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All Journal Abdi Dosen : Jurnal Pengabdian Pada Masyarakat Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) Educational Researcher Journal
Hanifan, Zakie
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The Effect of Capital Structure (Debt to Equity Ratio and Debt to Asset Ratio) on Profitability (Return on Asset) of Manufacturing Companies in the Consumer Goods Sub-Sector Listed on the IDX During the COVID-19 Pandemic Hanifan, Zakie; Agung, Syahrum; Sri Wahyuni, Neng Ayu
Educational Researcher Journal Vol. 2 No. 2 (2025): Educational Researcher Journal
Publisher : Sekolah Pascasarjana Universitas Ibn Khaldun Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71288/educationalresearcherjournal.v2i2.145

Abstract

This study aims to analyze the influence of capital structure proxied with Debt to Equity Ratio (DER) and Debt to Asset Ratio (DAR) on profitability proxied by Return on Asset (ROA) in manufacturing companies in the consumer goods sub-sector listed on the Indonesia Stock Exchange (IDX) during the COVID-19 pandemic period 2020-2021. The research method used is quantitative causality with secondary data in the form of annual financial statements. The research population is all manufacturing companies in the consumer goods sub-sector on the IDX. The sample was determined using purposive sampling techniques with the criteria of registered companies during 2020-2021, issuing complete financial statements, and not delisting, so that 45 companies were obtained with a total of 90 observations. Data analysis techniques include descriptive statistics, classical assumption tests (normality, multicollinearity, heteroscedasticity, autocorrelation), multiple linear regression analysis (OLS), t-test, F test, and determination coefficient (R²). The results showed that partially, DER had a significant negative effect on ROA with a t-count value of -2.845 (sig. 0.006) and DAR had a significant negative effect on ROA with a t-count value of -2.103 (sig. 0.039). Simultaneously, DER and DAR together had a significant effect on ROA with an F-count value of 5.876 (sig. 0.004). A coefficient of determination (R²) value of 0.174 indicates that 17.4% of ROA variations can be explained by DER and DAR, while the remaining 82.6% are explained by other variables outside the model. These findings confirm that during the COVID-19 pandemic, increased debt will decrease the company's profitability, so management needs to be careful in making funding decisions in times of crisis.
The Influence of Cash Flow Management (Cash Inflow and Cash Outflow) on Liquidity (Current Ratio and Quick Ratio) in the Food and Beverage Sector of MSMEs in the Greater Jakarta Area Hanifan, Zakie; Maulana, Hendri; Yudiana, Yudiana
Educational Researcher Journal Vol. 2 No. 3 (2025): Educational Researcher Journal
Publisher : Sekolah Pascasarjana Universitas Ibn Khaldun Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71288/educationalresearcherjournal.v2i3.146

Abstract

Objective: This study aims to examine the effect of cash flow management, proxied by cash inflow and cash outflow, on liquidity, as measured by the current ratio and quick ratio, in Micro, Small, and Medium Enterprises (MSMEs) in the food and beverage sector in the Greater Jakarta area. This study also analyzes the partial and simultaneous effects of both independent variables on the dependent variable. Method – This study uses a quantitative causality design with a survey approach. The study population is MSMEs in the food and beverage sector in Greater Jakarta that have been operating for at least two years. A sample of 100 respondents was selected using a purposive sampling technique based on the criteria of having simple financial records and being willing to be respondents. Primary data was collected through a structured questionnaire that included measurements of cash inflow , cash outflow , current ratio , and quick ratio . Data analysis was carried out using descriptive statistics, classical assumption tests (normality, multicollinearity, heteroscedasticity), and multiple linear regression analysis followed by hypothesis testing (t-test, F-test, and coefficient of determination). Results – This study found that partially, cash inflow has a positive and significant effect on the current ratio (B=0.0092; p<0.01) and the quick ratio (B=0.0105; p<0.01). Conversely, cash outflow has a negative and significant effect on the current ratio (B=-0.0074; p<0.01) and the quick ratio (B=-0.0089; p<0.01). Simultaneously, cash inflow and cash outflow together have a significant effect on liquidity with an Adjusted R² value of 0.608 for the current ratio and 0.686 for the quick ratio . These findings indicate that the quick ratio is more responsive to changes in cash flow management than the current ratio in MSMEs in the food and beverage sector in Greater Jakarta
The Influence of Fintech Technology Usage (Equity Crowdfunding and Peer-to-Peer Lending) on Investment Funding Decisions and Their Implications for Market Risk (Value at Risk) in Digital Startups in Indonesia Hanifan, Zakie; Novianty, Ina
Educational Researcher Journal Vol. 3 No. 1 (2026): Educational Researcher Journal
Publisher : Sekolah Pascasarjana Universitas Ibn Khaldun Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71288/educationalresearcherjournal.v3i1.147

