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All Journal JURNAL RISET AKUNTANSI DAN AUDITING JURNAL EMBA : JURNAL RISET EKONOMI, MANAJEMEN, BISNIS DAN AKUNTANSI JURNAL KEDOKTERAN KOMUNITAS DAN TROPIK JURNAL RISET AKUNTANSI GOING CONCERN JURNAL BERKALA ILMIAH EFISIENSI ACCOUNTABILITY JURNAL LPPM BIDANG EKOSOSBUDKUM Jurnal Ipteks Akuntansi Bagi Masyarakat JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) Indonesia Accounting Journal The Studies of Social Sciences Riset Akuntansi dan Portofolio Investasi Manajemen Bisnis dan Keuangan Korporat West Science Social and Humanities Studies Riset Akuntansi dan Manajemen Pragmatis Jurnal Akuntansi Kontemporer Research In Management and Accounting (RIMA)
Winston Pontoh
Fakultas Ekonomi dan Bisnis Universitas Sam Ratulangi Manado
Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Law, Crime, Criminology & Criminal Justice Medicine & Pharmacology Public Health Social Sciences

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Impact Analysis of Digital Transformation and Bleisure on Tourist Productivity and Hospitality Sector Revenue in Indonesia Payu, Boby Rantow; Pontoh, Winston; Mangantar, Maryam; Murni, Sri
West Science Social and Humanities Studies Vol. 3 No. 05 (2025): West Science Social and Humanities Studies
Publisher : Westscience Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/wsshs.v3i05.1923

Abstract

This study investigates the impact of Digital Transformation and Bleisure (business and leisure combined) on Tourist Productivity and Hospitality Sector Revenue in Indonesia, employing a quantitative research design. A sample of 180 respondents was surveyed using a Likert scale, and the data were analyzed using Structural Equation Modeling with Partial Least Squares (SEM-PLS 3). The results indicate that Digital Transformation and Bleisure have significant positive effects on both Tourist Productivity and Hospitality Sector Revenue. Specifically, Digital Transformation enhances tourist productivity by providing digital tools that facilitate efficient travel planning and execution, while also contributing to higher revenue generation in the hospitality sector by optimizing operations and customer engagement. Similarly, Bleisure significantly boosts hospitality revenue by attracting business travelers who extend their stay for leisure purposes, and it enhances tourist productivity through a more enriching travel experience. The findings suggest that the integration of digital technologies and the promotion of Bleisure travel can provide competitive advantages to businesses in Indonesia’s tourism and hospitality industries.
Pengaruh Perceived Ease of Use, Perceived Usefulness dan Perceived Risk terhadap pembayaran Cashless pada UMKM di Kota Manado Mangambe, Diony Jasinta; Pontoh, Winston; Datu, Christian
Manajemen Bisnis dan Keuangan Korporat Vol. 3 No. 2 (2025)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/mbkk.355

Abstract

The rapid advancement of digital technology has transformed global payment systems, including in Indonesia, with the increasing adoption of cashless payments that offer greater efficiency, security, and accessibility compared to conventional methods. However, the adoption rate of this technology among Micro, Small, and Medium Enterprises (MSMEs) remains varied. This study aims to examine the influence of perceived ease of use, perceived usefulness, and perceived risk on cashless payment usage among MSMEs in Manado City. A quantitative approach was employed with a population comprising MSME actors who use cashless payments. A total of 95 respondents were selected through purposive sampling. Data were collected via questionnaires and analyzed using multiple linear regression with the JAMOVI software. The results reveal that perceived ease of use has a positive and significant effect on cashless payments, perceived usefulness has a positive but insignificant effect, and perceived risk has a negative and insignificant effect. These findings indicate that ease of use is the primary driver of cashless payment adoption among MSMEs, while perceived usefulness and perceived risk do not significantly influence adoption. This study contributes to the development of the Technology Acceptance Model (TAM) literature in the MSME context and provides practical implications for digital payment service providers to enhance cashless payment adoption.
TESTING THE MARKET EFFICIENCY WHEN INTEREST RATES CHANGE: CASE IN INDONESIA Budiarso, Novi Swandari; Pontoh, Winston
Research In Management and Accounting (RIMA) Vol. 6 No. 2 (2023): December
Publisher : Fakultas Bisnis Universitas Katolik Widya Mandala Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33508/rima.v6i2.5130

Abstract

Until the end of September 2023, the interest rate policy in the Republic of Indonesia shifted from 3.50% to 5.75%. The objective of this study is to examine whether changes in interest rates have an impact on the market efficiency in Indonesia. The daily market returns of Indonesia Stock Exchange (IDX) indices from January 3rd, 2022, until October 9th, 2023 are employed. To examine the market efficiency in weak form, this study conducts the normality test by the Kolmogorov-Smirnov test, the unit root problem test by Augmented Dickey-Fuller test, and the variance ratio test. This study finds that most market indices experienced a decline in returns and were less volatile when interest rates shifted to higher levels. This study also finds that most market indices tend to remain efficient in weak form at both low and high interest rates. The finding implies that those indices tend not to be influenced by policy changes in interest rates. However, the findings also show that several market indices experience changes in conditions when interest rates shift. As the studies on the relationship between changes in interest rates and market efficiency are scarce, the novelty of this study is the use of event windows to get specific impact of changes in interest rates on market efficiency.
Penjualan berbasis digital dan literasi digital terhadap peningkatan profitabilitas UMKM di Kecamatan Malalayang Kota Manado Manuho, Jessica Jeniver; Pontoh, Winston; Kapojos, Peter M.
Riset Akuntansi dan Manajemen Pragmatis Vol. 3 No. 2 (2025)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/ramp.376

