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Zuriati Andini; Elma Wardana; Delvi Dwi Arlina; Eka Hariyani; Arman Maulana

Populer: Jurnal Penelitian Mahasiswa 2025 Vol. 4 (4) Universitas Maritim AMNI Semarang

Literary works are the author's reflection of real life. This paper aims to determine the intrinsic elements contained in the short story "Killing a Crazy Person" in the short story collection "A Pair of Old Shoes" by Sapardi Djoko Damono with an objective approach. The results of the study indicate that the short story "Killing a Crazy Person" has intact intrinsic elements which include theme, characters and characterization, plot, setting, point of view, style of language, and moral. The method used in this study is qualitative descriptive analysis with an objective approach in literary works. Data analysis techniques include reading the short story, observing the short story, collecting data, describing, and drawing conclusions. The conclusion of this study is the integrity of the intrinsic elements contained in the story. The results show that this short story has intact intrinsic elements that support each other and enrich the meaning of the story. The method used is qualitative descriptive analysis with the steps of reading, observing, collecting data, describing, and drawing conclusions. This study provides a deeper understanding of how the intrinsic elements in the short story "Killing a Crazy Person" work together to form a complete and meaningful story.

Lailatus Sa’adah; Lilik Puji Lestari; Friska Devita Sari; Ahmad Ardi Hamzah; Brian Dickson Argatumewa

Populer: Jurnal Penelitian Mahasiswa 2025 Vol. 4 (4) Universitas Maritim AMNI Semarang

This study aims to provide a comprehensive overview of the implementation of green finance and its relationship with the financial performance and profitability of banking institutions in Indonesia. Although sustainable finance policies have been continuously strengthened by regulators and stakeholders, the contribution of green financing to overall banking performance is still developing gradually, making it important to conduct a more focused and systematic analysis of its effectiveness. This research specifically aims to describe the application of green financing practices, assess financial performance conditions, and analyze bank profitability during the 2020–2024 period. The study employs a descriptive quantitative approach using secondary data on green financing distribution, financial performance indicators such as the Capital Adequacy Ratio (CAR), Non-Performing Loans (NPL), and Loan to Deposit Ratio (LDR), as well as profitability measured through Return on Assets (ROA). The findings indicate that the implementation of green finance has the potential to enhance long-term financial stability and improve profitability in the banking sector. This study implies that expanding green financing can serve as a relevant and sustainable business strategy for the banking industry while simultaneously supporting national sustainability and environmental development objectives.

Ayu Nabila Fransiska; Liling Listyawati; Andry Herawati; Damajanti Sri Lestari

International Journal of Management Science and Business 2025 Vol. 2 (4) International Forum of Researchers and Lecturers

This study is intended to identify the impact of Online Customer Reviews and Product Quality Perceptions on Skintific Purchase Decisions on TikTok Shop. This study applies a quantitative approach through causal methods. Involving 96 respondents who have purchased and used Skintific products on the platform. Data analysis was carried out through the stages of classical assumption tests (normality, multicollinearity, and heteroscedasticity), and used multiple linear regression to test the research hypothesis. The findings show that online customer reviews and product quality perceptions have a positive and significant influence on purchase decisions, both when tested individually and together. The adjusted coefficient of determination (Adjusted R²) reaches 0.875, which means that 87.5% of the variation in purchase decisions can be explained by the two independent variables, while the remaining 12.5% is influenced by external elements outside of this model. Among the two variables studied, Online Customer Reviews were proven to have a dominant influence on Purchase Decisions, with a higher Beta value than Product Quality Perception. This conclusion emphasizes that positive reviews from customers and a good view of product quality are the main drivers for consumers to purchase Skintific products on TikTok Shop. Thus, companies are advised to maintain product reputation through consistent quality as well as optimize digital communication strategies based on customer reviews to improve consumer purchasing decisions.

