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Department of Management Faculty of Economics University of Muhammadiyah Semarang Kedungmundu Raya Street No. 18, Tembalang, Semarang, Central Java, Indonesia
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Value Added: Majalah Ekonomi & Bisnis
Published by Universitas Muhammadiyah Semarang
ISSN : 25804863     EISSN : 16933435     DOI : 10.26714
Core Subject : Economy, Social,
Economics, Econometrics & Finance Social Sciences
Value Added: Majalah Ekonomi dan Bisnis strives to publish scientific research articles reporting empirical results as well as conceptual ideas in the field of management, such as strategic management, marketing management, human resources management, technology management, finance management, supply chain management, organizational behavior, and entrepreneurship, using both quantitative and qualitative approaches, or mixed method.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 337 Documents
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The Effect of Halal Label, Social Media, and Lifestyle on Purchase Intention: Evidence from Generation Z in a Rural E-Commerce Context Dinda Putri Agelia; Khairina Tambunan; Siti Aisyah
Value Added : Majalah Ekonomi dan Bisnis Vol 22, No 1 (2026): Value Added : Majalah Ekonomi dan Bisnis (April period)
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/vameb.v22i1.20902

Abstract

Di tengah ekspansi eksponensial industri kosmetik halal dan proliferasi e-commerce, pola konsumsi Generasi Z telah mengalami transformasi mendasar. Meskipun faktor penentu niat pembelian, khususnya sertifikasi halal, keterlibatan media sosial, dan gaya hidup telah banyak dieksplorasi, bukti empiris masih belum jelas dan sebagian besar berfokus pada lingkungan perkotaan dan kategori seperti makanan atau kosmetik. Dengan demikian, terdapat sedikit literatur yang membahas secara bersamaan variabel-variabel ini terkait produk perawatan tubuh halal dalam konteks non-perkotaan. Untuk mengatasi hal ini, penelitian ini menguraikan pengaruh label halal, media sosial, dan gaya hidup terhadap niat pembelian konsumen Generasi Z di Distrik Bintang Bayu. Dengan menggunakan desain kuantitatif, data diperoleh dari 100 responden yang dipilih melalui pengambilan sampel bertujuan dan dianalisis menggunakan Structural Equation Modeling with Partial Least Squares (SEM-PLS), yang diimplementasikan melalui SmartPLS 4. Hasil penelitian menunjukkan bahwa ketiga variabel tersebut memberikan pengaruh positif yang signifikan terhadap niat pembelian, dengan gaya hidup muncul sebagai prediktor yang paling kuat. Karya ini memperkaya literatur yang ada dengan menganalisis faktor-faktor tersebut secara bersamaan dalam konteks spesifik konsumsi perawatan tubuh halal di pedesaan, yang berlandaskan pada Teori Perilaku Terencana.
Digital Transformation and Competitive Advantage in the Architectural Creative Economy: A Resource-Based View Perspective Ecclisia Sulistyowati; Muzakar Isa; Rowiyatul Fuadah
Value Added : Majalah Ekonomi dan Bisnis Vol 22, No 1 (2026): Value Added : Majalah Ekonomi dan Bisnis (April period)
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/vameb.v22i1.20718

