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The interlink between capital structure, sales growth, and sustainable growth rate: Comparative insights from IDX Growth and IDX Sharia Growth Gunawan, William Ben
Klabat Accounting Review Vol. 6 No. 2 (2025): Klabat Accounting Review
Publisher : UNKLAB Business School

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60090/kar.v6i2.1337.81-93

Abstract

The dynamics of capital structure (CS), sales growth (SG), and sustainable growth rate (SGR) play pivotal roles in corporate finance, impacting a company’s valuation and strategic direction. This study investigates the factors influencing the SGR of companies listed in the IDX Growth 30 and IDX Sharia Growth indices, focusing on the roles of CS and SG. Using a quantitative approach, secondary data from the financial reports of these companies from 2022 to 2023 were analyzed through regression and comparative statistical methods. The findings reveal distinct influences on SGR for each index: within the IDX Growth 30, SG significantly impacts SGR positively, emphasizing the importance of revenue expansion and internal funding, while CS does not show a significant effect. In contrast, for IDX Sharia Growth firms, CS significantly influences SGR, highlighting the effective use of ethical financing sources, whereas SG does not. Despite these differences, there are no significant gaps in SGR between sharia-compliant and non-sharia firms, indicating that both achieve comparable sustainable growth through their respective strategies. Only CSs are different between these two types of firms. These results suggest that tailored growth strategies are essential, with conventional firms focusing on sales and market expansion and sharia-compliant firms leveraging ethical financing and operational efficiencies. Future research should consider additional variables like ownership structure and macroeconomic factors to further understand their impact on SGR across different firm categories.
Revisiting the Sustainable Development Goal 4 “Quality Education”: Insights, Prospects, and Recommendations Gunawan, William Ben
SAKAGURU: Journal of Pedagogy and Creative Teacher Vol 2 No 1 (2025): May 2025 | SAKAGURU: Journal of Pedagogy and Creative Teacher
Publisher : Wise Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70211/sakaguru.v2i1.202

Abstract

This paper explores the global challenges and prospects associated with the implementation of the United Nations Sustainable Development Goals (SDGs), with a focused analysis on Goal 4: Quality Education. Drawing on current data, scholarly research, and policy reports, the study identifies disparities in educational access and quality across regions, emphasizing how socio-economic, geographical, political, and digital divides impede equitable learning opportunities. A comparative analysis of four countries—Nigeria, India, Finland, and Japan—illustrates how varying governance structures, economic capacities, and cultural dynamics shape education outcomes. The study further examines the impact of global phenomena such as the COVID-19 pandemic, geopolitical tensions, energy transitions, and economic downturns on educational systems. Through this multi-scalar analysis, the paper identifies structural barriers and systemic weaknesses that hinder progress toward SDG 4, particularly in low-income and conflict-affected regions. The paper concludes by offering actionable recommendations, including intersectoral collaboration, inclusive education policy reforms, investment in digital infrastructure, and capacity building in under-resourced areas. The findings underscore the need for globally coordinated, locally adapted strategies that center equity and resilience to ensure the realization of inclusive and quality education for all by 2030.
The Strategic Approach to Recruitment and Selection at WIKA Rekayasa Konstruksi: Implication and Recommendation Gunawan, William Ben; Oktavia, Yesica Dyah; Budiman, Arif Harry; Diptawibowo, Narendra Diwangkara
Contemporary Public Administration Review Vol. 2 No. 2 (2025): Contemporary Public Administration Review (CoPAR)
Publisher : Department of Public Administration, Parahyangan Catholic University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26593/copar.v2i2.8733.120-142

Abstract

Recruitment and selection are critical components of human resource management, as they directly influence an organization’s ability to attract, identify, and retain top talent in a competitive industry. Despite extensive literature on recruitment strategies, limited research examines the integration of these practices with long-term organizational goals in Indonesian construction firms. This study explores the strategic recruitment and selection processes at WIKA Rekayasa Konstruksi (WRK), a subsidiary of PT Wijaya Karya Tbk (WIKA), and their impact on the quality of human resources as well as organizational performance. This study seeks to address this gap by analyzing WRK’s methodologies, assessing their effectiveness, and offering strategic recommendations for improvement. This research employed a descriptive qualitative approach, the data was collected through interviews with a key informant, WRK’s Senior Manager of the Human Capital division. The findings reveal that while WRK employs comprehensive methods—such as competitive salary offerings, digital recruitment platforms, and multi-stage evaluations—there is room for improvement in aligning recruitment practices with strategic objectives and enhancing transparency in cost-related communication during post-selection stages. This research contributes to the academic discourse by highlighting best practices and challenges in recruitment within the construction sector, offering actionable insights for organizations aiming to optimize human resource management strategies.
Strengthening Public Sector Integrity through Good Corporate Governance: Insights from Bibliometric Analysis and Literature Review Gunawan, William Ben; Setyaningsih, Putri Anggraini; Rahmawati, Nisa; Rahman, Abdu
Jurnal Inspektorat Vol. 1 No. 2 (2025): Jurnal Inspektorat
Publisher : Inspektorat Kabupaten Majalengka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64527/inspektorat.v1i2.48

