Journal Integration of Management Studies

Digital Adoption in Informal Micro-Property Management: A TAM–Lean–BMC Conceptual Framework and Research Agenda

Esri Hestiningtyas, Raden Aswin Rahadi — Thu, 01 Jan 2026 00:00:00 +0700

This conceptual study tackles the digital-adoption gap in Jakarta's kos-kosan boarding-house rooms, where landlords managing 5–20 units still juggle paper ledgers despite near-universal smartphone and WhatsApp use. Guided by the Technology Acceptance Model (TAM), Lean Start-up logic, and the Business Model Canvas (BMC), this research develops an integrated theoretical framework that explains behavioral hesitancy, sequences low-risk Minimum Viable Product (MVP) iterations, and pinpoints the "missing-middle" niche for a boarding house management platform. The proposed framework positions TAM to surface core drivers (perceived usefulness and ease of use) recast for WhatsApp-first workflows. Lean Start-up methodology will then map these insights into quick, feedback-rich MVP cycles tuned to resource-constrained settings. BMC will situate the validated feature set in a defendable market position underserved by premium PropTech and ultra-basic bots. This conceptual foundation establishes the theoretical groundwork for future empirical phases, which will combine stakeholder interviews and platform benchmarking to diagnose pain points, quantify adoption triggers, and refine the MVP and business model through qualitative fieldwork and pilot deployments. By linking behavior, experimentation, and strategy, this study lays a theory-driven pathway toward inclusive digital transformation in informal housing in emerging economies, with empirical validation planned for subsequent research phases.

Financial Assessment of Potential Carbon Pricing Policy and Energy Transition Scenarios in Indonesia’s Nickel HPAL Project

Tio Gefien Imami, Ana Noveria — Thu, 01 Jan 2026 00:00:00 +0700

Indonesia’s mandate to achieve Net Zero Emissions (NZE) by 2060 exerts unprecedented pressure on energy-intensive mineral processing sectors to decarbonize while maintaining economic viability. While the macro-level implications of carbon policies are well documented, project-level financial responses to the simultaneous imposition of domestic carbon pricing (Nilai Ekonomi Karbon - NEK), the EU’s Carbon Border Adjustment Mechanism (CBAM), and renewable energy transition pathways remain underexplored. This study quantifies the financial resilience and risk profiles of a representative large-scale state-owned High-Pressure Acid Leach (HPAL) nickel project in Eastern Indonesia under diverse policy trajectories. A 20-year scenario-based Discounted Cash Flow (DCF) model was developed (WACC = 14.89%) and integrated with Monte Carlo simulations to evaluate four configurations: (1) a gas-powered baseline; (2) gas subject to NEK; (3) gas subject to both NEK and CBAM; and (4) a solar-powered configuration incorporating NEK, CBAM, and a 10% carbon-offset allocation. Results demonstrate that while dual carbon-pricing regimes significantly compress project margins, transitioning to solar-powered operations curtails cumulative emissions and hedges against long-term regulatory volatility. Sensitivity analysis identifies nickel pricing, sales volume, and input costs as the primary determinants of valuation. Monte Carlo simulations reveal that the renewable configuration yields a more concentrated Net Present Value (NPV) distribution, indicating enhanced resilience amid extreme policy and price uncertainty. Ultimately, the project maintains financial viability across all scenarios, though performance depends on the architecture of international carbon regimes and energy procurement strategies. This research internalizes carbon-policy uncertainty into project-level capital budgeting, providing a framework for navigating the decarbonization of critical mineral value chains.

