Studi Akuntansi, Keuangan, dan Manajemen

Financial Ratios as Determinants of Firm Value in the Jakarta Islamic Index

2025-09-08T21:19:46+07:00

Purpose: This study investigates the influence of Current Ratio (CR), Debt-to-Equity Ratio (DER), and Return on Equity (ROE) on firm value, proxied by Price-to-Book Value (PBV), among companies listed in the Jakarta Islamic Index (JII) during 2020–2024.

Methodology/Approach: Using a quantitative approach, the study analyzes secondary data from annual financial reports of JII-listed companies on the Indonesia Stock Exchange. From a population of 30 firms (150 firm-year observations), purposive sampling selected 16 companies, yielding 80 firm-year data. Multiple linear regression analysis was conducted using SPSS.

Results/Findings: The results show that CR has a significant positive effect on PBV, DER has a significant negative effect, and ROE has a significant positive effect. Simultaneously, CR, DER, and ROE significantly influence PBV, highlighting the combined importance of liquidity, leverage, and profitability in determining firm value.

Conclusions: Liquidity and profitability enhance firm value, while higher leverage reduces it. Maintaining optimal financial ratios is essential for improving market valuation and competitiveness in the Islamic capital market.

Limitations: The study focuses only on three financial ratios and JII-listed firms during 2020–2024, excluding other potential factors such as macroeconomic conditions.

Contributions: This study provides empirical insights for financial management and Islamic capital market research, offering practical value for investors, analysts, and managers in making informed financial and investment decisions.

How Ambidextrous Capability Drives Innovation: A Sequential Mediation Model

2025-11-18T08:23:18+07:00

Purpose: This study analyzes the influence of ambidextrous organizational capability on innovation performance. It specifically tests the sequential mediation of absorptive capacity and leadership knowledge in this relationship.
Methodology: A quantitative approach was employed, using Structural Equation Modeling with Partial Least Squares (SEM-PLS). Data were collected through surveys from 205 knowledge-intensive firms in Indonesia. The analysis assessed both direct effects and sequential mediation pathways.
Results: The findings confirm that ambidextrous organizational capability has a strong positive effect on innovative performance. Crucially, absorptive capacity and leadership knowledge sequentially mediate this relationship. The model explains substantial variance in the endogenous variables, confirming the robustness of the proposed framework.

Conclusions: The study concludes that ambidextrous capability enhances innovation not only directly but also by first building the organization's absorptive capacity, which in turn develops leadership knowledge, ultimately driving innovative performance.

Limitations: The main limitations are the cross-sectional data, which prevents causal inference, and the reliance on perceptual measures, which may be subject to common method bias. The study also does not account for all industry-specific factors.
Contributions: Theoretically, this study validates a sequential mediation model in the innovation value chain. Practically, it provides managers with a roadmap for leveraging ambidextrous strategies through knowledge absorption and leadership development to foster this innovation.

Leveraging Green Finance and Green Innovation for Enhance Eco-Friendly SMEs Performance

2026-02-18T09:27:56+07:00

Purpose: This study examines how green finance and green innovation affect the business performance of environmentally conscious SMEs in East Java, particularly emphasizing the mediating role of environmental sustainability in promoting improved business outcomes while fostering sustainability.

Research Methodology: The PLS-SEM method was used to analyze the business performance of 150 environmentally conscious SMEs in East Java.

Results: This study indicates that both green innovation and green funding have a positive and significant impact on business performance. Green finance improves operational efficiency and market competitiveness. Meanwhile, green innovation greatly enhances a company's reputation and customer satisfaction, and the relationship between green finance, green innovation, and business performance is mediated by environmental sustainability strategies

Conclusions: The results show that SME company performance is shaped by a synergistic relationship. Sustainability methods improve corporate success by strengthening green financing and innovations.

Limitations: This research is limited to 150 environmentally friendly batik SMEs in East Java; therefore, the results may not be generalizable to other industrial sectors or regions.

Contributions: These findings have significant ramifications for politicians and business practitioners advocating the use of green finance and innovation to achieve commercial and environmental sustainability.

