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All Journal Jurnal Manajemen Terapan dan Keuangan Jurnal Kajian Manajemen Bisnis JAKU (Jurnal Akuntansi & Keuangan Unja) (e-journal) Jurnal Ilmiah Universitas Batanghari Jambi al-Uqud : Journal of Islamic Economics EKONOMIS : Journal of Economics and Business J-MAS (Jurnal Manajemen dan Sains) ILTIZAM Journal of Sharia Economic Research Jurnal Akuntansi Kompetif Management Studies and Entrepreneurship Journal (MSEJ) Jurnal Akademi Akuntansi (JAA) Journal of Management - Small and Medium Enterprises (SME's) Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Action Research Literate (ARL) Formosa Journal of Multidisciplinary Research (FJMR) Journal of Comprehensive Science Asian Journal of Management Analytics Jurnal Karya Abdi Masyarakat Asian Journal of Applied Business and Management (AJABM) Jambi Accounting Review (JAR) Jurnal Pengabdian Kepada Masyarakat Jurnal Ekonomi, Teknologi dan Bisnis Madani : Jurnal Pengabdian Kepada Masyarakat Trending: Jurnal Manajemen dan Ekonomi Jurnal Riset Akuntansi Neraca Manajemen, Akuntansi, dan Ekonomi Journal of Innovative and Creativity JUPEMA Accounting Studies and Tax Journal Journal of Management, Economic, and Financial Jurnal Akuntansi dan Governance Andalas International Journal of Economics, Business and Innovation Research Greenation International Journal of Economics and Accounting Jurnal Cakrawala Akuntansi Nomico Harmoni Economics: International Journal of Economics and Accounting
Mukhzarudfa, Mukhzarudfa
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Religion Agriculture, Biological Sciences & Forestry Humanities Astronomy Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Mechanical Engineering Public Health Social Sciences Other

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The Effect of Leverage, Liquidity, Capital Structure, Company Size, and Sales Growth on Financial Performance (A Study of Basic Materials Companies Listed on the Indonesia Stock Exchange for the Period 2020-2024) Dini Zaskya; Mukhzarudfa; Muhammad Ridwan
Greenation International Journal of Economics and Accounting Vol. 3 No. 3 (2025): Greenation International Journal of Economics and Accounting (September - Novem
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v3i3.572

Abstract

The purpose of this study is to examine and analyze the effect of leverage, liquidity, capital structure, company size, and sales growth on financial performance. The population used is basic materials companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. Sampling was conducted using purposive sampling based on predetermined criteria. The method used was quantitative, using secondary data in the form of companies' annual financial reports. The sample in this study consisted of 59 companies, and the observation period was from 2020 to 2024. The findings of this study indicate that leverage, liquidity, and capital structure have a negative effect on financial performance. Meanwhile, company size and sales growth have a positive effect on financial performance.
The Influence of Profitability, Liquidity, and Solvency on Stock Prices in Transportation and Logistics Sector Companies Listed on The Indonesia Stock Exchange Period 2020-2024 Abelia Fitri Rahman; Mukhzarudfa; Dica Lady Silvera
Greenation International Journal of Economics and Accounting Vol. 3 No. 4 (2025): Greenation International Journal of Economics and Accounting (December 2025 - F
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v3i4.709

Abstract

This study examines the influence of profitability, liquidity, and solvency ratios on stock prices of transportation and logistics sector companies listed on the Indonesia Stock Exchange during the 2020-2024 period. The research employs a quantitative approach using secondary data obtained from annual financial statements. Data analysis is conducted through multiple linear regression, supported by classical assumption tests, simultaneous testing (F-test), and partial testing (t-test). The sample consists of 18 companies selected through purposive sampling, resulting in 90 observations over five years. The results indicate that simultaneously, Return On Assets (ROA), Current Ratio (CR), and Debt to Equity Ratio (DER) have a significant effect on stock prices. However, partially, only Current Ratio shows a significant influence on stock prices, while Return On Assets and Debt to Equity Ratio do not demonstrate significant effects. These findings suggest that corporate liquidity is a primary factor considered by investors in evaluating stock prices within the transportation and logistics sector during the study period. The study contributes to signaling theory by demonstrating that liquidity signals are more relevant to investors than profitability and leverage signals in this specific sector and timeframe.
Ownership Structure and Financial Performance of the Technology Sector on the Indonesia Stock Exchange (2020–2024) Apriani, Tari; Mukhzarudfa; Kusumastuti, Ratih; Tiswiyanti, Wiwik
Action Research Literate Vol. 10 No. 4 (2026): Action Research Literate
Publisher : Ridwan Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46799/arl.v10i4.3090

