Journal of Management : Small and Medium Enterprises (SMEs)

HOSPITALITY ENTREPRENEURSHIP IN A RESOURCE CONSTRAINED ENVIRONMENT AMID THE COVID-19 PANDEMIC: EVIDENCE FROM GUESTHOUSE OPERATORS

2025-07-01T14:34:24+00:00

This study leverages Complexity Theory to explore the multifaceted experiences of guesthouse operators in Alice, South Africa, during the pandemic. While global perspectives on the pandemic's impact on the hospitality sector are well documented, a notable research gap remains in understanding the localised experiences of guesthouses in marginalised contexts. Guided by an interpretive paradigm, this research employed a qualitative methodology to capture the lived experiences of guest house operators. Semi-structured interviews were conducted with six purposively selected participants, allowing for in-depth insights into the challenges faced and the strategies employed. Thematic analysis of the data revealed key challenges, including revenue losses, staff retrenchments, operational constraints, and limited government support, underscoring the interconnected nature of the economic and social impacts. By situating the experiences of Alice guesthouse operators within a broader South African and global context, this study contributes valuable insights into entrepreneurial resilience in crisis-prone environments.

Keywords: COVID-19 Pandemic; Hospitality Entrepreneurship; Guesthouse Operators

DETERMINING FACTORS OF PURCHASE INTENTION AND WILLINGNESS TO PAY PROCESS

2025-07-01T14:34:24+00:00

This inquire about was conducted to Analyze the Determinants of Eagerness to Pay (WTP) by understanding what drives consumers' greatest cost resistance. This is a associative type of quantitative approach. The time horizon is cross-sectional. The unit of analysis is individual who are Muslim fashion consumers. Survey conducted by distribute the questionnaire in December 2023 using Google Forms to 361 sample. Seven variables were tested, consisting of 33 questions on a five-point Likert scale. Structural Equation Modeling (SEM) is used to examine data. The findings of a test of the hypothesis that Purchase Intention is significantly positively impacted by Brand Personality, Social Influence, and Brand Reputation. Purchase intention significantly improves eWOM and decision-making. Willingness to Pay is significantly improved by decision-making and eWOM. Brand Personality, Social Influence, and Brand Reputation are factors to attract interest in buying Muslim fashion products.

Keywords: Purchase Intention; Willingness to Pay; Decision-making; eWOM; Muslim Fashion

DETERMINANTS OF CREDIT RISK IN THE NIGERIAN BANKING INDUSTRY

2025-07-01T14:34:23+00:00

The deposit money banks are faced with the problem of credit risk, which occurs from their intermediary role in the economy, which is channeling customers’ deposits from the surplus sector to the deficit/productive sector to improve their performance and stimulate financial stability and growth. It is imperative to examine the internal and external factors that influence the credit risk component of the deposit money banks in Nigeria. This study examines the determinants of credit risk in the Nigerian banking industry. The secondary data was sourced from twelve deposit money banks listed on the Nigerian Stock Exchange Group from 2019 to 2023. The static regression analysis was employed to determine the inference of the objective. The findings from the fixed effect model revealed that board size, operating efficiency, bank size, gross domestic product growth rate, and unemployment rate have a significant effect on the non-performing loan ratio, while return on assets, board independence, loan-to-deposit ratio, debt-to-equity ratio, loan-to-total asset ratio, and inflation rate have an insignificant effect on the non-performing loan ratio. Therefore, it is recommended that deposit money banks in Nigeria integrate internal governance enhancements with macroeconomic stability, which is essential for effectively managing non-performing loans in Nigerian banks. Collaborative efforts between banks, regulators, and policymakers are critical to achieving sustainable credit risk management.

Keywords: Credit Risk; Profitability; Liquidity; Corporate Governance; Macroeconomic

DECISION MAKING ANALYSIS OF MAINTENANCE STRATEGY TO RESPOND CHF 6 AND CHF 7 OPERATIONS

2025-07-01T14:34:23+00:00

PT Black Energy has infrastructure on both the mining side includes a total of 5 Coal Handling Facility (CHF) systems, and the unloading terminal side includes the Kertapati dock and the Tarahan port. To increase coal transport volume by 2026, adequate infrastructure development is needed by adding more CHF on the mining side and for the unloading terminal side, which will involve adding more unloading terminals. The maintenance department is tasked with maintaining the CHF system. Meanwhile, to carry out its maintenance activities on the existing CHF system, the maintenance department is currently facing an issue with a shortage of supervisors. The maintenance department must develop new strategy to optimize its performance in maintaining the existing 5 CHF systems while also preparing to accommodate the addition of CHF 6 & CHF 7 in 2026. This research was conducted using secondary data from maintenance department documentation studies and primary data through interviews with Subject Matter Expert. Value-Focused Thinking (VFT) method was used to identifying and describing values and objectives that are used as the foundation to generating alternatives and attributes for decision making process. Decision making to select the best alternative was conducted using Simple Multi Attribute Rating Technique (SMART) which will evaluate and compare alternatives with multiple attributes involved while each attribute represents a different aspect or criteria that matters in the decision. The research result show that CHF system focused maintenance model is the best alternative to respond additional CHF 6 & CHF 7 operations in 2026 where each Assistant Manager for mechanical and electrical maintenance division will be responsible for a specific CHF system. This research supports the maintenance department in solving the issue of manpower shortages that will inevitably occur in 2026.

Keywords: Decison Making; Value-Focused Thinking (VFT); Simple Multi Attribute Rating; Technique (SMART)

NAVIGATING RISK BY USING A MULTIFACETED APPROACH TO CONTINGENCY PLANNING FOR BLACK SMES IN SOUTH AFRICA'S AUTOMOTIVE INDUSTRY DURING COVID-19

2025-07-01T14:34:22+00:00

This study examines contingencies used by Black-owned SMEs in South Africa’s automotive industry during the COVID-19 pandemic to manage risks during this period. Semi-structured interviews were conducted with 11 SMEs, comprising six micro-businesses and five small businesses located in Gauteng and the Eastern Cape. Thematic analysis was used to analyze the data, revealing the contingencies implemented as responses to mitigate the risks to their sustainability. The findings show that participants employed multifaceted contingency strategies across financial, operational, human resource, socioeconomic, and technological domains. These measures were both proactive and reactive, highlighting the adaptability and resilience of the SMEs. The study emphasizes the importance of targeted policies and frameworks to support these enterprises in navigating risks and ensuring sustainability. These insights are crucial for policymakers, business leaders, and stakeholders committed to fostering resilience in South Africa's small business sector.

