Pambayun Kinasih Yekti Nastiti’s research while affiliated with Satya Wacana Christian University and other places

This study aims to investigate the effects of digital transformation on business sustainability. The subsequent investigation will explore the impacts of business sustainability on tax compliance intentions, which are strengthened by the patriotism of business actors, particularly Micro, Small, and Medium Enterprise (MSME) actors. The sample for this study was taken from 360 culinary MSMEs across three cities in Indonesia: Semarang, Salatiga, and Surakarta, selected using a purposive sampling technique. The data was collected through a field survey approach and then analyzed using Structural Equation Modeling – Partial Least Squares (SEM-PLS). The results reveal that digital transformation is demonstrated to have a significant impact on business sustainability. Furthermore, business sustainability has a significant outcome on tax compliance intentions. This study also finds that the patriotism of business actors is proven to strengthen the positive effects of business sustainability on tax compliance intentions. This study underscores the necessity for MSMEs to be encouraged to manage their businesses by prioritizing sustainable principles, particularly concerning their tax compliance intentions.

This study examines the direct effects of human capital (HC), structural capital (SC), and relational capital (RC), on MSE performance (MP), and analyzes the mediating impact of competitive advantage (CA) on the relationship between HC, SC, and RC with MP using a partial least square-structural equation modeling (PLS-SEM) technique. This study also adds CA as a mediating variable to reflect the research setting of batik tulis MSEs in Indonesia. The study documents that HC and RC have a significant effect on CA. HC, RC, and CA have a significant positive effect on MP. The partial mediating role of CA is demonstrated in the indirect pathway of HC, SC, and RC to MP. Intangible capital (non-financial capital) can be a vital asset to increase CA and MP, especially when facing the crisis caused by the pandemic. The findings provide a model for consideration by related parties in improving community welfare through increasing MP, taking into account the determinants of HC, SC, RC, and CA.

To reduce dependence on external funding, financial bootstrapping can be an alternative low-cost funding solution for MSMEs. Cost efficiency can also be achieved by carrying out digital transformation in business operational activities. Furthermore, cost efficiency will lead to improved financial performance of MSMEs. This research investigates the influence of financial bootstrapping and digital transformation on the financial performance of MSMEs. Data collection was carried out through a field survey involving several enumerators and 180 respondents. The respondents of this research were female MSME entrepreneurs in the culinary sector in Central Java Province, Indonesia. The data was analyzed using the Partial Least Squares-Structural Equation Modeling (PLS-SEM) method. The research results revealed that financial bootstrapping and digital transformation have a significant positive effect on the financial performance of MSMEs. Furthermore, this study offers recommendations to improve the financial performance of MSMEs. Entrepreneurs must be creative in utilizing cheap internal funding sources and willing to adopt digital technology to increase operational efficiency and customer satisfaction. Fields entrepreneurship and small firm management; business, management and accounting; entrepreneurial finance

This study aims to investigate the effects of financial bootstrapping and government support on working capital, as well as the moderating role of entrepreneurial orientation towards the impact of working capital on financial performance. The study was conducted on 260 MSME owners in the food and beverage sector in Semarang, Surakarta, and Salatiga, in Central Java Province, Indonesia. By using a Partial Least Squares-Structural Equation Modeling (PLS-SEM) analysis, the determinant effects and consequences of working capital were determined. The findings of this study indicate that financial bootstrapping and government support are proven to have a significant positive effect on working capital. Working capital has a significant positive effect on financial performance, but entrepreneurial orientation is not confirmed to moderate the effect of working capital on financial performance.

This article empirically examines the determinants of business performance and working capital management, by adding financial management as a moderator. Data from 102 batik tulis MSMEs in Rembang Regency and Pati Regency, Central Java-Indonesia during the transition to the COVID-19 endemic was processed using partial least squares (PLSs). The total sample was obtained from an on-site survey of 125 batik tulis MSMEs registered at the Cooperative and MSME Agency from both locations. This indicates that almost 20% of business units closed due to the COVID-19 pandemic. This study demonstrates that the five hypotheses proposed are supported by empirical data, namely: (i) access to credit is shown to have a positive effect on business performance; (ii) access to credit has a positive effect on working capital management; (iii) working capital management has a positive effect on business performance; (iv) financial management moderates the effect of working capital management on business performance; and (v) working capital management mediates the effect of access to credit on business performance. The best practices from this study reveal that business pressures due to the pandemic actually increase the courage of entrepreneurs to take calculative risks by utilizing sources of funds from debt to support innovation activities and strive for superior performance. Having fixed financial obligations arising from debt financing actually forces entrepreneurs to manage business finances better and more professionally. Entrepreneurs will try to shorten their cash cycle so that cash inflows can continue to rotate the daily business wheel as well as to pay off business debts. This finding can be a concern for the government in designing policies and work programs with financial nuances to provide immunity for MSMEs during the COVID-19 endemic transition period.KeywordsAccess to creditWorking capital managementFinancial managementFirm performance Batik tulis

