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Siti Epa Hardiyanti
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Management Science Research Journal
Published by PT Larva Wijaya Penerbit
ISSN : 28284216     EISSN : 28284216     DOI : https://dx.doi.org/10.56548/msr
Core Subject : Economy, Science, Social,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences
The Journal of Management Science Research (MSR) is an International Journal which has committed to publishing empirical and theoretical research articles, that have a high impact on the management field as a whole. The journal encourages new ideas or new perspectives on existing research. The journal covers such areas as: Business / Management Organizational behaviours Human resource management Organizational theory Entrepreneurship Accounting or Finance Review Issues are published on February, May and October. These issues include widely read and widely cited collections of articles in the field of management and have become a major resource for management research. The Review Issues cover a broad range of topics from a wide range of academic disciplines, methodologies, and theoretical paradigms
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 143 Documents
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Brand Image and Customer Retention in Tourism Destinations: The Mediating Role of Customer Satisfaction: Case of Visitors to Mahoni Bangun Sentosa Tourist Destination maulana dzulqarnain; Lutfi; Yanto Azie Setya
Management Science Research Journal Vol. 5 No. 1 (2026): FEBRUARY 2026
Publisher : PT Larva Wijaya Penerbit

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56548/msr.v5i1.202

Abstract

The purpose of this study is to examine the effect of brand image on customer retention with customer satisfaction as a mediating variable, as well as the role of physical evidence, among visitors of Mahoni Bangun Sentosa Tourism. This study employs a quantitative research approach using a survey method. Data were collected from 150 respondents who had visited Mahoni Bangun Sentosa Tourism at least once, selected through purposive sampling. Data analysis was conducted using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 4 software to test the proposed hypotheses. The results of this study indicate that: (1) brand image has a positive and significant effect on customer retention; (2) brand image has a positive and significant effect on customer satisfaction; (3) customer satisfaction has a positive and significant effect on customer retention; (4) customer satisfaction is able to mediate the effect of brand image on customer retention; (5) physical evidence has a positive and significant direct effect on customer retention; (6) physical evidence does not moderate the relationship between brand image and customer retention. These findings imply that strengthening brand image and enhancing customer satisfaction are essential strategies to improve customer retention in tourism destinations, while physical evidence serves as a direct supporting factor rather than a moderating variable.
The INFLUENCE OF SERVICESCAPE AND CUSTOMER EXPERIENCE ON CUSTOMER LOYALTY WITH CUSTOMER TRUST AS AN INTERVENING VARIABLE (A Study of Customers at Empat Coffee and Spaces in Cilegon City) lukman hidayatulloh
Management Science Research Journal Vol. 5 No. 1 (2026): FEBRUARY 2026
Publisher : PT Larva Wijaya Penerbit

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56548/msr.v5i1.203

Abstract

This study aims to determine the influence of Servicescape, Customer Experience, and Customer Loyalty, mediated by Customer Trust, on consumers of Empat Coffee and Space in Cilegon City. The method used in this study is quantitative research. The population in this study were consumers of Empat Coffee and Space in Cilegon City. The sample size of this study was 168 respondents, using Purposive Sampling and Convenience Sampling methods. The data analysis technique used in this study was Structural Equation Modeling (SEM) using the SmartPLS4 analysis tool. The results of this study indicate that: (1) Servicescape has a positive and significant effect on Customer Loyalty; (2) Customer Experience has a positive and significant effect on Customer Loyalty; (3) Customer Trust has a positive and significant effect on Customer Loyalty; (4) Servicescape has a positive and significant effect on Customer Trust; (5) Customer Experience has a positive and significant effect on Customer Trust; (6) Customer Trust mediates the effect of Servicescape on Customer Loyalty; (7) Customer Trust mediates the effect of Customer Experience on Customer Loyalty.
The Influence of Consumer Dissatisfaction and Variety Seeking on Brand Switching (A Study of Tumbler Tupperware Users in Surabaya) Amirah Cetta Candraningtyas; Hery Pudjoprastyono
Management Science Research Journal Vol. 5 No. 2 (2026): MAY 2026
Publisher : PT Larva Wijaya Penerbit

