Journal of Digital Economy and Management Practices

Exploring the Link Between Profitability and Dividend Policy in Manufacturing Firms

Dyah Arini Rudiningtyas, Andy Chandra Pramana, Nurika Restuningdiah — Wed, 18 Jun 2025 00:00:00 +0700

Purpose – This paper aims to examine the moderating effect of ownership structure on the connection among profitability and dividend policy in manufacturing entities listed on the Indonesia Stock Exchange during the period 2012–2021.

Methodology/approach – A quantitative approach was employed using secondary data from 141 purposively selected manufacturing firms, totaling 1,117 firm-year observations. The analysis utilized Pure Moderation and Moderated Regression Analysis (MRA) to test the interactions between profitability, ownership structure, and dividend policy.

Findings – The results show that profitability and liquidity significantly and positively influence dividend policy, while leverage has a negative effect. Managerial ownership weakens dividend distribution, suggesting a preference for internal financing through retained earnings. In contrast, institutional ownership strengthens the connection among profitability and dividend policy, acting as a monitoring mechanism that supports shareholder-aligned dividend decisions.

Novelty/value – This study contributes to the literature by highlighting the differentiated roles of ownership structure in shaping dividend policy outcomes. It underscores the strategic importance of aligning governance mechanisms with financial performance to ensure sustainable dividend practices.

Beyond the Noise: Unmasking the Adaptive Reality of Emerging Markets

Alfian Misran, Mediaty Mediaty, Arifuddin Arifuddin — Wed, 25 Jun 2025 00:00:00 +0700

Purpose – This paper investigates persistent stock market anomalies, liquidity patterns, volatility spillovers, governance quality, and macroeconomic shocks in emerging markets. The main objective is to provide a comprehensive synthesis of empirical evidence and propose an adaptive, multifactor framework that better captures the evolving dynamics of these markets.

Methodology/approach – A systematic literature review methodology is applied, combining thematic analysis and comparative synthesis. Data is sourced from peer-reviewed articles, sectoral reports, and international databases. The review identifies major patterns, evaluates the consistency of empirical findings, and contextualizes results using triangulation with global market data.

Findings – Market efficiency in emerging economies is found to be episodic and context-dependent. Size and value premiums persist, but their magnitude shifts with economic regimes, sectoral characteristics, and the presence of liquidity constraints or governance reforms.

Novelty/value –Addressing the gap in cross-sector and multi-country research, this paper synthesizes findings from 22 peer-reviewed empirical studies, complemented by authoritative global data. The novelty lies in the construction of a holistic, adaptive framework that incorporates liquidity, volatility, governance, macro shocks, and behavioral biases—elements rarely examined together in the context of emerging markets.

Determinants of Tax Aggressiveness: The Role of CSR, Profitability, and Earnings Management with Corporate Governance Moderation

Thu, 17 Jul 2025 00:00:00 +0700

The purpose of this study was to analyze the effect of corporate social responsibility, profitability, and earnings management on tax aggressiveness with good corporate governance as a moderating variable. This study uses secondary data obtained based on purposive sampling method from annual financial reports on 23 manufacturing companies listed on the Indonesia Stock Exchange during the period 2017 to 2021 so that the total sample is 115 with 16 outlier data. The analysis method used in this research is SPSS-based Moderated Regression Analysis. The results showed that corporate social responsibility and earnings management had no significant effect on tax aggressiveness, while profitability had a significant effect on tax aggressiveness, and good corporate governance was unable to moderate the effect between corporate social responsibility and earnings management on tax aggressiveness, good corporate governance was able to moderate the significant effect of profitability and tax aggressiveness.

Workplace Synergy: Exploring How Satisfaction, Culture, and Motivation Fuel Performance

Yusoff Ahmad Fareed, Mawadah Nasser, Liam Jin Kim — Sun, 20 Jul 2025 00:00:00 +0700

This research aims to test the mediating effect of organizational commitment on the influence of job satisfaction, organizational culture and motivation on the performance of Telkomsel Authorized Partner (TAP) employees in Indragiri Hulu, Indragri Hilir and Kuantan SIningi. This research used questionnaires from 127 respondents, from 3 districts. The analytical tool used is SEM-PLS 4.0. The research results show an increase in employee performance based on the results of statistical tests wheredirect influence between job satisfaction, organizational culture, motivation on organizational commitment, organizational commitment on employee performance and job satisfaction, organizational culture, motivation on employee performance have a positive and significant influence. The indirect relationship shows the importance of organizational commitment built by the company in improving employee performance, which is able to mediate the influence of job satisfaction, organizational culture and employee motivation in improving performance which is required to increase company profits.

Role of Embedded Finance in Expanding Financial Access: A Data-Driven Study in Bangladesh

Rezwan Ul Haque Aubhi, Md. Mokshud Ali, Md. Sohel Rana — Tue, 22 Jul 2025 00:00:00 +0700

Financial exclusion remains a significant challenge in developing economies like Bangladesh, impeding economic growth due to traditional banking's accessibility, cost, and infrastructure barriers. Embedded finance, which integrates financial services into digital platforms, offers a promising solution. Despite Bangladesh's rapid digital transformation and the rise of mobile financial services, the real-world impact of embedded finance on financial inclusion, especially among rural and low-income populations, is underexplored. This study addresses this gap by providing a data-driven evaluation of embedded finance's role in expanding financial access, focusing on solutions within e-commerce, fintech, and digital payment ecosystems in Bangladesh. Employing a quantitative approach, the research utilized structured surveys from 500 respondents (users, non-users, and industry professionals) and secondary data from government and fintech reports. It applies the Technology Acceptance Model (TAM), Diffusion of Innovation Theory, Network Effects, and Behavioral Economics to interpret findings. The study reveals that embedded finance significantly enhances financial inclusion, with higher adoption among digitally literate users and increased transaction frequency via e-commerce integrations, reducing reliance on traditional banking. However, security concerns and regulatory uncertainties negatively impact adoption. These findings contribute to academic literature on digital finance and offer practical recommendations for strengthening security frameworks, regulatory policies, and digital literacy initiatives to foster broader adoption. While limited by its cross-sectional, regional scope, this research provides crucial insights for fintech firms, policymakers, and financial institutions.