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E-Jurnal Ekonomi dan Bisnis Universitas Udayana
Published by Universitas Udayana
ISSN : -     EISSN : 23373067     DOI : https://doi.org/10.24843/EEB.2025.v14.i08
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
E-Jurnal Ekonomi dan Bisnis aims as a medium of exchange of information and scientific works among the teaching staff, alumni, students, practitioners and observers of science in accounting and business, science in management, business strategy and entrepreneurship and scientific papers with emphasis contents of the article on the use of quantitative analysis tools (econometrics, parametric and non-parametric statistics, descriptive statistics, input-output, CGE, etc.) in studies of economic and social. E-Jurnal Ekonomi dan Bisnis recognizes that informational problems are pervasive in financial markets and business organizations and that accounting plays an important role in resolving such problems. E-Jurnal Ekonomi dan Bisnis welcomes both theoretical and empirical contributions. Nonetheless, theoretical papers should yield novel testable implications, and empirical papers should be theoretically well-motivated. The Editors view management, business strategy and entrepreneurship as being closely related to economics and, as a consequence, papers submitted will often have theoretical motivations that are grounded in economics, however, also seeks papers that complement economics-based theorizing with theoretical developments originating in other social science disciplines or traditions. While many papers in E-Jurnal Ekonomi dan Bisnis use econometric or related empirical methods, the Editors also welcome contributions that use other empirical research methods. Although the scope of E-Jurnal Ekonomi dan Bisnis is broad, it is not a suitable outlet for highly abstract mathematical papers or empirical papers with inadequate theoretical motivation. Also, papers that study asset pricing, or the operations of financial markets, should have direct implications for one or more of preparers, regulators, users of financial statements, and corporate financial decision-makers, or at least should have implications for the development of future research relevant to such users.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
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PENGARUH LIKUIDITAS DAN LEVERAGE TERHADAP HARGA SAHAM DENGAN PROFITABILITAS SEBAGAI VARIABEL MEDIASI Gusti Ayu Dwi Ariastuti; Sayu Ketut Sutrisna Dewi
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.15.NO.01.TAHUN.2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2026.v15.i01.p09

Abstract

Saham merupakan bukti kepemilikan investor dalam suatu perusahaan. Harga saham menjadi pertimbangan penting bagi investor sebelum berinvestasi. Kinerja keuangan suatu perusahaan dapat memengaruhi harga sahamnya. Penelitian ini bertujuan untuk mengetahui pengaruh likuiditas dan leverage terhadap harga saham dengan profitabilitas sebagai variabel mediasi. Penelitian ini dilakukan pada perusahaan sektor barang baku yang terdaftar di Bursa Efek Indonesia periode 2021-2023 dengan jumlah sampel sebanyak 34 perusahaan. Jenis data dalam penelitian ini adalah data sekunder yang diperoleh melalui website resmi BEI. Teknik analisis yang digunakan yaitu analisis deskriptif dan analisis jalur (path analysis). Berdasarkan hasil analisis ditemukan bahwa likuiditas dan leverage tidak memiliki pengaruh yang signifikan terhadap harga saham. Likuiditas dan leverage berpengaruh positif signifikan terhadap profitabilitas. Profitabilitas berpengaruh positif signifikan terhadap harga saham. Profitabilitas tidak mampu memediasi pengaruh likuiditas terhadap harga saham. Profitabilitas mampu memediasi pengaruh leverage terhadap harga saham. Implikasi dari penelitian ini adalah likuiditas dan leverage menjadi faktor yang perlu diperhatikan oleh manajemen perusahaan untuk meningkatkan profitabilitas perusahaan. Selain itu, perusahaan perlu menjaga tingkat profitabilitasnya karena aspek ini menjadi perhatian utama bagi investor dan berpotensi memengaruhi harga saham.     Stocks represent an investor's ownership in a company. Stock price is an important consideration for investors before making investment decisions. The financial performance of a company influences its stock price. This study aims to determine the influence of liquidity and leverage on stock prices with profitability as a mediating variable in basic materials sector companies on the Indonesia Stock Exchange for the period 2021-2023 with sample size of 34 companies. This type of data in the study is secondary data obtained through the official website of IDX. The analysis techniques used are descriptive analysis and path analysis. Based on the results of the analysis, it was found that liquidity and leverage have an insignificant effect on stock prices. Liquidity and leverage have a positive significant effect on profitability. Profitability has a positive significant effect on stock prices. Profitability is not able to mediate the effect of liquidity on stock prices. Profitability is able to mediate the effect of leverage on stock prices. The implication of this study is that liquidity and leverage are factors that need to be considered by company management to increase company profitability. In addition, companies need to maintain their level of profitability because this aspect is a primary concern for investors and has the potential to affect stock prices.
PEMETAAN KINERJA BUM DESA DI EKS KARESIDENAN SURAKARTA: ANALISIS KERNEL DENSITY DAN BUFFER ZONE Cahyaningrum, Adhilia Mega; Gravitiani, Evi; Mulyanto, Mulyanto
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.15.NO.01.TAHUN.2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2026.v15.i01.p06

