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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 237 Documents
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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
UNRAVELING CONSUMERS CONTINUANCE INTENTION TO USE ONLINE FOOD DELIVERY: MEDIATING ROLE OF TRUST Panggati, Ignatius Enda; Wandoko, Wanda; Handrimurtjahjo, Agustinus Dedy
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.v17i1.4261

Abstract

Abstract-Online Food Delivery (OFD) services, as app-based food ordering platforms, have experienced a significant rise in popularity in recent years. Understanding customers’ intention to reuse OFD services and trust has become an increasingly important. This study aims to investigate the mediating role of customer trust in the relationships between information quality, visual design, and delivery experience, and customers’ intention to continue using OFD services. The population of this research consists of individuals who have used OFD services in Indonesia. A quantitative approach was employed, involving 651 valid respondents who were selected based on their experience with OFD platforms. The research model was analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM), and data processing was conducted using the SMART PLS software. The findings indicate that customer trust significantly mediates the relationships between information quality, visual design, and delivery experience with the intention to continue using OFD services, acting as a partial mediator. Furthermore, the study confirms that information quality, visual design, and delivery experience all have significant direct effects on customers’ intention to continue using OFD services. Theoretical implications of this study contribute to the enrichment of trust-related frameworks in digital service usage, particularly in the context of food delivery applications. From a managerial perspective, the results highlight the importance for OFD service providers to understand and strengthen the key antecedents of trust, in order to enhance customer retention and encourage sustained user engagement. These insights are valuable in designing effective strategies in the increasingly competitive OFD market. Keywords: Delivery Experience; Information Quality; Intention to Continue Using; Online Food Delivery Service; Trust
PENGARUH SOCIAL INFLUENCES TERHADAP STICKINESS PEMBELIAN POWERAMP PREMIUM Kevin, Kevin; Wella, Wella
ULTIMA Management Vol 15 No 1 (2023): Ultima Management : Jurnal Ilmu Manajemen
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/manajemen.v15i1.3000

Abstract

Abstract- Poweramp is an application that is divided into 2, freemium and premium, Poweramp application is a music player application that is ranked as number 1 in Google Play. Poweramp application can be downloaded through Google Play. Poweramp freemium have been downloaded by 45 million people, meanwhile Poweramp premium have been downloaded by 1 million people. There are significant differences between Poweramp freemium and premium application. This phenomenon is used as a basis for comparisons between free and paid applications that are increasingly appearing. Many free applications that actually deliver viruses and malware. Therefore, this research aims to analyze the factors that influence a person to download Poweramp freemium application and buying the Poweramp premium. In the process of doing this research, literature reviews from other relevant journals are needed. Amidst the research, a questionnaire is created with Google Form and is distributed to respondents that have already buy Poweramp premium application. There are in total 100 valid responses that is gathered from the respondents. The data that have been gathered are then analyzed with Partial Least Square method by using SmartPLS software. The stages that is needed to be done in PLS method are to rate the Measurement Model, Discriminant Validity, Reliability Test, Average Variance Extracted (AVE), and to analyze the hypothesis received from the output of Result for Inner Weights. Results from the research shows that social factors have significant influence towards people's decision to download Poweramp freemium application, and continuing to buy Poweramp premium application. Keywords: Application; Poweramp; Social Factors; Stickiness; Partial Least Square

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