Manajemen dan Bisnis (MABIS) is an open access journal published under the Faculty of Business and Economics at the University of Surabaya with ISSN 1412-3789 and e-ISSN 2477-1783. It is published under the Faculty of Business and Management at the University of Surabaya. The editorial board invites authors and experts to publish and share their ideas through scientific and empirical research in the field of Management and Business. The major objective of the publication is to improve theories, concepts, and practices in the field of management and business. The dissemination of research will enable young researchers and practitioners to present and share their scientific empirical findings. We aim to be a bridge between theories and practices in management and business. The participation of distinguished national and international scholars on the editorial board ensures the sustainability and quality of the journal and supports the development of management and business research at both national and international levels. MABIS is published three times a year (March, July, and November), with each issue comprising 25 empirical research articles, preferably written in English. This publication schedule enables the timely dissemination of recent research findings to both academicians and practitioners. The journal targets a broad readership, including researchers, lecturers, undergraduate and postgraduate students, as well as practitioners in the field of management and business. Manajemen & Bisnis (MABIS) has officially been accredited SINTA 2 by the Directorate General of Research and Development, as stated in Decree No. 295/C/C3/KPT/2026 dated January 2, 2026
Department of Management - Faculty of Business and Economics. Universitas Surabaya.
During submission you will be asked to sign various warranties about the article (see Journal policies). These include affirming that it is original and does not infringe any legal or personal rights (e.g. copyright, libel or privacy). Authors retain copyright in their articles, but grant Jurusan Manajemen Fakultas Bisnis dan Ekonomika the right of the first publication. All papers will be published open access under a Creative Commons CC BY-SA 4.0 license. This ensures that they receive the maximum dissemination because there are no barriers to access. This license allows readers to disseminate and reuse the paper, but always requires them to grant the authors and the first publication full credit.
Celebrity advocacy in K-pop: social influence, religiosity, performance expectancy, and empathy as drivers of donation intention in the Jae Park–PRCF campaign
This study examines the influence of social influence, religiosity, performance expectancy, and empathy on donation intention toward the Palestine Children’s Relief Fund (PCRF), promoted by celebrity Jae Park. Data were analyzed using Structural Equation Modeling (SEM) with the Partial Least Squares (PLS) method via SmartPLS 3. The respondents were 180 millennials aged 29–44 who had seen Jae Park’s PCRF campaign on social media. The findings reveal that social influence and religiosity do not directly affect donation intention, whereas performance expectancy shows a significant positive effect. However, both social influence and religiosity significantly affect empathy, which in turn indirectly influences donation intention. Empathy functions as a full mediator between social influence and religiosity and donation intention, suggesting that empathy represents an important and compelling mediating variable to examine, given its essential role in motivating charitable behavior.
Copyright (c) 2026 Ferina Maria Arne Saraun, Ari Setiyaningrum https://creativecommons.org/licenses/by/4.0
Corporate culture as a strategic driver of employee performance: a systematic review of empirical evidence
This study aims to systematically review empirical evidence on the role of corporate culture as a strategic driver of employee performance. Using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework, this study analyzed 40 peer-reviewed open-access articles published between 2020 and 2025 and indexed in reputable databases. The findings reveal that corporate culture significantly influences employee performance through shared values, leadership behavior, communication climate, and learning orientation. A strong and adaptive corporate culture enhances employee motivation, work engagement, productivity, and organizational citizenship behavior. This review also identifies gaps in existing research, particularly the limited use of longitudinal designs and the lack of focus on digital and hybrid work cultures. The study contributes to the literature by providing an integrated understanding of how corporate culture drives employee performance and offers strategic insights for organizational development and human resource management
Copyright (c) 2026 Nofrizal Nofrizal https://creativecommons.org/licenses/by/4.0
Extending the theory of planned behavior to explain halal entrepreneurial intention: evidence from SEM-PLS analysis
This study examines the factors influencing students’ intentions to start a halal business at Perguruan Tinggi Keagamaan Islam Negeri (PTKIN) in Indonesia. It extends the Theory of Planned Behavior (TPB) by incorporating halal industry knowledge and awareness as additional determinants. Data from a survey of 300 PTKIN students were analyzed using PLS-SEM. The results show that knowledge of and strong awareness of the halal industry greatly and positively influence students' views on starting a business in the halal sector. Moreover, being entrepreneurial, feeling that others approve of entrepreneurship, and believing you can control your actions all had a positive and significant impact on the intention to start a halal business, with the belief in controlling your actions being the strongest influence. Halal entrepreneurial attitudes act as both complete and partial mediators between halal industry knowledge and awareness and the decision to start a business. The unique part of this study is the development of a TPB model grounded in halal values, highlighting the importance of knowledge and awareness of the halal industry in shaping entrepreneurial attitudes. It applies the model nationally within the underexplored PTKIN context and recommends strengthening halal entrepreneurship curricula and institutional support.
