Proceedings of International Conference on Economics Business and Government Challenges
The Impact of Intelligent Manufacturing on Firm Value: The Mediating Role of Innovation Performance and Financial Performance, and the Moderating Role of Manufacturing Risk
This study aims to examine the impact of Intelligent Manufacturing on Firm Value in manufacturing companies listed on the Indonesia Stock Exchange, by considering the mediating roles of Innovation Performance and Financial Performance, as well as the moderating role of Manufacturing Risk. Grounded in the integration of Resource- Based View (RBV), Dynamic Capabilities Theory, and Organizational Risk Theory, this research proposes a comprehensive conceptual model that explains the value creation mechanisms of intelligent manufacturing investments. The study employs a quantitative approach with explanatory research design, utilizing secondary data from financial statements and annual reports of manufacturing companies during the 2019–2024 period. The analysis will be conducted using Structural Equation Modeling with Partial Least Squares (PLS-SEM) approach via SmartPLS 4.0. This research contributes to the literature by introducing a dual mediation model and incorporating manufacturing risk as a contingency factor, particularly within the context of a developing economy. The findings are expected to provide theoretical contributions to strategic management literature and practical insights for managers, investors, and policymakers regarding the strategic implementation of intelligent manufacturing technologies.
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Green Digital Marketing in 5.0 era: Today, State-of-The-Art and Future Research Trends
The Society 5.0 era is transforming green digital marketing into a smart, human-centered, and ethically oriented strategy. This study aims to map the current state, state-of-the-art, and future research trends through a systematic literature synthesis for the 2019–2024 period. The findings show that the implementation of disruptive technologies delivers measurable results: AI achieves 98.7% accuracy in environmental attitude classification through green nudging, while Blockchain improves supply chain visibility by up to 50%. Furthermore, Digital Twins can reduce operational costs by 15–30% through accurate life cycle assessments (real-time LCA). The study also highlights the crucial role of Multi-Criteria Decision Making (MCDM) methods such as AHP, ANP, and ISM in aligning complex economic and sustainability criteria. Despite significant technical advances, research gaps remain on AI ethical frameworks, consumer data privacy in the IoT ecosystem, and the lack of standardized KPIs for the digital circular economy. The study concludes that transparent and ethical technology integration is key to building sustainable brand equity in the Society 5.0 era.
The Influence of Local Wisdom-Based Marketing Strategies (Bheppa’, Bhebhhu’, Ghuru, Rato) on Competitive Advantage and Sustainability of Islamic Boarding Schools (Pesantren) in Madura
This study examines the influence of local wisdom-based marketing strategies, specifically bheppa’, bhebhhu’, ghuru, rato, on competitive advantage and the sustainability of Islamic boarding schools (pesantren) in Madura. Employing a systematic literature review methodology, this research synthesizes scholarly articles indexed in Google Scholar, Scopus, and SINTA databases focusing on local wisdom, Islamic educational marketing, competitive advantage theory, and institutional sustainability. Findings indicate that the integration of Madurese cultural values into marketing strategies significantly strengthens institutional identity, enhances community trust, and fosters long-term institutional sustainability. The four pillars of local wisdom function not merely as cultural symbols but as strategic instruments for building authentic differentiation and deep stakeholder loyalty. This study contributes a culturally adaptive marketing framework for Islamic educational institutions.
