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Peran Leverage dalam Memediasi Hubungan Current Ratio dan Inflasi Terhadap Kinerja Keuangan pada Perusahaan Manufaktur Non-Cyclical yang Terdaftar di Bursa Efek Indonesia Periode 2021-2024 Lia Nur Hidayati; Diana Puspitasari; Rudi Kurniawan; Amalia Nur Chasanah
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 3 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i3.11072

Abstract

This research looks at how Indonesian non-cyclical manufacturing businesses  financial operations are affected by inflation and liquidity, using leverage as a mediating variable. The study sample consists of 77 companies listed on the Indonesian Stock Exchange for the years 2021–2024. Secondary data is analyzed using the PLS-SEM method. This study focuses on the relationship between inflation and financial performance through the use of leverage. The research findings indicate that liquidity (Current Ratio) has a negative and significant impact on financial performance, whereas inflation and leverage do not. Additionally, leverage does not address the relationship between inflation and liquidity with regard to financial performance. This indicates that excessive liquidity might reduce business efficiency. In order to obtain more comprehensive results, subsequent research is advised to increase sample size and incorporate more variables.
Peran Literasi Keuangan dalam Memediasi Gaya Hidup Konsumtif dan Financial Self-Efficacy Terhadap Financial Well Being Mahasiswa di Kota Semarang A’ida Fitriani; Diana Puspitasari; Amalia Nur Chasanah; Pradana Jati Kusuma
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 5 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i5.11749

Abstract

This study aimed to examine the relationship between a consumptive lifestyle and financial self-efficacy on the level of financial well-being of students in Semarang City, placing financial literacy as an intermediary variable. The approach used was quantitative with a survey design, involving 210 active students who were selectively determined through a purposive sampling technique. The data obtained were then analyzed using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) method with the help of the SmartPLS 3 application. The research findings indicate that financial self-efficacy plays an important role because it is proven to have a positive and significant influence on both financial well-being and financial literacy of students. On the other hand, a consumptive lifestyle also shows a positive and significant influence on financial well-being, but does not have a significant relationship with the level of financial literacy. Furthermore, financial literacy is not proven to have a significant effect on financial well-being and therefore is unable to mediate the relationship between a consumptive lifestyle and financial self-efficacy with financial well-being. From a theoretical perspective, these results confirm that psychological aspects reflected in an individual's self-confidence regarding financial management have a more dominant role than mere knowledge. Therefore, in practice, universities and related parties are advised to not only focus efforts on improving financial literacy, but also develop programs aimed at strengthening students' self-confidence in managing finances wisely and sustainably.
Reaksi Pasar Modal Indonesia terhadap Pergantian Menteri Keuangan Baru: Analisis Event study pada Perusahaan yang Terdaftar dalam LQ45. Kania Ilma Wisada; Riki Fahmi; Amalia Nur Chasanah; Vicky Oktavia; Rudi Kurniawan
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 8 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i8.12703

Abstract

The change of the Minister of Finance has the potential to create uncertainty that could affect the capital market response. This study aims to analyze the Indonesian capital market's reaction to the change of the Minister of Finance in 2025 using an event study approach. The study sample consisted of 45 companies included in the LQ45 index with observation periods of 7, 14, and 30 days before and after the event. The variables used included abnormal returns, trading volume activity, and security return variability. Data analysis was performed using the Shapiro-Wilk normality test and the Wilcoxon signed-rank test. The results showed no significant differences in abnormal returns, trading volume activity, or security return variability across the observation periods. This finding indicates that the change of the Minister of Finance in 2025 did not generate a significant market reaction, either in terms of changes in stock returns, trading activity, or stock volatility. Therefore, information regarding the change of the Minister of Finance does not contain information content strong enough to significantly influence investor decisions in the Indonesian capital market.
A Mediation Analysis of Work Engagement in the Relationship between Transformational Leadership, Organizational Culture, and OCB Irvan Wijaya; Sih Darmi Astuti; Dwi Eko Waluyo; Amalia Nur Chasanah
Jurnal Telekomunikasi dan Informatika Lbh. 3 Àir. 2 (2025): International Journal Of Accounting, Management, And Economics Research (IJAME
Publisher : Fakultas Ekonomi dan Bisnis Universitas Dian Nuswantoro

