Journal of Business and Economics Research (JBE)

Mengukur Kinerja Keuangan UMKM: Peran Human Capital, Literasi Keuangan, dan Adopsi Fintech

Tue, 02 Jun 2026 13:44:38 +0700

This study examines the effect of Human Capital, Financial Literacy, and Financial Technology (FinTech) Adoption on the Financial Performance of Micro, Small, and Medium Enterprises (MSMEs), with Risk Perception serving as a moderating variable. A quantitative research design was employed, and data were collected through questionnaires distributed to 98 MSME actors in Baureno District, Bojonegoro Regency. The data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 4. The findings indicate that Human Capital, Financial Literacy, and Financial Technology Adoption each have a positive and significant effect on MSME financial performance. Furthermore, Risk Perception significantly moderates the relationship between FinTech Adoption and Financial Performance in a negative direction, suggesting that higher levels of perceived risk weaken the positive impact of FinTech adoption on business performance. These results underscore the critical role of strengthening human capital capabilities, enhancing financial literacy, and promoting technological adoption to improve MSME performance. However, they also highlight the importance of managing perceived business risks to ensure that the benefits of financial technology can be fully realized

Pengaruh Ekspor dan Impor Terhadap Pertumbuhan Ekonomi di Indonesia Pada Tahun 2004- 2024

Aditia Apriana, Heni Noviarita, Suhendar Suhendar — Tue, 02 Jun 2026 14:09:10 +0700

Economic growth is an important indicator in evaluating a country's development performance, which is influenced by international trade activities such as exports and imports. However, the relationship between exports, imports, and economic growth in Indonesia has shown inconsistent results in previous studies. This study aims to analyze the effect of exports and imports on economic growth in Indonesia during the period 2004–2024. This research applies a quantitative approach using secondary data in the form of time series obtained from the Central Bureau of Statistics (BPS). The analytical method employed is multiple linear regression supported by classical assumption tests, t-test (partial), F-test (simultaneous), and coefficient of determination analysis. The novelty of this study lies in the use of a longer and more updated observation period up to 2024 and the integration of economic analysis with an Islamic economic perspective in examining international trade activities. The results indicate that partially, exports and imports have a positive but not significant effect on economic growth. However, simultaneously exports and imports have a significant effect on economic growth with a probability value of 0.000212. The coefficient of determination shows that 60.93% of economic growth variation can be explained by export and import variables. This study contributes to enriching empirical studies on the role of international trade in economic growth and provides insights for policymakers in formulating sustainable trade policies.

Peran Mediasi Perceived Value terhadap Repurchase Intention dalam Model S-O-R pada Produk Skincare

Dinda Agustina Fauziah, Surpiko Hapsoro Darpito — Tue, 02 Jun 2026 14:24:15 +0700

The facial care and beauty industry has experienced rapid growth driven by technological advancements and evolving consumer behavior. Azarine, as one of the popular skincare brands, has faced an overclaim issue that went viral on social media, triggering consumer skepticism and potentially reducing repurchase intention. Previous studies have reported inconsistent findings regarding the psychological mechanisms underlying the influence of brand image and online customer reviews on repurchase intention, particularly when incorporating perceived value as a mediating variable. This study aims to examine these relationships within the Stimulus-Organism-Response (SOR) framework using a quantitative approach with purposive sampling of 250 Azarine users in the Special Region of Yogyakarta, analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that brand image (β = 0.473; p < 0.05) and online customer reviews (β = 0.472; p < 0.05) have a positive and significant effect on perceived value, while perceived value significantly influences repurchase intention (β = 0.673; p < 0.05). However, both variables do not have a direct significant effect on repurchase intention (brand image: y = 0.716; p = 0.474; online customer reviews: t = 1.147; p = 0.251). In contrast, the indirect effects through perceived value are significant (brand image: β = 0.319; t = 7.983; p < 0,05; online customer reviews: β = 0.317; t = 7.592; p < 0.05), indicating that perceived value acts as a full mediator in the model. These findings highlight the critical role of perceived value in driving repurchase intention and reinforce the Stimulus-Organism-Response (SOR) framework, where brand image and online customer reviews function as stimuli, perceived value as the organism, and repurchase intention as the response, implying that the effect of stimuli on responses occurs through consumers’ internal evaluation.

Customer Value as a Mediator of Service Performance, Brand Image, and Marketing Performance

Irene Yospi, Lauw Sun Hiong, Stivenes Tjin Siam — Tue, 02 Jun 2026 14:38:46 +0700

This study examines the mediating role of customer value in the relationship between service performance, brand image, and marketing performance within fashion MSMEs. Anchored in value-based marketing logic and signaling theory, this research seeks to explain how internal capabilities and market-based assets are translated into superior performance outcomes. A quantitative approach was employed using Covariance-Based Structural Equation Modeling (CB-SEM) with AMOS, based on data collected from 150 respondents. The findings reveal that service performance has a significant positive effect on customer value, which subsequently enhances marketing performance. However, service performance and brand image do not exert a direct influence on marketing performance. These results indicate that the effectiveness of both operational excellence and symbolic brand attributes is contingent upon their ability to generate customer-perceived value, rather than directly driving performance outcomes. This suggests that customers evaluate offerings through a value lens, integrating functional, emotional, and cost-related considerations before translating them into behavioral responses. Moreover, customer value fully mediates the relationship between service performance and marketing performance, highlighting its role as a critical value-transformation mechanism through which firm-level capabilities are converted into market success. In contrast, the absence of a mediating effect between brand image and marketing performance implies that brand-related signals may lack sufficient strength or credibility in the MSME context, where consumers may prioritize tangible benefits over symbolic associations. This study contributes to the extant literature by reinforcing the centrality of customer value as a bridging construct that links internal resources and external performance, while also challenging the presumed direct effect of brand image in emerging market settings. From a managerial perspective, the findings underscore the importance for MSMEs to move beyond service delivery and brand positioning toward a more holistic, value-oriented strategy focused on delivering superior customer value to achieve sustainable marketing performance.

