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All Journal Jurnal Keuangan dan Perbankan INTECOMS: Journal of Information Technology and Computer Science EKUITAS (Jurnal Ekonomi dan Keuangan) Jurnal Bisnis dan Akuntansi JMD: Jurnal Riset Manajemen & Bisnis Dewantara Jurnal MEBIS (Manajemen dan Bisnis) Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Jurnal Locus Penelitian dan Pengabdian Journal of Applied Sciences in Accounting, Finance, and Tax Factory Jurnal Industri, Manajemen dan Rekayasa Sistem Industri International Journal of Multidisciplinary Sciences and Arts Journal Research of Social Science, Economics, and Management Eduvest - Journal of Universal Studies Jurnal Pengabdian Masyarakat dan aplikasi Teknologi International Journal of Business and Management Technology in Society (IJBMTS)
Hakim, Muhammad Saiful
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Aerospace Engineering Automotive Engineering Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Electrical & Electronics Engineering Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Mathematics Neuroscience Social Sciences Other

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The Effect of Firm Location on Corporate Dividend Policy: Study in Indonesia Capital Market Hakim, Muhammad Saiful; Liu, Chih Liang
Jurnal Keuangan dan Perbankan Vol 27, No 2 (2023): April 2023
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v27i2.9355

Abstract

This research explored the effect of firm location in Indonesia on corporate dividend policy. The location variable in this research was represented by firm location in Jakarta, which is the capital city of the state, and firm location on Java, where three largest cities in Indonesia are situated. The empirical results of this research indicated that firms that are situated on Java Island had a tendency to have lower payout ratios than their counterparts off the island. Meanwhile, there were no empirical proofs showing that firms in Jakarta had different payout ratios. This depicts that firms that are situated beyond a financial hub have the drive to pay more dividends to their shareholders, signaling the presence of greater information asymmetry for such firms. The result still consistent after considering several robustness tests include, using alternative proxy for dividend policy, exclude crisis period and exclude upper and lower group in research sample.DOI: 10.26905/jkdp.v27i1.9355  
Analisis Faktor Penyebab Financial Distress Melalui Fraud Pentagon Theory Dengan Financial Statement Fraud Sebagai Variabel Moderasi Fatah, Saifullah; Hakim, Muhammad Saiful
INTECOMS: Journal of Information Technology and Computer Science Vol 7 No 3 (2024): INTECOMS: Journal of Information Technology and Computer Science
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/intecoms.v7i3.9944

Abstract

Sebuah aksi kecurangan yang terjadi di dalam organisasi atau perusahaan harus menjadi salah satu perhatian utama untuk diamati agar masalah tersebut dapat diselesaikan dengan cepat. Siapa saja yang berada di dalam organisasi atau perusahaan tanpa memandang tingkat jabatan yang dimilikinya dapat menjadi pelaku terhadap aksi kecurangan yang terjadi. Dampaknya, aksi kecurangan yang terus terjadi di dalam organisasi atau perusahaan dapat menimbulkan kerugian bagi perusahaan. Kerugian tersebut timbul karena sumber daya perusahaan yang dimanfaatkan secara pribadi oleh pelaku dan/atau perusahaan membayar denda kepada pembuat kebijakan karena telah terbukti melakukan aksi kecurangan melalui manipulasi kinerja perusahaan. Jika hal ini diabaikan dan terus terjadi, risiko kesulitan keuangan pada tahun berjalan hingga risiko kebangkrutan dapat saja dialami oleh organisasi atau perusahaan tersebut. Penelitian ini dilakukan dengan tujuan untuk mengetahui hubungan serta pengaruh antara konstruk fraud pentagon theory terhadap financial distress dengan financial statement fraud sebagai variabel moderasi. Sampel yang digunakan pada penelitian ini adalah perusahaan yang tercatat di Bursa Efek Indonesia pada sektor kesehatan, sektor transportasi & logistik, dan sektor teknologi pada tahun 2020-2022 dengan total sampel sebanyak 105 perusahaan. Penelitian ini adalah penelitian kuantitatif dengan menggunakan metode analisis deskriptif dan analisis regresi linear berganda. Hasil penelitian menunjukkan bahwa seluruh konstruk fraud pentagon theory yaitu tekanan, kesempatan, rasionalisasi, kompetensi, dan arogansi berpengaruh positif dan signifikan terhadap financial distress. Tekanan dalam konstruk fraud pentagon theory menjadi variabel yang memiliki pengaruh terbesar terhadap financial distress. Selain itu, bentuk kecurangan financial statement fraud sebagai variabel moderasi berhasil memperkuat besaran pengaruh fraud pentagon theory terhadap financial distress. Kata Kunci: Fraud Pentagon Theory, Financial Statement Fraud, Financial Distress.
EXPLORING THE MILLENNIALS PREFERENCES IN MOISTURIZER PRODUCT USING MIX METHOD APPROACH Jannah, Hannifah Miftakhul; Hakim, Muhammad Saiful; Hakim, Nabila Silmina
Jurnal Mebis Vol. 8 No. 1: July 2023
Publisher : UPN "Veteran" Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/mebis.v8i1.419

