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All Journal Jurnal Media Informasi Manajemen Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen Bahtera Inovasi International Journal of Educational Review, Law And Social Sciences (IJERLAS) Jurnal Ekonomi Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Proceeding ISETH (International Summit on Science, Technology, and Humanity) International Review of Practical Innovation, Technology and Green Energy (IRPITAGE) Proceedings of The International Conference on Business and Economics Journal of Artificial Intelligence and Digital Business E-Prosiding Seminar Nasional Manajemen dan Akuntansi STIE Semarang (SENMAS) Harmoni Economics: International Journal of Economics and Accounting Journal of Accounting Research, Utility Finance and Digital Assets (JARUDA)
Isfenti Sadalia
universitas sumatera utara
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Energy Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Medicine & Pharmacology Social Sciences Other

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THE FACTORS AFFECTING TRANSFER PRICING DURING COVID-19 WITH PROFITABILITY AS A MODERATING VARIABLE Jasmine; Fahmi Natigor Nasution; Isfenti Sadalia
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 6 No. 2 (2026): April
Publisher : CV. Radja Publika

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Abstract

The purpose of this study is to examine and analyze whether tax rates, exchange rates, bonus mechanisms, and leverage affect transfer pricing, with profitability as a moderating variable, in healthcare subsector companies listed on the Indonesia Stock Exchange during COVID-19 period and the post-COVID-19 period. The research data were collected through documentation techniques by accessing secondary data from the official website of the Indonesia Stock Exchange. The sampling method used was purposive sampling. Hypothesis testing was conducted using moderated regression analysis. The results show that during the COVID-19 period, tax rates, bonus mechanisms, and leverage have an effect of transfer pricing. In addition, profitability is able to moderate the effect of tax rates on transfer pricing but does not moderate the other variables. In the post-COVID-19 period, tax rates and leverage affect transfer pricing, whereas exchange rates and bonus mechanisms do not have a significant effect. Furthermore, profitability is not able to moderate the effect of any variables on transfer pricing in the post-COVID-19 period.
The Effect of the Fraud Pentagon on Fraudulent Financial State-ments: The Audit Committee as a Moderating Variable in Primary Consumer Goods Sector Manufacturing Companies Listed on the Indonesian Stock Exchange, 2022–2024 Yafika Apriliza; Erlina Erlina; Isfenti Sadalia
Harmoni Economics: International Journal of Economics and Accounting Vol. 3 No. 1 (2026): Harmoni Economics: International Journal of Economics and Accounting
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonieconomics.v3i1.433

Abstract

This study examines the practice of fraudulent financial statements in primary consumer goods manufacturing companies listed on the Indonesia Stock Exchange for the 2022–2024 period using the Fraud Pentagon approach. The research problem stems from the persistence of fraudulent financial reporting and the differences in empirical findings regarding the influence of Fraud Pentagon factors on fraudulent financial statements. Therefore, this study aims to analyze the influence of pressure, opportunity, rationalization, competence, and arrogance on fraudulent financial statements, with the audit committee as a moderating variable. This study uses secondary data sourced from financial statements and company annual reports, with a population of 49 companies and a sample of 35 companies selected through a purposive sampling method. The analytical methods used are panel data regression and Moderated Regression Analysis (MRA). The results show that rationalization has a positive and significant effect on fraudulent financial statements, while pressure, opportunity, competence, and arrogance have no significant effect. Furthermore, the audit committee is unable to moderate the influence of pressure, opportunity, rationalization, competence, and arrogance on fraudulent financial statements.
EMPLOYEE RESISTANCE MANAGEMENT IN THE PROCESS OF BUREAUCRATIC SIMPLIFICATION AT THE REGIONAL OFFICE OF THE DIRECTORATE GENERAL OF CUSTOMS AND EXCISE IN NORTH SUMATRA Fathurohman; Nazaruddin; Isfenti Sadalia
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 6 No. 5 (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.22038574

Abstract

This study aims to analyze factors influencing employee resistance in the bureaucratic simplification process at the Regional Office of the Directorate General of Customs and Excise in North Sumatra. This reform aims to create a more agile and responsive organization. However, it triggers both positive and negative responses from employees. A quantitative approach was applied with 141 respondents. Variables include communication, participation, resources, transformational leadership, trust in management, future clarity, and organizational justice. The findings reveal that participation, trust in management, future clarity, and organizational justice significantly affect resistance to change. Furthermore, trust and future clarity act as mediating variables between resources and resistance. These findings highlight the importance of transparency, fairness, and employee involvement in change management strategies.
REVIVING TRADITIONAL JAMU: THE CREATION OF HERBALIS MILK IN KELURAHAN KARYA JAYA, TEBING TINGGI Isfenti Sadalia; Beby Kendida Hasibuan; Marina Wulandari Nasution; Dona Tiara Lubis; Lailan Syafrina Hasibuan; Isdiana Syahfitri
International Review of Practical Innovation, Technology and Green Energy (IRPITAGE) Vol. 5 No. 3 (2025): November 2025 - February 2026
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.19464624

