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All Journal Jurnal Manajemen dan Agribisnis Indonesian Journal of Business and Entrepreneurship (IJBE) Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi) Business Review and Case Studies Jurnal Pusat Inovasi Masyarakat Indonesian Journal of Islamic Economics and Finance (JUMPER) Journal Markcount Finance
Bachtiar, Muchamad
School Of Business, IPB University, Indonesia
Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Working Capital Efficiency, Inflation, and Firm Value: Evidence from Emerging Markets Iswandi Sukartaatmadja; Muchamad Bachtiar; Edi Nurachmad; Dewi Sarifah Tullah; Hen Su
Jurnal Aplikasi Bisnis dan Manajemen Vol. 12 No. 2 (2026): JABM, Vol. 12 No. 2, May 2026
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.12.2.770

Abstract

Background: Efficient financial management is fundamental to sustaining firm value, particularly through effective working capital management. In emerging markets, firm value is highly sensitive to macroeconomic volatility, including inflationary pressures that distort cash flow cycles, increase operating costs, and alter liquidity dynamics. Despite extensive research on working capital management, evidence on how inflation moderates the relationship between working capital efficiency and firm value remains limited, especially within the consumer non-cyclical sector.Purpose: This study investigates the effect of Days Sales Outstanding (DSO), Days Inventory Outstanding (DIO), and Days Payable Outstanding (DPO) on firm value, as well as the moderating role of inflation.Design/methodology/approach: This study employs a quantitative approach using panel data from consumer non-cyclical companies listed on the Indonesia Stock Exchange during 2015–2024. Firm-level financial data were obtained from audited annual reports, while inflation data were sourced from Bank Indonesia. The analysis uses a fixed-effects panel regression model estimated in Stata 17. Firm value is proxied by Tobin's Q, and control variables include firm size, profitability, leverage, and firm age.Findings/Result: DSO shows no significant effect before or after moderation (H1, H4 rejected), reflecting that receivable efficiency is not a market valuation driver in stable, demand-driven sectors. DIO significantly and negatively affects firm value (β = −0.003; p = 0.010), consistent with CCC theory, yet becomes insignificant under inflation (H5 rejected), suggesting that rising input costs prompt firms to adopt strategic inventory buffering rather than efficiency-driven reduction. DPO positively and significantly influences firm value (β = 0.010; p < 0.01), and inflation amplifies this effect (β = 0.428; p = 0.005; H6 supported), aligning with Signaling Theory, as extended payables under inflationary conditions signal financial resilience to investors.Conclusion: Inflation asymmetrically moderates the working capital firm value nexus strengthening DPO's positive effect while leaving DSO and DIO unaffected confirming that adaptive payables management is the dominant strategic lever for sustaining firm value under macroeconomic stress.Originality/value: This study provides new empirical evidence on how inflation interacts with working capital components to influence firm value, highlighting the relevance of macro-financial integration in corporate decision-making. Keywords:  working capital, inflation, firm value, operating costs, emerging markets
Trade Barriers and Food Security: A Systematic Review of Import Tariff Effects in Developing Countries Muchamad Bachtiar; Fithriyyah Shalihati; Asaduddin Abdullah
Jurnal Manajemen dan Agribisnis Vol. 22 No. 3 (2025): JMA Vol. 22 No. 3, November 2025
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jma.22.3.276

Abstract

Background: Import tariffs are widely used in developing countries to manage food systems; however, their effects on the core pillars of food security under real-world shocks and institutional constraints remain debated.Purpose: To evaluate how higher versus lower (including zero) import tariffs on major foods influence food availability, access, and stability, and to draw implications for diet quality (utilization).Design/methodology/approach: A PRISMA-guided systematic literature review of Scopus-indexed, English-language journal articles (2020–2024). Twenty-five studies that met the predefined quality and relevance criteria were synthesized using a theory-driven narrative approach that describes how tariff settings shape trade and price channels, and, in turn, food security outcomes. Export restrictions are treated as exogenous stability shocks.Findings/Results: Lower tariffs generally expand market-level availability, reduce consumer prices, and dampen routine domestic volatility through import diversification. Benefits are uneven without producer upgrading and fragile during global shocks. Utilization improves when barriers to nutrient-dense foods are removed; however, openness can accelerate ultra-processed food penetration without strong nutrition governance. The effects are conditioned by logistics performance, domestic competition and pass-through, governance quality, policy space, and commodity mix.Conclusion: The most food-secure configuration is calibrated openness: liberalize where social welfare rises, pair reforms with farmer adjustment and productivity support, strengthen logistics and competition, preserve nutrition policy space, and operate a rules-based stability architecture.Originality/value (State of the art): Provides an up-to-date, developing-country synthesis that centers import tariffs, integrates utilization and governance into the trade–food security nexus, and translates evidence into operational policy guidance. Keywords: developing countries, food security, import tariffs, nutrition, trade liberalization.
BLOCKCHAIN TECHNOLOGY IN CROSS-BORDER PAYMENTS: REVOLUTIONIZING GLOBAL FINANCIAL SYSTEMS Muchamad Bachtiar; Livia Alves; Rafaela Lima
Journal Markcount Finance Vol. 4 No. 2 (2026)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v4i2.3610

