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All Journal Jurnal Minds: Manajemen Ide dan Inspirasi YUME : Journal of Management Jambura Science of Management Jurnal Industri Kreatif dan Kewirausahaan Inobis: Jurnal Inovasi Bisnis dan Manajemen Indonesia JAMBURA: JURNAL ILMIAH MANAJEMEN DAN BISNIS Research Review: Jurnal Ilmiah Multidisiplin Journal of Artificial Intelligence and Digital Business Paradoks : Jurnal Ilmu Ekonomi Mopolayio : Jurnal Pengabdian Ekonomi Jurnal Riset Akuntansi, Perpajakan dan Auditing Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Multidisciplinary Indonesian Center Journal Manager : Jurnal Ilmu manajemen El-Economica
Mohamad Agus Salim Monoarfa
Jurusan Manajemen, Fakultas Ekonomi Dan Bisnis, Universitas Negeri Gorontalo
Religion Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Social Sciences Other

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FINANCIAL LITERACY TRENDS IN THE DIGITAL ECONOMY: A BIBLIOMETRIC STUDY OF COASTAL MSMES IN GORONTALO CITY Monoarfa, Mohamad Agus Salim; Srie Isnawaty Pakaya
Jurnal Industri Kreatif dan Kewirausahaan Vol 8 No 2 (2025): Jurnal Industri Kreatif dan Kewirausahaan DECEMBER 2025
Publisher : Universitas Sahid

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36441/kewirausahaan.v8i2.3225

Abstract

This research employs bibliometric tools including PRISMA, VOSviewer, and Publish or Perish (PoP) to systematically analyze 28 peer-reviewed articles from international databases (2020–2025), identifying dominant keywords, thematic clusters, and authorship networks relevant to digital financial literacy. By doing so, it fills a critical gap in understanding the intersection of digital finance, entrepreneurship, and regional economic disparities. The study contributes to the state of the art by offering a contextualized bibliometric roadmap and a synthesis of thematic trends, especially in underexplored rural and coastal economies. Key findings highlight an accelerating trend in digital financial literacy publications post-pandemic, with increased global academic collaboration and focus on financial inclusion, digital entrepreneurship, and fintech adoption. In the Gorontalo context, low digital literacy among coastal MSMEs exacerbated by infrastructure limitations and policy gaps hinders their ability to leverage digital financial tools effectively. The research identifies a strong correlation between local government intervention, tailored digital education, and improved SME sustainability in marginalized regions. This study has substantial implications for evidence-based policymaking, advocating for localized digital literacy initiatives, infrastructure investments, and adaptive regulatory frameworks. The results are expected to guide strategic planning for digital inclusion and enhance the competitiveness of coastal MSMEs in the emerging digital economy.
Corporate Profitability and Firm Value Dynamics: The Moderating Effect of Dividend Policy in the Indonesian Consumer Non-Cyclicals Industry Xevanya Melia Kadir; Hais Dama; Mohamad Agus Salim Monoarfa
Research Review: Jurnal Ilmiah Multidisiplin Vol. 5 No. 1 (2026): Research Review: Jurnal Ilmiah Multidisiplin (Februari 2026 - Juli 2026)
Publisher : Transbahasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54923/researchreview.v5i1.500

