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Reza Muamar Zaki
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inkubis@polteksci.ac.id
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+6287743788687
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inkubis@gmail.com
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Desa Panambangan, Kec. Sedong, Kabupaten Cirebon, Jawa Barat
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Jawa barat
INDONESIA
Inkubis: Jurnal Ekonomi dan Bisnis
ISSN : 27753913     EISSN : 27751848     DOI : 10.59261
Core Subject : Economy,
INKUBIS: Jurnal Ekonomi dan Bisnis is a scientific periodical published twice a year or 6 months. INKUBIS: Jurnal Ekonomi dan Bisnis is managed by the Politeknik Siber Cerdika Internasional which publishes scientific manuscripts in the family of economics and business
Articles 235 Documents
The Mediating Role of Social Media Engagement in the Relationship Between Social Media Advertising and Brand Awareness: Evidence from Luxury Resorts in Bali Luh Linna Sagitarini; Made Suardani
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.265

Abstract

Background: Social media has become a dominant channel for brand building in the hospitality sector, especially for luxury hotels, where visual storytelling and symbolic value are crucial. However, limited research has explored how paid social media advertising (SMA) influences brand awareness (BA) through consumer engagement. Objective: This study examines the direct and indirect effects of SMA on BA by applying the Stimulus–Organism–Response (SOR) framework, with social media engagement (ENG) serving as a mediator. Methods: A survey was conducted involving 250 domestic and international tourists who had engaged with paid campaigns on Instagram, Facebook, TikTok, and YouTube from five five-star resorts in Bali. The EPIC model—Empathy, Persuasion, Impact, and Communication—was used to assess advertising effectiveness, while regression analysis was employed to test the hypothesized relationships. Results: The results indicate that SMA directly enhances BA (β = 0.52, p < .001) and has an indirect effect through ENG as a significant mediator (β = 0.47 → β = 0.38, p < .001). ENG independently strengthens BA (β = 0.38, p < .001), and the model collectively explains 61% of the variance in brand awareness. This study contributes theoretically by integrating the EPIC model into the SOR framework and demonstrating that social media engagement functions as a key mediating mechanism between advertising stimuli and brand awareness outcomes. Conclusion: Practically, luxury hotel managers should invest in clear, persuasive, and emotionally resonant social media campaigns that stimulate consumer engagement, thereby reinforcing brand recognition and salience in competitive digital markets.
B-READY Indicators and Foreign Direct Investment: Evidence from Emerging and Advanced Economies Rahmat Rahmat; Etty Soesilowati; Wahjoedi Wahjoedi
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.267

Abstract

Background: The study examines the effect of the Business Entry, Taxation, and Utility Services indicators from the World Bank’s Business Ready (B-READY) framework on Foreign Direct Investment (FDI) inflows. Objective: The analysis aims to compare how these regulatory indicators influence investment attractiveness in Emerging Market Economies (EMEs) and Advanced Economies (AEs). Methods: The study employs a quantitative approach using cross-sectional data from 32 countries included in the B-READY dataset. The estimation is conducted using the Weighted Least Squares (WLS) method to address heteroscedasticity in cross-country data. Results: The results show that Business Entry and Taxation have a positive and statistically significant effect on FDI inflows in the full sample and in Emerging Market Economies (EMEs). However, the findings indicate no significant effect of these variables in Advanced Economies (AEs). The Utility Services indicator does not show a statistically significant impact on FDI inflows in either group. These findings suggest that regulatory efficiency related to business establishment and taxation plays a more important role in attracting foreign investment in developing economies. Conclusion: Policymakers in emerging economies should prioritize regulatory reforms that simplify business registration procedures and improve the efficiency of tax administration to enhance investment attractiveness.
Determinants of Regional Fiscal Independence of Local Governments in Ciayumajakuning: A Panel Data Analysis of Local Tax, GRDP, Transparency, and Intergovernmental Transfers Rifki Fata Ladid; Gugus Irianto; Putu Prima Wulandari
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.273

