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Otoritas Privat Penyedia Indeks Dan Stabilitas Pasar Berkembang: Guncangan Kelayakan Investasi MSCI, Stres Likuiditas IHSG, Dan Reformasi Transparansi Di Indonesia Kainde, Sandra J.R.; Polii, Harke Revo Leonard; Tumbel, Noldy Jerry; Loing, Rooswita
Management Studies and Entrepreneurship Journal (MSEJ) Vol. 7 No. 4 (2026): Management Studies and Entrepreneurship Journal (MSEJ)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/msej.v7i4.10595

Meningkatnya investasi berbasis indeks membuat penilaian penyedia indeks global berfungsi sebagai sinyal yang mengoordinasikan ekspektasi pelaku pasar lintas negara. Studi ini bertujuan menjelaskan bagaimana sinyal tata kelola indeks dari Morgan Stanley Capital International memicu guncangan kelayakan investasi yang berujung pada dislokasi harga dan stres likuiditas di pasar ekuitas Indonesia. Penelitian ini menggunakan pendekatan kualitatif dengan desain studi kasus, yang dioperasionalisasikan melalui penelusuran proses berbasis mekanisme. Data dihimpun dari dokumen primer dan materi kebijakan, bukti pasar Indeks Harga Saham Gabungan dan indikator perdagangan intrahari, serta artefak wacana dan komunikasi publik dari media dan komentar pasar yang dapat ditelusuri. Hasil menunjukkan bahwa reaksi ekstrem muncul ketika pengumuman indeks dipersepsikan sebagai penurunan kelayakan investasi, bukan penyesuaian teknis semata. Legitimasi eksternal memperkuat ekspektasi penyesuaian portofolio berbasis indeks sehingga tekanan jual bergerak serempak. Secara paralel, narasi risiko tentang transparansi kepemilikan, porsi saham beredar publik, dan kualitas pembentukan harga memperbesar ketidakpastian, mempercepat perilaku mengikuti arus, dan menipiskan likuiditas hingga memicu penghentian perdagangan sementara serta mendorong reform kebijakan. Temuan ini menegaskan perlunya penguatan transparansi, integritas pengawasan perdagangan, dan tata kelola data kelayakan investasi untuk meningkatkan ketahanan pasar berkembang.

Financial Stress-Test of the Palm Oil Industry: Bankruptcy Prediction Using the Modified Altman Z-Score During the Downturn Phase Harke Revo Leonard Polii; Sandra J.R. Kainde; Rifal Richard Pangemanan
Economics and Digital Business Review Vol. 7 No. 1 (2026)
Publisher : STIE Amkop Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37531/ecotal.v7i1.3605

This study aims to predict the bankruptcy potential of Plantation Sub-Sector companies listed on the Indonesia Stock Exchange (IDX) during the critical downturn cycle of 2017-2019. This period serves as a stress-test window following the commodity boom. Employing a descriptive quantitative approach, the research analyzes secondary data from 10 companies selected through purposive sampling. The primary analytical tool is the Modified Altman Z-Score model. The results indicate severe financial distress within the sector due to price volatility and aggressive downstreaming policies. Specifically, out of the 10 sampled companies, only 1 company was classified as "Healthy" (Z > 2.60), 1 company was identified as "Vulnerable" or in the grey area (1.10 < Z < 2.60), and 8 companies were predicted to be "Bankrupt" (Z < 1.10). These empirical findings suggest a critical vulnerability in the plantation sector, highlighting an urgent need for financial restructuring and strategic management improvements to navigate post-boom challenges and ensure long-term sustainability. Keywords: Bankruptcy Prediction, Modified Altman Z-Score, Plantation Sub-Sector, Financial Distress.

