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All Journal ETIKONOMI Jurnal Keuangan dan Perbankan JASF (Journal of Accounting and Strategic Finance) Jurnal Akuntansi International Journal Of Science, Technology & Management (IJSTM) International Journal of Educational Research and Social Sciences (IJERSC) Annals of Human Resource Management Research KEYNESIA : INTERNATIONAL JOURNAL OF ECONOMY AND BUSINESS Jurnal Ilmiah Ilmu Terapan Universitas Jambi Moneter : Jurnal Keuangan dan Perbankan International Journal of Multidisciplinary Research of Higher Education (IJMURHICA) Journal of Multidisciplinary Academic and Practice Studies International Journal of Accounting and Management Information Systems
Abdul Mukti Soma
Universitas Telkom Bandung, Indonesia
Aerospace Engineering Agriculture, Biological Sciences & Forestry Humanities Automotive Engineering Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Chemistry Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Energy Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mechanical Engineering Social Sciences Transportation Other

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The influence of using fintech P2P Lending and QRIS on MSME performance with e-commerce as an intervening variable Driana, Thasania Fitri; Soma, Abdul Mukti; Sitorus, Palti Marulitua
Keynesia : International Journal of Economy and Business Vol. 4 No. 1 (2025): Keynesia: International Journal of Economics and Business
Publisher : ARKA INSTITUTE

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55904/keynesia.v4i1.1263

Abstract

The growth of Financial Technology (Fintech) in Indonesia, particularly Peer-to-Peer (P2P) lending services, has significantly impacted financing access for Small and Medium Enterprises (SMEs) by facilitating loans through digital platforms. This serves as a vital alternative amid traditional financial constraints, promoting the development of Microfinance Institutions (MFIs). Concurrently, e-commerce transformation and Quick Response Code Indonesian Standard (QRIS) implementation have accelerated digital economy growth, enabling SMEs to expand their businesses and reach broader markets. Nonetheless, challenges such as enhanced governance, risk management, and regulatory adaptation remain crucial for supporting sustainable SME growth. This study investigates the effect of P2P Lending and QRIS on SME performance via e-commerce in Bandung City. Using quantitative research methods and a Likert scale, the study surveyed a population of 523,584 SMEs, targeting 300 respondents. Data analysis was conducted using Structural Equation Modeling (SEM) with SmartPLS. Results indicate a significant impact of P2P Lending and QRIS on SME performance through e-commerce, with P2P Lending contributing an influence of 0.109, QRIS 0.121, and e-commerce 0.329. These findings aim to enhance understanding of how P2P Lending and QRIS affect SME performance via e-commerce.
Analysis Of The Level Of User Satisfaction With The Ajaib Application From The E-Service Quality Perspective Using The Importance-Performance Analysis (IPA) Method And Gap Analysis Safitri, Annisa; Mukti Soma, Abdul
International Journal of Educational Research & Social Sciences Vol. 6 No. 3 (2025): June 2025 ( Indonesia - Nigeria - Uzbekistan - Philippines )
Publisher : CV. Inara in Colaboration with www.stie-sampit.ac.id

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51601/ijersc.v6i2.978

Abstract

The number of retail investors in Indonesia continues to grow, particularly in mutual fund and stock investment products. This growth is driven by the emergence of financial technology in the investment sector, which facilitates easier access for the public to open securities accounts. By the end of 2024, there were 6,381,444 stock and other securities investors in Indonesia. The increase in stock investors must be supported by high electronic service quality provided by investment applications to ensure ease of use during transactions.This study aims to assess the level of electronic service quality (e-service quality) of the Ajaib investment application. Additionally, it seeks to identify the gap between customer perceptions and expectations regarding Ajaib’s e-service quality, enabling the company to recognize which dimensions require improvement or should be maintained.This is a descriptive study with a quantitative research method. The sample was obtained using incidental sampling. Primary data was collected by distributing a questionnaire to 385 Millennial users of the Ajaib application. The data were then analyzed using Importance-Performance Analysis (IPA) and gap analysis. The results indicate that the user satisfaction level with Ajaib's e-service quality stands at 94.99% (<100%), suggesting that the application’s performance falls short of user expectations. Descriptive analysis reveals that the importance score (83.99%) exceeds the performance score (79.83%). The attribute that should be the main focus for service improvement, according to the importance-performance analysis quadrant, is ensuring that transactions on the Ajaib platform can be completed quickly.
The Influence Of Performance Expectancy, Effort Expectancy, Social Influence, Facilitating Conditions, And Financial Literacy On Use Behavior Of Buy Now Pay Later Services With Behavior Intention As A Mediating Variable Among Generation Z In The Bandung Raya Area refsi, Firdaus; Mukti Soma, Abdul
International Journal of Educational Research & Social Sciences Vol. 6 No. 3 (2025): June 2025 ( Indonesia - Nigeria - Uzbekistan - Philippines )
Publisher : CV. Inara in Colaboration with www.stie-sampit.ac.id

