Journal of Management

The Role Of Peradi Utama In Enhancing Advocate Quality Through Competence Development In Indonesia

Hardi Fardiansyah, Christina Ekawati — Fri, 25 Sep 2026 00:00:00 +0000

This study aims to analyze the role of the PERADI Utama Advocates Organization in improving the quality of advocates through human resource development in Indonesia. The study is motivated by the increasing demand for advocate professionalism amid the rapid development of law and technology, requiring advocate organizations not only to perform administrative functions but also to play an active role in developing the competence of their members. This research employed a qualitative approach using a case study method. Data were collected through in-depth interviews with 15 informants consisting of members of the Central Executive Board, instructors of the Special Advocate Professional Education Program (Pendidikan Khusus Profesi Advokat/PKPA), and practicing advocates, supported by participatory observation and document analysis. Data were analyzed using Braun and Clarke's thematic analysis, while data validity was ensured through triangulation and member checking. The findings reveal that PERADI Utama performs four strategic roles: as a gatekeeper through PKPA and the Advocate Professional Examination (UPA), as a learning center through continuing legal education, as a standard setter through competency standards, and as a guardian of ethics through its Honorary Council. The study also identifies supporting factors, including organizational leadership, management commitment, digital technology utilization, and institutional collaboration, as well as inhibiting factors such as limited funding, unequal access to professional education, and varying levels of member participation. To address these challenges, the organization has implemented strategies including digital learning, continuing professional education, expanded institutional collaboration, and strengthened program evaluation. This study concludes that advocate organizations play a significant role as learning institutions in fostering advocate competence, professionalism, and integrity on a sustainable basis

The Mediation Role of Motivation In The Influence Of Competency On Employee Performance

Muji Rahayu, Chandra Kesuma Widhiarti — Wed, 01 Jul 2026 00:00:00 +0000

This study aims to determine the role of competence in improving employee performance through motivation. The population is ASN employees of the X City Regional People's Representative Council (DPRD) Secretariat. The sampling technique used saturated sampling technique, namely all members of the population. Data collection was carried out by distributing questionnaires. This study uses a descriptive and verification approach with a survey method. Data processing was carried out using SPSS. After hypothesis testing, it can be concluded that competence and motivation partially have a positive and significant influence on employee performance. Likewise, competence and motivation simultaneously have a significant influence on performance. Mediation analysis used Process Macro Hayes analysis. The results of the hypothesis test state that motivation is proven to significantly mediate the influence of competence on performance. These results can be interpreted as high motivation can increase the influence of competence on employee performance.

THE ROLE OF CRYPTO ASSET DIVERSIFICATION IN REDUCING RETAIL INVESTOR PORTFOLIO RISK

Fri, 23 Oct 2026 00:00:00 +0000

Crypto assets are often promoted to retail investors as a diversifier that can reduce portfolio risk. This study examines whether, and in what sense, this claim holds for Indonesian retail investors. Using daily data from 3 January 2018 to 30 June 2026, it adds allocations of 0 to 20% in Bitcoin to conservative, moderate, and aggressive portfolios of Indonesian stocks, government bonds, and gold, and compares a single coin crypto allocation with diversified crypto baskets. Risk is measured by volatility, Value at Risk, Expected Shortfall, maximum drawdown, and risk contributions, and differences in Sharpe ratios are tested with a stationary block bootstrap. The results show that crypto does not reduce total portfolio volatility: because its volatility is about 4 times that of stocks, even a 5% allocation raises the volatility of the moderate portfolio from 8.2% to 9.1% and accounts for 20% of its risk. However, its low correlation with traditional assets (0.24 with stocks) means that small allocations raise risk less than proportionally, improve the Sharpe ratio significantly, and even reduce the maximum drawdown and the worst monthly loss. Diversifying across several coins within the crypto allocation does not reduce risk, since crypto assets are highly correlated with one another (average correlation 0.75). Disciplined rebalancing is essential: without it, a 5% allocation drifted to as much as 42% of the portfolio and doubled its volatility. The findings suggest that crypto improves risk adjusted returns when held in small, rebalanced positions, rather than reducing risk in absolute terms.

