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INDONESIA
JOURNAL OF BUSINESS AND ECONOMICS RESEARCH (JBE)
Published by Forum Kerjasama Pendidikan TInggi
ISSN : -     EISSN : 27164128     DOI : -
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
1. Human Resource Management, 2. Financial Management, 3. Marketing Management, 4. Strategic Management, 5. Organizational Behavior, 6. Operations Management, 7. Change Management, 8. Management of Sharia, 9. Knowledge Management 10.Entrepreneurship, 11.E-Business, 12.Business Management, 13.Capital Market, 14.Risk Management, 15.Syariah banking, 16.Economics of Sharia, and 17.Islamic Capital Market
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 353 Documents
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Pengaruh Kontribusi Wanita, Green Accounting, dan Ukuran Perusahaan Dalam Meningkatkan Nilai Perusahaan Kezia Agina Bangun; Thia Margaretha Tarigan
Journal of Business and Economics Research (JBE) Vol 7 No 2 (2026): June 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/jbe.v7i2.10103

Abstract

This study examines the effect of women’s contribution, green accounting, and firm size on firm value in infrastructure companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Focuses on infrastructure companies because the sector plays a strategic role in Indonesia's economic development. The sample was selected through purposive sampling and secondary data from infrastructure companies with consistently available annual reports and audited financial statements during the observation period. By using a quantitative approach method. The results indicate that women directors do not affect firm value (p = 0,278). Indicated the female board representation is not yet a major consideration for investors. Women commissioners has a positive effect on firm value (p < 0,000). Their presence strengthens supervision and corporate governance. Green accounting do not affect firm value (p = 0,709). ISO 14001 certification ownership is insufficient to influence investor decisions, as investors place greater emphasis on financial performance indicators. Firm size has a positive effect on firm value (p = 0,006). The large companies are perceived as more stable and financially capable. These findings support signaling theory, which suggests that corporate information influences investor assessment and firm value. The contribution of this research lies in providing empirical evidence on the effects of women's participation, represented by women directors and women commissioners, green accounting, and firm size on firm value in Indonesia's infrastructure sector. Furthermore, the findings offer practical implications for corporate management in enhancing corporate governance quality and sustainability practices to support firm value creation.
Determinan Efisiensi Investasi: Pengaruh ESG dan Kinerja Keuangan dengan Harga Saham sebagai Variabel Intervening Ratna Amalia Nurcahyani; Lies Handrijaningsih
Journal of Business and Economics Research (JBE) Vol 7 No 2 (2026): June 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/jbe.v7i2.10166

Abstract

This study aims to analyze the effect of Environmental, Social, and Governance (ESG) factors and financial performance on investment efficiency, with stock price serving as an intervening variable, among conventional banks listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. The study is motivated by the growing attention to corporate sustainability practices and the importance of investment efficiency in creating long-term firm value. In addition, this research seeks to examine whether stock prices can function as a mediating mechanism in the relationship between ESG, financial performance, and investment efficiency. This study employs a quantitative research approach using secondary data obtained from annual reports, sustainability reports, and financial statements of conventional banks listed on the IDX. The sampling technique used is purposive sampling based on predetermined research criteria. Data were analyzed using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) method through SmartPLS software. The research variables consist of ESG as the independent variable, financial performance proxied by Return on Assets (ROA), investment efficiency as the dependent variable, and stock price as the intervening variable. The results indicate that ESG has a significant effect on stock prices and investment efficiency, while financial performance has a significant effect on stock prices but does not significantly affect investment efficiency. Furthermore, stock prices do not have a significant effect on investment efficiency. The mediation analysis reveals that stock prices are unable to mediate the relationship between ESG and investment efficiency, nor the relationship between financial performance and investment efficiency. These findings suggest that investment efficiency in the banking sector is influenced more by governance quality, risk management, and the direct implementation of ESG practices than by capital market mechanisms reflected through stock prices. This study provides an empirical contribution by extending the literature on the determinants of investment efficiency in the Indonesian banking sector through the integration of sustainability factors (ESG) and financial factors. It also provides evidence that ESG plays a more dominant role than financial performance in influencing investment efficiency, while stock prices have not yet been able to function as an effective mediating mechanism.
Pengaruh Dividend Payout Ratio, Price Earning Ratio dan Asset Growth Terhadap Stock Price Volatility Rizqi Abdul Aziz; Naufal Sinatria; Selly Puspita Sari; Fitria Fertha Agustina
Journal of Business and Economics Research (JBE) Vol 7 No 2 (2026): June 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/jbe.v7i2.10171

