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Etty Sri Wahyuni

Faculty Of Economy And Business, Universitas Batam

Author-ID : 6050035

Religion Agriculture, Biological Sciences & Forestry Arts Humanities Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Energy Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Physics Public Health Social Sciences Other

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OPTIMIZING THE FINANCIAL DECISIONS OF FEMALE WORKERS IN LABOR-INTENSIVE INDUSTRIES: AN INTERVENTION BASED ON FRAMING EFFECTS AND MENTAL ACCOUNTING IN PENSION FUND PROGRAMS Mercy Reyne Marlina; Elly Rumengan; Basri; Faris Ramadhan; Etty Sri Wahyuni
International Journal of Educational Review, Law And Social Sciences (IJERLAS) Vol. 5 No. 6 (2025)
Publisher : CV. RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijerlas.v5i6.3739

Female workers in the manufacturing sector in Batam City often face challenges in financial planning, particularly regarding pension funds. Lack of knowledge and information about the importance of pension funds, coupled with limited awareness campaigns, result in many workers not participating in pension programs. Additionally, a work culture focused on short-term targets often leads female workers in this sector to view long-term financial planning, such as retirement, as less important. This study aims to investigate and analyze the partial and simultaneous effects of framing effect, mental accounting, and financial decisions on the effectiveness of pension funds among female workers in manufacturing companies in Batam City. This study employs causal associative research, and the research method used is quantitative. The population in this study consists of all female workers in manufacturing companies in Batam City, whose exact number is unknown. Four manufacturing companies were randomly selected, and 50 respondents were selected from each company. The sampling method used non-probability sampling with purposive sampling techniques, with several criteria including women aged 40-50 years with a minimum of 1 year of work experience and companies employing more than 250 workers. The sample size for this study was 200 respondents. The data were analyzed using SPSS version 25. The results of the study indicate that the framing effect partially influences the effectiveness of pension funds, mental accounting partially influences the effectiveness of pension funds, financial decisions partially influence the effectiveness of pension funds, and the framing effect, mental accounting, and financial decisions simultaneously influence the effectiveness of pension funds. The adjusted R-squared value of 0.728 can be referred to as the coefficient of determination, This means that 0.741 (74.1%) of the effectiveness of pension funds can be obtained and explained by the framing effect, mental accounting, and financial decisions, while the remaining 25.3% (100% - 74.1% = 25.3%) is explained by variables outside the model that were not studied.

FOMO AND GEN Z INVESTMENT BEHAVIOR: A QUALITATIVE STUDY ON EMOTIONAL BIAS IN FINANCE Faris Ramadhan; Etty Sri Wahyuni; Adnan Suhardis; Robin; Sumantri
International Journal of Educational Review, Law And Social Sciences (IJERLAS) Vol. 5 No. 5 (2025)
Publisher : CV. RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijerlas.v5i5.4011

This qualitative study investigates how Fear of Missing Out (FOMO) influences Generation Z investment behavior and emotional bias in financial decision-making processes. The research employed an interpretive phenomenological approach with in-depth semi-structured interviews conducted among Generation Z investors in Indonesia to understand the psychological mechanisms underlying FOMO-driven investment decisions. Systematic thematic analysis revealed three primary themes: FOMO as an emotional investment driver, social media influence creating information asymmetry, and financial literacy functioning as a complex moderating factor. The findings demonstrate that FOMO operates as a powerful emotional compulsion that systematically overrides rational decision-making processes, with social media exposure to peers' investment success serving as the most potent trigger for impulsive investment behavior. A significant "information paradox" emerged where participants heavily rely on low-credibility sources such as financial influencers while underutilizing high-credibility alternatives like official company reports, prioritizing accessibility over accuracy. The relationship between financial literacy and FOMO vulnerability proved non-linear, with medium literacy levels paradoxically increasing overconfidence bias while high literacy enabled sophisticated rationalization of emotional decisions. These findings contribute to behavioral finance theory by revealing how digital-social contexts amplify emotional biases beyond traditional market psychology models, suggesting that conventional financial education approaches may be insufficient for addressing emotionally-driven decision-making among digital-native generations.

