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Macroeconomic and Firm-Level Determinants of Bank Stock Returns: The Role of Interest Rates, Inflation, Profitability, and Firm Size Steven Adelia; Anggraini Syahputri; Harry Setiawan; Giriati; M. Ridwan Ristyawan
Journal of Educational Management Research Vol. 5 No. 3 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i3.2021

This research examines the influence of the BI Rate, inflation, profitability (ROA), and firm size on banking stock returns. The analysis applies a quantitative approach using panel data regression with the Common Effect Model (CEM). The sample consists of 39 banking companies selected through purposive sampling, with observations covering the 2021–2024 period. Secondary data were analyzed using EViews 12 to evaluate the relationship between macroeconomic indicators and firm characteristics on stock returns. The results show that the BI Rate and inflation have a negative and significant effect on stock returns, while firm size has a positive and significant effect. In contrast, profitability (ROA) does not have a significant effect on banking stock returns. Simultaneously, all independent variables significantly influence stock returns, indicating that both macroeconomic conditions and firm characteristics jointly shape investor responses in the capital market. These findings imply that interest rate policy and inflation dynamics are important macroeconomic signals that influence investor behavior, while firm size reflects stability that can attract investment interest. Therefore, investors should consider macroeconomic trends and company scale when making investment decisions, while bank management needs to strengthen financial credibility and transparency to improve market confidence.

Environmental Concern, Subjective Norm, Eco Labels, and Green Purchase Intention: The Moderating Role of Social Media Information in the FMCG Industry Meisa; Giriati; Erna Listiana; Nur Afifah; Ana Fitriana
Journal of Educational Management Research Vol. 5 No. 3 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i3.2024

Plastic pollution has become a global environmental issue with serious ecological consequences. Reports from the United Nations Environment Programme indicate that global plastic waste production exceeds 400 million tons annually, with a significant portion originating from packaging waste generated by the Fast-Moving Consumer Goods (FMCG) industry. This study aims to analyze the influence of Environmental Concern (EC), Subjective Norm (SN), and Eco Labels (EL) on Green Purchase Intention (GPI), while also examining the moderating role of Social Media Information (SMI). The research employed a quantitative approach using a survey of 210 consumers selected through purposive sampling. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 3 at a 5% significance level. The results reveal that Environmental Concern, Subjective Norm, Eco Labels, and Social Media Information have a positive and significant effect on Green Purchase Intention. Furthermore, Social Media Information does not moderate the relationship between Environmental Concern and Green Purchase Intention, but it significantly moderates the relationship between Subjective Norm and Green Purchase Intention. These findings provide empirical contributions to the literature on green consumer behavior and offer practical implications for strengthening sustainable marketing strategies and environmental communication in the FMCG sector.

The Effect of User Perception and User Experience on Customer Loyalty in Digital Mobility Platforms: Implications for Management Education (A Study of Gojek Indonesia) Terensia Tobing; Erna Listiana; Giriati; Barkah Barkah; Ana Fitriana
Journal of Educational Management Research Vol. 5 No. 2 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i2.1888

The rapid development of application-based ride-hailing services has intensified market competition and encouraged service providers to better understand the factors influencing customer satisfaction and loyalty. This study aims to examine the effects of perceived price fairness, e-service quality, and wayfinding on customer loyalty, with customer satisfaction serving as a mediating variable among users of the Gojek application in Indonesia. Using a quantitative approach, data were collected through an online survey of 218 respondents selected via purposive sampling, and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with the assistance of SmartPLS 3. The results indicate that perceived price fairness, e-service quality, and wayfinding have positive and significant effects on customer satisfaction, while e-service quality and customer satisfaction have positive and significant effects on customer loyalty. Furthermore, the indirect effect analysis confirms that customer satisfaction significantly mediates the relationships between perceived price fairness, e-service quality, and wayfinding and customer loyalty. These findings highlight that customer loyalty in digital ride-hailing services is more strongly shaped through customer satisfaction resulting from users’ comprehensive evaluations of price fairness, digital service quality, and application navigation, and provide important managerial and management education implications for understanding customer-oriented digital service management.

