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RELEVANSI TEORI MODIGLIANI DAN MILLER TERHADAP STRUKTUR MODAL DAN NILAI PERUSAHAAN PADA INDUSTRI KAFE DI INDONESIA Nawangwulan, Irma; Iskandar, Fatimah Nurjannati; Kartini, Titin Nurjannati; Anantadjaya, Samuel PD; Buchory, Herry Achmad
Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA) Vol 10 No 1 (2026): ON GOING
Publisher : LPPM STIE Muhammadiah Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31955/mea.v10i1.6798

Abstract

Industri kafe di Indonesia berkembang pesat dan semakin kompetitif, sehingga keputusan pendanaan dan pengelolaan struktur modal menjadi sangat penting bagi kelangsungan usaha. Penelitian ini membahas relevansi Teori Modigliani dan Miller (M&M) dalam menjelaskan hubungan antara struktur modal dan nilai perusahaan pada industri kafe, yang dikenal memiliki kebutuhan modal tinggi, margin tipis, dan pendapatan yang fluktuatif. Dengan pendekatan deskriptif kualitatif, studi ini mengkaji teori struktur modal klasik dan modern, serta menerapkan analisis pada kondisi industri kafe Indonesia. Hasil penelitian menunjukkan bahwa meskipun teori awal M&M menyatakan struktur modal tidak memengaruhi nilai perusahaan pada pasar sempurna, revisi konsep yang memperhitungkan pajak lebih sesuai dengan kondisi nyata. Penggunaan utang memang memberikan manfaat penghematan pajak, tetapi bagi industri kafe, utang berlebihan justru meningkatkan risiko finansial. Karena itu, perusahaan perlu menjaga keseimbangan antara utang dan ekuitas. Studi kasus Kopi Kenangan memperlihatkan bahwa pendanaan ekuitas dari investor ventura lebih efektif untuk mendukung ekspansi cepat sambil menjaga fleksibilitas keuangan. Faktor modern seperti perilaku manajer, persepsi investor, dan komitmen ESG juga memengaruhi keputusan struktur modal. Secara keseluruhan, teori M&M tetap relevan jika diadaptasi pada kondisi industri kafe Indonesia yang dinamis dan berisiko tinggi.
TikTok, Instagram and Facebook Impact to the Hotels in the United Kingdom, Ireland and Spain Racmat, Timotius A; Nawangwulan, Irma M; Anantadjaya, Samuel PD; Borosi, Deby C; Muqaddasah, Pikat AR; Samuel, DC Ethan; Samuel, Daniella CE; McNerney, Brian
International Journal of Business Studies Vol. 9 No. 3 (2025): International Journal of Business Studies
Publisher : Sekolah Tinggi Manajemen IPMI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32924/ijbs.v9i3.407

Abstract

This study examines the influence of 3 major social media platforms—TikTok, Instagram, and Facebook—on hotel selection among Zennial travelers (Millennials and Gen Z) across the UK, Ireland, and Spain. As tourism in these regions becomes increasingly shaped by digital engagement, social media has evolved into a central driver of travel inspiration, evaluation, and booking behavior. Using the Theory of Planned Behavior (TPB), this study explores how attitudes (shaped by visual appeal and influencer credibility), subjective norms (driven by peer interactions, likes, shares, and group discussions), and perceived behavioral control (influenced by accessible booking links, price transparency, and informational clarity) contribute to travelers’ booking intentions. The findings reveal that TikTok primarily drives initial desire and discovery, Instagram strengthens emotional connection and expectation-setting, and Facebook provides informational security that supports final booking decisions. Collectively, these platforms form an interconnected digital pathway that guides travelers from inspiration to confirmation across the UK, Ireland, and Spain. The research underscores the need for hospitality marketers to adopt cross-platform strategies that integrate authenticity, visual storytelling, and community-based trust to effectively influence the modern travel consumer.
Entrepreneurship & Community Involvement Project with IPMI Institute Students Anantadjaya, Samuel PD; Samuel, Daniella CE; Irma M Nawangwulan; Abdul Haris Lahuddin; Sasotya Pratama; DC Ethan Samuel; Poetry Ken Savitri; Hari Ara Hariandja; Brian McNerney
Journal of Sustainable Community Development (JSCD) Vol. 7 No. 2 (2025): Journal of Sustainable Community Development
Publisher : Sekolah Tinggi Manajemen IPMI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32924/jscd.v7i2.146

