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All Journal JASF (Journal of Accounting and Strategic Finance) International Journal of Economics Development Research (IJEDR) International Journal of Social Science, Educational, Economics, Agriculture Research, and Technology (IJSET) Indonesian Journal of Business Analytics (IJBA) Multidisciplinary Indonesian Center Journal International Journal of Applied Management and Business
Abdul Mukti Soma
Telkom University
Religion Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Environmental Science Social Sciences Other

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BRIDGING FINANCIAL AND DIGITAL COMPETENCES WITH INVESTMENT RISK THROUGH THE MEDIATING POWER OF INFORMATION DISCLOSURE Elizabeth Sastrina Indrasari; Abdul Mukti Soma
Multidisciplinary Indonesian Center Journal (MICJO) Vol. 2 No. 3 (2025): Vol. 2 No. 3 Edisi Juli 2025
Publisher : PT. Jurnal Center Indonesia Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62567/micjo.v2i3.1067

Abstract

Digital technologies are changing rapidly, and this has changed the financial services industry, especially how people decide where to invest their money. This study looks at how digital literacy, financial literacy, and fear of missing out (FOMO) affect how much risk young investors are willing to take when investing with information disclosure as a mediating variable. The research data is taken from 447 investors of Gen Y and Z in West Java and used Partial Least Squares-Structural Equation Modeling (PLSSEM). The results show that being financially literate makes people more likely to search for financial information, but it also makes them less willing to take risks when investing. This suggests that people who know a lot about money are more careful when they invest. On the other hand, FOMO has a positive effect on both information searching and risk tolerance, showing how emotions can affect people online. Digital literacy helps people be more willing to take risks, but it does not have a big effect on how much information they search. These results show how important cognitive and emotional factors are in determining how people act when it comes to IT-driven finances. The study helps with responsible digital transformation by showing how important it is for individuals to be ready to navigate fintech ecosystems. It also gives regulators, platform providers, and educators ideas on how to promote more informed and resilient investment practices.
ANALYSIS OF THE INFLUENCE OF TARIFF POLICY, PASSENGER VOLUME, AND FLIGHT CONNECTIVITY ON PASSENGER SERVICE CHARGE (PSC) REVENUE AT FRANS KAISIEPO BIAK INTERNATIONAL AIRPORT POST COVID-19 PANDEMIC Muhammad Bagas Prawira; Abdul Mukti Soma
International Journal of Social Science, Educational, Economics, Agriculture Research and Technology (IJSET) Vol. 5 No. 8 (2026): JULY
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.21074993

Abstract

This study aims to analyze the influence of PSC tariff policy, passenger volume, and flight connectivity on Passenger Service Charge (PSC) revenue at Frans Kaisiepo International Airport during the 2018–2025 post-COVID-19 recovery period. A quantitative explanatory approach was applied using secondary time-series data obtained from official airport and government reports. The data were analyzed through multiple linear regression with classical assumption testing using IBM SPSS Statistics 26. The results indicate that PSC tariff policy has a significant positive effect on PSC revenue, while passenger volume shows a positive but statistically weaker effect at the 5% significance level. Flight connectivity does not have a significant direct effect on PSC revenue. Simultaneously, the independent variables significantly explain variations in PSC revenue with a high coefficient of determination. The study is limited by the small number of annual observations and the structural relationship between tariff and passenger volume. Future research is recommended to use higher-frequency data and apply advanced time-series techniques to enhance robustness and generalizability.
Comparative Analysis of Financial Distress Prediction Models in U.S. Oilfield Services Firms: Evidence from 2010-2023 Rio Budiman; Abdul Mukti Soma
JASF: Journal of Accounting and Strategic Finance Vol. 9 No. 1 (2026): JASF (Journal of Accounting and Strategic Finance) - June 2026
Publisher : Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v9i1.739