STRENGTHENING ELECTORAL INTEGRITY IN THE CONTEXT OF SPECIAL ECONOMIC ZONES: A LEGAL STUDY ON REGIONAL HEAD ELECTION GOVERNANCE IN BATAM CITY Erniyanti; Markus Gunawan; M. Tartib; Etty Sri Wahyuni
Journal of International Islamic Law, Human Right and Public Policy Vol. 4 No. 1 (2026): March
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.21215500

This study examines the legal framework governing electoral integrity in regional head elections (Pilkada) in Batam City, a unique administrative region with dual status as both a Free Trade Zone (FTZ) and Special Economic Zone (SEZ). The research addresses the intersection of electoral law, decentralization policies, and special economic governance that creates distinctive challenges for democratic processes. Using normative legal research methodology with statutory, conceptual, and comparative approaches, this study analyzes how the overlapping regulatory frameworks between Law Number 7 of 2017 on General Elections, Law Number 10 of 2016 on Regional Elections, and Government Regulation Number 4 of 2025 on Batam FTZ affect electoral governance and integrity. The findings reveal that Batam faces unique electoral challenges stemming from its heterogeneous population composition, high labor mobility, complex institutional arrangements between Batam Concession Agency (BP Batam) and Batam City Government, and susceptibility to money politics due to economic disparities. This research proposes a legal framework for strengthening electoral integrity through enhanced voter registration mechanisms, improved election supervision coordination, and integrated governance between electoral management bodies and special zone authorities. The study contributes to the scholarly discourse on electoral democracy in special jurisdictions and offers policy recommendations for harmonizing economic zone governance with democratic electoral principles.

THE IMPACT OF CAPITAL STRUCTURE ON FIRM VALUE WITH PROFITABILITY AS A MODERATING VARIABLE: EVIDENCE FROM CONSUMER GOODS COMPANIES LISTED ON INDONESIA STOCK EXCHANGE Benni Sumarman; Etty Sri Wahyuni
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 6 No. 2 (2026): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.19562600

This study investigates the impact of capital structure on firm value with profitability as a moderating variable in consumer goods companies listed on the Indonesia Stock Exchange (IDX) during the period 2019-2023. Utilizing signaling theory and trade-off theory as the theoretical framework, this research examines whether the relationship between capital structure and firm value is contingent upon the level of profitability. The sample comprises 35 consumer goods companies selected through purposive sampling, resulting in 175 firm-year observations. Capital structure is measured using Debt to Equity Ratio (DER), firm value is proxied by Price to Book Value (PBV), and profitability is measured using Return on Assets (ROA). The analytical method employed is Moderated Regression Analysis (MRA) with panel data regression using EViews 13. The findings reveal that capital structure has a significant negative effect on firm value. Furthermore, profitability significantly strengthens the negative relationship between capital structure and firm value. These results suggest that highly profitable firms experience greater value deterioration when employing higher leverage. The findings contribute to the existing literature by providing empirical evidence on the moderating role of profitability in emerging market contexts and offer practical implications for corporate financial decision-making.

Digital Transformation and Gen Z Employee Performance: Digital Literacy As Mediator Nurhatisyah, Nurhatisyah; Wahyuni, Etty Sri; Dewi, Nolla Puspita
RIGGS: Journal of Artificial Intelligence and Digital Business Vol. 5 No. 1 (2026): Februari - April
Publisher : Prodi Bisnis Digital Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/riggs.v5i1.6360

Generation Z, as digital natives comprising approximately 27.94% of Indonesia's population, is rapidly entering the workforce and becoming a significant force in the manufacturing sector. This study investigates the effect of digital transformation on Generation Z employee performance with digital literacy as a mediating variable in manufacturing industries within the Batam Special Economic Zone (SEZ). Batam, strategically positioned near Singapore, is undergoing rapid digital transformation with the development of 10 data centers in Nongsa Digital Park and the adoption of AI-based smart factories. Using a quantitative approach with a survey method, this study collected data from 312 Generation Z employees (born 1997-2012) working in manufacturing companies across Batam's industrial estates. Data were analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS) with Smart PLS 4.0. The findings reveal that: (1) digital transformation has a positive and significant effect on employee performance (β = 0.356, p < 0.001); (2) digital transformation has a positive and significant effect on digital literacy (β = 0.674, p < 0.001); (3) digital literacy has a positive and significant effect on employee performance (β = 0.445, p < 0.001); and (4) digital literacy partially mediates the relationship between digital transformation and employee performance (β = 0.300, p < 0.001). The total effect of digital transformation on employee performance is 0.656, with 45.7% transmitted through digital literacy. These findings provide theoretical contributions to understanding the digital transformation-performance nexus among Generation Z employees and offer practical implications for human resource management strategies in optimizing digital initiatives in manufacturing contexts.

