INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE) E-ISSN 3063-3648 is a scientific journal that publishes articles in the field of Business and finance that contain conceptual ideas in the fields of Economics, Accounting, Management, Business and finance. The scope is Human Resource Management, Marketing Management, Financial Management, Production/Operational Management, Strategic Management, Islamic Business Management, Halal Industry Management, Hajj and Umrah Management, Zakat and Waqf Management / Islamic Philanthropy, Tourism Management, Banking Management, Industrial Management, Agribusiness Management, Business Administration and financial management within the scope of organisations both banking, hospitality, and others. INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE) is published once a month and serves as a peer-reviewed journal specialising in field research and literature reviews related to Economics, Accounting, Management, business and finance. All submitted articles will be reviewed by the Editor, editorial board, and blind reviewers. Submissions that violate formatting or length guidelines will be rejected without review
ANALYSIS OF FACTORS AFFECTINGTHE GROSS INCOME MULTIPLIER FOR SHOP-HOUSES AND OFFICE-HOUSES IN DENPASAR CITY AND BADUNG REGENCY
The development of commercial property in Denpasar City and Badung Regency has highlighted the need for an investment valuation method capable of reflecting the relationship between market value and a property’s ability to generate income. One such method is the Gross Income Multiplier (GIM). This study aims to analyse the GIM value and the influence of building area, building age, building condition, road width, accessibility, and distance to tourist attractions on the GIM value of shop-houses/office-houses in Denpasar City and Badung Regency. This study employs a quantitative approach with an associative design. The population comprised 200 shop-houses/office-houses, whilst a sample of 67 units was determined using the Slovin formula with purposive sampling. Data were collected through observation, documentation and secondary data, and were subsequently analysed using descriptive statistics and multiple linear regression. The results indicate that the average GIM value is 26.21, with a minimum of 16 and a maximum of 37, indicating a medium- to long-term investment payback period. Regression analysis shows that building area, building age, building condition, road width, accessibility and distance to tourist attractions have a positive and significant effect on the GIM (p<0.05). The building condition variable is the most dominant factor influencing the GIM. This study concludes that the physical characteristics of the building and the location characteristics play an important role in determining the GIM value of commercial properties. The research findings are expected to serve as a reference for investors, property valuers, developers and the government in asset valuation and property investment decision-making.
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BRIDGING FINANCIAL AND SUSTAINABILITY ACCOUNTING: TOWARD A UNIFIED FRAMEWORK FOR ESG PERFORMANCE MEASUREMENT
Growing demands for sustainable business practices are compelling companies to look beyond financial performance and consider environmental, social, and governance (ESG) aspects. However, financial accounting and sustainability accounting practices are often developed and reported separately, resulting in information that fails to provide a fully integrated, comprehensive view of corporate performance. This study aims to analyze the need to integrate financial and sustainability accounting and to formulate an integrated conceptual framework for ESG performance measurement. A literature review approach was employed, analyzing prior research and academic literature covering financial accounting, sustainability accounting, sustainability reporting, ESG measurement, and the integration of financial and non-financial information. The findings indicate that combining financial and sustainability information can enhance the relevance, transparency, and comparability of corporate information for stakeholders. The proposed integrated framework links financial indicators with environmental, social, and governance dimensions through a process involving materiality identification, indicator standardization, performance measurement, data integration, and reporting focused on long-term value creation. Such integration not only strengthens the quality of ESG performance measurement but also enables companies to link sustainability risks with economic performance and strategic decision-making processes. Consequently, an integrated accounting framework can serve as a foundation for enhancing corporate accountability while supporting the sustainable creation of economic, social, and environmental value.
PRODUCT PACKAGING AND CONSUMER PURCHASE DECISIONS AT BOLU CUKKE ZAGENA
This study examines whether product packaging influences consumer purchase decisions for Bolu Cukke Zagena, a traditional food product in Soppeng Regency, Indonesia. The research problem arises from increasing competition among local food businesses and the growing role of packaging as product protection, visual communication, and a source of perceived value. A quantitative causal-associative design was employed. Data were collected from 100 consumers selected through purposive sampling based on prior experience purchasing and consuming the product. Primary data were obtained through a five-point questionnaire covering packaging design, color, material, labeling and information, and packaging practicality, while purchase decisions were represented by need recognition, information search, alternative evaluation, purchase decision, and post-purchase behavior. The data were analyzed using simple linear regression with SPSS. Descriptive results indicate generally favorable consumer evaluations of both packaging and purchase decisions. The regression coefficient was positive (b = 0.009), but the effect was not statistically significant (t = 0.145; p = 0.885). The R-square value was 0.000, indicating that packaging alone did not explain meaningful variation in purchase decisions. Packaging therefore remains a supporting marketing instrument, while taste, quality, price, promotion, service, and other factors may be more decisive.
