The Influence of Organisational Culture and Leadership Style on Employee Performance in Financing Distribution with Employee Satisfaction as an Intervening Variable at PT PNM Ventura Syariah

Business growth in the financial institution sector in Indonesia is currently providing stronger competition among similar industries. Then, PT PNM Ventura Syariah is working hard in improving the employee performance. The research population is all employees at PT PNM Ventura Syariah with a sample size that selected using proportional random sampling technique. The data obtained were analyzed using descriptive analysis and SEM PLS analysis. The objective of this research is to determine whether the variables of organisational culture, leadership style, and job satisfaction on employee performance. The research results indicated that organizational culture variable had no effect on employee performance, but the leadership style and job satisfaction variable has a positive effect on employee performance. In addition, organizational culture variables directly have a positive effect on job satisfaction, and leadership style variable has no effect on job satisfaction. Moreover, job satisfaction variable is not able to mediate the effect of organizational culture on employee performance. Then, job satisfaction variable is able to mediate the effect of leadership style on employee performance.


INTRODUCTION
The advancement of technology and civilization demands competent Human Resources who have high enthusiasm and discipline in doing their roles and functions both for individual and organizational purposes.Human resources have a very important role in capital factors, materials, methods, and machines.In addition, humans are the most valuable resource, and behavioral science prepares many techniques and programs that can guide the use of human resources to become more effectively, that aims to increase human resource performance.
Performance evaluation should be conducted continuously by company to employees.In a State-Owned Enterprise (SOE) company in the financial services industry, performance evaluation is always based on Company's Budget Work Plan (RKAP).Moreover, one of the state-owned companies that always evaluates employee performance is PT Permodalan Nasional Madani (PNM).PNM is a nonbank financial institution that has been established by the government for improving, advancing and maintaining Micro, Small and Medium Enterprises (MSMEs).In addition, PNM has 62 branch offices, 3,680 service offices throughout Indonesia that serve MSME players in 34 provinces, 422 cities and 5,640 subdistricts and has more than 60 thousand employees in Indonesia.
One of PNM's subsidiary enterprise is PT PNM Ventura Syariah.This is one of Non-Bank Financial Institutions in Indonesia that remains to improve the performance of its employees.This effort is made due to the existence of strong competitors, along with the decreasing sales volume and non-stable achievements.In addition, PT PNM Ventura Syariah has eight representative offices in Indonesia.The performance of financing distribution (lending) at PT PNM Representative Office can be seen in the figure below: Based on sales volume, the trend of product demand from January 2020 to December 2021, remains to fluctuate with a tendency to decrease at the end of 2022.This fluctuation can occur due to external and internal factors.External factors are in the form of stronger competitors and unstable macroeconomic conditions due to the covid-19 pandemic, while internal factors are in the form of a decrease in the quality and quantity of employee work.Most of the employees working at PT PNM Ventura Syariah are employees who have worked for more than 3 years.In terms of experience, employees should be able to conduct their duties and obligations effectively and efficiently.However, by becoming a permanent employee with a period of adjustment, employees have begun to be in a comfortable position.
Performance is determined by many factors including organizational culture, leadership style and job satisfaction.Organizational culture is a habit that used to improve the quality and skills of employees in achieving the organizational goals.Moreover, Robbins (2017), states that good organizational development is created from a strong organizational culture.Employees who are influenced by organizational culture will have high loyalty and able to adjust to company development.The previous research related to the influence of organizational culture on employee performance by (Giantari & Riana, 2017;Jannah, 2016;Pawirosumarto et al., 2017) found that organizational culture has a positive and significant effect on employee performance.The results of this research are in contrast to Girsang et al (2021) which found that organizational culture does not affect employee performance.
Leadership style is a way used by a leader in influencing their employees.According to Azahraty & Periyadi (2018), leadership is a behavior conducted to coordinate organizational goals with individual goals, then the leadership is a person's standard of behavior used to influence others.An effective leader must be responsive to change and able to analyze the strengths and weaknesses of their human resources in maximizing the organizational performance and solve the problems appropriately.The research conducted by Andayani & Tirtayasa (2019) is that leadership has a positive and significant effect on employee performance, while the results of research from Luhur (2014), that leadership has a significant negative effect on employee performance.In addition, Setiyono (2017) found that leadership style has no effect on employee performance.
Another important factor in improving the high performance of employee is job satisfaction since it has a moderate correlation with performance.The positive feelings in employee will encourage them to become more creative, improve problem-solving and decision-making, and enhance memory and remember some important information.In addition, positive feelings also improve task perseverance and attract more help and support from coworkers (Harini et al., 2020).
One of the companies in Indonesia that provides sharia-based micro capital financing services is PT PNM Ventura Syariah.PT PNM Ventura Syariah is a company engaged in venture capital financing affiliated with PT Permodalan Nasional Madani (PNM) and part of the Ultra Micro Holding Group of Bank Rakyat Indonesia (Persero).PT PNM Ventura Syariah has the main goal to provide sustainable financing for SMEs and SMFIs by creating innovative products, management services, and developing business networks.As of December 2021, it has consolidated with total assets of IDR 729.9 billion with total financing of IDR 610.7 billion and net profit of IDR 3.7 billion.In conducting the company's operations, it is also guided by ISO 37001: 2016 anti-bribery management system, ISO 9001: 2015 Quality Management System, Sharia Supervisory Board and OJK.The objective of this research is to determine whether the variables of organisational culture, leadership style, and job satisfaction on employee performance.

