Integra Business Review is a scholarly, peer-reviewed academic journal that presents in-depth analysis and critical reviews of various business-related aspects within a global context. The journal serves as an international platform for researchers, academics, and business practitioners to disseminate high-quality research, insights, and the latest findings in the field of business and management. The primary commitment of Integra Business Review is to contribute to the advancement of business knowledge and professional practice by publishing innovative and rigorous scholarly works that integrate theoretical perspectives and practical applications. Through its multidisciplinary approach, the journal encourages academic dialogue and exploration of contemporary issues shaping business organizations and markets. By fostering knowledge exchange and scholarly engagement, Integra Business Review aims to support the development of business research and practice while enhancing national and international academic recognition. Published semi-annually in June and December, Integra Business Review is committed to disseminating timely and impactful research that bridges business theory and professional practice.
Employee Engagement, Work Motivation, and Productivity in the Digital Marketing Era: A Systematic Review
The accelerated digitalization of marketing activities has reshaped the way organizations sustain employee engagement, motivation, and productivity. This study conducts a systematic review of empirical and conceptual literature published between 2015 and 2025 to examine how engagement and motivation influence productivity within digital marketing environments. Using the Systematic Literature Review (SLR) method, ten peer-reviewed articles indexed in Scopus, ScienceDirect, and SpringerLink were analyzed to identify recurring patterns and conceptual linkages across studies. The review highlights that employee engagement serves as a mediating mechanism that bridges individual motivation and organizational outcomes. While digital tools enhance flexibility, autonomy, and data driven performance evaluation, they may simultaneously weaken interpersonal connections and blur work life boundaries. Motivation is shown to arise from the interaction between intrinsic drivers creativity, pride, and purpose and extrinsic supports such as equitable compensation, constructive feedback, and transparent leadership. The findings suggest that productivity in digital marketing hinges on a balanced integration of technological empowerment and human centered management. Organizations that combine innovation, trust based leadership, and a supportive culture are more likely to achieve sustained engagement and long-term performance in the digital era.
Copyright (c) 2026 Wisnu Wirawan, Ismi Darmastuti (Author) https://creativecommons.org/licenses/by-sa/4.0
Merchant Loyalty and Digital Consumer Behavior in Data Driven Payment Ecosystems
This study conducts a Systematic Literature Review (SLR) to synthesize empirical and conceptual evidence on merchant and cashier behavior, operational experience, loyalty formation, and data-driven ecosystem strategies in digital payment environments. The review examines thirty peer-reviewed studies published between 2015 and 2025 to address three key questions: the determinants of frontline adoption, the mechanisms through which satisfaction and trust shape loyalty, and the emerging role of analytics in strengthening payment ecosystem performance. The analysis reveals that adoption is driven by perceived usefulness, ease of use, device reliability, and psychological readiness, while operational constraints such as network instability, limited digital skills, and inadequate support strongly influence day-to-day usage. Loyalty is formed through the interaction of system performance, satisfaction, trust, perceived value, and relational engagement with payment providers. Data-driven strategies including segmentation, churn prediction, and incentive personalization show substantial potential to enhance ecosystem sustainability, although practical implementation remains limited. The study consolidates previously fragmented insights into an integrated conceptual framework that explains how technological, behavioral, organizational, and analytics-based factors jointly influence merchant and cashier loyalty.
Copyright (c) 2026 Sudadi, Anggit Rumpoko, Amie Kusumawardhani (Author) https://creativecommons.org/licenses/by-sa/4.0
A Systematic Review of Digital Payment Transactions in Enhancing Third-Party Funds and Fee-Based Income
This systematic literature review examines the impact of digital payment merchant transactions on Third-Party Funds (DPK) growth and Fee-Based Income (FBI) within digital finance and investment innovation. Synthesizing findings from 35 national and international journals, the study highlights digital payment mechanisms' role in enhancing banking profitability and financial inclusion. Key factors influencing this relationship include technological infrastructure, consumer trust, and regulatory frameworks that foster innovation while managing risks. The review addresses challenges in risk management, emphasizing the need for adaptive policies and governance to mitigate cyber threats. Results underline the strategic importance of integrating digital payment systems to diversify income streams, optimize capital mobilization, and enhance operational efficiency. The study provides valuable insights for academics, financial practitioners, and policymakers aiming to promote sustainable growth through digital finance innovations. It bridges literature gaps and lays a foundation for future research on strengthening inclusive and resilient financial ecosystems.