Abstract

The background of this study is based on the fact that global economic uncertainty affects the stability of the capital market; specifically, the tourism sector has suffered losses following the economic recovery, resulting in high stock price volatility. Stock price volatility serves as a key indicator in assessing investment risk, which is influenced by corporate financial information such as the dividend payout ratio, price-to-earnings ratio, and asset growth. This study aims to test and explain the effects of the dividend payout ratio, price-to-earnings ratio, and asset growth on stock price volatility among companies in the tourism sector listed on the Indonesia Stock Exchange for the period 2021–2024. This study employs a quantitative method using secondary data from the financial reports of the tourism sector on the Indonesia Stock Exchange for the 2021–2024 period, with a population of 42 companies and a sample size of 9 companies across 4 observation periods, resulting in 36 samples. The study utilized purposive sampling, and data analysis was conducted using multiple linear regression with SPSS version 27. The results indicate that, when analyzed individually, the dividend payout ratio and asset growth do not have a significant effect on stock price volatility. Conversely, the price-earnings ratio has a positive and significant effect on stock price volatility, making it the most influential fundamental factor in explaining stock price volatility among companies in the tourism sector. When analyzed simultaneously, the dividend payout ratio, price-earnings ratio, and asset growth have a significant effect on stock price volatility. This study provides empirical evidence that corporate fundamental information particularly the price-earnings ratio is more relevant as a signal for investors in responding to stock price changes in the tourism sector during periods of economic recovery. Furthermore, this study expands the application of signaling theory to explain how markets respond to corporate financial information.
Pengaruh Pajak Hiburan, Pajak Hotel, dan Pajak Restoran terhadap Pendapatan Asli Daerah Harrie Yudha Pahlawan; Diana Airawaty
Journal of Business and Economics Research (JBE) Vol 7 No 2 (2026): June 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/jbe.v7i2.10174

Abstract

This study aims to analyze the effect of entertainment tax, hotel tax, and restaurant tax on Regional Original Revenue (PAD) in the Special Region of Yogyakarta Province during 2020-2024. This research is motivated by the urgency of optimizing regional tax revenues to support regional financial independence, particularly in regions with significant tourism potential such as Yogyakarta. The research method used is a quantitative approach employing secondary data in the form of time series data obtained from the DIY Tourism Statistics Book and official regional government documents. Data analysis techniques were conducted through descriptive statistical analysis, classical assumption tests including normality, multicollinearity, and heteroscedasticity tests, as well as multiple linear regression analysis using IBM SPSS Statistics version 24. The results showed that entertainment tax has a positive and significant effect on PAD with a t-value of 33.012 and a significance value of 0.033. Hotel and restaurant taxes also have a positive and significant effect on PAD with a t-value of 5.386 and a significance value of 0.000. Simultaneously, entertainment tax as well as hotel and restaurant taxes significantly affect PAD with an F-value of 14783.841 and a significance value of 0.000. These findings show that optimizing entertainment, hotel, and restaurant tax revenues can serve as strategy for local governments to strengthen fiscal independence and support sustainable regional development financing.
Keputusan Pembelian pada Layanan PayLater: Peran Persepsi Kemudahan, Persepsi Risiko, dan Kepercayaan Darmadi Darmadi; Bagus Nurcahyo; Aji Sukarno; Hadir Hudiyanto; Martani Martani; Vely Randyantini; Ika Puji Saputri
Journal of Business and Economics Research (JBE) Vol 7 No 2 (2026): June 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/jbe.v7i2.10211

Abstract

The rapid development of digital technology has driven the growth of Buy Now Pay Later (BNPL) or PayLater payment services, which are increasingly used in e-commerce transactions. This study aims to analyze the effects of perceived ease of use, perceived risk, and trust on purchasing decisions using the PayLater payment method. The study was conducted among consumers in West Jakarta who had previously used PayLater services through Shopee PayLater, GoPay PayLater, and Kredivo applications. The independent variables in this study consist of perceived ease of use, perceived risk, and trust, while the dependent variable is purchasing decision. This study employed a quantitative approach using primary data collected through online questionnaires distributed via Google Forms. The sampling technique used was purposive sampling, with a total of 100 respondents who met the research criteria. The data were analyzed using multiple linear regression with the assistance of IBM SPSS software, including validity testing, reliability testing, classical assumption tests, and hypothesis testing through the t-test. The results indicate that perceived ease of use and trust have a positive and significant effect on purchasing decisions using the PayLater payment method. In contrast, perceived risk does not have a significant effect on purchasing decisions. Furthermore, trust is the most dominant variable influencing purchasing decisions compared to the other variables. These findings suggest that the level of trust and the ease of using the service are the primary factors encouraging consumers to adopt the PayLater payment method in digital transactions. This study provides an empirical contribution to enriching the literature on consumer behavior in Buy Now Pay Later (BNPL) services and offers insights for fintech and e-commerce companies to enhance trust and service convenience in order to encourage consumers' purchasing decisions.
Determinasi Nilai Perusahaan: Peran Profitabilitas, Firm size, Eco-Efficiency dan Kinerja Lingkungan pada Sektor Basic Materials Arum Puspita Anggraini; Feny Fidyah; Afrila Eki Pradita; Astried Permanasari; Irwandaru Dananjaya
Journal of Business and Economics Research (JBE) Vol 7 No 2 (2026): June 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/jbe.v7i2.10230

