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All Journal International Journal of Evaluation and Research in Education (IJERE) Ekonomi Bisnis IQTISHODUNA Ekuitas: Jurnal Pendidikan Ekonomi JAM : Jurnal Aplikasi Manajemen JURNAL EKONOMI AKUNTANSI DAN MANAJEMEN JPBM (Jurnal Pendidikan Bisnis dan Manajemen) Akademika : Jurnal Manajemen, Akuntansi, dan Bisnis Jurnal Pendidikan Ekonomi & Bisnis Jurnal Akuntansi Aktual Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen JMM (Jurnal Masyarakat Mandiri) International Journal of Social Science and Business Abdimas Umtas : Jurnal Pengabdian kepada Masyarakat Jurnal Bisnis dan Akuntansi Profit : Jurnal Kajian Ekonomi dan Perbankan Syariah Jurnal Pengabdian Masyarakat Ilmu Keguruan dan Pendidikan (JPM-IKP) Al-Kharaj: Journal of Islamic Economic and Business Janaka : Jurnal Pengabdian Masyarakat JBMR: Journal of Business and Management Review Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Studies in Learning and Teaching Jurnal Pengabdian kepada Masyarakat Nusantara International Journal Of Science, Technology & Management (IJSTM) International Journal of Environmental, Sustainability, and Social Science International Journal of Business, Law, and Education International Journal of Social Learning (IJSL) Journal of Humanities, Social Science, Public Administration and Management (HUSOCPUMENT) Jurnal ABM Mengabdi International Journal of Economy, Education and Entrepreneurship (IJE3) Shafin: Sharia Finance and Accounting Journal Idea Pengabdian Masyarakat Journal Koperasi Dan Manajemen Journal of Applied Business, Taxation and Economics Reseach International Journal of Applied Finance and Business Studies Riset Akuntansi (RISTANSI) Akuntansi'45 International Journal of Multidisciplinary Research and Literature (IJOMRAL) ADPEBI International Journal of Business and Social Science East Asian Journal of Multidisciplinary Research (EAJMR) International Journal of Humanities Education and Social Sciences Jurnal Manajemen, Bisnis dan Kewirausahaan Formosa Journal of Multidisciplinary Research (FJMR) Formosa Journal of Science and Technology (FJST) Rahmatan Lil’alamin Journal of Community Services (RLA) Journal of Educational Analytics PENANOMICS: INTERNATIONAL JOURNAL OF ECONOMICS International Journal of Applied Business and International Management International Journal of Accounting & Finance in Asia Pasific Asia Pacific Journal of Management and Education Journal of International Conference Proceedings Asian Journal of Management Analytics Governors Journal of Scientific Research, Education, and Technology International Journal of Economics and Management Research Journal Publicuho Journal of Public and Business Accounting International Journal of Integrative Sciences Jurnal Manajemen Riset Inovasi Jurnal Ekonomi, Bisnis dan Pendidikan (JEBP) Wawasan : Jurnal Ilmu Manajemen, Ekonomi dan Kewirausahaan Business and Investment Review International Journal of Management Research and Economics Journal of Business Management and Economic Development Jurnal Manajemen dan Pemasaran Digital MILRev: Metro Islamic Law Review IIJSE RISK : Jurnal Riset Bisnis dan Ekonomi Jurnal Ilmiah Manajemen Ekonomi Dan Akuntansi (JIMEA) Journal Economic Excellence Ibnu Sina Jurnal Investasi Islam Jurnal Penelitian Pendidikan Indonesia Jurnal Manajemen Bisnis Era Digital Ekuitas Jurnal Pnedidikan Ekonomi Jurnal Manajemen, Ekonomi dan Akuntansi International Journal of Economics, Commerce, and Management International Journal of Economics and Management Sciences Green Inflation: International Journal of Management And Strategic Business Leadership Epaper Bisnis: International Journal Entrepreneurship and Management Iqtishadia: Jurnal Ekonomi dan Perbankan Syariah International Journal of Business and Quality Research International Journal of Technology and Education Research International Journal of Economics, Business and Innovation Research Asian Journal of Management, Entrepreneurship and Social Science IJHABS Greenation International Journal of Economics and Accounting Harmony Management: International Journal of Management Science and Business Global Management: International Journal of Management Science and Entrepreneurship META - JOURNAL eJEBA Brilliant International Journal of Management and Tourism International Journal of Economics and Management Research Jurnal Manajemen, Bisnis dan Kewirausahaan Jurnal Ekonomi dan Studi Pembangunan (JESP)
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The Effect of Free Cash Flow (FCF) On Agency Cost and Financial Performance in Financial Sector Companies Registered in Indonesia Stock Exchange (BEI) 2015-2016 Agung Purnawarman; Puji Handayati; Rizky Firmansyah
International Journal of Accounting and Finance in Asia Pasific (IJAFAP) Vol 3, No 3 (2020): October 2020
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/ijafap.v3i3.954