The Role of Brand Image in Enhancing Repurchase Intention of Low-Cost Carrier Airlines

2026-02-12T15:02:02+07:00

Purpose: This study aims to analyze the impact of service quality, on-time performance, and promotions on the repurchase intention of low-cost carrier (LCC) users, both directly and indirectly, through brand image as a mediating variable.

Methodology/approach: A qualitative descriptive approach with a literature review was used. Data were collected from internationally indexed articles in databases such as Scopus, Web of Science, and Google Scholar. The selected literature was analyzed using data reduction techniques, data presentation in matrix form, and comparative synthesis to identify patterns and differences between the relevant studies.

Results: The results show that service quality, on-time performance, and promotions influence repurchase intention among LCC users, either directly or through brand image. Brand image has been proven to act as a mediating variable that strengthens the relationship between operational and marketing factors and the repeat purchase.

Conclusions: This study confirms that the competitive advantage of LCC is determined not only by price but also by brand perception built through user service experiences. Brand image plays a significant role in enhancing repurchase intentions.

Contribution: This study contributes to the theoretical understanding of consumer behavior in the airline industry, particularly in explaining the role of brand image as a mediating mechanism between service quality, time performance, promotions, and repurchase intention.

Limitation: The limitation of this study lies in the use of a literature review method, which does not involve direct empirical testing of primary data from airline passenger.

The Influence of Supply Chain Performance on Batam Retail Businesses Mediated by Supply Chain Flexibility

2025-10-28T09:52:13+07:00

Purpose: This study analyzes the influence of supply chain performance on retail business performance in Batam City, with supply chain flexibility as a mediator. Strong supply chain performance is expected to enhance retail businesses’ ability to respond to market dynamics and consumer needs.

Methodology/approach: A quantitative approach was used by distributing surveys and questionnaires to retail business actors in Batam, Indonesia. The collected data were statistically analyzed to examine the relationship between supply chain performance, supply chain flexibility, and retail business performance.

Results/findings: The findings show that supply chain performance positively and significantly affects supply chain flexibility, which subsequently improves retail business performance. This confirms that supply chain flexibility plays an essential role in strengthening competitiveness and supporting sustainability.

Conclusions: This study concludes that supply chain flexibility effectively mediates the relationship between supply chain performance and overall retail business success. Efficient supply chain management enables businesses to respond quickly to market changes and enhance their operational efficiency.

Limitations: This study is limited to retail businesses in Batam City; therefore, the results may not fully represent other regions or sectors. Future research should broaden the scope or use longitudinal data.

Contributions: This study provides empirical evidence of the importance of flexibility in supply chain management and serves as a reference for retail managers to optimize strategies for sustainable growth.

Good Corporate Governance and Tax Avoidance in IDX Property Firms

2026-01-24T01:20:52+07:00

Purpose: This study analyzes how corporate governance mechanisms – specifically the Audit Committee, Independent Board of Commisioners, and Institutional Ownership – affect tax avoidance in property and real estate companies listed on the Indonesia Stock Exchange (IDX).

Methodology/approach: The analysis uses 48 firm-year observations derived from secondary data collected from the annual reports of 12 real estate and property businesses between 2021 and 2024. The Effective Tax Rate (ETR) is used to measure tax avoidance, and multiple linear regression is used to evaluate the data.

Results/findings: The findings indicate that Independent Board of Commisioners and Institutional Ownership do not significantly influence tax avoidance. In contrast, the Audit Committee has a significant negatove effect, demonstrating that stronger audit oversight reduces tax avoidance practices. These resluts confirm that audit monitoring plays a critical role in strengthening tax compliance.

Conclusions: The study concludes that the effectiveness of corporate governance in limiting tax avoidance depends primarily on the strength and effectiveness of the Audit Committee rather than board independence or ownership structure.

Limitations: This analysis is limited to property and real estate companies listed on the IDX during 2021 – 2024 period.

Contributions: This study provides empirical evidence highlighting the central role of audit committees in reducing tax avoidance, particularly within the property and real estate sector. The findings contribute to the corporate governance and taxation literature and offer practical implications for strengthening governance mechanisms to improve tax compliance.