Abstract

In recent years, we have witnessed the growing interest from millennials to preserve their skin health. In order to maintain their skin health, they consume a variety of skincare products. One of the essential products for them is moisturizer product. This research objective is to explore the critical moisturizer product features for customer purchase decision. This research employs mixed method that consists of descriptive study and interview to millennials. The result of descriptive study indicates that price of the product is important cue for quality, therefore, consumer is preferring to select product with middle range prices. Descriptive analysis also reveals that consumer has weighted their decision based on the product composition and product efficacy. In addition, the analysis shows that consumer prefer small size product so it will be more practical to keep in carry on container. The interview gives us detailed information regarding the purchase decision process. The analysis of interview uncovers that beauty vlogger with honest review is more credible for purchase behavior compared with well-known brand ambassadors.
Skill Up level Up: Training on Trainer Bisnis untuk Mahasiswa dalam Mendukung Terciptanya Sociopreneur Penggerak Ekonomi Hakim, Muhammad Saiful; Baihaqi, Imam; Cempaka, Santy Dwi; Nikmah, Uliyatun; Muslimah, Ana Hanifah; Anwar, Aldi Khoirul
Jurnal Pengabdian Masyarakat dan aplikasi Teknologi Vol. 4, No. 1: March 2025
Publisher : Institut Teknologi Adhi Tama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31284/j.adipati.2025.v4i1.6720

Abstract

Institut Teknologi Sepuluh Nopember (ITS) melaksanakan program quot;Skill Up, Level Up:Pelatihan Trainer on Trainer Bisnis untuk Mahasiswaquot; sebagai langkah strategis dalammempersiapkan mahasiswa menghadapi tantangan ekonomi modern. Program ini bertujuanuntuk meningkatkan literasi bisnis mahasiswa, terutama dalam bidang keuangan, operasional,dan pemasaran, guna memperkuat peran mereka sebagai agen perubahan dalampembangunan ekonomi. Latar belakang program ini adalah adanya kesenjangan dalamkemampuan dan pengetahuan pelaku usaha mikro, kecil, dan menengah (UMKM) dalammengembangkan bisnis mereka. Melalui peran kolaboratif, mahasiswa diharapkan dapatberkontribusi dalam menggerakkan perubahan di sektor bisnis dan masyarakat. Namun,keterbatasan kemampuan mahasiswa dalam pengembangan bisnis masih menjadi hambatan,sehingga pelatihan ini diharapkan dapat memberikan keterampilan praktis yang dapatlangsung diterapkan. Program ini tidak hanya berfokus pada peningkatan literasi bisnis, tetapijuga pada pembentukan jaringan komunitas literasi bisnis yang berkelanjutan. Penggunaanteknologi pembelajaran daring juga diintegrasikan untuk meningkatkan efektivitas program,dengan tujuan jangka panjang menciptakan inovasi dalam pendidikan serta pengembangansumber daya manusia yang berkelanjutan.
KEY DETERMINANTS OF CASH RESERVES IN MANUFACTURING FIRMS DURING COVID-19 IN INDONESIA: Cash Holding, COVID-19, Indonesian Stock Exchange, Manufacturing Firm Cempaka, Santy Dwi; Hakim, Muhammad Saiful; Zharifa, Naila Qanita; Safitri, Ika; Jauhari, Muhammad Haris; Kunaifi, Aang
JMD : Jurnal Riset Manajemen & Bisnis Dewantara Vol. 7 No. 2 (2024): Juli (2024) - Desember (2024)
Publisher : STIE PGRI Dewantara Jombang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26533/jmd.v7i2.1339

Abstract

This study investigates the effects of the COVID-19 pandemic on cash reserves in Indonesian manufacturing companies. The research assesses cash levels before, during, and after the pandemic, and identifies key factors influencing cash holdings. Data from publicly listed manufacturing companies in Indonesia were analyzed, focusing on financial metrics such as earnings before interest, taxes, depreciation, and amortization (EBITDA), sales volatility, and net working capital. The findings reveal significant differences in cash, EBITDA, and sales volatility between the pre-crisis (2018-2019) and crisis periods horizons I (2020-2021) and II (2022). The primary determinants of cash holdings were found to be sensitivity of cash flow, capital expenditure, cash flow volatility, net working capital, and debt levels. These factors are crucial in understanding the impact of the pandemic on cash management in Indonesian manufacturing companies.
Capital efficiency and organizational performance: A dynamic panel analysis of Weighted Average Cost of Capital (WACC) and ROA in Indonesia’s healthcare sector Arofah, Ulfa; Hakim, Muhammad Saiful; Alfarizi, Muhammad
Journal of Applied Sciences in Accounting, Finance, and Tax Vol. 8 No. 1 (2025): April 2025
Publisher : Unit Publikasi Ilmiah, P3M, Politeknik Negeri Bali