Abdulloh Abdulloh; Sudarmiatin Sudarmiatin; Agus Hermawan

International Journal of Management Science and Business 2025 Vol. 2 (4) International Forum of Researchers and Lecturers

This study conducts a Systematic Literature Review to examine the relationship between job enrichment, the Human Resource Information System, and work–life balance on organisational performance through the mediating role of innovative work behaviour, with a particular focus on medium-scale Micro, Small, and Medium-Sized Enterprises. Drawing on Scopus-indexed publications from 2020 to 2025, the review identifies theoretical and empirical findings that highlight the importance of human resource practices and digital transformation in strengthening organisational innovation. The analysis reveals that job enrichment significantly enhances employee autonomy, engagement, and intrinsic motivation, which in turn fosters innovative work behaviour. Likewise, the Human Resource Information System contributes to performance improvement by increasing decision-making efficiency and supporting data-driven innovation processes. Meanwhile, work–life balance promotes creativity and reduces stress, thereby fostering an environment conducive to innovative thinking. Furthermore, innovative work behaviour is found to mediate the relationship between human resource practices and organisational performance by transforming individual innovation into collective organisational outcomes. These findings indicate that integrating the Human Resource Information System with job enrichment and work–life balance policies can substantially enhance the competitiveness and productivity of medium-scale Micro, Small, and Medium-Sized Enterprises. This study contributes to theoretical advancement in innovation-oriented human resource management and offers practical implications for developing adaptive human resource systems to ensure sustainable business performance in the digital era.

Eko Alamsyah; Sudarmiatin Sudarmiatin; Agus Hermawan

International Journal of Management Science and Business 2025 Vol. 2 (4) International Forum of Researchers and Lecturers

This study aims to examine the influence of product innovation, digital marketing, and business networking on the competitiveness of small and medium-sized enterprises (SMEs), with customer engagement positioned as a mediating variable. Employing a Systematic Literature Review (SLR) approach, thirty Scopus-indexed articles published between 2020 and 2025 were analysed to synthesise theoretical and empirical insights related to SME competitiveness in contemporary digital and urban business environments. The findings indicate that product innovation, digital marketing, and business networking each play a significant role in strengthening SME competitiveness, particularly within markets characterised by rapid technological change. Customer engagement emerges as a critical mediating mechanism that connects these strategic variables to sustainable competitive advantage. It enhances the impact of innovative and digital strategies by fostering stronger emotional, behavioural, and participative interactions between SMEs and their customers. The review also highlights that SMEs adopting integrated digital management practices, such as the utilisation of human-resource information systems (HRIS) and data-driven decision-making tend to demonstrate greater adaptability, market responsiveness, and long-term performance. The study contributes theoretically by integrating resource-based and dynamic capability perspectives, offering a holistic understanding of how digital and relational capabilities interact to elevate competitiveness. Practically, the findings provide strategic guidance for policymakers, SME managers, and practitioners in designing innovation-oriented and digitally enabled initiatives that support sustainable SME growth in the digital era.

Hotmarulitua Manalu; Sudarmiatin Sudarmiatin; Agus Hermawan

International Journal of Management Science and Business 2025 Vol. 2 (4) International Forum of Researchers and Lecturers

This study investigates the influence of financial literacy, entrepreneurship training, and financial inclusion on the performance of micro, small, and medium enterprises (MSMEs) through business sustainability. Using a systematic literature review (SLR) examines the impact of financial literacy, entrepreneurship training, and financial inclusion on MSME performance through business sustainability mediation by synthesizing empirical data from 12 research (2020–2025) across Scopus and Web of Science. Positive direct effects on sustainability (financial literacy via budgeting/risk management; training via adaptive resilience; inclusiveness via digital access) and performance metrics like profitability/growth are confirmed by results using the PRISMA 2020 flow.  Amid obstacles like financial access restrictions and COVID-19 disruptions, business sustainability appears as a crucial mediator, linking these factors to improved MSME results in developing contexts (Africa, Indonesia). Practical implications compel policymakers to give integrated literacy programs, contextual training, and inclusive finance top priority. Theoretical contributions combine financial literacy, entrepreneurial learning, and sustainability ideas into a holistic mediation model. The results highlight the importance of integrating financial education, entrepreneurial skill development, and inclusive financial systems to strengthen MSME resilience and competitiveness. This study provides practical implications for policymakers, financial institutions, and support organisations in designing effective interventions that foster sustainable business growth. The research also contributes theoretically by confirming the mediating role of business sustainability in the relationship between financial literacy, entrepreneurship training, financial inclusion, and MSME performance. Future studies may expand these insights by examining additional contextual factors such as digital technology adoption and business networking that further support sustainable MSME development.