Analisis Pengaruh PAD, Dana Perimbangan dan Belanja Modal Terhadap Kinerja Keuangan Pemerintah Daerah

Ala Rowanda, Baiq Ismiwati — Tue, 02 Jun 2026 15:08:01 +0700

The urgency of this research lies in the importance of local government financial performance as an indicator of the region's ability to manage financial resources effectively and efficiently. This study aims to analyze the effect of Local Own-Source Revenue (PAD), balancing funds, and capital expenditure on the financial performance of local governments in regencies/cities in West Nusa Tenggara Province. Data collection methods were carried out through documentation and literature review sourced from local government financial reports as well as data obtained from the Directorate General of Fiscal Balance (DJPK) website. The type of data in this study is quantitative data, which is processed using the panel data regression method to analyze the relationships between the variables studied. The research results indicate that partially, Local Own-Source Revenue has a positive and significant effect on the financial performance of local governments with a coefficient of 0.703146, which indicates that every 1% increase in PAD will increase the Fiscal Independence Ratio by 0.70%. Conversely, Balancing Funds have a negative and significant effect with a coefficient of -0.246675, where every 1% increase in Balancing Funds will decrease the Fiscal Independence Ratio by 0.24%. Similarly, Capital Expenditure has a negative and significant effect with a coefficient of -0.135521, where every 1% increase in Capital Expenditure will decrease the Fiscal Independence Ratio by 0.13%. Simultaneously, Local Own-Source Revenue, Balancing Funds, and Capital Expenditure together have a significant effect on the financial performance of regional governments in regencies/cities in West Nusa Tenggara Province with an Adjusted R-squared value of 97.99%, while the remaining 2.01% is influenced by variables outside the research model.

How Coretax Perceptions and Tax Penalties Affect Annual Tax Return Filing Compliance

Imanuel Ebenhaezer Dethan, Christianus Yudi Prasetyo — Tue, 09 Jun 2026 22:35:12 +0700

Beyond the strategic role of taxation as a primary source of government revenue, the government continues to pursue digital transformation through the implementation of the Coretax system to improve taxpayer compliance. This study examines the influence of perceived ease of use and perceived usefulness of Coretax on Annual Tax Return filing compliance among individual taxpayers in the Greater Jakarta area in 2026, with tax penalties acting as a moderating variable. This study employs a quantitative approach using primary data collected through online questionnaires distributed via Google Forms to 100 respondents selected using convenience sampling. The data were analyzed using Moderated Regression Analysis (MRA). The results show that perceived ease of use negatively affects Annual Tax Return filing compliance (β = -0.864; p = 0.046), whereas perceived usefulness has a positive effect (β = 1.571; p < 0.001). In addition, tax penalties do not moderate the relationship between perceived ease of use and compliance (p = 0.066) but negatively moderate the relationship between perceived usefulness and compliance (β = -0.089; p = 0.005). These findings suggest that the functional benefits of Coretax are an important factor in encouraging taxpayer compliance, while technological convenience that is not supported by taxpayer discipline may lead to delayed filing behavior.

Institutional Ownership, Managerial Ownership, and Firm Size as Determinants of Tax Avoidance in Mining Companies

Chelsea Savana Nirwani, Andang Wirawan Setiabudi — Tue, 09 Jun 2026 22:52:26 +0700

Given the importance of taxation as the primary source of government revenue, the practice of tax avoidance remains a concern, as many companies seek to minimize their tax liabilities through various strategies that remain within the bounds of the law. This study aims to analyze the influence of institutional ownership, managerial ownership, and firm size on tax avoidance among mining companies listed on the Indonesia Stock Exchange (IDX) for the period 2022-2024. 2024 providing updated empirical evidence amid evolving tax regulations in Indonesia's post-pandemic economic recovery. The study utilizes secondary data obtained from the companies’ annual financial reports during the observation period. The sample was selected using purposive sampling with a quantitative approach and hypothesis testing methods. Data analysis was conducted via multiple linear regression using SPSS software. The results indicate that institutional ownership has a positive effect on tax avoidance. This finding indicates that the presence of institutional ownership has not yet been able to strengthen the company’s oversight function in curbing tax avoidance practices. Meanwhile, managerial ownership and firm size do not influence tax avoidance. These results suggest that the extent of share ownership by management or the size of the firm has not yet become a determining factor in the level of tax avoidance among mining companies listed on the IDX.

Evolusi Penelitian Sertifikasi Halal: Analisis Bibliometrik terhadap Tren dan Arah Penelitian Masa Depan

Novia Sumanti, Ferri Saputra Tanjung — Tue, 09 Jun 2026 23:37:10 +0700

Halal certification research continues to develop in response to the growing need of the global halal industry for a transparent, credible, and technology-adaptive halal assurance system. However, studies that comprehensively map the global evolution of halal certification research remain limited. This study aims to analyze research trends, knowledge structures, dominant themes, and future research directions in halal certification studies. This research employed a bibliometric analysis approach using data obtained from the Scopus database. The dataset consisted of 170 documents published between 2016 and 2025, limited to English-language journal articles and conference papers. The data were analyzed using Biblioshiny to identify annual publication trends, the most relevant publication sources, highly cited documents, author contributions, affiliations, countries, co-occurrence networks, and thematic maps. The novelty of this study lies in its mapping of the conceptual structure and future development of halal certification research based on recent bibliometric evidence. The results indicate that publications on halal certification have increased, particularly during 2023–2025. The keyword “halal certification” emerged as the most central theme, connecting issues related to the food industry, micro, small, and medium enterprises, governance, consumer behavior, halal supply chains, traceability, and blockchain. The thematic map shows that certification systems, inspection, halal products, Indonesia, and blockchain are motor themes, whereas halal certification for micro, small, and medium enterprises, halal knowledge, and quality management remain emerging themes. This study contributes to providing a conceptual foundation for academics, governments, certification bodies, and industry actors to strengthen a more transparent, inclusive, and sustainable halal certification ecosystem.

