year university students in Indonesia. The constructs were measured using established reflective scales, and the data were analyzed using Partial Least Squares Structural Equation Modelling (PLS-SEM).

Findings – Self-efficacy significantly predicts perceived social support (β = 0.761, p < 0.001) and work readiness (β = 0.664, p < 0.001). However, perceived social support does not significantly affect work readiness (β = 0.092, p = 0.455) and does not mediate the relationship between self-efficacy and work readiness (β = 0.070, p = 0.463). The findings therefore support a direct-only relationship in which internal psychological agency plays a more decisive role in workforce readiness.

Originality/Value – This study extends SCT-based employability research by challenging the assumption that external social support is a primary determinant of career readiness. The findings highlight self-efficacy as a critical psychological resource and suggest that higher education and employers should prioritize experiential learning and mastery-building activities to strengthen students’ workforce readiness.

Policy Uncertainty and Asymmetric Volatility in Indonesia's Financial Sector: EGARCH Evidence

2026-07-14T12:09:39+00:00

Purpose – This study examines the effects of domestic and global economic policy uncertainty on Indonesia's financial sector volatility, given its dominant market position and sensitivity to regulatory and capital flow shocks.

Design/methodology/approach – Monthly IDX Financial Index (JKFINA/IDXFINANCE) returns from January 2011 to December 2025 are analyzed using an EGARCH (1,1) model, with the World Uncertainty Index (WUI) for Indonesia, US EPU, and VIX entered jointly into the variance equation. Because default analytic standard errors proved unreliable in finite samples, inference relies on residual bootstrap, supported by distributional, subsample, and structural-break robustness checks.

Finding/Results – A leverage effect is confirmed and robust to bootstrap-based inference, with negative shocks raising conditional volatility more than equivalent positive shocks. None of the three uncertainty proxies (WUI, EPU, VIX) is robust under this inference, and neither structural break test finds evidence of a break around COVID-19.

Originality/Value – This study demonstrates, through multi-start optimization, residual bootstrap, and structural break testing, that default analytic standard errors from EGARCH-X estimation can be materially unreliable in finite monthly samples. Although this evidence comes from a single application, the underlying mechanism plausibly extends to similarly specified models; a bootstrap-based inferential remedy is proposed. It is also among the first studies to jointly incorporate the WUI for Indonesia, US EPU, and VIX into a single EGARCH variance equation for Indonesia's financial sector.

Determinants of Workplace Internet Use among Indonesian Workers: Probit and Logit Analysis Using SAKERNAS 2023

2026-07-20T12:11:28+00:00

Purpose – This study analyzes the determinants of workplace internet use among Indonesian workers, treated here as one measurable dimension of digital technology adoption, using SAKERNAS August 2023 (N =465,204).

Design/methodology/approach – Binary probit and logit models, weighted using BPS individual sampling weights with the full linearized variance estimator (strata and PSU), and Average Marginal Effects (AME) for twelve explanatory variables.

Finding/Results – Education ≥ senior high school again has the largest effect once BPS sampling weights are applied (AME = 0.222; p < 0.01), followed by urban location (AME = 0.122), Kartu Prakerja awareness (AME = 0.137), and employee/wage-worker status (AME = 0.056). Disability reduces adoption probability (AME = -0.070; OR = 0.663). Internet use is associated with 53.6 percent higher earnings (exact semi-log transformation of β = 0.429), rising to 61.7 percent for internet users who have also attained senior high school education or above; both are conditional associations rather than a causal wage return. The weighted model achieves acceptable in-sample fit (AUC = 0.82; Pseudo-R² = 0.24).

Originality/Value – To our knowledge, one of the first nationally representative micro-econometric studies of workplace internet adoption in Indonesia; identifies disability as a new determinant with double-penalty implications for digital labor market inclusion.

Strategic Management Accounting and Cooperative Performance: The Moderating Role of Supervisory Board Capability

2026-07-24T22:48:33+00:00

Purpose – This study examines the associations of Strategic Management Accounting (SMA) and Supervisory Board Capability (SBC) with perceived cooperative performance and assesses whether SBC moderates the relationship between SMA and performance.

Design/methodology/approach – A cross-sectional, matched-dyadic, multi-informant design was applied to 99 active cooperatives. Executive-management informants reported SMA use and perceived cooperative performance, while supervisory-board informants independently reported SBC. The two role-specific records were linked using cooperative identification codes, and no cross-informant averaging was conducted. The resulting 99 matched cooperative dyads were analyzed using partial least squares structural equation modeling with 5,000 bootstrap resamples.

Finding/Results – SMA was positively associated with perceived cooperative performance (β = 0.361, p < 0.001), and SBC was also positively associated with performance (β = 0.342, p < 0.001). The SMA × SBC interaction was positive and statistically significant (β = 0.320, p = 0.046), but its small effect size (f² = 0.062) and p value close to the conventional threshold indicate that the moderating pattern should be interpreted cautiously.

Originality/Value – This study defines supervisory board capability as the board’s collective ability to apply financial, regulatory, risk-monitoring, and governance expertise through strategic questioning, accountability, and corrective follow-up. The multi-informant design reduces source overlap between board capability and management-rated constructs, but it does not establish causality or eliminate all common-method concerns.

Corporate Governance, Firm Size, and Firm Value: Does Profitability Matter? Evidence from Indonesian State-Owned Enterprises

2026-08-12T04:52:59+00:00

Purpose – This study examines the effects of Good Corporate Governance (GCG) and firm size on firm value and investigates whether profitability, measured by Return on Assets (ROA), moderates these relationships in Indonesian State-Owned Enterprises (SOEs).

Design/methodology/approach – This study employs a quantitative approach using secondary data from 14 SOEs observed over the 2021–2025 period, resulting in 70 firm-year observations. The data were analyzed using multiple regression and Moderated Regression Analysis (MRA) with IBM SPSS Statistics 26. After outlier screening, 64 observations were used in the final analysis.

Finding/Results – The results show that GCG has a positive and significant effect on firm value, while firm size has a negative and significant effect. ROA has a positive and significant effect on firm value. ROA does not significantly moderate the relationship between GCG and firm value, but significantly moderates the relationship between firm size and firm value in a negative direction. These findings indicate that profitability does not uniformly strengthen the effects of corporate characteristics on market valuation.

Originality/Value – This study contributes to the literature by demonstrating that the role of profitability as a moderator depends on the specific corporate characteristic being examined. The findings imply that SOE management should focus not only on governance quality and asset growth but also on the efficiency and productivity of corporate resources in creating firm value.

The Effect of Learning Innovation and Digital Transformation on Student Quality: The Mediating Role of Self-Directed Learning

2026-08-07T15:45:50+00:00

Purpose – Indonesian universities expanded digital learning platforms after 2020, yet many undergraduates still fail to convert that access into consistent, self-managed study behavior. Prior research disagrees on whether digitalization improves student-level outcomes, leaving unresolved whether learning innovation and digital transformation actually improve student quality directly, or only through self-directed learning. This study tests seven hypothesized paths linking learning innovation and digital transformation to student quality, directly and through self-directed learning as a mediator, grounded in Self-Determination Theory.

Design/methodology/approach – A positivist, cross-sectional survey of 312 undergraduate students at a private university in Surabaya, Indonesia, following an 85-respondent pilot test, analyzed with Partial Least Squares Structural Equation Modeling in SmartPLS 4, supported by Confirmatory Tetrad Analysis, a Cross-Validated Predictive Ability Test, and a full collinearity assessment.

Findings – The measurement model showed strong reliability and validity, and the structural model explained a substantial share of variance in student quality. Learning innovation and digital transformation both significantly raised student quality directly, and learning innovation significantly raised self-directed learning, which in turn significantly raised student quality and significantly mediated the learning-innovation-to-quality relationship. Digital transformation, however, showed no significant relationship with self-directed learning, so self-directed learning did not mediate the digital-transformation-to-quality relationship.

Originality/Value – The findings show learning innovation and digital transformation reach student quality through two distinct routes rather than one shared mechanism, extending Self-Determination Theory into a digitally mediated higher education setting and clarifying that pedagogical innovation, not digital access alone, is the stronger lever for building student autonomy.

Digital Marketing Capability, Market Orientation, and Innovation on Micro Culinary Performance: Social Capital's Moderating Role

2026-08-07T08:21:04+00:00

Purpose – This study examines whether digital marketing capability, market orientation, and innovation raise the performance of micro culinary enterprises in Surakarta (Solo), Indonesia, and whether social capital moderates each capability-performance relationship.

Design/methodology/approach – Survey data from 250 owner-managers of micro culinary enterprises were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM), Confirmatory Tetrad Analysis, and Necessary Condition Analysis (NCA).

Finding/Results – Digital marketing capability, market orientation, and innovation each significantly and positively predicted performance. All four constructs, including social capital, met the threshold for a meaningful necessary condition, though digital marketing capability's bottleneck is largest only near the extreme upper tail of performance. Social capital significantly strengthened only the market orientation-performance relationship; its large direct coefficient should be read alongside its high variance-inflation factor rather than as evidence of dominance.

Originality/Value – The study offers evidence that Social Capital Theory's boundary-condition role can be selective rather than uniform, based on a single significant interaction of three tested, and extends the Resource-Based View to micro-scale, informal culinary enterprises, offering a preliminary basis for sequencing capability-building support pending replication.

Managing cybersecurity vigilance through people, process, and technology: A mixed-methods study

2026-08-15T03:51:28+00:00

Purpose - This study examines how the People, Process, and Technology (PPT) pillars jointly shape cybersecurity vigilance in Indonesian university settings and whether formal process becomes behaviorally consequential through human capability.

Design/methodology/approach - A quantitatively dominant mixed-methods design combined survey data from 1,684 respondents with interviews involving nine cybersecurity experts. Covariance-based structural equation modeling was conducted in IBM SPSS AMOS, while expert evidence was used for explanatory triangulation.

