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All Journal Conference In Business, Accounting And Management (Cbam) 2012 Jurnal Siasat Bisnis MATRIK: JURNAL MANAJEMEN, STRATEGI BISNIS, DAN KEWIRAUSAHAAN IPTEK Journal of Proceedings Series Jurnal Manajemen Bisnis IQTISHODUNA Jurnal Keuangan dan Perbankan CALYPTRA : Jurnal Ilmiah Mahasiswa Universitas Surabaya Media Ekonomi dan Manajemen Jurnal Widya Manajemen & Akuntansi Journal of Business & Banking JBTI : Jurnal Bisnis : Teori dan Implementasi Jurnal Manajemen Teori dan Terapan Jurnal Ekonika : Jurnal Ekonomi Universitas Kadiri JURNAL PENDIDIKAN TAMBUSAI JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) EQIEN - JURNAL EKONOMI DAN BISNIS Jurnal Samudra Ekonomi dan Bisnis MABIS: Manajemen dan Bisnis Jurnal Bisnis Terapan JIMEK : Jurnal Ilmiah Mahasiswa Ekonomi Dinasti International Journal of Education Management and Social Science International Journal of Business Studies Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Journal of Economics and Business UBS Journal of Entrepreneurship & Business Devotion: Journal of Research and Community Service Jurnal Abdimas Bina Bangsa International Journal of Social Service and Research Jurnal Ekonomi Bina Ekonomi: Majalah Ilmiah Fakultas Ekonomi Universitas Katolik Parahyangan Action Research Literate (ARL) BISMA (Bisnis dan Manajemen) Eduvest - Journal of Universal Studies The Manager Reveiew Jurnal Ilmiah Bisnis dan Ekonomi Asia (Jibeka) Jurnal Manajemen Maranatha
Werner R Murhadi
Faculty Of Business And Economics, Universitas Surabaya, Indonesia
Aerospace Engineering Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Neuroscience Social Sciences Other

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The Influence of Live Commerce Platforms on Generation Z Impulse Buying in Java Island: Use and Gratification Theory Approach Purnomo, Dominikus Kresna Widya; Murhadi, Werner R.
International Journal of Business Studies Vol. 9 No. 3 (2025): International Journal of Business Studies
Publisher : Sekolah Tinggi Manajemen IPMI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32924/ijbs.v9i3.392

Abstract

This study explored the influence of live commerce platforms on impulsive buying in Java Island using the Use and Gratification Theory approach. The focus of the study was to analyze how variables such as perceived interactivity, perceived information usefulness, perceived affective gratification, perceived enjoyment, and the influence of social media affected positive attitudes towards live commerce and impulsive buying behavior. This study also compared the differences in results between previous studies related to hedonic browsing and utilitarian browsing. Java Island was chosen as the research location because it has the highest internet penetration rate in Indonesia, a significant contribution to online shopping, and the largest number of e-commerce entrepreneurs. A quantitative approach was used in this study with a survey technique through purposive sampling. Data were collected from 359 respondents who had used the live commerce platform at least once a month. The results showed that out of 10 hypotheses, perceived affective gratification and perceived enjoyment influenced attitudes towards live streaming, but not perceived interactivity and perceived information usefulness. Furthermore, attitude towards live streaming influenced hedonic and utilitarian browsing, but did not influence impulsive buying. Other hypotheses that influenced impulsive buying were hedonic browsing and EWOM, while utilitarian browsing was not supported.
The Influence of Demographic Characteristics and Financial Literacy on Investor Behavioral Biases Tjoputri, R. Shinta Amelia; Murhadi, Werner R.; Marciano, Deddy
JBTI : Jurnal Bisnis : Teori dan Implementasi Vol. 16 No. 3 (2025): December 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jbti.v16i3.26040