Keywords: Small Business; Contingencies, Covid-19; Automotive Industry

THE EFFECT OF SALES PROMOTION ON CUSTOMER PURCHASING DECISIONS

2025-07-01T14:34:21+00:00

There is an abundance of potential in Indonesia's food and beverage economy, but the Covid-19 pandemic conditions have prompted a significant change in consumer behavior, namely from direct purchases to digital purchases. The Cloud Kitchen concept is an option because it focuses on providing online food and beverage delivery services (online food & drink delivery). This is used by Ayam Bang Dava (ABD) to attract consumers and encourage purchases from online consumers who are basically interested in the promotional offers offered. This study aims to determine the effect of sales promotion on the purchasing decisions of Ayam Bang Dava (ABD) customers in Bandung Raya. The research method used is quantitative, verification and uses surveys as a data collection tool. Purposive sampling was a method when selecting the sample to target only Ayam Bang Dava (ABD) customers in Bandung Raya, with a total of 115 respondents. This study analyzes sales promotion variables through sales promotion tools conducted by Ayam Bang Dava (ABD), including bundles/bonus packs, price-offs, and event marketing. Purchasing decision variables are evaluated through aspects of product selection, brand selection, dealer selection, time and amount of purchase, and payment method. This study used simple linear regression analysis, coefficient of determination, and hypothesis testing to determine the existence of an influence. The results showed that the sales promotion carried out by ABD had an effect on the purchasing decisions of ABD customers in Bandung Raya. The value of the coefficient of determination obtained is 31%, which shows that the sales promotion variable can explain the purchase decision variable by 31%, and the remaining 69% is explained by other variables.

Keywords: Purchase Decision; Sales Promotion; Online Food Delivery Service

REVIEWING THE IMPACT OF COUNTRY-OF-ORIGIN ON CONSUMER PURCHASE INTENTION : THE ROLE OF CELEBRITY ENDORSEMENT IN EXISTING LITERATURE

2025-07-01T14:34:21+00:00

This paper explores the effect of country of origin on consumer purchase and repeat purchase intention. The moderating impact of celebrity endorsement will also be explored. This research took on a theoretical approach using over twenty-five (25) articles covering country of origin, purchase intention, and celebrity endorsement. Country-of-origin (COO) effects, namely cognitive, affective, and normative, alongside culture and consumer ethnocentrism, impact a consumer’s purchase intention. Consumers consider the specific effects of a product’s country of origin before purchasing a product, and international marketers must understand these. Research on repeat purchase intention shows no relationship with the country of origin as consumers are historically and sometimes emotionally tied to a product; therefore, they automatically purchase it without giving much thought to its country of origin. This study contributes to the existing literature while adding celebrity endorsement as an external variable. Thus, another important finding is how the theoretical theories of celebrity endorsement, namely, the source credibility model, the source attractiveness model, the match-up hypothesis, and the meaning transfer model, moderate the relationship between the COO effect and purchase and repeat purchase intention.

Keywords: Country-of-Origin; Consumer Purchase Intention; Repeat Purchase Intention; Celebrity Endorsement

THE EFFECT OF GOOD CORPORATE GOVERNANCE MECHANISMS AND COMPANY SIZE ON THE TIMELINESS OF FINANCIAL STATEMENT SUBMISSION IN PROPERTY AND REAL ESTATE SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE IN 2021-2023

2025-07-01T14:34:20+00:00

The study investigates the impact of Good Corporate Governance Mechanisms and company size on the accuracy of financial reporting, employing a quantitative approach. The research focuses on companies in the Property and Real Estate sector listed on the Indonesian Stock Exchange during the 2021-2023 period. A purposive sampling method was used to select 64 companies, resulting in a total of 192 observations over three years. Data analysis was performed using logistic regression with IBM SPSS version 26. The findings indicate that managerial ownership, institutional ownership, and audit committees positively influence the accuracy of financial reporting. However, company size and independent commissioners do not significantly impact the timeliness of financial report submissions.

Keywords: Timeliness of Submission of Financial Statements; Audit Committee ; Independent Commissioner ; Managerial Ownership ; Institutional Ownership; Company Size

ANALYSIS OF THE STABILITY OF THE BURUNDIAN FINANCIAL SECTOR: APPLICATION OF THE POISSON MODEL

2025-07-02T14:34:24+00:00

This study aimed to analyze the effects of Burundian banks' activities on the stability of the Burundian financial system. The data used in this study come from the Bank of the Republic of Burundi and cover the financing activity of Burundian banks for the period 2018 to 2023. By applying the fish model, the econometric results revealed highly interesting findings leading to economic policies to improve the stability of the Burundian financial sector. For illustration, the financing of short-term trade receivables has a positive effect on the stability of the Burundian financial sector, while export credit has a negative effect on the stability of the financial sector. These results reveal a low contribution from products originating in Burundi, thus contributing to the instability of the Burundian financial sector through the deterioration of the credit portfolio. To solve this problem, the Burundian government needs to put in place incentive policies aimed at developing the business sector so as to ensure not only production but also the processing of local products with high added value prior to export. Similarly, Burundian banks must comply with the prudential and non-prudential measures laid down by the central bank in order to improve the stability of the financial sector. To achieve this, Burundian banks need to design and implement more appropriate technology for exchanging borrower data in order to improve transparency and reduce fraud in credit transactions.

Keywords : Financial Stability; Poisson's Law; Burundi

THE INFLUENCE OF PRODUCT DIVERSITY AND STORE LOCATION ON PURCHASE DECISIONS OF CONSUMERS AT VIERA OLEH-OLEH PEKANBARU

2025-07-02T14:34:23+00:00

Purchasing decisions play a crucial role in the marketing concept. This is the background to this research. Product diversity and good store locations are some of the incentives for someone to make a purchase. This is what the Viera Pekanbaru Souvenir Shop implements. This research aims to determine the influence of product diversity and shop location on purchasing decisions at the Viera Pekanbaru Souvenir Shop. The research method employed in this study is a descriptive approach with quantitative methods. Research data sources come from primary data. The number of samples in this research was 100 people, with the sampling technique using purposive sampling. The analytical method for this research is multiple linear regression analysis and uses validity and reliability tests. The results obtained are that product diversity has a positive and significant effect on purchasing decisions, store location has a positive and significant effect on purchasing decisions, and product diversity and store location simultaneously influence purchasing decisions at the Viera Pekanbaru Souvenir Shop.