Strategic Governance Innovation through Restorative Justice: A Model for Risk Management and Industrial Competitiveness in Indonesia
This study investigates Restorative Justice (RJ) as a strategic governance innovation that contributes to systemic risk management and enhances industrial competitiveness in Indonesia. While industrial competitiveness is often associated with production efficiency, investment, and technological advancement, this research argues that institutional efficiency—particularly within the justice system—plays a critical but underexplored role in shaping national economic resilience. The persistent problem of prison overcapacity in Indonesia reflects structural inefficiencies in the criminal justice system, resulting in excessive fiscal burdens and suboptimal allocation of public resources. A significant proportion of cases processed through formal litigation involve minor offenses that could be more effectively resolved through non-custodial mechanisms. This condition not only increases operational costs but also generates systemic risks, including case backlog, delayed justice, and reduced institutional credibility. Using a qualitative multi-level case study approach, this research examines the implementation of RJ across key law enforcement institutions, including the police, prosecution service, judiciary, and correctional facilities. Data were collected through in-depth interviews, focus group discussions, and policy document analysis, and were analyzed using NVivo to identify patterns of institutional coordination, strategic alignment, and causal mechanisms of policy impact. This study develops an integrative model that combines Restorative Justice, Strategic Management, and Theory of Change to explain the transformation process from legal system inefficiency to economic resilience. The model demonstrates that the adoption of RJ reduces case backlog, accelerates dispute resolution, and improves resource allocation efficiency, thereby creating fiscal space that can be redirected toward productive sectors, including industrial development and downstreaming initiatives. Furthermore, the findings indicate that RJ functions as a governance-based risk management instrument by mitigating legal uncertainty, reducing litigation costs, and enhancing social stability—factors that are essential for improving the business environment and strengthening industrial competitiveness. By lowering the cost of doing business and increasing institutional trust, RJ indirectly supports investment attractiveness and long-term economic growth. This research contributes to the literature by bridging criminal justice reform and development economics, positioning governance efficiency as a key determinant of industrial competitiveness. It also offers policy implications for integrating RJ into national development strategies as part of a broader effort to achieve sustainable economic resilience.
Conceptual Review of a Predictive Model of Intention to Choose an Information and Communication Technology Study Program through the Integration of Social Cognitive Theory and the Theory of Planned Behavior: A Study of Senior High School and Vocational Hi
The decision of high school and vocational school students to choose an information and communication technology (ICT) study program is influenced by psychological, social, and cognitive factors. Integrating Social Cognitive Theory with the Theory of Planned Behavior provides more comprehensive framework for explaining how self efficacy, career expectations, attitudes, subjective norms, and perceived behavioral control shape students' intentions to enroll in information and communication technology programs. This review aims to analyze the literature by presenting a conceptual forecasting model and combines Social Cognitive Theory and the Theory of Planned Behavior to elucidate the purpose of senior high school and vocational high school students to select an ICT study program. The researcher utilizes a qualitative methodology specifically conducting a literature study. The approach of a literature review often restricts its focus to library resources including books, academic journal articles, and research reports. Relevant literature was systematically identified through academic databases and selected based on its theoretical and contextual relevance to the main constructs namely self efficacy, career expectations, attitude, subjective norm, perceived behavioural control, and intention. Selected studies analysed using qualitative descriptive techniques and conceptual synthesis to explain the relationships between these variables and to construct an integrated conceptual framework.
