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All Journal Jurnal Ad-Dariyah GEMAH RIPAH: Jurnal Bisnis CITACONOMIA : Economic and Business Studies Jurnal Ilmu Manajemen dan Akuntansi Nusantara (JIMAKUN) NETIZEN (JOURNAL OF SOCIETY AND BUSSINESS)
Istiono
Universitas 17 Agustus 1945 Surabaya
Religion Arts Humanities Economics, Econometrics & Finance Education Library & Information Science Social Sciences Other

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PENGARUH INFLASI DAN SUKU BUNGA TERHADAP KINERJA KEUANGAN PERUSAHAAN PT INDOFOOD SUKSES MAKMUR (2020 - 2024) Maria Feronica; Fitrotun Nabila; Istiono
NETIZEN: JOURNAL OF SOCIETY AND BUSSINESS Vol. 2 No. 6 (2025): JUNI
Publisher : CV. ADIBA AISHA AMIRA

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Abstract

This study aims to examine the effect of inflation and interest rates on the financial performance of PT Indofood Sukses Makmur Tbk (INDF) measured by the Return on Assets (ROA) ratio during the period 2020 to 2024. The data used were obtained from the company’s annual financial reports as well as inflation and interest rate data from Bank Indonesia and the Central Statistics Agency (BPS). Multiple linear regression analysis was conducted to investigate the relationship between inflation and interest rates as independent variables and ROA as the dependent variable. The results indicate that both inflation and interest rates have a negative and significant effect on Indofood’s ROA. These findings highlight the importance of effective risk management strategies to maintain stable company performance amid macroeconomic fluctuations.
Comparative Analysis of ESG Practices and Financial Performance in Public and Private Banks in Indonesia Nasha Aurellya Putri; Istiono
CITACONOMIA : Economic and Business Studies Vol. 5 No. 02 (2026): April - Juni
Publisher : CITACONOMIA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63922/citaconomia.v5i02.4807

Abstract

This study examines the implementation of Environmental, Social, and Governance (ESG) practices and their relationship with financial performance in public and private banks in Indonesia. As stakeholder expectations regarding sustainability and corporate responsibility increase, ESG has become an important consideration in the banking sector. A qualitative descriptive approach was employed using secondary data from annual reports and sustainability reports published between 2021 and 2023. The study focuses on four major Indonesian banks: Bank Mandiri, Bank Rakyat Indonesia, Bank Central Asia, and Bank CIMB Niaga. Data were analyzed through content and comparative analysis. The findings show that both public and private banks actively implement ESG practices, although with different priorities. Public banks emphasize sustainable financing, financial inclusion, and community development, while private banks focus on operational efficiency, digital transformation, and customer-oriented strategies. ESG implementation is associated with stable financial performance, stronger stakeholder trust, and improved corporate reputation. The study concludes that ESG integration supports long-term sustainability and competitiveness in the Indonesian banking sector.
Pengaruh Nilai Tukar Terhadap Kinerja Keuangan Pt Darma Henwa Tbk Istiono; Dava Rizqi Al Fajri; Azarya Bartholomeus Djonien
Jurnal Ilmu Manajemen dan Akuntansi Nusantara Vol. 2 No. 2 (2026): JIMAKUN - Juli
Publisher : CV. SINAR HOWUHOWU

