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Business and Finance Journal
Published by Universitas Nahdlatul Ulama Surabaya
ISSN : 25274872     EISSN : 2477393X     DOI : https://doi.org/10.33086/bfj
Core Subject : Economy,
Economics, Econometrics & Finance
Business and Finance Journal UNUSA (p-ISSN: 2527-4872; e-ISSN: 2477-493X) is a scientific peer-reviewed journal published by Faculty of Economics and Business, Universitas Nahdlatul Ulama Surabaya, Indonesia. Since Established in 2016, BFJ is intended Provide a medium for dissemination of original and quality research on various topic in business, finance and economics.
Arjuna Subject : -
Articles 221 Documents
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OPERATIONAL RISK ANALYSIS IN OFFSHORE PRODUCTION FACILITY (OPF): APPLICATION OF RISK FAILURE MODE AND EFFECT ANALYSIS Izza, Ayu Adista Nurul; Partiwi, Sri Gunani; Nuswantoko, Duto; Kurniawan, Ahmad Misfa
Jurnal Bisnis dan Keuangan Vol 10 No 2 (2025): Business and Finance Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v10i2.7751

Abstract

Declining oil and gas production has created significant operational challenges, particularly unplanned shutdowns that reduce the availability of Offshore Production Facilities (OPF). This study applies the Risk Failure Mode and Effect Analysis (RFMEA) method to prioritize equipment failures causing production losses. Eleven critical risks were identified, with three major ones: PLC module fault, instrument regulator problem, and leak in tubing connection, which were classified as the highest priorities for mitigation.
ANALYSIS OF THE IMPACT OF ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) STRATEGIES ON PRODUCT AVAILABILITY AND BUSINESS SUSTAINABILITY OF MYCOLA FARMA'S PHARMACY BUSINESS Ridzal Wahid; Christina Whidya Utami
Jurnal Bisnis dan Keuangan Vol 10 No 2 (2025): Business and Finance Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v10i2.7897

Abstract

This study examines the impact of Environmental, Social, and Governance (ESG)-based strategic planning on product availability and business sustainability at Mycola Pharmacy. Using a qualitative approach through in- depth interviews, observations, and document analysis involving the pharmacy owner, pharmaceutical wholesalers, employees, and consumers, the research highlights how ESG implementation strengthens supply chain efficiency , optimizes stock management, and promotes transparent governance. The social and governance dimensions of ESG further enhance customer loyalty , operational effectiveness, and corporate reputation, contributing to long-term business sustainability amid external challenges such as the pandemic and inflation.
AWARENESS AND SKILL AS DETERMINANT FACTORS IN THE APPLICATION OF STRATEGIC COST MANAGEMENT IN SOUTH AFRICAN STATE-OWNED ENTITIES Mchavi, Nyiko D.; Ngwakwe, Collins, C
Jurnal Bisnis dan Keuangan Vol 10 No 2 (2025): Business and Finance Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v10i2.6569

Abstract

This study investigates how awareness and skill influences the adoption of Strategic Cost Management (SCM) in South African State-Owned Enterprises (SOEs). Therefore, it explores the roles of awareness and skill in SCM application, and examines their impact on the decision to implement SCM. The paper applied a quantitative technique, and data was collected by using a survey questionnaire, which was distributed to officials of state owned entities. Data was analysed to determine if SOEs apply Strategic Cost Management (particularly TC and ABM), and if awareness and skill in usage of SCM affect commitment to apply it. The data was analysed by applying the ordinal regression model. Key findings reveal that while there is a general awareness of SCM among SOE employees, the level of skills and knowledge varies significantly. Moreover, the study demonstrates a strong correlation between awareness and skill in SCM and the decision to implement it. This, in turn, can lead to improved financial performance, increased efficiency, and greater accountability. The study provides valuable insights for policymakers and SOE management on strategies to enhance the adoption and impact of SCM in South Africa.
UNDERSTANDING WHY LEGENDARY RESTAURANTS IN BANDUNG HOLD A SPECIAL PLACE IN CONSUMERS' HEARTS Achmada, Aurora Yupita; Chan, Arianis; Tresna, Pratami Wulan
Jurnal Bisnis dan Keuangan Vol 10 No 2 (2025): Business and Finance Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v10i2.6930