Implementation of Digital-Based Accounting: The Impact of Accounting Information System Adoption on Financial Reporting Efficiency

Fri, 28 Aug 2026 00:00:00 +0000

The increasing complexity of business transactions and the growing demand for timely, accurate, and transparent financial information have driven organizations to shift from manual bookkeeping toward digital-based accounting through the adoption of Accounting Information Systems (AIS). This study aims to examine the impact of AIS adoption on the efficiency of financial reporting, with a focus on processing speed, data accuracy, and compliance with reporting standards. A quantitative approach was employed, involving 120 respondents consisting of accounting staff and financial managers from small and medium-sized enterprises (SMEs) and service-sector organizations that have implemented computer-based accounting systems. Data were collected through a structured questionnaire and analyzed using multiple linear regression. The results reveal that AIS adoption, measured through system quality, information quality, and user competence, has a positive and significant effect on financial reporting efficiency. Among the three dimensions, information quality shows the strongest influence, followed by system quality and user competence. These findings indicate that the effectiveness of digital accounting implementation depends not only on the sophistication of the technology itself but also on the quality of the information it produces and the readiness of the users operating it. The study offers practical implications for organizations seeking to strengthen their financial reporting processes through more strategic AIS investment and structured user training programs.

Comparative Analysis Of Cryptocurrency And Lq45 Stock Portfolio Performance Using Sharpe, Treynor, And Jensen Methods

Wed, 21 Oct 2026 00:00:00 +0000

This study compares the risk-adjusted performance of a cryptocurrency portfolio and an LQ45 stock portfolio on the Indonesia Stock Exchange using the Sharpe, Treynor, and Jensen methods. The sample consists of five major cryptocurrencies (Bitcoin, Ethereum, BNB, Solana, and XRP) and ten LQ45 stocks, observed monthly from January 2021 to June 2026 (66 months), with the Jakarta Composite Index (JCI) as the market benchmark and the Bank Indonesia (BI) Rate as the risk-free rate. Equal-weighted portfolios are formed for each asset class, and differences in performance are tested using the Jobson–Korkie test with Memmel’s correction. The results show that the cryptocurrency portfolio delivers a much higher annualized return (44.1% versus 0.8%) and higher Sharpe, Treynor, and Jensen values than the LQ45 portfolio, but at the cost of extreme volatility and a maximum drawdown of 91%. The difference in Sharpe ratios is not statistically significant over the full sample, though it is significant in 2021–2023. Rankings across the three measures are broadly consistent. Adding a small allocation of cryptocurrency (5–10%) to an LQ45 portfolio improves its Sharpe ratio. The findings suggest that cryptocurrency is better viewed as a small satellite allocation than as a substitute for blue-chip stocks.

Mobile Marketing and its Effect on Consumer Engagement in Emetging Markets

Tirta Mulyadi, Fitriyah Astri, Ira Ningrum Resmawa — Tue, 18 Aug 2026 00:00:00 +0000

Mobile devices have become the primary gateway through which consumers in emerging markets access the internet, transact commercially, and interact with brands, a pattern driven by widespread smartphone affordability, expanding mobile network infrastructure, and the frequent absence of a preceding desktop-internet adoption phase. This article examines how mobile marketing, encompassing SMS and push notification campaigns, mobile applications, location-based marketing, mobile social media advertising, and mobile payment-integrated promotions, affects consumer engagement in emerging market contexts, and identifies the boundary conditions that differentiate emerging market dynamics from those observed in mature, high-income markets. Using a systematic narrative literature review method that synthesises academic and industry sources on mobile marketing, consumer engagement theory, and emerging market consumer behaviour, this study finds that mobile marketing exerts a generally positive effect on consumer engagement in emerging markets through mechanisms of perceived personalisation, interactivity, and convenience, consistent with the Technology Acceptance Model and the broader engagement marketing literature. However, this effect is substantially moderated by emerging-market-specific conditions, including infrastructural constraints such as intermittent connectivity and data cost sensitivity, a predominance of mobile-first rather than mobile-supplementary consumer journeys, high reliance on mobile money and QR-based payment rails, elevated privacy and trust concerns arising from lower regulatory maturity, and pronounced heterogeneity in digital literacy across urban and rural populations. The article further finds that engagement outcomes differ meaningfully by campaign format, with app-based loyalty mechanics and mobile-payment-integrated promotions generally outperforming undifferentiated SMS blasts, and with locally adapted, low-bandwidth creative formats outperforming content ported directly from developed-market campaigns. The article concludes with a conceptual framework linking mobile marketing instruments to engagement outcomes through the moderating role of infrastructural and socio-cultural context, and offers implications for marketers and platform designers operating in emerging economies.

