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The Impact of Corporate Funding Policies on Firm Value: A Comparative Study of Debt, Profit, and Free Cash Flow in Transportation and Logistics Companies Hadyan, Deni; P Sitorus, Alvin David; Arifin
Management Analysis Journal Vol. 14 No. 3 (2025): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v14i3.28740

Abstract

This study addressed the critical role of Indonesia's transportation and logistics sector in national economic growth, which faced significant pressure from COVID-19 impacts (15.04% decline) and state expenditure cuts (IDR 306.7 trillion). Prior research revealed inconsistent findings on how funding policies affect company value, highlighting a key knowledge gap. The study examined the comparative impact of company debt, profit, and free cash flow on firm value within this sector. Using quantitative methods, financial data from 19 Indonesian-listed transportation/logistics companies (2018–2023, n = 104 observations) were analyzed via multiple linear regression. Results indicated that debt significantly reduced firm value (β = -0.166, p = 0.006), while profit (β = 0.172, p = 0.042) and free cash flow (β = 0.042, p = 0.009) increased it. These findings suggest that optimizing profit retention and cash flow management, while minimizing excessive debt, enhances company resilience and investor appeal.
Anterior Cruciate Ligament Reconstruction and Radiographic Progression to Knee Osteoarthritis: A Systematic Review Robbi Tri Atmaja; Arifin; Maya Hapsari Kusumaningtyas
The International Journal of Medical Science and Health Research Vol. 17 No. 3 (2025): The International Journal of Medical Science and Health Research
Publisher : International Medical Journal Corp. Ltd

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70070/2bamxw67

Abstract

INTRODUCTION: Anterior cruciate ligament (ACL) injury is a well-established risk factor for the premature development of knee osteoarthritis (OA). ACL reconstruction (ACLR) is the standard of care for restoring knee stability, yet its role in mitigating the long-term radiographic progression of OA remains a subject of intense debate. This review systematically evaluates the evidence on the relationship between ACLR and the long-term development of radiographic knee OA. METHODS: A systematic search of PubMed, Google Scholar, Semanthic Scholar, Springer, Wiley Online Library was conducted for studies reporting on radiographic OA outcomes at a minimum 10-year follow-up after ACL injury, with or without reconstruction. Randomized controlled trials (RCTs) and long-term cohort studies were included. Study quality was assessed using the Cochrane Risk of Bias tool for RCTs. Data on OA prevalence, management comparisons (ACLR versus non-operative), surgical variables, and associated risk factors were extracted and synthesized. RESULTS: Seventeen studies involving over 5,000 patients met the inclusion criteria. The prevalence of radiographic knee OA (Kellgren-Lawrence grade ≥2) at a mean follow-up of over 14 years post-ACLR was consistently high, ranging from 20% to over 50%. Comparative analyses between ACLR and non-operative management yielded conflicting results; some evidence suggests ACLR reduces the risk of any degenerative change, while other high-level evidence indicates a higher risk of moderate-to-severe OA in surgically managed cohorts. Concomitant meniscectomy was consistently identified as the most potent predictor of OA progression, with odds ratios ranging from 1.87 to 3.6. No significant differences in tibiofemoral OA rates were found between bone-patellar tendon-bone and hamstring autografts, though graft-specific morbidities were noted. DISCUSSION: The evidence suggests that the initial traumatic event of an ACL injury initiates a degenerative biological cascade that ACLR, a mechanical solution, cannot fully reverse. The procedure's primary benefit is mechanical stabilization, which can prevent secondary meniscal damage. However, its direct chondroprotective effect is often overshadowed by the profound impact of associated meniscal and chondral damage sustained at the time of injury. CONCLUSION: ACLR is effective for restoring knee function but does not eliminate the high long-term risk of radiographic OA. The progression to OA is multifactorial, with the initial injury pattern, particularly meniscal integrity, being a more critical determinant than the surgical intervention itself. Future research should focus on biological interventions to modulate the post-injury inflammatory response.
PENGARUH PERCEIVED VALUE, RELATIONSHIP MARKETING, DAN BRAND IMAGE TERHADAP LOYALITAS PELANGGAN PADA LINKS CAFE MEDAN Clara Nadia Yunan; Arifin
Jurnal Mahkota Bisnis (Makbis) Vol 2 No 2 (2023): Jurnal Mahkota Bisnis (Makbis)
Publisher : MTU PRESS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59929/mm.v2i2.28

