Proceedings of International Conference on Management in Emerging Markets (ICMEM) SBM ITB
The International Conference on Management in Emerging Markets (ICMEM) was organized by The School of Business and Management, Institut Teknologi Bandung (SBM ITB) - in cooperation with partner universities. The conference aimed at bringing academics, practitioners, and governmental bodies together to discuss economic and management issues relevant to emerging markets. The 1st International Conference on Management in Emerging Markets (ICMEM 2016) on August 10-12, 2016 in collaboration with Universiti Utara Malaysia (Malaysia) and Naresuan University (Thailand); The 2nd 1st International Conference on Management in Emerging Markets (ICMEM 2017) on 26 - 28 July 2017, in collaboration with UUTM International Business School; the 3rd International Conference on Management in Emerging Markets (ICMEM 2018) on 8 – 10 Agustus 2018, in collaboration with the International Association for Business Engineering Professionals (IABEP); The 4th International Conference on Management in Emerging Markets (ICMEM 2019) on August 07th – 09th, 2019, in collaboration with the International Symposium for Asian MOT Education (ISAME), International Graduates Colloquium 2019 (IGC), ASEAN University Network for Business and Economics (AUN-BE) Annual General Meeting 2019, Swiss Innovation Challenge 201; the 5th International Conference on Management in Emerging Markets (ICMEM 2020) on August 03th – 05th, 2020; The 6th International Conference on Management in Emerging Markets (ICMEM 2021) on August, 11-13 2021. ISSN: 2962-1267
Journey to Global Leaders: A Conceptual Framework for Maximizing Leader Development Process for Future Professionals in Energy Sector
Abstract - This study develops a comprehensive conceptual framework for maximizing the development of future leaders in the rapidly evolving energy sector. Utilizing a two-round Delphi technique with 16 senior industry experts, the research integrates the Leadership Growth Support System (Assessment, Challenge, Support), Leadership Development Levels (Achiever, Catalyst, Global), and various Leadership Development Methods. The framework aligns with millennial preferences for experiential learning, mentorship, and purpose-driven work, while incorporating the Direction, Alignment, and Commitment (DAC) model to ensure strategic alignment. Inter-rater reliability analysis demonstrated high consensus on leadership development framework. The framework addresses the unique preferences of millennial leaders, emphasizing the growth support system, experiential learning and alignment with the strategic organizational goals. This study contributes to talent management practices in the energy sector, highlighting the need for flexible, personalized approaches to leadership development that consider the dynamic challenges of sustainability, technological innovation and the evolvement of energy business landscape. The resulting framework offers a comprehensive roadmap for cultivating effective millennial leadership in the rapidly transforming energy industry. Keywords - Future Leaders, Energy Sector, Leadership Development Model (LDM), Delphi Technique.
Copyright (c) 2025 Proceedings of International Conference on Management in Emerging Markets (ICMEM) SBM ITB
Implementation Strategies of Carbon Neutral Events at Pertamina Group - A Qualitative Study of Organization Practices
Abstract - This study explores the implementation strategies of carbon neutral events within Pertamina Group, employing the Greenomina platform as carbon calculator for sustainable organizational practices. As environmental concerns escalate, the need for corporations to adopt carbon-neutral initiatives has become imperative. Through a qualitative methodology, including in-depth interviews and document analysis, this research investigates how Pertamina operationalizes carbon neutrality during its corporate events. Findings highlight key strategies involving stakeholder engagement, carbon footprint assessment, waste reduction, and the use of renewable energy. The Greenomina platform serves as a critical lens for analyzing these practices and their alignment with global sustainability standards. This research contributes to the growing body of knowledge on green event management and offers practical insights for corporations aiming to integrate environmental responsibility into their core activities. Keywords - Carbon Neutrality, Greenomina Platform, Sustainable Events, Digital Transformation, Green Practices
Proposed Corporate Strategy to Increase Digital Services Portfolio Adoption Rate at Schneider Electric Indonesia
Abstract - Indonesia’s future development has been outlined in the RPJPN 2025-2045, targeting annual GDP growth of 6–7%, with the manufacturing sector as a key contributor that is in the nascent stage of digital maturity. Schneider Electric Indonesia sees a great opportunity to increase the adoption of a digital services portfolio aligned with global strategies and national priorities. However, there are challenges, such as limited integration of digital services as the main value proposition and weak synergy across businesses. This study proposed corporate strategies to increase the adoption of digital services. This study uses a qualitative methodology (semi-structured interviews) with vision & mission, internal and external analysis. The results of the analysis show that there is a gap between the global strategy and local strategy, as well as great potential for synergy between business units that has not been maximized. This study proposes two main strategies: the establishment of a Digital Services Growth Task Force to provide a coordination structure and strategic direction, and a cross-unit enablement to strengthen operational and human resource capabilities across all business lines. This strategy positions digital services as a core value in the market, strengthening corporate synergy between BUs and optimizing cross-selling strategies within the existing customer ecosystem. Keywords - Schneider Electric Indonesia, corporate strategy, digital services, business unit synergy, cross-selling
QRIS in Gen Z Daily Life: Usage Patterns and Insights for Future Development
Abstract - This study explores the factors that influence Generation Z's decisions to use the Quick Response Code Indonesian Standard (QRIS) in Salatiga, a small but digitally active city in Central Java. While QRIS adoption in metropolitan areas has been widely studied, there is little known about usage patterns in smaller cities with limited infrastructure access. This study uses a quantitative survey involving 101 respondents aged 18–26 years to analyze the role of perceived usefulness, trust, and community preferences in determining QRIS usage decisions. Data analysis was conducted using STATA, including descriptive statistics, matrix correlation, reliability tests, and multiple linear regression. The results indicate that perceived usefulness (β = 0.4523, p < 0.001) and community preferences (β = 0.3830, p = 0.002) significantly influence the decision to use QRIS, while perceived trust does not show a statistically significant effect. These findings suggest that for digital-native users in small cities, usefulness and social influence are more dominant than trust factors in driving QRIS usage. Practical implications highlight the need for community-based engagement and the development of user-centric features, such as split bills functions and reliable offline QRIS transactions. This study expands the Technology Acceptance Model by including relevant contextual and social factors. Keywords - QRIS, Generation Z, financial technology adoption, perceived usefulness, community preferences, small city
Gen Z Consumers’ Perception of Sustainable Branding in Natural Skincare Products: The Influence of Digital Marketing and Financial Technology in Purchase Decisions
Abstract - This study explores how Generation Z consumers perceive sustainable branding in local skincare products and how digital marketing and financial technology (fintech) shape their purchase decisions. Using a quantitative survey approach, the findings reveal that sustainable branding emerges as the most influential factor, as authentic environmental and ethical practices foster trust, loyalty, and stronger purchase intentions. Digital marketing contributes positively by increasing awareness and engagement, although its impact on purchasing remains less decisive. Fintech, on the other hand, primarily functions as a facilitator that provides convenience in transactions rather than a direct driver of purchase behavior. The study underscores the importance for local skincare brands to integrate sustainability into their core identity while leveraging digital platforms and fintech accessibility to better connect with Gen Z consumers. Keywords - Sustainable branding, digital marketing, fintech, purchase decision, Generation Z, skincare.
