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All Journal Enrichment : Journal of Management Jurnal Kolaboratif Sains Journal of Economics Research and Policy Studies Jurnal Ilmu Sosial dan Humaniora Journal of Artificial Intelligence and Digital Business Digital Bisnis: Jurnal Publikasi Ilmu Manajemen Dan E-commerce Jurnal Ekonomi Pembangunan, Manajemen & Bisnis, Akuntansi Jurnal Pengabdian Masyarakat STIE Surakarta (DIMASETA) Priviet Social Sciences Journal Paramacitra : Jurnal Pengabdian Masyarakat Ecoducation Ekopedia: Jurnal Ilmiah Ekonomi Jejak digital: Jurnal Ilmiah Multidisiplin Aksi Kita: Jurnal Pengabdian Kepada Masyarakat Indonesia Economic Journal Jurnal Bersama Ilmu Ekonomi
Muhammad Ramadhani Kesuma
Universitas Mulawarman
Religion Agriculture, Biological Sciences & Forestry Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Medicine & Pharmacology Nursing Public Health Social Sciences Other

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 Sustainable Financial Management Practices and Firm Value: Evidence from Environmentally Responsible Companies in Indonesia Chandika Mahendra Widaryo; Margareth Henrika; Lusiana Desy Ariswati; Muhammad Ramadhani Kesuma; Ellen D. Oktanti Irianto
Jurnal Kolaboratif Sains Vol. 8 No. 12: Desember 2025
Publisher : Universitas Muhammadiyah Palu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56338/jks.v8i12.9520

Abstract

This study examines how sustainable financial management practices (SFMP) influence firm value in environmentally responsible companies in Indonesia using a phenomenological qualitative approach. The research explores managers’ lived experiences in implementing green capital budgeting, green financing, and green investment, and how these practices shape long-term value creation. Data were gathered through in-depth semi-structured interviews with finance managers, sustainability officers, and key decision-makers, supported by document analysis and limited observations.The findings show that sustainability is embedded in financial decision-making, where investment evaluations consider environmental impact, regulatory compliance, and long-term ecological benefits. Green financing appears as both a structural challenge and a strategic facilitator. While strict ESG requirements demand extensive documentation and verification, they also provide lower capital costs and serve as external validation of sustainability commitments.The study further reveals that green investments are viewed as essential for reducing regulatory and environmental risks, enhancing corporate reputation, and attracting ESG-oriented investors. A cultural shift is evident within firms, characterized by cross-department collaboration, transparency, and a managerial mindset oriented toward sustainability in financial decisions. These changes reinforce governance structures and support institutionalization of sustainability across business functions.Overall, SFMP are perceived to enhance firm value by improving reputation, lowering long-term risks, strengthening investor confidence, and increasing organizational resilience in dynamic regulatory environments. The study concludes that sustainability-driven financial practices play a transformative role in shaping corporate strategy, governance, and market positioning.
Navigating Digital Horizons: A Bibliometric Exploration of Digitalization in Family Businesses and Emerging Research Agendas Saputra, Steven Agung Jaya; Tofani, Muhammad Rizky Uno; Risma, Nadiah; Aisyah, Nur; Kesuma, Muhammad Ramadhani
Ekopedia: Jurnal Ilmiah Ekonomi Vol. 1 No. 4 (2025): OKTOBER-DESEMBER
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/qbwx6k02

