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<![CDATA[ESG Performance and Firm Size Drive Green Investment: The Mediating Role of Profitability ]]>
<![CDATA[Puspaningtiyas, Itetasari]]>;
<![CDATA[Fitriyah, Fitriyah]]>
<![CDATA[ International Journal of Science, Technology & Management Vol. 7 No. 1 (2026): January 2026 ]]>
Publisher : <![CDATA[Publisher Cv. Inara ]]>
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DOI: 10.46729/ijstm.v7i1.1378
<![CDATA[The purpose of this study is to analyze the impact of ESG (Environmental, Social, and Governance) indicators and company size on green investment, with profitability as a mediating variable, in companies listed on the IDX ESG Index for the 2022-2024 period. Based on sustainable economic theory, companies must balance economic objectives with social and environmental responsibilities to achieve long-term growth. The approach used is quantitative, with an explanatory method utilizing secondary data in the form of annual reports, sustainability reports and ESG indicators. The research sample consisted of 70 companies selected by purposive sampling, and data analysis was conducted using path analysis based on panel data regression using Eviews. The results of this study are expected to show that ESG indicators and company size have a positive impact on profitability and green investment, with profitability mediating the relationship. These findings contribute to strengthening the green finance literature and provide practical implications for companies in optimizing economic sustainability strategies in Indonesia.]]>
<![CDATA[Digital Leadership and Innovation Management Toward nnovation Performance at Telkom Indonesia ]]>
<![CDATA[Satya Nastiti, Arifiana]]>;
<![CDATA[Wahyuningtyas, Ratri]]>
<![CDATA[ International Journal of Science, Technology & Management Vol. 7 No. 1 (2026): January 2026 ]]>
Publisher : <![CDATA[Publisher Cv. Inara ]]>
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DOI: 10.46729/ijstm.v7i1.1379
<![CDATA[This study aims to examine the influence of digital leadership and innovation management on innovation performance in organizations. The research used a quantitative approach, with 100 respondents, and collected data via structured questionnaires. The analysis was performed using Structural Equation Modeling with Partial Least Squares (SEM-PLS) to evaluate the relationships among the variables. The results indicate that both digital leadership and innovation management have a significant and positive impact on innovation performance. Digital leadership enables leaders to utilize technology, foster an adaptive and innovative organizational culture, and support creative problem-solving. At the same time, effective innovation management ensures structured, collaborative, and responsive processes for idea generation, development, and implementation. Based on these findings, organizations are recommended to strengthen digital leadership capabilities and implement systematic innovation management practices to enhance innovation performance and sustain competitive advantage. These measures are crucial for organizations to respond effectively to environmental changes and achieve long-term growth.]]>
<![CDATA[Comparing Internal and External User Perceptions of a National Research Funding Information System (NRFIS): A Comparative Study ]]>
<![CDATA[Tricahyono, Dodie]]>;
<![CDATA[Perdana, Triyoga Adi]]>
<![CDATA[ International Journal of Science, Technology & Management Vol. 7 No. 1 (2026): January 2026 ]]>
Publisher : <![CDATA[Publisher Cv. Inara ]]>
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DOI: 10.46729/ijstm.v7i1.1380
<![CDATA[Digital transformation in the public sector requires information systems that provide consistent and equitable services to diverse stakeholder groups. A National Research Funding Information System (NRFIS) has become a strategic digital platform for managing research funding processes end-to-end across government institutions, universities, and research organizations. While previous evaluations have examined such systems using structural models, limited attention has been given to differences in perceptions between internal stakeholders and external research stakeholders. This study compares user perceptions regarding System Quality (SY), Information Quality (IQ), Service Quality (SQ), Use (UE), User Satisfaction (US), and Net Benefits (NB) between internal and external users of NRFIS. A total of 335 respondents participated, comprising 290 external stakeholders and 45 internal stakeholders. Descriptive results show that internal users consistently reported higher perceptions across all constructs: SY (4.28 vs. 3.94), IQ (4.42 vs. 3.99), SQ (4.39 vs. 3.87), UE (4.42 vs. 3.97), US (4.47 vs. 3.98), and NB (4.56 vs. 3.95). Chi-Square tests confirm statistically significant differences across all constructs (p < 0.01). Mann–Whitney U tests further validate substantial median differences (all p < 0.001). These findings demonstrate robust perception gaps between user groups, highlighting the need for improved onboarding, training, and support mechanisms for external stakeholders. This study contributes to digital governance literature by revealing structural disparities in user experience and provides policy recommendations for enhancing inclusiveness and effectiveness of NRFIS-based research funding services.]]>
