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All Journal Conference In Business, Accounting And Management (Cbam) 2012 Signifikan : Jurnal Ilmu Ekonomi JURNAL BISNIS STRATEGI Jurnal Studi Manajemen Organisasi Diponegoro Journal of Economics Diponegoro Journal of Management Jurnal Keuangan dan Perbankan JDM (Jurnal Dinamika Manajemen) JEJAK Journal The Winners Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Management Analysis Journal International Research Journal of Business Studies (E-Journal) Jurnal Ekonomi dan Bisnis Syntax Literate: Jurnal Ilmiah Indonesia EKONOMIS : Journal of Economics and Business Jurnal Riset Ekonomi dan Bisnis JOURNAL OF APPLIED ACCOUNTING AND TAXATION DIJB (Diponegoro International Journal of Business) International Journal of Supply Chain Management International Journal of Economics, Business and Accounting Research (IJEBAR) Indicators : Journal of Economic and Business Devotion: Journal of Research and Community Service JURNAL ILMIAH GLOBAL EDUCATION Sibatik Journal : Jurnal Ilmiah Bidang Sosial, Ekonomi, Budaya, Teknologi, Dan Pendidikan Media Pustakawan Indonesian Capital Market Review International Journal of Educational Technology and Artificial Intelligence e-Jurnal Apresiasi Ekonomi Research Horizon International Research Journal of Business Studies Asian Journal of Management, Entrepreneurship and Social Science Economic and Business Horizon
Harjum Muharam
Department Of Management, Faculty Of Economics And Business, Universitas Diponegoro, Indonesia
Religion Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Social Sciences Transportation Other

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Journal : Research Horizon

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Impact of Ultramicro Holding on Financial Performance and Business Sustainability Abror, Ghozi; Muharam, Harjum
Research Horizon Vol. 4 No. 4 (2024): Research Horizon - August 2024 (Thematic Issue)
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/rh.4.4.2024.306

Abstract

In order to encourage sustainable economic growth, the Government is trying to revive the Medium, Small and Micro Enterprises (MSMEs) and Ultra Micro (UMi) sectors, through the Ministry of SOEs. The presence of the UMi program through ultra-micro holding is expected to drive the development of micro-enterprises by providing easier access to financing, reduce poverty levels, improve community welfare, and contribute to sustainable national economic growth. The purpose of this study was to determine the impact of holding ultra-micro BRI, Pegadaian, and Reduction of State Capital (Pengurangan Modal Negara/PNM) on financial performance and business sustainability at BRI. The research method used is literature review with a qualitative approach and the data source used is secondary data. The data collection technique is done by means of documentation, namely data collection techniques through written materials published by the institution that is the object of research. The analysis technique is by data reduction, data presentation, and conclusion drawing. The results showed that the existence of ultra-micro holding had a real impact on increasing BRI's profit, showing the success of the integration strategy in supporting the growth and sustainability of BRI's business in the MSME sector.
The Impact of the Business Cluster Program on Micro Business Growth Through a Green Economy Approach Nofriady, Hery; Ellanto, Kenny; Pradwipa, Ayodya; Indriani, Farida; Muharam, Harjum
Research Horizon Vol. 4 No. 4 (2024): Research Horizon - August 2024 (Thematic Issue)
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/rh.4.4.2024.309

Abstract

This study aims to measure the impact of the BRI Business Cluster Program on micro enterprises growth through a green economy approach at BRI Pasar Kodim Pekanbaru. This research used a quantitative method with data collection techniques through questionnaire surveys and secondary data analysis. The research population is the Business Cluster Program at BRI Pasar Kodim Pekanbaru, with a sample of 13 micro enterprises at Gerai Kembang Setaman. The results of the linear regression analysis show that micro enterprises growth (X) has a significant impact on environmental sustainability (Y) with the regression equation Y=18.058+0.405X. The ANOVA test results show an F value of 15.179 with a p-value of 0.002, indicating that the regression model is significant at a 95% confidence level. The R Square value of 0.580 indicates that 58% of the variability in environmental sustainability is explained by this model. Descriptive analysis shows significant improvements in various aspects of micro enterprises after joining the BRI Business Cluster Program, such as increases in monthly turnover, number of employees, and the use of QRIS/EDC. These findings reflect the program's success in promoting business growth and environmental sustainability through the application of the green economy.
Long-Term Performance of Green Company IPOs and Underpricing Factors for Gold Indonesia 2045 Pratiwi, Dian Eka; Nugroho, Irawan Cahyo; Susanto, Andrianto Sulistiono; Muharam, Harjum
Research Horizon Vol. 4 No. 4 (2024): Research Horizon - August 2024 (Thematic Issue)
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/rh.4.4.2024.314

