ICOBIS

Decomposing Ecosystem Effects On Digital Entrepreneurial Intention Among International Students In Busan: A Pls-Sem Study

Sobirjonova Mohinur Shukhratjon Kizi, Lama Tenzen Angmu, Edward Yi, Uturestantix — Thu, 24 Sep 2026 00:00:00 +0700

Digital entrepreneurship offers international students a route to convert cross-border knowledge, platform access, and local resources into new venture opportunities. However, aggregate evidence can overstate ecosystem effects when student populations differ sharply by academic discipline. This study examines regulatory accessibility, digital ecosystem resources, cross cultural adaptability, and digital entrepreneurial intention among 120 international students in Busan, South Korea. A mixed measurement partial least squares structural equation model specified regulatory accessibility and ecosystem resources as formative composites and cultural adaptability and entrepreneurial intention as reflective constructs. The pooled model showed a strong association between ecosystem resources and entrepreneurial intention, whereas regulatory accessibility and cultural adaptability were not significant. Predictive assessment yielded positive Q²predict values for all intention indicators. However, a control-adjusted robustness model reduced the ecosystem coefficient to 0.081 (p = 0.392); academic discipline became the dominant correlate, with Engineering/IT positive and Humanities/Arts negative relative to Business/Logistics. The findings reveal an aggregation-driven composition effect: apparent ecosystem influence largely reflects disciplinary clustering rather than a general within-student mechanism. The study offers a cautionary perspective on measurement and modeling in digital entrepreneurial ecosystem research and recommends discipline-sensitive entrepreneurship programming, transparent data provenance, and longitudinal designs before drawing policy conclusions.

Digital Entrepreneurial Intention In Busan: A Study Of International Students

Torjoy Golam Morshad, Lama Tenzen Angmu, Jack Charles Turvin Jr, Uturestantix — Thu, 24 Sep 2026 00:00:00 +0700

International students can connect host-country digital resources with cross-border market knowledge, but their entrepreneurial intentions may be weakened by unclear regulation, unequal access to local networks, and sociocultural distance. This study develops and tests an integrated model linking institutional clarity, perceived regional entrepreneurial ecosystem support, and sociocultural adaptation to digital entrepreneurial intention among international students in Busan, Republic of Korea. Using 425 respondent profiles, the study evaluates institutional, ecosystem, and cultural drivers of intention. The measurement model demonstrates strong internal consistency, convergent validity, discriminant validity, and satisfactory overall fit. All contextual drivers are positively associated with entrepreneurial intention, with ecosystem support emerging as the strongest predictor. Academic disciplines differ in average perceptions and intentions, particularly between technical or business-oriented students and humanities-oriented students, although structural relationships remain broadly comparable across groups. The findings support a place-sensitive view of digital entrepreneurship in which technological opportunity depends on intelligible institutions, inclusive ecosystem access, and confidence in navigating local social practices. Because the evidence is synthetic, the reported patterns require confirmation through ethically collected field data.

Building Resilient Economies Through Digital Infrastructure Transformation: The Strategic Roles Of Digital Leadership, Technology Capability And Organizational Culture

Ts. Roshohana Bt Rosli, Rozaini Binti Rosli — Thu, 24 Sep 2026 00:00:00 +0700

The contemporary global economy is increasingly dependent on the reliability of critical infrastructure, yet many public utilities remain exposed to technological disruption, climate uncertainty, ageing assets, cybersecurity risk, and rising expectations for uninterrupted service. This conceptual paper positions digital resilience as a strategic economic capability rather than a narrow information technology outcome. Drawing on Dynamic Capabilities Theory and the Technology Organization-Environment framework, it develops an integrated model in which digital leadership and technology capability strengthen water utility performance both directly and indirectly through organizational culture. The Malaysian water sector provides a strategically relevant setting because water security supports household welfare, industrial continuity, investment confidence, urban development, and public health. The paper argues that digital investments create economic value only when leaders align technology with institutional priorities, employees adopt data-driven routines, and organizational culture supports collaboration, learning, accountability, and controlled innovation. The proposed model offers seven testable relationships and a practical agenda for public utility executives and policymakers. It contributes to the conference theme by connecting innovation and sustainability with the institutional conditions required for digital resilience. The central proposition is that resilient infrastructure is not produced by technology acquisition alone; it is built through the coordinated interaction of leadership, capability, culture, and public governance.

The Making Of The Single Currency: Between An Economic Vision And A Political Treaty

Piotr Stolarczyk — Thu, 24 Sep 2026 00:00:00 +0700

The creation of the euro represents one of the most significant achievements of European integration and a landmark institutional project in contemporary economic history. This article examines the origins of Economic and Monetary Union (EMU) by analysing the economic and political factors that led to the adoption of the common currency. The study employs a qualitative institutional and legal analysis of the Werner Report (1970), the Delors Report (1989), and the Maastricht Treaty (1992). The findings indicate that the establishment of the euro was driven not only by the economic requirements of the Single Market but also by the political commitment of the Member States to deepen European integration. The institutional architecture of EMU ultimately emerged as a compromise between economic imperatives and political objectives. These findings contribute to the debate on the future development of the euro area.

Knowledge Management And Information Technology Effects On Competitive Advantage And University Performance In Thai Higher Education

Thaw Zin, Aye Thazin Moe — Thu, 24 Sep 2026 00:00:00 +0700

This study examines the effects of knowledge management and information technology on competitive advantage and university performance in private higher education institutions in Thailand. A quantitative cross-sectional survey was administered to academic and administrative staff at four institutions. Of 320 questionnaires distributed, 283 valid responses were analyzed using Partial Least Squares Structural Equation Modelling (PLS-SEM). Knowledge management had significant positive effects on competitive advantage and university performance, while competitive advantage also significantly improved university performance. Information technology did not have significant direct effects on either competitive advantage or university performance. The findings indicate that technology functions primarily as an enabling infrastructure, whereas sustainable institutional performance depends on effective knowledge creation, sharing, storage, and application. The study provides evidence from Thai higher education and highlights the importance of integrating digital investment with knowledge-management practices.

Analysis Of Experience, Motivation, And Collaborative Models To Improve Financial Capability Towards Export Events Study on Craft Business Actors

Sri Mulyantini, Dewi Indriasih — Thu, 24 Sep 2026 00:00:00 +0700

Participation in international trade shows is a strategic route for creative-industry enterprises seeking access to global business to-business markets, yet limited financial capability, export costing and pricing skills, and working capital remain major barriers. This study analyzes business actors’ experiences and motivations for internationalization and formulates a collaborative model to strengthen financial capability. A qualitative case-study approach was used with triangulated evidence from craft entrepreneurs, financial institutions, Dekranas/Dekranasda, ASEPHI, curators, and mentors. The findings show that early exhibition failures were associated with inaccurate export cost structures, weak payment-term readiness, and limited production standardization. Motivations shifted from short-term turnover toward long-term business sustainability, global market validation, lower customer-acquisition costs, and access to working capital through B2B down payments. Financial capability improved through sinking funds, partner subsidies, digital bookkeeping, and tiered pricing. Horizontal collaboration, institutional incubation, and financing partnerships reduced entry costs and strengthened export readiness before, during, and after exhibitions.

Financial Literacy, Investment Knowledge, and Technological Advancement as Determinants of Generation Z's Stock Investment Intention in Lebaksiu District

Sri Murdiati — Thu, 24 Sep 2026 00:00:00 +0700

This study examines the effects of financial literacy, investment knowledge, and technological advancement on Generation Z's intention to invest in stocks in Lebaksiu District. This quantitative study employed a causal-associative approach. Using the Slovin formula, a sample of 100 respondents was selected. Data were analyzed using classical assumption tests, multiple linear regression, hypothesis tests (t-test and F-test), and the coefficient of determination (R²). The results show that, partially, financial literacy has no effect on stock investment intention, investment knowledge has a positive effect, and technological advancement has no effect. Simultaneously, financial literacy, investment knowledge, and technological advancement have a positive effect on Generation Z's intention to invest in stocks.

Platform Governance And Democratic Legitimacy: Public Policy Challenges In Indonesia's Digital Economy

Diryo Suparto, Agus Setio Widodo, Sarwo Edy, Annisa Adilla — Thu, 24 Sep 2026 00:00:00 +0700

The rapid expansion of digital platforms has transformed relationships among governments, markets, and citizens while creating new questions about regulatory authority and democratic accountability. This study examines how platform governance reshapes democratic legitimacy in Indonesia's digital economy and identifies the public policy arrangements required to reconcile technological innovation with democratic values. Using a qualitative Systematic Literature Review guided by PRISMA 2020 and complemented by interpretive policy analysis, the study synthesizes 40 peer-reviewed articles published between 2018 and 2025. The review shows that scholarship is concentrated in developed democracies, is dominated by qualitative approaches, and remains theoretically fragmented across governance, institutional, network, platform, algorithmic governance, and legitimacy perspectives. The findings indicate that legitimacy deficits arise when platforms exercise quasi-regulatory power through opaque algorithms, privately defined rules, and asymmetric access to data without adequate public oversight. Building on the synthesis, this study proposes the Democratic Platform Governance Framework, which connects governance inputs, processes, outputs, and democratic outcomes. Transparency, accountability, participation, fairness, and institutional adaptability constitute its core governance processes. The framework argues that effective platform governance requires both institutional capacity and democratic safeguards. For Indonesia, the priority is integrated regulatory coordination, algorithmic oversight, independent accountability mechanisms, participatory policymaking, and continuous development of technological expertise.

The Impact Of Online And Proactive Marketing Strategies On Bank

Thu, 24 Sep 2026 00:00:00 +0700

The rapid development of information and communication technology has encouraged banks to innovate in marketing strategies to improve competitiveness and expand their customer base. This study examines the effects of online marketing and proactive outreach strategies, both individually and simultaneously, on customer growth at Bank BKK Boyolali Nogosari Branch. An associative quantitative approach was used. Primary data were collected through structured questionnaires from 100 respondents selected using the Slovin formula. Data were analyzed using classical assumption tests and multiple linear regression with SPSS. The results show that online marketing (t = 4.820; p = 0.000) and proactive outreach strategies (t = 4.452; p = 0.000) each have a positive and significant effect on customer growth, with online marketing contributing slightly more (β = 0.406). Simultaneously, both variables significantly affect customer growth (F = 36.814; p = 0.000). The coefficient of determination (R² = 0.432) indicates that 43.2% of customer growth is explained by these variables, while 56.8% is influenced by other factors. Banks are therefore encouraged to integrate digital promotion and structured personal interaction to strengthen customer trust and expand market reach.

The Role Of Ewom, Brand Image, And Personal Selling In Purchasing Decisions

Thu, 24 Sep 2026 00:00:00 +0700

This study investigates the effects of Electronic Word of Mouth (eWOM), Brand Image, and Personal Selling on purchasing decisions at PT Columbus Sarana Mandiri Solo. A quantitative study using a causal associative design was conducted involving 96 respondents selected through purposive sampling. Data were gathered using a valid and reliable Likert-scale questionnaire and analyzed using multiple linear regression, t-test, F-test, and the coefficient of determination (R2) with SPSS version 26. The findings demonstrate that eWOM, Brand Image, and Personal Selling each have a positive and significant effect on purchasing decisions, both individually and simultaneously. Among the three variables, Brand Image was identified as the strongest determinant of purchasing decisions. Furthermore, the adjusted R2 value of 0.804 indicates that the proposed model explains 80.4% of the variation in purchasing decisions, while the remaining 19.6% is attributed to factors beyond the scope of this research. These findings emphasize the importance of strengthening brand image through digital platforms to support consumers’ purchasing decisions.

The Influence Of Islamic Work Ethics And Organizational Commitment On Hospital Employees' Performance

Gilang Amirrul Ummam, Az Ziky Izzah Ramadhani, Unna Ria Safitri, Hari Purwanto — Thu, 24 Sep 2026 00:00:00 +0700

This study aims to analyze the influence of Islamic work ethics and organizational commitment on employee performance in healthcare institutions. The research was conducted at PKU Aisyiyah Hospital Boyolali using a quantitative approach. Data were collected through questionnaires distributed to 66 respondents selected using a purposive sampling technique. The data were analyzed using multiple linear regression analysis. The results indicate that Islamic work ethics and organizational commitment have a positive and significant effect on employee performance, both partially and simultaneously. These findings demonstrate that the implementation of Islamic work ethics and the strengthening of organizational commitment play an important role in improving employee performance. Therefore, healthcare institutions are expected to continuously strengthen these two aspects to enhance the quality of human resources and the services they provide.

Analysis Of The Factors Influencing Stock Prices Of Manufacturing Companies Listed On The Idx In 2022-2023

Thu, 24 Sep 2026 00:00:00 +0700

This study aims to determine the influence of accounting earnings, sales growth, and market capitalization on stock prices in manufacturing companies listed on the Indonesia Stock Exchange during the 2022–2023 period. The research employs a quantitative method, with the population consisting of 329 manufacturing companies listed on the Indonesia Stock Exchange. The sample was selected using purposive sampling, resulting in 136 companies. The data used in this research were obtained from the companies’ annual financial reports published on the official IDX website. The analysis method used is multiple regression analysis with the help of SPSS software. The results show that accounting earnings have a positive and significant partial effect on stock prices (0.000<0.05), sales growth has no significant partial effect on stock prices (0.486>0.05), and market capitalization has a positive and significant partial effect on stock prices (0.000<0.05).

The Impact of Financial Performance on Firm Value: The Moderating Role of Firm Size in Indonesian Healthcare Companies

Almia Rizqiani, Teguh Rimbawan — Thu, 24 Sep 2026 00:00:00 +0700

The Covid-19 pandemic created significant financial challenges for healthcare companies in Indonesia, particularly due to increased operational demands and delays in BPJS Kesehatan claim reimbursements, which may have affected firms financial performance and market valuation. Despite the importance of financial performance in determining firm value, previous studies have reported inconsistent findings regarding the effects of profitability, liquidity, and solvency, as well as the moderating role of firm size. Therefore, this study aims to examine the effects of profitability, liquidity, and solvency on firm value and to investigate whether firm size moderates these relationships among healthcare companies listed on the Indonesia Stock Exchange (IDX) during the 2020-2024 period. This study employed a quantitative research approach using secondary data obtained from the annual reports of 11 healthcare companies selected through purposive sampling. The data were analyzed using Moderated Regression Analysis (MRA) with IBM SPSS Statistics Version 25. The results indicate that profitability has a positive and significant effect on firm value, whereas liquidity and solvency have ni significant effect. Futhermore, firm size does not moderate the relationships between profitability, liquidity, and solvency and firm value. These findings suggest that investors place greater emphasis on profitability than on liquidity, solvency, or firm size when evaluating healthcare companies. The study contributes to the literature by providing empirical evidence that the moderating role of firm size is not supported in the Indonesian healthcare sector and that the predictions of signaling theory and trade-off theory are only partially supported within this context.

Evaluating The Efficiency Of Digital Tax Reporting Systems: A Human-Computer Interaction Perspective On E-Faktur Implementation

Aris Riyanto, Salsabila, Afifah — Thu, 24 Sep 2026 00:00:00 +0700

The digitalization of corporate tax reporting through the E-Faktur application is intended to streamline administrative workflows, yet its practical efficiency heavily relies on user experience. This study evaluates the efficiency of the digital tax reporting system implemented at CV. Jati Visions Raya, utilizing a Human-Computer Interaction (HCI) perspective. The evaluation is systematically measured across five fundamental HCI usability criteria: learnability, efficiency, memorability, errors, and satisfaction. By analyzing user interaction patterns and operational workflows, the research identifies specific usability bottlenecks that impact the corporate reporting of Value Added Tax (VAT). The findings indicate that while the system achieves baseline regulatory compliance, optimizing specific interface elements can significantly reduce reporting errors and enhance overall task efficiency. The results provide actionable insights for improving digital taxation platforms and serve as a foundational reference for businesses adapting to mandated e government applications.

Mas'uliyah-Driven Financial Responsibility And Organizational Performance In West Java Culinary Micro-Enterprises: Mediating Risk Resilience

Nurhana Dhea Parlina, Rahmadi — Thu, 24 Sep 2026 00:00:00 +0700

This research explores the vital connection between strategic management, digital financial adoption, and ethical governance within modern economic systems. It emphasizes how these elements directly influence the organizational sustainability of micro-enterprises run by Generation Z. By employing an empirical Grounded Theory Method (GTM), data was collected from key economic participants and evaluated using robust statistical tools. The primary innovation of this study revolves around the concept of mas'uliyah (Islamic personal and collective responsibility). It argues that mas'uliyah is not merely an isolated variable. Rather, it serves as the foundational Islamic value that promotes responsible financial practices and resilience. The results indicate that adopting digital tools significantly improves operational resilience. However, this is only effective when supported by strong ethical frameworks and sound spiritual governance. Ultimately, this study provides fresh perspectives on sustainable value creation. It offers strategic insights for both policymakers and business practitioners, discusses operational limitations, and suggests avenues for future research.

Online Advertising, Tourist Facilities, And Tourist Satisfaction: An Empirical Study On Sunyaragi Cave Tourist Attraction, Cirebon, West Java

Anna Suzana, Sandi Nasrudin Wibowo — Thu, 24 Sep 2026 00:00:00 +0700

The development of digital technology has driven shifts in tourist destination marketing strategies through the use of online advertising, while the provision of adequate tourist facilities remains a critical factor in creating a satisfying experience for visitors. Sunyaragi Cave Tourist Attraction in Cirebon, as one of the leading cultural tourism destinations in West Java Province, needs to optimize both aspects to enhance tourist satisfaction. This study aims to analyze the influence of online advertising and tourist facilities on tourist satisfaction, both partially and simultaneously. A quantitative approach with a survey method was employed. Data were collected by distributing questionnaires to 100 tourists who had visited Sunyaragi Cave Tourist Attraction Cirebon. A purposive sampling technique was used, while data analysis was conducted using multiple linear regression via SPSS version 25. The results showed that online advertising had a positive and significant effect on tourist satisfaction with a tcount of 5.164 > ttable of 1.984 and a coefficient of determination of 20.6%. Tourist facilities also had a positive and significant effect on tourist satisfaction with a tcount of 6.426 > ttable of 1.984 and a coefficient of determination of 28.9%. Simultaneously, online advertising and tourist facilities significantly influenced tourist satisfaction with an Fcount of 33.670 > Ftable of 3.09 and a significance value of 0.000 < 0.05. Both variables accounted for 39.8% of the variance in tourist satisfaction, while the remaining 60.2% was influenced by other factors outside the research model. These findings indicate that enhancing digital promotional effectiveness supported by high-quality tourist facilities is a crucial strategy for increasing tourist satisfaction and strengthening the competitiveness of cultural tourism destinations in Cirebon.

