Studi Akuntansi, Keuangan, dan Manajemen

Studi Akuntansi, Keuangan, dan Manajemen (Sakman) is a peer-reviewed journal in the fields of Accounting, Finance and Management. Sakman publishes relevant manuscripts reviewed by some qualified editors. This journal is expected to be a significant platform for researchers in Indonesia to contribute to the theoretical and practical development in all aspects of Accounting, Finance and Management.

Current Issue

Studi Akuntansi, Keuangan, dan Manajemen (Sakman) is a peer-reviewed journal in the fields of Accounting, Finance and Management. Sakman publishes relevant manuscripts reviewed by some qualified editors. This journal is expected to be a significant platform for researchers in Indonesia to contribute to the theoretical and practical development in all aspects of Accounting, Finance and Management.

Published
2026-01-05

Articles

Consumer Loyalty: Influence of Servicescape, Service Quality, and Lifestyle through Consumer Satisfaction

Purpose: This research analyses Consumer Loyalty Influenced by Servicecape, Service Quality, and Lifestyle Through Consumer Satisfaction in Koda Bar Jakarta. Methodology: This study involved 92 respondents as samples, with the Accidental Sampling technique used for sampling. We use the Path Analysis method to overcome this problem. This technique allows direct and indirect estimation with the help of the IBM SPSS application. Result: In Stucture 1, Servicescape, Service Quality, and Lifestyle simultaneouly impact Consumer Satisfaction. However, only Service Quality and Lifestyle have a significant partial effect on Consumer Satisfaction, whereas Servicescape does not. In Structure 2, Servicescape, Service Quality, Lifestyle, and Consumer Satisfaction collectively influence Consumer Loyalty. Yet, only Servicescape and Lifestyle significantly affect Consumer Loyalty, while Service Quality and Consumer Satisfaction do not. Additionally, Servicescape, Service Quality, and Lifestyle do not indirectly affect consumer loyalty through consumer satisfaction, as evidenced by the Sobel test results, which show no mediating effect. Conclusion: Service Quality and Lifestyle influence satisfaction, while loyalty is driven by Servicescape and Lifestyle. Satisfaction does not serve as a mediator. These findings highlight the importance of service quality, understanding customer lifestyles, and optimizing the bar’s physical environment. Limitations: This study is limited to one research object only, and has not considered other variables that may also affect consumer loyalty, such as price or promotion. Contribution: This study contributes to the understanding of how factors such as servicescape, service quality, and lifestyle can affect consumer satisfaction and loyalty in the entertainment and hospitality industry, and provides suggestions for entrepreneurs to design better consumer experiences.

The Influence of K-Pop Idols on Purchase Intention of Ultra Milk Products

Purpose: This study aims to analyze the influence of K-Pop idols as brand ambassadors for Ultra Milk on consumer purchase intention by examining the roles of advertising content value, influencer credibility, video attitude, brand attitude, and social shopping. Research Methodology: A quantitative research approach was employed through an online questionnaire distributed to 232 Ultra Milk consumers in Indonesia who were aware of the brand’s collaborations with K-Pop idols ITZY and Stray Kids. Data were analyzed using SmartPLS software with the PLS-SEM method to test the structural relationships among the studied variables. Results: The results indicate that advertising content value and influencer credibility positively affect video and brand attitudes, both of which further enhance social shopping behavior and purchase intention. Moreover, video and brand attitudes mediate the relationships between advertising content value, influencer credibility, and social shopping. Conclusion: The study concludes that using K-Pop idols as brand ambassadors effectively enhances brand perception and consumer engagement, thereby increasing purchase intention in digital marketing contexts. Limitations: The study’s findings are limited to Indonesian consumers familiar with Ultra Milk’s collaboration with K-Pop idols, which may restrict broader generalization to other populations or product categories. Contribution: This research enriches consumer behavior and digital marketing literature by providing evidence of how global influencer collaborations strengthen local brand equity and drive purchase intentions, offering strategic insights for marketers operating in emerging markets.