Copyright (c) 2026 Ahmad Afandi, Utari Evy Cahyani https://creativecommons.org/licenses/by/4.0
How tax audits shape transfer pricing, tax havens, and tax aggressiveness
This study examines the effects of transfer pricing and tax haven activities on tax aggressiveness, with tax audits serving as a moderating variable. The research focuses on energy companies listed on the Indonesia Stock Exchange during the 2010–2023 period. Using a quantitative approach, this study analyzes 224 firm-year observations and applies panel data regression with Moderated Regression Analysis (MRA). The results show that transfer pricing positively affects tax aggressiveness, indicating that related-party transactions provide opportunities for companies to reduce their tax burden. In contrast, tax haven presence negatively affects tax aggressiveness, suggesting that firms do not primarily utilize tax haven subsidiaries for tax aggressiveness. Furthermore, tax audits weaken the positive relationship between transfer pricing and tax aggressiveness, indicating that stronger tax enforcement reduces opportunistic tax behavior. However, tax audits strengthen the relationship between tax havens and tax aggressiveness. These findings highlight the important role of tax audits in limiting tax aggressiveness and strengthening tax compliance. The study contributes to the tax avoidance literature by providing empirical evidence on the moderating role of tax audits in the relationship between transfer pricing, tax havens, and tax aggressiveness within the context of Indonesia’s energy sector.
Copyright (c) 2026 Nita Andriyani Budiman https://creativecommons.org/licenses/by/4.0
Social media engagement as a mediator of viral marketing, brand image, and Aerostreet purchase intention
The development of social media, especially TikTok, has transformed digital marketing strategies by encouraging more intense interactions between brands and consumers. This research explores the relationships between viral marketing, brand image, and purchase intention, with social media engagement serving as a mediator among TikTok users of the Aerostreet shoe brand in Surabaya. This research applies a quantitative approach with data collection through surveys, involving 160 purposively selected respondents. Data analysis was conducted using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) approach. Empirical findings show a significant relationship between social media engagement and purchase intention.. In addition, the findings reveal that social media engagement exerts a significant influence on purchase intention. The mediation analysis further confirms that social media engagement serves as a meaningful intervening mechanism through which viral marketing and brand image affect consumers’ purchase intention. These results highlight the critical role of interactive and emotionally engaging content in shaping purchasing decisions, particularly within the TikTok environment. The findings of this study not only contribute to strengthening digital marketing literature, but also provide practical benefits for MSMEs in increasing the effectiveness of marketing communications through social media.
