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Management Studies and Business Journal
Published by PT Penelitian dan Pengembangan Ilmu
ISSN : 30322278     EISSN : 30322278     DOI : 10.62207
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
Management Studies and Business Journal (PRODUCTIVITY) reviewed covers theoretical and applied research in the field of Management and Business. Priority is given to those articles which satisfy the main scope of the journal, and have an impact in the research areas of interest. PRODUCTIVITY Journal always publish 12 times in a year, every Month. Research Scopes: Finance Management, Marketing Management, Human Resources Management, Operations Management, Strategic Management, E-Business, Knowledge Management, Management Accounting, Management Control System, Management Information System, Innovation management, Islamic Principal Management, Ethics and Sustainable, Entrepreneurship and business
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 260 Documents
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SUSTAINABLE FINANCE AND THE COST OF CAPITAL: EMPIRICAL EVIDENCE FROM ESG COMPLIANT FIRMS Moridu, Irwan
Management Studies and Business Journal (PRODUCTIVITY) Vol. 2 No. 5 (2025): Management Studies and Business Journal (PRODUCTIVITY)
Publisher : Penelitian dan Pengembangan Ilmu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62207/69g69y74

Abstract

This study examines the relationship between compliance with Environmental, Social, and Governance (ESG) principles and firms’ cost of capital. Although ESG is theoretically associated with lower cost of capital through reduced risk perception, empirical findings show varying results depending on industry sector and institutional context. Using a narrative literature review approach, this study analyzes empirical studies from 2010 to 2025 obtained from various indexed databases. The results show that ESG, especially the governance dimension, is consistently negatively correlated with cost of capital, while the influence of environmental and social aspects is contextual. The effect of ESG tends to be stronger in high-risk industries and in countries with strict ESG regulations. This study confirms the importance of ESG as a financial strategy, while strengthening the relevance of Signaling, Stakeholder, and Institutional theories in understanding these dynamics.
CLIMATE RISK AND ASSET PRICING: INTEGRATING ENVIRONMENTAL FACTORS INTO FINANCIAL MODELS Posumah, Nurcahya Hartaty
Management Studies and Business Journal (PRODUCTIVITY) Vol. 2 No. 5 (2025): Management Studies and Business Journal (PRODUCTIVITY)
Publisher : Penelitian dan Pengembangan Ilmu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62207/6y8dgx80

Abstract

Climate change has become a significant systemic risk in the global financial landscape, yet traditional asset pricing models such as the Capital Asset Pricing Model (CAPM) and the Fama-French Three-Factor Model have not explicitly integrated this risk. A report by the BlackRock Investment Institute (2020) suggests a 5–10% valuation reduction for companies with high climate risk exposure, while the Swiss Re Institute (2021) projects an economic impact of up to 18% of global GDP by 2050. This gap highlights the urgent need to revise asset pricing models to reflect the reality of climate risk. This study aims to synthesize approaches to integrating climate risk (physical and transition) into asset pricing models, identify methodological challenges in its measurement and representation, and evaluate the validity of climate risk metrics such as ESG scores and climate beta. Using a narrative review approach, this study analyzes literature from Scopus, Web of Science, JSTOR, and ScienceDirect databases (2010–2025). The search strategy involved keywords such as “climate risk”, “asset pricing”, “ESG”, and “machine learning”. Thematic analysis was applied to identify patterns in theoretical approaches, climate variables, adopted models, and empirical results. Findings suggest that climate risk integration can be achieved through the Climate Beta concept, ESG-based models, portfolio sorting based on carbon exposure, and hybrid models with machine learning. Empirical evidence suggests that carbon-intensive sectors experience lower stock returns and increased volatility, although methodological inconsistencies remain a challenge. Integrating climate risk into traditional asset pricing models, particularly through the development of adaptive multifactor models, has the potential to improve return prediction and risk assessment. More robust methodologies, standardized environmental data, and multidisciplinary collaboration are needed to produce valid and applicable models.
IMPACT OF PROFITABILITY, MARKET, AND SOLVENCY RATIOS ON DIVIDEND POLICY: THE CASE OF COAL MINING COMPANIES ON THE IDX (2020–2024) Marli, Marli; Sugiharto, Didik Priyo
Management Studies and Business Journal (PRODUCTIVITY) Vol. 2 No. 5 (2025): Management Studies and Business Journal (PRODUCTIVITY)
Publisher : Penelitian dan Pengembangan Ilmu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62207/tvf4e041

