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All Journal SAUJANA : Jurnal Perbankan Syariah dan Ekonomi Syariah
La Himmah il Princess Choris
Universitas Airlangga
Religion Humanities Economics, Econometrics & Finance Education Social Sciences

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Evaluating Airline Performance through Financial Ratios and the Balanced Scorecard: A Comparative Study of Singapore Airlines and Garuda Indonesia La Himmah il Princess Choris
SAUJANA : Jurnal Perbankan Syariah dan Ekonomi Syariah Vol 8 No 2 (2026): SAUJANA : Jurnal Perbankan Syariah dan Ekonomi Syariah
Publisher : STEI Kanjeng Sepuh Gresik Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59636/saujana.v8i2.350

Abstract

The post-pandemic recovery of the airline industry requires performance evaluation that captures not only financial outcomes but also strategic resilience, customer trust, operational efficiency, and organizational capability. This study aims to compare the performance of Singapore Airlines and Garuda Indonesia during 2019–2023 using an integrated financial ratio and Balanced Scorecard approach. The study applies a quantitative-descriptive comparative design based on secondary data from the annual reports of both airlines. Financial performance is assessed through profitability indicators, including return on assets, return on equity, net profit margin, and operating profit margin, while the Balanced Scorecard evaluates four perspectives: financial, customer, internal business process, and learning and growth. The results show that both airlines experienced severe disruption during 2020–2021, followed by recovery in 2022–2023. Singapore Airlines demonstrated a more stable and consistent recovery across all performance dimensions, supported by stronger profitability, service reputation, operational discipline, and workforce productivity. Garuda Indonesia also showed significant improvement, particularly in revenue and operating profit, but its recovery followed a deeper decline and appeared more dependent on restructuring, external intervention, and short-term efficiency measures. These findings indicate that airline recovery cannot be adequately explained by financial ratios alone. A multidimensional framework is needed to distinguish temporary financial rebound from sustainable strategic resilience. This study contributes to airline performance measurement literature by offering an integrated model for assessing post-crisis recovery and provides practical insights for airline managers, regulators, and investors seeking sustainable aviation strategies.
Entrepreneurial Capability and Digital Literacy as Drivers of Micro-Enterprise Sustainability in Surabaya, Indonesia La Himmah il Princess Choris
SAUJANA : Jurnal Perbankan Syariah dan Ekonomi Syariah Vol 8 No 3 (2026): SAUJANA : Jurnal Perbankan Syariah dan Ekonomi Syariah
Publisher : LPPM STEI Kanjeng Sepuh Gresik Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59636/saujana.v8i3.353

Abstract

Micro-enterprises increasingly depend on internal managerial capabilities and effective engagement with digital technologies to maintain sustainable performance under changing market conditions. This study examines the relationships between entrepreneurial capability, digital literacy, and micro-enterprise sustainability in Surabaya, Indonesia, while comparing the relative contribution of the two predictors. A cross-sectional quantitative survey was conducted involving 55 micro-entrepreneurs selected through purposive sampling. Entrepreneurial capability, digital literacy, and sustainability were measured using a five-point Likert scale, and the data were analysed through partial least squares structural equation modelling. The findings show that entrepreneurial capability is positively and significantly associated with micro-enterprise sustainability, with a path coefficient of 0.588, a test statistic of 5.398, and a probability value below 0.001. Digital literacy also demonstrates a positive and significant relationship with sustainability, with a path coefficient of 0.279, a test statistic of 2.599, and a probability value of 0.009. Entrepreneurial capability therefore exhibits a stronger relationship with sustainability than digital literacy. Active learning, analytical ability, passion, and self-achievement emerged as prominent elements of entrepreneurial capability, while information management and digital safety were central components of digital literacy. These results indicate that digital competence is valuable but may generate greater sustainability benefits when supported by leadership, managerial judgement, and the ability to translate technological resources into business decisions. The study contributes contextual evidence from an Indonesian urban setting by integrating entrepreneurial capability and digital literacy within one model of economic, social, and environmental sustainability. Capacity-development initiatives should therefore combine entrepreneurial training with practical digital-literacy and cybersecurity education.
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