Abstract

The company not only aims to seek profit, but also to maximize the prosperity of its shareholders by maximizing the value of the company. Within the company, there are three people who have different interests, namely, company owners, shareholders and managers. When the company generates free cash flow, there will be differences in the interests of the parties who make the work contract and create a conflict that will cause the company to pay costs, which is called agency cost. The result of this difference in interest can also affect the company's financial performance, because the company's finances are not going well. The purpose of this study was to determine the effect of free cash flow (FCF) on agency cost and financial performance in financial sector companies listed on the IDX in 2015-2016. The type of research used in the research is Explanatory Research, with a population of 83 companies listed on the Indonesian stock exchange in the financial sector in 2015-2016. The sampling technique used the purposive sampling method as many as 61 companies listed on the Stock Exchange in the financial sector 2015-2016. The analytical tool used in this study is a simple regression test. Based on the results of the analysis, it is found that free cash flow (FCF) has a positive and significant effect on agency cost in financial sector companies listed on the IDX 2015-2016 of 33.7% and free cash flow (FCF) has a positive and significant effect on performance. finance by 34.0%.
Dynamics of Family Roles in Business Decision Making: A Case Study at Teras Herritage Café, Malang Rikardus Kurnia Lango; Sudarmiatin Sudarmiatin; Naswan Suharsono; Puji Handayati
ePaper Bisnis : International Journal of Entrepreneurship and Management Vol. 2 No. 4 (2025): ePaper Bisnis : International Journal of Entrepreneurship and Management
Publisher : Asosiasi Riset Ilmu Manajemen Kewirausahaan dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/epaperbisnis.v2i4.610

Abstract

This study aims to describe the dynamics of family business management at Teras Herritage Café in Malang City by highlighting role division, communication patterns, business operations, challenges, and the relationship between family and non-family employees. Using a qualitative approach with a case study strategy, data were collected through semi-structured interviews with the owner, family members, and non-family employees, as well as direct observation at the business location. The results show that café management is strongly influenced by family values, particularly the principle of mutual cooperation and role flexibility that allows all family members to be actively involved in operations. Although differences of opinion often arise, they are resolved through open communication, preventing significant conflict. The main challenges of the business include limited digital marketing, location competition, and suboptimal technical facilities. The relationship between family and non-family employees is harmonious, characterized by fair treatment and an inclusive work environment. The study's conclusions confirm that family social capital is a key strength in maintaining business stability, but strengthening the management structure, marketing strategy, and long-term planning is needed for the business to grow sustainably.
Digital Strategy and Bureaucratic Challenges in Sustainable Vermiculture MSME Exports Amelia Sugangga; Sudarmiatin Sudarmiatin; Puji Handayati
Formosa Journal of Multidisciplinary Research Vol. 4 No. 5 (2025): May 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/fjmr.v4i5.190

Abstract

This research examines the drivers and barriers to the sustainability of vermiculture exports by MSMEs, with a case study of CV RAJ Organik in Malang City. Descriptive qualitative methods through interviews, observations, and documentation revealed that product quality, global partnerships, and adaptive capacity of business actors are the main supporters. However, bureaucratic complexity, regulatory uncertainty, and lack of local government support are significant obstacles. Digitalization of the export process and an integrated service system at the regional level are recommended as strategic solutions to improve the competitiveness and sustainability of local potential-based MSME exports.
Efforts to Penetrate the Global Market: Analysis of Drivers and Barriers to Export of Worm Farming MSMEs in Malang Amelia Setyawati; Sudarmiatin Sudarmiatin; Puji Handayati
Formosa Journal of Multidisciplinary Research Vol. 4 No. 5 (2025): May 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/fjmr.v4i5.189

Abstract

The vermiculture business is one of the MSME sectors that has high potential in exports, especially to meet the needs of the animal feed industry, organic agriculture, and cosmetic raw materials. This research aims to examine the factors that support and hinder the sustainability of exports of vermiculture products through a case study at CV RAJ Organic in Malang City. The research method used is a descriptive qualitative approach with in-depth interview techniques to business owners, observation, and documentation. The results showed that export success is influenced by product quality, partnerships with global market networks, and the adaptive capacity of business actors. However, there are structural barriers such as complex export bureaucracy, regulatory uncertainty, and lack of local government support. In the era of digital transformation, digitizing the export process is a strategic solution to reduce administrative barriers and accelerate global market access. Therefore, this study recommends the importance of establishing an integrated export service system at the regional level, improving mentoring, digitizing the export process, and socializing regulations to improve the competitiveness and sustainability of local potential-based MSME exports.
The Effect of Financial Literacy and Access to Financing on the Financial Performance of MSMEs: The Role of Financial Management Mediation and Financial Technology Moderation (A Systematic Literature Review) Ginanjar Indra Kusuma Nugraha; Puji Handayati; Ely Siswanto
Formosa Journal of Multidisciplinary Research Vol. 4 No. 6 (2025): June 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/fjmr.v4i6.261

