Abstract:This study conducts a bibliometric analysis of literature (2015-2025) on Indonesian stock market resilience to Federal Reserve monetary policy shocks. Data were collected from Google Scholar using Publish or Perish 8 with…
h relevant keywords. A total of 82 publications with 476 citations (h-index = 9) were identified. VOSviewer was used for bibliometric analysis to map keyword co-occurrence in titles and abstracts. Network visualization revealed three dominant clusters: (1) Federal Reserve monetary policy and capital flow spillovers, (2) market volatility and investor behavior, and (3) financial resilience and domestic policy responses. The overlay timeline indicated a shift from spillover and volatility issues in mid-decade to resilience topics in recent years. The literature suggests that while the Indonesian stock market remains sensitive to Fed rate changes, it has shown growing resilience due to proactive domestic policy interventions
Abstract:This study aims to analyze the effect of increasing servicescape and modernization of Public Fuel Filling Station (SPBU) services on the purchase decision of Pertamax Series products with perceived value as a mediating variable.…
ariable. This study uses a Systematic Literature Review (SLR) approach combined with bibliometric analysis to identify, map, and synthesize relevant research developments related to the quality of the service environment, modernization of fuel retail services, perceived value by consumers, and purchasing decisions. Research data was obtained from various reputable scientific articles indexed in academic databases such as Scopus and Google Scholar with a range of publications of the last ten years. The literature selection process is carried out systematically through the stages of identification, screening, feasibility, and inclusion using the PRISMA guidelines. Bibliometric analysis is used to map research trends, author collaboration, and keyword linkages analyzed using VOSviewer software. The results of the study show that increasing servicescape such as facility comfort, cleanliness, physical design, and the availability of supporting facilities is able to increase consumer perception of gas station services. In addition, service modernization through payment digitalization, self-service systems, and technology-based service innovations also strengthen customer experience. The combination of these two factors has been proven to increase perceived value which ultimately encourages consumers to make a decision to purchase Pertamax Series products. The findings of this study make a conceptual contribution to the development of a study of consumer behavior in the energy retail sector and provide practical implications for petrol station managers in designing strategies to improve service quality and modernize facilities to increase consumer preference for high-quality fuels.
Abstract:This study aims to systematically analyze the influence of ease of use and product safety on sales increase with customer satisfaction as a mediating variable through a Systematic Literature Review (SLR) approach combined…
d with bibliometric analysis. The research method uses a qualitative-descriptive approach with SLR techniques to identify, select, and analyze relevant scientific articles from various academic databases in a given publication period. The literature selection process is carried out through the stages of identification, screening, eligibility, and inclusion so that a number of articles that meet the inclusion criteria are obtained. Bibliometric analysis is used to map research trends, author collaborations, and developments on topics related to ease of use, product safety, customer satisfaction, and sales improvement. The results of the study show that the ease of use of products or services contributes significantly to the perception of value and customer comfort in using the product, which ultimately increases the level of satisfaction. In addition, product safety is also an important factor that affects customer trust so as to strengthen consumer satisfaction and loyalty. Customer satisfaction has been shown to play a role as a mediating variable that strengthens the relationship between ease of use and product safety to increased sales. The findings of this study confirm that companies need to optimize aspects of ease of use and product safety as a strategy to increase customer satisfaction and encourage sustainable sales growth. This study also makes theoretical and practical contributions in the development of marketing literature and consumer management, especially related to the integration of SLR approaches and bibliometric analysis in understanding the dynamics of factors that influence sales increases.
