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Journal of Management - Small and Medium Enterprises (SME's)
Published by Universitas Nusa Cendana
ISSN : 25022385     EISSN : 2723469X     DOI : https://doi.org/10.35508/jom.v14i1
Core Subject : Economy,
Economics, Econometrics & Finance
Tujuan dari jurnal ini adalah mempublikasikan artikel hasil penelitian dan kajian pustaka yang ditulis oleh dosen, peneliti dan mahasiwa. Adapun lingkup topik dari jurnal ini adalah : 1. Manajemen Umum 2. Manajemen Pemasaran 3. Sumberdaya Manusia 4. Keuangan 5. Manajemen Operasi 6. Manajemen Pariwisata 7. Small and Medium Enterprise (UKM) 8. Kewirausahaan 9. Kebijakan Publik yang menyangkut fungsi-fungsi manajemen 10. Topik lainnya yang berhubungan dengan ekonomi dan akuntansi
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 888 Documents
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Sharpe vs Treynor: Strategies for evaluating stock portfolio performance on the Indonesian Stock Exchange Thersia M M Da Silva; Petrus E de Rozari; Darwin Zebua; Efandri Agustian
Journal of Management Small and Medium Enterprises (SMEs) Vol 19 No 2 (2026): JOURNAL OF MANAGEMENT Small and Medium Enterprises (SME's)
Publisher : Universitas Nusa Cendana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35508/jom.v19i2.26171

Abstract

This study investigates whether the Sharpe Ratio and Treynor Ratio produce significantly different portfolio performance rankings in the Indonesian stock market. A quantitative research design was employed using a sample of 11 large-capitalization companies representing each IDX-IC sector listed on the Indonesia Stock Exchange during the 2020–2024 period. An optimal portfolio was constructed under a 0%–30% asset allocation constraint, and portfolio performance was assessed using the Sharpe Ratio and Treynor Ratio. Differences in portfolio rankings were examined through descriptive, comparative, and paired t-test analyses. The optimized portfolio generated an expected return of 74.60%, with a Sharpe Ratio of 5.60 and a Treynor Ratio of 0.0697. The paired t-test yielded a p-value of 0.331, indicating no statistically significant difference between the rankings produced by the two performance measures. These findings suggest that, for well-diversified portfolios in which unsystematic risk has been effectively diversified away, the Sharpe Ratio and Treynor Ratio provide comparable assessments of investment performance. This study extends the evidence on risk-adjusted portfolio evaluation in an emerging market context and provides practical implications for investors and portfolio managers in selecting appropriate performance measurement approaches. Keywords: Sharpe Ratio; Treynor Ratio; Portofolio Performance; Indonesian Stock Exchange
The effect of the rupiah exchange rate and return on assets on the stock prices of manufacturing companies listed in the LQ45 index during the 2020–2024 period Zahra Khoirunis’ Apriliani; Suhono Suhono; Irvan Yoga Pardistya; Liya Megawati
Journal of Management Small and Medium Enterprises (SMEs) Vol 19 No 2 (2026): JOURNAL OF MANAGEMENT Small and Medium Enterprises (SME's)
Publisher : Universitas Nusa Cendana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35508/jom.v19i2.26175

Abstract

This study examines the influence of the rupiah exchange rate and Return on Assets (ROA) on the stock prices of manufacturing companies included in the LQ45 index on the Indonesia Stock Exchange during the 2020–2024 period. In an increasingly volatile macroeconomic environment, understanding the determinants of stock price movements is essential for investors and corporate decision-making. Employing a quantitative research design, the study utilizes secondary data obtained from company financial statements, Bank Indonesia, and the Indonesia Stock Exchange. Data analysis was conducted using multiple linear regression to assess both partial and simultaneous effects of the independent variables on stock prices. The findings reveal that the rupiah exchange rate does not have a significant partial effect on stock prices, indicating that short-term currency fluctuations may not directly drive investor valuation in the observed firms. In contrast, ROA shows a significant but negative effect on stock prices, suggesting that higher accounting returns do not necessarily translate into higher market valuations within the sampled period. However, when examined jointly, both macroeconomic and firm-level financial variables significantly influence stock prices, explaining approximately 18.6% of their variation. These results highlight that stock price movements are shaped by a combination of internal financial performance and external macroeconomic conditions, as well as broader market sentiment factors. The study emphasizes the importance of maintaining macroeconomic stability alongside sound corporate financial management to support stock performance in the manufacturing sector. It also suggests that future research should incorporate additional internal and external determinants to provide a more comprehensive explanation of stock price dynamics in emerging capital markets. Keywords: LQ45; Return on Assets; Rupiah Exchange Rate; Stock Price
E-government and Public Financial Management reform: An examination of SAKTI implementation Gunawan Ari Nursanto; Seno Setyo Pujonggo; Muhammad Arief Hamdi; Virra Wirdhiningsih; Arief Febrianto
Journal of Management Small and Medium Enterprises (SMEs) Vol 19 No 2 (2026): JOURNAL OF MANAGEMENT Small and Medium Enterprises (SME's)
Publisher : Universitas Nusa Cendana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35508/jom.v19i2.26226

