Studi Akuntansi, Keuangan, dan Manajemen

Analysis Determining Liquidity, Growth, and Market Conditions in Increasing Company Value

Rizky Anang Saleh — 2026-07-09

Purpose: This study aims to analyze the effects of liquidity, firm growth, and market conditions on firm value in consumer noncyclicals companies listed on the Indonesia Stock Exchange during the 2020–2024 period.
Methodology: This study uses a quantitative research method with multiple linear regression analysis conducted using SPSS. The population consists of 124 consumer non-cyclicals companies for five years (620 data points). A purposive sampling technique resulted in 19 companies being observed for five years, with a total of 95 research samples. Data were collected through the documentation of annual financial reports.
Results: The findings reveal that liquidity, as measured by the Current Ratio (CR), has a positive but insignificant effect on firm value (Tobin’s Q). Firm growth (GROWTH) and market conditions, as measured by the Price Earnings Ratio (PER), have positive and significant effects on firm value. Simultaneously, liquidity, firm growth, and market conditions have a positive and significant effect on firm value.
Conclusions: The study concludes that firm growth and market conditions are the most influential factors in improving Firm Value (Tobin’s Q) for consumer non-cyclic companies in Indonesia.
Limitations: This study is limited to consumer non-cyclicals companies listed on the Indonesia Stock Exchange during the 2020–2024 period, and the variables tested are restricted to liquidity, growth, and market conditions.
Contributions: This study contributes to the financial management literature by providing empirical evidence on the determinants of firm value and highlighting the role of firm growth and market conditions in enhancing firm value in the consumer non-cyclicals sector.

Business Strategy, Financial Literacy, and MSME Performance: The Moderating Role of Financial Technology

Salsabrina Windi Putri Deffila — 2026-07-09

Purpose: This study analyzes the impact of Business Strategy and financial literacy on Micro, Small, and Medium Enterprises (MSME) performance, specifically exploring the modifying role of fintech.

Methodology: This study adopted a quantitative approach, gathering data via questionnaires from 150 registered MSME actors in Bandar Lampung. Data analysis was performed using Moderated Regression Analysis (MRA) and path analysis via SPSS to examine the interaction effects of Financial Technology on the relationship between business strategy, financial literacy, and MSME performance

Results: The study demonstrates a positive and significant link between business strategy, financial literacy, and the increase in MSME performance and fintech uptake. While fintech exhibits a direct, significant, and positive effect on performance, it fails to significantly strengthen or weaken the existing relationship between business strategy, financial literacy, and MSME performance.

Conclusions: Business strategy and financial literacy are key determinants of improved MSME performance in Bandar Lampung, Indonesia. While fintech has been shown to have a positive impact independently, it fails to strengthen the influence of strategy and financial literacy on business performance.

Limitations: As the study only examined micro businesses, its conclusions may not apply to small and medium enterprises. These larger MSME categories have different scales, resources and operational characteristics.

Contributions: It is crucial for the government to step up training and mentoring for micro- Small, and Medium Enterprises (SMEs) to foster adaptive strategies in the digital economy to improve their performance. MSMEs must commit to developing long-term, non-impulsive strategies and improving financial literacy as prerequisites for optimally leveraging fintech.

Assessing Islamic Bank Financial Distress Across Five ASEAN Economies

Ervita Safitri — 2026-07-09

Purpose: This study diagnoses and compares financial distress levels in Islamic banks across five Association of Southeast Asian Nations (ASEAN) countries, explicitly linking divergent resilience to the national institutional contexts. It identifies the key determinants of distress, addressing a gap in multi-model, cross-country sectoral assessments.

Methodology: A longitudinal, multi-model framework was used to analyze secondary panel data (2015–2025) from leading Islamic banks in Indonesia, Malaysia, Thailand, the Philippines, and Brunei. Financial distress was assessed using five models (Altman Z, Springate S, Zmijewski X, Grover G, and Taffler Z), followed by a comparative trend analysis.

Results: The results show a clear contrast: Maybank Islamic is resilient, while Al-Amanah Islamic is distressed. Profitability is the main distress indicator, but the strongest explanation is institutional context, where Malaysia’s stronger regulation, Shariah governance, and deeper Islamic capital markets enhance bank resilience.

Conclusions: The financial resilience of ASEAN Islamic banks is determined more by the national institutional ecosystem than by bank-specific factors. Multi-model analysis provides nuanced diagnostics, emphasizing profitability and the balance sheet structure.

Limitations: The generalizability of the findings may be constrained by the focus on five banks and models.

Contributions: Theoretically, this study pioneers a comparative, multi-model distress analysis of Islamic banks, interpreting model divergence through an institutional lens. Practically, it offers evidence-based guidance for regulators to enhance stability through improved Shariah governance and multi-model early warning systems.

The Determinants of Investment Decision on High-Risk Asset: A Cross-Generational Perspective

Isnaini Nuzula Agustin — 2026-07-09

Purpose: This study investigates the determinants of investment decisions in high-risk assets across generational cohorts in Indonesia, focusing on the roles of overconfidence and gambler’s fallacy.

Methodology: Using survey data from 340 individual investors, Partial Least Squares-Structural Equation Modeling (PLS-SEM) was employed to examine direct and mediating relationships, including cross-generational comparisons.

