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Digital Financial Services, Trust in Fintech, and Perceived Security in Influencing User Satisfaction and Continued Usage Intention. A Case Study of Gopay By PT Dompet Anak Bangsa Nurrela, Nisa; Utami, Diah; Maharani, Sella Sakilla; Heikal, Jerry
Dinasti International Journal of Education Management and Social Science Vol. 7 No. 2 (2025): Dinasti International Journal of Education Management And Social Science (Decem
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijemss.v7i2.5641

Abstract

This study examines the impact of Digital Financial Services (DFS), Trust in Fintech (TF), and Perceived Security (PS) on User Satisfaction (US) and Continued Usage Intention (CUI) among GOPAY users, a fintech platform operated by PT Dompet Anak Bangsa. Utilizing Structural Equation Modeling with Partial Least Squares (SEM-PLS), data from 322 GOPAY users in Jabodetabek were analyzed to evaluate the relationships between variables. Findings reveal that DFS and PS significantly influence US (β = 0.541, p = 0.000; β = 0.437, p = 0.001), while TF shows no significant effect (β = 0.018, p = 0.916). US significantly mediates the effect on CUI (β = 0.553, p = 0.000). Directly, PS impacts CUI (β = 0.395, p = 0.000), whereas DFS and TF do not (β = -0.116, p = 0.062; β = 0.131, p = 0.230). DFS indirectly affects CUI through US with a total effect of 0.183. These results highlight US as a key mediator in driving CUI, with DFS and PS as critical factors. PT Dompet Anak Bangsa is recommended to enhance service quality, strengthen security systems, and prioritize user satisfaction as a strategic measure to foster user loyalty within the increasingly competitive fintech market.
Faktor-Faktor Penentu Loyalitas Pelanggan dalam Belanja Online di Platform E-Commerce Shopee Fadilla, Triana Gustiani; Herdiany, Gita Amira; Heikal, Jerry
Jurnal Abdimas Peradaban Vol. 7 No. 1 (2026): Jurnal Abdimas Peradaban
Publisher : Global Writing Academica Researching and Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54783/3w8r4b07

Abstract

Penelitian ini bertujuan untuk mengetahui faktor penentu Loyalitas Pelanggan dalam belanja online melalui e-commerce Shopee. Secara metodologis, studi ini bersandar pada Grounded Theory untuk membedah temuan kualitatif. Informasi tersebut digali secara langsung dengan mewawancarai beberapa sampel pengguna e-commerce Shopee. Dalam tahapan analisis data, studi ini mengaplikasikan tiga proses pengodean, open coding guna membedah data ke dalam kategori-kategori dasar, axial coding untuk merajut keterkaitan antar kategori tersebut, dan terakhir, selective coding diterapkan untuk mengerucutkan temuan menjadi tema-tema inti penelitian. Fenomena dalam penelitian ini adalah maraknya transaksi jual beli yang dilakukan secara online dengan Research Problem yaitu alasan konsumen lebih memilih Shopee dibanding platform lain. Berdasarkan transkrip wawancara dengan kelima narasumber, peneliti berhasil mengekstraksi sebanyak 20 coding. Seluruh kode tersebut selanjutnya dipilah ke dalam sembilan kategori utama, yakni akses informasi, tren, pengalaman pengguna (UX), antarmuka (UI), potongan harga, variasi produk, pembebasan biaya kirim, jaminan keamanan, serta mutu pelayanan atau service quality. Pada tahap akhir, kesembilan kategori ini dikerucutkan kembali hingga membentuk tiga tema sentral, yaitu Trust (Kepercayaan), Ease of Use (Kemudahan Penggunaan), dan Promotion (Promosi).
Analysis of Factors Causing Employee Stress in the Work Environment: A Grounded Theory Study Threezardi, Ricki; Dwirahmawati, Retno; Nugraha, Yudi; Heikal, Jerry
Jurnal Sosial Teknologi Vol. 6 No. 3 (2026): Jurnal Sosial dan Teknologi
Publisher : CV. Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/jurnalsostech.v6i3.32755

