Jurnal Comparative: Ekonomi dan Bisnis is a peer-reviewed journal in the fields of Economics, Management, Business and Accounting jointly published by the Faculty of Economics and Business, University of Muhammadiyah Tangerang with the PTMA Economics and Business Journal Management Forum (FORJAFEB). This journal discusses the results of research and non-research/conceptual and applied science studies related to the fields of Economics, Management and Accounting and is available in and online version (E-ISSN: 2745-9632). Jurnal Comparative: Ekonomi dan Bisnis is one of the periodic scientific publications that is sincerely written by both researchers and practitioners working in the fields of Economics, Management and Accounting to publish the results of their writings. The journal has been registered with the CrossRef system with a Digital Object Identifier (DOI), indexed by Google Scholar, Garuda, DOAJ and others, and published periodically 4 (four) times in 1 (one) year, i.e. in February, May, August and November. ONLINE SUBMISSION All papers are expected to follow the house-style and the author should provide contact information (e-mail and phone number) for the purpose of communicating about the paper. The paper should be submitted through the online submission system. 1. Already have a Username/Password for Jurnal Comparative: Ekonomi dan Bisnis? GO TO LOGIN 2. Need a Username/Password? GO TO REGISTRATION 3. or, please GO TO ONLINE SUBMISSION for more information. If there is any problem with online submission, please email contact us (Subject: Name - Problem Online Submission).
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ENVIRONMENTAL PERFORMANCE AND COST IN SUSTAINABILITY REPORTING: TWO MODERATING MECHANISMS
This study examines the effects of environmental performance and environmental cost on sustainability reporting and investigates whether stakeholder pressure and independent commissioners strengthen these relationships. A quantitative research design is employed using 64 firm-year observations from 16 publicly listed Indonesian companies during 2021–2024. Secondary data are analyzed using panel-data regression with interaction terms to examine the proposed moderating effects. The results show that environmental performance and environmental cost positively affect sustainability reporting. Independent commissioners also have a positive direct effect on sustainability reporting. Furthermore, stakeholder pressure strengthens the positive relationships between environmental performance and sustainability reporting and between environmental cost and sustainability reporting. Independent commissioners similarly strengthen both relationships. The regression model is statistically significant, with an R-squared of 0.725 and an adjusted R-squared of 0.701. The findings indicate that environmental practices are more strongly translated into sustainability reporting when firms face greater stakeholder pressure and possess stronger independent oversight. The study contributes to legitimacy and stakeholder perspectives by integrating external stakeholder pressure and internal governance mechanisms within a dual-moderation framework.
Copyright (c) 2026 Jurnal Comparative: Ekonomi dan Bisnis
FIRM SIZE MODERATION ON THE EFFECT OF OPERATING, INVESTING, AND FINANCING CASH FLOWS ON DIVIDENDS
Earnings smoothing remains a critical issue in corporate financial reporting, as it may obscure true performance and reduce transparency for stakeholders. In emerging markets such as Indonesia, managerial incentives and financial policies are often linked to earnings management practices, raising concerns for regulators and investors. This study aims to examine the effects of bonus mechanisms, tax avoidance, and dividend policy on income smoothing, with firm size as a moderating variable, in consumer non-cyclical companies listed on the Indonesia Stock Exchange during 2019–2023. The research employs purposive sampling, yielding a sample of nine firms with panel data analyzed using regression techniques in EViews 12. The findings indicate that bonus mechanisms do not significantly influence income smoothing, while tax avoidance and dividend policy positively affect earnings smoothing practices. Furthermore, firm size weakens the relationship between bonus mechanisms and income smoothing but strengthens the effects of tax avoidance and dividend policy. This study contributes to the literature by highlighting the moderating role of firm size in shaping managerial behavior and financial policy impacts on earnings smoothing. The results provide practical implications for regulators and investors in evaluating corporate governance effectiveness and ensuring financial reporting quality in the Indonesian context.
OPTIMIZATION MODEL FOR THE IMPLEMENTATION OF GREEN BUSINESS IN VOCATIONAL EDUCATION TEACHING FACTORIES
The implementation of green business principles in vocational education has become a strategic necessity in response to increasing industrial demands for sustainable business practices. Teaching Factory, as a production-based learning model, has significant potential to integrate sustainability values and practices; however, its implementation in vocational education remains suboptimal and largely fragmented. This study aims to analyze the implementation of green business in Teaching Factory activities and to develop an optimization model for vocational education. This research adopts an applied research approach using qualitative methods with 20 informants. Data were collected through in-depth interviews, observations, and document analysis at the Teaching Factory units of Manado State Polytechnic, involving managers, instructors, students, and industry partners as informants. Qualitative data analysis was conducted through data reduction, data display, and conclusion drawing. The findings indicate that green business practices have been initiated within Teaching Factory activities, yet they have not been systematically integrated into institutional policies, curricula, or standard operating procedures. Institutional policies, human resource competencies, infrastructure, and industry partnerships were identified as key factors influencing optimization. This study proposes an optimization model for green business implementation in Teaching Factory that integrates input, process, output, and outcome components to support sustainable vocational learning.
