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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 Jurnal Media Ekonomi 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 Manajemen dan Pemasaran Digital 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 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.
Strategic Management "Strategic Analysis at PT. Bukit Asam Tbk." Imandy Yustine Wiyono; Werner R. Murhadi
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.
Pengaruh Social Influence terhadap Persepsi Kemudahan dan Kegunaan dalam Adopsi QRIS: Extended TRAM Model pada UMKM di Indonesia Richard Baramuli Antolis; Werner Ria Murhadi; Noviaty Kresna Darmasetiawan; Bertha Silvia Sutejo
Jurnal Manajemen dan Pemasaran Digital Vol. 4 No. 2 (2026): Jurnal Manajemen dan Pemasaran Digital (April - Juni 2026)
Publisher : Siber Nusantara Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jmpd.v4i2.673

Abstract

Penelitian ini mengkaji pengaruh pengaruh sosial terhadap persepsi kemudahan penggunaan dan persepsi kegunaan, serta dampaknya terhadap niat menggunakan Quick Response Code Indonesian Standard (QRIS) pada Usaha Mikro, Kecil, dan Menengah (UMKM) di Indonesia. Model penelitian mengembangkan Technology Readiness and Acceptance Model (TRAM) dengan mengintegrasikan dimensi kesiapan teknologi yang meliputi optimisme, inovativitas, ketidaknyamanan, dan ketidakamanan, serta kepercayaan dan pengaruh sosial. Penelitian ini menggunakan pendekatan kuantitatif dengan metode pemodelan persamaan struktural berbasis kovarians menggunakan IBM SPSS Amos. Data dikumpulkan dari 198 pemilik atau pengelola UMKM di Indonesia yang aktif menggunakan QRIS. Model penelitian terdiri atas sembilan variabel, 34 indikator, dan 15 hipotesis. Hasil penelitian menunjukkan bahwa persepsi kemudahan penggunaan dan persepsi kegunaan berpengaruh positif dan signifikan terhadap niat menggunakan QRIS (H12 dan H13 didukung). Dimensi kesiapan teknologi, kepercayaan, dan pengaruh sosial tidak berpengaruh signifikan terhadap persepsi kemudahan penggunaan maupun persepsi kegunaan pada UMKM pengguna aktif QRIS. Temuan ini mengindikasikan adanya efek kejenuhan pada persepsi teknologi karena seluruh responden telah berpengalaman menggunakan QRIS. Penelitian ini memberikan kontribusi teoretis melalui pengembangan kerangka TRAM dengan penambahan variabel pengaruh sosial serta kontribusi praktis berupa wawasan bagi penyedia layanan pembayaran, regulator, dan UMKM terkait adopsi pembayaran digital di Indonesia.
PT Siantar Top Tbk's Strategy in Facing Competition in the Processed Food Industry Francisca Harroviantin; Werner R. Murhadi
Eduvest - Journal of Universal Studies Vol. 4 No. 8 (2024): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v4i8.1800

Abstract

The purpose of this study is to analyze what strategic choices the company can make in order to survive with the future situation. The key concept in this research is strategy formulation, where the quantitative method used includes industrial management steps applied by PT Siantar Top Tbk in facing processed food business competition. The results of research on the internal and external environment get the strengths, weaknesses, opportunities, and challenges (SWOT) of PT Siantar Top Tbk. The SWOT analysis is then entered into several matrices, including EFE and IFE, CPM, TOWS, SPACE, BCG, IE, GSM, and QSPM. The final recommendation obtained is that the strategic choice of PT Siantar Top Tbk is to diversify product segments, and focus on expanding overseas markets by utilizing digital technology, optimizing e-commerce platforms to expand product range and reach a wider audience efficiently.
DETERMINANTS OF DIVIDEND POLICY IN THE BANKING INDUSTRY LISTED ON THE INDONESIA STOCK EXCHANGE Lintar Novianti Watanaya; Werner Ria Murhadi
Jurnal Media Ekonomi (JURMEK) Vol 31 No 1 (2026): Jurnal Media Ekonomi
Publisher : LPPM UNIVERSITAS BINA INSAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32767/jurnalmediaekonomi.v31i1.3270