LITERATURE REVIEW The Effect between Organizational Culture and Employee Performance
According to Robbins, S. P., & Judge (2019), organizational culture is a system developed by organizational habits and the perspective of its founders, which formed into rules and used as guidelinesfor achieving the organizational goals.Good organizational culture is able to encourage the better development of the organization itself in the form of solving internal and external problems.In addition, the good organizational development can also be formed from a strong organizational culture.previous research from (Ardhiyaningtyas & Faisal, 2019;Sutoro, 2020) state that organizational culture has a positive and significant effect on employee performance.From this description, the following hypothesis in this research is described as follow: H1 : Organizational culture has a positive effect on employee performance

The Effect between Leadership Style and Employee Performance
According to Azahraty & Periyadi (2018), leadership is a behavior conducted to coordinate organizational goals with individual goals, then the leadership is a person's standard of behavior used to influence others as desired.An effective leader must be responsive to change and able to analyze the strengths and weaknesses of their human resources to maximize the organizational performance.The research conducted by Andayani & Tirtayasa (2019), found that leadership has a positive and significant effect on employee performance.From this description, the following hypothesis in this research is described as follow: H2 : Leadership style has a positive effect on employee performance

The Influence between Job Satisfaction and Employee Performance
One of the factors that affect employee performance is job satisfaction.High employee job satisfaction will improve the employee performance.The organizations that have employees with high levels of job satisfaction tend to be more productive and effective (Eliyana et al., 2019).Then, an employee's job satisfaction depends on things related to his job (Seema et al., 2021).In addition, Sabuhari et al (2021) proves that job satisfaction has a significant effect on employee performance.However, this research has similarities with the results of research from Mira et al (2019) which found that job satisfaction has a positive relationship on employee performance.From this description, the following hypothesis in this research is described as follow: H3 : Job satisfaction has a positive effect on employee performance

The Effect of Work Culture and Job Satisfaction
Organizational culture is the basic values, beliefs and principles that become the basis of management system, as well as practices and behaviors that develop and strengthen these principles.In addition, according to Hermawati et al (2023) job satisfaction affects the employee's comfort in their workplace.When the employee is not satisfied with his job, then he tends to fle his resign letter.On the other hand, when an employee is treated fairly and receives the rewards they deserve, they are more likely to stay with the company.
Based on previous research conducted by (Iis & Yanita, 2021;Kurniawan et al., 2019), it is known that organizational culture has an influence on job satisfaction.Meanwhile, according to Wibowo & Putra (2016), obtained the results that organizational culture has a significant effect on job satisfaction.In addition, the results of research by Jufrizen et al (2021), shows that organizational culture has a significant effect on job satisfaction.From this description, the following hypothesis in this research is described as follow: H4: Work culture has a positive effect on job satisfaction