Copyright (c) 2026 Muhammad Ifanto Kurniawan https://creativecommons.org/licenses/by/4.0
Green marketing strategies: environmentally friendly batik ecosystems in niche and mass market segments in Pekalongan
Consumer awareness of environmental issues encourages batik MSMEs in Pekalongan to adopt green marketing strategies to support business sustainability. This study aims to analyze the implementation of green marketing strategies in two environmentally friendly batik ecosystems, namely the niche market and the mass market, and to map the interactions among actors within these ecosystems. A qualitative approach was employed through semi-structured interviews, field observations, literature review, and Social Network Analysis (SNA) to understand actor roles, marketing innovations, and distribution strategies. The results show that in the mass market segment, the success of green marketing is highly dependent on workers as the main actors who ensure consistency in quality, production, and the application of environmentally friendly principles, supported by government intervention and the use of digital technology. In contrast, in the niche market segment, sustainability is more strongly determined by business owners, communities, and market relationships that build the image of batik as an exclusive art product. These findings emphasize that green marketing strategies are most effective when implemented through collaboration among actors with co-creation of value and, and highlight the importance of strengthening worker capacity, innovation, and technology integration to enhance the competitiveness and sustainability of batik MSMEs
Copyright (c) 2026 Natasya Putri Hardiahsyah https://creativecommons.org/licenses/by/4.0
Risk-based VAT planning model: optimizing compliance and VAT savings
This study develops a risk-based VAT tax planning model that emphasizes tax compliance as a mediating variable in optimizing tax savings in construction companies. Using a sequential explanatory mixed-method design, quantitative data were collected through questionnaires from 60 respondents representing medium-sized construction firms in the City of Tangerang, followed by a focus group discussion with tax consultants to support model interpretation. Sixteen hypotheses were tested using path analysis. The results indicate that all VAT planning components timely VAT reporting, optimization of input tax crediting, delay in tax invoice issuance, postponement of input tax crediting, and the selection of restitution or compensation schemes, have a significant effect on tax compliance. However, only strategic variables, namely delaying tax invoice issuance and selecting restitution or compensation schemes, have a significant direct effect on optimizing tax savings. Other administrative strategies affect tax savings indirectly through tax compliance. Tax compliance itself has a significant positive effect on VAT savings optimization and partially mediates the relationship between VAT planning practices and tax savings. This study introduces a risk-based, compliance-oriented VAT planning model that supports sustainable VAT savings and recommends integrating compliance risk management into VAT planning and administrative practices.
Copyright (c) 2026 Sri Setia Ningsih, Yanti Budiasih, Lestari Adhi Widyowati https://creativecommons.org/licenses/by/4.0
Building adaptive performance through knowledge competence, organizational culture, and perceived organizational support
This study aims to examine the determinants of adaptive performance, namely knowledge competence and organizational culture with the mediation of perceived organizational support. This study uses explanatory research with a population of MSMEs in Jember Regency with a sampling of 295 respondents spread across various types/categories of MSMEs. Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 3.0 was used to test the suggested study model. The findings show that knowledge competence and organizational culture significantly improve adaptive performance, both directly and indirectly through perceived organizational support. Through the integration of knowledge competency and organizational culture as important antecedents and the positioning of perceived organizational support as a mediating mechanism, this study enhances the theoretical understanding of adaptive performance. To improve employees' capacity to adaptive performance, MSME owners and managers should make investments in ongoing knowledge competence and foster an adaptable organizational culture. Long-term competitiveness can also be strategically enhanced by bolstering perceived organizational support through equitable treatment, acknowledgment, and sufficient resources.
Copyright (c) 2026 Sri Wahyu Lelly Hana Setyanti https://creativecommons.org/licenses/by/4.0
Bridging the literacy-performance gap: cognitive bias interaction and mentoring in MSMEs
This study examines how financial literacy, cognitive biases, and behavior-based mentoring affect the performance of micro, small, and medium enterprises (MSMEs) in post-disaster Sigi, Central Sulawesi. The objectives were to assess relationships among financial literacy, cognitive bias, financial behavior, and business performance, and to evaluate the role of mentoring as an intervention. A mixed-methods design was used: a quantitative survey of 291 MSME actors who received mentoring, followed by in-depth qualitative interviews to enrich interpretation. Findings show that higher financial literacy promotes healthier financial practices and better business outcomes, while cognitive biases influence decisions in ways that can harm performance unless managed. Financial behavior operates as the key pathway linking knowledge and biases to performance. Mentoring improved practical financial practices but did not sufficiently alter underlying biases or strengthen the effect of literacy on behavior. Recommendations include redesigning mentoring to incorporate behavioral-economic debiasing, training mentors as behavioral coaches, and developing simple digital tools that prompt data-driven decisions to sustain improvements in MSME financial management.