Abstract

The food and beverage industry business in Indonesia has increased rapidly over the last few years. Links Café, a simple and comfortable cafe that opened in the middle of the city of Medan, pays attention to factors that can maintain and increase the number of customers who continue to visit Links Café. The purpose of this research is to find out whether Perceived Value (X1), Relational Marketing (X2), and Brand Image (X3) have an effect on customer loyalty (Y) at Links Café, Medan. The population selected in this research were customers who had visited or purchased at Links Café, with a total sample of 97 respondents using a non-probability sampling method. The approach used in this research is quantitative, causal and descriptive. Several test instruments, descriptive analysis, classical assumption tests, multiple linear regression, coefficient of determination tests, and hypothesis tests are used in the research process. The data from the analysis produces a multiple linear regression equation Y=5.528 + 0.275X1 + 0.132X2 + 0.447X3 + 2.375. This shows that Brand Image (X3) has a greater influence on the attachment variable than X1 and X2. The T test and F test produce Perceived Value (X1), Relational Marketing (X2), and Brand Image have a significant and positive effect on Customer Loyalty (Y), resulting in the hypotheses H1, H2, H3, and H4 being accepted. The coefficient of determination shows that the three independent variables have an influence of 69.4%, while the other 30.6% is influenced by other factors not examined in the research. Therefore, to increase customer loyalty, Links Café can improve its services to pay more attention to customers and give customers a stronger impression.
ANALISIS EKSPLORASI LITERASI KEUANGAN PADA MAHASISWA Arifin
Jurnal Mahkota Bisnis (Makbis) Vol 3 No 1 (2024): Jurnal Mahkota Bisnis (Makbis)
Publisher : MTU PRESS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59929/mm.v3i1.44

Abstract

Finding out how important financial literacy instruction is for college students is the aim of this study. Research methodology involves the use of libraries. It is clear from the conversation that in order for students to handle their personal finances, financial literacy is essential. A young person's experience in college is unlike any other. They will embark on a new chapter in their lives once they graduate from college. Soon after graduation, personal financial resources will influence a key decision. Students' firsthand financial management experiences will positively impact their financial literacy. Financial management information is helpful in resolving issues related to budgeting, investments, debt management, saving, and consumption choices. Making financial decisions will depend on one's degree of financial literacy. Making financial decisions will depend on one's degree of financial literacy. It also involves making decisions about financial objectives and emergency fund management. Good money management has an impact on one's personal life
PENTINGNYA SUSTAINABILITY DALAM MENINGKATKAN PERFORMA PERUSAHAAN Arifin
Jurnal Mahkota Bisnis (Makbis) Vol 3 No 2 (2024): Jurnal Mahkota Bisnis (Makbis)
Publisher : MTU PRESS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59929/mm.v3i2.62

Abstract

In recent decades, the market has become increasingly competitive, making it more challenging for businesses to achieve economic goals. At the same time, the pressure to achieve and maintain environmental sustainability has also risen. This study examines the factors influencing economic goals as well as the relationship between economic and environmental goals. There are innovation, customer focus, supplier relationships, network maturity, and strategic that will be the factors of economic sustainability. The study also demonstrates that both economic and environmental goals have a substantial impact on growth and that sustainability is essential for companies to ensure their long-term viability. Sustainability of company will be one of the factors of increasing company’s performance in financial and non financial.
Sharia Economics and Business Spirit with Noble Morals: Community Service at SDN 2 Muhammadiyah Mamajang Nur isnaini syaifullah; Siti Walida Mustamin; Winarti. A; Salfa Seti; Sarmila; Khusnul Khatima Asrul; Arifin; Nurul Hilmi; Nurmi; Bayu Irsandy; Esti Qama
Masterpiece Vol. 1 No. 2 (2025): August 2025
Publisher : www.amertainstitute.com