Exploring Sustainable Organization Ecosystems Anchored in Collaborative Decision Making
Abstract – Current disruptions and changes evoke organizations to increase their capacity in adapting to these changes. Maintaining organizations to be able to survive in these agile conditions must include such holistic approach, yet not much research covers this topic to address such challenges. This paper aims to explore the elements of sustainable organization ecosystem and collaborative decision making and then build sustainable organization ecosystem based on the model of collaborative decision making. This research collected relevant literatures about both topics, summarized the specific theme, and analyzed using content qualitative analysis approach. This study concluded that it is feasible to build the preliminary model based on existing literatures with further testing application of the framework in the real industry in the future. Keywords – Sustainable organization ecosystems, collaborative decision making, preliminary model, organization performance, stakeholder engagement
The Effect of Artificial Intelligence Recommender Systems on Netflix Customer Satisfaction
Abstract – The use of Artificial Intelligence (AI) provides numerous benefits across many sectors. One sector that significantly benefits from AI is the entertainment service industry. Major companies such as YouTube, Amazon, Netflix, Spotify, and others utilize AI to enhance their businesses, with recommendation systems being one of the key AI applications. Netflix is a company that uses its recommendation system to rapidly grow its customer base; however, many customers also unsubscribe. Apart from the percentage of customers who stop subscribing, there is a theoretical gap in existing research specifically regarding AI recommendation systems on Netflix. Some researchers state that Netflix’s recommendation system is effective and provides useful guidance for users, while others argue that it still needs improvement due to biases that cause films to be recommended even when customers do not want them. Based on this, the study aims to determine whether Netflix’s AI recommendation system can increase customer satisfaction, which in turn can enhance business performance. The respondents are active Netflix users aged 18 and above, located in Jakarta, West Java, Central Java, East Java, Sumatra, Kalimantan, and Sulawesi, ensuring that the results represent Indonesia. Keywords - AI Recommender System, Customer Satisfaction, Netflix
The Relationship Between Work-Life Balance and Corporate Performance, Focusing on Industry and Job Type
Abstract - In Japan, “Work Style Reform” have been implemented to improve labor productivity and work-life balance (WLB), but sufficient results have not been achieved. Previous studies have analyzed the impact of labor environments and corporate policies on workers' health, WLB, and corporate performance, but there are very few studies that analyze how corporate WLB policies affect corporate performance. This study constructed an agent-based model (ABM) and conducted scenario analysis to clarify changes in workers' WLB and corporate performance. The results showed that WLB improved across all industries, but improvements in corporate performance were limited to certain industries. Additionally, it was confirmed that wage increases or increased labor mobility across the entire labor market may not be effective across all industries. These findings are expected to contribute to the design of government policies and the promotion of the “Work-Style Reform” initiative. Keywords – Work-life balance, agent-based model, simulation
Region-Based Recommendations for Upper Secondary School Types in Indonesia Using Clustering Analysis
Abstract - Indonesia faces significant inequality in access to education between urban and rural areas, made more complex by its geographic and cultural diversity. With the government allowing students to choose between general and vocational upper secondary schools, it is crucial to guide them toward the most suitable path to support their future careers and ensure they can thrive in their own regions. This study analyzes all 514 Indonesian cities and regencies using socioeconomic data from 2019 to 2024 to identify appropriate education pathways. Clustering methods K-Means and K-Medoids were applied, with K-Means using five clusters producing the best results. Cluster 0 (18 regions) and Cluster 2 (5 regions) are better suited for general education due to high technology use and rapid industry growth. Cluster 1 (211 regions) and Cluster 3 (194 regions) are more aligned with vocational education, reflecting lower technology use and slower development. Cluster 4 (86 regions) has mixed characteristics. These findings can help shape education policy to match local conditions. Future research should include cultural and community-specific factors to further improve education equity across Indonesia. Keywords - Clustering Analysis, Education, Evaluation Method, Socioeconomic Indicators, Upper Secondary School
Responses in 8 MSCI Asian Emerging Markets Countries Post-Trump's Win US Presidential Election 2024
Abstract - The United States presidential election has long been regarded as a major global political event, capable of influencing investor sentiment and triggering volatility in financial markets. The 2024 election, marked by the return of Donald Trump, has raised new concerns regarding protectionist policies that could disrupt global trade and capital flows. This study analyzes market responses in eight countries included in the MSCI Asian Emerging Markets Index—Indonesia, Malaysia, the Philippines, South Korea, Taiwan, Thailand, China, and India—during the window surrounding Trump’s victory. Employing an event study methodology, this research examines abnormal return patterns observed over a seven-day period (t-3 to t+3) to assess the short-term impact of political uncertainty on equity performance. Statistical significance tests are used to evaluate the market response before and after the event. The study aims to provide insights into how Asian emerging markets react to global political changes and how these responses may influence investor decision-making during geopolitical events. Keywords – Abnormal Return, Emerging Markets Asia, US Election, Market Responses
Assessing User Acceptance And System Development Priorities Of An Asset Disposal System: A TAM And QFD-Based Study At A State-Owned Electricity Company
Abstract - As part of its ongoing digital transformation, PT PLN (Persero) is streamlining operational processes through the adoption of integrated information systems. One of these initiatives is the Asset Decommissioning Information and Monitoring System (SIMPUS), a web-based platform integrated with SAP to manage the disposal of Non-Operational Fixed Assets (ATTB). SIMPUS was developed to replace a manual process plagued by data errors, low transparency, with delays of up to five years. While SIMPUS 1.0 successfully reducing disposal cycle times from years to months, a pre-survey revealed user resistance due to a complex interface and technical limitations. This study integrates Technology Acceptance Model 2 (TAM2) and Quality Function Deployment (QFD) in two stages. First, a census survey of all active SIMPUS users (N=610) yielded 150 valid responses, analyzed with SEM-PLS to test TAM2 hypotheses. Second, SEM-PLS path coefficients were applied as weights in QFD to prioritize user needs based on their influence on behavioral intention. Results show perceived ease of use and organizational support as the main drivers of adoption, while subjective norm was excluded due to PLN’s hierarchical, procedure-driven culture. QFD identified three priorities for SIMPUS 2.0: role-based UI/UX improvements, new features (bulk upload, digital signatures), and streamlined verification workflows—forming a strategic roadmap for a more adaptive and user-focused system. Keywords - SIMPUS, TAM2, QFD, SEM-PLS, digital transformation
Constructing Hypothetical Models of Stakeholder Relationships in Remanufacturing Systems: Insights from SLR and Focus Group Discussion
Abstract - Remanufacturing has emerged as a vital component of the circular economy, offering environmental and economic benefits through the restoration of used products to like-new conditions. Among the various types of remanufacturers, independent remanufacturers (IRs) play a particularly significant role, especially in developing countries where remanufacturing is still evolving. This study presents a systematic literature review (SLR) aimed at understanding the roles, interactions, and business models of IRs within the remanufacturing ecosystem, with a specific focus on the heavy equipment industry in Indonesia. The SLR process incorporated 363 articles from ScienceDirect and Google Scholar, which were filtered down to 46 eligible articles based on strict inclusion criteria. To enrich the findings, a focus group discussion (FGD) involving eleven heavy equipment companies operating in Indonesia was conducted. The study identifies distinct interaction patterns between IRs and other remanufacturing actors such as OEMs, outsourced remanufacturers, and contracted remanufacturers. Additionally, this paper proposes hypothetical models for each type of actor to illustrate potential collaborations and conflicts. Keywords-Remanufacturing, Independent Remanufacturer (IR), OEM, Circular Economy, Business Model, Systematic Literature Review, Heavy Equipment Industry, Indonesia
Insights of Strategic Pathways for the Indonesian Mining Industry in the Green Energy Transition