Impact of Green Innovation, Accounting, and Eco-Efficiency on Environmental and Corporate Performance

Purpose: This study aims to examine the effect of green innovation, green accounting, and eco-efficiency on environmental performance, and analyze its impact on company performance. Methodology: This research uses quantitative methods with descriptive and verification approaches. The data used comes from the financial statements of mining companies listed on the Indonesia Stock Exchange (IDX) in the 2019-2023 period. The analysis techniques used include multiple linear regression analysis and hypothesis testing with SPSS as a tool. Results: The results of the study, it was found that green innovation and green accounting have a significant positive effect on environmental performance. In contrast, eco-efficiency shows a significant negative effect on environmental performance. In addition, environmental performance is also shown to have a significant positive impact on firm performance. Conclusions: This study demonstrates that green innovation and green accounting have a significant positive impact on improving environmental performance. Conversely, eco-efficiency shows a significant negative effect on environmental performance. Furthermore, strong environmental performance positively and significantly contributes to enhancing corporate performance. Therefore, emphasizing green innovation and green accounting is crucial for supporting environmental sustainability while simultaneously improving corporate performance. Limitations: This study only observes mining companies listed on the Indonesia Stock Exchange for 5 years, namely the 2019-2023 period, so this research does not represent the actual conditions of various company sectors. Contribution: These findings support the importance of implementing environmentally friendly practices as part of a strategy to improve company performance in the mining sector.

Analysis of Indonesian Government Financial Statements for the Period 2004-2023

Purpose: The purpose of this study was to describe the differences in the level of liquidity ratios, solvency, and Debt Service Ratio of central government finances for the period 2004-2013 with the period 2014-2023 as well as differences in the level of revenue effectiveness ratios, spending efficiency ratios, revenue growth rate ratios, spending growth rate ratios, and their harmony ratios Methodology/approach: The method used is descriptive quantitative with non-parametric test data analysis techniques Man Whithney-U model using the SPSS version 30 program. Results/findings: The results showed that the difference in liquidity ratios in the government period 2004-2013 with the period 2014-2023 which means the hypothesis is accepted. As for the solvency ratio, there is a better difference, which means the hypothesis is accepted. Meanwhile, in the 2014-2023 period, although there was considerable tax reform, the challenges in achieving revenue targets were also greater due to an increase in state spending as a result of the COVID-19 pandemic. So it is stated that the hypothesis of measuring government performance through the revenue effectiveness ratio is rejected. Then in the efficiency ratio, there is no statistically superior period in terms of the use of the state budget to achieve development goals, which means that the hypothesis is rejected. Limitations: This research is limited to measuring performance from a financial perspective contained in the Central Government Financial Statements (LKPP) for fiscal years 2004 to 2023. Contribution: This research can help the government in understanding the effectiveness of budget management in three leadership periods, so that it can be used as an evaluation material to improve financial management in the future.

User Generated Content and Source Credibility Influence on Restaurant Consumer Decision Making

Purpose: This study examines the influence of User Generated Content (UGC) and source credibility on consumer decision making in restaurant selection, focusing on consumers in Palembang City. It aims to understand how user created online content and perceived credibility shape consumer preferences and purchase behavior. Methodology/approach: A quantitative survey in Palembang was conducted involving 204 respondents who had previously used social media or online platforms before choosing a restaurant. The collected data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to test both direct and indirect relationships among the variables. Results/findings: The findings show that UGC has a significant positive impact on consumer decisions both directly and indirectly. UGC also enhances perceptions of source credibility, which in turn significantly affects decision making. Furthermore, source credibility partially mediates the relationship between UGC and consumer decisions. Text-based reviews were found to be more influential than visual content, suggesting the presence of demographic and cultural differences among respondents. Conclutions: The results confirm that credible and authentic UGC plays a crucial role in influencing restaurant choice behavior. Consumers are not only influenced by content availability but also by its trustworthiness and relevance. Limitations: The purposive sampling focused on young female respondents, limiting generalizability. The removal of some indicators highlights the need for refined measurement tools, particularly for visual media. Contribution: This study expands consumer behavior theory and provides practical insights for restaurant managers to strengthen digital trust and engagement.