Abstract

This study examines how digital transformation reshapes the competitiveness of the creative economy, with particular reference to the architectural subsector, through the lens of the Resource-Based View (RBV). It adopts a qualitative descriptive approach based on a critical literature review of internationally reputable journals, synthesising conceptual developments, empirical findings, and contemporary scholarly debates. The analysis focuses on three interrelated dimensions: (1) the evolution of architectural creative practices and services in the digital era, (2) the emergence of new creative business models, and (3) strategic approaches to strengthening subsectoral competitiveness. The synthesis indicates that digital transformation within the architecture, engineering, and construction (AEC) ecosystem driven by BIM-enabled workflows, cloud-based collaboration, and data-driven services such as digital twins has prompted a shift in value creation away from project-specific deliverables towards more standardised, replicable, and knowledge intensive creative services. From an RBV perspective, technology alone does not generate competitive advantage. Rather, competitiveness arises when firms effectively orchestrate strategic resources such as creativity, professional experience, digital literacy, reputation, and knowledge assets into organisational capabilities. These capabilities include the standardisation of digital processes, quality control systems, contract and risk governance, and intellectual property management. Such capabilities underpin business model innovation, including the productisation of services, data-driven advisory offerings, and mechanisms for recurring value capture. Collectively, these developments enhance differentiation and enable architectural firms to scale and extend their market reach.Keywords: creative economy; architectural subsector; digital transformation; resource-based view; business model innovation.
Exploring the Mediating Role of Attitude between Serendipity and Trust in Seller toward Online Purchase Reni Suci Wahyuni; Ahmad Syarif Mutsanna; Dani Rizana
Value Added : Majalah Ekonomi dan Bisnis Vol 22, No 1 (2026): Value Added : Majalah Ekonomi dan Bisnis (April period)
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/vameb.v22i1.20869

Abstract

This study investigates the effects of serendipity and trust in seller on online purchase intention, with attitude functioning as a mediating variable among Shopee Live users in Central Java, Indonesia. A quantitative survey approach was employed, involving 150 respondents, and the data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal that both serendipity and trust in seller exert positive and significant effects on attitude and online purchase intention, both directly and indirectly through attitude. These results indicate that affective experiences and cognitive trust operate synergistically in shaping consumers’ online purchasing intentions. Theoretically, this research extends the application of the Theory of Reasoned Action and the Stimulus–Organism–Response (S-O-R) framework within the context of live commerce. Practically, it offers strategic insights for e-commerce practitioners to enhance interactive experiences and strengthen consumer trust in digital marketplaces.
Risk Management Analysis of Palm Sugar Production: A Case Study of Palm Sugar Farmers in Gunung Tua Pandapotan Village Tia Deja Pohan; M. Ikhsan Harahap; Muhammad Irwan Padli Nasution
Value Added : Majalah Ekonomi dan Bisnis Vol 22, No 1 (2026): Value Added : Majalah Ekonomi dan Bisnis (April period)
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/vameb.v22i1.20914

Abstract

Penelitian ini bertujuan untuk menganalisis praktik manajemen risiko dan dampak ekonomi yang dihadapi oleh petani gula aren di Desa Gunung Tua Pandapotan, Kabupaten Tapanuli Selatan. Penelitian ini menggunakan metode kualitatif dengan pendekatan deskriptif. Data dikumpulkan melalui wawancara mendalam, observasi langsung, dan dokumentasi terkait kegiatan produksi dan pemasaran gula aren. Data dianalisis menggunakan teknik analisis interaktif Miles dan Huberman, yang meliputi reduksi data, penyajian data, dan penarikan kesimpulan. Hasil penelitian menunjukkan bahwa petani menghadapi dua kategori risiko utama: risiko produksi dan risiko pemasaran. Risiko produksi terutama timbul dari kondisi cuaca ekstrem dan serangan hama dan penyakit, yang mengurangi volume dan kualitas nira serta meningkatkan biaya produksi. Sementara itu, risiko pemasaran melibatkan fluktuasi harga, ketergantungan pada perantara, dan akses terbatas ke pasar langsung, yang semuanya memengaruhi stabilitas pendapatan. Petani menerapkan beberapa strategi mitigasi, termasuk penghindaran risiko, pengurangan risiko, pengalihan risiko, dan penerimaan risiko, meskipun sebagian besar praktik masih berdasarkan pengalaman empiris dan pengetahuan tradisional. Temuan ini menyoroti perlunya memperkuat lembaga-lembaga lokal, mendorong diversifikasi produk, dan mengadopsi teknologi adaptif untuk meningkatkan ketahanan dan keberlanjutan pertanian gula aren.
The Influence of Investment Knowledge and Risk Tolerance on Stock Investment Interest among Generation Z (A Case Study of FEBI UINSU Students) Ridho Feriyanly; Fitri Hayati; Aqwa Naser Daulay
Value Added : Majalah Ekonomi dan Bisnis Vol 22, No 1 (2026): Value Added : Majalah Ekonomi dan Bisnis (April period)
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/vameb.v22i1.20930

