Fa ida, Ida; Se iawan, Doddy
A icle
Indonesia’s eal es a e alue po en ial: he ole o g een
inno a ion and e ec i e managemen con ol sys ems
Cogen Business & Managemen
P o ided in Coope a ion wi h:
Taylo & F ancis G oup
Sugges ed Ci a ion: Fa ida, Ida; Se iawan, Doddy (2024) : Indonesia’s eal es a e alue po en ial:
he ole o g een inno a ion and e ec i e managemen con ol sys ems, Cogen Business &
Managemen , ISSN 2331-1975, Taylo & F ancis, Abingdon, Vol. 11, Iss. 1, pp. 1-14,
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Indonesia’s eal es a e alue po en ial: he ole
o g een inno a ion and effec i e managemen
con ol sys ems
Ida Fa ida & Doddy Se iawan
To ci e his a icle: Ida Fa ida & Doddy Se iawan (2024) Indonesia’s eal es a e alue po en ial:
he ole o g een inno a ion and effec i e managemen con ol sys ems, Cogen Business &
Managemen , 11:1, 2413384, DOI: 10.1080/23311975.2024.2413384
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En Ep EnEu ship & inno a ion | EsEa ch a iclE
Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2413384
Indonesia’s eal es a e alue po en ial: he ole o g een inno a ion
and e ec i e managemen con ol sys ems
ida Fa idaa,b and Doddy se iawana,b
aDepa men o accoun ing, Poli eknik Ha apan Be sama, egal, Jawa engah, indonesia; bDepa men o economics and
Business, uni e si as sebelas Ma e (uns), su aka a, Jawa engah, indonesia
ABSTRACT
G een inno a ion has expanded in o he cons uc ion and eal es a e indus y, his
inno a ion is seen by indus y playe s as a way o inc ease he p ope y alue o hei
p oduc s, bu o achie e his goal an e ec i e managemen con ol sys em is needed.
he pu pose o his s udy is o analyze he ela ionship be ween g een inno a ion
h ough a managemen con ol sys em o p ope y alue in indonesia. pa icipan s o
his s udy a e middle o uppe -middle-class en ep eneu s in he cons uc ion and eal
es a e indus y in indonesia, especially he island o Ja a. Ja a island was chosen, as i
is inhabi ed by mo e han 56% o he o al popula ion in indonesia. hence, i is no
impossible ha he s uc u e o he indonesian economy is spa ially domina ed in Ja a.
he e we e 200 esponden s in his s udy. he me hod o his esea ch is quan i a i e
wi h a s uc u al equa ion modelling app oach. he indings showed ha he e is a
s ong ela ionship be ween g een inno a ion and p ope y alue. Mo eo e , an
e ec i e managemen con ol sys em can also inc ease u u e p ope y alue c ea ion.
ne e heless, when he con ol sys em does no un e ec i ely, g een inno a ion will
only ha m en ep eneu s.
1. In oduc ion
indus ialized g ow h has inc eased pollu ion, con amina ing ai , wa e , and soil o dange ous le els
(pa el & pa el, 2021; Xin Ma & Zhu, 2024). he e o e, economic ac i i y no only imp o es people’s wel-
a e, bu also inc eases he esidue o ac i i ies ha deg ade he en i onmen , such as g eenhouse gases,
o es loss, o sca ce clean wa e a ailabili y.
addi ionally, he cons uc ion o buildings ha suppo human ac i i ies is also one o he causes o
he cu en en i onmen al deg ada ion (Massimo e al., 2022; oland e al., 2022; Wong e al., 2021). he
impac o hese buildings on en i onmen al deg ada ion is p ima ily d i en by he excessi e use o
non- enewable ene gy sou ces (leskinen e al., 2020). his en i onmen al deg ada ion has also p omp ed
s akeholde s o impose obliga ions on companies o demons a e conce n o he na u al wo ld and he
su ounding en i onmen (Zhang e al., 2020).
