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Inkubis: Jurnal Ekonomi dan Bisnis
Published by Politeknik Siber Cerdika Internasional
ISSN : 27753913     EISSN : 27751848     DOI : 10.59261
Core Subject : Economy,
Economics, Econometrics & Finance
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
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekomomi dan Ekonometrika
Articles 266 Documents
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The Interaction Between Entrepreneurial Marketing, Social Capital, and Human Capital on Innovative Performance Among MSMEs Siti Khotimah; Hendra Jayusman; M. Fatchurahman; Yanneri Elfa Kiswara Rahmantya; Darmono Darmono
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 3 (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.v8i3.289

Abstract

Background: Micro, small, and medium enterprises (MSMEs) face increasing competition, digitalization, and changing consumer preferences, requiring them to strengthen innovation capabilities through entrepreneurial marketing, human capital, and social capital Objective: This study aims to analyze the effects of entrepreneurial marketing, social capital, and human capital on the innovative performance of micro, small, and medium enterprises (MSMEs) in Kotawaringin Barat. Methods: This research employed a quantitative approach with an explanatory survey design. Data were collected from 44 MSME actors and analyzed using SEM-PLS through SmartPLS 4.0. Entrepreneurial marketing served as the independent variable, innovative performance as the dependent variable, and social capital and human capital as moderating variables. Results: The results show that entrepreneurial marketing, social capital, and human capital have positive and significant effects on MSME innovative performance. Human capital was also found to strengthen the relationship between entrepreneurial marketing and innovative performance. Conversely, social capital was not proven to moderate this relationship. The interaction between human capital and social capital, as well as the three-way interaction among entrepreneurial marketing, social capital, and human capital, was also not significant. These findings indicate that MSME innovative performance is determined more strongly by the strength of entrepreneurial marketing strategies and the quality of business actors’ capacities. Conclusion: The implications of this study emphasize the importance of strengthening human resource capacity, developing entrepreneurial marketing, and utilizing social capital productively to enhance regional MSME innovation.
The Implementation of PSAK 106 on Profit-Sharing Recognition in Musyarakah Financing: A Case Study at Bank BJB Syariah Toto Sugihyanto; Eko Sudarmanto; Ilza Febrina; Mohamad Ridwan; Isa Amsyari; Guruh Marhaenis Handoko Putro
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 3 (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.v8i3.295

Abstract

Background: Musyarakah financing has experienced significant growth in Indonesian Islamic banking; however, the implementation of PSAK 106 in profit-sharing recognition remains inconsistent. Fixed profit-sharing practices that do not reflect actual business income may reduce transparency and sharia compliance. Objective: This study examines the implementation of PSAK 106 in recognizing profit-sharing for Musyarakah financing at Bank BJB Syariah. Methods: A qualitative case study and phenomenological approach were employed. Data were collected through in-depth interviews with three financing analysts and two Musyarakah customers, supported by financial document analysis from 2016–2020. Data were analyzed by comparing PSAK 106 requirements with actual banking practices, with validation conducted through member checking and source triangulation. Results: The findings reveal that Musyarakah profit-sharing recognition at Bank BJB Syariah has not been fully aligned with PSAK 106. The bank applies fixed monthly profit-sharing payments, whereas PSAK 106 requires recognition based on actual realized business income. The main discrepancy occurs in operating income recognition, where fixed percentages replace income-based calculations. Conclusion: Improving compliance with PSAK 106 is necessary to strengthen transparency, fairness, and accountability in Musyarakah financing practices within Islamic banking.
Digitalization and Work Environment on Employee Performance: The Mediating Role of Motivation at PT Bank KB Bukopin Tbk Samarinda Branch Fenty Fauziah; Eka Riyanti Yusuf; Wahyuni Wahyuni; Joko Sabtohadi; Ray Septianis Kartika
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.v8i2.320

Abstract

Background: Digital transformation has changed banking operations and employee roles. PT Bank KB Bukopin Tbk introduced the SHINE Project in 2023 as a digital transformation initiative through training and organizational restructuring to improve employee capabilities and performance. Objective: This study examines the influence of digital training and work environment on employee performance, with motivation as a mediating variable at PT Bank KB Bukopin Tbk Samarinda Branch. Methods: This explanatory quantitative study involved all 40 employees using a census sampling technique. Data were collected through questionnaires and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). Results: Digitalization (β = 0.279, p = 0.018) and work environment (β = 0.750, p = 0.000) significantly influence motivation, while motivation significantly affects employee performance (β = 0.703, p = 0.010). Digitalization and work environment do not directly affect performance. Motivation fully mediates the relationship between work environment and performance (β = 0.527, p = 0.018), but does not significantly mediate the relationship between digitalization and performance (β = 0.196, p = 0.072). Conclusion: Employee performance during digital transformation is primarily enhanced through increased motivation supported by digital training and a positive work environment.
Digital Marketing Risk Assessment Based on ISO 31000: Empirical Evidence from the Indonesian OTA Sector Indra Gunawan; Rudy Sondang Sinaga; Alfonso Harrison
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.v8i2.325