Abstract

The digitalisation of public financial management in Indonesia has advanced through the Integrated Financial Management Information System (IFMIS), particularly the mandatory Sistem Aplikasi Keuangan Tingkat Instansi (SAKTI) for all central government work units. This article analyses SAKTI’s implementation at the Immigration Polytechnic, a strategic vocational institution under the Ministry of Law, expected to strengthen efficiency, transparency, and accountability in managing state funds. Using DeLone and McLean’s (2003) Information Systems Success Model, the study assesses system quality, information quality, service quality, use, user satisfaction, and net benefits. A case study design was employed, combining a survey of end-users with semi-structured interviews and document analysis. The findings show that SAKTI has improved standardisation and traceability of financial transactions, yet several socio-technical challenges persist, including unstable connectivity, system slowdowns during peak periods, limited user training, and varying levels of digital literacy. These constraints reduce user satisfaction and hinder the full realisation of organisational benefits. The study contributes to e-government and IFMIS literature in developing country bureaucracies and proposes practical recommendations to strengthen leadership commitment, capacity-building, and technical infrastructure to optimise SAKTI implementation in education-sector work units. Keywords: IFMIS; E-Government; Information Systems Success; Public Financial Management
The effect of fed rates and inflation on the movement of the IDX80 index on the Indonesia Stock Exchange for the period 2021–2024 Alyssa Desviana; Suhono Suhono; Irvan Yoga Pardistya; Liya Megawati
Journal of Management Small and Medium Enterprises (SMEs) Vol 19 No 2 (2026): JOURNAL OF MANAGEMENT Small and Medium Enterprises (SME's)
Publisher : Universitas Nusa Cendana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35508/jom.v19i2.26243

Abstract

This study examines the influence of the Federal Funds Rate (Fed Rate) and inflation on the performance of the IDX80 Index on the Indonesia Stock Exchange during the 2021–2024 period. Employing a quantitative approach, the study utilizes monthly secondary data obtained from the Federal Reserve, Statistics Indonesia (BPS), and the Indonesia Stock Exchange (IDX). The findings indicate that the Fed Rate exerts a negative effect on the IDX80 Index, suggesting that increases in U.S. interest rates tend to weaken stock market performance by reducing capital inflows and increasing investment uncertainty. In contrast, inflation demonstrates a positive influence when maintained within a manageable range, reflecting stable economic conditions and sustained market activity. The results further reveal that the Fed Rate and inflation jointly contribute to explaining movements in the IDX80 Index, although a substantial proportion of market fluctuations remains attributable to other macroeconomic factors. These findings underscore the importance of both global monetary policy and domestic economic stability in shaping stock market dynamics in emerging economies. The study contributes to the growing literature on capital market determinants and provides insights for investors and policymakers in responding to external and domestic economic developments. Future research is encouraged to incorporate additional macroeconomic variables, such as exchange rates, domestic interest rates, and global commodity prices, to develop a more comprehensive understanding of stock market behavior. Keywords: Fed Rate; IDX80; Inflation; Stock Price
Transforming MSME business capabilities through multi-aspects of managerial mentoring: A case study of Moms Nastar Banyuwangi Bima Ramadhani; Agus Hermawan; Agung Winarno
Journal of Management Small and Medium Enterprises (SMEs) Vol 19 No 2 (2026): JOURNAL OF MANAGEMENT Small and Medium Enterprises (SME's)
Publisher : Universitas Nusa Cendana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35508/jom.v19i2.26622

