IJEBD (International Journal of Entrepreneurship and Business Development)

the Effect of Corporate Governance and Liquidity Risk on Firm Value in the Banking Subsector Listed on the Indonesia Stock Exchange in 2022-2024

anisa pratiwi — 2026-09-30

ABSTRACT

Purpose: The main purpose of this study is to gain a better understanding of the impact of corporate governance and liquidity risk on firm value, both partially and simultaneously.

Design/methodology/approach: This research uses a quantitative method by utilizing secondary data taken from annual reports and financial statements of banking companies listed on the Indonesia Stock Exchange for the 2022-2024 period. The samples used in the study were selected using a purposive sampling method, resulting in 120 observations from 40 banks over three years. For data analysis, multiple linear regression is used with the support of IBM SPSS Statistics software through classical assumption testing, which includes tests for normality, multicollinearity, heteroscedasticity, hypothesis testing (t-test), Simultaneous Test (F Test), and autocorrelation. In addition, data transformation and the use of lag methods were also conducted to improve the accuracy of the research model.

Findings: Evidence shows that corporate governance does not have a significant effect on Company Value, while Liquidity Risk has a significant effect. These findings indicate that investors are more responsive to the company's financial condition compared to the corporate governance structure. Simultaneously, corporate governance and liquidity risk have a significant effect on company value in the banking subsector listed on the Indonesia Stock Exchange for the 2022-2024 period.

Research limitations/implications: This research has several limitations, namely that it only uses two independent variables, namely corporate governance and liquidity risk. Furthermore, the corporate governance variable is only proxied using independent commissioners, so it does not fully reflect the quality of corporate governance implementation as a whole. In addition, the time scope of this research is limited to specific periods and company sectors.

Practical implications: This research highlights the importance of liquidity risk management as well as the implementation of corporate governance in increasing investor confidence and capital market efficiency, which will ultimately support sustainable economic growth and development.

Originality/value: This research contributes to the development of literature on the influence of corporate governance and liquidity risk on firm value in the banking subsector in Indonesia. The value of this study lies in the utilization of the latest data from 2022 to 2024 as well as testing both variables simultaneously to explain firm value.

Paper type: Research Paper

Keyword: Corporate Governance, Liquidity Risk, Firm Value, Agency Theory, Signaling Theory.

Determinants of the Effectiveness of Public Procurement Risk Management Processes in Tanzania: Evidence from Tanzania Public Service College

Yussuf A Masoud — 2026-09-30

This study examined the factors affecting the effectiveness of public procurement risk management at Tanzania Public Service College. Guided by the Resource-Based View and Stakeholder Involvement theories, the study focused on human capital, organizational culture, top management support, and stakeholder involvement.

Design/methodology/approach: The study employed a quantitative approach; data were collected from 120 respondents through structured questionnaires and analysed using descriptive and inferential statistics

Findings: The findings showed that the four factors jointly explained 88.1% of the variation in procurement risk management effectiveness (R² = 0.881, p < 0.001). Stakeholder involvement was identified as the strongest influencing factor, followed by top management support, human capital, and organizational culture

Research limitations/implications: The study employed a case study research design, which may limit the generalisability of the findings to other organisations, industries, or geographical contexts.

Practical implications: The findings imply that the adoption of green logistics practices can contribute to the reduction of operational costs and improve overall organisational performance.

Originality/value: The study contributes original empirical evidence, as the data were collected directly by the researcher from the selected study sample.

The INFLUENCE OF PRACTICAL BANKING EXPERIENCE ON OPERATIONAL RISK IDENTIFICATION IN MAURITIAN BANKS

Sharanam Abbana — 2026-09-30

Operational risk remains a significant challenge for the banking sector, particularly in developing economies where institutional resilience is still evolving. While much of the academic and regulatory discourse has focused on frameworks and systems, the role of human capital, specifically practical banking experience, in identifying operational risks remains underexplored. This study investigates the correlation between practical banking experience and the identification of operational risks in the Mauritian banking sector. This study employs a descriptive, cross?sectional survey of banking staff in Mauritius (150 distributed, 104 complete) and analyses the data through statistical analyses namely; Pearson correlation, chi?square tests and multiple regression. The study revealed a positive and significant relationship between the level of practical banking experience and the ability to recognise key risk exposures. These findings suggest that banking experience enhances operational risk sensitivity and underscores the need to integrate staff experience into risk governance frameworks. The study contributes to the literature on risk management and offers practical insights for improving governance, training, and regulatory practices within emerging financial markets.

The Effect of Attitude, Subjective Norm, and Behavioral Control on High School Students' Entrepreneurial Intention with Strategic Thinking as a Moderation

Bayu Airlangga Putra — 2026-09-30

Purpose: It's been hoped that skilled entrepreneurs will emerge from college graduates. In reality, most college graduates prefer to look for jobs rather than become entrepreneurs. Although various surveys indicate a high level of entrepreneurial intention among college students, most graduates fail to realize this desire upon graduation. This phenomenon has prompted the need to identify entrepreneurial intention at an earlier age, specifically among high school students and their equivalents. This study was conducted to examine the influence of the elements of the Theory of Planned Behavior (TPB), consisting of attitudes, subjective norm, and behavioral control, on entrepreneurial intention among high school students who are expected to become excellent entrepreneurs in the future. There is also a strategic thinking variable as a moderator of the influence of the variables of attitude, subjective norms, and behavioral control, on entrepreneurial intention.

