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All Journal MATRIK: JURNAL MANAJEMEN, STRATEGI BISNIS, DAN KEWIRAUSAHAAN Omni-Akuatika Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) Visioner & Strategis Management Research and Behavior Journal International Review of Practical Innovation, Technology and Green Energy (IRPITAGE) Jurnal Intelek Dan Cendikiawan Nusantara Jurnal Intelek Insan Cendikia Journal of Accounting Research, Utility Finance and Digital Assets (JARUDA)
Marzuki Marzuki
Fakultas Ekonomi Dan Bisnis, Universitas Malikussaleh, Aceh
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Biochemistry, Genetics & Molecular Biology 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 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 PROFITABILITY, COMPANY GROWTH, BUSINESS RISK, MANAGERIAL OWNERSHIP AND INSTITUTIONAL OWNERSHIP ON DEBT POLICY IN SUB-MINING COMPANIES COAL SECTOR LISTED ON THE IDX Heri Susan; Jummaini; Marzuki; Zulfan
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 4 No. 1 (2025): July
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v4i1.263

Abstract

This study aims to determine the effect of profitability, company growth, business risk, managerial ownership, and institutional ownership on debt policy in mining companies listed on the Indonesia Stock Exchange. The data used in this study are secondary data from 16 mining companies listed on the Indonesia Stock Exchange. The method used to analyze the relationship between the independent variables and the dependent variable is the panel data regression method. The results of the study indicate that profitability has a positive and significant effect on debt policy in coal mining companies listed on the Indonesia Stock Exchange. Company growth has a positive and significant effect on debt policy. Business risk has a negative and significant effect on debt policy. Managerial ownership has no significant effect on debt policy. Institutional ownership has no significant effect on debt policy. Overall, profitability, company growth, business risk, managerial ownership, and institutional ownership have a positive and significant effect on debt policy.
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.
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.
THE INFLUENCE OF INTERNAL AUDIT AND CORPORATE GOVERNANCE ON FINANCIAL PERFORMANCE OF COMPANIES IN JII (JAKARTA ISLAMIC INDEX) Auliani; Nurlela; Wardhiah; Marzuki
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.v4i2.284

Abstract

This study aims to analyze the influence of internal audit and corporate governance on financial performance in companies in the JII (Jakarta Islamic Index). The data for this study were accessed by visiting the official website www.idx.co.id. The sampling technique in this study used purposive sampling and obtained 20 companies as samples from 30 companies in the JII (Jakarta Islamic Index) with a total of 100 observations. This study used the Multiple Linear Regression method using the IBM SPSS analysis tool. The results showed that Internal Audit had a negative and insignificant effect on financial performance, the Board of Commissioners had a positive and significant effect on financial performance, the Board of Directors had a positive and significant effect on financial performance.
ANALYSIS OF GREEN BANKING PRACTICES USING THE ENVIRONMENTAL RISK INDEX AND ITS IMPACT ON THE FINANCIAL PERFORMANCE OF BANKS LISTED ON THE INDONESIAN STOCK EXCHANGE Amalia Fitri; Chairil Akhyar; Marzuki; Ghazali Syamni
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 4 No. 3 (2026): January
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.20519522

Abstract

This study analyzes the effect of green banking practices on the financial performance of banks in Indonesia using the Environmental Risk Index (ERI) as a proxy. Panel data from seven banks listed on the Indonesian Stock Exchange for the period 2018-2024 were analyzed using the Entropy Weight Method and panel data regression. The results of the study reveal specific findings: ERI does not have a significant effect on ROA and NIM, but it has a negative and significant effect on ROE. These findings strongly indicate that the implementation of green banking in Indonesia is still in a transitional phase. The short-term costs arising from sustainability initiatives have been statistically proven to burden the rate of return on equity (shareholder's return), although their impact on asset-based profitability (ROA) and interest margin (NIM) has not yet been observed. This study provides important implications for banks and regulators that sustainability strategies need to be optimized to align with value creation for shareholders.
THE IMPACT OF THE LOCAL GOVERNMENT FINANCIAL INDEPENDENCE RATIO, THE LOCAL REVENUE EFFECTIVENESS RATIO, AND THE EXPENDITURE EFFICIENCY RATIO ON THE FINANCIAL PERFORMANCE OF REGENCIES AND CITIES IN ACEH PROVINCE Marzuki; Nadia Mulya; Ghazali Syamni; Muttaqien
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 4 No. 4 (2026): April
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.21989967

