Journal of Management and Business Review
E-ISSN : 2503-0736 (Online) P-ISSN : 1829-8176 (Printed) DOI : by Crossref - 10.34149/jmbr URL : https://jmbr.ppm-school.ac.id/index.php/jmbr/index Language: Indonesian & English Article The Journal of Management and Business Review (JMBR) is an academic journal published twice a year (July and January) by the Research Center and Case Clearing House (RC-CCH) - Sekolah Tinggi Manajemen PPM. JMBR has obtained ISSN so that it can be recognized in the credit score assessment. JMBR is a source of scientific information for academia, research institution, government agencies, and industries. We publish research papers on management and business strategy as well as related topics. We received the results of basic research and applied research. JMBR is a scientific journal focused on management and business issues. Topics discussed in JMBR are marketing, finance, strategic, human resource, operation, entrepreneur, and business. Please read this guide carefully. Authors who wish to submit articles to a scientific training journal must comply with the writing Author Guideline. Articles can be written in Indonesian or English. If the article submitted is not in accordance with the writing guidelines or written in a different format, it will be rejected by the editor before further review. The editors only accept articles that meet the specified format. Journal of Management and Business Review has been indexed SINTA 3, Google Scholar, IPI-Portal Garuda, ISJD, Crossref, DOAJ and Dimensions This journal has been accredited by SINTA 3 for five years based on The Decree of DIKTI, Ministry of Research, Technology and Higher Education of The Republic of Indonesia No. 200/M/KPT/2020 dated on December 23th, 2020 Accreditation Certificate: JMBR is one of the board members of the Forum Pengelola Jurnal Manajemen (FPJM), based on Decree of No. 001 / SK / FPJM / XI / 2019 Click for Author Guidelines[Indonesia] [English]
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The Critical Factors that Influence Dividend Payout Ratio on Pro-Cyclical and Non-Cyclical Sector Companies
Pro‑cyclical and non‑cyclical sectors generate markedly different revenue patterns, a distinction that may influence firms’ willingness to share profits with investors. This study examines whether ownership structure and key financial variables influence dividend policy in Indonesia’s pro-cyclical manufacturing and non-cyclical consumer goods industries. Using a balanced panel of 435 firm-year observations (2015–2019) and fixed-effects panel regression, we examine the impact of family ownership, managerial compensation, leverage, and profitability on the dividend payout ratio. Sector‑specific results emerge. In consumer‑goods companies, higher managerial compensation significantly increases the dividend payout ratio, whereas greater leverage dampens it; family ownership and profitability are insignificant. In manufacturing firms, family ownership increases the dividend payout ratio, while leverage and profitability decrease it; managerial compensation has no significant impact. The findings help income‑oriented investors select suitable sectors, guide regulators in tailoring governance codes, and extend agency and signaling research to contrasting industry characteristics.
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Impact of A Political Event on Stock Market: The 2024 Presidential Election Quick Count Version (Study on Indonesia Composite Index and LQ45 Stocks)
This study examines the capital market reaction to the announcement of the 2024 Election quick count results. Specifically, it analyzes the differences in Abnormal Returns of LQ45 stocks and the Market Cumulative Abnormal Returns before and after the announcement. This research employs a quantitative study approach using secondary data from companies listed in the LQ45 index on the Indonesia Stock Exchange (IDX). The observation period covers five days before and five days after the quick count announcement of the 2024 Presidential Election. The sample consists of 45 companies included in the LQ45 index. Data analysis was conducted using descriptive statistics, normality tests, and the paired sample t-test to compare market reactions before and after the event. The findings indicate that the market showed a positive response to the quick count announcement, reflected in the difference in the Market Cumulative Abnormal Returns. However, there was no significant difference in the Abnormal Returns of individual LQ45 stocks. These results suggest that political events may influence overall market sentiment without necessarily affecting individual stock returns. Future research is recommended to extend the observation period, include other stock indices, and examine additional political or macroeconomic events to provide broader insights into market reactions
The Effect of Institutional Ownership, Company Size, Profitability, and Tangibility on Capital Structure in Non-Cyclical Consumer Sector Companies Listed on The Indonesia Stock Exchange
