International Journal of Economics and Business Issues

Leveraging Campaigns through Digital Marketing Using PESO Model: A Study on Indonesian Digital Banks

Evan Hansefri, Yohanes Michael Christanto — Wed, 10 Sep 2025 00:00:00 +0700

This study explores how Indonesian digital banks leverage digital marketing campaigns using the PESO model—including Paid, Earned, Shared, and Owned media—to compete in a rapidly evolving financial landscape. Digital banks, born from industry shifts toward full digitalization and supported by regulatory frameworks, require effective marketing strategies to attract and retain customers. By analyzing prominent Indonesian digital banks, this research examines their digital marketing channels, including social media platforms, official websites, and digital promotions, to understand how these institutions engage customers and build competitive advantage. The banks were chosen randomly in May 2025 including all available contents on social media Unlike previous studies that only focused on single-channel marketing strategies, this study adopts a mixed-method approach combining content analysis and comparative case studies to provide a more comprehensive understanding. The study emphasizes the integration of digital marketing tactics such as content marketing, social media engagement, and targeted advertising within the PESO framework. Findings reveal that a balanced use of paid advertisements, earned media through customer and influencer interactions, shared content on social platforms, and controlled messaging via owned media is essential for digital banks to enhance brand visibility and customer trust. The study contributes insights into strategic digital marketing utilization in Indonesia’s banking sector, offering practical implications for banks aiming to optimize their digital presence and campaign effectiveness in a highly competitive environment.

SELF-EFFICACY AND PERCEIVED RISK IN GEN-Z ACCEPTANCE OF CRYPTO INVESTMENT APPLICATION PLATFORM USING TECHNOLOGY ACCEPTANCE MODEL

Taufan Adi Kurniawan, Junaidi Affan, Cesilia Arum Septianingsih — Mon, 30 Jun 2025 00:00:00 +0700

The announcement of Bitcoin halving in 2024 to 2025 have caused Bitcoin price to increase, on the other hand, Indodax as one of the crypto transaction application platforms in Indonesia was hacked by the Lazarus group from South Korea, in September 2024 Indodax stated that the balance of user account assets would not change. This shows that crypto as high-risk investment element. Despite the high risk nature, BAPPEBTI as CoFTRA in Indonesia noted an increase in crypto transactions during 2024 up to 360.3% in August 2024. This data is very interesting because there was a high surge in transactions even though crypto is a high-risk investment element. This research study this phenomenon by examines various factors that influence Gen-Z's acceptance of crypto investment applications using the Technology Acceptance Model (TAM) by adding two variables, self-efficacy and perceived risk. This study used a questionnaire with 100 respondents aged 21 to 30 years, data processing using SEM-PLS. The results showed that all variables in TAM, self-efficacy and perceived risk have significant effect to intention and crypto applications usage. The results of the study show that perceived ease of use is the strongest variable, users who find it easy to operate crypto applications platform will consider it as useful app. Self-efficacy variable is the fourth strongest variable, while perceived risk is the weakest variable. Based on these results, it can be concluded that Gen-Z prioritizes ease of operation in using crypto applications platform, the Gen-Z also considers themselves quite skilled in operating technology because they are more familiar with the use of technology, especially with smartphones. Gen-Z are aware of the risks in investing through crypto applications, but this is not the main consideration for them in using the application, they believe that the application is safe, some of their reasons are the government has regulated it through BAPPEBTI, application service providers have also guaranteed the security of related users, last but not least is the initial cost to enter crypto investment is relatively small so they don't need to worry about losing too much.

