Mercatura Lumina: Journal of Management, Entrepreneurship, and Tourism
Mercatura Lumina: Journal of Management, Entrepreneurship, and Tourism is a peer-reviewed, open-access academic journal dedicated to the dissemination of high-quality scholarly research in the fields of management, entrepreneurship, business innovation, and tourism studies. The journal aims to serve as an international forum for researchers, academics, professionals, and policymakers to publish original research that contributes to theoretical development and practical advancement in business and tourism-related disciplines. The journal publishes original research articles, conceptual papers, empirical studies, and interdisciplinary research that demonstrate academic rigor, originality, and relevance to contemporary issues in management, entrepreneurial development, and tourism industries. Mercatura Lumina welcomes diverse methodological approaches and interdisciplinary perspectives that foster innovation, critical inquiry, and knowledge exchange across sectors. Published four times a year (February, May, August, and November), Mercatura Lumina adopts a full open-access and no-fee publication policy, ensuring that neither authors nor readers face financial barriers in accessing or disseminating scholarly work. All stages of the publication process, including submission, peer review, editorial handling, and final publication, are conducted free of charge. Mercatura Lumina is committed to upholding the highest standards of academic integrity, ethical publishing practices, and rigorous peer review. By promoting academic inclusivity and global participation, the journal seeks to strengthen the role of management, entrepreneurship, and tourism research in supporting sustainable economic growth, organizational resilience, innovation, and socio-cultural development at local, national, and international levels.
Articles
37 Documents
<![CDATA[Analysis of Public Awareness and the Principles of Good Corporate Governance on Customer Trust in Bank Syariah Indonesia Padangsidimpuan Branch ]]>
<![CDATA[Nur Cahaya Siregar]]>;
<![CDATA[Rosnani Siregar]]>;
<![CDATA[Purnama Hidayah Harahap]]>
<![CDATA[ Journal of Management, Entrepreneurship, and Tourism Vol. 1 No. 3 (2026): : August: Mercatura Lumina: Journal of Management, Entrepreneurship, and Touris ]]>
Publisher : <![CDATA[CV SCRIPTA INTELEKTUAL MANDIRI ]]>
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DOI: 10.65310/jc8hhk53
<![CDATA[Based on data from the Financial Services Authority (OJK), Islamic banking has continued to expand and become an integral component of Indonesia's financial system, although the level of Islamic financial literacy remains lower than that of conventional finance. This study aims to examine the effects of public awareness and Good Corporate Governance on customer trust at Bank Syariah Indonesia Padangsidimpuan Branch. A quantitative approach with a causal associative research design was employed. The study involved 100 customers selected through purposive sampling, and data were collected using a structured questionnaire with a five-point Likert scale. Data were analyzed using validity, reliability, and normality tests, followed by multiple linear regression, t-test, F-test, and coefficient of determination (R²). The findings indicate that public awareness has a positive and significant effect on customer trust. In contrast, Good Corporate Governance does not have a significant partial effect on customer trust. However, public awareness and Good Corporate Governance jointly exert a significant influence on customer trust. The coefficient of determination shows that both independent variables explain 78.4% of the variance in customer trust, while the remaining 21.6% is attributable to factors beyond the scope of this study. These findings highlight the importance of strengthening Islamic financial literacy alongside governance practices to foster sustainable customer trust in Islamic banking.]]>
<![CDATA[Analysis of Liquidity Risk Management at Islamic Banks ]]>
<![CDATA[Nur Melisa]]>;
<![CDATA[Tiara Resky Aristia]]>;
<![CDATA[Anisa Anisa]]>
<![CDATA[ Journal of Management, Entrepreneurship, and Tourism Vol. 1 No. 3 (2026): : August: Mercatura Lumina: Journal of Management, Entrepreneurship, and Touris ]]>
Publisher : <![CDATA[CV SCRIPTA INTELEKTUAL MANDIRI ]]>
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DOI: 10.65310/mj1vg440
<![CDATA[This study examines liquidity risk management practices in Islamic banks by analyzing the determinants, governance mechanisms, mitigation strategies, and strategic implications for institutional sustainability. Employing a qualitative descriptive approach through library research, this study analyzes academic literature, regulatory documents, and previous studies related to Islamic banking risk management. The findings reveal that liquidity risk is primarily influenced by maturity mismatch, financing problems, customer withdrawal fluctuations, economic uncertainty, and governance challenges. Effective liquidity management requires integrated mechanisms involving active supervision, risk identification, measurement, monitoring, control procedures, and the implementation of Asset Liability Management (ALMA). The analysis indicates that liquidity governance extends beyond short-term financial control by functioning as a strategic capability that strengthens financial resilience, operational continuity, regulatory compliance, and stakeholder confidence. This study contributes to the development of Islamic banking risk management literature by emphasizing the importance of comprehensive and adaptive liquidity strategies in maintaining sustainable institutional performance.]]>