companies s i e o mi iga e en i onmen al ha m while os e ing business g ow h h ough inno a ion
(la i ah, 2020). e med as g een inno a ion, his e ec i e app oach encompasses ecologically iendly
p ac ices ac oss ac i i ies (pan, 2022; Xie e al., 2019). Despi e demanding subs an ial in es men s in
e ms o cos s and ime, inno a ion yields endu ing posi i e impac s o companies (Kapoo & agga wal,
2020; egona e al., 2022). he company can implemen Eco-e iciency, which se es as a managemen
con ol sys em in educing he company’s impac on he en i onmen and simul aneously c ea ing mo e
alue o s akeholde s (Zandi e al., 2019).
En i onmen ally iendly p oduc s a ising om g een p oduc inno a ion a e dis inguished by eusabili y,
ecyclabili y, and esou ce e iciency (Ma o a, 2017). Fu he mo e, g een p ocess inno a ion op imizes he
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup
CONTACT ida Fa ida ida. a ida@pol ek egal.ac.id; doddy.se iawan@s a .uns.ac.id Depa men o accoun ing, Poli eknik Ha apan
Be sama, egal, Jawa engah, indonesia; Depa men o economics and Business, uni e si as sebelas Ma e (uns), su aka a, Jawa engah,
indonesia
h ps://doi.o g/10.1080/23311975.2024.2413384
his is an open access a icle dis ibu ed unde he e ms o he C ea i e Commons a ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
ecei ed 26 ap il 2024
e ised 26 sep embe
2024
accep ed 2 oc obe 2024
KEYWORDS
Managemen con ol
sys em; economic
de elopmen ; g een
inno a ion; p ope y alue;
eal es a e economic
SUBJECTS
Business, Managemen
and accoun ing;
Economics; Economics
and De elopmen ;
sus ainable De elopmen
JEL CLASSIFICATION
CODE
G32; l74; l85; M11; M21;
o35
2 i. Fa iDa anD D. sE iaWan
u iliza ion o aw ma e ials, ene gy, and wa e , he eby cu bing en i onmen al impac and p oduc ion
expenses (husnaini & jahjadi, 2020). addi ionally, g een inno a ion implemen a ion is p o en o cu ail
oxic gas emissions in line wi h go e nmen pollu ion educ ion a ge s (chin a e al., 2014; Xiang Ma
e al., 2022).
his opic o he en i onmen needs o be s udied and esea ched mo e deeply because in indonesia
he nega i e impac o he ac i i ies o companies ha a e no awa e o he impo ance o inno a ion
ha is conce ned wi h he en i onmen is s ill a lo (andi e al., 2020). al hough dis inc companies
adop a ied con ol sys ems aligned wi h hei speci ic needs and co po a e objec i es (Bed o d e al.,
2016; schä e e al., 2015). howe e , he impe a i e o sus ained iabili y d i es he impe a i e o
heigh ened p oduc quali y and e ined in e nal en i onmen al managemen , acili a ed h ough he
implemen a ion o managemen con ol sys ems (Muk iyan o e al., 2020). he managemen con ol sys-
em unc ion aims o iden i y de ia ions o de ia ions in implemen a ion compa ed o planning as eed-
back o ake co ec i e o co ec i e ac ion o leade s in achie ing o ganiza ional goals. B oadly speaking,
i also includes e o s o p e en he possibili y o a di ision o de ia ions ( aud) ha may occu in he
ope a ion o a company (sujana e al., 2020).
he assessmen amewo k applied o p ope ies ha ha e emb aced sus ainabili y h ough g een
building p ac ices ia g een inno a ion has been ex ensi ely discussed on an in e na ional scale (Dai &
Xue, 2022; Ma el, 2021; Meng e al., 2018; Mille e al., 2020). bu he e is s ill no one de eloping i in
indonesia. he e o e, his s udy aims o analyze he ela ionship (di ec ly and indi ec ly) be ween g een
inno a ion h ough managemen con ol sys em o p ope y alue in indonesia. in his s udy, p ope y
alua ion is ca ied ou using se e al ac o s ha mus be conside ed, such as physical Fac o s, Economic
Fac o s, social Fac o s, Go e nmen Fac o s ( egula ions), accessibili y ac o s, and Facili y a ailabili y ac-
o s. hope ully, he indings o his esea ch can p o ide new in o ma ion abou he concep o p ope y
alue o be e iewed mo e deeply in he nex p ope y managemen ield.
