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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 Manajemen 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 Behavioral Finance of MSMEs: Financial Inclusion and Financial Technology Huda, Nurrizal; Risman, Asep
Indikator: Jurnal Ilmiah Manajemen dan Bisnis Vol 8, No 2 (2024)
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/indikator.v8i2.26780

Abstract

This project is to gather empirical data on the topic to gain a better understanding of how financial technology, or Fintech, affects the financial behavior of micro, small, and medium-sized firms (MSMEs). 110 MSMEs spread over West Jakarta made up the sample in 2023. As part of the data gathering method, a random sample questionnaire with a 5-point Likert scale was created using the online tool Google Forms. The Structural Equation Modeling (SEM) model was applied to the data using Partial Least Squares (PLS) software. The results of the study show that financial inclusion and financial technology (Fintech) have a positive influence on MSMEs' financial behavior. Financial technology, or Fintech, may function as a mediator and positively influence MSMEs' financial behavior by promoting broader financial inclusion. This information will be useful to financial institutions, relevant governments, entrepreneurs, and business support organizations that aim to improve the financial behavior and practices of MSMEs. The significance of programs intended to promote good financial conduct, expand financial inclusion, and educate the public about the advantages of fintech in order to enable MSMEs to adopt more responsible financial practices.
The Behavioral Finance of MSME: Digital Finance, Managerial Biases, Financial Literacy Risman, Asep
Dinasti International Journal of Economics, Finance & Accounting Vol. 5 No. 2 (2024): Dinasti International Journal of Economics, Finance & Accounting (May - June 20
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v5i2.2660

Abstract

This research aims to find empirical evidence of influence digital finance, managerial biases, and financial literacy on the MSMEs financial behavior. The population of this research is all MSMEs in DKI Jakarta. The sample used in this research was 200 respondents (MSME owners) from all 210 MSMEs who were willing to become respondents. Sampling was carried out using random techniques. Data collection was carried out by manually and online distributing questionnaires using Google Forms, and measured using a 5-point Likert scale. Data processing was carried out using Partial Least Square (PLS) software. The results of this research show that digital finance and financial literacy positively affect the MSMEs financial behavior. However, managerial biases does not affect the MSMEs financial behavior.
The Behavioral Islamic Finance: Conceptual Framework and Literature Review Risman, Asep
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 7 No 2 (2024): Sharia Economics
Publisher : Sharia Economics Department Universitas KH. Abdul Chalim, Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v7i2.5071

Abstract

In this paper, we propose a conceptual framework of behavioral Islamic finance, we redefine intention as an action or condition that precedes behavior. This paper examines theories, expert opinions, and several research results from scientific papers and articles as well as books from several scientific disciplines other than financial management, then makes reasoning and sequence. This paper proposes redefining intentions as actions or states that precede behavior, other than intentions in the heart. Also, some definitions and propositions of relationships between constructs are expected to be helpful for future scholarship and studies on behavioral Islamic finance and other behavioral finance studies.
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 Effect of Capital Structure, Growth Company and Profitability on Value Company Moderated Good Corporate Governance (Gcg) and Sustainability Reporting (Study on Consumer Goods Industry Companies Listed on Idx 2020-2024) Irvindha Sella Novelyna Handayani; Asep Risman
MAMEN: Jurnal Manajemen Vol. 5 No. 2 (2026): April 2026
Publisher : Yayasan Literasi Sains Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55123/mamen.v5i2.7660

Abstract

This study investigates the effects of capital structure, firm growth, and profitability on firm value, with Good Corporate Governance (GCG) and sustainability reporting as moderating variables. A quantitative approach was applied using secondary data from financial statements and sustainability reports of consumer goods companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. The sample was selected through purposive sampling, resulting in 15 firms and 75 firm-year observations. Panel data regression analysis was conducted using EViews software. The findings reveal that capital structure and firm growth positively and significantly affect firm value, while profitability does not show a significant influence. GCG moderates the relationship between capital structure and firm growth on firm value but fails to moderate the link between profitability and firm value. Sustainability reporting also moderates the relationship between capital structure and firm growth, yet does not moderate the effect of profitability. These results suggest that firm value in Indonesia’s consumer goods industry is driven more by strategic financing and growth decisions, reinforced by governance quality and sustainability disclosure, rather than short-term profitability. The study highlights the importance of integrating financial policies, governance mechanisms, and sustainability practices to enhance market perceptions of firm value.
Is Profitability the Missing Link? Green Financing, Capital Adequacy, Credit Risk, and Efficiency in Driving Firm Value Tri Kartini Putri; Asep Risman
Greenation International Journal of Economics and Accounting Vol. 4 No. 2 (2026): Greenation International Journal of Economics and Accounting (May - June 2026)
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i2.825

