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Warmadewa Management and Business Journal (WMBJ)
Published by Universitas Warmadewa
ISSN : 2654816X     EISSN : 26548151     DOI : https://doi.org/10.22225/wmbj
Core Subject : Economy,
Economics, Econometrics & Finance
Warmadewa Management And Business Journal (WMBJ), ISSN: 2654-8151 (online) 2654-816X (Print), is a Journal Research of Economiy Science published by Warmadewa Press jointly with Faculty of Economy, Universitas Warmadewa. This journal is also dedicated to provide an intellectual space of scholarly discussion how journal of Economiy especially Management Science able to create the new global formation of Economy especially Management Science and similar issues. This journal has been distributed by Faculty of Economy, Universitas Warmadewa, Universitas Warmadewa started Online from Volume 1Number 1 Year 2018 to present. This journal encompasses original research articles, review articles, and short communications, including: Financial management HR management Marketing management Operational management Tourism management International Business Entrepreneurship
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Tourism, Leisure and Hospitality Management
Articles 95 Documents
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Risk Tolerance as a Mediation in SME Investment Decisions in Jepara Diaz Zahra Septina Pratiwi; Mohammad Yunies Edward
Warmadewa Management and Business Journal (WMBJ) Vol. 8 No. 1 (2026)
Publisher : Fakultas Ekonomi Universitas Warmadewa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22225/wmbj.8.1.2026.66-77

Abstract

This study aims to analyze the role of risk tolerance as a mediating variable in the relationship between financial literacy, experienced regret, financial socialization, and investment decisions among SMEs in Jepara. The study involved 300 SMEs selected using purposive sampling. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that financial literacy, experienced regret, and risk tolerance have a positive effect on investment decisions, while financial socialization has no significant effect. Risk tolerance is proven to mediate the effect of financial literacy and experienced regret on investment decisions, but it does not mediate the relationship between financial socialization and investment decisions. These findings highlight the dominant role of internal individual factors in shaping investment decision-making among SMEs.
Profitability Stability and Liquidity Risk Mitigation: An Empirical Analysis of Indonesian Guarantee Institutions Azizah Akbariani Ahmad; Husna Karimah; Muhammad Ariq Athallah Akbar
Warmadewa Management and Business Journal (WMBJ) Vol. 8 No. 1 (2026)
Publisher : Fakultas Ekonomi Universitas Warmadewa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22225/wmbj.8.1.2026.42-51

Abstract

This study examines the resilience of profitability (Return on Assets) within Indonesian Guarantee Institutions, specifically focusing on withstanding the stress testing triggered by the COVID-19 pandemic. Adopting a quantitative approach, this research analyzed monthly secondary data from the Financial Services Authority (OJK) spanning January 2016 to June 2022 to capture the complete crisis cycle, from the initial stability phase to the subsequent recovery. The data analysis utilized Multiple Linear Regression via the Ordinary Least Squares (OLS) method on 76 observations following data transformation. The empirical results revealed a "Solvency Paradox," wherein the Solvency Margin Ratio (SMR) exerted a significant negative effect on ROA, suggesting capital allocation inefficiencies stemming from overly conservative management policies. In contrast, the Liquidity Ratio and Capital Adequacy Ratio demonstrated significant positive impacts, functioning as essential pillars of financial resilience and primary shock absorbers during periods of volatility. Furthermore, the Incurred Claims ratio and Gearing Ratio yielded no significant effect; this reflects the efficacy of risk transfer mechanisms through reinsurance in insulating net profits from operational shocks. Managerial implications emphasize the necessity of strategic repositioning—moving beyond passive capital accumulation toward the optimization of liquid investment instruments to sustain an equilibrium between financial security and profitability.
Pengaruh Kompetensi Terhadap Kinerja Pegawai Badan Pengelola Keuangan Dan Aset Daerah Kabupaten Karangasem: Peran Mediasi Kepuasan Kerja Dan Komitmen Organisasi Ida Ayu Putu Sugiartini; I Putu Santika; I Made Petrus; Ni Luh Sili Antari
Warmadewa Management and Business Journal (WMBJ) Vol. 8 No. 1 (2026)
Publisher : Fakultas Ekonomi Universitas Warmadewa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22225/wmbj.8.1.2026.1-9

Abstract

This study aims to analyze the effect of competence on employee performance at the Regional Financial and Asset Management Agency of Karangasem Regency: The Mediating Role of Job Satisfaction and Organizational Commitment. The population of this research consists of all 81 employees at BPKAD Karangasem. The sampling technique used is a census or saturated sampling. The data analysis techniques include validity testing, reliability testing, classical assumption testing, and path analysis. The results show that: (1) competence has a positive and significant effect on job satisfaction, organizational commitment, and employee performance; (2) job satisfaction has a positive and significant effect on employee performance; (3) organizational commitment has a positive and significant effect on employee performance; (4) job satisfaction does not mediate the effect of competence on employee performance; and (5) organizational commitment does not mediate the effect of competence on employee performance at BPKAD Karangasem. The study suggests that the leadership of BPKAD Karangasem should enhance employee competence, job satisfaction, organizational commitment, and performance. This can be achieved through soft skills training, evaluation and adjustment of performance allowances, development of clear career path planning, providing recognition for years of service, and offering platforms for employees to express ideas, suggestions, or solutions through periodic discussion forums or idea submission platforms.
Pengaruh Keberadaan Dewan Komisaris Independen, Komite Audit, Dan Risk Management Disclosure Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Indeks LQ45 Di BEI) I Made Restu Dwipayana; Ketut Tanti Kustina
Warmadewa Management and Business Journal (WMBJ) Vol. 8 No. 1 (2026)
Publisher : Fakultas Ekonomi Universitas Warmadewa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22225/wmbj.8.1.2026.21-31