2.Theo e ical amewo k and hypo hesis de elopmen
2.1. G een inno a ion (g een p oduc and p ocess inno a ion)
G een inno a ion is b oadly de ined as he de elopmen and implemen a ion o new p ocesses, p ac-
ices, and p oduc s ha a e en i onmen ally iendly. his includes inno a ions ha educe he consump-
ion o ene gy, ma e ials, o emissions while main aining o imp o ing pe o mance (Xie e al., 2019).
G een p oduc inno a ion e e s o c ea ing p oduc s ha a e ecyclable, eusable, and ene gy-e icien ,
di ec ly appealing o he inc easing demand o en i onmen ally iendly goods. hese inno a ions os e
sus ainabili y by educing he en i onmen al oo p in and enhancing he long- e m iabili y o compa-
nies (husnaini & jahjadi, 2020). in he cons uc ion indus y, g een inno a ion plays a pi o al ole in
shaping he u u e o eal es a e de elopmen . ecen s udies sugges ha in eg a ing g een building
p inciples—such as esou ce e iciency and eco- iendly design—enhances p ope y alue by aligning
wi h consume p e e ences o sus ainable li ing (Meng e al., 2018). Fo example, in g een p ocess
inno a ion, companies aim o op imize hei ope a ions by minimizing esou ce usage (e.g. wa e ,
ene gy) and educing was e, leading o cos sa ings and en i onmen al bene i s (Khan e al., 2021).
2.2. Managemen con ol sys ems
a managemen con ol sys em (MCS) is essen ial o guiding o ganiza ions owa d s a egic goals, pa -
icula ly when balancing inno a ion and ope a ional e iciency. Mcs encompasses ools and p ocesses
designed o moni o , measu e, and guide he pe o mance o di e en aspec s o an o ganiza ion
(Bed o d e al., 2016). hese sys ems help mi iga e en i onmen al damage by ensu ing ha inno a ions
align wi h b oade o ganiza ional goals, including sus ainabili y (schä e e al., 2015). Mcs can be ca e-
go ized in o ou ypes:
1. Belie Sys ems – aligning o ganiza ional alues wi h sus ainabili y goals.
2. Bounda y Sys ems – De ining limi s o en i onmen al p ac ices and isk managemen .
coGEn BusinEss & ManaGEMEn 3
3. Diagnos ic Con ol Sys ems – using me ics o ack en i onmen al pe o mance.
4. In e ac i e Con ol Sys ems – Fos e ing inno a ion by encou aging c oss-depa men al collabo a-
ion (Muk iyan o e al., 2020)
in he eal es a e sec o , Mcs plays a c ucial ole in ensu ing ha cons uc ion p ocesses adhe e o
g een inno a ion p inciples. By implemen ing e ec i e con ols, companies can main ain p oduc i i y
while minimizing nega i e en i onmen al impac s ( ui e e al., 2021).
2.3. Nexus be ween g een inno a ion and MCS o p ope y alue
G een inno a ion, suppo ed by a obus Mcs, signi ican ly impac s p ope y alue by add essing bo h
economic and en i onmen al conce ns. esea ch by Dai and Xue (2022) sugges s ha eco- iendly con-
s uc ion p ac ices no only educe ope a ional cos s bu also enhance p ope y a ac i eness o en i-
onmen ally conscious buye s. Fo ins ance, he G een Building council indonesia has se s anda ds ha
di ec ly a ec he alua ion o eco- iendly p ope ies, as buye s inc easingly seek homes ha o e sus-
ainable li ing op ions.