Finding/Results - People and Technology were significantly associated with vigilance, whereas Process had no significant direct relationship. Process operated indirectly through People (indirect effect = 0.402; Sobel Z = 4.331; p < .001). Digital literacy and perceived regulatory reinforcement strengthened selected PPT-vigilance relationships.

Originality/Value - The study reframes PPT as an interdependent organizational governance architecture rather than three competing pillars. It shows that formal process requires human internalization and that technical, behavioral, and regulatory conditions should be managed as an integrated cybersecurity capability.

Perceived Quiet Firing and Turnover Intention in Education Technology Startups: A Serial Mediation Model

2026-07-14T11:48:55+00:00

Purpose – This study examines the sequential psychological processes theoretically proposed to connect perceived quiet firing with turnover intention among employees in Indonesian Education Technology startups, with psychological contract breach and work disengagement specified as theoretically ordered mediators whose sequential arrangement reflects an established theoretical logic rather than an empirically verified temporal sequence.

Design/methodology/approach – Survey data were collected from 190 employees across eight Education Technology startups in Indonesia. Partial least squares structural equation modeling (PLS-SEM) was used to estimate direct, indirect, and serial mediation pathways among the four constructs.

Finding/Results – Psychological contract breach predicted work disengagement, while work disengagement emerged as the most proximate structural predictor of turnover intention. Neither the direct path from perceived quiet firing nor that from psychological contract breach to turnover intention reached significance once the mediators were included. Bootstrapping confirmed the significance of the indirect effects through work disengagement and through the serial pathway involving psychological contract breach and work disengagement.

Originality/Value – The study extends the employee withdrawal literature by embedding perceived quiet firing in an indirect effects model that treats psychological contract breach and work disengagement as distinct stages rather than interchangeable mechanisms. Their ordering follows from theory, not from temporal observation, and whether the sequence actually unfolds in this direction across time remains a question for longitudinal research. The findings carry practical implications for Education Technology startups seeking to identify and address early-stage relational risk factors before they solidify into voluntary attrition.

Microfinance for Women: Risk Mitigation and Its Impact on Household Welfare

2026-07-16T13:00:28+00:00

Purpose – This study examines financing risk, risk mitigation practices, and their contribution to household welfare in the Government Investment Center (PIP) ultra-micro financing program for women entrepreneurs.

Design/methodology/approach – This study employs a qualitative approach supported by descriptive quantitative data. Secondary data consist of outstanding financing (OS), non-performing financing (NPF), and borrower composition obtained from PIP financial reports over a seven-year period. Primary data were collected through in-depth interviews with PIP management, intermediary institutions, and women borrowers, complemented by focus group discussions.

Finding/Results – The findings show that women accounted for approximately 95% of financing recipients, while the average NPF remained at only 0.13%, indicating consistently low financing risk. The study further reveals that risk mitigation extends beyond financing procedures through continuous business mentoring, entrepreneurship training, marketing assistance, and the active involvement of intermediary institutions. These complementary interventions strengthen borrowers’ business capacity and contribute to improvements in household welfare.

Originality/Value – This study demonstrates that integrating financial services with non-financial support can effectively mitigate financing risk while enhancing women’s economic empowerment and household welfare. The findings provide practical implications for policymakers and microfinance institutions by highlighting the importance of combining financing with capacity-building interventions to promote sustainable financing and strengthen women's financial inclusion.

The Psychological Pathway to MSME Sustainability: Financial Literacy and Financial Efficacy

2026-07-25T03:01:37+00:00

Purpose – The purpose of this study is to examine the role of financial literacy and financial efficacy in building financial sustainability of MSMEs in Batam, Indonesia, where declining financial literacy rates and low entrepreneurial confidence may threaten MSMEs sustainability in the long term.

Design/methodology/approach – This study uses a quantitative method with 339 MSME owners and managers in Batam as respondent. Semi structured interviews with three MSME entrepreneurs were subsequently conducted solely to provide contextual explanations for the quantitative findings. The hypotheses were tested using partial least squares structural equation modeling (PLS-SEM) with SmartPLS.

Finding/Results – Financial attitude and financial knowledge were positively associated with financial literacy, while financial behavior does not. Financial literacy was positively associated with financial efficacy and financial sustainability, and financial efficacy mediates the relationship between financial literacy and financial sustainability.

Originality/Value – Rather than treating financial efficacy as an additional predictor, this study position it as the psychological mechanism through which financial literacy is translated into MSME sustainability. By integrating the theory of planned behavior and social cognitive theory. This study provides theoretical, contextual, and methodological contributions to the literature on financial sustainability.

Traditional Games, Character-Related Meanings, and Intangible Cultural Heritage: A Qualitative Multi-Site Study in South Sulawesi, Indonesia

2026-08-12T01:29:49+00:00

Purpose – This study examines how traditional games are understood and practiced as locally transmitted cultural knowledge, with particular attention to character-related meanings, educational possibilities, cultural identity, and intergenerational transmission in South Sulawesi.

Design/methodology/approach – A multi-site qualitative design with ethnographic elements was conducted in four contrasting contexts: Makassar City, Gowa Regency, Toraja Regency, and Sabutung Island in Pangkep Regency. Forty-five purposively selected participants comprised community/cultural custodians, parents and elders, children/adolescents, and local educators. Data were generated through semi-structured interviews, participant observation, and cultural documentation and were analyzed using Braun and Clarke’s thematic analysis framework.

Finding/Results – Four themes were identified: declining youth interest in traditional games; disruption of intergenerational cultural transmission; perceived educational and cultural value; and transformation from everyday practice toward ceremonial performance. The analysis also differentiates four practice categories children’s traditional play, traditional games/strategic or physical games, ritualized competition, and ceremonial cultural performance according to participation, ritual status, competitiveness, physical risk, cultural function, and everyday versus ceremonial use.

Originality/Value – The study offers an evidence-sensitive, context-specific framework for distinguishing traditional play from ritualized and ceremonial practices and proposes community-governed principles for possible educational revitalization. The findings support safeguarding and pilot educational use only where age appropriateness, safety, authenticity, and community custodianship are established.

Market Capitalization Volatility, Profitability, and Leverage: A Comparative Four-Case Study of Indonesia's Energy and Technology Firms

2026-07-30T04:56:47+00:00

Purpose – This exploratory study examines preliminary associations between market capitalization volatility, profitability, and leverage across four Indonesian energy and technology firms, drawing on Signaling Theory. With only two firms per sector, sector differences are treated as case-level heterogeneity, not established moderation.

Design/methodology/approach – Using a multi-case panel design, the study analyzes four Indonesian firms over 2014–2024 (44 firm-year observations): two energy firms (Adaro Energy, Indonesia Energy Corporation) and two technology firms (Telkom Indonesia, Elang Mahkota Teknologi). The small sample confounds sector with firm identity, so comparisons are descriptive, not tested moderation. VMC1 and VMC2 were recomputed as annual rolling-window series, replacing a prior full-period constant confounded with sector identity. Variables were z-standardized, volatility mean-centered before interaction terms, examined via marginal effects.

Findings/Results – Volatility is positively associated with profitability and negatively with leverage across all cases. With corrected VMC1/VMC2, sector does not moderate either association, stable across leave-one-firm-out checks. A lagged specification shows both associations disappear with temporal separation, indicating associative not causal relationships.

Originality/Value – The study offers a descriptive account of how an apparent sector-moderation finding can arise from a measurement artifact and disappear once corrected—a cautionary illustration for future research.

Integrated Adaptive Digital Systems and SME’s Business Competitiveness: The Role of Analytics and Decision-Making Capability

2026-08-18T08:09:51+00:00

Purpose – This study examines how integrated adaptive digital systems, digital data analytics capability, and technology-based decision-making capability relate to Indonesian MSME competitiveness, and whether digital literacy and organizational adaptive capability condition the system- and analytics-based relationships.

Design/methodology/approach – A cross-sectional survey of 340 MSME respondents from five Indonesian provinces measured six reflective constructs on five-point Likert scales. PLS-SEM in SmartPLS 4 assessed measurement quality, three direct paths, and four moderation effects.

Finding/Results – Integrated adaptive digital systems showed the largest direct association with competitiveness (β = 0.620, p < .001), followed by analytics capability (β = 0.354, p < .001) and technology-based decision-making capability (β = 0.148, p = .002). Digital literacy moderated the analytics relationship (β = 0.092, p = .016), as did organizational adaptive capability (β = 0.282, p < .001); neither moderated the systems path. The Fornell–Larcker matrix indicated inadequate X2–Y1 discriminant validity, so the analytics coefficient requires cautious interpretation.

Originality/Value – By separating infrastructure, analytics, decision use, digital literacy, and organizational adaptability, the study identifies capability-specific complementarity: human and organizational capabilities are more consequential for extracting value from analytics than for the integrated-systems path in this sample.

Manufacturing Growth, Minimum Wages, Investment, and Gender Development as Determinants of Unemployment

2026-08-07T15:37:02+00:00

Purpose – This study examines the effects of manufacturing GRDP, minimum wages, domestic investment, and the Gender Development Index on the Open Unemployment Rate.

Design/methodology/approach - This study employs a quantitative approach using panel data from eight districts and cities in Banten Province during 2017–2024. Secondary data were obtained from official statistical publications and analyzed using panel data regression.

Findings/Results - The results show that manufacturing GRDP and the Gender Development Index have negative and significant effects on the Open Unemployment Rate, while minimum wages have a positive and significant effect. Domestic investment has no significant effect, suggesting that investment activities have not generated sufficient employment, particularly when concentrated in relatively capital-intensive sectors.

Originality/Value - This study highlights the different roles of industrial growth, wage policy, investment, and gender development in explaining regional unemployment. The findings indicate that investment expansion alone is insufficient to reduce unemployment without stronger labor absorption. Policies should therefore encourage labor-intensive industrial development, balanced wage setting, and improved access to employment opportunities across gender groups.

The Mediating Role of Work Engagement in the Relationship between Flexible Work Arrangements, Work-life Balance, and Organizational Commitment

2026-08-07T15:56:22+00:00

Purpose – This study tests work engagement as the mechanism linking flexible work arrangements (FWA) to work-life balance (WLB) and organizational commitment (OC) among employees of pharmaceutical companies in Batam, Indonesia, motivated by two prior studies reporting non-significant results along this pathway.

