ARBITRASE: Journal of Economics and Accounting

Analisis Kinerja Keuangan Metode EVA, REVA dan CVA: Studi Pada Perusahaan Kosmetik di Indonesia

Resti Fauziah, Carmidah Carmidah, Thoyibatun Nisa — Tue, 07 Jul 2026 00:00:00 +0000

This study aims to analyze the financial performance of cosmetic companies listed on the Indonesia Stock Exchange (IDX) using the Economic Value Added (EVA), Refined Economic Value Added (REVA), and Cash Value Added (CVA) methods during the 2020-2024 period. The research objects consist of six companies, namely PT Unilever Tbk, PT Mustika Ratu Tbk, PT Martina Berto Tbk, PT Kino Indonesia Tbk, PT Akasha Wira International Tbk, and PT Mandom Indonesia Tbk. This study uses a quantitative approach with secondary data in the form of annual financial reports obtained from the official website of the Indonesia Stock Exchange and the publication of each company's financial reports. The results of the study show that based on the EVA method, PT Unilever Tbk and PT Akasha Wira International Tbk consistently generated positive EVA values ????during the study period. PT Unilever Tbk recorded the highest EVA value of 4,429,180 million rupiah in 2020, while PT Akasha Wira International Tbk showed a relatively stable positive EVA value by reaching the highest EVA value in 2024 of 242,974 million rupiah. Meanwhile, other companies tended to show fluctuating negative EVA values. Based on the REVA method, the majority of companies showed negative values. PT Unilever Tbk recorded the lowest REVA value of -108.133.559 million rupiah in 2021, while PT Kino Indonesia Tbk recorded a positive value of 289.377 million rupiah in 2023. This indicates that most companies have not been able to cover their cost of capital based on market value. Meanwhile, based on the CVA method, PT Unilever Tbk was relatively consistent in generating cash-based value added, with the highest of 2.103.693 million, althought it recorded a negative value at the end period. Other companies tended to show negative CVA values during most of the study period. This study offers novelty by integrating three value-based financial performance measurement methods, namely EVA, REVA and CVA, within a single analytical framework, thereby providing a more comprehensive assessment compared to previous studies that generally employed only one measurement method. In addition, this study addresses the limitations of prior research, as no previous studies have examined these three methods simultaneously within one analytical framework.

Analisis Penjualan, Biaya Operasional dan Laba Bersih Pada Perusahaan Property dan Real Estate Periode 2021 - 2024

Tue, 07 Jul 2026 00:00:00 +0000

The financial performance of a Company can be seen through the analysis of Financial Statements. Income, Expenses and Profit are three interrelated accounts, where changes in income and expenses will affect the Company's profits. This research aims to analyze the company's financial statements for the 2022-2024 period to determine the Company's financial condition and performance. The analysis is focused on revenue, operating expenses, and net profit with the aim of identifying an increase or decrease from year to year. The research method used is quantitative descriptive with secondary data sources, while the data collection technique is carried out through interviews, observations, and documentation. The analysis was carried out using the Horizontal Trend method. The results of the study show that the Company experienced significant fluctuations in revenue, net profit, and operating expenses during the 2022-2024 period. A large surge in operating costs in 2024 of 506% affected the Company's financial performance but still led to an increase in net profit above 100%. The evaluation of the company's financial performance for the 2022-2022 period shows a slightly poor financial situation, because the profit generated tends to go up and down, in 2023 it will decrease by 4.75% and increase again by 85% in the following year as well as the revenue generated tends to decrease. The Company's financial performance tends to experience an increase in revenue and net profit, despite fluctuations in operating costs. The increase in operational costs is so high that it can be caused by economic conditions starting to rise after the covid pandemic. A large expense needs to be made to increase sales. The increase was mainly due to increased revenue from property sales and rental transactions managed by the Company which has branches in Jakarta and West Java.

Konstruksi Makna Pegawai terhadap MONSAKTI dalam Transparansi dan Akuntabilitas Keuangan Publik

Febbbyana Andra Vesco, Fachruzzaman Fachruzzaman — Tue, 07 Jul 2026 00:00:00 +0000

Digital transformation in public financial governance demands increased transparency and accountability through the use of online-based information systems. One implementation is the use of the MONSAKTI application at the Bengkulu Province National Land Agency (BPN) Regional Office as a financial management monitoring instrument. This study aims to analyze employee interpretations of MONSAKTI's role in supporting transparency and accountability in public financial management. The study uses an interpretive qualitative approach with a phenomenological perspective to understand the experiences, perceptions, and construction of meaning for employees as system users. Eight informants from the Finance and BMN Subdivisions were selected purposively based on their direct involvement in the use of MONSAKTI. MONSAKTI. Data collection was conducted through in-depth interviews, observation, and documentation studies, then analyzed in stages through the process of organizing data, reducing information, presenting findings, identifying patterns, and drawing conclusions using triangulation techniques to maintain data credibility. The results of the study indicate that employees' meaning of MONSAKTI is formed in layers through four main patterns, namely instrumental legitimacy through ease of monitoring and administrative efficiency, reconfiguration of accountability through digital supervision and work activity track records, structured transparency based on the hierarchy of organizational authority, and differentiation of meaning based on employee position and work experience. The research findings indicate that the success of public financial digitalization is not only determined by the quality of technology, but also by the ability of users to build an understanding of the system's functions in everyday bureaucratic practices. This research contributes to the development of understanding of public sector financial digitalization from a user-defined perspective, by demonstrating that employees' understanding of MONSAKTI is formed in layers through work experience, digital oversight functions, structured transparency, and differences in organizational positions. These findings expand studies of public sector digital transformation, which have previously focused more on the effectiveness of administrative systems.

Pengaruh Profitabilitas, Leverage, dan Kebijakan Dividen Terhadap Harga Saham Perusahaan Sektor Energi Tahun 2020-2024

Athiyya Umareta Nadhir, Erna Sulistyowati — Tue, 07 Jul 2026 00:00:00 +0000

This research was conducted because the stock prices of energy companies on the Indonesia Stock Exchange (IDX) often fluctuate erratically, especially with the issue of energy transition and unstable global economic conditions between 2020 and 2024. This research aims to examine the actual influence of Profitability (ROA), Leverage (DER), and Dividend Policy (DPR) on stock prices in the sector. Using quantitative methods and purposive sampling techniques, data was collected from 15 energy companies as samples. After testing using panel data regression, the most suitable model was the Random Effect Model (REM). The results showed that only Profitability (ROA) had a positive and significant influence on stock prices (p = 0.0000). This means that investors in the energy sector prioritize the company's ability to generate profits as a primary consideration. On the other hand, Leverage (DER) with a p value of 0.6862 and Dividend Policy (DPR) with a p value of 0.1807 did not significantly influence stock prices. Overall, the variables in this study only explained 21.72% of stock price movements (Adjusted R-Squared), with the remainder influenced by factors outside the study. These findings are expected to provide insights for investors to focus more on the real profitability of energy companies rather than simply looking at debt levels or dividend distributions.

Peran Persepsi Akuntansi Keuangan dan Pemasaran dalam Membentuk Persepsi Nilai Perusahaan di Kalangan Mahasiswa

Tue, 07 Jul 2026 00:00:00 +0000

This research aims to analyze the role of perceptions of financial accounting and marketing in shaping perceptions of company value among students. The research problem is based on the importance of students' understanding of various business functions in assessing company value comprehensively. This research uses a quantitative approach with a survey method of students as respondents. Data was collected through questionnaires and analyzed using multiple linear regression to partially test the influence of each variable. The novelty of this research lies in the use of student perceptions as a unit of analysis in studying the formation of company value, which is generally researched at the company or investor level. The research results show that perceptions of financial accounting and perceptions of marketing have a positive and significant effect on perceptions of company value, with perceptions of marketing having a more dominant influence. These findings indicate that company value is not only perceived from the aspect of financial performance, but is also influenced by the role of marketing in creating value. This research provides a theoretical contribution in expanding the study of corporate value formation from an individual perspective as well as a practical contribution for universities in designing learning that is more relevant to the needs of the business world.

Implementasi Sistem Pembayaran Digital Sebagai Strategi Mitigasi Risiko Transaksi pada Reseller Fashion Multi-Channel

Kurniawati Kurniawati, Ahdiyat Agus Susila, Moh. Abd. Rahman — Tue, 07 Jul 2026 00:00:00 +0000

This study aims to analyze the implementation of digital payment systems as a transaction risk mitigation strategy for fashion reseller businesses employing multi-channel sales models. The rising prevalence of digital fraud and transfer proof manipulation among micro-enterprises in Probolinggo Regency highlights the urgent need for systematic risk governance using ERM COSO, TAM, and Risk-Return Trade-Off frameworks. This research employs a qualitative approach with a multiple-case study design, utilizing replication logic to construct robust theoretical explanations. Data were collected through in-depth interviews, observations, and documentation from ten informants, and subsequently analyzed using a cross-case matrix. The novelty of this study lies in the finding that past experiences with financial losses act as the primary determinant, shifting the focus of technology adoption from perceived ease of use to asset security, alongside the identification of the operator's role in closing the reconciliation gap between digital systems and field practices. The findings indicate that 90% of the informants (9 out of 10 informants) rationally chose to bear the Merchant Discount Rate (MDR) costs for transaction security, and 100% of the informants consistently implemented daily reconciliation as their primary risk mitigation practice. While digital payment systems effectively mitigate conventional cash payment risks, they demand more complex managerial capacities to address emerging challenges such as payment settlement delays. This study contributes to the development of an adaptive risk management model that integrates the principles of hifdz al-mal and maslahah into operational policies. Theoretically, this research enriches the literature on SME risk management through the integration of cross-frameworks, while practically, the findings provide a strategic guide for policymakers in designing digitalization interventions based on risk segmentation and the digital literacy levels of business owners.

