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Ultima Management : Jurnal Ilmu Manajemen
Published by Universitas Multimedia Nusantara
ISSN : 20854587     EISSN : 2549404X     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
Ultima Management : Jurnal Ilmu Manajemen merupakan Jurnal Ilmu Manajemen yang menyajikan artikel-artikel penelitian ilmiah dalam bidang manajemen serta isu-isu teoritis dan praktis terkini. Kajian mencakup Manajemen Stratejik, Manajemen Pemasaran, Manajemen Sumber Daya Manusia, Manajemen Keuangan, Kewirausahaan, Investasi, Technopreneurship dan topik-topik lain yang berkaitan dengan manajemen perusahaan. Jurnal Ultima Management diterbitkan oleh Program Studi Manajemen – Universitas Multimedia Nusantara (UMN) secara berkala setiap enam bulanan.
Arjuna Subject : -
Articles 11 Documents
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Search results for , issue "Vol 17 No 1 (2025): Ultima Management : Jurnal Ilmu Manajemen" : 11 Documents clear
THE INFLUENCE OF STORE ATMOSPHERE, ISLAMIC SERVICE QUALITY, AND TASTE ON CONSUMER LOYALTY OF MIE GACOAN WITH CONSUMER SATISFACTION AS AN INTERVENING VARIABLE Mangku Luhur, Richard Adam; Puspita, Rosana Eri
ULTIMA Management Vol 17 No 1 (2025): Ultima Management : Jurnal Ilmu Manajemen
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/manajemen.v17i1.3654

Abstract

Abstract - This study examines the influence of store atmosphere, Islamic service quality, and taste on customer loyalty at Mie Gacoan Salatiga, with consumer satisfaction as a mediating variable. The culinary industry is growing rapidly in Indonesia, and Mie Gacoan has become a popular brand. In Salatiga, Mie Gacoan holds a 4.6-star rating based on 3,022 reviews despite some negative feedback. The research uses a quantitative approach with purposive sampling, involving 100 respondents from Salatiga. The findings show that store atmosphere and Islamic service quality do not significantly influence consumer loyalty, while taste has a positive and significant impact. Store atmosphere also does not significantly affect consumer satisfaction, whereas Islamic service quality and taste positively and significantly influence satisfaction. Furthermore, consumer satisfaction significantly affects loyalty and mediates the relationship between Islamic service quality and loyalty. However, it does not mediate the influence of store atmosphere or taste on loyalty. The results suggest that Islamic service quality and taste are key to improving consumer satisfaction. Satisfied consumers are more likely to recommend the product, which enhances consumer loyalty and drives business growth. Keywords: Store Atmosphere; Islamic Service Quality; Taste; Customer Satisfaction; Customer Loyalty.
STRATEGIES AND CHALLENGES OF SMES IN PURWAKARTA: A LITERATURE REVIEW Sulistyanto, Tri Hadi; Wilman, Sulaeman
ULTIMA Management Vol 17 No 1 (2025): Ultima Management : Jurnal Ilmu Manajemen
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/manajemen.v17i1.3915

Abstract

Abstract- This paper examines the strategies and challenges faced by Small and Medium Enterprises (SMEs) in Purwakarta, a district in West Java, Indonesia. SMEs play a crucial role in the economy, contributing to job creation and regional development. SMEs face numerous challenges that affect their growth and sustainability. The problem addressed in this paper is the limited growth and sustainability of SMEs in Purwakarta due to challenges inadequate access to financing, lack of skilled labor, and adopting modern technologies. This paper provides a novel approach by combining a literature review with text analysis using PoP (Publish or Perish) and VOSviewer for SME literatures in Indonesia. This study employs a literature review approach combined with text analysis using PoP and VOSviewer. The literature review synthesizes existing research on SMEs in Purwakarta on the strategies and challenges. VOSviewer is used to maps the relationships between key terms in SME research. SMEs face challenges in capital, infrastructure, and a lack of skilled labor. Economic factors, market fluctuations, and regulatory issues further impact their strategies. The study highlights the need for goverment support to promote sustainable growth. The literature on SMEs in Purwakarta highlights their significant economic impact on business performance, growth, and employment, with research identifying six interconnected clusters reflecting the challenges and opportunities faced by SMEs. To maximize their potential, SMEs must implement tailored strategies that enhance financial performance, market expansion, and address the unique characteristics of the local economy, infrastructure, and resources. Keywords: Challenges; Purwakarta; SMEs; Sustainability; VOSviewer
REVITALIZATION OF SURABAYA'S OLD PRECINCT: CHALLENGE AND STRATEGY OF GROWTH Wijaya, Verina; Indrianto, Agoes Tinus Lis; Oktavio, Adrie
ULTIMA Management Vol 17 No 1 (2025): Ultima Management : Jurnal Ilmu Manajemen
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/manajemen.v17i1.4134