Abstract

This research aims to examine the effect of ownership structure on the financial performance of technology sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Ownership structure is proxied by institutional ownership, managerial ownership, and foreign ownership, while financial performance is measured using Tobin's Q as a market-based indicator of firm value. This study uses a causal-associative quantitative approach with panel data. The sample consists of 20 technology sector companies listed on the Indonesia Stock Exchange, selected through purposive sampling, resulting in 100 firm-year observations. Data drawn from annual reports, audited financial statements, and stock price records were analyzed using panel data regression with EViews 13. The results show that, simultaneously, institutional ownership, managerial ownership, and foreign ownership have a significant effect on the financial performance of technology sector companies. Partially, institutional ownership and managerial ownership have a positive and significant effect on Tobin's Q, indicating that stronger institutional monitoring and greater alignment of managerial interests contribute to higher firm value. In contrast, foreign ownership has a positive but statistically insignificant effect on financial performance. These findings indicate that domestic governance mechanisms, particularly institutional and managerial ownership, play a more important role in enhancing market valuation in the Indonesian technology sector during the post-pandemic and technology sector correction period. This study contributes to the corporate governance literature by providing evidence on the role of ownership structure in explaining firm value in a knowledge-based industry within an emerging market context.
The Influence of Budgeting, Human Resources, and Leadership on Transparency and Accountability in Village Fund Management with Community Participation as a Moderating Variable Susanti, Novriani; Hizazi, Achmad; Mukhzarudfa, Mukhzarudfa; Arum, Enggar Diah Puspa
Nomico Vol. 3 No. 4 (2026): Nomico- May
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/gc8kpy77

Abstract

This research is motivated by the importance of transparency and accountability in Village Fund management as key indicators of village governance success. Although Village Fund allocations have continuously increased, various problems remain in management practices, particularly regarding low transparency and accountability. This study aims to analyze the influence of budgeting, human resources (HRM), and leadership on transparency and accountability in Village Fund management, with community participation as a moderating variable. A quantitative approach with explanatory research design was employed, using primary data collected through structured questionnaires. The analytical technique used is Structural Equation Modeling-Partial Least Squares (SEM-PLS). Results show that budgeting, HRM, and leadership have a positive and significant influence on both transparency and accountability. Furthermore, community participation is proven to significantly strengthen these relationships. These findings indicate that good Village Fund governance is not only influenced by internal factors of the village government, but also by the active involvement of the community. Thus, improving the quality of budgeting, HRM capacity, leadership, and community participation are key to achieving optimal transparency and accountability in Village Fund management.
Pengaruh Capital Structure dan Sales Growth terhadap Firm Value : pada Perusahaan Sektor Industrial yang Terdaftar di BEI Periode 2015-2024 Sri Handayani; Mukhzarudfa, Mukhzarudfa; Ratih Kusumastuti
Jurnal Riset Akuntansi Vol. 4 No. 2 (2026): May: Jurnal Riset Akuntansi
Publisher : Institut Teknologi dan Bisnis (ITB) Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54066/jura-itb.v4i2.3894

Abstract

This study aims to analyze the effect of capital structure and sales growth on firm value in industrial sector companies listed on the Indonesia Stock Exchange during the 2015–2024 period. This research uses a quantitative approach with secondary data obtained from company financial statements through the official website of the Indonesia Stock Exchange. The research sample consisted of 14 companies with a total of 140 observations selected using the purposive sampling method. The data analysis technique used was multiple linear regression analysis with the assistance of IBM SPSS version 31. The results showed that simultaneously capital structure and sales growth had a significant effect on firm value. Partially, capital structure had a positive and significant effect on firm value, indicating that a well-managed capital structure can increase company value. Meanwhile, sales growth did not have a significant effect on firm value. These findings indicate that investors tend to consider capital structure more than sales growth in assessing the value of companies in the industrial sector.
The Effect of Fraud Hexagon on Financial Statement Fraud in Companies in the Health Sector Listed on the Indonesia Stock Exchange (IDX) in 2020-2023 Yuyung Nur Jayanti; Mukhzarudfa Mukhzarudfa; Salman Jumaili
Harmoni Economics: International Journal of Economics and Accounting Vol. 2 No. 1 (2025): February: Harmoni Economics: International Journal of Economics and Accounting
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonieconomics.v2i1.116

