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Gadjah Mada International Journal of Business
ISSN : 14111128     EISSN : 23387238     DOI : -
Core Subject : Economy,
Gadjah Mada International Journal of Business (GamaIJB) is a peer-reviewed journal published three times a year (January-April, May-August, and September-December) by Master of Management Program, Faculty of Economics and Business, Universitas Gadjah Mada. GamaIJB is intended to be the journal for publishing articles reporting the results of research on business, especially in the context of emerging economies. The GamaIJB invites manuscripts in the various topics include, but not limited to, functional areas of management, accounting, international business, entrepreneurship, business economics, risk management, knowledge management, information systems, ethics, and sustainability.
Arjuna Subject : -
Articles 612 Documents
Ex-Military Commissioners and Firm Performance: The Case of Indonesia Manufacturing Companies Natalia, Irene; Isnalita, Isnalita
Gadjah Mada International Journal of Business Vol 27, No 1 (2025): January - April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/gamaijb.82302

Abstract

This investigation relates to the new corporate governance (CG) suggestions that using ex-military commissioners can lead to better firm performance. Quantitative analysis was used to analyze the sample of manufacturing sector public companies. The data comprised 906 firm-years (from 2016 to 2021). This study shows that companies whose CG practices involve employing ex-military officers exhibit high firm performance levels. This study emphasizes the value of using a configurational analytical approach to explore firm jointly- and country-specific CG practices that engage firms to achieve the necessary level of performance. The current study calls policymakers’ attention to evalu- ating the current state of regulatory and competitive development in their countries and establishing policies in line with that assessment. The methodology provides connec- tions between firm performance and CG with retired military commissioners. This study broadens the focus of CG studies to provide effective solutions for practitioners, especially Indonesian manufacturing firms. It also highlights the importance of ex-military commis- sioners in a particular company sector and CG procedures specific to a particular nation. It encourages enterprises to reach the desired level of performance. The research impli- cation relates to good governance in board diversity using ex-military as independent commissioners for supervisory roles.
Indonesian, Korean, and French Sheet Masks: Three Alternatives in a Hybrid Choice Model of Indonesian Women's Choice Decision Ferica, Michelle; Belgiawan, Prawira Fajarindra; Mayangsari, Lidia; Windasari, Nila Armelia; Laila, Nisful; Persada, Satria Fadil; Nasution, Reza Ashari
Gadjah Mada International Journal of Business Vol 27, No 1 (2025): January - April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/gamaijb.82554

Abstract

Women's choice decision has gained lots of attention in the literature, particularly regarding how they evaluate attributes that are similarly important. The Indonesian skincare market is one of the most attractive markets, not only for local but also global producers of skincare products. This paper aims to provide an in-depth analysis of factors that affect Indonesians when they choose facial sheet masks (SM) from three countries—Indonesia, South Korea, and France—and to examine respondents' preferences with regard to local or imported SM products. This study used a mixed method, starting with exploratory research to find the levels of attribute for each alternative. A hybrid choice model is later established with Python Biogeme to find significant factors, demand elasticities, and willingness to pay. From its exploratory research, this study ascertained several attributes such as price, packaging, quality, brand, refreshing effect, halal essence, and attitudes. This study found that price, quality, refreshing effect, halal essence, and attitude significantly influence SM choice decisions from the discrete choice. The results fill a gap in the literature by comprehensively examining product properties and attitudes that affect women's decisions regarding skincare products. It also contributes—particularly for the skincare industry and marketers—to further improve the SM market share, particularly in the Indonesian and Southeast Asian markets.
Attitudinal Factors Influencing Digital Collaborative Consumption Among Internet Users: A Confirmatory Study in Indonesia Ahmad, Lukni Burhanuddin; Arnita, Devi; Nasution, Reza Ashari
Gadjah Mada International Journal of Business Vol 27, No 2 (2025): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/gamaijb.73127