Edwin Karim

International Journal of Management Science and Business 2025 Vol. 2 (4) International Forum of Researchers and Lecturers

This study examines the determinants of green innovation and its impact on sustainable business performance among micro, small, and medium enterprises (MSMEs) in the Bandung Raya region of Indonesia. Specifically, the study analyzes the influence of environmental knowledge and market pressure on green innovation, as well as the effect of green innovation on sustainable performance. A quantitative approach was employed using data from 150 MSMEs, and structural relationships were tested through multiple regression analysis. All measurement instruments demonstrated high reliability (Cronbach’s Alpha 0.89–0.95) and validity (corrected item–total correlation > 0.80). The results reveal that environmental knowledge has the strongest positive and significant effect on green innovation (β = 0.728; p < 0.001), indicating that MSMEs with greater environmental awareness are more likely to adopt eco-friendly innovations. Market pressure also significantly influences green innovation (β = 0.257; p < 0.001), demonstrating the role of consumer expectations, competition, and green product trends in shaping sustainable business practices. Furthermore, green innovation has a very strong and significant impact on sustainable business performance (β = 0.847; p < 0.001), suggesting that eco-friendly practices enhance cost efficiency, customer satisfaction, firm reputation, and environmental outcomes. Overall, the study highlights the importance of combining internal awareness with external pressures to foster green innovation and strengthen sustainability among MSMEs. The findings provide theoretical contributions to green innovation and sustainability frameworks, while offering practical implications for MSMEs, policymakers, and business support institutions.

Albetris Albetris; Sumantri Sumantri

International Journal of Economic, Social and Development Sciences 2025 Vol. 2 (4) International Forum of Researchers and Lecturers

The rapid advancement of digital technologies and Artificial Intelligence (AI) has fundamentally reshaped the management and development of the tourism industry. Digital transformation strategies offer substantial opportunities to enhance destination competitiveness while simultaneously supporting economic, social, and environmental sustainability. This study aims to systematically examine the role of digital transformation and AI in strengthening sustainable tourism competitiveness through a literature review approach. A total of 42 peer-reviewed journal articles published between 2019 and 2025 were analyzed, drawing from Scopus, Web of Science, and Google Scholar. The analysis employed thematic synthesis to identify dominant patterns, conceptual relationships, and emerging themes across the literature. The findings indicate that AI-driven digital transformation enhances operational efficiency, enables personalized tourist experiences, supports data-informed resource management, and facilitates the development of smart tourism destinations. Nevertheless, persistent challenges related to human resource readiness, digital inequality, data governance, and ethical considerations remain evident. This review provides an integrated conceptual perspective on digital transformation and AI in sustainable tourism competitiveness and offers insights for policymakers, practitioners, and future research.

Ezzy Cardila Vertiwi; Nabila Putri Sakinah; Merisa Anggraini

Populer: Jurnal Penelitian Mahasiswa 2025 Vol. 4 (4) Universitas Maritim AMNI Semarang

This study aims to examine the effect of green innovation on company value, with financial performance as a mediating variable, in the mining industry. This study uses a systematic literature review approach by examining various relevant previous studies. The results of the study indicate that green innovation plays a significant role in improving environmental performance and operational efficiency of companies, which in turn positively impacts financial performance. Good financial performance is a key factor in strengthening company value and stakeholder trust. These findings confirm that the implementation of green innovation not only supports environmental sustainability but also provides long-term economic benefits for mining companies. This study also found that companies that successfully implement green innovation tend to have a better image in the eyes of investors and the public, which contributes to increasing the company's market value. These findings confirm that the implementation of green innovation not only supports environmental sustainability but also provides long-term economic benefits for mining companies, strengthening their position in an industry that increasingly prioritizes sustainability and social responsibility.

Dadin Solihin; Rita Aisyah

Populer: Jurnal Penelitian Mahasiswa 2025 Vol. 4 (4) Universitas Maritim AMNI Semarang

The increasing poverty rate in West Bandung Regency has encouraged BAZNAS to introduce the Z-Mart programme, which provides business capital assistance as an effort to improve community income. The effectiveness of the programme is assessed based on its ability to achieve predetermined targets and comply with organisational regulations. This study adopts a quantitative approach, involving 151 mustahik as the population, with 61 mustahik selected as the sample to complete the questionnaire. The objective of this study is to evaluate the effectiveness of zakat fund distribution on mustahik income in the Z-Mart programme implemented by BAZNAS of West Bandung Regency. Data analysis using SPSS version 25.0 indicates that the independent variable (X) contributes 59.8 per cent, and that the effectiveness of zakat distribution has a significant effect on mustahik income (R-square = 0.357). Regression analysis reveals that a one-point increase in distribution effectiveness contributes to a positive increase of 0.814 points in mustahik income. The t-test results show that the calculated t-value (5.725) exceeds the critical t-value (1.671), indicating acceptance of the alternative hypothesis and rejection of the null hypothesis. Therefore, this study concludes that the distribution of zakat funds through the Z-Mart programme is effective in improving the income level of mustahik in BAZNAS of West Bandung Regency.

