Strategic: Journal of Management Sciences

Analysis of Financial Distress and Non-Distress at PT Sumber Alfaria Trijaya Tbk (AMRT) Listed on the Indonesia Stock Exchange for the 2022–2024 Period Using the Altman Z-Score Mode

Sel, 21 Apr 2026 00:00:00 +0000

This study aims to analyze the financial distress and non-distress conditions of PT Sumber Alfaria Trijaya Tbk (AMRT), listed on the Indonesia Stock Exchange, during the 2022–2024 period using the Altman Z-Score model. The study employs a quantitative descriptive approach using secondary data derived from the company’s annual financial statements obtained from the Indonesia Stock Exchange and the company’s official reports. The data analysis technique was carried out by calculating the five financial ratios included in the Altman Z-Score model, namely working capital to total assets, retained earnings to total assets, earnings before interest and taxes to total assets, market value of equity to book value of liabilities, and sales to total assets.

The results indicate that the Altman Z-Score values of PT Sumber Alfaria Trijaya Tbk throughout 2022–2024 fall within the non-distress (safe) category, indicating that the company is in a sound financial condition and has no short-term bankruptcy risk. This condition reflects the company’s ability to maintain liquidity, profitability, asset efficiency, and a solid capital structure amid the dynamics of the post-pandemic retail industry.

This study implies that the Altman Z-Score model is effective as an early warning system to detect potential financial difficulties in modern retail companies. The findings are expected to serve as evaluation material for management, investors, creditors, and academics in assessing corporate financial health.

Keywords: financial distress, non-distress, Altman Z-Score, financial statements, PT Sumber Alfaria Trijaya Tbk

Assessing Public Service Quality and Its Impact on Community Satisfaction in Local Government Offices: A Study in Pematangsiantar

Sisca Sisca, Jarunjung Hutagaol, Andy Wijaya, Desi Susanti — Sel, 21 Apr 2026 00:00:00 +0000

Objective: Public service quality is a fundamental pillar of local governance that directly reflects the state's commitment to its citizens. In Pematangsiantar, persistent gaps between community expectations and bureaucratic performance have necessitated a critical evaluation of institutional effectiveness. This study aims to assess the impact of public service quality on community satisfaction within local government offices.

Research Method: This study employed a quantitative approach with a descriptive-associative design. Data were collected from 90 respondents in Pematangsiantar, determined using the Hair et al. formula (18 indicators x 5). The research instrument consisted of a structured questionnaire featuring 18 items (9 for Public Service Quality and 9 for Community Satisfaction). Data analysis was performed using IBM SPSS software, involving normality test and simple linear regression analysis to evaluate the hypothesis.

Results: The statistical analysis confirmed a significant and positive relationship between the variables. The regression model (Y = 12.915 + 0.597X) yielded a t-statistic = 7.209 with a significance value = 0.000 (p < 0.05). Furthermore, the coefficient of determination (R²) was 0.371, indicating that public service quality accounts for 37.1% of the variance in community satisfaction. These findings suggest that every unit of improvement in service standards significantly elevates the public’s perceived value of the government.

Conclusion: This study concludes that public service quality is a vital antecedent to community satisfaction in Pematangsiantar. To enhance institutional trust, local authorities must prioritize human-centric reforms, specifically focusing on staff empathy and administrative reliability. Future research is suggested to incorporate additional variables such as digital literacy or institutional image to further explain the remaining 62.9% of the satisfaction variance.

Ambience Matters: Investigating the Link between Cafe Atmosphere and Customer Loyalty in Pematangsiantar City

Andy Wijaya, Erbin Chandra, Sisca Sisca — Sel, 21 Apr 2026 08:09:49 +0000

Objective: In the contemporary experience economy, cafe atmosphere has become a vital strategic asset for MSMEs to secure competitive advantage and mitigate customer switching behavior. This study aims to investigate the link between cafe atmosphere and customer loyalty in the specific urban context of Pematangsiantar, addressing the urgency of creating consistent emotional resonance in a saturated market. Research Method: A quantitative-explanatory approach was employed, involving 80 respondents selected via purposive sampling. Data were processed using IBM SPSS Statistics to evaluate the relationship between the research variables. Results: The findings confirm that regression analysis demonstrates a significant positive influence of cafe atmosphere on customer loyalty (B = 0.709, t = 7.091, p = 0.000). The coefficient of determination (R2) = 0.392, indicating that 39.2% of the variance in customer loyalty is explained by the atmospheric stimuli. Conclusion: The study concludes that a holistic physical environment is a primary driver of psychological attachment and long-term retention in Pematangsiantar’s cafe industry. Future research is encouraged to integrate mediating variables, such as customer satisfaction and price fairness, to provide a more comprehensive behavioral model for the hospitality sector.

