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Halawa, Elna; Nugraheni, Krisnawati Setyaningrum

Jurnal Ilmiah Komputerisasi Akuntansi 2026 Universitas Sains dan Teknologi Komputer

Employee performance is a critical element in organizational success, particularly in labor-intensive industries such as garment manufacturing. This study aims to analyze the effect of work stress (X1) and work environment (X2) on employee performance (Y) in garment industry companies in Semarang Regency. A quantitative descriptive approach with multiple linear regression analysis was employed. The population and sample comprised 96 employees using total sampling. Data were collected through a Likert-scale questionnaire (1–5) with 10 items per variable. All classical assumption tests (normality, multicollinearity, heteroscedasticity) were satisfied. Reliability tests yielded Cronbach's Alpha of 0.866 (work stress), 0.941 (work environment), and 0.937 (employee performance), confirming instrument reliability. Results indicate: (1) work stress has no significant partial effect on employee performance (t = 1.581; sig. = 0.117); (2) work environment has a significant positive partial effect on employee performance (t = 9.618; sig. = 0.000); (3) simultaneously, both variables significantly affect employee performance (F = 56.630; sig. = 0.000) with a coefficient of determination (R²) of 54.9%. These findings confirm that optimizing the work environment both physical and non-physical is the primary strategic priority for enhancing employee performance in the garment industry.

Andrianto, Rival; Puspanantasari Putri, Erni

JURNAL ILMIAH TEKNIK INDUSTRI DAN INOVASI 2026 CV. ALIM'SPUBLISHING

Abstract. PT XYZ, a wooden furniture manufacturing company, served as the research site for this study which applied the Theory of Constraints (TOC) method to analyze production performance and identify bottlenecks. The company faces capacity imbalances between workstations, resulting in production targets that have not been achieved optimally. Data collection involved direct observation and interviews with related parties in the production area. The analysis was conducted by comparing the required capacity with the available capacity at each production workstation. The findings reveal that solid processing, machining, sanding, assembling, painting, and packing have sufficient available capacities to meet production requirements, thus categorized as non-bottleneck processes. In contrast, the panel processing station is identified as the main bottleneck due to its highest workload among all processes. By implementing the Theory of Constraints, the company can identify major constraints and establish improvement priorities to enhance production flow smoothness. It is expected that improvements in bottleneck processes will increase production efficiency, balance capacity among workstations, and support more optimal achievement of production targets. Keywords: bottleneck; capacity; manufacturing; production performance; theory of constraints   Abstrak. PT XYZ sebuah perusahaan manufaktur furnitur kayu, menjadi lokasi penelitian ini yang menggunakan metode Theory of Constraints (TOC) untuk menganalisis kinerja produksi dan mengidentifikasi bottleneck. Perusahaan menghadapi ketidakseimbangan kapasitas antar stasiun kerja yang menyebabkan target produksi belum terdengar secara optimal. Pengumpulan data meliputi observasi langsung dan wawancara dengan pihak terkait di area produksi. Analisis dilaksanakan dengan membandingkan kapasitas yang dibutuhkan terhadap kapasitas yang tersedia pada setiap stasiun kerja produksi. Hasil penelitian menunjukkan bahwa proses pembahanan solid, machining, sanding, assembling, painting, dan packing memiliki kapasitas yang tersedia yang masih mampu memenuhi kebutuhan produksi, sehingga termasuk kategori non-bottleneck. Sebaliknya, stasiun kerja pembahanan panel diidentifikasi sebagai bottleneck utama karena memiliki tingkat beban kerja tertinggi di antara seluruh proses. Dengan penerapan Theory of Constraints, perusahaan dapat mengidentifikasi kendala utama dan menentukan prioritas perbaikan untuk meningkatkan kelancaran aliran produksi. Diharapkan perbaikan pada proses bottleneck dapat meningkatkan efisiensi produksi, menyeimbangkan kapasitas antar stasiun kerja, serta mendukung pencapaian target output perusahaan secara lebih optimal. Kata kunci: bottleneck; kapasitas; kinerja produksi; manufaktur; theory of constraints

Rizza Tiaratu; Anisa Sal Sabilla Putri; Indi Salwa Zahrina; Dwi Batrisya Cahaya; Erika Dwi Maretya Nur Utami +1 more