Analysis Of The Contagion Effect Between The Cryptocurrency Market And The Indonesian Stock Market

Dewi Yolanda Putri, Kania Laelawati, Arasy Alimudin, Ibnu Fajarudin, Nila Sari — Wed, 21 Oct 2026 00:00:00 +0000

This study analyzes whether financial crises are transmitted between the cryptocurrency market and the Indonesian stock market through contagion, defined as a significant increase in cross market linkages after a shock, or merely through normal interdependence. Using daily returns of Bitcoin (BTC), Ethereum (ETH), the Jakarta Composite Index (JCI), and the IDX technology sector index (IDXTECHNO) from 3 January 2018 to 30 June 2026, the study examines three crises: the COVID crash of 2020, which originated in traditional markets, and the Terra (LUNA) and FTX collapses of 2022, which originated in the crypto market. Three complementary methods are used: the adjusted correlation test of Forbes and Rigobon (2002), the dynamic conditional correlation (DCC) GARCH model, and the spillover index of Diebold and Yilmaz (2012). The results show that during the COVID crash, the shock from the stock market spread to the crypto market, with significant contagion to Ethereum and weak contagion to Bitcoin even after correcting for heteroskedasticity. During the crypto crises, contagion did not reach the broad Indonesian market: correlations between crypto and the JCI declined. The technology sector, however, experienced significant contagion during the Terra (LUNA) collapse and a sharp rise in dynamic correlation during both crypto crises. The total spillover index averages 29.2%, with crypto assets acting as net transmitters and Indonesian stocks as net receivers, and it rises markedly after each crisis. The findings indicate that crypto shocks are transmitted selectively to the Indonesian technology sector rather than to the market as a whole.

Marketing Meets Money: The Role of Marketing Mix, Financial Literacy, and Brand Trust in Shaping Retail Investors' Decisions on Digital Investment Platforms in Indonesia

Adine Setya Wardhani, Widaningsih — Wed, 22 Jul 2026 00:00:00 +0000

Financial decision-making has traditionally been examined through the lens of economic rationality and behavioral finance, while the persuasive role of marketing has received comparatively little attention in finance research. This study bridges the finance and marketing literatures by examining how marketing mix, financial literacy, and brand trust jointly influence retail investors' decisions to invest through digital investment platforms in Indonesia. Using a quantitative explanatory design, data were collected from 250 active users of fintech investment applications through an online structured questionnaire and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that marketing mix and brand trust significantly and positively influence investment intention, that brand trust partially mediates the effect of marketing mix on investment intention, and that financial literacy significantly moderates the relationship between investment intention and actual investment decisions by strengthening the conversion of intention into action. These findings indicate that investment decisions in the digital era are not purely rational financial calculations but are also shaped by marketing-driven perceptions of value and credibility. The study contributes to the emerging literature at the intersection of behavioral finance and marketing management, and offers practical guidance for fintech platforms in designing marketing communication strategies that build long-term investor trust rather than relying solely on short-term promotional incentives.

