Examining the Influence of Organizational Culture and Asset Management on the Valuation of the Diving Industry in Indonesia





organizational culture, company assets, business valuations, SCUBA diving, diving industry


Background: In Indonesia, the diving industry has experienced a surge in PADI certifications due to the multitude of diving locations. However, the sector grapples with instability. Existing research has underscored the significance of organizational culture and company assets in business valuation, revealing specific issues in these domains. This study endeavors to assess their impact on the valuation of the diving industry in Indonesia.


Objective: Our primary objective is to investigate how organizational culture and company assets influence the valuation of diving businesses in Indonesia. We aim to provide actionable insights to industry management, presenting a model for enhancing valuations through the development of corporate assets and organizational culture.


Method: We adopted a quantitative research approach, focusing on dive operators as our unit of analysis and the management of these operators as our observation unit. Our sample consisted of 50 respondents, and we collected primary data through questionnaires. This research employed a cross-sectional design and used causality research techniques, employing the Partial Least Square (PLS) method.


Our Findings: Our research substantiates the influence of both organizational culture and company assets on the valuation of Indonesia's diving industry. Notably, the impact of company assets surpasses that of organizational culture in elevating business valuations. This discovery offers a promising alternative for industry management, emphasizing the development of tangible assets and organizational stability and control for success in this dynamic sector.


Conclusion: Our study underscores the importance of prioritizing the development of tangible company assets in the diving industry in Indonesia. Additionally, it highlights the need for management to focus on enhancing organizational stability and control within the organization as a strategy for improving business valuations.


Al-bahussin & El-garaihy (2013), The Impact of Human Resource Management Practices, Organisation-al Culture, Organisation-al Innovation and Knowledge Management on Organisa-tionalPerfomance in Large Saudi Organisa-tions: Structural Equation Modeling With Conceptual Framework

Chang, SC dan Lee, MS. 2007, 'A study on relationship among leadership, organizational culture, the operation of learning organization and employees' job satisfaction.', The learning organization,, vol. 14, no. 2, pp. 155-185.

Dimmock, C. (2013) Bridging the Research-Policy-Practice Divide: Emergence of the 'Research-Engaged' School of the Future. Series.

Dimmock, K & Musa, G 2015, 'Scuba diving tourism system: a framework for collaborative management and sustainability', Marine Policy, vol. 54, pp. 52-58.

Dimmock, K 2007, 'Scuba diving, snorkeling and free diving', in G Jennings (ed.), Water-based tourism, sport, leisure, and recreation experiences, Butterworth-Heinemann, Burlington, MA, pp. 128-148.

Garrod, B. (2008). Market segments and tourist typologies for diving tourism. In B. Garrod& S. Gössling (Eds.), New frontiers in marine tourism: Diving experiences, sustainability, management (pp. 31–39). Amsterdam: Elsevier

Hitt , Michael A.; Ireland, R. Duane; Hoskisson, Robert E., 2015, Strategic Management : Competitiveness & Globalization: Concepts and Cases, Eleventh Edition, Stamford : CengageLearningJohar, Arifin. 2007. Seri SolusiBisnisBerbasis TI. Jakarta: Elex Media. Komputindo.

Hubbard G., Beamish P., 2011, Strategic Management - Thinking, Analysis, Action, Pearson Australia, 4th Edition.

Indonesia Recreational Dive Business Association 2018 survey, accessed on 30 October 2021 https://puwsi.org/2021/10/30/laporan-survey-2018/

Malhotra, Naresh K. 2010. Marketing Research: An Applied Orientation International Edition. New Jersey: Pearson Education, Inc.

Nummelin, 2006, Mesuring Organizational Culture in Construction sector- Finnish Sample, VTT, Technical Research Center of Finland.

Olbrich, M., Quill, T., & J Rapp, David. (2015). Business valuation inspired by the austrian school. Journal of Business Valuation and Economic Loss Analysis,10(1), 1-43

QueirozNeto, A, Lohman, G, Scott, N &Dimmock, K 2017, 'Rethinking competitiveness: important attributes for a successful scuba diving destination', Tourism Recreation Research, vol. 42, issue 3, pp. 356-366.

Reddy, K. Srinivasa; RajatAgrawal and Vinay Kumar Nangia, 2012, Reengineering, crafting and comparing business valuation models – the advisory exemplar. International Journal of Commerce and Management Vol. 23 No. 3, 2013 pp. 216-241

Schein, EH. 2010, Organizational culture and leadership, Vol. 2, John Wiley dan Sons.

Schermerhorn, JR, Uhl-Bien, M dan Osborn, RN. 2011, Organizational Behaviour, 12th edn., Wiley, p. 648.

Sekaran, Uma. 2010. Research Methods For Business. A Skill-Building Approach.Third Edition. USA: John Wiley and Sons Inc.

Singh, B., & Indravesh. (2023). The Impact of Cultural and Economic Factors on Social Entrepreneurship and Sustainable Development Goals. Journal of Law and Sustainable Development, 11(6), e1193. https://doi.org/10.55908/sdgs.v11i6.1193

Soschinski, C. K., & Rodrigues Junior, M. M. . (2022). Return on Share and the Influence of Corporate Social Responsibility. Revista De Gestão Social E Ambiental, 16(1), e02856. https://doi.org/10.24857/rgsa.v16.2856

Thompson, Arthur A; Peteraf, Margareth A.; Gamble, John E.; Strickland III, A.J., 2014, Crafting and Executing Strategy, The Quest for Competitive Advantage, Concepts and cases, Nineteenth Edition, McGraw Hill Education.

Waheed Ali Umrani , Syed Mir Muhammad Shah , Pervaiz Ahmed Memon , AltafHussainSamo, 2017, Organizational Culture and Business Performance: An Empirical Investigation in the Pakistani Context, International Journal of Academic Research in Economics and Management Sciences 2017, Vol. 6, No. 1.

Wheelen, Thomas L.; Hunger, J. David; Hoffman, Alan N.; Bamford, Charles E., 2015, Strategic Management And Business Policy: Globalization, Innovation, and Sustainability, 14th Edition, Global Edition, Pearson.

Williams, E, Rondeau, K dan Francescutti, L. 2007, 'Impact of culture on commitment, satisfaction, and extra-role behaviors among Canadian ER physicians', Leadership in Health Services, vol. 20, no. 3, pp. 147-158.




How to Cite

Wibowo, A. Y., Sule, E. T., Cahyandito, M. F., & Rahman, S. (2023). Examining the Influence of Organizational Culture and Asset Management on the Valuation of the Diving Industry in Indonesia. Journal of Law and Sustainable Development, 11(11), e1480. https://doi.org/10.55908/sdgs.v11i11.1480