From Digital Accounting to Better Managerial Decisions: The Mediating Role of Accounting Information Quality in SMEs

Aryanto, Ida Farida, Dewi Kartika — Thu, 24 Sep 2026 00:00:00 +0700

The rapid adoption of digital technologies has encouraged small and medium-sized enterprises (SMEs) to implement digital accounting systems to improve financial management and support managerial decision-making. However, the adoption of digital accounting alone does not necessarily lead to better managerial decisions unless it generates high-quality accounting information. This study aims to examine the effect of Digital Accounting on ManagerialDecision-Making through the mediating role of Accounting Information Quality among SMEs in Central Java, Indonesia. A quantitative research approach was employed using a cross-sectional survey of 106 SME owners and managers from several regencies and municipalities in Central Java. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The findings reveal that Digital Accounting has a significant positive effect on Accounting Information Quality, while Accounting Information Quality significantly enhances Managerial Decision Making. In contrast, the direct effect of Digital Accounting on Managerial Decision-Making is not significant. Furthermore, Accounting Information Quality fully mediates the relationship between Digital Accounting and Managerial Decision Making. These findings indicate that the managerial value of digital accounting lies not merely in technology adoption but in its ability to produce accurate, reliable, relevant, complete, and timely accounting information. The study contributes to the accounting information systems literature by explaining the mechanism through which digital accounting creates managerial value and provides practical insights for SME owners and policymakers in promoting effective digital transformation.

Analysis of Product Uniqueness in Influencing Purchase Decisions

Amanda Nabila, Murtiyani, Nabila Yunia Rahmawati , Niken Kusdayanti — Thu, 24 Sep 2026 00:00:00 +0700

This study aims to uncover and analyze consumer perceptions of product uniqueness and to describe the consumer purchase decision-making process at Patara Wonosobo. A naturalistic qualitative approach was used, with data collected through in-depth interviews, field observations, and supporting documentation. Informants were selected using non-probability sampling techniques, specifically snowball sampling, involving 12 individuals, including store owners, employees, and consumers. Data validity was ensured through triangulation of sources and methods, member checking, data presentation, drawing conclusions, and data reliability. The expected results include an overview of the characteristics of product uniqueness (shape, taste, packaging, and regional identity) as perceived by consumers, as well as an understanding of how consumers’ beliefs, shopping habits, and responses influence the stages of the purchase decision making process. This study concludes that product uniqueness is a crucial element that provides added value and distinguishes a product from its competitors; these findings are expected to serve as a strategic reference for MSMEs to optimize their products’ unique characteristics, thereby enhancing competitiveness and driving sustainable growth in purchase volume.

The Effect Of Financial Ratios On Return On Assets (Roa) : Evidence From Pt Matahari Putra Prima Tbk (2018 – 2025)

Ayu Hikmatullah, Nabila Rach Ayu Gibran, Resa Ardiana Eka Suci, Niken Kusdayanti — Thu, 24 Sep 2026 00:00:00 +0700

This study aims to examine the effect of Debt to Equity Ratio (DER), Current Ratio (CR), Sales Growth (SG), and Total Asset Turnover (TATO) on Return on Assets (ROA) at PT Matahari Putra Prima Tbk during the 2018–2025 period. This research includes Total Aset Turnover (TATO) as an additional explanatory variable to provide a more comprehensive analysis of finansial performance in the retail sector. This quantitative study uses secondary data from quarterly financial statements, with a total of 32 observations, analyzed using multiple linear regression in SPSS 25. The results indicate that DER, CR, SG, and TATO simultaneously have a significant effect on ROA, with an Adjusted R² of 55,2%. Partially, only TATO has a significant negative effect on ROA, while DER, CR, and SG have no significant effect. These findings are expected to assist management in improving asset utilization efficiency and serve as a reference for future research on factors affecting financial performance.

The Effect of Bank-Specific Factors on the Return on Asset (ROA) : Evidence from KB Bank Syariah (2018-2025)

Fenna Annica Zalsabila, Lilik Pujiastuti, Isna Nur Nelinda, Niken Kusdayanti — Thu, 24 Sep 2026 00:00:00 +0700

This study aims to analyze the effect of CIR (Cost-to-Income Ratio), BOPO (Operating Cost-to-Operating Income Ratio), NPF (Non-Performing Financing), and FDR (Financing-to-Deposit Ratio) on ROA (Return on Assets) at Bank Bukopin Syariah for the period 2018–2025. This study employs a quantitative method using multiple linear regression analysis. The data used in this study are secondary data obtained from the official website published by Bank Bukopin Syariah for the period 2018–2025 on a quarterly basis. Data processing was performed using SPSS 26 software, employing a partial t-test, a simultaneous F-test, and a coefficient of determination test. The results indicate that, when analyzed individually, BOPO has a negative and significant effect on ROA, whereas CIR, NPF, and FDR do not have a significant effect. Simultaneously, these four variables have a significant effect on ROA with an adjusted R-squared value of 0.983, or 98.3%. This finding highlights the importance of bank efficiency in managing its operational activities so that the bank’s revenue remains under control and ROA can be improved. These results can serve as strategic considerations for financial decision-making and as a reference for further research on the factors influencing bank profitability

Agency vs. Stewardship Theory in Operational Risk Management: A Comparative Panel Data Analysis of Family and Non-Family Firm

Thu, 24 Sep 2026 00:00:00 +0700

This study examines the asymmetric impacts of financial determinants—Growth Opportunity, Operating Cash Flow, Liquidity, and Leverage on operational risk (EBITDA volatility), and analyzes the moderating role of Institutional Ownership across different governance structures. Investigating 36 companies within the Consumer Non Cyclicals sector listed on the Indonesia Stock Exchange Main Board for the 2021–2025 period, the study executes a multi level analysis combining an aggregate market baseline (180 observations) with an asymmetrical split sample approach separating family firms (30 firms, 150 observations) and non family firms (6 firms, 30 observations) using the Random Effects Model with Robust Standard Errors. The findings reveal that aggregate baseline models obscure critical structural realities. In the aggregate market and non family firms, institutional ownership acts as an effective external monitoring mechanism that mitigates expansion driven risks, providing strong validation for Agency Theory. Conversely, in family firms governed by Stewardship values and Socioemotional Wealth, aggressive growth and internal cash retention heighten operational volatility. Furthermore, while leverage acts as a crucial internal disciplinary anchor in family firms, heavy institutional monitoring disrupts their informal governance networks, creating strategic friction that significantly amplifies EBITDA volatility. The study concludes that the transmission channels of financial determinants in mitigating operational risk are highly conditional upon the underlying ownership architecture, highlighting the necessity of integrating sociological dimensions into corporate financial risk assessments.

Digital Business Model Innovation Analysis Combining Business Model Canvas and Service-Oriented Architecture (SOA) in Education

Thu, 24 Sep 2026 00:00:00 +0700

Digital transformation in higher education often fails to yield a sustainable competitive advantage due to the structural disconnect between high-level business strategies and rigid legacy IT architectures. To resolve this misalignment, this study proposes a hybrid framework combining the Business Model Canvas (BMC) and Service-Oriented Architecture (SOA) to foster digital business model innovation in higher education institutions. Adopting a Design Science Research Method (DSRM), the framework was developed and evaluated by a panel of 15 subject matter experts using manual thematic matrix coding and descriptive statistical analysis. The quantitative results demonstrate a high level of strategic technical synergy, achieving an overall Strategic-Technical Alignment Score (STAS) of 4.48 out of 5.00 (89.53%) across all nine BMC building blocks. Operationally, the integration of reusable RESTful APIs and decoupled web services resulted in a 76.67% reduction in new service development time (from 30 days to 7 days) and a 73.33% savings in system integration costs. These findings confirm that aligning business model flexibility with modular software architecture enables universities to rapidly deploy innovative offerings such as micro-credentials and flexible online certifications thereby securing operational agility and a lasting competitive edge.

The Effect of Product Variety, Product Price, and Service Quality on Marketing Performance of Culinary SMEs in Tegal City

Feldi Aji Purnama, Ahmad Hanfan, Agnes Dwita Susilawati — Thu, 24 Sep 2026 00:00:00 +0700

Small and Medium Enterprises (SMEs) play an important role in Indonesia's economic development by creating employment opportunities, increasing income, and strengthening regional economic resilience. However, increasing business competition requires SMEs to continuously improve their marketing performance. One of the SMEs experiencing this challenge is the Pujasera culinary center in Tegal City, which experienced a decline in sales volume following business relocation. This study aims to examine the effects of product variety, product price, and service quality on the marketing performance of SMEs at Pujasera in Tegal City. A quantitative approach was employed using primary data collected through questionnaires administered to 45 SME owners. The data were analyzed using validity and reliability tests, the Method of Successive Interval (MSI), classical assumption tests, multiple linear regression analysis, t-test, F-test, and coefficient of determination (Adjusted R²).
The results indicate that product variety has a negative but insignificant effect on marketing performance (t = -0.253; Sig. = 0.802 > 0.05), product price has a positive and significant effect (t = 4.618; Sig. = 0.000 < 0.05), and service quality has a positive but insignificant effect (t = 1.492; Sig. = 0.143 > 0.05). Simultaneously, product variety, product price, and service quality significantly affect marketing performance (F = 29.605; Sig. = 0.000 < 0.05). The Adjusted R² value of 0.661 indicates that these variables explain 66.1% of the variation in marketing performance, while the remaining 33.9% is explained by other variables outside the scope of this study. The study concludes that product price is the only variable with a significant individual effect on marketing performance, whereas product variety and service quality do not have significant individual effects. Nevertheless, the three variables collectively make a significant contribution to the marketing performance of SMEs at Pujasera in Tegal City.

The Role of Perceived Organizational Support in Enhancing Work Engagement among Millennial Healthcare Employees

Ida Matussilmi, Agnes Dwita Susilawati, Mei Rani Amalia — Thu, 24 Sep 2026 00:00:00 +0700

This study examines the effects of effective human resource practices, work-life balance, psychological empowerment, and transformational leadership on work engagement, while investigating the mediating role of perceived organizational support among millennial employees working in supporting and administrative units of one Regional General Hospital in Tegal Regency, Indonesia. Data were collected from 113 employees and analyzed using Structural Equation Modeling–Partial Least Squares (SEMPLS), with hypothesis testing performed through bootstrapping using a two-tailed significance test at the 5% significance level. The findings reveal that (1) work engagement is significantly shaped by work-life balance and psychological empowerment, while effective human resource practices and transformational leadership do not show significant direct effects; (2) work-life balance,
psychological empowerment, and transformational leadership significantly enhance perceived organizational support, whereas effective human resource practices do not significantly influence perceived organizational support; (3) perceived organizational support significantly promotes work engagement and partially mediates the relationship between work-life balance and work engagement; and (4) the non-significant effects of effective human resource practices and transformational leadership challenge assumptions in the work engagement literature, suggesting that organizational support and psychological resources may represent stronger drivers of engagement in public healthcare settings. These findings extend the literature by providing evidence from an Indonesian public hospital context and highlighting perceived organizational support as a key mechanism linking supportive work environments to work engagement.

Student Work Readiness in Higher Education: The Role of Organizational Engagement, Academic Performance, and Learning Environment

Thu, 24 Sep 2026 00:00:00 +0700

Work readiness has become a critical issue in higher education human resource management, particularly in bridging the gap between academic competence and industry demands. However, empirical evidence from private universities in developing regions remains limited. Objective: This study aims to examine the partial and simultaneous effects of organizational engagement, academic performance, and learning environment on student work readiness at Boyolali University, Indonesia. Methods: A quantitative research design was employed. Data were collected through structured questionnaires distributed to 55 students from the 2021 cohort. Multiple linear regression analysis was performed to test the hypotheses. Results: The F-test results indicated that organizational engagement, academic performance, and learning environment simultaneously have a significant effect on student work readiness (p < 0.001). The coefficient of determination (Adjusted R² = 0.312) revealed that the three independent variables collectively explain 31.2% of the variance in work readiness. Conclusion: Organizational engagement, academic performance, and learning environment are essential determinants of student work readiness. Higher education institutions should promote organizational engagement and optimize learning environments to enhance graduate employability. Further research is recommended to explore other contextual variables.

Fintech Adoption And Competitive Advantage As Dual Mediators: Integrating Financial And Marketing Capabilities On F&B Msme Performance

Thu, 24 Sep 2026 00:00:00 +0700

This study proposes an integrated dual-mediation model examining how financial capability and marketing capability jointly influence the performance of food and beverage (F&B) MSMEs in Tegal City and Brebes Regency, Indonesia. Financial technology (fintech) adoption and competitive advantage are proposed as parallel mediating mechanisms. Data from 100 predominantly micro-scale MSME respondents were analyzed using PLS-SEM via SmartPLS 4. Results demonstrate that fintech adoption significantly mediates the impact of financial attitude and financial literacy on financial performance. Similarly, competitive advantage mediates the relationship between perceived quality and price on sales performance. Interestingly, product innovation did not significantly affect competitive advantage due to local consumer preferences for culinary authenticity. Furthermore, the dual-mediation path linking fintech adoption to sales performance via competitive advantage was non significant, highlighting that back-end digital financial tools do not inherently create front-end consumer value. F&B MSMEs must deliberately integrate digital agility with fundamental marketing strategies competitive pricing and product quality for sustainable growth.

The Impact of Firm Size, Capital Intensity, and Inventory Intensity on Effective Tax Rate with Profitability as a Moderating Variable

Aulia Shifa Puspita Sari, Dien Noviany Rahmatika, Baihaqi Fanani — Thu, 24 Sep 2026 00:00:00 +0700

Empirical impacts of firm size, capital intensity, and inventory intensity on the Effective Tax Rate (ETR) undergo rigorous evaluation in this research, incorporating profitability as an underlying moderating factor. Primary analytical focus centers on consumer non-cyclical business entities trading on the Indonesia Stock Exchange (IDX) across the 2021–2025 period. Using a purposive sampling method, an initial target of 200 observation units was identified, however, following data cleansing of 31 outlier observations to satisfy classical assumption metrics, a final robust sample of 169 observations was analyzed using Moderated Regression Analysis (MRA) with SQRT_Lag_ETR applied as a vital baseline control variable. The t-test findings demonstrate that firm size significantly increases the ETR, largely driven by structural compliance pressures aimed at reducing agency costs. Conversely, inventory intensity shows a significant inverse effect on the ETR, confirming that managers actively utilize inventory storage and operational carrying costs as a legitimate tax planning mechanism. Meanwhile, capital intensity shows no significant impact on the ETR, indicating that fixed assets are dedicated strictly to core production capacities rather than discretionary accounting manipulation. Crucially, the MRA framework demonstrates that profitability significantly moderates the relationship by weakening the positive impact of firm size on ETR due to relaxed principal oversight during high earning seasons. Profitability also acts as a predictive moderator that intensifies the negative impact of inventory intensity on ETR. However, profitability fails to moderate the capital intensity ETR link. This study provides pivotal strategic insights into how corporate profitability inherently transforms internal corporate tax agendas.

The Effect Of Audit Quality And Earnings Management On Financial Performance Of Food And Beverage Manufacturing Companies Listed On The Indonesia Stock Exchange (2020-2024)

Tiara Nur Farida, Teguh Rimbawan — Thu, 24 Sep 2026 00:00:00 +0700

This study aims to empirically analyze the effect of audit quality and earnings management, both partially and simultaneously, on financial performance among food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. Utilizing an associative quantitative research design, secondary data were gathered from 25 audited financial statements selected through purposive sampling, generating 125 firm year observations. Audit quality was measured using a dummy variable representing Big Four versus Non-Big Four public accounting firms, earnings management was calculated via Discretionary Accruals using the Modified Jones Model, and financial performance was proxied by Return on Assets (ROA). Multiple linear regression analysis was executed after confirming all classical assumption tests (Monte Carlo normality, multicollinearity, heteroscedasticity, and Cochrane-Orcutt autocorrelation correction). The empirical results reveal that: (1) Audit quality has a positive and statistically significant effect on financial performance (β = 5.228, p = 0.033); (2) Earnings management exhibits a positive and statistically significant effect on reported financial performance (β = 50.292, p = 0.000); and (3) Audit quality and earnings management simultaneously exert a significant impact on financial performance (F = 11.991, p = 0.000) with an Adjusted R Square of 15.1%. These findings provide valuable insights for investors, auditors, and corporate management regarding financial reporting integrity and corporate governance.

Determinants of Corporate Social Responsibility Disclosure in Food and Beverage Sub-Sector Companies Listed on the Indonesia Stock Exchange (2020–2024)

Putri Nur Aisyah, Teguh Rimbawan — Thu, 24 Sep 2026 00:00:00 +0700

Corporate Social Responsibility (CSR) disclosure has become an important aspect of corporate transparency as stakeholders increasingly demand information regarding companies’ social and environmental responsibilities. This study aims to examine the effects of firm size, profitability, and audit quality on Corporate Social Responsibility Disclosure (CSRD) among food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. This research employs a quantitative approach using secondary data obtained from annual reports and sustainability reports. The sample consists of 24 companies selected through purposive sampling, resulting in 120 firm-year observations. CSR disclosure is measured using the Corporate Social Responsibility Disclosure Index (CSRDI) based on the Global Reporting Initiative (GRI) 2021 Standards. The data were analyzed using multiple linear regression with SPSS Statistics version 26. The results indicate that firm size, profitability, and audit quality simultaneously affect CSR disclosure. Partially, audit quality has a significant positive effect on CSR disclosure, while profitability has a significant negative effect. Meanwhile, firm size has a positive but insignificant effect on CSR disclosure. These findings highlight the important role of audit quality in improving CSR transparency and indicate that financial performance and company characteristics do not always determine CSR disclosure practices.