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51601/ijersc.v6i2.981

Abstract

Growing presence of Buy Now Pay Later (BNPL) services has significantly influenced the way consumers conduct digital transactions. Generally structured as short-term, interest-free credit, these services have rapidly gained traction—especially among younger generations in Indonesia, BNPL services have been on the rise, with significant growth in the number of contracts signed for these services. According to the Financial Services Authority (OJK) report (2023) the number of BNPL contracts in Indonesia reached nearly 80 million in 2023, showing an average annual growth rate of 144.35% in the last five years. This research aims to analyze the factors that influence young people, especially Generation Z, in adopting buy now pay later services. In addition, research was conducted to examine the factors that influence user behavior using the Unified Theory of Acceptance and Use of Technology (UTAUT) theory with the addition of Financial literacy variables. This research uses descriptive research with quantitative methods. The research sample was obtained using 400 respondents. Data was obtained through questionnaires distributed to Gen Z in Greater Bandung. The data was then analyzed with the Statistical Package for Social Science (SPSS). The results showed that the variables of effort expectancy, social influence, and financial literacy have a significant influence on behavior intention. Furthermore, performance expectancy, financial literacy and behavior intention have a significant effect on use behavior. Based on the results of mediation testing, social influence and financial literacy have a significant effect on use behavior through behavior intention as a mediating variable.
The effect of training and work experience on performance: The mediating role of competence at PT Chandra Asri Pacific Feryanto, Muslim; Mulyanti, Rita Yuni; Soma, Abdul Mukti
Annals of Human Resource Management Research Vol. 5 No. 3 (2025): September
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/ahrmr.v5i3.3249

Abstract

Purpose: This study investigates the direct and indirect effects of training and work experience on employee performance, with competence serving as a mediating variable in the Marine Division of PT Chandra Asri Pacific. Methodology: Using a quantitative approach, data were collected from all 66 employees through structured questionnaires and analyzed with Partial Least Squares–Structural Equation Modeling (PLS-SEM). Validity, reliability, and mediation tests ensured robust findings. Results: The results show that work experience and competence significantly influence employee performance directly, while training has no direct effect. However, training enhances competence, which fully mediates its impact on performance. Work experience also affects performance indirectly through competence, indicating partial mediation. The model demonstrates strong explanatory (R² = 0.616) and predictive (Q² > 0.34) power. Conclusions: Competence is the central mechanism translating training and experience into performance outcomes. Training is only effective when it strengthens competence, whereas work experience contributes both directly and indirectly. Limitations: The study’s scope is restricted to a single division with a male-dominated workforce, a cross-sectional design, and exclusive use of quantitative methods, limiting generalizability and contextual depth. Contribution: Theoretically, this research validates competence as a mediator in human capital development. Practically, it highlights the importance of aligning training with competence-building, leveraging experiential learning, and implementing structured HR strategies to strengthen performance in safety-critical industrie.
Comparative analysis of Black-Scholes and GARCH models using collar strategy for hedging in telecommunication industry (Telkom, Xl, Indosat) Soma, Abdul Mukti; Sitepu, Victor Bastanta
International Journal of Accounting and Management Information Systems Vol. 3 No. 2 (2025): August
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/ijamis.v3i2.3334

Abstract

Purpose: This study examines the implementation of option contracts in the Black-Scholes model by comparing historical volatility and GARCH volatility using a collar strategy on TLKM, EXCL, and ISAT shares for the 2007–2024 period, aiming to determine the most appropriate model under crisis and normal conditions. Research/methodology: The Black-Scholes model is applied with two volatility estimation methods historical and GARCH on options with 1-month and 3-month maturities, analyzed across crisis and non-crisis periods. Results: For TLKM, with a 1-month maturity, GARCH outperformed historical volatility except during the 2008–2009 crisis; for 3 months, historical volatility outperformed in 2007, 2008–2009, and 2023–2024. For EXCL, historical volatility outperformed at 3 months in all conditions and at 1 month during crises; GARCH outperformed at 1 month in non-crisis periods. For ISAT, GARCH outperformed at 1 month except during the 2008–2009 crisis; historical volatility outperformed at 3 months during the non-crisis periods of 2007, 2023–2024, and the 2008–2009 crisis. Conclusions: Performance varies by volatility method, maturity, and market condition. GARCH tends to perform better for short-term maturities in non-crisis periods, while historical volatility performs better for longer maturities and certain crisis periods. Limitations: This study is limited to TLKM, EXCL, and ISAT stocks from 2007–2024, using only Black-Scholes and GARCH models with collar strategy, and may not generalize to other sectors or instruments. Contribution: The study offers empirical evidence on optimal volatility modeling for hedging in Indonesia’s telecommunications sector.
Comparison of black scholes and garch models using collar strategy as a hedging efforts in the telecommunication industry (Telkomsel, XL, Indosat) Sitepu, Victor Bastanta; Soma, Abdul Mukti
Journal of Multidisciplinary Academic and Practice Studies Vol. 2 No. 1 (2024): February
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jomaps.v3i3.3209