Abstract

The emergence of new eateries with creative and contemporary approaches has made the culinary sector more competitive. Legendary eateries have proven resilient in the face of this, continuing to operate for decades or even centuries. These eateries offer a distinctive environment for understanding the elements that ensure their sustainability by fusing historical relevance with evolving customer tastes. A more thorough examination of these interactions in renowned restaurants is required, despite previous research emphasizing the significance of consumer experience, customer loyalty, and multichannel behavior. By examining the variables with the highest average ratings, such as customer experience, multichannel behavior, customer loyalty, and visit frequency, this study seeks to identify the critical success aspects of iconic restaurants in Bandung. We gathered data through questionnaires, interviews, and observations at four renowned restaurants, using a descriptive-quantitative methodology. The findings reveal that sensory comfort, emotional fulfillment, and transaction convenience strongly influence positive customer experiences. The simplicity of accessing information and the seamless transactions enabled by digital platforms support multichannel behavior. Product pleasure, intriguing experiences, and motivating interactions all increase customer loyalty. The majority of patrons show regular engagement by coming to the eateries once a month. In conclusion, iconic eateries in Bandung remain relevant by meeting customer demands, cultivating enduring relationships with patrons, and balancing their historical character with digital advances. T o obtain a more comprehensive understanding of cultural heritage preservation in the digital age, future studies should examine the long-term effects of these variables and broaden their geographic scope.
THE ROLE OF TOURISM IN CREATING MENTAL HEALTH AMONG GEN Z IN BATU Andini Sakti, Aileen; Satrya, I Dewa Gde
Jurnal Bisnis dan Keuangan Vol 10 No 2 (2025): Business and Finance Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v10i2.7178

Abstract

This study examines the role of tourism in improving mental health, with a focus on its impact on Generation Z in Batu. The COVID-19 pandemic, which has affected the world since early 2020, led to an increase in mental health issues across various groups, particularly among the younger generation. One of the responses to this situation was the growing awareness of the importance of "healing" or mental recovery, which encouraged individuals, especially Generation Z, to seek new ways of coping with stress and anxiety. One increasingly popular approach is traveling, which is believed to offer benefits for mental health. This study aims to explore whether traveling activities have a positive impact on mental health and how tourist destinations and Memorable Travel Experiences (MTE) can contribute to mental recovery. Batu was chosen as the research destination due to its variety of tourist attractions that promote relaxation and recreation. The research methodology used is qualitative, with in-depth interviews as the primary data collection method, as well as secondary data analysis in the form of documentation and interview recordings. The study focuses on the perspectives and experiences of Generation Z regarding traveling as a way to improve their mental health. Based on the findings, traveling activities can serve as an effective means to reduce stress, enhance emotional well-being, and provide individuals with an opportunity for mental recovery. Overall, the results of this study provide deeper insights into the mutually beneficial relationship between the tourism sector and mental health, particularly among Generation Z. Therefore, the tourism sector can play an important role in supporting the psychological well-being of the younger generation by creating experiences that contribute to their mental recovery process.
CONTRASTING FINANCIAL ECOSYSTEMS: A COMPARATIVE ANALYSIS OF LOAN DELINQUENCY'S DIVERGENT PATHWAYS TO HOUSEHOLD WELL-BEING IN BOTSWANA'S RESILIENCE AND ZIMBABWE'S VOLATILITY Musandipa, Costa; Nkala, Peter; Malunguza, Noble; Mbedzi, Edson
Jurnal Bisnis dan Keuangan Vol 10 No 2 (2025): Business and Finance Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v10i2.7746

Abstract

Households in many countries continue to experience historically low savings rates, rising loan delinquencies, and inadequate long-term financial planning, underscoring persistent concerns about household financial well-being (HFWB). Despite extensive scholarly attention, the relationship between loan delinquency and HFWB remains inconclusive due to inconsistent empirical findings and the broad conceptual scope of prior studies. Addressing this gap, the present study aims to examine the association between loan delinquency measured through non-performing loans (NPLs) and HFWB measured using human development indices in the contexts of Botswana and Zimbabwe. Employing a quantitative research design, the study applies Generalized Additive Models (GAMs) to capture potential non-linear dynamics between the variables. The results show that although economic growth substantially enhances HFWB, its benefits can be attenuated by rising loan delinquency. There are also counterintuitive findings, particularly the direct effect of NPLs on HFWB in Botswana, indicating the need for further qualitative investigation and refinement of HFWB metrics. These findings highlight the importance of strong institutions, effective regulatory frameworks, and proactive credit risk management in building financial resilience. The study offers policy recommendations for governments, financial institutions, and households to foster sustainable improvements in financial well-being.
TO COMPARE THE INFLATION HEDGING CAPABILITIES ACROSS THE JSE INDUSTRY STOCK RETURNS WHILE ACCOUNTING FOR INVESTOR SENTIMENT AND INTEREST RATES Naidoo, Deevarshan; Moores-Pitt, Peter; Muzindutsi, Paul-Francios
Jurnal Bisnis dan Keuangan Vol 10 No 2 (2025): Business and Finance Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v10i2.7853