Abstract

This study aims to analyze the effects of profitability and firm size on firm value, with dividend policy serving as a moderating variable, among non-cyclical consumer sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. The study employed a quantitative research approach using secondary data obtained from the companies’ annual financial reports. A purposive sampling technique was applied to select companies that met the predetermined criteria, resulting in a final sample of 26 companies with a total of 130 observations over five years. Data were analyzed using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method with the assistance of SmartPLS version 3.2.9. The findings indicate that profitability has a positive and significant effect on firm value, suggesting that companies with stronger financial performance are more likely to achieve higher market valuations. Firm size also has a positive and significant effect on firm value, implying that larger companies tend to gain greater investor confidence due to their operational stability and growth potential. Conversely, dividend policy has a negative and significant effect on firm value, indicating that higher dividend distributions may reduce investors’ expectations regarding future business expansion. Furthermore, the moderation analysis reveals that dividend policy is unable to strengthen or weaken the relationship between profitability and firm value, as well as the relationship between firm size and firm value. These findings contribute to the financial management literature by providing empirical evidence on the determinants of firm value and demonstrating the limited moderating role of dividend policy in non-cyclical consumer sector companies in Indonesia.
Does Firm Growth Strengthen the Effect of Profitability and Liquidity on Firm Value? Empirical Evidence from Consumer Non-Cyclicals Firms in Indonesia Natasya Aprilia Karren Wilson; Hais Dama; Mohamad Agus Salim Monoarfa
Research Review: Jurnal Ilmiah Multidisiplin Vol. 5 No. 1 (2026): Research Review: Jurnal Ilmiah Multidisiplin (Februari 2026 - Juli 2026)
Publisher : Transbahasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54923/researchreview.v5i1.501

Abstract

This study aims to analyze the effect of profitability and liquidity on firm value, with firm growth serving as a moderating variable, in consumer non-cyclicals sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. The study employed a quantitative research approach using secondary data obtained from the annual financial reports of listed companies. A purposive sampling technique was applied to select companies that met the predetermined criteria, resulting in a final sample of 52 companies with a total of 156 observations over the three-year period. Data were analyzed using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) approach with SmartPLS version 3.2.9. The findings reveal that profitability has a positive and significant effect on firm value, indicating that companies with higher profitability tend to achieve higher market valuations. Conversely, liquidity has a negative and significant effect on firm value, suggesting that excessive liquidity may be perceived as inefficient asset utilization by investors. Furthermore, firm growth does not have a significant effect on firm value. The moderation analysis also demonstrates that firm growth is unable to strengthen or weaken the relationship between profitability and firm value, as well as between liquidity and firm value. These findings provide empirical evidence regarding the determinants of firm value and contribute to the financial management literature by highlighting the limited moderating role of firm growth in consumer non-cyclicals companies.
Determining The Profitability of Palm Oil Companies: The Role of Exchange Rate Volatility, Crude Palm Oil Prices, and Inflation as Moderating Variables Devita Eka Wardani; Selvi; Mohamad Agus Salim Monoarfa
Research Review: Jurnal Ilmiah Multidisiplin Vol. 5 No. 1 (2026): Research Review: Jurnal Ilmiah Multidisiplin (Februari 2026 - Juli 2026)
Publisher : Transbahasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54923/researchreview.v5i1.514

Abstract

Profitability is one of the primary indicators used to assess corporate financial performance, particularly in the palm oil industry, which is highly dependent on macroeconomic conditions and the dynamics of the global commodity market. This study aims to examine the effect of exchange rate volatility and Crude Palm Oil (CPO) prices on corporate profitability, with inflation serving as a moderating variable, among palm oil companies listed on the Indonesia Stock Exchange during the 2019–2024 period. This study employed a quantitative approach using secondary data obtained from corporate financial statements and relevant macroeconomic data. The sample consisted of 24 palm oil companies, resulting in 144 observations. Data were analyzed using panel data regression and Moderated Regression Analysis (MRA) to examine both the direct effects of the independent variables and the moderating role of inflation. The findings indicate that exchange rate volatility and CPO prices have a positive but statistically insignificant effect on corporate profitability. Furthermore, inflation is unable to moderate the relationship between exchange rate volatility and profitability or between CPO prices and profitability. However, when considered simultaneously, all independent variables collectively exert a significant effect on profitability. These findings suggest that macroeconomic factors jointly contribute to the financial performance of palm oil companies, although firm-specific internal factors remain the primary determinants of profitability. The results are expected to provide useful insights for corporate managers, investors, and policymakers in formulating strategies to improve corporate resilience and financial performance amid changing economic conditions.
Do Post-IPO Invesments and Capital Structure Affect Financial Performance? Evidence From Indonesian Industrial Firms Maya Liyanti; Mohamad Agus Salim Monoarfa; Dewi Indrayani Hamin
Jurnal Riset Akuntansi, Perpajakan dan Auditing Vol. 3 No. 3 (2026): Maret
Publisher : Akademi Akuntansi Indonesia Padang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62194/kz5dvr04

