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Journal of Economics and Management Scienties
Published by Asia Pacific Network for Sustainable Agriculture, Food and Energy
ISSN : 26551934     EISSN : 26556685     DOI : https://doi.org/10.37034/jems
Core Subject : Economy, Science, Social,
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Library & Information Science Social Sciences
Journal of Economics and Management Scienties is a peer-reviewed open access journal covering applied issues in micro and macroeconomics, including (but not limited to): Political Economy Law and Economics Environmental Economics Innovation Economics Health Economics Gender Economics International Trade & Development Industrial Organization International Economics Labor Economics Accounting Money and Banking Green Growth Corporate Governance Human Resource Management Strategic Management Entrepreneurship Marketing E-business Services Information Technology Management Production & Operations Management Financial Management Decision Analysis Education Management Management Research Methods and Managerial Economics, etc.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 293 Documents
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Analisis Dampak ESOP Terhadap Kinerja Keuangan dan Produktivitas Karyawan PT BRI di BEI 2020-2024 Ramlah Ramlah; Sugianto Sugianto; Fikry Karim; Ilham Pakawaru
Journal of Economics and Management Scienties Volume 8 No. 3, June 2026 (Accepted)
Publisher : SAFE-Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37034/jems.v8i3.469

Abstract

This study examines the impact of the Employee Stock Ownership Plan (ESOP) on the financial performance and employee productivity of PT Bank Rakyat Indonesia (Persero) Tbk during the 2020-2024 period. The primary objective is to evaluate how equity-based compensation serves as a strategic tool for corporate governance and human capital optimization in the Indonesian state-owned banking sector. Using a quantitative descriptive approach, the study utilizes secondary data sourced from the company’s audited annual reports. Financial performance is measured through Return on Assets (ROA) and Return on Equity (ROE), while employee productivity is assessed using operating revenue per employee. Data analysis was conducted via descriptive statistics and trend analysis to observe longitudinal shifts. The results indicate that financial performance remained robust and stable, with ROA averaging 2.39% (SD=0.82%) and ROE averaging 14.93% (SD=4.66%), thereby confirming H1. Furthermore, employee productivity showed a significant upward trajectory, increasing by 96.90% from Rp334.12 million in 2020 to Rp658.02 million per employee in 2024, confirming H2. In conclusion, the findings provide strong empirical support for Agency Theory and Human Capital Theory, suggesting that ESOP effectively aligns employee interests with shareholder goals, particularly during the post-pandemic recovery phase. This study implies that ESOP is a viable mechanism for maintaining competitive advantage in large-scale financial institutions.
Determinasi Keputusan Alumni Melanjutkan Studi di Universitas Asal: Peran Niat sebagai Mediasi Motivasi, Citra, dan Persepsi Kualitas Institusi Rehulina Desviora Sitepu; Metta Padmalia
Journal of Economics and Management Scienties Volume 8 No. 3, June 2026 (Accepted)
Publisher : SAFE-Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37034/jems.v8i3.470

Abstract

This study aims to analyze the factors influencing alumni decisions to pursue postgraduate studies by emphasizing the mediating role of intention. This research is motivated by a gap in previous studies, which generally position institutional image as a primary factor in higher education selection, yet remain limited in examining decisions to continue studies within the same institution, particularly in the context of alumni who already have direct experience with the institution. In addition, the declining proportion of alumni continuing their studies at their alma mater further underlines the importance of this study. A quantitative approach was employed, with data collected through a survey of 105 undergraduate alumni from a private university in East Java. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that study motivation and perceived institutional quality have a significant effect on the intention to pursue further studies, while institutional image does not have a significant effect. Furthermore, intention significantly influences the decision to pursue postgraduate studies, whereas the direct effects of study motivation, institutional image, and perceived institutional quality on the decision are not significant. These findings indicate that intention plays an important mediating role in the decision-making process to pursue further studies. The study suggests that higher education institutions should focus more on enhancing student motivation and engagement rather than relying solely on institutional image.
Pengaruh Market Orientation terhadap Kinerja UKM Art Market dengan Innovation Capability sebagai Variabel Mediasi Nasihatul Fadhilah; Damelina Basauli Tambunan
Journal of Economics and Management Scienties Volume 8 No. 3, June 2026 (Accepted)
Publisher : SAFE-Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37034/jems.v8i3.481

Abstract

This study aims to analyze the effect of Market Orientation (MO) on Innovation Capability (IC) and Business Performance (BP) in Art Market SMEs, as well as to examine the mediating role of IC in this relationship. The phenomenon underlying this study is the tendency of creative SMEs to rely on innovation driven by intrinsic factors such as passion, while paying less attention to market needs amid rapidly evolving global dynamics. This condition causes innovation to not necessarily generate an optimal impact on business performance. This study employs a quantitative approach using a survey method targeting SME actors or tenants participating in OMO Market Vol. 6 in Jakarta. Data analysis was conducted using Structural Equation Modelling (SEM) with SmartPLS software. The results show that Market Orientation has a positive and highly significant effect on Innovation Capability, with a path coefficient of 0.771, positioning it as a primary driver of innovation. Furthermore, Innovation Capability is proven to be the main driver of Business Performance, with a coefficient of 0.505. Another key finding indicates that the direct effect of Market Orientation on Business Performance is relatively lower (0.327) compared to its indirect effect through the mediation of Innovation Capability (0.390). In conclusion, Innovation Capability is a key factor that directly enhances the performance of creative SMEs. However, to achieve more optimal and sustainable performance, innovation capability must be grounded in market orientation to remain aligned with market dynamics.

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