Explore publications.

This study examines how Sustainable Innovation contributes to Business Sustainability in food-sector small and medium-sized enterprises (SMEs) through the mediating role of Zero Waste Operations. The study responds to the need to understand sustainability not only as a strategic objective, but also as an operational process embedded in inventory control, product return handling, near-expiry product management, packaging practices, and waste-reduction routines. A quantitative explanatory design was employed at Pasundan Snack Purwokerto, a distribution-based food SME in Indonesia. Using a census approach, data were collected through structured questionnaires from 65 employees involved in operational and distribution activities. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that Sustainable Innovation has a positive and significant effect on Business Sustainability and Zero Waste Operations. Zero Waste Operations also positively and significantly influence Business Sustainability. Mediation testing confirms that Zero Waste Operations partially mediate the relationship between Sustainable Innovation and Business Sustainability, indicating that innovation improves sustainability both directly and indirectly through waste-reduction routines. These findings suggest that sustainable innovation becomes more effective when translated into concrete operational practices, such as digital stock recording, FIFO or FEFO implementation, return classification, supplier coordination, packaging reuse, and near-expiry product handling. The study contributes to sustainability management literature by positioning Zero Waste Operations as an operational mediation mechanism in a distribution-centered food SME. Practically, the findings provide guidance for SME owners and policymakers to design feasible zero-waste initiatives that fit the resource limitations of small food distribution businesses in developing economy food supply chains.

This study examines the implementation of the vMedis ERP system at Greencare Pharmacy using Balanced Scorecard (BSC) and SWOT analysis. The research evaluates financial, customer, internal process, and learning perspectives, revealing significant improvements post-implementation. Key findings include a 15% profit margin increase, enhanced customer satisfaction, streamlined inventory management, and improved staff competencies. Statistical analysis using the Wilcoxon Signed-Rank Test confirmed that these improvements across the BSC perspectives were significant (p < 0.05). SWOT analysis highlights internal strengths, such as financial stability and advanced technology adoption, and external opportunities like market growth potential. Challenges include regulatory complexity and high competition. Overall, vMedis demonstrates its effectiveness in enhancing operational efficiency and competitiveness in the healthcare sector.

This study investigates the application of Recurrent Neural Network (RNN) and Long Short-Term Memory (LSTM) models for predicting Bitcoin prices, with the objective of enhancing investment approaches. Given Bitcoin's significant volatility and inherent risk, accurate price forecasting is vital for making strategic decisions. The research evaluates model performance by analyzing Bitcoin price data spanning May 25, 2020, to May 25, 2024, employing quantitative methodologies like experimental design and predictive analysis. Results indicate the LSTM model achieves superior predictive accuracy over the RNN model, demonstrated by reduced Mean Absolute Percentage Error (MAPE) and Root Mean Squared Error (RMSE) figures. Additionally, the research delves into how these models affect the Dollar Cost Averaging (DCA) investment strategy, offering perspectives on the advantages and drawbacks of using machine learning to optimize cryptocurrency investments. 

Idiosyncratic risk refers to a distinct category of risk that impacts individual firms and is shaped by multiple aspects, including carbon performance and Environmental, Social, and Governance (ESG) disclosures. This risk, particularly concerning environmental sustainability, can provide considerable hurdles for companies. This study aims to examine the influence of carbon performance and ESG disclosure on idiosyncratic risk, with the speed of adjustment serving as a moderating variable. This research examines coal production firms listed on the Indonesia Stock Exchange (IDX) from 2021 to 2023, with a sample of 26 companies selected through purposive sampling. This research utilizes quantitative methodologies, specifically multiple linear regression and a moderating variable approach. Data is derived from annual reports, financial statements, and sustainability reports of coal firms, as well as information from investing.com and the Katadata Corporate Sustainability Index. The data indicate an inverse correlation between carbon performance and idiosyncratic risk, as well as between ESG disclosure and idiosyncratic risk, suggesting that organizations with superior ratings in both domains encounter diminished idiosyncratic risk. Moreover, whereas the speed of adjustment does not reinforce the connection between carbon performance and idiosyncratic risk, it does augment the association between ESG disclosure and idiosyncratic risk.