Design/methodology/approach – A quantitative, cross-sectional survey of 300 employees across production, quality control/quality assurance, regulatory affairs, and administrative roles was analyzed using partial least squares structural equation modeling (PLS-SEM) with Confirmatory Tetrad Analysis (CTA-PLS), the Cross-Validated Predictive Ability Test (CVPAT), and Importance-Performance Map Analysis (IPMA) as supplementary techniques.

Finding/Results – Flexible work arrangements significantly predicted work engagement, and work engagement significantly predicted both work-life balance and organizational commitment. Flexible work arrangements had no significant direct effect on organizational commitment, which was instead fully mediated by work engagement. Flexible work arrangements had a significant direct effect on work-life balance, but in the opposite direction to that hypothesized, producing a competitive mediation pattern with the positive indirect effect through work engagement.

Originality/Value – The study refines the application of the Job Demands-Resources model in a flexible work context by showing that work engagement mediates the flexibility-to-outcome pathway differently depending on the outcome, offering a more nuanced account than a uniform mediation story in an under-studied manufacturing/pharmaceutical setting.

The Influence of Income, Planning, Financial Literacy to Financial Management of Muslim MSMEs in Kudus Regency

2026-05-31T16:43:25+00:00

Purpose – This study aims to analyze the influence of income, financial planning, and financial literacy on the financial management of Muslim MSMEs in Kudus Regency.

Design/Methodology/Approach – A quantitative approach was applied in this study by distributing questionnaires using purposive sampling to 96 Muslim MSMEs in Kudus. The collected primary data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with the assistance of SmartPLS 3 software. The analysis included measurement model evaluation, structural model evaluation, bootstrapping, coefficient of determination, and model fit assessment.

Findings/Results – The empirical results show that income (β = 0.439, p < 0.001) and financial planning (β = 0.386, p = 0.009) have positive and statistically significant effects on the financial management of Muslim MSMEs in Kudus. Conversely, financial literacy does not have a statistically significant effect (β = 0.119, p = 0.160), indicating that financial knowledge alone does not necessarily translate into effective financial management practices within this specific socio-religious context. The model demonstrates explanatory power (R² = 0.651) and highlights the roles of income and financial planning in shaping financial management behavior. These findings indicate that financial capacity and structured planning are more directly associated with financial management outcomes in this context.

Originality/Value – This study extends the behavioral finance literature by contextualizing the findings within a specific religio-regional ecosystem. It uses the local cultural philosophy of "Gusjigang" as an analytical lens to deconstruct the literacy paradox and explain why standard conventional financial indicators fail to translate into concrete financial management practices among traditional Muslim traders.

Enhancing the Competitive Advantage and Perceived Financial Performance of SMEs: A Quadruple Helix Model Approach

2026-07-28T23:52:45+00:00

Purpose – The growth of SMEs still requires support from various parties, including the implementation of policies, to ensure they make a significant contribution to economic development. The current problem is the weak ability of human resources, particularly in creativity and innovation, which negatively affects competitive advantage and business performance. The focus of this research is to identify factors that can improve the competitiveness and performance of SMEs from the perspective of the quadruple helix model.

Design/methodology/approach – The population of this study is SMEs in Bali, with a total of 122,941 spread across 9 districts. The sampling technique used is stratified random sampling, with a sample of 399 SMEs. The analysis technique used is SEM PLS with SmartPLS.

Finding/Results – Based on the analysis, three pillars of the quadruple helix-intellectuals, government, and the business sector show a positive and statistically significant association with the perceived financial performance of SMEs. In contrast, the civil society pillar does not exhibit a direct association with the perceived financial performance of SMEs. Furthermore, competitive advantage was found to be closely linked to improved financial outcomes for SMEs.

Conclusion – The three pillars of the quadruple helix—intellectuals, government, and the business sector—demonstrate a positive and statistically significant association with improved perceived financial performance among SMEs, with the business sector component showing the strongest association. Meanwhile, competitive advantage is a crucial mediator; external support does not automatically yield benefits unless SMEs can transform it into an independent competitive advantage, such as product uniqueness or cost efficiency.

The Implementation of Environmental Management Accounting as a Business Strategy for Tourism on Rote Island: A Triple Bottom Line and Stakeholder Theory Approach

2026-07-22T09:56:36+00:00

Purpose – This study explores the implementation of Environmental Management Accounting (EMA) as a business strategy in the tourism service sector of Rote Island, Indonesia. It examines how EMA supports sustainable business practices from the perspectives of the Triple Bottom Line (TBL) and Stakeholder Theory while identifying the challenges faced by tourism businesses.

Design/methodology/approach – A qualitative case study approach was employed. Data were collected through in-depth interviews, observations, and document analysis involving hotel and homestay managers, tourism operators, local government officials, community representatives, and local SMEs. The data were analyzed using thematic analysis.

Finding/Results – The findings reveal that EMA implementation remains at an early stage. Tourism businesses have adopted environmentally responsible practices, including energy and water conservation, waste reduction, and the use of local products, but environmental costs are not systematically recorded. From the TBL perspective, EMA enhances operational efficiency (profit), strengthens community participation (people), and supports environmental conservation (planet). Stakeholder Theory further explains that EMA improves managerial decision-making while fostering trust among tourists, local communities, government agencies, and business partners. Key challenges include limited awareness of EMA, inadequate environmental accounting systems, insufficient human resources, and limited institutional support.

Originality/Value – This study extends the EMA literature by integrating Triple Bottom Line and Stakeholder Theory within a tourism destination context, providing practical insights for developing sustainable tourism strategies in small island destinations.

Intuitive Cognitive Competence Among Indonesian Investors: A Simulation-Based Methodological Demonstration of a Proposed Scale-Development Protocol

2026-08-13T13:28:42+00:00

Purpose – Indonesian retail investing has grown sharply (KSEI, 2025), yet research centers on financial literacy, leaving intuitive judgment unmeasured. This paper proposes Intuitive Cognitive Competence (ICC), a latent construct capturing experience integration, pattern recognition, and adaptive execution, and demonstrates its scale-development protocol via simulation.

Design/methodology/approach – Fifteen items across three dimensions were tested on two independent synthetic samples (exploratory N = 50; confirmatory N = 200) from a fully specified population model, avoiding same-sample circularity. Retention used minimum-residual EFA with Promax rotation, cross-checked against parallel analysis, Velicer's MAP, and a Monte Carlo recovery check.

Finding/Results – EFA recovered the three-factor structure (KMO = 0.895; common variance = 59.4%); parallel analysis was more conservative than MAP and the eigenvalue rule at N = 50 (4.3% vs. 83.0-92.0% correct recovery). One item was removed for low communality. The refined 14-item model outperformed a one-factor alternative (CFI = 0.759 vs. ≈1.00; RMSEA = 0.155 vs. 0.000), with strong convergent (AVE = 0.58-0.65) and discriminant validity (Fornell-Larcker; HTMT < 0.71). A second-order model showed equivalent fit.

Originality/Value – This demonstration offers a fully specified item pool, documented data-generating process, and rigorous EFA-CFA protocol, ready for field-data redeployment toward a validated ICC model.

From Financial Literacy to Financial Behavior: A Systematic Literature Review and the Financial Behavior Formation Model (FBFM)

2026-08-24T04:59:29+00:00

Purpose – This study synthesizes empirical evidence on the determinants and mechanisms shaping financial behavior and develops an integrative conceptual framework to explain how cognitive, affective, behavioral, and contextual factors interact in financial decision-making.

Design/methodology/approach – A Systematic Literature Review (SLR) was conducted following the PRISMA 2020 protocol. From studies published between 2014 and 2025, 36 empirical studies were selected from a final pool of 47 articles after quality and access assessment. The review addressed six research questions covering cognitive factors, financial literacy, self-control and locus of control, cultural and institutional influences, FinTech, and theoretical integration.

Findings – The synthesis indicates that financial literacy influences financial behavior through financial attitude, self-efficacy, and self-control, while family financial socialization, cultural norms, institutional access, and digital environments shape these relationships. Based on these findings, the study proposes the Financial Behavior Formation Model (FBFM), comprising three interconnected pathways cognitive, affective, and behavioral/executive embedded within a contextual layer.

Originality/Value – FBFM extends existing models by positioning self-control and locus of control as an independent behavioral pathway, cognitive biases as systematic disruptors, and FinTech as a provisional behavioral amplifier. Twelve theoretical propositions (P1–P12) are developed to guide future empirical research, with implications for financial education policy and curriculum development in Indonesian higher education.

Strategic Innovation-Oriented Leadership, Knowledge Sharing, and Innovative Work Behaviour

2026-08-19T06:13:21+00:00

Purpose – Human capital's effect on innovative work behaviour has been reported as both absent and significant across studies. This study tests whether knowledge sharing behaviour explains this contradiction as a boundary condition, alongside strategic innovation-oriented leadership's tested direct and indirect effects on innovative work behaviour.

Design/methodology/approach – Data from permanent employees across regional water utility enterprises in East Java, Indonesia, were analysed with PLS-SEM, confirmatory tetrad analysis, the cross-validated predictive ability test, and Necessary Condition Analysis.

Finding/Results – Strategic leadership built employee capability and independently shaped innovative behaviour; capability alone did not reliably predict innovative behaviour, and a formal test found no significant mediation through capability. The capability-behaviour link was conditional on knowledge sharing, turning positive at higher levels and negative, as an indicative estimate, at lower levels. Strategic leadership further emerged as the necessary condition with the lowest bottleneck threshold among the three antecedents tested.

Originality/Value – The findings help reconcile part of the inconsistency in the intellectual capital literature by identifying knowledge sharing as a theoretically grounded boundary condition, and they demonstrate the value of pairing sufficiency and necessity logic in explaining when, not merely whether, human capital capability matters for innovation.