JURNAL RISET MANAJEMEN (JURMA) 2026 Institut Teknologi dan Bisnis (ITB) Semarang

This study examines how profitability affects company value among manufacturing firms included in the LQ45 index during the 2023–2025 period, with debt policy serving as a moderating variable. Increasing business competition encourages companies to improve their financial performance and market value to attract investors and maintain long-term sustainability. A quantitative research approach with a causal research design was employed to analyze the relationship between the variables. The study used secondary data obtained from audited annual financial statements published on the Indonesia Stock Exchange. Data analysis was conducted using Moderated Regression Analysis (MRA) with the assistance of SPSS version 26. The results indicate that profitability has a significant positive effect on firm value, suggesting that higher profitability enhances investor confidence and contributes to higher market valuations. Furthermore, debt policy significantly moderates the relationship between profitability and firm value by strengthening the influence of profitability. The coefficient of determination increased from below thirteen percent to more than sixty-three percent after including the moderating variable. These findings demonstrate that effective debt management combined with strong profitability contributes to higher firm value and supports sustainable corporate growth and long-term investor confidence.

Balena Insan Faza; Syamsul Hadi; Reynaldi Wahyu Ramadhan; Azril Ihza Fahreza; Emir Rashid Hibatullah +1 more

Mars: Jurnal Teknik Mesin, Industri, Elektro Dan Ilmu Komputer 2026 Asosiasi Riset Teknik Elektro dan Informatika Indonesia

The opening of the wrench opening for M14 bolts is broken in use as a problem encountered in field activities. The manufacturing objective is to obtain an M14 mm wrench-ring wrench from forged steel measuring 200x6.5 mm. The manufacturing method includes: wrench design on one end and ring wrench design on the other end for bolt size M14 mm, cutting sufficient volume of steel material after forging according to the design, wrench forging on one end and ring wrench forging on the other end for bolt size M14, Chromium plating; finishing of wrench gap and hexagon for ring wrench with a distance of 22 mm, and quality-dimension-standard inspection. TThe manufacturing results are in the form of a paired wrench with an M14 mm ring wrench made of forged steel coated with chromium measuring 200x6.5 mm with a total production cost of IDR 30,000/unit, and a process duration of 3 minutes/unit which has the impact that the paired wrench with a ring wrench for M14 mm bolts measuring 200x6.5 mm can be used for M14 bolts in general with an opening width of 22 mm for both ends as a wrench or ring wrench.

Irfan Nur Rachmadi Putra; Syamsul Hadi; Gibran Kurnia Ramadhan; Mohammad Rafi Rahman; Muhammad Syahrul Pahlevi

Mars: Jurnal Teknik Mesin, Industri, Elektro Dan Ilmu Komputer 2026 Asosiasi Riset Teknik Elektro dan Informatika Indonesia

Less rigid, easy to rust trapezoidal wave galvalum roof as a problem encountered in industrial buildings, warehouses, commercial facilities, and residential homes. The purpose of making a trapezoidal wave galvalum roof with dimensions of 600x102 cm, height 3 cm, thickness 0.30 mm. The manufacturing method includes: design of a trapezoidal wave galvalum roof with dimensions of 600x102 cm, height 3 cm, thickness 0.30 mm; selection including purchase of Aluminum Zinc coated steel (BJLAS) materials; design and manufacture of roll-forming; formation of a trapezoidal wave profile with dimensions of 600x102 cm, height 3 cm; cutting the trapezoidal wave galvalum roof every 6 m; and inspection of quality-dimensions-standards. The result of the manufacture is a trapezoidal wave galvalum roof with dimensions of 600x102 cm, 3 cm high, 0.30 mm thick with a total manufacturing cost of Rp. 328,000/sheet, and a manufacturing duration of 1.2 minutes/sheet, which means that the trapezoidal wave galvalum roof meets the dimensional specifications of SNI BJLAS G550-SNI 4096:2007 and is suitable for application as a roof covering system on medium-span buildings.