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

Abstract

Human resources are the most important and determining assets in an organization. Human resources who are competent, highly motivated and able to work well are the resources needed by the company. Organizational citizenship behavior (OCB) is a concrete form of an employee in every company or organization to lighten the workload of other colleagues, without forgetting the main work that must be done by that individual. Many factors influence OCB, including work engagement, leadership and organizational culture. This research aims to examine the influence of Work Engagement, Leadership and Organizational Culture variables on OCB in PT Fajarmas Murni employees. The population used in this research were all employees of PT Fajarmas Murni who had worked for at least 2 years. The sample in this study was 164 respondents. Data was collected using a survey method using a questionnaire. This research uses Structural Equation Modeling (SEM) data analysis techniques which are operated using the SmartPLS 3 program. The results of the research show that Organizational Culture and Work Engagement have a significant effect on OCB, while transformational leadership has no significant effect and Transformational Leadership has a significant effect on Work Engagement while Organizational Culture does not have a significant effect on work engagement.
Reaksi Pasar Modal Indonesia terhadap Pergantian Menteri Keuangan Baru: Analisis Event study pada Perusahaan yang Terdaftar dalam LQ45. Kania Ilma Wisada; Riki Fahmi; Amalia Nur Chasanah; Vicky Oktavia; Rudi Kurniawan
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 8 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i8.12703

Abstract

The change of the Minister of Finance has the potential to create uncertainty that could affect the capital market response. This study aims to analyze the Indonesian capital market's reaction to the change of the Minister of Finance in 2025 using an event study approach. The study sample consisted of 45 companies included in the LQ45 index with observation periods of 7, 14, and 30 days before and after the event. The variables used included abnormal returns, trading volume activity, and security return variability. Data analysis was performed using the Shapiro-Wilk normality test and the Wilcoxon signed-rank test. The results showed no significant differences in abnormal returns, trading volume activity, or security return variability across the observation periods. This finding indicates that the change of the Minister of Finance in 2025 did not generate a significant market reaction, either in terms of changes in stock returns, trading activity, or stock volatility. Therefore, information regarding the change of the Minister of Finance does not contain information content strong enough to significantly influence investor decisions in the Indonesian capital market.
Environmental Concern: Antecedents of Ecotourism Visit Intention with Time Perspective and Destination Image as Determination Variables Yohan Wismantoro; MG Westri Kekalih Susilowati; Amalia Nur Chasanah; Vincent Didiek Wiet Aryanto
Media Ekonomi dan Manajemen Vol 38, No 2 (2023): July 2023
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56444/mem.v38i2.3945

Abstract

Environmental damage and sustainability become the center of attention along with climate change today. One of the interesting things is the change in behavior in the consumption of products categorized as "green", including in terms of choosing tourism destinations. Environmentally friendly tourism destinations or ecotourism is increasingly becoming an option for those who care about the environment. Ecotourism is also used by many countries, including travel agents, to increase their economic value or profit. This study aims to investigate how the role of Environmental Concern as antecendent of Ecoturism Visit Intention mediates the influence of Future Time perspective and Destination Image toward Ecotourism visit Intention.  This research involved 200 respondents who had visited ecotourism destinations at least twice, which was obtained using a convenience sample approach. The data were analyzed using Structural Equation Modelling (SEM) which were processed using the SmartPLS 4.0 statistical package. The result shows that Future Time perspective and Destination’s Image positively impact Ecotourism Intention.   Future Time perspective and Destination’s Image also influence Ecotourism Intention indirectly through Environmental Concern as the mediating variable. As an implication, the government and travel agents improve service readiness and perception of high-value propositions to develop a better destination image.
Saving Behavior dalam Ekonomi Platform: Peran Digital Financial Literacy, Social Media Usage, dan Financial Self-Efficacy pada Kreator TikTok Live Generasi Z Aisyahya Dhita Ramadhaniza; Amalia Nur Chasanah; Bara Zaretta; Pradana Jati Kusuma
Paradoks : Jurnal Ilmu Ekonomi Vol. 9 No. 1 (2026): November - Januari
Publisher : Fakultas Ekonomi, Universitas Muslim Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57178/paradoks.v9i1.2265

