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INDONESIA
SULTANIST: Jurnal Manajemen dan Keuangan
ISSN : 23384328     EISSN : 26862646     DOI : 10.37403
Core Subject : Economy,
Jurnal ini merupakan jurnal manajemen karya ilmiah seleksi terbaik dan layak untuk dimuat yang dikelola oleh TIM STIE Sultan Agung Pematangsiantar. Jurnal terbit secara berkala pada bulan Juni dan Desember. Semoga Jurnal ini memberikan kontribusi dalam pengembangan ilmu pengetahuan dan memberi wawasan serta pemahaman baru bagi para pembaca, khususnya yang berhubungan dengan Akuntansi dan Manajemen.
Articles 308 Documents
THE POWER OF DIGITAL INFLUENCERS - HOW BRAND ENGAGEMENT AND EXPECTED VALUE DRIVE PURCHASE INTENTION ON SOCIAL MEDIA: CASE OF INDONESIA Muhammad Iffan; Umi Narimawati; Agus Riyanto
SULTANIST: Jurnal Manajemen dan Keuangan Vol. 14 No. 1 (2026)
Publisher : Sekolah Tinggi Ilmu Ekonomi Sultan Agung Pematangsiantar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37403/sultanist.v14i1.861

Abstract

The research aims to find out the influence of digital influencers on purchase intention through brand engagement and brand expected value on Instagram users. Validity and reliability tests as well as path analysis are used in this study. Instagram users who followed social media influencers were participants in the study. The data analysis methods used in this study are loading factor, AVE, cross-loading, and composite reliability tests. Data analysis results show that all variables have good validity and reliability, and the results of hypothetical testing show that digital influencers, brand engagement, and brand expected value have significant influence on purchase intention on Instagram users. This suggests that the digital influence can have positive chain effects, such as increasing consumer engagement with brands, creating expected value for brands, and encouraging customers' desire to buy products. It provides a deeper understanding of how influencer-based marketing strategies can impact consumer behavior related to e-commerce.
ANALYSIS OF THE INFLUENCE OF TRANSFORMATIONAL LEADERSHIP AND INNOVATION CULTURE ON EMPLOYEE PERFORMANCE WITH ORGANIZATIONAL COMMITMENT AS AN INTERVENING VARIABLE AT PT. ASIA SAKTI WAHID FOODS MANUFACTURES Herbert Angkasa; Darwin Lie; Hendry
SULTANIST: Jurnal Manajemen dan Keuangan Vol. 14 No. 1 (2026)
Publisher : Sekolah Tinggi Ilmu Ekonomi Sultan Agung Pematangsiantar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37403/sultanist.v14i1.870

Abstract

This study aims to analyze the influence of transformational leadership and innovation culture on employee performance, with organizational commitment as a mediating variable at PT Asia Sakti Wahid Foods Manufactures. The method used is quantitative with a SmartPLS-SEM approach involving 70 respondents. The results show that transformational leadership and innovation culture have a positive and significant effect on employee performance, both directly and indirectly through organizational commitment as a mediator. This study highlights the importance of implementing transformational leadership and strengthening innovation culture to enhance organizational commitment and optimize employee performance.
SOCIAL MEDIA MARKETING INTENSITY, BRAND AUTHENTICITY, AND ELECTRONIC WORD OF MOUTH AS PREDICTORS OF PURCHASE INTENTION OF PRODUCT BRANDS ON TIK TOK SHOP Emilia Septiani; Farida Farida; Rr. Chusnu Syarifa Diah Kusuma; Ighomereho O. Salome; Javad Karimi
SULTANIST: Jurnal Manajemen dan Keuangan Vol. 14 No. 1 (2026)
Publisher : Sekolah Tinggi Ilmu Ekonomi Sultan Agung Pematangsiantar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37403/sultanist.v14i1.873