THE INFLUENCE OF APPARATUS HUMAN RESOURCE QUALITY AND BUDGET MANAGEMENT EFFECTIVENESS ON SMART CITY IMPLEMENTATION IN LHOKSEUMAWE CITY
This study aims to analyze the influence of the quality of apparatus human resources (HR) and the effectiveness of budget management on the implementation of Smart City in Lhokseumawe City, both simultaneously and partially. An associative quantitative approach was employed, using a census method covering 50 employees of the Regional Financial Management Agency (BPKD) of Lhokseumawe City. Likert-scale questionnaires were transformed using the Successive Intervals Method (MSI) prior to analysis with multiple linear regression. All instruments satisfied valid and reliable criteria. Classical assumption tests confirmed normal residual distribution, absence of multicollinearity, and homoscedasticity. The F-test revealed that HR quality and budget management effectiveness simultaneously exerts a positive and significant influence on Smart City implementation. Partially, HR quality and budget management effectiveness each exhibit a positive and significant effect. The adjusted R² indicates that both variables explain 66.6% of the variance in Smart City implementation. These findings imply that simultaneously improving HR competence alongside strengthening budget management effectiveness represents a key strategy for enhancing Smart City implementation in Lhokseumawe City.
ORGANIZATIONAL COMMUNICATION AND JOB SATISFACTION AMONG BANK MANDIRI SOPPENG EMPLOYEES
This study investigates the relationship between organizational communication and employee job satisfaction at PT Bank Mandiri, Soppeng Branch. The inquiry was prompted by the operational importance of clear work instructions, performance feedback, reporting practices, and communication about workplace constraints in a service organization. A quantitative census design was used because all 20 branch employees were included through saturated sampling. Data were obtained from observation, a five-point questionnaire, organizational documents, and supporting literature. Descriptive statistics were used to summarize respondent characteristics and item responses, while simple linear regression was applied to test the proposed relationship. Employees generally reported clear work procedures, understandable performance-evaluation communication, established reporting practices, opportunities for professional development, and a well-functioning reward system. After reconciling inconsistent figures in the original coefficient table, the article consistently reports an unstandardized regression coefficient of 0.463 with p = 0.003 for organizational communication. The result indicates a positive and statistically significant relationship: stronger organizational communication is associated with higher employee job satisfaction in the branch context.
DIGITAL MARKETING CAPABILITY AND MSME COMPETITIVENESS IN SOPPENG REGENCY: A CONTEXTUAL REVIEW
Purpose: This study examines how digital marketing can strengthen the competitiveness of micro, small, and medium enterprises (MSMEs) in Soppeng Regency, Indonesia, and identifies the organizational conditions required for digital activities to generate business value. Methodology: The study uses a structured narrative literature review that purposively synthesizes peer-reviewed studies on digital marketing, social media, marketplace adoption, digital transformation, entrepreneurship, and MSME development, with priority given to evidence from Soppeng and comparable small-business settings. Official regional planning documents are used only to establish local policy context. Findings: The synthesis shows that digital marketing is most effective when it is treated as an organizational capability rather than as isolated social-media promotion. Market reach and visibility must be connected to informative content, customer engagement, a simple transaction pathway, service responsiveness, entrepreneurial knowledge, and performance measurement. Local evidence also reveals an important boundary condition: promotion by itself does not necessarily increase sales, indicating that conversion mechanisms and operational readiness matter. Originality/Value: The article integrates fragmented local evidence into the P5-Soppeng framework: digital-readiness mapping, market positioning, content production, conversation and conversion, and performance measurement. Practical Implications: The framework provides a staged approach for MSME owners, local government, universities, and business-support organizations to design capability-based digitalization programs that can be implemented with limited resources.
THE ROLE OF BRAND IMAGE IN MEDIATING THE EFFECT OF SOCIAL MEDIA MARKETING ON PURCHASE INTENTION FOR THE SUNAKA JEWELRY BRAND(A Study on Prospective Consumers in Gianyar Regency)
The Micro, Small, and Medium Enterprises (MSME) sector, particularly the creative industry, is one of the key contributors to Indonesia's economic development. Within Indonesia's creative industry, various business sectors produce diverse products, one of which is silver jewelry craftsmanship. Sunaka Jewelry is a silver jewelry brand that has established a strong brand image among international tourists and overseas markets. However, these market segments have recently shown indications of entering the maturity stage, making the exploration of new market segments, particularly prospective local consumers in Gianyar Regency, a strategic alternative. This study involved 120 respondents selected using a purposive sampling technique. Data were collected through both offline and online questionnaires and analyzed using SPSS for Windows version 24. The findings reveal that all proposed hypotheses are supported. Social media marketing has a positive and significant effect on both purchase intention and brand image. Furthermore, brand image has a positive and significant effect on purchase intention and significantly mediates the relationship between social media marketing and purchase intention.
