Journal of Management : Small and Medium Enterprises (SMEs)

The adoption of Virtual Reality in small to medium tourism enterprises: An application of the Theory of Planned Behaviour

Munyaradzi Mutsikiwa — 2026-11-01

Virtual reality (VR) is increasingly transforming tourism experiences and destination engagement. However, existing research has predominantly examined its adoption through the Technology Acceptance Model, leaving the explanatory potential of the Theory of Planned Behavior (TPB) comparatively underexplored. This study examines the applicability of TPB in explaining tourists’ behavioral intentions and actual behavior toward VR adoption in tourism. Using a quantitative survey design, data were collected from 280 tourists through online and offline questionnaires using convenience sampling. The hypothesized relationships were assessed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The findings demonstrate that attitude, subjective norms, and perceived behavioral control significantly influence behavioral intention and actual behavior. Furthermore, behavioral intention significantly mediates the relationship between perceived behavioral control and actual behavior. However, behavioral intention does not significantly mediate the relationships between attitude and actual behavior or between subjective norms and actual behavior. These findings extend the application of TPB to tourism technology adoption by demonstrating that tourists’ evaluations, social influences, and perceived control are relevant to VR-related behavioral outcomes, although their effects operate through different mechanisms. The study also provides practical implications for small and medium-sized tourism enterprises, particularly in developing-country contexts, by emphasizing the importance of fostering favorable attitudes, leveraging relevant social influences, and reducing resource and accessibility barriers to encourage VR adoption. Overall, the findings reinforce the relevance of TPB as a complementary theoretical framework for understanding emerging technology adoption in tourism beyond conventional technology acceptance perspectives.

Keywords: Virtual Reality; Theory of Planned Behaviour; Attitude; Subjective Norms; Perceived Behavioural Control; Behaviour

The impact of the Fourth Industrial Revolution on job turnover and workforce adaptation in a selected local municipality in the Eastern Cape

Maxhobandile Ndamase — 2026-11-01

The Fourth Industrial Revolution (4IR) is reshaping public-sector organisations by accelerating digitalisation, automation, and changes in work processes, yet its implications for workforce adaptability and stability in municipal contexts remain insufficiently understood. This study examines how 4IR influences organisational adaptability, worker preparedness, and job turnover in a South African local municipality. A qualitative research design was adopted, with semi-structured interviews conducted with 15 municipal employees selected through purposive sampling. Data were analysed thematically, with data collection continuing until theoretical saturation was reached. Eight interrelated themes emerged: critical skills shortages, inadequate training, insufficient infrastructure, job insecurity, weak leadership and change management, increased workload, psychological stress, and loss of institutional knowledge. The findings indicate that limited digital preparedness, ineffective communication, insufficient organisational support, and poorly aligned technology planning contribute to employee anxiety, resistance to technological change, and heightened turnover intentions. These findings suggest that the workforce consequences of 4IR are shaped not only by technological adoption itself but also by the organisational capacity to manage technological change and support employees throughout the transition. The study contributes to the emerging literature on 4IR and public-sector workforce transformation by highlighting the organisational and human dimensions of digital transformation within a municipal context in a developing-country setting. The findings underscore the need for coordinated digital transformation strategies that integrate leadership, workforce development, infrastructure investment, employee engagement, and employee well-being. Practical priorities include structured training programmes, clear digital transformation roadmaps, upgraded ICT infrastructure, participatory change management, and targeted retention and well-being initiatives.

