American Journal of Economic and Management Business (AJEMB)

The Effect of Psychological Contract, Perceived Organizational Support, And Empowering Leadership on Work Engagement Through Psychological Capital in The Public Sector

Gustiani Mandasari — 2026-07-30

This study examines the influence of psychological contract, perceived organizational support, and empowering leadership on work engagement through psychological capital as a mediating variable among State Civil Apparatus (ASN) employees at The Ministry of XYZ, Indonesia. The study was motivated by findings from The Ministry of XYZ’s 2025 Mental Health and Well-Being Assessment Survey, which indicated psychological vulnerability and suboptimal well-being among First Expert Functional Position employees, raising concerns regarding their level of work engagement. This study employed a quantitative causal research design using purposive sampling to collect data from 178 First Expert Functional Position employees through an online questionnaire. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The results indicate that psychological contract, perceived organizational support, and empowering leadership each have a positive and significant effect on both work engagement and psychological capital. Furthermore, psychological capital has a positive and significant effect on work engagement and partially mediates the relationship between each of the three exogenous variables and work engagement. These findings demonstrate that fulfilling psychological contracts, strengthening organizational support, and implementing empowering leadership practices can enhance employee engagement both directly and indirectly by developing employees’ psychological capital, including self-efficacy, hope, optimism, and resilience. This study contributes theoretically by integrating these three variables into a single mediation model within the context of Indonesian public sector bureaucracy and provides practical implications for public sector human resource management strategies aimed at strengthening psychological capital and sustaining civil servants’ work engagement.

The Effect of Organizational Culture and Leadership on The Effectiveness of Double Curriculum Implementation, with Work Motivation As A Moderating Variable, at The Al-Muhajirin Islamic Boarding School in Purwakarta

Irfan Sihabudin — 2026-07-31

The implementation of a dual curriculum in Islamic boarding schools requires effective organizational management to integrate general education and pesantren-based education systems. However, differences in work patterns, coordination mechanisms, and task orientations among educators may hinder the effectiveness of curriculum implementation. This study aimed to analyze the effects of organizational culture and leadership on the effectiveness of dual curriculum implementation, with work motivation as a moderating variable at Al-Muhajirin Islamic Boarding School in Purwakarta. This study employed a quantitative approach with a causal associative research design. Data were collected through questionnaires distributed to 144 teachers involved in dual curriculum implementation and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 3.The results showed that organizational culture had a positive and significant effect on the effectiveness of dual curriculum implementation. Leadership also had a positive and significant effect on curriculum implementation effectiveness. Furthermore, work motivation significantly influenced the effectiveness of dual curriculum implementation and was identified as the most dominant factor explaining program success. Organizational culture and leadership were also found to have positive and significant effects on educators’ work motivation. In addition, work motivation strengthened the relationship between organizational culture and leadership and the effectiveness of dual curriculum implementation. These findings highlight that strengthening organizational values, improving leadership quality, and enhancing educators’ motivation are essential strategies for optimizing dual curriculum implementation in Islamic boarding schools. This study contributes to the development of human resource management research in educational institutions by emphasizing the strategic role of organizational factors in supporting curriculum effectiveness

The Effect of Digital Self-Efficacy and Artificial Intelligence on Teachers’ Adaptive Work Behavior, with Work Engagement as a Mediating Variable, in Public High Schools throughout Subang District, West Java

Grendy Mathew Valentino Purba — 2026-07-22

This research examines the influence of Digital Self-Efficacy and Artificial Intelligence on teachers' Adaptive Work Behavior, with Work Engagement as a mediating variable, among public senior high school teachers in Subang District, West Java. The research aims to analyze the direct and indirect effects of these variables and to test the mediating role of Work Engagement. A quantitative approach was applied using a survey method among public senior high school teachers in Subang District, West Java. Data were analyzed using Structural Equation Modeling to test the relationships among variables. The results indicate that Digital Self-Efficacy significantly enhances teachers’ readiness to adopt digital technologies and strengthens adaptive work behavior. Artificial Intelligence also contributes to improving teaching effectiveness and adaptability in digital learning environments. Furthermore, Work Engagement plays a mediating role in strengthening the relationship between both Digital Self-Efficacy and Artificial Intelligence toward Adaptive Work Behavior. The findings highlight that psychological factors and technological integration jointly shape teachers’ adaptive capacity in responding to educational transformation. This study provides theoretical and practical implications for improving digital readiness and teacher performance in the era of digital education transformation.