Abstract

Abstract- The revitalization of Surabaya’s old precinct holds strong potential to enhance the city's tourism appeal and stimulate local economic development. This heritage-rich area has historical and cultural value, making it a strategic destination for both domestic and international tourists. However, several challenges hinder its development, including a lack of interactive attractions, insufficient public facilities such as cafés, rest areas, and toilets, as well as limited visitor engagement and short tourist stays. This study employs a qualitative descriptive research design, using triangulated data from in-depth interviews with government officials, heritage community members, and tourism practitioners, along with field observations and document analysis. The research aims to identify key strategies, opportunities, and constraints in revitalizing the precinct. Findings highlight the critical role of multi-stakeholder collaboration in revitalization efforts, where the synergy between the government, local communities, and the private sector is essential to success. The study also shows that improved infrastructure, enhanced public awareness, and creative tourism programming are necessary to sustain heritage tourism in the area. This study contributes to the discourse on sustainable urban heritage management and offers practical recommendations to policymakers seeking to balance conservation with tourism-driven economic growth in historic urban districts. Keywords: Heritage Tourism; Revitalization; Old Precinct; Economic Growth; Surabaya
THE IMPACT OF BUMN HOLDINGS ON THE PERFORMANCE OF SUBSIDIARIES IN THE MINING AND OIL AND GAS CLUSTER Sukmono, Renny; Wibawa, Dwi Ari; Mahmudi, Mahmudi; Koeswara, Arya Imamuddin
ULTIMA Management Vol 17 No 1 (2025): Ultima Management : Jurnal Ilmu Manajemen
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/manajemen.v17i1.4142

Abstract

Abstract-As a form of state-owned enterprises (BUMN) restructuring program, the government established several BUMN holdings. The ultimate goal of forming a holding company is that the company can have a strong position in the competition among its competitors. One of BUMN's contributions to the country is reflected in dividend payments. Dividends are one of the PNBP. This research analyzes the differences in PNBP from dividend payments before and after the policy of implementing BUMN holding in the mining and oil and gas BUMN cluster, case studies at PT Aneka Tambang (Antam) and PT Perusahaan Gas Negara (PGN). The analysis was carried out using profitability, solvency, liquidity and company operational costs (BOPO) ratios. This research uses the average difference test method for two independent samples. Based on tests on PT Antam's financial variables, it was found that holdingization has not had a significant impact on net profit margin (NPM), Debt to Equity Ratio (DER), dividend payout ratio (DPR) and BOPO. Another result is that the average current ratio (CR) before holding is lower compared to after holding. Based on tests on PT PGN's financial variables, it was found that holdingization has not had a significant impact on DER, DPR and BOPO. Meanwhile, testing the average CR shows that the average CR before holding is lower than after holding. Based on interviews with the management of PT Antam and PT PGN, they stated that the formation of the holding company had not had a significant impact on the company's performance. Keywords: Holding; Net Profit Margin (NPM); Debt To Equity Ratio (DER); Dividend Payout Ratio (DPR); Current Ratio (CR); Liquidity And Company Operational Costs (BOPO) Ratios
LEVEL UP PERFORMANCE: THE ROLE OF COMPETENCE AND TRAINING THROUGH MOTIVATION AT KPPN PAMEKASAN WORK UNIT Maulana, Wahyu; Nopriyanto, Indra
ULTIMA Management Vol 17 No 1 (2025): Ultima Management : Jurnal Ilmu Manajemen
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/manajemen.v17i1.4185

