Journal of Business and Economics Research (JBE)

Determinan Loyalitas Pelanggan pada Grab: Kualitas Layanan Elektronik, Kepuasan Pelanggan, dan Persepsi Harga

2026-10-04T14:17:37+07:00

This study aims to analyze the effects of electronic service quality, customer satisfaction, and price perception on customer loyalty among Grab application users in Surabaya. This study is motivated by issues related to service quality, customer satisfaction, and price perception that may influence the continued use of online transportation services. A quantitative approach with a survey method was employed. Data were collected through questionnaires distributed to 105 respondents selected using purposive sampling. Data analysis was conducted using Partial Least Squares with the assistance of SmartPLS to examine the direct effects between variables. The results indicate that electronic service quality has a positive effect on customer loyalty, customer satisfaction has a positive effect on customer loyalty, and price perception has a positive effect on customer loyalty. This study contributes to expanding the literature on customer loyalty in the online transportation service sector and provides practical insights for Grab to improve service quality, customer satisfaction, and price competitiveness.

Pengaruh Digital Social Responsibility Terhadap Purchase Intention Konsumen Industri Otomotif

2026-10-04T14:35:47+07:00

This study aims to address the issue of digital marketing strategy effectiveness amid shifting consumer behavior in the automotive industry. Using a quantitative PLS-SEM approach with a sample of 534 respondents, this study analyzes the effect of Digital Social Responsibility on Purchase Intention mediated by Consumer Engagement in DSR, Brand Image, and Brand Loyalty. Statistical findings confirm the positive and significant impact of DSR execution on consumer emotional (CEID), branding (BI), customer loyalty (BL), to purchase intention (PI). Path analysis proves that brand image perception plays a crucial role in strengthening consumer loyalty and interest in transactions. Furthermore, the evaluation of the intermediary role indicates that CEID, BI, and BL legitimately function as mediators that link DSR initiatives with purchasing trends. Among the tree intermediate variabels, the brand image element appers as the most dominant explanator. Theoretically, this study contributes an integrative framework bridging the application gap of DSR in product automotive. Practically, it offers tactical guidance for automotive marketing managers in allocating digital social investments to drive sustainable purchasing decisions.

Accounting Conservatism in Green Practices: Environmental Performance, Green Management, and Green Accounting

2026-10-04T14:57:46+07:00

Growing climate concerns and pressure to maintain legitimacy have encouraged energy companies to integrate green practices into operations and financial reporting. This study examines the influence of Environmental Performance, Green Accounting, and Green Management on accounting conservatism among energy companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. Using a quantitative causal design, secondary data were obtained from annual and sustainability reports, with samples selected through purposive sampling. Panel data regression was used to analyze the data, with EViews 13 serving as the statistical software for data processing and analysis. The findings reveal that Environmental Performance and Green Accounting have no significant effect on Accounting Conservatism, while Green Management has a positive and significant effect (EP: β = -0.033, p = 0.532; GM: β = 0.533, p = 0.002; GA: β = 0.005, p = 0.963). This study differs from previous research by examining these three variables simultaneously, providing a more integrated perspective on the relationship between sustainability practices and conservative financial reporting in Indonesia’s energy sector. Practically, companies should align environmental management with financial reporting policies, particularly by strengthening Green Management as a potential driver of Accounting Conservatism. Investors and stakeholders may also consider these findings when assessing environmental governance and financial reporting reliability. Academically, this study contributes empirical evidence to the discussion of sustainability and accounting conservatism while providing opportunities for future research to examine other variables and industry contexts.