Keywords: Fourth Industrial Revolution; Job Turnover; Workforce Readiness

The effect of operating cash-flow and total asset turnover on profitability ratio in retail subsector companies listed on the Indonesia Stock Exchange during and after the pandemic

Kelvin Robert Kosasih — 2026-11-01

This study examines the effects of operating cash flow, total asset turnover, and the COVID-19 pandemic on return on assets (ROA) among retail sub-sector companies listed on the Indonesia Stock Exchange during 2020–2024. Using a quantitative research design, panel data regression with a fixed-effects model was employed to assess the proposed relationships. The findings indicate that operating cash flow and total asset turnover positively and significantly influence ROA, demonstrating that stronger operating cash generation and more efficient asset utilization contribute to higher profitability. In contrast, the COVID-19 pandemic has a significant negative effect on ROA, highlighting the adverse consequences of external economic disruptions on retail firms. Collectively, the explanatory variables account for more than 60% of the variation in ROA, indicating substantial explanatory power. These findings contribute to the corporate financial performance literature by demonstrating how internal financial efficiency and external crisis conditions jointly shape profitability in the Indonesian retail sector. From a managerial perspective, the results highlight the importance of strengthening operating cash flows, optimizing asset utilization, and developing organizational resilience to mitigate the effects of external shocks. The study is limited to listed retail firms in Indonesia and the 2020–2024 observation period. Future research could incorporate additional firm-specific and macroeconomic variables, examine other industries, and employ longer observation periods to provide broader insights into the determinants of corporate profitability.

Keywords: Operating Cash Flow; Total Asset Turnover; COVID-19 Pandemic; Return on Asset; Market Capitalization; Retail Company

Drivers and barriers of green practices adoption: A survey of small and medium-sized manufacturing enterprises in an emerging economy

Oladoye Muritala Oyetola — 2026-11-01

This study examines the key drivers and barriers influencing GP adoption among SMMEs in Southwestern Nigeria. A quantitative survey design was employed using a structured questionnaire administered to 320 SMMEs across Lagos, Ogun, Oyo, and Osun States. Respondents were selected through a combination of convenience and purposive sampling, and the data were analyzed using the Relative Importance Index (RII) to rank the identified drivers and barriers. The findings indicate that government regulations, financial incentives, supportive organizational policies, resource commitment, and competitive pressures are the most influential drivers of GP adoption. In contrast, limited awareness of the benefits of green practices, high implementation costs, inadequate government financial incentives, insufficient regulatory guidance, and limited flexibility in transitioning to green systems constitute the most prominent barriers. These findings demonstrate that green-practice adoption among SMMEs is shaped by the interaction of institutional support, financial capacity, organizational readiness, and competitive pressures. The study contributes to the sustainable manufacturing literature by providing empirical evidence from a developing-country context and identifying the relative importance of the factors that facilitate or constrain green-practice adoption. The findings also offer practical implications for policymakers and industry stakeholders by highlighting the need for coordinated regulatory support, accessible financial incentives, clear implementation guidance, and targeted capacity-building initiatives to accelerate sustainable manufacturing among SMMEs.

Keywords: Small and Medium-sized Manufacturing Enterprises; Drivers; Barriers; Green Practices; Adoption

Thailand celebrities in Le Défilé L’Oréal Paris Fashion Week 2024: An analysis of L’Oréal’s global marketing strategy in Thailand

Fakhrina Diah Padma Nur Firdaus — 2026-11-01

Integrated Marketing Communication (IMC) has become increasingly important for global beauty brands seeking to localize international marketing strategies while strengthening consumer engagement in culturally diverse markets. This study examines how L’Oréal Paris applies an IMC-based global marketing strategy through the involvement of Thailand celebrities as brand representatives in the Thailand market. Adopting a descriptive qualitative research design, the study analyzes L’Oréal Paris’s marketing activities through the IMC framework, focusing on advertising, internet marketing, and public relations. The findings indicate that Thailand celebrities function as strategic communication intermediaries in strengthening brand visibility, cultural relevance, and digital engagement. Their involvement in Le Défilé L’Oréal Paris Fashion Week 2024 and related digital marketing activities enables the brand to integrate celebrity endorsement with advertising, internet-based communication, and public relations to reinforce its global brand positioning within the local Thailand market. The findings suggest that the strategic use of local celebrity figures can facilitate the adaptation of global marketing communication to local cultural contexts without undermining the consistency of the global brand identity. This study contributes to the international marketing and IMC literature by illustrating how global beauty brands can combine standardized global positioning with localized communication strategies through celebrity-based marketing. The findings also provide practical implications for multinational beauty brands seeking to enhance cultural resonance, digital visibility, and consumer engagement in foreign markets.

