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Economic and Business Horizon
Published by Publindo Akademika
ISSN : -     EISSN : 29632765     DOI : 10.54518/ebh
Core Subject : Economy,
Economics, Econometrics & Finance
Economic and Business Horizon (EBH) is an open access journal that publishes multidisciplinary economic and business research in an inclusive scope and format. It allows academics, scholars, and researchers with different backgrounds to share useful research results in the fields of management, marketing, finance, accounting, banking, information systems, corporate governance, business ethics etc. In addition, they can submit their work in the form of empirical research, theoretical and conceptual ideas, reviews, letters, and applied studies. The journal applies an efficient and objective peer review by considering each submission based on scientific merit and research integrity. This journal aims to make a significant contribution to research and knowledge worldwide through original and high-quality publications.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 128 Documents
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The Effect of Financial Performance Indicators on Stock Prices of Energy Companies Listed on the Indonesia Stock Exchange Septia Eka Putri; Esi Fitriani Komara
Economic and Business Horizon Vol. 5 No. 4 (2026): July
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/ebh.5.4.2026.1458

Abstract

Stock prices serve as an important indicator of corporate performance and investor confidence in the capital market. However, stock price movements in Indonesia’s energy sector during the 2021–2024 period exhibited considerable volatility, suggesting that variations in companies’ financial performance may influence investor valuation and market prices. This study analyzes the effect of return on assets, return on equity, net profit margin, and debt-to-equity ratio on stock prices of energy sector companies listed on the Indonesia Stock Exchange during 2021–2024. A quantitative explanatory approach was employed using secondary data from 30 purposively selected companies, yielding 120 observations. Panel data regression was conducted using EViews 14. The findings reveal that return on assets, return on equity, net profit margin, and debt-to-equity ratio do not individually have a significant effect on stock prices. However, these variables jointly exert a significant influence. The coefficient of determination (10.54%) indicates that financial performance explains a limited proportion of stock price variation, while 89.46% is attributable to factors outside the model. These findings suggest that stock prices in the energy sector are shaped not only by financial performance but also by external factors, including macroeconomic conditions, commodity price fluctuations, and market sentiment.
The Effect of Social Media Marketing on Purchase Intention through Brand Image and Brand Trust Muhammad Farraas Al-Faruq; Adhi Prasetio
Economic and Business Horizon Vol. 5 No. 4 (2026): July
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/ebh.5.4.2026.1465

Abstract

The rapid growth of Indonesia’s coffee shop industry has intensified competition and increased the importance of social media in influencing consumer purchasing behavior. This study examines the effect of Social Media Marketing Activities (SMMA) on Purchase Intention, mediated by brand trust and brand image among consumers. Motivated by Tomoro Coffee’s rapid expansion despite low consumer preference, this quantitative study applies the Stimulus–Organism–Response Theory to examine the gap between positive social media perceptions, trust, and purchase intention. Data were collected from 403 purposively selected respondents through online questionnaires and analyzed using PLS-SEM with SmartPLS. The results show that SMMA has significant positive effects on brand trust, brand image, and purchase intention. Brand image also has a significant positive effect on purchase intention, whereas brand trust does not significantly influence purchase intention. Furthermore, brand image partially mediates the relationship between SMMA and purchase intention, while brand trust does not exhibit a significant mediating effect. Should prioritize visually engaging content, direct call-to-action messages, and social commerce features to strengthen brand image and drive consumer conversion. These findings provide practical guidance for developing more effective social media marketing strategies to enhance consumer purchase intention.
The Effect of ESG and Financial Constraints on Cost of Equity: Institutional Ownership as a Moderating Variable Desak Putu Arde Suari; Gede Adi Yuniarta; Lucy Sri Musmini
Economic and Business Horizon Vol. 5 No. 4 (2026): July
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/ebh.5.4.2026.1468