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31940/jasafint.v8i1.26-40

Abstract

The healthcare sector in Indonesia faces challenges in managing capital efficiency and organizational performance due to high operational costs and the need for continuous investment in health technology and infrastructure. As a key driver of economic growth, especially post-COVID-19, optimal capital management is crucial for sustaining operations and creating stakeholder value. This study examines the relationship between the Weighted Average Cost of Capital (WACC) and Return on Assets (ROA) in Indonesia’s healthcare sector using a quantitative dynamic panel analysis approach. Financial data from healthcare companies listed on the Indonesia Stock Exchange were analyzed using the Generalized Method of Moments (GMM). The findings indicate that WACC negatively affects ROA, but the relationship is not statistically significant. Leverage, measured through the Debt to Asset Ratio and Debt to Equity Ratio, strengthens this relationship positively. Meanwhile, cash holdings and firm size have a negative moderating effect, whereas Net Working Capital (NWC) reinforces the relationship positively. These results highlight the importance of effective debt and liquidity management in optimizing profitability in the healthcare sector. The study contributes theoretically to capital efficiency discussions and offers practical insights for industry stakeholders, including decision-makers and investors. The research is novel in its focus on Indonesia’s healthcare sector, making it highly relevant for financial and strategic planning in the industry. 
MITIGATING OVERCONFIDENCE BIAS IN INVESTMENT BEHAVIOR: THE ROLES OF FINANCIAL LITERACY AND DIGITAL FINANCIAL LITERACY Hakim, Muhammad Saiful; Setyaningrum, Radini Vindy; Yunita, Rizki Dini Sandra; Nareswari, Ninditya
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 1 (2025): March
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2025.v9.i1.6959

Abstract

Previous researches have suggested the role of financial literacy in mitigating the effects of overconfidence bias. Nevertheless, there is currently no research available on the examination of digital financial literacy in mitigating the impact of overconfidence bias. Therefore, this study investigates the association between overconfidence bias and investment behavior, with a focus on the mitigating roles of financial literacy and digital financial literacy. Using the PLS-SEM approach in testing the hypotheses, this study sample comprises individuals from the millennial generation who routinely utilize investment applications on their mobile phones. The empirical result shows that overconfidence bias has a strong association with investment behavior. In addition, our findings indicate that possessing financial literacy has a beneficial effect in reducing the influence of overconfidence bias. However, the digital financial literacy has contrasting effects. Individuals with a greater level of digital financial literacy are more likely to have confidence in their decision-making abilities, as they believe they have a better understanding of financial applications.
Analisis Konjoin Keputusan Pembelian Pertamax Green 95 di Jawa Barat Windoko, Sindhu Priyo; Hakim, Muhammad Saiful; Noer, Bustanul Arifin; Noer , Lissa Rosdiana
Jurnal Locus Penelitian dan Pengabdian Vol. 4 No. 9 (2025): : JURNAL LOCUS: Penelitian dan Pengabdian
Publisher : Riviera Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58344/locus.v4i9.4279

Abstract

Produk Pertamax Green 95 mulai dikenalkan di Indonesia. Untuk meningkatkan penjualan, Perusahaan mengambil strategi memperkenalkan produk lewat influencer. Di Provinsi DKI tidak terjadi kenaikan penjualan walaupun sudah menerapkan strategi pengenalan produk lewat influencer. Provinsi Jawa Barat menjadi target ekspansi selanjutnya. Penelitian terdahulu menyebutkan kualitas produk, kualitas pelayanan, pengaruh influencer, dan metode pembayaran. Penelitian ini akan mengkonfirmasi penelitian terdahulu sekaligus memberi masukan kepada perusahaan mengenai variabel yang dianggap penting oleh konsumen di Jawa Barat. Variabel yang diteliti adalah kualitas produk, kualitas pelayanan, pengaruh influencer, dan metode pembayaran. Dalam penelitian ini analisis konjoin digunakan untuk melihat tingkat kepentingan keputusan konsumen saat membeli Pertamax Green 95. Penelitian ini melibatkan 298 responden di berbagai kota dan kabupaten di Jawa Barat. Hasil penelitian ini menunjukan bahwa masing-masing variabel memiliki hubungan mandiri terhadap keputusan pembelian. Konsumen Jawa Barat memilih Pertamax Green 95 karena sesuai dengan teknologi kendaraan saat ini, karena operator bisa memberikan perbandingan dengan produk lain, karena pengaruh oleh influencer terkenal di media sosial, dan membeli melalui aplikasi pembayarankarena sering mendapatkan promosi menarik. Level of Importance dari variabel yang diteliti menunjukan kualitas produk memiliki tingkat kepentingan yang paling tinggi dengan nilai 40,323. Konsumen Jawa Barat memilih produk berdasarkan kualitas sehingga perusahaan harus menjaga kualitas produk.
Evaluasi Kinerja Keuangan Pasca Akuisisi: Studi Kasus Perusahaan EPCI Global (McDermott-CB&I) Firmansyah, Maulidin Iqbal; Hakim, Muhammad Saiful
Factory Jurnal Industri, Manajemen dan Rekayasa Sistem Industri Vol. 4 No. 1 (2025): Edisi Agustus
Publisher : Ilmu Bersama Center