Environmental, Social, and Governance, Investment, and Firm Value: Insights from a Bibliometric and Systematic Review

2026-02-19T08:18:46+07:00

Purpose: This study synthesizes the literature on the relationship between Environmental, Social, and Governance (ESG) factors, investment outcomes, and firm value. Despite the growth of ESG research, the findings remain fragmented, particularly regarding which ESG dimensions are materially relevant for valuation and investment decisions.

Research Methodology: A systematic literature review combined with a bibliometric analysis was conducted using the Scopus database. A total of 67 peer-reviewed journal articles published between 2017 and 2025 were selected based on predefined inclusion criteria, including relevance, accessibility, and journal quality (Q1–Q2 journals). Bibliometric techniques—keyword co-occurrence, author co-citation, and bibliographic coupling—were performed using VOSviewer to identify the key themes and intellectual foundations.

Results: The results show a sharp rise in ESG-related research after 2021, with a 35% increase in the number of publications. Themes such as ESG performance, corporate governance, and firm valuation metrics, such as Tobin’s Q, are central. However, studies relying on aggregate ESG scores dominate, and research on specific ESG indicators and dynamic ESG risks, such as controversies, is limited.

Conclusions: The findings reveal substantial heterogeneity across institutional and market contexts, explaining the inconsistent empirical evidence. ESG research has grown significantly, but more granular and context-sensitive studies are needed to explore the varying impacts across industries and regions.

Limitations: This study was limited to Scopus-indexed, English-language, open-access Q1–Q2 journal articles and did not assess causal relationships. This may exclude relevant studies from non-English journals or other sources.

Contributions: This study provides a bibliometric synthesis of ESG investment firm value research, highlighting gaps and encouraging future studies focused on indicator-specific ESG measures and dynamic risks.

Revisiting UTAUT: Coordination Capability and Emotional Intelligence in Public Sector Innovation Performance

2026-02-19T14:54:11+07:00

Purpose: This study extends the Unified Theory of Acceptance and Use of Technology by examining how digital adoption influences public sector innovation performance, with coordination capability and emotional intelligence as key enabling mechanisms.

Research Methodology: A quantitative explanatory design was employed using survey data collected from civil servants in a regional government institution that implemented electronic performance management. The model combines technology acceptance constructs with emotional intelligence, coordination skills, education, and work experience. Data were analysed using structural equation modelling to test the proposed relationships

Results: Digital system acceptance improves employee performance, and this effect is strengthened by the coordination capability and emotional intelligence. Education and experience indirectly enhance outcomes by fostering adaptive behaviors. These findings extend the UTAUT by showing that the impact of technology performance depends on complementary human capabilities.

Conclusions: Digital adoption enhances public sector performance only when it is supported by coordination capability and emotional intelligence. Therefore, digital transformation should be accompanied by human capability development and not merely technology implementation.

Limitations: This study focused on a single local government context, limiting generalizability. Future research should compare multiple administrative levels and institutional settings to validate models across governance systems.

Contributions: Public organizations should pair digital governance with interpersonal and coordination skill development to maximize electronic performance management benefits.

Transformational Leadership and Readiness for Change on the Performance of Bhakti Husada II Hospital

2025-09-30T10:33:35+07:00

Purpose: This study aimed to determine the effect of transformational leadership and readiness for change on employee performance at Bhakti Husada II Hospital Purwakarta.

Methodology/approach: The research design is verificative and uses a case study approach. The sampling technique used was proportional stratified random sampling with the Lemeshow formula, resulting in a sample size of 161 employees at Bhakti Husada II Hospital, Purwakarta. The research instrument used an online questionnaire consisting of demographic and research-related questions. Hypothesis testing for the study variables was conducted using a multiple linear regression analysis.

Results: The results of the study indicate that transformational leadership and readiness for change have a positive effect on employee performance. The findings show that both transformational leadership and readiness for change simultaneously and partially have a significant influence on the staff performance at Bhakti Husada II Hospital Purwakarta.

