Journal of Accounting Research, Utility Finance and Digital Assets
type: channel
description: About Journal Journal of Accounting Research, Utility Finance and Digital Assets (JARUDA) ISSN (e): 2962-973X Journal of Accounting Research, Utility Finance and Digital Assets (JARUDA) provides a forum for academics and professionals to share the latest developments and advances in knowledge and practice of business management, both theory and methods. It aims to foster the exchange of ideas on a range of essential management subjects and to provide a stimulus for research and the further development of international perspectives. Finance and Management Accounting Islamic Finance Operation, Logistic and Supply Chain Management E-business Management Information System International Business Quantitative and Research Method Finance Cryptocurrency Behavioural Finance International Investment and Trading The journal includes a wide range of fields in its discipline to create a platform for authors to make their contribution towards the journal. The editorial office promises a peer review process for submitted manuscripts to ensure publishing quality. The journal is using an Editorial Manager System for quality peer review process. Review processing is performed by editorial board members of JARUDA or outside experts. At least two independent reviewer approvals followed by editor approval are required for acceptance of any citable manuscript. The aim of JARUDA is to provide advanced knowledge and understanding of both theory and practice in accounting by publishing high quality applied and theoretical research.
publisher: PT. Radja Intercontinental Publishing
language: en-US
publication name: Journal of Accounting Research, Utility Finance and Digital Assets
issn: 2962-973X
items: DETERMINATION OF CORPORATE PROFIT THROUGH TIME DEPOSITS AND SHARE OWNERSHIP IN PT PRUDENTIAL LIFE DETERMINATION OF CORPORATE PROFIT THROUGH TIME DEPOSITS AND SHARE OWNERSHIP AT PT PRUDENTIAL LIFE
items: LITERATURE REVIEW: THE INFLUENCE OF SOCIAL MEDIA MARKETING ON CONSUMER BEHAVIOR
items: THE ROLE OF EARNINGS MANAGEMENT, CREDIT RISK, AND COST EFFICIENCY, MODERATED BY INTERNAL CONTROL, IN PREDICTING MARKET REACTIONS AT BANKS LISTED ON THE IDX
items: The role of ICT in education with special reference to classroom teachings - A literature review
items: ANALYSIS OF LIQUIDITY, SOLVABILITY, AND PROFITABILITY RATIOS TO ASSESS THE LEVEL OF FINANCIAL HEALTH AT PT YAKIN SEJAHTERA MANDIRI MUARA ENIM TAHUN 2020–2024
items: THE EFFECT OF LIQUIDITY, INCOME DIVERSIFICATION, OPERATIONAL EFFICIENCY, CREDIT RISK, AND LEVERAGE ON THE STABILITY OF REGIONAL DEVELOPMENT BANKS (BPD) IN INDONESIA: PERIOD 2021–2025
items: THE EFFECT OF PROFITABILITY, MANAGERIAL OWNERSHIP, AND FIRM SIZE ON TAX AVOIDANCE
items: FINANCIAL EVALUATION OF AIRCRAFT ACQUISITION ALTERNATIVES: LEASE VERSUS BUY DECISION FOR GARUDA INDONESIA’S BOEING 737 MAX
items: MANAGERIAL ACCOUNTING ISSUES IN MSMES IN KOLAKA REGENCY: A PHENOMENOLOGICAL QUALITATIVE APPROACH
items: https://jaruda.id/index.php/go/article/view/344
items: FINANCING PRODUCT DIVERSIFICATION STRATEGY AND ITS IMPLICATIONS FOR PROFIT-AND-LOSS SHARING FINANCING CREDIT RISK (MUDHARABAH AND MUSYARAKAH CONTRACTS)
items: PERCEPTIONS OF FINANCIAL RISK MANAGEMENT FOR TECHNOLOGY STARTUP COMPANIES IN THE EARLY FINANCING PHASE
items: DYNAMICS OF EMPLOYEE EXPENDITURE FROM THE PERSPECTIVE OF PERFORMANCE-BASED BUDGET EFFECTIVENESS AND EFFICIENCY ANALYSIS
items: THE EFFECTS OF ETHICAL CULTURE AND LEADERSHIP STYLE ON FRAUD PREVENTION WITH ORGANIZATIONAL COMMITMENT AS A MEDIATION VARIABLE IN THE RECTOR'S BUREAU OF UNIVERSITAS SUMATERA UTARA
items: BANK STOCK RESILIENCE TEST: THE IMPACT OF BITCOIN AND GOLD RISK CONTAGION IN THE TRUMP ERA
items: FROM HUMAN-CENTERED MANAGEMENT TO ALGORITHMIC GOVERNANCE: A CONCEPTUAL REVIEW OF MANAGEMENT TRANSFORMATION IN THE ARTIFICIAL INTELLIGENCE ERA
items: THE INFLUENCE OF DIGITAL COMPETENCE AND WORK FACILITIES ON THE PERFORMANCE OF STATE CIVIL APPARATUS IN THE REGIONAL FINANCIAL AND ASSET MANAGEMENT AGENCY (BPKAD) SERDANG BEDAGAI REGENCY
items: DIGITAL MARKETING, FINANCIAL TECHNOLOGY, AND MARKET ORIENTATION STRATEGY: A STUDY ON MSME’s MARKETING PERFORMANCE
items: https://jaruda.id/index.php/go/article/view/338
items: THE EFFECT OF BI INTEREST RATE AND INFLATION ON THE RETURN OF THE COMPOSITE STOCK PRICE INDEX (IHSG) AT THE INDONESIA STOCK EXCHANGE (IDX): A VECTOR ERROR CORRECTION MODEL (VECM) APPROACH
items: LABOR ABSORPTION FACTORS OF MICRO, SMALL, AND MEDIUM ENTERPRISES (SMES) IN SUMATRA ISLAND: PANEL DATA ANALYSIS FOR THE 2020–2024 PERIOD
items: https://jaruda.id/index.php/go/article/view/347
items: https://jaruda.id/index.php/go/article/view/370
items: THE EFFECT ESG DISCLOSURE ON FIRM VALUE: THE MEDIATING ROLE OF FINANCIAL PERFORMANCE IN MANUFACTURING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE DURING THE 2020–2024 PERIOD
items: THE EFFECT OF PERCEIVED VALUE, SERVICE QUALITY, AND BRAND IMAGE ON CUSTOMER LOYALTY THROUGH CUSTOMER SATISFACTION AS AN INTERVENING VARIABLE AT PT FIRST MITRA MANDIRI
items: STRENGTHENING THE ORGANIZATIONAL CULTURE OF UMKM FOR BUSINESS SUSTAINABILITY IN THE KAMU VILLAGE MARKET OLD DENAI, PANTAI LABU DISTRICT DELI SERDANG REGENCY
items: THE EFFECT OF CORPORATE GOVERNANCE, COMPANY CHARACTERISTICS, AND FINANCIAL DISTRESS ON EARNINGS MANAGEMENT IN INDUSTRIAL COMPANIES (2022–2024)
items: FINANCIAL DISTRESS PREDICTION MODEL IN TOBACCO SUB-SECTOR COMPANIES
items: THE EFFECT OF FINANCIAL LITERACY, LIFESTYLE, AND SOCIAL MEDIA INTERACTION ON DOOM SPENDING BEHAVIOUR WITH FOMO AS MEDIATOR
items: THE EFFECT OF LOCAL ORIGINAL REVENUE (PAD) AND TRANSFER FUNDS ON REGIONAL EXPENDITURE: A FLYPAPER EFFECT ANALYSIS OF REGENCY/CITY IN NORTH SUMATERA PROVINCE
items: ANALYSIS OF THE CAUSES OF REPEATED FINDINGS IN AUDITS OF LOCAL GOVERNMENT FINANCIAL REPORTS: THE PERSPECTIVE OF THE BPK AUDITORS OF THE NORTH SUMATERA PROVINCE REPRESENTATIVE OFFICE
items: DO FOREIGN INVESTORS ENHANCE THE ROLE OF FEMALE DIRECTORS IN CORPORATE FINANCING DECISIONS?
items: UTILIZATION OF IDLE REGIONAL ASSETS AND REGIONAL FISCAL PERFORMANCE: AN ANALYSIS VALUE FOR MONEY IN GOVERNMENT NORTH SUMATRA PROVINCE
items: THE INFLUENCE OF SOCIAL MEDIA PROMOTION, CUSTOMER ORIENTATION, AND MENU INNOVATION ON THE BUSINESS SUCCESS OF MEATBALL STALLS IN LHOKSEUMAWE CITY
items: THE EFFECT OF DEBT TO EQUITY RATIO, CURRENT RATIO, AND DEBT TO ASSETS RATIO ON RETURN ON ASSETS IN NON FINANCIAL COMPANIES LISTED ON THE LQ45 INDEX AND THE SET50 INDEX
items: VALUATION ANALYSIS OF GREEN ENERGY SECTOR ISSUERS USING THE DISCOUNTED CASH FLOW METHOD
items: THE URGENCY OF STRATEGIC MANAGEMENT IN HIGHER EDUCATION : A SYS TEM ATIC LI T ERA TU RE R EVI E W APPROACH