The arrival of foreign nationals in Indonesia for various purposes, including state visits, tourism, business, and education, has become common. This study aims to analyze the factors influencing the application process for study permits for foreign nationals and map the ecosystem of this process, particularly for those studying at Indonesian universities. The research follows a five-step method to analyze the digital business ecosystem: 1) defining the ecosystem boundaries; 2) identifying actors and their roles; 3) outlining value propositions; 4) exploring actor interactions; and 5) verifying the ecosystem design. Using qualitative methods like interviews and literature review, the study finds that Indonesia's foreign student licensing ecosystem involves multiple actors and complex procedures, leading to delays and confusion. The lack of integration between agencies makes the process inefficient. The study suggests digital integration to enhance speed, transparency, and coordination, aiding the internationalization of higher education in Indonesia.

Stock returns reflect the investment returns investors receive from owning company shares, encompassing both dividends and stock price increases. High stock returns indicate strong company performance and are attractive to investors, often reflecting market expectations of the company's future profitability and contributing to increased company value. Conversely, low stock returns can reduce market confidence and negatively impact company value. This study examines factors influencing stock returns in cyclical consumer sector companies listed on the Indonesia Stock Exchange from 2019 to 2023, with a sample of 63 companies out of 124. The research utilizes principal component analysis (PCA) with regression mediation, analyzing variables such as liquidity, solvency, activity, profitability ratios, financial performance, good corporate governance, and macroeconomic factors. SPSS 25 is used for data analysis. Key findings reveal that Market Value Added (MVA) significantly impacts both stock returns and firm value, while exchange rates and GDP do not significantly affect stock returns or firm value in this sector. The money supply (M2) significantly influences stock returns but not firm value. The Sobel mediation test shows that stock returns significantly mediate the relationship between MVA and M2 with firm value, whereas they do not mediate the effects of exchange rates and GDP on firm value. These results offer insights into the economic and financial factors impacting stock performance and firm value in Indonesia's cyclical consumer sector. 

Population growth and changes in consumer demographics over time require fast moving consumer goods or FMCG company that produce consumer goods to keep innovating. Food market was forecasted to continuously increase between 2024 and 2029 by in total 85.1 million U.S Dollars while beauty and personal care segment projected to reach 10.89 billion U.S Dollars revenue by 2028. Product innovations that are carried out have to conform to regulatory provisions while also meet the required efficacy, quality and safety of the product. The process of fulfilling product compliance can be improved by utilizing technology through digital application. Creation of a digital application have to consider the usability aspect of the user. Design thinking is a method that has been widely used to create a product with human-centered approach and prioritizing the user aspect. Digital application created using a design thinking approach will be easy to use and improve the product compliance process so that companies can have competitive edge compared to competitors. This research is qualitative research that uses study case with design thinking approach. The data was collected by interview method and supplemented by observation method. Informant was five employees that involved in fulfillment of product compliance. Design thinking in this research includes 5 phases, namely empathize, define, ideation, prototype, test. These phases help map problems and formulate ideas to be made into functions or features. Based on the results of the analysis and exploration of ideas, a medium fidelity prototype application was produced which has 4 main menus integrated with 1 technical documentation system. The resulting prototype was tested using the system usability scale and obtained a score of 73.9 and usability rating of 26.6 out of 40 with both grade B-. Further research is expected in refining the prototype and further evaluation on the impact toward product compliance’s business process.

This study aims to analyze the development process of IoT smart tracking products for XYZ mobile operators in Indonesia using a Design Thinking approach. Design Thinking is a creative and innovative approach that focuses on user-centered design. Unlike traditional design methods, Design Thinking involves strong creative thinking and a focus on the user's needs. In this study, a qualitative research methodology was used, including in-depth interviews with several potential and existing customers of IoT intelligent tracking during the Design Thinking empathy stage. The next stage, defining problems and ideas, is validated by the XYZ IoT operator's product development team. Through interviews with three participants from various business backgrounds who are interested in using IoT products and three experts from the IoT development team at mobile operator XYZ, the study identifies the question of "How Might We" (HMW), namely: "How can we develop a more reliable and real-time IoT smart tracking product?" After brainstorming and discussing of 19 proposed ideas with XYZ's IoT expert team, the results in the ideation stage determined that developing cybersecurity features and predictive algorithms is the most unique and impactful product, while also cost-effective solution in developing new IoT products for XYZ mobile operators.