Conclusions: This study concludes that strengthening transformational leadership practices and enhancing employee readiness for change are key strategies for improving staff performance. Hospital management should focus on leadership development programs and change management initiatives to sustain high-quality performance.

Limitations: This study was limited to one hospital, relied on self-reported questionnaires that may have caused bias, examined only two variables, and used a cross-sectional design that restricted causal interpretation.

Contributions: This study confirms the positive impact of transformational leadership and readiness for change on performance, offering practical insights for hospitals.

Factors Influencing Decision Making to Adopt Cross-Border E-commerce

2025-11-27T21:19:07+07:00

Purpose: This study aims to identify and analyze the factors that influence the decision of MSMEs in Indonesia to adopt cross-border E-commerce. The main focus is on six variables that refer to the TOE framework: perceived benefit, perceived security, perceived cost, government support, organizational readiness, and organizational innovativeness.

Methodology/approach: This study used a quantitative approach through an online questionnaire survey distributed to 440 MSME owners in Indonesia. Purposive sampling was applied with the criterion that respondents were familiar with or used digital platforms for learning. Data were analyzed using PLS-SEM through SMARTPLS to test variable relationships, supported by descriptive analysis via SPSS to outline the respondent characteristics.

Results: The results show that government support, organizational readiness, and organizational innovativeness significantly influence MSMEs’ adoption of Cross-Border E-commerce, while perceived benefit, perceived security, and perceived cost do not. The study highlights that adoption is driven more by organizational and environmental factors than by technology-related perceptions.

Conclusions: Indonesian MSMEs’ decision to adopt cross-border E-commerce is mainly determined by their organizational readiness, innovation capabilities, and government support. Strengthening internal capacity and improving government facilities and policies are key factors driving MSME digital transformation success.

Limitations: This study is limited to variables within the TOE framework and uses cross-sectional data; therefore, the findings cannot yet describe changes in MSME behavior comprehensively or be generalized to other countries.

Contributions: This study provides practical insights for the government, MSME players, and researchers to formulate strategies to accelerate the adoption of cross-border E-commerce in Indonesia.

AI-Based Digital Start-up Model through MSME Innovation, Digital Marketing Capabilities, Towards Creative Economy Competitiveness

2026-02-27T08:49:08+07:00

Purpose: This study aims to develop an AI-based digital start-up transformation model by examining the roles of technological literacy, student creativity, MSME innovation, and digital capability in enhancing competitiveness in Indonesia's creative economy.

Research Methodology: A quantitative approach using Structural Equation Modeling (SEM) with SmartPLS was applied. Data were collected from 350 respondents, including students, MSME actors, and digital start-up entrepreneurs, to evaluate the relationships between key constructs.

Results: The results show that technological literacy, student creativity, and MSME innovation have positive and significant effects on creative economy competitiveness. Digital capability serves as a strategic enabler that integrates digital resources and processes to improve productivity and innovation. Significant path coefficients were found for all proposed relationships, with technology literacy having the strongest effect on competitiveness.

Conclusions: AI-based digital transformation plays a strategic role in strengthening the innovation ecosystem, improving operational efficiency, and enhancing competitive advantages in Indonesia’s creative economy sector. The integration of literacy, creativity, innovation, and digital capabilities forms a sustainable competitive framework.

Limitations: This study is limited to the Indonesian creative economy, which may restrict its generalizability to other countries. Additionally, the cross-sectional design limited our ability to capture long-term transformation dynamics.

Contributions: This study makes a significant theoretical contribution to the digital transformation and competitive advantage literature by integrating perspectives on technology literacy, creativity, and innovation in AI-based digital startups. It advances understanding of how these elements drive competitive advantage in the creative economy.

Entrepreneurial Financing for Women-Owned MSMEs: The Role of Financial Literacy, Inclusion, and Performance

2026-02-24T14:38:24+07:00

Purpose: This study aims to analyze how financial literacy and financial inclusion influence financing decisions among women-owned MSMEs in Indonesia, with financial and nonfinancial performance acting as moderating variables.