Results: The results indicate that overconfidence and gambler’s fallacy significantly increase risk propensity while reducing financial literacy, both of which subsequently influence investment decisions. Risk propensity serves as a positive mediator, whereas financial literacy functions as a negative mediator, suggesting that cognitive biases may weaken the rational application of financial knowledge to gambling decisions. Cross-generational differences were also observed, with varying relationship strengths across the age groups.

Conclusions: This study concludes that behavioral biases are critical determinants of investment decisions in high-risk assets among Indonesian investors, whereby younger generations tend to be more influenced by heuristic-driven biases in digital investment environments, whereas older generations display more experience-based decision patterns.

Limitations: This study is limited by its focus on Indonesian investors, which may reduce generalizability across broader contexts, and its reliance on self-reported data and cross-sectional design.

Contributions: By integrating Prospect Theory, the Theory of Planned Behavior, and Human Capital Theory in an emerging market context, this study contributes to the behavioral finance literature by identifying the dual and asymmetric mediating roles of risk propensity and financial literacy in shaping investment decisions across generations.

Accounting Capability and MSMEs’ Access to Government Programs in the TTU-Oecusse Border Region

Margareta Diana Pangastuti — 2026-07-09

Purpose: This study examines the effect of accounting capability comprising accounting literacy, financial record-keeping practices, and the use of accounting information on Micro, Small, and Medium Enterprises (MSMEs) access to government programs in the Indonesia-Timor Leste border region, particularly in the North Central Timor Regency.

Methodology: This study employs a quantitative explanatory approach using data from 100 MSME actors selected through purposive sampling in Indonesia. The data were analyzed using multiple linear regression to assess the partial and simultaneous effects of each dimension of accounting capability on access to government programs.

Results: The findings indicate that all dimensions of accounting capability positively and significantly affect MSMEs’ access to government programs. Among these, financial record-keeping practices emerged as the most dominant factor, highlighting the critical role of practical financial management.

Conclusions: Accounting capability plays a crucial role in enhancing MSMEs’ integration into public policy systems in border regions. In particular, the ability to maintain consistent financial records is more decisive than conceptual understanding or information utilization.

Limitations: This study is limited to the border area of North Central Timor Regency and the Oecusse enclave of Timor Leste and does not incorporate other influencing factors, such as technological access and institutional support.

Contributions: This study contributes to the literature by integrating Institutional Theory and the Resource-Based View to explain MSMEs’ access to government programs. It also provides context-specific empirical evidence from a border region, offering policy-relevant insights for improving MSME inclusiveness and sustainability.

The Effect of Workload on Employee Performance at PT. Suryabumi Agrolanggeng

Efrina Masdaini — 2026-07-09

Purpose: This study aimed to analyze the effect of workload on employee performance at PT. Suryabumi Agrolanggeng.

Methodology: This study employed a quantitative associative approach. The population consisted of 150 employees of PT. Suryabumi Agrolanggeng, with a sample of 60 respondents determined using the Slovin formula with a 10% margin of error. Probability sampling with cluster sampling was used. Data were collected through questionnaires and analyzed using validity and reliability tests, simple linear regression, t-test, and coefficient of determination (R²) using SPSS version 26.

Results: The findings revealed that workload significantly affected employee performance. The t-test showed that the calculated t-value (7.237) exceeded the t-table value (1.6715), with a significance value of 0.000 (<0.10), indicating that the proposed hypothesis was accepted. The Adjusted R Square value of 0.728 indicates that workload explains 72.8% of the variation in employee performance, while 27.2% is influenced by other factors not examined in this study.

Conclusions: Workload is a significant determinant of employee performance at PT. Suryabumi Agrolanggeng. Effective workload management through proportional task allocation, realistic targets, and appropriate time allocation is essential for maintaining and improving employee performance.

Limitations: This study was limited to a single organization and focused solely on workload as an independent variable.

Contributions: This study contributes empirical evidence on workload management within the palm oil plantation industry and provides practical implications for human resource policies.

Prioritizing Sustainability Performance through Importance Performance Map Analysis in State Enterprises

Agung Dinarjito — 2026-07-10

Purpose: This study evaluates the sustainability performance of State-Owned Enterprises (SOEs) (SOEs) using Importance-Performance Matrix Analysis (IPMA), focusing on Green Intellectual Capital (GIC), Green Organizational Identity (GOI), and Green Innovation (GI).

Methodology: The study employs Structural Equation Modeling-Partial Least Squares (SEM-PLS) with data collected from 227 managerial respondents across Indonesian SOEs. SmartPLS version 4 was used for data analysis.

Results: The results show that GIC and GI significantly enhance sustainable performance. IPMA indicates that several Green Human Capital (GHC) and Green Structural Capital (GSC) indicators such as environmental competencies, training, leadership support, Research and Development (R&D) investment, and environmental management systems are highly important but underperforming. Meanwhile, GI demonstrates both high importance and strong performance in supporting sustainability outcomes.

Conclusions: GIC and GI are the main drivers of SOEs sustainability performance. Although the GOI has a relatively weaker direct effect, it remains important for supporting sustainability-oriented practices. The findings suggest that SOEs should prioritize environmental training, employee competency development, R&D investment, and environmental governance to improve sustainability performance.

Limitations: This study is limited by its cross-sectional design, reliance on self-reported questionnaire data, and focus on Indonesian SOEs, which may limit the generalizability of its findings.