Copyright (c) 2026 Juliana Kadang https://creativecommons.org/licenses/by/4.0
A Critical literature review of digital transformation and governance for competitive advantage
Cooperatives face persistent performance challenges amid accelerating digital disruption and governance demands; this study critically examines how digital transformation and Good Cooperative Governance (GCG) function as strategic resources shaping competitive advantage and cooperative performance. Using a Critical Literature Review (CLR) of peer-reviewed studies (2021–2025) sourced from Scopus, Google Scholar, and SINTA-indexed journals, 30 relevant journal articles were identified and critically analyzed to synthesize theoretical perspectives, conceptual frameworks, and empirical findings related to digital capabilities, governance, competitive advantage, and multidimensional performance. The review finds that digital transformation and GCG operate as interdependent organizational capabilities whose strategic value emerges when aligned; sustainable competitive advantage functions as the central mediating mechanism translating these capabilities into improved financial and nonfinancial outcomes such as member satisfaction, service quality, and long-term sustainability. However, the literature reveals conceptual ambiguities, inconsistent operationalizations of competitive advantage, limited attention to cooperative-specific governance dynamics, and a shortage of longitudinal and context-sensitive studies. We offer an integrative conceptual model that clarifies these relationships and propose a research agenda emphasizing cooperative-centric theorization, longitudinal and mixed-method designs, and adaptive governance practices to enable effective digital transition. Practitioners should prioritize governance alignment, capacity building, and member engagement to realize the strategic benefits of digital investments.
Copyright (c) 2026 Made Yudi Darmita, Ida Bagus Raka Suardana, A.A Eddy Supriyadinata Gorda, Ida Ayu Oka Martini https://creativecommons.org/licenses/by/4.0
A hybrid DEA-BPNN framework for performance modelling of Indonesian listed furniture and wood processing firms
This study proposes a hybrid Data Envelopment Analysis-Backpropagation Neural Network (DEA-BPNN) framework to evaluate and predict the efficiency performance of furniture and wood processing firms listed on the Indonesia Stock Exchange (IDX). As a strategic manufacturing sector, firm performance in this industry is frequently challenged by cost volatility, scale inefficiencies, and fluctuating market demand, while conventional efficiency methods remain limited in capturing nonlinear relationships and predictive insights. To address these limitations, the study integrates frontier-based efficiency measurement with machine learning-based prediction. Using panel data from six IDX-listed firms over the 2020-2024 period, efficiency scores are first estimated through CCR and BCC DEA models, with total assets, cost of goods sold, and operating expenses as inputs, and revenue and profit as outputs. The results reveal notable heterogeneity in efficiency performance, where several firms achieve full BCC efficiency, indicating strong pure technical efficiency, while variations in CCR efficiency highlight the presence of scale inefficiencies. In the second stage, a BPNN model is developed to predict CCR and BCC efficiency scores. The optimized 5-8-2 network architecture demonstrates strong predictive performance, achieving a Mean Squared Error (MSE) of 0.0145, low Mean Absolute Percentage Error (MAPE) values of 1.22% (CCR) and 0.89% (BCC), and high Pearson correlation coefficients of 0.94 and 0.96. Overall, the findings confirm that the hybrid DEA-BPNN framework provides a robust tool for efficiency evaluation and prediction, supporting performance monitoring and strategic decision-making in Indonesia’s furniture and wood processing industry.
Copyright (c) 2026 Zain Amarta, Niki Etruly, Julia Dewi Ma'rifah https://creativecommons.org/licenses/by/4.0
Green marketing mix and eco-label consumer behavior: the role of environmental knowledge
Environmental degradation has been identified as a contributing factor to natural disasters, while public awareness toward environmental sustainability in Indonesia remains relatively low. In response, businesses have begun adopting environmentally oriented marketing strategies, particularly the green marketing mix, which includes green products, green promotion, and green people. As consumers acquire greater environmental knowledge, they develop a better understanding of the value and quality of eco-friendly products, which in turn influences their purchasing behavior. This study aims to examine the factors influencing consumer behavior toward eco-labeled products. A quantitative approach was employed using purposive sampling, involving 200 respondents. Primary data were collected through structured questionnaires distributed based on predetermined criteria. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 3.3 software. The findings are expected to provide both theoretical contributions and practical insights, particularly for firms producing eco-friendly products in designing effective marketing strategies. Specifically, this study highlights the role of green promotion as an important driver of environmental knowledge, which subsequently shapes consumer behavior toward eco-labeled products.