Rismatul Hasanah; Syamsul Hadi; Gilang Febriyan Mahendra; Muhammad Ilham Sujatmiko; Ahmad Jibril Muqorrobin +1 more

Mars: Jurnal Teknik Mesin, Industri, Elektro Dan Ilmu Komputer 2026 Asosiasi Riset Teknik Elektro dan Informatika Indonesia

The frequent breakage of saw blades and the use of blades that are not suitable for beginner saw operators present a significant problem in metal sawing activities. This study aims to produce a double-sided sharp steel saw blade with dimensions of 310×30×0.8 mm. The production process consists of several stages, namely designing the double-sided sharp saw blade, cutting high-carbon steel material to size, drilling 4 mm diameter holes at both ends with a 310 mm distance between holes, forming sharp edges on both sides of the blade, hardening only the two cutting edges, followed by labeling, packaging, and quality and dimensional standard inspection. The production output is a double-sided sharp steel saw blade measuring 310×30×0.8 mm made from medium carbon steel. The manufacturing cost is Rp. 3,500 per unit with a processing time of 3 minutes per unit. These results indicate that the saw blade can be mounted on a general saw handle and has improved resistance to breakage, making it more suitable for beginner users whose sawing motion is not consistently aligned on a single flat plane.

Furqon Furqon; Shabrina Aisyah; Sulaeman Sulaeman; Wahyudi Wahyudi

JURNAL MANAJEMEN DAN BISNIS EKONOMI 2026 Institut Teknologi dan Bisnis (ITB) Semarang

Human Resource Management (HRM) plays a strategic role in enhancing organizational productivity through effective management of human capital. This study aims to analyze the influence of training and development, compensation, work environment, and work motivation on employee productivity. The research employed a quantitative approach using a survey method. The population consisted of employees at manufacturing companies in Banten Province, with a sample of 120 respondents selected through purposive sampling. Data were collected using a structured questionnaire and analyzed using multiple linear regression. The results showed that training and development (t = 4.071; sig. = 0.000), compensation (t = 3.397; sig. = 0.001), work environment (t = 3.384; sig. = 0.001), and work motivation (t = 3.046; sig. = 0.003) each had a significant positive effect on employee productivity. Simultaneously, the four independent variables explained 67.4% of the variance in productivity (R² = 0.674; F = 59.821; sig. = 0.000). These findings underscore the importance of integrated HRM practices in improving employee productivity and organizational competitiveness.

Prihartanto, Henry Dwi; Armin, Edmund Ucok; Apriliani, Trisna Ayu

ISAINTEK: Jurnal Informasi, Sains dan Teknologi 2026 Politeknik Negeri FakFak

Wastewater Treatment Plant (WWTP) pada kawasan industri konvensional umumnya masih mengandalkan strategi pemeliharaan berbasis interval waktu yang tetap. Pendekatan tersebut berisiko menyebabkan penurunan performa pompa yang tidak teridentifikasi secara dini serta meningkatkan potensi pemborosan energi operasional. Penelitian ini mengembangkan Green Maintenance Framework berbasis machine learning untuk meningkatkan reliabilitas pompa sirkulasi pada sistem Moving Bed Biofilm Reactor (MBBR). Analisis dilakukan menggunakan dataset telemetri multi-sensor yang mencakup parameter getaran, temperatur, tekanan, debit aliran, dan rotasi per menit (RPM). Proses rekayasa fitur diterapkan melalui pembentukan System Efficiency Index untuk meningkatkan sensitivitas model terhadap indikator degradasi kinerja pompa. Model prediktif dibangun menggunakan algoritma Random Forest Classifier dengan skema pembagian data 80:20 secara stratified. Hasil pengujian menunjukkan bahwa model menghasilkan tingkat akurasi klasifikasi sebesar 100%, dengan variabel Vibration dan Temperature menjadi parameter yang paling dominan dalam proses prediksi. Analisis operasional memperlihatkan bahwa degradasi pompa menyebabkan penurunan flow rate meskipun nilai rotasi per menit (RPM) mengalami peningkatan, sehingga memicu kenaikan konsumsi energi dan meningkatkan risiko gangguan pada proses biologis Moving Bed Biofilm Reactor (MBBR). Dari aspek ekonomi, kondisi tersebut menyebabkan pemborosan energi sebesar 5.623 kWh atau setara Rp6.271.236, - per bulan untuk setiap unit pompa. Penelitian ini berkontribusi pada pengembangan sistem predictive maintenance berbasis kecerdasan buatan untuk mendukung efisiensi energi serta implementasi green manufacturing di kawasan industri.