Abstract

This explores the intersection of entrepreneurship and the Community Involvement Project (CIP) at IPMI Institute, focusing on the seminar held on May 23, 2025, where student groups presented solutions to community challenges, enhancing their analytical, collaborative, and public speaking skills. By examining the structure, objectives, and outcomes of the CIP, this highlights how IPMI’s approach bridges academic learning with societal impact, preparing students for leadership in national and international business contexts. The CIP is a cornerstone of IPMI’s curriculum, designed to empower students to apply entrepreneurial principles to address real world social challenges. In the CIP seminar showcased two student groups—Bank Sampah Group and Avoy Farm Group—who developed innovative solutions aligned with the United Nations Sustainable Development Goals (SDGs). By integrating market analysis, resource allocation, and impact assessment, the CIP fosters an entrepreneurial mindset, encouraging students to view challenges as opportunities for innovation and growth. The seminar provided a platform for students to refine their public speaking skills, presenting their findings to peers, lecturers, and industry professionals, thereby enhancing their ability to communicate complex ideas effectively. The CIP at IPMI Institute serves as a dynamic platform for fostering entrepreneurship and leadership through hands-on, community-focused initiatives. The seminar demonstrated the power of integrating academic rigor with practical application, as students tackled pressing social issues while honing their public speaking and analytical skills. By fostering collaboration, innovation, and effective communication, IPMI Institute prepares students to become impactful leaders in the global business arena. The success of projects like those presented by the Bank Sampah and Avoy Farm Groups highlights the potential of entrepreneurship to drive sustainable change. In addition, there are 3 more stands; the Amour de Cookies, HaZe Fragrance, and the Teboe ID. As IPMI Institute continues to refine its curriculum and expand its global partnerships, the CIP remains a vital tool for shaping future entrepreneurs who are not only business-savvy but also socially conscious and adept at engaging diverse audiences.
High School Students to IPMI Institute: A Campus Tour & InnoHub McNerney, Brian; Anantadjaya, Samuel PD; Nawangwulan, Irma M; Samuel, DC Ethan; Samuel, Daniella CE; Surya, Iqbal
Journal of Sustainable Community Development (JSCD) Vol. 7 No. 2 (2025): Journal of Sustainable Community Development
Publisher : Sekolah Tinggi Manajemen IPMI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32924/jscd.v7i2.151

Abstract

This manuscript provides a structured analysis of a community development initiative conducted by students of IPMI Institute, employing a mixed-method evaluative framework grounded in Shared Value theory, Corporate Social Responsibility principles, and Social Capital Theory. The program engaged a local orphanage through targeted interventions, provision of essential goods, structured educational interactions, and operational support, designed to enhance community welfare while strengthening student competencies relevant to contemporary business practice. Methodologically, the initiative was assessed using qualitative observation, stakeholder feedback interviews, and basic output metrics (for instance, beneficiary reach, resource distribution efficiency, and engagement intensity). Findings demonstrate significant gains in students’ applied leadership, cross-functional coordination, and impact assessment capabilities, illustrating the pedagogical effectiveness of experiential social engagement within business education. On the community side, the program contributed to incremental capacity-building, improved resource accessibility, and strengthened relational networks consistent with Social Capital development. The results underscore the strategic value of embedding community-oriented initiatives within business curricula to generate dual outcomes: enhanced student readiness for impact-driven organizational environments and measurable community-level benefits aligned with sustainable development objectives.
The Influence Of Crisis Leadership, Knowledge Management And Innovation Culture On Organizational Resilience In Higher Education Institutions Gai, Ardiyanto Maksimilianus; Anwar, Chairul; Anantadjaya, Samuel PD; Kusnadi, Iwan Henri; Hendratni, Tyahya Whisnu; Supriatna, Dasep
Jurnal Pengabdian Masyarakat dan Riset Pendidikan Vol. 4 No. 3 (2026): Jurnal Pengabdian Masyarakat dan Riset Pendidikan Volume 4 Nomor 3 (Januari 202
Publisher : Lembaga Penelitian dan Pengabdian Masyarakat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/jerkin.v4i3.5473