Copyright (c) 2026 Bram Agni Rustpaksi Pasopati, Ricky Elfianda, Harjum Muharam (Author) https://creativecommons.org/licenses/by-sa/4.0
Organizational structure change and its impact on commercial business performance Bank BRI Region 14
Organizational structure change is an inevitable phenomenon in the modern banking industry. The dynamics of the business environment, advances in digital technology, regulatory demands, and changes in customer behavior are the main factors driving organizational restructuring in this sector. This study aims to analyze the key causes of organizational structure changes in banking and to assess their impact on operational effectiveness, employee performance, and institutional competitiveness. The research method used is a qualitative approach through literature analysis and case studies of several national banks that have undergone organizational transformation. The results show that service digitalization, competitive pressure from fintech, and cost-efficiency policies have encouraged banks to shift from traditional hierarchical structures to flatter and more agile ones. The positive impacts include faster decision-making, improved operational efficiency, and enhanced service quality. However, these changes also create challenges such as role uncertainty, employee resistance, and the need to upgrade human resource competencies. In conclusion, the success of organizational structure change in banking greatly depends on transformational leadership, effective internal communication, and organizational culture readiness to face the digital era.
Copyright (c) 2026 Hermawan Sutrisno, Harjum Muharam (Author) https://creativecommons.org/licenses/by-sa/4.0
Digital Banking Transformation, Customer Trust, and Optimizing BRI Auction Website for NPLs
The digital transformation in the banking industry has brought fundamental changes to how financial institutions deliver services, build trust, and create value for customers. This article examines the relationship between digital banking transformation and the development of customer trust in the new economy era. The main focus of this study is the optimization of BRI's Info Lelang website as a digital platform for promoting collateral assets in resolving non-performing loans (NPLs). The research employs a descriptive qualitative approach through literature review and document analysis related to the implementation of digital banking services. The findings indicate that customer trust is built through three main aspects: information transparency, system security, and ease of service access. The optimization of the Info Lelang website strengthens BRI's image as an adaptive and transparent financial institution in managing digital assets. Overall, the implementation of digital innovations not only enhances operational efficiency and effectiveness but also contributes to increasing public trust in digital banking services in Indonesia.
Copyright (c) 2026 Dwi Riyadi Susanto, Andi Evan Zulfiqar, Amie Kusumawardhani (Author) https://creativecommons.org/licenses/by-sa/4.0
Determinants of Generation Z Productivity as Marketing Officers at Bank Rakyat Indonesia
This study examines the determinants of work productivity among Generation Z marketing officers at Bank Rakyat Indonesia (BRI). The research focuses on the unique characteristics of Generation Z employees and the organizational conditions that shape their performance. Using a descriptive qualitative approach, the study integrates literature review findings with semi-structured interviews conducted with five marketing officers aged 22–27 years. The results show that intrinsic motivation, supportive leadership, performance-based rewards, and the integration of digital marketing technologies are the primary factors influencing productivity. These elements enhance work effectiveness, encourage employee engagement, and support the development of adaptive performance behavior. The study provides an overview of how productivity among young banking employees is shaped through motivational, managerial, and technological components within a modern organizational environment.
Copyright (c) 2026 Indra Lesmana, Dita Wulansari, Farida Indriani (Author) https://creativecommons.org/licenses/by-sa/4.0
Omnichannel Experience to Increase Customer Loyalty in Modern Retail Superindo
The advancement of technology in meeting consumer needs has encouraged retailers to develop omnichannel networks. In this research context, omnichannel experience serves as a driver of consumer loyalty toward retail businesses. This study examines the relationship between consumer experience and loyalty through a systematic framework using the Systematic Literature Review (SLR) method. A total of 30 articles published between 2015 and 2025 were analyzed qualitatively based on their relevance to the topic, research methodology, and reported findings. The results indicate that consistent adaptation to omnichannel experiences has a positive effect on consumer loyalty toward retailers. These findings highlight the importance of omnichannel experience not only as a set of options for consumers but also as a strategic marketing approach aligned with contemporary consumer behavior. This study offers both theoretical and practical insights for companies and researchers in designing business strategies that are increasingly adaptive to rapid technological developments.
