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                  <text>VOL 16 N0 3 2023 </text>
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                <text>Exploring Gen Z Social Media Marketing Engagement on Brand Experience, Brand Equity, and Brand Trust: The Context of Muslim Fashion</text>
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                <text>Social media marketing activities (SMMAs), Brand experience, Brand trust, Brand equity</text>
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                <text>Objective: This research aims to analyze how social media marketing activities (SMMA) affect brand equity in Muslim fashion brands among Gen Z. Additionally, the study aims to determine the mediating role of brand experience and brand trust in the relationship between SMMA and brand equity.&#13;
Design/Methods/Approach: The research participants were selected through purposive sampling based on the research objective. A total of 322 respondents who met the criteria were included in the study, and Smart PLS 3 software was used to test the hypotheses. Partial least squares (PLS) structural equation modeling was&#13;
the analytical technique employed in this research.&#13;
Findings: The findings indicate that social media marketing activities (SMMAs) are strongly linked to brand equity, brand experience, and brand trust. Moreover, both brand experience and brand trust are also significantly associated with brand equity. Brand experience and brand trust play a partial mediating role in the relationship between SMMAs and brand equity.&#13;
Originality/Value: This research study offers several contributions to marketing literature and managerial implications. Firstly, the research findings can make a valuable addition to the existing marketing literature, particularly in consumer behavior in the digital era. Secondly, the study aims to examine the impact of brand experience and brand equity on customers' purchasing behavior in the Muslim fashion industry.&#13;
Practical/Policy implication: It is recommended for marketers to manage social media pages, as these platforms facilitate the exchange of information and ideas among consumers. Effective management of social media pages can lead to positive outcomes and provide superior value and brand experience.&#13;
Keywords: Social media marketing activities (SMMAs), Brand experience, Brand trust, Brand equity</text>
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                <text>Rahmawati, Nur Hidayati</text>
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                <text>December 19, 2023</text>
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                <text>peri irawan</text>
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                  <text>VOL 16 N0 3 2023 </text>
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                <text>The Role of Psychological Capital on the Effect of High-Performance Work System and Proactive Personality on Job Performance</text>
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                <text>HPWS, Proactive personality, Psychological capital, Job performance, Effective institutions</text>
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                <text>Objective: This study aims to investigate the effect of a high-performance work system (HPWS) and proactive personality on job performance and examine the role of psychological capital as mediation in the proposed research model.&#13;
Design/Methods/Approach: This study adopts quantitative approaches by distributing cross-sectional surveys of multi-sector employees; 231 respondents were collected. The data collected underwent model evaluation and structural equation modeling using Smart PLS 3.2.9, employing the embedded two-stage approach.&#13;
Findings: The statistical analysis indicates that High-Performance Work Systems (HPWS) and proactive personality directly impact job performance. Moreover, they also have an indirect positive impact through mediation by psychological capital.&#13;
Originality: This study contributes to the existing literature by investigating the mediating role of psychological capital on the influence of HPWS and proactive personality on job performance in the context of workers in various industrial sectors in Indonesia. This study confirms that HPWS, proactive personality, and psychological capital positively impact employee job performance. It also supports the broaden-and-build theory of positive emotions and the JD-R model in Indonesian workplaces.&#13;
Practical/Policy implication: The findings of this study can provide valuable insights, evidence, and knowledge to academics and Human resource managers. By implementing High-Performance Work Systems (HPWS), recruiting workers with a proactive personality, and improving employee job performance, organizations can build a solid human resource base that can contribute to achieving optimal organizational goals. Human resource managers are advised to develop policies that focus on recruitment, training, motivation, and enhancing opportunities while fostering a proactive personality among employees. It will encourage optimism, hope, resilience, and efficacy in performing tasks, improving organizational performance and outcomes.</text>
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                <text>*Alvin Permana Emur, Handwita Mufidawati, Muhammad Futtuwah Andryadi, Elok Savitri Pusparini, Riani Rachmawati</text>
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                <text>https://e-journal.unair.ac.id/jmtt</text>
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                <text>November 5, 2023</text>
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                <text>peri irawan</text>
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                  <text>VOL 16 N0 3 2023 </text>
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                <text>What Drives Rahn Adoption?</text>
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                <text>Acceptance, Islamic finance, Rahn, Religiosity, Service</text>