Abstract

Purpose: This study aims to examine the influence of the internal control system and human resource competence on the quality of financial reports within the Nabire Regency Government. Research/methodology: A quantitative approach was employed using primary data collected through questionnaires distributed to 30 respondents working in financial administration across various regional apparatus organizations (OPD) in Nabire. The data were analyzed using multiple linear regression with SPSS to test the hypotheses regarding the direct effects of internal control and HR competence on report quality. Results: The results indicate that both the internal control system and the competence of human resources have significant positive effects on the quality of financial reporting. The better the internal control mechanisms and the higher the HR competence, the more reliable, accurate, and transparent the financial reports produced by the local government. Conclusions: Strengthening internal controls and enhancing HR competence are essential strategies for improving the quality of local government financial reports, ensuring better public accountability and compliance with reporting standards. Limitations: The study is limited by its small sample size and focus on a single regency, which may restrict the generalizability of findings to other regions or government levels. Contribution: This research contributes to public sector accounting literature by empirically demonstrating how governance and human capital factors influence financial reporting quality in local governments, offering insights for policymakers and practitioners aiming to enhance financial transparency.
Factor affecting islamic fintech adoption by Gen Z in West Java with religion as moderating variable Br Siregar, Kristina Valentina; Soma, Abdul Mukti; Sitorus, Palti Marulitua
Keynesia : International Journal of Economy and Business Vol. 3 No. 2 (2024): Keynesia: International Journal of Economics and Business
Publisher : ARKA INSTITUTE

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55904/keynesia.v3i2.1277

Abstract

In the age of fast digitalization, it’s crucial to comprehend the consumer behavior of the younger generation, particularly in relation to the acceptance of Islamic fintech. This research aims to study the factors that influence Gen Z in adopting Islamic fintech and investigate the potential impact of Religious Orientation. The study uses a questionnaire to collect data from 311 Gen Z in West Java, using SEM-PLS to evaluate the research model and test hypotheses. The results of Smart PLS path analysis revealed that several factors significantly influenced the adoption of Islamic fintech. In particular, perceived risk, financial literacy, perceived benefits and trust, were identified as very important determinants in shaping Gen Z's decision to adopt Islamic fintech. In addition, this study also reveals the important role of religious orientation as a moderator that influences the relationship between perceived risk, perceived benefit, and trust towards the adoption of Islamic fintech by Gen Z in West Java. This study adds to the existing literature on Islamic Fintech adoption and improves understanding of the key drivers in this domain. In addition, this study emphasizes how religious orientation can influence individual attitudes and behaviors regarding the adoption of Islamic Fintech.
The Influence of attitude, subjective norm, awareness, knowledge, and trust of Millennial and Gen Z on the adoption of fintech services in the sharia banking sector with facilitating conditions as a moderating variable Kusbiantara, Elvara Hana Salsabila; Soma, Abdul Mukti; Sitorus, Palti Marulitua
Keynesia : International Journal of Economy and Business Vol. 4 No. 1 (2025): Keynesia: International Journal of Economics and Business
Publisher : ARKA INSTITUTE