Abstract

Background: Stress at work is a common thing for us as humans. Stress is feedback that must be passed by humans in doing a job. Objective: This study aims to deeply understand the experience of work stress in office employees of various ages and positions. Methods: Using a grounded theory approach, this research uncovered the phenomenon of work stress from the subjective perspective of the employees. Seven participants from various backgrounds were involved in in-depth interviews conducted through Google Meet and recorded using Google Docs. Data analysis resulted in the finding that work stress in office employees is influenced by various factors. Through the grounded theory method, we found that there were 25 codes, 9 categories and 4 major themes with a total score of 31. From the data, we found that the major themes that contribute to causing work stress in employees are responsibility, environment, leadership and employee rights. Results: The findings of this study can be used to develop more effective intervention programs in reducing work stress and improving employee well-being. The findings contribute to a more comprehensive understanding of the experience of work stress in the context of office work in Indonesia. The implication of this research is the need for company management to better understand the factors that cause stress for their employees. Conclusion: This research is expected to make a significant contribution to the field of human resource management and occupational health.
Analysis of the Factors Influencing Willingness to Connect in Sistem Penyediaan Air Minum (Spam)/Drinking Water Supply System (Dwss) Pekanbaru Riau Using Binary Logistic Regression Method Herry K, Raras; Mulyani, Sarah; Heikal, Jerry
Journal Research of Social Science, Economics, and Management Vol. 5 No. 8 (2026): 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.v5i8.1344

Abstract

To fulfill the needs for clean water in Pekanbaru City and Kampar Regency Riau, Perusahaan Daerah Air Minum(PDAM)/Drinking Water Regional Enterprise (DWRE) in collaboration with an investor company is building piping network infrastructure known as the Pekanbaru – Riau Sistem Penyediaan Air Minum (SPAM)/Drinking Water Supply System (DWSS). This SPAM/DWSS has an important role in fulfilling the needs for clean water in the community. However, its operational sustainability is highly dependent on the ability of potential customers to pay for the services (willingness to connect). This study aims to analyze factors influencing the willingness to connect for prospective customers of SPAM/DWSS Pekanbaru – Kampar by using the binary logistic regression method. The independent variables analyzed include economic, social, and demographic factors, such as age, occupation, household income, education level, and customer perception of water tariffs. The data were collected through a survey conducted by RH Consultants to 2,000 respondents of domestic customers and 1,500 respondents of commercial and industrial customers to determine the most significant factors influencing the willingness to connect. The results showed that household income has a significant influence on the willingness to connect for potential customers. These findings provide insights for SPAM/DWSS managers and local governments in designing more equitable and sustainable tariffs and policies.
Segmentation of Construction Companies Based on Financial Performance Indicators for Acquisition Using K-Means Adi Wardhana, Anindyarta; Mulyani, Sarah; Herry K, Raras; Heikal, Jerry
Journal Research of Social Science, Economics, and Management Vol. 5 No. 8 (2026): 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.v5i8.1347

Abstract

The acquisition process in the construction industry requires careful evaluation of potential targets, particularly regarding financial performance. Data-driven segmentation has become a strategic method to group companies based on financial characteristics, enabling objective acquisition decisions. This study applies the K-Means Clustering algorithm to segment construction companies using key financial indicators, including P/E ratio, Price-to-Book Value (Price to BV), D/E ratio, ROA, ROE, and NPM. Secondary data from financial statements of construction companies listed on the Indonesia Stock Exchange (IDX) during 2023–2024 were analyzed. Five clusters were identified, reflecting varying levels of financial performance and risk. Among the 23 companies studied, 18 experienced a decline in performance. Notably, PT Totalindo Eka Persada Tbk showed the most significant decline, with a high D/E ratio and negative NPM, suggesting it as a potential acquisition target at a lower price. Post-acquisition, financial and operational restructuring, governance improvements, project diversification, and cost-efficiency measures are recommended. Each cluster presents distinct characteristics relevant for acquisition strategy; for example, high-profitability but low-solvency clusters may attract high-risk investors. This study demonstrates how data mining techniques support corporate due diligence and strategic decision-making, offering a structured approach to identify companies with differing financial strengths and weaknesses. The findings contribute to advancing quantitative approaches in acquisition planning, highlighting how clustering techniques can enhance objective evaluation and strategic alignment in mergers and acquisitions.
The Effect of Quality, Quantity, Continuity, and Service of Sistem Penyediaan Air Minum (SPAM)/Drinking Water Supply System (DWSS) Products on Customer Satisfaction and Its Impact on Piped Water Absorption Using SEM-PLS Methods Mulyani, Sarah; Herry K, Raras; Heikal, Jerry
Journal Research of Social Science, Economics, and Management Vol. 5 No. 8 (2026): 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.v5i8.1348