Abstract

This study aims to systematically analyze the influence of financial literacy and access to financing on the financial performance of Micro, Small, and Medium Enterprises (MSMEs), considering the mediating role of financial management and the moderating role of financial technology. Using a Systematic Literature Review (SLR) approach, 30 relevant academic articles published between 2021–2025 were thematically reviewed. The findings reveal that financial literacy directly improves MSMEs' financial decision-making capacity and indirectly enhances financial performance through improved financial management. Access to financing is identified as a critical determinant of MSME growth but is often hindered by structural barriers. Financial management acts as a key mediator linking literacy and financing to performance, while financial technology moderates this relationship by digitizing financial processes, improving access to capital, and increasing efficiency. The study also identifies research gaps, including a lack of longitudinal studies, insufficient analysis of cultural and religious influences, and the need for performance evaluation models that incorporate sustainability dimensions.
Marketing Agility, Market Sensing Capability, and Customer Orientation on SME Performance: The Mediating Role of Product-Service Adaptation Wulan Saraswati; Sudarmiatin; Puji Handayati; Naswan Suharsono
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (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.v8i3.12696

Abstract

This study aims to analyze the role of Product-Service Adaptation in mediating the effects of Marketing Agility, Market Sensing Capability, and Customer Orientation on the performance of MSMEs in Malang City. The research method employed a quantitative approach using purposive sampling of 108 SME owners or managers, and data analysis was conducted via Partial Least Squares (PLS)-based Structural Equation Modeling (SEM) using SmartPLS. The results indicate that Marketing Agility has a positive and significant effect on SME performance, while Market Sensing Capability and Customer Orientation have positive but insignificant effects on SME performance. Furthermore, Marketing Agility, Market Sensing Capability, and Customer Orientation were found to have a significant effect on Product-Service Adaptation, which in turn has a positive and significant effect on SME performance. Another key finding is that Product-Service Adaptation mediates the effects of Marketing Agility and Market Sensing Capability on SME performance but does not mediate the effect of Customer Orientation. Theoretically, this study strengthens the literature on dynamic capabilities by positioning Product-Service Adaptation as a mediating variable, while practically, it implies that MSME operators should not only rely on market sensing capability and customer orientation but also enhance marketing agility and product-service adaptation to further improve business performance.
Co-Authors Aang Kunaifi Aang Kunaifi Abdullah Syakur Novianto Achmad Barizi Achmad Barizi Adam Gumilang Rahmawan Adelia Rahma Adelia Rahma Adiwibowo Dian Afif Nur Rokhman Afifudin Afifudin Agoes Windarto Agung Purnawarman Agung Winarno Agus Hermawan Agus Hermawan Agus Salim Ahmad Wahyudin Ahmad Zaki Azzuhairi Aisyah Asri Nurrahma Akidah Fitrah Alvyola Permata Yussanto AMELIA SETYAWATI Amelia Setyawati Amelia Sugangga Amelia Sugangga Amin, Muh. Sirojuddin Andi Laksono Andrianto, Ahmad Andy Chandra Pramana Anisa Tus Saidah Anita Handayani Anugrahani, Inanda Shinta Aprilia Wulandari Arief Noviarakhman Zagladi Arif Isnaini Arif Wicaksono Aris, Nyuherno Ariyanto, Beny Arrosyid Chusayyin Atika Violeta Hanum Aulianda, Mega Azeeta Nur Partiwi Bagus Setiawan Bagus