B2B Customer Loyalty in the Digital Transformation Era: Technology Experience and Financial Transparency

Firdaus Firdaus, Kusuma Ratnawati, Christin Susilowati — Wed, 08 Jul 2026 00:00:00 +0000

This systematic literature review (SLR) investigates the determinants of business-to-business (B2B) customer loyalty during the digital transformation era (2020-2025), focusing specifically on technology experience and financial transparency, two domains where empirical evidence remains fragmented. Following PRISMA 2020 guidelines, a comprehensive search across SciSpace, Google Scholar, and ArXiv yielded 749 initial records; after duplicate removal and systematic screening, 30 high-relevance empirical studies formed the primary evidence base. Technology experience enhances B2B loyalty through three mechanisms: AI-driven personalization, IoT-enabled real-time integration, and digital channel engagement. Financial transparency operates primarily through trust-building mechanisms, though direct empirical validation of pricing and cost transparency effects on B2B loyalty remains limited; blockchain shows conceptual promise but lacks rigorous empirical validation. The integration of technology experience and financial transparency creates synergistic loyalty effects exceeding individual contributions, moderated by industry sector, regional context, environmental turbulence, firm size, and relationship maturity. Trust emerges as the central mediator linking both dimensions to loyalty. The study advances B2B relationship marketing theory by integrating technology and transparency into a unified loyalty framework grounded in social exchange theory, service-dominant logic, transaction cost economics, and relational contract theory. Practically, B2B organizations should prioritize high-quality AI personalization systems, IoT-enabled service tracking, digital co-creation channels, and transparent financial practices while contextualizing strategies to moderating factors.

Pengaruh Pendapatan dan Biaya Operasional terhadap Laba Bersih Perusahaan IDX Basic Materials dan IDX Industrials

Muhammad Fiqrianto, Cynthia Eka Violita, Achmad Zaki, M. Mustaqim — Wed, 08 Jul 2026 00:00:00 +0000

This study aims to analyze the effect of revenue and operating costs on net profit in companies in the IDX Basic Materials and IDX Industrials sectors listed on the Indonesia Stock Exchange for the 2022–2024 period. This study uses a quantitative approach with secondary data obtained from the companies' annual financial reports. The research sample was determined using a purposive sampling technique, resulting in 68 companies with a total of 204 observations. Data analysis was performed using multiple linear regression with the help of the IBM SPSS 27 program and through classical assumption testing, t-test, F-test, and coefficient of determination. The results show that revenue has a positive and significant effect on net profit. Operating costs also have a positive and significant effect on net profit. Simultaneously, revenue and operating costs have a significant effect on net profit. The Adjusted R Square value of 0.805 indicates that 80.5% of the variation in net profit can be explained by these two independent variables, while the remainder is influenced by other factors outside the study. This study makes an empirical contribution to the development of accounting and financial management literature by providing current evidence regarding the effect of revenue and operating costs on net profit in companies in the IDX Basic Materials and IDX Industrials sectors. In addition, the results of this study can be used as a consideration for company management and investors in evaluating financial performance and formulating strategies to increase company profitability.

Evolusi Penelitian Credit Scoring: Analisis Bibliometrik Tren, Kolaborasi, dan Artificial Intelligence

Arief Budiman, Rachmat Agus Santoso, Fitriana Fitriana — Wed, 08 Jul 2026 00:00:00 +0000

The rapid development of digital transformation, financial technology (fintech), and artificial intelligence has significantly reshaped credit assessment systems within the financial industry. Although research on credit scoring has grown substantially, comprehensive studies mapping the evolution of this literature remain limited. This study aims to examine the development of credit scoring research based on Scopus-indexed publications from 1976 to 2026 using a Biblioshiny-based bibliometric approach. The dataset was obtained through a systematic screening process, resulting in 447 articles that met the inclusion criteria. The analysis focuses on publication characteristics, international collaboration patterns, topic evolution, and the most influential documents in the field. The findings reveal that credit scoring research has experienced steady growth with an annual growth rate of 5.42% and increasing international collaboration. The United Kingdom, China, and the United States emerge as the leading contributors to the global literature. The trend topics analysis indicates a substantial shift from traditional statistical approaches toward the adoption of machine learning, deep learning, artificial intelligence, alternative data, and fintech. The novelty of this study lies in its comprehensive bibliometric mapping that integrates publication trends, scientific collaboration networks, topic evolution, and the transformation of artificial intelligence applications within credit scoring research over the last five decades. This study contributes theoretically to understanding the evolution of credit scoring literature and practically to the development of technology-based credit assessment systems.

Pengaruh Corporate Governance, Corporate Risk Disclosure, dan Kinerja Keuangan Terhadap Nilai Perusahaan

Wed, 08 Jul 2026 00:00:00 +0000

Firm value is a crucial measure that demonstrates an organization's effectiveness in improving the well-being of its shareholders. In reality, a greater firm value is influenced not just by financial performance but also by corporate governance practices and the transparency of risk disclosures. The aim of this study is to investigate the effects of independent commissioners, audit committees, institutional ownership, coporate risk disclosure, and financial performance on the value of basic material companies listed on the Indonesia Stock Exchange. Using secondary data collected from business annual reports for the years 2023–2024, this study uses a quantitative method. The sample for the study includes 91 companies, resulting in 182 observations, chosen through purposive sampling. Additionally, the data was analyzed using panel data regression with the help of EViews software. The novelty of this study is using the most recent data from the basic materials industry, this research focuses on integrating corporate governance, corporate risk disclosure, and financial performance indicators into a single research model. The findings indicate that institutional ownership and corporate risk disclosure affect firm value, while independent commissioners, audit committees, and financial performance do not affect firm value. Thus, this study can be a useful tool for business management to raise the role of institutional investors and improving the transparency of risk disclosure, thereby enhancing investor confidence, improving decision-making, and supporting the increase in firm value.

Efektivitas Penggunaan QRIS Dalam Memfasilitasi Transaksi UMKM Perspektif Ekonomi Syariah

Ilfin Hamida, Hayatul Millah, Moh Abd Rahman — Wed, 08 Jul 2026 00:00:00 +0000

The development of digital technology has encouraged a shift in payment systems from cash-based transactions to non-cash transactions. Although the Quick Response Code Indonesian Standard (QRIS) has been widely implemented as a standardized digital payment system in Indonesia, its utilization among Micro, Small, and Medium Enterprises (MSMEs), particularly in rural areas, still faces various challenges that affect its effectiveness. This study aims to analyze the effectiveness of QRIS in facilitating non-cash transactions among MSMEs in Karangbong Village and to examine its compatibility with Islamic economic principles. This research employed a descriptive qualitative approach using observation and interview techniques involving ten MSME owners who use QRIS in Karangbong Village. The findings indicate that the use of QRIS provides convenience, efficiency, security, and speed in transactions, thereby supporting smoother business operations. However, its utilization has not yet been fully optimized due to low digital literacy, the persistence of cash-based transaction habits among the community, and limited technological understanding. From the perspective of Islamic economics, the use of QRIS is permissible because it functions as a payment instrument that does not contain elements of riba (usury), gharar (uncertainty), or maysir (gambling), and is in line with the principles of justice, transparency, public benefit (maslahah), and convenience in economic activities.

Pengaruh Pengungkapan ESG dan Manajemen Laba terhadap Biaya Modal Ekuitas pada Sektor Perbankan

Tiwi Riyanti, Muhammad Fahmi, Ayu Umyana — Wed, 08 Jul 2026 00:00:00 +0000

This study aims to analyze the influence of Environmental, Social, and Governance (ESG) and earnings management on the cost of equity capital in banking companies listed on the Indonesia Stock Exchange for the 2022–2024 period. The study uses a causal associative quantitative method with secondary data obtained from annual reports and sustainability reports. The research sample was determined using purposive sampling and resulted in 38 banking companies with a total of 114 observations. The data analysis technique was carried out using panel regression using EViews 12 with a Random Effects Model selected based on the Chow Test, Hausman Test, and Lagrange Multiplier Test. The research findings indicate that ESG has a negative and significant impact on the cost of equity capital, while earnings management has a positive and significant impact on the cost of equity capital. The control variables of company size and Capital Adequacy Ratio (CAR) have a negative and significant impact on the cost of equity capital. Simultaneously, all research variables have a significant impact on the cost of equity capital in banking companies. This study makes an empirical contribution by expanding the evidence regarding the impact of ESG disclosure and earnings management on the cost of equity capital in the Indonesian banking sector during the post-COVID-19 pandemic period. The findings are expected to serve as a reference for investors, corporate management, and regulators in enhancing transparency, reporting quality, and investment decision-making.

Pengaruh Pengungkapan Environmental, Social, Governance (ESG) dan Profitabilitas Terhadap Return Saham Perusahaan Indeks IDX30

Nadila Eka Apriyanti, Nina Febriana Dosinta, Fera Damayanti — Wed, 08 Jul 2026 00:00:00 +0000

This study aims to analyze the effect of Environmental, Social, Governance (ESG) disclosure and profitability on stock returns in IDX30 index companies for the 2022–2024 period. This study uses a quantitative method with secondary data obtained from annual reports, sustainability reports, and stock price data taken from the Yahoo Finance website. The research sample was selected using a purposive sampling technique, resulting in 26 companies with a total of 78 observational data. Data analysis used panel data regression with the help of EViews 12 software. The results show that environmental disclosure (coefficient = 0.734; prob = 0.0081), social (coefficient = 1.072; prob = 0.0015), governance (coefficient = 0.657; prob = 0.0048), and profitability (coefficient = 3.660; prob = 0.0000) have a positive effect on stock returns. These results indicate that investors are starting to consider financial and non-financial information in making investment decisions to assess a company's prospects and sustainability. This study expands the empirical evidence on the influence of ESG and profitability on stock returns by testing the influence of each ESG dimension separately, namely environmental, social, and governance, thus providing a more specific analysis of the influence of each ESG dimension on stock returns.

Pengaruh Profitabilitas, Kebijakan Dividen, dan Kepemilikan Manajerial terhadap Nilai Perusahaan Perbankan 2021-2024

Puja Dwi Ramadhani, Erna Sulistyowati — Wed, 08 Jul 2026 00:00:00 +0000

This study explores the dynamics of firm value in the Indonesian banking sector over the period from 2021 to 2024, a crucial post-economic recovery period. The main focus of the analysis lies in the interaction between profitability performance, dividend policy, and governance structure through managerial ownership. Adopting a quantitative methodology, this research processes secondary data sourced from annual financial reports. To ensure the accuracy of the results, sample selection was strictly conducted using the purposive sampling method, yielding 10 banking entities equivalent to 40 data observation units. In order to dissect the influence of these variables, statistical analysis was performed using panel data regression by applying the Random Effect Model (REM), which was selected due to its capability to accommodate variations in characteristics among banking companies during the observation period. Partially, the findings of this research confirm that profitability efficiency acts as the main driver in strengthening firm value (? = 24.930; p = 0.0000), where solid earnings performance is responded to positively by the market. Interestingly, there is an anomaly in the dividend policy which demonstrates a significant negative correlation (? = -0.561; p = 0.0263), a condition that often reflects investor skepticism regarding the company's long-term growth prospects when profits are allocated to dividends rather than reinvestment. Meanwhile, the managerial ownership variable does not show statistical significance (p = 0.4146) in affecting valuation, implying that for market participants in the banking industry, the concentration of shares in the hands of management has not become a crucial signal for market value. However, when these three variables were tested collectively (simultaneously), their predictive power on firm value became highly robust (F = 8.571; p = 0.0002; Adjusted R² = 0.368). The discrepancy in results between the partial and simultaneous tests emphasizes that capital market investors have specific priorities: they tend to position the fundamental capability of banks to generate net profit as the dominant indicator, which is capable of overshadowing the dynamics of dividends and managerial ownership structure in determining their investment decisions. As a main contribution, this study provides strategic guidance for banking management to prioritize reinvestment strategies and strengthen profit fundamentals to maximize shareholder wealth, while also enriching empirical financial literature by providing evidence of anomalous market responses to dividend distribution in the banking sector during the post-economic recovery phase.

