Advances in Economics & Financial Studies

Investment Inefficiency and Financial Distress: Evidence from ASEAN Non-Financial Firms

2026-06-05T13:38:42+07:00

Purpose: This study examines the effects of investment intensity, over-investment, and under-investment on financial distress among non-financial firms in ASEAN. The study aims to investigate whether inefficient investment behavior increases firms’ financial vulnerability.

Research Method: This study employs unbalanced panel data obtained from the Bureau van Dijk OSIRIS database covering the 2020–2024 period, with a total of 14.371 firm-year observations. Financial distress is measured using the Altman Z”-Score model, while investment inefficiency is proxied by over-investment and under-investment. The analysis applies the fixed effects model with robust standard errors clustered at the firm level. In addition, robustness tests are conducted using ordinary least squares (OLS) and the random effects model (REM).

Results and Discussion: The findings indicate that investment intensity and over-investment significantly increase financial distress risk, suggesting that inefficient investment allocation may weaken firms’ financial conditions. Meanwhile, under-investment does not show a significant effect on financial distress. The robustness test results remain consistent across alternative estimation models, confirming the reliability of the findings.

Implications: This study provides implications for managers and investors regarding the importance of efficient investment decisions in maintaining firms’ financial stability. Future studies are expected to employ broader databases and additional variables to capture firms’ investment behavior more comprehensively.

Originality: This study contributes to the literature by examining the relationship between investment inefficiency and financial distress in the ASEAN context using recent panel data evidence.

The Role of Organizational Commitment in Mediating the Effects of Job Promotion and the Work Environment on Employee Performance

2026-06-17T23:14:24+07:00

Purpose: This study aims to analyze the effects of job promotions and the work environment on employee performance, with organizational commitment serving as a mediating variable, at the Manokwari Regency Education Office.

Research Method: This study employed a quantitative approach with an explanatory research design. The sample consisted of 56 civil servants (ASN) selected through saturation sampling. Data were collected using a questionnaire, supplemented by observations, interviews, and documentation, and were then analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 4.

Results and Discussion: The work environment has a positive and significant effect on organizational commitment and employee performance. Organizational commitment also positively affects employee performance and partially mediates the relationship between the work environment and employee performance. Conversely, job promotions do not have a significant effect on either organizational commitment or employee performance.

Implications: Improving the quality of the work environment is more effective than job promotions in strengthening organizational commitment and employee performance.

Originality: Improving the quality of the work environment is more effective than job promotions in strengthening organizational commitment and employee performance.

Predictive Analysis of Financial Distress in Construction Service Companies Using the Altman, Springate, Grover, and Zmijewski Models

2026-07-02T13:42:45+07:00

Purpose: This study aims to compare the results of financial distress classification produced by the Altman Z-Score (Modified), Springate, Grover, and Zmijewski models for service companies in the construction sector listed on the Indonesia Stock Exchange during the 2022–2024 period.

Research Method: The study employed a comparative quantitative approach with a saturated sample of 21 companies (63 company-year observations). Secondary data in the form of annual financial reports were analyzed using the four models and then evaluated through descriptive analysis, Cohen’s Kappa, the Friedman test, and the Wilcoxon Signed-Rank test.

Results and Discussion: The results of the study show that the four models produce different classification distributions, with varying levels of agreement among the models. The Friedman test revealed significant differences in classification (p < 0.001), indicating that differences in formulas, financial ratios, and threshold values cause each model to provide a different interpretation of the company’s financial condition.

Implications: The research findings provide insights for investors, creditors, and management to consider using multiple models when evaluating a company’s financial condition.

Originality: The novelty of this study lies in its comparative analysis of four financial distress classification models in Indonesia’s construction sector during the post-pandemic period, with an emphasis on the differences in classification results and the degree of agreement among the models.

The Effect of Service Quality and Brand Image on Revisit Intention at The Premiere Hotel Pekanbaru

2026-07-17T18:00:56+07:00

Purpose: This study examines the influence of service quality and brand image on guests’ revisit intention at The Premiere Hotel Pekanbaru amid fluctuating repeat guest rates, increasing hotel competition, and complaints concerning service, facilities, and guest experience.