Abstract

Purpose: This study examines financial distress in U.S. oilfield services firms by comparing classification outcomes across four prediction models and investigating how industry characteristics influence financial distress detection within a cyclical and capital-intensive environment. Method: Using panel data from ten publicly listed firms over the period 2010–2023 (140 firm-year observations), this study applies the Altman Z″, Zmijewski, Grover, and Springate models. Differences among models are evaluated using non-parametric tests, including the Friedman test, Kendall’s W, Cochran’s Q, and McNemar test. Binary logistic regression is subsequently employed to examine the effects of oil price, leverage, profitability (ROA), firm size, and oil price volatility on financial distress. Findings: The results reveal significant differences in financial distress classifications across models, indicating strong model dependency. The Springate model appears more responsive to early-stage financial deterioration than the Altman Z″, Zmijewski, and Grover models. Profitability (ROA) is the only variable that significantly affects financial distress, while oil price, leverage, firm size, and oil price volatility do not exhibit significant direct effects. The findings further suggest that external shocks influence financial distress indirectly through firm-level financial performance. Implications: The findings highlight the importance of profitability and operational performance in maintaining financial resilience within cyclical industries. Managers, investors, and creditors should therefore place greater emphasis on profitability as an indicator of financial vulnerability than on external market conditions alone. Novelty/Value: This study contributes by explaining how the structural characteristics of a cyclical and capital-intensive industry shape the sensitivity of financial distress prediction models. The findings suggest that profitability-oriented models identify financial deterioration earlier than leverage-oriented models because industry downturns initially affect asset utilization, revenue generation, and profitability before materially affecting leverage and solvency indicators.
Market Valuation and Financial Performance: ESG, Carbon Disclosure, Sales Growth with Firm Size as Moderation Naurah Aqilah Busnia; Abdul Mukti Soma
International Journal of Applied Management and Business Vol. 4 No. 2 (2026)
Publisher : ADPEBI Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54099/ijamb.v4i2.1896

Abstract

Purpose - Although sustainability and corporate growth have garnered increased attention, their impact to company value and financial success remains equivocal. The purpose of this study is to investigate the impact of Carbon Emission Disclosure (CED), Environmental, Social, and Governance (ESG), and Sales Growth on market valuation and financial performance, and to explore the moderating role of Firm Size in energy companies of five ASEAN countries, for the period 2022–2024. Methodology/approach – The study adopted a quantitative research strategy employing secondary data obtained from annual reports, sustainability reports and the Refinitiv database. Businesses were pre-defined criteria. The Regression Regression Regression Regression Regression Regression Regression Regression Regression Regression Regression Regression Regression. Financial Financial Financial Financial performance. Findings – The results show that CED has no significant effect on market valuation or financial performance. ESG has no material impact on market valuation but positive impact on financial performance. Sales Growth has a positive impact on both variables. Firm Size does not moderate the relationship between CED, ESG, Sales Growth and market valuation. Nevertheless, it diminishes the effect of CED and ESG on financial performance, while the moderating effect of Sales Growth is not evident. Novelty/value – Using firm size as a moderator, this article creates an integrated framework for CED, ESG, and sales growth in the ASEAN energy sector. The findings indicate that sustainability disclosure has less of an impact on firm value and financial performance than growth-related characteristics.
THE INFLUENCE OF FINANCIAL LITERACY, PERCEIVED EASE OF USE, PERCEIVED RISK, AND LIFESTYLE MODERATED BY GENDER ON THE ADOPTION OF QRIS AS A CASHLESS PAYMENT METHOD (A Case Study of Generation Z in Greater Bandung) Fella Fitriani; Abdul Mukti Soma
Multidisciplinary Indonesian Center Journal (MICJO) Vol. 3 No. 1 (2026): Vol. 3 No. 1 Edisi Januari 2026
Publisher : PT. Jurnal Center Indonesia Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62567/micjo.v3i1.1981