Determinants of Firm Value with Financial Distress and Risk Management as Moderating Factors in Construction Companies in East Kalimantan
This study aims to analyze the determinants of firm value in the construction sector, considering the role of financial distress and risk management as moderating variables. Firm value is an important indicator in assessing company performance and sustainability, especially in the construction industry, which is vulnerable to economic uncertainty and project fluctuations. This study uses a quantitative approach using secondary data from construction companies listed on the Indonesia Stock Exchange. The analysis was conducted using the Structural Equation Modeling (SEM) method to examine the relationship between variables. The results show that financial distress has a significant influence on the decline in firm value. However, the implementation of effective risk management can mitigate the negative impact of financial distress on firm value. These findings confirm that risk management plays a strategic role in maintaining the stability of firm value amidst financial pressure. This research provides theoretical contributions to the literature on firm value and financial distress, as well as practical implications for construction company management in designing risk mitigation strategies to improve company performance and sustainability
Strategic Leadership and Innovation Culture in Enhancing the Performance of Government Apparatus at the Ministry of Tourism
This study aims to analysed the influence of strategic leadership and innovation culture on improving the performance of government officials within the Ministry of Tourism. In the context of public bureaucracy facing digital transformation and demands for adaptive public services, strategic leadership plays a critical role in shaping organizational vision, direction, and commitment. Meanwhile, innovation culture serves as the foundation that encourages creativity, collaboration, and the willingness of civil servants to develop new solutions in their work processes. The study employed a quantitative explanatory research design. Data were collected through a survey of 250 civil servants across various departments of the Ministry of Tourism. The data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) to examine the causal relationships among the variables. Research instruments were developed based on theoretical indicators of strategic leadership, innovation culture, and employee performance, all of which were validated through reliability and validity testing. The findings reveal that strategic leadership has a positive and significant effect on both innovation culture and employee performance. Furthermore, innovation culture mediates the relationship between strategic leadership and performance improvement. These results highlight the crucial role of leaders in fostering an organizational environment that supports innovation and continuous learning. The practical implication of this study is the need to strengthen strategic leadership capabilities and build an innovative ecosystem within the Ministry of Tourism to enhance bureaucratic reform and improve the quality of public service performance.
Export Logistics Efficiency in East Kalimantan: A Focused Cost Structure and Performance Perspective
This study examines export logistics efficiency in East Kalimantan by integrating cost aggregation and Importance–Performance Analysis (IPA). The research is motivated by the province’s strong dependence on exports and the persistence of logistics bottlenecks that weaken regional competitiveness. Primary and secondary data were analyzed to identify the dominant components of export logistics costs, evaluate key performance dimensions, and formulate policy priorities. The findings show that the largest burden is concentrated in land, sea, and air transportation, while regulatory compliance and certification also constitute a significant share of total export logistics costs. By contrast, customs charges account for a relatively small portion of the overall burden. The IPA results indicate that infrastructure, international shipment, and logistics competence are the most critical dimensions because they are perceived as highly important but still perform poorly. These results imply that export efficiency in East Kalimantan cannot be improved through administrative reform alone; it requires integrated interventions in connectivity, service capability, scheduling reliability, and logistics digitalization.
Beyond Traditional Risk–Return: A Hybrid SEM and Neural Network Approach to Climate Risk, Mispricing, and Investment Decision Efficiency
This study explores the transformation of the risk-return paradigm in the contemporary era through the integration of artificial intelligence (AI), climate risk, and the dynamics of market efficiency. Adopting a Systematic Literature Review (SLR) methodology following the PRISMA protocol, 47 selected articles from the Scopus database were comprehensively analyzed to ensure the quality of the findings. The study's results reveal a fundamental shift from conventional linear models to a multidimensional framework that can accommodate market complexity and environmental uncertainty. Econometric analysis of CAT bonds confirms the existence of mispricing driven by information asymmetry, while multi-criteria portfolio optimization techniques demonstrate that the inclusion of climate risk variables significantly alters the investment decision architecture. Furthermore, the implementation of generative neural networks has been shown to outperform traditional models in predicting volatility in volatile market conditions through a non-linear approach. Bibliometric mapping via VOSviewer identifies asset pricing, geopolitical risk, ESG, and investor sentiment as dominant and promising research clusters for the future. This study contributes theoretical novelty by synergizing econometric, optimization, and AI approaches, and provides practical guidance for data-driven investment management.
The Emerging Trends of Digital Zakat Research: Technological Integration and Sustainability Insight
The rapid digital transformation in the global financial sector presents significant opportunities to optimize zakat management. However, its potential remains underutilized due to low public literacy, limited transparency, and weak trust in zakat institutions. This study is motivated by the need to map the development of digital zakat research systematically. It aims to identify major research trends, thematic clusters, and future directions in the field. Employing a qualitative bibliometric approach, this study analyzes 86 Scopus-indexed publications using VOSviewer to examine keyword relationships and the evolution of the research landscape. The findings reveal four main clusters: fintech as the most dominant, zakat emphasizing trust and blockchain, technology as an emerging yet loosely connected theme, and Islamic fintech as an integrative hub linking all clusters. Additionally, sustainability remains weakly connected within the existing literature. These results suggest that advancing digital zakat requires not only technological innovation but also the strengthening of trust and the integration of sustainability principles. Future research should therefore focus on developing inclusive, transparent, and sustainability-oriented digital zakat models.
