Integra Business Review is a journal that presents in-depth analysis and reviews of various relevant business aspects within the global scope. The journal serves as a platform for researchers, academics, and business practitioners to share knowledge, insights, and latest findings in the fields of management, marketing, finance, human resources, information technology, and other related topics.
The impact of the national economic recovery program and digitalization on msme resilience during the covid-19 pandemic
This study investigates how the National Economic Recovery Program (PEN) and digitalization influenced MSME resilience during the COVID-19 pandemic, focusing on Bank Rakyat Indonesia (BRI) customers. Drawing on primary data from a 2021 survey involving 6009 BRI clients, the research uses a generalized ordered logistic regression model to assess the effectiveness of various government support measures. Results show that MSMEs receiving a combination of new loans, interest subsidies, and credit restructuring exhibited the highest level of resilience. In contrast, those provided only with new loans experienced improved liquidity but no significant gains in sales or profitability, while firms offered only restructuring assistance showed reduced resilience. Additionally, the findings emphasize that MSMEs engaged in digitalization for over a year demonstrated greater resilience than non-digitalized businesses. The study underscores the importance of delivering multiple, well-targeted forms of government support and promoting long-term digital transformation among MSMEs. These efforts are vital to enhancing MSME resilience in times of economic disruption, particularly during global crises like the COVID-19 pandemic.
MSME Resilience; Government Support; PEN; Digitalization
Copyright (c) 2025 Author(s) https://creativecommons.org/licenses/by-sa/4.0/
Leadership styles, high-involvement human resource management, and employee performance in digital-era small and medium enterprises
This study explores the positive connections between leadership styles, high-involvement human resource management practices, and individual employee performance within small and medium enterprises in the digital era. Specifically, it focuses on servant, shared, and empowering leadership styles to represent leadership approaches in today’s digital context. The research proposes four hypotheses and develops a conceptual framework to examine these relationships. Data were collected through an online self-report questionnaire distributed to 300 targeted participants, yielding 276 complete responses between November 2021 and January 2022. Employing a quantitative approach, the study uses structural equation modeling with SPSS and AMOS for data analysis. Results demonstrate that the collected data are well-distributed and that the indicators for the three main variables are both valid and reliable, as confirmed by confirmatory factor analysis. The goodness-of-fit analysis supports the suitability of the research model for small and medium enterprises. Hypothesis testing shows that leadership styles have a significant positive impact on both employee performance and high-involvement human resource management practices. However, the findings indicate that high-involvement human resource management practices do not mediate the relationship between leadership styles and individual employee performance in SMEs operating in Lubuklinggau. Overall, this research highlights the importance of effective leadership styles in enhancing employee performance directly, as well as their influence on human resource practices, in the context of small and medium enterprises adapting to the demands of the digital era.
Leadership Styles; High-Involvement Human Resource Management Practices; Employee Performance; Small And Medium Enterprises; Digital Era
Copyright (c) 2025 Integra Business Review
Exploring how internal personal resources drive work engagement, active learning, and adaptive performance in digital workplaces
This study investigates the mechanisms linking individual internal processes specifically self-efficacy and a growth mindset with work engagement, active learning, and adaptive performance in three digital technology companies in Indonesia. Employing a mixed-methods approach, the research integrates quantitative data from a survey of 185 employees analyzed using Structural Equation Modeling (SEM) and qualitative insights from semi-structured interviews with 17 managers. The quantitative results show that work engagement fully mediates the relationship between self-efficacy and growth mindset with active learning, while active learning partially mediates the link between work engagement and adaptive performance. These findings address previous inconsistencies in the literature regarding the direct effect of a growth mindset on work engagement and provide clearer empirical support for their connection. The qualitative phase reinforces these relationships, highlighting that work engagement and active learning are essential mechanisms driving individual adaptive performance. Active learning, in particular, fosters continuous knowledge accumulation and contributes significantly to innovation processes within digital organizations. This study offers important theoretical and practical contributions by clarifying how internal psychological resources influence behavioral outcomes in dynamic work environments. It also strengthens the application of the Job Demands-Resources (JD-R) model, demonstrating that personal resources such as self-efficacy and growth mindset enhance employee adaptability and innovation when supported by strong work engagement and learning behaviors.
