Indonesian Development of Economics and Administration Journal

The Influence of Profitability, Dividend Policy, and Capital Structure on Company Value

Siti S Kandita — 2025-08-01

This study aims to determine the influence of Profitability, Dividend Policy, and Capital Structure on Firm Value at PT Industri Jamu dan Farmasi Sidomuncul Tbk during the period 2013-2022, both partially and simultaneously. The financial ratios examined include Return on Assets, Dividend Payout Ratio, Debt to Equity Ratio, and Price to Book Value. The object of this research is PT Industri Jamu dan Farmasi Sidomuncul Tbk, with secondary data sourced from annual financial reports over the period 2013-2022. The research method used is a quantitative approach, with data collection techniques utilizing documentation methods. Data analysis is performed using descriptive methods, t-tests, F-tests, and Adjusted R-square determination tests. The results of the study indicate that, partially, the Debt to Equity Ratio has a significant influence on Price to Book Value, while Return on Assets and Dividend Payout Ratio do not have a significant influence. Simultaneously, there is a significant influence among Return on Assets, Dividend Payout Ratio, and Debt to Equity Ratio on Price to Book Value. The Adjusted R-square coefficient of determination shows that 87.8% of the variation in Price to Book Value can be explained by these three variables, while the remaining 12.2% is influenced by other variables outside this study.

Unemployment Dynamics in the Digital Era: A Descriptive Qualitative Analysis from a Human Resource Management Perspective

Tiya P Asih — 2025-08-01

The development of the digital era, marked by the Industrial Revolution 4.0, has not only opened up many new job opportunities but also created serious challenges in the form of increasing poverty. This condition is most pronounced among the younger generation, who are still struggling to adapt to the demands of digital skills. This study seeks to understand the causes of poverty in the digital era, its impact on the workforce, and human resource management (HRM) strategies that can be implemented to overcome it. Using a qualitative descriptive approach, data was collected through interviews, observations, and documentation studies, then analyzed using the Miles and Huberman model. The results confirm that the skills gap and the mismatch between educational graduates and industry needs are the main factors. However, the digital era also opens up new opportunities through the gig economy and the creative sector. This study suggests the importance of upskilling, reskilling, and collaboration between the government, the educational sector, and companies to better prepare the Indonesian workforce for competition.

Mutual Fund Investment For Generation Z: Psychological Factors and The Influence Of Consumption Culture

Masno Marjohan — 2025-08-01

Generation Z, as a digital generation that grew up with technology and wide access to information, shows an increasing interest in the world of investment, including mutual funds. This study aims to analyze the psychological factors and culture of consumption that influence the interest and investment behavior of mutual funds in Generation Z. Using a quantitative approach through a survey of Gen Z respondents, this study explores the motivational factors, social influences, and risk perceptions that shape their investment decisions. The results show that psychological factors, such as the need for financial security in the future, play an important role in driving mutual fund investment interest. In addition, the consumption culture influenced by social media and digital trends also influences Gen Z's preference for investment products that are easily accessible and flexible. This study concludes that to attract more investors from Gen Z, financial institutions need to consider aspects of digitalization and personalization of investment products, as well as improve education related to risk management. The findings are expected to serve as a reference for financial service providers in designing more effective marketing and education strategies for the younger generation segment.

Tows Matrix Business Strategy Analysis of PT XYZ

Angga Rullian — 2025-08-01

. In the increasingly complex landscape of business energy and infrastructure, corporate strategy is a determinant of corporate desires. PT PGAS Solution, as a subsidiary of PGN Group (Holding Migas Pertamina), has a strategic position in providing engineering, procurement, construction (EPC), and operation and maintenance (O&M) services. Through a sharing session entitled "Governance of Corporate Strategy Management Analysis", the company explained the implementation of SWOT which was developed into TOWS Matrix as a strategy formulation approach. This study analyzes the SO, WO, ST, and WT strategy structures compiled by PGAS Solution, and brings out their relevance to the challenges of the oil and gas industry and opportunities for synergy between BUMN. The results of the analysis show that the company adopts a proactive strategy approach based on collaboration, efficiency, and strengthening internal capabilities, especially in the management of downstream and midstream oil and gas projects.