The Earnings Quality as a Partial Transmission Channel Between Corporate Governance and Firm Value: Evidence from Indonesian Manufacturing Firms Robin; Etty Sri Wahyuni
Indonesian Journal of Taxation and Accounting Vol 4, No 1 (2026): March 2026
Publisher : Academic Bright Collaboration

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66053/ijota.v4i1.524

Purpose – This study examines whether earnings quality serves as a transmission mechanism linking Good Corporate Governance (GCG) to firm value, addressing inconsistent findings in prior literature. The key argument is that GCG does not directly enhance firm value but operates indirectly by first improving reported earnings quality, which the market subsequently rewards.Methods – This study analyzes 435 observations from 87 manufacturing companies listed on the Indonesia Stock Exchange (2019–2023). The primary analysis employs panel data regression with firm fixed effects and year dummies using Stata 17, complemented by pooled OLS path analysis in SPSS 27 as a robustness check. GCG is proxied by independent commissioners, audit committee size, institutional ownership, and managerial ownership. Earnings quality is measured using the McNichols model, and firm value by Tobin's Q. Mediation is tested through the Sobel Test and Bootstrapping (5,000 resamples) via PROCESS Macro Hayes.Findings – Independent commissioners (β = 0.194; p < 0.01) and institutional ownership (β = 0.237; p < 0.01) are positively associated with earnings quality, while managerial ownership is negatively associated (β = −0.142; p < 0.05). Audit committee size shows no significant association (p = 0.082). Earnings quality is positively associated with firm value (β = 0.318; p < 0.01). Bootstrapped indirect effects indicate that earnings quality partially mediates three of four GCG–firm value paths.Research implications – The sample is confined to manufacturing companies, limiting cross-sector generalizability. GCG measurement covers four mechanisms, excluding dimensions such as board meeting frequency and audit committee expertise. The observational design precludes definitive causal claims; associations are interpreted within the theoretical framework.Originality – This study provides evidence consistent with earnings quality serving as a potential transmission mechanism in the GCG–firm value relationship, a pathway with limited evidence in developing countries. The 2019–2023 period provides unique insight into GCG resilience under pandemic disruption and recovery. Future research should expand cross-sector samples and employ multidimensional earnings quality proxies.

FINANCIAL BEHAVIORAL BIASES (PRESENT BIAS AND OVERCONFIDENCE) ON CONSUMER DEBT DECISION MAKING AMONG MANUFACTURING WORKERS IN BATAM Etty Sri Wahyuni; Henry Aspan; Faris Ramadhan
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 6 No. 2 (2026): April
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.19969283

This study investigates the influence of present bias and overconfidence on consumer debt decision-making among manufacturing workers in Batam, Indonesia, incorporating financial literacy as a moderating variable. Batam, a strategic free trade zone and major industrial hub, faces a growing phenomenon of consumer over-indebtedness fueled by the rapid expansion of digital lending platforms and online loans among its workforce. A quantitative cross-sectional survey design was employed, with a sample of 215 manufacturing workers drawn from Batam’s major industrial estates through purposive sampling. Data were collected via validated Likert-scale questionnaires and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 4.0. The findings reveal that: (1) present bias exerts the strongest positive and significant effect on consumer debt decisions (β = 0.387; p < 0.001); (2) overconfidence positively and significantly affects consumer debt decisions (β = 0.294; p < 0.001); (3) financial literacy significantly weakens the relationship between present bias and consumer debt decisions (β = –0.168; p < 0.01); however, (4) financial literacy does not significantly moderate the relationship between overconfidence and consumer debt decisions (β = –0.074; p > 0.05). These findings reveal an asymmetric moderation effect, indicating that conventional financial education is effective in mitigating present bias but insufficient in reducing overconfidence, which requires fundamentally different intervention approaches targeting metacognition rather than knowledge acquisition. The study contributes to behavioral finance literature by extending the application of hyperbolic discounting and overconfidence theories to consumer debt contexts in developing-country industrial zones and offers practical implications for financial regulators and corporate financial wellness programs.