Abstract

Abstract - HR is a key factor in the success of an organization, including the government sector. In the context of accelerating budget absorption, the role of the SATKER treasurer is very crucial. This study aims to analyze the effect of competence, motivation, and training on employee performance in supporting the acceleration of budget absorption in the Pamekasan KPPN work area. The type of quantitative research with a descriptive approach. The population in this study were all SATKER treasurers totaling 105 people with a saturated sampling technique. Data collection was carried out through a Likert-scale questionnaire. Data analysis used SEM PLS through the SmartPLS application with outer and inner model assessment indicators. The results of the study showed that competence and motivation didn't have a positive and insignificant effect on performance while training had a positive and significant effect on performance. Indirectly, competence didn't have a significant but significant effect on motivation while training didn't have a significant effect on motivation. The results of the mediation test showed that motivation didn't mediate the relationship between competence and training on performance. These findings indicate the importance of increasing training for SATKER treasurers to support the effectiveness of budget absorption and state financial reform.. Keywords: Performance; Competence; Training; Motivation; KPPN Pamekasan
TRUMP TARIFF ON INDONESIA STOCK EXCHANGE. DOES THE MARKET RECOVER ONE MONTH AFTER THE ANNOUNCEMENT? Kiky, Andreas
ULTIMA Management Vol 17 No 1 (2025): Ultima Management : Jurnal Ilmu Manajemen
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/manajemen.v17i1.4188

Abstract

Abstract - This study examines the Indonesian stock market's reaction to the U.S. tariff announcement on April 1, 2025. The Indonesian Stock Market tends to overreact to the Trump Announcement. This paper presents the latest empirical findings on the effect of the Trump Tariff announcement, made immediately after the market reopened following a long holiday and a month after the event. Employing an event study methodology, the research analyses abnormal returns of 782 listed firms using the Capital Asset Pricing Model (CAPM) to estimate expected returns. The analysis focuses on two critical points: April 8th 2025, when the market reopened after the announcement, and April 30th, the end of the post-event window. The findings reveal a significant negative abnormal return immediately after the market reopened, followed by a strong positive abnormal return at the end of the month. A paired-sample test confirms a statistically significant difference in abnormal returns between these two periods. Cross-sectional analysis across beta tertiles shows that systematic risk levels influenced investor reactions, with low-beta stocks experiencing the most pronounced reversal. These results highlight the sensitivity of emerging markets to global policy shifts and underscore the importance of risk exposure in shaping investor behaviour. Keywords: Event Studies; Tariff Effect; Abnormal Return; Efficient Market Hypothesis; Policy Spilover
BEYOND WELL-BEING: UPAYA SUSTAINABLE ADAPTIVE RESILIENCE MENGAKSELERASI KINERJA UMKM DI JAWA TENGAH Supriatin, Dyah; Pratiwi, Agustin Riyan
ULTIMA Management Vol 17 No 1 (2025): Ultima Management : Jurnal Ilmu Manajemen
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/manajemen.v17i1.4266

Abstract

Abstract-This study aims to analyze the effect of Employee Well-Being on the performance of MSMEs (Micro, Small, and Medium Enterprises) in Central Java by considering the mediating role of Sustainable Adaptive Resilience. The research background is based on the condition of MSMEs facing economic pressure and market uncertainty, despite efforts to improve employee well-being. A quantitative method was employed using Partial Least Squares Structural Equation Modeling (PLS-SEM) on 150 MSME respondents. The results indicate that Employee Well-Being has a significant effect on both Sustainable Adaptive Resilience and MSME performance. Furthermore, Sustainable Adaptive Resilience significantly influences MSME performance and statistically mediates the relationship between Employee Well-Being and MSME performance. These findings highlight the importance of sustainable adaptive strategies in optimizing the impact of employee well-being on business performance. This research contributes theoretically by integrating the approach of well-being and adaptive resilience in the context of MSME development and offers practical implications for policymakers and business practitioners to strengthen business resilience through investment in human resources and adaptive strategies. Keywords: Employee Well-Being; MSMEs; Sustainable Adaptive Resilience; Performance
PERBANDINGAN TINGKAT AKURASI FORECASTING SAMBEL PECEL DENGAN METODE DOUBLE MOVING AVERAGE DAN DOUBLE EXPONENTIAL SMOOTHING Suwignyo, Fahrul Afiyas; Suseno, Pangki
ULTIMA Management Vol 17 No 1 (2025): Ultima Management : Jurnal Ilmu Manajemen
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/manajemen.v17i1.4183

