Management Analysis Journal (MAJ) (e-ISSN 2502-1451) is a journal for behavioral, sustainable, and strategic management studies in Indonesia. MAJ is a peer-reviewed academic journal that advances management scholarship grounded in the Indonesian socio-economic, cultural, and institutional context, while contributing to broader international management debates. The journal is uniquely positioned to analyze managerial behavior, organizational strategy, and decision-making processes as they operate within Indonesia’s emerging economy, characterized by institutional complexity, rapid digitalization, sustainability challenges, and generational transformation. MAJ emphasizes analytical and causal research designs—including mediation–moderation models, behavioral and cognitive frameworks, and advanced quantitative approaches—to explain how and why management practices shape employee performance, organizational effectiveness, and market outcomes in Indonesia. The scope of MAJ covers human capital and organizational behavior, green management and sustainable business practices, financial literacy and investment behavior, digital consumer and marketing analytics, and family business governance and succession, with Indonesia serving as the primary empirical and theoretical reference point. By foregrounding issues such as green HRM in state-owned and private enterprises, Gen Z behavioral dynamics, sustainable finance instruments, and culturally embedded family business governance, MAJ offers context-rich insights with international relevance. This strong Indonesian orientation, combined with methodological rigor and theoretical engagement, distinguishes MAJ as a key scholarly outlet for understanding management phenomena in Indonesia and comparable emerging economies, making it a valuable contribution to the global management literature. Indexing GARUDA SINTA DOAJ DIMENSIONS
Employee Championing Behavior in Organizational Change: The Role of Transformational Leadership and Trust in Leader
This study examines the effect of Transformational Leadership on Employee Championing Behavior in the context of Organizational Change and the mediating role of Trust in Leader among employees of PT DSV Solutions Indonesia Semarang Branch. Using a quantitative cross-sectional design, data were collected through an online questionnaire from 148 employees selected through purposive sampling from a population of 228 employees. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM), including measurement and structural model assessments and bootstrapping for hypothesis testing. The findings show that Transformational Leadership has a significant positive effect on Employee Championing Behavior, while Trust in Leader partially mediates this relationship. These findings highlight the importance of transformational leadership and trust in strengthening employees’ support for organizational change, particularly in the Indonesian logistics industry undergoing transformation following a corporate acquisition.
Copyright (c) 2026 Management Analysis Journal https://creativecommons.org/licenses/by/4.0
Knowledge Sharing among Lecturers: The Roles of Perceived Organizational Support and Islamic Work Ethics Mediated by Affective Commitment
This study aims to examine the effects of perceived organizational support and islamic work ethics on knowledge sharing among lecturers at Universitas Muhammadiyah Semarang, with affective organizational commitment serving as a mediating variable. Knowledge sharing plays a crucial role in enhancing academic performance and fostering innovation in higher education institutions. Organizational and individual factors, such as perceived organizational support and Islamic work ethics, are considered important determinants of lecturers’ willingness to share knowledge. This study adopted a quantitative research design using a total sampling technique. Questionnaires were distributed to all 129 eligible lecturers holding a minimum functional position of Assistant Professor at Universitas Muhammadiyah Semarang. Of these, 87 valid responses were returned and included in the final analysis. The data were analyzed using Structural Equation Modeling (SEM) with SmartPLS 4.0. The results indicate that perceived organizational support and Islamic work ethics have positive and significant effects on knowledge sharing. Furthermore, affective organizational commitment has a positive and significant effect on knowledge sharing and significantly mediates the relationships between perceived organizational support and knowledge sharing, as well as between Islamic work ethics and knowledge sharing. These findings underscore the importance of organizational support, islamic work ethics, and affective organizational commitment in fostering knowledge sharing behavior among university lecturers.
When Engagement Backfires: Gamification Susceptibility to Financial Misinformation
This paper examines five theoretically motivated predictors of susceptibility: gamified financial literacy engagement, subjective financial literacy, emotion regulation, information framing preferences, and cognitive ability. These predictors are embedded within a dual process framework and tested using OLS regression with heteroscedasticity-consistent standard errors on survey data from N = 89 university-affiliated respondents in Indonesia. Two unexpected findings are reported. First, engagement with gamified financial literacy programs is positively and significantly associated with susceptibility, contrary to the hypothesized direction, interpreted as a gamification engagement-without-depth effect consistent with self-determination theory and the Dunning-Kruger literature on overconfidence. Second, information framing preferences are also positively associated, reflecting a ceiling effect and a loss-sensitivity dimension linked to financial anxiety. Financial literacy is negatively associated at a marginal level, while females are less susceptible than males. Objective financial knowledge shows near-zero predictive power, suggesting factual knowledge does not reduce susceptibility. Implications for financial education, consumer protection, and measurement are discussed.