Keyword: Integrated Marketing Communication; Celebrity Endorsement; Thailand Celebrity

Influencer characteristics, meaning transfer, consumer attitudes, and furniture purchase intention

Patience Nyawasha — 2026-11-01

This study aims to determine the impact of influencer characteristics (attractiveness, expertise, trustworthiness, information quality, creativity, design quality) and meaning transfer on consumer attitudes and purchase intentions in the furniture industry of Harare, Zimbabwe. A quantitative research design was employed, collecting data from 230 social media users in Harare, Zimbabwe, through structured questionnaires. The data were analyzed using Partial Least Squares Structural Equation Modelling (PLS-SEM) with SmartPLS software. Attractiveness, expertise, information quality, creativity, and meaning transfer had significant positive effects on consumer attitudes, while trustworthiness and design quality did not. Attitude, subjective norms, and perceived behavioral control significantly influenced purchase intention, with attitude demonstrating the strongest predictive power.The findings provide furniture marketers with evidence-based strategies to leverage social media influencers, enhancing consumer engagement and purchase intentions. If implemented effectively, these strategies could potentially support growth in Zimbabwe's furniture sector, create opportunities for local influencers, and contribute to digital economic development in emerging markets though these broader outcomes were not measured in this study.This study extends influencer marketing literature by integrating source credibility theory, meaning transfer theory, and the theory of planned behavior into a single framework, applied uniquely to the high-involvement furniture industry in a developing African economy.

Keywords: Influencer Marketing; Meaning Transfer; Furniture Industry; Zimbabwe

The effect of discounts, live streaming, and customer reviews on the purchase interest of the Speed Shoe Brand among generation Z on Shopee

Aminatur Rosyidah — 2026-11-01

The present research seeks to analyze the influence of discounts, live streaming, and customer reviews on the purchase intention of speed shoe brands among Generation Z Shopee users in Semarang City. The present study used a quantitative approach with a purposive sampling technique on Generation Z users of Shopee in Semarang City who had seen promotions or purchased speed shoes. Data were obtained through questionnaires and analyzed using multiple linear regression with the SPSS program. The present obtained in the study indicate that discounts and live streaming have a significant positive effect on purchase intention, while customer reviews show no effect on purchase intention. Simultaneously, discounts, live streaming, and customer reviews have a significant positive effect on purchase intention. Several limitations should be acknowledged in this study. First, the research sample only focuses among generation Z consumers using shopee in Semarang City. Second, the limitations of the variables used. Future studies should consider using a larger sample and add other variables that have the potential to influence purchase intention.

Keywords: Customer Reviews; Discounts; Live Streaming; Purchase Interest; Speed Shoes

The impact of inflation, exchange rates, and leverage on the financial performance of cigarette sub-sector companies listed on the Indonesia Stock Exchange 2020-2024

Alvian Listianto — 2026-11-01

This study examines the effects of inflation, exchange rates, and financial leverage on the profitability of tobacco companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024, with profitability measured by return on assets (ROA). A quantitative approach was employed using secondary data obtained from the financial statements of four companies selected through a total sampling technique. The data were analyzed using panel data regression with EViews 12. The findings indicate that inflation has a minimal effect on profitability, reflecting the relatively inelastic demand for cigarettes. Similarly, exchange rates do not significantly affect the companies, as their operations are predominantly domestic and transactions are primarily conducted in rupiah. Financial leverage, measured by the debt-to-equity ratio (DER), also shows no significant effect, as the companies maintain strong cash reserves and predominantly rely on internal financing.