Abstract

Sebanyak 60.941 Badan Usaha Milik Desa (BUM Desa) telah didirikan di Indonesia hingga tahun 2023. Sebagian besar di antaranya belum optimal mendukung Pendapatan Asli Desa (PADes), yang memunculkan pertanyaan mengenai efektivitasnya sebagai instrumen pembangunan desa. Penelitian ini bertujuan memetakan kinerja keuangan BUM Desa berdasarkan kontribusi keuntungannya terhadap PADes di kawasan Eks Karesidenan Surakarta menggunakan analisis spasial berbasis Geographic Information System (GIS) dengan pendekatan Kernel Density Estimation (KDE) dan Buffer Zone Analysis. Data sekunder dari 1.411 desa di enam kabupaten dianalisis secara deskriptif kualitatif. Hasilnya menunjukkan mayoritas BUM Desa belum berkontribusi signifikan ke PADes, dengan 957 desa mencatat kontribusi nol. Kabupaten Klaten menonjol sebagai klaster kinerja tinggi, terutama BUM Desa dengan sektor pariwisata. Analisis zona buffer mengidentifikasi 175 desa di sekitar BUM Desa berkinerja tinggi yang berpotensi mendapat efek limpahan (spillover effect). Temuan ini menegaskan pentingnya kebijakan pengembangan BUM Desa berbasis potensi lokal dan pendekatan spasial agar manfaatnya lebih merata. Penelitian ini diharapkan menjadi rujukan pengambilan kebijakan pembangunan desa berbasis bukti (evidence-based policy).     A total of 60,941 Village-Owned Enterprises (VoE) have been established in Indonesia as of 2023. However, most of them have not yet optimally supported Village Original Income (PADes), which raises questions about their effectiveness as instruments for rural development. This study aims to map the financial performance of VoE based on their contribution to PADes in the Eks Karesidenan Surakarta region using a spatial analysis approach based on Geographic Information System (GIS) with Kernel Density Estimation (KDE) and Buffer Zone Analysis. Secondary data from 1,411 villages across six regencies were analyzed in a qualitative descriptive manner. The results show that the majority of VoE have not made significant contributions to PADes, with 957 villages recording zero contribution. Klaten Regency stands out as a high-performance cluster, especially for VoE in the tourism sector. The buffer zone analysis identified 175 villages surrounding high-performing VoE with the potential to benefit from spillover effects. These findings emphasize the need for VoE development policies that are based on local potential and spatial approaches to ensure more equitable benefits. This study is expected to serve as a reference for formulating evidence-based rural development policies.
ANALISIS PENGARUH DBH, DAU, DAK TERHADAP PDRB ADHK 2010 DI KABUPATEN/KOTA PROVINSI NTB TAHUN 2011–2024 Oktaviana, Nia; Wijimulawiani, Baiq Saripta; Dzul Fadlli, Muhammad
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.15.NO.01.TAHUN.2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2026.v15.i01.p10