The Effect of Management Contracts on Employee Performance, with Work Motivation as a Mediating Variable at PT PLN (Persero) Project Management Center – UPMK IV

Mifta Alhusna Humairah — 2026-07-22

This research aims to analyze the influence of management contracts on employee performance with work motivation as a mediating variable at PT PLN (Persero) Project Management Center – Construction Management Implementation Unit IV (UPMK IV). The management contract is a formal performance control instrument that aligns individual targets with organizational targets through the determination of key performance indicators (KPIs), periodic evaluation mechanisms, and reward and sanction systems. The study used a quantitative approach with causal associative design and saturated sampling techniques. Data was collected through a Likert scale questionnaire 1–5 distributed to all employees of PT PLN UPMK IV, and analyzed using Structural Equation Modelling–Partial Least Squares (SEM-PLS) with SmartPLS 4.0 software. The results showed that: (1) management contracts had a positive and significant effect on work motivation (??0.79; p<0.05); (2) work motivation has a positive and significant effect on employee performance (??0.541; p<0.05); (3) management contracts have a positive and significant effect on employee performance (??0.312; p<0.05); and (4) work motivation was proven to partially mediate the influence of management contracts on employee performance (indirect effect: ? = 0.427; p < 0.05). This research contributes to the study of human resource management by placing management contracts as formal performance control instruments and work motivation as psychological mechanisms that connect the two, in the specific context of the electricity project management unit.

The Influence of Brand Trust, Product Quality and Perceived Value on Chinese Consumers' Purchase Intention of BYD New Energy Vehicles in Changzhou City, China

He Qing — 2026-07-22

China leads the global New Energy Vehicle (NEV) market, yet the gap between purchase intention and actual adoption persists, especially in Tier 2 cities like Changzhou where infrastructure, affordability, and technological uncertainty remain key concerns. This research investigates the determinants of consumer purchase intention toward BYD New Energy Vehicles (NEVs) in Changzhou, China, utilizing the Theory of Planned Behavior (TPB) framework integrated with domain-specific constructs. The research examined how Brand Trust, Product Quality, and Perceived Value influence purchase intention in a Tier 2 city context. Using a quantitative research design, structured surveys were collected from 200 respondents in Changzhou and analyzed using SPSS through multiple linear regression. Results indicate that Brand Trust (? = 0.246, p < 0.05), Product Quality (? = 0.389, p < 0.05), and Perceived Value (? = 0.298, p < 0.05) all exert significant positive effects on purchase intention. The findings reveal that Brand Trust serves as a critical factor in mitigating perceived technological risks, while Product Quality, particularly BYD's proprietary battery technology, acts as a primary adoption driver. Perceived Value significantly influences decision-making, reflecting sophisticated cost-benefit analysis in the post-subsidy era. This research contributes to NEV adoption literature by providing localized insights from an industrial hub and expanding TPB through quality and trust-based variables in high-involvement technology contexts. Managerial implications suggest that NEV manufacturers should prioritize regional branding strategies and infrastructural alignment to convert positive intentions into actual purchasing behavior.

The Influence of Social-Spatial and Temporal-Functional Scenario Attributes on Purchase Intention: The Mediating Effect of Perceived Experiential Value at Starbucks in Wuhan, China