The Effect of Entrepreneurial Orientation and Entrepreneurial Competence on the Competitive Advantage of Carpentry MSMEs in Timor-Leste: The Mediating Role of Innovation and the Moderating Role of Government Support
This study aims to examine the factors influencing competitive advantage among Micro, Small, and Medium Enterprises (MSMEs) in the carpentry sector (furniture production) in Timor-Leste. Specifically, this research investigates the effect of entrepreneurial orientation and entrepreneurial competence on competitive advantage, with innovation as a mediating variable and government support as a moderating variable. The study is grounded in the Resource-Based View (RBV) and Dynamic Capabilities Theory, in which innovation is conceptualized as a dynamic capability that transforms organizational resources into sustainable competitive advantage. A quantitative approach with an explanatory research design was employed. Data were collected through a survey of 145 MSME owners operating in the carpentry sector across 12 municipalities in Timor-Leste. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to test direct, mediating, and moderating relationships among latent constructs. The findings of this study are expected to contribute to the theoretical development of RBV and Dynamic Capabilities Theory in explaining competitive advantage in traditional MSMEs. Practically, this research provides insights for policymakers and business practitioners in strengthening innovation capabilities and enhancing the competitiveness of the carpentry sector in developing countries.
Integration of Transformational Leadership and Knowledge Transfer in Creating Adaptive Performance: Mediation Analysis of Job Crafting and Moderation of Ambidextrous Leadership at Technical Implementation Units of the Ministry of Sea Transportation in Eas
This study examines the integration of transformational leadership and knowledge transfer as simultaneous predictors of adaptive performance, with job crafting as a mediating mechanism and ambidextrous leadership as a moderating variable. The research context is the Technical Implementation Units (UPT) of the Ministry of Transportation for maritime affairs in East Kalimantan, Indonesia — organizations characterized by procedural compliance, cross-functional coordination, and operational adaptation demands. Employing a quantitative explanatory design with SEM-PLS analysis, data will be collected from 220 employees selected through purposive sampling across multiple UPT maritime offices. The study proposes nine hypotheses addressing direct effects, mediation paths of job crafting, and moderation roles of ambidextrous leadership. Theoretically grounded in dynamic capabilities, social exchange theory, and knowledge-based approaches, this study contributes a novel integrated model to the organizational behavior and human resource management literature within Indonesian public sector maritime organizations.
Health Consciousness and Clean-Label Signaling in Functional Snack Consumption: A Moderated Multi-Group Analysis of Income Effects Across Baby and General Snack Markets
This study examines how health consciousness and product signaling influence consumer responses to functional snack products. Drawing on signaling theory and perceived value theory, the study proposes that clean-label perception and functional claims enhance perceived nutritional value, which subsequently affects purchase intention and willingness to pay a premium. Data were collected from 512 respondents consisting of parents purchasing baby snacks and general snack consumers. The analysis employed Partial Least Squares Structural Equation Modeling (PLS-SEM) with moderation and multi-group analysis (Hair et al., 2022). The results indicate that clean-label perception and functional claims significantly increase perceived nutritional value. Furthermore, perceived nutritional value positively influences purchase intention, which in turn drives willingness to pay a premium. Income strengthens the relationship between purchase intention and willingness to pay, while the structural relationships are stronger among baby snack consumers. The findings highlight that the transformation of health consciousness into economic behavior depends on both contextual consumption factors and financial capacity.