Contributions: This study contributes to the sustainability literature by integrating SEM-PLS and IPMA to identify the importance of sustainability drivers and priority areas for managerial improvement. The findings provide practical guidance for SOEs managers and policymakers to allocate resources to enhance sustainability performance.

Self-Efficacy and Family Support in Female Hospital Employee Turnover Intention

Kadek Julia Praba Dewi — 2026-07-10

Purpose: This study examines turnover intention among female hospital employees by explaining how work-family conflict and job stress influence the intention to leave through self-efficacy and family organizational support.

Methodology: This study used a quantitative survey design at Rumah Sakit Umum Daerah (RSUD) Wangaya Denpasar City, Bali, Indonesia. The population comprised 729 female employees, and 259 respondents were selected using Slovin’s formula. Data were collected using structured questionnaires, supported by interviews and documentation. The model was analyzed using SmartPLS 3.0 via partial least squares structural equation modeling.

Results: Work-family conflict and job stress negatively affected self-efficacy and positively affected turnover intention. Self-efficacy negatively affected turnover intention and partially mediated the effects of work-family conflict and job stress. Family organizational support moderated several paths, although it did not significantly moderate the effect of job stress on turnover intention.

Conclusions: Female hospital employees are more likely to consider leaving when role conflict and job stress reduce their confidence in managing work demands.

Limitations: The study used cross-sectional data from one public hospital; therefore, causal claims and generalization remain limited.

Contributions: This study contributes to human resource management by integrating psychological and organizational mechanisms to explain turnover intention among female healthcare employees.

Are Younger CEOs Better for Sustainability? Moderating Roles of Education and Experience in Emerging Markets

Ria Karina — 2026-07-10

Purpose: This study aims to examine the effect of young Chief Executive Officer (CEO) on sustainability performance and investigate the moderating roles of CEO education and experience.

Methodology: This study employs a quantitative research approach using panel data from companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. The sample consists of 189 companies that published annual and sustainability reports, resulting in 128 firm-year observations that were analyzed using StataMP 17 and panel regression analysis.

Results: The findings show that young CEOs do not directly improve sustainability performance. However, CEO education and international experience strengthen their ability to implement sustainability-oriented strategies.

Conclusions: This study concludes that the effectiveness of young CEOs in enhancing sustainability performance depends on the quality of their managerial human capital, particularly their education and international experience. These findings support the Upper Echelons Theory by demonstrating that executive characteristics shape sustainability-related strategic decisions.

Limitations: This study may face selection bias because it only includes firms that published both annual and sustainability reports during 2019–2023, potentially excluding less-transparent firms. In addition, the use of quantitative methods limits the deeper exploration of qualitative factors such as CEO values, stakeholder pressure, and organizational culture.

Contributions: This study extends Upper Echelons Theory by examining the moderating effects of CEO education and international experience on the relationship between young CEOs and sustainability performance. The findings provide practical insights for firms and policymakers in developing effective sustainability leadership strategies.

Determinants of Carbon Disclosure: Board Size and Financial Performance

Rona Tumiur Mauli Carolin Simorangkir — 2026-07-10

Purpose: This study examines the influence of board characteristics (board size and gender diversity) and financial factors (profitability and leverage) on carbon-emission-disclosure practices among mining companies in an emerging market context.

Methodology: Employing a quantitative approach with a causal research design, this study analyzes secondary data from 50 firm-year observations of mining companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. Multiple linear regression analysis was performed using SPSS version 26.

Results: The findings reveal that board size has a significant positive influence on carbon emission disclosure (? = 0.318, p < 0.05), supporting agency theory. However, board gender diversity, profitability, and leverage have no significant influence on carbon disclosure practices.

Conclusions: This study concludes that larger boards are more effective in promoting carbon emission disclosure practices in Indonesian mining companies. The model explains 28.9% of the variance in the carbon emission disclosure.

Limitations: This study focuses exclusively on Indonesian mining companies over a five-year period, which may limit its generalizability.

Contributions: This study contributes to the environmental disclosure literature by providing empirical evidence from an emerging market context where carbon disclosure remains voluntary.

Unveiling the Hidden Dynamics Behind Effective Credit Card Sales Promotions

Yuardi Hendrastiawan — 2026-07-10

Purpose: This study aims to explore the strategic role of sales personnel characteristics and promotion duration in enhancing the effectiveness of credit card sales promotions across various strategic locations.

Methodology: Using a qualitative case study approach, the research analyzed promotional activities and sales staff performance at malls, restaurants, and office buildings through interviews and observations, and thematic analysis.

Results: The findings revealed that selecting sales personnel with interpersonal skills aligned with target customer profiles significantly improved consumer engagement and purchase conversion. Additionally, tailoring promotion duration to consumer behavior and the environment, such as longer promotions in high-traffic areas and shorter bursts in controlled settings, optimizes consumer interest while minimizing fatigue.

Conclusions: This study innovatively integrates the temporal dimension and situational adaptability, demonstrating that an optimal promotion duration must balance urgency and consumer engagement to avoid message fatigue or underexposure. Furthermore, the nuanced approach to selecting sales staff, considering interpersonal skills, adds depth to conventional sales performance models by emphasizing the importance of matching sales strategies to specific promotional environments.

Limitations: This study focused on a single business and specific products, which may limit its generalizability.