Abstract - Indonesia plays a pivotal role in the global energy transition due to its vast reserves of critical minerals, especially nickel, which are essential for electric vehicles and renewable technologies. This study examines Indonesia’s mining sector by grounding the analysis in two complementary theories: the Natural Resource-Based View (NRBV) and Institutional Theory. The NRBV highlights how environmental capabilities—such as pollution prevention, stewardship, and clean technology—generate competitive advantage through improved efficiency, reduced risk, and access to green markets. Institutional Theory explains how coercive policy shifts, normative ESG expectations, and mimetic industry dynamics influence mining practices in emerging markets. Using secondary data from Statista, BPS, and national reports (2014–2023), we analyze export-to-GDP elasticity, foreign direct investment, greenhouse gas emissions, and ESG benchmarking. A thematic coding of stakeholder discourse from the Indonesia Mining Summit 2024 further contextualizes institutional pressures. Findings reveal that post-2020 policy interventions (nickel ore export ban) significantly boosted exports and FDI, yet rising emissions and governance gaps constrain sustainable transformation. Theoretical integration shows that while NRBV-based capabilities create opportunities for ESG-driven competitiveness, institutional pressures shape the pace and direction of adoption. This study contributes to strategic management and sustainability literature by offering evidence-based insights for policymakers, investors, and mining firms navigating Indonesia’s pathway toward green industrialization. Keywords - Mining, Energy Transition, ESG, Circular Economy, Indonesia, NRBV, Institutional Theory, Emerging Markets
Assessment of Public Sector Service Readiness in Implementing Six Sigma Methodology in an Indonesian Context
Abstract - Implementing Six Sigma in the public sector, particularly in emerging countries, presents challenges and opportunities for improving service quality. This study assesses the readiness of the Surabaya City Office for Population Administration and Civil Registration (COPACR) to adopt Six Sigma to enhance operational efficiency. Using a framework derived from existing literature, the assessment focused on four key areas: upper management ability, middle management commitment, organisational capability, and change readiness. Data were collected through interviews, direct observation, and questionnaires. The findings indicate that while COPACR shows strong leadership and adequate organisational systems, it lacks readiness in middle management’s awareness of customer-related performance and in managing rapid organisational change. Addressing these gaps is essential for ensuring successful and sustainable Six Sigma implementation. This study contributes a structured approach to evaluating Six Sigma readiness in the public sector and offers practical insights for similar institutions in developing countries aiming to improve service delivery through quality management methodologies. Keywords - Critical Success Factor, Developing country, Public services, Readiness assessment, Six Sigma
Stock Price Anomalies of Products Affected by Boycotts: Geopolitics, Pandemics, and Fundamentals of Unilever Indonesia and Pakistan 2016 – 2024
Abstract - Boycotts against multinational products associated with geopolitical conflicts, such as the pro-Palestinian boycott, have significantly affected the brand perception and the financial performance of companies across various countries, including Indonesia and Pakistan. This study analyzes the differences in stock performance and financial fundamentals between Unilever Indonesia (UNVR) and Unilever Pakistan (UPFL) during 2016–2024, during the COVID-19 pandemic and boycott campaigns. A descriptive quantitative approach was employed using secondary data, including annual financial reports, daily stock return data, and foreign exchange rates. The data were analyzed using independent sample t-tests, linear regression, and trend analysis. The results reveal that UNVR experienced a consistent decline in stock returns during the pandemic and boycott periods, accompanied by weakened financial fundamentals such as net sales, gross profit, net income, and profit margins. In contrast, UPFL exhibited stable, positive stock return trends and consistently growing financial fundamentals. The theoretical analysis suggests that institutional pressures, external signaling, ownership structure, and the management of internal resources are key factors explaining the performance divergence between the two entities. These findings underscore the importance of adaptive business strategies in responding to social and geopolitical pressures to maintain the sustainability of multinational corporations operating in developing countries. Keywords - Unilever Indonesia, Unilever Pakistan, pro-Palestinian boycott, stock returns, financial fundamentals
Parachute Fabric Supplier Selection for a Fashion Brand Using Weighted Sum Model: A Case Study of Chute Up
Abstract - Indonesia's fashion industry is rapidly growing, with an estimated value of USD 8.75 billion in 2025. With this rapid growth comes the pressure for fashion companies to adopt efficient strategies, including optimizing their supplier selection process. For Chute Up, a fashion brand producing a 3-in-1 convertible parachute jacket, selecting the right parachute fabric supplier is crucial for quality, cost efficiency, and timely production. This research applies the Weighted Sum Model (WSM) to assist structured decision-making in supplier selection. The criteria used includes quality, cost, delivery, reliability, sustainability, and capacity that were obtained from a literature review and validated through interviews with Chute Up’s C-Level executives. Each criterion was then weighted based on the expert judgment, with quality (0.316) and cost (0.300) being the most prioritized. Three shortlisted suppliers (BLT, AMZ, and BRL) were evaluated using WSM. BRL scored the highest (85.91), followed by AMZ (69.41) and BLT (66.77), making BRL the recommended supplier. Keywords - Supplier Selection, Weighted Sum Model, Small Fashion Business
Necessity or Opportunity? Understanding the Motivational Drivers of Women Entrepreneurs in Creating a New Venture
Abstract - Women starting their own businesses has become a strong force for economic growth, new ideas, and social progress, especially in emerging markets like Indonesia. This qualitative study aims to understand the reasons why women start businesses in Bandung, West Java, with a focus on whether they do so out of necessity or opportunity. This study included semi-structured interviews with 15 female business owners from different fields, such culinary, fashion, accessories, and services. It found major themes like personal passion, financial freedom, familial influence, and recognizing opportunities. The findings show that many women entrepreneurs are motivated by a mix of necessity and opportunity, which are affected by social and cultural norms, access to resources, and their own goals. The study adds to the larger conversation about women's entrepreneurship by showing how entrepreneurial motivation changes over time in emerging markets. It also shows how institutional environment changes and support systems might better help women entrepreneurs at different points in their business journey. Keywords - Women entrepreneurs, Necessity-driven entrepreneurship, Opportunity-driven entrepreneurship, Motivation, SMEs, Bandung, Indonesia
Improving Inventory Management to Prevent Stockout and Overstock: A Case Study Esa Frozen Ramen
Abstract - This study examines inventory management challenges at Esa Frozen Ramen, a local frozen food MSME, focusing on stockout and overstock problems. Between May 2024 and June 2025, Esa experienced more than 120 stockouts and 16 units of unsellable overstock, causing losses exceeding Rp4,500,000. The root causes were the absence of structured inventory planning and lack of data-driven forecasting. Using weekly historical demand data (54 weeks), the research compared three time series forecasting methods: Simple Moving Average (SMA), Weighted Moving Average (WMA), and Single Exponential Smoothing (SES), with WMA (0.1, 0.9) achieving the best accuracy (MAD = 1.49, MSE = 6.43, MAPE = 9%). The selected model was used retrospectively to calculate Economic Order Quantity (EOQ), Safety Stock, and Reorder Point (ROP), yielding optimal values of 33 units, 2 units, and 8 units respectively. This integrated approach offers Esa a practical and low-cost strategy to minimize inventory risks, improve product availability, and enhance operational efficiency Keywords - Inventory Management, Frozen Food, Demand Forecasting, Economic Order Quantity, Safety Stock, Reorder Point
Questioning Sustainability from the Workers’ Perspective: Career Attractiveness in Retail
Abstract - Recent developments have led to a dramatic shift in the retail industry, marked by the rise and fall of major corporations. This study intends to investigate the level of attractiveness of the retail industry for career development of the current workforce. Moreover, analyzing each construct at the dimensional level—Individual, Instrumental, and Symbolic—contributes valuable insights to the employer branding literature in emerging markets like Indonesia, particularly regarding the challenge of maintaining sustainable talent in the retail sector amid high turnover, market volatility, and increasing digitalization. Keywords - branding strategy, motivation, perception, instrumental, symbolic, work intention.
