Jurnal Manajemen dan Keuangan

Synergy Of Product Innovation And Operational Efficiency On The Market Value Of Go-Public Startup Companies

Agniya Thahira, Julia Julia, Henry Ardian Irianta — Mon, 14 Sep 2026 02:56:43 +0000

Startups that have gone public face the challenge of balancing innovation investment with operational efficiency in order to enhance firm market value. This study aims to examine the effect of product innovation, proxied by R&D intensity, on the market value of publicly listed startup firms, with operational efficiency as a mediating variable and IPO context (governance) as a moderating variable. This study employs a quantitative approach using secondary data obtained from financial statements and annual reports of startups that have conducted initial public offerings. Data analysis is performed using a structural equation modeling approach to test direct effects, indirect effects, and moderation effects among the research variables.

The results indicate that product innovation has a positive effect on operational efficiency. Operational efficiency also has a positive effect on firm market value, as measured by Tobin's Q. However, the direct effect of product innovation on market value is not statistically significant. These findings suggest that operational efficiency plays a crucial mediating role in translating innovation investment into market value creation. Furthermore, the IPO context (governance) is found to moderate the relationship between product innovation and operational efficiency, indicating that governance quality and IPO characteristics influence the effectiveness of converting innovation efforts into operational performance.

This study contributes to the innovation and corporate finance literature by highlighting that firm market value in publicly listed startups is not solely determined by the level of innovation investment, but also by the firm's ability to manage operational efficiency in the post-IPO period. Practically, the findings provide insights for startup managers and investors in formulating innovation strategies that are aligned with operational efficiency and sustainable firm value

Fostering Innovation in Indonesian Higher Education: Examining the Antecedents of Lecturers' Innovative Work Behavior

Zulkhalik, Alim Setiawan Slamet, Furqon Syarief Hidayatulloh — Sat, 12 Sep 2026 07:50:59 +0000

While innovative work behavior has been widely studied across various industries, research in the higher education sector remains limited. Existing studies in Indonesia are still scarce, highlighting the need for further investigation among academic staff in this context. This study aims to analyze the influence of job crafting, knowledge sharing, and work engagement on innovative work behavior of lecturers at Universitas Samudra. Specifically, this study also examines the mediating role of work engagement in the relationship between job crafting and knowledge sharing on innovative work behavior. A questionnaire survey was conducted, using the census sampling method, on 276 lecturers at Universitas Samudra, and data analysis was performed using SEM-PLS. The findings indicate that job crafting, knowledge sharing, and work engagement are positively related to innovative work behavior. It further reveals that work engagement mediates the effect of job crafting on innovative work behavior. In addition, work engagement has no mediation effect between knowledge sharing and innovative work behavior. These findings are expected to provide valuable insights for higher education institutions seeking to use job crafting, knowledge sharing, and work engagement to foster innovation.

Lifestyle Vs Savings: Unveiling the Soft Saving Behavior of Generation Z

Zikriatul Ulya, Iqbal Syah, Alfian Alfian, Muarif Setiawan, Zulhilmi — Sat, 12 Sep 2026 07:29:18 +0000

Soft saving behavior, or irregular saving habits, is still prevalent among Generation Z in Langsa City. This phenomenon is influenced by internal and external factors that shape the financial behavior of the younger generation in the digital era. This study aims to analyze the influence of financial literacy, social environment, and lifestyle on soft saving behavior, with self-control as an intervening variable. This study is based on the Theory of Planned Behavior (TPB), which explains that behavior is influenced by knowledge, social norms, and self-control. This study used a quantitative approach with a survey method of 100 Generation Z respondents in Langsa City selected through a purposive sampling technique. Data were collected using a questionnaire and analyzed using path analysis using SmartPLS 4.0. The results showed that financial literacy, social environment, and lifestyle have a positive effect on self-control. Financial literacy, lifestyle, and self-control have a direct effect on soft saving behavior, while the social environment has no direct effect. However, all independent variables have an indirect effect on soft saving behavior through self-control. These findings underscore the importance of self-control in shaping Generation Z's savings habits, as well as the need for increased financial literacy and a more focused lifestyle. This serves as a strategic step in fostering healthy financial behaviors among the younger generation.