Determinan Tax Avoidance: Peran Moderasi Komite Audit atas Thin Capitalization dan Capital Intensity

2026-10-04T15:23:32+07:00

The effects of thin capitalization and capital intensity on tax avoidance, with the audit committee as a moderating variable, were tested and analyzed in this study. The role of the audit committee as a supervisory mechanism has not been studied in depth in the non-cyclical consumer sector, and the findings of previous studies on this relationship remain conflicting. This quantitative study utilizes secondary data from the annual reports of non-cyclical consumer sector companies listed on the Indonesia Stock Exchange for the 2020–2024. The sample was determined using purposive sampling, resulting in 43 companies with a total of 213 observations after adjustments. The data were analyzed using panel data regression and Moderated Regression Analysis (MRA) via EViews 13 software. Based on the test results, tax avoidance is not significantly influenced by thin capitalization, whereas capital intensity has a significant negative effect, with significance values of 0.1772 and 0.0775, respectively, and regression coefficients of -0.0286 and -0.1153. Audit committee moderates both of these relationships, thereby strengthening the effect of thin capitalization and weakening the effect of capital intensity on tax avoidance, with significance values of 0.0044 and 0.0002, respectively, and regression coefficients of 0.0872 and -0.4311. These findings contribute conceptually to the development of agency theory and can serve as a reference for management and regulators in formulating more effective oversight policies regarding tax avoidance practices, as well as offering an original contribution by providing empirical evidence on the moderating role of audit committee in the relationship between thin capitalization and capital intensity on tax avoidance, particularly in the non-cyclical consumer sector, which has rarely been examined.

Impact of Message Appeal on Brand Trust and Brand Loyalty through Social Media Engagement

2026-10-04T15:37:52+07:00

This study examines how marketing message appeal affects brand trust and brand loyalty, focusing on the mediating role of social media engagement in the Indonesian telecommunication sector. The research specifically evaluates Telkomsel Branch Surabaya's digital marketing through its Instagram community account for youth, @inlife.surabaya. Using a quantitative survey method, data was collected from 111 university students in Surabaya who actively follow the account. The data was gathered through online questionnaires and analyzed using regression and bootstrapping methods via the Macro PROCESS Model 4. The findings show that message appeal has a direct and positive effect on social media engagement. Interestingly, social media engagement does not mediate the relationship between message appeal and brand trust. This means that Generation Z audiences can instantly build trust in a brand just by seeing clear and high-quality promotional content, without needing further interaction. On the other hand, social media engagement significantly mediates the effect of message appeal on brand loyalty. In conclusion, while an attractive message can build initial trust on its own, creating long-term customer loyalty requires active two-way communication and consumer involvement on social media.

Integrating Environmental Performance and Environmental Cost into Firm Value: Managerial Ownership Role

2026-10-04T15:54:03+07:00

This study investigates whether environmental performance and environmental cost affect firm value among energy-sector firms listed on the Indonesia Stock Exchange, and examines managerial ownership as a moderating variable, controlling for profitability and firm size. Using panel data regression combined with moderated regression analysis (MRA) in EViews 13 on a purposive sample of 22 firms over 2020–2024 (110 firm-year observations), the baseline model explains 63.95% of the variation in firm value (adjusted R² = 0.639), rising to 72.67% (adjusted R² = 0.727) once managerial ownership and its interaction terms are added, with both models jointly significant at the 1% level (p = 0.000). Neither environmental performance (β = -0.891, p = 0.344) nor environmental cost (β = 0.009, p = 0.423) significantly affects firm value. Managerial ownership significantly moderates the relationship between environmental performance and firm value (β = -10.719, p = 0.000), albeit negatively, contradicting the hypothesized reinforcing effect, whereas its moderating effect on the relationship between environmental cost and firm value remains insignificant (β = 1.034, p = 0.101). These findings suggest the Indonesian capital market has yet to fully price sustainability disclosures, and that concentrated managerial ownership can weaken, rather than strengthen, the value relevance of environmental performance. Theoretically, this study extends environmental accounting literature by evidencing a governance-contingent market response to sustainability information within an integrated moderation framework rarely tested jointly in the energy sector. Practically, it offers corporate managers and investors an empirically grounded basis for evaluating environmental management and ownership structure in strategic and investment decision-making.