Abstract

Background: Regional fiscal independence in the Ciayumajakuning region remained critically low, as local governments continued to rely heavily on intergovernmental transfers rather than locally generated revenue, severely constraining their capacity for autonomous regional development. Objective: This study aimed to determine the effects of local tax revenue, Gross Regional Domestic Product (GRDP), transparency and accountability, and intergovernmental transfers on regional fiscal independence. Methods: This study employed a quantitative approach using panel data regression based on secondary data obtained from regional financial statements and government statistics. Results: Local tax revenue and GRDP had positive and significant effects on fiscal independence, while intergovernmental transfers had a negative and significant effect. Transparency and accountability had no statistically significant effect on fiscal independence. Conclusion: Strengthening regional fiscal autonomy requires a more balanced composition of local revenue sources and reduced dependence on transfer funds, supported by the substantive implementation of governance practices to improve local government performance.
How Industry 4.0 and Knowledge Management Shape Sustainable Performance Unequally? Indah Kurniawaty; Willy Arafah; Wahyuningsih Santosa
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.275

Abstract

Background: Pharmaceutical manufacturers face growing pressure to achieve sustainable performance while meeting strict regulations and adapting to digital transformation. However, the impact of Industry 4.0 technologies and knowledge management on sustainable performance remains inconsistent, especially in highly regulated environments. Objective: This study investigates the differing effects of Industry 4.0 and knowledge management on sustainable performance and explores the moderating role of transformational leadership in pharmaceutical manufacturing. Methods: Survey data were collected from 425 managers working at Good Manufacturing Practice (GMP)-certified pharmaceutical firms in the Jabodetabek region of Indonesia and analyzed using partial least squares structural equation modeling (PLS-SEM). Results: The results demonstrate that Industry 4.0 has a positive and significant direct effect on sustainable performance, confirming its role as an operational enabler in regulated environments. In contrast, knowledge management has no significant direct effect on sustainable performance, indicating that its contribution remains limited when it is primarily associated with compliance and documentation practices. Transformational leadership negatively moderates the relationship between Industry 4.0 and sustainable performance, suggesting a misalignment between this leadership style and the need for process stability during the early stages of digital implementation. Conversely, transformational leadership positively moderates the relationship between knowledge management and sustainable performance, indicating that leadership conditions influence the extent to which knowledge management contributes to performance outcomes. Conclusion: These findings suggest that organizational capability effectiveness depends on alignment with leadership style. Managers should stabilize digital processes and promote knowledge management through learning-oriented leadership to improve sustainable performance.
Analysis of Digital Transformation in MSMEs to Support Local Economic Growth Heppi Syofya; Prama Widayat; Deki Irawan; Suherman Suherman; Deby Anggun Sari
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.288

Abstract

Background: MSMEs are crucial for employment and economic growth, but must adopt and effectively use digital technology to stay competitive. Objective: This study aims to analyze the effectiveness of digital technology adoption among MSMEs in accelerating local economic growth. Methods: Following the PRISMA 2020 guidelines, a systematic literature search was conducted using Google Scholar, the Directory of Open Access Journals (DOAJ), and SINTA-indexed journals. Boolean search strings, such as “digital transformation” AND “MSME” AND “local economic growth,” were applied. Open-access articles published in Indonesian or English between 2021 and 2026 were included. From an initial pool of 47 records, 18 articles met the inclusion criteria and were examined through qualitative thematic synthesis. Results: The thematic synthesis of the 18 articles identified three dominant mechanisms through which digital transformation strengthens MSME performance: (1) market expansion through e-commerce and digital marketing, (2) improved operational efficiency through cloud-based management systems, and (3) increased economic participation facilitated by financial technology (fintech) adoption. The quantitative studies reported productivity gains of up to 30% and sales increases of up to 60% among digitally transformed MSMEs. However, the effects varied across regions and business sizes and were influenced by the availability of digital infrastructure and the organizational readiness of MSMEs. Conclusion: Digital technology helps MSMEs expand market reach and improve efficiency, profitability, and resilience, contributing to local economic growth through increased activity and employment. However, its adoption is still hindered by limited digital skills, unequal infrastructure, restricted capital access, and weak organizational strategies.
FoMO and Gen Z Purchase Decisions: The Role of Brand Image, Influencer Marketing, and Online Customer Reviews on the TikTok Platform Luh Gede Natasya Utari; I Gusti Ayu Agung Omika Dewi
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.302

