American Journal of Economic and Management Business (AJEMB)

Analysis of the Robustness of Corporate Value Determinants Using Price-to Book Value and Tobin’s Q

Mutiara Salsabila, Umi Widyastuti, IGKA Ulupui — Tue, 11 Aug 2026 00:00:00 +0000

This research aims to examine the effect of profitability, capital structure, dividend policy, and the Covid-19 effect on firm value, with firm size as a control variable, in property and real estate companies listed on the Indonesia Stock Exchange. This research employed a quantitative approach using panel data regression on eight companies selected through purposive sampling over the 2019–2024 period, resulting in 48 firm-year observations. Price to Book Value (PBV) is used as the primary proxy for firm value, with Tobin’s Q employed as a robustness check. The results indicate that capital structure has a positive and significant effect on firm value when measured using PBV, at the 10% significance level. Firm size, as the control variable, is also negative and significant at the 10% level in both models. However, profitability, dividend policy, and the Covid-19 effect do not have a significant effect on firm value under either proxy. Capital structure also loses its significance when firm value is measured using Tobin’s Q, indicating that this result is not fully consistent across proxies. This finding suggests that, within the property and real estate sector, firm value is more strongly associated with structural characteristics such as firm size rather than short-term financial ratios. This study concludes that improving firm value in the property and real estate sector cannot rely solely on financial ratio management, but must also consider structural firm characteristics and the sensitivity of results to the valuation proxy used.

The Effect of Entrepreneurial Competencies, Business Innovation, and Management Strategies on the Success of Micro, Small, and Medium-Sized Enterprises (MSMEs) in Jatinegara Village, Cakung Subdistrict, East Jakarta City

Thu, 20 Aug 2026 00:00:00 +0000

Micro, Small, and Medium-Sized Enterprises (MSMEs) play a strategic role in Indonesia’s economy through their contributions to employment, income generation, and economic development. However, MSMEs continue to encounter challenges related to limited entrepreneurial capabilities, innovation, and systematic business management, which may constrain their success and sustainability. This study aims to examine the effects of entrepreneurial competence, business innovation, and management strategy on the success of MSMEs in Jatinegara Village, Cakung Subdistrict, East Jakarta, both partially and simultaneously, also examines the mediating role of business innovation in the relationships between entrepreneurial competence, management strategy and MSME success. The study employed an associative quantitative approach with a descriptive-verification design. Data were collected through a five-point Likert-scale questionnaire administered to 189 MSME owners or managers selected using purposive sampling, with at least one year of business operation as a screening criterion. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM), encompassing measurement model (outer model) and structural model (inner model) evaluation, with bootstrapping-based hypothesis testing for both direct effects and the mediating role of business innovation. The results show that management strategy has the strongest direct effect on MSME success (? = 0.448; p < 0.001), while entrepreneurial competence exerts a marginally significant direct effect (? = 0.160; p = 0.051). Entrepreneurial competence and management strategy both strongly influence business innovation (? = 0.544, p < 0.001; and ? = 0.315, p < 0.001, respectively), while business innovation itself has a marginally significant direct effect on MSME success (? = 0.168; p = 0.059). Business innovation was also found to marginally mediate the effects of entrepreneurial competence (indirect effect = 0.091; p = 0.067) and management strategy (indirect effect = 0.053; p = 0.074) on MSME success. Entrepreneurial competence and management strategy jointly explain 62.1% of the variance in business innovation (R² = 0.621), while all three variables jointly explain 49.2% of the variance in MSME success (R² = 0.492). The study concludes that strengthening entrepreneurial competence, innovation capabilities, and strategic management practices is essential for improving MSME competitiveness, resilience, and sustainable business success.

Collaboration among stakeholders in the management of digital-based regenerative tourism at Tegallinggah Cliff Temple, Blahbatuh, Gianyar

I Wayan Sugita, Putu Eka Wirawan, I Nyoman Darma Putra — Wed, 12 Aug 2026 00:00:00 +0000