The Logistics Financier as a Strategic Orchestrator: Simulating Supply Chain Finance to Unlock Profitability in State-Owned Logistics

Poeti Ria, Raden Aswin Rahadi — Thu, 01 Jan 2026 00:00:00 +0700

As the logistics industry undergoes rapid transformation, companies are evolving beyond their traditional role of transporting goods to become orchestrators of capital and information flows. While Supply Chain Finance (SCF) is widely recognized for optimizing working capital, its application in state-owned enterprises (SOEs) remains underexplored, particularly due to regulatory restrictions prohibiting direct lending. Addressing this gap, this study proposes an adaptation of the Logistics Financier orchestration model tailored for an Indonesian state-owned logistics enterprise currently experiencing a liquidity shortfall of IDR 4.3 billion. Employing an exploratory sequential mixed-method design, this research integrates expert interviews to construct model parameters and utilizes Monte Carlo simulation to assess financial robustness. The simulation reveals that a holistic SCF approach—integrating Purchase Order (PO) Financing and Reverse Factoring—can effectively bridge a funding gap of IDR 39 billion and generate an expected net profit of IDR 12.8 billion. However, a critical finding indicates negative profitability (-1.62%) within the Government segment, highlighting a theoretical misalignment between market-driven SCF tools and bureaucratic governance structures. This study contributes to SCF literature by conceptualizing the orchestrator’s role as a financial intermediary and empirically demonstrating that SCF serves as a high-sensitivity value amplifier. Its effectiveness depends on institutional context and strict operational discipline.

Hybrid Technology Internalisation Strategies in Industrial Services: The Case of Foam Pigging

Levina Marchyani, Raden Aswin Rahadi — Thu, 01 Jan 2026 00:00:00 +0700

Technology acquisition in specialised industrial services often fails to translate into internal capability when knowledge remains externalised. In Indonesia, foam pigging technology remains sourced from external actors, despite growing local content requirements and strategic interest in industrial independence. This study examines the case of PT BES by applying the Resource-Based View (RBV) and Knowledge-Based View (KBV) to assess internalisation pathways. Using a mixed-method approach, the study combines SWOT analysis and discounted cash flow modelling—covering Net Present Value (NPV), Internal Rate of Return (IRR), and Cash-on-Cash (CoC) returns—to evaluate two options: talent acquisition (TA) and joint venture (JV). Results show that while both approaches are financially viable, TA enables early control and learning, whereas JV offers long-term expansion with shared risk. The proposed hybrid sequence—TA followed by JV—supports gradual internal capability formation. This case contributes to technology management literature by demonstrating how hybrid strategies can resolve the tension between knowledge dependence and capability development under regulatory constraints.

Market Reactions To Changes In Sri-Kehati Index Constituents In The Post-COVID-19 Period

Louis Orlanda Tarigan, Mandra Lazuardi Kitri — Thu, 01 Jan 2026 00:00:00 +0700

This study examines market reactions to the semi-annual rebalancing announcements of the SRI-KEHATI Index in Indonesia during the post-COVID-19 period (2022–2024). As environmental, social, and governance (ESG) investing gains increasing global relevance, understanding how investors in emerging markets respond to sustainability-related index changes is crucial. Using an event study methodology based on a single-index market model, this research analyzes abnormal returns and trading volumes around five rebalancing announcements involving 18 inclusions and 17 exclusions. The results reveal significant short-term positive abnormal returns and heightened trading volumes following stock inclusions, while exclusions trigger negative price reactions accompanied by increased trading activity. These findings support the price pressure hypothesis and, to some extent, the sustainability taste hypothesis, suggesting that short-term market reactions are driven by temporary demand shifts and growing ESG awareness among investors. However, no persistent long-term abnormal returns are observed, indicating that the Indonesian capital market remains only partially efficient in assimilating ESG-related information. This study contributes to the literature on sustainable finance by providing post-pandemic evidence from an emerging market context and offers practical implications for investors, regulators, and policymakers advancing ESG integration.

