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ESG and Capital Structure: A Moderation Analysis of Firm Size Yenny Wati; Achmad Tavip Junaedi; Harry Patuan Panjaitan; Nyoto Nyoto; Astri Ayu Purwati
Jurnal Proaksi Vol. 12 No. 1 (2025): Januari - Maret 2025
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Muhammadiyah Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32534/jpk.v12i1.6823

Abstract

Main Purpose - This study aims to determine the effect of ESG practices on a firm's capital structure, using firm size as a moderating variable.Method - This study utilizes moderated regression analysis conducted with Eviews. The research sample included businesses listed on the Indonesia Stock Exchange's IDXESGL index between 2020 and 2023.Main Findings - Companies with higher ESG scores typically have lower debt-to-asset and debt-to-equity ratios. Firm size can influence the relationship between ESG and capital structure. The relationship between ESG and capital structure has piqued the interest of investors and other stakeholders that can influence corporate decisions regarding debt and equity composition.Theory and Practical Implications - Companies increasingly recognize that sustainable business practices are not only ethically responsible but also financially profitable. Research can provide more precise policy suggestions to assist businesses in embracing strong ESG practices and enhancing their access to funding.Novelty - This study examines companies listed in Indonesia's ESG index, making the research findings more relevant to the local context, with firm size as a moderating variable.
Strategy of Traditional Blood Cockle Farming in Limau Kapas District, Riau Province: A Value Chain and Governance Framework Analysis Nyoto Nyoto; Irwan Effendi; Evi Deliana; Emilda Firdaus; Hanafi Hussin
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 1 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i1.167

Abstract

Background: The traditional blood cockle farm in Limau Kapas District, Riau Province, Indonesia, has high economic potency, yet it still needs to be developed. While it has great potential, this sector faces a range of long-held challenges (particularly vague regulations that hinder legal-based businesses and repeated claims of land ownership from local fishermen who often steal fish from harvests). Objective: To investigate the economic opportunities that can be achieved by adopting good governance and improving management capabilities. Methods: The research was conducted using the qualitative method, with observation, interviews, and a literature review. Results: The results suggest that improved governance can play a large role in alleviating these problems and increasing productivity. A collaborative effort between the government and the local community is key to developing a sustainable aquaculture ecosystem through education, favorable legislation, and access to capital for farmers. To gain those economic benefits of blood cockle aquaculture in the area, it is necessary to strengthen these aspects. Conclusion: In conclusion, traditional blood cockle farming in the Limau Kapas District has great economic prospects but is hindered by governance gaps, regulatory ambiguity and limited access to finance. Sustainable and equitable aquaculture development is possible only through effective institutional collaboration between government, universities, and local communities.
SWOT Analysis Of Potential Regional Original Income And Development Of Bakar Tongkang Bagansiapiapi Cultural Tourism Nyoto Nyoto; Irwan Effendi; Nicholas Renaldo
Jurnal Manajemen Industri dan Logistik inpress publication
Publisher : Politeknik APP Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

The barge burning event go gue cap lak is a local tradition of the Chinese community in Bagansiapiapi. This event is a cultural ritual event for the people of the east coast of Sumatra Island. The event has had an economic effect on the people of Bagansiapiapi City at large. The research was conducted by observation, unstructured in-depth interviews, and literature study. The Baking Barge go gue cap lak tradition event was analyzed from the perspective of the potential local revenue generated on the economic activity conditions of the people of Bagansiapiapi City, namely by using a SWOT analysis technique (strengths, weaknesses, opportunities, and threats) systematically. The barge-burning cultural event is a unique and specific cultural event for the people of the east coast of Sumatra. The barge-burning cultural event is able to attract thousands of local and foreign tourists. The barge-burning cultural event has a great economic effect on local revenue of the Rokan Hilir district government.
Stakeholders’ Perspectives on Banking Support and Digital Accounting Adoption in the Palm Oil Industry Harry Patuan Panjaitan; Nicholas Renaldo; Achmad Tavip Junaedi; Nyoto Nyoto; Jahrizal Jahrizal; M Dalil; Dodi Sofyan Arief; Fifi Puspita; Rebecca La Volla Nyoto; Kristy Veronica
Luxury: Landscape of Business Administration Vol. 3 No. 2 (2025): Luxury: Landscape of Business Administration
Publisher : First Ciera Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61230/luxury.v3i2.135