Research Method: A quantitative causal-associative design was employed. The population comprised 12,680 repeat guests who stayed at the hotel from January to December 2025. Using the Slovin formula, 100 respondents were selected through purposive sampling. Data were collected through structured questionnaires using a five-point Likert scale and analyzed with descriptive statistics, classical assumption tests, and multiple linear regression.

Results and Discussion: Service quality and brand image each have a positive and significant effect on revisit intention. Simultaneously, both variables significantly influence revisit intention and explain 89.3% of its variance (R² = 0.893). These findings confirm that improved service quality and a stronger brand image encourage guests to revisit the hotel.

Implications: Hotel management should improve employee responsiveness, reliability, assurance, empathy, physical facilities, service consistency, and marketing effectiveness to strengthen guest trust, satisfaction, and intention to revisit.

Originality: This study provides empirical evidence from repeat guests of a four-star hotel in Pekanbaru and offers practical insights into strengthening revisit intention through service quality and brand image.

Return on Assets, Debt-to-Equity Ratio, and Current Ratio on Firm Value with Firm Size as a Moderating Variable in Industrial Sector Companies Listed on the Indonesia Stock Exchange

2026-07-15T13:07:40+07:00

Purpose: This study examines the associations of Return on Assets (ROA), Debt-to-Equity Ratio (DER), and Current Ratio (CR) with firm value and evaluates whether firm size moderates these relationships among Indonesian industrial companies.

Research Method: The study uses a quantitative short-panel design comprising 110 firm-year observations from 55 industrial companies listed on the Indonesia Stock Exchange during 2023–2024. Firm value is measured using Price-to-Book Value. The revised analysis requires panel regression with centered interaction terms, firm and year effects, relevant controls, influence diagnostics, sensitivity analysis, and firm-clustered robust standard errors.

Results and Discussion: Preliminary ordinary-regression estimates indicate positive associations of ROA, DER, and CR with firm value but provide no evidence that firm size moderates these relationships. These findings remain subject to confirmation using the revised panel specification.

Implications: Managers should improve asset efficiency, maintain sustainable leverage, and manage liquidity productively. Investors should assess financial quality and risk rather than relying solely on corporate scale.

Originality: The study evaluates firm size as a boundary condition linking financial ratios to the market valuation of Indonesian industrial companies.

Improving the Quality of Financial Reports through Human Resources, Information Technology, Internal Controls, the Implementation of Government Accounting Standards, and Leadership Style

2026-07-31T08:19:47+07:00

Purpose: This study investigates the influence of human resource competency, information technology utilization, internal control systems, Government Accounting Standards implementation, and leadership style on the quality of financial reporting in Regional Apparatus Organizations of West Papua Province.

Research Method: This study employed a quantitative descriptive design using primary data collected through structured questionnaires. Responses were measured using a five-point Likert scale ranging from strongly disagree to agree strongly. The data were converted into numerical values and analyzed using multiple linear regression to examine the relationships between the independent variables and financial reporting quality.

Results and Discussion: The study involved 46 Regional Apparatus Organizations, with a total population of 184 respondents. The findings indicate that human resource competency, internal control systems, and Government Accounting Standards implementation positively affect financial reporting quality. However, information technology utilization and leadership style do not significantly affect the quality of financial reporting in West Papua Province.

Implications: These findings provide empirical insights for policymakers and government institutions, particularly Regional Apparatus Organizations, in evaluating and improving government financial reporting quality.

Originality: This study enriches the literature by providing empirical evidence regarding factors influencing government financial reporting quality in West Papua Province.

Factors Influencing Accounting Students’ Interest in Pursuing a Career as an Internal Auditor

2026-07-09T08:36:58+07:00

Purpose: This study aims to analyze the relationship between financial compensation, labor market considerations, work environment, professional training, social values, and the interest of accounting students at the University of Papua in pursuing a career as an internal auditor.

