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Petra International journal of Business Studies (IJBS)
Published by Universitas Kristen Petra Surabaya
ISSN : -     EISSN : 26216426     DOI : https://doi.org/10.9744/ijbs
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
Petra IJBS (Petra International Journal of Business Studies, ISSN: 2621-6426) is a peer-reviewed journal published under the Master of Management program, Faculty of Economics, Petra Christian University (MM FE UKP). The journal serves as a vessel for exchanging business knowledge to scholars and practitioners, which publish their scholarly works twice a year (June and December).
Arjuna Subject : -
Articles 209 Documents
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Why Gen Z Investors Hesitates: Behavioral and Status Quo Biases in Investment Intention Dave Reynard; Njo Anastasia
Petra International Journal of Business Studies Vol. 9 No. 1 (2026): JUNE 2026
Publisher : Master of Management, School of Business and Management, Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/petraijbs.9.1.17-30

Abstract

Investors often deviate from rational decision making due to cognitive biases, emotional factors, and social influences, which may lead to suboptimal investment outcomes. At the same time, resistance to change, reflected in status qua bias, may hinder portfolio adjustments. This study examines the effect of behavioral biases (overconfidence, availability, and herding) and status quo biases (sunk cost, inertia, and switching costs) on Gen Z's investment intention. A quantitative approach was employed using data collected from 400 Gen Z investors in Indonesia who possess a Single Investor Identification (SID). Data were analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0 The results show that overconfidence, availability, and herding biases significantly influence investment intention. In addition, sunk cost and inertia exhibit significant effects, whereas switching costs are not found to be significant. These findings highlight that both cognitive biases and resistance to change play critical roles in shaping Gen Z’s investment behavior. This study contributes to behavioral finance literature by integrating behavioral and status quo biases in explaining investment intention among younger investors. The findings offer practical implications for investors and financial practitioners in designing strategies that mitigate bias-driven decisions and enhance investment outcomes.
Global Marketing Strategy Integration: A SWOT Analysis of Halal and Wellness Market Opportunities within the International Spice Market Aimatul Khasanah; Yudi Sutarso
Petra International Journal of Business Studies Vol. 9 No. 1 (2026): JUNE 2026
Publisher : Master of Management, School of Business and Management, Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/petraijbs.9.1.31-43

Abstract

This study seeks to develop an optimal marketing strategy for PT. Sumber Berkah Nusantara to facilitate entry into the global market. It emphasizes the utilization of the company’s core competitive advantage, product purity, to address the growing international demand for functional health-oriented and halal-certified spices. A qualitative descriptive research design was applied, incorporating SWOT and TOWS matrix frameworks. Primary data were obtained through semi-structured interviews involving company management, export practitioners, intermediaries, and consumers, and were further supported by observational analysis of the production activities. Key strategies identified include positioning products as "wellness" items rather than mere commodities, focusing on cold-climate markets with ginger-based products, and utilizing sachet packaging for market trials. The 100% purity of the products is a critical differentiator from mass-produced competitors in countries like India. This study offers a targeted strategic roadmap for Indonesian spice SMEs by integrating product storytelling and digital-first marketing approaches as mechanisms to address conventional constraints, including high certification costs and limited human resource capacity.
The Influence of Green Brand Knowledge and Green Attitude on Purchase Intention Through Green Perceived Value on Cosmetic Product Cleo Phoebe Audris Liandoro; Hotlan Siagian
Petra International Journal of Business Studies Vol. 9 No. 1 (2026): JUNE 2026
Publisher : Master of Management, School of Business and Management, Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/petraijbs.9.1.1-16

Abstract

This study examines the influence of Green Brand Knowledge and Green Attitude on Purchase Intention regarding environmentally friendly skincare products, with Green Perceived Value mediating this relationship. Employing a quantitative approach, data were collected from 118 student consumers in Surabaya and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The results indicate that Green Attitude and Green Perceived Value have positive and significant effects on Purchase Intention. Green Attitude also significantly influences Green Perceived Value. Although Green Brand Knowledge significantly affects Green Perceived Value, it does not directly influence Purchase Intention. Mediation analysis reveals that Green Perceived Value significantly mediates the relationship between Green Brand Knowledge and Purchase Intention, but not the relationship between Green Attitude and Purchase Intention. These findings suggest that purchase intention toward eco-friendly skincare products is primarily driven by consumers’ attitudes and perceived value, rather than knowledge alone. This study contributes to green marketing literature by clarifying the psychological mechanisms linking cognitive and affective factors in high-involvement product categories within emerging markets.
From Deals to Desires: The Mediating Role of Positive Emotions in the Relationship between Flash Sales, Free Shipping, and Impulsive Buying Anggita Putri Indadari; M. Taufiq Noor Rokhman; Novita Rifaul Kirom
Petra International Journal of Business Studies Vol. 9 No. 1 (2026): JUNE 2026
Publisher : Master of Management, School of Business and Management, Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/petraijbs.9.1.74-86