Abstract

This study is intended to analyze the influence of quality, quantity, continuity, and service of Sistem Penyediaan Air Minum (SPAM)/Drinking Water Supply System (DWSS) products on customer satisfaction, which has an impact on the amount of piped water absorption. This study uses a quantitative approach with a survey method and Structural Equation Modeling–Partial Least Squares (SEM-PLS). Data were obtained through the distribution of questionnaires by the company’s QHSE Bureau to SPAM/DWSS customers, namely Perusahaan Daerah Air Minum (PDAM)/Drinking Water Regional Enterprise (DWRE). The respondents are PDAM/DWRE entities that have become partners of the company and cooperate in operating the water supply business. The variables studied include water quality (color, taste, odor, and pH), quantity (water capacity fulfillment and distribution), continuity (the ability to provide water at the required capacity and maintain its distribution processes), and service (ease of communication and responsiveness to the instructions given). The results of the study show that the X1 variable of product quality has a positive and significant influence on customer satisfaction, which also has a significant effect on the amount of piped water absorption. Product quality is the most dominant factor influencing satisfaction, and it increases the amount of piped water absorption. This indicates that customer considerations in SPAM/DWSS services are not only related to the quantity of water received and the consistency of distribution but also to the quality of the water consumed.
Customer Segmentation in B2B Professional Services Using RFM Analysis and Ethnographic Insights: Evidence from a 15-Year Longitudinal Study Mulyanto, Imam Arie; Heikal, Jerry
Journal Research of Social Science, Economics, and Management Vol. 5 No. 8 (2026): 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.v5i8.1349

Abstract

The professional services industry, particularly infrastructure and environmental management consulting, faces increasingly complex challenges in managing long-term business-to-business (B2B) customer relationships. This study employed a mixed-methods approach with a sequential explanatory design. In the initial stage, quantitative analysis was conducted using the Recency, Frequency, and Monetary (RFM) method based on historical transaction data from 150 clients over a fifteen-year period at PT Infratama Yakti, a professional consulting firm. Customer data processing and segmentation were performed using SPSS statistical software to identify distinct behavioral segments, resulting in the consolidation of 27 initial segments into six segment groups. In the subsequent stage, an ethnographic approach was applied to interpret relational dynamics and identify pain points associated with each customer segment. The findings indicate that only a small proportion of clients are classified as strategic key clients; however, this segment contributes the highest economic value and relationship stability. Turn-away clients were identified as the primary focus group, as they fall into the latent churn category, characterized by declining relationship recency despite a history of significant value contribution. Accordingly, the required tactical approach involves issue-based communication or engagement centered on specific challenges relevant to the client’s current condition. Through this approach, weakened relationships can be restored before evolving into permanent churn.
Customer Segmentation Based on RFM Analysis as the Basis of Marketing Strategy: A Case Study of Ultra Fiber Optic (UFO) Internet Customers of PT Ultra Mandiri Telekomunikasi in Jabodetabek Setiawan, Dolis; Heikal, Jerry
Journal Research of Social Science, Economics, and Management Vol. 5 No. 8 (2026): 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.v5i8.1353

Abstract

Abstract. The Internet Service Provider (ISP) industry in the Jabodetabek region has entered a critical red ocean phase, characterized by hyper-competition, aggressive price wars, and market saturation, with over 1,000 active providers. PT Ultra Mandiri Telekomunikasi (PT UMT), traditionally a B2B infrastructure company, faces significant challenges in its strategic diversification into the B2C retail market through its brand, Ultra Fiber Optic (UFO). To address high churn rates and inefficient mass marketing, this study aims to develop a precision segmentation strategy using a Mixed-Method Sequential Explanatory design. This approach integrates quantitative RFM (Recency, Frequency, Monetary) analysis with qualitative ethnographic research to formulate a targeted marketing strategy. Using a validated dataset of 629 customer transaction records from January 2023 to December 2024, the study applies a 3-point tertile scoring system to categorize customers into 10 distinct segments. The findings identify critical segments such as Sultan Internet (Champions 27 customers with perfect RFM scores of 333) and Juragan Kuota (Loyal Customers). Crucially, the analysis reveals a significant at-risk segment comprising high-value customers who have ceased transacting. Ethnographic analysis further reveals that high-value segments prioritize network stability characterized as fear of disconnection over price, whereas loyal segments place greater value on administrative simplicity. By integrating these insights, the research formulates a tailored Online Value Proposition (OVP) for each segment. 
A Wacc-Based Valuation Analysis of PT Eka Sari Lorena Transport Tbk (LRNA) as an Acquisition Target Nurseha, Muhammad Ikhsan; Heikal, Jerry
Jurnal Pendidikan Tambusai Vol. 10 No. 1 (2026)
Publisher : LPPM Universitas Pahlawan Tuanku Tambusai, Riau, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/jptam.v10i1.37155