The development of the tourism destination management paradigm requires a shift from a sustainable tourism approach to regenerative tourism an approach that not only maintains the sustainability of resources but also seeks to restore, enrich, and improve the quality of environmental and cultural ecosystems through the empowerment of local communities from the beginning of planning. Tegallinggah Cliff Temple in Blahbatuh District, Gianyar Regency, has strategic potential as a cultural and spiritual tourism destination that represents local Balinese wisdom, but its management still faces limitations in governance integration, suboptimal collaboration between stakeholders, and underutilized digital technology. This research aims to formulate a regenerative tourism-based destination management model that integrates local spirituality, community participation, and digital website innovation. The study used a qualitative approach with field observations, in-depth interviews, and stakeholder questionnaires analyzed using Interpretive Structural Modeling (ISM) to identify the structural relationships between key elements and determine management strategy priorities. The results of the research produced the Tourism Model that called SUGITA Model (Spiritual, Universal, Generative, Integrated Tourism Approach) as a conceptual framework for digital-based regenerative tourism management that emphasizes the integration of spiritual values, strengthening the role of local communities, collaborative governance, and website utilization. The research outputs include the SUGITA conceptual model, RegenCheck as an instrument for evaluating regenerative tourism, and Standard Operating Procedures (SOPs) for sacred and sanctified zones to support regenerative impact on the environment, culture, and economy of the Tegallinggah community.

The Effect of Transformational Leadership and Organizational Culture on the Performance of Educational Staff: The Mediating Role of Self-Efficacy at Universitas Muhammadiyah Yogyakarta

Indri Lestari, Yuni Siswanti , Sri Dwi Ari Ambarwati — Tue, 11 Aug 2026 00:00:00 +0000

This study aims to examine the effects of Transformational Leadership and Organizational Culture on the Performance of Educational Staff, with Self-Efficacy serving as a mediating variable at Universitas Muhammadiyah Yogyakarta. A quantitative survey approach was employed involving 186 educational staff selected using proportionate stratified random sampling. Data were collected through a five-point Likert scale questionnaire and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 4 software. The findings indicate that Transformational Leadership does not have a significant effect on either Self-Efficacy or the Performance of Educational Staff. In contrast, Organizational Culture has a positive and significant effect on both Self-Efficacy and the Performance of Educational Staff. Furthermore, Self-Efficacy significantly improves the Performance of Educational Staff. The mediation analysis reveals that Self-Efficacy does not mediate the relationship between Transformational Leadership and the Performance of Educational Staff, whereas it significantly mediates the relationship between Organizational Culture and the Performance of Educational Staff. These findings suggest that strengthening organizational culture and fostering employees’ self-efficacy are important strategies for improving the performance of educational staff in higher education institutions.

E-Service Quality and E-CRM on Mybca Customer Loyalty

Juniarti Juniarti, Susilowati Natakoesoemah — Thu, 06 Aug 2026 00:00:00 +0000

The development of digital banking services requires banks to provide fast, secure, personalized, and consistent service experiences. This study aimed to analyze the effects of e-service quality and e-customer relationship management on MyBCA customers’ e-loyalty through e-trust and e-satisfaction. The study employed an explanatory quantitative approach using a survey of 210 BCA customers who were domiciled in or actively used services in Tangerang, were at least 17 years old, and had used MyBCA within the previous three months. Data were analyzed using SEM-PLS through the evaluation of measurement and structural models. The results showed that all indicators met validity and reliability criteria, the model demonstrated good fit, and all direct-effect and mediation hypotheses were supported. The findings indicated that digital service quality and electronic relationship management not only directly enhanced customer loyalty but also influenced loyalty through the formation of trust and satisfaction. Theoretically, these findings strengthened the application of computer-mediated communication and the stimulus–organism–response framework in the context of digital banking service interactions. Practically, BCA should continue to improve application stability, transaction security, communication relevance, and the responsiveness of digital support services to strengthen customer loyalty.

The Effect of Current Ratio, Return on Assets, Debt-to-Equity Ratio, Inflation, and Exchange Rates on Financial Distress in Companies in the Textile and Apparel Subsector Listed on the Indonesian Stock Exchange From 2020 to 2024

Salma Syahnur Fadhila, Ruhenda, Agus Joharudin — Fri, 14 Aug 2026 00:00:00 +0000

The textile and apparel industry plays an important role in Indonesia’s manufacturing sector but has faced increasing financial pressure due to rising production costs, import competition, weakening global demand, and exchange rate fluctuations. This study aims to examine the effects of the current ratio (CR), return on assets (ROA), debt-to-equity ratio (DER), inflation, and exchange rates on financial distress in textile and apparel subsector companies listed on the Indonesia Stock Exchange during 2020–2024. A quantitative approach was employed using secondary data obtained from audited financial statements, the Indonesia Stock Exchange, Statistics Indonesia, and Bank Indonesia. Purposive sampling resulted in 11 companies and 55 panel observations. Financial distress was measured using the Altman Z-Score, while panel data regression was performed using EViews 12. The results show that CR has a positive and significant effect on the Z-Score, whereas the exchange rate has a negative and significant effect. ROA, DER, and inflation have no significant partial effects. Simultaneously, all independent variables significantly affect financial distress, with an adjusted R-squared of 77.60%. These findings indicate that liquidity and exchange rate movements are particularly important determinants of financial distress. Therefore, companies should strengthen liquidity management and implement appropriate exchange rate risk mitigation strategies to maintain financial stability.