Abstract

This study provides empirical evidence on whether profitability remains a key link in the influence of emerging factors, such as green financing, and traditional factors on firm value. The study uses panel data from six conventional commercial banks included in the LQ45 index during the 2019–2023 observation period. The results indicate that neither Green Financing nor capital adequacy directly impacts profitability or firm value. However, credit risk and efficiency exhibit significant negative effects on both outcome variables, while profitability itself significantly positively impacts firm value. Other findings indicate that profitability is only a key link in the influence of operational efficiency on firm value but does not serve as a significant pathway for Green Financing, capital adequacy, and credit risk. Overall, this study underscores that operational discipline (cost efficiency) has a greater impact on market value than sustainable financing initiatives and capital adequacy.
The behavioral finance of MSMEs in the advancement of financial inclusion and financial technology (Fintech) Asep Risman; Anees Janee Ali; Mochamad Soelton; Indra Siswanti
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 Behavioral Finance of the Digital Gold Market: Heuristics, Overconfidence Bias, and Market Sentiment Agung Pangestu Prihanto; Asep Risman
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.
The Effect of Environmental, Social, Governance and Financial Factors on Firm Value in Transportation Companies Destriani Wibowo; Asep Risman
Dinasti International Journal of Digital Business Management Vol. 7 No. 2 (2026): Dinasti International Journal of Digital Business Management (February - March
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijdbm.v7i2.6387

Abstract

This study examines the effect of Environmental, Social, and Governance practices, capital structure, and profitability on firm value in transportation and logistics companies listed on the Indonesia Stock Exchange during 2020–2024, with firm growth and investment decisions as moderating variables. The research aims to clarify whether sustainability initiatives independently enhance firm value or depend on financial discipline and investment governance. Using a quantitative approach with panel data regression analysis and moderated regression analysis, firm value is measured by Tobin’s Q, capital structure by debt-to-equity ratio, profitability by return on assets, firm growth by sales growth, and investment decisions by investment opportunity set. The findings indicate that Environmental, Social, and Governance practices negatively and significantly affect firm value, capital structure has no significant effect, and profitability positively influences firm value. Firm growth does not moderate these relationships, while investment decisions significantly moderate the effects of sustainability practices and profitability. The results suggest that sustainability initiatives enhance firm value only when aligned with disciplined investment strategies and strong financial performance in a volatile industry environment.
Sustainability, Capital Structure, and Growth on Firm Value: Evidence from the Indonesian Technology Sector with Profitability and ERM as Moderators Arief Syafrudin; Asep Risman
Dinasti International Journal of Digital Business Management Vol. 7 No. 2 (2026): Dinasti International Journal of Digital Business Management (February - March
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijdbm.v7i2.6429

Abstract

This study aims to examine the effect of Sustainability, Capital Structure, and Firm Growth on Firm Value, with Profitability and Enterprise Risk Management as moderating variables in technology sector companies listed on the Indonesia Stock Exchange during 2019–2024. The population consists of 47 companies, with a sample of 14 firms selected through purposive sampling. The study uses secondary data obtained from financial statements and annual reports published on the official website of the Indonesia Stock Exchange and company websites. The analytical methods employed are panel data regression and Moderated Regression Analysis using the Random Effect Model approach. The findings reveal that Capital Structure and Firm Growth have a positive and significant effect on Firm Value, while Sustainability has no significant effect. Profitability does not moderate the relationships between Sustainability, Capital Structure, and Firm Growth and Firm Value. Enterprise Risk Management does not moderate the effect of Sustainability and Firm Growth; however, it strengthens the positive effect of Capital Structure on Firm Value. Simultaneously, the model is statistically significant with an explanatory power of 30.22 percent. These results indicate that financing decisions and growth performance are more valued by the market when supported by effective risk management practices
Co-Authors *, Markonah Agung Pangestu Prihanto Ainunnisa, Ditya Alfiena Andam Dewi Syarif Anees Janee Ali Arief Syafrudin Budi Lestijawan Eka Saputra Cahaya, Ferry Destriani Wibowo Ella Anggraini Farida Elmi Gustanto, Rusli Huda, Nurrizal Irvindha Sella Novelyna Handayani 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 Rahayu, Fadilah Siti Rahmah Alwan Reiga Ihsanul Izzul Haq Rini Mulyasari Rusdi, Elman Junizar Saputra, Budi Lestijawan Eka Saputri, Ayu Laynda Sartono, Imam Septyani, Ayu Tri Kartini Putri Wahyuningsih, Liya