Abstract

Higher education institutions need to establish strong organizational resilience because their educational systems must adapt to sudden unpredictable changes that occur in their dynamic environments. The research investigates the relationship between crisis leadership knowledge management and innovative work environments and their impact on institutional resilience at higher education institutions. The researchers conducted their study through a quantitative research method which used an explanatory research design. The study collected data through a structured questionnaire which surveyed 180 participants who worked as unit leaders and lecturers and educational staff members from different Indonesian higher education institutions that the researchers selected through purposive sampling method. The researchers used multiple linear regression to analyze data after they finished testing validity and reliability and classical assumptions. The study demonstrates that organizations achieve resilience through the combination of crisis leadership activities and knowledge management practices and innovation work environment implementation. The research demonstrates that leadership attributes and cognitive elements and cultural components work together to establish organizational resilience in higher education institutions. The research findings show that sustainable organizational resilience practices enable higher education leaders to create policies which enhance institutional adaptability.
Adapting Human Factor toward Well-Being and Performance: A Case Study of Ergonomics on Hybrid Work Environment Anantadjaya, Samuel PD; Timotius Agus Rachmat; Nawangwulan, Irma M; Samuel, DC Ethan; Widyatmoko, Pramudhio RA; Dendeng, Waraney; Samuel, Daniella CE
Apollo: Journal of Tourism and Business Vol. 4 No. 2 (2026): May 2026
Publisher : CV. Media Digital Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58905/apollo.v4i2.502

Abstract

This qualitative literature-based study explores the application of ergonomics, also known as human factors engineering, in contemporary hybrid work environments to optimize employee well-being and performance. Drawing on a systematic thematic analysis of 52 peer-reviewed publications (2024–2025) using NVivo software, the research consolidates knowledge across the International Ergonomics Association’s 3 core domains: physical, cognitive, and organizational ergonomics. Findings reveal that hybrid work has intensified ergonomic risks: improvised home workstations frequently lead to musculoskeletal disorders and fatigue (physical domain); constant digital connectivity and poorly designed interfaces drive technostress, cognitive overload, and burnout (cognitive domain); while inadequate organizational policies, leadership support, and communication structures exacerbate disengagement and blurred work–life boundaries (organizational domain). Crucially, the domains are highly interdependent: physical discomfort amplifies cognitive load, organizational decisions shape both physical and cognitive demands, and holistic interventions addressing all three domains yield the strongest outcomes. Supported by visual and quantitative analyses (word clouds, tree-maps, cluster maps, and dendrograms), the study confirms that ergonomics in hybrid settings must move beyond isolated physical adjustments to become a strategic, integrated system. Organizations that embed supportive policies, provide tangible ergonomic resources, and foster a proactive ergonomic culture achieve measurable gains in employee health, engagement, retention, and productivity. The paper concludes with evidence-based recommendations for employers, employees, and future research, emphasizing that holistic ergonomics is no longer optional but a core driver of sustainable performance and organizational resilience in the era of hybrid work.
The Influence of Platform Ease of Use, IT Infrastructure Quality and Digital Training Effectiveness on the Digital Employee Experience of Human Resources Department Employees Sidjabat, Sonya; Purwati, Sri; Anantadjaya, Samuel PD; Nawangwulan, Irma M; Tawil, Muhamad Risal; Sonani, Nia
Journal of Information System, Technology and Engineering Vol. 4 No. 1 (2026): JISTE
Publisher : Yayasan Gema Bina Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61487/jiste.v4i1.282