Financial Misinformation, Financial Bullshit, Gamification, Financial Literacy
Copyright (c) 2025 Management Analysis Journal https://creativecommons.org/licenses/by/4.0
Information Systems Success and Management Control Effectiveness in MSMEs: The Roles of System Use and User Satisfaction
This study examines how Information Quality (IQ) and Service Quality (SQ) influence Management Control Effectiveness (MCE) in Micro, Small, and Medium Enterprises (MSMEs) in Cirebon City, by considering System Use (SU) as a mediating variable and User Satisfaction (US) as a moderating variable. Drawing on the DeLone and McLean IS Success Model, this study addresses the limited empirical evidence on how accounting information systems support management control practices in MSMEs. Data were collected from 180 MSME actors who use accounting information systems and analysed using Partial Least Squares–Structural Equation Modelling (PLS-SEM). The findings show that SU plays a central role in improving MCE and mediates the relationship between SQ and MCE. IQ has a direct positive effect on MCE, while its relationship with SU is moderated by US. User satisfaction also strengthens the role of service quality in encouraging system use. These findings highlight that the effectiveness of management control in MSMEs depends not only on the quality of information and services, but also on how actively users engage with the system. The study suggests that improving digital literacy and user-oriented system support can enhance the benefits of accounting information systems for MSME management control.
Revealing the Role of Streamer Traits on Perceived Value and Impulsive Buying Behavior in TikTok Live Shopping
This study research investigates the phenomenon of low purchase conversion rates amid the rapid growth of e-commerce and the widespread adoption of TikTok Live Shopping features in Indonesia. The study conceptualizes five streamer characteristics, namely attractiveness, popularity, experience, information quality, and interactivity, as stimuli; perceived value as the organism; and impulsive buying behavior as the consumer response. This research employs a quantitative approach using primary data collected through an online questionnaire administered to 225 valid respondents who had previously made purchases through Mami Louisse’s TikTok live shopping sessions. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The findings reveal that all five characteristics have a positive and significant effect on the formation of perceived value. Specifically, information quality emerges as the strongest determinant influencing consumers’ perceived value, surpassing both popularity and physical attractiveness. Furthermore, the study confirms that perceived value acts as the primary predictor driving impulsive buying behavior, with a large effect size. These findings imply that within the live shopping ecosystem, substantive elements, particularly the accuracy of product information, are more crucial than mere visual entertainment in triggering spontaneous purchase decisions.
Flextime and Gen Z Work-Life Balance: The Moderating Roles of Job Crafting and Boundary Management
This research study examines the effectiveness of flextime policy on the Work-Life Balance (WLB) of Generation Z employees by evaluating the dual moderating roles of Job Crafting (an expansive strategy) and Boundary Management Strategies (a protective strategy). Flexible work arrangements (flextime) are often assumed to be the ideal solution for achieving Work-Life Balance (WLB). However, for Generation Z employees, this autonomy frequently triggers the "Autonomy Paradox," which blurs the boundaries between work and personal time. Using an explanatory quantitative approach, a survey was distributed to 400 Generation Z employees across various industries in Indonesia who have access to flexible work arrangements. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) via SmartPLS software. The results indicate that flextime policy, in isolation, does not significantly affect WLB. Furthermore, Job Crafting behavior does not strengthen this relationship and instead risks triggering self-exploitation. Conversely, Boundary Management Strategies significantly strengthen the positive impact of flextime on WLB. The conclusion of this study emphasizes that time flexibility requires individuals' ability to establish firm boundaries (psychological detachment). As a managerial implication, organizations are advised not merely to provide time autonomy but also to facilitate digital boundary management training.