Strategic Performance Measurement Design using Balanced Scorecard and AHP: A Case Study in the Indonesian Tea Processing Industry
Abstract - This paper presents a strategic performance measurement framework for a tea manufacturing company in Indonesia. The model integrates the Balanced Scorecard (BSC) and Analytical Hierarchy Process (AHP) to support structured evaluation and prioritization of key indicators. The framework emphasizes alignment between strategic objectives and measurable outcomes across financial, customer, internal business process, and learning and growth dimensions. Findings indicate that customer-focused metrics are viewed as highly strategic, emphasizing the need for greater responsiveness to market demands. By incorporating stakeholder judgment through AHP, the model provides a basis for assigning strategic weights to indicators, ensuring that managerial attention is directed toward areas of greatest impact. The systems provide a structured mechanism for performance evaluation, strategic coherence, and adaptive improvement, particularly within the agribusiness processing sector. The study underscores the practical value of integrating BSC and AHP to strengthen managerial decision-making and organizational effectiveness, particularly in emerging market environments. Keywords - performance measurement, balanced scorecard, analytical hierarchy process, key performance indicators, agribusiness industry
The Influence of Technology, Organization, And Environment on MSMEs' Adoption of Digital Services in West Java: A Toe Model Analysis
Abstract - Digital applications have emerged as instrumental tools in driving the growth and sustainability of enterprises across various sectors. One of the sectors that has benefited is Micro, Small and Medium Enterprise (MSMEs). One of the telecommunication companies had assisted MSMEs promote digital transformation in Indonesia through their digital product. This research aimed to determine what factors influenced MSMEs companies in choosing and adopting digital products using Technology Organization - Environment (TOE) model. Data collection was performed using purposive sampling quantitative methods with a 4-point Likert scale. The respondents of the research were 139 respondents from Micro, Small, and Medium Enterprise (MSMEs) companies that were assisted by telecommunication companies based in West Java, Indonesia. The author concludes that the factors which had a significant contribution to MSMEs digital adoption in West Java were SMEs' firm sustainability, environment, and technology. Keywords - Digital Transformation, MSMEs, TOE Model, Digital Adoption, Firm Sustainability
Value Chain Analysis in Related Business Development to Achieve Economies of Scope for the Advertising Business in Bandar Lampung, Indonesia
Abstract - This study aims to analysis the value chain in related business development by expanding PT. Guyub Media Abadi's advertising business into a related customized furniture business in Bandar Lampung, Indonesia. Using a qualitative descriptive method, the research explores the strategic alignment between the two business lines by analyzing both economic and non-economic feasibility. Primary data were collected through interviews and observations, while secondary data—including financial reports—were used to assess project viability through Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period (PP) methods. The findings reveal a strong strategic fit across six key value chain activities: supply chain, technology, operations, sales and promotion, distribution, and customer service. These synergies led to significant cost savings, or economies of scope, amounting to Rp. 147,380,500 in the advertising business and Rp. 565,000,000 in the furniture business. Financial analysis indicates that the business development is feasible, with a positive NPV of Rp. 781,534,630, an IRR of 136%, and a payback period of just over one month when leveraging existing assets. Moreover, the development positively impacts employee welfare by increasing the average wages of daily workers. The study concludes that internal business development through value chain integration is a strategic and financially viable approach for achieving competitive advantage and sustainable growth. Keywords – Business development, value chain, economics of scope, advertising and furniture business
The Impact of Entrepreneurial Mindset on the Success of Innovative Business Models
Abstract - This study aims to examine the influence of entrepreneurial mindset on the success of innovative business models among entrepreneurs in Indonesia. Amidst the growth of the digital economy, many MSMEs and startups have failed because of non-adaptive business models, even though market opportunities are available. This study uses the main dimensions of entrepreneurial mindset,which are opportunity recognition, innovativeness, proactiveness, adaptability, and self-efficacy & confidence, and how these five aspects influence the success of business model innovation. A quantitative approach was used with data collection from 100 entrepreneurial respondents and data analysis through SEM-PLS. The results indicate that only proactiveness and self-efficacy & confidence significantly influence the success of innovative business models. Meanwhile, opportunity recognition, innovativeness, and adaptability do not show significant direct effects. These findings suggest that the ability to act strategically and self-confidence in facing uncertainty play a more critical role than simply recognizing opportunities or being innovative without the support of an execution structure. This study contributes theoretically to entrepreneurship literature and provides practical implications for developing competitive business models in the era of digital disruption. Keywords - Entrepreneurial Mindset, Proactive, Self-Efficacy, Business Model Innovation, Digital Entrepreneurship
Box Packaging Vendor Selection for Educational Toy Using Weighted Sum Model: Case of Eduture
Abstract - Eduture is a startup focused on educational toys with local Indonesian value. Eduture faces the growing Indonesian educational toy industry, which is projected to exceed USD 2 billion by 2029. Currently, Eduture's vendor selection, especially for packaging boxes, remains a challenge. The main problems faced are a 30% defect rate in the initial 50 production batches and high costs that reach 43.2% of the total cost of production (COGS). Therefore, this research aims to evaluate and select the best vendor using the Weighted Sum Model (WSM) as a Multi-Criteria Decision-Making (MCDM) approach. This research was conducted through a literature review, FGDs with internal company members from Eduture. The FGDs resulted in eight main criteria: quality, cost, durability, safety, flexibility, delivery, color accuracy, and reliability. Each vendor was evaluated based on a score of 0–100. The final WSM calculation results showed that VBG was the best alternative with the highest score of 84.438, followed by RPI with a score of 77.416, and CAI as the last choice with a score of 43.895. These findings are expected to help Eduture in managing production more efficiently Keywords - Eduture, packaging box vendor, Weighted Sum Model (WSM), Multi-Criteria Decision-Making (MCDM), vendor criteria
Optimizing The Transition: Strategic Prioritization for Early Retirement of Coal-Fired Power Plants (CFPP) In Java-Madura-Bali
Abstract – The Paris Agreement has driven global efforts to reduce greenhouse gas (GHG) emissions, with early retirement of Coal-Fired Power Plants (CFPP) identified as a key strategy. As one of the largest CFPP users, particularly in the Java, Madura, and Bali (JAMALI) regions, Indonesia has developed an energy transition roadmap to reach Net Zero Emissions (NZE), incorporating early CFPP retirement. This research aims to determine the priority order of CFPP to be retired in the JAMALI electricity systems based on Indonesia’s roadmap to NZE through a combination of MCDM (Multi-Criteria Decision Making) methods: Analytic Network Process (ANP) and Technique for Order Preference by Similarity to Ideal Solution (TOPSIS). The criteria used in this study were derived from literature reviews and expert Focus Group Discussions (FGDs). The weights of each criterion were obtained by averaging the questionnaire responses using the Weighted Geometric Mean Method (WGMM), and the results were simulated using the Super Decisions Software. The TOPSIS approach was then utilized to formulate the ranking. The following CFPPs were ranked in order of early retirement by the ANP-TOPSIS combination: CFPP A, E, D, F, C, and B. Power flow simulation and expert assessment indicate that CFPP E is considered viable for implementation by 2033. Keywords - Coal-Fired Power Plant (CFPP), Early Retirement, MCDM, ANP, TOPSIS
Determination of Demand Forecasting and Inventory Policies for Managing Raw Materials with Engineering to Order Characteristics in the Electricity Maintenance Industry
Abstract - Manufacturing industry with Engineering to Order (ETO) characteristics faces challenges in the production process in the form of the availability of raw materials needed. This research was conducted at a manufacturing unit owned by the electricity industry with the main task of producing spare parts for the generation, transmission, and distribution of electricity, this unit carries out the production process with regulations no inventory policy, these regulations make the raw material planning process more difficult and result in material shortages, production delays, and inability to meet delivery time targets, thus threatening customer satisfaction and operational efficiency of the unit. A critical raw material needs planning strategy will be developed using the demand forecasting method. The forecasting methods used include linear regression, double exponential smoothing, Winter's Model and Syntetos-Boylan Approximation. The results of this demand forecasting will be used as a basis for designing a more optimal inventory policy. Three inventory policy scenarios to be evaluated include existing review, continuous review (s,Q), and periodic review and order-up-to-level (R,S) and the method with the smallest stockout risk, the most optimal cost, and the method with the best raw material supply flexibility will be selected. Keywords - Demand Forecasting, Inventory Policy, Engineering to Order, Reverse Engineering
Institutional and Community Synergies for Integrating Creative Industry with Sustained Tourism Growth: Qualitative Insights from West Java Indonesia
Abstract - The creative industry and tourism sectors are recognized as key drivers of regional economic growth, cultural preservation, and community empowerment. The creative industry fosters innovation and knowledge-based value creation, while tourism generates market access, global exposure, and demand for creative products and experiences. When effectively integrated, these sectors create a synergistic ecosystem that enhances regional competitiveness and promotes sustained growth. West Java, with its large population, strong creative industry presence, and diverse tourism potential, offers significant opportunities for such integration. However, synergy between these sectors remains suboptimal due to structural and institutional challenges. This study explores how institutional, and community actors shape creative industry-tourism integration and identifies key enablers and barriers. Using a qualitative case study and the Gioia methodology, data were collected from government officials and creative industry community representatives. The findings reveal that institutional facilitation, community-driven initiatives, and ecosystem readiness are critical for successful integration. However, gaps in market literacy, ecosystem alignment, and access to financing persist. This study refines the meso-level ecosystem perspective by highlighting the interplay between institutional structures, community agency, and ecosystem capabilities. The revised conceptual framework offers theoretical contributions and practical insights to enhance policy coherence, empower creative communities, and foster sustained tourism growth. Keywords - Creative Industry, Sustained Tourism Growth, Ecosystem Integration, Institutional Synergy, Community-Driven Innovation, West Java
Digital Transformation and Green Demands: Rethinking Culinary Curricula for a Sustainable Industry
Abstract – The culinary industry is undergoing a significant transformation, driven by digital transformation and escalating sustainability demands. This study explores how Indonesian vocational culinary education institution are responding to these dual pressures, focusing on the integration of digital and sustainability competencies into Level 5 curricula. Using a qualitative case study approach informed by Merriam’s interpretive framework, data were collected through semi-structured interviews and curriculum document analysis across two vocational institutions. Thematic analysis revealed three core findings; 1) awareness of the need for digital fluency and sustainability literacy, especially for emerging roles like influencer chefs and green professionals/entrepreneurs; 2) a gap between awareness and practice due to outdated national standards, weak industry feedback, and limited faculty training; and 3) bottom-up innovations such as digital marketing modules and sustainability projects led by proactive educators. The study presents a conceptual framework (Figure 4.1) maps the interplay between external industry drivers, institutional constraints, and enabling strategies for curriculum reform. Effective transformation requires not only pedagogical innovation but also alignment with national policy (e.g., green economy goals), updated competency models, and strengthened industry-academia collaboration. This research highlights the urgency for adaptive, sector-specific curriculum strategies that equip culinary graduates with the competencies required for a sustainable, digitally integrated future. Keywords - Vocational education, culinary curriculum, culinary competencies, digital competencies, sustainability, curriculum reform.