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65246/0ezr0833

Abstract

The integration of Islamic economic values into elementary education is essential to cultivate ethical financial behavior and entrepreneurial orientation from an early age. This community service program was designed to enhance students’ understanding of sharia economics and foster a business spirit grounded in noble morals. The program was implemented at SDN 2 Muhammadiyah Mamajang, Makassar, targeting 40 fourth- and fifth-grade students aged 9–11 years. A participatory action research (PAR) approach was applied through interactive learning methods such as storytelling, games, role-play simulations, and reflective discussions. The training modules covered fundamental Islamic economic principles, including the pillars of buying and selling, sharia contracts such as murabahah and salam, and ethical values of honesty, trustworthiness, and accountability in transactions. Data were collected through observation, quizzes, interviews, and documentation, and analyzed thematically to capture cognitive, affective, and behavioral outcomes. The findings revealed significant improvements in students’ conceptual understanding of halal transactions, ethical awareness in economic interactions, and observable behavioral changes such as fair pricing and responsible money handling. Moreover, students demonstrated an emerging entrepreneurial spirit with a spiritual orientation, expressing intentions to engage in small-scale businesses guided by honesty and social responsibility. These results highlight the effectiveness of experiential learning in transmitting Islamic economic values and underscore the potential of community service programs as a medium for character education and sharia economic literacy at the elementary level.
MEASURING THE FINANCIAL PERFORMANCE OF THE POHUWATO REGENCY LOCAL GOVERNMENT Arifin; Paramitha S,Piola, Marina; Winda Purnama, Siti
Jurnal Ilmiah Manajemen dan Kewirausahaan Vol. 2 No. 1 (2023): Januari: Jurnal Ilmiah Manajemen dan Kewirausahaan
Publisher : Lembaga Pengembangan Kinerja Dosen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jimak.v2i1.891

Abstract

Penelitian ini bertujuan untuk mengukur kinerja keuangan Pemerintah Daerah Kabupaten Pohuwato dengan menggunakan pengukuran rasio efektivitas, rasio efisiensi, rasio kemandirian, dan rasio pertumbuhan. Jenis penelitian yang dilakukan berupa deskriptif kualitatif. Data yang digunakan dalam penelitian ini adalah data sekunder berupa laporan keuangan Pemerintah Kabupaten Pohuwato tahun 2017–2020 yang diperoleh dengan menggunakan teknik observasi dan dokumentasi. Metode pengukuran data menggunakan analisis tren rasio keuangan.Hasil penelitian ini menunjukkan bahwa kinerja keuangan Pemerintah Kabupaten Pohuwato masih belum optimal. Meskipun pengelolaan pendapatan asli daerah tergolong efektif dan efisien, namun tingkat pertumbuhannya masih relatif rendah. Apalagi, tingkat kemandiriannya masih tergolong rendah. Hal ini dapat dibuktikan dengan besarnya ketergantungan terhadap bantuan Pemerintah Pusat dibandingkan dengan Pendapatan Asli Daerah Kabupaten Pohuwato.
Implementation of the Passport Service Policy using the M-Paspor Application at the Class I Immigration Office, Immigration Checkpoint (TPI) Pontianak. Pratama Saputra, Indra; Martoyo; Arifin
Jurnal Ilmiah Publika Vol 13 No 2 (2025): Jurnal Ilmiah Publika
Publisher : Faculty of Social and Political Sciences, Universitas Swadaya Gunung Jati

