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Unveiling the Link Between Leverage and Firm Performance: A Comparative Analysis of Sharia and Non-Sharia Compliant Firms in the Indonesia Stock Exchange Mahfirah, Titis Fatarina; Suherman, Suherman; Widyastuti, Umi; Mohidin, Rosle; Sari, Maylia Pramono; Heryana, Toni; Wastuti, Wahyu; Dewi, Monica
Journal of Business and Behavioural Entrepreneurship Vol. 9 No. 1 (2025): Journal of Business and Behavioural Entrepreneurship
Publisher : Fakultas Ekonomi, Universitas Negeri Jakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21009/JOBBE.009.1.06

This study investigates the influence of leverage on the performance of non-financial sector companies listed on the Indonesia Stock Exchange between 2012 and 2021. The analysis is segmented into three subsets: all companies, Sharia-compliant firms, and non-Sharia-compliant firms. Leverage is gauged through four metrics: debt to total asset ratio (DAR), debt to total equity ratio (DER), short-term debt to total assets (STD), and long-term debt to total assets (LTD). Firm performance is evaluated using return on assets (ROA), return on equity (ROE), and Tobin's Q. The study employs a quantitative approach, utilizing data from publicly listed companies. Leverage and performance are quantified using the specified metrics. Statistical analyses, including regression models, are conducted to examine the relationship between leverage and performance in each of the three subsets. The primary findings indicate a negative and statistically significant correlation between leverage and firm performance, as measured by ROA and ROE, across all company subsets. However, there is a positive and statistically significant impact of leverage on Tobin's Q. A more detailed analysis within the Sharia-compliant subset reveals a negative impact of leverage on all leverage indicators concerning ROA and ROE. In contrast, within the non-Sharia-compliant subset, leverage has a negative and statistically significant influence on ROA and ROE, but a positive and statistically significant effect on Tobin's Q. These empirical findings suggest that leverage has a detrimental and statistically significant association with a firm's accounting performance, as evidenced by ROA and ROE. However, it exerts a positive and statistically significant effect on the firm's market performance, as indicated by Tobin's Q. This underscores the importance of carefully managing leverage, particularly for firms operating within the Indonesian non-financial sector, to strike a balance between accounting and market performance objectives.

Financial Literacy as a Mediating Variable between Financial Behavior and Financial Inclusion: Evidence from Generation Z in Indonesia Dewi, Monica; Buchdadi, Agung Dharmawan Buchdadi; Mahfirah, Titis Fatarina; Wastuti, Wahyu
International Journal on Advanced Science, Education, and Religion Vol 8 No 2 (2025): IJoASER (International Journal on Advanced Science, Education)
Publisher : Sekolah Tinggi Agama Islam Al-Furqan, Makassar - Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33648/ijoaser.v8i2.1079

This study aims to examine the influence of financial behavior and financial literacy on financial inclusion in Generation Z in Indonesia, which is a productive age group and digital native. Although Gen Z has extensive access to digital financial technology and services, their financial literacy levels are still relatively low, affecting the quality of participation in the formal financial system. This study uses a quantitative approach with a survey method of 120 Gen Z respondents aged 18–24 years, which was analyzed using Structural Equation Modeling based on Partial Least Squares (SEM-PLS). The results showed that financial behavior had a positive and significant influence on financial inclusion (β = 0.410; p < 0.001), which means that the better their financial habits such as saving, budgeting, and managing debt, the higher their participation rate in formal financial services. In addition, financial literacy has also been shown to have a positive and significant effect on financial inclusion (β = 0.350; p < 0.001). Individuals with a strong understanding of financial products, risks, and decision-making tend to be more active and intelligent in using banking, fintech, and other financial instruments. These findings confirm that financial inclusion depends not only on physical access to financial services, but also on the quality of an individual's financial behavior and understanding. Therefore, increasing financial literacy and forming healthy financial behaviors is an important strategy in encouraging sustainable financial inclusion among the younger generation

