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All Journal The Indonesian Accounting Review The International Journal of Accounting and Business Society Jurnal Ilmiah Manajemen dan Bisnis (JIMB) Tazkia Islamic Finance and Business Review Indikator: Jurnal Ilmiah Manajemen & Bisnis Jurnal Doktor Manajemen (JDM) Dinasti International Journal of Management Science Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) International Journal of Digital Entrepreneurship and Business (IDEB) Jurnal Ilmu Ekonomi dan Sosial (JIES) Jurnal Penyuuhan dan Pemberdayaan Masyarakat (JPPM) Jurnal Pengabdian Masyarakat Bangsa Realible Accounting Journal IIJSE International Journal of Indonesian Business Review Journal of Business Innovation and Research Journal of Fundamental Management (JFM)
Risman, Asep
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The Personal Finance Behavioral: Digital Finance, Financial Knowledge And Financial Attitudes (Study on Mercu Buana University Students) Saputri, Ayu Laynda; Risman, Asep
Jurnal Ilmiah Manajemen dan Bisnis Vol 11, No 1 (2025): Jurnal Ilmiah Manajemen dan Bisnis
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/jimb.v11i1.26358

Abstract

Digitalization has become the factor to sustainable economic growth, every country including Indonesia continues to encourage digitalization in all sectors. The development of technology whose function is for transactions from various economic activities carried out by Mercu Buana University students, this study aims to analyze the influence of digital finace, financial knowledge, and financial attitudes towards financial behavior in Mercu Buana University students. To obtain data in this study by distributing questionnaires to students with a total of 100 respondents, with data analysis carried out using Partial Least Square (PLS) software. This research proves that funds show that digital finance has a positive effect on student financial behavior. And financial knowledge positively influences financial behavior and financial attitudes positively also influence financial behavior.
Comparing Optimal Portfolios: Markowitz vs. Single Index Models for IDX High Dividend 20 Stocks (2022) Melati, Rampi; Risman, Asep
Journal of Business Innovation and Research Vol. 3 No. 1 (2024): JOURNAL OF BUSINESS INNOVATION AND RESEARCH
Publisher : UPN Veteran Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31315/jubir.v3i1.11226

Abstract

This study aims to implement portfolio models using the Markowitz Model and Single Index Model, and to qualitatively compare the portfolios formed by these two models. A quantitative descriptive approach is employed. The study focuses on a population of 24 companies listed in the IDX High Dividend 20 stock index for the year 2022. The optimal portfolio formation through the Single Index Model results in 5 candidate companies: ADRO (36.06%), BBCA (12.87%), BBNI (22.34%), BBRI (21.86%), ITMG (6.87%) with a return of 3.44% and a portfolio risk of 0.23%. Meanwhile, the Markowitz Model results in 6 candidate companies: ADRO (18.81%), BBCA (2.21%), INDF (20.25%), ITMG (12.75%), KLBF (40.82%), UNVR (4.86%) with a return of 2.89% and a portfolio risk of 0.10%.
Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan, dan Keputusan Investasi Terhadap Nilai Perusahaan Izzul Haq, Reiga Ihsanul; Risman, Asep
Journal of Fundamental Management (JFM) Vol 5, No 1 (2025): MARET 2025
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/jfm.v5i1.20040

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh profitabilitas, ukuran perusahaan, dan keputusan investasi terhadap nilai perusahaan. Dalam penelitian ini, nilai perusahaan diukur dengan menggunakan Tobin’s Q. Data dalam penelitian ini adalah data sekunder berupa laporan keuangan tahunan perusahaan sektor transportasi dan logistik yang telah diaudit dan dipublikasikan yang tercatat di Bursa Efek Indonesia periode tahun 2016-2021. Populasi dalam penelitian ini sebanyak 30 perusahaan dan yang menjadi sampel yang digunakan dalam penelitian ini sebanyak 9 perusahaan. Metode yang digunakan dalam penelitian ini adalah penelitian kuantitatif. Alat analisis yang digunakan pada penelitian ini adalah data regresi data panel dengan menggunakan bantuan aplikasi Eviews 12, yang bertujuan untuk mengetahui masing-masing tingkat signifikan variabel antara variabel independen dengan variabel dependen. Berdasarkan hasil analisis yang telah ditemukan dapat diketahui bahwa profitabilitas (ROA) berpengaruh positif terhadap nilai perusahaan, leverage (DER) tidak berpengaruh terhadap nilai perusahaan, ukuran perusahaan (SIZE) berpengaruh negatif terhadap nilai perusahaan, dan keputusan Investasi (PER) tidak berpengaruh terhadap nilai perusahaan
Behavioral Finance of MSMEs: The Role of Digital Finance, Financial Literacy, and Financial Attitude Maulani, Rury Indah; Risman, Asep
Indikator: Jurnal Ilmiah Manajemen dan Bisnis Vol 9, No 3 (2025)
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/indikator.v9i3.33232