Abstract

Organizations need to establish a suitable digital employee experience platform which enables their employees to work effectively while maintaining high productivity levels to achieve their digital transformation goals in Human Resources. This study examines how platform usability and IT system performance and digital training methods together influence the digital work experience of Human Resources Department employees. The researchers used a quantitative research approach that employed an explanatory framework to conduct their investigation. The researchers obtained data by conducting a survey to 160 participants who were selected through purposive sampling. The researchers conducted data analysis through multiple linear regression after they validated and verified reliability and classical assumption testing. The results demonstrated that platform usability together with IT system performance and digital training methods created a positive impact on the digital work experience. The study shows that three elements create an effective digital work environment because users need a system that they can easily operate while technological systems must function reliably and digital training programs must succeed in their execution. The study findings offer organizations practical guidance to create digital HR systems which enhance employee satisfaction and productivity.
The Influence of Customer Digital Engagement, Organizational Agility, and Strategic Alignment on Digital Business Performance in the Fintech Industry Djunaedi, Djunaedi; Widyastuti, Niken; Anantadjaya, Samuel PD; Nawangwulan, Irma M; Kusnadi, Iwan Henri; Muarief, Fahrurozi
Journal of Information System, Technology and Engineering Vol. 4 No. 1 (2026): JISTE
Publisher : Yayasan Gema Bina Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61487/jiste.v4i1.290

