RISK : Jurnal Riset Bisnis dan Ekonomi
type: channel
description: Initials : RISK : Jurnal Riset Bisnis dan Ekonomi Publications : Biannual (Mei and November) DOI : 10.30737/risk Acreditation : SINTA 4 Online ISSN : 2722-3108 Editor-in-chief : M. Dian Ruhamak, SE. MM. Citation Analysis : Dimensions|Google Scholar Publisher : Universitas Kadiri RISK : Jurnal riset bisnis dan ekonomi adalah publikasi akademik yang fokus pada penelitian ilmiah di bidang ekonomi dan bisnis. Jurnal ini bertujuan untuk menyajikan temuan penelitian terbaru, analisis, dan pemahaman mendalam tentang berbagai aspek ekonomi dan bisnis. Jurnal ini mencakup berbagai tema yang relevan dengan ekonomi dan bisnis, seperti ekonomi makro dan mikro, manajemen, keuangan, pemasaran, ekonomi industri, kebijakan ekonomi, dan lain sebagainya. Jurnal ini mencakup penelitian empiris, teoritis, atau kombinasi dari keduanya. Metodologi penelitian yang digunakan bisa beragam, termasuk analisis statistik, model matematika, studi kasus, survei, eksperimen, dan lain sebagainya. Beberapa artikel dalam jurnal ini dapat berfokus pada implikasi kebijakan ekonomi dan bisnis. Mereka mungkin membahas bagaimana hasil penelitian dapat digunakan untuk memandu keputusan kebijakan pemerintah atau strategi bisnis. Jurnal riset bisnis dan ekonomi tidak hanya relevan bagi akademisi, tetapi juga bagi praktisi, pembuat kebijakan, dan pemangku kepentingan lainnya yang terlibat dalam ekonomi dan bisnis. RISK : Jurnal riset bisnis dan ekonomi merupakan wadah bagi penelitian dengan lingkup bisnis dan manajemen. RISK terbit 2 kali dalam setahun di bulan mei dan november, Setiap terbitan memuat 10 artikel. Jurnal RISK memiliki dua ISSN yaitu ISSN Online 2722-3108 dan ISSN Cetak 2722-3361
publisher: Universitas Kadiri
language: en
publication name: RISK : Jurnal Riset Bisnis dan Ekonomi
issn: 2722-3361
copyright: Authors who publish with RISK : Jurnal Riset Bisnis dan Ekonomi agree to the following terms: 1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal. 2. Authors can enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal. 3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) before and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
items: The Effectiveness of Grant Fund Management in Women’s Cooperatives and Islamic Savings and Financing Cooperatives (KSPPS) in Blitar City in Improving Cooperative Businesses and Members’ Welfare
items: The Effect Of Profitability And Liquidity On The Value Of CompaniesIn The Health Sector Listed On The Indonesia Stock Exchange (Idx)
items: Glocalizing the Micro-Enterprise: The Role of Region-of-Origin and Code-Switching in MSME Export Strategies
items: Diaspora Networks as a Financial Catalyst: Navigating Global Markets for Kediri’s SMEs in the Netherlands and Australia
items: Integrating E-Commerce, Influencers, UGC, and Personal Shoppers to Drive Asian MSME Internationalization
items: Financial Constraints and Organizational Conditions: Explaining Work Stress and Performance
items: The Impact of HDI, Labor Force Participation Rate, Investment, and Technology on Gross Regional Domestic Product in Kalimantan Island
items: The Influence of Influencer Marketing on Generation Z's Purchase Decision of Somethinc Products Through Perceived Value and Price Sensitivity
items: Market Orientation, Digital Capability, and Brand Image Driving Customer Loyalty: Evidence from Indonesian Retail MSMEs
items: Communicative Change Management: The Strategic Power of Language in Driving Workplace Productivity
items: Building Satisfaction Through Trust: How Brand Image and Service Quality Shape Student Experience in Smart Gate Technology
items: The Influence of Work Environment and Ambidextrous Leadership on Employee Performance through Career Development
items: Unveiling the Power of Social Media and FOMO: How Hedonic Motivation Drives Impulsive Purchases of Cosmetic Products
items: Environmental and Socio-Economic Determinants of Life Expectancy: Empirical Evidence from Indonesia
items: The Influence of Lifestyle on Private Employees' Income in Pekanbaru City: Opportunities and Challenges in South Ledge Management for Indonesia
items: Comparative Study: The Impact Of Domestic Structure And Trade Cooperation On Exports Of Developed And Developing Countries In Asia
items: A Moderation Analysis: How Did Financial Knowledge Influence Financial Management Behavior Madura Entrepreunerwomen Gen Y-Z
items: Islamic Financial Literacy and Financial Management Behavior: The Mediating Effect of Fintech Payments by Female Entrepreneurs at Universities in Madura
items: Bibliometric Mapping of Maqasid Shariah in Financial and Sustainability Studies
items: Bibliometric Analysis of Social Media Marketing Research (2015-2025): Key Contributors, Intellectual Structure, and Thematic Evolution
items: The Impact of Macroeconomic Variables on Stock Market Performance: Evidence on the Mediating Role of Monetary Policy from Indonesia
items: Liquidity, Solvency, and Activity on Profitability with Capital Structure as a Mediating in Green Industry Companies
items: Allowing Tax Rate Adjustment to Increase Local Original Income
items: Influence Quality Service and Price on Customer Satisfaction with Customer Trust as a Moderating Variable (Case Study of Shopee Xpress Jakarta Application Customers)
items: The Influence of Heuristics on Investment Decision Making in Cryptocurrency Assets (A Study of Retail Investors in the Bandung Raya Area)
items: The Influence of Herding Behavior on Cryptocurrency Investment Decision Among Investors in Bandung Raya Area
items: Earnings Management in Property Companies Seen from Financial and Control Factors
items: The Effect of Endorsement Korean, Brand Trust, and Social Media Marketing on Consumer Trust in Scarlett Products: The Moderating Role of Online Buying Experience
items: The Impact of Lifestyle, Social Media, and Hedonic Shopping Motivation on Gen Z's Consumer Behavior: The Mediating Role of Emotional Shopping
items: The Role of Leadership and Organizational Culture in Driving Digital Transformation in indonesia SMEs: A Systematic Literature Review

The Effectiveness of Grant Fund Management in Women’s Cooperatives and Islamic Savings and Financing Cooperatives (KSPPS) in Blitar City in Improving Cooperative Businesses and Members’ Welfare
type: item
description: This study aims to analyze the effectiveness of grant fund management in Women’s Cooperatives and Islamic Savings and Financing Cooperatives (KSPPS) in Blitar City in improving cooperative business performance and members’ welfare. The research employs a quantitative approach with descriptive and explanatory research designs. The descriptive design is used to describe the implementation of grant fund management, cooperative business development, and the welfare conditions of cooperative members, while the explanatory design examines the influence of grant fund management effectiveness on business improvement and members’ welfare. The population of this study consists of administrators, managers, and members of Women’s Cooperatives and KSPPS receiving grant funds in Blitar City. Samples were selected using purposive sampling techniques. Data were collected through questionnaires, interviews, and documentation, and analyzed using descriptive statistical analysis and multiple linear regression. The results are expected to show that effective grant fund management, reflected in transparency, accountability, participation, and proper fund allocation, contributes positively and significantly to cooperative business growth and the improvement of members’ welfare. The findings of this research are expected to provide practical recommendations for cooperative management and policymakers in optimizing grant fund utilization to strengthen cooperative sustainability and improve community economic empowerment.
subject: Articles
  topic: section
subject: Grant of fund
  topic: keywords
subject: KSPPS Kota Blitar
  topic: keywords
subject: Members` welfare
  topic: keywords
creator: Hardining Estu Murdinar
creator: saifudin yusuf
creator: wahidatun alfarda
rights: Copyright (c) 2026 Hardining Estu Murdinar, saifudin yusuf, wahidatun alfarda https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-30
publication date: 2026-05-30
starting page: 174
ending page: 194
doi: 10.30737/risk.v7i1.7636