Abstract

Kelurahan Karya Jaya is a community where a significant number of people engage in jamu production. The community service program Revitalizing Traditional Jamu: The Development of Herbalis Milk in Kelurahan Karya Jaya, Tebing Tinggi aims to strengthen the potential of traditional jamu by innovating their presentation into herbal-based milk products. Jamu, one of Indonesia’s cultural heritage, is frequently viewed as unappealing to younger generations because of its bitter flavor and traditional presentation. Transforming jamu into herbal milk not only enhances its taste but also boosts its nutritional benefits and makes it more acceptable to consumers, particularly children and young people. The problems identified include limited knowledge of residents in product diversification, lack of skills in hygienic and modern processing, and minimal access to packaging technology that is attractive and marketable. To resolve these challenges, we provide training and workshops on turning jamu into herbalis milk, practical guidance and direct teaching during the production process, as well as assistance in packaging and marketing strategies. This activity is expected to revitalize the traditional jamu culture, create added economic value for the community, and open wider market opportunities through innovative herbal milk products. The methods used in this service activity are training and practice, mentoring, and monitoring and evaluation.
THE INFLUENCE OF INTELLECTUAL CAPITAL, GOOD CORPORATE GOVERNANCE AND CORPORATE SOCIAL RESPONSIBILITY ON FIRM VALUE WITH PROFITABILITY AS AN INTERVENING VARIABLE Mutiah Nasution; Isfenti Sadalia; Nisrul Irawati
International Journal of Educational Review, Law And Social Sciences (IJERLAS) Vol. 4 No. 3 (2024)
Publisher : CV. RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijerlas.v4i3.1640

Abstract

This study aims to determine the effect of Intellectual Capital, Good Corporate Governance and Corporate Social Responsibility on Firm Value with Profitability as an Intervening Variable. This research uses data Secondary which is the publication of the Indonesia Stock Exchange and the Malaysia Stock Exchange, reference books, journals, research results, and data on the internet related to the research topic. The data analysis method used is a statistical method assisted by the Smart PLS program. The results showed that VAIC (X1) has a positive and significant direction on the Profitability (ROA) variable both in Indonesia and Malaysia, GCG (X2) has a positive and significant direction on the Profitability (ROA) variable in Indonesia while in Malaysia it has a positive direction but not significant to the Profitability variable, CSR (X3) has a positive but not significant effect on the Profitability (ROA) variable in Indonesia and Malaysia, VAIC (X1) has a positive but not significant effect on Firm Value.
Financial Stability Index: A Systematic Literature Review Nisrul Irawati; Isfenti Sadalia; Wina Nurfitriani; Ahmad Azmi; Nindy Erisma
Proceeding ISETH (International Summit on Science, Technology, and Humanity) 2025: Proceeding ISETH (International Summit on Science, Technology, and Humanity)
Publisher : Universitas Muhammadiyah Surakarta

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Abstract

Measuring financial stability became a top priority after the 2008 global crisis, prompting the development of the Financial Stability Index (FSI) as a comprehensive monitoring tool. However, information on the effectiveness of various FSI methodologies is still limited. This systematic review is designed to analyze the components, methodology, and effectiveness of FSI in predicting financial crises. The method used is PRISMA. Articles were obtained from 4 databases, namely: Scopus, Web of Science, ScienceDirect, and Google Scholar. Articles were collected from 2000 to 2025 and 187 articles met the inclusion and exclusion criteria. The results of this study show that (1) there are three main categories of FSI indicators used, namely: CAMELS framework (75.9%), macro-financial ratios (49.7%), and stress-testing variables (35.8%); (2) there were six dominant methodological patterns: panel regression (40.6%), Principal Component Analysis/PCA (47.6%), fuzzy logic (18.2%), machine learning (23.0%), equal weighting (27.8%), and Analytic Hierarchy Process/AHP (16.6%); (3) FSI's predictive ability shows mixed results with Area Under ROC Curve (AUC) ranging from 0.65-0.89 (median 0.76); (4) the main challenges include aggregation issues, weighting controversies, structural heterogeneity between countries, and data quality disparities; Meanwhile, future research recommendations focus on the integration of high-frequency data, hybrid models, non-conventional indicators, and robustness testing. Collaboration between regulators, academics, and practitioners is essential to improve the effectiveness of FSIs.
Pengaruh Internet Influence, Financial Technology, dan Persepsi Risiko terhadap Minat Investasi dengan Literasi Keuangan sebagai Variabel Mediasi (Studi pada Mahasiswa FEB Universitas Sumatera Utara) Wulan Permatasari; Dini Halimah; Isfenti Sadalia; Alwi Ihsan Nababan
RIGGS: Journal of Artificial Intelligence and Digital Business Vol. 5 No. 2 (2026): Mei-Juli
Publisher : Prodi Bisnis Digital Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/riggs.v5i2.9388

