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All Journal Jurnal Manajemen Bisnis Jurnal Teknologi dan Manajemen Informatika Jurnal Bisnis dan Manajemen Jurnal Keuangan dan Perbankan Media Ekonomi dan Manajemen Jurnal Akuntansi dan Perpajakan Jurnal Manajemen dan Kewirausahaan (JMDK) Jurnal Studi Manajemen dan Bisnis JPM (Jurnal Pemberdayaan Masyarakat) MBR (Management and Business Review) SRIWIJAYA INTERNATIONAL JOURNAL OF DYNAMIC ECONOMICS AND BUSINESS Journal of Economic, Bussines and Accounting (COSTING) International Conferences SDGs 2030 Challenges and Solutions Jurnal Riset Inspirasi Manajemen dan Kewirausahaan Jurnal Samudra Ekonomi dan Bisnis MABIS: Manajemen dan Bisnis Management Studies and Entrepreneurship Journal (MSEJ) Journal of Entrepreneurship & Business prosiding seminar nasional JAPI: Jurnal Akses Pengabdian Indonesia Pangripta Jurnal Ilmiah Kajian Perencanaan Pembangunan Social Science Academic Business Management Research Epaper Bisnis: International Journal Entrepreneurship and Management Journal of Scientific Insights Innovation Business Management and Accounting Journal
Umu Khouroh
Fakultas Ekonomi Dan Bisnis, Universitas Merdeka Malang
Religion Agriculture, Biological Sciences & Forestry Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mechanical Engineering Nursing Public Health Social Sciences Other

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Unraveling investment herds: Bandarmology and millennial investors in Indonesia Wijaya, Lientang; Windhyastiti, Irany; Khouroh, Umu; Hidayatullah, Syarif
Manajemen dan Bisnis Vol 23, No 2 (2024): September 2024
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24123/mabis.v23i2.808

Abstract

This study aims to investigate the impact of the concept of “bandarmology” or herd behavior (HB) on the investment decisions of millennial stock investors in Indonesia who are influenced by influencer Anton Swandana. The research adopts a quantitative approach with an ex post facto method and uses the Partial Least Square (PLS) analysis technique to test the hypothesis. Data was collected through a questionnaire distributed via Google Form to 100 respondents selected by the quota sampling technique. The results indicate that source credibility, herd behavior, risk perception, and emotional response have a significant effect on investment behavior intention. This research contributes to the field of stock investment in Indonesia by providing a deeper understanding of the behavior of millennial stock investors and the factors that influence their investment decisions. 
Social media marketing impact on Gen Z's brand engagement, awareness and image Wahyu Artha Kusuma, I Gede; Endayani, Fatmasari; K, Aditya Budi; Khouroh, Umu
Manajemen dan Bisnis Vol 23, No 2 (2024): September 2024
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24123/mabis.v23i2.803

Abstract

The research aims to advance our understanding of the realm of social media marketing and how these dynamics influence consumers' engagement with brands and subsequently shape brand awareness and brand image. The research methodology utilized a rigorous quantitative approach, systematically gathering and analyzing numerical data through structured surveys and statistical techniques to uncover patterns, measure variables, and derive objective conclusions. Respondents consist of people in Bali who used social media to connect with the brand. The total number of respondents for this study is 138. they were particularly used for hypotheses testing. Elements of social media marketing, particularly entertainment and trendiness, play a more significant role in fostering Consumer-Brand Engagement. Additionally, Consumer-Brand Engagement has a notable impact on brand awareness and brand image.
Beyond Sharia Compliance: How Islamic Economics and Trust Shape Purchase Intention in the Era of Hijrah Lifestyle Ishma Ulfasari; Umu Khouroh
Jurnal Manajemen dan Kewirausahaan Vol. 13 No. 2 (2025): Desember 2025
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jmdk.v13i2.16514

Abstract

This study examines how Islamic economics influences consumers’ purchase intention toward sharia-compliant housing, emphasizing the mediating role of trust and the contextual influence of the hijrah lifestyle. Using data from 137 respondents and analyzed through Partial Least Squares Structural Equation Modeling (PLS-SEM), the findings reveal that Islamic economics significantly strengthens both trust and purchase intention. Trust also plays a crucial mediating role, demonstrating that consumers’ confidence in developers’ sharia compliance, transparency, and ethical integrity is essential in converting religious–economic values into behavioral intentions. The hijrah lifestyle—reflecting religious identity, spiritual motivation, and community influence—shows a strong direct effect on purchase intention, although it does not moderate the relationships between Islamic economics and trust or purchase intention. Integrating the Theory of Planned Behavior (TPB), and Islamic Sustainability Theory, this study highlights that consumer intention to purchase sharia housing is shaped by value-driven attitudes, perceived behavioral control through trust, and spiritual identity. The results underscore the importance of ethical transparency, riba-free financial systems, and religious lifestyle alignment in strengthening the future growth of the sharia housing market.
Determinants of Company Value: Empirical Evidence from Consumer Goods Industrial Companies in Indonesia Purnama, Maria Goreti; Yuniarti, Sari; Terdpaopong, Kanitsorn; Subiyantoro, Edi; Khouroh, Umu
Jurnal Manajemen Bisnis Vol. 15 No. 1: March 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/mb.v15i1.20114