Abstract

Digitalization has become a strategic imperative for family businesses as they navigate the challenges of Industry 4.0, shifting market dynamics, and post-pandemic recovery. Despite the growing relevance of digital transformation, existing research on this topic remains fragmented and lacks a comprehensive understanding of its intellectual and thematic evolution. This study aims to map the development of scientific publications on digitalization in family businesses, identify dominant research themes, and outline emerging research directions related to technologies such as artificial intelligence (AI) and sustainability. Using the Scopus database, a bibliometric approach was applied to analyze publication trends, geographic distribution, co-authorship networks, and keyword co-occurrence patterns over the last decade. The results reveal significant growth in publication volume, with research concentrated in advanced economies and increasingly influenced by China’s expanding collaboration network. Six major thematic clusters emerged, highlighting topics such as sustainability orientation, human capital, governance, Industry 4.0 technologies, and the catalytic effects of COVID-19 on digital adoption. These findings demonstrate that digital transformation in family firms is not merely technological, but deeply shaped by socio-emotional, governance, and cultural dimensions. Overall, this study provides a comprehensive research landscape and offers a forward-looking agenda to support more inclusive and sustainable digitalization in family businesses.
Navigating Digital Business Performance : A Bibliometric Exploration and Integrated Evaluation Framework Adelia, Ajeng; Muhammad Haikal Rahman; Muhammad Wizdan Muthahari; Fasya Laras Pramisya; Lusiana Desy Ariswati; Muhammad Ramadhani Kesuma
Ekopedia: Jurnal Ilmiah Ekonomi Vol. 1 No. 4 (2025): OKTOBER-DESEMBER
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/yxfn4k21

Abstract

In order to capture the complex dynamics of platform ecosystems, digital transformation necessitates advanced performance measurements; nevertheless, Indonesia still relies on antiquated traditional measures that are unable to handle these complexity. In the fields of IT Governance, IT-Business Alignment, and IT Performance Measurement. Significant fragmentation is revealed by the analysis: new European clusters led by Loukis, Charalabidis, and Bernroider, which focus on e-government and SME applications, remain detached from a traditional Western cluster centered on Van Grembergen's work on COBIT and Balanced Scorecard. Chien-Chih Yu and other bridging figures provide a fragile connection between these groups. Additionally, citation trends show a move toward Asian-focused publications and open-access journals like Heliyon, which reflects increased regional relevance. In order to enable adaptive performance assessment, the research makes three contributions: (1) comprehensive mapping of bibliometric trends that provide insights into research dynamics; (2) an innovative evaluation framework that integrates quantitative and qualitative indicators, relevant to practitioners in developing countries such as Indonesia; and (3) policy recommendations to strengthen digital literacy in performance measurement. This paradigm promotes sustainable digital initiatives in developing economies, bridging theoretical underpinnings with practical implementations.
Digital Leadership in Organizational Transformation: Bibliometric Insights and Strategic Implications Aliviarisa Putri Surya; Brian Emmanuel YB. Kolompoy; Shabrina Adhwa Khairunnisa; Calyqa Indie Khumeyra Liszt; Rohana Nur Aini; Muhammad Ramadhani Kesuma
Ekopedia: Jurnal Ilmiah Ekonomi Vol. 1 No. 4 (2025): OKTOBER-DESEMBER
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/wy5jyh66

Abstract

In the era of rapid technological advancement, digital leadership has emerged as a critical factor in driving organizational transformation. This study employs a bibliometric approach to analyze 1,247 Scopus-indexed articles from 2000 to 2025, utilizing VOSviewer and RStudio to map trends, patterns, and knowledge networks in digital leadership. The analysis reveals digital leadership as the central node, interconnected with five key clusters: human aspects (transformational leadership, emotional intelligence, innovation), technology (Industry 4.0, AI, blockchain), sustainability (ESG, ethical technology), education (e-learning, digital self-efficacy), and capabilities (dynamic capabilities, ambidexterity). Thematic mapping indicates a shift from crisis-driven themes (e.g., COVID-19 pandemic, virtual leadership) to mature, technology-oriented ones, with digital transformation and data-driven decision-making as motor themes. Emerging gaps include limited longitudinal studies, public sector applications, and research in developing regions like Africa and rural Asia. Indonesia contributes 15% of global publications, highlighting its potential in SME and higher education contexts. The findings underscore that digital leadership integrates strategy, human-centric approaches, technological mastery, and sustainability for holistic change. Practically, it guides leaders in formulating adaptive strategies, emphasizing ethical governance and dynamic capabilities. This research bridges theory and practice, positioning digital leadership as essential for organizational resilience in the digital economy projected to reach US$130 billion in Indonesia by 2025.
Digital Business Models in the Industry 4.0 Era: A Bibliometric Lens on Evolutionary Trends and Scholarly Trajectories Usada, Saskia; Rico Erlangga; Rafli Aly Yahya; Nashyifa Kayla; Muhammad Ramadhani Kesuma
Jejak digital: Jurnal Ilmiah Multidisiplin Vol. 2 No. 1 (2026): JANUARI
Publisher : INDO PUBLISHING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/mmebf884

