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All Journal International Journal of Economics Development Research (IJEDR) Journal of Social Commerce Journal Integration of Social Studies and Business Development
Simanjuntak, Jerry Marmen
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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From Quality to Involvement: A Dual Approach to Loyalty in Beauty Events Simanjuntak, Jerry Marmen; Rafdinal, Wahyu; Sesunan, Yunia Silvia
Journal Integration of Social Studies and Business Development Vol. 3 No. 1 (2025)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jissbd.v3i1.331

Abstract

The rise of beauty events has generated widespread interest due to the enthusiastic participation of visitors. This study investigates the effect of event quality and personal involvement on visitor satisfaction and loyalty to beauty events. This research integrates the quality-loyalty model and the involvement-loyalty model. This research used partial least squares – structural equation model (PLS-SEM) analysis by evaluating 409 respondents who had visited beauty events. According to the study's findings, personal involvement strongly predicts satisfaction and loyalty. Furthermore, this study demonstrates that satisfaction directly influences visitor loyalty, which is consistent with contemporary theories about the formation of visitor loyalty. Theoretically, this study successfully proves the integration of the quality-loyalty model and the involvement-loyalty model in the context of loyalty toward beauty events. Practically, this study offers strategies and insights for beauty event organizers who want to create successful events and foster long-term loyalty.
Danantara, the SOE Superholding, and the Pillar of Indonesia’s Economic Future? Simanjuntak, Jerry Marmen; Widyadhana, Kevin Naufal
International Journal of Economics Development Research (IJEDR) Vol. 6 No. 4 (2025): International Journal of Economics Development Research (IJEDR)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/ijedr.v6i4.8201

Abstract

The establishment of Danantara, Indonesia’s state-owned superholding, represents a major milestone in public sector governance and economic transformation. With assets exceeding IDR 14,700 trillion, Danantara is designed to enhance the efficiency, competitiveness, and strategic asset management of state-owned enterprises (SOEs). By centralizing SOE governance under a unified entity, the government aims to foster operational synergies, improve financial performance, and attract foreign investment. This qualitative case study compares superholding models from Singapore, Malaysia, and Germany to identify the most appropriate framework for Indonesia. The findings suggest that a Hybrid Holding model—anchored in Governance, Risk, and Compliance (GRC) principles—offers the optimal balance between managerial autonomy and state oversight. This model integrates features of Investment Holding, Strategic Guidance Holding, and Strategic Control Holding, providing both decision-making flexibility and accountability to the state. Effective implementation of GRC strengthens transparency, risk mitigation, and regulatory compliance, all of which are critical to Danantara’s long-term success. Despite its promise, Danantara faces several challenges, including political interference, legal ambiguity, and limited institutional capacity. Nonetheless, with comprehensive structural reforms, robust governance mechanisms, and consistent policy direction, Danantara holds the potential to become a transformative force in SOE restructuring—driving sustainable economic development, industrial advancement, and global competitiveness for Indonesia.
What is More Important on Gcg and Financial Performance: The Independent Commissioner or Affiliated Commissioner? Evidence from Indonesian Banks Simanjuntak, Jerry Marmen; Kusuma, Airlangga Surya
Journal of Social Commerce Vol. 5 No. 3 (2025): Journal of Social Commerce
Publisher : Celebes Scholar pg

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56209/jommerce.v5i3.178

Abstract

Traditionally, an independent Board of Commissioners (BoC) has been considered one of the most important pillars of Good Corporate Governance (GCG). However, unlike agency theory, stewardship theory proposes that BoCs originate from internal companies, and not from outsiders. Thus, this study aims to investigate the comparative importance of affiliated commissioners versus independent commissioners in moderating the relationship between GCG and financial performance in Indonesian banks. Using a sample of 37 Indonesian banks over a ten-year period (2013-2022), the research employed moderated regression analysis to examine these relationships while controlling for various bank-specific characteristics. The study confirms a significant positive relationship between GCG implementation and bank financial performance, as measured by Return on Assets (ROA). The most significant finding of this study relates to the moderating effects of board composition. When control variables are included in the analysis, both independent commissioners and affiliated commissioners demonstrate significant moderating effects on the GCG-performance relationship. However, several important nuances emerge: Independent commissioners show a slightly stronger moderating effect (-2.82455) than affiliated commissioners (-2.613125), suggesting that independent oversight provides marginally greater value in enhancing the effectiveness of GCG practices. Both types of commissioners contribute positively to the GCG-performance relationship, indicating that the traditional dichotomy between agency theory and stewardship theory may be overly simplistic in the Indonesian banking context.
Co-Authors Kusuma, Airlangga Surya Rafdinal, Wahyu Sesunan, Yunia Silvia Widyadhana, Kevin Naufal