Financial Inclusion, Literacy, and SME Resilience: Emotional Well-Being Mediation

Hansen Hein Rumtutuly, Martha Racwel Patty — Wed, 08 Jul 2026 00:00:00 +0000

MSMEs play a vital role in Ambon City's economy but remain vulnerable to financial instability due to limited financial knowledge, restricted access to formal financial services, and increasing operational challenges. This study investigates the effects of financial literacy and financial inclusion on MSME financial resilience, with emotional well-being as a mediating variable. A quantitative explanatory approach was employed using survey data from 71 MSME owners selected through purposive sampling. The data were analyzed using SEM-PLS with SmartPLS software. The results show that financial literacy positively affects emotional well-being (? = 0.423, p < 0.001) and financial resilience (? = 0.336, p = 0.008). Financial inclusion also positively influences emotional well-being (? = 0.322, p = 0.006), although its direct effect on financial resilience is insignificant (? = ?0.214, p = 0.069). Emotional well-being has the strongest positive effect on financial resilience (? = 0.633, p < 0.001). The model explains 45.2% of the variance in emotional well-being and 57.6% of the variance in financial resilience, highlighting the importance of psychological factors in strengthening MSMEs’ capacity to cope with financial challenges. This study extends Financial Capability Theory by demonstrating that financial capability enhances financial resilience through emotional well-being as a key psychological mechanism. It also strengthens the theory’s empirical validity by providing evidence from MSMEs in the archipelagic region of Eastern Indonesia, where limited financial access, high logistics costs, and greater economic vulnerability shape a distinct business environment.

Pengaruh Harga CPO, Biaya Lingkungan, dan Inventory turnover terhadap Profitabilitas Perusahaan Sawit

Mishel Mishel, Hana Dhayan, Elok Heniwati — Wed, 08 Jul 2026 00:00:00 +0000

This research analyze the of CPO prices, environmental costs (proxied by CSR/TJSL costs), and inventory turnover on profitability (Return on Assets/ROA) of 15 oil palm companies listed on the Indonesia Stock Exchange for the 2020–2024 period. Employing a quantitative approach with panel data (75 observations), the data were analyzed using the Random Effect Model in EViews 12. The results show that CPO prices have a positive and significant effect on ROA (coefficient = 0.1264; p = 0.0000), as do environmental costs (coefficient = 0.0145; p = 0.0117). Conversely, inventory turnover has a positive but non-significant effect (coefficient = 0.0028; p = 0.8816). Simultaneously, all three variables significantly affect profitability (p = 0.0000; $R^2$ = 37.56%). This study contributes by integrating external (CPO prices) and internal factors (CSR/TJSL and inventory turnover). The findings show that CPO prices and CSR/TJSL expenditures increase profitability, while inventory turnover does not directly determine ROA.

Pengaruh Stabilitas Laba dan Stabilitas Arus Kas Operasional terhadap Nilai Perusahaan

Moh. Arrijal ‘Ilman Nafi’, Chairil Anwar, Dian Fahriani, Erlyna Tri Rohmiatun — Sat, 11 Jul 2026 00:00:00 +0000

This study aims to analyze the influence of earnings stability and operating cash flow stability on firm value among IDX30 companies listed on the Indonesia Stock Exchange during the 2022–2025 period. A quantitative approach was employed using secondary data obtained from the companies' annual financial reports. The sample consisted of 21 companies selected via purposive sampling, resulting in 84 firm-year observations. Data analysis was conducted using multiple linear regression with the aid of SPSS version 27. The results indicate that earnings stability has a significant effect on firm value, with a regression coefficient of -0.103, a calculated t-value of -2.034, and a significance level of 0.046 (<0.05). Conversely, operating cash flow stability does not significantly affect firm value, showing a regression coefficient of 0.024, a calculated t-value of 0.586, and a significance level of 0.560 (>0.05). Simultaneous testing yielded a calculated F-value of 2.069 with a significance level of 0.135 (>0.05), indicating that earnings stability and operating cash flow stability, when combined, do not have a significant effect on firm value. These findings suggest that investors in IDX30 companies prioritize earnings consistency—viewing it as a signal of corporate performance quality—over operating cash flow stability when determining firm value. This study contributes theoretically by extending empirical evidence on the application of Signaling Theory in explaining the relationship between earnings stability, operating cash flow stability, and firm value. Methodologically, this study employs the coefficient of variation to measure earnings stability and operating cash flow stability in IDX30 companies. Practically, the findings provide useful insights for corporate management and investors in evaluating financial performance consistency as an important determinant of firm value.

Pengaruh Strategi Bisnis Asset-Light Terhadap Net Profit Margin

nazma awwaliyah khonitatillah, Achmad Zaki, Cynthia Eka Violita, M Mustaqim — Sat, 11 Jul 2026 00:00:00 +0000

The shift in the global economic structure towards the digital era encourages companies to improve operational efficiency through the implementation of asset-light business strategies. This study aims to analyze the effect of asset-light business strategies proxied by Sales to Net Fixed Assets (SNA), Total Asset Turnover (TATO), Capital Expenditure (CAPEX), and Intangible Asset Ratio (RATB) on Net Profit Margin (NPM) in companies included in the IDX30 index for the 2022–2024 period. The study uses a quantitative approach with an associative-causal design. The sample was selected using a purposive sampling technique, resulting in 24 companies with a total of 72 observational data. Data analysis was performed using multiple linear regression with SPSS 27. The results showed that the SNA variable has a positive and significant effect on NPM with a regression coefficient value of 0.478, a t-value of 4.859, and a significance level of 0.000. The TATO variable has a negative and significant effect on NPM with a regression coefficient of -0.188, a t value of -2.144, and a significance of 0.036. The CAPEX variable has a positive and significant effect on NPM with a regression coefficient of 0.267, a t value of 4.977, and a significance of 0.000. Meanwhile, RATB has no significant effect on NPM with a regression coefficient of -0.023, a t value of -0.456, and a significance of 0.650. The Adjusted R Square value of 0.360 indicates that 36.0% of the variation in NPM can be explained by the four independent variables in this study, while the remaining 64.0% is influenced by other factors outside the research model. This finding indicates that efficient management of fixed assets and appropriate capital investment can increase company profitability, while high asset turnover and ownership of intangible assets are not necessarily able to increase net profit margins.

The Impact of Rice Imports on The Welfare of Local Farmers: An Islamic Economic Ethics Perspektif (2023 – 2025)

Ainol Yaqin, Nur Wahidatul Istiqomah, Azizi Abu Bakar — Wed, 15 Jul 2026 00:00:00 +0000

This study analyses the impact of rice import policies on the welfare of local farmers in East Java from the perspective of Islamic economic ethics. As a national rice barn province, East Java faces a paradox between increasing productivity and economic pressure due to massive rice imports. Using a descriptive qualitative approach with case studies and systematic literature review, this research finds that rice imports aimed at stabilizing national prices actually suppress grain prices at the farm level, erode income, and create unfair competition between local and imported rice. Data shows that although East Java's rice production increased in 2023-2025, the national import volume reaching 4.52 million tons in 2024 significantly impacted the decline in farmers' bargaining power. From the perspective of Islamic economic ethics, this policy is evaluated based on the principles of justice (al-'adl), benefit (maslahah), and the prohibition of causing harm (la dharar wa la dhirar). The results of normative analysis indicate that rice import policies potentially contradict Islamic values when they neglect protection for farmers as a vulnerable group and guardians of food security. This study recommends the need for import policies oriented toward balance between national price stability and distributive justice, with strengthening state intervention through fair government purchase prices and import restrictions during the main harvest season.

Analisis Kegunaan, Kemudahan, Sikap Penggunaan Teknologi Terhadap Penggunaan Mobile Banking BSI pada Generasi Z dengan (TAM)

Ari Wibowo, Hanif Hanif, Muhammmad Iqbal Fasa — Sat, 11 Jul 2026 00:00:00 +0000

This study aims to analyze the influence of perceived usefulness, perceived ease of use, and attitude toward using technology on the use of BSI mobile banking among Generation Z in Bandar Lampung using the Technology Acceptance Model (TAM) approach. The development of digital technology encourages the Islamic banking sector to provide digital-based services that meet the needs of modern society which prioritizes convenience and speed in transactions. Generation Z as a digital native generation has a high level of technological adaptation, making them a potential group in the use of mobile banking services. This study uses a quantitative method with data collection techniques through questionnaires distributed to Generation Z users of BSI Mobile in Bandar Lampung. and there are 100 respondents to be tested. The independent variables in this study consist of perceived usefulness, perceived ease of use, and attitude toward using technology, while the dependent variable is the use of BSI mobile banking. Data analysis was conducted using a statistical approach to determine the partial and simultaneous effects among variables. The results of this study are expected to show that perceived usefulness, perceived ease of use, and attitude toward using technology have a positive influence on the use of BSI mobile banking among Generation Z in Bandar Lampung. This study is expected to provide a theoretical contribution to the development of Technology Acceptance Model (TAM) studies in the Islamic banking sector and become an evaluation material for Bank Syariah Indonesia in improving the quality of digital banking services according to the needs of Generation Z. This research contributes to the growing body of evidence that the TAM model remains relevant in Islamic banking, particularly among Generation Z. The results suggest that attitudes toward technology and ease of use are more influential than perceived benefits. Furthermore, this research provides insights for Bank Syariah Indonesia to develop digital services that better align with the habits and needs of younger users.