Determinants of Continuance Intention Toward ChatGPT Premium Among Indonesian University Students: An Information Systems Success Model Perspective for Higher Education Management Amaninda Jihan Nabila; Wenny Pebrianti; Giriati; Heriyadi; Harry Setiawan
Journal of Educational Management Research Vol. 5 No. 2 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i2.1892

The rapid adoption of generative artificial intelligence (GenAI) tools such as ChatGPT has significantly transformed digital learning practices in higher education; however, empirical evidence on students’ continuance intention toward subscription-based GenAI services remains limited. This study aims to examine the determinants of university students’ continuance intention to use ChatGPT Premium by adopting the Information Systems Success Model (ISSM) within the context of digital learning management. An online survey was conducted with 200 Indonesian university students who had used ChatGPT Premium for at least six months, and the data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The results indicate that system quality, information quality, and service quality have positive and significant effects on perceived usefulness and price fairness, which subsequently enhance students’ continuance intention. Mediation analysis confirms that perceived usefulness and price fairness significantly mediate the relationships between the three quality dimensions and continuance intention. These findings extend the application of the ISSM by positioning price fairness as a critical evaluative component in subscription-based GenAI services and provide managerial implications for higher education institutions in optimizing digital learning strategies through improved system performance, information reliability, and value-oriented service management to support the sustainable use of GenAI in academic settings.

Budgetary Management Efficiency and Profitability in Manufacturing Firms the Moderating Role of Firm Size Velia Putri Safira; Bintoro Bagus Purnomo; Anggraini Syahputri; Giriati; Wendy
Journal of Educational Management Research Vol. 5 No. 4 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i4.2818

This study aims to analyze the effect of budget management efficiency on corporate financial performance by considering firm size as a moderating variable. Budget management efficiency is measured through three dimensions: operational efficiency, working capital efficiency, and investment decisions, while financial performance is measured using Return on Assets (ROA). This study employs a quantitative approach using panel data regression and Moderated Regression Analysis (MRA). The sample was selected using purposive sampling, resulting in 200 firm-year observations from 40 companies that met the research criteria during the observation period. The results indicate that operational efficiency and investment decisions do not have a significant effect on profitability, whereas working capital efficiency has a positive and significant effect on profitability. Furthermore, firm size does not significantly moderate the relationship between operational efficiency, working capital efficiency, investment decisions, and profitability. These findings imply that effective working capital management is a critical factor in improving financial performance because the optimization of current assets, including cash, receivables, and inventory, directly supports profitability improvement. This study contributes to financial management literature by highlighting the importance of internal resource efficiency rather than company scale in achieving sustainable financial performance.

The Effect of Risk Profile, Profitability, and Capital on Profit Growth of Indonesian Digital Banks Tanti Yulianingsih; Erna Listiana; Helma Malini; Wendy; Giriati
Ilomata International Journal of Management Vol. 5 No. 1 (2024): January 2024
Publisher : Yayasan Sinergi Kawula Muda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52728/ijjm.v5i1.981

Digital Bank is a bank innovation that is very popular today because it provides convenience in transactions. The large number of digital bank enthusiasts makes researchers interested in researching the health of digital banks. This study will investigate how much influence the bank's health level has on the profit growth of digital banks, as measured by the risk profile using NPL and LDR indicators, GCG with institutional ownership, Profitability with ROA indicators, and Capital with CAR indicators. This study utilized panel data regression analysis techniques. The Population in this study are all digital banks registered on IDX, and sampling was performed using purposive sampling techniques, so there are nine banks as a sample from 20 banks. Secondary data research using documentation study methods and literature studies for data collection. This study relies on financial statements obtained from the official web pages of every digital bank and www.idx.co.id as its data source. The research results obtained are ROA was discovered to have a statistically significant positive impact on profit growth, while NPL, LDR, CAR, and GCG had no impact. LDR and ROA were discovered to have a statistically significant positive impact on GCG, whereas NPL and CAR had no impact. According to indirect testing, GCG could not mediate the relationship between NPL, LDR, ROA, and CAR on profit growth.