Innovation Capability and Business Performance: The Mediating Roles of Product Competitiveness and Partnership Relationship Quality

2026-10-04T16:04:08+07:00

This study examines the influence of innovation capability on the business performance of micro, small, and medium
enterprises (MSMEs) in the food and beverage sector in West Kalimantan, Indonesia, by investigating the mediating roles of product
competitiveness and partnership relationship quality. The research was conducted within a unique structural context characterised by
geographic isolation, limited infrastructure, and constrained access to resources. A cross-sectional design was employed, with data
collected through self-reported questionnaires administered to F&B MSME owners and managers. Hypothesised relationships were
tested using Structural Equation Modeling (SEM). The findings reveal that innovation capability exerts no significant direct effect on
business performance (p = .255); however, full mediation was confirmed, with a total indirect effect of 2.177 (p = .042). Partnership
relationship quality emerged as the dominant mediator (indirect effect = 1.539; p = .015), while product competitiveness yielded no
significant mediation effect (p = .246), despite innovation capability demonstrating a strong direct effect on product competitiveness
(β = 1.303; p < .001). These results indicate that, for resource constrained MSMEs, the performance value of innovation is not realised
through product superiority alone but is contingent upon the quality of the surrounding partnership ecosystem. An ecosystem-oriented
approach prioritising trust and commitment within collaborative networks proves more effective in translating innovation capability
into measurable business outcomes than product-centric strategies alone. Future research is encouraged to employ longitudinal designs
and multi-contextual sampling to enhance the external validity of these findings.

Pengaruh Loss Aversion Bias, Herding Behaviour, dan Regret Aversion Terhadap Keputusan Investasi dengan Moderasi Literasi Keuangan

2026-10-08T22:58:36+07:00

Greater access to investment opportunities is not always accompanied by decisions based on adequate evaluation of information and risk. Behavioral biases may influence investment decisions, while evidence regarding the moderating role of financial literacy remains mixed. This study examines the effects of loss aversion bias, herding behavior, regret aversion, and financial literacy on investment decisions and tests whether financial literacy moderates the relationship between each bias and investment decisions. An associative quantitative approach was employed through a survey of 58 employees of Lembaga Manajemen Aset Negara, selected from a population of 136 employees using convenience sampling. Data were collected using a four-point Likert questionnaire and analyzed through multiple linear regression and moderated regression analysis in IBM SPSS version 23. The results indicate that all three behavioral biases and financial literacy have positive and significant coefficients in relation to investment decisions. Financial literacy strengthens the relationship between loss aversion bias and investment decisions, whereas its interactions with herding behavior and regret aversion are not significant. The regression model with four main predictors and no moderation interaction terms has an R² of 0.671, explaining 67.1% of the variance in investment decision scores. The study’s novelty lies in examining the three biases and their interactions with financial literacy within a single model in an employee context. The theoretical contribution is evidence that the moderating role of financial literacy differs across biases, while the practical contribution is a basis for investment education that combines financial understanding with awareness of behavioral biases.

Pengaruh Content Marketing dan Affiliate Marketing Terhadap Minat Beli Konsumen: Studi pada Generasi Z Pengguna Aplikasi TikTok

2026-10-04T16:36:46+07:00

The rapid growth of social media, particularly TikTok, has encouraged the increasing use of content marketing and affiliate marketing as digital marketing strategies. In practice, promotional content often presents unclear information, and the products promoted by affiliates frequently differ from those actually received by consumers. Meanwhile, previous studies report mixed findings on the relationship of content marketing and affiliate marketing with purchase intention, indicating that this relationship still requires further investigation. On this basis, this study examines the extent to which content marketing and affiliate marketing influence purchase intention among Generation Z TikTok users in Surabaya. A quantitative approach was employed, with active Generation Z TikTok users in Surabaya as the target population. Using purposive sampling, primary data were collected from 140 respondents through a structured questionnaire. The data were then analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS software. The results show that content marketing has a significant effect on purchase intention (T-statistic = 3.700, p-value = 0.000), as does affiliate marketing (T-statistic = 6.457, p-value = 0.000). These findings confirm that both content marketing and affiliate marketing have a positive and significant effect on the purchase intention of Generation Z TikTok users in Surabaya.

