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Transekonomika : Akuntansi, Bisnis dan Keuangan
Published by Transpublika Publisher
ISSN : 28097866     EISSN : 28096851     DOI : https://doi.org/10.55047/transekonomika
Core Subject : Economy,
Economics, Econometrics & Finance
Transekonomika : Akuntansi, Bisnis dan Keuangan, publish by Transpublika Research Center, for sources of information and communication for academics and observers about science and methodology. Published papers are the upshots of research, reflection, and actual critical studies with respect to the themes of Accounting, Business, Management, Finances, Public administration and Social studies. All papers are double blind peer-reviewed and published six (6) times in a year.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 938 Documents
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The Effect of Corporate Governance on Company Shareholder Value Lidya, Lidya; Christian, Natalis
TRANSEKONOMIKA: AKUNTANSI, BISNIS DAN KEUANGAN Vol. 6 No. 1 (2026): January 2026
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/transekonomika.v6i1.1145

Abstract

Backgrounds: Corporate governance mechanisms and firm financial characteristics are key determinants of corporate performance, with profitability proxounded by Return on Equity (ROE). Corporate performance is shaped by a constellation of governance attributes, encompassing board architecture, ownership configuration, the robustness of internal control frameworks, and the firm’s leverage. Objectives: This study examines the effect of corporate governance mechanisms and financial characteristics on profitability. Specifically, it investigates the roles of Non-Compliance Index, Director Share Ownership, Remuneration, Internal Controls, Extra Committees, Board Independence, Board Size, Leverage, and Liquidity in shaping ROE. Methodology: A quantitatively oriented research design was implemented, utilizing archival financial disclosures as secondary data sources. The empirical estimation relied on multiple linear regression performed on a balanced panel dataset encompassing 500 firm-year observations, with classical assumption tests and hypothesis testing ensuring model robustness. Findings: Simultaneously, governance mechanisms and financial characteristics significantly affect ROE. Partially, Director Share Ownership and Board Size positively influence ROE, while Board Independence has a negative effect. Non-Compliance Index, Remuneration, Extra Committees, Leverage, and Liquidity were not significant. Internal Controls could not be analyzed due to lack of data variation. Conclusions: Not all governance mechanisms directly enhance profitability. Excessive board independence may constrain managerial flexibility, while effective board size and managerial ownership can improve performance. Limitations include a low R² and the use of ROE as the sole performance metric. Future studies should explore alternative performance measures and additional governance variables. Findings provide guidance for designing governance structures that promote profitability, investor confidence, and sustainable business practices.
The Role of Promotion in Determining the Effect of Price and Location on the Decision to Purchase Subsidized Housing Supriadi, Yusup; Nora, Liza
TRANSEKONOMIKA: AKUNTANSI, BISNIS DAN KEUANGAN Vol. 6 No. 1 (2026): January 2026
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/transekonomika.v6i1.1158

Abstract

Backgrounds: The increasing competition in the housing property sector requires developers to understand key factors influencing consumers’ purchasing decisions. Price and location are commonly considered primary determinants, while promotional strategies may strengthen consumers’ decision-making processes in selecting residential properties. Objectives: The study aims to investigate the effects of Price and Location on Purchase Decisions by embedding Promotion as a moderating construct among consumers of Buana Residence Housing. Methodology: This research adopted a quantitative associative approach. Data collection involved distributing questionnaires to 110 consumers and prospective consumers of Buana Residence Housing, which were analysed using the PLS-SEM method through SmartPLS software. Findings: The structural assessment confirms that Price constitutes a dominant predictor of Purchase Decision (β = 0.446), whereas Location provides an additional contributory influence (β = 0.217). Promotion demonstrates independent explanatory capacity (β = 0.292) and functions as an effect-strengthening mechanism, augmenting the Price-Purchase Decision and Location-Purchase Decision relationships with interaction coefficients of 0.496 and 0.471. Conclusions: The findings suggest that promotion operates as an amplifying contingency through which the explanatory power of price and location becomes more pronounced in shaping consumer purchasing decisions, indicating that integrated pricing, strategic location advantages, and promotional efforts are essential in improving housing purchase decisions. Developers should strengthen their marketing strategies to maximize the influence of price and location on purchasing decisions.
Implementation of the Core Tax Administration System (CTAS) as a Digital Tax Solution: An Empirical Study on Taxpayer Satisfaction and Government Readiness Indriani, Agustina; Jombrik, Jombrik; Haholongan, Rutinaias
TRANSEKONOMIKA: AKUNTANSI, BISNIS DAN KEUANGAN Vol. 6 No. 2 (2026): March 2026
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/transekonomika.v6i2.1130