Abstract

This study examines the influence of flash sales and free shipping on impulsive buying among Generation Z Shopee users in Malang City, with positive emotions as a mediating variable. Data were collected through an online, structured questionnaire designed in Google Forms and distributed via WhatsApp and social media platforms (Instagram and TikTok). Respondent access was obtained through open participation links shared in student communities across three major universities in Malang. The questionnaire consisted of closed-ended items adapted from previous studies and measured using a 5-point Likert scale. A total of 190 valid responses were analyzed using SEM-PLS. The findings show that flash sales do not have a direct effect on impulsive buying, whereas free shipping does. Both flash sales and free shipping significantly enhance positive emotions, which strongly drive impulsive buying behavior. Positive emotion has also been shown to mediate the relationship between promotional strategies and impulsive buying. These results emphasize the central role of emotional responses in shaping spontaneous online purchasing decisions among Generation Z.
An Analysis of The Effect of Macroeconomic Variables on the Profitability of Sharia Commercial Banks in Indonesia, with GDP as an Intervening Variable (2010–2024) Rahmadani Aidil Fitrohcahya; Barianto Nurasri Sudarmawan
Petra International Journal of Business Studies Vol. 9 No. 1 (2026): JUNE 2026
Publisher : Master of Management, School of Business and Management, Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/petraijbs.9.1.137-150

Abstract

This research is motivated by the profitability dynamics of Sharia Commercial Banks (BUS) in Indonesia, which have increased despite a slowdown in asset growth and changes in macroeconomic conditions. The study aimed to analyze the effects of Foreign Direct Investment (FDI), money supply, and exchange rates on ICB profitability, with Gross Domestic Product (GDP) serving as an intervening variable. The method used is a quantitative approach, employing time-series data from 2010 to 2024 and analyzing it using path analysis via stepwise regression. The results indicate that the influence of macroeconomic variables on profitability is not entirely direct but operates indirectly through GDP. FDI and the exchange rate have significantly affected profitability, both directly and indirectly, whereas the money supply has not. These findings confirm that GDP is the primary transmission channel linking macroeconomic variables and Islamic banking profitability. Implicitly, this study suggests that Islamic banking performance is highly dependent on real-sector dynamics and macroeconomic stability.
Constructing Financial Consultant Productivity through Digital Engagement in Flexible Work Arrangements: A Qualitative Study Tri Okta Ramadhini; Muhammad Fajar Wahyudi Rahman
Petra International Journal of Business Studies Vol. 9 No. 1 (2026): JUNE 2026
Publisher : Master of Management, School of Business and Management, Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/petraijbs.9.1.122-136

Abstract

The institutionalization of hybrid work has intensified financial consultants' reliance on digital engagement to sustain productivity under Flexible Work Arrangements (FWA). However, this process is still predominantly understood through quantitative, variable-based measures. This study aims to explore how digital engagement constructs financial consultant productivity within FWA practices in the Indonesian futures and brokerage sector. Using a descriptive qualitative case study design, data were collected through semi-structured in-depth interviews, passive participatory observation, and documentation study involving five financial consultants from Indonesian futures and brokerage companies, analyzed through reflexive thematic analysis and Miles & Huberman’s interactive model, with Job Demands-Resources (JD-R) Theory serving as a sensitizing framework. Four themes emerged: (1) digital engagement as a constructive process shaping professional identity, (2) productivity as a layered integration of market analysis and client communication, (3) digital transparency as the foundation of client trust, and (4) JD-R duality experienced differently across managerial and operational levels. These findings suggest that financial consultant productivity in hybrid work is constructed through active interaction and contextual meaning-making rather than a standardized measurable output, offering a basis for organizations to design FWA policies grounded in individual digital readiness and structured digital boundary management.
The Impact of Information Technology Implementation on Firm Performance: The Mediating Roles of Supply Chain Collaboration, Innovation Capability, and Supply Chain Resilience Cecilia Antonive Chandra; Zeplin Jiwa Husada Tarigan; Maria Natalia Damayanti Maer
Petra International Journal of Business Studies Vol. 9 No. 1 (2026): JUNE 2026
Publisher : Master of Management, School of Business and Management, Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/petraijbs.9.1.87-99

