American Journal of Economic and Management Business (AJEMB)

Corporate Sukuk Strengthening Strategy in Indonesia

Zakiah Saidah Fitri, Titi Dewi Warninda, Rosdiana Rosdiana — Mon, 18 May 2026 00:00:00 +0000

This study examines strategies for strengthening corporate sukuk in Indonesia by analyzing the relationship between corporate governance, corporate sustainability, and default risk mitigation. The rapid growth of the corporate sukuk market in Indonesia reflects increasing investor interest in Islamic financial instruments; however, challenges related to governance quality, sustainability disclosure, and financial risk management remain significant. Therefore, this research aims to identify the main constraints and formulate strategic priorities to enhance the sustainability and resilience of corporate sukuk. This study employed a qualitative approach combined with the Analytic Network Process (ANP) method. Data were collected through literature studies, Focus Group Discussions (FGDs), in-depth interviews, and pairwise comparison questionnaires involving experts, academics, regulators, and practitioners in the field of Islamic finance. The findings indicate that default risk is the most dominant criterion affecting corporate sukuk sustainability, followed by corporate governance and corporate social sustainability. Information transparency emerged as the primary governance challenge, while strengthening board structure and composition became the most effective governance strategy. In terms of sustainability, the development of a sustainable economic framework was identified as the top strategic priority. Furthermore, optimizing capital structure and strengthening cash flow projections are essential strategies for mitigating default risk. Overall, integrated governance, sustainability, and financial risk management strategies can strengthen investor confidence and improve the long-term stability of corporate sukuk in Indonesia.

The Effect of Internal Communication and Work Motivation on Employee Job Satisfaction with Non-Material Appreciation as a Mediator at PT Drimhos Digital

Muhammad Rizky Abdurrafi , Endang Mulyani — Thu, 21 May 2026 00:00:00 +0000

This study aims to examine (1) the impact of Internal Communication on Job Satisfaction, (2) the impact of Work Motivation on Job Satisfaction, (3) the impact of Internal Communication on Non-Material Appreciation, (4) the impact of Work Motivation on Non-Material Appreciation, (5) the impact of Non-Material Appreciation on Job Satisfaction, (6) the role of Non-Material Appreciation in mediating the impact of Internal Communication on Job Satisfaction, and (7) the role of Non-Material Appreciation in mediating the impact of Work Motivation on Job Satisfaction at Drimhos Digital. The research methodology employed is a quantitative approach with an explanatory design. The study was conducted at Drimhos Digital in 2025. The research population consisted of 113 employees, with a sample of 113 respondents obtained through a census or total sampling technique. Data were collected via closed questionnaires based on a Likert scale, which were tested for validity and reliability using convergent validity and composite reliability through SmartPLS software. Data analysis was conducted using the Structural Equation Modeling-Partial Least Square (SEM-PLS) technique, encompassing the evaluation of the outer model, inner model, and path analysis. The research findings indicate that (1) Internal Communication has a positive but non-significant effect on Job Satisfaction with a p-value of 0.086, (2) Work Motivation has a positive and significant effect on Job Satisfaction with a p-value of 0.000, (3) Internal Communication has a positive but non-significant effect on Non-Material Appreciation with a p-value of 0.132, (4) Work Motivation has a positive and significant effect on Non-Material Appreciation with a p-value of 0.000, (5) Non-Material Appreciation has a negative and significant effect on Job Satisfaction with a p-value of 0.014, (6) Non-Material Appreciation has a negative and non-significant effect in mediating the impact of Internal Communication on Job Satisfaction with a p-value of 0.282, and (7) Non-Material Appreciation mediates the impact of Work Motivation on Job Satisfaction negatively and significantly with a p-value of 0.012. Based on these results, it is recommended that the organization recalibrate its reward system to prevent it from being perceived as an additional burden (extra-role), which could decrease employee job satisfaction.

The Influence of Organizational Culture, Leadership and Motivation on Human Resource Development with Continuous Improvement as a Moderating Variable at the Regional Secretariat Medan City

Viza Fandhana, Kholilul Kholik, Darmilisani — Tue, 05 May 2026 00:00:00 +0000

This study is motivated by the importance of human resource development in improving public organizational performance, particularly at the Regional Secretariat of Medan City, which still faces issues such as low employee motivation, suboptimal leadership, and inconsistent implementation of organizational culture. The objective of this study is to analyze the influence of organizational culture, leadership, and motivation on human resource development, with continuous improvement as a moderating variable. The research employs a quantitative approach using an associative method, with a saturated sample of 213 civil servants. Data were collected through questionnaires and analyzed using SEM-PLS with SmartPLS software. The results indicate that organizational culture, leadership, and motivation have a positive and significant effect on human resource development, with motivation as the most dominant variable. Furthermore, continuous improvement significantly strengthens the relationship between independent and dependent variables. The R-square value of 0.968 indicates a strong explanatory power of the model. The study concludes that enhancing organizational culture, leadership quality, and work motivation, supported by systematic continuous improvement, can effectively optimize human resource development.