Abstract

This study evaluates the implementation of a mentoring program designed to enhance the competitiveness of Moms Nastar, a home-based pastry MSME in Banyuwangi Regency, Indonesia. Conducted as part of the Managerial Insight Development course in the Master of Management Program at the State University of Malang, the program addressed key business challenges, including limited product innovation, weak branding, the absence of business legality, underutilized digital marketing, inadequate human resource management, and the lack of financial record-keeping. Adopting a community-based intervention approach, the mentoring focused on five strategic areas: product innovation, business identity and legal registration, digital marketing optimization, human resource development, and basic financial management. The outcomes demonstrate notable improvements in product diversification, business branding, legal compliance, digital market presence, operational efficiency, and financial management practices. These enhancements contributed to increased business capacity and broader market reach, highlighting the effectiveness of integrated managerial assistance in supporting MSME development. The study contributes to the literature on entrepreneurship and MSME empowerment by demonstrating how structured mentoring can strengthen business sustainability and competitiveness through the application of practical management principles. Keywords: MSMES; Product Innovation; Branding; Digital Marketing; Business Management
The effect of credit risk and liquidity risk on profitability in state-owned banks listed on the Indonesia Stock Exchange 2017-2024 Sintya Aprilia; RR Dimas Veronica P; Tati Herlina; Rosmala Dewi; Hasiatul Aini
Journal of Management Small and Medium Enterprises (SMEs) Vol 19 No 2 (2026): JOURNAL OF MANAGEMENT Small and Medium Enterprises (SME's)
Publisher : Universitas Nusa Cendana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35508/jom.v19i2.26667

Abstract

This study analyzes the effect of credit risk and liquidity risk on profitability in state-owned banks listed on the Indonesia Stock Exchange over the 2017–2024 period. Credit risk is proxied by Non-Performing Loans (NPL), liquidity risk is measured using the Loan to Deposit Ratio (LDR), and profitability is represented by Return on Assets (ROA). Employing a quantitative research design, the study applies panel data regression analysis that combines cross-sectional and time-series data to capture both firm-specific and temporal effects. The findings indicate that, partially, credit risk has a negative and significant effect on profitability, suggesting that higher levels of non-performing loans reduce banking performance. In contrast, liquidity risk shows a positive and significant effect on profitability, indicating that better liquidity management contributes to improved financial returns in state-owned banks. Simultaneously, both credit risk and liquidity risk significantly influence profitability, confirming their joint importance in determining bank performance. The coefficient of determination reveals that these variables explain approximately 25.07% of profitability variation, while the remainder is influenced by other unobserved factors. These results highlight that profitability in state-owned banks is shaped by a combination of risk management practices and other internal and external determinants. The study emphasizes the importance of maintaining effective credit risk control and balanced liquidity management to support sustainable banking performance, while also suggesting that future research incorporate additional financial and macroeconomic variables to better explain profitability dynamics in the banking sector. Keywords: Credit Risk; Liquidity Risk; Profitability; Non-Performing Loans; Loan to Deposit Ratio; Return On Assets
Artificial intelligence content in skincare marketing: A systematic literature review Antonius Felix; Ainur Rofiq; Nanang Suryadi; Arta Moro Sundjaja; Johanes Fernandes Andry
Journal of Management Small and Medium Enterprises (SMEs) Vol 19 No 2 (2026): JOURNAL OF MANAGEMENT Small and Medium Enterprises (SME's)
Publisher : Universitas Nusa Cendana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35508/jom.v19i2.26708

Abstract

This systematic review aims to synthesize recent research on artificial intelligence (AI) content in skin care product marketing by analyzing technological approaches, consumer perceptions, effectiveness, ethical considerations, and identifying research gaps to guide future research. The research method involved a comprehensive systematic search using the Google Scholar database, covering publications from 2018 to 2025. The results of this study show that the application of AI in skin care product marketing focuses on five main areas: (1) personalized product recommendations and diagnostics, (2) conversational AI and chatbots, (3) virtual trials and augmented reality experiences, (4) AI-generated content and synthetic influencers, and (5) predictive analytics and product configuration. The study concludes that AI content in skincare marketing has the potential to enhance personalization and consumer engagement, but widespread adoption requires addressing challenges related to transparency, privacy, authenticity, and inclusivity. Keywords: Artificial Intelligence; Skincare Marketing; Cosmetics; Personalization; Consumer Behavior
Analysis of dividend policy in the banking sector of 3 ASEAN countries Mutmainna Mutmainna; Farah Margaretha Leon
Journal of Management Small and Medium Enterprises (SMEs) Vol 19 No 2 (2026): JOURNAL OF MANAGEMENT Small and Medium Enterprises (SME's)
Publisher : Universitas Nusa Cendana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35508/jom.v19i2.26736