Methodology/approach: A quantitative explanatory approach was employed using survey data from 345 female entrepreneurs operating MSMEs on Java Island. Data were collected through structured questionnaires with validated measurement scales and analyzed using Structural Equation Modeling with Partial Least Squares.

Results: Financial literacy and financial inclusion significantly enhance financing decision-making among women entrepreneurs. Financial performance strengthens the relationship between financial capability, access, and funding choices, indicating that better financial conditions improve the effectiveness of financing strategies. Non-financial performance directly influences financing decisions and partially moderates the effect of financial literacy, suggesting that managerial capability and organizational readiness play important roles in funding behavior of investors.

Conclusions: Financing decisions among female-entrepreneur-owned MSMEs are shaped by the interaction between financial knowledge, institutional access, and organizational performance.

Limitations: This study focuses on women-owned MSMEs on Java Island and relies on self-reported survey data.

Contributions: This study extends the contingency-based financial behavior perspective and offers practical insights for developing inclusive financing programs for women entrepreneurs.

Digitalization Marketing and Payments for Sustainable Business at PT Albilad Internasional Group

2025-11-13T11:39:20+07:00

Purpose: This study aims to formulate strategic steps to optimize the use of digital technology in supporting the business sustainability of PT Albilad Internasional Group, a provider of Umrah and Hajj travel services in Palembang.

Research Methodology: This research employed a qualitative approach conducted at PT Albilad Internasional Group. Data were collected through in-depth interviews, direct observations, and document analyses. The data were analyzed using descriptive qualitative techniques to explore the contextual challenges and opportunities related to digital transformation.

Results: The findings indicate that PT Albilad Internasional Group has begun adopting digital innovations, such as social media for marketing activities and Quick Response Code Indonesian Standard (QRIS) for non-cash payments. However, its implementation remains suboptimal due to the absence of a structured digital strategy and limited customer adoption of digital systems. This study proposes several strategic recommendations, including strengthening social media management, enhancing digital communication strategies, and increasing customer engagement with digital payment services.

Conclusions: The study concludes that although PT Albilad Internasional Group has gradually integrated digital marketing and payment technologies, further optimization is necessary to enhance competitiveness and ensure long-term business sustainability in an increasingly digitalized travel industry.

Limitations: This study focused on a single company and utilized a qualitative design, which may limit the generalizability of the findings.

Contributions: This study contributes to the academic literature and provides practical insights for travel agencies seeking to improve their digital marketing and payment systems.

The Impact of AI Adoption on Customer Perceived Value, Satisfaction, and Loyalty in Social Commerce

2026-02-09T11:40:40+07:00

Purpose: This study investigates how AI-based personalization, marketing analytics capability, and perceived privacy assurance influence customer loyalty in social commerce and whether these effects operate through perceived value and customer satisfaction.

Research Methodology: A cross-sectional online survey was administered to 510 active social commerce users in South Sulawesi, Indonesia, to collect data. The hypothesized relationships and mediation effects were examined using PLS-SEM.

Results: AI-based personalization significantly increased customer satisfaction and loyalty but had no significant effect on perceived value. Marketing analytics capability significantly strengthens perceived value; however, it has no significant direct effect on satisfaction or loyalty. Perceived privacy assurance positively affects perceived value, satisfaction, and loyalty. Both perceived value and customer satisfaction significantly enhance the loyalty. The mediation results indicate that marketing analytics capabilities indirectly strengthen loyalty via perceived value, whereas privacy assurance strengthens loyalty via both perceived value and customer satisfaction. AI-based personalization primarily drives loyalty through customer satisfaction.

Conclusions: Customer loyalty in AI-enabled commerce is reinforced through complementary cognitive and affective pathways.

Limitations: The findings are constrained by the cross-sectional design, self-reported data, and single-region sample. In addition, the privacy construct reflects assurance-oriented perceptions rather than anxiety.

Contributions: This study clarifies the distinct roles and indirect mechanisms through which personalization, analytics capabilities, and privacy perceptions shape loyalty in social commerce.