THE EFFECT OF TAX AWARENESS AND PERCEIVED EQUITY ON TAX COMPLIANCE OF DIGITAL ECONOMY ACTORS IN BATAM: THE MODERATING ROLE OF VAT ON ELECTRONIC TRANSACTION (PPN PMSE) COLLECTION POLICY Faris Ramadhan; Etty Sri Wahyuni; Mercy Reyne Marlina Tirayoh; Benni Sumarman; Basri
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 6 No. 2 (2026): April
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.19982491

The rapid expansion of Indonesia’s digital economy demands a strengthened digital taxation framework. This study examines the effect of tax awareness and perceived equity on tax compliance among digital economy actors in Batam, Indonesia’s largest Free Trade Zone (FTZ), with the Value Added Tax on Electronically Traded Transactions (PPN PMSE) collection policy serving as a moderating variable. Using a quantitative cross-sectional survey, data were collected from 198 digital economy actors across Batam’s major e-commerce ecosystems through validated Likert-scale questionnaires and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 4.0. The findings reveal that: (1) tax awareness exerts the strongest positive and significant effect on tax compliance (β = 0.412; p < 0.001; f² = 0.224); (2) perceived equity positively and significantly affects tax compliance (β = 0.318; p < 0.001; f² = 0.138); (3) the PPN PMSE collection policy positively and significantly moderates the tax awareness–compliance relationship (β = 0.147; p < 0.01); however, (4) the PPN PMSE collection policy does not significantly moderate the perceived equity–compliance relationship (β = 0.063; p > 0.05). These findings reveal an asymmetric moderation effect: platform-based VAT collection functions as a behavioral nudge that amplifies tax awareness effects but is structurally incapable of correcting deeply rooted perceptions of tax inequity—particularly the perceived unfairness between FTZ-based and non-FTZ digital sellers, and between digital and conventional businesses. The study contributes to digital taxation literature by integrating the Slippery Slope Framework with Nudge Theory, empirically demonstrating the conditional and asymmetric moderating capacity of third-party collection mechanisms, and identifying a novel “spatial equity” dimension relevant to free trade zone taxation. Practical implications are offered for Indonesia’s Coretax administration reform and the design of differentiated compliance strategies.

THE EFFECT OF WORK ENVIRONMENT ON TURNOVER INTENTION WITH JOB SATISFACTION AS AN INTERVENING VARIABLE (A Study on Manufacturing Operators in Batam City) Bambang Satriawan; Elly Rumengan; Etty Sri Wahyuni
International Journal of Social Science, Educational, Economics, Agriculture Research and Technology (IJSET) Vol. 5 No. 4 (2026): MARCH
Publisher : RADJA PUBLIKA

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

The high turnover rate in Batam's manufacturing industry presents a serious challenge for human resource management, particularly at the production operator level, which forms the operational backbone of factories. This study aims to analyze the effect of work environment on turnover intention with job satisfaction as an intervening variable among manufacturing operators in Batam. The research employs a quantitative approach using a survey technique with a five-point Likert-scale questionnaire. The respondents comprised 100 manufacturing operators in Batam, selected through purposive sampling. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4 software. The results show that work environment has a positive and significant effect on job satisfaction (β = 0.612; p < 0.001), work environment has a negative and significant effect on turnover intention (β = –0.241; p = 0.012), job satisfaction has a negative and significant effect on turnover intention (β = –0.468; p < 0.001), and job satisfaction partially mediates the effect of work environment on turnover intention (β = –0.286; p < 0.001). These findings indicate that improvements in both physical and non-physical work environments can reduce operators' turnover intention through enhanced job satisfaction.