Mcs p o ides he amewo k necessa y o ensu e hese inno a ions a e e icien ly in eg a ed in o he
company’s ope a ions. Fo example, diagnos ic con ol sys ems can ack he pe o mance o g een
inno a ions by moni o ing esou ce usage and iden i ying a eas whe e imp o emen s a e needed, ul i-
ma ely d i ing p ope y alue (paul e al., 2014). When g een inno a ion is suppo ed by well- unc ioning
Mcs, i becomes a d i e o alue c ea ion o companies in he eal es a e sec o , con ibu ing o bo h
inancial pe o mance and en i onmen al sus ainabili y.
2.4. G een inno a ion and p ope y alues
By implemen ing inno a ion in he cons uc ion o new buildings wi h a g een inno a ion concep , he e
is a hope ul p ospec o mi iga ing global wa ming (Meng e al., 2018). he s anda diza ion o ‘‘g een’’
c i e ia in indonesia was es ablished in 2009 by he G een Building council indonesia, a non-go e nmen al
o ganiza ion. he ‘g een’ issue has gained p ominence in he ealm o a chi ec u al design, e lec ing he
a chi ec u e wo ld’s conce n and pa icipa ion in en i onmen al p ese a ion. his unde sco es how g een
building (g een inno a ion) can cu ail humani y’s exploi a ion o na u al esou ces (husnaini & jahjadi,
2020). he g eene and mo e en i onmen ally iendly a esiden ial clus e , he highe he pe cei ed
alue and in e es i ga ne s (Dai & Xue, 2022). De elope s a e now o e ing eco- iendly housing designs
o ca e o sus ainable li es yles and appeal o he high-end ma ke segmen (Ma e al., 2022). he
eco- iendly concep is e en ex ended o he a angemen o a eas and he selec ion o plan ypes ha
can e ain wa e and mi iga e ca bon emissions (nu diawansyah e al., 2018). howe e , he mos c ucial
aspec o implemen ing he g een concep is eshaping esiden s’ mindse s o ake esponsibili y o he
en i onmen . he eco-li ing concep , g ounded in sus ainabili y p inciples, encompasses a ious aspec s
o daily li e aiming o minimize nega i e impac s on he na u al en i onmen (B andl & Zielinska, 2020).
he p ese a ion o he en i onmen is o pa amoun impo ance, os e ing an en i onmen ha is con-
duci e o bo h he inhabi an s o he egion and he na u al habi a .
luxu y housing p ojec s ha e begun o h i e as he co iD-19 pandemic g adually aba es (Fa ida &
se iawan, 2022). luxu y esidences no longe solely emphasize he size o scale o he building; hey also
inco po a e in elligen home sys ems and s a egic loca ions (B andl & Zielinska, 2020). Mo eo e , an
en i onmen ally iendly concep is inc easingly championed by de elope s o enhance alue. Wi h he
eme gence o he end o cons uc ing high- ise buildings in eg a ing ‘g een’ concep s, he e eme ges a
necessi y o p ope y assessmen ha can in e connec ‘g een’ o sus ainable elemen s wi hin he alu-
a ion p ocess. his is owing o he ac ha ‘g een’ and sus ainable aspec s impac ma ke alue, along-
side ac o s such as p ope y ype, loca ion, and ma ke condi ions (abidoye & chan, 2016; Dai & Xue,
2022; huang & li, 2018; Kuma e al., 2021; sun e al., 2021). Based on his exposi ion, he esea ch
hypo heses a e o mula ed as ollows.
