Jurnal Manajemen Teori dan Terapan最新文献

{"title":"How does ESG explain excess returns in emerging market? An Asset-Pricing Approach","authors":"Clarissa Mulialim, Muhammad Madyan","doi":"10.20473/jmtt.v16i2.48072","DOIUrl":"https://doi.org/10.20473/jmtt.v16i2.48072","url":null,"abstract":"Objective: Previous studies found several important risk factors for the capital market in explaining stock performance. However, most studies only consider conventional investment factors without considering sustainable ones. This study examines Environmental, Social, and Governance (ESG) performance’s effect as a risk factor in a multi-factor model.\u0000Design/Methods/Approach: This study employs secondary data from the company’s financial reports, annual reports, and Thomson Reuters ESG score data. The sample for this study were companies listed on the LQ45 index during the 2015-2019 period, which were selected using the purposive sampling method and produced a selection of 19 non-financial companies that met the criteria.\u0000Findings: The results show that ESG negatively affects 21 out of 30 portfolios, and the four-factor ESG model is better at explaining excess returns than the three-factor Fama-French model.\u0000Originality/Value: This study provides new insights by including ESG as a risk factor in the three-factor Fama-French model in explaining stock returns. The existence of the ESG variable allows us to identify whether sustainability is an essential determinant in explaining the average portfolio return. This study adds new insights, where using sustainability reports in the form of ESG can capture cross-sectional variations in stock returns, not only on market factors, size factors, and book-to-market factors.\u0000Practical/Policy implication: Given the established evidence that ESG factors can mitigate risk, investors are encouraged to thoroughly evaluate a company’s sustainability report to assess the efficacy of its ESG performance. For managers of companies, this serves as the foundation for developing strategies that will enhance the long-term profitability and sustainability of the organization.","PeriodicalId":34304,"journal":{"name":"Jurnal Manajemen Teori dan Terapan","volume":"11 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86655653","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Source Effect Theory Perspective on How Opinion Leadership, Parasocial Relationship, and Credibility Influencers Affect Purchase Intention","authors":"Aji Yudha","doi":"10.20473/jmtt.v16i2.48099","DOIUrl":"https://doi.org/10.20473/jmtt.v16i2.48099","url":null,"abstract":"Objective: Influencers are known to have a solid influence on generating purchase intentions in consumers. Therefore, this study aims to examine the effect of opinion leadership, parasocial relationships, and credibility identified through the variables of attractiveness, trust, and expertise on purchase intentions.\u0000Design/Methods/Approach: 206 individuals who follow food vlogger influencers were surveyed for this study. The data analysis was carried out using GSCA SEM with GSCA pro software, and the mediation test was conducted through the Sobel test.\u0000Findings: The results indicate that opinion leadership and parasocial relationships have a positive impact on purchase intention. In addition, attractiveness and trustworthiness can also influence purchase intention through parasocial relationships. However, it was observed that the expertise variable did not directly or indirectly affect purchase intention.\u0000Originality: In this study, variables are utilized based on source effect theory to facilitate the contribution of the results to the advancement of marketing theory and science, specifically in the field of influencer marketing.\u0000Practical/Policy implication: For marketers, selecting influencers who wield substantial influence over their audience and have forged robust relationships with them is crucial. These influencers are renowned for their opinion leadership and parasocial connections, making them ideal for promoting products or brands.","PeriodicalId":34304,"journal":{"name":"Jurnal Manajemen Teori dan Terapan","volume":"18 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83346554","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Organic Food: The Factors Influencing Consumers' Purchasing Intention","authors":"Rakotoarisoa Maminiaina Heritiana Sedera, Ronaldo Yolanda Putra, E. Saputra, Muhammad Ishtiaq Ali","doi":"10.20473/jmtt.v16i2.46107","DOIUrl":"https://doi.org/10.20473/jmtt.v16i2.46107","url":null,"abstract":"Objective: This investigation assessed the factors determining consumers' purchasing intention for natural food. This study employs four variables to explain the phenomenon: purchasing intention toward organic food, altruistic value, egoistic value, and attitude toward organic products.\u0000Design/Methods/Approach: This study employs a quantitative approach, using primary data collected through an online survey from a sample of 109 individuals. We use the convenience sampling method to collect the data. Furthermore, the regression analysis is performed with SPSS version 23.\u0000Findings:  The findings of this study highlighted that altruistic and egoistic values do not influence the intention to purchase organic food. Consumers' attitude has a significant influence on purchasing organic food. However, egoistic values and altruistic values do not influence purchasing intention.\u0000Originality/Value: This research examines specific parameters determining consumers' purchasing behavior toward organic products. The model in this work is grounded with a few gaps that still need to be explored and have rarely been investigated in past studies.