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All Journal Jurnal Ilmu Manajemen (JIM) Jurnal Manajemen Bisnis Jurnal Akuntansi dan Pajak JEPA (Jurnal Ekonomi Pertanian dan Agribisnis) Al Qalam: Jurnal Ilmiah Keagamaan dan Kemasyarakatan International Journal of Agricultural Sciences Pena Justisia: Media Komunikasi dan Kajian Hukum Jurnal Ilmiah Edunomika (JIE) JURNAL MANAJEMEN DAN BISNIS EQUILIBRIUM Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Jurnal Agriuma International Journal of Engineering, Science and Information Technology International Journal of Educational Review, Law And Social Sciences (IJERLAS) Jurnal Ekonomi Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) International Journal of Social Science, Educational, Economics, Agriculture Research, and Technology (IJSET) AJAD : Jurnal Pengabdian kepada Masyarakat Management Research and Behavior Journal International Review of Practical Innovation, Technology and Green Energy (IRPITAGE) Inkubis: Jurnal Ekonomi dan Bisnis Jurnal Mahasiswa Agribisnis International Conference on Health Science, Green Economics, Educational Review and Technology (IHERT) International Journal of Business, Economics & Financial Studies Agrifo: Jurnal Agribisnis Universitas Malikussaleh Journal of Accounting Research, Utility Finance and Digital Assets (JARUDA)
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THE EFFECT OF CURRENT RATIO ON RETURN ON ASSETS AT PT. ASTRA AGRO LESTARI, TBK PERIOD 2008-2018 Irada Sinta; Nadya Jasmine; Lika Andira BR Pinem; Nailul Ulfah; Ulfia
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 3 No. 1 (2023): April (April-June)
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/morfai.v3i1.1107

Abstract

This study aims to determine the effect of the Current Ratio on Return on Assets at PT. Astra Agro Lestari, Tbk Period 2008-2018. The method used is explanatory research. The analysis technique uses statistical analysis with regression testing, correlation, determination and hypothesis testing. The results of this research variable Current Ratio obtained an average value of 127.09%. The return on variable assets obtained an average value of 25.88%. Current Ratio has a positive and significant effect on Return On Assets with a regression equation value of Y = 9.112 + 0.132X, and a correlation coefficient value of 0.660 or has a strong level of relationship with a determination value of 43.5%. Hypothesis testing obtained a significance of 0.027 > 0.05.
SIMULTANEOUS ELECTIONS AND ITS IMPLICATIONS ON BANKING PROFITABILITY: A STUDY IN THE ASEAN BIG FOUR CAPITAL MARKET Irada Sinta; Rico Nur Ilham; Reza Juanda; Muttaqien; Muhammad Multazam; Frengki Putra Ramansyah
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 4 No. 3 (2024): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/morfai.v4i3.2128

Abstract

Capital Adequacy Ratio (CAR) is a bank performance ratio used to measure the adequacy of capital owned by the bank in order to support assets that contain or generate risk. The greater the Capital Adequacy Ratio (CAR), the better the bank's ability to meet capital needs. The greater the capital owned by the bank, the bank is able to provide loans to customers in large amounts so that it has the opportunity to increase the company's profitability. Profitability assessment is a process to determine how well business activities are carried out to achieve strategic goals, eliminate waste and present timely information to carry out continuous improvement (1). This study aims to be one of the indicators of how an important event in a country, especially in the socio-political field, can affect the country's economic turnover and stock exchange. Especially for the big four ASEAN countries (Indonesia, Malaysia, Singapore and Thailand), the case of increasing stock prices in the banking sector is in the spotlight and it is necessary to conduct a scientific study on the correlation of General Election events in the big four ASEAN countries with the increase in their country's stock market. This type of research is associative research that aims to determine the relationship between two or more variables, namely examining the effect of Capital Adequacy Ratio (CAR), Loan to Deposit Ratio (LDR) and Operating Costs to Operating Income (BOPO) which are linked to the Profitability of banking sector companies during the general election period in the big four ASEAN countries. This study will use ratio analysis to determine the performance of a bank and its health. With the results of LDR does not have a positive and significant effect on the profitability of banking companies. CAR has a positive and significant effect on the Profitability of Banking Companies. BOPO has a negative and insignificant effect on the Profitability of Banking Companies.
UNDERSTANDING OF CONSUMER DEMAND AND THE ABILITY TO COMPETE IN THE CARIBBEAN (LATIN AMERICA). Rauzi Ramazalena; Frengki Putra Ramansyah; Muhammad Multazam; Rico Nur Ilham; Irada Sinta
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 4 No. 4 (2024): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/morfai.v4i4.2461

