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
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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
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.
Copyright (c) 2026 Hardining Estu Murdinar, saifudin yusuf, wahidatun alfarda https://creativecommons.org/licenses/by-sa/4.0
The Effect Of Profitability And Liquidity On The Value Of CompaniesIn The Health Sector Listed On The Indonesia Stock Exchange (Idx)
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
Copyright (c) 2026 rizza nahdiatul ilmi, m.mustaqim https://creativecommons.org/licenses/by-sa/4.0
Glocalizing the Micro-Enterprise: The Role of Region-of-Origin and Code-Switching in MSME Export Strategies
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 blueprint for MSMEs in developing countries to capitalize on the narrative of regionality as a highly competitive intangible asset.
Copyright (c) 2026 Wahyu Dede Gustiawan, Sudarmiatin, Heri Pratikto https://creativecommons.org/licenses/by-sa/4.0
Diaspora Networks as a Financial Catalyst: Navigating Global Markets for Kediri’s SMEs in the Netherlands and Australia
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.
Copyright (c) 2026 Andy Chandra Pramana, Sudarmiatin, Heri Pratikto https://creativecommons.org/licenses/by-sa/4.0
Integrating E-Commerce, Influencers, UGC, and Personal Shoppers to Drive Asian MSME Internationalization
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—they are systemic vulnerabilities that constrain the sustainability of digitally driven internationalization. The paper concludes with a research agenda oriented toward Industry 5.0 frameworks, AI ethics, and longitudinal methodologies capable of capturing the long arc of digital resilience.
Copyright (c) 2026 Marsya Aulia Rizkita, Sudarmiatin, Heri Pratikto https://creativecommons.org/licenses/by-sa/4.0
Financial Constraints and Organizational Conditions: Explaining Work Stress and Performance
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.
Copyright (c) 2026 Niki Puspita Sari, Helmi Muhammad, Arini Ro’ikhatus Salsabila https://creativecommons.org/licenses/by-sa/4.0
The Impact of HDI, Labor Force Participation Rate, Investment, and Technology on Gross Regional Domestic Product in Kalimantan Island
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.
Copyright (c) 2026 Nikmatun Nazilah, Ruth Eviana Hutabarat https://creativecommons.org/licenses/by-sa/4.0
The Influence of Influencer Marketing on Generation Z's Purchase Decision of Somethinc Products Through Perceived Value and Price Sensitivity
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.
Copyright (c) 2026 Putri Berlian Apriliyani, Mohamad Rifqy Roosdhani https://creativecommons.org/licenses/by-sa/4.0
Market Orientation, Digital Capability, and Brand Image Driving Customer Loyalty: Evidence from Indonesian Retail MSMEs
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.
Copyright (c) 2026 Eny Nuraeni, Yusuf Rahman Al Hakim, Ghozali, Risa Amalia Muzrifah, Ulfa Rahmawati https://creativecommons.org/licenses/by-sa/4.0
Communicative Change Management: The Strategic Power of Language in Driving Workplace Productivity
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.
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
Building Satisfaction Through Trust: How Brand Image and Service Quality Shape Student Experience in Smart Gate Technology
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.
Copyright (c) 2026 Iva Mala, Yunus Handoko, Christea Frisdiantara https://creativecommons.org/licenses/by-sa/4.0
The Influence of Work Environment and Ambidextrous Leadership on Employee Performance through Career Development
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.
Copyright (c) 2026 Ardhit Hartono, Junengsih, Nur Dina https://creativecommons.org/licenses/by-sa/4.0
Unveiling the Power of Social Media and FOMO: How Hedonic Motivation Drives Impulsive Purchases of Cosmetic Products
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.
Copyright (c) 2025 Wisnu Mahendri, Ananda Zahwa Maulidiyah https://creativecommons.org/licenses/by-sa/4.0
Environmental and Socio-Economic Determinants of Life Expectancy: Empirical Evidence from Indonesia
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.
Copyright (c) 2025 Ika Pramita, Kukuh Arisetyawan https://creativecommons.org/licenses/by-sa/4.0
The Influence of Lifestyle on Private Employees' Income in Pekanbaru City: Opportunities and Challenges in South Ledge Management for Indonesia
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.
