Rizky Yudaruddin

This study explores whether ownership structure (comprising ownership concentration, foreign, managerial, and institutional ownership) affects intellectual capital disclosure (ICD) in Southeast Asia’s largest stock market and Indonesia’s emerging economy. The sample includes 323 public firms listed on the Indonesia Stock Exchange (IDX) from seven industries between 2008 and 2017, or 2,634 firm-year observations. Data were analyzed using the ordinary least squares (OLS) regression with robust standard errors. The results show that ICD is positively related to ownership concentration. A negative and substantial relationship was found for both foreign and managerial ownerships, while the institutional ownership variable had a negative and insignificant impact. Overall, the results show robust conclusions regarding the impact of the ownership structure on ICD. The findings of this investigation could be taken into account by capital market authorities such as the Indonesia Stock Exchange (IDX) to raise awareness of intellectual capital and improve ICD practices.

Acknowledgment
The researchers are grateful for the valuable responses from two unnamed reviewers and discussion respondents at Mulawarman University. We also thank the Indonesia Stock Exchanges (IDX) and The Indonesia Capital Market Institute for providing the annual report.

Researchers have emphasized the role of e-commerce for small enterprises in improving their performance. However, there is limited evidence on the use of e-commerce by small enterprises, and e-commerce adopters and non-adopters dealing with COVID-19. Therefore, the purpose of this study is to investigate the differences in the impact of COVID-19 on income between small enterprises that are adopters and non-adopters of e-commerce. This study also explored the impact of restrictions on community activities, the intention to adopt e-commerce, and the types of assistance required by small enterprises due to the pandemic. Data were collected through an online questionnaire survey among small enterprises that operate in the culinary field (1,024 small enterprises in Indonesia). The data were analyzed using descriptive analysis, cross-tabulation, and the Mann-Whitney test. This study finds that non-adoption of e-commerce caused small enterprises to experience a decline in income, which worsened due to restrictions of community activities, compared to adopters of e-commerce. Therefore, to overcome this negativity, small enterprises were pushed to adopt e-commerce. Finally, working capital assistance is the main assistance required due to the pandemic both by e-commerce adopters and non-adopters. This study has significant implications for how small enterprises and governments may benefit from e-commerce dealing with extreme disruptions such as the COVID-19 pandemic.

Acknowledgment
We are grateful to Mulawarman University for providing us with the funding necessary to gather the necessary data for the study and complete this empirical investigation. We also would like to thank two anonymous reviewers and seminar participants at Mulawarman University for their helpful feedback.

Foreign direct investment (FDI) inflows into developing countries play an important role in the dynamics of economic growth. Meanwhile, financial development (FDV) and corruption have been considered a determinant of FDI. Therefore, this study aims to assess the effect of FDV and corruption on FDI in developing countries. In addition, this study explores the combined impact of FDV and corruption on FDI. Furthermore, the data for 108 developing countries were collected from the World Development Indicators (WDI) of the World Bank from 1993 to 2017. The results showed that FDV has a positive and significant effect on FDI, while corruption does not have a statistically significant impact. This demonstrates that FDV has contributed to the growth of foreign investment and the important sources of financing for developing countries. However, the interaction between FDV and corruption has a negative effect on FDI. This implies that FDV followed by an increase in corruption tends to reduce FDI inflows. These results encourage policymakers to address issues regarding the joint impact of FDV and corruption on FDI in developing countries.

Acknowledgment
The authors would like to express their gratitude to three anonymous reviewers and seminar participants at Mulawarman University for their insightful comments.

During the COVID-19 pandemic, bank stability became a priority for the Indonesian Financial Services Authority and the government. Economic activity is expected to be restored by muffling the shocks caused by the COVID-19 outbreak. This paper investigates the influence of COVID-19 on banking stability by differentiating bank core capital size and ownership. Using data from 108 commercial banks in Indonesia for the period March 2020 and March 2021, the paper analyzes data using fixed effects regression. The results show that COVID-19 has a detrimental and significant effect on bank stability in Indonesia. Regardless of the size and ownership of a bank’s core capital, it was found that no bank is immune for a year to the severe implications of COVID-19. This condition was experienced by both state banks and private banks, large and small. To assist in the absorption of COVID-19 shocks, this paper proposes policies for regulators that include stimulus packages and countercyclical roles in the banking system via government-owned banks.