Behavioral Economics Framework for Pension Program Participation Among Female Workers in Labor-Intensive Industries Mercy Reyne Marlina Tirayoh; Robin; Sony Putra; Etty Sri Wahyuni
Indonesian Journal of Taxation and Accounting Vol 4, No 2 (2026): June 2026
Publisher : Academic Bright Collaboration

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66053/ijota.v4i2.891

Purpose – This study develops and empirically validates a behavioral economics framework linking framing effect and mental accounting, through financial decisions, to perceived pension program effectiveness among female workers in Batam’s labor-intensive industries. It addresses the gender pension participation gap and the retirement vulnerability of women manufacturing workers, whose pension-related decisions remain insufficiently explained by conventional financial-literacy approaches.Methods – A sequential explanatory mixed-method design was used. Quantitative data were collected from 400 female workers through cluster sampling and analyzed using SPSS and Partial Least Squares Structural Equation Modeling (PLS-SEM). The quantitative phase was complemented by in-depth interviews with 40 purposively selected respondents, with interview data thematically analyzed to contextualize the structural findings.Findings – Framing effect and mental accounting significantly and positively influence financial decisions and perceived pension program effectiveness. Financial decisions also strongly predict perceived pension program effectiveness and partially mediate the effects of framing effect and mental accounting on the outcome construct. Qualitative findings show that many workers perceive pension contributions as “money that disappears,” lack a dedicated retirement mental account, and respond positively to future-self reframing and default-enrollment mechanisms.Research implications – The findings are limited by the single-city sample, cross-sectional design, and reliance on self-reported perceptual measures rather than verified enrollment behavior. Proposed policy directions require experimental validation through randomized field trials.Originality – This study provides an empirically validated, gender-responsive behavioral economics framework for pension policy design among female workers in Indonesian labor-intensive industries.

Co-Authors Adnan Suhardis Adnan Suhardis Alviani, Maylan Amalia, Lisa Ami Natuz Zahara Ami Natuz Zahara Amir, Jihan Angelina E. Rumengan Anggra Priyansah Ari Prabowo Ari Prabowo Arta Lubis, Juli Asnira Asnira Bagus Prasetya Faozanzen Bambang Satriawan Basri Basri Basri Basri Benni Sumarman Casandra Casandra Chablullah Wibisono Christoppher Sihombing, Adriel Dahlan Dahlan Dahlan Gunawan Darwis Anatami Dewi, Nolla Puspita Dorris Yadewani Elly Rumengan Ely Kurniawati Fadlan Fadlan Fadlan Fadlan Faisal, Yusuf Fajri Suharsad Putra, Aidil Faozanzen, Bagus Prasetya Fearl, Ferren Gibran Kahar, Kahil Gloria Gita Putri Ginting Grace Tama Rosalinda Hariyanto, Mulyadi Dwi Henny Saida Flora Henry Apan Henry Aspan Ika Novita Sari Indawati Lestari INDRAYANI INDRAYANI Ivan, Julyan Nur Jihad, Kaspol Lestari, Dian Mahardi M. Tartib M. Tartib Malahayati Rusli Bintang Markus Gunawan Mega Kurnia Mercy Reyne Marlina Mercy Reyne Marlina Tirayoh Mercy Reyne Marlina Tirayoh Mohammad Arief El Habibie Mona Silvia Muhammad Arief El Habibie Muhammad Juang Rambe Muhammad Ridho Nelwan, Gyhond Ngaliman Ngaliman Ngaliman, Ngaliman Nolla Puspita Dewi Novi Yulianti Nureska Yanuar Firdaus Nurhatisyah Nurhatisyah Nurhatisyah Parroha Patar Siadari, Lagat Pipit Buana Sari Prasida Yunita Putra, Randi Rian Putra, Tri Wildan Rosyadi Putri Mauliza Putri Mauliza Putri Mauliza, Putri Ramadana, Marsyah Ramadhan, Faris Raymond Raymond Raymond Raymond Rizki Hidayat Rizki Hidayat Robin Robin Rozaini Rozaini Binti Rosli Rozaini Rosli Rumengan, Angelina E. Rumengan, Angelina Eleonora Sony Putra Sri Wahyuni Sri Wahyuni Sri Yanti Sri Yanti Sumantri, Sumantri Surya Bakti Susanti Suwalla, Nicha Tarigan, Rajutawan Riki Maruli Tua Tarigan Tarigan, Tegar Dermawan Tartib, Muhammad Windayati, Diana Titik Yahya Tanjung Yossie Rossanty Zafira, Naila

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