Abstract

Penelitian ini menganalisis pengaruh Dana Bagi Hasil (DBH), Dana Alokasi Umum (DAU), dan Dana Alokasi Khusus (DAK) terhadap Produk Domestik Regional Bruto (PDRB) ADHK 2010 pada kabupaten/kota di Provinsi Nusa Tenggara Barat (NTB) periode 2011–2024. Provinsi NTB dipilih karena memiliki tingkat ketergantungan fiskal yang tinggi terhadap dana perimbangan pusat serta masih menghadapi disparitas pertumbuhan ekonomi antardaerah. Kondisi tersebut menjadikan NTB sebagai konteks empiris yang relevan untuk menguji efektivitas transfer fiskal dalam mendorong kinerja ekonomi regional. Penelitian ini menggunakan regresi data panel dengan pendekatan Fixed Effect Model terhadap 140 observasi. Hasil penelitian menunjukkan bahwa DBH, DAU, dan DAK berpengaruh positif dan signifikan terhadap PDRB. Temuan ini mengindikasikan bahwa dana perimbangan berperan tidak hanya sebagai instrumen pemerataan fiskal, tetapi juga sebagai faktor penggerak pertumbuhan ekonomi daerah. Kontribusi ilmiah penelitian ini terletak pada penyediaan bukti empiris jangka panjang mengenai peran transfer fiskal di provinsi berkembang, sekaligus memperkaya literatur desentralisasi fiskal di Indonesia.     This study examines the impact of Revenue Sharing Fund (DBH), General Allocation Fund (DAU), and Special Allocation Fund (DAK) on Gross Regional Domestic Product (GRDP) at constant 2010 prices across regencies/cities in West Nusa Tenggara (NTB) Province during the period 2011–2024. NTB was selected as the study area due to its relatively high fiscal dependence on central government transfers and the persistent disparities in economic growth among its districts. These characteristics make NTB a relevant empirical context for evaluating the effectiveness of intergovernmental fiscal transfers in promoting regional economic performance. Panel data regression with a Fixed Effect Model was employed using 140 observations. The results indicate that DBH, DAU, and DAK have positive and statistically significant effects on GRDP. These findings suggest that fiscal transfers function not only as instruments of fiscal equalization but also as key drivers of regional economic growth when allocated productively. The scientific contribution of this study lies in providing long-term empirical evidence on the role of intergovernmental transfers in a developing province, thereby enriching the literature on fiscal decentralization in Indonesia.
PERAN CUSTOMER ENGAGEMENT SEBAGAI MEDIATOR SOCIAL MEDIA MARKETING DAN CONTENT MARKETING TERHADAP BRAND AWARENESS Muttaqin, Rifqi Zainul; Purbaya, Muhammad Eka; Suryaningtiyas, Yosita Dwiani
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.15.NO.01.TAHUN.2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2026.v15.i01.p04

Abstract

Media sosial menjadi alat penting dalam strategi pemasaran digital, termasuk di sektor pendidikan seperti Telkom University Purwokerto. Studi ini menganalisis pengaruh social media marketing dan content marketing terhadap brand awareness dengan customer engagement sebagai mediator. Menggunakan pendekatan kuantitatif dan teknik purposive sampling, sebanyak 155 mahasiswa angkatan 2024 pengikut akun Instagram @smbtelkom.purwokerto dijadikan responden. Data dianalisis dengan Partial Least Squares (PLS) melalui SmartPLS 4. Hasil menunjukkan social media marketing mempunyai pengaruh signifikan terhadap brand awareness dan customer engagement. Sementara itu, content marketing hanya mempunyai pengaruh terhadap customer engagement. Customer engagement memediasi pengaruh content marketing terhadap brand awareness, namun tidak pada social media marketing. Berbeda dari studi sebelumnya yang dominan di sektor komersial, penelitian ini memberikan kontribusi dalam konteks pendidikan. Implikasinya adalah pentingnya optimalisasi konten dan interaksi digital. Keterbatasan penelitian ini terletak pada fokus platform Instagram dan jumlah responden, sehingga disarankan penelitian selanjutnya mencakup platform lain dan menambahkan variabel seperti brand trust atau e-WOM.   Social media is becoming an important tool in digital marketing strategies, including in the education sector such as Telkom University Purwokerto. This study analyzes the effect of social media marketing and content marketing on brand awareness with customer engagement as a mediator. Using a quantitative approach and purposive sampling technique, 155 students of class 2024 followers of the Instagram account @smbtelkom.purwokerto were used as respondents. The data were analyzed with Partial Least Squares (PLS) through SmartPLS 4. The results show that social media marketing has a significant influence on brand awareness and customer engagement. Meanwhile, content marketing only has an influence on customer engagement. Customer engagement mediates the effect of content marketing to brand awareness, but not social media marketing. Different from previous studies that are dominant in the commercial sector, this research contributes in the context of education. The implication is the importance of content optimization and digital interaction. The limitations of this study lie in the focus of the Instagram platform and the number of respondents, so it is recommended that future research include other platforms and add variables such as brand trust or e-WOM.
ANALISIS POTENSI EKONOMI KOTA BANDAR LAMPUNG DENGAN MENGGUNAKAN METODE LOCATION QUOTIENT DAN SHIFT SHARE Ronaldi, Alvin Destian; Afandi, Yopi Ayomi; Sianturi, Devi Fransiska; Suparta, I Wayan
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.15.NO.01.TAHUN.2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2026.v15.i01.p03