Hypo hesis 1 (H1). G een inno a ion is s ongly ela ed o p ope y alue
4 i. Fa iDa anD D. sE iaWan
2.5. Managemen con ol sys ems and p ope y alues
p ope y de elopmen companies cons i u e business en i ies ha in es signi ican capi al o en e he eal
es a e indus y (li & Monkkonen, 2014). hey span mul iple p ope y sub-sec o s, encompassing consul-
ancy, land acquisi ion, cons uc ion and de elopmen , ma ke ing, and p ope y main enance. he e o e,
e ec i e p ope y managemen necessi a es he implemen a ion o a comp ehensi e managemen con ol
sys em, which o e sees all ope a ional ac i i ies, anging om planning and o ganiza ion o coo dina ion
and pe o mance e alua ion (anisyku lillah & ok a iana, 2020). Mo eo e , he managemen con ol sys em
acili a es he p o ision o in o ma ion o e icien and in o med decision-making p ocesses (E oglu &
sande s, 2021). h oughou he cons uc ion p ocess, a my iad o challenges and cons ain s equen ly
eme ges in he ield. i ually all p ojec s encoun e issues, bo h o a echnical and non- echnical na u e,
o en a ising as cons uc ion commences. as such, con ac o s and a chi ec s mus adep ly analyze and
esol e po en ial issues (Fa aji e al., 2022). Gi en hese challenges, he implemen a ion o p ojec con ol
and cons uc ion supe ision sys ems becomes pa amoun . p ojec con ol in ol es o ches a ing all p ojec
ac i i ies o ensu e op imal unc ionali y, imely execu ion in line wi h schedules, and me iculous coo dina-
ion o deli e quali y wo k ( ui e e al., 2021). cons uc ion supe ision ensu es ha he wo k is ca ied
ou in ull compliance wi h plans, adhe ing o he highes s anda ds. his esul s in cons uc ion p oduc s
ha align p ecisely wi h design speci ica ions, showcasing quali y, cos -e ec i eness, and an alignmen wi h
hei in ended pu pose ( ale e al., 2021). adequa e planning is acili a ed h ough egula supe ision,
coupled wi h adep ly add essing challenges ha a ise du ing he cons uc ion execu ion. Building upon
hese asse ions, i can be in e ed ha he implemen a ion o a managemen con ol sys em in business
p ope y can exe an in luence on he alue o he p ope y (anisyku lillah & ok a iana, 2020). D awing
om his exposi ion, he esea ch hypo heses a e o mula ed as ollows.
Hypo hesis 2 (H2). Managemen con ol sys em has a s ong ela ionship wi h p ope y alue
2.6. G een inno a ion, managemen con ol sys ems, and p ope y alues
G een inno a ion is de ined as an inno a ion ha a oids en i onmen al ha m and does no pose h ea s
o li e (pan, 2022). G een inno a ion places a s ong emphasis on esou ce e iciency and aims o mi i-
ga e en i onmen al impac s in compa ison o exis ing al e na i es, achie ed h ough he judicious imple-
men a ion o sui able echnologies. his app oach enhances he e iciency o esou ce u iliza ion and
minimizes ecological consequences. i is essen ial o manage e iciency wi hin he inno a ion p ocess
h ough e ec i e managemen con ol ( ui e e al., 2021). such managemen con ol nu u es c ea i i y
and inno a ion in indi iduals, he eby playing a pi o al ole in d i ing he inno a ion o no el p oduc s
(Xiang Ma e al., 2022). his esea ch indings a i m he signi icance o he Managemen con ol sys em
in he de elopmen o new p oduc s. o he schola s ha e co obo a ed ha he Managemen con ol
sys em se es as a ca alys o p omo ing inno a ion (Quesado & sil a, 2021; od igues e al., 2021;
osens en-Be g e al., 2012). in he echnology sec o , s a -up en e p ises ha e explo ed he ole o he
Managemen con ol sys em in os e ing p oduc inno a ion. hei indings indica e ha he Managemen
con ol sys em plays a cen al ole in he inno a ion p ocess (Wonglimpiya a , 2018). Fu he mo e, addi-
ional esea ch suppo s he no ion ha g een inno a ion exe s a subs an ial posi i e impac on a com-
pany’s alua ion, wi h media ion h ough en i onmen al managemen accoun ing (agus ia, 2020). his
asse ion is unde pinned by subsequen in es iga ions ha unde sco e he cons uc i e in luence o
g een inno a ion on a company’s o e all alue (husnaini & jahjadi, 2020).