Abstract

Environmental, Social, and Governance (ESG) disclosure and financial constraints influence investors’ risk perceptions and the cost of equity, yet the moderating role of institutional ownership remains inconclusive. This study examines the effects of ESG disclosure and financial constraints on the cost of equity, as well as the moderating role of institutional ownership, among non-primary consumer companies listed on the Indonesia Stock Exchange. A quantitative approach was employed using balanced panel data from 63 companies during 2022–2024 (189 firm-year observations). The study employed the CAPM, ESGDI, SA Index, and institutional ownership ratio to measure the variables. The data were analyzed using random-effects panel regression with robust standard errors clustered and the firm level and moderated regression analysis in Stata. The results show that ESG disclosure significantly reduces the cost of equity, whereas financial constraints significantly increase it. However, institutional ownership does not significantly moderate the effects of ESG disclosure or financial constraints on the cost of equity. These findings suggest that investors place greater emphasis on sustainability disclosure and firms’ financial conditions than on ownership structure when evaluating investment risk. The study provides evidence that strengthening ESG disclosure and maintaining financial flexibility are effective strategies for reducing equity financing costs in emerging markets.
The Effect of Local Taxes, Special Allocation Funds, and Budget Surplus on Capital Expenditure in Regencies and Cities of South Sulawesi Province Puti Lia Maharani; Sri Hartaty; Maulidia Berlianti
Economic and Business Horizon Vol. 5 No. 4 (2026): July
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/ebh.5.4.2026.1477

Abstract

Regional fiscal capacity plays a crucial role in infrastructure investment. This study examined the effect of local taxes, special allocation fund, and budget surplus on capital expenditure in regencies and municipalities in South Sulawesi Province. The research employed a quantitative approach using secondary data obtained from the budget realization reports of 24 local governments during the 2020–2024 period, collected from the audit board of the Republic of Indonesia. Since the population consisted of all regency and municipal governments, a saturated sampling technique was applied, allowing the entire population to serve as the research sample. Panel data regression analysis was conducted using EViews version 13. The findings revealed that local taxes, special allocation fund, and budget surplus each had a positive and statistically significant effect on capital expenditure. Furthermore, the simultaneous test confirmed that the three independent variables jointly exerted a significant influence on capital expenditure across regencies and municipalities in South Sulawesi Province. The findings imply that local governments should strengthen local tax collection, optimize the utilization of special allocation funds, and manage budget surpluses more effectively to increase capital expenditure, improve public infrastructure, enhance service quality, and promote sustainable regional economic development.
The Effect of Local Own-Source Revenue, General Allocation Funds, Budget Surplus/Deficit, and Capital Expenditure on Regional Loans Destira Prawinda; Kartika Rachma Sari; Siska Aprianti
Economic and Business Horizon Vol. 5 No. 4 (2026): July
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/ebh.5.4.2026.1479

Abstract

Regional loans play an important role in supporting regional development when local fiscal resources are insufficient. However, previous studies have reported inconsistent findings regarding the fiscal factors influencing regional loans. This study investigates the effects of local own-source revenue, the general allocation fund, budget surplus/deficit, and capital expenditure on regional loans in Indonesia. A quantitative approach was employed using balanced panel data from 17 provinces during 2020–2024 (85 province-year observations). Secondary data obtained from the audited Regional Government Financial Statements were analyzed using panel data regression with the Random Effect Model (REM) in EViews 13. The results indicate that local own-source revenue, budget surplus/deficit, and capital expenditure positively and significantly affect regional loans, whereas the general allocation fund has no significant effect. Simultaneously, all variables significantly influence regional loans. These findings suggest that regional loan decisions are primarily driven by fiscal capacity, budget conditions, and investment needs, providing updated evidence to support more effective regional fiscal management. The findings also provide practical implications for policymakers in formulating sustainable regional loan strategies while strengthening fiscal capacity and supporting long-term regional development.
The Effect of CEO Narcissism and Board Gender Diversity on Financial Performance of Indonesian Basic Materials Companies Melliya Futri Octavianti Suhara; Dwi Jayanti
Economic and Business Horizon Vol. 5 No. 4 (2026): July
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/ebh.5.4.2026.1492