Abstract

This study examines the impact of financial literacy variables and demographic characteristics on investor behavioral biases. The behavioral biases used in this study are overconfidence, disposition effect, herding bias, and mental accounting. Demographic variables include gender, age, education level, employment status, income level, and investment experience. This study used the SEM method. The results of this study indicate that herding bias, disposition effect, and overconfidence are all significantly influenced by gender. Overconfidence, disposition effect, herding bias, and mental accounting are not significantly influenced by occupation, income level, or investment experience. Overconfidence, disposition effect, herding bias, and mental accounting are all significantly influenced by financial literacy. This study fills a gap in the literature by highlighting how demographic factors and financial literacy can influence investor behavioral biases. This study suggests that gender may influence overconfidence, the disposition effect, and ordinary herding. The results indicate that age influences the level of overconfidence and the disposition effect in investors. Therefore, older investors tend to be more overconfident. The older investors are, the more aware they are of investment losses, preventing them from experiencing the disposition effect. This study also demonstrates that good financial literacy can reduce investor bias in investment decisions.
The Phenomenon of Dividend Announcement on Stock Abnormal Return (Case in ASEAN Countries) Hariyanto, Ikka Tiaraintan; Murhadi, Werner Ria
Jurnal Manajemen Bisnis Vol. 12 No. 1: March 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/mabis.v12i1.9001

Abstract

Research aims: to examine the existence of stock’s abnormal return after dividend announcement activity.Design/methodology/approach: event study with 1.330 samples of dividend announcement in ASEAN countries during 2018. The research period was 21 days around the dividend announcement’s date.Research findings: this analysis's results agreed with the dividend signaling theory hypotheses, where the increase, decrease, or constant dividends could be an informative aspect for investors. Theoritical contribution/originality: it was shown by the presence of a positive abnormal return between an increase and a constant dividend, while a negative abnormal return between decrease dividends.Practitioner/policy implication: in the ASEAN capital market, it could be concluded that the change of dividend nominal would signal the firm’s prospect.Research limitation/implication: this research used the earliest dividend announcement before revision. Suggestions for further research are to pay attention to announcements of changes in dividend distribution dates and nominal revision, whether they contain information for investors, which will affect stock price movements.
Strategic Management "Strategic Analysis at PT. Bukit Asam Tbk." Wiyono, Imandy Yustine; R. Murhadi, Werner
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.v7i2.5654

Abstract

The purpose of this study is to analyze the strategy of PT. Bukit Asam Tbk in facing the challenges of the climate crisis, global coal price fluctuations, mining industry competition, and national and international energy transition policies. This study uses a descriptive qualitative approach with a focus on strategy formulation, where analysis is conducted on the company's internal and external environments. Data are obtained from the company's annual report, government regulations, and related secondary sources. The results of the internal and external environmental analysis produce the strengths, weaknesses, opportunities, and threats (SWOT) of PT Bukit Asam Tbk. The SWOT analysis is then entered into a strategy matrix such as External Factor Evaluation (EFE), Internal Factor Evaluation (IFE), Porter's Five Forces, SPACE Matrix, BCG Matrix, IE Matrix, Grand Strategy Matrix (GSM), and Quantitative Strategic Planning Matrix (QSPM). The final strategic recommendation obtained is that PT. Bukit Asam Tbk's strategic choice is product development with diversification into renewable energy, domestic market expansion considering the still large domestic market potential.
The Effect of Loyalty Programs, Product Quality, and Satisfaction on Customer Loyalty in Small and Medium Entreprises Chandya, Chandya; Murhadi, Werner R.
Journal of Entrepreneurship & Business Vol. 7 No. 1 (2026): Journal of Entrepreneurship and Business (February)
Publisher : Program MM Universitas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24123/jeb.v7i1.8041

