International Journal Administration, Business & Organization

Market Perception versus Financial Performance: The Mediating Role of Price to Earnings Ratio in Explaining Stock Returns in the Non-Cyclical Consumer Sector

Rina Rustikasari — 2026-08-12

This study investigates the relationship between financial performance and stock returns by incorporating market perception through the mediating role of the price-earnings ratio (PER). Using panel data from non-cyclical consumer sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period, this research examines whether traditional financial ratios namely Current Ratio (CR), Debt-to-Equity Ratio (DER), Return on Assets (ROA), and Firm Size remain relevant in explaining stock returns. The study employs panel data regression and mediation analysis to explore both direct and indirect effects. The findings reveal that Current Ratio, Return on Assets, and Firm Size each have significant direct effects on both PER and stock returns, while Debt-to-Equity Ratio does not. PER also plays a partial mediating role, transmitting the effect of Current Ratio, Return on Assets, and Firm Size on stock returns. These results indicate that market perception adds an explanatory layer on top of company fundamentals rather than replacing it, suggesting that both channels jointly shape investor behavior in this sector. This study contributes to the literature by providing empirical evidence from an emerging market context, emphasizing that stock returns are not solely driven by financial performance but are also shaped by behavioral and market-based factors. The findings imply that investors should integrate both fundamental analysis and market perception when making investment decisions.

Strengthening Human Resource Quality through Integrated Human Resource Development: Evidence from the Bantul Religious Court

Nursyifa Rahayu — 2026-08-12

Human resource (HR) quality plays a crucial role in delivering effective public services. This study aims to analyze the barriers affecting the quality of human resources in the service division of the Bantul Religious Court and to identify the HR development efforts implemented by the organization. A qualitative approach with a descriptive research design was employed. Seven participants, consisting of service officers and managerial personnel at the Bantul Religious Court, were selected using purposive sampling. Data were collected through semi-structured interviews, non-participant observation, and document analysis. The data were analyzed using the interactive analysis model of Miles, Huberman, and Saldaña through data condensation, data display, and conclusion drawing. The findings identified six major barriers related to competency development, including the absence of a formal orientation system, inconsistent understanding of Standard Operating Procedures (SOPs), limited mastery of service applications, communication challenges, uneven workload distribution, and differences in service officers' performance. The study also found that the organization had implemented various HR development initiatives. However, these initiatives remain fragmented and have not consistently supported competency development among service officers. Based on the findings, the study recommends implementing a formal orientation system through Diklat di Tempat Kerja (DDTK) as part of a more integrated HR development system to strengthen human resource quality from the beginning of service assignments.

Determinants of Corporate Value with Earnings Management as Intervention Variables in Companies in the Industrial Sector for the Period 2019 to 2024

Hinka Lutfiah — 2026-08-12

This study aims to determine the influence of Debt to Equity Ratio, Return on Equity, and company size on the management of profit and company value. This study uses probability sampling with a targeted sampling technique; the sample used is 30 industrial sector companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2024. This type of research is quantitative with descriptive statistics, panel data regression analysis, panel data regression test methods, hypothesis tests, classical assumptions, and Sobel tests, with data processing using EViews 12 software. This study shows that the Debt to Equity Ratio and Return on Equity have an effect on earnings management, and company size has no effect on earnings management. The Debt to Equity ratio and the size of the company affect the value of the company; the Return on Equity and earnings management have no effect on the value of the company. With earnings management as an intermediate variable, it is not possible to mediate the variables of Debt to Equity Ratio, Return on Equity, and company size to company value. The implications of this study emphasize the importance of managing capital structure and profitability in increasing the value of a company.

Analysis the Impact of Free Nutritional Food Program on Food Availability and Public Perception in Bandung

Indri Febrianti Karunia — 2026-08-07

This study analyzes the impact of the Free Nutritious Meals (MBG) Program on food availability and public perception in Bandung City. Using a quantitative survey method with a Structural Equation Modeling-Partial Least Squares (SEM-PLS) approach, the results indicate that the MBG program has a strong influence on local food availability, primarily through increased food demand in the market and easier access to food. However, the program's impact on public perception was found to be very limited, with Bandung residents tending to evaluate the program based on aspects of governance, transparency, and public accountability, rather than solely on direct benefits or food quality. This study also revealed that the condition of Bandung's local food system, which is highly dependent on supplies from outside the region and has a long distribution chain, is a limiting factor moderating the program's effectiveness. Thus, although the MBG program is effective in increasing food availability quantitatively, its sustainability and social acceptance in Bandung City depend heavily on improved distribution governance, information transparency, and strengthening a more inclusive and resilient local food system.

Keywords: Free Nutritious Meals Program, food availability, public perception, local food system, Bandung.

The Effect of Speed and Service Quality on Customer Satisfaction at FamilyMart Bandung

Shakira Al Fajri — 2026-08-07

The quick growth of convenience stores in Indonesia has increased competition in the retail industry, pushing enterprises to provide effective, dependable, and customer-focused services. In this situation, maintaining long-term corporate performance and cultivating client loyalty depend heavily on consumer satisfaction. This study looks into how customer satisfaction at FamilyMart Bandung is affected by service quality and speed, and whether this link is moderated by service congruence with customer expectations. A survey approach was used to implement a quantitative research design. Customers who had made direct purchases at FamilyMart Bandung provided information via a standardized questionnaire. Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS software was used to evaluate the gathered data. The findings show that customer satisfaction is positively impacted by both service quality and speed. Additionally, meeting customer expectations increases customer satisfaction and reinforces the impact of service quality on satisfaction. In order to increase customer satisfaction in the contemporary retail sector, these findings emphasize the significance of providing prompt, excellent, and customer-focused services. They also offer significant managerial implications for service improvement initiatives.