Abstract

This study aims to determine the effect of the Fraud Hexagon on Financial Statement Fraud in Companies in the Health Sector listed on the Indonesia Stock Exchange (IDX) in 2020-2023. The sample in this study was a Health Company using the Purposive Sampling technique so that 19 companies were obtained with 4 years of observation (76 observation data) that met the criteria. The analysis method used in this study is the classical assumption test, multiple linear regression analysis, and hypothesis testing with the help of SPSS V30 For Windows software. Data collection methods are by documentation and literature study. The results of the study concluded that partially opportunity has an effect and pressure, rationalization, capability, arrogance and collusion do not affect financial statement fraud. Simultaneously pressure, opportunity, rationalization, capability, arrogance and collusion affect financial statement fraud.
Analysis of the Influence of DER, ROE, PER and EPS on Price Shares in Listed Healthcare Sector Companies on the Indonesia Stock Exchange 2019-2023 Bela Santia; Mukhzarudfa Mukhzarudfa; Muhammad Ridwan
Harmoni Economics: International Journal of Economics and Accounting Vol. 2 No. 1 (2025): February: Harmoni Economics: International Journal of Economics and Accounting
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonieconomics.v2i1.144

Abstract

This study aims to determine the effect of Debt to Equity Ratio (DER), Return On Equity Ratio (ROE), Price Earning Ratio (PER), Earning Per Share (EPS) on Health Sector Companies listed on the Indonesia Stock Exchange in 2020-2023. The population in this study were all health sector companies listed on the IDX. The number of samples collected was 17 companies with 5 years of observation (85 observation data) that met the criteria. The analysis method used was the classical assumption test, multiple linear regression analysis, while hypothesis testing used Simultaneous and Partial tests. The results of this study indicate that DER has a positive and significant to stock prices, ROE is not affects stock prices, PER does not influence on stock prices, EPS has a positive and significant influence on stock prices.
Influence of Financial Ratios and Firm Size on Stock Under-pricing in IPO Companies at the Indonesia Stock Exchange (2021–2023) Camelia Camelia; Mukhzarudfa Mukhzarudfa; Wiralestari Wiralestari
Harmoni Economics: International Journal of Economics and Accounting Vol. 2 No. 4 (2025): November: Harmoni Economics: International Journal of Economics and Accounting
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonieconomics.v2i4.350

Abstract

This study delves into the dynamics between selected financial indicators, Return on Assets (ROA), Return on Equity (ROE), Debt to Equity Ratio (DER), Earnings per Share (EPS), and firm size, and the phenomenon of stock underpricing among firms undertaking Initial Public Offerings (IPOs) on the Indonesia Stock Exchange during 2021–2023. From a population comprising all IPO-listed companies within this period, purposive sampling yielded 124 firms, of which 14 were excluded as statistical outliers, resulting in 110 observations for analysis. Employing a quantitative framework, the research integrates classical assumption diagnostics with multiple linear regression to examine both collective and individual variable effects through F-tests and t-tests, respectively. The findings reveal that ROA and EPS exert significant negative influences on underpricing, aligning with signaling theory, while ROE, DER, and firm size do not demonstrate partial significance. Nonetheless, when considered jointly, all five variables exhibit a statistically significant impact, suggesting that investors may interpret financial signals in aggregate rather than isolation when navigating IPO valuations.
Factors Affecting Carbon Emission Disclosure And Its Impact On Company Financial Performance (Study Of Energy Sector Companies Listed On The IDX In 2020-2022) Rinda Lestari; Mukhzarudfa Mukhzarudfa; Ratih Kusumastuti
Jurnal Ekonomi, Teknologi dan Bisnis Vol. 3 No. 6 (2024): Jurnal Ekonomi, Teknologi dan Bisnis
Publisher : Al-Makki Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57185/jetbis.v3i6.115

Abstract

This research aims to determine the influence of carbon performance, environmental costs, and green product innovation on carbon emission disclosure and its impact on financial performance (a case study of Energy Sector Companies Listed on the IDX in 2020-2022). The population in the research is energy sector companies listed on the BEI in 2020-2022. The research sample was selected using a purposive sampling technique, namely a sample determination technique using predetermined criteria, so that a total sample of 54 research samples was obtained. This research method uses quantitative methods. This research uses secondary data obtained through the publication of financial reports, annual reports and sustainability reports for each energy sector company listed on the Indonesia Stock Exchange (BEI). The research results show that carbon performance and green product innovation have a positive and significant effect on carbon emissions disclosure. Environmental costs have a negative but not significant effect on carbon emissions disclosure. Carbon performance has a negative and significant effect on financial performance. Environmental costs have a positive and significant effect on financial performance. Green product innovation has a negative but not significant effect on financial performance. Disclosure of carbon emissions has a positive and significant effect on financial performance. Carbon performance and green product innovation have a positive and significant effect on financial performance through carbon emission disclosure. Environmental costs have a negative but insignificant effect on financial performance through carbon emission disclosure.
Systematic Literature Review: The Role of Audit Quality in Detecting Fraud Jenny Liana; Rita Friyani; Mukhzarudfa Mukhzarudfa
Journal of Comprehensive Science Vol. 5 No. 1 (2026): Journal of Comprehensive Science
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/jcs.v5i1.3865