THE ROLE OF RECRUITMENT AND SELECTION EFFECT ON PREVENTING FRAUD IN INDUSTRIAL SECTOR

Arifia Yasmin, Hesti Widianti, Dewi Kartika — Thu, 24 Sep 2026 00:00:00 +0700

This study aims to analyze the role of recruitment and selection in preventing fraud in the industrial sector, specifically examining how these processes contribute to effectiveness as well as early prevention of the possibility of committing fraud. This study uses a quantitative approach with a survey design involving 200 employees from various industrial companies in Indonesia. Data was collected through a questionnaire that had been tested for validity and reliability. Multiple regression analysis was used to test the research hypothesis. This study contributes to the auditing literature by providing a self-control context for committing fraud. These findings provide practical implications for companies to prioritize the quality of the recruitment and selection process, invest in creating a clean and honest company climate and avoid fraudulent acts. Policy makers in the industrial sector are encouraged to formulate guidelines that support systematic and goal-based recruitment practices to improve overall employee performance, provide comfort and honesty and ethics to employees, and organizational competitiveness. Recruitment has a positive and significant influence on fraud prevention (β = 0.456, p < 0.001), and selection also has a positive and significant influence on fraud prevention (β = 0.523, p < 0.001). These two variables together explain 67.8% of the variation in fraud prevention (R² = 0.678), indicating that effective recruitment and selection are important determinants of fraud prevention in the industrial sector. Future research should consider a broader range of industry sectors and explore moderator or mediating variables – such as organizational culture or training practices – that may influence the relationship between recruitment, selection, and fraud prevention.

Study Of Antecedents Of Digital Service Dissonance On Customer Switching With Moderation Of Propensity To Switch

Suwignyo Rahman, Vincent Didiek Wiet Aryanto, Piji Pakarti, Lisa Mardiana — Thu, 24 Sep 2026 00:00:00 +0700

The purpose of this study is to examine the antecedents of service dissonance and customer switching, moderated by propensity to switch. The results are expected to provide various benefits for academics as well as for practitioners in terms of operational knowledge. Primary data collection was carried out from January 2, 2025 to February 28, 2025. The results indicate that of the three hypotheses tested, one is accepted and the other two are rejected. One accepted hypothesis is that Disquality Delivery of Service negatively influences Digital Service Dissonance. The two rejected hypotheses are that Digital Service Dissonance negatively influences Customer Switching, and Propensity to Switch negatively influences Digital Service Dissonance on Customer Switching. The rejected hypotheses have a significant effect because their T-statistics are greater than 1.96 and their P-values are less than 0.05. Services provided by the government or public sector, as well as clinical services, bind consumers, and are less likely to switch. Systematically, bound consumers must receive services at the primary health care service they registered for or attended. These findings indicate that although the relationship between the variables is significant, the direction of the relationship observed in the field does not align with initial theoretical predictions, thus rejecting the hypothesis. This suggests that specific characteristics of consumer behavior or the digital service context influence this relationship pattern.

The Influence of Information Disclosure, Organizational Culture, and Poverty on Community Participation in Village Development

Mohammad Alfian — Thu, 24 Sep 2026 00:00:00 +0700

This research is motivated by the persistently low level of community participation in village development amid the challenges of regional economic openness and poverty, particularly in Tegal Regency. This study aims to analyze the influence of information disclosure, organizational culture, and poverty on community participation in village development, with religiosity functioning as a moderating variable. Drawing on Good Governance theory, which emphasizes transparency, participation, and accountability, this research utilizes an explanatory quantitative approach. The population comprises 281 villages and 2,341 village officials in Tegal Regency, with a sample of 150 respondents determined using the Slovin formula and simple random sampling. Primary data were collected through observation, interviews, and an online Likert-scale questionnaire. Data were analyzed utilizing the Partial Least Square-Structural Equation Modeling (PLS-SEM) method via SmartPLS version 4.0. The empirical results demonstrate that information disclosure, organizational culture, and poverty exert a positive and significant effect on community participation. Furthermore, religiosity is shown to significantly moderate the effect of poverty on community participation, strengthening the relationship. However, it does not moderate the effects of information disclosure or organizational culture. The study concludes that enhancing community participation necessitates strengthening information transparency, cultivating an adaptive organizational culture, and leveraging religious values to overcome poverty-related barriers.

How Web System Quality and Forecasting Accuracy Shape Decision Quality Title

Ghea Dwi Rahmadiane, Mohammad Alfian, Taufiq Abidin — Thu, 24 Sep 2026 00:00:00 +0700

Digital transformation is widely proposed as a solution, the precise internal mechanisms through which technical system deployment translates into tangible bottom-line performance remain underexplored in SME literature. This study aims to investigate the sequential causal mechanisms linking a web-based ordering system integrated with a predictive forecasting engine acting as a Decision Support System to a firm's operational efficiency. The population comprised the entire internal sales force (N = 80 respondents) of CV. Mekar Jaya Sentosa used census sampling. Hypotheses and structural pathways were evaluated using variance-based SEM-PLS. Structural inner model evaluation revealed that both Web System Quality (β = 0,334, p < 0,001) and Ordering Information Quality (β = 0,445, p < 0,001) are significant prerequisites for Forecasting Accuracy, jointly explaining 54,8% of its variance (R Square = 0,548). In turn, Forecasting Accuracy heavily drives managerial Decision-Making Quality (β = 0,648, p < 0,001, R Square = 0,420), which acts as the ultimate predictor of Company Operational Performance (β = 0,712, p < 0,001, R Square = 0,507). This study validates that information technology does not automatically maximize organizational performance, it must first optimize the intermediate cognitive and analytical decision-making frameworks of the firm.

The Effect of Content Marketing and Social Media Engagement on Purchase Intention for Kahf Face Wash Among Instagram Users

Mohamad Raeza Supriatna, Muhammad Andi Budiyanto — Sat, 10 Oct 2026 00:00:00 +0700

The development of social media has changed consumer behavior in seeking product information before making a purchase. Kahf uses Instagram as a digital marketing platform by delivering content marketing and encouraging social media engagement. This study aims to analyze the effects of content marketing and social media engagement on purchase intention for Kahf Face Wash among Instagram users. A quantitative approach was employed, involving 100 Instagram users who knew of or had seen promotional content for Kahf Face Wash. Data were collected using questionnaires, transformed using the Method of Successive Interval (MSI), and analyzed through multiple linear regression with SPSS version 26. The results show that content marketing has a positive and significant effect on purchase intention, with a beta coefficient of 0.398 and a significance value of 0.000. Social media engagement also has a positive and significant effect on purchase intention, with a beta coefficient of 0.278 and a significance value of 0.003. Together, content marketing and social media engagement have a significant effect on purchase intention. The coefficient of determination (R²) is 0.357, or 35.7%, while the remaining 64.3% is associated with factors outside the scope of this study

The Effect of User Generated Content (UGC) and Content Creativity on TikTok Shop on Purchase Decisions for Mykonos Perfume Products

Mohammad Abdillah, Faiz Irsyad Prasetyo — Sat, 10 Oct 2026 00:00:00 +0700

The development of social media and e-commerce has changed how consumers seek information before making purchase decisions. This study aims to analyze the effect of User Generated Content (UGC) and content creativity on the purchase decision for Mykonos perfume products on TikTok Shop. The study employed a quantitative approach with descriptive and verificative types. Primary data were collected through a questionnaire distributed to 100 respondents who met the research criteria. The sample was drawn using non-probability sampling with a purposive sampling technique. The data were processed using the Method of Successive Interval (MSI) and analyzed using multiple linear regression with SPSS version 26. The results show that UGC has a positive and significant effect on purchase decisions (t = 2.946; sig. = 0.004), as does content creativity (t = 3.018; sig. = 0.003). Simultaneously, UGC and content creativity have a positive and significant effect on purchase decisions (F = 47.061; sig. = 0.000). The Adjusted R Square of 0.482 indicates that the two variables explain 48.2% of the variation in purchase decisions, while the remaining 51.8% is explained by other factors outside the model. These findings highlight the importance of managing authentic UGC and developing creative, informative, relevant, and trend-following content in Mykonos' marketing strategy on TikTok Shop

Digital Transformation in Floral Retail: Designing a Website-Based Sales Information System Using the Waterfall Method

Miswadi Miswadi, Vina Yuliana, Bei Harira Irawan — Sat, 10 Oct 2026 00:00:00 +0700

The accelerating pace of digital transformation compels modern retail enterprises to adopt integrated information systems to optimize operational efficiency and business performance. Local floral retail businesses frequently encounter administrative hurdles in managing sales, inventory, raw materials, purchasing, financial settlements, and reporting due to reliance on conventional manual recording practices. These operational limitations often lead to data discrepancies, delayed inventory updates, prolonged transaction retrieval times, and inefficient reporting workflows. To address these challenges, this study aims to design and develop a web-based sales information system for a local floral retail enterprise utilizing the Waterfall methodology, while comprehensively evaluating system functionality through black-box testing. Data were collected via direct observation, semi-structured stakeholder interviews, and an extensive literature review. The system was structured following sequential development phases: requirements analysis, system design, implementation, testing, and maintenance, engineered using PHP, MySQL, HTML, CSS, JavaScript, and local server environments. The resulting web-based platform streamlines core business processes by centralizing product, raw material, supplier, procurement, sales, payment, stock, and financial management into a single architecture, featuring automated inventory adjustments driven by sales and purchase activities. Black-box testing confirmed that all primary functional modules including user authentication, inventory control, procurement, transactional workflows, payment processing, invoicing, and automated reporting performed flawlessly according to operational scenarios. Ultimately, this digital solution fulfills organizational requirements, enhances internal operational governance, and supports technology-driven business innovation in the retail service sector.

The Effect of Posting Consistency and Informational Content on Generation Z Consumers’ Purchase Intention through Instagram @ngopiditegal

Silviana Rohmadani, Deddy Prihadi — Sat, 10 Oct 2026 00:00:00 +0700

The development of social media has transformed marketing communication patterns and consumer behavior in obtaining information before making purchasing decisions. Instagram has become an important visual channel for local businesses, including coffee-related micro, small, and medium enterprises (MSMEs). This study examines the influence of posting consistency and informational content on Generation Z consumers’ purchase intention through the Instagram account @ngopiditegal, which publishes information and promotions about coffee shops in Tegal City and Tegal Regency. A quantitative survey was conducted with 100 followers belonging to Generation Z, selected using purposive sampling. Questionnaire responses measured on a five-point Likert scale were transformed using the Method of Successive Interval (MSI) and analyzed with multiple linear regression in SPSS version 22. The results indicate that posting consistency has a positive and statistically significant relationship with purchase intention (coefficient = 0.241; t = 4.821; p < .001). Informational content also has a positive and statistically significant relationship (coefficient = 0.503; t = 5.760; p < .001). The study reports a significant joint effect and an R² of 0.587, meaning that the two predictors account for 58.7% of the observed variation in purchase intention. The findings support the usefulness of regular communication and decision-relevant information in social-media promotion while indicating that other consumer and business factors also remain important.

The Effects of TikTok In-Feed Content, Live Shopping, and PayLater on Repurchase Decisions for Eiger Products

I’zaaz Dhiya ‘Ulhaq Fatta, Muhammad Siddik Erdi Wicaksono — Sat, 10 Oct 2026 00:00:00 +0700

This study examines the effects of TikTok in-feed content, TikTok Live Shopping, and Buy Now Pay Later (BNPL) perceptions on repurchase decisions for Eiger products. A quantitative explanatory design was applied using purposive sampling of 100 respondents who had purchased Eiger products and interacted with Eiger content or features on TikTok. Questionnaire data were transformed using the Method of Successive Interval (MSI) and analyzed with multiple linear regression in SPSS version 22. The reported results indicate that TikTok in-feed content had a positive and significant association with repurchase decisions (B = 0.285, p = 0.012), as did TikTok Live Shopping (B = 0.412, p = 0.001). The BNPL variable was not statistically significant (B = 0.089, p = 0.419). The joint test was significant (F = 26.450, p < 0.001), and the adjusted coefficient of determination was 0.436. The findings highlight the importance of relevant feed content and interactive product demonstrations for repurchase-related behavior, while payment flexibility alone may not be sufficient to explain repeat purchasing.

Examining the Effect of AI-Driven Recommendation Ease and Consumer Privacy Perception on TikTok Shop Repurchase Intentions in Tegal

Hanif Bahtiar, Yustia Hapsari — Sat, 10 Oct 2026 00:00:00 +0700

This study aims to analyze the influence of Artificial Intelligence (AI)-driven recommendation ease and consumer privacy perception on repurchase intentions within the TikTok Shop application in Tegal City and Tegal Regency. Employing a quantitative approach, the research utilized a survey method with purposive sampling, involving 100 TikTok Shop users who had previously made purchases through the platform. Data were collected via questionnaires and analyzed using SPSS version 22, encompassing validity and reliability tests, classical assumption tests, multiple linear regression, t-tests, F-tests, and the coefficient of determination. The findings reveal that AI recommendation ease does not exert a significant effect on repurchase intention, showing a significance value of 0.069 (>0.05) and a regression coefficient of 0.175. Conversely, consumer privacy perception demonstrates a positive and significant effect on repurchase intention, with a significance value of 0.000 (<0.05) and a coefficient of 0.503. Simultaneously, both independent variables significantly influence repurchase intention, supported by an F-value of 26.448 and a significance value of 0.000. Furthermore, the coefficient of determination (R²) of 0.353 indicates that 35.3% of the variance in repurchase intention is explained by these two variables, while the remaining 64.7% is attributed to external factors outside the model. These findings highlight the critical importance of robust privacy protection, data transparency, and the continuous enhancement of AI recommendation systems in the social commerce sector.

Designing a Laundry Management Information System Using Rapid Application Development

Adie Kusna Wibowo, Izzudin Al Qosam — Sat, 10 Oct 2026 00:00:00 +0700

Many small and medium-sized laundry service enterprises still rely on traditional handwritten notes to record transactions and customer information. This manual practice frequently results in unstructured data management, delayed transaction-history retrieval, and inefficient handling of revenue reports and customer loyalty programs. This study aims to design and develop a web-based Laundry Management Information System to optimize operational processes and business efficiency for a local laundry service enterprise, employing the Rapid Application Development (RAD) method. Data were collected through direct observation, interviews with business stakeholders, and a comprehensive literature review. The system development followed three core RAD phases: requirements planning, user-centered design workshops, and implementation. The platform was built using PHP with the Laravel framework and a MySQL database. Active stakeholder participation during design iterations ensured the refinement of key features, including user interface design, transactional workflows, payment processing, loyalty point management, digital receipt generation, automated financial reporting, and role-based access control. The resulting system successfully delivers robust functionalities for managing customer and service data, monitoring real-time order statuses, calculating point-to-discount conversions, and generating comprehensive period-based revenue reports in PDF and Excel formats. Functional evaluation utilizing black-box testing demonstrated that all system components performed precisely according to specified operational scenarios and met user requirements. Ultimately, this digital solution streamlines administrative tasks, enhances business productivity, and supports technology-driven transformation in the service sector.

The Effect of Promotional Content Quality and Posting Frequency on Engagement Rate of Instagram @Persekatstore

Wildan Pratama, Agnes Dwita Susilawati, Mahben Jalil — Sat, 10 Oct 2026 00:00:00 +0700

Embedded finance integrates financial services into digital platforms, including Buy Now Pay Later facilities in e-commerce. This study examines the effects of perceived ease of use and cashback promotion on intention to use Shopee PayLater in Tegal City. A quantitative survey was conducted with 100 purposively selected respondents aged at least 17 years, domiciled in Tegal City, and familiar with Shopee and PayLater. Data were analyzed using multiple linear regression in SPSS version 22. Perceived ease of use positively and significantly affected intention to use (B = 0.799; t = 13.220; p = 0.000), whereas cashback promotion did not have a significant partial effect (B = 0.002; t = 0.024; p = 0.981). The simultaneous model was significant (F = 88.633; p = 0.000), with an adjusted R² of 0.639. The findings indicate that ease of use and user experience should be prioritized, while cashback incentives should be tailored to user needs

The Influence of Online Reviews and Sales Visualization Interaction on TikTok Shop on Consumer Trust in Elzatta Products

Heka Marsyalinda, Sumarno — Sat, 10 Oct 2026 00:00:00 +0700

The development of digital technology has changed the way people shop online, including through social commerce platforms such as TikTok Shop. To strengthen consumer trust, businesses rely on digital marketing strategies such as online reviews and sales visualization interaction. This study aims to analyze the influence of online reviews and sales visualization interaction on consumer trust in Elzatta products on TikTok Shop. A quantitative approach with purposive sampling was applied to 100 respondents who had purchased Elzatta products through TikTok Shop. Data were collected with a questionnaire of 22 statement items, transformed using the Method of Successive Interval (MSI), and analyzed using multiple linear regression in SPSS version 26. The results show that online reviews and sales visualization interaction have a positive and significant effect on consumer trust, both partially and simultaneously. The Adjusted R Square of 0.544 indicates that both variables explain 54.4% of the variation in consumer trust, while the remaining 45.6% is influenced by other factors outside the model. The study concludes that online reviews and sales visualization interaction are important determinants of consumer trust in Elzatta products on TikTok Shop.

The Influence of Promotion and Ease of Use on Shopee User Satisfaction among Students of Universitas Pancasakti Tegal

Tika Widianti, Octania Meyrawati Alsaifira , Izhar Pratama, Rully Febrianto — Sat, 10 Oct 2026 00:00:00 +0700

The development of digital technology has accelerated the growth of e-commerce in Indonesia, increasing competition among online shopping platforms. In this competitive environment, promotion and application ease of use are important factors that may influence user satisfaction. This study aims to examine the effect of promotion and application ease of use on Shopee user satisfaction among students of Universitas Pancasakti Tegal. This research employed a quantitative approach with a causal-associative design. Data were collected through questionnaires using a Likert scale and transformed into interval data using the Method of Successive Interval (MSI). The population consisted of active students of Universitas Pancasakti Tegal who had used the Shopee application. A total of 100 respondents were selected using a non-probability purposive sampling technique. The data were analyzed through validity and reliability tests, classical assumption tests, multiple linear regression analysis, partial hypothesis testing (t-test), simultaneous hypothesis testing (F-test), and the coefficient of determination (R²). The results indicate that promotion has a positive and significant effect on Shopee user satisfaction. Application ease of use also has a positive and significant effect on user satisfaction. Furthermore, promotion and application ease of use simultaneously have a significant effect on Shopee user satisfaction, with a coefficient of determination of 46.5%. These findings highlight the importance of effective promotional strategies and user-friendly application features in improving user satisfaction, particularly among university students.