Abstract

Tujuan utama dari penelitian ini adalah untuk mengukur nilai perusahaan PT LRNA dengan menggunakan metode WACC dan menganalisis implikasinya dalam konteks akuisisi. Penilaian ini akan membantu calon pengakuisisi memahami nilai intrinsik Lorena Transport, mempertimbangkan semua risiko dan potensi pengembalian, serta membuat keputusan yang tepat terkait dengan harga yang wajar untuk membayar perusahaan tersebut. Data yang digunakan adalah Balance Sheet, Income Statement, Laporan Arus Kas dari PT LRNA TBK selama 3 Tahun 2021 – 2023. Selain itu dibuat juga Analisa Target Assumption untuk melihat proyeksi selama 5 tahun kedepan. Berdasarkan data yang diberikan, nilai intrinsik per saham perusahaan diperkirakan sebesar Rp 583,22. Angka ini diperoleh melalui metode Discounted Cash Flow (DCF) dengan menggunakan WACC sebesar 7.7%. WACC sebesar 7,7% mencerminkan biaya rata-rata tertimbang yang harus ditanggung perusahaan untuk mendanai operasinya. Berdasarkan perhitungan WACC sebesar 7,7%, kita bisa menyimpulkan bahwa investor mengharapkan tingkat pengembalian yang cukup tinggi dari investasi mereka di LRNA. Harga Pasar Saham LRNA per 02 Aug 2024 adalah Rp130. Maka bisa disimpulkan Jika nilai intrinsik per saham LRNA diperkirakan sebesar Rp 583.22, sementara harga pasar saat ini hanya Rp 130, maka ini mengindikasikan bahwa saham LRNA saat ini sangat undervalued (ternilai rendah).
Co-Authors Agus Siswanto Ahtisya, Syauqi Akhsan, Lurinjani Alam, Taris Zakira Aldyah, Tika Alghifari Suhardi, Fitra Ali Wafa Amelia, Dona Andi Saputro Anindyarta Adi Wardhana Anjarsari, Rosita Anne, Lisye Ira Apriani, Asti Arda, Edvidel Ardanesworo, Muhammad Feyzel Khalfani Putra Ardiansyah, Giri Teguh Ardianto, Andi Ariati, Ira Arrafi, Risa Eka Arthanugraha, Adam Awalludin Awalludin, Awalludin Ayu Pradina, Dinda Ayu Wulandari Ayu, Cita Azkia, Nayla Azwar , Tasrika Azwar, Meiriza Azwar, Tasrika Azzuhri, Muhammad Basyar Badri, Ahmad Kamal Budi Setiawan Chairani, Metha Erzha Chandra, Jimmy Chandra, Jon Hendra Saputra Chitra, Jimmi Chow, Sayuti Darma Tenaya, I Putu Risky Daswirman, Daswirman Daulay, Risma Yanti Dawam, Khaerud Deden Nurjaman Desmalina, Desmalina Deswita, Riyan Yulmi Devi, Rizky Feliana Diah Utami, Diah Dilla Sistesya Dinar Fasya, Diva Doni Magat Harahap Dwi Ramadona, Dasatry Dwirahmawati, Retno Dzulqornain, Muhammad Edison, Alva Elfira, Renti Enny Enny Enny Widawati Erwan Erwan, Erwan Esvandiary Iswari, Neisya Fachry Abda El Rahman Fadhilah, Savira Maghfiratul Fadilla, Triana Gustiani Faisal Faisal Fajarini, Nurfahma Fasya, Diva Dinar Fauzan, Heri Fazarullah , Dwirizky Finnia Ayu Kirana, Astried Firdaus, Aulia Fitria, Yossa Gandhi, Ayu Gelvi, Gelvi Givianty, Vasya Theodora Gunawan, William Ben Gusmeri, Gusmeri Hanifeliza, Rury Hardiyanti Hardiyanti Hariandja, E N Budiyanto Harsemarozi, Harsemarozi Hasahatan, Alex Fernando Hasibuan, Muhammad