This study aimed to investigate the critical aspects of Indonesia’s local government budget structure. The impact of the budget on local fiscal autonomy was also examined by separating the sample of provinces in Java Island and Bali versus Non-Java Island and Bali. The unbalanced panel data was collected on 34 Indonesian provinces from 2013 to 2020. The results showed that locally-generated revenue and general allocation funds positively affect the regional fiscal autonomy index. These results indicate that local revenue and general allocation funds have improved regional fiscal autonomy. When the provincial sample is separated, general allocation funds positively and significantly affect the regional fiscal autonomy index in the provinces of Java Island and Bali. Furthermore, locally-generated revenue, as well as general allocation and profit-sharing funds, play a significant role in increasing the regional fiscal autonomy index in provinces outside Java and Bali, such as Sumatra, Kalimantan, Sulawesi, and Papua. These findings suggest that different geographical conditions and infrastructure have varying effects on encouraging regional fiscal autonomy. This study invites policymakers to address the strengthening of regional authority to explore income sources and budgeting quality and evaluate intergovernmental fiscal relationships.

Acknowledgment
The authors express gratitude to the three anonymous reviewers and seminar attendees at Mulawarman University for their insightful comments.

After restrictions on community activities caused by the COVID-19 pandemic were lifted, numerous businesses, including restaurants and cafes, have already resumed normal operations. Competition is also unavoidable. Thus, companies should motivate their managers to develop various operational strategies to increase customer satisfaction. This study aims to analyze the relationship between customer satisfaction and operational management activities, including layout, decoration, location, and cleanliness. In addition, it examines human resource management, food quality, and atmosphere as mediating variables. Data were obtained using an online questionnaire conducted between June and December 2021. A total of 1,068 clients of cafes and restaurants were selected as the participants using purposive random sampling. Data were evaluated using variance-based structural equation modeling. The results showed that operational management activities promote cafes and restaurants (p-value = 0.000). Furthermore, this study indicates the role of infrastructure elements, specifically human resource management, atmosphere, and food quality, as moderating variables on customer satisfaction (p-value = 0.000). Overall, the findings of this empirical study provide a theoretical contribution by emphasizing cafe and restaurant operational strategies that enhance customer satisfaction.

This study examines the impact of digital capabilities and digital orientation on the digital transformation and digital innovation of small and medium enterprises (SMEs) during the COVID-19 pandemic. In addition, this study assesses how the role of digital transformation and digital innovation mediates the relationship between digital capabilities, digital orientation, and SME performance during the COVID-19 pandemic. Using a sample of 247 SMEs managers, data were analyzed using the structural equation modeling with a partial least square approach. The findings demonstrate the significant and positive influence of digital capability and orientation on SMEs’ digital transformation and innovation during the pandemic. Additionally, the study confirms that digital transformation and innovation positively affect SMEs’ performance during the pandemic. Furthermore, the study reveals that digital transformation and innovation mediate the relationship between digital orientation and capability on SMEs’ performance during the pandemic. However, digital innovation was not found to significantly mediate the link between digital capability and SMEs’ performance.

The primary objective of this study is to examine the connection between Generation Z Indonesian consumers’ perceptions of value for green products and their purchase intentions, with a supplementary investigation into how environmental concerns moderate the influence of perceived green value on their intention to purchase green products. Between June and December 2021, a probability sampling technique, specifically stratified random sampling, was used to select a sample of 543 Indonesian Generation Z consumers. The data were analyzed using a variance-based method, namely partial least squares, within the context of structural equation modeling. The analysis reveals that functional value, conditional value, and environmental concern significantly and positively affect the intention to purchase green products. This indicates that Generation Z consumers are more inclined to choose green products when they perceive them to have good functional value, when specific conditions or requirements support the purchase, and when they have a high environmental concern. Moreover, environmental concern moderates the effect of social value on the intention to purchase green products. This suggests that more environmentally conscious consumers are more likely to be influenced by social value benefits when deciding to buy green products, highlighting the complex interplay between environmental and social motivations in shaping consumer behavior towards sustainability.