Copyright (c) 2026 Krismanto Erick Tobush Naibaho https://creativecommons.org/licenses/by/4.0
Sociodemographic determinants of individual taxpayer compliance behavior
This research seeks to investigate the influence of taxpayer awareness, trust, and satisfaction on tax compliance. It further explores whether sociodemographic factors such as age, gender, income, and educational attainment act as moderating variables that strengthen or weaken the relationships between awareness, trust, satisfaction, and tax compliance. This study adopts a quantitative design using a survey approach. The sample comprises 251 individual taxpayers, and the data were gathered through online questionnaires. The analysis was conducted using SEM-PLS. The findings indicate that taxpayer awareness and satisfaction positively affect tax compliance, whereas trust does not show a statistically significant effect. The moderation analysis indicates that age influences the strength of the relationship between awareness and tax compliance. Education level is also found to affect the relationship between satisfaction and compliance. The subsample analysis further shows that the effects of awareness and satisfaction are more pronounced among younger taxpayers and those with lower educational attainment than among older and more highly educated groups. For tax authorities, these results highlight the importance of considering sociodemographic characteristics when designing compliance policies and strategies.
Copyright (c) 2026 Yenni Mangoting, Dean Charlos Padji Dogi, Samuel Thomas Cornelius https://creativecommons.org/licenses/by/4.0
Financial technology and personal financial management: The mediating role of digital financial inclusion
Although financial technology has increased university students’ opportunity to use digital financial services, differences in their financial management behavior show that access alone does cannot guarantee good financial management. Therefore, this study examines whether digital financial inclusion plays a mediating role in association between financial technology and personal financial management. The sample for this research was 370 respondents. Data were analyzed using PLS-SEM. According to the outcomes of the study, there is an effect between financial technology on digital financial inclusion and personal financial management. Digital financial inclusion contributes substantially to personal financial management. Furthermore, digital financial inclusion has been shown to facilitate the relationship between connection between financial technology and personal financial management. This study enriches the literature on personal financial management behaviour, particularly by examining the contribution of financial technology and the mediating role of digital financial inclusion. The practical implication is that advancing digital financial inclusion via enhanced digital infrastructure, user-oriented financial platforms, and financial literacy support from policymakers and fintech providers can facilitate future financial planning and strengthen personal financial management.
Copyright (c) 2026 Ana Mufidah https://creativecommons.org/licenses/by/4.0
Examining social media marketing and content richness impacts on Netflix consumer satisfaction and loyalty
In a highly competitive streaming market, consumer loyalty is no longer secured by brand strength alone but requires continuous innovation and strategic differentiation. This study examines the influence of social media marketing and content richness on consumer satisfaction and loyalty among Netflix users in Indonesia. A total of 250 active Netflix subscribers participated in an online survey, and the data were analyzed using Partial Least Squares Structural Equation Modeling. The findings show that social media marketing significantly enhances consumer satisfaction but does not directly influence consumer loyalty, indicating that its impact operates indirectly through satisfaction. In contrast, content richness exerts both direct and indirect effects on satisfaction and loyalty, establishing it as the most influential factor in sustaining user commitment. Furthermore, consumer satisfaction fully mediates the relationship between social media marketing and loyalty, and partially mediates the relationship between content richness and loyalty. These results highlight satisfaction as the core mechanism linking marketing engagement and content experience to loyalty, emphasizing the importance of enhancing user experience and content quality to foster long-term retention.
Copyright (c) 2026 Muhammad Thoyib Amali, Najmi Rizki Khairani https://creativecommons.org/licenses/by/4.0
Mediating role of green banking in enhancing non-financial performance: evidence from Indonesian commercial banks
This study investigates the mediating role of green banking in connecting sustainable organizational culture, green innovation capability, and bank reputation to the non-financial performance of Indonesian commercial banks. Although prior research largely emphasizes financial outcomes of green banking, its impact on non-financial dimensions such as operational efficiency, innovation, and reputation remains underexplored in emerging markets like Indonesia. A quantitative approach was employed, utilizing structural equation modeling (SEM) with AMOS on survey data from 270 respondents in the Indonesian banking sector. Findings show that green banking has a direct and significant positive effect on non-financial performance. Importantly, sustainable organizational culture, green innovation capability, and bank reputation affect non-financial performance solely through the full mediation of green banking practices. The results highlight that internal sustainability values and reputational assets yield no direct performance benefits unless embedded in concrete green banking initiatives. This underscores the need for banks to prioritize substantive implementation of sustainable products, eco-friendly operations, and regulatory compliance to gain competitive advantage in Indonesia’s green and digital economy.