Research Method: The study used a quantitative cross-sectional survey of 163 college students selected through simple random sampling. Data were collected using a Likert-scale questionnaire and analyzed using multiple linear regression with SPSS.

Results and Discussion: Labor market considerations and professional training are positively and significantly associated with career interest. Financial rewards, work environment, and social values show a positive trend, but the statistical evidence is not yet sufficient. The findings are interpreted as statistical associations, not causality.

Implications: The program needs to strengthen its labor market information, audit training, internships, and practitioner involvement. Future research should improve construct validity and expand the sample size.

Originality: The study provides contextual evidence regarding the career attributes associated with the interest of students at the University of Papua in the internal auditor profession.

Business Tradition: Qualitative Assessment on The Economic Commodification of Larung Sesaji Ritual for Local MSMEs

2026-07-09T08:31:24+07:00

Purpose: This study aims to examine the economic commodification of the Larung Sesaji ritual and its contribution to the development of local micro, small, and medium enterprises (MSMEs) at Kenjeran Beach, Surabaya. It also explores how local communities balance cultural preservation with economic interests in tourism development.

Research Method: This study employed a qualitative business ethnography approach. Data were collected through observations, interviews, documentation, and field notes involving key stakeholders and analyzed using an interactive data analysis model.

Results and Discussion: The findings indicate that the Larung Sesaji ritual serves not only as a sacred cultural tradition but also as an economic catalyst that stimulates local entrepreneurship through culinary businesses, handicrafts, souvenir production, and tourism services. Cultural commodification does not necessarily reduce ritual authenticity when local communities maintain control over cultural representation and decision-making. Community-Based Tourism enhances participation, strengthens local economic resilience, and supports sustainable destination management.

Implications: The findings provide practical guidance for policymakers and tourism stakeholders in designing inclusive and culturally sustainable tourism strategies while supporting MSME development and community welfare.

Originality: This study integrates business ethnography, cultural commodification, and Community-Based Tourism to explain cultural heritage as a sustainable economic resource.

Analysis of the Implementation of Green Banking Concepts in the Operations of Bank Aceh Syariah (Sisingamaraja Medan Branch) in Support of Sustainable Finance

2026-07-26T15:54:25+07:00

Purpose: This study examines green banking implementation in the operations and financing processes of Bank Aceh Syariah, Sisingamangaraja Medan Branch, and its potential relationship with sustainable finance.

Research Method: A qualitative descriptive-analytical case-study design was applied. Data were obtained through in-depth interviews with purposively selected branch employees and analyzed through reduction, coding, categorization, and evidence comparison using six Green Coin Rating indicators as a qualitative framework.

Results and Discussion: Paperless operations were partially implemented through mobile banking, while electricity-saving routines represented resource conservation rather than verified carbon-emissions management. Formal green rewards, green-building standards, and reuse, recycling, and refurbishment were not demonstrated. Environmental documentation and financing restrictions indicated environmental risk screening but did not establish an active green-investment portfolio. Consequently, measurable contributions to sustainable finance could not be confirmed.

Implications: The branch should establish resource-consumption baselines, formal environmental policies, circular waste procedures, green-financing criteria, and portfolio monitoring.

Originality: This study provides a branch-level Islamic banking assessment that distinguishes operational efficiency, environmental screening, and active green financing while avoiding unsupported sustainability claims.

Determinants of Academic Achievement Among Islamic Boarding School Students: An Exploration of the Organizational Environment and External Stakeholder Support

2026-07-27T19:42:12+07:00

Purpose: This study aims to examine the effects of the Islamic boarding school environment and parental support on students' academic achievement, as well as the mediating roles of spiritual intelligence and learning motivation.

Research Method: This study adopted a quantitative explanatory design. A total of 165 students were selected from a population of 280 using the Slovin formula and purposive sampling. Data were collected through a 10-point Likert-scale questionnaire and academic records, then analyzed using PLS-SEM with SmartPLS 4, including mediation analysis based on the Variance Accounted For (VAF) approach.