The Influence of Leadership Style and Job Satisfaction
According to Edison et al (2018), a leader is someone who has employees for a purpose and his success is greatly influenced by his leadership.The job satisfaction felt by every employees is not the same, that each individual will have a different level of satisfaction according to the implementation of value system (Widyastuti & Palupiningdyah, 2015).
Several previous studies such as (Abdelwahed et al., 2023;Ángeles López-Cabarcos et al., 2022;Eliyana et al., 2019;Map et al., 2019;Widianto & Supriyono, 2018) prove that leadership style has an effect on job satisfaction.Moreover, Lestari & Suryani (2018), states that the results of a study at PT Univenus, Kragilan Serang in 2018 show that there is a positive and significant effect of leadership style on employee performance.In addition, Tambunan (2019), found that leadership style has a positive and significant effect on employee performance.From this description, the following hypothesis in this research is described as follow: H5: leadership style has a positive effect on job satisfaction

The Effect of Work Culture and Employee Performance through Job Satisfaction
Organizational culture according to Edison (2016), can be considered as "perceiving the world" in which members of the organization work.It means that culture is essentially a "lens" for the employees to understand their environment.Moreover, low job satisfaction can lead to various negative impacts such as decreased work discipline, morale, and frequent errors in work resulting in reducing work productivity.In addition, performance is employee behavior in implementing organizational strategies, both in achieving specific goals related to individual roles, as well as by demonstrating specified competencies related to the organization.
According to the results of previous research conducted by (Hanafi & Yohana, 2017;Iis & Yanita, 2021;Kurniawan et al., 2019), it is known that organizational culture affects employee performance through job satisfaction.Moreover, the research conducted by Jufrizen et al (2021), found that job satisfaction is an intervening variable between organizational culture and employee performance since its value of indirect effect is bigger than the direct effect.In addition, the results of Wibowo & Putra (2016), show that job satisfaction is an intervening variable between organizational culture and employee performance.From this description, the following hypothesis in this research is described as follow: H6: Work culture has a positive effect on employee performance through job satisfaction.

The Influence of Leadership Style and Employee Performance through Job Satisfaction
Leadership includes the process of influencing in determining organizational goals, motivating follower behavior to achieve goals along with improving group and its culture (Tambunan, 2019).Moreover, Bakotić (2016) explains that job satisfaction is generally shown by employees satisfaction regarding his job, and the level of enjoyment in running the business.
From the results of previous research conducted by (Abdelwahed et al., 2023;Ángeles López-Cabarcos et al., 2022;Eliyana et al., 2019;Lestari & Suryani, 2018;Tambunan, 2019), found that leadership style affects employee performance through job satisfaction.Moreover, the results of research from Map et al (2019), shows that job satisfaction is an intervening variable between leadership style and employee performance since its value of indirect effect is bigger than the direct effect.This is in line with the results of Widianto & Supriyono (2018), research on employees at Islamic Banks, which concluded that leadership has a positive and significant effect on employee performance through employee job satisfaction as intervening.From this description, the following hypothesis in this research is: H7: Leadership style has a positive effect on employee performance through job satisfaction.

RESEARCH METHODOLOGY
The type of research used is quantitative with primary data using a Likert scale of 1-5 from strongly agree to disagree, and the data was distributed using a questionnaire.The population of this research were all employees of PT PNM Ventura Syariah with 80 employees.The sampling technique is purposive sampling, which is a technique based on certain criteria.Then, the sample in this research is only employees of PT PNM Ventura Syariah.Moreover, this research uses validity and reliability test data analysis techniques along with Stuctural Equational Modeling (SEM) on SmartPLS software version 3.2.7.In addition, PLS is a stucural equational model (SEM) based on variants or components.

