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All Journal JAM : Jurnal Aplikasi Manajemen PROFIT : Jurnal Administrasi Bisnis AMAR (Andalas Management Review) Journal of Entrepreneurship & Business Indonesian Journal of Multidisciplinary Science International Journal of Tourism and Hospitality in Asia Pasific Journal of the Community Development in Asia Journal of International Conference Proceedings Jurnal Manajemen Pemasaran dan Perilaku Konsumen Jurnal Management Risiko dan Keuangan
Wijayanti, Risna
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Public Health Social Sciences

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Community Social Capital and Firm Performance Rahmawati, Fitriana; Rofiq, Ainur; Wijayanti, Risna
Journal of International Conference Proceedings Vol 4, No 1 (2021): Proceedings of the 9th International Conference of Project Management (ICPM) Mal
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/jicp.v4i1.1144

Abstract

This study aims to contribute to the social capital theory. This goal is achieved through determine the relationship between social capital and firm performance. It is carried out because SME's have limited access to resources. SME's need other alternatives to sustain their business. Small entrepreneurs feel the need to focus more on their internal resources. The development of the theory of social capital is important. In contrast to most previous studies, this research uses qualitative study research methods. To obtain the data, in-depth interviews with key informants were conducted. The finding shows that social capital consists of reciprocity, trust, network, and norms. This study also provides evidence that social capital plays a pivotal role in SME performance. Small entrepreneurs get various benefits after joining the group. In addition, social capital can help empower ordinary housewives to become small-scale entrepreneurs. In conclusion, strong social capital can improve business performance, thereby encouraging the economy to grow. The results of this research can be used as consideration for business entities to strengthen their business performance. More than that, this research is also used as a guide in determining strategic SME development policies for government. This research also contributes to the development of strategic management theory.
Financial Flexibility Analysis on Energy Sector Publicly Listed Firms Tambunan, Mikael Gabe Pahala; Wijayanti, Risna
Jurnal Management Risiko dan Keuangan Vol. 3 No. 3 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2024.03.3.07

Abstract

The purpose of this research is to analysis the financial flexibility in companies within the energy sector during the period from 2017 to 2022. This research adopts a descriptive research design. The sampling method employed is purposive sampling, resulting in a sample of 25 companies in the energy sector listed on the Indonesia Stock Exchange before 2014 and classified as mainboard trading. Financial flexibility is measured using the Altman Z-Score first edition (1968), involving ratios such as WCTA, RETA, EBITTA, MVETL, and STA. In the analysis, Altman's cut-off points from 1968 is used to categorize companies as financially flexible or less flexible. A company is considered to have financial flexibility if its Z-Score is above 1.81, while it is considered less flexible if it is below this threshold. The analysis results on the sample companies indicate that the energy sector is experiencing the impact of unexpected conditions, especially for companies listed as mainboard. The findings indicate that companies with financial flexibility demonstrate a better ability to navigate unexpected conditions.   Abstrak Tujuan dari penelitian ini adalah untuk menganalisis fleksibilitas keuangan dalam perusahaan di sektor energi selama periode 2017 hingga 2022. Penelitian ini mengadopsi desain penelitian deskriptif. Metode pengambilan sampel yang digunakan adalah purposive sampling, menghasilkan sampel dari 25 perusahaan di sektor energi yang terdaftar di Bursa Efek Indonesia sebelum tahun 2014 dan diklasifikasikan sebagai perdagangan pada papan utama. Fleksibilitas keuangan diukur menggunakan Altman Z-Score edisi pertama (1968), melibatkan rasio seperti WCTA, RETA, EBITTA, MVETL, dan STA. Dalam analisis, cut-off point Altman dari tahun 1968 digunakan untuk mengelompokkan perusahaan sebagai fleksibel atau kurang fleksibel secara keuangan. Sebuah perusahaan dianggap memiliki fleksibilitas keuangan jika nilai Z-Score-nya di atas 1,81, sementara dianggap kurang fleksibel jika di bawah angka 1,81. Hasil analisis pada sampel perusahaan menunjukkan bahwa sektor energi sedang mengalami dampak dari kondisi yang tidak terduga, terutama untuk perusahaan yang terdaftar di papan utama. Temuan menunjukkan bahwa perusahaan dengan fleksibilitas keuangan menunjukkan kemampuan yang lebih baik untuk mengatasi keadaan yang tidak terduga.
THE EFFECT OF PERCEIVED USEFULNESS, PERCEIVED EASE OF USE, AND SOCIAL INFLUENCE TOWARD INTENTION TO USE MEDIATED BY TRUST Kurniawan, Ilham Agung; Mugiono, Mugiono; Wijayanti, Risna
Jurnal Aplikasi Manajemen Vol. 20 No. 1 (2022)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jam.2022.020.01.12