Results and Discussion: The findings reveal that the Islamic boarding school environment has a positive and significant effect on academic achievement, spiritual intelligence, and learning motivation. Parental support has no significant direct effect on academic achievement but positively influences spiritual intelligence and learning motivation. Both spiritual intelligence and learning motivation significantly enhance academic achievement and mediate the relationship between external factors and academic achievement.

Implications: The findings emphasize the need to strengthen the boarding school environment and promote students' spiritual intelligence and learning motivation through collaboration between schools and parents.

Originality: This study develops an integrated mediation model combining environmental, family, and psychological factors to explain academic achievement in an Islamic boarding school context.

The Influence of Tin Prices and Production Costs on the Net Profit Margin of PT Timah Tbk with Exchange Rate as a Moderating Variable (2018–2025)

2026-07-25T06:41:24+07:00

Purpose: This study examines the associations of tin prices and a Cost of Goods Sold (COGS)-based cost proxy with PT Timah Tbk’s Net Profit Margin (NPM) and evaluates the moderating role of the rupiah–US dollar exchange rate during 2018–2025.

Research Method: The study uses a quantitative time-series design comprising 32 quarterly observations obtained from PT Timah Tbk, the London Metal Exchange, and Bank Indonesia. Daily tin prices and exchange rates were aggregated into quarterly arithmetic averages. Data were analyzed using descriptive statistics, diagnostic tests, multiple linear regression, and Moderated Regression Analysis in EViews 13.

Results and Discussion: Tin prices are positively associated with NPM, whereas the COGS-based cost proxy has no statistically supported association with NPM. The interaction results provide insufficient evidence that the exchange rate moderates either relationship. Thus, insignificant interaction directions are not interpreted as strengthening or weakening effects.

Implications: Management and investors should evaluate commodity-price movements alongside production volume, sales, cost composition, and foreign-currency exposure. The findings represent associations and do not establish causal or dominant determinants of profitability.

Originality: This study integrates tin prices, reported costs, and exchange-rate interactions using recent quarterly data from an Indonesian tin-mining company.

Digital ESG Leadership: The Impact of Technology-Based Leadership on ESG Implementation in Indonesian Technology Companies

2026-07-16T08:12:48+07:00

Purpose: This study analyzes the relationship between Digital ESG Leadership (DEL) and disclosure quality, strategic integration, and ESG performance at Indonesian technology companies.

Research Method: The study employed a non-experimental, longitudinal, document-based quantitative design. The data included eight technology companies with 39 firm-years of observations from 2019 to 2024. DEL was measured using dictionary-based scoring and contextual coding, while the relationships among variables were analyzed using panel data regression.

Results and Discussion: DEL is positively associated with the quality of ESG disclosure (β = 1.040; p < 0.001), strategic ESG integration (β = 0.997; p < 0.001), and ESG performance (β = 0.896; p < 0.001). These results indicate a statistical relationship, not causality, and should be interpreted with consideration of sample size and potential construct overlap.

Implications: Companies need to align their digital strategies with verifiable ESG targets, governance, and outcomes.

Originality: This study develops DEL as a construct that links digital leadership to the three dimensions of ESG implementation in the context of Indonesian technology companies.

Debt-to-Equity Ratio, Return on Assets, and Firm Size on Earnings Management Through Managerial Ownership

2026-07-22T04:56:43+07:00

Purpose: This study examines the relationships of Debt-to-Equity Ratio (DER), Return on Assets (ROA), and Firm Size with Earnings Management and assesses the moderating role of Managerial Ownership in Indonesian energy companies.

Research Method: A quantitative design was applied to audited annual report data from 54 energy-sector companies listed on the Indonesia Stock Exchange during 2023–2024, yielding 108 firm-year observations selected through purposive sampling. Earnings Management was represented by signed discretionary accruals estimated using the complete Modified Jones procedure. Direct and interaction regression models were employed.

Results and Discussion: Only DER was positively associated with Earnings Management, whereas ROA and Firm Size were not significant. Managerial Ownership did not moderate any of the examined relationships. Neither model was statistically significant overall, and their adjusted explanatory power was very low. Thus, debt provided limited coefficient-level evidence but did not establish a comprehensive explanation of Earnings Management.