Linking Organizational Climate to Work Engagement in Higher Education Institutions

Ifa Dwi Amelia, Susanti Saragih — Thu, 15 Jan 2026 00:00:00 +0700

Organizational climate plays a crucial role in shaping employee work engagement, particularly in non-profit institutions, such as universities, where limited resources necessitate strategic human resource management. This study investigated how various dimensions of organizational climate, such as leadership, employee relations, organizational commitment, job satisfaction, and employee motivation, affected work engagement among 272 employees at a university in Bandung, Indonesia. Using simple and multiple regression analyses, the results show that, while all five dimensions significantly influence work engagement when tested individually, only organizational commitment and employee motivation remain strong predictors when examined together. These findings indicate that internal factors, such as employees’ emotional attachment to their organization and intrinsic motivation, play a more decisive role in fostering engagement than structural or relational factors. The results also extend the Social Exchange Theory by highlighting that reciprocal relationships between organizational support and employee dedication are primarily strengthened through mechanisms of commitment and motivation. From a practical perspective, this study highlights the importance of human resource strategies that foster internal motivation and enhance organizational commitment. These include implementing transparent reward systems, providing career development opportunities, and recognizing employee contributions. Such initiatives can help universities create a more supportive and engaging work environment, despite resource limitations. Overall, this study adds to the literature on organizational climate by identifying the most influential factors for building and sustaining work engagement within education institutions, offering both theoretical insights and actionable implications for HR practitioners.

A Literature Review on Ambidextrous Leadership to Strengthen Organizations' Dynamic Capabilities

Angel Permata Jauhari, Donald Crestofel Lantu, Jaka Purwanto — Fri, 30 Jan 2026 00:00:00 +0700

Organizations operating within increasingly dynamic and volatile environments confront the perennial challenge of sustaining operational efficiency while simultaneously fostering innovation to ensure long-term competitiveness. Within contemporary leadership discourse, ambidextrous leadership has emerged as a pivotal approach for organizations to navigate an ever-changing future. This study synthesizes 21 recent scholarly works (spanning 2020–2025) to elucidate the conceptual framework of ambidextrous leadership and its role in fortifying organizational dynamic capabilities, ultimately proposing an integrative framework of the two constructs. A systematic literature review guided by the PRISMA methodology finds that ambidextrous leadership facilitates the execution of the tripartite core of dynamic capabilities: sensing, seizing, and reconfiguring. Consequently, this paper provides novel insights into the nexus between ambidextrous leadership and dynamic capabilities, transcending the conceptual isolation of these constructs prevalent in prior scholarship.

The The Impact of Green Credit Policies on the Financial Performance of Indonesian Banking

Jessica Yunanda Bahtiar, Taufik Faturohman — Fri, 30 Jan 2026 00:00:00 +0700

This study analyzes the impact of Green Credit Policies (GCP) on the financial performance of Indonesian banking institutions. Utilizing a framework grounded in stakeholder and legitimacy theories, this research examines the extent to which green credit initiatives influence key financial metrics, specifically Return on Equity (ROE) and Earnings Per Share (EPS). The dataset comprises a panel of 33 Indonesian banks observed from 2020 to 2024. Panel data regression models were applied to test the hypothesized relationships. The findings indicate a positive correlation between GCP and financial performance, suggesting that transparency and sustainability practices foster financial resilience and long-term sustainability. To address potential endogeneity bias and reverse causality, robustness checks were conducted to validate the empirical results. This study contributes to the green finance literature by providing empirical evidence regarding the financial benefits of GCP implementation. The implications advocate for regulatory frameworks that promote transparency, highlighting that integrating sustainability into corporate strategies enhances competitive advantage and profitability.