Abstract

This study investigates the effect of digital-based sales and digital literacy on the profitability of Micro, Small, and Medium Enterprises (MSMEs) in Malalayang District, Manado City. Recognizing the growing importance of digital transformation, the research examines how adopting digital sales platforms and enhancing digital literacy contribute to improving business performance. A quantitative approach was employed using primary data collected from 50 MSME owners through structured questionnaires. Multiple linear regression analysis with Jamovi v2.3.28 was used to test the hypotheses after conducting validity, reliability, and classical assumption tests. The findings reveal that both digital-based sales and digital literacy individually and jointly have a significant and positive effect on MSME profitability. These results highlight the critical role of digital competencies and online marketing strategies in enhancing the financial performance of MSMEs. The study contributes to the literature by providing empirical evidence from a developing region and offers practical implications for policymakers and entrepreneurs in designing effective digital empowerment programs for MSMEs.
Pengaruh biaya produksi, biaya kualitas, dan biaya pemasaran terhadap laba bersih pada perusahaan manufaktur sub sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia Tahun 2022-2023 Warbung, Kasih Michelly Kesya; Pontoh, Winston; Latjandu, Lady Diana
Manajemen Bisnis dan Keuangan Korporat Vol. 3 No. 2 (2025)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/mbkk.389

Abstract

This study aims to analyze the effect of production costs, quality costs, and marketing costs on net profit in food and beverage manufacturing companies listed on the Indonesia Stock Exchange during 2022–2023. The research is motivated by the need to understand how efficient cost management serves as a signal of corporate performance in the post-pandemic recovery period. Using a quantitative associative approach with multiple linear regression analysis, the study utilizes secondary data from audited annual financial statements of 116 firm-year observations. The results reveal that quality costs and marketing costs have a significant positive effect on net profit, while production costs show no significant effect. Simultaneously, all three cost variables significantly influence net profit. These findings indicate that strategic allocation of quality and marketing expenditures strengthens profitability and provides a positive signal to investors regarding the company’s financial performance. This study contributes to the cost management and signaling theory literature by empirically demonstrating the importance of efficient cost structure in enhancing firm profitability and market perception.
WILL “THE HAWK” MAKE THE MARKET RANDOM WALK? Budiarso, Novi Swandari; Pontoh, Winston
Jurnal Akuntansi Kontemporer Vol. 16 No. 2 (2024)
Publisher : Widya Mandala Surabaya Catholic University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33508/jako.v16i2.5445

Abstract

Research Purposes. Objective of study is examining market efficiency in Indonesia under high interest rates issue.Research Methods. Observation period on Indonesia stock composite index starts from June 7, 2023 to February 29, 2024. Several procedures are applied in objective of hypothesis testing, which are: (1) mean difference test supported by Cohen's test and normality test by Anderson-Darling in terms of detecting how market returns differ in the two observation periods; (2) runs test runs test in terms of detecting the randomness of market returns after the risk-free rate; (3) ARIMA is supported by the Augmented Dickey-Fuller test in terms of detecting whether randomness is just noise (or white noise); and (4) variance ratio test in terms of confirming the results of runs test and ARIMA to determine whether the market returns are efficient or just a noise.Research Results and Findings. Consistent with efficient market hypothesis, findings show that the market condition during the effective interest rate period of 6% has higher returns, riskier, better risk-return trade-off, and less efficient. During that period, noise seemed to play a role in creating market gaps. This study concludes that monetary policy in maintaining high effective interest rates cannot determine whether the market is more efficient. As implication, the high effective interest rate tends not to result in a shift in investor behavior to allocate stock investments to risk-free assets. This study contributes to develop the finance and accounting science, especially in the fair presentation of financial information including investment decisions.
Apakah Efek Januari akan menyongsong Sang Naga Kayu? Budiarso, Novi; Pontoh, Winston
Manajemen Bisnis dan Keuangan Korporat Vol. 2 No. 2 (2024)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/mbkk.110

