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Milestone: Journal of Strategic Management
Published by Universitas Pelita Harapan
ISSN : -     EISSN : 27753565     DOI : -
Core Subject : Social,
Social Sciences
Milestone: Journal of Strategic Management aims to foster leading scientific research on international strategic business management. It provides a central and independent forum for the critical evaluation and dissemination of research and to publish the highest quality research with evaluation, evidence and conclusions that are relevant to strategic management while engaging strategic management scholars and practitioners. Milestone: Journal of Strategic Management places a strong emphasis on both knowledge and practice, facilitating the exchange of ideas and discoveries on research issues. The journal is intended to give both an academic and practical focus, reflecting the trends, interests in on going strategic initiatives, phenomenon related to business strategic management. This journal topic covers scientific publications related to business, strategic management, organizational behaviour, and international management.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Strategi dan Menejemen
Articles 92 Documents
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Factors Affecting Financial Distress: Evidence from Indonesia Tirza Chrissentia; Liza Handoko
Milestone: Journal of Strategic Management Vol 5. No. 1 April 2025
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/ms.v5i1.8607

Abstract

This study analyzes the impact of various factors on financial distress in Indonesian companies, focusing on profitability, institutional ownership, firm size, firm age, interest expense, dividend payout, retained earnings, and the COVID-19 pandemic. The objective of the research was to understand the effects of those internal and external factors before crisis, during crisis and post crisis. Data from companies listed on the Indonesia Stock Exchange (excluding the financial sector) from 2013 to 2022. The numbers of the sample based on the criteria were 691 companies, which makes 6132 observation points in total as the sample for this research. The sample was analyzed using logistic regression to determine the relationship between these variables and financial distress. The study found that profitability significantly reduces the likelihood of financial distress, while firm size, firm age, high interest expenses, high retained earnings, and the COVID-19 pandemic significantly increase the likelihood of financial distress.  Based on the findings, this study analyzed the impact of a company's condition during a crisis and the effect of external factors on the probability of financial distress and its impact on the company. The study can be used as a basis for company planning under external pressure conditions, considering the possibility of future events like pandemics or other crises.
Security Challenges and Foreign Direct Investment in Nigeria: Implications for Economic Growth (2010 – 2024) Mathias O. Ananti; Okoye Joy Ndidiamaka; Ebele Victoria Ezeneme
Milestone: Journal of Strategic Management Vol 5. No. 1 April 2025
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/ms.v5i1.8985

Abstract

This paper examines the effects of security threats on Foreign Direct Investment (FDI) in Nigeria and their broader implications for economic growth. This study adopts a content analysis method to systematically review policy documents, academic papers, news reports, and reports from international organizations published between 2010 and 2024. The analysis focuses on the impact of insurgency, ethnic and religious strife, militancy, kidnapping, and herdsmen-farmer violence on foreign investment inflows and economic stability. Findings reveal that persistent security risks significantly deter foreign capital inflows and disrupt economic activities. Insurgent groups, such as Boko Haram in the North-East, have triggered humanitarian crises and economic stagnation, while ethnic and religious conflicts heighten insecurity. Niger Delta militancy disrupts oil production, and the rise in kidnappings and criminal violence increases business costs and investment risks. Additionally, herdsmen-farmer conflicts weaken agricultural productivity and discourage rural investment. The study highlights the necessity of comprehensive security sector reforms, targeted financial support, and infrastructure development programs to restore investor confidence and sustain economic growth. It recommends enhanced national security investments, financial incentives for security infrastructure, and strategic recovery plans for affected sectors. Addressing these security challenges is essential to creating an environment conducive to sustainable economic development and attracting foreign investment.
THE Impact of Working Capital Management and COVID-19 on the Profitability of Companies in Indonesia Kartika Sekar Ayuningtias; Liza Handoko
Milestone: Journal of Strategic Management Vol 5. No. 1 April 2025
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/ms.v5i1.9499

Abstract

This research examines the impact of working capital management and the COVID-19 pandemic on the profitability of Indonesian companies listed on the Indonesia Stock Exchange from 2013 to 2022, excluding financial firms. Using panel regression with a fixed effects model, the findings reveal that cash conversion cycle management and firm size significantly influence profitability, both in terms of ROA and ROE. Efficient cash conversion cycle management enhances profitability by reducing the time needed to convert inventory investments into cash, while larger firms benefit from economies of scale and greater market access. Additionally, accounts receivable management, current ratio, and leverage significantly affect ROA, whereas inventory management, current assets, and the COVID-19 pandemic show no significant impact. For ROE, only cash conversion cycle and firm size have a significant influence. These results highlight the importance of effective working capital management strategies to enhance corporate profitability.
Entrepreneurial Mindfulness and Ambidextrous Leadership in Strengthening Resilience: The Mediating Role of Scaling-Up Performance Capacity in Indonesian Family Businesses Patricia Patricia; Alvaro Pratama
Milestone: Journal of Strategic Management Vol 5. No. 1 April 2025
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/ms.v5i1.9527