Systematic Literature Review: Identifying Critical Factors that Enhance Learning Effectiveness in the Business Context
To maintain its competitiveness in today’s dynamic work environment, organizations need to continually enhance their employees’ competencies, skills, and capabilities. Generally, organizations have attempted to do this by investing primarily in formal training and development activities. However, the learning effectiveness raises big questions, while training, education, and recruitment costs are increasing, “do they translate into improved performance, particularly in business results?” The aim of this research is to examine how workplace learning occurs within an organization and its impact on business results. This research employs a systematic literature review using PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) to analyze critical variables and categorize them into a graphical research model, such as a mind map or table. It may contribute to knowledge advancement by synthesizing the existing theoretical framework of workplace learning and linking it to other potential critical factors that may emerge during data collection. The key findings also include a proposed framework to enhance workplace learning evaluation. Due to author limitations, this research uses only the Scopus database.
The Influence of Empowerment, Self-Efficacy, and Person–Organization Fit on Employee Performance in Balikpapan Manufacturing Companies: The Mediating Role of Job Satisfaction
This study aims to examine the influence of empowerment, self-efficacy, and person-organization fit (P-O fit) on employee performance in manufacturing companies in Balikpapan, with job satisfaction as a mediating variable. Using a cross-sectional survey design with 287 employees from 23 large and medium-sized manufacturing companies located in the Kariangau Industrial Estate, Balikpapan, the data were analyzed using Partial Least Squares-based Structural Equation Modeling (PLS-SEM). The results indicate that all three independent variables have a positive and significant effect on job satisfaction and performance, with job satisfaction partially mediating all relationships (the highest VAF for P-O fit at 47.4%). The theoretical contribution of this study is the integration of three major theoretical frameworks within the context of the manufacturing industry in a developing region, while its practical contribution provides guidance for company management in Balikpapan in designing job satisfaction-based HR interventions. The novelty of this research lies in the first test of a simultaneous mediation model of empowerment, self-efficacy, and P-O fit on performance, with job satisfaction as a mediator in the manufacturing sector in Balikpapan, a previously unseen approach. These findings enrich the human resource management literature in the context of the manufacturing industry in developing regions and provide practical implications for the management of manufacturing companies in Balikpapan, which are transforming toward non-oil and gas industry diversification.
Integrating Leadership and Industrial Policy in Enhancing Public Financial Performance: A Systematic Literature Review
This study aims to synthesize the role of leadership and industrial policy in influencing public financial performance in the post-COVID-19 context, in the midst of limited studies that integrate the two variables comprehensively. This study uses a systematic literature review (SLR) approach based on the PRISMA guidelines by analyzing 50 selected articles from the Scopus database through thematic analysis techniques and narrative synthesis. The results of the study show that industrial policy does not directly affect public financial performance, but through mediation mechanisms such as digitalization, innovation, and governance quality. Meanwhile, leadership plays a key factor that determines the effectiveness of policy implementation through strengthening coordination, institutional capacity, and policy consistency. This finding also reveals that most of the literature still uses economic performance indicators as a proxy, so direct measurement of public financial performance is still limited. This research contributes by developing an integrative conceptual framework that connects structural (industrial policy) and agency (leadership) variables in explaining public financial performance. These findings have important implications for the formulation of more adaptive and institutional capacity-based policies in dealing with post-global crisis dynamics.
