Jurnal Maneksi (Management Ekonomi Dan Akuntansi) is a journal that provides scientific information about the development of science and technology in the field of accounting and management. The scope of the Maneksi Journal includes: financial accounting, public sector accounting/good governance, management accounting, taxation, management, and administration. Starting with the June 2025 issue, Volume 14, No. 2 (2025), the authors are already from three countries, namely Indonesia, Russia, and Malaysia. Jurnal Maneksi (Management Ekonomi Dan Akuntansi) has been certified as a scientific journal by the Director General of Higher Education, Research, and Technology. Number: 10/C/C3/DT.05.00/2025, as Sinta 4 from Volume 10 No.1 2021 to Volume 14 No.2 2025 (June). Jurnal Maneksi (Management Ekonomi Dan Akuntansi) is published four times a year, namely in March, June, September, and December. p-ISSN: 2302-9560 dan e-ISSN: 2597-4599 DOI Prefix 10.31959
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PENGARUH ADOPSI ARTIFICIAL INTELLIGENCE DAN PENGENDALIAN INTERNAL TERHADAP KUALITAS PELAPORAN KEUANGAN PADA PERUSAHAAN SEKTOR PERBANKAN YANG TERDAFTAR DI BEI TAHUN 2021-2024
Introduction: How well a company reports its finances depends a lot on the estimates and accounting method choices that management makes, like the way they handle discretionary accrual. Because this part is related to legal accounting rules, how it is used depends entirely on the management's personal choices when sharing financial information. Aiming to gather empirical insights, this study analyzes the impact of artificial intelligence adoption and internal controls on financial reporting quality. The study covers conventional banking companies listed on the Indonesia Stock Exchange (IDX) over four years (2021–2024). Methods: This study employed a quantitative research design utilizing secondary data sourced from annual reports. A total of 108 companies were sampled based on specific criteria using a purposive sampling approach. To evaluate the data, multiple linear regression modeling was performed using SPSS 25. Results: The findings indicate that AI adoption is associated with a significant decline in financial reporting quality. Although internal control does not individually impact financial reporting quality, simultaneous testing confirms that the combined effect of AI adoption and internal control significantly influences the quality of financial reporting. Conclusion: In the banking sector, AI adoption alone may not guarantee high-quality financial reporting, while the contribution of internal control remains limited. Therefore, banking institutions, regulators, and stakeholders should strengthen AI governance to support reliable financial reporting. Keywords: Artificial Intelligence, Banking, Financial Reporting Quality, Internal Control
Copyright (c) 2026 Shira Amanda Putri, Salma Taqwa https://creativecommons.org/licenses/by/4.0/
CORPORATE SOCIAL RESPONSIBILITY, POLITICAL CONNECTIONS, AND TAX AVOIDANCE
Introduction: This study examines whether Corporate Social Responsibility (CSR) is related to Tax Avoidance and whether Political Connection modifies that relationship. Energy-sector companies are selected as the empirical setting because they operate at a large scale, have complex business activities, and depend heavily on natural resources. These characteristics place substantial social and environmental responsibilities on the firms and make the sector relevant to the research question. Methods: A quantitative design is applied to secondary data drawn from the 2019-2022 annual reports of energy-sector companies listed on the Indonesia Stock Exchange (IDX). The observations cover multiple firms and multiple years, producing panel data that combine cross-sectional and time-series dimensions. Purposive sampling is used within a non-probability sampling approach to determine the sample. SPSS is employed for descriptive analysis, classical assumption testing, and hypothesis testing with Moderated Regression Analysis (MRA). Results: Statistical testing finds no significant relationship between Corporate Social Responsibility and Tax Avoidance. The interaction between CSR and Political Connection is also insignificant. Political Connection, therefore, does not produce a detectable change in the CSR-Tax Avoidance relationship among the energy-sector companies examined. Overall, CSR, Political Connection, and the interaction term provide a limited explanation of Tax Avoidance among energy-sector issuers listed on the Indonesia Stock Exchange. Conclusion and Suggestion: Subsequent studies should add other financial and governance determinants to the model so that corporate tax-avoidance behavior can be explained more comprehensively. Keywords: Corporate Social Responsibility, Political Connections, Tax Avoidance
Copyright (c) 2026 Adinda Suci Cahya Ningtyas, Ni Nyoman Alit Triani https://creativecommons.org/licenses/by/4.0/
THE IMPACT OF ESG DISCLOSURE, GREEN ACCOUNTING, AND SUSTAINABILITY REPORTING ON FINANCIAL PERFORMANCE
Introduction: This research intends to investigate the effect of Environmental, Social, Governance (ESG), Green Accounting, and Sustainability Reporting on business financial performance, utilizing firm size as a moderating variable. Consumer products businesses listed on the Indonesia Stock Exchange (IDX) between 2021 and 2025 were the subject of this study. Methods: This research utilizes secondary data acquired from annual reports, financial reports, and sustainability reports of consumer goods businesses listed on the IDX for the 2021-2025 timeframe. The analytical approaches employed were multiple linear regression and moderated regression analysis (MRA). Methods: This research utilizes information obtained from secondary sources, including yearly reports, financial statements, and sustainability updates of consumer goods firms that are registered on the IDX from 2021 to 2025. The analytical approaches applied were multiple linear regression and moderated regression analysis (MRA). Results: The results indicate that ESG disclosure and sustainability reporting have a positive and significant effect on financial performance, while green accounting has no significant effect. In addition, firm size does not moderate the relationship between ESG disclosure, green accounting, sustainability reporting, and financial performance. Contribution: Using firm size as a moderating variable, this study examines the impact of sustainability reporting, green accounting, and environmental, social, and governance (ESG) disclosure on corporate financial performance. Consumer products businesses listed on the Indonesia Stock Exchange (IDX) between 2021 and 2025 were the subject of this study. It is envisaged that this study will cover a research gap, as previous studies on sustainability. Keywords: Company Financial Performance, Company Size, Environmental, Green Accounting, Social, Governance (ESG), Sustainability Reporting
Copyright (c) 2026 Melina Apriliani, Dien Noviany Rahmatika, Eva Anggra Yunita https://creativecommons.org/licenses/by/4.0/
KAJIAN KUALITAS PRODUK DAN VARIASI PRODUK TERHADAP LOYALITAS PELANGGAN BRAND OH MY GLAM
Introduction: The local cosmetic industry in Indonesia has experienced rapid growth, resulting in increasingly intense competition among cosmetic brands. OMG (Oh My Glam) is one of the local cosmetic brands that has attracted consumer attention through affordable prices and diverse product variations. In this competitive market, customer loyalty becomes an important factor in maintaining business sustainability. This study aims to analyze the influence of product quality and product variation on customer loyalty toward the OMG brand. Methods: This study applied a Systematic Literature Review (SLR) approach. Data were collected from relevant national journal articles published between 2021 and 2026 through Google Scholar. The selected literature was analyzed descriptively by identifying, comparing, and synthesizing findings related to product quality, product variation, and customer loyalty in the cosmetic industry. Results: The results indicate that product quality has a positive influence on customer loyalty, particularly in terms of product durability, ingredient safety, and suitability to consumer needs. Product variation also contributes positively to customer loyalty because it provides more choices that align with consumer preferences and beauty trends. In addition, the combination of product quality and product variation is considered effective in increasing repurchase intention, reducing switching behavior, and strengthening consumer trust in the OMG brand. Conclusion and suggestion: Product quality and product variation are important factors in building customer loyalty toward the OMG brand. Therefore, cosmetic companies, especially OMG, are encouraged to maintain product quality consistency and continuously develop product variations that are relevant to consumer needs and market trends in order to strengthen long-term customer loyalty. Keywords: Customer Loyalty; Literature Review; OMG; Product Quality; Product Variation;
Copyright (c) 2026 Anggit Dyah Kusumastuti, Rina Yuliastuti, Marshela Nur Rahma Zallyanti https://creativecommons.org/licenses/by/4.0/
PENGARUH LITERASI KEUANGAN DAN SOCIAL MEDIA EXPOSURE TERHADAP KEPUTUSAN INVESTASI CRYPTOCURRENCY DI INDONESIA DENGAN CONFIDENCE SEBAGAI MEDIASI
Introduction: This study aims to explore the effect of financial literacy and social media exposure on cryptocurrency investment decisions among Generation Z in Indonesia, with confidence serving as a mediating variable. Methods: This research applies a quantitative approach with an explanatory design. Data were collected via online questionnaires from 121 Generation Z respondents in Indonesia who have experience or interest in cryptocurrency investments, selected using purposive sampling. The data were then analyzed through Structural Equation Modeling based on Partial Least Squares (PLS-SEM) using SmartPLS software. Results: The statistical results indicate that both financial literacy and social media exposure have a positive and significant direct effect on cryptocurrency investment decisions. Furthermore, both independent variables significantly influence the formation of investors' confidence. In terms of mediation, confidence is proven to have a positive and significant effect on investment decisions and acts as a significant partial mediator in bridging financial literacy and social media exposure toward cryptocurrency investment decisions. Conclusion and suggestion: These findings suggest that investment choices in digital assets are shaped by an interaction of cognitive capacity, digital information environments, and psychological mechanisms as outlined in Behavioral Finance Theory. Future research is suggested to expand the respondent scope and incorporate other behavioral biases such as herding behavior or fear of missing out (FOMO). Keywords: Confidence, Financial Literacy, Investment Decision, Social Media Exposure, Generation Z
Copyright (c) 2026 Aji Kurniawan1), Agus Prayitno2), Dwi Eko Waluyo3), Suhita Whini Setyahuni4) https://creativecommons.org/licenses/by/4.0/
JOB INSECURITY AND INTENTION TO STAY: THE ROLE OF WORK STRESS AND FRIENDSHIP SUPPORT