Abstract

In the rapidly evolving social commerce landscape, particularly through the TikTok platform and its TikTok Shop feature, understanding the determinants of consumer purchase intentions is becoming increasingly crucial. Still, it reveals conceptual gaps stemming from research approaches that are often partial. Previous studies generally examine social media marketing, brand authenticity, or electronic word of mouth (e-Wom) separately, and thus have not been able to explain the simultaneous interaction among these variables within a single integrative framework. This research aims to comprehensively analyze the influence of social media marketing intensity, brand authenticity, and e-WOM on purchase intention. Using a quantitative approach with structural equation modelling–partial least squares (SEM-PLS) analysis, data were collected from 110 respondents in Indonesia who had experience interacting with TikTok Shop. The research results show that social media marketing intensity has a significant positive effect on brand authenticity and e-Wom, which, in turn, strongly increases Purchase Intention, with brand authenticity acting as a key mediator. These findings make theoretical contributions by integrating digital marketing constructs and consumer perceptions into a holistic predictive model, as well as practical implications for businesspeople in designing marketing strategies based on content intensity and brand authenticity. The novelty of this research lies in the simultaneous testing of three variables in the context of the TikTok Shop, a relatively unexplored area in the digital marketing literature.
THE INFLUENCE OF MOTIVATION, WORK ENVIRONMENT, AND TRAINING ON EMPLOYEE PERFORMANCE AT TUALANG REGIONAL GENERAL HOSPITAL (A CASE STUDY OF NON-PERMANENT STAFF AT TUALANG REGIONAL GENERAL HOSPITAL) Julius Orlando Simanjuntak; Rosa Amanda Saragih; Enia Tami br. Perangin-angin; Cut Fitri Rostina; Fauzi Fauzi
SULTANIST: Jurnal Manajemen dan Keuangan Vol. 14 No. 1 (2026)
Publisher : Sekolah Tinggi Ilmu Ekonomi Sultan Agung Pematangsiantar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37403/sultanist.v14i1.868

Abstract

Tualang Regional General Hospital (RSUD Tualang) is a government healthcare institution dedicated to providing primary, referral, and medical support services while consistently prioritizing social responsibility. As a public service facility, the hospital continuously endeavors to optimize its managerial roles, functions, and governance. Driven by the need to improve employee performance, this study aims to analyze the extent to which Motivation, Work Environment, and Training influence employee performance at Tualang Regional General Hospital. The entire population of 102 individuals was selected as the study sample using non-probability sampling via the saturation sampling method, ensuring that all contract employees were included as respondents. This study employs a quantitative approach, with data collection conducted through observation, interviews, distributed questionnaires, and a review of literature sourced from books and scientific journals. The research findings reveal that motivation and work environment, when considered individually, do not show a positive or significant influence on employee performance. On the other hand, training has a significant and positive influence on employee performance at Tualang Regional General Hospital. Meanwhile, the result of the determination coefficient test of 0.081 indicates that these three variables can only explain 8.1% of employee performance, while the majority of the variance is influenced by other factors outside the scope of this study. Keywords: Motivation, Work Environment, Training, Employee Performance
THE EFFECT OF HIGH PERFORMANCE WORK SYSTEM ON EMPLOYEE SERVICE PERFORMANCE AND OCB WITH RESILIENCE AS A MODERATOR VARIABLE IN PT PERKEBUNAN NUSANTARA III (PERSERO) MEDAN Salman Farisi; Yudi Siswadi; Jufrizen Jufrizen; Saidan Sany Lubis; Nurhayati Nurhayati
SULTANIST: Jurnal Manajemen dan Keuangan Vol. 14 No. 1 (2026)
Publisher : Sekolah Tinggi Ilmu Ekonomi Sultan Agung Pematangsiantar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37403/sultanist.v14i1.876

Abstract

The purpose of this research is to determine the influence of the High Performance Work System on Employee Service Performance and OCB with Resilience as a Moderator Variable at Pt Perkebunan Nusantara Iii (Persero) Medan, both directly and indirectly. This research uses a quantitative approach and statistical analysis, namely partial least squares – structural equestion model (PLSSEM) which aims to carry out path analysis with latent variables. The research results show that the High Performance Work System (HPWS) has a significant and influential effect on Employee Service Performance at PT Perkebunan Nusantara III (Persero) Medan. High Performance Work System (HPWS) has a significant and influential effect on Organizational Citizenship Behavior (OCB) at PT Perkebunan Nusantara III (Persero) Medan. High Performance Work System (HPWS) has a significant and influential effect on Resilience at PT Perkebunan Nusantara III (Persero) Medan. Resilience has a significant influence on Employee Service Performance at PT Perkebunan Nusantara III (Persero) Medan. Resilience has a significant and influential effect on Organizational Citizenship Behavior (OCB) at PT Perkebunan Nusantara III (Persero) Medan.
FINANCIAL PERFORMANCE OF REGIONAL GOVERNMENTS IN INDONESIA'S SPECIAL AUTONOMOUS REGIONS: A COMPARATIVE ANALYSIS FOR ENHANCING ACCOUNTABILITY AND WELFARE Mukhlis Suddin; Fitrian Rizky
SULTANIST: Jurnal Manajemen dan Keuangan Vol. 14 No. 1 (2026)
Publisher : Sekolah Tinggi Ilmu Ekonomi Sultan Agung Pematangsiantar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37403/sultanist.v14i1.877