Abstract:This study aims to analyze the role of digitalization and financial inclusion of Micro, Small, and Medium Enterprises (MSMEs) as business sustainability strategies. Digital transformation and inclusive financial access are…
re important factors in increasing the competitiveness of MSMEs in the digital economy era. This research uses a qualitative approach with a case study method on MSMEs in the food and beverage sector. Data collection was carried out through in-depth interviews, observations, and documentation, while data analysis used thematic analysis techniques. The results show that digitalization contributes to improving operational efficiency, expanding market access through digital platforms, and strengthening relationships with customers. On the other hand, financial inclusion facilitates access to formal financial services, such as financing and digital payment systems, thereby supporting more professional business management. The synergy between digitalization and financial inclusion has proven to be able to increase the innovation capacity and productivity of MSMEs, which ultimately encourages business transformation towards a higher scale. However, there are several obstacles faced, such as low digital and financial literacy and limited access to infrastructure. Therefore, support from various parties is needed through training, mentoring, and policies that support the empowerment of MSMEs in a sustainable manner
Abstract:This study aims to examine work experience, work environment, and work culture on employee performance, both directly and through work motivation as a mediating variable. This research is based on two main grand theories,…
, namely Maslow's Hierarchy of Needs and Self-Determination Theory. Quantitative approach with survey method, The research population is all employees of the production division of PT Ekamas Fortuna Malang which totals 332 people. Sampling was carried out using the proportionate stratified random sampling technique with a sample of 179 respondents. Data analysis was carried out using the Structural Equation Modeling method based on Partial Least Square (SEM-PLS) with the help of SmartPLS software. The results of the hypothesis testing showed that all ten hypotheses proposed in this study were proven to be statistically supported. Work experience, work environment, and work culture were each proven to have a positive and significant effect on employee work motivation, indicating that these three factors are relevant motivational antecedents in the context of the manufacturing industry and motivation has also been shown to mediate the relationship between these three variables. An important finding of this study is the confirmation of the dual role of work motivation, namely as a variable that directly drives employee performance as well as as a mediator that strengthens and channels the indirect influence of work experience, work environment, and work culture on performance.
Abstract:The rapid proliferation of AI-powered marketing technologies in emerging markets poses a fundamental challenge to culturally-grounded micro, small, and medium enterprises (MSMEs): how can algorithmic imperatives be reconciled…
ciled with indigenous value systems that define not only business practice but collective identity? Despite growing research on both AI adoption in SMEs and indigenous knowledge preservation, scholarship rarely examines how traditional values actively mediate rather than merely moderate commercial technology adoption. This study addresses that gap by investigating how MSMEs in Makassar City, Indonesia, negotiate AI marketing integration while preserving siri’ na pacce, the Bugis-Makassar philosophical framework centred on dignity (siri’) and solidarity (pacce). Employing interpretive phenomenology integrated with Community-Based Participatory Research (CBPR), the study conducted 23 in-depth interviews and three focus group discussions with 44 MSME owners and key personnel across traditional culinary, artisan craft, ethnic fashion, and digital service sectors. Template analysis generated four overarching themes: (1) value-based technology discernment, wherein siri’ na pacce operates as an active epistemological filter for evaluating AI tools; (2) strategic selective adoption, wherein enterprises accept algorithmically aligned functions while rejecting culturally incompatible features; (3) cultural indigenization of technology, wherein AI systems are actively reoriented toward communal rather than individualistic ends; and (4) constrained agency under platform power, wherein algorithmic visibility systems penalise cultural non-conformity with market exclusion. These findings challenge technological determinism and advance decolonial computing theory by demonstrating that indigenous values simultaneously enable epistemological agency and are constrained by structural power asymmetries, a duality insufficiently theorised in prior technology adoption frameworks. The study calls for regulatory frameworks establishing indigenous data sovereignty, participatory AI co-design with local communities, and cooperative digital infrastructure as conditions for authentic, rather than performative, cultural integration.
