Jurnal Ilmu Manajemen dan Ekonomika

A Review of Indonesia’s Commitment to Achieving the Sustainable Development Goals (SDGs) through SDG Bonds Issued by the Government of Indonesia

Gustin Nugraheni — 2026-06-21

This study is entitled “A Review of Indonesia’s Commitment to Achieving the Sustainable Development Goals (SDGs) through SDG Bonds Issued by the Government of Indonesia.” Climate change is the main threat to sustainable development, with broad impacts that disproportionately affect the poorest and most vulnerable groups. As a global issue, it requires urgent actions from all countries to ensure the achievement of the SDGs in line with the Paris Agreement. However, meeting the SDG targets demands substantial financing, and the state budget alone is insufficient. To address this gap, innovative financing instruments such as SDG Bonds are needed to support SDG implementation. The objective of this study is to review Indonesia’s commitment to the SDGs, analyse opportunities and challenges in SDG achievement and SDG Bond issuance, and examine the impact of SDG Bond allocations from 2021 to 2023. This research uses a qualitative-descriptive method, based on primary data from interviews with three informants and secondary data from official reports and academic literature. The findings show that Indonesia demonstrates strong commitment to SDG implementation. Opportunities include abundant natural resources that, if managed sustainably, can accelerate SDG progress. Key challenges include the need for strengthened multi-stakeholder collaboration and significant financial requirements. SDG Bonds are proven to be an effective ESG-based instrument and have successfully financed six SDG goals.

The Impact of Green Accounting Implementation and Environmental Performance on the Financial Performance of Mining Companies Listed on the Indonesia Stock Exchange for the Period 2020-2024

Lediana Sufina — 2026-06-29

This study aims to examine the effect of Green Accounting (GA) implementation and environmental performance (EP) on Return on Assets (ROA) as the dependent variable in mining companies listed on the Indonesia Stock Exchange (IDX) during the period 2020–2024. This research uses a quantitative method with a purposive sampling approach, involving 11 companies and 53 valid observations. GA is measured as a dummy variable based on the disclosure of environmental costs, while EP is measured using the PROPER rating from the Ministry of Environment and Forestry (KLHK). Multiple linear regression analysis using EViews 12 shows that GA and EP have coefficients of –0.008788 and –0.013636, respectively, both negative and statistically insignificant at the 5% significance level (p > 0.05). All classical assumption tests are satisfied, while the coefficient of determination (R²) of 0.123279 indicates that GA and EP explain only 12.33% of the variation in ROA, and the F-test shows no significant simultaneous effect. The conclusion is that the implementation of GA and EP has not yet had a positive impact on the financial performance of mining companies. Therefore, it is recommended that companies improve the transparency of environmental costs and strengthen environmental strategies to support long-term financial performance.

Testing Signalling Theory: The Mediating Role of Profitability in the Relationship between Liquidity, Solvency, and Stock Prices

Intan Purbasari — 2026-06-21

This study is motivated by the inconsistent findings of previous research regarding the effects of liquidity and solvency on stock prices, as well as the need to re-examine these relationships from the perspective of Signaling Theory. The study aims to analyze the effects of liquidity and solvency on stock prices and to examine the role of profitability as a mediating variable in building construction sub-sector companies listed on the Indonesia Stock Exchange (IDX). A quantitative research approach was employed using secondary data obtained from the annual financial statements and stock summaries of 12 building construction companies listed on the IDX during the 2019–2025 period. The study applied a saturated sampling technique, resulting in 84 firm-year observations. Data were analyzed using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method with the assistance of SmartPLS 3 software.

The results indicate that liquidity has no significant effect on stock prices, whereas solvency and profitability have positive and significant effects on stock prices. In addition, liquidity has a positive and significant effect on profitability, while solvency does not significantly affect profitability. The mediation analysis reveals that profitability significantly mediates the relationship between liquidity and stock prices but does not mediate the relationship between solvency and stock prices.

These findings suggest that profitability serves as an important mechanism through which liquidity contributes to stock price enhancement, whereas the effect of solvency on stock prices occurs directly without being transmitted through profitability. This study contributes to the development of Signaling Theory by providing empirical evidence on the role of profitability in explaining the relationship between financial performance and stock prices. Furthermore, the study enriches the literature on the determinants of stock prices in Indonesia's building construction industry.