Abstract

Penelitian ini bertujuan mengidentifikasi sektor unggulan (basis) dan potensi ekonomi yang menjadi penggerak utama pembangunan di Kota Bandar Lampung. Metode yang dipakai ialah analisis kuantitatif deskriptif dengan pendekatan Location Quotient (LQ) dan Shift Share, menggunakan data sekunder PDRB Kota Bandar Lampung dan Provinsi Lampung periode 2020–2024 dari Badan Pusat Statistik (BPS). Hasil analisis menunjukkan bahwa sektor dengan nilai LQ > 1, seperti industri pengolahan, perdagangan, transportasi, akomodasi, informasi, keuangan, real estate, administrasi pemerintahan, dan jasa kesehatan, menjadi pendorong utama ekonomi daerah yang didominasi oleh sektor jasa dan perdagangan. Shift Share mengindikasikan bahwa pertumbuhan ekonomi Kota Bandar Lampung masih mengikuti tren nasional dengan komponen pertumbuhan nasional (KPN) positif sebesar 37,07, namun sebagian besar sektor belum memiliki daya saing kuat di tingkat regional. Oleh karena itu, kebijakan pembangunan ke depan perlu menitikberatkan pada penguatan sektor jasa dan industri agar pertumbuhan ekonomi lebih merata dan berkelanjutan.   This study aims to identify the basic sectors and economic potential that are the main drivers of development in Bandar Lampung City. The method used is quantitative descriptive analysis with the Location Quotient (LQ) and Shift Share approaches, using secondary data on the GRDP of Bandar Lampung and Lampung Province for the 2020–2024 period. from Badan Pusat Statistik Bandar Lampung (BPS). The analysis results show that sectors with an LQ value > 1, such as manufacturing, trade, transportation, accommodation, information, finance, real estate, government administration, and health services, are the main drivers of the regional economy, which is dominated by the service and trade sectors. The Shift Share analysis indicates that Bandar Lampung City's economic growth still follows the national trend with a positive national growth component (KPN) of 37.07, but most sectors do not yet have strong competitiveness at the regional level. Therefore, future development policies need to emphasize strengthening the service and industrial sectors for more equitable and sustainable economic growth.  
DINAMIKA GREEN INNOVATION DAN ENVIRONMENTAL PERFORMANCE: PENDEKATAN RESOURCE-BASED VIEW DAN LEGITIMACY THEORY Putri, Anggi Ariska; Meilani, Sayekti Endah Retno Meilani
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.15.NO.01.TAHUN.2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2026.v15.i01.p08