The retail segment has the largest contribution to the total net sales value of Kimia Farma Group, which is run by the company's subsidiary, PT Kimia Farma Apotek (KFA). Kimia Farma's retail segment is experiencing a relatively non-ideal revenue trend from 2017 to 2022. The main challenges faced are the purchasing power of the community, the increasingly fierce level of competition, and risks related to customer loyalty. Based on this background, this study aims to examine the effect of Kimia Farma's image and product attributes on customer loyalty, both directly and indirectly through customer satisfaction. The research was conducted with a quantitative approach at the Kimia Farma Pharmacy in Bandung, with the unit of observation being Kimia Farma pharmacy customers in Bandung City. The sample was 235 respondents, who were taken using the Multistage Random Sampling technique. Structural Equation Modeling was used to conduct causality analysis. The results revealed that: Kimia Farma's image and product attributes play a role in shaping customer satisfaction, but have no direct impact in creating customer loyalty; customer satisfaction plays a role in creating customer loyalty; customer satisfaction mediates the effect of Kimia Farma's image and product attributes on customer loyalty; product attributes have a greater role than Kimia Farma’s image in encouraging customer satisfaction which will create customer loyalty. This research provides managerial benefits for increasing customer loyalty at Kimia Farma Pharmacy in Bandung City, by increasing customer satisfaction, which is supported by the development of product attributes and the image of Kimia Farma.

This study delves into the performance of Indonesian state-owned enterprises (BUMN) stocks from February 2021 to October 2023, attracting investor attention due to their strategic position in the national economy. However, the stock performance during this period exhibited suboptimal movements, failing to surpass the returns of the Indonesia Stock Exchange Composite Index (IHSG). To address this, a prudent investment strategy is essential, encompassing portfolio construction and management. In portfolio construction, the study employs proven smart beta strategies, known for delivering superior returns compared to traditional portfolios. Portfolio management involves testing two strategies: a passive approach utilizing the buy-and-hold technique and an active approach employing portfolio recomposition. This quantitative descriptive study utilizes historical closing price data, forming portfolios based on selected beta groups. Weighting is adjusted, with higher beta stocks receiving a larger allocation in the portfolio. The research compares two beta groups (high and low) and two investment strategies (active and passive) using the Sharpe, Treynor, and Jensen indices. The results indicate that the high-beta group and active strategy outperform, aligning with the investment adage "high risk, high return." The high-beta group yields higher returns due to its increased risk profile, consistent with the notion of high-risk, high-reward investments. The active strategy provides opportunities to discard underperforming stocks and enhance the weighting of well-performing ones during recomposition. These findings are valuable for investors seeking to capitalize on BUMN stocks at lower prices. The study aids in minimizing negative returns (losses) by identifying the most suitable strategy for BUMN portfolios. Investors can leverage this research to make informed decisions and navigate the challenges associated with investing in state-owned enterprises.

The digital platform brings changes in the competitive advantage-building strategy for companies. In this regard, digital platforms have a crucial role in providing added value to companies by providing opportunities to improve effective information management. The research aims to determine the utilization of the digital platform of Bank Syariah Indonesia in improving market share and know the strategy of Bank Syariah Indonesia in improving market share through the utilization of the digital platform. This research method is a qualitative-research using SWOT analysis. The results of this study indicate that the utilization of the digital platform Bank Syariah Indonesia in improving market share with ease in opening an account online, digital service improvement, convenience and accessibility, cost efficiency and operational benefits, enhanced customer experience, increased customer base and market reach, increased security and improved BSI performance. Bank Syariah Indonesia's strategy for increasing market share through the utilization of digital platform based on swot analysis there are 20 alternative strategies that can be carried out namely 5 (five), SO Strategy (Strengths-Opportunities), 5 (four) WO strategies (Weaknesses-Opportunities), 5 (five) ST Strategy (Strengths-Threats) and 5 (five) WT Strategies (Weaknesses-Threats).