Copyright (c) 2025 Bintang Hesa Evanadjie, Adityo Nugroho, Imroatul Khasanah (Author) https://creativecommons.org/licenses/by-sa/4.0
Social Media as Digital Marketing in the Brand Image of “Hangry” Food and Beverages
This study aims to analyze the role of social media as a digital marketing tool in shaping and strengthening brand image in the food and beverage industry, with a case study on the brand "Hangry". The approach used is descriptive qualitative, through literature analysis and case studies related to digital branding strategies. The results of the study show that social media plays a significant role in expanding market reach, increasing brand visibility, and building emotional relationships between consumers and brands through creative content, personalized messages, and Electronic Word of Mouth (E-WOM). The implementation of digital marketing strategies by Hangry has successfully strengthened brand image through a combination of conventional and digital branding, creating a consistent and relevant customer experience across various platforms. Despite challenges such as global competition and brand identity consistency, strategic social media integration has proven to be able to increase customer loyalty and brand value in a competitive market.
Copyright (c) 2025 Muhammad Arif Fadhilah, Hernowo Adrianto, Mahfudz (Author) https://creativecommons.org/licenses/by-sa/4.0
Digital Brand Equity: Congruence and Purchase Intention in the Customer Journey (Review)
This Systematic Literature Review (SLR) examines how celebrity and influencer endorsements shape consumer purchase intention (CPI) across digital platforms. Reviewing 30 empirical studies published between 2021 and 2025, the analysis synthesizes key theoretical, relational, and behavioral mechanisms that drive endorsement effectiveness within the digital customer journey. Findings consistently show that source credibility, specifically attractiveness, trustworthiness, and expertise, forms the core antecedent of CPI. Among all variables, brand-endorser congruence emerges as the strongest mediator, enabling endorsement cues to translate more effectively into favourable consumer evaluations and purchase-related decisions. Additional mechanisms such as emotional resonance, parasocial interaction, and social media engagement further strengthen endorsement impact in competitive digital markets. Grounded in the Source Credibility Model and Match-Up Hypothesis, this review proposes an integrated framework explaining how digital brand equity is constructed through congruence and credibility-based pathways. The study offers actionable implications for strategic endorser selection and highlights opportunities for future research, including longitudinal examinations and the emerging influence of virtual endorsers.
Copyright (c) 2025 Dhewi Khodijah Hartono, Azka Fajril Qirom, I Made Bayu Dirgantara (Author) https://creativecommons.org/licenses/by-sa/4.0
Digital-Only Banking Adoption: A Systematic Literature Review on Consumer Trust and Behavioral Patterns
This study presents a systematic literature review (SLR) on the adoption of digital-only banking, emphasizing consumer trust and behavioral patterns. By analyzing empirical and conceptual studies, the review identifies key factors influencing consumers’ decisions to adopt digital-only banking services. Findings consistently highlight trust as a central determinant, shaping both customer engagement and spending behaviors. Other influential factors include perceived ease of use, security, service personalization, and technological innovations, which collectively impact the overall user experience in digital banking. The review also uncovers emerging trends in the digital banking landscape, such as increased digital interaction, integration of fintech solutions, and evolving customer expectations in the new economy. This synthesis not only contributes theoretically by consolidating existing evidence on consumer behavior in digital banking ecosystems but also provides practical insights for financial institutions. By understanding the drivers of adoption and engagement, banks can design strategies to enhance trust, improve customer experience, and foster loyalty in the rapidly transforming digital financial environment.
Copyright (c) 2025 Fath Ezzati Kavabilla, Sugeng Wahyudi (Author) https://creativecommons.org/licenses/by-sa/4.0
Determinants of Employee Turnover in the Indonesian Banking Industry
Employee turnover is a persistent challenge in human resource management, particularly in the banking industry, where service quality and operational continuity rely on workforce stability. In Indonesia, high employee mobility has led to rising recruitment and training costs, loss of human capital, and disruptions in long-term customer relationships. Previous studies often examine turnover determinants in isolation, resulting in fragmented and inconsistent findings. This study addresses this gap by employing a systematic literature review (SLR) of 52 peer-reviewed journal articles published between 2015 and 2024, integrating classical turnover theories with recent empirical evidence. The findings identify five key determinants of employee turnover: job satisfaction, workload and performance pressure, leadership style, compensation and perceived fairness, and career development opportunities. These results demonstrate that turnover is a multidimensional phenomenon shaped by psychological mechanisms, work environment dynamics, and organizational practices. By synthesizing these factors, the study offers a refined conceptual framework that bridges theoretical gaps and provides practical insights for developing holistic employee retention strategies, enabling banks to maintain workforce stability while adapting to the evolving demands of the modern banking sector.
