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All Journal Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) Jurnal Keuangan dan Perbankan Kinerja Jurnal Widya Manajemen & Akuntansi JAM : Jurnal Aplikasi Manajemen Indonesian Journal of Business and Entrepreneurship (IJBE) MIX : Jurnal Ilmiah Manajemen International Research Journal of Business Studies (E-Journal) JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) Jurnal Manajemen Strategi dan Aplikasi Bisnis Abdimas Umtas : Jurnal Pengabdian kepada Masyarakat Business and Finance Journal Ekonis : Jurnal Ekonomi dan Bisnis Jurnal Bisnis dan Akuntansi MABIS: Manajemen dan Bisnis International Journal of Economics, Business and Accounting Research (IJEBAR) Revitalisasi : Jurnal Ilmu Manajemen Review of Management and Entrepreneurship Community Engagement and Emergence Journal (CEEJ) Jurnal Manajemen Jurnal Performa: Jurnal Manajemen dan Start-up Bisnis Jurnal Ilmiah Manajemen Kesatuan Budimas : Jurnal Pengabdian Masyarakat IJORER : International Journal of Recent Educational Research Jurnal Riset Manajemen dan Bisnis BIP'S : Jurnal Bisnis Perspektif Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Inkubis: Jurnal Ekonomi dan Bisnis Journal Research of Social Science, Economics, and Management Journal of Business Management and Economic Development International Journal of Review Management Business and Entrepreneurship (RMBE) International Research Journal of Business Studies Nidhomul Haq : Jurnal Manajemen Pendidikan Islam
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Banking Services and Financial Performance of MSMEs in Indonesia’s Fashion Industry: A Resource-Based View Analysis Reni Fitriani; Murpin Sembiring; Tommy Christian Efrata; Christian Herdinata
Jurnal Ilmiah Manajemen Kesatuan Vol. 14 No. 2 (2026): JIMKES Edisi March 2026
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v14i2.5015

Abstract

This study investigates the complex interrelationships between business innovation, financial management, banking services, and financial performance among fashion industry MSMEs in Indonesia. This study employed a quantitative research design with both descriptive and explanatory components. Drawing on data from a comprehensive sample across key regions, we employ structural equation modeling to examine both direct relationships and mediation effects. Our findings reveal that business innovation functions as the predominant driver of financial performance through dual mechanisms: a strong direct pathway and an indirect pathway mediated by banking services. Contrary to theoretical expectations, financial management practices primarily enhance performance through banking service utilization rather than through direct effects. Banking services emerge as a crucial mediating mechanism that translates organizational capabilities into enhanced financial outcomes. These results extend resource-based theory by illuminating specific pathways through which organizational capabilities generate competitive advantage and enhance financial intermediation theory by demonstrating that intermediation benefits are contingent on firm-level capabilities. For practitioners and policymakers, our study underscores the strategic importance of innovation development while highlighting how financial management practices can optimize external financial relationships. The research contributes to both theoretical advancement and practical understanding of capability-performance linkages in emerging economy contexts.
Building Positive Word Of Mouth: The Strategic Role Of Customer Value And Trust In Tax Consulting Services Mutiara Pertiwi; Yuli Kartika Dewi; Christian Herdinata
Community Engagement and Emergence Journal (CEEJ) Vol. 7 No. 4 (2026): Community Engagement & Emergence Journal (CEEJ)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/ceej.v7i4.10782

Abstract

This study aims to empirically examine the influence of Customer Value and Trust on Word of Mouth (WOM) in the context of tax consulting services in Mojokerto, East Java. Using a quantitative approach and survey of 180 corporate taxpayers, this research analyzes the contribution of each variable to WOM after the consumption of tax consulting services. The results show that both Customer Value and Trust have a significant effect on WOM, both directly and through Trust as a mediating variable. The research model demonstrates strong predictive power with an R-Squared value for WOM of 0.896 and a Goodness of Fit of 0.796. The practical implication of this research is the importance for tax consulting firms to enhance customer value and build trust through high-quality service, transparency, and competence. These findings are expected to serve as a reference for companies, taxpayers, governments, and researchers on organic marketing strategies based on Word of Mouth in tax consulting services.
Pengaruh workplace oscatrism dan job stress terhadap innovative work behavior melalui employee engagement sebagai variable intervening Tiara Salsabila; Christian Herdinata
Jurnal Manajemen Strategi dan Aplikasi Bisnis Vol. 9 No. 2 (2026)
Publisher : Lembaga Pengembangan Manajemen dan Publikasi Imperium