Abstract

The rapid advancement of Industry 4.0, driven by cyber-physical systems, IoT, AI, cloud computing, and big data analytics, has reshaped contemporary business landscapes. Digital Business Models (DBMs), characterized by scalability, platform-based value creation, and collaborative, data-driven processes, are critical enablers of this transformation. However, the growing body of DBM research lacks coherence and a unified conceptual framework within the context of technological evolution. This study adopts a bibliometric approach to systematically map the intellectual and thematic landscape of DBM research related to Industry 4.0 between 2019 and 2025. Using performance analysis and science mapping methods with VOSviewer, publication trends, thematic clusters, and collaboration networks were identified. Results reveal a shift from single-technology focus to multi-dimensional themes including platformization, value co-creation, digital transformation strategies, and ecosystem orchestration. Germany and Austria emerge as leading contributors in global research collaboration. This study contributes theoretically by defining the intellectual structure of the DBM field and identifying frontier topics. Practically, it offers actionable insights for enterprises deploying agile, technology-enabled DBMs under dynamic competitive environments and guides future research agendas in this rapidly evolving domain.
Technology Adoption in SMEs: Unraveling Bibliometric Patterns and Public Policy Influences Dhabyan Khalid Rafasya; Jovandher Abraham Limbong; Shabrina Nailul Farich; Siti Salza Rahmadanita Nakhat; Chandika Mahendra Widaryo; Muhammad Ramadhani Kesuma
Jejak digital: Jurnal Ilmiah Multidisiplin Vol. 2 No. 1 (2026): JANUARI
Publisher : INDO PUBLISHING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/gzytfc30

Abstract

The rising dependence on digital technologies has made technology adoption a strategic requirement for SMEs aiming to enhance competitiveness and sustainability. However, adoption remains uneven, especially in developing economies where structural, behavioral, and policy factors shape digital transformation. This study analyzes bibliometric patterns and public policy influences in SME technology adoption research by examining Scopus-indexed publications (2010–2024) using VosViewer for keyword co-occurrence and co-authorship mapping. The results show that the literature centers on interconnected clusters, including technology adoption models, policy interventions, digital transformation, Industry 4.0, and data governance. Findings highlight the crucial role of public policy in supporting institutional readiness, infrastructure, and capacity building, while behavioral and organizational elements, such as managerial attitudes, perceived risks, and digital literacy, also affect adoption outcomes. Bibliometric trends reveal a shift from basic ICT tools to advanced digital ecosystems involving automation, AI, and cybersecurity. This mapping clarifies how policy and organizational dynamics jointly shape SME technology adoption and informs future research and policymaking.
Does financial literacy drive SME success in resource-rich regions? Ariswati, Lusiana Desy; Kesuma, Muhammad Ramadhani; Aini, Rohana Nur; Irianto, Ellen D. Oktanti; Widaryo, Chandika Mahendra; Henrika, Margareth
Priviet Social Sciences Journal Vol. 5 No. 11 (2025): November 2025
Publisher : Privietlab