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70134/jimakun.v2i2.1703

Abstract

This study aims to analyze the impact of the exchange rate (IDR/USD), interest rates (BI Rate), coal prices, global inflation, and liquidity (Current Ratio) on the financial performance of PT Darma Henwa Tbk, proxied by Return on Assets (ROA). The study employs multiple linear regression analysis using quarterly data from 2018 to 2025, sourced from financial reports from the Indonesia Stock Exchange (IDX), Bank Indonesia, and Bloomberg. The results indicate that coal prices and liquidity have a significant positive effect on ROA, whereas the exchange rate, interest rates, and global inflation have a significant negative effect. The model yields a coefficient of determination (R²) of 0.782, indicating that 78.2% of the variation in ROA can be explained by these five variables. These findings support the relevance of Signaling Theory and Arbitrage Pricing Theory within the Indonesian mining services sector and offer strategic implications for management regarding exchange rate risk mitigation and liquidity management.
Analisis Strategi Pengelolaan Cash Holding Pada Pt Garuda Indonesia Tbk Dalam Menghadapi Tekanan Finansial Periode 2019–2022 Anggun Putri Nurcahyati; Shelnica Yulian Bernanda; Istiono
Jurnal Ilmu Manajemen dan Akuntansi Nusantara Vol. 2 No. 2 (2026): JIMAKUN - Juli
Publisher : CV. SINAR HOWUHOWU

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70134/jimakun.v2i2.1708

Abstract

The aviation industry is one of the sectors most vulnerable to external shocks, and PT Garuda Indonesia (Persero) Tbk represents a critical case of financial distress exacerbated by both pre-existing governance weaknesses and the COVID-19 pandemic. This study analyzes cash holding management strategies at PT Garuda Indonesia during the period 2019–2022 using a qualitative descriptive approach with a single case study design. Data were obtained from audited annual financial statements, annual reports, and official documents from the Indonesia Financial Services Authority (OJK) and the Indonesia Stock Exchange (IDX). Analysis was conducted in three stages: time series analysis of financial ratios, content analysis of management disclosures, and theoretical interpretation using trade-off theory, pecking order theory, and agency theory. The findings reveal that cash holding declined sharply from 6.72% (2019) to a critical low of 0.76% (2021), accompanied by a leverage ratio of 184.94% and a current ratio of 0.05x. Three interrelated factors drove this financial distress: the COVID-19 pandemic shock, structural rigidity of the fleet-leasing model, and agency problems reflected in the 2018 financial restatement. Management responded through four strategies: debt restructuring via PKPU, fleet and operational efficiency, external financing optimization including state capital injection (PMN), and governance strengthening. Recovery in 2022 was partial, as the majority of reported profit derived from one-time debt restructuring gains rather than operational improvements. These findings confirm the simultaneous relevance of all three theories in explaining cash holding dynamics in state-owned aviation enterprises during crisis conditions.
Faktor Profitabilitas Dan Leverage Dalam Menentukan Harga Saham Sektor F&B Di Bei: Tinjauan Literatur Sistematis (2021–2025) Diah Ayu Susilaningtias; Anike Putri Aprilia; Istiono
Jurnal Ilmu Manajemen dan Akuntansi Nusantara Vol. 2 No. 2 (2026): JIMAKUN - Juli
Publisher : CV. SINAR HOWUHOWU

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70134/jimakun.v2i2.1711

Abstract

The Food and Beverage (F&B) sector is one of the most resilient industries in the Indonesian capital market, yet stock prices within this sector continue to fluctuate due to various financial factors. This study aims to systematically review and synthesize empirical evidence regarding the influence of profitability and financial leverage on the stock prices of F&B companies listed on the Indonesia Stock Exchange (IDX). A Systematic Literature Review (SLR) approach was employed using the PRISMA protocol. Twenty accredited journal articles published between 2021 and 2025 were selected from Google Scholar, Garuda, and Sinta databases based on predefined inclusion and exclusion criteria. The findings indicate that profitability, represented by Return on Assets (ROA), Return on Equity (ROE), and Net Profit Margin (NPM), consistently has a positive and significant effect on stock prices. These results support Signaling Theory, which suggests that higher profitability provides a positive signal to investors and enhances firm valuation. In contrast, leverage, measured by the Debt-to-Equity Ratio (DER), is generally found to have no significant impact on stock prices. This suggests that investors in the F&B sector tend to focus more on earnings performance than on capital structure. The study implies that profitability remains the most important financial indicator for investment decision-making and corporate valuation in the Indonesian F&B industry.
Pengaruh Arus Kas Operasional terhadap Profitabilitas pada PT Bank Mandiri (Persero) Tbk 2021–2024 Amanda Sasmita; Istiono
Ad-Dariyah: Jurnal Dialektika, Sosial dan Budaya Vol 7 No 1 (2026): Dialektika, Sosial dan Budaya (Januari-Juni 2026)
Publisher : STAI DDI Kota Makassar