The Effect Of Profitability And Liquidity On The Value Of CompaniesIn The Health Sector Listed On The Indonesia Stock Exchange (Idx)
type: item
description: This study was conducted in the context of fluctuating company values and the growth of the healthcare sector on the Indonesia Stock Exchange, which are not always in line with increases in company profitability and liquidity. This situation highlights the gap between companies' financial performance and investor perceptions in the capital market, necessitating an analysis of the factors influencing company value. This study aims to analyze the effect of profitability, as measured by return on assets (ROA), and liquidity, as measured by the current ratio (CR), on company value, as measured by price to book value (PBV), in healthcare companies listed on the Indonesia Stock Exchange (IDX) during the 2023-2024 period. This study employed a causal quantitative approach with a purposive sampling method, resulting in a sample of 28 companies (56 observations). Data analysis was performed using panel data regression using EViews 13 software, using the common effects model (CEM). The results show that ROA has a positive and significant effect on PBV, while CR has no significant effect on PBV. Conversely, ROA and CR simultaneously have a significant effect on PBV. Keywords: Profitability, Liquidity, Company Value, Health Sector
subject: Articles
  topic: section
subject: Profitability
  topic: keywords
subject: Liquidity
  topic: keywords
subject: Company Value
  topic: keywords
subject: Health Sector
  topic: keywords
creator: rizza nahdiatul ilmi
creator: m mustaqim
rights: Copyright (c) 2026 rizza nahdiatul ilmi, m.mustaqim https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-30
publication date: 2026-05-30
starting page: 161
ending page: 173
doi: 10.30737/risk.v7i1.7629

Glocalizing the Micro-Enterprise: The Role of Region-of-Origin and Code-Switching in MSME Export Strategies
type: item
description: Conventional internationalization theories often fail to represent the dynamics of the expansion of Micro, Small, and Medium Enterprises (MSMEs) in developing countries because they ignore the disruption of digitalization and the urgency of local cultural adaptation. This research aims to explore and deconstruct the strategic mechanism of MSMEs in extracting regional identity (Region-of-Origin) and integrating it into global brand communication in the digital platform ecosystem. This study adopts a qualitative design through a multiple case study approach. Primary data was collected through in-depth semi-structured interviews with strategic decision-makers in five leading MSME exporters in Kediri City, East Java, including the craft and agro-industry sectors. Thematic analysis is applied systematically to reduce data and map patterns of cross-cultural communication strategies. The data analysis identified three main strategic findings: (1) the commodification of local sociocultural heritage into digital visual narratives functions as an authenticity signaling instrument that allows MSMEs to set premium prices; (2) dynamic interaction through live commerce platforms facilitates the formation of parasocial relationships that radically reduce psychological distance and trigger impulse purchase decisions from foreign buyers; and (3) the application of hybrid communication tactics through linguistic code-switching acting as a clever socio-symbolic mechanism in bridging the prestige of the global market with cultural authenticity. This study contributes an original contribution to the international business literature by constructing an integrative framework that synergizes the principles of Network Theory, dynamic capability agility, and cultural localization in the cyber landscape. This study emphatically shifts the focus of the literature from the macro effects of Country-of-Origin to the micro-power of Region-of-Origin, while offering an empirical and managerial bluep…
subject: Articles
  topic: section
subject: Region-of-Origin
  topic: keywords
subject: Internationalization of MSMEs
  topic: keywords
subject: cross-cultural brand communication
  topic: keywords
subject: Code Transfer Tactics
  topic: keywords
subject: Live Commerce
  topic: keywords
subject: Developing economies
  topic: keywords
creator: Wahyu Dede Gustiawan
creator: Sudarmiatin
creator: Heri Pratikto
rights: Copyright (c) 2026 Wahyu Dede Gustiawan, Sudarmiatin, Heri Pratikto https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-19
publication date: 2026-05-19
starting page: 98
ending page: 114
doi: 10.30737/risk.v7i1.7604

Diaspora Networks as a Financial Catalyst: Navigating Global Markets for Kediri’s SMEs in the Netherlands and Australia
type: item
description: This study analyzes how diaspora networks serve as financial catalysts for 47 Micro, Small, and Medium Enterprises (MSMEs) in Kediri, focusing on the culinary and creative industry sectors. The research explores combining domestic resources with global diaspora networks to mitigate financial constraints during internationalization. A qualitative approach with a multi-case study design was employed. Data was triangulated using semi-structured interviews, digital and field observations, and document studies , and was subsequently analyzed via Cross-Case Synthesis. The findings reveal that diaspora networks in the Netherlands and Australia act as crucial "financial bridges" utilizing bonding, bridging, and linking social capital. Specifically, the Dutch diaspora predominantly supports culinary MSMEs through bonding social capital to help meet European food standards , while the Australian diaspora aids creative industries through bridging social capital by acting as business intermediaries. Digital capabilities and FinTech integration significantly strengthen these connections, enabling real-time capital flow , reducing international transaction costs , and mitigating information asymmetry. In conclusion, diaspora networks provide "patient capital" that successfully lowers the cost of capital and diversifies funding sources for local enterprises. To ensure sustainable integration into global markets, MSMEs must prioritize advancing their digital capabilities and maintaining strict product standardization.
subject: Articles
  topic: section
subject: Diaspora Networks
  topic: keywords
subject: MSMEs
  topic: keywords
subject: Social Capital
  topic: keywords
subject: FinTech
  topic: keywords
subject: Internationalization
  topic: keywords
creator: Andy Chandra Pramana
creator: Sudarmiatin
creator: Heri Pratikto
rights: Copyright (c) 2026 Andy Chandra Pramana, Sudarmiatin, Heri Pratikto https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-19
publication date: 2026-05-19
starting page: 115
ending page: 126
doi: 10.30737/risk.v7i1.7605