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56211/factory.v4i1.1078

Abstract

Penelitian ini bertujuan untuk mengevaluasi dampak akuisisi CB&I terhadap kinerja keuangan McDermott International Ltd., perusahaan multinasional di sektor Engineering, Procurement, Construction, and Installation (EPCI). Studi ini menggunakan pendekatan kuantitatif deskriptif-komparatif dengan menganalisis data laporan keuangan tahunan McDermott pada periode pra-merger (2016–2017) dan pasca-restrukturisasi (2021–2022). Metode analisis yang digunakan adalah paired sample t-test (α = 0,05) pada enam rasio keuangan utama, didukung oleh benchmarking terhadap tiga perusahaan sejenis, yaitu TechnipFMC, Saipem, dan Subsea7. Hasil penelitian menunjukkan bahwa Return on Equity (ROE), Return on Assets (ROA), dan Total Asset Turnover mengalami penurunan yang signifikan secara statistik (p < 0,05), yang mencerminkan terjadinya degradasi efisiensi modal dan produktivitas aset setelah akuisisi. Sebaliknya, perubahan pada Quick Ratio, Inventory Turnover, dan Debt to Asset Ratio tidak signifikan secara statistik, mengindikasikan fluktuasi jangka pendek yang lebih bersifat situasional. Temuan ini menegaskan kegagalan integrasi pasca-merger, serta pentingnya penguatan tata kelola dan strategi pemulihan berbasis keberlanjutan untuk memastikan keberlanjutan bisnis. Penelitian ini memberikan kontribusi empiris pada literatur evaluasi merger dan akuisisi di sektor proyek kompleks serta dapat menjadi rujukan bagi praktik manajemen strategis dan tata kelola perusahaan.
Underpricing and Long-Term Performance: A Study on Family Firm and Non-Family Firm IPOs in Indonesia Inaya, Laylatul; Hakim, Muhammad Saiful
Journal Research of Social Science, Economics, and Management Vol. 5 No. 1 (2025): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v5i1.971

Abstract

Abstract. This study aims to determine the effect of CEO characteristics, auditor reputation, and the moderation of underwriter reputation on the level of underpricing and long-term performance of family and non-family firms in IPOs in Indonesia. The study uses data from IPO companies between 2010-2021, with 350 companies as research samples, consisting of 140 family firms and 210 non-family firms. Data was collected from secondary sources such as the OSIRIS website, IDX, Bloomberg, and Yahoo Finance. The study found that Auditor Reputation has a significant negative effect on underpricing in family and non-family firms. The level of underpricing has a significant negative effect on long-term performance in family firms. Auditor Reputation has a significant positive effect on long-term performance in family firms, but Auditor Reputation does not affect long-term performance in non-family firms. The moderation of underwriter reputation weakens the relationship between family firms and underpricing but does not affect the relationship between family firms and long-term performance. It was also found that CEO characteristics do not affect underpricing and long-term performance in family and non-family firms.
Co-Authors Aang Kunaifi Al Badar, Muh Havid Alfarizi, Muhammad Anandita Ade Putri, Anandita Ade Anwar, Aldi Khoirul Arofah, Ulfa Cempaka, Santy Dwi Dewangga, Leonardus Arya Fatah, Saifullah Firmansyah, Maulidin Iqbal Hakim, Nabila Silmina Hwa, Pan Wei Imam Baihaqi Inaya, Laylatul Jannah, Hannifah Miftakhul Jauhari, Muhammad Haris Khasanah, Siskha Nur Liu, Chih Liang Muslimah, Ana Hanifah Nareswari, Ninditya Nikmah, Uliyatun Noer , Lissa Rosdiana Noer, Bustanul Arifin Safitri, Ika Setyaningrum, Radini Vindy Silalahi, Rochelle Trixie Sinansari, Puti Sri Yayu Ninglasari Windoko, Sindhu Priyo Yunita, Rizki Dini Sandra Zharifa, Naila Qanita