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Muchammad Saifuddin
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manova@uinsa.ac.id
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Alamat redaksi Prodi Manajemen Fakultas Ekonomi dan Bisnis Islam UIN Sunan Ampel Surabaya JL Ahmad Yani 117 Surabaya Telp. +62 31 8410298. Email : manova@uinsby.ac.id
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INDONESIA
Jurnal Manajemen dan Inovasi (MANOVA)
Published by Universitas Islam Negeri Sunan Ampel
ISSN : 26854716     EISSN : 2746282X     DOI : https://doi.org/10.15642/manova
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
Fokus jurnal ini berkaitan berbagai tema dan topik yang terkait dengan aspek dari manajemen, seperti : Manajemen Pemasaran Manajemen Keuangan, Manajemen Sumber Daya Manusia Manajemen Strategik Manajemen Operasional Manajemen Rantai Pasokan dan Ilmu Manajemen lainnya
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Strategi dan Menejemen
Articles 8 Documents
 1 
Search results for , issue "Vol. 9 No. 1 (2026): January" : 8 Documents clear
Analysis of Employee Financial Management Behavior with Lifestyle as A Moderating Variable Susilowati, Susilowati; Yudhanti, Ashari Lintang; Febry Fabian Susanto; Deasy Tantriana
Jurnal Manajemen dan Inovasi (MANOVA) Vol. 9 No. 1 (2026): January
Publisher : Management Department, Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Ampel Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15642/manova.v9i1.2159

Abstract

Objective – This research aims to examine the influence of financial literacy, financial attitude, and financial technology on the financial behavior of employees, with lifestyle as a moderating variable. This study is based on the phenomenon of many Indonesian civil servants falling into debt, reflecting a lack of financial literacy and proper financial management behavior. The study addresses the importance of financial awareness to prevent consumptive lifestyles exacerbated by the use of financial technology (fintech). Design/methodology/approach – Using a quantitative approach, this research employs Partial Least Squares (PLS) Structural Equation Modeling (SEM) analysis on 196 respondents drawn from the civil servant population of UIN Sunan Ampel Surabaya. The study analyzes the variables of financial literacy, financial attitude, financial technology, and lifestyle in relation to financial behavior. Findings – The findings reveal that financial literacy and financial attitude do not significantly affect financial behavior. However, financial technology has a positive and significant impact on financial behavior. Moreover, while lifestyle does not moderate the relationship between financial literacy or financial attitude and financial behavior, it does moderate the relationship between financial technology and financial behavior. This indicates that the influence of fintech on financial behavior is stronger among individuals whose lifestyle aligns with digital and technology-driven practices. Research limitations/implications – This research was conducted within a single institution in Indonesia, which may limit the generalizability of the findings. Future research could examine similar models across different institutions or countries, and explore additional moderating or mediating variables such as financial self-efficacy or digital literacy. Practical implications – The study emphasizes the importance of promoting effective use of fintech tools tailored to users' lifestyles. Organizations should focus on fostering digital financial behavior while acknowledging that financial knowledge and attitude alone may not lead to behavioral change. Practical financial literacy programs should be designed alongside initiatives that promote healthy lifestyle habits. Originality/value – This research uniquely integrates the moderating role of lifestyle in the relationship between financial technology and financial behavior. The study contributes to the growing literature on personal financial management by showing that digital tools are more effective when aligned with users' everyday habits and preferences.
Human Resource Quality Improvement Strategy Using Fuzzy Logic in the Mojokerto Footwear Industry as an Effort to Restore the Competitiveness of Local Brands setyaasih, setyaasih; Nova Ashriana, Ahfi; Agustina, Ratna
Jurnal Manajemen dan Inovasi (MANOVA) Vol. 9 No. 1 (2026): January
Publisher : Management Department, Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Ampel Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15642/manova.v9i1.2271