Keywords: Inflation; Exchange Rates; Leverage; Financial Performance

The effect of financial literacy on cryptocurrency investment decision with the mediation of students' risk tolerance and risk taking

Zahra Salwa Salsabila — 2026-11-01

The growth of cryptocurrency investment among college students has increased significantly. However, this trend is not always accompanied by sufficient understanding or preparedness to manage investment risks. This study examines the effects of financial literacy on cryptocurrency investment decisions, risk tolerance, and risk-taking behaviour, as well as the effects of risk tolerance and risk-taking behaviour on investment decisions and their mediating roles. A quantitative approach was employed using survey data collected from college students who have experience investing in cryptocurrency. The data were analysed using Structural Equation Modelling (SEM) to examine the direct and mediating effects among the variables. The findings indicate that financial literacy significantly influences cryptocurrency investment decisions, risk tolerance, and risk-taking behaviour. Furthermore, risk tolerance and risk-taking behaviour significantly affect investment decisions and mediate the relationship between financial literacy and cryptocurrency investment decisions. This study contributes to the literature by providing empirical evidence on the role of financial literacy and risk-related factors in shaping cryptocurrency investment decisions among college students, offering insights for improving students’ financial decision-making and risk management.

Keywords: Behavioural Finance Theory; Financial Literacy; Investment Decision; Cryptocurrency; Risk Tolerance; Risk Taking Behaviour

The effect of camels on the growth of bank stock prices listed on the Indonesian Stock Exchange

Muh. Fauzan Arlan — 2026-11-01

The purpose of this study is to investigate how the stock price growth of banks listed on the Indonesia Stock Exchange (IDX) is impacted by the CAMELS components (capital adequacy ratio, non-performing assets, current and savings account ratio, return on capital employed, net interest margin, and liquid assets to total assets), leverage as a novel variable, and bank size as a control variable between 2020 and 2024. Purposive sampling produced 160 observations from the 32 banks that made up the research sample. In order to address heteroscedasticity, autocorrelation, and cross-sectional dependence, the analysis used panel data regression utilizing the Random Effects Model technique using EViews 0.9 software, along with diagnostic tests. The findings show that while the net interest margin has a large negative impact on stock price growth, the capital adequacy ratio and the current and savings account ratio have a positive and considerable impact. In the meanwhile, there is no discernible impact from non-performing assets, return on capital employed, liquid assets relative to total assets, or bank size. Furthermore, it has been discovered that leverage significantly and favourably affects the growth of stock prices. These results imply that while evaluating the prospects of banking stocks, investors should pay particular attention to solid capitalization, effective funding through low-cost deposits, and the efficient use of leverage. On the other hand, as they can point to underlying issues that could have a detrimental impact on market valuations, increases in net interest margins should be closely watching. The study's practical ramifications include suggestions for financial managers on how to best balance leverage levels, low-cost funding management, and capitalization measures. Investors are also urged to take these signs into account when choosing which investments to make.

Keywords: Bank Size; Capital Adequacy Ratio; Current and Saving Account Ratio; Leverage; Liquid Asset to Total Asset; Net Interest Margin; Non Performing Asset; Return on Capital Employed

Beyond #KaburAjaDulu : Unveiling career adaptability in the real stories of Indonesian migrant workers

Sildi Mega Puspa — 2026-11-04

This study aims to describe the meaning of the career adaptability experience of Indonesian Migrant Workers (PMI) abroad and to identify the experiences and strategies that can serve as lessons for the younger generation considering overseas employment amid the #KaburAjaDulu phenomenon. A qualitative phenomenological approach was used, involving five PMI working in South Korea, Japan, Germany, Australia, and the United States, selected through purposive sampling. Data were collected through semi-structured interviews, documentation, and literature review, and analyzed using the interactive model of Miles, Huberman, and Saldaña. The findings show that career adaptability is influenced by the ability to adjust to job demands, environmental support, prior experiences, and coping strategies. This study concludes that working abroad for a better economic life requires psychosocial readiness, language proficiency, cultural understanding, and careful planning.

