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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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Liquidity vs. Sustainability Dilemma: Do Loan Ratios Hinder Social Transparency in Banks of Emerging Asia-Pacific? Borolla, Johanis Darwin; Muharam, Harjum; Pangestuti, Irene Rini Demi
Journal of Applied Accounting and Taxation Vol. 10 No. 1 (2025): Journal of Applied Accounting and Taxation (JAAT)
Publisher : Pusat P2M Politeknik Negeri Batam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30871/jaat.v10i1.9272

Abstract

The aim of this study is to analyze the fundamental dilemma in banking concerning the trade-off between liquidity management and sustainability commitments, with a focus on the banking sector in emerging Asia-Pacific economies. The findings reveal that banks with higher Total Loans to Total Deposits (TLTD) ratios tend to exhibit stronger Social Disclosure Scores (SDS), driven by stricter regulatory oversight. In contrast, banks with higher Total Loans to Total Assets (TLTA) ratios demonstrate weaker sustainability disclosures, prioritizing financial performance over ESG commitments. This study highlights the crucial role of regulatory pressure in encouraging banks to improve ESG transparency, even when short-term financial gains are prioritized. The findings underscore the need for policymakers to develop regulatory frameworks that not only enforce sustainability disclosures for high-risk banks but also incentivize asset-heavy institutions to integrate ESG principles into their core financial strategies, ensuring a balanced approach to sustainability and financial stability.
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.
Determinants of the Stock Price Volatility In the Indonesian Manufacturing Sector Handayani, Heny; Muharam, Harjum; Mawardi, Wisnu; Robiyanto, Robiyanto
International Research Journal of Business Studies Vol. 11 No. 3 (2018): December 2018 - March 2019
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.11.3.179-193

Abstract

This study aimed to analyze the influence of return on equity, debt to equity ratio, sales growth, firm size, cash ratio, and dividend payout ratio to stock price volatility companies listed on the Indonesia Stock Exchange in the period 2011-2015. The populations of this study are all manufacturing companies listed in Indonesia Stock Exchange (IDX) in the period 2011 to 2015. It obtained eight companies samples with technique purposive sampling method. The data analysis technique used is the regression model panel then be adjusted again by using GARCH (Generalized Autoregressive Conditional Heteroscedasticity). The results showed that the volatility of the stock price only affect without any effect ARCH-GARCH therein. Determining the best models of each prediction is based on estimated volatility GARCH (p, q). The determination of whether there is influence of the factors believed to be the determinants of stock price volatility was done by using panel data regression analysis. The results of panel data regression analysis showed that the company’s stock price volatility in the research samples can be explained by 4.84% by ROE, CR, DER, DPR, company size and sales growth while the remaining 95.16% explained by other variables outside the research. Only sales growth has significant positive effect on stock price volatility.
ANALYSIS OF THE EFFECT OF FINANCIAL RATIOS AND THE COVID-19 PANDEMIC ON FINANCIAL DISTRESS OF JOINT VENTURE LIFE INSURANCE COMPANIES IN INDONESIA Triarso, Husein; Muharam, Harjum
Jurnal Apresiasi Ekonomi Vol 13, No 2 (2025)
Publisher : Institut Teknologi dan Ilmu Sosial Khatulistiwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31846/jae.v13i2.898

Abstract

The study was conducted to analyze the effect of financial ratios and the Covid pandemic on the financial distress of joint venture life insurance companies in Indonesia during the period 2017 to 2021. The quantitative approach is a research method used through testing with logistic regression analysis in the SPSS 25 program. The data source comes from the annual audit report and has been submitted to the Financial Services Authority. The type of data used is secondary data based on the financial statements of joint venture life insurance companies.The study concluded that the ROA and Equity ratio indicators have a significant negative effect on financial distress. Furthermore, other financial ratios, namely Liquidity, RBC, RKI, Claim ratio and the Covid Pandemic, do not affect the financial distress of joint venture life insurance companies. This study provides suggestions for OJK to continue using Equity and add ROA to the Early Warning System (EWS) used so that it can provide comprehensive information regarding the health condition of insurance companies. Keywords: Financial Distress, Financial Ratios, Joint Venture Life Insurance
Sustainable Dividend Strategies: Analyzing Factors Influencing Dividend Policy in Indonesian Manufacturing Firms Marpaung, Aldio; Brahmanto, Unggul; Muharam, Harjum
Economic and Business Horizon Vol. 4 No. 2 (2025): May
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/ebh.4.2.2025.614

Abstract

This study aims to provide empirical evidence on the development of sustainable dividend strategies by examining the influence of profitability, liquidity, insider ownership, free cash flow, and growth opportunities on dividend policy within Indonesian manufacturing companies. The dividend policy in this research is proxied using the dividend payout ratio (DPR), reflecting the commitment of firms to distribute profits sustainably. The population for this study includes all manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2021-2023 period, with purposive sampling yielding a sample of 39 companies. Secondary data, primarily financial statements sourced from the IDX's official website (www.idx.co.id), is utilized for analysis. Hypothesis testing is conducted using multiple linear regression analysis facilitated by SPSS version 26. The findings indicate that profitability, insider ownership, free cash flow, and growth opportunities significantly and positively influence sustainable dividend strategies, while liquidity does not exhibit a significant effect. This research contributes to the understanding of how manufacturing firms can align their dividend policies with sustainable practices, ultimately enhancing their competitive advantage in the market.
The Impact of Green Finance Initiatives on SME: A Systematic Literature Review Andriyani, Kanya Azalia; Iwanda, M. Prayoga; Muharam, Harjum
Economic and Business Horizon Vol. 4 No. 2 (2025): May
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/ebh.4.2.2025.681