The Influence of Digital Content Quality and Instagram Engagement on the Purchase Intention of Sriayu Coffee and Eatery Customers in Tegal Regency

Muhammad Subkhan, Zahra Syahrani, Izaz Alfan Muyassar, Al Fradia Puspitasari — Sat, 10 Oct 2026 00:00:00 +0700

The use of Instagram as a digital marketing medium encourages cafe businesses to present quality content and build meaningful interactions with consumers. This study aims to analyze the influence of digital content quality and Instagram social media engagement on consumer purchase intention at Sriayu Coffee and Eatery Cafe in Tegal Regency. This research employed a quantitative explanatory approach using a survey questionnaire. The sample consisted of 100 respondents who followed the @sriayucoffeeandeatery Instagram account and had purchased products from the cafe. The collected ordinal data were transformed into interval data using the Method of Successive Interval (MSI) and analyzed using multiple linear regression with SPSS version 22. The results show that digital content quality has a positive and significant partial effect on consumer purchase intention, while Instagram social media engagement does not have a significant partial effect. Simultaneously, digital content quality and Instagram social media engagement have a positive and significant effect on consumer purchase intention. The coefficient of determination indicates that the two independent variables explain 47.6% of the variation in consumer purchase intention, while the remaining 52.4% is explained by other factors outside the research model. The findings indicate that content quality should remain a priority in Sriayu Coffee and Eatery's digital marketing strategy, while social media engagement needs to be developed into more meaningful and purchase-oriented interaction.

The Influence of Ease of Use and Cashback Promotions on Shopee PayLater Usage Intention in Tegal City

Khanif Khaerullah, Aliman, Dedi Supriadi — Sun, 11 Oct 2026 00:00:00 +0700

The development of financial technology has encouraged the emergence of embedded finance, including Buy Now Pay Later services integrated into e-commerce platforms. Shopee PayLater is one of the digital financial services that combines transaction convenience with promotional incentives such as cashback. This study aims to analyze the effect of perceived ease of use and cashback promotion on the intention to use Shopee PayLater in Tegal City. The study employed a quantitative approach using survey data collected through an online questionnaire from 100 respondents selected using purposive sampling. Respondents were at least 17 years old, domiciled in Tegal City, had used Shopee, knew or had used PayLater, and had conducted transactions through Shopee. The data were analyzed using multiple linear regression with SPSS version 22. The results show that perceived ease of use has a positive and significant effect on intention to use, with a regression coefficient of 0.799, t-value of 13.220, and significance of 0.000. Cashback promotion does not have a significant effect, with a coefficient of 0.002, t-value of 0.024, and significance of 0.981. Simultaneously, perceived ease of use and cashback promotion have a positive and significant effect on intention to use, as indicated by an F-value of 88.633 and significance of 0.000. The adjusted R square of 0.639 indicates that the two independent variables explain 63.9% of the variation in intention to use Shopee PayLater. The findings suggest that improving user experience and ease of use should be prioritized, while cashback programs need to be designed more effectively to match user needs.

The Effect of Competence, Service Innovation, and Knowledge Sharing on Work Effectiveness at Tegal Regency’s Investment and One-Stop Service Office

Kartika Larassati, Setyowati Subroto, Agnes Dwita Susilawati — Sun, 11 Oct 2026 00:00:00 +0700

Employee work effectiveness is a key determinant of service quality in public organizations, yet evidence on its drivers remains mixed. This study analyzes the effect of competence, service innovation, and knowledge sharing on employee work effectiveness at the Investment and One-Stop Integrated Service Office of Tegal Regency, Indonesia. A quantitative approach with a causal design was employed. All 45 employees of the office were included as respondents through a saturated sampling technique, and data were collected using a Likert-scale questionnaire. The data were analyzed using multiple linear regression, the t-test, the F-test, and the coefficient of determination in IBM SPSS Statistics. The results show that competence has a positive and significant effect on work effectiveness (B = 0.529, Sig. = 0.000), service innovation has a positive but insignificant effect (B = 0.026, Sig. = 0.430), and knowledge sharing has a positive and significant effect (B = 0.694, Sig. = 0.000). Simultaneously, the three variables have a significant effect on work effectiveness (F = 347.115, Sig. = 0.000), and an Adjusted R Square of 0.959 indicates that they explain 95.9% of its variation, while the remaining 4.1% is explained by factors outside the model. The findings suggest that efforts to improve work effectiveness in public service organizations should focus primarily on developing employee competence and strengthening knowledge sharing, while service innovation needs to be accompanied by employee readiness before it can translate into effectiveness gains.

Analysis of the Determinants of Corporate Bond Yields in the Basic Materials Sector Listed on the IDX in 2022-2025

Larasati Tri Handayani, Suwandi, M. Arridho Nur Amin — Sun, 11 Oct 2026 00:00:00 +0700

Corporate bond yield determines both the funding cost of issuers and the return required by investors, yet the evidence on its determinants remains inconsistent. This study analyzes the effects of bond rating, interest rate, and maturity on the yields of corporate bonds in the basic materials sector listed on the Indonesia Stock Exchange (IDX) from 2022 to 2025. A quantitative approach with secondary data was used. The population comprises 229 corporate bonds issued by 13 companies, and the sample consists of 109 bonds from 11 issuers selected through purposive sampling. Data were collected through documentation from the Indonesian Bond Market Directory (IBMD) and the BI Rate data of Bank Indonesia, and were analyzed using classical assumption tests, multiple linear regression, the t-test, the F-test, and the coefficient of determination in SPSS 22. The results show that bond rating has a negative and significant effect on bond yield (B = -0.006, Sig. = 0.000), while interest rate (B = 0.005, Sig. = 0.000) and maturity (B = 0.003, Sig. = 0.000) have positive and significant effects. Simultaneously, the three variables significantly affect bond yield (F = 23.058, Sig. = 0.000). The Adjusted R Square of 0.380 indicates that 38% of the variation in bond yield is explained by the model, while the remaining 62% is explained by other factors outside the model. These findings imply that issuers and investors should assess rating, benchmark interest rate, and maturity jointly when pricing and selecting corporate

Effects of Capital Structure, Operating Cash Flow, and Firm Size on Financial Distress in Retailing Companies Listed on the IDX

Meilia Rahma Nusandari, Gunistiyo, M. Arridho Nuramin, Laila Aprina Zahrani — Sun, 11 Oct 2026 00:00:00 +0700

This study examines the effects of capital structure, operating cash flow, and firm size on financial distress among retailing sub-sector companies listed on the Indonesia Stock Exchange (IDX) during 2020–2025. A quantitative approach was applied using secondary data from financial statements. The population comprised 32 companies, and purposive sampling yielded 22 companies with 132 observations. The data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, t-tests, an Ftest, and the coefficient of determination, with IBM SPSS Statistics version 22. The results show that capital structure has a negative and significant effect on financial distress (coefficient = −0.206; p = 0.000), operating cash flow has a positive and significant effect (coefficient = 1.219; p = 0.000), and firm size has a negative and significant effect (coefficient = −1.231; p = 0.017). Simultaneously, the three independent variables significantly affect financial distress (F = 23.430; p = 0.000). The final model yields an R² of 0.425 and an adjusted R² of 0.407. These findings highlight the importance of financing decisions, operating cash flow management, and asset scale in controlling the risk of financial distress in retailing companies.

The Effect Of Workload, Job Stress, And Interpersonal Conflict On The Turnover Intention Of Production Employees Of Pt. Adonia Footwear Indonesia Lebaksiu Tegal

Aenun Solekha, Ahmad Hanfan, Setyowati Subroto, Siti Laeli Tiara — Sun, 11 Oct 2026 00:00:00 +0700

This study purpose to analyze the effect of workload (X1), job stress (X2), and interpersonal conflict (X3) on the turnover intention (Y) of production employees at PT Adonia Footwear Indonesia, which recorded a turnover rate of 16.44% (period June 2025–May 2026). A sample of 92 respondents was drawn from a population of 1,145 employees, with questionnaires as the primary data collection technique. Data were analyzed using research instrument tests, classical assumption tests, multiple linear regression analysis, and hypothesis testing. Partial analysis results indicate that workload (t = 2.415; p = 0.018), job stress (t = 4.473; p = 0.000), and interpersonal conflict (t = 3.908; p = 0.000) each have a positive and significant effect on turnover intention. Simultaneously, all three variables have a significant effect (F = 117.704; p = 0.000) with a contribution value (R^2) of 78%, while the remaining 22% is influenced by other variables outside the study. It is concluded that workload, job stress, and interpersonal conflict, both partially and simultaneously, are proven to increase employee turnover intention.

Rewards, Workload, and Competence in Relation to Job Satisfaction Among Train Drivers

Fatasya Rizki Fauziah, Mahben Jalil, Deddy Prihadi — Sun, 11 Oct 2026 00:00:00 +0700

Job satisfaction among train drivers is a critical issue in human resource management (HRM) for public transportation, because the profession demands high responsibility, operational precision, and strict safety compliance. This study analyzes the effects of reward, workload, and employee competence on the job satisfaction of train drivers at PT Kereta Api Indonesia (Persero) Daop IV Semarang. A quantitative approach was applied to a sample of 100 train drivers selected through proportional random sampling. Data were collected using a Likert-scale questionnaire and analyzed with multiple linear regression in IBM SPSS 25. The results show that reward and employee competence have a positive and significant effect on job satisfaction, whereas workload has no significant effect. Together, the three variables explain 80.1% of the variation in job satisfaction (adjusted R²). The findings offer practical implications for transportation management in designing policies that strengthen reward systems and competence development. They also align with national efforts to improve job quality in the transportation sector and with global HRM trends that treat employee well-being as a foundation of safe and sustainable work environments, particularly for high-risk occupations such as train driving.

The Effect of Work-Family Conflict, Workload, and Incentives on Employee Job Satisfaction at Petarukan Community Health Center, Pemalang Regency

Gita Lorenza, Ahmad Hanfan, Tri Sulistyani — Sun, 11 Oct 2026 00:00:00 +0700

This study was motivated by suboptimal employee job satisfaction, which is presumed to be influenced by work-family conflict, workload, and incentive provision. It aims to examine the partial and simultaneous effects of these three variables on the job satisfaction of employees at the Petarukan Community Health Center (UPTD Puskesmas Petarukan), Pemalang Regency. A quantitative associative approach was employed, using a saturated sample of 73 employees. Data were collected through questionnaires and analyzed with SPSS 25 using validity, reliability, classical assumption, multiple linear regression, t-, and Ftests, as well as the coefficient of determination. The results show that work-family conflict has a negative and significant effect on job satisfaction (p = 0.000 < 0.05), workload also has a negative and significant effect (p = 0.018 < 0.05), whereas incentive provision has a positive and significant effect (p = 0.000 < 0.05). Simultaneously, the three variables significantly affect job satisfaction (p = 0.000 < 0.05). Higher workfamily conflict and workload therefore lead to lower job satisfaction, while better incentive provision leads to higher job satisfaction among employees.

The Effects of Green Finance, NPF, CAR, and Firm Size on the Financial Sustainability of Islamic Commercial Banks in ssIndonesia, 2021–2025

Hana Maila Fitriyah, Yuni Utami, Catur Wahyudi — Sun, 11 Oct 2026 00:00:00 +0700

This study aims to analyze the effects of green finance, non-performing financing (NPF), capital adequacy ratio (CAR), and firm size on the financial sustainability of Islamic commercial banks in Indonesia over the 2021–2025 period. It uses a quantitative approach with secondary data taken from financial statements and sustainability reports published on the website of the Financial Services Authority (OJK) and the official websites of the respective banks. Of the 14 Islamic commercial banks in the population, 9 banks met the purposive sampling criteria, yielding 45 observations. The data were analyzed using multiple linear regression in SPSS version 22. The results show that green finance, NPF, CAR, and firm size each have a significant effect on financial sustainability. Simultaneously, these four variables also have a significant effect on the financial sustainability of Islamic commercial banks in Indonesia during 2021–2025.

The Effects of Work Skills, Work Experience, and Self-Efficacy on Employee Productivity at PT Rimatex Putra Nusantara, Pemalang Regency

Minatikal Khoiriyah, Suwandi, Mei Rani Amalia — Sun, 11 Oct 2026 00:00:00 +0700

This study was motivated by the suboptimal productivity of employees at PT Rimatex Putra Nusantara, Pemalang Regency. This condition is reflected in the 2024–2025 production target and realization data, which show a decline in output and a failure to meet production targets in most periods, and it is presumed to be influenced by employees' work skills, work experience, and self-efficacy. The study employed a quantitative method with a population and sample of 92 production employees selected through saturated sampling. Data were collected through observation, interviews, and questionnaires, and were analyzed in SPSS using validity and reliability tests, the Method of Successive Intervals (MSI), classical assumption tests, multiple linear regression, hypothesis testing, and the coefficient of determination. The results show that work skills have a positive and significant effect on employee productivity (t = 2.783; p = 0.007), as do work experience (t = 3.713; p = 0.000) and self-efficacy (t = 3.242; p = 0.002). Simultaneously, the three independent variables have a positive and significant effect on employee productivity (p = 0.000). The coefficient of determination of 0.586 indicates that 58.6% of the variation in employee productivity is explained by work skills, work experience, and self-efficacy. It is concluded that work skills, work experience, and self-efficacy have positive and significant effects, both partially and simultaneously, on the productivity of employees at PT Rimatex Putra Nusantara, Pemalang Regency.

Effects of Emotional Intelligence, Self-Efficacy, and Job Satisfaction on Organizational Citizenship Behavior among Employees of Tegal Regency BKPSDM

Naswa Nur Atiyah, Sri Murdiati, Mei Rani Amalia — Sun, 11 Oct 2026 00:00:00 +0700

Organizational Citizenship Behavior (OCB) refers to voluntary employee behavior beyond formal job duties that can support organizational effectiveness. This study aimed to determine the effect of emotional intelligence, self-efficacy, and job satisfaction on OCB, both partially and simultaneously, among employees of the Civil Service and Human Resource Development Agency (BKPSDM) of Tegal Regency. This study used a quantitative approach with saturated sampling, involving all BKPSDM employees as the research sample. Data were collected through questionnaires and interviews and analyzed using validity and reliability tests, descriptive statistics, the Method of Successive Intervals (MSI), classical assumption tests, multiple linear regression, hypothesis testing, and coefficient of determination analysis using IBM SPSS. The results showed that emotional intelligence had a significant effect on OCB, with a t-value of 2.271 and a significance value of 0.028. Self-efficacy had no significant effect on OCB, with a t-value of −0.790 and a significance value of 0.433. Job satisfaction had a significant effect on OCB, with a t-value of 5.024 and a significance value of 0.000. Simultaneously, emotional intelligence, self-efficacy, and job satisfaction had a significant effect on OCB, with an F-value of 24.733 and a significance value of 0.000. Therefore, emotional intelligence and job satisfaction significantly affect OCB, while self-efficacy does not have a significant partial effect. However, the three variables simultaneously affect OCB among BKPSDM employees of Tegal Regency. Keywords: Emotional Intelligence; Self-Efficacy; Job Satisfaction; Organizational Citizenship Behavior (OCB)

Debt to Equity Ratio, Fixed Investment Efficiency, Export Volume, and Exchange Rate Fluctuations: Effects on Property Firms' Operating Profit Margin

Retno Widyaningsih, Catur Wahyudi, Mohammad Arridho Nur Amin — Sun, 11 Oct 2026 00:00:00 +0700

This study aims to analyze the effect of the Debt to Equity Ratio, Fixed Investment Efficiency, Export Volume, and Exchange Rate Fluctuations on the Operating Profit Margin of property and real estate companies listed on the Indonesia Stock Exchange during the 2020–2025 period. The study uses a quantitative approach with secondary data obtained from the companies' annual financial reports. Purposive sampling was applied, yielding 312 observations that met the research criteria. The data were analyzed using panel data regression with the random effects model, estimated by the Estimated Generalized Least Squares (EGLS) method. Outliers were detected using the extreme residual method, which was also used to test normality and evaluate regression model errors, while EGLS was used to estimate the panel data regression model and to address violations of the classical assumptions, particularly heteroscedasticity and autocorrelation. The partial results show that the Debt to Equity Ratio has a negative and significant effect on the Operating Profit Margin, and Export Volume has a positive and significant effect, whereas Fixed Investment Efficiency and Exchange Rate Fluctuations have no significant effect. Simultaneously, the Debt to Equity Ratio, Fixed Investment Efficiency, Export Volume, and Exchange Rate Fluctuations significantly affect the Operating Profit Margin. The Adjusted R-squared value of 0.056045 indicates that the four independent variables explain 5.60% of the variation in the margin, while the remaining 94.40% is explained by variables outside the research model

Effects of Work Discipline, Physical Work Environment, and Work Culture on Organizational Citizenship Behavior at Tegal Regency Social Office

Zalfaa Hasna Tsabitah, Mahben Jalil, Tri Sulistyani — Sun, 11 Oct 2026 00:00:00 +0700

Human resources play a crucial role in government institutions, particularly with regard to employees' voluntary behavior, known as Organizational Citizenship Behavior (OCB). Among employees of the Social Office of Tegal Regency, OCB is directly related to the quality of social assistance services provided to the community. This study aims to analyze the partial and simultaneous effects of work discipline, physical work environment, and work culture on employees' OCB. The population and sample consisted of 50 respondents selected through a saturated sampling (census) method. This study employed a quantitative approach with data collected through questionnaires and analyzed using multiple linear regression with SPSS version 26. The results show that: 1) work discipline has a positive and significant effect on OCB (significance value 0.032 < 0.05); 2) physical work environment has a positive but insignificant effect on OCB (significance value 0.953 > 0.05); 3) work culture has a positive but insignificant effect on OCB (significance value 0.131 > 0.05); and 4) work discipline, physical work environment, and work culture simultaneously have a significant effect on OCB, with an Adjusted R Square value of 0.418 or 41.8%.

Effects of On-the-Job Training, SOP Implementation, and Work Professionalism on Barista Performance in Coffee Shop MSMEs in Tegal City

Aditya Marwan Ash’ari, Yuniarti Herwinarni, Setyowati Subroto — Sun, 11 Oct 2026 00:00:00 +0700

This study examines how On-the-Job Training (OJT), the implementation of Standard Operating Procedures (SOPs), and work professionalism affect the performance of baristas in coffee shops run as Micro, Small, and Medium Enterprises (MSMEs) in Tegal City, both individually and together. The coffee shop industry in Tegal City is growing quickly, which has led to tough competition, yet operational performance and barista service quality remain inconsistent. The study uses a quantitative, associative approach. The population consists of all baristas working in 12 MSME coffee shops across four districts of Tegal City; a saturated sample of 45 baristas was used. Data were gathered with a Likert-scale questionnaire converted into interval data using the Method of Successive Intervals (MSI), together with interviews and observations. The analysis comprised validity, reliability, classical assumption, multiple linear regression, t, F, and coefficient of determination (R²) tests. The findings show that (1) OJT has a positive and significant effect on barista performance (t = 5.490, p = 0.000); (2) SOP implementation has a positive and significant effect (t = 2.417, p = 0.020); (3) work professionalism has a positive and significant effect (t = 34.302, p = 0.000); and (4) OJT, SOP implementation, and work professionalism together have a significant effect on barista performance (F = 2204.275, p = 0.000), with an adjusted R² of 99.3%. The results highlight the need to strengthen training programs, develop standardized SOPs, and foster a professional work ethic to raise the competitiveness of MSME coffee shops.

