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Financial Ratios And Stock Return In The Food & Beverage Sector Sunaryo, Deni; Ibrahim, Mukdad; Lestari, Etty Puji; Puryandani, Siti
JURNAL STUDI MANAJEMEN ORGANISASI Vol 22, No 1 (2025)
Publisher : Faculty of Economics and Business | Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/jsmo.v22i1.72461

This study uses a quantitative approach with panel data analysis to examine the effect of financial ratios on stock return and the role of financial distress as a moderating variable. The sample consists of companies in the food and beverage processing sector listed on the Indonesia Stock Exchange (IDX) during the period from 2013 to 2023. The data used were obtained from the annual financial statements published by these companies, as well as stock market data from the IDX. The total sample used in this study consists of 121 data points obtained through purposive sampling from 26 companies that met the research criteria. The dependent variable in this study is stock return, which is calculated based on the annual stock price change divided by the stock price at the beginning of the year. The independent variables include financial ratios, namely Total Asset Turnover (TAT), Price Earnings Ratio (PER), and Times Interest Earned Ratio (TIER). Financial distress is measured using the Altman Z-Score, which serves as the moderating variable in this study. Multiple regression analysis was used to test the research hypotheses, incorporating interaction variables between financial ratios and financial distress to test for moderating effects. The tests included descriptive analysis, normality test, multicollinearity test, and autocorrelation test to ensure the validity of the results.The results show that TAT, PER, and TIER have weak or insignificant effects on stock return, with TAT and TIER showing negative but statistically insignificant relationships. Financial distress was found to moderate the relationship between TIER and stock return in certain models, although it did not show a significant effect in other models. This study emphasizes the need for further research to include macroeconomic variables and explore industry sector dynamics to deepen the understanding of this relationship.

Catalyzing SDG 4: A Strategic Management and Edupreneurship Initiatives Hamdan, Hamdan; Sunaryo, Deni; Edwards, John
Aptisi Transactions On Technopreneurship (ATT) Vol 7 No 2 (2025): July
Publisher : Pandawan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34306/att.v7i2.670

This study examines the intersection of entrepreneurship, strategic management, and education in contributing to the achievement of SDG 4. The bibliometric analysis covers research published from 2016 to 2024, focusing on the global trends and key themes that have emerged in strategic management and education. The United States, United Kingdom, and India have been identified as the leading nations conducting significant research in these areas. Notable themes such as sustainability, digital innovation, and education governance have emerged as central topics in the literature, reflecting their critical role in shaping the future of education. This paper investigates how strategic management practices can foster educational equity, sustainability, and innovation, providing essential insights into how educational systems can be optimized through strategic entrepreneurial approaches. The analysis highlights the importance of integrating entrepreneurship into strategic management to address educational challenges globally, particularly in the context of SDG 4, which aims to ensure inclusive and equitable quality education for all. The study further delves into how strategic management and entrepreneurship can align with the evolving demands of global education systems, ensuring adaptability and resilience in the face of technological advancements and changing societal needs. By exploring research trends and advancements within the 2016–2024 period, this study offers a comprehensive overview of the dynamic relationship between strategic management, education, and entrepreneurship, providing a foundation for future research and practical applications that contribute to the achievement of SDG 4. The findings underscore the pivotal role of entrepreneurship in educational reform.

Cultural Dimensions and Their Influence on Entrepreneurial Decision-Making: A Cross-Cultural Analysis Hamdan; Adiyanto, Yoga; Sunaryo, Deni; Auroh, Yusrotul; Hickmatullah, Iman
Ilomata International Journal of Management Vol. 6 No. 3 (2025): July 2025
Publisher : Yayasan Sinergi Kawula Muda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61194/ijjm.v6i3.1764

