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All Journal Business and Finance Journal MABIS: Manajemen dan Bisnis Jurnal Mantik International Journal of Economics, Business and Accounting Research (IJEBAR) Jurnal Ekonomi Manajemen Sistem Informasi Review of Management and Entrepreneurship Jurnal Leverage, Engagement, Empowerment of Community (LeECOM) Management Studies and Entrepreneurship Journal (MSEJ) Jurnal Performa: Jurnal Manajemen dan Start-up Bisnis Enrichment : Journal of Management ABDIMAS Jurnal Pengabdian Kepada Masyarakat Golden Ratio of Mapping Idea and Literature Format International Journal of Accounting & Finance in Asia Pasific Journal Research of Social Science, Economics, and Management Journal of Social Commerce IIJSE Contemporary Studies in Economic, Finance and Banking (CSEFB) KALBISIANA Jurnal Sains, Bisnis dan Teknologi International Journal of Review Management Business and Entrepreneurship (RMBE) International Research Journal of Business Studies
Hermeindito
Universitas Ciputra Surabaya
Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Library & Information Science Public Health Social Sciences

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The Effect of Corporate Social Responsibility (CSR), Customer Trust, and Customer Satisfaction on Customer Loyalty at PT. Kiat Ananda Group Surabaya Steven Lie; Hermeindito Hermeindito; Wiliam Santoso
Journal Research of Social Science, Economics, and Management Vol. 4 No. 11 (2025): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v4i11.859

Abstract

PT. Kiat Ananda Group is a company engaged in the logistics and cold chain industry that focuses on the distribution of products that require strict temperature control. Program Corporate Social Responsibility (CSR) PT. Ananda Group's tips show a positive correlation between CSR initiatives and increased customer satisfaction and loyalty. More active customer engagement in CSR programs, facilitated through innovative and personalized communication campaigns, has the potential to significantly increase the company's sales. By strengthening the emotional bond between customers and brands, companies can build a loyal customer base and drive long-term sales increases. This study aims to analyze the influence of CSR, customer trust, and customer satisfaction on customer loyalty at PT. Tips from Ananda Group Surabaya. This study uses a quantitative method with a random sampling technique and involves 100 respondents of PT. Tips from Ananda Group Surabaya. Primary data is collected through questionnaires to ensure the relevance and accuracy of the information. Data analysis was carried out using a statistical approach using SmartPLS 3.0 to test the proposed hypothesis. Through quantitative/statistical data analysis, this study seeks to test the proposed hypothesis and provide recommendations that can be used by PT. Ananda Group Surabaya's tips to increase their customer loyalty. The results of the study show that: (1) CSR has a positive and significant influence on customer loyalty, (2) customer trust has a positive and significant influence on customer loyalty, (3) customer satisfaction does not have a significant effect on customer loyalty.
MODERATING ENTREPRENEURIAL MINDSET: THE INFLUENCE OF PRODUCT SPECIFICATIONS, ONLINE CUSTOMER REVIEWS AND RATINGS, AND SALES PROMOTIONS ON PURCHASING DECISIONS OF SUSTAINABLE FASHION IN THE SHOPEE MARKETPLACE Safira Afifa Aljihan; Hermeindito
International Journal of Economics, Business and Accounting Research (IJEBAR) Vol 10 No specialissue (2026): Vol. 10, Special Issue, 2026
Publisher : LPPM ITB AAS INDONESIA (d.h STIE AAS Surakarta)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/ijebar.v10ispecialissue.19415

Abstract

This study aims to investigate the moderating effect of entrepreneurial mindset on the purchasing decisions of sustainable fashion products in the Shopee marketplace, focusing on product specifications, online customer reviews and ratings, and sales promotions as independent variables. In the context of the rapidly developing fashion industry, consumers are showing a high interest in products that are not only aesthetically appealing but also sustainable. This research employs a quantitative approach and involves participation from consumers who have made purchases of sustainable fashion products on Shopee. Data were collected through an online questionnaire that encompasses aspects of product specifications, online customer reviews and ratings, sales promotions, and entrepreneurial mindset. The results indicate that product specifications, online customer reviews, and sales promotions significantly influence purchasing decisions, while the entrepreneurial mindset does not appear to moderate the relationship between these variables and purchasing decisions. These findings provide important insights for business practitioners in designing effective and sustainable marketing strategies, as well as highlighting the significance of consumer understanding of sustainability values in their purchasing decision-making.
Driving Family Business Sustainability Through Effective Succession: The Roles of Successor Competence and Family Governance Alifah Nagita Fauzia; Hermeindito Hermeindito
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9636