THE EFFECT OF PROFITABILITY AND ENVIRONMENTAL PERFORMANCE ON COMPANY VALUE WITH GOOD CORPORATE GOVERNANCE AS A MODERATION (Empirical Study of Energy Sector Companies Listed on the Indonesia Stock Exchange 2022-2024)
Firm value represents the market’s perception of a company’s current condition and future prospects, as reflected in its share price. This study aims to analyze the effects of profitability and environmental performance on firm value, with good corporate governance as a moderating variable. The study was conducted on energy sector companies listed on the Indonesia Stock Exchange. The sample comprised 50 companies observed over a three-year period from 2022 to 2024, resulting in a total of 150 observations selected using a purposive sampling method. This study employed a quantitative approach using secondary data obtained from the companies’ financial statements and annual reports during the study period. Hypothesis testing was conducted using Moderated Regression Analysis (MRA). The results indicate that profitability has a positive and significant effect on firm value, while environmental performance also has a positive and significant effect on firm value. However, good corporate governance is unable to moderate the effects of profitability and environmental performance on firm value. The findings imply that energy sector companies need to optimize their financial performance and implement sustainable environmental management practices to enhance investor confidence and firm value. Furthermore, companies should strengthen the effectiveness of good corporate governance, particularly through the role of independent commissioners, to support improvements in firm value.
SUSTAINABILITY ACCOUNTING IN THE PUBLIC SECTOR: INTEGRATING ESG METRICS INTO GOVERNMENT REPORTING SYSTEMS
The adoption of sustainability accounting in the public sector is becoming increasingly important amidst rising demands for transparency, accountability, and sustainability in the management of government resources. Integrating Environmental, Social, and Governance (ESG) indicators into government reporting systems offers a strategic approach to augmenting financial information with non-financial aspects that reflect social and environmental impacts as well as governance quality. This study aims to analyze the concepts and evolution of sustainability accounting implementation in the public sector and to examine the role of ESG metric integration in enhancing the quality of government reporting systems. A literature review methodology was employed, analyzing various scholarly articles, institutional reports, and academic publications relevant to sustainability accounting, ESG, public sector reporting, and sustainable governance. The findings indicate that integrating ESG metrics can strengthen the transparency of government reporting by providing comprehensive information on resource utilization, environmental impacts, social benefits, and governance quality. Such implementation also holds the potential to support sustainability-driven decision-making, enhance public accountability, and bolster stakeholder trust in government institutions. However, implementation faces challenges, including a lack of standardized ESG indicators, limitations in data quality and availability, human resource capacity constraints, and the need to harmonize reporting standards. Therefore, an integrated, measurable, and adaptive ESG reporting framework for the public sector is essential to ensure that sustainability accounting becomes a strategic component of government reporting systems and supports the achievement of sustainable development goals.
DETERMINANTS OF RICE FARMERS’ PRODUCTION AND INCOME IN SUBAK JAKA, KUKUH VILLAGE, MARGA DISTRICT, TABANAN REGENCY
Rising rice production in Bali Province has not been fully matched by improved farmer welfare, as reflected in the Farmers' Terms of Trade (Nilai Tukar Petani/NTP) for the food-crop subsector, which fell below 100 in 2021 and 2022. This condition is compounded by farmers' practice of selling unhulled rice directly to buyers/collectors (pembeli/pengepul) rather than through village-owned enterprises (BUMDes), leaving the selling price highly dependent on market mechanisms and the farmers' weak bargaining position. This study aims to analyze the influence of social capital, agricultural technology, land area, and farming experience on rice production and farmer income, and to examine the mediating role of rice production, among farmers of Subak Jaka, Kukuh Village, Marga District, Tabanan Regency. A sample of 73 respondents was drawn from a population of 276 farmers using proportionate stratified random sampling across five tempek groups, and data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0. Results show that social capital, agricultural technology, land area, and farming experience each significantly and positively affect rice production. For income, social capital and agricultural technology remain significant, while land area and farming experience do not. Rice production acts as a partial mediator for social capital and technology, and a full mediator for land area and farming experience, indicating that strengthening subak institutions, technology adoption, and marketing systems should be prioritized to improve farmer welfare.
THE EFFECT OF CUSTOMER RELATIONSHIP MANAGEMENT (CRM), SERVICE QUALITY, GREEN PERCEIVED VALUE, AND CUSTOMER SATISFACTION ON CUSTOMER LOYALTY TOWARD HONDA MOTORCYCLES AT PT ASTRA MOTOR
The increasingly competitive motorcycle industry in Indonesia has encouraged companies to focus not only on increasing sales but also on maintaining customer loyalty. PT Astra Honda Motor, as the market leader, faces challenges related to product quality issues, particularly concerning the Enhanced Smart Architecture Frame (eSAF), which may affect customer satisfaction and loyalty. Under these circumstances, the implementation of Customer Relationship Management (CRM), Service Quality, and Green Perceived Value has become increasingly important in maintaining long-term relationships with customers. This study aims to analyze the effects of Green Perceived Value, Service Quality, and Customer Relationship Management on Customer Satisfaction and their subsequent impact on Customer Loyalty among Honda motorcycle customers at PT Astra Motor. This study employs a quantitative approach using a survey method involving Honda motorcycle customers at PT Astra Motor. The independent variables include Green Perceived Value, Service Quality, and Customer Relationship Management, while Customer Satisfaction serves as a mediating variable and Customer Loyalty as the dependent variable. Data analysis is conducted to examine the relationships among the variables based on the proposed research model. This study is expected to provide a theoretical contribution to the development of marketing management literature, particularly regarding the dynamics of customer satisfaction and loyalty in the context of a product quality crisis. Furthermore, the findings are expected to provide practical implications for PT Astra Honda Motor and its dealer network in formulating CRM strategies, improving service quality, and creating more effective customer value to sustainably maintain customer satisfaction and loyalty.