Abstract

There has been a substantial surge in people participating in collaborative consumption (CC) over the past few years, particularly on digital platforms. This phenomenon has encouraged some researchers to explore the motivational factors affecting user intention to use CC. However, the previous research has predominantly concentrated on identifying these factors in the context of CC service, with limited attention specifying the digital platform where the interaction among users is different. Hwang and Griffiths's model of intention that predicts the behavioral intention of millennials' participation in CC is unique in a way that it recognizes both attitude and empathy as the main factors affecting intention to use a CC platform. The model could be relevant for CC, as it covers different values such as utilitarian, hedonic, and symbolic values. This study has developed a model to make it comprehensive by adding several factors from past research: perceived behavioral control and online initial trust. We tested the model in the Indonesian context using partial least squares regression. One of the world’s most populous countries, In- donesia provides a thought-provoking digital CC practice opportunity. The results show that empathy and online initial trust are not significant predictors of intention to partic- ipate in CC. In addition, utilitarian value is not a significant predictor of attitude toward participating in CC. Thus, attitude is the critical factor affecting intention to participate in CC, and perceived usefulness, perceived ease of use, and hedonic and symbolic values are significant predictors of the effect of attitude on participation in CC. This study can provide valuable insight for those startup practitioners who create this type of business model, characterized by its rapid change and volatile nature. The results could play a role in guiding marketers specializing in CC to enhance their apps using effective tactics or strategies, thereby improving the customer’s participation on their platform
The Effect of Corporate Entrepreneurship Determinants on the Financial Performance of Small and Medium Enterprises (SMEs): An Empirical Study Abbas, Mohd Saleh; Mohd Amin, Mohd Rushidi; Sivakumaran, Vinesh Maran
Gadjah Mada International Journal of Business Vol 27, No 2 (2025): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/gamaijb.77346

Abstract

This paper examines the effect of corporate entrepreneurship determinants on small and medium-sized enterprises (SMEs) financial performance in Malaysia, including the mediator effect of competitive advantage. A cross-sectional design was adopted, where data were collected from a sample of 221 SMEs utilizing an online questionnaire. Hypotheses were tested using the partial least squares (PLS) approach. The findings revealed a significant relationship between the determinants of corporate entrepreneurship (individual, organizational, and external environment characteristics) and an organization’s financial performance. A mediating effect was also found by including an organization’s competitive advantage in its financial performance. A profound understanding of corporate entrepreneurship determinants by focusing on individual and organizational perspectives can assist SMEs in implementing appropriate strategies to achieve desired financial performance. The capability of SMEs to embed employee entrepreneurial behavior in the workplace is likely to achieve the desired financial performance outcomes effectively. This study advances knowledge on corporate entrepreneurship by proposing relevant determinants and the effect of each determinant on an organization's financial performance in the context of Malaysian SMEs.  
Do Financial Knowledge and e-Payment Awareness Affect Saving and Spending Behavior? The Mediating Role of Financial Risk Tolerance Dewi, Vera Intanie; Effendi, Nury; Ervani, Eva; Sapulette, Militcyano Samuel
Gadjah Mada International Journal of Business Vol 27, No 2 (2025): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/gamaijb.83409

Abstract

This study investigates the role of financial risk tolerance in mediating the impact of financial knowledge and e-payment awareness on saving and spending behavior. A total of 400 questionnaires were distributed, with 396 completed by respondents and used for analysis. This research employs partial least squares-based structural equation modeling (PLS-SEM) to validate and estimate the proposed research models, with Smart- PLS software analyzing the data and estimating the relationships between its latent variables. Our study’s estimation provides evidence of the positive and significant role of financial risk tolerance in mediating the impact of financial knowledge and e-payment awareness on spending and saving behavior. This study also reveals differences in the level of financial risk tolerance between male and female participants. Furthermore, the analysis results indicate that most younger people have a risk tolerance level (i.e., risk profile) that falls into the medium (i.e., risk-averse) category in terms of risk speculation, invest- ment risk, and financial risk evaluation.
An Ethical Leadership Style and Pro-Environmental Behavior: The Mediating Role of Moral Efficacy K, vanisri; Padhy, Dr. Prabir chandra
Gadjah Mada International Journal of Business Vol 27, No 2 (2025): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/gamaijb.87389

Abstract

To better comprehend the strategies that leaders follow in shaping their organizations, the study of ethical leadership has become increasingly relevant. This study investigates pro-environmental behavior and ethical leadership using a survey of 420 employees from various manufacturing organizations. It examined moral efficacy's role as a mediator between ethical leadership style and environmental behavior, drawing on insights from the social learning theory. The study employed structural equation modeling to test hypotheses. The findings indicate that there is a significant association between ethical leadership, pro-environmental behavior, and moral efficacy. The moral efficacy of employees serves as a mediator in the association between ethical leadership and pro-environmental behavior.  It is important to note that moral efficacy does not act as a significant mediator in the relationship between ethical leadership and pro-environmental behavior. This analysis is specifically focused on the manufacturing sector; however, additional research may be performed in the context of service sector enterprises. It is recommended that moderating and mediating variables such as self-esteem, job involvement, and moral courage be explored in future studies to enhance the comprehension of the construct of ethical leadership.
The Impact of Perceived Physician Communication Skills on Revisit Intention: A Moderated Mediation Model NWOSU, Laurine; YESILADA, Figen; AGHAEI, Iman; AHMED, Japheth
Gadjah Mada International Journal of Business Vol 27, No 2 (2025): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/gamaijb.91430

