Jurnal Penelitian Ekonomi dan Bisnis

Impact of Israelli-Boycotts on Stock Volatility: A GARCH Analysis of Unilever and Indofood

Fuad Hasyim — 2025-09-29

This study examines the impact of boycotts on stock volatility, focusing on three major companies: Unilever Indonesia (UNVR), Unilever Global (ULVR), and PT Indofood Sukses Makmur (INDF). Utilizing the GARCH (1,1) model, the research analyzes the volatility patterns of these stocks over a specified period, incorporating external events such as boycotts. The findings reveal that UNVR exhibits higher volatility compared to ULVR and INDF, indicating its greater sensitivity to market changes. Interestingly, the study finds that the dummy variable representing war events is not significant in explaining stock return volatility, suggesting that such events do not meaningfully impact volatility during the observation period. However, a noticeable decline in stock prices for UNVR and ULVR during the boycott period highlights the nuanced effect of external pressures on market performance. These results underscore the importance of understanding the differential impacts of external events on stock volatility and prices, providing valuable insights for investors and policymakers in managing risk and making informed decisions.

Role of Financial Indicators and Firm Characteristics in Determining Firm Value

Fattah Rahman Jatmiko — 2025-09-29

Market value reflects investor confidence in a company’s future performance. A higher market value suggests stronger growth potential and, correspondingly, indicates a greater level of shareholder wealth. Consequently, understanding the factors that influence company value is important. This study seeks to provide empirical evidence regarding the influence of financial performance and company-specific characteristics on company value. This study focuses on companies listed on the Indonesia Stock Exchange (IDX) in the transportation and logistics sector for the period 2021–2023. A total of 48 data observations were eligible for analysis. The results of the study reveal that financial performance indicators, as proxied by profitability and leverage, do not influence company value. In contrast, company-specific characteristics, as proxied by company size, positively influence company value.

Strategic Innovation Quality: Technological Innovation Capability Model to Improve Competitive Advantage and Human Resource Performance of Tourism Industry

Sudiyono Sudiyono — 2025-09-29

This study aims to analyze the influence of Strategic Innovation Quality (SIQ) on Competitive Advantage (CA) and Human Resource Performance (HRP), with Technological Innovation Capability (TIC) as a mediating variable. The research was conducted on employees of Lawu Group Tourist Attractions in Central Java, with a saturated sample of 255 employees. A quantitative research method was applied using Structural Equation Modeling-Partial Least Squares (SEM-PLS).The results indicate that SIQ has a positive influence on TIC and HRP. TIC also has a positive and significant impact on CA and HRP, while it mediates the relationship between SIQ and CA. However, the direct relationship between SIQ and CA is not significant, suggesting that technological innovation capability plays a more dominant role in creating a competitive advantage than strategic innovation alone. These findings highlight that in the tourism industry, strengthening technological innovation capabilities is crucial for enhancing both competitive advantage and human resource performance.The study's implications suggest that the management of Lawu Group Tourist Attractions should focus on strengthening technological innovation strategies to enhance competitiveness and optimize employee performance. Moreover, organizations need to emphasize technology development as a bridge between strategic innovation and competitive advantage. This research contributes academically to the development of strategic innovation theories in the tourism sector and provides practical recommendations for tourism destination managers to improve organizational performance sustainably.

Analysis of Ease of Use and Perceived Risk on Online Purchase Decisions Through Trust as a Mediating Variable in the Perspective of Islamic Economics

Irohdathul Novianti — 2025-09-29

The rapid growth of e-commerce has transformed consumer behavior, enabling seamless online transactions. However, perceived risks, such as product uncertainty and fraud, hinder consumer trust. This study examines the effects of ease of use and perceived risk on online purchase decisions, mediated by trust, within the Islamic economic framework. Using a quantitative approach, data were collected from 163 Muslim respondents in Malang City through structured questionnaires. Structural Equation Modeling-Partial Least Squares (SEM-PLS) was utilized for data analysis.The findings reveal that ease of use significantly enhances both trust and purchase decisions, while perceived risks negatively impact trust but influence purchase decisions positively when mediated by trust. Trust plays a critical role in bridging ease of use and perceived risk with purchase decisions. From the Islamic economic perspective, the principles of honesty, transparency, and fairness bolster consumer trust and mitigate risks in online transactions. This study highlights the importance of designing user-friendly e-commerce platforms, ensuring secure transactions, and embedding Islamic ethical principles to foster consumer trust and improve purchase decisions. Future research may explore broader contexts and delve deeper into cultural and religious influences on consumer behavior in e-commerce.