YuQin Yao — 2026-07-24

This study investigated the determinants of consumer purchase intention toward Starbucks coffeehouses in Wuhan, China, amid the rapid transformation of the coffeehouse industry from traditional experiential marketing toward scenario-based and efficiency-oriented consumption. The research integrated Scenario-Based Marketing theory with the Stimulus–Organism–Response (S-O-R) framework to examine how social-spatial scenario attributes and temporal-functional scenario attributes influenced purchase intention, both directly and indirectly, through the mediating role of perceived experiential value. A quantitative, positivist research design was employed using a structured online survey distributed to 200 qualified Starbucks consumers in Wuhan. The data were analyzed using partial least squares structural equation modeling (PLS-SEM) with SmartPLS software. The results indicated that both social-spatial scenario attributes (B = 0.352) and temporal-functional scenario attributes (B = 0.228) had significant positive effects on perceived experiential value, which subsequently influenced purchase intention (B = 0.323). Both scenario attributes also demonstrated significant direct effects on purchase intention (B = 0.314 and B = 0.299, respectively), and mediation analysis confirmed that perceived experiential value partially mediated both relationships. The model explained 43.2% of the variance in purchase intention. Theoretically, this study extended Third Place Theory and the S-O-R framework by developing a dual-pathway model applicable to post-pandemic, digitally oriented coffeehouse markets in Tier-2 Chinese cities. From a managerial perspective, the findings suggested that Starbucks should adopt a dual-pathway strategy by simultaneously investing in atmospheric and socially flexible store environments while improving service speed and transactional convenience to remain competitive with local digital-native coffeehouse brands.

An Analysis of the Impact of Perceived Value, Service Quality, Trust, and Brand Image on Repurchase Intention for Metland Cikarang Residential Properties

Sara Trias Millenia — 2026-07-25

The property industry faces increasingly intense competition, requiring developers to strengthen customer loyalty and encourage repurchase intention to maintain long-term business sustainability. Metland Cikarang experiences challenges in increasing repeat purchases, as reflected in the low percentage of repeat buyers compared to total transactions. This research aims to examine the impact of perceived value, service quality, trust, and brand image on repurchase intention among Metland Cikarang residential consumers. This research employed a quantitative approach using a survey method with consumers of Metland Cikarang as the research population. Data were collected through questionnaires and analyzed using Structural Equation Modeling (SEM) to examine the relationships among the research variables. The proposed model evaluates the direct effects of perceived value, service quality, and trust on brand image and repurchase intention, as well as the role of brand image in strengthening consumers’ intention to repurchase. The findings are expected to provide empirical evidence regarding the factors that influence consumer decisions in the residential property sector. This research contributes theoretically to consumer behavior and relationship marketing studies, particularly in high-involvement purchase contexts such as property. Practically, the results provide strategic insights for Metland Cikarang management in improving service performance, strengthening consumer trust, enhancing brand image, and developing marketing strategies to increase customer retention and repurchase intention.

The Effect of Leader–Member Exchange (LMX) and Job Satisfaction on Organizational Citizenship Behavior Among Generation Z Employees in The Food and Beverage Industry in Central Jakarta, With Organizational Commitment as A Mediating Variable

Netty Meilina Pardede — 2026-07-31

This study examines the effect of Leader–Member Exchange (LMX) and job satisfaction on Organizational Citizenship Behavior (OCB) among Generation Z employees in the Food and Beverage (F&B) industry in Central Jakarta, with organizational commitment as a mediating variable. The study was motivated by the strategic economic role of the F&B sector in Jakarta, along with challenges such as high employee turnover, quiet quitting, and the gap between Generation Z employees’ expectations of supportive leadership and their actual workplace experiences. This study employed a quantitative approach with descriptive and causal research designs, using purposive sampling to collect data from 217 Generation Z employees through an online questionnaire. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The results indicate that Leader–Member Exchange and job satisfaction each have a positive and significant effect on both organizational commitment and Organizational Citizenship Behavior (OCB). Organizational commitment also has a positive and significant effect on OCB and significantly mediates the relationship between each of the two exogenous variables and OCB. These findings indicate that high-quality leader–subordinate relationships and greater job satisfaction enhance employees’ voluntary extra-role behavior both directly and indirectly by strengthening their emotional attachment and commitment to the organization. This study contributes theoretically by integrating LMX and job satisfaction into a single mediation model within the underexplored context of Generation Z employees in Indonesia’s F&B industry. Practically, this research provides implications for human resource management strategies aimed at strengthening organizational commitment and sustaining citizenship behavior among young employees in the service sector.