Financial Literacy as a Mediating Variable between Financial Behavior and Financial Inclusion: Evidence from Generation Z in Indonesia Dewi, Monica; Buchdadi, Agung Dharmawan Buchdadi; Mahfirah, Titis Fatarina; Wastuti, Wahyu
International Journal on Advanced Science, Education, and Religion Vol 8 No 2 (2025): IJoASER (International Journal on Advanced Science, Education)
Publisher : Sekolah Tinggi Agama Islam Al-Furqan, Makassar - Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33648/ijoaser.v8i2.1079

This study aims to examine the influence of financial behavior and financial literacy on financial inclusion in Generation Z in Indonesia, which is a productive age group and digital native. Although Gen Z has extensive access to digital financial technology and services, their financial literacy levels are still relatively low, affecting the quality of participation in the formal financial system. This study uses a quantitative approach with a survey method of 120 Gen Z respondents aged 18–24 years, which was analyzed using Structural Equation Modeling based on Partial Least Squares (SEM-PLS). The results showed that financial behavior had a positive and significant influence on financial inclusion (β = 0.410; p < 0.001), which means that the better their financial habits such as saving, budgeting, and managing debt, the higher their participation rate in formal financial services. In addition, financial literacy has also been shown to have a positive and significant effect on financial inclusion (β = 0.350; p < 0.001). Individuals with a strong understanding of financial products, risks, and decision-making tend to be more active and intelligent in using banking, fintech, and other financial instruments. These findings confirm that financial inclusion depends not only on physical access to financial services, but also on the quality of an individual's financial behavior and understanding. Therefore, increasing financial literacy and forming healthy financial behaviors is an important strategy in encouraging sustainable financial inclusion among the younger generation

PELATIHAN BUSINESS MODEL CANVAS SEBAGAI UPAYA MENINGKATKAN INTENSI BERWIRAUSAHA PADA SANTRI AL ASHRIYYAH NURUL IMAN ISLAMIC BOARDING SCHOOL, PARUNG, BOGOR Widyastuti, Umi; Suhud, Usep; Susita, Dewi; Parimita, Widya; Cedaryana, Cedaryana; Hamidah, Hamidah; Sariwulan, Tuty; Wastuti, Wahyu; Dewi, Monica; Waheeda, Umi
Indonesian Collaboration Journal of Community Services (ICJCS) Vol. 5 No. 3 (2025): Indonesian Collaboration Journal of Community Services
Publisher : Yayasan Education and Social Center

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53067/icjcs.v5i3.220

This community service program aims to foster entrepreneurial intention among students of Al Ashriyyah Nurul Iman Islamic Boarding School in Waru Jaya Village, Parung, Bogor, through intensive training on the use of Business Model Canvas (BMC). Despite the increasing number of entrepreneurs in Indonesia, the country’s entrepreneurship ratio remains relatively low compared to neighboring Southeast Asian countries. This gap is evident within pesantren communities, which possess considerable economic potential but face challenges such as limited understanding of business planning tools, insufficient business management skills, and ineffective dissemination methods. The program addressed these challenges through a structured series of activities, including conceptual training, interactive workshops, mentoring by business practitioners, and dissemination of digital learning materials. The results demonstrated a significant increase in participants’ understanding and ability to apply the nine components of the BMC in real-world business contexts. Post-training assessments showed improved entrepreneurial confidence and intention among students. The initiative also encouraged collaborative action within the pesantren, including the formation of student entrepreneur groups and plans for sustainable business incubation. Overall, this program contributes to the development of a community-based entrepreneurial ecosystem and aligns with Sustainable Development Goals (SDGs), particularly in promoting quality education and reducing poverty through entrepreneurship education.