Trust as Mediator of Online Reviews, Price Perception, Website Quality, and Purchase Decisions

Muhammad Iqbal Ismail, Maya Sova, Forbis Ahamed — Tue, 09 Jun 2026 23:51:37 +0700

This study examines the influence of online reviews, price perception, and website quality on purchase decisions, with trust as a mediating variable among Generation Z Shopee users in Indonesia. This research adopts a quantitative approach using survey data collected from 250 respondents and analyzed using Partial Least Squares Structural Equation Modeling. The findings show that website quality has the strongest direct effect on purchase decisions (β = 0.275; p < 0.001), followed by price perception (β = 0.227; p = 0.006) and online reviews (β = 0.225; p = 0.012). Trust also has a significant effect on purchase decisions (β = 0.191; p = 0.002). Furthermore, trust significantly mediates the effects of online reviews (β = 0.050; p = 0.045), price perception (β = 0.051; p = 0.048), and website quality (β = 0.050; p = 0.014) on purchase decisions. The model explains 57.6% of the variance in purchase decisions and 45.4% of the variance in trust. These findings indicate that purchase decisions among Generation Z Shopee users are shaped by informational, economic, technological, and psychological factors. This study contributes to digital marketing and consumer behavior literature by providing empirical evidence on the mediating role of trust in e-commerce decision-making. Practically, the results suggest that e-commerce platforms should improve website quality, pricing strategies, and review credibility to strengthen consumer trust and purchasing behavior.

Pengaruh Risiko Kredit, Kecukupan Modal, dan Likuiditas Terhadap Profitabilitas Perbankan

Cindy Cindy, Hartono Hartono — Wed, 10 Jun 2026 00:02:55 +0700

The The objective of this study is to analyze the impact of credit risk, capital adequacy, and liquidity on the profitability of banks listed on the Indonesia Stock Exchange (IDX) for the period 2020–2024. A quantitative approach was applied in this study using secondary data (annual financial reports). Data analysis was conducted using panel data regression techniques with the assistance of the EViews 13 program. The total population comprised 48 banks, with 43 banks selected using purposive sampling. The findings of this study indicate that credit risk (NPL) has a positive and significant effect on profitability with a coefficient of 0.080181 and a significance level of 0.0063, capital adequacy (CAR) has a positive and significant effect with a coefficient of 0.016051 and a significance value of 0.0412, and liquidity (LDR) has a positive and significant effect with a coefficient of 0.006350 and a significance value of 0.0490. The adjusted R-squared value of 5.64% indicates that these three variabels collectively explain the variation in profitability, while the remaining 94.36% is influenced by other factors outside the model. The research findings suggest that controlled credit risk management, adequate capital adequacy, and effective liquidity management can support improvements in bank profitability. This study provides empirical evidence regarding the importance of managing internal banking factors in maintaining financial performance during the post-pandemic economic recovery period. The findings are expected to serve as a basis for bank management and investors in making decisions related to banking performance and stability.

Peran Self-Control dalam Memoderasi Pengaruh Social Proof dan Fear of Missing Out (FOMO) terhadap Impulsive buying Produk Skincare

Sun, 21 Jun 2026 22:59:32 +0700

This study aims to analyze the influence of Social Proof and Fear of Missing Out (FOMO) on impulsive buying behavior of skincare products and test the role of Self-Control as a moderating variable. The study used a quantitative approach with a survey method of 240 social media users who have purchased skincare products. The sampling technique used purposive sampling, while data analysis was carried out using Structural Equation Modeling (SEM) based on AMOS 25. The results showed that Social Proof had a significant effect on impulsive buying (C.R. = -2.052; p = 0.04), while FOMO had no significant effect on impulsive buying (C.R. = -0.544; p = 0.586). In addition, Self-Control was shown to moderate the relationship between Social Proof and impulsive buying (C.R. = 3.962; p < 0.001) and the relationship between FOMO and impulsive buying (C.R. = 3.867; p < 0.001). These findings suggest that the influence of user reviews, influencer recommendations, and social media trends can increase the tendency for impulsive buying, but good self-control skills can reduce the influence of these social and psychological stimuli. The contribution of this research lies in testing a model of digital consumer behavior in purchasing skincare products on social media by positioning self-control as a control mechanism in the relationship between social and psychological factors on impulsive buying. The results of this study provide implications for skincare industry players to develop more responsible marketing strategies, and for consumers to improve their self-control abilities when faced with intensive exposure to digital marketing content.

Macroeconomic Policy Effects on Domestic Credit to the Private Sector in Developing Countries

Fitri Yulia Andini, Deswita Herlina, Muhammad Nasim Harahap — Sun, 21 Jun 2026 23:10:04 +0700

This study analyzes the effects of the federal funds rate, non-performing loans, trade openness, inflation, lending interest rates, and exchange rates on domestic credit to the private sector in 31 small open developing economies during 2010–2024 using the System Generalized Method of Moments (System GMM) approach. The results show that the federal funds rate, non-performing loans, trade openness, inflation, and lending interest rates have a significant negative effect, while the exchange rate has a significant positive effect on domestic credit to the private sector. The finding on trade openness is inconsistent with the initial hypothesis, as it shows a negative coefficient of (−0.063) in the short run and (−0.535) in the long run. The results also indicate that long-run effects are greater than short-run effects. In the long run, the exchange rate has the largest effect with a coefficient of (8.629), while in the short run it also shows the largest coefficient of (1.016). These findings highlight the importance of adaptive macroprudential policies in maintaining credit intermediation stability in developing economies.