Abstract

This study aims to investigate the influence of independent commissioners, audit committees, and risk management disclosure on firm value in companies listed in the LQ45 Index on the Indonesia Stock Exchange (IDX) during 2022–2024. A quantitative approach was used, with secondary data obtained through documentation, and multiple linear regression employed for data analysis. A purposive sampling technique was applied, resulting in 30 companies that consistently appeared in the LQ45 index over the three-year period, producing 90 data observations. The findings reveal that all three variables significantly and positively affect firm value. Independent commissioners have a regression coefficient of 0.702 (p = 0.027), audit committees 0.741 (p = 0.000), and risk management disclosure 4.212 (p = 0.000), indicating that firms with stronger governance practices tend to be more highly valued in the market. These results imply that strengthening corporate governance through independent oversight, active auditing functions, and transparent risk disclosures is essential in boosting investor confidence and enhancing firm valuation.
Pengaruh Struktur Permodalan, Dewan Komisaris Independen, Dan Pengungkapan Kinerja ESG Terhadap Nilai Perusahaan Di Sektor Makanan Dan Minuman Di Bursa Efek Indonesia Gede Aditya Putra Utaman; Ketut Tanti Kustina
Warmadewa Management and Business Journal (WMBJ) Vol. 8 No. 1 (2026)
Publisher : Fakultas Ekonomi Universitas Warmadewa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22225/wmbj.8.1.2026.32-41

Abstract

This study aims to analyze the influence of capital structure, independent board of commissioners, and environmental, social, and governance performance disclosure on the value of food and beverage companies listed on the Indonesia Stock Exchange during the 2022-2023 period. Capital structure is measured by the Debt to Equity Ratio (DER). The board of independent commissioners is measured by the number of commissioners divided by the independent commissioners. Disclosure of environmental, social, and governance  performance measured by ESG scores. The company's value is proxied using Price to Book Value (PBV). This study uses a quantitative approach with multiple linear regression method to test the relationship between variables. The data used are secondary data obtained from the financial statements  of food and beverage companies  listed on the Indonesia Stock Exchange and ESG disclosure reports for food and beverage listed  on the BGK Foundation. Samples were determined by purposive sampling method. The results of the analysis show that the capital structure has no effect on the value of the company. The independent board of commissioners and the disclosure of ESG performance show a positive and significant influence on the company's value. These findings indicate that the number of independent commissioners and ESG performance disclosures are the main factors that investors consider in assessing a company's performance, while capital structure has a more limited role in determining the value of the company.
Peran Pengetahuan Investasi, Literasi Keuangan Dan Motivasi Investasi Terhadap Minat Mahasiswa Dalam Berinvestasi Di Pasar Modal Made Surya Pramana; I Putu Iwan Pramana Putra; Ida Ayu Agung Idawati
Warmadewa Management and Business Journal (WMBJ) Vol. 8 No. 1 (2026)
Publisher : Fakultas Ekonomi Universitas Warmadewa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22225/wmbj.8.1.2026.115-123

Abstract

Investment is a crucial financial instrument for long-term financial planning, especially for students as the younger generation who will face various economic challenges in the future. A lack of understanding and awareness regarding investment can impact student engagement in capital market activities. The purpose of this study was to analyze the influence of investment knowledge, financial literacy, and investment motivation on investment interest in the capital market among students at the Faculty of Economics and Business, Warmadewa University in Denpasar City, Bali Province. The sample consisted of 100 students selected using purposive sampling. Data analysis in this study used multiple linear regression analysis with SPSS version 27. The results showed that investment knowledge, financial literacy, and investment motivation simultaneously had a significant positive effect on students' investment interest in the capital market. Investment knowledge, financial literacy, and investment motivation also partially had a positive and significant effect on students' investment interest in the capital market.
Pengaruh Lingkungan Kerja Dan Gaya Kepemimpinan Terhadap Kinerja Pegawai Melalui Mediasi Kepuasan Kerja Pada Badan Pengelola Keuangan Dan Aset Daerah Kabupaten Karangasem Ni Putu Novia Kristyarini; I Putu Santika; I Made Petrus
Warmadewa Management and Business Journal (WMBJ) Vol. 8 No. 1 (2026)
Publisher : Fakultas Ekonomi Universitas Warmadewa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22225/wmbj.8.1.2026.10-20

