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The Effect of Free Cash Flow, Collateralizable Assets, Debt, and Sales Growth on Dividend Policy in Property and Real Estate Companies from 2020-2024 Refsiana, Siska; Sartika, Novira
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 4 (2025): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i4.722

Dividend policy is one of the important decisions in financial management that reflects a company's strategy in distributing its net income to shareholders. For investors, dividend policy is an important signal regarding the company's financial health and future business growth prospects. This study aims to analyze the effect of free cash flow, collateralizable assets, debt, and sales growth on dividend policy in property and real estate companies listed on the Indonesia Stock Exchange (IDX). This study uses secondary data in the form of annual financial reports obtained through the IDX official website. The sampling method was conducted using purposive sampling based on certain criteria, resulting in 15 companies with a total of 75 observations during the 2020- 2024 period. The data were analyzed using a Partial Least Squares-based Structural Equation Modeling (SEM-PLS) approach with the help of WarpPLS software. The results show that dividend policy is influenced by the company's internal financial condition, particularly related to cash flow flexibility and funding structure, while sales growth is not always in line with an increase in dividend distribution. These findings emphasize the importance of balancing expansion needs and shareholder interests. Therefore, companies are advised to optimize cash flow management and asset structure in determining dividend policy, while investors need to consider fundamental financial factors in making investment decisions wisely and sustainably.

The Potential of the Motor Vehicle Tax (PKB) Opsen in Increasing Regional Original Revenue (PAD) in Bengkalis Regency Rauda, Nurul; Sartika, Novira
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 4 (2025): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i4.728

This study aims to analyze the implementation of the Motor Vehicle Tax (PKB) Opsen to increase Regional Original Revenue (PAD) in Bengkalis Regency following the enactment of Law Number 1 of 2022 on Financial Relations between the Central Government and Regional Governments (HKPD Law). The research examines the development of PAD and PKB revenue prior to the PKB Opsen, assesses the potential contribution of PKB Opsen to PAD after its implementation in 2025, and identifies obstacles and efforts undertaken by the Regional Revenue Agency (Bapenda) and the Bengkalis Revenue Management Unit (UPT SAMSAT). This study employs a Qualitative approach using primary data from interviews and observations, as well as secondary data from official documents and revenue reports. The findings indicate that the PKB Opsen policy provides new fiscal space for Bengkalis Regency and contributes positively to PAD without increasing the tax burden on taxpayers. However, its implementation still faces challenges, including administrative constraints, information system limitations, taxpayer compliance issues, and limited public understanding. To address these challenges, Bapenda and UPT SAMSAT have strengthened coordination, improved administrative systems, and intensified public outreach. Overall, the PKB Opsen has significant potential to strengthen regional fiscal independence and reduce reliance on central government transfers if implemented effectively.

The Influence of Mental Accounting and Financial Behavior on Financial Satisfaction Istisqa, Fatra; Sartika, Novira
International Journal of Science and Environment (IJSE) Vol. 6 No. 1 (2026): February 2026
Publisher : CV. Inara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51601/ijse.v6i1.324

The rapid development of financial technology accompanied by consumer behavior has increased the financial literacy gap despite the high level of inclusion in Indonesia, triggering an analysis of cognitive and behavioral factors that influence financial satisfaction. This study aims to examine the influence of Mental Accounting and Financial Behavior on Financial Satisfaction among lecturers on Bengkalis Island. Using a quantitative explanatory approach with Partial Least Squares Structural Equation Modeling (PLS-SEM), the population included all active lecturers with a sample of 207 respondents through convenience sampling. Data were collected via an online Likert-scale questionnaire (26 indicators) and analyzed using SmartPLS 4 through outer-inner model evaluation and bootstrapping. The results showed that Mental Accounting (β=0.137, t=2.001, p=0.045) and Financial Behavior (β=0.182, t=2.824, p=0.005) significantly influenced Financial Satisfaction (R²=0.054). The conclusion states that structured financial grouping and disciplined spending habits improve lecturers' financial well-being, suggesting the integration of financial literacy training into professional development programs.

The Effect of Signal Applications and Tax Literacy on Motor Vehicle Tax Payment Compliance with Tax Service Digitalization as a Moderator Desiliany, Desiliany; Sartika, Novira
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 4 (2025): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i4.709

This study aims to analyze the effect of the National Digital Samsat Application (SIGNAL) and tax literacy on Motor Vehicle Tax (PKB) payment compliance with tax service digitalization as a moderating variable. The study uses a quantitative approach with YSEM-PLSYanalysis through WarpPLS 7.0 and involves 228 SIGNAL user respondents in Bengkalis Regency. The results show that the SIGNAL application and tax literacy have a positive and significant effect on taxpayer compliance. However, the digitization of tax services is unable to moderate the relationship between the use of SIGNAL and tax literacy with tax compliance. These findings confirm that even though digital services are available, their effectiveness in strengthening compliance behavior is still limited, so it is necessary to improve the quality of the system and the utilization of digital services by the community.