Resty Putri Ulyanah; Roslina Roslina

International Journal of Economic, Social and Development Sciences 2025 Vol. 2 (4) International Forum of Researchers and Lecturers

The growth of online shopping has encouraged brands to utilize live-streaming as a promotional tool to attract consumers, including Parfumoist in Lampung, which actively broadcasts product demonstrations to increase audience engagement. However, whether these broadcasts truly build trust and stimulate purchase intention remains uncertain, forming the central problem of this research. The research tried to analyze the influence of interactivity, visualization, entertainment, and professionalization during live-streaming on consumer trust and purchase intention. Using Stimulus-Organism-Response framework, live-streaming elements are positioned as stimuli, trust as the organism, and purchase intention as the response. A quantitative approach was employed, with purposive sampling of viewers who watched Parfumoist live streams and had made or intended to make a purchase. Data from an online questionnaire then analyzed with SEM-PLS. The findings reveal all four dimensions of live-streaming significantly affect purchase intention, mediated through consumer trust. The findings highlight that effective live-streaming depends not only on frequent broadcasts, but also on the ability of the host to interact meaningfully, present attractive visuals, entertain viewers, and display professionalism. This study concludes that improving the overall quality of live-stream sessions strengthens trust and intention to buy, offering theoretical implications for digital marketing research and practical recommendations for MSMEs to optimize live-streaming strategies in competitive markets.

Sarah Sakiran Salsabila; Khoirul Ilmiyati; Agung Winarno; Heny Kusdiyanti

International Journal of Economic, Social and Development Sciences 2025 Vol. 2 (4) International Forum of Researchers and Lecturers

The rapidly changing and increasingly uncertain business environment presents significant challenges for micro, small, and medium enterprises (MSMEs), requiring them to adapt quickly and strategically to survive and remain competitive. This conceptual article examines the role of business models as an effective adaptation strategy for MSMEs in responding to dynamic market conditions, technological change, and shifting consumer preferences. Through a comprehensive review of various business model frameworks and dynamic capability theories, this study emphasizes that business models play a crucial role in shaping organizational flexibility and strategic responsiveness. The findings highlight that adaptable value propositions enable MSMEs to continuously align their offerings with evolving customer needs, while agile resource management allows firms to efficiently reconfigure internal and external resources. Furthermore, continuous business model innovation and renewal are identified as essential mechanisms for sustaining long-term resilience and competitiveness. The article argues that a business model should not be viewed merely as an operational or administrative tool, but rather as a core strategic mechanism that integrates strategic vision, organizational capabilities, and market orientation. By actively leveraging flexible and innovative business models, MSMEs can enhance their adaptive capacity, mitigate environmental uncertainty, and achieve sustainable competitive advantage in rapidly changing business environments.

Hadraji Mufti Abizar Al Ghiffari; Refika Cyntia Sari; M. Fachriansyah

International Journal of Economic, Social and Development Sciences 2025 Vol. 2 (4) International Forum of Researchers and Lecturers

This study investigates Indonesia’s long-term economic transformation across four pivotal eras: the colonial period, the Old Order, the New Order, and the Reformasi era. Employing a descriptive qualitative design with historical analysis, the research elucidates how political transitions, institutional reforms, and global dynamics have interacted to shape the nation's economic architecture. Results indicate that colonial legacies entrenched deep structural inequalities and a dualistic economy, creating a path dependency that continued to influence policy direction after independence. During the Old Order, efforts to assert economic sovereignty were constrained by macroeconomic instability, limited state capacity, and shifting political coalitions. The New Order marked a turning point toward industrialization, macroeconomic stabilization, and openness to foreign investment, generating high growth but also deepening inequality and dependence on external capital. Entering the Reformasi era, decentralization, democratization of governance, and fiscal transparency reshaped institutional frameworks; however, persistent challenges such as regional disparities, productivity gaps, and vulnerability to global shocks remain evident. The study concludes that Indonesia’s economic evolution is non-linear, shaped by historical constraints and gradual institutional adaptation rather than abrupt shifts. Strengthening governance, enhancing domestic industrial competitiveness, and expanding inclusive development policies are essential strategies for supporting long-term resilience. These findings highlight the importance of continuity in policy reform to achieve sustainable growth and to realize the national vision of Indonesia Emas 2045.

