E-Jurnal Ekonomi dan Bisnis Universitas Udayana
Economic and Business E-Journal of Udayana University (EEB) ISSN ONLINE: 2337-3067 is an electronic scientific journal that publishes the results of economic and business studies. EEB is published periodically every month with an online format. EEB Editor receives written results of studies in the fields of economics, management, and accounting, both empirical and theoretical studies which are analyzed qualitatively and quantitatively and have never been and will not be published in other media. The incoming script will be evaluated and edited for uniformity of formats, terms and other procedures according to the style of the environment that applies to the E-Journal of Economics and Business at Udayana University. E-Journal of Economics and Business at Udayana University was published by the Faculty of Economics and Business, Udayana University.
Fakultas Ekonomi dan Bisnis Universitas Udayana
EFFECTS OF GOVERNMENT ACCOUNTING STANDARDS, HUMAN RESOURCE COMPETENCE, AND EMPLOYEE PERFORMANCE ON FINANCIAL REPORT QUALITY
Financial reporting quality is an important aspect of public sector accountability and transparency. High-quality financial reports provide relevant, reliable, comparable, and understandable information for stakeholders in evaluating government performance. This study aims to examine the effects of Government Accounting Standards (SAP), Human Resource Competence, and Employee Performance on Financial Reporting Quality at the Ministry of Religious Affairs Office of Bima Regency. This study employed a quantitative research approach using primary data collected through questionnaires distributed to employees involved in financial management and reporting activities. A total of 77 respondents participated in the study. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS software. The results indicate that Government Accounting Standards (SAP) have a positive and significant effect on Financial Reporting Quality. Employee Performance also has a positive and significant effect on Financial Reporting Quality. However, Human Resource Competence does not have a significant effect on Financial Reporting Quality. These findings suggest that compliance with accounting standards and strong employee performance play a more important role in improving financial reporting quality than individual competence alone. The study contributes to the public sector accounting literature by providing empirical evidence on the determinants of financial reporting quality within government institutions. The findings also provide practical implications for policymakers and public sector managers in strengthening financial reporting practices through effective implementation of accounting standards and performance enhancement initiatives.
Hak Cipta (c) 2026 Siti Murni (Author) https://creativecommons.org/licenses/by/4.0
PENGARUH ELECTRONIC WORD OF MOUTH DAN PERCEIVED AUTHENTICITY TERHADAP NIAT BERKUNJUNG KEMBALI WISATAWAN GENERASI Z
Mempertahankan wisatawan muda menjadi tantangan penting bagi destinasi lokal yang visibilitasnya semakin dibentuk oleh narasi digital dan konten dari pengunjung. Penelitian ini menganalisis pengaruh Electronic Word of Mouth (eWOM) dan Perceived Authenticity terhadap niat berkunjung kembali wisatawan Generasi Z. Metode penelitian menggunakan pendekatan kuantitatif dengan analisis regresi linier berganda berdasarkan data kuesioner dari 100 responden yang pernah mengunjungi destinasi penelitian. Hasil penelitian menunjukkan bahwa eWOM dan perceived authenticity berpengaruh positif dan signifikan terhadap niat berkunjung kembali. Temuan ini menunjukkan bahwa niat wisatawan muda untuk kembali tidak hanya dibentuk oleh rekomendasi digital, ulasan, dan konten perjalanan yang dibagikan, tetapi juga oleh persepsi bahwa destinasi tersebut menawarkan pengalaman yang autentik, bermakna, dan dekat dengan identitas lokal. Penelitian ini berkontribusi pada literatur pemasaran pariwisata dengan menghubungkan pengaruh sosial digital dan persepsi keaslian untuk menjelaskan niat kunjungan ulang pada segmen wisatawan muda. Pengelola destinasi perlu memperkuat komunikasi di media sosial sambil tetap menjaga unsur budaya, sosial, dan alam yang membuat pengalaman wisata terasa autentik, tepercaya, dan layak dikunjungi kembali. Retaining young tourists is an important challenge for local destinations whose visibility is increasingly shaped by digital narratives and visitor-generated content. This study examines the influence of Electronic Word of Mouth (eWOM) and Perceived Authenticity on revisit intention among Generation Z tourists. A quantitative approach was applied using multiple linear regression analysis based on questionnaire data from 100 respondents who had visited the destination. The results show that both eWOM and perceived authenticity have positive and significant effects on revisit intention. This finding indicates that revisit intention among young tourists is shaped not only by digital recommendations, reviews, and shared travel content, but also by the perception that the destination offers genuine, locally rooted experiences. The study contributes to the tourism marketing literature by linking digital social influence and perceived authenticity to explain revisit intention among a young tourist segment. Destination managers should strengthen social media communication while preserving cultural, social, and natural elements that make the tourism experience feel authentic, credible, and worth revisiting.
Hak Cipta (c) 2026 Christy N Rondonuwu, Djurwati Soepeno (Author) https://creativecommons.org/licenses/by/4.0
PENGARUH GOOD CORPORATE GOVERNANCE, KOMITMEN ORGANISASI, DAN GAYA KEPEMIMPINAN PADA KINERJA KEUANGAN KOPERASI
Kinerja keuangan ialah suatu keadaan atau mencerminkan kemampuan suatu organisasi dalam pengelolaan serta mengalokasikan sumber daya yang dipunyai organisasi tersebut. Penerapan good corporate governance dan komitmen organisasi menjadi faktor yang bisa mendukung kinerja keuangan. Selain itu, gaya kepemimpinan juga menjadi salah satu faktor yang dapat diperhitungkan dalam mendukung kinerja keuangan di Koperasi. Penelitian ini bertujuan untuk mengetahui pengaruh good corporate governance, komitmen organisasi, dan gaya kepemimpinan pada kinerja keuangan yang diukur dengan return on assets pada kinerja koperasi di Kabupaten Karangasem. Penelitian ini menggunakan metode pengumpulan data dengan teknik kuesioner. Sampel yang digunakan sebanyak 160 koperasi. Teknik analisis yang digunakan adalah analisis regresi linier berganda dengan SPSS. Hasil penelitian menunjukkan bahwa prinsip-prinsip good corporate governance, komitmen organisasi, dan gaya kepemimpinan berpengaruh positif pada kinerja keuangan. Hal ini memiliki arti bahwa semakin baik penerapan prinsip-prinsip good corporate governance, komitmen organisasi, dan gaya kepemimpinan pada koperasi di Kabupaten Karangasem, maka akan meningkatkan kinerja keuangan pada koperasi tersebut. Financial performance is a condition or reflects the ability of an organisation in managing and allocating the resources that the organisation has. The implementation of good corporate governance and organisational commitment are factors that can support financial performance. In addition, leadership style is also one of the factors that can be taken into account in supporting financial performance in the Cooperative. This study aims to determine the effect of good corporate governance, organisational commitment, and leadership style on financial performance as measured by return on assets on cooperative performance in Karangasem Regency. This study uses data collection methods with questionnaire. The sample used was 160 cooperatives. The analysis technique used was multiple linear regression analysis with SPSS. The results showed that the principles of good corporate governance, organisational commitment, and leadership style had a positive effect on financial performance. This means that the better the application of the principles of good corporate governance, organisational commitment, and leadership style in cooperatives in Karangasem Regency, the better the financial performance of the cooperatives.