The Role of Brand Love and Perceived Value in Building Generation Z Brand Loyalty: Evidence from Saisons Space Cirebon
This study was motivated by the increasing competition in the coffee shop industry, which requires businesses to strengthen customer loyalty through the creation of superior value and emotional connections with consumers. Using a quantitative cross-sectional design and purposive sampling technique, this research involved 171 Generation Z consumers aged 17–28 years who were active members of Saisons Space Cirebon and had made at least two purchases within the previous three months. The collected data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS). The results indicate that both brand love and perceived value have significant positive effects on brand loyalty, with perceived value emerging as the more dominant factor. Together, these variables explain 25.5% of the variance in consumer loyalty, indicating a moderate level of explanatory power. These findings suggest that consumer loyalty is shaped by a combination of rational considerations, such as perceived value, and emotional factors, such as attachment to the brand. The study contributes to the literature by integrating emotional and rational dimensions to explain Generation Z consumer loyalty in the context of local coffee shops. However, the cross-sectional quantitative approach may limit a deeper understanding of the emotional motivations underlying brand loyalty. Therefore, coffee shop businesses should prioritize strategies that enhance customer value and foster emotional relationships to maintain and strengthen customer loyalty.
Brand Love, Brand Loyalty, Coffee Shop, Generation Z, Perceived Value
Integrated Marketing Communication Effects on Prospective Students’ Enrollment Decisions: Brand Image and Trust Mediation
The study examines the influence of Integrated Marketing Communication (IMC) on prospective students’ enrollment decisions through the mediating roles of brand image and brand trust. Increasing competition in the higher education sector has positioned private higher education institutions as market-oriented service providers, requiring effective strategies to influence prospective students’ enrollment decisions. Drawing on a consumer behavior perspective, this study adopts a quantitative approach using survey data from 266 respondents, analyzed with Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that IMC does not have a significant direct effect on prospective student enrollment decisions, but exerts strong positive effects on brand image and brand trust, both of which significantly influence prospective student enrollment decisions. Furthermore, IMC indirectly affects prospective student enrollment decisions through these mediators, confirming a full mediation mechanism. This study contributes to the IMC literature by demonstrating that communication effectiveness operates through brand-based perceptual and relational mechanisms rather than direct behavioral influence. From a managerial perspective, the findings suggest that higher education institutions should strategically design integrated and consistent communication efforts that reinforce institutional credibility, strengthen brand image, and build trust across multiple touchpoints to effectively drive prospective student enrollment decisions.
Integrated Marketing Communication, Brand Image, Brand Trust, Prospective Student Enrollment Decisions, Private Higher Education Institutions
Entrepreneurial Orientation and Sustainable Performance in Indonesian SMEs: Testing a Moderated Mediation Model of Knowledge Management Capability and Environmental Dynamism
This study examines the influence of Entrepreneurial Orientation (EO) on Sustainable Performance (SP) among Indonesian SMEs, incorporating the mediating role of Knowledge Management Capability (KMC) and the moderating role of Environmental Dynamism (ED). Grounded in the Resource-Based View (RBV) and Knowledge-Based View (KBV), the research employs Partial Least Squares Structural Equation Modeling (PLS-SEM) on pilot data from 43 SMEs. The results indicate that EO significantly enhances both KMC and SP, with KMC partially mediating the relationship. However, ED does not significantly moderate the structural relationships. These findings highlight that internal capabilities play a more critical role than external environmental conditions in driving sustainability in SMEs. This study contributes to the literature by integrating EO, KMC, and ED within a moderated mediation framework in an emerging economy context, providing nuanced insights into how entrepreneurial and knowledge-based capabilities interact to support sustainable performance.
Application of Lean Management to Improve Operational Efficiency in Green Tourism: An Analytic Hierarchy Process (AHP) Approach
This study aims to examine the application of Lean Management in improving operational efficiency in the Green Tourism sector by using the Analytic Hierarchy Process (AHP) approach as a decision-making tool. Green tourism requires efficient, sustainable, and environmentally friendly operational management, but in practice there are still often wasted resources, processes that do not add value, and less structured decision-making. The Lean Management approach is used to identify and eliminate waste activities in the tourism operational process, such as excessive energy use, inefficient service flows, and suboptimal facility management. Meanwhile, the AHP method is applied to determine the most effective Lean strategy priorities by considering various criteria, including cost efficiency, environmental impact, service quality, and tourist satisfaction. This study uses a quantitative method by collecting data through questionnaires and interviews with green tourism destination managers. The results of the AHP analysis are expected to be able to produce priority weight on alternative Lean Management implementations that are most in line with the characteristics of green tourism. The findings of this study are expected to be strategic recommendations for tourism managers in improving operational efficiency while maintaining the principles of environmental sustainability.
