Indonesian Journal of Economy, Business, Entrepreneuship and Finance

PENGARUH PERUBAHAN HARGA EMAS TERHADAP RETURN SAHAM DENGAN SENTIMEN PASAR SEBAGAI VARIABEL MEDIASI PADA PT ANEKA TAMBANG TBK TAHUN 2023-2025

2026-07-27T18:12:23+00:00

This study aims to analyze the effect of gold prices on the stock returns of PT Aneka Tambang Tbk by incorporating market sentiment as a mediating variable and gold growth as a control variable. A quantitative approach was employed using secondary daily data consisting of world gold prices, PT Aneka Tambang Tbk stock returns, the volatility of the Indonesia Composite Stock Price Index (IHSG) as a proxy for market sentiment, and gold price growth during the 2023-2025 period. After data transformation and outlier treatment, a total of 570 observations were analyzed. The data were examined using multiple linear regression, classical assumption tests, partial and simultaneous significance tests, coefficient of determination, Baron and Kenny's causal step mediation analysis, and the Sobel test with EViews 13 software. The findings indicate that gold prices have a positive and significant effect on both stock returns and market sentiment. Market sentiment also has a positive and significant effect on stock returns. In the mediation model, gold prices remained significant after market sentiment was included as a mediator, while the direct effect coefficient decreased from 0.393779 to 0.297115. These results indicate partial mediation, suggesting that market sentiment partially mediates the relationship between gold prices and stock returns. Furthermore, the Sobel test produced a t-statistic of 2.508, exceeding the critical value of 1.96, confirming the significance of the indirect effect. The control variable, gold growth, was found to have a negative and significant effect on stock returns. Overall, the findings demonstrate that fluctuations in gold prices influence stock returns both directly and indirectly through changes in investor market sentiment within the Indonesian capital market.

DINAMIKA STRES KERJA DAN WORK ENGAGEMENT PENGARUHNYA TERHADAP KINERJA KARYAWAN BAGIAN PRODUKSI PADA PT. XYZ

2026-07-27T18:12:46+00:00

This research is motivated by the high work intensity experienced by production employees of PT. XYZ, which does not implement a shift system and relies on overtime to meet production targets. These conditions make employees prone to Work Stress, while their Work Engagement has not been fully optimal, potentially affecting Employee Performance. This study aims to examine the partial effect of Work Stress, the partial effect of Work Engagement, and the simultaneous effect of both variables on the performance of production employees at PT. XYZ, drawing on Robbins and Judge's concept of eustress and Schaufeli and Bakker's theory of Work Engagement. A quantitative descriptive-associative approach was employed using a saturated sampling technique involving all 32 production employees as both population and sample. Data were collected through a Likert-scale questionnaire, semi-structured interviews, and internal company documents, then analyzed through classical assumption tests, multiple linear regression, t-test, F-test, and the coefficient of determination using SPSS version 26. The results show that Work Stress has a positive and significant effect on Employee Performance, with a t-value of 5.600 and a regression coefficient of 0.636. Work Engagement also has a positive and significant effect, with a t-value of 4.473 and a coefficient of 0.549. Simultaneously, both variables significantly affect Employee Performance, with an F-value of 31.713, contributing 68.6 percent. It can be concluded that under non-shift working conditions with high overtime intensity, Work Stress functions as eustress that drives improved performance rather than diminishing it. Nevertheless, strengthening Work Engagement remains necessary to sustain the productivity of production employees at PT. XYZ.