Hak Cipta (c) 2026 Made Didit Harys Martadinata Teja, Eka Ardhani Sisdyani (Author) https://creativecommons.org/licenses/by/4.0
PENGARUH LINGKUNGAN KERJA DAN KOMUNIKASI TERHADAP KEPUASAN KERJA DENGAN WORK-LIFE BALANCE SEBAGAI MEDIASI
Penelitian ini mengacu pada Discrepancy Theory yang menjelaskan bahwa kepuasan kerja terbentuk dari kesesuaian antara harapan pegawai dan kondisi kerja yang diterima.. Lingkungan kerja yang kondusif dan komunikasi yang efektif diyakini berperan dalam meningkatkan kesejahteraan pegawai. Penelitian ini bertujuan untuk menganalisis pengaruh lingkungan kerja dan komunikasi terhadap kepuasan kerja dengan work-life balance sebagai variabel mediasi pada pegawai non medis RSUD Kabupaten Buleleng Data dikumpulkan melalui penyebaran kuesioner kepada pegawai nonmedis RSUD Kabupaten Buleleng. Penelitian menggunakan pendekatan kuantitatif dengan metode Structural Equation Modeling berbasis Partial Least Square (SEM-PLS). Sampel penelitian berjumlah 220 responden yang dipilih melalui teknik purposive sampling. Hasil penelitian menunjukkan bahwa lingkungan kerja dan komunikasi berpengaruh positif dan signifikan terhadap work-life balance. Selanjutnya, lingkungan kerja, komunikasi, dan work-life balance berpengaruh positif dan signifikan terhadap kepuasan kerja. Uji mediasi membuktikan bahwa work-life balance secara signifikan memediasi hubungan antara lingkungan kerja dan komunikasi terhadap kepuasan kerja. Implikasi penelitian menunjukkan bahwa peningkatan kualitas lingkungan kerja, komunikasi organisasi, dan work-life balance perlu menjadi perhatian manajemen dalam upaya meningkatkan kepuasan kerja pegawai. This study is based on Discrepancy Theory, which explains that job satisfaction is formed when there is congruence between employees’ expectations and the actual conditions they experience in the workplace. A conducive work environment and effective communication are believed to play important roles in enhancing employee well-being. Data were collected through questionnaires distributed to non-medical employees of RSUD Kabupaten Buleleng. The study employed a quantitative approach using Structural Equation Modeling based on Partial Least Squares (SEM-PLS). The sample consisted of 220 respondents selected through purposive sampling. The results indicate that work environment and communication have a positive and significant effect on work-life balance. Furthermore, work environment, communication, and work-life balance have positive and significant effects on job satisfaction. Mediation analysis confirms that work-life balance significantly mediates the relationship between work environment and communication on job satisfaction. The findings imply that improving the quality of the work environment, organizational communication, and work-life balance should become a managerial priority to enhance employee job satisfaction.
Hak Cipta (c) 2026 Nyoman Kajeng Dharma Yasa, Trianasari, Ni Made Ary Widiastini (Author) https://creativecommons.org/licenses/by/4.0
ESG DISCLOSURE AND FIRM VALUE: THE MODERATING ROLE OF INSTITUTIONAL OWNERSHIP
This paper examines the effect of ESG disclosure on firm value and the moderating role of institutional ownership in this relationship among publicly listed non-financial firms on the IDX over 2017–2023. Using pooled OLS regression on a sample of 675 observations, this study finds that ESG disclosure exerts a positive and significant effect on firm value, supporting the stakeholder and signaling theory predictions. Furthermore, institutional ownership positively moderates this relationship, such that the value-enhancing effect of ESG disclosure is amplified in firms with higher institutional shareholding. These findings are grounded in stakeholder theory and signaling theory, contribute to the ESG literature by establishing institutional ownership as an active governance mechanism that conditions the market’s recognition of sustainability disclosure quality in an emerging market context. Theoretically, this study extends the ESG-firm value literature to an emerging market setting by establishing institutional ownership as an active governance moderator. Practically, the findings offer directional guidance for policymakers, corporate managers, and institutional investors on strengthening the credibility and market recognition of sustainability disclosures.
Hak Cipta (c) 2026 Novinda Kurnia Ichsanti, Novrys Suhardianto (Author) https://creativecommons.org/licenses/by/4.0
PENGARUH PENGAWASAN ACCOUNT REPRESENTATIVE DAN PEMERIKSAAN PAJAK TERHADAP KEPATUHAN WAJIB PAJAK: PERAN MEDIASI KEPERCAYAAN WAJIB PAJAK
Kepatuhan wajib pajak merupakan faktor penting dalam optimalisasi penerimaan negara, namun masih menghadapi tantangan dalam membangun kepercayaan terhadap otoritas pajak. Penelitian ini bertujuan menganalisis pengaruh pengawasan account representative dan pemeriksaan pajak terhadap kepatuhan wajib pajak dengan kepercayaan sebagai variabel mediasi. Penelitian menggunakan pendekatan kuantitatif dengan data primer melalui kuesioner kepada 100 wajib pajak badan di KPP Pratama Badung Selatan yang dipilih dengan teknik purposive sampling. Analisis data menggunakan Structural Equation Modeling berbasis Partial Least Square (PLS-SEM). Hasil menunjukkan bahwa pengawasan account representative berpengaruh positif terhadap kepatuhan (β = 0,275; t = 3,663; p < 0,05) dan kepercayaan (β = 0,701; t = 14,034; p < 0,05), serta pemeriksaan pajak berpengaruh positif terhadap kepatuhan (β = 0,215; t = 2,933; p < 0,05) dan kepercayaan (β = 0,542; t = 10,415; p < 0,05). Kepercayaan juga berpengaruh signifikan terhadap kepatuhan (β = 0,588; t = 6,449; p < 0,05) serta memediasi secara parsial hubungan tersebut. Temuan ini menunjukkan bahwa pengawasan dan pemeriksaan yang profesional dan transparan mampu meningkatkan kepercayaan dan kepatuhan wajib pajak. Taxpayer compliance is a crucial factor in optimizing state revenue; however, it still faces challenges, particularly in building trust in tax authorities. This study aims to analyze the effect of account representative supervision and tax audits on taxpayer compliance, with trust as a mediating variable. This study employs a quantitative approach using primary data collected through questionnaires from 100 corporate taxpayers at KPP Pratama Badung Selatan, selected using purposive sampling. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that account representative supervision has a positive and significant effect on compliance (β = 0.275; t = 3.663; p < 0.05) and trust (β = 0.701; t = 14.034; p < 0.05), while tax audits also have a positive and significant effect on compliance (β = 0.215; t = 2.933; p < 0.05) and trust (β = 0.542; t = 10.415; p < 0.05). Trust significantly affects taxpayer compliance (β = 0.588; t = 6.449; p < 0.05) and partially mediates these relationships. These findings suggest that professional and transparent supervision and audit practices can enhance trust and improve taxpayer compliance.
Hak Cipta (c) 2026 Ni Nyoman Ayu Alit Kartini, Ni Luh Wayan Sayang Telagawathi, Made Ary Meitriana (Author) https://creativecommons.org/licenses/by/4.0
DO TOURISM ACTIVITIES AND ENVIRONMENTAL QUALITY INFLUENCE EACH OTHER? EVIDENCE: FIVE SUPER PRIORITY TOURISM DESTINATIONS
This study examines the reciprocal relationship between tourism activity and environmental quality in Indonesia’s five Super Priority Tourism Destinations (DPSP). Using panel data from 2013–2024, a simultaneous equations model is estimated through the Two-Stage Least Squares (2SLS) method. This study uses the Gross Regional Domestic Product (GRDP) of the accommodation and food and beverage sector as a proxy for tourism-driven economic activity, while environmental quality is measured using the Air Quality Index (AQI). The results indicate that AQI has a positive and significant effect on tourism GRDP, indicating that better environmental quality supports tourism activity and regional economic performance. Conversely, tourism activity significantly contributes to environmental degradation, reflecting increased environmental pressure from tourist mobility and intensity. Accessibility is found to have a significant negative effect on tourism activity, while the hotel occupancy rate (TPK) has a positive and significant impact, and population density shows no significant effect. Furthermore, rainfall and investment positively and significantly influence AQI, whereas population density has a negative and significant effect, and regional government expenditure (APBD) is not statistically significant. These findings highlight the importance of integrating tourism development with environmental protection through policies such as carrying capacity management, low-emission transportation, and green investment. This study provides empirical evidence to support sustainable tourism policies that balance economic growth and environmental preservation in Indonesia’s DPSP.