Neurofinance Perspective on Traditional and Behavioral Finance in Accounting Students' Decisions

Purpose: This study investigates the impact of traditional finance and behavioral finance on accounting students' financial decisions. A key objective is to emphasize the roles of financial literacy and psychological biases, and to determine whether neurofinance moderates their influence on individual choices. Methodology/approach: Adopting a quantitative design, data were gathered through questionnaires distributed to accounting students at UKI Paulus and UNMAS Denpasar. The research model was analyzed using Structural Equation Modeling (SEM) with the Partial Least Squares (PLS) technique, which enables testing of both direct and moderating relationships among complex variables. Results/findings: Both traditional finance and behavioral finance significantly influence students' financial decisions. Crucially, however, neurofinance does not significantly moderate the link between behavioral finance and financial decisions, suggesting that behavioral factors remain dominant. Future research should aim to integrate all three approaches into a unified framework. Conclusions: This study finds that behavioral finance has a more substantial impact on students' financial decisions than traditional finance. Neurofinance offers insights but does not significantly moderate this relationship, suggesting the need for further integration of all three approaches. Limitations: This research is confined to accounting students from two universities, which may limit the applicability of the results. Contribution: The study provides a unified framework for traditional, behavioral, and neurofinance. It uniquely shows that neurofinance moderates the impact of traditional finance, but not behavioral finance, providing new insights into student financial actions.

Green Capabilities and Corporate Competitive Advantage: The Moderating Effect of Green Culture

Purpose: This study aims to examine the influence of Green Intellectual Capital (GIC), Green Leadership (GL), Green Human Resource Management (GHRM), and Green Organizational Learning Capability (GOLC) on Corporate Competitive Advantage (CCA), with a particular focus on the moderating role of Green Culture (GC) in strengthening these relationships. Methodology/approach: This study uses a quantitative approach with an online survey conducted among 163 key decision-makers from listed companies practicing sustainability. Data were analyzed using PLS-SEM to test the research hypotheses. Results/findings: The findings indicate that GIC, GL, GHRM, and GOLC exert a significant positive influence on CCA. Moreover, GC strengthens these relationships as a moderating factor, although variations across variables suggest the influence of other organizational factors. Conclusions: This study concludes that GL, GHRM, and GOLC significantly enhance CCA, while GIC shows no direct effect. Moreover, GC strengthens the relationships between GL and GOLC with CCA, highlighting the importance of a sustainability-oriented culture in driving competitive performance. Limitations: This study is limited to Indonesian companies and relies solely on quantitative survey data, which may not fully capture the depth of green management practices. Future research could explore cross-country comparisons or adopt a mixed-method approach for deeper insights. Contribution: This study contributes to the field of green strategic management by emphasizing the role of GC in enhancing sustainability performance. It provides valuable guidance for companies and policymakers aiming to embed environmental values into organizational strategies.

The Influence of Pocket Money and Profit Expectations on Mutual Fund Investment Interest

Purpose: This study aims to analyze the effect of pocket money and profit expectations on students’ interest in investing in money market mutual funds, with investment risk serving as a moderating variable. Methodology/approach: This research employs a quantitative approach using a survey method through questionnaires distributed to 100 active students of Universitas Muhammadiyah Surakarta. Data analysis was conducted using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 3.0 software. Results/findings: The findings reveal that pocket money has no significant effect on students’ interest in investing in money market mutual funds. Meanwhile, profit expectations and investment risk have a positive and significant influence on investment interest. However, investment risk does not moderate the relationship between pocket money or profit expectations and investment interest. These results indicate that perceived returns and risk awareness are the primary drivers of students’ investment intentions, rather than their personal financial capacity. Conclusion: Students’ investment behavior is shaped more by cognitive and perceptual factors than by financial availability. Limitations: This study is limited to one university and focuses on money market mutual funds, which may affect the generalizability of the findings. Contribution: The study contributes to the development of financial literacy among university students and provides insights for universities to design educational programs promoting safe, halal, and low-risk investment awareness for novice investors.