Pengaruh Firm Size, Leverage, dan Growth terhadap Kebijakan Dividen dengan Profitabilitas sebagai Mediator

2026-10-04T16:48:03+07:00

This study aims to provide an empirical contribution regarding the effects of firm size, leverage, and growth on dividend policy, mediated by profitability, among companies in the basic materials sector listed on the IDX during the 2021–2025 period. This study employs a quantitative research method with a causal associative approach. The data used in this study are secondary data sourced from financial statements. Using purposive sampling, 22 companies were selected from a total population of 113 companies. The data were analyzed using panel data regression and processed with EViews 13 software. The testing phase consisted of a model selection test, tests of classical assumptions (including multicollinearity and heteroscedasticity), a model validity test, a coefficient of determination test, a t-test, and a Sobel test. From the various tests conducted, it was found that the adjusted R-squared value in Model 1 indicated that the independent variables explained 58.22% of profitability, while the remaining 41.78% was explained by other factors. In Model 2, the independent variables explained 25.08% of dividend policy, while the remaining 74.92% was explained by other factors. Furthermore, it was found that firm size exerts a negative influence on both profitability (t = −2.422; p = 0.0182) and dividend policy (t = −2.213; p = 0.0298). Leverage had no significant effect on profitability (t = 0.703; p = 0.4848), whereas growth had a positive effect on profitability (t = 2.338; p = 0.0225). On the other hand, leverage and growth were found to negatively affect dividend policy (t = −3.054; p = 0.0031 for leverage and t = −2.598; p = 0.0112 for growth). However, this study found no evidence that profitability affects dividend policy either directly (t = −1.687; p = 0.0955) or when mediating the effects of firm size, leverage, and growth on dividend policy (t = 1.384; p = 0.166 for firm size; t = −0.649; p = 0.517 for leverage; and t = −1.368; p = 0.171 for growth). The findings of this study are intended to provide a reference for investors in evaluating companies, and to help management in making decisions related to asset management, debt, growth, profitability, and dividends.

Pengaruh Leverage, Profitability, dan Sales Growth terhadap Firm Value dengan Institutional Ownership sebagai Moderasi

2026-10-04T17:03:16+07:00

The defensive characteristics of the consumer non-cyclicals sector are often considered to make it resilient to market volatility. However, in the first half of 2025, the sector index declined by 4.04% while the IHSG increased by 6.41%. This phenomenon, along with inconsistent previous findings regarding leverage and sales growth and the unstable role of institutional ownership as a moderator, motivated this study. This study aims to analyze the effects of leverage, profitability, and sales growth on firm value and examine institutional ownership as a moderating variable in 44 consumer non-cyclicals companies listed on the Indonesia Stock Exchange during 2021–2025 (159 observations after outlier elimination). The analysis employed multiple linear regression and Moderated Regression Analysis (MRA) using Python 3.14.7. The results show that leverage (β = 0.2811; p = 0.003) and profitability (β = 0.8735; p = 0.000) have positive and significant effects on firm value, while sales growth has no significant effect (β = 0.4903; p = 0.357). The main model has an Adjusted R-squared of 38.53%. The MRA results indicate that institutional ownership does not moderate the effects of leverage (p = 0.463), profitability (p = 0.246), or sales growth (p = 0.059) on firm value. These findings indicate that profitability and leverage are more relevant in explaining firm value than sales growth, while institutional ownership has not been proven to strengthen these relationships. This study contributes empirical evidence on the three determinants of firm value and the effectiveness of institutional ownership as a moderator simultaneously in the consumer non-cyclicals sector.

Pengaruh Profitabilitas, Leverage, dan Capital Intensity Terhadap Financial Distress: Institutional Ownership Sebagai Variabel Moderasi