Synthesis of Risk Management in Industrial Integration and Downstream for Global Economic Resilience: A Systematic Literature Review
This research aims to analyze the role of risk management in industrial integration and downstream processes in building economic resilience in the midst of global dynamics. The methodology used includes a Systematic Literature Review (SLR) using the PRISMA 2020 framework, which combines 11 reputable scientific articles related to the research subject. The analysis process was carried out through data extraction, variable grouping, and thematic synthesis to identify patterns of relationships between key variables, namely industrial integration, downstreaming, risk management, and resilience. The results show that industrial integration and downstream contribute to resilience through increased production capacity, system coordination, and adoption of digital technologies. The phenomenon of digitalization has been empirically demonstrated to improve sustainability, strengthen resilience, and optimize risk management, in addition to improving supply chain performance. Nevertheless, the efficacy of integration and downstream processes is affected by many risks, including geopolitical instability, regulatory hegemony, market consolidation, and fragmentation of policy frameworks. In addition, elements such as technological advancement, capital investment, institutional integrity, and governance mechanisms serve as reinforcing factors, while dependence on energy resources and deficiencies in coordination serve as weakening factors. The conclusion of this study confirms that industrial resilience is not only determined by integration and downstreaming, but by the system's ability to manage risks strategically and adaptively. This research contributes to expanding the perspective of strategic management and risk management in the context of sustainable downstreaming-based industrialization.
The Influence of Digital Skill on Marketing Performance of MSMEs in Surabaya City in the Era of Digital Transformation
Digital transformation requires MSMEs to possess adequate digital skills to work effectively and efficiently. Digital skill have become a strategic competency because they play a crucial role in improving marketing performance in the era of digital transformation. However, differences in digital skill mastery levels remain a challenge for many businesses. This study aims to analyze the influence of digital skills on marketing performance using a quantitative approach with explanatory research. Data were collected through questionnaires from 170 MSMEs in Surabaya using a purposive sampling technique. Data analysis was conducted using Structural Equation Modeling-Partial Least Squares (SEM-PLS), which included testing the outer and inner models. The results showed that all indicators met the construct validity and reliability criteria. Furthermore, digital skills were shown to have a positive and significant effect on marketing performance. These findings indicate that improving digital skills can improve the quality, quantity, timeliness, effectiveness, and responsibility in achieving marketing performance targets. This study provides practical implications for business owners and practitioners to prioritize digital skill development as a strategy to improve marketing performance in the era of digital transformation.
A Credibility Model Based on Influencer Sentiment Analysis and User Reviews on Digital Investment Platforms
This study develops a digital credibility model in the context of Indonesian retail investment by integrating two sources that shape public perception, namely social media influencers and collective reviewers on digital platforms. Unlike conventional approaches that position influencers as the dominant source of credibility and reviewers as mere electronic word of mouth, this study reconstructs both as equal and complementary credibility entities. The study employs a quantitative approach based on sentiment analysis of 57,808 Google Play Store review data points and TikTok comments from three major investment platforms in Indonesia — Stockbit, Bibit, and Bareksa — covering the period 2025 to 2026. Data were analyzed using a fine-tuned IndoBERT model, BiLSTM with an attention mechanism, and four classical machine learning models with class imbalance handling techniques based on SMOTE and class weighting. Indonesia's digital investment ecosystem during this period was also characterized by dual validation from the Indonesia Stock Exchange (IDX) through JATS system connectivity and KSEI recording, as well as recognition by TradingView as a global analysis platform that listed all three applications among its Preferred Brokers/Platforms in Southeast Asia. On the marketing side, all three platforms leverage a diverse spectrum of influencers, ranging from macro-influencer entertainment figures such as Raditya Dika, Vidi Aldiano, and Maudy Ayunda, to niche TikTok influencers targeting specific communities. Evaluation was conducted using F1-macro, precision, recall, and ROC-AUC metrics. Results indicate that influencer sentiment tends to build emotional and aspirational perceptions, while collective reviewers form rational evaluations based on real experiences — including responses to specific features such as Bareksa Emas and Robo Advisor. The integration of both sources produces a dynamic Dual-Source Digital Credibility Model (DSDCM). These findings extend the Source Credibility Theory framework to a platform-based digital ecosystem and offer practical implications for investment platform management in designing marketing communication strategies aligned with actual user experiences.