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55942/pssj.v5i11.714

Abstract

This study investigates the relationships among financial literacy, product innovation, risk management, and financial performance in small and medium-sized enterprises (SMEs) located in East Kalimantan, a region in Indonesia characterized by its resource abundance. While prior studies underscore the importance of financial literacy and innovation for SME success, there is limited research focusing on non-urban, commodity-reliant settings. Using a quantitative methodology, this study employs Partial Least Squares Structural Equation Modeling to analyze data gathered from 200 SME owners in non-extractive industries through a structured survey. This study explores whether financial literacy and product innovation directly affect financial performance and whether risk management mediates these dynamics. The findings reveal that financial literacy has a significant positive effect on financial performance, whereas product innovation strengthens risk management but does not directly influence financial outcomes. Additionally, risk management does not mediate these relationships, indicating potential contextual constraints in resource-limited environments. These insights advance the understanding of SME operations in non-urban, resource-dependent regions and highlight the need for customized financial education and innovation. This study provides actionable recommendations for policymakers to enhance SME resilience through targeted strategies, addressing a key gap in the literature on economies tied to natural resources.
Menyeimbangkan Kerja dan Studi: Kunci Kepuasan Hidup Mahasiswa Paruh Waktu di Samarinda: Balancing Work and Study: The Key to Life Satisfaction for Part-Time Students in Samarinda Aini, Rohana Nur; Kesuma, Muhammad Ramadhani; Irianto, Ellen D Oktanti; Ariswati, Lusiana Desy; Henrika, Margareth
Economic and Education Journal (Ecoducation) Vol. 7 No. 3 (2025): Economic and Education Journal (Ecoducation)
Publisher : Pendidikan Ekonomi, Universitas Insan Budi Utomo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33503/ecoducation.v7i3.2056

Abstract

Penelitian ini mengkaji pengaruh keseimbangan kehidupan-kerja dan kinerja kerja terhadap kepuasan hidup pada mahasiswa paruh waktu di Samarinda, Indonesia. Dengan pendekatan kuantitatif, data dikumpulkan dari 166 mahasiswa menggunakan kuesioner berskala Likert yang mengukur keseimbangan kehidupan-kerja (X1), kinerja kerja (X2), dan kepuasan hidup (Y). Analisis statistik meliputi statistik deskriptif, uji validitas dan reliabilitas, serta regresi linier berganda. Hasil menunjukkan bahwa keseimbangan kehidupan-kerja (β = 0.384, p < 0.001) dan kinerja kerja (β = 0.214, p = 0.006) secara signifikan memprediksi kepuasan hidup, dengan keseimbangan kehidupan-kerja memiliki pengaruh lebih kuat. Model regresi menjelaskan 27,4% variansi kepuasan hidup (R² = 0.274). Temuan ini menegaskan peran penting keseimbangan kehidupan-kerja dalam meningkatkan kesejahteraan mahasiswa paruh waktu, terutama dalam mengelola peran ganda. Penelitian ini berkontribusi pada literatur dengan menyoroti populasi yang jarang diteliti dalam konteks negara berkembang, memberikan wawasan untuk kebijakan pendukung institusional. Implikasinya mencakup perlunya jadwal akademik fleksibel dan layanan konseling untuk mendukung kesejahteraan mahasiswa.
A Bibliometric Analysis of Financial Literacy and Financial Planning Research Korip, Zahwa Muslimatul; Assyifa, Adzra Rania; Mantika, Syifa Unada; Kesuma, Muhammad Ramadhani; Ariswati, Lusiana Desy
Ekopedia: Jurnal Ilmiah Ekonomi Vol. 1 No. 4 (2025): OKTOBER-DESEMBER
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/31gje388

Abstract

This study presents a comprehensive bibliometric analysis of global research on financial literacy and financial planning published between 2000 and 2024. Using 452 Scopus-indexed documents, the study examines publication trends, journal distribution, and the conceptual structure of the field through keyword co-occurrence analysis using VOSviewer. The findings show a significant growth in research output, particularly after 2017, illustrating the increasing academic relevance of financial capability, financial behavior, and long-term financial well-being. The journal analysis identifies several influential sources, with the Journal of Financial Counseling and Planning emerging as the most productive outlet. Keyword mapping reveals six major thematic clusters that highlight core topics such as financial literacy, financial education, financial behavior, demographic and gender differences, decision-making, investment behavior, retirement planning, insurance, and behavioral biases. These clusters demonstrate the interdisciplinary development of the field, integrating psychological, demographic, and socio-economic dimensions. Overall, this study provides an updated conceptual landscape of financial literacy and financial planning research and offers valuable insights for researchers, educators, and policymakers. The results also underline the need for more holistic and context-specific financial education and policy initiatives, particularly in developing economies where financial literacy levels remain comparatively low.
Public Financial Management: A Bibliometric Analysis of Research Trends and Influential Publications Maulana, Muhammad Dimas; Mandese, Raka Restu; Adyutasara, Daiva; Kesuma, Muhammad Ramadhani; Irianto, Ellen D. Oktanti
Ekopedia: Jurnal Ilmiah Ekonomi Vol. 2 No. 1 (2026): JANUARI-MARET
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/gt0sws91