Abstract

This study aims to analyze the effects of Succession Planning, Successor Competence, and Family Governance on Family Business Sustainability, with Effectiveness of Succession serving as a mediating variable. A quantitative approach was employed using a survey method targeting owners and family members involved in family businesses. Data were analyzed using Structural Equation Modeling (SEM) with the Partial Least Squares approach. The results indicate that succession planning, successor competence, and family governance have significant direct and indirect effects on family business sustainability. Furthermore, the Effectiveness of Succession was found to mediate the relationships between all exogenous variables and business sustainability, underscoring the critical role of an effective leadership transition in ensuring intergenerational continuity. These findings contribute to the theoretical understanding of family business succession and offer practical implications for business owners in developing structured and sustainable succession strategies
Implementation of change management through organizational restructuring intervention as a development strategy for Akar Tani Cooperative Guntur Arafa; Hermeindito Hermeindito; Eric Harianto; Azwar Rhamdhan
Jurnal Mantik Vol. 10 No. 1 (2026): May : Manajemen, Teknologi Informatika dan Komunikasi (Mantik)
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/mantik.v10i1.6931

Abstract

A farmer cooperative, Akar Tani (KAT) in Bantaeng, South Sulawesi, experienced declining active membership (100 to 74) and reduced coffee output (12 to 8 tons/year), alongside governance problems that weakened members’ trust due to delayed payments and poor records. This study examines how change management was enacted through organizational restructuring and identifies the key barriers that shaped the change trajectory. Using a qualitative case study design, we interviewed 11 informants (cooperative administrators, members, and external mentors), complemented by observations and document review. Data were analyzed iteratively using Miles and Huberman’s approach supported by NVivo. The findings show that barriers were driven less by rejection of cooperative goals and more by uneven digital literacy, entrenched work habits, fragmented internal communication, and sensitivity around administrative–financial transparency. Restructuring actions aligned with Kotter’s change stages, particularly capacity-building through practice-based training, multi-channel communication, clearer role division and SOPs, and early visible improvements in payment orderliness and financial information. This study contributes by extending change-management evidence to sustainability-oriented farmer cooperatives where trust recovery and collective learning are central mechanisms of restructuring. The practical implication is that cooperatives should prioritize transparency as a trust foundation while adopting gradual hybrid digitalization matched to members’ readiness. This research is limited to a single cooperative and does not track long-term quantitative performance outcomes; future studies may compare multiple cooperatives and assess digital readiness trajectories over time
Revisiting the relationship between leverage and firm value: does managerial ownership matter? Hermeindito Hermeindito; I Wayan Nuka Lantara
Manajemen dan Bisnis Vol 25, No 2 (2026): July 2026
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24123/mabis.v25i2.1080

Abstract

This study aims to revisit the role of managerial ownership (MOWN) on the relationship between leverage and firm value. This study develops a non-monotonic model to test the managerial entrenchment hypothesis regarding the substitution of leverage and managerial ownership, and its impact on firm value. This study uses a sample of 108 manufacturing firms listed on the Indonesia Stock Exchange from 2014 to 2018, with a total of 540 firm-years. Using a weighted two-stage least squares, this study finds that the relationship between leverage and firm value is inverted N-shaped in firms without MOWN, and convex asymmetry in firms with MOWN. The first negative slope is greater than the subsequent negative slopes in firms without MOWN, indicating that underinvestment and managerial entrenchment issues are more sensitive than the trade-off between debt tax shield and default risk. Conversely, firms with MOWN are more directed towards the issue of trade-off theory. Firms with MOWN have lower performance than firms without MOWN, which implies that there is a critical problem in the selection of executives based on ownership structure, rather than on professional competence and skills.
Ownership Type and Political Risk Transmission: Evidence from Indonesian Equity Markets Priscilia Limadinata; William Santoso; Hermeindito Hermeindito
International Journal of Accounting and Finance in Asia Pasific (IJAFAP) Vol 9, No 2 (2026): June 2026
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/ijafap.v9i2.4568