The Effect of Price Perception, Digital Promotion, and E-WOM on Consumer Satisfaction Maxim Palu

Purpose: This study aims to analyze the influence of price perception, digital promotion, and electronic word of mouth (E-WOM) on consumer satisfaction with Maxim online motorcycle taxi services in Palu City. The research seeks to identify the dominant factors affecting consumer satisfaction in the competitive online transportation market. Methodology/approach: A quantitative method was applied using a questionnaire distributed to 65 respondents who had used Maxim services at least once. The sampling technique was incidental sampling. Data were analyzed using multiple linear regression with SPSS 25, preceded by validity, reliability, and classical assumption tests to ensure data feasibility. Results/findings: The findings reveal that price perception and digital promotion exert a negative but insignificant impact on consumer satisfaction, whereas electronic word of mouth (E-WOM) demonstrates a positive and significant influence. This indicates that online reviews and recommendations contribute more substantially to consumer satisfaction compared to pricing or promotional efforts. Collectively, these three variables account for 17% of the variation in consumer satisfaction levels. Conclusions: Consumer satisfaction with Maxim services in Palu City is primarily driven by E-WOM rather than pricing or digital promotion factors, highlighting the importance of digital interaction and customer feedback in building satisfaction. Limitations: This study was limited to respondents in Palu City; future research should include broader areas and additional factors such as service quality or brand image. Contribution: The findings provide managerial insight for Maxim to strengthen online engagement and digital reputation management to enhance customer satisfaction.

The Influence of Muslim Religiosity on Tax Compliance: The Role of Distributive Justice as Moderator

Purpose: This study aims to analyze the influence of perceived experience and perceived value on customer loyalty among Gojek users, with customer satisfaction as a mediating variable. Methodology/Approach: The study uses a quantitative approach with data collected from 210 respondents through an online questionnaire distributed via Google Forms. The sampling technique applied was purposive sampling, and data were analyzed using Structural Equation Modeling (SEM) with the AMOS program. Results/Findings: The findings reveal that perceived experience and perceived value both have positive and significant effects on customer satisfaction and customer loyalty. Moreover, customer satisfaction positively mediates the relationship between perceived experience and customer loyalty, as well as between perceived value and customer loyalty. Conclusions: Customer satisfaction plays a crucial mediating role in strengthening the link between perceived experience, perceived value, and customer loyalty. This indicates that experiential and value perceptions are key drivers in building long-term loyalty among online transportation users. Limitations: This study is limited by the number of respondents and variables, focusing only on perceived experience, perceived value, customer satisfaction, and customer loyalty. Contribution: The research provides managerial implications for online transportation service providers, particularly Gojek, by emphasizing the importance of enhancing customer experience and perceived value to increase satisfaction and loyalty.

Perceived Experience, Value, and Customer Satisfaction on Customer Loyalty at Gojek Indonesia

Purpose: This study aims to analyze the influence of perceived experience and perceived value on customer loyalty among Gojek users, with customer satisfaction as a mediating variable. Methodology/Approach: The study uses a quantitative approach with data collected from 210 respondents through an online questionnaire distributed via Google Forms. The sampling technique applied was purposive sampling, and data were analyzed using Structural Equation Modeling (SEM) with the AMOS program. Results/Findings: The findings reveal that perceived experience and perceived value both have positive and significant effects on customer satisfaction and customer loyalty. Moreover, customer satisfaction positively mediates the relationship between perceived experience and customer loyalty, as well as between perceived value and customer loyalty. Conclusions: Customer satisfaction plays a crucial mediating role in strengthening the link between perceived experience, perceived value, and customer loyalty. This indicates that experiential and value perceptions are key drivers in building long-term loyalty among online transportation users. Limitations: This study is limited by the number of respondents and variables, focusing only on perceived experience, perceived value, customer satisfaction, and customer loyalty. Contribution: The research provides managerial implications for online transportation service providers, particularly Gojek, by emphasizing the importance of enhancing customer experience and perceived value to increase satisfaction and loyalty.