DETERMINATION OF CORPORATE PROFIT THROUGH TIME DEPOSITS AND SHARE OWNERSHIP IN PT PRUDENTIAL LIFE DETERMINATION OF CORPORATE PROFIT THROUGH TIME DEPOSITS AND SHARE OWNERSHIP AT PT PRUDENTIAL LIFE
type: item
description: This study aims to analyze the effect of time deposits and stock ownership on PT Prudential Life's profit for the 2015–2025 period. The study uses a quantitative approach with secondary data in the form of quarterly financial reports totaling 44 observations. The data analysis technique uses multiple linear regression with t-test, F-test, and coefficient of determination (R²). The results show that time deposits have no significant effect on company profits, while stock ownership has a positive and significant effect on company profits. Simultaneously, time deposits and stock ownership have a positive and significant effect on PT Prudential Life's profit with a coefficient of determination of 94.5%.
creator: Khairani
creator: Fransiska Sirait
rights: Copyright (c) 2026 Khairani, Fransiska Sirait https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-08
publication date: 2026-07-08
volume: 5
number: 1
starting page: 556
ending page: 565

LITERATURE REVIEW: THE INFLUENCE OF SOCIAL MEDIA MARKETING ON CONSUMER BEHAVIOR
type: item
description: The development of digital technology has transformed conventional marketing communication patterns from conventional methods to a more interactive, social media-based approach. Social media marketing (SMM) has become one of the key strategies for companies in building relationships with consumers and influencing purchasing behavior. This study aims to examine the influence of social media marketing on consumer behavior through a literature review approach. The method used is a Systematic Literature Review (SLR), analyzing various accredited national journals and relevant international literature in the fields of digital marketing and consumer behavior. The findings indicate that social media marketing has a significant influence on consumer behavior through several key mechanisms, namely increased brand awareness, electronic word of mouth (e-WOM), and customer engagement. These three variables act as mediators that strengthen the relationship between social media marketing and consumer purchasing decisions. Furthermore, it was found that consumer behavior in the digital age is more complex as it is influenced by social interactions, digital content, and recommendations from other users on social media. This study concludes that social media marketing not only has a direct influence but also operates through psychological and social processes that shape consumer purchasing decisions. This study makes a theoretical contribution to the development of the digital marketing literature and offers practical implications for companies seeking to design more effective social media marketing strategies.
creator: Anita Rahmawati
creator: Sri Isti Untari
creator: Kristin Lukitaningrum
creator: Genesa Vernanda
creator: Eva Fitria
rights: Copyright (c) 2026 Anita Rahmawati, Sri Isti Untari, Kristin Lukitaningrum, Genesa Vernanda, Eva Fitria https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-15
publication date: 2026-07-15
volume: 5
number: 1
starting page: 786
ending page: 795

THE ROLE OF EARNINGS MANAGEMENT, CREDIT RISK, AND COST EFFICIENCY, MODERATED BY INTERNAL CONTROL, IN PREDICTING MARKET REACTIONS AT BANKS LISTED ON THE IDX
type: item
description: This study examines the impact of earnings management, credit risk, and cost efficiency on market reaction, using internal supervision as a moderating variable. Focusing on the Indonesian banking sector, secondary data from 40 banking companies listed on the Indonesia Stock Exchange (IDX) were selected via purposive sampling. Variables were proxied by discretionary accruals (earnings management), Non-Performing Loans (credit risk), the BOPO ratio (cost efficiency), the proportion of independent commissioners (internal supervision), and abnormal returns (market reaction). Data were analyzed using panel data regression and Moderated Regression Analysis (MRA). The results reveal that earnings management does not affect market reaction, indicating investors do not respond to earnings information indicating manipulation. Conversely, credit risk and cost efficiency significantly influence market reaction, reflecting investor focus on loan risk and operational management. Furthermore, while internal supervision does not moderate the effect of earnings management, it significantly moderates the impacts of both credit risk and cost efficiency. Ultimately, these findings highlight that effective corporate governance mechanisms, such as independent commissioners, enhance information credibility and market sensitivity to financial performance.
creator: Caroline Tiofanny
creator: Fahmi Natigor Nasution
creator: Sirojuzilam Hasyim
rights: Copyright (c) 2026 Caroline Tiofanny, Fahmi Natigor Nasution, Sirojuzilam Hasyim https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-08
publication date: 2026-07-08
volume: 5
number: 1
starting page: 565
ending page: 574

The role of ICT in education with special reference to classroom teachings - A literature review
type: item
description: In the field of education( ICT) has done a tremendous progress by modifying the system of education to some extant. Over the past few decades, information and communications technology (ICT) has become more important to educational institutions. There are wide of knowledge, and findings exists to enquire and study the use of ICT in the process of learning and teaching in educational institutions. Today in many developed and developing countries, most investments are made in this area and ICT is regarded as a key instrument within the field of education. This research inspects the application of ICT in the classrooms. This study will explore the role of information and communication technology in enhancement of teaching and learning process, academic achievement of students and attempt to show the student and teachers attitude towords the learning with technolog. Proper usage and utilization of modern tools and techniques by which teaching learning process is made interactive and indefinite will be precisely discussed.
creator: Dr. Manzoor Ahmad Wagay
rights: Copyright (c) 2026 Dr. Manzoor Ahmad Wagay https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-03
publication date: 2026-07-03
volume: 5
number: 1
starting page: 709
ending page: 714

ANALYSIS OF LIQUIDITY, SOLVABILITY, AND PROFITABILITY RATIOS TO ASSESS THE LEVEL OF FINANCIAL HEALTH AT PT YAKIN SEJAHTERA MANDIRI MUARA ENIM TAHUN 2020–2024
type: item
description: The sharp fluctuation in net profit of PT Yakin Sejahtera Mandiri Muara Enim during 2020–2024—from a peak of IDR 5.3 billion in 2021 to only IDR 289 million in 2023—raises questions about the overall financial health of this construction services company. This study aims to analyze that condition through liquidity, solvency, and profitability ratios using a descriptive quantitative method based on secondary data from the company's annual balance sheets and income statements. The results show that the company's liquidity and solvency remained strong and stable throughout the period, with the current ratio consistently above 200% and the debt-to-asset ratio below 40%, indicating sound working capital management and a healthy funding structure. In contrast, profitability ratios fluctuated sharply: Return on Equity surged to 182% in 2021 before plunging to 7.55% in 2023 due to rising operational cost pressure and then recovered to 17.19% in 2024. These findings indicate that strong liquidity and solvency do not automatically guarantee earnings stability, making the operational current ratio a key factor for the sustainability of project-based construction businesses such as PT Yakin Sejahtera Mandiri.
creator: Yenni Suryono
creator: Dwi Oktarina Aryani
creator: Arya Singgih Prasadana
rights: Copyright (c) 2026 Yenni Suryono, Dwi Oktarina Aryani, Arya Singgih Prasadana https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-28
publication date: 2026-07-28
volume: 5
number: 1
starting page: 1101
ending page: 1008
doi: 10.5281/zenodo.21767442

THE EFFECT OF LIQUIDITY, INCOME DIVERSIFICATION, OPERATIONAL EFFICIENCY, CREDIT RISK, AND LEVERAGE ON THE STABILITY OF REGIONAL DEVELOPMENT BANKS (BPD) IN INDONESIA: PERIOD 2021–2025
type: item
description: Regional Development Banks (BPD) play a strategic role as intermediary institutions supporting regional economic development and maintaining the stability of the regional financial system. Therefore, the ability of BPDs to maintain financial stability is a crucial aspect to ensure the sustainability of their intermediation function and increase their contribution to the regional economy. This study aims to analyze the effect of internal bank factors, including liquidity, revenue diversification, operational efficiency, credit risk, and leverage, on the stability of Regional Development Banks in Indonesia. This study uses a quantitative approach with secondary data obtained from the annual financial reports of 24 Regional Development Banks for the period 2021–2025. Data analysis was conducted using panel data regression with a Random Effects Model (REM) approach. The results show that revenue diversification and operational efficiency have a positive and significant effect on BPD stability, while credit risk has a negative and significant effect on BPD stability. Meanwhile, liquidity and leverage do not significantly affect BPD stability. These findings indicate that BPDs' ability to expand revenue sources, improve operational efficiency, and control credit risk is a more decisive factor in maintaining stability than liquidity management and funding structure. This study provides empirical evidence regarding the determinants of BPD stability in Indonesia and enriches the literature on regional banking stability. In addition, the research results are expected to be used as consideration for BPD management and regulators in formulating policies that support strengthening the resilience and sustainability of the regional banking industry.
creator: Nova Fernita S
creator: Erlina
creator: Rina Br Bukit
rights: Copyright (c) 2026 Nova Fernita S, Erlina, Rina Br Bukit https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-08
publication date: 2026-07-08
volume: 5
number: 1
starting page: 689
ending page: 696