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36407/jmsab.v9i2.1858

Abstract

This study examines the effect of financial literacy on the financial performance of food micro, small, and medium enterprises (MSMEs) in Cirebon City, with digital capability as a mediating variable. A quantitative approach was employed, utilizing primary data collected from 100 food MSME owners through purposive sampling and a closed-ended Likert-scale questionnaire. Financial literacy was operationalized across three dimensions: financial understanding, financial skills, and financial knowledge. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results reveal that all three dimensions of financial literacy have a positive and significant impact on financial performance. Furthermore, financial literacy positively and significantly influences digital capability, which in turn positively affects financial performance. Digital capability partially mediates the relationship between financial literacy and financial performance. By disaggregating financial literacy into three independently measured constructs and positioning digital capability as a mediating mechanism, this study offers novel empirical insights, particularly within the underexplored context of small-scale food MSMEs in Cirebon City.
Entrepreneurial Orientation, Agility, and Sustainable Performance in Indonesian SMEs Justin Wijaya; Denny Bernardus Kurnia Wahyudono; Christian Herdinata
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 1 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i1.198

Abstract

Background: Small and Medium Enterprises (SMEs) are vital contributors to economic development, employment generation, and innovation. However, SMEs in Indonesia face escalating sustainability challenges driven by digital transformation, shifting consumer behavior, and intensifying global competition, necessitating an examination of the strategic capabilities that underpin long-term sustainable performance. Objective: This research examines how Entrepreneurial Orientation (EO), as the independent variable, affects sustainable business performance and investigates the role of pro-growth entrepreneurial agility as the mediating variable in the EO–SBP relationship among Indonesian SMEs. Methods: This research uses a quantitative approach and applies PLS-SEM to analyze data collected from 300 SME owners across different business sectors. Before testing the proposed model, the reliability and validity of the measurement instruments were carefully evaluated. Results: The results reveal that entrepreneurial orientation has a positive impact on sustainable business performance and entrepreneurial agility. This confirms the fully developed mediating role of entrepreneurial agility and suggests that SMEs need to develop both an entrepreneurial mindset and dynamic capabilities to achieve long-term sustainability. Conclusion: This study conceptualizes and measures entrepreneurial agility, confirming it as a key mediating factor in the relationship between entrepreneurial orientation and sustainable performance, thus contributing to Dynamic Capabilities Theory. The results provide useful implications for stakeholders, such as owners of micro, small, and medium enterprises, as well as policymakers, to strengthen entrepreneurship education and operational capabilities.
Linking Strategic Planning to Strategic Performance: Mediating Effects of Organizational Agility and Strategic Maneuvering in Indonesian Financial Firms Wiliam Santoso; Christian Herdinata; Fransisca Desiana Pranatasari
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 1 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i1.202