Abstract

This research analyses the effect between perceived usefulness, perceived ease of use, social influence, trust, and intention to use on a digital zakat application at Malang City. The object of this research utilizes people who are 23 years of age and over. Besides, they are required to have income, know about a digital zakat application, and are required to pay zakat using the application. This research used a nonprobability sampling method with a purposive sampling technique of 104 respondents. It also utilized smartPLS 3.0 as data analysis. The research instruments involve the inner model test, outer model, conversion path diagram, and hypothesis testing. The result of the analysis reveals perceived usefulness, perceived ease of use, social influence, and trust explicitly affect intention to use the digital zakat application. Trust can mediate the influence of perceived usefulness, perceived ease of use, and social influence toward intention to use. Social Influence and Trust have a dominant influence on intention to use. In this case, service facility providers can promote digital zakat applications through any media to reach potential consumers. It can help them give some recommendations about the use of zakat applications. Moreover, it will help create trust in consumers about using digital zakat applications.
Green Innovation, Environmental Management Accounting, and Environmental Performance: Their Impact on Firm Value Azizah, Zelfi Nur; Wijayanti, Risna
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

The increasing issues of environmental condition has pressed the transition toward environmentally-friendly industry. Then, the demand in industry has caused the shift in the valuation for companies in their contribution to the environment as a form of advantages amid their effort of keeping their sustainability, and companies with the highest contribution to emission and pollution are no exception. Therefore, assessments on the effective environmental protection efforts that support firm value are required. The objective of this research is to identify the relationships between green innovation, Environmental Management Accounting (EMA), and firm value with the mediation of environmental performance. Using purposive sampling, 38 energy-sector companies listed on the Indonesia Stock Exchange from 2019 to 2022 were selected as the sample. The direct and indirect relationships between the construct variables were analyzed quantitatively by utilizing PLS-SEM in SmartPLS 4. The results indicate that green innovation and EMA have significant impacts on firm performance, that green innovation significantly affects the companies’ environmental performance, and that environmental performance does not mediate the influences of green innovation and EMA on firm value.
Liquidity, Activity, Solvency, Profitability on Company Value Mediated by Investment Decision Budiarti, Sandy; Moeldjadi, Moeldjadi; Wijayanti, Risna
Indonesian Journal of Multidisciplinary Science Vol. 2 No. 11 (2023): Indonesian Journal of Multidisciplinary Science
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/ijoms.v2i11.605

Abstract

A country with high economic potential in the international community is Indonesia. Indonesia is one of the countries with positive economic growth amidst the current global uncertainty. Indonesia's current economic growth is quite high in the region of other ASEAN countries. This study discussed liquidity, solvency, and profitability on company value with investment decisions as a mediating variable. This research used a quantitative approach with a descriptive quantitative design carried out at the Investment Gallery, Faculty of Economics and Business, Brawijaya University in 2018-2022. This study shows that investment decisions do not mediate the effect of liquidity, activity, and solvency on company value. However, investment decisions can mediate the effect of profitability on company value.
Sustainable Finance And Investment Efficiency: A Literature Review Wijayanti, Risna; -, Hasmirati
AMAR (Andalas Management Review) Vol. 8 No. 1 (2024)
Publisher : Management Institute Faculty of Economics Universitas Andalas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25077/amar.8.1.39-58.2024