THE EFFECT OF PROFITABILITY, MANAGERIAL OWNERSHIP, AND FIRM SIZE ON TAX AVOIDANCE
type: item
description: This study aims to analyze the effect of profitability , managerial ownership, and firm size on tax avoidance in energy sector companies listed on the Indonesia Stock Exchange for the 2022–2024 period. The research sample was obtained using purposive sampling . The number of samples in the study was 232. Data analysis used multiple linear regression. In this study , tax avoidance is not only seen as a tax saving strategy, but also as part of an effort to increase company efficiency in managing fiscal burdens legally. This efficiency allows companies to optimize operational cash flow, increase the availability of funds for investment, and strengthen long-term financial performance. These findings indicate that companies with high profitability, large company size, and strong managerial ownership tend to utilize tax planning strategies to achieve efficient use of resources and maximize company value. The results show that firm size , profitability , and managerial ownership have a positive and significant effect on tax avoidance .
creator: Harvey Eddyson
creator: Clara Susilawati
rights: Copyright (c) 2026 Harvey Eddyson https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-20
publication date: 2026-07-20
volume: 5
number: 1
starting page: 796
ending page: 803
doi: 10.5281/zenodo.21457668

FINANCIAL EVALUATION OF AIRCRAFT ACQUISITION ALTERNATIVES: LEASE VERSUS BUY DECISION FOR GARUDA INDONESIA’S BOEING 737 MAX
type: item
description: This study evaluates aircraft acquisition alternatives for Garuda Indonesia’s Boeing 737 MAX procurement by comparing direct purchase, sale and leaseback, operating lease, and financial lease structures. The analysis is motivated by Garuda Indonesia’s post restructuring condition, fleet readiness constraints, aircraft redelivery obligations, and the need to renew its aging narrow body fleet. A discounted cash flow model is used to calculate Net Present Value (NPV), supported by Net Advantage to Leasing (NAL), SWOT analysis, and sensitivity analysis. The base case result shows that leasing-based alternatives provide stronger financial value, with financial lease recording the highest result among all acquisition alternatives. Direct purchase records an NPV of USD 38.569 million and is used as the benchmark. Sale and leaseback records an NPV of USD 44.041 million, operating lease records USD 47.920 million, and financial lease records the highest NPV of USD 48.047 million. Financial lease also generates the highest NAL NPV of USD 9.478 million. The sensitivity analysis indicates that financial lease remains the strongest alternative in most scenarios, although the result is sensitive to WACC, residual value, and monthly base rent assumptions.
creator: Richlah Nia
creator: Sylviana Maya Damayanti
rights: Copyright (c) 2026 Richlah Nia, Sylviana Maya Damayanti https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-06-29
publication date: 2026-06-29
volume: 5
number: 1
starting page: 682
ending page: 688
doi: 10.5281/zenodo.21030310

MANAGERIAL ACCOUNTING ISSUES IN MSMES IN KOLAKA REGENCY: A PHENOMENOLOGICAL QUALITATIVE APPROACH
type: item
description: This study aims to identify and analyze managerial accounting problems faced by Micro, Small, and Medium Enterprises (MSMEs) in Kolaka Regency, Southeast Sulawesi. This study uses a qualitative approach with phenomenological methods. Data collection was conducted through in-depth interviews with 12 informants consisting of MSME actors in various sectors, participatory observation, and documentation. Data analysis techniques use the Miles, Huberman, and Saldaña (2014) model which includes data condensation, data display, and conclusion drawing. The results identified six main themes of managerial accounting problems, namely: (1) mixing of personal and business finances, (2) absence of production cost recording systems, (3) absence of planning and budgeting, (4) selling price determination without calculation basis, (5) minimal utilization of accounting information in decision making, and (6) weak business performance evaluation. This study recommends the need for local wisdom-based managerial accounting assistance programs involving local government, universities, and local business communities.
creator: Abd. Haris Rahim
creator: Anshar
rights: Copyright (c) 2026 Abd. Haris Rahim, Anshar https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-28
publication date: 2026-07-28
volume: 5
number: 1
starting page: 879
ending page: 891

https://jaruda.id/index.php/go/article/view/344
type: item
title: THE EFFECT OF LIQUIDITY, LEVERAGE, PROFITABILITY, INDEPENDENT COMMISSIONERS, AND INSTITUTIONAL OWNERSHIP ON DIVIDEND POLICY WITH FREE CASH FLOW AS A MODERATING VARIABLE IN MINING SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE DURING THE PERIOD OF
description: This study aims to analyze whether liquidity, leverage, profitability, independent commissioner, and institutional ownership affect dividend policy with free cash flow as a moderating variable in mining sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2021–2024. The study employed purposive sampling, selecting 25 companies from a population of 47 mining sector firms listed on the IDX, yielding 100 observations. Hypothesis testing was conducted using panel data regression analysis and Moderated Regression Analysis (MRA) with EViews software. The results indicate that liquidity does not affect dividend policy. Leverage does not affect dividend policy. Profitability has a significant positive effect on dividend policy. Independent commissioner and institutional ownership do not affect dividend policy. Free cash flow cannot moderate the effect of leverage, profitability, or institutional ownership on dividend policy.
creator: Frisky Anistya
creator: Fahmi Natigor Nasution
creator: Keulana Erwin
rights: Copyright (c) 2026 Frisky Anistya, Fahmi Natigor Nasution, Keulana Erwin https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-08
publication date: 2026-07-08
volume: 5
number: 1
starting page: 612
ending page: 628

FINANCING PRODUCT DIVERSIFICATION STRATEGY AND ITS IMPLICATIONS FOR PROFIT-AND-LOSS SHARING FINANCING CREDIT RISK (MUDHARABAH AND MUSYARAKAH CONTRACTS)
type: item
description: This study investigates the effectiveness of product diversification in managing credit risk in profit-and-loss sharing (PLS) financing at Bank Sumut Syariah. While Islamic banking theoretically leverages diversification for risk mitigation, akin to Modern Portfolio Theory, this research reveals an "Organizational Readiness Paradox": quantitative diversification has failed to effectively curb persistently high PLS risk. Using a qualitative descriptive-exploratory single case study approach, data were collected through in-depth interviews with 59 informants, field observations, and portfolio data analysis (2013–2024). Findings show that PLS non-performing financing consistently accounts for over 50% of total NPF and significantly exceeds consolidated NPF. This stems from a strategic gap between policy and portfolio reality, internal capability weaknesses (Human Resources 45.8%, Systems 28.8%), and misaligned incentive systems that prioritize volume over quality. The paradox underscores that elevated PLS risk is not inherent to Sharia contracts but rather reflects a mismatch between organizational capability and risk-sharing complexity. The study emphasizes the critical role of governance, robust Management Information System Early Warning System infrastructure, and adaptive human capital for effective diversification strategies.
creator: Ahmad Syukri
creator: Meilita Tryana Sembiring
creator: Fahmi Natigor
rights: Copyright (c) 2026 Ahmad Syukri, Meilita Tryana Sembiring, Fahmi Natigor https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-06
publication date: 2026-07-06
volume: 5
number: 1
starting page: 760
ending page: 763

PERCEPTIONS OF FINANCIAL RISK MANAGEMENT FOR TECHNOLOGY STARTUP COMPANIES IN THE EARLY FINANCING PHASE
type: item
description: This study aims to analyze perceptions of financial risk management among technology startups in the early stages of financing. Using qualitative descriptive methods through literature review and phenomenological analysis, this study found that most startup management views financial risk management as an administrative burden in the early stages, rather than a strategic tool. However, there is a significant shift in perception after the startups pass the seed funding round, where cash flow risk management and burn rate control begin to be prioritized to maintain the company's survival. In conclusion, the integration of flexible and adaptive financial risk management is crucial from day one to mitigate the risk of early bankruptcy.
creator: Machfud
creator: Fohan Muzakir
creator: Maisura
creator: Mahdawi
rights: Copyright (c) 2026 Machfud, Fohan Muzakir, Maisura, Mahdawi https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-06-26
publication date: 2026-06-26
volume: 5
number: 1
starting page: 652
ending page: 658
doi: 10.5281/zenodo.20930503