DETERMINANTS OF THE QUALITY OF FINANCIAL REPORTS OF REGENCY/CITY GOVERNMENTS OF NORTH SUMATERA PROVINCE BASED ON THE BPK AUDIT OPINION
This study aims to analyse the influence of local government size, local government expenditure, the administrative age of the local government, and population size on the quality of financial reports of regency/city governments in North Sumatra Province, as proxied by the audit opinion of the Audit Board of the Republic of Indonesia (BPK). This study employs a quantitative approach with an associative research design. The study population consists of 33 regency/city governments in North Sumatra Province over the 2019–2024 periods. A census sampling method was used, resulting in 198 observations. Secondary data were analyzed using panel data logistic regression. The results indicate that local government size has a positive but insignificant effect on financial report quality. Local government expenditure has a negative and significant effect. The administrative age of the local government has a negative but insignificant effect. Meanwhile, population size has a positive and significant effect. Simultaneous testing using the Likelihood Ratio Test yielded, indicating that all independent variables collectively have a significant effect on financial report quality. These findings demonstrate that local government characteristics, specifically expenditure and population size, play a role in determining the quality of financial reports. The study's results are expected to serve as a consideration for local governments in enhancing accountability, transparency, and the quality of local financial management in order to maintain and improve their BPK audit opinions.
THE EFFECT OF VILLAGE FUND REALIZATION ON THE NUMBER OF BENEFICIARY FAMILIES (KPM) OF THE FAMILY HOPE PROGRAM (PKH) IN LHOKSEUMAWE CITY
This study aims to analyze the effect of Village Fund realization on the number of beneficiary families (KPM) of the Family Hope Program (PKH) in Lhokseumawe City during the 2024–2025 periods. The study employs a quantitative approach with an associative method. Secondary data were obtained from the Lhokseumawe City Community and Village Empowerment Agency and the Lhokseumawe City Social Agency. The study population comprises all villages in Lhokseumawe City, and a saturated sampling technique was used, meaning the entire population served as the research sample. Panel data regression analysis was conducted using EViews software. The results indicate that the FEM is the most appropriate model. Hypothesis testing reveals that the realization of Village Funds does not have a significant effect on the number of PKH beneficiary families in Lhokseumawe City. This suggests that changes in the number of PKH recipients are not directly influenced by the magnitude of Village Fund realization but rather by other factors, such as the community's socioeconomic conditions, the verification and validation processes for social assistance recipients, and government policies regarding the determination of beneficiary families. This study is expected to serve as a reference for the government in optimizing Village Fund management and the implementation of social protection programs to improve community welfare.
A COMPARISON OF FINANCIAL INDEPENDENCE, EFFECTIVENESS OF LOCALLY-GENERATED REVENUE, AND EFFECTIVENESS OF REGIONAL EXPENDITURE: A COMPARATIVE STUDY OF REGENCY AND CITY GOVERNMENTS IN ACEH AND PAPUA
This study was prompted by the substantial allocation of Special Autonomy Funds received annually by the provinces of Aceh and Papua, which, ideally, should promote regional fiscal autonomy; however, in practice, dependence on central government transfers remains high in both regions. The study aims to compare regional financial autonomy, the effectiveness of Local Own-Source Revenue (PAD), and the effectiveness of regional expenditure across regency and city governments in the provinces of Aceh and Papua. The research subjects comprise all regencies and cities in the provinces of Aceh and Papua for the period 2021–2022, with a total of 102 observations obtained through saturation sampling. The data used were secondary data in the form of Budget Implementation Reports (LRA) collected through documentation and literature review. This study employed a comparative quantitative approach, comparing three variables: local financial autonomy, the effectiveness of PAD, and the effectiveness of local expenditure. Data analysis was carried out using descriptive statistics, the Shapiro-Wilk normality test, and the non-parametric Mann-Whitney U test, given that the research data were generally not normally distributed. The results indicate a significant difference in local financial autonomy between Aceh and Papua, with Aceh demonstrating a higher level of autonomy. Regarding the effectiveness of local revenue (PAD), there was no significant difference between the two provinces, indicating that their ability to meet PAD targets was relatively comparable. Meanwhile, the effectiveness of local expenditure showed a significant difference, with Aceh demonstrating a higher level of expenditure effectiveness compared to Papua. This study concludes that although both Aceh and Papua have been granted special autonomy status and receive substantial transfer funds, the capacity for local financial management in the two regions remains different, particularly in terms of fiscal autonomy and the effectiveness of expenditure. These findings have implications for local governments, particularly in Papua, to strengthen the optimisation of local revenue and the quality of budget implementation, and provide input for the central government in formulating more targeted regional transfer policies.
