Augustsson, H., Richter, A., Hasson, H., dan von Thiele Schwarz, U. (2017). The Need for Dual Openness to Change: A Longitudinal Study Evaluating the Impact of Employees’ Openness to Organizational Change Content and Process on Intervention Outcomes. Journal of Applied Behavioral Science, 53(3), 349–368. https://doi.org/10.1177/0021886317691930.
Balkin, J. M. (1999). How mass media simulate political transparency. Journal for cultural research, 3(4), 393-413.
Bass, B. M. (1985). Leadership: Good, better, best. Organizational Dynamics, 13(3), 26–40. https://doi.org/https://doi.org/10.1016/0090-2616(85)90028-2.
Bommer, W. H., Rich, G. A., dan Rubin, R. S. (2005). Changing attitudes about change: longitudinal effects of transformational leader behavior on employee cynicism about organizational change. Journal of Organizational Behavior, 26(1), 733–753. https://doi.org/http://dx.doi.org/10.1002/job.342
Conger, J. A., & Kanungo, R. N. (1988). Charismatic leadership: The elusive factor in organizational effectiveness. Jossey-Bass.
Cook, K. S., & Gerbasi, A. M. (2012). Social exchange. In Encyclopedia of human behavior (pp. 479-485). Academic Press.
Connelly, C. E., Zweig, D., Webster, J., & Trougakos, J. P. (2012). Knowledge hiding in organizations. Journal of organizational behavior, 33(1), 64-88.
Colquitt, J. A., LePine, J. A., Piccolo, R. F., Zapata, C. P., dan Rich, B. L. (2012). Explaining the justice-performance relationship: Trust as exchange deepener or trust as uncertainty reducer? Journal of Applied Psychology, 97(1), 1–15. https://doi.org/10.1037/a0025208
D’Entremont, J. P. (2016). Leadership in New Hampshire Independent Schools: An Examination of Trust and Openness to Change. ERIC.
Deloitte. (2018). Transforming the Public Sector Delivering successful public sector transformation through innovation. Diambil dari https://www2.deloitte.com/content/dam/Deloitte/ie/Documents/PublicSector/GovLab_Transforming the public sector_spreads.pdf.
Deschamps, C., Rinfret, N., Lagacé, M. C., dan Privé, C. (2016). Transformational Leadership and Change. J Healthc Manag, 61(3), 194–213.
Devos, G., Buelens, M., dan Bouckenooghe, D. (2007). Contribution of Content, Context, and Process to Understanding Openness to Organizational Change: Two Experimental Simulation Studies. Journal of Social Psychology, 147(6), 607–629. https://doi.org/10.3200/SOCP.147.6.607-630.
Ertürk, A. (2008). A trust-based approach to promote employees’ openness to organizational change in Turkey. International Journal of Manpower, 29(5), 462–483. https://doi.org/10.1108/01437720810888580.
Guarana, C. L., Barnes, C. M., Ryu, J. W., dan Crawley, R. (2021). A chronotype circadian model of charismatic leadership expressions and perceptions. Leadership Quarterly, 32(6), 1–11. https://doi.org/10.1016/J.LEAQUA. 2021.101509
Hair, J. F., Anderson, R. E., Babin, B. J., & Black, W. C. (2010). Multivariate data analysis: A global perspective (Vol. 7): Upper Saddle River, NJ: Pearson.
Haris, S. (2019). Governance: Perubahan Paradigma Pada Penyelenggaraan Pemerintahan. SOSFILKOM : Jurnal Sosial, Filsafat dan Komunikasi, 13(01), 33–47. https://doi.org/10.32534/jsfk.v13i01.1456
Hughes, R. L., Ginnett, R. C., dan Curphy, G. J. (2012). Leadership: Memperkaya pelajaran dari pengalaman. Edisi Ketujuh, Jakarta: Salemba Humanika.
Hon, L. C., dan Grunig, J. E. (1999). Guidelines for Measuring Relationships in Public Relations. In Paper of the Commission on Public Relations Measurement & Evaluation. Institute for Public Relations.
Javidan, M., & Waldman, D. A. (2003). Exploring Charismatic Leadership in the Public Sector: Measurement and Consequences. Public Administration Review, 63(2), 229–242. https://doi.org/10.1111/1540-6210.00282
Jiang, H., & Luo, Y. (2018). Crafting Employee Trust : From Authenticity , Transparency to Engagement. Journal of Communication Management, 22(2), 138–160. https://doi.org/https://doi/10.1108/JCOM-07-2016-0055
Jiang, H., & Men, R. L. (2017). Creating an engaged workforce: The impact of authentic leadership, transparent organizational communication, and work-life enrichment. Communication research, 44(2), 225-243.