SALES PROMOTIONS, DISCOUNTS, AND MENU VARIATIONS AS DETERMINANTS OF REPURCHASE INTENTION AMONG DRINKING HAUS CONSUMERS
The intense competition in the food and beverage industry, particularly among student-centric cafés, demands a deep understanding of the factors that drive consumer loyalty. Repurchase intention is a critical metric for business sustainability, yet the relative influence of marketing mix elements on this behavior remains context-dependent. This study aims to analyze the effect of sales promotions, price discounts, and menu variations on the repurchase interest of Thirsty Beverages among students of the Faculty of Economics and Business, University of Muhammadiyah Tangerang. A quantitative approach was employed, utilizing survey questionnaires distributed to a sample of 40 students. The collected data were analyzed using multiple linear regression to examine both partial and simultaneous effects. The findings reveal that among the three variables, price discounts exert the most significant positive influence on repurchase interest, while sales promotions and menu variations show a positive but less pronounced impact. Importantly, all three factors collectively demonstrate a strong and significant influence on students' repurchase decisions. The originality of this research lies in its focus on a specific student demographic within a local university setting, offering a nuanced perspective often overlooked in broader market studies. This study contributes practically by providing actionable insights for beverage business owners in the campus area to strategically allocate resources, prioritizing discount mechanisms over other promotional forms to effectively enhance customer retention and profitability.
ADAPTATION AND INNOVATION STRATEGIES OF VILLAGE-OWNED ENTERPRISES IN FACING THE IMPACT OF LOCAL ECONOMIC CHANGES
This study examines how Village-Owned Enterprises (VOEs) in Berau Regency adapt and innovate to sustain tourism businesses amid local economic changes. Using a qualitative case study approach, data were collected through interviews, observations, and document analysis, with triangulation from four key informants: VOE management, village officials, Tourism Awareness Groups, and local business actors. Findings show that adaptation strategies include strengthening institutional governance, improving efficiency, enhancing human resources, and adjusting management practices. Innovation strategies involve diversifying tourism products, developing local attractions, using digital marketing, and empowering community participation. These efforts are supported by strong collaboration among VOEs, government, and local stakeholders, reflecting Collaborative Governance principles. The study also highlights the importance of Dynamic Capability Theory—sensing changes, seizing opportunities, and transforming capabilities—in building institutional resilience and business sustainability. A conceptual model integrating dynamic capabilities and collaborative governance is proposed as a strategy for sustainable local economic development.
BONUS MECHANISMS, TAX AVOIDANCE, AND DIVIDEND POLICY IN RELATION TO EARNINGS SMOOTHING: THE MODERATING ROLE OF FIRM SIZE
THE RISE OF BYD IN INDONESIA: HUMAN CAPITAL, INNOVATION, AND MARKETING AGILITY AS COMPETITIVE ADVANTAGES
The global automotive industry is undergoing a profound transformation driven by the shift from internal combustion engine (ICE) vehicles to electric vehicles (EVs), intensifying competition among global manufacturers. This study examines the rise of BYD in the global and Indonesian EV markets through strategic human capital, technological innovation, and marketing agility, with emphasis on the role of human resource capabilities. Using a qualitative inductive approach based on secondary data, evidence is synthesized from annual reports, industry databases, and credible media sources. Findings show that BYD’s rapid growth is strongly supported by strategic human capital expansion, intensive R&D talent development, and continuous capability upgrading, which enable technological innovation and market responsiveness. In Indonesia, BYD achieved rapid market penetration and significant EV market share shortly after entry. The study concludes that competitive advantage in the EV industry is driven by integrated strategic capabilities. It is recommended that future research incorporates primary data for deeper managerial insights. The study is limited by reliance on secondary data and lack of firm-level interviews.