Introduction: This study examines the effect of job insecurity on employees' intention to stay through work stress as a mediating variable, and tests the moderating role of friendship support on the relationship between job insecurity and work stress as well as between work stress and intention to stay, among operational employees of a plastic manufacturing company (PT XYZ) in Cirebon Regency. Methods: This research employs a quantitative approach. Primary data were collected from 177 operational employees determined through purposive sampling and the Yamane formula. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4 software, covering outer model and inner model evaluation. Results: The results show that job insecurity has no significant direct effect on intention to stay, but has a significant positive effect on work stress. Work stress has a significant negative effect on intention to stay and fully mediates the effect of job insecurity on intention to stay. Friendship support does not significantly moderate the effect of job insecurity on work stress, but significantly moderates (weakens) the negative effect of work stress on intention to stay. The moderated-mediation effect of friendship support on the overall indirect path is not supported. Conclusion and suggestion: These findings indicate that work stress is the central psychological mechanism explaining employee retention behavior under conditions of job insecurity, while friendship support functions effectively only as a buffer against work stress that has already emerged, not against the structural threat represented by job insecurity itself. Companies should strengthen contractual transparency and structural certainty while fostering a supportive social climate among coworkers. Keywords: Job Insecurity, Work Stress, Friendship Support, Intention to Stay, PLS-SEM
Copyright (c) 2026 Feby Prayoga 1) Asep Gunawan 2) Dadang Priyono 3) https://creativecommons.org/licenses/by/4.0/
PENGARUH FINANCIAL SLACK, FREE CASH FLOW, DAN FIRM SIZE TERHADAP CSR EXPENDITURE DENGAN LEVERAGE SEBAGAI MODERASI
Introduction: CSR Expenditure is a concrete indicator of acompany‘s commitment to social responsibility, yet the extent of such expenditure remains shaped by internal financial conditions that have received limited empirical attention in Indonesia's food and beverage manufacturing sector. This study examines the effect of Financial Slack, Free Cash Flow, and Firm Size on CSR Expenditure, and the moderating role of Leverage. Methods: “A descriptive quantitative approach was applied using secondary data from annual reports and sustainability reports of food and beverage manufacturing companies listed on the Indonesia Stock Exchange for the 2021-2025 period. Through purposive sampling, 43 companies met the criteria and were analyzed using multiple linear regression and Moderated Regression Analysis (MRA) after classical assumption testing with SPSS version 22” Results: “The results indicate that financial slack has a negative but insignificant effect, while free cash flow has a positive but insignificant effect on CSR expenditure. In contrast, firm size has a positive and significant effect on CSR expenditure. Leverage is found to strengthen the negative effect of financial slack, does not moderate the effect of free cash flow, and weakens the positive effect of firm size on CSR expenditure. These findings provide important insights that CSR allocation decisions in food and beverage manufacturing companies are more strongly determined by firm scale and capital structure than by the availability of short-term financial resources alone.” Keywords: CSR Expenditure, Financial Slack, Firm Size, Free Cash Flow, Leverage
Copyright (c) 2026 Irma Lusiana1), Dien Noviany Rahmatika2), Teguh Budi Raharjo3) https://creativecommons.org/licenses/by/4.0/
PENGARUH RETURN ON ASSET (ROA), DEBT TO EQUITY RATIO (DER) DAN EARNING PER SHARE (EPS) TERHADAP HARGA SAHAM PADA PERUSAHAAN SEKTOR BASIC MATERIALS YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2021–2025
Introduction: This study aims to examine the role of Return on Assets (ROA), Debt to Equity Ratio (DER), and Earnings per Share (EPS) in explaining stock price movements of Basic Materials companies listed on the Indonesia Stock Exchange over the 2021-2025 period. Stock prices reflect investors' responses to a company's financial performance, which is assessed based on information disclosed in annual financial reports. Previous studies have reported inconsistent findings regarding the effects of ROA, DER, and EPS on stock prices, indicating the need for further investigation. Methods: This study employed a quantitative research approach using secondary data obtained from annual financial statements and annual closing stock prices. The sample consisted of 75 companies selected through purposive sampling, resulting in 375 balanced panel observations. Panel data regression analysis was conducted using the Fixed Effect Model (FEM), which was selected based on the Chow and Hausman tests. To address heteroscedasticity, the estimation was performed using the Period Seemingly Unrelated Regression (SUR) method. Results: The results indicate that ROA and EPS have a positive and significant effect on stock prices, whereas DER has no significant effect. Simultaneously, ROA, DER, and EPS significantly influence stock prices. The model explains approximately 77% of the variation in the stock prices of Basic Materials companies. Conclusion and suggestion: This study demonstrates that profitability information carries greater weight than leverage in explaining investors' responses to Basic Materials companies. Strengthening asset productivity and maintaining sustainable earnings may therefore contribute to higher investor confidence and firm value. Expanding future analyses to include broader industry coverage, longer time horizons, and additional firm-specific and macroeconomic factors would improve the generalizability of the results. Keywords: ROA, DER, EPS, Stock Price, Basic Materials Sector
Copyright (c) 2026 Thalia Putri Prihabsari1), Almira Santi Samasta2), Maria Safitri3), Rudi Kurniawan4) https://creativecommons.org/licenses/by/4.0/
DAMPAK FINANCIAL TECHNOLOGY, LITERASI KEUANGAN DAN FEAR OF MISSING OUT (FOMO) TERHADAP MINAT INVESTASI: PERAN KEMUDAHAN PENGGUNAAN SEBAGAI VARIABEL MODERASI
Introduction: The rapid development of digital transformation in the financial sector, known as financial technology, has provided broader access to financial services. Generation Z, as a generation that has grown up with digital technology, is highly susceptible to trends and psychological phenomena such as Fear of Missing Out (FOMO). In Semarang City, this trend is accompanied by an increase in the number of first-time investors; however, many novice investors still make investment decisions without adequate understanding due to limited financial literacy. Therefore, understanding the psychological and behavioral factors that influence investment interest among Generation Z, as well as the role of ease of use in these relationships, is essential. Methods: This study employed a quantitative approach with an explanatory research design. Data were collected through a survey of 120 Generation Z respondents residing in Semarang City who were interested in investing. Data analysis was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM) with the assistance of SmartPLS software to test the hypotheses and evaluate the validity and reliability of the research model, including the role of ease of use as a moderating variable. Results: The results show that financial technology, financial literacy, and FOMO have a positive and significant influence on investment interest among Generation Z in Semarang City. Financial technology facilitates access to and improves the efficiency of investment activities, financial literacy supports wiser investment decision-making, while FOMO encourages investment interest due to the desire to keep up with investment trends. Furthermore, ease of use positively moderates the effects of financial technology, financial literacy, and FOMO on investment interest. These findings highlight the importance of accessible digital platforms and financial knowledge in increasing investment interest among Generation Z. Keywords: Financial Technology; Financial Literacy; Fear of Missing Out; Ease of Use; Investment Interest.
Copyright (c) 2026 M. Ainun Naim1) Fakhmi Zakaria2) Ariati Anomsari3) Diana Puspitasari4) https://creativecommons.org/licenses/by/4.0/
GIG WORKERS PERFORMANCE: WORKLOAD AND JOB INSECURITY IMPACTS THROUGH WORK STRESS
Introduction: This study aims to analyze the effect of workload and job insecurity on employee performance, both directly and through work stress as a mediating variable, among Shopee Express partner couriers at the Palimanan, Depok, and Kedawung Hubs in Cirebon Regency. The rapid growth of e-commerce logistics has increased courier workloads without a corresponding improvement in the employment protection and welfare of these gig workers. Methods: This research applies a quantitative approach using purposive sampling, involving 116 respondents determined through the Isaac and Michael formula. Data were collected through a Likert-scale questionnaire and analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS) with SmartPLS 4.0. Results: The results indicate that workload and job insecurity have a positive and significant effect on work stress. Workload and work stress have a significant negative effect on employee performance, whereas job insecurity has no significant direct effect on performance. Work stress partially mediates the effect of workload on performance and fully mediates the effect of job insecurity on performance, confirming that excessive workload and job insecurity reduce courier performance mainly by elevating psychological work stress. Conclusion and suggestion: These findings confirm that workload and job insecurity significantly increase work stress, which in turn reduces employee performance. Shopee Express management is advised to manage workloads more proportionally, improve transparency of its incentive and partnership systems, and develop work stress management programs to sustain courier performance. Keywords: Workload, Job Insecurity, Work Stress, Employee Performance, gig workers.
Copyright (c) 2026 Ibnu Fajar Ardiansyah1), Asep Gunawan2), Dadang Priyono3) https://creativecommons.org/licenses/by/4.0/
PLATFORM DIGITAL DAN PARTISIPASI MUZAKKI GENERASI Z: TINJAUAN SISTEMATIS BERBASIS PRISMA
Introduction: Zakat is a strategic instrument of Islamic social finance for poverty alleviation, yet Indonesia's zakat collection remains far below its estimated potential of IDR 327.6 trillion per year. Digital platforms tailored to Generation Z are widely regarded as a key lever to close this gap, but prior studies remain fragmented across single theoretical lenses Methods: A Systematic Literature Review following the PRISMA 2020 protocol was conducted across Scopus, Web of Science, Google Scholar, and DOAJ (2019-2025). From 1,247 records identified, 38 articles met all inclusion and quality criteria, assessed using MMAT and CASP. Results: Six dominant themes emerged: technology acceptance, trust and transparency, digital zakat literacy, social influence and religious motivation, platform features and user experience, and institutional governance. The Technology Acceptance Model (TAM) was the most frequently applied theory (39.5%), followed by Trust Theory (26.3%) and Theory of Planned Behavior (18.4%). Conclusion and suggestion: Six dominant themes emerged: technology acceptance, trust and transparency, digital zakat literacy, social influence and religious motivation, platform features and user experience, and institutional governance. The Technology Acceptance Model (TAM) was the most frequently applied theory (39.5%), followed by Trust Theory (26.3%) and Theory of Planned Behavior (18.4%). The study introduces an Integrated Conceptual Framework of Generation Z Digital Zakat Participation, synthesizing TAM, TPB, Trust Theory, and Digital Zakat Literacy. Findings offer practical guidance for zakat institutions, Islamic FinTech providers, and regulators, while outlining an empirically grounded agenda for future SEM/PLS-SEM validation and cross-country comparison. Keywords: Digital zakat; Generation Z; Islamic FinTech; Muzakki participation; Systematic literature review.