Abstract

Objective – This study aims to analyze the influence of the use of fintech technology, namely equity crowdfunding (ECF) and peer-to-peer lending (P2P), on investment funding decisions and their implications for market risk ( Value at Risk / VaR) in digital startups in Indonesia. Methods – The study employed a mixed methods approach with a predominantly quantitative design. The sample consisted of 178 Indonesian digital startups registered with the Ministry of Communication and Information Technology (Kominfo) and AFTECH, selected using purposive sampling . Primary data were collected through a Likert-scale questionnaire, while secondary data consisted of financial reports and fintech transactions for 12 months. VaR was calculated using the Historical Simulation method (CI 95%). Data analysis used PLS-SEM with SmartPLS 4.0, supplemented by semi-structured interviews for triangulation. Results – All five hypotheses were significantly accepted (p < 0.01). Equity crowdfunding (β=0.348) and P2P lending (β=0.427) positively influenced investment funding decisions, with P2P having a greater influence due to its liquidity speed and working capital flexibility. Investment funding decisions further positively influenced VaR (β=0.521). Startups using a combination of ECF and P2P had the highest VaR (8.15% of total assets), while those using ECF alone had the lowest (4.28%). These findings confirm a trade-off between funding accessibility through fintech and market risk stability. The study also extends pecking order theory in the context of digital startups and provides practical implications for startups, fintech platforms , and the Financial Services Authority (OJK) regulator
The Effect of Dividend Payout Ratio (DPR) and Dividend Yield on Investors' Perception of Company Profitability (A Case Study of Banking Companies Listed on the Indonesia Stock Exchange for the 2020–2024 Period) Hanifan, Zakie; Sri Wahyuni, Neng Ayu; Agung, Syahrum
Educational Researcher Journal Vol. 2 No. 1 (2025): Educational Researcher Journal
Publisher : Sekolah Pascasarjana Universitas Ibn Khaldun Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71288/educationalresearcherjournal.v2i1.148

Abstract

This study aims to examine the effect of the Dividend Payout Ratio (DPR) and Dividend Yield on investor perceptions of the profitability of banking companies listed on the Indonesia Stock Exchange for the 2020-2024 period. Dividend policy is a crucial financial decision that reflects the allocation of profits between dividend payments and retained earnings. There is a theoretical controversy between dividend relevance (Gordon-Lintner) and dividend irrelevance (Modigliani-Miller), as well as inconsistent empirical findings regarding the direction of the influence of DPR and DY, which constitute a gap in this research. This study employed a quantitative approach with a causality design and panel data (pooled time-series cross-sectional). The sample was selected using a purposive sampling method based on the following criteria: banking companies listed on the Indonesia Stock Exchange (IDX) throughout 2020-2024, published complete financial reports, consistently distributed dividends, and had complete data available for variable calculations. Data were analyzed using panel data regression with the help of EViews, through the stages of classical assumption testing, model selection (Chow Test, Hausman Test, LM Test), and hypothesis testing (t-test, F-test, coefficient of determination). Investor perception was proxied by Price-to-Book Value (PBV). The results show that DPR has a positive and significant effect on PBV (coefficient 0.028; p=0.001), thus H1 is accepted. Conversely, Dividend Yield has a negative and significant effect on PBV (coefficient -0.185; p=0.003), thus H2 is accepted. These findings confirm signaling theory in emerging markets and indicate that Indonesian banking investors value long-term growth prospects more than short-term dividend yields. This research contributes to the development of dividend policy theory and provides practical implications for banking management in formulating optimal dividend policies by considering domestic investor preferences.
Co-Authors Hendri Maulana Imam R, Yuhsinu N, Elies Adellia Novianty, Ina Prakasa, Ahmad Candra Sri Wahyuni Sri Wahyuni, Neng Ayu Syahrum Agung Yudiana, Yudiana