This study investigates the nuanced influence of cultural factors on entrepreneurial behavior in the global business landscape, specifically examining how cultural dimensions shape decision-making processes and overall business strategies. Utilizing a mixed-methods approach that combines in-depth interviews and quantitative surveys across diverse cultural contexts, the research uncovers how dimensions such as individualism-collectivism and tolerance for uncertainty directly impact entrepreneurial practices. Key findings demonstrate that cultural values significantly modulate entrepreneurial behavior in critical domains, revealing that individualistic cultures tend to foster more independent and risk-taking decision-making, while collectivistic cultures prioritize consensus and group harmony. Additionally, the study shows that cultural orientation towards long-term or short-term perspectives substantially shapes innovation approaches, with long-term-oriented cultures more likely to invest in sustainable innovation. Furthermore, the research indicates that cultural tolerance for uncertainty correlates directly with entrepreneurs' willingness to experiment and adapt in volatile market environments. These insights provide valuable implications for entrepreneurs and policymakers, emphasizing the importance of culturally sensitive business strategies. By understanding how cultural factors systematically influence entrepreneurial behavior, organizations can develop more nuanced and context-specific approaches to international business development. Ultimately, this research contributes to a deeper understanding of how cultural contexts fundamentally shape entrepreneurial opportunities and challenges in today's interconnected global economy.

The Role of Participative Leadership on Job Performance: Job Satisfaction as an Intervening Variable Dewi, Santi Riana; Nafiuddin; Sunaryo, Deni
Ilomata International Journal of Management Vol. 6 No. 3 (2025): July 2025
Publisher : Yayasan Sinergi Kawula Muda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61194/ijjm.v6i3.1825

This study aims to examine the effect of participative leadership style on employee performance, with job satisfaction as a mediator. The results of the study aids in describing how performance and participative leadership are related, with job satisfaction as an intervening variable, particularly in the manufacturing industry. The study employed a quantitative method, with 99 employees of a pesticide company in Banten province as respondents. Samples were populated based on a purposive sampling technique. Structural equation modeling (SEM) techniques were employed for the analysis, utilizing SmartPLS 4. The results of the study show that participative leadership has a significant direct effect on employee performance (M=0.623; P=0.000). Job satisfaction also has a significant direct effect on performance (M=0.651; P=0.000). In addition, job satisfaction mediates between participative leadership and performance (M=0.464; P=0.000). In addition, participative leadership style and job satisfaction explain 58.8% (R2=0.588) of the performance. Hence, the companies should focus on training all leaders to practice participative leadership in daily work and continuously improving factors that improve employee job satisfaction. Both of the focuses will improve employee performance.

Cultural Dimensions and Their Influence on Entrepreneurial Decision-Making: A Cross-Cultural Analysis Hamdan; Adiyanto, Yoga; Sunaryo, Deni; Auroh, Yusrotul; Hickmatullah, Iman
Ilomata International Journal of Management Vol. 6 No. 3 (2025): July 2025
Publisher : Yayasan Sinergi Kawula Muda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61194/ijjm.v6i3.1764

This study investigates the nuanced influence of cultural factors on entrepreneurial behavior in the global business landscape, specifically examining how cultural dimensions shape decision-making processes and overall business strategies. Utilizing a mixed-methods approach that combines in-depth interviews and quantitative surveys across diverse cultural contexts, the research uncovers how dimensions such as individualism-collectivism and tolerance for uncertainty directly impact entrepreneurial practices. Key findings demonstrate that cultural values significantly modulate entrepreneurial behavior in critical domains, revealing that individualistic cultures tend to foster more independent and risk-taking decision-making, while collectivistic cultures prioritize consensus and group harmony. Additionally, the study shows that cultural orientation towards long-term or short-term perspectives substantially shapes innovation approaches, with long-term-oriented cultures more likely to invest in sustainable innovation. Furthermore, the research indicates that cultural tolerance for uncertainty correlates directly with entrepreneurs' willingness to experiment and adapt in volatile market environments. These insights provide valuable implications for entrepreneurs and policymakers, emphasizing the importance of culturally sensitive business strategies. By understanding how cultural factors systematically influence entrepreneurial behavior, organizations can develop more nuanced and context-specific approaches to international business development. Ultimately, this research contributes to a deeper understanding of how cultural contexts fundamentally shape entrepreneurial opportunities and challenges in today's interconnected global economy.