Keywords: Career Adaptability; Indonesian Migrant Workers; #KaburAjaDulu

The influence of fintech, financial literacy, and lifestyle on the investment of the younger generation

Moch. Ilham Nugraha Irawan — 2026-11-04

Advances in digital technology have transformed how the younger generation approaches financial management and investment decision-making. This study aims to examine the influence of financial technology (fintech), financial literacy, and lifestyle on the investment decisions of the younger generation. The research adopts a quantitative approach and is conducted among students of Swadaya Gunung Jati University in Cirebon who are investors in GIBEI UGJ. Primary data are collected through a structured questionnaire and analyzed using SPSS version 27, including tests of validity, reliability, and classical assumptions, followed by multiple regression analysis. The findings indicate that financial technology and lifestyle exert a significant influence on investment decisions among the younger generation. In contrast, financial literacy does not show a significant effect in this context. These results suggest that ease of access, interactive features, and the prevailing digital lifestyle encourage greater investment participation, even when financial understanding is limited. Accordingly, fintech service providers are expected to balance transactional convenience with enhanced financial education, while educational institutions should strengthen financial literacy through more practical approaches to support more rational and sustainable investment decision-making among the younger generation.

Keywords: Fintech; Financial Literacy; Lifestyle; Investment Decisions; Younger Generation

Antecedent and consequences of bad leadership

Febriyanti Amol — 2026-11-04

Bad leadership is critical and urgent to study in more depth considering the importance of achieving the goals of a particular entity where the leaders are the compass. This research highlights the importance of understanding leadership dynamics, especially in the context of the existence of good and bad leadership. Leadership is not just about the individual leader but also involves complex interactions between leaders, followers, and contextual factors. This study uses a Systematic Literature Review methodology based on the PRISMA. In this research, factors were found that cause bad leadership, including low managerial self-efficacy, recklessness, callous empathy and incompetent communication. The consequence of bad leadership was abusive supervision and emotional exhaustion. This study has several limitations that need to be noted. This research mainly focuses on a specific population and context, namely managers and employees in China, Taiwan, and Ghana, so generalization of these findings to other contexts needs to be done with caution. In addition, the data collection methods used may have certain limitations in depicting the complexity of leadership dynamics. Therefore, further research with a more complex and representative research design could provide a deeper understanding of this topic. For future research, it is recommended to expand the scope of the study to cover a variety of contexts and populations.

Keywords: Low Managerial Self-Efficacy; Incompetent Communication; Recklessness; Abusive Supervision; Emotional Exhaustion

Revisit intention : The roles of tourist attractions, destination image, and visitor satisfaction at Luwihaja Hill, Bogor

Sri Harini — 2026-11-04

The purpose of this research is to determine and analyze revisit intention, visitor satisfaction, tourist attractions, and destination image at Luwihaja Hill, Bogor. This study uses a quantitative approach with descriptive and verificative methods, involving 200 respondents, and the data were analyzed using path analysis. The results show that the average visitor assessments of revisit intention, visitor satisfaction, tourist attractions, and destination image are categorized as high, satisfied, attractive, and good, respectively. Tourist attractions and destination image have positive and significant effects on visitor satisfaction and revisit intention. Visitor satisfaction also has a positive and significant effect on revisit intention. In addition, tourist attractions and destination image have indirect effects on revisit intention through visitor satisfaction. The limitation of this study is its scope, which is limited to one location and a specific data collection period. Future research is recommended to expand the research locations, extend the data collection period, and include other variables that may influence revisit intention.

Keywords: Revisit Intention; Visitor Satisfaction; Tourist Attractions; Destination Image

Analyzing factors affecting users’ intention to use PayLater in Indonesia

Dewi Khornida Marheni — 2026-11-04

This study examines the determinants of users’ intention to adopt PayLater services in Indonesia using the Technology Acceptance Model (TAM). Four constructs were tested: Perceived Usefulness, Perceived Ease of Use, Perceived Security, and Perceived User Risk. Data were obtained from 230 Generation Z respondents through an online survey using convenience sampling and analyzed with Partial Least Squares–Structural Equation Modeling (PLS-SEM). The results indicate that only Perceived Security has a positive and significant effect on intention to use PayLater, while the other variables show no significant influence. These findings emphasize that users prioritize transaction safety and data protection over convenience or usefulness in adopting digital financial services. The study highlights the growing importance of security perception in fintech adoption and provides practical insights for providers to strengthen trust and promote responsible PayLater usage among young consumers.