Integrating E-Commerce, Influencers, UGC, and Personal Shoppers to Drive Asian MSME Internationalization
type: item
description: The prevailing narrative in international business research has long positioned Micro, Small, and Medium Enterprises (MSMEs) as structurally disadvantaged actors in global trade—constrained by the dual liabilities of smallness and foreignness and largely dependent on gradual, resource-intensive market entry strategies. This systematic literature review challenges the adequacy of that framing in the Asian context. Drawing on 60 peer-reviewed sources published between 2018 and 2026, and adhering to PRISMA guidelines, we argue that a synergistic digital ecosystem—comprising cross-border e-commerce (CBEC) infrastructure, influencer marketing, user-generated content (UGC), and human-mediated personal shopper networks—has fundamentally restructured the internationalization calculus for MSMEs across the region. These four drivers do not operate independently; they form a co-evolving network in which each mechanism amplifies the signal and mitigates the risk posed by the others. E-commerce platforms expand market reach and improve supply chain performance; influencers and UGC build consumer trust and brand credibility; personal shoppers bridge cultural and cross-border gaps with personalized service and embedded social intelligence. Critically, we identify a structural divergence between two dominant regional models: China’s high-tech, AI-driven paradigm—characterized by super-app ecosystems, virtual influencers, and algorithmic personalization—and Southeast Asia’s high-touch model, which privileges authenticity, community trust, and human mediation. Both pathways achieve international reach, but they do so by leveraging fundamentally different types of capital. This review also engages seriously with the dark side of digital transformation: platform dependency, algorithmic opacity, the unmeasurable influence of ‘dark social’ channels, structural digital literacy deficits, influencer scandals, and frugal innovation as a counter-strategy. These are not peripheral concerns—th…
subject: Articles
  topic: section
subject: MSME globalization
  topic: keywords
subject: transnational e-commerce
  topic: keywords
subject: influencer promotion
  topic: keywords
subject: consumer-created content
  topic: keywords
subject: collaborative digital network
  topic: keywords
creator: Marsya Aulia Rizkita
creator: Sudarmiatin
creator: Heri Pratikto
rights: Copyright (c) 2026 Marsya Aulia Rizkita, Sudarmiatin, Heri Pratikto https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-19
publication date: 2026-05-19
starting page: 80
ending page: 97
doi: 10.30737/risk.v7i1.7586

Financial Constraints and Organizational Conditions: Explaining Work Stress and Performance
type: item
description: Financial constraints in private educational institutions are often considered a barrier to organizational effectiveness. However, a new perspective suggests that financial constraints actually stimulate performance. This study aims to examine the influence of financial constraints, work environment, organizational culture, and job stress on performance in private educational institutions. Using a quantitative approach, data for this study was collected through a survey of teachers and education personnel at 28 private kindergartens in Malang Regency. The data were analyzed using multiple regression analysis to examine the relationships between variables. The findings indicate that financial constraints, work environment, and organizational culture significantly contribute to improved performance, while job stress has no effect. Interestingly, financial constraints are not recognized as structural barriers but rather serve as challenges that actually enhance performance. This study contributes to the literature on organizational behavior in resource-constrained institutions by integrating financial constraints with organizational and psychological factors in explaining employee performance.
subject: Articles
  topic: section
subject: financial constraints
  topic: keywords
subject: work environment
  topic: keywords
subject: organizational culture
  topic: keywords
subject: work stres
  topic: keywords
subject: employee performance
  topic: keywords
subject: educational institutions
  topic: keywords
creator: Niki Puspita Sari
creator: Helmi Muhammad
creator: Arini Ro’ikhatus Salsabila
rights: Copyright (c) 2026 Niki Puspita Sari, Helmi Muhammad, Arini Ro’ikhatus Salsabila https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-19
publication date: 2026-05-19
starting page: 127
ending page: 145
doi: 10.30737/risk.v7i1.7563

The Impact of HDI, Labor Force Participation Rate, Investment, and Technology on Gross Regional Domestic Product in Kalimantan Island
type: item
description: Economic growth is a key long-term development issue that contributes significantly to the sustainability of regional development, particularly in Kalimantan Island as the third-largest contributor to Indonesia’s economy. The relocation of the National Capital (IKN) from Java Island to Kalimantan is viewed as a strategic effort to create a new center of economic growth outside Java in order to reduce interregional economic disparities. This study aims to examine the effects of the Human Development Index (HDI), Labor Force Participation Rate (LFPR), investment, and technology on Gross Regional Domestic Product (GRDP) across five provinces in Kalimantan during the period 2018–2024. Panel data regression is employed as the analytical method. The results indicate that HDI and technology have negative and statistically insignificant effects on GRDP, while investment and LFPR have positive and statistically significant effects during the study period. These findings highlight the importance of improving human resource quality and optimizing technological advancement to enhance labor productivity, which in turn supports economic growth and public welfare. Economic growth can be achieved by strengthening human capital through improved access to education and healthcare. Furthermore, investment productivity should be enhanced through collaboration between the government and business actors by providing fiscal incentives, such as tax relief and capital support, particularly for the manufacturing and technology sectors, to promote more balanced and sustainable economic growth in Kalimantan.
subject: Articles
  topic: section
subject: HDI
  topic: keywords
subject: LFPR
  topic: keywords
subject: investment
  topic: keywords
subject: technology
  topic: keywords
subject: GDPR
  topic: keywords
creator: Nikmatun
creator: Hutabarat
rights: Copyright (c) 2026 Nikmatun Nazilah, Ruth Eviana Hutabarat https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-19
publication date: 2026-05-19
starting page: 16
ending page: 34
doi: 10.30737/risk.v7i1.7534

The Influence of Influencer Marketing on Generation Z's Purchase Decision of Somethinc Products Through Perceived Value and Price Sensitivity
type: item
description: This study investigates the impact of influencer marketing on the buying choices of Generation Z consumers for Somethinc products, emphasizing the role of perceived value and price sensitivity as mediators. Utilizing influencer marketing is now crucial, especially with the beauty industry's shift to digital media and the high rate of social media adoption in Indonesia. Employing a quantitative methodology, this research collected primary data via structured surveys. A purposive sample of 133 Indonesian Generation Z buyers (aged 13-28) of Somethinc items was analyzed. SmartPLS 4.0 was applied to assess the structural and measurement models. Results show that influencer promotional efforts directly and positively affect purchase intent, price sensitivity, and perceived value. Additionally, price sensitivity and perceived value serve as successful mediators connecting influencer marketing to final purchasing actions.
subject: Articles
  topic: section
subject: Influencer Marketing
  topic: keywords
subject: Perceived Value
  topic: keywords
subject: Price Sensitivity
  topic: keywords
subject: Purchase Decision
  topic: keywords
creator: Putri Berlian Apriliyani
creator: Mohamad Rifqy Roosdhani
rights: Copyright (c) 2026 Putri Berlian Apriliyani, Mohamad Rifqy Roosdhani https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-29
publication date: 2026-05-29
starting page: 146
ending page: 160
doi: 10.30737/risk.v7i1.7532

Market Orientation, Digital Capability, and Brand Image Driving Customer Loyalty: Evidence from Indonesian Retail MSMEs
type: item
description: This study investigates how market orientation, digital capability, and brand image influence customer loyalty, with customer satisfaction as a mediating factor, within retail MSMEs. It aims to understand how internal organizational competencies and marketing strategies foster long-term customer relationships in a competitive and digitalized marketplace. Using a quantitative survey approach, data were collected from 160 customers of retail MSMEs, following the ten-times rule for 16 indicators. Analyses were conducted with PLS-SEM to assess measurement validity and structural relationships. Results indicate that brand image directly enhances both customer satisfaction and loyalty, while digital capability and market orientation affect loyalty indirectly through satisfaction. Moreover, customer satisfaction significantly mediates these relationships, serving as a critical mechanism by which organizational capabilities and strategies are translated into loyalty. The findings underscore the importance for MSMEs of strengthening brand image, advancing digital competencies, and maintaining market-oriented strategies to improve satisfaction and loyalty, offering both theoretical contributions to relationship marketing and practical guidance for managers in the digital era.
subject: Articles
  topic: section
subject: market orientation
  topic: keywords
subject: digital capability
  topic: keywords
subject: brand image
  topic: keywords
subject: customer satisfaction
  topic: keywords
subject: customer loyalty
  topic: keywords
subject: retail MSMEs
  topic: keywords
creator: Eny Nuraeni
creator: Yusuf Rahman Al Hakim
creator: Ghozali
creator: Risa Amalia Muzrifah
creator: Ulfa Rahmawati
rights: Copyright (c) 2026 Eny Nuraeni, Yusuf Rahman Al Hakim, Ghozali, Risa Amalia Muzrifah, Ulfa Rahmawati https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-19
publication date: 2026-05-19
starting page: 46
ending page: 63
doi: 10.30737/risk.v7i1.7520