\u0000Practical/Policy implication: The findings contribute an additional theoretical comprehensive to the organic food consumption literature. Moreover, these findings can be an asset to the practitioner in shaping successful marketing strategies to promote and develop organic food. This study can provide additional knowledge and a new perception of consumer behavior toward organic food.","PeriodicalId":34304,"journal":{"name":"Jurnal Manajemen Teori dan Terapan","volume":"101 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80616973","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Intellectual capital and firm’s financial distress risk: Evidence from developed and developing countries","authors":"Radifan Wisnu Pradana, D. Chalid","doi":"10.20473/jmtt.v16i2.45672","DOIUrl":"https://doi.org/10.20473/jmtt.v16i2.45672","url":null,"abstract":"Objective: This study aims to examine the effect of intellectual capital on financial distress risk in developed and developing countries.\u0000Design/Methods/Approach: This study adopts a quantitative approach that focuses on investigating the effect of intellectual capital on the risk of financial distress by employing data from 266 companies listed on the India stock Exchange and 1164 companies listed on the Japan Stock Exchange during the period from 2017 to 2021. Panel data regression is employed to conduct the statistical analysis.\u0000Findings: The results confirm that firms in developing and developed socioeconomic backgrounds with stronger intellectual capital are less likely to face financial distress. While the overall impact of intellectual capital on the risk of financial distress appears consistent, the magnitude of each category of intellectual capital varies depending on the economic circumstant. The influence of human capital efficiency in reducing financial distress risk is observed to be stronger in developed countries when comparing the value of the regression coefficient. In contrast, capital-employed efficiency has a greater impact on lowering financial distress risk in emerging nations.\u0000Originality: This study uses the Adjusted VAIC (Value-Added Intellectual Coefficient) method, which incorporates research and development data in measuring structural capital, addressing criticisms faced by the original VAIC method. This study also explores the association between intellectual capital and the risk of financial distress, offering insights into the predictive value of intellectual capital indicators for identifying financially distressed companies. This research examines two countries with differing socioeconomic development and emphasizes intellectual capital's role in developing and developed economies. Additionally, utilizing the Z-Score measurement, adapted for emerging markets in the case of India, provides a comprehensive assessment of the financial distress risk.\u0000Practical/Policy implication: Based on the results, managers should prioritize financial investments that impact the organization's resources, considering the influence of capital employed on intellectual capital. Although less influential, human capital remains significant, thereby emphasizing the importance of investing in employee development and fostering collaboration. While innovation capital may not exhibit statistical significance, creating an environment that supports innovation still holds considerable value.","PeriodicalId":34304,"journal":{"name":"Jurnal Manajemen Teori dan Terapan","volume":"35 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74923586","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Comprehensive Dataset for Bibliometric Analysis of Sustainable Entrepreneurship with Augmented Bibliometric Approach","authors":"Diana Perwitasari, Anggi Nurrahmawati, H. Susanto","doi":"10.20473/jmtt.v16i2.45794","DOIUrl":"https://doi.org/10.20473/jmtt.v16i2.45794","url":null,"abstract":"Objective: The issue of Sustainable Entrepreneurship (SE) has attracted significant attention in recent years, aligning with the concerted global efforts to carry out the SDGs for 2030. Hence, this study aimed to analyze state of the art in SE research to navigate the result of international publication trends regarding SE for 20 years.\u0000Design/Methods/Approach: This study uses bibliometric analysis to explore the evolution of streams of 338 papers from the Scopus database spanning from 2003 to 2022, including identifying the evolution of publications, contributions of authors, countries, and core journals to a field. In addition, we use the Augmented Bibliometric Approach by mapping and visualizing trend analysis of bibliographic coupling, co-citation, and co-author relationships of datasets, using VOSviewer 1.6.19.\u0000Findings: The result showed a consistent upward trajectory in publications from 2015 onwards. Furthermore, our study showed influential authors, papers, countries, and journals within this domain.\u0000Originality/Value: This study contributes to elucidating the evolution of SE, serving as a valuable resource for future studies, aiding in the formulation of theoretical frameworks, and facilitating advancements in this area.\u0000Practical/Policy implication: Given the results, managers should apply various techniques to minimize the negative impact of their business continuity, a strategic approach towards the triple bottom line. Practitioners and policymakers should be able to interpret innovations in sustainability assessment systems further to enable them to formulate policies, strategies, and guidelines to promote the sustainable development agenda (SDGs).","PeriodicalId":34304,"journal":{"name":"Jurnal Manajemen Teori dan Terapan","volume":"26 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82489706","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Role of Community Benefits on Brand Loyalty in Automotive Social Media Brand Community","authors":"Puspita Pratama Novianti, T. Balqiah","doi":"10.20473/jmtt.v16i1.42435","DOIUrl":"https://doi.org/10.20473/jmtt.v16i1.42435","url":null,"abstract":"Objective: This study examines the benefits of online brand community interactivity in social media in the Indonesian automotive sector.