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The Role of Political Connections in Moderating Profitability, Leverage, and Institutional Ownership on Firm Value: Empirical Evidence from the Indonesian Banking Industry Yuli; Azazi, Anwar; Syahputri, Anggraini; Mustarudin; Wendy
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 1 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i1.9832

Abstract

This study aims to analyze the effect of political connections, profitability, and leverage on firm value in banking companies listed on the Indonesia Stock Exchange for the period 2019–2024, with institutional ownership acting as a moderating variable. The research sample consisted of 39 companies with a total of 234 observations selected through purposive sampling, using secondary data sourced from financial reports and share ownership information. The analysis was conducted using Moderated Regression Analysis (MRA) based on panel data. The results show that internal company determinants have an impact on firm value with varying intensity, while political connections are proven to play a selective role in moderating this relationship. These findings contribute to enriching the literature on firm value determinants in the banking sector and governance implications in a highly regulated industry.
Cognitive Bias Terhadap Keputusan Investasi Saham: Literasi Keuangan Sebagai Moderasi Sukhesy Eka Putri; Wendy; Helma Malini
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 3 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i3.6679

Abstract

This research analyzes the influence of the relationship between Cognitive Bias on Investment Decisions which is moderated by Financial Literacy. Data was collected through a questionnaire and analyzed using Smart PLS version 3.2.9 which consists of testing the outer model and inner model. Sampling used purposive sampling, where respondents had investment experience of 1 year, ages ranging from 20 years to 43 years. This research produced 200 respondents who met the criteria. Representative, availability and anchoring have a significant positive influence on investment decisions. Likewise, financial literacy as moderation has a positive influence on investment decisions. However, financial literacy as moderation does not, namely weakening the relationship between representative, availability and anchoring.
Integrasi Model UTAUT dan Trust terhadap Intention Digital Payment pada Mahasiswa dengan Perceived Value sebagai Variabel Mediasi Riakbar, Bima; Malini, Helma; Hendri, M. Irfani; Wendy; Syahputri, Anggraini
Jurnal Alwatzikhoebillah : Kajian Islam, Pendidikan, Ekonomi, Humaniora Vol. 12 No. 1 (2026): Jurnal Alwatzikhoebillah : Kajian Islam, Pendidikan, Ekonomi, Humaniora
Publisher : Institut Agama Islam Sultan Muhammad Syafiuddin Sambas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37567/alwatzikhoebillah.v12i1.5130

Abstract

Digital transformation has driven major changes in payment systems. Although Bank Indonesia has implemented QRIS since 2019, its adoption is still hampered by the dominance of cash transactions, low user trust, and limited digital literacy. This study aims to analyze the influence of performance expectancy, effort expectancy, social influence, facilitating conditions, and trust on the intention to use QRIS with perceived value as a mediating variable. A quantitative approach was used through an online survey of 200 students in Indonesia, and the data were analyzed using the PLS-SEM method with SmartPLS. The results show that performance expectancy, effort expectancy, social influence, trust, and perceived value have a positive and significant effect on the intention to use QRIS. Conversely, facilitating conditions do not have a significant direct effect on the intention to use, but have a significant effect through the mediation of perceived value. These findings indicate that perceived value is the main mechanism that bridges technological, social, and psychological factors in shaping the intention to use QRIS. This study contributes theoretically by expanding the UTAUT model and provides practical implications for regulators and digital payment service providers to increase the perceived value of users to encourage the adoption of QRIS.