Abstract

Research on GCG has expanded significantly due to growing public scrutiny, the demand for accountability, and the recognition that governance quality shapes institutional integrity. This study explores the evolving landscape of research on GCG through a bibliometric analysis and literature review. Using data extracted from Scopus and visualized via VOSviewer, keyword mapping identifies GCG as the central theme, frequently associated with financial performance, firm value, corporate social responsibility, earnings management, and audit committees. Overlay visualization indicates a shift in focus from traditional financial metrics toward broader governance dimensions, including transparency and stakeholder engagement. These findings suggest that the discourse around GCG has matured beyond its financial roots to encompass ethical and institutional perspectives. Thus, this paper serves as a reference point for academics, practitioners, and policymakers seeking to enhance governance frameworks in private and public institutions. Future research should employ multi-method approaches to investigate causal relationships and contextual differences.
INTEGRATING ARTIFICIAL INTELLIGENCE INTO COLLABORATIVE LEARNING TO FOSTER 21ST-CENTURY SOFT SKILLS: EVIDENCE FROM A BEST PRACTICE STUDY IN MAN 1 BANDA ACEH Aprullah, Muhammad Putra; Sayuthi, Muhammad; Julnadi, Salsabilla; Gunawan, William Ben; Indrayani, Indrayani; Fuadi, Raida; Zahara, Zahara; Adria, Agus
Multidisciplinary Indonesian Center Journal (MICJO) Vol. 3 No. 1 (2026): Vol. 3 No. 1 Edisi Januari 2026
Publisher : PT. Jurnal Center Indonesia Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62567/micjo.v3i1.1888

Abstract

This best practice study aims to develop 21st-century soft skills in students at MAN 1 Banda Aceh through the implementation of an artificial intelligence-based collaborative learning model called KOTAK (Artificial Intelligence-Based Brain Collaboration). The study used a qualitative case study design with 39 students. Data collection was conducted through learning observations, interviews, and analysis of student activities and learning outcomes in the Integrated Economic Exploration material. The KOTAK model was designed by integrating various easily accessible AI tools, such as Google Lens, ChatGPT, and QuestionWell, to support interactive, collaborative, and problem-solving-based learning. The results showed that implementing the KOTAK model significantly improved students' critical thinking, communication, collaboration, and creativity (4C) skills. Analysis of learning outcomes indicated a 94.87% absorption rate and achievement of the curriculum objectives for the taught material. The use of the AI platform has proven to be an effective interactive medium for encouraging active student engagement, strengthening higher-order thinking, and fostering collaboration in problem-solving. This research makes an original contribution by offering and testing a contextual learning model that integrates collaborative pedagogy and AI technology in a madrasah environment, while also presenting a practical framework for developing 21st-century skills in integrated subjects such as Economics, in line with the implementation of the Merdeka Curriculum.
Determining factors of flag football sport intention: bibliometric and mixed methods explorations Gunawan, William Ben; Setyani, Angelica Herdyandra; Diptawibowo, Narendra Diwangkara; Perwitasari, Ghazlina Putri
Sriwijaya Journal of Sport Vol. 5 No. 2 (2026): Sriwijaya Journal of Sport
Publisher : Universitas Sriwijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55379/sjs.v5i2.167

Abstract

Research Problems: Existing research on sports participation has predominantly examined general determinants of sports interest or intention to participate. However, interest or intention to participate in flag football, a growing yet less mainstream sport in Indonesia, remains understudied. Research Objectives: This study explores the underlying factors influencing individuals’ intention to participate in flag football, a rapidly growing sport known for its inclusivity and unique gameplay. Methods: The research was performed using combined approaches: the item was formulated through a bibliometric review and structured questionnaires from the results of interviewing 65 participants (qualitative approach), resulting in 26 items. As for the quantitative approach, the Kaiser-Meyer-Olkin measure of sampling adequacy and Bartlett’s Test of Sphericity confirmed 20 items suitable for factor analysis. The analysis revealed seven interpretable factors: Accessibility and Environmental Support, Personal Image and External Influence, Prior Sport Experience and Alternatives, Emotional and Novelty Aspects, Social Motivation and Self-Affirmation, Cognitive Stimulation and Excitement, and Competitive and Value-Based Orientation. These factors cumulatively explained 67.58% of the Intention to participate in flag football. Results: The findings suggest that both internal drivers (e.g., curiosity, mental stimulation) and external influences (e.g., facilities, media exposure) play significant roles in shaping interest toward sport. Implications of the findings span across different stakeholders, offering strategic insights for sports marketers, policymakers, educators, and community organizers to enhance participation rates and tailor flag football programs to diverse audiences. The study contributes to a more comprehensive understanding of sport engagement psychology and offers recommendations for future research in emerging sports adoption. Conclusion: The analysis resulted in the identification of seven distinct factors, each of which represents a unique dimension that shapes how individuals perceive and are motivated toward participating in flag football, reflecting both personal and contextual elements. The findings provide a comprehensive view of how various psychological, social, and environmental components interplay to influence sport adoption.
Beyond philanthropy: Modelling zakat’s systemic role in circular economic practices and sustainable finance Aprullah, Muhammad Putra; Sayuthi, Muhammad; Julnadi, Salsabilla; Gunawan, William Ben; Indrayani, Indrayani
Priviet Social Sciences Journal Vol. 6 No. 2 (2026): February 2026
Publisher : Privietlab