The purpose of this study is to investigate the impact of knowledge management on the performance of small and medium-sized enterprises during the COVID-19 period in Indonesia. Furthermore, the study also highlights the role of digital variables such as digital capability, digital orientation, and digital innovation as mediating variables. A total of 247 valid responses were collected for this study through the survey conducted among managers of SMEs in Indonesia. The collected data were analyzed using Structural Equation Modeling with the Partial Least Squares approach. The study’s findings revealed several significant insights. It established the positive impact of knowledge management on digital capability, digital orientation, and digital innovation during the COVID-19 pandemic. Additionally, the study identified digital capability as a mediating factor between knowledge management and SMEs’ performance. However, the full support for the mediating roles of digital orientation and digital innovation in the relationship between knowledge management and SME performance was not confirmed, suggesting potential context-specific variations. This implies that the influence of knowledge management on SMEs’ performance is mainly channeled through digital capability. The research underscores the importance of knowledge management and digital factors in shaping SMEs’ performance, particularly in the challenging context of the COVID-19 pandemic.

The primary goal of this study is to investigate the impact of social aid expenditures on the proportion of poor people in Indonesian provinces, as well as the additional impact of the COVID-19 pandemic on poverty levels, with a particular emphasis on the interaction between social assistance spending and the pandemic’s effects. Focusing on 34 provincial governments in Indonesia from 2004 to 2022, the data were analyzed using the two-step GMM system. The results of this study indicate that social aid expenditures negatively and significantly impact the proportion of Indonesia’s population living in poverty. This demonstrates that a rise in social aid expenditures lowers Indonesia’s proportion of the impoverished population. The observed negative impact suggests a real decrease in the poverty rate as social aid expenditures rise. In the meantime, this study discovers a positive and noteworthy impact of the COVID-19 variable. This indicates that compared to the time prior to the COVID-19 pandemic, a larger percentage of Indonesians lived in poverty during the pandemic. Furthermore, social aid expenditures were unable to reduce the number of poor people in Indonesia during the COVID-19 period.

This study aims to analyze the impact of the COVID-19 pandemic on insurance companies` performance. Data spanning 2018 to 2022 from the Wall Street Journal Database was employed, encompassing 1,931 companies across 65 countries. The research distinguishes between developed (808 insurers) and emerging markets (1,123 insurers) to identify more real consequences of the pandemic. The random effects model was utilized for regressions, which run in three stages. The dependent variables (Return on Assets and Return on Equity) and the independent variables (the COVID-19 pandemic and four firm-specific factors such as claim expenses, company size, leverage, and liquidity) were analyzed. In developed markets, the study confirms the significant negative consequences of the COVID-19 pandemic on insurance firms, resulting in a global decline in performance. Conversely, emerging markets reveal a different scenario where company size plays a substantial role in insurance company performance, particularly in return on assets, aligning with findings favoring larger insurance entities. However, when considering company size’s interaction with COVID-19, larger insurers in emerging markets experienced performance declines during the pandemic. While leverage significantly affects insurance firm performance in both market types, its interaction with the pandemic shows no substantial impact. Liquidity, as represented by cash holding does not significantly enhance performance, particularly in developed markets, but higher cash reserves during the pandemic negatively affect performance, primarily in emerging markets. These findings provide insights for insurance company managers to develop adaptive strategies amid evolving market conditions and potential crises, including pandemics like COVID-19.