Capital Structure Adjustment in ASEAN-6: Evidence and Inferential Limits

2026-08-19T11:54:33+00:00

Purpose – This study estimates the speed of book-leverage adjustment among non-financial listed firms in the six largest ASEAN economies, and examines whether it varies with economic uncertainty, with institutional quality, and across the pandemic period.

Design/methodology/approach – From an initial panel of 53,892 firm-year observations covering 4,689 firms from 2010 to 2024, we estimate a dynamic partial-adjustment model by system GMM on a final estimation sample of 32,264 observations from 3,816 firms, with wild cluster bootstrap inference over six country clusters.

Finding/Results – Firms close about fifteen per cent of the gap to target each year, a half-life of 4.4 years, stable from 0.132 to 0.205 across the instrument configurations that pass the diagnostics, four target specifications, six leave-one-country-out samples, and six country subsamples. Adjustment was four to five percentage points faster in 2020 and 2021, with no pre-trend, no difference across pandemic-exposure sectors, and a randomisation p-value of 0.013. The uncertainty effect is not estimated with a stable direction, and institutional moderation is not identified.

Originality/Value – The study shows how country-level effects reported confidently elsewhere become fragile when identification, and not only inference, is examined with six clusters. The market-leverage model remains unresolved.

Workload and Turnover Intention among Contract-Based Public Employees: Mediating Emotional Exhaustion and Moderating Organizational Support

2026-08-15T02:54:59+00:00

Purpose – This study examines the relationships among workload, emotional exhaustion, and turnover intention among contract-based public employees and tests the moderating role of perceived organizational support in the workload–emotional exhaustion relationship.

Design/methodology/approach – A quantitative explanatory survey was conducted among 195 contract-based public employees in local government institutions in Makassar, Indonesia. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with 5,000 bootstrap resamples to assess direct, mediating, and moderating effects.

Findings – Workload significantly increases emotional exhaustion (β = 0.182, p = 0.003) and turnover intention (β = 0.225, p = 0.001). Emotional exhaustion strongly predicts turnover intention (β = 0.541, p < 0.001) and partially mediates the relationship between workload and turnover intention (β = 0.098, p = 0.004). However, perceived organizational support does not significantly moderate the workload–emotional exhaustion relationship (β = 0.009, p = 0.886), with a negligible interaction effect (f² = 0.000).

Originality/Value – This study extends the Job Demands–Resources (JD-R) theory by providing context-specific evidence of the health-impairment pathway from workload to emotional exhaustion and turnover intention among contract-based public employees. The findings also suggest that the resource-buffering role of organizational support may be context-dependent rather than universally applicable.

Risk-Based Tax Audits, Tax Office Type, and Economic Growth: Evidence on Voluntary Tax Compliance among Corporate Taxpayers in Indonesia's Manufacturing Sector

2026-08-04T08:45:15+00:00

Purpose – This study examines the effects of risk-based tax audits, Tax Office (KPP) type, and economic growth on the voluntary tax compliance of corporate taxpayers in Indonesia's manufacturing sector under the self-assessment system.

Design/methodology/approach – A quantitative explanatory approach is employed using a strongly balanced panel dataset of 16,339 corporate taxpayers from 2016 to 2022 (114,373 taxpayer-year observations). The data are analyzed using the Correlated Random Effects (CRE) model with year fixed effects and cluster-robust standard errors.

Findings/Results – Risk-based tax audits and economic growth have positive and statistically significant effects on voluntary tax compliance. Taxpayers registered with Primary Tax Offices (KPP Pratama) exhibit lower voluntary tax compliance than those registered with Special Tax Offices (KPP Khusus), while no significant differences are found among Medium Tax Offices (KPP Madya), Special Tax Offices, and Large Taxpayer Offices (KPP Wajib Pajak Besar).

Originality/Value – This study provides empirical evidence on the roles of risk-based tax audits, Tax Office type, and economic growth in improving voluntary tax compliance. The findings offer practical implications for strengthening risk-based tax administration under Indonesia's self-assessment system.

Knowledge Management and Organizational Resilience: Exploring Dynamic Capability Pathways

2026-08-21T12:19:27+00:00

Purpose – This study examines the effect of knowledge management on organizational resilience by investigating the mediating role of dynamic capability in increasingly dynamic and uncertain business environments.

Design/methodology/approach – This study adopts a quantitative research design using a cross-sectional survey approach. Data are analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to examine both the direct effect of knowledge management on organizational resilience and the mediating role of dynamic capability.

Finding/Results – The findings show that knowledge management (KM) positively and significantly influences organizational resilience (OR) and sensing capability and transforming capability. Sensing capability significantly influences seizing capability, while seizing capability significantly influences transforming capability. However, the sequential mediation KM → Sensing → Seizing → Transforming → OR are not significant. These findings indicate that KM contributes more directly to organizational resilience, while the conversion of knowledge into resilience through dynamic capabilities may require time for knowledge internalization and capability development.

Originality/Value – This study integrates the Knowledge-Based View (KBV) and Dynamic Capability View (DCV) by demonstrating that KM directly strengthens organizational resilience while supporting the development of specific dynamic capabilities. The findings provide a more nuanced understanding of how knowledge and adaptive capabilities contribute to resilience in dynamic business environments.

Organizational Resilience Through Green Human Resource Management: An Integrated Perspective

2026-08-19T15:18:46+00:00

Purpose – This study examines the relationships between Green Human Resource Management (GHRM), Green Transformational Leadership (GTL), and Organizational Resilience (OR) through Green Organizational Culture (GOC), while testing Environmental Values (EV) as a boundary condition. The study integrates the Resource-Based View (RBV) and Ability–Motivation–Opportunity (AMO) framework.

Design/methodology/approach – A quantitative explanatory cross-sectional design was employed using data from 270 full-time employees in Indonesian textile manufacturing organizations. Respondents were selected through purposive sampling, and the data were analyzed using Partial Least Squares Structural Equation Modelling (PLS-SEM) with 5,000 bootstrap subsamples.

Findings – GHRM has no significant direct effect on OR but significantly influences OR indirectly through GOC. GTL strongly predicts GOC and also has a significant indirect effect on OR through GOC, while its direct effect on OR is not significant at the conventional two-tailed 5% level. EV has the strongest positive direct effect on OR, whereas the EV × GOC interaction is significantly negative, indicating that higher environmental values weaken the positive relationship between GOC and OR.

Originality/Value – This study integrates RBV and AMO by positioning GHRM and GTL as resource- and motivation-enhancing practices, GOC as the organizational conversion mechanism, and OR as the resulting adaptive capability. The findings highlight the central role of GOC in translating green management practices into organizational resilience in Indonesian textile manufacturing.

Regional Fiscal Performance and Inclusive Economic Growth in Yogyakarta’s Digital Era

2026-06-02T06:27:46+00:00

Purpose – This study examines the relationship between regional fiscal performance, economic growth, and inclusive economic growth in the Special Region of Yogyakarta, Indonesia, during the digital governance era.

Design/methodology/approach – Using panel data from five regencies/municipalities during 2008–2024, this study applies pooled OLS-based multiple regression. Regional fiscal performance is measured through fiscal independence, local own-source revenue effectiveness, expenditure efficiency, expenditure harmony, fiscal dependency, and regional revenue growth. Fiscal digitalization is examined as a moderating variable, while economic growth is assessed as a possible pathway variable through sequential regression evidence. The models were re-estimated using bootstrapped standard errors with 5,000 resamples and percentile confidence intervals.

Finding/Results – The results show that expenditure efficiency (coefficient = −1.645, p = 0.017), expenditure harmony (coefficient = −0.288, p = 0.023), and fiscal dependency (coefficient = −1.599, p < 0.001) are significantly associated with economic growth. Fiscal digitalization strengthens the relationships of fiscal independence and expenditure harmony with economic growth, with the significant moderation effect of expenditure harmony (coefficient = 0.215, p = 0.013), while the interaction between fiscal dependency and fiscal digitalization is only marginally significant at the 10% level. Economic growth is negatively associated with inclusive economic growth (coefficient = −2.342, p < 0.001), indicating that regional growth has not fully translated into inclusive welfare outcomes. Sequential regression further indicates that the expected pathway through economic growth is not supported in the hypothesized direction.

Originality/Value – This study integrates regional fiscal performance, fiscal digitalization, economic growth, and inclusive economic growth within a single empirical framework. The findings highlight the importance of fiscal digitalization while showing that economic growth does not automatically produce inclusive development.

Transformation of the Business Strategy Model of the MSME Industry in Makassar City Through a Digital Marketing Approach: A Mixed Methods Study

2026-08-28T10:46:23+00:00

Purpose – This study examines how digital marketing is associated with the transformation of MSME business strategies in Makassar City and how this transformation relates to competitive advantage and business performance.

Design/methodology/approach – An explanatory sequential mixed-methods design was used. The quantitative phase employed Structural Equation Modeling with SmartPLS, followed by qualitative inquiry through interviews, observations, and documentation to explain the quantitative patterns.

Finding/Results – Digital marketing was positively associated with business strategy transformation (β = 0.731, p = 0.000) and business performance (β = 0.582, p = 0.000). Business strategy transformation was positively associated with competitive advantage (β = 0.689, p = 0.000), while competitive advantage was positively associated with business performance (β = 0.754, p = 0.000). Qualitative findings identified digital literacy, product innovation, content-creation capability, government support, and access to technology as relevant conditions.

Originality/Value – This study contributes to the MSME digital transformation literature by proposing an integrated framework that explains how digital marketing capabilities are translated into business strategy transformation, competitive advantage, and performance outcomes. Unlike previous studies that predominantly examine isolated digital adoption effects, this research combines SEM-based evidence with qualitative insights to reveal the organizational conditions enabling transformation among MSMEs in an emerging-market context. The findings offer context-specific implications for MSMEs and policymakers in Makassar City.

Islamic Social Finance and Islamic Bank Collaboration in Countering Predatory Finance

2026-08-27T02:44:29+00:00

Purpose - This study examines the determinants of Islamic bank financing and explores the strategic role of collaboration between zakat institutions and Islamic banks in protecting underserved communities from predatory financial practices.