“MENEGUK CITRA, MENYEDUH MAKNA” : SEIA SEKATA’S BRANDING AS A LOCAL ROASTERY IN CIREBON
Coffee is a fiercely competitive industry, and businesses are seeking to create a strong brand identity as a way to differentiate themselves. The philosophy of “harmony” is carried out in the brand name of Seia Sekata Roastery & Espresso Bar, but far less study has been conducted on the meaning and its impact on the brand's identity. This research is to analyze the role of “Seia Sekata” brand name in brand identity based on the theory brand identity of David A. Aaker and understand the meaning that is perceived by consumers. This study uses descriptive qualitative approach with purposive sampling. In-depth interviews were conducted with the owner, frequent customers, and business associates, and thematic analysis was used, with a view to source triangulation. The results show that Seia Sekata has created their brand identity through the following: through having a consistent product quality and consumption experience which builds trust with customers (brand as product); through using harmony values in organizational culture and business communication (brand as organization); through creating a warm, open and able to build emotional closeness with consumers brand character (brand as person); and through the application of brand naming which brings a sense of togetherness and meaning through the brand experience (brand as symbol). These results suggest that the brand name, Seia Sekata can be used as a business name and can also be used as a brand image for the consumers that is authentic, consistent and meaningful.
THE ROLE OF BRAND AWARENESS IN MEDIATING THE EFFECT OF SOCIAL MEDIA MARKETING ON PURCHASE INTENTION AT FORE COFFEE RENON DENPASAR
Competition within the coffee shop industry in Denpasar City has become increasingly intense, with approximately 550 coffee shops currently in operation. This competition is also reflected in the dominance of major brands such as Kopi Kenangan, Fore Coffee, and Janji Jiwa based on the number of outlets. In Denpasar, Fore Coffee ranks below its primary competitors, highlighting the need for more effective marketing strategies, particularly at the Fore Coffee Renon Denpasar branch, to enhance competitiveness and attract consumers. This study was conducted in Denpasar City using a sample of 120 respondents selected through a purposive sampling technique. Data were collected through an online questionnaire and analysed using path analysis and the Sobel test with the assistance of SPSS version 27. The results indicate that all hypotheses were supported. Social media marketing has a positive and significant effect on both purchase intention and brand awareness. Brand awareness also has a positive and significant effect on purchase intention and partially mediates the relationship between social media marketing and purchase intention. The theoretical implication of this study enriches the hierarchy of effect model within the context of the Fore Coffee Renon Denpasar branch. Practically, the findings emphasise the importance of implementing effective social media marketing strategies to enhance brand awareness and encourage consumers' purchase intention.
THE RELATIONSHIP BETWEEN THE LEVEL OF CUSTOMER RELATIONSHIP MANAGEMENT (CRM) AND THE INTENSITY OF DIGITAL PUBLIC COMMUNICATION ON PLN'S CORPORATE IMAGE AMONG FOLLOWERS OF THE @PLN_ID INSTAGRAM ACCOUNT
In the era of digital transformation, PT PLN (Persero) faces challenges in maintaining its corporate image due to the increasing number of service-related complaints in cyberspace. This study aims to analyse the relationship between Customer Relationship Management (CRM) and digital public communication on the corporate image among followers of the @pln_id Instagram account. The study employed an explanatory quantitative methodology with a positivist approach. The research sample consisted of 100 respondents who were active followers of the @pln_id Instagram account and were selected using a purposive sampling technique. The theoretical framework was based on Customer Relationship Management proposed by Payne and Frow (2005) and Two-Way Symmetrical Communication developed by Grunig and Hunt (1984). Data were analysed using instrument testing, classical assumption testing, and simple linear regression analysis. The findings indicate that Customer Relationship Management (CRM) has a positive and significant relationship with corporate image. Digital public communication also demonstrates a positive and significant relationship with corporate image. This study recommends that the Public Relations division of PT PLN (Persero) optimise the dimensions of customer satisfaction and customer trust within its Customer Relationship Management (CRM) practices, while also enhancing message credibility in digital public communication to strengthen the company's corporate image and reduce negative sentiment on social media.
THE ROLE OF EMPLOYEE EXPERIENCE IN IMPROVING EMPLOYEE RETENTION IN THE DIGITAL AGE: A REVIEW OF THE LATEST LITERATURE
Digital transformation has fundamentally changed the landscape of the world of work, giving rise to new challenges in employee retention that cannot be addressed through technological investment alone. This article aims to examine the strategic role of Employee Experience (EX) in enhancing employee retention in the digital age through a synthesis of the latest literature. The research method employed is a literature review using a narrative-systematic approach, with data sources drawn from scientific journal articles, books and research reports. The findings indicate that Employee Experience plays a central role in employee retention through two key dimensions: Digital Employee Experience (DEX) and Holistic Employee Journey Design. DEX serves as the foundation for retention by reducing digital friction, enhancing digital wellbeing (Wellbeing 2.0), and creating technology-enabled interactions that support productivity and job satisfaction. Meanwhile, Holistic Employee Journey Design strengthens engagement and loyalty through integrated experience design across the employee lifecycle, encompassing effective onboarding, continuous career development, an inclusive organisational culture, work-life balance, and meaningful recognition systems. Organisations that have successfully integrated these two dimensions report a retention increase of up to 32 per cent over a six-month period. The managerial implications of this research emphasise the importance of an integrated, data-driven approach to managing EX, whereby organisations need to regularly audit the quality of DEX, gather employee feedback through the Voice of the Employee, and make continuous adjustments based on the insights gained. The conclusion of this study is that Employee Experience is no longer a supplementary initiative, but rather a strategic imperative that determines an organisation’s sustainability and competitive advantage in the digital age.