Deny Rahma Afifi; Wiwin Widiasih

JURNAL ILMIAH TEKNIK INDUSTRI DAN INOVASI 2026 CV. ALIM'SPUBLISHING

XYZ is a manufacturing company engaged in steel pipe production. In the production process of non-American Petroleum Institute (API) steel pipes, the company still experiences various types of waste, resulting in an inefficient production process. The identified wastes include defects, waiting, transportation, and non-value-added activities, which contribute to increased production time and reduced productivity. This study aims to analyze the major wastes occurring in the non-API steel pipe production process and propose improvements using the Lean Manufacturing approach. The methods employed in this study include Value Stream Mapping (VSM), Value Stream Analysis Tools (VALSAT), Process Activity Mapping (PAM), and Failure Mode and Effect Analysis (FMEA). Data were collected through direct observation, interviews, and documentation of the production process. The results indicate that the dominant wastes affecting the production process are defects, waiting, and transportation. PAM analysis shows that non-value-added activities remain relatively high, leading to production time inefficiencies. Based on the FMEA results, the main causes of waste are machine conditions, work methods, and operator skills. Proposed improvements include periodic machine maintenance, production quality control, work method improvement, and the optimization of material flow.

Muhammad Yusuf Nurfani

This study aims to analyze the implementation of quality control in the carbonated beverage filling process using an automated filler machine and to identify critical control points that influence product conformity and production efficiency. A descriptive quantitative approach was employed through production line observation, machine monitoring, and quality control documentation review. The study focused on the filling process of carbonated beverages packaged in 330 mL aluminum cans and the associated quality control activities throughout the production line. The findings show that the filling process is the key quality control stage, supported by the automated filler machine, Fill High Detector (FHD), seaming, temperature stabilization, and traceability systems to maintain product conformity. The study was limited to a descriptive evaluation of a single production line and did not include statistical process capability analysis or quantitative measurements of filling variation. Therefore, the findings primarily provide operational insights rather than statistical validation of process performance. The findings may assist beverage manufacturers in improving filling accuracy, strengthening inspection systems, and enhancing production reliability through effective quality control practices. This study provides a comprehensive overview of quality control implementation in an automated carbonated beverage filling system and highlights the integration of filling, inspection, and supporting production processes in maintaining product quality and operational efficiency.

Aldy Rachman; Ahmad Maulana; ⁠Dani Irawan

Jurnal Riset Rumpun Ilmu Teknik 2026 Pusat riset dan Inovasi Nasional

This study aims to analyze the effect of cutting parameters on surface roughness in the turning process of AISI 1045 steel. The investigated parameters include cutting speed, feed rate, and depth of cut. A quantitative approach was employed using multiple linear regression analysis with SPSS software. The dataset consisted of 30 simulated experimental observations with varying cutting parameter conditions. Prior to regression analysis, classical assumption tests including normality, multicollinearity, and heteroscedasticity tests were conducted to ensure the validity of the model. The results indicated that all assumptions were satisfied. The findings reveal that simultaneously, all independent variables have a significant effect on surface roughness with a coefficient of determination of 82.1%. Partially, Feed rate and cutting speed significantly influence surface roughness, while depth of cut does not show a significant effect. Feed rate is identified as the most dominant variable affecting surface roughness, where an increase in Feed rate leads to higher roughness values. In contrast, increasing cutting speed tends to reduce surface roughness. This study highlights the importance of controlling cutting parameters, particularly Feed rate and cutting speed, to improve machining quality. The results provide practical implications for manufacturing industries in optimizing machining parameters to achieve better surface quality and process efficiency.

Kevin William; Yanti Yanti

JURNAL RISET EKONOMI DAN AKUNTANSI (JREA) 2026 Institut Teknologi dan Bisnis (ITB) Semarang

This study aims to analyze the application of standard costing and variance analysis in identifying production cost inefficiencies at UMKM Sari Kedelai Bu Ade, a soybean milk manufacturing business in Yogyakarta. The research used a descriptive quantitative approach with a case study method based on the company’s operational data. Standard costs were prepared using historical production data from the second semester of 2024, while actual production costs were calculated using operational realization data from the first semester of 2025. The analysis focused on direct material variance, direct labor variance, and factory overhead variance to identify the dominant sources of production cost inefficiency. The results show that direct labor variance became the largest unfavorable variance due to the use of actual working hours exceeding the established standards. Fixed overhead variance also indicated the existence of idle capacity because actual production had not reached the company’s normal production capacity. On the other hand, direct material variance and variable overhead variance still showed favorable conditions, indicating that the company was still capable of controlling material usage and several operational costs. This study concludes that the implementation of standard costing and variance analysis can help MSMEs identify production cost inefficiencies that were previously undetected through simple bookkeeping practices.

