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All Journal HARAMAIN : Jurnal Manajemen Bisnis
Sigit Hermanto
Universitas Pamulang
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Human Capital Disclosure and Financial Value Creation in Indonesian Listed Companies Sigit Hermanto; Susi Sukawati; Shila Nabilah; M Fikri Annasrullah; Aldi Fermana
HARAMAIN: Jurnal Manajemen Bisnis Vol. 6 No. 03 (2026): HARAMAIN : JURNAL MANAJEMEN BISNIS
Publisher : Lembaga Penelitian, Penerbitan dan Pengabdian Kepada Masyarakat Institut Badri Mashduqi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66931/jmb-565

Abstract

Human capital has increasingly become a strategic resource for organizations, particularly as companies face growing demands to demonstrate how investments in employees contribute to sustainable business value. However, corporate reporting often presents human capital information separately from financial information, making the connection between human resource practices and financial value creation less visible. This study examines how Indonesian listed companies disclose human capital and how such disclosures are associated narratively with financial value creation. The study employs a qualitative content analysis of annual reports and sustainability reports published by selected Indonesian listed companies during the 2023–2025 period. The analysis focuses on human capital investment, employee capabilities, employee well-being, strategic human resource management, productivity, operational efficiency, innovation, and financial value. The findings are expected to identify patterns in how companies construct human capital as a strategic organizational resource and communicate its contribution to business and financial value. The study further explores the extent to which corporate disclosures integrate human resource practices with financial outcomes rather than presenting them as separate organizational dimensions. The study contributes to the human resource management and financial management literature by providing an integrated perspective on human capital disclosure and value creation within the context of an emerging market. The findings may also provide practical insights for companies seeking to improve the strategic quality and transparency of human capital reporting.
Rupiah Exchange Rate and Export Performance of Indonesian Textile and Manufacturing Products Sigit Hermanto; Susi Sukawati; Shila Nabilah; M Fikri Annasrullah; Vinsensa Gerosa Dhema
HARAMAIN: Jurnal Manajemen Bisnis Vol. 6 No. 03 (2026): HARAMAIN : JURNAL MANAJEMEN BISNIS
Publisher : Lembaga Penelitian, Penerbitan dan Pengabdian Kepada Masyarakat Institut Badri Mashduqi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66931/jmb-566

Abstract

The Rupiah exchange rate against the US dollar is one of the economic factors associated with Indonesia's export performance. In theory, Rupiah depreciation may improve the price competitiveness of Indonesian products in international markets. However, the relationship between exchange rate movements and export performance is not straightforward, particularly in the textile and manufacturing industries, which are also influenced by imported input costs, productivity, external demand, and global trade conditions. This study aims to describe the development of the Rupiah/USD exchange rate and the export performance of Indonesian textile and manufacturing products during the 2021–2025 period and to examine the relationship between exchange rate movements and export developments from an economic perspective. The study employs a descriptive qualitative approach based on secondary data obtained from official statistical institutions and supported by relevant scientific literature. The data are analyzed descriptively by comparing the development of the Rupiah/USD exchange rate with textile and manufacturing export performance and interpreting the findings using exchange rate theory, international trade theory, and export competitiveness theory. The results show that the Rupiah experienced a depreciation trend, with the average exchange rate increasing from Rp14,296 per US dollar in 2021 to Rp16,477 in 2025. Meanwhile, apparel export volume fluctuated, increasing in 2022, declining in 2023, and increasing again in 2024 and 2025. Manufacturing export value also showed a fluctuating pattern, increasing in 2021 and 2022, declining in 2023, and recovering in 2024. These findings indicate that Rupiah depreciation may create opportunities for export competitiveness, but export performance cannot be explained by exchange rate movements alone. Imported input costs, productivity, production capacity, external demand, and international market conditions also play an important role in determining export performance.
Co-Authors Aldi Fermana M Fikri Annasrullah Shila Nabilah Susi Sukawati Vinsensa Gerosa Dhema