CUSTOMER SATISFACTION MEDIATES MOBILE BANKING EXPERIENCE AND SERVICE QUALITY EFFECTS ON LOYALTY
Mobile banking has become a primary interface between banks and customers, but high digital use does not necessarily produce lasting loyalty. This study examines the effects of customer experience and mobile banking service quality on customer loyalty through customer satisfaction among users of private commercial bank applications in Denpasar City. A quantitative associative design was applied to 160 respondents selected through purposive sampling. Data were collected using a Likert scale questionnaire and analyzed through Partial Least Squares Structural Equation Modeling. The results show that customer experience and service quality positively and significantly influence satisfaction and loyalty. Satisfaction also has a positive and significant effect on loyalty. The indirect effect of customer experience on loyalty through satisfaction is 0.115 with a p value of 0.027, while the indirect effect of service quality is 0.304 with a p value below 0.001. Satisfaction functions as a complementary partial mediator in both relationships. Service quality has the strongest effect on satisfaction, indicating that reliability, responsiveness, accuracy, and transaction speed remain central to digital banking evaluation. The findings extend Expectation Confirmation Theory and provide practical guidance for strengthening mobile banking loyalty.
THE INFLUENCE OF FINANCIAL LITERACY, REGRET AVERSION, AND HERDING ON MUTUAL FUND INVESTMENT DECISIONS AMONG GENERATION Z
The increasing number of mutual fund investors in Indonesia, predominantly consisting of Generation Z, is not necessarily accompanied by rational investment decision-making. Based on behavioral finance theory, investment decisions are influenced by cognitive, psychological, and social factors. This study aims to analyse the influence of financial literacy, regret aversion, and herding on mutual fund investment decisions among Generation Z. The study employed a quantitative approach with a causal research design. Data were collected through an online questionnaire based on a Likert scale, distributed to Generation Z individuals in Denpasar City who had invested in mutual funds for at least six months, using a convenience sampling technique. Data were analysed using multiple linear regression with the assistance of SPSS, complemented by classical assumption tests and hypothesis testing. The results indicate that financial literacy, regret aversion, and herding have a positive influence on mutual fund investment decisions among Generation Z. These findings suggest that, in addition to financial knowledge, emotional and social factors also influence the investment behaviour of Generation Z. The study concludes that enhancing financial literacy and managing behavioural biases are essential to encourage better investment decision-making.
THE INFLUENCE OF DIVIDEND PAYOUT, ASSET INTENSITY, AND DEBT INTENSITY ON COST STICKINESS
Cost stickiness is an important concern in management accounting studies because it indicates asymmetric costs. Operating costs tend to rise when sales increase but not when sales decline. This condition has significant implications for business sustainability. The purpose of this study is to investigate the impact of dividend payout, asset intensity, and debt intensity on cost stickiness in companies listed in LQ45 from 2019 to 2022). This study tests the drivers between independent and dependent variables using a quantitative approach. The study's secondary data originates from financial filings that have been made public. According to the study findings, cost stickiness is influenced by asset intensity and dividend payout to a partially extent, but not by the debt intensity variable. Since cost behavior through cost stickiness can maximize the achievement of company goals and identify the right use of resources, it is important for the company to manage it appropriately. Monitoring and controlling dividend payout, asset intensity, and debt intensity are necessary to ensure that they maximize the potential to boost sales.
INTERNAL FACTORS INFLUENCING THE IMPLEMENTATION OF SAK EMKM AMONG MSMES IN SURAKARTA CITY
Micro, Small, and Medium Enterprises (MSMEs) play a strategic role in driving national economic growth; however, the implementation of the Financial Accounting Standards for Micro, Small, and Medium Entities (SAK EMKM) among the majority of MSMEs remains suboptimal. This situation suggests the presence of internal factors influencing the application of accounting standards in financial statement preparation. Small and medium-sized businesses in Surakarta City use SAK EMKM, and this usage is affected by factors like their sales volume, how long they've been operating, and their business size. This study employed a quantitative research approach. The sample included 100 MSME owners who were chosen using purposive sampling. Data was gathered using questionnaires and then looked at using multiple linear regression analysis. The findings show that the age of the business and the owner's education level have a positive and important influence on implementing SAK EMKM.However, the business's sales volume and size do not play a major role. All the different factors together have a big impact on how well SAK EMKM is done. The Adjusted R-Square value is 0.600, which means the model explains 60% of the differences in how SAK EMKM is carried out. The findings suggest that the business owner's experience and education level are more decisive factors than business characteristics—such as turnover and size—in fostering the adoption of SAK EMKM. Therefore, continued efforts in education, training, and accounting assistance for MSME owners are essential to support more optimal SAK EMKM implementation.