Managing The Invisible Product: A Strategic Framework for Geospatial Infrastructure Investment in Indonesian Ride-Hailing Platform

Muhammad Iqnaul Haq, Leo Aldianto — Sat, 14 Mar 2026 00:00:00 +0700

Geospatial capabilities have become critical dependencies in ride-hailing platforms, providing maps, routing, and location services. However, these foundational technologies frequently face prioritization challenges against more visible product features. This research addresses the "Invisible Product Paradox" by developing a Geospatial Product Strategy Framework for Indonesian ride-hailing platforms, using PT GoTo Gojek Tokopedia Tbk as the primary case. Employing a sequential mixed-methods design, the study integrates qualitative analysis of eight expert interviews (275 coded quotations using Atlas.ti) with quantitative validation through sentiment analysis of 4,806 user reviews. The theoretical lens combines Jobs-to-be-Done, Product-Market Fit, and Platform Strategy theories. Two complementary analyses were conducted: an independent platform-based validation (Kimola.com) identified a -1.07 star penalty across 586 geospatial reviews (12.19%), while the primary keyword-filtered analysis revealed a -1.21 star penalty across 520 reviews (10.81%, p<0.001). Three emergent concepts were identified: the Invisible Product Paradox, Silent Killer Effect, and Frequency-Severity Disconnect. The framework resulting from this research comprises three integrated tools: Job-to-Geo Impact Matrix, PMF Threshold Metrics Framework, and Build-vs-Buy Geospatial Sourcing Decision Framework, providing systematic approaches for geospatial investment prioritization in emerging market contexts.

Market Segmentation, Targeting, And Positioning Strategy For An Innovative Sustainable Product: A Case Study Of Poreblock By Reservoair

Rifdah Irfani — Sat, 14 Mar 2026 00:00:00 +0700

The escalating frequency of urban flooding necessitates the adoption of sustainable infrastructure innovations, such as permeable pavements (Poreblock). However, commercialization within Business-to-Business (B2B) construction markets remains stagnant due to the complex dynamics of multipolar Decision-Making Units (DMUs), cost sensitivity, and high epistemic thresholds. This study aims to develop an evidence-based Segmentation, Targeting, and Positioning (STP) strategy for sustainable materials in Indonesia. Employing a mixed-methods design, quantitative data from construction professionals were analyzed using Exploratory Factor Analysis (EFA) and K-Means Clustering, complemented by qualitative stakeholder interviews. The analysis identified three distinct behavioral segments: Performance-Oriented Decision Makers (gatekeeping architects with rigorous empirical demands), Sustainability-Driven Project Implementers (the primary target, pragmatically driven by green-building compliance), and Balanced Urban Developers (a bureaucracy-bound majority). The findings reveal that organizational governance and project compliance mandates are significantly stronger predictors of adoption readiness than traditional occupational demographics. To overcome the substantial upfront price premium of sustainable materials, this study recommends a positioning pivot from generic environmental messaging to Life-Cycle Costing (LCC) and Total Cost of Ownership (TCO). This research contributes to B2B marketing and Diffusion of Innovation literature by empirically contextualizing behavioral segmentation within project-based, risk-averse purchasing ecosystems.

Institutional Constraints In Digital Transformation Project Delivery: A Cross-Sector Qualitative Study In Indonesia

Setyagus Sucipto, Noorhan Firdaus Pambudi — Thu, 16 Jul 2026 00:00:00 +0700

Purpose: This study examines how institutional constraints shape digital transformation project delivery across private-sector, state-owned enterprise (SOE), and government contexts in Indonesia, with particular attention to how institutional governance structures influence project delivery rhythms across different organizational settings.

Design/methodology/approach: The study uses a qualitative multiple-case design based on seven Indonesian digital transformation consulting projects. The analysis draws on 487 coded interview segments, 82 coding nodes, and 69 themes. Cross-case comparison was used to identify how delivery constraints vary across project phases and institutional settings. The findings are intended to provide an analytical rather than statistical generalization of institutional patterns in digital transformation delivery.

Findings: Three sectoral patterns are identified. SOE projects were dominated by upstream planning-contract constraints, including contractual ambiguity, scope vagueness, and difficulty translating strategic transformation intent into project terms. Government projects were dominated by downstream UAT and deployment constraints, where procedural validation and acceptance routines shaped project closure. Private-sector projects showed dual pressure between delivery speed and scope clarity. Across sectors, agile delivery was often constrained by institutional approval rhythms, creating a mismatch between adaptive project execution and organizational governance requirements.