Abstract

Entrepreneurial resilience is crucial for the sustainability of family businesses, especially in dynamic and uncertain environments. Despite the growing interest in entrepreneurial resilience, existing research has yet to fully explore how both cognitive (entrepreneurial mindfulness) and strategic (ambidextrous leadership) leadership factors collectively shape resilience, particularly in the family business context. This study addresses this gap by investigating how scaling-up performance capacity mediates these relationships, providing a more integrative perspective on resilience-building mechanisms in family firms. Using a quantitative approach, data was collected through questionnaires from 265 family business owners in Indonesia. The data was analyzed utilizing Smart PLS (Partial Least Squares Structural Equation Modeling) to evaluate the proposed hypotheses. The results reveal that entrepreneurial mindfulness and ambidextrous leadership have a positive and significant impact on entrepreneurial resilience. Furthermore, the capacity for scaling-up performance functions as an important mediator, enhancing the connection between leadership behaviors and resilience. Theoretically, this study contributes to the expanding literature on family business sustainability by integrating resilience-building strategies with leadership and performance capacity constructs. These findings provide practical contributions for family businesses in adopting effective leadership strategies and increasing adaptive capacity to enhance resilience against market uncertainties and generational transitions.
Transformational Leadership dan Literasi AI sebagai Strategi Peningkatan Job Performance Karyawan Start-Up di Era Digital : [Transformational Leadership and AI Literacy as Strategies to Improve Job Performance of Start-Up Employees in the Digital Era] Trifiana Tiodora; Wilson Bangun; Hendra Achmadi; Yohana Cahya Palupi Meilani
Milestone: Journal of Strategic Management Vol 5. No. 1 April 2025
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/ms.v5i1.9613

Abstract

This study aims to analyze the effect of transformational leadership and artificial intelligence (AI) literacy on job performance with AI anxiety and managing workplace FOMO as mediating variables in millennial generation employees in start-up companies. Millennial employees, who dominate the workforce in this sector, have unique characteristics such as flexible work preferences, dependence on technology, and the need for a collaborative work environment. However, they also face psychological challenges due to high work dynamics, such as anxiety about AI and the pressure to always be connected. This study uses a quantitative approach with a survey method involving millennial employees from various start-up companies in Indonesia. Data was collected through online questionnaires and analyzed using Structural Equation Modeling (SEM) to test the relationship between variables in the research model developed based on the Job Demands-Resources (JD-R) Model. The results showed that transformational leadership and AI literacy have a positive and significant effect on job performance. In addition, AI anxiety and managing workplace FOMO proved to be significant mediators, where transformational leadership and high levels of AI literacy were able to reduce anxiety about technology and stress due to digital pressure. Thus, this study provides theoretical and practical contributions in the development of leadership strategies and human resource policies, especially in improving the welfare and productivity of millennial employees in a digital technology-based work environment. Abstrak Bahasa Indonesia: Penelitian ini bertujuan untuk menganalisis pengaruh transformational leadership dan artificial intelligence (AI) literacy terhadap job performance dengan AI anxiety dan managing workplace FOMO sebagai variabel mediasi pada karyawan generasi milenial di perusahaan start-up. Karyawan milenial, yang mendominasi tenaga kerja di sektor ini, memiliki karakteristik unik seperti preferensi kerja fleksibel, ketergantungan pada teknologi, dan kebutuhan akan lingkungan kerja yang kolaboratif. Namun, mereka juga menghadapi tantangan psikologis akibat dinamika kerja yang tinggi, seperti kecemasan terhadap AI dan tekanan untuk selalu terhubung. Penelitian ini menggunakan pendekatan kuantitatif dengan metode survei yang melibatkan karyawan milenial dari berbagai perusahaan start-up di Indonesia. Data dikumpulkan melalui kuesioner online dan dianalisis menggunakan Structural Equation Modeling (SEM) untuk menguji hubungan antar variabel dalam model penelitian yang dikembangkan berdasarkan Job Demands-Resources (JD-R) Model. Hasil penelitian menunjukkan bahwa transformational leadership dan AI literacy memiliki pengaruh positif dan signifikan terhadap job performance. Selain itu, AI anxiety dan managing workplace FOMO terbukti sebagai mediator yang signifikan, di mana kepemimpinan transformatif dan tingkat literasi AI yang tinggi mampu mengurangi kecemasan terhadap teknologi serta stres akibat tekanan digital. Dengan demikian, penelitian ini memberikan kontribusi teoretis dan praktis dalam pengembangan strategi kepemimpinan dan kebijakan sumber daya manusia, khususnya dalam meningkatkan kesejahteraan dan produktivitas karyawan milenial di lingkungan kerja berbasis teknologi digital.
The Effect of Information Sharing and Trust on Supply Chain Management Performance with Long-Term Relationship as a Mediator: Evidence from SMEs in Yogyakarta Saniyah Puspitasari
Milestone: Journal of Strategic Management Vol 5. No. 2 September 2025
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/ms.v5i2.10217