<![CDATA[The Effect of Mindset and Income Expectations on Students’ Entrepreneurial Motivation in Depok and Bogor ]]>
<![CDATA[Zahrotun Nur Hasanah]]>;
<![CDATA[Ni Made Widhi Sugianingsih]]>;
<![CDATA[Meisa Sofia]]>
<![CDATA[ Journal of Management, Entrepreneurship, and Tourism Vol. 1 No. 3 (2026): : August: Mercatura Lumina: Journal of Management, Entrepreneurship, and Touris ]]>
Publisher : <![CDATA[CV SCRIPTA INTELEKTUAL MANDIRI ]]>
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DOI: 10.65310/wn4qnx95
<![CDATA[Entrepreneurial motivation among university students has become an important issue in addressing employment challenges and promoting future business creation. This study aims to examine the effect of mindset and income expectations on students’ entrepreneurial motivation in Depok and Bogor. A quantitative empirical approach was employed using a survey method involving university students selected through purposive sampling. Data were collected through structured questionnaires and analyzed using multiple linear regression supported by validity, reliability, and classical assumption testing. The findings indicate that mindset has a positive and significant effect on entrepreneurial motivation, demonstrating that cognitive orientation and entrepreneurial thinking patterns encourage students to pursue business activities. Income expectations also show a positive and significant influence, indicating that anticipated economic benefits strengthen entrepreneurial motivation. The study contributes to entrepreneurship literature by integrating psychological and economic perspectives in explaining student entrepreneurial motivation and provides practical implications for educational institutions in developing entrepreneurial programs that enhance students’ readiness, confidence, and commitment toward entrepreneurship.]]>
<![CDATA[The Effect of ESG Disclosure on Investment Decisions by Companies in the Mining Sector on the Indonesia Stock Exchange ]]>
<![CDATA[Muh. Rezky Ananda Putra]]>;
<![CDATA[Emilia Nurdin]]>;
<![CDATA[Yuli Lestari Labangu]]>
<![CDATA[ Journal of Management, Entrepreneurship, and Tourism Vol. 1 No. 3 (2026): : August: Mercatura Lumina: Journal of Management, Entrepreneurship, and Touris ]]>
Publisher : <![CDATA[CV SCRIPTA INTELEKTUAL MANDIRI ]]>
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DOI: 10.65310/gv703y96
<![CDATA[This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure on corporate investment decisions among mining companies listed on the Indonesia Stock Exchange during the 2022–2024 period. A quantitative empirical approach was employed using panel data regression analysis. The population consisted of 51 listed mining companies, from which 39 firms were selected through purposive sampling, resulting in 117 firm-year observations. Secondary data were obtained from annual reports, sustainability reports, and financial statements published by the sampled companies. Corporate investment decisions were measured using the Capital Expenditure Ratio (CAPEX), while ESG disclosure served as the independent variable, with firm size (SIZE), profitability (ROA), and leverage (DER) included as control variables. The data were analyzed using EViews 12. The findings reveal that ESG disclosure has a positive but statistically insignificant effect on corporate investment decisions. Likewise, firm size, profitability, and leverage do not significantly influence investment decisions. These results indicate that investment decisions in Indonesian mining companies continue to be driven primarily by factors beyond ESG disclosure and the selected financial characteristics. The study contributes to the growing ESG literature by providing empirical evidence that sustainability disclosure alone has not yet become a decisive factor in corporate investment allocation within the Indonesian mining sector.]]>
<![CDATA[The Effect of Digital Marketing and Service Quality on Customer Loyalty Among E-Commerce Users in Indonesia ]]>
<![CDATA[Diyan Pratiwi]]>;
<![CDATA[Ida Ariyani]]>;
<![CDATA[Ida Hayu Dwimawanti]]>;
<![CDATA[Abdul Rouf]]>;
<![CDATA[Purbayu Budi Santosa]]>;
<![CDATA[Deden Dinar Iskandar]]>;
<![CDATA[Wahyu Widodo]]>;
<![CDATA[Abdul Karim]]>
<![CDATA[ Journal of Management, Entrepreneurship, and Tourism Vol. 1 No. 3 (2026): : August: Mercatura Lumina: Journal of Management, Entrepreneurship, and Touris ]]>
Publisher : <![CDATA[CV SCRIPTA INTELEKTUAL MANDIRI ]]>
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DOI: 10.65310/rqy88f18
