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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 Digital Business Management Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) International Journal of Digital Entrepreneurship and Business (IDEB) Jurnal Ilmu Ekonomi dan Sosial (JIES) Jurnal Abdimas Perbanas 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) Greenation International Journal of Economics and Accounting
Asep Risman
Universitas Mercu Buana
Agriculture, Biological Sciences & Forestry Arts Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Medicine & Pharmacology Nursing Physics Public Health Social Sciences Other

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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.
Exploring Financial and ESG Drivers of Firm Value: The Moderating Effect of Dividend Policy in the Energy Sector Sartono, Imam; Risman, Asep
Dinasti International Journal of Economics, Finance & Accounting Vol. 6 No. 5 (2025): Dinasti International Journal of Economics, Finance & Accounting (November - De
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v6i5.5445

Abstract

The transition toward sustainable energy practices has created increasing pressure on companies to align financial performance with environmental, social, and governance (ESG) objectives. This study aims to examine the effects of sustainability, profitability, and capital structure on firm value, while analyzing the moderating role of dividend policy among energy sector companies listed on the Indonesia Stock Exchange (IDX). Sustainability is assessed using ESG Score, profitability by Return on Assets (ROA), capital structure by Debt to Equity Ratio (DER), and dividend policy by Dividend Payout Ratio (DPR). A quantitative method is employed, utilizing panel data from 28 firms selected through purposive sampling over the 2017–2023 period. The findings reveal that profitability and capital structure significantly influence firm value, while sustainability shows no significant effect. Furthermore, dividend policy negatively moderates the relationship between profitability and firm value, but does not moderate the effect of sustainability or capital structure. The study concludes that financial metrics remain dominant drivers of firm value in the energy sector, while ESG initiatives may require longer-term adoption to show measurable impact. These insights offer practical implications for corporate managers and investors in aligning strategic financial decisions with sustainability goals.
The Behavioral Finance of MSME in Indonesia: Financial Literacy, Financial Technology (Fintech), and Financial Attitudes Rahayu, Fadilah Siti; Risman, Asep; Firdaus, Iwan; Haningsih, Luna
International Journal of Digital Entrepreneurship and Business Vol 4 No 2 (2023): International Journal of Digital Entrepreneurship and Business (IDEB)
Publisher : Universitas Jakarta Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52238/ideb.v4i2.127

Abstract

The study investigates the critical factors affecting financial behavior in Micro, Small, and Medium Enterprises (MSMEs). It analyzes the role of financial literacy, attitudes, and financial technology (Fintech) on financial management behavior among 1.1 million DKI Jakarta MSME stakeholders in 2020 through random sampling. The study reveals that heightened financial literacy positively influences financial management behavior. A solid foundation in financial knowledge, encompassing personal and corporate finance, leads to improved financial practices. This validates theories about cognitive biases, heuristics, and practical financial decision-making. Additionally, it emphasizes the pivotal role of positive financial attitudes in shaping financial management behavior. Stakeholders with constructive attitudes, such as financial self-control and proactive financial approaches, make sound financial decisions. This aligns with theories of planned behavior, which underscore attitudes in guiding future financial actions. Conversely, the influence of financial technology (Fintech) on MSME financial behavior is limited, primarily due to a lack of awareness and understanding among small and micro-enterprise operators regarding Fintech products and services. This study underscores the importance of promoting financial literacy, nurturing positive financial attitudes, and enhancing Fintech awareness among MSMEs. It offers actionable insights for policymakers, financial institutions, and business support organizations, enabling them to bolster MSMEs’ financial knowledge and practices, thereby supporting their role as economic powerhouses.
Pengaruh Literasi Keuangan, Gaya Hidup, dan Lingkungan Sosial terhadap Perilaku Keuangan Mahasiswa di Jakarta Kahfi, Khairunnisa; Risman, Asep
Jurnal Ilmu Ekonomi dan Sosial (JIES) Vol 12, No 2 (2023): JULI 2023
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/jies.v12i2.24507

Abstract

Penelitian ini bertujuan untuk mengetahui pengaruh literasi keuangan, gaya hidup dan lingkungan sosial terhadap perilaku keuangan. Objek dan populasi dalam penelitian ini adalah 100 mahasiswa/i yang berkuliah di Jakarta. Data yang diolah didapatkan dari penyebaran kuisioner dengan google form dengan Teknik pengambilan purposive sampling. Dan kemudian dianalisis menggunakan analisis PLS (Partial Least Square) dengan menggunakan software SmartPLS 3.0. Penelitian ini membuktikan bahwa Literasi Keuangan, Gaya Hidup dan Lingkungan Sosial berpengaruh positif terhadap Perilaku Keuangan Mahasiswa di Jakarta.
Analisis Dampak Pengumuman Dividen Terhadap Reaksi Pasar (Studi Kasus Pada Perusahaan Indeks Saham LQ45) Melati, Rampi; Risman, Asep
Jurnal Ilmu Ekonomi dan Sosial (JIES) Vol 12, No 3 (2023): NOVEMBER 2023
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/jies.v12i3.24536

Abstract

In general, investors demand diverse, precise, and high-quality data and information. Investors eagerly anticipate the announcement of dividends because the announcement of dividend distribution is a crucial factor influencing investors in their investment decisions. Market efficiency, when viewed solely from the perspective of information, is referred to as an informationally efficient market. This research aims to analyze and test whether there is a difference in abnormal returns before and after dividend announcements. The study employs the event study method on the LQ45 stock index with a research period of 11 days, namely 5 days before the announcement, at the announcement (t=0), and 5 days after the dividend announcement. Based on the results of the Paired Sample t-test hypothesis, abnormal returns before and after dividend announcements show a significance value of 0.782. Since the significance value is ≥ 0.05, H0 is accepted, indicating no difference in abnormal returns before and after dividend announcements
Co-Authors *, Markonah Ainunnisa, Ditya Alfiena Ali, Anees Janee Andam Dewi Syarif Anees Janee Ali Budi Lestijawan Eka Saputra Cahaya, Ferry Ella Anggraini Farida Elmi Gustanto, Rusli Huda, Nurrizal Iwan Firdaus Izzul Haq, Reiga Ihsanul Jaih Mubarok Kahfi, Khairunnisa Khalisma, Mustofa Nur Luna Haningsih Markonah, Markonah Matrodji Mustaffa Maulani, Rury Indah Melati, Rampi Mochamad Soelton Ningrum, Mersa Lestari Nugraheni, Pristina Oktaviani, Delvi Pamungkas, Agus Cahyo Prihanto, Agung Pangestu Rahayu, Fadilah Siti Rahmah Alwan Rusdi, Elman Junizar Saputra, Budi Lestijawan Eka Saputri, Ayu Laynda Sartono, Imam Septyani, Ayu Syafrudin, Arief Tri Kartini Putri Wahyuningsih, Liya Wibowo, Destriani