QRIS Adoption and Its Impact on the Financial Performance of MSMEs in the Digital Era

Indah Ariffianti, Erviva Fariantin, Yusi Faizathul Octavia, Ulfiyani Asdiansyuri — Mon, 05 Oct 2026 00:00:00 +0000

The Quick Response Code Indonesian Standard (QRIS) has become the main entry point of micro, small, and medium enterprises (MSMEs) into Indonesia's digital financial ecosystem, yet adoption figures say little about whether adoption improves business finances. This article explains how QRIS adoption may affect MSME financial performance and under what conditions. An integrative narrative review combines technology-adoption theory, payment-economics and small-business-finance literature, and Bank Indonesia statistics and policy announcements reported up to October 2026. The synthesis identifies three groups of adoption determinants (technological, organizational, environmental) and four channels to financial performance: market reach and sales, cost and operating efficiency, quality of financial records, and access to financing. These effects are conditional on merchant size, sector, digital and financial literacy, connectivity, and the fee regime, including the expanded zero merchant discount rate (MDR) that took effect on 1 October 2026. The article advances six propositions and a conceptual framework and argues that acceptance of QRIS alone does not guarantee better performance: benefits depend on whether owners use the transaction data and cash-flow visibility that QRIS generates. Implications for owners, providers, and regulators and a research agenda are discussed.

The relationship between job satisfaction, work-life balance and organizational commitment on employee performance. Academic Journal of Economic Studies

Amrina Rais, Nuuridha Matiin, Rosmiati Pakata, Endang Prihatiningsih — Wed, 01 Jul 2026 00:00:00 +0000

This study aims to determine the effect of work motivation and rewards on employee performance with job satisfaction as a mediating variable (case study of the East Kutai Regency Secretariat, Protocol and Leadership Communication Division). The sample size used was 54 respondents selected using Non-Probability Sampling using a census technique filled out by all ASN in the East Kutai Regency Secretariat, Protocol and Leadership Communication Division. The data analysis used in this study was quantitative descriptive, using multiple linear regression analysis and path analysis. The results of this study are as follows: Z = 1.994 + 0.730 X1 + 0.858 X2 and Y = 16.560 + 0.360 X1 + 0.652 X2 + 0.045 Z. The results of the t test show that work motivation and rewards have an effect on job satisfaction. Work motivation and job satisfaction do not have an effect on employee performance. While rewards have an effect on employee performance. The indirect effect between work motivation and rewards does not have an effect on employee performance through job satisfaction. The first coefficient of determination obtained from the independent variables (X1 & X2 against Z) in this study is 89.4 percent and the second coefficient of determination obtained from the independent variables (X1, X2 & Z against Y) in this study is 64.1 percent.

WORKING CAPITAL MANAGEMENT EFFICIENCY AND FIRM PROFITABILITY ACROSS DIVERSE BUSINESS CYCLES

Rianda Hanis, Mirza Hapsari Hasidin, Slamet Maryoso, Asadul Usud Boyratan, Yudi — Sat, 24 Oct 2026 00:00:00 +0000

Working capital management (WCM) determines how quickly a firm turns its investment in receivables and inventories back into cash, but it is not clear whether efficient WCM matters equally for profitability in good and bad times. This study examines the relationship between WCM efficiency and firm profitability in expansion, moderate growth, and contraction phases of the business cycle. Using a panel calibrated to 160 manufacturing firms listed on the Indonesia Stock Exchange over 2010 to 2025 (2,428 firm years), it estimates two way fixed effects models with firm clustered standard errors, with the cash conversion cycle (CCC) and its components as efficiency measures. A longer CCC is associated with lower profitability: a 10 day increase reduces return on assets (ROA) by 0.15 percentage points, driven by longer receivable and inventory periods. The penalty is larger in contraction (0.21 points) than in expansion (0.12 points), but this amplification is not robust to alternative specifications. It is concentrated in small, financially constrained firms, for which a 10 day longer CCC reduces ROA by 0.39 points in contraction against 0.15 points for larger firms, a result that holds in most robustness tests. Net working capital has an inverted U shaped relation with ROA, with an optimum of about 20% of total assets in normal periods and about 25% in contraction, and almost two thirds of observations lie below the optimum. The findings suggest that WCM should be managed counter cyclically: shortening receivable and inventory periods while preserving a liquidity buffer before and during downturns, especially in smaller firms.