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh Internet Influence, Financial Technology (Fintech), dan Persepsi Risiko terhadap Minat Investasi dengan Literasi Keuangan sebagai variabel mediasi pada mahasiswa Fakultas Ekonomi dan Bisnis Universitas Sumatera Utara. Perkembangan teknologi digital telah mengubah cara generasi muda memperoleh informasi dan mengambil keputusan keuangan, sehingga faktor digital menjadi aspek penting dalam pembentukan minat investasi. Penelitian ini menggunakan pendekatan kuantitatif dengan desain explanatory research. Data dikumpulkan melalui penyebaran kuesioner kepada 100 mahasiswa yang dipilih menggunakan teknik purposive sampling. Analisis data dilakukan menggunakan regresi linear berganda dan Uji Sobel dengan bantuan perangkat lunak SPSS. Hasil penelitian menunjukkan bahwa Internet Influence dan Persepsi Risiko berpengaruh positif dan signifikan terhadap Literasi Keuangan maupun Minat Investasi. Sebaliknya, Financial Technology tidak berpengaruh signifikan terhadap Literasi Keuangan maupun Minat Investasi. Selain itu, Literasi Keuangan juga tidak berpengaruh signifikan terhadap Minat Investasi. Hasil Uji Sobel menunjukkan bahwa Literasi Keuangan tidak mampu memediasi pengaruh Internet Influence, Financial Technology, dan Persepsi Risiko terhadap Minat Investasi. Temuan ini mengindikasikan bahwa minat investasi mahasiswa lebih banyak dipengaruhi secara langsung oleh paparan informasi digital dan kemampuan individu dalam menilai risiko investasi dibandingkan melalui peningkatan literasi keuangan. Secara teoritis, penelitian ini mendukung integrasi Technology Acceptance Model (TAM) dan Theory of Planned Behavior (TPB) dalam menjelaskan perilaku investasi generasi muda. Secara praktis, hasil penelitian menegaskan pentingnya penguatan edukasi investasi berbasis digital dan peningkatan kemampuan analisis risiko yang aplikatif untuk mendorong minat investasi mahasiswa.
OPTIMAL ANALYSIS OF THE LQ-45 STOCK PORTFOLIO ON THE INDONESIAN STOCK EXCHANGE USING THE DISCOUNTED DIVIDEND METHOD MODEL AND PRICE BOOK VALUE (YEAR 2018-2020) Hanna Widya Queentana; Isfenti Sadalia; Rulianda Wibowo
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 2 No. 4 (2024): April
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v2i4.147

Abstract

The aim of this research is to analyze stock prices that are undervalued (cheap) and overvalued (expensive) from the intrinsic value obtained when compared with the prices formed on the stock market, to analyze the optimal portfolio of shares resulting from the formation of LQ-45 shares, to analyze the large proportion of funds in each each stock that forms an optimal portfolio of LQ-45 shares, analyzing the expected level of return from the risk of the portfolio formed of LQ-45 shares. The results of the analysis show that there are 20 (twenty) sample companies that are undervalued and to analyze the stock portfolio using the Single Index Model approach, which can form an optimal portfolio, namely ICBP (Indofood CBP Sukses Makmur Tbk.) shares of 0.7739 (77.39). %), BBRI (Bank Rakyat Indonesia (Persero)) Tbk., amounting to 0.2154 (21.54%) and SMGR (Semen Indonesia (Persero) Tbk) amounting to 0.0107 (1.07%). The results of this research show that there is investor rationality in selecting shares and forming an optimal portfolio using a single index model on the Indonesia Stock Exchange for LQ45 shares for the period February 2018 - January 2020.
THE EFFECT OF LEVERAGE, PRODUCTIVITY, AND DEVIDEND POLICY ON COMPANY VALUE WITH COMPANY SIZE AS A MODERATOR IN MANUFACTURING COMPANIES IN THE CONSUMER GOODS INDUSTRY SECTOR LISTED ON THE IINDONESIA STOCK EXCHANGE Willman S; Fahmi Natigor Nasution; Isfenti Sadalia
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 5 No. 1 (2026): July
Publisher : PT. Radja Intercontinental Publishing