Abstract

The review addresses significant research gaps by examining the impact of corporate social responsibility (CSR) practices and environmental, social, and governance (ESG) disclosures on investment outcomes. It investigates the mediating role of optimal investment in linking business sustainability performance to corporate financial performance, and the influence of corporate governance characteristics, such as CEO duality, on investment efficiency. The study systematically reviews literature from 2020 to 2024, utilizing sources from the Scopus database, and identifies key themes and trends. Findings indicate that integrating sustainable finance principles, including ESG performance metrics and green financial practices, can enhance investment efficiency, reduce financial constraints, and promote transparency. The study highlights the significance of robust governance frameworks and investor trust in achieving sustainable financial practices and improving financial performance, particularly in emerging markets. This review contributes valuable insights for policymakers, investors, and corporate managers aiming to enhance investment efficiency through sustainable practices.
Analysis of the Financial Ratios and Free Cash Flow of Telecommunication Subsector Companies Rabbani, Usamah Jundi; Wijayanti, Risna
Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.3.10

Abstract

The urgency of this research is to measure and understand the financial health of telecommunications subsector companies. The objective of this research is to analyze the financial performance of telecommunications subsector companies based on their cash flows and financial ratios. This descriptive research considers the current situations without making observations and statistical calculations. The population is 22 companies; 4 of them were selected as the sample through purposive sampling technique. This research uses secondary data obtained from the annual financial reports of telecommunications subsector companies listed on the IDX during the 2018-2022 period. The analysis was performed on the companies’ free cash flows and financial ratios. This research finds that the telecommunications subsector companies have both positive and negative free cash flows. Their financial performance, based on the liquidity ratio, is sub-optimal because it is still below the industry’s standards. Then, the financial performance based on the solvency ratio is unsatisfactory because it exceeds industry’s standard limits. Regarding the financial performance based on profitability ratios, some companies are excellent, but there are also companies with poor performance because their profitability ratio is lower than the industry’s standards. Finally, the financial performance based on activity ratios is not quite good because it is still below the industry’s standards.   Abstrak Penelitian ini memiliki urgensi untuk mengukur dan memahami kesehatan finansial perusahaan subsektor telekomunikasi Penelitian ini bertujuan untuk menganalisis kinerja keuangan perusahaan subsektor telekomunikasi berdasarkan analisis arus kas dan analisis rasio keuangan. Jenis penelitian ini adalah deskriptif untuk melihat gambaran atau keadaan yang sedang terjadi tanpa adanya observasi dan perhitungan secara statistika. Populasi dalam penelitian ini berjumlah 22 perusahaan dengan sampel berjumlah 4 perusahaan yang diambil menggunakan purposive sampling. Penelitian ini menggunakan data sekunder yang diperoleh dari laporan keuangan tahunan perusahaan subsektor telekomunikasi di BEI periode 2018-2022. Analisis data yang digunakan pada penelitian ini adalah analisis free cash flow dan rasio keuangan. Hasil penelitian menunjukkan terdapat perusahaan subsektor telekomunikasi dengan free cash flow positif dan negatif. Kinerja keuangan berdasarkan rasio likuiditas masih kurang baik karena berada dibawah standar industri. Kinerja keuangan berdasarkan Rasio solvabilitas masih kurang baik karena melebihi batas standar industri. Kinerja keuangan berdasarkan rasio profitabilitas terdapat perusahaan subsektor telekomunikasi yang memiliki kinerja yang baik, namun terdapat juga perusahaan subsektor telekomunikasi yang kinerjanya kurang baik karena berada dibawah standar industri. Kinerja keuangan berdasarkan rasio aktivitas masih kurang baik karena masih berada di bawah standar industri.
The Analysis of Return on Invested Capital Stephanie, Maurent Lavena; Wijayanti, Risna
Jurnal Management Risiko dan Keuangan Vol. 4 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.2.06