Abstract

The coal mining industry in Indonesia plays a vital role in meeting national energy needs and contributes significantly to the economy. However, this sector is highly vulnerable to global commodity price volatility. Dividend policy, which reflects profit distribution and signals a company’s financial health, is strongly influenced by internal financial conditions and market perceptions. This study is crucial for understanding the determinants of dividend policy amid market dynamics and challenging macroeconomic conditions during the 2020–2024 period, including the impact of the COVID-19 pandemic. This quantitative study aims to analyze the influence of profitability ratios, market value, and solvency on dividend policy in coal mining companies listed on the Indonesia Stock Exchange (IDX) during the specified period. The study uses a quantitative approach with descriptive and verification designs. Secondary data were obtained from officially published company financial statements. Data analysis was conducted using the Structural Equation Modeling Partial Least Squares (SEM-PLS) method to test causal relationships among variables, with evaluation of the measurement model and structural model. The findings show that profitability has a positive and significant influence on dividend policy, indicating that more profitable companies tend to implement more stable and higher dividend policies. In contrast, market value shows a negative and insignificant effect, while Return on Assets (ROA) shows a marginally significant negative effect. These results confirm that profitability is the main predictor of dividend policy in this model. Profitability is the dominant factor in determining dividend payment decisions, compared to external factors such as market valuation or other profitability measures. The practical implication is that financial managers should prioritize improving profitability to optimize dividend strategies, which in turn can enhance investor confidence and company sustainability.
E-HUMAN RESOURCE PLANNING: TRANSFORMATION OF HUMAN RESOURCE PLANNING IN THE ERA OF DIGITALIZATION AND GLOBALIZATION Novitasari, Silvina Dewi; Cahyani, Waida Putri; Rahman, Khaliza Sucita; Syafa’atun, Laila; A.C, Dwi Amelia; Sijabat, Rauly
Management Studies and Business Journal (PRODUCTIVITY) Vol. 2 No. 5 (2025): Management Studies and Business Journal (PRODUCTIVITY)
Publisher : Penelitian dan Pengembangan Ilmu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62207/n1a44q33

Abstract

In the rapidly evolving era of digitalization and globalization, organizations face complex challenges in managing human resources (HR). Human Resource Planning (HRP) has become crucial to ensure the availability of a qualified and competent workforce, which serves as a key driver in achieving strategic organizational goals. However, many organizations still overlook the importance of comprehensive HRP processes, resulting in mismatches between labor needs and availability, low employee motivation, and suboptimal organizational productivity. This study aims to comprehensively analyze the meaning, objectives, as well as the internal and external factors that influence the success of HRP. In addition, the study identifies the challenges and obstacles organizations face in implementing HRP in the era of digitalization and globalization, and explores how HRP strategies can create sustainable competitive advantages. The research approach used is a systematic literature review by collecting and analyzing various relevant sources such as scientific journals, books, and publications related to HR planning, digitalization, and globalization. The data were analyzed qualitatively to identify patterns, trends, and relationships among the discussed concepts. The findings indicate that effective HRP strongly depends on strategic integration with business objectives, continuous employee competency development, optimal employee placement, and the utilization of information technology. The main challenges include adaptation to environmental changes, intense competition, and the increasing demand for intellectual capital. Well-planned HRP implementation has proven to enhance operational efficiency, improve personnel management, and increase the organization’s adaptability to market dynamics. Integrated and adaptive HR planning strategies form a vital foundation for organizations to achieve sustainable competitive advantage in an ever-changing business landscape. This research contributes to a deeper understanding of the strategic role of HRP in modern management and offers practical implications for HR managers in designing policies that are responsive to global challenges.
THE IMPACT OF AI DRIVEN PERSONALIZATION ON CUSTOMER ENGAGEMENT AND LOYALTY Gunawan, Hendra; Suroso, Adi
Management Studies and Business Journal (PRODUCTIVITY) Vol. 2 No. 4 (2025): Management Studies and Business Journal (PRODUCTIVITY)
Publisher : Penelitian dan Pengembangan Ilmu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62207/zk1ys496