Abstract

This study investigates the effect of information sharing and trust on supply chain management (SCM) performance, with long-term relationship as a mediating variable. A census sampling technique was applied to 45 Small and Medium Enterprises (SMEs) in Yogyakarta’s Bakpia industry. Data was analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that information sharing (β = 0.405) and trust (β = 0.410) significantly influence long-term relationships. Long-term relationships, in turn, have a strong positive effect on SCM performance (β = 0.378). Information sharing also directly affects SCM performance (β = 0.367), while trust shows a weaker direct effect (β = 0.212). Indirectly, both information sharing (β = 0.149) and trust (β = 0.151) contribute to SCM performance through long-term relationships as a mediator. The total effect analysis further highlights that information sharing (β = 0.578) and trust (β = 0.499) enhance SCM performance, with long-term relationship showing the highest total effect (β = 1.149). These findings emphasize the critical mediating role of long-term relationships in strengthening supply chain collaboration, particularly where trust alone may not directly drive performance. The study contributes to SCM literature by providing empirical evidence from SMEs in the traditional food sector and offers practical implications for managers to prioritize both transparent information exchange and sustainable partnerships to improve supply chain outcomes.
Strategic Management Deficiencies and Business Failure Among Private Medical Diagnostic Centers in Enugu, Nigeria Marcellinus Chukwuka Ihionu; Alexander Chinaza Aneke
Milestone: Journal of Strategic Management Vol 6. No. 1 April 2026
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/ms.v6i1.10275

Abstract

Private medical diagnostic centers play an increasingly important role in Nigeria’s healthcare delivery system, particularly in filling service gaps created by limited public health infrastructure. Despite their growing relevance, many of these facilities experience early business failures, especially in urban healthcare markets such as Enugu State. However, limited empirical attention has been given to the strategic and operational factors responsible for the collapse of private diagnostic laboratories in Nigeria. This study therefore examines the strategic management deficiencies associated with business failure among private medical diagnostic centers in Enugu State. The study adopted a historical case-based research approach, analyzing ten defunct diagnostic centers that operated between 2015 and 2025. Data were derived from archival reports, regulatory records, and secondary literature, and analyzed using qualitative content analysis. Findings reveal that business failure resulted from interconnected regulatory, operational, financial, and market-related challenges. Key factors included regulatory non-compliance, weak quality management systems, poor financial planning, high operational costs driven by energy and foreign exchange pressures, and increased competition within the healthcare market. The COVID-19 pandemic further exposed resilience gaps in many facilities. The study concludes that strengthening regulatory compliance, improving financial management practices, and adopting digital diagnostic technologies are essential for enhancing the sustainability of private diagnostic centers. The study contributes to healthcare entrepreneurship literature by providing a systems-based explanation of diagnostic facility failure in a developing economic context.
An Assessment of Strategic Management Practices and Organizational Failure in Private Medical Laboratories and Allied Health Centers in South-East Nigeria Alexander Chinaza Aneke; Marcellinus Chukwuka Ihionu
Milestone: Journal of Strategic Management Vol 6. No. 1 April 2026
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/ms.v6i1.10276

Abstract

Despite rapid growth in Nigeria’s private medical diagnostic and allied health sector, many centers in South-East Nigeria continue to experience high failure rates driven by financial constraints, regulatory pressures, infrastructural deficits, technological demands, and broader socioeconomic challenges. This study investigates these multidimensional factors to inform policy development, strategic decision-making, and the long-term sustainability of private healthcare enterprises in the region. Adopting a historical research design, data were collected from ten purposively selected medical diagnostic centers in South-East Nigeria through the review of archival documents, institutional records, and relevant online sources. Content analysis was employed to identify recurring patterns and key themes. The findings indicate that facility closures are primarily associated with regulatory non-compliance, financial instability, and workforce attrition. Key challenges include operating without appropriate licensing, failure to adhere to quality management standards, shortages of essential supplies, high operational costs, particularly for electricity and equipment, and difficulties in retaining skilled personnel due to brain drain. These interrelated factors undermine operational efficiency and expose facilities to regulatory sanctions, financial losses, and reputational risks. The study further reveals that systemic weaknesses, including regulatory gaps, limited access to sustainable financing, and inadequate human resource capacity, threaten the viability of private healthcare providers in the region. It is recommended that policymakers strengthen regulatory enforcement, expand sustainable financing options, and implement targeted workforce retention strategies. This study contributes to the literature by contextualizing healthcare management challenges within a regional Nigerian framework.
Nilai Perusahaan Memediasi Financial Distress dan Firm Size terhadap Return Saham : [Company Value Mediates Financial Distress and Firm Size on Stock Returns] Herlina Lusmeida; Tiara Syahda Khalisah
Milestone: Journal of Strategic Management Vol 5. No. 2 September 2025
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/ms.v5i2.10296