Abstract

The Latin American region is a region that has Abundant natural resources Owned natural resources can strengthen the potential Economy, especially in terms of increasing cooperation with Indonesia which can be pursued through incentive and well-planned economic diplomacy.
EFFORTS TO INCREASE FAMILY INCOME INDEPENDENTLY THROUGH HOME AGRICULTURAL ECONOMY: CONTRIBUTION OF PINE TAPPING (PINUS MERKUSII) Irada Sinta; Fadli; Rico Nur Ilham; Muhammad Multazam
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 5 No. 5 (2025): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/morfai.v5i5.3336

Abstract

Pine resin (Pinus merkusii) is one of the non-timber forest products (NTFPs) that plays an important role in increasing the income of rural communities. This study aims to analyze the level of income and contribution of pine resin tapping to family income in Cane Toa Village, Rikit Gaib District, Gayo Lues Regency. The method used was a census of 55 pine resin tapper respondents. Data were analyzed quantitatively using the contribution formula and household income analysis. The results showed that the average income from pine resin tapping was IDR 3,319,818.4 per production, while income from other sectors reached IDR 4,156,370.85. The total average income of tapper families was IDR 7,476,189.31 per production. The contribution of pine resin tapping to total family income was recorded at 44.4%, included in the "good" category according to the classification of Kepmendagri No. 690,900,327 in 1996. These results confirm that pine resin tapping plays a significant role in supporting the household economy in the region, although technical assistance is still needed so that tapping practices are more sustainable and efficient.
A COMPARATIVE STUDY OF DIGITAL CRYPTOCURRENCY INVESTMENTS BASED ON CURRENCY LAWS AND GLOBAL ECONOMIC REGULATIONS: A CASE STUDY OF THE BIG FOUR ASEAN COUNTRIES Rico Nur Ilham; Irada Sinta; Fuadi; Arliansyah; Reza Juanda; Muhammad Multazam
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 5 No. 4 (2025): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/morfai.v5i4.4411

Abstract

The rapid advancement of financial technology has introduced cryptocurrency as a revolutionary innovation in the global digital economy. Despite its growing popularity as an investment instrument, the legal and economic frameworks governing cryptocurrency remain fragmented, particularly within the ASEAN region. This research aims to analyze the influence of currency law clarity and global economic regulation on cryptocurrency investment, with investor trust serving as a mediating variable, in the context of the Big Four ASEAN countriesIndonesia, Malaysia, Singapore, and Thailand. This study employs a normative juridical and descriptive quantitative approach. Data were collected through documentation, expert interviews, and focus group discussions (FGD) involving financial institutions such as OJK, Bank Indonesia, BEI, Phintraco Sekuritas, and the Directorate General of Taxes. Quantitative testing was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 3.0 to assess the relationships among variables. The findings indicate that both currency law clarity and global economic regulation have a significant and positive effect on cryptocurrency investment, while investor trust plays only a limited mediating role. The strongest relationship is observed in Singapore, where the Payment Services Act (2019) provides comprehensive regulatory certainty and attracts institutional investors. In contrast, Indonesia’s fragmented regulatory stance recognizing crypto as a tradable commodity but not a legal tender creates uncertainty that weakens investor confidence. The study proposes the formulation of a “Triangle Policy Framework” integrating legal, economic, and fiscal regulation, and introduces the LCTR (Legal Cryptocurrency and Tax Revenue) model to optimize digital asset governance and fiscal transparency. This integrated model is expected to strengthen investor protection, enhance legal certainty, and support sustainable digital economic growth in the ASEAN region.
The Debt Policy and Performance of State-Owned Companies in Indonesia Sinurat, Mangasi; Ilham, Rico Nur; Sinta, Irada; Ahmad, Shabir
Jurnal Manajemen Bisnis Vol. 15 No. 1: March 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/mb.v15i1.20285