The Impact of Dynamic Pricing Strategies on Operating Profit and Consumer Perceptions of Price Fairness

Ami Nurhayati — Mon, 31 Aug 2026 00:00:00 +0000

Dynamic pricing, a strategy in which prices are adjusted in real time based on demand, capacity, competitor behavior, and other market signals, has become increasingly common across industries such as transportation, hospitality, and e-commerce. While dynamic pricing offers firms the potential to optimize revenue and operating profit, it also raises concerns regarding consumer perceptions of price fairness, which may in turn affect customer satisfaction and loyalty. This study examines the impact of dynamic pricing strategies on operating profit and consumer perceptions of price fairness, and further investigates whether perceived price fairness moderates the relationship between dynamic pricing intensity and customer loyalty. A quantitative approach was employed using data from 145 consumers who had recently purchased ride-hailing or online travel services that employ dynamic pricing, combined with financial performance data from four service providers. Data were analyzed using multiple linear regression and moderated regression analysis. The results show that dynamic pricing intensity has a positive and significant effect on operating profit, but a negative and significant effect on perceived price fairness. Furthermore, perceived price fairness is fo und to significantly moderate the relationship between dynamic pricing intensity and customer loyalty, such that the negative effect of aggressive dynamic pricing on loyalty is substantially amplified when consumers perceive prices as unfair. These findings suggest that while dynamic pricing can enhance short-term financial performance, firms must carefully manage pricing transparency and communication to mitigate the risk of long-term customer attrition.

Cryptocurrency Investment Risk Analysis Using The Value At Risk (Var) Method

Thu, 22 Oct 2026 00:00:00 +0000

Cryptocurrencies offer high potential returns but expose investors to extreme price fluctuations, making the measurement of downside risk essential. This study analyzes the investment risk of five major cryptocurrencies (Bitcoin, Ethereum, BNB, Solana, and XRP) and an equally weighted portfolio using the Value at Risk (VaR) method. Daily data from 2 January 2020 to 30 June 2026 are used to estimate one day VaR at the 95% and 99% confidence levels with five approaches: historical simulation, the variance covariance (normal) method, the Cornish Fisher modified VaR, Monte Carlo simulation with Student t innovations, and a GARCH(1,1) model with Student t errors. Expected Shortfall is computed as a complementary measure. The accuracy of each approach is evaluated through out of sample backtesting over 1,642 days using the Kupiec unconditional coverage test and the Christoffersen conditional coverage test. The results show that cryptocurrency returns are strongly non normal, with excess kurtosis for all assets. At the 99% level, the one day VaR ranges from 5.87% to 11.93% under historical simulation, implying a potential daily loss of up to Rp11.928.115 on an investment of Rp100 million in Solana. The normal VaR underestimates extreme losses and is rejected at the 99% level for 3 of six series, whereas the GARCH t model passes all backtests at both confidence levels. The portfolio reduces VaR by about 28% compared with the average individual asset. The findings recommend that crypto investors and platforms use fat tailed, volatility sensitive VaR models rather than the normal approach.

The Role of the Village-Owned Enterprise (BUMDes) "Dewa Utama" in Improving the Economy of the Community in Watu Village, Marioriwawo District

Darmawati Manda, Andi Tenry Sose — Mon, 24 Aug 2026 00:00:00 +0000

Village-Owned Enterprises (BUMDes) serve as strategic instruments for fostering village economic growth by optimizing local potential and professionally managing village assets. This study aims to analyze the role of BUMDes "Dewa Utama"—located in Watu Village, Marioriwawo District—in boosting the local economy, while also examining its capital structure, business units, and financial performance. A qualitative descriptive method with a case study approach was employed; data were gathered from the official BUMDes Dewa Utama profile document and supplemented by a literature review. The findings reveal that BUMDes Dewa Utama, established on July 7, 2016, manages two primary business units: a retail unit marketing MSME products and local processed foods, and the "Watu Utama" sewing unit, which provides tailoring, alteration, and school uniform manufacturing services. Regarding capital, the total village capital injection received by the BUMDes up to 2022 amounted to IDR 455,978,395; the current remaining capital stands at IDR 255,978,395, following an allocation of IDR 200,000,000 for the development of the retail unit. Financial data indicate business earnings of IDR 10,550,000 and assets totaling IDR 65,894,000 with no outstanding debt, although there are still accounts receivable amounting to IDR 63,170,000. The study concludes that BUMDes Dewa Utama has contributed to strengthening the village economy through business unit diversification; however, it requires improved accounts receivable management and market expansion to further optimize its contribution to the Village's Own-Source Revenue (Pendapatan Asli Desa).