Copyright (c) 2025 Akhmad Ferizal, Soffa Rahma Yulia, Mirwan Surya Perdana (Author) https://creativecommons.org/licenses/by-sa/4.0
The role of farmer performance in mediating the impact of agricultural development on rural poverty reduction in north buton regency, indonesia
Low productivity and weak farm business competitiveness remain key challenges in agricultural development and rural poverty alleviation. This study investigates the influence of agricultural development on rural poverty reduction, with a specific focus on farm business performance as a mediating variable. Data were collected in 2019 through structured questionnaires administered to farmer groups in North Buton Regency and analyzed using Structural Equation Modeling (SEM) with AMOS. The findings indicate that agricultural development significantly enhances farm business performance, which in turn contributes to rural poverty alleviation. Furthermore, the impact of agricultural development on poverty reduction is amplified when accompanied by improvements in farm business performance. These results underscore the critical role of agricultural development as a flagship strategy for alleviating rural poverty in North Buton Regency.
Agricultural Development; Farm Business Performance; Farmer Resources; Poverty Alleviation; Rural Infrastructure Facilities
Copyright (c) 2025 Integra Business Review
The impact of corporate tax avoidance on investment efficiency: insights from indonesia’s tax amnesty policy
This study investigates the investment efficiency of firms engaging in tax avoidance in Indonesia. Using a sample of 2,064 firm-year observations from listed Indonesian firms over the period 2010–2019, we find a positive relationship between tax avoidance and investment efficiency. A unique aspect of this study is the consideration of Indonesia’s tax amnesty program, one of the few such initiatives in developing countries. We specifically analyze firms during the prime tax amnesty implementation period and observe significant results only for firms that did not participate in the amnesty. Our findings remain consistent across alternative measures and robust to Propensity Score Matching regressions addressing potential endogeneity. Moreover, we find that tax avoidance impacts investment efficiency in firms exhibiting tendencies toward both underinvestment and overinvestment. These results contribute to the growing literature on tax avoidance and corporate investment decisions. The findings imply that tax authorities should enforce stricter controls on tax avoidance, given the cost-benefit trade-offs where firms may gain at the expense of state revenues if tax avoidance is inadequately managed.
Tax Avoidance; Tax Amnesty Participation; Investment Efficiency; Tax Evasion
Boosting employee engagement in indonesia's logistics and forwarding sector: the moderating effect of democratic leadership style
In today’s rapidly evolving technological landscape, the quality of employee skills and job commitment—reflected through employee retention—has become increasingly vital. This study investigates the effects of corporate governance (CG), internal control (IC), and corporate reputation (CR) on employee engagement (EE), with a focus on the moderating role of democratic leadership style. Data were obtained from 606 respondents across 276 logistics companies affiliated with the Indonesian Logistics and Forwarders Association (ILFA), using a structured questionnaire distributed via Google Forms. The analysis was conducted using Partial Least Squares–Structural Equation Modeling (PLS–SEM) with the SmartPLS 4.0.7.8 software. The findings reveal that corporate governance, internal control, and corporate reputation each have a significant positive influence on employee engagement. However, the study also indicates that the democratic leadership style does not enhance the influence of these three factors on employee engagement. These results suggest that while effective governance, controls, and reputation are crucial for engaging employees, a democratic leadership style may not always serve as the most effective moderating mechanism in the context of the Indonesian logistics and forwarding industry. Leaders are therefore encouraged to explore alternative leadership approaches better aligned with their organizational culture and employee expectations.
Leadership Style; Corporate Governance; Internal Control; Corporate Reputation; Employee Engagement
The impact of venture capital on growth via innovation and internet technology adoption in indonesia’s micro and small industries
One of the major challenges faced by Micro and Small Industries (MSIs) is access to financing. Venture capital serves as a potential solution to address capital constraints by offering both financial and non-financial support. This study aims to examine the effect of venture capital on the growth of MSIs in Indonesia, with innovation and internet technology serving as mediating variables. The research utilized survey data from Statistics Indonesia (2019), comprising a sample of 83,616 MSIs. The analysis employed logistic regression using STATA and the Sobel test to assess mediation effects. The findings indicate that venture capital has a positive, albeit statistically insignificant, direct effect on MSI growth. However, innovation was found to significantly mediate the relationship between venture capital and growth, whereas internet technology did not exhibit a mediating effect. These results suggest that venture capital fosters innovation, which in turn contributes to business growth.