The Influence of Transformational Leadership and Organizational Justice on Intention to Stay with Mediated Work Engagement Gregorius Deri Saputra; Giriati; Hasanudin; Ahmad Shalahuddin
Ilomata International Journal of Management Vol. 6 No. 2 (2025): April 2025
Publisher : Yayasan Sinergi Kawula Muda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61194/ijjm.v6i2.1507

Good leadership and organizational justice will increase the desire to stay in the company, and job attachment will reinforce this. This study analyzes the effect of transformational leadership and organizational justice on intention to stay, mediated by job attachment. This study uses quantitative methods, with a population of CU employees in West Kalimantan and a sample of 202 people taken through probability sampling with a purposive sampling technique. Data analysis tools using Smart PLS 4.0. used to process data and perform analysis steps. The results showed that transformational leadership does not directly affect the intention to stay but significantly affects job attachment. Job attachment also mediates the relationship between transformational leadership and organizational justice on intention to stay.

Determinants of Personal Financial Distress: Testing the Interaction Effect of Financial Self-efficacy Cinthia Angelica; Heriyadi; Wendy; Giriati; Mustaruddin
Ilomata International Journal of Management Vol. 6 No. 2 (2025): April 2025
Publisher : Yayasan Sinergi Kawula Muda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61194/ijjm.v6i2.1514

Several students face financial distress that impacts their performance, mental health, academic progress, and difficulty achieving their financial obligations. Some factors, such as differential needs, cause females to have higher levels of personal financial distress than males. Financial Literacy affects the level of personal financial distress among undergraduate students. Lack of financial Literacy, uncertain income, and excessive anxiety can cause some mistakes in making financial decisions and end up with personal financial distress. This study aims to ascertain correlation between gender, income, anxiety, financial literacy and personal financial distress, and examines the moderating effect of financial self-efficacy. This study using quantitative research methodology, the data was tested using SPSS software. The findings of this study indicate that low income, anxiety, and financial literacy significantly affect personal financial distress. financial self-efficacy only moderates the relationship between financial literacy and personal financial distress. Undergraduate students with high financial literacy supported with high financial self-efficacy can reduce their risk of experiencing personal financial distress. Educational institutions can use these findings to design financial education programs to improve student welfare. This study is limited by the sample may not represent the wider population. For future researchers are recommended to using a larger scope of respondents and more predictors.

Boosting Profitability Through Green Finance, CSR, and Capital Structure: The Moderating of The Board of Directors Dela Amiarti; Yulyanti Fahruna; Wendy; Giriati; Mustaruddin
Ilomata International Journal of Management Vol. 6 No. 2 (2025): April 2025
Publisher : Yayasan Sinergi Kawula Muda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61194/ijjm.v6i2.1537

This study aims to examine the effects of implementing green finance, corporate social responsibility (CSR), and capital structure on profitability, with the board of directors as a moderating variable. The research focuses on energy sector companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. The combination of green finance with corporate social responsibility (CSR) in this study is uncommon in previous studies. In this case, green finance is more concerned with the environment, whereas corporate social responsibility (CSR) is more focused on social issues. Conducted as a quantitative study, the sample selection employed purposive sampling. Secondary data was collected from annual reports and sustainability reports, accessed via www.idx.co.id and the respective companies' official websites The study’s findings reveal that green finance does not significantly impact profitability, while CSR has a positive and significant effect on profitability. Capital structure, on the other hand, has a significant negative impact on profitability. As a moderating variable, the board of directors does not moderate the relationship between green finance and profitability. However, it weakens the positive impact of CSR on profitability and strengthens the negative impact of capital structure on profitability. The implications of this study provide empirical insights into the influence of green finance, CSR, and capital structure on profitability levels. Additionally, the interaction effect analysis suggests that the board of directors plays a strategic role in decision-making related to resource allocation with a sustainability orientation.

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