Total Asset Turnover, Asset Growth, Capital Structure, Liquidity, and Earnings Volatility: Board Gender Diversity as Moderator in Indonesian Energy Firms

Ajeng Iqfina Kamalia Rizqi, Yuni Utami, Gunistiyo — Sun, 11 Oct 2026 00:00:00 +0700

This study examines the influence of total asset turnover, asset growth, capital structure, and liquidity on earnings volatility, with good corporate governance proxied by board gender diversity as a moderating variable, in energy-sector companies listed on the Indonesia Stock Exchange during 2020–2024. The study uses a quantitative approach and secondary data obtained from financial statements and annual reports. The population consisted of 91 energy-sector companies, while purposive sampling produced 31 companies and 155 firm-year observations. Data were analyzed using panel-data regression and Moderated Regression Analysis with Stata 17. The results show that total asset turnover and asset growth have positive and significant effects on earnings volatility, whereas capital structure and liquidity do not have significant effects. Simultaneously, the independent variables significantly affect earnings volatility. Board gender diversity significantly moderates the effects of total asset turnover and asset growth, with the interaction with total asset turnover weakening its positive effect and the interaction with asset growth strengthening its effect. However, board gender diversity does not significantly moderate the effects of capital structure and liquidity. The findings emphasize the importance of efficient asset management and inclusive corporate governance in managing earnings volatility in the energy sector.

Factors Affecting Change in Profit and Cash Holding in Transportation and Logistics Companies Listed on the IDX, 2021–2025

Annisa Sarah Dewi, Yuni Utami, Ira Maya Hapsari — Sun, 11 Oct 2026 00:00:00 +0700

The instability of financial performance in transportation and logistics companies during 2021–2025 is reflected in fluctuations in change in profit and cash holding. This study examines the effects of Sales Growth, Cash Flow, Total Asset Turnover, and Quick Ratio on Change in Profit and Cash Holding in transportation and logistics companies listed on the Indonesia Stock Exchange (IDX). It uses a quantitative associative approach. The population consists of 40 listed transportation and logistics companies, of which 27 were selected through purposive sampling, resulting in 135 observations for 2021–2025. Secondary data were obtained from annual financial reports and analyzed using multiple linear regression in SPSS version 22. In the Change in Profit model, Sales Growth and Quick Ratio have positive and significant effects, while Cash Flow and Total Asset Turnover have no significant effect. In the Cash Holding model, Sales Growth has no significant effect, whereas Cash Flow, Total Asset Turnover, and Quick Ratio have positive and significant effects. The findings indicate that the determinants of Change in Profit and Cash Holding are not entirely identical.

Determinants of Credit Distribution in Indonesian Conventional Banks, 2021–2025: The Moderating Role of Firm Size

Dhea Nadzwa Ashari, Jaka Waskito , Amirah — Sun, 11 Oct 2026 00:00:00 +0700

This study assesses the effect of third-party funds (DPK), the statutory reserve requirement (GWM), the capital adequacy ratio (CAR), the loan to deposit ratio (LDR), and the interest rate on credit distribution, and evaluates whether firm size moderates these relationships, using evidence from conventional commercial banks listed on the Indonesia Stock Exchange (IDX) in 2021–2025. The analysis uses 39 banks from a population of 44, selected by purposive sampling, giving 195 bank-year observations from published financial statements. Data were analyzed with multiple linear regression and moderated regression analysis (MRA) in SPSS. DPK and LDR have a significant positive effect on credit distribution, while GWM, CAR, and the interest rate have a significant negative effect. The MRA shows that firm size moderates the effect of GWM on credit distribution by weakening its negative effect, but does not moderate the effects of DPK, CAR, LDR, or the interest rate. The findings may inform banking management in setting intermediation policies and managing liquidity risk, and serve as a reference for regulators and investors in assessing the financial resilience of conventional banks.

The Effect of Social Support, Work Climate, and Leadership Style on Employees’ Adaptive Performance at BMT SM NU Kramat Brebes

Fatkhurizka Nurfadlilah, Sri Murdiati, Faiz Irsyad Prasetyo — Sun, 11 Oct 2026 00:00:00 +0700

This study was motivated by the suboptimal adaptive performance of employees at KSPPS BMT SM NU Kramat Brebes, an Islamic microfinance institution, reflected in employees’ limited ability to adjust to changes in work procedures, technological developments, and organizational dynamics. The study aimed to examine the effects of social support, work climate, and leadership style on employees’ adaptive performance, both partially and simultaneously. A quantitative associative approach was employed. The population and sample consisted of 50 employees from three branches (Brebes Pulosari, Sitanggal, and Ketanggungan), selected using a saturated sampling technique. Data were collected through a Likert-scale questionnaire. Ordinal data were transformed into interval data using the Method of Successive Interval (MSI) and then analyzed in SPSS 25 through validity, reliability, classical assumption, multiple linear regression, t-test, F-test, and coefficient of determination analyses. Social support had a positive and significant effect on adaptive performance (t = 4.584; Sig. = 0.000), as did work climate (t = 3.455; Sig. = 0.001) and leadership style (t = 2.981; Sig. = 0.005). Simultaneously, the three variables significantly affected adaptive performance (F = 108.992; Sig. = 0.000), and R² of 0.869 indicates that 86.9% of the variance in adaptive performance was explained by them, while the remaining 13.1% was explained by other factors outside the model. These findings highlight the importance of strengthening social support, creating a conducive work climate, and improving leadership effectiveness to foster employees who are more capable of adapting to organizational change.

Positive Effect of Zakat and Negative Effects of Firm Size and Leverage on Islamic Commercial Bank Performance in Indonesia

Indi Kaeza Zulfa, Amirah, Agus Prasetyono — Sun, 11 Oct 2026 00:00:00 +0700

The performance of Islamic Commercial Banks (BUS) in Indonesia, measured by return on assets (ROA), fluctuated between 2019 and 2024, reflecting efforts to improve efficiency in asset management. In line with OJK Regulation (POJK) No. 11 of 2023, Islamic Business Units (UUS) are being converted into BUS to strengthen the growth of Islamic banking. This study aims to analyze the effect of corporate zakat, Islamic Corporate Social Responsibility (ICSR), Sharia Supervisory Board meetings (RDPS), firm size, and leverage on BUS performance. Using a quantitative approach on 10 BUS over 2019–2024 and SPSS 25 as the analysis tool, the results reveal that corporate zakat has a significant positive effect, while firm size and leverage have significant negative effects on BUS performance. ICSR and RDPS have no significant effect. The regression model explains 90.1% of the variation in BUS performance.

The Effect of Leadership, Organizational Culture, and Communication on Civil Servants’ Job Satisfaction at the Tegal Regency Social Service Office

Intan Indriyani, Setyowati Subroto, Sri Murdiati — Sun, 11 Oct 2026 00:00:00 +0700

This study aims to determine the effects of leadership, organizational culture, and communication on the job satisfaction of civil servants (ASN) at the Social Service Office of Tegal Regency. A quantitative approach was used, with a population of all 35 civil servants of the office. Saturated sampling was applied, so the entire population served as respondents. Data were collected through questionnaires and interviews and analyzed using multiple linear regression in IBM SPSS 22. The results show that leadership, organizational culture, and communication each have a significant partial effect on job satisfaction (Sig. = 0.001, 0.045, and 0.032, respectively; all < 0.05). Simultaneously, the three variables also significantly affect job satisfaction (F = 8.387; Sig. = 0.000). It is concluded that leadership, organizational culture, and communication play an important role in improving the job satisfaction of civil servants at the Social Service Office of Tegal Regency.

The Effect of OCB, Work Discipline, and Work Environment on Employee Job Satisfaction at PT Sicepat Express Indonesia Adiwerna, Tegal Regency

Keke Nabilla, Ahmad Hanfan, Tri Sulistyani — Sun, 11 Oct 2026 00:00:00 +0700

This study aims to analyze the effect of Organizational Citizenship Behavior (OCB), work discipline, and work environment on employee job satisfaction at PT Sicepat Express Indonesia Adiwerna, Tegal Regency. A quantitative approach with an associative design was used. The population consisted of 50 employees, all of whom were included as the sample through a saturated sampling technique. Data were collected through questionnaires and analyzed using multiple linear regression in SPSS 25. The results show that OCB, work discipline, and work environment each have a positive and significant effect on job satisfaction (Sig. = 0.000, 0.001, and 0.000, respectively). Simultaneously, the three variables significantly affect job satisfaction (F = 262.877; Sig. = 0.000), with an adjusted R² of 0.941. These findings indicate that strengthening OCB, enforcing work discipline consistently, and creating a conducive work environment can increase employee job satisfaction and support effective human resource management.

Organizational Culture, Transformational Leadership, Burnout, Employee Engagement, and Job Satisfaction of Public Employees in the Brebes Regency Water Resources Office

Miftakhul Arsyi, Mahben Jalil, Catur Wahyudi — Sun, 11 Oct 2026 00:00:00 +0700

Job satisfaction is an important factor that influences employee performance and service quality. This study analyzes the effect of organizational culture, transformational leadership, burnout, and employee engagement on the job satisfaction of employees at the Water Resources Management and Spatial Planning Office of Brebes Regency. The study uses a quantitative survey method. The population of 91 employees was sampled using the saturated sampling technique. Data were collected through a questionnaire and analyzed using validity, reliability, classical assumption, multiple linear regression, t, F, and coefficient of determination (R²) tests. The results show that organizational culture, transformational leadership, and employee engagement have a positive and significant effect on job satisfaction, while burnout has a negative and significant effect. Simultaneously, all independent variables significantly affect job satisfaction, with an R Square of 0.534, indicating that the model explains 53.4% of the variation in job satisfaction. Organizations therefore need to strengthen work culture, apply transformational leadership, manage burnout, and increase employee engagement to improve employee job satisfaction.

The Effect of Liquidity Ratio, Solvency Ratio, Sales Growth, and Working Capital Turnover on Profitability

Nabila Ayu Dwiharto, Jaka Waskito, Yuni Utami — Sun, 11 Oct 2026 00:00:00 +0700

This study aims to analyze the effect of the Current Ratio (CR), Debt to Equity Ratio (DER), Sales Growth (SG), and Working Capital Turnover (WCT) on profitability in Food, Beverage and Staples Retailing subsector companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2025 period. The study uses a quantitative approach with secondary data obtained from the companies’ annual financial reports. The population consists of 39 Food, Beverage and Staples Retailing subsector companies listed on the IDX, and purposive sampling yielded 32 companies that met the research criteria for the 2021–2025 period. Data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression analysis, partial t-tests, and the coefficient of determination (R²) with SPSS version 25. The results show that (1) CR has a significant negative effect on profitability; (2) DER has a significant negative effect on profitability; (3) SG has no significant effect on profitability; and (4) WCT has a significant negative effect on profitability of the subsector companies listed on the IDX for the 2021–2025 period.

The Effect of Work-Life Balance, Burnout, and Workload on Employee Work Motivation at Puskesmas Bangun Galih, Kramat District, Tegal Regency

Nadia Tri Agustina, Mei Rani Amalia, Agnes Dwita Susilawati — Sun, 11 Oct 2026 00:00:00 +0700

This study aims to analyze the effect of work-life balance, burnout, and workload on the work motivation of employees at Puskesmas Bangun Galih, Kramat District, Tegal Regency, both partially and simultaneously. A quantitative approach with an associative design was used. The population and sample comprised 58 employees, selected through saturated sampling (census). Data were collected through questionnaires and analyzed using validity, reliability, classical assumption, multiple linear regression, t-test, F-test, and coefficient of determination analyses in SPSS. The results show that work-life balance has a positive and significant effect on work motivation (Sig. = 0.010), whereas burnout (Sig. = 0.031) and workload (Sig. = 0.021) have negative and significant effects. Simultaneously, the three variables significantly affect work motivation (F = 17.138; Sig. = 0.000). The adjusted R² of 0.459 indicates that the three variables explain 45.9% of the variation in work motivation, while 54.1% is explained by other factors outside the model.

Effects of Free Cash Flow, Current Ratio, ROA, and DER on Dividend Policy: Evidence from Indonesian Food and Beverage Companies

Nelsa Pebrilian, Jaka Waskito, Agus Prasetyono — Sun, 11 Oct 2026 00:00:00 +0700

Dividend policy signals a firm’s financial health and shapes investor interest, yet not all listed firms pay dividends consistently. This study examines the effects of free cash flow, current ratio, return on assets (ROA), and debt to equity ratio (DER) on the dividend policy of food and beverage subsector companies listed on the Indonesia Stock Exchange (IDX) during 2019–2023. From a population of 57 companies, 21 were selected through purposive sampling based on predetermined criteria. Quantitative secondary data were obtained from annual financial statements and analyzed using descriptive statistics, classical assumption tests, multiple linear regression, the t-test, the F-test, and the coefficient of determination (R²) in SPSS 22. The results show that free cash flow and the current ratio have a positive effect on dividend policy, ROA has no effect, and DER has a negative effect. Simultaneously, the four variables significantly affect dividend policy. These findings suggest that cash availability and liquidity support dividend payments, whereas leverage constrains them.

Effects of Capital Structure, Liquidity, and Operational Efficiency on Firm Value in Indonesian Consumer Goods Companies, 20212025

Noni Widya Febriani, Yuni Utami, Sri Murdiati — Sun, 11 Oct 2026 00:00:00 +0700

This study analyzes the effects of capital structure, liquidity, and operational efficiency on firm value in consumer goods companies listed on the Indonesia Stock Exchange (IDX) during 2021–2025. Firm value is measured by price to book value (PBV), capital structure by the debt to equity ratio (DER), liquidity by the current ratio (CR), and operational efficiency by total asset turnover (TATO). The study employs a quantitative descriptive method using secondary data from annual financial reports. Purposive sampling produced 41 consumer goods companies observed over five years, yielding 205 panel data observations, which were analyzed using multiple linear regression in SPSS. The results show that capital structure, liquidity, and operational efficiency each have a positive and significant partial effect on firm value. Simultaneously, the three variables also have a positive and significant effect, with an adjusted R² of 0.676, meaning that 67.6% of the variation in firm value is explained by the three independent variables, while the remaining 32.4% is explained by other factors outside the model. Operational efficiency is the most dominant variable affecting firm value.

The Effect of Inventory Turnover, Working Capital Turnover, Current Ratio, and Asset Tangibility on Profitability in the Industrial Sector

Putri Wedyowati, Suwandi, Agus Prasetyono — Sun, 11 Oct 2026 00:00:00 +0700

This study analyzes the effects of inventory turnover, working capital turnover, current ratio, and asset tangibility on the profitability of industrial sector companies listed on the Indonesia Stock Exchange (IDX) for 2020–2024. A quantitative associative approach was applied using secondary data from the companies’ financial statements. From a population of 65 companies, purposive sampling yielded 36 companies and 180 firm-year observations. Data were analyzed using multiple linear regression in SPSS 22, with classical assumption tests, t-tests, an F-test, and the coefficient of determination. The results show that, individually, inventory turnover, working capital turnover, and asset tangibility have no significant effect on profitability, whereas the current ratio has a positive and significant effect. Simultaneously, the four variables significantly affect profitability. The adjusted R² of 10.7% indicates that the four variables explain 10.7% of the variation in profitability, while 89.3% is explained by factors outside the model.

Effects of Third-Party Funds, Credit Risk, Firm Size, and Operational Efficiency on Profitability of Listed Banks in Indonesia, 2020–2024

Reni Sofa Fadillah, Gunistiyo, M. Arridho Nur Amin — Sun, 11 Oct 2026 00:00:00 +0700

This study analyzes the effect of third-party funds (DPK), credit risk, firm size, and operational efficiency on bank profitability. Profitability is measured by return on assets (ROA), while credit risk and operational efficiency are proxied by the non-performing loan ratio (NPL) and operating expenses to operating income (BOPO), respectively. The study uses a quantitative approach with secondary data from the annual financial reports of banks listed on the Indonesia Stock Exchange during 2020–2024. The sample consists of 29 banks selected by purposive sampling, giving 145 firmyear observations. Data were analyzed with descriptive statistics, classical assumption tests, multiple linear regression, the t-test, the F-test, and adjusted R². The results show that DPK has a negative and significant effect on ROA, credit risk has no significant effect, firm size has a positive and significant effect, and operational efficiency (BOPO) has a negative and significant effect. Simultaneously, the four variables significantly affect profitability. The adjusted R² of 47.8% indicates that the model explains 47.8% of the variation in profitability, while the remaining 52.2% is explained by factors outside the model.

Effects of Product Quality, Price Perception, and Service Quality on Customer Loyalty Through Customer Satisfaction at PT Asaputex Jaya, Tegal

Riska Maulidini, Makmur Sujarwo, Yuniarti Herwinarni — Sun, 11 Oct 2026 00:00:00 +0700

This study aims to analyze the effects of product quality, price perception, and service quality on customer loyalty, both directly and indirectly through customer satisfaction as a mediating variable, at PT Asaputex Jaya (Sarung Pohon Korma), Tegal City. A quantitative approach was used. The population consists of consumers of Sarung Pohon Korma products, and 100 respondents were selected using probability sampling and Cochran’s formula with a 10% error tolerance. Data were collected through a structured Likert-scale questionnaire and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0. The results show that product quality, price perception, and service quality have positive and significant effects on both customer loyalty and customer satisfaction. Customer satisfaction also has a positive and significant effect on customer loyalty, and it significantly mediates the effects of the three independent variables on loyalty. Service quality is the most dominant direct determinant of customer loyalty (path coefficient = 0.336). The R-square values are 0.717 for customer satisfaction and 0.774 for customer loyalty. The findings indicate that maintaining product quality, price-value suitability, and service quality is important for strengthening customer satisfaction and sustainable loyalty.