Abstract

Research Aims: This research aims to explore the factors influencing debt policy in "red-license plate" companies in Indonesia from 2010 to 2020. Design/Methodology/Approach: The research method used is empirical studies to achieve the study's objectives.Research Findings: The first analysis result showed that their debt policy was significantly determined by collateral value of assets, profitability, company size, business risk, liquidity. However, those factors partly clarified the policies, whereas other factors outside the observation defined the rest. The result of the second analysis meanwhile showed that the debt policy has significant negative impact on the company performance both long-term and short-term period.Theoretical Contribution/Originality: Several research strategies that may be useful in this respect are discussed, and a typology of constructs is proposed on the basis of this analysis is Short term debt policy, Long term debt policy, and The thermal design power are as latent variables; the collateral value of assets, Profitability, Company size, Business risk, Growth opportunity, and Liquidity are construct variables.Practitioners/Policy Implications: The first stage of analysis is intended to examine the factors influencing debt policy, both total debt policy, short term debt policy, and long-term debt.Research Limitations/Implications: Considering the limited amount of data available, this study conducts a risk assessment based on historical data only. A more complete identification of risks and vulnerabilities will include a forward-looking assessment using sensitivity analysis, scenarios, and testing of debt policies on "state-owned" companies in Indonesia from 2010 to 2020 and the impact of debt policies on the financial performance of companies during that period. We will next explain the methods used to achieve the objectives of the study. Furthermore, it further describes the results of research and discussion and winds up with conclusions and suggestions.
Implementation of Carbon Emission Disclosure on Market Reaction with Green Investment as a Mediating Variable in Companies Listed on the Indonesian Carbon Exchange (IDX Carbon) Rico Nur Ilham; Muammar Khaddafi; Mangasi Sinurat; Irada Sinta; Irshad Ahmad Reshi
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 7 No. 2 (2025): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v7i2.128

Abstract

Background: The Indonesian Carbon Exchange (IDX Carbon) has emerged as a critical mechanism for carbon trading, introducing carbon units as securities rather than commodities. Despite this development, challenges remain in ensuring the integrity of carbon markets, including issues of double counting, manipulation of carbon unit measurements, and regulatory gaps. Objective: This study aims to examine the implementation of Carbon Emission Disclosure on Market Reaction with Green Investment as a mediating variable in companies listed on IDX Carbon. Methods: This study employed a quantitative research approach using SmartPLS with PLS-SEM. Hypothesis testing applied a t-statistic threshold of 1.96 and a significance level of α = 5% (p-value < 0.05). Results: All variables had Cronbach's Alpha values above 0.95 and AVE values above 0.66, indicating high reliability and validity. The R² value of Green Investment (Z) was 0.983 and Market Reaction (Y) was 0.925, indicating strong predictive relevance. Hypothesis testing revealed: (1) Green Investment significantly affects Market Reaction (t = 9.422, p = 0.000); (2) Carbon Emission Disclosure significantly affects Green Investment (t = 6.017, p = 0.000); (3) Carbon Emission Disclosure significantly affects Market Reaction (t = 2.655, p = 0.000); and (4) Carbon Emission Disclosure significantly affects Market Reaction through Green Investment as a mediating variable (t = 8.672, p = 0.000). All four hypotheses were accepted. Conclusion: Carbon Emission Disclosure has a significant direct effect on both Green Investment and Market Reaction in IDX Carbon-listed companies. Green Investment also serves as a significant mediating variable between Carbon Emission Disclosure and Market Reaction, highlighting the importance of transparent carbon emission reporting in supporting sustainable finance in Indonesia.
Legal Certainty and Governance of Carbon Exchange Trading in Indonesia: An Analysis of the Implementation of Presidential Regulation Number 98 of 2021 Rico Nur Ilham; Irada Sinta; Mangasi Sinurat; Muammar Khaddafi; Maulana Majied Sumatrani Saragih
International Journal of Educational Review, Law And Social Sciences (IJERLAS) Vol. 5 No. 5 (2025)
Publisher : CV. RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijerlas.v5i5.4647