Abstract

Purpose: This study aims to analyze the determinants of dividend policy in the Indonesian banking sector, namely profitability (ROA), bank size (BSIZE), capital adequacy (CAR), and credit risk (NPL). Research Methodology: The data comprise 37 conventional commercial banks listed on the Indonesia Stock Exchange during 2020–2024 (185 observations). Two testing methods are applied simultaneously: panel data regression (Fixed Effect Model, via EViews 13) to examine the determinants of the Dividend Payout Ratio (DPR), and Multiple Discriminant Analysis (MDA, via SPSS) to determine the likelihood of dividend payment measured by the Propensity to Pay Dividends (PPD). Results: ROA, BSIZE, and CAR have a significant positive effect on DPR, whereas NPL has a negative but insignificant effect. The MDA indicates that BSIZE is the most dominant determinant of the decision to pay dividends, followed by ROA and CAR, with a classification accuracy of 82.2%. Conclusions: Bank dividend policy is multifactorial and unfolds as a two-stage decision: bank size and profitability chiefly drive the decision to pay dividends, while profitability and capital strength chiefly drive the size of the payout. Limitations: The relatively short observation period (2020–2024) was still influenced by post-pandemic credit-relaxation policies. Contributions: This study addresses the knowledge gap on dividend determinants in emerging-market banking by combining two complementary methods—regression to identify the determinants of dividend magnitude and MDA to classify the likelihood of dividend payment—offering benefits for dividend theory development, bank management, investors, and regulators
ANALYSIS OF THE EFFECT OF BOARD DIVERSITY ON BANKING FIRM PERFORMANCE IN INDONESIA Andre Christian Setiohandiko; Werner Ria Murhadi
Jurnal Media Ekonomi (JURMEK) Vol 31 No 1 (2026): Jurnal Media Ekonomi
Publisher : LPPM UNIVERSITAS BINA INSAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32767/jurnalmediaekonomi.v31i1.3298

Abstract

Purpose: This study aims to analyze the effect of board of directors' diversity — across three dimensions (gender, age, and nationality) — on the performance of Indonesian banking firms, measured through four performance proxies (ROA, Tobin's Q, CAR, and NPL). Research Methodology: Panel data from 44 banks listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period (220 firm-year observations) were analyzed using panel data regression, with model selection conducted through the Chow test and the Hausman test; all data processing was performed using EViews. Results: Nationality diversity has a significant positive effect on ROA and CAR; age diversity (the proportion of directors aged below 54 years) has a positive effect on Tobin's Q and CAR but a negative effect on ROA; gender diversity does not show a significant effect on any of the performance proxies; and the model for NPL is not simultaneously significant, so the results related to credit risk cannot be conclusively determined. Conclusions: Nationality diversity is the most strategic dimension for enhancing bank performance, whereas the benefits of gender diversity have not yet been optimally realized due to its still-low representation on Indonesian bank boards. Limitations: This study does not include control variables such as bank size, bank age, past profitability, or the COVID-19 pandemic period, which caused the NPL model to be simultaneously insignificant. Contributions: This study addresses the gap left by prior research, which has tested board diversity dimensions only partially and separately; its novelty lies in simultaneously examining three diversity dimensions (gender, age, and nationality) against four performance proxies (ROA, Tobin's Q, CAR, and NPL) within a single empirical model for Indonesian banking firms. Theoretically, this study extends Resource Dependence Theory to a developing-country banking context by showing that board capital is contingent on institutional context and representation thresholds; practically, it offers implications for bank management in structuring board composition, for regulators (OJK) in formulating governance policy, and for investors in assessing the prospects of banking issuers.
A vulnerability management model for enhancing security governance capability in SMEs Wijayanti, Anita; Kamalrudin, Massila; Titisari, Kartika Hendra; Murhadi, Werner R
Jurnal Siasat Bisnis VOL 30, NO 2 (2026)
Publisher : Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jsb.vol30.iss2.art2

