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INDONESIA
INDONESIAN JOURNAL OF BUSINESS AND ECONOMICS
Published by Universitas Kuningan
ISSN : 26215167     EISSN : 26214466     DOI : https://doi.org/10.25134
Core Subject : Economy, Science, Social,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences
The Indonesian Journal of Business and Economics (IJBE) is a peer-reviewed academic journal published by the Faculty of Economics, University of Kuningan, Indonesia. As a biannual publication issued in June and December, it serves as a scholarly platform for the dissemination of knowledge derived from rigorous research. The journal provides a forum for academics and researchers worldwide to exchange and discuss ideas in the fields of accounting, management, and economics. Published in English, the IJBE has been accredited with Sinta 4 by the Ministry of Education, Culture, Research, and Technology of the Republic of Indonesia. The journal’s scope encompasses, but is not limited to, topics in accounting, financial management, human resource management, operations management, marketing management, strategic management, development economics, international economics, and Islamic economics.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 21 Documents
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THE EFFECT OF SOCIAL SUPPORT, EMOTIONAL INTELLEGENCE,AND MINDFULNESS ON PSYCHOLOGICAL WELL-BEINGAMONG EMPLOYEES Refandani Refandani; Retno Kurniasih
INDONESIAN JOURNAL OF BUSINESS AND ECONOMICS Vol. 8 No. 2 (2025): Indonesian Journal Of Business And Economics
Publisher : Universitas Kuningan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25134/drrenx64

Abstract

This study analyzes the influence of social support, emotional intelligence, and mindfulness on the psychological well-being of employees at PT KAI (Persero) Daop 5 Purwokerto using a quantitative approach. From a population of 140 office employees, 104 respondents were selected through purposive sampling. Data were collected using a questionnaire and analyzed using multiple linear regression (IBM SPSS 25). The results indicate that social support and mindfulness have a positive effect on psychological well-being, while emotional intelligence does not show a significant effect. The theoretical framework used was the Conservation of Resources (COR) theory, which emphasizes that individuals strive to maintain and develop psychological resources to preserve well-being. These findings suggest the need for organizations to strengthen social support in the workplace and develop mindfulness enhancement programs as strategies to maintain and improve employee psychological well-being, while also contributing to the development of COR theory application in the workplace context.
OPTIMIZATION OF GAMIS PRODUCT INVENTORY MANAGEMENT ATTWENTY2 CLOTHING STORE Nadila Faiza; Nurul Hidayati
INDONESIAN JOURNAL OF BUSINESS AND ECONOMICS Vol. 8 No. 2 (2025): Indonesian Journal Of Business And Economics
Publisher : Universitas Kuningan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25134/9w448v16

Abstract

Twenty2 Clothing Store is a fashion business experiencing difficulties in inventory control due to demand uncertainty. The research was conducted from January to September 2025 at Twenty2 Clothing Store. The methods used were demand forecasting, probabilistic inventory modeling, and analysis according to the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The study's results indicated that the most appropriate forecasting method was Holt-Winters exponential smoothing. The amount of safety stock needed from June 2025 to January 2026 was 129 pcs, from February to March 2026 was 112 pcs, and from April to May 2026 was 35 pcs. The reorder point for June 2025-January 2026 was 131 pcs, for February-March 2026 was 134 pcs, and for April-May 2026 was 38 pcs. The recommended optimal order quantity for June 2025-January 2026 was 396 pieces, for February-March 2026 was 176 pieces, and for April-May 2026 was 28 pieces. The analysis of inventory management internal control according to COSO control components at Twenty2 Clothing Store was good but still simple and not yet digitalized. Therefore, Twenty2 Clothing Store can use the forecasting results and improve internal control in a systematic, structured, and recorded manner with a digitalization system.
THE INFLUENCE OF LOVE OF MONEY, FINANCIAL LITERACY, INCOME AND DIGITAL FINANCIAL SERVICES ON PERSONAL FINANCIAL PLANNING  (A Case Study of Micro and Small Enterprises in Kuningan Regency) Munir Nur Komarudin; Ayus Ahmad Yusuf; Wildan Permana Zaenal Asikin
INDONESIAN JOURNAL OF BUSINESS AND ECONOMICS Vol. 8 No. 2 (2025): Indonesian Journal Of Business And Economics
Publisher : Universitas Kuningan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25134/8fewgb56