<![CDATA[A Structural Equation Modeling (SEM) Approach to Examine The Impact of Gold Futures Price Spillovers, Dividend Announcements, and Investor Attention on Abnormal Returns among 32 Indonesian Listed Companies Distributing Dividends in 2024 ]]>
<![CDATA[Surahman, Arif]]>;
<![CDATA[Rusnaeni, Nani]]>
<![CDATA[ International Journal of Science, Technology & Management Vol. 7 No. 1 (2026): January 2026 ]]>
Publisher : <![CDATA[Publisher Cv. Inara ]]>
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DOI: 10.46729/ijstm.v7i1.1390
<![CDATA[The purpose of this study is to examine the effects of investor interest, dividend announcements, and spillovers in the price of gold futures on abnormal returns among 32 Indonesian listed businesses that paid dividends in 2024. The study examines the direct and indirect correlations between the variables using a quantitative approach and the Structural Equation Modeling (SEM) technique with Partial Least Squares (PLS) estimate in SmartPLS 3.0. The Indonesia Stock Exchange (IDX), corporate financial reports, and worldwide gold market statistics were the sources of secondary data. Trading volume was used as a stand-in for investor attention, and abnormal returns were measured using an event-study framework with a two-day window surrounding the cum-dividend date. The findings indicate that neither dividend announcements nor spillovers in the price of gold have a statistically significant impact on abnormal returns. While there is a weak positive correlation between dividend announcements and gold prices, there is a negative correlation, indicating a safe-haven substitution effect where investors move away from stocks as gold prices rise. Furthermore, investor attention does not mediate the relationship between the independent variables and the dependent variable, nor does it significantly affect abnormal returns. While investor attention shows very low predictability (R² = 0.002), the model shows a moderate explanatory power for abnormal returns (R² = 0.434) and a high predictive relevance (Q² = 0.435). Overall, the results show that the Indonesian capital market reacts to corporate and macroeconomic information primarily through direct effects rather than behavioral mediation. By emphasizing the restricted function of investor attention as an information-transmission channel, this study adds to the body of knowledge on behavioral finance and spillover dynamics in emerging countries. To improve the explanatory power of abnormal return models, it is advised that future research incorporate more comprehensive behavioral or sentiment factors.]]>
<![CDATA[Formulating An Effective Marketing Strategy For Warung Nasi Ambu Rini Through The Optimization of Stp And Marketing Mix (7p) ]]>
<![CDATA[Agus Muhamad Kemal Fauzan, Mas]]>
<![CDATA[ International Journal of Science, Technology & Management Vol. 7 No. 1 (2026): January 2026 ]]>
Publisher : <![CDATA[Publisher Cv. Inara ]]>
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DOI: 10.46729/ijstm.v7i1.1391
<![CDATA[This paper investigates marketing issues of Warung Nasi & Sate Ambu Rini which is a traditional Sundanese Restaurant in Bandung and comes up with a well-rounded marketing strategy that will help fill in the gaps. Although the quality of products and customer satisfaction with current customers are high, the warung cannot convert this to the wider awareness of the product and customer attraction. It has used a single case study where the research is conducted qualitatively using thematic analysis. In-depth interviews with 16 respondents of four categories of stakeholders (owner, employees, current customers, and potential customers) and six hours of non-participant observation were used to gather primary data. Secondary data comprised menu documentation, Instagram and Tik Tok social media analytics, GoFood data of the merchant dashboard, and photographs of the physical environment. The main results indicate that there is a critical gap in awareness (walk-in customers are zero and the social media reach decreases to -64.1% after 90 days), positioning communication (professional branding creates higher price expectations (Rp 35,000-45,000) than actual prices (since the minimum price is Rp 15,000)), delivery channel (nothing is commissioned through GoFood), targeting (students and young professionals are underrepresented), and promotion (the Instagram engagement rate is 0.32 The research suggests the positioning of the company in a Premium Feel, Everyday Price and the recommendations given are reflecting GoFood menu optimization, regular social media postings with price-inclusive information, systematic referral plans and exterior signage change. A measurement framework somewhat based on SMART would provide accountability in implementation.]]>
<![CDATA[Digital Marketing Strategy For Market Visibility In Regulated B2b Services: A Case Study of A Hazardous Waste Transportation Firm In Indonesia ]]>
<![CDATA[Andhana Aryo Wisesa, Enggal]]>
<![CDATA[ International Journal of Science, Technology & Management Vol. 7 No. 1 (2026): January 2026 ]]>
Publisher : <![CDATA[Publisher Cv. Inara ]]>
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DOI: 10.46729/ijstm.v7i1.1392