Abstract

Background: This study is motivated by the growing phenomenon of social commerce on TikTok, which has transformed consumer purchasing behavior, particularly among Generation Z, through digitally driven trends. Objective: This study aims to analyze the influence of brand image, influencer marketing, and online customer reviews on the purchase decisions of Glad2Glow skincare products on TikTok, with Fear of Missing Out (FoMO) serving as a mediating variable among Generation Z consumers in Bali. Method: This research employs a quantitative approach using an explanatory research design. The population consists of Generation Z consumers in Bali who have purchased Glad2Glow products through TikTok Shop. The sampling technique applied is purposive sampling, yielding a sample of 180 respondents. Data were collected through online questionnaires using a Likert scale and analyzed using Structural Equation Modeling–Partial Least Squares (SEM–PLS). Results: The findings reveal that brand image (β = 0.410, p < 0.001), influencer marketing (β = 0.270, p < 0.001), and online customer reviews (β = 0.278, p < 0.001) significantly influence purchase decisions (R² = 0.682). Brand image (β = 0.247, p < 0.001) and influencer marketing (β = 0.342, p < 0.001) significantly influence FoMO, while FoMO itself does not significantly influence purchase decisions (β = 0.082, p = 0.167) and does not mediate any of the examined relationships. Conclusion: This study extends the Stimulus–Organism–Response (SOR) framework within digital marketing contexts by demonstrating that FoMO does not significantly mediate purchase decisions in the skincare category. Practical implications are provided for skincare companies seeking to strengthen brand credibility and leverage consumer reviews as quality validation instruments on TikTok.
The Discriminatory Impact of Social Media on Supplier and Customer Relationship Management in Manufacturing SMEs Yong Dirgiatmo; Dwi Hascarya KB; Reza Rahardian; Miftachul Maarif
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.180

Abstract

Background: Social media has become an essential part of human life, not only for information sharing and communication but also for effective business strategies. Objective: This study examines social media as a strategic tool for improving supplier relationship management (SRM) and customer relationship management (CRM) in manufacturing SMEs, focusing on how digital platforms foster trust, communication, and collaboration with business partners. Methods: This study involved 124 manufacturing SMEs located in the former Surakarta Residency area. After data collection, the relationships among the investigated variables were analyzed using a quantitative approach with structural equation modeling–partial least squares (SEM-PLS). Results: The results of this study show that social media does not necessarily contribute to improving supplier relationship management between small businesses and suppliers. The relationship between small businesses and customers is stronger than that between small businesses and suppliers, and no significant correlation was found between small businesses and suppliers in relation to customer satisfaction. These results are expected to make a positive contribution not only to small businesses, manufacturers, and manufacturing customers but also to local governments and academia. Conclusion: Although social media significantly improves CRM, its impact on SRM is limited. Customer satisfaction is significantly influenced by CRM rather than SRM, which positively affects the market performance of small businesses in the manufacturing industry. These findings highlight the need for small businesses to strategically utilize social media to improve business performance, especially in customer-facing contexts.
Skin Game’s Storytelling Strategy in Building Brand Image as a Basic Skincare for Indonesian Skin Nirwasita Fathinah Maharani; Muhammad Aras
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.194