Fomo, Virality, and Saturation: A Netnographic Study of Digital Consumer Behavior towards the Mixue Brand in Indonesia Kainde, Sandra J.R; Polii, Harke Revo Leonard
Jurnal Informatika Ekonomi Bisnis Vol. 8, No. 1 (March 2026)
Publisher : SAFE-Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37034/infeb.v8i1.1389

This study aims to analyze digital consumer behavior toward the Mixue brand in Indonesia within the dynamics of Fear of Missing Out (FOMO), virality, and saturation through a netnographic approach. Employing a qualitative design, this research uses netnography to examine digital interaction traces within Mixue's online ecosystem in Indonesia, including posts, comments, memes, conversations, and other forms of symbolic participation on social media. The findings indicate that digital consumer behavior toward Mixue develops along a dynamic trajectory. In the initial phase, FOMO stimulates consumer engagement, as Mixue is positioned as a social experience that must be followed in order not to be left behind in the flow of digital trends. This engagement subsequently evolves into virality, sustained through electronic word of mouth (eWOM), meme production, collective humor, and the symbolic participation of netizens. However, the continuous intensity of exposure and symbolic reproduction does not necessarily strengthen affection toward the brand; instead, it generates saturation that shifts engagement from enthusiasm to critical evaluation. In addition, the negotiation of trust and legitimacy suggests that the relationship between digital consumers and the brand is shaped not only by trend-driven logic but also by the need for validation and a sense of security. These findings confirm that digital consumer behavior toward a viral brand is a relational, symbolic, and constantly evolving cultural process.

Fomo, Virality, and Saturation: A Netnographic Study of Digital Consumer Behavior towards the Mixue Brand in Indonesia Sandra J.R Kainde; Harke Revo Leonard Polii
Jurnal Informatika Ekonomi Bisnis Vol. 8, No. 1 (March 2026)
Publisher : SAFE-Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37034/infeb.v8i1.1389

This study aims to analyze digital consumer behavior toward the Mixue brand in Indonesia within the dynamics of Fear of Missing Out (FOMO), virality, and saturation through a netnographic approach. Employing a qualitative design, this research uses netnography to examine digital interaction traces within Mixue's online ecosystem in Indonesia, including posts, comments, memes, conversations, and other forms of symbolic participation on social media. The findings indicate that digital consumer behavior toward Mixue develops along a dynamic trajectory. In the initial phase, FOMO stimulates consumer engagement, as Mixue is positioned as a social experience that must be followed in order not to be left behind in the flow of digital trends. This engagement subsequently evolves into virality, sustained through electronic word of mouth (eWOM), meme production, collective humor, and the symbolic participation of netizens. However, the continuous intensity of exposure and symbolic reproduction does not necessarily strengthen affection toward the brand; instead, it generates saturation that shifts engagement from enthusiasm to critical evaluation. In addition, the negotiation of trust and legitimacy suggests that the relationship between digital consumers and the brand is shaped not only by trend-driven logic but also by the need for validation and a sense of security. These findings confirm that digital consumer behavior toward a viral brand is a relational, symbolic, and constantly evolving cultural process.

Mapping The Evolution of Customer Experience Management Research in Indonesia Lefrand S. Pasuhuk; Sandra J. R. Kainde; Deske W. Mandagi
Jurnal Economic Resource Vol. 9 No. 1 (2026): October - March
Publisher : Fakultas Ekonomi & Bisnis Universitas Muslim Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57178/jer.v9i1.2104

Customer Experience Management (CEM) has emerged as a critical strategic paradigm for enhancing customer satisfaction, strengthening loyalty, and sustaining competitive advantage in increasingly digital and experience-driven markets. This study conducts a systematic literature review (SLR) to map the evolution, intellectual structure, and thematic development of CEM research in the Indonesian context. Following the PRISMA framework, 210 records were initially retrieved from the Scopus database, yielding a final sample of 67 peer-reviewed journal articles published between 2010 and 2025. Bibliometric and keyword co-occurrence analyses reveal four dominant research clusters: customer experience and relationship management; brand management and brand equity development; digital and technology-enabled marketing; and sales performance and market-driven strategy. The findings indicate that Indonesian CEM research has evolved from traditional service quality and satisfaction perspectives toward more integrated, experience-centric, and digitally enabled frameworks. Despite this progress, several areas remain underexplored, including emotional and psychological dimensions of customer experience, advanced analytics and artificial intelligence integration, ethical and cultural considerations, and the development of robust, context-sensitive experience measurement frameworks. By synthesizing fragmented research streams into a coherent thematic structure, this study offers theoretical insights into the maturation of CEM research. It provides a foundation for advancing future scholarship and managerial practice in Indonesia and similar emerging market contexts.

