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GAMIFICATION AND CUSTOMER LOYALTY: THE MEDIATING ROLE OF USER ENGAGEMENT AMONG SHOPEE USERS IN INDONESIA Hermanto; Belinda Mora Siagian
JEMI is managed and published by the Management Study Program, Faculty of Economics and Business, Kutai Kartanegara University. Institutional legality is reflected in the ISSN number: 1411-9560 published by LIPI in 2003 as a manifestation of the comm Vol 26 No 1 (2026)
Publisher : FAKULTAS EKONOMI DAN BISNIS UNIKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53640/6egzkj54

Abstract

This study investigates how gamification features implemented in Shopee influence customer loyalty through the mediating role of user engagement among Indonesian users. A quantitative approach was applied using survey questionnaires distributed to 200 respondents selected through purposive sampling. Data were analyzed using the PLS-SEM method with SmartPLS 4 to examine construct reliability, validity, and relationships among variables. The findings reveal that gamification positively and significantly affects customer loyalty with a coefficient value of 0.435 and user engagement with a coefficient value of 0.672. Furthermore, user engagement also has a positive and significant effect on customer loyalty with a coefficient value of 0.435. The indirect effect analysis indicates that user engagement partially mediates the relationship between gamification and customer loyalty, with a coefficient value of 0.292. The coefficient of determination (R²) values show that the model explains 63.3% of the variance in customer loyalty and 45.2% of the variance in user engagement. Overall, the results confirm that gamification plays an important role in enhancing user engagement and strengthening customer loyalty on Shopee in Indonesia.
GOOD CORPORATE GOVERNANCE, FINANCIAL PERFORMANCE, AND FIRM VALUE IN LQ45 COMPANIES DURING ECONOMIC UNCERTAINTY Belinda Mora Siagian; Hermanto
JEMI is managed and published by the Management Study Program, Faculty of Economics and Business, Kutai Kartanegara University. Institutional legality is reflected in the ISSN number: 1411-9560 published by LIPI in 2003 as a manifestation of the comm Vol 26 No 1 (2026)
Publisher : FAKULTAS EKONOMI DAN BISNIS UNIKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53640/kh3a3v19

Abstract

This research investigates how Good Corporate Governance, financial performance, and economic uncertainty influence firm value among firms categorized within the LQ45 index throughout 2020–2024. The originality of this study lies in the inclusion of economic uncertainty proxied by the BI Rate together with managerial ownership and financial performance in explaining firm value during unstable economic conditions in Indonesia. This study aims to analyze the effect of managerial ownership (KM), Return on Assets (ROA), and the BI Rate on firm value proxied by Price to Book Value (PBV), with firm size used as a control variable. This study employed a quantitative approach using panel data obtained from annual reports and official publications of companies listed in the LQ45 index. The data were analyzed using panel data regression with STATA software. The results indicate that ROA has a positive and significant effect on firm value, while the BI Rate has a negative and significant effect on firm value. Meanwhile, managerial ownership does not significantly affect firm value. Firm size was found to positively influence firm value. These findings imply that profitability and macroeconomic stability are important factors in maintaining investor confidence and increasing firm value during periods of economic uncertainty. Keywords : Good Corporate Governance, Financial Performance, Economic Uncertainty, Firm Value, BI Rate