The Moderating Role of Corporate Governance in the Relationship between Executive Compensation and Earnings Management in Indonesia: Evidence from Jones and Kothari Models
This study examines the relationship between accrual-based earnings management and executive compensation in Indonesian listed companies and assesses whether corporate governance moderates that relationship. The analysis covers the 2022-2024 period and uses 207 firm-year observations from 69 companies with complete financial, compensation, and governance disclosures. Earnings management is proxied by discretionary accruals estimated using the Jones model and is later re-tested with the Kothari model for robustness. Corporate governance is measured through a 32-item index derived from Indonesian good corporate governance guidelines. Ordinary least squares regression is employed with firm size, leverage, and return on assets as control variables. The findings indicate that discretionary accruals are not consistently associated with higher executive compensation across specifications. Firm size and return on assets are the most stable determinants of compensation. Moderation and split-sample tests suggest that governance quality shapes the compensation-reporting relationship, although the strength of the evidence is sensitive to the earnings-management proxy used. Overall, the study highlights the importance of stronger governance and more transparent compensation design in reducing reporting risk.
MSME Sustainability: Evidence from a Gusjigang-Based Cultural and Digital Approach
This study aims to examine the influence of brand awareness, financial literacy, and social media utilization on the sustainability of Micro, Small, and Medium Enterprises (MSMEs) in Kudus, Central Java, based on the local Gusjigang philosophy. A mixed-methods approach was used, involving a survey of 200 MSME actors combined with qualitative data from interviews, observations, and FGDs. The analysis employed Structural Equation Modeling (SEM) using AMOS 26. The results show that brand awareness (β = 0.244, p < 0.001), social media utilization (β = 0.249, p < 0.001), and financial literacy (β = 0.214, p < 0.001) significantly influence MSME sustainability. The R² value of 0.310 indicates the existence of other contributing factors outside the model. This study introduces a cultural approach to MSME development by embedding Gusjigang values into the sustainability framework. Findings suggest the importance of culturally grounded strategies in strengthening MSME resilience, particularly through branding, digital engagement, and financial capability.
Does Financial Literacy Reduce Herding? Evidence from Investment Decisions in East Java
This study aims to examine the effect of financial literacy on investment decisions, both directly and indirectly through herding behavior among investors in East Java Province. This research employs a quantitative approach using a survey method, with data analyzed through SEM-PLS. The population consists of retail investors in East Java, with a sample of 262 respondents. The results indicate that financial literacy has a positive and significant effect on investment decisions, and a negative and significant effect on herding behavior. Furthermore, herding behavior positively influences investment decisions and acts as a mediating variable in the relationship between financial literacy and investment decisions. These findings suggest that investment decisions are influenced not only by cognitive factors but also by psychological and social factors. This study implies that improving financial literacy can enhance the quality of investment decisions while reducing herd behavior tendencies among investors. Theoretically, the findings support Prospect Theory in explaining investor behavior under uncertainty and contribute to the behavioral finance literature by integrating financial literacy and herding behavior into a single conceptual model. The novelty of this study lies in examining the mediating role of herding behavior within the context of retail investors in regional Indonesia, particularly East Java.
Stock Market Volatility and Industrial Financial Resilience: Evidence from Asia
The agenda of integrating industrialization and downstream processing to achieve global economic resilience requires stable financial performance from industrial firms involved. However, efforts to maintain such stability are increasingly vulnerable to macroeconomic uncertainty and stock market volatility as a primary source of financing. This study employs GARCH and TGARCH models to forecast stock market return volatility across Asian markets in order to map systemic risks affecting the investment climate in the manufacturing sector. Based on observations of 11 Asian stock indices over the period 2004–2024, heteroskedasticity testing was conducted, resulting in seven major indices as the final sample (Hang Seng, JKSE, Nifty 50, Nikkei 225, SET, TAIEX, and VNI). The findings indicate that all sampled markets exhibit volatility clustering characteristics. Markets in Japan, Thailand, and Taiwan demonstrate faster volatility recovery, indicating a more resilient environment for industrial financing. In contrast, Hong Kong, India, Indonesia, and Vietnam exhibit high volatility persistence. TGARCH testing reveals the absence of asymmetric effects in the Indonesian, Taiwanese, and Vietnamese markets. Forecasting results for the 2024–2029 period project Japan as the most stable market, while Vietnam is expected to face persistent volatility risks. This volatility analysis is crucial for industrial firm management in formulating risk mitigation strategies to ensure sustainable financial performance amid rapid global industrialization.