What Drives Consumers' Purchase Intention in Live Commerce? An Extended Technology Acceptance Model

Marsha Alifia Vesthi, Faris Muslihul Amin, Ilham Ilham — Sun, 12 Jul 2026 00:00:00 +0000

The rapid development of digital technology has increased the popularity of TikTok Live Shopping as an emerging social commerce platform for online purchasing. However, limited studies have examined consumer purchase intention in this context using an extended Technology Acceptance Model (TAM). This study aims to analyze the effects of Perceived Usefulness, Perceived Ease of Use, Perceived Enjoyment, Perceived Value, and Trust on Purchase Intention, with Attitude serving as a mediating variable. The novelty of this study lies in integrating Perceived Value and Trust into the TAM framework to better explain consumer purchase intention in live social commerce. A quantitative approach was employed using a survey of 261 university students in Surabaya who had previously purchased products through TikTok Live Shopping. Respondents were selected using purposive sampling, and the data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The model explained 61.0% of the variance in Attitude (R² = 0.610) and 46.5% of the variance in Purchase Intention (R² = 0.465). Perceived Value had the strongest positive effect on Trust (? = 0.570, p < 0.001), while Trust significantly influenced both Attitude and Purchase Intention. However, Perceived Enjoyment and Perceived Usefulness did not significantly influence Attitude. These findings highlight the importance of Trust and Perceived Value in shaping consumer purchase intention, provide empirical support for extending TAM in the context of TikTok Live Shopping, and offer practical insights for platform providers and online sellers.

Pengaruh Literasi Keuangan, Transparansi Pengelolaan Usaha dan Pengendalian Internal terhadap Kinerja Keuangan UMKM

Fitri Nadia Salsabila, Sri Trisnaningsih — Sun, 12 Jul 2026 00:00:00 +0000

This study aims to analyze the influence of financial literacy, business management transparency, and internal control on the financial performance of culinary Micro, Small and Medium Enterprises (MSMEs) in Menganti Sub-district, Gresik Regency. The study adopted a quantitative approach with primary data collected through questionnaires. The population comprised 398 registered culinary MSMEs, with a sample of 80 respondents selected using simple random sampling based on the Slovin formula. Data analysis was performed using multiple linear regression with SPSS. The results indicate that: (1) financial literacy has a positive and significant effect on MSME financial performance (t=8.842; sig.=0.000); (2) business management transparency has a positive and significant effect on MSME financial performance (t=2.503; sig.=0.014); (3) internal control has a positive and significant effect on MSME financial performance (t=2.477; sig.=0.015); and (4) all three variables simultaneously have a significant effect on MSME financial performance (F=167.947; sig.=0.000). The Adjusted R Square of 0.864 indicates that 86.4% of the variation in MSME financial performance is explained by the three independent variables. These findings affirm that strengthening financial literacy, implementing business management transparency, and applying internal control collectively contribute significantly to improving the financial performance of culinary MSMEs.

Dinamika Kemiskinan dan Faktor-Faktor Penentunya: IPM, TPT dan PDRB per Kapita

Fatma Faoziah, Fauzul Adzim — Sun, 12 Jul 2026 00:00:00 +0000

The poverty rate in the Barlingmascakeb development region is still quite high when compared to the average poverty rate of Central Java Province, despite improvements over time in the Human Development Index (HDI). This condition suggests that poverty levels are influenced by the Gross Regional Domestic Product (GRDP), the open unemployment rate, and the quality of human development. As a result, it is crucial to investigate these three aspects further. This study's goal is to find out how poverty levels in the Barlingmascakeb development region which includes Banjarnegara, Purbalingga, Banyumas, Cilacap, and Kebumen Regencies are impacted by the Human Development Index (HDI), Open Unemployment Rate (OUR), and Gross Regional Domestic Product (GRDP) between 2010 and 2024. Panel data regression analysis using the Random Effect Model (REM) is used to accomplish this goal. Secondary data gathered from Statistics Indonesia (BPS) is used in the study. The Human Development Index (HDI) significantly reduces poverty levels, as indicated by a coefficient of -3.053429 (p<0.001). Conversely, there is a 0.100918 (p=0.014) link between rising poverty levels and rising unemployment rates (TPT). Furthermore, GRDP has a substantial and adverse effect on poverty, with a value of -0.184018 (p=0.005). The findings demonstrate that the variables under investigation have a considerable impact on poverty levels in the Barlingmascakeb region. In the meantime, poverty is positively and significantly impacted by the open unemployment rate. These results imply that strategies aimed at reducing poverty should concentrate on strengthening economic sectors that can sustain more equitable economic growth, increasing employment opportunities, and enhancing human resource capability.

Pengaruh Nilai Tukar, Suku Bunga dan Transaksi Digital terhadap Velocity of Money di Indonesia

Anne Fitrianovaline, Stannia Cahaya Suci, Muhammad Nasim Harahap — Sun, 12 Jul 2026 00:00:00 +0000

This study aims to analyze the effects of the exchange rate (NT), Bank Indonesia policy interest rate (SB), e-money transaction volume (VUE), e-moneytransaction value (NUE), and the number of Electronic Data Capture (EDC) machines on the Velocity of Money in Indonesia during the period of 2021M1–2025M12. The study is motivated by the digital paradox phenomenon, in which the rapid growth of digital payment transactions has not been accompanied by an increase in the Velocity of Money. This research employs a quantitative approach using monthly time-series data obtained from Bank Indonesia and Statistics Indonesia (Badan Pusat Statistik). The analysis is conducted using the Autoregressive Distributed Lag (ARDL) model with two dependent models, namely the M1-based Velocity of Money (VOM1) and the M2-based Velocity of Money (VOM2). The findings indicate that, in the short run, VOM1 is significantly influenced by e-money transaction value (NUE), the number of EDC machines, and the fourth lag of the policy interest rate, while VOM2 is negatively and significantly affected by e-money transaction volume (VUE) and EDC. In the long run, VOM1 is positively and significantly influenced by the policy interest rate, whereas NUE and EDC have significant negative effects. In contrast, VOM2 is negatively and significantly affected by VUE and EDC, while the exchange rate, the policy interest rate, and NUE have no significant effects. This study contributes to the empirical literature by demonstrating that the determinants of the Velocity of Moneydiffer between the M1 and M2 monetary aggregates, thereby providing further evidence of asymmetric responses to macroeconomic factors and the digitalization of payment systems. These findings enrich the monetary economics literature and offer policy implications for Bank Indonesia in formulating more effective monetary and payment system policies.

Pengaruh Kemudahan Penggunaan E-Wallet dan Gaya Hidup Cashless terhadap Perilaku Konsumtif Mahasiswa

Bilqis Agustina Windiary, Sri Trisnaningsih — Sun, 12 Jul 2026 00:00:00 +0000

The development of financial technology has driven the increasing use of e-wallets and the adoption of a cashless lifestyle among students. The ease of transactions offered by digital payments can influence user consumption patterns. This study aims to analyze the effect of e-wallet ease of use and a cashless lifestyle on the consumer behavior of Accounting students at UPN Veteran East Java. This study uses a quantitative approach with a survey method. Data were obtained by distributing questionnaires to 77 respondents selected using a simple random sampling technique. Data analysis was performed using Partial Least Square-Structural Equation Modeling (PLS-SEM) with the help of the SmartPLS 4 application. The results showed that e-wallet ease of use had a positive and significant effect on student consumer behavior with a t-statistic of 2.741 and a p-value of 0.0006, and a cashless lifestyle also had a positive and significant effect with a t-statistic of 5.830 and a p-value of 0.000. The R-square value of 0.364 indicates that 36.4% of the consumer behavior variables are explained by this model. The easier an e-wallet application is to use, the higher the tendency of students to engage in consumption activities. A cashless lifestyle has also been shown to have a positive and significant impact on consumer behavior. The ease, speed, and practicality of cashless transactions encourage students to make more unplanned purchases. The findings of this study indicate that the use of digital payment technology and changes in societal transaction patterns play a role in shaping student consumption behavior in the digital era. This study provides an empirical contribution in expanding the study of student consumer behavior in the digital payment era by analyzing the influence of e-wallet ease of use and a cashless lifestyle. The research findings are expected to serve as a reference for further research and for stakeholders interested in improving digital financial literacy.

Pengaruh Profitabilitas, Solvabilitas dan Likuiditas Terhadap Penerimaan Opini Audit Going Concern

Fakhron Hamzah Al-azhar, Nurul Fachriyani — Sun, 12 Jul 2026 00:00:00 +0000

This study aims to determine and obtain empirical evidence of the effect of profitability, solvency and liquidity on the acceptance of going concern audit opinions in infrastructure sector companies listed on the IDX in 2022 to 2024. This study is a quantitative study with secondary data taken from the company's financial statements. The samples in this study used 171 samples collected using the purposive sampling method. The data analysis method in this study used the logistic regression to test the effect of predetermined variables. The results of this study indicate that profitability has a significant negative effect on the acceptance of going concern audit opinions with a significance value of 0.001 and a regression coefficient of -9.912, solvency has a significant positive effect on the acceptance of going concern audit opinions with a significance value of 0.017 and a regression coefficient of 1.109, while liquidity does not have a significant effect on the acceptance of going concern audit opinions with a significance value of 0.942 and a regression coefficient of 0.034. The conclusion of this study is that the auditor uses profitability and solvency as its main consideration on giving the going concern audit opinion, while liquidity is not the main consideration on giving the going concern audit opinion

Paradoks Arus Kas dan Nilai Publik pada BUMD Air Minum

Dominggo Calvino Role Gulu, Syarbini Ikhsan, Gita Desyana — Sun, 12 Jul 2026 00:00:00 +0000

Perumdam Tirta Khatulistiwa of Pontianak City recorded solid financial performance during 2022–2024, with net operating cash flow growing from IDR 34.86 billion to IDR 50.62 billion (CAGR +20.50%) and net profit from IDR 23.02 billion to IDR 32.66 billion. However, service quality simultaneously deteriorated: the non-revenue water rate rose from 29.96% to 32.56%, exceeding the national standard of 20%, while adequate water pressure coverage plummeted from 41.84% to 14.71% (CAGR ?40.8%). This study aims to analyze cash allocation patterns and measure their conversion efficiency into public service value using a Critical Case Study approach based on audited financial statements. The analysis shows the Cash Reinvestment Ratio ranged only 4.30%–5.58%, below the 7–11% reference range, while capital expenditure declined (CAGR ?8%) amid strong operating cash growth, indicating that cash surpluses have not been optimally converted into infrastructure investment supporting public service value. These findings confirm that prevailing BUMD performance assessment frameworks ("Healthy"/"Good" ratings) tend to emphasize financial dimensions and have not yet fully incorporated substantive public value indicators. This study contributes by proposing the addition of non-financial indicators, based on cash flow ratios and service quality, into the performance evaluation framework for water utility BUMDs, so that corporate health assessments are no longer biased toward financial aspects alone.