Abstract

Background: The digital transformation of tax administration has become a strategic priority for governments seeking to improve transparency, efficiency, and compliance. In Indonesia, the Core Tax Administration System (CTAS) represents a major step toward modernizing tax services within the Directorate General of Taxes, where user acceptance and institutional readiness are considered key determinants of success. Objectives:  This study examines the influence of taxpayer satisfaction and government readiness on CTAS implementation effectiveness in Indonesia's digital tax administration transformation. Methodology: A quantitative approach was employed using structured questionnaires distributed to taxpayers with experience using digital tax services, with multiple linear regression used to evaluate the effect of each independent variable. Findings: Taxpayer satisfaction has a positive and significant effect on CTAS implementation (t = 7.291, p = 0.000), reflected in perceptions of service accessibility, speed, data security, and information clarity. Government readiness, however, shows no statistically significant effect (t = 0.787, p = 0.433). Conclusions: Taxpayer satisfaction is a significant determinant of CTAS implementation success, whereas government readiness alone does not directly translate into taxpayer adoption without a positive user experience. These findings support the Technology Acceptance Model (TAM), underlining the need for simplified procedures, enhanced system stability, and responsive digital services to strengthen CTAS acceptance in Indonesia.
Operational Efficiency as a Mediator in the Relationship Between Digital Payment, Digital Customer Service, and Profitability in Indonesian Insurance Companies Lestari, Widyana; Krisdiana, Krisdiana
TRANSEKONOMIKA: AKUNTANSI, BISNIS DAN KEUANGAN Vol. 6 No. 1 (2026): January 2026
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/transekonomika.v6i1.1163

Abstract

Backgrounds: InsurTech adoption, encompassing digital payment systems and digital customer service platforms, is growing rapidly in Indonesia's insurance industry, yet empirical evidence on how these digital initiatives translate into profitability through operational efficiency mechanisms remains limited among publicly listed general insurance companies. Objectives: This study examines the mediating role of operational efficiency between InsurTech adoption and profitability in Indonesian general insurance companies, with InsurTech proxied by Digital Payment and Collection System and Digital Customer Service, operational efficiency measured by Expense Ratio, and profitability measured by Return on Equity (ROE). Methodology: Using panel data from 11 general insurance companies listed on the Indonesia Stock Exchange during 2020-2024 (55 firm-year observations), the study applies multiple regression and bootstrapping mediation analysis (PROCESS Macro Model 4). Findings: Digital Payment significantly and positively affects both ROE (H1) and Expense Ratio (H2), and full mediation by Expense Ratio is confirmed (H6), with the indirect effect remaining significant (BootLLCI = 0.0803; BootULCI = 0.2436) while the direct effect becomes insignificant. Digital Customer Service does not significantly influence ROE or Expense Ratio, either directly or indirectly (H3, H4, H7 not supported). Conclusions: Internal process digitalization improves profitability only through operational efficiency, underscoring the importance of prioritizing digital investments that reduce operational costs. Customer-facing digital services, while valuable for service quality and loyalty, do not yet produce measurable short-term financial returns through efficiency channels.
Transformational Leadership and Digital Transformation: Bridging Strategy and Culture in the Era of Industry 5.0 Iyer, Shankar Subramanian; Raji, Brinitha; Malhotra, Sangeeta
TRANSEKONOMIKA: AKUNTANSI, BISNIS DAN KEUANGAN Vol. 6 No. 2 (2026): March 2026
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/transekonomika.v6i2.1164

Abstract

Background: Digital transformation initiatives frequently fail despite substantial investments, with success rates remaining below 30% across industries. Objectives: This study investigated the critical determinants of successful digital transformation in Industry 5.0 contexts by integrating five theoretical frameworks to examine four key constructs: Transformational Leadership Attributes, Strategic Alignment and Vision, Organizational Culture for Innovation, and Human-Centric Design and Employee Readiness. Methods: Employing a qualitative, interpretivist multiple-case design, the study drew upon 18 semi-structured interviews conducted across three case entities, each featuring C-level executives and senior managers as informants. Analytical procedures followed Braun and Clarke’s six-stage framework for thematic analysis, applied to the transcribed corpus. Findings: Five overarching themes emerged: (1) Visionary Leadership as the Catalyst for Transformation, (2) Strategic Alignment and Agility, (3) Culture as the Foundation for Innovation, (4) Human-Centric Design and Employee Empowerment, and (5) Technology as an Enabler. Conclusion: This study provided the first qualitative, cross-national empirical evidence integrating all four determinants simultaneously in Industry 5.0 contexts, demonstrating that successful digital transformation requires synchronized orchestration of leadership vision, strategic agility, cultural readiness, and human-centric technology integration. The findings offer actionable insights for organizations navigating the industry 4.0 to 5.0 transition.
Macroeconomic Stabilization Policies from the Lessons of the Covid-19 Pandemic: Evidence from A Survey in Vietnam Huyen, Vu Thi Anh
TRANSEKONOMIKA: AKUNTANSI, BISNIS DAN KEUANGAN Vol. 6 No. 2 (2026): March 2026
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/transekonomika.v6i2.1165