Communicative Change Management: The Strategic Power of Language in Driving Workplace Productivity
type: item
description: The high failure rate of organizational change initiatives, despite adequate strategies and technologies, indicates that language as a mechanism for constructing the meaning of change is still frequently overlooked in change management practice. This study aims to develop a language-based conceptual model of communicative change and explain how managerial language shapes sensemaking processes and influences workplace productivity during organizational change. The study uses a qualitative approach with a Constructivist Grounded Theory design within an interpretive-constructivist paradigm. The research context focuses on organizations undergoing or recently experiencing change, with leaders, managers, and affected employees selected through theoretical sampling. Data were collected through in-depth semi-structured interviews, participant observation, and analysis of organizational documents, and then analyzed iteratively using initial coding, focused coding, and theoretical coding with the constant comparative method. The findings produced a core category, namely language-mediated sensemaking in organizational change, with four major themes: framing language and perception of change, emotional resonance of managerial narratives, language-driven alignment and resistance, and discursive pathways to productivity. The process model shows a flow from language framing, meaning construction, and affective responses to action alignment and productivity. This study enriches language-based change management theory and offers practical guidance for leaders to design change communication that is clearer, more contextual, and sensitive to productivity.
subject: Articles
  topic: section
subject: communicative change management
  topic: keywords
subject: managerial language
  topic: keywords
subject: sensemaking
  topic: keywords
subject: workplace productivity
  topic: keywords
creator: Elok Cahyaning Pratiwi
creator: Anis Sirojuddin Suryo Negoro
creator: Risa Amalia Murzrifah
creator: Yusuf Rahman Al Hakim
rights: Copyright (c) 2026 Elok Cahyaning Pratiwi, Anis Sirojuddin Suryo Negoro, Risa Amalia Murzrifah, Yusuf Rahman Al Hakim https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-19
publication date: 2026-05-19
starting page: 35
ending page: 45
doi: 10.30737/risk.v7i1.7484

Building Satisfaction Through Trust: How Brand Image and Service Quality Shape Student Experience in Smart Gate Technology
type: item
description: This study examines the influence of Brand Image and Service Quality on Satisfaction Mediated by Trust (Student Smart Gate User Study). A quantitative method with the Structural Equation Modeling (SEM) approach using SmartPLS was applied to test the proposed hypothesis. The sample in this study consisted of 388 students obtained through purposive sampling. The results showed that brand image had a significant effect on satisfaction, while Servqual had no significant effect on satisfaction. Brand image was found to have an effect on trust, and the direct effect of Servqual on trust was significant. Trust was found to have a direct effect on satisfaction. In addition, trust was a full mediator in the relationship between brand image and satisfaction, and a partial mediator in the relationship between Servqual and satisfaction. The practical implications of this study are for Malang State University in managing Smart Gate including strengthening brand image through consistent communication to increase satisfaction and trust. Improving service quality is focused on system reliability and data security to build trust as a key determinant, thereby supporting operational efficiency and optimal student experience.
subject: Articles
  topic: section
subject: Brand Image
  topic: keywords
subject: Service Quality
  topic: keywords
subject: Satisfaction
  topic: keywords
subject: Trust
  topic: keywords
subject: Smart gate
  topic: keywords
creator: Iva Mala
creator: Yunus Handoko
creator: Christea Frisdiantara
rights: Copyright (c) 2026 Iva Mala, Yunus Handoko, Christea Frisdiantara https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-19
publication date: 2026-05-19
starting page: 64
ending page: 79
doi: 10.30737/risk.v7i1.7458

The Influence of Work Environment and Ambidextrous Leadership on Employee Performance through Career Development
type: item
description: Human resources play a strategic role in service-oriented organizations, particularly outsourcing companies whose service sustainability largely depends on employee performance. This study aims to examine the effect of the work environment and ambidextrous leadership on employee performance, with career development positioned as a mediating variable. A supportive work environment, encompassing both physical and psychosocial aspects, contributes to employee comfort, work engagement, and productivity enhancement. Meanwhile, ambidextrous leadership emphasizes a leader’s capability to balance efficiency-driven practices with innovation-oriented behaviors in addressing dynamic organizational challenges. Career development is regarded as a strategic mechanism that aligns individual potential with organizational goals, thereby strengthening employee motivation and performance. This study adopts a conceptual approach through a literature review to construct a framework explaining the relationships among the work environment, ambidextrous leadership, career development, and employee performance. The proposed model highlights the importance of integrating human resource management practices to achieve sustainable employee performance in service-based organizations.
subject: Articles
  topic: section
subject: Work Environment
  topic: keywords
subject: Ambidextrous Leadership
  topic: keywords
subject: Career Development
  topic: keywords
subject: Employee Performance
  topic: keywords
subject: Human Resource Management
  topic: keywords
creator: Ardhit Hartono
creator: Junengsih
creator: Nur Dina
rights: Copyright (c) 2026 Ardhit Hartono, Junengsih, Nur Dina https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-19
publication date: 2026-05-19
starting page: 1
ending page: 15
doi: 10.30737/risk.v7i1.7400

Unveiling the Power of Social Media and FOMO: How Hedonic Motivation Drives Impulsive Purchases of Cosmetic Products
type: item
description: This study examines the influence of Social Media Marketing (SMM) and Fear of Missing Out (FOMO) on impulsive purchasing behavior among Generation Z consumers, with hedonistic shopping motivation as an intervening variable. The rapid growth of the cosmetics industry in Indonesia, driven by social media, makes this topic highly relevant for analysis. A quantitative method with a Structural Equation Modeling (SEM) approach using SmartPLS was applied to test the proposed hypotheses. The sample in this study consisted of 100 people obtained through purposive sampling. The results showed that SMM had a significant effect on hedonistic shopping motivation, while FOMO also had a significant effect on this motivation. Hedonistic shopping motivation was found to influence impulsive buying, but the direct effect of SMM on impulsive buying was not significant. FOMO was found to directly influence impulsive buying. Additionally, hedonistic shopping motivation acted as a full mediator in the relationship between SMM and impulsive buying, and as a partial mediator in the relationship between FOMO and impulsive buying. These findings emphasize the importance of emotional involvement and psychological factors in influencing impulsive buying behavior. The practical implication of this study is that marketers need to design content that can evoke emotional responses and create a sense of exclusivity, which can encourage consumers to make impulsive purchases, especially for cosmetic products.
subject: Articles
  topic: section
subject: Social Media Marketing
  topic: keywords
subject: Fear of Missing Out
  topic: keywords
subject: Impulsive Purchasing
  topic: keywords
subject: Hedonic Shopping Motivation
  topic: keywords
subject: Generation Z
  topic: keywords
creator: Wisnu Mahendri
creator: Ananda Zahwa Maulidiyah
rights: Copyright (c) 2025 Wisnu Mahendri, Ananda Zahwa Maulidiyah https://creativecommons.org/licenses/by-sa/4.0
date: 2025-11-29
publication date: 2025-11-29
starting page: 143
ending page: 156
doi: 10.30737/risk.v6i2.7184