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                <text>Objective: Sharia pawning, or Rahn, is one of the Islamic financial products adopted by society to solve cash needs and have assets as collateral. Adoption of this product is limited in scholarly work. This study examines the effects of religiosity, service quality, and location on adopting Islamic (Sharia) pawning services.&#13;
Design/Methods/Approach: A self-administered questionnaire was distributed to 200 Islamic bank customers. Both offline and online questionnaires were employed for data collection. SPSS 22 and SmartPLS 4.0 software were used to perform comprehensive data synthesis, confirmatory factor analysis, and rigorous hypothesis testing, fostering a data-driven approach to ensure the integrity and validity of this research.&#13;
Findings: The results show that only religiosity has a significant relationship with Rahn adoption. Location and service quality do not drive customers to use Rahn products. These results indicate the significant role of religious values in Rahn adoption.&#13;
Originality/value: This study contributes to the limited Islamic marketing literature on Rahn or Sharia pawnshops, primarily on the determinant of this financing adoption using the Indonesian context.&#13;
Practical/policy implications: Islamic pawnshops must emphasize Sharia compliance in the Rahn product provision because customers, primarily those in relatively religious regions, highly consider this aspect when using the pawnshop service.</text>
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                <text>*Egi Arvian Firmansyah1, Arif Pratama2, Abror3, Muhammad Abdus Salam4,5</text>
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                <text>https://e-journal.unair.ac.id/jmtt</text>
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                <text>December 14, 2023</text>
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                <text>peri irawan</text>
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                <text>Financial Literacy, Financial Technology Literacy, and Capital Market Participation</text>
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                <text>Objective: This study aims to determine the effect of financial literacy and fintech literacy on capital market participation. It also examines the effects of individual characteristics (i.e., gender, age, student's allowances and income, parent's education, and parent's income) on financial and fintech literacy.&#13;
Design/Methods/Approach: This study obtained 349 data from email and field surveys using purposive sampling. Data analysis was performed using OLS and path analysis.&#13;
Findings: Results show that the level of student financial literacy is sufficiently literate, with a moderate level of fintech literacy but low capital market participation. The results also show financial and fintech literacy positively affects capital market participation. Financial literacy also exhibits indirect effects on capital market participation. Analysis of the determinants of literacy shows that gender, age, student allowances, and income have a significant positive effect on financial literacy and fintech literacy. We also find that parental education and income show a negative effect on fintech literacy.&#13;
Originality/Value: This study is the first to examine the relationship between financial literacy, fintech literacy, and capital market participation in young adults in metropolitan cities in Indonesia. The results are expected to provide insight for the authorities of the monetary system and the capital market to develop strategies for the more intense involvement of young adults in the capital market.&#13;
Practical/Policy implication: This study highlights the importance of educating students about financial and fintech literacy to increase their participation in the capital market. Decision-makers should focus on providing intense education on portfolio investment, risk and return, and investment instruments. Financial authorities should also collaborate with fintech operators and securities companies to promote capital market products through fintech and educate the public with more comprehensive information.</text>
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                <text>Nugroho Sasikirono1, *Harlina Meidiaswati2, Nur Maulydia Rachman1, Muhammad Madyan1</text>
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                <text>https://e-journal.unair.ac.id/jmtt</text>
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                <text>peri irawan</text>
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                <text>Examining Herding Behaviour and Its Impact on Stock Market Volatility: Insights from Asian Economies</text>
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                <text>Objective: This study empirically investigates herding bias in six key Asian countries—Indonesia, Singapore, Taiwan, China, Hong Kong, and India—across different periods (pre-, during, and post-COVID-19). It analyzes herding behaviour during COVID and non-COVID periods, exploring its impact on volatility and examining asymmetry during bearish and bullish market conditions.&#13;
Design/Methods/Approach: The investigation employs the Cross-Sectional Absolute Deviation (CSAD) model with a polynomial regression to scrutinize herding behaviour. A GARCH (1,1) volatility model is also established to assess the relationship between herding and volatility. The sample includes daily stock returns from the mentioned countries from January 2, 2019, to September 30, 2023.&#13;
Findings: The study reveals the presence of herding behaviour in China and Singapore. In Indonesia and China, herding is evident, specifically during and after the COVID period. The research confirms that herding influences volatility and exhibits asymmetry. Herding is more pronounced during bearish market conditions in China, Indonesia, and Taiwan.&#13;
Originality/Value: This study contributes to the existing literature by providing empirical insights into herding behaviour comparing in Asian markets, while others research usually only focus on one country. This study further distinguishes itself by examining post-pandemic periods, a unique aspect as most studies typically focus only on pre- and during-COVID periods. Including volatility and asymmetry aspects enriches understanding the nuanced relationship between herding and market conditions.&#13;