Kementerian PPN/Bappenas. (2021). Laporan Analisis Beban Kerja Kementerian PPN/Bappenas TA 2021. Jakarta: Kementerian PPN/Bappenas.
Kementerian PPN/Bappenas. (2021). Laporan Kinerja Kementerian PPN/Bappenas TA 2021. Jakarta: Kementerian PPN/Bappenas.
Kementerian PPN/Bappenas. (2021). Nota Dinas Inspektur Utama tentang PMPRB. Jakarta: Kementerian PPN/Bappenas.
Kementerian Setneg. (2020). Presiden Jokowi Tinjau Integrated Digital Work di Bappenas. Diambil dari https://www.setneg.go.id/baca/index/presiden_ jokowi_tinjau_integrated_digital_work_di_bappenas
Kementerian Setneg. (2020). Peraturan Presiden Nomor 18 Tahun 2021 tentang Rencana pembangunan jangka Menengah Nasional 2020-2024. Jakarta: Sekretariat Negara.
Kirkpatrick, S. A., dan Locke, E. A. (1996). Direct and Indirect Effects of Three Core Charismatic Leadership Components on Performance and Attitudes. Journal of Applied Psychology, 81(1), 36–51. https://doi.org/10.1037/0021-9010.81.1.36.
Kim, J., Kang, S., & Lee, K. H. (2021). Evolution of digital marketing communication: Bibliometric analysis and network visualization from key articles. Journal of Business Research, 130, 552-563.
LAN. (2016). Wah! 30% PNS Memiliki Kinerja Minim dan Sulit Berkembang. Diambil dari https://kabar24.bisnis.com/read/20160131/15/514629/wah-30-pns-memiliki-kinerja-minim-dan-sulit-berkembang
Lewis, L. (2019). Organizational change. In Origins and Traditions of Organizational Communication (pp. 406-423). Routledge.
McKinsey. (2019). Putting people at the heart of pulic-sector transformations. Diambil dari https://www.mckinsey.com/industries/public-and-social-sector/our-insights/putting-people-at-the-heart-of-public-sector-transformations.
Men, L. R., Yue, C. A., dan Liu, Y. (2020). “Vision, passion, and care:” The impact of charismatic executive leadership communication on employee trust and support for organizational change. Public Relations Review, 46(3), 1–12. https://doi.org/10.1016/j.pubrev.2020.101927.
Men, L. R. (2014). Strategic internal communication: Transformational leadership, communication channels, and employee satisfaction. Management communication quarterly, 28(2), 264-284.
Men, L. R., & Stacks, D. (2014). The effects of authentic leadership on strategic internal communication and employee-organization relationships. Journal of public relations research, 26(4), 301-324.
Men, R. L., dan Bowen, S. A. (2016). Excellence in internal communication management. Business Expert Press.
Ng, T. W. H. (2017). Transformational leadership and performance outcomes: Analyses of multiple mediation pathways. Leadership Quarterly, 28(3), 385–417. https://doi.org/10.1016/j.leaqua.2016.11.008
Nadler, D. A., & Tushman, M. L. (1990). Beyond the charismatic leader: Leadership and organizational change. California management review, 32(2), 77-97.
Norman, S. M., Avey, J. B., Nimnicht, J. L., dan Pigeon, N. G. (2010). The Interactive Effects of Psychological Capital and Organizational Identity on Employee Organizational Citizenship and Deviance Behaviors. Journal of Leadership and Organizational Studies, 17(4), 380–391. https://doi.org/10.1177/1548051809353764.
Özyılmaz, A. (2010). Vertical Trust In Organizations: A Review Of Empirical Studies Over The Last Decade/Örgütlerde Dikey Güven: Son On Yillik Dönemdeki Ampirik Çalişmalarin Gözden Geçirilmesi. Mustafa Kemal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 7(13), 1-28.
Paranoan, et al. (2022). Akuntabilitas Kinerja Sektor Publik. Media Sains Indonesia.
Rawlins, B. R. (2008). Measuring the relationship between organizational transparency and employee trust. Public Relations Journal, 2(2), 1–21. Diambil dari https://scholarsarchive.byu.edu/facpubhttps://scholarsarchive. byu.edu/facpub/885.
Rawlins, B. (2009). Give the Emperor a Mirror: Toward Developing a Stakeholder Measurement of Organizational Transparency. In Journal of Public Relations Research (Vol. 21). https://doi.org/10.1080/10627260802153421.
Shockley-Zalabak, P., & Ellis, K. (2006). The communication of trust. The IABC handbook of organizational communication, 44-55.