THE INFLUENCE OF FINANCIAL LITERACY, FLUCTUATIONS IN GOLD PRICES AND INCOME ON INVESTMENT DECISIONS FOR GOLD SAVINGS WITH INVESTMENT INTEREST AS MODERATION
Gold Savings Investment is one of the people's choices because it has relatively low risk and is easily accessible. This research aims to analyze the influence of financial literacy, fluctuations in gold prices and income on Gold Savings investment decisions in PT Pegadaian CP Kartasura customers with investment interest as a moderating variable. This study used a quantitative approach with primary data from 80 respondents obtained through questionnaires. Data analysis was performed using SEM-PLS with the help of SmartPLS 4. The results showed that financial literacy did not have a significant effect on investment decisions, while fluctuations in gold prices and income had a positive and significant effect. Investment interest is also unable to moderate the influence of financial literacy, fluctuations in gold prices, or income on investment decisions. The determination coefficient values show that the research model was able to explain 72.6% of the variation in investment decisions. This research concludes that gold income and price fluctuations are the main factors that influence Gold Savings investment decisions.
THE FUTURE OF WORK: AI ADOPTION, EMPLOYEE PRODUCTIVITY, AND ORGANIZATIONAL EFFECTIVENESS
The rapid advancement of Artificial Intelligence (AI) is transforming the future of work by reshaping organizational processes, employee roles, and performance expectations across various industries. This study aims to examine the relationship between AI adoption, employee productivity, and organizational effectiveness in the contemporary workplace. Using a literature review approach, the study synthesizes findings from recent scholarly publications, industry reports, and empirical studies to identify key trends, opportunities, and challenges associated with AI implementation in organizations. The analysis indicates that AI adoption contributes significantly to improving employee productivity through process automation, data-driven decision-making, and enhanced collaboration between humans and intelligent systems. Furthermore, organizations that strategically integrate AI into their operational and managerial practices demonstrate higher levels of organizational effectiveness, including increased efficiency, innovation capacity, and competitive advantage. However, the findings also reveal several challenges, such as workforce resistance, digital competency gaps, ethical concerns, and the need for adaptive leadership and continuous learning initiatives. The study concludes that the successful realization of the future of work depends not only on technological investment but also on organizational readiness, employee empowerment, and the development of sustainable AI governance frameworks. These findings provide valuable insights for academics, practitioners, and policymakers seeking to foster productive and resilient workplaces in the AI era.
TAXPAYER READINESS FOR FULLY DIGITAL TAX ADMINISTRATION MODELS
Digital transformation in tax administration is one of the government's primary strategies to improve efficiency, transparency, and tax compliance. The implementation of a fully digital tax administration model requires taxpayers to be prepared to adopt various technology-based systems and services. This study aims to analyze the level of taxpayer readiness for the implementation of fully digital tax administration models and identify factors influencing this readiness. The study employed a literature review method, examining various scientific articles, institutional reports, and relevant policy documents regarding the digitalization of tax administration. The results indicate that taxpayer readiness is influenced by the level of digital literacy, perceived ease of use of the system, data security and protection, trust in tax authorities, the quality of technological infrastructure, and the effectiveness of government outreach and assistance. Furthermore, digitalization of tax administration has the potential to increase voluntary compliance, accelerate tax reporting and payment processes, and reduce administrative costs. However, the gap in technology access and digital capabilities among taxpayer groups remains a challenge that needs to be addressed. Therefore, a comprehensive strategy is needed through strengthening digital literacy, improving the quality of electronic services, and developing inclusive policies to support the successful implementation of digital tax administration across the board. This research provides a conceptual contribution to understanding the determinants of taxpayer readiness and its implications for the success of digital transformation in the tax sector.
THE INFLUENCE OF WORK STRESS ON TURNOVER INTENTION WITH JOB SATISFACTION AS A MODERATING VARIABLE
This study aims to analyze the influence of work stress on turnover intention, examine the influence of job satisfaction on turnover intention, and examine the moderating role of job satisfaction in the relationship between work stress and turnover intention. The study employed a quantitative approach with a causal research design and was conducted at a company operating in the hospitality sector. The research sample consisted of 90 employees. Data were collected through questionnaire distribution and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with the assistance of WarpPLS software. The results indicate that work stress has a positive and significant effect on turnover intention, whereas job satisfaction has a negative and significant effect on turnover intention. In addition, job satisfaction was found to moderate the relationship between work stress and turnover intention with a negative moderating direction, indicating that job satisfaction weakens the effect of work stress on turnover intention. These findings suggest that managing work stress through improved job satisfaction is an important factor in reducing employees' tendency to leave the organization. The implications of this study emphasize the importance of organizational policies that support employee well-being, proportional workload management, and the development of a work environment capable of enhancing job satisfaction in order to retain high-quality human resources.