Keywords: Product Diversity; Store Location; Purchase Decision

A COMPREHENSIVE EVALUATION OF DIGITAL TRANSFORMATION ACROSS MULTIPLE BUSINESS FUNCTIONS IN SOUTH AFRICAN SMMES: INSIGHTS POST-COVID-19

2025-07-02T14:34:23+00:00

The digital transformation of Small, Medium, and Micro Enterprises (SMMEs) is crucial for maintaining competitiveness and ensuring long-term growth in today’s business environment. This systematic literature review evaluates how digital technologies have reshaped business functions within South African SMMEs, particularly following the COVID-19 pandemic. Articles published between 2019 and 2024 were sourced from Scopus and Web of Science, and the PRISMA framework was used for selecting and analysing relevant studies. The review assesses the current state of digital transformation, exploring its impact on marketing, operations, customer engagement, and decision-making processes. It identifies key challenges, such as resource limitations, digital skills gaps, and infrastructure constraints, which impede widespread digital adoption. Sector-specific insights are also provided, recognizing varying levels of digital maturity across industries. The findings offer actionable recommendations for SMME owners, policymakers, and educators, suggesting strategies to accelerate digital adoption. By providing valuable local data, this study adds to the growing body of research on entrepreneurship and digitalization in South Africa’s post-pandemic landscape. The study underscores the need for targeted interventions to help SMMEs overcome barriers and fully leverage technology to drive growth and innovation.

Keywords: Digital Transformation; SMMEs; South Africa; Post-COVID-19; Sectoral Analysis

THE IMPACT OF ONLINE SALES AND QRIS ON UMKM INCOME WITH FINANCIAL LITERACY AS A MEDIATING VARIABLE: A STUDY OF CULINARY UMKMS IN MALANG CITY

2025-07-02T14:34:22+00:00

This study aims to examine the impact of online sales and QRIS on the income of UMKMs in Malang City, with financial literacy as a mediating variable. The population of this study includes culinary UMKMs in Malang City, with a sample selected using random sampling from a total of 16,417 culinary UMKMs. The study used a quantitative approach and analyzed the data using PLS-SEM to evaluate the relationships between the variables. The findings indicate that both online sales and QRIS positively influence UMKM income, with financial literacy significantly mediating these relationships. The results suggest that integrating digital tools with financial literacy can enhance the financial performance of UMKMs. However, the study is limited to a specific sector in a single city, and future research could explore the long-term effects of digital tools on UMKM sustainability and evaluate additional factors influencing business performance in the digital economy.

Keywords: Online Sales; QRIS; Financial Literacy

RESILIENCE AND REINVENTION: THE JOURNEY OF MIGRANT-OWNED MICRO ENTERPRISES IN SOUTH AFRICA BEFORE, DURING, AND AFTER COVID-19

2025-07-02T14:34:22+00:00

This paper follows foreign migrant-owned microenterprises in South Africa, tracing their paths before and after the COVID-19 pandemic. Research on micro-enterprises during the pandemic is generally inclined toward finding the impact of COVID-19 without a migration analysis. This paper bridges this gap by centering on migrant-owned businesses since they may have been affected by being owned by foreigners, a vulnerable population. The paper utilizes qualitative data to evaluate the pandemic's impact on business operations, financial security, and survival mechanisms. Furthermore, it assesses the post-pandemic revival process and locates migrant-owned small businesses' experiences in debates on migration, informality, and entrepreneurship. The primary findings of the paper illustrate that migrant-owned small businesses performed relatively well before the pandemic, with most of the owners earning above South Africa's monthly minimum wage. The paper also discovered that many foreign-owned small enterprises were impacted by a decline in demand during the lockdown, resulting in a loss of revenue, while some have struggled to recover post-COVID-19.

Keywords: South Africa; COVID-19; Small Businesses; Migrants; Micro-Enterprises

THE EFFECT OF WORKLOAD AND TRAINING ON EMPLOYEE PERFORMANCE

2025-07-02T14:34:21+00:00

This research was motivated by the decline in employee performance at Tikung Lamongan Islamic Junior High School, which was caused by the large workload and lack of training for employees, so that the task work became less than optimal. This study aims to find out how much workload and training affect employee performance at Tikung Lamongan Islamic Junior High School. The research method uses a quantitative approach. The population in this study is all employees at Tikung Lamongan Islamic Junior High School. The sample used was 50 respondents. The data analysis technique uses multiple linear regression analysis, classical assumption tests, t-tests, f-tests, and realism. Based on the results of the analysis and discussion, it was obtained that workload and training have a significant influence on employee performance partially. From the calculation using multiple linear regression obtained that the workload and training simultaneously and significantly affect employee performance.

Keywords: Workload; Training; Employee Performance

HUMAN RESOURCE IMPROVEMENT EFFORTS: EXPLORING THE ROLE OF COMMUNICATION SKILLS AND STRUCTURALISM IN JOB INTERVIEW SUCCESS

2025-07-03T14:34:26+00:00

This study explores the influence of effective communication and structuralism on the readiness of Politeknik Caltex Riau (PCR) students in job interviews. While students excel in technical skills, they often struggle with verbal and non-verbal communication during interviews. Utilizing surveys and interviews with 184 final-year students, the research reveals that effective communication has no significant impact on job interview readiness, while structural factors such as social norms and cultural adaptation significantly affect preparedness. The results indicate that the combination of these factors accounts for 57.8% of students' readiness. This finding suggests that enhancing communication training and understanding of structural frameworks could improve students' job interview outcomes. The study provides valuable insights for curriculum development aimed at increasing employability skills for future graduates in a competitive job market.

Keywords: Effective Communication; Structuralism; Job Interview; Human Resource Development

EFFECTIVENESS ANALYSIS OF WORK PLANS AND CORPORATE BUDGET PROGRAMS CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENT

2025-07-03T14:34:25+00:00

The budget planned and approved in the company's work plan and budget is the budget that the company will spend for its work program in the future. For this reason, this research aims to determine the effectiveness of the planned budget and its implementation in 2019-2022. The method used in this research is descriptive quantitative, where the nature of the discussion is to describe, compare, and explain the data so that conclusions can be drawn. In the period 2019 to 2022, research results were obtained that showed that the budget and its implementation were almost stable at a "Highly effective" level. This shows the success of company management in implementing the budget according to plan and is a form of corporate responsibility for social and environmental problems.

