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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.
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Articles 228 Documents
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FINTECH-BASED LENDING PLATFORM AWARENESS FRAMEWORK FOR MICROBUSINESS OWNERS IN NAGA CITY Alexander Dimaculangan
Jurnal Bisnis dan Keuangan Vol 11 No 1 (2026): Business and Finance Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v11i1.8575

Abstract

This study investigated the adoption of financial technology (FinTech) lending platforms among microbusiness owners in Naga City, Philippines. Specifically, it determined the FinTech lending platforms adopted, in terms of provider choice, usage extent, and perceived loan characteristics; the factors influencing adoption; the challenges encountered; and the development of an awareness framework to support informed adoption. A mixed-method research design was employed, combining quantitative survey data and qualitative insights from open-ended responses. A total of 100 microbusiness owners who had applied for or received FinTech loans within the past 24 months were selected using quota sampling to ensure representation across business types and operational profiles. The findings showed that microbusiness owners selectively adopted FinTech lending platforms, but once adopted, they used these platforms extensively for essential financing activities. Usability emerged as the most influential adoption factor, and financial challenges were identified as the most significant challenge. The thematic analysis revealed persistent confusion about interest computation, loan terms, data privacy, and repayment policies, along with a strong demand for clearer explanations and educational support. Based on these findings, a FinTech awareness framework was developed to address identified knowledge gaps and support informed use of FinTech lending platforms. The study concluded that while FinTech lending platforms provide accessible financing options for microbusiness owners, effective adoption depends on clarity, trust, usability, and targeted financial education. The results contribute localized empirical evidence to the literature on digital financial inclusion and offer practical guidance for FinTech providers, policymakers, and microbusiness stakeholders.
7P MARKETING STRATEGY DESIGN IN AN EFFORT TO INCREASE SALES IN SPA SERVICES: A CASE STUDY AT FRESHMINT SPA LAMONGAN Marita Nur Achmad; Wirawan Endro Dwi Radianto
Jurnal Bisnis dan Keuangan Vol 11 No 1 (2026): Business and Finance Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v11i1.8504

Abstract

This study aims to design a 7P marketing strategy (Product, Price, Place, Promotion, People, Process, and Physical Evidence) to increase sales performance at Freshmint Spa Lamongan. The research is motivated by the growing competition in the local spa industry and the fluctuation in customer visits that affects business revenue. Using a qualitative approach with a constructivist paradigm and a case study method, data were collected through in-depth interviews, field observations, and documentation key informants including the owner, employees (therapists), and customers of Freshmint Spa. The data were analyzed through reduction, presentation, and inductive conclusion drawing. The results indicate that the integrated implementation of the 7P marketing mix can enhance competitiveness and strengthen positive customer perceptions of Freshmint Spa's services. The elements of promotion, people, and physical evidence have the most significant influence on increasing visit frequency and customer loyalty, while process and product play a crucial role in maintaining consistent service quality. The proposed strategy design is expected to serve as a guideline for Freshmint Spa in developing customer-oriented marketing efforts and as a practical reference for similar spa businesses to improve their sales performance sustainably.
THE INFLUENCE OF HUMAN RESOURCE POLICIES AND PRACTICES ON JOB PERFORMANCE OF GEN Z MEDIATED BY PERCEIVED ORGANIZATIONAL SUPPORT Firmansyah Romadhoni; Reny Nadlifatin
Jurnal Bisnis dan Keuangan Vol 11 No 1 (2026): Business and Finance Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v11i1.8541

Abstract

This study investigates the influence of Human Resource (HR) policies and practices on Generation Z’s job performance within the manufacturing sector under significant economic pressure, using Social Exchange Theory (SET) as the guiding framework. A quantitative research design was employed, collecting data from 150 Generation Z workers in Pasuruan Regency's labor-intensive sub-sectors, with data analyzed via Partial Least Squares Structural Equation Modeling (PLS-SEM) and validated through HTMT for discriminant validity, alongside SRMR and Q2 for structural integrity and predictive relevance. The empirical results reveal that while Compensation & Benefits and Equality & Diversity significantly enhance job performance, factors such as Training & Development, Career Development, and Reward & Recognition show no significant effects in this constrained context. Furthermore, Perceived Organizational Support (POS) was confirmed as a critical psychological mediator in these relationships. These findings imply that during economic distress, firms should prioritize basic rights and inclusive environments over long-term development programs to sustain productivity. This study contributes to the SET literature by identifying boundary conditions for the norm of reciprocity and offering unique insights into how non-financial social investments drive performance among Generation Z during economic contraction.
HOW LOGISTICS COST DRIVES SATISFACTION AND CONTINUOUS-USE INTENTION IN E-COMMERCE Jeffry Richie Kho; Erna Andajani; Prita Ayu Kusumawardhany
Jurnal Bisnis dan Keuangan Vol 11 No 1 (2026): Business and Finance Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v11i1.8641