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56548/msr.v5i2.211

Abstract

This study aims to analyze the influence of consumer dissatisfaction and variety seeking on brand switching among users of Tupperware water bottles (tumblers) in Surabaya. The research method used was a quantitative approach with purposive sampling of 90 respondents who had used Tupperware and switched to another brand. Data collection was conducted via a questionnaire using a Likert scale, followed by analysis using Partial Least Squares (PLS-SEM). The results indicate that Consumer Dissatisfaction has a positive and significant effect on Brand Switching, with a coefficient of 0.338 and a p-value of 0.000. Additionally, Variety Seeking also has a positive and significant influence with a coefficient of 0.631 and a p-value of 0.000, and it is the more dominant variable in influencing Brand Switching. The research model explains 57.3% of the variation in Brand Switching.
THE EFFECT OF SERVICE QUALITY, PROMOTION AND PRICE PERCEPTION ON CUSTOMER LOYALTY AT THE BUMANTARA COFFEE SHOP IN SURABAYA CITY: THE EFFECT OF SERVICE QUALITY, PROMOTION AND PRICE PERCEPTION ON CUSTOMER LOYALTY AT THE BUMANTARA COFFEE SHOP IN SURABAYA CITY Muhammad Septian Adi; Hery Pudjoprastyono
Management Science Research Journal Vol. 5 No. 2 (2026): MAY 2026
Publisher : PT Larva Wijaya Penerbit

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56548/msr.v5i2.213

Abstract

This study aims to analyze the effect of service quality, promotion, and price perception on customer loyalty at Toko Kopi Bumantara in Surabaya. The research employs a quantitative approach, with data collected throughquestionnaires distributed to customers and analyzed usingthe Partial Least Square (PLS) method. The independentvariables include service quality, promotion, and priceperception, while the dependent variable is customer loyalty. The results indicate that service quality, promotion, and priceperception have a positive and significant effect on customerloyalty. These findings suggest that improving servicequality, implementing effective promotional strategies, andmaintaining favorable price perceptions can enhancecustomer loyalty sustainably.
Dynamic Correlations Between Gold, Oil, Bitcoin, and Global Equity Markets in the 2024–2026 Crisis Period: A Cross-Country Empirical Study Mukhtar
Management Science Research Journal Vol. 5 No. 2 (2026): MAY 2026
Publisher : PT Larva Wijaya Penerbit

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56548/msr.v5i2.212

Abstract

This study investigates the correlation dynamics among gold prices, crude oil prices, Bitcoin, and stock market indices of ten selected countries (USA, China, India, Germany, Japan, Saudi Arabia, Indonesia, Brazil, Vietnam, and Russia) over a 27-month period from January 1, 2024, to March 31, 2026—a condensed era marked by trade wars, oil shocks, geopolitical conflicts, and digital asset evolution. Using daily closing prices and Pearson correlation analysis, we examine six hypotheses grounded in modern portfolio theory, safe-haven theory, and macroeconomic spillover frameworks. Descriptive statistics reveal that Bitcoin exhibits the highest volatility, while gold shows moderate positive skewness, and stock indices display mixed distributional characteristics. Correlation results indicate that Bitcoin is most strongly correlated with the US stock market, followed by Brazil and Germany, supporting the integration hypothesis. Gold shows weak positive correlations with most stock indices, consistent with its role as a weak hedge. Oil exhibits near-zero or negative correlations with equities, particularly in oil-importing nations. The gold-oil correlation is positive but weak, while Bitcoin-gold and Bitcoin-oil are negligible, suggesting decoupling during crises. These findings provide crucial implications for portfolio diversification, risk management, and policy formulation in an era of compounded global shocks. Keywords:Gold, oil, Bitcoin, stock markets, safe haven.
The Influence of Hedonic Shopping Motivation, Flash Sales, and Twin Date Promotions on Impulse Buying of Miniso Products on TikTok Shop among University Students in Surabaya Theresa Arum Viadollorosa; Sugeng Purwanto
Management Science Research Journal Vol. 5 No. 2 (2026): MAY 2026
Publisher : PT Larva Wijaya Penerbit

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56548/msr.v5i2.214

Abstract

This study aims to analyze the effect of hedonic shopping motivation, flash sale, and Twin Date promotion on impulse buying behavior of Miniso products on TikTok Shop among university students in Surabaya. This research employs a quantitative approach using a purposive sampling technique involving 180 respondents. Data processing and analysis were conducted using SmartPLS 4.0. The results indicate that hedonic shopping motivation, flash sale, and Twin Date promotion have a positive and significant effect on impulse buying. These findings highlight the importance of digital promotional strategies and consumer behavior understanding in enhancing impulsive purchasing behavior.
The Effect of Interpersonal Communication on Employee Performance: The Mediating role of Teamwork (Study on Banten Provincial General Election Commission) Made Ayu Setiani; Roni Kambara; Enis Khaerunnisa
Management Science Research Journal Vol. 5 No. 2 (2026): MAY 2026
Publisher : PT Larva Wijaya Penerbit