Indonesia’s Power Sector Scenarios To 2060:Modeling Geothermal, Solar, And Wind Expansion Under Energy Transition Policies
Abstract - Indonesia’s target to achieve Net Zero Emissions (NZE) by 2060 places the energy sector at the center of decarbonization efforts. Despite vast renewable potential, the current energy mix is still dominated by fossil fuels, and the transition faces technical and policy barriers. This study applies the Long-range Energy Alternatives Planning (LEAP) model to assess four power generation scenarios from 2025 to 2060: Business as Usual (BAU), Geothermal (GEO), Solar & Wind (SAW), and Progressive (PRO). Each scenario evaluates electricity output, installed capacity, and renewable energy share. Results indicate that all scenarios meet the projected demand of 1,425.3 TWh by 2060. The GEO scenario achieves the highest output (1,527.4 TWh), while SAW faces intermittency challenges. The PRO scenario provides the most balanced pathway, with an 83.41% renewable share and 1,432.6 TWh output. Findings indicate that combining geothermal as a stable baseload with integrated solar and wind, supported by storage and smart grids, is key to a sustainable and reliable transition. By integrating the latest national energy plans and extending projections to 2060, this study offers strategic insights for long-term policy formulation toward NZE. Keywords - Energy transition; Geothermal; Solar; Wind; LEAP; Energy mix; NZE 2060
A Case Study of MSMEs’ Involvement in Palm Oil Waste Management
Abstract - The transition of palm oil Micro, Small, and Medium Enterprises (MSMEs) toward green practices plays a vital role in achieving Indonesia’s carbon emission reduction targets. This paper investigates the transformation process of palm oil MSMEs from traditional, carbon-intensive operations to environmentally friendly models. Employing a qualitative approach, the study identifies drivers, barriers, and strategic actions undertaken by MSMEs in the palm oil sector. Findings reveal that challenges such as limited access to green technology, inadequate support systems, and low sustainability awareness persist. However, opportunities arise through institutional frameworks, innovation in waste utilization, and increasing demand for sustainably produced palm oil products. This study offers a framework to support green transitions among palm oil MSMEs, contributing to climate and economic goals. Keywords - Case Study, MSMEs, Palm Oil, Waste Management
From Traditional to Low-Carbon: Examining the Green Transition of Micro, Small, and Medium Enterprises (MSMEs) in Indonesia
Abstract - This study examines green practices in micro, small, and medium enterprises (MSMEs) across the food processing, handicrafts, food and beverage, and fruit retail sectors. The results of the qualitative data analysis obtained from the ten informants produced five main themes, namely the adoption of green practices, market and consumer demand, financial and resource constraints, environmental regulations and policies, and knowledge and skills. This study identifies that MSMEs have a high awareness of waste reduction, energy efficiency, and environmentally friendly marketing. The main obstacles they face are that the cost of environmentally friendly materials is quite high, financing sources are still limited, and there are no standard regulations. Another obstacle is the wide knowledge gap, which limits the achievement of implementation. This study shows that policy support is vital, followed by simpler financing mechanisms, and there is a need for capacity building for MSMEs that provide opportunities for the integration of sustainability in their business practices. Keywords - low-carbon transition, MSMEs, Indonesia, green practices, thematic analysis
Making Sense of Change: A Systematic Literature Review of Sensemaking During Organizational Change
Abstract - This paper presents a Systematic Literature Review (SLR) on sensemaking as a core process in supporting adaptation during organizational change. It explores two main dimensions. First, it examines how individuals adapt by making sense of change through identity work, emotional processing, social negotiation, and learning from ambiguity and resistance. Second, the paper investigates the pivotal role of leadership in guiding collective sensemaking. It details how leaders act as ‘sense-givers’ by communicating strategic purpose while supporting individual interpretation, using powerful tools like narrative and dialogue to shape shared understanding, and aligning their words with tangible actions to build credibility. Crucially, effective sensegiving also requires listening to employee feedback and emotional responses, thereby acknowledging the limits of top-down influence. Together, these insights offer a more nuanced understanding of how sensemaking enables adaptive respons in organizational change. Keywords - Sensemaking; Organizational change; Individual adaptation; Leadership communication; Collective sensemaking
Collaboration and Governance in the WEF Nexus: A Systematic Review of Lessons from Emerging Economies
Abstract - The Water–Energy–Food (WEF) nexus offers a holistic framework for managing interconnected resource systems. Governance is central to translating nexus principles into equitable and durable outcomes, yet it remains underexplored, particularly in emerging economy contexts. Existing scholarship is heavily skewed toward resource-interaction mapping, techno-economic optimization, and sectoral modelling, with limited integration of socio-political realities such as institutional fragmentation, power asymmetries, and financing volatility. This study applies the PRISMA 2020 framework to systematically review 91 Scopus-indexed articles on WEF nexus governance. Four dominant governance models are identified: Public–Private Partnerships, Community-led or Co-management, Inter-agency Coordination, and Hybrid or Multi-level Governance. Each demonstrates distinct sectoral alignments, stakeholder configurations, and trade-offs, from the innovation potential and equity risks of Public–Private Partnerships to the inclusivity and capacity limitations in community-led approaches. Findings reveal persistent gaps in governance durability, energy–agriculture integration, and the role of digital mechanisms. The review calls for longitudinal, comparative, and mixed-method studies to advance theory and inform adaptive and inclusive governance frameworks that can withstand the socio-environmental uncertainties of countries with emerging economies. Keywords - Water–Energy–Food nexus, governance, stakeholder participation, adaptive governance, resilience
Reaction of LQ45 Stocks to the Announcement of Danantara’s Management
Abstract – This study examines the market reaction to the announcement of Danantara’s management by analyzing abnormal returns of LQ45 stocks using the event study method. Danantara, as Indonesia’s sovereign wealth fund, holds strategic importance for national investment and economic growth. The analysis focuses on stock performance two days before and after the announcement on March 24, 2025. Statistical testing using the Wilcoxon Signed Ranks Test shows a significant difference in abnormal returns, with a p-value of 0.001 in both observed periods. These results indicate that the market responded strongly to the announcement. The findings support the Efficient Market Hypothesis (EMH), suggesting that new public information is quickly reflected in stock prices, and align with Signaling Theory, where management announcements serve as key indicators for investor decisions. While the announcement initially triggered a positive reaction, it was followed by a sharp decline in returns, reflecting investor concerns about governance and transparency within Danantara. This study concludes that in emerging markets like Indonesia, investor sentiment is shaped not only by strategic announcements but also by the perceived credibility of the appointed managers. The accepted hypothesis confirms that management announcements significantly influence market behavior. Keywords – Market Reaction, Abnormal Returns, Danantara
Will Trump's Final Tariff Decision Announcement Impact ASEAN Stock Markets?
