Journal of Enterprise and Development (JED)
The Journal of Enterprise and Development (JED) is published by the Faculty of Islamic Economics and Business, Mataram Islamic State University. The scope of JED includes tourism, finance, economics, business and entrepreneurship. JED focuses on theoretical and applied research from all fields in tourism, finance, economics, business and entrepreneurial studies.
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<![CDATA[Drivers of Mobile Game Addiction and Its Impact on Game Loyalty and In-App Purchase Intention Among Gen-Z in Indonesia ]]>
<![CDATA[Airlangga, Miftah Mahardhika]]>;
<![CDATA[Alfansi, Lizar]]>
<![CDATA[ Journal of Enterprise and Development (JED) Vol. 7 No. 2 (2025) ]]>
Publisher : <![CDATA[Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram ]]>
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DOI: 10.20414/jed.v7i2.13120
<![CDATA[Purpose: This study aims to analyze the influence of flow experience, escapism, and playfulness on mobile game addiction, and to examine how mobile game addiction affects game loyalty and in-app purchase intention among Generation Z in Indonesia.Method: A quantitative research design was employed. Data were collected through an online questionnaire distributed to 210 respondents. The data were analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS) with SmartPLS 4 software.Result: The results show that flow experience and escapism significantly and positively influence game addiction. In contrast, playfulness has a significant negative effect, suggesting that enjoyment alone does not necessarily lead to addictive behavior. Game addiction positively influences both game Loyalty and in-app purchase intention. However, game loyalty does not have a significant effect on in-app purchase intention.Practical Implications for Economic Growth and Development: These findings offer valuable insights for mobile game developers seeking to enhance user engagement and revenue. By leveraging flow experience and escapism, developers can increase both addiction tendencies and in-app spending. This approach contributes to the growth of Indonesia’s digital economy through strategic monetization.Originality/Value: This study adds to the limited body of research examining psychological drivers of game addiction and their economic implications within the context of Generation Z in a developing digital market.]]>
<![CDATA[Scroll, Click, Checkout: Does Visual Appeal Take Women's Attention to Buy Impulsively? ]]>
<![CDATA[Hayati, Emirah]]>;
<![CDATA[Salim, Muhartini]]>
<![CDATA[ Journal of Enterprise and Development (JED) Vol. 7 No. 2 (2025) ]]>
Publisher : <![CDATA[Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram ]]>
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DOI: 10.20414/jed.v7i2.13159
<![CDATA[Purpose: This study investigates how visual appeal in e-commerce influences impulse buying among women, with browsing behavior as a mediating factor. It explores how the appearance of e-commerce applications facilitates both hedonic and utilitarian browsing, which may lead to impulse buying.Method: This study used a quantitative approach by distributing online questionnaires via Google Forms through social media. The sample included 170 Gen Z and Millennial women aged 17–44 years who use Shopee in Indonesia. We analyzed the data using Structural Equation Modeling with the Partial Least Squares (PLS-SEM) method in SmartPLS4.Result: The results show that visual appeal significantly influences both hedonic and utilitarian browsing. Only hedonic browsing directly drives impulse buying. Visual appeal and utilitarian browsing do not significantly affect impulse buying. Moreover, hedonic browsing fully mediates the effect of visual appeal on impulse buying, while utilitarian browsing does not act as a significant mediator.Practical Implications for Economic Growth and Development: This study emphasizes the importance of visual design in e-commerce platforms. Appealing visuals enhance users' enjoyment during hedonic browsing, increasing the chance of impulse buying. By creating engaging visual experiences, developers and sellers can foster user satisfaction, loyalty, and sales growth.Originality/Value: This study offers new insights by focusing on Gen Z and Millennial women in Indonesia—an underrepresented group in e-commerce research. It also clarifies the distinct mediating roles of hedonic and utilitarian browsing in the relationship between visual appeal and impulse buying.]]>
<![CDATA[Nexus between Financial Performance and Stock Prices during the COVID-19: Evidence from Indonesian Islamic Banks ]]>
<![CDATA[Rahmawati, Naili]]>;
<![CDATA[Azizoma, Rusman]]>;
<![CDATA[Aminy, Muhammad Muhajir]]>;
<![CDATA[Pratiwi, Bintang]]>;
<![CDATA[Rooly, Mohamed Saleem Ahamed Riyad]]>
<![CDATA[ Journal of Enterprise and Development (JED) Vol. 7 No. 2 (2025) ]]>
Publisher : <![CDATA[Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram ]]>
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DOI: 10.20414/jed.v7i2.13166