Abstract

The problem in this study is personal financial planning which is still a problem for some people, especially for Micro and Small Business owners in Kuningan Regency. The purpose of this study is to determine the effect of love of money , financial literacy, income and digital financial services on personal financial planning . The research method used in this study is a descriptive and verification method with a quantitative approach. The population in this study is micro and small business owners in Kuningan Regency with a total of 16,485 in 2023. In this study the author uses the Slovin formula to determine the number of samples that will be the target of the study. The data collection method uses a questionnaire or questionnaire using an interval scale of 1 to 10, and the data analysis technique used in this study is multiple linear regression analysis. The results of the study show that: (1) Love of money , Financial literacy, Income and Digital financial services together have a significant effect on Personal financial planning (2) Love of money does not have a significant effect on Personal financial planning . (3) Financial literacy does not have a significant effect on Personal financial planning . (4) Income has a positive and significant effect on personal financial planning. (5) Digital financial services have a positive and significant effect on personal financial planning.
BUSINESS ETHICS AND THE INFLUENCE OF VOICE COMMERCE (SMART SPEAKER)-BASED DIGITAL MARKETING ON PURCHASING DECISIONS Ilham Akbar; Abdi Wijaya
INDONESIAN JOURNAL OF BUSINESS AND ECONOMICS Vol. 8 No. 2 (2025): Indonesian Journal Of Business And Economics
Publisher : Universitas Kuningan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25134/xwmnp475

Abstract

Digital  transformation  has  introduced  voice  commerce  as  an  innovation  in  artificial  intelligence–based  marketing  strategies,  enabling  consumers  to  interact  through  voice  commands.  This  study  aims  to  examine  the  influence  of  business  ethics  and  voice  commerce–based  digital  marketing  on  purchase  decisions,  with  consumer  trust  as  a  mediating  variable.  The  research  employed  an  explanatory  quantitative  approach  with  250  respondents  who  use  smart  speakers  in  Indonesia.  Data  were  analyzed  using  Partial  Least  Squares–Structural  Equation  Modeling  (PLS-SEM)  to  evaluate  the  interrelationships  among  variables  and  the  strength  of  mediation.  The  findings  reveal  that  business  ethics  significantly  and  positively  influence  consumer  trust,  which  subsequently  increases  purchase  decisions.  Moreover,  voice  commerce  enhances  the  emotional  connection  between  users  and  brands  through  natural  and  personalized  interactions,  although  privacy  and  data  security  remain  key  concerns.  Consumer  trust  acts  as  a  crucial  mediator  linking  ethical  business  practices  to  purchase  decisions.  The  results  confirm  that  the  integration  of  moral  values  and  digital  technology  shapes  ethical  and  sustainable  consumer  behavior.  This  study  concludes  that  the  success  of  digital  marketing  in  the  voice  commerce  era  depends  on  how  well  companies  uphold  fairness,  transparency,  and  social  responsibility  principles  in  the  use  of  voice  technology.  The  theoretical  contribution  lies  in  the  development  of  the  Ethical  Voice  Commerce  Framework,  while  the  practical  implication  emphasizes  the  importance  of  implementing  digital  ethics  governance  to  enhance  consumer  trust  and  loyalty.
THE INFLUENCE OF BRAND IMAGE AND DIGITAL MARKETING ON REPURCHASE INTENTION OF REEBOK SHOES WITH CUSTOMER SATISFACTION AS AN INTERVENING VARIABLE: (A Survey of Private University Students in Kuningan Regency) Salsha Billa Azzhara Azzhara; Dikdik Harjadi; Wachjuni Wachjuni; Wely Hadi Gunawan
INDONESIAN JOURNAL OF BUSINESS AND ECONOMICS Vol. 8 No. 2 (2025): Indonesian Journal Of Business And Economics
Publisher : Universitas Kuningan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25134/trg3ft40

