Petra International Journal of Business Studies

Effect of Supplier–Buyer Collaboration, Product Innovation, Process Innovation, and Quality Management Adoption on Firm Performance

Ronaldo Richard Gunawan — 2025-12-30

Cooperation between companies, such as manufacturers and suppliers, can stabilize raw material procurement, ensuring the production process meets customer needs. Companies need to adopt quality management to innovate processes and products and achieve good performance. This study aims to examine the influence of supplier-buyer collaboration on firm performance through product innovation, process innovation, and Quality Management Adoption. Distribution of questionnaires to 103 manufacturing companies in East Java using purposive sampling techniques. The results of data processing using PLS version 4 software found that supplier-buyer collaboration has a direct influence on quality management adoption and innovation processes, but not on product innovation. The quality management adoption that is formed has a direct impact on the innovation process, product innovation, and firm performance. Companies that innovate processes can also innovate products, thereby further improving company performance. Periodic product innovation can enhance a firm's performance. The practical contribution of this research provides top management with insight to commit to building sustainable collaboration with suppliers to support innovation processes and quality management systems. It is recommended that companies adopt the ISO system to implement a standard quality system as needed. Terrorist contributions can strengthen the integration of quality management and supply chain management within the framework of a resource-based view.

Understanding Patient Satisfaction Using SERVQUAL-Kano: The Moderating Role of Patient Trust and the Mediating Role of Waiting Time Tolerance

Rafelito Kharisma Rahardjo — 2025-12-30

This study examines factors influencing patient satisfaction at private primary healthcare facilities (FKTP) in Bali, focusing on SERVQUAL dimensions, waiting time tolerance, patient trust, and Kano model attributes. Using a quantitative design and Partial Least Squares Structural Equation Modelling (PLS-SEM) on data from 188 respondents, the study found that assurance and patient safety significantly influence patient satisfaction, while tangibility, reliability, empathy, and responsiveness did not show significant effects. Assurance and responsiveness positively influence waiting time tolerance, which itself positively influences satisfaction. Waiting time tolerance did not mediate the relationship between SERVQUAL dimensions and satisfaction. Patient trust did not directly influence patient satisfaction but negatively moderated the impact of tangibility on satisfaction. Kano model attributes – categorized as attractive, one-dimensional, and must-be – showed no significant direct effect on satisfaction, reflecting their asymmetric and non-linear nature. The findings suggest that private FKTP should prioritize maintaining high assurance and patient safety standards alongside attractive features such as 24-hour service and patient feedback systems. Integrating patient safety into the SERVQUAL framework is recommended in the healthcare sector. Future research should explore patient satisfaction through longitudinal and qualitative approaches to better capture the dynamic nature of healthcare service quality.

Understanding How Local Food Experiences and Cultural Competence Influence Culinary Tourist Behavior

Sesilya Kempa — 2025-12-30

Traditional cuisine is a cultural element with significant potential for driving tourism development, making understanding the psychological mechanisms that influence tourist intentions crucial. Four dimensions of experience—novel, authentic, sensory, and social experience—were examined to determine how each contributed to the formation of behavioral intentions through cultural competence. Data were collected from 101 domestic tourists who had visited Surakarta as a sample and analyzed using SmartPLS 4.0. The results showed that sensory and social experiences significantly influenced behavioral intention through increased cultural competence. Conversely, novel and authentic experiences did not show a significant mediating effect. These findings emphasize the importance of optimizing sensory and social aspects in designing Surakarta culinary tourism experiences and offer managerial implications for developing culture-based destination strategies.

The Moderating Role of ESG Disclosure on The Relationship Between Growth Opportunities, Financial Constraints, and Investment Decisions

Tessa Vanina Soetanto — 2025-12-30

This study investigated the role of ESG disclosure in moderating the relationship between growth opportunities, financial constraints, and corporate investment decisions. While growth opportunities usually encourage firms to invest more, financial constraints often limit their capability to do so. ESG performance, reflecting a company’s commitment to sustainable and responsible practices, influences how firms navigate these two conflicting forces. 174 firm-year observations of publicly listed manufacturing companies in Indonesia from 2017–2023 were analyzed and processed using the Least Squares Dummy Variable (LSDV) estimator, clustered by year, in Stata 19. The results showed that ESG disclosure significantly moderated the relationship between financial constraints and investment decisions, but did not moderate the relationship between growth opportunities and investment decisions. The result suggests that manufacturing firms should adopt more ESG practices to improve access to financing and make better investment decisions.