Copyright (c) 2025 Juwita Ritmaratri, Irvan Ahmat Khoiruddin https://creativecommons.org/licenses/by-sa/4.0
Comparative Study: The Impact Of Domestic Structure And Trade Cooperation On Exports Of Developed And Developing Countries In Asia
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.
Copyright (c) 2025 Muhammad Iqbal Ilmiawan, Kiky Asmara, Fauzatul Laily Nisa https://creativecommons.org/licenses/by-sa/4.0
A Moderation Analysis: How Did Financial Knowledge Influence Financial Management Behavior Madura Entrepreunerwomen Gen Y-Z
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
Copyright (c) 2025 yusriyatur rohmah, Achmad Budi Susetyo, Dony Burhan Noor Hasan https://creativecommons.org/licenses/by-sa/4.0
Islamic Financial Literacy and Financial Management Behavior: The Mediating Effect of Fintech Payments by Female Entrepreneurs at Universities in Madura
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
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
Bibliometric Mapping of Maqasid Shariah in Financial and Sustainability Studies
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.
Copyright (c) 2025 Muchamad Rizky Fauzi, L.M Hasriadi, Wilda Yanti https://creativecommons.org/licenses/by-sa/4.0
Bibliometric Analysis of Social Media Marketing Research (2015-2025): Key Contributors, Intellectual Structure, and Thematic Evolution
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.
Copyright (c) 2025 Zaenul Muttaqien ZEN, Puji Rahayu https://creativecommons.org/licenses/by-sa/4.0
The Impact of Macroeconomic Variables on Stock Market Performance: Evidence on the Mediating Role of Monetary Policy from Indonesia
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.
Copyright (c) 2025 Marco Hadi Surya, Hartono https://creativecommons.org/licenses/by-sa/4.0
Liquidity, Solvency, and Activity on Profitability with Capital Structure as a Mediating in Green Industry Companies
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.
Copyright (c) 2025 Yoga Pradana, Umi Nadhiroh https://creativecommons.org/licenses/by-sa/4.0
Allowing Tax Rate Adjustment to Increase Local Original Income
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.
Copyright (c) 2024 Bambang Soebroto , Ayu Fury Puspita https://creativecommons.org/licenses/by-sa/4.0
Influence Quality Service and Price on Customer Satisfaction with Customer Trust as a Moderating Variable (Case Study of Shopee Xpress Jakarta Application Customers)
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.
Copyright (c) 2025 Yusuf Albani, Aditya Burhan https://creativecommons.org/licenses/by-sa/4.0
The Influence of Heuristics on Investment Decision Making in Cryptocurrency Assets (A Study of Retail Investors in the Bandung Raya Area)
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.
Copyright (c) 2025 Rangga Dhimas Radithya Mulyadi , Hidya Indira Lastari , Harmon Chaniago https://creativecommons.org/licenses/by-sa/4.0
The Influence of Herding Behavior on Cryptocurrency Investment Decision Among Investors in Bandung Raya Area
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.
Copyright (c) 2025 Aulia Zhafira, Tangguh Dwi Pramono https://creativecommons.org/licenses/by-sa/4.0
Earnings Management in Property Companies Seen from Financial and Control Factors
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.
Copyright (c) 2025 Rohan As Sadzili, Dwi Suhartini https://creativecommons.org/licenses/by-sa/4.0
The Effect of Endorsement Korean, Brand Trust, and Social Media Marketing on Consumer Trust in Scarlett Products: The Moderating Role of Online Buying Experience
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.
Copyright (c) 2025 Della Tiara Sani, Liestyaningrum Rahmadhani Wisnu Putri https://creativecommons.org/licenses/by-sa/4.0
The Impact of Lifestyle, Social Media, and Hedonic Shopping Motivation on Gen Z's Consumer Behavior: The Mediating Role of Emotional Shopping
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.
Copyright (c) 2025 Desya Rahma Fitri, Shandy Puspita https://creativecommons.org/licenses/by-sa/4.0
The Role of Leadership and Organizational Culture in Driving Digital Transformation in indonesia SMEs: A Systematic Literature Review
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
Copyright (c) 2025 Wahyu Dede Gustiawan, Andy Chandra Pramana, Santi Widyaningrum, Agus Hermawan, Puji Handayati https://creativecommons.org/licenses/by-sa/4.0