Abstract

Abstract- Cihayu pecel sauce is an instant processed chili sauce made from the main ingredients, namely cayenne pepper, peanuts, garlic, brown sugar, salt, and lime leaves. These ingredients are ground and mixed into a paste which is served as a complementary sauce for vegetable pecel dishes. The purpose of this study was to forecast the demand for Cihayu pecel sauce for 2025, while comparing 2 methods to obtain the best sales forecast results for Cihayu pecel sauce. The methods used in forecasting the demand for Cihayu pecel sauce are the Double Moving Average and Double Exponential Smoothing methods using time series data. Based on the tests that have been carried out, it was found that the Double Moving Average (DMA) method with 4-period parameters is the method that is used effectively with a MAD of 2.91, an MSE of 16.37 and a MAPE of 0.84%. This means that the DMA model with 4 parameters is the best model for forecasting the amount of sales at Cihayu pecel sauce MSMEs in Mirigambar Village. Keywords: Forecasting; Double Moving Average; Double Exponential Smoothing; Time Series Analysis; MSME
RELIGIOUS BELIEFS, INGREDIENT SAFETY, HALAL LOGO, AND PROMOTION IMPACT ON GEN Z’S PURCHASE INTENTION FOR WARDAH Angelica, Angelica; Christanto, Budi
ULTIMA Management Vol 17 No 1 (2025): Ultima Management : Jurnal Ilmu Manajemen
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/manajemen.v17i1.4198

Abstract

Abstract- Generation Z represents a promising market segment with distinct preferences for cosmetic products. This study examines the impact of Religious Belief, Ingredient Safety, Halal Logo, and Promotion on the Purchase Intention of Wardah Halal Cosmetics among Generation Z. A quantitative approach with a causal research design was employed, involving 303 Muslim Generation Z women in the Jabodetabek area. Data were analyzed using multiple linear regression, including validity and reliability tests, classical assumption tests, regression equations, coefficient of determination tests, and significance tests (t-test) using IBM SPSS 27. Findings indicate that Ingredient Safety, Halal Logo, and Promotion significantly influence Purchase Intention, whereas Religious Belief does not have a significant effect. Future research should explore alternative variables and broader perspectives on halal cosmetics to enhance theoretical understanding. In conclusion, Wardah's success in attracting Gen Z consumers lies in its product safety, clear halal certification, and effective promotional strategies rather than relying solely on religious alignment. Keywords: Religious Beliefs; Ingredient Safety; Halal Logo; Promotion; Purchase Intention; Generation Z
DIVIDEND POLICY AS MODERATOR OF FIRM VALUE DETERMINANTS Inrawan, Ady
ULTIMA Management Vol 17 No 1 (2025): Ultima Management : Jurnal Ilmu Manajemen
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/manajemen.v17i1.4205

Abstract

Abstract- This study is to analyze the influence of leverage, firm size, and profitability on firm value, with dividend policy as moderator. Secondary data were used, consisting of financial reports gathered from the Indonesia Stock Exchange (IDX). The study’s population consists of 67 firms listed in the LQ45 Index between 2019-2023. By applying purposive sampling, 19 companies chosen, resulting in 95 total observations. The data analysis utilized is multiple linear regression incorporating a moderating variable (Moderated Regression Analysis/MRA), performed on panel data using EViews 13 software. The selection of the analytical model was validated through the Chow Test, the Hausman Test, and the Lagrange Multiplier Test. The findings indicate that leverage  has a negative effect on firm value, while profitability has a positive effect. In contrast, firm size has no significant effect on firm value , the findings indicate that dividend policy moderates the relationship between profitability and firm value. However, dividend policy does not moderate the relationship between leverage or firm size and firm value. These findings suggest that while dividend policy can enhance the positive impact of profitability on firm value, it is insufficient to mitigate the negative effect of leverage or to strengthen the insignificant impact of firm size on firm value Keywords: Firm Value; Leverage; Firm Size; Profitability; Dividend Policy

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