Abstract

Perkembangan isu keberlanjutan mendorong perusahaan mengintegrasikan green innovation sebagai strategi unggulan untuk meningkatkan environmental performance. Studi ini mengkaji dampak green process innovation, green product innovation, green image, serta interaksi antara green product innovation dan green image terhadap environmental performance. Berlandaskan teori RBV (Resource-Based View), green innovation dipandang sebagai kapabilitas strategis yang memperkuat daya saing berkelanjutan, sementara Legitimacy Theory menjelaskan bagaimana green image berperan dalam memperoleh dukungan serta kepercayaan pemangku kepentingan dan masyarakat. Studi ini menggunakan analisis regresi data panel melalui metode Panel EGLS (Cross-section random effects) pada 51 perusahaan sektor energi selama periode 2022-2024. Hasil studi menunjukkan green process innovation dan green image berdampak positif terhadap environmental performance. Sebaliknya, green product innovation tidak menunjukkan dampak yang signifikan sehingga belum memberikan kontribusi terhadap performa lingkungan. Temuan menarik muncul pada interaksi green product innovation dan green image berdampak negatif terhadap environmental performance. Studi ini berkontribusi teoretis terhadap literatur green innovation dan implikasi praktis bagi strategi keberlanjutan perusahaan.     The development of sustainability issues has encouraged companies to integrate green innovation as a leading strategy to improve environmental performance. This study examines the impact of green process innovation, green product innovation, green image, and the interaction between green product innovation and green image on environmental performance. Based on the Resource-Based View (RBV) theory, green innovation is seen as a strategic capability that strengthens sustainable competitiveness, while Legitimacy Theory explains how green image plays a role in gaining the support and trust of stakeholders and the community. This study uses panel data regression analysis through the Panel EGLS (Cross-section random effects) method on 51 companies in the energy sector during the 2022-2024 period. The results show that green process innovation and green image have a positive impact on environmental performance. Conversely, green product innovation does not show a significant impact and therefore does not contribute to environmental performance. An interesting finding emerges from the interaction between green product innovation and green image, which has a negative impact on environmental performance. This study contributes theoretically to the literature on green innovation and has practical implications for corporate sustainability strategies.
FAKTOR SOSIAL DAN KETENAGAKERJAAN TERHADAP PERTUMBUHAN EKONOMI NASIONAL INDONESIA TAHUN 2015-2024 Doyoba Sie Pratama; Bernadette Robiani; Siti Rohima
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.15.NO.01.TAHUN.2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2026.v15.i01.p02

Abstract

Pertumbuhan ekonomi menjadi indikator utama yang mencerminkan tingkat kesejahteraan serta keberhasilan pembangunan suatu negara. Dalam konteks Indonesia, perbedaan karakteristik sosial dan struktur ketenagakerjaan antar provinsi berpotensi memengaruhi arah dan kecepatan perkembangan ekonomi.  Penelitian ini dilakukan untuk mengkaji pengaruh penduduk miskin, tingkat pengangguran terbuka, tenaga kerja formal, dan Indeks Pembangunan Manusia (IPM) terhadap pertumbuhan ekonomi pada 34 provinsi di Indonesia selama kurun waktu 2015–2024. Metode kuantitatif digunakan dalam penelitian ini dengan mengolah data panel sekunder yang berasal dari BPS.  Regresi data panel digunakan dalam analisis, dan Uji Chow serta Hausman menunjukkan bahwa model terbaik yang sesuai adalah Fixed Effect Model (FEM). Hasil uji t menunjukkan bahwa penduduk miskin, tingkat pengangguran terbuka, dan tenaga kerja formal berpengaruh signifikan terhadap pertumbuhan ekonomi, sedangkan Indeks Pembangunan Manusia (IPM) tidak menunjukkan pengaruh yang signifikan. Hasil uji F juga menunjukkan bahwa pengaruh simultannya juga signifikan. Dengan Adjusted R-Squared sebesar 0,232, model tersebut menjelaskan sekitar 23,245 persen variasi pertumbuhan ekonomi.  Hal ini menegaskan bahwa kualitas sumber daya manusia yang semakin baik menjadi kunci dalam meningkatkan kinerja ekonomi nasional. Economic growth is a primary indicator reflecting a nation’s level of welfare and development success. In the context of Indonesia, variations in social characteristics and labor structures across provinces may influence the direction and pace of economic development. This study examines the effects of the poor population, the open unemployment rate, formal labor, and the Human Development Index (HDI) on economic growth across 34 provinces in Indonesia during the period 2015–2024. A quantitative approach was employed using secondary panel data obtained from Statistics Indonesia (BPS). Panel data regression was applied, and the results of the Chow and Hausman tests indicate that the Fixed Effect Model (FEM) is the most appropriate specification. The t-test results show that the poor population, open unemployment rate, and formal labor have significant effects on economic growth, whereas the Human Development Index (HDI) does not exhibit a significant effect. The F-test results further confirm that the variables jointly have a significant effect on economic growth. With an Adjusted R-Squared value of 0.232, the model explains approximately 23.245 percent of the variation in economic growth. These findings emphasize that improving human capital quality remains a key factor in enhancing national economic performance.
MEMBACA NIAT KUNJUNGAN KEMBALI MELALUI ANALISIS SENTIMEN PEMASARAN SENSORIK Korry, Putu Dyah Permatha; I Gede Rangga Weda Adi Nugraha
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.15.NO.01.TAHUN.2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2026.v15.i01.p07