Abstract

This study aimed to examine the influence of brand image and digital marketing on the repurchase intention of Reebok shoes, mediated by customer satisfaction. The research used a quantitative method with a survey approach involving 140 private university students in Kuningan Regency who use Reebok shoes. Data analysis was conducted using the Partial Least Square (PLS) method with SmartPLS software. The results of the study indicate that: (1) brand image has a positive and significant influence on customer satisfaction. (2) digital marketing has a positive and significant influence on customer satisfaction. (3) brand image has a positive and significant influence on repurchase intention. (4) digital marketing has no influence on repurchase intention. (5) customer satisfaction also has a positive and significant influence on repurchase intention. (6) brand image has a significant influence on repurchase intention through customer satisfaction. (7) digital marketing has a significant influence on repurchase intention through customer satisfaction.
FAIR PRICE OF STOCK USING PRICE EARNING RATIO AND PRICE TO BOOK VALUE IN INVESMENT SERVICE COMPANIES Hadi Satria Ganefi; Yasir Maulana; Wachjuni Wachjuni
INDONESIAN JOURNAL OF BUSINESS AND ECONOMICS Vol. 9 No. 1 (2026): Indonesian Journal Of Business And Economics
Publisher : Universitas Kuningan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25134/0xqa0s93

Abstract

Investment is a current sacrifice made by investors with the aim of achieving future profits. One instrument investors utilize in investing is stocks, which offer high returns accompanied by high risks. Therefore, to minimize risk and maximize returns, investors require adequate information and accurate analysis of the stocks they choose. This study aims to analyze the fairness of stock prices of Investment Services sub-sector companies listed on the Indonesia Stock Exchange during the 2024 period using fundamental analysis with the Price Earnings Ratio (PER) and Price to Book Value (PBV) methods. Purposive sampling was used as a sampling technique, and four companies were selected. The results showed that, based on fundamental analysis using the PER and PBV methods, two companies were overvalued and one company was undervalued. However, inconsistent results were found within one company. This study provides information that can be used as a basis for consideration by investors in making investment decisions, both to buy and sell shares, especially in the investment services sector.
THE INFLUENCE OF PERCEIVED ORGANIZATIONAL SUPPORT AND LEARNING AGILITY ON EMPLOYEE PERFORMANCE : THE MEDIATING ROLE OF WORK (A Study of Civil Servants at the Regional Secretariat of Kuningan Regency) Retno Kurniasih; Amara Aurelia; Achmad Sudjadi
INDONESIAN JOURNAL OF BUSINESS AND ECONOMICS Vol. 9 No. 1 (2026): Indonesian Journal Of Business And Economics
Publisher : Universitas Kuningan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25134/0fe9jy24

Abstract

This study aims to analyze the influence of perceived organizational support and learning agility on employee performance with work engagement as a mediating variable among civil servants at the Regional Secretariat of Kuningan Regency. The research employed a quantitative survey approach involving 117 respondents selected through proportionate stratified random sampling, with data analyzed using mediation regression through the causal step method. The findings indicate that perceived organizational support and learning agility have a positive and significant effect on both work engagement and employee performance. Furthermore, work engagement positively and significantly affects performance and mediates the relationship between perceived organizational support and learning agility with employee performance. These results highlight the importance of organizational support and adaptive learning capabilities in strengthening work engagement and enhancing public sector employee performance.
DIGITAL TRANSFORMATION, BUSINESS MODELS, MARKETING STRATEGIES, AND SUSTAINABLE PERFORMANCE IN MSMES: A SYSTEMATIC LITERATURE REVIEW Januar Habibi Mahsyar; Faishal Rahimi; Ilham Akbar; Neng Evi Kartika
INDONESIAN JOURNAL OF BUSINESS AND ECONOMICS Vol. 9 No. 1 (2026): Indonesian Journal Of Business And Economics
Publisher : Universitas Kuningan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25134/0wrns326