Abstract

Information technology is important for companies in producing supply chain collaboration, innovation capability, and supply chain resilience. The company's ability to maintain continuity in information technology implementation can enhance its performance in manufacturing companies in East Java. Data collection was carried out on manufacturing companies in East Java using a survey method, targeting medium- and large-category companies with purposive sampling that have implemented information technology for at least 2 years. Respondents were permanent employees with at least 2 years of experience.  The analysis used is PLS-SEM, which met the goodness-of-fit requirements for the inner and outer models. The study found that implementing information technology positively affects supply chain collaboration, innovation capability, and supply chain resilience. Supply chain collaboration affects innovation capability and firm performance, but not directly supply chain resilience. The results of the study show that innovation capability positively affects supply chain resilience and company performance. The study's results also show that supply chain resilience improves company performance. Overall, the results of the study confirm that implementing integrated information technology strengthens collaboration in the supply chain, enhances innovation capabilities, and builds supply chain resilience, ultimately improving company performance. The results of the research contribute practically by providing insights for the management of companies seeking to sustainably develop information technology investments, strengthen collaboration with partners, and encourage organizational innovation to improve competitiveness and long-term performance.
Behavioral Biases on Generation Z's Investment Decisions in the Emerging Country’s Stock Market Dwitya Aribawa; Bintang Ari Suwardi; Daniel Yudistya Wardhana
Petra International Journal of Business Studies Vol. 9 No. 1 (2026): JUNE 2026
Publisher : Master of Management, School of Business and Management, Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/petraijbs.9.1.100-108

Abstract

Generation Z is a digital native generation that today is becoming more and more actively engaged as stock market users. They grow up in an era of information and technology where, although they have access to financial data, they remain vulnerable to psychological factors in making their investment decisions. This research therefore aims to investigate the role of behavioral biases, which are covered in this study, including overconfidence bias, herding bias, loss aversion bias, and anchoring bias, on the investment decisions of Gen Z in the stock market. A quantitative approach was used, applying multiple linear regression with Weighted Least Squares to address potential heteroscedasticity. These results show that overconfidence bias and loss aversion bias have a major impact on investment decisions of Generation Z; however, herding bias did not significantly affect this group, thus indicating Generation Z tends to make investment decisions on their own and is less likely to fall in line with the opinion of the majority or the market trend. This contrasts with the results of several previous studies and illustrates Generation Z’s more rational and financially savvy actions. Anchoring bias also has no significant impact at 5 percent, but it has a positive effect at the 10 percent significance level. These results indicate that Generation Z is adapted to new knowledge, reflection on the decisions they base on it, and less preoccupation with initial references.
Sustainable Tourism Practices and Revisit Intention: The Mediating Role of Tourist Satisfaction in Bali’s Award-Winning Tourism Village Ivory Budi Darmo Tang; Stephanie Kezia; Serli Wijaya
Petra International Journal of Business Studies Vol. 9 No. 1 (2026): JUNE 2026
Publisher : Master of Management, School of Business and Management, Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/petraijbs.9.1.109-121

Abstract

This study examines how tourists’ perceptions of sustainable tourism practices influence their satisfaction and intention to revisit in Penglipuran Village, Bali. A quantitative causal research design was employed using survey data collected from domestic tourists who had visited Penglipuran Village. A total of 180 valid responses were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that tourists’ perceptions of sustainable tourism practices have a positive and significant effect on tourist satisfaction. Tourist satisfaction, in turn, significantly influences revisit intention. However, the findings indicate that sustainable tourism practices do not directly influence revisit intention. Instead, tourist satisfaction plays a significant mediating role in the relationship between sustainability perceptions and revisit intention. This study contributes to the sustainable tourism literature by providing empirical evidence that sustainability-related destination attributes influence tourist loyalty primarily through tourist satisfaction rather than through a direct behavioural mechanism. The study also provides insights into how sustainability practices shape tourist behaviour in the context of a cultural tourism village.

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