Hak Cipta (c) 2026 Rinda Desanty Vikawati, Endah Saptutyningsih, Diah Setyawati Dewanti (Author) https://creativecommons.org/licenses/by/4.0
PENGARUH AI-DRIVEN PERSONALIZATION DAN CHATBOT TERHADAP PURCHASE INTENTION GEN-Z MELALUI PERCEIVED USEFULNESS DAN PERCEIVED TRUST
Penelitian ini menganalisis pengaruh personalisasi berbasis AI dan chatbot terhadap niat beli melalui persepsi kegunaan dan persepsi kepercayaan pada pengguna Shopee Generasi Z di Kabupaten Karanganyar. Sampel ditentukan menggunakan teknik purposive sampling sebanyak 145 responden berdasarkan rumus Hair. Data dikumpulkan melalui kuesioner berskala Likert dan dianalisis menggunakan PLS-SEM dengan SmartPLS 4. Hasil penelitian menunjukkan bahwa personalisasi berbasis AI berpengaruh signifikan terhadap persepsi kegunaan dan niat beli, tetapi tidak signifikan terhadap persepsi kepercayaan. Chatbot berpengaruh signifikan terhadap persepsi kepercayaan dan niat beli, tetapi tidak signifikan terhadap persepsi kegunaan. Persepsi kegunaan dan persepsi kepercayaan keduanya berpengaruh signifikan terhadap niat beli. Pada uji mediasi, persepsi kegunaan terbukti memediasi pengaruh personalisasi berbasis AI terhadap niat beli, tetapi tidak memediasi pengaruh chatbot. Persepsi kepercayaan terbukti sebagai mediator penuh pengaruh chatbot terhadap niat beli, tetapi tidak memediasi pengaruh personalisasi berbasis AI. Temuan ini mengonfirmasi bahwa personalisasi berbasis AI meningkatkan niat beli melalui jalur kegunaan yang dirasakan, sementara chatbot bekerja melalui pembentukan kepercayaan pada Generasi Z pengguna Shopee di Kabupaten Karanganyar. This study analyzes the effect of AI-based personalization and chatbots on purchase intention through perceived usefulness and perceived trust among Generation Z Shopee users in Karanganyar Regency. The sample was determined using a purposive sampling technique of 145 respondents based on the Hair formula. Data were collected through a Likert-scale questionnaire and analyzed using PLS-SEM with SmartPLS 4. The results showed that AI-based personalization significantly influenced perceived usefulness and purchase intention, but not significantly on perceived trust. Chatbots significantly influenced perceived trust and purchase intention, but not significantly on perceived usefulness. Perceived usefulness and perceived trust both significantly influenced purchase intention. In the mediation test, perceived usefulness was shown to mediate the effect of AI-based personalization on purchase intention, but did not mediate the effect of chatbots. Perceived trust was shown to be a full mediator of the effect of chatbots on purchase intention, but did not mediate the effect of AI-based personalization. These findings confirm that AI-based personalization increases purchase intention through perceived usefulness, while chatbots work through building trust in Generation Z Shopee users in Karanganyar Regency.
Hak Cipta (c) 2026 Alexander Mario Retto Djong, Matius Miki (Author) https://creativecommons.org/licenses/by/4.0
PENGARUH STRATEGI PROMOSI DIGITAL SKINCARE CAMILLE PADA EVENT TANGGAL KEMBAR TIKTOK SHOP TERHADAP KEPUTUSAN PEMBELIAN
Penelitian ini bertujuan menganalisis pengaruh konten digital, live streaming, flash sale, dan gratis ongkir terhadap keputusan pembelian produk skincare Camille Beauty di platform Tiktok Shop selama event tanggal kembar di Yogyakarta. Penelitian menggunakan pendekatan kuantitatif dengan metode survei terhadap 130 responden yang dipilih melalui teknik purposive sampling, yaitu konsumen yang pernah membeli produk Camille Beauty melalui Tiktok Shop saat event tanggal kembar. Data dianalisis menggunakan Structural Equation Modeling (SEM) berbasis Partial Least Square (PLS). Hasil penelitian menunjukkan bahwa konten digital, flash sale, dan gratis ongkir berpengaruh positif dan signifikan terhadap keputusan pembelian konsumen. Sementara itu, live streaming tidak memberikan pengaruh signifikan dalam penelitian ini. Temuan tersebut menunjukkan bahwa strategi promosi yang memberikan keuntungan ekonomi langsung, didukung konten yang informatif dan persuasif, lebih efektif dalam meningkatkan keputusan pembelian pada social commerce. Penelitian ini diharapkan menjadi referensi bagi pelaku usaha dalam mengoptimalkan fitur Tiktok Shop guna meningkatkan penjualan produk lokal secara lebih tepat sasaran. This research aims to analyse the influence of digital content, live streaming, flash sales, and free delivery on purchasing decisions for Camille Beauty skincare products on the Tiktok Shop platform during the ‘twin-date’ event in Yogyakarta. The study employs a quantitative approach using a survey method involving 130 respondents selected via purposive sampling; specifically, consumers who had previously purchased Camille Beauty products via Tiktok Shop during the ‘twin-date’ event. Data were analysed using Partial Least Squares (PLS)-based Structural Equation Modelling (SEM). The results indicate that digital content, flash sales, and free delivery have a positive and significant influence on consumer purchasing decisions. Meanwhile, live streaming did not have a significant influence in this study. These findings suggest that promotional strategies offering direct economic benefits, supported by informative and persuasive content, are more effective in enhancing purchasing decisions within social commerce. This study is intended to serve as a reference for businesses in optimising Tiktok Shop features to boost sales of local products in a more targeted manner.
Hak Cipta (c) 2026 Dwi Puspa Rini, Rr. Eko Giyartiningrum (Author) https://creativecommons.org/licenses/by/4.0
KELAYAKAN PASAR WISATA ALAM BANYUBIRU BERDASARKAN DAYA TARIK DAN PREFERENSI PENGUNJUNG SEBAGAI STRATEGI PENGEMBANGAN BERKELANJUTAN
Tiga tahun terakhir, seiring dengan perubahan gaya hidup dan preferensi wisatawan, wisata alam mengalami peningkatan minat yang signifikan. Penelitian ini bertujuan untuk menganalisis kelayakan pasar wisata alam Banyubiru berdasarkan potensi daya tarik wisata dan preferensi pengunjung sebagai dasar perumusan strategi pengembangan destinasi berbasis pasar. studi ini menggunakan pendekatan kuantitatif dengan desain penelitian eksplanatori. Data dikumpulkan melalui kuesioner kepada 103 responden. Analisis data dilakukan menggunakan regresi linear berganda untuk menguji pengaruh potensi daya tarik wisata dan preferensi pengunjung terhadap kelayakan pasar. Hasil penelitian menunjukkan bahwa potensi daya tarik wisata berpengaruh positif dan signifikan terhadap kelayakan pasar. Preferensi pengunjung juga berpengaruh positif dan signifikan terhadap kelayakan pasar. Temuan ini menunjukkan bahwa kelayakan pasar destinasi secara dominan ditentukan oleh kualitas daya tarik wisata dan kesesuaian dengan preferensi pengunjung. Kontribusi teoritis penelitian ini terletak pada penguatan konsep kelayakan pasar sebagai landasan pengembangan destinasi wisata alam dengan mengintegrasikan potensi daya tarik dan preferensi pengunjung. In the past three years, along with changes in lifestyles and tourist preferences, nature tourism has experienced a significant increase in interest. This study aims to analyze the feasibility of the Banyubiru nature tourism market based on the potential of tourist attractions and visitor preferences as a basis for formulating a market-based destination development strategy. This study uses a quantitative approach with an explanatory research design. Data were collected through questionnaires from 103 respondents. Data analysis was conducted using multiple linear regression to test the influence of potential tourist attractions and visitor preferences on market feasibility. The results show that potential tourist attractions have a positive and significant effect on market feasibility. Visitor preferences also have a positive and significant effect on market feasibility. These findings indicate that the market feasibility of a destination is predominantly determined by the quality of tourist attractions and their suitability to visitor preferences. The theoretical contribution of this study lies in strengthening the concept of market feasibility as a basis for developing nature tourism destinations by integrating potential attractions and visitor preferences.
Hak Cipta (c) 2026 Churin In, Nunuk Indarti, Risna Nur Ainia (Author) https://creativecommons.org/licenses/by/4.0
ANALISIS PROFITABILITAS, LIKUIDITAS, SOLVABILITAS DAN HARGA SAHAM DENGAN KEBIJAKAN DIVIDEN SEBAGAI PEMODERASI PADA SUBSEKTOR PERBANKAN
Penelitian ini bertujuan untuk menganalisis pengaruh profitabilitas, likuiditas, dan solvabilitas terhadap harga saham dengan kebijakan dividen sebagai variabel moderasi pada perusahaan subsektor perbankan yang terdaftar di Bursa Efek Indonesia periode 2019–2023. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder dari laporan keuangan tahunan perusahaan. Sampel terdiri dari 12 perusahaan perbankan yang dipilih melalui teknik purposive sampling. Variabel independen mencakup profitabilitas (diukur dengan Return on Asset), likuiditas (Current Ratio), dan solvabilitas (Debt to Equity Ratio), sedangkan variabel dependen adalah harga saham dan variabel moderasi adalah kebijakan dividen (Dividend Payout Ratio). Analisis data dilakukan dengan regresi moderasi menggunakan perangkat lunak SPSS. Hasil penelitian menunjukkan bahwa profitabilitas berpengaruh positif dan signifikan terhadap harga saham, likuiditas berpengaruh negatif dan signifikan, sementara solvabilitas tidak berpengaruh signifikan. Kebijakan dividen tidak memoderasi hubungan antara profitabilitas, likuiditas, maupun solvabilitas dengan harga saham secara signifikan. Temuan ini memberikan wawasan bagi investor dalam mempertimbangkan faktor profitabilitas dan likuiditas pada pengambilan keputusan investasi, serta implikasi bagi perusahaan perbankan untuk mengoptimalkan kebijakan dividen guna memengaruhi persepsi investor terhadap harga saham. This study aims to analyze the effect of profitability, liquidity, and solvency on stock prices with dividend policy as a moderating variable in banking subsector companies listed on the Indonesia Stock Exchange for the 2019–2023 period. The study uses a quantitative approach with secondary data from the companies' annual financial reports. The sample consists of 12 banking companies selected through a purposive sampling technique. The independent variables include profitability (measured by Return on Assets), liquidity (Current Ratio), and solvency (Debt to Equity Ratio), while the dependent variable is stock price and the moderating variable is dividend policy (Dividend Payout Ratio). Data analysis was performed using moderated regression using SPSS software. The results show that profitability has a positive and significant effect on stock prices, liquidity has a negative and significant effect, while solvency has no significant effect. Dividend policy does not significantly moderate the relationship between profitability, liquidity, or solvency with stock prices. These findings provide insights for investors in considering profitability and liquidity factors in investment decision-making, as well as implications for banking companies in optimizing dividend policies to influence investor perceptions of stock prices.
