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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.
Arjuna Subject : -
Articles 248 Documents
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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. 
Determinant of Financial Performance in Indonesia Firm Adiansyah, Dicky; Yuniarti, Rina; Junaidi, Ahmad
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.v15i1.5142

Abstract

Global climate change and the transition toward green energy have created significant challenges for Indonesia’s manufacturing industry. This study aims to explain the causal relationship between the independent variables ESG and Risk Management Disclosure and the dependent variable, financial performance, with green innovation serving as a moderating variable. The research is grounded in stakeholder theory and contingency theory and employs a quantitative research design.The population of this study consists of all manufacturing companies listed on the Indonesia Stock Exchange (IDX). The sample includes manufacturing firms that meet the research criteria; from a total of 232 companies, 24 firms were selected, resulting in 120 observational units over a five-year period.The findings confirm that ESG, Risk Management Disclosure, and green innovation significantly improve financial performance.These results provide new insights into the integration of green innovation as a moderating factor within the manufacturing sector. 
Understanding Transfer Pricing Behavior : The Influence of Tax Minimization, Bonuses, and Debt Covenants under Board Tenure Moderation Musyarofah, Azhaar; Solikhah, Badingatus
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.v15i1.5152

Abstract

This study examines the influence of debt covenants, tax minimization, and bonus mechanisms on transfer pricing, with board tenure as a moderating variable. A quantitative approach is applied using secondary data from non-financial companies listed on the Indonesia stock Exchange during 2020-2024. The sample is selected through purposive sampling and consists 3.723 firm-year observations. Data analysis uses descriptive statistics, panel regression and Moderated Regression Analysis (MRA), processed with Eviews. The findings show that tax minimization and bonus mechanisms have a positive and significant effect on transfer pricing, indicating that managers tend to use transfer pricing strategies when they are motivated to reduce taxes or when compensation structures encourage such practices. In contrast, debt covenants do not significantly affect transfer pricing, suggesting that creditor monitoring does not strongly restrict managerial decisions related to internal pricing policies. The result further reveal that board tenure does not moderate the effect of debt covenant, tax minimization, pr bonus mechanisms on transfer pricing. Overall, this study concludes that managerial incentives and compensation-driven motives play a bigger role in shaping transfer practices compared to monitoring mechanisms such as debt agreements or board tenure. These findings provide insights for regulators, investors, and companies on understanding the internal factors that drive transfer pricing behavior in Indonesia firms. 

Page 24 of 25 | Total Record : 248

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