Abstract

Research Aims: Investors focus on a company's value before investing, which can benefit shareholders. This study, thus, investigates how factors like liquidity, debt, profits, growth, and investment opportunities affect a company's value, with dividend policy playing a role.Design/Methodology/Approach: This study examined companies in the consumer goods industry listed on the IDX from 2018 to 2021. The authors collected data from 71 selected companies using purposive sampling. The analysis method employed was Moderating Regression Analysis (MRA).Research Findings: The findings demonstrated that Debt to Asset Ratio (DAR), Return on Assets (ROA), and Investment Opportunity Set (IOS) strongly affected Price to Book Value (PBV) positively. However, Current Ratio (CR) and Growth did not significantly affect PBV. Additionally, the Dividend Payout Ratio (DPR) did not influence the relationship between CR, DAR, and Growth with PBV. Also, it did moderate the relationship between ROA and IOS with PBV.Theoretical Contribution/Originality: The research findings contribute to our understanding of the factors that impact the market value of companies in the consumer goods industry listed on the IDX.Practitioners/Policy Implications: It is crucial to examine specific variables that have a significant impact on PBV, while other variables may not play a vital role. This can help practitioners, academics, and investors make more informed decisions based on in-depth analysis of company performance and value.Research Limitations/Implications: The limitations include limited panel data, a single industry focus, the absence of supportive data on individual company investment variations, and no consideration of industry risk, market policies, or investor preferences.
Moderating Role of Leverage and Profitability in the Relationship Between Eco-Efficiency and Firm Value in Consumer Goods Sector Bernadeta Dian Saputri; Umu Khouroh; Irany Widhiyastiti; Lilik Kustiani
Business Management Research Vol. 4 No. 1 (2025): January 2025
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/bismar.v4i1.15741

Abstract

This research aims to examine the influence of company value on eco-efficiency with leverage and profitability as moderating variables. Companies that have implemented environmentally friendly concepts in their operational activities are expected to have higher share prices which will lead to an increase in company value. Eco-efficiency is implemented with ISO 14001 certification. Leverage is measured using Debt Equity Ratio (DER) and Profitability is measured using Return On Assets (ROA). This research also uses Earning Per Share (EPS) and Book Value (BV) as control variables. This research uses a sample of manufacturing companies in the consumer goods sector listed on the Indonesia Stock Exchange. The sample extraction technique used was purposive sampling with the criteria of companies presenting financial reports for the 2017-2021 period, resulting in 26 companies being obtained. This research is research that uses secondary data in the form of financial reports. This research uses the Moderated Regression Analysis (MRA) method. The research results show that when eco-efficiency is tested for its influence together with other variables, the results do not affect company value, but if eco-efficiency is tested alone, the results are significantly positive for company value. Based on the MRA test results, leverage and profitability as moderators are both unable to moderate the relationship between eco-efficiency and firm value.
When Financial Literacy is Not Enough: Assessing the Mediating Roles of Self-Efficacy and Behavior on Financial Well-being in Malang City Hendra Suharjana; Umu Khouroh; Harmono Harmono
Innovation Business Management and Accounting Journal Vol. 5 No. 1 (2026): January - March
Publisher : Trescode Green Organization

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56070/ibmaj.v5i1.341

Abstract

This study investigates the determinants of financial well-being among the residents of Malang City, specifically examining the mediating roles of financial self-efficacy and financial behavior. Using an explanatory research design with a quantitative approach, data were collected via structured questionnaires from 150 respondents across three generational cohorts (X, Y, and Z). The data were analyzed using Structural Equation Modeling with Partial Least Squares (SEM-PLS). The results reveal that while financial literacy significantly strengthens both financial self-efficacy and financial behavior, it does not exert a direct impact on financial well-being. Notably, financial behavior also failed to act as a significant mediator in this relationship. Instead, financial self-efficacy emerged as a potent full mediator and the most critical predictor of financial welfare. These findings suggest that in a dynamic urban economy, technical knowledge and routine habits are insufficient without the psychological confidence to manage personal finances. To achieve holistic financial well-being, policymakers should shift from basic literacy programs to psychological empowerment initiatives that build inner conviction and mental resilience. This research highlights that the "psychological bridge" is far more essential than the "behavioral bridge" in translating knowledge into a secure financial future.
Strengthening Accountability of Village Officers: The Effect of Competency, Commitment, and Community Participation Sri Wahyuningsih; Mokhamad Natsir; Umu Khouroh
Innovation Business Management and Accounting Journal Vol. 5 No. 1 (2026): January - March
Publisher : Trescode Green Organization

