Maneggiare Journal Studies

The Effect of Dividend and Earning per Share on Stock Price in Coal Mining Companies Listed on the IDX Period 2018-2022

Agustain, Popong Suryani — Wed, 05 Aug 2026 00:00:00 +0000

This study aims to determine the effect of dividends and earnings per share (EPS) on stock prices. The object of this research is coal mining companies listed on the Indonesian Stock Exchange during the period 2018-2022. The data used in this study were obtained from the published financial statements of each company available on the stock exchange. The sample consisted of 7 companies selected using the purposive sampling method, which determines samples based on specific criteria. The analytical method used in this research is multiple linear regression analysis with the assistance of SPSS version 26. The results of the F-test (simultaneous test) show that the significance value of 0.000 is smaller than 0.05, indicating that dividends and EPS simultaneously affect stock prices. Meanwhile, the results of the t-test (partial test) indicate that dividends have a significance value of 0.000, which is smaller than 0.05, meaning that dividends have a significant effect on stock prices. On the other hand, EPS has a significance value of 0.234, which is greater than 0.05, indicating that EPS does not significantly affect stock prices.

Human Resource Management in Free Trade Zones: A Narrative Literature Review

Tegor, Egi Andiyana — Wed, 05 Aug 2026 00:00:00 +0000

Free trade zones (FTZs), including export processing zones, special economic zones, free ports, and related customs regimes, are widely used to attract foreign direct investment, promote exports, and generate employment. Their macroeconomic performance, however, depends partly on how firms and zone institutions recruit, protect, develop, and retain workers. This article presents a narrative review of human resource management (HRM) in FTZs. It integrates peer-reviewed studies with reports and legal instruments issued by international organisations and public authorities, with the literature updated through August 2026. The synthesis identifies five recurring themes: recruitment and labour flexibility; industrial relations and the liaison role of HR managers; wages, working conditions, and employee well-being; competency development, talent management, and human capital; and sustainable HRM in international trade governance. The evidence indicates a gradual, uneven transition from first-generation zones organised around labour-intensive production and short-term cost control to newer zones that combine trade facilitation with services, innovation, institutional experimentation, and human-capital development. This transition does not occur automatically. Technology spillovers and skill upgrading depend on local absorptive capacity, credible labour institutions, firm-level HR practices, and coordination among government, education providers, employers, and worker representatives. The Indonesian experience in Batam, Bintan, and Karimun illustrates these interdependencies: physical incentives and regulatory privileges alone have not guaranteed productivity upgrading or strong workforce capabilities. The review contributes an HRM-centred interpretation of zone development and proposes a research agenda that connects firm-level practices with zone governance, labour rights, and global supply-chain accountability.

From Technology Leadership to Sustainability Commitment: Serial Mediation in Indonesia’s Corrugated Box Industry

Bagsu Caesar Sukmayuda — Wed, 05 Aug 2026 00:00:00 +0000

This study examined how technology leadership was converted into organizational commitment to sustainability through green human resource management (Green HRM) and circular economy capability, while testing green knowledge sharing as a boundary condition. A descriptive quantitative survey involved 250 permanent middle- and upper-level managers, ranging from supervisors to general managers, who had worked for more than five years in corrugated carton-box manufacturing firms in Tangerang Regency, Indonesia. Forty reflective indicators were analyzed with partial least squares structural equation modeling in SmartPLS 3 and 5,000 bootstrap subsamples. Technology leadership positively affected Green HRM (β = .479, p < .001) and sustainability commitment (β = .295, p < .001). Green HRM predicted circular economy capability (β = .556, p < .001) and sustainability commitment (β = .190, p = .001), whereas circular economy capability was the strongest direct predictor of commitment (β = .430, p < .001). The serial indirect effect through Green HRM and circular economy capability was significant (β = .115, p < .001). Green knowledge sharing strengthened the Green HRM–commitment relationship (β = .224, p < .001). The model explained 60.2% of the variance in sustainability commitment. The findings identify circular economy capability as the operational mechanism that connects technology-oriented leadership and people-management architecture with durable sustainability commitment in resource-intensive manufacturing.