Environmental and Socio-Economic Determinants of Life Expectancy: Empirical Evidence from Indonesia
type: item
description: The objective of this research is to evaluate the influence of several key socioeconomic and public health factors namely, access to clean water and sanitation, the open unemployment rate, education levels, and per capita health expenditure on Life Expectancy in Indonesia. Utilizing panel data from all 34 provinces over the period 2020–2023, the analysis employs a panel regression methodology. The most appropriate model was selected through the Chow Test and Hausman Test, which indicated the Fixed Effects Model (FEM) as the most robust estimator. The findings reveal that access to clean water, access to sanitation, and education have a positive and statistically significant effect on life expectancy. Conversely, the open unemployment rate exerts a significant negative influence. Education emerged as the most dominant variable, with each additional year of mean schooling associated with an increase in life expectancy of 1.41 years. However, per capita health expenditure was not found to have a statistically significant impact. In conclusion, this study affirms that enhancing life expectancy requires an integrated policy approach. This includes improvements in basic infrastructure (water and sanitation), the expansion of educational access, and a reduction in unemployment rates to foster the socio-economic stability that underpins population health.
subject: Articles
  topic: section
subject: life expectancy
  topic: keywords
subject: human capital
  topic: keywords
subject: socioeconomic determinants
  topic: keywords
subject: unemployment
  topic: keywords
creator: Ika Pramita
creator: Kukuh Arisetyawan
rights: Copyright (c) 2025 Ika Pramita, Kukuh Arisetyawan https://creativecommons.org/licenses/by-sa/4.0
date: 2025-11-29
publication date: 2025-11-29
starting page: 112
ending page: 124
doi: 10.30737/risk.v6i2.7140

The Influence of Lifestyle on Private Employees' Income in Pekanbaru City: Opportunities and Challenges in South Ledge Management for Indonesia
type: item
description: South Ledge is located in the South China Sea and is a strategic area with significant natural resource potential. South Ledge management faces great opportunities and complex challenges for Indonesia, involving geopolitical, economic and environmental aspects. This research aims to evaluate the opportunities that Indonesia can take advantage of from managing the South Ledge, including the use of natural resources, potential for economic development, and opportunities to strengthen international cooperation. In addition, this research also identifies key challenges, such as territorial disputes with other countries, environmental impacts from exploration, and limited management capacity. Through qualitative analysis based on literature studies and policy data, this research provides recommendations for sustainable management strategies that can help Indonesia maximize benefits while minimizing risks. The conclusions of this research emphasize the need for strong diplomacy, careful environmental management, and international collaboration to face challenges and take advantage of existing opportunities.
subject: Articles
  topic: section
subject: South Ledge
  topic: keywords
subject: Management Opportunities
  topic: keywords
subject: Indonesia
  topic: keywords
creator: Juwita Ritmaratri
creator: Irvan Ahmat Khoiruddin
rights: Copyright (c) 2025 Juwita Ritmaratri, Irvan Ahmat Khoiruddin https://creativecommons.org/licenses/by-sa/4.0
date: 2025-11-17
publication date: 2025-11-17
starting page: 1
ending page: 7
doi: 10.30737/risk.v6i2.6972

Comparative Study: The Impact Of Domestic Structure And Trade Cooperation On Exports Of Developed And Developing Countries In Asia
type: item
description: The intensification of globalization has driven greater economic integration through various international trade agreements such as FTA, CEPA, and RTA, particularly in Asia, which is the region with the highest number of trade agreements in the world. However, the benefits of such integration have not been evenly distributed between developed and developing countries. This study aims to comparatively analyze the impact of domestic structures reflected through labor, capital, HDI, exchange rate, and trade cooperation on exports in developed and developing countries in Asia. This research employs a quantitative approach using panel data from 17 countries (5 developed and 12 developing) over the 2004–2023 period, analyzed using the Error Correction Model (ECM). The results reveal that, in the long run, all variables significantly affect exports in developing countries except for trade cooperation, which shows no significant impact. In developed countries, only labor has no significant effect on exports, while other variables exhibit significant influences. These findings indicate that developed countries tend to be capital-intensive, whereas developing countries are more labor-intensive. In the short run, only labor and HDI significantly affect exports in developing countries, while in developed countries, capital and exchange rate have significant effects on exports. Furthermore, the existence of cointegration suggests an adjustment process from the short run to the long run, with the speed of adjustment in developing countries being relatively slower than in developed ones.
subject: Articles
  topic: section
subject: Exports
  topic: keywords
subject: Domestic Structure
  topic: keywords
subject: Trade Cooperation
  topic: keywords
subject: Developed and Developing Countries
  topic: keywords
subject: Asia
  topic: keywords
subject: Dynamic Model
  topic: keywords
creator: Muhammad Iqbal Ilmiawan
creator: Kiky Asmara
creator: Fauzatul Laily Nisa
rights: Copyright (c) 2025 Muhammad Iqbal Ilmiawan, Kiky Asmara, Fauzatul Laily Nisa https://creativecommons.org/licenses/by-sa/4.0
date: 2025-11-30
publication date: 2025-11-30
starting page: 90
ending page: 111
doi: 10.30737/risk.v6i2.7080

A Moderation Analysis: How Did Financial Knowledge Influence Financial Management Behavior Madura Entrepreunerwomen Gen Y-Z
type: item
description: MSMEs are a key component supporting national economic growth. This sector has a significant contribution to strengthening the national economy because it is able to reduce unemployment rates by creating new jobs for local communities. MSMEs also contribute significantly to economic growth, including in the Madura region, which shows a rapid increase in the number of MSMEs. However, along with this growth, MSMEs face various challenges, particularly related to financial management behavior. The expertise in manage finances is a crucial aspect in maintaining the persistence of SMEs. With good financial mastery, an entrepreneur can organize and allocate their financial resources effectively and on target. This study aims to analyze the influence of financial knowledge to financial management behavior between generations Y- Z in the Madura region. This study uses a quantitative approach, through questionnaires to gather primary data. literature studies, and interviews. The sample size was determined using the Lemeshow technique. Data analysis in this study was carried through the Structural Equation Modeling (SEM) approach applying Smart PLS software version 4.0.9.9. The study findings indicate that financial literacy exerts a favorable influence on financial management. However, Islamic financial literacy does not show a significant infuluence to financial management
subject: Articles
  topic: section
subject: Financial Knowledge
  topic: keywords
subject: Islamic Financial Literacy
  topic: keywords
subject: Financial Management Behavior
  topic: keywords
creator: yusriyatur rohmah
creator: Achmad Budi Susetyo
creator: Dony Burhan Noor Hasan
rights: Copyright (c) 2025 yusriyatur rohmah, Achmad Budi Susetyo, Dony Burhan Noor Hasan https://creativecommons.org/licenses/by-sa/4.0
date: 2025-11-17
publication date: 2025-11-17
starting page: 29
ending page: 46
doi: 10.30737/risk.v6i2.7051

