The non-cyclical consumer sector, which is defined by the production of essential goods, has demonstrated a notable degree of resilience in the face of economic fluctuations. Despite this stability, the dynamics influencing firm value in this sector remain complex. A plethora of literature has been published on topics such as dividend policy, profitability, sales growth, market risk, and inflation. Nevertheless, the role of Corporate Social Responsibility (CSR) as a moderating variable has received less attention. The objective of this study is to address this lacuna by examining the manner in which CSR influences the relationship between these factors and firm value. The objective of the present study is twofold: first, to provide insights into the potential long-term and short-term effects of these variables, and second, to explore the relationship between the variables and the potential effects on the patient's well-being. This study employs the Generalized Method of Moments (GMM) to examine dynamic panel data from 87 companies operating within the Consumer Non-Cyclicals sector and listed on the Indonesia Stock Exchange from 2017 to 2023. The findings of the study demonstrate a positive correlation between profitability and firm value, while market risk and inflation exhibit a negative relationship with firm value. CSR was found to moderate the relationship between profitability, market risk, and inflation but did not moderate the effects of dividend policy or sales growth on firm value. However, its role is context-dependent and does not universally apply to all financial variables.
Building an entrepreneurial enterprise with a team is a dynamic process and requires effective teamwork. Thus, The idea of shared leadership as a team leadership approach is crucial. Based on social exchange theory, Through knowledge sharing as a moderator and team trust and creativity as a mediator, we examine how shared leadership might enhance team performance. To test our hypotheses, data were collected from 71 entrepreneurial teams (306 members and 73 supervisors) through combined online and offline surveys. Aggregated at the team level, Smart PLS 3.0 was used to analyze the data and evaluate the suggested model. Findings reveal that team performance is greatly improved by shared leadership, with trust and creativity partially mediating this effect. Contrary to expectations, knowledge sharing did not moderate the relationship This study advances the literature by introducing team creativity as a previously underexplored mediating mechanism in the link between team performance and shared leadership. Moreover, the use of dyadic data from both leaders and team members strengthens the methodological rigor by mitigating common method bias and enhancing the robustness of the findings. The findings highlight the critical role of building trust and encouraging creativity in boosting team effectiveness, providing meaningful insights for improving entrepreneurship programs in Indonesia and promoting long-term success.
The Indonesian labor market faces a significant and persistent skills gap, particularly among knowledge-intensive industries, where Knowledge-workers require specialized competencies. This study seeks to address this gap by examining the roles of technical, human-social, and methodological competencies in enhancing K-worker preparedness among economics students at Telkom University. A cross-sectional survey of 1,401 students evaluates the impact of these competencies and explores how previous work experience affects competency development. Results reveal that each competency—technical, human-social, and methodological—meaningfully contributes to overall Knowledge-worker readiness, with technical skills emerging as the most influential factor in job preparedness. Surprisingly, work experience does not strongly moderate these competency impacts, highlighting that foundational skill development within the curriculum remains paramount for fostering employability. These findings emphasize the need for competency-based education frameworks that prioritize foundational skills to meet the ASEAN labor market's demands. The study provides actionable insights for higher education policymakers and curriculum designers in Indonesia, suggesting that a stronger focus on comprehensive competency-based training can better equip graduates for competitive regional workforce integration. Continuous professional development initiatives are also highlighted as crucial, enabling graduates to adapt and grow in their careers. This research contributes to ongoing discussions on bridging educational outcomes with industry needs and reinforces the role of curriculum reform in promoting workforce competitiveness across Southeast Asia.
Cross-border tourism in Southeast Asia is often hindered by identity-based biases and intergroup animosity, particularly towards immigrant communities. Grounded in Social Identity Theory, this study investigates whether the strategic communication of a superordinate identity framed through Malaysia’s inclusive Malaysia Madani campaign can reduce Indonesian tourism avoidance among Malaysian youth. A one-way between-subjects experimental design was implemented with 92 university students (aged 18–24), randomly assigned to either a treatment group exposed to Malaysia Madani narratives or a control group completing a neutral activity. Participants assessed immigrant population threat, immigrant animosity, cultural openness, perceived authenticity communication, and tourism avoidance using validated 7-point Likert scales. Findings revealed that superordinate identity exerted statistically significant but theoretically inconsistent effects on tourism avoidance via threat or animosity. However, cultural openness significantly moderated the relationship between identity and tourism avoidance, whereas authenticity communication did not. These results underscore the pivotal role of cultural openness in international marketing communication strategies aimed at reducing tourism resistance. Theoretically, the study advances identity-based marketing discourse; practically, it suggests that professionals in marketing and tourism should design campaigns that strengthen inclusive identity and foster openness to re-engage reluctant travellers and revitalise regional tourism.
