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Jurnal Wacana Ekonomi
Published by Universitas Garut
ISSN : 14125897     EISSN : 2715517X     DOI : -
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
Jurnal Wacana Ekonomi mengupas dan mendesiminasikan informasi ilmiah/ pengetahuan yang berkaitan dengan ilmu ekonomi sebagai ilmu yang mempelajari perilaku manusia dalam memilih dan menciptakan kemakmuran. Jurnal Wacana Ekonomi merupakan media komunikasi ilmiah dalam pengembangan dan penyebarluasan ilmu yang merupakan hasil-hasil penelitian, kajian, analisis, dan gagasan ilmiah dalam bidang ilmu ekonomi, akuntansi, manajemen, dan bisnis.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 272 Documents
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Analysis of the Role of Satisfaction in Mediating the Influence of Fastron Series Lubricant Products on Customer Loyalty Kushariyadi Kushariyadi
Jurnal Wacana Ekonomi Vol 25 No 02 (2026): Jurnal Wacana Ekonomi
Publisher : Fakultas Ekonomi Universitas Garut

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52434/jwe.v25i02.43406

Abstract

Business developments in the era of globalization have led to increasing competition in the national lubricant industry. This condition requires companies to be able to maintain and increase customer loyalty to the products offered. Customer loyalty can be formed when consumers feel satisfied after using the product, while satisfaction itself is largely influenced by consumer perceptions of product quality. In this study, this relationship is analyzed to determine the extent to which the quality of Fastron Series products influences customer loyalty with satisfaction as a mediating variable. The research method uses a quantitative approach with data processing through multiple linear regression using SPSS software. The data collection technique was carried out by distributing questionnaires to respondents using accidental sampling. The study population was Fastron Series product users at PT Pertamina Lubricants Marketing Operation Region (MOR) IV Semarang. The findings of this study are expected to provide a basis for consideration for companies in strategies to improve product quality and build customer loyalty.
From Fear of Missing Out to Healthy Lifestyle: Understanding Motivation and Decision-Making in Padel Participation Untung Eko Setyasari; Yanti Fadila Wahab; Anisa Desty Puspatriani; Rudi Kurniawan
Jurnal Wacana Ekonomi Vol 25 No 02 (2026): Jurnal Wacana Ekonomi
Publisher : Fakultas Ekonomi Universitas Garut

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52434/jwe.v25i02.43604

Abstract

Padel has rapidly emerged as one of the fastest-growing sports worldwide, including in Indonesia, where it has become increasingly associated with urban lifestyles, social interaction, and digital culture. This study aims to explore the motivations and decision-making processes underlying participation in padel, particularly in relation to healthy lifestyle orientation and Fear of Missing Out (FOMO). Using a qualitative case study approach, data were collected through in-depth interviews, observation, and documentation involving five participants from diverse occupational backgrounds. The data were analyzed thematically using Self-Determination Theory (SDT) and Consumer Behaviour Theory. The findings reveal that participation in padel is influenced by a combination of social, health, and lifestyle factors. FOMO, social media exposure, and peer influence serve as important triggers for initial participation, while sustained involvement is driven by enjoyment, health benefits, skill development, and social connectedness. The study also shows that participants gradually shift from externally driven motivations to more intrinsic forms of motivation. Furthermore, participation decisions are shaped not only by functional considerations but also by symbolic values related to identity, status, and social belonging. This study concludes that padel participation represents a dynamic interaction between FOMO, motivation, and behavioural decision-making, which may ultimately develop into a sustainable healthy lifestyle practice.  
Employee Ownership as a Corporate Governance Mechanism: Systematic Review of Agency Cost Implications in Capital Structure Theory Gilang Bhirawa Noraga; Arus Reka Prasetia; Widy Muchamad; Wufron Wufron
Jurnal Wacana Ekonomi Vol 25 No 02 (2026): Jurnal Wacana Ekonomi
Publisher : Fakultas Ekonomi Universitas Garut