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33603/publika.v13i2.11025

Abstract

Penelitian ini menganalisis implementasi kebijakan pelayanan pembuatan paspor melalui aplikasi M-Paspor di Kantor Imigrasi Kelas I TPI Pontianak. Permasalahan utama mencakup kurangnya sosialisasi kepada masyarakat dan kesiapan petugas dalam menggunakan aplikasi, yang menyebabkan kebingungan serta pelayanan belum optimal. Tujuan penelitian adalah menggambarkan dan menganalisis faktor-faktor yang memengaruhi implementasi kebijakan tersebut. Metode yang digunakan adalah kualitatif dengan teknik wawancara, observasi, dan studi dokumentasi. Hasil penelitian menunjukkan bahwa komunikasi kebijakan belum sinkron antara aplikasi dan petugas, disposisi pelaksana belum seragam, sumber daya terbatas pada literasi digital dan kemampuan teknis, serta struktur birokrasi masih mengalami fragmentasi koordinasi. Hambatan-hambatan tersebut berdampak pada efektivitas pelayanan publik. Penelitian ini merekomendasikan penguatan komunikasi layanan, pelatihan berkelanjutan bagi petugas, peningkatan literasi digital masyarakat, dan penataan ulang struktur birokrasi agar implementasi kebijakan berjalan lebih efisien dan berorientasi pada kepuasan publik.
Rancang Bangun Presensi Automatis Pendeteksi Wajah Menggunakan Webcam Berbasis IOT Lestari, Ebiet Wanda; Abdullah, Bualkar; Arifin
JST (Jurnal Sains dan Teknologi) Vol. 13 No. 3 (2024): Oktober
Publisher : Universitas Pendidikan Ganesha

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23887/jstundiksha.v13i3.83172

Abstract

Presensi menjadi faktor penting karena terkadang disalahgunakan oleh mahasiswa untuk memanipulasi kehadiran. Penelitian ini bertujuan merancang dan mengembangkan sistem presensi otomatis berbasis Internet of Things (IoT) dengan teknologi deteksi wajah menggunakan webcam, serta menguji efektivitas sistem yang dihasilkan. Metode penelitian yang diterapkan adalah metode campuran dengan melibatkan 20 partisipan sebagai subjek penelitian, terdiri dari 10 orang yang diuji di dalam ruangan dan 10 orang di luar ruangan. Sistem ini melibatkan pengembangan perangkat lunak berupa bot Telegram, situs web, dan aplikasi berbasis Python. Data training citra wajah dikumpulkan dan disimpan dalam basis data sebagai acuan pengenalan untuk proses validasi presensi. Pengumpulan data dilakukan secara langsung di depan webcam pada jarak yang telah ditentukan; setelah wajah dikenali, data kehadiran akan diteruskan ke bot Telegram dan secara otomatis tercatat pada situs web. Efektivitas sistem dievaluasi berdasarkan akurasi pendeteksian wajah dan kecepatan presensi otomatis. Hasil pengujian menunjukkan bahwa, pada tingkat pencocokan 75%, dengan kondisi pencahayaan luar ruangan dan jarak pengenalan antara 20 hingga 70 cm, sistem mampu mencapai akurasi 100% dengan waktu deteksi rata-rata 61 detik untuk 10 orang. Sistem ini menawarkan keunggulan praktis dalam mendeteksi kecurangan presensi serta efisien dari segi waktu dan biaya. Penelitian ini menunjukkan bahwa sistem presensi otomatis berbasis deteksi wajah menggunakan webcam dan teknologi Internet of Things (IoT) berhasil dirancang dan dibangun dengan baik. Implikasi dari penelitian ini adalah penerapan sistem presensi otomatis berbasis deteksi wajah dan IoT dapat meningkatkan efisiensi dan akurasi dalam proses absensi, mengurangi potensi kesalahan manusia, serta meningkatkan keamanan dengan memverifikasi identitas pengguna secara otomatis.
INTERIOR ISLAM : ANTARA OTORITAS DAN KESALEHAN MUSLIM DI BOJONEGORO Arifin
An-Nas Vol. 7 No. 2 (2023): AN-NAS: Jurnal Humaniora
Publisher : Fakultas Syariah dan Adab Universitas Nahdlatul Ulama Sunan Giri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32665/annas.v7i2.2055