STRATEGI LINGKUNGAN KERJA ADAPTIF DAN REWARD SERVICE CHARGE PENGARUHNYA TERHADAP PRODUKTIVITAS KERJA KARYAWAN HOTEL

2026-07-27T18:12:41+00:00

Indonesia's growing hospitality industry requires effective human resource management as a basis for competitive advantage. PT. Serang Asri Hotel, a four-star hotel in Serang City, Banten, faces productivity problems caused by a suboptimal adaptive work environment and delays in Reward Service Charge distribution. This study analyzes the effect of Adaptive Work Environment and Reward Service Charge on Employee Work Productivity, partially and simultaneously, and identifies the most dominant variable. A quantitative causal associative method was used. Data were collected from 111 of 152 employees via stratified random sampling, then analyzed using multiple linear regression, t-test, F-test, correlation, determination coefficient, and standardized beta coefficient in IBM SPSS 26. Results show Adaptive Work Environment has a positive, significant partial effect on productivity (t = 13.575; sig. = 0.000), and Reward Service Charge also has a positive, significant partial effect (t = 12.652; sig. = 0.000). Both variables simultaneously affect productivity significantly (F = 45.625 > F-table = 3.081), with a determination coefficient of 79.38%. Adaptive Work Environment is the most dominant variable, with a standardized beta of 0.601, higher than Reward Service Charge's 0.560. Management should strengthen the work environment while maintaining a fair Reward Service Charge system to improve productivity sustainably.

SISTEM ADMINISTRASI MANUAL BERPENGARUH TERHADAP KINERJA KARYAWAN DENGAN MEDIASI KEPUASAN KERJA

2026-07-27T18:12:37+00:00

This study aims to analyze the effect of the manual administrative system on employee performance, with job satisfaction serving as a mediating variable, in the Shipping Division of PT Cipta Paperia Serang. The research employed a quantitative approach using a survey design involving 75 respondents, consisting of shipping administration staff, expedition personnel, drivers, and helpers. Data were collected through a structured questionnaire using a five-point Likert scale. The data were analyzed using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method. The findings indicate that the manual administrative system has a positive and significant effect on job satisfaction. Furthermore, the manual administrative system also has a positive and significant effect on employee performance. Job satisfaction was found to have a positive and significant effect on employee performance and to mediate the relationship between the manual administrative system and employee performance. These findings suggest that a well-structured, orderly, and procedure-based manual administrative system remains capable of supporting the operational effectiveness of the Shipping Division of PT Cipta Paperia Serang. Job satisfaction serves as an important mechanism that strengthens the relationship between the manual administrative system and employee performance. The study provides practical implications for companies in evaluating the effectiveness of their administrative systems to improve employee productivity.

PENGARUH RETURN ON EQUITY (ROE) DAN DEBT TO EQUITY RATIO (DER) TERHADAP RETURN ON ASSET (ROA) PADA PERUSAHAAN SEKTOR TRANSPORTASI DAN LOGISTIK YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2021-2025

2026-07-27T18:10:43+00:00

This study aims to analyze the effect of Return on Equity (ROE) and Debt to Equity Ratio (DER) on Return on Assets (ROA) in transportation and logistics companies listed on the Indonesia Stock Exchange during the 2021–2025 period. The research employed a quantitative approach using an associative research design. The population consisted of 37 companies, while the sample was selected through purposive sampling, resulting in 8 companies with a total of 40 financial statements as the unit of analysis. Data were analyzed using multiple linear regression to examine both the partial and simultaneous effects of the independent variables on ROA. The results indicate that ROE has a positive and significant effect on ROA, with a regression coefficient of 0.577, a t-value of 5.820, and a significance level of 0.000. DER also has a positive and significant effect on ROA, with a regression coefficient of 0.113, a t-value of 2.332, and a significance level of 0.045. Simultaneously, ROE and DER have a positive and significant effect on ROA, as indicated by an F-value of 21.992 and a significance level of 0.000. The coefficient of determination (R²) of 0.574 indicates that 57.4% of the variation in ROA is explained by ROE and DER, while the remaining 42.6% is influenced by other factors outside the research model.

