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All Journal Jurnal Fakultas Ekonomi : OPTIMAL Jurnal Manajemen dan Bisnis Sriwijaya Sains: Jurnal Manajemen dan Bisnis Jurnal Ilmiah Ekonomi dan Bisnis Briliant: Jurnal Riset dan Konseptual Jurnal Akuntansi dan Pajak IJBE (Integrated Journal of Business and Economics) Jurnal ASET (Akuntansi Riset) Indonesian Journal of Strategic Management Journal of Economic, Bussines and Accounting (COSTING) Ekono Insentif PengabdianMu: Jurnal Ilmiah Pengabdian kepada Masyarakat Jurnal Mantik Akurasi : Jurnal Studi Akuntansi dan Keuangan Management Studies and Entrepreneurship Journal (MSEJ) Jurnal Riset Akuntansi Kontemporer Jurnal Ilmiah Manajemen Ubhara jurnal syntax admiration Daengku: Journal of Humanities and Social Sciences Innovation Jurnal Ekonomi Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) Journal Evaluation in Education (JEE) Journal of International Conference Proceedings JURNAL EKONOMI BISNIS DAN MANAJEMEN (EKO-BISMA) Journal of Islamic Economics and Business Inkubis: Jurnal Ekonomi dan Bisnis Moneta : Journal of Economics and Finance Khazanah Sosial
Maya Sari
Universitas Pendidikan Indonesia
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The Mediating Role of Financial Performance on the Relationship between Capital Structure and ESG performance of Ghanaian Non-Financial Firms Philipina Ampomah; Denny Andriana; Nugraha Nugraha; Maya Sari; Francis Kortey Mac-Moqu
Integrated Journal of Business and Economics (IJBE) Vol 10, No 1 (2026): Integrated Journal of Business and Economics
Publisher : Universitas Bangka Belitung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33019/ijbe.v10i1.1269

Abstract

This study empirically analyzes the mediating effect of financial performance on the relationship between capital structure and the ESG performance of listed non-financial firms in Ghana. Using panel data from 16 firms enlisted on the Ghana Stock Exchange from 2015 to 2024, the study adopts the random-effects model. The results show that (1) both debt and equity capital have a negative influence on ESG performance, corroborating the agency theory; (2) debt capital does not significantly influence financial performance, but equity capital positively influences financial performance, violating the Modigliani and Miller theory; and (3) financial performance has a positive influence on ESG performance, corroborating the resource-based view theory. Further analysis regarding the mediating effect shows that financial performance partially mediates the relationship between capital structure and ESG performance. The study emphasizes the need for managers to be cautious when choosing the optimal capital structure, bearing in mind that improved financial performance is one of the ways their capital structure decisions can enhance ESG performance. The novelty of this study lies in the development and validation of a mediation model of capital structure, financial performance, and ESG performance in a sub-Saharan African context, enhancing our understanding of corporate finance in underdeveloped capital markets.
Why Very Low Leverage Varies Across ASEAN: A Dynamic Panel Perspective Maya Sari; Netti Siska N; Nurhuda Nizar; Azreen Roslan; Inomjon Quadratov
Daengku: Journal of Humanities and Social Sciences Innovation Vol. 6 No. 2 (2026)
Publisher : PT Mattawang Mediatama Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35877/454RI.daengku4907

Abstract

This study investigates the determinants of very low leverage (VLL) among publicly listed non-financial firms in Malaysia, Indonesia and Singapore. The study evaluates whether family ownership and firm-level financial fundamentals shape firms' decisions to maintain extremely low debt levels. An unbalanced panel of 10,160 firm-year observations from 2015 to 2024 is analysed using the two-step System GMM estimator to address endogeneity, dynamic persistence and unobserved heterogeneity. Key explanatory variables include family ownership, profitability, liquidity and operating cash flow, with alternative leverage thresholds used for validation. Results show that capital structure persistence is the strongest predictor of VLL, with firms maintaining a 55 to 57% likelihood of staying in VLL positions across periods. Family ownership does not significantly influence VLL behaviour, challenging agency- and socioemotional wealth-based expectations. Financial fundamentals only matter in Malaysia; their effects disappear in Indonesia and Singapore once dynamic endogeneity is controlled. The findings reveal that several relationships identified in static models are artefacts of endogeneity bias. The strong persistence of VLL suggests that initial financing decisions have long-term effects, highlighting the need for continuous capital structure reassessment. Policymakers should consider institutional differences: Malaysia's relationship-based banking environment reinforces reliance on internal liquidity, while Indonesia requires stronger market infrastructure and creditor protections. Investors should interpret low leverage cautiously, as it may reflect historical path dependence rather than current firm performance. This study provides one of the first comparative dynamic-panel analyses of VLL behaviour in ASEAN markets using System GMM. It advances the capital structure literature by demonstrating that persistence dominates firm fundamentals and that family ownership does not determine extreme leverage choices. The study also clarifies methodological distortions found in static capital structure research
Uji Beda Dampak Pandemi Covid 19: Pengaruh Pertumbuhan Aset, Profitabilitas, dan Struktur Modal terhadap Nilai Perusahaan Sub Sektor Restoran, Hotel & Pariwisata Syti Sarah Maesaroh; M Sandi Marta; Nugraha Nugraha; Maya Sari
Optimal: Jurnal Ekonomi dan Kewirausahaan Vol 14 No 2 (2020): Optimal: Jurnal Ekonomi dan Kewirausahaan
Publisher : Fakultas Ekonomi Universitas Islam 45