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This study aims to investigate how stakeholders, including palm oil enterprises, smallholder cooperatives, banking institutions, and regulators, perceive the role of banking support in facilitating or hindering the adoption of digital accounting systems. This study employs a qualitative exploratory design to capture the diverse perspectives of stakeholders on the role of banking support in facilitating digital accounting adoption within the palm oil industry. A purposive sampling strategy will be employed to ensure participants possess direct experience with either banking support or digital accounting adoption. Data will be analyzed using thematic analysis. Interview transcripts, focus group notes, and documents will be coded inductively and deductively, guided by the research questions. The findings reveal that banks are not merely providers of financial capital but also act as institutional gatekeepers that shape reporting practices and encourage digital transformation. Larger enterprises view digital accounting as a strategic tool for efficiency and compliance, while smallholders often see it as a burdensome requirement.
Smart Processing Machines and Business Efficiency in Goat Milk Agro-Enterprises Achmad Tavip Junaedi; Harry Patuan Panjaitan; Nicholas Renaldo; Nyoto Nyoto; Jahrizal Jahrizal; M Dalil; Jaswar Koto; Sulaiman Musa; Nabila Wahid; Kristy Veronica; Umar Faruq
Luxury: Landscape of Business Administration Vol. 3 No. 2 (2025): Luxury: Landscape of Business Administration
Publisher : First Ciera Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61230/luxury.v3i2.137

Abstract

The increasing demand for functional and health-oriented dairy products has positioned goat milk agro-enterprises as a promising business sector, particularly in emerging economies. Despite this potential, many goat milk businesses face persistent challenges related to production inefficiency, high operational costs, and limited scalability. This study aims to examine the impact of smart processing machines on business efficiency in goat milk agro-enterprises. Using a quantitative approach, data were collected from small and medium-sized goat milk processing enterprises and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results reveal that smart processing machine adoption has a positive and significant effect on business efficiency, including cost efficiency, productivity, and operational effectiveness. The findings indicate that smart processing machines function not merely as technological tools but as strategic business resources that enhance operational performance and competitiveness. This study contributes to the business and agribusiness literature by providing empirical evidence at the production-machine level and highlighting the strategic value of smart manufacturing technologies in small-scale agro-enterprises. The findings offer practical insights for business owners, policymakers, and technology developers in promoting sustainable and efficient goat milk processing businesses.
Material Flow Cost Accounting (MFCA)-Driven Smart Goat Livestock Management System Muhammad Pringgo Prayetno; Nicholas Renaldo; Umar Faruq; Achmad Tavip Junaedi; Marice Br Hutahuruk; Suhardjo Suhardjo; Arih Dwi Prihastomo; Nyoto Nyoto; Harry Patuan Panjaitan; Luciana Fransisca
Luxury: Landscape of Business Administration Vol. 4 No. 1 (2026): Luxury: Landscape of Business Administration
Publisher : First Ciera Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61230/luxury.v4i1.148

Abstract

The livestock sector plays a crucial role in food security and rural economic resilience; however, goat farming management in developing economies remains largely traditional and weakly integrated with structured environmental accounting systems. This study develops and validates a Material Flow Cost Accounting (MFCA)-Driven Smart Goat Livestock Management System, which integrates environmental management accounting, Internet of Things (IoT) monitoring, emission estimation, and artificial intelligence (AI)-based decision support within a unified digital platform. Using a design science research approach combined with field validation, the system was implemented in a medium-scale goat farm over a two-month period. The MFCA model quantified material inputs and outputs in both physical and monetary terms, including feed conversion, waste generation, and methane (CH₄) and nitrous oxide (N₂O) emissions based on IPCC Tier 1 guidelines. The results demonstrate improvements in feed efficiency (from 74% to 84%), mortality reduction (from 8% to 4%), increased data accuracy (from 60% to 92%), and a 22% improvement in eco-efficiency ratios. The AI module achieved 87% accuracy in estrus detection and 84% accuracy in early disease classification. The study extends MFCA application from manufacturing to biological production systems and introduces the concept of accounting-driven smart farming, where environmental accounting is embedded within digital infrastructure. The findings contribute to the advancement of Digital Environmental Management Accounting (Digital EMA) and provide a scalable model for sustainable livestock transformation in emerging economies.
Green Digital Education Model with AI and IoT Integration in Sustainable Goat Farming Curriculum Arih Dwi Prihastomo; Nicholas Renaldo; Achmad Tavip Junaedi; Marice Br Hutahuruk; Muhammad Pringgo Prayetno; Umar Faruq; Jaswar Koto; Jahrizal Jahrizal; Nyoto Nyoto; Luciana Fransisca
Reflection: Education and Pedagogical Insights Vol. 3 No. 1 (2026): Reflection: Education and Pedagogical Insights
Publisher : First Ciera Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61230/reflection.v3i1.149