p e ious s udies ha e p ima ily ocused on i m alue a he han p ope y alue, ye he de i ed co -
ela ions unde sco e he subs an ial impac o inno a ion on alue. in his con ex , alue is ega ded as he
inhe en wo h o an objec (p ope y). F om his exposi ion, i can be in e ed ha when he company in
ques ion pe ains o he eal es a e sec o , i can be asse ed ha g een inno a ion, acili a ed by an app o-
p ia e managemen con ol sys em, can indeed in luence he p ope y alue p esen ed by managemen o
po en ial p ope y buye s. Building upon his exposi ion, he ollowing esea ch hypo hesis is o mula ed.
Hypo hesis 3 (H3). G een inno a ion h ough a managemen con ol sys em is s ongly ela ed o p ope y alue
coGEn BusinEss & ManaGEMEn 5
3. Resea ch me hodology
his s udy employs a quan i a i e me hodology. Da a collec ion is conduc ed h ough su eys and he
analysis o pe inen li e a u e and e e ences ha suppo he esea ch concep . he esea ch subjec s
encompass uppe - ie en ep eneu s in he cons uc ion and eal es a e sec o s in indonesia, wi h a p i-
ma y ocus on Ja a island. he choice o Ja a island is a ibu ed o i s popula ion cons i u ing o e 56%
o indonesia’s o al, making i concei able ha he spa ial economic s uc u e o indonesia is domina ed
by p o inces wi hin Ja a. he sample selec ion echnique employs simple andom sampling. his s udy
employs simple andom sampling o selec pa icipan s om he popula ion o middle- o uppe -class
eal es a e en ep eneu s in indonesia, wi h a ocus on Ja a island. Ja a is chosen due o i s economic
signi icance, as i is home o o e 56% o indonesia’s popula ion, making i a key egion o unde s and-
ing p ope y alue dynamics. simple andom sampling is selec ed o minimize bias and ensu e ha each
indi idual in he popula ion has an equal chance o selec ion. his echnique ensu es ep esen a i eness
ac oss a ious business sizes and sec o s wi hin he eal es a e indus y, p o iding a b oad pe spec i e
on how g een inno a ion and managemen con ol sys ems a ec p ope y alue. By adop ing his
app oach, he s udy aims o d aw gene alizable conclusions abou he ole o g een inno a ion in
indonesia’s eal es a e ma ke . o ensu e an adequa e sample size, a powe analysis was conduc ed,
which de e mined ha a sample o 200 esponden s would p o ide su icien s a is ical powe o de ec
signi ican ela ionships be ween a iables. his sample size also aligns wi h p e ious s udies in he ield,
ensu ing compa abili y and obus ness o he esul s.
his esea ch was conduc ed in compliance wi h he esea ch e hics s anda ds se by he chai man o
he esea ch E hics commission. all esea ch p ocedu es we e app o ed by he esea ch e hics commi ee
o he Facul y o Medicine, uni e si as sebelas Ma e wi h app o al numbe 166/un27.06.11/KEp/Ec/2022.
in his s udy, we ensu ed ha he igh s, p i acy, and con iden iali y o pa icipan s we e well p o ec ed.
he da a collec ed was used only o he pu pose o his s udy and was secu ely s o ed o p e en unau-
ho ized access. in compliance wi h esea ch e hics, all pa icipan s we e in o med abou he pu pose o
he s udy, and hei igh s o p i acy and con iden iali y we e main ained. in o med consen was ob ained
p io o pa icipa ion, and all da a we e anonymized o p o ec esponden s’ iden i ies. Da a collec ion was
conduc ed h ough a s uc u ed ques ionnai e, which was dis ibu ed o he selec ed esponden s. he
ques ionnai e was de eloped based on es ablished scales in he li e a u e o measu ing g een inno a ion,
managemen con ol sys ems, and p ope y alue. he ques ionnai e was adap ed om p io esea ch
on g een inno a ion (husnaini & jahjadi, 2020) and managemen con ol sys ems (Bed o d e al., 2016). i
includes like -scale ques ions ( anging om 1 o 5) designed o measu e key cons uc s. he su ey i ems
we e e iewed by indus y expe s and academics o ensu e con en alidi y. a pilo es was conduc ed
wi h 10 esponden s o iden i y and add ess any ambigui ies in he ques ions.