Implications: Managers should maintain prudent debt structures and strengthen reporting controls. Investors and creditors should assess accrual quality and broader governance mechanisms rather than relying solely on managerial ownership.

Originality: This study evaluates Managerial Ownership as a conditional governance mechanism within Indonesia’s capital-intensive energy sector.

Financial Literacy, Financial Planning, and Financial Attitude on Personal Financial Management with a Consumptive Lifestyle as a Moderating Variable among the Millennial Generation

2026-07-25T06:40:47+07:00

Purpose: This study examines the associations between financial literacy, financial planning, financial attitude, and personal financial management, and tests the moderating role of a consumptive lifestyle among millennials in Ketapang Regency.

Research Method: A quantitative cross-sectional design was applied to questionnaire data from 100 respondents selected through purposive sampling. Descriptive statistics, item–total correlations, reliability and regression-assumption tests, multiple regression, and moderated regression analysis were performed using IBM SPSS Statistics.

Results and Discussion: Financial planning and financial attitude were positively associated with personal financial management, whereas financial literacy was not significantly associated. The three predictors were jointly significant in the direct model. None of the consumptive-lifestyle interaction terms was significant, and their inclusion did not meaningfully improve the model. These findings suggest that planning practices and favorable financial attitudes may be more closely connected with financial management than knowledge alone.

Implications: Financial-education programs should integrate financial knowledge with budgeting, goal setting, expenditure monitoring, and attitude development. Future studies should employ larger sample sizes, validated measurement models, and comprehensive interaction diagnostics.

Originality: This study provides contextual evidence from nonmetropolitan millennials by simultaneously examining consumptive lifestyle across three financial-management relationships.

Factors Affecting Job Satisfaction Among Nurses at Sayang Rakyat Regional General Hospital in South Sulawesi Province, Indonesia

2026-07-24T10:40:17+07:00

Purpose: This study analyzes the relationship between work motivation, workload, work-related fatigue, and the physical and non-physical work environment and job satisfaction among nurses at Sayang Rakyat Regional General Hospital in South Sulawesi Province, Indonesia.

Research Method: This analytical, observational, quantitative study employed a cross-sectional design. A total of 116 respondents were recruited using total sampling. Data were collected using a structured questionnaire and analyzed using the chi-square test and multiple logistic regression with the backward method.

Results and Discussion: The reported bivariate results indicate that all five independent variables are associated with job satisfaction. In the final model, work motivation, work fatigue, and the non-physical work environment continued to show an independent association with job satisfaction, whereas workload and the physical work environment did not. Work motivation showed the strongest positive association among the variables retained in the model.

Implications: Hospital management needs to strengthen professional recognition, career development, burnout management, adequate recovery time, supportive supervision, communication, and teamwork. Longitudinal studies using validated instruments and objective environmental measurements are needed.

Originality: This study integrates psychological factors, job demands, fatigue, and the physical and social environment by distinguishing between the physical and non-physical work environments in the context of a regional hospital.

Career Security and Work Systems on Work Motivation of Civil Servants Under Employment Contracts (PPPK): The Mediating Role of Job Satisfaction

2026-07-27T19:44:00+07:00

Purpose: This study examines the effects of job security and work system on work motivation among Government Employees with Work Agreements (PPPK), with job satisfaction as a mediating variable at the Human Resource Development Agency (BPSDM) of South Sulawesi Province.

Research Method: A quantitative causal-associative design was employed. Data were collected through questionnaires from all 44 PPPK employees using saturated sampling. The variables included job security, work system, job satisfaction, and work motivation. Data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS).

Results and Discussion: Job security and work system positively and significantly affect job satisfaction but have no significant direct effect on work motivation. Job satisfaction positively affects work motivation and significantly mediates the effects of both job security and the work system on it.