Copyright (c) 2026 Iseu Anggraeni1), Syifa Vidya Sofwan2), Muhammad Iqbal3) https://creativecommons.org/licenses/by/4.0/
PENGARUH SOCIAL MEDIA MARKETING TERHADAP KEPUTUSAN PEMBELIAN MELALUI MINAT BELI SEBAGAI VARIABEL INTERVENING PADA FUJIKO RAMEN SUKABUMI
Introduction: The intensifying competition in the food and beverage industry has compelled businesses to adopt effective digital marketing strategies to strengthen their market position and influence consumer purchasing behavior. Among these strategies, social media marketing has emerged as a communication tool that increases product awareness, stimulates purchase intention, and ultimately shapes purchasing decisions. Accordingly, this study investigates the effect of social media marketing on purchasing decisions, while examining the mediating role of purchase intention among customers of Fujiko Ramen Sukabumi. Methods: This study employed a quantitative research design using descriptive and explanatory approaches. Data were collected through structured questionnaires administered to 100 customers of Fujiko Ramen Sukabumi selected using purposive sampling. The proposed relationships among variables were analyzed using path analysis with SPSS version 26, whereas the mediating effect of purchase intention was assessed through the Sobel test. Results: The findings indicate that social media marketing has a positive and significant effect on both purchase intention and purchasing decisions. Furthermore, purchase intention positively influences purchasing decisions and serves as a significant mediating variable in the relationship between social media marketing and purchasing decisions. Conclusions: This study concludes that social media marketing plays an important role in encouraging customers' purchase intention and influencing their purchasing decisions. The findings also highlight the mediating role of purchase intention, suggesting that businesses should optimize their social media marketing strategies to strengthen consumers' purchase intention and improve purchasing decisions. Keywords: Food and Beverage Industry; Fujiko Ramen; Purchase Intention; Purchasing Decision; Social Media Marketing
Copyright (c) 2026 Syahira Adri Septina Khoerunisa1), Yulianingsih2), Chandra Ayu Pramestidewi3) https://creativecommons.org/licenses/by/4.0/
DETERMINASI MANAJEMEN LABA : PENGARUH MANAGER ABILITY, LEVERAGE, UKURAN PERUSAHAAN, DAN KUALITAS AUDIT PERIODE 2020-2024
Introduction: This study examines the effect of managerial ability, leverage, firm size, and audit quality on earnings management practices in non-cyclical consumer sector companies listed on the Indonesia Stock Exchange during 2020–2024. This research is based on the phenomenon of financial statement manipulation, which still occurs frequently and reduces the reliability of company financial information. Methods: The approach applied is quantitative, utilizing secondary data from annual financial reports. The sample selection was carried out using purposive sampling, resulting in 35 companies with 175 data observations. Data analysis used panel data regression in STATA 17 with a random-effects model. Results: The findings indicate that leverage has a significant negative effect on earnings management, meaning that a higher level of leverage reduces the likelihood of earnings management due to stricter creditor oversight. In contrast, managerial ability, company size, and audit quality do not significantly affect earnings management. Overall, this study concludes that earnings management in the non-cyclical consumer sector is more dominated by factors outside the variables studied. Keywords: Audit Quality, Earnings Management, Firm Size, Leverage Managerial Ability
Copyright (c) 2026 Nasya Saefulah1), Tiara Pandansari2), Edi Joko Setyadi3), Ani Kusbandiyah4) https://creativecommons.org/licenses/by/4.0/
THE INFLUENCE OF PERCEIVED SUPERVISOR SUPPORT AND EMPLOYEE ENGAGEMENT ON EMPLOYEE PERFORMANCE
Introduction: Employee performance has become an urgent concern for textile manufacturers in Indonesia as competitive pressures intensify, with this concern centred on three interrelated factors: how supervisors are perceived to support staff, how engaged employees feel, and how satisfied they are with their jobs. However, the psychological chain linking these factors has not received adequate empirical attention—particularly the role of job satisfaction as a bridge between them. Methods: A quantitative approach was adopted, utilising survey responses from 278 employees at PT XYZ who had a minimum of two years of service and were chosen purposively from a total workforce of 1,202. The study employed Partial Least Squares Structural Equation Modelling (PLS-SEM) to evaluate the proposed conceptual framework. Result: When supervisor support and employee engagement are present together, there is a notable rise in job satisfaction. This heightened satisfaction is the main pathway through which supervisor support and engagement enhance employee performance. Findings from this study confirm that all three variables—supervisor support, engagement, and satisfaction—exert a meaningful and substantial influence on how well employees perform in their roles. Concluding remarks and recommendations: The findings suggest that increasing supervisor support, fostering greater employee engagement, and improving job satisfaction are key strategies for boosting employee performance. Future studies are encouraged to examine additional organisational and psychological factors or use longitudinal research designs to gain deeper insights into employee performance, particularly in labour-intensive industries. Keywords: Employee engagement, Employee performance, Job satisfaction, Perceived supervisor support, PLS-SEM
Copyright (c) 2026 Salsabila Azzahro1, Asep Gunawan2, Risdianto3 https://creativecommons.org/licenses/by/4.0/
PENGARUH MEDIA SOSIAL DAN WORD OF MOUTH TERHADAP LOYALITAS PELANGGAN MELALUI KEPUASAN PELANGGAN SEBAGAI VARIABEL INTERVENING PADA KAFE GUNUNG WALAT
Introduction: This study aimed to examine the effects of social media and word of mouth on customer loyalty, with customer satisfaction serving as a mediating variable, at Kafe Gunung Walat. Methods: This study employed a quantitative approach using a descriptive and verificative research design. The sample consisted of 100 customers of Kafe Gunung Walat selected through an accidental sampling technique. Data were collected using a structured questionnaire and analyzed with IBM SPSS Statistics version 25. The analytical procedures included validity and reliability tests, classical assumption tests, path analysis, hypothesis testing, coefficient of determination analysis, and the Sobel test to examine the mediating effect of customer satisfaction. Results: The findings revealed that social media and word of mouth had a positive and significant effect on customer satisfaction. In addition, social media, word of mouth, and customer satisfaction positively and significantly influenced customer loyalty. Customer satisfaction was also found to mediate the relationship between social media and customer loyalty, as well as between word of mouth and customer loyalty. These findings indicate that effective social media utilization and positive word of mouth communication contribute to higher customer satisfaction, which subsequently strengthens customer loyalty toward Kafe Gunung Walat. Keywords: customer loyalty; customer satisfaction; social media; word of mouth.
Copyright (c) 2026 Rian Permana1) Yulianinmgsih2) Awa3) https://creativecommons.org/licenses/by/4.0/
PENERAPAN PSAK SYARIAH DAN KOMPETENSI AKUNTAN SYARIAH TERHADAP KUALITAS LAPORAN KEUANGAN LEMBAGA KEUANGAN SYARIAH DI INDONESIA
Introduction: The rapid growth of the global Islamic finance industry, which reached US$5.98 trillion in 2024, and Indonesia's Islamic finance industry, which recorded assets of IDR 2,972.94 trillion as of June 2025, has increased the need for effective implementation of Sharia Financial Accounting Standards (PSAK Syariah) and competent sharia accountants to ensure that financial reports remain relevant, reliable, and comparable. This study examines the effect of PSAK Syariah implementation on financial reporting quality, both directly and through sharia accountant competence as a mediating variable, grounded in Human Capital Theory. Methods: This study employs a quantitative approach with an explanatory, cross-sectional design. Primary data were collected through a 1–5 Likert-scale questionnaire administered to accountants and finance staff at Islamic financial institutions in Indonesia, selected using purposive sampling, and analyzed using multiple linear regression and the Sobel Test. Results: Multiple regression analysis shows that PSAK Syariah implementation has a positive and significant effect on sharia accountant competence (t = 269.29; p = 0.000), and sharia accountant competence has a positive and significant effect on financial reporting quality (t = 17.934; p = 0.000). However, PSAK Syariah implementation does not have a significant direct effect on financial reporting quality (t = -1.927; p = 0.059 > 0.05). The Sobel Test result indicates a significant indirect effect (t = 17.97; p = 0.000), confirming that sharia accountant competence fully mediates the relationship between PSAK Syariah implementation and financial reporting quality. Conclusion: PSAK Syariah implementation does not automatically improve the financial reporting quality of Islamic financial institutions unless accompanied by improved sharia accountant competence as the key bridging factor. This study underscores the importance of strengthening continuous education, training, and certification for sharia accountants so that the implementation of sharia accounting standards genuinely translates into financial reporting quality that is transparent, reliable, and sharia-compliant. Keywords: Financial Reporting Quality; Financial Institutions; Human Capital Theory; Islamic Financial Institutions; PSAK Syariah; Sharia Accountant Competence
Copyright (c) 2026 Aditya Achmad Fathony1), Iseu Anggraeni2), Dani Rachman3), Ayu Patmawati4) https://creativecommons.org/licenses/by/4.0/
INVESTING IN TRANSPARENCY: HOW CAPITAL INVESTMENT, ENVIRONMENTAL SPENDING, AND MEDIA ATTENTION DRIVE CARBON EMISSION DISCLOSURE
Introduction: This study examines the effects of profitability, capital expenditure, and environmental costs on carbon emissions disclosure (CED) among companies in Indonesia's basic materials, energy, and industrial sectors from 2019 to 2023. Media exposure is introduced as a moderating variable to explore its role in strengthening these relationships. Guided by stakeholder theory, this research addresses gaps in prior studies by investigating underexplored determinants, particularly environmental cost, and contextualizing their relevance within the Indonesian market. Methods: The study employs a quantitative approach, analyzing secondary data from the annual and sustainability reports of 27 companies. The hypotheses were tested using panel data regression and Moderated Regression Analysis (MRA). Results: The findings reveal that profitability, capital expenditure, and environmental cost have a positive and significant effect on carbon emission disclosure. Furthermore, media exposure significantly strengthens these relationships by increasing public scrutiny and encouraging greater corporate transparency. Conclusion and Suggestion: The study concludes that both internal financial factors and external stakeholder pressure contribute to improving carbon emission disclosure practices among Indonesian companies. Therefore, companies are encouraged to strengthen environmental reporting and transparency to support sustainable business practices and meet stakeholder expectations. Keywords: Capital Expenditure; Carbon Emission Disclosure; Environmental Cost; Media Exposure; Profitability.