Modern retail businesses in Indonesia are growing rapidly thanks to open market opportunities, manufacturing businesses that support product supply, and government support for economic growth through retail development. The purpose of this study is to determine the intrinsic value of shares of companies engaged in the food and staples retail sub-sector which in this case is represented by PT. Sumber Alfaria Trijaya, Tbk. (AMRT), PT. Diamond Food Indonesia, Tbk. (DMND), PT.  Midi Utama Indonesia, Tbk. (MIDI), PT. Enseval Putera Megatrading, Tbk. (EPMT), and PT. Millenium Pharmacon Internatioanl, Tbk. (SDPC) listed on the Indonesia Stock Exchange (IDX). This research uses historical data for 2018-2022 which will be used as the basis for projections for 2023-2027. The results showed that by using the Discounted Cash Flow (DCF) method, specifically the Free Cash Flow to Firm (FCFF) approach, under an optimistic scenario, the intrinsic values of AMRT, SDPC, and DMND were undervalued. EPMT and MIDI stocks are overvalued. In the moderate scenario, the intrinsic values of AMRT, MIDI, EPMT, and DMND are overvalued, while SDPC is undervalued. Calculations on a pessimistic scenario, all companies studied are overvalued. In this study, the valuation of stocks was also conducted using the Relative Valuation (RV) method with the Price to Earnings Ratio (PER) and Price to Book Value (PBV) approaches. In an optimistic scenario, the stocks of AMRT, MIDI, and SDPC are considered expensive, while EPMT and DMND are seen cheap. In a moderat scenario, the stocks AMRT, EPMT, and SDPC are considered undervalued, while MIDI and DMND are seen expensive. In a pessimistic scenario, it is observed that AMRT, EPMT, and SDPC are undervalued, whereas MIDI and DMND are considered overvalued. This research aims to provide an objective assessment of the company, which investors can use to consider investments and by companies to enhance corporate value.

Many industrial sectors were severely affected during the pandemic, which lasted from 2020 to 2021. Such indicators can be observed in various companies implementing efficiency measures ranging from cost reduction unrelated to revenue growth to layoff policies. Despite being under pressure due to the pandemic, many industrial subsectors experienced significant growth in the second quarter of 2021, according to statistics from the Ministry of Industry. This study aims to determine the fair value of shares in Industrial Goods companies listed on the Indonesia Stock Exchange. This approach uses a discounted cash flow (DCF) methodology with free cash flow to the company and relative valuation through price-to-earnings and price-to-book ratios. From 2017 to 2021, historical financial data was utilized to forecast future income and expenditure behavior in three scenarios: optimistic, moderate, and pessimistic. The results showed that the DCF-FCFF technique underestimated IMPC, ARNA, and UNTR. MARK is overvalued in pessimistic, moderate, and optimistic scenarios, while MARK is undervalued in optimistic scenarios. HEXA is overvalued in the pessimistic scenario but undervalued in the moderate and optimistic scenario. ARNA and UNTR were overvalued in all relative assessment scenarios using the PER approach, but MARK and HEXA were undervalued. IMPC is undervalued in a gloomy scenario and overpriced in a moderate and optimistic scenario. In all cases, the PBV method overestimates IMPC, ARNA, MARK, HEXA, and UNTR. The study implies that investors should conduct thorough due diligence before making investment decisions, considering company-specific factors and broader market conditions. Companies in the Industrial Goods sector must be ready to adapt to changing market dynamics and prioritize long-term value creation to attract and maintain investor confidence.

The global industry has been significantly affected by Covid 19, resulting in a reduction in organizational structure, an increase in demand for raw materials and delivery services, and a rise in prices that negatively affect the manufacturing industry. The department responsible for managing these issues is the purchasing department, which will experience a surge in workload and work pressure for its employeesImproving employee performance is a challenge for companies to maintain survival. The thing that needs to be considered is the workload of employees which affects work stress and ultimately causes a decrease in employee performance. The main objective of this research is to examine the effect of workload on performance through work stress. Research using quantitative research methods. The questionnaire has been tested for validity and reliability and distributed to 110 purchasing employees. SmartPLS 3 is used to process data from research results. The results of the study are that there is a negative effect of workload on performance, there is a positive influence of workload on work stress, there is a negative effect from work stress on employee performance, and there is a negative effect of workload on performance through work stress on purchasing employees. The results of this study can be used by companies to improve their performance, especially from factors related to workload and employee work stress.

Because of the increasing internet use, print media is under significant threat. As part of its transformation, a media company deployed an Integrated Marketing Solution (IMS) to address current business challenges. This method, however, requires further investigation. As a result, this study aims to assess the utility of IMS, analyze the implementation of the McKinsey 7S Framework on IMS, and identify McKinsey 7S Framework aspects in IMS for future development. In-depth interviews with 12 people were conducted for this qualitative study. The findings indicate that IMS is the core of the company's business transformation, with all components of the McKinsey 7S Framework in place. However, the shared value component is still required.