Keywords: Budget; Realization; Effectiveness

MARKETING STRATEGY TO DRIVE IMPULSE BUYING AND HEDONIC SHOPPING ON SHOPEE E-COMMERCE: A NEUROMARKETING-BASED APPROACH

2025-07-03T14:34:25+00:00

This article explores marketing strategies aimed at increasing impulse buying and hedonic shopping behavior on the e-commerce platform Shopee, using a neuromarketing approach. The article highlights the rapid growth of online shopping in Indonesia, especially among the younger demographic, and uses the Zaltman Metaphor Elicitation Technique (ZMET) to explore consumer perceptions and motivations. Key findings suggest that emotional responses and sensory stimuli significantly influence impulse buying, with factors such as attractive promotions, product variety, and ease of payment playing a significant role. The study offers valuable insights for marketers to develop effective strategies tailored to consumer behavior on Shopee while also acknowledging limitations such as the small sample size and qualitative nature of the study.

Keywords: Hedonic Shopping; Impulse Buying; Neuromarketing; Marketing Strategy

EMPLOYEE PERFORMANCE BASED ON WORK MOTIVATION, EMPLOYEE ENGAGEMENT AND ORGANIZATIONAL COMMITMENT

2025-07-03T14:34:24+00:00

This study aims to assess employee perceptions and examine the direct effects of work motivation and employee engagement on organizational commitment, as well as the direct effects of work motivation, employee engagement, and organizational commitment on employee performance. It also investigates the indirect role of organizational commitment in mediating the impact of work motivation and employee engagement on employee performance. Using path analysis and a sample of 132 respondents, the study found that work motivation and employee engagement significantly influence organizational commitment. Additionally, all three variables—work motivation, employee engagement, and organizational commitment—directly affect employee performance. Organizational commitment also serves as a mediating factor between both work motivation and employee engagement on employee performance.

Keywords: Work Motivation; Employee Engagement; Organizational Commitment; Employee Performance

THE SYSTEMATIC LITERATURE REVIEW OF THE IMPACT OF FINTECH IN ENCOURAGING GREEN INNOVATION IN MSMEs

2025-07-03T14:34:24+00:00

This study investigates the role of fintech in promoting green innovation among Small and Medium Enterprises (SMEs) worldwide. This paper analyses various research studies and highlights key aspects of fintech’s contributing to sustainable business practices. Firstly, fintech supports access to finance through digital platforms and innovative financing models such as peer-to-peer lending (P2P), enabling SMEs to invest in environmentally friendly technologies. Secondly, green financing mechanisms such as crowdfunding and blockchain technology facilitate transparent and accountable investments in sustainable projects. Thirdly, fintech promotes the digitalization of business operation processes, increasing efficiency and reducing carbon footprints. Furthermore, fintech contributes to developing financial literacy, empowering SMEs to make better decisions about sustainable investments. The study also explores how fintech incentives, such as rewards for eco-friendly purchases, could drive consumer demand for sustainable products. To sum up, fintech plays a vital role in fostering green innovation among SMEs by providing better access to finance, promoting transparency, introducing eco-friendly technologies, and expanding market access.

Keywords: Fintech; Green Innovation; MSMEs

THE RELATIONSHIP BETWEEN RETURN ON EQUITY, CURRENT RATIO, AND DEBT TO EQUITY RATIO ON STOCK PRICE WITH PRICE EARNING RATIO AS A MODERATING VARIABLE IN TELECOMMUNICATION SUB-SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE IN 2020 – 2023

2025-07-03T14:34:23+00:00

While accounting for the price-earnings ratio, this study aims to isolate the effect of debt-to-equity, return-on-equity, and current ratios on stock prices. From 2020 to 2023, nine companies that were listed on the Indonesia Stock Exchange were selected for this study using a sample approach. The data was analyzed quantitatively using a variety of approaches in SPSS 23, including multiple linear regression and moderation regression analysis. Aside from the current ratio, the results show that no other variable significantly affects stock price. Furthermore, the ratio of debt to equity to stock price is moderated by the ratio of stock price to net income.

Keywords: Return On Equity; Current Ratio; Debt to Equity Ratio; Price Earning Ratio

A RELATIONS BETWEEN GREEN HUMAN RESORCE MANAGEMENT (GHRM) AND ENVIRONMENTALLY FRIENDLY BEHAVIOR : PERCEPTIONS OF STUDENTS AS PROSPECTIVE EMPLOYEES

2025-07-03T14:34:23+00:00

This study examines the relationship between Green Human Resource Management (GHRM) practices and environmentally friendly behavior among students of Raden Mas Said State Islamic University Surakarta as prospective employees. The study employed a quantitative cross-sectional method, analyzing data from 160 students using Structural Equation Modeling (SEM) with Partial Least Squares. Results indicate that GHRM positively influences both task-related and voluntary green behaviors. Specifically, Green Recrutment and Selections (GRS), Green Performance Management (GPM), and Green Compensation management (GCM) significantly affect task-related behavior, while GRS, Green Training and Development (GTD), GPM, and Green Employee Involement (GEI) impact voluntary behavior. Green psychological climate mediates this relationship, though its indirect effects were weaker than expected. These findings highlight GHRM's role in promoting green behaviors among prospective employees, offering insights for organizations seeking to attract environmentally conscious talent. The study contributes empirical evidence on GHRM's impact from the perspective of future employees.

Keywords : Green Human Resource Management ; Employee Green Behavior ; Green Psychology Climate ; Green Recrutmen and Selection ; Green Training and Development ; Green Performance Management ; Green Compensation management ; Green Employee Involement

FINANCIAL LITERACY ON THE PERFORMANCE OF COFFEE MSMEs IN SOUTH JAKARTA

2025-07-17T14:35:06+00:00

Micro, small, and medium enterprises (UMKM) are currently one of the supporting factors for the economy in Indonesia. The development of the coffee industry in Indonesia has grown very significantly from year to year. The transition from MSME shops to franchise businesses has been observed. However, good financial knowledge or literacy is also a factor that determines success in a business. Based on this, this research was conducted to examine the relationship between financial knowledge, financial attitudes, and financial behavior on the performance of MSMEs. The results of this research show that financial knowledge encompasses a positive relationship with the execution of MSMEs. Financial attitudes and financial behavior have no influence on MSME performance. And based on simultaneous testing, financial knowledge, financial attitudes, and financial behavior have a positive effect on the performance of MSMEs.