Islamic Financial Literacy and Financial Management Behavior: The Mediating Effect of Fintech Payments by Female Entrepreneurs at Universities in Madura
type: item
description: The primary objective of this study is to examine the influence of Islamic financial literacy on the financial management behavior of female entrepreneurs in the Madura region, as well as to evaluate the mediating role of Sharia-based financial payment technology (fintech payment) in this relationship. This research is grounded in the strategic contribution of MSMEs to regional economic development and the persistent challenges encountered by female entrepreneurs in sustaining and growing their businesses, Specifically, this pertains to the limited level of Islamic financial literacy and restricted access to digital financial services that adhere to sharia principlesThis research employs a quantitative approach, utilizing an online questionnaire as the primary survey method for data collection. Respondents were selected purposively, namely Muslim women from academic circles in Madura who have entrepreneurial experience and use sharia fintech payments. The sample size was calculated using the Lemeshow formula, yielding a total of 97 respondents for this study. This was then multiplied by a certain number to become 120 respondents. The data collection process was carried out through a combination of literature review and structured questionnaire distribution, while data analysis was conducted using the SEM-PLS method with SmartPLS 4.0 software. This research is anticipated to contribute meaningfully to the advancement of a digital sharia financial ecosystem that is inclusive, sustainable, and responsive to the specific needs of female entrepreneurs in the Madura region
subject: Articles
  topic: section
subject: fintech payment
  topic: keywords
subject: Financial Literacy
  topic: keywords
subject: Financial Management Behavior
  topic: keywords
creator: Jannatul Rohaini
creator: Budi Achmad Budi Susetyo
creator: Dony Dony Burhan Noor Hasan
rights: Copyright (c) 2025 Jannatul Rohaini, Achmad Budi Susetyo S.Si ME.,, Dr. Dony Burhan Noor Hasan, Lc., M.A. https://creativecommons.org/licenses/by-sa/4.0
date: 2025-11-17
publication date: 2025-11-17
starting page: 8
ending page: 28
doi: 10.30737/risk.v6i2.7040

Bibliometric Mapping of Maqasid Shariah in Financial and Sustainability Studies
type: item
description: This study examines the intellectual development of Maqasid Shariah in the fields of Islamic finance and sustainability over the last ten years. Employing bibliometric and content analyses of Scopus-indexed publications, the results indicate that Indonesia and Malaysia are the foremost contributors to this domain, highlighting their regional preeminence in the integration of ethical, financial, and sustainable governance frameworks. The keyword mapping shows five main thematic clusters that make up the current research landscape: sustainability, Islamic banking, Maqasid Shariah, governance, and innovation. There is a clear progression over time from early studies that looked at compliance and financial performance to newer topics like ESG integration, value-based banking, and fintech-driven sustainability. The findings indicate that Maqasid Shariah has transitioned from a normative framework to an operational paradigm that reconciles ethical objectives with economic performance and environmental stewardship. This change makes Islamic finance a value-driven model that can help with global sustainability goals. The study concludes by urging future researchers to broaden empirical investigations across various sectors and to create hybrid analytical models that amalgamate Maqasid Shariah with digital innovation and sustainability assessment frameworks.
subject: Articles
  topic: section
subject: Maqasit Sharia
  topic: keywords
subject: Islamic Finance
  topic: keywords
subject: Sustainability
  topic: keywords
creator: Muchamad Rizky Fauzi
creator: L.M Hasriadi
creator: Wilda Yanti
rights: Copyright (c) 2025 Muchamad Rizky Fauzi, L.M Hasriadi, Wilda Yanti https://creativecommons.org/licenses/by-sa/4.0
date: 2025-11-20
publication date: 2025-11-20
starting page: 77
ending page: 89
doi: 10.30737/risk.v6i2.7007

Bibliometric Analysis of Social Media Marketing Research (2015-2025): Key Contributors, Intellectual Structure, and Thematic Evolution
type: item
description: The rapid growth of social media marketing (SMM) research has created a vast and complex academic landscape. This study presents a comprehensive bibliometric analysis to map this landscape, identify its key contributors, delineate its intellectual structure, and trace its thematic evolution from 2015 to 2025. Employing the PRISMA framework, this research analyzes a final sample of 843 articles from Scopus-indexed (Q1/Q2) journals using performance analysis and VOSviewer-based science mapping. Findings reveal that SMM research is a dynamic and highly collaborative field, with influential authors, journals, and countries shaping its development. Its intellectual structure is characterized by five primary thematic clusters, with engagement and influencer advertising emerging as the most central conceptual cornerstones. Furthermore, the evolution analysis highlights a clear trajectory from foundational topics toward emerging research trends, particularly artificial intelligence and sustainability. This study contributes a systematic, data-driven map of the current state of SMM research, serving as a valuable guide for scholars to navigate the literature and identify promising avenues for future inquiry.
subject: Articles
  topic: section
subject: Social Media Marketing
  topic: keywords
subject: Bibliometric Analysis
  topic: keywords
subject: VOSviewer
  topic: keywords
subject: Science Mapping
  topic: keywords
subject: Influencer Marketing
  topic: keywords
subject: Consumer Engagement
  topic: keywords
creator: Zaenul Muttaqien
creator: Puji Rahayu
rights: Copyright (c) 2025 Zaenul Muttaqien ZEN, Puji Rahayu https://creativecommons.org/licenses/by-sa/4.0
date: 2025-11-29
publication date: 2025-11-29
starting page: 125
ending page: 142
doi: 10.30737/risk.v6i2.7002

The Impact of Macroeconomic Variables on Stock Market Performance: Evidence on the Mediating Role of Monetary Policy from Indonesia
type: item
description: This study investigates the complex relationship between macroeconomics and the Indonesian stock market, focusing on the often-overlooked mediating role of monetary policy. Employing path analysis on quarterly data from 2005-2024, the study models the direct and indirect effects of inflation, GDP, and unemployment on the Composite Stock Price Index (IHSG) via the BI rate. Results show that unemployment and the BI rate have a direct, significant negative impact on the IHSG. Crucially, the findings reveal that inflation's impact is fully mediated by the interest rate, clarifying previous inconsistencies in the literature. This analysis confirms the significance of the asset price channel of monetary policy transmission in Indonesia.
subject: Articles
  topic: section
subject: Interest Rate
  topic: keywords
subject: Macroeconomics
  topic: keywords
subject: Monetary Policy
  topic: keywords
subject: Path Analysis
  topic: keywords
subject: Stock Market
  topic: keywords
creator: Marco Hadi Surya
creator: Hartono
rights: Copyright (c) 2025 Marco Hadi Surya, Hartono https://creativecommons.org/licenses/by-sa/4.0
date: 2025-11-20
publication date: 2025-11-20
starting page: 47
ending page: 58
doi: 10.30737/risk.v6i2.6933