Hak Cipta (c) 2026 I Gede Surya Mayun Dharma Yudha, Ni Nyoman Ayu Diantini (Author) https://creativecommons.org/licenses/by/4.0
PENGARUH PROFITABILITAS PADA NILAI PERUSAHAAN DENGAN OPERATING CASH FLOW SEBAGAI PEMODERASI
Nilai perusahaan termasuk indikator penting dalam menilai keberhasilan perusahaan karena dapat memperlihatkan kinerja keuangan dalam mengelola sumber daya sekaligus menunjukkan efektivitas manajemen untuk mencapai tujuan perusahaannya. Tujuan penelitian ini yaitu menguji pengaruh profitabilitas pada nilai perusahaan serta peran operating cash flow sebagai variabel pemoderasi, dan firm size yang dioperasikan sebagai variabel kontrol. Perusahaan sektor non-keuangan yang terdaftar di Bursa Efek Indonesia pada periode 2021 sampai dengan 2024 menjadi amatan pada penelitian ini. Sampel penelitian diperoleh melalui metode purposive sampling yang menghasilkan 1.009 observasi. Analisis data yang digunakan dengan bantuan program SPSS dengan metode Moderated Regression Analysis (MRA). Hasil penelitian menunjukkan bahwa profitabilitas berpengaruh positif dan signifikan pada nilai perusahaan. Temuan kedua menemukan bahwa operating cash flow memperlemah pengaruh profitabilitas pada nilai perusahaan. Implikasi teoritis penelitian ini adalah mampu mengonfirmasi teori sinyal berdasarkan hasil uji hipotesis yang dilakukan. Implikasi praktis penelitian ini yaitu memberikan informasi kepada perusahaan dan investor mengenai faktor yang dapat mempengaruhi nilai perusahaan. Firm value is a key indicator in assessing a company’s success because it reflects financial performance in managing resources while demonstrating management’s effectiveness in achieving the company’s objectives. The objective of this study is to examine the effect of profitability on enterprise value, with operating cash flow serving as a moderating variable and firm size as a control variable. Non-financial sector companies listed on the Indonesia Stock Exchange from 2021 to 2024 were the focus of this study. The research sample was obtained through purposive sampling, yielding 1,009 observations. Data analysis was conducted using SPSS software with the Moderated Regression Analysis (MRA) method. The results indicate that profitability has a positive and significant effect on firm value. The second finding revealed that operating cash flow moderates the effect of profitability on firm value. The theoretical implication of this study is that it confirms signaling theory based on the results of the hypothesis tests conducted. The practical implication of this study is that it provides information to companies and investors regarding factors that can influence firm value.
Hak Cipta (c) 2026 Diana Duwi Ariyanti, Made Gede Wirakusuma (Author) https://creativecommons.org/licenses/by/4.0
ENERGY PRICE SHOCKS AND BANKING LIQUIDITY: EVIDENCE FROM MONETARY TRANSMISSION DYNAMICS IN INDONESIA
This study investigates the integrated monetary transmission mechanism in Indonesia by linking external shocks, inflation dynamics, monetary policy instruments, and banking liquidity within a unified (VECM) Vector Error Correction Model framework. Using monthly data as of 2018 to 2024, the analysis incorporates exchange rate movements, money supply, and fuel prices as determinants of inflation, while examining the role of inflation in shaping policy responses through Minimum Reserve Requirements (GWM) and the BI 7-Day Repo Rate (BI7DRR), and their subsequent impact on the Loan-to-Deposit Ratio (LDR). The results indicate that fuel price shocks exert a significant and persistent long-run impact on inflation, which subsequently influences monetary tightening. Interest rate adjustments significantly reduce banking liquidity in both the short and long run, while reserve requirements serve as a complementary stabilization instrument. The conclusion emphasizes the prominence of energy-driven inflation in transmitting macroeconomic shocks to banking intermediation and financial stability in emerging economies.
Hak Cipta (c) 2026 Agni Prajna Yadi, Alif Dewantara, Arif Dwi Hartanto, Nova Velinda Fitri (Author) https://creativecommons.org/licenses/by/4.0
THE INFLUENCE OF DJIA, BRENT CRUDE OIL PRICES, AND HSI ON THE INDONESIA COMPOSITE INDEX
The integration of global financial markets has increased the influence of international indicators on domestic stock markets. This study analyzes the effect of the Dow Jones Industrial Average (DJIA), Brent Crude Oil Price (BCOP), and Hang Seng Index (HSI) on the Indonesia Composite Index (IHSG) during January 2020–December 2024. A quantitative approach is used with monthly secondary data and analyzed using the Error Correction Model (ECM) to capture both short-run and long-run relationships. The results show that in the long run, DJIA and BCOP have a positive and significant effect on IHSG, while HSI has a negative and significant effect. In the short run, DJIA and BCOP remain significant, whereas HSI is not significant. The Error Correction Term (ECT) is significant, indicating long-run equilibrium. These findings highlight the importance of global financial indicators in influencing IHSG movements and provide insights for investors and policymakers.
Hak Cipta (c) 2026 Ester Mellysa Putri, Jojok Dwiridotjahjono (Author) https://creativecommons.org/licenses/by/4.0
ANALISIS INTERDEPENDENSI NILAI IMPOR MIGAS, CADANGAN DEVISA, KURS, INFLASI DAN BI RATE DI INDONESIA
Penelitian ini menganalisis interdependensi antara nilai impor migas, cadangan devisa, kurs, inflasi, dan BI Rate di Indonesia menggunakan pendekatan Vector Autoregressive (VAR). Data bulanan Januari 2009 hingga Desember 2024 dianalisis melalui uji kausalitas Granger dan estimasi VECM. Hasil penelitian menunjukkan bahwa Kurs dan BI Rate berpengaruh satu arah terhadap impor migas, cadangan devisa berpengaruh satu arah terhadap BI Rate, serta terdapat hubungan dua arah antara kurs dan BI Rate. Adapun hubungan antara impor migas dengan cadangan devisa dan inflasi tidak terbukti signifikan secara statistik. Dalam jangka panjang, inflasi berpengaruh positif signifikan terhadap impor migas secara statistik. Simpulan penelitian menegaskan bahwa pengelolaan impor migas lebih efektif melalui kebijakan struktural sektor energi. Implikasi kebijakan menekankan pentingnya koordinasi kebijakan fiskal-moneter serta penguatan instrumen stabilisasi cadangan devisa dan kebijakan harga energi yang adaptif terhadap guncangan eksternal. This study analyzes the interdependencies between oil and gas imports, foreign exchange reserves, exchange rates, inflation, and the BI Rate in Indonesia using the Vector Autoregressive (VAR) approach. Monthly data from January 2009 to December 2024 are analyzed through Granger causality tests and VECM estimation. The results show that the exchange rate and BI Rate have a one-way influence on oil and gas imports, foreign exchange reserves have a one-way influence on the BI Rate, and there is a two-way relationship between the exchange rate and the BI Rate. Meanwhile, relationships between oil and gas imports with foreign exchange reserves and inflation are not statistically significant. In the long run, inflation has statistically significant positive effect on oil and gas imports. The study concludes that managing oil and gas imports is more effectively achieved through structural policies in the energy sector. Policy implications emphasize the importance of fiscal-monetary policy coordination and strengthening foreign exchange reserve stabilization instruments and adaptive energy pricing policies.