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56070/ibmaj.v5i1.357

Abstract

This study explores the factors that influence how transparently and responsibly village officials manage their duties, particularly in handling village fund allocations. As these officials hold significant responsibility for public resources, ensuring accountability is essential for effective local governance. The research focuses on three key areas: the professional skills of the staff, their loyalty to the organization, and the level of involvement from the local community. Data analysis was carried out using the Multiple Linear Regression Analysis method to test the influence of independent variables on the dependent variable both partially and simultaneously The findings reveal that the professional competence and expertise of village officials are the most critical factors in ensuring high-quality public service and reliable management. When officials possess the necessary knowledge and technical abilities, the overall standards of accountability improve significantly. Interestingly, the study found that internal commitment to the office and social oversight from residents do not yet play a major role in driving these standards at the local level. These results suggest that to achieve more professional and trustworthy village administration, the primary focus should be on enhancing the practical training and human resource development of the officials. By prioritizing skill-building, local governments can ensure that public funds are managed more effectively for the benefit of the community. Data analysis was carried out using the Multiple Linear Regression Analysis method to test the influence of independent variables on the dependent variable both partially and simultaneously.
Strategic Orientation: Integrating Entrepreneurial, Collective, and Market Orientations to Enhance MSMEs' Performance Umu Khouroh; Sari Yuniarti; Irany Windhyastiti; Rafiq Firdaus Al-Asjim
Media Ekonomi dan Manajemen Vol 39, No 2 (2024): July 2024
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56444/mem.v39i2.4766

Abstract

MSMEs in Indonesia face fundamental problems in developing business strategies. This research explores the impact of strategic orientation (SO) on business performance. SO involves the integrated role of entrepreneurial orientation (EO), market orientation (MO), and collective orientation (CO) in improving performance. This research also examines the mediating role of CO, MO and the moderating role of EO. Demographic variables are used as control variables. Data obtained from 192 creative industries in Malang Raya with a response rate of 65 percent (124 MSMEs). This study utilizes PLS-SEM methodology to investigate target relationships. The results show that MSME performance is significantly influenced by SO, both EO and MO, but not CO. This confirms the direct influence of EO and MO on performance, as well as the indirect influence of MO on the EO-performance relationship. In addition, this research reveals that the performance of MSMEs managed by women tends to be lower than MSMEs managed by men. This is because the EO characteristics of men are greater than those of women. The implication of these findings is that MSMEs must improve EO and MO. Effective CO needs to be strengthened so that it can make a major contribution to sustainability of MSMEs.
Mengoptimalkan Kreativitas Tim: Peran Resiliensi dalam Memediasi Gaya Kepemimpinan dan Stabilitas Anggota di Organisasi Kemahasiswaan Theofilus Christ Marvellianto; Syarif Hidayatullah; Umu Khouroh
Jurnal Riset Inspirasi Manajemen dan Kewirausahaan Vol. 10 No. 1 (2026): Jurnal Riset Inspirasi Manajemen dan Kewirausahaan
Publisher : Sekolah Tinggi Ilmu Manajemen Indonesia (STIMI) Banjarmasin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35130/vcvjhh07