Abstract

Purpose – This study aims to develop a vulnerability management model to enhance security capability in small and medium-sized enterprises (SMEs), particularly in safeguarding accounting data under resource constraintsDesign/Methodology/Approach – This study employs a qualitative multi-case research design involving six SMEs in Surakarta, Indonesia. Data were collected through in-depth interviews, direct observations, and document analysis. Using inductive comparative logic and cross-case thematic analysis, the study identifies recurring governance patterns and develops a context-sensitive vulnerability management model grounded in empirical evidence across varying levels of resource constraints.Findings – The findings reveal that vulnerability management effectiveness in SMEs is shaped by the integration of governance structures, managerial coordination, and organizational learning rather than by technological capability alone. The study identifies three distinct governance configurations across SMEs under varying levels of resource constraints: reactive centralization, vendor-dependent compliance, and institutionalized adaptive governance. The proposed model consists of four interconnected components: identification and detection, evaluation and prioritization, managerial decision integration, and HR awareness and continuous learning. These components operate through a continuous feedback mechanism that strengthens adaptive security governance and organizational resilience.Research Limitations and Implications – This study is limited to six SME cases in Surakarta, Indonesia, which may restrict broader generalizability across industries and regions. Future research may apply quantitative or mixed-method approaches to validate and extend the proposed model across different organizational and institutional contexts.Practical implications – The study provides a practical and cost-efficient framework for SMEs to strengthen accounting data security through structured vulnerability management, risk-based prioritization, internal governance coordination, and continuous security awareness practices.Originality/Value – This study positions vulnerability management as a governance-oriented and learning-based organizational capability shaped by resource conditions, managerial integration, and adaptive organizational practices. The proposed model offers a context-sensitive approach for strengthening sustainable accounting data security governance in SMEs.
The Influence of Live Commerce Platforms on Generation Z Impulse Buying in Java Island: Use and Gratification Theory Approach Dominikus Kresna Widya Purnomo; Werner R. Murhadi
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 Big Five Personality Traits Indonesia Investor during the Covid-19 Pandemic Werner Ria Murhadi; Bertha Silvia Sutejo; Phan Thị Hồng Xuân
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 Werner Ria Murhadi
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 Andre Christian Setiohandiko Andrena Novita Santoso Anita Wijayanti 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 Clarissa Dominique Effendi Handajani Cleming Tedjokusumo Cynthia Kartika Tjandra Daniel Irvansyah Danny Adisurya Deddi Marciano Deddy Marciano Deliana Azaria Deliana Azaria Desi Teliana Silim Dominikus Kresna Widya Purnomo 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 Endang Ernawati Eva Cahaya Reski Fanny Melyana Fellicia Hadi Seputro Francisca Harroviantin Fransisca Soetjiono Fransisca Soetjiono Gideon Subagyo Gracia F. Goenadi Hariyanto, Ikka Tiaraintan Herlambang, Arif Imandy Yustine Wiyono Irbahiya Aqsa Griselda Jemmi Halim Liem Jemmi Halim Liem Jenni , Jenni Jenni, Jenni Jeremiah Jovan Piettojo Jessica Ang Jesslyn Fransisca Darmawan Joshua Nathanael Kamalrudin, Massila Kania Ester Gunawan Kartika Hendra Titisari Klara Petra Theodora Targanski Lewi Odianto Utomo Liliana Inggrit Wijaya Liliana Inggrit Wijaya Liliana Ingrit Wijaya Lintar Novianti Watanaya 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 Noviaty Kresna Darmasetiawan Novina, Emma Octaviano, Fransisco Phan Thị Hồng Xuân 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 Baramuli Antolis 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 William Christhoper Wirata Wirata Wisyelia Tjiangdiono Yohanes Patrik Adventus Banda Zunairoh, Zunairoh