Abstract

The rapid growth of e-commerce volume in Indonesia has led consumers to demand logistics service providers that are fast, efficient, and high in quality. This phenomenon creates challenges in logistics cost management, which can influence customer satisfaction and their intention to continue using the service. This study analyses how logistics cost management influences customer satisfaction, which has a long-term impact on customers’ continuous-use intention logistics services in the e-commerce context. This research collected online survey data from 191 active online sellers across various e-commerce platforms in Indonesia and was analysed using the PLS-SEM method with SmartPLS 4 software. The results show that cost has a significant positive effect on service quality, technology usage, transportation time, and product condition. In addition, technology usage, transportation time, and product condition are also found to have a significant positive effect on customer satisfaction. However, service quality does not have a significant effect on customer satisfaction. Furthermore, customer satisfaction has a significant positive effect on continuous-use intention, confirming that customer satisfaction is a key factor in fostering customer loyalty and encouraging repeated use of the same logistics services. These findings highlight the importance of cost efficiency, technological adoption, delivery speed, and optimal product condition in strengthening business competitiveness and customer retention in the e-commerce industry. This study contributes theoretically and extends the academic literature on the importance of cost management in logistics services to maintain business sustainability, particularly in the e-commerce sector.
CO-CREATION ACTIVITIES AND SUSTAINABILITY PERFORMANCE OF SMES: AN ESG PERSPECTIVE Paskalis Dio Bramantyo; Christina Whidya Utami; Purwoko Purwoko
Jurnal Bisnis dan Keuangan Vol 11 No 1 (2026): Business and Finance Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v11i1.8529

Abstract

Global pressure on sustainability and ESG demands, as well as changing consumer preferences, are encouraging MSMEs to adopt more collaborative and sustainable business strategies. One of the increasingly relevant approaches is co-creation activities, where MSMEs involve customers and stakeholders in the process of creating value. However, empirical evidence on how co-creation activities increase the sustainability performance of MSMEs through a strategic mechanism remains limited, particularly in the food and beverage (FnB) sector. This study aims to analyze the influence of co-creation activities on the sustainability performance of MSMEs with the role of mediation of green innovation and stakeholder engagement from an ESG perspective. Research uses a quantitative approach with Structural Equation Modeling (SEM) analysis. The research sample consists of 120 FnB MSMEs in East Java (Surabaya, Malang, Mojokerto, Jember, and Banyuwangi) selected using purposive sampling based on criteria for implementation practice sustainability. Research results show that co-creation activities positively influence green innovation and stakeholder engagement, thereby increasing sustainability performance. Findings: This confirms that collaboration marks not only a marketing strategy but also a strategic mechanism for strengthening the performance of ESG-based MSME sustainability.
EMPLOYER BRANDING STRATEGY FOR TECHNOLOGY TALENT ACQUISITION AMONG GENERATION Z IN COOPERATIVES Sekar Widyasari Putri; N. Azizia Gia Mutiara Sari; Bambang Agus Sumantri; Candraningrat Candraningrat
Jurnal Bisnis dan Keuangan Vol 11 No 1 (2026): Business and Finance Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v11i1.8610