Hak Cipta (c) 2026 Gresia Septina Sitohang, Joko Suharianto (Author) https://creativecommons.org/licenses/by/4.0
LABOR MARKET PARTICIPATION STATUS AMONG INDONESIAN MILLENNIALS: A MULTINOMIAL LOGIT APPROACH
Penelitian ini mengkaji penentu status ketenagakerjaan di kalangan milenial Indonesia (lahir 1981-1996) menggunakan regresi logistik multinomial pada data Sakernas Agustus 2020 (N = 236.253) yang dikumpulkan selama Pandemi Covid 19, dengan pengangguran sebagai kategori acuan. Hasil menunjukkan bahwa setiap tahun tambahan pendidikan yang diselesaikan meningkatkan probabilitas pekerjaan formal sekitar 1,9 persen dan mengurangi probabilitas pengangguran sebesar 0,4 persen. Laki-laki memiliki probabilitas 11,5 persen lebih tinggi untuk pekerjaan informal daripada perempuan. Partisipasi pelatihan bersertifikat meningkatkan probabilitas kerja formal sebesar 10,5 persen. Khususnya, penerima Kartu Prakerja menunjukkan probabilitas kerja formal 4,4 persen lebih tinggi (p = 0,014), meskipun efek pada pengangguran dan pekerjaan informal secara statistik tidak signifikan. Temuan menunjukkan bahwa pendidikan, pelatihan, dan program pemerintah yang ditargetkan sangat penting untuk meningkatkan akses pasar tenaga kerja formal bagi milenial Indonesia. This study examines determinants of employment status among Indonesian millennials (born 1981-1996) using multinomial logistic regression on Sakernas August 2020 data (N = 236,253) collected during The Covid 19 Pandemic, with unemployment as the reference category. Results indicate that each additional year of completed education increases the probability of formal employment by approximately 1.9 percent and reduces unemployment probability by 0.4 percent. Males have a 11.5 percent higher probability of informal employment than females. Certified training participation raises formal employment probability by 10.5 percent. Notably, Pre-Employment Card (Kartu Prakerja) recipients show 4.4 percent higher formal employment probability (p = 0.014), though effects on unemployment and informal employment are statistically insignificant. Findings suggest that education, training, and targeted government programs are central to improving formal labor market access for Indonesian millennials.
Hak Cipta (c) 2026 Kukuh Arisetyawan, Nila Aristia Wijaya (Author) https://creativecommons.org/licenses/by/4.0
RESPONS DINAMIS SEKTOR KEUANGAN DAN SEKTOR RIIL INDONESIA TERHADAP GUNCANGAN KETIDAKPASTIAN KEBIJAKAN PERDAGANGAN AS-TIONGKOK
Penelitian ini dilatarbelakangi oleh transisi menuju slowbalisation akibat ketidakpastian kebijakan perdagangan Amerika Serikat (AS) dan Tiongkok. Studi ini bertujuan menganalisis respons dan kontribusi guncangan tersebut terhadap sektor keuangan (IHSG, Nilai Tukar) dan sektor riil (FDI, Ekspor) Indonesia menggunakan Structural Vector Autoregression (SVAR) periode Januari 2004 hingga Desember 2024. Hasil penelitian mengungkapkan respons asimetris: guncangan Tiongkok memberikan keuntungan substitusi (trade diversion) yang positif bagi ekspor dan memicu apresiasi Rupiah, namun menekan IHSG lebih persisten serta memicu penundaan investasi asing (wait-and-see). Sebaliknya, guncangan AS menekan ekspor dalam jangka panjang meski dampaknya pada pasar keuangan bersifat sementara. Dekomposisi varians menegaskan bahwa fluktuasi ekspor didominasi guncangan AS, sedangkan volatilitas FDI, Rupiah, dan IHSG jauh lebih sensitif terhadap sentimen regional Tiongkok. Disimpulkan bahwa ketidakpastian AS mendisrupsi jalur permintaan global, sementara ketidakpastian Tiongkok mendominasi risiko investasi dan pasar keuangan domestik. Implikasinya, pemerintah perlu memperkuat stabilisasi pasar keuangan guna memitigasi risiko aliran modal portofolio, sembari mengoptimalkan peluang pengalihan perdagangan dari pergeseran rantai pasok global. This study is motivated by the transition to slowbalisation due to uncertainty surrounding the trade policies of the United States (US) and China. This study aims to analyze the response and contribution of these shocks to Indonesia's financial sector (IHSG, Exchange Rate) and real sector (FDI, Exports) using Structural Vector Autoregression (SVAR) for the period January 2004 to December 2024. The results reveal an asymmetric response: Chinese shocks provide positive trade diversion benefits for exports and trigger Rupiah appreciation, but exert a more persistent downward pressure on the IHSG and trigger a wait-and-see attitude among foreign investors. Conversely, US shocks exert a downward pressure on exports in the long term, although their impact on financial markets is temporary. Variance decomposition confirms that export fluctuations are dominated by US shocks, while FDI, Rupiah, and IHSG volatility are far more sensitive to regional sentiment in China. It is concluded that US uncertainty disrupts global demand channels, while Chinese uncertainty dominates domestic investment and financial market risks. As a result, the government needs to strengthen financial market stabilization to mitigate the risk of portfolio capital flows, while optimizing opportunities for trade diversion from shifts in the global supply chain.
Hak Cipta (c) 2026 Frido Evindey Manihuruk, Dr. Muhammad Bukhori Dalimunthe, S.Pd., M.Si. M.Pd. (Author) https://creativecommons.org/licenses/by/4.0
PENGARUH PENERAPAN GREEN ACCOUNTING DAN TAX AVOIDANCE TERHADAP PROFITABILITAS PADA PERUSAHAAN PROPERTY DAN REAL ESTATE
Hak Cipta (c) 2026 Putri Anggraeny, Meidy Lieke Karundeng, James Sylvanus Ulyreke (Author) https://creativecommons.org/licenses/by/4.0
PENGARUH KOMPETENSI DAN SKEPTISISME PROFESIONAL TERHADAP KEMAMPUAN AUDITOR MENDETEKSI KECURANGAN DENGAN BEBAN KERJA SEBAGAI PEMODERASI
Auditor memainkan fungsi krusial dalam menjamin bahwa laporan keuangan sebuah perusahaan mampu menghasilkan informasi finansial yang akurat, terpercaya, dan berguna untuk berbagai pihak terkait. Meskipun begitu, walaupun audit sudah dilaksanakan, insiden penipuan dalam dokumen keuangan masih kerap terjadi. Penelitian ini dibuat untuk mengevaluasi secara praktis dampak kemahiran auditor serta sikap skeptis profesionalnya pada efektivitas mereka dalam mengidentifikasi penipuan, di mana volume tugas bertindak sebagai pemoderasi. Lokasi riset berada di Kantor Akuntan Publik yang terletak di Provinsi Bali, dengan menggunakan metode purposive sampling, dan melibatkan sebanyak 73 partisipan. Data dikumpulkan lewat distribusi kuesioner secara tatap muka, kemudian diproses dengan teknik moderated regression analysis (MRA). Temuan studi menunjukkan bahwa kompetensi auditor memberikan dampak positif pada kemampuannya menemukan kecurangan, sementara skeptisisme profesional tidak memberikan pengaruh yang signifikan. Selain itu, beban kerja terbukti memperlemah pengaruh kompetensi terhadap kemampuan deteksi kecurangan, namun, tidak berperan dalam memoderasi hubungan antara sikap skeptis dan kemampuan deteksi kecurangan. Hasil akhir penelitian mengindikasikan bahwa mempertahankan keseimbangan beban kerja serta meningkatkan kompetensi auditor merupakan aspek penting untuk menjaga keefektifan dalam mendeteksi kecurangan. Auditors play a crucial role in ensuring that a company's financial reports can deliver accurate, reliable, and valuable financial information to all relevant stakeholders. Despite this, even after audits are conducted, instances of fraud in financial documents continue to occur frequently. This study was designed to empirically assess the impact of auditors' proficiency and their professional skepticism on their ability to identify fraudulent activities, with workload acting as a moderating factor. The research was carried out at Public Accounting Offices in Bali Province, employing purposive sampling methods and involving a total of 73 respondents. Data collection involved distributing questionnaires in person, which were then analyzed using moderated regression analysis (MRA). The findings reveal that proficiency exerts a positive influence on auditors' capacity to detect fraud, whereas professional skepticism does not show a significant effect. Furthermore, workload is proven to weaken the influence of proficiency on the ability to detect fraud, but it does not moderate the relationship between professional skepticism and auditors' fraud detection capabilities. Ultimately, the research outcomes suggest that maintaining a balanced workload and enhancing auditors' proficiency are essential elements to preserve the effectiveness of fraud detection.