DYNAMICS OF EMPLOYEE EXPENDITURE FROM THE PERSPECTIVE OF PERFORMANCE-BASED BUDGET EFFECTIVENESS AND EFFICIENCY ANALYSIS
type: item
description: Employee Expenditure Dynamics and Performance-Based Budget Effectiveness: A Longitudinal Study at the Padangsidimpuan Police Resort. This study examines the asymmetric influence between Performance-Based Budgeting (PBB) implementation and employee expenditure dynamics on budget effectiveness and efficiency in police operational units characterized by extreme mandatory spending. Employing a mixed-data approach that integrates primary data from 24 respondents via questionnaires and longitudinal secondary data (2023–2025) consisting of SP2D realization, K PPN IPA scores, and AKIP evaluations, this research applies multiple linear regression to test causal relationships among variables. The primary scientific findings reveal three fundamental insights: (1) budget effectiveness emerges as a synergistic product of the normative PBB framework and adaptive expenditure dynamics mechanisms, rather than a single-variable outcome; (2) employee expenditure dynamics exert a dominant and significant influence on budget efficiency (coefficient = 1.086; p = 0.025), while PBB implementation remains insignificant in partial analysis; and (3) a paradox exists between technical performance improvement (IPA: 97.61 → 98.29) and managerial accountability stagnation (AKIP: BB category). These findings indicate that in mandatory-spending environments, administrative agility and close supervision become the primary determinants of efficiency, surpassing formal compliance with PBB principles. This study recommends implementing documented quarterly evaluations and optimizing close supervision as strategies to break AKIP stagnation, moving it from the BB to the A category.
creator: Andi Yusuf Simatupang
creator: Eka Nurmala Sari
rights: Copyright (c) 2026 Andi Yusuf Simatupang, Eka Nurmala Sari https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-28
publication date: 2026-07-28
volume: 5
number: 1
starting page: 1010
ending page: 1025
doi: 10.5281/zenodo.21718440

THE EFFECTS OF ETHICAL CULTURE AND LEADERSHIP STYLE ON FRAUD PREVENTION WITH ORGANIZATIONAL COMMITMENT AS A MEDIATION VARIABLE IN THE RECTOR'S BUREAU OF UNIVERSITAS SUMATERA UTARA
type: item
description: This study examines the influence of ethical culture and leadership style on fraud prevention, and investigates the mediating role of organizational commitment in those relationships at the Rector's Office of Universitas Sumatera Utara (USU). Employing a causal-associative quantitative design, data were collected from 106 employees through purposive sampling via structured questionnaires. Data analysis utilized covariance-based Structural Equation Modeling (SEM) using IBM AMOS software. Results indicate that ethical culture has a significant positive direct effect on fraud prevention (CR = 2.589; p = 0.010), while leadership style exerts no significant direct effect (CR = 1.901; p = 0.057). Both ethical culture (CR = 2.426; p = 0.015) and leadership style (CR = 2.743; p = 0.006) significantly and positively influence organizational commitment. Organizational commitment, in turn, significantly promotes fraud prevention (CR = 3.579; p < 0.001). Sobel test results confirm that organizational commitment significantly mediates the effect of ethical culture (t = 2.008; p = 0.045) and fully mediates the effect of leadership style (t = 2.177; p = 0.029) on fraud prevention. These findings underscore the critical importance of cultivating ethical climate and building employee commitment as complementary mechanisms in institutional fraud prevention strategies.
creator: Aninditya Amanda
creator: Iskandar Muda
creator: Keulana Erwin
rights: Copyright (c) 2026 Aninditya Amanda, Iskandar Muda, Keulana Erwin https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-08
publication date: 2026-07-08
volume: 5
number: 1
starting page: 593
ending page: 603

BANK STOCK RESILIENCE TEST: THE IMPACT OF BITCOIN AND GOLD RISK CONTAGION IN THE TRUMP ERA
type: item
description: This study aims to analyze the dynamic relationship between gold price returns, Bitcoin returns, Bank Central Asia (BBCA) stock returns, and Bank Syariah Indonesia (BRIS) stock returns in the period before and after January 2025 as a representation of changes in global policy regimes in the Trump 2.0 era. The study uses a quantitative approach with the Vector Autoregression (VAR) method based on daily return data analyzed through stationarity tests, determining the optimum lag, VAR stability tests, cointegration tests, Granger causality tests, Impulse Response Function (IRF), and Forecast Error Variance Decomposition (FEVD) using EViews 12. The results show that all variables are stationary at the level level so that the VAR model is suitable for use. Before January 2025, there was no significant Granger causality relationship between gold returns or Bitcoin returns on BBCA and BRIS stock returns. After January 2025, the dynamic relationship between variables changes, marked by the emergence of a causal relationship from BRIS returns to BBCA returns, while the direct relationship between gold returns and Bitcoin returns to banking stocks remains relatively limited. These findings suggest that changes in global policy regimes are more reflected in changes in the dynamics of relationships between assets than through direct risk transmission from gold and Bitcoin to Indonesian banking stocks.
creator: David Gabriel Marudut Purba
creator: M. Ridho Akbar Lubis
creator: Didik Gunawan
creator: Willy Cahyadi
rights: Copyright (c) 2026 David Gabriel Marudut Purba, M. Ridho Akbar Lubis, Didik Gunawan, Willy Cahyadi https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-08
publication date: 2026-07-08
volume: 5
number: 1
starting page: 745
ending page: 759

FROM HUMAN-CENTERED MANAGEMENT TO ALGORITHMIC GOVERNANCE: A CONCEPTUAL REVIEW OF MANAGEMENT TRANSFORMATION IN THE ARTIFICIAL INTELLIGENCE ERA
type: item
description: The rapid development of artificial intelligence is driving a fundamental transformation in management practices and paradigms, from a human-centered approach to algorithmic governance. This article aims to conceptually examine how this shift impacts decision-making, leadership roles, organizational governance, and ethical dimensions in the context of modern management. The research method used is a conceptual literature review by analyzing reputable international journal articles and key academic books discussing humanistic management, artificial intelligence, and algorithmic governance. The results of the study indicate that algorithmic governance offers increased efficiency, consistency, and analytical capacity for organizations, but also presents risks related to transparency, accountability, fairness, and the degradation of human considerations in decision-making. This article emphasizes that human-centered management and algorithmic governance are not mutually exclusive but can be integrated within a management framework that places humans as the ultimate supervisors and bearers of responsibility for algorithm-based decisions. The study's conclusions emphasize the importance of a responsible socio-technical and governance approach so that the use of artificial intelligence can strengthen, rather than replace, human values in management practices in the digital era.
creator: Erlangga Rahimi
creator: Umi Narimawati
creator: Anita Rahmawati
creator: Sri Isti Untari
creator: Kristin Lukitaningrum
rights: Copyright (c) 2026 Erlangga Rahimi, Umi Narimawati, Anita Rahmawati, Sri Isti Untari, Kristin Lukitaningrum https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-06-25
publication date: 2026-06-25
volume: 5
number: 1
starting page: 1790
ending page: 1800
doi: 10.5281/zenodo.21820206

THE INFLUENCE OF DIGITAL COMPETENCE AND WORK FACILITIES ON THE PERFORMANCE OF STATE CIVIL APPARATUS IN THE REGIONAL FINANCIAL AND ASSET MANAGEMENT AGENCY (BPKAD) SERDANG BEDAGAI REGENCY
type: item
description: The purpose of this study is to analyze and test the extent to which digital competence and work facilities influence the performance of civil servant employees at the Regional Financial and Asset Management Agency (BPKAD) of Serdang Bedagai Regency. This study uses a quantitative method approach using Multiple Linear Regression analysis on IBM SPSS Statistics 25 software. The population in this study were all ASN employees at the Regional Financial and Asset Management Agency (BPKAD) of Serdang Bedagai Regency, totaling 53 people. The data source in this study comes from primary data, namely from the results of questionnaires/surveys filled out directly by respondents. The results of this study indicate that digital competence has a positive and significant influence on the performance of civil servant employees at the Regional Financial and Asset Management Agency (BPKAD) of Serdang Bedagai Regency. Meanwhile, work facilities do not have a significant influence on the performance of civil servant employees at the Regional Financial and Asset Management Agency (BPKAD) of Serdang Bedagai Regency. Based on the results of the Simultaneous test (f count), it shows that digital competence and work facilities together have a significant effect on employee performance. ASN of the Regional Financial and Asset Management Agency (BPKAD) of Serdang Bedagai Regency..
creator: Wilda Tilawatil Aulya Purba
creator: Satria Tirtayasa
rights: Copyright (c) 2026 Wilda Tilawatil Aulya Purba, Satria Tirtayasa https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-06-28
publication date: 2026-06-28
volume: 5
number: 1
starting page: 582
ending page: 592