Abstract

The January effect is an anomaly of the weak-form efficient market hypothesis. The January effect is one of the common issues that spreading in the capital market in early 2024, especially ahead of The Year of the Wood Dragon. In general, the Year of the Wood Dragon is believed to have hopes and optimism among some investors amidst developing global economic issues. The sample used for this study is the market index and returns in Indonesia throughout 2023 and the estimation results for January 2024. The findings show that the market index for January 2024 tends to be higher than December 2023 and has significant differences. However, the return of January 2024 tends to be smaller and is not significantly different from the return of December 2023. In the context of the efficient market hypothesis, although the market index movement pattern tends to be inconsistent with a weak form but the market return does not allow for anomalies in this form. This condition implies that the January effect will not occur before The Year of Wood Dragon of 2024.
Apakah investor berpeluang mengalahkan pasar Indonesia? Budiarso, Novi Swandari; Pontoh, Winston
Riset Akuntansi dan Manajemen Pragmatis Vol. 1 No. 1 (2023)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/ramp.78

Abstract

Since 2020, the capital market in Indonesia has been filled with information about changes in global conditions which have greatly influenced economic conditions. This study aims to estimate market efficiency (in weak form) using time series data from 1 January 2020 to 15 December 2023. The findings show that market conditions throughout the observation period were inefficient in weak form. Apart from that, the findings also show that the risk-return tradeoff of the estimated market index in Indonesia tends to improve. However, the movement pattern of the estimated market index is also predicted to remain in an inefficient condition in a weak form. These findings imply that investors tend to have the opportunity to beat the market in the next 150 days with the aim of obtaining abnormal returns.
Co-Authors Agus Toni Poputra, Agus Toni Akandji, Vidya Aleng, Chintia S Alting, Umilhair Andre Stevan Masihor, Andre Stevan Ardi Manuel Lomboan, Ardi Manuel Assa, Jeremiah Reinhart Azis, Taufiqurrahman Benawan, Erick Try Putra Boby Rantow Payu Claudia W.M. Korompis Cristofer Sumiok Dady, Fransher Damanik, Crysty Hanna Darmawan, Mizaco Ofayda Datu, Christian V. David P. E. Saerang David Paul Elia Saerang David Saerang, David Dwiki Rama Sbastian Fahri Eka Oktora Fona Budiarso Gerung, Ireyne Regina Gerungai, Natalia T. Gosal, Sharon Gloria Grace Nangoi Harijanto Sabijono Heince R.N Wokas Hendrik Gamaliel Hendro Tilaar Herman Karamoy Hullah, Abdurahman Rigel Humiang, Faisal I Gede Suwetja Imbang, Veronika Merlin Irvana Marina Kondoy, Irvana Marina Jantje J. Tinangon Jenny Morasa Jesella Lourina Makaluas, Jesella Lourina Jhon Fiesgrald Wungow, Jhon Fiesgrald Jullie J Sondakh Kadir, Mei I. S. Kakauhe, Anastasya Claudio Inri Kakunsi, Erica Kaparang, Griya Clara Kapojos, Peter Marshall Kiay, Dewi Sartika Korengkeng, Raymond R. Korompis, Claudia W. M. Kotambunan, Miranda Ellora Kussoy, Emerald Brilliant Lalenoh, Marsellino Alexander Latjandu, Lady Diana Lengkong, Angelina Elsy Lewa, Megawani Lidia Mawikere Linda Lambey, Linda Lintje Kalangi Liwe, Alther Gabriel Maikel Sanger Mangambe, Diony Jasinta Manuho, Jessica Jeniver Mararu, Gandi Maryam Mangantar Masdan, Susan Rabbany Meily Y. B. Kalalo, Meily Y. B. Mokoginta, Given Mokoginta, Novtania Nainggolan, Styven Farera Nangoi, Grace B Ningrum, Tiara Nofry, Sampoel Johanes Novi Budiarso Novi S. Budiarso, Novi S. Novi Swandari Budiarso Nunu, Indrawati Ogi, Gratia Patricia Paat, Victoria Maria Palar, Royke Polii, Imanuel Ronaldo Angelo Popang, Andika Saputra Pratama, Enriko Haris Rachel Anly Marilyn Lingkanwene Wullur, Rachel Anly Marilyn Lingkanwene Rambing, Thalia Amelia Constantie Rantetadung, Romario Rantung, Allbrian J. W. Ratnasari, Cicillia Recky Vincent Oktaviano Wuysang, Recky Vincent Oktaviano Rerung, Elypaz Donald Rimbing, Sheron H.R. Robert Lambey Ronald I. Ottay Rudy J. Pusung Rumawas, Alda Gabriela Runa, Yesika Runturambi, Irene V. Sanger, Christin Lisa Sendow, Gloria Julianita Sherly Pinatik Siampa, Felixius Sifrid Pangemanan Sifrid s Pangemanan Sintje Rondonuwu, Sintje Soleman, Muhammad T. Speny Ria Manengkey, Speny Ria Sri Murni Steven Tangkuman Suak, Lidya A. Sudarwati, Nina Suleman, Andini Tirta Cricela Sumanti, Alva O. Sumendap, Steinly Sylvia Febriany Gerungan, Sylvia Febriany Tangeren, Rachel Tangkuman, Steven Josia Tanod, Sendi Tingginehe, Nurgita Tinuwo, Mararusli Treesje Runtu Ventje Ilat Waney, Mekson Warbung, Kasih Michelly Kesya