Business Feasibility Analysis for the Development of the Semadi Putra Chicken Slaughterhouse Business

Ni Luh Kardini, Ni Putu Andini Desiyanti Laksmi, Nadilah Sukmawati — Wed, 21 Oct 2026 00:00:00 +0000

This study evaluates the feasibility of developing PT Semadi Putra, a chicken slaughtering and fresh-broiler distribution business in Denpasar, Bali. The assessment integrates market and marketing, technical and operational, legal, management and human resources, financial, socio-economic, and environmental aspects. A descriptive design combining qualitative and quantitative evidence was applied. Primary data were obtained through observation and in-depth interviews; internal respondents comprised 12 owners and employees using census sampling, while business-to-business customers were selected purposively. Secondary data included company financial records for 2022-2025. SWOT analysis was combined with Net Present Value, Internal Rate of Return, Payback Period, Profitability Index, and Break-Even Point analysis. A proposed Rp200,000,000 investment generated a positive NPV, an IRR above the discount rate, a short payback period, and a PI above one. The development is feasible if implemented in stages, with NKV and halal certification, wastewater treatment, operational standardization, and stronger internal governance completed before full capacity expansion.

Digital Transformation In Human Resource Management: Its Impact On Employee Performance In The Industry 5.0 Era

Akhmad Baidun, Warkianto Widjaja, Arfin Bagea, Dwi Zulkifar Mulyadi, Muh. Yasin — Tue, 11 Aug 2026 00:00:00 +0000

The transition from Industry 4.0 toward Industry 5.0 has repositioned the human workforce from a peripheral component of automated production systems to the central, value-defining element of organisational strategy, placing renewed emphasis on human-centricity, sustainability, and resilience alongside continued technological advancement. Within this shift, human resource management has itself undergone substantial digital transformation, encompassing the adoption of artificial intelligence in recruitment and selection, data analytics in performance management, cloud-based human resource information systems, and digital learning platforms for continuous employee development. This article examines how digital transformation in human resource management affects employee performance specifically within the human-centric context that Industry 5.0 introduces, addressing the theoretical and practical tension between technology-driven efficiency and the renewed organisational commitment to employee wellbeing and human agency. Using a systematic narrative literature review method that synthesises recent academic literature on digital human resource management, Industry 5.0, and employee performance, together with current industry evidence on human resource technology adoption, this study finds that digitally transformed human resource practices, including AI-assisted talent acquisition, digital learning and development platforms, data-driven performance management, and employee self-service systems, are positively associated with employee performance through mediating mechanisms of engagement, perceived organisational support, and psychological empowerment. The review further finds that this positive relationship is contingent upon Industry 5.0-consistent implementation conditions, including human oversight of algorithmic decisions, transparent and explainable use of employee data, continued investment in reskilling and upskilling, and preservation of meaningful human interaction within otherwise automated human resource processes. Where digital human resource management is implemented in a purely efficiency-maximising manner without these human-centric safeguards, the review identifies a documented risk of diminished trust, algorithmic aversion, and disengagement that can offset or reverse the performance gains technology adoption is intended to produce. The article concludes with an integrative framework distinguishing human-centric from purely efficiency-driven digital human resource management, and offers implications for organisations seeking to realise the performance benefits of digital transformation while remaining aligned with the human-centric imperative of Industry 5.0.