Financial Distress Analysis in Media and Entertainment Companies: The Role of Liquidity, Leverage, Profitability, and Firm Size
The study aims to determine and assess the size, profitability, leverage, and liquidity of corporations in relation to the financial difficulties of media and entertainment firms listed on the Indonesia Stock Exchange, which saw a fall in earnings between 2021–2024. This study's population was 56 randomly selected samples of secondary data extracted from yearly financial reports. Multiple linear regression was used for the study. The analysis of the data shows that, partially, there is a positive effect of the liquidity variable (CR), a negative effect of the leverage variable (DER), a positive effect of the profitability variable (ROA), and a negative effect of the company size variable. At the same time, 31% of the variance in financial distress is attributable to factors outside the scope of this investigation, while 69% is attributable to the interplay between liquidity, leverage, profitability, and firm size.
Greening Hotel, Greying Beliefs: The Unexpected Outcomes of Zero-Waste Management
This study examines the relationship among zero-waste management, perceived green capability and managerial belief in customer trust and booking intention within the hotel industry. The research model also incorporate hotel category (2 star, 3 star and 4 star) as a moderating construct. Using a quantitative survey design, data are collected from hotel manager to assess their perception of environmental practices and anticipated customer reactions. Data are analyzed using PLS –SEM to test the hypothesized direct and moderating relationship and to identify the strength and significance of each structural path. The result show that zero-waste management has a significant and positive effect on perceived green capability, demonstrating that environmental practices enhance the managers’ assessment of their hotel’s sustainability competence. However, perceived green capability does not significantly influence managerial belief in customer trust or booking intention. Additionally, zero-waste management is not found to significantly affect the managerial belief in customer trust or booking intention. Further, hotel classification also do not moderate the relationship between perceived green capability and the customer belief construct, indicating that sustainability capability is not viewed differently across hotel categories. These findings, reveal that environmental capability strengthen the internal strategic perception but does not translate directly into managerial expectation of customer behavior. This study is limited by its regional focus, the reliance on self-reported managerial perception and its cross-sectional design. Future research should incorporate the customer data, and also explore the alternatives moderating construct for better understanding about zero-waste management.
Swipe, Stream and Trust: The New Formula for Fashion Purchase Intentions
This study research examines the essential role of Brand Trust as a mediator that transforms digital marketing stimuli, namely Live Streaming and Online Customer Reviews, into Purchase Intention in the fashion industry. In the digital era, the fashion industry demands strategic adaptation to the latest marketing trends, especially through marketplaces. This study focuses on fashion consumers in Makassar City who have experience buying or intend to purchase fashion products through online marketplace platforms. Data were collected from 216 respondents through a questionnaire using a 5-point Likert scale and analyzed using the PLS-SEM method with SmartPLS. The results indicate that Brand Trust is the strongest causal predictor of Purchase Intention. A crucial finding is the confirmation of full mediation by Brand Trust, showing that the effectiveness of Live Streaming and Online Customer Reviews does not lie in their ability to directly trigger purchase intentions, but rather in their capacity to build Brand Trust first. Furthermore, Online Customer Reviews contribute more strongly to the formation of Brand Trust than Live Streaming. These findings suggest that there are two key stages in forming fashion purchase intentions in marketplaces, particularly among consumers in Makassar.
Task vs. Relationship-Oriented Leadership: Measuring Organizational Performance in Small, Medium and Micro Enterprises (SMMEs) in Johannesburg, South Africa
This study examines the influence of task-oriented and relationship-oriented leadership styles on organisational performance in small, medium, and micro enterprises (SMMEs) in Johannesburg, South Africa. The novelty of the study lies in simultaneously analysing autocratic, transactional, and transformational leadership styles within the underexplored context of South African SMMEs. Data were collected from 194 SMME owners and managers using a structured survey and analysed through structural equation modelling (SEM) to test the hypothesised relationships between leadership styles and organisational performance. The findings reveal that autocratic, transactional, and transformational leadership styles all have significant positive effects on organisational performance. These results suggest that leadership effectiveness in SMMEs is not confined to a single dominant style but rather depends on the contextual application of different leadership approaches. The study provides practical insights for SMME leaders and policymakers by highlighting the importance of adapting leadership behaviours to the dynamic and resource-constrained environments typical of emerging economies. Overall, the research contributes to leadership and small business literature by demonstrating how leadership adaptability supports organisational performance and sustainability in SMMEs.