Pengaruh Promosi Iklan Medsos Terhadap Kesadaran Merek pada Jasa Usaha Cuci Sepatu

Farhan Abdillah, Arwanda Siddik, Sarwoto Sarwoto, Willy Cahyadi — Sun, 21 Jun 2026 23:29:39 +0700

This study aims to determine the effect of social media advertising promotions on brand awareness. The research method used is a quantitative method. The population in this study is Kang Cuci Patu's Instagram followers. Determination of the number of samples using the Slovin formula with a 10% error rate. Data were collected by distributing questionnaires using a Likert scale with a sample of 97 respondents. The data analysis methods applied include validity tests, reliability tests, classical assumption tests, simple linear regression analysis, coefficient of determination (R²) tests, and partial tests (t-tests) using IBM SPSS Statistics 25. The research findings indicate that advertising through social media has a positive and significant impact on brand awareness. The results of the t-test show a t-count value of 17.537 which is greater than the t-table of 1.98 and a significance level of 0.000 <0.05. The results of a simple linear regression analysis yield the following formula: Y = 0.984 + 0.934 X + e. The coefficient of determination (R²) of 0.764 indicates that promotion through social media advertising can explain 76.4% of the influence on brand awareness, while the remainder is influenced by other factors not examined. This research has a novelty in the object of study, namely the Kang Cuci Patu shoe washing service in Tebing Tinggi City, which has not been widely researched in digital marketing literature. This study provides an empirical contribution regarding the effectiveness of social media advertising promotions in creating brand awareness which is relatively rarely researched, especially in non-metropolitan areas. This study shows that promotion through social media platforms such as Instagram and TikTok is successful in increasing brand awareness of shoe cleaning services in Tebing Tinggi City.

Pengaruh Kontribusi Wanita, Green Accounting, dan Ukuran Perusahaan Dalam Meningkatkan Nilai Perusahaan

Kezia Agina Bangun, Thia Margaretha Tarigan — Sun, 21 Jun 2026 23:56:44 +0700

This study examines the effect of women’s contribution, green accounting, and firm size on firm value in infrastructure companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Focuses on infrastructure companies because the sector plays a strategic role in Indonesia's economic development. The sample was selected through purposive sampling and secondary data from infrastructure companies with consistently available annual reports and audited financial statements during the observation period. By using a quantitative approach method. The results indicate that women directors do not affect firm value (p = 0,278). Indicated the female board representation is not yet a major consideration for investors. Women commissioners has a positive effect on firm value (p < 0,000). Their presence strengthens supervision and corporate governance. Green accounting do not affect firm value (p = 0,709). ISO 14001 certification ownership is insufficient to influence investor decisions, as investors place greater emphasis on financial performance indicators. Firm size has a positive effect on firm value (p = 0,006). The large companies are perceived as more stable and financially capable. These findings support signaling theory, which suggests that corporate information influences investor assessment and firm value. The contribution of this research lies in providing empirical evidence on the effects of women's participation, represented by women directors and women commissioners, green accounting, and firm size on firm value in Indonesia's infrastructure sector. Furthermore, the findings offer practical implications for corporate management in enhancing corporate governance quality and sustainability practices to support firm value creation.

Pengaruh Pajak Hiburan, Pajak Hotel, dan Pajak Restoran terhadap Pendapatan Asli Daerah

Harrie Yudha Pahlawan, Diana Airawaty — Sun, 21 Jun 2026 00:00:00 +0700

This study aims to analyze the effect of entertainment tax, hotel tax, and restaurant tax on Regional Original Revenue (PAD) in the Special Region of Yogyakarta Province during 2020-2024. This research is motivated by the urgency of optimizing regional tax revenues to support regional financial independence, particularly in regions with significant tourism potential such as Yogyakarta. The research method used is a quantitative approach employing secondary data in the form of time series data obtained from the DIY Tourism Statistics Book and official regional government documents. Data analysis techniques were conducted through descriptive statistical analysis, classical assumption tests including normality, multicollinearity, and heteroscedasticity tests, as well as multiple linear regression analysis using IBM SPSS Statistics version 24. The results showed that entertainment tax has a positive and significant effect on PAD with a t-value of 33.012 and a significance value of 0.033. Hotel and restaurant taxes also have a positive and significant effect on PAD with a t-value of 5.386 and a significance value of 0.000. Simultaneously, entertainment tax as well as hotel and restaurant taxes significantly affect PAD with an F-value of 14783.841 and a significance value of 0.000. These findings show that optimizing entertainment, hotel, and restaurant tax revenues can serve as strategy for local governments to strengthen fiscal independence and support sustainable regional development financing.

Pengaruh Persepsi Korupsi, Keadilan Pajak, dan Sanksi Perpajakan Dalam Upaya Meningkatkan Kepatuhan Wajib Pajak

Whindi Ayu Mayrena, Dian Fahriani, Erlyna Tri Rohmiatun, Achmad Wicaksono — Sun, 21 Jun 2026 00:00:00 +0700

This study was conducted to examine the impact of three main variables perceptions of tax corruption, tax fairness, and tax penalties on the level of compliance among individual taxpayers in fulfilling their tax obligations. The researcher collected data by distributing questionnaires directly to taxpayers in the Sidoarjo Barat Pratama district, with a total sample of 99 respondents. This study employed a quantitative approach as the analytical method. The data analysis techniques applied included validity and reliability tests, multiple linear regression analysis, classical assumption tests, hypothesis testing, and the calculation of the coefficient of determination (R²), all processed using SPSS version 25 software. The research findings indicate that perceptions of tax corruption and tax sanctions have a significant effect on WPOP compliance, with significance values of 0.000 and 0.001, respectively. Conversely, the tax fairness variable did not demonstrate a significant effect on WPOP compliance, with a significance value of 0.798. The coefficient of determination (Adjusted R²) is 0.341, indicating that the variables of perceived corruption, tax fairness, and tax sanctions account for 34.1% of the variation in WPOP compliance. This study concludes that WPOP compliance is more influenced by external factors, particularly tax sanctions and perceptions of corruption, compared to perceptions of tax fairness

Keputusan Pembelian pada Layanan PayLater: Peran Persepsi Kemudahan, Persepsi Risiko, dan Kepercayaan