Hak Cipta (c) 2026 Ni Kadek Dwi Lestari, Made Gede Wirakusuma (Author) https://creativecommons.org/licenses/by/4.0
PERAN KEPUASAN PENGUNJUNG DALAM MEMEDIASI AKSESIBILITAS TERHADAP REVISIT INTENTION PADA NICOLE’S RIVER PARK KABUPATEN BOGOR
Meningkatkan kualitas pengalaman wisatawan sangat penting untuk menjaga daya saing destinasi, terutama ketika persaingan semakin ketat dan kebutuhan akan pariwisata berkelanjutan semakin meningkat. Aksesibilitas dan kepuasan pengunjung merupakan faktor utama yang membentuk loyalitas wisatawan, yang terutama tercermin melalui revisit intention. Penelitian ini meneliti peran mediasi kepuasan pengunjung dalam hubungan antara aksesibilitas dan revisit intention di Nicole’s River Park, Bogor. Dengan metode kuantitatif dan 100 responden yang dipilih secara purposive, analisis jalur digunakan untuk menguji pengaruh langsung maupun tidak langsung. Hasil penelitian menunjukkan bahwa aksesibilitas berpengaruh positif dan signifikan terhadap kepuasan pengunjung dan revisit intention. Selain itu, kepuasan pengunjung memediasi hubungan antara aksesibilitas dan revisit intention. Hasil penelitian ini menegaskan bahwa peningkatan aksesibilitas dapat meningkatkan kenyamanan dan pengalaman keseluruhan wisatawan, sehingga memperkuat keinginan melakukan revisit intention. Pengelola destinasi perlu menerapkan strategi yang terintegrasi dan berkelanjutan untuk meningkatkan aksesibilitas dan kepuasan, guna memastikan Nicole’s River Park tetap kompetitif sebagai destinasi wisata unggulan di Kabupaten Bogor. Improving the quality of tourist experiences is vital for maintaining destination competitiveness, especially as competition intensifies and the demand for sustainable tourism increases. Accessibility and visitor satisfaction are key factors that shape tourist loyalty, primarily reflected in their intention to return. This study investigates the mediating role of visitor satisfaction in the relationship between accessibility and revisit intention at Nicole’s River Park in Bogor Regency. Using a quantitative method with 100 purposively selected respondents, path analysis was conducted to examine both direct and indirect effects. The results reveal that accessibility significantly and positively influences both visitor satisfaction and revisit intention. Furthermore, visitor satisfaction mediates the relationship between accessibility and revisit intention. These findings emphasize that enhanced accessibility can improve visitor comfort and overall experience, thereby strengthening their desire to revisit. Consequently, destination managers should adopt integrated and sustainable strategies to improve accessibility and satisfaction, ensuring that Nicole’s River Park remains competitive as a leading tourist attraction in Bogor Regency.
Hak Cipta (c) 2026 Endang Silaningsih, Tini Kartini Tini, Muhammad Akhsan (Author) https://creativecommons.org/licenses/by/4.0
SISTEM MANAJEMEN LINGKUNGAN, KINERJA LINGKUNGAN, DAN PENGUNGKAPAN EMISI KARBON YANG DIMODERASI PROFITABILITAS
Penelitian ini mengkaji pengungkapan terkait emisi karbon sebagai komponen pelaporan keberlanjutan yang mana semakin menjadi topik krusial pada negara-negara berkembang, termasuk Indonesia, yang disebabkan pada peningkatan perhatian global akan isu perubahan iklim dan target Net Zero Emission 2060. Penelitian ini bertujuan untuk menilai pengaruh sistem manajemen lingkungan dan kinerja lingkungan terhadap pengungkapan emisi karbon, dengan profitabilitas sebagai pemoderasi. Analisis dilakukan pada 79 laporan keberlanjutan yang diterbitkan oleh perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia selama periode 2022–2024. Data dikumpulkan melalui teknik dokumentasi dan dianalisis menggunakan Moderated Regression Analysis (MRA) dengan bantuan perangkat lunak SPSS. Hasil penelitian menunjukkan bahwa sistem manajemen lingkungan dan kinerja lingkungan memiliki pengaruh positif terhadap pengungkapan emisi karbon, sejalan dengan teori legitimasi. Namun, profitabilitas tidak mampu memoderasi pengaruh sistem manajemen lingkungan maupun kinerja lingkungan terhadap pengungkapan emisi karbon. Temuan ini mengindikasikan bahwa komitmen perusahaan terhadap praktik lingkungan dan transparansi informasi keberlanjutan tetap menjadi faktor utama dalam pengungkapan emisi karbon, terlepas dari tingkat keuntungan yang dihasilkan perusahaan. This research investigates carbon emissions disclosure as an integral aspect of sustainability reporting which has increasingly become a crucial topic in developing countries, including Indonesia, driven by the growing global attention to climate change issues and the Net Zero Emission 2060 target. The research goals to assess the impact of environmental management systems and environmental performance on carbon emissions disclosure, with profitability serving as a moderating variable. The investigation analyzed 79 sustainability reports from energy sector firms listed on the Indonesia Stock Exchange between 2022-2024. Data collection relied on documentation methods, followed by analysis via moderated regression analysis facilitated by SPSS software. The findings demonstrate environmental management systems and environmental performance positively affect carbon emissions disclosure, consistent with legitimacy theory. However, profitability does not moderate the influence of environmental management systems and environmental performance on carbon emissions disclosure. These findings indicate that a company’s commitment to environmental practices and sustainability information transparency remains a key factor in carbon emissions disclosure, regardless of the level of profit generated by the company.
Hak Cipta (c) 2026 Anak Agung Sagung Diah Saraswaty, I Gusti Ayu Nyoman Budiasih (Author) https://creativecommons.org/licenses/by/4.0
OVERREACTION TERHADAP PENGUMUMAN PELUNCURAN INDEKS DI BURSA EFEK INDONESIA
Harga saham tidak selalu mencerminkan nilai fundamental perusahaan dan investor seringkali irasional karena dapat dipengaruhi oleh faktor psikologis, emosi dan bias pribadi dalam mengambil keputusan investasi. Penelitian ini merupakan studi peristiwa untuk menguji fenomena overreaction terhadap kandungan informasi terhadap pengumumuman peluncuran indeks di Bursa Efek Indonesia, yaitu IDXESGL, IDXHIDIV20, dan IDXLQ45LCL. Analisis terhadap fenomena overreaction sebagai informasi penting yang dapat membantu investor agar dapat terhindar dari keputusan investasi yang kurang tepat. Penelitian ini menggunakan pendekatan studi peristiwa, dengan menganalisis abnormal return di periode seputar pengumuman (event window), yaitu 5 sampai dengan 10 hari sebelum maupun sesudah hari pengumuman peluncuran dari setiap indeks. Data yang dikumpulkan meliputi harga saham individual yang terdaftar pada masing-masing indeks, indeks harga pasar, dan suku bunga bebas risiko (BI rate) secara terus menerus selama periode estimasi dan event window. Uji variabel menggunakan uji statistik parametrik yaitu one sample t-test dan paired sample test untuk data yang berdistribusi normal, dan uji non-parametrik untuk data yang berdistribusi tidak normal. Hasil penelitian menunjukkan bahwa reaksi pasar bervariasi dalam merespon pengumuman peluncuran indeks baru di Bursa Efek Indonesia, overreaction terjadi pada pengumuman peluncuran indeks ESG Leaders (ESGL) dan LQ45 Low Carbon Leaders (LQ45LCL), dan tidak terjadi pada indeks HIDIV20. Penelitian ini berkontribusi terhadap literatur keuangan dengan menyajikan bukti empiris mengenai keberadaan fenomena overreaction di pasar modal Indonesia, yang mencerminkan karakteristik pasar dengan tingkat efisiensi bentuk lemah. Stock prices do not always reflect a company's fundamental value, and investors are often irrational due to the influence of psychological factors, emotions, and personal biases in making investment decisions. This study is an event study aimed at examining the phenomenon of overreaction to the informational content of index launch announcements on the Indonesia Stock Exchange, specifically the IDXESGL, IDXHIDIV20, and IDXLQ45LCL. The analysis of overreaction is considered important information that can help investors avoid making poor investment decisions. This research employs an event study approach by analyzing abnormal returns during the period surrounding the announcements (event window) specifically, 5 to 10 days before and after the event date of each index launch. The data collected include individual stock prices listed in each respective index, the overall market index, and the risk-free interest rate (BI rate), continuously observed during the estimation period and the event window. Statistical testing of variables uses parametric tests such as the one-sample t-test and paired sample t-test for normally distributed data, and non-parametric tests for non-normally distributed data. The results show that market reactions vary in response to the launch announcements of new indices on the Indonesia Stock Exchange, Overreaction was observed in the announcements of the ESG Leaders (IDXESGL) and LQ45 Low Carbon Leaders (IDXLQ45LCL) indices, but not in the HIDIV20 index. This research contributes to the financial literature by providing empirical evidence of overreaction in Indonesia capital market which reflects the characteristics of the weak-form market efficiency.