p>Kebijakan dividen dan determinannya tetap menjadi isu kontroversial dalam literatur keuangan. Tujuan studi ini untuk menguji pengaruh langsung free cash flow terhadap dividen dan pengaruh tidak langsung free cash flow terhadap dividen melalui pertumbuhan perusahaan dan leverage. Sampel studi ini adalah 32 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2016-2020. Analisis data memanfaatkan regresi data panel fixed effect robustness dengan melibatkan 160 obeservasi. Hasil penelitian menunjukkan bahwa free cash flow terbukti secara signifikan berpengaruh positif terhadap dividen. Lebih lanjut, penelitian ini mampu membuktikan adanya pengaruh free cash flow terhadap leverage yang kemudian dilanjutkan dengan leverage berimplikasi pada pembayaran dividen perusahaan. Namun, pertumbuhan perusahaan tidak terbukti dipengaruhi free cash flow dan juga tidak mempengaruhi dividen sehingga tidak mampu berperan memediasi pengaruh free cash flow terhadap dividen. Penelitian ini secara akademis berkontribusi dalam mengintegrasikan variabel-variabel kunci determinan kebijakan dividen yang selama ini hanya diteliti secara terpisah. Sementara secara praktis, studi ini menyarankan bahwa bagi investor yang berorentasi pada dividen hendaknya mempertimbangkan ketersedian free cash flow dan ratio hutang perusahaan. Dividend policy and its determinants remain a controversial issue in the financial literature. This study aims to examine the direct effect of free cash flow on dividends and the indirect impact of free cash flow on dividends through firm growth and leverage. The sample of this study is 32 manufacturing firms listed on the Indonesia Stock Exchange during the 2016-2020 period. The data analysis employs fixed effect robustness panel data regression involving 160 observations. The results study showed that the free cash flow significantly positive affects dividends. Furthermore, this study can prove the effect of free cash flow on leverage and then leverage impacts on company’s dividend payments. However, the firm's growth was not proven to be influenced by free cash flow and also did not affect dividends so it was not able to play a role in mediating the effect of free cash flow on dividends. This research academically contributes to integrating the key determinants of dividend policy, which have only been studied separately so far. Practically, this study suggests that dividend-oriented investors should consider the availability of free cash flow and the firm's debt ratio. </p

Purpose – The implementation of the tax amnesty program in Indonesia is expected to increase the intention to comply. However, the effectiveness of the program is likely to depend on the intention of taxpayer compliance. The purpose of this study is to examine differences in the intention of taxpayer compliance based on perceived justice and the taxpayer’s attitude of the government. Research methodology – Primary data was obtained through experimental research involving 117 students who were enrolled in the taxation class. To ensure that participants understand their role as taxpayers in an experiment, a role test is performed and this also acts as a test of internal validity. Findings – The results showed that there was a difference in the intention to comply based on perceived justice over the implementation of tax amnesty and taxpayers’ attitudes of government. Further analysis indicated that if taxpayers feel justice and have a positive attitude towards the government, it will lead to the highest intention to comply. Research limitations – The relationship between the justice variable on tax amnesty and the intention to comply is also possibly influenced by the existence of other variables such as feelings of disappointment. Therefore, in the future, it is necessary to do a study involving feelings of distress as a moderating variable in the relationship between justice and tax amnesty to comply. Practical implications – The government should continue to improve the performance and taxation system in order to create a positive attitude among taxpayers so that they will eventually comply with their tax obligations. Originality/Value – There are no previous studies that examined the interaction effect between the perceived justice of tax amnesty and taxpayer’s attitudes towards the government on intentions to comply.

Purpose – working capital management plays a vital role in determining the continuity of enterprises’ business activities. Enterprises should manage their working capital efficiently to avoid excessive working capital investments and at the same time, to maintain their liquidity. This study aims to examine the determinants of working capital management and to test the different effects of the determinants of working capital management based on enterprise size and enterprise age. Research methodology – the sample consists of 117 manufacturing enterprises listed at the Indonesian Stock Exchange for the years 2010–2017. Panel data regression was used to test the hypothesis. Findings – the findings reveal that sales growth and economic growth determine working capital management. However, the effects of the determinants of working capital management differ depending on enterprise size and enterprise age. Specifically, economic growth is the only determinant that exhibits different effects on working capital management between different enterprise size and enterprise age subsamples. Meanwhile, besides economic growth, capital expenditure, and operating cash flow are the other enterprise-specific determinants that exhibit different effects on working capital management between the two enterprise age subsamples. Research limitations – this study only measures enterprise size with total assets. Thus, we advise future studies to complement this proxy with other measures such as market value and the listing size criterion (main board vs development board). Further, it is necessary to analyse the non-linear relationship between leverage and working capital management to explain the positive effect of leverage on working capital management. Practical implications – the empirical results suggest that manufacturing enterprises must focus more on their sales growth because it affects their ability to manage their working capital efficiently. Besides, younger manufacturing enterprises need to shorten their cash cycles that are longer relative to old enterprises. Originality/Value – no previous studies have analysed the determinants of working capital management based on enterprise characteristics, especially enterprise size and age. Specifically, in the scientific literature, enterprise size and enterprise age mainly act as the dependent variables.