Pengaruh AI Generatif terhadap Kualitas Keputusan Bisnis UMKM melalui Risiko Kognitif

Amelia Aritonang, Nanang Hoesen Hidroes Abbrori — Sun, 12 Jul 2026 00:00:00 +0000

This study aims to examine the effect of generative artificial intelligence (AI) on business decision quality among MSMEs in East Java, with cognitive risk as a mediating variable. This study is motivated by the increasing adoption of generative AI in supporting business activities, including information retrieval, strategic alternative development, and decision recommendations. Although generative AI can improve information accessibility and decision-making efficiency, its use without critical evaluation may generate cognitive risks due to excessive reliance on AI-generated outputs. This study employs an explanatory quantitative approach involving 100 MSME actors who use generative AI for business purposes in East Java. Data were collected using a five-point Likert-scale questionnaire and analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) with SmartPLLS 4. The results indicate that generative AI has a positive and significant effect on business decision quality (?=0.810; t=13.737; p<0.001) and a negative and significant effect on cognitive risk (?=-0.751; t=12.961; p<0.001). Furthermore, cognitive risk has a negative and significant effect on business decision quality (?=-0.140; t=2.236; p=0.025) and mediates the relationship between generative AI and business decision quality (?=0.105; t=2.086; p=0.037). The R² values indicate that cognitive risk is explained by 56.4%, while business decision quality is explained by 84.7%. This study contributes theoretically to the human-AI collaboration literature by revealing the cognitive mechanism underlying the relationship between generative AI utilization and business decision quality. Unlike previous studies that predominantly emphasize the direct benefits of AI for efficiency and productivity, this study demonstrates that AI-supported decision quality is also influenced by users’ ability to evaluate and manage cognitive risks. Practically, this study highlights that MSMEs should utilize generative AI as a decision-support tool through information verification processes and the reinforcement of human judgment to ensure effective and responsible technology adoption.

Media Sosial, Impulsive Buying, dan Etika Konsumsi Islam Berbasis Qana‘ah

Desy Bariyyatul Qibtiyah, Hawiwin Fitriah — Fri, 17 Jul 2026 00:00:00 +0000

Social media such as TikTok, Instagram, and Shopee encourage impulsive buying among students at the Nurul Jadid University (UNUJA) religious Islamic boarding school in Probolinggo. Through FOMO (fear of missing out) tactics, viral content, and viral discounts, this contradicts Islamic consumption ethics based on qana'ah (contentment), an attitude of satisfaction and sufficiency with Allah SWT's sustenance. Data were obtained through in-depth interviews, observation, and documentation of 15 students selected using a purposive sampling technique. Data analysis was conducted through source triangulation with member checking techniques to ensure the reliability and validity of the findings. The research findings indicate that 13 of the 15 students have made unplanned impulsive purchases after being exposed to content on social media, triggered by visual appeal, discount offers, the influence of influencers, and easy access to digital transactions. Although some students are beginning to recognize the negative impacts, the practice of qana'ah values ??is still not fully visible in real attitudinal changes. This study addresses the limited lack of spiritual research in the context of modern Islamic boarding schools and supports the development of Islamic character education in the digital era. This study fills the gap in spiritual studies that is limited to the context of contemporary Islamic boarding schools and supports the development of Islamic character education in the digital era. Academically, this research contributes by expanding the study of impulsive buying through the perspective of contentment (qanaah) in the context of Islamic boarding school students. Practically, these findings can serve as a basis for strengthening Islamic character education and digital literacy, enabling students to better manage their consumption in the social media era.

Peran Gaya Hidup Dalam Memoderasi Pengaruh Penggunaan E-Wallet Terhadap Perilaku Konsumtif Mahasiswa

Mila Septy Fiani Zustika Sari, Shanti Nugroho Sulistyowati — Mon, 20 Jul 2026 00:00:00 +0000

The rapid development of digital financial technology has transformed transaction patterns and consumer behavior, particularly among university students who actively utilize electronic wallet (e-wallet) services. Transaction convenience, payment efficiency, and various digital promotional features are considered capable of increasing students’ consumptive behavior. This study aims to examine the influence of e-wallet usage on consumptive behavior with lifestyle as a moderating variable among students at Universitas PGRI Jombang. The study employed a quantitative approach using an explanatory research design. Data were collected through online questionnaires distributed to 272 respondents selected using the Slovin formula from a total population of 837 students. Data analysis was conducted using the Structural Equation Modeling–Partial Least Square (SEM-PLS) method with SmartPLS 3 software. The analytical procedures included descriptive statistical analysis, outer model testing, inner model evaluation, hypothesis testing, and moderating effect analysis. The findings revealed that e-wallet usage had a positive and significant effect on students’ consumptive behavior, indicated by a path coefficient of 0.530 and a p-value of 0.000. Lifestyle also showed a positive and significant influence on consumptive behavior with a coefficient value of 0.339 and a p-value of 0.000. Furthermore, lifestyle significantly moderated the relationship between e-wallet usage and consumptive behavior with a coefficient value of 0.148 and a p-value of 0.001. The novelty of this study lies in the integration of e-wallet usage and lifestyle variables in explaining students’ consumptive behavior in the digital era. This research contributes theoretically to the development of digital consumer behavior studies and practically to improving students’ financial literacy in the wise use of digital payment technology.

Pengaruh Kualitas Pelayanan dan Mobile Banking terhadap Kepuasan Nasabah Bank Syariah

Dina Zhafarina, Eneng Iviq Hairo Rahayu — Mon, 20 Jul 2026 00:00:00 +0000

Increasing competition in the Islamic banking industry has encouraged Bank Syariah Indonesia (BSI) to continuously improve service quality and mobile banking quality to enhance customer satisfaction. This study aims to analyze the effect of service quality and mobile banking quality on customer satisfaction at BSI KCP Jakarta Bona Indah, both partially and simultaneously. This research employed a quantitative approach using a survey method. Data were collected through questionnaires distributed to 100 respondents selected using a purposive sampling technique. The data were analyzed using IBM SPSS Statistics 30 through validity and reliability tests, classical assumption tests, multiple linear regression analysis, t-test, F-test, and coefficient of determination (R²). The results indicate that service quality has a positive and significant effect on customer satisfaction (t = 4.296; p < 0.001), while mobile banking quality also has a positive and significant effect on customer satisfaction (t = 6.161; p < 0.001). Simultaneously, both variables have a significant effect on customer satisfaction (F = 57.847; p < 0.001), with a coefficient of determination (R²) of 0.549, indicating that 54.9% of the variation in customer satisfaction is explained by service quality and mobile banking quality, while the remaining 45.1% is influenced by other factors outside this study. These findings suggest that improving service quality, supported by reliable, user-friendly, and secure mobile banking services, is an important strategy for enhancing customer satisfaction at BSI KCP Jakarta Bona Indah.

Maqashid Asy-Syariah sebagai Kerangka Analisis Reformasi Kebijakan Perpajakan Nasional Indonesia

Sulma Nabilah, Fuad Yanuar Akhmad Rifai, Qurotul Aini — Tue, 21 Jul 2026 00:00:00 +0000

This study examines the integration of Maq??id al-syar?‘ah within Indonesia’s national taxation system as a framework for evaluating fiscal justice and public welfare. Previous studies generally discuss taxation from the perspectives of public finance, tax administration, or normative Islamic law. In contrast, this study positions Maq??id al-syar?‘ah as an analytical framework for assessing the ethical orientation and social legitimacy of contemporary fiscal policy. This research employs a qualitative approach using library research. Data were obtained from classical and contemporary literature on Maq??id al-syar?‘ah , Islamic economics, taxation studies, and Indonesian fiscal policy documents, including tax regulations and state budget policies (APBN). Data analysis was conducted using qualitative content analysis to identify the relationship between taxation policies and the five essential objectives of Maq??id al-syar?‘ah (al-dar?riyy?t al-khamsah), namely the protection of religion, life, intellect, lineage, and wealth. The findings reveal that Indonesia’s taxation system substantively reflects several maq??id dimensions, particularly through redistributive fiscal policies such as progressive taxation, public expenditure on education and healthcare, and social welfare programs. However, the integration of maq??id values in fiscal policy remains largely implicit and has not yet been systematically incorporated into the conceptual foundation of taxation regulations. This condition indicates that fiscal policy is still predominantly oriented toward revenue optimization and administrative efficiency rather than distributive justice and social welfare. This study contributes a conceptual perspective by positioning Maq??id al-syar?‘ah not merely as a normative Islamic doctrine, but as a critical analytical framework for evaluating modern taxation systems. The study also offers an alternative approach for developing fiscal policies that are more equitable, welfare-oriented, ethically legitimate, and socially accountable.

Financial Well-Being Pelaku UMKM di Wilayah Kepulauan: Peran Mediasi Financial Behavior

Simon Hendrik Leasa, Hanifa Bennu Nur, Semuel Souhoka, Nur Azda — Tue, 21 Jul 2026 00:00:00 +0000

Micro, Small, and Medium Enterprises (MSMEs) in archipelagic regions face economic challenges, including limited economic access, high logistics costs and business instability, which may adversely affect financial well-being. Although research on financial well-being has grown substantially, studies examining the mediating role of financial behavior among MSMEs in archipelagic regions remain limited. Therefore, this study examines the effects of financial literacy and financial self-efficacy on financial well-being through financial behavior among MSME owners in Ambon City, Maluku Province. A quantitative explanatory research design was employed involving 120 MSME owners selected through purposive sampling. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0. The results indicate that financial literacy positively affects financial behavior (? = 0.216, p = 0.009), while financial self-efficacy also has a positive effect (? = 0.498, p < 0.001). Financial behavior positively affects financial well-being (? = 0.527, p < 0.001) and significantly mediates the relationships between financial literacy, financial self-efficacy, and financial well-being. Financial self-efficacy also exerts a stronger influence than financial literacy in shaping financial behavior. The novelty of this study lies in developing a behavioral mechanism-based financial well-being model for MSMEs in archipelagic regions. The findings contribute to the behavioral finance literature by providing empirical evidence on the behavioral mechanisms underlying financial well-being and offer practical implications for designing programs that strengthen financial literacy, financial self-efficacy and adaptive financial behavior to enhance MSMEs' financial resilience.