2026-10-04T17:22:06+07:00

Financial distress is a deteriorating financial condition that, if left unaddressed, may lead to bankruptcy. This study examines the effect of profitability, leverage, and capital intensity on financial distress, and tests the moderating role of institutional ownership on these relationships. A quantitative causal-associative approach was applied to a population of 132 consumer non-cyclicals companies listed on the Indonesia Stock Exchange. Purposive sampling yielded 73 companies observed over 2021–2025, producing 365 panel observations. Profitability was measured by ROA, leverage by DAR, capital intensity by the fixed-asset-to-total-asset ratio, institutional ownership by institutional shareholding percentage, and financial distress by the Altman Z"-Score (1993). Data were analyzed using multiple regression and Moderated Regression Analysis (MRA) with robust standard errors to address heteroskedasticity. All data were processed using the Python programming language version 3.14.7 through multiple linear regression and Moderated Regression Analysis (MRA). Initially non-normal data were treated through winsorization at the 2nd and 98th percentiles and outlier elimination based on studentized residuals, yielding 237 final observations that satisfied all classical assumptions. Results show profitability has a significant negative effect, while leverage and capital intensity have significant positive effects, on financial distress, with all three jointly significant (Adjusted R²=86.0%). In the moderation model, institutional ownership significantly moderates the effect of leverage on financial distress, but does not significantly moderate the effects of profitability or capital intensity (Adjusted R² rises to 86.2%). This study provides empirical evidence that institutional ownership functions as an effective monitoring mechanism in mitigating financial risk arising from high leverage, although its role is not uniform across all independent variables.

Determinasi Carbon Emission Disclosure: Media Exposure, Profitabilitas dan Kepemilikan Manajerial Perusahaan Sektor Basic Materials

2026-10-04T18:03:48+07:00

This study aims to analyze the effects of media exposure, profitability, and managerial ownership on carbon emission disclosure in basic materials sector companies listed on the Indonesia Stock Exchange during the 2023–2025 period. The background of his study is based on the inconsistency of carbon emission disclosure across years among basic materials sector companies, as well as divergent findings in prior research regarding the factors influencing carbon emission disclosure. This study employs a quantitative approach using secondary data obtained from companies’ annual reports and sustainability reports published during the observation period. The sample was selected using a purposive sampling method, resulting in 90 companies as the research sample, with a total of 270 observations. The data were analyzed using panel data regression processed with EViews 14 software. The analyses included model selection tests, multicollinearity tests, heteroscedasticity tests, autocorrelation tests, and partial significance tests (t-test). The results show that profitability has a significant positive effect, with a coefficient value of 0.256322 and a probability value of 0.0199. Meanwhile, media exposure has no significant effect, with a coefficient value of 0.029995 and a probability value of 0.2972, and managerial ownership has no significant effect, with a coefficient value of 0.021607 and a probability value of 0.8488. This study provides empirical evidance on the factor associated with carbon emission disclosure among basic materials sector companies and enriches the literature on the application of legitimacy theory in explaining environmental information disclosure. This study is subject to limitations, particularly the relatively short research period and the use of a dummy proxy to measure media exposure, which only captures the presence or absence of news and may therefore fail to adequately capture variations in media exposure.

Pengaruh Scarcity Marketing dan Anticipated Regret terhadap Impulsive Buying melalui Arousal pada Tiktok

2026-10-04T18:17:34+07:00

The phenomenon of impulsive buying has become increasingly prevalent within TikTok's social commerce ecosystem, driven by scarcity-based promotional strategies. However, previous studies have reported inconsistent findings regarding which scarcity dimension exerts the strongest influence and the psychological mechanism underlying this behavior, particularly the role of anticipated regret. A quantitative explanatory design was adopted to investigate the proposed relationships among the study variables. The model considers limited-time scarcity and limited-quantity scarcity as predictors of impulsive buying, with arousal examined as a mediator and anticipated inaction regret as a moderator of the arousal and impulsive buying relationship. Data were obtained from 234 TikTok users in Indonesia who had previously made purchases through Flash Sale or Live Streaming Commerce features. Respondents were selected using purposive sampling, while the proposed research model was analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 3. The findings indicate that both limited-time scarcity and limited-quantity scarcity have a positive and significant effect on arousal. Furthermore, arousal positively and significantly influences impulsive buying. Mediation analysis confirms that arousal mediates the relationship between limited-time scarcity and impulsive buying, whereas its mediating role in the relationship between limited-quantity scarcity and impulsive buying is not statistically significant. Contrary to the proposed hypothesis, anticipated inaction regret does not strengthen the effect of arousal on impulsive buying and instead demonstrates a negative direction, although the relationship is not statistically significant. These findings suggest that anticipating regret does not necessarily intensify impulsive purchasing tendencies but may encourage consumers to make more cautious purchasing decisions. The novelty of this study lies in empirically testing anticipated inaction regret as a moderating variable in the arousal impulsive buying pathway, a conceptual position that remains underexplored within TikTok's live social commerce context. Theoretically, this study extends the application of Commodity Theory and the Competitive Arousal Model within the context of live social commerce, while also providing practical insights for digital marketers in designing time-based scarcity strategies.