Abstract

This study investigates the long-term performance of Initial Public Offerings (IPOs) by green companies and the factors contributing to underpricing within the context of Gold Indonesia 2045. Utilizing a descriptive qualitative approach, the research scrutinizes data sourced from financial reports, IPO prospectuses, and stock prices. It identifies key factors such as company characteristics (size, age, ownership structure, industry sector), market conditions (liquidity, stability, macroeconomic factors), and offering specifics (size, price) to elucidate their impact on stock underpricing during IPOs. Additionally, the study assesses the enduring stock performance of green companies post-IPO, leveraging financial performance metrics including Return on Assets (ROA), Return on Equity (ROE), and revenue growth. The findings aim to provide valuable insights for investors, companies, and policymakers, fostering sustainable business practices in alignment with Gold Indonesia 2045.
Product Inventory Optimization with EOQ Approach in the context of Circular Economy Prameswari, Balqies Gabriella; Rahman, Aini; Muharam, Harjum; Tjahjana, Redemtus Heru
Research Horizon Vol. 4 No. 4 (2024): Research Horizon - August 2024 (Thematic Issue)
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/rh.4.4.2024.349

Abstract

This research discusses product inventory optimization by applying the Economic Order Quantity (EOQ) approach in the context of circular economy. Circular economy is an economic model that aims to minimize waste and maximize the use of resources with the concept of make-use-return, which is based on the reuse of existing products and materials. In this context, EOQ is used as a tool to optimize product order quantities using the circularity index. The objective of this study is to determine the optimal inventory level that not only reduces wastage and waste, but also takes into account the positive environmental and economic impacts. In this study, the decision variables considered are product order quantity and circularity level. Data is taken from Toko Papa Singkong as a case study to test this model. The results of the analysis show that the application of EOQ in the context of a circular economy can result in a more efficient and sustainable inventory strategy. The practical implication of this research is to provide guidance for companies in managing their inventory better, while taking into account the principles of the circular economy. In conclusion, this research provides an important contribution in the development of a sustainable inventory strategy in the era of circular economy.
Integrating ESG Metrics into Corporate Strategy: Analysing the Long-term Value and Profitability Tania, Jenna; Permata Putri, Adhyva Wahyuningtyas; Muharam, Harjum
Research Horizon Vol. 5 No. 1 (2025): Research Horizon - February 2025
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/rh.5.1.2025.446

Abstract

Research by McKinsey and the NYU Stern Centre for Sustainable Business indicates that robust ESG indicators are associated with enhanced returns and less negative risk. In Indonesia, firms possess a poor comprehension of the impact that integrating Environmental, Social, and Governance (ESG) measures into corporate strategy has on long-term value generation, resilience, and profitability. This study seeks to delineate the role of ESG in enhancing financial performance and sustainable growth within Indonesian firms. Researchers utilize purposive sampling to identify organizations that have consistently disclosed sustainability metrics in accordance with Environmental, Social, and Governance (ESG) requirements for a duration of five years. The population comprised 938 publicly listed companies on the Indonesia Stock Exchange (IDX), with 38 selected enterprises that consistently reported. This research does a comprehensive panel regression analysis using financial data sourced from the Bloomberg Terminal. The study reveals a complex relationship between Environmental, Social, and Governance disclosures and corporate financial success, particularly in emerging markets like Indonesia. It suggests that while firms prioritize governance transparency, its impact on financial performance may be temporary, affecting short-term profitability. Environmental and social disclosures, while positively connected with ROA, necessitate additional time or continuous application to yield financial benefits. The study emphasizes the imperative for a balanced and sustainable approach to Environmental, Social, and Governance integration in resource-constrained environments.
Fintech and Financial Inclusion: Evidence from Emerging Markets Ramadhan, Aryasatia; Vidianto, Muhammad Afiq; Muharam, Harjum; Mawardi, Wisnu
Research Horizon Vol. 5 No. 3 (2025): Research Horizon - June 2025
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/rh.5.3.2025.598