he esea ch u ilises a like scale o ques ionnai e assessmen , employing a ange om 1 o 5 (like ,
1932). he su ey was adminis e ed h ough an online pla o m o each a b oade audience o eal
es a e en ep eneu s ac oss Ja a island. he online o ma ensu ed quick esponses and wide co e age,
especially conside ing geog aphical cons ain s. he esponse a e was 75%, wi h 200 ully comple ed
su eys ecei ed, exceeding he minimum equi ed sample size o s a is ical analysis. he indica o s o
he esea ch a iables a e expounded in able 1, accompanied by hei espec i e de ini ions.
he analysis me hodology employed in his s udy u ilizes pa ial leas squa es (pls) h ough he
applica ion o he s a is ical ool known as s uc u al equa ion modelling (J. hai e al., 2014). sEM was
selec ed because i allows he simul aneous es ing o mul iple hypo heses and he es ima ion o di ec
and indi ec e ec s be ween a iables. Gi en ha his s udy examines no only he di ec e ec o g een
inno a ion on p ope y alue bu also he media ing ole o managemen con ol sys ems, sEM is he
mos app op ia e ool. unlike adi ional eg ession models, sEM allows o he inclusion o la en a i-
ables, o e ing a mo e nuanced unde s anding o he ela ionships (J. hai e al., 2014).
o ensu e he eliabili y and alidi y o he sEM model, composi e eliabili y was calcula ed o all
cons uc s, wi h alues abo e he h eshold o 0.70 indica ing s ong in e nal consis ency (hai e al.,
2012). addi ionally, C onbach’s alpha was used o u he alida e he eliabili y o he cons uc s, wi h
all a iables achie ing an alpha alue g ea e han 0.70, signi ying su icien eliabili y. Fo model e alu-
a ion, R-squa ed alues we e calcula ed o he dependen cons uc s, wi h he g een inno a ion
6 i. Fa iDa anD D. sE iaWan
cons uc explaining 96.2% o he a iance in he managemen con ol sys em, and managemen con ol
sys ems explaining 48.4% o he a iance in p ope y alue. hese alues indica e ha he model is
obus and p o ides a good i o he da a.
By adop ing his app oach, he s udy ensu es ha he ela ionships be ween g een inno a ion, man-
agemen con ol sys ems, and p ope y alue a e ho oughly explo ed, p o iding a comp ehensi e
unde s anding o he dynamics wi hin indonesia’s eal es a e sec o .
4. Analysis and esul s
Based on he ables 2, 3, and 4 abo e, i is e iden ha he o al numbe o pa icipan s in his s udy
amoun s o 200 en ep eneu s in he cons uc ion and eal es a e sec o , wi h a composi ion o 170
males and 30 emales. hese en ep eneu s encompass a di e se ange o educa ional backg ounds,
spanning om senio high school g adua es o indi iduals wi h mas e ’s deg ees. speci ically, pa icipan s
holding a senio high school educa ional backg ound accoun o 6 indi iduals, hose wi h diplomas a e
61, while indi iduals possessing bachelo ’s deg ees comp ise 115, and hose wi h mas e ’s deg ees o al
18. Fu he mo e, he indings om he desc ip i e analysis highligh ha he du a ion o esponden s’
business engagemen s spans om 1 yea o o e 30 yea s. addi ionally, hei annual sales u no e exhib-
i s a iabili y, anging om iD 15 billion o o e iD 50 billion. his s a i ica ion o u no e se es o
p o ide cla i y ega ding he ca ego iza ion o en ep eneu s, spanning om middle-class o uppe -class.