Pengaruh Trustworthiness, e-WOM, dan Trendiness dalam Strategi Influencer Marketing terhadap Minat Beli Generasi Z

2026-10-08T11:00:25+07:00

The development of digital marketing through Instagram encourages culinary MSMEs to utilize influencer marketing as a strategy to reach young consumers. However, the effectiveness of this strategy remains inconsistent because Generation Z highly considers content authenticity and user reviews before making a purchase. This study analyzes the influence of trustworthiness, electronic word-of-mouth (e-WOM), and trendiness on Generation Z’s purchase intent toward Instagram-based culinary MSME products in Surabaya, using a quantitative approach with an associative-causal method. A total of 191 Generation Z respondents in the Surabaya and Sidoarjo areas were selected through purposive sampling. Primary data were collected via questionnaires and analyzed using the SmartPLS software with a Partial Least Squares Structural Equation Modeling (PLS-SEM) approach. The results indicate that trustworthiness with a coefficient value of 0.424 and a significance value of 0.000, and trendiness with a coefficient value of 0.222 and a significance value of 0.023, have a positive and significant influence on purchase intention, with an R-Square value of 0.425 (42.5%). The honesty of an influencer or trustworthiness was found to be the most powerful and dominant driving factor in triggering the purchase intention of young consumers. Conversely, the e-WOM variable with a coefficient value of 0.119 and a significance value of 0.161 was found to have no significant influence on purchase intention. This finding indicates that the volume of reviews or comments from general netizens on Instagram is unable to drive Generation Z's purchase intention if they do not trust the character of the figure delivering the recommendation. The novelty of this research provides a new understanding of the shift in young consumers' social behavior who are now much more critical in filtering visual information on social media. Theoretically, the results of this study contribute to the development of the Theory of Reasoned Action, while practically providing contributions for culinary MSMEs in designing more effective and targeted digital marketing strategies.

Pengaruh E-Service Quality dan Perceived Ease of Use terhadap Repurchase Intention dengan Mediasi Trust

2026-10-08T11:14:14+07:00

Competition within the Online Travel Agency (OTA) industry encourages digital platforms to retain users while increasing their intention to repurchase. In this context, this study examines the relationships of e-service quality and perceived ease of use with repurchase intention among Traveloka users. Trust is positioned as a mediating variable in these relationships. A total of 200 respondents who met the research criteria were selected through purposive sampling, with data collected using questionnaires. The relationships among the variables were analyzed using the SEM-PLS approach with SmartPLS 4. The analysis revealed positive and significant relationships between e-service quality and repurchase intention (β = 0.394; p < 0.05) as well as trust (β = 0.122; p < 0.05). A similar relationship was also found between perceived ease of use and repurchase intention (β = 0.739; p < 0.05) and trust (β = 0.171; p < 0.05). For the indirect paths, trust significantly mediated the relationship between e-service quality and repurchase intention (β = 0.347; p < 0.05). The same mediating role was observed in the relationship between perceived ease of use and repurchase intention (β = 0.080; p < 0.05). These findings highlight the importance of trust in shaping users’ repurchase intention on OTA platforms. The novelty of this study lies in examining the mediating role of trust in the context of OTA use in Indonesia. The findings provide implications for OTA managers to pay attention to service quality, ease of use, and user trust.