The Influence of Digital Marketing on the Understanding, Skills, Implementation and Performance of MSMEs Moderated by Constraints

Purpose: This study aims to analyze in depth the effect of digital marketing training on improving understanding, skills, and the performance of MSMEs, with constraints as a moderating variable. The background of this research is based on the condition of MSMEs in Musi Banyuasin Regency, which face significant challenges in digital adaptation, such as limited digital literacy, insufficient promotional capital, and uneven internet access across regions. Methodology/Approach: This study employs a quantitative approach using a Likert-scale questionnaire distributed to 121 MSME participants of digital marketing training, along with secondary data obtained from the Office of Cooperatives and MSMEs of Musi Banyuasin Regency. Data analysis was conducted through reliability testing and regression analysis to examine both direct and moderating effects. Results/Findings:  The results indicate that digital marketing training does not have a significant effect on understanding (Y1) and skills (Y2), but has a significant effect on MSME performance (Y3). The constraint factor was found to act as a moderating variable that weakens the relationship between digital marketing training and the dependent variables. Conclusions:  Digital marketing training can enhance MSME performance even though it does not directly improve understanding and skills. These findings highlight the importance of tiered digital marketing training programs and continuous mentoring to ensure sustainable learning outcomes. Limitations:  This study is limited to a quantitative approach and the geographic area of Musi Banyuasin Regency, thus the findings cannot yet be generalized broadly. Contribution: This research enriches the literature on the influence of digital marketing training on MSME performance and provides practical implications for local governments in strengthening digital capacity and competitiveness of MSMEs in the digital economy era.

The Effect of Placement, Work Environment, and Leadership on Performance Mediated Job Satisfaction

Purpose: This study aims to examine the influence of job placement, work environment, and leadership on job satisfaction and performance, both directly and indirectly, as well as to examine the influence of job satisfaction on personnel performance. Methodology/approach: This study predominantly uses primary data obtained through questionnaires distributed to 46 respondents, namely personnel from the Riau Regional Police Public Relations Division. It was conducted using the SEM model with the SmartPLS program. Results/findings: Job placement has no effect on job satisfaction, while work environment and leadership have a significant effect on job satisfaction. Job placement and leadership have no significant direct effect on performance, while work environment has a significant direct effect on performance. Job satisfaction has a significant effect on performance. Job placement has no effect on performance through job satisfaction. Conclusions: Findings indicate that work environment and leadership significantly increase job satisfaction, which in turn positively impacts employee performance. Job placement, however, does not show a significant direct or indirect effect on performance through job satisfaction. Contribution: The contribution of this research is to connect the media with the police and its role as a conveyor of information to the public through the mass media. Limitation: This study was only conducted at one agency, namely the Riau Regional Police Public Relations Division, so the results cannot be generalized to other agencies, either within the police force in other regions or non-police organizations.