Abstract

The increasing attention to Environmental, Social, and Governance (ESG) issues, as well as environmental concerns, has prompted companies to implement practices that focus on environmental, social, and governance aspects. The growing interest in green investments has led companies to shift towards ESG practices as an effort to gain the trust of various stakeholders and achieve profits from sustainable investments. This study aims to describe the ESG values and the Return on Invested Capital (ROIC) of companies indexed in the IDX ESG Leaders. The research was conducted on 12 companies during the period from 2020 to 2024, utilising purposive sampling for sample selection. A descriptive approach was employed to analyse the ESG values and ROIC of the companies, where ESG values were measured using indicators from the Global Reporting Initiative (GRI). The results of the descriptive analysis indicate that companies are increasingly attentive to and striving to implement ESG practices, encompassing environmental, social, and governance aspects. Furthermore, the level of return on invested capital demonstrates that companies have successfully achieved profits from their capital investments. These findings underscore the importance of integrating ESG practices into business strategies to achieve sustainability and profitability.
Market reaction Analysis on Stocks Listed in the SRI-KEHATI Index Amalia Astari, Nurul; Wijayanti, Risna
Jurnal Management Risiko dan Keuangan Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.4.04

Abstract

This study aims to understand investor behavior toward sustainable investment drives the need to analyze market reaction surrounding changes in the SRI-KEHATI Index, a benchmark for ESG-oriented stocks in Indonesia. This study aims to assess market reaction in response to additions and removals of stocks from the index during the 2022–2024 period. Employing an event study method with an 11-day observation window (t–5 to t+5), the analysis uses Cumulative Average Abnormal Return (CAAR) as proxies for market reaction. The study examines 42 stocks affected by index composition changes over five evaluation periods. Results show that stocks included in the index experienced positive CAAR, suggesting positive sentiment and buying pressure. In contrast, excluded stocks displayed negative CAAR, indicating negative sentiment and selling activity. These outcomes align with signaling theory, where inclusion in the index signals positive prospects to investors. The findings imply that SRI-KEHATI Index revisions contain meaningful information that shapes investor perceptions and trading behavior, reinforcing the role of ESG indices in influencing capital market dynamics.
Analysis of the Decision to Purchase Motorcycle Towing Services Taruwara, Apta Tantra; Wijayanti, Risna
Jurnal Manajemen Pemasaran dan Perilaku Konsumen Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmppk.2025.04.3.25

Abstract

The increase in motorcycle towing business in Indonesia, particularly in Malang City, is the reason for this research to be conducted. Its objective is to identify the internal and external aspects for people’s decision of use the towing service in Malang City. The sample of this qualitative descriptive research was selected using purposive sampling technique, resulting in the inclusion of eight informants. The data was harvested via interviews and documentation. This study finds that the internal aspects that drive people’s decision to purchase the motorcycle towing service are consumer’s need for the service, the quality of the service, and the cost for having the service. Meanwhile, the external aspects are lifestyle, culture, motivation and involvement. Based on the identified aspects, it can be concluded that service quality is the most important factor. High service quality can produce satisfaction for customers and make them to repurchase the service. Another crucial factor for the purchase decision is marketing network. Broad marketing network can enhance company visibility and improve people’s awareness of the offered service. Tantra Storing Malang needs to conduct its own research in order to identify other factors that can also influence the decision to purchase motorcycle towing service in Malang City, by which the company can have a better understanding about customer needs and develop more effective marketing strategies.
Co-Authors -, Hasmirati Ainur Rofiq Alviany, Hilvia Amalia Astari, Nurul Arya Putri, Annisa Maharani Azizah, Zelfi Nur Basuki, Ananto Budiarti, Sandy Cahyaningtyas, Sindy Eka Yulianti Devin, Levina Arista Fitriana Rahmawati Ismayanti, Niken Wahyu Juwita, Himmiyatul Amanah Jiwa Kurniawan, Ilham Agung Margono Setiawan Moeldjadi, Moeldjadi Mugiono Mugiono, Mugiono Mychelia Champaca Rabbani, Usamah Jundi Rahmadina, Salsabila Rosyadi, Dzakiyyah Shalahuddin, Laode Stephanie, Maurent Lavena Sulistyorini, Harlina Sumiati Sumiati Tambunan, Mikael Gabe Pahala Taruwara, Apta Tantra Xaviera, Athena