Keywords: Financial Knowledge; Financial Attitude; Financial Behavior; UMKM; Performance

THE INFLUENCE OF BRAND TRUST, LIVE PROMO, AND PRICE ON CONSUMER PURCHASING INTEREST IN TIKTOK SHOP IN THE SOUTH SULAWESI REGION

2025-07-17T14:35:05+00:00

This research aims to examine the impact of Brand Trust, Live Promo, and Price on Consumer Purchasing Interest in TikTok Shop. The study focuses on TikTok Shop users in the South Sulawesi area, with the exact number of respondents not being specified. A total of 200 respondents participated in the study. The research utilized a Likert scale for measurement, and data analysis was conducted using SPSS version 22. The findings of this study reveal that (1) Brand Trust significantly and positively influences consumer purchasing interest in TikTok Shop in the South Sulawesi area, (2) Live Promo has a significant and positive effect on consumer purchasing interest in TikTok Shop in the South Sulawesi area, (3) Price significantly and positively impacts consumer purchasing interest in TikTok Shop in the South Sulawesi area, and (4) Brand Trust, Live Promo, and Price collectively have an effect on consumer purchasing interest in TikTok Shop in the South Sulawesi area.

Keywords: Brand Trust; Live Promo; Price; Purchasing Interest

THE INFLUENCE OF HERDING, OVERCONFIDENCE, ANCHORING, LOSS AVERSION, RELIGIOSITY ON INVESTMENT DECISIONS MODERATED BY RISK TOLERANCE

2025-07-17T14:35:05+00:00

This study aims to analyze the impact of independent variables such as herding bias, overconfidence, anchoring, loss aversion, and religiosity on investment decisions moderated by risk tolerance for investors in Batam City. People who are stock investors in Batam City are the research subjects, with the sampling technique used being snowball sampling. The results showed that factors such as herding bias, overconfidence, anchoring, loss aversion, and religiosity have a significant influence on investment decisions. It is different for the risk tolerance variable, which is not proven to have a significant role in moderating the relationship between the independent variable and the dependent variable, investment decisions. This study also has limitations in terms of samples that may not be able to represent all people who invest in Batam City. Therefore, it is recommended for future research to conduct further research with a more representative sample of the population investing in Batam City.

Keywords: Herding; Overconfidence; Anchoring; Loss Aversion; Investment Decision

THE EFFECT OF WORK SHIFT IMPLEMENTATION AND WORK MOTIVATION ON EMPLOYEE WORK PRODUCTIVITY AT PT SUMBER BINTANG REZEKI JIMBARAN SEMARANG REGENCY

2025-07-17T14:35:04+00:00

This study examines the influence of work shift implementation and work motivation on employee productivity at PT Sumber Bintang Rezeki Jimbaran in Semarang Regency. Using a quantitative approach with an explanatory survey method, data were collected from 38 employees through a structured questionnaire. Multiple regression analysis revealed that both work shift implementation and work motivation individually had significant positive effects on employee productivity. The two variables collectively explained 67.9% of the variance in employee productivity. The findings highlighted that while both factors significantly influence productivity, work motivation demonstrated a slightly stronger effect. Analysis of demographic data showed a predominantly female (84.2%) and young workforce (60.5% aged 20-25 years), which may influence shift adaptation and motivational patterns. The study contributes practical implications for manufacturing companies in Indonesia seeking to optimize productivity through effectively designed shift systems and targeted motivational strategies tailored to specific workforce demographics.

Keywords: Work Shift Implementation; Work Motivation; Employee Productivity; Manufacturing Industry; Indonesian Workforce

GREEN BEAUTY REVOLUTION: HOW IMPORTANT IS THE ROLE OF SOCIAL MEDIA IN SHAPING PURCHASE INTENTION IN THE INDONESIAN COSMETICS INDUSTRY?

2025-07-17T14:35:04+00:00

Cosmetic products have become an essential part of Indonesian women's routines. However, the recent use of cosmetics has a low environmental impact. The research uses the non-probability sampling method with the purposive sampling technique. Sampling was distributing questionnaires to 246 respondents who are consumers of eco-friendly cosmetic products. Hypothesis testing was performed using structural equation modeling with the support of AMOS24 software. These findings underline the important role of brand equity, which is influenced by social media usage, brand awareness, and brand image. And then have a significant influence on purchase intentions, especially in the eco-friendly cosmetic industry. However, this study has not explored the effectiveness of various platforms, interaction frequencies, and specific content types. To strengthen brand equity and influence purchase intention, further research suggests exploring this and adding other variables, such as product innovation, customer relationships, and brand value.

Keywords: Social Media Usage; Brand Awareness; Brand Image; Brand Equity; Purchase Intention

THE EFFECT OF INTERNAL CONTROL SYSTEMS, HUMAN RESOURCE COMPETENCIES, AND UTILIZATION OF INFORMATION TECHNOLOGY ON THE QUALITY OF FINANCIAL STATEMENTS IN COOPERATIVES IN JAMBI CITY

2025-07-22T14:35:16+00:00

This research focused on investigating the effects of the internal control system, human resource competencies, and the use of information technology on the standard of financial reports in cooperatives in Jambi City. The independent variables examined were the internal control system, human resource competencies, and information technology usage, with the dependent variable being the standard of financial statements. The analysis employed included exploratory data analysis, standard assumption assessments, and hypothesis assessment using IBM SPSS version 20. The findings indicated that the internal control system had no significant effect, whereas human resource competencies and the utilization of information technology positively influenced the standard of financial statements.

Keywords: Internal Control Systems; Human Resource Competencies; Information Technology Utilization; Quality of Financial Statements

THE EFFECT OF EFFORT EXPECTANCY, SOCIAL INFLUENCE, FACILITATING CONDITIONS, AND HEDONIC MOTIVATION ON THE CONTINUANCE INTENTION TO USE SHOPEEPAY MODERATED BY GENDER

2025-07-22T14:35:16+00:00

The effect of effort expectancy, social influence, facilitating conditions, and hedonic motivation on the continuance intention to use ShopeePay, moderated by gender. The intention to continue using ShopeePay is explained by the continuance intention itself. Data was collected from 170 ShopeePay users in West Sumatera who participated in an online survey. Data analysis using SmartPLS revealed that the effects of effort expectancy, social influence, facilitating conditions, and hedonic motivation directly impactcontinuance intention. The findings provide evidence that gender influences effort expectancy and social influence on continuance intention.