Abstract

Cross-border payment systems play a critical role in global trade and financial integration, yet they remain burdened by high transaction costs, long settlement times, limited transparency, and dependence on multiple intermediaries. This study aims to examine the role of blockchain technology in revolutionizing cross-border payments and to assess its implications for global financial systems. The research focuses on identifying key efficiencies, challenges, and systemic changes introduced by blockchain-based payment solutions compared to conventional cross-border banking infrastructures. A qualitative analytical research design was employed, utilizing an integrative review of peer-reviewed literature, industry reports, and documented blockchain-based payment initiatives. The data were analyzed thematically to compare operational processes, cost structures, governance mechanisms, and risk management features of blockchain-enabled and traditional payment systems. The findings indicate that blockchain technology significantly reduces transaction costs, enhances settlement speed, and improves transparency in cross-border payments. However, challenges related to regulatory fragmentation, scalability, interoperability, and cybersecurity remain substantial barriers to large-scale adoption. The study concludes that blockchain technology has the potential to revolutionize global cross-border payments, particularly when supported by regulatory harmonization and institutional collaboration.
STRATEGI PENGEMBANGAN PARIWISATA ERA VUCA DENGAN PENDEKATAN VRIO Muchamad Bachtiar; Aditya Ramadhan; Lien Herlina; Hairunisa Dzulhira
JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi) Vol 8, No 2 (2022): Vol 8, No. 2 (2022)
Publisher : Universitas Pakuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34203/jimfe.v8i2.5780

Abstract

ABSTRAKTujuan penelitian ini adalah untuk mengidentifikasi resources dan capabilities yang dimiliki Kabupaten Kuningan dan menghasilkan rumusan strategi yang tepat untuk mengelola resources dan capabilities yang dapat menjadi sumber keunggulan bersaing dan berkelanjutan bagi sektor pariwisata Kabupaten Kuningan. Penelitian menggunakan metode deskriptif kualitatif dengan jenis pendekatan studi kasus. Responden yang terlibat dalam penelitian ini berjumlah sekitar enam orang. Dimana enam orang tersebut merupakan stakeholder ahli dan berpengalaman di sektor pariwisata Kabupaten Kuningan. Metode pengolahan data yang digunakan adalah analisis VRIO framework (valuable, rare, inimitable, organized), Tourism Value Chain (TVC) dan Mix Marketing 4P. Hasil penelitian ini menunjukkan terdapat 12 resources yang menjadi sumber keunggulan bersaing berkelanjutan dimana dapat dirumuskan menjadi dua cluster yaitu ecotourism dan cultural tourism. Disporapar perlu melakukan pengembangan aktivitas wisata atau diversifikasi wisata, mendorong pembangunan destinasi digital, pengembangan desa wisata serta pembuatan kalender pariwisata.ABSTRACTThe purpose of this research is to identify the resources and capabilities of Kuningan Regency and to formulate the right strategy to manage those resources and capabilities which can be a source of competitive advantage and sustainability for the tourism sector in Kuningan Regency. This research uses a qualitative descriptive method with a case study approach. Respondents involved in this study amounted to about six people. The six people are expert and experienced stakeholders in the Kuningan Regency tourism sector. The data processing method used is analyzing the VRIO framework (valuable, rare, inimitable, organized), Tourism Value Chain (TVC), and Mix Marketing 4P. The results of this study indicate that there are 12 resources that are sources of a sustainable competitive advantage which can be formulated into two clusters, namely ecotourism and cultural tourism. Disporapar needs to develop tourism activities or diversify tourism, encourage the development of digital destinations, develop tourist villages, and create a tourism calendar.
Co-Authors Abdullah, Asaduddin Achmad Choerudin Aditya Ramadhan Adrian Handa Akbar Sabili Anggraini, Raden Isma Anita Primaswari Widhiani Anto Tri Sugiarto Arif Imam Suroso Aris Purwanto Azka Al Azkiya Chelsabiela, Sarah Devi Surmiati Dewi Sarifah Tullah Edi Nurachmad Hafidz, Fadhlan Rizakul Hairunisa Dzulhira Hairunnisa, Mastura Hansen Tandra Hen Su Herlina, Lien Ilham Iyadillah Irbah, Izdihar Irna Nurinayah Islamiah, Dinda Fadhilah Iswandi Sukartaatmadja Khairiyah Kamilah Livia Alves Mohamad Rifqi Arief Syafruddin Muammar Ismail Nimmi Zulbainarni Nur Hasanah Nurul Syahara Popong Nurhayati Rafaela Lima Rifa Haenun Alya Rina Nopianti Shalihati, Fithriyyah Suhendi Viratama, Muhammad Aviandy