The Influence of Work Motivation, Reward, Work Environment, and Job Satisfaction on Employee Performance in Concrete Iron Companies in Indonesia

Angela Jovita Listyarini — 2025-12-30

Work Motivation plays a crucial role in driving employees to contribute effectively to a company. Reward and Work Environment act as key supporting elements that help employees attain job satisfaction and enhance their performance. This study aims to examine how Work Motivation, Reward, Work Environment, and Job Satisfaction influence Employee Performance within Concrete Iron Companies in Indonesia. The research utilized a saturated sample method, involving all staff employees in the concrete iron industry, with a total of 180 respondents. Data analysis was performed using the Structural Equation Model (SEM) method using SmartPLS 3.29. The findings indicate that Reward positively influences both Work Motivation and Job Satisfaction. Additionally, Work Environment and Work Motivation both positively affect Job Satisfaction. Furthermore, Work Motivation and Job Satisfaction each have a positive impact on Employee Performance, as does Work Environment. The managerial implication of this research highlights the importance of fostering work motivation, job satisfaction, and employee performance among employees to generate overall positive outcomes for the company.

The Effect of Corporate Governance, Firm Size, and Dividend Policy on Firm Value

Fajrianti Fajrianti — 2025-12-30

The valuation of a firm serves as a crucial metric for investors, as it encapsulates the entity's total performance and market perception. This study assesses the impact of corporate governance, firm size, and dividend policy on corporate value. Corporate governance is assessed using the ASEAN Corporate Governance Scorecard (ACGS); company size is quantified by the natural logarithm of total assets (SIZE); dividend policy is evaluated by dividends per share (DPS); and company value is determined by the price-to-book value (PBV) ratio. This research employs a quantitative methodology. The population comprises non-cyclical consumer sector firms listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023, amounting to 125 companies. A purposive sample was conducted, yielding 69 companies and 345 data points. Panel data regression analysis was performed using EViews 12. The study's findings indicated that firm size adversely affects firm value, whereas the dividend policy positively influences it. Conversely, corporate governance does not exert a substantial impact on the company's worth.

Financial Wellness Gen Z: The Influence of Financial Literacy, Behavior, Stress, Religiosity, Locus of Control, and FOMO

Windi Tri Pani — 2025-12-30

This study aims to determine the effect of financial literacy, financial behavior, financial stress, religiosity, locus of control, and fear of missing out (FOMO) on the financial wellness of Generation Z in Riau Province. Generation Z is a productive age group facing a transition from education to work, marked by consumerist patterns, social media influence, and financial management challenges. This study uses a quantitative approach, employing an online survey, to reach Generation Z in 10 districts and 2 cities in Riau Province. The sample used in this study was 402 respondents selected through purposive sampling. The respondents were Generation Z individuals born in 1997-2007, domiciled in Riau Province, and data analysis was conducted using SPSS and SmartPLS software version 4. The research findings show that financial literacy, behavior, and locus of control have a significant positive effect on financial wellness. Financial stress and religiosity have a positive but insignificant impact on financial wellness. Meanwhile, fear of missing out (FOMO) negatively impacts the financial wellness of Gen Z in Riau Province.

Corporate Financial Decisions, Financial Stability, and Firm Value in Indonesian Manufacturing Firms

Sugeng Haryanto — 2025-12-30

This study aims to analyze the effect of corporate financial decisions on firm value, with financial stability as a moderating variable. Firm size and firm age variables are used as control variables. Financial decisions consist of investment decisions, financing decisions, and dividend decisions. We include firm size and firm age as control variables. This study was conducted on manufacturing companies that went public on the Indonesian Stock Exchange. This study was conducted on manufacturing companies that went public on the IDX. The number of company samples was 123, and the number of analysis data was 1,230. The analysis technique used was moderated regression analysis (MRA). The study's findings indicate that financial decisions have a positive effect on firm value. Financial stability is able to strengthen the company's financial decisions on firm value. The study's findings show that corporate stability is essential information for investors.

The Impact of Strategic Renewal on Startup Performance: The Role of Digital Transformation and Market Pressure in SaaS-Based Startups in Jakarta and Surabaya

Robertus Adi Nugroho — 2025-12-30

The performance of a newly formed business is critical. This is especially true for organizations that are in fast-changing and intensely competitive markets. This study examines business performance and strategic renewal with particular emphasis on digital transformation as a mediator and market pressure as a moderator. Grounded in the Dynamic Capability Theory, the study sampled 181 Software as a Service (SaaS) startups in Jakarta and Surabaya, and the data were analyzed using PLS-SEM. The study found that strategic renewal and digital transformation (β = 0.647; p < 0.001) and organizational performance (β = 0.874; p < 0.001) are all significantly and positively correlated. The lack of evidence for the impact of strategic renewal on performance (β = 0.016; p = 0.753) suggests that there is no relationship, which is indicative of full mediation, with the implication that digital transformation is a full mediator. In addition, market pressure positively moderates the relationship between digital transformation and performance (β = 0.120; p = 0.017), underscoring the importance of industry competition. The study also contributes to dynamic capability theory by demonstrating the relationships among strategic renewal, digital transformation, and performance. The main practical implications from the research is that strategic plans should be combined with agile responsive digital market strategy plans.