<![CDATA[This study examines the effects of digital marketing and service quality on customer loyalty among e-commerce users in Indonesia. Using a quantitative explanatory cross-sectional design, primary data were collected from 150 active e-commerce users in Jakarta, Surabaya, and Semarang through a structured online questionnaire employing a five-point Likert scale. The data were analyzed using multiple linear regression with SPSS version 26, preceded by validity, reliability, normality, multicollinearity, and heteroscedasticity testing. The results indicate that digital marketing has a positive and significant effect on customer loyalty (β = 0.412; t = 5.87; p < 0.05), while service quality also has a positive and significant effect on customer loyalty (β = 0.386; t = 5.21; p < 0.05). The simultaneous regression model is statistically significant and explains 50.7% of the variance in customer loyalty (R² = 0.507). Digital marketing demonstrates a slightly stronger contribution than service quality, although both factors have relatively comparable effects on loyalty. The findings indicate that promotional engagement and consistent service delivery should be developed concurrently to strengthen repeat purchases, referrals, and resistance to competing platforms. The study contributes empirical evidence to e-commerce marketing management and offers practical guidance for integrating digital marketing strategies with service quality improvements to foster sustainable customer loyalty.]]>
<![CDATA[Analysis of Factors Influencing Online Impulsive Purchases of “Somethinc” Cosmetic Products Among Generation Z Muslims in Central Java ]]>
<![CDATA[Ine Rexianita Putri]]>;
<![CDATA[Purbayu Budi Santosa]]>;
<![CDATA[Abdul Rouf]]>
<![CDATA[ Journal of Management, Entrepreneurship, and Tourism Vol. 1 No. 3 (2026): : August: Mercatura Lumina: Journal of Management, Entrepreneurship, and Touris ]]>
Publisher : <![CDATA[CV SCRIPTA INTELEKTUAL MANDIRI ]]>
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DOI: 10.65310/ctcyc255
<![CDATA[This study analyzes the factors influencing online impulsive purchases of “Somethinc” cosmetic products among Generation Z Muslim consumers in Central Java, focusing on consumer income, product price, consumer preference, live streaming, fear of missing out (FOMO), and discount vouchers. This empirical study employed a quantitative explanatory design and multinomial logistic regression using IBM SPSS 25. Primary data were collected through an online questionnaire from 150 respondents selected using purposive sampling based on predetermined demographic and purchasing criteria. The results indicate that consumer income, product price, consumer preference, and live streaming do not significantly influence impulsive purchasing behavior. FOMO has a positive and significant effect, with higher FOMO increasing the likelihood of impulsive purchases, while discount vouchers have a negative and significant effect on the Make Up category but no significant effect on the Skincare category. The findings demonstrate that psychological factors, particularly FOMO, have a stronger role in explaining impulsive purchasing than conventional economic and digital marketing factors in the observed consumer segment. The study highlights the importance of self-control and responsible financial management among young Muslim consumers and provides implications for marketers in designing digital promotional strategies that consider psychological responses and responsible consumption.]]>
<![CDATA[The Effects of Capital Structure, Liquidity, Asset Quality, and Esg Scores on Profitability: A Study of Banking Companies Listed on The Indonesia Stock Exchange (IDX) from 2021 to 2025 ]]>
<![CDATA[Irham Mudin]]>;
<![CDATA[Lutfi Alhazami]]>
<![CDATA[ Journal of Management, Entrepreneurship, and Tourism Vol. 1 No. 3 (2026): : August: Mercatura Lumina: Journal of Management, Entrepreneurship, and Touris ]]>
Publisher : <![CDATA[CV SCRIPTA INTELEKTUAL MANDIRI ]]>
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DOI: 10.65310/hdhkh345
<![CDATA[This study examines the effects of capital structure, liquidity, asset quality, and Environmental, Social, and Governance (ESG) scores on the profitability of banking companies listed on the Indonesia Stock Exchange during 2021–2025. A quantitative causal-explanatory design was employed using secondary data from annual reports and ESG disclosures. Purposive sampling selected 10 banks from a population of 48 companies, producing 50 firm-year observations. Profitability was measured by Return on Assets, while capital structure, liquidity, and asset quality were represented by DAR, LDR, and NPL, respectively. Data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, partial t-tests, an F-test, and the coefficient of determination with SPSS 26. The results show that capital structure, liquidity, and ESG scores do not significantly affect profitability, whereas asset quality has a positive and significant effect. Simultaneously, the four independent variables significantly influence profitability, with an R-square of 0.216. These findings indicate that asset quality remains the most important internal determinant of profitability, while other financial and sustainability factors contribute collectively to banking performance and should therefore be managed within an integrated strategic framework. ]]>