Abstract

Objective – This study aims to develop a strategy for improving HR quality in the Mojokerto footwear industry using a fuzzy logic approach as the analytical method, in order to identify priority competency dimensions that most significantly influence the competitiveness of local brands Design/methodology/approach – A quantitative approach was employed, utilizing fuzzy logic to analyze the prioritization of HR dimensions. Findings – The findings indicate that the implementation of fuzzy logic enables a more precise mapping of HR competencies, both strengths and weaknesses, compared to traditional evaluation methods. Research limitations/implications – This research was only conducted in the local footwear industry in Mojokerto. as a further study recommends the need for integrated human resource development policies between local governments, industry associations, and shoe business players in Indonesia Practical implications – This study offers practical contributions by providing evidence-based recommendations for improving training strategies, designing vocational curricula, and implementing competency development programs aligned with the needs of the local footwear industry. Originality/value – These findings underscore that strengthening HR capacity through practical skills and innovation is essential for restoring the competitiveness of local brands in both domestic and international markets.
The Effect of Environmental Social Governance, Market Capitalization, Dividend Payout Ratio, and Financial Performance on SRI KEHATI Stock Returns Lia Anggraeni; Diniati, Bintis Ti'anatud; Herliana Febrianti; Muhammad Asrori
Jurnal Manajemen dan Inovasi (MANOVA) Vol. 9 No. 1 (2026): January
Publisher : Management Department, Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Ampel Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15642/manova.v9i1.2292

Abstract

Abstract Objective – This study aims to analyze the influence of Environmental Social Governance, market capitalization, and financial performance on stock returns of companies listed in the Sri Kehati Index for the period 2020–2024, both simultaneously and partially. Design / Methodology / Approach – The research method applied is a quantitative approach. The sample was selected using purposive sampling, and the study employed secondary data. Data analysis methods include descriptive statistical analysis, panel data regression testing, classical assumption testing, hypothesis testing, and the coefficient of determination test. Data analysis was conducted using Eviews 12. Findings – The results indicate that, simultaneously, Environmental Social Governance, market capitalization, Dividend Payout Ratio, and financial performance have a positive and significant effect on stock returns of companies listed in the Sri Kehati Index for the period 2020–2024. Partially, market capitalization has a positive and significant effect on stock returns of companies in the Sri Kehati Index for the same period. Meanwhile, Environmental Social Governance, Dividend Payout Ratio, and financial performance do not have a significant effect on stock returns when tested partially. Research limitation / implications – This study is limited to a sample of 10 companies in the Sri Kehati Index, a relatively short observation period, and restricted variables, thus not covering all factors that may affect stock returns. Practical implications – This research encourages investors to pay closer attention to market capitalization and sustainability aspects in making investment decisions in companies listed in the Sri Kehati Index. Furthermore, the findings can serve as a reference for company management to strengthen financial performance and consider sustainability practices to enhance attractiveness in the eyes of investors. Originality / Value – The originality of this research lies in the integration of Environmental Social Governance analysis with fundamental company indicators (market capitalization, Dividend Payout Ratio, and financial performance) within the context of companies listed in the Sri Kehati Index, using the most recent research period of 2020–2024. The capital market is a platform used for trading various types of securities such as stocks, bonds, and other financial instruments through licensed brokers. In its development, the capital market has shifted its orientation not only toward financial gains but also toward sustainable development aspects or the Sustainable Development Goals (SDGs) (Arifianti & Widianingsih, 2023). The SDGs represent global development goals established by the United Nations, consisting of 17 objectives. Indonesia is among the countries committed to implementing the SDGs, as stated in Presidential Regulation No. 59 of 2017 concerning the Implementation and Achievement of the Sustainable Development Goals. Based on SDGs Score data, Indonesia recorded a score of 68.44 in 2020. This figure increased to 68.95 in 2021, then rose to 69.24 in 2022, and further to 69.43 in 2023. However, in 2024, Indonesia’s SDGs score slightly declined to 68.70.
The Role of Consumer Confidence in Effect of Islamic Business Ethics on Religius Tourism Marketing Sunaidah, Siti; M. Maghfiroh, Ana M. Maghfiroh; Muniri, Muniri; Sakti Delviero, Alexandro Sakti Delviero
Jurnal Manajemen dan Inovasi (MANOVA) Vol. 9 No. 1 (2026): January
Publisher : Management Department, Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Ampel Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15642/manova.v9i1.2317

