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Dedi Purwanto Indra Kusuma
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INDONESIA
Jurnal Ekonomi, Manajemen, dan Bisnis
Published by Lembaga Penelitian dan Pendidikan (LPP) Kalibra
ISSN : -     EISSN : 30317150     DOI : https://doi.org/10.70716/emis
Core Subject : Economy,
Economics, Econometrics & Finance
Jurnal Ekonomi, Manajemen dan Bisnis is a double-blind peer-reviewed journal published by Lembaga Penelitian dan Pendidikan (LPP) Kalibra. It provides a platform for scholars, researchers, and practitioners to discuss issues in economics, management, and business. The journal publishes original research, literature reviews, and systematic literature reviews, aiming to contribute to the advancement of knowledge and practice in these fields.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 102 Documents
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Corporate Rebranding and Crisis Communication in the Era of Cancel Culture: A Case Study of Cracker Barrel’s 2025 Logo Controversy Ligina Tri Surya Raudhah
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 4 No. 2 (2026): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v4i2.517

Abstract

This study examines the dynamics of corporate rebranding and crisis communication in the era of cancel culture through the case of the Cracker Barrel 2025 logo controversy. The research aims to analyze how rebranding decisions may trigger reputational crises and how crisis communication strategies influence public trust recovery. A qualitative case study approach was employed using documentary analysis of secondary data collected between March and May 2025. The dataset consisted of 35 documents, including official company statements, news articles from major media outlets, corporate press releases, and public responses posted on digital platforms and social media. Data were analyzed using thematic analysis guided by Situational Crisis Communication Theory (SCCT) and Corporate Rebranding Theory. The findings reveal that the removal of Cracker Barrel’s iconic “Old Timer” figure generated strong negative reactions because consumers perceived the change as a loss of brand authenticity. The crisis rapidly intensified through digital platforms, where cancel culture amplified criticism and transformed visual changes into broader cultural debates. Based on SCCT, the crisis was categorized as preventable, resulting in high public attribution of responsibility toward the company. Although Cracker Barrel attempted recovery through a rebuild strategy by withdrawing the new logo and issuing a public statement, short-term public trust recovery remained limited. This study concludes that rebranding in the digital era requires balancing modernization with identity preservation, while crisis communication should address both rational and emotional dimensions of consumer perception. Effective brand transformation therefore depends on transparent, strategic, and consumer-oriented communication practices.
Peran Pembiayaan Syariah dalam Mendorong Kinerja Bisnis dan Sertifikasi Halal bagi Pelaku UMKM Kuliner di Kota Makassar Nachda Alyaditha; Murtiadi Awaluddin; Rahman Ambo Masse; Fathurrahman Fathurrahman; Kamaruddin Arsyad
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 4 No. 2 (2026): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v4i2.519

Abstract

This research aims to analyze the role of sharia financing in improving business performance and encouraging the acceleration of halal certification for culinary MSMEs in Makassar. The research is motivated by limited access to sharia financing and low ownership of halal certification which affects business competitiveness. This research uses a qualitative method with a case study approach through interviews, observation and documentation of MSME actors and sharia financial institutions. The research results show that sharia financing used by MSMEs in the form of murabahah financing through Bank Syariah Indonesia is able to increase business capital, production capacity, income and business development. Apart from that, sharia financing also supports the acceleration of halal certification through capital assistance, improving business facilities, and increasing halal awareness of business actors. However, its use still faces obstacles such as low sharia financial literacy, limited information, and financing administration processes and halal certification. This research shows that sharia financing not only functions as an economic instrument, but also as a means of empowering MSMEs in increasing the competitiveness of businesses based on halal principles.
The Role of Trader Psychology in Enhancing Forex Trading Profitability Through Technical Analysis, Fundamental Analysis, and Risk Management at Wijaya Trading Community Indonesia Sumadi Sumadi; Arik Susbiyani; Astrid Maharani
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 4 No. 2 (2026): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v4i2.522

Abstract

Retail forex and commodity trading in Indonesia has grown rapidly, with active retail investors exceeding 901,000 in 2025 (OJK, 2025), yet between 74% and 89% of retail trading accounts continue to incur net losses globally (ESMA, 2018; FCA, 2023; ASIC, 2022). This performance gap indicates that trading profitability is not solely determined by analytical competence, but critically conditioned by the psychological state of the trader at the moment of decision execution. This study examines the mediating role of Trader Psychology between Technical Analysis, Fundamental Analysis, and Risk Management and Trading Profitability among 250 active members of Wijaya Trading Community Indonesia. Using a quantitative explanatory approach with PLS-SEM analysis through SmartPLS 4.1.1.8, data were collected via a structured 25-indicator five-point Likert-scale questionnaire and analysed using 5,000-subsample BCa bootstrapping at the 95% confidence level. All eight hypotheses were supported. The structural model demonstrated substantial predictive power with R² = 0.791 for Profitability and R² = 0.682 for Trader Psychology. Trader Psychology was the strongest direct determinant of Trading Profitability (β = 0.329, p < 0.001), while Technical Analysis was the sole independent variable with a significant direct path to profitability (β = 0.214, p = 0.001). Risk Management generated the largest indirect effect through Trader Psychology (IE = 0.101, BCa CI [0.047; 0.159]), demonstrating full mediation, followed by Fundamental Analysis (IE = 0.091) and Technical Analysis (IE = 0.083, partial mediation). These findings establish trader psychology as the critical psychological bridge between analytical competencies and realised profitability, and introduce the Integrated Trading Competency Model (ITCM) as a novel framework for trader development. Training programmes, broker education mandates, and regulatory frameworks particularly OJK and BAPPEBTI — should systematically integrate psychological development alongside technical and risk management instruction.
Beyond Numbers: An IPA Study of Accountability in Religious Tourism Governance at the Sunan Bonang Shrine Farhani Kautsar Nugraha; Naghsa Arriva Puji Astuti; Ike Nur Syafitri; Rofino Baitul Akbar
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 4 No. 2 (2026): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v4i2.523

