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DIJB (Diponegoro International Journal of Business)
Published by Universitas Diponegoro
ISSN : 25804987     EISSN : 25804995     DOI : -
Core Subject : Economy, Science,
Diponegoro International Journal of Business (DIJB) is a biannually peer-reviewed journal issued by Department of Management, Faculty of Economics and Business, Universitas Diponegoro. DIJB aims to be the media for publishing empirical issues related to business studies. DIJB invites manuscripts in the various topics, but not limited to, functional areas of management, including marketing management, finance management, operation management, human resource management, innovation management, knowledge management, organizational behavior, organizational development, and change management.
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Articles 119 Documents
The influence of companions and financial influencers on gen z's financial planning: Mediating role of financial literacy Ketut Vini Elfarosa; Upayana Wiguna Eka Saputra
Diponegoro International Journal of Business Vol 8, No 2 (2025)
Publisher : Department of Management | Faculty of Economics and Business | Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/dijb.8.2.2025.156-170

Abstract

This study investigates the influence of companions and financial influencers on financial planning among Generation Z in Indonesia, with financial literacy serving as a mediating factor, grounded in Social Learning Theory (SLT). Utilizing a quantitative research design and Structural Equation Modeling with Partial Least Squares (PLS-SEM), the research surveyed 170 Indonesian Gen Z individuals, selected via purposive sampling, who actively engaged with financial content on social media platforms. The findings reveal that companion influence significantly enhances financial literacy and financial planning, affirming the role of close social contacts as effective behavioral models. In contrast, financial influencers do not demonstrate a significant direct or indirect effect on financial literacy or financial planning, suggesting that exposure to digital content alone does not ensure effective financial management. Financial literacy is identified as a crucial mediator in the relationship between companion influence and financial planning, while no similar mediation effect is observed for financial influencers. These results underscore the importance of leveraging trusted social networks to improve financial literacy and highlight the need for critical evaluation of influencer content in shaping financial behaviors among young individuals. The study theoretically contributes by validating SLT in financial socialization and practically suggests prioritizing peer-based learning over passive digital content consumption in financial education programs.
From fear to action: Mediating effect of career anxiety between fear of AI replacement and upskilling intention among Indonesian undergraduates Elsa Rahmatika Devi; Regina Eki Salsabila; Fadhil Arrasyid; Muhammad Fajar Wahyudi Rahman
Diponegoro International Journal of Business Vol 8, No 2 (2025)
Publisher : Department of Management | Faculty of Economics and Business | Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/dijb.8.2.2025.195-207

Abstract

The rapid advancement of artificial intelligence (AI) has intensified concerns about job displacement, particularly among undergraduate students preparing to enter the labor market. This study examines the effect of fear of AI replacement on upskilling intention, with career anxiety as a mediating variable. Using a quantitative approach, data were collected through an online survey from 267 Indonesian undergraduate students in social sciences and humanities disciplines with prior AI experience, of which 202 valid responses were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that fear of AI replacement has a positive and statistically significant effect on both upskilling intention and career anxiety. In addition, career anxiety positively and significantly influences upskilling intention and mediates the relationship between fear of AI replacement and upskilling intention. These findings indicate that fear of AI replacement acts not only as a direct motivational driver but also indirectly encourages upskilling intention through career anxiety as an adaptive psychological response. This study contributes to the literature by highlighting the adaptive role of career anxiety in transforming AI-related fear into proactive upskilling intention among undergraduate students and offers practical implications for higher education institutions and policymakers in responding to AI-driven labor market change.
Herding and overconfidence to investment decisions: Evidence from stock and cryptocurrency investors in Indonesia Mega Noerman Ningtyas; Avicenna Raihan Kusuma; Muhammad Riza Hafizi
Diponegoro International Journal of Business Vol 9, No 1 (2026)
Publisher : Department of Management | Faculty of Economics and Business | Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/dijb.9.1.2026.1-12