The Effect of Empowering Leadership and Organizational Justice on Innovative Work Behavior through Knowledge Sharing as a Mediating Variable at the State Civil Service Agency of the Republic of Indonesia

Christopher Juan — 2026-07-20

This research examines the influence of empowering leadership and organizational justice on innovative work behavior among millennial civil servants at the National Civil Service Agency (BKN) of Indonesia, with knowledge sharing as a mediating variable. The research is grounded in the increasing demand for innovation within public sector organizations, particularly in the context of bureaucratic reform and digital transformation. The research aims to analyze the direct effects of empowering leadership and organizational justice on innovative work behavior and knowledge sharing, examine the direct effect of knowledge sharing on innovative work behavior, and test the mediating role of knowledge sharing in the relationships between empowering leadership and organizational justice toward innovative work behavior. The research employed a quantitative approach using a survey method, with data collected from millennial employees in the BKN environment. The variables analyzed include empowering leadership, organizational justice, knowledge sharing, and innovative work behavior. Knowledge sharing is positioned as a mediating mechanism that explains how leadership practices and perceived fairness within the organization contribute to the development of innovative work behavior. Data are analyzed using inferential statistical techniques to test the proposed relationships among variables. The findings are expected to provide empirical evidence on the role of leadership style and organizational fairness in fostering employee innovation behavior through collaborative knowledge exchange. This research is expected to contribute to the development of human resource management theory in the public sector and provide practical insights for improving leadership practices and organizational policies in supporting innovation-driven performance among civil servants.

The Effect of Foreign Exchange Rate Fluctuations, Project Duration, and Restructuring on the Utilization Rate of Foreign Loans in the “Cities Without Slums” Program for the 2016–2022 Period

Naomi De Marcia — 2026-07-22

The absorption of foreign loan funds in government programs often faces significant gaps between committed financing and actual disbursement, particularly in multi-lender programs like the City Without Slums Program, where cumulative absorption has only reached 61.8 percent of the total USD 762.8 million loan value. This research aims to analyze the effect of foreign exchange rate deviations, project life, and restructuring on the absorption ratio of foreign loan funds in the City Without Slums Program for the 2016–2022 period. This study used a quantitative approach with secondary data compiled in the form of provincial-year panel data. The analysis unit consisted of 34 provinces during the seven years of observations, resulting in 238 observations. The analysis technique used was panel data regression with a fixed effect model. The results of the study show that foreign currency exchange rate deviation has a significant negative effect on the absorption ratio of foreign loan funds. The life of the project has a significant positive effect on the fund absorption ratio, while restructuring also has a significant positive effect. The adjusted R-squared value of 0.6061 shows that the model is able to explain the variation in the fund absorption ratio of 60.61 percent. These findings show that the absorption of foreign loan funds is not only influenced by the availability of financing, but also by external pressures, the maturity of project implementation, and managerial responses. This research strengthens the application of contingency theory in the context of public sector accounting and foreign loan management.

The Effect of Gender Stereotypes and Organizational Culture on Women's Career Advancement: The Mediating Role of Organizational Commitment in the Company X Group, a Tourism Enterprise in the Riau Islands

Ajrina Pia Salsabila — 2026-07-22

The low representation of women in managerial positions is still a challenge in various organizations, including in the tourism sector, even though women's participation in the world of work continues to increase. This study used a quantitative approach with a survey method of 159 female employees who are the entire research population, so that the sampling technique used is census. Data were collected through questionnaires and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The results showed that gender stereotypes had a negative and significant effect on organizational commitment (? = -0.496; p < 0.001) and career advancement (? = -0.352; p < 0.001). On the other hand, organizational culture had a positive and significant effect on organizational commitment (? = 0.466; p < 0.001) and career advancement (? = 0.265; p < 0.001). Organizational commitment has also been shown to have a positive and significant effect on career progression (? = 0.385; p < 0.001). In addition, organizational commitment acts as a partial mediator on the relationship between gender stereotypes and career advancement (? = -0.191), as well as between organizational culture and career advancement (? = 0.179). These findings show that the lower gender stereotypes and the stronger the supportive organizational culture, the organizational commitment will increase, which will have a positive impact on women's career progress.