Abstract

This study investigates the determinants of dividend policy in the banking sector across Indonesia, Singapore, and Malaysia by examining the effects of profitability, growth opportunities, valuation, liquidity, bank size, and credit risk. Using panel data regression analysis, the study analyzes 102 bank-year observations from 17 conventional banks based on annual financial reports. The findings reveal that profitability, measured by Return on Assets (ROA), and bank size exert a positive and significant influence on dividend policy, indicating that larger and more profitable banks are more likely to distribute higher dividends to shareholders. In contrast, liquidity and non-performing loans (NPLs) demonstrate significant negative effects, suggesting that banks facing greater liquidity pressures or higher credit risk tend to retain earnings rather than increase dividend payouts. Meanwhile, market-to-book value and price-to-earnings ratio do not significantly affect dividend policy decisions. These results highlight the importance of internal financial performance and risk management in shaping dividend distribution strategies within the banking industry. The study contributes to the literature on banking finance by providing comparative evidence from Southeast Asian banking markets and offers practical insights for managers, investors, and policymakers regarding dividend policy formulation in a dynamic financial environment. Keywords: Bank Size; Dividend Policy; Liquidity; Market to Book Value; Non Perfoming Loan; Price/Earning Ratio; Return on Asset
The mediating role of transformational leadership and perceived use of artificial intelligence in the effect of happiness on innovative work behavior Aji Pangestu Sujatmiko; Akhmad Darmawan; Hermin Endratno; Restu Frida Utami
Journal of Management Small and Medium Enterprises (SMEs) Vol 19 No 2 (2026): JOURNAL OF MANAGEMENT Small and Medium Enterprises (SME's)
Publisher : Universitas Nusa Cendana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35508/jom.v19i2.26859

Abstract

Innovative work behavior among medical personnel is a critical factor in improving the quality of hospital health services, as it contributes to work effectiveness and service excellence. This study aims to examine the effect of happiness on innovative work behavior, with transformational leadership and perceived use of artificial intelligence (AI) as mediating variables among medical staff. The research population comprises all medical personnel at RS Islam Purwokerto, with purposive sampling employed to obtain 184 respondents as the study sample. The study applies SEM-PLS analysis using SmartPLS 4.0 and adopts Social Exchange Theory as the theoretical framework for explaining the relationships among variables. The findings indicate that happiness has a positive and significant effect on innovative work behavior, both directly and indirectly through the mediation of perceived AI use. However, transformational leadership is not proven to mediate the effect of happiness on innovative work behavior. This study highlights the importance for hospitals to foster a work environment that supports the psychological well-being of medical personnel and to optimize positive perceptions of AI use through appropriate training and governance in order to effectively support innovation. Keywords: Happiness; Transformational Leadership; Innovative Work Behavior; Perceived Use of Artificial Intelligence
The effect of credit risk and income diversification on financial sustainability with operational efficiency as a moderating Erina Fitria Romadhoni; Achmad Farid Dedyansyah; Irma Indira
Journal of Management Small and Medium Enterprises (SMEs) Vol 19 No 2 (2026): JOURNAL OF MANAGEMENT Small and Medium Enterprises (SME's)
Publisher : Universitas Nusa Cendana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35508/jom.v19i2.26873

Abstract

This research intends to investigate and assess the influence of credit risk and revenue diversification on the financial sustainability of banking businesses listed on the Indonesia Stock Exchange throughout the 2020–2024 period. The study applies a quantitative method with a descriptive approach. The population contains 47 banking companies, whereas the sample consists of 34 companies selected through purposive selection. Data analysis was carried out using SPSS version 24, applying multiple linear regression and Moderated Regression Analysis (MRA). The findings suggest that credit risk and income diversification positively influence financial sustainability. In contrast, operational efficiency has a detrimental influence on financial sustainability. Furthermore, operational efficiency, as a moderating variable, is found to have a significant negative moderating influence on the link between credit risk and financial sustainability, as well as between income diversification and financial sustainability. Keywords: Credit Risk; Operational Efficiency; Financial Sustainability; Income Diversification

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