Abstract

This article will examine the Muslim community in the hinterland of Bojonegoro, to be precise in Glingsem Hamlet, Soko Village, Temayang District. By tracing the praxis of the formation of the Jamaah, and a charismatic figure, who is recognized as a descendant of the Prophet, Habib Fauzi al-Jufri. Apart from that, this article also explores how the piety of a Muslim is formed by following the congregation which is routinely carried out during Selapanan (a term in Javanese in 36 days). Departing from the assumption that religious authority has shifted due to globalization and has formed a new authority in understanding religion which is marked by the consumption of social media. With an ethnographic review that went down and directly followed the events carried out in the routine of the Jamaah for 6 months, which started from early February to 6 July 2023, the researcher found that the authority formed through the Jamaah was able to shape Muslim piety awareness. Using Anthropological analysis with a historical praxis approach, this article in analyzing Religious Authority follows the work of Ismail Fajri al-Attas entitled "What is Religious Authority?: Growing Muslims in Indonesia,".
Co-Authors , Moehamad Helmy Fauzi Abdul Rizal, Abdul Abdullah, Bualkar Agung Susanto Agus Dwidjaka AHMAD RIDUAN ahmad yani Ahmad, Rizqy Amelia Ramadhaniyah Aiman, Ummu Aji Witanto Akbari, Ummu Fajariyah Alam, Samsul Alfi Raihanah Alhidri, Wahib Ali Syah Putra Alif Khanda Wicaksana Aliyah Roselyn, Nadiya Amirullah Datuk Amra, Wahidah Anang Budikarso, Anang Andoko Angela, Nofia Annysa Aprilya Ansar Antony Djong, Vanness Jan Ho APRILIA, NITA Aprilia, Nita Aprilia Arantrinita Arfa, Aryatih Arisandi, Edi Arum Ratnaningsih Arwildayanto, Arwildayanto Aryati Arfah Ashari Ashoer, Muhammad Asma Nabilatuz Zahra Astri Rahayu Bahari, Andi Faisal Basalamah, Muhammad Syafi'i A. Baso Amang, Baso Bayu Irsandy Bestari Laia Bustami, Tira Dewi Chandra , Muhammad Chandra, Muhammad Chodir, Fatkul Ciptawan, Ciptawan Clara Nadia Yunan Damara Saputra Siregar Damis, Hasanuddin Dewi Purnama Hamid Dhani Redhono Harioputro Dian Nur Andriani Dinihari, Yulian Djara , Jean Imaniar Djiuwa, Rahmawati Djong, Vanness Jan Ho Antony Eko Budi Lelono Eko Surjadi Emirullyta Harda Ninggar Endang Susilowati Erfan Maulana Ermawati Ermawati Esti Qama Eva Niamuzisilawati Evelyn Belaktrix Sumby Exfristin Wau Fadel, Muhammad Fadila, Yulia Sari Fajar, Hafiz Abdullah Nor Faridatun Nadziroh Fathirma'ruf Fatichati Budiningsih Fazlul Rahman RM Ferdiansyah Mahyudin Fiisyatin Rodiah Firhansyah Fitriansyah Gita Hilmi Prakoso Gladera Wedpavica Zealtito Zulfan