A Cooperative-Based Village-Owned Enterprise (BUMDes) Governance Model to Achieve Sustainable Development Goals (SDGs)
This study aims to develop a cooperative-based governance model for Village-Owned Enterprises (BUMDes) to support the achievement of the Sustainable Development Goals (SDGs). The research was conducted at BUMDes Sinar Mandiri Batursari Sakti using a participatory qualitative approach through literature reviews, field observations, in-depth interviews, Focus Group Discussions (FGDs), and a pilot implementation of the governance model. The findings reveal that the application of cooperative principles in BUMDes governance enhances institutional legitimacy, strengthens accountability, and promotes broader community participation. The integration of cooperative values also reduces elite domination, reinforces community ownership, and expands the village’s socio-economic impact. Furthermore, the governance model aligns with the achievement of several SDGs, particularly poverty reduction (SDG 1), decent work and economic growth (SDG 8), reduced inequalities (SDG 10), and partnerships for the goals (SDG 17). Therefore, the proposed cooperative-based governance model is not only relevant for improving the performance of BUMDes Sinar Mandiri Batursari Sakti but also has strong potential to be replicated in other BUMDes with adjustments to local contexts.
Village Owned Enterprises (BUMDes); Governance; Cooperative Principles; Community Participation; SDGs
Building Digital Trust: The Role of Trust in the Relationship Between User-Generated Content (UGC), E-WOM, and Purchase Intention Among Generation Z
This study investigates the impact of User-Generated Content (UGC), Electronic Word of Mouth (e-WOM), and trust on Generation Z’s purchase intention toward Facetology sunscreen products in the context of rapid digital transformation and the growing influence of social media on consumer behavior. As consumers increasingly rely on peer-generated information rather than traditional corporate advertising, the study extends the Theory of Reasoned Action to explain the relationship between digital information, trust, and purchase intention. The research adopts a quantitative approach using Partial Least Squares (PLS) analysis with SmartPLS 4.0 software. The findings demonstrate that both UGC and e-WOM positively influence purchase intention, while trust functions as a mediating variable that strengthens this relationship. In addition, trust also acts as a moderating variable by amplifying or weakening the effects of UGC and e-WOM on purchase intention. The results indicate that when consumers have a high level of trust in a product or brand, the positive influence of favorable reviews and peer recommendations becomes stronger in encouraging purchase intention. Conversely, when trust is low, the positive impact of UGC and e-WOM tends to weaken and may even become negative.
User-Generated Content (UGC); Electronic Word of Mouth (e-WOM); trust; purchase intention.
Cognitive Drivers of Investment Behavior: Analyzing the Mediation-Moderation Model on Herding Behavior among Gen-Z Investors
This study examined the influence of herding behavior on investment behavior with risk tolerance as a mediator and financial literacy as a moderator. Since Investment participation among young generations in Indonesia has grown significantly, yet behavioral biases such as herding continue to undermine rational decision-making Previous studies reported inconsistent findings regarding the direct impact of herding on investment behavior, leaving an important research gap. A quantitative approach was employed using survey data from 386 Gen Z investors in East Java, analyzed with SEM-PLS. The results confirmed that herding significantly affected both investment behavior and risk tolerance, while risk tolerance strongly influenced investment behavior and partially mediated the herding–investment link. Moreover, financial literacy strengthened the effect of herding on investment behavior. The findings imply that improving financial literacy and strengthening risk management education are essential for fostering rational investment decisions. Future research should expand the demographic scope and additional psychological and social factors to the model.
Copyright (c) 2025 Management Analysis Journal
Driving Green Product Purchase Intention through the Elaboration Likelihood Model: The Roles of Para-Social Interaction and Information Quality in Live-Streaming E-Commerce
This study examines how Information Quality and Para-Social Interaction influence Green Product Purchase Intention in live-streaming e-commerce using the Elaboration Likelihood Model (ELM). Driven by rising sustainable consumption trends, it explores their impact through Subjective Product Knowledge as a mediator, extending ELM by integrating cognitive and affective cues in Indonesia’s growing digital market. Data were collected from 140 young consumers (aged 17–37) in Semarang, Indonesia, who engage in live-streaming e-commerce. The analysis tested hypotheses, revealing that Information Quality enhances Subjective Product Knowledge, which drives purchase intention, while Para-Social Interaction directly and indirectly affects both. Subjective Product Knowledge mediates these relationships. This offers a novel application of ELM in sustainable consumer behavior in de-veloping countries. Practically, businesses can use high-quality information and trusted streamers to boost green product sales in global markets.