Contributions: These results are explained through the application of situational selling theory and consumer attention dynamics. This study advances the existing knowledge by integrating human resource considerations with temporal factors in sales promotion strategies. Marketers should design promotion plans that consider both the contextual and psychological elements of consumer behavior to improve effectiveness.

Digital Transformation and Competitive Strategies of Nutmeg-Processing MSMEs: A SWOT–QSPM Analysis

Marlinda Apriyani — 2026-07-10

Purpose: This study identifies key factors affecting the marketing competitiveness of nutmeg-processing MSMEs in Tanggamus Regency and formulates prioritized strategies using an extended SWOT–QSPM framework incorporating digital and institutional perspectives.

Methodology: A descriptive quantitative approach was used, with data from semi-structured interviews with nine purposively selected experts in two nutmeg-producing sub-districts. IFAS–EFAS, SWOT, and QSPM were applied to determine and prioritize the strategies.

Results: The IFAS (3.76) and EFAS (3.14) scores indicate a strong strategic position. Strengths in product quality, customer relationships, and skilled labor are constrained by limited capital, weak financial management, and a narrow marketing reach, whereas government support, digital expansion, and rising demand present key opportunities. The QSPM ranks digital market development (TAS = 13.64), product quality and innovation (TAS = 12.76), and distribution network expansion (TAS = 11.82) as priority strategies.

Conclusions: Nutmeg-processing MSMEs can enhance their competitiveness by aligning their internal strengths with digital and institutional opportunities. Digital capability is a key driver, supported by strategies for digital adoption, innovation, collaboration, and managerial capacity building.

Limitations: Limited to two sub-districts and subjective QSPM scoring, these findings lack generalizability. Future research should expand the sample size and utilize Fuzzy-AHP to enhance validity.

Contributions: This study proposes a quantitative model that integrates strategy, digital transformation, and ecosystems, identifying digital expansion as a critical capability for rural MSMEs in agro-processing.

Executive Overconfidence and Corporate Tax Strategy: Evidence from Emerging Markets

Haryanto Haryanto — 2026-07-13

Purpose: This study examines how accounting-based tax strategies operate within managerial accounting, accounting for executive cognition, and whether they are applied uniformly or selectively.

Methodology: This study employs a quantitative panel data design using 22 publicly listed manufacturing firms in Indonesia over the 2020–2023 period, yielding 81 firm-year observations after outlier removal. Fixed effects estimation is applied to analyze the relationships between transfer pricing, real earnings management, thin capitalization, and tax management, proxied by the Cash Effective Tax Rate, with CEO overconfidence as a moderating variable.

Results: The findings show that accounting-based tax strategies do not operate uniformly across firms. Transfer pricing is positively associated with tax management, whereas real earnings management is linked to lower tax burdens. Thin capitalization does not exhibit a significant relationship. CEO overconfidence selectively moderates these relationships, weakening the effectiveness of transfer pricing and strengthening the association between real earnings management and tax management.

Conclusions: The results indicate that tax management is a behavioral process shaped by executives' perceptions of control and discretion within institutional constraints.

Limitations: The analysis is limited to manufacturing firms in a single emerging economy (Indonesia) and relies on an indirect proxy for the measurement of executive cognition.

Contributions: This study contributes to the behavioral accounting and tax management literature by showing that executive cognition shapes the selective use of accounting-based tax strategies.

Linking Green Intellectual Capital and Green Culture to Competitive Advantage through Green Innovation

Ayu Aryista Dewi — 2026-07-13

Purpose: This study examines the mediating role of green innovation in the relationship between green intellectual capital and green culture on competitive advantage in the hotel industry in Bali, Indonesia.

Methodology: A causal-explanatory research design was employed, with data collected from 106 managers of three- to five-star hotels using purposive sampling technique. The study is grounded in the Natural Resource-Based View, and the data were analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS).

Results: The findings indicate that green intellectual capital and green culture have a positive and significant effect on green innovation. Green innovation has a strong, positive, and significant impact on competitive advantage. Green innovation also significantly mediates the relationship between green intellectual capital and green culture on competitive advantage, indicating a full mediation. Control variables such as gender and hotel classification had no significant effect on competitive advantage.

Conclusions: Green innovation functions as a crucial dynamic capability that converts intangible environmental resources, such as knowledge assets and cultural values, into tangible competitive advantages.

Limitations: This study is limited by its sample size of 106 respondents and its focus on three- to five-star hotels in Bali, which may restrict the generalizability of the findings to other regions or hotel types.

Contributions: This study contributes to the literature by extending the application of the Natural Resource-Based View in the hospitality sector. Practically, it highlights the importance of prioritizing green innovation as a key mechanism for leveraging intellectual capital and green culture to achieve sustainable competitive advantage.

Destination Experience, Local Wisdom, and Electronic Word of Mouth: The Mediating Role of Tourist Satisfaction

Yoseph Darius Purnama Rangga — 2026-07-13

Purpose: This study examines the influence of tourism destination experience and local wisdom on tourists’ Electronic Word-of-Mouth (E-WOM), with tourist satisfaction as a mediating variable.

Methodology: Grounded in Expectancy Disconfirmation Theory, this study employed a quantitative approach using a survey of 210 repeat visitors to tourist destinations in Sikka District, Nusa Tenggara Timur, Indonesia. Data were collected using structured questionnaires and analyzed to test the relationships among the variables.