The Effect of Tax Aggressiveness and Media Exposure on Corporate Social Responsibility (CSR) Disclosure in Mining Sector Companies Listed on the Indonesia Stock Exchange (IDX) in 2023-2024 Fadila, Miya; Sartika, Novira
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 4 (2025): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i4.714

This research explores the effects of tax aggressiveness and media exposure on corporate social responsibility (CSR) reporting in IDX-listed mining firms spanning 2023 to 2024. It emphasizes the mining sector's notable social and environmental issues, which call for greater transparency in corporate social responsibility (CSR), particularly for companies pursuing assertive tax tactics or facing heightened public attention. Employing a quantitative framework, the study analyzed secondary data from annual reports and sustainability reports via multiple linear regression using SPSS version 29. The study's outcomes show that tax aggressiveness yields a significant positive impact on corporate social responsibility (CSR), whereas media exposure produces a substantial negative influence. Together, they deliver a meaningful effect on corporate social responsibility (CSR). These results point to the idea that corporate social responsibility (CSR) disclosures in the mining industry are largely strategic, designed to uphold the firm's legitimacy and image.

Potential for Tax Collection Bird Nests Walet, Bantan Sub-District, Bengkalis Regency Sari, Yunita; Sartika, Novira
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 4 (2025): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i4.721

This study aims to analyse the potential for collecting swiftlet nest tax in Bantan Subdistrict, Bengkalis Regency, with focus on tax revenue, collection potential, obstacles encountered, and government efforts to optimise revenue. Swiftlet nest tax is a strategic source of Local Own-Source Revenue given the prevalence of swiftlet farming in the coastal area of Bengkalis. This study uses a descriptive method with a qualitative approach through in-depth interviews with the Head of the Technical Implementation Unit (UPT) and the District Revenue Administration staff in Bantan Subdistrict, as well as 20 swiftlet entrepreneurs spread across various villages. The results show that swallow nest tax revenue fluctuated during the 2021–2025 period, influenced by a 50% decline in selling prices and production instability. The potential for tax collection has not been optimally explored due to the gap between self-assessment regulations and field practices, low taxpayer understanding of the applicable rates (10%), and the limited capacity of officers to reach all business units. Efforts made by the local government include socialisation, data collection, implementation of the SIPBUKAS application, and multisectoral coordination. This study recommends the application of progressive rates based on production volume, strengthening tax literacy, and integrating a more inclusive digital system.

The Effect of Free Cash Flow, Collateralizable Assets, Debt, and Sales Growth on Dividend Policy in Property and Real Estate Companies from 2020-2024 Refsiana, Siska; Sartika, Novira
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 4 (2025): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i4.722

Dividend policy is one of the important decisions in financial management that reflects a company's strategy in distributing its net income to shareholders. For investors, dividend policy is an important signal regarding the company's financial health and future business growth prospects. This study aims to analyze the effect of free cash flow, collateralizable assets, debt, and sales growth on dividend policy in property and real estate companies listed on the Indonesia Stock Exchange (IDX). This study uses secondary data in the form of annual financial reports obtained through the IDX official website. The sampling method was conducted using purposive sampling based on certain criteria, resulting in 15 companies with a total of 75 observations during the 2020- 2024 period. The data were analyzed using a Partial Least Squares-based Structural Equation Modeling (SEM-PLS) approach with the help of WarpPLS software. The results show that dividend policy is influenced by the company's internal financial condition, particularly related to cash flow flexibility and funding structure, while sales growth is not always in line with an increase in dividend distribution. These findings emphasize the importance of balancing expansion needs and shareholder interests. Therefore, companies are advised to optimize cash flow management and asset structure in determining dividend policy, while investors need to consider fundamental financial factors in making investment decisions wisely and sustainably.

The Potential of the Motor Vehicle Tax (PKB) Opsen in Increasing Regional Original Revenue (PAD) in Bengkalis Regency Rauda, Nurul; Sartika, Novira
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 4 (2025): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i4.728

This study aims to analyze the implementation of the Motor Vehicle Tax (PKB) Opsen to increase Regional Original Revenue (PAD) in Bengkalis Regency following the enactment of Law Number 1 of 2022 on Financial Relations between the Central Government and Regional Governments (HKPD Law). The research examines the development of PAD and PKB revenue prior to the PKB Opsen, assesses the potential contribution of PKB Opsen to PAD after its implementation in 2025, and identifies obstacles and efforts undertaken by the Regional Revenue Agency (Bapenda) and the Bengkalis Revenue Management Unit (UPT SAMSAT). This study employs a Qualitative approach using primary data from interviews and observations, as well as secondary data from official documents and revenue reports. The findings indicate that the PKB Opsen policy provides new fiscal space for Bengkalis Regency and contributes positively to PAD without increasing the tax burden on taxpayers. However, its implementation still faces challenges, including administrative constraints, information system limitations, taxpayer compliance issues, and limited public understanding. To address these challenges, Bapenda and UPT SAMSAT have strengthened coordination, improved administrative systems, and intensified public outreach. Overall, the PKB Opsen has significant potential to strengthen regional fiscal independence and reduce reliance on central government transfers if implemented effectively.

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