The Influence of Organizational Culture and Work Discipline on Teacher Performance at Pribadi Bilingual Boarding School

Retania Nurhidayah, Ratna Komala Putri — Fri, 21 Aug 2026 00:00:00 +0000

Teacher performance is a critical determinant of educational quality, while organizational culture and work discipline are important organizational factors that may influence teachers’ effectiveness. This study aimed to examine the influence of organizational culture and work discipline on teacher performance at Pribadi Bilingual Boarding School. A quantitative approach with a descriptive and causal research design was employed. Data were collected from 62 teachers using a structured Likert-scale questionnaire and saturated sampling. Instrument validity was assessed using item-total correlation, while reliability was evaluated using Cronbach’s alpha. Data were analyzed using IBM SPSS Statistics through descriptive analysis, multiple linear regression analysis, t-tests, an F-test, and the coefficient of determination. The results showed that organizational culture was categorized as very strong (81.4%), work discipline as very good (87.1%), and teacher performance as very high (87.0%). Organizational culture did not have a significant partial effect on teacher performance (t = 1.937; p = 0.058), whereas work discipline had a significant positive effect on teacher performance (t = 4.179; p < 0.001). Simultaneously, both variables significantly influenced teacher performance (F = 49.429; p < 0.001), explaining 62.6% of the variance in teacher performance. The study concludes that work discipline was the more dominant predictor, while organizational culture remained relevant when considered jointly within the school context.

The Role of Non-Fundamental Information in Significant Stock Returns: an Empirical Analysis of Non-LQ45 Stocks on the Indonesian Stock Exchange for the Period 2021–2025

Christanto Christanto, Gatot Nazir Ahmad, Umi Widyastuti — Thu, 06 Aug 2026 00:00:00 +0000

This study examines the effect of investor sentiment, illiquidity, and stock volatility on the returns of non-LQ45 stocks listed on the Indonesia Stock Exchange (IDX) during 2021 to 2025, with firm size as a control variable. Using a purposive sample of 375 non-LQ45 stocks from a population of 958 IDX-listed stocks as of December 2025, the study yields 22,500 firm-month observations over 60 months and estimates a Fixed Effect Model with White diagonal robust standard errors, following Chow and Hausman specification tests. None of the three non-fundamental variables has a significant partial effect: sentiment is negative, illiquidity is positive and correctly signed, and volatility is positive but contrary to the hypothesized direction; none reaches significance. Firm size shows a significant positive effect and is the only variable stable across robustness checks. Jointly, the four variables significantly explain returns, though explanatory power is low (R-squared = 2.49%). Winsorizing confirms that the volatility coefficient is highly sensitive to extreme observations, while other results remain stable. These findings suggest that non-fundamental factors, taken individually, do not reliably explain non-LQ45 return formation over this period, even though their joint contribution is significant and consistent with a market that is not fully efficient.

Digital Marketing Communication and Cromboloni Repurchase Intention

Brigitta Dyah Savitrie, Lasmery RM Girsang — Mon, 10 Aug 2026 00:00:00 +0000

This study aims to analyze the influence of influencer credibility, lifestyle, and fear of missing out (FOMO) on Cromboloni Monsieur Spoon's repurchase intention with e-WOM as a mediator and e-satisfaction as a moderator. The study used an explanatory quantitative approach through an online survey of 260 respondents who had purchased Cromboloni Monsieur Spoon and were exposed to digital information related to the product. The data was analyzed using SmartPLS through the evaluation of the outer model and the inner model. The results show that all indicators after testing meet the criteria of validity and reliability. The model has a high explanatory ability on repurchase intention and e-WOM. All influence hypotheses are immediately accepted: influencer credibility, lifestyle, FOMO, and e-WOM encourage repurchase intention; credibility, lifestyle, and FOMO influencers drive e-WOM. e-Satisfaction has been proven to moderate the relationship between e-WOM and repurchase intention, while e-WOM mediates the influence of influencer credibility, lifestyle, and FOMO on repurchase intention. The findings confirm that repurchase intent on viral culinary products is not only shaped by the popularity of the trend, but also by the credibility of the message source, lifestyle suitability, digital social drive, conversations between consumers, and digital satisfaction. Implicitly, Monsieur Spoon's communication strategy needs to be directed at the selection of credible influencers, positive e-WOM management, and consistent strengthening of digital experiences.