Abstract

Backgrounds: The pandemic is not only a health shock but also a systemic macroeconomic shock, transmitting simultaneously through the real sector, fiscal policy, the financial-credit system, and the external sector. Objectives: This paper aims to examine policy priorities for stabilizing the macroeconomy in the context of a pandemic. Methodology: The study utilizes survey data collected from 569 respondents in Vietnam to identify perceived transmission channels and policy priorities in both prevention and response phases. Findings: The results show that disruption in the real sector is perceived as the most significant source of macroeconomic instability (40.6%), followed by external shocks (23.4%) and fiscal pressures (21.3%), while financial-credit stress ranks lowest (14.8%). For pandemic prevention, the most widely selected measures include ensuring supply chain and logistics continuity (77.9%), accelerating digital transformation (71.0%), and building fiscal reserves with rapid support mechanisms (68.0%). However, when considering the top priority, strengthening preventive healthcare capacity and epidemiological surveillance ranks first (31.8%). In the response phase, supporting businesses to maintain employment and cash flow (80.7%) and ensuring uninterrupted logistics (67.0%) are the most widely chosen. Yet, evidence-based pandemic control and reducing healthcare system overload are identified as the highest priority (27.8%). Conclusions: The findings suggest that macroeconomic stabilization during a pandemic requires an integrated approach, combining effective health shock control, real-sector resilience, social protection, and coordinated fiscal, monetary, credit, and external policies.
Debt Structure, Capital Composition, and Liquidity Assessment in Global Beverage Corporations: A Case Study of Diageo Mikayelyan, Vahe; Manukyan, Tigran; Grigoryan, Liana; Grigoryan, Ani
TRANSEKONOMIKA: AKUNTANSI, BISNIS DAN KEUANGAN Vol. 6 No. 2 (2026): March 2026
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/transekonomika.v6i2.1167

Abstract

Background: Effective capital structure management is vital for multinational corporations navigating volatile global markets. This study examines the relationship between debt components and revenue generation in Diageo Plc, a global leader in the alcoholic beverage industry with a diverse portfolio of over 200 brands. Objectives: The research evaluates cyclical debt trends, leverage risk, liquidity adequacy, and debt-servicing capacity to determine how capital structure influences financial performance. Methodology: Spanning a ten-year period (2015-2025), the study utilizes public financial statements to calculate three primary ratio series: capital structure (G1), asset coverage (G2), and debt servicing (G3). This quantitative approach facilitates a longitudinal analysis of the company’s fiscal health through various economic cycles. Findings: Results indicate that Diageo employs a high-leverage strategy, particularly during strategic acquisitions and the COVID-19 pandemic. Debt levels exhibit cyclicality, spiking during high-investment phases and moderating during deleveraging periods. Despite high leverage, the company maintains adequate liquidity and a stable equity buffer. Debt-servicing indicators, specifically EBIT-to-interest coverage, remain robust, confirming Diageo’s capacity to meet obligations under market volatility. Conclusions: Diageo successfully balances aggressive leverage with prudent liquidity planning, enabling global growth without compromising solvency. This dual approach serves as a benchmark for corporate debt management in the beverage industry. The scientific novelty of this study lies in the integrated G-series ratio approach, which provides a more granular assessment of corporate debt burden than traditional univariate analysis.
The Role of Brand Image as a Mediator of Digital Promotion and Electronic Word of Mouth on Purchase Decisions Audina, Fellyza Farah; Damar, Haunan; Ikasari, Hertiana; Setyahuni, Suhita Whini
TRANSEKONOMIKA: AKUNTANSI, BISNIS DAN KEUANGAN Vol. 6 No. 2 (2026): March 2026
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/transekonomika.v6i2.1162

Abstract

Background: Employing brand image as an intermediary variable, this research seeks to assess the influence exerted by digital promotion and electronic word-of-mouth (e-WOM) on purchase decisions at ZAP Clinic Semarang. Objectives: The present research analyzes both the unmediated impacts of digital promotion and electronic word-of-mouth (e-WOM) on brand image and purchase decisions at ZAP Clinic Semarang, as well as the extent to which brand image serves as an intermediary in the linkage between those marketing tactics and subsequent consumer purchasing behavior. Methodology: The research employed a quantitative framework based on a survey technique. Purposive sampling yielded 100 respondents meeting the following inclusion criteria: previous use of ZAP Clinic Semarang’s services, receipt of digital promotional stimuli, interaction with online consumer reviews, age of at least 17 years, and domicile within Semarang City. Analytical procedures were carried out using Partial Least Squares Structural Equation Modeling (PLS-SEM) as executed in SmartPLS 4.0. Findings: Although digital promotion exhibits no statistically significant direct effect on purchase decisions, electronic word of mouth (e-WOM) demonstrates a positive and statistically significant impact on both brand image and consumer purchasing behavior. Furthermore, the findings confirm that brand image serves as a significant mediating mechanism in the relationship between digital marketing strategies, particularly e-WOM, and purchase decisions. Conclusions: Purchase decisions for aesthetic clinic services are more driven by consumer experience and online recommendations through e-WOM, as well as positive perceptions of brand image, compared to digital promotion alone. Digital promotion may be ineffective unless it first enhances brand image.

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