The Effect of Managerial Overconfidence on Firm Value: The Mediating Role of Organizational Capital and Tax Avoidance
This study aims to determine the effect of managerial overconfidence on firm value with organizational capital and tax avoidance as mediating variables. Using a quantitative approach, the study employs multiple linear regression analysis and path analysis on panel data from 69 manufacturing firms listed on the Indonesia Stock Exchange during 2021–2023. The results show that managerial overconfidence significantly reduces firm value, both directly and indirectly. Conversely, organizational capital has a significant positive effect on firm value, while tax avoidance also contributes positively, albeit with potential long-term risks. The analysis further reveals that organizational capital and tax avoidance significantly mediate the relationship between managerial overconfidence and firm value. This research contributes theoretically by extending the literature on behavioral accounting, organizational resources, and tax management. Practically, the study provides insights for regulators, auditors, and corporate governance bodies in monitoring managerial decision-making to prevent excessive risk-taking and to ensure that organizational capital investments and tax strategies enhance sustainable firm value rather than create distortions.
The Impact of Total Quality Management on Employee Performance Through Innovative Work Behavior and Dynamic Absorptive Capacity in Salatiga Manufacturing
This study examines the relationship between total quality management (TQM) and employee performance by identifying key mediating factors, namely innovative work behaviour and dynamic absorptive capacity. The research investigates how these mediators enhance the effectiveness of TQM in improving employee productivity and performance within manufacturing firms. A research framework was developed and tested using data collected from 114 employees working in manufacturing companies in Salatiga. The data were analysed using Partial Least Squares–Structural Equation Modelling (PLS-SEM). The findings reveal that TQM positively influences employee performance, while innovative work behaviour and dynamic absorptive capacity serve as significant mediating variables. Furthermore, both mediators strengthen the relationship between TQM and employee performance. These results suggest that managers should cultivate an innovative work environment by empowering employees to work independently and think creatively. In addition, top management should encourage continuous learning and the application of new knowledge in the workplace to improve operational efficiency and effectiveness.
TQM, Employee Performance, Innovative Work Behavior, Dynamic Absorptive Capacity
Enhancing Consumer Loyalty through Product Quality and Word of Mouth in MSME's
MSMEs contribute to labor absorption and drive local economic growth. This study aims to analyze the role of product quality and word of mouth on consumer loyalty through consumer satisfaction as an intervening variable among MSME product users in Semarang City. This research is motivated by the important role of MSMEs in employment and their contribution to driving local economic growth. Therefore, understanding the factors influencing consumer loyalty is crucial for maintaining the sustainability of MSME businesses. The approach used in this study is quantitative with an explanatory research method. Data analysis was conducted using SEM (Structural Equation Modeling) based on PLS (Partial Least Squares) to examine the relationships between the variables studied. The study population was MSME product users in Semarang City. The sampling technique used was purposive sampling with 200 respondents. Data collection was conducted through questionnaires. The results show that product quality has a positive and significant effect on consumer loyalty. Word of mouth has a positive and significant effect on consumer loyalty. Consumer satisfaction has a positive and significant effect on consumer loyalty. Product quality has a positive and significant effect on consumer satisfaction. Word of mouth has a positive and significant effect on consumer satisfaction. Furthermore, customer satisfaction has been shown to mediate the influence of product quality and word of mouth on customer loyalty. The implications of this research indicate that improving product quality and optimizing word of mouth, both directly and through increased customer satisfaction, can be an effective strategy for MSMEs to build and maintain customer loyalty in Semarang City. These findings are expected to provide a basis for MSMEs and policymakers to design programs to improve product quality and strengthen word-of-mouth promotion in a more targeted manner.
The Influence of CSR, Environmental Investment, Environmental Performance, Environmental Disclosure and Financial Performance (Empirical Study on Manufacturing Companies Registered on the IDX)
This study aims to evaluate the influence of Corporate Social Responsibility (CSR), environmental investment, environmental performance, and environmental disclosure on the financial performance of companies. The research is motivated by the crucial role of sustainability practices and corporate social responsibility in supporting financial outcomes, particularly in the manufacturing sector, which has a significant environmental impact. A quantitative approach was employed using multiple linear regression analysis. The sample consists of manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the period 2019–2023, with a total of 195 observations. The findings reveal that, simultaneously, all four independent variables significantly affect financial performance. Partially, CSR and environmental performance make a significant positive contribution to enhancing financial performance, while environmental investment shows a negative effect and environmental disclosure has a significant negative impact on financial performance. The implication of this study is that companies need to carefully assess the effectiveness of their environmental investment allocation and disclosure strategies to ensure that they create added value for financial performance without reducing their commitment to sustainability.