Systematic Literature Insight into Banking Transformation

Anti Deisnasari — 2026-06-29

The banking transformation is necessary to maintain a competitive edge and resilience in a dynamic, technology-driven environment. Despite the growing body of scholarship on this subject, the transformation of banking resilience remains insufficiently understood, particularly in the context of the technology-driven environment. This study examines the key factors that underpin successful digital transformation in the banking sector and evaluates how such transformation contributes to resilience. To achieve this, a systematic literature review was conducted, examining peer-reviewed academic articles published between 2016 and 2025. The findings highlight that successful digital transformation in banking depends on technology readiness, organizational culture, strong leadership support, and a robust regulatory framework, all of which are essential for driving innovation and resilience. By adopting an integrated analytical approach, this research contributes to understanding how banks can address the challenges of digital transformation and improve their resilience.

Linking Quality Perceptions to Student Decisions: A Study of Private Universities in Bandung, Indonesia

Efi Fitriani — 2026-06-29

This study examines how students’ perceptions of quality at private universities in Bandung influence their college preferences and enrollment intentions to continue their master's studies. With the increasing number of private universities in Indonesia, particularly in Bandung, competition for students has grown. Perceived quality, including academic reputation, facilities, and service, plays a key role in students’ decision-making. Previous studies highlight the impact of institutional image, service quality, and promotional efforts on student enrollment intentions. However, there is limited research focusing specifically on how perceived quality influences college preference and enrollment intention in private universities in Bandung. This study fills this gap by examining the direct and indirect effects of perceived quality on student intention, mediated by college preference. The research questions address the influence of perceived quality on preferences, the impact of preferences on intention, and the mediating role of preferences between perceived quality and intention. Data were collected via questionnaires from 400 prospective and current students across 14 private universities in Bandung. Using Structural Equation Modeling with Partial Least Squares (SEM-PLS), the study tested relationships between perceived quality, college preference, and student intention. Findings reveal that perceived quality significantly influences college preference but has no direct significant effect on student intention. College preference significantly affects student intention and mediates the relationship between perceived quality and intention. The study suggests that universities should enhance perceived quality to shape student preferences and implement targeted strategies to convert them into actual enrollment decisions.

Social Media Stimuli and Impulsive Buying: The Mediating Role of FOMO and Generational Differences

Tinjung Desy Nursanti — 2026-06-30

The massive adoption of social media has accelerated spontaneous consumption behaviors among digital users. This study aims to analyze the dual effect of social media platforms and contents on impulsive buying behavior of active users in Indonesia, by examining Fear of Missing Out (FOMO) as a psychological mediator and generational differences as a moderating factor. Quantitative data were obtained from a purposive sample of 208 active social media users who have made impulsive purchases, based on the Stimulus–Organism–Response (SOR) framework. The hypothesis was tested using the Partial Least Square-Structural Equation Modeling (PLS-SEM) with the help of SmartPLS 4.0 software. Empirical results reveal that social media platforms (β = 0.401) and digital content (β = 0.518) have a favorable and significant impact on FOMO which further enhances consumers’ want for unplanned purchases (β= 0.476). The interaction moderation analysis (β = 0.516) also found that age variations considerably increase the relationship between FOMO and impulse purchase, with younger groups showing stronger psychological reactions. These findings contribute to the research on internet consumer behavior regarding psychological dynamics and age cohorts and provide generational targeting-based marketing techniques for digital firms.

The Effect of Work-Life Balance and Work Flexibility on the Productivity of Female Employees in West Bogor Regency

Anisa Husnul Khotimah Anisa — 2026-06-30

This study examines the effect of Work-Life Balance and Work Flexibility on the Productivity of Women Employees in West Bogor Regency. The increased work pressure faced by female employees results in an imbalance between work and life. This study uses a quantitative approach with the type of explanatory research, this data is collected through a questionnaire with a simple random sampling technique. Primary data were collected using questionnaires and analyzed using multiple linear regression. These results show that partially, Work-Life Balance and Work Flexibility have a significant effect on the productivity of female employees in West Bogor Regency. Work-Life Balance and Work Flexibility have a positive influence on the productivity of female employees. These two variables complement each other in creating a healthy, adaptive, and productive work environment. The better the work-life balance and the more flexible the work system implemented, the higher the productivity level of female employees in West Bogor Regency.