Practical/Policy implication: Investors should remain cautious of short-term herding-induced volatility, leveraging stability for consistent profits. Recognizing limited diversification during market losses is crucial. Additionally, governments and regulators should focus on enhancing market transparency and investor education, investing in robust market infrastructure to mitigate the impact of excessive herding.</text>
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                <text>Effect of Ownership Structure on Financial Performance: Evidence from Listed Airlines in Africa</text>
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                <text>Objective: This study empirically examines the impact of ownership structure on the financial performance of listed airlines in Africa.&#13;
Design/Methods/Approach: The research utilized quantitative techniques to collect secondary data from listed airlines over ten years (2010-2019). Descriptive statistics and multiple regression were used for analysis.&#13;
Findings: The results revealed that airlines with the majority of private domestic and private foreign ownership showed a significant positive effect on financial performance (ROA and ROE). In contrast, state ownership had an insignificant impact on airlines' financial performance. The study supports the property rights theory, emphasizing the importance of private ownership in airlines.&#13;
Originality/Value: This study adds to the existing literature by providing evidence on how ownership structure influences financial performance in African airlines, contributing to aviation research.&#13;
Practical/Policy Implication: The findings suggest that private and foreign investors should consider acquiring controlling airline stakes to enhance financial performance. Policymakers should aim to create flexible laws and regulations that attract domestic and foreign private investors to the aviation sector, potentially fostering improved management practices and policy developments.&#13;
Keywords: Airlines; Financial performance; Ownership structure; Private ownership; State ownership.</text>
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                <text>The Relationship between Work Stressors and Work Performance of Banking Employees: The Moderating Effect of Social Support and Leisure</text>
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                <text>Objective: This study aims to identify the influence of work stressors on work performance and the moderating role of social support and leisure in the influence of work stressors on work performance.&#13;
Design/Methods/Approach: The study respondents were employees who work in various banks. Data was collected using a convenience sampling method by distributing questionnaires through Google Forms. The collected data were analyzed using SEM-AMOS.&#13;
Findings: This study found that work stressors negatively affect work performance. Social support can be a coping used by individuals to reduce the negative impact of work stressors on work performance. The findings of this study indicate that social support significantly moderates the effect of work stressors on work performance. However, unlike expectations, leisure does not significantly moderate the effect of work stressors on work performance.&#13;
Originality: Unlike other studies, this research considers the role of two coping strategies, i.e., social support and leisure, as moderators of the relationship between work stressors and work performance among bank employees. Existing studies still show inconsistent results regarding the relationship between work stressors and work performance and the moderating role of social support in the relationship between the two. Leisure is also rarely investigated as a moderator of the relationship between the two, especially in the context of employees who work in the bank.&#13;
Practical/Policy implication: The findings of this study show the importance of companies and managers recognizing employee conditions that indicate a work stressor. They also need to identify what factors are a source of stress. As a form of concern for employees and their work performance, companies and managers need to consider strengthening social support and leisure, which can reduce the negative response of employees to work pressure.</text>
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                <text>Ignatius Alexander Ivan, *Fenika Wulani, P. Julius F. Nagel</text>
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                <text>https://e-journal.unair.ac.id/jmtt</text>
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                <text>Environmental, Social, Governance (ESG) Performance and Capital Structure: The Role of Good Corporate Governance</text>
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                <text>Objective: The purpose of this study is to investigate the impact of Environmental, Social, and Governance (ESG) performance on capital structure, using good corporate governance (GCG) as a moderating variable.&#13;
Design/Methods/Approach: The sample comprises companies listed on the IDX outside the financial sector that issued financial and sustainability reports between 2017 and 2021. The Global Reporting Initiative (GRI) index measures ESG performance, the capital structure is measured by leverage, and the moderating variable of good corporate governance is measured by independent commissioner proportion. The data are analyzed using the OLS regression technique.&#13;
Findings: According to the estimation results, ESG performance positively affects the capital structure of non-financial enterprises. Furthermore, good corporate governance does not moderate the relationship between environmental, social, governance, and capital structure.&#13;
Originality/Value: By focusing on ESG performance and capital structure as evaluated in emerging countries, this study adds to existing research on environmental and social performance and its impact on capital structure. Furthermore, GCG is included as a moderating variable in this study.&#13;
Practical/Policy implication: Based on the findings, it is suggested that firm executives take steps to expand their ESG practices. This ensures sustainability and increases investor and creditor confidence, resulting in more efficient funding sources for the company.</text>
