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All Journal eCo-Fin Jurnal Manajemen
Hansen Hein Rumtutuly
universitas pattimura
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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The Role of Pela Gandong Local Wisdom in Strengthening Human Capital and the Financial Performance of MSMEs in Maluku Pieter Novry Ruddy Rehatta; Hansen Hein Rumtutuly
MAMEN: Jurnal Manajemen Vol. 5 No. 2 (2026): April 2026
Publisher : Yayasan Literasi Sains Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55123/mamen.v5i2.7813

Abstract

The financial performance of SMEs in Maluku is influenced not only by financial and technical factors but also by social capital embedded in local wisdom, such as Pela Gandong, which emphasizes solidarity, trust, and mutual cooperation. This study aims to analyze the role of Pela Gandong in strengthening human capital and enhancing the financial performance of SMEs in Maluku. This research employs a quantitative explanatory approach with a population of all SMEs in Maluku, and a sample of 234 respondents selected through purposive sampling based on the criteria of operating for at least two years and understanding the values of Pela Gandong. Data were collected using structured questionnaires and analyzed using Partial Least Squares Structural Equation Modeling (SEM-PLS). The results indicate that Pela Gandong has a significant positive effect on human capital (β = 0.645; p < 0.001) and SME financial performance (β = 0.389; p < 0.001), and human capital mediates the effect of Pela Gandong on financial performance (β = 0.542; p < 0.001). The novelty of this study lies in integrating local wisdom as strategic social capital within the Social Capital Theory framework to measure its tangible economic impact on SMEs, which has been rarely examined empirically. The findings highlight the importance of leveraging local culture-based empowerment as a strategy to improve human capital, strengthen business networks, and enhance financial performance, offering new insights for local economic policies in Maluku.
Peran Risiko Geopolitik dalam Memoderasi Pengaruh Nilai Tukar Rupiah terhadap Kinerja Pasar Saham di Indonesia Martha Racwel Patty; Hansen Hein Rumtutuly; Sabda Aji Kurniawan
eCo-Fin Vol. 8 No. 2 (2026): eCo-Fin
Publisher : Komunitas Dosen Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32877/ef.v8i2.3758

Abstract

Ketidakpastian global yang meningkat akibat dinamika geopolitik dan fluktuasi makroekonomi telah memengaruhi stabilitas pasar modal, namun hasil penelitian sebelumnya menunjukkan temuan yang belum konsisten terkait peran nilai tukar dan risiko geopolitik terhadap kinerja pasar saham, khususnya di negara berkembang. Tujuan dari penelitian ini adalah untuk menganalisis dampak nilai tukar terhadap Indeks Harga Saham Gabungan (IHSG) serta untuk mengkaji peran risiko geopolitik sebagai variabel moderasi dalam konteks pasar modal Indonesia. Penelitian ini menggunakan pendekatan kuantitatif dengan desain eksplanatori, memanfaatkan data sekunder bulanan selama periode Januari 2020 hingga Desember 2025, yang dianalisis menggunakan teknik Moderated Regression Analysis (MRA) melalui IBM SPSS setelah memenuhi uji asumsi klasik. Hasil penelitian menunjukkan bahwa nilai tukar dan risiko geopolitik memiliki pengaruh positif terhadap IHSG, serta risiko geopolitik memperkuat hubungan antara nilai tukar dan kinerja pasar saham. Temuan ini mengindikasikan bahwa dalam kondisi ketidakpastian yang tinggi, investor cenderung lebih responsif terhadap indikator makroekonomi sebagai dasar pengambilan keputusan investasi. Penelitian ini memberikan implikasi bahwa interaksi antara faktor domestik dan global menjadi determinan penting dalam pembentukan harga aset, sehingga stabilitas nilai tukar dan pemantauan risiko geopolitik perlu menjadi perhatian utama bagi investor dan pembuat kebijakan.
Co-Authors Martha Racwel Patty Pieter Novry Ruddy Rehatta Sabda Aji Kurniawan