Keywords: Unified Theory Acceptance and Use of Technology;Continuance Intention; Effort Expectancy; Social Influence; Facilitating Conditions; Hedonic Motivation

THE EFFECT OF PRICE, PROMOTION, AND E-SERVICE QUALITY ON PURCHASE DECISIONS ON TOKOPEDIA E-COMMERCE IN BOGOR CITY

2025-07-22T14:35:17+00:00

The present research examines the impact of pricing, promotional strategies, and quality of electronic services on consumer buying choices on Tokopedia e-commerce. Using a quantitative approach with random sampling, as many as 100 samples as respondents. Data were analyzed through multiple linear regression using SPSS 25. The results showed that pricing, promotional strategies, and quality of electronic services had a notable and meaningful impact simultaneously on consumer buying choices, and the most dominant variable was the pricing variable. Partially, the pricing variable had a notable and meaningful impact on consumer buying choices, promotional strategies had a notable and meaningful impact on consumer buying choices, and quality of electronic services had a notable and meaningful impact on consumer buying choices.

Keywords: Price; Promotion; E-Service Quality; Purchasing Decisions

FINANCIAL DISTRESS ANALYSIS AND COMPARISON OF ALTMAN Z-SCORE, SPRINGATE, AND GROVER MODELS AT PT SRITEX FOR THE PERIOD 2019-2023

2025-07-22T14:35:17+00:00

This study looks at how well of the Grover models, Springate, and Altman Z-Score in forecasting financial distress at PT Sritex and how useful they are in the Indonesian textile industry. The approach that was taken was descriptive quantitative, and it made employment of supplementary data from the IDX website from the perspective of financial accounts for the years 2019–2023. The Altman Z-Score model's 0% accuracy indicates its inefficiency, in contrast, the Springate and Grover models both have an accuracy of forty percent. Despite the fact that the most recent two models provide a more realistic representation of the company's current financial status, the prediction error rate is still substantial (type error 60%). This shows that the Altman Z-Score is less reliable, while Springate and Grover are more accurate, although still limited. Therefore, it is not recommended to rely on only one model in assessing a company's financial risk. This research also opens up opportunities for further studies with a wider range of industries to obtain more comprehensive and accurate results.

Keywords: Financial distress, Grover, Springate, Altman Z-Score

ONLINE CUSTOMER EXPERIENCE FOR DIGITAL BANKING CUSTOMERS: RECONFIRMATION OF INFORMATION SYSTEM SUCCESS MODEL

2025-07-25T14:35:25+00:00

The rapid transformation of the banking industry, driven by advancements in digital technology, has reshaped how banks deliver services and interact with customers. This study investigates the impact of system quality, information quality, and service quality on online customer experience and customer loyalty in the digital banking context. Using the Partial Least Squares Structural Equation Modeling (PLS-SEM) method, data was collected from 95 respondents who have actively used mobile banking services for over three years. The findings reveal that system quality and information quality significantly influence customer loyalty and online customer experience, while service quality does not have a direct effect on customer loyalty. Similarly, system quality does not significantly affect online customer experience unless paired with other quality dimensions. These results highlight the evolving priorities of digital banking customers, who value efficient, secure, and intuitive platforms over traditional service interactions. The study emphasizes the importance of integrating high system and information quality with personalized and responsive service to enhance the overall customer experience. This research provides theoretical and practical insights for banking institutions aiming to strengthen their digital strategies and foster sustainable customer loyalty in the competitive landscape of digital banking.

Keywords: System Quality; Information Quality; Service Quality; Customer Loyalty; Online Customer Experience

IMPROVING TOURISM BUSINESS PERFORMANCE THROUGH GREEN MARKET ORIENTATION, IT ADOPTION CAPABILITY, AND GREEN INNOVATION

2025-07-25T14:35:24+00:00

This research aims to investigate the impact of green market orientation on the development of IT adoption capability and subsequently green innovation. This research identifies important factors that influence higher business performance in response to environmental pressures. The research examines 216 tourism firms operating in the Greater Jakarta area to provide confirmation on the constructs’ relationships under observation. It is done using structural equation modelling (SEM) to confirm the validity and reliability of the measurement and structural model. The study suggests that green market orientation positively affects the building of IT adoption capability and encourages green innovation. Firms‘ decisions to develop both capabilities are not affected by stakeholders’ environmental pressure. This research also found that IT adoption capability alone could not improve business performance. Green innovation is critical to mediate the two constructs. Suggestions are listed for future research.

Keywords: Green Market Orientation; IT Adoption Capability; Green Innovation; Stakeholders’ Environmental Pressure; Business Performance.

THE INFLUENCE OF WORK BALANCE, WORK DISCIPLINE, AND EMPLOYEE MOTIVATION ON EMPLOYEE PERFORMANCE OF AUTOMOTIVE CARS IN PALOPO CITY

2025-07-25T14:35:23+00:00

This study aims to investigate the effect of work balance, work discipline, and employee motivation on the performance of Palopo city car automotive employees. The method used in this research is a quantitative method. Data were analyzed using structural equation modeling (SEM), a multivariate analysis technique used to help understand complex relationships between observed and latent variables. Multivariate analysis is to analyze the influence of independent variables on dependent variables. This research was tested using SMARTPLS4. The sample used in this research is 50 employees, and the population is all employees of Palopo City Car Autos. The results of this study indicate that work-life balance has a positive and significant effect on employee motivation. Work discipline has a positive and significant effect on employee motivation. Work-life balance has a positive and significant effect on employee performance. Work discipline has a positive and significant effect on employee performance. Employee motivation has a positive and significant influence on employee performance.

Keywords: Work Balance; Discipline; Employee Motivation; Employee Performance

THE PSYCHOLOGICAL AND EDUCATIONAL DRIVERS OF INVESTMENT DECISIONS: A STUDY ON GEN Y AND GEN Z IN BATAM CITY

2025-07-25T14:35:23+00:00

The primary purpose of this research is to thoroughly analyze the influence of overconfidence and herding behavior on stock investment decisions. Additionally, this research aims to investigate the moderating effect of financial literacy on the relationship between these behavioral factors (overconfidence and herding) and investment decisions. This research is quantitative research. The sample of this research is Gen Y and Gen Z stock investors in Batam City, Indonesia. The research analyzed the data using Partial Least Square Structural Equation Model (PLS-SEM), an advanced statistical technique that allows examining complicated relationships among observed variables and latent variables. The findings have revealed that overconfidence has a significant positive effect on investment. Similarly, herding significantly positively affects investment decisions, while financial literacy successfully moderates the relationship between overconfidence and investment decisions; however, it does not successfully moderate the relationship between herding and investment decisions.