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The rapid advancement of Artificial Intelligence (AI) and Internet of Things (IoT) technologies has transformed agricultural production systems; however, their integration into agricultural education remains limited. This study develops and evaluates a Green Digital Education Model that integrates AI, IoT, and Material Flow Cost Accounting (MFCA) into a Sustainable Goat Farming Curriculum. Using a Research and Development (R&D) approach, the study followed four phases: needs analysis and curriculum mapping, system development and technological integration, pilot implementation, and evaluation. IoT sensors were deployed to collect real-time environmental and livestock data, which were integrated into a cloud-based dashboard and an AI-driven Decision Support System (DSS). An MFCA module was incorporated to enable environmental cost analysis and greenhouse gas emission calculations based on standardized methodologies. Pilot implementation in selected university courses demonstrated significant improvements in students’ digital literacy, sustainability awareness, and analytical decision-making skills, as evidenced by pre-test and post-test comparisons. Qualitative findings indicated increased engagement, motivation, and interdisciplinary collaboration. The model transforms conventional livestock education into a technology-driven “living laboratory,” aligning agricultural curricula with Education 4.0 principles and sustainability reporting standards. The study contributes a scalable framework for integrating green technology and digital innovation into higher education, supporting environmentally responsible and data-driven agricultural practices.
Value Co-Creation and Digital Marketplace Strategy in Enhancing Commercialization Performance, An Educational Perspective from Fortified Goat Milk Entrepreneurship Arih Dwi Prihastomo; Nicholas Renaldo; Achmad Tavip Junaedi; Harry Patuan Panjaitan; Nyoto Nyoto; Marice Br Hutahuruk; Umar Faruq; Muhammad Pringgo Prayetno; Yenny Wati; Luciana Fransisca
Reflection: Education and Pedagogical Insights Vol. 3 No. 1 (2026): Reflection: Education and Pedagogical Insights
Publisher : First Ciera Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61230/reflection.v3i1.151

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The rapid transformation of the digital economy has reshaped entrepreneurial practices, particularly within agribusiness sectors that increasingly rely on digital platforms to enhance market reach and competitiveness. This study examines the role of value co-creation and digital marketplace strategy in enhancing commercialization performance from an educational perspective within the context of fortified goat milk entrepreneurship. Using a quantitative explanatory design, data were collected from 156 participants involved in entrepreneurship learning programs integrated with real-world digital commercialization activities. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The results indicate that value co-creation significantly influences digital marketplace strategy and commercialization performance. Digital marketplace strategy also significantly affects commercialization performance and partially mediates the relationship between value co-creation and commercialization performance. The model demonstrates substantial explanatory power, suggesting that collaborative engagement supported by structured digital systems enhances measurable business outcomes. From an educational perspective, the findings reveal that commercialization performance can function as a practical learning outcome within experiential entrepreneurship education. The study contributes to the literature by integrating service-dominant logic, digital marketing strategy, and entrepreneurship education into a unified framework. It highlights that digital value co-creation is not only a strategic driver of market performance but also a transformative pedagogical approach in technology-enabled agribusiness development.
Analyze The Effect of Communication, Teamwork, And Work Environment on Employee Loyalty and Employee Performance of Pt Peputra Pekanbaru Nicholas Renaldo; Kelvin Wijaya; Eveline Tanshia; , Achmad Tavip Junaedi; Nyoto Nyoto
Journal of Entrepreneurial and Business Diversity Vol. 4 No. 3 (2026): Journal of Entrepreneurial and Business Diversity (July-September)
Publisher : PT. Keberlanjutan Strategis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38142/jebd.v4i3.410

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Purpose:This research aims to analyze the influence of communication, teamwork and work environment on the loyalty and performance of PT Peputra Pekanbaru employees.Methodology:This research is qualitative research. Data was collected through questionnaires from employees at the company. The population in this study was all 34 employees. The sampling technique uses the purposive method. The types of data sources are primary data and secondary data, while the data collection techniques are observation and questionnaires. The data processing method uses multiple regression analysis with the t test, F test, and R square as a statistical research method using SPSS.Findings:The results of this research show that communication and teamwork have a positive and significant effect on employee performance, while the work environment does not have a significant effect on employee performance.
The Influence of Leadership Style, Communication and Occupational Safety and Health on Employee Job Satisfaction at Pt. Vibro Nusantara Indonesia Nyoto Nyoto; Agung Suranto; Nicholas Renaldo; Achmad Tavip Junaedi; Suhardjo Suhardjo; Rebecca La Volla Nyoto
Journal of Entrepreneurial and Business Diversity Vol. 4 No. 3 (2026): Journal of Entrepreneurial and Business Diversity (July-September)
Publisher : PT. Keberlanjutan Strategis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38142/jebd.v4i3.412

Abstract

Purpose:This research aims to determine the influence of leadership style, communication, occupational safety and health on job satisfaction at PT. Vibro Nusantara Indonesia.Methodology:This research uses primary and secondary data originating from employees of PT. Vibro Nusantara Indonesia is included in the sample. The sampling technique in this research used the convenience sampling method. The number of samples obtained was 100 employees. This research analysis method uses descriptive analysis and several types of evaluation using SPSS software.Findings:From this research, it was concluded that variables namely leadership style, communication have a positif influence on employee job satisfaction and occupational safety and health have a negatif influence on employee job satisfaction.Implication:The findings indicate that leadership style and communication should be strengthened to improve employee job satisfaction, while occupational safety and health practices require further managerial attention.