Abstract

The rapid growth of the global e-commerce industry, which is expected to reach USD 5.8 trillion by 2023, is driving companies to adopt artificial intelligence (AI)-based personalization to enhance customer experience. Leveraging big data, machine learning, and natural language processing (NLP), AI personalization enables real-time, tailored interactions that have been shown to increase conversions by up to 30% and customer loyalty by up to 84%. However, issues such as data privacy concerns, algorithmic bias, and digital fatigue due to over-personalization are major challenges. This study conducts a narrative review of the impact of AI-based personalization on customer engagement and loyalty in the e-commerce context. The study integrates multidisciplinary perspectives from marketing, information technology, and consumer psychology, and synthesizes selected literature (2015–2025) from Scopus, Web of Science, and Google Scholar databases. The findings suggest that AI personalization enhances customer engagement through recommendation systems, NLP-based chatbots, and predictive analytics, which ultimately drives loyalty. Trust and perceived content relevance act as key mediators in the relationship, while privacy concerns and information fatigue may decrease its effectiveness. This study contributes to the development of a theoretical framework on the AI–engagement–loyalty relationship and provides practical guidance for industry players to design more ethical, transparent, and sustainable personalization strategies.
THE ROLE OF AI POWERED PERSONALIZATION IN ENHANCING CUSTOMER EXPERIENCE: A CROSS-INDUSTRY ANALYSIS Hariandi, Chandra; Asrori, Ali
Management Studies and Business Journal (PRODUCTIVITY) Vol. 2 No. 5 (2025): Management Studies and Business Journal (PRODUCTIVITY)
Publisher : Penelitian dan Pengembangan Ilmu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62207/hsq08t49

Abstract

The rapid adoption of Artificial Intelligence (AI) has transformed customer experience (CX) strategies across industries, shifting from generalized approaches to data-driven personalization. While AI-based personalization has shown positive impacts, most existing studies are sector-specific, limiting comprehensive understanding across different industry contexts. This study conducts a narrative review to explore and compare the influence of AI-powered personalization on key CX dimensions—such as satisfaction, trust, engagement, and loyalty—across retail, banking, healthcare, and hospitality sectors. A systematic literature search (2015–2025) was performed using Scopus, Web of Science, and Google Scholar. Findings reveal significant improvements in CX across sectors, particularly through AI-driven recommendation systems, chatbots, and behavioral personalization. However, ethical concerns, data privacy, and algorithmic bias remain persistent challenges, especially in sensitive sectors like healthcare. The study highlights the importance of adopting a contextual and ethically grounded personalization strategy tailored to each industry's characteristics and customer expectations. This review contributes to the theoretical integration of AI personalization and CX literature, and offers practical guidance for developing responsible, sector-specific AI strategies that enhance customer value.
THE EFFECT OF REGIONAL GOVERNMENT REVENUE ON REGIONAL EXPENDITURE OF THE SORONG DISTRICT GOVERNMENT Pasaribu, Sandi Hasudungan
Management Studies and Business Journal (PRODUCTIVITY) Vol. 2 No. 5 (2025): Management Studies and Business Journal (PRODUCTIVITY)
Publisher : Penelitian dan Pengembangan Ilmu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62207/ndyaw212

Abstract

This study aims to analyze the influence of government revenue on regional expenditure in the Sorong Regency Government. Regional expenditure is an important indicator in the implementation of regional autonomy, reflecting the region's ability to finance various development programs and activities. Government revenue, as the main source of regional funding, plays a crucial role in determining the amount and priority of regional expenditure. The research method used is a quantitative method using secondary data in the form of reports on the realization of the Sorong Regency regional government budget. The results of the study are expected to provide an overview of the extent of the influence of government revenue on regional expenditure in Sorong Regency. These findings can provide input for the regional government in planning and managing the regional budget, as well as in efforts to increase regional revenue to support sustainable development. In addition, this study is also expected to provide scientific contributions in the field of regional finance.
MICRO INFLUENCERS AND AUTHENTICITY: THE NEW FACE OF TRUST IN SOCIAL MEDIA MARKETING Sinurat, Donal Anry Jaya; Sihombing, Midian Immanuel; Aprilio, Hardo; Bon, Sergius Fribontius; Agus Oniel Galaska; Sinurat, Jolio Toga Estrada
Management Studies and Business Journal (PRODUCTIVITY) Vol. 2 No. 5 (2025): Management Studies and Business Journal (PRODUCTIVITY)
Publisher : Penelitian dan Pengembangan Ilmu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62207/07kkbb32