This study aims to examine the effect of these variables on the capital structure of non-cyclical consumer sector companies listed on the Indonesia Stock Exchange. This study employs a quantitative approach using secondary data obtained from firms’ financial statements for the period 2018–2022. The sample was selected using a purposive sampling method, resulting in 67 companies with a total of 335 observations. The data were analyzed using panel data regression. The results show that institutional ownership has a positive and significant effect on capital structure, while profitability has a significant negative effect. Meanwhile, firm size and tangibility do not have a significant effect on capital structure. These findings support agency theory and pecking order theory in explaining corporate financing decisions. Practically, the findings provide insights for managers and investors in determining optimal financing strategies. Theoretically, this study contributes to the literature on capital structure determinants in companies operating in emerging markets
A Bibliometric Analysis of Green Finance and Waste Management in Small and Medium Enterprises (SMEs): Insights from Indonesia
This study aims to inform academics and policymakers by examining research trends on green finance and waste management in small and medium enterprises in Indonesia from 2000 to 2025, highlighting significant contributions and areas of focus. Using the PRISMA framework, a VOS viewer was used to illustrate the results of a bibliometric analysis of 10,208 articles from the Scopus database. The analysis identifies Indonesia as the top contributor, Matsumoto, T. as the most prolific author, and Universitas Indonesia as the top institution. The AIP Conference Proceedings and the IOP Conference Series Earth and Environmental Science were recognised as essential publication channels. While low-frequency phrases indicate potential avenues for future research, emerging study clusters highlight important subjects like waste management and SMEs. The analysis is restricted to English-language articles and Scopus data, excluding other databases and document formats. Future studies could use more resources and databases, such as Web of Science, Gephi, and Springer, to further understanding. This review offers innovative qualitative methodologies and comprehensive insights by mapping academic works on waste management and green finance in SMEs. Moreover, it lays the groundwork for future research on the circular economy and sustainable development. It is a valuable resource for researchers and practitioners seeking to address the challenges of green finance and waste management of SMEs in Indonesia and ultimately promote sustainable practices in the construction industry.
Understanding Halal Food Consumption: A Systematic Literature Review of Theoretical Frameworks, Determinants, and Research Challenges (2018-2024)
This study synthesizes current research on consumer behavior and purchase intention in the halal food sector by conducted a systematic literature review of 37 articles (2018-2024) from the Scopus database using the PRISMA approach. Results show that the TPB is the most frequently applied framework, often extended with additional variables. Key determinants of purchase intentions and decisions include TPB variables, religiosity, halal awareness, and halal certification. Despite these findings, the literature faces challenges such as small samples sizes, limited geographic coverage, over-reliance on TPB, and certification inconsistencies. The study contributes by consolidating current evidence on consumer behavior in the halal food sector and highlighting the pivotal roles of religiosity and halal awareness. Practically, findings guide businesses, policymakers, and marketers in designing targeted strategies, enhance consumer trust, and expanding halal food markets. Future research should adopt larger, more diverse samples, and cross-cultural analyses to address existing gaps.
Sustainable Work Engagement: The Role of Work-Life Balance, Organizational Support, and Mental Well-Being (A Systematic Review)
This study aims to synthesize empirical evidence on how Work–Life Balance (WLB) and Perceived Organizational Support (POS) sustain work engagement through mental well-being as a mediating mechanism. Following PRISMA 2020, a Boolean search across Scopus yielded 1,339 records; after systematic screening, 165 peer-reviewed articles (2020–2026) were included. Analysis reveals three key findings: (1) mental well-being is predominantly operationalized through deficit indicators (burnout, stress) rather than positive capacities (resilience, flourishing); (2) cross-sectional designs dominate, undermining temporal validity of "sustainability" claims; and (3) the JD-R framework prevails, yet cross-theoretical integration with COR and SET remains largely narrative. The novelty of this research lies in the integration of mental well-being typologies and methodological design patterns into a single explanatory synthesis regarding sustainable work engagement. These findings provide a foundation for evidence-based HRM interventions, longitudinal monitoring strategies, and policy alignment with SDGs 3 and 8, advancing understanding of work engagement as an organizational ecosystem phenomenon rather than a singular outcome.