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Abstract

This study aims to analyze the effect of leverage, productivity, and dividend policy on firm value in consumer goods industry sector companies listed on the Indonesia Stock Exchange during the period 2022-2024, and to examine the role of firm size as a moderating variable. The research sample was determined using purposive sampling, resulting in 24 companies with 72 panel data observations. The analytical method used is Moderated Regression Analysis (MRA) with a Fixed Effect Model (FEM-EGLS) approach selected through Chow and Hausman tests. Results show that leverage has a positive and significant effect on firm value, while productivity has a positive but insignificant effect, and dividend policy has a negative but insignificant effect on firm value. Firm size significantly moderates the effect of leverage on firm value in a negative direction (pure moderator), but is unable to moderate the effects of productivity and dividend policy on firm value. These findings imply that capital structure management must be optimized, while asset utilization efficiency and dividend policy require more effective management to provide positive signals to investors.
EMPOWERING SCHOOL SANITATION POST-DISASTER: WATER FILTER DEVELOPMENT AND THE ECONOMIC VALUE OF LEMONGRASS SOAP PRODUCTION IN MIS BI AL-NAZHAR, LANGKAT REGENCY Isfenti Sadalia; Beby Kendida Hasibuan; Lailan Syafrina Hasibuan; Marina Wulandari Nasution; Fathurrahman
International Review of Practical Innovation, Technology and Green Energy (IRPITAGE) Vol. 6 No. 2 (2026): July-October 2026
Publisher : RADJA PUBLIKA

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Abstract

MIS BI Al-Nazhar, a primary school in Kecamatan Tanjung Pura, Kabupaten Langkat, North Sumatra, faces persistent water and sanitation challenges in the aftermath of local disaster events, as its groundwater source is contaminated by salt intrusion and bacterial contamination originating from brackish soil. This community service program, entitled "Empowering School Sanitation Post-Disaster: Development of Water Filters and Soap Production in MIS BI Al-Nazhar, Langkat Regency," was designed to strengthen the school's sanitation resilience through the development of a simple household-scale water filtration system and training in lemongrass (sereh) soap production. The program was implemented in four stages: introduction and socialization, technology transfer and installation, hands-on training and mentoring, and monitoring and evaluation. A two-tank filtration system equipped with silica sand, manganese greensand, and activated carbon media, supported by a 3-way valve and a bypass line, was installed to reduce turbidity, iron and manganese content, odor, and taste in the school's water supply. In parallel, teachers and students were trained to produce lemongrass soap from palm oil, soybean oil, and citronella extract through the saponification process using NaOH. A production feasibility analysis showed that the cost of goods sold (Harga Pokok Produksi/HPP) of the soap was Rp4,056.89 per bar, generating a profit of Rp943.11 per bar at a selling price of Rp5,000, with a break-even point (BEP) of approximately 559 bars per month. The program is expected to improve access to safe water, strengthen hygiene behavior among students and teachers, and open an economically sustainable micro-enterprise opportunity for the school community.
Co-Authors Agustina Dian Putri Manurung Ahmad Azmi Alwi Ihsan Nababan Beby Karina Fawzeea Sembiring Beby Kendida Hasibuan Clara Anggraini Sirait Dini Halimah Dona Tiara Lubis Elsa Noviliani Syarif Emil Endang Sulistya Rini Erlina Erlina Fahmi Natigor Nasution Fathurohman Fathurrahman Hanna Widya Queentana Indawati Lestari Isdiana Syahfitri Isma Dewi Br. Panjaitan Jasmine Lailan Syafrina Hasibuan Marina Wulandari Nasution Mutiah Nasution Nazaruddin Nazaruddin Nazaruddin Nindy Erisma Nisrul Irawati Pratiwi, Risdy Absari Indah Prihatin Lumbanraja Rahmad Zulhiansyah Simatupang Rintan Nilaywati Robert Rico Marpaung Sutarman Sutarman syahyunan syahyunan Wibowo, Rulianda P. Willman S Wina Nurfitriani Wulan Permatasari Yafika Apriliza Yolanda Tanika