Design/methodology/approach - This study employs a qualitative multi-source design combining an integrative thematic literature review with contextual empirical evidence. The analysis draws on Scopus-indexed studies, an interview with the Chair of BAZNAS Banten Province, stakeholder discussion records, official regulatory reports, and verified media sources. Data were analyzed thematically using source triangulation.

Findings/Results - The findings identify economic growth, inflation, exchange rates, third-party funds, and financing-to-deposit ratios as important determinants of Islamic bank financing. The study also shows that collaboration between BAZNAS and Islamic banks through CSR funds, zero-margin financing, and guarantee mechanisms can strengthen financial inclusion and reduce dependence on illegal online lending, Bank Emok, and informal moneylenders.

Originality/Value - This study integrates Islamic banking and Islamic social finance within a collaborative framework for addressing predatory finance. The findings highlight the potential of combining commercial, social, and technological instruments to develop more inclusive and socially responsible financing systems.

Digital Transformation of MSMES: Adaptation Strategies in the Era of Economy 4.0

2026-08-01T23:12:40+00:00

Purpose – This study examines how micro, small, and medium enterprises (MSMEs) adapt to digital transformation in the Economy 4.0 era and identifies the conditions under which digital adoption is associated with competitiveness and business resilience.

Methodology – The study uses a systematic integrative literature review reported against PRISMA 2020 principles. A fresh structured search conducted on 27 August 2026 retrieved 62 records through publisher-indexed searches across Elsevier/ScienceDirect, Springer Nature, Emerald, Taylor & Francis, and Wiley/SAGE/MDPI, with 14 additional records identified through backward citation checking. After duplicate removal, publication-window filtering (2020–2025), and title/abstract screening, 35 primary empirical studies were retained. The studies were appraised using MMAT-informed design-specific methodological domains, followed by structured data extraction and thematic synthesis.

Findings – Digital transformation outcomes are conditional rather than automatic. Digital resources, employee capabilities, managerial commitment, organizational agility, business networks, and ecosystem support jointly shape adoption. Digital technologies may support market access, process efficiency, business-model innovation, and resilience, but these outcomes depend on capability development, business-model reconfiguration, digital maturity, and contextual conditions. Persistent constraints include financing, digital skills, infrastructure, organizational resistance, and cybersecurity requirements.

Originality – The review advances an integrative framework linking external pressures and ecosystem support, internal readiness, staged digital adoption, dynamic capability development, business-model reconfiguration, and performance/resilience outcomes. It also explicitly incorporates boundary conditions such as firm size, sector, location, ownership, and digital maturity.

U.S. tariffs, interest rates, foreign direct investment, and manufacturing resilience in Indonesia: Evidence from 2016–2024

2026-08-30T00:01:45+00:00

Purpose – This study examines how U.S. tariff shocks, foreign direct investment (FDI), Federal Reserve interest-rate conditions, and domestic interest rates are associated with Indonesia’s manufacturing resilience. It also reassesses the mediating role of FDI and the moderating role of domestic interest rates.

Design/methodology/approach – A quantitative explanatory design was applied to a secondary-data matrix covering 2016–2024 and containing 64 aligned observations. PLS-SEM was estimated in SmartPLS with 5,000 bootstrap resamples. Measurement quality was reassessed from the reported outer loadings; composite reliability and average variance extracted were calculated from those loadings.

Finding/Results – U.S. tariffs were positively associated with FDI (β = 0.534, p < 0.001) and manufacturing resilience (β = 0.267, p = 0.034). The FDI-mediated path was not significant (β = 0.096, p = 0.355). The Federal Reserve-rate path was positive (β = 0.659, p = 0.002), while the domestic-rate direct path was negative (β = -0.382, p = 0.048). The supplied bootstrap diagram reports a significant FDI × domestic-rate interaction (p = 0.025), although its coefficient is rounded to 0.000 in the algorithm output, indicating a statistically detectable but substantively very small interaction under the reported scaling.

Originality/Value – The study integrates trade-policy reallocation, global monetary conditions, FDI, and manufacturing resilience in one Indonesian framework. It distinguishes the attraction of foreign capital from the domestic capability required to convert that capital into resilient industrial performance.

A Sharia Financial-Based Fishermen's Financial Safety Net Program for Strengthening the Economic Resilience of Small-Scale Coastal Fishermen in Central Java

2026-06-10T11:07:03+00:00

Purpose – This study analyzes a sharia financial-based financial safety net strategy for small-scale coastal fishermen in Central Java Province through the Sharia Financial-Based Fishermen's Financial Safety Net Program in strengthening the economic resilience of small-scale coastal fishermen.

Design/methodology/approach – This study employs a qualitative descriptive approach integrated with the Business Model Canvas (BMC) framework to design and evaluate the proposed financial safety net model. The study relies exclusively on secondary data obtained from policy documents, academic literature, institutional reports, and related publications. The data were analyzed thematically and mapped into the nine components of the BMC.

Finding/Results – The findings indicate that the Sharia Financial-Based Fishermen's Financial Safety Net Program operates through fishermen cooperatives (KUD Mina) as intermediary institutions that provide financial literacy, savings facilitation, financial management assistance, sharia-compliant financing access, debt advisory services, livelihood diversification support, psychosocial assistance, and institutional strengthening. These integrated support mechanisms improve financial capability, reduce economic vulnerability, and strengthen the livelihood resilience of small-scale coastal fishermen. The effectiveness of the program depends on stakeholder commitment, institutional coordination, and collaboration among government agencies, cooperatives, Islamic financial institutions, social finance institutions, universities, and fishing communities.

Originality/Value – This study proposes a sharia financial-based financial safety net model for small-scale coastal fishermen by integrating financial inclusion, Islamic social finance, and livelihood resilience. The model supports the development priorities of the Central Java RPJPD 2025–2045 and RPJMD 2025–2029 in promoting coastal economic empowerment, poverty reduction, and sustainable maritime development. The findings offer practical implications for policymakers, fishermen cooperatives, and Islamic financial institutions in strengthening financial inclusion and economic resilience in coastal communities.

Associations of Membership, Debt, and Equity with Cooperative Volume in Malaysia, the Philippines, and Indonesia

2026-08-29T03:10:34+00:00

Purpose - This study examines whether cooperative membership, debt, and equity are associated with cooperative business volume in Malaysia, the Philippines, and Indonesia, and whether the pattern differs across the three national cooperative systems.

Design/methodology/approach - A quantitative comparative correlational design used secondary administrative data from 64 regional units: 14 in Malaysia, 16 in the Philippines, and 34 in Indonesia. Members, debt, equity, and volume were transformed using natural logarithms, and separate log-linear multiple regression models were estimated in SPSS version 25 at a 5% significance level.

Finding/Results - In Malaysia, only equity was significant (B = .983, p = .011). In the Philippines, debt (B = .529, p = .004) and equity (B = .431, p = .009) were significant. In Indonesia, membership (B = .327, p = .013), debt (B = .206, p = .016), and equity (B = .508, p < .001) were significant.

Originality/Value - The comparison shows that equity is the most consistent correlate of cooperative volume, while the relevance of membership and debt varies by country. The study provides a country-sensitive application of a log-linear production-oriented framework to cooperative performance and cautions against assuming one development model across ASEAN settings.

Digital Marketing Capability and Self-Efficacy in Enhancing Entrepreneurial Intention Among Students at Private Universities: The Moderating Role of the Entrepreneurial Ecosystem

2026-08-19T03:53:03+00:00

Purpose – This study examines the effects of Digital Marketing Capability and Self-Efficacy on the Entrepreneurial Intention of students at private universities in Bandar Lampung and tests the moderating role of perceived university Entrepreneurial Ecosystem support.
Design/methodology/approach – This study employed a quantitative approach using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0. Data were collected through a seven-point Likert-scale questionnaire from 240 students at private universities in Bandar Lampung. The analysis tested the direct effects among the constructs and the moderating effects of perceived university Entrepreneurial Ecosystem support.
Findings/Results – Digital Marketing Capability had a positive and significant effect on Entrepreneurial Intention. Unexpectedly, Self-Efficacy had a significant negative effect. Perceived university Entrepreneurial Ecosystem support significantly strengthened the Digital Marketing Capability–Entrepreneurial Intention relationship but did not significantly moderate the Self-Efficacy–Entrepreneurial Intention relationship.
Originality/Value – This study shows that university entrepreneurial ecosystem support does not uniformly condition the relationships between individual capabilities and Entrepreneurial Intention. The significant moderation of Digital Marketing Capability, contrasted with the non-significant moderation of Self-Efficacy, provides a post hoc empirical insight into how technical and psychological capabilities may interact differently with contextual support.

Perceived Digital Transformation and Zakat Governance in Indonesia: Critical Digital Governance, Accountability, and Muzakki Trust

2026-08-29T05:08:04+00:00

Purpose– This study examines respondent-level associations among perceived Digital Transformation Capability (DTC), perceived Critical Digital Governance (CDG), perceived Organizational Accountability (OA), and muzakki trust in Indonesian Zakat Management Organizations (OPZ). Because the measures were supplied by external users, DTC, CDG, and OA are interpreted as perceptions of observable organizational practices rather than direct measures of internal organizational capability.

Design/methodology/approach– A quantitative cross-sectional survey involved 250 muzakki (zakat payers) who had used OPZ digital services within the previous 12 months. The model was analyzed with PLS-SEM in SmartPLS 3. The individual muzakki is the unit of analysis, and the structural paths are interpreted as associations because all constructs were measured at one time from the same source.

Finding/Results– Perceived DTC was positively associated with perceived CDG (β = 0.632, p < 0.001) and perceived OA (β = 0.223, p < 0.001), while perceived CDG was positively associated with perceived OA (β = 0.448, p < 0.001). The DTC → CDG → OA indirect effect was significant (β = 0.283, p < 0.001) and, together with the significant positive direct DTC → OA path, indicates complementary partial mediation. By contrast, every direct and indirect path ending in muzakki trust was non-significant, and trust had R² = 0.007.