Abstract

This study examines the developing relationship between financial technology (fintech) and financial inclusion in emerging economies. The financial sector has undergone rapid transformation due to fintech, which offers cutting-edge digital solutions that extend financial services to previously unbanked or underserved communities. By systematically reviewing relevant literature, this study underscores the positive impact of fintech in reducing barriers to financial access, reducing transaction costs, and improving the availability of credit, payments, and savings tools in emerging economies. Fintech also plays a significant role in empowering marginalized groups, supporting micro-entrepreneurs, and fostering digital financial ecosystems. Although progress has been made, inclusive growth is still hindered by several obstacles, including fragmented regulatory frameworks, limited digital infrastructure, cybersecurity threats, and a general lack of financial literacy. The findings offer significant insights for policymakers, financial institutions, and technological developers aiming to utilize fintech to enhance long-term financial inclusion. This research adds to the expanding literature by situating fintech’s role in inclusive finance within the distinct economic and institutional frameworks of emerging markets, while also highlighting key areas for further study and policy action.
Co-Authors Abdul Aziz Nurul Akhsan, Abdul Aziz Nurul Abdul Rachim Abror, Ghozi agasa, Qaharuna Andreana Dita Paramitha, Andreana Dita Andriyani, Kanya Azalia Apriyani, Duwi Arief Rachman Hakim Asep Mulyana Axel Giovanni Azhary, Alwan Bellinda, Bianda Brahmanto, Unggul Budi Warsito Dewi, Febrina Eka Dhani Utary Firmanah, Dhani Utary Dheni Saraswati Almara, Dheni Diana Eka Farida, Diana Eka Dinda Ayu Septiana Dwi Gama Primadasa, Dwi Ellanto, Kenny Endang Fatmawati Ersabathari, Ruth Valencia Erwin Erwin Faraga, Filus Farah Nur Sabrina, Farah Nur Farida Indriani Firman Wahyudi, Cahya Fitriati, Ika Rosyada Galuh Kusuma Putri Gata Niztiar, Gata Habib Bitomo, Habib Handayani, Heny Handayani, Suyati Hanung Sakti Hanung Sakti, Hanung Haryanto, Antonius Mulyo Hasna Penta Kurnia Hasna Penta Kurnia Hasna Penta Kurnia Heny Handayani Hepdityo Rizki Adam Damanik, Hepdityo Rizki Heriyanto hirawati, heni Ima Mediana, Ima Indra Eka Putra Irene Rini Demi Pangestuti Isfenti Sadalia Iwanda, M. Prayoga Johanis Darwin Borolla Jumadil Saputra M. Andika Jawara Pratama M. Chabachib Mahendra Sarwono, Mutiara Dwi Maria Rio Rita Marpaung, Aldio Miftahusni,, Nundy Mohammad Chabachib Muhammad Fadhil Rabbani Muhammad Panji Muhammad Panji, Muhammad Muhammad Talkhisul Abid Muhammad Talkhisul Abid Nabila H.N. Farida A., Nabila H.N. Nadya Purnamasari, Nadya Nency I, Yashinta Nirmala Luthfiya Atyanta Nofriady, Hery Nugroho, Irawan Cahyo Pangestu, Ardi Permata Putri, Adhyva Wahyuningtyas Pradwipa, Ayodya Prameswari, Balqies Gabriella Pratiwi, Dian Eka Putra, Azka Razaqa Putra, Pramundita Risna Putri Andriana, Putri Rabbani, Muhammad Fadhil Rahayu, Nugroho Tulus Rahman, Aini Ramadhan, Aryasatia Redemtus Heru Tjahjana Rico Nur Ilham Riskin Hidayat Rizki Yogonugroho, Muhammad Robiyanto Robiyanto Robiyanto, Robiyanto Robiyanto, Robiyanto Roy Haris Oktabian Rusdwianto Nugroho, Antonius Safitri, Maria Samasta, Almira Santi Santa Situmeang, Santa Saraswati, Niken Silvia Hendrayanti Siti Nurjanah Soegoto, Azzahra Trimillennia Sugeng Wahyudi, Sugeng Sugiono Sugiono Susanto, Andrianto Sulistiono Syafrullah, Saddek T. Muhd. Redha Vahlevi, T. Muhd. Redha Tania, Jenna Tara Ninta Ikrima Teuku Muhammad Haqiqi, Teuku Muhammad Triarso, Husein Vidianto, Muhammad Afiq Wachidah Fauziyanti Wisnu Mawardi Wulandari, Cahyani Sulistyaning Yacobo P Sijabat Yanuar Yoga Prasetyawan Yasmin, Amanda Ratri Yudianto, Iwan