Abstract

The objective of this study is to examine disparities in local government financial performance across three Indonesian provinces with special autonomy status, namely Aceh, Papua, and West Papua and their implications for accountability and public welfare. Adopting a quantitative approach, the research employs census sampling across 65 regencies/cities over the 2019–2022 period, yielding 260 observations. Financial performance was evaluated using five key ratios: local revenue effectiveness, expenditure efficiency, regional financial independence, degree of decentralization, and regional financial dependence. Data were analyzed using independent-samples difference tests. Results indicate no significant differences in local revenue effectiveness ratios, but significant differences in expenditure efficiency, financial independence, degree of decentralization, and financial dependence ratios. These findings affirm Aceh's superior fiscal independence and decentralization relative to Papua and West Papua, which continue to depend heavily on central transfers, including special autonomy funds. The study contributes empirically by elucidating how variations in financial performance can serve as mechanisms to enhance local government accountability and public welfare in special autonomy regions.
TALENT MANAGEMENT PRACTICES, INCLUSIVE LEADERSHIP, AND EMPOWERMENT CLIMATE AS DETERMINANT OF EMPLOYEE ENGAGEMENT OF STATE-OWNED ENTERPRISES (SOEs) Emi Wakhyuni; Trisnia Manggiasih; Pungky Eka Ratnasari; Hillary O. Odor; Oluwabusayo Olanrewaju Oni
SULTANIST: Jurnal Manajemen dan Keuangan Vol. 14 No. 1 (2026)
Publisher : Sekolah Tinggi Ilmu Ekonomi Sultan Agung Pematangsiantar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37403/sultanist.v14i1.879

Abstract

Abstract This research is motivated by the low level of employee engagement in State-Owned Enterprises (BUMN), which are often faced with bureaucratic rigidity and limitations in human resource management, while empirical studies that integrate talent management, inclusive leadership, and empowerment climate practices remain relatively limited. This study aims to comprehensively analyze the direct and simultaneous influence of these three variables on employee engagement. A quantitative approach was used, involving 160 BUMN employee respondents, and the data were analyzed using Structural Equation Modelling–Partial Least Squares (SEM-PLS). The research results show that talent management practices have a positive, significant effect on employee engagement by increasing competency development and talent retention, while inclusive leadership strengthens engagement by fostering an open, fair, and supportive work environment. In addition, the empowerment climate has been shown to act as a reinforcing mechanism, deepening the influence of these two variables on employee engagement. These findings make theoretical contributions by expanding the conceptual framework of employee engagement through the integration of inclusive leadership perspectives and an empowering climate, and practical contributions for BUMN managers in designing adaptive talent management strategies, inclusive leadership, and an empowering work environment to improve organizational performance sustainably.
ANALYSIS MODEL SERVANT LEADERSHIP, FLEXIBLE WORK ARRANGEMENTS, AND ORGANIZATIONAL CLIMATE IN PREDICTING EMPLOYEE RETENTION: CASE STUDY ON THE BANKING SECTOR Reina A. Hadikusumo; Raden Isma Anggraini; Yuliana Yuliana; Zain Ashfaq
SULTANIST: Jurnal Manajemen dan Keuangan Vol. 14 No. 1 (2026)
Publisher : Sekolah Tinggi Ilmu Ekonomi Sultan Agung Pematangsiantar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37403/sultanist.v14i1.884