Abstract

Perkembangan ekonomi digital dan intensifikasi penggunaan media sosial telah mengubah cara Generasi Z memperoleh, mengelola, dan mengambil keputusan keuangan. Media sosial tidak hanya berfungsi sebagai sarana hiburan, tetapi juga menjadi sumber pembelajaran keuangan digital yang berpengaruh terhadap pembentukan keyakinan dan perilaku finansial individu. Penelitian ini bertujuan untuk mereplikasi dan menguji kembali model empiris yang dikembangkan oleh (Anwar, 2025) dengan menganalisis hubungan antara digital financial literacy dan social media usage terhadap financial self-efficacy, serta implikasinya terhadap saving behaviour pada kreator TikTok Live Generasi Z. Penelitian menggunakan pendekatan kuantitatif dengan teknik purposive sampling terhadap 100 kreator TikTok Live Generasi Z, dengan pengumpulan data menggunakan kuesioner skala Likert lima poin dan analisis PLS-SEM. Hasil penelitian menunjukkan bahwa digital financial literacy dan social media usage berpengaruh positif dan signifikan terhadap financial self-efficacy dan saving behavior, sedangkan financial self-efficacy terhadap saving behavior tidak signifikan. Temuan ini mengungkap bahwa dalam konteks ekonomi platform dengan pendapatan tidak stabil, financial self-efficacy tidak selalu diterjemahkan menjadi perilaku menabung, sehingga menantang asumsi linear dalam Social Cognitive Theory serta memperkaya integrasi Technology Acceptance Model, Unified Theory of Acceptance and Use of Technology dalam menjelaskan perilaku keuangan digital. Secara teoretis, penelitian ini menunjukkan batas keberlakuan model Anwar (2025) ketika diterapkan pada kreator live streaming Generasi Z. Secara praktis, penelitian ini memberikan implikasi bagi pengembangan edukasi keuangan digital dan strategi intervensi platform.
The Banking Stock Market’s Reaction Around the Time of the Finance Minister’s Replacement Rahardian Resza Fernanda; Suhita Whini Setyahuni; Amalia Nur Chasanah; Pradana Jati Kusuma
Advances: Jurnal Ekonomi & Bisnis Vol. 4 No. 4 (2026): July - August
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/ajeb.v4i4.975

Abstract

Indonesia Stock Exchange to the announcement of the Finance Minister’s replacement. It tests whether daily average abnormal returns (AAR) differ throughout the event window and whether AAR differs between the pre- and post-announcement periods. Research Method: A quantitative event-study design was applied to 45 banking issuers that remained actively traded during an 11-day event window, from t−5 to t+5, producing 495 observations. Abnormal returns were calculated from daily closing stock prices and Composite Stock Price Index returns. Because most data were non-normally distributed, the Friedman Test and Wilcoxon Signed-Rank Test were employed. Results and Discussion: Daily AAR differed significantly across the event window (χ² = 49.341; p = 0.000), with the strongest difference occurring between t−2 and t+2 (p = 0.002). AAR also differed significantly before and after the announcement (Z = −3.883; p = 0.000). The findings indicate that the replacement was interpreted as a relevant political-economic signal and generated a short-term market adjustment. Implications: Investors should incorporate political-economic developments into investment analysis, while policymakers should communicate policy directions consistently to reduce uncertainty. Future studies should include other sectors, longer event windows, and additional market indicators. Originality: This study provides specific evidence on Indonesian banking-stock reactions to a Finance Ministerial replacement using nonparametric event-study analysis.
Stock Prices in the Banking Sector on the Indonesia Stock Exchange: The Role of Profitability, Liquidity, and Solvency Ratios, 2020–2025 Dinda Ayu Sabrina; Dian Prawitasari; Amalia Nur Chasanah; Almira Santi Samasta
Advances: Jurnal Ekonomi & Bisnis Vol. 4 No. 4 (2026): July - August
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/ajeb.v4i4.977