Results: The findings indicate that tourism destination experience and local wisdom do not significantly directly affect E-WOM. However, tourist satisfaction has a significantly positive effect on E-WOM. Additionally, both tourism destination experiences and local wisdom significantly influence tourist satisfaction. Mediation analysis showed that tourist satisfaction fully mediated the relationship between tourism destination experience and E-WOM, as well as between local wisdom and E-WOM.

Conclusions: Tourist satisfaction plays a crucial role as a mediating mechanism linking tourism experiences and local cultural values to tourists’ willingness to share their experiences online.

Limitations: This study is limited by a sample dominated by young domestic tourists and the use of a cross-sectional research design.

Contributions: This study contributes to the tourism marketing literature by highlighting the mediating role of satisfaction and providing practical insights for enhancing digital promotion strategies through E-WOM.

Strategic Marketing Drivers of Air Conditioner Marketing Performance: Role of Competitive Advantage and Technological Turbulence

Bambang Suwarno — 2026-07-13

Purpose: This study examines how strategic marketing drivers influence perceived marketing performance in the air conditioner industry and highlights the roles of competitive advantage and technological turbulence in an emerging-market context.

Methodology: This study used a quantitative explanatory approach and analyzed data from 398 air conditioner consumers in Medan City, Indonesia, using SmartPLS.

Results: Product differentiation strongly and significantly strengthens competitive advantage, and pricing strategies significantly improve perceived marketing performance. Perceived marketing capabilities also enhance competitive advantage, although they shape performance primarily through indirect pathways. Electronic word?of?mouth, brand reputation, competitive advantage, and technological turbulence do not significantly predict perceived marketing performance directly. These statistically non-significant paths clarify important boundary conditions: middle-income urban consumers who purchase durable goods, such as air conditioners, pay more attention to functional product attributes and value-for-money considerations than to reputational signals, online buzz, or environmental turbulence when they evaluate marketing success.

Conclusions: The findings indicate that, in the air conditioner market in emerging urban settings, firms that emphasize product uniqueness and value-based pricing achieve superior perceived marketing performance, while reputational, e-WOM-related, and turbulence-related factors play more selective and context-dependent roles.

Limitations: This study focuses on Medan City and perceived marketing performance, which narrows the generalizability of the findings to other regions, segments, and industries.

Contributions: This study advances the strategic marketing literature by presenting an integrated model that identifies which strategic marketing drivers most effectively build competitive advantage and perceived marketing performance and by demonstrating when widely cited drivers exert weaker direct effects.

Beyond Convenience: Determinants of E-Wallet Adoption among Generation Z in Lubuk Linggau

Herman Paleni — 2026-07-13

Purpose: This study examines the influence of perceived ease of use and risk perception on Generation Z’s behavioral intention to adopt e-wallet services by integrating the Technology Acceptance Model (TAM) and the Theory of Planned Behavior (TPB).

Methodology: A quantitative approach was employed using survey data collected from 398 Generation Z respondents in Lubuk Linggau, Indonesia. Data were analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM), including the evaluation of measurement model reliability and validity, followed by structural model testing.

Results: Perceived Ease of Use has a positive and significant effect on Generation Z's intention to adopt e-wallets, suggesting that simple, user-friendly systems encourage greater adoption. In contrast, risk perception had a significant negative effect, suggesting that concerns about security, privacy, and potential financial loss may reduce users' willingness to adopt e-wallets.

Conclusions: Usability and perceived risk jointly influence Generation Z’s decisions to adopt digital payment technology.

Limitations: This study was limited to Generation Z in Lubuk Linggau. Future research should include additional variables and broader samples to provide more comprehensive insights into digital payment adoption.

Contributions: This study enriches the fintech adoption literature by highlighting the combined roles of usability and risk perception and offers practical insights for improving security, usability, and trust in digital payment systems.

Determinants of Cryptocurrency Adoption: The Role of AI, Financial Literacy, and Technological Awareness

Ninik Churniawati — 2026-07-14

Purpose: This study aimed to analyze the influence of technological awareness, financial literacy, Artificial Intelligence (AI), and personal innovation on the intention of the millennial generation in Pasuruan Regency to adopt cryptocurrencies and to explain the role of these factors in driving the acceptance of new technologies.

Methodology: The research method involved 371,975 millennials in Pasuruan Regency, with a sampling technique using the Slovin formula with a margin of error of 5%. Data analysis was carried out using the Partial Least Squares (PLS) approach using WarpPLS 8.0 software.

Results: The results of the study show that technological awareness, AI, and personal innovation have an impact on

spirit is significant for behavioral intentions, while financial literacy has no direct influence on intentions but is proven to be significant for personal innovation.

Conclusions: Technology awareness is a dominant factor in shaping crypto adoption intentions, both directly and through AI, whereas personal innovation strengthens the relationship.

Limitations: This study focused solely on millennials in Pasuruan Regency. The variables used were limited to technological awareness, financial literacy, AI, and personal innovation. Other external factors, such as government regulations, market conditions, and individual psychological aspects, have not been investigated.

Contributions: This research contributes theoretically by expanding the understanding of the influence of psychological factors, financial literacy, and digital technology on cryptocurrency adoption, and practically provides recommendations to accelerate adoption among the millennial generation by strengthening literacy, technological awareness, and optimizing AI to encourage smart, safe, and sustainable investment decisions.