Abstract

This study aims to analyze the effect of Return on Assets (ROA), Firm Size, Eco-efficiency, and Environmental Performance on Firm Value in basic materials sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. Firm value is an important indicator that reflects investors' perceptions of a company's performance and future prospects. In the context of increasing attention to sustainability issues, both financial and non-financial factors, such as eco-efficiency and environmental performance, have become important aspects to examine in relation to firm value. This study employed a quantitative approach using an associative research method. The population consisted of all basic materials sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The sample was selected using a purposive sampling technique based on predetermined criteria, resulting in a number of companies that met the requirements as research samples. The study utilized secondary data obtained from annual reports, sustainability reports, and the official website of the Indonesia Stock Exchange. Data analysis was conducted using multiple linear regression with the assistance of the Statistical Product and Service Solutions (SPSS) software. The results indicate that Return on Assets (ROA), Firm Size, and Eco-efficiency have a positive and significant effect on Firm Value. These findings suggest that a company's ability to generate profits, its larger size, and the implementation of environmental efficiency practices can enhance investor confidence and increase firm value. Meanwhile, Environmental Performance has a negative and significant effect on Firm Value, indicating that improvements in environmental performance, which often require substantial short-term costs, may reduce investors' perceptions of firm value. These findings imply that companies need to maintain a balance between achieving strong financial performance and implementing sustainability practices in order to enhance firm value. This study provides an empirical contribution by integrating financial factors and environmental sustainability factors in explaining firm value in the basic materials sector. Therefore, the findings are expected to serve as a reference for corporate management, investors, and future researchers in understanding the determinants of firm value from both financial and sustainability perspectives.
Corporate Social Responsibility dan Leverage terhadap Harga Saham: Peran Moderasi Profitabilitas pada Perusahaan Farmasi Sri Sapto Darmawati; Sudaryono Sudaryono; Mujiyani Mujiyani; Dio Fasha
Journal of Business and Economics Research (JBE) Vol 7 No 2 (2026): June 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/jbe.v7i2.10234

Abstract

This study aims to analyze the effect of Corporate Social Responsibility (CSR) and Debt to Equity Ratio (DER) on stock prices and to examine the ability of Earnings Per Share (EPS) to moderate the relationship between CSR, DER, and stock prices in pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. This research is motivated by the fluctuations in pharmaceutical companies' stock prices in the post-pandemic era and the inconsistent findings of previous studies regarding the factors influencing stock prices. Therefore, this study is expected to provide empirical evidence concerning the influence of both financial and non-financial factors on corporate stock prices. The research employs a quantitative method with an associative approach. The population consists of all pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The sample was selected using a purposive sampling technique, resulting in companies that met the established research criteria. The data used are secondary data obtained from annual reports and financial statements. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA) to test the moderating effect of EPS. The results indicate that CSR and DER do not have a significant partial effect on stock prices. Meanwhile, EPS is proven to moderate the effect of CSR on stock prices, indicating that the influence of CSR becomes stronger in companies with higher EPS levels. However, EPS is not able to moderate the effect of DER on stock prices. These findings suggest that investors place greater emphasis on a company’s ability to generate earnings rather than on CSR disclosure levels and capital structure when evaluating stock prices. This study provides an empirical contribution by integrating non-financial and financial factors in explaining the stock prices of pharmaceutical sub-sector companies, while also extending the literature on the role of profitability as a moderating variable in the relationship between Corporate Social Responsibility, leverage, and stock prices.
Determinan Tax Avoidance pada Perusahaan Subsektor Pertanian: Peran Profitabilitas dan Inventory Intensity Wendra Afriana; Mujiyani Mujiyani; Lasminiasih Lasminiasih; Erna Kustyarini
Journal of Business and Economics Research (JBE) Vol 7 No 2 (2026): June 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/jbe.v7i2.10240