Abstract

This study aims to analyze the effect of investment knowledge and risk tolerance on stock investment interest among students of the Faculty of Islamic Economics and Business at Universitas Islam Negeri Sumatera Utara who belong to Generation Z in the 2024/2025 academic year. The research uses an associative quantitative approach through a survey of 100 respondents determined using the Slovin formula from a population of 4,553 active students. Data were collected through a Likert scale questionnaire from 1 to 5 and analyzed using multiple linear regression with the help of SPSS version 27. The results indicate that investment knowledge and risk tolerance have a positive and significant effect on stock investment interest both partially and simultaneously. The findings indicate that students’ knowledge of the concepts of risk and return makes them more prepared to face stock price fluctuations. When students have knowledge about risk and potential returns and feel comfortable with stock price movements, their interest in stock investment reflected in the intention to increase stock investment in the future tends to be stronger
INFORMATION TRANSPARENCY AS A MODERATION OF FACTORS AFFECTING COMPANY VALUE (for mining companies listed on the IDX in 2019-2024) Ida Kristiana; Noni Chintya Puspitasari; Zailani Bin Abdullah
Value Added : Majalah Ekonomi dan Bisnis Vol 22, No 1 (2026): Value Added : Majalah Ekonomi dan Bisnis (April period)
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/vameb.v22i1.20721

Abstract

This study aims to determine the effect of intellectual capital, profitability, and company size on company value with information transparency as a moderating variable. This study uses a quantitative method with a sample consisting of 138 mining companies selected through a purposive sampling technique. The study population consists of energy sector companies listed on the Indonesia Stock Exchange during 2019-2024. This analysis method is Moderated Analysis Regression (MRA) using the SPSS 26 application. The results show that intellectual capital has a negative effect on company value, profitability has a positive effect on company value, and company size has no effect on company value. Information transparency is not able to moderate the relationship between intellectual capital and company value. Information transparency is able to moderate by weakening the relationship between profitability and company value, while information transparency is able to moderate by strengthening the relationship between company size and company value. 
The Influence of Financial Literacy, Return Perception, and Risk Perception on Students' Investment Interest in Business Administration Upn "Veteran" East Java Desi Anila; Acep Samsudin
Value Added : Majalah Ekonomi dan Bisnis Vol 22, No 1 (2026): Value Added : Majalah Ekonomi dan Bisnis (April period)
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/vameb.v22i1.20874

Abstract

The growth in the number of student investors at UPN "Veteran" East Java is not always accompanied by an adequate understanding of investment. Many students invest because of academic demands or trends, rather than based on interests that are supported by sufficient knowledge. This study aims to analyze the influence of financial literacy, return perception, and risk perception on the investment interest of Business Administration students. The study used an associative quantitative approach with 86 respondents selected through proportionate stratified random sampling technique. Data were collected using a Likert scale questionnaire  and analyzed by multiple linear regression using SPSS 25. The results of the study show that financial literacy, return perception, and risk perception simultaneously have a significant effect on investment interest. Partially, financial literacy, return perception, and risk perception have a positive and significant effect, respectively. The results of the determination coefficient showed that 48.4% of the variation in investment interest was explained by these three variables.
Integrating Circular Economy and Islamic Values in Indonesia’s Fashion Industry Nur Hayati; Muzakar Isa; Rowiyatul Fuadah
Value Added : Majalah Ekonomi dan Bisnis Vol 22, No 1 (2026): Value Added : Majalah Ekonomi dan Bisnis (April period)
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/vameb.v22i1.20684