<![CDATA[Purpose: This study analyzes the impact of Return on Assets (ROA), Return on Equity (ROE), and Earnings Per Share (EPS) on the stock prices of Islamic banking companies listed on the Indonesian Stock Exchange during the COVID-19 pandemic (2020–2021), aiming to understand how key financial metrics influence stock valuations during economic uncertainty.Method: Using a quantitative approach, panel data regression analysis was conducted on a purposively selected sample of Islamic banking companies. The study assessed both individual and joint effects of ROA, ROE, and EPS on stock prices.Result: The results reveal that ROA, ROE, and EPS significantly affect stock prices, both individually and collectively. This indicates that profitability and earnings performance remain critical to market valuation even during crisis periods.Practical Implications for Economic Growth and Development: Findings offer practical value for investors and analysts using financial ratios to guide investment decisions. Bank managers can enhance shareholder value by improving these indicators, while policymakers may use the results to support the resilience of Islamic banking during economic disruptions.Originality/Value: This study contributes to the limited research on Islamic banking performance in crisis contexts by highlighting the continued relevance of fundamental financial indicators in influencing stock prices during the COVID-19 pandemic in an emerging market setting.]]>
<![CDATA[Do Green Marketing and Perceived Value Impact Cosmetics Purchase Decisions? The Role of Brand Image as a Mediator ]]>
<![CDATA[Fadilah, Salsa Jihan]]>;
<![CDATA[Salim, Muhartini]]>
<![CDATA[ Journal of Enterprise and Development (JED) Vol. 7 No. 2 (2025) ]]>
Publisher : <![CDATA[Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram ]]>
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DOI: 10.20414/jed.v7i2.13176
<![CDATA[Purpose: This study analyzes how the cosmetic industry in Indonesia applies green marketing strategies responsibly. It also investigates how brand image mediates the relationship between green marketing, perceived value, and purchase decisions.Method: We employed a quantitative research methodology, using purposive sampling to recruit 200 participants who were familiar with Avoskin products. Data were collected through online questionnaires distributed via social media platforms. To analyze the relationships among the study variables, we applied SEM-PLS approach.Result: Our findings indicate that both green marketing and perceived value exert significant and positive influences on consumers' purchase decisions. Furthermore, we found that brand image functions as a mediating variable, enhancing the effects of green marketing and perceived value on purchasing behavior. A strong brand image amplifies the impact of environmentally friendly marketing efforts and consumers' value perceptions, thereby reinforcing their likelihood of making a purchase.Practical Implications for Economic Growth and Development: This research shows that environmentally friendly marketing strategies in the cosmetics sector can drive sustainable economic development by boosting product competitiveness, fostering green innovation, and aligning with consumer preferences.Originality/Value: The originality of our research lies in the inclusion of perceived value as a critical yet underexplored factor in the context of green marketing. By highlighting its role—alongside brand image—in shaping purchase decisions, this study offers novel insights into consumer behavior in the Indonesian cosmetics market.]]>
<![CDATA[Do Emotions Matter? Positive Emotions as a Mediator Between Gamification, Discounts, and Impulse Buying Among Gen Z ]]>
<![CDATA[Ratuliu, Tara]]>;
<![CDATA[Hayu, Rina Suthia]]>
<![CDATA[ Journal of Enterprise and Development (JED) Vol. 7 No. 2 (2025) ]]>
Publisher : <![CDATA[Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram ]]>
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DOI: 10.20414/jed.v7i2.13182
<![CDATA[Purpose: This study examines the influence of gamification and price discounts on impulse purchases among Generation Z, with positive emotions as a mediating variable.Method: A quantitative approach was employed, using primary data collected through an online questionnaire distributed via social media. The sample consists of 258 Gen Z Shopee users across Indonesia. Data were analyzed using SEM-PLS with SmartPLS version 4.0.Result: Gamification significantly influences both positive emotions and impulse buying behavior. Price discounts significantly affect positive emotions but not impulse buying directly. Positive emotions have a significant impact on impulse buying and mediate the relationship between price discounts and impulse purchases. However, they do not mediate the effect of gamification on impulse buying.Practical Implications for Economic Growth and Development: The study highlights how gamification and discount strategies that evoke positive emotions can increase impulse purchases among Gen Z in e-commerce. This can enhance transaction volumes and contribute to digital economic growth. The findings offer practical insights for e-commerce businesses seeking to influence consumer behavior.Originality/Value: This study contributes original insights by identifying positive emotions as a key mediator in the relationship between gamification, discounts, and impulse buying in Gen Z. It uncovers how gamified elements—such as challenges and rewards—stimulate emotional responses that lead to impulsive purchasing, enriching the digital marketing literature within emotion-driven e-commerce contexts.]]>