Abstract

Corporate financial performance is a crucial indicator of organizational sustainability and is influenced by various internal factors, including executive characteristics and corporate governance mechanisms. However, empirical findings regarding the influence of CEO narcissism and board gender diversity on corporate financial performance remain inconsistent. This study aims to examine the effect of CEO narcissism and board gender diversity on corporate financial performance, both partially and simultaneously, in basic materials companies listed on the Indonesia Stock Exchange during the 2021–2024 period. This study employed a quantitative approach with an associative research design using secondary data obtained from audited annual reports. The sample was selected through purposive sampling, resulting in 16 companies with 64 observations. Data were analyzed using descriptive statistics, classical assumption tests, and multiple linear regression analysis using IBM SPSS Statistics 26. The results indicate that CEO narcissism has a negative but insignificant effect on corporate financial performance, while board gender diversity also has a negative and insignificant effect. Simultaneously, CEO narcissism and board gender diversity do not significantly affect corporate financial performance. These findings suggest that executive characteristics and board composition alone are insufficient determinants of corporate financial performance, highlighting the importance of other strategic and operational factors.
The Effects of Store Atmosphere and Digital Payment on Impulse Buying through Hedonic Shopping Value Ahmad Ali; Satria Avianda Nurcahyo; Irfan Wildzan Muafa; Muhammad Awal
Economic and Business Horizon Vol. 5 No. 4 (2026): July
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/ebh.5.4.2026.1147

Abstract

The rapid growth of modern retail has intensified competition, encouraging retailers to create shopping experiences that stimulate consumers’ impulse buying behavior. Both store atmosphere and digital payment have become important factors in shaping consumers’ shopping experiences, while hedonic shopping value may explain how these factors influence spontaneous purchasing decisions. This study aims to examine the direct and indirect effects of store atmosphere and digital payment on impulse buying through hedonic shopping. A quantitative approach was employed using a purposive sampling technique involving 150 consumers who had used digital payment methods. Data were analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS). The results reveal that store atmosphere and digital payment significantly enhance hedonic shopping value and directly increase impulse buying. Hedonic shopping value also has a significant positive effect on impulse buying and mediates the relationships between store atmosphere, digital payment, and impulse buying. These findings highlight the importance of integrating physical store environments with digital transaction facilities to create enjoyable shopping experiences that encourage spontaneous purchases. The study contributes to consumer behavior literature by demonstrating the complementary roles of experiential and technological factors in explaining impulse buying within the context of Indonesian modern retail.  
Enhancing Marine Pilot Team Performance through Competence, Work Environment, and Operational Leadership Arifin Arifin; Emeralda Ayu Kusuma
Economic and Business Horizon Vol. 5 No. 4 (2026): July
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/ebh.5.4.2026.1172

Abstract

Marine pilotage is a safety-critical port operation that requires effective coordination among competent personnel, supportive working conditions, and operational leadership to ensure safe, timely, and reliable vessel movements. This study aims to examine the effects of competence and work environment on marine pilot team performance and to investigate the mediating role of operational leadership. A quantitative explanatory design was employed using a census of 55 personnel involved in the marine pilot work system at Semen Indonesia Tuban Port. Data were collected through structured questionnaires and analyzed using Partial Least Squares Structural Equation Modeling. The results indicate that competence, work environment, and operational leadership each have a positive and significant effect on marine pilot team performance. Furthermore, operational leadership serves as a partial mediator, strengthening the effects of competence and work environment on team performance while maintaining significant direct relationships. These findings demonstrate that reliable pilotage performance depends not only on competent personnel and supportive operational conditions but also on effective operational leadership that translates these resources into coordinated, safe, and efficient operational execution.

Page 13 of 13 | Total Record : 128

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