Originality/Value– The study develops an exploratory user-perception model linking digital capability, digital governance, and accountability in the zakat setting. CDG is retained as a provisional integrative construct covering traceability, transparency, data ethics and privacy, participatory oversight, inclusion, and complaint responsiveness. The evidence supports the governance-accountability portion of the model but does not establish a trust-formation mechanism or definitive validation of CDG as a reflective scale.

The Data Paradox in Equity Valuation: A Panel Data Study of IDX Large-Cap Stocks

2026-08-24T04:49:15+00:00

Purpose – This paper empirically investigates the determinants of equity valuation during anomalous macroeconomic periods, focusing on the stock price levels of large-capitalization ("Big Cap") companies listed on the Indonesia Stock Exchange (IDX).

Design/methodology/approach – The research utilizes a panel data regression model on a purposive sample of 16 Big Cap firms over the 2019–2024 period, yielding 96 firm-year observations. The study analyzes the impact of four fundamental variables: Return on Equity (ROE), Current Ratio (CR), Earnings per Share (EPS), and Debt to Equity Ratio (DER).

Finding/Results – The empirical findings reveal a nuanced decoupling effect. Return on Equity (ROE), Current Ratio (CR), and Debt to Equity Ratio (DER) exhibited no statistically significant influence on closing stock prices at the 5% level. Conversely, Earnings per Share (EPS) demonstrated a highly significant positive effect on equity valuation (p = 0.0000).

Originality/Value – Rather than confirming conventional linear relationships, the study highlights a sustained empirical anomaly during the 2019–2024 window where traditional metrics (ROE and CR) lacked predictive power. The paper proposes the "Data Paradox" as a theoretical framework to explain this decoupling, underscoring the need for future models to explicitly test macroeconomic stress interactions in emerging markets.

The Impact of Migration and Inflation on Youth Unemployment in Indonesia: An ARDL Approach

2026-07-07T05:34:38+00:00

Purpose - This study examines migration and inflation in relation to youth unemployment in Indonesia. It covers the period 2000-2024. The outcome concerns people aged 15-24. The focus is the transition from school to work. The analysis distinguishes long-run associations from short-run dynamics.

Design/methodology/approach – Annual BPS-based series are analysed using an autoregressive distributed lag (ARDL) model. Youth unemployment covers ages 15-24. Migration uses the five-year retrospective risen-migration concept. Its annual provenance remains unverified, making migration estimates provisional. ARDL accommodates I(0) and I(1) variables and distinguishes long-run relationships from short-run changes.

Finding/Results – The results provide mixed evidence of a long-run equilibrium relationship. The finite-sample bounds test points to cointegration, but the asymptotic test is inconclusive and the insignificant error-correction term indicates that adjustment toward equilibrium is not statistically reliable. In the long run, migration is negatively associated with youth unemployment, whereas inflation is positively associated with it. The short-run effects are not statistically robust and therefore require cautious interpretation.

Originality/Value – This study examines migration, inflation, and youth unemployment jointly in Indonesia. Its focus is youth labour-market dynamics. It considers mobility alongside macroeconomic price pressure. The results inform discussion of labour matching and price stability. The contribution remains conditional on the model and data limitations.

Human Capital and Institutional Sustainability in Regional Development: Brand Equity and Communication Strategies for Sustainable Higher Education Recruitment

2026-08-16T01:16:24+00:00

Purpose – This study aims to analyze the effect of Brand Equity—consisting of Brand Awareness, Brand Image, Perceived Relevance, and Promotional Effectiveness on prospective students’ enrollment intention in selecting a study program.

Design/methodology/approach – This research employs a mixed-method approach with data analysis techniques including multiple regression analysis, Focus Group Discussion (FGD), and interview analysis.

Finding/Results The findings show that brand image and promotional effectiveness are the main drivers of prospective students’ enrollment decisions. Effective recruitment requires integrated digital and offline promotion, program-level branding, student and alumni involvement, authentic storytelling, school partnerships, and interactive digital communication to strengthen public trust and sustain student recruitment.

Originality/Value – This study integrates quantitative brand equity analysis with qualitative communication strategies to develop sustainable student recruitment strategies in a regional Islamic higher education context.

Beyond Smartwashing: Why Digital Tourist Experiences Fail to Moderate the Value-Belief-Norm Pathway to Sustainable Travel

2026-08-09T11:58:24+00:00

Purpose – This study examines whether digital tourist experiences mediate the relationship between smart tourism technologies and sustainable travel intention, while addressing the challenge of smartwashing through the Value-Belief-Norm (VBN) framework.

Design/methodology/approach – A quantitative cross-sectional survey was conducted with 168 visitors to Karimunjawa Island, Indonesia, who had experience using digital tourism platforms. Data were analyzed using Partial Least Squares Structural Equation Modelling (PLS-SEM) to examine the relationships among perceived usefulness of augmented reality guides, digital destination content quality, digital tourist experience, environmental awareness, and sustainable travel intention.

Findings/Results – The results reveal that the perceived usefulness of augmented reality guides significantly enhances digital tourist experiences, whereas digital destination content quality has no significant effect. Digital tourist experiences neither directly influence sustainable travel intention nor moderate the relationship between environmental awareness and sustainable travel intention. Instead, environmental awareness is the strongest predictor of sustainable travel intention, indicating an attitude–behavior gap and highlighting the limitations of technology-driven experiences in promoting sustainable behaviour.

Originality/Value – This study extends the VBN framework within the context of digital tourism by demonstrating that technological experiences alone are insufficient to encourage sustainable travel intentions. The findings provide practical implications for destination managers to combine smart tourism technologies with authentic environmental education and sustainability-oriented interventions, thereby reducing the risk of smartwashing and supporting meaningful sustainable tourism development.

Marketing Mix Factors Associated with Online Purchasing Behaviour for Printed Books: Evi-dence from Actual Transaction Data

2026-08-15T03:43:55+00:00

Purpose – This study examines the adjusted associations between recorded transaction attributes and realised online printed-book invoice value at PT XYZ during 2023–2025, using the 7P marketing mix as a conceptual organising lens.

Design/methodology/approach – A retrospective observational design was applied to a census of 5,989 eligible completed online printed-book invoices. The unit of analysis was an invoice rather than a unique consumer. Ordinary least squares regression was estimated for logged invoice value with HC3 heteroskedasticity-consistent robust standard errors. The primary explanatory variables were academic-book share, destination region, purchase channel, and transaction year. Average selling price and basket size were excluded from the primary model because they are mechanically related to invoice value.

Finding/Results – The model explained 28.4% of the variation in logged invoice value, and the predictors were jointly associated with the outcome. A 10-percentage-point increase in academic-book share was associated with an estimated 3.2% higher invoice value. Invoices delivered to Java outside Jabodetabek and outside Java had estimated values approximately 9.0% and 12.9% higher, respectively, than invoices delivered within Jabodetabek. Marketplace and WhatsApp transactions had estimated values approximately 5.3% and 7.7% higher than webstore transactions. Estimated invoice values were also higher in 2024 and 2025 than in 2023. Robustness checks showed that the estimates were stable after excluding non-individual and influential invoices.

Originality/Value – This study provides transaction-level evidence from actual completed online book invoices rather than survey-based perceptions. The recorded attributes are interpreted as observable transaction characteristics conceptually related to the 7P framework, not as direct measures of consumers’ perceptions or causal effects of marketing activities.

Transforming Strategic Capabilities into Export Performance: The Mediating Roles of Artificial Intelligence Adoption in Jepara Furniture Exporters

2026-09-02T07:31:25+00:00

Purpose – This study examines the effects of supply chain management capability, social media marketing capability, and absorptive capacity on export performance among furniture exporters in Jepara, Indonesia, with artificial intelligence (AI) adoption as a mediating mechanism.

Design/methodology/approach – Data were collected from 110 exporting furniture firms using purposive sampling and analyzed using partial least squares structural equation modeling (PLS-SEM) to examine the direct and indirect relationships among the variables.

Finding/Results – The results indicate that supply chain management capability, social media marketing capability, and absorptive capacity positively influence AI adoption and export performance. Supply chain management capability is the strongest predictor of AI adoption, while social media marketing capability has the strongest direct effect on export performance. AI adoption positively affects export performance and partially mediates the relationships between the three capabilities and export performance. The mediated proportions are 26.17% for absorptive capacity, 20.47% for social media marketing capability, and 21.24% for supply chain management capability. The model explains 57.1% of the variance in AI adoption and 70.5% of the variance in export performance.

Originality/Value – This study positions AI adoption as a strategic mechanism that converts operational, market, and knowledge capabilities into improved export outcomes. The findings highlight the importance of integrating AI with supply chain, digital marketing, and knowledge capabilities to strengthen the international competitiveness of furniture exporters.

Digital Transformation and MSME Performance in Medan: The Roles of Digital Marketing, E-Commerce, Fintech, and Digital Literacy

2026-08-22T01:31:43+00:00

Purpose – This investigation evaluates how digital marketing, e-commerce adoption, fintech usage, and digital literacy—as four distinct dimensions of digital transformation—affect the performance of Micro, Small, and Medium Enterprises (MSMEs) based in Medan, with self-reported MSME performance serving as an operational indicator of short- to medium-term business outcomes.

Design/methodology/approach – A quantitative research design was executed using empirical data collected through a structured quota-purposive sampling procedure from 200 digitally active MSME operators across five major industrial sectors in Medan. Structural Equation Modeling–Partial Least Squares (SEM-PLS) via SmartPLS 4 was used to evaluate measurement validity, structural path relationships, control variable impacts, and out-of-sample predictive performance using PLSpredict.

Finding/Results – The empirical structural evaluation indicates that digital marketing (β = 0.232, p < 0.001), e-commerce adoption (β = 0.185, p < 0.001), fintech usage (β = 0.142, p < 0.001), and digital literacy (β = 0.364, p < 0.001) exhibit positive and statistically significant associations with MSME performance. Inclusion of control variables (firm age, owner education, sector) confirmed the robustness of these baseline relationships. PLSpredict analysis verified the model's out-of-sample predictive capabilities.