Keywords: Financial Literacy; Herding; Investment Decision; Overconfidence

EMOTIONAL INTELLIGENCE AND PERFORMANCE : BIBLIOMETRIC ANALYSIS

2025-07-26T14:35:27+00:00

This article uses a systematic literature review, which aims to summarize several studies regarding emotional intelligence and performance. Emotional intelligence is a factor in the performance of every company. This article uses the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) method and bibliometric analysis using VOSviewer software. Data sources were obtained from ScienceDirect, Emerald Insight, and Taylor & Francis for the 2019-2024 period. The results obtained were 144,195 articles; then data reduction was carried out using exclusive and inclusive criteria to obtain 52 journals that were reviewed. Results for variables related to emotional intelligence and performance, job performance, project performance, team performance, self-efficacy, self-awareness, leadership, etc. Overall, the author hopes that this research can be used as learning material and written reflection in future research.

Keywords: Emotional Intelligence; Performance; Prisma; Bibliometric

THE ROLE OF FINANCIAL LITERACY AND FINANCIAL ATTITUDE IN INCREASING INCOME

2025-07-26T14:35:26+00:00

This research investigates the impact of financial literacy and financial attitudes on MSME income in South Palu using a quantitative approach. Primary data was collected directly from respondents through questionnaires, with data sources coming from MSME owners in the South Palu region. SPSS was used for data analysis. The findings reveal that both financial literacy and financial attitudes significantly contribute to increasing MSME income. MSME owners with strong financial literacy can allocate budgets efficiently, cut unnecessary expenses, and optimize business potential. Positive financial attitudes, such as discipline, financial commitment, and prioritizing decision-making, form the core of business success. Financial attitudes play a more substantial role than financial literacy, as they are more directly applicable in decision-making. Financial literacy offers the knowledge, but without the right attitude, it remains theoretical and ineffective in practice.

Keywords: Financial Literacy; Financial Attitude; MSME Income; MSME

ANALYSIS OF FINANCIAL STATEMENTS BASED ON PSAK 201 AT PT MUSTIKA RATU Tbk 2018-2022

2025-07-27T14:35:30+00:00

This study aims to analyze the financial statements of PT Mustika Ratu Tbk based on PSAK 201 during the period 2018-2022. The main issues focused on are the financial health of the company through four main aspects: liquidity, solvency, activity, and profitability. The analysis method used is financial ratios, including liquidity, solvency, activity, and profitability ratios. The purpose of this research is to provide a deeper understanding of the company's financial performance during the specified period. The results of the analysis indicate that PT Mustika Ratu Tbk has good liquidity ratios, indicating the company's ability to meet short-term obligations. Additionally, the company's solvency is also considered good, indicating a healthy level of dependence on loans. However, the activity analysis shows less favorable performance in resource utilization and asset management. Nevertheless, the company's profitability is rated as fairly good, indicating its ability to generate profits from its operations. These findings can provide valuable insights for management, investors, and other stakeholders in making better decisions regarding PT Mustika Ratu Tbk.

Keywords: PSAK 201; Liquidity Ratio; Solvency Ratio; Activity Ratio; Profitability Ratio

THE ROLE OF RELIGIOSITY AS MODERATION IN THE EFFECT OF BRAND IMAGE ON REPURCHASE INTENTION AMONG MCDONALD’S CONSUMERS IN BANDUNG CITY

2025-07-27T14:35:30+00:00

This research examines how brand image influences repurchase intention among McDonald's customers in Bandung City, with religiosity serving as a potential moderating factor. The study employed quantitative methodology, surveying 200 purposively selected participants aged 17-45. The findings indicate that brand image has a negative effect on repurchase intention, while religiosity does not significantly moderate this relationship. Despite a strong brand image, repurchase intention remains low due to contextual sensitivities. These results highlight the importance of integrating religiosity-related considerations into marketing strategies during global geopolitical tensions.

Keywords: Brand Image; Repurchase Intention; Religiosity

STRATEGY OF FINANCIAL MANAGEMENT OF MSMEs IN THE DIGITAL 5.0 ERA OF PALU BUSINESS INCUBATOR

2025-07-28T14:35:33+00:00

This study aims to analyze the financial management strategies of MSMEs in the digital 5.0 era, focusing on four main indicators, namely budget planning and use, financial recording, financial reporting, and financial control. The research was conducted on 31 MSMEs registered at the Palu City Business Incubator, using descriptive quantitative methods. Data were collected through a questionnaire with a Likert scale and analyzed using descriptive statistics through frequency tabulation. The results showed that the majority of MSMEs have implemented financial management strategies well in the aspects of financial planning, recording, and control. The utilization of digital technology is proven to support the effectiveness of financial management, especially in preparing budgets, recording transactions, and monitoring cash flow in real-time. However, in the aspect of financial reporting, there are still shortcomings, where most MSMEs have not prepared complete financial reports such as balance sheets, income statements, and cash flows. Nevertheless, some MSMEs have used digital technology to prepare financial reports more quickly and accurately. Overall, this study indicates that the financial management of MSMEs in the digital 5.0 era is quite good but still requires strengthening in the aspect of financial reporting to support business sustainability.

Keywords: Financial Management Strategy; MSMEs; Digital Era 5.0; Financial Planning; Financial Recording; Financial Reporting; Financial Control

THE INFLUENCE OF E-PROMOTION, VIRAL MARKETING, AND SOCIAL PROOF ON PURCHASING DECISIONS AT E-COMMERCE SHOPEE IN SIDOARJO

2025-07-28T14:35:32+00:00

The purpose of this study is to ascertain how social proof, viral marketing, and e-promotion affect consumer choices. This study's methodology makes use of quantitative techniques. Purposive sampling was the method employed in this study, which had 96 respondents in total. Questionnaires were sent as part of the data-gathering strategy. Multiple linear regression analysis, traditional assumption test analysis, and hypothesis testing using theSPSS 26 application analysis tool is an example of a data analysis methodology. This study may draw a number of conclusions from the testing and discussion outcomes, including the following: E-promotion, viral marketing, and social proof all affect e-commerce purchase decisions. Sidoarjo's Shopee.