Copyright (c) 2026 Prasetyo Tyas Pradana Nanik Sri Utaminingsih https://creativecommons.org/licenses/by/4.0/
PENGARUH KECUKUPAN MODAL, KREDIT BERMASALAH, DAN RISIKO PASAR TERHADAP PROFITABILITAS
Introduction: The purpose of this research is to analyze how the Capital Adequacy Ratio (CAR), Non-Performing Loans (NPL), and Net Interest Margin (NIM) impact profitability, indicated by Return on Assets (ROA), specifically within Rural Banks (Bank Perekonomian Rakyat/BPR) located in the Kediri area. Methods: This study used a quantitative approach, relying on secondary data from the 2025 financial reports of Rural Banks released by the Financial Services Authority (Otoritas Jasa Keuangan/OJK). The sample was selected using purposive sampling, resultg of 72 observations that met the specified criteria. The data were analyzed using multiple linear regression in the Statistical Package for the Social Sciences (SPSS) version 25. Before hypothesis testing, we evaluated classical assumptions, including normality, multicollinearity, heteroscedasticity, and autocorrelation, to validate the regression model. Results: The findings show that both the Capital Adequacy Ratio (CAR) and Net Interest Margin (NIM) have a positive and statistically significant impact on profitability. At the same time, Non-Performing Loans (NPL) demonstrate a negative and statistically significant effect on profitability. Collectively, CAR, NPL, and NIM significantly affect the profitability of rural banks in the Kediri region. Conclusion and Suggestion: The results indicate that the levels of capital adequacy, the quality of credit, and the capacity to earn net interest income are important determinants of the profitability of Rural Banks. Future studies should include more financial and macroeconomic factors and lengthen the observation timeframe to achieve more robust results. Keywords: Capital Adequacy Ratio; Non-Performing Loan; Net Interest Margin; Profitability; Rural Banks.
Copyright (c) 2026 Nikmatul Choiriyah1), Hestin Sri Widiawati2), dan Puji Astuti3) https://creativecommons.org/licenses/by/4.0/
PENGARUH DIGITAL MARKETING, WORD OF MOUTH, BRAND TRUST, DAN BRAND IMAGE TERHADAP KEPUTUSAN PEMBELIAN DI KOPI KENANGAN PURWOKERTO
Introduction: This study aims to analyze the influence of digital marketing, word of mouth, brand trust, and brand image on purchase decisions among Kopi Kenangan consumers in Purwokerto. Methods: This study uses a quantitative approach with primary data obtained through the distribution of questionnaires to 125 respondents who were selected using purposive sampling techniques. Data analysis was carried out using the Structural Equation Modeling-Partial Least Square (SEM-PLS) method with the help of SmartPLS 3.0 software. Results: The results of the study show that digital marketing, word of mouth, brand trust, and brand image have a positive and significant effect on the purchase decision of Kopi Kenangan. Conclusion and Suggestion: The purchase decision for Kopi Kenangan shows that the better the digital marketing strategy carried out, the more positive word of mouth will be formed. And the higher the trust and brand image in the minds of consumers, it will increase consumer purchase decisions. Further research is suggested to involve more participants and add variables such as price and customer experience so that the study is more comprehensive and has a broader generalization power. There is an opportunity that occurs if moderation factors are added that can affect the relationship between independent variables and purchasing decisions or use a qualitative approach to better understand consumer perception. Keywords: Brand Trust; Brand Image; Digital Marketing; Purchase Decision; Word of Mouth
Copyright (c) 2026 Safira Ocktaviyani 1), Totok Haryanto 2), Herni Justiana Astuti3), Ika Yustina Rahmawati4) https://creativecommons.org/licenses/by/4.0/
PENGARUH KUALITAS LAYANAN, KEPERCAYAAN, DAN CITRA MEREK DENGAN KEPUASAN SEBAGAI MEDIASI TERHADAP LOYALITAS PENGGUNA (USER) RUANGGURU DI YOGYAKARTA
Introduction: The rapid growth of Indonesia's digital education (edtech) market—valued at USD 3.23 billion in 2024 and projected to reach USD 8.81 billion by 2033—has intensified competition among platforms such as Ruangguru, Zenius, Quipper, and Pahamify. Despite Ruangguru's 38 million registered users and 98% brand awareness, high adoption does not automatically guarantee long-term user loyalty. This study aims to examine the influence of service quality, trust, and brand image on user loyalty, with customer satisfaction as a mediating variable, among Ruangguru users in, Yogyakarta Methods: Data from 182 purposively selected respondents were gathered through a four-point Likert questionnaire and subsequently processed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 4 under a quantitative research design. The analysis revealed that user satisfaction was significantly shaped by service quality (β = 0.392) and trust (β = 0.445), whereas the contribution of brand image was not supported statistically (β = 0.089; p = 0.129). Furthermore, loyalty was found to be strongly associated with satisfaction (β = 0.567), with satisfaction also functioning as an intervening construct linking service quality and trust to loyalty. When the structural model was evaluated collectively, 53.2% of the variation in satisfaction was accounted for by the exogenous variables, while 32.1% of the variability in loyalty was explained by the proposed model. Results: These results suggest that trust and service quality, rather than brand image alone, are the primary drivers of satisfaction and sustained loyalty among Ruangguru users. Keywords: Brand Image, Satisfaction and Loyalty, Service Quality, Trust
Copyright (c) 2026 Miqod Adi Guna, Nurna Pratiwi https://creativecommons.org/licenses/by/4.0/
ANALISIS MANAJEMEN RANTAI PASOK DALAM PENGENDALIAN PERSEDIAAN BUAH SEGAR MENGGUNAKAN METODE ECONOMIC ORDER QUANTITY DAN SAFETY STOCK
Introduction: This study aims to analyze the supply chain management system and determine the optimal order quantity, reserve stock level, and point for reordering using the Economic Order Quantity (EOQ) and Safety Stock methods on seven types of fruit. Methods: This research applies a descriptive quantitative method, which is a method that aims to describe and analyze phenomena that occur in a structured way and based on accurate numerical data (Sugiyono, 2022). Results: The research results show that the application of the Economic Order Quantity (EOQ), Safety Stock, and Reorder Point (ROP) method is able to determine the optimal number of orders for seven types of fruits with an average ordering frequency of 36–39 times per year. This method also produces a safe inventory level and an appropriate reorder point so that it can minimize inventory costs, reduce the risk of overstock and stockout, as well as increase the efficiency of fresh fruit inventory management at UMKM Mekar Sari Buah. Conclusion and suggestion: The implementation of the Economic Order Quantity (EOQ), Safety Stock, and Reorder Point (ROP) method is proven to be effective in increasing the efficiency of fresh fruit inventory control at UMKM Mekar Sari Buah through the determination of the optimal number of orders, adequate safety supplies, and the right reorder time. This method is able to minimize inventory costs, reduce the risk of overstock and stockout, and maintain stock availability so as to support smooth operations. Therefore, UMKM are recommended to implement EOQ, Safety Stock, and ROP methods as data-based inventory control standards, supported by digital transaction recording and strengthening cooperation with suppliers to increase the effectiveness of inventory management. Keywords: Economic order quantity, Fresh fruit inventory, Safety stock, Reorder point, Supply chain management
Copyright (c) 2026 Riyan Hidayat, Sa’ad Noor https://creativecommons.org/licenses/by/4.0/
ANALISIS PENGARUH KECUKUPAN MODAL DAN UKURAN BANK TERHADAP PROFITABILITAS BANK UMUM SYARIAH DI INDONESIA PERIODE (2018-2022)
Introduction: This study aims to analyze the influence of the Capital Adequacy Ratio (CAR) and bank size on Return on Assets (ROA) in Indonesian Sharia commercial banks during the 2018-2022 period. Methods: Employing a quantitative approach with descriptive-verificative methods and multiple linear regression analysis, the study utilizes secondary data obtained from annual financial reports. Results: The results indicate that CAR does not have a significant effect on ROA, whereas bank size has a significant positive effect on ROA. Simultaneously, CAR and bank size significantly influence ROA. The coefficient of determination is 0,976, indicating that 97.6% of the variation in ROA is explained by CAR and bank size, while the remaining 2.4% is explained by variables outside the model. Conclusion and suggestion: The results show that CAR has no significant effect on ROA, while bank size has a positive and significant effect on ROA. Simultaneously, CAR and bank size significantly affect ROA, contributing 97.6% to its variation. Islamic banks are advised to optimize the use of capital and productive assets, while future research should include additional variables and observations to obtain more comprehensive results. Keywords: Bank Size, Capital Adequacy Ratio, Commercial Banks, Islamic Multiple Linear Regression Return On Assets
Copyright (c) 2026 Fahad Hilmi, Dini Paryanti https://creativecommons.org/licenses/by/4.0/
PENGARUH BIAYA OPERASIONAL DAN PENJUALAN TERHADAP KINERJA KEUANGAN DENGAN GOOD CORPORATE GOVERNANCE SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN TEKSTIL DAN GARMEN YANG TERDAFTAR DI BEI 2021-2025