DIGITAL MARKETING, FINANCIAL TECHNOLOGY, AND MARKET ORIENTATION STRATEGY: A STUDY ON MSME’s MARKETING PERFORMANCE
type: item
description: Culinary MSMEs play a strategic role in the Medan City economy, but the increase in the number of businesses has not always been followed by an increase in marketing performance. This study aims to analyze the influence of digital marketing, financial technology, and market orientation on the marketing performance of culinary MSMEs in Medan City. The study used an associative quantitative approach. The study population was MSMEs in Medan City, with a sample of 100 respondents determined through a purposive sampling technique. Data were obtained through research instruments and analyzed using validity tests, reliability tests, classical assumptions, multiple linear regression, t-tests, F-tests, and coefficients of determination. The results showed that digital marketing had a positive and significant effect on marketing performance. Financial technology also had a positive and significant effect and was the variable with the largest contribution. Meanwhile, market orientation had a positive relationship, but did not have a significant effect partially. Simultaneously, all three variables had a significant effect on the marketing performance of culinary MSMEs in Medan City with an Adjusted R Square value of 0.697. These findings demonstrate the importance of integrating digital promotion, financial technology, and market understanding to strengthen the competitiveness of MSMEs.
creator: Austin Alexander Parhusip
creator: Aisyah Azhar Adam
rights: Copyright (c) 2026 Austin Alexander Parhusip, Aisyah Azhar Adam https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-17
publication date: 2026-07-17
volume: 5
number: 1
starting page: 773
ending page: 785

https://jaruda.id/index.php/go/article/view/338
type: item
title: THE EFFECT OF INCOME TAX IMPOSITION ON E-COMMERCE SALES AND THE ROLE OF INFLUENCER ENDORSEMENTS ON TAX PAID ON ONLINE SOCIAL MEDIA SALES (Case Study on Registered MSMEs at the Medan Belawan Tax Office)
description: This study examines the effect of income tax imposition on e-commerce sales and influencer endorsements on taxes paid by MSMEs engaged in online sales through social media in Medan City. Using a quantitative approach, data were collected through questionnaires distributed to MSMEs and analyzed with Partial Least Square (PLS). The results show that the imposition of e-commerce income tax has a significant positive effect on taxes paid (t-statistic = 3.016; p-value = 0.003). Likewise, influencer endorsements significantly affect taxes paid (t-statistic = 2.705; p-value = 0.000). Together, both variables significantly influence taxes paid, as indicated by an R-Square of 0.728 and an Adjusted R-Square of 0.723, meaning that 72.3%–72.8% of the variation in taxes paid can be explained by these factors. The findings suggest that digital taxation policies and influencer-based marketing strategies not only benefit MSMEs economically but also enhance tax compliance and state revenue. The study highlights the importance of tax literacy, regulation dissemination, and digital tax administration in strengthening MSME contributions.
creator: Jaka Syahputra
creator: Dahrani
creator: Eka Nurmala Sari
rights: Copyright (c) 2026 Jaka Syahputra, Dahrani, Eka Nurmala Sari https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-08
publication date: 2026-07-08
volume: 5
number: 1
starting page: 543
ending page: 555

THE EFFECT OF BI INTEREST RATE AND INFLATION ON THE RETURN OF THE COMPOSITE STOCK PRICE INDEX (IHSG) AT THE INDONESIA STOCK EXCHANGE (IDX): A VECTOR ERROR CORRECTION MODEL (VECM) APPROACH
type: item
description: This study aims to analyze the influence of the BI Rate and inflation on the return of the Jakarta Composite Index (JCI) on the Indonesia Stock Exchange in the post-pandemic period and the monetary policy normalization period of 2017–2024. The analytical method used is the Vector Error Correction Model (VECM) equipped with Granger causality tests, Impulse Response Function (IRF), and Forecast Error Variance Decomposition (FEVD) using 96 monthly data observations processed with EViews 12. The results show that the BI Rate and inflation do not significantly affect the JCI return in either the short or long term, although the results of the Johansen cointegration test indicate a long-term equilibrium relationship between the variables. The results of the Granger causality test also do not find a direct causal relationship between the two macroeconomic variables and the JCI return. The IRF and FEVD analysis strengthen this finding, where the JCI return response to BI Rate and inflation shocks is relatively small, and the variation in the JCI return is largely explained by its own internal factors. This finding indicates that the movement of the JCI return during the research period was more influenced by the internal dynamics of the stock market than domestic macroeconomic factors in the form of the BI Rate and inflation.
creator: Andrian Rinaldi Manik
creator: Dimas Pranaditya Lubis
creator: Mangasi Sinurat
creator: Willy Cahyadi
rights: Copyright (c) 2026 Andrian Rinaldi Manik, Dimas Pranaditya Lubis, Mangasi Sinurat, Willy Cahyadi https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-08
publication date: 2026-07-08
volume: 5
number: 1
starting page: 727
ending page: 735
doi: 10.5281/zenodo.21414071

LABOR ABSORPTION FACTORS OF MICRO, SMALL, AND MEDIUM ENTERPRISES (SMES) IN SUMATRA ISLAND: PANEL DATA ANALYSIS FOR THE 2020–2024 PERIOD
type: item
description: The purpose of this study is to analyze the influence of the number of Micro and Small Industries (MSMEs), the value of MSME output , and GRDP on the absorption of MSME labor in 10 (ten) provinces on Sumatra Island for the period 2020–2024. This study uses panel data with a Fixed Effect Model (FEM) approach. The results of the study revealed that the number of MSME businesses significantly influences the absorption of MSME labor (β = 1.914200 ; p < 0.05), while the value of MSME output (β = 0.001026 ; p > 0.05) and GRDP (β = 0.103498 ; p > 0.05) do not significantly affect the absorption of MSME labor. The model explains 99.2364% of the variation in MSME labor absorption (Adjusted R² = 0.992364 ). The findings of this study are that the expansion of employment opportunities is more determined by the growth in the number of business units than by the increase in output or the size of the regional economy. The government should prioritize policies that encourage the formation of new MSME business units and provide training and access to capital to increase business capacity without reducing employment.
creator: Inda Arfa Syera
creator: Hajar Affiah
creator: Faulia Anggeraini
creator: Dewi Hakiki
rights: Copyright (c) 2026 Inda Arfa Syera, Hajar Affiah, Faulia Anggeraini, Dewi Hakiki https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-28
publication date: 2026-07-28
volume: 5
number: 1
starting page: 1109
ending page: 1117
doi: 10.5281/zenodo.21636780

https://jaruda.id/index.php/go/article/view/347
type: item
title: THE EFFECT OF LEVERAGE, PRODUCTIVITY, AND DEVIDEND POLICY ON COMPANY VALUE WITH COMPANY SIZE AS A MODERATOR IN MANUFACTURING COMPANIES IN THE CONSUMER GOODS INDUSTRY SECTOR LISTED ON THE IINDONESIA STOCK EXCHANGE
description: This study aims to analyze the effect of leverage, productivity, and dividend policy on firm value in consumer goods industry sector companies listed on the Indonesia Stock Exchange during the period 2022-2024, and to examine the role of firm size as a moderating variable. The research sample was determined using purposive sampling, resulting in 24 companies with 72 panel data observations. The analytical method used is Moderated Regression Analysis (MRA) with a Fixed Effect Model (FEM-EGLS) approach selected through Chow and Hausman tests. Results show that leverage has a positive and significant effect on firm value, while productivity has a positive but insignificant effect, and dividend policy has a negative but insignificant effect on firm value. Firm size significantly moderates the effect of leverage on firm value in a negative direction (pure moderator), but is unable to moderate the effects of productivity and dividend policy on firm value. These findings imply that capital structure management must be optimized, while asset utilization efficiency and dividend policy require more effective management to provide positive signals to investors.
creator: Willman S
creator: Fahmi Natigor Nasution
creator: Isfenti Sadalia
rights: Copyright (c) 2026 Willman S, Fahmi Natigor Nasution, Isfenti Sadalia https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-08
publication date: 2026-07-08
volume: 5
number: 1
starting page: 696
ending page: 708