Design of a Remote Tower Pilot Project to Achieve Operational Excellence at Airnav Indonesia

Irvan Irvan, Rosalendro Eddy Nungroho, Tukhas Shilul Imaroh — Sat, 15 Aug 2026 00:00:00 +0000

The digital transformation of air navigation services has become increasingly important for improving operational efficiency, service continuity, and resource optimization, particularly in geographically dispersed areas. AirNav Indonesia faces several challenges in conventional tower operations, including high infrastructure investment, limited operational flexibility, uneven human resource distribution, security risks, and geographical constraints in Papua and Frontier, Outermost, and Disadvantaged (3T) regions. This study aims to design a Remote Digital Tower Pilot Project as an alternative air navigation service model to support Operational Excellence at AirNav Indonesia. The study employed an exploratory sequential mixed-methods approach integrating qualitative and quantitative analyses. Qualitative data were obtained through focus group discussions and brainstorming, while quantitative data included flight traffic, operational, security disturbance, personnel mutation, and project planning data. The findings indicate that Very Density Aerodrome airports are the most appropriate priority for initial implementation due to their relatively low traffic complexity and continuing requirement for Aerodrome Flight Information Services. The proposed design integrates digital camera technology, video processing, satellite-based communication networks, system architecture, and project management techniques, including the Work Breakdown Structure, Critical Path Method, schedule crashing, and Gantt Chart. Testing based on the EUROCAE ED-240A standard indicates that the proposed system meets operational requirements. The study concludes that the Remote Digital Tower Pilot Project provides a feasible framework for improving operational efficiency, resource flexibility, and sustainable digital transformation within AirNav Indonesia.

The Effect of Net Sales on Operating Profit at PT Ultrajaya Milk Industry & Trading Company, Tbk

Rendy Sandra Mamola, Dini Wahjoe Hapsari — Wed, 19 Aug 2026 00:00:00 +0000

The relationship between net sales and operating profit is important for evaluating whether sales growth is effectively converted into operational profitability, particularly in the competitive food and beverage industry. This study aimed to examine the effect of net sales on operating profit at PT Ultrajaya Milk Industry & Trading Company Tbk during the period of 2005–2014. A quantitative descriptive and verification approach was employed using secondary data obtained from the company’s annual financial statements. The sample consisted of 10 annual observations selected through purposive sampling. Data were analyzed using Pearson correlation analysis, simple linear regression, the coefficient of determination, and a partial t-test using SPSS version 22. The results showed that net sales increased consistently, while operating profit fluctuated throughout the observation period. Pearson correlation analysis produced r = 0.885, indicating a very strong positive relationship between net sales and operating profit. The regression model was Y = ?86,798.42 + 0.137X, and the coefficient of determination was R² = 0.782, indicating that 78.2% of the variation in operating profit was explained by net sales. The t-test result (t = 5.364; p = 0.001) confirmed a statistically significant positive effect. Therefore, higher net sales significantly contributed to increased operating profit, although other operational factors also influenced profitability. These findings emphasize the importance of achieving effective sales growth while maintaining disciplined cost control to improve financial performance.

The Role of Job Satisfaction and Employee Engagement in Mediating the Effect of Work-Life Balance on Employee Turnover Intention at Warmadewa Independent Shining School in Denpasar

Ni Luh Putu Dina Purnama, I Ketut Setia Sapta , Ni Made Dwi Puspitawati — Tue, 11 Aug 2026 00:00:00 +0000

Rising employee intentions to leave their jobs present a significant challenge for organizations, potentially undermining workforce stability and hindering the achievement of organizational objectives. This situation highlights the importance of supporting Work-Life Balance (WLB) to enhance Job Satisfaction (JS) and Employee Engagement (EE), ultimately reducing Turnover Intention (TI). This study investigated the influence of WLB on TI, with JS and EE serving as mediating variables, among employees at Warmadewa Independent Shining School in Denpasar. A quantitative approach was employed using a saturated sampling technique involving 51 employees. Data were collected through questionnaires and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The findings revealed that WLB significantly reduced TI and positively influenced both JS and EE. Furthermore, higher levels of JS and stronger EE were associated with lower TI, while JS also contributed to increased employee engagement. JS and EE significantly mediated the relationship between WLB and TI. These results indicated that improving WLB could enhance employee satisfaction and engagement, thereby reducing employees’ intentions to leave the organization. The findings provided practical implications for management in developing human resource strategies that support WLB, increase JS, and foster stronger EE.