Introduction: Using institutional ownership as a stand-in for Good Corporate Governance (GCG) as a moderating factor in textile and apparel companies listed on the Indonesia Stock Exchange (IDX) between 2021 and 2025, this study aims to investigate the impact of operating costs and sales on financial performance. The study was spurred by the textile and apparel industry's erratic financial performance in the face of growing international competition and operational difficulties. Methods: The annual financial statements of Clothing and textile enterprises that are listed on the Indonesia Stock Exchange provided additional data for this study, which used a quantitative research technique. Selective sampling was used to choose 14 firms for the sample, yielding 70 observations. 55 observations were examined after outliers were eliminated. The data was analyzed using descriptive statistics, conventional assumption tests, multivariate linear regression using IBM SPSS Statistics, and Moderated Regression Analysis (MRA). Results: The findings show that operational expenses have little bearing on both financial performance and financial success. Additionally, while the relationship between operational expenses and financial success is weakened by good corporate governance, the relationship between financial performance and sales is not much lessened. Conclusion and suggestion: These findings suggest that institutional ownership has not improved financial performance in the textile and apparel sector by strengthening corporate governance procedures. To get thorough results, it is suggested that future studies extend the observation period, include more explanatory factors, and use other proxies for good corporate governance. Keywords: Financial Performance, Good Corporate Governance, Moderated Regression Analysis, Operating Costs, Sales
Copyright (c) 2026 Repa Nur Apifah, Dewi Ratnasari Astuti https://creativecommons.org/licenses/by/4.0/
PENGARUH EMPLOYEE ENGAGEMENT, KEPEMIMPINAN TRANSAKSIONAL, KESELAMATAN DAN KESEHATAN KERJA, DAN KOMPENSASI TERHADAP KINERJA KARYAWAN PERUSAHAAN KAYU DI AJIBARANG KABUPATEN BANYUMAS
Introduction: This study analyzes the effect of Employee Engagement, Transactional Leadership, Occupational Safety and Health, and Compensation on Employee Performance at PT Cebong Kayuindo. Employee performance is a key factor in achieving organizational goals, particularly in the wood processing industry, where productivity, work quality, and employee responsibility are essential. Methods: This research uses a quantitative approach with a survey method. Data were collected through questionnaires distributed to 130 employees of PT Cebong Kayuindo using purposive sampling. Data analysis was conducted using Structural Equation Modeling-Partial Least Squares (SEM-PLS) with SmartPLS 4.0 through outer model testing, inner model testing, and hypothesis testing. Results: The results indicate that Employee Engagement has a positive and significant effect on Employee Performance. Transactional Leadership also has a positive and significant effect on Employee Performance. Compensation has a positive and significant effect on Employee Performance, while Occupational Safety and Health has a positive but insignificant effect. These findings indicate that employee engagement, effective leadership, and appropriate compensation play important roles in improving employee performance, whereas the implementation of occupational safety and health tends to improve employee performance but has not shown a statistically significant effect. Conclusion and suggestion: This study concludes that Employee Engagement, Transactional Leadership, and Compensation significantly improve employee performance at PT Cebong Kayuindo, while Occupational Safety and Health has a positive but not statistically significant effect. Therefore, PT Cebong Kayuindo should strengthen employee engagement, implement effective transactional leadership, maintain a fair compensation system, and continuously improve occupational safety and health programs to support employee performance. This study contributes to the human resource management literature by integrating psychological, leadership, occupational safety, and compensation factors in the wood-processing industry, which has received limited empirical attention. Keywords: Employee Engagement, Employee Performance, Occupational Safety and Health (OSH), Transactional Leadership.
Copyright (c) 2026 Nurul Hasana1), Hengky Widhiandono2), Erna Handayani3), Purnadi4) https://creativecommons.org/licenses/by/4.0/
ENVIRONMENTAL, SOCIAL, GOVERNANCE AND MARKET PERFORMANCE: THE MEDIATING ROLE OF PROFITABILITY AND THE MODERATING ROLE OF BOARD INDEPENDENCE
Introduction: This study examines the effect of Environmental, Social, and Governance (ESG) Performance on Market Performance, with Profitability as a mediating variable and Board Independence as a moderating variable in Indonesian listed companies. Methods: This research employs a quantitative approach using panel data from 370 firm-year observations of companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2025 period. The data were analyzed using the Fixed Effects Model (FEM) with cluster-robust standard errors. The mediating effect was tested using the bootstrap method, while the moderating effect was examined using Moderated Regression Analysis (MRA).. Results: The results reveal that ESG Performance has a positive but insignificant effect on both Market Performance and Profitability. In contrast, Profitability has a positive and significant effect on Market Performance, whereas Leverage does not significantly influence Market Performance. Furthermore, Board Independence neither has a significant direct effect on Profitability nor moderates the relationship between ESG Performance and Profitability. The bootstrap mediation analysis also confirms that Profitability does not mediate the relationship between ESG Performance and Market Performance. Conclusion and Suggestion: These findings suggest that investors in Indonesian listed companies continue to place greater emphasis on firms' financial performance than on ESG performance when assessing firm value. Therefore, companies should strengthen ESG implementation and governance practices while ensuring that sustainability initiatives generate measurable financial benefits to enhance long-term corporate value. Keywords: Board Independence; ESG Performance; Market Performance; Profitability
Copyright (c) 2026 Niswatun Chasanah1), Agus Wahyudin2) https://creativecommons.org/licenses/by/4.0/
THE INFLUENCE OF PROCEDURAL JUSTICE AND JOB SATISFACTION ON TURNOVER INTENTION WITH WORK ENGAGEMENT AS A MEDIATING VARIABLE
Introduction: Turnover intention constitutes a key hurdle for human resource management in Indonesia's labour-intensive manufacturing sector, notably the textile industry, as it grapples with global competitive dynamics, a surge in imports, and a reduction in market demand expected by 2025. These factors urge businesses to improve their human resource management, especially by prioritising procedural justice and job satisfaction. It is conjectured that these factors do not consistently have a direct relationship with turnover intention but are mediated by work engagement. Methods: This analysis applies a quantitative framework, utilising simple random sampling to choose 286 individuals, as derived from the Slovin formula. Empirical information was elicited through a survey instrument employing a five-category Likert response format. The collected observations were subsequently subjected to Partial Least Squares Structural Equation Modeling (PLS-SEM), with SmartPLS serving as the analytical platform for estimating the structural relationships among the constructs. Results: The analysis showed that procedural justice exerted a significant direct effect on turnover intention, although in a positive rather than the hypothesised negative direction, whereas job satisfaction showed no significant direct effect. Employee work engagement appeared to be primarily driven by job satisfaction and, in turn, significantly reduced turnover intention. Instead, the influence of job satisfaction on turnover intention was evident only when it operated through work engagement, identifying this construct as the sole mediating mechanism within the proposed model. In contrast, procedural justice did not influence turnover intention through this mediating mechanism. Closing Remarks and Advice: These observations substantiate that procedural justice is the foremost direct predictor of employee turnover intention in terms of effect size, though its influence was positive rather than protective, while job satisfaction affects turnover intention chiefly through work engagement, which in turn significantly reduces employees' intention to leave. Firms are urged to invest deliberately in work engagement, through meaningful feedback, autonomy, and recognition of job satisfaction, as the psychological pathway to increased employee retention, while further investigating why greater procedural fairness coincided with higher turnover intention in this sample. Further research should replicate the work engagement–turnover intention association, confirmed as negative in this study, and widen the sample range to include various textile companies. Keywords: Human Resources, Job Satisfaction, Procedural Justice, Turnover Intention, Work Engagement
Copyright (c) 2026 Suci Indahwati1), Asep Gunawan2), Risdianto3) https://creativecommons.org/licenses/by/4.0/
PENGENDALIAN INTERNAL PIUTANG TAK TERTAGIH PADA USAHA GROSIR SEMBAKO