Pengaruh Digital Reskilling, Digital Upskilling, dan AI Readiness terhadap Workforce Readiness Generasi Z: Peran Moderasi AI Anxiety

2026-10-08T11:40:35+07:00

The AI-driven digital transformation demands Generation Z to possess workforce readiness that relies not only on technical competencies but also on psychological readiness in facing new technologies. This study aims to analyze the effect of Digital Reskilling, Digital Upskilling, and AI Readiness on Workforce Readiness, as well as to examine the role of AI Anxiety as a moderating variable that strengthens or weakens the effect of AI Readiness on Workforce Readiness. This study employs an explanatory quantitative approach. Data were collected from 132 Generation Z respondents in Indonesia through questionnaires using a 5-point Likert scale and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS software. The results show that Digital Reskilling (β = 0.345; p = 0.000), Digital Upskilling (β = 0.357; p = 0.000), and AI Readiness (β = 0.448; p = 0.000) each have a positive and significant effect on Workforce Readiness, with the model explaining 61.0% of the variance in Workforce Readiness (R² = 0.610). AI Anxiety significantly moderates the effect of AI Readiness on Workforce Readiness (β = 0.366; p = 0.000); interestingly, the direction of moderation strengthens, rather than weakens, the effect of AI Readiness on Workforce Readiness. These findings contribute theoretically to the integration of Human Capital Theory and Transactional Theory of Stress and Coping, as well as provide practical implications for universities, training institutions, and companies in designing reskilling and upskilling programs that consider the psychological aspects of Generation Z toward AI. This study contributes theoretically by disentangling digital reskilling and digital upskilling as two distinct constructs and by positioning AI anxiety as a moderating variable, rather than merely a predictor or mediator, in explaining Generation Z's workforce readiness in the AI era.

Peran Good Corporate Governance dalam Memoderasi Pengaruh Profitabilitas, Likuiditas, dan Leverage Terhadap Nilai Perusahaan

2026-10-08T12:13:23+07:00

This study aims to examine the role of Good Corporate Governance in moderating the effects of profitability, liquidity, and leverage on firm value in transportation and logistics companies listed on the Indonesia Stock Exchange during 2015–2024. This study is motivated by changes in firm value across three economic phases: pre-COVID-19, during the pandemic, and post-pandemic recovery. Using a quantitative approach and purposive sampling, 10 companies with 94 observations were selected after a natural logarithm transformation. Data were analyzed using panel data regression and Moderated Regression Analysis with EViews 13. The results show that profitability has a t-statistic of 0,9164 and a probability of 0,3619, indicating that profitability has no significant effect on firm value. Liquidity has a t-statistic of 4,5245 and a probability of 0,0000, indicating a positive and significant effect on firm value, while leverage has a t-statistic of 8,3765 and a probability of 0,0000, indicating a positive and significant effect. Furthermore, the interaction between GCG and profitability yielded a t-statistic of −0,3966 with a probability of 0,6926, indicating that GCG does not moderate the effect of profitability on firm value. Meanwhile, the interaction between GCG and liquidity resulted in a t-statistic of 3,9330 and a probability of 0,0002, while GCG and leverage yielded a t-statistic of 4,0792 and a probability of 0,0001, indicating that GCG moderates the effects of liquidity and leverage on firm value. This study provides empirical evidence that liquidity management and financing structures, combined with good corporate governance, are crucial for enhancing firm value.

Simulasi Monte Carlo pada Dekumulasi Tabungan Pensiun: Perbandingan Skenario Inflasi Stokastik dan Fixed Rate