Ni Kadek Ari Ayuningsih; Made Gede Wirakusuma

International Journal of Economic, Social and Development Sciences 2025 Vol. 2 (4) International Forum of Researchers and Lecturers

This study aims to examine the relationship between Corporate Social Responsibility (CSR) disclosure and profitability with firm value. The research was conducted on companies in the oil, gas, and coal sub-sector listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. The independent variables in this study are corporate social responsibility disclosure and profitability, while firm size is employed as a control variable. Firm value is proxied by Price to Book Value (PBV), whereas profitability is measured using Return on Equity (ROE). This study is grounded in Stakeholder Theory and Signaling Theory to explain the relationships among the variables. The sample was determined using purposive sampling, resulting in 29 companies. The data analysis techniques applied include Pearson correlation analysis and multiple linear regression to examine both the simple relationships and the effects of corporate social responsibility disclosure and profitability on firm value. The results indicate that corporate social responsibility disclosure has a negative relationship with firm value, while profitability shows a positive and significant relationship with firm value.

Nurul Huda Chasanah; Ritha F. Dalimunthe; Prihatin Lumbanraja

International Journal of Economic, Social and Development Sciences 2025 Vol. 2 (4) International Forum of Researchers and Lecturers

Employee performance is a strategic factor in the success of regional banking organizations that are oriented towards service and achieving business targets. However, empirical evidence at PT Bank Sumut Kantor Cabang Koordinator Medan, indicates that employee performance tends to stagnate in the "Good" category during the 2021–2024 period. This condition is thought to be related to career development that is not yet optimally structured, organizational commitment that has not been fully actualized in work behavior, and inadequate extrinsic motivation. This study aims to analyze the effect of career development and organizational commitment on employee performance through extrinsic motivation as a mediating variable. The study used a quantitative approach with a survey method of employees at PT Bank Sumut Kantor Cabang Koordinator Medan. Data were analyzed using Structural Equation Modeling. The results show that career development and organizational commitment influence extrinsic motivation, and extrinsic motivation plays a role in improving employee performance and mediating the relationship between variables. These findings strengthen the role of extrinsic motivation as an important mechanism in bridging human resource policies and employee performance in regional banking.

Irfan Taufik; Sudarmiatin Sudarmiatin; Agus Hermawan

International Journal of Management Science and Business 2025 Vol. 2 (4) International Forum of Researchers and Lecturers

This study conducts a Systematic Literature Review (SLR) of 20 empirical and conceptual articles published between 2020 and 2025 to examine the influence of city branding on tourism interest and consumer behavior, with a particular focus on the city of Balikpapan. The synthesis reveals that city branding significantly shapes tourist perceptions through key elements such as destination image, brand identity, brand personality, and digital communication. Destination image consistently emerges as the primary mediator linking city branding to visit intention, while experiential and emotional branding further strengthen tourists’ cognitive, affective, and behavioral responses. The findings also highlight the growing importance of digital media and e-WOM in amplifying city branding strategies, especially in the post-pandemic tourism landscape. Despite strong branding potential rooted in cleanliness, safety, and Balikpapan’s strategic role as a supporting city for the new capital (IKN), gaps remain in digital branding, differentiation, and identity storytelling. The review emphasizes the need for more integrated, innovative, and data-driven branding approaches to enhance the city’s competitiveness and attract greater tourism engagement.