Hak Cipta (c) 2026 G. A. Sri Oktaryani, Iwan Kusmayadi, Muhammad Ahyar, Annisa Cahaya Maharani Lombok Prihatini (Author) https://creativecommons.org/licenses/by/4.0
DINAMIKA INTERDEPENDENSI PADA KAUSALITAS PERTUMBUHAN EKONOMI DAN NERACA PEMBAYARAN INDONESIA
Penelitian ini bertujuan menganalisis dinamika interdependensi antara pertumbuhan ekonomi dan neraca pembayaran Indonesia periode 1980-2024. Sumber data berasal dari Badan Pusat Statistik dan Bank Dunia. Metode analisis yang digunakan adalah Granger Causality dan Kointegrasi Johansen dengan uji stabilitas model. Hasil menunjukkan hubungan kausal satu arah dari pertumbuhan ekonomi terhadap neraca pembayaran Indonesia dalam jangka pendek, serta hubungan kointegrasi inverse atau negatif dalam jangka panjang dimana peningkatan 1 persen pertumbuhan ekonomi berasosiasi dengan penurunan neraca pembayaran Indonesia. Dalam jangka panjang, terdapat temuan berupa mekanisme koreksi error untuk dapat kembali ke ekuilibrium sebesar 9,86 persen per tahun. Temuan pada penelitian ini mengindikasikan adanya trade-off struktural dalam model pertumbuhan ekonomi Indonesia yang masih memiliki kecenderungan pada aktivitas impor, serta merupakan refleksi paradoks antara mengejar pertumbuhan tinggi atau menjaga surplus neraca pembayaran. Penelitian ini merekomendasikan transformasi struktural ekonomi menuju model pertumbuhan ekonomi yang lebih berkelanjutan dan tidak membebani neraca pembayaran melalui kebijakan industrialisasi substitusi impor dan peningkatan ekspor bernilai tambah. This study aims to analyze the dynamics of interdependence between economic growth and Indonesia's balance of payments for the period 1980-2024. Data sources come from the Central Bureau of Statistics and the World Bank. The analytical methods used are Granger Causality and Johansen Cointegration with a model stability test. The results show a one-way causal relationship between economic growth and Indonesia's balance of payments in the short term, as well as an inverse atau negative cointegration relationship in the long term, where a 1 percentage increase in economic growth is associated with a decline in Indonesia's balance of payments. In the long term, there is a finding of an error correction mechanism to return to equilibrium at 9.86 percent per year. The findings in this study indicate a structural trade-off in Indonesia's economic growth model, which still tends to favor import activities, and reflects the paradox between pursuing high growth or maintaining a balance of payments surplus. This study recommends a structural transformation of the economy towards a more sustainable economic growth model that does not burden the balance of payments through import substitution industrialization policies and increased value-added exports.
Hak Cipta (c) 2026 Juwita Suwondo, Aris Siswati, Renaldi (Author) https://creativecommons.org/licenses/by/4.0
DETERMINAN IMPOR BARANG DI INDONESIA PERIODE 2001Q1-2024Q4: PENDEKATAN ERROR CORRECTION MODEL
Impor barang Indonesia selama periode 2001Q1-2024Q4 didominasi oleh bahan baku dan pendukung. Impor tersebut berfluktuasi akibat faktor makroekonomi, perkembangan ekonomi digital, serta dinamika perdagangan global dengan Tiongkok sebagai mitra utama. Studi ini mengungkap dampak substitusi digital domestik oleh pengguna internet, yang mengurangi impor barang. Metode yang digunakan adalah Error Correction Model (ECM), melalui periode pengamatan data kuartalan dari 2001Q1 hingga 2024Q4. Variabel yang digunakan meliputi nilai tukar, jumlah pengguna internet, PDB riil, inflasi domestik, dan inflasi Tiongkok. Hasil penelitian menunjukkan bahwa depresiasi nilai tukar, peningkatan jumlah pengguna internet, dan inflasi Tiongkok menyebabkan penurunan impor. Sementara itu, PDB riil dan inflasi domestik meningkatkan impor dalam jangka panjang. Dalam jangka pendek, terdapat efek kurva J pada nilai tukar dan front-loading pada inflasi Tiongkok. Hasil penelitian juga menunjukkan bahwa setelah terjadi guncangan, akan terjadi penyesuaian sebesar 13,38 persen per kuartal, yang memerlukan 7-8 kuartal untuk mencapai posisi keseimbangan jangka panjang. Oleh karena itu, penelitian ini merekomendasikan supaya pemerintah memperkuat kebijakan industri hibrida yang menyinkronkan orientasi ekspor (EO) dengan substitusi impor (IS), sambil memanfaatkan efek substitusi digital dan mendiversifikasi impor. Indonesia's imports during the period 2001Q1-2024Q4 were dominated by raw materials and supporting materials. These imports fluctuated due to macroeconomic factors, developments in the digital economy, and global trade dynamics with China as the main partner. This study reveals the impact of domestic digital substitution by internet users, which reduces imports of goods. The method used is the Error Correction Model (ECM), through a period of quarterly data observation from 2001Q1 to 2024Q4. The variables used include exchange rates, the number of internet users, real GDP, domestic inflation, and Chinese inflation. The results show that exchange rate depreciation, an increase in the number of internet users, and Chinese inflation cause a decline in imports. Meanwhile, real GDP and domestic inflation increase imports in the long term. In the short term, there is a J-curve effect on the exchange rate and front-loading on Chinese inflation. The results also show that after a shock, there will be an adjustment of 13.38 percent per quarter, which will take 7-8 quarters to reach a long-term equilibrium position. Therefore, this study recommends that the government strengthen its hybrid industrial policy that synchronizes export orientation (EO) with import substitution (IS), while taking advantage of the digital substitution effect and diversifying imports.
Hak Cipta (c) 2026 Nizar Alpian Pratama, Mansur Afifi (Author) https://creativecommons.org/licenses/by/4.0
DINAMIKA GREEN INNOVATION DAN ENVIRONMENTAL PERFORMANCE: PENDEKATAN RESOURCE-BASED VIEW DAN LEGITIMACY THEORY
Perkembangan isu keberlanjutan mendorong perusahaan mengintegrasikan green innovation sebagai strategi unggulan untuk meningkatkan environmental performance. Studi ini mengkaji dampak green process innovation, green product innovation, green image, serta interaksi antara green product innovation dan green image terhadap environmental performance. Berlandaskan teori RBV (Resource-Based View), green innovation dipandang sebagai kapabilitas strategis yang memperkuat daya saing berkelanjutan, sementara Legitimacy Theory menjelaskan bagaimana green image berperan dalam memperoleh dukungan serta kepercayaan pemangku kepentingan dan masyarakat. Studi ini menggunakan analisis regresi data panel melalui metode Panel EGLS (Cross-section random effects) pada 51 perusahaan sektor energi selama periode 2022-2024. Hasil studi menunjukkan green process innovation dan green image berdampak positif terhadap environmental performance. Sebaliknya, green product innovation tidak menunjukkan dampak yang signifikan sehingga belum memberikan kontribusi terhadap performa lingkungan. Temuan menarik muncul pada interaksi green product innovation dan green image berdampak negatif terhadap environmental performance. Studi ini berkontribusi teoretis terhadap literatur green innovation dan implikasi praktis bagi strategi keberlanjutan perusahaan. The development of sustainability issues has encouraged companies to integrate green innovation as a leading strategy to improve environmental performance. This study examines the impact of green process innovation, green product innovation, green image, and the interaction between green product innovation and green image on environmental performance. Based on the Resource-Based View (RBV) theory, green innovation is seen as a strategic capability that strengthens sustainable competitiveness, while Legitimacy Theory explains how green image plays a role in gaining the support and trust of stakeholders and the community. This study uses panel data regression analysis through the Panel EGLS (Cross-section random effects) method on 51 companies in the energy sector during the 2022-2024 period. The results show that green process innovation and green image have a positive impact on environmental performance. Conversely, green product innovation does not show a significant impact and therefore does not contribute to environmental performance. An interesting finding emerges from the interaction between green product innovation and green image, which has a negative impact on environmental performance. This study contributes theoretically to the literature on green innovation and has practical implications for corporate sustainability strategies.