Venus, M., Johnson, R. E., Zhang, S., Wang, X. H., & Lanaj, K. (2019). Seeing the big picture: A within-person examination of leader construal level and vision communication. Journal of Management, 45(7), 2666-2684.
Van der Voet, J. (2016). Change leadership and public sector organizational change: Examining the interactions of transformational leadership style and red tape. The American Review of Public Administration, 46(6), 660-682.
West, R., & Turner, L. H. (2013). Social exchange theory. Introducing Communication Theory: Analysis and Application. New York: McGraw Hill, 2013, 185-200.
Yue, C. A., Men, L. R., dan Ferguson, M. A. (2019). Bridging transformational leadership, transparent communication, and employee openness to change: The mediating role of trust. Public Relations Review, 45(3), 0–1. https://doi.org/10.1016/j.pubrev.2019.04.012
Yasir, M., Imran, R., Irshad, M. K., Mohamad, N. A., dan Khan, M. M. (2016). Leadership Styles in Relation to Employees’ Trust and Organizational Change Capacity: Evidence From Non-Profit Organizations. SAGE Open, 6(4), 1–12. https://doi.org/10.1177/2158244016675396
Zainab, B., Akbar, W., & Siddiqui, F. (2021). Impact of transformational leadership and transparent communication on employee openness to change: mediating role of employee organization trust and moderated role of change-related self-efficacy. Leadership & Organization Development Journal.
Zhang, Y., Bian, J., & Zhu, W. (2013). Trust fraud: A crucial challenge for China’s e-commerce market. Electronic Commerce Research and Applications, 12(5), 299-308.
Balkin, J. M. (1999). How mass media simulate political transparency. Journal for cultural research, 3(4), 393-413.
Bass, B. M. (1985). Leadership: Good, better, best. Organizational Dynamics, 13(3), 26–40. https://doi.org/https://doi.org/10.1016/0090-2616(85)90028-2.
Bommer, W. H., Rich, G. A., dan Rubin, R. S. (2005). Changing attitudes about change: longitudinal effects of transformational leader behavior on employee cynicism about organizational change. Journal of Organizational Behavior, 26(1), 733–753. https://doi.org/http://dx.doi.org/10.1002/job.342
Conger, J. A., & Kanungo, R. N. (1988). Charismatic leadership: The elusive factor in organizational effectiveness. Jossey-Bass.
Cook, K. S., & Gerbasi, A. M. (2012). Social exchange. In Encyclopedia of human behavior (pp. 479-485). Academic Press.
Connelly, C. E., Zweig, D., Webster, J., & Trougakos, J. P. (2012). Knowledge hiding in organizations. Journal of organizational behavior, 33(1), 64-88.
Colquitt, J. A., LePine, J. A., Piccolo, R. F., Zapata, C. P., dan Rich, B. L. (2012). Explaining the justice-performance relationship: Trust as exchange deepener or trust as uncertainty reducer? Journal of Applied Psychology, 97(1), 1–15. https://doi.org/10.1037/a0025208
D’Entremont, J. P. (2016). Leadership in New Hampshire Independent Schools: An Examination of Trust and Openness to Change. ERIC.
Deloitte. (2018). Transforming the Public Sector Delivering successful public sector transformation through innovation. Diambil dari https://www2.deloitte.com/content/dam/Deloitte/ie/Documents/PublicSector/GovLab_Transforming the public sector_spreads.pdf.
Deschamps, C., Rinfret, N., Lagacé, M. C., dan Privé, C. (2016). Transformational Leadership and Change. J Healthc Manag, 61(3), 194–213.
Devos, G., Buelens, M., dan Bouckenooghe, D. (2007). Contribution of Content, Context, and Process to Understanding Openness to Organizational Change: Two Experimental Simulation Studies. Journal of Social Psychology, 147(6), 607–629. https://doi.org/10.3200/SOCP.147.6.607-630.
Ertürk, A. (2008). A trust-based approach to promote employees’ openness to organizational change in Turkey. International Journal of Manpower, 29(5), 462–483. https://doi.org/10.1108/01437720810888580.
Guarana, C. L., Barnes, C. M., Ryu, J. W., dan Crawley, R. (2021). A chronotype circadian model of charismatic leadership expressions and perceptions. Leadership Quarterly, 32(6), 1–11. https://doi.org/10.1016/J.LEAQUA. 2021.101509
Hair, J. F., Anderson, R. E., Babin, B. J., & Black, W. C. (2010). Multivariate data analysis: A global perspective (Vol. 7): Upper Saddle River, NJ: Pearson.