Abstract

The rise of micro-influencers has reshaped the dynamics of social media marketing by shifting the emphasis from celebrity endorsements to authenticity-based consumer engagement. Micro-influencers, typically those with a moderate follower base, are known for fostering closer, more relatable, and interactive relationships with their audiences compared to macro-influencers. This study explores the influence of perceived authenticity, content relevance, and engagement frequency on consumer trust in micro-influencers, particularly on platforms such as Instagram and TikTok. Employing a quantitative descriptive approach, the research gathered insights from young Indonesian social media users who actively follow micro-influencers. The analysis reveals that authenticity plays a central role in trust formation, while content relevance and interaction frequency serve as supporting elements that strengthen consumer perception and engagement. These findings align with the commitment–trust theory and parasocial interaction framework, highlighting that consistent, emotionally engaging, and culturally relevant content is essential in cultivating trust in the digital space. The study contributes to the theoretical discourse on influencer marketing and trust, while offering actionable implications for brands and marketers aiming to build meaningful and loyal consumer relationships. It suggests that in an era marked by increasing commercial saturation and consumer skepticism, authenticity is not merely a strategic advantage, it is a foundational necessity for long-term brand success in social media ecosystems.
IMPROVING PRODUCTIVITY THROUGH EVALUATION AND IMPROVEMENT OF SETUP TIME ON PIPE LASER CUTTING MACHINE USING SINGLE MINUTE EXCHANGE OF DIE (SMED) METHOD Pangastuti, Nova; Parningotan, Sepriandi
Management Studies and Business Journal (PRODUCTIVITY) Vol. 2 No. 5 (2025): Management Studies and Business Journal (PRODUCTIVITY)
Publisher : Penelitian dan Pengembangan Ilmu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62207/0425pp56

Abstract

This study aims to improve setup time efficiency on a pipe laser cutting machine using the Single Minute Exchange of Die (SMED) method. Initial identification includes an analysis of the machine setup time by taking into account the Rating Factor and operator allowance. The normal setup time is 2,936.64 seconds, with an operator rating factor of 0.14. The conversion from internal to external setup resulted in a 16% decrease in setup time, but the initial improvement was not significant. Through fishbone analysis, the factors causing the high setup time were identified, and improvement solutions were proposed for management, equipment, environment, materials, machines, and methods. The second improvement was made by replacing problematic bolts, resulting in a 30% decrease in setup time. The application of SMED proved to increase process time efficiency by 30%, potentially increasing the company's productivity in pipe machining.
THE RELATIONSHIP BETWEEN JOB SATISFACTION AND EMPLOYEE SELF SERVICE APPLICATIONS ON PERSONNEL INFORMATION SYSTEM IN RETAIL STORES (CASE STUDY AT ALFAMART KLEWER BOYOLALI) Sukmawati, Rita; Suyatno, Agus; Akhmad, Khabib Alia
Management Studies and Business Journal (PRODUCTIVITY) Vol. 2 No. 5 (2025): Management Studies and Business Journal (PRODUCTIVITY)
Publisher : Penelitian dan Pengembangan Ilmu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62207/sf2cvk52

Abstract

This study aims to determine the relationship between the personnel information system and employee self – service applications at the Alfamart Klewer retail store in Boyolali Regency. This study uses a quantitative method approach, which is a research problem formulation that asks about the relationship between two or more variables. The sample of this study was 70 respondents from Alfamart Klewer employees in Boyolali Regency. The method used in determining the sample was Non Probability Sampling with a purpose sampling technique. The data collection technique in this study is a questionnaire. The data analysis techniques in this study used validity tests, reliability tests, multiple linear regression tests, classical assumption tests, t-tests and f-tests (simultaneous), and coefficient of determination (R2) test using SPSS V 25. The results showed that all independent variables (relationship between, employee self – service applications and employee information) had a positive and significant relationship with the dependent variable (job satisfaction). Collectively, the independent variables, namely the personnel information system and employee self service application, provide an overall relationship with the dependent variable, namely job satisfaction.

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