Copyright (c) 2026 Fangky A Sorongan, Steph Subanidja, Djoko Hanantijo, Mohammad Hidir Baharudin https://creativecommons.org/licenses/by/4.0
The strategy of digital wholesale banking transformation: navigating the banking ecosystem
The study explores the strategy of wholesale banking’s digital transformation as a central solution for integrating the digital banking ecosystem across the entire customer-centric value chain, while addressing challenges related to the complexity of transaction structures and the relationship model. A qualitative case study of a leading wholesale bank in Indonesia is used to uncover wholesale banking digitalization strategies for a holistic transformative strategy for the banking financial ecosystem. Thematic analysis of semi-structured interviews with 16 senior executives in relationship and transaction banking managers and triangulated with bank’s reports and websites. The results reveal four thematic themes: single sign-on digital wholesale platform, omnichannel touchpoints, the use of artificial intelligence, and big data analytics. This study contributes to the theory of dynamic capabilities and open innovation by identifying the transformative and strategic dynamics of wholesale digitalization and its role in navigating the orchestration of the banking ecosystem by emphasizing the role of digital capabilities in extracting the potential value chain. This study provides a nuanced understanding of wholesale digital platform solutions for banks, serving as a reference for providing access across the entire banking ecosystem by forming partnerships within the ecosystem, leveraging artificial intelligence, personalizing transactional suites, and implementing seamless onboarding. Keywords: Digital Wholesale Banking Strategy, Digital Banking Ecosystem, Open Innovation, Dynamic Capabilities, Single Sign-On Digital Wholesale Platform, Omnichannel Touchpoints, Artificial Intelligence, Big Data Analytics
Copyright (c) 2026 Lufina Mahadewi https://creativecommons.org/licenses/by/4.0
Beyond liquidity: financial flexibility, operational efficiency and dynamics on firm value during economic shocks
Recent global economic disruptions have increased uncertainty in capital markets and challenged firms in maintaining firm value. In such conditions, firms require both financial resilience and operational capability to sustain competitiveness and market confidence. This study aims to examine the influence of financial flexibility, leverage, and operational efficiency on firm value and to explore how these mechanisms operate across different economic phases. The study uses panel data from manufacturing firms listed on the Indonesia Stock Exchange during the period 2020–2025. The findings indicate that financial flexibility and operational efficiency positively influence firm value, while leverage negatively affects firm value. The results further show that financial flexibility plays a stronger role during crisis periods by helping firms maintain liquidity and financial stability. In contrast, operational efficiency becomes more important during recovery periods as firms focus on improving productivity and competitiveness. In addition, operational efficiency partially mediates the relationship between financial flexibility and firm value. These findings highlight the complementary role of financial and operational capabilities in sustaining firm value under economic shocks.
Copyright (c) 2026 Yanti Budiasih BUdiasih https://creativecommons.org/licenses/by/4.0
From strategy to implementation: a relational model of vertical-horizontal alignment in Indonesian financial services
Vertical-horizontal strategy alignment is essential for translating top management's formulated strategy into coherent work priorities across hierarchical levels and organizational functions. However, limited research has explicitly examined the enabling factors of vertical-horizontal alignment and the relational mechanism through which these factors shape strategy implementation. This study aims to identify the key factors enabling vertical-horizontal alignment and to develop a relational model explaining how these factors jointly support strategy implementation. Adopting an interpretive qualitative approach and a multiple-case study design, the study draws on 20 semi-structured interviews with directors, general managers, and managers from four Indonesian financial services organizations. The findings reveal six core enablers: clear strategy, strong leader, strategic management office, management system, communication, and open discussion. These enablers do not operate in isolation but interact as a dynamic relational system in which clear strategy functions as the central integrative factor linking strategy formulation and implementation, while the entry point into the alignment process may vary across organizations. This study contributes to the strategy implementation literature by reframing vertical-horizontal alignment as a dynamic relational process. Practically, it provides a diagnostic basis for organizations seeking to strengthen cross-level and cross-functional alignment in strategy implementation.