Setiawan Bagus Shandy Narmaditya Bahri, Mat Bahri, Matahari Adihapsari Saiful Bambang Sugeng Bambang Sugeng Bambang Sugeng Basofitrah, Achmad Bastomi, Mohamad Bellini Munezero Beny Ariyanto Brilian Prastiti Andri Safitri Budi Eko Soetjipto Budi UTAMI Casimiro Soares Cecilia Indah Hapsari Cholifah, Emilia Nur Chozin, Chozin Cipto Wardoyo Dedi Joko Hermawan Dewi Diah F Diki Darmawan Djoewita Djoewita Djoewita Djoewita, Djoewita Dodik Juliardi Dwi Wulandari Dyah Arini Rudiningtyas Eddy Sutadji Eka Ananta Sidharta Eko Juni Wahyudi Ely Siswanto Ery Tri Djatmika Rudijanto Wahju Wardhana Ery Tri Djatmika RWW Etty Soesilowati Fauji, Diah Ayu Septi Fazlur Rahman Rahawarin Ferdiansyah, Rifaldy Adinandra Fitriyah Fitriyah Fuji Santoso Fulgentius Danardana Murwani Ginanjar Indra Kusuma Nugraha Gita Yuniar Gunartin . Guntur Kusuma Wardana Hadi Ismanto Hanif Rani Iswari Haqi, Syafrozi Hari Wahyono Heri Pratikto Heri Purnomo Hernanik, Nova Dwi Hidayati, Irma Ihsanul Windasari Ilham, Rachmad Imam Habibi Imam Mukhlis Indratirta, Nadia Prima Insani, Yogie Dana Iradah Rahman Ismanto, Hadi Ismanto Ismawati, Lilik Ita Athia Ita Prihatining Wilujeng Iva Khoiril Mala Izzalqurny, Tomy Rizky Junaidi Khalikussabir, Khalikussabir Khusnia, Rif’atul Kukuh Budianto Kukuh Budianto Kusuma, Shafarina Dewi Lailatul Rohmah Laksono, Andi Latif, Sahraman D. Hadji Ludi Wishnu Wardana Lukmanasari, Herla Luthfiya Fathi Pusposari M. Cholid Mawardi Mahmud Mahmud Makaryanawati Makayanawati Makayanawati ‏‏‎ Maretasari, Rina Masculine Muhammad Muqorobin Maslichah Maslichah Mega Aulianda Mifta Ria Oktaviana Mifta Ria Oktaviana Moch Mohtar Moch. Wahyu Widodo Moh Yasir Moh. Amin Moh. Faizin Mohammad Rofiudin Mohammad Rofiudin MOHD RIZAL PALIL Muchamad Rizky Fauzi Mufid A Muh. Sirojuddin Amin Muhammad Bukhori Dalimunthe Muhammad Irfanul Hakim Zain Muhammad Irsan Y Hi Wahid Muhammad Sulhan Muttaqien, Zaenul Nabila Aura Dewanti Nabila Aura Dewanti Nadliroh, Indah Datin Naswan Harsono Naswan Suharsono Nikko Zein Jaya Pradana Novi Trisnawati Novi Trisnawati Novita Rifaul Kirom, Novita Rifaul Nur Diana Nur Diana Kholidah SM Nur Diana Kholidah SM Nurika Restuningdiah Nuriyatul Mustofiyah Nurul Farida Nurus Shobah Nurus Shobah Pahrizal Pahrizal Prastiono, Suryo Purwadi, Muhammad Guntur Purwianti, Ari Putra Hilmi Prayitno Rachmawati, Dita Rahajeng Cahyaning Putri Cipto Raharimalala Narindraniaina Elisoa Rahayu RAHAYU Rahman, Fadali Rahman, Iradah Rahmi, Vembri Aulia Rania Putri Distiawati Ratna Dwi Nastiti Ratna Tri Hardaningtyas Ravinesh Rohit Prasad, Ravinesh Rohit Rayyan Sugangga Renny Dwijayanti Restu Millaningtyas Reyhan Mahardika Rieska Maharani, Rieska Rikardus Kurnia Lango Rini Astuti Rini Astuti Rita Anggraini Rahayu Rivaldo Kurniawan Rizkita, Marsya Aulia Rizky Arief Shobirin Rizky Firmansyah RIZKY NURYANTI Rosmala Dewi Rosmiza Bidin RR. Ella Evrita Hestiandari Saiful Arif Santi Widyaningrum Saptaria, Lina Saraswati, Thusy Tiara Satia Nur Maharani Septiawan, Bambang Shadi Emad Areef Alhaleh Shafarina Dewi Kusuma Sheila Febriani Putri Shooma Fikri Albaasith Siti Salina Mustakim Slamet Fauzan Sonhaji Sri Umi Mintarti Subhan, Ega Saiful Sudarmiatin Sudarmiatin Sudarmiatin Sugangga, Rayyan Sukarsih Sukarsih, Sukarsih Sulis Rochayatun Sulton Sholehuddin Sumiati Sumiati Sunandes, Aris Sunariyadi, Sunariyadi Suparti Suparti Sutomo Sutomo Syafrozi Haqi Talitha Rahmi Ardiyanti Tasnim Nikmatullah Realita Tatas Ridho Nugroho Tatas Ridho Nugroho Tjatur, Christian Tri Djatmika Ulfi Andrian Sari Umi Nandiroh Umu Rosyidah Vega Wafaretta Vembri Aulia Rahmi Wahju Wardhana Wahyu Dede Gustiawan Wahyu Mustika Rani Wakik Wardhana, Ery Tri Wibowo, Nyuherno Aris Winda Ayu Anggraini Windasari, Ihsanul Wisma Miftahur Rozi Wulan Saraswati Yulani, Farah Siska Yuli Soesetio Yusuf Yusuf