Abstract

In the current era of globalization, higher education institutions play a vital role as one of the providers of human resources who can adapt and are competent for the needs of the global job market. To meet the demands of the global workforce today, students need not only theoretical or hard skills but also a balanced development of soft skills, one of which can be achieved through student organizations. The purpose of this research is to analyze the role of transformational leadership, shared leadership, and membership stability on team creativity through team resiliency. This study aims to explain how team resiliency mediates the relationship between these three variables and team creativity. The research method used in this study is quantitative, with a sample of 205 members of the student organization at BINUS Malang campus. Data were collected through a Likert scale-based questionnaire, and data analysis was conducted using SEM PLS 3.0. The analysis results show that the direct influence of these three variables has a significant impact on team resiliency, and among the three variables, only transformational leadership does not have a significant direct impact on team creativity. Additionally, the indirect relationship between shared leadership and membership stability on team creativity through team resiliency is significant, while the indirect relationship between transformational leadership and team creativity through team resiliency is not significant. This indicates that the transformational leadership style, which focuses on providing inspiration. Motivating and directing its members has not yet been well received to enhance the creativity of the organization's members and improve team creativity within the organization. These findings are expected to contribute to the chairperson of the BINUS Malang student organization in developing an effective leadership style in fulfilling their role as the chairperson and achieving the organization's goals together
Clean-Nutrition, Care-Green Marketing, Commit-Loyalty Program: 3C Strategy as a Driver of Customer Satisfaction and Loyalty Rindang Nirmala Trisnaningsih; Umu Khouroh; Tanto Gatot Sumarsono
Jurnal Bisnis dan Manajemen Vol. 12 No. 2 (2025): Jurnal Bisnis dan Manajemen Volume 12 Nomor 2 Tahun 2025
Publisher : Jurnal Bisnis dan Manajemen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jbm.v12i2.15891

Abstract

This study investigates the effects of the 3C Strategy—Clean–Nutrition, Care–Green Marketing, and Commit–Loyalty Program—on customer satisfaction and loyalty in the mass-affordable dairy sector in Indonesia. It also examines the mediating role of customer satisfaction in translating marketing strategies into long-term loyalty, particularly among Bottom-of-the-Pyramid (BoP) consumers. Using an explanatory quantitative approach, the study surveyed 210 respondents from urban and semi-urban areas who had recently purchased affordable dairy products and met age and expenditure criteria. Data were collected through structured questionnaires and analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM). The results reveal that all three strategic elements significantly influence both satisfaction and loyalty, with Care–Green Marketing having the strongest direct effect on customer loyalty. Clean–Nutrition contributes primarily to satisfaction, while Commit–Loyalty Program shows dual effects by enhancing both satisfaction and loyalty directly. Mediation analysis confirms that satisfaction significantly bridges the relationship between the 3C elements and loyalty outcomes. These findings suggest that consumer decisions in low-income markets are not solely driven by price but are increasingly shaped by ethical values, health consciousness, and relational benefits. The results also validate the applicability of Expectation–Confirmation Theory and the Stimulus–Organism–Response framework in the context of functional FMCG products for BoP consumers. The study offers theoretical contributions by integrating ecological and ethical dimensions into consumer value frameworks and provides practical insights for marketers seeking to foster enduring customer relationships through transparent, value-based branding strategies.
Co-Authors Abdul Waris Abdul Waris Akbar, Roby Nur Alvianna, Stella Andi Nu Graha Andini Risfandini Angelia, Monica Aristanto, Eko Bayu Rahayudi Bayu Rahayudi Begum, Farhana Bernadeta Dian Saputri Christina Sri Ratnaningsih Christina Sri Ratnaningsih Christina Sri Ratnaningsih Dea Mutiara Otoxsusilo Dhia Zharfaningrum Dyah Retno Hertanti Edi Subiyantoro Fajar Supanto Fatima Abdullah Fatmasari Endayani Febriana, Melati Francisca Triyana Resti Prastiwi Hendra Suharjana Herdiyanti, Indyah Ike Kusdyah Rachmawati Irany Whindyastiti Irany Widhiyastiti Irany Windhyastiti Ishma Ulfasari K, Aditya Budi Kiswanti, Hanny Mahasih Krisnawuri Handayani Kusuma, I Gede Wahyu Artha Lilik Kustiani Maria Afarida Kurnia Maya Mega Puspita Mokhamad Natsir musnaini musnaini Nanik Sisharini Natsir, Mokhamad Ningsih, Tasya Aprilia Panji Arik Indraswara Patalo, Ryan Gerry Prastyawan, Ayub Purnama, Maria Goreti Puspaari, Ernita Dian Rafiq Firdaus Al-Asjim Ratnaningsih, Christina Sri Rian Surachmad Rindang Nirmala Trisnaningsih Sari Wenni Nurindah Sari Yuniarti Shiddiqi , Dzikri Ash Soffi Andri Ana Sri Wahyu Lelly Hana Setyanti Sri Wahyuningsih Sumarsono, Tanto Gatot Sunardi Sunardi Syarif Hidayatullah Syarif Hidayatullah Syarif Hidayatullah Tanto Gatot Sumarsono Terdpaopong, Kanitsorn Theofilus Christ Marvellianto Wahyu Artha Kusuma, I Gede Wijaya, Lientang Wilujeng, Gandis Yuntawati Fristin, Yuntawati