Thu, 25 Jun 2026 22:47:03 +0700

The rapid development of digital technology has driven the growth of Buy Now Pay Later (BNPL) or PayLater payment services, which are increasingly used in e-commerce transactions. This study aims to analyze the effects of perceived ease of use, perceived risk, and trust on purchasing decisions using the PayLater payment method. The study was conducted among consumers in West Jakarta who had previously used PayLater services through Shopee PayLater, GoPay PayLater, and Kredivo applications. The independent variables in this study consist of perceived ease of use, perceived risk, and trust, while the dependent variable is purchasing decision. This study employed a quantitative approach using primary data collected through online questionnaires distributed via Google Forms. The sampling technique used was purposive sampling, with a total of 100 respondents who met the research criteria. The data were analyzed using multiple linear regression with the assistance of IBM SPSS software, including validity testing, reliability testing, classical assumption tests, and hypothesis testing through the t-test. The results indicate that perceived ease of use and trust have a positive and significant effect on purchasing decisions using the PayLater payment method. In contrast, perceived risk does not have a significant effect on purchasing decisions. Furthermore, trust is the most dominant variable influencing purchasing decisions compared to the other variables. These findings suggest that the level of trust and the ease of using the service are the primary factors encouraging consumers to adopt the PayLater payment method in digital transactions. This study provides an empirical contribution to enriching the literature on consumer behavior in Buy Now Pay Later (BNPL) services and offers insights for fintech and e-commerce companies to enhance trust and service convenience in order to encourage consumers' purchasing decisions.

Determinasi Nilai Perusahaan: Peran Profitabilitas, Firm size, Eco-Efficiency dan Kinerja Lingkungan pada Sektor Basic Materials

Thu, 25 Jun 2026 23:03:40 +0700

This study aims to analyze the effect of Return on Assets (ROA), Firm Size, Eco-efficiency, and Environmental Performance on Firm Value in basic materials sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. Firm value is an important indicator that reflects investors' perceptions of a company's performance and future prospects. In the context of increasing attention to sustainability issues, both financial and non-financial factors, such as eco-efficiency and environmental performance, have become important aspects to examine in relation to firm value. This study employed a quantitative approach using an associative research method. The population consisted of all basic materials sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The sample was selected using a purposive sampling technique based on predetermined criteria, resulting in a number of companies that met the requirements as research samples. The study utilized secondary data obtained from annual reports, sustainability reports, and the official website of the Indonesia Stock Exchange. Data analysis was conducted using multiple linear regression with the assistance of the Statistical Product and Service Solutions (SPSS) software. The results indicate that Return on Assets (ROA), Firm Size, and Eco-efficiency have a positive and significant effect on Firm Value. These findings suggest that a company's ability to generate profits, its larger size, and the implementation of environmental efficiency practices can enhance investor confidence and increase firm value. Meanwhile, Environmental Performance has a negative and significant effect on Firm Value, indicating that improvements in environmental performance, which often require substantial short-term costs, may reduce investors' perceptions of firm value. These findings imply that companies need to maintain a balance between achieving strong financial performance and implementing sustainability practices in order to enhance firm value. This study provides an empirical contribution by integrating financial factors and environmental sustainability factors in explaining firm value in the basic materials sector. Therefore, the findings are expected to serve as a reference for corporate management, investors, and future researchers in understanding the determinants of firm value from both financial and sustainability perspectives.

Corporate Social Responsibility dan Leverage terhadap Harga Saham: Peran Moderasi Profitabilitas pada Perusahaan Farmasi

Sri Sapto Darmawati, Sudaryono Sudaryono, Mujiyani Mujiyani, Dio Fasha — Thu, 25 Jun 2026 23:15:28 +0700

This study aims to analyze the effect of Corporate Social Responsibility (CSR) and Debt to Equity Ratio (DER) on stock prices and to examine the ability of Earnings Per Share (EPS) to moderate the relationship between CSR, DER, and stock prices in pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. This research is motivated by the fluctuations in pharmaceutical companies' stock prices in the post-pandemic era and the inconsistent findings of previous studies regarding the factors influencing stock prices. Therefore, this study is expected to provide empirical evidence concerning the influence of both financial and non-financial factors on corporate stock prices. The research employs a quantitative method with an associative approach. The population consists of all pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The sample was selected using a purposive sampling technique, resulting in companies that met the established research criteria. The data used are secondary data obtained from annual reports and financial statements. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA) to test the moderating effect of EPS. The results indicate that CSR and DER do not have a significant partial effect on stock prices. Meanwhile, EPS is proven to moderate the effect of CSR on stock prices, indicating that the influence of CSR becomes stronger in companies with higher EPS levels. However, EPS is not able to moderate the effect of DER on stock prices. These findings suggest that investors place greater emphasis on a company’s ability to generate earnings rather than on CSR disclosure levels and capital structure when evaluating stock prices. This study provides an empirical contribution by integrating non-financial and financial factors in explaining the stock prices of pharmaceutical sub-sector companies, while also extending the literature on the role of profitability as a moderating variable in the relationship between Corporate Social Responsibility, leverage, and stock prices.

Determinan Tax Avoidance pada Perusahaan Subsektor Pertanian: Peran Profitabilitas dan Inventory Intensity

Wendra Afriana, Mujiyani Mujiyani, Lasminasih Lasminasih, Erna Kustyarini — Thu, 25 Jun 2026 23:26:18 +0700

This study aims to analyze the effect of profitability and inventory intensity on tax avoidance in palm oil plantation sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. Tax avoidance refers to a company's efforts to minimize its tax burden by exploiting loopholes within existing tax regulations. This practice has become a significant concern because it has the potential to reduce government tax revenues, particularly in the palm oil plantation sector, which makes a substantial contribution to the national economy. Profitability is proxied by Return on Assets (ROA), while inventory intensity is measured by the proportion of inventory to total assets. This research employs a quantitative approach using secondary data obtained from the financial statements of palm oil plantation sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The sample was selected using a purposive sampling technique, resulting in several companies that met the research criteria. Data analysis was conducted using panel data regression with the assistance of EViews 13 software. Model selection was carried out through the Chow Test, Hausman Test, and Lagrange Multiplier Test, which indicated that the Random Effect Model (REM) was the most appropriate model for this study. The results show that, partially, profitability (ROA) has a negative and significant effect on tax avoidance, while inventory intensity has no significant effect on tax avoidance. Simultaneously, profitability and inventory intensity have a significant effect on tax avoidance. Furthermore, the coefficient of determination test indicates that the two independent variables explain 35.23% of the variation in tax avoidance, while the remaining 64.77% is influenced by other factors outside the research model. This study provides an empirical contribution by extending the literature on the determinants of tax avoidance in palm oil plantation sub-sector companies and providing evidence that profitability is a more dominant factor than inventory intensity in influencing tax avoidance practices.