Assessing the Effect of Service Excellence on Passenger Satisfaction at Regional Airports

Purpose: This study analyzes the effect of check-in counter staff service excellence on passenger satisfaction at Sentani International Airport, Papua, Indonesia. The research was motivated by persistent queues and declining comfort during peak hours, indicating that service excellence has not been fully optimized despite existing government and corporate service standards. Methodology/approach: A quantitative descriptive approach was applied using structured questionnaires distributed to 100 passengers. Service excellence was measured through the 6A Model (Ability, Attitude, Appearance, Attention, Action, Accountability), while passenger satisfaction was evaluated through perceived service quality, staff service, airline image, and punctuality. Data were analyzed using SPSS 25.0 with validity, reliability, and classical assumption tests, followed by simple linear regression. Results/findings: Service excellence significantly and positively affected passenger satisfaction (? = 0.589, t = 12.764, p < 0.001, F = 162.89, R² = 0.803). Among the 6A dimensions, attitude (friendliness, politeness, professionalism) scored highest, while action (responsiveness, speed) was lowest. Conclusion: The findings confirm that implementing service excellence at check-in counters is crucial for enhancing passenger satisfaction and strengthening the airport’s image as Papua’s main air transport hub. Practically, improving staff responsiveness and operational efficiency can enhance service perception and foster passenger loyalty. Limitations: The study is limited to Sentani International Airport, and results may vary across airports with different characteristics. Contribution: This study validates the 6A model in a regional airport context and offers insights for PT Angkasa Pura and policymakers to optimize staff performance and passenger experience.

The Impact of Global Trends on Tourism and the Creative Economy in Lampung Province

Purpose: This study aims to analyze the influence of global trends on the development of tourism and creative business sectors in Lampung Province. Methodology/approach: The research employs a qualitative approach through a systematic literature review, drawing data from scientific articles, research reports, books, and official statistical sources. Results/findings: Global trends such as the rise in tourist visits, digitalization, and environmental awareness significantly impact local economic growth, tourism product diversification, and promotional activities in Lampung Province. Conclusions: Global trends including the growth of tourist arrivals, diversification of tourism products, the emergence of digital tourism ambassadors, and increased environmental awareness have significantly influenced the tourism and creative business sectors in Lampung Province. These developments present both opportunities and challenges that require strategic adaptation and collaboration among local governments, business actors, and communities. By adopting digital technologies, promoting sustainable tourism practices, and leveraging cultural and natural resources, Lampung can strengthen its competitiveness and achieve sustainable regional development. Conclusion: This study shows that adaptation to global trends supports tourism and creative economy development in Lampung Province through digitalization, diversification, and sustainability. The findings underline the role of local innovation and stakeholder collaboration in regional development and suggest the need for stronger digital capacity and sustainable tourism policies Limitations: This study is limited to literature-based analysis and does not include empirical field data to validate the findings. Contribution: The research provides strategic recommendations for policymakers and business stakeholders to capitalize on global trends for developing sustainable tourism and creative industries in Lampung Province.

Supply Chain Optimization on Company Performance in Indonesia’s Free Trade Zone, Batam City

Purpose: This study analyzes the influence of four key elements of supply chain management inventory, supplier relationships, delivery, and information technology on operational performance and firm performance among supplier companies in Indonesia’s free trade zone, specifically Batam City. The research examines how internal resources contribute to efficiency, competitiveness, and overall business outcomes. Methodology/approach: A quantitative approach was employed through questionnaires distributed to 253 respondents from supplier companies in Batam City. Purposive sampling was used based on criteria related to supply chain activities. Data were analyzed using SmartPLS. Results/findings: The findings show that inventory, supplier relationships, delivery, and IT each have a positive and significant effect on operational and firm performance, with inventory management showing the strongest influence. Operational performance also positively affects firm performance, emphasizing the role of efficiency and reliability in achieving competitive advantage. Conclutions: Effective inventory control, strong supplier collaboration, reliable delivery, and IT utilization significantly improve company performance, supporting operational efficiency, sustainability, and the strategic value of digital and integrated supply chain management. Limitations: This study is limited to the free trade zone in Batam City and relies on self-reported data, which may introduce response bias. External factors such as policy, market conditions, and macroeconomic influences were not included. Contribution: This research provides empirical evidence on the role of supply chain resources in enhancing performance and offers insights for managers and policymakers, reinforcing RBV theory in developing regions like Batam.

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