2026-10-11T23:59:48+07:00

Perencanaan keuangan saat pensiun sangat dipengaruhi oleh ketidakpastian ekonomi, khususnya inflasi yang berdampak pada nominal penarikan tabungan pensiun sesuai daya beli para pensiunan setiap tahun. Berbeda dengan penelitian terdahulu yang mensimulasikan proyeksi keberlanjutan tabungan pensiun menggunakan Safe Withdrawal Rate, penelitian ini menganalisis perbandingan keberlanjutan tabungan pensiun melalui dua skenario penarikan tahunan yaitu skenario penarikan sesuai inflasi stokastik dan skenario penarikan tingkat tetap sebesar 4%. Penelitian ini menggunakan pendekatan kuantitatif berbasis simulasi Monte Carlo dengan data sekunder berupa data historis tingkat inflasi Indonesia dan data historis kinerja benchmark aset investasi Indonesia yaitu IHSG, GIDN10Y, serta JIBOR. Dari populasi data yang diperoleh dari platform data keuangan yang tersedia secara publik, digunakan sebanyak 252 data observasi periode Januari 2003 hingga Desember 2023 sebagai sampel data penelitian. Paratemer yang diperoleh dari data tersebut digunakan untuk membangkinkan 10.000 jalur simulasi dekumulasi selama 30 tahun dengan saldo awal sebesar Rp 1.000.000.000 dan penarikan awal Rp 20.000.000 per tahun. Setiap skenario dijalankan pada empat komposisi portofolio investasi yaitu konservatif, moderat, seimbang, dan agresif. Hasil penelitian menunjukkan skenario inflasi stokastik menghasilkan risiko kehabisan dana lebih tinggi dibanding tingkat penarikan tetap. Selanjutnya, komposisi portofolio agresif secara konsisten menghasilkan Probability of Ruin yang lebih rendah dan menghasilkan median saldo akhir yang lebih tinggi dibandingkan skenario lainnya. Temuan ini menegaskan bahwa penggunaan asumsi inflasi stokastik pada penarikan dana tabungan pensiun memberikan gambaran lebih nyata atas Risk of Ruin di masa datang. Hasil penelitian diharapkan dapat membantu strategi penarikan dana tabungan pensiun yang lebih adaptif terhadap perubahan ekonomi yang tidak pasti.

The Effect of Instagram Content Marketing on Consumer Purchase Intention in MSMEs

2026-10-13T11:05:08+07:00

The increasing use of social media has created opportunities for Micro, Small, and Medium Enterprises (MSMEs) to promote their products through digital content. This study examines the effect of Instagram content marketing dimensions, consisting of informativeness, entertainment, and credibility, on consumer purchase intention for MSME products promoted through the official Instagram account of Rumah BUMN Surabaya. This study employed a quantitative explanatory approach involving 100 active followers selected using purposive sampling. Data were collected through an online questionnaire using a five-point Likert scale and analyzed using multiple linear regression. The results show that Instagram content marketing simultaneously has a significant effect on consumer purchase intention, with an R² value of 51.1%. Partially, informativeness has a positive and significant effect on purchase intention (B = 0.339; t = 2.627; Sig. = 0.010), and entertainment also has a positive and significant effect (B = 0.393; t = 2.783; Sig. = 0.007). In contrast, credibility does not have a significant effect on purchase intention (B = 0.116; t = 0.796; Sig. = 0.428). The contribution of this study lies in extending the discussion of Instagram content marketing to the context of an institutional MSME facilitator that promotes products from multiple MSMEs, a context that has received less attention in previous research. Practically, the findings provide empirical information for Rumah BUMN Surabaya and MSMEs in developing Instagram content that emphasizes informative and entertaining characteristics to support consumer purchase intention.

Penilaian Risiko dan Alokasi Modal pada Investasi Proyek Tambang di Bawah Ketidakpastian: Peran Simulasi Monte Carlo

2026-10-13T23:24:58+07:00

Mining project valuation rests on many interacting uncertain variables, from commodity prices, exchange rates, capital and operating costs, ore grade and recovery, to fiscal terms and the discount rate. Deterministic discounted cash flow analysis is useful as a baseline but offers little information about the probability and severity of loss, which weakens it as a basis for capital allocation decisions. This review positions Monte Carlo simulation as a probabilistic investment appraisal method. The research method is a systematic literature review guided by PRISMA 2020, combining two-stage screening with thematic synthesis of eligible studies. Three search sources were used, namely Publish or Perish, ScienceDirect, and ResearchRabbit, with all records managed in Rayyan. From 6,834 initial records, a two-stage title, abstract, keyword, and metadata screening process followed by full-text verification of potentially eligible studies retained 67 studies, comprising 52 direct mining valuation studies and 15 methodological support studies. The synthesis shows that Monte Carlo simulation moves the basis of decision from a single point value to a distribution of project value together with downside risk metrics such as probability of loss, value-at-risk, and conditional value-at-risk. The review delivers a taxonomy of eight valuation method families mapped to investment decision contexts, a mapping of risk drivers to decision metrics, and a critique of simplified dependency assumptions that may make downside risk estimates too optimistic.