The Influence of Product Quality, Price Perception, and Digital Promotion on Consumer Purchase Decisions: Evidence From China's Freshly Made Tea Beverage Industry

Qin Ruixue — 2026-07-24

This study examined the determinants of consumer purchase decisions in China’s rapidly growing freshly made tea beverage industry, using Mixue BingCheng as a representative case of cost-effective brand positioning. Drawing on Consumer Decision-Making Theory and employing a quantitative research design, the study surveyed 200 consumers in Chongqing Municipality to assess the effects of product quality, price perception, and digital promotion on purchase decisions. Multiple linear regression analysis showed that all three independent variables had statistically significant positive effects on consumer purchase decisions, with price perception emerging as the strongest predictor (B = 0.452), followed by product quality (B = 0.224) and digital promotion (B = 0.217). The integrated model explained 71.7% of the variance in purchase decisions, supporting the proposed theoretical framework and providing empirical evidence that cost-effective brands need to simultaneously maintain product quality standards, communicate price value effectively, and strengthen digital engagement to sustain competitive advantages in highly active consumer markets. The findings contribute to the understanding of consumer behavior in emerging market contexts and provide strategic implications for brand management in the competitive freshly made tea beverage industry.

The Influence of Organizational Culture and Transformational Leadership on Organizational Citizenship Behavior Through Job Satisfaction

Hana Faizah — 2026-07-29

This research aims to examine the influence of organizational culture and transformational leadership on Organizational Citizenship Behavior (OCB) through job satisfaction. This study employs a quantitative research approach with a population of 111 employees and a sample of 87 employees from the Station Operation and Service Division of PT MRT Jakarta. Data were collected using questionnaires, observations, and literature reviews. The data were analyzed using the Partial Least Squares (PLS) method with SmartPLS 4.0 software. The results indicate that organizational culture does not have a significant effect on Organizational Citizenship Behavior (OCB). Transformational leadership has a positive and significant effect on Organizational Citizenship Behavior (OCB). Job satisfaction has a positive and significant effect on Organizational Citizenship Behavior (OCB). Organizational culture has a positive and significant effect on job satisfaction. Transformational leadership has a positive and significant effect on job satisfaction. Furthermore, job satisfaction significantly mediates the influence of organizational culture on Organizational Citizenship Behavior (OCB) and mediates the influence of transformational leadership on Organizational Citizenship Behavior (OCB). The limitations of this study include the relatively small sample size, time constraints during questionnaire completion, and the limited number of variables examined, which restrict the breadth of the findings. Future research is recommended to expand the sample size, extend the data collection period, and incorporate additional research variables to provide more comprehensive insights.

The Effect of Rewards, Work Environment, and Work Motivation on Employee Engagement Through Job Satisfaction at PT Garuda Utama Persada

Ferdha Utami Wijayani — 2026-07-31

Employee engagement has become an important factor in achieving organizational effectiveness because highly engaged employees tend to demonstrate greater commitment, dedication, and contributions toward organizational goals. However, employee engagement can be influenced by various factors, including reward systems, work environments, work motivation, and job satisfaction. This study aims to examine the effect of rewards, work environment, and work motivation on employee engagement through job satisfaction as an intervening variable at PT Garuda Utama Persada. This study employed a quantitative approach with an explanatory research design. The population consisted of 250 permanent employees, with a sample of 154 respondents selected using the Taro Yamane formula. Data were collected through questionnaires using a five-point Likert scale and analyzed using Structural Equation Modeling–Partial Least Squares (SEM–PLS) with SmartPLS software. The results indicate that rewards do not have a significant direct effect on employee engagement, while work environment and work motivation have positive and significant effects on employee engagement. Furthermore, rewards, work environment, and work motivation significantly influence job satisfaction, and job satisfaction positively affects employee engagement. The mediation analysis reveals that job satisfaction significantly mediates the relationship between rewards and employee engagement, as well as between work environment and employee engagement. However, job satisfaction does not significantly mediate the relationship between work motivation and employee engagement. These findings highlight the importance of developing a supportive work environment, strengthening employee motivation, and implementing effective reward systems to enhance job satisfaction and sustain employee engagement.