ACCOUNTABILITY OF REGIONAL FINANCIAL MANAGEMENT IN TERMS OF FINANCIAL REPORT PRESENTATION AND ACCESSIBILITY OF REGIONAL FINANCIAL REPORTS

Sel, 21 Apr 2026 08:12:45 +0000

Objective This study aims to explain the influence of the presentation of financial statements and the accessibility of regional financial statements on the accountability of regional financial management

Research Method. This research is associative research using a quantitative descriptive method that emphasizes testing theory through the measurement of variables in the form of numbers .

Results. The research results obtained that the presentation of financial statements affects the accountability of regional financial management, there is an effect of the accessibility of regional financial statements on the accountability of regional financial management.

Conclusion. The research results obtained that the presentation of financial statements affects the accountability of regional financial management, there is an effect of the accessibility of regional financial statements on the accountability of regional financial management

GREEN MARKETING MIX STRATEGY IN THE PUBLIC SECTOR TO SUPPORT THE NET ZERO EMISSION (NZE) 2060 TARGET (A CASE STUDY OF PT PERUSAHAAN GAS NEGARA TBK., LAMPUNG AREA)

Dewi Balkis Chan, Intan Fitri Meutia, Arif Sugiono, Dian Kagungan — Sel, 21 Apr 2026 08:15:33 +0000

Objective The transition to net zero emission (NZE) 2060 requires strategic transformation in the energy sector, particularly through sustainable marketing practices in public sector entities and state-owned enterprises. This study aims to analyze the implementation of the green marketing mix (7P) strategy by PT Perusahaan Gas Negara (PGN) Tbk Area Lampung and its implications for supporting the national NZE 2060 target.

Research Method. A qualitative descriptive approach was employed, using in-depth interviews, observation, and document analysis. Data were analyzed using Miles and Huberman’s interactive model. Informants included PGN staff from sales, customer management, and operations, as well as small business (UMKM) customers.

Results. PGN Area Lampung has implemented all seven elements of the green marketing mix, but the strategy predominantly emphasizes economic efficiency—cost savings, safety, and operational convenience—rather than explicit environmental values. The environmental benefits of natural gas as a lower‑carbon transition fuel remain uncommunicated to customers, and staff lack training in sustainability messaging. The existing infrastructure and processes contribute to emission reductions, yet full potential for behavioral change toward NZE 2060 is constrained by centralized pricing policies and limited promotional focus on environmental narratives.

Conclusion. The study concludes that while the current green marketing mix supports emission reductions through fuel switching, achieving the NZE 2060 target requires a shift from functional green positioning to a sustainability‑led approach. Recommendations include integrating environmental messaging into promotions, equipping staff as green ambassadors, and advocating for policy reforms that enable localized green pricing incentives

The Capital Expenditure Disclosure Index, Corporate Governance, And Firm Value: The Mediating Role Of Financial Sustainability

Supri Yanto, Putri Irmala Sari, Jufri Yandes — Sel, 21 Apr 2026 08:18:04 +0000

Objective. This research endeavors to investigate how the Capital Expenditure Disclosure Index (CEDI) and corporate governance affect firm value, incorporating financial sustainability as an intermediary for non-financial companies listed on the Indonesia Stock Exchange. The significance of this inquiry arises from transparent capital expenditure disclosures signaling future growth and improved oversight to mitigate information gaps, thereby fostering enduring firm value.

Research Method. Employing a quantitative causality methodology, this study utilized a panel database spanning from 2023 to 2025. The study's target population comprised all publicly listed non-financial entities on the Indonesia Stock Exchange. Employing a purposive sampling method based on predetermined criteria, a total of 694 unique firms were identified, resulting in 2,082 firm-year observations. Subsequently, the data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0. This analysis included an evaluation of both the measurement model and the structural model.

Results. Empirical evidence suggests a positive correlation between the Capital Expenditure Disclosure Index and corporate governance, both of which are shown to augment firm value. These two elements are also established as contributors to enhanced financial sustainability. Moreover, financial sustainability partially bridges the connection between the Capital Expenditure Disclosure Index and firm value, and similarly between corporate governance and firm value.

Conclusion. The strengthening of financial stability, either directly or indirectly, can be accomplished through thorough capital expenditure disclosures and sound governance practices, leading to an increase in corporate value. It is advised that further research be conducted to devise a uniform Capital Expenditure Disclosure Index and enlarge the sample set across different jurisdictions to examine the moderating influence of legal system disparities.