Implications: Public sector organizations should strengthen job security and improve work systems to enhance job satisfaction and sustain employee motivation. Future studies may examine additional organizational and individual factors influencing PPPK motivation.

Originality: This study extends the public human resource management literature by demonstrating the mediating role of job satisfaction in the relationships between job security and work motivation, and between work system and work motivation, within the underexplored PPPK context.

Emotional Intelligence and Spiritual Intelligence on Job Satisfaction Among Nurses

2026-07-27T19:43:39+07:00

Purpose: This study analyzes the partial and collective relationships between the dimensions of emotional intelligence and spiritual intelligence and nurses’ job satisfaction.

Research Method: This quantitative study employed a cross-sectional analytical observational design. The sample consisted of 88 nurses from the inpatient ward at Labuang Baji Regional General Hospital in Makassar, selected through total sampling. Data were collected using a Likert-scale questionnaire and analyzed using simple and multiple linear regression.

Results and Discussion: Self-motivation and transcendental awareness are positively associated with job satisfaction. Empathy and critical existential thinking have negative coefficients in the multiple model. However, their directions are opposite to those in the bivariate results, suggesting the possibility of suppression or model instability. The other dimensions do not show significant partial associations. Collectively, all dimensions are significantly related to job satisfaction and account for 56.8% of its variance, though causality cannot be established.

Implications: Hospitals can integrate the development of spiritual motivation and capacity into professional training programs, along with improvements in working conditions. Multicenter, longitudinal studies with construct validation and control for confounding factors are needed.

Originality: This study examines, in an integrated manner, the relationship between nine emotional and spiritual dimensions and job satisfaction among nurses in public hospitals.

The Influence of Workload, Incentives, and Work Environment on Employee Work Productivity at PT Wira Abadi Indonesia

2026-08-04T22:03:24+07:00

Purpose: The purpose of this study is to assess the influence of compensation and work motivation on the execution of job descriptions.

Research Method: A quantitative approach was employed. The study population consisted of all 35 permanent employees of PT. Wira Abadi Indonesia.

Results and Discussion: Based on the t-test results, the value for the Workload variable was 1.851; since this exceeds the t-table value of 1.661, it is concluded that the Workload variable influences employee work productivity.

Implications: The t-test value for the Incentives variable was 1.581; since this is lower than the t-table value of 1.661, it is concluded that the Incentives variable does not influence employee work productivity. The t-test value for the Work Environment variable was 2.285; since this exceeds the t-table value of 1.660, it is concluded that the Work Environment variable influences employee work productivity. The R-square value was 0.607.

Originality: This indicates that the combined contribution of the Workload, Incentives, and Work Environment variables to employee work productivity is 72.4%, with 27.6% attributable to other factors.

The Influence of Earnings Volatility, Dividend Policy, and Asset Growth on Stock Price Volatility and Stock Returns in the Indonesian Banking Sector

2026-08-04T22:03:56+07:00

Purpose: This study aims to investigate the influence of dividend policy, earnings volatility, and asset growth on the stock prices and returns of banking companies listed on the Indonesia Stock Exchange (IDX).

Research Method: This study employs an associative quantitative approach. Secondary data were obtained from the financial statements and annual reports of banking institutions for the years 2019 to 2020. Purposive sampling was used to select companies based on criteria regarding the issuance of financial statements and the distribution of dividends. Descriptive statistics, classical assumption tests, and hypothesis testing were conducted using multiple linear regression analysis via SPSS version 31.

Results and Discussion: The results indicate that asset expansion, dividend strategy, and earnings fluctuations do not have a partial impact on stock prices or stock returns. Furthermore, these three variables do not influence stock price volatility (Sig. 0.848) or stock returns (Sig. 0.79).

Implications: The findings suggest that external factors—including market sentiment and macroeconomic conditions—played a more significant role in influencing stock price fluctuations and investment returns for Indonesian banking companies during the study period.

Originality: This study contributes to the literature by analyzing the impact of earnings volatility, dividend policy, and asset growth on stock price volatility and stock returns among banking companies on the Indonesia Stock Exchange during the 2021–2025 period.