Abstract

This study examines how herding behavior and overconfidence influence investment decisions among stock and cryptocurrency investors. The rapid growth of retail participation in both markets raises concerns about the role of behavioral biases in shaping investors’ decision-making processes. Prior studies have explored these biases within individual markets, but there is limited empirical evidence directly comparing their effects across stock and cryptocurrency investors. Using a quantitative approach, data were collected from 442 investors in Indonesia through a structured questionnaire measured on a five-point Likert scale. The data were analyzed using Structural Equation Modeling with Partial Least Squares (SEM-PLS) and Multi-Group Analysis to compare stock and cryptocurrency investors. The results show that both herding behavior and overconfidence positively influence investment decisions. Multi-group analysis reveals that the effect of herding behavior differs significantly between stock and cryptocurrency investors, while the effect of overconfidence does not differ between the two markets. These findings highlight the important role of behavioral biases in investment decision-making and suggest that improving investors’ awareness of psychological biases may help promote more rational investment behavior in financial markets.
AI-enabled human resource practices and organizational agility: The mediating role of employee voice and the moderating effect of AI-readiness culture in ASEAN countries Muhammad Asif Khan; Ahmad Syamil; Dovina Navanti
Diponegoro International Journal of Business Vol 9, No 1 (2026)
Publisher : Department of Management | Faculty of Economics and Business | Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/dijb.9.1.2026.77-94

Abstract

Our study examines how AI-HR management practices, including fair algorithms, analytics maturity, legal ethics and employee participation, can boost the retention rate of workforces and the agility of businesses in Southeast Asian countries. It further studies workforce retention as an intermediary mechanism and AI-motivated culture as an environmental moderator on this relationship.  Based on Resource-Based View, Socio-Technical Systems theory, and the Dynamic Capabilities approach, this study employs a cross-national quantitative research design. Data collected from organizations in Indonesia, Malaysia, Thailand and Singapore were analyzed using partial least squares structural equation modeling in SmartPLS software to test direct, mediating (indirect), and moderating effects.  Our research discovers that algorithmic fairness and digital ethics can directly and significantly promote employee voice; also importantly, an employee's voice contributes not marginally but greatly to workforce retention, and indirectly promotes organizational agility as well. HR analytics maturity indirectly reinforces corporate agility by supporting decision-making that is informed and staff engagement. Moreover, the relationship between employee voice and organizational agility is positively moderated by AI-ready culture--an earlier conclusion which confirms the effectiveness of these new HRM practices.  The paper progresses the AI-HRM literature by providing a unified model of several different countries which details that ethical, analytical and "distributed" AI practices serve to enhance the sustainability of workforce and enterprise-wide agility. This study provides new evidence to support theory on Southeast Asia, bringing valuable insights and guides to the establishment of sustainable, and future-oriented AI-HRM systems.
CEO ownership, host countries' institutional diversity, and ESG disclosure: Evidence from US MNEs Luksi Visita; Chauu The Huu
Diponegoro International Journal of Business Vol 9, No 1 (2026)
Publisher : Department of Management | Faculty of Economics and Business | Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/dijb.9.1.2026.13-34

Abstract

This study examines how CEO ownership and host-country institutional diversity influence ESG disclosure among multinational enterprises (MNEs). Drawing on managerial entrenchment and institutional complexity theory, we argue that CEO share ownership and exposure to various institutional environment may create conflicting effect that reduce firms’ ESG disclosure. Using panel data from 279 U.S.-based MNEs, we analyzed by employing a correlated random-effects model with Mundlak correction. The findings support our hypotheses and our moderating proposition. Overall, the study highlights how governance mechanisms and institutional environments influence disclosure strategies in MNEs.
The moderating role of brand trust in the relationship between data privacy concerns and online purchase intention: Evidence from e-commerce users in the Indonesia–Malaysia border region Erick Karunia; Deni Marsha; Muh. Irfandy Azis; Ang Hong Loong; Faerozh Madli; Mohd Noor Hidayat Jimainal
Diponegoro International Journal of Business Vol 9, No 1 (2026)
Publisher : Department of Management | Faculty of Economics and Business | Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/dijb.9.1.2026.35-47

