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p-Index From 2021 - 2026
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This Author published in this journals
All Journal Management Analysis Journal Muslim Education Review
Budi Waluyo
Polytechnic of State Finance STAN
Decision Sciences, Operations Research & Management Social Sciences Other

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Managing Intellectual Capital in Public Hospital: Effects on Financial Performance Anggun B.U.S. Depari; Budi Waluyo
Management Analysis Journal Vol 11 No 4 (2022): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v11i4.61733

Abstract

This study examines effect of intellectual capital on the financial performance of public hospitals in Indonesia. The effect is proxied through Value Added Intellectual Coefficient (VAIC™), consisting of Value-Added Capital Employed (VACA), Value Added Human Capital (VAHU), and Structural Capital Value Added (STVA). In addition, this study identifies differences in the influence on general and special hospitals. This study analyses the audited financial statements of 20 public hospitals with random effects approach. The results showed that VACA and STVA positively affected financial performance. In contrast, VAHU negatively affected the financial performance of all public hospitals. Although general and special hospitals have several different business models, the effect of intellectual capital on the financial performance is similar. This study provides theoretical implication to the rising stream of literature on intellectual capital in public service agencies, especially public hospitals. Public hospitals are expected to develop human capital to create added value for the organization by employing their flexibility in human resource management.
Governance Transformation in Indonesian Islamic Higher Education: Autonomy, Institutional Reform and Global Competitiveness Budi Waluyo
Muslim Education Review Vol. 5 No. 1 (2026)
Publisher : UIII Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mer.v5i1.495

Abstract

This article examines how autonomy and institutional reform shape global competitiveness in Indonesian Islamic higher education. It asks how Islamic higher education institutions understand global competitiveness, how governance arrangements shape institutional reform, and what challenges emerge when autonomy, religious identity and international academic expectations intersect. Drawing on a qualitative comparative case study of three Islamic higher education institutions, this article examines how different governance arrangements, i.e. semi-autonomous public university (BLU), legal-entity public university (PTN-BH), and Muhammadiyah-affiliated private university, shape institutional strategies and responses to global competitiveness. The findings show that global competitiveness is not understood through a single model. In the semi-autonomous public university, competitiveness is framed as gradual institutional upgrading; in the legal-entity public university, it is framed as international positioning from inception; and in the Muhammadiyah-affiliated private university, it is framed as substantive international engagement rooted in social and religious mission. The article further shows that autonomy creates organizational space for reform, but does not automatically produce research capacity, international visibility, or academic excellence. Semi-autonomous governance provides limited flexibility under strong state supervision; legal-entity governance expands discretion while shifting sustainability risks to the university; and Muhammadiyah-affiliated private governance enables agility while intensifying dependence on tuition, foundation authority and market positioning. The article argues that governance transformation in Islamic higher education involves negotiated adaptation rather than convergence toward a single global model.
Co-Authors Anggun B.U.S. Depari