When Fear of Missing Out Meets Fatigue: Understanding How Social Media Dynamics Shape Travel Intentions in West Sumatra

Astri Yuza Sari — 2025-12-30

In today’s digital landscape, the Fear of Missing Out (FoMO) has become a strong psychological driver influencing how people choose travel destinations, particularly when those places gain popularity on social media. However, the constant stream of curated posts can also trigger social media fatigue (SMF), reducing enthusiasm for travel. This study investigates how FoMO affects tourists’ intentions to visit destinations in West Sumatra and explores whether SMF mediates this relationship. Data were collected through an online questionnaire distributed via Instagram and WhatsApp among users who regularly engage with travel-related content. A total of 500 valid responses were analyzed using SmartPLS to test both direct and mediating effects. The findings highlight how digital and psychological factors jointly shape travel behavior and offer destination marketers insights into creating authentic, sustainable social media strategies that balance online excitement with emotional well-being.

Understanding Moslem Friendly Tourism in the Lombok Island: A Halal Tourism Literacy Role

Didy Ika Supryadi — 2025-12-30

This study aims to examine the impact of information overload on the purchase behavior of millennials residing in Java. This study aims to identify the contribution of halal tourism literacy based on self-efficacy theory to visit decisions by integrating push and pull motivation theory as a bridge. Based on this theoretical framework, this study aims to analyze the relationship between halal tourism literacy, internal motivation, and external motivation in encouraging visit decisions. This research was conducted using primary data, namely by distributing questionnaires online via Google Forms and disseminating them through social media, namely Instagram, Line, and WhatsApp. The sampling technique used was purposive sampling, with a sample size of 150 respondents. Data processing uses Partial Least Squares (Smart-PLS) version 3.2.9. This study found that halal tourism literacy does not directly influence the decision to visit, but halal tourism literacy indirectly influences the decision to visit through internal motivation. Similarly, external motivation can mediate the relationship between halal tourism literacy and the decision to visit. This study contributes to resolving the controversy in previous research regarding the influence of halal tourism literacy on travel decisions. This study adds to the existing literature. Instead of relying solely on Halal Tourism Literacy, this study integrates Push and Pull Motivation Theory as a mediating framework, showing that internal and external motivations play a key role in driving the decision to visit Lombok Island. This study offers a more comprehensive, empirical approach, providing valuable insights for tourism stakeholders to focus on Halal compliance and the motivating factors that enhance the appeal of Muslim-friendly destinations.

The Effect of ESG Performance on Firm Value and Financial Distress with ESG Controversies as A Moderating Variable

Daniel Godwin Sihotang — 2025-12-30

This study aims to analyze the impact of Environmental, Social, and Governance (ESG) performance on firm value and financial distress among non-financial companies listed on the Indonesia Stock Exchange (IDX) during the period 2018–2024, with ESG Controversies serving as a moderating variable. Firm value is measured using Tobin’s Q, while financial distress is assessed through the Altman Z-Score. The research dataset consists of 276 company-year observations obtained from Thomson Reuters (Refinitiv) and annual financial reports. Regression results indicate that ESG performance does not have a statistically significant effect on either firm value or financial distress. However, ESG Controversies are found to significantly moderate the relationship between ESG performance and firm value. The interaction between ESG Score and ESG Controversies suggests that ESG-related Controversies weaken the positive effects of strong ESG performance, thereby reducing the potential benefits for firms. On the other hand, this interaction does not show a significant influence on financial distress. These findings suggest that while ESG performance alone has not yet directly influenced financial outcomes, the presence of ESG Controversies can diminish the positive perception of ESG performance and affect market valuation. This study contributes to the existing ESG literature, particularly in emerging markets like Indonesia, by highlighting that beyond ESG scores, reputational factors such as ESG Controversies must also be effectively managed. Practically, this implies that companies should proactively avoid controversial ESG issues to maintain stakeholder trust and enhance long-term sustainability.

Highlighting the Strategic Value of Green Process Innovation in the Basic Materials Sector

Nanda Atika Sari — 2025-12-30

As awareness of environmental and social issues increases, responsible business practices, such as green accounting, Corporate Social Responsibility (CSR) disclosure, and green process innovation, are increasingly recognized for their role in creating long-term value. This study aims to empirically examine the impact of three sustainability initiatives (green accounting, CSR disclosure, and green process innovation) on company profitability in the basic materials sub-sector listed on the Indonesia Stock Exchange (IDX) during the 2020-2024 period. Green accounting and CSR disclosure have not been proven to have a significant impact on company profitability. However, different findings were found for green process innovation, which showed a positive and significant effect on profitability. This implies that companies' efforts to integrate innovative practices that reduce environmental impacts into their operational processes tend to correlate with improved financial performance. Green process innovation has been empirically proven to have a positive influence, as it can serve as a source of competitive advantage that is difficult to imitate (inimitable), thereby driving profitability. Companies should allocate more resources to developing green process innovations, such as energy efficiency, waste recycling, and low-emission technologies. Investments in R&D and collaborations with third parties can be effective strategies for accelerating innovation.