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INDONESIA
SENTRALISASI
Published by Universitas Muhammadiyah Sorong
ISSN : 19797567     EISSN : 26144328     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
entralisasi (Journal of Economic Science/Jurnal Ilmu-Ilmu Ekonomi)is scientific peer-reviewed journal published by faculty of Economic, Universitas Muhammadiyah Sorong, Indonesia. Since estabilished in 2012, Sentralisasi is intended to provide a medium for dissemination of original and quality research on various topic in look the Focus and Scope and other related fields to be published two times a year (January and June). Sentralisasi issue consist Economic, Development Economic, Bussines, Social Economic, Acounting, Islamic Economic, Management, Human Resource Management and Entrepreneurship.
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Articles 15 Documents
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Search results for , issue "Vol. 15 No. 1 (2026): January" : 15 Documents clear
Organizational Commitment as A Mediating Variable in the Correlation of Organizational Culture and Perceived Organizational Support With Organizational Citizenship Behavior Gemintang, Raihan Akbar Cahya; Tubastuvi, Naelati; Suyoto , Suyoto; Widhiandono , Hengky
SENTRALISASI Vol. 15 No. 1 (2026): January
Publisher : Universitas Muhammadiyah Sorong

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33506/sl.v15i1.4802

Abstract

This study aimed to examine the effect of organizational culture and perceived organizational support on the Organizational Citizenship Behavior of educators (OCB) and staff at Muhammadiyah Islamic Boarding Schools in Banyumas Regency with organizational commitment as a mediator. This quantitative study collected primary data from questionnaires distributed via Google Form. The population of this study was 335 staff using a purposive sampling technique with a minimum work period of 1 year. The analytical tool utilized in this study is SEM-PLS 3. The R2 for Organizational Commitment is 0.851, and for OCB, it is 0.792. The findings revealed that organizational culture, perceived organizational support, and organizational commitment contributed a positive effect on Organizational Citizenship Behavior (OCB) with a path coefficient of 0.493, and the hypothesis was accepted, and organizational commitment could mediate the effect of organizational culture and perceived organizational support on Organizational Citizenship Behavior. Meanwhile, Organizational Culture did not demonstrate direct effect on Behavioral Citizenship Behavior. 
The Influence of Hedonic Motivation on Online Purchase Intention: The Mediating Role of Information Availability Among University Student in Bandung Duki, Ahmad Zufar Aptawangsa; Namuri, Diana Sari; Hartadi, Adhi Prapaskah
SENTRALISASI Vol. 15 No. 1 (2026): January
Publisher : Universitas Muhammadiyah Sorong

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33506/sl.v15i1.4944

Abstract

This study aims to examine the effect of hedonic motivation on online purchase intention (OPI) among university students in Bandung who represent a large segment of digital natives, while also analyzing the mediating role of information availability. Data were collected through an online questionnaire consisting of 18 indicators and obtained 228 valid responses. The analysis was conducted using Partial Least Squares Structural Equation Modeling with SmartPLS 4. The results of the measurement model confirmed that all constructs met the requirements for convergent validity, discriminant validity, and reliability. Among the dimensions of hedonic motivation, gratification shopping emerged as the strongest predictor, while social shopping showed weaker influence. These findings highlight the importance of emotional satisfaction and enjoyable shopping experiences in shaping students’ online purchase behavior. This study contributes to the literature on digital consumer behavior and provides practical implications for e-commerce platforms to strengthen hedonic values, particularly through strategies that integrate social interaction to increase purchase intention among young consumers. Future research is encouraged to include other constructs such as utilitarian motivation, e-service quality, and electronic word of mouth, as well as broader samples to improve external validity.
The Impact of AI-Based Marketing, Chatbots, and Social Media on Customer Satisfaction and the Economic Behavior of MSMEs Consumers in Jambi City Prasasti, Laura; Fahdillah, Yosi; Pangestu, Mira Gustiana
SENTRALISASI Vol. 15 No. 1 (2026): January
Publisher : Universitas Muhammadiyah Sorong

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33506/sl.v15i1.4952

Abstract

This study investigates the influence of AI-based marketing, chatbot services, and social media activities on customer satisfaction and consumer economic behavior among Micro, Small, and Medium Enterprises (MSMEs) in Jambi City. A quantitative approach was applied, and data were collected from 400 respondents using a structured questionnaire. The analysis was conducted using Structural Equation Modeling (SEM) with SmartPLS 4. The results indicate that AI-based marketing, chatbot services, and social media engagement each have a significant positive effect on customer satisfaction. Furthermore, customer satisfaction significantly influences consumer economic behavior. The study also finds that customer satisfaction mediates the relationship between digital marketing strategies and consumer behavior. These findings highlight the strategic role of digital technologies in enhancing customer experiences and shaping consumer engagement in the MSME sector. 
Bridging Market Orientation to SME Sustainability Performance: Examining Innovation Capabilities Through A Dynamic Capabilities Approach Satyanegara, Teresa Samantha; Yusup, Adi Kurniawan
SENTRALISASI Vol. 15 No. 1 (2026): January
Publisher : Universitas Muhammadiyah Sorong