Abstract

This study aims to provide empirical evidence regarding the effect of financial distress and firm size on stock returns through firm value. This study examines the variables of financial distress, firm size, stock returns and firm value in the property sector in 2021-2023 in the ASEAN Region 5. The method of sampling is purposive sampling. The type of data selected is panel data. This secondary data is taken from annual reports and financial statements available through S&P Capital IQ. The results of the study stated that financial distress does not affect the firm’s value. Firm size has a negative effect on the firm’s value. Financial distress has a negative effect on stock returns. Firm size has a negative effect on stock returns. Firm value has a positive effect on stock returns. Firm value does not significantly mediate the relationship between financial distress and stock returns. Firm value does not significantly mediate the relationship between firm size and stock returns. Academic implication for this research is enriching literature studies about firm value, financial distress and stock return.  Practical implication is Companies do not only need to maintain financial stability but also build reputation and credibility among investors as a strategic effort to improve their stock market performance. Abstrak Bahasa Indonesia: Penelitian ini bertujuan untuk memberikan bukti empiris mengenai pengaruh kesulitan keuangan dan ukuran perusahaan terhadap pengembalian saham melalui nilai perusahaan. Penelitian ini mengkaji variabel kesulitan keuangan, ukuran perusahaan, pengembalian saham, dan nilai perusahaan pada sektor properti tahun 2021–2023 di Kawasan ASEAN 5. Metode pengambilan sampel yang digunakan adalah purposive sampling. Jenis data yang dipilih adalah data panel. Data sekunder ini diambil dari laporan tahunan dan laporan keuangan yang tersedia melalui S&P Capital IQ. Hasil penelitian menyatakan bahwa kesulitan keuangan tidak memengaruhi nilai perusahaan. Ukuran perusahaan berpengaruh negatif terhadap nilai perusahaan. Kesulitan keuangan berpengaruh negatif terhadap pengembalian saham. Ukuran perusahaan berpengaruh negatif terhadap pengembalian saham. Nilai perusahaan berpengaruh positif terhadap pengembalian saham. Nilai perusahaan tidak memediasi hubungan antara kesulitan keuangan dan pengembalian saham secara signifikan. Nilai perusahaan tidak memediasi hubungan antara ukuran perusahaan dan pengembalian saham secara signifikan. Implikasi akademis dari penelitian ini adalah memperkaya studi literatur tentang nilai perusahaan, kesulitan keuangan, dan pengembalian saham. Implikasi praktisnya adalah perusahaan tidak hanya perlu menjaga stabilitas keuangan, tetapi juga membangun reputasi dan kredibilitas di kalangan investor sebagai upaya strategis untuk meningkatkan kinerja pasar sahamnya.
Employee Performance in Organization: Does It Bring Success? Ian Nurpatria Suryawan; Klemens Wedanaji Prasastyo
Milestone: Journal of Strategic Management Vol 6. No. 1 April 2026
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/ms.v6i1.10381

Abstract

Employee performance is a critical factor in the hospitality industry, where service quality and operational efficiency strongly depend on employee behavior. However, various organizational and psychological factors may influence employee performance, including locus of control, organizational citizenship behavior (OCB), rewards, and work stress. This study aims to examine the influence of locus control, organizational citizenship behavior, and rewards on employee performance, with work stress acting as a mediating variable. Data was collected from 187 employees who had worked for at least two years, ranging from staff to managerial level, in one hotel in Tangerang and two hotels in Yogyakarta. The data were analyzed using path analysis to evaluate the direct and indirect relationships among variables. The results show that rewards have a significant positive effect on employee performance when mediated by work stress. Organizational citizenship behavior does not have a direct significant effect on employee performance; however, it shows a significant indirect effect through work stress. These findings indicate that employees’ voluntary work behaviors may influence performance when psychological pressure at work is considered. Furthermore, work stress has a significant negative effect on employee performance, indicating that higher stress levels can reduce employee effectiveness. This study contributes to the organizational behavior literature in the hospitality sector by highlighting the mediating role of work stress in explaining how organizational and psychological factors influence employee performance. The findings also provide practical implications for hotel management in designing reward systems and managing employee stress to improve performance.

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