The Effect of Self Efficacy and Emotional Intelligence on Employee Performance through Work Engagement
The Indonesian banking industry is characterized by intense competition, requiring every bank to optimize employee performance to maintain customer trust, reputation, and long-term sustainability. Previous studies have highlighted the role of psychological factors in enhancing employee outcomes, yet the interplay between emotional intelligence, self-efficacy, and work engagement in shaping performance remains underexplored, particularly in regional banks. This study addresses this research gap by examining the effects of emotional intelligence and self-efficacy on employee performance at PT Bank Bengkulu, with work engagement as a mediating variable. This research employed a quantitative, explanatory approach. The population comprised 864 employees across PT Bank Bengkulu’s branch network, from which 274 employees were selected using cluster random sampling. Data were gathered through structured questionnaires and analyzed using the covariance-based structural equation modeling (CB-SEM) approach. The outer model evaluated construct validity and reliability, while the inner model tested hypotheses regarding direct and indirect effects. The findings revealed that both emotional intelligence and self-efficacy positively and significantly affect employee performance, and each also directly enhances work engagement. However, work engagement itself showed no significant impact on performance, nor did it mediate the relationships between the two psychological factors and performance. The results imply that internal psychological strengths particularly emotional intelligence and self-efficacyserve as direct drivers of employee effectiveness, independent of engagement.
Investor Attention and the Religious Sentiment: Empirical Evidence from Ramadan Return on the Indonesia Stock Exchange
This study explores the influence of investor attention and religious sentiment—specifically during the holy month of Ramadan—on stock returns in the Indonesian capital market. Using the Market Attention Index (MAI), derived from Google Search Volume data, we examine how elevated public focus corresponds with return anomalies across 100 stocks from both syariah-compliant (ISSI) and conventional (LQ45) indices during the 2020–2023 Ramadan periods. Regression analysis reveals a statistically significant and positive relationship between MAI and intraday stock returns, underscoring the role of behavioral attention in asset pricing. Furthermore, dummy variables for specific Ramadan days—the 10th and 25th—also show positive return effects, supporting the notion that heightened religiosity and mood uplift during spiritually significant days influence investor sentiment. These findings align with behavioral finance theories and enrich prior research on the “Ramadan Effect” and “Holy Day Effect.” The results offer practical implications for trading strategies and policy design in Muslim-majority markets. By integrating digital behavior metrics and religious calendar events, this study contributes a novel framework for understanding asset price fluctuations during culturally sensitive periods in emerging markets.
Copyright (c) 2024 Management Analysis Journal
Non-Linear Effects of Political Connections on Corporate Investment and the Moderating Role of Cash Holdings in Indonesian SOEs
This study investigates the complex relationship between political connections and corporate investment, focusing on state-owned enterprises (SOEs) in Indonesia during the period 2018–2021. Drawing on agency theory and political economy frameworks, the research proposes a non-linear (inverted U-shaped) effect of political ties on firm-level investment decisions. Furthermore, the study examines the moderating role of cash holdings, positing that financial slack amplifies both the benefits and drawbacks of political affiliations. Using panel regression models with fixed effects, the analysis reveals a significant inverted U-shaped relationship between political connection intensity and investment levels, confirming the hypothesized non-linearity. Additionally, interaction terms show that cash holdings strengthen this non-linear pattern: firms with higher cash reserves are more sensitive to both the enabling and distortionary effects of political connections. These findings are robust to alternative specifications and contribute to the understanding of political capital’s nuanced role in corporate finance, especially within hybrid political-economic systems like Indonesia’s. The results suggest that while political connections may serve as strategic assets under certain conditions, they can also generate inefficiencies when unchecked.
Analysis of the Influence of Work Engagement and Work-Life Balance on Employee Productivity through Employee Well-Being in the Service Industry with a Hybrid Work Environment
This research aims to analyze the effects of work engagement and work-life balance on employee productivity, with employee well-being as a mediating variable. The background of this research is based on changes in work models that now widely adopt a hybrid work system, especially in the service industry. This study uses a quantitative approach with an explanatory research design. A total of 400 respondents working in a hybrid manner in the service industry in the Surabaya area were selected using the Lemeshow method. Data were collected through questionnaires and analyzed using Structural Equation Modeling (SEM) based on SmartPLS. The results show that work engagement has a positive and significant impact on work productivity and employee well-being. Work-life balance does not have a significant effect on work productivity, but it has a significant effect on employee well-being. Employee well-being has a significant positive impact on work productivity and serves as a significant mediating variable between work engagement and work-life balance on productivity. This study suggests the importance of improving employee well-being as a way to enhance productivity in a hybrid work system.