Abstract

This research seeks to investigate the influence of capital structure, indicated by the Debt-to-Equity Ratio (DER), and post-IPO investment, represented by asset growth, on the financial performance of companies, gauged by Return on Assets (ROA). The research concentrates on industrial sector firms that were registered on the Indonesia Stock Exchange from 2020 to 2024. An associative-causal design is employed in a quantitative manner. Purposive sampling was employed to select the sample, resulting in 150 data observations. The data was analyzed using SPSS software and multiple linear regression. Test for classical assumptions, include those for normality, multicollinearity, heteroscedasticity, and autocorrelation, were carried out before hypothesis testing. The findings show that post-IPO investment significantly and favorably affects the financial achievement of a company. On the other hand, there was no discernible effect of capital structure on financial performance. Nonetheless, it was discovered that these two independent factors had a simultaneous and substantial impact on financial success. Based on the coefficient of determination, the independent variables explained only 11.7% of the variation in financial performance; variables absent from the study model accounted for the remainder 88.3%.
Co-Authors A. Hani, Nalfa Salsabila Abas, Fatma Nurul Huda Abdussamad, Zulfia K. Alamri, Salshania Alfianti Alfianti Alkatiri, Munasar Andi Juanna Anjas, Hesti Wahyuni Arnol Kusmin Belenehu, Friska Wiriana Bonde, Fritania Budiman, Jeany Wira Astuti Buluatie, Nurfitri Wijayanty Citra Aditya Kusuma Daud, Cindy Pratiwi Devita Eka Wardani Dewi Indrayani Hamin Dewi, Farhaini Safitri Djafar, Sri Winda Djoko Lesmana Radji Duano, Putri Regina Dungga, Meriyana Fransisca Endi Rahman Estefanus, Mohamad Rifaldy Fahmid, Nazmiah Fahri Isa Faisyal Al Mukhlis Hamid Fransissca, Dungga , Meriyana Habi, Putri Delparani Hais Dama Heldy Vanni Alam Husain, Indriyani S Ibrahim, Ririn Idham Masri Ishak Iko, Sindi Yanti Iman, Nanizar Intan Mutmainah Harun Irwan Yantu Isa, Ramlan Amir Ismail, Cheska Indah Oktavira Juanna , Andi Kuneo, Rizka Lahay, Firmansyah Lahibu, Nabila Azzahra Lamusu, Moh Fajri R Lanto Miriatin Amali Latief, Lian A Lestari, Nesa Lisda L. Asi Lisda L. Asi Lutfhiyana Haras Mahmud, Novaldy Marten Hadji Maya Liyanti Melinda Ibrahim Mirnawati Monoarfa Mohamad, Adinda Harnum Mulisa, Rahmat Daeng Natasya Aprilia Karren Wilson Ni Luh Ira Suitri Novita S Lausu Nurmasari, Mita Pakaya, Firmansyah Panu, Moh Rezha Payuyu, Defriansyah Pulukadang, Vetty Damayanti Raflin Hinelo Rahmawati Dewi Jusuf Rezkiawan Tantawi Rizan Machmud Robiyati Podungge Said, Rafli Sampir, Allya Riska Putri Sampow, Glady Christina Sani, Andini Putri Selvi Selvi Selvi Selvi Soga, Diva Revansyach Sri Rahayu Laiya Srie Isnawaty Pakaya Srie Isnawaty Pakaya Srisetia Ningrum Sultan Nur Alim Gumohung Supriyanto Podungge Tineke Wolok Umin Kango Utina, Uun Walangadi, Abdul Kadir Dimas Windra Angraini Harun Xevanya Melia Kadir Yulinda L. Ismail Yunita Gaib Yusuf, Safrin