Abstract - This study analyzes the impact of Trump's final tariff decision on the stock markets of six ASEAN countries (Indonesia, Thailand, Singapore, Malaysia, the Philippines, and Vietnam). Using an event study method, this research measures abnormal returns (AR) from the stock index over the five days preceding and following the announcement on July 8, 2025. The results show that only Indonesia and Thailand experienced statistically significant changes. Indonesia recorded a decline followed by a recovery after a trade agreement with the U.S., while Thailand successfully reduced import tariffs, supporting economic stability. In contrast, Singapore, Malaysia, the Philippines, and Vietnam did not show significant market responses. These findings indicate that while some ASEAN countries are sensitive to global trade policies, others are less responsive, highlighting the varying impacts of global economic policies in the region. This study contributes to understanding how ASEAN markets integrate new information, supporting the efficient market hypothesis, particularly in its semi-strong form. Keywords – Trump’s Tariffs, ASEAN, Market Reactions, abnormal return, event study
Sustainability Signals and Market Valuation: An Empirical Study of ESG Disclosure, Profitability, and Green Innovation in Indonesia’s Energy and Manufacturing Sectors
Abstract - This study examines the influence of Environmental, Social, and Governance (ESG) disclosure, profitability, and green innovation on firm value, focusing on companies in the energy and manufacturing sectors listed on the Indonesia Stock Exchange during 2021–2023. Using 102 firm-year observations, multiple linear regression analysis reveals that profitability, measured by return on assets (ROA), has a significant positive impact on firm value, supporting the signaling and resource-based theories. However, ESG disclosure and green innovation do not exhibit significant effects, suggesting that sustainability practices in emerging markets are not yet fully reflected in investor valuation. The findings also indicate that all three variables, when assessed simultaneously, have a significant joint effect, explaining 14.6% of the variation in firm value (measured by price-to-book value). This research highlights the importance of profitability in determining firm valuation in developing markets while advocating for improved ESG reporting standards and investor awareness to enhance the role of sustainability in market-based valuation. Implications are discussed for companies, investors, regulators, and future researchers. Keywords - ESG disclosure, profitability, green innovation, firm value, sustainability
A Qualitative Study of Implementation ESG as Strategy or Symbolic Compliance in Selected Indonesia's State-Owned Banking
Abstract - As ESG (Environmental, Social, and Governance) becomes increasingly integrated into global sustainability frameworks, questions remain about the depth of its implementation in emerging markets. This study explores whether ESG practices in Indonesia’s state,owned banks, BRI, Bank Mandiri, and BSI, reflect substantive strategic transformation or are limited to symbolic compliance. Using qualitative content analysis of 2023 and 2024 sustainability and annual reports, complemented by media,based external validation, the study finds that all three banks are in a transitional phase. While each bank demonstrates formal ESG structures and alignment with regulatory standards (POJK 51/2017), operational inconsistencies, such as cybersecurity breaches, fraud cases, and controversial financing, highlight the gap between ESG strategy and execution. Rather than greenwashing, these findings suggest that ESG in Indonesian banking is evolving from a compliance obligation toward a strategic imperative, albeit with structural and institutional challenges. Keywords: ESG, sustainability reporting, symbolic compliance, banking, Indonesia, POJK 51/2017
Trump Tariff: What stock markets reaction in Southeast Asia
Abstract – Donald Trump's tariff policies have had a disproportionate impact on ASEAN economies, disrupting exports, deterring investment, and weighing on US-ASEAN trade relations. To address these challenges, ASEAN countries are exploring diversification, regional integration, and domestic reforms to increase resilience and reduce vulnerability to protectionist shocks. This study aims to determine the reaction of capital markets to Trump's reciprocal tariff policies in the Southeast Asian region. This study employs an observation period of five days before and five days after the announcement of Trump's reciprocal tariffs, by comparing stock market returns in ASEAN countries, especially Indonesia, Malaysia, Vietnam, Singapore, Thailand, and the Philippines. The test was conducted by comparing returns before and after the event. The test results show that the Singapore and Malaysian stock markets reacted negatively while the capital markets of other ASEAN countries did not show significant reactions. Keywords – Market Reaction, Southeast Asian Stock Market, policy Trump tariffs, abnormal returns
"The Impact Of Digital HRM On Employee Experience: An Empirical Evidence From Vietnam "
Abstract - With the widespread of technology, most organizations in emerging economies are under pressure of innovation and digital transformation. Human resource management practices are also under going digitalization to provide better experience for employees. This study investigates the impact of Digital Human Resource Management (DHRM) practices on Employee Experience (EX), emphasizing the mediating role of Digital Organizational Support (DOS). Based on a quantitative approach, data were collected from 368 employees across leading companies in Vietnam, an emerging economy. Partial Least Squares Structural Equation Modeling (PLS-SEM) was employed to analyze the relationships among variables. The findings reveal that DHRM has a significant positive effect on both DOS and EX. Moreover, DOS partially mediates the relationship between DHRM and EX, suggesting that digital HRM initiatives not only directly enhance employee experiences but also do so indirectly by fostering a sense of organizational support. This research contributes to the growing literature on digital HRM and employee outcomes, highlighting the critical importance of designing digital HR practices that are perceived as supportive by employees. Keywords - Digital HRM, Employee experience, Organizational Support
From Boycott to Recovery: Evaluating the Financial Impact of Political Consumerism on Starbucks in Indonesia
Abstract - This study investigates the effects of the Boycott, Divestment, and Sanctions (BDS) movement on Starbucks Indonesia, operated by PT MAP Boga Adiperkasa Tbk (MAPB), and assesses whether the company’s financial performance improved following its removal from the BDS Indonesia boycott list in July 2024. Using quarterly financial data from Q1 2023 to Q1 2025, the research identifies a pronounced decline in revenue and profitability during the peak boycott period from Q4 2023 to Q2 2024. The data show that despite Starbucks’ public clarifications and humanitarian efforts, financial recovery was not immediate. Although Q1 2025 indicates modest signs of stabilization, the findings suggest that reputational harm from political consumerism can linger well beyond formal delisting. This case study contributes to the broader literature on the financial impact of consumer activism in Indonesia and provides insights for multinational companies managing reputational risk through local franchise operations. Keywords - BDS movement, consumer boycott, Starbucks Indonesia, brand recovery, reputational risk
Building A Conceptual Framework For Advertising Effectiveness Based On An Integrative Review Of Internet Advertising
Abstract - This study aims to understand how internet advertising changes people’s feelings and behavior. To do this, we reviewed research from the past ten years and selected 88 studies that used clear theory-based models. Based on these studies, we created one combined conceptual framework. The model shows how features of ads, such as informativeness and entertainment, and personal ideas, such as concern about privacy, affect people’s attitudes toward ads. These attitudes can lead to higher intention to buy and actual purchase actions. Many of the reviewed studies focused on ad value and how people make choices. Since advertising can affect feelings, thinking, and actions at the same time, many studies used more than one theory. Our model helps future research by offering a base for choosing models and key factors. It can also support companies in making better ad plans. However, this framework is based only on the process and rules we used in our review. It does not mean the model is always correct. More studies are needed to test and improve it. Keywords - Internet Advertising, Literature Review, Advertising Effectiveness
Value Co-Creation in Inland Fish-Farming: A Service-Dominant Logic Approach for Sustainable Practices in Indonesia
Abstract - Indonesia's agriculture and aquaculture sectors are vital for the nation's economy and food security, yet both face substantial challenges. Inland fish-farming, a key employer and contributor to domestic food production, struggles with low technology adoption, insufficient infrastructure, volatile commodity prices, and limited access to fair markets for farmers. Addressing these issues are crucial for improving inland fish-farmer welfare and ensuring the sustainability. Current supply chain in local level still facing major problems to fulfil the current food manufacturing standard in term of quantity and quality. Also, there is limitations in connecting upstream to downstream and lack of education and feedback from customers. Empirical findings reveal two critical insights: first, adopting clear payment schemes and responsive ordering processes significantly enhances supply chain coordination in inland fish-farming. Second, robust inventory and grading systems address quality and stock management issues, ensuring consistent market standards. This research underscores the importance of stakeholder collaboration and strategic planning in addressing food security issues. It offers practical recommendations to tackle challenges in inland-fisheries, one of critical sectors for Indonesia’s food security and local economic sustainability. Keywords – Service-Dominant Logic, Value Co-creation, Inland Fish-Farming, Local Economy Development, Sustainability
Lean Supply Chain Strategies for Accelerating Business to Government (B2G) Demand Fulfillment in The Electronics Manufacturing Industry
Abstract - This study introduces a novel approach to improving supply chain performance in Business-to-Government (B2G) operations by integrating a lean perspective with multi-criteria decision-making tools. As the B2G segment contributes 40% of PT XYZ’s total revenue making it the company's most significant business stream its operational efficiency is critical. However, the company has experienced substantial delivery delays, leading to a government-issued warning and financial penalties totaling IDR 106,493,988 in Q2 of the 2023 fiscal year. To address this issue, we applied the Balanced Scorecard (BSC) framework to assess supply chain performance across four key perspectives comprehensively. We then employed the Analytical Network Process (ANP) method to identify strategic alternatives for improving demand fulfillment. The analysis revealed that cost emerged as the most critical criterion, accounting for 50.1% of the total weight. Consequently, the study recommends reducing total inventory by repurposing slow-moving goods into new bundled products. The study identified customer delivery lead time weighted at 9.8% as a key focus area from the BSC perspective, showing PT XYZ needs to prioritize delivery speed in future order management. Keywords – Lean, Business to Government (B2G), ANP, BSC
Building Sustainable Innovation Through Creative Collaboration: A Visual Communication Design Approach to Empowering Local Communities in The Creative Industry
Abstract - The creative industry plays a vital role in sustainable economic growth through creative collaboration in visual communication design as a strategic approach to addressing complex market dynamics. Through synergy between designers, local communities, and industry players, such collaboration can drive sustainable innovation with positive economic, social, and environmental impacts. This study employs a qualitative approach to explore in depth the processes and impacts of creative collaboration in visual communication design as a tool for empowering local communities. Data were collected through interviews, participatory observation, and documentation, and then analyzed thematically, with data validity ensured through source and technique triangulation. Creative collaboration in visual communication design plays a significant role in empowering local communities by encouraging active participation, idea exchange, and the development of socially, environmentally, and economically sustainable solutions. Despite challenges such as differing visions and limited resources, this collaboration opens up vast opportunities through digital technology and increased awareness of sustainability to create impactful innovations in the creative industry. Creative collaboration in visual communication design plays a strategic role in promoting sustainable innovation and empowering local communities in the creative industry, with a positive impact on community capacity, competitiveness, and economic inclusivity. Keywords - visual communication design, sustainable innovation, creative collaboration, community empowerment, creative industry.