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33558/optimal.v14i2.3099

Abstract

Value is one of the important indicators in a company. This study aims to determine the faktors that affect firm value and analyze the effect of the Covid-19 pandemic on firm value in the restaurant, hotel, and tourism sub-sectors. Data analysis used multiple regression analysis through a quantitative descriptive approach. The company sample consists of restaurant, hotel, and tourism sub-sector companies listed on the IDX in 2019 and 2020. The variables observed include aset growth, profitability, capital structure, and firm value. Hypothesis testing was conducted to determine the effect of the independent variable on the dependent variable. The different test of the impact of the Covid-19 pandemic is intended to compare conditions before the pandemic and during the pandemic. The results show that aset growth, profitability, and capital structure have a significant simultaneous effect on firm value. However, partially, aset growth shows a negative effect on firm value. The different test shows that the profitability, capital structure, and company value before the pandemic is significantly different when compared to during the pandemic. This indicates that the pandemic has had a huge impact on the company.
FINANCIAL FORECASTING AND MACHINE LEARNING: A BIBLIOMETRIC ANALYSIS OF GLOBAL RESEARCH TRENDS Iwan Kurniawan; Nugraha Nugraha; Maya Sari
Akurasi : Jurnal Studi Akuntansi dan Keuangan Vol 9 No 1 (2026): Jurnal Studi Akuntansi dan Keuangan, Juni 2026
Publisher : Faculty of Economics and Business University of Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29303/akurasi.v9i1.839

Abstract

The rapid growth of artificial intelligence applications in finance has generated a large body of literature. However, a comprehensive overview of its intellectual structure remains limited. To address this gap, this study aims to map and analyze global research trends in financial forecasting and stock price prediction using machine learning between 2015 and 2025. Using a bibliometric approach, 197 Scopus-indexed articles were analyzed through the Bibliometrix package in R Studio following the PRISMA framework. The analysis includes publication performance, co-authorship collaboration networks, and thematic evolution. The results indicate an annual publication growth rate of 13.98% with an average of 16.16 citations per document. “Forecasting” emerges as the central research theme, closely connected with “machine learning,” “financial markets,” and “LSTM.” International collaboration accounts for 32.99%, with China, India, and the United States as the leading contributors. Thematic evolution shows a shift from traditional econometric approaches toward artificial intelligence and deep learning–based prediction models. This study contributes by providing a comprehensive intellectual map of AI-driven financial forecasting research and identifying future research directions for scholars, practitioners, and policymakers.
BEHAVIORAL BIASES IN INVESTMENT DECISIONS: FINANCIAL LITERACY AND SOCIAL IMPACT AWARENESS AS MODERATOR Priscilla Appianin Affram; Maya Sari; Nugraha; Iqbal Lutfi
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 6 No. 4 (2026): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study examines the influence of behavioural biases on investment decisions among graduate-educated retail investors affiliated with Universitas Pendidikan Indonesia, while investigating the moderating roles of financial literacy and social impact awareness. Adopting a quantitative research design, data were collected from 322 respondents through a cross-sectional survey and analyzed using Partial Least Squares Structural Equation Modelling (PLS-SEM). The results demonstrate that behavioural biases exert the strongest positive direct effect on investment decisions, confirming that cognitive tendencies such as overconfidence, anchoring, and herding significantly shape decision-making regardless of educational background. Furthermore, financial literacy and social impact awareness show statistically significant positive direct effects on investment behaviour, indicating that both analytical financial knowledge and sustainability-oriented considerations contribute to more disciplined investment outcomes. However, the study finds that neither financial literacy nor social impact awareness significantly moderates the relationship between behavioural biases and investment decisions, suggesting that these cognitive biases are deeply rooted and cannot be fully neutralized by financial knowledge or ethical awareness alone. These findings highlight the persistent influence of behavioural factors in modern digital investment environments and underscore the complexity of investor behaviour among educated cohorts.
FISCAL AUTONOMY AND REVENUE GROWTH: THE IMPORTANCE OF SPATIAL CONTEXT IN LOCAL GOVERNMENT REFORM Edem Lekettey; Nugraha Nugraha; Maya Sari; Denny Andriana
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 6 No. 2 (2026): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.18729038