Abstract

This study aims to analyze the effect of profitability and inventory intensity on tax avoidance in palm oil plantation sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. Tax avoidance refers to a company's efforts to minimize its tax burden by exploiting loopholes within existing tax regulations. This practice has become a significant concern because it has the potential to reduce government tax revenues, particularly in the palm oil plantation sector, which makes a substantial contribution to the national economy. Profitability is proxied by Return on Assets (ROA), while inventory intensity is measured by the proportion of inventory to total assets. This research employs a quantitative approach using secondary data obtained from the financial statements of palm oil plantation sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The sample was selected using a purposive sampling technique, resulting in several companies that met the research criteria. Data analysis was conducted using panel data regression with the assistance of EViews 13 software. Model selection was carried out through the Chow Test, Hausman Test, and Lagrange Multiplier Test, which indicated that the Random Effect Model (REM) was the most appropriate model for this study. The results show that, partially, profitability (ROA) has a negative and significant effect on tax avoidance, while inventory intensity has no significant effect on tax avoidance. Simultaneously, profitability and inventory intensity have a significant effect on tax avoidance. Furthermore, the coefficient of determination test indicates that the two independent variables explain 35.23% of the variation in tax avoidance, while the remaining 64.77% is influenced by other factors outside the research model. This study provides an empirical contribution by extending the literature on the determinants of tax avoidance in palm oil plantation sub-sector companies and providing evidence that profitability is a more dominant factor than inventory intensity in influencing tax avoidance practices.
Inovasi Financial Technology (Fintech) dalam Meningkatkan Efisiensi Layanan Asuransi Syariah di Era Digital Muhammad Zainuddin Azi; Muhammad Ikhsan Harahap; Nurul Inayah
Journal of Business and Economics Research (JBE) Vol 7 No 2 (2026): June 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/jbe.v7i2.10254

Abstract

This study aims to examine the implementation of Financial Technology (Fintech) innovations in the development of sharia insurance services at PT Jiwasraya. In a rapidly evolving digital era, the integration of fintech has become a crucial strategy to enhance efficiency, transparency, and the outreach of insurance services based on sharia principles. This research adopts a qualitative approach using a case study method at PT Jiwasraya. Data collection techniques include in-depth interviews, documentation, and literature studies. The findings indicate that fintech innovations implemented at the company include the digitalization of policy services, online premium payments, and the use of artificial intelligence (AI) for risk analysis and customer service. The application of these technologies not only accelerates business processes but also increases customer trust in a more modern and transparent sharia financial system. It can be concluded that fintech plays a strategic role in driving the sustainable and competitive transformation of sharia insurance services in the digital age. The development of sharia insurance in Indonesia has shown significant growth in recent years. This is marked by an increasing number of sharia insurance companies, both as independent entities and as sharia business units of conventional insurance firms. Growing public awareness of the importance of financial protection aligned with sharia principles has also fueled the demand for insurance products based on the concepts of mutual help (ta'awun) and donation (tabarru'). On the other hand, regulatory support from the Financial Services Authority (OJK) and ongoing efforts to improve sharia financial literacy have also played a crucial role in driving the growth of this sector.
Pengaruh Entrepreneurial Passion dan Pendidikan Kewirausahaan Terhadap Minat Berwirausaha Prihatini Sukmawati; Yoni Hermawan; Ai Nur Solihat
Journal of Business and Economics Research (JBE) Vol 7 No 2 (2026): June 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/jbe.v7i2.10267

Abstract

Entrepreneurial interest among students is an important part in supporting the creation of entrepreneurs who are able to create new jobs. However, not all students show a strong interest in the business world. This situation can be influenced by several factors, such as entrepreneurial passion and entrepreneurship education. This study aims to determine the effect of entrepreneurial passion and entrepreneurship education on entrepreneurial interest. The population in this study were students of the Faculty of Teacher Training and Education, Siliwangi University, class of 2023. The research method used was a quantitative survey. Data were collected through questionnaires distributed to 107 students using proportionate stratified random sampling. Primary data were obtained through questionnaires to respondents. Data were analyzed using multiple linear regression with SPSS 29.0. The results indicate that entrepreneurial passion and entrepreneurship education simultaneously have a positive and significant influence on entrepreneurial interest, with an F-value of 164.033 > 3.08 and a significance value of 0.001 < 0.05. Entrepreneurial passion partially has a positive and significant influence on entrepreneurial interest, with a t-value of 7.466 > 1.983 and a significance value of 0.001 < 0.05. Entrepreneurship education partially has a positive and significant influence on entrepreneurial interest, with a t-value of 4.037 > 1.983 and a significance value of 0.001 < 0.05. This study is expected to contribute to the development of entrepreneurship in higher education that is more creative, adaptive, and integrated.

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