Introduction: Wanmart, a small grocery store in Banyuringin Village, faces critical sustainability challenges stemming from the practice of extending credit to customers without adequate recording and monitoring systems, resulting in accumulated uncollectible debts. This research investigates how the business owner manages these risks through internal control mechanisms and explores the underlying causes of uncollectible receivables and their impact on business continuity. The study aims to develop practical internal control strategies tailored for small-scale informal businesses. The unique contribution lies in examining rural grocery stores operating within high social trust contexts, a situation that remains largely understudied compared to existing research on formal micro, small, and medium enterprises. Methods: This qualitative case study was conducted in Banyuringin Village using three primary data collection techniques: in-depth interviews with key informants, direct observations of daily store operations, and document analysis of accounts receivable records and sales reports. Data analysis employed an interactive model comprising data reduction, data display, and conclusion drawing, followed by verification. Data triangulation across multiple sources and complementary collection techniques ensured research reliability. Results: The research identified four essential internal control elements currently lacking in the store's operations: systematic daily transaction recording, formalized credit limit establishment, scheduled billing procedures, and periodic monitoring activities. These mechanisms revealed how informal social trust-based systems, while facilitating customer relationships, created vulnerability to bad debts without structured oversight. The analysis demonstrated the practical feasibility of implementing these control elements within the informal operational context. Academically, this research expands understanding of financial management in small informal businesses. Practically, it provides rural micro-enterprise owners with simple, actionable strategies to reduce bad debt risk and enhance business sustainability through a framework specifically designed for implementation without formal accounting infrastructure. Keywords: Accounts Receivable, Bad Debt, Internal Control, Legal Protection, Wholesale MSMEs
Copyright (c) 2026 Alif Luthfia Nurrohmah1), Dian Ratu Ayu Uswatun Khasanah2) https://creativecommons.org/licenses/by/4.0/
THE EFFECT OF HUMAN RESOURCE TRAINING AND TRANSFORMATIONAL LEADERSHIP ON EMPLOYEE PERFORMANCE THROUGH WORK MOTIVATION
Introduction: This study investigates the effects of human resource training and transformational leadership on employee performance, both directly and indirectly through work motivation, at X Airlines in Timor-Leste. Methods: Using a quantitative cross-sectional design, data were collected from all active employees through a five-point Likert-scale questionnaire. The data were analyzed using regression-based path analysis, while the mediating effects were evaluated using the Sobel test. Results: The findings demonstrate that human resource training and transformational leadership positively and significantly affect employee performance and work motivation. Work motivation also has a positive and significant effect on employee performance and partially mediates the effects of both human resource training and transformational leadership. These findings indicate that training and leadership improve performance not only by strengthening employees’ competencies and work direction but also by fostering their motivation to perform. Transformational leadership has a stronger indirect contribution through work motivation, highlighting the important role of leaders in sustaining employee enthusiasm, commitment, and confidence. Therefore, X Airlines should align training programs with operational needs, strengthen inspirational and supportive leadership practices, and continuously foster employee motivation to improve performance. Keywords: Employee Performance, Human Resource Training, Path Analysis, Transformational Leadership, Work Motivation
Copyright (c) 2026 Amin Romadhon¹, Maman Suratman² https://creativecommons.org/licenses/by/4.0/
PENGARUH PERSEPSI KUALITAS LAYANAN, PERSEPSI KUALITAS FASILITAS, PERSEPSI KEBIJAKAN HARGA, DAN PERSEPSI KELENGKAPAN PRODUK TERHADAP LOYALITAS PELANGGAN MELALUI KEPUASAN KONSUMEN SEBAGAI VARIABEL INTERVENSI DI CAFE POKATE COFFEE AND GARDEN SLAWI
Introduction: Coffee shops in Indonesia have rapidly expanded as part of modern lifestyles, yet Pokate Coffee and Garden Slawi faces fluctuating customer visits, raising concerns about loyalty. This study investigates the influence of service quality, facility quality, pricing policy, and product variety on customer loyalty, with customer satisfaction as a mediating variable. Methods: We used a quantitative approach with Partial Least Squares–Structural Equation Modeling (PLS-SEM) and data from 30 respondents. Instrument validity and reliability were tested to ensure measurement accuracy. Results: The findings reveal that pricing policy exerts the strongest effect on customer satisfaction, while facility quality significantly drives loyalty. Customer satisfaction mediates the effects of service quality, facility quality, and pricing policy on loyalty, whereas product variety shows no significant impact on satisfaction but contributes positively to loyalty. Conclusion: The study highlights the importance of consistent pricing strategies and continuous facility improvement to strengthen customer loyalty, while product variety plays a supporting but less dominant role. Keywords: Customer loyalty; Customer satisfaction; Facility quality; Pricing policy; Service quality
Copyright (c) 2026 Chang Soonsik1, Gunistiyo2, Mahben Jalil3 https://creativecommons.org/licenses/by/4.0/
PENGARUH GLOBAL REPORTING INITIATIVE DAN VOLATILITAS TERHADAP RETURN ON ASSETS DAN DEBT TO EQUITY RATIO PADA PERUSAHAAN OTOMOTIF YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2019–2025
Introduction: Firm-specific effects were found to constitute the predominant source of variation in Return on Assets (ROA) and Debt to Equity Ratio (DER) among automotive sub-sector firms listed on the Indonesia Stock Exchange (IDX) during 2019–2025. This study investigates whether Global Reporting Initiative (GRI) disclosure and stock price volatility contribute to those financial indicators. Methods: A quantitative framework was adopted by utilizing balanced panel observations encompassing eight companies across seven consecutive years, yielding 56 observations. Based on the Chow and Hausman tests, the Fixed Effect Model (FEM) was deemed the most suitable estimation technique for both dependent variables. Furthermore, the classical assumptions concerning multicollinearity, heteroscedasticity, and autocorrelation were fulfilled. Results: The empirical evidence demonstrates that GRI disclosure exerts no statistically discernible influence on either ROA (p = 0.7758) or DER (p = 0.3669). Likewise, stock price volatility fails to produce a significant effect on ROA (p = 0.7622), although its influence on DER is positive and statistically significant (p = 0.0328). When examined concurrently, GRI disclosure and volatility significantly explain variations in ROA (F = 27.761; p < 0.001; R² = 84.45%) and DER (F = 314.074; p < 0.001; R² = 98.40%). Hence, the explanatory contribution of GRI disclosure and volatility individually remains circumscribed, whereas company-specific characteristics exert greater influence on financial performance and capital structure within Indonesia’s automotive sector. Keywords: Global Reporting Initiative, Volatility, Return on Assets, Debt to Equity Ratio, Panel Data, Fixed Effect Model
Copyright (c) 2026 Lutfi Amalia1), Gigih Aulia Hilmiawan2)* https://creativecommons.org/licenses/by/4.0/
PENGARUH GREEN SUPPLY CHAIN MANAGEMENT, CARBON ACCOUNTING, DAN GREEN ACCOUNTING TERHADAP PENGUNGKAPAN SUSTAINABLE DEVELOPMENT GOALS DENGAN KINERJA KEUANGAN SEBAGAI VARIABEL MEDIASI
Introduction: This study examines the effects of GSCM, carbon accounting, and green accounting on SDGs disclosure, with ROA as a mediator, using 250 firm-year observations from 50 Indonesian Basic Materials companies during 2020–2024. Methods: Disclosure indices were constructed from annual and sustainability reports through content analysis. Panel regressions used a Fixed-Effect Model for ROA and a Common-Effect Model for SDGs disclosure, controlling for firm size, leverage, sales growth, and year effects. Results: Mean indices were 0.5940 for GSCMI, 0.5080 for CADI, 0.4829 for GAI, and 0.6501 for SDGDI. GSCM, carbon accounting, green accounting, and ROA positively affected SDG disclosure. However, the three sustainability practices did not significantly affect ROA. Firm size was significant, while leverage and sales growth were not. Bootstrap intervals included zero, indicating no ROA mediation in this sample. Conclusion: Sustainability practices influence SDGs disclosure mainly through direct reporting pathways, supporting Stakeholder, Legitimacy, and Triple Bottom Line theories. Because all sustainability constructs are disclosure-based, the findings indicate reporting breadth rather than actual environmental or SDGs performance. Keywords: Basic Materials; Green Supply Chain Management; Carbon Accounting; Green Accounting; ROA; SDGs Disclosure.
Copyright (c) 2026 Intan Vera Saputri1), Sri Wahyuni2)*, Suryo Budi Santoso3) , Nur Isna Inayati4) https://creativecommons.org/licenses/by/4.0/
ORGANIZATIONAL CITIZENSHIP AMONG NURSES: THE ROLES OF TRANSFORMATIONAL LEADERSHIP, JOB SATISFACTION AND ORGANIZATIONAL COMMITMENT
Introduction: The success of an organization depends on its workforce, particularly in the healthcare sector where nurses play a crucial role in service quality. This study aims to examine the effects of transformational leadership, job satisfaction, and organizational commitment on Organizational Citizenship Behavior (OCB) among nurses at Wijayakusuma Hospital Purwokerto, a military-based hospital. Methods: This study employed a quantitative approach using a saturated sampling technique involving 101 nurses as respondents. Data were collected through questionnaires and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4 software. Results: The results indicate that transformational leadership and job satisfaction have no significant effect on Organizational Citizenship Behavior (OCB), whereas organizational commitment has a positive and significant effect on OCB Conclusions and Recommendations: Organizational commitment is therefore considered a highly effective strategy for enhancing Organizational Citizenship Behavior (OCB) among nurses, particularly in military-based hospitals. Based on these findings, future research is recommended to re-examine the nurse population at Wijayakusuma Hospital Purwokerto to ensure the consistency of these results, considering that the observed pattern of relationships differs from that reported in most previous studies. Keywords: Organizational Citizenship Behavior (OCB), Transformational Leadership, Job Satisfaction, Organizational Commitment.