KOMPARASI PENGARUH TOTAL ASSET TURNOVER DAN UKURAN PERUSAHAAN TERHADAP PERTUMBUHAN LABA (STUDI KOMPARATIF PADA PT SUMBER ALFARIA TRIJAYA TBK DAN PT FKS FOOD SEJAHTERA TBK PERIODE 2014-2023)

2026-07-27T18:12:32+00:00

This study aims to analyze and compare the effect of Total Asset Turnover and Firm Size on Profit Growth in manufacturing and retail companies. The research objects are PT FKS Food Sejahtera Tbk and PT Sumber Alfaria Trijaya Tbk for the period 2014-2023.The research method employs a comparative quantitative approach. Secondary data were obtained from annual financial reports published by the Indonesia Stock Exchange. Data analysis techniques include multiple linear regression, classical assumption tests, t-test, F-test, and coefficient of determination using SPSS software.The results indicate that for PT FKS Food Sejahtera Tbk, Total Asset Turnover has a significant positive effect and Firm Size has a significant negative effect on Profit Growth. For PT Sumber Alfaria Trijaya Tbk, Total Asset Turnover has a significant negative effect and Firm Size has a significant positive effect on Profit Growth. Simultaneously, both variables have a significant effect on Profit Growth. The coefficient of determination R² for FKS Food is 85.7% and for Alfamart is 55.4%.The conclusion of this study is that there is a difference in the effect of Total Asset Turnover and Firm Size on Profit Growth between the manufacturing and retail industries. Industry characteristics influence the direction and strength of these variables.

ANALISIS PENGARUH WORK-LIFE BALANCE DAN KEPUASAN KERJA TERHADAP LOYALITAS KARYAWAN DI PERUSAHAAN JASA KEUANGAN KOTA TANGERANG SELATAN

2026-07-27T18:10:38+00:00

This study aims to analyze the influence of Work-Life Balance (WLB) and Job Satisfaction on Employee Loyalty in a financial services company in South Tangerang. This research uses a qualitative case study approach, collecting data through in-depth interviews, workplace observations, and company documentation. The informants were employees with relevant work experience who were willing to provide information regarding their experiences in balancing work and personal life, job satisfaction, and loyalty to the company. Data analysis was conducted through data reduction, data presentation, and conclusion drawing, validated using triangulation of sources and techniques. The findings indicate that employees who can balance their work and personal life tend to exhibit higher loyalty; however, the influence of WLB on loyalty is not as strong as the influence of Job Satisfaction. The key job satisfaction factors affecting loyalty include compensation, career development, work relationships, and leadership. The highest employee loyalty emerges when WLB is adequate and job satisfaction is sufficient, indicating a simultaneous effect of both variables on loyalty. This study provides practical implications for human resource management in financial services companies to enhance support for WLB, improve job satisfaction, and implement effective employee management strategies. Theoretically, this research enriches the understanding of the relationship between WLB, job satisfaction, and employee loyalty in the context of the urban service sector in Indonesia.

PENGARUH BEBAN KERJA DAN LINGKUNGAN KERJA TERHADAP KEPUASAN KERJA KARYAWAN PADA PT. AQIQAH EXPRESS CIPUTAT, TANGERANG SELATAN

2026-07-27T18:12:30+00:00

This study was conducted to analyze the extent of the influence of workload on employee job satisfaction, assess the influence of the work environment on employee job satisfaction, and examine the combined effect of workload and work environment on employee job satisfaction at PT Aqiqah Expres Ciputat, South Tangerang. The study used a quantitative approach with a sample of 68 respondents. Data analysis techniques applied included simple linear regression, multiple linear regression, coefficient of determination, partial t-test, and simultaneous t-test (F-test).The results of the analysis indicate that workload has a positive and significant influence on job satisfaction. This finding is evidenced by the calculated t-value of 9.167, which is greater than the t-table of 1.997, with a significance value of 0.000 <0.05. The work environment also proved to have a positive and significant influence on job satisfaction, indicated by the calculated t-value of 9.058 > t-table of 1.997 and a significance value of 0.000 <0.05. Simultaneously, Workload and Work Environment have a positive and significant influence on Job Satisfaction, as evidenced by the calculated F-value of 51.756, which is greater than the F-table value of 3.14, with a significance value of 0.000 < 0.05.