GREEN TRUST IN LINKING GREEN PRODUCT AND WORD OF MOUTH
Background: The increasing consumer awareness of health, safety, and environmental sustainability has encouraged the growth of green cosmetic products. In the skincare industry, green product attributes alone may not be sufficient to encourage consumers to recommend a brand, as consumers also need trust in the credibility of environmental claims. Objective: This study aims to examine the role of Green Trust in linking Green Product and Word of Mouth among Sensatia Botanicals consumers in Bali. Method: This study used a quantitative approach with an explanatory research design. Primary data were collected through a survey of 150 Sensatia Botanicals consumers in Denpasar City. Respondents were selected using purposive sampling based on two criteria: having purchased Sensatia Botanicals products and understanding the brand’s environmentally friendly claims. Data were analyzed using Partial Least Squares Structural Equation Modeling. Results: The findings show that Green Product has a positive effect on Word of Mouth and Green Trust. Green Trust also has a positive effect on Word of Mouth. Furthermore, Green Trust significantly mediates the relationship between Green Product and Word of Mouth. Conclusion: Green product attributes become more effective in encouraging recommendation behavior when consumers trust the brand’s environmental commitment.
GREEN PRODUCT, CONSUMER ATTITUDE, ENVIRONMENTAL AWARENESS IN PURCHASE INTENTION NPURE TONER
Climate change and rising public concern for environmental issues have reshaped consumer behavior toward more environmentally friendly products, including in the beauty industry. NPure, an Indonesian local skincare brand built on the concept of green beauty, faces the challenge of strengthening consumer purchase intention amid lingering skepticism toward the authenticity of green products. This study analyzes the influence of green product and consumer attitude on purchase intention, and examines environmental awareness as a moderating variable for NPure toner in Denpasar, Bali. A quantitative survey was distributed to 130 NPure consumers selected through purposive sampling, and the data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that green product and consumer attitude each have a positive and significant effect on purchase intention, while environmental awareness fails to moderate either relationship. These findings suggest that consumers' environmental awareness neither strengthens nor weakens the link between green product, attitude, and purchase intention toward NPure. The study concludes that green product quality and favorable consumer attitude are the primary drivers of purchase intention for environmentally friendly skincare, and recommends that future research test alternative moderators such as green trust or green perceived value.
FROM TEACHING PROVIDERS TO KNOWLEDGE ENGINES: TRANSFORMING PRIVATE HIGHER EDUCATION IN ACEH AMID THE ARTIFICIAL INTELLIGENCE REVOLUTION
The rapid advancement of Artificial Intelligence (AI) is fundamentally reshaping the global landscape of higher education, challenging established business models and modes of knowledge delivery. In Indonesia, Private Higher Education Institutions (PHEIs) serve a critical role in expanding access, yet they remain structurally vulnerable due to heavy reliance on tuition fees and a prevailing focus on instruction over inquiry. This article examines the existential challenges facing PHEIs, with specific focus on the post‑conflict, resource‑rich but economically constrained context of Aceh. It argues that the traditional model of “teaching factories” is no longer viable in an era where AI democratises information access. Instead, PHEIs must undergo a paradigm shift to become Knowledge Engines: institutions that treat research, faculty development, and community engagement as strategic investments rather than operational costs. Drawing on recent global literature and local contextual analysis, the study proposes a four‑pillar framework comprising problem‑centred local research, faculty empowerment as knowledge producers, integrated curricula, and strategic partnership development. The analysis demonstrates that by leveraging AI not merely for efficiency but to unlock local data and contextual insights, PHEIs can build unique competitive advantages that large public universities cannot easily replicate. This transformation is not only essential for institutional survival but also vital for ensuring that higher education contributes meaningfully to regional development, cultural preservation, and intellectual independence in Aceh and across Indonesia.
THE EFFECTIVENESS OF FIXED ASSET MANAGEMENT IN SUPPORTING ORGANIZATIONAL PERFORMANCE: EVIDENCE FROM THE REGIONAL SECRETARIAT OF KENDARI CITY
This study aims to analyze the effectiveness of fixed asset management in supporting organizational performance at the Regional Secretariat of Kendari City. The study employed a qualitative approach using a descriptive method. Data were collected through observation, interviews, and documentation studies involving informants selected through purposive sampling, namely the Asset Manager of the Regional Secretariat of Kendari City and staff responsible for regional asset management. Data analysis was conducted through the stages of data collection, data reduction, data display, and conclusion drawing. The results indicate that fixed asset management at the Regional Secretariat of Kendari City has been implemented through eight stages: asset needs planning, asset procurement, asset inventory, asset legal audit, asset valuation, asset maintenance, asset disposal, and asset transfer. Overall, the implementation of fixed asset management has been carried out effectively and in accordance with applicable regulations and procedures, referring to the asset management theory proposed by Gima A. Sugiama. The effectiveness of fixed asset management is reflected in the availability of facilities and infrastructure that support the implementation of organizational duties and functions, the optimal maintenance of assets, and the improvement of efficiency and smoothness in organizational operations. However, several challenges remain, particularly in asset data management and the updating of asset information, which require further attention to enhance the quality of asset management in the future.