Originality/Value – The novelty of this study lies in its comparative empirical assessment of four key digital-transformation dimensions as parallel direct predictors within a unified variance-based structural framework among digitally engaged regional MSMEs. Grounded in entrepreneurship theory, the findings emphasize that while external digital platforms provide necessary market access and transactional tools, internal human capabilities (digital literacy) carry the largest relative association with performance outcomes.

Green Human Capital and Innovation Driving Tourism Industry Growth: The Mediating Role of Green Economy Capability

2026-05-23T01:49:54+00:00

Purpose – The tourism industry in Indonesia faces increasing pressure to adopt sustainable practices due to environmental degradation and resource dependency, while empirical evidence regarding the mechanism linking green human capital and green innovation to tourism industry growth remains limited. This study aims to analyse the effects of Green Human Capital (GHC) and Green Innovation (GI) on Tourism MSME Growth, with Green Economy Capability (GEC) as a mediating variable.

Design/methodology/approach – A quantitative survey was conducted with 200 tourism MSMEs in Makassar, Takalar, Bantaeng, and Sinjai, Indonesia. Data were analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM).

Findings – The results reveal that Green Human Capital (β = 0.162; p = 0.039) and Green Innovation (β = 0.168; p = 0.034) positively and significantly influence Tourism MSME Growth. Green Economy Capability demonstrates the strongest direct effect on Tourism MSME Growth (β = 0.347; p < 0.001) and is significantly influenced by Green Human Capital (β = 0.512; p < 0.001) and Green Innovation (β = 0.369; p < 0.001). Furthermore, mediation analysis confirms that Green Economy Capability partially mediates the relationship between Green Human Capital and Tourism MSME Growth (β = 0.218; p < 0.001), as well as the relationship between Green Innovation and Tourism MSME Growth (β = 0.241; p < 0.001).

Originality/value – This study positions GEC as a strategic mechanism linking green resources and innovation to sustainable business growth. The model shows substantial explanatory power (R² = 0.624 for GEC; R² = 0.711 for Tourism MSME Growth) and strong predictive relevance. The findings support the integration of Resource-Based View and legitimacy theory and highlight the need for tourism MSMEs to strengthen organisational capability to translate green resources and innovation into long-term competitiveness and growth.

Blended Finance, Entrepreneurial Budgeting, and Public Service Competitiveness

2026-09-04T12:01:12+00:00

Purpose – This study examines the relationships among blended-finance practices, entrepreneurial budgeting, and perceived public service competitiveness. It also investigates the mediating role of entrepreneurial budgeting and the conditions under which fiscal reform practices support service competitiveness.

Design/methodology/approach - A convergent parallel mixed-methods design combines PLS-SEM based on responses from 218 public officials, key-informant interviews, and focus group discussions. The analysis is complemented by a descriptive cost-benefit analysis of 2020–2024 programs and a budget impact analysis for 2025–2029 scenarios.

Findings/Results - Blended finance and entrepreneurial budgeting are positively associated with public service competitiveness. Entrepreneurial budgeting partially mediates the relationship between blended finance and service competitiveness, while institutional alignment and governance capacity condition these relationships. The integrated reform category records a benefit-cost ratio of 3.27, while the broader reform portfolio records 2.74. The full integration scenario indicates potential Year-5 expenditure savings of 17.5% relative to the modeled baseline.

Originality/Value - This study integrates blended finance and entrepreneurial budgeting within a public-sector competitiveness framework and triangulates perceptual evidence with program and fiscal analysis. The findings highlight the importance of combining innovative financing, entrepreneurial budgeting, institutional alignment, and governance capacity in strengthening public service performance.

Communication Management and Transparency in Village Fund Governance

2026-09-04T05:22:39+00:00

Purpose – This study examines communication management in village fund governance through four functions, namely planning, organizing, implementing, and controlling. It focuses on how communication practices influence transparency, accountability, and community participation.

Design/methodology/approach - This study employs a descriptive qualitative approach using in-depth interviews with village officials, community representatives, and fund beneficiaries. Data validity was strengthened through source triangulation, while analysis followed the interactive stages of data reduction, data display, and conclusion drawing.

Findings/Results - The findings show that communication management is implemented through internal meetings and village deliberation forums, with responsibilities distributed according to the village government structure. However, communication remains highly dependent on face-to-face interaction, resulting in uneven access to information and participation. Limited community understanding, low attendance, and difficulty interpreting technical financial terms remain key barriers.

Originality/Value - This study highlights the importance of communication management in strengthening transparency and accountability in village fund governance. The findings suggest that more inclusive and accessible information systems are needed to ensure that financial information reaches the wider community.

Multistakeholder Collaboration in the Implementation of Green Technology: a Study of Public Policy in East Java

2026-08-22T01:17:27+00:00

Purpose – This study examines the implementation of green technology policy in East Java Province by analyzing the gap between regulatory commitments and implementation practices, as well as the factors shaping multi-actor collaboration in the adoption of green technology. The study also explores the relevance of a hexahelix-based collaborative governance approach for strengthening policy implementation at the local level.

Methodology – This study employed a qualitative research design using in-depth interviews, participatory observation, and document analysis. Data were collected from relevant actors involved in green technology policy implementation and analyzed through data triangulation to ensure the credibility of the findings.

Findings/Results – The findings indicate that the implementation of green technology policy in East Java is supported by political commitment and growing awareness among communities and businesses. However, implementation remains constrained by limited resources, institutional fragmentation, inadequate policy incentives, and socio-economic resistance, particularly among micro, small, and medium enterprises (MSMEs). These conditions demonstrate that policy implementation is shaped not only by regulatory and administrative factors but also by the quality of relationships and coordination among actors.

Originality/Value – This study extends the conventional policy implementation perspective by incorporating collaborative governance to explain the relational and institutional dimensions of multi-actor implementation. The findings highlight the relevance of a hexahelix-based collaborative governance framework to integrate government, business, academia, communities, media, and other relevant actors in addressing implementation barriers. The study contributes to the development of a more integrated and inclusive approach to green technology policy implementation and provides a framework for strengthening local-level collaboration toward sustainable development.

Compensation, Work Facilities, and Work Environment as Determinants of Employee Performance

2026-09-04T13:43:25+00:00

Purpose – This study examines the effects of compensation, work facilities, and the work environment on employee performance in a community-based public service organization.

Design/methodology/approach - This study employs a quantitative explanatory design using primary data collected through employee questionnaires. Multiple linear regression was used to test the partial and simultaneous effects of compensation, work facilities, and the work environment on employee performance.

Findings/Results - The results show that compensation, work facilities, and the work environment have significant effects on employee performance, both individually and simultaneously. Adequate compensation supports employee motivation, appropriate work facilities improve task effectiveness, and a supportive work environment contributes to better performance.

Originality/Value - This study highlights the importance of integrating compensation policy, workplace facilities, and environmental conditions in improving employee performance within public service organizations. The findings provide practical implications for strengthening human resource management and organizational effectiveness.

Leading Sectors, Structural Transformation, and Labor Absorption in Regional Economies

2026-09-06T02:13:42+00:00

Purpose – This study examines sectoral advantages, structural transformation, and the capacity of leading economic sectors to generate employment. It focuses on the mismatch between sectoral economic performance and labor absorption in regional development.

Design/methodology/approach - This study employs a comparative quantitative-descriptive approach using constant-price GRDP and employment data for 2020–2024. Location Quotient and Shift-Share analyses are combined with employment elasticity, labor share, structural gap, and the Employment Intensity Index to evaluate sectoral competitiveness and the output-employment relationship.

Findings/Results - The findings reveal substantial heterogeneity in sectoral transformation. Mining and manufacturing dominate several regional economies, but strong output performance does not consistently generate proportional employment. Of 18 district-sector combinations, 55.6% are classified as inelastic, 33.3% experience jobless or labor-shedding growth, and only 11.1% are elastic. The largest structural gap occurs in manufacturing, where output contribution substantially exceeds labor absorption.

Originality/Value - This study demonstrates that sectoral competitiveness does not necessarily translate into job-intensive growth. The findings highlight the need to integrate sectoral development with local economic linkages, downstream activities, MSME development, workforce skills, and employment creation.

Linking Environmental Disclosure, Environmental Performance, and Gender Diversity in Indonesian Coal Companies

2026-08-19T03:05:35+00:00

Purpose – This study aims to examine the effect of environmental disclosure, environmental performance, and gender diversity in the board of directors on the financial performance of coal companies in Indonesia.

Design/methodology/approach – This study uses panel data from 66 firm-year observations representing 22 listed coal companies over the 2021-2023 period. Environmental disclosure is measured using relevant environmental indicators derived from the GRI G4 framework, environmental performance is measured using the Indonesia PROPER rating, gender diversity is measured based on female representation in the relevant corporate governance body, and financial performance is proxied by return on equity. Panel regression analysis is employed to examine the proposed relationship.

Finding/Results – The findings indicate that environmental disclosure is positively associated with financial performance, whereas environmental performance is negatively associated with financial performance. Gender diversity does not exhibit a statistically significant association with financial performance.

Originality/Value – The study contributes to the literature by distinguishing externally reported environmental information from internal environmental management accounting practices and by examining environmental disclosure, environmental performance, and gender representation simultaneously in the context of Indonesian listed coal companies. The study further highlights that environmental transparency and environmental performance may have different financial implication in the short and long term.

Talent Development and Organizational Readiness for Maritime Technology Adoption: A Cross-Stakeholder Workforce Analysis

2026-05-31T17:02:19+00:00

Purpose – This study examines whether technology awareness among cadets, lecturers, and industry experts at an Indonesian maritime institution has converted into organizational readiness for smart port and Internet of Things-driven workforce transformation, identifying the talent development barriers between the two. Design/methodology/approach – A concurrent mixed-methods design administered a validated awareness and institutional readiness instrument to 90 participants across a three-programme, three-stakeholder-group factorial design, analysed using two-way analysis of variance, supplemented by a focus group of ten experienced practitioners, analysed through thematic coding mapped onto an Ability-Motivation-Opportunity framework.