Venture Capital; Growth; Innovation; Use Of Internet Technology
Assessing technical efficiency and productivity growth in indonesia’s crude palm oil industry: temporal, spatial, and scale-based variations
Crude palm oil (CPO) plays a vital role in Indonesia’s economy, positioning the country as the world’s largest producer and exporter of this commodity. Given its significance, maintaining high productivity levels in the CPO industry is essential to meet global demand sustainably. This study investigates the productivity performance of the Indonesian CPO industry by analyzing total factor productivity growth (TFPg) through stochastic frontier analysis. The research explores variations in TFPg across different years, geographic locations, and firm sizes. The findings reveal a concerning trend: on average, productivity in the CPO industry has been declining annually. Specifically, firms operating in 20 provinces recorded negative TFPg values. When categorized by firm size, the analysis shows that both technical efficiency change (TEC) and technical change (TC) have contributed negatively to TFPg across all firm scales. However, medium-sized firms experienced a smaller productivity decline compared to their larger counterparts. In contrast, large firms demonstrated slightly better performance in terms of scale efficiency change (SEC), though both medium and large firms still exhibited negative SEC values. Overall, the results identify technical change (TC) as the primary factor driving productivity fluctuations—whether gains or losses—highlighting the pressing need for innovation and technological advancement in the CPO industry to reverse the downward trend in productivity.
Total Factor Productivity Growth; Technical Efficiency; Crude Palm Oil; Firm Size
Rationality and ethical motives behind intentions to purchase organic coffee: insights from Indonesia
The Theory of Planned Behavior (TPB) is widely applied to examine green product purchasing behavior. However, it has been critiqued for overlooking moral dimensions in consumer decision-making and inadequately accounting for personal factors such as product attribute evaluation. This study aims to construct a structural model to investigate the causal relationships influencing consumer intention to purchase organic coffee in Indonesia. Despite its promising market potential, academic research on organic coffee remains limited, particularly from the consumer perspective. This study addresses that gap by integrating rational and moral considerations into the analysis of purchase intention. A sample of 500 coffee consumers aged 18 and above, residing or engaging in activities (working/studying) in Jakarta, was selected through purposive sampling. Structural Equation Modeling (SEM) was employed for data analysis. The findings reveal that attitude, subjective norms, perceived behavioral control, and value orientation significantly influence purchase intention. Importantly, the study highlights the critical role of moral values in shaping consumer behavior toward organic coffee. These results offer practical implications for marketing communication and distribution strategies. Directions for future research are also discussed.
Theory Of Planned Behavior; Egocentric Values; Biospheric Values; Altruistic Values; Organic Coffee; Purchase Intention; Moral Considerations
A simultaneous equations approach to modeling supply and demand in the chili agribusiness sector
The supply and demand of various fresh chili types are interconnected, as they can serve as either complementary or substitute goods. This study aims to analyze the supply and demand dynamics of red chili and cayenne peppers simultaneously to inform the development of an innovative chili enterprise system. Employing a panel data approach with a simultaneous equation system, the analysis uses time-series data from 2010 to 2020 and provincial-level cross-sectional data, enhanced by data mining techniques. The two-stage least squares (2SLS) method was applied for both model estimation and simulation. The resulting framework includes three identity equations and ten structural equations, all of which demonstrate statistical robustness, albeit with some limitations due to constraints in micro-level data availability. Simulation results indicate that variables such as labor wages, prices, demand, and production of red chili and cayenne peppers influence each other within the system. The study concludes that the proposed supply and demand models can facilitate the development of an innovative chili enterprise system, provided there is active collaboration among stakeholders. Furthermore, the modeling approach shows potential for adaptation to other horticultural commodities.
Business Analytics; Chili Agro-System; Data Mining; Data Preprocessing; Decision Support System; Enterprise System; Simultaneous Equation System; Supply And Demand; Two-Stage Least Square
Ownership structure, esg disclosure, firm value, and performance: the moderating role of the audit committee
This research examines how different ownership structures—foreign, public, state, and family—impact ESG disclosure, firm value, and firm performance in Indonesia, with audit committee strength as a potential moderator. Using panel data from 140 firms listed on the Indonesia Stock Exchange between 2018 and 2020 and drawing on legitimacy, stakeholder, and agency theories, we applied PLS-SEM for analysis. Our findings reveal that foreign and widely held public ownership are positively associated with more extensive ESG reporting, whereas state and family stakes show no significant effect. Enhanced ESG disclosure also correlates with higher firm value, but it does not translate into measurable improvements in operational performance. Furthermore, robust audit committees strengthen the link between ESG transparency and market valuation, but they do not enhance the relationship between ESG reporting and actual performance outcomes. These results suggest that, despite its voluntary status, ESG disclosure drives investor perceptions of value but has yet to deliver operational gains. We recommend that Indonesian regulators consider mandating ESG requirements for listed firms to align reporting practices with both market expectations and real-world performance improvements.