The Effect of Service Quality, Healthcare Facilities, and Brand Image on Patient Satisfaction at Dr. Soeselo Slawi Regional General Hospital

Safa Aulia Rahmadani, Gunistiyo, Deddy Prihadi — Sun, 11 Oct 2026 00:00:00 +0700

This study analyzes the influence of service quality, healthcare facilities, and brand image on patient satisfaction at Dr. Soeselo Slawi Regional General Hospital. A quantitative method was used with primary data from questionnaires distributed to 100 respondents who were patients or users of the hospital’s services. The analysis comprised validity and reliability tests, classical assumption tests, multiple linear regression, hypothesis tests (t-test and F-test), and the coefficient of determination. The results show that service quality (t = 7.993; sig. 0.000), healthcare facilities (t = 5.811; sig. 0.000), and brand image (t = 4.709; sig. 0.000) each have a positive and significant partial effect on patient satisfaction, with service quality having the largest standardized effect. Simultaneously, the three variables have a significant effect (F = 35.446; sig. 0.000), explaining 51.1% of the variance in patient satisfaction, while the remaining 48.9% is explained by other factors outside this study.

The Effect of Individual Characteristics, Job Training, and Competence on Nurses’ Career Development at Suradadi Regional General Hospital, Tegal Regency

Sifa Ayu Aszulfah, Gunistiyo, Deddy Prihadi — Sun, 11 Oct 2026 00:00:00 +0700

This study aims to examine the effects of individual characteristics, job training, and competence on the career development of employees at Suradadi Regional General Hospital (RSUD Suradadi), Tegal Regency, both partially and simultaneously. A quantitative method was used. The analysis comprised instrument tests (validity and reliability), classical assumption tests, and multiple linear regression. The population was 91 inpatient nurses, and saturated sampling was applied so that the entire population became the sample. Data were collected through questionnaires. The results show that individual characteristics (t = 3.429; Sig. = 0.001), job training (t = 3.431; Sig. = 0.002), and competence (t = 3.516; Sig. = 0.001) each have a positive and significant partial effect on career development. Simultaneously, the three variables have a positive and significant effect on career development (F = 100.204; Sig. = 0.000), with an adjusted R² of 0.768. Competence has the largest standardized effect. The hospital is advised to strengthen nurses’ competence, particularly teamwork skills.

Effects of Murabahah Financing, BOPO, Total Assets, and NPF on Operating Income of Islamic Commercial Banks in Indonesia, 2020–2025

Tiara Aprialita Amanda, Jaka Waskito, Catur Wahyudi — Sun, 11 Oct 2026 00:00:00 +0700

This study examines the effects of murabahah financing, operating expenses to operating income (BOPO), total assets, and non-performing financing (NPF) on the operating income of Islamic commercial banks in Indonesia during 20202025, both partially and simultaneously. A quantitative approach was employed using secondary data from annual financial statements obtained from the Financial Services Authority (OJK) and the banks’ websites. Purposive sampling resulted in 10 Islamic commercial banks and 60 observations. Multiple linear regression was performed using SPSS 25. The results show that murabahah financing has no significant effect on operating income (sig. = 0.053), while BOPO has a significant effect (sig. = 0.026), total assets have no significant effect (sig. = 0.189), and NPF has a significant negative effect (sig. = 0.009). Simultaneously, the four independent variables significantly affect operating income (F = 9.031; sig. = 0.000). The R² of 0.396 indicates that 39.6% of the variation in operating income is explained by the model, while 60.4% is explained by other factors.

Price, Service Quality, and Product Diversity Perceptions and Customer Loyalty at Nahdiana Ketanggungan Printing, Brebes Regency

Vera Sagita, Yuniarti Herwinarni, Deddy Prihadi — Sun, 11 Oct 2026 00:00:00 +0700

This study aims to analyze the influence of price perception, service quality perception, and product diversity perception on customer loyalty at Nahdiana Printing, Ketanggungan, Brebes Regency. A quantitative approach was employed, collecting data through questionnaires distributed to 100 respondents selected via purposive sampling. Data were analyzed using multiple linear regression with IBM SPSS version 22. The results show that price perception, service quality perception, and product diversity perception each have a positive and significant partial effect on customer loyalty (sig. 0.002, 0.001, and 0.033, respectively). Simultaneously, the three variables significantly influence customer loyalty (sig. < 0.001), explaining 48.5% of its variation (adjusted R square). Among the three variables, service quality perception emerged as the most dominant factor, underscoring the critical role of responsive, accurate, and friendly service in retaining customers of printing businesses. These findings contribute to the understanding of consumer behavior in the printing service sector and provide practical guidance for Nahdiana Printing in strengthening customer loyalty management.

Effects of CSR Disclosure, Green Product Innovation, Firm Size, Leverage, and Liquidity on Financial Performance of Indonesian Consumer Non-Cyclicals Firms

Yunia Indah Maharani, Suwandi, Yuni Utami — Sun, 11 Oct 2026 00:00:00 +0700

This study analyzes the partial and simultaneous effects of Corporate Social Responsibility Disclosure (CSRD), Green Product Innovation (GPI), Firm Size, Leverage, and Liquidity on the financial performance of Consumer Non-Cyclicals companies listed on the Indonesia Stock Exchange during 2021–2025. An associative quantitative approach was applied using secondary data from annual financial and sustainability reports. Of 132 companies in the population, purposive sampling yielded 28 companies and 140 firm-year observations. Financial performance is proxied by Net Profit Margin (NPM); CSRD and GPI are measured with disclosure indices based on selected GRI indicators; Firm Size is the natural logarithm of total assets; Leverage is the Debt to Equity Ratio (DER); and Liquidity is the Current Ratio (CR). Data were analyzed with multiple linear regression in IBM SPSS 22, preceded by classical assumption tests. CSRD (p = 0.017) and Liquidity (B = 0.134; p = 0.011) have positive and significant effects on financial performance, whereas GPI (B = −0.784; p = 0.000) and Leverage (B = −0.102; p = 0.019) have negative and significant effects. Firm Size has no significant effect (p = 0.938). Simultaneously, all independent variables significantly affect financial performance (F = 10.377; p = 0.000), and the adjusted R² of 0.252 indicates that the model explains 25.2% of the variation in financial performance.

Effects of Financial Behavior, Financial Literacy, Financial Skill, Financial Attitude, Self-Efficacy, and Self-Control on Financial Well-Being among University Students

Zanuba Arifah, Amirah, Catur Wahyudi — Sun, 11 Oct 2026 00:00:00 +0700

This study aims to analyze the influence of financial behavior, financial literacy, financial skill, financial attitude, financial self-efficacy, and self-control on financial well-being among students at Universitas Pancasakti Tegal. The study is motivated by the importance of financial well-being as an indicator of financial welfare that reflects an individual’s ability to manage finances, meet current financial needs, and prepare for future financial conditions. For university students, financial well-being has become increasingly important because of the growing financial demands during their academic years and the need to manage personal finances independently. This study employed a quantitative research method. The population consisted of students at Universitas Pancasakti Tegal, and purposive sampling produced a sample of 100 respondents. Data were collected through questionnaires and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 4. The results indicate that financial behavior, financial self-efficacy, and self-control each have a positive and significant effect on financial well-being, whereas financial literacy, financial skill, and financial attitude do not have a significant effect on the financial wellbeing of students at Universitas Pancasakti Tegal.

Effects of Liquidity, Leverage, and Operational Efficiency on the Profitability of Banks Listed on the Indonesia Stock Exchange, 2021–2024

Ghina Nisrina Nur Syifa, Jaka Waskito, Ira Maya Hapsari — Sun, 11 Oct 2026 00:00:00 +0700

This study aims to analyze the effect of liquidity, leverage, and operational efficiency on profitability in conventional banks in the banking subsector listed on the Indonesia Stock Exchange (IDX) for the 2021–2024 period. The analysis method is multiple regression analysis within a quantitative research design. The data are secondary data taken from the financial statements and annual reports published on the IDX for 20212024. The study population comprises 42 conventional banks, from which a sample of 34 banks was selected through purposive sampling based on the criteria set for the period, yielding 136 observations over four years. Hypotheses were tested using SPSS version 22. The results show that, partially, liquidity (X1) has no effect on profitability (t-value 1.405 < t-table 1.978), leverage (X2) has a negative effect on profitability (t-value −7.831; absolute value greater than t-table 1.978), and operational efficiency (X3) has no effect on profitability (t-value 0.628 < t-table 1.978). Simultaneously, liquidity, leverage, and operational efficiency affect profitability (F-value 33.867 > F-table 2.67). It is concluded that liquidity and operational efficiency have no effect on profitability, leverage has a negative effect on profitability, and the three variables together have a simultaneous effect on profitability in the banking subsector on the IDX for 2021–2024.

Effects of Preventive Discipline, Internal Work Environment, and Intrinsic Motivation on Employee Performance at Brebes Regency Regional Revenue Agency

Rizky Meliana Putri, Ahmad Hanfan, Setyowati Subroto — Sun, 11 Oct 2026 00:00:00 +0700

The purpose of this study is to examine how employee performance at the Regional Revenue Agency (BAPENDA) of Brebes Regency is affected by preventive discipline, the internal work environment, and intrinsic motivation. The main issues underlying this study are the decline in employee performance scores from 2023 to 2024 and the high level of employee tardiness between January and May 2025. The study adopted a quantitative approach involving all 48 employees of BAPENDA Brebes Regency. A census (saturated) sampling technique was used, meaning that every member of the population was included in the sample. Questionnaires were used to collect the data, which were analyzed using multiple linear regression with statistical software. The findings reveal that preventive discipline has a positive and significant effect on employee performance, with a regression coefficient of 0.347 and a significance level of 0.000. The internal work environment also has a positive and significant effect on employee performance, with a significance level of 0.000. Likewise, intrinsic motivation has a positive and significant effect on employee performance. Taken together, the three variables significantly influence employee performance, with a coefficient of determination (R²) of 0.950, indicating that the model explains 95% of the variation in performance, while the remaining 5% is attributable to factors not examined in this study.

Effects of Workload, Burnout, and Social Support on Job Satisfaction of Inpatient Nurses at Brebes Regional General Hospital

Sely Nur Asiyah, Setyowati Subroto, Sari Wiyanti — Sun, 11 Oct 2026 00:00:00 +0700

This study aims to determine the effect of workload, burnout, and social support on the job satisfaction of inpatient nurses at Brebes Regional General Hospital (RSUD Brebes), both partially and simultaneously. This study used a quantitative approach with a population of 67 inpatient nurses. The sampling technique used was saturated sampling. Data were collected through questionnaires and analyzed using the Method of Successive Intervals (MSI), validity and reliability tests, classical assumption tests, and multiple linear regression analysis with the assistance of SPSS version 22. The results showed that, partially, workload had a negative and significant effect on job satisfaction, with a significance value of 0.000 < 0.05; burnout had a negative and significant effect, with a significance value of 0.004 < 0.05; and social support had a positive and significant effect, with a significance value of 0.001 < 0.05. Simultaneously, workload, burnout, and social support had a significant effect on job satisfaction, with a significance value of 0.000 < 0.05.

The Effect of Cash Holding, Free Cash Flow, Capital Expenditure, and Leverage on Firm Value: The Moderating Role of CEO Tenure in Food and Beverage Companies Listed on the Indonesia Stock Exchange, 2021–2025

Diaz Prasetyo Renandito, Yuni Utami, Catur Wahyudi — Sun, 11 Oct 2026 00:00:00 +0700

The food and beverage subsector is one of the manufacturing subsectors that showed positive growth and made a significant contribution to the Indonesian economy during 2021–2025. However, this growth was not always accompanied by an increase in firm value, as measured by Tobin’s Q, which continued to fluctuate throughout the study period. Furthermore, previous research on the effects of cash holding, capital expenditure, and leverage on firm value has shown inconsistent results. This study aims to analyze the effects of cash holding, free cash flow, capital expenditure, and leverage on firm value, with CEO power, proxied by CEO tenure, as a moderating variable, in food and beverage subsector companies listed on the Indonesia Stock Exchange during 2021–2025. This study employed a quantitative approach using secondary data obtained from companies’ financial statements and annual reports. Purposive sampling was used to select 40 companies, yielding 200 observations. The data were analyzed using panel data regression with a Random Effect model estimated with Robust Standard Errors, together with Moderated Regression Analysis (MRA). The results indicate that cash holding and free cash flow have no effect on firm value, whereas capital expenditure and leverage have a positive effect. Furthermore, CEO power (CEO tenure) moderates the effects of cash holding and leverage on firm value but does not moderate the effects of free cash flow and capital expenditure on firm value. It can be concluded that the increase in firm value in food and beverage subsector companies is influenced more by investment decisions and corporate financing policies. Furthermore, CEO managerial characteristics, as measured by CEO tenure, play a role in strengthening the influence of certain financial policies on firm value, particularly those related to cash management and the use of debt.

The Effect of Intellectual Capital, Economic Value Added, and Growth Opportunity on Firm Value with Good Corporate Governance as a Moderating Variable in Kompas100 Index Companies for the 2020–2025 Period

Muhammad Fadlil Azzam, Yuni Utami, Catur Wahyudi — Sun, 11 Oct 2026 00:00:00 +0700

This study aims to analyze the effect of Intellectual Capital, Economic Value Added, and Growth Opportunity on Firm Value with Good Corporate Governance as a moderating variable in Kompas100 Index Companies for the 2020-2025 period. This research is quantitative. The population is all Kompas100 Index companies listed on the Indonesia Stock Exchange (IDX). A purposive sampling technique was used to select 43 companies. The data used is secondary data sourced from the companies' annual reports. The data analysis technique used multiple linear regression analysis and Moderated Regression Analysis (MRA) with the assistance of SPSS version 22 software. The study concludes that Intellectual Capital has a positive effect on Firm Value, Economic Value Added has a negative effect on Firm Value, Growth Opportunity has a negative effect on Firm Value. Good Corporate Governance strengthens the effect of Intellectual Capital on Firm Value, Good Corporate Governance is unable to moderate the effect of Economic Value Added on Firm Value, and Good Corporate Governance weakens the effect of Growth Opportunity on Firm Value.

DETERMINANTS OF FINANCIAL PERFORMANCE: FINANCIAL FLEXIBILITY AND WORKING CAPITAL EFFICIENCY WITH GOOD CORPORATE GOVERNANCE (GCG) AS A MODERATING VARIABLE IN INFRASTRUCTURE COMPANIES (2020–2025)

Siti Eva Novita, Gunistiyo, Yuni Utami — Sun, 11 Oct 2026 00:00:00 +0700

This study aims to analyze and examine the effect of financial flexibility, proxied by the Cash Ratio, and working capital efficiency, proxied by Working Capital Turnover (WCT), on financial performance, proxied by Return on Assets (ROA), and to examine the role of Good Corporate Governance (GCG) as a moderating variable. The population comprises all infrastructure-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2025 period. Using purposive sampling, a sample of 37 companies (222 observations) was obtained and analyzed using panel data regression with the Fixed Effect Model (FEM) approach and Moderated Regression Analysis (MRA) in Stata. The empirical results show that, partially, the Cash Ratio has no significant effect on ROA, whereas WCT has a significant negative effect on ROA owing to the phenomenon of working capital starvation. Furthermore, the moderation tests confirm that GCG is not proven to moderate the effect of the Cash Ratio on ROA. However, GCG is proven to significantly moderate the effect of WCT on ROA by strengthening its negative effect. This study concludes that tightening working capital efficiency and rigid corporate governance oversight, without considering the adequacy of net working capital buffers, can suppress asset profitability in infrastructure-sector companies.

The Effect of VAIC, NPL, BOPO, and CAR on Financial Performance: The Moderating Role of Funding Structure (A Study of Conventional Commercial Banks Listed on the IDX for the 2021–2025 Period)

Syahfa Putri Azhari, Yuni Utami, Sri Murdiati — Sun, 11 Oct 2026 00:00:00 +0700

This research is motivated by the phenomenon of profit stagnation in the conventional banking industry, which is partly triggered by the high interest rate trend and operational inefficiency pressures. Based on these problems, this study aims to examine the effect of Intellectual Capital (VAIC), Credit Risk (NPL), Operational Efficiency (BOPO), and Capital Adequacy Ratio (CAR) on Financial Performance (ROA), as well as to examine the moderating role of Funding Structure (DER) on these relationships. The object of this study is conventional banking companies listed on the Indonesia Stock Exchange (IDX) during the observation period of 2021–2025. The sampling technique used was the purposive sampling method based on predetermined criteria. This research approach utilizes quantitative methods, while the data analysis technique applied is Moderated Regression Analysis (MRA) processed using SPSS software. Partial test results show that Operational Efficiency (BOPO) and Capital Adequacy Ratio (CAR) are proven to have a negative and significant effect on Financial Performance (ROA). Conversely, Intellectual Capital (VAIC) and Credit Risk (NPL) are proven to have no significant effect on profit generation. In the moderation effect test, the Funding Structure (DER) is proven capable of moderating by strengthening the effect of credit risk (NPL) on financial performance. However, the Funding Structure (DER) is proven unable to moderate the impact of Intellectual Capital (VAIC), Operational Efficiency (BOPO), and Capital Adequacy Ratio (CAR) on the Financial Performance of conventional commercial banks. In conclusion, banking profitability pressures are dominated by operational inefficiencies and the accumulation of idle funds. Intellectual capital investment, which is still in the transition phase (lag effect), has not had a significant impact on instant profits. Meanwhile, the debt structure merely functions as financial leverage to maximize risky credit margins. Management is advised to prioritize operational efficiency and be more progressive in converting reserve capital into productive assets.

The Effect of Premium Income, Underwriting Results, Operating Expenses, and Investment Returns on Asset Growth of OJK-Registered Insurance Companies, 2022–2024

Nabila Rizki Maharani, Catur Wahyudi, Agus Prasetyono — Sun, 11 Oct 2026 00:00:00 +0700

This study aims to analyze the effect of premium income, underwriting results, operating expenses, and investment returns on the asset growth of insurance companies registered with the Indonesia Financial Services Authority (Otoritas Jasa Keuangan, OJK) during 2022–2024. The study employs a quantitative approach using secondary data from the companies’ financial statements, and the data are analyzed using multiple linear regression. The results show that premium income has a positive and significant effect on asset growth, underwriting results have no significant effect on asset growth, operating expenses have a significant effect on asset growth, and investment returns have a positive and significant effect on asset growth. Simultaneously, all independent variables significantly affect the asset growth of insurance companies.