Work Engagement as a Mediator of Influence Digital Leadership Towards Sustainable Employability of Gen Z Employees in Bali Province

Ni Made Risma Handayani, Nyoman Sri Subawa — Fri, 15 May 2026 00:00:00 +0000

The rapid development of digital technology has transformed organizational work systems and increased the demand for adaptive human resources, particularly among Generation Z employees who dominate the modern workforce. In this context, digital leadership is considered an important factor in fostering employee engagement and supporting sustainable employability. This study aims to analyze the effect of digital leadership on work engagement and sustainable employability among Generation Z employees in Bali Province, as well as to examine the mediating role of work engagement in the relationship between these variables. This research employed a quantitative approach with an explanatory research design. Data were collected from 207 Generation Z employees working in Bali through a structured questionnaire distributed online and offline. The sampling technique used purposive sampling, while data analysis was conducted using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 4.0 software. The results indicate that digital leadership has a positive and significant effect on work engagement. However, work engagement does not significantly affect sustainable employability and is unable to mediate the relationship between digital leadership and sustainable employability. These findings suggest that sustainable employability among Generation Z employees cannot be strengthened solely through work engagement, but also requires organizational support, competency development, and continuous career opportunities. Therefore, organizations should implement adaptive digital leadership strategies and sustainable human resource development programs to enhance long-term employee employability.

Analysis of Local Government Financial Efficiency in Indonesia Using the Dea Approach

Nadila Fitriansyah, Marselina Marselina, Dedy Yuliawan — Tue, 26 May 2026 00:00:00 +0000

Regional financial efficiency has become an important issue in the implementation of fiscal decentralization in Indonesia because large public expenditures do not always produce optimal development outcomes. Differences in fiscal capacity, infrastructure, and governance quality among provinces create disparities in economic growth, human development, and poverty reduction. This study aims to analyze the level of local government financial efficiency in Indonesia during the 2018–2024 period using the Data Envelopment Analysis (DEA) approach. The research employs a quantitative explanatory design with a longitudinal approach. Secondary panel data were collected from the Central Statistics Agency (BPS) and the Directorate General of Fiscal Balance (DJPK). The input variables consist of education expenditure, health expenditure, road expenditure, and subsidy expenditure, while the output variables include Gross Regional Domestic Product (GDP) per capita, Human Development Index (HDI), and poverty reduction. The study applies an output-oriented DEA model with Variable Return to Scale (VRS) assumptions to measure relative efficiency among provinces. The results show that financial efficiency levels vary significantly across provinces. Several provinces, such as DKI Jakarta, East Kalimantan, Riau, and DI Yogyakarta, consistently achieved full efficiency, while Papua and West Papua remained relatively inefficient. Overall, regional financial efficiency in Indonesia showed gradual improvement during the observation period, although most provinces still experienced inefficiencies in converting public expenditure into optimal development outcomes. These findings indicate the importance of improving budget allocation effectiveness and strengthening regional financial governance to support equitable and sustainable development.

The Effect of Lending and Capital Adequacy on Profitability PT Bank Pembangunan Daerah Jawa Barat and Banten TBK with Credit Risk as a Moderating Variable

Astrapawanendra — Fri, 15 May 2026 00:00:00 +0000

This study examines the effect of Lending and Capital Adequacy on the profitability of PT Bank Pembangunan Daerah Jawa Barat and Banten Tbk, with Credit Risk as a moderating variable. Profitability is an important indicator of banking performance because it reflects the bank’s ability to generate profits and maintain financial sustainability. In the banking industry, lending activities and adequate capital management are considered crucial factors influencing profitability, while credit risk may strengthen or weaken these relationships. Therefore, this research aims to analyze the influence of Loan to Deposit Ratio (LDR) and Capital Adequacy Ratio (CAR) on Return on Assets (ROA), as well as to examine the moderating role of Non-Performing Loans (NPL). The study employed a quantitative research method using secondary data obtained from the annual financial statements of PT Bank Pembangunan Daerah Jawa Barat and Banten Tbk during the 2015–2024 period. Data analysis techniques included descriptive analysis, Augmented Dickey-Fuller (ADF) stationarity testing, and moderated regression analysis. The findings indicate that CAR has a negative and significant effect on profitability, while LDR does not significantly affect profitability. Meanwhile, NPL has a positive and significant effect on profitability. Furthermore, the moderation analysis reveals that credit risk does not significantly moderate the relationship between LDR, CAR, and profitability. In conclusion, effective capital management and credit risk control are essential for maintaining bank profitability and financial stability.

The Influence of Digital Technology on Enhanced Audit Quality: A Systematic Literature Review

Tria Oktaviani, Dwi Suhartini, Rida Perwita Sari — Wed, 13 May 2026 00:00:00 +0000

Audit quality has become an increasingly important issue in the digital era due to the rapid development of information technology, increasing business complexity, and growing stakeholder demands for transparent and reliable financial reporting. Digital technologies such as artificial intelligence, big data analytics, blockchain, and cloud computing have transformed auditing practices by improving efficiency, transparency, and fraud detection capabilities. This study aims to analyze and synthesize previous research regarding the influence of digital technology on audit quality through a systematic literature review approach. The research employed the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework to ensure a transparent and systematic review process. Data were collected from the Scopus database and additional relevant sources published between 2021 and 2026. A total of 22 selected articles were analyzed using thematic analysis and the Theory, Context, and Methodology (TCM) framework. The findings indicate that digital technology significantly improves audit quality by enhancing audit effectiveness, transparency, accuracy, and fraud detection capability. Agency Theory was identified as the dominant theoretical foundation, while quantitative research methods were the most frequently applied approaches. The study concludes that digital transformation plays a vital role in strengthening audit quality and recommends future research to explore emerging technologies and broader geographical contexts in auditing practices.