Capturing Knowledge on the Move: Learning from Gig Workers in Knowledge-Intensive Firms
Abstract - As knowledge-intensive firms increasingly rely on external expertise through gig workers, a critical challenge emerges of internalize and retain the valuable knowledge contributed by temporary workers. Despite their potential as innovation driver, gig workers knowledge often overlooked due to fragmented involvement and a lack of structured learning processes. This conceptual paper proposes conceptual framework of knowledge internalization through recognition, assimilation and articulation, codification and retention, and transformation that integrates absorptive capacity and deliberate learning concept. By combining the dynamic perspective of external knowledge absorption with mechanisms for internal stabilization and routinization, the model illustrates how short-term, project-based knowledge can contribute into organizational capabilities. Drawing from the knowledge-based view of the firm, this paper advances theory on organizational learning from temporary contributors and provides a structured foundation for future empirical research. Practical implications are also discussed, including routines, tools, and leadership practices that enable organizations to learn from temporary workers. Keywords - Knowledge internalization, Gig workers, Knowledge-intensive firms, Temporary Workers, Knowledge retention, Capability development
Organizational Readiness for Change: A Case Study of Digitalization at a Small and Medium Enterprise (SME)
Abstract - This study proposes and investigates the organizational readiness for digitalization of a Small and Medium Enterprise (SME) at CV XYZ, a family business specializing in garment accessories in Indonesia. Despite the burgeoning e-commerce market and its potential for sales growth, CV XYZ faces stagnant sales attributed to its exclusive reliance on offline channels and a notable absence of digital platform utilization. The existing workforce, including the owner and employees, possesses limited digital skills and familiarity with online tools, posing a significant challenge to the adoption of digital strategies. This research aims to propose and assess the current level of organizational readiness for digitalization at CV XYZ and propose concrete initiatives to effectively prepare the company for the implementation of e-commerce and social media platforms. Employing a qualitative research methodology, data will be gathered through semi-structured interviews and focus group discussions with key employees of CV XYZ. The collected data will then be analyzed using thematic analysis to identify strengths, weaknesses, and key factors influencing organizational readiness. The anticipated outcome of this study is a comprehensive understanding of CV XYZ's digital readiness, coupled with actionable recommendations and an implementation plan designed to foster a successful transition to a more digitalized business model, ultimately enhancing sales and brand awareness. Keywords: Organizational Readiness, Digitalization, SME, Indonesia, Change
Digital Hypnotism and Choice Architecture in Financial Robo-Advisor: A Proposed Framework
Abstract - The increasing sophistication of financial technology has driven the emergence of robo-advisors—algorithm-based platforms capable of delivering personalized investment recommendations. However, despite improvements in algorithmic accuracy, user compliance with such recommendations remains suboptimal, largely due to cognitive and emotional biases in decision-making. Existing research in behavioral finance, prospect theory, and heuristics demonstrates that investor behavior is shaped by psychological tendencies such as status quo bias, inertia, and framing effects. This study proposes digital hypnotism as a novel approach to address this gap. Drawing from the convergence of classical hypnosis theory and digital technology, digital hypnotism integrates sensory stimuli, suggestive narratives, adaptive personalization, persuasive technology, human–computer interaction, media psychology, and affective computing to subtly influence user perceptions and behaviors. By embedding hypnotic cues within choice architecture and nudging strategies, digital hypnotism offers the potential to shape decision-making at both conscious and subconscious levels, encouraging alignment with long-term investment strategies. Through a literature-based conceptual framework, this study identifies the key elements of digital hypnotism relevant to financial robo-advisors and proposes a structured model for its application. The findings aim to contribute to the behavioral design of fintech solutions, offering practical implications for improving user engagement and adherence to investment recommendations. Keywords – financial robo-advisor, nugde, choice architecture, digital hypnotism
Differentiated Scaling Pathways for MSMEs: A Systematic Review of Opportunity versus Necessity-Driven MSMEs
Abstract - Research on MSME scaling strategies has gained considerable attention as organizations seek to enhance entrepreneurial development through differentiated support pathways. However, few studies have systematically examined the strategic positioning and operational mechanisms that enable effective scaling facilitation, particularly in terms of integrating entrepreneurial motivation considerations with resource availability requirements. A systematic literature review (SLR) was conducted to identify key trends in MSME scaling strategy implementation and develop a comprehensive understanding of typology-specific approaches and intervention mechanism deployment. The study reveals significant variations in scaling approaches across entrepreneurial motivations and resource contexts, demonstrating sophisticated differentiation required for effective business development facilitation. Two interconnected frameworks emerged: the Entrepreneurial Typology Framework, which illustrates systematic scaling differentiation from necessity-driven to opportunity-driven entrepreneurs, and the Scaling Strategy Framework, demonstrating dual-pathway coordination through institutional programs and community-embedded interventions. This research contributes to understanding how scaling ecosystems function as sophisticated support orchestrators, providing practical insights for policymakers and practitioners on optimal MSME support design and implementation approaches that enable sustainable business development while maintaining strategic coherence across diverse entrepreneurial contexts. Keywords – MSMEs, Scaling strategy, Necessity-driven MSMEs, Opportunity-driven MSMEs
Strategic Business Development for Green Hydrogen at PT PLN: SWOT, TOWS Analysis and Recommendations
Abstract - A critical component of the decarbonisation of energy-intensive sectors, including heavy industry, transport, and power generation, is the transition to renewable hydrogen. Due to its extensive renewable energy infrastructure and government support, PT PLN (Persero), the largest state-owned electricity utility in Indonesia, is well-positioned to capitalise on the potential of green hydrogen. In spite of this, there are still substantial obstacles, such as regulatory uncertainties, high production costs, and inadequate infrastructure. Through SWOT (Strengths, Weaknesses, Opportunities, Threats) and TOWS (Threats, Opportunities, Weaknesses, Strengths) analyses, this paper investigates the strategic business development of green hydrogen at PT PLN. The objective of the research is to offer strategic recommendations for business growth and to provide a comprehensive understanding of the internal and external factors that influence PT PLN's ability to lead in the green hydrogen market. Primary data were obtained through semi-structured interviews with executives, policymakers, and industry experts from PT PLN. The secondary data consisted of academic literature, government policies, and market reports. According to the findings, PT PLN can capitalise on its renewable energy infrastructure, government support, and market opportunities to surmount obstacles. Fostering favourable regulatory environments, expanding renewable energy capacity, and developing hydrogen storage infrastructure are among the strategic recommendations. The implementation of these strategies will allow PT PLN to enhance its competitive advantage and contribute to Indonesia's energy transition objectives. Keywords - Green Hydrogen, PT PLN, Decarbonization, Renewable Energy, Energy Transition, SWOT Analysis.