Determinan Efisiensi Investasi: Pengaruh ESG dan Kinerja Keuangan dengan Harga Saham sebagai Variabel Intervening

Ratna Amalia Nurcahyani, Lies Handrijaningsih — Fri, 26 Jun 2026 00:01:47 +0700

This study aims to analyze the effect of Environmental, Social, and Governance (ESG) factors and financial performance on investment efficiency, with stock price serving as an intervening variable, among conventional banks listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. The study is motivated by the growing attention to corporate sustainability practices and the importance of investment efficiency in creating long-term firm value. In addition, this research seeks to examine whether stock prices can function as a mediating mechanism in the relationship between ESG, financial performance, and investment efficiency. This study employs a quantitative research approach using secondary data obtained from annual reports, sustainability reports, and financial statements of conventional banks listed on the IDX. The sampling technique used is purposive sampling based on predetermined research criteria. Data were analyzed using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) method through SmartPLS software. The research variables consist of ESG as the independent variable, financial performance proxied by Return on Assets (ROA), investment efficiency as the dependent variable, and stock price as the intervening variable. The results indicate that ESG has a significant effect on stock prices and investment efficiency, while financial performance has a significant effect on stock prices but does not significantly affect investment efficiency. Furthermore, stock prices do not have a significant effect on investment efficiency. The mediation analysis reveals that stock prices are unable to mediate the relationship between ESG and investment efficiency, nor the relationship between financial performance and investment efficiency. These findings suggest that investment efficiency in the banking sector is influenced more by governance quality, risk management, and the direct implementation of ESG practices than by capital market mechanisms reflected through stock prices. This study provides an empirical contribution by extending the literature on the determinants of investment efficiency in the Indonesian banking sector through the integration of sustainability factors (ESG) and financial factors. It also provides evidence that ESG plays a more dominant role than financial performance in influencing investment efficiency, while stock prices have not yet been able to function as an effective mediating mechanism.

Green Accounting, Debt Default, and Market Capitalization: Multiple Linear Regression on Stock Prices

Thomas Averio — Thu, 25 Jun 2026 00:00:00 +0700

This study purports to examine whether green accounting, debt default, and market capitalization affect stock prices in emerging markets, with a particular focus on Indonesia. The research uses consumer non-cyclicals sector companies in Indonesia as the sample. The observation period covers 2020 to 2024. The study implements multiple linear regression to analyze the data. The findings indicate that green accounting, debt default, and market capitalization each exert a significant and positive influence on stock prices, with a significance level of 0.000 for all independent variables. Furthermore, the coefficient of determination indicates that green accounting, debt default, and market capitalization explain 15.4% of the variation in stock prices. These results reinforce previous empirical studies and further confirm that investors strongly consider green accounting practices, debt levels, and market capitalization when making investment decisions.

Fashion Thrift dan Konsumsi Berkelanjutan Generasi Z dalam Pengurangan Limbah Tekstil

Ni Putu Abelia Anjani Putri — Thu, 25 Jun 2026 00:00:00 +0700

Pertumbuhan konsumsi fashion yang pesat telah meningkatkan kekhawatiran terhadap lingkungan, terutama akibat siklus hidup pakaian yang semakin singkat, perilaku pembelian yang berlebihan, dan meningkatnya jumlah limbah tekstil. Fashion thrift sering dipandang sebagai alternatif konsumsi yang lebih berkelanjutan karena dapat memperpanjang masa pakai pakaian melalui penggunaan kembali. Namun, kontribusinya yang sebenarnya terhadap pengurangan limbah tekstil masih diperdebatkan, terutama ketika konsumsi thrift didorong oleh tren, harga murah, pengaruh media sosial, dan motif gaya hidup dibandingkan kesadaran lingkungan. Penelitian ini bertujuan untuk menganalisis fashion thrift sebagai praktik konsumsi berkelanjutan di kalangan Generasi Z serta potensinya dalam mengurangi limbah tekstil. Penelitian ini menggunakan pendekatan kualitatif melalui metode studi literatur dengan mensintesis artikel jurnal nasional yang diterbitkan antara tahun 2023 hingga 2026. Literatur yang dipilih dianalisis menggunakan analisis isi dan sintesis tematik, dengan Theory of Planned Behavior, konsumsi berkelanjutan, dan ekonomi sirkular sebagai perspektif analisis utama. Hasil penelitian menunjukkan bahwa minat Generasi Z terhadap fashion thrift dipengaruhi oleh sikap, norma subjektif, persepsi kontrol perilaku, persepsi harga, keunikan produk, ulasan digital, influencer, green marketing, dan identitas sosial. Kebaruan penelitian ini terletak pada posisinya yang kritis bahwa fashion thrift tidak secara otomatis bersifat berkelanjutan, melainkan dampaknya bergantung pada motif pembelian, intensitas penggunaan, perawatan produk, dan apakah pembelian thrift menggantikan pembelian pakaian baru. Penelitian ini berkontribusi pada literatur dengan memposisikan fashion thrift sebagai praktik konsumsi berkelanjutan yang bersifat kondisional dan memerlukan edukasi konsumen, tanggung jawab digital, serta pengelolaan pascakonsumsi agar dapat secara efektif mendukung pengurangan limbah tekstil.

