Jurnal Bisnis dan Pemasaran Digital

Analysis of Regional Stock Market Impact on Jakarta Composite Index using Markov

Cecep Riswanda — 2025-01-10

Purpose: In the current era of information, global stock market interconnections significantly influence investment decisions. Changes in one market rapidly affect others. The co-movement of stock markets presents challenges and opportunities for investors, whereas volatility spillovers complicate risk management and investment strategies.

Research Methodology: This study examines the influence of the Nikkei 225, Straits Times Index, and Shanghai Composite Index on the Jakarta Composite Index across the pre-pandemic, pandemic, and post-pandemic phases.

Results: Utilizing the hidden Markov model with regime-switching regression, this study identifies changes in market behavior due to economic shifts during the pandemic, revealing two regimes: synchronization and desynchronization.

Conclusions: The N225 and STI indices have a consistently positive and significant influence on the JCI, whereas SCI shows a negative but statistically insignificant impact. During the pandemic (March 2020 to April 2021), market desynchronization increased, reducing the significance of N225 while STI remained impactful. Post-pandemic, synchronization improved, and both N225 and STI regained their significant influence on JCI, indicating strengthened regional market integration.

Limitations: Pre-COVID-19, the Jakarta Composite Index shows strong synchronization with the Nikkei 225 and Straits Times Index, while the Shanghai Composite Index has an insignificant impact. During the COVID-19 pandemic, frequent desynchronization occurred due to high uncertainty and volatility, with only the Straits Times Index significantly influencing the Jakarta Composite Index.

Contributions: This study contributes significantly to the understanding of regional stock market relationships and offers valuable insights for academia and practice.

Strategic Management of Digital Transformation: Prioritizing Initiatives Using AHP in Indonesia’s IT Sector

Muhammad Hafizh Akmal — 2025-01-15

Purpose: The rapid pace of digital transformation has significantly impacted the IT services sector, particularly in emerging markets, such as Indonesia. This thesis explores the strategic challenges faced by Indonesian IT service providers as they navigate a competitive landscape characterized by evolving customer demands, technological advancements, and market dynamics. This research aims to prioritize strategic initiatives that align with market needs and enhance the competitive positioning of these providers.

Research Methodology: By integrating strategic management frameworks such as Porter’s Five Forces, Value Chain Analysis, and SWOT Analysis with the Analytic Hierarchy Process (AHP), this study addresses the issue of stagnant revenue in PT ABC, a leading IT service provider in Indonesia.

The findings indicate that AI-based product innovation and the development of low-code solutions are critical strategies for driving sustainable growth and meeting the increasing demand for advanced technological solutions.

Conclusions: PT ABC should prioritize AI-based product innovation to meet the growing market demand for advanced and easily integrated technological solutions. The development of low-code platforms is essential to enhance customization capabilities and accelerate delivery times, addressing customer expectations for scalability and efficiency. Market Demand & Growth Potential, along with Operational Efficiency & Scalability, are the key strategic criteria guiding PT ABC’s innovation and service enhancement priorities.

Limitations: This study underscores the importance of customer-centric approaches and continuous adaptation to maintain a competitive edge in a volatile, uncertain, complex, and ambiguous (VUCA) environment.

Contributions: This research contributes to the strategic management literature by demonstrating the practical application of AHP in the context of digital transformation within the IT services sector, and provides actionable insights for IT service providers in emerging markets facing similar challenges.

Generation Y and the Shift to Electric Vehicles in Indonesia: Exploring Key Drivers and Barriers

Indira Rachmawati — 2025-01-15

Purpose: Compared With other Asian countries, the usage rate of electric vehicles in Indonesia remains slow owing to a lack of public interest. This paper explores some significant factors that affect the interest of electric vehicles for Gen Y EV products, including environmental concerns and individual consequences.

Research Methodology: We extend the previous study by adding other variables, including individual and environmental consequences. Data from 446 respondents were collected through a judgmental sampling procedure and analyzed using partial least squares structural equation Modeling.

Results: The results showed that attitudes towards the five dimensions of the UTAUT-2 model significantly influenced intention to purchase. However, attitude did not mediate the relationship between habit and purchase intention. On the other hand, attitude mediation vastly influences not only the association between individual consequences and purchase intention, but also that between environmental concerns and purchase intention. On the other hand, subjective norms also have a positive influence on purchase intention, while perceived risk is not considered to affect the purchasing decisions of Generation Y.