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33506/sl.v15i1.4941

Abstract

SMEs are the backbone of Indonesia’s economy, yet they continue to face structural and sustainability challenges. As such, the purpose of this study is to examine how responsive and proactive market orientations impact SMEs’ environmental and financial performance through the mediation of product and process innovation capabilities, and the moderation of market turbulence, grounded in Dynamic Capabilities Theory. This quantitative research used purposive sampling to collect data from 115 SME owners and managers across various industries in Java Island. The data was analyzed using Partial Least Squares Structural Equation Modeling to test the hypotheses. The results showed that a proactive market orientation has a significant impact on financial performance through process innovation capabilities and environmental performance. Contrarily, market turbulence did not moderate the relationship between innovation capabilities and financial performance. This research highlights the importance of proactive market orientation and process innovation capabilities to improve SME sustainability and performance. Based on this study’s findings, SMEs should invest in strengthening their proactive market orientation and process innovation capabilities to achieve sustainability and gain a lasting competitive advantage in the industry.
Acceptance of Digital Financial Applications by Students: A Qualitative Study Using the Technology Acceptance Model Approach Paramitha, Dyah Ayu; Zulistiani, Zulistiani; Puspita, Erna
SENTRALISASI Vol. 15 No. 1 (2026): January
Publisher : Universitas Muhammadiyah Sorong

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33506/sl.v15i1.5005

Abstract

The purpose of this study is to delve deeper into the acceptance of financial application technology based on the technology acceptance model  theory (TAM) by students who have taken investment management courses, with indicators of perceived usefulness (PU), perceived ease of use (PEU), attitude toward use (ATU), and behavioral intention (BI). This study employed a qualitative approach with thematic analysis tailored to the indicator themes. Data for this study were obtained from an open-ended questionnaire completed by 33 student respondents. The results indicate that students considered digital financial applications helpful in recording expenses, budgeting, and supporting their investment learning. Perceived usefulness and ease of use shaped positive attitudes and intentions to use the applications continuously. However, several concerns arose, including cost, data privacy, connection stability, and the complexity of certain features. This study suggests that there are lessons to be learned in the use of digital financial applications at the higher education level and also provides implications for future learning development and application design.
Analyzing Investor Reaction to PT Chandra Daya Investasi’s Initial Public Offering through Abnormal Returns and Trading Volume Patterns in the Prajogo Pangestu Group Amanati, Nuzul; Sudaryo, Yoyo; Sofiati, Nunung Ayu; Ismail, Gurawan Dayona
SENTRALISASI Vol. 15 No. 1 (2026): January
Publisher : Universitas Muhammadiyah Sorong

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33506/sl.v15i1.5069

Abstract

This research investigates how the stock market responds to the Initial Public Offering of PT Chandra Daya Investasi Tbk (CDIA) and examines its influence on abnormal returns and trading volume activities of companies within the Prajogo Pangestu Group. The study applies an event-study approach to four affiliated issuers, namely BRPT, BREN, TPIA, and CUAN, using an 11-day event window around the IPO and a 60-day estimation period for return modeling. The analysis assesses whether CDIA’s listing generated meaningful price or trading-volume reactions within the group. The findings show that the IPO did not lead to significant abnormal returns or notable changes in trading activity for the affiliated stocks. Only a minor anticipatory response appeared on T–4, while neither the event day nor the days following it exhibited a meaningful market reaction. Overall, the results suggest that the CDIA IPO was treated as a firm-specific event with limited information spillover to other companies in the group.
Brand Image Matters: Understanding How Purchase Intention Mediates Mobile Card Buying Decisions Setiawan, Andre; Wilis, Ratih Anggoro
SENTRALISASI Vol. 15 No. 1 (2026): January
Publisher : Universitas Muhammadiyah Sorong

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33506/sl.v15i1.5013

Abstract

The purpose of this research is to determine the influence of brand image on purchasing decisions of IM3 mobile phone cards, with purchase intention as a mediating. Research employed an explanatory quantitative approach.  The sample size was determined based on the formula proposed by Hair et al., resulting in 108 respondents who are IM3 mobile phone card users in the Greater Jakarta area. Data processing was carried out through the Partial Least Square approach using the SmartPLS 3.0 application software to examine the effect among variables.  The results indicated that brand image has a positive and significant influence on purchase intention, brand image has a positive and significant influence on purchase decision, and purchase intention has a positive and significant influence on purchase decision. Furthermore, brand image also has a positive and significant indirect effect on purchase decision through purchase intention as a mediating variable. From a practical standpoint, the outcomes have offered some managerial insights for Indosat Ooredoo. These insights relate to creating marketing plans that were more impactful for their IM3 products through improving the brand's perception and boosting the customer's desire to buy.
Profitability, Leverage, and CSR: Determinants of Corporate Value in the Food and Beverage Industry on the Indonesia Stock Exchange Amalia, Naili; Wulandari, Rina
SENTRALISASI Vol. 15 No. 1 (2026): January
Publisher : Universitas Muhammadiyah Sorong