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52434/jwe.v25i02.43643

Abstract

This systematic literature review synthesizes empirical evidence on the effects of employee ownership schemes on agency costs between shareholders and bondholders in publicly traded firms, identifies underlying causal mechanisms, and analyzes the implications for capital structure. The review follows the PRISMA 2020 guidelines, with a systematic search of the Scopus database. From 44 identified records, 11 studies passed the quality assessment; 8 of these provided sufficient empirical depth on the integrated employee ownership, agency cost, capital structure linkage and were retained for in-depth synthesis, while the remaining 3 studies are reported as supplementary evidence. Data were synthesized using narrative synthesis combined with thematic analysis and mechanism mapping. The included evidence is concentrated in the Chinese (50%) and French (37.5%) institutional contexts, with no studies from the United States, the United Kingdom, or other Anglo-Saxon markets captured by the search an explicit limitation that constrains external validity. The review reveals an asymmetric pattern: all 8 in-depth studies report that employee ownership consistently reduces equity agency costs through interest alignment, enhanced monitoring, and improved information quality, whereas the evidence on debt agency costs is moderate, context-dependent, and confined to two studies that document a curvilinear (U-shaped) relationship in which moderate levels reduce the cost of debt while excessive levels intensify bondholder concerns. Bondholder, shareholder conflict resolution itself remains substantially under-investigated; this gap is interpreted not as a defect of the review but as a substantive finding about the current state of the field. Employee ownership therefore functions as an effective governance mechanism for equity agency costs but requires careful calibration where bondholder protection is at stake. Critical research gaps were identified in the bondholder perspective, formal causal-mechanism testing, optimal ownership thresholds, long-term effects, and geographic representativeness, each of which is discussed as a priority for future inquiry.
Understanding Brand Switching Intention: The Role of Consumer Animosity, Religiosity, and Perceived Economic Risk Mediated by Customer Engagement Ahmad Rasyiddin; Maman Sulaeman; Diksi Metris; Sindi Elvira Sagita; Yoan Yolanda
Jurnal Wacana Ekonomi Vol 25 No 02 (2026): Jurnal Wacana Ekonomi
Publisher : Fakultas Ekonomi Universitas Garut

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52434/jwe.v25i02.43644

Abstract

Geopolitical conflicts have historically reshaped consumer behavior in profound ways, as powerfully evidenced by the widespread product boycotts observed in Muslim-majority countries following the escalation of the Middle East conflict in October 2023. This study examines how consumer animosity, Islamic religiosity, and perceived economic risk influence brand switching intention toward alternative products, with customer engagement as a mediating variable. Data were collected from 397 marketplace users in Indonesia via structured questionnaire and analyzed using PLS-SEM. All three independent variables significantly and positively influence both customer engagement and brand switching intention, with customer engagement partially mediating all three relationships. These findings offer two notable contributions: the empirical validation of customer engagement as a mediator across all three antecedents  a pathway not previously tested  and the Indonesian digital marketplace context, which provides an empirical anchor that existing literature has insufficiently addressed.
Apakah Praktik Berkelanjutan Meningkatkan Kinerja Keuangan? ESG sebagai Variabel Moderator bagi Profitabilitas dan Nilai Perusahaan Tedi Rustendi; Fransdito Ali Ilyas
Jurnal Wacana Ekonomi Vol 25 No 02 (2026): Jurnal Wacana Ekonomi
Publisher : Fakultas Ekonomi Universitas Garut

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52434/jwe.v25i02.43621

Abstract

This study examines the impact of profitability on firm value as well as the moderating role of Environmental, Social, and Governance (ESG) in commercial banks listed on the Indonesia Stock Exchange during 2023–2024. Profitability is measured by Return on Assets (ROA), while firm value is proxied by Tobin’s Q. The results show that banks generally exhibit healthy profitability, with KBMI-4 banks outperforming lower KBMI groups. Firm value is mostly categorized as fair, although KBMI-4 banks tend to be overvalued, reflecting strong market confidence. ESG implementation has been adopted but remains at a moderate level overall. Hypothesis testing indicates that profitability affects firm value. Additionally, ESG strengthens this relationship, suggesting that banks integrating ESG into their strategies has an advantage to strengthen long-term performance and stakeholder trust. These results emphasize ESG’s role as a strategic factor in increasing firm value beyond financial performance alone.  
Digital Marketing Strategy and Purchase Intention: A 7P Marketing Mix Approach to Enhancing Sales Performance of Bang Zack’s Chips MSME Deby Nofriansyah; Muhammad Irwan Padli Nasution; Nurbaiti Nurbaiti
Jurnal Wacana Ekonomi Vol 25 No 02 (2026): Jurnal Wacana Ekonomi
Publisher : Fakultas Ekonomi Universitas Garut