Keyword: PayLater; Fintech; Technology Acceptance Model; Perceived Security; Perceived User Risk

The effect of financial technology and frugal living on financial management behavior of generation Z in Ponorogo Regency with gender as a moderating variable

Adelita Dinar Noor Sakti — 2026-11-06

This study aims to analyze the influence of financial technology and frugal living on the financial management behavior of Generation Z in Ponorogo Regency with gender as a moderating variable. This study uses the Theory of Planned Behavior (TPB) as its basis, which explains that individual behavior is influenced by attitudes, subjective norms, and perceived behavioral control. The method used is a quantitative approach with purposive sampling technique. The research sample consisted of 160 Generation Z respondents in Ponorogo Regency who had income and used financial technology. Data collection was conducted through an online questionnaire using Google Form and analyzed using the Partial Least Square (PLS) method with SmartPLS 4.0 software. The results showed that financial technology and frugal living had a significant effect on the financial management behavior of Generation Z, but gender did not moderate the effect of financial technology and frugal living on the financial management behavior of Generation Z in Ponorogo Regency.

Keywords: Financial Technology; Frugal Living; Financial Management Behavior; Gender

Supply chain resilience under uncertainty: Sensitivity and disruption analysis of a MILP-optimized procurement portfolio in an export processing zone manufacturer

Sarah Laurence Vololoniaina — 2026-11-06

Optimization studies often report cost savings under deterministic conditions, leaving their robustness to real-world uncertainty insufficiently explored. This study evaluates the robustness of a previously developed Mixed-Integer Linear Programming (MILP) procurement model for Company XYZ, a protective apparel manufacturer operating in Madagascar’s Export Processing Zone. The model is stress-tested under three scenarios: adverse supplier cost shifts, demand fluctuations of ±15%, and the loss of the lowest-cost supplier in each material category. Across five material categories, the optimal supplier allocation remains robust to moderate cost and demand shocks. However, supplier disruptions reveal substantial differences in resilience across materials. Thread and fabric retain most of their cost savings, whereas zippers, buckles, and Velcro lose most or all of their cost advantage when their lowest-cost supplier becomes unavailable. These findings demonstrate that supplier-diversification constraints can limit exposure to supplier-related risks but are insufficient to ensure procurement resilience. The study also identifies material categories where backup-supplier qualification should be prioritized to strengthen supply chain resilience while preserving procurement cost advantages.

Keywords: Supply Chain Resilience; Sensitivity Analysis; Supplier Disruption; Procurement Optimization; Mixed-Integer Linear Programming

The influence of unique selling proposition and value proposition through social media digital marketing on consumer preferences between local and international fashion brands: A study on generation Z in Medan City

Pricillya Veronica — 2026-11-06

This study examines the influence of unique selling proposition (USP) and value proposition (VP) on consumer preferences among Generation Z, with social media digital marketing as a mediating variable. The research employed a quantitative approach, collecting data from 100 Generation Z respondents in Medan City and analyzing them using Partial Least Squares-Structural Equation Modeling (PLS-SEM). The results indicate that the unique selling proposition and value proposition do not have a significant direct effect on consumer preference. However, social media digital marketing significantly mediates the relationship between both independent variables and consumer preference. The model explains 29.5% of the variance in consumer preferences for local brands and 18.9% for international brands, highlighting the strategic role of digital communication in shaping purchasing behavior. The study offers theoretical insight into mediated customer behavior and provides managerial implications for digital brand strategy development.