Abstract

This study examines the revenue growth performance of Ghana's Metropolitan, Municipal, and District Assemblies (MMDAs) and explores the moderating influence of population density on the relationship between financial autonomy and revenue growth. This study analyzes the impact of institutional capability and spatial context on subnational fiscal performance in the context of Ghana's decentralization, based on fiscal federalism and institutional theory. Auditor-General's Reports and the Ghana Statistical Service provided data on 261 MMDAs from 2018 to 2023. Stata 18 and R 4.3 were used for fixed-effects estimation, the system generalized method of moments (GMM), robustness testing, and moderation analysis using Hayes' PROCESS Model 1. The results indicate that financial autonomy substantially improved subnational revenue growth (β = 0.0036, p < 0.001). Population density did not significantly reduce this association (β = -0.0031, p = 0.108). Further analysis indicates that the fiscal benefits of autonomy are more pronounced in low-density assemblies, suggesting that institutional and administrative efficiencies play a more critical role in fiscal performance than population size. The findings indicate that decentralization reforms should prioritize improving governance quality, institutional discipline, and fiscal accountability, rather than demographic or spatial considerations. This study represents the first application of moderated panel models to 261 Ghanaian MMDAs, demonstrating that institutional strength, rather than population density, serves as the principal determinant of fiscal benefits from autonomy in developing countries. This finding contributes to the discussion on fiscal federalism and institutional theories.
Behavioral Finance in Sharia Investment: An Empirical Study on Indonesian Millennials Abdul Rozak; Abdul Rozak; Nugraha; Maya Sari; Imas Purnamasari; Fakhrul Anwar Zainol
Journal of Islamic Economics and Business Vol. 4 No. 2 (2024): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/jieb.v4i2.46872

Abstract

The increasing participation of millennials in Indonesia’s Islamic financial markets underscores the importance of understanding the behavioral factors that influence their investment decisions. This study aims to analyze the impact of behavioral biases specifically representativeness, overconfidence, and herding on Sharia-compliant investment behavior among millennial investors. Despite the growing relevance of behavioral finance, empirical research on cognitive biases in Islamic investments remains limited, particularly in emerging economies. This study fills that gap by employing Structural Equation Modeling–Partial Least Squares (SEM-PLS) to examine data collected from 300 millennial users of the Bibit Sharia investment platform in West Java. The findings reveal that overconfidence (β = 0.235, p < 0.05) and herding (β = 0.198, p < 0.05) significantly influence investment decisions, whereas representativeness bias has no significant effect (p > 0.05). These results highlight the critical role of self-confidence and social influence in shaping millennial Sharia investment behavior. The study recommends enhancing targeted financial literacy programs that address behavioral biases and promote ethical, independent decision-making among young Muslim investors. Future research is encouraged to include broader regional samples and explore additional behavioral factors within Islamic financial contexts.
Enhancing Corporate Governance with Blockchain and Smart Contracts: A Systematic Review of Agency Conflict Mitigation Arus Reka Prasetia; Primanola Perdananti; Ikaputera Waspada; Maya Sari
Moneta : Journal of Economics and Finance Vol. 4 No. 1 (2026): January 2026
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v4i1.1249

Abstract

Agency conflicts remain a persistent challenge in corporate governance because information asymmetry and misaligned incentives can weaken monitoring and accountability. This systematic literature review synthesizes international empirical evidence on how blockchain and smart contracts relate to agency conflict mitigation and governance outcomes, and it clarifies boundary conditions and implications for Agency Theory. We followed PRISMA reporting guidance and searched Scopus for English journal articles published between 2018 and 2025. After title, abstract, and full-text screening, 13 empirical studies were included for quality appraisal and thematic narrative synthesis. Across contexts, blockchain adoption or innovation intensity is most consistently associated with improved information environments, including higher transparency and reporting quality and lower opportunism related proxies, and it is also associated with improved investment efficiency and selected compliance and risk outcomes. Evidence on smart contracts is substantially thinner. Smart contracts are explicitly analysed in one case study and they are discussed secondarily in one additional study, while none of the large sample quantitative studies operationalises smart contract use as a distinct construct. The synthesis indicates that governance benefits depend on data integrity supported by internal controls, external monitoring and assurance capacity, and regulatory and legal alignment that enables auditability and enforceability. Overall, blockchain-enabled corporate governance is best interpreted as governance by system design that complements conventional mechanisms and motivates future research on measurable smart contract use cases and stronger causal identification.
UNDERSTANDING UPI STUDENTS' PERCEPTIONS AND FINANCIAL BEHAVIORS TOWARD CRYPTOCURRENCY: A QUALITATIVE STUDY Kayrdinov Aziz Muradovich; Maya Sari; Budhi Pamungkas Gautama
JURNAL EKONOMI BISNIS DAN MANAJEMEN (EKO-BISMA) Vol 4 No 1 (2025): JURNAL EKONOMI BISNIS DAN MANAJEMEN (EKO-BISMA)
Publisher : PUBLISHER ABISATYA DINAMIKA ISWARA PUBLISHING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58268/eb.v4i1.138