A Decade of Brand Experience Research in Indonesia: Evolution, Patterns, and Future Directions Sandra J.R. Kainde; Lefrand S. Pasuhuk; Deske W. Mandagi
Jurnal Economic Resource Vol. 9 No. 1 (2026): October - March
Publisher : Fakultas Ekonomi & Bisnis Universitas Muslim Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57178/jer.v9i1.2109

In contemporary branding and marketing scholarship, brand experience has become a pivotal construct for explaining how firms create value, cultivate loyalty, and maintain competitive advantage in increasingly digital and experience-intensive markets. Responding to this shift, the present study conducts a systematic literature review (SLR) to examine the evolution, intellectual structure, and thematic composition of brand experience research in the Indonesian context. Guided by the PRISMA framework, the review process screened 14,326 records retrieved from the Scopus database, resulting in a final sample of 132 peer-reviewed journal articles published between 2015 and 2025. Bibliometric and keyword co-occurrence analyses reveal five dominant thematic clusters: (1) core brand experience and relational outcomes, (2) brand management and brand equity formation, (3) digital and technology-mediated brand experience, (4) service quality and experience design, and (5) context-specific and market applications. The findings indicate that brand experience research in Indonesia has transitioned from early service quality and satisfaction-oriented perspectives toward more integrative, strategically grounded, and digitally enabled experiential frameworks. Despite this progression, several vital areas remain underdeveloped, including the emotional and psychological foundations of brand experience, the deeper integration of advanced analytics and artificial intelligence, ethical and cultural dimensions of experiential value, and the development of robust, context-sensitive measurement approaches. By synthesizing fragmented research streams into a coherent thematic structure, this study advances theoretical understanding of brand experience. It provides a structured foundation for future scholarly inquiry and managerial application in Indonesia and comparable emerging market settings.

Work-Life Balance, Kepuasan Kerja, dan Kinerja Di Antara Karyawan Milenial dan Gen Z: Tinjauan Sistematis Evi C Waworuntu; Sandra J. R. Kainde; Deske W Mandagi
Society Vol 10 No 2 (2022): Society
Publisher : Laboratorium Rekayasa Sosial, Jurusan Sosiologi, FISIP Universitas Bangka Belitung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33019/society.v10i2.464

Although the impact of work-life balance and job satisfaction on employee performance has been extensively studied, there still lacks a comprehensive understanding of the interplay among these variables among millennials and generation Z (gen Z) employees. This present inquiry, therefore, aims to systematically analyze how work-life balance and job satisfaction affect millennials’ and gen Z’s performance. Following a systematic literature review approach, relevant studies published in 2018-2022 were derived from two main academic databases (Google scholar and Research gate). Thirty-five peer-reviewed articles were then carefully selected and analyzed. The result shows that (1) work-life balance and job satisfaction positively affect millennial’s and gen Z’s performance; (2) gen Z are more idealists in thriving for work and growth (3) millennials and gen Z put a value on the supportive work environment, supportive supervisor, and career opportunity for job satisfaction (4) millennial and gen Z put a value on flexibility of work hours, annual leave and work from home for work-life balance.

The Combined Effect of Brand Gestalt, Brand Awareness, and Brand Image on Ecotourism WOM Intention Deske W. Mandagi; Lefrand S. Pasuhuk; Sandra J.R. Kainde
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 5 No 3 (2024): Juni
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v5i3.3147

Purpose: This study aims to critically examine the interplay of brand gestalt, brand awareness, and brand image in the rapidly evolving context of ecotourism destinations, addressing the immediate need for insights that can enhance sustainable tourism marketing strategies. Methodology: A quantitative research design was utilized in this study using survey-based data on 241 respondents who were visitors to ecotourism destinations in North Sulawesi, Indonesia. Results: This study found that service quality, platform type, shopping convenience, and product quality have a positive influence on consumer satisfaction when shopping online. Limitations: One potential limitation of the study is that the respondents were limited to customers of online shoppers and college students in North Sulawesi, which may restrict the generalizability of the findings to broader consumer populations. Contribution: Tourism operators can use the insights gained from this study to enhance their brand strategy. By focusing on building a strong brand gestalt, increasing brand awareness, and fostering a positive brand image, they can effectively stimulate WOM, which is a powerful marketing tool in ecotourism.

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