THIS IS WHY WE LEAD: EXPLORING ESG, GENDER DYNAMICS AND MARKET PERFORMANCE IN INDONESIA

Ika Puspita Kristianti — Wed, 06 Aug 2025 00:00:00 +0700

This paper examines the impact of gender diversity on corporate boards and its effects on ESG performance in Indonesian companies. It highlights the potential benefits of increased diversity in enhancing corporate governance and financial outcomes. The study addresses an increasingly recognized issue: the influence of gender diversity in corporate boards, particularly in emerging markets. In these contexts, diversity can lead to more balanced perspectives, improved risk management, and better alignment with ESG standards. The central question explored in this research is how gender diversity on corporate boards affects ESG risk and financial performance. Unlike existing studies that often generalize findings from developed markets, this paper focuses on Indonesia, providing unique insights relevant to emerging market literature. Using statistical analysis of ESG risk data, gender diversity metrics, and financial performance indicators across various industries in Indonesia, this study takes a sector-specific approach to understanding ESG impacts. The analysis demonstrates a significant negative relationship between board gender diversity and ESG risk, indicating that a higher proportion of women on boards is associated with lower ESG risk. This outcome reflects enhanced decision-making and ethical oversight. Moreover, the analysis reveals that industry classification significantly influences ESG risk. Sectors such as energy and materials show heightened risks due to their inherent environmental challenges, while lower-risk sectors like technology tend to perform better on ESG measures. Although ESG risk does not appear to impact overall financial performance significantly, it does show a positive association with stock performance. This suggests that investors may favor companies with higher ESG risks, anticipating future improvements in their ESG metrics. These findings imply that board gender diversity can positively impact corporate ESG outcomes in emerging markets. However, this effect does not directly translate to improved financial performance, possibly due to the high initial costs and delayed benefits of implementing ESG initiatives. The study concludes that board gender diversity can enhance corporate governance and attract socially responsible investors, particularly in high-risk sectors, and emphasizes the need for regulatory support to promote diversity, offering valuable insights for policymakers and investors in emerging markets.

AN ASSESSMENT OF IMPLEMENTING GREEN HRM PRACTICES ON EMPLOYEES' GREEN PERFORMANCE: THE MODERATING ROLE OF ECO-FRIENDLY BEHAVIOR

Mon, 30 Jun 2025 00:00:00 +0700

In the midst of environmental problems that continue to increase along with awareness of the negative impact of human activities on the global ecosystem. As a result of these negative impacts, almost every industry has implemented practices aimed at protecting the environment. Green human resource management practices are a policy that can be implemented in industry. One industry that has an important role in realizing sustainability is the hotel industry. The hotel industry has a high level of resource consumption, such as air, energy, and produces waste.

This study aims to analyze the effect of Green Human Resource Management (GHRM) practices on Employee Green Performance (EGP) and Eco-friendly Behavior (EFB) as a moderator variable in the relationship between GHRM and EGP. GHRM practices are one of the ways that companies, especially the hospitality industry, need to do towards environmental sustainability, especially in the hospitality industry which has a high level of resource consumption. This research uses a questionnaire survey distributed to employees of 3-5 star hotels in Yogyakarta City and Sleman. A total of 52 respondents were obtained and analyzed using SPSS. The results of the study indicate that GHRM has an effect on EGP, and EFB is proven to moderate the relationship between GHRM and EGP. These findings strengthen the evidence that GRM practices can increase employees' awareness of the environment and EFB is a reinforcing factor in encouraging employees to behave more environmentally friendly in their work. This study contributes to the understanding of the importance of GHRM and EFB in improving sustainability performance in the hospitality sector.

How Personal Cognitive Boost Their Decision to Invest in Pharmacy Industries During Pandemic Covid-19: Cognitive Dissonance Theory Perspective

Julse Dendena Hamilton, Elsas Queena Nathania, Bibiana Fuji Amelia — Sun, 06 Jul 2025 00:00:00 +0700

This study aims to investigate the anomaly of investor behaviour in investment behaviour during the COVID-19 pandemic. This study idealizes investor behaviour as it can be studied through the perspective of signal theory by providing internal information to the market. From the perspective of signal theory, the market responds according to information obtained from within the company, which indicates that market performance is in line with the company's internal performance information. However, the COVID-19 pandemic conditions have led to a decline in the internal performance of most companies, which is in line with the decline in the company's performance. This study highlights that one of the industries that has survived is the pharmaceutical industry, which has had various health supplies during the pandemic. Looking at the perspective of the pandemic conditions, investors tend to behave defensively and "wait and see" related to economic conditions that affect the company's market performance. This study constructs novelty using cognitive dissonance theory, which describes investors' hesitation in making biased investments in uncertain pandemic conditions. Furthermore, this study provides novelty to identifying investor behaviour in Indonesia, especially when experiencing economic uncertainty. This study collected samples from 13 developing countries in the Asia Pacific Region. Hypothesis testing uses generalized least square (GLS) regression to ensure this research model has achieved linear unbiased estimation (LUE), considering this heterogeneous research sample. This study found that when the performance of pharmaceutical companies increased during the pandemic, people still tended to dare to invest in pharmaceutical companies, thus encouraging an increase in the company's external performance. This is interesting because people still dare to invest despite uncertain pandemic conditions. Cognitive dissonance theory emphasizes that individuals will experience a dilemma when facing market pressure from other investments that decline by considering making high-risk investments. Hence, this research becomes a process of legitimizing investor behaviour during the Covid-19 pandemic.