Copyright (c) 2026 Andy Iskandar Iskandar https://creativecommons.org/licenses/by/4.0
Revisiting the relationship between leverage and firm value: does managerial ownership matter?
This study aims to revisit the role of managerial ownership (MOWN) on the relationship between leverage and firm value. This study develops a non-monotonic model to test the managerial entrenchment hypothesis regarding the substitution of leverage and managerial ownership, and its impact on firm value. This study uses a sample of 108 manufacturing firms listed on the Indonesia Stock Exchange from 2014 to 2018, with a total of 540 firm-years. Using a weighted two-stage least squares, this study finds that the relationship between leverage and firm value is inverted N-shaped in firms without MOWN, and convex asymmetry in firms with MOWN. The first negative slope is greater than the subsequent negative slopes in firms without MOWN, indicating that underinvestment and managerial entrenchment issues are more sensitive than the trade-off between debt tax shield and default risk. Conversely, firms with MOWN are more directed towards the issue of trade-off theory. Firms with MOWN have lower performance than firms without MOWN, which implies that there is a critical problem in the selection of executives based on ownership structure, rather than on professional competence and skills.
Copyright (c) 2026 Hermeindito Hermeindito, Lantara Nuka I Wayan https://creativecommons.org/licenses/by/4.0
Emotional arousal as a psychological bridge: how digital stimuli shape hedonic and impulsive consumption
In the rapidly evolving digital landscape of Indonesia, the psychological mechanisms driving live streaming commerce (LSC) remain conceptually fragmented. This study seeks to bridge this gap by investigating how streamer attractiveness, para-social interaction, and information quality collectively shape consumer behaviors within the Stimulus-Organism-Response (S-O-R) framework. This research utilizes a quantitative design, whereby 273 valid responses from Indonesian consumers were collected via purposive sampling. Data were rigorously analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with Smart-PLS 4.0 to validate both direct and mediating effects. The findings reveal that all environmental stimuli significantly drive emotional arousal, which functions as the absolute primary catalyst converting digital engagement into hedonic and impulsive consumption behaviors. Notably, arousal serves as a functional substitute for traditional trust in collectivist markets, representing a massive driver for shopping pleasure. This study advances the S-O-R framework by validating emotional arousal as the critical psychological bridge to spontaneous consumption. Managers should prioritize "relational commerce" by fostering "digital friend" personas to sustain affective resonance in high-velocity digital environments.
Copyright (c) 2026 Lady Lady, Cristina Anggrena, Lily Purwianti, Andina Fasha, Ronny Firdiansyah Arief https://creativecommons.org/licenses/by/4.0
Green finance mechanisms and the impact on the sustainbility reporting of Small and Medium Enterprises (SMEs)
Sustainability reporting is an important issue for micro, small, and medium enterprises (MSMEs), particularly in the food and beverage, manufacturing, and agriculture sectors. Its quality and credibility depend not only on financial resources and innovation capability but also on structured, rational, and environmentally oriented investment decision-making. This study examines the effect of green finance, green innovation, and green technology on MSME sustainability reporting, both directly and indirectly through green investment decision-making. Using a quantitative approach, data were collected from 300 MSME owners and analyzed with Structural Equation Modeling (SEM) using AMOS. The results show that green finance, green innovation, and green technology have a positive and significant effect on sustainability reporting, both directly and through the mediation of green investment decision-making. These findings indicate that improving the quality and credibility of sustainability reporting requires not only access to green resources and innovation capabilities but also well-planned green investment decisions. This study highlights the importance of integrating financial resources, innovation, technology adoption, and environmentally oriented investment decision-making to strengthen sustainability reporting practices. Therefore, MSME managers are encouraged to develop systematic green investment mechanisms to improve the effectiveness and substance of sustainability reporting.