Abstract

Background: Financial companies in Indonesia are currently facing major challenges due to technological disruptions, regulatory changes, and shifts in consumer behavior that are increasingly leading to digitalization. The use of big data is one of the keys in strategic decision-making, but the success of this digital transformation is highly dependent on the company's ability to develop strategic organizational agility, strategic maneuvering, and proper strategic planning. Objective: This study aims to analyze the influence of these three strategic factors on the strategic performance of big data-based financial companies in Indonesia. Methods: The method used is quantitative research with an explanatory research approach, involving respondents consisting of managers, division heads, and strategic decision-makers from banking, fintech, and insurance companies that have implemented big data. Data were collected by questionnaires and analyzed using the Structural Equation Modeling (SEM) Partial Least Squares (PLS) method. Results: The study shows that strategic planning has an effect on strategic maneuvering and strategic organizational agility, respectively. In terms of strategic performance, it is only significantly influenced by strategic maneuvering, but not significantly by strategic organizational agility or strategic planning. Meanwhile, strategic organizational agility does not mediate the influence of strategic planning on strategic performance. Interestingly, strategic maneuvering fully mediates the relationship between strategic planning and strategic performance. Conclusion: In big data analytics (BDA)-based financial companies in Indonesia, strategic maneuvering not strategic organizational agility is the decisive mechanism through which strategic planning translates into superior strategic performance.
Digital Transformation on Competitive Advantage through Customer Experience in Indonesian Companies Ervina Abdul Gani; Christian Herdinata; Liliana Dewi
Jurnal Ilmiah Manajemen Kesatuan Vol. 13 No. 6 (2025): JIMKES Edisi November 2025
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v13i6.3978

Abstract

Despite the rapid growth of digital transformation in Indonesia, many firms still face challenges such as limited digital literacy, unequal infrastructure, and high implementation costs, which hinder their ability to fully leverage technology to enhance customer experience and achieve a competitive advantage. Drawing on Dynamic Capability Theory, this research examines how digital transformation initiatives influence competitive advantage through enhanced customer experience in the context of a developing economy. The data for this research were collected using an online questionnaire of 350 managers and business leaders from Indonesian companies that have implemented digital transformation initiatives. The sampling criteria included companies with at least one digital transformation initiative implemented in the past two years and respondents with direct involvement in digital transformation programs. Using structural equation modeling for analysis, this study’s results reveal that digital transformation positively influences both directly and indirectly to competitive advantage through customer experience mediation. The findings of this study indicate that customer experience takes a significantly mediating role in translating digital transformation efforts into competitive advantages. Furthermore, the research demonstrates that despite implementation challenges in developing countries, companies can successfully leverage digital transformation to enhance their competitive position through improved customer experience.
Entrepreneurship and ESG Convergence: Improving Business Performance in Emerging Markets Martinus Calvin Saputra; Christian Herdinata; Damelina Basauli Tambunan; David Sukardi Kodrat; Tommy Christian Efrata
MIX: JURNAL ILMIAH MANAJEMEN Vol. 16 No. 1 (2026): MIX : Jurnal Ilmiah Manajemen
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/jurnal_mix.2026.v16i1.007

Abstract

Objectives: This study aims to examine the relationship between entrepreneurial orientation (EO), environmental, social and governance (ESG), and corporate business performance (CBP) in multinational companies operating in Indonesia.Methodology: The research method used is quantitative. This data was obtained from 50 managers who completed the survey through Google Forms. The collected data is analyzed using PLS to verify the relationships between variables.Findings: Results show that EO and ESG investments increase GST positively and significantly. In addition, ESG investments can also act as intermediaries that reinforce the positive effects of executive orders on GST.Conclusion: This study shows that multinational companies in developing countries increase profits while supporting sustainability goals. This can be achieved by aligning the company's innovation strategy with ESG principles. Businesses must not only have profits but also the ability to create sustainable long-term growth. In addition, the results of this study can also serve as practical guidance for business leaders and policymakers in encouraging sustainable development and strengthening entrepreneurship.
Analysis of the Influence of Liquidity, Intellectual Capital, and Capital Structure on Financial Performance in Property Companies Listed on the Indonesia Stock Exchange Putri Ningsih Pribadi; Wiliam Santoso; Christian Herdinata
Journal Research of Social Science, Economics, and Management Vol. 5 No. 5 (2025): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v5i5.1218