STRATEGIC TRANSFORMATION OF JAPANESE AUTOMAKERS IN INDONESIA UNDER CHINESE EV MARKET PRESSURE
This study examines the strategic transformation of Japanese automakers in Indonesia in sustaining market dominance amid the rapid rise of Chinese electric vehicle (EV) manufacturers. For decades, Japanese brands have controlled Indonesia’s automotive market through strong brand equity, extensive distribution networks, localized production, and high consumer trust. However, the aggressive expansion of Chinese EV producers, characterized by competitive pricing, technological innovation, and rapid product diversification, has begun to disrupt the traditional competitive landscape. This research aims to analyze the extent of this competitive threat and its implications for market dynamics. Using a descriptive quantitative approach based on sales data and market share analysis, the findings indicate that while Japanese automakers remain dominant, their position is increasingly challenged by accelerating EV adoption. Analytical frameworks including Product Life Cycle (PLC), Competitive Dynamics, SWOT, and TOWS reveal that conventional vehicles are in maturity and moving toward decline, whereas Chinese EVs are in a rapid growth phase, threatening Japanese ICE dominance. The study concludes that sustaining leadership requires accelerated EV innovation, cost efficiency, strategic partnerships, and organizational agility. However, this study is limited by reliance on secondary data and lack of firm-level insights. Future research should incorporate longitudinal and primary data-approaches.
STRATEGIC TRANSFORMATION AND FINANCIAL PERFORMANCE: EVIDENCE AT PT. ASDP INDONESIA FERRY (PERSERO)
This study examines the relationship between strategic transformation and performance enhancement at ASDP Indonesia Ferry during the 2017–2024 period. Using secondary data obtained from audited financial statements, annual reports, and publicly disclosed corporate strategies, the research adopts a longitudinal descriptive quantitative approach. The analysis focuses on key strategic initiatives, including operational restructuring, digital service transformation, route optimization, and asset management improvements. The findings reveal that ASDP’s transformation efforts are positively associated with improvements in financial performance, cost efficiency, service reliability, and overall operational effectiveness. In particular, digitalization initiatives and route rationalization contributed to better resource utilization and enhanced customer service quality. These results indicate that leadership-driven strategic transformation plays a crucial role in strengthening organizational performance and competitiveness within the maritime transport industryHowever, this study is limited by its reliance on secondary data and lack of primary stakeholder perspectives. Future research is recommended to incorporate qualitative insights and comparative analysis across similar state-owned enterprises. Overall, this study contributes to the literature on state-owned enterprise transformation and offers practical implications for policymakers and managers in improving performance sustainability.
THE EFFECT OF SERVICE QUALITY, PRICE, AND PROMOTION ON CUSTOMER SATISFACTION AT OPTIK GAGAS UNGARAN
The influence of service quality, price, and promotion on customer satisfaction at Optik Gagas Ungaran is the subject of this research. This study was conducted using a quantitative approach, and the sample consisted of 96 people selected using the Lameshow formula. After data was collected through an online Likert-based questionnaire, SmartPLS version 4.0 was used to conduct a Structural Equation Modeling (SEM) analysis based on Partial Least Squares (PLS). The results of the study indicate that service quality, with a t-value of 4.540 (p=0.000), and price, with a t-value of 6.371 (p=0.000), have a positive and significant effect on consumer satisfaction. Conversely, promotion, with a t-value of 0.372 (p=0.710), does not have a significant effect on consumer satisfaction. The R-square value of 75.4% indicates that the three independent variables can be responsible for variations in consumer satisfaction. Other factors outside the model influence 24.6%. In conclusion, customer satisfaction is greater when service and pricing are more in line with the benefits received. Because promotions that are poorly targeted and unattractive have not proven effective, Optik Gagas Ungaran management is advised to modify its promotional strategy to be more interactive and innovative, ensure competitive and transparent pricing, and increase social media response. Variables such as brand perception or customer trust could be the subject of further research.
DETERMINANTS OF THE FIRM VALUE IN INFRASTRUCTURE COMPANIES: EMPIRICAL EVIDENCE FROM THE INDONESIA STOCK EXCHANGE
Firm value is an important indicator for investors in assessing a company’s performance and future prospects. However, the declining company value in infrastructure sector and inconsistency of previous research results indicate the need for further study. This study examines the simultaneous and partial effects of Enterprise Risk Management (ERM), managerial ownership, firm size, and profitability on firm value. The research sample consists of 28 infrastructure companies listed on the IDX during the 2020-2024 period, selected through purposive sampling. The analysis method used is panel data regression with the help of EViews 12. The research results show thar ERM has a positive and significant effect on firm value, which means that good risk management can increase investor confidence and company performance. Meanwhile, managerial ownership and firm size has a negative and insignificant effect, so they have not been able to optimally increase firm value. Profitability has a positive but insignificant effect, indicating that profit alone is not strong enough to enhance firm value. The novelty of this study lies in testing the four variables simultaneously in the infrastructure sector using post-COVID-19 data, which reflects dynamic economic conditions. This study contributes to increasing understanding of the factors that influence firm value and serves as a consideration for companies in improving performance and investor confidence.