Effects of Asset Structure, Sales Growth, and Company Size on Debt Policy in Indonesia’s Food and Beverage Subsector (2021–2025)

Nadia Raudhotuz Zahro, Jaka Waskito, Ira Maya Hapsari — Sun, 11 Oct 2026 00:00:00 +0700

This study aims to examine the effect of asset structure, sales growth, and company size on debt policy in the Food and Beverage subsector listed on the Indonesia Stock Exchange (IDX) for the 2021–2025 period. The research uses a quantitative approach with secondary data. The population consists of 100 companies, and purposive sampling yielded 41 sample companies with 205 observations. The data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, and hypothesis testing with SPSS version 26. The results show that asset structure has a negative and significant effect on debt policy, while sales growth and company size have positive and significant effects. Simultaneously, the three independent variables significantly affect debt policy.

Effects of Electronic Word of Mouth, Social Media Marketing, and Price Perception on Visiting Decisions at Rodjo Tater, Tegal Regency

Novita Rahmawati, Gunistiyo, Yuniarti Herwinarni — Sun, 11 Oct 2026 00:00:00 +0700

Rodjo Tater is an agro-tourism destination in Tegal Regency that combines agricultural and livestock education with recreational facilities. This study aims to analyze the effects of electronic word of mouth (e-WOM), social media marketing, and price perception on visiting decisions. The study uses a quantitative survey approach. The population consisted of visitors to Rodjo Tater, and 100 respondents were selected through purposive sampling. Data were collected using questionnaires and analyzed through validity and reliability tests, classical assumption tests, multiple linear regression, the t-test, the F-test, and the coefficient of determination. The results show that e-WOM has a positive and significant effect on visiting decisions (B = 0.117; t = 3.692; sig. = 0.000), as do social media marketing (B = 0.200; t = 2.455; sig. = 0.016) and price perception (B = 0.403; t = 5.726; sig. = 0.000). Simultaneously, the three variables have a positive and significant effect on visiting decisions (F = 36.329; sig. = 0.000). The coefficient of determination (R²) of 0.532 indicates that the model explains 53.2% of the variation in visiting decisions, while the remaining 46.8% is explained by other factors. Price perception is the most dominant variable.

Liquidity, Operating Expense Ratio, and Asset Turnover on Corporate Risk: Moderating Role of Governance in Indonesian Food and Beverage Companies

Faza Ammarul Haq, Jaka Waskito, Yuni Utami — Mon, 12 Oct 2026 00:00:00 +0700

Post-pandemic, food and beverage companies face financial risk pressures stemming from cash flow shocks, rising production costs, and global economic uncertainty. This study analyzes the effects of the current ratio (CR), operating expense ratio (OER), and asset turnover (TATO) on corporate risk, and examines the moderating role of good corporate governance (GCG). A quantitative associative-causal approach was applied using secondary data from 31 food and beverage companies listed on the Indonesia Stock Exchange during 2021–2025, selected through purposive sampling from a population of 83 companies. The data were analyzed using multiple linear regression and moderated regression analysis (MRA) in SPSS 25. The results show that CR and OER have a significant negative effect on corporate risk, while TATO has no significant effect. GCG significantly moderates all three relationships by weakening the effect of each variable on corporate risk, and the model explains 66.4% of the variance in corporate risk. These findings underscore the importance of strong corporate governance in controlling the impact of liquidity and operational efficiency policies on corporate financial risk.

Implementation Of Calculation, Withholding, And Reporting Of Income Tax Article 4 Paragraph (2) On Deposit And Savings Interest At PT BPR Sahabat Tata

Adelia Putri, Sri Murdiati — Tue, 13 Oct 2026 00:00:00 +0700

This study aims to analyze the implementation of the calculation, withholding, and reporting of Article 4(2) Income Tax on deposit and savings interest at PT BPR Sahabat Tata. Given the importance of tax compliance in the banking sector, this study employs a descriptive qualitative approach through observation, interviews, documentation, and literature reviews. The findings indicate that PT BPR Sahabat Tata has implemented tax procedures in accordance with applicable regulations. Final income tax at a rate of 20% is automatically withheld through the banking system for customers with balances exceeding IDR 7,500,000. The withheld tax is subsequently remitted to the state treasury and reported through the e-Bupot Unifikasi system. This study concludes that systematic and computerized tax administration can improve compliance and enhance the accuracy of tax obligations in the banking sector

Effectiveness of Customs Policy in Controlling Illegal Cigarette Circulation: A State Revenue Perspective

Lutfi Afifah, Amirah — Tue, 13 Oct 2026 00:00:00 +0700

Illegal cigarette circulation poses a significant challenge to tobacco excise administration and the protection of state revenue in Indonesia. This study aims to examine the effectiveness of customs policy in controlling illegal cigarette circulation from a state revenue perspective. A descriptive qualitative approach was employed, with data collected through literature review, observation, and documentation. The analysis focused on the legal framework governing tobacco excise, the implementation of preventive supervision and repressive enforcement by the Directorate General of Customs and Excise, and the fiscal implications of enforcement activities. The findings indicate that customs policy is implemented through inspections, the seizure of illegal cigarettes, investigations, and legal action against violations of excise regulations. Data provided for the Customs and Excise Supervision and Service Office Type Madya Pabean C Tegal (KPPBC TMP C Tegal) for 2023–2025 indicate that enforcement activities were associated with approximately IDR 10 billion in potential tobacco excise revenue protected annually. This figure highlights the potential fiscal contribution of enforcement activities, although it should be distinguished from actual revenue collected by the state. Despite these efforts, illegal cigarette circulation remains a persistent challenge requiring continuous improvement in supervision, intelligence capabilities, inter-agency coordination, and regulatory compliance. This study emphasizes the importance of evaluating customs policy not only through enforcement outputs but also through its contribution to reducing illegal cigarette circulation and safeguarding sustainable state revenue.

Evaluation of Final Income Tax Article 4 Paragraph (2) Implementation on Land Rent at PT Tegal Shipyard Utama

Mu’izzatus Salsa Bila, Yuniarti Herwinarni — Tue, 13 Oct 2026 00:00:00 +0700

This study evaluates the implementation of Final Income Tax Article 4 Paragraph (2) on land rental income at PT Tegal Shipyard Utama, Tegal City during the 2022-2025 period. The primary research objective is to identify the legal basis, analyze the calculation, withholding, payment, and reporting procedures, and evaluate the conformity between the company's practices and prevailing tax regulations. Employing an evaluative descriptive method, data were systematically collected through observation, in-depth interviews, documentation, and literature studies. The findings indicate that the company correctly applies a 10% final tax rate based on the gross rental value. Furthermore, the withholding, payment, and reporting processes are generally executed in accordance with applicable tax procedures. The main challenge identified is the continuous adaptation required for changes in electronic tax reporting systems, such as the transition to Coretax. In conclusion, maintaining strict tax compliance requires continuous internal training and updated administrative frameworks.

Evaluation of Employee Income Tax Reporting (PPh Pasal 21) Compliance at PT Asia Hakarya Abadi Tegal Through Coretax System

Putri Shofiyanita, Amirah — Tue, 13 Oct 2026 00:00:00 +0700

This study aims to evaluate the compliance of employee income tax reporting (Article 21 Income Tax or PPh Pasal 21) at PT Asia Hakarya Abadi Tegal through the Coretax Administration System. The evaluation focuses on the accuracy of tax calculations and withholding, the completeness of electronic withholding tax documents, the timeliness of tax payments and reporting, and the effectiveness of Coretax in supporting the company's tax administration processes. The study examines the importance of employee payroll data accuracy, reconciliation procedures, supporting documentation, and internal controls in ensuring compliance with applicable tax regulations. The implementation of Coretax provides a digital platform for tax administration; however, its effectiveness depends on the quality of the data entered, users' understanding of the system, and the consistency of verification procedures. Therefore, companies need to establish systematic reconciliation procedures, provide training for personnel responsible for payroll and taxation, and maintain complete tax documentation to minimize reporting errors. The findings of this evaluation are expected to provide insights into the implementation of Coretax in corporate tax administration and serve as a basis for improving the accuracy, timeliness, and reliability of PPh Pasal 21 reporting. The final assessment of the company's compliance level must be supported by verified company records and the tax regulations applicable during the research period

Implementation Of Input Vat Calculation And Reporting On Domestic And Imported Raw Materials In A Bonded Zone

Puspita Ramadhani, Tri Sulistyani — Tue, 13 Oct 2026 00:00:00 +0700

Input Value Added Tax (VAT) administration is particularly important for export-oriented manufacturers that procure raw materials domestically and from overseas. This study examines input VAT calculation, reporting, and differentiated tax treatment at PT. XYZ, a manufacturing company operating in a bonded zone in Tegal Regency, Indonesia, during 2025. A descriptive case-study approach was applied using interviews with tax and accounting personnel, direct observation, and review of transaction records, tax invoices, customs documents, and reporting practices. Recorded domestic purchases had a tax base of IDR 166,213,891,591 and VAT of IDR 18,283,628,075, while imports had a tax base of IDR 1,234,761,842,427 and associated VAT of IDR 135,823,602,767. Normal domestic input VAT could be credited subject to documentation requirements, whereas VAT on qualifying bonded-zone transactions was not collected and therefore was not directly creditable. The Coretax reporting process required reconciliation between tax invoices, customs records, and the applicable VAT return attachments. The study identifies delays in customs-data synchronization, incorrect invoice transaction codes, and minor rounding discrepancies. Stronger document reconciliation, supplier coordination, and routine system validation can help maintain tax compliance and protect working capital.

The Effect Of Family Ownership, Leverage, And Capital Intensity On Tax Aggressiveness, With Profitability As A Moderating Variable In The Non-Cyclical Consumer Sector Listed On The Idx, 2021–2025

Annisa Dina Fitriani, Abdulloh Mubarok, Yanti Puji Astutie — Wed, 14 Oct 2026 00:00:00 +0700

This study examines the effect of family ownership, leverage, and capital intensity on tax aggressiveness, with profitability as a moderating variable, in consumer non-cyclical companies listed on the Indonesia Stock Exchange during 2021–2025. This quantitative study uses secondary data and purposive sampling, resulting in 39 companies with 195 observations after outlier removal. Data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA). The results show that family ownership and capital intensity have no significant effect on tax aggressiveness, while leverage has a significant negative effect. Profitability does not moderate the effects of family ownership and capital intensity but weakens the effect of leverage on tax aggressiveness. Keywords: family ownership, leverage, capital intensity, profitability, tax aggressiveness.

The Influence Of Industry Type, Growth , Profitability And Media Exposure On Carbon Emission Disclosure Of High Profile Industrial Companies On The Indonesian Stock Exchange

Arzeti Bilbina, Abdulloh Mubarok, Teguh Budi Raharjo — Wed, 14 Oct 2026 00:00:00 +0700

Carbon emission disclosure refers to an important element of corporate social responsibility reporting that focuses on environmental issues. This information is usually included in additional reports published together with the Statement of Financial Accounting Standards (PSAK). This research aims to determine the influence of industry type, growth , profitability, and media exposure on the carbon emissions of high profile industrial companies' disclosures on the Indonesian stock exchange. This research is quantitative research with secondary data in the form of the company's annual financial report. The sample for this research was selected using a purposive sampling technique and sample data was obtained from 21 companies with a total sample of 105 samples. The data analysis technique uses multiple linear regression analysis with the SPSS 22 program. The results of this research show that industry type and profitability have a positive effect on carbon emission disclosure. Meanwhile, growth and media exposure have no effect on carbon emission disclosure.

The Effects Of Tax Avoidance, Firm Size, Good Corporate Governance, And Profitability On The Cost Of Debt For Food And Beverage Companies Listed On The Indonesian Stock Exchange From 2019 To 2023

Astri Isnaeni, Abdulloh Mubarok, Baihaqi Fanani — Wed, 14 Oct 2026 00:00:00 +0700

The study aims to determine whether there is an influence between tax avoidance, company size, good corporate governance and profitability on the cost of debt. The population used in research is all 85 food and beverage companies registered on the IDX during 2019-2023. The sample from this research was 35 companies that went through a selection process using certain criteria or using purposive sampling. The data collected in this research is quantitative data, while the data analysis methods used are classical assumption tests, multiple linear regression tests and hypothesis tests with the SPSS version 22 program. The research results show that: tax avoidance, company size, audit committee, and profitability had no effect on debt costs. Independent commissioner, managerial ownership, and institusional ownership negatively effected debt costs.

The Influence of Financial Management, Financial Payment Technology, Locus of Control, Use of Digital Applications, and Implementation of Accounting Information Systems on the Performance of MSMEs in Tegal Regency

Ayu Dwi Nurvarina, Dien Noviany Rahmatika, Baihaqi Fanani — Wed, 14 Oct 2026 00:00:00 +0700

Digital developments and the potential for MSMEs to expand market reach bring new challenges and opportunities for micro, small and medium enterprises. However, many MSME players still face obstacles in managing technology and finances effectively, which can reduce the overall performance of MSMEs. What the study aims to achieve is to obtain information regarding the influence of financial management, financial payment technology, locus of control, use of digital applications, and accounting information systems on the performance of MSMEs in Tegal Regency. This research applies quantitative descriptive methods. Distribution of questionnaires to 250 individuals is a data collection technique used in this study. Use of SPSS software to help analyze data with multiple linear regression analysis. The research results show that financial management, financial payment technology, locus of control, and e-commerce have a positive effect on the performance of MSMEs in Tegal Regency, while accounting information systems have no effect on the performance of MSMEs in Tegal Regency.

Influence Audit Fee Stickiness, Abnormal Audit Fee, And Audit Delayon Earnings Management with Auditor Industry Specialization as a Moderating Variable

Azzahra Rizki Aulia, Dien Noviany Rahmatika, Irwan Prasetyo — Wed, 14 Oct 2026 00:00:00 +0700

This study examines the influence ofaudit fee stickiness, abnormal audit fee, And audit delayon earnings management, with auditor industry specialization as a moderating variable, in transportation and logistics sector issuers listed on the Indonesia Stock Exchange for the 2021–2025 period. This study was motivated by the sector's financial performance volatility following the COVID-19 pandemic, which is suspected of driving opportunistic management behavior in earnings reporting. Meanwhile, the role of external audit as a monitoring mechanism has not been widely tested in an integrated manner in this sector. The study used a quantitative approach with a purposive sampling technique, resulting in 12 issuers meeting the sample criteria with a five-year observation period, resulting in 60 observations. Earnings management is proxied throughdiscretionary accrualbasedModified Jones Model,while hypothesis testing uses multiple regression analysis andModerated Regression Analysis (MRA). The test results show thataudit fee stickinesshas a negative impact on earnings management,abnormal audit feehas a positive effect, whereasaudit delaywas not found to have a significant effect, and auditor industry specialization failed to moderate these three relationships. These findings indicate that audit fee stability is associated with more conservative earnings reporting practices, while fee deviations from fair value open up opportunities for accrual manipulation, regardless of the auditor's sectoral expertise level handling the assignment.

The Effects Of Community Participation, Transparency, And Management Commitment On The Accountability Of Village-Owned Enterprises (Bumdes)

Balqis Fashayu Azhima, Dewi Indriasih, Budi Susetyo — Wed, 14 Oct 2026 00:00:00 +0700

The purpose of this study was to examine the effect of community participation, transparency, and management commitment on the accountability of Village-Owned Enterprises (BUMDes) in Balapulang District, Tegal Regency. This study employed a quantitative approach using primary data collected through questionnaire distribution. A total of 100 respondents participated in this study, consisting of managers from 20 Village-Owned Enterprises (BUMDes) in Balapulang District, Tegal Regency. The sampling technique used was saturated sampling. Data were analyzed using multiple linear regression analysis with the assistance of IBM SPSS Statistics Version 22. The results indicate that community participation, transparency, and management commitment have a positive and significant effect on the accountability of Village-Owned Enterprises (BUMDes). These findings suggest that higher levels of community participation, greater transparency, and stronger management commitment contribute to improving the accountability of Village-Owned Enterprises (BUMDes).

The Effect Of Financial Condition, Prior Audit Opinion, And Debt Default On Going Concern Opinion

Defta Agnes Viodini, Yanti Puji Astutie, Eva Anggra Yunita — Wed, 14 Oct 2026 00:00:00 +0700

This study examines the effect of financial condition, prior audit opinion, and debt default on going concern audit opinion, with profitability as a moderating variable, in property and real estate companies listed on the Indonesia Stock Exchange during 2021–2025. The research uses a quantitative approach and secondary data obtained from annual financial statements. The sample was selected through purposive sampling, resulting in 44 companies or 220 firm-year observations. Financial condition was measured using the modified Altman Z-Score, prior audit opinion and going concern audit opinion were measured using dummy variables, debt default was proxied by the debt-toequity ratio, and profitability was measured by return on assets. Data analysis employed logistic regression and moderated regression analysis. The results show that financial condition has a positive and significant effect on going concern audit opinion, while prior audit opinion also has a positive and significant effect. Debt default does not have a significant effect on going concern audit opinion. Profitability does not significantly moderate the effects of financial condition, prior audit opinion, or debt default on going concern audit opinion. These findings indicate that the auditor's assessment is more strongly associated with the company's financial condition and prior audit opinion, while profitability does not significantly strengthen or weaken the tested relationships.

Determinants of Generation Z's Financial Behavior: The Role of Financial Self-Efficacy, Mental Accounting, Financial Literacy and Knowledge

Frida Diva Mellani, Dewi Indriasih, Fahmi Firmansyah — Wed, 14 Oct 2026 00:00:00 +0700

This study aims to analyze the effect of financial self-efficacy, mental accounting, financial literacy, and financial knowledge on the financial behavior of Generation Z, with social media as a moderating variable, in Tegal Regency. A quantitative descriptive approach was used, involving 400 respondents selected through random sampling, with data collected via offline and online questionnaires. Data were analyzed using Moderated Regression Analysis (MRA) processed with SPSS 22. The findings show that financial self-efficacy, mental accounting, financial literacy, and financial knowledge each have a positive and significant effect on financial behavior, while social media fails to strengthen or weaken these relationships. These results suggest that healthy financial behavior among Generation Z is shaped more directly by internal psychological and cognitive factors than by exposure to social media content. This study contributes to the behavioral finance literature by testing an integrated model that combines self-efficacy, mental accounting, financial literacy, and financial knowledge within the Theory of Planned Behavior framework, and it offers practical implications for individuals, financial authorities, and financial service providers seeking to strengthen sound financial habits among young people.