Abstract

Purpose: The purpose of this study is to examine the impact of loyalty programs and product quality on customer satisfaction and loyalty in small and medium-sized enterprises (SMEs). This study investigate the effect of loyalty program, programs and product quality on customer satisfaction and loyalty in small and medium-sized enterprises. This research aims to contribute to small and medium-sized businesses by offering loyalty programs tailored to their business capabilities, thereby increasing customer satisfaction and loyalty. Method: This study investigates the influence of loyalty programs and product quality on customer satisfaction and loyalty, employing a structural equation modeling approach. The population of this study is all customers who buy Baby diapers products for their children to wear. The sampling technique used is non-probability sampling with purposive sampling and the number of respondents collected is 104 respondent. Result: The results showed a significant positive effect of loyalty programs on customer satisfaction and a significant positive effect of product quality on customer loyalty. This study did not find any mediating role of customer satisfaction. Companies can implement loyalty programs to enhance customer satisfaction, improve product quality, and foster customer loyalty. This study contributes to the literature by combining the concepts of product quality and loyalty programs that SMEs can develop to create customer satisfaction and loyalty.
The Influence of Financial Literacy on Financial Inclusion: Social Capital as Mediating Variable Goenadi, Gracia F.; Murhadi, Werner Ria; Ernawati, Endang
Media Ekonomi dan Manajemen Vol 37, No 2 (2022): July 2022
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24856/mem.v37i2.2738

Abstract

This study aims to examine how financial literacy affects financial inclusion through social capital mediation. This study uses 150 respondents who have experience, in the investment field in the Indonesian capital market. The independent variable in this study is financial literacy, using four dimensions: skill, behavior, knowledge, and attitude. The mediating variable is social capital using four dimensions (i.e., trust, bonding & bridging, and collective action). At the same time, the dependent variable in this study is financial inclusion, which has four dimensions (i.e., access, quality, usage, and welfare). The result of this research is that social capital has a significant positive effect on financial literacy and financial inclusion, but in this study, social capital has a partial mediating effect. The higher a person's financial literacy, the higher the social capital that person has. The higher a person's financial literacy, the higher the financial inclusion that person has. Our study result states that the higher a person’s financial literacy, the higher the person’s social capital. Besides, the higher a person’s financial literacy, the higher the financial inclusion.
The Big Five Personality Traits Indonesia Investor during the Covid-19 Pandemic Murhadi, Werner Ria; Sutejo, Bertha Silvia; Xuân, Phan Thị Hồng
Media Ekonomi dan Manajemen Vol 39, No 1 (2024): January 2024
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56444/mem.v39i1.4381

Abstract

This study aims to determine the effect of the big five personality traits on financial risk tolerance and investment decision. The context of this research occurs for investors in Indonesia during the covid-19 pandemic period. The approach taken in this study is to use a quantitative approach method by distributing questionnaires to respondents who have become investors in Indonesia. Five independent variables measure a person's personality: extraversion, openness to experience, conscientiousness, and emotional instability, and two dependent variables are financial risk tolerance and investment decision. The results of this study prove that Personality traits extraversion, Intellect, and conscientiousness positively affect the level of financial risk tolerance. While personality traits of agreeableness and emotional instability negatively and significantly affect investors' financial risk tolerance levels. This research also provides results that financial risk tolerance positively affects investment decisions. This research has contributed to developing investor behavior theory which has yet to be widely carried out in Indonesia. The research shows that the big five personality impacts an investor's financial risk tolerance. Finally, this will have an impact on the investment decisions that an investor will make.
The Effects of Corporate Governance on Company Performance and Dividends in Three Asean Countries Murhadi, Werner Ria
Media Ekonomi dan Manajemen Vol 36, No 2 (2021): July 2021
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (408.687 KB) | DOI: 10.24856/mem.v36i2.2224