Abstract

Background: Online marketing campaigns are marketing strategies that utilize digital technology to promote products or services through the internet. Objective: The goal of these campaigns is to increase brand awareness, engagement, and sales in a more effective and efficient manner. Methods: Online marketing campaigns involve various methods, including search engine advertising, social media marketing, email marketing, and content marketing. Results: In Indonesia, the widespread adoption of internet technology and the rapid development of digital platforms provide significant opportunities for companies to reach broader and more diverse markets. Online marketing campaigns enable companies to gain deeper insights into target markets, measure return on investment (ROI) more accurately, and strengthen their competitive advantage in an increasingly competitive environment. A structured approach and appropriate strategies in online marketing campaigns assist companies in optimizing the utilization of digital technologies to achieve their marketing objectives. Conclusions: Thus, online marketing campaigns have become essential tools for companies in responding to technological advancements and continuously evolving consumer needs.
Risk Dimensions, Financial Performance, and ESG: Cross-Country Evidence from OECD and BRICS Aditya Oktaviandry; Maria Ulpah
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.v8i2.328

Abstract

Background: The global increase in Environmental, Social, and Governance (ESG)-based investments has not only reflected companies’ strategic commitments to sustainability but has also been shaped by regulatory pressures and cross-border institutional conditions. Objective: This study aims to examine the influence of external and internal risks on ESG performance through the mediating role of financial performance in non-financial companies across Organisation for Economic Co-operation and Development (OECD) and BRICS countries. External risk is measured using market beta, whereas internal risk is measured through operating cash flow volatility. Methods: This study employed a quantitative approach using fixed-effects panel data analysis of non-financial companies during the 2016–2024 period. Mediation analysis was conducted using bias-corrected bootstrap estimation, while endogeneity was addressed using the Two-Stage Least Squares (2SLS) approach. The final sample composition and statistical software employed are reported in the Methods section. Results: The findings indicate that financial performance does not consistently mediate the relationship between risk and ESG performance across all cross-country subsamples. Internal and external risks demonstrate heterogeneous effects across institutional contexts, primarily due to differences in ESG regulations, financial market development, and stakeholder pressures. The mediating effect was relatively stronger among firms in OECD countries. Conclusion: This study confirms that the relationship among risk, financial performance, and ESG performance is context-dependent and cannot be universally generalized without considering country-specific institutional characteristics.
Financial Inclusion, Financial Literacy, and Financial Performance of SMEs: The Role of Digital Finance Interventions in West Java Erik Sopian; Nugraha Nugraha; Ika Putera Waspada; Maya 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.v8i2.333

Abstract

Objective: This study aims to study the impact of financial inclusion and financial literacy on the financial performance of small and medium-sized enterprises, where digital finance is the main criterion. Methods: Using a quantitative survey method targeting 178 SME operators in West Java, structural equation modeling analysis based on the partial quadratic method (SEM-PLS) was applied. Results:  Financial inclusion and financial literacy have a positive and significant impact on digital financial adoption. Similarly, financial literacy has a positive and significant impact on financial performance. On the other hand, financial inclusion and digital finance did not have a significant direct impact on financial performance, and the intermediate effects of digital finance were not statistically confirmed in this study. The study concludes that the improvement of SME financial performance is not only determined by formal access and adoption of trading techniques, but also by internal financial management capabilities. The novelty of this research is the integration of dynamic efficiency theory in the context of microfinance management, where dynamic competencies exist in the development of frameworks. Conclusion: While the academic implications underscore the need to restructure the intermediation model in the fintech literature for SMEs, the practical implications drive a shift towards digital financial policy towards real economic value creation. Future research should incorporate design variables and longitudinal adjustments according to the characteristics of the business unit.
Do Global Uncertainty Indices Predict Corporate Bankruptcy Risk? Evidence from Indonesian Listed Firms Bryan Habib Gautama; Rosmita Rasyid
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.v8i2.340

Abstract

Background: Increasing global shocks threaten corporate financial stability, particularly in emerging markets. This study measures uncertainty using the World Uncertainty Index (WUI), World Pandemic Uncertainty Index (WPUI), Climate Policy Uncertainty (CPU), and Economic Policy Uncertainty (EPU) across current, lag-1, and lag-2 periods. Bankruptcy risk is proxied by the Altman Z-Score and Distance-to-Default (DTD). Objective: This study examines the effect of global uncertainty on the bankruptcy risk of companies listed on the Indonesia Stock Exchange. Methods: Secondary data from 2000–2024 were analyzed using fixed-effects panel regression in STATA 17. Purposive sampling produced 9,377 firm-year observations for the Z-Score model and 9,156 for the DTD model. Results: EPU and CPU significantly reduced Z-Scores across all time specifications, indicating increased financial distress through an aggravation effect. WPUI had a significant negative effect at lag 2, while WUI was insignificant. In the DTD model, only current-period EPU had a significant negative effect. State-owned enterprises and the Commodity and Cyclical sectors were most vulnerable, whereas the Defensive sector was most resilient. Conclusion: Global uncertainty affects bankruptcy risk heterogeneously. The findings support sector-specific risk mitigation, strategic portfolio allocation, and stronger corporate financial resilience.
Market Reaction to MSCI's Free Float Calculation Change: Evidence from LQ45 Companies Raden Hendri Gusaptono; Ayesha Salsabila
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.v8i2.342