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52434/jwe.v25i02.43641

Abstract

The rapid growth of digital technology has fundamentally changed consumer purchasing behavior in the Indonesian snack food industry, creating both opportunities and challenges for micro, small, and medium enterprises (MSMEs). This study aims to analyze the implementation of digital marketing strategies based on the 7P Marketing Mix framework (Booms & Bitner, 1981) and its impact on purchase intention and sales performance of Kripik Bang Zack, an MSME producing chips. This study uses a qualitative descriptive method with in-depth interviews with 5 key informants, consisting of the business owner, 2 employees, and 2 loyal customers, selected through purposive sampling. Data were analyzed using the Miles and Huberman interactive model, which includes data reduction, data display, and conclusion drawing. The findings show three main contributions: (1) Instagram and TikTok-based content marketing, as the most influential digital strategy, drove an approximately 73% increase in online sales over 12 months (from 300 to 520 units/month); (2) active customer engagement through social media strengthened brand loyalty and extended market reach beyond the local area, as evidenced by a growing proportion of non-local buyers; and (3) the integrated application of all 7P elements particularly the Promotion and Process dimensions was identified as the most critical factor in sustaining purchase intention among digitally active consumers. This study contributes to the limited literature on the implementation of digital marketing among Indonesian food MSMEs, offering a replicable strategic framework for similar small businesses looking to improve their digital sales performance.
Financial Distress Prediction Model in Indonesian State-Owned Enterprises (SOEs) Budianto Budianto; Doddy Setiawan
Jurnal Wacana Ekonomi Vol 25 No 1 (2025): Jurnal Wacana Ekonomi
Publisher : Fakultas Ekonomi Universitas Garut

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52434/jwe.v25i1.44057

Abstract

This paper aims to test the capacity of financial distress model using financial variables (liquidity, cash flow operation, leverage, gross profit margin, return on asset), and non-financial variables (going concern opinion, audit report lag, opinion shopping, additional paid-in capital, subsidies). This study uses 7 years of panel data with a total of 350 observations. The model developed, namely Model 1 (financial variables), Model 2 (non-financial variables), and Model 3 (financial and non-financial variables). Finally, Model 4 (financial and non-financial variables in listed SOEs; and Model 5 (financial and non-financial variables in non-listed SOEs). Data analysis used ordinal logistic regression, where the dependent variable used Altman Z-score. The model’s results prove that the predictive ability of Model 1 is better than Model 2. Likewise, the predictive ability of Model 3 is better than Model 1, and Model 2 predictive ability of Model 4 is better than Model 5. Empirical evidence shows that the variables that are consistently significant across Models (1,2,3,4,5) are Leverage, Gross Profit Margin, and ROA. Meanwhile, the model with the highest prediction accuracy value is Model 4. Financial distress prediction could indeed supervise which businesses have the strongest capital adequacy and which are giving up their ability to compete and are consequently in danger.
Determinant Factors Affecting the Interest of Gojek Drivers in Using BPJS Ketenagakerjaan in Medan City Lamsina Harahap; Sri Ramadhani; Fauzi Arif Lubis
Jurnal Wacana Ekonomi Vol 25 No 3 (2026): Jurnal Wacana Ekonomi
Publisher : Fakultas Ekonomi Universitas Garut