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                <text>*Muhammad Madyan, Saraswati Kuntum Widuri</text>
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                <text>Navigating the Digital Marketplace: A Holistic Model Integrating Social Media Engagement and Consumer Behavior Factors to Enhance Online Shopping Adoption</text>
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                <text>Objective: This study aims to explore the intricacies of online consumer behavior in Yemen and build a model to drive online shopping adoption by investigating the relationships among various factors - including social media engagement, awareness, social cognition, online business perception, perceived price value, usability, and adoption intention - within the Yemeni context.&#13;
Design/Methods/Approach: Employing a quantitative research framework, this study utilized established scales adapted to Arabic. A structural equation model was developed using Amos 25 to test hypothesized causal relationships among the variables. Data collection was done through an online survey distributed to social media users in Yemen between May and October 2022. Statistical power calculations confirm a robust sample size of 395 participants for the study SEM model.&#13;
Findings: Correlation analysis revealed strong relationships between various factors, highlighting online business perception's substantial correlation with adoption intention. Structural equation modeling unveiled significant associations, indicating the positive impact of social cognition on social media engagement, the interconnectedness of awareness, social cognition, usability, and adoption intention, and the influential role of perceived price value in adoption intentions. The research also identified indirect effects and moderating influences, particularly related to prior online shopping experiences.&#13;
Originality/Value: This research significantly contributes by being among the pioneering studies to delve into consumer behavior and online business in Yemen. It offers unique insights into the role of social media engagement in driving online shopping adoption, filling a critical gap in understanding consumer behavior within the Yemeni context. These findings contribute to the broader literature on e-commerce, particularly in regions where online shopping practices are emerging.&#13;
Practical/Policy implication: The study's findings emphasize the interconnected nature of various online shopping behavior factors, necessitating a holistic approach in business strategies. Businesses can leverage robust social media engagement to drive targeted marketing strategies, acknowledging its pivotal role in shaping consumer behavior towards online shopping. Focusing on enhancing visibility and promoting awareness of products/services is crucial. Moreover, investing in user-friendly interfaces, delivering positive online business experiences, offering competitive prices, and effectively communicating value propositions are key strategies to bolster adoption intentions.&#13;
Keywords: Online shopping adoption, Online consumer behavior, Social media engagement, E-commerce, Adoption intention.</text>
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                <text>*Nasr Abdulaziz Murshed1, Erginbay Ugurlu2</text>
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                <text>peri irawan</text>
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                  <text>VOL 16 N0 3 2023 </text>
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                <text>A Bibliometric Analysis of Themes and Network Structures for Future Research in SMEs Sustainability</text>
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                <text>Objective: This study aims to develop an integrated model of innovation and resilience by examining previous research and identifying opportunities for future research.&#13;
Design/Methods/Approach: This study interprets the bibliometric analysis report for SMEs' sustainability from 2000 to 2022 based on peer-reviewed journal articles. We used the Scopus database as it is considered to have a broader range of journals. To identify the concept of the relevant topic area, we searched for the article title, abstract, and keywords of journals using keyword combinations' SME' AND 'Sustainability'. We discovered 553 articles, which consist of 1598 authors from 260 journals.&#13;
Findings: This study discover three clusters based on the bibliometric coupling analysis, which discuss the strategies for SMEs' sustainability. The strategies cover 1) sustainable innovation practice, 2) expanding the role of innovation for sustainable development (from theory to practice), and 3) Supporting SMEs to reach their sustainability. These strategies construct our integrative model for achieving SMEs' Sustainability and develop three stages: early adoption, sustainable-based growth, and full implementation. Along with the identified strategies and model, we also attempt to present two significant elements, innovation and resilience, arguing that both are complementary processes in SMEs' Sustainability.&#13;
Originality/Value: This research contributes to developing key trends in SME sustainability, delivering key clusters in this topic, and providing an integrative model for sustainability implementation for SMEs. By using bibliometric analysis, such as co-occurrence network, clustering, thematic map, and visualization of state of the art, this study may bring a valuable result in developing the literature by extending the study of innovation and resilience for business sustainability.&#13;
Practical/Policy implication: The model presented provides a clear process for researchers, managers, and organizations to analyze and adopt the necessary stages to achieve sustainable growth for SMEs. This model is expected to be a practical solution for SMEs to implement a sustainability strategy effectively in their business and promote a sustainable future.</text>
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                <text>Nia Kurniati Bachtiar1, *Agus Setiawan2</text>
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                <text>peri irawan</text>
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