Abstract

This research begins with the disruptive phenomenon of digitalization and the changing characteristics of the workforce. This phenomenon has resulted in a war of talent. Organizations are competing to recruit talent who have mastery of technology to accelerate technological adaptation within the organization. The purpose of this research is to identify the ideal employer branding model to implement to help Cooperatives attract top talent and accelerate technological adaptation. The novelty of this research lies in the application of employer branding to the talent acquisition process for digital natives, namely Generation Z, in Cooperatives. An exploratory qualitative approach was used to identify the ideal employer branding model for Cooperatives to acquire Generation Z talent. Qualitative data were obtained from in-depth interviews with cooperative leaders, employer branding experts, and Generation Z. This research contributes to talent management at the talent acquisition stage. The results of the study. This study proposes the CARES (Collective Purpose, Active Participation, Real Experience, Empowering Growth, Sustained Belonging) framework as a cooperative employer branding model that is relevant to the characteristics of Generation Z. The CARES framework positions employer branding not merely as a recruitment tool, but as a strategic mechanism to build value alignment, long- term engagement, and the regeneration of cooperative talent. With this approach, cooperatives have the potential to position themselves as an alternative workplace that is meaningful, participatory, and sustainable amidst the dynamics of the digital labor market.
Portfolio Optimization by Mean-Variance-Kullback-Leibler Divergence measure using the AR-GJR-GARCH Filtration: Optimization by Mean-Variance-Kullback-Leibler Divergence measure Léon Mishindo Mbucici; John W. Muteba Mwamba Mwamba; Jules Clement Mba
Jurnal Bisnis dan Keuangan Vol 11 No 1 (2026): Business and Finance Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v11i1.8532

Abstract

The classical Markowitz Mean-Variance optimization framework remains foundational but is often criticized for its sensitivity to estimation error and assumption of normality, leading to poorly diversified and non-robust portfolios. We propose a novel hybrid framework that integrates the Kullback-Leibler divergence measure into the mean-variance objective, regularizing the solution towards an investor-defined target distribution. This paper presents an analytical approach to portfolio optimization by integrating the classical mean-variance framework with the Kullback-Leibler (KL) divergence measure. While the mean-variance method, pioneered by Markowitz, seeks to balance expected return and risk (as measured by variance), it often assumes perfect knowledge of asset return distributions. We utilize AR-GJR-GARCH models to estimate and forecast volatility on all asset returns. To address model uncertainty and distributional robustness, we investigate the KL divergence as a regularization term, penalizing deviations from a reference distribution. This fusion results in a robust optimization framework that accounts for uncertainty in the estimated parameters. We derive closed-form solutions under certain assumptions and explore the impact of the divergence parameter on the efficient frontier. The proposed method enhances stability and reliability in portfolio allocation, particularly in data-scarce or high-volatility environments. Empirical results across global markets show that our Mean-KL (M-KL) model achieves superior diversification and higher absolute returns, though with higher volatility, demonstrating a compelling trade-off for target-oriented investors.
INTELLECTUAL CAPITAL AND EXPERIENCE INNOVATION AS CATALYSTS FOR VALUE CO-CREATION: EMPIRICAL EVIDENCE FROM MARRIOTT INTERNATIONAL INDONESIA Ellen Lawrencia Yahya; Sugiarto; Tonny Hendratono; Denis Fidita Karya; Adrie Oktavio
Jurnal Bisnis dan Keuangan Vol 11 No 1 (2026): Business and Finance Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v11i1.8736

Abstract

This study examines the role of experience innovation and intellectual capital in driving value co-creation in luxury hospitality, focusing on Marriott International properties in Indonesia. Grounded in Service-Dominant (S-D) Logic, the research explores both direct and indirect relationships, with actor engagement—at individual, dyadic, and network levels—positioned as a mediating construct. A quantitative approach was applied using data from 92 hotel guests who had stayed at Marriott properties within the past year, analyzed through PLS-SEM. The findings indicate that intellectual capital and experience innovation act as the dual engines of Marriott’s value creation, with intellectual capital as the direct value enabler and experience innovation as the engagement stimulus, activating the dyadic bridge in which the guest and the staff co-produce a meaningful stay. These results highlight that a combination of organizational capabilities and direct service interactions drives value co-creation in luxury hotels. Practically, this research provides luxury hospitality managers with an actionable blueprint to elevate guest experiences by simultaneously investing in staff expertise and designing highly interactive, innovative service encounters. By leveraging both organizational capitals and direct guest-staff engagement, hotels can effectively transform standard stays into deeply memorable, co-created value.

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