Pengaruh E-Commerce dan Integrasi Teknologi terhadap Keberlanjutan UMKM Pascabencana melalui Nilai Pelanggan Unggul

Al Mahfud Saputra, M Rasyidin, Yusrawati Yusrawati, Azka Rizkina — Tue, 30 Jun 2026 23:52:13 +0700

This study examines the effects of e-commerce adoption and technology integration capability on the sustainability of micro, small, and medium enterprises (MSMEs), with superior customer value serving as a mediating variable in a post-disaster context. The main issue addressed is the suboptimal use of digital technology by MSMEs in sustaining business operations following disasters, which often cause operational disruptions, declining demand, and limited market access. This study employed a quantitative explanatory approach involving 200 MSME owners, selected using purposive sampling. Data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS software. The novelty of this study lies in examining the mediating role of superior customer value in explaining the relationship between digital transformation and MSME sustainability under crisis conditions. The results indicate that e-commerce adoption significantly affects superior customer value (β = 0.384; p < 0.001) but has no direct effect on MSME sustainability (β = 0.039; p = 0.492). Technology integration capability significantly affects both superior customer value (β = 0.446; p < 0.001) and MSME sustainability (β = 0.148; p = 0.013). Superior customer value also has a significant positive effect on MSME sustainability (β = 0.644; p < 0.001). The model explains 50.1% of the variance in superior customer value and 59.1% of the variance in MSME sustainability. These findings suggest that post-disaster MSME sustainability depends more on the ability to create customer value than on technology adoption alone.

Inovasi Financial Technology (Fintech) dalam Meningkatkan Efisiensi Layanan Asuransi Syariah di Era Digital

Muhammad Zainuddin Azi, Muhammad Ikhsan Harahap, Nurul Inayah — Tue, 30 Jun 2026 00:00:00 +0700

This study aims to examine the implementation of Financial Technology (Fintech) innovations in the development of sharia insurance services at PT Jiwasraya. In a rapidly evolving digital era, the integration of fintech has become a crucial strategy to enhance efficiency, transparency, and the outreach of insurance services based on sharia principles. This research adopts a qualitative approach using a case study method at PT Jiwasraya. Data collection techniques include in-depth interviews, documentation, and literature studies. The findings indicate that fintech innovations implemented at the company include the digitalization of policy services, online premium payments, and the use of artificial intelligence (AI) for risk analysis and customer service. The application of these technologies not only accelerates business processes but also increases customer trust in a more modern and transparent sharia financial system. It can be concluded that fintech plays a strategic role in driving the sustainable and competitive transformation of sharia insurance services in the digital age. The development of sharia insurance in Indonesia has shown significant growth in recent years. This is marked by an increasing number of sharia insurance companies, both as independent entities and as sharia business units of conventional insurance firms. Growing public awareness of the importance of financial protection aligned with sharia principles has also fueled the demand for insurance products based on the concepts of mutual help (ta'awun) and donation (tabarru'). On the other hand, regulatory support from the Financial Services Authority (OJK) and ongoing efforts to improve sharia financial literacy have also played a crucial role in driving the growth of this sector.

Peran Literasi Keuangan dan Sikap Terhadap Uang Dalam Meningkatkan Pengelolaan Keuangan UMKM

Sabrina Ainur Haliza, Achmad Wicaksono, Erlyna Tri Rohmiatun, Kafidin Muzakki — Tue, 30 Jun 2026 00:00:00 +0700

The low quality of financial management remains a major obstacle for MSMEs, particularly in the areas of recording, planning, and controlling business finances. This study aims to analyze the role of financial literacy and attitudes toward money in improving MSME financial management in Tulangan District. This study employs a quantitative approach through descriptive and associative methods. Information was obtained by distributing questionnaires to 97 selected MSMEs using the Slovin technique. The techniques used included data analysis, validity testing, reliability testing, classical assumption testing, multiple linear regression analysis, coefficient of determination (R2) testing, and T-tests and F-tests, all aided by SPPS version 27 software. These findings indicate that financial literacy significantly influences MSME financial management with a t-value of 3.876 and a significance level of 0.000. Attitudes toward money significantly influence financial management with a t-value of 3.974 and a significance level of 0.000. Together, these two variables also significantly influence MSME financial management with a significance level of 0.000. The coefficient of determination of 51.3% indicates that both variables can account for most of the variation in financial management. This research provides an empirical contribution to strengthening the application of the Theory of Planned Behavior to MSME financial management by demonstrating that financial literacy and attitudes toward money play a role in improving financial management. These findings can also serve as a reference for MSMEs and policymakers in designing programs to improve their business financial management capacity.

Pengaruh Entrepreneurial Passion dan Pendidikan Kewirausahaan Terhadap Minat Berwirausaha

Prihatini Sukmawati, Yoni Hermawan, Ai Nur Solihat — Tue, 30 Jun 2026 00:00:00 +0700

Entrepreneurial interest among students is an important part in supporting the creation of entrepreneurs who are able to create new jobs. However, not all students show a strong interest in the business world. This situation can be influenced by several factors, such as entrepreneurial passion and entrepreneurship education. This study aims to determine the effect of entrepreneurial passion and entrepreneurship education on entrepreneurial interest. The population in this study were students of the Faculty of Teacher Training and Education, Siliwangi University, class of 2023. The research method used was a quantitative survey. Data were collected through questionnaires distributed to 107 students using proportionate stratified random sampling. Primary data were obtained through questionnaires to respondents. Data were analyzed using multiple linear regression with SPSS 29.0. The results indicate that entrepreneurial passion and entrepreneurship education simultaneously have a positive and significant influence on entrepreneurial interest, with an F-value of 164.033 > 3.08 and a significance value of 0.001 < 0.05. Entrepreneurial passion partially has a positive and significant influence on entrepreneurial interest, with a t-value of 7.466 > 1.983 and a significance value of 0.001 < 0.05. Entrepreneurship education partially has a positive and significant influence on entrepreneurial interest, with a t-value of 4.037 > 1.983 and a significance value of 0.001 < 0.05. This study is expected to contribute to the development of entrepreneurship in higher education that is more creative, adaptive, and integrated.