Abstract

The Sharia tourism industry has witnessed remarkable growth in recent years, becoming one of the most dynamic sectors within the global travel market. According to recent data, the number of Muslim tourists reached approximately 230 million in 2023, demonstrating the increasing demand for tourism products and services that comply with Sharia principles. This growing market highlights the potential of Islamic-based tourism not only as a spiritual journey but also as a driver of economic and cultural development. Despite this progress, one of the most persistent challenges in the development of Sharia tourism is ensuring the consistent application of Islamic values in all aspects of service delivery and business operations. Many destinations still struggle to maintain a balance between commercial objectives and adherence to Sharia norms, particularly in providing facilities that align with Muslim travelers’ expectations of halal, ethical, and value-based experiences. This study seeks to examine the role of consumer confidence in mediating the relationship between Islamic business ethics and religious tourism marketing effectiveness at the Ar-Rahman Mosque Tourism Site in Blitar District. The research employed a quantitative approach using survey data collected from 150 respondents through purposive sampling. The structured questionnaire utilized a 5-point Likert scale to measure key variables related to ethical perception, consumer trust, and marketing performance. Data analysis was performed using multiple linear regression with SPSS version 26.0. The findings reveal that Islamic business ethics—particularly the principles of honesty (ash-shidq), justice (al-‘adl), responsibility (al-mas’uliyyah), and transparency—have a positive and significant effect on the marketing of Sharia-based tourism. Furthermore, consumer confidence acts as a crucial intermediary that strengthens the impact of ethical practices on marketing effectiveness. This suggests that when religious tourism providers consistently uphold Islamic ethical standards, they not only foster trust among Muslim tourists but also enhance the overall competitiveness and sustainability of the Sharia tourism sector.
Trust As Mediator Between Service Quality And Customer Satisfaction: Evidence From Courier Services In Surabaya And Sidoarjo Fardan, Moch Khoirul Fardan; Rachma Rizqina Mardhotillah; Azmil Chusnaini; Reizano Amri Rasyid
Jurnal Manajemen dan Inovasi (MANOVA) Vol. 9 No. 1 (2026): January
Publisher : Management Department, Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Ampel Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15642/manova.v9i1.2320

Abstract

This study examines the effect of service quality on customer satisfaction with trust as a mediating variable, focusing on JNE courier service customers in Surabaya and Sidoarjo. Employing a quantitative research design, data were collected through questionnaires distributed to 121 respondents and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 4 software. The findings reveal that both service quality and trust have a positive and significant influence on customer satisfaction; however, trust does not significantly mediate the relationship between service quality and customer satisfaction. The study’s scope was limited to courier service customers in two major Indonesian cities, suggesting the need for future research to expand the sample size, include multiple courier firms, or conduct cross-regional comparisons to enhance external validity. These results emphasize the strategic importance for courier companies to improve service quality and strengthen customer satisfaction while fostering trust through transparent, consistent, and reliable service performance. This research contributes empirical evidence on the mediating role of trust within Indonesia’s courier service industry and enriches the growing literature on customer behavior and digital service management in emerging markets.
The Influence of Compensation And Work-Life Balance On Work Productivity Through Employee Resilience Priyono, Agung; Dwi Astuti, Nani; Saryatmo, Agung; Darmawan Putra, Awang; Haikal, Fahri
Jurnal Manajemen dan Inovasi (MANOVA) Vol. 9 No. 1 (2026): January
Publisher : Management Department, Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Ampel Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15642/manova.v9i1.2355

Abstract

Abstract Objective – This study aims to examine the influence of compensation and work-life balance on employee work productivity among the sandwich generation in South Jakarta, and to analyze the mediating role of employee resilience in these relationships. Design/methodology/approach – A quantitative descriptive approach was employed using a questionnaire distributed to 96 respondents identified as sandwich-generation workers. Data were analyzed using Structural Equation Modelling–Partial Least Squares (SEM-PLS) to evaluate both direct and indirect effects among the variables. Findings – The results reveal that compensation and resilience significantly affect employee productivity. Employee resilience was also found to mediate the relationship between compensation and work-life balance with work productivity. However, work-life balance does not directly influence productivity without the mediating role of resilience. These findings highlight that productivity among sandwich-generation employees is driven not only by financial rewards but also by psychological strength and adaptability. Research limitations/implications – This study is limited to respondents in the South Jakarta area with a relatively small sample size, which may limit generalizability. Future research is encouraged to expand to other sectors and regions, and to explore additional variables such as job stress, psychological well-being, and employee engagement. Practical implications – Organizations are advised to enhance compensation strategies, provide flexible work policies, and implement mental health and resilience development programs in order to support the productivity of sandwich-generation employees who carry dual family responsibilities. Originality/value – This research contributes a novel empirical model by integrating employee resilience as a mediating variable in the relationship between compensation, work-life balance, and productivity—a perspective that remains underexplored, particularly within the Indonesian sandwich-generation workforce context. The findings provide valuable insights to guide more effective and human-centered human resource policies.
Evaluating Strategic Alternatives in the Indonesian Pharmaceutical Industry: A QSPM-Based Study of PT Darya-Varia Laboratoria Tbk Santoso, Satrio Ayom; Ayu, Riska
Jurnal Manajemen dan Inovasi (MANOVA) Vol. 9 No. 1 (2026): January
Publisher : Management Department, Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Ampel Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15642/manova.v9i1.2373