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55904/keynesia.v4i1.1288

Abstract

Financial Technology (FinTech) has become a major innovation that influences people's financial behavior, changing the way payments are made easier. This research aims to study the factors that influence Millennials and Gen Z in Bandung in adopting FinTech services in the Sharia banking sector. These factors include attitudes, subjective norms, awareness, knowledge, trust and facilitating conditions. The data used in this research was collected through a questionnaire surveying 400 Sharia banking customers, limited to Millennials and Gen Z in Bandung. Data analysis carried out in this research using Partial Least Square Structural Equation Modeling (PLS-SEM). The findings of this study reveals that attitude, subjective norms, awareness, knowledge, and trust significantly influence consumer’s intention to adopt FinTech services. This study also identifies that facilitating conditions, as a moderating factor, have a significant impact on both attitudes and awareness with regard to consumers' intentions to adopt FinTech services. However, facilitating conditions does not moderate the influence of subjective norms, knowledge, or trust on intention to adopt FinTech services. Fundamentally, this study investigates the factors influencing Sharia bank consumer's intentions to adopt FinTech services. The findings aim to provide valuable insights for FinTech and Sharia banking companies, as well as policymakers, in designing marketing strategies and product development that better align with the needs and preferences of Millennials and Gen Z.
Constructing Optimal Portfolios Using the Single Index Model and Markowitz Model: A Study on Cryptocurrencies Eko Sanjaya Nurhakim; Abdul Mukti Soma; Irni Yunita
JASF: Journal of Accounting and Strategic Finance Vol. 7 No. 2 (2024): JASF (Journal of Accounting and Strategic Finance) - December 2024
Publisher : Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v7i2.485

Abstract

This study analyzes the formation of optimal portfolios on cryptocurrency assets using the single index model and the Harry Markowitz model. This study covers 79 cryptocurrencies with the largest market capitalization during the period June 2023–June 2024. We calculate the optimal portfolio using the single index model and Markowitz, and evaluate its performance using the Sharpe Ratio. The results show that the Harry Markowitz model produces better portfolio performance compared to the single index model. The Markowitz portfolio produces a positive Sharpe ratio (1.8496), a portfolio return rate of 7.678%, and lower risk (0.0415). Conversely, the single index model portfolio shows a negative Sharpe ratio (-2.0971), indicating lower returns than risk-free assets. In addition, the Markowitz model offers more efficient diversification than the single index model. However, in general, both the Single Index Model and the Markowitz Model have a significant effect on the formation of optimal portfolios, with the Sharpe Index proving to be a significant mediator in the relationship between the two models and the optimal portfolio. The R-squared value shows that the SIM variables, Markowitz Model, and Sharpe Index explain 48.4% of the variation in the optimal portfolio. This study recommends the use of the Harry Markowitz model for cryptocurrency investment because it can provide higher returns with more controlled risks. This study provides important insights for investors on the strategy of diversifying cryptocurrency asset portfolios.
Factors Influencing Fintech Adoption Among MSME’s in Bandung West Java Indonesia Jimmy Julio Ratu Edo; Abdul Mukti Soma; Palti Marulitua Sitorus
JASF: Journal of Accounting and Strategic Finance Vol. 7 No. 2 (2024): JASF (Journal of Accounting and Strategic Finance) - December 2024
Publisher : Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v7i2.486

Abstract

The purpose of this study was to identify and quantify the factors impacting the adoption of fintech by micro, small, and medium-sized enterprises (MSMEs) in Bandung. The factors are perceived ease of use, perceived utility, financial literacy, user innovation, government assistance, and trust. Based on the data gathered, this study comprised 356 participants who are either performers or owners of Micro, Small, and Medium Enterprises (MSMEs) in Bandung. The correlation between variables is investigated in this study utilising the Partial Least Squares (PLS) data analysis approaches and SmartPLS v 3.2.9 software. The results of the study show that perceived simplicity of use, perceived usefulness, user innovativeness, and trust all have a major impact on Fintech acceptance. In contrast, financial literacy and government backing have no substantial impact on fintech uptake. This study emphasizes the importance of fintech service providers to prioritize ease of service and build trust..Then the government ought to accelerate the development of information and communication technology (ICT) infrastructure, such as expanding mobile broadband coverage and promoting Fintech companies through advantageous laws. Incorporating financial literacy into the school curriculum may help to reduce information asymmetry and improve financial accessibility, hence promoting the growth of MSMEs.
Co-Authors Aziz, Azmal Br Siregar, Kristina Valentina Driana, Thasania Fitri Eko Sanjaya Nurhakim Erie Febrian Febriyanthi, Hesty Feryanto, Muslim Ina Primiana Irni Yunita Jimmy Julio Ratu Edo Kusbiantara, Elvara Hana Salsabila Mulyanti, Rita Yuni Palti Marulitua Sitorus Palti Marulitua Sitorus Ramdany, Ramdany refsi, Firdaus Sabilla, Anisa Moza Safitri, Annisa Sapta Rini, Anggarwati Sitepu, Victor Bastanta Sudarso K Wiryono Umi Widyastuti Wati, Lela Nurlaela Widodo, Iqbal