Design/methodology/approach: Data analysis was carried out using the partial least square (PLS) technique which was run with the help of the SmartPLS application version 3.2.9.

Findings: The population of this study were high school students in Surabaya and its surrounding areas. The results from the sample of that population (n = 133) showed that of the elements of the TPB model, only the behavioral control was proven to significantly influence the entrepreneurial intention of high school students. All moderating effects of the strategic thinking were also not proven significant. However, it was found that strategic thinking itself independently had a significant influence on entrepreneurial intention.

Research limitations/implications: This research was conducted in a relatively short time and the sample size was not too large, although it exceeded the minimum number of respondents considered suitable for data analysis. Further research is needed to explore various variables that can more strongly link the TPB model to the formation of entrepreneurial intention, both through mediation and moderation.

Practical implications: Various educational institutions, particularly high schools, need to adopt models for developing positive behavioral control and strategic thinking competencies in their entrepreneurship-oriented curriculum.

Originality/value: So far, no other research has been found that examines the moderating effect of strategic thinking in the model of forming entrepreneurial intention, especially among high school students.

Paper type: Research paper

Keyword: Attitude, Behavioral Control, Entrepreneurial Intention, High School Students, Strategic Thinking, Subjective Norm.

What Makes Firm Value Stronger? Sustainability, Governance or Profitability?

Maya Oktaviani — 2026-09-30

Purpose: The purpose of this research is to examine the effect of Sustainability Reporting and Good Corporate Governance (GCG) based on ASEAN Corporate Governance Scorecard to Firm Value, and to test the function of profitability as moderating variable.

Design/Methodology/Approach: This study employed an explanatory quantitative research design. The research population consists of 113 companies that are in the Basic Materials sector listed on the Indonesia Stock Exchange for the period 2021-2024. From the purposive sampling technique used, a sample of 19 companies was obtained with 76 observations. Corporate Sustainability Reporting was measured by Sustainability Reporting Disclosure Index refer to Global Reporting Initiative; Good Corporate Governance was assessed using the ASEAN Corporate Governance Scorecard; profitability was measured by ROA (Return on Assets); and firm value was assessed by PBV (Price to Book Value). The data were analysed with the method of multiple linear regression and moderated regression analysis was reviewed by IBM SPSS Statistics.

Findings: Sustainability Reporting positively and significantly impacted firm value by coefficient of 0.734 and significance level of 0.025. Good Corporate Governance also positively and significantly impact with coefficient 4.129 and significance level of 0.003. Profitability and Sustainability Reporting did not interact with statistical significance (?= -10.741; p = 0.128), while Good Corporate Governance interacted with profitability with a positive effect and statistical significance (? = 61.381; p = 0.030). Moderation model explains 43.0% of variation of Firm Value.

Research Limitations/Implications: This research data set consists of only companies from the Basic Materials industry. The research method used was content analysis, which could potentially lead to researchers’ subjective interpretation. Additional future studies might investigate disclosure quality in more depth and consider using control variables and panel data techniques.

Practical Implications: Firms should integrate the sustainability disclosure with substantive governance and a focus on profitability. Investors may evaluate a company's future potential based on the combination of sustainability, governance and profitability information.

Originality/Value: The research novelty lies in the integration of GRI-based Sustainability Reporting and ACGS-based Good Corporate Governance measurements in the profitability moderation model on Indonesian Basic Materials.

Paper Type: Research Paper

Keywords: Sustainability Reporting; Good Corporate Governance; ACGS; Profitability; Firm Value

THE EFFECT OF COMPETENCY TRAINING EFFECTIVENESS ON EMPLOYEE PERFORMANCE AT THE DIRECTORATE OFFICE OF PABRIK GULA RAJAWALI I SURABAYA

Dedy Noivyanto — 2026-09-30

Purpose: This research analyses whether perceived competency training effectiveness is associated with employee performance at the Directorate Office of Pabrik Gula Rajawali I Surabaya. The focus is not only on whether training is positively received, but also on whether the response pattern is strong enough to explain differences in work performance scores.

Design/methodology/approach: The manuscript applies a quantitative associative design using 60 structured employee responses prepared from the converted quantitative instrument. Competency training effectiveness and employee performance were each measured through ten Likert-scale items. The data were examined through descriptive statistics, item validity, Cronbach's alpha reliability, Pearson correlation, and simple linear regression.

Findings: Training effectiveness obtained an average total score of 39.15 out of 50, or 3.92 per item. Employee performance averaged 38.62 out of 50, or 3.86 per item. The instrument was internally consistent, with Cronbach alpha values of 0.859 for training effectiveness and 0.856 for employee performance. The regression model was significant, F = 34.71, p < 0.001, with a slope of 0.607. Training effectiveness explained 37.4% of employee performance variance.

Research limitations/implications: This study is limited to the available quantitative dataset; therefore, future research should involve broader field data to strengthen the generalisability of the findings. The model is analytically useful but should not be read as a complete explanation of employee performance.

Practical implications: Training programmes need to be followed by workplace application, supervisor feedback, and performance monitoring. The results suggest that training delivery alone is insufficient when post-training transfer is weak.

Originality/value: This article provides a quantitative perspective on competency training effectiveness and employee performance in the Indonesian sugar industry context.

Paper type: Research Paper