F om Figu es 1 and 2, he calcula ed esul s e eal ha he -squa e alues o all a iables a e 0.962
and 0.484. his ou come signi ies ha g een inno a ion is capable o elucida ing 96.2% o he a iabili y
in he managemen con ol sys em cons uc and 48.4% o he a iabili y in he p ope y alue cons uc .
Table 1. Measu emen o esea ch a iables.
Resea ch a iable Va iable indica o Va iable measu emen
Managemen con ol sys em,is a p ocess o a
manage in ensu ing ha esou ces a e ob ained and
used e ec i ely and e icien ly in an e o o achie e
o ganiza ional goals (Bed o d e al., 2016).
belie sys ems, bounda y sys ems,
diagnos ic con ol sys ems, and
in e ac i e con ol sys ems.
Like scale
G een inno a ion, ans o ma ional inno a i e
capabili ies wi hin companies (Husnaini & jahjadi,
Husnaini & jahjadi, 2020).
1. use o en i onmen ally iendly aw
ma e ials.
2. P oduc s ha a e easy o ind.
3. P oduc can be ecycled.
Like scale
P ope y alues, is a p ocess o sequen ial and
simul aneous g adual ac i i ies o ob ain an es ima e
o es ima e o he alue o a p ope y (Lo enz &
Lü zkendo , 2011)
a. Physical ac o
b. economic Fac o s
Like scale
Table 2. Loca ion o esponden s.
gende o business owne
o alMan Woman
Company loca ion (P o ince)
special Region o Yogyaka a 25 9 34
DKi Jaka a 24 3 27
Wes Ja a 49 9 58
Cen al Ja a 38 8 46
eas Ja a 34 1 35
o al 170 30 200
Table 3. Responden ’s educa ional backg ound.
gende o business owne
o alMan Woman
Las educa ion
Bachelo Deg ee 95 20 115
Diploma 56 5 61
Mas e Deg ee 13 5 18
senio High school 6 0 6
o al 170 30 200
coGEn BusinEss & ManaGEMEn 7
Based on able 5 he esul s o he eliabili y es , i is known ha c onbach’s alpha alue o all a i-
ables is g ea e han he s anda d p o isions o he eliabili y es , namely 0.70. high o low eliabili y is
exp essed by a alue called he eliabili y coe icien , anging om 0–1. he eliabili y coe icien is
deno ed as
x
by x is he case index sough . eliabili y es ing uses c onbach’s alpha o mula, as ollows:
n
n
x
=−
−∑
1
1
2
2
α
α
x
= he eliabili y sough
n = he numbe o ques ion i ems
∑
α
2
= he sum o he a iances o he sco es o each i em
α
2
= he o al a iance
The C onbach’s Alpha Value Range, namely
• alpha < 0.50 low eliabili y
• 0.50 < alpha < 0.70 mode a e eliabili y
• alpha > 0.70 su icien eliabili y
• alpha > 0.80 hen eliabili y is s ong
• alpha > 0.90 hen eliabili y is excellen
Table 4. Leng h o business and u no e pe yea o he esponden .
leng h o business
o al> 30 Yea s 1–5 Yea s 11–15 Yea s 16–20 Yea s 21–25 Yea s 26–30 Yea s 6–10 Yea s
u no e pe yea
Mo e han Rp.
50 billion
0 0 1 0 1 1 1 4
iDR 15 Billion
– iDR 25
Billion
1 26 34 11 3 2 56 133
iDR 26 Billion
– iDR 36
Billion
0 2 18 9 2 0 23 54
iDR 37 Billion
– iDR 50
Billion
0 0 7 0 0 0 2 9
o al 1 28 60 20 6 3 82 200
Figu e 1. inne model es esul (R squa e).
14 i. Fa iDa anD D. sE iaWan
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