Abstract

Background: Storytelling has emerged as a central strategy in digital brand communication, particularly in the skincare sector, where building consumer trust and brand image is essential. However, prior studies have been predominantly quantitative and focused on consumer perspectives, leaving a gap in qualitative exploration from the brand’s standpoint in local contexts. Objective: This research focuses on Skin Game as one of Indonesia’s local skincare brands through the lenses of Narrative Theory, Narrative Paradigm, and Rhetorical Theory in examining how the brand uses storytelling to build its image and corporate reputation. This study examines the brand storytelling strategies of Skin Game, a local Indonesian skincare brand, through the integrated lenses of Narrative Theory, Narrative Paradigm, and Rhetorical Theory to understand how storytelling constructs brand image and reputation. Methods: A qualitative exploratory case study design was employed, combining semi-structured interviews with four key informants and content analysis of Skin Game’s Instagram, TikTok, and official website from February 2024 to August 2025. Results: Findings reveal that Skin Game constructs its brand identity through local relevance, educational content, and emotional intimacy, delivered via personal language, minimalist visuals, and inclusive representation of tropical skin. These narrative strategies strengthen authenticity and consumer trust, reinforcing its positioning as a Basic Skincare Expert. Conclusion: Storytelling functions as a strategic communication practice that enables local brands to build emotional connections, credibility, and long-term brand equity. The integration of narrative and rhetorical frameworks provides actionable insights for developing authentic, sustainable marketing strategies in competitive local markets.
The Effect of Environmental, Social, and Governance (ESG) Disclosures on Firm Value Measured by Tobin’s Q: Evidence from Hospital and Pharmaceutical Sectors in Indonesia (2021–2024) Yanuar Ramadhan; Ferry Hendro Basuki
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i3.220

Abstract

Background: ESG disclosure has become increasingly important, particularly in Indonesia’s healthcare sector, where hospitals and pharmaceutical companies must balance profit with environmental and social accountability amid growing regulatory and stakeholder demands. Objective: This study explores the link between ESG integration and healthcare company valuation, assessing firm value through Tobin’s Q, which compares a business’s market price to its recorded assets. Methods: Using EViews for analysis, this quantitative study applied multiple linear regression to evaluate how ESG factors influenced firm value between 2021 and 2024, drawing from public annual and sustainability reports. Results: The study indicates that a company’s value is partially driven by its social and environmental performance. Effective green practices and community engagement tend to foster more favorable perceptions from the investment community. However, since governance does not significantly affect valuation, investors appear to focus more on how firms treat the environment and society rather than on specific administrative or board-level policies. Conclusion: Findings from this study support legitimacy theory, suggesting that healthcare businesses prioritize building trust with communities and investors to align with social expectations. This strategic alignment enhances market standing and results in higher corporate valuation.
Analysis of the Role of Work Environment and Leadership Style in Improving Service Performance at Automotive Industry Deti Mulyo Harsono; Mulyawan Hardi; Astri Amanda
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.233

Abstract

Background: The automotive industry in Indonesia contributes 2.1% to the national GDP but was heavily affected by the Covid-19 pandemic, causing declines in demand and service revenue. To recover, companies must improve service quality through better work environments and leadership practices. Objective: This study analyzes the role of the work environment and leadership style in improving service performance at Automotive Industry. Method: Using a quantitative approach, data were collected from 138 service advisors and analyzed with PLS-SEM to examine validity, reliability, and relationships among variables. Result: The work environment significantly affects leadership style (β = 0.770, p = 0.000), which positively influences service performance (β = 0.497, p = 0.000). Although the direct effect of the work environment on service performance is smaller (β = 0.289, p = 0.010), the total impact is stronger due to leadership’s mediating role (indirect effect = 0.382). Conclusion: Asupportive workenvironment enhances leadership effectiveness, which leads to better service performance. Originality/Value (State of the Art): This study is among the first to empirically examine leadership style as a mediating variable linking work environment to service performance, specifically among service advisors in automotive industry. By situating the analysis within Indonesia’s automotive service sector during the post-pandemic recovery period, this research extends the DeLone and McLean organizational performance framework to the dealer-level service context, addressing a gap in the literature on human-centered performance drivers in competitive automotive retail settings.