Abstract

Persaingan intens di sektor restoran kawasan wisata menuntut diferensiasi beyond kualitas makanan, khususnya melalui pemasaran sensorik yang mempengaruhi keputusan pembelian konsumen di era transformasi digital. Penelitian ini menganalisis sentimen ulasan Google Maps Amarta Penida Restaurant untuk memahami dampak pemasaran sensorik terhadap persepsi dan niat berkunjung kembali konsumen. Metode kuantitatif deskriptif diterapkan melalui analisis sentimen berbasis leksikon VADER pada 1.195 ulasan pelanggan periode 2021 - 2025, analisis TF-IDF untuk identifikasi kata diskriminatif, dan validasi menggunakan algoritma Naive Bayes. Hasil menunjukkan dominasi sentimen positif sebesar 90,0 persen dengan rasio positif-negatif 24:1. Analisis TF-IDF mengidentifikasi kata "view" dan "sunset" sebagai prediktor utama sentimen positif, mengonfirmasi elemen visual merupakan stimulus pemasaran sensorik terpenting. Terdapat kongruensi antara rating numerik tinggi dan sentimen tekstual positif, dengan akurasi validasi Naive Bayes mencapai 91,38 persen. Penelitian mengonfirmasi aplikasi Teori Stimulus-Organism-Response dan Theory of Planned Behavior dalam konteks restoran wisata, memberikan implikasi manajerial untuk optimalisasi pengalaman sensorik dan kontribusi teoretis signifikan bagi literatur pemasaran sensorik.   Intense competition in the restaurant sector of the tourist area demands differentiation beyond food quality, in particular through sensory marketing that influences consumer purchasing decisions in the era of digital transformation. This study analyzed the sentiment of Google Maps reviews of Amarta Penida Restaurant to understand the impact of sensory marketing on the perception and intention of revisiting consumers. Descriptive quantitative methods were applied through sentiment analysis based on VADER lexicon on 1,195 customer reviews for the period 2021-2025, TF-IDF analysis for discriminative word identification, and validation using Naive Bayes algorithm. The results showed a predominance of positive sentiment by 90.0 percent with a positive-negative ratio of 24:1. The TF-IDF analysis identified the words "view" and "sunset" as key predictors of positive sentiment, confirming the visual element is the most important sensory marketing stimulus. There is a congruence between high numerical ratings and positive textual sentiment, with Naive Bayes ' validation accuracy reaching 91.38 percent. The research confirms the application of Stimulus-organism-response theory and Theory of Planned Behavior in the context of restaurant tourism, providing managerial implications for the optimization of sensory experience and significant theoretical contributions to the sensory marketing literature.
PENGARUH PHILANTHROPY DISCLOSURE DAN RISIKO SISTEMATIS TERHADAP NILAI PERUSAHAAN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI I Gst Ayu Eka Damayanthi; I Gusti Ngurah Agung Suaryana; Made Oka Candra Andreana; Anisa Virdawati Amara; Ni Kadek Dian Purwanti; Putu Dhira Pratiwimba
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.15.NO.01.TAHUN.2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2026.v15.i01.p01

Abstract

Penelitian ini bertujuan untuk memperoleh bukti empiris mengenai pengaruh philanthropy disclosure dan risiko sistematis terhadap nilai perusahaan dengan menggunakan ukuran perusahaan sebagai variabel moderasi. Populasi dalam penelitian ini adalah perusahaan pertambangan yang terdaftar di BEI periode 2019-2023. Hasil seleksi sampel menggunakan metode purposive sampling berjumlah 276 perusahaan dianalisis dengan teknik analisis regresi moderasi. Hasil penelitian menunjukkan bahwa philanthropy disclosure berpengaruh positif terhadap nilai perusahaan, risiko sistematis berpengaruh negatif terhadap nilai perusahaan, ukuran perusahaan memperlemah pengaruh positif philanthropy disclosure terhadap nilai perusahaan, namun memperkuat pengaruh negatif risiko sistematis terhadap nilai perusahaan. Implikasi teoretis penelitian ini mampu mengonfirmasi teori sinyal dan teori stakeholder berdasarkan hasil uji hipotesis yang dilakukan. Implikasi praktis penelitian ini memberikan informasi kepada investor dan manajer mengenai faktor yang dapat dipertimbangkan untuk menilai perusahaan.     This study aims to obtain empirical evidence on the effect of philanthropy disclosure and systematic risk on firm value using firm size as a moderating variable. The population in this study were mining companies listed on the IDX for the 2019-2023 period. The results of sample selection using the purposive sampling method totaling 276 companies were analyzed using the moderation regression analysis technique. The results of the study indicate that philanthropy disclosure has a positive effect on firm value, systematic risk has a negative effect on firm value. Firm size weakens the positive effect of philanthropy disclosure on firm value, but strengthens the negative effect of systematic risk on firm value. The theoretical implications of this study are able to confirm the signal theory and stakeholder theory based on the results of the hypothesis tests conducted. The practical implications of this study provide information to investors and managers regarding factors that can be considered in assessing a company.
OVERREACTION TERHADAP PENGUMUMAN PELUNCURAN INDEKS DI BURSA EFEK INDONESIA G. A. Sri Oktaryani; Kusmayadi, Iwan; Ahyar, Muhammad; Prihatini, Annisa Cahaya Maharani Lombok
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.15.NO.01.TAHUN.2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2026.v15.i01.p05