Keywords: Unique Selling Proposition; Value Proposition; Social Media Digital Marketing; Consumer Preference; Generation Z

The influence of brand experience on brand equity: A study in the airline service industry in Indonesia

Azizah Nurhaliza — 2026-11-08

This study aims to determine how brand experience can influence brand equity in the Indonesian airline service sector. Brand experience is a crucial strategy for building positive perceptions and engagement with consumers in an increasingly competitive market. The study used a quantitative approach with a online survey and collected data using a questionnaire from 249 respondents who had flown with one of Indonesia's national airlines. The independent variable examined in this study was brand experience, measure through its sensory, affective, intellectual, and behavioural dimensions. Meanwhile, the dependent variable was brand equity, measured through brand associations, brand loyalty, and perceived quality. With the help ofsoftware Using SPSS, the analysis was conducted using simple linear regression. The results showed that brand experience had a positive and significant effect on brand equity. This finding highlights the important role of implementing a strategic approach experimental marketing in an effort to establish emotional connections with customers, stregthen brand value, and build a competitive advantage in the service industry.

Keywords: Brand Experience; Brand Equity; Experiential Marketing; Airlines; SPSS

The effect of inflation and foreign exchange reserves on the Rupiah exchange rate against the US Dollar

Alisya Hisanum — 2026-11-08

This study aims to examine the influence of inflation and foreign exchange reserves on the Rupiah exchange rate against the US Dollar during the 2020–2024 period. A quantitative method with monthly time-series data was used, analyzed through multiple linear regression to assess partial and simultaneous effects. The results show that inflation remained relatively stable, while foreign exchange reserves increased, yet the Rupiah continued to fluctuate due to external pressures. The findings indicate that neither inflation nor foreign exchange reserves significantly affects the exchange rate, suggesting that global financial conditions and capital flows play a more dominant role. This study concludes that domestic macroeconomic indicators alone cannot fully explain Rupiah movements. The research is limited by the exclusion of other relevant variables, and future studies are encouraged to include interest rates, trade performance, and external shocks to provide a more comprehensive understanding of exchange rate dynamics.

Keywords: Inflation; Foreign Exchange Reserves; Exchange Rate; Rupiah; US Dollar

Determinant factors of cash holdings in manufacturing companies listed on the Indonesia Stock Exchange

Khoirunnisa Primalia — 2026-11-08

This study looks at how Ownership Structure, Net Working Capital, Company Size, and Leverage affect Cash Holdings in Manufacturing Companies for 2020-2024. The research uses quantitative methods and gathers data from annual reports during that time. Data was collected using purposive sampling, and multiple linear regression analysis with E-views 13.0 was used, leading to a sample of 45 manufacturing companies. The findings show that Family Ownership, Company Size, and Leverage have a significant negative impact on Cash Holdings, while Foreign Ownership does not have a significant effect on Cash Holdings. This research can help managers improve their cash management and assist investors in understanding how ownership structure, net working capital, company size, and leverage influence cash holdings.

Keywords: Cash Holdings; Company Size; Family Ownership; Foreign Ownership; Leverage; Net Working Capital

The influence of income expectations, entrepreneurial knowledge, and family environment on entrepreneurial interest among Economics students at UNS

Puspita Anggraini — 2026-11-09

The aim of this research is to examine the influence of income expectations, entrepreneurial knowledge, and the family environment on students’ entrepreneurial interest. This quantitative study involved 152 students majoring in Economics Education at FKIP UNS, selected through proportionate stratified sampling. Instrument validity and reliability were tested to ensure data accuracy. Data were analyzed using multiple linear regression, prerequisite tests, hypothesis testing, and the coefficient of determination, with the assistance of IBM SPSS Statistics 20. The results of the study showed that: Income expectations had a positive and significant influence on entrepreneurial interest; entrepreneurial knowledge had a positive and significant influence on entrepreneurial interest; the family environment had a positive but not significant influence; and income expectations, entrepreneurial knowledge, and family environment jointly had a significant influence on entrepreneurial interest. This indicated that students' interest in entrepreneurship was a response generated by stimuli in the form of entrepreneurial knowledge, family environment, and through an internal process in the form of income expectations