Abstract

This systematic literature review examines how digital transformation reshapes small and medium enterprises (SMEs) through three lenses: business model reconfiguration, digital marketing strategy, and sustainable performance. Following PRISMA 2020, searches were conducted on 5 January 2025 across Scopus, Web of Science, Garuda, and SINTA using Boolean strings limited to titles, abstracts, and keywords. Of 312 records, 240 remained after deduplication, 75 underwent full-text assessment, and 28 articles published between 2018 and 2025 met the inclusion criteria (18 Scopus-indexed international and 10 SINTA-accredited Indonesian). Two reviewers screened independently (Cohen's kappa = 0.78 and 0.81), resolving disagreements through discussion; methodological quality was appraised using the Mixed Methods Appraisal Tool. The protocol was not registered, a limitation. Findings indicate that digital transformation drives a shift toward platform-based, data-enabled business models, mediated by dynamic capabilities and business model innovation. Digital marketing strategies, social media engagement, content-based storytelling, marketplace integration, and customer relationship management, act as a strategic capability converting digital adoption into measurable market performance. The link between digital transformation and sustainable performance across economic, social, and environmental dimensions is positive but conditionally moderated, particularly in resource-constrained contexts such as Indonesian MSMEs. The study proposes an integrative conceptual framework and practical recommendations for managers and policymakers.
OPTIMAL PORTFOLIO CONSTRUCTION MAXIMIZING INVESTOR UTILITY: A STUDY OF BBRI AND WIKA STOCKS Nur Afifah Az-Zahra; Muhammad Zaqi Amali; Arief Surya Lesmana; Dadan Darmawan Muttaqien
INDONESIAN JOURNAL OF BUSINESS AND ECONOMICS Vol. 9 No. 1 (2026): Indonesian Journal Of Business And Economics
Publisher : Universitas Kuningan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25134/fgp8v013

Abstract

This study examines optimal portfolio construction within the context of the Indonesian capital market, focusing on an investor utility approach—specifically regarding BBRI and WIKA stocks. In an investment environment characterized by the risk-return trade-off, a utility-based approach is essential for explicitly capturing investor risk preferences. Consequently, this study aims to determine the optimal portfolio composition that maximizes investor utility, accounting for a specific level of risk aversion. The study employs a mean-variance theoretical framework extended by a quadratic utility function, with investor preferences represented by a risk aversion coefficient of 2.5. Stock return data are used to calculate expected returns and portfolio risk, as well as to determine optimal weights through a utility optimization process. The analysis reveals that the optimal portfolio is dominated by BBRI stock, comprising 98.28% of the portfolio, while WIKA stock accounts for only 1.72%. This combination yields an expected return of 0.43% and a risk level of 7.81%. The maximum utility value obtained is -0.0034. Although this utility value is negative, it remains theoretically valid; the utility function used is relative in nature and heavily influenced by the magnitude of risk and the investor's level of risk aversion during the optimization process. These findings indicate that, under certain conditions, a portfolio dominated by low-risk assets is preferred by investors with high risk aversion, even if it results in an absolute negative utility value. Thus, the study underscores the importance of considering investor risk preferences in investment decision-making and demonstrates that a utility value need not be positive to reflect an optimal investment decision.
THE INFLUENCE OF PRODUCT QUALITY AND PROMOTION ON BRAND SWITCHING WITH BRAND IMAGE AS A MEDIATING VARIABLE: EVIDENCE FROM ORAL CARE PRODUCT USERS IN KUNINGAN REGENCY, INDONESIA Tifa Sufiati Istiqomah; Micki Watulandi; Wachjuni; Wildan Agista
INDONESIAN JOURNAL OF BUSINESS AND ECONOMICS Vol. 9 No. 1 (2026): Indonesian Journal Of Business And Economics
Publisher : Universitas Kuningan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25134/1e8trd34

Abstract

This study investigates the influence of product quality and promotion on brand switching, with brand image as a mediating variable, among Pepsodent toothbrush users in Kuningan Regency, Indonesia. Using a quantitative, descriptive-survey approach, data were collected from 190 respondents selected through purposive sampling. Structural Equation Modeling (SEM) with AMOS 23 was employed for analysis. Results reveal that both product quality (CR= 4.581, p < 0.001) and promotion (CR = 2.106, p = 0.035) exert significant positive effects on brand switching. Additionally, product quality (CR = 5.408) and promotion (CR = 3.034) positively influence brand image, which in turn significantly affects brand switching (CR = 1.984, p = 0.047). However, brand image fails to serve as a strong mediator between product quality or promotion and brand switching, as direct effects outweigh indirect effects. These findings suggest that consumers in competitive FMCG markets are more directly driven by perceived product quality and promotional stimuli when making brand-switching decisions, rather than being influenced through the brand image pathway.

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