Abstract

Harga saham tidak selalu mencerminkan nilai fundamental perusahaan dan investor seringkali irasional karena dapat dipengaruhi oleh faktor psikologis, emosi dan bias pribadi dalam mengambil keputusan investasi. Penelitian ini merupakan studi peristiwa untuk menguji fenomena overreaction terhadap kandungan informasi terhadap pengumumuman peluncuran indeks di Bursa Efek Indonesia, yaitu IDXESGL, IDXHIDIV20, dan IDXLQ45LCL. Analisis terhadap fenomena overreaction sebagai informasi penting yang dapat membantu investor agar dapat terhindar dari keputusan investasi yang kurang tepat. Penelitian ini menggunakan pendekatan studi peristiwa, dengan menganalisis abnormal return di periode seputar pengumuman (event window), yaitu 5 sampai dengan 10 hari sebelum maupun sesudah hari pengumuman peluncuran dari setiap indeks. Data yang dikumpulkan meliputi harga saham individual yang terdaftar pada masing-masing indeks, indeks harga pasar, dan suku bunga bebas risiko (BI rate) secara terus menerus selama periode estimasi dan event window. Uji variabel menggunakan uji statistik parametrik yaitu one sample t-test dan paired sample test untuk data yang berdistribusi normal, dan uji non-parametrik untuk data yang berdistribusi tidak normal. Hasil penelitian menunjukkan bahwa reaksi pasar bervariasi dalam merespon pengumuman peluncuran indeks baru di Bursa Efek Indonesia, overreaction terjadi pada pengumuman peluncuran indeks ESG Leaders (ESGL) dan LQ45 Low Carbon Leaders (LQ45LCL), dan tidak terjadi pada indeks HIDIV20. Penelitian ini berkontribusi terhadap literatur keuangan dengan menyajikan bukti empiris mengenai keberadaan fenomena overreaction di pasar modal Indonesia, yang mencerminkan karakteristik pasar dengan tingkat efisiensi bentuk lemah.     Stock prices do not always reflect a company's fundamental value, and investors are often irrational due to the influence of psychological factors, emotions, and personal biases in making investment decisions. This study is an event study aimed at examining the phenomenon of overreaction to the informational content of index launch announcements on the Indonesia Stock Exchange, specifically the IDXESGL, IDXHIDIV20, and IDXLQ45LCL. The analysis of overreaction is considered important information that can help investors avoid making poor investment decisions. This research employs an event study approach by analyzing abnormal returns during the period surrounding the announcements (event window) specifically, 5 to 10 days before and after the event date of each index launch. The data collected include individual stock prices listed in each respective index, the overall market index, and the risk-free interest rate (BI rate), continuously observed during the estimation period and the event window. Statistical testing of variables uses parametric tests such as the one-sample t-test and paired sample t-test for normally distributed data, and non-parametric tests for non-normally distributed data. The results show that market reactions vary in response to the launch announcements of new indices on the Indonesia Stock Exchange, Overreaction was observed in the announcements of the ESG Leaders (IDXESGL) and LQ45 Low Carbon Leaders (IDXLQ45LCL) indices, but not in the HIDIV20 index. This research contributes to the financial literature by providing empirical evidence of overreaction in Indonesia capital market which reflects the characteristics of the weak-form market efficiency.  

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