Abstract

The high level of employee turnover in the banking sector amidst the dynamics of organizational transformation and changes in work patterns requires companies to develop more adaptive and sustainable retention strategies. Although various studies have identified factors that influence employee retention, studies that integrate servant leadership, flexible work arrangements, and organizational climate in one empirical model are still relatively limited, especially in the context of the banking industry. This research aims to analyze the influence of servant leadership, flexible work arrangements, and organizational climate on employee retention in the banking sector. The research used a quantitative approach with the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method, with 200 banking employees as respondents. The research results show that servant leadership has a positive and significant effect on employee retention through increasing employee trust, involvement and organizational commitment. Flexible work arrangements have been proven to improve work-life balance and job satisfaction which has an impact on increasing employee intentions to remain in the organization. Apart from that, a conducive organizational climate plays a significant role in strengthening employee loyalty and attachment to the company. Simultaneously, these three variables provide a substantive contribution in explaining employee retention in the banking sector. This research contributes theoretically in expanding the perspective of organizational behavior related to employee retention and provides practical implications for banking management in designing servant leadership, flexible work systems, and organizational climates that support the sustainability of human resources.
DETERMINING STOCK VALUE: RIGHT ISSUE AND CASH FLOW ANALYSIS (CASE STUDY ON COMPANIES LISTED ON THE LQ-45 OF THE INDONESIA STOCK EXCHANGE PERIOD 2021-2023) Pasaman Silaban; Stefany Yunita Putri Harianja; Frederick Saroha Silaban
SULTANIST: Jurnal Manajemen dan Keuangan Vol. 14 No. 1 (2026)
Publisher : Sekolah Tinggi Ilmu Ekonomi Sultan Agung Pematangsiantar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37403/sultanist.v14i1.891

Abstract

Study this aim for analyze influence rights issue and cash flow to mark shares in the incorporated companies in LQ45 index on the Indonesia Stock Exchange (IDX) for the 2021-2023 period. Rights issue is a company strategy in get additional capital through publishing share new, temporary cash flow reflect ability company for fulfil obligation term short and invest in opportunity growth liquidity companies that can influence investor confidence in mark share. Research methods used is approach quantitative with panel data regression. Research sample consists of the five companies that meet the requirements criteria purposive sampling. The data used is secondary data obtained from report finance companies listed on the Indonesia Stock Exchange. Data analysis techniques were carried out with the selected random effect regression model based on Chow test, Hausman test, and Lagrange multiplier test. The results of the study indicate that rights issues have a positive and significant effect on stock value. Cash flow also has a positive and significant effect on stock value. Simultaneously, rights issues and cash flow have a significant effect on stock value. Furthermore, a significant relationship was found between rights issues and cash flow. The adjusted R-Squared value is 62.97%, meaning that 62.97% of the variation in stock value can be explained by rights issues and cash flow, while the remainder is influenced by other factors not examined in this study. This research aims to provide implications for company management in making policies related to funding and liquidity management. For investors, the results of this study can be used as a consideration in assessing the impact of rights issues and the company's financial condition on their investment decisions.
UNDERSTANDING ONLINE PURCHASE INTENTION IN E-COMMERCE: THE MEDIATING ROLE OF CUSTOMER ENGAGEMENT BETWEEN OMNICHANNEL INTEGRATION AND INFLUENCER CREDIBILITY Deandra Vidyanata; Ni Putu Dyah Krismawintari; Rifka Utami Arofah; Lenny Dermawan Sembiring
SULTANIST: Jurnal Manajemen dan Keuangan Vol. 14 No. 1 (2026)
Publisher : Sekolah Tinggi Ilmu Ekonomi Sultan Agung Pematangsiantar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37403/sultanist.v14i1.893

Abstract

The rapid development of e-commerce and omnichannel strategies have changed digital consumer behavior significantly, but studies regarding the integration of digital channels and influencer credibility in shaping online purchase intentions still show conceptual inconsistencies, especially regarding the psychological mechanisms that bridge this relationship. This research aims to analyze the influence of omnichannel integration and influencer credibility on online purchase intention by placing customer engagement as a mediating variable. The research uses a quantitative approach through an online survey of 250 e-commerce users in Indonesia who were selected using a purposive sampling technique. Data analysis was carried out using Structural Equation Modeling–Partial Least Squares (SEM-PLS) to test direct and indirect relationships between variables. The research results show that omnichannel integration and influencer credibility have a positive and significant effect on customer engagement, which in turn increases online purchase intention substantially. Apart from that, customer engagement is proven to partially mediate the relationship between omnichannel integration and influencer credibility on online purchase intention. These findings strengthen the engagement-based consumer behavior perspective by integrating technological dimensions and social influence in the context of modern e-commerce. Practically, this research provides strategic implications for e-commerce players to optimize cross-channel integration and utilize credible influencers to increase customer engagement.