Pengaruh Kuat Tekan Beton dengan Penambahan Abu Batu Pada Proyek Pembangunan Jalan Oenaek – Saenam – Nunpo, Kefamenanu Muti, Adelfince; Susilowati; Sari, Inge Anggita; Dewi, Monica
Jurnal Inovasi Global Vol. 3 No. 8 (2025): Jurnal Inovasi Global
Publisher : Riviera Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58344/jig.v3i8.394

Beton merupakan bahan bangunan yang sering digunakan dalam proyek konstruksi. Karena kelebihan beton yang memiliki kekuatan dan mudah di bentuk, serta bahan-bahan yang mudah untuk didapatkan, beton menjadi pilihan utama dalam bidang konstruksi. Beton sendiri terdiri dari campuran bahan semen, pasir, batu pecah dan air. Material-material pembentuk beton dalam dunia teknik sipil dikenal sebagai agregat Kasar dan agregat halus serta semen sebagai bahan pengikat.Agregat kasar di hasilkan dari mesin pemecah batu (Stone Crusher). Dan untuk agregat halus pembentuk beton disini menggunakan pasir dari quary setempat. Seperti dalam proyek Pembangunan Jalan Oenaek-Saenam -Nunpo, Kefamenanu, pengerjaan item beton menggunakan pasir sebagai agregat halus dan batu pecah dari quary kali Noemuti, Kefamenanu. Namun dalam perjalanan pengerjaan proyek tersebut, kebutuhan akan pasir terus meningkat, karena pasir bukan hanya digunakan untuk beton, tapi juga untuk kebutuhan item pekerjaan lainnya seperti aspal maupun bahan lapis pondasi bawah (Agregat Klas A). Sehingga terjadi kelangkaan pada pasir di quari Sungai Noemuti. Untuk itu diperlukan alternatif lain sebagai pengganti agregat halus. Agregat halus merupakan material yang memiliki butiran yang kecil atau lolos dari saringan no.4 (4,75 mm), dan berfungsi sebagai bahan pengisi dalam campuran beton dan mengikat agregat kasar agar dapat membentuk kekuatan beton. Untuk itu, dalam penelitian ini penulis mencoba menambahkan abu batu hasil stone crusher sebagai agregat halus dalam campuran beton. Tujuan penelitian ini untuk mengetahui perbandingan kuat tekan beton tanpa penambahan abu batu dan dengan penambahan abu batu, serta layak tidaknya penggunaan abu batu pada campuran beton. Penelitian ini menggunakan metode eksperimen di laboratorium pengujian tanah dan studi literatur peneliti terdahulu.

ENTREPRENEURSHIP AND FINANCIAL MANAGEMENT TRAINING FOR INDONESIAN MIGRANT WORKERS AS PREPARATION FOR RETURNING HOME DEWI, MONICA; Krissanya , Nofriska; Suherman, Suherman; Buchdadi , Agung Dharmawan; Az-Zahra, Ridya; Danapati, Muhammad Ridho; Setyawan, Rahmat Dika
International Journal of Engagement and Empowerment (IJE2) Vol. 5 No. 3 (2025): International Journal of Engagement and Empowerment
Publisher : Yayasan Education and Social Center

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53067/ije2.v5i3.247

The Entrepreneurship and Financial Management Training for Indonesian Migrant Workers as Preparation for Returning Home program was designed to enhance the financial literacy and entrepreneurial capacity of Indonesian migrant workers in Tainan, Taiwan. This initiative responds to the financial challenges commonly faced by migrant workers, particularly in managing income, planning investments, and ensuring economic stability upon returning to Indonesia. Using a participatory approach that includes needs assessment, interactive lectures, financial planning simulations, and digital technology training, the program equips participants with practical skills in budgeting, saving, risk mitigation, and business planning. Evaluation results indicate increased understanding across participant groups with different characteristics, including gender, age, education level, and length of employment. Participants with longer work experience and higher educational backgrounds tended to achieve higher scores, although the program proved effective for all groups. These findings demonstrate that structured and context-based training can significantly improve the financial preparedness and entrepreneurial potential of migrant workers as they reintegrate economically upon returning home. The program also contributes to community empowerment and promotes inclusive economic development

Adaptasi Hunian di Dalam Kawasan Dengan Kebisingan Tinggi: case study: the settlement of Maleber Utara Street Dewi, Monica; Ekomadyo, Agus Suharjono
EMARA: Indonesian Journal of Architecture Vol. 6 No. 2 (2020): December 2020 ~ February 2021
Publisher : Universitas Islam Negeri Sunan Ampel Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29080/eija.v6i2.1110