Investment has long been common among Indonesians, with gold traditionally favored. Recently, younger generations have begun diversifying into capital market instruments such as stocks, mutual funds, and Indonesian government bonds (ORI). While these options offer higher return potential, they also carry greater risk. Retail investors often face obstacles such as limited capital, time constraints, and lack of accessible information, which can hinder optimal investment decisions. This study compares the returns of stocks, mutual funds, and ORI from February 22, 2021, to February 15, 2024. A modified present value formula is used to evaluate each investment, incorporating all cash flows coupon payments, cash dividends, and stock dividends throughout the investment period. This approach addresses a common gap in investment prospectuses, where present value considerations are frequently omitted by investment managers, leading to less accurate return assessments. Findings show that, on average, stocks deliver the highest returns, followed by ORI, with mutual funds yielding the lowest. These results provide practical insights for retail investors aiming to make more informed decisions based on return potential adjusted for the timing of payments.
The transportation sector faced substantial challenges during the COVID-19 pandemic, primarily due to a lack of robust digital infrastructure and reliance on unreliable data. This study aims to tackle these issues by implementing a digital transformation strategy focused on reengineering business processes and introducing an innovative intellectual capital model specifically designed for Indonesia’s government transportation sector. This research marks a pioneering effort in developing unique measurement indicators and dimensions for this intellectual capital model. The model’s creation was informed by an extensive literature review, which led to a survey distributed to 302 field experts. The proposed framework includes informational, human, structural, and relational capital, constructed through structural equation modeling (SEM) and analyzed with AMOS software. Informational capital is defined as the combined assets that generate value, encompassing data, information, knowledge, technology, and tools. Statistical analysis showed a moderate level of intellectual capital readiness among surveyed organizations. 'Knowledge Management' displayed the highest readiness level, followed by 'Planning and Processes.' Conversely, 'Transformational Technologies' and 'Creativity and Innovation' scored lowest in readiness. These results suggest that organizations in this sector require a broad set of skills and competencies to boost creativity and innovation while effectively utilizing digital technologies to enhance intellectual capital. To successfully implement a digital strategy, organizations must develop essential competencies, emphasize the importance of informational assets, and cultivate a culture supportive of change
This study identifies the relationship between the fintech development and the performance of companies in the financial industry listed on the Indonesia Stock Exchange (IDX) from 2017-2023. This research uses the number of fintech firms as a proxy for fintech development and net profit margin, return on assets, and return on equity as proxies for company performance. Utilizing the One Step Estimator Arellano-Bond model, the analysis reveals a significant impact of the number of fintech firms on the performance of companies in the financial industry, specifically within the non-bank sub-sector, as indicated by return on equity. The study concludes that an increase in the number of fintech firms in Indonesia can decrease the return on equity for companies in the financial industry and within the non-bank sub-sector. This effect is attributed to the high initial costs incurred from technology investments for financial firms to remain competitive.
This study examines the impact of economic policy uncertainty (EPU) on firm value, integrating several variables to enhance the understanding of this relationship. These variables include corporate leverage, debt restructuring, and firm performance. The data for this research were collected through a purposive sampling method, focusing on the financial statements of manufacturing companies in the ASEAN region from 2018 to 2023. The analysis will employ panel data regression techniques, utilizing the Eviews12 application. The findings indicate that EPU significantly affects corporate leverage, performance, and firm value. However, leverage, as proxied by Debt-to-Asset Ratio (DAR) and Debt-to-Capital Ratio (DCR), does not fully account for the performance and value of firms; only the DCR demonstrates a significant impact. Moreover, DCR is found to mediate the relationship between EPU and corporate performance or firm value. In contrast, debt restructuring does not moderate the effect of EPU on corporate performance. Lastly, it is evident that company performance significantly influences firm value and can mediate the impact of EPU on that value.
Enterprise Risk Management Disclosure (ERMD) is an integral part of corporate governance that supports transparency and risk management. This study aims to compare risk management disclosure factors in Indonesian and Malaysian automotive companies from 2014 to 2023. The results show that the level of risk management disclosure increased significantly in both countries, with Indonesia experiencing more significant growth than Malaysia. Audit committee effectiveness and firm size positively influenced risk disclosure, while leverage and capital intensity showed a negative influence. Overall, risk management disclosures are influenced by internal firm factors and regulatory differences in the two countries. Firms with strong oversight and large size are more likely to disclose risks transparently. The findings provide important insights for regulators, investors, and academics to enhance risk disclosure and support better corporate governance in the ASEAN region.
This study investigates the effectiveness and challenges of Indonesia’s digital onboarding program for Small and Medium Enterprises (SMEs) aimed at enhancing market access via digital marketplaces. Using a qualitative approach, data were collected through in-depth interviews and focus group discussions (FGDs) with 15 SME owners, representatives from four major e-commerce companies, and policymakers from the Ministry of Industry. Findings highlight significant gaps between planning and implementation, requiring tailored workshop materials, better coordination with marketplace enablers, and structured monitoring and evaluation (MONEV) systems. Success factors include appropriate marketplace selection, community engagement, and government support, while challenges involve monitoring difficulties, a lack of continuous mentorship, and digital literacy gaps. Managerial implications stress the importance of developing standardized training materials in collaboration with relevant associations, establishing clear learning outcomes and fostering continuous mentorship by successful SME champions. The findings of this study also contribute to policy makers and facilitators involved in this program by creating a framework for sustainable collaboration to ensure its long-term success and sustainability.