Conclusions: This study found that Generation Y’s purchase intention toward electric vehicles in Indonesia is significantly influenced by favorable attitudes formed through factors such as performance expectancy, ease of use, price value, personal benefits, and environmental concern. Social influence and perceived behavioral control also play important roles, while perceived risk was found to be insignificant in affecting purchasing decisions.

Limitations: This research is limited to the perspective of Generation Y in Indonesia and may not reflect the behavioral intentions of other generational cohorts or regions.

Contributions: These conclusions contribute to the growing body of knowledge on sustainable mobility by integrating UTAUT-2 and TPB frameworks to identify critical behavioral determinants among Generation Y. The insights provide valuable implications for electric vehicle manufacturers, marketers, and policymakers to craft more targeted, effective strategies aimed at increasing EV adoption.

The Application of Analytical Hierarchy Process (AHP) to Determine Best Cost Efficiency Program: A Case Study of Green Farm Company

Fajar Palguna Wijaya — 2025-01-15

Purpose: CV. XYZ as hydroponic agriculture, for years since 2019, producing high-demand crops such as lettuce and spinach. Nevertheless, there has been a decline in revenue that is a result of the inefficiencies in the management of operational costs. Thus, this study aimed to come up with identification and prioritization of cost-efficiency strategies with the intervention of in-depth interviews and Analytical Hierarchy Process (AHP).

Method: A mixed-mode methodology was used. The qualitative in-depth interviews between the Board of Directors were analyzed for the most important triangulated criteria and subcriteria that drive operational efficiency. A quantitative AHP analysis was done to slightly compare these factors.

Results: Technology Levers turned out to be the most influent factor, hybrid farming system was the most feasible alternative, with advantages for offering a balanced system that integrates traditional farming practices with modern technologies for sustainability and efficiency.

Conclusions: Integrating human capital development and technological innovation is imperative for optimal operation efficiency and sustainable growth in the hydroponic agriculture sector.

Limitations: This research is limited by the scope of its data sources and the relatively short evaluation period, which may not fully capture the long-term impacts of the proposed strategies.

Contributions: This conclusion contributes to the field by offering a strategic framework that integrates technological innovation and human resource development for improved agricultural productivity. It provides policymakers, agribusiness leaders, and practitioners with actionable insights into balancing traditional knowledge and digital transformation to address systemic inefficiencies.

Proposed Performance Management System (PMS) using performance prism indicators case study at NGO XYZ

Faradhina Astri Nabilla — 2025-01-15

Purpose: The NGO XYZ, a prominent Indonesian NGO, faces the dual challenge of demonstrating accountability and sustaining growth in the competitive philanthropic sector. This study proposes a Performance Management System (PMS) tailored to NGO XYZ using the Performance Prism framework, which emphasizes stakeholder satisfaction, contributions, strategies, processes, and capabilities.

Method: This research utilizes qualitative and quantitative methods, including organizational analysis, stakeholder interviews, and the Analytic Hierarchy Process (AHP), to identify and prioritize key performance indicators (KPIs).

Results: These indicators span multiple stakeholder groups including donors, beneficiaries, employees, regulators, and suppliers. This study highlights the importance of metrics such as donor growth, program impact, and regulatory compliance in aligning NGO XYZ’s strategic objectives with its operational practices. The key findings reveal that donor satisfaction and retention, beneficiary empowerment, and employee productivity are critical for enhancing the performance of NGO XYZ. The research identifies gaps in innovation, donor engagement, and program sustainability and recommends strategic interventions to address these challenges.

Conclusions: Enhancing NGO XYZ’s performance requires a multifaceted approach that prioritizes donor engagement, employee development, and technological innovation. Strategic alignment with community needs and stakeholders further ensures long-term program sustainability and impact. By integrating personalized services, digital tools, and continuous capacity building, XYZ can improve operational efficiency and maintain a competitive edge in the nonprofit sector.

Limitations: This analysis is limited by the absence of longitudinal data and direct stakeholder feedback, which may restrict the depth of insights into long-term effectiveness.

Contributions: This conclusion offers a strategic roadmap for nonprofit organizations aiming to improve performance through integrated stakeholder engagement, digital transformation, and capacity development.