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52434/jwe.v25i3.43623

Abstract

The development of the digital economy has driven an increase in the number of informal sector workers who rely on applications, including Gojek drivers who face quite high occupational risks. BPJS Ketenagakerjaan is present as a form of social protection for informal workers, but the participation rate of Gojek drivers in Medan City is still relatively low. This study aims to analyze the influence of income, contribution price, information, and service quality, both partially and simultaneously, on Gojek drivers' interest in joining BPJS Ketenagakerjaan. This study uses a quantitative approach with an explanatory research design. Data were obtained through questionnaires to 100 Gojek drivers in Medan City who are not yet BPJS Ketenagakerjaan participants using a purposive sampling technique. Data analysis was performed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) through the SmartPLS 4.0 application. The results show that income, price, information, and service quality have a positive and significant effect on Gojek drivers' interest in joining BPJS Ketenagakerjaan. The information variable is the most dominant factor, followed by service quality, income, and contribution price. These findings indicate that increasing participation among informal workers is not solely influenced by economic factors, but also by access to information and the quality of services provided. This research is expected to serve as a reference for BPJS Ketenagakerjaan, local governments, and digital platform companies in formulating outreach strategies and improving services to expand social protection coverage for informal workers.
Enhancing Innovative Work Behavior Through High-Involvement HRM Practices and Knowledge Management Capability Mar’atus Sholikah; Anni Safitri; Kusuma Wijaya; Kresna Rahma Aji
Jurnal Wacana Ekonomi Vol 25 No 02 (2026): Jurnal Wacana Ekonomi
Publisher : Fakultas Ekonomi Universitas Garut

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52434/jwe.v25i02.43625

Abstract

High-Involvement Human Resource Management (HI-HRM) has been recognized as an important driver of employee innovation; however, the mechanism through which it influences Innovative Work Behavior (IWB) remains underexplored. This study examines the mediating role of Knowledge Management Capability (KMC) in the relationship between HI-HRM and IWB among workers in the MSME and industrial sectors in Jepara Regency, Indonesia. This study employed a quantitative approach using Partial Least Squares Structural Equation Modeling (SEM-PLS). Data were collected from 132 workers in the MSME and industrial sectors through purposive sampling. The structural model demonstrated substantial explanatory power, with R² values of 0.734 for IWB and 0.600 for KMC. The results indicate that HI-HRM has a significant positive effect on KMC (β = 0.775; p < 0.001) and IWB (β = 0.455; p < 0.001). KMC also has a significant positive effect on IWB (β = 0.454; p < 0.001). Furthermore, KMC partially mediates the relationship between HI-HRM and IWB (β = 0.352; p < 0.001), highlighting the importance of knowledge management capability in translating HRM practices into innovative employee behavior. These findings support the Resource-Based View (RBV) and Dynamic Capability Theory by demonstrating that KMC functions as a strategic capability linking human resource management practices and innovation outcomes. The study suggests that organizations should strengthen knowledge management systems and implement high-involvement HRM practices to enhance sustainable innovation and competitiveness.
Product Scarcity Appeals, Social Media Promotion, and Impulse Buying: Evidence from Cadbury ENHYPEN Edition Amelia Resa Salsabila; Arus Reka Prasetia
Jurnal Wacana Ekonomi Vol 25 No 3 (2026): Jurnal Wacana Ekonomi
Publisher : Fakultas Ekonomi Universitas Garut

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52434/jwe.v25i3.43673

Abstract

Limited edition collaborations between fast-moving consumer goods brands and K-pop idols have reshaped how young consumers respond to scarcity cues and digital promotional content. This study examines the influence of product scarcity appeals and social media promotion on impulse buying toward Cadbury ENHYPEN Edition among K-pop consumers in Bandung. Using a quantitative survey design, primary data were collected through a structured questionnaire from respondents selected through purposive sampling. The data were analyzed using multiple linear regression after instrument quality and classical assumption testing. The findings show that product scarcity appeals have a positive and significant relationship with impulse buying. Social media promotion also has a positive and significant relationship with impulse buying and emerges as the stronger predictor in the regression model. Jointly, both predictors explain 67.2 percent of the variance in impulse buying. The Stimulus-Organism-Response framework is used as an interpretive lens rather than a fully tested model because internal psychological states were not measured directly and no mediation pathway was examined. The study contributes to consumer behavior literature by integrating scarcity appeals, social media promotion, and fandom-based symbolic consumption in a limited edition FMCG context.

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