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33506/sl.v15i1.5055

Abstract

This research addresses the ongoing inconsistency in prior empirical findings regarding the role of profitability, leverage, and Corporate Social Responsibility (CSR) in shaping firm value, particularly within the manufacturing sector of emerging markets. Specifically, the study examines the effect of profitability and leverage on firm value, with CSR positioned as a moderating variable in food and beverage sub-sector companies listed on the Indonesia Stock Exchange during the 2021–2023 period. Adopting a quantitative approach, the research applies multiple linear regression and moderation analysis using secondary data derived from annual and sustainability reports of firms selected through purposive sampling. Firm value is measured using Tobin’s Q, while profitability and leverage are proxied by Return on Assets (ROA) and Debt to Assets Ratio (DAR), respectively. The empirical results reveal that profitability (ROA) does not have a significant impact on firm value, whereas leverage (DAR) demonstrates a positive and significant effect. Moreover, CSR neither exerts a direct influence on firm value nor functions effectively as a moderating variable in the relationship between profitability, leverage, and firm value. The low Adjusted R-squared value of 3.44% indicates that firm value is influenced by a broader set of factors beyond the financial and non-financial variables incorporated in this model, highlighting a gap in existing explanatory frameworks. Theoretically, this study contributes to the literature by providing empirical evidence that challenges the assumed strategic role of CSR as a value-enhancing mechanism in the Indonesian manufacturing context. 
Driving Insurance Purchase Intentions in the Digital Era: The Roles of Money Attitude, Utilitarian Motivation, and Celebrity Trustworthiness Kurniawan, Sabda Aji; Patty, Martha Racwel
SENTRALISASI Vol. 15 No. 1 (2026): January
Publisher : Universitas Muhammadiyah Sorong

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33506/sl.v15i1.5072

Abstract

This study examines the determinants of insurance purchase intentions in the digital era by integrating perspectives from money psychology, utilitarian motivation, and celebrity trustworthiness. Using a sample of 113 followers of financial educators on Instagram, data were analyzed with PLS-SEM 4.0 to investigate the direct, indirect, and moderating effects among the proposed constructs. The findings show that money attitude significantly enhances utilitarian motivation, indicating that individuals with stronger financial orientations tend to evaluate insurance products through functional value considerations. However, utilitarian motivation does not directly influence purchase intention, nor does it mediate the link between money attitude and purchase intention, suggesting that rational assessments alone are insufficient to drive insurance decisions. Notably, celebrity trustworthiness significantly moderates the relationship between utilitarian motivation and purchase intention, demonstrating that credible public figures strengthen consumers’ confidence in the utilitarian benefits of insurance products. The study contributes to financial and digital marketing literature by highlighting the interplay between rational evaluations and source credibility. Practically, the results underscore the importance of combining functional value communication with trustworthy celebrity endorsers to enhance consumer trust and stimulate insurance purchase intentions. 
The Effect of Compensation and Work Environment on Employee Performance With Job Satisfaction As an Intervening Variable Fernando, Jimmy; Yossinomita, Yossinomita; Ratnaningsih, Paskalina Widiastuti
SENTRALISASI Vol. 15 No. 1 (2026): January
Publisher : Universitas Muhammadiyah Sorong

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33506/sl.v15i1.5129

Abstract

This research aims to examine the impact of compensation and work environment on employee performance at PT. Jambi Mandiri Sentosa, while assessing job satisfaction as a mediating variable, a study prompted by the company's fluctuating sales and downward performance trends. Using a quantitative approach and a census sampling strategy involving all 60 employees, data were analyzed through the PLS-SEM method using SmartPLS software. The findings reveal that while compensation and work environment have a positive and significant direct effect on both employee performance and job satisfaction, job satisfaction itself does not have a statistically significant impact on employee performance (P-Value 0.174 > 0.05). Consequently, the mediation analysis demonstrates that job satisfaction does not act as an intermediary between the independent variables and performance. It is concluded that the influence of compensation and work environment on productivity is primarily direct; therefore, management is advised to prioritize optimizing the work environment and fair compensation systems to ensure sales stability and operational efficiency, rather than relying on job satisfaction as a primary driver of performance. 

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