The study aims to analyze how factors such as environmental attitude, subjective norms, perceived behavioral control, and environmental knowledge impact the willingness of Generation Z tourists in Indonesia to make green or environmentally friendly purchases. It also explores the moderating role of environmental knowledge in the relationship between environmental attitude and green purchase intentions. The analysis focuses on Generation Z respondents, totaling 543 individuals. The paper employs the structural equation modeling (SEM) method. The results show that when considered individually, consumer behavior, encompassing environmental attitude, subjective norms, and perceived behavioral control, exerts a significantly positive impact on green purchase intentions. These results suggest that tourists’ attitudes toward the environment, influence from family or friends, and the ability to control their actions are pivotal in fostering green purchase intentions while traveling. Furthermore, the study demonstrates a substantial positive correlation between environmental knowledge and tourists’ green purchase intentions. Additionally, environmental knowledge moderates environmental attitude, amplifying its positive effect on tourists’ green purchase intentions. This highlights the vital role of environmental knowledge, which not only stimulates green purchase intentions but also motivates tourists to adopt pro-environmental behavior by opting for eco-friendly products.

This study analyzes the impact of the COVID-19 pandemic on the performance of 944 Leisure, Arts, and Hospitality companies from 59 countries listed on global stock exchanges between 2018 and 2022. Using Ordinary Least Squares with robust standard errors, the study reveals a consistent and statistically significant negative impact of COVID-19 on the performance of firms. The results highlight the difficulties faced by companies in this industry during the pandemic. In addition, the study investigates the relationship between firm characteristics and company performance during the COVID-19 pandemic, revealing that company size, liquidity, and leverage play crucial roles in influencing firm performance across industries. Larger corporations exhibit greater resiliency, while greater liquidity facilitates better navigation of pandemic-induced obstacles. In contrast, companies with greater leverage experience more pronounced negative effects on their performance, highlighting the significance of debt management during a crisis. Based on these findings, policymakers are strongly urged to provide targeted assistance to Leisure, Arts, and Hospitality industries to address the challenges the pandemic poses effectively. Regulators should encourage the resiliency of larger firms and stress the importance of maintaining higher liquidity levels for financial stability. It is recommended that managers should prudently manage debt to limit pandemic repercussions and boost performance in the face of extraordinary challenges.

This study delves into the influence of Peer-to-Peer (P2P) Fintech lending on bank performance in Indonesia, with a specific focus on its effects on Islamic banks both before and during the COVID-19 pandemic. Employing a fixed-effects model, unbalanced panel data from 121 banks, including 16 Islamic banks, were analyzed. The findings unveil a significant and positive impact of growth loan disbursement to borrowers from P2P lending on bank performance, particularly in terms of return on assets. Additionally, Islamic Banks exhibit a significant and favorable effect on overall bank performance. Conversely, the joint interaction between P2P lending and Islamic Banks demonstrates a negative and significant influence on Islamic bank performance, suggesting that while P2P lending may benefit conventional banks, it adversely affects Islamic banks. Furthermore, this negative impact is exacerbated during the COVID-19 period. These outcomes underscore the importance of collaboration or strategic alliances between P2P lending platforms and Islamic banks, particularly in the context of the COVID-19 pandemic.

The influence of Environmental, Social, and Governance (ESG) risks on bank stability has become a critical area of study in the banking sector. This study examines the influence of ESG risks on bank stability using unbalanced panel data from 134 commercial banks in Indonesia from 2003 to 2022. Employing a fixed effects model, the findings reveal a significant negative effect of ESG risks on bank stability, where higher ESG risks significantly reduce bank stability. Specifically, government-owned banks face a greater stability decline than private banks due to their often higher exposure to regulatory and reputational pressures. Smaller banks are more adversely affected than larger ones because they lack the resources and diversification to effectively mitigate ESG risks. Additionally, non-listed banks experience a larger decrease in stability than listed banks, as the latter tend to have stricter governance structures and more robust risk management practices. These findings underscore the need for tailored risk management strategies to address ESG risks, particularly for government-owned, smaller, and non-listed banks.