Abstract

This study aims to analyze the impact of the local government financial autonomy ratio, the Local Own-Source Revenue (PAD) effectiveness ratio, and the expenditure efficiency ratio on the financial performance of regencies and cities in Aceh Province. This study uses a combination of cross-sectional and time-series data from 23 regencies and cities in Aceh Province for the years 2020–2024. The analysis method used is panel data regression using EViews 14. The results show that the local financial autonomy ratio and the PAD effectiveness ratio have a positive and significant effect on local financial performance. Meanwhile, the expenditure efficiency ratio does not have a significant effect on local financial performance. The combined effect of the local financial autonomy ratio, the PAD effectiveness ratio, and the expenditure efficiency ratio on local financial performance accounts for 92.36%, while the remaining 7.64% is influenced by other variables outside the scope of this study. The results of this study indicate that increasing local financial autonomy and the effectiveness of PAD management are key factors in improving local financial performance in the regencies and cities of Aceh Province.
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).
Perilaku Keuangan dan Persepsi Generasi Milenial dan Z terhadap Fintech pada UMKM Kota Langsa Nadia Amanda; Ghazali Syamni; Jummaini Jummaini; Marzuki Marzuki
Jurnal Intelek Dan Cendikiawan Nusantara Vol. 3 No. 04 (2026): AGUSTUS - SEPTEMBER 2026
Publisher : PT. Intelek Cendikiawan Nusantara

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

Abstract

Penelitian ini bertujuan untuk menganalisis perilaku keuangan dan persepsi terhadap Financial Technology (Fintech), serta menganalisis perbedaan perilaku keuangan dan persepsi terhadap Fintech antara Generasi Milenial dan Generasi Z pada pelaku UMKM di Kota Langsa. Penelitian menggunakan pendekatan kuantitatif dengan metode survei. Sampel terdiri atas 124 pelaku UMKM yang dipilih menggunakan teknik purposive sampling. Data dikumpulkan melalui kuesioner skala Likert dan dianalisis menggunakan uji validitas, reliabilitas, analisis deskriptif, uji normalitas, uji homogenitas, dan Independent Sample t-test dengan bantuan IBM SPSS. Hasil penelitian menunjukkan terdapat perbedaan perilaku keuangan yang signifikan antara Generasi Milenial dan Generasi Z dengan nilai t sebesar 4,182 dan signifikansi 0,000. Rata-rata perilaku keuangan Generasi Z sebesar 53,0806 lebih tinggi dibandingkan Generasi Milenial sebesar 49,9516. Sementara itu, persepsi terhadap Fintech tidak menunjukkan perbedaan yang signifikan dengan nilai t sebesar 1,030 dan signifikansi 0,305, meskipun rata-rata Generasi Z sebesar 28,5484 sedikit lebih tinggi dibandingkan Generasi Milenial sebesar 28,1613. Temuan ini menunjukkan bahwa karakteristik generasi masih membedakan perilaku keuangan, sedangkan persepsi terhadap Fintech relatif sama karena layanan keuangan digital telah menjadi bagian dari aktivitas usaha kedua kelompok
Co-Authors Adnan Adnan Ahgniya Putra Akhyar, Chairil Alisa Adelena Amalia Fitri Arnawan Hasibuan Asran Asran Auliani Bahri, Halida Chalirafi, Chalirafi Cut Tria Faradilla Darmawati Darmawati Ella Nabila Elnofita Deliani Fadilla Putri Siregar Fika Yandani Fuadi Fuadi Ghazali Syamni Hairani Putri Hasvinsa Mahra Heri Susan Husaini Irada Sinta Jullimursyida Jummaini Kartika Kartika Khaira Khirnika Nirda Lidiana Rosyah M Albani M. Raja Rafli Matriadi, Faisal Maya Rahayu Misbahul Jannah Misriana Muammar Khadafi Muchtar, Darmawati Muhammad Fahmi Hilfandi Muhammad Hafidz Akbar Mulyadi Munandar Munandar Munawar Khalil Muttaqien Muttaqien Muttaqien Nadia Amanda Nadia Mulya Nurainun Nurlela Nurlela Nurlela Nurlela, Nurlela Nurliati Nurliati Radiah Alfara Rahmatillah Raihan Fajiral Rico Nur Ilham Riri Ezraneti Ristati Ristati Rusydi Rusydi Sari Yulis Terfiadi Silvia Ananda Suci Andriani - Syifa Azzahra Tasya Handayani Thasrif Murhadi Wahyuddin Wahyuddin Albra Wardhiah, Wardhiah Wilda Nafisa Zamzami Zainuddin Zuhra Zulfan Zulfan Zulfan