Resilient Maritime Governance: An Optimization Perspective on National Security and Strategic Management Logistics

Ayip Rivai Prabowo — 2026-07-14

Purpose: This study aims to develop an Optimization-Based Maritime Governance Resilience Framework (OMG-RF) that integrates maritime security, strategic logistics, and governance resilience into a unified decision-support model to strengthen national resilience in maritime-dependent states.

Methodology: This study employs a quantitative operational research approach by combining the Analytic Hierarchy Process (AHP), Technique for Order Preference by Similarity to Ideal Solution (TOPSIS), multi-criteria decision-making, network optimization, and scenario-based simulation. An empirical evaluation was conducted using maritime traffic data, port performance indicators, and maritime disruption scenarios, including baseline, security disruption, logistics disruption, and combined disruption conditions.

Results: The findings reveal that Maritime Domain Awareness and Logistic Network Robustness are the most influential determinants of maritime governance resilience. The optimized governance framework reduced security risks by 28%, decreased logistics disruption costs by 34%, and lowered systemic vulnerability by 31%. In addition, the proposed model improves the system recovery speed by approximately 37% under combined disruption scenarios.

Conclusions: This study concludes that integrating optimization techniques into maritime governance significantly enhances resilience performance, improves maritime security continuity, and strengthens logistics network reliability under disruption conditions.

Limitations: This study is limited by the use of secondary data sources and simulation experiments focused only on selected strategic maritime corridors, which may restrict broader generalizations across different maritime environments.

Contributions: This study proposes a comprehensive optimization-based maritime governance framework that quantitatively integrates governance maturity, logistics resilience, and national security into a unified analytical model for evidence-based maritime policymaking.

Determinants of Governance and Financial Reporting Performance: Budget Participation, Supervision, and Leadership Style

Husmaruddin Husmaruddin — 2026-07-14

Purpose: This study aims to examine the effects of budget participation, budget supervision, and leadership style on governance and local government financial reporting performance in South Sulawesi, Indonesia.

Methodology: This quantitative study was conducted in 24 regencies and cities in South Sulawesi, Indonesia. Data were collected through a questionnaire survey involving 382 respondents consisting of budget authorities from Regional Government Work Units (SKPD) and members of Regional People's Representative Council (DPRD). The data were analyzed using Structural Equation Modeling (SEM) with AMOS 22 and SPSS 22 to test the research hypotheses.

Results: The findings indicate that budget supervision significantly improves governance, and leadership style significantly enhances financial reporting performance. Governance also has a positive effect on financial reporting performance and mediates the predictor effect of budget participation, budget supervision, and leadership style on local government financial reporting performance. However, budget participation does not have a significant direct influence on governance or financial reporting performance.

Conclusions: Effective supervision and adaptive leadership are important determinants of strengthening governance and improving the quality of financial reporting in local governments.

Limitations: This study is limited to local governments in South Sulawesi and relies on self-reported questionnaire data, which may limit its generalizability.

Contributions: This study contributes to the public sector accounting and governance literature by providing empirical evidence on the role of participatory budgeting, supervision, and leadership in improving governance quality and financial reporting performance, offering practical insights for policymakers and public sector institutions.

Determinants of FinTech Use Behavior: The Role of Behavioral Intention and Government Support

Candy Candy — 2026-07-15

Purpose: This study examines the factors influencing Financial Technology (FinTech) use behavior among Generation Z in Indonesia by analyzing the role of behavioral intention as a mediator and government support as a moderator.

Methodology: A quantitative approach was employed using a survey of 433 Generation Z FinTech users in Indonesia. Data were collected through an online questionnaire and analyzed using Partial Least Squares Structural-Equation Modeling (PLS-SEM) with SmartPLS.

Results: The findings indicate that Attitude, trust, and privacy concerns significantly influenced behavioral intention. In addition, attitude, trust, and behavioral intention significantly affect use behavior, whereas privacy concerns do not directly influence use behavior. Behavioral intention also mediates the relationships between attitude, trust, privacy concerns, and use behavior. Interestingly, government support negatively moderates the relationship between behavioral intention and use behavior, suggesting that stronger external support systems may reduce the dependence of FinTech use on individual intentions alone.

Conclusions: Behavioral intention plays an important role in translating psychological factors into actual use behavior. Meanwhile, government support shapes FinTech adoption through external, structural, and institutional support mechanisms.

Limitations: This study is limited by the use of a survey method and a limited number of variables, which may not fully represent all factors influencing FinTech use behavior.

Contributions: This study contributes to the development of technology acceptance research by integrating psychological and external factors into a single model. The findings also provide practical insights for policymakers and FinTech companies in improving digital financial service adoption among Generation Z.

Digital Financial Literacy and Green Fintech Adoption Enhancing Sustainable MSME Financial Performance Based on SDGs

Heni Purwantini — 2026-07-15

Purpose: This community service-based study examines the implementation of Digital Financial Literacy and Green Fintech Adoption programs to improve the Sustainable Financial Performance of MSMEs in Indonesia within the Sustainable Development Goals (SDGs) framework.

Methodology: A quantitative survey approach was applied, involving 600 MSMEs across several Indonesian provinces. Community empowerment activities include digital financial literacy assistance, green fintech education, and sustainability-oriented business mentoring. Data were analyzed using the SEM-PLS with SmartPLS 3.0.

Results: The findings indicate that Digital Financial Literacy and Green Fintech Adoption positively and significantly improve Sustainable Financial Performance. Sustainable Business Practices mediate the relationship between digital capabilities and financial performance, while Government Support strengthens the relationship between sustainable practices and financial outcomes.