Integrating Digitalization, Sustainability, and Employee Experience in Human Resource Management: A Literature Review
The evolving landscape of Human Resource Management (HRM) is increasingly shaped by the integration of digitalization, sustainability, and employee experience. This study aims to review and synthesize existing literature to understand how these three dimensions collectively influence modern HRM practices. Using a literature review approach, this study examines peer-reviewed articles published between 2020 and 2025 from reputable academic databases. The findings indicate that digitalization enhances efficiency and data-driven HR practices, sustainability promotes long-term organizational resilience and ethical responsibility, and employee experience plays a crucial role in improving engagement and retention. However, existing studies tend to address these aspects in isolation, resulting in a fragmented understanding. This paper contributes by highlighting the need for an integrative HRM framework that aligns technological advancement, sustainability goals, and employee-centered strategies. Future research is recommended to empirically validate the proposed relationships.
Platform Economy and Precarious Labor in Small Cities: A Study of Gig Workers in Blitar, Indonesia
The rapid growth of the digital platform economy has significantly transformed labor structures in both urban and rural areas, including small cities such as Blitar. This study explores the lived experiences of gig workers within the platform economy and examines how digital labor reshapes work relations, income stability, and social interactions. Using a qualitative approach based on in-depth interviews with five gig workers, this study applies the theoretical frameworks of embeddedness and platform capitalism to analyze the interaction between local socio-economic conditions and global digital platforms. This study highlights implications for local labor market efficiency and income distribution in small cities. The findings show a clear contradiction between the promise of flexibility and the reality of precarious labor. Although gig work is perceived as an accessible and flexible employment opportunity, workers experience long working hours, unstable income, and strong dependence on platform algorithms. The study also finds that algorithmic systems play a central role in controlling access to work and income distribution, creating an unequal power relationship between platforms and workers. Despite these challenges, gig workers actively develop survival strategies through extended working hours, multi-platform engagement, and informal social networks. This study concludes that while the platform economy provides new economic opportunities in small cities, it simultaneously produces new forms of labor insecurity. These findings highlight the need for more inclusive policies and stronger labor protections in the digital economy.
Digital Transformation Readiness in Electoral Management: A Mixed Methods Assessment of E-Voting Innovation Adoption in the Context of Industrial Convergence
This study examines the management readiness for e-voting adoption within the context of digital industrial transformation, employing an explanatory sequential mixed methods design. The quantitative phase involved 215 respondents drawn from electoral management officials using Slovin's formula at a 6.7% margin of error from an estimated accessible population of 4,800 personnel, while the qualitative phase engaged 12 purposively selected key informants. Drawing on the Technology Acceptance Model (TAM), Diffusion of Innovation Theory (DOI), and Dynamic Capability Theory (DCT), the study develops the Integrated E-Voting Management Readiness (IEVMR) Model as its primary theoretical contribution. Quantitative results indicate that technology infrastructure readiness (β=0.412), human resource competency (β=0.356), and policy leadership (β=0.287) are significant predictors of e-voting management readiness (R²=0.673; p<0.001). Qualitative findings reveal three critical themes: structural institutional resistance, rural-urban digital divide, and transformational leadership capacity. The study's novelty encompasses: (1) the integration of three grand theories into a single predictive framework; (2) the identification of Change Management Capacity as a mediating mechanism; and (3) the moderating effect of Comprehensive Digital Literacy and neither previously examined in the Indonesian digital electoral context.