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All Journal IJTIHAD Jurnal Wacana Hukum Islam dan Kemanusiaan Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) COMSERVA: Jurnal Penelitian dan Pengabdian Masyarakat Jurnal Ilmiah Mahasiswa Fakultas Hukum Universitas Malikussaleh International Review of Practical Innovation, Technology and Green Energy (IRPITAGE) Journal Research of Social Science, Economics, and Management Journal of Accounting Research, Utility Finance and Digital Assets (JARUDA)
Zulfan
Universitas Malikussaleh
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 Energy Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Social Sciences Other

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THE EFFECT OF CAPITAL STRUCTURE, COMPANY SIZE, INTEREST RATE, PROFITABILITY AND REVENUE GROWTH ON STOCK PRICES (Case Study on Transportation Companies in the Air, Land and Sea Transportation Sub-Sector Listed on the IDX) M Albani; Chairil Akhyar; Marzuki; Zulfan
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 4 No. 2 (2025): October
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v4i2.274

Abstract

This study aims to analyze the effect of capital structure, firm size, interest rates, profitability, and revenue growth on stock prices of transportation companies in the air, land, and sea transportation sub-sectors listed on the Indonesia Stock Exchange during the 2019–2023 period. The research data were obtained from the official website www.idx.co.id. This study employed a purposive sampling technique, resulting in a sample of 16 companies with a total of 80 observational data points. The data were analyzed using the Panel Data Regression method with the aid of EViews 12 software, employing the Random Effect Model. The results of the study show that capital structure (DER) has a positive and significant effect on stock prices. Firm size has a positive but not significant effect on stock prices. Interest rates (BI Rate) have a positive but not significant effect on stock prices. Profitability (ROA) has a positive but not significant effect on stock prices. Revenue growth (Rev Growth) has a positive and significant effect on stock prices. Simultaneously, capital structure (DER), firm size, interest rates (BI Rate), profitability (ROA), and revenue growth (Rev Growth) collectively have a positive and significant effect on stock prices.
FACTORS AFFECTING FINANCIAL DISTRESS IN FINANCIAL SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE FOR THE PERIOD 2019-2023 Bambang Arjuna Putra; Rico Nur Ilham; Ghazali Syamni; Zulfan
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 4 No. 2 (2025): October
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v4i2.275

Abstract

This study aims to examine the effect of firm growth, operating cash flow, profitability, and firm size on financial distress in financial sector companies listed on the Indonesia Stock Exchange during the 2019–2023 period. The research employs a quantitative method with a sample of 93 companies selected through purposive sampling from a total population of 105 companies. Data were obtained from financial statements and analyzed using panel data regression with EViews 13. The findings reveal that firm growth and profitability have a significant negative effect on financial distress, while operating cash flow shows no significant effect. In contrast, firm size has a significant positive effect on financial distress. This study is expected to serve as a reference for management in financial sector companies to consider these indicators as benchmarks in assessing the potential risk of financial distress.
THE EFFECT OF INFLATION, INTEREST RATES, AND EXCHANGE RATES ON STOCK PRICES IN BANKING SUB-SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE FOR THE PERIOD 2019-2024 Fadilla Putri Siregar; Rico Nur Ilham; Marzuki; Zulfan
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 4 No. 2 (2025): October
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v4i2.276

Abstract

This study is to examine the influence of inflation, interest rates, and exchange rates on stock prices in banking sub-sector companies listed on the Indonesia Stock Exchange for the 2019-2024 period. The data of this research can be accessed on the official website of www.idx.co.id. The sample in this study is 41 companies. The data analysis tool in this study uses the Data Panel Regression method with the Eviews 12 application tool. The results of the study found that Inflation has a positive but insignificant effect on stock prices, interest rates have a negative and significant effect on stock prices, exchange rates have a positive and significant effect on stock prices.
TRAINING ON THE IMPLEMENTATION OF STANDARD OPERATING PROCEDURES (SOP) AND DIGITAL-BASED FINANCIAL RECORDING TO BUILD INNOVATION CAPABILITIES OF MSMES IN LANCANG GARAM VILLAGE, LHOKSEUMAWE Marzuki; Darmawati Muchtar; Jullimursyida; Zulfan
International Review of Practical Innovation, Technology and Green Energy (IRPITAGE) Vol. 6 No. 2 (2026): July-October 2026
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.21879829

Abstract

Problem Context: Micro, Small, and Medium Enterprises (MSMEs) in Lhokseumawe play a vital role as the backbone of the regional economy. However, this sector still faces substantial challenges in terms of internal management, particularly related to unstandardized Standard Operating Procedures (SOPs) and manual financial recording practices. These governance inadequacies are exacerbated by regional economic pressures, including inflationary volatility that demands highly accurate margin efficiency. These issues hamper accountability, access to formal capital, and limit MSME Innovation Capabilities. Intervention Objective:This Community Service (PkM) activity aims to improve MSME operational efficiency through knowledge transfer and assistance in the implementation of simple SOPs, as well as improve financial accountability through the adoption of digital-based financial recording (Digital Financial Literacy). Specifically, this program is aimed at establishing the structural foundations necessary forpartner MSMEs to have higher Innovation Capability. Method: This study uses a Participatory Action Research (PAR) approach conducted in three structured stages: preparation (initial needs identification), implementation (interactive training, demonstrationof mobile recording applications, and hands-on practice), and evaluation (measuring literacy improvements through pre- and post-tests). Participants consisted of MSMEs in Lancang Garam Village, Lhokseumawe. The evaluation results showed a very significantincrease in digital financial literacy scores and understanding of SOPs. Partner MSMEs demonstrated a high level of adoption of digital financial recording applications and were able to prepare simple profit and loss reports in accordance with SAK EMKMprinciples. The implementation of SOPs and financial formalization collectively increased managerial confidence and created a measurable foundation. Implications: This PkM intervention proves that process standardization (SOPs) and digital financialaccountability are fundamental prerequisites that must be met before MSMEs can effectively move towards Innovation Capabilityand increased bankability (access to People's Business Credit/KUR).
FINANCIAL PERFORMANCE AND CORPORATE SOCIAL RESPONSIBILITY ON FIRM VALUE: MINING COMPANIES ON THE INDONESIA STOCK EXCHANGE, 2021–2024 Robiatul Jannah Daulay; Zulfan; Darmawati; Muttaqien
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 5 No. 3 (2027): January - ON PROGRESS
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.22729410