Abstract

This study aims to investigate the effects of corporate governance on company performance and dividends paid by the company. In developing countries where the protection system against public investors is still weak, corporate governance becomes important. This study uses a sample of manufacturing companies in three developing countries. i.e., Indonesia, Malaysia, and Thailand. The variables that represent corporate governance are board characteristics and ownership structure. Board characteristics comprise board size, independent board, and board gender, while the ownership structure uses managerial ownership and institutional ownership. The results show that in Indonesia, corporate governance has no significant effect on company performance and dividends. In comparison, in Malaysia, the female board has a positive effect on both performance and dividends paid. Whereas in Thailand, institutional ownership has a negative effect both on performance and dividends paid. The results also consistently show that debt and company size have an effect on performance and dividends in the three countries.
Co-Authors Adrian Christianto Afifi, M. Fiyan Agnes Lestari Anastasia Handoyo Andajani, Erna Andrena Novita Santoso Ardi Sanjaya Hamdani Ardi Sanjaya Hamdani, Ardi Sanjaya Arif Herlambang Arif Herlambang Arif Herlambang Ayrin Corina Bertha Silvia S. Bertha Silvia S. Bertha Silvia Sutedjo Bertha Silvia Sutejo Budi Sutanto Budi Sutanto Budy Wijaya Hermawan Chandya, Chandya CHRISTHA MEIRIN D.S. Cindy Priscillia Cintya Yuliana Limantara Cleming Tedjokusumo Cynthia Kartika Tjandra Daniel Irvansyah Danny Adisurya Deddi Marciano Deddy Marciano Deliana Azaria Deliana Azaria Desi Teliana Silim Elvarina, Elinda Elvina Yohana Santoso Eman Christianto, Eman Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Eva Cahaya Reski Fanny Melyana Fellicia Hadi Seputro Fransisca Soetjiono Fransisca Soetjiono Gideon Subagyo Goenadi, Gracia F. Handajani, Clarissa Dominique Effendi Hariyanto, Ikka Tiaraintan Harroviantin, Francisca Herlambang, Arif Irbahiya Aqsa Griselda Jemmi Halim Liem Jemmi Halim Liem Jenni , Jenni Jenni, Jenni Jeremiah Jovan Piettojo Jessica Ang Jesslyn Fransisca Darmawan Joshua Nathanael Kania Ester Gunawan Klara Petra Theodora Targanski Lewi Odianto Utomo Liliana Inggrit Wijaya Liliana Inggrit Wijaya Liliana Ingrit Wijaya Loddy Li Putra Loddy Li Putra Lukito, Excel Nathaniel Marcella Julia Shira Maria Lavenia Meita Tri Herlina Michael Alfian Camdesus Jondar Michael Mark Tranggono Mudji Utami Mudji Utami Mudji Utami Mudji Utami Mudji Utami Natalie Winter Natica Ardani Nobertus Purnomo Lastu Novina, Emma Octaviano, Fransisco Purnomo, Dominikus Kresna Widya Pusparani, I Gusti Ayu Putri, Made Wulan Ranjani Yunantara Putu Anom Mahadwartha Putu Anom Mahadwartha Putu Anom Mahadwartha Putu Anom Mahadwartha Putu Anom Mahadwartha Ratna Widyanti W Ravito Zakaria Pramudhani Regina Vanessa Tjipta Reski, Eva Cahaya Reynaldi Kalata Hendra Richard Irawan Ricky Adiyanto Ricky Setiawan Ricky Setiawan Ricky Wijaya Siek Ricky Wijaya Siek, Ricky Wijaya Samuel Pramana Dwidjaja Setiadi, Maria B.B. Sheila Citra Wijaya Shirlen Nathania Fuandy Sidarta Hermin Sidarta Hermin Silvia Chandra Putri Stephanie Stephanie Stephanie Stephanie Stephanus Rivan Limanjaya Sugiarto, Shiefanny Delicia Sukianto Abadi Sukianto Abadi Susanto, Giovani Anggasta Synta Sutanto Tjoputri, R. Shinta Amelia Tri Wahyuni tri wahyuni Vania Beatrice Vincent Wati, Annisa Mahdia Wayan Karsana Wirata Wirata Wisyelia Tjiangdiono Wiyono, Imandy Yustine Xuân, Phan Thị Hồng Yohanes Patrik Adventus Banda Zunairoh, Zunairoh