Ownership Structure; Environmental, Social, And Governance (ESG) Disclosure; Firm Value; Firm Performance; Audit Committee
The effect of green innovation on the performance of small and medium enterprises
Environmental degradation presents a major challenge for modern businesses, particularly for small and medium-sized enterprises (SMEs) in developing nations like Indonesia. In response to growing public concern over global environmental issues, green innovation has emerged as a viable solution. However, many SMEs remain primarily focused on enhancing their economic performance. Adopting green innovation offers a strategic pathway for SMEs to improve both sustainability and financial outcomes in the increasingly competitive global market. This study aims to comprehensively examine the factors that influence the adoption of green innovation in SMEs, as well as the outcomes of its implementation. It also investigates the mediating role of green innovation in the relationship between intellectual capital, sustainability performance, and financial performance. Data were collected through a survey involving 336 SMEs operating in Bali, Indonesia, using a questionnaire distributed directly to business owners or managers over a three-month period. The findings reveal that intellectual capital significantly contributes to enhancing green innovation, sustainability, and financial performance among SMEs. Furthermore, green innovation functions as a mediating factor linking intellectual capital to both sustainability and financial outcomes. These results highlight that implementing green innovation not only supports SMEs in meeting social and environmental responsibilities but also strengthens their economic performance.
Green Innovation; Intellectual Capital; Sustainability Performance; SME
Assessing the influence of local government capacity on public service delivery: insights from indonesia’s decentralization experience
The issue of limited local government capacity has been identified as a major obstacle to effective decentralization, particularly in developing countries. This study examines this challenge within the context of Indonesia, which has undergone extensive administrative, fiscal, and political decentralization over the past two decades. The research aims to empirically assess how local government capacity affects public service delivery under decentralization. Local government capacity is evaluated using a policy capacity framework at the organizational level, encompassing three key dimensions: analytical, operational, and political capacities. Using a panel data regression estimated by the Hausman–Taylor method, the study finds that the interplay among these three capacities positively influences public service delivery. This suggests that these capacities are complementary and jointly enhance local governments’ effectiveness in service provision. While operational capacity, including fiscal resources, has traditionally been emphasized in decentralization design, the findings highlight the importance of also developing political and analytical capacities. These insights support the integration of comprehensive capacity-building efforts in the design and implementation of decentralization programs.
Decentralization; Government Capacity; Policy Capacity; Public Service Delivery
Audit committee attributes and intellectual capital performance as drivers of intellectual capital disclosure: evidence from Indonesia's banking industry
This study analyzes the influence of audit committee characteristics and intellectual capital performance on the disclosure of intellectual capital. The audit committee characteristics examined include committee size, the number of meetings held, and financial expertise. The study focuses on financial services companies listed on the Indonesia Stock Exchange between 2019 and 2021, with a sample of 91 companies selected using purposive sampling. Multiple linear regression analysis was conducted using SPSS 20 software. The results indicate that the size and number of audit committee meetings have a positive effect on intellectual capital disclosure, while the financial expertise of the audit committee and intellectual capital performance do not show a significant impact on disclosure.