Rahayu Rahayu; Winda Kristiyani Br Purba; Aisyah Siregar; Willy Cahyadi

JURNAL RISET EKONOMI DAN AKUNTANSI (JREA) 2026 Institut Teknologi dan Bisnis (ITB) Semarang

The rubber processing manufacturing company PT Darmasindo Intikaret Tebing Tinggi is encountering more and more intense competition. So, managing human resources, the company's most valuable asset, is a top priority alongside meeting financial and operational goals. In human resource management, employee happiness is a key performance measure. Leadership style, discipline, and K3 are all variables that this study hopes to identify and examine in some detail. This research falls under the category of development studies and employs a quantitative methodology. This research makes use of both primary and secondary sources for its data. Findings from both primary and secondary sources are used into this research. People who work in production at PT. Darmasindo Intikaret were the subjects of this research. According to the results of the complete sampling method, the milling production staff consists of 34 individuals. In this study, the entire population is employed as a sample. The data analysis techniques utilised in this study included reliability and validity tests, tests for classical assumptions like normality and multicollinearity and heteroscedasticity, and tests for multiple regression, determination coefficients, and hypotheses like the F and T tests. Leadership style significantly and positively affects employee job satisfaction, according to the study's results. There is a favourable and statistically significant relationship between discipline and employee job satisfaction, and K3 is no exception. Employees' happiness on the job is influenced by a number of factors, including leadership style, discipline, and K3. The significance of enhancing the quality of leadership style, discipline, and 3 in boosting employee job satisfaction in a firm, particularly manufacturing companies, can be demonstrated by doing this study.

Dede Amanda; Aswin Akbar

JURNAL RISET EKONOMI DAN AKUNTANSI (JREA) 2026 Institut Teknologi dan Bisnis (ITB) Semarang

This study aims to analyze the effect of profitability and liquidity on firm value in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period. The study was motivated by inconsistencies in previous research results regarding the influence of profitability and liquidity on firm value. Profitability was measured using Return on Assets (ROA), liquidity was measured using Current Ratio (CR), while firm value was measured using Price to Book Value (PBV). This research employed a quantitative approach using secondary data obtained from company financial statements. The sampling technique used purposive sampling with a total sample of 9 manufacturing companies during the research period. The data analysis methods included descriptive statistical analysis, classical assumption tests, multiple linear regression analysis, coefficient of determination test (R²), partial test (t-test), and simultaneous test (F-test) using SPSS software. The results showed that company profitability tended to be stable although several companies experienced performance fluctuations, while liquidity levels showed considerable variation among companies. Based on the partial test results, profitability (ROA) did not have a significant effect on firm value with a significance value of 0.765 (>0.05), while liquidity (CR) had a significant negative effect on firm value with a significance value of 0.011 (<0.05). Simultaneously, profitability and liquidity had a significant effect on firm value with an F-test significance value of 0.020 (<0.05). The coefficient of determination (R²) value of 0.169 indicates that profitability and liquidity were able to explain 16.9% of the variation in firm value, while the remaining 83.1% was influenced by other factors outside the study. This research is expected to contribute to the development of financial management knowledge and serve as a consideration for investors and companies in decision-making.

Muhammad Faza Kamil; Syamsul Hadi; Ulil Albab Abdillah; Faiqur Rizal Fajriminallah; Jason Andreas Hudi Prayoga

Mars: Jurnal Teknik Mesin, Industri, Elektro Dan Ilmu Komputer 2026 Asosiasi Riset Teknik Elektro dan Informatika Indonesia

