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All Journal Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Jurnal Riset Ilmiah Profixa: International Journal of Economic and Business Research
Maria Yovita R. Pandin
Universitas 17 Agustus 1945
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Public Health Social Sciences Other

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Digital Financial Innovation's Impact, Cash Holding, and Investment Efficiency on Firm Size as a Moderating Variable and Firm Value via Financial Flexibility Desita Mustikasari Wijayanti; Imelda Mutiara Chandra; Merryscha Putri Az Zahra; Nina Nor Fadilah; Ulfa Ulfa; Tiffany Shahnaz Wati; Maria Yovita R. Pandin
International Journal of Economic and Business Research Vol. 1 No. 2 (2026): : April: Profixa: International Journal of Economic and Business Research
Publisher : CV SCRIPTA INTELEKTUAL MANDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65310/vfs7h611

Abstract

This study aims to examine the effect of Digital Financial Innovation, Cash Holding, and Investment Efficiency on Firm Value, both directly and indirectly through Financial Flexibility as a mediating variable, as well as Firm Size as a moderating variable. A quantitative approach was employed using secondary data from companies listed on the Indonesia Stock Exchange (IDX) during the 2023–2025 period. The sample was selected using purposive sampling, resulting in 30 firms with 90 firm-year observations. Data were analyzed using Structural Equation Modeling based on Partial Least Squares (SEM-PLS) with SmartPLS software. The results show that Digital Financial Innovation and Investment Efficiency do not have a significant direct effect on Firm Value, but both have a positive and significant effect on Financial Flexibility. Cash Holding is found to have a positive and significant effect on both Firm Value and Financial Flexibility. However, Financial Flexibility does not significantly affect Firm Value and does not mediate the relationship between the independent variables and Firm Value. Firm Size also has no significant effect on Firm Value and does not moderate the relationship between Financial Flexibility and Firm Value, acting only as a predictor variable. These findings highlight the importance of liquidity management and digital readiness in strengthening corporate financial resilience. Investors should consider liquidity, digital strategy, and financial structure beyond firm size.
THE IMPACT OF STOCK RETURNS, INVESTMENT RISK, AND FINANCIAL LITERACY ON THE INVESTMENT INTEREST OF MILLENNIALS Maria Yovita R. Pandin; Abigaiel Lesbasa; Kemberly S. Kambuaya
Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Vol. 15 No. 1 (2026): Jurnal Maneksi (Management Ekonomi Dan Akuntansi)
Publisher : Politeknik Negeri Ambon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31959/jm.v15i1.3723

Abstract

Introduction: The Indonesian capital market has seen a rise in retail investor participation from millennials, suggesting a shift towards a more mature financial orientation. Research indicates that while stock returns are a key driver of interest, millennials are reactive to short-term changes and susceptible to misinformation. The relationship between investment risk and interest is complex, as millennials display both risk-averse and risk-taking behaviors based on emotional influences. Financial literacy is crucial for informed decision-making, yet disparities in access to education, particularly in regions like Maluku and Papua, hinder its effectiveness. Method: This study uses a causal analysis design with quantitative research methods. The data in this study was obtained directly from questionnaires given to respondents. The population in this study consisted of students and workers from Maluku and Papua aged 17-31 years. Simultaneously, the three variables, namely Stock Return (X1), Investment Risk (X2), and Financial Literacy (X3), have a significant effect on the Investment Interest (Y) of the millennial generation. This shows that economic factors and individual ability to understand finance together influence the investment decisions of the younger generation. Result: The results of this study are in line with investment theory and previous studies which state that return, risk, and financial literacy are the main factors that influence individual investment behavior. Stock returns have a positive and significant effect, investment risk has a negative and significant impact, and financial literacy has a positive and significant effect on the investment interest of millennials. Keywords: Financial Literacy, Investment Interest, Investment Risk, Millennials, Stock Returns
PENGARUH BIAYA LINGKUNGAN DAN GREEN ACCOUNTING TERHADAP PROFITABILITAS PERUSAHAAN SEKTOR PERTAMBANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA Rina Silvia; Maria Yovita R. Pandin; Amiartuti Kusmaningtyas
SINERGI : Jurnal Riset Ilmiah Vol. 3 No. 8 (2026): SINERGI : Jurnal Riset Ilmiah, Agustus 2026
Publisher : Lembaga Pendidikan dan Penelitian Manggala Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62335/sinergi.v3i8.2974

Abstract

This study aims to analyze the effect of environmental costs and green accounting on the profitability of mining companies listed on the Indonesia Stock Exchange (IDX). The study is motivated by the increasing demand for corporate environmental responsibility and sustainable business practices, particularly in the mining sector, which has significant environmental impacts. Based on Legitimacy Theory and Stakeholder Theory, environmental investment and transparent environmental accounting are expected to enhance corporate reputation and improve financial performance. This research employed a quantitative approach using secondary data obtained from the annual reports and sustainability reports of mining companies listed on the IDX during the 2025 observation period. The sample was selected using purposive sampling, resulting in 80 firm-year observations. Data were analyzed using multiple linear regression with IBM SPSS version 25. The findings indicate that environmental costs have a positive and significant effect on profitability (β = 0.412; p = 0.007). Green accounting also has a positive and significant effect on profitability (β = 0.425; p = 0.014). Simultaneously, both variables significantly affect profitability (F = 10.756; p < 0.001), while the adjusted coefficient of determination shows that environmental costs and green accounting explain 19.9% of the variation in profitability. These findings suggest that environmental expenditures should be viewed as strategic investments rather than operational burdens. Likewise, implementing green accounting enhances transparency, corporate legitimacy, and stakeholder confidence, ultimately contributing to improved financial performance and sustainable corporate value.
Co-Authors Abigaiel Lesbasa Amiartuti Kusmaningtyas Desita Mustikasari Wijayanti Imelda Mutiara Chandra Kemberly S. Kambuaya Merryscha Putri Az Zahra Nina Nor Fadilah Rina Silvia Tiffany Shahnaz Wati Ulfa Ulfa