PENINGKATAN KINERJA KARYAWAN MELALUI KESELAMATAN KERJA DAN FASILITAS KERJA (STUDI EMPIRIK PADA PT. FACILITY SERVICES ONE DI KOTA TANGGERANG SELATAN)

2026-07-27T18:12:28+00:00

Employee performance is a crucial element for companies engaged in the field of facility services. This study aims to analyze the simultaneous and partial effects of work safety (X1) and work facilities (X2) on employee performance (Y) at PT. Facility Service One in South Tangerang City. The research method used is quantitative descriptive. The study population consisted of 135 cleaning service employees, and a sample of 57 respondents was selected using the Slovin formula with a 10% error tolerance. Data analysis was performed using Multiple Linear Regression with SPSS software. The results showed that partially. Work safety has a significant positive effect on employee performance with a t-count value of (2.767 > 1,673) and a significance value of (0,008 < 0,05). Work facilities have a significant positive effect on employee performance with a t-count value of (6,417 > 1,674) and a significance value of (0.001 < 0.05). Simultaneously, work safety and work facilities have a significant effect on employee performance. Implementation of structured work safety protocols and standardized work facilities is highly recommended to optimize human resource productivity.

PENGARUH FINANCIAL LITERACY, TECHNOLOGY, BEHAVIOR DAN RISK PERCEPTION TERHADAP KEPUTUSAN INVESTASI PADA MAHASISWA DI KAMPUS KOTA BEKASI

2026-07-27T18:12:25+00:00

This study aims to analyze the influence of Financial Literacy, Financial Technology, Financial Behavior, and Risk Perception on investment decisions of students in Bekasi City. The study used a quantitative approach with an associative design. Primary data were obtained through questionnaires distributed to 83 student members of the investment gallery at Bhayangkara Jakarta Raya University, STIE Tri Bhakti, and STEBI Global Mulia Cikarang. The sampling technique used purposive sampling, while data analysis was performed using multiple linear regression using SPSS. The results showed that Financial Literacy, Financial Technology, Financial Behavior, and Risk Perception partially had a positive and significant effect on investment decisions. Simultaneously, these four variables also had a significant effect on student investment decisions, thus supporting more rational and optimal investment decision-making.

ANALISIS KINERJA KEUANGAN DENGAN METODE EVA DAN MVA PADA PERUSAHAAN SUB SEKTOR FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2019-2024

2026-06-26T07:01:48+00:00

Financial performance can be assessed not only through accounting profit but also through a company's ability to create value for its shareholders. This study analyzes the financial performance of pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange during the 2019–2024 period using the Economic Value Added (EVA) and Market Value Added (MVA) methods. The research sample consists of four companies selected through purposive sampling, namely MERK, SCPI, KLBF, and SIDO. The results show that all sample companies generated positive EVA values throughout the study period, indicating their ability to create economic value added. In terms of MVA, MERK, KLBF, and SIDO recorded positive values, while SCPI recorded negative values. These findings indicate that EVA and MVA can be used to provide a more comprehensive assessment of corporate financial performance from both internal and external perspectives

PENGARUH PENDAPATAN, LITERASI KEUANGAN, PENGELOLAAN UTANG, TINGKAT PENDIDIKAN, DAN JUMLAH TANGGUNGAN TERHADAP STABILITAS KEUANGAN RUMAH TANGGA (STUDI KASUS RT.005/RW.015 PEKAYON JAYA)

2026-07-27T18:12:20+00:00

Household financial stability has become a critical issue due to increasing financial pressures influenced by income, financial literacy, debt management, educational level, and the number of dependents. This study aims to analyze the influence of these five factors on household financial stability among residents of RT.005/RW.015 Pekayon Jaya. The study employs a quantitative approach using primary data collected via a questionnaire administered to 60 respondents selected using the Slovin formula and simple random sampling from a pool of 70 household heads. Data analysis was conducted using the Partial Least Squares (PLS) method with the assistance of SmartPLS version 4.1. The results indicate that income, financial literacy, and educational level have a significant effect on household financial stability, whereas debt management and the number of dependents do not have a significant effect. An R-Square value of 0.709 indicates that the model explains 70.9% of the variation in household financial stability, while the remaining 29.1% is explained by other variables outside the model. These findings suggest that income and financial literacy are dominant factors in improving household financial stability, with educational level serving as a supporting factor that also contributes.

