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All Journal International Journal of Entrepreneurship, Business, and Creative Economy Enrichment: Journal of Multidisciplinary Research and Development
Soma, A Mukti
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Humanities Economics, Econometrics & Finance Engineering Health Professions Social Sciences

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What Influences User Preferences in Digital Payment Systems? (A Comparative Analysis of E-Wallet in Indonesia) Wati, Ina Kartika; Soma, A Mukti; Ispriyahadi, Heri
International Journal of Entrepreneurship, Business and Creative Economy Vol. 4 No. 1 (2024): January
Publisher : Research Synergy Foundation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31098/ijebce.v4i1.2033

Abstract

This research explores the growing internet usage and rapid advancements in information and communication technology. Indonesia has witnessed increased adoption of digital financial technology, particularly in the form of fintech and digital payment systems. It is crucial to differentiate the characteristics and advantages among Indonesia’s top three e-wallets: GoPay, OVO, and DANA. This study employs a comparative approach to analyze the relationship between user preferences and factors within GoPay, OVO, and DANA e-Wallets in the context of digital payment systems. Using a quantitative research approach and statistical verification. Data analysis employs SEM with the PLS method, involving 150 respondents whose results are compared across the platforms. The study finds that electronic service quality significantly impacts consumer loyalty and satisfaction across all three platforms. In GoPay and OVO, it notably influences satisfaction, but less so in DANA. Customer satisfaction mediate loyalty in GoPay and OVO but not in DANA. Responsiveness is a key component of e-wallet service excellence. Loyalty is influenced by referrals (GoPay and OVO), regular use (DANA), and pricing (DANA), whereas customer satisfaction (GoPay), pricing (DANA), and convenience (OVO) determine contentment. Limiting the study to three variables and three e-wallets may restrict the comprehensiveness of factors affecting consumer satisfaction and loyalty, potentially limiting the generalizability of findings to other digital payment platforms or market contexts. The novelty lies in the direct comparison of investigative outcomes among these three subjects within the context of digital payment systems, selecting high-value study indicators and advancing the prior research.
The Effect of Free Cash Flow, Leverage, Profitability, Liquidity, and Growth Opportunities on Dividend Policy in the Indonesian Telecommunications Sector: The Role of Intervening Cash Holdings Yuliana, Dea; Soma, A Mukti
Enrichment: Journal of Multidisciplinary Research and Development Vol. 4 No. 1 (2026): Enrichment: Journal of Multidisciplinary Research and Development
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/enrichment.v4i1.662

Abstract

The telecommunications industry is capital-intensive, so the dividend policy must balance the interests of shareholders and internal financing. In this context, company cash plays a role in maintaining financial flexibility. This study analyzes the influence of free cash flow, leverage, profitability, and growth opportunities on dividend policy, either directly or through cash holdings as mediation. A quantitative approach with panel data regression was used on three telecommunications companies on the IDX (PT Telkom, PT Indosat, PT XL Axiata) for the 2013–2024 period. The appropriate estimation model is determined through Chow, Hausman, and Lagrange Multiplier tests. The results indicate that, simultaneously, free cash flow, leverage, profitability, and growth opportunities have an effect on cash holdings. However, partially, only profitability has a significant effect on cash holdings, while free cash flow, leverage, and growth opportunities do not show a significant influence. Furthermore, cash holdings do not have a significant effect on dividend policy, either partially or simultaneously. In addition, free cash flow, leverage, profitability, and growth opportunities also do not exhibit a significant impact on dividend policy, suggesting that dividend distribution decisions are not directly determined by these variables. Finally, cash holdings are not able to mediate the relationship between free cash flow, leverage, profitability, and growth opportunities and dividend policy. These findings indicate the need for other factors to support sustainable dividend policies in line with SDGs 8 and SDG 9.
Co-Authors Ispriyahadi, Heri Wati, Ina Kartika Yuliana, Dea