Abstract

The growth of internet users in Indonesia has increased significantly from last year and penetration has reached 79.5% by the beginning of 2024. Reaching 13.66% of the Indonesian population has made payments.e-commerceregularly cashless with e-wallet or digital wallet. This reflects that Indonesian society is undergoing transformation by implementing digital wallet programs.cashless society or change of cash payment to non-cash. The use of QRIS is one of the instruments that support the BI program in creating cashless society. The existence of digital transformation is only supported by 6.84% of the Indonesian population who are digitally literate, which means that more than 90% of the people in Indonesia are not digitally literate in facing this digital transformation. The aim of the research is to determine the influence of digital transformation.financial literacy, perceived ease of use, perceived risk, And lifestyle moderated by the rolegender towards the adoption of the use of QRIS ascashless payment on Generation Z in Bandung Raya. The theory from this study uses Technology Acceptance Model 1 because the theory is relevant to the objectives of this research. The model focuses on the main factors affecting technology acceptance, one of which isperceived ease of usewhich is modified within the research framework. The research method used is quantitative with the aimcausal descriptive which is applied by usingTechnology Acceptance Model (TAM). The time for implementing the study iscross sectionaland the research backgroundnon-contrived. The analysis tool usesStructural Equation Model (SEM) basedPartial Least Square (PLS) to test the tentative hypothesis proposed to 30 Generation Z QRIS users in Greater Bandung. During the sampling process, 113 respondents were recruited. The preliminary findings indicate that all independent variables are valid, as all questionnaire items have r-values > 0.361 at a significance level of 0.05. The results of this study show that eachfinancial literacy, perceived ease of use, perceived risk, And lifestyle has a significant positive effect onbehavior intention on Generation Z in Bandung.Gender is known to moderate the influence of each independent variable in this study onbehavior intention on Generation Z in Greater Bandung. Academic suggestions from this study are intended to enable future research to explore the indicators of each independent variable in more depth and expand the sample size. Practical suggestions for service providerse-wallet to focus on reducing risks and increasing personal security and develop strategies to build user trust inlifestyle owned by the user.
Anchoring Effects and Valuation Persistence in the Indonesian Consumer Non-Cyclical Sector: A Dynamic System GMM Approach Abdul Mukti Soma; Mas Mochamad Shohifuddin
Indonesian Journal of Business Analytics Vol. 6 No. 2 (2026): April 2026
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ijba.v6i2.16441

Abstract

This study investigates market valuation determinants within the Indonesian consumer non-cyclical sector (2018–2024). Utilizing a dynamic System Generalized Method of Moments (System GMM) approach on 58 firms, the research examines the impact of Altman Z”-Score, Piotroski F-Score, Mohanram G-Score, and Beneish M-Score on Price to Book Value. Findings reveal strong valuation persistence, where lagged Price-to-book Value (PBV) serves as the primary anchor, while traditional accounting signals exhibit limited immediate influence. This highlights the psychological-adaptive nature of defensive sector valuations in emerging markets. The results suggest that historical momentum outweighs conventional fundamental signals, contributing to the literature on valuation inertia and signaling effectiveness in stable industries. This research provides critical insights for investors navigating defensive asset pricing.
Cash Position, Free Cash Flow, Firm Size, and Leverage as Determinants of Dividend Payout: Does Profitability Mediate? FX Rahardian Eka Permadi; Abdul Mukti Soma; Putri Fariska
International Journal of Economics Development Research (IJEDR) Vol. 7 No. 3 (2026): International Journal of Economics Development Research (IJEDR)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/dfnbq154

Abstract

This study investigates whether cash position, free cash flow, firm size, and debt-to-equity ratio explain dividend payout and whether profitability transmits those relationships in Indonesian healthcare firms. The final balanced panel contains 17 companies listed on the Indonesia Stock Exchange over 2019-2024, yielding 102 firm-year observations after outlier trimming. Random-effects panel regressions estimate the direct paths, while Sobel tests assess the indirect paths through return on equity. Cash position and firm size are positively associated with dividend payout ratio, whereas free cash flow, leverage, and profitability have no signifi-cant direct association with payout. Free cash flow and firm size are positively associated with profitability, while leverage is negatively associated with profita-bility; cash position is not significant. None of the four indirect effects through profitability is significant. The evidence indicates that liquidity available at the payment date and organizational scale matter more for healthcare dividend deci-sions than accounting profitability alone. It also suggests that internally generated cash can strengthen profitability without necessarily being distributed, particularly where medical facilities, technology, and service expansion compete for funds. The study contributes a post-pandemic sector-specific test of dividend policy by separating cash availability from free cash flow and by examining profitability as a formally tested mediator.
Co-Authors Elizabeth Sastrina Indrasari Fella Fitriani FX Rahardian Eka Permadi Mas Mochamad Shohifuddin Muhammad Bagas Prawira Naurah Aqilah Busnia Putri Fariska Sugestie Rio Budiman