<![CDATA[This paper will focus on how lack of digital marketing will limit the market presence and acquisition of clients in controlled business-to-business (B2B) service companies. Digital presence in the modern B2B procurement has ceased to be a discretion tool; instead, it is a legality-checking mechanism and supplier pre-screening tool at the initial stage. It is a single-case study with a qualitative design that seeks to examine PT Surya Cipta Wisesa, which is a hazardous waste transportation company in Indonesia that has low digital visibility, despite having good operational backgrounds. The information was gathered in the form of semi-structured interviews with internal participants and buyer-side informants, competitor digital audits, and document analysis. Results show that the major problem of the firm is not a lack of operations but a lack of legitimacy signalling: valuable resources cannot be seen when digitally mediated buyer screening occurs, which results in systematic non-consideration in sets of consideration. The internal evidence shows that the regulatory sensitivity and document management limitations- not cost is the major obstacle to the development of the digital presence. The paper proves that the way that digital marketing in controlled B2B settings works is as a legitimacy infrastructure, and not a promotional practice. It has proposed a gradual, legitimacy-first digital approach that is clearly defined in terms of definition of done and key performance indicators in each of the implementation phases. The study adds to the body of knowledge on B2B marketing by conceptualizing the digital absence as a strategic capability gap and provides useful recommendations on SMEs functioning in regulated markets of the emerging market.]]>
<![CDATA[Relative Predictive Accuracy of Machine Learning-Enhanced Long Memory Volatility Models for Modeling Nigeria Energy Data ]]>
<![CDATA[Awogbemi, Clement]]>;
<![CDATA[Dum, Zorle Deebom]]>;
<![CDATA[Festus Oloda, Sunday]]>;
<![CDATA[Okoza Orobosa, Sylvester]]>;
<![CDATA[Ale, Florence]]>
<![CDATA[ International Journal of Science, Technology & Management Vol. 7 No. 1 (2026): January 2026 ]]>
Publisher : <![CDATA[Publisher Cv. Inara ]]>
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DOI: 10.46729/ijstm.v7i1.1393
<![CDATA[This study investigates the relative predictive efficacy of machine learning-augmented long memory volatility models in analyzing Nigeria's energy statistics from January 1960 to December 2024. Utilizing monthly energy pricing information sourced from the Central Bank of Nigeria, the research employs thorough econometric and computational methods to evaluate the persistence of volatility, significant structural changes, and long-term dependencies existing within the energy data of Nigeria. Initial assessments show that raw energy data display non-stationarity, structural volatility, and clustering phenomena, with the Augmented Dickey-Fuller, Phillips-Perron, and KPSS tests affirming non-stationarity in the level data and stationarity in the returns data. The analysis of structural breaks utilizing the ruptures algorithm discovers eight notable breakpoints that align with key policy changes, worldwide oil crises, and organizational transformations in Nigeria’s energy sector. To represent the noted persistence and long memory, established econometric models such as ARFIMA, FIGARCH, and HYGARCH are estimated and then combined with Artificial Neural Networks (ANN) and Support Vector Regression (SVR). The outcomes demonstrate that hybrid models significantly exceed the performance of their isolated versions, with ARFIMA–ANN and FIGARCH–ANN showing the lowest Mean Squared Errors at 0.034 and 0.035 respectively. The ANN consistently shows a greater capability to capture nonlinear volatility patterns, while SVR demonstrates a moderate level of success. The results highlight that integrating long-memory stochastic models with machine learning frameworks provides strong predictive performance for complex energy series that depend on different regimes. These findings have significant consequences for the formulation of energy policies, management of volatility, and investment strategies in Nigeria's transforming energy sector. The study concludes that econometric models enhanced by machine learning are vital for developing adaptable forecasting systems in emerging markets facing structural and policy changes.]]>
<![CDATA[Financial Feasibility of Small Scale Liquefied Natural Gas Carrier (SSLNGC) Investment: A Capital Budgeting Analysis For PT Bahtera Adhiguna Putera (BAg) ]]>
<![CDATA[Namira Jayarachman, Marsha]]>;
<![CDATA[Yudha Sudrajad, Oktofa]]>
<![CDATA[ International Journal of Science, Technology & Management Vol. 7 No. 1 (2026): January 2026 ]]>
Publisher : <![CDATA[Publisher Cv. Inara ]]>
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DOI: 10.46729/ijstm.v7i1.1395