Hak Cipta (c) 2026 Sayekti Endah Retno Meilani, Sayekti Endah Retno Meilani (Author) https://creativecommons.org/licenses/by/4.0
ESTIMATION OF ECONOMIC LOSSES TO THE COMMUNITY AS A RESULT OF BATIK WASTE POLLUTION
This study aims to estimate the total economic losses caused by batik waste pollution and identify the factors that Influence it. This study uses a quantitative approach, combining cost of illness (COI) and replacement cost (RC) to estimate the value of economic losses, and multiple linear regression to identify factors that influence economic losses. Primary data were collected through interviews with 35 respondents within a 100-meter radius of the polluted river who had used river water. The results showed that the total economic loss reached IDR 1,539,255/month, with an average loss of IDR 114,807/household/month. The factors that had a significant positive effect on economic loss were length of stay and income. The longer the length of stay, the greater the economic loss, and the higher the income, the greater the economic loss. Meanwhile, the variables of family dependents and distance from home had a significant negative effect; the more family dependents, the greater the economic loss, and the farther the distance from home, the lower the economic loss. This study emphasises the importance of integrated batik waste management as the basis for formulating sustainable environmental policies.
Hak Cipta (c) 2026 Miadatul Abdiyah, Norita Vibriyanto (Penulis) https://creativecommons.org/licenses/by/4.0
THE ROLE OF MOTIVATION, COMMUNICATION, AND WORK STRESS ON EMPLOYEE JOB SATISFACTION
This study aims to analyze and provide empirical evidence regarding the influence of motivation, communication, and work stress on employee job satisfaction at CV Wiflas Putra Semarang. The variables of motivation, communication, and work stress are designated as independent variables, while job satisfaction is the dependent variable. Data collection was conducted through the distribution of a Google Forms-based questionnaire to the company's employees. The sampling technique used was purposive random sampling with a total of 100 respondents. The analysis method used is a quantitative approach with multiple linear regression. The results show that motivation and communication have a positive and significant effect on employee job satisfaction. Meanwhile, work stress is still at a manageable level, although it does not show an effect on job satisfaction. Simultaneously, motivation, communication, and work stress influence employee job satisfaction, with motivation being the most dominant variable. These findings suggest that the management of CV Wiflas Putra Semarang needs to strengthen its work motivation program through a reward system, career development opportunities, and constructive performance feedback. Furthermore, management needs to establish a more open, structured, and two-way internal communication pattern to minimize miscommunication and increase employee engagement. Workplace stress management also needs to be implemented through workload management, role clarity, and a supportive work environment to ensure stress levels remain within productive limits, thereby maintaining and improving employee job satisfaction.
Hak Cipta (c) 2026 Abdul Khafid, Eka Kurnia Patmasari (Penulis) https://creativecommons.org/licenses/by/4.0
FAKTOR-FAKTOR YANG MEMENGARUHI BEHAVIORAL INTENTION PADA KONSUMEN HAIDILAO DI INDONESIA
Penelitian ini memiliki tujuan utama untuk menguji dan menganalisis secara mendalam pengaruh dari beberapa variabel penting, yaitu customer satisfaction, perceived value, dan brand image terhadap behavioral intention pada restoran Haidilao di Indonesia. Selain itu, penelitian ini juga secara khusus bertujuan untuk mengeksplorasi dan menganalisis hubungan antara service quality terhadap customer satisfaction, perceived value, dan brand image guna mengetahui sejauh mana kualitas layanan dapat membentuk persepsi konsumen terhadap nilai yang mereka peroleh. Jenis penelitian yang digunakan adalah basic research. Penelitian ini menggunakan data primer dengan menyebarkan kuesioner secara online yang melibatkan minimal 297 responden sebagai sampel dan dianalisis dengan metode SEM (Structural Equation Modeling) menggunakan software SPSS dan AMOS Graphics. Hasil menunjukkan bahwa dari 6 hipotesis yang diuji, terdapat 2 hipotesis yang tidak terdukung, yaitu: perceived value dan brand image terhadap behavioral intention. Hal ini dikarenakan karakteristik konsumen Haidilao yang lebih menekankan pengalaman dibandingkan sekadar pertimbangan nilai yang dirasakan serta pandangan konsumen yang lebih menekankan bahwa kualitas dan pengalaman nyata saat berkunjung ke restoran. This study has the main objective to test and analyze in depth the influence of several important variables, namely customer satisfaction, perceived value, and brand image on behavioral intention at Haidilao restaurants in Indonesia. In addition, this study also specifically aims to explore and analyze the relationship between service quality on customer satisfaction, perceived value, and brand image to determine the extent to which service quality can shape consumer perceptions of the value they receive. The type of research used is basic research. This study uses primary data by distributing online questionnaires involving a minimum of 297 respondents as a sample and analyzed using the SEM (Structural Equation Modeling) method using SPSS and AMOS Graphics software. The results show that of the 6 hypotheses tested, there are 2 hypotheses that are not supported, namely: perceived value and brand image on behavioral intention. This is due to the characteristics of Haidilao consumers who emphasize experience more than just considering perceived value and consumers' views that emphasize quality and real experiences when visiting restaurants.
Hak Cipta (c) 2026 Olivia Margaretha, Andhy Setyawan (Penulis) https://creativecommons.org/licenses/by/4.0
PENGARUH PHILANTHROPY DISCLOSURE DAN RISIKO SISTEMATIS TERHADAP NILAI PERUSAHAAN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI
Penelitian ini bertujuan untuk memperoleh bukti empiris mengenai pengaruh philanthropy disclosure dan risiko sistematis terhadap nilai perusahaan dengan menggunakan ukuran perusahaan sebagai variabel moderasi. Populasi dalam penelitian ini adalah perusahaan pertambangan yang terdaftar di BEI periode 2019-2023. Hasil seleksi sampel menggunakan metode purposive sampling berjumlah 276 perusahaan dianalisis dengan teknik analisis regresi moderasi. Hasil penelitian menunjukkan bahwa philanthropy disclosure berpengaruh positif terhadap nilai perusahaan, risiko sistematis berpengaruh negatif terhadap nilai perusahaan, ukuran perusahaan memperlemah pengaruh positif philanthropy disclosure terhadap nilai perusahaan, namun memperkuat pengaruh negatif risiko sistematis terhadap nilai perusahaan. Implikasi teoretis penelitian ini mampu mengonfirmasi teori sinyal dan teori stakeholder berdasarkan hasil uji hipotesis yang dilakukan. Implikasi praktis penelitian ini memberikan informasi kepada investor dan manajer mengenai faktor yang dapat dipertimbangkan untuk menilai perusahaan. This study aims to obtain empirical evidence on the effect of philanthropy disclosure and systematic risk on firm value using firm size as a moderating variable. The population in this study were mining companies listed on the IDX for the 2019-2023 period. The results of sample selection using the purposive sampling method totaling 276 companies were analyzed using the moderation regression analysis technique. The results of the study indicate that philanthropy disclosure has a positive effect on firm value, systematic risk has a negative effect on firm value. Firm size weakens the positive effect of philanthropy disclosure on firm value, but strengthens the negative effect of systematic risk on firm value. The theoretical implications of this study are able to confirm the signal theory and stakeholder theory based on the results of the hypothesis tests conducted. The practical implications of this study provide information to investors and managers regarding factors that can be considered in assessing a company.
Hak Cipta (c) 2026 I Gst Ayu Eka Damayanthi, I Gusti Ngurah Agung Suaryana, Made Oka Candra Andreana, Anisa Virdawati Amara, Ni Kadek Dian Purwanti, Putu Dhira Pratiwimba (Author) https://creativecommons.org/licenses/by/4.0
FINANCIAL LITERACY AND HERDING EFFECTS ON GENERATION Z’S SAVING BEHAVIOUR: EVIDENCE FROM BEKASI DISTRICT
A country's economic success is generally measured by its growth rate, which is influenced by public investment and savings. Savings are considered a constructive financial habit because they not only support national economic stability but also help individuals meet future financial needs. This study aims to analyse the role of herding behavior as a mediating variable in the relationship between financial literacy and saving behavior. Data were obtained from 100 Generation Z respondents in Bekasi Regency using purposive sampling techniques. The analysis was conducted using the Partial Least Squares (PLS) approach using SmartPLS 4.0 software. The results showed that financial literacy had a positive effect on saving behavior, while also increasing the tendency for herding behavior. These findings confirm that herding behavior plays a significant mediating role in strengthening the relationship between financial literacy and saving habits. Thus, social factors in the form of peer influence are proven to be an important aspect in shaping Generation Z's financial decisions. The implications of this study emphasise the need for financial education strategies that not only focus on increasing individual knowledge but also consider the social dynamics that encourage sustainable saving behavior.
Hak Cipta (c) 2026 Oom Tikaromah, Maharani Dwi Astuti, Sunita Dasman, Eka Avianti Ayuningtyas (Author) https://creativecommons.org/licenses/by/4.0