Abstract

This study conducts a comprehensive bibliometric analysis to map the global evolution of Public Financial Management (PFM) research, focusing on publication trends, geographic distribution, thematic clusters, and influential works shaping the field. Using data retrieved from the Scopus database and analyzed through VOSviewer and Bibliometrix, the study identifies a significant increase in PFM-related publications, particularly after 2010, driven by global demands for fiscal transparency, digital governance, and sustainable budgeting. The analysis reveals strong contributions from China, the United States, and several developing countries such as India and Brazil, while Indonesia remains underrepresented despite extensive fiscal reforms. Keyword co-occurrence mapping uncovers five major clusters, dominated by health sciences, environmental sustainability, and material engineering, with PFM themes embedded within broader clusters related to public health governance and fiscal sustainability. Seminal works by Wildavsky, Schick, and Allen & Tommasi continue to shape the intellectual foundations of PFM, influencing contemporary discourse on accountability, performance-based budgeting, and digital fiscal systems. Overall, the findings highlight the fragmented yet growing nature of PFM scholarship and underscore the need for more focused, context-rich research, especially in developing countries undergoing major public sector financial reforms.
Co-Authors Adelia, Ajeng Adyutasara, Daiva Aini, Rohana Aliviarisa Putri Surya Alya Ghaitsa Anwar Annisa Putri Ariswati, Lusiana Desy Arya Mada Nata Kusuma Assyifa, Adzra Rania Asyifa, Adzra Rania Brian Emmanuel YB. Kolompoy Calyqa Indie Khumeyra Liszt Chandika Mahendra Widaryo Dhabyan Khalid Rafasya Editya, Lexi Okniel Edyanto, Christian Ellen D. Oktanti Irianto Ellen Oktanti Irianto Fasya Laras Pramisya Feryanto Feryanto Fitri Hasanah Halomoan Sinaga, Tunggul Haslan Henrika, Margareth Hikma, Dita Nurul Irianto, Ellen D Oktanti Irianto, Ellen D. Oktanti Jawan, Grace Oktavia Jovandher Abraham Limbong Kobi, Kezia Julietha Korip, Zahwa Muslimatul Lusiana Desy Ariswati Mandese, Raka Restu Mantika, Syifa Unada Margareth Henrika Maulana, Muhammad Dimas Misra Muhammad Haikal Rahman Muhammad Wizdan Muthahari Najwaa, Nur Ainun Nashyifa Kayla Nur Aisyah Nur, Aini Rohana Pangestu, Gary Putri, Alya Salsabilla Rafli Aly Yahya Rahmah, Hilma Tsania Nur Ramadani, Dimaz Ramadhan, Gholib Murtadho Rico Erlangga Risma, Nadiah Rohana Nur Aini Salsabila, Raihana Sandy Afriyano Althaf Saputra, Steven Agung Jaya Satrio, Rakha Shabrina Adhwa Khairunnisa Shabrina Nailul Farich Shabrina, Ananda Nur Simangunsong, Abraham Peeter Bongiovi Siti Salza Rahmadanita Nakhat Sitompul, Ester Ebuliance Sulis Sustyaningsih Tofani, Muhammad Rizky Uno Usada, Saskia Wibowo, Bagas Widaryo, Chandika Mahendra Wijaya, Stephanie Yustianingrum, Adelia