The Role Of Reskilling And Upskilling In Enhancing Employee Employability In Technology-Based Industries Among SMEs In Lombok, West Nusa Tenggara

Muhamad Ahyat, Zulkarnaen — Mon, 05 Oct 2026 00:00:00 +0000

The rapid adoption of digital technologies is changing the skills required by employees and increasing pressure on small and medium-sized enterprises (SMEs) to develop a workforce that can adapt to technological change. This article examines the role of reskilling and upskilling in enhancing employee employability in technology-based industries among SMEs in Lombok, West Nusa Tenggara (NTB). The study uses a qualitative literature-based approach, drawing on recent international and Indonesian policy literature on digital transformation, workforce skills, employability, SMEs, and lifelong learning. The analysis indicates that reskilling and upskilling contribute to employability through three interconnected mechanisms: strengthening technical and digital competencies, improving adaptive and transferable capabilities, and increasing employees’ ability to move across tasks, occupations, and changing business models. For SMEs in Lombok, the importance of these practices is amplified by resource constraints, limited access to specialized talent, uneven digital maturity, and the geographic dispersion of businesses. The article further argues that training should not be limited to software operation or basic digital literacy. It should integrate technological literacy with analytical thinking, communication, problem solving, customer orientation, cybersecurity awareness, and continuous learning. A contextualized SME skills ecosystem involving business owners, employees, local government, vocational and higher-education institutions, technology providers, and industry associations is therefore needed. The article concludes that reskilling and upskilling should be treated not merely as training activities but as strategic human resource practices that support both employee employability and SME competitiveness.

Financial Literacy, Fintech Adoption, and the Financial Performance of Micro, Small, and Medium Enterprises (MSMEs) in Indonesia

Sugianto, Maria Lusiana — Fri, 10 Jul 2026 00:00:00 +0000

This study examines the influence of financial literacy and financial technology (fintech) adoption on the financial performance of Micro, Small, and Medium Enterprises (MSMEs) in Indonesia. MSMEs constitute the backbone of the Indonesian economy, yet many continue to face constraints in accessing formal financial services and managing financial resources effectively. Using a quantitative approach with data collected from 150 MSME owners across West Java through a structured questionnaire, this study applies multiple linear regression to test the proposed hypotheses. The results indicate that both financial literacy and fintech adoption have a positive and significant effect on MSME financial performance, with fintech adoption showing a slightly stronger influence. These findings suggest that policies aimed at improving financial literacy and expanding access to digital financial services can meaningfully strengthen the resilience and growth of MSMEs. The study contributes to the growing body of literature on digital financial inclusion in emerging economies and offers practical implications for policymakers, financial institutions, and MSME actors.

AN ANALYSIS OF THE ROLE OF PRICE FAIRNESS PERCEPTION AS A MEDIATING VARIABLE BETWEEN DYNAMIC PRICING STRATEGY AND CONSUMER BRAND TRUST

Ami Nurhayati, Desy Sriwulan — Mon, 26 Oct 2026 00:00:00 +0000

Dynamic pricing is now common on digital platforms in Indonesia, yet frequent price changes may be judged as unfair and may erode the trust that consumers place in a brand. This study examines whether price fairness perception mediates the relationship between dynamic pricing strategy and consumer brand trust. Using survey data from 320 Indonesian consumers of ride hailing, online travel, and food delivery services, the study estimates a simple mediation model with age, gender, and usage frequency as controls and tests the indirect effect with a percentile bootstrap (5,000 resamples). Stronger perceived dynamic pricing lowers price fairness perception (a = −0.44, p < 0.001), and price fairness perception strongly raises brand trust (b = 0.54, p < 0.001). The total effect of dynamic pricing on brand trust is negative (c = −0.33), but once price fairness perception is included the direct effect is no longer significant (c′ = −0.09, p = 0.082). The indirect effect is −0.23 (95% CI −0.30 to −0.17) and accounts for about 72% of the total effect, which indicates full mediation in this sample. The mediation holds in all three service categories and is strongest for ride hailing. The findings suggest that firms should manage the perceived fairness of dynamic prices, and not only the price level itself, in order to protect brand trust.