Settlement along Maleber Utara street is a unique case of settlement with a unique condition:it conjuncts with three known noise sources; road traffic, railway traffic, and air traffic. The ideal house is a house in a tranquil environment. Exposure to constant noise proofed could cause health and well-being problems. Hence, there must be some house adaptations to reduce the noise. This research aims to describe forms of adaptation that Jalan Maleber settlers did in response to high-noise environment situations. Thisresearchis a descriptivequalitative research conducted with interview and observation using therhythm analysis approach. Data werecollectedd by interview and observation, and Samples were chosen by the snowball sampling method. The result showed that noisy conditionsvarious responsesmade by Jalan Maleber Utara settlers. The invention of a new rhythm could achieve Eurhythmiaby every settler in handling noise source rhythm that tends to be a pathology. Even so, arrhythmia could not be avoided,and it could happen if there were no advance action in response to this condition. The intensity of the noise increases, in line with population and economic growth. This research gave a description and solution for noise conditionsin Jalan Maleber Utara Settlement

Cybersecurity risk awareness in mobile banking: evidence from Sabah, Malaysia Mohidin, Rosle; Lajuni , Nelson; Lestari, Rahayu; Wastuti, Wahyu; Budin , Dg Safrina Ag; Ogunkoya, Olufemi Adewale; Dewi, Monica; Muharam, Hari; Salmah
Global Advances in Business Studies Vol. 4 No. 2 (2025): Global Advances in Business Studies (GABS)
Publisher : Ifma Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55584/Gabs.004.02.2

This study investigates how Sabahan perceive and respond to cybersecurity risks when using mobile banking. This study employed partial least squares structural equation modeling (PLS-SEM) and focused on four main factors: user awareness and behavior (UAB), mobile device security (MDS), banking app security features (BASF), and perceived cybersecurity threats (CT). A total of 350 questionnaires were distributed, and 286 valid responses were analyzed. The results indicate that UAB, MDS, and BASF all play a significant role in shaping cybersecurity risk awareness (CRA), while CT showed little to no direct effect. These findings suggest that improving user education and promoting secure practices are just as important as technical safeguards. In particular, enhancing digital literacy among less tech-savvy users, ensuring that security features are simple to use, and strengthening device protections can all help reduce risks of cybersecurity. The study concludes that a combination of user-focused education and stronger security standards is necessary to improve the overall safety of mobile banking services.

Financial Literacy as a Mediating Variable between Financial Behavior and Financial Inclusion: Evidence from Generation Z in Indonesia Dewi, Monica; Buchdadi, Agung Dharmawan Buchdadi; Mahfirah, Titis Fatarina; Wastuti, Wahyu
International Journal on Advanced Science, Education, and Religion Vol 8 No 2 (2025): IJoASER (International Journal on Advanced Science, Education)
Publisher : Sekolah Tinggi Agama Islam Al-Furqan, Makassar - Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33648/ijoaser.v8i2.1079

This study aims to examine the influence of financial behavior and financial literacy on financial inclusion in Generation Z in Indonesia, which is a productive age group and digital native. Although Gen Z has extensive access to digital financial technology and services, their financial literacy levels are still relatively low, affecting the quality of participation in the formal financial system. This study uses a quantitative approach with a survey method of 120 Gen Z respondents aged 18–24 years, which was analyzed using Structural Equation Modeling based on Partial Least Squares (SEM-PLS). The results showed that financial behavior had a positive and significant influence on financial inclusion (β = 0.410; p < 0.001), which means that the better their financial habits such as saving, budgeting, and managing debt, the higher their participation rate in formal financial services. In addition, financial literacy has also been shown to have a positive and significant effect on financial inclusion (β = 0.350; p < 0.001). Individuals with a strong understanding of financial products, risks, and decision-making tend to be more active and intelligent in using banking, fintech, and other financial instruments. These findings confirm that financial inclusion depends not only on physical access to financial services, but also on the quality of an individual's financial behavior and understanding. Therefore, increasing financial literacy and forming healthy financial behaviors is an important strategy in encouraging sustainable financial inclusion among the younger generation

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