Corporate Governance and Fraudulent Reporting in Indonesia and Malaysia

2026-02-19T08:19:33+07:00

This study analyzes the effectiveness of corporate governance in mitigating fraudulent financial reporting (FFR) in Indonesia and Malaysia. Using a quantitative approach, the research examines public companies from 2014–2023 that had experienced cases or indications of financial problems. A bivariate probit regression is applied to panel data to evaluate the impact of governance mechanisms on FFR, bankruptcy potential, and earnings manipulation, while controlling for year and sector effects. Results show clear contrasts between the two countries. In Indonesia, potential fraud was identified in 49% of firms, bankruptcy in 88.67%, and earnings manipulation in 55%. In Malaysia, the potential for fraud was significantly higher at 82%, with similar bankruptcy levels (88.67%) and substantially higher earnings manipulation (88.15%). These differences suggest that Indonesian governance mechanisms are relatively more effective, whereas Malaysia’s formally strong governance framework exhibits limited practical enforcement in distressed firms. The study highlights that contextual factors such as regulatory strength and ownership concentration are more influential than formal compliance, emphasizing the importance of internalizing integrity rather than adding structural governance layers.

Social Influence and Digital Payment Adoption among Generation Z: The Mediating Role of Lifestyle

2026-03-06T09:22:55+07:00

Purpose: The expansion of financial technology has accelerated digital payment usage, particularly among Generation Z, who exhibit strong digital engagement and online consumption. This study investigates the influence of influencers and electronic word-of-mouth (e-WOM) on the adoption of digital payments, with lifestyle as a mediating variable.

Research Methodology: A quantitative approach was employed through a structured survey of 200 Generation Z respondents in Medan City, who actively use fintech services, including e-wallets and other digital payment applications. Data were analyzed using Partial Least Squares structural equation modeling (PLS-SEM) with SmartPLS 3.3 to evaluate measurement validity and structural relationships.

Results: The findings demonstrate that influencers and e-WOM have positive and significant effects on digital payment adoption. Lifestyle also plays a significant mediating role, indicating that social media exposure shapes digital-oriented consumption patterns that encourage fintech usage.

Conclusions: Digital payment adoption among Generation Z is influenced not only by technological convenience but also by socially driven lifestyle factors formed through online interactions.

Limitations: The study is limited to respondents from a single city and relies on self-reported data, which may restrict broader generalizations.

Contributions: This study enriches the digital payment adoption literature by integrating lifestyle as a mediating construct between social influence and fintech usage, offering practical implications for fintech providers in developing targeted digital communication strategies.

The Impact of Human Resource Management Practices on Operational Performance at Ginta Cargo Lombok

2025-10-24T16:02:37+07:00

Purpose: This study examines the impact of Human Resource Management (HRM) practices on operational performance at Ginta Cargo Lombok, identifying key HRM dimensions that contribute to operational effectiveness in a regional logistics firm.

Research Methodology: A quantitative causal survey design was applied to 84 active employees. Data were collected using structured Likert-scale questionnaires and secondary operational records. Multiple linear regression was employed to test the effects of recruitment and selection, training and development, reward systems, and internal communication on operational performance.

Results: The results show that HRM practices significantly influence operational performance, explaining 58% of the variance. Training and development had the strongest positive effect, followed by reward systems. Recruitment and selection, and internal communication, although significant, had moderate effects on performance.

Conclusions: Integrated HRM practices aligned with performance goals are essential for improving efficiency, accuracy, and service speed in regional logistics firms. Effective HRM practices enable employees to contribute to the company’s operational success.

Limitations: This study is limited to a single branch and relies on self-reported data, which may introduce bias. The sample size is relatively small, and the findings may not fully generalize to other locations or logistics firms.

Contributions: This study provides empirical evidence on the significance of integrated HRM practices in enhancing operational performance within the logistics industry. It highlights how HRM practices, when strategically aligned, play a crucial role in boosting the performance of regional logistics firms.

Downy User Loyalty: The Influence of Brand Attractiveness, Experience, Trust, and Satisfaction

2025-12-02T10:53:45+07:00

Purpose: This study analyzes the influence of brand attractiveness, brand experience, brand trust, and brand satisfaction on brand loyalty toward Downy fabric softener goods sold in Indonesia.