Haris, S. (2019). Governance: Perubahan Paradigma Pada Penyelenggaraan Pemerintahan. SOSFILKOM : Jurnal Sosial, Filsafat dan Komunikasi, 13(01), 33–47. https://doi.org/10.32534/jsfk.v13i01.1456
Hughes, R. L., Ginnett, R. C., dan Curphy, G. J. (2012). Leadership: Memperkaya pelajaran dari pengalaman. Edisi Ketujuh, Jakarta: Salemba Humanika.
Hon, L. C., dan Grunig, J. E. (1999). Guidelines for Measuring Relationships in Public Relations. In Paper of the Commission on Public Relations Measurement & Evaluation. Institute for Public Relations.
Javidan, M., & Waldman, D. A. (2003). Exploring Charismatic Leadership in the Public Sector: Measurement and Consequences. Public Administration Review, 63(2), 229–242. https://doi.org/10.1111/1540-6210.00282
Jiang, H., & Luo, Y. (2018). Crafting Employee Trust : From Authenticity , Transparency to Engagement. Journal of Communication Management, 22(2), 138–160. https://doi.org/https://doi/10.1108/JCOM-07-2016-0055
Jiang, H., & Men, R. L. (2017). Creating an engaged workforce: The impact of authentic leadership, transparent organizational communication, and work-life enrichment. Communication research, 44(2), 225-243.
Kementerian PPN/Bappenas. (2021). Laporan Analisis Beban Kerja Kementerian PPN/Bappenas TA 2021. Jakarta: Kementerian PPN/Bappenas.
Kementerian PPN/Bappenas. (2021). Laporan Kinerja Kementerian PPN/Bappenas TA 2021. Jakarta: Kementerian PPN/Bappenas.
Kementerian PPN/Bappenas. (2021). Nota Dinas Inspektur Utama tentang PMPRB. Jakarta: Kementerian PPN/Bappenas.
Kementerian Setneg. (2020). Presiden Jokowi Tinjau Integrated Digital Work di Bappenas. Diambil dari https://www.setneg.go.id/baca/index/presiden_ jokowi_tinjau_integrated_digital_work_di_bappenas
Kementerian Setneg. (2020). Peraturan Presiden Nomor 18 Tahun 2021 tentang Rencana pembangunan jangka Menengah Nasional 2020-2024. Jakarta: Sekretariat Negara.
Kirkpatrick, S. A., dan Locke, E. A. (1996). Direct and Indirect Effects of Three Core Charismatic Leadership Components on Performance and Attitudes. Journal of Applied Psychology, 81(1), 36–51. https://doi.org/10.1037/0021-9010.81.1.36.
Kim, J., Kang, S., & Lee, K. H. (2021). Evolution of digital marketing communication: Bibliometric analysis and network visualization from key articles. Journal of Business Research, 130, 552-563.
LAN. (2016). Wah! 30% PNS Memiliki Kinerja Minim dan Sulit Berkembang. Diambil dari https://kabar24.bisnis.com/read/20160131/15/514629/wah-30-pns-memiliki-kinerja-minim-dan-sulit-berkembang
Lewis, L. (2019). Organizational change. In Origins and Traditions of Organizational Communication (pp. 406-423). Routledge.
McKinsey. (2019). Putting people at the heart of pulic-sector transformations. Diambil dari https://www.mckinsey.com/industries/public-and-social-sector/our-insights/putting-people-at-the-heart-of-public-sector-transformations.
Men, L. R., Yue, C. A., dan Liu, Y. (2020). “Vision, passion, and care:” The impact of charismatic executive leadership communication on employee trust and support for organizational change. Public Relations Review, 46(3), 1–12. https://doi.org/10.1016/j.pubrev.2020.101927.
Men, L. R. (2014). Strategic internal communication: Transformational leadership, communication channels, and employee satisfaction. Management communication quarterly, 28(2), 264-284.
Men, L. R., & Stacks, D. (2014). The effects of authentic leadership on strategic internal communication and employee-organization relationships. Journal of public relations research, 26(4), 301-324.
Men, R. L., dan Bowen, S. A. (2016). Excellence in internal communication management. Business Expert Press.
Ng, T. W. H. (2017). Transformational leadership and performance outcomes: Analyses of multiple mediation pathways. Leadership Quarterly, 28(3), 385–417. https://doi.org/10.1016/j.leaqua.2016.11.008
Nadler, D. A., & Tushman, M. L. (1990). Beyond the charismatic leader: Leadership and organizational change. California management review, 32(2), 77-97.
Norman, S. M., Avey, J. B., Nimnicht, J. L., dan Pigeon, N. G. (2010). The Interactive Effects of Psychological Capital and Organizational Identity on Employee Organizational Citizenship and Deviance Behaviors. Journal of Leadership and Organizational Studies, 17(4), 380–391. https://doi.org/10.1177/1548051809353764.