Characteristics of Respondents
The respondents are consist of 45 (62%) male respondents and 27 (38%) female respondents.Further examination found that most respondents have a diploma education as many as 6 (8.3%), undergraduate education as many as 44 (61%), high school education as many as 5 (6.9%), and master's education as many as 17 (23.8%).Then, it can be seen that almost all employees of PT PNM Ventura Syariah are from undergraduate education.

Validity Test
The results of output factor loading constructs of leadership style, organizational culture, employee performance and job satisfaction will be described in the table below.

Reliability Test
In research, a variable is declared to have sufficient reliability when it has a construct reliability value bigger than 0.6.The reliability test results on each dimension on leadership style, organizational culture, employee performance and job satisfaction is described in the table below.Based on reliability output result above, it can be concluded that four variables including organizational culture, leadership style, employee performance and employee satisfaction have a composite reliability value of 0.957, 0.968, 0.964, 0.948 (four cr values ≥ 0.7) and a Cronbach's alpha value of 0.948, 0.963, 0.960, 0.939 (four cr values ≥ 0.6).It means that all variables (organizational culture, leadership style, employee performance and employee satisfaction) are declared reliable to be analyzed to next step, called inner model analysis.Based on the inner model above, it can be concluded that the largest path coefficient value is in the effect of organizational culture on job satisfaction with a value of 0.681, followed by the effect of leadership style on performance with a value of 0.573, job satisfaction on performance with a value of 0.293, organizational culture on performance is 0.160 and leadership style on job satisfaction is 0.064.Based on the coefficient of determination in the table above, R Square value of job satisfaction is 0.54, which means that the influence of the leadership style and organizational culture variables is 54%.While the remaining 46% is explained by other variables outside the research model.Furthermore, the coefficient of determination is included in moderate category since it is above 0.33.Furthermore, the employee performance variable is 0.90, which means that the influence of leadership style, organizational culture and job satisfaction is 90%, and the remaining 10% is explained by other variables outside the research model.Furthermore, the coefficient of determination is included in the good category since it is above 0.67.Based on F square table, the F-square value of organizational culture on job satisfaction is small since 0.017 is still in value range of 0.02-0.15.While the leadership style variable on employee performance has a strong influence because it is 0.524 > 0.35.Then, the F-square value of job satisfaction on employee performance has a moderate effect with the value > 0.15 but still < 0.35 with fsquare value of 0.001.

Hypothesis Testing
Testing the hypothesis in this research, the t-statistic value of each direct effect path is used partially.The Influence of Organizational Culture on Employee Performance Based on the result of statistical data, it can be concluded that organizational culture variable has no effect on employee performance.Thus, the hypothesis 1 is rejected.In other words, the employee perfoemance has not affected by organizational culture.In addition, the results of this research are not in line with the research by (Ardhiyaningtyas & Faisal, 2019;Sutoro, 2020) which stated that organizational culture has a positive and significant effect on employee performance.

The Effect of Leadership Style on Employee Performance
Based on the result of statistical data, it can be concluded that leadership style variable has a significant and positive effect on employee performance.Thus, the hypothesis 2 is accepted.In other words, the improvement of employee performance was affected by the development of leadership style in the workplace, and vice versa.In addition, the results of this research are in line with research by Andayani & Tirtayasa (2019), which stated that leadership has a positive and significant effect on employee performance.

The Influence of Job Satisfaction on Employee Performance
Based on the result of statistical data, it can be concluded that job satisfaction variable has a significant positive effect on employee performance.Thus, the hypothesis 3 is accepted.In other words, the development of employee performance depends on the improvement of job staisfaction of the employee themselves.In addition, the results of this research are in line with the research conducted by Sabuhari et al (2021), which proves that job satisfaction has a significant effect on employee performance.Moreover, the research from Mira et al (2019), also found that job satisfaction has a positive relationship on employee performance, although the relationship is not too significant.