The problem lies in the quality of the umbrella nails for asbestos or zinc roofs which often experience damage to the nail head is not large enough, the tip of the nail is blunt, thus damaging the roof material, and susceptibility to corrosion due to weather, and slow manual production. The purpose of making is to obtain umbrella nails with a length of 50 mm and a diameter of 2.5 mm which are strong, pointed tips, relatively fast. The manufacturing method includes: making cylindrical umbrella pieces from 2 mm thick aluminum with a diameter of 25 mm and a 1.5 mm hole center, selecting raw materials for low carbon steel wire, AISI 1020 in the form of a 3 mm diameter coil, straightening and reducing the cross-section of wire using a die (wire drawing),, forming the nail head (cold heading), mechanically cutting the pointed end, forming the nail umbrella from cylindrical pieces that have been inserted with 50 mm long nails and pressed, immersing the umbrella nails in 500oC zinc liquid (galvanizing) for 2 minutes, checking dimensions and quality standards. The manufacturing results are in the form of strong zinc-coated thumbtacks measuring 50 mm in length, 2.5 mm in diameter, 1.2 mm in thickness of the thumbtack plate, total production cost of IDR 340/unit, and process duration of 12 seconds/unit, which implies that the need for strong and corrosion-resistant thumbtacks can be met for various related engineering needs.

Dona Martilova; Muthia Fahira

Jurnal Ilmu Kesehatan dan Gizi 2026 Pusat Riset dan Inovasi Nasional

The physiological changes that occur during pregnancy, both physically and mentally, may be rather uncomfortable, particularly in the second and third trimesters. Pregnant women often report back discomfort, muscular aches, trouble sleeping, excessive exhaustion, and irregular sleep patterns. Mothers' physical and mental health as well as the health of their unborn children may be significantly impacted by inadequate sleep quality during pregnancy. To enhance comfort and the quality of sleep during pregnancy, one non-pharmacological technique is to use an aromatherapy maternity pillow. An ergonomic and ecologically sustainable invention to enhance mother comfort during pregnancy was the goal of this research, which intended to produce a Pregnancy Pillow Therapy product with pineapple leaf fiber and aromatherapy. A descriptive research design using a prototype creation technique was used in this study. The stages of the research included problem identification, literature review, product design, material selection, prototype manufacturing, and product evaluation. Data were collected through literature studies and observations related to sleep discomfort in pregnancy, maternity pillow utilization, aromatherapy therapy, and pineapple leaf fiber characteristics. The developed product was designed ergonomically to support the back, abdomen, waist, and legs of pregnant women. The addition of aromatherapy was intended to provide a relaxing effect and improve sleep quality. The use of pineapple leaf fiber also supports environmentally friendly product innovation through agricultural waste utilization. The results indicate that Pregnancy Pillow Therapy has the potential to become a supportive product for improving comfort and sleep quality among pregnant women. Further studies are recommended to evaluate product effectiveness directly among pregnant women.

Bintang Noviansyah Syamsu; Dedi Trisnawarman; Agus Budiyantara

JURNAL PENELITIAN SISTEM INFORMASI 2026 Institut Teknologi dan Bisnis (ITB) Semarang

Manual management of customer receivables in manufacturing companies often leads to inefficiencies, including slow analysis processes, difficulty in monitoring outstanding balances, and limited ability to track payment trends comprehensively. This study designed a Business Intelligence Dashboard using Microsoft Power BI to address these issues at PT. XX Industry, employing a Software Development Life Cycle (SDLC) approach consisting of four stages: Planning, Analysis, Design, and Implementation. During the design phase, a data warehouse was built using a star schema model in SQL Server Management Studio, followed by an Extract, Transform, Load (ETL) process to ensure data accuracy and consistency prior to integration into Power BI. Five Key Performance Indicators (KPIs) were established collaboratively with company management through a series of online discussions, comprising Total Invoice, Total Payment, Total Receivables, Payment Rate, and Average Payment Time, all implemented using DAX expressions. The resulting dashboard features monthly trend visualizations, customer-based receivables distribution, and interactive filter capabilities. System testing confirmed that all components functioned correctly, while ETL validation verified consistency between processed and source data. User Acceptance Testing (UAT) conducted by management yielded an average score of 4.7 out of 5, reflecting a very high level of user acceptance. Overall, this dashboard proved effective in improving receivables monitoring efficiency and supporting faster, data-driven decision-making.