Gunawan Santoso Hadjrah Arifin Hadyan, Deni Hafit Rizki Meilani Hanifah Harnas Baharuddin, Andi Hartati, Diah Vitaloka Haryono Rinardi Has, Muh. Furqan Hasrianti Helidatasa Utami Helmi Fakhruddin HENDRA SETIAWAN Hendy Briantoro Hidayah, Fitriah Nurul Ida Sri Oktaviana Iffah Fadliah Ilyas Yasin Iwan Satriyo Nugroho Ixsora Gupita Cinantya, Ixsora Gupita Jaya, Andi Indra Jojo Sumarjo Juita Lendi Luan Jumaati Kadir, Jamaluddin Kamis Karno Kendra Hosea Khasna, Fenny Tanalinal Khusnul Hamdani, Mohammad Khusnul Khatima Asrul Kohar Lafriba Devaranty Lamuru, Afrianti S Laras Putri Olivia Lestari, Ebiet Wanda LETASADO, MUHAMAD RUSADI M. Sabran Achyar M. Yahya Ashari Mahirullah, Mahirullah Mallongi, Syahrir Manalu, Sanggam Roy I. Mapparenta Marten PUYO Martoyo Mas'ud, Masdar Masaong, Abdul Kadim Masita Bareut Masngud Kudori Matrahman Maya Hapsari Kusumaningtyas Melya Sri Ulfa Meyra Chusna Mayarakaca Misnawati Mohammad Yanuar Hariyawan Mouli Edward Muh. Aminullah Muh. Arif Muh. Fadli Mustari Muhamad Milchan Muhamad Ratodi Muhammad Abdullah Muhammad Hafidz Ilmi Muhammad Hiqqal Muhammad Naufal Saniar Muhammad Rifai Nabila Audy Rifana Nabila Paputungan Nabila Syahrani Nautu, Albert K. Ndraha, Lies Dian Marsya Ningsih, Nining Widiana Novan Somantri Novianti, Trie Rezky Nur Hasjim Nur isnaini syaifullah Nur Wahida Yusuf Nurlailah Nurmala, Eka Nurmi Nurul Fatonah Nurul Hilmi Nurwijayanto P Sitorus, Alvin David Paramitha S,Piola, Marina Pranoto, Gusti Adi Pratama Saputra, Indra Pratiwi Probowirasmi, Prasasti Purnama, Hukma Ratu Purwanto Putri, Vicry Kartika Putu Kerti Nitiasih Putu Nanci Riastini, Putu Nanci Rahman, Md. Mahbubur Rahmisyari Ramli, Muh. Ripursari, Tety Risma Sepia Robbi Tri Atmaja Roby Cahyadi Rosalena Ruslan, Sry Utari Sabaruddin Salfa Seti Sari Pratiwi Apidianti Sari, Mardiana Sarmila Selong, Abbas Serlin serang Setiady, Irsyandi Syifa Sinring, Bahar Siti Asiyah Siti Walida Mustamin Slamet, Fayrus Abadi Sukiman Nurdin sukmawati Sulaiman Sulaiman Hamzani Sulaiman Mustafa Wuhdin sultan Sumardi Sumaria Sumarmo Sumitro, Dewi Sari Sunimbar Supriyanto Kartodarsono Sya'diyah, Zahrotusy Syahnur, Muh. Haerdiansyah Syahrul Syahrul Syarifuddin Darajad Syarifuddin Darajad Syauqi Ramadhan Taufan Eka Putra Tien Zubaidah Tofani, Dufiana Tugiman Usman, Nur’adin Feriyanto Verawaty Abdullah Wahab, Ahmad Ishom Pratama Wahid Hasyim TRA Beni Wahyu Ilham Faruq Wibawa, Iskandar Widuri, Elva Shanty Wijoyo Winarti. A Winda Purnama, Siti Wula, Zainur Wulandary, Ela Yahya Nobisa Yayuk Julyyanti Yoedy Moegiharto Yoedy Moegiharto Yoedy Moegiharto, Yoedy Yohanes Joko Supriyadi Zainal Andy Saputra Zainuddin Rahman Zakiah, Raudatul