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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

Purpose – This study aims to analyze the relationships between green innovation, Environmental Management Accounting (EMA), and firm value, with environmental performance as a mediating variable.   Design/methodology/approach –  This research uses a quantitative approach with purposive sampling. The sample consists of 38 energy-sector companies listed on the Indonesia Stock Exchange during 2019–2022. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4 to examine direct and indirect relationships among variables.   Findings – The results show that green innovation and EMA significantly affect firm performance. Green innovation also has a significant effect on environmental performance. However, environmental performance does not mediate the relationship between green innovation, EMA, and firm value.   Originality/value – This study contributes to sustainability and corporate finance literature by providing evidence that environmental performance does not necessarily act as a mediating mechanism in linking green practices to firm value in the energy sector.
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

Purpose – This study aims to analyze the financial performance of telecommunications subsector companies based on free cash flows and financial ratios to assess their financial health.     Design/methodology/approach – This descriptive quantitative study uses secondary data from the annual financial statements of telecommunications subsector companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period. Four companies were selected from a population of 22 using purposive sampling. Financial performance was evaluated through free cash flow analysis and liquidity, solvency, profitability, and activity ratios.   Findings – The results indicate that the sampled companies exhibit both positive and negative free cash flows. Liquidity performance remains below industry standards, while solvency ratios exceed the recommended thresholds, indicating relatively high financial risk. Profitability performance varies across companies, with some achieving satisfactory results and others performing below industry standards. In addition, activity ratios generally remain below industry benchmarks, reflecting suboptimal operational efficiency.   Originality/value – This study provides a comprehensive assessment of the financial health of Indonesia’s telecommunications subsector by integrating free cash flow analysis with financial ratio evaluation, offering useful insights for investors, managers, and other stakeholders.
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

Purpose – This study aims to describe Environmental, Social, and Governance (ESG) values and Return on Invested Capital (ROIC) of companies included in the IDX ESG Leaders index.     Design/methodology/approach – This research uses a descriptive quantitative approach with purposive sampling. The sample consists of 12 companies during the 2020–2024 period. ESG values were measured using Global Reporting Initiative (GRI) indicators, while ROIC was analyzed descriptively.   Findings – The results indicate that companies are increasingly focusing on and implementing ESG practices across environmental, social, and governance dimensions. In addition, ROIC levels show that these companies have been able to generate returns from their invested capital.   Originality/value – This study provides a descriptive overview of ESG implementation and financial performance (ROIC) in ESG-indexed companies in Indonesia, highlighting the integration of sustainability practices with profitability outcomes.
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

Purpose – This study aims to analyze investor reactions to changes in the SRI-KEHATI Index composition, particularly the addition and removal of stocks, as a representation of market responses toward sustainable investment signals in Indonesia.     Design/methodology/approach – This quantitative study employs an event study method with an 11-day observation window (t–5 to t+5). The sample consists of 42 stocks affected by SRI-KEHATI Index composition changes during five evaluation periods from 2022–2024. Market reaction is measured using Cumulative Average Abnormal Return (CAAR).   Findings – The results indicate that stocks added to the SRI-KEHATI Index generate positive CAAR, reflecting positive investor sentiment and increased buying activity. Conversely, removed stocks experience negative CAAR, indicating unfavorable market reactions and selling pressure. These findings support signaling theory, demonstrating that ESG index inclusion and exclusion provide meaningful information for investors.   Originality/value – This study contributes to sustainable finance and capital market literature by demonstrating how ESG index revisions influence investor perceptions and trading behavior in an emerging market context. The findings highlight the strategic role of ESG indices as market signals in shaping investment decisions.  
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

Purpose – The purpose of this study is to identify the internal and external factors influencing people’s decision to use motorcycle towing services in Malang City.     Design/methodology/approach – This study employs a qualitative descriptive approach. The informants consist of eight individuals selected using purposive sampling. Data were collected through interviews and documentation.   Findings – The results indicate that internal factors influencing service usage include customer needs, service quality, and cost. External factors include lifestyle, culture, motivation, and involvement. Service quality is identified as the most dominant factor influencing usage decisions, as it leads to customer satisfaction and repurchase intention. In addition, a strong marketing network is found to increase service visibility and customer awareness.   Originality/valuem– This study provides insight into consumer decision-making in motorcycle towing services in Malang City by integrating both internal and external influencing factors within a qualitative perspective.
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 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