Copyright (c) 2026 Putri Maulidina Azzahra 1, Akhmad Darmawan2 , Fatmah Bagis3 , Restu Frida Utami4 https://creativecommons.org/licenses/by/4.0/
PENGARUH MOTIVASI, KEPUASAN KERJA, DAN SELF-EFFICACY TERHADAP KINERJA KARYAWAN UMKM KULINER DI PURWOKERTO
Introduction: This study examines the effects of work motivation, job satisfaction, and self-efficacy on employee performance in culinary micro, small, and medium enterprises (MSMEs) in Purwokerto. Method: This study used a quantitative explanatory design with a survey method. Primary data were collected through a five-point Likert scale questionnaire from 107 employees of 19 culinary MSMEs selected using purposive sampling. Respondents were active non-owner employees, had worked for at least six months, were directly involved in operational activities, and worked in culinary MSMEs located in West, East, North, and South Purwokerto. Data were analyzed using multiple linear regression with IBM SPSS Statistics version 26. Results: Work motivation had a positive and significant effect on employee performance, with a regression coefficient of 0.250 and a significance value of 0.002. Job satisfaction also had a positive and significant effect, with a coefficient of 0.225 and a significance value of 0.001. Self-efficacy had a positive but insignificant effect, with a coefficient of 0.034 and a significance value of 0.635. Simultaneously, the three independent variables significantly affected employee performance, as indicated by an F-value of 12.893 and a significance value below 0.001. The model explained 27.3% of the variation in employee performance, with an adjusted R-square of 25.2%. Conclusion and Recommendations: Work motivation and job satisfaction are important factors in improving employee performance, while self-efficacy does not have a significant direct effect. The limited adjusted R-square indicates that factors outside the model also influence employee performance. Culinary MSME managers should strengthen clear work targets, fair task distribution, communication, proportional rewards, and practical training. Future studies should include additional variables and use a broader probability-based sample where a reliable population frame is available. Keywords: Culinary MSMEs, Employee Performance, Job Satisfaction, Self-Efficacy, Work Motivation
Copyright (c) 2026 Nurrohman Fadilah1), Hermin Endratno2)*, Akhmad Darmawan3), Erna Handayani4) https://creativecommons.org/licenses/by/4.0/
THE INFLUENCE OF WORK CULTURE, WORKLOAD, AND EMPLOYEE ENGAGEMENT ON THE PERFORMANCE OF STATE CIVIL APPARATUS AT THE REGIONAL DEVELOPMENT PLANNING, RESEARCH, AND INNOVATION AGENCY (BAPPERIDA) OF LAMANDAU REGENCY, CENTRAL KALIMANTAN PROVINCE
Introduction: Public demands for bureaucratic accountability and efficiency require improvement of government agency effectiveness. However, fluctuating and suboptimal performance of State Civil Apparatus (Aparatur Sipil Negara/ASN) personnel remains a major challenge in achieving organizational targets and ensuring public services. This study analyzes the influence of work culture, workload, and employee engagement on the performance of ASN personnel at the Regional Development Planning, Research, and Innovation Agency (Bapperida) of Lamandau Regency, Central Kalimantan Province. Methods: This quantitative explanatory study used a census (saturated sampling) technique, including all 54 employees of Bapperida Lamandau Regency employees as respondents. Data were collected through a structured questionnaire using a four-point forced-choice Likert scale and analyzed through validity and reliability testing, classical assumption testing, multiple linear regression, the coefficient of determination (R²), the t-test, and the F-test using IBM SPSS version 25/26. Results showed that work culture, workload, and employee engagement each had a positive and significant partial effect on employee performance. Collectively, the three variables also exerted a positive and significant simultaneous effect. The coefficient of determination (R²) of 0.709 indicated that 70.9 percent of the variation in employee performance was jointly explained by work culture, workload, and employee engagement; the remaining 29.1 percent was attributable to variables outside the model, including competence, compensation, and communication. Work culture was the most dominant factor influencing performance. Result: These findings suggest that strengthening organizational values, managing workloads appropriately, and fostering employee engagement are strategic measures for improving civil-service performance in local government planning agencies. Keywords: Employee Engagement; Employee Performance; State Civil Apparatus; Work Culture, Workload
Copyright (c) 2026 Feranika Noviyanti1), Yunus Handoko2), Murtianingsih3) https://creativecommons.org/licenses/by/4.0/
LOWBALLING, DUE PROFESSIONAL CARE, INDEPENDENSI, DAN KUALITAS AUDIT: PERAN MODERASI ETIKA AUDITOR
Introduction: This research examines how lowballing practices, professional care, and independence affect audit quality, while evaluating the moderating role of auditor ethics in DKI Jakarta public accounting firms. Methods: Employing a quantitative causal approach, data were gathered through primary questionnaires yielding 102 usable responses from auditors. The study applied a dual-stage non-probability technique—convenience sampling for firm selection and purposive sampling for target respondents. The study tested hypotheses using multiple linear regression and Moderated Regression Analysis (MRA) in SPSS v30. Due to the non-random sampling strategy, the scope for generalizing these results remains limited. Results: Collectively, the variables of lowballing, due professional care, and independence explain 48.2% of the variance in audit quality. On their own, due professional care and independence show a statistically significant positive influence on audit quality. Uniquely, lowballing exhibits a favorable association (β = 0.051; p = 0.046), which contradicts the original negative hypothesis. Additionally, the empirical evidence reveals that auditor ethics fails to act as a significant moderating variable in the relationship between the predictors and audit quality. Keywords: Audit Quality, Auditor Ethics, Due Professional Care, Independence, Lowballing
Copyright (c) 2026 Azmora Saut Timbul1), Ali Murtado2) https://creativecommons.org/licenses/by/4.0/
WHAT DRIVES EMPLOYEE PERFORMANCE IN THE TEXTILE MANUFACTURING INDUSTRY? THE ROLES OF PERCEIVED SUPERVISOR SUPPORT, ORGANIZATIONAL COMMUNICATION, AND JOB SATISFACTION: EVIDENCE FROM PT XYZ, INDONESIA
Introduction: Improving employee performance has become a strategic priority for organizations, particularly in the textile manufacturing industry where operational success depends heavily on workforce effectiveness. This study investigates the effects of perceived supervisor support and organizational communication on employee performance, with job satisfaction serving as a mediating variable at PT XYZ. Methods: Improving employee performance has become a strategic priority for organizations, particularly in the textile manufacturing industry, where operational success depends heavily on workforce effectiveness. This study investigates the effects of perceived supervisor support and organizational communication on employee performance, with job satisfaction serving as a mediating variable at PT XYZ. Results: The findings reveal that organizational communication has a significant positive effect on both job satisfaction and employee performance. Job satisfaction also has a significant positive effect on employee performance and mediates the relationship between organizational communication and employee performance. However, perceived supervisor support has no significant direct or indirect effect on employee performance. Conclusion and suggestion: The findings demonstrate that organizational communication plays a pivotal role in enhancing employee performance through the mediating effect of job satisfaction, whereas perceived supervisor support does not exhibit a significant influence. These findings provide practical insights for managers in the textile manufacturing industry to prioritize effective communication strategies and initiatives that foster employee job satisfaction, thereby supporting sustainable organizational performance. Keywords: Employee Performance; Job Satisfaction; Organizational Communication; Perceived Supervisor Support; PLS-SEM
Copyright (c) 2026 Ita Setiawati1, Asep Gunawan2, Risdianto3, https://creativecommons.org/licenses/by/4.0/
PENGARUH KOMPLEKSITAS OPERASI, AUDIT COMPLEXITY, DAN KOMITE AUDIT TERHADAP AUDIT REPORT LAG
Introduction: This research examines the impact of operational complexity, audit complexity, and audit committee oversight on audit report lag among property and real estate firms listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. The inquiry aims to assess how these determinants affect the punctuality of audited financial reporting, both concurrently and individually. Methods: A quantitative framework with an associative design was utilized, leveraging secondary data gathered from the Indonesia Stock Exchange (IDX) alongside official corporate web portals. A purposive sample of 48 property and real estate entities yielded 240 observation units. Data processing involved descriptive statistics, panel data regression, model specification tests, classical assumption evaluations, and hypothesis testing using EViews 12. Results: Based on the empirical findings, the combined variables of operational complexity, audit complexity, and the audit committee prove to significantly influence audit report lag. Conversely, partial testing shows that each individual factor does not meaningfully affect audit report lag. Conclusion: This study concludes that operational complexity, audit complexity, and the audit committee do not independently impact audit report lag, even though these three factors collectively demonstrate a significant influence on it. These findings suggest that the duration of audit report lag within the property and real estate sector is driven by the combined contribution of operational complexity, audit complexity, and the audit committee, rather than by each factor acting in isolation. Keywords: Audit Complexity; Audit Committee; Audit Report Lag; Operational Complexity
Copyright (c) 2026 Irpan Ilmi Godzali Soenoe1), Julian Maradina2) https://creativecommons.org/licenses/by/4.0/
THE EFFECT OF GOVERNMENT ACCOUNTING STANDARDS ON THE QUALITY OF VILLAGE FINANCIAL STATEMENTS: EVIDENCE FROM VILLAGE GOVERNMENTS IN TALUN DISTRICT CIREBON REGENCY
Introduction: Village financial management plays a vital role in promoting transparency, accountability, and good governance at the local level. However, various challenges related to financial accountability and reporting quality remain evident in village administrations. This study aims to examine the effect of Government Accounting Standards (Standar Akuntansi Pemerintahan/SAP) implementation on the quality of village financial statements in Talun District, Cirebon Regency. Methods: This research employed a quantitative approach using primary data collected through questionnaires distributed to village officials directly involved in financial management. The study population consisted of 55 village officials from eleven villages in Talun District, Cirebon Regency, comprising village heads, village secretaries, financial officers, planning officers, and administrative officers. Since the entire population was included in the study, a census (total sampling) technique was employed, resulting in 55 respondents. The respondents were directly involved in village financial management and financial reporting. Data were analyzed using IBM SPSS Statistics simple linear regression analysis, while hypothesis testing was conducted using the partial t-test. Results: The findings reveal that the implementation of Government Accounting Standards has a positive and statistically significant effect on the quality of village financial statements, as indicated by a calculated t-value of 2.355, which exceeds the critical t-value of 2.00404, and a significance value of 0.022, which is below the 0.05 threshold. These results indicate that better implementation of SAP contributes to improving the relevance, reliability, comparability, and understandability of financial reports. Therefore, strengthening the implementation of Government Accounting Standards is essential to enhance financial accountability and support good governance practices at the village level. Keywords: Financial Statement Quality, Government Accounting Standards
Copyright (c) 2026 Surono1, Muzayyanah2, Sri Muflikah Kurniarti3 https://creativecommons.org/licenses/by/4.0/
PENGARUH KOMITMEN ORGANISASI, MOTIVASI KERJA, DISIPLIN KERJA DAN KEPUASAN KERJA TERHADAP KINERJA PEGAWAI DI DINAS PERHUBUNGAN KABUPATEN BANYUMAS
Introduction: This study aims to analyze the influence of organizational commitment, work motivation, work discipline, and job satisfaction on employee performance at the Banyumas Regency Transportation Agency. Method: This study employed a quantitative approach using a survey method. The study sample consisted of 138 respondents selected using accidental sampling—a technique for selecting respondents who were encountered and met the study’s objectives. Results: The adjusted R-squared value of 0.367 indicates that the variables of organizational commitment, work motivation, work discipline, and job satisfaction account for 36.7% of employee performance, while the remaining 63.3% is explained by other factors outside the research model. Conclusions and Recommendations: The results of the hypothesis testing indicate that organizational commitment, work discipline, and job satisfaction have a positive and significant effect on employee performance, whereas work motivation doesn’t affect employee performance. Keywords: Employee Performance, Job Satisfaction, Organizational Commitment, Work Discipline. Work Motivation.