Abstract

This study aims to analyze the influence of liquidity, intellectual capital, and capital structure on the financial performance of property companies listed on the Indonesia Stock Exchange (IDX). The research uses a quantitative approach with financial data from property companies over a specific period. Liquidity is measured using the current ratio, intellectual capital is assessed through the Value Added Intellectual Coefficient (VAIC) method, and capital structure is evaluated using the debt-to-equity ratio. Financial performance is measured by return on assets (ROA). The data are analyzed using multiple regression analysis to determine the relationships between the variables. The findings suggest that liquidity has a positive and significant effect on financial performance, while intellectual capital and capital structure show mixed results, with intellectual capital having a significant positive impact and capital structure showing no significant effect. These results highlight the importance of liquidity management and intellectual capital in enhancing financial performance in the property sector. The study provides valuable insights for property companies and investors, emphasizing the need for efficient capital management and leveraging intellectual assets to improve profitability and competitiveness in the market.
Mediated Influence of Entrepreneurship Education on MSME Business Performance: The Role of Orientation and Marketing Alessandro Effendy, Junko; Whidya Utami, Christina; Herdinata, Christian; Sukardi Kodrat, David
IJORER : International Journal of Recent Educational Research Vol. 7 No. 3 (2026): May
Publisher : Faculty of Teacher Training and Education Muhammadiyah University of Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46245/ijorer.v7i3.1271

Abstract

Objective: The objective of this study is to develop a mediated model that elucidates the relationship between entrepreneurship education and business performance. Methods: In this study, entrepreneurial orientation and entrepreneurial marketing were employed as mediators, while environmental competitiveness and bird-in-hand principles were used as moderators. The data were collected from 326 respondents who had completed four semesters of entrepreneurship education and who owned MSMEs, achieving a 98.7% response rate. The relationships were analysed through the implementation of structural equation modelling. Results: The impact of entrepreneurship education on business performance was not direct; however, it exerted a positive influence on entrepreneurial orientation, as evidenced by the findings of the study. Consequently, this dynamic shift has led to a notable enhancement in the realm of entrepreneurial marketing, thereby contributing to an observed improvement in business performance. The study's findings indicated that environmental competitiveness did not moderate the relationship between entrepreneurial marketing and business performance. Furthermore, the bird-in-hand principle did not demonstrate a moderating effect. Novelty: The novelty statement is particularly strong, positioning the "sequential mediation pathway" as the "missing link" that resolves conflicting results in existing entrepreneurship education literature. It introduces a unique mediated framework where entrepreneurial orientation and marketing serve as the primary drivers. Unlike previous studies that yielded contradictory outcomes, this study demonstrates that these discovered mechanisms are the 'missing links' that determine the success or failure of education-led interventions in MSME performance.
Beyond ESG and Innovation: Construct Development and Validation of Sustainability Innovative Value Maximization (SIVM) Ahmad Junaedi; Christian Herdinata; Murpin Josua Sembiring Gurky
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 3 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i3.310

Abstract

Background: SIVM is conceptualized as a firm’s ability to transform sustainability pressures into value creation. Despite the exponential growth of ESG adoption globally, with over 90% of S&P 500 companies publishing sustainability reports, empirical evidence on the ESG–performance nexus remains inconclusive, signaling the need for a capability-based construct that bridges this theoretical gap. Objective: This study addresses inconsistent findings regarding the relationship between Environmental, Social, and Governance (ESG) disclosure and corporate performance by introducing Sustainability Innovative Value Maximization (SIVM) as a novel strategic capability. Methods: This research employs a construct development approach using Exploratory Factor Analysis (EFA) and Confirmatory Factor Analysis (CFA) on data from 187 respondents drawn from firms operating in industries with high ESG exposure in Indonesia (mining, palm oil, and tobacco). Data were collected between January and May 2025 through purposive sampling. Results: The results confirm that SIVM is a valid, reliable, and multidimensional construct that is distinct from ESG disclosure and Sustainability-Oriented Innovation (SOI). Structural model analysis reveals that ESG significantly influences SIVM, which, in turn, has a strong positive effect on corporate performance, both directly and indirectly through Corporate Political Activity (CPA). Meanwhile, SOI does not significantly affect performance, indicating the limitations of innovation-centric explanations. Conclusion: This study contributes to the literature by positioning SIVM as a critical internal capability that bridges sustainability pressures and value creation, thereby extending stakeholder and agency perspectives. Practically, the findings suggest that firms should move beyond disclosure and focus on developing capabilities for converting sustainability pressures into value.