Elia Rossa; Nurasia Natsir

International Journal of Management and Strategic Business Leadership 2026 Asosiasi Riset Ilmu Manajemen Kewirausahaan dan Bisnis Indonesia

This study investigates the effect of total risk on firm performance and sustained growth among consumer non-cyclicals manufacturing companies listed on the Indonesia Stock Exchange (IDX) over the period 2019–2023. Total risk is operationalized through the systematic risk proxy (Beta/β), estimated via the Capital Asset Pricing Model (CAPM) framework as the covariance between individual stock returns and the market return divided by the variance of market returns, using the Jakarta Composite Index (JCI) as the market benchmark. Firm performance is measured through Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q, while sustained growth is operationalized following Gerson et al. (2025) as SG = b × ROE, where b denotes the earnings retention ratio. Panel data regression analysis is applied to 225 firm-year observations drawn from 45 companies, with model selection guided by the Chow and Hausman specification tests. The Fixed Effect Model (FEM) is adopted for ROA, ROE, and SG, while the Random Effect Model (REM) is applied for Tobin’s Q. Results indicate that systematic risk exerts a significant negative effect on ROA (β = −0.312; p < 0.01) and ROE (β = −0.278; p < 0.01), but is statistically non-significant for Tobin’s Q, suggesting that capital market pricing in Indonesia does not fully incorporate systematic risk information. Critically, systematic risk exerts the largest and most significant negative effect on sustained growth (β = −0.347; p < 0.01), revealing a dual transmission mechanism through which risk suppresses ROE while simultaneously inducing more conservative dividend policies, both of which constrain long-run growth sustainability. These findings carry important implications for corporate risk management strategy and empirically enrich the literature on risk, performance, and growth in emerging capital markets.

Adam Azmi Fauzi

Jurnal Ekonomi dan Pembangunan Indonesia 2026 Asosiasi Riset Ekonomi dan Akuntansi Indonesia

This study aims to analyze the effect of profitability, company size, and type of public accounting firm on Key Audit Matters (KAM), with audit fees as a moderating variable in manufacturing sector companies listed on the Indonesia Stock Exchange for the 2022–2024 period. This study used a quantitative approach with a purposive sampling method. Data were obtained from audited financial statements and annual reports published on the official Indonesia Stock Exchange website. The study sample consisted of 67 companies, with a total of 201 observations. Data analysis techniques used included descriptive statistical analysis, classical assumption tests, multiple linear regression, and Moderated Regression Analysis (MRA). The results showed that profitability had a significant negative effect on KAM disclosure, while company size had a significant positive effect on KAM disclosure. The type of public accounting firm showed a significant negative effect on KAM disclosure. Furthermore, audit fees did not moderate the relationship between profitability and KAM, but they did moderate the relationship between company size and type of public accounting firm on KAM disclosure. This study demonstrates that company and auditor characteristics play a significant role in determining the disclosure of Key Audit Matters in the independent auditor's report.

Elia Rossa; Nurasia Natsir

International Journal of Economics and Management Sciences 2026 Asosiasi Riset Ekonomi dan Akuntansi Indonesia

This study examines the effect of working capital on firm performance and sustained growth among consumer non-cyclicals manufacturing companies listed on the Indonesia Stock Exchange (IDX) over the period 2019–2023. Working capital is operationalized through three distinct proxies derived from Akgün and Memiş Karatəs (2021): the Cash Holding Level (CHL), which measures the proportion of cash and cash equivalents relative to total assets; the Cash Interactive Effect (CIE), which captures the efficiency of converting revenue into operating cash flow; and the Gross Working Capital Ratio (GWCR), which reflects the share of current assets within total assets. Firm performance is assessed through Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q, while sustained growth is measured using the model proposed by Gerson et al. (2025), expressed as SG = b × ROE, where b denotes the earnings retention ratio. Panel data regression analysis is applied to 225 firm-year observations drawn from 45 companies. The study employs the Fixed Effect Model (FEM) for ROA and ROE, and the Random Effect Model (REM) for Tobin’s Q, as determined by the Hausman specification test. The findings reveal that CHL and CIE exert significant positive effects on ROA and ROE, while CIE is the only proxy to produce a statistically significant positive effect on Tobin’s Q. With respect to sustained growth, CHL and GWCR demonstrate significant negative effects, whereas CIE shows a significant positive effect, indicating that operational efficiency dimensions of working capital actively support long-term growth sustainability. These results reinforce the liquidity management theory and contribute empirical evidence that the structure and efficiency of working capital are strategic determinants of both short-term financial performance and long-term growth sustainability in Indonesia’s consumer goods manufacturing sector.