Originality/value: The study reframes digital transformation project delivery as an institutional problem rather than only a technical or managerial problem. It introduces the concept of delivery rhythm–institutional rhythm alignment as a mechanism for understanding how governance structures shape project execution across sectors. The study contributes cross-sector qualitative evidence from Indonesia and shows why IT consultants need sector-sensitive delivery governance rather than one-size-fits-all project controls.

Creativepreneurship in the Campus Environment: Studies in Undergraduate Program Students

Adrian Ariatin; Yulia Nur Hasanah; Fikri Mohamad RIzaldi — Mon, 31 Aug 2026 00:00:00 +0700

This study examines creative entrepreneurship practices among undergraduate students and investigates how university support is perceived in relation to the continuity of campus-based creative ventures. Adopting a descriptive-exploratory design, data were collected through online questionnaires from 150 respondents comprising 120 undergraduate student creativepreneurs and 30 institutional stakeholders, including lecturers, mentors, and entrepreneurship program managers. The findings indicate that student creativepreneurship is characterized by the use of individual creativity, digital literacy, social media, and digital platforms in initiating and operating creative ventures. At the same time, respondents reported recurring challenges related to academic pressure, time management, managerial capability, financial limitations, and uneven institutional support. Comparison of student and stakeholder perspectives further highlights a gap between the formal availability of university entrepreneurship support and how such support is experienced in terms of relevance, continuity, coordination, and integration with academic structures. Rather than establishing causal relationships, the study identifies descriptive patterns that position campus-based creativepreneurship as a multilevel process involving individual capabilities, peer-community dynamics, and institutional support mechanisms. The study contributes to the Discussion on student entrepreneurship in higher education by emphasizing the importance of integrated academic support, continuous mentoring, and institutional coordination in supporting the continuity of student-led creative ventures.

Selective CAPEX-to-OPEX Transformation in Electricity Infrastructure Asset Management: Financial Trade-offs and Governance Implications for PT PLN (Persero)

Arie Wibowo, Muhammad Khadafi, Raden Aswin, Kurnia Fajar Afgani, Radia Purbayati — Tue, 01 Sep 2026 00:00:00 +0700

PT PLN (Persero) faces increasing pressure to expand and modernize electricity infrastructure while maintaining financial resilience, operational reliability, and technological adaptability. This study examines the strategic implications of selectively transforming infrastructure investment from capital expenditure (CAPEX)-based ownership toward operational expenditure (OPEX)-oriented arrangements. The study employed an integrated analytical design, combining documentary analysis, global benchmarking, financial scenario simulation, cost–benefit analysis, and regulatory assessment. The simulation assumes total investment requirements of Rp2,780 trillion for 2025–2034, a 2024 CAPEX baseline of Rp63.45 trillion, and the transfer of 70% of generation investment to Independent Power Producers while 30% of generation and 100% of transmission and distribution remain under PLN CAPEX. The results show a clear trade-off. Interest-bearing debt decreases by 6.75%, and the Debt Service Coverage Ratio increases by 3.8%, while OPEX rises by 24.88%, EBITDA declines by 36.99%, operating income by 7.63%, net income by 9.93%, ROA by 7.0%, and leverage increases by 48.1%. The cost–benefit analysis further shows that OPEX generates higher estimated ten-year benefits of Rp1,598.62 trillion than CAPEX at Rp726.45 trillion, whereas CAPEX produces a higher benefit–cost ratio of 17.01 than OPEX at 8.83. These findings indicate that OPEX should not be treated as a universal substitute for CAPEX. Instead, the optimal configuration is a selective portfolio in which OPEX or hybrid arrangements are applied to technologically dynamic and contractible assets, while strategically critical and long-lived infrastructure remains under direct ownership. The study contributes a contingent asset-governance perspective that integrates asset characteristics, financial consequences, risk allocation, and governance requirements in infrastructure investment decisions.