Keywords: Entrepreneurial Interest; Income Expectation; Entrepreneurship Knowledge; Family Environment

Systematic literature review using the PRISMA method: The impact of leadership style on organizations

Yudha Pradana — 2026-11-09

This research systematically synthesizes empirical evidence regarding the effects of leadership styles on organizational outcomes and develops an integrative conceptual framework to explain the mechanisms and contextual conditions underlying leadership effectiveness. A systematic literature review (SLR) was conducted in accordance with PRISMA 2020 guidelines. Peer-reviewed empirical studies were sourced from the Scopus and Web of Science databases. After rigorous screening and eligibility assessment, 18 empirical studies were included and analyzed using narrative thematic synthesis. The analysis identified four dominant themes: (1) the effects of leadership styles on employee attitudinal outcomes, (2) the relationship between leadership styles and organizational performance, (3) contextual moderators of leadership effectiveness, and (4) mediating mechanisms in leadership–outcome relationships. The findings demonstrate that leadership styles influence organizational outcomes through psychological and organizational mediators, and their effectiveness is contingent upon alignment with contextual conditions. By addressing fragmentation in the literature, this research advances leadership studies through an integrative conceptual framework that incorporates leadership styles, mediating mechanisms, and contextual moderators. The findings reinforce contingency-based and transformational leadership perspectives while extending their explanatory scope. Practically, the results indicate that organizational leaders should adopt flexible, context-sensitive leadership approaches rather than rely on a single dominant style. Leadership development initiatives should emphasize adaptability, empowerment, and alignment with organizational contexts. In summary, this PRISMA-guided review synthesizes fragmented empirical evidence to provide an integrative understanding of the relationship between leadership styles and organizational outcomes, offering insights for both researchers and practitioners.

Keywords: Leadership Style; Organizational Outcomes; Systematic Literature Review; PRISMA; Leadership Effectiveness

Current ratio and debt to asset ratio impact on return on asset in miscellaneous industry companies listed on the Indonesian Stock Exchange from 2021 to 2024

Sania Rohimah — 2026-11-09

This study aims to examine the partial and simultaneous effects of the current ratio and the debt-to-asset ratio on return on assets. A quantitative causal research design is employed, with multiple linear regression analysis conducted using SPSS for data processing. The partial test results indicate that the current ratio has a significant negative effect on return on assets, while the debt-to-asset ratio does not exhibit a significant effect. Simultaneously, the current ratio and the debt-to-asset ratio have a positive and significant effect on return on assets. The coefficient of determination (R²) shows that the independent variables explain 17.7% of the variance in the dependent variable, while the remaining 82.3% is influenced by other factors. This study is limited to the inclusion of only two independent variables. Future research is recommended to incorporate additional independent variables that are expected to exert a stronger influence.

Keywords: Return on Assets; Debt to Asset Ratio; Current Ratio

The influence of internship experience, self-efficacy, and work motivation on the work readiness of Management students at Muhammadiyah University of Sidoarjo

Yurriz Afnan Ande — 2026-11-09

This study aims to examine the effect of internship experience, self-efficacy, and work motivation on the work readiness of Management students at Muhammadiyah University of Sidoarjo. The problem addressed is the gap between graduates’ competencies and labor market demands. This research uses a quantitative approach with a sample of 146 students selected through probability sampling. Data were collected using questionnaires and analyzed using Partial Least Squares (PLS- SEM). The results indicate that internship experience, self-efficacy, and work motivation have a positive and significant effect on work readiness, with self-efficacy being the most dominant factor. Collectively, these variables account for 82.9% of the variance in work readiness. In conclusion, work readiness is influenced by the integration of practical experience, psychological factors, and internal motivation. This study suggests that universities need to enhance internship programs and support student self-development to improve graduate employability.

Keywords: Internship Experience;Self-Efficacy; Work Motivation; Work Readiness