Conclusions: Community service interventions focusing on digital financial capability development, green fintech utilization, and sustainability-oriented business mentoring effectively enhance MSMEs’sustainable financial performance. Government support also strengthens the effectiveness of sustainability programs.

Limitations: This study is limited by its cross-sectional design and self-reported data from MSMEs that participated in digital financial service programs.

Contributions: This study extends the Dynamic Capabilities Theory in the context of community empowerment, digital finance, and sustainable MSME development while providing practical implications for policymakers and MSME practitioners.

Determinants of Village Financial Fraud: The Mediating Role of Accountability Practices

Halkadri Fitra — 2026-07-15

Purpose: This study aims to examine the determinants of village financial fraud by integrating individual, organizational, and governance perspectives, with a particular focus on the mediating role of accountability.

Methodology: This study employed a quantitative explanatory approach to examine the causal relationships. Data were collected through structured questionnaires distributed to village government officials, with a population of 440 respondents and a purposive sample of 210. The data were analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) to assess the direct and indirect relationships among the variables.

Results: The findings show that internal control systems, competence, and the morality of officials significantly reduce fraud in village financial management, while performance pressure has no significant effect. In addition, internal control systems, performance pressure, competence, and the morality of officials significantly influence accountability. Accountability practices were also found to mediate the effects of internal control systems, competence, and the morality of officials on fraud reduction, but did not mediate the effect of performance pressure on fraud reduction.

Conclusions: This study concludes that fraud prevention in village governance requires not only strong control systems and competent human resources but also the effective institutionalization of accountability practices as a governance mechanism.

Limitations: This study is limited by its cross-sectional design and reliance on self-reported data, which may affect causal interpretation and introduce potential response bias in the results.

Contributions: This study contributes to the literature by proposing an integrative multilevel model that positions accountability as a mediating mechanism, thereby providing a more comprehensive understanding of fraud prevention in the public sector, particularly in the context of village governance.

Sustainability-Oriented Transformation in Archipelagic Maritime Transport Management Systems

Okol Sri Suharyo — 2026-07-17

Purpose: This study investigates sustainability-oriented transformation in archipelagic maritime transport systems by integrating technological innovation, environmental performance, and governance effectiveness into a unified framework.

Methodology: This study employed a mixed-method approach that integrated bibliometric analysis, stakeholder survey analysis using Structural Equation Modelling (SEM), and system dynamics interpretation. The bibliometric dataset comprised 1,245 publications retrieved from the Scopus and Web of Science databases, and survey data were collected from 320 maritime stakeholders across Indonesia, the Philippines, and Japan.

Results: The findings indicate that technological innovation significantly enhances environmental performance, and governance effectiveness strengthens maritime resilience. Environmental performance also serves as a mediating mechanism that links innovation and resilience. Furthermore, the simulation results demonstrate that integrated green investment and digitalization policies can substantially reduce maritime emissions and improve long-term system resilience.

Conclusion: Sustainability transformation in archipelagic maritime systems requires simultaneous advancements in digital innovation, environmental governance, and institutional coordination.

Limitations: This study is limited by its regional focus on Southeast Asian archipelagic systems and the use of cross-sectional survey data.

Contribution: This research contributes an integrative sustainability framework that supports maritime policy development for resilient, low-carbon, and digitally connected maritime transport systems.

Environmental, Social, and Governance Investment Decisions Among Students: Partial Least Squares and Machine Learning Analysis

Bill Pangayow — 2026-07-17

Purpose: This study aims to explore the factors influencing university students' interest in investing in companies that prioritize Environmental, Social, and Governance (ESG) principles in Indonesia, focusing on financial literacy, ESG awareness, subjective norms, and ESG risk perceptions.

Methodology: A quantitative approach was employed using survey data collected from 104 accounting students at two public universities. The analysis was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM) and machine learning-based PLS regression, providing both causal inference and predictive modeling.

Results: The study found that ESG awareness and subjective norms were the strongest predictors of students' interest in ESG investments. Financial literacy and ESG risk perception had weaker influences. PLS-SEM yielded an R² of 0.653, while PLS the regression showed an average R² of 0.482.

Conclusions: ESG awareness and subjective norms are critical in

shaping students' investment behavior, with ESG education in curricula and leveraging social influence being crucial to This promotes sustainable investment decisions. Financial literacy alone did not significantly affect ESG investment interest.

Limitations: The study is limited by its sample size, which only includes students from two universities, and its cross-sectional design, restricting generalizability and the examination of changes over time.

Contributions: This research provides a novel framework for understanding ESG investment behavior by integrating PLS-SEM and machine learning-based PLS regression, contributing to both theoretical insights and practical implications for promoting sustainable investment practices.

The Effect of Competency Certification on Performance Mediated by Innovation

Pungky Nanda Raras — 2026-07-20

Purpose: This study aimed to analyze the effect of competency certification on employee performance and examine the mediating role of innovation in strengthening this relationship. In the era of globalization and rapid technological advancement, organizations must continuously improve the quality of their human resources to remain competitive. Competency certification provides formal recognition of employees’ knowledge, skills, and professionalism. However, its impact on performance may be limited if not accompanied by innovative practices. Therefore, this study investigates whether innovation can function as a mechanism that enhances the effect of competency certification on employee performance.