Liquidity, Solvency, and Activity on Profitability with Capital Structure as a Mediating in Green Industry Companies
type: item
description: The purpose of this study is to determine the impact of liquidity, solvency, and activity on profitability using the capital structure as a mediating variable for companies in the green industry listed on the Indonesian Stock Exchange for the years 2021–2024.Purposive sampling and a quantitative approach were used to choose eight organizations as research samples. Three different kinds of variables are used in this study: independent, mediating, and dependent variables. The author analyzed data using SPSS software Multiple linear regression, conventional assumption tests, and the Sobel test were used to evaluate secondary data in the form of financial reports in order to look into the mediating role of capital structure. The findings indicate that while solvency and activity have a large beneficial impact on profitability, liquidity has no discernible influence. Profitability is not directly impacted by capital structure, but it is somewhat mediated by solvency.The findings show that although solvency and activity have a large positive impact on profitability, liquidity does not have a significant effect. Profitability is not directly affected by capital structure, but structure is able to mediate the effect of solvency on profitability, while the liquidity ratio and activity on profitability are not mediated by capital structure.
subject: Articles
  topic: section
subject: Liquidity
  topic: keywords
subject: Solvency
  topic: keywords
subject: Activity
  topic: keywords
subject: Capital Structure
  topic: keywords
subject: Profitability
  topic: keywords
subject: Green Industry
  topic: keywords
creator: Yoga Pradana
creator: Umi Nadhiroh
rights: Copyright (c) 2025 Yoga Pradana, Umi Nadhiroh https://creativecommons.org/licenses/by-sa/4.0
date: 2025-11-20
publication date: 2025-11-20
starting page: 59
ending page: 76
doi: 10.30737/risk.v6i2.6924

Allowing Tax Rate Adjustment to Increase Local Original Income
type: item
description: This study aims to analyze the impact of adjusting local tax rates on PAD with the emergence of UU no. 11 of 2020 Article 114 which states that central government can intervene in regional tax policies. This research method is quantitative-descriptive with primary data from BAPENDA Malang City. Data processing uses formula approach to obtain potential projections, targets, realization for this year and following years. The results show that PPJ rates are estimated to increase by 10%, the same as the maximum limit in UU no. 34 of 2000. Furthermore, these results were increased to optimal level, where the potential revenue and local tax target for Malang City in 2022 with moderate economic growth were IDR 835,835,006,350.69 and IDR 831,655,831,318.94, respectively.
subject: Articles
  topic: section
subject: Rates Adjustment
  topic: keywords
subject: Potential Projection
  topic: keywords
subject: Target Projection
  topic: keywords
creator: Bambang Soebroto
creator: Ayu Fury Puspita
rights: Copyright (c) 2024 Bambang Soebroto , Ayu Fury Puspita https://creativecommons.org/licenses/by-sa/4.0
date: 2025-05-31
publication date: 2025-05-31
starting page: 61
ending page: 70
doi: 10.30737/risk.v5i2.6385

Influence Quality Service and Price on Customer Satisfaction with Customer Trust as a Moderating Variable (Case Study of Shopee Xpress Jakarta Application Customers)
type: item
description: This study aims to analyze the effect of service quality and price on customer satisfaction of Shopee. Xpress users in Jakarta, with customer trust as a moderating variable. This study uses a quantitative approach with data collection techniques through online questionnaires to 201 respondents who have used Shopee. Xpress services more than twice. The data analysis technique uses Structural Equation Modeling with Partial Approach Least Square (PLS-SEM) through SmartPLS 4 software. The results of the study indicate that service quality and price have a positive and significant effect on customer satisfaction. Customer trust also has a significant direct effect on satisfaction, but does not significantly moderate the relationship between service quality and price with customer satisfaction. These findings emphasize the importance of improving service quality and adjusting prices that are commensurate with the value of benefits, as well as building trust as an important element in increasing customer satisfaction in digital-based delivery services.
subject: Articles
  topic: section
subject: service quality
  topic: keywords
subject: price
  topic: keywords
subject: customer trust
  topic: keywords
subject: customer satisfaction
  topic: keywords
creator: Yusuf Albani
creator: Aditya Burhan
rights: Copyright (c) 2025 Yusuf Albani, Aditya Burhan https://creativecommons.org/licenses/by-sa/4.0
date: 2025-05-31
publication date: 2025-05-31
starting page: 125
ending page: 140
doi: 10.30737/risk.v6i1.6361

The Influence of Heuristics on Investment Decision Making in Cryptocurrency Assets (A Study of Retail Investors in the Bandung Raya Area)
type: item
description: In recent years, the cryptocurrency market in Indonesia has grown rapidly. Along with this trend, investor behavior is frequently influenced by cognitive shortcuts known as heuristics. The purpose of this study is to look at how heuristic biases such as representativeness, overconfidence, anchoring, availability bias, and the gambler's fallacy affect retail investment decisions in the Bandung Raya area. A quantitative approach with a survey method was used to collect data from 139 respondents, which were then analyzed using statistical techniques such as correlation tests and simple linear regression. The findings show that heuristic biases have a significant impact on investment decisions, emphasizing the significance of raising investor awareness of psychological factors that may interfere with rational judgment when making cryptocurrency investments.
subject: Articles
  topic: section
subject: cryptocurrency
  topic: keywords
subject: heuristics
  topic: keywords
subject: investment decisions
  topic: keywords
creator: Rangga Dhimas Radithya Mulyadi
creator: Hidya Indira Lastari
creator: Harmon Chaniago
rights: Copyright (c) 2025 Rangga Dhimas Radithya Mulyadi , Hidya Indira Lastari , Harmon Chaniago https://creativecommons.org/licenses/by-sa/4.0
date: 2025-05-31
publication date: 2025-05-31
starting page: 108
ending page: 124
doi: 10.30737/risk.v6i1.6360

The Influence of Herding Behavior on Cryptocurrency Investment Decision Among Investors in Bandung Raya Area
type: item
description: This study explores how herding behavior influences cryptocurrency investment decisions among investors in Bandung Raya area. The study is driven by the growing involvement in digital asset markets and the psychological biases influencing investor actions. Using a quantitative method, data were collected from 157 purposively selected respondents through questionnaires and analyzed with IBM SPSS Statistics 27. The analysis included validity and reliability testing, descriptive statistics, classical assumption tests, correlation test and simple linear regression to assess the impact of herding behavior. The results reveal a significant and positive relationship between herding behavior and investment decisions, evidenced by a strong correlation coefficient of 0.863. Investors tend to follow the actions of others and market trends without conducting independent evaluations. This reflects a strong psychological inclination toward social conformity, particularly in high-volatility environments like the cryptocurrency market. The findings suggest that behavioral factors substantially shape investment choices, often outweighing rational decision-making. In conclusion, herding behavior emerges as a key factor in cryptocurrency investment decisions, highlighting the dominance of group influence. The study recommends enhancing financial literacy and behavioral finance education to foster better-informed investment practices.
subject: Articles
  topic: section
subject: herding behavior
  topic: keywords
subject: investment decision
  topic: keywords
subject: cryptocurrency
  topic: keywords
subject: bandung
  topic: keywords
creator: Aulia Zhafira
creator: Tangguh Dwi Pramono
rights: Copyright (c) 2025 Aulia Zhafira, Tangguh Dwi Pramono https://creativecommons.org/licenses/by-sa/4.0
date: 2025-05-31
publication date: 2025-05-31
starting page: 93
ending page: 107
doi: 10.30737/risk.v6i1.6359