The Role of Participative Leadership on Job Performance: Job Satisfaction as an Intervening Variable Dewi, Santi Riana; Nafiuddin; Sunaryo, Deni
Ilomata International Journal of Management Vol. 6 No. 3 (2025): July 2025
Publisher : Yayasan Sinergi Kawula Muda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61194/ijjm.v6i3.1825

This study aims to examine the effect of participative leadership style on employee performance, with job satisfaction as a mediator. The results of the study aids in describing how performance and participative leadership are related, with job satisfaction as an intervening variable, particularly in the manufacturing industry. The study employed a quantitative method, with 99 employees of a pesticide company in Banten province as respondents. Samples were populated based on a purposive sampling technique. Structural equation modeling (SEM) techniques were employed for the analysis, utilizing SmartPLS 4. The results of the study show that participative leadership has a significant direct effect on employee performance (M=0.623; P=0.000). Job satisfaction also has a significant direct effect on performance (M=0.651; P=0.000). In addition, job satisfaction mediates between participative leadership and performance (M=0.464; P=0.000). In addition, participative leadership style and job satisfaction explain 58.8% (R2=0.588) of the performance. Hence, the companies should focus on training all leaders to practice participative leadership in daily work and continuously improving factors that improve employee job satisfaction. Both of the focuses will improve employee performance.

Brand Awareness & Brand Image: Key Point Coffee's Success in Influencing Purchasing Decisions in Serang City Adiyanto, Yoga; Darmawan, Dhany Isnaeni; Sunaryo, Deni; Hickmatullah, Iman; Alam, Achmad Fazi
Smart Society Vol 5, No 1 (2025): June (2025)
Publisher : FOUNDAE (Foundation of Advanced Education)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58524/smartsociety.v5i1.664

The coffee industry in Indonesia, particularly in Serang City, has shown significant growth in recent years. This growth is driven by an increasing interest among the public in coffee as a lifestyle, as well as the emergence of various coffee brands, including Point Coffee, which has managed to maintain its position despite facing increasingly fierce competition. This study aims to analyze the influence of brand use and brand image on consumer purchasing decisions of Point Coffee in Serang City. This study uses a quantitative approach with a survey method, where primary data is collected through questionnaire distributed to consumers. Data analysis was carried out using Structural Partial - based Equation Modeling (SEM). Least Squares (PLS). The results of the study show that the brand use and brand image has a significant influence on purchasing decisions. Brand image was found to have more dominant influence than brand use in influencing purchasing decisions.These findings provide important insights for Point Coffee in development more effective marketing strategies, with a focus on strengthening brand image and increasing brand exposure in the market. This study also contribute to the development of literature on the influence of brand use and brand image in the coffee industry sector, especially in non-metropolitan areas.

The Relationship Between Hospital Financial Performance and Quality of Care: A Systematic Review Sunaryo, Deni; Saifudin; Ria Hoiriyah Said; Penti Susan; Muhdar; Khairul Fauzi; Hendro Yunianto; Ayu Indah Lestari; Arfiah Adawiyah; Adi Sunardi; Yoebrilinti, Anggit; Titik Sadarwati
Sains Manajemen: Jurnal Manajemen Unsera Vol. 11 No. 1 (2025): Sain Manajemen: Jurnal Manajemen UNSERA
Publisher : Universitas Serang Raya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30656/sm.v11i1.10075

Latar Belakang: Kinerja finansial rumah sakit memiliki hubungan yang kompleks dengan kualitas layanan kesehatan. Stabilitas keuangan memungkinkan investasi dalam teknologi, pelatihan, dan infrastruktur yang mendukung peningkatan mutu layanan. Namun, tekanan biaya dan pandemi COVID-19 telah menguji ketahanan finansial rumah sakit di seluruh dunia.Tujuan: Mengeksplorasi hubungan antara kinerja finansial dan kualitas perawatan di berbagai konteks rumah sakit, termasuk rumah sakit nirlaba, berorientasi laba, dan yang beroperasi di negara maju maupun berkembang.Metodologi: Tinjauan literatur dilakukan pada 10 artikel akademik yang terindeks di Scopus, PubMed, dan WoS menggunakan pendekatan scoping review. Artikel dianalisis berdasarkan fokus pada kinerja finansial, investasi, dan kualitas layanan kesehatan, dengan mempertimbangkan variabel seperti kepemilikan rumah sakit, pengelolaan investasi, dan dampak pandemi.Hasil Utama: Sebagian besar studi menunjukkan hubungan positif antara kinerja finansial dan kualitas perawatan. Rumah sakit dengan kondisi finansial yang stabil lebih mampu berinvestasi dalam teknologi seperti Healthcare 4.0 dan inisiatif mutu. Namun, tantangan signifikan terlihat di negara berkembang dan pada rumah sakit berorientasi laba yang menghadapi tekanan untuk memenuhi ekspektasi pemegang saham. Pandemi COVID-19 juga memperburuk risiko finansial, terutama pada rumah sakit dengan ketergantungan tinggi pada layanan elektif.Kesimpulan: Investasi strategis dalam pengelolaan keuangan rumah sakit, termasuk diversifikasi pendapatan dan penguatan cadangan keuangan, dapat meningkatkan kualitas layanan kesehatan secara signifikan. Penelitian lebih lanjut diperlukan untuk menjawab kesenjangan dalam literatur, terutama di negara berkembang, dan mengembangkan standar pengukuran yang lebih konsisten.Kata Kunci: Kinerja Finansial, Kualitas Perawatan, Rumah Sakit, Investasi, Kesehatan