This research examines the effect of work-family enrichment on work engagement through self-efficacy and job satisfaction as mediating variables among women entrepreneurs in Bali. Data was collected through questionnaires distributed to women entrepreneurs in Bali. The research sample consisted of women entrepreneurs in Bali, 183 people using the snowball sampling technique. The results of data analysis using PLS show that there is a positive influence of work-family enrichment on self-efficacy, job satisfaction, and work engagement. In addition, self-efficacy and job satisfaction have also been proven to be significant mediators in the relationship between work-family enrichment and work engagement. If women entrepreneurs feel that positive experiences at work enrich their family life, they will believe in their ability to complete tasks and increase their satisfaction in their work, leading them to be more engaged in the organization. The managerial implication of these findings is the importance of women entrepreneurs in creating a work environment that supports a balance between work and family life, which can increase their self-efficacy, job satisfaction, and work engagement. This research contributes to the literature on work-family enrichment and work engagement, especially in the context of women entrepreneurs in Bali.
This study explores the effects of food quality, service quality, pricing strategy, and ambiance on customer retention in Indonesian restaurants in Taiwan, with customer satisfaction as a mediating variable. This study also investigates the moderating role of cultural similarity in this relationship. A structured survey was conducted in a quantitative study design, collecting data from 400 international customers of Indonesian restaurants in Taiwan. Structural Equation Modeling (SEM) with Partial Least Squares (PLS) was used to analyze the data. The results showed that food quality and pricing strategy significantly increased customer satisfaction. In addition, service quality and ambiance had no significant contribution to customer satisfaction. Furthermore, cultural similarity strengthened the relationship between food quality and customer satisfaction. Finally, customer satisfaction had a significant effect on customer retention. This study provides important insights for Indonesian restaurant owners in Taiwan, emphasizing the important role of service quality and restaurant ambiance in addition to food quality and price to support customer satisfaction and thus increase customer retention.
This study examines the impact of both offline and online campaigns partially and simultaneously on eco-friendly intentions with the mediating role of eco-friendly attitudes in the beverage industry, specifically on bubble tea brands. This study was conducted using a quantitative approach by distributing questionnaires to offline and online customers, sampling 400 respondents, and utilizing SmartPLS 3 for hypothesis testing. The results show that the indirect impact of online campaigns has a greater influence on eco-friendly intentions through eco-friendly attitudes, whereas the direct impact of offline campaigns has a greater influence on eco-friendly intentions. Additionally, online campaigns have a greater effect on eco-friendly attitudes compared to offline campaigns. The online campaign plays a significant role in building positive perceptions before individuals act in the field. Seeing the high response from customers that the online campaign made them aware of plastic waste, it is recommended that other bubble tea brands who want to create a similar campaign create content on Instagram that highlights the negative impact of plastic on the environment.
Quick Response Code Indonesian Standard (QRIS) is an electronic tool for transactions in Indonesia that uses a standardized national QR code. QRIS helps the growth of micro, small, and medium enterprises and facilitates domestic payment transactions. It also encourages financial inclusion. In this study, the UTAUT technique is used to describe the factors that can influence the tendency to use certain technologies. This study uses quantitative research methods, and the main data collection tool is a questionnaire. In this study, the sample consists of 110 people who work in Micro, Small, and Medium Enterprises and use the Quick Response Code Indonesian Standard (QRIS) digital transaction tool. This study was conducted using structural equation modeling (SEM) along with the partial least squares (PLS) method. The results showed that performance expectations, business expectations, social influence, and supportive conditions significantly influenced the decision or desire of MSME players to use QRIS as a digital payment tool. In terms of using QRIS, only the variables of social influence and enabling conditions affect the behavior of MSME players. However, user intentions may influence the relationship between performance expectations, effort expectations, social influence, and enabling variables that influence usage behavior.
This research delves into the intricate dynamics of consumer behavior on social commerce platforms, emphasizing the connections between visual appeal, customer involvement, hedonic value, social support, and buy intention. A positive link between visual appeal and hedonic value (t = 3.980, p < 0.001) is revealed by our analysis of 249 respondents' data using SmartPLS 3, highlighting the critical role that visually appealing information plays in piquing consumers' interest and encouraging participation. Furthermore, we emphasize the role that social support plays in determining customer engagement (t = 5.067, p < 0.001) and hedonic value (t = 3.134, p = 0.002), demonstrating the necessity of establishing social ties in online shopping settings. Our study found that hedonic value had a substantial impact on purchase intention (t = 7.672, p < 0.001), indicating that emotional fulfillment is an important factor in consumer decision-making. We also find a strong association between customer engagement and purchase intention (t = 3.372, p = 0.001), indicating that actively engaging customers in brand experiences enhances their likelihood of making a purchase.