THE ROLE OF MOTIVATION IN MEDIATING PSYCHOLOGICAL DETERMINANTS OF EMPLOYEE PERFORMANCE
This research is motivated by the importance of psychological factors, such as emotions and perceptions, in driving employee performance in public agencies, specifically at the Tangerang City Environmental Agency. The study aims to analyze the influence of emotions and perceptions on employee performance, both directly and indirectly through work motivation as a mediating variable. A quantitative approach with a survey method was employed. Data were collected through questionnaires distributed to 71 employees of the agency, supplemented by observation and documentation. The analysis utilized multiple linear regression and path analysis. The results indicate that emotions and perceptions significantly influence employee performance, both directly and indirectly via work motivation. The indirect effect was found to be greater than the direct effect, underscoring the key mediating role of motivation. These findings confirm that managing emotional and perceptual aspects can be an effective strategy for enhancing performance. The novelty of this research lies in testing the mediating role of work motivation in the relationship between emotions, perceptions, and performance within a public sector context. It offers a practical contribution by providing insights for designing human resource development strategies focused onÂ
DE JURE OR DE FACTO CENTRAL BANK INDEPENDENCE? WHAT TRULY CURBS INFLATION IN MOROCCO: EVIDENCE FROM BANK AL-MAGHRIB
Amid increasing concerns about inflationary pressures and institutional reforms in emerging economies, understanding the effectiveness of central bank independence has become particularly crucial. This study aims to evaluate the extent to which de jure and de facto central bank independence contribute to inflation control in Morocco, with particular emphasis on the roles of legal autonomy and governor stability in shaping monetary outcomes. Using annual data from 1988 to 2024, de jure independence is measured using a PCA-based synthetic index, while de facto independence is proxied by governor turnover. The relationship between independence and money supply growth, used as an indirect channel of inflation, is examined using an Autoregressive Distributed Lag (ARDL) model to capture both short and long-run dynamics. The findings reveal a long-run cointegrating relationship among money supply, legal independence, and turnover. De jure independence significantly reduces long-run monetary expansion, whereas governor turnover affects only short-run monetary tightening. By jointly examining legal and actual independence using a composite index and updated data, this study provides new empirical evidence for Morocco and offers policy-relevant insights for emerging economies seeking sustained monetary discipline.
The Influence of Forensic Accounting–Driven Transparency on Public Procurement Effectiveness in Zimbabwe: A Quantitative Study
Public procurement systems in Zimbabwe have since been facing inefficiency challenges together with irregularities, and weak accountability. Forensic accounting has been promoted as a tool to enhance transparency in financial transactions. Unfortunately, quantitative evidence on forensic accounting’s impact on effectiveness of procurement system has always been remains to a low extent. The relationship between transparency enhanced by FA and the efficacy of PPS was the chief purpose of this study. The quantitative methodology was employed in conjunction with the explanatory design. Data were gathered from 112 respondents obtained from various government of Zimbabwe departments. Likert scale items were used on structured questionnaires to measure TA1 and IPPS. Analysis of data was through employing the Structural Equation Modelling (SEM). This tested the hypothesised causal relationship. Findings provided empirical evidence on how much transparency generated through forensic accounting translated into measurable improvements in procurement efficiency, compliance, and value for money, informing policy and institutional reforms.
WHAT MARKETING CAPABILITIES MATTER IN SERVICE DIGITALIZATION? A STRUCTURED ABSTRACT REVIEW
Â Digital transformation is reshaping competition in service industries by shifting emphasis from mere technology adoption to the development of marketing capabilities. However, existing research is fragmented and lacks a cross-sector perspective on how digital service marketing capabilities evolve. This study investigates the core capabilities emerging across service sectors and how they are strategically developed. Using a qualitative systematic literature review of 22 Scopus-indexed articles published between 2021 and 2026, the research applies abstract-based thematic analysis. Five key capabilities are identified: communication, customer interaction, platform ecosystem management, analytics, and service experience design. The findings also reveal sector-specific variations across platform, tourism, and banking industries. Importantly, the evolution of these capabilities occurs through gradual capability building and integration rather than through isolated technology adoption. The study concludes that long-term competitiveness in digital service environments depends on strategically developing and integrating marketing capabilities, not simply implementing digital tools alone for sustainable future growth.