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56548/msr.v5i2.215

Abstract

Employee performance is a key factor in determining the effectiveness and efficiency of public services. This study examines interpersonal communication and teamwork as factors influencing employee performance. The novelty of this study lies in the use of teamwork as a mediating variable in the relationship between interpersonal communication and employee performance. This study employed a quantitative research approach. The research was conducted at the Banten Provincial General Election Commission, involving a population of 60 employees. Data were collected using a questionnaire measured on a 10-point scale and analyzed using SmartPLS 4. The findings indicate that: (1) interpersonal communication has no significant direct effect on employee performance; (2) interpersonal communication has a positive and significant effect on teamwork; (3) teamwork has a positive and significant effect on employee performance; and (4) teamwork significantly mediates the relationship between interpersonal communication and employee performance.
The Evolution of Asset Pricing Theory: A Systematic Literature Review Siti Epa Hardiyanti
Management Science Research Journal Vol. 5 No. 1 (2026): FEBRUARY 2026
Publisher : PT Larva Wijaya Penerbit

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56548/msr.v5i1.216

Abstract

Asset Pricing Theory has undergone substantial transformation since the introduction of Modern Portfolio Theory by Markowitz on 1952. Its evolution subsequently progressed through the development of Capital Asset Pricing Model (CAPM), Arbitrage Pricing Theory (APT), Intertemporal Capital Asset Pricing Model (I-CAPM), Consumption Based Capital Asset Pricing Model (C-CAPM), Sustainable Capital Asset Pricing Model (S-CAPM), and contemporary of Multifactor frameworks such as Fama-French Factor Models (FF3F, FF5F, FF6F). Although these models offer distinct theoritical perspectives, they share a common objective: to explain the relationship between risk and return more accurately. However, variations in market structures, the emergence of empirical anomalies, and the rapid growth of digital assets have challenged the explanatory power and validity of several traditional asset pricing models. Consequently, this Systematic Literature Review (SLR) aims to map the evolution of asset pricing theory, examine the theoritical fondations of major asset pricing frameworks, identify existing research gaps, and propose directions for future scholarly inquiry. The findings suggest that no single asset pricing model is capable of universally explaining variations in asset returns across all market environments. Furthermore, the rise of digital assets and advances in big data analytics highlight the needed for new generation of asset pricing theories that are more adaptive to the complexities and dynamics of contemporary financial markets.
ANALYSIS OF THE IMPLEMENTATION OF OBLIGATIONS FOR WITHHOLDING, PAYMENT AND REPORTING INCOME TAX ARTICLE 23 FOR OUTSOURCING SERVICES AT PT TEKNOLOGI RISET GLOBAL INVESTAMA Kayla Cahya Apriliandra; Intan Puspanita; Anistya Vinta Desi; Vierina Clyde
Management Science Research Journal Vol. 5 No. 2 (2026): MAY 2026
Publisher : PT Larva Wijaya Penerbit

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This writing aims to determine the implementation of the obligation to withhold, deposit, and report income tax article 23 on outsourcing services at PT Teknologi Riset Global Investama and to determine whether it is in accordance with applicable provisions. This paper uses a descriptive method with data collection techniques in the form of observation and documentation. The object of the paper is PT Teknologi Riset Global Investama. Based on data obtained in the field during the observation process in 2024, especially in June, there was an error in the withholding process, namely an error in determining the Taxable Basis (DPP), resulting in overpayment of tax to the state and underpayment to vendors. Based on the overpayment, the PT Teknologi Riset Global Investama made transfers (PBK) to several tax periods and other types of taxes and for the periods of July to December as well as 2025 and 2026, the withholding has been carried out in accordance with applicable provisions. The deposit process in 2024 to 2026 has been carried out on time according to the specified deadline. In addition, there was a delay in the reporting process for the 2024 period for the June tax periods due to the transfer process and perioed for the July SPT corrections. For the August to December period and in 2025 and 2026, Article 23 income tax reporting was completed in accordance with applicable regulations
COMPARATIVE ANALYSIS OF STOCK PORTFOLIOS PERFORMANCE IN INDONESIA, MALAYSIA, AND SINGAPORE Siti Epa Hardiyanti; Ika Utami Widyaningsih
Management Science Research Journal Vol. 5 No. 2 (2026): MAY 2026
Publisher : PT Larva Wijaya Penerbit

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56548/msr.v5i2.219

Abstract

This study compares the performance of stock portfolios in Indonesia, Malaysia, and Singapore over the period 2021–2025. The objective is to evaluate and compare portfolio returns, risk levels, and risk-adjusted performance across the three capital markets. Using a quantitative approach and secondary stock market data, country-specific portfolios are constructed based on selected blue-chip stocks and evaluated using equally weighted portfolio techniques. Portfolio performance is assessed through mean return, standard deviation, beta, Sharpe Ratio, Treynor Ratio, and Jensen’s Alpha. The analysis provides insights into differences in portfolio performance among the three markets and examines the extent to which risk is compensated by return. The findings are expected to contribute to the portfolio management literature and provide practical guidance for investors seeking diversification opportunities within Southeast Asian equity markets.

Page 14 of 15 | Total Record : 143

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