Abstract

This study explores the meaning of accountability in the management of religious tourism at the Sunan Bonang tomb complex in Tuban, East Java. Using a qualitative approach with an Interpretative Phenomenological Analysis (IPA) design, this research examines how site managers interpret and practice accountability within their religious and socio-cultural environment. Data were collected through semi-structured in-depth interviews with the Secretary of the Makbarot Sunan Bonang Foundation. Data credibility was enhanced through member checking and researcher reflexivity throughout the interpretative process. The findings show that accountability is deeply rooted in local spiritual and cultural values. Financial reporting is practiced as a form of social piety and dual responsibility: vertically to God and horizontally to the community. Four major themes emerged from the study: (1) spirituality as the foundation of management, (2) financial reporting as moral trust, (3) tensions between tradition and digitalization, and (4) community autonomy in relation to the state. The study concludes that accountability in religious tourism spaces manifests in distinctive ways that transcend formal institutional frameworks while still emphasizing transparency, trust, and social responsibility. The findings contribute to the accountability literature by demonstrating how local spiritual values shape accountability practices beyond formal and technocratic frameworks. Practically, the study highlights the importance of accommodating community-based and culturally embedded forms of accountability in the governance of religious tourism destinations.
Pengembangan Indeks Wakaf: Studi Kasus Kabupaten/Kota di Provinsi Banten Arief Fitrijanto; Bambang Juanda; Sri Mulatsih; Muhammad Findi
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 4 No. 2 (2026): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v4i2.526

Abstract

The implementation of regional autonomy in Indonesia is still hampered by low fiscal independence, which hinders the provision of public goods such as educational infrastructure. This study aims to develop and test the Regional Waqf Index (IWW) as an instrument to measure waqf potential at the district/city level to map alternative social financing sources. Referring to the OECD framework (2008), IWW is constructed through three dimensions: Awareness, Quantity, and Capacity. The study was conducted in eight districts/cities in Banten Province using a combination of primary data (literacy surveys) and secondary data (macroeconomic indicators). Data analysis used the Min-Max normalization method and geometric mean aggregation. The results show that the majority of areas in Banten (62.5%) are in the "Sufficient" category. There is significant heterogeneity; urban areas and industrial centers have a higher index than the southern region which is constrained by the economic capacity dimension. This finding confirms the strategic role of waqf as a fiscal supplement for urgent public needs, such as the renovation of educational facilities. Research recommendations emphasize strengthening waqf literacy in high-economic-capacity regions and increasing the professionalism of Nazhir to optimize the realization of waqf collection in the regions.
The Effect of the Industrial Production Index (IPI) on the Indonesian Sharia Stock Index (ISSI) During the COVID-19 Pandemic Period 2020–2023 Abi Suar; Yetty Yetty; Nurdin I Muhammad; Nonce Hasan; Abdurrahman Senuk; Ririn Damayanti
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 4 No. 2 (2026): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v4i2.527

Abstract

The Industrial Production Index (IPI) is an indicator that reflects the condition of industrial production within a country. In the Indonesian capital market, the IPI consists of stock movements listed on the Indonesia Stock Exchange (IDX) that are incorporated into an index known as the Industrial Production Index. An improvement in the IPI reflects favorable conditions in the country’s industrial economy. In general, an increase in the IPI is also expected to affect other indices, particularly the Indonesian Sharia Stock Index (ISSI). This study employed a quantitative approach using the Vector Auto Regression (VAR) as analytical tools. The objective of this research was to examine the determinants of the Industrial Production Index on the Indonesian Sharia Stock Index during the COVID-19 pandemic period. The findings indicate that, in the short term, the IPI had a negative and significant effect on the Indonesian Sharia Stock Index. Furthermore, the results of the Impulse Response Function (IRF) analysis reveal that the ISSI variable responded negatively to shocks generated by the IPI variable from the beginning to the end of the observation period, indicating a permanent negative response. Therefore, during the COVID-19 pandemic in Indonesia, the IPI did not exert a positive influence on the ISSI.
Fiscal Effectiveness and Efficiency in Driving Regional Economic Development: Evidence from Banten Province Budi Prajogo; Farhat Abas
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 4 No. 2 (2026): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v4i2.531