Özyılmaz, A. (2010). Vertical Trust In Organizations: A Review Of Empirical Studies Over The Last Decade/Örgütlerde Dikey Güven: Son On Yillik Dönemdeki Ampirik Çalişmalarin Gözden Geçirilmesi. Mustafa Kemal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 7(13), 1-28.
Paranoan, et al. (2022). Akuntabilitas Kinerja Sektor Publik. Media Sains Indonesia.
Rawlins, B. R. (2008). Measuring the relationship between organizational transparency and employee trust. Public Relations Journal, 2(2), 1–21. Diambil dari https://scholarsarchive.byu.edu/facpubhttps://scholarsarchive. byu.edu/facpub/885.
Rawlins, B. (2009). Give the Emperor a Mirror: Toward Developing a Stakeholder Measurement of Organizational Transparency. In Journal of Public Relations Research (Vol. 21). https://doi.org/10.1080/10627260802153421.
Shockley-Zalabak, P., & Ellis, K. (2006). The communication of trust. The IABC handbook of organizational communication, 44-55.
Venus, M., Johnson, R. E., Zhang, S., Wang, X. H., & Lanaj, K. (2019). Seeing the big picture: A within-person examination of leader construal level and vision communication. Journal of Management, 45(7), 2666-2684.
Van der Voet, J. (2016). Change leadership and public sector organizational change: Examining the interactions of transformational leadership style and red tape. The American Review of Public Administration, 46(6), 660-682.
West, R., & Turner, L. H. (2013). Social exchange theory. Introducing Communication Theory: Analysis and Application. New York: McGraw Hill, 2013, 185-200.
Yue, C. A., Men, L. R., dan Ferguson, M. A. (2019). Bridging transformational leadership, transparent communication, and employee openness to change: The mediating role of trust. Public Relations Review, 45(3), 0–1. https://doi.org/10.1016/j.pubrev.2019.04.012
Yasir, M., Imran, R., Irshad, M. K., Mohamad, N. A., dan Khan, M. M. (2016). Leadership Styles in Relation to Employees’ Trust and Organizational Change Capacity: Evidence From Non-Profit Organizations. SAGE Open, 6(4), 1–12. https://doi.org/10.1177/2158244016675396
Zainab, B., Akbar, W., & Siddiqui, F. (2021). Impact of transformational leadership and transparent communication on employee openness to change: mediating role of employee organization trust and moderated role of change-related self-efficacy. Leadership & Organization Development Journal.
Zhang, Y., Bian, J., & Zhu, W. (2013). Trust fraud: A crucial challenge for China’s e-commerce market. Electronic Commerce Research and Applications, 12(5), 299-308.
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Affiliations
Yanes Yaneman Matulatuwa
Faculty of Economics, Gunadarma University, Indonesia
E. Susy Suhendra
Faculty of Economics, Gunadarma University, Indonesia
Toto Sugiharto
Faculty of Economics, Gunadarma University, Indonesia
How to Cite
1.
Matulatuwa YY, Suhendra ES, Sugiharto T. Business Strategy: Determinants and their Effect on Financial Performance of Life Insurance Companies in Indonesian. MAJ [Internet]. 27Jun.2023 [cited 19Nov.2024];12(2):192-06. Available from: http://journal.unnes.ac.id/sju/maj/article/view/67364
Business Strategy: Determinants and their Effect on Financial Performance of Life Insurance Companies in Indonesian
Vol 12 No 2 (2023): Management Analysis Journal
Submitted: Mar 27, 2023
Published: Jun 27, 2023
Abstract
Purpose – The purpose of this paper is to empirically explore the influence of managerial competence, market competition, corporate governance and intellectual capital on business strategies and their impact on the financial performance of life insurance companies in Indonesia. Design/methodology/approach – This research uses sample of 22 life insurance companies during 2013 – 2020 selected based on the purposive sampling method. Profit margin is used to identify the business strategy applied by the company. Binary logistic regression analysis and linear regression analysis were applied to test the research hypotheses.Findings–Business strategy has an effect on the company's financial performance that is represented by return on equity. Managerial competence, market competition, corporate governance and intellectual capital partially and significantly influence business strategy. Research limitations/implications – Business strategy is important for life insurance companies in Indonesia to achieve the goals. The research has implications with regard to the antecedents and consequences of business strategy to gain competitive advantage and finally achieve the financial performance.Originality/value – This research is integrated and comprehensive, as it includes the influence of competition and three internal variables related to human resource management competence.