Abstract

Background: The 2025 MSCI free float methodology change created observable pressure in the Indonesian stock market. This study examines reactions to this unique index methodology event using abnormal return, trading volume activity, and investor transaction patterns. Objective: This study aims to examine the Indonesian stock market’s reaction to the announcement of changes in MSCI’s free float calculation methodology using stock data from companies included in the LQ45 index. Methods: This study employed an event study design with a 21-day observation window. The research sample was selected using purposive sampling, resulting in 38 eligible companies. Hypothesis testing was conducted using the one-sample and paired-sample Wilcoxon signed-rank tests. Results: The findings indicate a significant abnormal return around the event date (t0), but no significant difference in abnormal returns before and after the event. A significant difference was observed in trading volume activity. Descriptive analysis revealed a shift in transaction patterns, with foreign investors exhibiting net selling activity and domestic investors demonstrating net buying activity around the event period, although the difference was not statistically significant. Conclusion: These findings indicate that the free float methodology announcement was primarily reflected in market transaction dynamics rather than persistent abnormal returns. This study provides new empirical evidence for the event study literature and contributes to the understanding of semi-strong form market efficiency in emerging capital markets.
Financial Reporting Integrity in the Digital and Sustainability Era: A Systematic Literature Review on Governance, ESG, and Technological Transparency Winda Wulandari; Sri Widyastuti; Harnovinsah Harnovinsah; Dwi Prastowo
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.v8i2.348

Abstract

Background: Digital transformation, sustainability demands, and evolving governance standards have challenged financial reporting integrity. However, existing studies have largely examined governance, ESG disclosure, and digital technologies separately, resulting in fragmented perspectives that limit a comprehensive understanding of their interrelationships. Objective: This study systematically reviews and synthesizes research on financial reporting integrity by examining how sustainability pressures, digital transformation, and governance mechanisms converge to reshape transparency and accountability in corporate reporting. Methods: A Systematic Literature Review (SLR) guided by the PRISMA 2020 guidelines was conducted. Data were sourced from the Scopus database and covered publications from 2021 to 2025. Following rigorous inclusion and exclusion screening procedures, 28 peer-reviewed articles were selected from an initial pool of 713 records. The TCCM Framework (Theory, Context, Characteristics, and Methodology) was applied to classify, evaluate, and synthesize the research findings. Results: Agency Theory and quantitative research methods dominate the field. Recent studies increasingly emphasize ESG disclosure, blockchain technology, and artificial intelligence (AI) as key determinants of transparency. Significant research gaps remain regarding cross-disciplinary approaches, emerging market contexts, and ethical risk assessments in digital reporting practices. This review reconceptualizes financial reporting integrity as a multidimensional socio-technical governance phenomenon shaped by governance accountability, sustainability legitimacy, and technological transparency. Conclusion: Future research should adopt interdisciplinary, mixed-method, and cross-country research frameworks to investigate greenwashing mechanisms, digital reporting ethics, and the interplay between emerging regulatory frameworks, including the International Sustainability Standards Board (ISSB) Standards and IFRS Sustainability Disclosure Standards, and technological transformation within sustainability-oriented reporting environments.
The Influence of the Audit Committee on the Value of Banking Sector Companies Listed on the Indonesia Stock Exchange in 2020-2024 Anbiya Abdul Ghani; Dudi Pratomo
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.v8i2.353

Abstract

Background: Firm value reflects a company’s ability to create shareholder wealth and maintain investor confidence, particularly in the banking sector due to its critical role in economic stability. The audit committee as a corporate governance mechanism is expected to enhance firm value; however, previous findings regarding audit committee gender, education, and meeting frequency remain inconsistent. Objective: This study examines the partial and simultaneous effects of audit committee gender, education, and meeting frequency on firm value, with company size as a control variable, among banks listed on the Indonesia Stock Exchange during 2020–2024. Methods: This quantitative study analyzed secondary data from 37 purposively selected banks, comprising 185 bank-year observations. Panel data regression using the Fixed Effect Model was conducted after classical assumption testing and model selection procedures. Results: The findings reveal that audit committee gender, education, and meeting frequency simultaneously affect firm value, but none of these variables has a significant individual effect. Meanwhile, firm size significantly influences firm value, suggesting that investors place greater emphasis on overall corporate fundamentals than individual audit committee characteristics. Conclusion: This study contributes to corporate governance literature by demonstrating that firm value is influenced by the combined effectiveness of governance attributes rather than isolated characteristics. The findings provide practical implications for banking management and regulators in improving audit committee effectiveness and strengthening governance practices.

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