Abstract

This study aims to evaluate the impact of perceived physician communication skills on patients’ revisit intention, focusing on the mediating role of two dimensions of trust and the moderating role of gender. While several studies on revisit intention examine the effect of service quality as a whole, this is one of the few that not only focuses solely on physician-patient communication but also examines both dimensions of trust and revisit intention with the same physician. A cross-sectional survey was employed via questionnaire distribution. A total of 265 valid responses were used for data analysis. The findings revealed that perceived physician communication skills impact trust and revisit intention. Emotional trust was seen to have a full mediating effect on the relationship. Gender had no moderating effect on the proposed relationship, which suggests that irrespective of gender, patients’ expectations and preferences for effective communication are similar. By cultivating a supportive and empathetic attitude, physicians can create a positive emotional environment that enhances patient trust and positive behavioral intentions
Machine Learning vs. Human Investors: Analyzing Adaptive Herding Behavior in U.S. Stocks vs. Shariah-Compliant Stocks in Malaysia and Indonesia Candra, Sevenpri; Kok Loang, Ooi
Gadjah Mada International Journal of Business Vol 27, No 3 (2025): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/gamaijb.110602

Abstract

This study examined the effectiveness of machine learning models in capturing adaptive herding behavior in the U.S., Malaysia, and Indonesia. Utilizing data from January 2010 to December 2023, the study incorporates market sentiment (Thomson Reuters MarketPsych indices), news sentiment (Bloomberg sentiment analysis), and investor happiness measures (Hedonometer). The methodology employs both static and adaptive herding analyses using the CSAD approach, enhanced by real-time sentiment analysis and various machine learning models, including single- and multi-layer neural networks. The results indicate significant differences in herding behavior across the three markets, with machine learning models demonstrating superior performance in capturing herding behavior and faster normalization after major macroeconomic events than traditional methods. These findings highlight the potential of machine learning models to challenge the static assumptions of the efficient market hypothesis and provide insights for designing better trading algorithms by considering the impact of market sentiment, news sentiment, and investor happiness.
ESG Controversy as a Moderator of the Impact of Environmental, Social, and Governance Indicators on High-Profile Companies' Performance in Asia Saleh, Rahmat; Wulandari, Nurafifah
Gadjah Mada International Journal of Business Vol 27, No 3 (2025): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/gamaijb.110605

Abstract

The purpose of this research paper is to analyze the relationship of each en- vironmental, social, and governance (ESG) aspect to the performance of high-profile companies, and the purpose of this study further analyzes the role of moderating ESG controversies on the relationship of every aspect of ESG disclosure to corporate perfor- mance. Application of research observation data, using observations from 2010 to 2019, is a company in an Asian country listed on the Sustainable Stock Exchange, which requires companies to publish and report ESG aspects. This study excludes the period 2020-2024 from the analysis because the global economic crisis due to the COVID-19 pandemic has caused the company to change its priorities. The purposive sampling method was used in this study, obtaining 847 samples of observational data from seven countries in the Asian region. Regression moderation analysis was used to examine the relationship between each aspect of ESG and the performance of high-profile companies with the controversy of ESG as a moderation variable. The study results obtained findings that social and gov- ernance aspects have a positive and significant effect on the performance of high-profile companies. However, environmental aspects were found to be insignificant. The findings of the ESG controversy weaken the relationship between social and governance aspects of high-profile company performance, and the ESG controversy does not moderate the relationship of environmental disclosure to company performance.
Behavioral Intention to Use Artificial Intelligence (AI) Among Accounting Students: Evaluating the Effect of Job Relevance Krishnanraw, Jyashree; Kamisah, Ismail
Gadjah Mada International Journal of Business Vol 27, No 3 (2025): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/gamaijb.110620

Abstract

This research meticulously evaluates the influence of job relevance on accounting undergraduates' behavioral intentions toward utilizing artificial intelligence (AI), scrutinizing the mediating role of perceived usefulness. Anchored in the extended technology acceptance model (TAM), this study employs a cross-sectional, survey-based methodology to gather data from 136 undergraduate students across various public and private Malaysian universities. The empirical evidence elucidates that job relevance positively influences the students’ behavioral intentions regarding AI integration. In tandem, perceived usefulness emerges as a significant mediator, revealing its critical role in this relationship, thus manifesting a partial mediation effect. The findings highlight the necessity of strategically reconfiguring accounting education curricula to incorporate pedagogical approaches aligned with the influential factors of job relevance and perceived usefulness, thereby intensifying students’ intentions to engage with AI in academic and professional settings. Such an educational evolution is paramount, equipping accounting students with the requisite competencies and insights to navigate the accounting profession’s rapidly transforming, technologically driven landscape.

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