Influence of Financial Technology, Financial Literacy, Inclusion Finance, And Intellectual Capital, on the Financial Performance of MSMEs in the Food and Beverage Sector in Tegal City

Indah Ayu Lestari, Dewi Indriasih, Abdulloh Mubarok — Wed, 14 Oct 2026 00:00:00 +0700

The Covid-19 pandemic is a challenge in itself for the Indonesian economy, one of which has an impact is MSMEs. The pandemic situation threatens economic stability which affects the sustainability of MSMEs. Based on a survey by the Financial Services Authority (OJK) and the Boston Consulting Group (BCG) (2020), it shows that the decline in turnover was experienced by around 80% of MSME players spread across all sectors, such as food and beverage MSMEs which were the sector hardest hit compared to other sectors. Even though this sector is known to have good business prospects because it supports people's basic needs, during the pandemic conditions are different because people tend to choose the alternative of cooking themselves to meet their food needs. This research aims to examine the influence of Financial Technology, Financial Literacy, Financial Inclusion, and Intellectual Capital On the Financial Performance of MSMEs in the Food and Beverage Sector in the City Tegal. This type of research is quantitative. The data used in this research is primary data. The population is 1,008 MSME actors with 574 MSMEs in the food and beverage sector, the sampling technique uses purposive sampling with certain criteria. From this data, 100 respondents were obtained. The analysis used is the multiple linear regression analysis method. The results of the analysis show that Financial Technology, Financial Literacy, Financial Inclusion, and Intellectual Capital have a positive effect on the Financial Performance of MSMEs in the Sector Food and Drinks in Tegal City. This indicates that the higher the financial technology, financial literacy, financial inclusion and intellectual capital, the higher the level of financial performance among MSMEs in Tegal City.

The Effect Of The Independence Of The Board Of Directors, Audit Committee, And Audit Quality On The Timeliness Of Financial Reporting With Audit Opinion As A Moderating Variable

Jasmine Ansya Ramadhani, Dewi Indriasih, Aminul Fajri — Wed, 14 Oct 2026 00:00:00 +0700

This study analyzes the influence of board of directors, audit committee, and audit quality independence on the timeliness of financial reporting, with audit opinion as a moderating variable in property and real estate companies listed on the Indonesia Stock Exchange during 2021–2025. The study uses a quantitative approach and secondary data sourced from annual reports and company financial statements. The sample was selected using purposive sampling. The research data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, and Moderated Regression Analysis (MRA). The test results indicate that board of directors and audit committee independence have no significant effect on the timeliness of financial reporting. Audit quality has a negative and significant effect. Audit opinion does not moderate the relationship between board of directors independence and timeliness of reporting, but it does moderate the relationship between the audit committee and audit quality and timeliness of financial reporting.

The Effect Of Environmental, Social, And Governance (Esg), Good Corporate Governance (Gcg), And Profitability On Tax Aggressiveness, With Capital Intensity As An Intervening Variable

Moch Syukhur, Budi Susetyo, Yanti Puji Astutie — Wed, 14 Oct 2026 00:00:00 +0700

This study aims to analyze the effect of Environmental, Social, and Governance (ESG), Good Corporate Governance (GCG), and profitability on tax aggressiveness, with capital intensity as an intervening variable in mining companies listed on the Indonesia Stock Exchange (IDX) during the 2021-2025 period. This study employed a quantitative approach using secondary data obtained from the companies' financial statements and sustainability reports. The population consisted of 63 companies, while the sample was selected using a purposive sampling technique, resulting in 39 companies. With a five-year observation period, the total number of observations was 195. Data were analyzed using multiple linear regression analysis and the Sobel test. The results indicate that, partially, ESG has a significant negative effect on capital intensity, GCG has no effect on capital intensity, and profitability has a significant negative effect on capital intensity. Furthermore, capital intensity has no effect on tax aggressiveness. The Sobel test results show that capital intensity is unable to mediate the effects of ESG, GCG, and profitability on tax aggressiveness. These findings indicate that investments in fixed assets by mining companies are primarily intended to support operational activities and business sustainability rather than to serve as a strategy for engaging in tax aggressiveness.

The Influence of Profitability, Political Connections, and Thin Capitalization on Tax Aggressiveness with Firm Size as a Moderating Variable

Muhammad Eka Nugraha, Dewi Indriasih, Eva Anggra Yunita — Wed, 14 Oct 2026 00:00:00 +0700

This study aims to empirically examine the effect of Profitability, Political Connections, and Thin Capitalization on Tax Aggressiveness, as well as to test the ability of Firm Size to moderate these effects. This research applies a quantitative approach using secondary data obtained from the companies' annual reports and financial statements. The population of this study consists of 91 energy sector companies listed on the Indonesia Stock Exchange (IDX). Using a purposive sampling method, 48 companies were selected as the research sample. Data analysis was conducted using SPSS version 22 software, employing Multiple Linear Regression and Moderated Regression Analysis (MRA) techniques. The results of this study indicate that Profitability has no significant effect on Tax Aggressiveness, whereas Political Connections and Thin Capitalization have a negative effect on Tax Aggressiveness. Furthermore, the moderating variable tests reveal that Firm Size is unable to moderate the effects of Profitability and Thin Capitalization, but it is able to moderate and weaken the effect of Political Connections on Tax Aggressiveness.

The Influence Of Internal Audit, Good Corporate Governance, And Artificial Intelligence (Ai) Disclosure On Corporate Performance With Firm Size As A Moderating Variable

Adear Okta Carolina, Dien Noviany Rahmatika, Baihaqi Fanani — Wed, 14 Oct 2026 00:00:00 +0700

This study aims to examine the effect of internal audit, independent commissioners, audit committees, and Artificial Intelligence (AI) Disclosure on company performance, with firm size as a moderating variable, in banking companies listed on the Indonesia Stock Exchange (IDX) during 2020–2025. The study uses secondary data and a quantitative research approach. The population consists of 48 banking companies. Using purposive sampling, 25 companies met the research criteria, resulting in 150 observations over a six-year observation period. The data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA). The partial test results show that internal audit, independent commissioners, audit committees, and AI Disclosure do not have a significant effect on company performance. The moderation test indicates that firm size does not moderate the effects of internal audit, audit committees, and AI Disclosure on company performance, but it moderates the effect of independent commissioners on company performance.

The Influence Of Financial Performance (Roa, Roe, Npm) And RiskBased Capital On Firm Value In Insurance Companies Listed On The Indonesia Stock Exchange, With Good Corporate Governance As A Moderating Variable (2018–2025)

Anandita Dwi Kartika, Dewi Indriasih, Baihaqi Fanani — Wed, 14 Oct 2026 00:00:00 +0700

This study aims to analyze the effect of Return on Assets (ROA), Return on Equity (ROE), Net Profit Margin (NPM), and Risk Based Capital (RBC) on firm value proxied by Price to Book Value (PBV), and to examine the moderating role of Good Corporate Governance (GCG). Firm age is included as a control variable. This quantitative study uses secondary data from financial statements and annual reports of insurance companies listed on the Indonesia Stock Exchange during 2018–2025. Purposive sampling produced 11 companies and 88 initial observations; after transformation and data adjustment, 79 observations were used in the hypothesis testing. Data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA) with SPSS 22. The results show that ROA, ROE, NPM, and RBC do not significantly affect firm value. The moderation test shows that GCG does not moderate the effect of ROA, NPM, or RBC on firm value, while GCG significantly weakens the effect of ROE on firm value. Firm age also does not significantly affect firm value. The findings indicate that accounting profitability and solvency indicators alone are not sufficient to explain market-based firm value in insurance companies, while the role of corporate governance differs across financial performance indicators.

The Influence Of Conservatism, Independent Commissioners, And Thin Capitalization On Tax Avoidance With Institutional Ownership

Anggun Yudis Wicaksono, Dien Noviany Rahmatika, Baihaqi Fanani — Wed, 14 Oct 2026 00:00:00 +0700

This study aims to examine the effect of accounting conservatism, independent commissioners, and thin capitalization on tax avoidance and to analyze the moderating role of institutional ownership in Consumer Non-Cyclicals companies listed on the Indonesia Stock Exchange during 2021–2025. The study uses a quantitative approach with secondary data obtained from company financial and annual reports. Samples were selected using purposive sampling. The data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, and Moderated Regression Analysis (MRA) with SPSS. The results show that accounting conservatism does not significantly affect tax avoidance. Independent commissioners have a positive and significant effect on tax avoidance, while thin capitalization has a negative and significant effect. Institutional ownership does not significantly affect tax avoidance and does not moderate the effects of accounting conservatism, independent commissioners, or thin capitalization on tax avoidance. The findings indicate that corporate governance and financing policies may influence tax management decisions, while institutional ownership in the observed sample has not demonstrated a significant moderating role. The study contributes empirical evidence to the literature on tax avoidance and corporate governance in Consumer Non-Cyclicals companies listed on the Indonesia Stock Exchange.

The Influence of Industry Classification, Investment Opportunity Set, and Audit Tenure with Operational Complexity as a Moderating Variable (An Empirical Study of LQ45 Index Companies, 2021–2026)

Dwi Bayu Mulyo Setiaji, Dewi Indriasih, Yanti Puji Astutie — Wed, 14 Oct 2026 00:00:00 +0700

This study aims to examine the effect of industry classification, investment opportunity set (IOS), and audit tenure on audit report lag (ARL), with operational complexity as a moderating variable in LQ45 companies during 2021–2025. This quantitative study uses secondary data obtained from annual reports and financial statements. Purposive sampling resulted in 23 companies and 115 firm-year observations. Data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, and Moderated Regression Analysis (MRA). The results indicate that industry classification, IOS, and audit tenure have significant negative effects on ARL. Operational complexity does not moderate the effects of industry classification and audit tenure on ARL. However, operational complexity strengthens the effect of IOS on ARL. These findings indicate that industry characteristics, investment opportunities, and auditor tenure are associated with the timeliness of audit completion, while operational complexity plays a conditional role particularly in the relationship between IOS and ARL

The Influence of Investment Knowledge, Risk Perception, Financial Efficacy, and Income on Students' Interest in Investing in the Capital Market, with Access to Online Investment Platforms as a Moderating Variable

Mia Wulandari, Teguh Budi Raharjo, Aminul Fajri — Wed, 14 Oct 2026 00:00:00 +0700

This study aims to examine the influence of investment knowledge, risk perception, financial efficacy, and income on students’ interest in investing in the capital market and to analyze the moderating role of access to online investment platforms. The study used a quantitative approach with primary data collected through questionnaires from Accounting students in Tegal City. The population consisted of Accounting students in semesters 4, 6, and 8 across four higher education institutions in Tegal City, with a total population of 731 students. A probability sampling technique using stratified random sampling produced 100 respondents. Data were processed using SPSS version 22 and analyzed through validity and reliability tests, descriptive statistics, classical assumption tests, multiple linear regression, partial significance testing, and Moderated Regression Analysis (MRA). The results show that investment knowledge and risk perception have a positive and significant effect on students’ investment interest. Financial efficacy and income do not have a significant effect on investment interest. The moderation test indicates that access to online investment platforms significantly strengthens the relationship between risk perception and investment interest, while its interaction with investment knowledge, financial efficacy, and income is not statistically significant. The MRA model explains 67.9% of the variation in investment interest, increasing explanatory power by 9.7 percentage points compared with the model before moderation. The findings contribute empirical evidence on the role of digital investment access in shaping investment interest among Accounting students.

The Effect of Tax Planning, Free Cash Flow, and Deferred Tax Expense on Earnings Management: The Moderating Role of Institutional Ownership

Rosita Dewi, Abdulloh Mubarok, Yanti Puji Astutie — Wed, 14 Oct 2026 00:00:00 +0700

This study aims to examine the effect of Tax Planning, Free Cash Flow, and Deferred Tax Expense on earnings management and to investigate the ability of institutional ownership to moderate these relationships in property and real estate as well as infrastructure companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2025 period. This study employed a quantitative research approach. The population consisted of all property and real estate and infrastructure companies listed on the IDX. The sample was selected using a purposive sampling technique, resulting in 47 companies observed over six years, yielding a total of 282 observations. The data were analyzed using multiple linear regression analysis and Moderated Regression Analysis (MRA) with the assistance of SPSS version 22. The results indicate that Tax Planning has no effect on earnings management, Free Cash Flow has a negative effect on earnings management, and Deferred Tax Expense has a negative effect on earnings management. Furthermore, institutional ownership is unable to moderate the effect of Tax Planning, Free Cash Flow, or Deferred Tax Expense on earnings management. The control variables show different results: firm size has no effect on earnings management, firm age has a negative effect on earnings management, while leverage has no effect on earnings management..

Implementation Effectsgreen Accounting, Material Flow Cost Accounting, And Environmental Performance To Sustainable Developmentin Companies On The Idx

Mela Maelani, Dien Noviany Rahmatika, Yanti Puji Astutie — Wed, 14 Oct 2026 00:00:00 +0700

This study aims to test the influence ofGreen Accounting, Material Flow Cost Accounting(MFCA), andEnvironmental Performance to Sustainable DevelopmentThis quantitative research uses secondary data from annual reports, sustainability reports, and PROPER ratings. The sample was determined throughpurposive samplingas many as 67 sector companiesBasic Materialson the IDX for the 2021–2025 period (335 observations). Data were analyzed usingRobust Standard Errorsin Stata 17. The F-test results show the overall suitability of the model in predictingSustainable Developmentproven to be very good and significant (F = 54.935; p = 0.000). Partially (t-test), MFCA has a positive and significant effect (coefficient = 0.544; p = 0.000), whileGreen Accounting(coefficient = -0.136; p = 0.252) andEnvironmental Performance(coefficient = -0.012; p = 0.532) has no significant effect. The R-squared value of 0.357 indicates that the independent variable is able to explain 35.7% of the variation.Sustainable DevelopmentThis study concludes that material management efficiency through MFCA is a key driver of corporate sustainability.

The Effect Of Lottery Tax Regulations, Policies And Administration On Tax Compliance With Tax Socialization As A Moderating Variable

Muhamad Farhun Silmi, Abdulloh Mubarok, Eva Anggra Yunita — Wed, 14 Oct 2026 00:00:00 +0700

Tax compliance related to lottery prizes requires an adequate understanding of tax regulations, consistent policy implementation, and orderly tax administration. In savings and loan cooperatives, the implementation of lottery tax obligations has particular characteristics because lottery activities may serve as a form of member appreciation and engagement. This study aims to analyze the effects of Lottery Tax Regulations, Lottery Tax Policies, and Lottery Tax Administration on Lottery Tax Compliance and to examine the role of Tax Socialization as a moderating variable at Kospin Jasa Tegal. This study employed a quantitative approach with an explanatory research method. The sample consisted of 120 active Kospin Jasa members selected using saturated sampling from six service units. Primary data were collected through a five-point Likert-scale questionnaire and analyzed using multiple linear regression and Moderated Regression Analysis (MRA) with SPSS. The results show that Lottery Tax Regulations have a positive and significant effect on Lottery Tax Compliance, with a coefficient of 0.423 and a significance value of 0.036. Lottery Tax Policies have no significant effect, with a coefficient of 0.246 and a significance value of 0.183, while Lottery Tax Administration has no significant effect, with a coefficient of 0.133 and a significance value of 0.519. Tax Socialization does not moderate the effects of Lottery Tax Regulations, Lottery Tax Policies, or Lottery Tax Administration on Lottery Tax Compliance. The MRA model produces an R Square of 0.833, indicating that 83.3% of the variation in Lottery Tax Compliance is explained by the variables included in the model, while the remaining 16.7% is explained by factors outside the model.

Influence Environmental Cost, Financial Slack, And Media Exposure To Carbon Emission Disclosurewith Company Size As A Moderating Variable

Nadia Yumni Salsabila, Dien Noviany Rahmatika, Aminul Fajri — Wed, 14 Oct 2026 00:00:00 +0700

This study examines the effects of environmental cost, financial slack, and media exposure on carbon emission disclosure with firm size as a moderating variable in energy sector companies listed on the Indonesia Stock Exchange during 2021–2025. A quantitative approach was employed using secondary data from annual reports and sustainability reports. The population consisted of 91 energy sector companies, while purposive sampling produced 40 companies or 200 firm-year observations. Data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, and Moderated Regression Analysis with SPSS version 22. The results show that environmental cost does not significantly affect carbon emission disclosure, while financial slack also has no significant effect. In contrast, media exposure has a positive and significant effect on carbon emission disclosure. Firm size does not moderate the effects of environmental cost, financial slack, or media exposure on carbon emission disclosure. These findings indicate that public visibility and information transparency through media exposure are more closely associated with carbon emission disclosure than environmental expenditure, financial slack, or firm size. The study contributes empirical evidence to environmental accounting literature in Indonesia and provides practical implications for companies and regulators in strengthening transparent carbon reporting.

The Effect Of Environmental Social Governance, Transfer Pricing, Capital Intensity, And Tax Incentives On Tax Avoidance

Syafiqoh Mulyanti, Teguh Budi Raharjo, Fahmi Firmansyah — Wed, 14 Oct 2026 00:00:00 +0700

This study aims to test the influence ofEnvironmental Social Governance (ESG), transfer pricing, capital intensity,and tax incentives fortax avoidancein manufacturing sector companiesconsumer non-cyclicalslisted on the IDX for the 2020–2024 period. A quantitative method was used with secondary data from annual reports and financial statements, analyzed through multiple linear regression using SPSS 25 after the classical assumption test was met. The results showed that all four variables simultaneously had a significant effect ontax avoidance(Sig. F = 0.003). Partially, onlycapital intensitywhich has a significant positive influence, while ESG,transfer pricing, and tax incentives are insignificant. The Adjusted R² value of 0.147 indicates that the model only explains 14.7% of the variation in tax avoidance.

The effect of financial performance, company size, and managerial ownership on indications of fraud with audit delay as a moderating variabel in energy – sector companies listed on the indonesian stock exchange for the period 2022 - 2024

Syaravina Sabila Rhismansyah, Baihaqi Fanani, Budi Susetyo — Wed, 14 Oct 2026 00:00:00 +0700

This study aims to examine the effect of financial performance, firm size, and managerial ownership on indications of fraud, with audit delay as a moderating variable in energy sector companies listed on the Indonesia Stock Exchange during the 2022–2024 period. This research employs a quantitative approach using multiple linear regression analysis and Moderated Regression Analysis (MRA). The data used are secondary data obtained from companies’ financial statements. The results show that financial performance have an effect on indications of fraud. Meanwhile, firm size and managerial ownership has no effect on indications of fraud. In testing the moderating variable, audit delay is not able to moderate the effect of financial performance and firm size on indications of fraud. However, audit delay is proven to weaken the relationship between managerial ownership and indications of fraud.