Abstract

This study examines the effect of expenditure effectiveness and efficiency on regional economic development in Banten Province. The research addresses a key issue in public financial management concerning how regional budgets can be optimally allocated and utilized to maximize development outcomes. A quantitative approach is applied using multiple linear regression based on regional budget data and economic indicators from official government sources for the period 2015–2023. The regression results indicate that expenditure effectiveness positively and significantly affects economic development (β = 0.052; p = 0.013), while expenditure efficiency also demonstrates a positive and significant influence (β = 0.038; p = 0.020). Simultaneously, both variables significantly explain regional economic growth (F = 19.72; p = 0.002), with a coefficient of determination (R²) of 0.842, indicating strong explanatory power. These findings imply that improving budget absorption, strengthening implementation efficiency, and adopting evidence-based planning are essential to enhance regional development performance. The study recommends reinforcing value-for-money principles and accelerating financial digitalization to improve public expenditure quality.
An Integrative Analysis of the Value-Belief-Norm Model and Theory of Planned Behavior in Enhancing Digital Donation Intention and Behaviour in Indonesia Tri Antoro Adi; Didik Junaidi Rachbini; Erna Sofriana Imaningsih; Mas Wahyu Wibowo
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 4 No. 2 (2026): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v4i2.535

Abstract

This study examines the determinants of digital donation behavior among Generation Z in DKI Jakarta by integrating the Value-Belief-Norm (VBN) theory and Theory of Planned Behavior (TPB) into a single structural model. This study uses survey data collected from 400 respondents selected through purposive sampling, analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). Results reveal that altruistic values, egoistic values, and subjective norms significantly influence intention to donate, while biospheric values operate indirectly through attitude formation. Subjective norms emerge as the strongest predictor of attitude towards donation, reflecting the collectivist character of Indonesian society. Perceived behavioral control does not directly affect donation intention but significantly shapes positive attitudes toward donation. Attitude towards donation and intention to donate are confirmed as significant mediators within the integrated model. Findings of this study suggest that digital philanthropy campaigns targeting Generation Z should prioritize community-based norm activation, incorporate symbolic recognition features to engage egoistic motivations, and strengthen institutional trust through transparent fund reporting. This research contributes to prosocial behavior literature by empirically validating an integrative VBN-TPB model in a non-Western, high-collectivism context and provides actionable foundations for philanthropy platform developers and policymakers in Indonesia.
Profitabilitas, Likuiditas, Leverage dan Keputusan Investasi Terhadap Nilai Perusahaan (Studi Kasus Pada Perusahaan Sektor Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Tahun 2022-2024) Didha Putri Citradika; Tiara Setyo Pangestu; Meliza Meliza
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 4 No. 2 (2026): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v4i2.542

Abstract

Firm value represents a measure of management success in managing corporate funds and serves as a reference for investors in assessing investment feasibility. Recent conditions indicate that several companies in the property and real estate sector face challenges that may potentially lead to financial losses. This study aims to examine and analyze the effect of profitability, measured by Return on Assets (ROA), liquidity, measured by the Current Ratio (CR), leverage, measured by the Debt to Equity Ratio (DER), and investment decisions, measured by the Price Earnings Ratio (PER), on firm value, measured by the Price to Book Value (PBV). This study employed a quantitative research approach using secondary data obtained from financial statements published by the Indonesia Stock Exchange. The population of this study consisted of property and real estate companies from 2022 to 2024. The sample was selected using a purposive sampling technique, resulting in 242 observations. The data were analyzed using multiple linear regression with SPSS version 20. The results show that profitability (ROA) has a positive and significant effect on firm value (PBV). Liquidity (CR) has a negative and insignificant effect on firm value (PBV). Leverage (DER) has a positive and significant effect on firm value (PBV). Investment decisions (PER) also have a positive and significant effect on firm value (PBV).
Work Motivation as a Mediator of Compensation and Training Effects on Employee Productivity: A Multi-Plant Study at PT Tri Centrum Fortuna Jajang Saep; Pras Rendy; Gurawan Dayona; Kartika Nuradina; Andhika Mochamad Siddiq
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 4 No. 2 (2026): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v4i2.550

Abstract

This study examines the role of work motivation in mediating the relationship between compensation, training, and employee productivity at PT Tri Centrum Fortuna Purwakarta and Karawang plants. The research was conducted due to the increasing need to improve employee productivity in the automotive manufacturing industry. A quantitative explanatory approach was employed using Structural Equation Modeling with AMOS (SEM-AMOS). Data were collected through Likert-scale questionnaires distributed to 279 employees consisting of 126 employees from Purwakarta and 153 employees from Karawang. The findings reveal that compensation has no significant effect on work motivation or employee productivity at both plants. In contrast, training has a positive and significant effect on work motivation at both locations, while its effect on productivity is significant only at the Karawang plant. Work motivation significantly improves employee productivity at both plants. Furthermore, work motivation fully mediates the relationship between compensation and productivity and partially mediates the relationship between training and productivity. The study concludes that training and work motivation are more influential than compensation in improving employee productivity. Therefore, companies should strengthen employee training programs and motivational strategies to enhance productivity and organizational performance.

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