Hospital System Management and Efficiency: Management Strategy, Digitalization, and Funding Perspectives Sunaryo, Deni; Yoga Adiyanto; Yoebrilianti, Anggit
Sains Manajemen: Jurnal Manajemen Unsera Vol. 10 No. 2 (2024): Sain Manajemen: Jurnal Manajemen UNSERA
Publisher : Universitas Serang Raya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30656/sm.v10i2.10076

AbstrakTujuan: Artikel ini bertujuan untuk mengeksplorasi peran digitalisasi, model pembiayaan inovatif, efisiensi operasional, dan pengembangan infrastruktur dalam meningkatkan keberlanjutan dan kualitas layanan rumah sakit. Analisis ini juga mencakup identifikasi tantangan utama dan peluang strategis dalam pengelolaan sistem kesehatan global.Metode: Kajian literatur ini dilakukan dengan metode scoping review, menggunakan 9 dokumen penelitian yang membahas pengelolaan rumah sakit, digitalisasi, efisiensi biaya, dan pembiayaan kesehatan. Analisis difokuskan pada tren terkini, implementasi strategi, serta kekosongan penelitian untuk memberikan wawasan yang menyeluruh.Hasil: Studi ini menemukan bahwa implementasi teknologi seperti Electronic Medical Records (EMR) dan Internet of Medical Things (IoMT) memberikan dampak signifikan dalam meningkatkan efisiensi operasional dan pengambilan keputusan klinis. Selain itu, model pembiayaan seperti Pay-for-Performance (P4P) dan pendekatan manajemen strategis seperti Lean Management mampu mengurangi pemborosan sumber daya dan meningkatkan kualitas layanan kesehatan.Kontribusi: Artikel ini memberikan kontribusi dengan menyoroti pentingnya investasi strategis dalam teknologi digital dan penerapan model pembiayaan berbasis hasil. Selain itu, penelitian ini menekankan perlunya pendekatan holistik dalam pengembangan infrastruktur kesehatan untuk memastikan keberlanjutan operasional rumah sakit, terutama di negara berkembang.Kata Kunci: Digitalisasi kesehatan, efisiensi operasional, Pay-for-Performance, Lean Management, pengelolaan rumah sakit.

THE EFFECT OF CREDIT RISK MANAGEMENT, MARKET RISK, LIQUIDITY RISK ON THE FINANCIAL PERFORMANCE OF STATE-OWNED BUSINESS ENTITIES Sunaryo, Deni
Brilliant International Journal Of Management And Tourism Vol. 2 No. 2 (2022): Brilliant International Journal Of Management And Tourism
Publisher : Pusat Riset dan Inovasi Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/bijmt.v2i2.435

This study aims to determine the effect of credit risk management, market risk and liquidity risk on the financial performance of banks listed on the IDX. The population in this study are state-owned banking companies until 2021 with an observation period of 8 years (2014-2021). Thus the total population is 32 (4 banking x 8 years). The analytical methods used in this research are descriptive statistical analysis, multiple linear analysis, and hypothesis testing. The data processing process uses the SPSS version 20 program. Based on the results of the study, it can be concluded that there is a significant influence on credit risk and banking financial performance, there is a significant influence on market risk and banking financial performance, there is a significant influence on liquidity risk and banking financial performance., there is a significant influence between credit risk, market risk, liquidity risk and banking financial performance. Future researchers are expected to conduct further research on the variables of NPL, NIM, and LDR on banking financial performance in a focused manner by increasing the number of samples and extending the research period. So as to be able to provide an overview of the condition of the financial performance of the banking sector more broadly. Further research is expected to expand the object of research, namely not only state-owned banks, but all banks in Indonesia so that research results are better because of the higher element of data representation compared to taking fewer samples.

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