DO PRICE DISCOUNTS AND SALES PROMOTIONS DRIVE IMPULSE BUYING IN URBAN RETAIL SETTINGS?
The phenomenon of impulse buying within modern retail sectors in high-density business districts represents a critical frontier in understanding contemporary consumer psychology. This study investigates the impact of price discounts and sales promotions on impulse buying behavior among consumers in Jakarta’s "Golden Triangle" strategic business area. Adopting a quantitative approach, data were gathered through structured questionnaires from 60 respondents using accidental sampling. The analytical framework employed multiple linear regression and formal hypothesis testing to evaluate the relationships between promotional variables and spontaneous purchasing decisions. The findings reveal that both price discounts and sales promotions exert a positive and significant influence on impulse buying behavior. Specifically, the results suggest that integrated promotional activities act as a powerful psychological trigger, significantly increasing the likelihood of unplanned purchases in a high-pressure urban environment. The novelty of this research lies in its specific focus on the "Golden Triangle" business district, representing the unique consumption patterns of time-constrained urban professionals exposed to intensive retail marketing. This study contributes to the literature by providing retail managers with strategic insights into designing urgency-based promotional models to optimize sales volume within the convenience store format.
DEVELOPING AN INTEGRATED MODEL FOR TOURISM HOLDING SUCCESS : LESSONS FROM GLOBAL BEST PRACTICES FOR INJOURNEY
This study aims to develop an integrated conceptual model to analyze the determinants of success in the tourism and transportation holding, with INJOURNEY as a case study representing the strategic transformation of Indonesian state-owned enterprises (BUMN). A qualitative approach based on conceptual analysis and literature review from 2019–2023 was employed to identify eight key variables: strategic leadership, organizational culture integration, digital transformation, human resource management, regulatory framework, operational synergy, financial integration, and market positioning. The findings indicate that INJOURNEY’s success is highly dependent on the alignment among these variables, where strategic leadership and collaborative culture serve as the main drivers of cross-entity integration. Digital transformation enhances operational efficiency, while adaptive HR management and regulatory harmonization support organizational sustainability. Failure in one dimension can weaken the entire system’s performance. The study emphasizes the importance of adaptive governance, cross-functional coordination, and continuous innovation. Recommendations highlight strengthening transformational leadership, a comprehensive digital roadmap, and regulatory synchronization to enhance the competitiveness and sustainability of Indonesia’s tourism holding at the global level. Keywords:Tourism Holding Company,Sstrategic Integration, Corporate Governance, Digital Transformation,Operational Synergy Â
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IMPROVING DIGITAL VISIBILITY OF GREEN SMES THROUGH LOCAL CONTENT–DRIVEN SEO
Digital transformation has become essential for Indonesian SMEs to remain competitive in the digital economy. However, most environmentally friendly SMEs have not fully utilized digital marketing strategies, particularly local content-based SEO. This study aims to design and implement a local content-based SEO model to enhance digital reach, using Lezza Studio as a case study. The research employed a qualitative approach with a single case study design, incorporating in-depth interviews, observation, and document analysis. The proposed model consists of five stages: local keyword identification, on-page optimization, local narrative content creation, visual media optimization, and continuous adaptation. The results indicate significant improvements in search visibility, organic traffic, and sales conversions. The keyword “kaos custom ramah lingkungan Manadoâ€ dominated search results, social media traffic increased (Facebook by 104% and Instagram by 57%), and orders rose by 25%. These findings confirm that implementing local content-based SEO not only improves digital exposure but also delivers tangible business performance impact. The model can be replicated by other SMEs to support sustainable digital transformation.
THE EFFECT OF COMPETENCY DEVELOPMENT ON JOB SATISFACTION AND ORGANIZATIONAL COMMITMENT IN IMPROVING EMPLOYEE PERFORMANCE IN GLOBAL CONSERVATION IN DERAWAN ARCHIPELAGO
This study aims to analyze the influence of competency development on job satisfaction and organizational commitment in improving employee performance in Global Conservation Derawan Archipelago. In a non-profit organization focused on environmental conservation, human resources are a vital asset to achieve the mission of conservation. This study uses a quantitative approach with the Structural Equation Modeling-Partial Least Squares (SEM-PLS) method to test the relationship between variables. Data was collected through a questionnaire to 43 respondents who were Global Conservation employees. The results of the study show that competency development has a positive effect on job satisfaction and organizational commitment. Job satisfaction has been shown to be a mediating variable that strengthens the relationship between competency development and employee performance. In addition, organizational commitment plays a significant role in improving performance, showing that employees' emotional attachment and moral responsibility to the organization drive the achievement of optimal work outcomes. These findings indicate that effective competency development strategies can create a conducive work environment, increase satisfaction, and strengthen employee loyalty. The practical implications of this study recommend that organizations strengthen training and development programs to improve the quality of human resources in supporting the success of conservation missionsh.