Abstract

This study examines the effect of data privacy concerns on online purchase intention and investigates the moderating role of brand trust in the context of e-commerce. The research focuses on digital consumers in the Indonesia–Malaysia border area, which differs from urban regions in terms of socioeconomic conditions and digital infrastructure. A quantitative approach was employed using a survey of 150 e-commerce users in North Kalimantan. Data were analyzed through Partial Least Squares–Structural Equation Modeling (PLS-SEM) to assess the relationships among variables and the proposed moderation effect.The findings reveal that data privacy concerns significantly influence online purchase intention. Moreover, brand trust significantly moderates this relationship by weakening the effect of data privacy concerns on online purchase intention. These results highlight that consumers’ trust in a brand’s security, integrity, and reputation plays a crucial role in shaping purchasing decisions on e-commerce platforms.This study is limited to respondents in the North Kalimantan border area; therefore, caution is needed in generalizing the findings. Practically, the results suggest that e-commerce providers and policymakers should enhance data privacy protection and strengthen brand trust to increase digital consumer participation and transactions.
Determinants of entrepreneurial intention of Indonesian students S Suhana; Anwar Mansyur; Shujahat Ali
Diponegoro International Journal of Business Vol 9, No 1 (2026)
Publisher : Department of Management | Faculty of Economics and Business | Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/dijb.9.1.2026.48-63

Abstract

This study explored the mediating roles of entrepreneurial self-efficacy and need for achievement in the effect of entrepreneurship education on entrepreneurial intention. This study also analyzed the effect of entrepreneurship education on entrepreneurial self-efficacy, need for achievement and entrepreneurial intention.  The study population consisted of active university students in Indonesia. The sample comprised 633 students from 30 universities in Indonesia, both state and private. SEM PLS warp-PLS was used as the analysis tool. The results indicate that entrepreneurship education positively affected entrepreneurial self-efficacy, need for achievement, and entrepreneurial intention. Entrepreneurial self-efficacy and need for achievement mediated the effects of entrepreneurship education on entrepreneurial intention.  The findings provide additional theoretical knowledge regarding the relationship between entrepreneurship education, entrepreneurial self-efficacy, need for achievement, and entrepreneurial intention.  The findings of this study strengthen the theoretical relationship among the variables. In terms of originality, this study adds to the research field on entrepreneurship education and its impact on entrepreneurial self-efficacy, need for achievement and entrepreneurial intention in higher education institutions in Indonesia context that is different from the cultural point of view.  In practice, the findings provide recommendations to university management to set the curriculum in such a way to guarantee that entrepreneurship education can meet the need and run well.
The role of big data analytics and AI adoption on green innovation and sustainable SMEs performance Bangun Prajadi Cipto Utomo; Jimisiah Jaafar
Diponegoro International Journal of Business Vol 9, No 1 (2026)
Publisher : Department of Management | Faculty of Economics and Business | Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/dijb.9.1.2026.64-76

Abstract

Green innovation has become a major factor in corporate sustainability in today's green economy era. Corporate sustainability is largely determined by the company's human resource management practices. This study investigates how green human resource management practices and digital learning orientation can enhance green innovation and improve sustainable SMEs performance. This study also examines the role of Big Data Analytic moderation and AI adoption in enhancing green innovation. The sample of this study was owners, managers, and supervisors of SMEs in Indonesia, who were obtained using purposive sampling techniques and data analysis methods using PLS-SEM. The results of this study show the important role of green human resource management practices in adapting to environmental changes and encouraging green digital learning orientation and green innovation. In addition, this study also found that green digital learning orientation has a significant effect on green innovation if moderated by Big Data Analytics and AI adoption. The results of this moderation indicate that employees who receive green digital learning will be stronger in practicing green innovation if supported by Big Data and AI. In addition, green innovation strongly influences sustainable SMEs performance and mediates the effect of green human resource management practices on sustainable firm performance.
The economic implications of personality traits on investment behaviour: Evidence from an emerging market with sustainability orientation M Musaroh; Karthikeyan Parthasarathy; Christina Heti Tri Rahmawati
Diponegoro International Journal of Business Vol 9, No 1 (2026)
Publisher : Department of Management | Faculty of Economics and Business | Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/dijb.9.1.2026.95-111

Abstract

This study investigates the economic implications of personality traits for individual investment Behaviour in an emerging market context, focusing on the Indonesia Stock Exchange. Specifically, it examines how emotional stability and prudence trait influence investment Behaviour, and how sustainability orientation moderates these relationships. Using data collected from 242 individual investors and analysed through Structural Equation Modelling–Partial Least Squares (SEM-PLS), the results show that emotional stability has a significant positive effect on investment Behaviour, while prudence trait does not directly influence them. However, sustainability orientation strengthens the role of emotional stability and alters the effect of prudence trait. These findings provide practical insights for financial managers and policymakers to better understand Behavioural drivers of sustainable investment in emerging markets.

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