Audit Committee; Intellectual Capital Performance; Intellectual Capital Disclosure
Sustainability commitment as a moderator between green governance and report quality in ASEAN
This study explores how green governance influences the quality of sustainability reports, emphasizing the moderating role of sustainability commitment. Utilizing a quantitative method with unbalanced panel data, the research focuses on firms listed on ASEAN stock exchanges that issued sustainability reports from 2015 to 2019. Results indicate that board independence, gender diversity, and sustainability commitment significantly and positively affect sustainability report quality. In contrast, board size has only a limited impact, while the presence of a chief sustainability officer is associated with improved conciseness in reporting. Notably, the existence of a sustainability committee does not significantly affect report quality. Sustainability commitment is also found to strengthen the relationship between female board representation and reporting quality, suggesting that a strong commitment enhances the benefits of board diversity. Additionally, company-specific factors such as firm size and industry sector contribute positively to report quality. The study acknowledges certain limitations, including insufficient disclosure of social cost data by some firms and a focus on only three reporting quality dimensions: clarity, conciseness, and reliability. This research contributes in several ways: it highlights green governance and sustainability commitment as drivers of report quality, offers practical insights for investors, and frames governance elements as strategic assets. The study also extends theoretical discourse by connecting green governance and reporting practices to agency theory and the resource-based view in the ASEAN context
Green Governance; Sustainability Commitment; Sustainability Report Quality; ASEAN Countries
Stock price synchronization among Indonesian state-owned enterprises
According to portfolio theory, diversifying investments across stocks with negative correlations can effectively reduce portfolio risk. In contrast, combining stocks that exhibit similar movement (co-movement) offers limited diversification benefits. This study examines the co-movement of state-owned enterprise (SOE) stocks in Indonesia using the Orthogonal Generalized Autoregressive Conditional Heteroskedasticity (O-GARCH) method, with the objective of guiding investors in constructing portfolios that minimize risk. A saturation sampling technique was employed, including all SOE stocks listed on the Indonesia Stock Exchange. Using monthly data from January 2013 to December 2021, the O-GARCH model successfully simplified the covariance matrix of the 17 SOE stocks. The results revealed that 11 of the 17 stocks shared similar principal components, indicating strong co-movement, while the remaining 6 stocks exhibited distinct principal components. Consequently, investment managers and investors are advised not to include the 11 co-moving stocks in the same portfolio due to their shared risk factors. Instead, combining these with the six stocks that show different co-movement patterns may enhance diversification. Furthermore, the study found that SOE stock co-movement increases during periods of high fiscal deficit and the implementation of unconventional monetary policy, such as during economic crises. This indicates that SOE stock co-movement is influenced by government-related factors and thus carries risk characteristics that differ from those of private-sector stocks. These insights can also inform policymakers, suggesting that decisions regarding SOE stock holdings or potential mergers should account for co-movement patterns, especially during fiscal deficits and crisis periods.
Orthogonal GARCH; Principal Component Analysis; State-Owned Enterprises; Stock Returns
The influence of religious-oriented family management on consumption behavior and poverty: insights from human resource and management perspectives
This study aims to explore the effect of religious-based family management (RBFM) on absolute poverty by examining two key factors: short-term vision and uncontrolled consumption among low-income families. Using a quantitative approach, data were collected from 172 respondents across six regions in South Sulawesi and analyzed with Structural Equation Modeling (SEM) via Amos. The findings demonstrate that RBFM, functioning as an agent of change, significantly reduces short-term mindset, excessive spending, and absolute poverty. This underscores the crucial role of integrating religious values into family management to limit impulsive consumption and promote long-term financial planning, which can potentially break the poverty cycle. The study’s novelty lies in its application of Human Capital Theory (HCT) and the Theory of Planned Behavior (TPB) to explain how religion influences family economic behavior. These results have important implications for poverty alleviation policies, particularly in the creation of value-based programs that merge religious principles with financial literacy to enhance economic sustainability among low-income households.
Business Analytics; Indonesia; Money Demand; Time Series Analysis
Money demand in Indonesia and its forecasting to 2033
This study aims to identify the key factors driving money demand in Indonesia and to provide forecasts extending through 2033. The research employs a dual-method approach, combining time series econometric techniques with machine learning models, analyzing data from the first quarter of 2010 (2010Q1) to the fourth quarter of 2023 (2023Q4). The findings reveal that, in the long run, money demand in Indonesia is primarily influenced by Gross Domestic Product (GDP) and Financial Institution Depth (FID). In the short run, significant factors include interest rates, inflation rates, lagged values of GDP and FID, as well as access to electricity. Forecasts indicate a positive growth trajectory for money demand, which is expected to reach IDR 16,855,845 billion by 2033. This outcome highlights the continued relevance of physical currency within Indonesia’s economy. Based on these insights, the study provides valuable guidance for policymakers to effectively manage money demand by focusing on variables that can either stimulate or suppress it. The optimistic forecast further emphasizes the crucial role of money demand in maintaining Indonesia’s economic stability in the coming years.
Business Analytics; Indonesia; Money Demand; Time Series Analysis.