Abstract

This study aims to analyze the effect of work environment and leadership style on employee performance through job satisfaction as a mediating variable. The research was conducted at the Regional Financial and Asset Management Agency of Karangasem Regency. The population in this study consists of all 81 employees at BPKAD Karangasem. The sampling technique used is a census or saturated sampling method. The data analysis techniques include validity testing, reliability testing, classical assumption tests, and path analysis. The results indicate that: (1) the work environment has a positive and significant effect on job satisfaction; (2) leadership style has a positive and significant effect on job satisfaction; (3) the work environment has a positive and significant effect on employee performance; (4) leadership style has a positive and significant effect on employee performance; (5) job satisfaction has a positive and significant effect on employee performance; (6) job satisfaction mediates the effect of work environment on employee performance; and (7) job satisfaction does not mediate the effect of leadership style on employee performance at BPKAD Karangasem. Based on these findings, it is suggested that BPKAD Karangasem leaders improve the work environment, leadership style, and job satisfaction in order to enhance employee performance
Pengaruh Self-Efficacy, Motivasi, Dan Komitmen Karyawan Terhadap Kinerja Karyawan Di Elizabeth International Hotel And Business School I Gusti Aju Maitri Wati; Luh Komang Candra Dewi; L. K. Herindiyah Kartika Yuni
Warmadewa Management and Business Journal (WMBJ) Vol. 8 No. 1 (2026)
Publisher : Fakultas Ekonomi Universitas Warmadewa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22225/wmbj.8.1.2026.52-65

Abstract

This study aims to analyze the influence of self-efficacy, motivation, and employee commitment on employee performance at Elizabeth International Hotel and Business School. The population in this study includes all employees at LPK Elizabeth International Hotel and Business School, totally 85 individuals. The sampling technique used in this research is a census or saturated sampling technique. The data analysis techniques employed include validity testing, reliability testing, classical assumption testing, and multiple regression analysis. The results of the analysis indicate that 1) Self-efficacy has a positive and significant effect on employee performance; 2) Motivation has a positive and significant effect on employee performance; 3) Commitment has a positive effect on employee performance; 4) Self-efficacy, motivation, and employee commitment simultaneously have a significant effect on employee performance at Elizabeth International Hotel and Business School. Based on these findings, it is recommended that the management of Elizabeth International Hotel and Business School enhance self-efficacy, motivation, and employee commitment in efforts to improve employee performance.
Ukuran Perusahaan Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Intervening Pada Perusahaan LQ45 Nadhiya Maharany; Sri Sudarsi
Warmadewa Management and Business Journal (WMBJ) Vol. 8 No. 1 (2026)
Publisher : Fakultas Ekonomi Universitas Warmadewa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22225/wmbj.8.1.2026.96-114

Abstract

This study aims to examine the effect of firm size and profitability on firm value with capital structure as an intervening variable in LQ45 companies listed on the Indonesia Stock Exchange (IDX) during the 2022– 2024 period. This research employs a quantitative approach using secondary data obtained from companies’ financial statements. The research sample was selected using a purposive sampling method, resulting in companies that met the predetermined criteria during the observation period. The data analysis techniques used include multiple linear regression analysis and path analysis to test both direct and indirect effects among variables. The results indicate that profitability has a positive and significant effect on firm value, while firm size does not have a significant direct effect on firm value. Furthermore, profitability and firm size are proven to have a positive and significant effect on capital structure. Capital structure also has a positive and significant effect on firm value. In addition, the findings reveal that capital structure is able to mediate the effect of profitability and firm size on firm value. These results suggest that optimal capital structure management plays an important role in enhancing firm value, particularly in LQ45 companies.
Transforming Financial Performance In Culinary SMEs: The Impact Of Organizational Culture And CSR On Financing Decisions Dewa Ayu Inten Mahaputri; Ni Luh Anik Puspa Ningsih; Ni Wayan Sitiari
Warmadewa Management and Business Journal (WMBJ) Vol. 8 No. 1 (2026)
Publisher : Fakultas Ekonomi Universitas Warmadewa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22225/wmbj.8.1.2026.78-95

Abstract

Small and Medium Enterprises (SMEs) play a crucial role in supporting Indonesia’s economy, including in Bali Province, which is widely recognized as a national tourism hub. Among the dominant sectors, culinary SMEs significantly contribute to employment and economic growth. However, these enterprises continue to face challenges in maintaining financial performance due to limited innovation, digitalization, and access to financing. This study aims to examine the influence of organizational culture and Corporate Social Responsibility (CSR) on financing decisions and financial performance among culinary SMEs in Bali, with financing decisions serving as a mediating variable. A quantitative approach was employed using Partial Least Squares (PLS) as the analytical tool. The respondents consisted of 100 owners or managers of culinary SMEs in Bali, selected through a structured questionnaire survey. The findings reveal that organizational culture does not have a significant effect on either financial performance or financing decisions, suggesting that local cultural values, such as jengah, taksu, and menyamabraya, have not yet been effectively translated into financially impactful business strategies. Conversely, CSR demonstrates a positive and significant influence on both financial performance and financing decisions, indicating that social and environmental commitment enhances trust and improves access to funding for SMEs. Furthermore, financing decisions have a positive and significant impact on financial performance, serving as a mediating mechanism in the relationship between CSR and financial performance.

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