The Effect of Organizational Culture on Job Satisfaction
Based on the result of statistical data, it can be concluded that organizational culture variable has a significant positive effect on job satisfaction.Thus, the hypothesis 4 is accepted.In other words, the increasing of job satisfaction in employee depends on the organizational culture in the organization itself.In addition, the results of this researh are in line with previous researchers by (Iis & Yanita, 2021;Kurniawan et al., 2019), which stated that organizational culture has an influence on job satisfaction.Moreover, Wibowo & Putra (2016), conducted research on Salatiga General Hospital (RSU) and obtained that organizational culture has a significant effect on job satisfaction.Likewise, the results of research Jufrizen et al (2021), shows that organizational culture has a significant effect on job satisfaction.

The Influence of Leadership Style on Job Satisfaction
Based on the result of statistical data, it can be concluded that leadership style variable has no effect on job satisfaction.Thus, the hypothesis 5 is rejected.In other words, the job satisfaction on the employee not depends on leadership style of the supervisor, and vice versa.In addition, the results of this research are in line with previous researchers by (Abdelwahed et al., 2023;Ángeles López-Cabarcos et al., 2022;Eliyana et al., 2019;Harianto & Syafiudin, 2008;Jufrizen et al., 2021;Widianto & Supriyono, 2018) which stated that leadership style affects the job satisfaction of the employees.

The Effect of Organizational Culture on Performance through Job Satisfaction
Based on the result of statistical data, it can be concluded that job satisfaction variable is not able to mediate the effect of organizational culture on employee performance.Thus, the hypothesis 6 is accepted.This shows that organizational culture has no effect on employee performance through job satisfaction.The results of this research are in line with previous researchers by (Hanafi & Yohana, 2017;Iis & Yanita, 2021;Kurniawan et al., 2019), which stated that organizational culture affects employee performance through job satisfaction.In addition, the research results by Jufrizen et al (2021), found that job satisfaction is an intervening variable between organizational culture and employee performance since its value of the indirect effect is bigger than the direct effect.Moreover, the results of Wibowo & Putra (2016), shows that job satisfaction an intervening variable between organizational culture and employee performance.

The Influence of Leadership Style on Performance through Job Satisfaction
Based on the result of statistical data, it can be concluded that job satisfaction variable mediates the effect of leadership style on employee performance.Thus, the hypothesis 7 is accepted.This shows that leadership style has a significant and positive effect on performance through job satisfaction.The results of this research are in line with previous researchers by (Abdelwahed et al., 2023;Ángeles López-Cabarcos et al., 2022;Eliyana et al., 2019;Harianto & Syafiudin, 2008;Lestari & Suryani, 2018;Tambunan, 2019), that leadership style affects employee performance through job satisfaction.In addition, the research result by Jufrizen et al (2021), shows that job satisfaction is an intervening variable between leadership style and employee performance since its value of the indirect effect is bigger than the direct effect.Moreover, the research result by Widianto & Supriyono (2018), on employees at Islamic Banks, found that leadership has a positive and significant effect on employee performance through employee job satisfaction as intervening.

Conclusion
Based on the research results, it was found that organizational culture variable has no effect on employee performance.This proves that the good organizational culture does not affect on employee performance.Then, leadership style variable has a positive effect on performance, which means the increasing on employee performance is depends on the leadership style.The job satisfaction variable has a positive effect on performance, means that the improvement of employee performance is depends on their job satisfaction in doing their work.Also, organizational culture variables directly have a positive effect on job satisfaction, which means that the increased in job satisfaction is depends on the organizational culture.Moreover, leadership style variable has no effect on job satisfaction, means that the job satisfaction of the employee is not depends on the leadership style.Indirectly, job satisfaction variable is not able to mediate the effect of organizational culture on performance.Futheremore, job satisfaction variable is able to mediate the effect of leadership style on employee performance.

Suggestion
Organisational culture needs to be improved, especially that companies can facilitate their employees to provide creative ideas that can benefits their company in the future.Then, the leadership style needs to be improved to provide more opportunities for their employees to provide creativity and innovation in completing their work.In addition, employee performance and job satisfaction need to be improved along with providing the rewards that in accordance with the workload of employees.

Table 1 .
Validity Test Source: Smart PLS Processed Results

Table 4 .
R Square