Abstract

This research aims to examine articles related to the role of audit quality in detecting fraud. This study uses the blibliometrics-based Systematic Literature Review (SLR) method to identify, evaluate, and synthesize relevant empirical research results from Scopus' reputable database. The literature search was carried out with a combination of the keywords fraud detection and quality audit. Of the 110 articles identified, as many as 34 articles met the inclusion criteria after going through the selection process using the PRISMA protocol. The results of this study show that fraud detection is a multidimensional phenomenon influenced by a combination of individual auditor factors (competence, professionalism, skepticism), quality of internal governance and control, and the use of technologies such as CAATs, big data analytics, and artificial intelligence. Audit quality has proven to be an important catalyst that strengthens the effectiveness of fraud detection, although traditional proxies such as KAP size and tenure audits do not always consistently explain fraud detection capabilities. Overall, these findings confirm that synergies between audit quality, governance mechanisms, and intelligent automation are needed to improve the effectiveness of fraud prevention and detection.
Co-Authors Abd Aziz, Marwa Abelia Fitri Rahman Achmad Hizazi Adi Surahmat Afrizal Afrizal Agung Pratama Ahmad Nur Budi Utama Alfala, Miftakul Khoir Amirul Afif Muhamat Anjarsari, Putri Salsa Apriani, Tari Apriyanti, Nur Ulyana Ariani, Lia Bela Santia Camelia Camelia Dedi Setiawan Dedy Setiawan Diana Safutri Dica Lady Silvera Dilla Dwi R.R Dini Zaskya Eko Prasetyo Emilia Fornia Enggar Diah Puspa Arum Esthie Nur W.A Esty Octesy Etik Umiyati Fadhilah, Afifah Nurul Fatricia Rofalina Febrila, Ariqo Feranika, Ayu Ferinluary, Fadila Finti Eka S Firmansyah Firmansyah Fitrini Mansur Fredy Olimsar FRIYANI, RITA Gowon, Muhammad Hamzah, Hamzah Handoko, Kris Hanna Septiani Hazmi Arimiko S Heriberta Heriberta Hernando, Riski Hurriyah Hurriyah Iin Tamarisa Ilham Wahyudi Izzuddin, Muhammad Jamaili, Salman Jenny Liana Jordhi Arfito Jullani Kelvin Setiawan Kurniawati, Rizki Kusumawati, Indah Laga, Anastasya Lestari, Rinda liana parahdila M Indra Gunawan M Sholihin Malau, Yemima Christiani Maratusholihah Abd Latif Mardini, Sasra Martha Yurdila J Melfa Asi Gres Br Silalahi Meri Novita Sari Merry Wiraswasti S Mike Maya S Minati, Jurnia Moh. Ihsan Monisca Nema Muhammad Gowon Muhammad Ridwan Muhammad Ridwan Muhardi Achmad Musa Adikusuma Nanda Afrimelta Ningsih, Maryati Ningtyas, Arie Dea Nisa Oktavia Nora Triandini Novialdi . Novita Eka P. Novita Sari Nurfani Amelia Putri Nurfitriani , Nurfitriani Nurhasniwati Nuri Andriyani Nurul Tsalatsa Azizah Okta Sulviana Oktavia, Nisa Parkhurst, Helen Parmadi Puspita, Deta Qodri, Muhammad Amin Rachmani, Diah Ayu Rahayu , Rahayu Rainiyati Rainiyati Ramadhanty, Della Ratih Kusumastuti Rega C Reni Yustien Reni Yustien Rezi Abdurrahman Rico Wijaya Z Riman Abimayu Rinda Lestari Riski Hernando Rita Friyani Robby Erviando Z Rusadi, Lia Atthahira Salman Jumaili Saraswati, Leli Sari, Dwi Rahmita Scheilla Aprilia Murnidayanti Sidratul Fadil Sisti Nurjanah Siswahyudianto Sri Handayani Sri Rahayu SRI RAHAYU Suridar Sanah SUSANTI, NOVRIANI Susfayetti, Susfayetti Syada Aryanto Syindy Cantika Tesa Hikmatia R Tona Aurora L Tona Aurora L Tona Aurora Lubis Wahyono Wahyono Wahyu MZ, Gandy Wasti Margaretha, Widya Wawan Anggara Winda Wulan S Wiralestari, Wiralestari Wiralestari, Wiralestari Wirmie Eka Putra Wiwik Tiswiyanti Yudi Yudi Yudi Yudi Yudi Yuliana Yuliusman - Yuyung Nur Jayanti Zesmi Kusmila Zulfanetti Zulfanetti, Zulfanetti Zulma, Gandy Wahyu Maulana