Journal of Business Economics : Needs, Services, and Money

Profitability, Leverage, and Firm Value: Evidence from Retail Companies in the Consumer Cyclical Sector

Pebriyani Pebriyani — 2026-01-30

This study aims to determine and analyse the effect of profitability and leverage on firm value, with firm size as a moderating factor. The population in this study were companies in the consumer cyclical retailing sub-sector listed on the Indonesia Stock Exchange (IDX) in 2021-2023. The sampling method used was purposive sampling. The resulting sample consisted of 11 companies. The data analysis techniques used were panel data regression and moderated regression analysis. The sample processing technique used E-views version 12. The results showed that profitability affected firm value, while leverage and firm size did not. Firm size moderated the effect of profitability on firm value. However, firm size did not moderate the effect of leverage on firm value.

Drivers of Employee Performance in Public-Sector Utilities: The Relative Roles of Self-Efficacy, Communication, and Organizational Commitment

Lina lina — 2026-01-30

This study examines the impact of self-efficacy and communication on employee performance in a public-sector utility organization in Indonesia, with organizational commitment considered as a mediating variable. Employee performance is crucial in public service organizations due to its direct implications for service quality and operational reliability. Using a quantitative approach, data were collected through structured questionnaires from 199 employees and analyzed using partial least squares structural equation modeling (PLS-SEM). The measurement model demonstrates adequate validity and reliability. The results indicate that self-efficacy (p < 0.001) and communication (p = 0.010) have significant positive effects on employee performance. Both variables also significantly influence organizational commitment (p < 0.001). However, organizational commitment does not significantly affect performance and does not mediate the relationships between self-efficacy, communication, and performance. The model explains 82.5% of the variance in employee performance (R² = 0.825). This study is limited by its focus on a single organization and a cross-sectional design. Future research should incorporate longitudinal approaches and additional organizational variables. Practically, managers should prioritize strengthening employee self-efficacy and communication effectiveness to improve performance outcomes

Keywords: Self-Efficacy, Communication, Organizational Commitment, Employee Performance, PLS-SEM

The Impact of Environmental, Social, and Governance Disclosure on Firm Value: Evidence from Energy and Basic Materials Companies in Indonesia

Herni Ponia — 2026-01-30

This study aims to examine the influence of environmental, social, and governance disclosure on company value (PBV and Tobin's Q). While the independent variables are environmental and social, then governance. The population in this study is energy and basic materials sector companies listed on the Indonesia Stock Exchange for the 2017- 2023 period. The sampling method used is the purposive sampling method so that 7 companies were obtained. The total number of data processed in this study is 49 data. The type of data used is secondary in the form of annual financial statements of companies in the energy and basic materials sectors listed on the Indonesia Stock Exchange for the 2017- 2023 period. The data analysis method used in this study is descriptive statistics with a significant level value of 5%. The results of this study show that ESG has an effect on the company's value (PBV and Tobin's Q).

Keywords: Environmental, Social, Governance, Corporate Value

Financial Knowledge, Socialization, and MSME Financial Management Behavior: Evidence from a Perceived Behavioral Control Perspective

Siska Putri Utami — 2026-01-30

This study examines the determinants of financial management behavior among micro, small, and medium enterprises (MSMEs) by integrating Behavioral Finance Theory and the Theory of Planned Behavior. Specifically, it investigates the roles of financial knowledge and financial socialization, with perceived behavioral control as a mediating variable. Using a quantitative approach, data were collected through a structured questionnaire from 160 MSME owners in Pontianak City, Indonesia. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM).

The findings reveal that financial knowledge does not directly influence financial management behavior but significantly enhances perceived behavioral control. In contrast, financial socialization has both direct and indirect effects on financial management behavior. Perceived behavioral control is found to significantly influence financial management behavior and fully mediates the relationship between financial knowledge and financial management behavior, while partially mediating the relationship between financial socialization and financial management behavior. These results suggest that cognitive financial knowledge alone is insufficient to drive effective financial behavior unless individuals perceive adequate control over financial decisions.

This study contributes to the behavioral finance literature by highlighting perceived behavioral control as a key psychological mechanism in shaping MSME financial behavior. The findings provide practical implications for policymakers and practitioners to design financial empowerment programs that emphasize behavioral control and social learning alongside financial literacy.

The Role of Job Insecurity, Compensation, and Job Satisfaction in Shaping Turnover Intention: Evidence from an Outsourcing Firm in Indonesia

Anggelika Ardila — 2026-01-30

This study examines the effects of job insecurity, compensation, and job satisfaction on turnover intention among employees in an outsourcing employment context in Indonesia. Drawing on psychological contract theory and prior turnover literature, this research aims to identify the relative importance of psychological and economic factors in explaining employees’ intention to leave. A quantitative approach was employed using survey data collected from 56 employees of a private outsourcing company. The data were analyzed using multiple linear regression with the assistance of SPSS version 26. The results indicate that job insecurity has a positive and statistically significant effect on turnover intention, while compensation and job satisfaction do not show significant individual effects. However, the three variables jointly explain a substantial proportion of variance in turnover intention, indicating the multidimensional nature of employee turnover behavior. These findings suggest that perceived employment uncertainty plays a more dominant role than financial rewards or affective job evaluations in influencing turnover intention within contract-based employment settings. This study contributes to the turnover intention literature by highlighting the central role of job insecurity in outsourcing organizations and provides practical insights for managers seeking to reduce employee turnover through improved employment stability and communication strategies