Abstract

This study aims to examine the influence of digital finance, financial literacy, and financial attitudes on the financial management behavior of Micro, Small, and Medium Enterprises (MSMEs) in the City of Tangerang. The population in this research consists of 115,000 MSME actors. The sample used comprises 100 respondents, determined based on the Slovin formula. The sampling technique employed is simple random sampling. Data were collected through a survey method using a questionnaire as the research instrument. The data were analyzed using the Partial Least Square (PLS) software. The findings demonstrate that digital finance has a positive effect on financial management behavior, financial literacy positively influences financial management behavior, and financial attitudes also have a positive impact on financial management behavior.
The Impact of Sustainable Financing, Dividend Policy, and Capital Structure on Firm Value: An Empirical Study of Banks Listed on the Indonesia Stock Exchange Rusdi, Elman Junizar; Risman, Asep
Jurnal Ilmiah Manajemen dan Bisnis Vol 11, No 2 (2025): Jurnal Ilmiah Manajemen dan Bisnis
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/jimb.v11i2.31259

Abstract

This study aims to analyze the impact of sustainable financing, dividend policy, and capital structure on firm value, with a particular focus on the banking subsector listed on the Indonesia Stock Exchange (IDX). A quantitative analysis approach is employed to ascertain the relationship between the independent variables namely, the sustainable financing ratio, the dividend payout ratio (DPR), and the debt to equity ratio (DER) and the dependent variable, firm value, which is measured by the price to earnings ratio (PER). The study employs panel data regression analysis using the R-4.4.2 software packages. The sample comprises seven banking companies, selected using purposive sampling, with a total of 21 observations derived from annual financial statements and sustainability reports covering the period 2021-2023. The findings demonstrate that sustainable financing exerts a substantial negative influence on firm value, indicating that an augmentation in sustainable financing can actually diminish the market value of the company. Similarly, dividend policy has also been found to have a negative effect on firm value, while capital structure has been observed to have a positive but statistically insignificant effect. It is anticipated that this study will provide insights for management and investors, emphasizing the importance of balancing these financial variables in decision-making in order to enhance company performance and investment strategies.
The Behavioral Finance of the Digital Gold Market: Heuristics, Overconfidence Bias, and Market Sentiment Prihanto, Agung Pangestu; Risman, Asep
The Indonesian Accounting Review Vol. 15 No. 1 (2025): January-June 2025
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/tiar.v15i1.4882

Abstract

This study aims to analyze the effect of heuristic and overconfidence biases on investment decision-making through market sentiment. This study was conducted on the digital gold market which has never existed in previous studies, this study also uses market sentiment as a mediating variable. The study population consists of 5,628 investors in the digital gold market at JFX, with a sample of 200 respondents obtained using the convenience sampling technique. The data analysis method employed is Structural Equation Modeling (SEM) using the Smart PLS application. The results of the study show that heuristics do not influence investment decision-making, either directly or through market sentiment. Conversely, overconfidence bias exerts a notable positive impact on investment decision-making, both directly and indirectly through market sentiment. Although investors often utilize heuristics, these do not directly contribute to investment decision-making. Overconfidence bias, which reflects excessive confidence in one's abilities, plays an important role in investment decisions. This study contributes to understanding how biases affect investment behavior and emphasizes the importance of market sentiment in mediating these effects.
Leveraging Digital Finance Literacy to Enhance Financial Inclusion for Migrant Communities in Malaysia Risman, Asep; Syarif, Andam Dewi
Jurnal Penyuluhan dan Pemberdayaan Masyarakat Vol. 4 No. 3 (2025): Jurnal Penyuluhan dan Pemberdayaan Masyarakat (September)
Publisher : CV. Era Digital Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59066/jppm.v4i3.1484

Abstract

This Community Service Activity is intended to improve the financial inclusion of Indonesian migrant workers in Malaysia, focusing on those residing on Penang Island. As an integral part of the Indonesian diaspora, migrant workers often face challenges in accessing financial services, which in turn can affect their overall welfare. Enhancing financial inclusion is considered a strategic approach to supporting their economic well-being and long-term sustainability. The activity was carried out through educational interventions designed to strengthen digital finance literacy. The method involved a combination of lectures and practical training. The materials delivered included an overview of digital finance, types of digital finance services, their benefits, and step-by-step guidance on using digital financel applications—such as e-wallets and digital gold platforms. Practical components covered processes such as account registration, fund deposits and withdrawals, as well as transactions (purchasing and selling) within digital marketplaces in collaboration with financial technology providers. To evaluate the effectiveness of the program, a questionnaire was administered to participants. The results indicated that 73.3% of participants expressed a high level of satisfaction, while 57.3% perceived the program as important and beneficial. Tangible outputs from this activity include educational videos published on YouTube, articles featured in mass media, peer-reviewed journal publications, and registered Intellectual Property Rights (IPR).
Determinants of Firm Value: The Roles of Sustainability, Business Risk, and Dividend Policy with Profitability as a Mediating Variable Khalisma, Mustofa Nur; Risman, Asep
Dinasti International Journal of Management Science Vol. 7 No. 1 (2025): Dinasti International Journal of Management Science (September - October 2025)
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijms.v7i1.5382