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55942/pssj.v6i2.1374

Abstract

This study systematically examines the role of zakat in promoting sustainable finance and achieving Sustainable Development Goals (SDGs). Through the Systematic Literature Review (SLR) method, this study identifies, analyzes, and synthesizes various empirical studies and national data related to zakat’s contribution to economic, social, and environmental development. Zakat, as an Islamic social finance instrument, has great potential in strengthening the inclusive financial ecosystem and supporting community welfare. The literature review shows that zakat plays a significant role not only as a financial instrument for redistributing prosperity but also as a catalyst for sustainable development through environmental conservation, economic empowerment, enhanced social resilience, and increased financial inclusion. The integration of zakat into the sustainable finance policy framework has been proven to support the achievement of several SDGs, particularly the goals of poverty eradication (SDG 1), decent work and economic growth (SDG 8), and inequality reduction (SDG 10). Therefore, zakat’s potential can be optimized through good governance, digital innovation, and cross-sector collaboration is a strategic key to accelerate the realization of sustainable finance and achieve the SDGs in Indonesia
Cash optimization with cash management model approach: The case of PT Pertamina Gas (Pertagas) Gunawan, William Ben
Jurnal Ekonomi Perusahaan Vol. 32 No. 2 (2025): Sept 2025 - Feb 2026
Publisher : Business and Entrepreneurship Department, Kwik Kian Gie School of Business and Information Technology, Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46806/jep.v32i2.1629

Abstract

This study examines the optimization of corporate cash management at Pertagas amid heightened volatility in the energy sector, fluctuating exchange rates, inflationary pressures, and internal demands for CapEx–OpEx efficiency. Using a quantitative approach, this research evaluates Pertagas’s cash cycle and liquidity profile, and applies five cash management models—Baumol, Beranek, Miller-Orr, Stone, and Orgler—to determine optimal cash balances under varying assumptions of certainty and uncertainty. Results indicate substantial volatility in net cash flows, with a Value at Risk (VaR) of –USD 81.48 million at the 95% confidence level. Model estimations recommend optimal daily cash levels ranging from USD 1.05 million (Baumol) to USD 4.51 million (Miller-Orr), significantly lower than the company’s existing Rp 200 billion (≈ USD 12.5 million) policy threshold, implying notable opportunity costs from holding idle cash. The Orgler model further shows that Pertagas could generate up to USD 10.89 million annually through optimized deployment of surplus liquidity. The study recommends integrating stochastic and forecasting-based models, strengthening cash monitoring systems, and revising minimum cash policies to enhance liquidity, profitability, and financial resilience.
ACHIEVING SUSTAINABILITY VIA OFFICIAL STATISTICS: INSIGHTS FROM LITERATURE AND BIBLIOMETRIC APPROACHES Gunawan, William Ben
RAGAM: Journal of Statistics & Its Application Vol 5, No 1 (2026): RAGAM: Journal of Statistics & Its Application
Publisher : Universitas Lambung Mangkurat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20527/ragam.v5i1.18154

Abstract

In the pursuit of sustainable development, data-driven decision-making is essential. This study explores the pivotal roles that official statistics, systematically produced by national statistical offices and related agencies, play in advancing sustainability agendas. While extensive research has examined big data and sustainability metrics, the specific contributions of official statistics remain underexplored. To bridge this gap, the study employs a mixed-methods approach combining bibliometric analysis and a structured literature review. A total of 865 Scopus-indexed documents were analyzed to map the intellectual landscape, disciplinary scopes, and thematic clusters associated with the intersection of official statistics and sustainability. The results reveal a growing scholarly interest, with a dominant presence in decision sciences, social sciences, economics, and business fields, and emerging contributions in engineering, environmental sciences, and medicine. Official statistics are found to support sustainability by enabling evidence-based governance, monitoring progress toward the Sustainable Development Goals (SDGs), and fostering accountability and transparency. Thematic cluster analysis further highlights the roles of official statistics in policy modeling, health surveillance, environmental monitoring, and socio-economic planning. However, gaps in disciplinary engagement and geographical representation signal the need for greater integration and capacity-building, particularly in data-intensive scientific domains. This study underscores the strategic value of official statistics as a public good, and recommends strengthening statistical systems, fostering interdisciplinary collaboration, and enhancing data accessibility. These actions are vital to align national and global sustainability efforts with reliable, standardized, and inclusive statistical evidence.