Abstract

Rising energy and food prices, driven by the Russian-Ukrainian conflict, have pushed inflation to its highest levels in decades, exacerbated by supply chain disruptions stemming from the COVID-19 pandemic. In this context, diversifying investment portfolios to include assets that hedge against inflation is increasingly important. This study analysed South African data from 2007 to 2024, using ARDL and NARDL models, to examine the inflation-hedging capabilities of 10 sectoral stocks and the JSE All Share Index. The analysis captures the complex dynamics of market behaviour under inflationary pressure by looking at both symmetric and asymmetric long-run relationships between stock returns, inflation, interest rates, and investor sentiment. According to the Wald test, the results indicate that all sectors exhibit asymmetric long-run relationships, suggesting that changes in inflation, interest rates, and sentiment have varying effects on equity returns. In line with the Fisher hypothesis and the tax-augmented theory, industries like Consumer Discretionary, Consumer Staples, Financials, Industrials, Retail, Technology, and the JSE All-Share index as a whole serve as efficient inflation hedges during times of rising inflation. On the other hand, the market as a whole and the Basic Materials sector perform better during deflationary times, providing protection when inflation drops. However, the Healthcare industry responded significantly but negatively to both increasing and decreasing inflation, suggesting that it is ineffective as an inflation hedge in any scenario. Furthermore, there were insignificant inflation linkages in Consumer Services and Telecommunications. These results highlight the necessity of a state-contingent, sector-specific investment strategy that acknowledges the asymmetric nature of inflation's effect on equity returns in developing nations such as South Africa.
FEASIBILITY ANALYSIS OF THE ERGONOMIC PET HARNESS FASHION INDUSTRY REVIEW MARKET, VALUE, AND FINANCIAL ASPECTS Nasution, Anita Hakim; Baskara, Dominggo Bayu; Hidayat, Alifiansyah Arrizqy; Olivia, Tracy; Salsabila, Anindya Salwa; Mahfud, Rifqi Arif
Jurnal Bisnis dan Keuangan Vol 10 No 2 (2025): Business and Finance Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v10i2.7905

Abstract

This study aims to analyze the business feasibility of ergonomic pet harnesses in Indonesia from market, product value, and financial aspects. With the growing number of pet owners in Indonesia, pet harness products have become a crucial necessity for those who prioritize safety and comfort. This study utilizes capital budgeting methods, including Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period (PP) analysis, to assess financial feasibility. To achieve a return above the Minimum Attractive Rate of Return (MARR) of 13%, annual sales must target at least 2,119units at a price of Rp211,125 per unit, with sales growth of 10% per year. BirkinPet targets sales of 2,200 units per year, making this plan feasible, with a projected NPV of Rp72,175,425, an IRR of 32%, and a payback period in the 5th year. The study results show that the business is feasible with sales projections exceeding the minimum target. Recommendations include expanding the market through digital marketing strategies and enhancing product innovation.
TOWARDS SUSTAINABLE TOURISM: DESIGNING A SUSTAINABLE SUPPLY CHAIN STRATEGY FOR THE TOURISM INDUSTRY THROUGH THE INTEGRATION OF FUZZY AHP AND PLS-SEM Wardana, M. Azka Kesuma; Agustin, Maulina; Pandiangan, Camaro
Jurnal Bisnis dan Keuangan Vol 10 No 2 (2025): Business and Finance Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v10i2.8078

Abstract

This study examines the implementation strategy of Sustainable Supply Chain Management (SSCM) in the tourism industry by integrating economic, social, environmental, and institutional dimensions. The research aims to formulate data-driven strategic priorities. A quantitative approach using SEM-PLS was employed to analyze causal relationships, and Fuzzy AHP to rank sustainability priorities. Results indicate that environmental, social, and institutional sustainability positively affect SSCM, while economic sustainability has a negative influence. Fuzzy AHP ranks environmental sustainability as the top priority. The findings highlight the need for policy alignment, community involvement, and business commitment to build competitive and sustainable tourism destinations.
THE MEDIATING EFFECT OF FINANCIAL TECHNOLOGY USAGE ON THE INFLUENCE OF FINANCIAL LITERACY ON THE FINANCIAL BEHAVIOR OF GEN Z IN SURABAYA Sulistijono, Nur Ainina; Khusnah, Hidayatul
Jurnal Bisnis dan Keuangan Vol 10 No 2 (2025): Business and Finance Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v10i2.8107

Abstract

The rapid advancement of digitalization and the growing use of financial technology have created an urgent need for younger generations to possess adequate financial literacy to manage financial resources effectively. However, previous studies have shown inconsistent findings regarding the relationship between financial literacy, financial technology, and financial behavior, indicating a gap that requires deeper examination, particularly among Generation Z in urban settings. To address this gap, this study examines the mediating effect of financial technology on the relationship between financial literacy and financial behavior among Generation Z in Surabaya. The population comprises Gen Z individuals born between 1997 and 2012 residing in Surabaya, and a sample of 400 respondents was selected using purposive sampling with the Lemeshow formula. Data were collected using an online questionnaire distributed via Google Forms and analyzed using WarpPLS 8.0. The results reveal that financial literacy has a positive and significant influence on financial behavior and also significantly affects the use of financial technology; additionally, financial technology positively and significantly influences financial behavior and mediates the relationship between financial literacy and financial behavior. These findings contribute to the literature by clarifying the mediating role of financial technology and addressing inconsistencies reported in previous studies, while offering practical insights for educational institutions, fintech providers, and regulators on developing strategies to enhance financial literacy, promote optimal fintech use, and strengthen financial inclusion among Generation Z.

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