Abstract

Purpose: This study examines the effects of profitability, liquidity, and solvency on the stock prices of banking companies listed on the Indonesia Stock Exchange during 2020–2025. It tests whether Return on Assets (ROA), Loan to Deposit Ratio (LDR), and Capital Adequacy Ratio (CAR) significantly influence banking stock prices. Research Method: A quantitative associative design with multiple linear regression was employed. Annual financial statements and stock-price data were collected from 31 banks selected through purposive sampling, producing 186 observations after extreme values were removed using the z-score criterion. Stock prices were transformed into natural logarithms, while ROA, LDR, and CAR remained in ratio form. The data were analyzed using SPSS 26. Results and Discussion: ROA positively and significantly affects stock prices (B = 76.973; p = 0.000), indicating that investors value efficient asset utilization. LDR has no significant effect (B = 0.065; p = 0.847), whereas CAR has a significant negative effect (B = −2.324; p = 0.000), suggesting that excessive capital may indicate inefficient capital utilization. The model explains 37.9% of stock-price variation. Implications: Bank management should strengthen profitability and utilize capital efficiently. Future studies should apply robust panel-data methods and include macroeconomic and bank-specific variables. Originality: This study provides post-pandemic evidence that banking solvency may be interpreted negatively when capital accumulation is not accompanied by productive expansion.
Peran Literasi Keuangan Digital, Pendidikan, Sikap Keuangan, dan Pendapatan Terhadap Pengelolaan Keuangan Generasi Sandwich di Kabupaten Indramayu Rosita Rosita; Pradana Jati Kusuma; Rudi Kurniawan; Amalia Nur Chasanah
JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi) Vol. 12 No. 3 (2026): Juni 2026
Publisher : Lembaga Komunitas Informasi Teknologi Aceh (KITA), Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35870/jemsi.v12i3.6674