<![CDATA[Linking Favoritism and Work Pressure to Turnover Intention: The Mediating Role of Job Satisfaction in the Outsourcing Industry ]]>
<![CDATA[Shaputra, Randi Dwi]]>;
<![CDATA[Praningrum, Praningrum]]>
<![CDATA[ Journal of Enterprise and Development (JED) Vol. 7 No. 2 (2025) ]]>
Publisher : <![CDATA[Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram ]]>
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DOI: 10.20414/jed.v7i2.13192
<![CDATA[Purpose: This study aims to analyze the impact of favoritism and work pressure on turnover intention, with job satisfaction as a mediating variable in the outsourcing industry.Method: This research employs a quantitative approach, using data collected through both offline and online questionnaires distributed to 119 outsourcing employees at PT Kinarya Selaras Solusi. The data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 4 software.Result: The findings indicate that favoritism and work pressure have a significant positive effect on employee turnover intention, while job satisfaction has a significant negative effect. Additionally, favoritism and work pressure significantly and negatively affect job satisfaction. Job satisfaction serves as a mediating variable by reducing the impact of favoritism and work pressure on turnover intention.Practical Implications for Economic Growth and Development: These findings offer insights for outsourcing companies seeking to reduce employee turnover. By addressing issues related to favoritism and work pressure, companies can enhance job satisfaction and lower turnover rates, thereby contributing to economic growth through increased workforce stability and efficiency in Indonesia’s outsourcing sector.Originality/Value: This study provides original value by integrating favoritism, work pressure, job satisfaction, and turnover intention into a single research model within the context of Indonesia’s outsourcing industry—an area that has received limited academic attention despite its high employee turnover rates.]]>
<![CDATA[Augmented Reality, Customer Experience, and Repurchase Intention in the Cosmetic Products: Exploring the Mediating Role of Customer Satisfaction ]]>
<![CDATA[Fakhiratunisa, Zahra]]>;
<![CDATA[Stevani, Fadia]]>;
<![CDATA[Fatimah, Siska Ernawati]]>
<![CDATA[ Journal of Enterprise and Development (JED) Vol. 7 No. 2 (2025) ]]>
Publisher : <![CDATA[Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram ]]>
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DOI: 10.20414/jed.v7i2.13213
<![CDATA[Purpose: This study investigates the mediating role of customer satisfaction (CS) in the relationship between augmented reality (AR), customer experience (CE), and repurchase intention (RI).Method: Data were collected from 399 Gen Z cosmetic consumers in Cirebon City through Likert-scale questionnaires. Structural Equation Modeling–Partial Least Squares (SEM-PLS) was used for analysis.Result: This study revealed that all hypotheses were supported. It found that AR positively influences CS, CE significantly impacts CS, and both AR and CE directly affect RI. Additionally, CS was shown to mediate the effects of both AR and CE on RI.Practical Implications for Economic Growth and Development: The findings offer valuable insights for the cosmetics and digital marketing sectors. Integrating AR features can enhance shopping experiences, reduce product-related uncertainty, and increase consumer confidence. Improved customer experience leads to higher satisfaction and loyalty, driving repeat purchases. These outcomes can help businesses lower customer acquisition costs, foster innovation in digital technologies, and strengthen market competitiveness—contributing to job creation and broader economic development in both retail and tech industries.Originality/Value: This study contributes a novel perspective by focusing on Gen Z and cosmetic products. This study also integrates AR and customer experience within a unified research model.]]>
<![CDATA[Examining the Impact of Online Customer Reviews and Live Streaming on Skincare Purchase Decisions Through Purchase Intention ]]>
<![CDATA[Ghautsiyyah, Shofa Qosidatul]]>;
<![CDATA[Rahayu, Yayuk Sri]]>
<![CDATA[ Journal of Enterprise and Development (JED) Vol. 7 No. 2 (2025) ]]>
Publisher : <![CDATA[Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram ]]>
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DOI: 10.20414/jed.v7i2.13377
<![CDATA[Purpose: This study investigates the influence of online customer reviews and live streaming on purchasing decisions related to skincare products, with purchase intention serving as a mediating variable. It explores how online reviews and the interactive features of live streaming shape consumer engagement and decision-making processes among Generation Z and Millennial users on social media platforms, particularly TikTok.Method: A quantitative research design was employed using purposive sampling, involving 180 Gen Z and Millennial TikTok users who are active consumers of skincare products. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with the SmartPLS 4 software.Results: The findings indicate that online customer reviews exert a significant positive influence on both purchase intention and purchasing decisions. Live streaming significantly affects purchase intention; however, it does not have a direct effect on purchasing decisions. Furthermore, purchase intention is found to mediate the relationship between both online customer reviews and live streaming with purchasing decisions.Practical Implications for Economic Growth and Development: The study provides valuable insights for skincare brands aiming to optimize their marketing strategies on TikTok. By leveraging credible user-generated reviews and engaging live streaming content, businesses can enhance consumers’ purchase intention, thereby potentially increasing sales. These findings contribute to the development of effective social commerce strategies and support the broader growth of the digital economy within local markets.Originality/Value: The novelty of this study lies in its specific focus on TikTok as a social commerce platform and the skincare industry as its market context.]]>
<![CDATA[Can Women’s Empowerment Increase Their Participation in the Workforce? Evidence from ASEAN ]]>
<![CDATA[Shabrina, Maida Shafarana]]>;
<![CDATA[Faridatussalam, Sitti Retno]]>
<![CDATA[ Journal of Enterprise and Development (JED) Vol. 7 No. 2 (2025) ]]>
Publisher : <![CDATA[Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram ]]>
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DOI: 10.20414/jed.v7i2.13408
<![CDATA[Purpose: This study aims to examine the impact of women's empowerment on female labor force participation in ASEAN countries. Women's empowerment is measured through variables such as education, health, wages, parliamentary representation, fertility rates, and maternal mortality rates.Method: This research employs a panel data approach by applying the Random Effects Model (REM) across 10 ASEAN member countries. Socio-economic and demographic indicators are integrated to assess the extent to which these variables influence female labor force participation.Result: Research findings indicate that education, access to healthcare services, and low maternal mortality rates positively contribute to increasing women's labor force participation. Conversely, factors such as low wage levels, limited female representation in parliament, and high fertility rates serve as barriers.Practical Implications for Economic Growth and Development: This study identifies key factors influencing female labor force participation and provides strategic recommendations for policymakers in the ASEAN region. Improving women's access to education and healthcare services is expected to foster inclusive development, reduce gender disparities, and strengthen the achievement of the Sustainable Development Goals (SDGs), particularly in the areas of gender equality and decent work.Originality/Value: This study makes a novel contribution by incorporating rarely discussed variables such as maternal mortality rates and fertility levels in a region characterized by diverse socio-economic conditions. It offers deeper insights into the driving forces behind female labor force participation in ASEAN countries.]]>
<![CDATA[Does Profitability Matter? The Dual Role of ROA and ROE in the ESG–Firm Value Relationship ]]>
<![CDATA[Suprapto, Yandi]]>;
<![CDATA[Agustin, Isnaini Nuzula]]>;
<![CDATA[Putri, Ayesha Antonia]]>
<![CDATA[ Journal of Enterprise and Development (JED) Vol. 7 No. 2 (2025) ]]>
Publisher : <![CDATA[Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram ]]>
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DOI: 10.20414/jed.v7i2.13447
<![CDATA[Purpose: This study investigates the relationship between Environmental, Social, and Governance (ESG) performance and firm value, with profitability—measured by Return on Assets (ROA) and Return on Equity (ROE)—serving as the moderating variable.Method: Data were collected from companies listed on the Indonesian Stock Exchange (IDX) over five years (2019-2023). Control variables include firm size, firm age, and leverage. This study employs a quantitative approach, utilizing panel data regression on 209 firm-year observations from IDX-listed companies. Tobin’s Q serves as a proxy for firm value, while the ESG score is the independent variable, moderated by profitability.Result: The findings indicate that ESG performance positively affects firm value in the base model. However, this effect turns negative when profitability is included as a moderator. Notably, the interaction term ESG*ROE has a significant positive effect, suggesting that higher profitability (as reflected by ROE) enhances the positive impact of ESG on firm value. In contrast, ROA does not exhibit a significant moderating effect.Practical Implications for Economic Growth and Development: This study underscores the importance of integrating sustainability efforts (ESG) with strong financial performance to create long-term value. This insight is crucial for policymakers and investors aiming to promote responsible business practices and sustainable economic development.Originality/Value: This study examines the moderating role of profitability—specifically ROA and ROE—in the relationship between ESG performance and firm value. By focusing on an emerging market context, this research offers insights on how different dimensions of profitability influence the ESG–firm value nexus.]]>
