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All Journal Jurnal Keuangan dan Perbankan INTECOMS: Journal of Information Technology and Computer Science JMD: Jurnal Riset Manajemen & Bisnis Dewantara Jurnal MEBIS (Manajemen dan Bisnis) ASIAN JOURNAL OF ISLAMIC MANAGEMENT (AJIM) Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Jurnal Locus Penelitian dan Pengabdian Journal of Applied Sciences in Accounting, Finance, and Tax Jurnal Pengabdian Masyarakat dan aplikasi Teknologi
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 Industrial & Manufacturing Engineering Mathematics 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. 
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.
Does intellectual capital determine the firm's investment efficiency? Evidence from Indonesia Khasanah, Siskha Nur; Hwa, Pan Wei; Hakim, Muhammad Saiful
Dinasti International Journal of Economics, Finance & Accounting Vol. 5 No. 4 (2024): Dinasti International Journal of Economics, Finance & Accounting (September - O
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v5i4.3150

Abstract

Companies now recognize that success depends not only on physical assets but also on effectively utilizing intangible assets like intellectual capital to outperform competitors. In other hand, achieving the most effective investment decisions is a core concern in corporate finance and a primary objective for management in a company. However, uncertainty of outcome and a lack of measurement metrics often lead to inefficient investments. This study intends to assess the relationship between intellectual capital (IC) on investment efficiency (IE). The data is processed using panel data regression on non-financial public companies in Indonesia with an observation period of 2010-2023. Our analysis discovered that the human capital (HCE) of a firm statistically has a significant positive impact on investment efficiency. Second, the capital component (CEE) is negatively affecting investment efficiency. At the same time, no relationship was found between structural capital and investment efficiency.
Sharia-driven sustainable business models in the energy sector: A bibliometric and systematic review Windiani, Windiani; Nadifah, Dhofirotun; Hakim, Muhammad Saiful; Alfarizi , Muhammad
Asian Journal of Islamic Management (AJIM) VOLUME 8 ISSUE 1, 2026
Publisher : Faculty of Business & Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/AJIM.vol8.iss1.art8

Abstract

Purpose – This study maps global research on the integration of Sharia principles, sustainability, and energy business models using bibliometric and systematic review approaches. It identifies publication trends, thematic structures, and scholarly contributions, showing how maqasid al-Sharia values, particularly justice, well-being, and ecological responsibility, can guide ethical and sustainable energy transitions.Methodology – This study combines bibliometric analysis using Biblioshiny and VOSviewer with a PRISMA-based systematic review. The dataset covered 112 Scopus-indexed publications published between 2013 and 2025, with an annual growth rate of 32.77%. The analysis examined publication trends, citation patterns, author collaboration, thematic mapping, and keyword co-occurrence.Findings – Bibliometric evidence shows that research on Sharia-driven sustainable energy business models accelerated after 2018 and peaked in 2024. Keyword co-occurrence analysis identified seven clusters: ESG governance and CSR, green innovation, climate change and green finance, renewable energy and emission reduction, financial inclusion, ethical technology, and Islamic fintech, digital finance, and energy governance. Thematic mapping positions sustainable development, environmental management, and the circular economy as basic themes, while financial technology and banking signal emerging directions. Implications – This study supports Islamic ESG performance reporting, ethical technology, green innovation, and inclusive finance. For policymakers, it recommends regulating green sukuk, institutionalizing energy waqf, and designing incentives for renewable energy, emission reduction, and maqasid-based sustainable SDG transition pathways.Originality – This study offers an integrative bibliometric and systematic synthesis of sustainable energy business models based on Islamic ethical values.
Co-Authors Aang Kunaifi Alfarizi , Muhammad Alfarizi, Muhammad Anwar, Aldi Khoirul Arofah, Ulfa Cempaka, Santy Dwi Fatah, Saifullah Hakim, Nabila Silmina Hwa, Pan Wei Imam Baihaqi Jannah, Hannifah Miftakhul Jauhari, Muhammad Haris Liu, Chih Liang Muslimah, Ana Hanifah Nadifah, Dhofirotun Nikmah, Uliyatun Noer , Lissa Rosdiana Noer, Bustanul Arifin Safitri, Ika Siskha Nur Khasanah Windiani Windiani, Windiani Windoko, Sindhu Priyo Zharifa, Naila Qanita