Improving the Work Effectiveness of Indonesian National Police Officers through Recruitment and Selection, Training, and Work Environment that Promotes Work-Life Balance as an Intervening Factor

I Gusti Agung Candrika Mahadewi — 2026-07-20

This research examines the influence of recruitment and selection, training, and work environment on the work effectiveness of Indonesian National Police (Polri) officers who graduated from the Inspector Police School for Graduate Sources (SIPSS), with work-life balance serving as an intervening variable. A mixed-methods approach was employed, combining quantitative analysis through SEM-PLS on survey data from 131 SIPSS officers stationed in DKI Jakarta with qualitative analysis using NVivo based on semi-structured interviews with three key informants across different rank levels. The quantitative findings reveal that recruitment and selection (beta = 0.349, p < 0.001), training (beta = 0.306, p < 0.001), work environment (beta = 0.217, p = 0.001), and work-life balance (beta = 0.302, p < 0.001) all exert significant positive effects on work effectiveness. Furthermore, all three independent variables significantly influence work-life balance, which in turn mediates their relationships with work effectiveness. The model explains 51.7% of the variance in work effectiveness and 30.9% in work-life balance, with satisfactory model fit indices (SRMR = 0.045, GoF = 0.581). Qualitative findings corroborate these results, highlighting that transparent recruitment processes, relevant training programs, supportive work environments, and effective time management contribute to enhanced work-life balance and overall work effectiveness. These findings extend the application of Job Demands-Resources theory and Social Exchange Theory to semi-military public sector organizations and provide practical implications for improving human resource management practices within Polri.

Investment Feasibility Analysis of the Drinking Water Supply System (SPAM) Project by PT. XYZ in Cilacap, Central Java

Yurry Putra Nusantara — 2026-07-18

This research analyzes the investment feasibility of the Drinking Water Supply System (SPAM) project in Cilacap, Central Java, carried out by PT XYZ under a BOT scheme with Perumdam Tirta Wijaya. The research aims to assess financial feasibility using NPV, IRR, PI, and Payback Period indicators, and to identify key risk factors through sensitivity analysis and Monte Carlo simulation. Using a capital budgeting approach with a WACC of 9.93%, the project yields a positive NPV of IDR 10.5 billion, IRR of 12.72% above WACC, PI of 1.19, and Payback Period of 7.32 years, indicating financial feasibility. The project projects cumulative revenue of IDR 278.14 billion and free cash flow of IDR 94.81 billion. However, risk analysis reveals significant uncertainty, with sensitivity analysis identifying bulk water price and production volume as most critical, and Monte Carlo simulation producing a mean NPV of IDR 2.63 billion with a 39% probability of negative NPV. The study concludes that while the project is financially feasible, active risk management in securing revenue realization is essential. Theoretically, it contributes to infrastructure investment literature by integrating capital budgeting with quantitative risk assessment, while practically offering recommendations for PT XYZ and other investors in managing revenue-related risks and making informed decisions on PPP water infrastructure projects.

Identification and Evaluation of the Suitability of the Rc08 Turbo Burn Incinerator Technology as a Solution for Hazardous Waste Treatment at Diesel Power Plants in Remote Areas of Indonesia

Yunita Fahmi — 2026-07-21

Indonesia, as an archipelagic nation with more than 17,000 islands, faces serious challenges in managing Hazardous and Toxic Waste (B3) from Diesel Power Plants (PLTD) in remote areas. This study aims to identify and evaluate the Turbo Burn RC08 Incinerator technology, manufactured by Scholer Industries Australia, as a potential solution for B3 waste treatment at remote PLTDs prior to implementation in Indonesia. The research methodology employed a literature study approach and gap analysis between waste management problems in Indonesia and the technical specifications of the technology available in Australia. The study identifies that PLTDs generate used oil (49 L/month), used filters (0.7–60 kg/month), and contaminated rags (2–3 kg/month). The Turbo Burn RC08 offers a processing capacity of 18–45 kg/hour, portable operation, EPA Australia certification, a 2-stage cyclonic method with temperatures up to 1,100°C, and over 95% waste volume reduction. Suitability analysis shows great potential to address transportation, spill, and illegal dumping problems. However, adjustments are needed to comply with Indonesian emission dispersion regulations (chimney height), island topographic conditions, and monsoon wind patterns. This study contributes to environmental technology localization literature and provides a roadmap for policymakers, technology providers, and utility companies in making informed decisions on B3 waste treatment solutions in remote areas.