Abstract

Carbon exchange trading is an economic instrument developed to support greenhouse gas emission reduction and achieve sustainable development targets. In Indonesia, carbon trading is regulated by Presidential Regulation Number 98 of 2021 concerning the Management of Carbon Economic Value. This study aims to analyze the legal regulations for carbon exchange trading in Indonesia, the implementation of Presidential Regulation Number 98 of 2021 in achieving legal certainty, carbon trade governance, and the legal and institutional obstacles encountered in its implementation. The research method used is normative legal research with statutory, conceptual, and analytical approaches. Research data was obtained through a literature review sourced from laws and regulations, books, scientific journals, and other legal documents relevant to the research object. The results show that Presidential Regulation Number 98 of 2021 has provided a legal basis for the implementation of carbon trading through regulations regarding Carbon Economic Value, a national registration system, and mechanisms for measuring, reporting, and verifying emissions. However, its implementation still faces various obstacles, such as suboptimal regulatory harmonization, limited institutional coordination, unclear legal status of carbon units, and the need to strengthen the oversight system and legal protection for market players. Therefore, regulatory strengthening, institutional capacity building, and transparent and accountable governance are needed to create an effective, sustainable carbon market capable of supporting the achievement of Indonesia's greenhouse gas emission reduction targets.
Role Regulation In Guard Stability Financial System In Indonesia: A Study Of The Authorities Service Finance (Ojk) And Challenge Digital Financial Sector Rico Nur Ilham; Irada Sinta; Frengki Putra Ramansyah; Mita Darmayanti; Nurul Hidayati
International Journal of Educational Review, Law And Social Sciences (IJERLAS) Vol. 5 No. 3 (2025)
Publisher : CV. RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijerlas.v5i3.4898

Abstract

Regulation in the financial industry plays a crucial role in maintaining financial system stability, protecting consumers, and ensuring the continued and transparent operation of financial institutions. This study aims to examine the role and effectiveness of regulation in the Indonesian financial industry, with a particular focus on the role of the Financial Services Authority (OJK) in overseeing and developing the financial sector, including the digital financial sector. Through an in-depth literature review, this study seeks to provide insight into how implemented regulations can support financial sector growth while addressing challenges arising from the development of financial technology. The findings of this study are expected to provide more effective policy recommendations to support sustainable financial system stability.
Draft And Implementation Time Value of Money in Financial Decision Making Rico Nur Ilham; Irada Sinta; Frengki Putra Ramansyah; Abdul Rahma; Rachmat Al Fadjri
International Journal of Educational Review, Law And Social Sciences (IJERLAS) Vol. 5 No. 2 (2025)
Publisher : CV. RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijerlas.v5i2.4924