https://jaruda.id/index.php/go/article/view/370
type: item
title: THE INFLUENCE OF TAXPAYER AWARENESS, TAX SOCIALIZATION, AND E-FILING IMPLEMENTATION ON INDIVIDUAL TAXPAYER COMPLIANCE WITH TAX SANCTIONS AS MODERATION ON TAXPAYERS REGISTERED AT THE PRATAMA TAX SERVICE OFFICE IN BEKASI
description: This study focuses on the level of taxpayer compliance. It aims to obtain empirical evidence on the influence of taxpayer awareness, tax socialization, and E-filing on taxpayer compliance with tax sanctions, with E-filing as a moderating variable. This study uses a quantitative research design. This research was conducted using a questionnaire distributed to all taxpayers in Bekasi City; 180 questionnaires were distributed via WhatsApp. Each questionnaire distributed contains 22 items for taxpayers to answer. To obtain the results of this study, the researcher used PLS-SEM version 3.0. This study found that taxpayer awareness and the implementation of E-filing had a positive and significant effect on taxpayer compliance, whereas tax socialization had a positive but nonsignificant effect. Tax sanctions are unable to moderate the influence of taxpayer awareness and tax socialization on taxpayer compliance, whereas they can moderate the effect of E-filing implementation on taxpayer compliance. In addition, there are several differences with previous research. Among them are the variables used and the research site location.
creator: Lembah Dewi Andini
creator: Sofia Maulida
creator: Diva Ainiatun Nahlah
rights: Copyright (c) 2026 Lembah Dewi Andini, Sofia Maulida, Diva Ainiatun Nahlah https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-28
publication date: 2026-07-28
volume: 5
number: 1
starting page: 936
ending page: 946

THE EFFECT ESG DISCLOSURE ON FIRM VALUE: THE MEDIATING ROLE OF FINANCIAL PERFORMANCE IN MANUFACTURING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE DURING THE 2020–2024 PERIOD
type: item
description: This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure on firm value, with financial performance serving as a mediating variable, in manufacturing companies listed on the Indonesia Stock Exchange (IDX). Firm value is proxied by Tobin’s Q, while financial performance is measured using Return on Assets (ROA). The study employs panel data from manufacturing companies during the 2020–2024 period and uses the Bloomberg ESG Disclosure Score as a proxy for ESG disclosure. Data were analyzed using panel data regression and the Sobel test with the assistance of EViews 13 software to examine the mediating effect of financial performance. The results of the main analysis indicate that ESG disclosure does not significantly affect firm value. In addition, although ESG disclosure significantly affects ROA, the direction of the relationship is contrary to the proposed hypothesis. Furthermore, ROA does not significantly affect firm value and is unable to mediate the relationship between ESG disclosure and firm value. However, the robustness test using a one-year time-lag approach reveals that ESG disclosure has a positive and significant effect on both ROA and Tobin’s Q in the subsequent period. The Sobel test further confirms that ROA partially mediates the relationship between ESG disclosure and firm value under the time-lag model. These findings suggest that the benefits of ESG implementation in manufacturing companies are not immediately reflected in financial performance and firm value. Instead, the positive impact of ESG tends to emerge over time, indicating the presence of a time-lag effect. Therefore, ESG should be viewed as a long-term strategic investment capable of creating sustainable value for firms.
creator: Julia
creator: Keulana Erwin
creator: Rina Br. Bukit
rights: Copyright (c) 2026 Julia, Keulana Erwin, Rina Br. Bukit https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-06-30
publication date: 2026-06-30
volume: 5
number: 1
starting page: 1058
ending page: 1070

THE EFFECT OF PERCEIVED VALUE, SERVICE QUALITY, AND BRAND IMAGE ON CUSTOMER LOYALTY THROUGH CUSTOMER SATISFACTION AS AN INTERVENING VARIABLE AT PT FIRST MITRA MANDIRI
type: item
description: Abstract-This study aims to analyze the effect of Perceived Value, Service Quality, and Brand Image on Customer Loyalty through Customer Satisfaction as an intervening variable among customers of PT First Mitra Mandiri, a company located in Batam City and engaged in spa. This research is motivated by the increasingly competitive spa industry and the importance of maintaining customer loyalty as a key factor for business sustainability. This study employed a quantitative approach using a survey method. The population consisted of all First Spa Batam customers who had used the spa services at least twice. The sampling technique used was accidental sampling, resulting in a sample of 125 respondents. Data were collected through questionnaires and analyzed using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method with the assistance of SmartPLS software. The results indicate that Perceived Value, Service Quality, and Brand Image have a positive and significant effect on Customer Satisfaction. Furthermore, Perceived Value, Service Quality, Brand Image, and Customer Satisfaction have a positive and significant effect on Customer Loyalty. The mediation analysis demonstrates that Customer Satisfaction successfully mediates the relationship between Perceived Value, Service Quality, and Brand Image and Customer Loyalty. This study concludes that enhancing customers’ perceived value, service quality, and a positive brand image can increase customer satisfaction, which in turn strengthens customer loyalty at First Spa Batam. Therefore, the company should continuously improve service quality, provide value that meets customer expectations, and strengthen its brand image in order to maintain and enhance customer loyalty.
creator: Hanisa Aulia Putri
creator: Ramli
creator: M. Gita Indrawan
rights: Copyright (c) 2026 Hanisa Aulia Putri, Ramli, M. Gita Indrawan https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-27
publication date: 2026-07-27
volume: 5
number: 1
starting page: 862
ending page: 878

STRENGTHENING THE ORGANIZATIONAL CULTURE OF UMKM FOR BUSINESS SUSTAINABILITY IN THE KAMU VILLAGE MARKET OLD DENAI, PANTAI LABU DISTRICT DELI SERDANG REGENCY
type: item
description: Micro and Small Enterprises (MSEs) have role strategic in support growth economy area , creating field work , and improve welfare society . However , some large number of MSMEs operating in traditional markets Still face various challenges , such as weak governance​ effort , low commitment to standard services , as well as Not yet optimally implementation values culture organizations that can support sustainability business . Condition This was also found among MSMEs at Kamu Market, Denai Lama Village, Pantai Labu District , Deli Serdang Regency . devotion to public This aim For increase understanding and awareness MSME actors regarding importance culture organization as foundation in guard sustainability and power competition business . The method used covering socialization , counseling , discussion interactive and mentoring simple to participants . Activities implemented through stages preparation , implementation , and evaluation . Results of activities show existence improvement understanding participant about values culture organization like discipline , responsibility answer , work same , orientation service and commitment to quality effort . Participants also demonstrated high enthusiasm​ during activity ongoing as well as state readiness For apply values culture organization in activity his business . Activities This give contribution positive in build awareness MSME actors for develop more effort​ professional , adaptive , and sustainable .
creator: Tapi Rondang Ni Bulan
creator: Sarah Imelda
creator: Azwansyah Habibie
creator: Muslim Harahap
creator: Bunga Aditi
rights: Copyright (c) 2026 Tapi Rondang Ni Bulan, Fahmi Natigor Nasution, Sarah Imelda, Azwansyah Habibie, Muslim Harahap, Isfenti Sadalia, Bunga Aditi https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-06-24
publication date: 2026-06-24
volume: 5
number: 1
starting page: 636
ending page: 642

THE EFFECT OF CORPORATE GOVERNANCE, COMPANY CHARACTERISTICS, AND FINANCIAL DISTRESS ON EARNINGS MANAGEMENT IN INDUSTRIAL COMPANIES (2022–2024)
type: item
description: This study aims to examine and analyze the influence of corporate governance mechanisms proxied by institutional ownership, audit committee meetings, independent commissioners, audit gender, and commissioner gender and financial characteristics proxied by Debt to Equity Ratio (DER) and Return on Assets (ROA) along with financial distress on earnings management practices. The population of this research consists of industrial sector companies listed on the Indonesia Stock Exchange (IDX) during the 2022-2024 period. Using a purposive sampling method, a sample of 62 companies was selected, yielding a total of 186 panel data observations analyzed using multiple linear regression via EViews software. The partial empirical results demonstrate that all independent variables have no significant effect on earnings management, except for Return on Assets (ROA), which has a significant negative effect on earnings management. The limitation of this study lies in its narrow focus on the industrial sector for the 2022-2024 period, the reliance on a single discretionary accrual proxy, and corporate governance indicators that are still structurally quantity-oriented. Therefore, future research is suggested to expand the multi-sector scope of listed companies, utilize a Real Earnings Management (REM) proxy, and integrate aspects of quality competence in educational backgrounds as well as the personal integrity of supervisors.
creator: Mohammad Fajar Fahrizky
creator: Indah Fajarini Sri Wahyuningrum
rights: Copyright (c) 2026 Mohammad Fajar Fahrizky, Indah Fajarini Sri Wahyuningrum https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-28
publication date: 2026-07-28
volume: 5
number: 1
starting page: 892
ending page: 905