Abstract:The rapid development of digital financial technology has significantly transformed investment activities by providing easier access to financial markets through digital investment applications. This study aims to explore…
e the perceptions and experiences of beginner investors in making investment decisions in the digital era. Using a qualitative research approach with a phenomenological perspective, data were collected through semi-structured interviews with beginner investors who actively use digital investment applications. The collected data were analyzed using thematic analysis to identify patterns and themes related to investors’ experiences and decision-making processes. The findings reveal that investment decision-making among beginner investors is influenced by several interconnected factors, including the accessibility and usability of digital investment platforms, the influence of social media and online communities, the development of financial literacy, and psychological experiences related to investment gains and losses. Digital investment applications play a crucial role in lowering barriers to market participation by providing user-friendly interfaces and accessible financial information. However, reliance on social media as a source of investment information may also expose investors to misinformation and speculative investment behavior. In addition, emotional responses such as confidence, fear, and uncertainty often influence investment decisions among beginner investors. Overall, the study highlights that investment decision-making in the digital era is a multidimensional process shaped by technological accessibility, social influence, financial knowledge, and psychological factors. These findings contribute to a deeper understanding of investor behavior in digital financial environments and emphasize the importance of financial education and responsible investment practices.
Abstract:This study aims to analyze the influence of international prices, the rupiah–rupee exchange rate, non-tariff measures, and India’s import volume on the export value of Indonesian cloves to India. The research utilizes secondary…
s secondary data for the period 2015–2024. The analytical method employed is the Autoregressive Distributed Lag (ARDL) model to examine both short-run and long-run relationships, complemented by stationarity tests, cointegration tests, ECM estimation, and diagnostic and stability tests. The results show that international prices have a positive and significant effect on Indonesia’s clove export value, consistent with export-supply theory which states that higher global prices increase export incentives. The rupiah–rupee exchange rate displays a positive but insignificant relationship, indicating that exchange rate volatility is not sufficiently strong to influence changes in export value. Non-tariff measures, including SPS and TBT standards, are found to have a significant effect, reflecting the role of regulations in increasing compliance costs while simultaneously enhancing Indian consumer confidence in the quality of Indonesian cloves. India’s import volume also has a significant influence, showing that India’s domestic demand remains a major driver of Indonesia’s export value during the study period. This study is expected to provide insights for policymakers and industry players in strengthening trade strategies, particularly in enhancing the competitiveness of Indonesian clove exports through quality improvements, exchange rate stability, and compliance with non-tariff standards.
Abstract:The rapid transformation of contemporary work environments driven by digitalization, hybrid work systems, and evolving workforce expectations has intensified the need for effective leadership approaches that foster employee…
yee engagement. This study aims to explore the role of transformational leadership in enhancing employee engagement within contemporary organizational contexts using a qualitative research design. Guided by a phenomenological approach, data were collected through in depth semi structured interviews with employees who had direct supervisory relationships in digitally mediated or hybrid work settings. Thematic analysis revealed four major themes: visionary inspiration and meaningful work, individualized support and psychological safety, intellectual stimulation and professional growth, and trust based relationships and organizational identification. The findings indicate that transformational leadership strengthens employee engagement by cultivating meaningfulness, empowerment, trust, and intrinsic motivation, which collectively enhance employees’ physical, cognitive, and emotional involvement in their work roles. The study extends existing leadership and engagement theories by providing contextualized insights into how transformational leadership is experienced in modern organizational environments. Practically, the findings highlight the importance of developing transformational competencies among leaders to sustain engagement and performance in increasingly complex and interconnected workplaces
Abstract:This study aims to analyze the fundamental condition and assess the investment feasibility of eleven issuers that consistently appeared in the Sri Kehati Index during the 2020–2024 period. Fundamental analysis was conducted…
ucted using the financial ratios TATO, ROE, EPS, CR, DER, and DPR. The results show that UNVR and KLBF demonstrated high efficiency in asset management, while BBCA and BMRI exhibited strong profitability. JSMR had an aggressive capital structure but was supported by adequate liquidity. Meanwhile, UNVR and BBRI stood out for their generous dividend distribution policies. Stock valuation was carried out using two approaches: PER and PBV. Based on PER, nine issuers were classified as undervalued because their intrinsic values exceeded market prices, while two issuers (DSNG and SMGR) were considered overvalued. In contrast, the PBV approach indicated that ten issuers were overvalued, with only DSNG being undervalued. These differing results suggest that PER focuses more on a company’s earnings performance, whereas PBV emphasizes its book value. Therefore, stock investment assessment should be carried out comprehensively by considering more than one valuation method.