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p-Index From 2021 - 2026
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All Journal Journal of Management and Digital Business
Achmad Nur Wahyu Kartiko
Fakultas Ekonomi dan Bisnis, Universitas Airlangga
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Peran mediasi financial stress dalam hubungan antara financial self-efficacy dan purchase decision making pada generasi Z Achmad Nur Wahyu Kartiko; Nasywa Ummi Syarifah; Windijarto Windijarto
Journal of Management and Digital Business Vol. 6 No. 2 (2026): Journal of Management and Digital Business
Publisher : Nur Science Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53088/jmdb.v6i2.2192

Abstract

This study examines the role of financial stress as a mediator in the relationship between financial self-efficacy and purchase decision making among generation Z in Indonesia. Using validated psychometric instruments and bootstrap mediation analysis, the findings reveal full mediation by financial stress with a statistically significant indirect effect. Contrary to conventional theoretical predictions, financial self-efficacy is strongly and positively associated with financial stress. In contrast, financial stress shows a significant negative predictive relationship with the quality of purchase decision-making. The direct path between financial self-efficacy and purchase decision making was not statistically significant. These empirical findings suggest that high financial self-efficacy may paradoxically increase psychological burden and performance expectations in Indonesia’s digital era, thereby intensifying stress levels that undermine cognitive decision-making. This study contributes novel insights into counterintuitive psychological mechanisms that underlie financial behavior in the context of Indonesia’s digital transformation, highlighting the importance of integrating stress management into financial education programs targeting generation Z.
The impact of income diversification on the market value of Indonesian banking companies Nasywa Ummi Syarifah; Achmad Nur Wahyu Kartiko; Windijarto Windijarto
Journal of Management and Digital Business Vol. 6 No. 1 (2026): Journal of Management and Digital Business
Publisher : Nur Science Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53088/jmdb.v6i1.2092

Abstract

This study examines the effect of bank income diversification on the market value of Indonesian banking firms. The sample consists of eight banks listed on the Indonesia Stock Exchange over the 2015 to 2021 period. Income diversification is measured by the proportion of Net Non-Interest Income (NNII), market value is proxied by Tobin’s Q, and bank profitability, measured by return on assets (ROA), is included as a control variable. The sample was selected purposively based on data availability and consistency, resulting in 56 observations. The study employs multiple linear regression analysis. The results indicate that income diversification has a positive and statistically significant effect on market value. These findings suggest that diversifying income sources can enhance bank valuation and encourage banks to expand non-interest income streams to sustain value creation. However, the study is limited by its sample size and observation period, which leaves room for broader future research. Theoretically, the findings support signaling theory and portfolio theory, which suggest that income diversification can serve as a positive signal to investors while reducing the risks associated with dependence on interest income. In practice, the study highlights the importance of income diversification strategies for improving market valuation and strengthening the competitiveness of Indonesian banks.
Peran mediasi financial literacy pada hubungan antara conscientiousness dan financial well-being: studi pada pekerja gig economy generasi Z di Indonesia Mochamad Zidny Fithon; Achmad Nur Wahyu Kartiko; Ahmad Rizki Sridadi
Journal of Management and Digital Business Vol. 6 No. 2 (2026): Journal of Management and Digital Business
Publisher : Nur Science Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53088/jmdb.v6i2.2739

Abstract

The rapid development of Indonesia's digital economy has transformed the employment structure through the emergence of the gig economy. The rapid growth of the gig economy in Indonesia creates new challenges for Generation Z workers, particularly financial uncertainty due to income fluctuations and limited social security. This condition underscores the crucial role of conscientiousness and financial literacy in achieving financial well-being. This study examines the effect of conscientiousness on financial well-being, positioning financial literacy as a mediating variable. A quantitative approach was used through a survey method of 158 gig economy workers aged 18–27 years selected using a purposive sampling technique. Data were analysed using bootstrapped mediation regression techniques in Jamovi 2.6.26 (Windows). The results showed that conscientiousness and financial literacy had a significant positive effect on financial well-being. Furthermore, financial literacy functioned as a partial mediator with a mediation proportion of 17.3%. These findings confirm that a disciplined personality trait can improve financial well-being directly and through strengthening financial literacy. A holistic financial education program is highly recommended to strengthen workers' financial resilience in facing economic fluctuations in the current digital era.
Co-Authors Ahmad Rizki Sridadi Mochamad Zidny Fithon Syarifah Amira Najla Windijarto Windijarto