Active Learning; Growth Mindset; Self-Efficacy; Employee Engagement; Adaptive Performance; Innovation Management.
The impact of the covid-19 pandemic on organizational support in the development of financial technologi-based businesses
The purpose of this study is to investigate the organizational support and the roles carried out by owners of micro, small, and medium enterprises (MSMEs) who operate businesses based on financial technology during the COVID-19 pandemic as well as in the periods before the pandemic. This research also aims to identify the key priorities that organizations need to consider under different conditions by implementing fintech-based training programs. To achieve this, the study employs an experimental research design where one group the experimental group receives specific fintech training, while the control group does not receive any training. The analysis technique used to evaluate the effectiveness of the training is the paired-samples t-test, which helps to determine whether there are statistically significant differences within the same group under varying conditions. The results reveal that fintech-based training is highly important in enhancing organizational support among the business groups that received the training, as there are significant positive differences compared to those who did not participate in the training. Consequently, this type of training is essential and should be prioritized, especially during challenging and crisis situations such as the COVID-19 pandemic, to strengthen the resilience and sustainability of fintech-based MSME businesses and ensure their long-term success.
Financial Technology, Organizational Support, Experimental Design, COVID-19 Pandemic
District-level analysis of rural road access and regional disparities in Indonesia from 2014 to 2020
Road infrastructure quality is crucial, particularly in rural areas where most low-income households reside. This study assesses the Rural Access Index (RAI), aligned with SDG indicator 9.1.1, at the district level in Indonesia to evaluate the implementation of the Nawacita programme from 2014 to 2020. The RAI measures the proportion of rural residents living within 2 kilometers of an all-season road. Using road network maps, urban–rural boundary data, three road condition datasets, and WorldPop population data, the study finds that rural access improved and inequality in road access declined, especially in prioritized regions like Papua and West Papua. It also identifies a strong trend of regional convergence, suggesting that disparities between districts have narrowed over time. These results reflect the programme’s relative success in expanding rural infrastructure. To sustain this progress, the study recommends designating key road projects as national strategic infrastructure, enhancing tax collection to increase funding capacity, and encouraging private sector investment through supportive policies. Such efforts are essential to ensure long-term, equitable development of rural road access across Indonesia.
Rural Access Index, All-Season Road, Inequality; Regional Convergence
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
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
Evaluating the impact of tourism village development on rural advancement effectiveness
This study aims to map the distribution of tourist villages across Central Java Province using a spatial analysis approach. It also seeks to evaluate and compare the current conditions of tourist and non-tourist villages based on three main aspects: (a) input factors such as attractiveness, accessibility, and amenities that support tourism development, (b) development outcomes reflected in the Sustainable Development Goals (SDGs) and the Developing Village Index (DVI), and (c) the impact of input factors on output indicators, with tourist village status acting as a moderating variable. The research covers 8,562 villages in Central Java, comprising 384 tourist villages and 8,178 non-tourist villages. The methods used include Geographic Information System (GIS) analysis, the Mann–Whitney U test, and Partial Least Squares (PLS) analysis. Findings show that tourist villages generally contribute positively to increasing village attractiveness, amenities, and progress toward the SDGs. This supports prior research suggesting that tourism development can improve economic conditions in rural areas. However, there is no significant difference in accessibility between tourist and non-tourist villages, likely due to the equitable development of rural infrastructure. Additionally, the presence of tourist villages has not significantly influenced the DVI, as this index is shaped by broader social, economic, and environmental factors beyond tourism-specific attributes.
Tourist Villages; Development; Spatial; Sustainable Development Goals; Developing Village Index.