Abstract

Indonesia’s fashion industry remains largely shaped by a linear economic model that privileges mass production and rapid consumption, thereby exacerbating textile waste and intensifying environmental pressures. Although a transition towards a circular economy has become increasingly urgent, this shift is constrained by high implementation costs, systemic complexity, technological limitations, and a persistent gap between consumer awareness and actual purchasing behaviour. This study develops an integrative conceptual framework that brings together Circular Economy (CE), Lean Production (LP), Industry 4.0 (I4.0), and Islamic values through a descriptive qualitative approach grounded in an extensive literature review and critical analysis. The findings indicate that lean production, when implemented without alignment to circular principles, may inadvertently reinforce linear fast fashion practices. By contrast, reconceptualising lean production as sustainable lean production, supported by I4.0 technologies, can reduce the costs associated with reverse logistics while effectively managing the complexity inherent in circular systems. Islamic values function as an ethical foundation that strengthens commitments to sustainability, transparency, and responsible consumption behaviour. Overall, the proposed framework offers a coherent pathway for simultaneously reconciling economic efficiency with environmental responsibility.
THE EFFECT OF SMM, ONLINE CUSTOMER REVIEW, AND RATING ON PURCHASING DECISIONS FOR DAPOER INTAN ON MARKETPLACES IN THE JABODETABEK Syakirotul Hayati; Jojok Dwiridhotjahjono
Value Added : Majalah Ekonomi dan Bisnis Vol 22, No 1 (2026): Value Added : Majalah Ekonomi dan Bisnis (April period)
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/vameb.v22i1.20824

Abstract

Analyzing the influence of social media marketing, online customer reviews, and online customer ratings on purchasing decisions is the objective of this research. This research is classified as associative quantitative research. A questionnaire was used as an instrument for data collection, using 165 samples through purposive sampling with the criteria of Dapoer Intan consumers in Greater Jakarta who had purchased products through the marketplace. Multiple linear regression analysis was used as the analysis technique to determine simultaneously and partially between independent and dependent variables. The results show that social media marketing, online reviews, and online ratings from consumers simultaneously have a significant positive influence on purchasing decisions. Social media marketing and online reviews from consumers partially have a significant positive influence on purchasing decisions, while online ratings have a non-significant positive influence on purchasing decisions. Keywords: purchasing decisions, social media marketing, online reviews, online ratings
Sustainability Performance and Corporate Cost of Debt: The Role of ESG Scores and Capital Structure Moderation Evidence from the SRI-KEHATI Index Nur Hayati; M.Adhitya Wardhana; Refika Anjani Putri
Value Added : Majalah Ekonomi dan Bisnis Vol 22, No 1 (2026): Value Added : Majalah Ekonomi dan Bisnis (April period)
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/vameb.v22i1.20878

Abstract

This study investigates the relationship between Environmental, Social, and Governance (ESG) performance and corporate cost of debt, incorporating capital structure as a moderating variable and firm size as a control variable. Drawing upon signalling theory, the research examines whether ESG scores function as credible signals that reduce perceived credit risk and, consequently, borrowing costs. The analysis focuses on firms listed in the SRI-KEHATI Index over the period 2020–2024. Using Partial Least Squares Structural Equation Modelling (PLS-SEM) on a purposive sample of 35 companies, the study evaluates both direct and interaction effects within the proposed structural framework.The empirical findings indicate that ESG performance exerts a negative and statistically significant effect on the cost of debt, suggesting that firms with higher ESG scores benefit from lower borrowing costs. These results support the argument that sustainability performance reduces information asymmetry, enhances creditor confidence, and mitigates perceived default risk. While leverage (proxied by the debt-to-equity ratio) also demonstrates a significant association with borrowing costs, the interaction between ESG performance and capital structure is not statistically significant. This evidence implies that capital structure does not moderate the relationship between ESG and the cost of debt. Moreover, firm size does not exhibit a significant effect within the model.With an explanatory power of 60.9 per cent (R² = 0.609), the model demonstrates substantial robustness. Overall, the findings suggest that ESG practices contribute directly to debt financing efficiency, independently of leverage conditions. The study advances the literature on ESG and corporate finance by providing empirical evidence from an emerging market context and highlighting the direct role of sustainability performance in shaping borrowing costs.

Page 33 of 34 | Total Record : 337

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