KOPERASI MERAH PUTIH : TOWARDS SUSTAINABLE PERFORMANCE THROUGH INTEGRATING STRATEGIC MANAGEMENT, VISIONARY LEADERSHIP, AND MEMBER ORIENTATION
ABSTRACT Cooperatives play a strategic role in promoting national economic independence but continue to face challenges in competitiveness, governance, and sustainability. This study aims to formulate an integrative conceptual model that combines strategic management, visionary leadership, and member orientation as the main determinants of sustainable cooperative performance. The research employs a qualitative descriptive approach through a systematic literature review of books, national–international journals, and government policy documents related to modern cooperative development. The findings indicate that strategic management strengthens competitiveness through the optimization of unique resources, visionary leadership drives organizational transformation and innovation, while member orientation reinforces identity, loyalty, and participation within the cooperative. The synergistic interaction of these three factors promotes sustainability based on economic, social, and environmental. Recommendations emphasize enhancing managerial capacity, strengthening visionary leadership, and empowering members to develop resilient, adaptive, and highly competitive cooperatives in the digital economy era. Keywords: Cooperative, Strategic Management, Visionary Leadership, Â Member Orientation, Sustainability Â
DEVELOPING A RESPONSIVE DIGITAL FINANCIAL SYSTEM TO IMPROVE TRANSPARENCY IN COMMUNITY-BASED FOREST INSTITUTIONS
The digitalization of community-based institutions is crucial for improving transparency and accountability in financial governance in rural areas. However, institutions such as the Village Forest Management Institution (LPHD) still rely on manual, non-standardized, and error-prone record-keeping. This study developed a responsive and simple digital financial system to address the limited digital literacy and technical conditions of the Darunu Village LPHD. The study used a qualitative approach and participatory design to ensure the application's suitability to user needs, through needs analysis, prototype development, and field trials. The results showed that the application was able to improve record-keeping, clarify cash flow, and strengthen the institution's financial transparency. The novelty of this research lies in the development of a digital financial application specifically designed for LPHDs, taking into account the socio-technical context of forest villages, unlike village financial applications that are generally oriented towards formal government apparatus. The contribution of this research is to present a replicable, lightweight financial system model for community-based forest institutions and provide a participatory design framework for digitizing village administration. These findings confirm that contextual digital solutions can be an effective approach to strengthening financial governance in forest village communities.
METHODOLOGICAL APPROACH FOR CONSTRUCTING AN AGGREGATE FINANCIAL STABILITY INDEX: THE CASE OF MOROCCO
This study develops an Aggregate Financial Stability Index (AFSI) for Morocco covering 2000–2023, providing a multidimensional assessment of the resilience of the national financial system. The research contributes to the literature by integrating, for the first time in the Moroccan context, the four key dimensions of financial development, vulnerability, soundness, and the global economic climate into a single composite indicator. Using Min–Max normalization and differentiated weighting, the index measures structural stability and quantifies the volatility contributions of each component. The findings reveal a broadly resilient system, supported by strong prudential regulation and sustained financial reforms, yet increasingly exposed to external shocks and macro-financial vulnerabilities. Financial development and vulnerability appear as the main drivers of overall volatility, while the influence of the global economic climate has intensified since 2010. The originality of this research lies in its empirical decomposition of volatility sources and its operational framework for macroprudential monitoring. The AFSI provides policymakers and supervisory authorities with a predictive tool for assessing systemic risk and enhancing financial stability in emerging economies facing global uncertainty.
THE ROLE OF QRIS IN ENHANCING MSME PERFORMANCE THROUGH DIGITAL PAYMENT SYSTEMS IN TANGERANG CITY
The rapid shift toward digital payments underscores the urgency of enhancing financial inclusion and digital literacy to support sustainable economic growth. This study aims to assess the level of understanding, adoption, and public response to Indonesia’s QRIS in Tangerang City. Using a quantitative descriptive approach, data were collected via questionnaires from local residents. Results reveal high awareness and frequent use of QRIS through platforms like LinkAja, Gopay, Ovo, Dana, Shopeepay, and Mandiri Syariah, driven by convenience, security, cashback, and health considerations. The study contributes empirical evidence on QRIS adoption at the city level and highlights the need for intensified, multi-channel socialization—particularly via social media and community engagement. Its novelty lies in linking QRIS utilization with behavioral drivers specific to urban Indonesian contexts, offering actionable insights for policymakers to strengthen digital payment ecosystems and advance financial inclusion.