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Abstract

This study aims to examine the effect of operating cash flow on profitability at PT Bank Mandiri (Persero) Tbk for the period 2021–2024. The phenomenon under investigation is the increasing Return on Assets (ROA) of Bank Mandiri despite high fluctuations in operating cash flow, which tended to be negative in several periods, making it particularly relevant to explore within the context of post-COVID-19 economic recovery a topic still relatively underexplored in previous studies. This research employs a quantitative approach using secondary data from quarterly financial reports covering Q1 2021 to Q4 2024, consisting of 16 observations, analyzed through simple linear regression supported by descriptive statistics and classical assumption tests. The results indicate that operating cash flow does not have a significant effect on profitability as measured by ROA, with a significance value of 0.389 (>0.05) and a coefficient of determination (R²) of 0.0534, meaning that operating cash flow explains only 5.34% of the variation in ROA. This study concludes that Bank Mandiri's profitability is more influenced by other factors such as net interest margin, credit quality, and operational efficiency, suggesting that banking performance assessment should not rely solely on operating cash flow
PENGARUH LITERASI KEUANGAN, GAYA HIDUP DAN PERSEPSI MANFAAT TERHADAP MINAT PENGGUNAAN QRIS PADA MAHASISWA UNIVERSITAS 17 AGUSTUS 1945 SURABAYA Nikolas Maro Sepoetro; Istiono
ECONOMOS Vol 6 No 03 (2026): EKONOMI DAN BISNIS
Publisher : KELOMPOK KOMUNITAS LABORATORIUM PENELITIAN (COMMUNITY OF RESEARCH LABORATORY)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69957/grjb.v6i03.3124

Abstract

Transformasi digital telah mendorong perubahan sistem pembayaran dari tunai menjadi non-tunai melalui Quick Response Code Indonesian Standard (QRIS). Meskipun penggunaannya terus meningkat, minat mahasiswa dalam menggunakan QRIS masih dipengaruhi oleh berbagai faktor, seperti literasi keuangan, gaya hidup, dan persepsi manfaat. Penelitian ini bertujuan untuk menganalisis pengaruh literasi keuangan, gaya hidup, dan persepsi manfaat, baik secara simultan maupun parsial, terhadap minat penggunaan QRIS pada mahasiswa Universitas 17 Agustus 1945 Surabaya. Penelitian ini menggunakan pendekatan kuantitatif dengan teknik simple random sampling. Sampel penelitian berjumlah 100 responden yang ditentukan menggunakan rumus Slovin. Data primer dikumpulkan melalui kuesioner berskala Likert dan dianalisis menggunakan regresi linier berganda. Hasil penelitian menunjukkan bahwa literasi keuangan, gaya hidup, dan persepsi manfaat berpengaruh positif dan signifikan, baik secara simultan maupun parsial, terhadap minat penggunaan QRIS. Temuan ini menunjukkan bahwa peningkatan literasi keuangan, gaya hidup yang adaptif, serta persepsi positif terhadap manfaat QRIS dapat meningkatkan minat mahasiswa dalam menggunakan sistem pembayaran digital.
Co-Authors Amanda Sasmita Anggun Putri Nurcahyati Anike Putri Aprilia Azarya Bartholomeus Djonien Dava Rizqi Al Fajri Diah Ayu Susilaningtias Fitrotun Nabila Maria Feronica Nasha Aurellya Putri Nikolas Maro Sepoetro Shelnica Yulian Bernanda