Pengaruh Sikap Kontrol Perilaku, dan Peran Fasilitator Pangan terhadap Pemenuhan CPPOB pada UMKM

Tengku Awalludin, Rulianda Wibowo, Fahmi Natigor — Tue, 21 Jul 2026 00:00:00 +0000

This study aims to examine the effects of attitude, subjective norms, perceived behavioral control, and the role of facilitators in the Safe Food Goes to Campus (Pangan Aman Goes to Campus/PAGC) Program on the behavior of Micro, Small, and Medium Enterprises (MSMEs) in complying with Good Processed Food Manufacturing Practices (Cara Produksi Pangan Olahan yang Baik—CPPOB). This research employed a quantitative method with a descriptive approach. The respondents consisted of 80 processed food MSMEs participating in the PAGC Program in Medan City, Deli Serdang Regency, and Binjai City, selected using a purposive sampling technique. Primary data were collected through a Likert-scale questionnaire, while secondary data were obtained from documentation studies. Data were analyzed using descriptive analysis, validity and reliability tests, classical assumption tests, multiple linear regression analysis, and hypothesis testing with IBM SPSS version 27. The results indicate that attitude, subjective norms, perceived behavioral control, and the role of PAGC facilitators have positive and significant effects, both partially and simultaneously, on MSME behavior in complying with CPPOB. The coefficient of determination (Adjusted R²) of 0.713 indicates that 71.3% of the variation in MSME compliance behavior with CPPOB is explained by these four variables, while the remaining 28.7% is influenced by other factors outside the research model. Among the independent variables, the role of PAGC facilitators was found to have the strongest influence on MSME compliance behavior. These findings suggest that strengthening positive attitudes, social support, perceived behavioral control, and effective facilitation through the PAGC Program can significantly improve MSMEs' compliance with CPPOB standards.

Exploring Sustainable Financial Behavior Among Millennial Mothers Through an ESG Perspective

Ghalih Sabda Bekti, Ayu Puspitasari, Elok Heniwati — Tue, 21 Jul 2026 00:00:00 +0000

This study explores the sustainable financial behavior of millennial mothers and its contribution to family financial resilience from an ESG perspective. Using a qualitative exploratory approach, the study involved 14 millennial mothers selected through purposive sampling from each regency and city in West Kalimantan, Indonesia. Data were collected through semi-structured interviews and analyzed using thematic analysis supported by NVivo. The findings reveal that participants practiced sustainable financial behavior by prioritizing essential household needs, maintaining financial records and budgets, saving for emergencies and children’s education, and exercising responsible consumption. These practices enhanced family financial resilience by improving financial preparedness, managing unexpected expenses, and supporting long-term economic stability. From an ESG perspective, environmental responsibility was reflected in reducing plastic waste, reusing household materials, and adopting environmentally conscious consumption. Social responsibility was demonstrated through prioritizing family wellbeing, children’s education, and healthcare protection, while governance practices included transparent financial management, joint financial decision-making with spouses, and disciplined financial planning. This study highlights how integrating ESG values into household financial practices contributes to resilient and sustainable family welfare amid economic uncertainty. This study contributes to the sustainable finance literature by extending the application of the ESG perspective from corporate and investment contexts to household financial behavior while providing qualitative insights into how millennial mothers integrate sustainability values into everyday financial decision-making.

Analisis Komparatif Kinerja Keuangan Perusahaan Perbankan Sebelum dan Sesudah Implementasi Teknologi Blockchain

Ramadhani Anhar Fahrezi, Rida Perwita Sari — Tue, 21 Jul 2026 00:00:00 +0000

Digital transformation has encouraged the banking industry to adopt various technological innovations to enhance efficiency and competitiveness. One of the most prominent technologies is blockchain, which offers greater transparency, security, and efficiency in financial transaction processes. This study aims to analyze the differences in the financial performance of PT Bank Negara Indonesia (Persero) Tbk before and after the implementation of blockchain technology. A quantitative approach with a comparative research design was employed using the paired sample t-test. The study utilized annual financial statement data of PT Bank Negara Indonesia (Persero) Tbk covering the period from 2015 to 2024. Financial performance was measured using four indicators: Return on Assets (ROA), Return on Equity (ROE), Net Interest Margin (NIM), and Operating Expenses to Operating Income (BOPO). The findings indicate that blockchain implementation has a significant effect on NIM, while no statistically significant differences were found in ROA, ROE, and BOPO. These results suggest that the benefits of blockchain in the banking sector are more evident in enhancing the bank’s intermediation function, as reflected by changes in Net Interest Margin, rather than in improving overall profitability and operational efficiency. This study provides empirical evidence that blockchain implementation does not immediately improve all financial performance indicators but initially affects the bank’s intermediation function, as reflected in changes in Net Interest Margin. These findings contribute to the growing body of literature on blockchain implementation in the Indonesian banking industry and provide valuable insights for future research and managerial decision-making regarding digital transformation in the financial sector.

Pengaruh Pendapatan, Tingkat Pendidikan, Usia dan Jumlah Dompet Elektronik Terhadap Peluang Penggunaan QRIS para Pedagang UMKM

Della Berliana Putri Haryanto, Unggul Priyadi — Tue, 21 Jul 2026 00:00:00 +0000

The implementation of the Quick Response Code Indonesian Standard (QRIS) aims to expand financial inclusion and accelerate the digitalization of transactions within the MSME sector. However, in practice, the adoption of QRIS among MSME merchants remains uneven and has not yet reached its full potential. This study seeks to examine the likelihood of QRIS usage among MSME merchants and to identify the factors influencing its adoption. A quantitative approach was employed using a survey method targeting MSME merchants. The analysis utilized a Linear Probability Model (LPM), based on primary data collected through direct interviews consisting of structured questions related to QRIS and electronic wallets. The data were processed using SPSS version 29. The findings indicate that education level and income have a statistically significant effect on the probability of QRIS adoption. In contrast, age and the number of electronic wallets owned do not show a significant influence. These results suggest that the likelihood of QRIS usage is shaped not only by merchants’ economic capacity but also by their level of understanding and perceived need for digital payment systems. Therefore, more targeted socialization and educational strategies are necessary to enhance QRIS adoption among MSME merchants effectively.

Pengaruh Likuiditas dan Solvabilitas terhadap Nilai Perusahaan Consumer Non-Cyclicals di BEI Tahun 2020-2024

Tanaya Cautsar Alif, Agus Taufik Hidayat — Tue, 21 Jul 2026 00:00:00 +0000

This study aims to examine the effects of liquidity and solvency on firm value in manufacturing companies within the consumer non-cyclicals subsector listed on the Indonesia Stock Exchange during the 2020–2024 period. The study is motivated by inconsistent findings in previous research regarding the relationship between these financial indicators and firm value, particularly in the context of economic recovery, where companies are required to maintain financial stability while strengthening investor confidence. A quantitative research approach was employed using secondary data obtained from the companies' annual financial statements. The sample consisted of 24 manufacturing companies selected through purposive sampling, resulting in 120 firm-year observations. The data were analyzed using multiple linear regression after all classical assumption tests had been satisfied. The findings reveal that liquidity, measured by the Current Ratio (CR), has a positive and statistically significant effect on firm value, with a regression coefficient of 0.995 and a significance level below 0.05. Likewise, solvency, measured by the Debt-to-Equity Ratio (DER), also demonstrates a positive and statistically significant effect on firm value, with a regression coefficient of 0.672 and a significance level below 0.05. The coefficient of determination (R²) of 81.5% indicates that a substantial proportion of the variation in firm value can be explained by liquidity and solvency, while the remaining 18.5% is attributable to other factors outside the research model. The novelty of this study lies in its specific focus on manufacturing companies in the consumer non-cyclicals subsector during the 2020–2024 period, reflecting the dynamics of economic recovery and the characteristics of an industry with relatively stable demand. This study contributes to the literature by providing additional empirical evidence supporting the relevance of signaling theory in explaining the relationship between liquidity, solvency, and firm value, while offering deeper insights into the financial behavior of firms operating in Indonesia's consumer non-cyclicals subsector. From a practical perspective, the findings provide useful guidance for corporate management in formulating effective working capital and capital structure policies to enhance firm value, as well as valuable information for investors in assessing corporate fundamentals before making investment decisions. Furthermore, the findings are expected to serve as a reference for future studies investigating the determinants of firm value across different industries by incorporating additional variables and broader analytical approaches.

Pengaruh Green Accounting, Environmental Performance, dan Nilai Perusahaan: Bukti Empiris pada Perusahaan Sektor Industri Dasar dan Kimia

Faisal Hasbullah Batubara, Wahyu Widjayanti, Sulistining Trimulyani, Budi Utami — Thu, 23 Jul 2026 00:00:00 +0000

This study aims to examine the effect of green accounting and environmental performance on firm value in Basic Materials and Chemicals sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. The study is motivated by the growing demand for sustainable business practices and the inconsistent findings of previous studies regarding the influence of environmental accounting and environmental performance on firm value. A quantitative research approach was employed using secondary data obtained from annual reports, sustainability reports, and the Corporate Performance Rating Program in Environmental Management (PROPER) reports. The sample was selected using a purposive sampling technique, resulting in 10 companies with a total of 30 observations. Data were analyzed using panel data regression with EViews, including descriptive statistical analysis, panel data model selection, classical assumption tests, hypothesis testing, and the coefficient of determination test. The results indicate that green accounting has a negative and significant effect on firm value, with a regression coefficient of -0.082843 and a probability value of 0.0005 (p < 0.05). Meanwhile, environmental performance has no significant effect on firm value, with a regression coefficient of 0.076177 and a probability value of 0.8394 (p > 0.05). Simultaneously, green accounting and environmental performance have a significant effect on firm value, as indicated by a Prob(F-statistic) of 0.000468 (p < 0.05). The Adjusted R² value of 0.3913 indicates that these two variables explain 39.13% of the variation in firm value, while the remaining 60.87% is explained by other factors outside the research model. This study provides an empirical contribution by enriching the literature on the role of green accounting and environmental performance in influencing firm value, particularly in companies within the Basic Materials and Chemicals sector. Furthermore, the findings serve as a practical reference for companies in optimizing the implementation of sustainable business practices to enhance firm value.

