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All Journal Jurnal Ekonomi Bisnis, Manajemen dan Akuntansi (JEBMAK) Jurnal Riset Manajemen Ribhuna: Jurnal Keuangan dan Perbankan Syariah
Achmad Miftachul Huda
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences Other

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Pengaruh Profitabilitas terhadap Nilai Perusahaan dengan Kebijakan Hutang sebagai Variabel Moderasi pada Perusahaan Manufaktur di LQ45 Tahun 2023-2025 Rizza Tiaratu; Anisa Sal Sabilla Putri; Indi Salwa Zahrina; Dwi Batrisya Cahaya; Erika Dwi Maretya Nur Utami; Achmad Miftachul Huda
JURNAL RISET MANAJEMEN (JURMA) Vol 4 No 2 (2026): June: JURNAL RISET MANAJEMEN (JURMA)
Publisher : Institut Teknologi dan Bisnis (ITB) Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54066/jurma.v4i2.4228

Abstract

This study examines how profitability affects company value among manufacturing firms included in the LQ45 index during the 2023–2025 period, with debt policy serving as a moderating variable. Increasing business competition encourages companies to improve their financial performance and market value to attract investors and maintain long-term sustainability. A quantitative research approach with a causal research design was employed to analyze the relationship between the variables. The study used secondary data obtained from audited annual financial statements published on the Indonesia Stock Exchange. Data analysis was conducted using Moderated Regression Analysis (MRA) with the assistance of SPSS version 26. The results indicate that profitability has a significant positive effect on firm value, suggesting that higher profitability enhances investor confidence and contributes to higher market valuations. Furthermore, debt policy significantly moderates the relationship between profitability and firm value by strengthening the influence of profitability. The coefficient of determination increased from below thirteen percent to more than sixty-three percent after including the moderating variable. These findings demonstrate that effective debt management combined with strong profitability contributes to higher firm value and supports sustainable corporate growth and long-term investor confidence.
PENGARUH CAPITAL ADEQUACY RATIO (CAR) TERHADAP NET OPERATING MARGIN (NOM) DENGAN NON PERFORMING FINANCING (NPF) SEBAGAI VARIABEL INTERVENING PADA BANK UMUM SYARIAH DI INDONESIA PERIODE 2022-2024 Aies Apriliza Seventin; Muhammad Ziyan El Haq; Ranti Novanda Eka Prawesti; Diah Ayu Anis Wulandari; Desti Tampi Prabowo; Achmad Miftachul Huda
RIBHUNA : Jurnal Keuangan dan Perbankan Syariah Vol. 5 No. 2 (2026): July 2026
Publisher : Islamic Banking Department, Faculty of Islamic Economics and Business, Institut Agama Islam (IAI) Ibrahimy Genteng Banyuwangi, Indonesia.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69552/7dcbbq72

Abstract

The Islamic banking industry in Indonesia shows promising growth, reflected in asset expansion and increased public trust in sharia-based financial systems. This study examines the effect of Capital Adequacy Ratio (CAR) on Net Operating Margin (NOM) with Non-Performing Financing (NPF) as an intervening variable in Indonesian Islamic Commercial Banks (Bank Umum Syariah/BUS) during 2022–2024. Using a quantitative associative-causal design with secondary data from 36 monthly observations sourced from OJK publications, the study employs simple linear regression, multiple linear regression, and path analysis. Assessment of classical regression assumptions comprising normality, multicollinearity, heteroscedasticity, and autocorrelation tests were all fulfilled. Results indicate that CAR has a significant negative effect on NPF (t = –8.082; Sig. = 0.000), CAR has a significant positive effect on NOM (t = 5.988; Sig. = 0.000), and NPF has a significant positive effect on NOM (t = 4.008; Sig. = 0.000). Path analysis reveals that NOM significantly mediates the relationship between CAR and NPF, with the indirect effect (–4.148) exceeding the direct effect (–1.035). These findings confirm that capital adequacy affects financing quality through the channel of operational profitability. Keywords:Capital Adequacy Ratio, Net Operating Margin, Non-Performing Financing, Islamic Banking, Path Analysis.
Analisis Perbandingan Efisiensi Operasional Bank BNI, BSI Dan BTN Berdasarkan Cost-To-Income Ratio (CIR) Tahun 2023-2025 Najwa Dhana Almaghvira; Vivi Nur Fitriani; Shyntia Anggraini; Adiva Nanda Hendriawan; Achmad Miftachul Huda
Jurnal Ekonomi Bisnis, Manajemen dan Akuntansi Vol. 5 No. 2 (2026): Jurnal Ekonomi Bisnis, Manajemen dan Akuntansi
Publisher : CV. Picmotiv

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61930/jebmak.v5i2.1711

Abstract

Industri perbankan saat ini memiliki peran yang sangat penting dalam mendukung stabilitas ekonomi nasional, namun ketatnya persaingan menuntut pengelolaan sumber daya secara efektif dan efisien demi mempertahankan daya saing. Di sisi lain, meskipun literatur manajemen keuangan menempatkan Cost-to-Income Ratio (CIR) sebagai indikator vital untuk menilai tingkat efisiensi operasional, sebagian besar penelitian terdahulu lebih berfokus pada pengaruh CIR terhadap profitabilitas, sehingga analisis komparatif tingkat efisiensi bank-bank BUMN pada periode pasca pemulihan ekonomi tahun 2023–2025 masih relatif terbatas. Penelitian ini bertujuan untuk menganalisis dan membandingkan tingkat efisiensi operasional Bank Negara Indonesia (BNI), Bank Syariah Indonesia (BSI), dan Bank Tabungan Negara (BTN) selama periode 2023–2025 dengan menggunakan indikator CIR. Metode yang digunakan adalah pendekatan kuantitatif komparatif dengan memanfaatkan data sekunder laporan keuangan publikasi masing-masing bank, yang kemudian diuji melalui analisis deskriptif, uji normalitas Shapiro-Wilk, uji homogenitas Levene, uji inferensial One-Way ANOVA, serta uji lanjut Games-Howell. Temuan terpenting dari analisis deskriptif dan inferensial menunjukkan adanya perbedaan rata-rata nilai CIR yang signifikan secara statistik di antara kelompok bank yang diteliti, di mana BNI berhasil mencatat tingkat efisiensi operasional terbaik dengan tren nilai CIR yang relatif paling rendah dan stabil dibandingkan BSI dan BTN. Sebagai kesimpulan, kemampuan pengendalian biaya operasional dan optimalisasi pendapatan pada BNI terbukti berjalan lebih efektif daripada dua bank lainnya. Oleh karena itu, direkomendasikan bagi BNI untuk mempertahankan konsistensinya, sedangkan BSI disarankan fokus pada penguatan integrasi operasional, dan BTN perlu mengevaluasi struktur biaya serta memperbaiki stabilitas efisiensinya agar lebih adaptif terhadap perubahan kondisi ekonomi.
Co-Authors Adiva Nanda Hendriawan Aies Apriliza Seventin Anisa Sal Sabilla Putri Desti Tampi Prabowo Diah Ayu Anis Wulandari Dwi Batrisya Cahaya Erika Dwi Maretya Nur Utami Indi Salwa Zahrina Muhammad Ziyan El Haq Najwa Dhana Almaghvira Ranti Novanda Eka Prawesti Rizza Tiaratu Shyntia Anggraini Vivi Nur Fitriani