Copyright (c) 2026 Erna Retna Rahadjeng, Erna Retna Rahadjeng, Chalimatus Sa'diyah, Novi Puji Lestari, Iva Khoiril Mala https://creativecommons.org/licenses/by/4.0
A systematic literature review (SLR): analysis of budget management accountability in local government agencies
Accountability in budget management in local government agencies is a crucial issue in public governance because it is directly related to fiscal transparency, the quality of public services, and public trust in local government. This study aims to analyze the construct of budget management accountability in the scientific literature, identify factors influencing its strengthening, and map the main challenges faced in the practice of local budget management. The study uses a systematic literature review approach by examining relevant scientific articles through a systematic search, selection, and synthesis process based on the main research themes. The results of the study indicate that accountability in local government budget management is shaped by the relationship between the quality of financial reporting, the effectiveness of audits and supervision, the digitalization of financial management systems, and information transparency and public participation in the budget process. The findings also show that strengthening accountability depends not only on administrative compliance, but also on institutional capacity, apparatus competence, and the quality of information infrastructure that supports local fiscal governance. This study contributes to strengthening the conceptual understanding of local government budget accountability as a multidimensional phenomenon, while providing an analytical basis for policy development and further research oriented towards more transparent, responsive, and sustainable budget governance.
Copyright (c) 2026 Alfred Labi, Paltiman Lumban Gaol, Satunggale Kurniawan https://creativecommons.org/licenses/by/4.0
Board gender diversity, CEO overconfidence, and ESG risk in mining companies
Environmental, Social, and Governance (ESG) risk is critical to business resilience, yet it may be intensified by executive cognitive biases. This study examines the effect of CEO overconfidence on ESG risk and investigates board gender diversity as a moderating mechanism. CEO overconfidence is proxied by capital expenditure intensity (CAPEX), overinvestment, and the debt-to-equity ratio (DER). Using an explanatory quantitative design, this study analyzes 34 mining companies listed on the Indonesia Stock Exchange from 2021 to 2024. The data were analyzed using panel data regression with the Random Effect Model and Moderated Regression Analysis. The results indicate that, among the three proxies, only CAPEX significantly increases ESG risk, while the overinvestment and DER hypotheses are not supported. However, board gender diversity does not mitigate the effect of CEO overconfidence on ESG risk. Descriptive statistics further show that overinvestment and DER have mean values of 0.2500 and 0.0034, respectively, suggesting more conservative or underconfident CEO behavior. An interesting finding is that women’s representation on the board is only 9%, indicating that their presence remains limited in strategic risk-taking decisions. These findings indicate that mining companies should strengthen gender-responsive governance by increasing women’s representation in top leadership to enhance sustainability and reduce excessive executive risk-taking. These findings also imply that IDX, OJK, investors, and credit rating agencies should move beyond symbolic gender diversity by encouraging a critical mass of female directors and integrating board composition and CEO behavioral profiles into ESG risk assessment to support sustainable corporate governance.
Copyright (c) 2026 I Wayan Kartana, Ni Kadek Ayu Prawita Sari, Anak Agung Bagus Amlayasa, I Gusti Ayu Ratih Permata Dewi, Sanju Kumar Singh https://creativecommons.org/licenses/by/4.0
From AI to startup “Dreams”: How confidence and cost shape entrepreneurial intentions among accounting students
This study examines how AI-related capabilities influence entrepreneurial intention through the role of entrepreneurial self-efficacy and cost mindfulness among accounting students. The study focuses on three dimensions of AI capability, including AI ambidexterity, AI literacy, and AI utilisation, to understand how these elements contribute to the development of perceived entrepreneurial ability. Data were collected from university students and analysed using SmartPLS to assess both measurement and structural models. Practically, we used questionnaires distributed to accounting students in a particular university. In terms of the research procedure, the data collection process was carried out through direct engagement with students. The findings show that AI ambidexterity, AI literacy, and AI utilisation have significant relationships with entrepreneurial self-efficacy, highlighting that different forms of capability contribute in complementary ways. Entrepreneurial self-efficacy is also found to have a significant effect on entrepreneurial intention and mediates the relationship between AI-related capabilities and intention. In contrast, cost mindfulness does not show a direct effect on entrepreneurial intention, although it plays a moderating role in shaping how self-efficacy translates into intention. These results suggest that entrepreneurial intention is formed through a process where capability is interpreted as confidence before influencing action. The study contributes to lietrature by offering a more integrated understanding of how technological capability, self-perception, and resource awareness interact in shaping entrepreneurial intention in a digital context.
Copyright (c) 2026 Lailatun Nafisa, Ach Maulidi https://creativecommons.org/licenses/by/4.0