Drivers of Employee Performance: The Role of Institutional Support in Elevating Career Growth
This study aims to analyze the relationship between scientific publication productivity and the academic promotion of lecturers. Scientific publication productivity is a crucial indicator of academic performance, making it important to explore the factors that influence lecturers’ publication productivity to design more effective strategies for improving the quality and quantity of publications. This quantitative study involved 112 lecturers (15% of those promoted in the last five years), using surveys and secondary institutional data. Regression analysis was used to examine the effect of scientific publication productivity on academic promotion, and the data were analyzed using descriptive and statistical methods. The results show that institutional support is the strongest factor influencing academic promotion. Institutional support, research experience, and publication quality significantly affect scientific publication productivity. Moreover, publication productivity mediates the relationship between institutional support and publication quality with academic promotion. These findings imply that improving academic promotion at the local level requires two key strategies: strengthening institutional support and enhancing scientific publication productivity.
Click. Connect. Commit: How Social Media Marketing Builds Brand Loyalty on Indonesia's Leading E-Commerce Platforms
This study investigates the indirect effect of social media marketing (SMM) on brand loyalty through the mediating roles of consumer brand engagement, brand trust, brand experience, and brand equity within Indonesia’s e-commerce industry. Although SMM plays a crucial role in shaping brand loyalty, few studies have comprehensively examined the relational and experiential variables underlying this process. A cross-sectional survey was conducted involving 285 active social media users who had previously made purchases via TikTok Shop, Shopee, or Tokopedia. Data were analyzed using Structural Equation Modeling (SEM) with AMOS. The results indicate that SMM positively affects consumer brand engagement, brand trust, brand experience, and brand equity. However, SMM has a negative direct effect on brand loyalty. Conversely, all four mediating variables significantly and positively influence brand loyalty, suggesting that emotional interaction and meaningful brand experiences play a greater role than mere digital exposure in fostering loyalty. This study provides a holistic model for understanding digital relationship strategies. Practically, e-commerce companies are encouraged to shift their focus from purely promotional tactics to interactive content, personalized experiences, and trust-based communication to cultivate long-term consumer loyalty in an increasingly competitive digital environment.
Social Media Marketing, Brand Loyalty, Consumer Brand Engagement
The Impact of Corporate Funding Policies on Firm Value: A Comparative Study of Debt, Profit, and Free Cash Flow in Transportation and Logistics Companies
This study addressed the critical role of Indonesia's transportation and logistics sector in national economic growth, which faced significant pressure from COVID-19 impacts (15.04% decline) and state expenditure cuts (IDR 306.7 trillion). Prior research revealed inconsistent findings on how funding policies affect company value, highlighting a key knowledge gap. The study examined the comparative impact of company debt, profit, and free cash flow on firm value within this sector. Using quantitative methods, financial data from 19 Indonesian-listed transportation/logistics companies (2018–2023, n = 104 observations) were analyzed via multiple linear regression. Results indicated that debt significantly reduced firm value (β = -0.166, p = 0.006), while profit (β = 0.172, p = 0.042) and free cash flow (β = 0.042, p = 0.009) increased it. These findings suggest that optimizing profit retention and cash flow management, while minimizing excessive debt, enhances company resilience and investor appeal.
Empowering Innovation: How Self-Leadership and Inclusive Leadership Shape Creative Work Behavior
This study investigates the influence of self-leadership and inclusive leadership on innovative work behavior, with creative self-efficacy as a mediating variable within a retail organizational contex. This research is important considering the dynamics of the increasingly fierce retail industry competition requires companies to continue to innovate through human resource empowerment, especially in developing leadership styles that are able to trigger employee creativity and initiative. Drawing on a sample of 213 employees from PT Indomarco Prismatama in Bengkulu City, Indonesia, the research employs a quantitative approach using Partial Least Squares Structural Equation Modelling (PLS-SEM). The findings reveal that self-leadership and inclusive leadership significantly enhance employees' creative self-efficacy, positively affecting their innovative work behavior. Moreover, creative self-efficacy mediates the relationship between leadership styles and innovation, indicating its central role in fostering workplace creativity. These results contribute to the growing literature on leadership and innovation by highlighting the importance of psychological empowerment in driving innovative outcomes. The study also provides practical insights for organizational leaders to design leadership development programs that include self-leadership and inclusive leadership training, and create a work environment that encourages employee creativity and innovation by providing autonomy in decision-making, space to experiment with new ideas, and participatory communication.