Abstract

The phenomenon of the sandwich generation is increasingly prominent in Indramayu Regency with the increasing burden on the family economy and the development of digital financial services. This generation is at a productive age but has to bear the needs of two generations at once, so financial management skills are very crucial. This study aims to examine the influence of the role of digital financial literacy, education, financial attitudes, and income on the management of the sandwich generation in Indramayu Regency . This study applied a quantitative approach with purposive sampling technique on 115 respondents after screening. Data was collected through a Likert scale questionnaire and analyzed using the Partial Least Squares – Structural Equation Modeling (PLS-SEM) method with the help of SmartPLS 4. The results of the study explained that financial attitudes and income have a positive and significant effect on financial management. In contrast, digital financial literacy and education did not show a significant influence. The R-Square value of 0.592 explains that the model has moderate explanatory ability. These findings indicate that behavioral factors and actual economic conditions determine the quality of financial management of the sandwich generation more than formal knowledge and digital literacy.
Co-Authors Abdillah, Mirza Farhan Adelia Shavarani, Siva Adilla Kustya Ulfa Adistyana Mardhyatus Sholihah Adrianno, Dunga AGUNG SEDAYU Agus Prayitno Agus Prayitno Aisyahya Dhita Ramadhaniza Alan Maulana Fatony Almira Santi Samasta Amaliya Fitriyana Amallita, Chansa Anak Agung Istri Sri Wiadnyani Anggita Arsyikirani Apriliana, Salsabila Apriliana, Shintia ARIANTI, RISMA Ariati Anomsari Ariati Anomsari Arlin Mettamevia Nurwidya Arta, Insyika Ananda Azizah, Annis Nur A’ida Fitriani Bachtiar, Dava Tri Agutama Bara Zaretta Bara Zaretta Bara Zaretta Bara Zaretta Bara Zaretta Charis Masduki Choirul Huda Arifa Faiz, Devan Daniel Kartika Adhi Dian Indriana Hapsari Dian Prawitasari Dian Prawitasari Diana Aqmala Diana Puspitasari Dicky Setiawan Dinda Ayu Sabrina Dinda Regina Nofiar Dwi Eko Waluyo Dyandra Fatikha Milan Fahmi Wardhani, Masitha Fakhmi Zakaria Fakhmi Zakaria Fatah Nur Abdul Aziz Fatkhiyatul Azizah Febrianur Ibnu Fitroh Sukono Putra Fery Riyanto Fitriani, Itsna Rahma Foza Hadyu Hasanatina Foza Hadyu Hasanatina, Foza Hadyu Guruh Taufan Hariyadi Halimah Pudyastuti Handy Nur Cahya Hariyadi, Guruh Taufan Hartono , Soraya Farahdilla Dwi Hayu Wikan Kinasih Herry Subagyo Hertiana Ikasari Ibrahim, Nor Fauziana Ida Farida Irvan Wijaya Jati Kusuma, Pradana Jeffry Halim Judea Pearl Kania Ilma Wisada Kurniawan, Yoga Rizky Kusuma, Pradana Jati Lenni Yovita Lenni Yovita Lia Nur Hidayati Lianadewi, Annisa Ariel Luky Indra Mustofa Made Gede Wirakusuma Mahmud Mahmud Mahmud Mahmud Mami Stya Widyaningrum Maria Safitri Maria Safitri Marlyen Honestya Safeta Marsela, Neni Marshal Attarik, Muhammad Masduki, Charis Mashita Fahmi Wardhani Masitha Fahmi Wardani Masitha Fahmi Wardhani Mila Elmeida Mila Sartika Mudinillah, Adam Muhammad Faraz Alan Albana Muhammad Ikhsan Anugrah Muhammad Nalal Izza Mujib, Miftachul Naily Fithri Karima Neili Winda Saharani Nisriinaa Rifqi Larasati Nora Idiawati Oktoriza, Linda Ayu Perdana, Tito Aditya Piji Pakarti Piji Pakarti Pingkan Mulyani Pradana Jati Kusuma Pradana Jati Kusuma Pradana Jati Kusuma Pratama, Annisa Salsabilah Prawitasari, Dian Puji Purwatiningsih, Aris Purusa, Nanda Adhi Purwatingsih, Aris Puji Putra , Febrianur Ibnu Fitroh Sukono Rahardian Resza Fernanda Ramadlon, Bagus Iqbal Ratna Herawati Ratna Herawati Ratna Herawati Ratna Wardani Riki Fahmi Risanda A. Budiantoro Risanda Alirastra Budiantoro Ristanto, Hesti Riyan Yusuf Octafia Riyono, Riyono Rizky Amelia Rizky Aurinaya, Angelia Rosita Rosita Roymon Panjaitan Rudi Kurniawan Rudi Kurniawan Sabtarini Kusumaningsih Safitri, Maria Samasta, Almira Santi Samastha, Almira Santi Sania Dinda Awalia Sarah Nurrohamah Savero, Raihan Vito Shintia Apriliana Sih Darmi Astuti Siva Adelia Shavarani Suhita Whini Setyahuni Suhita Whini Setyahuni Susanto, Andito Wibisono Putra Susilowati, MG Westri Kekalih Tegar Aji Aimar Tito Wira Eka Suryawijaya  Tri Esti Rahayuningtyas Tsulatsa Nur Safiira Usman Usman Vicky Oktavia Vicky Oktavia Vincent Didiek Wiet Aryanto Wahyu Kinasih Whini Setyahuni, Suhita Wibowo, Mochammad Eric Suryakencana Widhi, Oktavandi Widiastuti, Sylvia Widya Anggraini Widyatmoko Widyatmoko Wikan Isthika Yamisah, Inka Afri Yenny Ernitawati Yohan Wismantoro Yovita, Lenni