Abstract

The fintech sector requires businesses to select suitable technological tools and develop operational methods that will enable them to conduct their digital business activities. The research study examines how customer digital interaction together with organizational agility and strategic alignment impacts the digital business results of the fintech sector. The research project uses a quantitative research approach together with an explanatory research framework. The researchers used purposive sampling methods to distribute questionnaires to 170 employees from various fintech companies. The researchers conducted data analysis through multiple linear regression after they completed validity testing and reliability testing together with classical assumption testing. The results show that customer digital engagement together with organizational agility and strategic alignment create positive effects on digital business performance within the fintech industry. Customer digital engagement enables customers to establish deeper connections with digital services while organizational agility allows companies to adjust their operations according to market conditions and strategic alignment ensures that business operations work in harmony with information technology to achieve maximum technology advantages. The research results enable fintech companies to achieve sustainable improvements in their digital business performance through practical results.
The Influence of Adaptive Organizational Culture, Knowledge Management Capability, and Academic Innovation Climate on Agile Leadership Performance in Higher Education Institutions Pettalongi, Sagaf S.; Subroto, Desty Endrawati; Suhara, Ade; Nudu, Josef Hernawan; Nawangwulan, Irma M; Anantadjaya, Samuel PD
Journal of Current Research In Multidisciplinary Vol. 3 No. 4 (2025): JCRIM (Journal of Current Research In Multidisciplinary)
Publisher : Yayasan Gema Bina Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Higher education institutions need leaders who can handle the fast-paced changes which currently shape their academic environments. The research investigates how adaptive organizational culture and knowledge management capacity and academic innovation climate affect agile leadership performance in higher education institutions. The study utilized quantitative research methods which required an explanatory research design to conduct its study. The researchers used purposive sampling to collect data from 140 respondents who worked as leaders and academic staff at higher education institutions. The researchers used multiple linear regression to analyze data after they validated the data and confirmed its reliability and tested classical assumptions. The results show that adaptive organizational culture and knowledge management capability and academic innovation climate together with their individual elements create a major positive effect on agile leadership performance. The study results show that organizations can enhance their agile leadership capabilities through two methods which include strengthening their adaptive organizational culture and using effective knowledge management and establishing a positive academic innovation environment. The study provides theoretical contributions to the existing body of knowledge about educational management and organizational leadership. The study results offer practical guidance to higher education institution managers who need to develop leadership programs that promote adaptive skills and innovative capabilities.
Co-Authors ABDUL HARIS LAHUDDIN Abdurohim Abdurohim, Abdurohim Agus Rachmat, Timotius Agus Supriyanto Ahmad, Srifatmawati Alamsyah - Alfiana Alfiana Alfiyanto, Afif Aman Wirakartakusumah Amelia Naim Indrajaya Anggreni, Made Ayu Anugriaty Indah Asmarany Ardiyanto Maksimilianus Gai Assery, Syeh AYU LESTARI Azizi, Muhammad Bahtiar Efendi Borosi, Deby C Brian McNerney Chairul Anwar Daniella CE Samuel DC Ethan Samuel Dendeng, Waraney desi kristanti, desi Devy Sofyanty Diawati, Prety Dina Fahma Sari, Dina Fahma Djunaedi Djunaedi Donny Dharmawan Erlin Dolphina Farid Ardyansyah Fatimah Malini Lubis Gede Wirabuana Putra Ginting, Sunardi Hadiati, Lia Hamdany, Mohammad Azharie Hari Ara Hariandja Hariandja, Hari Ara Hariandy Hasbi Hendy Tannady Hermiyetti, Hermiyetti - Herry Achmad Buchory Heryadi, Ferry Irdawati Irdawati Irma M Nawangwulan Irma M. Nawangwulan Irwan Moridu Iskandar, Fatimah Nurjannati Isna Juwita Iswahyu Pranawukir Jayanti, Ansri Jayanto, Imam Josef Hernawan Nudu Kadeni Kadeni, Kadeni Kartini, Titin Nurjannati Kusnadi, Eko Kusnadi, Iwan Henri Kusumawati, Diana Anggraini LAHUDDIN, ABDUL HARIS lestari, winda Leuhery, Ferdy LISTIANA SRI MULATSIH Lumentah, Natalia Reyne Mardikawati, Budi Mardikawati Maskikit, Coleta McNerney, Brian Mohammad Wahiddudin Muarief, Fahrurozi Muhamad Risal Tawil Muklis Muklis Muqaddasah, Pikat AR Nawangwulan, Irma Nawangwulan, Irma M Niken Widyastuti Nurdiani, Tanti Widia Nurfadilah, Dety Nurhayati, Eni Candra Oktavianis, Yusrika PA Andiena Nindya Putri Poetry Ken Savitri Pratama, Sasotya Purnamasari, Eva Rachmat, Timotius A Racmat, Timotius A Rakhmawati, Eni Ramli, Akhmad Ratnawati Ratnawati Renika Hasibuan Rihfenti Ernayani sabil sabil, sabil Sagaf S. Pettalongi Saliu, Fluturim Samuel, Daniella CE Samuel, Daniella Christy Eryn Samuel, DC Ethan Sari , Dyan Prawita Sari, Ade Risna Sasotya Pratama Setio, Yusuf Budi Setyawan, Antonius Ary Sidjabat, Sonya Sjahruddin, Herman Sri Purwati, Sri St. Sukmawati. Subroto, Desty Endrawati Sufyati HS Suhara, Ade Sukma , Agus Hitopa Sukma Sulawati, Sulawati Sumartono Sumartono Supriatna, Dasep Suroso, Adi Surya, Iqbal Susanto Susanto Suwandi Ng Timotius Agus Rachmat Timotius Agus Rachmat, Timotius Agus Tyahya Whisnu Hendratni Upik Djaniar Verawaty Verawaty Vivi Adeyani Tandean, Vivi Adeyani Wahiddudin, Mohammad Widyatmoko, Pramudhio RA Yuliawati, Minar Yulita F Susanti Zahirsjah, Cut Sjahrifa Zahirsjah, Rifa Zulaecha, Hesty Erviani