Satir Hendrawan, Erwan Herdianto Herdianto, Herdianto Herdiany, Gita Amira Herry K, Raras Hindrawan, Dimas Humaira, Putri Syifa Hutabarat, Berman Hutabarat, Berman J Jaya, Hamka Putra Julian, Ahmad Kamaratih F, Yositalida Kettipusem, Sri Polya Kevry Ramdany kharisma, Gilang Kornela, Andhini Kristianto, Fajar Kurinawan, Haby Kurniawati, Yuni Kusumaningrum, Indah Liestiani, Annisa Mafatir Romadhon, Damar Maharani, Sella Sakilla Mangkuto, Shidiq Umar Mardiyanto, Joko Marlina Marlina Moh. Masnur Muhammad Farhan Muhammad Ikhsan Muhammad, Tegar Mulyani, Sarah Mulyanto, Imam Arie Mulyo, Iksan Adityo Mulyono, Rynto Muzakkar, Milastri Nazmi, Fittria Ningsih, Andria Nisa, Khairi Norsa, Reza Nugraha Nugrahmi, Lidya Nugroho, Septiadi Nugroho, Yusuf Wahyu Nur Aulia, Reza Nurlia, Siti Adinda Nurrela, Nisa Nurseha, Muhammad Ikhsan Nurviriana, Savira Octavianson, Dave Nathanael Oki, Helzulmita Oktarini, Dwi Indah Olivia Olivia Osthar, Fidy Rachman Pamadia, Era Pambudi, Adhy Priyo Pangestuti, Intan Panka Gumilang Passalaras, Raja Aulia Payoka, Netty Perdana, Gemilang Adi Perdhana, Rizkita Bagus Permadiyansach, Bambang Prabowo, Heru Pradina, Dinda Ayu Praditya , Rizqy Gumilar Praditya, Rizqy Gumilar Pramono Hadi Prasasti, Ferdania Pratama, Renaldo Pratiwi Pratiwi Purwanto, Muhammad Rizki Puspita Dewi, Puspita Puspita, Angela Candra Puteri, Cita Ayu Riyadi Putra Jaya, Hamka Putra, Abhiyoga Deyandra Putra, Rahmad Yunendri Putri, Annisa Nurwanda Putri, Juandela Herina Putri, Maya Seruni Rachman Zarkasih, Aditya Rachmawatie, Srie Juli Rafanio, Kevin Raharjo, Bangkit Widhi Rahmadeni Rahmadeni Rahmawati, Nurmalinda Rahmi, Mutia Ramadhan, Andi Ramadhan, Andika Ramadhan, Yufiansyah Wahyu Reynaldi, Jaka Rica Rica, Rica Ridwan, Dadang Riyani, Sari Safangati, Ainun Salim, Susan Ratna Salwa, Elja Samsul Arifin Samudra Wicaksono, Muhammad Haston Sani, Fitroh Baherudin Santosa, Suhari Saputra, Tubagus Chandra Saraswati, Iska Sari, Irma Ratna Sari, Nimas Indah Fatimah Saumananda Suroso, Nurinda Savitri, Fania Mutiara Sayuti Sayuti Sekar Ndini, Ayu Sembodo, Giri Sembodo, Giry Setiawan, Dolis Shabrina, Andi sirya, Damara Siswanto, Fajar Hartanto Sitinjak, Jeklin Sodikin Sodikin Soviatun, Nuria Sri Mulyaningsih Sri Nugroho, Amanda Sri Utami Sugino, Agus Suhardi, Fitra Alghifari Sukmayanti, Andini Wulan Suryani, Rahmah Suududdin, Suududdin Syafer, Erdimen Syahfitri, Fenny Syam, Syahrul Syarah, Irra Siti Syarifudin Syarifudin Syarrah, Ira Siti Syawaldi Afwan, Ahmad Syawaludin, Rahmat Taufiqillah, Rizal Teguh Widodo Terah, Yochebed Anggraini Threezardi, Ricki Tonggo, Andohar Triesna Ratulina Tuwindar, Tuwindar Wahyuningsih, Nia Watugilang, Ageng Wicaksono, Muhammad Haston Samudra Widya Handayani Wulan, Mutia Karunia Antap Wulandari, Rayuli Wuryantadi, Dwi Yakub, Isnendi Yohana, Kesia Yudi Nugraha Bahar YUNI KURNIAWATI Zakaria, Dzaki Zulfahmi, Muhammad Riko Yohansyah