PENGARUH DIVIDEND PAYOUT RATIO, DEBT TO EQUITY RATIO, DAN RETURN ON EQUITY TERHADAP HARGA SAHAM PADA PERUSAHAAN SUBSEKTOR OTOMOTIF DAN KOMPONEN YANG TERDAFTAR DI BEI PERIODE 2019-2024

2026-07-27T18:12:11+00:00

This study aims to determine the effect of financial ratios, namely the Dividend Payout Ratio (DPR), Debt to Equity Ratio (DER), and Return on Equity (ROE), on stock prices. This study was conducted due to discrepancies or inconsistencies in previous studies. The subjects of this study were automotive and component subsector companies listed on the IDX for the 2019-2024 period. Of the nineteen companies that met the sample criteria, only ten companies met the sample criteria, and the sampling technique used purposive sampling. This study used secondary data and analyzed panel data regression analysis using Eviews version 14. The results indicate that the Dividend Payout Ratio and Debt to Equity Ratio variables have no effect on stock prices in automotive and component subsector companies listed on the Indonesia Stock Exchange (IDX) for the 2019-2024 period. Meanwhile, Return on Equity (ROE) has a positive and significant effect on stock prices in automotive and component subsector companies listed on the IDX for the 2019-2024 period.

ANALISIS KINERJA KEUANGAN PT PERTAMINA (PERSERO) SEBELUM DAN SESUDAH PENERAPAN PRINSIP ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG)

2026-07-27T18:11:52+00:00

This study aims to analyze the differences in profitability, liquidity, solvency, and activity ratios of PT Pertamina (Persero) before and after the implementation of Environmental, Social, and Governance (ESG) principles. The study uses a quantitative descriptive method with secondary data in the form of PT Pertamina (Persero) annual reports for the 2017–2024 period, which consists of four years before (2017–2020) and four years after the implementation of ESG (2021–2024). Data analysis was performed using descriptive statistics, normality tests, paired sample t-tests, and Wilcoxon tests. The results of the study show a descriptive increase in profitability (ROA), liquidity (CR), solvency (DAR), and activity (TATO) ratios after the implementation of ESG. However, statistically there was no significant difference in all financial ratios before and after the implementation of ESG.

ANALISIS FASILITAS STADION SURAJAYA LAMONGAN: Kajian Infrastruktur Fisik Dalam Meningkatkan Minat Pengunjung

2026-07-27T18:11:15+00:00

Surajaya Lamongan Stadium is a strategic sports infrastructure serving as the home ground of Persela Lamongan in the Liga 1 Indonesia competition. Despite various renovations, a comprehensive evaluation of its physical facilities and human resource management (HRM) has not been systematically conducted. This study aims to analyze the physical facility compliance of Surajaya Stadium against PSSI and FIFA standards, and to identify HRM challenges, particularly regarding workforce adequacy and supervision systems. A descriptive qualitative approach was employed, utilizing field observation, in-depth interviews with stadium management, and document analysis. Results reveal that 75% of the 12 evaluated physical facility components meet minimum standards, while three components spectator toilets, parking area, and disability access remain substandard. More critical findings were observed in HRM: the actual workforce of 40 personnel falls significantly short of the ideal requirement of 70 (43% deficit), accompanied by unstructured supervision, absence of periodic performance evaluations, and minimal staff competency development programs. This research contributes a facility evaluation model that integrates physical-infrastructure dimensions with managerial-HRM dimensions, recommending an HRM supervision framework based on facility management standards for Indonesian football stadiums.