Pengaruh Dividend Payout Ratio, Price Earning Ratio dan Asset Growth Terhadap Stock Price Volatility

Rizqi Abdul Aziz, Naufal Sinatria, Selly Puspita Sari, Fitria Fertha Agustina — Tue, 30 Jun 2026 00:00:00 +0700

The background of this study is based on the fact that global economic uncertainty affects the stability of the capital market; specifically, the tourism sector has suffered losses following the economic recovery, resulting in high stock price volatility. Stock price volatility serves as a key indicator in assessing investment risk, which is influenced by corporate financial information such as the dividend payout ratio, price-to-earnings ratio, and asset growth. This study aims to test and explain the effects of the dividend payout ratio, price-to-earnings ratio, and asset growth on stock price volatility among companies in the tourism sector listed on the Indonesia Stock Exchange for the period 2021–2024. This study employs a quantitative method using secondary data from the financial reports of the tourism sector on the Indonesia Stock Exchange for the 2021–2024 period, with a population of 42 companies and a sample size of 9 companies across 4 observation periods, resulting in 36 samples. The study utilized purposive sampling, and data analysis was conducted using multiple linear regression with SPSS version 27. The results indicate that, when analyzed individually, the dividend payout ratio and asset growth do not have a significant effect on stock price volatility. Conversely, the price-earnings ratio has a positive and significant effect on stock price volatility, making it the most influential fundamental factor in explaining stock price volatility among companies in the tourism sector. When analyzed simultaneously, the dividend payout ratio, price-earnings ratio, and asset growth have a significant effect on stock price volatility. This study provides empirical evidence that corporate fundamental information particularly the price-earnings ratio is more relevant as a signal for investors in responding to stock price changes in the tourism sector during periods of economic recovery. Furthermore, this study expands the application of signaling theory to explain how markets respond to corporate financial information.

Analisis Faktor-Faktor Penentu Kinerja Keuangan Perbankan Konvensional: Peran Good Corporate Governance, Profitabilitas, Likuiditas, dan Struktur Modal

Dwi Anggin Pratiwi, Titin Eka Ardiana, Rizki Listyono Putro — Tue, 30 Jun 2026 00:00:00 +0700

This study aims to analyze the influence of good corporate governance, profitability ratios, liquidity ratios, and capital structure on the financial performance of conventional banking companies listed on the Indonesia Stock Exchange for the 2020–2024 period. This research is motivated by high interest rates, increasing cost of funds, and competition in the banking industry that affect the stability and financial performance of conventional banks. The study population includes all conventional commercial banks in Indonesia, with a sample of 29 banking companies selected using a purposive sampling technique with a total of 145 observation data. Data analysis was performed using panel data regression with the help of EViews 12 through model selection tests, multicollinearity tests, heteroscedasticity tests, partial tests (t), and simultaneous tests (F). The results of the study indicate that the profitability ratio has a positive and significant effect on financial performance with a p-value of 0.0000. While good corporate governance (p-value = 0.8625), liquidity ratio (p-value = 0.9995), and capital structure (p-value = 0.1541) do not have a significant effect partially. Simultaneously, all independent variables have a significant effect on financial performance (Prob. F = 0.0000) with an Adjusted R² value of 0.8886, indicating that 88.86% of the variation in financial performance can be explained by the research model.

Strategi Adaptif Financial Well-being Generasi Muda Berdasarkan Digital Financial Literacy

Tue, 14 Jul 2026 01:07:49 +0700

Financial well-being (FWB) has increasingly become something difficult to achieve among the young generation. Based on the existing conditions, this study aims to explore the factors that quantitatively influence FWB. The analysis involves Digital Financial Literacy (X1), Financial Satisfaction (M1), Financial Behavior (M2), and FWB (Y). The research was conducted in Bali Province using purposive sampling, in accordance with the SEM sample size determination rule, which recommends a sample size of five to ten times the number of variables, resulting in an estimated requirement of 95–190 samples. This study involved 110 respondents, mostly aged 21–26 years, representing the productive age group. Data were analyzed using SEM-PLS with WarpPLS 7.0. The results show that DFL and FB have a positive and significant partial effect on FWB. FB and FS serve as mediators in the relationship between DFL and FWB. However, FS acts as a full mediator, as its partial mediation effect was found to be insignificant. The findings suggest that fostering financial well-being requires addressing both digital financial engagement and psychological dimensions of financial satisfaction. Adequate digital financial literacy ensures that the adoption of digital financial services enhances individuals' perceived security and satisfaction. A key strategic contribution of this study is the development of adaptive strategies for enhancing the FWB of the younger generation. Rather than being standardized, such strategies must be tailored to the specific gaps this demographic faces.

The Effect of Storytelling and Instagram Marketing on Purchase Intention Through Brand Awareness

Hanna Banjarnahor, Onan Marakali Siregar — Tue, 30 Jun 2026 00:00:00 +0700

This study aims to analyze the effect of storytelling and Instagram marketing on Fore Coffee purchase intention in Medan, with brand awareness as a mediating variable. The study uses a quantitative approach with purposive sampling techniques on 100 respondents aged 18-35 years who have been exposed to Fore Coffee Instagram content. Data analysis was conducted using Structural Equation Modeling (SEM) based on Partial Least Squares (PLS) through SmartPLS 4.0. The results show that Instagram marketing has a significant effect on brand awareness and purchase intention, both directly and through the mediating role of brand awareness. In contrast, storytelling does not have a significant effect on brand awareness or purchase intention. The coefficient of determination (R²) values of 0.437 for brand awareness and 0.754 for purchase intention indicate that the model explains a moderate proportion of variance in brand awareness and a substantial proportion of variance in purchase intention. The results confirm that, in the context of Fore Coffee consumers in Medan, the effectiveness of digital marketing is more determined by the optimization of Instagram's visual and interactive features than by a narrative approach. These findings contribute to the digital marketing literature by highlighting the relative effectiveness of Instagram marketing and storytelling in influencing purchase intention through brand awareness. The results also provide practical insights for businesses to optimize Instagram marketing strategies.