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All Journal Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal Inkubis: Jurnal Ekonomi dan Bisnis
Nur Hanisfatin Rushami Zien
Universiti Utara Malaysia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Strategic Credit Policy Adjustments During Economic Shocks: Lessons From Indonesia’s Manufacturing Sector Fenty Fauziah; Siti Rosa Lismawati; Nur Hanisfatin Rushami Zien
Jurnal Aplikasi Bisnis dan Manajemen Vol. 11 No. 3 (2025): JABM Vol. 11 No. 3, September 2025
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.11.3.894

Abstract

Background: Receivables management is a critical component of working capital strategy, particularly during periods of economic disruption. The COVID-19 pandemic posed liquidity challenges for manufacturing firms, testing the balance between RTO, ACP, and profitability.Purpose: This study investigates the effects of Receivables Turnover (RTO) and Average Collection Period (ACP) on the profitability of manufacturing firms in Indonesia, measured by Return on Assets (ROA), during the COVID-19 crisis and post-pandemic recovery.Design/methodology/approach: Using panel data from 167 manufacturing companies listed on the Indonesia Stock Exchange (IDX) between 2018 and 2023, this research applies panel data regression to analyze the relationship between receivables indicators and firm profitability.Findings/Results: The analysis shows that higher RTO is positively associated with ROA, indicating enhanced profitability through efficient cash recovery. Conversely, longer ACP negatively impacts ROA. However, in 2020, firms strategically extended ACP to support customer relationships, which, while reducing short-term returns, improved performance in the recovery years.Conclusion: Credit policies serve a dual function: enhancing liquidity and fostering customer retention. Flexible receivables strategies can buffer firms during crises and position them for post-crisis resilience.Originality/value (State of the art): This study offers timely insights into how receivables management can be leveraged as a strategic response to economic shocks in emerging markets. Keywords: profitability, receivables turnover, average collection period, credit policy, economic shocks
Does Financial Innovation Drive Firm Value? The Mediating Role of Financial Performance in Indonesian Banking Mursidah Nurfadillah; Fenty Fauziah; Nidya Rudiani; Nur Hanisfatin Rushami Zien
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 1 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i1.160

Abstract

Background: Financial innovation in Indonesian banking has evolved alongside changes in the banking system. While the adoption of Internet Banking (IB) services has been fast, bank value indicators, like Price-to-Book Value (PBV), have shown significant fluctuations, raising questions about whether financial innovation truly adds value. Objective: This study examines the impact of financial innovation on firm value and financial performance in Indonesian banks, and whether financial performance mediates this relationship. It views financial innovation not only through its financial outcomes but also as part of the broader technology-driven digital transformation in banking towards sustainability and resilience. Methods: The research was conducted by analyzing Secondary data from 13 banks listed on the Indonesia Stock Exchange (BEI) annual financial report data with the period of 2019–2024 which were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) technique. Results: Financial innovation directly affects firm value, but does not directly affect financial performance that can be used to significantly mediate the relationship between financial innovation and firm value. What this means is that, rather than an immediate profitability boost, the additional value to the firm from financial innovation is likely due to a long-term perspective of growth potential and viability. Conclusion: Market participants value innovation not just for short-term financial gains, but for its role in building resilience and long-term business models. While some innovations may offer short-term benefits, they remain a key strategy for enhancing firm value and building trust in the market over time.
Co-Authors Fenty Fauziah Nidya Rudiani Nurfadillah, Mursidah Siti Rosa Lismawati