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All Journal Economic: Journal Economic and Business
Radiansyah, Adrian
Unknown Affiliation
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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The Effect of Entrepreneurial Spirit, Creativity, and Business Capital on Business Sustainability with Innovative Excellence as an Intervening Variable Zikri, Inanda; Suhardi, Suhardi; Radiansyah, Adrian
Economic: Journal Economic and Business Vol. 4 No. 2 (2025): ECONOMIC: Journal Economic and Business
Publisher : Lembaga Riset Mutiara Akbar (LARISMA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56495/ejeb.v4i2.1025

Abstract

This study aims to analyze the influence of creativity, venture capital, and entrepreneurial spirit on business sustainability, with innovation excellence as a mediating variable in the Micro, Small, and Medium Enterprises (MSMEs) sector. The background of this study lies in the crucial role of innovation in strengthening the competitiveness and sustainability of MSMEs in the midst of a constantly changing business environment. The method used is a quantitative approach using Partial Least Squares-based Structural Equation Modeling (PLS-SEM). Data were collected through closed questionnaires distributed to 150 active MSME actors in Pangkalpinang. The results of the analysis show that creativity and venture capital significantly and indirectly affect business sustainability through innovation excellence. Innovation excellence is proven to be a significant mediating variable, strengthening the relationship between internal business factors and sustainability. In contrast, entrepreneurial spirit does not show a significant influence, either directly or indirectly, through innovation. These findings emphasize that business strategies that focus on increasing innovation and creativity, supported by adequate access to capital, are more effective in creating sustainable companies.
The Effect of Capital Structure, Liquidity, and Firm Size on Firm Value in The Technology Industry Sector Listed on the IDX Anita, Anita; Suhardi, Suhardi; Makrus, Mohamad; Radiansyah, Adrian
Economic: Journal Economic and Business Vol. 4 No. 2 (2025): ECONOMIC: Journal Economic and Business
Publisher : Lembaga Riset Mutiara Akbar (LARISMA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56495/ejeb.v4i2.1042

Abstract

This study examines the influence of capital structure, liquidity, and firm size on firm value in the technology sector listed on the Indonesia Stock Exchange for 2019–2023. Using panel data regression with the random effects model, the results reveal that both capital structures, as measured by Debt-to-Equity Ratio, and liquidity, as measured by Current Ratio, have a significant and positive effect on firm value. The findings indicate that technology companies that manage their leverage and liquidity efficiently tend to achieve higher market valuations. In contrast, firm size does not have a significant impact on firm value in this sector. The results are consistent with the Trade-Off Theory and Liquidity Theory, which emphasize the importance of optimal debt usage and adequate liquidity for enhancing firm value and investor confidence. These findings have practical implications for technology firms to optimize their capital structure and maintain healthy liquidity levels. For future research, it is recommended to include other variables such as profitability and macroeconomic factors, and to conduct comparative studies across different sectors to enrich the understanding of determinants of firm value.
Co-Authors Anita Anita Makrus, Mohamad Suhardi Suhardi Zikri, Inanda