STRATEGI PENGEMBANGAN SDM UNTUK MENINGKATKAN DAYA SAING PADA UMKM SEBLAK PRASMANAN TAMAN PERMAI CIRUAS

2026-07-27T18:11:09+00:00

This study aims to analyze the human resource development strategy for improving the competitiveness of Seblak Prasmanan Taman Permai Ciruas, a culinary micro, small, and medium enterprise (MSME). The research employed a qualitative descriptive approach to obtain an in-depth understanding of human resource management practices, existing constraints, and strategic efforts to strengthen business competitiveness. Data were collected through observations, semi-structured interviews with the business owner and employees, and documentation. Data analysis was conducted using NVivo 14 through coding, word frequency analysis, thematic categorization, and relationship mapping to identify key patterns related to human resource development. The findings indicate that the business has a relatively healthy financial condition and employees with high work motivation and adaptability. However, several challenges remain, including the absence of formal training, undocumented standard operating procedures (SOPs), limited digital marketing competencies, and an informal performance evaluation system. NVivo analysis identified five dominant themes: employee training, customer service, digital marketing, performance evaluation, and organizational work culture. Based on these findings, the recommended strategies include implementing regular technical and customer service training, establishing standardized service SOPs, improving digital marketing capabilities through social media and online food delivery platforms, conducting periodic performance evaluations, and fostering a positive organizational culture. These strategies are expected to enhance employee competencies, service quality, customer satisfaction, operational efficiency, and sustainable business competitiveness. The study contributes practical recommendations for MSME owners in developing strategic human resource management to strengthen competitive advantage within Indonesia's increasingly competitive culinary industry.

EKSPLORASI FAKTOR-FAKTOR PEMBENTUK MINAT KONSUMEN PADA KUE PANCONG LUMER SEBAGAI INOVASI KULINER TRADISIONAL DI ERA MODERN

2026-07-27T18:10:13+00:00

This study aims to explore the factors influencing consumer interest in Kue Pancong Lumer as an innovative traditional culinary product in the modern era. The research employed a descriptive qualitative approach conducted at a Kue Pancong Lumer business in Ciruas District, Serang Regency, from January to February 2026. Data were collected through direct observation, in-depth interviews with the business owner and consumers, and documentation. Informants were selected using purposive sampling based on their involvement in the business and purchasing experience. Data analysis followed the stages of data reduction, data display, and conclusion drawing, while data validity was ensured through source and method triangulation. The findings indicate that consumer interest is shaped by several interconnected factors, including product quality, affordable pricing, menu variety, attractive product presentation, digital marketing through social media, and service quality. Product quality, particularly its distinctive taste, soft texture, and various melted toppings, emerged as the most influential factor driving purchasing decisions. Moreover, product innovation, attractive packaging, and the utilization of online food delivery platforms have strengthened the competitiveness of the business amid increasingly intense competition in the culinary industry. Effective operational management and customer-oriented service also contribute to customer satisfaction and repeat purchases. The study concludes that the sustainability of traditional culinary businesses depends not only on preserving authentic flavors but also on continuous innovation, digital marketing strategies, and an in-depth understanding of changing consumer preferences. These findings provide practical insights for small culinary enterprises seeking to enhance competitiveness while preserving Indonesia's traditional culinary heritage.

PENGARUH NEGATIVE WOM, BRAND ATTITUDE, ANIMOSITY, DAN COGNITIVE JUDGMENT, TERHADAP NIAT BOIKOT PRODUK AFILIASI ISRAEL

2026-07-27T18:10:12+00:00

This study aims to analyze the influence of Information Search, Negative Word-of-Mouth (NWOM), and Animosity on Boycott Intention toward Israel-affiliated products in Indonesia, with Brand Attitude and Cognitive Judgment as mediating variables. Driven by the escalation of the genocide conflict in Gaza after October 7, 2023, and Indonesian Ulema Council (MUI) Fatwa No. 83 of 2023, the boycott movement in Indonesia has shown unprecedented intensity. A quantitative approach with a cross-sectional design was employed. Data were collected from 417 Indonesian consumers who had boycotted Israel-affiliated brands within the past three months, via online questionnaire using purposive sampling. Data analysis was conducted using Structural Equation Modeling-Partial Least Squares (SEM-PLS) with SmartPLS 4.0. The findings confirm that Animosity is the strongest predictor of boycott intention, followed by Cognitive Judgment. This study contributes to the development of Value-Attitude-Behavior (VAB) theory and Theory of Planned Behavior (TPB) in the context of geopolitical-based marketing.