Abstract

Political shocks can be transmitted asymmetrically across firms, depending on their ownership structure, while aggregate indices, such as the Jakarta Composite Index (JCI), may mask divergent firm-level reactions. This study examines whether ownership type (State-Owned Enterprises (SOEs) versus private firms) moderates political risk transmission to stock returns and conditional volatility in the Indonesian equity market. Employing a quantitative event study with GARCH (1,1) volatility modeling, this study analyzes 46 firms across four political shocks in 2025 using a 2 x 2 framework (domestic vs. international shocks x ownership type). Results show that domestic political shocks generated significant positive CAR for SOEs (mean = 4.67%, t = 1.893, p = 0.036), consistent with mean-reversion. For international shocks, a significant episode x ownership interaction emerged (F = 16.425, p 0.001, ?² = 0.157), while the ownership main effect on CAR was not significant at the 5% level (p = 0.054). Although international ???? values were positive, the between-group difference was insignificant (p = 0.922), and the overall volatility model showed no ownership, shock-type, or interaction effects (F = 0.222, p = 0.881). These findings suggest that political risk in Indonesia is transmitted primarily through return direction rather than ownership-specific volatility amplification.
Faktor Pendukung dan Penghambat Minat Melanjutkan Family Business Generasi Suksesor Justin Darwis; Hermeindito Hermeindito
Jurnal Ekonomi Manajemen Sistem Informasi Vol. 7 No. 6 (2026): Jurnal Ekonomi Manajemen Sistem Informasi (Juli - Agustus 2026)
Publisher : Dinasti Review

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jemsi.v7i6.9511

Abstract

Family business merupakan salah satu kontributor besar dalam bisnis di dunia. Sesuai dengan data yang dikutip dari Dayakarsa (2022) bahwa family business menyumbang 60% PDB di negara berkembang. Kesediaan family business pada sebuah keluarga belum tentu dilanjutkan oleh generasi suksesor. Banyak generasi suksesor yang memilih untuk berkarir sebagai intrapreneur atau bahkan memulai bisnis mereka sendiri. Terdapat beberapa faktor yang bisa mempengaruhi dan memiliki korelasi pada keberlanjutan family business tersebut seperti kondisi keluarga, kondisi ekonomi, dan kondisi dari family business yang akan dilanjutkan oleh generasi suksesor itu sendiri. Berkembangnya akses teknologi juga memungkinkan generasi suksesor untuk mendapatkan pendidikan serta referensi mengenai karir yang sesuai dengan passion mereka. Family business sendiri juga sering dijadikan opsi alternatif apabila karir yang diinginkan oleh generasi suksesor belum bisa terwujudkan utamanya apabila terdesak oleh kondisi ekonomi untuk keberlangsungan hidup generasi suksesor. Pada sebagian family business utamanya dengan skala menengah ke besar, generasi perintis atau pendiri juga cenderung mepersiapkan anaknya sebagai generasi suksesor untuk bisa tidak hanya melanjutkan namun juga mengembangkan family business yang telah dirintis. Faktor internal seperti keberlangsungan generasi suksesor dan motivasi yang dimiliki generasi suksesor memiliki korelasi lebih tinggi dibandingkan kondisi keluarga maupun parental dan leadership influence meski semua faktor masih menunjukkan korelasi pada penelitian ini. Konteks ini menunjukkan bahwa faktor yang diteliti pada analisis faktor ini berkorelasi dan dapat menjadi perhatian untuk dalam mempersiapkan keberlanjutan bisnisnya.
Co-Authors agustina, karina enny Alifah Nagita Fauzia Aria Ganna Henryanto Azwar Rhamdhan Chandra, Amelia Christian Herdinata David Sukardi Kodrat Eduardus Tandelilin Eric Harianto Gouwendra, Soni Surya Guntur Arafa I Wayan Nuka Lantara J.E. Sutanto Jessica Jessica Justin Darwis Lamanepa, Amelia Wulandari Laura Natalia Made Paramanandana Abhipraya Melinda Alfiani Rosida Dewi Metta Padmalia Minarni Wartiningsih Nazila, Qahira Nugraha, Made Hadi Priscilia Limadinata Putri, Rizky Liliantika Marina Rahmatullah, Rafi Rasyad Safira Afifa Aljihan Steven Halim, Steven Steven Lie Susilo Wiliam Santoso William Santoso wisanggeni, helmi