\u0000Design/Methods/Approach: The proposed model was empirically assessed using survey data from 332 Indonesian-based automobile online brand community members on social media. In addition, the link between the constructs in the research model was examined using SEM PLS.\u0000Findings: The findings strongly link perceived interactivity and community benefits. In Addition, the results also demonstrate that community members' trust in a brand strongly and positively impacts brand loyalty. Special treatment and a sense of membership increase members' trust in the brand and community satisfaction. However, social influence has negligible effects on community satisfaction.\u0000Originality/Value: This study combines value, trust, and satisfaction as the mediating variables in the relationship between interactivity in the online community and loyalty.\u0000Practical/Policy implication: Given the results, brands should provide flexibility to access information or content by optimizing the usage of social media features that members can easily access anytime, such as adding links to the Instagram bio or description on Facebook or WhatsApp groups. Enhancing these community benefits can be done by ensuring that the information circulated within the community is accurate and informative.","PeriodicalId":34304,"journal":{"name":"Jurnal Manajemen Teori dan Terapan","volume":"15 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87575760","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Mediation Role of Review Helpfulness, Customers Trust, and Brand Attitude Towards Positive e-WOM and Purchase Intention in Cosmetic Shopping Experience","authors":"Lulu Puspita Anggraini, N. Sobari","doi":"10.20473/jmtt.v16i1.42345","DOIUrl":"https://doi.org/10.20473/jmtt.v16i1.42345","url":null,"abstract":"Objective: This study aims to examine the effectiveness of positive electronic word of mouth (e-WOM) in influencing the purchase intention of the cosmetic retailer and the role of review helpfulness, customers' trust in e-WOM, and the role of brand attitude as a mediator in the relationship.\u0000Design/Methods/Approach: This study adopts descriptive quantitative research methods. The populations are women who frequently buy cosmetic products and are selected using non-probability and purposive sampling techniques. The data collection used an online survey with 155 respondents. Afterward, Partial Least Square–Structural Equation Modeling (PLS-SEM) was used to test the hypotheses.\u0000Findings: Findings indicate that positive e-WOM has a positive and significant effect on review helpfulness. Review helpfulness also positively and significantly affects customers' trust in e-WOM and brand attitude. This study also found that customers' trust in e-WOM and brand attitude positively and significantly affected purchase intention. In addition, this study also found that review helpfulness has a positive and insignificant effect on purchase intention. Moreover, results suggest that review helpfulness, customers' trust in e-WOM, and brand attitude positively and significantly mediate the effect of positive e-WOM on purchase intention. \u0000Originality: This study contributes to the marketing literature by using the positive e-WOM variable to see its effect on review helpfulness, customers' trust in e-WOM, brand attitude, and purchase intention in the cosmetic retailing context.\u0000Practical/Policy Implications: Given that positive e-WOM improves customers' purchase intention through review helpfulness, trust in e-WOM, and brand attitude, cosmetic retailers are recommended to encourage their customers to post a review on the retailers' websites or applications. In addition, Cosmetic retailers also recommend displaying the customers' reviews. Hence, the reviews may help other customers know about the products before buying.\u0000 ","PeriodicalId":34304,"journal":{"name":"Jurnal Manajemen Teori dan Terapan","volume":"6 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91201050","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Role of Knowledge and Penetration of Fintech Services in Improving MSMEs of Fishermen and Marine Farmers in Remote Small Islands Region","authors":"Frischilla Pentury","doi":"10.20473/jmtt.v16i1.43743","DOIUrl":"https://doi.org/10.20473/jmtt.v16i1.43743","url":null,"abstract":"Objective: This study aims to investigate the impact of knowledge and current penetration of fintech services on the overall performance of micro, small, and medium-sized enterprises (MSMEs), which in this case were fishermen and marine farmers.\u0000Design/Methods/Approach: This study utilized data from nine fishing villages with two hundred respondents. The data was collected using a questionnaire based on the purposive sampling technique, then analyzed using SmartPLS and path analysis.\u0000Findings: Knowledge had direct and indirect positive and significant effects on the overall managerial performance of fishermen and marine farmers. In addition, the user experience might increase the rapid adoption of fintech, improving the performance of MSMEs in small island regions.\u0000Originality/Value: This study highlights the importance of fintech knowledge for increasing the uptake and impact of fintech among MSMEs in remote small island areas, which has escaped the attention of scientific research.\u0000Practical/Policy implication: Given the results, more effort is needed to increase the knowledge of MSMEs in small islands region regarding services and risk to increase the participation of MSMEs in fintech.