Rieke Oktaviyanti; Elen Karlina; Muhammad Ghazi Dhiaulhaq; M. Alfisyahrin; RR. Rina Antasari

Populer: Jurnal Penelitian Mahasiswa 2025 Vol. 4 (4) Universitas Maritim AMNI Semarang

This study analyzes the influence of Islamic business ethics principles on online buying and selling transactions in the predominantly Muslim community of South Sumatra. Using a quantitative approach through a survey of 200 respondents in Palembang with a Likert scale questionnaire, the data were analyzed using multiple linear regression with SPSS 26. The results showed that the principle of honesty (sidq) had the strongest significant influence (β = 0.029, p = 0.002), followed by unity (tawhid) (β = 0.016, p = 0.049), while other principles such as balance, free will, and responsibility showed a positive but insignificant influence. The regression model explained 10.3% of the variation in transaction behavior (R² = 0.103). This study concluded that the application of Islamic ethics can increase trust and sustainability in e-commerce in the region, with implications for the development of halal businesses. In the future, the application of these principles is expected to mitigate ethical issues in e-commerce, such as fraud and uncertainty that often occur, as well as strengthen transparency and fairness in online transactions.

Rohman, Fadillah Fatqur; Hidayah, Salsabilla Rahma; Muhsidi, Muhsidi; Atiningsih, Budi

Populer: Jurnal Penelitian Mahasiswa 2025 Vol. 4 (2) Universitas Maritim AMNI Semarang

This study aims to analyze the implementation of artificial intelligence in economics learning within the context of the Merdeka Curriculum and to examine its alignment with deep learning principles. The study employed a qualitative approach using a case study design conducted at SMAN 1 Boyolali. The research participants included economics teachers and eleventh grade students. Data were collected through classroom observations, in depth interviews, and document analysis. Data analysis was carried out interactively through data reduction, data display, and conclusion drawing and verification. The findings indicate that the use of artificial intelligence in economics learning remains limited and has not been systematically integrated into pedagogical design. AI is primarily utilized as a supporting tool for lesson preparation and concept clarification rather than for adaptive learning, data driven assessment, or the enhancement of students’ critical thinking skills. Although students demonstrated positive responses toward AI assisted learning, several constraints were identified, including teachers’ limited pedagogical competence in AI integration, the absence of deep learning based instructional design, and infrastructural challenges. These findings suggest that the effectiveness of artificial intelligence in economics education depends not merely on technological availability, but on the alignment between pedagogy, curriculum policy, and human resource readiness.

Uki Yonda Asepta; Sudarmiatin Sudarmiatin; Agus Hermawan; Krismi Budi Sienatra

International Journal of Management Science and Business 2025 Vol. 2 (4) International Forum of Researchers and Lecturers

This study aims to map the intellectual structure and research trends in entrepreneurial innovation using bibliometric analysis based on Scopus data. A total of 891 documents published between 1972-2025 were analyzed through Bibliometrix and Biblioshiny, employing techniques such as bibliographic coupling, co-authorship, and thematic mapping. The results reveal four major clusters: (1) innovation theory and entrepreneurial development, (2) business model innovation and digital transformation, (3) regional innovation systems and policy frameworks, and (4) sustainability and green entrepreneurship. Emerging themes include artificial intelligence (AI), generative AI applications, and digital entrepreneurship education, indicating a shift toward multi-level and interdisciplinary integration. Influential documents and authors were identified, highlighting their role in shaping the knowledge base. The findings suggest that entrepreneurial innovation research is evolving toward digitalization, sustainability, and policy-driven ecosystems, offering opportunities for longitudinal and mixed-method studies. This study contributes by providing a comprehensive overview of the field, identifying gaps, and proposing future research directions to strengthen theoretical and practical advancements.

Barikah, Aminatul; Suwarno, Suwarno

Jurnal Ilmiah Komputerisasi Akuntansi 2025 Vol. 18 (2) Universitas Sains dan Teknologi Komputer

This study investigates the relationship between Environmental, Social, and Governance (ESG) performance and corporate financial distress, with board gender diversity examined as a moderating variable. Using 96 firm-year observations from manufacturing companies listed on the Indonesia Stock Exchange (2022–2024), the analysis employs variance-based Structural Equation Modelling (SEM). The findings reveal that ESG performance does not exert a statistically significant effect on financial distress, and gender diversity does not moderate this relationship. These non-significant results constitute the central empirical contribution of the study, highlighting that ESG engagement and gender diversity have yet to translate into financial resilience in the Indonesian manufacturing context. The study underscores the importance of contextual factors—such as implementation costs, authenticity of ESG disclosures, and limited female representation on boards—in shaping the effectiveness of sustainability practices. The results provide theoretical implications for Stakeholder and Agency Theory and offer practical insights for managers, regulators, and investors in emerging markets.