Findings – Technology awareness reached 3.64 out of 5.00 while organizational readiness fell to 2.95, a gap present across every stakeholder-by-programme cell. Industry experts recorded simultaneously the highest awareness and lowest readiness confidence of any group, a Practitioner Pessimism Pattern reported here for the first time. Focus group analysis identified a compound four-barrier structure to workforce readiness, in which a trust deficit rooted in prior technology experience proved as consequential as documented competency gaps.

Originality/value – This study is the first to apply organizational readiness and Green Human Resource Management theory jointly to a maritime education setting, showing that talent development addressing ability, motivation, and opportunity jointly, not awareness or curriculum content alone, is the binding constraint on readiness for technology-driven transformation.

Human Resource Development for Sustainability Competency Among Indonesian Cadets: A Cross-Stakeholder Workforce Readiness Analysis

2026-05-19T02:30:28+00:00

Purpose – This study aims to examine sustainability competency development among Indonesian Nautika cadets as a human resource development investment problem, testing whether curriculum-hour allocation, treated as a training-investment decision, explains observed competency gaps and the retraining costs industry subsequently absorbs.

Design/methodology/approach – A sequential mixed-methods design surveyed 180 cadets across three sustainability competency domains, modelled the pathway linking multiliteracy instruction to vocational competency through structural equation modelling, and triangulated results against thematic analysis of three stakeholder groups, industry experts, senior lecturers, and post-placement near-graduates, supplemented by a six-week training intervention evaluated against a matched comparison group.

Findings – ESG Leadership competency scored lowest of all domains, 2.18 out of 5.00, against zero allocated training hours, while 86.7 percent of industry stakeholders reported retraining every recent graduate within six months of hire. Stewardship orientation was found to mediate the pathway from multiliteracy instruction to vocational competency, and the training intervention produced the largest effect size of any domain tested.

Originality/value – This study is among the first to treat curriculum-hour allocation explicitly as a human resource development investment decision in maritime vocational education, and to triangulate industry, lecturer, and near-graduate accounts of the resulting training gap, reframing curriculum-industry misalignment as a correctable allocation problem rather than a fixed formation cost.

Does Human Development Index Reduce Poverty in Central Sulawesi? District-Level Panel Evidence from an Islamic Economics Perspective

2026-07-22T10:04:09+00:00

Purpose – This research investigates the impact of education, unemployment, and health on poverty in Central Sulawesi Province. The study is motivated by the persistently high poverty rate and substantial disparities across districts and cities, highlighting the need for district-level empirical analysis.

Design/methodology/approach – This study employs a quantitative approach using balanced panel data from 13 districts/cities in Central Sulawesi during 2017–2024 (104 observations). Data from Statistics Indonesia (BPS) were analyzed using the Random Effect Model with education, unemployment, and health as the explanatory variables. Model selection was conducted using the Chow, Hausman, and Lagrange Multiplier tests, while robustness was examined by incorporating year fixed effects into the estimation model.

Findings/Results – The findings suggest that education and health have negative and statistically significant influences on poverty, while unemployment has a favorable albeit statistically negligible impact. Simultaneously, education, unemployment, and health significantly influence poverty, with an Adjusted R-squared value of 0.619 .

Originality/Value – This study provides district-level panel evidence on the determinants of poverty in Central Sulawesi by integrating panel data analysis with an Islamic economics perspective. The findings contribute to the formulation of poverty reduction policies through improvements in education and health, the expansion of employment opportunities, and the optimization of Islamic social finance instruments

Enhancing MSME Performance through Digital Financial Capability and Financial Literacy: A Multi-Group Analysis Based on Experience

2026-09-04T21:58:18+00:00

Purpose – This study examines how digital financial capability and financial literacy influence the performance of Micro, Small, and Medium Enterprises (MSMEs), with financial capability serving as a mediating mechanism and business experience capturing heterogeneity across entrepreneurs.

Design/methodology/approach – A quantitative survey was conducted among 230 owners and managers of food and beverage MSMEs in South Tangerang. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) and Multi-Group Analysis (MGA) was subsequently employed to compare structural relationships between MSMEs with less than five years and those with five years or more of business experience.

Findings/Results – Digital financial capability and financial literacy significantly enhance financial capability, while digital financial capability and financial capability significantly improve MSME performance. Financial literacy has no significant direct effect on MSME performance; however, its effect becomes significant through financial capability, confirming the critical role of practical financial capability in translating financial knowledge into business outcomes

Originality/Value – Digital financial capability and financial literacy significantly enhance financial capability, while digital financial capability and financial capability significantly improve MSME performance. Financial literacy has no significant direct effect on MSME performance; however, its effect becomes significant through financial capability, confirming the critical role of practical financial capability in translating financial knowledge into business outcomes.

Environmental Stress and Household Well-Being in Agriculture-Dependent Systems

2026-08-20T01:12:37+00:00

Purpose – This study examines how environmental stress is associated with different psychosocial pathway configurations affecting household well-being in climate-sensitive rural systems, addressing limited attention to how stress is transmitted through resource, livelihood, health, economic, and psychological processes in agriculture-dependent households. The comparison is explicitly bounded to two context-specific sets of within-model associations and does not treat hazard regime as a statistically isolated cause of regional differences.

Design/methodology/approach – The study uses comparative survey data from 1,080 households across chronic-drought areas in East Nusa Tenggara and multi-hazard areas in Sumatera. Separate Partial Least Squares Structural Equation Modeling (PLS-SEM) models were estimated for NTT (n = 540) and Sumatera (n = 540), and theory-specified direct paths were evaluated with 5,000 bootstrap subsamples. Because the regional models contain non-equivalent constructs, indicators, paths, and Subjective Well-Being measures, the cross-context comparison is descriptive and conceptual; no formal multi-group coefficient test, measurement-equivalence claim, or cross-regional mediation test is made.

Findings/Results – In drought-prone NTT, significant direct paths form a sequential modeled chain linking perceived drought chronicity, water insecurity, food security, mental health stress, and the NTT well-being profile; the descriptive arithmetic product for the livelihood-resilience/economic-vulnerability chain is smaller within the NTT model. In Sumatera, significant direct paths form pollution-health and supply-chain-economic modeled chains whose descriptive arithmetic products are close in magnitude within that model. These values are descriptive multi-step products, not bootstrapped specific indirect effects, and they do not establish mediation, causal ordering, or a hazard-regime effect.

Originality/Value – The study contributes empirically grounded, context-sensitive archetypes that clarify conditions under which chronic attrition or cascading disruption may become more prominent in agriculture-dependent systems. It also demonstrates a transparent way to compare non-equivalent model architectures descriptively without treating their coefficients or well-being endpoints as directly interchangeable. The archetypes are presented as mechanism-oriented propositions for future longitudinal, measurement-invariant, and objectively validated research.

The Relational Foundations of Social Entrepreneurship: Community Capacity, Innovation, and Social Capital

2026-08-29T06:17:18+00:00

Purpose – This study examines the relationships between Community Empowerment, Social Innovation, Social Capital, and Social Entrepreneurship, focusing on the mediating role of Social Capital in explaining how community capacity and innovative solutions contribute to social entrepreneurial activities.

Design/methodology/approach – A quantitative cross-sectional survey was conducted among 377 respondents involved in Indonesian social entrepreneurship initiatives, including founders/managers, operational members, and beneficiaries. Data were analyzed using Partial Least Squares Structural Equation Modelling (PLS-SEM), including measurement assessment, bootstrapped mediation tests, predictive assessment, and robustness analysis across respondent roles.

Findings – Community Empowerment and Social Innovation positively influence Social Capital and Social Entrepreneurship, while Social Capital also positively influences Social Entrepreneurship. Social Capital significantly mediates both relationships, indicating complementary partial mediation. The model demonstrates positive predictive relevance, with measurement invariance supported across respondent roles and selected role-specific differences involving beneficiaries.

Originality/Value – This study clarifies the distinct roles of Community Empowerment as existing community capacity, Social Innovation as novelty in social solutions, Social Capital as relational resources, and Social Entrepreneurship as hybrid entrepreneurial enactment. It further positions Social Capital as a complementary relational mechanism that connects community capacity and innovation with social entrepreneurship.

Social Media, E-Commerce, and the Online Purchase-Decision Process among Indonesian Generation Z University Students: An Exploratory Maqāṣid-Inspired Analysis

2026-08-21T12:28:00+00:00

Purpose – Guided by the Stimulus-Organism-Response (S-O-R) framework, this study examines how social-media and e-commerce shopping functions relate to the online purchase-decision process among Indonesian Generation Z university students. It also explores a maqāṣid-inspired ethical consumption index (MECI) as a predictor and potential moderator.

Design/methodology/approach – The study re-analyzed an archived item-level dataset, retaining the first 288 chronological responses and removing six duplicates, resulting in N = 282. Measurement diagnostics included KMO, Bartlett’s test, parallel analysis, exploratory factor analysis, reliability, HTMT, and Harman’s single-factor test. Hierarchical regression used mean-centered predictors and HC3 robust inference.

Findings/Results – Parallel analysis supported one-factor structures for Social Media, E-Commerce, and the purchase-decision process, while MECI showed two factors. Social Media was positively associated with the purchase-decision process (B = 0.390, p = 0.004), whereas E-Commerce was marginal (B = 0.183, p = 0.058). Adding MECI increased R² from 0.298 to 0.475 (ΔR² = 0.177, p < 0.001), with a positive association (B = 0.461, p < 0.001). However, interaction effects were negligible and nonsignificant (ΔR² = 0.0002, p = 0.950), indicating no moderation by MECI.

Originality/Value – This study contributes by using empirically diagnosed composites and an exploratory ethical index rather than assuming unvalidated latent constructs. It integrates digital-channel effects and maqāṣid-inspired ethics within an S-O-R framework while treating ethical moderation as an empirical rather than predetermined theoretical role.