FINANCIAL DISTRESS PREDICTION MODEL IN TOBACCO SUB-SECTOR COMPANIES
type: item
description: The tobacco industry in Indonesia faces various challenges, such as increasing tobacco excise rates, inflation, declining purchasing power, and changes in consumer behavior towards alternative tobacco products. These conditions have the potential to affect company financial performance and increase the risk of financial distress . This study aims to predict financial distress conditions in tobacco sub-sector companies listed on the Indonesia Stock Exchange for the 2020–2024 period using the Altm an Z-Score, Zmijewski X-Score, Springate S-Score, and Grover G-Score models. This study uses a quantitative descriptive method with secondary data obtained from annual financial reports. The study population consists of all tobacco sub-sector companies listed on the Indonesia Stock Exchange for the 2020–2024 period, namely four companies, which were also used as research samples using a saturated sampling technique. The results show that PT Gudang Garam Tbk, PT HM Sampoerna Tbk, and PT Wismilak Inti Makmur Tbk are consistently in the healthy category based on all prediction models used. Meanwhile, PT Indonesian Tobacco Tbk exhibits a higher level of financial vulnerability, falling into the grey area category based on the Altman Z-Score model and experiencing financial distress based on the Springate S-Score model. This research contributes to providing a comparative overview of the use of four financial distress prediction models in the tobacco subsector as a basis for decision-making by management, investors, and creditors. Overall, the financial condition of tobacco subsector companies during the 2020–2024 period remains relatively stable.
creator: Nurul Chalijah Rangkuti
creator: Idzni Syafitri
creator: Didik Gunawan
creator: Willy Cahyadi
rights: Copyright (c) 2026 Nurul Chalijah Rangkuti, Idzni Syafitri, Didik Gunawan, Willy Cahyadi https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-08
publication date: 2026-07-08
volume: 5
number: 1
starting page: 659
ending page: 668
doi: 10.5281/zenodo.21372418

THE EFFECT OF FINANCIAL LITERACY, LIFESTYLE, AND SOCIAL MEDIA INTERACTION ON DOOM SPENDING BEHAVIOUR WITH FOMO AS MEDIATOR
type: item
description: This study aims to analyse the influence of financial literacy, lifestyle, and social media interaction on doom spending behaviour, with Fear of Missing Out (FOMO) as a mediating variable, among students in the Faculty of Economics and Business at Universitas Malikussaleh. Excessive, anxiety-driven spending has become increasingly common among the younger generation as they navigate economic uncertainty and pervasive digital exposure, making it important to understand which psychological, social, and financial factors drive this behaviour among university students. A quantitative research design was employed using a survey method distributed to active university students selected through purposive and proportional sampling. Data were analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM) with a sample of 140 respondents. The findings reveal that financial literacy, social media interaction, and FOMO significantly and positively affect doom spending behaviour, whereas lifestyle does not exhibit a significant effect. Furthermore, the mediation analysis indicates that FOMO mediates the relationship between social media interaction and doom spending behaviour, but does not mediate the relationships of financial literacy or lifestyle with doom spending behaviour. These findings confirm that FOMO functions as a key psychological mechanism reinforcing consumptive behaviour among students, and that financial knowledge alone is insufficient to prevent it. The results suggest that initiatives to reduce excessive spending among students should combine financial literacy education with healthier, more mindful social media use and emotional-regulation support.
creator: Hawa Zahrani
creator: Husaini
creator: Ghazali Syamni
creator: Chairil Akhyar
creator: Nurhasanah
rights: Copyright (c) 2026 Hawa Zahrani, Husaini, Ghazali Syamni, Chairil Akhyar, Nurhasanah https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-30
publication date: 2026-07-30
volume: 5
number: 1
starting page: 764
ending page: 772

THE EFFECT OF LOCAL ORIGINAL REVENUE (PAD) AND TRANSFER FUNDS ON REGIONAL EXPENDITURE: A FLYPAPER EFFECT ANALYSIS OF REGENCY/CITY IN NORTH SUMATERA PROVINCE
type: item
description: Fiscal decentralization grants regional governments greater authority to manage their own revenues and expenditures, yet many local governments in Indonesia remain heavily dependent on central government transfers rather than own-source revenue (PAD). This dependency raises the possibility of a flypaper effect, a condition in which regional expenditure responds more strongly to transfer funds than to PAD. This study examines the influence of PAD and transfer funds on capital expenditure and routine expenditure, and tests for the presence of a flypaper effect, among regency and municipal governments in North Sumatra Province. Using an explanatory quantitative approach, the study analyzes panel data from 33 regencies and cities over the 2019–2024 period (198 observations), drawn from official BPS and DJPK publications, with gross regional domestic product and population included as control variables. Panel regression results show that both PAD and transfer funds have a positive and significant effect on capital expenditure and on routine expenditure. In both expenditure models, however, the coefficient of transfer funds exceeds that of PAD, indicating that regional expenditure is more responsive to central transfers than to locally generated revenue. The findings confirm the presence of a flypaper effect among North Sumatra's regency and city governments and underscore the need to strengthen local revenue mobilization to support genuine fiscal independence.
creator: Juliana Siahaan
creator: Abdillah Arif Nasution
creator: Ibnu Austrindanney Sina Azhar
rights: Copyright (c) 2026 Juliana Siahaan, Abdillah Arif Nasution, Ibnu Austrindanney Sina Azhar https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-08
publication date: 2026-07-08
volume: 5
number: 1
starting page: 629
ending page: 635

ANALYSIS OF THE CAUSES OF REPEATED FINDINGS IN AUDITS OF LOCAL GOVERNMENT FINANCIAL REPORTS: THE PERSPECTIVE OF THE BPK AUDITORS OF THE NORTH SUMATERA PROVINCE REPRESENTATIVE OFFICE
type: item
description: This study aims to analyze the causes of recurring findings in the audit of local government financial reports from the perspective of auditors from the Supreme Audit Agency (BPK) Representative Office of North Sumatra Province. The phenomenon of recurring findings indicates that audit recommendations have not been fully followed up effectively by local governments. This condition has the potential to reduce the quality of local financial governance, hamper public accountability, and affect the effectiveness of local budget management. This study uses a descriptive qualitative method with a field study approach through in-depth interviews, observation, and documentation. Research informants consisted of auditors from the BPK Representative Office of North Sumatra Province who have experience in auditing local government financial reports. Data analysis techniques were carried out through data reduction, data presentation, and drawing conclusions. The results of the study indicate that weak management commitment, weaknesses in SPIP (Standard Implementation Implementation System), limited human resource competency, administrative follow-up, and regulatory complexity are the main causes of recurring findings. Recurring findings are seen as indicators of suboptimal governance and internal oversight of local governments.
creator: Victor Efendi
creator: Eka Nurmala Sari
rights: Copyright (c) 2026 Victor Efendi, Eka Nurmala Sari https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-08
publication date: 2026-07-08
volume: 5
number: 1
starting page: 715
ending page: 726

DO FOREIGN INVESTORS ENHANCE THE ROLE OF FEMALE DIRECTORS IN CORPORATE FINANCING DECISIONS?
type: item
description: This study investigates whether board gender diversity influences the debt to asset ratio and examines the moderating role of foreign ownership within consumer non-cyclicals firms listed on the Indonesia Stock Exchange from 2020 to 2024. Analyzing a balanced panel of 170 firm-year observations across 34 companies using a Random Effect Model, the empirical evidence rejects both proposed hypotheses. The results indicate that the presence of female directors does not significantly reduce corporate leverage. Similarly, foreign ownership fails to moderate this relationship. These outcomes are largely explained by the low average female board representation (11.91%) in the sample, which falls well below the critical mass threshold required to actively shape financial policies. In this context, female participation functions primarily as tokenism. Furthermore, the highly dispersed nature of foreign ownership tends to substitute rather than reinforce board monitoring. This research highlights that merely having token female representation is insufficient to alter capital structure in an emerging two-tier board system, as corporate leverage remains overwhelmingly driven by persistent firm-specific characteristics.
creator: Chici Askotamiya
creator: Suanti
creator: Rumintar J. H. Marpaung
rights: Copyright (c) 2026 Chici Askotamiya, Suanti, Rumintar J. H. Marpaung https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-30
publication date: 2026-07-30
volume: 5
number: 1
starting page: 1865
ending page: 1874
doi: 10.5281/zenodo.21904436