Methodology/approach: This investigation employed a numerical methodology, delivering surveys to 150 Downy users 17 years of age or older, who had experience with the product for at least three months. Purposive sampling was applied, and the data were examined using SPSS, employing validity and reliability assessments alongside multiple linear regression analysis.

Results: The results suggest that brand attractiveness, experience, and satisfaction positively and significantly affect brand loyalty. Brand satisfaction is the most influential factor, even though faith in the brand does not notably shape loyalty. These findings highlight that consumer loyalty is more strongly driven by satisfaction and direct product experience than by trust.

Conclusions: The study concludes that in the fabric care industry, customer loyalty is primarily formed through positive experience and high satisfaction. Theoretically, these findings position brand trust as a supporting factor rather than a direct driver of loyalty.

Limitations: This study is limited to one brand and selected variables; it is advisable that subsequent investigations broaden their focus to include different brands and additional determinants.

Contributions: This study offers empirical insights into the key determinants of brand loyalty in the fabric care industry, emphasizing the dominant role of brand satisfaction compared to other brand-related factors.

Community Participation as a Moderating: Effect of Village Officials’ Competence on Fund Accountability

2026-02-13T10:40:58+07:00

Purpose: This study aims to analyze the effect of village officials’ competence on the accountability of Village Fund management and examine the moderating role of community participation in strengthening this relationship.

Research Methodology: A quantitative research design was employed using survey data collected from 97 village officials in Tegal Regency through purposive sampling method. Data were obtained via offline questionnaires and analyzed using SmartPLS.

Results: The findings indicate that village officials’ competence significantly and positively affects Village Fund management accountability. Furthermore, community participation significantly moderates and strengthens the relationship between competence and accountability, suggesting that higher public involvement enhances the effectiveness of good governance in achieving transparency and responsible financial management.

Conclusions: Accountability in Village Fund management is influenced by the competence of village officials and active community participation as a reinforcing factor. The synergy between professional capacity and participatory oversight is essential for realizing transparent and accountable village governance.

Limitations: The small sample size is insufficient for generalization, so further research should be conducted with a larger sample size, not limited to Tegal Regency. Furthermore, the moderating variable is only one, so future research should consider internal control systems, organizational culture, or information technology maturity.

Contributions: This study provides substantial theoretical, empirical, and practical contributions in the field of village fund governance. Theoretically, the authors successfully integrate Stewardship Theory with Good Governance perspectives within a moderation framework.

Beyond Warmth and Competence: Influencer Marketing in Indonesia’s Local Fashion

2026-02-23T08:28:04+07:00

Purpose: This study investigates the impact of brand warmth and brand competence on consumers repurchase intentions for local fashion brands in Indonesia, focusing on Batam City. Grounded in the Theory of Planned Behavior (TPB) and the Stereotype Content Model (SCM), this study examines consumer engagement as a mediating factor and influencer marketing as a moderating variable.

Research Methodology: A quantitative method was employed, and responses from 446 participants in Indonesia were collected using structured questionnaires. Data were analyzed using SmartPLS 3.

Results: The findings revealed that brand warmth significantly enhanced repurchase intention, whereas brand competence did not. However, warmth and competence substantially increased consumer engagement, positively mediating the relationship with repurchase intention. Additionally, influencer marketing strengthens the effect of brand perception on consumer engagement.

Conclusions: These insights suggest that emotional perception (warmth) is a stronger driver of consumer loyalty than functional perception (competence), and that influencer-driven strategies can effectively boost brand-consumer connections.

Limitations: This study focuses only on local fashion brands in Indonesia, especially bags and wallets; therefore, the results may not apply to other products or industries. The study was conducted only in Indonesia and mainly involved female consumers.

Contributions: This study makes a significant theoretical contribution by integrating the TPB and SCM into the local branding context, particularly by emphasizing emotional branding and influencer partnerships to enhance sustained consumer engagement and loyalty in the competitive local fashion market.