THE ROLE OF ORGANIZATIONAL JUSTICE, ORGANIZATIONAL SUPPORT AND ORGANIZATIONAL COMMITMENT TO EMPLOYEE PERFORMANCE IMPROVEMENT
This research examines the role of organizational justice, organizational support, and organizational commitment in enhancing employee performance at CV. Bina Furniture Jepara. The problem arises from fluctuating production targets, indicating unstable employee performance. This leads to the research question: How do organizational justice and support influence employee performance, with organizational commitment as a mediating variable? Inconsistencies in prior study findings present a research gap this study aims to address. This study employed a quantitative approach with a survey method, involving a saturated sample of 100 employees. Data were collected via questionnaires and analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0. The results indicate that both organizational justice and organizational support positively and significantly influence employee performance, both directly and indirectly through organizational commitment as a mediator. Organizational commitment itself also positively and significantly impacts employee performance. This concludes that creating a fair and supportive work environment is crucial for building strong employee commitment, which ultimately enhances their performance.
BANK JAKARTA: INTEGRATING STRATEGIC MARKETING, FINANCING, AND DIGITAL TRANSFORMATION FOR BANK HEALTH, REPUTATION, AND IPO READINESS IN THE ERA OF GLOBAL CITY
This study aims to analyze the integration of strategic marketing, strategic financing, and digital transformation in strengthening the financial health, corporate reputation, and IPO readiness of Bank Jakarta in the era of global city competition. Using a qualitative approach based on financial reports, strategic documents, and in-depth interviews, the findings show that these three strategies strengthen the bank’s fundamentals: strategic financing improves CAR and reduces NPL, digital transformation enhances efficiency through a lower BOPO ratio and faster profit growth, and strategic marketing supports successful rebranding. The urgency of this research lies in the increasing pressure on regional banks to transform amidst tighter regulations, digital disruption, and the need to compete in global city financial ecosystems. Its novelty stems from offering an integrated framework that combines strategic marketing, financing, and digital transformation as a unified model for IPO readiness an approach rarely addressed collectively in prior studies. In conclusion, the synergy of these strategies forms a strong foundation for a sustainable IPO. Recommendations include accelerating IPO preparation, strengthening the investment narrative, and directing IPO proceeds toward deeper digital transformation and product innovation.
THE ROLE OF STRATEGIC MANAGEMENT ACCOUNTING IN IMPROVING THE EFFECTIVENESS AND QUALITY OF THE FREE NUTRITIOUS MEALS PROGRAM IN INDONESIA
This study aims to analyze the role of Strategic Management Accounting (SMA) in improving the effectiveness, efficiency, and quality of the Free Nutritional Meals (MBG) program in Indonesia. The MBG program is a government strategic agenda to improve the quality of nutrition and health of the younger generation, while supporting the achievement of the Sustainable Development Goals (SDGs), especially SDG 2 (Zero Hunger) and SDG 3 (Good Health and Well-being). The novelty of this study in the cross-sectoral strategic accounting approach that combines the dimensions of nutrition, health, and public financial management in the context of achieving the SDGs. This study uses the Systematic Literature Review (SLR) method of academic literature and public policy for the 2020–2025 period. The results of the analysis show that the implementation of SMA is able to integrate strategic planning, performance control, and public accountability through the use of financial and non-financial indicators. This approach increases transparency, budget optimization, and the effectiveness of data-based evaluation in program implementation. These findings provide a conceptual contribution for the government in developing a strategic accounting system that supports the effectiveness of national social programs in an adaptive and sustainable manner.
DEVELOPMENT OF TRADITIONAL SOPULUT MENUS TO ENRICH HOTEL-STANDARD VEGETARIAN MENUS AT CAFÉ POLIMDO
This study aims to develop the traditional food sopulut as a hotel-standard vegetarian menu at Café Polimdo. Sopulut, a traditional dish originating from the Minahasa Tenggara region, is typically made from sago and served in a simple form. Through an innovative approach, this product was developed to meet hotel culinary presentatio nstandards intermsoftaste, aesthetics, andnutritional value. The research method involved three stages of product trials involving both culinary and non-culinary respondents, as well as interviewsto obtain input and evaluation of the product development. The results showed that sopulut is acceptable as a vegetarian menu with taste and appearance characteristicst halal sign with café and hotel presentation standards. Adjustments were made to the texture, filling, and accompaniments such as sambal to better suit broader consumer preferences. The food cost analysis also indicated that this menu is economically feasible for further development. Thus,sopulut not only serves as a symbol of preserving local culinary heritage but also has strong potential as a modern dish in the culinary industry.