Abstract

This study explores the perceptions and financial behaviors of final-year Accounting and Management students at Universitas Pendidikan Indonesia (UPI) toward cryptocurrency. Using a qualitative approach, data were collected through semi-structured interviews with eight students. Findings reveal that while participants are aware of cryptocurrency, their understanding is often shaped by informal sources such as social media and peers, rather than academic instruction. Key themes include curiosity, emotional decision-making, peer influence, and skepticism due to volatility and lack of trust. The study highlights a significant educational gap in university curricula regarding digital finance, suggesting a need for more structured financial literacy programs. Thematic analysis further underscores the influence of behavioral finance concepts such as FOMO, loss aversion, and social proof in shaping student engagement with crypto assets.
THE RELATIONSHIP BETWEEN CORPORATE GOVERNANCE AND FINANCIAL PERFORMANCE Yusufova Kamola; Maya Sari; Inomjon Qudratov
JURNAL EKONOMI BISNIS DAN MANAJEMEN (EKO-BISMA) Vol 5 No 1 (2026): JURNAL EKONOMI BISNIS DAN MANAJEMEN (EKO-BISMA)
Publisher : PUBLISHER ABISATYA DINAMIKA ISWARA PUBLISHING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58268/eb.v5i1.285

Abstract

In corporate management, corporate governance is a framework that integrates accountability and control Long-term competitiveness and better financial performance are directly impacted by this system. The purpose of this literature study is to determine how important corporate governance mechanisms such as board composition, ownership concentration, CEO tenure, audit committees, internal control, and information disclosure transparency affect financial performance. The consequences of governance change for businesses and decision-makers in emerging nations like Uzbekistan are also examined in this research. The sources used in this study's structured thematic evaluation were chosen based on their applicability to agency theory, governance systems, and developing market financial performance. The evolution of the financial sector, state ownership structure, and governance circumstances are contextualised by integrating World Bank reports on Uzbekistan with scholarly literature.This analysis demonstrates how effective company governance enhances financial performance by lowering agency costs, increasing capital availability, enhancing the calibre of strategic choices, and boosting investor trust. But this impact is also influenced by the institutional setting. Concentrated ownership can improve monitoring but also increase the risk of conflicts of interest, therefore having an independent board of directors is not always beneficial. Moreover, disclosure regulations work best when they are backed by reliable enforcement. Crucially, when governance measures operate as an integrated system rather than a compliance checklist, the best financial performance is attained. These conclusions apply to businesses and officials seeking governance reform in developing nations, such as Uzbekistan, where investor protection is inadequate, state ownership is still predominant, and disclosure procedures are applied unevenly.
Co-Authors Abdul Rozak Abdul Rozak Andriana, Denny Arus Reka Prasetia Azreen Roslan Baehaqi Bayu Indra Setia Bayu Setia Budhi Pamungkas Gautama, Budhi Chairul Furqon, Chairul Dadan Sumantri Disman Disman Edem Lekettey Endang Ruchiyat Erik Alghifari Erik SA Erik Sopian Erik Syawal Alghifari ERNAWATI Fairuz Rifqi Abdurahman Fakhrul Anwar Zainol Francis Kortey Mac-Moqu Godwin Ahiase Heryana, Toni I Nyoman Sujana Ika Putera Waspada Ikaputera Waspada Imanirrahma Salsabil Imas Purnamasari In Min Indri Ferdiani Suarna Inomjon Quadratov Inomjon Qudratov Iqbal Lutfi Ira Valentina Silalahi Iwan Kurniawan Kania Widyatami Kayrdinov Aziz Muradovich Krishna Yuliawati, Ayu Layung Anindya Prasetyanti Lena Lestary M Sandi Marta Maesaroh, Syti Sarah Mokh Adib Sultan Sari Mr Nugraha Muhammad Yusuf N Nugraha Nadya Salsabila Netti Siska N Netti Siska Nurhayati Ningsih, Nurul Hutami Nugraha Nugraha Nugraha NURHUDA NIZAR Percy Chris Kpodo Philipina Ampomah Philipina Ampomah Primanola Perdananti Priscilla Appianin Affram Radiyul Fahmi Shaibu Awudu Sukardi, Hadi Ahmad Surachman, Eka Yasir Maulana Yogi Suprayogi Yusufova Kamola