Peran Artificial Intelligence Marketing dan Content Marketing dalam Meningkatkan Purchase Intention Produk melalui Brand Trust

Khoirunnisa Diah Parwitasari, Dandy Kurnia — Thu, 23 Jul 2026 00:00:00 +0000

This study aims to analyze the influence of Artificial Intelligence Marketing and Content Marketing on Purchase Intention of local skincare products among TikTok Shop users, with Brand Trust serving as an intervening variable. The study is motivated by the increasing utilization of artificial intelligence technology and content-based marketing strategies in enhancing consumers' purchase intentions within social commerce platforms. A quantitative approach with a survey method was employed in this study. Data were collected through questionnaires distributed to 100 respondents who were TikTok Shop users and had searched for or purchased local skincare products. The sampling technique used was purposive sampling, while data analysis was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that Artificial Intelligence Marketing and Content Marketing have a positive and significant effect on Brand Trust. Furthermore, Artificial Intelligence Marketing, Content Marketing, and Brand Trust were found to have positive and significant effects on Purchase Intention. The indirect effect analysis revealed that Brand Trust significantly mediates the relationship between Artificial Intelligence Marketing and Content Marketing and Purchase Intention. These findings suggest that optimizing artificial intelligence in marketing activities and delivering high-quality content can enhance consumers' trust in brands, thereby increasing their intention to purchase local skincare products through TikTok Shop.

Pengaruh Kompetensi dan Independensi Terhadap Kualitas Audit Pada Jasa Audit Profesional Dalam Praktik Akuntan Publik

Valencia Baltihan Sompie, Fam Si Si, Florencia Irena Lawita — Tue, 28 Jul 2026 00:00:00 +0000

Audit quality is a critical factor determining the level of public trust in financial statements audited by Public Accounting Firms (KAP). This study aims to analyze the effect of auditor competence and independence on audit quality in professional audit services at KAPs. This research employs a quantitative approach with a causal-associative design. The population comprises auditors working at KAPs registered with the Financial Services Authority, with a sample of 65 respondents selected using purposive sampling from 12 KAPs located in the DKI Jakarta area. Data were collected through a five-point Likert-scale questionnaire and analyzed using multiple linear regression with SPSS version 26. The results show that competence has a positive and significant effect on audit quality, and independence likewise has a positive and significant effect on audit quality. Simultaneously, competence and independence explain 61.4% of the variance in audit quality, while the remainder is explained by variables outside the model. These findings confirm that auditors with strong knowledge, experience, and an independent mental attitude produce higher-quality audits. The results have practical implications for KAPs in designing continuous competence development programs and strengthening independence mechanisms to maintain the credibility of audit opinions.

Pengaruh Environmental, Social, and Governance terhadap Nilai Perusahaan pada Perusahaan Subsektor Food & Beverage

Logas Logas, Syarif M. Helmi, Djunita Permata Indah — Tue, 28 Jul 2026 00:00:00 +0000

This study aims to examine the effect of Environmental, Social, and Governance (ESG) on firm value in Food & Beverage subsector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. This study employed a quantitative approach using secondary data obtained from annual reports, sustainability reports, and the companies' official websites. The sample consisted of 80 observations selected using the purposive sampling method. Firm value was measured using Tobin’s Q, while ESG was measured using the ESG disclosure score. Multiple linear regression analysis was conducted using SPSS. The results indicate that ESG has no significant effect on firm value (? = 0.217; Sig. = 0.473). The control variables, Firm Size and Debt to Equity Ratio (DER), also have no significant effect on firm value. Simultaneously, ESG, Firm Size, and DER do not significantly affect firm value (Sig. = 0.249), with an Adjusted R Square value of 0.015, indicating that the model explains only 1.5% of the variation in firm value, while the remaining variation is explained by other factors outside the research model. This study contributes empirical evidence on the relevance of ESG disclosure to firm value in the Food & Beverage subsector while controlling for Firm Size and Debt to Equity Ratio (DER), thereby extending ESG literature in the Indonesian corporate context.

Analisis Kinerja dan Dampak Variabel Determinan Terhadap Minat Kerja dan Kesiapan Kerja

Julius Nursyamsi, Edi Sukirman, Joko Utomo, Makmun Makmun — Wed, 29 Jul 2026 00:00:00 +0000

This study aims to analyze the effects of self-efficacy, self-esteem, and soft skills on job interest and work readiness, as well as to examine the mediating role of job interest in the relationship between these three determinant variables and work readiness. The study employed a quantitative approach. The research population consisted of 500 individuals who met the predetermined research criteria, while the sample comprised 200 respondents, selected using a non-probability sampling technique with a purposive sampling method. Primary data were collected through a structured questionnaire measured using a five-point Likert scale. Data analysis was conducted using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with the assistance of SmartPLS software. The analytical procedures included the evaluation of the measurement model (outer model), structural model (inner model), hypothesis testing through bootstrapping, as well as predictive relevance (Q²), effect size (f²), and coefficient of determination (R²) analyses. The findings indicate that self-efficacy, self-esteem, and soft skills have positive and significant effects on both job interest and work readiness. Among these variables, soft skills exert the strongest influence on both job interest and work readiness. Furthermore, job interest has a positive and significant effect on work readiness and partially mediates the relationships between self-efficacy, self-esteem, soft skills, and work readiness. The Q² and R² values demonstrate that the proposed model possesses strong predictive capability in explaining the relationships among the variables. These findings reinforce the Social Cognitive Career Theory (SCCT) and the CareerEDGE Employability Model, emphasizing that work readiness is developed through the interaction of psychological factors, non-technical competencies, and career motivation. This study contributes theoretically by extending empirical evidence regarding the mediating role of job interest in the development of work readiness and contributes practically by providing insights for higher education institutions, vocational education providers, and organizations in designing programs that enhance self-efficacy, self-esteem, and particularly soft skills to improve graduates' work readiness in response to the demands of the digital transformation era.

Pengaruh Financial Literacy dan Financial Attitude terhadap Financial Management Behavior Mahasiswa melalui Financial Self-Efficacy

Wed, 29 Jul 2026 00:00:00 +0000

This study aims to analyze the influence of Financial Literacy and Financial Attitude on students' Financial Management Behavior with Financial Self-Efficacy serving as an intervening variable. The study is motivated by the relatively low quality of students' financial management behavior despite the increasing accessibility of digital financial services, highlighting the need to better understand the factors influencing such behavior. This research employed a quantitative approach with an explanatory research design. The study population consisted of university students in Indonesia, with a sample of 300 respondents determined using the Lemeshow formula and selected through purposive sampling. Data were collected using a structured questionnaire based on a five-point Likert scale and analyzed using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method through the SmartPLS application. The findings indicate that Financial Literacy has a positive and significant effect on Financial Self-Efficacy (t = 7.254 > 1.96) and Financial Management Behavior (t = 4.132 > 1.96). Furthermore, Financial Attitude positively and significantly influences Financial Self-Efficacy (t = 6.118 > 1.96) and Financial Management Behavior (t = 3.584 > 1.96). In addition, Financial Self-Efficacy has a positive and significant effect on Financial Management Behavior (t = 8.261 > 1.96). The mediation analysis further reveals that Financial Self-Efficacy significantly mediates the relationship between Financial Literacy (t = 5.481 > 1.96) and Financial Attitude (t = 4.976 > 1.96) on Financial Management Behavior. The contribution of this study lies in demonstrating that Financial Self-Efficacy functions as a psychological mechanism that bridges the effects of Financial Literacy and Financial Attitude on Financial Management Behavior. These findings are expected to provide valuable insights for higher education institutions in designing financial education programs that not only enhance students' financial knowledge and attitudes but also strengthen their confidence in managing personal finances effectively.

Mapping Global Research Trends on Job Insecurity: A Bibliometric Analysis of Labor Force Transformation

Rahmat Hidayat, Syamsul Bahri — Wed, 29 Jul 2026 00:00:00 +0000

The available literature on job insecurity exists in various disciplines, using a variety of theoretical frameworks and indicators, thus giving rise to the need to systematically map the structure of knowledge and the direction of findings. This study aims to map the global development of research on job insecurity in the context of workforce transformation, especially due to digitalization, automation, organizational change, and psychological dynamics of workers. In addition, this study also identifies publication trends, key scientific actors, dominant countries, keyword relationships, as well as thematic clusters that make up the knowledge structure of this field. The method used is a bibliometric analysis based on Scopus data with the search keyword "job insecurity". Document selection was carried out using the PRISMA approach, for publication in 2016-2025, in the fields of business, management and accounting and psychology, types of article documents, and English-language journal sources. The data is analyzed using VOSviewer through network mapping and visualization. The results of the study show a significant increase in publications on job insecurity, with a peak in 2025 of 219 documents. This study is dominated by the fields of social sciences, management, and psychology. The United States, China, and the United Kingdom are the most prolific countries, while Jiang, De Witte, and Probst are among the lead authors. This study recommends that future researchers combine various methods for bibliometric research, such as using the B-SLR method, which is a bibliometric method combined with a systematic literature review.

Peran Motivasi Investasi sebagai Mediator dalam Hubungan Literasi Keuangan, Persepsi Risiko, dan Minat Investasi Saham

Ibnu Cahyo Ramadhan, Muhammad Edy Supriyadi — Wed, 29 Jul 2026 00:00:00 +0000

This study aims to analyze the influence of financial literacy and risk perception on stock investment interest, with investment motivation serving as a mediating variable among Management Study Program students. The study is motivated by the relatively low level of students' interest in investing in the capital market despite the increasing availability of investment information and financial education. This research employed a quantitative approach using a survey method. Primary data were collected through questionnaires distributed to 200 Management Study Program students selected using a purposive sampling technique. Data were analyzed using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method with the assistance of SmartPLS software. The findings indicate that financial literacy has a positive and significant effect on investment motivation (t-statistic = 7.215 > 1.96) and stock investment interest (t-statistic = 4.892 > 1.96). Risk perception has a negative and significant effect on investment motivation (t-statistic = 3.564 > 1.96) as well as stock investment interest (t-statistic = 2.981 > 1.96). Furthermore, investment motivation has a positive and significant effect on stock investment interest (t-statistic = 6.104 > 1.96). The mediation analysis reveals that investment motivation significantly mediates the relationship between financial literacy and stock investment interest (t-statistic = 4.115 > 1.96), as well as the relationship between risk perception and stock investment interest (t-statistic = 2.754 > 1.96). This study contributes theoretically by strengthening the Theory of Planned Behavior and Behavioral Finance Theory through empirical evidence of the mediating role of investment motivation. Practically, the findings are expected to provide valuable insights for higher education institutions, the Financial Services Authority (OJK), the Indonesia Stock Exchange (IDX), and securities companies in designing more effective financial literacy and investment education programs to enhance young people's participation in the capital market.