Factors Affecting Non-Performing Financing in Islamic Rural Banks: A Case Study of selected East Java Province

Andriyan Eka Sapta — 2025-09-29

This study aims to analyze the significance of the influence of Financing to Deposit Ratio, Operational Costs to Operational Income, Capital Adequacy Ratio, Gross Domestic Product, and BI-Rate on Non-Performing Financing at Islamic Rural Banks in East Java for the 2020–2023 period, either simultaneously or partially. The sample in this study were 22 (twenty-two) Islamic Rural Banks in East Java, which were selected using a purposive sampling technique. The analysis model used in this study is a panel data regression analysis model. The results of proving the hypothesis and discussion show that the Financing to Deposit Ratio, Operational Costs to Operational Income, Capital Adequacy Ratio, Gross Domestic Product, and BI-Rate simultaneously have a significant effect on Non-Performing Financing. Furthermore, Financing to Deposit Ratio partially has a positive but not significant effect on Non Performing Financing, Operational Costs to Operational Income and Gross Domestic Product partially has a positive and significant effect on Non-Performing Financing, Capital Adequacy Ratio partially has a negative significant on Non Performing Financing, and BI-Rate partially has a negative but not significant effect on Non-Performing Financing at Islamic Rural Banks in East Java for the 2020–2023 period.

The Effect of Hedonic Shopping Value on Impulse Buying with Positive Emotion as an Intervening Variable on Tokopedia Consumers

Abdulhadi Hari — 2025-09-29

In the current digital era, online shopping has become an increasingly popular phenomenon, dominating people's consumption patterns. One of the leading e-commerce platforms in Indonesia is Tokopedia, offering a wide range of products and services to its consumers and providing a comfortable and easy shopping experience. This research utilizes a quantitative approach, as the researcher suspects a direct effect of Hedonic Shopping Value on Impulse Buying. Positive Emotion acts as a mediating variable between Hedonic Shopping Value and Impulse Buying. The estimated parameter value of the regression weight coefficient is 0.237, and the CR value is 2.409, indicating a relationship between Hedonic Shopping Value and Impulse Buying. This suggests that the stronger the influence of Hedonic Shopping Value, the more Positive Emotion will increase. The significance test shows a probability value of 0.016 (p < 0.05), indicating that "Hedonic Shopping Value (X)" has a positive and significant effect on Impulse Buying (Y). Based on the Sobel test analysis, the t-value is 2.1967, which is greater than 1.96 with a significance level of 0.016 < 0.05 (5%), thus proving that Positive Emotion serves as a mediating variable in the influence of Hedonic Shopping Value on Impulse Buying

The Influence of Financial Management Quality, Product Innovation, and Ease of Digital Payment on the Performance of Food and Beverage MSMEs in Ponorogo Recency

sephia vinna — 2025-09-29

This research aims to analyze the performance of Food and Beverage MSMEs in Ponorogo which is influenced by several variables, namely Financial Management quality, Product Innovation, Digital Payment, and MSME Performance. This research used a quantitative approach method and the Smart PLS 3.29 application. The determination of sample size was based on the formula proposed by Hair et al. (2009): the minimum sample size is 5-10 times the number of indicators. With 17 indicators and 7 sample sizes, a minimum of 119 samples were obtained. This research uses a non-probability sampling method with a purposive sampling technique. The results of this study found that the quality of financial management has a significant positive effect on MSME performance, supporting operational efficiency and financial stability. In contrast, product innovation does not show a significant impact, possibly due to a lack of relevance to the market or a weak marketing strategy. Digital payments have a significant positive impact, increasing transaction efficiency and customer experience, thereby encouraging MSME business growth. This research focuses on food and beverage MSMEs spread across Ponorogo Regency. This research analyzes the influence of financial management quality, product innovation, and digital payments on MSME performance. By combining these three factors, this research provides a more complete understanding of what influences the success of MSMEs. The results also provide practical input to help MSMEs develop, especially by utilizing technology and good financial management

The Effect of Advertisement, Discounts, and Game Visuals on Interest in Purchasing Cash Game Online (Case Study on Online Game Genshin Impact)

Arlynda Almeira — 2025-09-29

This study aims to analyze the effect of advertisements, discounts, and visual games on buying interest in online cash games (Genshin Impact). The population taken in this research is new Genshin Impact players from the existing community on Twitter and Facebook. After distributing 100 questionnaires to 100 respondents, the results will be analyzed and processed. After the data is collected, the data will be analyzed through several stages, namely Validity and Reliability tests, Normality, Multicollinearity and Heteroscedasticity tests, Multiple Linear Regression Analysis, T and F tests, and the last is the Coefficient of Determination test where all of them are analyzed using IBM SPSS Statistics 25 software. The results show that advertising and visual game variables have a positive and significant effect on purchase intention, while the discount variable does not have a significant effect on purchase intention.