Copyright (c) 2026 Alif Akmallul Bazor1), Purnadi2)*, Hermin Endratno3), Meydy Fauziridwan4) https://creativecommons.org/licenses/by/4.0/
PENGARUH BRAND IMAGE, PRICE DISCOUNT, BONUS PACK, DAN DISPLAY PRODUCT TERHADAP IMPULSE BUYING DI ALFAMART
Introduction: This study aims to analyze the effects of brand image, price discounts, bonus packs, and product displays on impulse buying among Alfamart consumers in Purwokerto. Methods: This study uses a quantitative approach with primary data obtained through distributing questionnaires to 133 respondents who were selected using the purposive technique. Data were analyzed using the Partial Least Squares (PLS) method with the help of SmartPLS 3.0. Results: The results show that brand image, price discounts, bonus packs, and product display have a significant positive effect on impulse buying. The findings indicate that the marketing strategies implemented by the company, both through strengthening brand image, providing price discounts, offering product bonuses, and arranging products in an attractive manner, are able to encourage consumers to make spontaneous purchases. Conclusion and suggestion: Therefore, retail companies need to optimize these various marketing strategies to increase consumers' buying interest and drive sales growth. This Research is expected to contribute to the development of marketing science and serve as a reference for companies in understanding consumers' impulse buying behavior. Keywords: Brand Image, Price Discount, Bonus Pack, Display Product, Impulse Buying.
Copyright (c) 2026 Sonnya Aulia Soldie1), Erny Rachmawati2)*, Hermin Endartno3), Arini Hidayah4) , Irawan Randikaparsa5) https://creativecommons.org/licenses/by/4.0/
THE INFLUENCE OF FINANCIAL PERFORMANCE ON SUSTAINABILITY REPORT DISCLOSURE
Introduction: This study examines the effect of financial performance, proxied by Return on Assets (ROA), on Sustainability Report disclosure among companies listed in the ESG Star Index. Increasing concerns regarding sustainable business practices have encouraged companies to disclose economic, social, and environmental information as a form of accountability to stakeholders. Financial performance is considered an important factor influencing the extent of sustainability disclosure because companies with higher profitability tend to have greater resources to support sustainability activities. Methods: This research employed a quantitative approach using secondary data obtained from annual reports and sustainability reports published by companies included in the ESG Star Listed Companies. The sample was selected using a purposive sampling technique based on predetermined criteria. Data were analyzed using descriptive statistics, classical assumption tests, simple linear regression analysis, partial t-test, and coefficient of determination analysis with the assistance of IBM SPSS Statistics software. Results: The findings reveal that financial performance, proxied by ROA, has a positive and significant effect on Sustainability Report disclosure, as indicated by a significance value of 0.000, which is lower than the significance level of 0.05. These results suggest that companies with higher profitability tend to disclose sustainability information more extensively. The study concludes that strong financial performance encourages greater transparency in sustainability practices and positively contributes to the extent of Sustainability Report disclosure. Companies should continuously improve financial performance while enhancing the quality and extent of Sustainability Report disclosure to strengthen stakeholder trust and support long-term business sustainability. Keywords: Financial Performance, Sustainability Report Disclosure
Copyright (c) 2026 Fitriya Sari1, Muzayyanah2, Muhamad Dzulfikri3 https://creativecommons.org/licenses/by/4.0/
FINTECH, SUSTAINABLE FINANCE, AND FINANCIAL INCLUSION: A SYSTEMATIC LITERATURE REVIEW
Introduction: This study aims to analyze the relationship between Financial Technology (FinTech), sustainable finance, and financial inclusion through a systematic literature review of relevant national and international studies. Methods: The research applies a qualitative approach using a systematic literature review method of 86 Scopus-indexed scientific articles discussing FinTech innovation, the implementation of Environmental, Social, and Governance principles, and digital transformation in supporting green finance and sustainable development. Results: The findings indicate that FinTech plays a significant role in expanding access to financial services for unbanked and underbanked populations, improving transaction efficiency, and strengthening sustainable finance practices through data transparency, green financing mechanisms, and carbon emission tracking based on digital technologies such as blockchain and artificial intelligence. Furthermore, FinTech contributes to accelerating the achievement of Sustainable Development Goals by facilitating environmentally friendly investments and microfinancing for green projects. However, several challenges remain, including regulatory fragmentation across countries, cybersecurity risks, and the lack of standardized global Environmental, Social, and Governance metrics. This study concludes that collaboration among governments, financial institutions, regulators, and technology industry actors is essential to optimize the potential of FinTech in building an inclusive, innovative, and sustainable financial system. Keywords: FinTech, Sustainable Finance, Financial Inclusion
Copyright (c) 2026 Reni Nur Arifah1), Danis Prihanti2), Putri Aryo JFK3) , Rizqa Mayla Azzahra 4) https://creativecommons.org/licenses/by/4.0/
THE EFFECT OF GOOD CORPORATE GOVERNANCE ON SUSTAINABILITY REPORT DISCLOSURE: EVIDENCE FROM ESG STAR LISTED COMPANIES
Introduction: Sustainability Report disclosure has become an important instrument for corporate accountability in communicating economic, social, and environmental performance to stakeholders. This study aims to examine the influence of Good Corporate Governance, represented by the board of directors, audit committee, and independent board of commissioners, on Sustainability Report disclosure among companies included in the ESG Star Listed Companies. Methods: This research employed a quantitative approach with an associative research design. Secondary data were collected from companies’ annual reports and Sustainability Reports using purposive sampling. The data were analyzed using multiple linear regression with the assistance of IBM SPSS Statistics software, preceded by descriptive statistical analysis and classical assumption tests. Hypothesis testing used partial tests, simultaneous tests, and coefficient of determination analysis. Results: The findings reveal that the board of directors has no significant effect on Sustainability Report disclosure. In contrast, the audit committee and the independent board of commissioners have positive and significant effects on Sustainability Report disclosure. These findings indicate that corporate monitoring mechanisms play a more substantial role than strategic decision-making functions in improving the transparency of sustainability reporting. The study concludes that the effectiveness of Good Corporate Governance in improving Sustainability Report disclosure is particularly influenced by the audit committee and the independent board of commissioners. Therefore, companies are encouraged to strengthen the effectiveness and oversight functions of their audit committees and independent boards of commissioners to enhance the quality and transparency of Sustainability Report disclosure. Keywords: Board of Directors; Audit Committee; Independent Board of Commissioners; Sustainability Report.
Copyright (c) 2026 Rinni Indriyani,Fitriya Sari, Muhamad Dzulfikri https://creativecommons.org/licenses/by/4.0/
THE INFLUENCE OF FINANCIAL INFLUENCERS AND THE FRAMING EFFECT ON INVESTMENT DECISIONS WITH FINANCIAL LITERACY AS A MODERATING VARIABLE. CASE STUDY: GEN Z IN SEMARANG CITY
Introduction: This study investigates the influence of financial influencers and the framing effect on investment decisions and examines the moderating role of financial literacy among Generation Z in Semarang City. The study is motivated by the increasing investment activity among Gen Z, who are typically exposed to financial content on social media and are susceptible to persuasion-based and framing-based behavioral bias. Methods: This study utilized a quantitative descriptive research design, and data were gathered from 220 respondents via an online questionnaire (Google Form) using convenience sampling. Partial Least Squares Structural Equation Modeling (PLS-SEM) was applied in this study to examine the data. Results: The findings show that financial influencers, framing effect, and financial literacy each positively and significantly affect investment decisions. Financial literacy significantly moderates (weakens) the effect of the framing effect on investment decisions, but does not significantly moderate the effect of financial influencers on investment decisions. These findings extend the empirical behavioral finance literature and offer practical contributions toward increasing financial literacy among Gen Z, enabling them to evaluate influencer-driven and framed financial information more critically. Keywords: Financial Influencer, Financial Literacy, Gen Z, Herding Bias, Investment Decision
Copyright (c) 2026 Muhammad Haidar Fayiz, Dwi Cahyaningdyah https://creativecommons.org/licenses/by/4.0/