Bandung is one of the cities with a high culinary appeal. However, there are several problems found such as a decrease in sales due to the Covid-19, not conducting the market surveys, and tight competition in the culinary industry. One of the concepts that can solve these problems is a human-centered approach called Design Thinking. Hence, it is needed to measure whether the concept is already implemented or not. The result of this measurement can define the further plan to solve the problems stated. Design thinking is the rationale in the process of transforming a creative mindset into an innovation. This study measures the implementation of the Design Thinking concept in the culinary subsector in Bandung which includes five stages, namely: empathize, define, ideation, prototype, and test. The data collection is conducted by distributing questionnaires to 92 dine-in and 92 takeaway culinary businesses. The data gathered is then processed by using the descriptive statistical analysis technique and a two-tailed t-test. The result of the study indicates that the culinary business actors in Bandung city have implemented the Design Thinking concept well, although the empathize and define stages are still included in the bad category. There is also a difference in implementing the Design Thinking concept between dine-in and takeaway culinary businesses. Further study is expected to measure the impact of the Design Thinking concept’s implementation on the culinary businesses’ sales performance.           

Currently, e-marketplace utilization grows significantly both on the buying side as well as on the selling side. However, the complete utilization rate is still low. Hence, this study investigates the factors considered by the prospective entrepreneurs to utilize the e-marketplace. The purpose of this study is also to find out the most potential e-marketplace to be employed by the prospective entrepreneurs. This study distributes questionnaires by using a convenience sampling technique to the 285 students at a business school. This study applies the Importance Performance Analysis and Correspondence Analysis methods to process the data gathered. It is found that the trust factor becomes the least important factor as well as the worst performance factor at the same time. On the other hand, the technical factor becomes the most important factor and the environmental factor is recorded as the best performance factor. To utilize e-marketplace, prospective entrepreneurs pay the highest attention to several indicators such as latency, user friendly, marketing, supply chain, price competitiveness, service quality, support/helpdesk, and bank transfer. Furthermore, Tokopedia and Shopee are rated as the best e-marketplaces. This study illuminates the prospective entrepreneurs’ consideration toward e-marketplace utilization; hence the platform owner can make a better service. The findings of the study will inspire the preparation steps for entrepreneurs to start their businesses and enrich the online consumer buying decision theory.

Virtual Hotel Operator (VHO) trend is growing rapidly, especially in Indonesia. Two of the most popular VHO in Indonesia are OYO and RedDoorz, both have been competing to attain the first position. Both OYO and RedDoorz have their own social media marketing strategies. For example, OYO persuades other conventional hotels to collaborate and use the OYO platform in their businesses. On the other hand, RedDoorz was recorded as the most visited Virtual Hotel Operator Platform in 2019, based on the data of Konsumen Jakpat 2019. OYO and RedDoorz also utilize social media to promote their services such as Instagram and Twitter. For advertising their businesses in social media, OYO and RedDoorz often use some social media influencers or known as influencer social media marketing. Influencers should be able to effectively deliver the messages and influence people’s decisions to use the products or services they advertise. This study aims to further explore the social media marketing strategy employed by OYO and RedDoorz. The results of Social Network Analysis by using “oyoindonesia” and ‘reddoorz’ as keywords in social media Twitter showed that RedDoorz has a bigger social network and more users involved in spreading their information than OYO. On the other hand, OYO's official account on Twitter is more efficient in performing its function as marketing media.

The accelerated advancement in technology resulted to the appearance of Self Service Technology. One form of self-service technology in the banking sector is the presence of mobile banking. This study aims to examine the influence of five factors toward the reusing of Mobile Bank Central Asia (BCA) in Bandung. Those factors used in this study were the extension of Technology Acceptance Model (TAM) constructs, i.e perceived usefulness, perceived ease of use, perceived credibility, customer awareness and social influence. Data was collected through distributed questionnaire to 100 respondents who used Mobile BCA by using judgment sampling. Multiple linear regression technique was employed to investigate the influence among variables. This study empirically concluded that consumer intention to reuse BCA mobile services was positively influenced by social influence, customer awareness and perceived ease of use. On the other hand, perceived usefulness and perceived credibility did not influence the intention of reusing Mobile BCA in Bandung. Further study is suggested to use probability sampling technique to cover the real voice of mobile banking user in Bandung and to explore the lack influence of perceived usefulness and perceived credibility toward reusing of Mobile BCA.