Abstract

This study examines the effect of financial performance, proxied by Return on Assets (ROA) and Return on Equity (ROE), and Corporate Social Responsibility (CSR) disclosure on firm value in mining companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. Firm value was measured using Price to Book Value (PBV), while CSR disclosure was measured through the Corporate Social Responsibility Index (CSRI) based on the Global Reporting Initiative (GRI) Standards 2021. Using a purposive sampling technique, 25 mining companies were selected, producing 100 firm-year observations analyzed through panel data regression with the Random Effect Model (REM), selected through the Chow and Hausman tests. The results show that ROA and ROE have a positive and significant effect on firm value, while CSR disclosure has a negative and significant effect on firm value. Simultaneously, the three variables significantly affect firm value, with an R-squared of 0.2085. These findings indicate that profitability remains the dominant signal investors rely on when assessing mining companies, whereas the cost burden associated with CSR implementation may temporarily depress market valuation. The study contributes to the literature on signaling and stakeholder theory in the context of Indonesia's resource-based industries.
THE EFFECT OF DIGITAL TRANSFORMATION, LIQUIDITY, AND LEVERAGE ON PROFITABILITY IN TRANSPORTATION SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE Dwinta Desyara; Zulfan; Darmawati; Marzuki
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 5 No. 3 (2027): January - ON PROGRESS
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.22720814

Abstract

This study aims to examine the effect of digital transformation, liquidity, and leverage on the profitability of transportationsector companies listed on the Indonesia Stock Exchange (IDX). This study employs a quantitative approach using secondary data obtained from the annual reports and financial statements of transportation companies published through theIDX and each company's official website. A purposive sampling technique was applied, resulting in a sample of 24 companies observed over the 2021-2024 period, with a total of 96 firm-year observations. The analytical method used is panel data regression, with the Fixed Effect Model (FEM) selected as the most appropriate model based on the Chow and Hausman tests, processed using EViews 12. The results show that digital transformation, proxied by the Digital Transformation Disclosure Index (DTDI), has a negative and significant effect on profitability. Liquidity, proxied by the Current Ratio (CR),has a negative but insignificant effect on profitability, while leverage, proxied by the Debt to Equity Ratio (DER), has a positive but insignificant effect on profitability. These findings indicate that digital investment has not yet translated intohigher earnings within the study period, and that liquidity and capital structure decisions require careful managerial attention. The results are expected to provide practical considerations for company management in formulating digital transformation strategies, liquidity management, and funding structure policies to improve corporate profitability.
THE EFFECT OF REGIONAL REVENUE, BALANCING FUNDS, AND OTHER REVENUES ON THE FINANCIAL INDEPENDENCE OF PROVINCIAL GOVERNMENTS IN EASTERN INDONESIA Saoda Tharob; Muttaqien; Wardhiah; Zulfan
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 5 No. 3 (2027): January - ON PROGRESS
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.22728735

Abstract

This study aims to determine the influence of Regional Revenue, Balancing Funds, and Other Revenues on Regional Financial Independence in the Eastern Region of Indonesia for the 2021–2025 period. This study uses a quantitative method with secondary data obtained from the Directorate General of Fiscal Balance of the Ministry of Finance. The population consisted of the 12 provincial governments of Eastern Indonesia, producing 60 panel data observations (12 provinces × 5 years) selected through purposive sampling. Data analysis was carried out using panel data regression with the Random Effect Model (REM), which was selected based on the Chow, Hausman, and Lagrange Multiplier tests. The results of the study show that Regional Revenue and Balancing Funds do not have a significant effect on Regional Financial Independence, while Other Revenues have a positive and significant effect on Regional Financial Independence. This research shows that the optimization of regional revenue sources, particularly other legitimate revenues, needs to be improved to strengthen regional financial independence in the Eastern Region of Indonesia.
Co-Authors Adnan Adnan Akhyar, Chairil Asy-Syura Ayu Namira Sasti Bambang Arjuna Putra Christian maichel Cut Putri Mellita Sari Darmawati Delia Ananda Dwinta Desyara Fadilla Putri Siregar Fazliati Frengki Putra Ramansyah Ghazali Syamni Heri Susan Heriyana Heriyana Husaini Husni Husni Iklil Ikramuddin, Ikramuddin Jullimursyida Jummaini M Albani Mardiaton, Mardiaton Marzuki Marzuki Mawaddah Miftahul Jannah Muchtar, Darmawati Muhammad Hatta Muhammad Syahputra Munira Ulfa Muttaqien Nada Myslara Nurainun Nurarafah Nurlela Rauzatul Fitri Rico Nur Ilham Rifzan Fikra Ristati Ristati Robiatul Jannah Daulay Saoda Tharob Sari Yulis Terfiadi Siti Helmyati Siti Zahara Srimulyani Srimulyani Suci Ramandhani Sudana Bambang Suganda Sumiadi Sumiadi Teuku Yudi Afrizal Wardhiah, Wardhiah Zul Akli