Earnings Management in Property Companies Seen from Financial and Control Factors
type: item
description: This study analyzed financial distress, cash holdings, profitability, and internal control’s moderating role on earnings management in Indonesian property/real estate firms (2019–2023). Utilizing secondary data from 21 IDX-listed companies, variables were measured via Debt Service Coverage Ratio (financial distress), cash-to-assets ratio (cash holdings), Return on Assets (profitability), Modified Jones Model (earnings management), and an aggregate loss dummy (internal control). Moderated regression analysis (SPSS 28.0) showed: (1) Financial distress and cash holdings negatively impacted earnings management, while profitability increased it; (2) Internal control moderated only financial distress, with no effect on cash holdings or profitability. Financial distress incentivizes earnings manipulation, whereas strong liquidity and profitability deter such practices. Internal control mitigates distress-related risks but lacks efficacy in liquidity/performance contexts. These findings highlight the necessity of robust governance and transparent reporting, especially for financially distressed firms, to reduce opportunistic accounting. Regulators should prioritize oversight mechanisms targeting financial distress, while acknowledging liquidity and profitability as natural safeguards. The study advances understanding of internal control’s conditional role, offering actionable insights for policymakers and corporate leaders in high-risk sectors. Future research should explore sector-specific external factors (e.g., market volatility) to refine governance frameworks.
subject: Articles
  topic: section
subject: manajemen laba
  topic: keywords
subject: financial distress
  topic: keywords
subject: cash holding
  topic: keywords
subject: profitabilitas
  topic: keywords
subject: Internal Control
  topic: keywords
creator: Rohan As Sadzili
creator: Dwi Suhartini
rights: Copyright (c) 2025 Rohan As Sadzili, Dwi Suhartini https://creativecommons.org/licenses/by-sa/4.0
date: 2025-05-31
publication date: 2025-05-31
starting page: 82
ending page: 92
doi: 10.30737/risk.v6i1.6358

The Effect of Endorsement Korean, Brand Trust, and Social Media Marketing on Consumer Trust in Scarlett Products: The Moderating Role of Online Buying Experience
type: item
description: This study aims to determine how online shopping experience affects the relationship between Korean endorsement, brand trust, and social media marketing with consumer trust in scarlett products. This study uses an online survey method with a sample of 200 respondents who have purchased scarlett products online. The results of the study indicate that online shopping experience moderates the relationship between Korean endorsement, brand trust, and social media marketing with consumer trust in scarlett products. This study also found that Korean endorsement, brand trust, and social media marketing have a positive influence on consumer trust in scarlett products. The independent variables studied are Korean Endorsement, Brand Trust, Brand Trust, and the moderating variable is Online Shopping Experience, while the dependent variable is Consumer Trust. Data analysis was carried out with the help of Smart PLS software with a purposive sampling technique. The results of this study can be used as a reference for companies in increasing consumer trust in scarlett products through effective marketing strategies.
subject: Articles
  topic: section
subject: korean endorsement
  topic: keywords
subject: brand trust
  topic: keywords
subject: social media marketing
  topic: keywords
subject: customer trust
  topic: keywords
subject: online shopping experience
  topic: keywords
creator: Della Tiara Sani
creator: Liestyaningrum Rahmadhani Wisnu Putri
rights: Copyright (c) 2025 Della Tiara Sani, Liestyaningrum Rahmadhani Wisnu Putri https://creativecommons.org/licenses/by-sa/4.0
date: 2025-05-31
publication date: 2025-05-31
starting page: 66
ending page: 81
doi: 10.30737/risk.v6i1.6356

The Impact of Lifestyle, Social Media, and Hedonic Shopping Motivation on Gen Z's Consumer Behavior: The Mediating Role of Emotional Shopping
type: item
description: The research investigates the link between lifestyle, social media, and the desire for hedonic shopping on the Generation Z’s Consumptive Behavior in Jakarta, with emotional shopping as a mediating variable. A stratified random sampling technique was employed, and data were gathered utilizing internet-based questionnaires distributed via WhatsApp and Instagram. The statistical analysis was performed with the aid of the SPSS (Statistical Program for Social Sciences). The results show that lifestyle, social media, and hedonic shopping motivation have a significant direct effect on emotional shopping. However, these variables do not directly affect consumptive behavior. Furthermore, the mediating role of emotional shopping is identified as a mediate variable linking lifestyle, social media, and hedonic shopping motivation with consumptive behavior. The outcomes underscore the significance of emotional aspects in comprehending the purchasing behavior of individuals from Generation Z and provide insights for marketers aiming to engage this demographic more effectively.
subject: Articles
  topic: section
subject: Lifestyle
  topic: keywords
subject: Social Media
  topic: keywords
subject: Hedonic Shopping Motivation
  topic: keywords
subject: Consumptive Behaviour
  topic: keywords
subject: Emotional Shopping
  topic: keywords
creator: Desya Rahma Fitri
creator: Shandy Puspita
rights: Copyright (c) 2025 Desya Rahma Fitri, Shandy Puspita https://creativecommons.org/licenses/by-sa/4.0
date: 2025-05-31
publication date: 2025-05-31
starting page: 52
ending page: 65
doi: 10.30737/risk.v6i1.6355

The Role of Leadership and Organizational Culture in Driving Digital Transformation in indonesia SMEs: A Systematic Literature Review
type: item
description: Digital transformation has become a strategic imperative for small and medium-sized enterprises (SMEs), especially in emerging economies like Indonesia. While much attention has been placed on technology adoption, the internal organizational factors—particularly leadership and culture—remain insufficiently examined, despite their critical role in shaping digital readiness and sustainability. This study aims to systematically investigate how transformational leadership and organizational culture interact to influence digital transformation in Indonesian SMEs. It also explores how dynamic capabilities and contextual conditions contribute to digital maturity and resilience. A systematic literature review (SLR) was conducted based on 48 peer-reviewed articles published between 2018 and 2023 in Scopus Q1/Q2 journals. The articles were selected using keyword combinations related to “digital transformation,” “leadership,” “organizational culture,” “dynamic capability,” “TOE Framework,” “SMEs,” and “Indonesia.” Thematic content analysis was used to extract and synthesize core themes. Four dominant themes emerged: (1) transformational leadership enables digital vision, motivation, and adaptive change; (2) adaptive organizational cultures support innovation and reduce resistance; (3) dynamic capabilities—sensing, seizing, transforming—act as strategic mechanisms; and (4) the Technology–Organization–Environment (TOE) framework provides a useful structure for assessing digital readiness. These factors are interdependent and collectively shape the success of SME digital transformation. The study integrates multiple theoretical perspectives—Transformational Leadership Theory, Organizational Culture Theory, Dynamic Capabilities Theory, and the TOE framework—into a comprehensive model of SME digital transformation. It offers practical guidance for leaders and policymakers to design more holistic and context-sensitive digital strategies that extend beyond mere technology adoption
subject: Articles
  topic: section
subject: digital transformation
  topic: keywords
subject: SMEs;
  topic: keywords
subject: leadership
  topic: keywords
subject: organizational culture
  topic: keywords
subject: dynamic capabilities
  topic: keywords
subject: indonesia
  topic: keywords
creator: Wahyu Dede Gustiawan
creator: Andy Chandra Pramana
creator: Santi Widyaningrum
creator: Agus Hermawan
creator: Puji Handayati
rights: Copyright (c) 2025 Wahyu Dede Gustiawan, Andy Chandra Pramana, Santi Widyaningrum, Agus Hermawan, Puji Handayati https://creativecommons.org/licenses/by-sa/4.0
date: 2025-05-31
publication date: 2025-05-31
starting page: 39
ending page: 51
doi: 10.30737/risk.v6i1.6354