Abstract

Objective – This research aims to evaluate the strategic alternatives available to PT Darya-Varia Laboratoria Tbk by analyzing internal and external strategic factors that influence competitiveness in the Indonesian pharmaceutical industry. The study focuses on determining the most appropriate strategic direction using the Quantitative Strategic Planning Matrix (QSPM). Design/methodology/approach – This study employs a qualitative–quantitative strategic analysis approach using tools such as PEST, Porter’s Five Forces, Internal Factor Evaluation (IFE), External Factor Evaluation (EFE), SWOT analysis, IE Matrix, and the Grand Strategy Matrix. The QSPM model is then applied to quantify and compare the attractiveness of alternative strategies, enabling the identification of the most optimal strategic choice for the company. Findings – The analysis shows that PT Darya-Varia operates in a competitive and highly regulated pharmaceutical market influenced by technological advancements, rising health awareness, and strong market rivalry. Internally, the company displays strong brand presence and operational capabilities, yet faces weaknesses such as reliance on imported raw materials. QSPM results identify Product Development as the most attractive strategic alternative, highlighting the importance of adopting advanced technologies such as AI based formulation, nanotechnology, and biotechnology to strengthen competitive advantage. Research limitations/implications – This study focuses on a single case within Indonesia’s pharmaceutical sector, which may limit generalizability. Future research is encouraged to examine similar strategic evaluations in different pharmaceutical companies or across other emerging markets. Additional variables such as digital transformation, supply chain resilience, or post-pandemic market shifts may further enrich strategic insights. Practical implications – The findings provide managerial guidance for PT Darya-Varia and similar companies to prioritize innovation driven product development to enhance competitiveness. Firms are encouraged to invest in technology based R&D, improve supply chain independence, and align strategic initiatives with industry trends to maintain long-term market strength. Originality/value – This research integrates multiple strategic frameworks with QSPM to quantitatively determine the most suitable strategic direction for a leading pharmaceutical company in Indonesia. The study contributes by demonstrating how technology-driven product development can serve as a key strategic lever in a competitive and rapidly evolving industry landscape.
Asset Insurance Under Rising Disasters: Financial Value and Simulation Evidence Kusdaryanto, Pranidhana Putra
Jurnal Manajemen dan Inovasi (MANOVA) Vol. 9 No. 1 (2026): January
Publisher : Management Department, Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Ampel Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15642/manova.v9i1.2406

Abstract

Objective – This paper evaluates whether insuring public assets is financially beneficial under increasing disaster risk, with emphasis on the trade-off between expected cost and tail-risk protection relevant to public asset management. Design/methodology/approach – The study integrates disaster-risk financing and insurance-demand theory with a Monte Carlo simulation of a representative public-asset portfolio over a 10-year horizon. The simulation models increasing hazard frequency, skewed loss severity, inflation, and a simplified insurance contract (deductible and limit). Outcomes are assessed using expected net present value (NPV) of total cost, downside risk (P95/P99), and the probability of breaching a fiscal-stress threshold. Findings – Insurance increases expected NPV cost under plausible premium loadings, yet it materially reduces tail risk. In the base case, the P95 of total cost falls from 182.0 to 96.6 IDR bn, and the probability of NPV exceeding IDR 200 bn drops from 3.9% to 0.6%. Therefore, insurance can be financially rational when decision-makers value budget stability and service-continuity protection more than expected-cost minimisation. Research limitations/implications – Quantitative outputs are illustrative because parameters are not calibrated to a specific ministry asset register, peril mix, and vulnerability. Future work should calibrate catastrophe models to BMN portfolios and incorporate premium dynamics under hardening reinsurance markets. Practical implications – The framework supports risk appetite setting, deductible/limit optimisation, and integration of insurance with maintenance, retrofit, and contingency reserves. Originality/value – The paper bridges public asset management and disaster-risk financing by translating insurance decisions into NPV and tail-risk metrics that are actionable for portfolio governance.

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