MODEL EKONOMI DIGITAL BERBASIS DATA: PERAN MODAL MANUSIA DALAM MEMPERKUAT KETAHANAN EKONOMI NASIONAL

2026-07-11T01:37:20+00:00

Indonesia faces significant challenges in strengthening national economic resilience amid rapid digital transformation. While Micro, Small, and Medium Enterprises (MSMEs) serve as the backbone of the economy, their ability to adapt and remain competitive is increasingly determined by the quality of human capital, particularly in terms of digital skills, knowledge, innovation capacity, and adaptive capability. This study aims to develop and empirically validate a data-driven digital economy model by positioning human capital as a central driver in strengthening national economic resilience. A mixed methods approach was employed. Quantitative data were collected from 300 digital MSMEs and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). This was complemented by qualitative insights derived from in-depth interviews with key stakeholders to provide contextual understanding. The findings reveal that human capital plays a critical mediating role in the relationship between digital infrastructure, inclusive finance, and the national innovation ecosystem in shaping national economic resilience. Human capital significantly influences the national innovation ecosystem (β = 0.592, p < 0.001), inclusive finance (β = 0.819, p < 0.001), and directly contributes to national economic resilience (β = 0.333, p < 0.001). In addition, indirect effects confirm that digital infrastructure enhances economic resilience primarily through the development of human capital. This study confirms that human capital is a key determinant in transforming digital potential into sustainable economic outcomes. Strengthening human capital through continuous learning, digital training, and adaptive capability development is essential to achieving inclusive and resilient economic growth.

DETERMINAN KEPUTUSAN PEMBELIAN MOBIL LISTRIK DI INDONESIA: PERAN PRODUK, HARGA, PROMOSI, DAN KENAIKAN HARGA BBM PADA ERA TRANSISI ENERGI

2026-07-07T07:23:51+00:00

The acceleration of electric vehicle adoption has become an essential component of Indonesia's national energy transition strategy to reduce carbon emissions, improve energy efficiency, and decrease dependence on fossil fuels. Despite various government incentives and policies supporting the development of the electric vehicle ecosystem, the adoption rate of electric cars in Indonesia remains relatively low compared to conventional vehicles. Therefore, this study aims to examine the effects of product, price, promotion, and fuel price increases on consumers' purchasing decisions for electric vehicles in Indonesia, both partially and simultaneously. This study employed a quantitative approach using an explanatory research design. Data were collected through questionnaires distributed to 98 respondents consisting of electric vehicle owners, members of the Hyundai IONIQ Indonesia and Wuling Air EV Indonesia communities, and visitors to the Gaikindo Indonesia International Auto Show (GIIAS). Data were analyzed using validity and reliability tests, descriptive statistics, classical assumption tests, multiple linear regression analysis, coefficient of determination, t-test, and F-test with IBM SPSS Statistics version 25. The findings reveal that product, price, promotion, and fuel price increases have positive and significant effects on electric vehicle purchasing decisions. Among these variables, price is identified as the most influential factor, followed by product quality and fuel price increases, while promotion demonstrates the weakest influence. Simultaneously, the four independent variables explain 91.2% of the variance in purchasing decisions. These findings suggest that accelerating electric vehicle adoption requires the integration of effective marketing strategies, particularly competitive pricing and product quality improvement, along with continuous government support in strengthening the national electric vehicle ecosystem during the energy transition era.