EVALUATING THE EFFECTIVENESS OF FORENSIC ACCOUNTING AUDITS IN PREVENTING SUPPLIER COLLUSION IN ZIMBABWE’S PUBLIC PROCUREMENT SYSTEM
The public procurement system plays a crucial role in the country’s resource allocation system. It is also crucial for service delivery and governance. Despite all this this system sems to be most vulnerable to fraud and supplier collusion. The regulatory authority (PRAZ) has enacted the 2017 Public Procurement and Disposal of Public Assets Act. Despite this collusion has persisted. This has been aligned to weak oversight and limited enforcement of audit recommendations. Traditional audits have failed to detect the complex collusive practices like bid rigging and price-fixing. The use of investigative accounting (forensic accounting) becomes a suitable solution. Its techniques can unearth irregular financial patterns. They also detect hidden relationships, offering a strategic safeguard against procurement fraud. This paper made use of the Institutional Theory and fraud-related frameworks. The study employed the quantitative methodology. This called for a cross-sectional survey. Thus, a population of 112 respondents was obtained. The members came from the Zimbabwe’s ministries, local authorities, and parastatals. Some respondents also came from forensic accountants, the procurement authority and the anti-corruption authority. SPSS was used to analyse data through SEM, regression analysis and AMOS. The findings reflected that a most of the respondents agreed on the effectiveness of forensic accounting audits. The regression results revealed a +`strong positive association with procurement effectiveness (β = 0.369, p < 0.01). The study recommended institutionalising forensic audit practices, capacity-building, and stricter enforcement to enhance procurement integrity and accountability
DRIVERS OF IMPULSIVE FASHION PURCHASES ON TIKTOK SHOP: THE ROLE OF HEDONIC MOTIVES, LIFESTYLE, AND PROMOTIONS
This study examines the influence of hedonic shopping motivation, shopping lifestyle, and sales promotion on impulsive buying behavior in fashion products on TikTok Shop. Impulsive buying has become increasingly prevalent in social commerce, driven by emotional engagement and promotional stimuli. A quantitative approach was employed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS software. Data were collected from 100 active TikTok Shop users through purposive sampling. The findings reveal that hedonic shopping motivation and sales promotion have a significant positive effect on impulsive buying, confirming that emotional gratification and attractive promotional strategies strongly trigger unplanned purchases. Contrary to expectations, shopping lifestyle exhibits a negative and insignificant relationship with impulsive buying, suggesting that habitual shopping patterns may not necessarily lead to impulsive decisions in this digital context. The results highlight the critical role of experiential and promotional elements in shaping consumer behavior on short-video e-commerce platforms. This study contributes to the growing literature on digital consumer behavior by empirically validating key drivers of impulse purchases in the context of social commerce. For practitioners, the findings suggest that enhancing user experience and designing engaging promotional campaigns can effectively stimulate sales in the competitive online fashion market.
IMPACT OF STOCK PRICES AND GCG ON FIRM VALUE: EVIDENCE FROM INDONESIAN REAL ESTATE COMPANIES
This study investigates the impact of stock prices and Good Corporate Governance (GCG) on company value in the property and real estate sector listed on the Indonesia Stock Exchange, an industry pivotal to economic growth yet prone to market volatility and governance deficiencies. Given Indonesia’s rising urbanization and investment inflows, understanding value drivers in this sector is crucial for sustainable development and investor protection. Using panel data regression from 2020–2023, we analyze stock price, audit committee size, managerial ownership, board of directors, and independent board of commissioners as key determinants. Results reveal that stock price and managerial ownership exert a significant positive effect on firm value, indicating market efficiency and effective alignment of managerial incentives. However, audit committee, board of directors, and independent commissioners show no significant influence, suggesting structural weaknesses in oversight and decision-making independence. Collectively, all variables significantly enhance firm value, emphasizing the interplay between market signals and governance. This study contributes to the literature by offering timely empirical evidence from an emerging market with evolving regulatory frameworks. Its novelty lies in integrating market-based performance (stock price) with multidimensional GCG indicators in the Indonesian real estate context—underexplored in prior research. Furthermore, it provides policy implications for regulators to strengthen board independence and monitoring mechanisms to improve corporate accountability and long-term value creation.