UTILIZATION OF IDLE REGIONAL ASSETS AND REGIONAL FISCAL PERFORMANCE: AN ANALYSIS VALUE FOR MONEY IN GOVERNMENT NORTH SUMATRA PROVINCE
type: item
description: Utilization of Regional Property (BMD) located in in idle condition becomes issue important in management finance areas , especially in the middle demands improvement independence fiscal and optimization source Power public . In many government area , assets area recorded worth big in balance sheet , however Not yet fully utilized For support performance fiscal in a way sustainable research​ This aim For analyze conditions and practices utilization of idle BMD in the Government North Sumatra Province , evaluates its performance based on Value for Money ( VfM ) perspective , as well as study the implications to performance fiscal areas , especially Regional Original Income (PAD) Study This use approach qualitative with design studies case . Data collected through analysis report finance government area , report results Audit Board inspection Finance (BPK), and tracing document relevant policies and publications .​ Research result show that Government North Sumatra Province has portfolio asset large area , but​ Still there are 113 BMD in the form of land as well as buildings and structures in idle condition as listed in the BPK IHPS Semester II 2025. Contribution utilization of BMD for PAD is still relatively small and not yet comparable with potential assets owned . Evaluation based on VfM show that utilization of idle BMD not yet fulfil criteria economical , efficient and effective optimally . This condition influenced by limitations maturity management assets , weaknesses integration utilization asset to in fiscal strategy area . and height caution bureaucracy consequence audit risk . Study This contribute in a way theoretical with integrate public asset management perspective , value for money, and decentralization fiscal in analyze utilization asset area . In terms of empirical , research This enrich literature with proof studies cases at the government level province and offers framework evaluation performance utilization of BMD that is oriented results . Limita…
creator: Sandro Simatupang
creator: Eka Nurmala Sari
rights: Copyright (c) 2026 Sandro Simatupang, Eka Nurmala Sari https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-08
publication date: 2026-07-08
volume: 5
number: 1
starting page: 643
ending page: 651

THE INFLUENCE OF SOCIAL MEDIA PROMOTION, CUSTOMER ORIENTATION, AND MENU INNOVATION ON THE BUSINESS SUCCESS OF MEATBALL STALLS IN LHOKSEUMAWE CITY
type: item
description: This study examines the influence of social media promotion, customer orientation, and menu innovation on the business success of bakso (meatball) stalls in Lhokseumawe City, Indonesia. A quantitative survey design was employed, involving 80 stall owners selected through purposive sampling. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with the aid of SmartPLS software. The results show that social media promotion has a positive but statistically insignificant effect on business success (t = 1.461; p = 0.144), largely because most owners have not yet used social media optimally. In contrast, customer orientation (t = 5.344; p = 0.000) and menu innovation (t = 5.544; p = 0.000) both exert a significant positive effect on business success, with menu innovation emerging as the strongest predictor (path coefficient = 0.578). The model explains 73.0% of the variance in business success (R² = 0.730) and demonstrates strong predictive relevance (Q² = 0.617). These findings imply that the success of small culinary enterprises such as bakso stalls depends more on owners' ability to understand customer needs and to continuously innovate their products than on digital promotion alone.
creator: Miranda
creator: Munandar
creator: Naufal Bachri
creator: Muttaqien
rights: Copyright (c) 2026 Miranda, Munandar, Naufal Bachri, Muttaqien https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-20
publication date: 2026-07-20
volume: 5
number: 1
starting page: 997
ending page: 1009

THE EFFECT OF DEBT TO EQUITY RATIO, CURRENT RATIO, AND DEBT TO ASSETS RATIO ON RETURN ON ASSETS IN NON FINANCIAL COMPANIES LISTED ON THE LQ45 INDEX AND THE SET50 INDEX
type: item
description: This study aims to examine and analyze the effect of Debt to Equity Ratio (DER), Current Ratio (CR), and Debt to Assets Ratio (DAR) on Return on Assets (ROA) in non-financial companies listed on the LQ45 index in Indonesia and the SET50 index in Thailand during the 2022–2024 period. This research employed a quantitative approach using secondary data obtained from companies' financial statements. The purposive sampling technique yielded 18 LQ45 companies and 35 SET50 companies, with a total of 159 observations. Panel data regression using EViews software was applied, alongside the Mann–Whitney difference test. Results indicate that for LQ45 companies, DER has a positive but insignificant effect on ROA; CR has a positive and significant effect on ROA; and DAR has a positive but insignificant effect on ROA. For SET50 companies, DER has a negative but insignificant effect on ROA; CR has a positive and significant effect on ROA; and DAR has a negative but insignificant effect on ROA. Simultaneously, DER, CR, and DAR do not significantly affect ROA in LQ45 companies but significantly affect ROA in SET50 companies. The Mann–Whitney test reveals significant differences in DER, DAR, and ROA between LQ45 and SET50 companies, while CR shows no significant difference. These findings indicate that liquidity plays a crucial role in improving profitability in both indices, while the effect of debt structure on profitability differs according to market and firm characteristics.
creator: Dwi Faradiba Siregar
creator: Iskandar Muda
creator: Yeni Absah
rights: Copyright (c) 2026 Dwi Faradiba Siregar, Iskandar Muda, Yeni Absah https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-08
publication date: 2026-07-08
volume: 5
number: 1
starting page: 604
ending page: 611

VALUATION ANALYSIS OF GREEN ENERGY SECTOR ISSUERS USING THE DISCOUNTED CASH FLOW METHOD
type: item
description: This study aims to analyze the intrinsic value of green sector issuers. energy listed on the Indonesia Stock Exchange using the Discounted method Cash Flow (DCF) with Free approach Cash Flow to Firm (FCFF). The study used a descriptive quantitative method with a sample of four companies, namely PT Pertamina Geothermal Energy Tbk (PGEO), PT Barito Renewables Energy Tbk (BREN), PT Arkora Hydro Tbk (ARKO), and PT TBS Energi Utama Tbk (TOBA). The data used were secondary data in the form of annual financial reports for the period 2023–2025, while the assessment was carried out through FCFF calculations, cash flow projections, Weighted Average Cost of Capital (WACC), Terminal Value , and intrinsic value of shares. The results show that PGEO has an intrinsic value of Rp2,274 per share, higher than the market price of Rp1,055, so it is categorized as undervalued . Conversely, BREN and ARKO have intrinsic values of Rp1,134 and Rp1,210 per share, respectively, which are below the market price, so they are categorized as overvalued . Meanwhile, TOBA cannot be adequately valued using the DCF method because it produced a negative FCFF in the last year of observation. This study shows that the DCF method is more effective when applied to companies that have positive and stable FCFF, so it can provide a more representative estimate of intrinsic value as a basis for investment decision making.
creator: Wiji Saputra
creator: Mangasi Sinurat
creator: Willy Cahyadi
rights: Copyright (c) 2026 Wiji Saputra, Mangasi Sinurat, Wili Cahyadi https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-08
publication date: 2026-07-08
volume: 5
number: 1
starting page: 736
ending page: 744
doi: 10.5281/zenodo.21414166

THE URGENCY OF STRATEGIC MANAGEMENT IN HIGHER EDUCATION : A SYS TEM ATIC LI T ERA TU RE R EVI E W APPROACH
type: item
description: Universities are institutions of higher learning that play a strategic role in nation building. Developed countries generally have high-quality higher education systems capable of producing superior human resources, innovative research, and significant contributions to economic, social, political, and cultural development. Conversely, the poor quality of higher education often results in a nation's low competitiveness on the global stage . This article aims to explain the Strategic Management of Higher Education from an Islamic perspective. The method used in this article is qualitative research with a Systematic Literature Review approach. Articles were collected from Google Scholar using the PRISMA ( Preferred ) search process . R e p or t ing I t e m f o r Sy s t e m ic R e vi e wsand​ M e ta- a n a ly ses ) . Then​​​​ done​​​​​​​ analysis​​​​​​ is i s e c a ra de s k r i p t i f. The results found that strategic management is based on the strategy formulation stage, the formulation of the decided strategy must be calculated in order to provide the greatest benefit for the company, with activities ranging from developing a business mission, understanding external opportunities and threats, determining internal strengths and weaknesses and establishing long-term objective plans. Strategy implementation, is formulating to change the established strategy into a management action. Activities at this stage include annual objective policies, allocating resources and mobilizing organizational actors. Strategy evaluation, is the final stage of strategic management with its main activities being to review the internal and external factors that form the basis of the current strategy, measuring performance and taking corrective action.
creator: M. Alang Khairun Nizar
rights: Copyright (c) 2026 M. Alang Khairun Nizar https://creativecommons.org/licenses/by/4.0
license: https://creativecommons.org/licenses/by/4.0
date: 2026-07-29
publication date: 2026-07-29
volume: 5
number: 1
starting page: 1140
ending page: 1143
doi: 10.5281/zenodo.21670512