Strategy for Improving the Quality and Effectiveness of Work on the Storage Tank Construction Project in Indonesian Oil Refinery
Abstract - Refineries have important role on processing crude into fuel. Damage and failures still found in the technology in refinery then can be effected to environmental pollution, asset losses, and incident fatality. Based on the fuel demand in Indonesia, a refinery plan to increase the capacity, so more storage tanks have to build. To achieve the qualified of quality, evaluation of Project Quality Management also needed to find problems effected to unqualified storage tanks and strategy to improve them are needed to prevent same issues. Authors used expert preliminary interview to find some existing problems and the result shows there are five problems (availability of quality standard documents, standard measurements and references used, safety standards applied, implementation of quality control in the field, and responsibilities of stakeholders). Methods used in this research are The Delphi Study combined with Kendall’s W, both are used to evaluate project quality management existing and define strategy to improve project quality management. Keywords – Storage Tank Project, Quality Management, Delphi Study, Kendall’s W
The Impact of Trump's Tariff Policies on the Economic Stability and Trade Flows of BRICS+: A Comparative Analysis.
Abstract - This study analyzes the stock market reactions of BRICS+ countries to President Donald Trump’s announcement of a tariff policy delay on April 9, 2025. Using an event study approach in a 10-day window (D-5 and D+5 from the event), the study evaluates the abnormal returns on the stock indices of eight BRICS+ countries using the Wilcoxon test, since the data are not normally distributed. The results show that only Russia on D+2 and India on D+3 experienced significant changes after the announcement. The impact in Russia was due to its high dependence on energy exports, while India was affected through pressure on the diamond industry due to tariff uncertainty. This reflects a semi-strong form of inefficiency in both markets. In contrast, the stock markets of Brazil, China, South Africa, Egypt, Indonesia, and Saudi Arabia did not show significant reactions, indicating the presence of structural factors that affect the level of efficiency of each market. These findings confirm that global trade policies have an asymmetrical impact on emerging markets. Keywords - BRICS+, tariff delay, market efficiency, event study, abnormal Return
Conceptual Model of Banyumas MSME Resilience Against Contemporary Business Model Disruption
Abstract - Micro, Small, and Medium Enterprises (MSMEs) in Banyumas face increasing disruption due to the emergence of modern business models driven by digital transformation. This study aims to develop a conceptual framework that enhances MSME resilience by identifying key adaptation strategies using a system dynamics approach. By mapping feedback loops through Causal Loop Diagrams (CLDs), the research identifies critical factors such as digital literacy, strategic partnerships, and technology investment that reinforce resilience. The study also highlights barriers like limited infrastructure and public digital literacy, which hinder transformation. Through system dynamics conceptual model, the model evaluates potential interventions including training programs, policy incentives, and collaborative ecosystems. The research lays a foundation for a predictive system dynamics model, guiding policymakers and stakeholders toward sustainable MSME development in Banyumas. Future stages will involve empirical validation, AI integration, and real-world implementation to build a decision-support tool that ensures adaptability amid digital disruption. Keywords - MSMEs, Resilience, Modern Business Models, Digital Disruption, Business Adaptation.
Circular Economy Framework on the Solar Energy Industry: Unlocking the Potential Towards Circular Economy Transition
Abstract - The rapid expansion of the solar energy industry has led to increased resource consumption, waste generation, and carbon emissions. International Renewable Energy Agency, substantial volumes of annual waste from the solar energy industry are anticipated as early as the 2030s, potentially reaching 78 million tons by 2050. Transitioning to a Circular Economy (CE) represents a promising pathway to achieve long-term economic and environmental sustainability. However, advancing circularity within the solar energy sector remains complex and faces multiple challenges. This study seeks to identify potential for CE transition in the solar energy industry by analyzing topical research data using Boolean searches in the Scopus database, processed through VOSviewer for visualization. Network analysis reveals a framework comprising four interrelated clusters: emission reduction strategies (Cluster 1), end-of-life and waste management (Cluster 2), enabling governance and policy instruments (Cluster 3), and environmental assessment methodologies such as Life Cycle Assessment (Cluster 4). Density visualization indicates that only a limited number of keywords appear with high frequency, suggesting that the research field remains niche or emerging, with a specialized thematic focus. Meanwhile, overlay visualization points to the need for future research to examine the transition toward circularity in the solar energy sector through a product-based approach. Keywords - Circular Economy, Solar Energy, Transition.
Indonesia’s Nation Branding Through the Lens of Neighboring Countries: An AI-Assisted Study of Visual Content Analysis
Abstract_This study investigates how Indonesia is portrayed in the news media of nine ASEAN neighboring countries, Malaysia, Thailand, Singapore, Brunei Darussalam, the Philippines, Laos, Cambodia, Myanmar, and Vietnam, through an AI-assisted visual content analysis. Adopting a constructivist paradigm, the research analyzes 452 news articles published between May 2023 and March 2025, a period marked by the post-pandemic recovery phase. Major national news portals from each country were purposely selected based on credibility, coverage, and availability of visual content. Both manual coding and AI tools (ChatGPT 4o Models) were used to classify narratives and identify dominant visual themes, followed by multimodal interpretation of text–image interactions. The findings reveal nine thematic categories, with news on politics and economy dominating coverage, followed by environment, security, infrastructure, tourism, culture, sports, and incidents. Indonesia’s image in ASEAN media is thus heavily shaped by political governance, diplomacy, and economic activities, while cultural, tourism, and other soft power narratives appear less prominently. The study highlights the need for Indonesia to diversify its nation branding strategies by amplifying non-political stories, promoting sustainable tourism, cultural heritage, and creative industries, and strengthening cross-border media partnerships. Such efforts can foster a more balanced regional image, enhance soft power, and support long-term regional cooperation and tourism growth. Keywords_Indonesia, nation branding, media portrayal, ASEAN, regional, visual content analysis, tourism management, AI-assisted study
Preface: Proceedings of the 9th International Conference on Management in Emerging Markets (ICMEM) SBM ITB
As Chair of the Organizing Committee, I am pleased to extend a warm invitation to academics, researchers, and students to participate in the 9th International Conference on Management in Emerging Markets (ICMEM 2025). This conference will be hosted at the School of Business and Management, Institut Teknologi Bandung, in Bandung, West Java, Indonesia. It offers a unique and vibrant setting for this dynamic event. ICMEM 2025 provides a vital platform for scholars, industry leaders, and policymakers to exchange ideas and insights on the theme: “Sustainable Growth and Innovation in Emerging Markets: Strategic Decisions, Collaboration, ESG Goals, and Circular Economies.” ICMEM 2025 will spotlight the strategic priorities essential for sustainable development in emerging markets, emphasizing the importance of building collaborative ecosystems that transcend traditional institution and industry boundaries. The program is thoughtfully curated to provide diverse opportunities for engagement, including research paper presentations, a paper development workshop, a doctoral colloquium, a poster session, and an industry forum — each designed to bridge academic inquiry with practical impact. Emerging markets face the pressing challenge of achieving economic growth while addressing environmental and social imperatives. This calls for innovative, forward-thinking strategies that integrate Environmental, Social, and Governance (ESG) considerations into core business practices and embrace circular economy principles. These intertwined areas are fundamental to navigating the evolving complexity of emerging markets and to fostering resilient, inclusive, and sustainable business models. We especially encourage submissions that examine how business models contribute to the advancement of circular economy principles—whether at the level of individual managers, organizations, value networks, or industrial ecosystems. By embracing this multi-level perspective, the conference aims to cultivate a holistic understanding of the opportunities and challenges in aligning business strategies with sustainable development goals. More than an academic forum, ICMEM 2025 is a call to action. It invites participants to be part of a global conversation on innovative, actionable approaches to sustainable development in the world’s most dynamic and fast-changing economies. The conference seeks to ignite cross-sector collaboration, encourage interdisciplinary research, and align academic insight with industry relevance—ultimately shaping strategies that promote long-term prosperity and positive impact for both current and future generations in emerging markets. We look forward to welcoming you to this meaningful and impactful event at the School of Business and Management, ITB, West Java, Indonesia. Warm Regards, Novika Candra Astuti, PhD Organizing Committee Chair