Ukuran Bank Memoderasi Pengaruh CAR, NPL dan BOPO Terhadap Profitabilitasa

Riki Saputra, Batara Daniel Bagana — Thu, 30 Jul 2026 00:00:00 +0000

This study aims to analyze the effect of Capital Adequacy Ratio (CAR), Non-Performing Loan (NPL), and Operating Costs on Operating Income (BOPO) on Return on Assets (ROA) with Firm Size as a moderating variable in Conventional Commercial Banks for the period 2019 to 2024. The study uses a quantitative approach with secondary data obtained from the annual financial statements of banking companies. The research sample consists of 20 Conventional Commercial Banks selected using a purposive sampling technique to obtain 120 company-year observations. Data analysis was performed using multiple linear regression with the help of Eviews13. The results showed that CAR had no effect on ROA with a coefficient value of -0.014103 and a probability of 0.0618 (>0.05). NPL and BOPO had a significant negative effect with coefficients of -0.140604 and -0.067983 with probability values ??of 0.0002 and 0.0000 (<0.05), respectively. Meanwhile, Firm Size is only able to moderate the influence of NPL and BOPO but does not moderate the influence of CAR on ROA. Firm Size strengthens the negative influence of NPL on ROA and Firm Size weakens the negative influence of BOPO on ROA, the interaction coefficient value of NPL and Firm Size is -0.052218 and a probability value of 0.0121 (<0.05). While the interaction coefficient value between BOPO and Firm Size is 0.005858 with a probability of 0.0062 (<0.05). The results of simultaneous testing with the Goodness of Fit test obtained a probability result of 0.0000 below 0.05 which indicates that CAR, NPL and BOPO simultaneously influence ROA. This finding indicates that these variables are very important in influencing bank profitability. This study provides a theoretical contribution by expanding the empirical evidence that the application of Signaling theory and Agency Theory in explaining the influence of CAR, NPL and BOPO on ROA. In addition, this study provides a methodological contribution through the use of the coefficient of variation as the level of capital adequacy, the level of credit risk and operational efficiency in Conventional Commercial Banks with firm size as a moderating variable, as well as providing a practical contribution as a reference for management and investors in evaluating financial performance that affects profitability.

The Moderating Effect of Gender on Overconfidence in Investment Decisions

Rosyidah Rahmah, Nugraha Nugraha, Dian Kurnianingrum, Margareth Setiawan — Thu, 30 Jul 2026 00:00:00 +0000

This study examined the influence of overconfidence on the investment decisions of Indonesian individual or retail investors.

The research design used in this study uses quantitative survey approach. The questionnaire was distributed online using the Populix platform.

The analysis used Hayes' Moderation Model 1, utilizing a quantitative survey of 500 retail investors from the Indonesia Stock Exchange (IDX). This study explored the moderating effect of gender on the relationship of overconfidence and investment decisions. The results showed that overconfidence significantly increased investment decisions, with the relationship being more pronounced in men than in women. Overconfidence positively influenced investment decisions for both genders, with a more pronounced effect on male investors, as evidenced by the conditional effect. These findings advance behavioral finance by demonstrating gender-specific effects of overconfidence in emerging markets and suggest that investor education and risk communication strategies should be tailored to demographic characteristics of investors, particularly gender, to more effectively address overconfidence bias.

Determinan Keterikatan Kerja Akuntan Publik: Peran Kepuasan Kerja, Komitmen Organisasi, dan Budaya Organisasi

Ghina Nurjihan — Thu, 30 Jul 2026 00:00:00 +0000

This study aims to examine the influence of Job Satisfaction, Organizational Commitment, and Organizational Culture on the Work Engagement of Public Accountants working in Public Accounting Firms (PAFs) located in Jakarta, Bogor, Depok, Tangerang, and Bekasi (Greater Jakarta). The study employed a quantitative approach with a causal research design. The research population consisted of public accountants registered with the Center for Financial Profession Development (P2PK) of the Ministry of Finance of the Republic of Indonesia and the Indonesian Institute of Certified Public Accountants (IAPI). The sampling technique used was probability sampling with a simple random sampling method. Based on the Slovin formula, 307 respondents who met the research criteria were obtained. Data were collected using a five-point Likert scale questionnaire and analyzed through Structural Equation Modeling–Partial Least Squares (SEM-PLS) using SmartPLS software. The results indicate that all proposed hypotheses were supported. Job Satisfaction had a positive and significant effect on Work Engagement, with a t-statistic of 10.738 (>1.96). Organizational Commitment also had a positive and significant effect on Work Engagement, with a t-statistic of 9.221 (>1.96), while Organizational Culture positively and significantly influenced Work Engagement, with a t-statistic of 6.594 (>1.96). The structural model explained 55.2% of the variance in Public Accountants' Work Engagement (R² = 0.552), indicating a moderate level of predictive power. This study contributes empirically to the organizational behavior literature by strengthening the Job Demands–Resources Theory within the context of the public accounting profession in Indonesia. Furthermore, the findings provide practical implications for Public Accounting Firms in designing human resource management strategies by enhancing job satisfaction, strengthening organizational commitment, and fostering a supportive organizational culture to improve auditors' work engagement and, ultimately, the quality of audit services.

Determinasi Customer Loyalty: Peran Service Quality dan Customer Experience dengan Mediasi Customer Satisfaction

Febri Arisandi, Meylani Tuti, Etty Nurwati — Thu, 30 Jul 2026 00:00:00 +0000

This study aims to analyze the effects of Service Quality and Customer Experience on Customer Loyalty, with Customer Satisfaction serving as a mediating variable among customers of PT. Asrinda Arthasangga Reinsurance Brokers. The study is motivated by the importance of service quality and customer experience in creating customer satisfaction and fostering customer loyalty within the reinsurance brokerage industry, which emphasizes long-term business relationships. A quantitative approach with a causal research design was employed. Primary data were collected through questionnaires distributed to 250 respondents representing client companies of PT. Asrinda Arthasangga Reinsurance Brokers, selected using a purposive sampling technique. Data were analyzed using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) method with the assistance of SmartPLS software. The results indicate that Service Quality has a positive and significant effect on Customer Satisfaction (t-statistics = 6.806 > 1.96) and Customer Loyalty (t-statistics = 5.454 > 1.96). Customer Experience also has a positive and significant effect on Customer Satisfaction (t-statistics = 4.785 > 1.96) and Customer Loyalty (t-statistics = 8.166 > 1.96). Furthermore, Customer Satisfaction has a positive and significant effect on Customer Loyalty (t-statistics = 5.666 > 1.96). The mediation analysis reveals that Customer Satisfaction partially mediates the effect of Service Quality on Customer Loyalty (t-statistics = 4.354 > 1.96), as well as the effect of Customer Experience on Customer Loyalty (t-statistics = 3.778 > 1.96). These findings suggest that improving service quality and customer experience in ways that enhance customer satisfaction constitutes an important strategy for strengthening customer loyalty in reinsurance brokerage service companies.

Model Loyalitas Nasabah: Pengaruh Pengalaman Pelanggan dan Kualitas Pelayanan Melalui Citra Merek

Fajar Maulana, Pamuji Gesang Raharjo, Meylani Tuti — Thu, 30 Jul 2026 00:00:00 +0000

This study aims to analyze the influence of customer experience and service quality on customer loyalty with brand image as an intervening variable at PT Jaminan Pembiayaan Askrindo Syariah. The research is motivated by the importance of building customer loyalty in the sharia financing industry through improving customer experience, service quality, and strengthening brand image as strategic factors that can create long-term relationships with customers. The study uses a quantitative approach with a survey method. Primary data was obtained by distributing questionnaires to 200 customers of PT Jaminan Pembiayaan Askrindo Syariah selected using a purposive sampling technique. Data analysis was carried out using Partial Least Squares–Structural Equation Modeling (PLS-SEM) assisted by SmartPLS software version 3. Testing includes evaluation of the outer model (validity and reliability), the inner model, and hypothesis testing through bootstrapping techniques. The results show that customer experience has a positive and significant effect on brand image with a t-value of 8.213 >1.96 and customer loyalty with a t-value of 8.783 >1.96. Service quality also has a positive and significant effect on brand image with a t-value of 11.451 > 1.96 and customer loyalty with a t-value of 6.595 > 1.96). Furthermore, brand image is proven to have a positive and significant effect on customer loyalty with a t-value of 13.422 > 1.96. The results of the mediation test indicate that brand image is able to mediate the influence of customer experience on customer loyalty (with a t-value of 6.015 > 1.96) and mediate the influence of service quality on customer loyalty with a t-value of 7.675 > 1.96. The contribution of this study lies in strengthening empirical evidence regarding the strategic role of brand image as a mediating mechanism in the relationship between customer experience, service quality, and customer loyalty in the Islamic financing industry. The research findings are expected to provide input for the management of PT Jaminan Pembiayaan Askrindo Syariah in formulating strategies to improve service quality, manage customer experience, and strengthen brand image to create sustainable customer loyalty.

Pengaruh ROA, NIM, dan EPS terhadap Harga Saham Perusahaan Perbankan

Tiara Oktapia Maharany, Riyandi Nur Sumawijaja — Thu, 30 Jul 2026 00:00:00 +0000

This study investigates the influence of Return on Assets (ROA), Net Interest Margin (NIM), and Earnings per Share (EPS) on the stock prices of state-owned banks listed on the Indonesia Stock Exchange. A quantitative research design was adopted using descriptive and verificative approaches. The study population consisted of all state-owned banks listed on the Indonesia Stock Exchange throughout the 2015–2025 period. Sample selection was conducted using purposive sampling, resulting in four state-owned banks with a total of 44 observations. The data were processed and analyzed using IBM SPSS Statistics. The empirical findings reveal that the regression model explains 40.4% of the variation in stock prices, as indicated by the coefficient of determination (R²), while the remaining 59.6% is attributable to variables beyond the scope of the proposed model. The partial regression results demonstrate that ROA and EPS exert a positive and statistically significant effect on stock prices, whereas NIM does not exhibit a statistically significant relationship. Furthermore, the simultaneous test confirms that ROA, NIM, and EPS collectively have a significant effect on the stock prices of state-owned banks listed on the Indonesia Stock Exchange. These findings indicate that profitability indicators, particularly ROA and EPS, are more strongly associated with stock price movements than NIM during the observation period.