Keywords: E-Promotion; Viral Marketing; Social Proof; Purchase Decision

IMPROVING RELATIONSHIPS TO ENHANCE CUSTOMER LOYALTY AT WARUNK BARBARKU RESTAURANT

2025-07-28T14:35:32+00:00

The aim of this research is to assess the significance of trust in customer relationships in determining customer satisfaction and to gauge the level of success of Warunk Barbarku Restaurant in fostering customer loyalty. Subsequently, further research is conducted to examine the enhancement of the relationship towards loyalty among the customers of Warunk Barbarku Restaurant. This qualitative research employs an in-depth interview method with purposive sampling, involving a total of 10 carefully selected customers based on strict criteria as respondents, and focuses on a relationship-based approach. Finally, the results of the interviews show that customers perceive comfort in the relationship, trust, and satisfaction as key factors influencing their loyalty to Warunk Barbarku Restaurant.

Keywords: Customer Relationship; Marketing; Customer Intimacy; Loyalty; Restaurant

THE INFLUENCE OF GOOD CORPORATE GOVERNANCE AND FINANCIAL PERFORMANCE ON COMPANY VALUE IN INFRASTRUCTURE SECTOR COMPANIES LISTED ON THE INDONESIAN STOCK EXCHANGE (YEAR 2015-2022)

2025-07-28T14:35:32+00:00

This study aims to investigate the extent to which financial performance and Good Corporate Governance influence the valuation of infrastructure-sector firms listed on the Indonesia Stock Exchange over the 2015–2022 period. The independent variables of excellent corporate governance in this study are an audit committee, managerial ownership, institutional ownership, and an independent board of commissioners. The debt-to-asset ratio, current ratio, and return on assets make up the independent variables of financial success. Company value is the dependent variable, and Tobin's Q serves as a stand-in for it. The data analysis methodology used in this study was multiple linear regression analysis, which was performed with the SPSS software version 20. The findings showed that concurrent effects on the company value were caused by the audit committee, management ownership, institutional ownership, independent board of commissioners, return on assets, debt-to-asset ratio, and current ratio.

Keywords: Good Corporate Governance; Financial Performance; Company Value

EXPLORING ENTREPRENEURIAL LEADERSHIP STRATEGIES: A COMPREHENSIVE LITERATURE REVIEW FOCUSED ON GENERATION Z IN THE DIGITAL ERA

2025-07-29T14:35:33+00:00

This study analyzes the entrepreneurial leadership strategies employed by Generation Z to address challenges in the digital era. As the digital business ecosystem evolves, there is an increasing demand for innovative and adaptive leaders who can effectively leverage technology. The research methodology adopts a qualitative approach through a literature review, collecting relevant journal articles and books to identify patterns and relationships within Generation Z's entrepreneurial leadership strategies. Data are analyzed using an analytical framework to determine key themes such as entrepreneurial leadership, Generation Z, and the digital era. Findings indicate that effective entrepreneurial leadership strategies for Generation Z require a comprehensive, flexible, and forward-looking approach. Successful strategies must integrate digital literacy, character education, and relevant entrepreneurship training. This research demonstrates the value of adopting an ideal approach that emphasizes three main aspects: leveraging technology as an operational foundation, fostering collaborative and supportive leadership styles, and promoting personalized human resource development.

Keywords: Entrepreneurial Leadership; Generation Z; Digital Era; Strategic Leadership

THE INFLUENCE OF PERCEIVED BENEFITS AND TRUST ON INTEREST IN USING E-WALLET DANA IN KUPANG CITY

2025-07-30T12:07:19+00:00

This research was conducted on DANA e-wallet users in Kupang City. This study aims to determine and analyze, both partially and simultaneously, the effect of perceived usefulness and trust on intention to use the e-wallet DANA in Kupang City. This study uses perceived usefulness and trust as independent variables and usage intention as the dependent variable. The number of samples was 100 respondents, with the sampling technique used being purposive sampling. Data collection was carried out using questionnaires, interviews, and literature studies. The data analysis technique used is quantitative descriptive analysis, multiple linear regression analysis, and hypothesis testing through the t-test, F-test, and analysis of the coefficient of determination (R²) using the SPSS 23 application. The results of the descriptive analysis show that overall respondents gave a very good perception assessment of perceived usefulness and trust. The results of the t-test and F-test show that partially perceived usefulness and trust have a significant effect on intention to use. Based on the adjusted R² value, the contribution of the perceived usefulness and trust variables to intention to use is 68.5%. While the remaining 31.5% of the Usage Intention variable is influenced by other variables not discussed in this study, such as risk perception, service features, and level of understanding. For this reason, it is suggested that further researchers can further examine variables outside of this study that can influence intention to use, and not only on DANA e-wallet but also on other types of e-wallets, such as OVO, Gopay, and Shopee Pay.

Keywords: Perceived Benefits; Trust; Intention to Use

THE EFFECT OF BOARD DIVERSITY AND MEETING FREQUENCY ON FINANCIAL PERFORMANCE OF CONSUMER NON-CYCLICAL COMPANIES

2025-07-30T12:18:05+00:00

In a quantitative analysis of panel data spanning 2020–2024 for consumer non‑cyclical firms on the Indonesia Stock Exchange, this research investigates how diversity in board demographics—namely age, tenure, and gender—and governance participation via meeting frequency affect firm profitability, as measured by Return on Assets and Return on Equity, while accounting for leverage and firm size. Results indicate that greater variation in directors’ professional experience significantly boosts ROA, whereas wider age disparities among board members negatively impact ROE, reflecting generational dynamics in decision‑making. In contrast, gender diversity and meeting frequency show no significant effects. The persistent influence of leverage and scale corroborates their vital role in financial performance. Altogether, the study demonstrates the value of diverse expertise and prudent financial management, highlighting that demographic effects are nuanced and context‑dependent in emerging‑market governance.

Keywords: Board Diversity; Corporate Governance; Consumer Non-Cyclicals; Financial Performance

THE EFFECT OF PROFITABILITY, LIQUIDITY, SOLVABILITY, AND ACTIVITY ON STOCK PRICES

2025-07-30T12:28:14+00:00

This study aims to examine the effect of profitability (NPM), liquidity (CR), solvency (DER), and activity (TATO) on stock prices (closing price) of consumer non-cyclicals sector companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2023 period. A quantitative approach was applied using secondary data from financial reports obtained through official IDX documentation and company websites. The sample was selected using purposive sampling based on specific criteria, such as financial reports in Indonesian Rupiah, positive net income, and complete data availability. Data analysis was conducted using SPSS 25, employing multiple linear regression preceded by classical assumption tests. The results indicate that profitability and activity have a significant positive effect on stock prices, while liquidity and solvency show no significant effect. These findings suggest that operational efficiency and the ability to generate profit are key factors influencing investor interest.

Keywords: Activity; Liquidity; Profitability; Solvency; Stock Price