The Effect of Environmental, Social, and Governance (ESG) Performance, Green Investment, and Capital Structure on Company Value, with Profitability as a Mediating Variable, Among Listed Companies in the Agricultural Sector

Irham Suharja — 2026-07-22

This research aims to examine the effect of Environmental, Social and Governance (ESG) performance, green investment, and capital structure on firm value, with profitability serving as a mediating variable, among agricultural companies listed on the Indonesia Stock Exchange during the 2022–2024 period. This research employed a quantitative approach using secondary data obtained from annual reports, sustainability reports, and financial statements. The sample consisted of 34 companies selected through purposive sampling. Panel data regression analysis and the Sobel test were employed to examine both the direct and indirect effects among the variables. The findings indicate that green investment has no direct effect on firm value, whereas ESG performance, capital structure, and profitability have significant direct effects on firm value. The mediation analysis reveals that profitability mediates the relationship between ESG performance and firm value as well as the relationship between green investment and firm value. In contrast, profitability mediates the relationship between capital structure and firm value with a negative indirect effect. These findings suggest that improvements in firm value within the agricultural sector are primarily driven by firms' ability to enhance profitability through ESG implementation and green investment, while capital structure continues to exert direct influence on firm value despite its negative indirect effect through profitability.

The Influence of Premium Pricing Strategy and Marketing Value on Business Performance Through Brand Trust as a Mediating Variable: A Case Study of Chicecream in Shanghai, China

Miao Zimeng — 2026-07-24

This study examined the influence of premium pricing strategy and marketing value on business performance, with brand trust as a mediating variable, focusing on Chicecream (Zhongxuegao) in Shanghai, China. As China’s premium ice cream market underwent rapid structural transformation, understanding the mechanisms through which premium pricing and marketing value contributed to business performance became increasingly important for achieving sustainable competitive advantage. This research integrated signaling theory, relationship marketing theory, and service-dominant logic to develop an integrated framework consisting of two antecedent variables and one mediating variable. A quantitative, positivist research design was employed using a structured online questionnaire distributed to 400 respondents in Shanghai who were aware of and had recent experience with premium ice cream brands. The data were analyzed using two-stage structural equation modeling (SEM) with AMOS 28.0 and maximum likelihood estimation. The results indicated that premium pricing strategy (B = 0.184, t = 2.968, p = 0.003) and marketing value (B = 0.261, t = 4.499, p < 0.001) had significant positive direct effects on business performance. Furthermore, premium pricing strategy (B = 0.348, t = 6.444, p < 0.001) and marketing value (B = 0.412, t = 8.078, p < 0.001) significantly and positively influenced brand trust, which demonstrated the strongest direct effect on business performance in the model (B = 0.437, t = 8.245, p < 0.001). Bootstrapped mediation analysis using 5,000 resamples revealed an important difference in the mediation mechanisms: brand trust fully mediated the relationship between premium pricing strategy and business performance (indirect B = 0.152; direct effect became non-significant after including the mediator), whereas brand trust partially mediated the relationship between marketing value and business performance (indirect B = 0.180; direct effect remained significant). The integrated model explained 52.4% of the variance in brand trust and 61.8% of the variance in business performance. Theoretically, this study extended signaling theory by demonstrating that the performance contribution of premium pricing strategy depended entirely on brand trust, while also extending service-dominant logic by showing that marketing value maintained an independent pathway to business performance beyond brand trust. From a managerial perspective, the findings, illustrated by Chicecream’s rapid market expansion and subsequent 2025 bankruptcy, indicated that premium brands should consider brand trust as a critical strategic asset and prioritize authentic value delivery and quality assurance rather than relying solely on premium price positioning.