<![CDATA[Indonesia’s target to achieve net zero emissions by 2060 requires a strategic shift from coal to cleaner energy sources, with Liquefied Natural Gas (LNG) serving as a key transitional fuel. PT Bahtera Adhiguna Putera (BAg), a subsidiary of PT PLN Energi Primer Indonesia (PLN EPI), plays a vital role in energy logistics but currently lacks the fleet capacity to transport LNG. To address this gap, this study evaluates the financial feasibility of investing a Small Scale Liquefied Natural Gas Carriers (SSLNGC) through a capital budgeting approach. The research uses both qualitative and quantitative methods. PESTEL analysis is applied to assess the external environment and operational readiness, while capital budgeting tools such as Net Present Value (NPV), Internal Rate of Return (IRR), Payback Period, and Weighted Average Cost of Capital (WACC) are used to evaluate financial performance. The study tests several financing structure which is using 100% internal cash for Scenario 1 and mixed financing for Scenario 2 which ratio is 20% internal cash and 80% SHL scenario. A sensitivity analysis is also conducted to identify the most critical variables affecting investment outcomes and to measure the project’s financial resilience under different market conditions. The results show that the SSLNGC investment is both technically and financially feasible. The vessel’s capacity is suitable for port depth limitations and LNG demand in the targeted region. Financially, the investment is feasible, and the most optimal financing structure is Scenario 2 because has smaller WACC, higher NPV values, higher IRR compared to the WACC, and a reasonable payback period, confirming the project’s profitability. This also supported by the smaller value in the Scenario 2 sensitivity analysis calculation compared to Scenario 1. To keep the project profitable in the long term, BAg needs to ensure all the financial and operational key variables remain the same as the overall feasibility calculation is highly dependent on those variables.]]>
<![CDATA[The Effect of Company Behavior on Financial Success in Manufacturing in Banten Province ]]>
<![CDATA[Safii, Mohamad]]>;
<![CDATA[Aspiranti, Tasya]]>;
<![CDATA[Nurhayati, Nunung]]>;
<![CDATA[Amaliah, Ima]]>
<![CDATA[ International Journal of Science, Technology & Management Vol. 7 No. 1 (2026): January 2026 ]]>
Publisher : <![CDATA[Publisher Cv. Inara ]]>
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DOI: 10.46729/ijstm.v7i1.1396
<![CDATA[This study explores the influence of firm behavior regarding financial performance in manufacturing companies located in Banten Province during the period 2021–2024. Employing a numerical approach and Structural Equation Modeling (SEM) with a covariance-based method, the research examines the influence of three behavioral dimensions—transformational leadership, organizational culture, and managerial strategy—regarding essential financial metrics such as ROA, ROE, and NPM. The findings reveal that overall firm behavior exerts a substantial beneficial impact on financial performance, confirmed by strong goodness-of-fit indicators. Further analysis indicates that transformational leadership, organizational culture, and managerial strategy each contribute meaningfully to financial outcomes. These findings highlight the critical role of behavioral factors in enhancing profitability and competitiveness. The study offers theoretical contributions to behavioral governance literature and practical implications for leadership development, cultural alignment, and adaptive strategic management in dynamic market environments. Limitations include regional scope and reliance on secondary data future research should employ longitudinal and cross-industry designs for broader generalizability.]]>
<![CDATA[Business Performance Analysis And Valuation: Accounting Treatment Implications In Indonesia's Carbon Credit Industry ]]>
<![CDATA[Larasati, Intan]]>
<![CDATA[ International Journal of Science, Technology & Management Vol. 7 No. 1 (2026): January 2026 ]]>
Publisher : <![CDATA[Publisher Cv. Inara ]]>
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DOI: 10.46729/ijstm.v7i1.1397
<![CDATA[This study examines how accounting treatment choices for special funding schemes affect financial performance and valuation in Indonesia's emerging carbon credit industry. Using PT. Argustara Pilar Utama as a case study, a forestry-based carbon credit company operating under a unique funding arrangement where a single investor fully finances project operations in exchange for fixed-price carbon credit offtake, the research employs quantitative financial analysis methodology including ratio analysis and Discounted Cash Flow (DCF) valuation. Two accounting scenarios are evaluated: Scenario A recognizing investor funds as revenue under IFRS 15, and Scenario B recognizing funds as equity under IAS 32. The findings reveal substantial financial implications from accounting treatment choice. Scenario A produces cumulative positive EBIT of IDR 129.37 billion (2025-2034), Interest Coverage Ratio of 11.37x qualifying for Aa2/AA credit rating, and Enterprise Value of IDR 116.28 billion with WACC of 8.49%. Conversely, Scenario B generates cumulative negative EBIT of IDR 95.60 billion, negative Interest Coverage Ratio triggering D2/D distressed rating, and negative Enterprise Value of IDR 43.99 billion with elevated WACC of 22.81%. The equity value differential between scenarios reaches IDR 160.27 billion. This study concludes that revenue recognition under IFRS 15 is the superior treatment, as net shareholder value of IDR 75.32 billion after tax significantly exceeds zero value under equity recognition, while recommending complementary tax optimization strategies to mitigate double taxation exposure.]]>