Methodology: This study used a quantitative approach with an explanatory research design. Data were collected through questionnaires distributed to 20 respondents with experience in competency certification. The data were analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) with SmartPLS software to examine both direct and indirect relationships among variables.

Results: The results indicate that competency certification positively and significantly affects employee performance, with a path coefficient of 0.662. Competency certification also positively affects innovation, with a coefficient of 0.416, and innovation influences performance, with a coefficient of 0.381. The mediation analysis shows that competency certification indirectly improves performance through innovation, with a value of 0.159, although the direct effect remains stronger.

Conclusions: Innovation partially mediates the relationship between competency certification and employee performance.

Limitations: This study was limited by its small sample size. Nevertheless.

Contributions: This study contributes to the human resource management literature by highlighting the importance of integrating competency certification with innovation-oriented organizational practices.

A Process-Based Vulnerability Assessment Model for Accounting Data Security in Microfinance Institutions

Anita Wijayanti — 2026-07-20

Purpose: This study aims to examine how accounting data vulnerabilities emerge and how vulnerability assessment is practiced in microfinance institutions, as well as to develop a context-based vulnerability assessment model.

Methodology: This research was conducted in Surakarta, Indonesia, involving Rural Banks, Islamic Rural Banks, and savings and loan cooperatives. A multi-case qualitative approach was used through semi-structured interviews, focus group discussions, and document analysis. Data were analyzed using thematic analysis to identify patterns of vulnerability and assessment practices.

Results: The findings show that accounting data vulnerabilities are influenced by technical limitations, human resource constraints, weak governance, and short-term managerial decisions. Vulnerability assessment practices are mostly reactive, informal, and not well integrated into organizational processes.

Conclusions: The study proposes a process-based vulnerability assessment model consisting of four stages: capacity-based identification, vulnerability evaluation, managerial decision integration, and organizational learning, positioning vulnerability assessment as an iterative socio-technical process.

Limitations: The study is limited to a small number of cases within a single regional context and mainly reflects internal organizational perspectives.

Contributions: This study contributes to accounting information systems and cybersecurity research by providing a practical and context-sensitive framework for microfinance institutions, offering insights for managers, regulators, and policymakers to strengthen accounting data security and organizational resilience.

Revisiting UTAUT in the Digital Finance Era: The Mediating Role of Financial Literacy in Crypto Investment Behavior

Novita Ratna Satiti — 2026-07-20

Purpose: This study is to analyze the effect of Unified Theory of Acceptance and Use of Technology (UTAUT) variables, including Performance Expectancy, Effort Expectancy, Social Influence, and Facilitating Conditions, on cryptocurrency investment decisions, with financial literacy serving as a mediating variable.

Methodology: This study employs a quantitative method using Partial Least Squares-Structural Equation Modeling (PLS-SEM). Data were collected through an online questionnaire distributed to 254 respondents who actively use cryptocurrency investment platforms in Indonesia.

Results: The result of the study reveal that Performance Expectancy, Effort Expectancy, and Social Influence do not significantly affect cryptocurrency investment decisions. In contrast, Facilitating Conditions have a positive and significant indirect effect on investment decisions through financial literacy. Financial literacy also has a role for significant mediating in strengthening the relationship between technology acceptance factors and investment behavior.

Conclusions: Financial literacy plays an important role of decisions related to cryptocurrency investment, while facilitating conditions strengthen investment behavior by improving users’ financial understanding. These findings highlight the importance of combining technology acceptance factors with financial capability in explaining cryptocurrency investment behavior.

Limitations: This study is limited to respondents in Indonesia and relies on self-reported data collected through an online questionnaire, this condition may reduce the extend to which the findings can be generalized.

Contributions: This research contributes to the knowledge in financial technology and digital investment by highlighting the mediation effect of financial literacy on UTAUT variables and cryptocurrency investment decisions.

The Intervening Role of Knowledge and Perceived Value in Relationship of Product Packaging and Purchase Intention

Sari Lestari Zainal Ridho — 2026-07-20

Purpose: This study examines the mediating roles of knowledge and perceived value in the relationship between product packaging and purchase intention within Indonesia's creative economy and business sustainability.
Research Methodology: A quantitative cross-sectional survey using SEM-PLS (WarpPLS 8.0) involved 150 consumers in Palembang, Indonesia, who purchased packaged products between February and April 2025. The measurement model demonstrated adequate reliability and validity.
Results: Product packaging significantly influenced knowledge (? = 0.553, p < 0.001), perceived value (? = 0.576, p < 0.001), and purchase intention (? = 0.279, p = 0.008). Perceived value significantly increased purchase intention (? = 0.519, p < 0.001), whereas knowledge showed no significant direct effect (? = 0.057, p = 0.318). The combined indirect effect was significant (? = 0.330, p = 0.002), and the model explained 57.5% of the variance in purchase intention (R² = 0.575).
Conclusions: Perceived value is a stronger mediator than knowledge, suggesting that value-oriented packaging strategies are more effective than information-based approaches in encouraging purchase intention.
Limitations: The study is limited to consumers in Palembang and uses a cross-sectional design, limiting causal inference and broader generalization.
Contributions: This study extends the Stimulus Organism Response (SOR) framework by clarifying the distinct mediating roles of knowledge and perceived value while providing practical implications for packaging strategies in Indonesia's creative economy.