Public debt and its impact on economic growth: a panel quantile regression approach for developing economies
Previous studies on the relationship between government debt and economic growth have yielded diverse and often contradictory results. This study investigates the impact of public debt on economic growth in developing countries using a quantile regression approach with fixed effects and bootstrapping, covering the 10th to 90th percentiles of the economic growth distribution. The quantile groups are based on specific percentiles of economic growth across developing nations. Utilizing panel data from 127 developing countries between 2012 and 2019, the study draws on data from the World Development Indicators, the World Bank, and Transparency International. The findings reveal that public debt negatively affects economic growth, particularly in the 30th to 90th quantiles, suggesting that higher levels of economic growth are more adversely impacted by public debt. In contrast, trade openness and net foreign direct investment (FDI) significantly contribute to economic growth. Conversely, public debt, inflation, government spending, and corruption are found to impede growth. Other variables such as education expenditure, private debt, tax revenue, and labor force participation do not show a statistically significant effect on growth. These results underscore the critical importance of sound public debt governance and institutional quality in enhancing economic performance. The study contributes empirically and policy-wise to the discourse on the institutional effectiveness of public debt management in fostering sustainable growth in developing economies.
Public Debt; Economic Growth; Quantile Regression; Fixed Effects; Bootstrapping
The impact of accounting value relevance and pricing errors on stock prices in high-technology service companies
This study investigates the influence of key accounting ratios on the stock prices of high-technology service companies across five countries: the United States, Japan, China, the United Kingdom, and France. By analyzing the annual reports of 326 enterprises, the research focused on three specific financial metrics—diluted earnings per share, revenue per share, and book value per share—and their relationship with stock price movements in this industry. The findings reveal that both diluted earnings per share and book value per share have a significant impact on stock prices, while revenue per share does not appear to affect stock valuation in this sector. Additionally, the study identifies a moderate level of pricing error between the intrinsic value and market value of stocks, with some countries experiencing higher discrepancies than others. Overall, this research sheds light on the extent to which accounting ratios drive stock price fluctuations in high-technology services, offering valuable guidance to investors seeking to understand the most relevant financial indicators in this dynamic industry.
Intrinsic Value; Stock Price; Pricing Error; Earnings Per Share; Book Value Per Share; Revenue Per Share; High-Technology Service Enterprises
A systematic review and future research framework for managing green competitive advantage
Business success often depends on effective competition, which requires strategic planning. One emerging approach is Green Competitive Advantage (GCA) management, first introduced in 2011 and recognized as a vital strategy in modern management. This study provides a systematic review of GCA management, analyzing literature trends, geographical adoption, and influential factors. It also explores the benefits organizations gain by adopting GCA as a framework for sustainability. The findings show that applying green innovation and fostering environmental awareness significantly improve organizational performance, create competitive advantages, and support long-term business sustainability. The study contributes both theoretically and practically. Theoretically, it synthesizes outcomes from various studies to better understand how GCA influences organizations and environmental performance. Practically, it offers insights for policymakers to design effective strategies that encourage green innovation and sustainable business practices. In addition, the research highlights the practical advantages for business professionals, emphasizing the importance of GCA as a promotional tool and a framework for sustainable growth. By increasing GCA literacy among practitioners and stakeholders, organizations are better equipped to implement green changes (GCs) and align business operations with environmental goals. This positions GCA as a critical element in achieving a sustainable and competitive business future.
Green Competitive Advantage; Literature Review; Green Innovation; Sustainability.
An analysis of islamic financial performance and contributing factors in indonesia’s sharia economic framework
Small and medium-sized enterprises (SMEs) play a critical role in Indonesia’s economic growth, a role further strengthened by the government's push to advance the sharia economy. This study investigates how digital economic activity, financial literacy, human capital, Islamic financial institutions, and government support influence the development of the sharia economy and the financial performance of Islamic SMEs in Makassar City, Indonesia. Employing a quantitative research approach, the study collected data through surveys distributed to 350 respondents. The results indicate that human capital, Islamic financial institutions, and government support significantly affect both the empowerment of the sharia economy and the financial performance of SMEs. Specifically, these variables explain 58.5% of the variance in Islamic SME financial performance. Furthermore, they contribute to 71.6% of the variance in the growth of the sharia economy. The findings highlight the essential role of institutional support, capacity building, and policy initiatives in strengthening SME performance and promoting the broader sharia economy. Nonetheless, the research is limited to Makassar City, suggesting that future studies should expand to other regions in order to gain a more comprehensive national perspective on enhancing Islamic financial performance and sharia-based economic development throughout Indonesia.
Sharia Economy; Islamic Financial Performance; Digital Economy; Financial Literacy