\u0000 ","PeriodicalId":34304,"journal":{"name":"Jurnal Manajemen Teori dan Terapan","volume":"37 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76110144","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Exploring the Contingent Role of Effort Expectancy on Online Purchase Intention in E-commerce Application","authors":"Lydia Ery Octalina, A. Rahimah, Z. Arifin","doi":"10.20473/jmtt.v16i1.41398","DOIUrl":"https://doi.org/10.20473/jmtt.v16i1.41398","url":null,"abstract":"Objective: This study examines the influence of hedonic and utilitarian values on perceived benefits and their impact on purchase intention by using effort expectancy as a moderating variable.\u0000Design/Methods/Approach: This study adopts a quantitative approach by employing a non-probability sampling technique to collect a sample of 175 respondents who had used the Shopee application in Malang. The data was analyzed using SmartPLS through the measurement model test (outer model) and structural model test.\u0000Findings: The results show that hedonic value and utilitarian value have a positive and significant effect on perceived benefit, hedonic value and utilitarian value have a positive and significant impact on purchase intention, and perceived benefit has a positive and significant effect on purchase intention. However, effort expectancy does not have a significant role in moderating the relationships.\u0000Originality/Value: The limited extant literature only addresses a simple direct–effect relationship between effort expectancy toward behavioral intention and use behavior. Drawing on the Unified Theory of Acceptance and Use, this research provides deep insight through position effort expectance as the moderation role. Also, this study elaborates on the effect of utilitarian and hedonic values on perceived benefit. In turn, this framework also explored the influence of perceived benefit on consumer intention to purchase in electronic commerce, further advancing an understanding of this dynamic subject matter.\u0000Practical/Policy Implications: The study contributes to the existing knowledge of managerial practice by pointing out the importance of effort expectancy, which shapes the consumer's perceived benefit, and illustrating its impact in the case of purchasing intention in an e-commerce application. E-commerce companies can enhance the customer experience when accessing applications to invigorate purchase intention. E-commerce companies need to maintain their performance in terms of app ease of use and provide innovations by providing more user benefits, thereby creating loyal customers. Eventually, the company should keep earning society's trust as reliable e-commerce that meets the needs of today's digital era. ","PeriodicalId":34304,"journal":{"name":"Jurnal Manajemen Teori dan Terapan","volume":"9 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88430205","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Way Financial Distress Affects Financial Reporting Delay","authors":"Pramesari Dinar Nurquran, A. Ardianto","doi":"10.20473/jmtt.v16i1.41174","DOIUrl":"https://doi.org/10.20473/jmtt.v16i1.41174","url":null,"abstract":"Objective: Previous studies identified a significant effect of financial distress experienced by a company on the delay in submitting its audited financial report. However, no analysis to identify whether the effect is direct or indirect by decomposing the total effect calculated. This study conducted further analysis aiming to reveal the mechanism of the way financial distress affects financial reporting delay, whether the effect is entirely direct or there is a portion of indirect effect, by decomposing the total effect using the quality of financial report as a mediating factor.\u0000Design/Methods/Approach: Public companies listed at Indonesian Stock Exchange (IDXI), whichever delay in submitting audited financial reports were targeted population, the purposive sampling method was implemented to collect financial reports within the 2014-2020 period. Logistic regression, linear regression, and a technique to decompose the effect into four components under the mediation model are analysis methods. In addition, the quality of the financial report measured by the Beneish Score was used as a mediator variable.\u0000Findings: This study found that the more severe the financial distress experienced by a company, the more likely it will delay submitting its audited financial report. Although there is an indication that financial distress affects the quality of the financial report, however no significant evidence that the quality of the financial report mediates some of the effects of financial distress on financial reporting delay. In other words, the effect of financial distress is direct. \u0000Originality/Value: This study delivered new insight by including financial reporting quality as a potential mediating variable in the relationship between financial distress and financial reporting delay. The existence of mediating variable allowed us to decompose the total effect of financial distress on the financial reporting delay and identify whether financial distress's effect on financial reporting delay is direct or indirect. The identification of direct and indirect effects will reveal the mechanism of how financial distress effects affect financial reporting delay. The researchers expected to add new insight, where the use of financial reporting quality as a mediating variable was expected to reveal the mechanism of the relationship between financial distress and financial reporting delay. This study evaluates the relationship between financial distress experienced by companies, financial reporting quality, and financial reporting delay.\u0000Practical/Policy implication: The findings of this study suggest that investors have to be more careful in investment decision-making on public companies that delay submitting their audited financial reports, and regulators have to strengthen protection for investors.","PeriodicalId":34304,"journal":{"name":"Jurnal Manajemen Teori dan Terapan","volume":"91 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87015950","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}