Abstract

This study examines the impact of sustainability, business risk, and dividend policy on firm value, with profitability as a mediator. To provide empirical insights, the research utilizes data from a sample of 12 coal companies listed on the Indonesia Stock Exchange (IDX) over the period from 2019 to 2023. The research method employs panel data regression analysis to test the relationships among variables and the Sobel test to examine the mediating role. The results show that sustainability does not affect firm value, business risk has a positive effect on firm value, dividend policy does not affect firm value, and profitability has a positive effect on firm value. Then, sustainability has a positive effect on profitability, business risk does not affect profitability, and dividend policy has a negative effect on profitability. Furthermore, profitability is found to mediate the effect of sustainability and dividend policy on firm value, while profitability does not mediate the effect of business risk on firm value.
The behavioral finance of MSMEs in the advancement of financial inclusion and financial technology (Fintech) Risman, Asep; Ali, Anees Janee; Soelton, Mochamad; Siswanti, Indra
The Indonesian Accounting Review Vol. 13 No. 1 (2023): January - June 2023
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/tiar.v13i1.3213

Abstract

This study aims to determine empirical evidence of the effect of financial inclusion and financial technology (fintech) on the behavioral finance of MSMEs. This study uses a quantitative method with a positivist paradigm approach. The population of this study is all MSMEs in Indonesia. The sample used in this study is 205 respondents (MSME owners) from all over Indonesia. Sampling is carried out using a random technique. Data collection is carried out by distributing questionnaires, both manually and online using Google Forms, and is measured using a 5-point Likert scale. The data processing is carried out using Partial Least Square (PLS) software with a Structural Equation Modeling (SEM) model. The results of this study show that financial inclusion and financial technology (fintech) have a direct positive effect on the behavioral finance of MSMEs. Financial technology (fintech) can mediate and increase the effect of financial inclusion on the behavioral finance of MSMEs.
The Determinants of Firm Value: Commodity Prices, Exchange Rates, Inflation, and Business Risk as Intervening Variable Nugraheni, Pristina; Risman, Asep
International Journal of Indonesian Business Review Vol. 4 No. 1 (2025)
Publisher : Asosiasi Dosen Peneliti Ilmu Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54099/ijibr.v4i1.1134

Abstract

Purpose – The objective of this study is to examine The Determinants of Firm Value: Commodity Prices, Exchange Rates, Inflation, and Business Risk as Intervening Variable. The population in this study consists of the mining sector and plantation sub-sector companies listed on the Indonesia Stock Exchange from 2017 to 2022. Methodology/approach – The sampling technique used is purposive sampling, resulting in a total of 31 research samples used in this study. The data analysis techniques employed in this research are panel data regression and the Sobel test. Findings – The analysis results indicate that Commodity Prices and Exchange Rate have a significant negative effect on Firm Value; Inflation does not affect Company Value and Business Risk has a significant positive effect on Firm Value; Commodity Prices and Exchange Rate have a significant positive effect on Business Risk; and Inflation does not effect on Business Risk; Business Risk can mediate the effect of Commodity Prices and Exchange Rate on Firm Value; and Business Risk is not able to mediate the effect of Inflation on Firm Value.
Co-Authors *, Markonah Ainunnisa, Ditya Alfiena Ali, Anees Janee Cahaya, Ferry Elmi, Farida Firdaus, Iwan Gustanto, Rusli Huda, Nurrizal Izzul Haq, Reiga Ihsanul Jaih Mubarok Kahfi, Khairunnisa Khalisma, Mustofa Nur Luna Haningsih, Luna Markonah, Markonah Maulani, Rury Indah Melati, Rampi Mochamad Soelton Ningrum, Mersa Lestari Nugraheni, Pristina Oktaviani, Delvi Pamungkas, Agus Cahyo Prihanto, Agung Pangestu Rahayu, Fadilah Siti Rusdi, Elman Junizar Saputra, Budi Lestijawan Eka Saputri, Ayu Laynda Sartono, Imam Septyani, Ayu Syarif, Andam Dewi Wahyuningsih, Liya