Capturing Employee Hearts: The Role of Leadership and Organizational Culture on Loyalty

Hosanna Agree R Manalu — 2025-08-01

This study aims to analyze the influence of leadership and organizational culture on employee loyalty in the banking and service sectors in South Jakarta. The focus is on how leadership style and organizational culture contribute to employees’ emotional attachment and commitment to the organization. Methodology/approach – A quantitative research approach was used, with data collected through questionnaires distributed to employees in the banking and service sectors. Multiple linear regression was employed to test the simultaneous and partial effects of leadership and organizational culture on employee loyalty. Findings – The study found that leadership significantly positively impacts employee loyalty, especially when leaders exhibit a participatory, communicative, and inspirational style. Additionally, a strong organizational culture characterized by shared values of togetherness, openness, and innovation also significantly strengthens employee loyalty. Novelty/value – This research highlights the importance of combining effective leadership with a supportive organizational culture to foster long-term employee loyalty. The study provides valuable insights for organizations seeking to design strategies that enhance employee retention and commitment.

Analysis of Liquidity Ratios, Solvency Ratios, and Profitability Ratios to Assess the Financial Performance of PT X for the Period 2014-2023

Andira Putri — 2025-08-01

This study aims to analyze the financial performance of PT Adaro Energy Indonesia Tbk for the 2014-2023 period using liquidity ratios, solvency ratios, and profitability ratios. This analysis is conducted to understand the company’s overall financial condition and observe its performance trends over time. Methodology/approach – This research uses a quantitative descriptive method with a case study approach at PT Adaro Energy Indonesia Tbk. The data used are secondary data in the form of the company’s annual financial reports for the period 2014-2023 obtained from the official website of the Indonesia Stock Exchange (IDX) and the company’s website. Findings – It was found that . PT Adaro Energy Indonesia Tbk’s liquidity ratio was at a healthy and stable level throughout the study period. The sulvency ratio demonstrates the company’s ability to adequately meet its long-term obligations, despite fluctuations in its debt-to-equity ratio. Meanwhile, the company’s profitability ratio was below the industry average, indicating suboptimal profit performance compared to competitors. Novelty/value – This study is novel in that it uses a long analysis periode (2014-2023) to assess financial perfomance trends following changes in PT Adaro Energy Indonesia Tbk’s business strategy, including energy transition efforts. Furthermode, this study compares financial ratio results directly with relevant energy sector industry standards, a practice rarely used in previous studies.

Analyzing Business Strategies Through the Business Model Canvas (BMC): A Case Study of BMT Huwaiza

Ibna R Azzaida — 2025-08-01

This study aims to analyze the business strategy of BMT Huwaiza–Depok using the Business Model Canvas (BMC) approach supported by ATLAS.ti 9 qualitative analysis software. Data were collected through in-depth interviews with four key informants: Mrs. Namah Purnama, A.Md. (Chairperson of the Board, BMT Huwaiza), Mrs. Ani Apriani, S.Pd. (Internal Auditor and Acting Manager, BMT Huwaiza), Ms. Dwilingga Hesya Ramadhanty, S.Ak. (Financial Administration, BMT Huwaiza), and Mrs. Dr. Endah Meiria, S.E., M.Si. (Academic). The results show that BMT Huwaiza’s business strategy is built on three main pillars: commitment to Sharia principles as its core identity, personalized and inclusive service, and digitalization as a tool for efficiency and accessibility. The ATLAS.ti coding process generated 367 coded segments across 9 major BMC categories, business strategy and social impact. The top three categories were Value Proposition (64 codes), Social Impact (44 codes), and Key Activities (43 codes), indicating the organization’s emphasis on creating value, delivering social impact, and executing core operations. In addition, partnership development, cost-efficiency strategies, and ethical human resource management play a supporting role in BMT Huwaiza’s success. These findings demonstrate that the BMC framework is effective in capturing the structure and ethical dimensions of a Sharia-based cooperative business model.