Abstract

Time Value of Money (TVM) is a fundamental concept in financial science which explains that the value of money today is more valuable than the value of the same money in the future. front. Difference mark the influenced by factor time, level ethnic group flower, risk, and inflation. This study aims to examine the concept and application of Time Value of Money in financial decision making through a literature review approach. The method used in this study is a literature study by reviewing various scientific sources in the form of financial textbooks and national and international journals that are relevant to Time Value topic of Money . The data that obtained analyzed in descriptive and This study aims to identify the main concepts, influencing factors, and implications of the application of Time Value of Money in investment, financing, and financial planning decisions. The results of the study indicate that understanding the concept of Time Value of Money plays a significant role in improving the quality of financial decision-making. The application of the time value of money allows individuals and organizations to evaluate decision alternatives rationally, objectively, and with a long-term orientation. Furthermore, the literature also confirms that low financial literacy can be an obstacle to the optimal application of this concept. The conclusion of this study confirms that Time Value of Money is not only theoretical but also has significant practical implications. in support taking decision finance Which effective And Therefore, improving understanding of the concept of Time Value of Money is important for individuals, practitioners, and educational institutions.
Co-Authors AA Sudharmawan, AA Abdul Rahma Ade Ratna Dewi Adelina, Dian Adhiana, Adhiana Adnan Adnan Ahmad, Shabir Ainiya , Nazri Akhyar, Chairil Amlys Syahputra Silalahi Amru Usman Andriani, Rika Anissa, Farah Annisa Karim Sinaga Arliansyah Arliansyah Arliansyah, Arliansyah Armanu Thoyib Armanu Thoyib Arnas, Eva Asmaul Husna Asrol Fajri Aulia Ramadhan, Hafidz Authar ND, Muhammad Ayu Anora Ayu, Sari Azhar Bob Feinberg Chalirafi, Chalirafi Cut Afra Humaira Cut Afra Humaira Cut Rozana Sari Cut Zira Maulida Dara Latifa Debi Eka Putri Delvia Andriani Deva Septiana Siregar Dhea Fidela , Cut Dhuhratulliza Dhuhratulliza Dilla Ramadani Dina Salsabila Dina Salsabila Dwi Yuzaria Dwiyani, Uci Edi Riansyah ekamaida, ekamaida EM Yusuf Iis F, Fadli Fachry Abda El Rahman Fadilah Nurjanah Fadli Fadli Fadli Fadli Fadli Fadli Fajiral, Raihan Falahuddin fayza, Adinda Feinberg, Bob Frengki Putra Ramansyah Fuadi Fuadi Fuadi Gina Silmi Hafni Zahara Haikal, M. Hamdiah Hamdiah Hamdiah Hamdiah Hamdiah Harley Agustian Hasan, Nadila Hasnah Hasnah Haway , Fitra Hekdi Theresia Pintubatu Hendri Sose Fauzi Heri Sandi Herlina Herlina Ian Wooton Iklima , Rina Ikram Intan Aulia Sari Irhamah Irshad Ahmad Reshi Isfenti Sadalia Isfenti Sadalia isfenti sadalia Izza, Nurul Jamilah Jamilah Jamilah Jariah Abu Bakar John Zysman Jorgeo O. Brusa Juliana Juliana Jumadiah Juni Ahyar Kembaren, Emmia Tambarta Khaidir Khaidir, Khaidir Khairani Husna , Fadhila Khairani, Aulia Febri Khairisma, Khairisma Kumala Sari, Dewi Lala Merlita Latiful Rahmi Laxmi Jamatia , Purna Lika Andira BR Pinem Likdanawati Liper Siregar Lusi Afriliana Lusi Afriliana M, Mawardati M. Faddel M. Subhan M.Subhan Mangasi Sinurat Mangasi Sinurat Mangasi Sinurat Marzuki Marzuki Maulana Majied Sumatrani Saragih Mawardati Mawardati Merlita, Lala Millisa, Cut Mirna Mita Darmayanti Mohd. Heikal Mohd. Heikal Mohd. Heikal Muammar Khadafi Muammar Khaddafi Muhammad Alfaris Muhammad Furqan, Muhammad Muhammad Multazam Muhammad Zahrul Fuadi Mursidah Muttaqien Muttaqien Nadira , Rizki Nadya Jasmine Nailul Ulfah Nazri Ainiya Nisrul Irawati Nofianti, Nofianti Nur Faliza Nurhasanah Nurhasanah Nuriana NURUL HAYATI Nurul Hidayati nuryana nuryana, nuryana Nurzarina, Maudi O. Brusa, Jorgeo Ori Damayanti Puji Suryani, Suci Puspitaningrum, Rani Putri Miranda Sembiring Putri Pratiwi Quswarnika Quswarnika Rachmat Al Fadjri Rahmadani, Zuhra Rahmaniar Rahmaniar, Rahmaniar Rahmi, Utia Rais, Rany Gesta Putri Rasykah Fakhirah Balqis Rauzi Ramazalena Razif Reza Juanda Riani Riani Riani Riani Riani Rico Nur Ilham Ridani Ridani Rifaldy Rizky, Muhammad Rina Iklima Riska Fazira Riska Yanti Riska Yanti Rista Sihombing Rizki Nadira Rizkina, Fathi Rosmaniar Rosmaniar Rosmaniar, Rosmaniar Rusydi Abubakar S. Sugiharto Safitri , Sekar Safriana Safriana Safriana Safriana Safriati Safriati salsabilla, Cut Sapna Biby Saprudin Saprudin Sari Yulis Terfiadi Setia Budi Sinaga, Sarman Sinurat, Mangasi Siti Munawiroh Sri Hayu Kartika Subhan Subhan Suci Puji Suryani Suci Puji Suryani Suji Pradana Suryadi Suryadi Suryadi Suryadi Sutriani Syahputri, Lidia T. Edyansyah, T. Edyansyah Tahara Alsura Tanjung, Ade Firmansyah Tarmizi Abbas Taufik Hidayat Tripure Maas, Linda Ulfa Yulinazira Ulfia Ulvia Fadilah Utami Aditya Wahyu Isnanda Nasution Wahyuddin Wahyuddin Wahyuni , Yuyun Widodo Endi Prasetia Widodo Endi Prasetia Widya Ramadhani Wooton, Ian YANITA YANITA, YANITA Yulius Dharma Yusnidar Yusril Ramadhan Sembiring Zahrul Fuadi, Muhammad Zulfa Riza Zulfa Riza Zuriaini Zuriani Zuriani Zysman, John