Abstract

Amidst the growing global environmental concerns such as climate change, resource depletion, and pollution—sustainable business practices have become increasingly crucial. One strategic approach to gain traction in the financial sector for supporting sustainability goals is green finance. This financial instrument not only aims to channel capital towards environmentally friendly projects but also holds significant potential to support the development of SMEs. SMEs plays a vital role in the economic structure, particularly in developing countries, due to their contributions to economic growth, job creation, innovation, and market expansion. This study aims to review academic publications that examine the implementation of green finance within the SME sector and to systematically summarize existing findings to answer two key questions: the importance of implementing green finance in SMEs, and their impacts on SME development. Using the systematic literature review method, this study analyzes findings from various relevant articles to provide a comprehensive and structured understanding of the relationship between green finance, SME development, and sustainability. The findings in this study indicates that green finance implementation on SME yields positive effects on sustainability and SMEs development. This paper also uncover some factors that encourage green finance implementation and constraints that SMEs face when implementing them.
The Role of Financial Technology (FinTech) in Enhancing MSMEs’ Access to Finance: A Study from the Perspective of Financial Management Safitri, Maria; Muharam, Harjum; Pangestuti, Irene Rini Demi
Jurnal Ilmiah Global Education Vol. 6 No. 3 (2025): JURNAL ILMIAH GLOBAL EDUCATION
Publisher : LPPM Institut Pendidikan Nusantara Global

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55681/jige.v6i3.4069

Abstract

The expansion of financial technology (FinTech) has changed the way that MSMEs, and the potential entrepreneurs behind them, can access capital, especially in emerging markets, where traditional financial services availability is constrained. Notwithstanding the growing accessibility of digital financial services, a large number of MSMEs still struggle to engage with these technologies; their barriers including low levels of financial literacy, poor digital preparation, and internal decision-making obstacles. This study tries to explore the effects of FinTech adoption on MSMEs access to finance, with focus on the mediating effect of financial literacy and the moderating role of financial behavior and trust. A quantitative causal-explanatory research design was employed using primary data that were gathered using structured questionnaires from Indonesian MSME owners transacting in FinTech platforms. The relationships between the main constructs were investigated through Structural Equation Modeling (SEM). The findings indicate that financial literacy and internal financial management fully mediate the effect of FinTech on financing outcomes, and digital trust and risk perception moderate the relationship. The results provided are consistent with the utilization of the COR Theory in understanding digital financial behavior among MSMEs reiterating that technology itself is not enough if cognitive and behavioral resources are not enabled. This study provides practical implications for policymakers and FinTech developers who seek to shape inclusive financial systems and also demonstrates the need to incorporate financial education in digital innovations' strategy to build greater economic resiliency of MSMEs
Pengetahuan Investasi, Modal Minimum Investasi, Pelatihan Pasar Modal, Motivasi Investasi, Return Investasi dan Persepsi Risiko dalam Minat Mahasiswa Berinvestasi Putra, Pramundita Risna; Muharam, Harjum
Ekonomis: Journal of Economics and Business Vol 9, No 2 (2025): September
Publisher : Universitas Batanghari Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33087/ekonomis.v9i2.1900

Abstract

This study aims to obtain empirical evidence regarding the influence of minimum investment capital, investment motivation, investment knowledge, investment risk, capital market training, and investment returns on investment interest in students in Semarang. Respondents consisted of 122 active students who met the research requirements. The data collection method was through questionnaires distributed to students at universities who met the research criteria and had undergone education or training in capital markets. Data analysis used in this study used multiple linear regression. The results showed that investment knowledge, minimum investment capital, capital market training, investment motivation, and investment returns had a positive and significant effect on student investment interest. Only the variable of investment risk perception had a negative effect on student investment interest in Semarang.
The Formation of Ultra-Micro Holding of BRI, Pawnshop, and PNM on Profitability and Capital Ratios in BRI Abror, Ghozi; Muharam, Harjum
Devotion : Journal of Research and Community Service Vol. 5 No. 5 (2024): Devotion: Journal of Community Service
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/devotion.v5i5.733

Abstract

To encourage national development with the Government encouraging the revival of 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 develop micro businesses, reduce poverty levels, improve community welfare, and contribute to national economic growth. The purpose of this study was to determine the impact of holding ultra micro BRI, pawnshop, and PNM on increasing BRI's profit in the micro segment. The research method used is literature review with a qualitative approach. 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 in the micro segment, showing the success of the integration strategy in supporting the growth and sustainability of BRI's business in the MSME sector.
Co-Integration dan Contagion Effect antara Pasar Saham Syariah di Indonesia, Malaysia, Eropa, dan Amerika Saat Terjadinya Krisis Yunani Ikrima, Tara Ninta; Muharam, Harjum
JDM (Jurnal Dinamika Manajemen) Vol 5, No 2 (2014): September 2014
Publisher : Department of Management, Faculty of Economics and Business, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v5i2.3656

Abstract

The objective of the study was to analyze the Greeces crisis impacts toward the movement of Islamic stock prices in Indonesia, Malaysia, USA, and Europe. Moreover, this study also analyzed co-integration and contagion effect which occurred during the period. VAR (Vector Auto Regressive) and VECM (Vector Error Correction Model) with eviews 6 were used to test the hypothesis as the statistical analysis tools. The data of this study were the weekly closing stock price indices taken from the representatives of Islamic stock markets of each country; JII in Indonesia, DJIMY in Malaysia, DJIM in USA, and MSCI in Europe. The result showed that the Greeces crisis did not give any influence toward the movement of Islamic stock prices in USA, Malaysia, Indonesia, and Europe. However; there were co-integration and contagion effect which influenced on Islamic stock prices in those four regions at Greeces crisis time.
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