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All Journal Journal of Economic, Bussines and Accounting (COSTING) International Journal of Supply Chain Management Jurnal Ilmiah Akuntansi Kesatuan International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) East Asian Journal of Multidisciplinary Research (EAJMR) Utsaha: Journal of Entrepreneurship BISMA Cendekia Bursa : Jurnal Ekonomi dan Bisnis Journal of International Conference Proceedings West Science Business and Management Jurnal Bisnis dan Manajemen West Science Mutiara: Multidiciplinary Scientifict Journal Indonesian Journal of Entrepreneurship & Startups Neraca Manajemen, Akuntansi, dan Ekonomi International Journal of Business, Economics & Financial Studies INOVASI: Jurnal Ekonomi, Keuangan, dan Manajemen
isfenti sadalia
Universitas Sumatera Utara
Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Materials Science & Nanotechnology Mathematics Mechanical Engineering Social Sciences Transportation

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The Influence of Environmental and Social Sustainable Development Goals on Financial Performance with Green Innovation as a Moderating Variable in Banking Companies on the Indonesia Stock Exchange Priyono, Hendro; Sadalia, Isfenti; Syahyunan
Indonesian Journal of Entrepreneurship and Startups Vol. 3 No. 2 (2025): July 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ijes.v3i2.14829

Abstract

This study aims to analyze the effect of environmental SDGs and social SDGs on the financial performance of banking companies listed on the Indonesia Stock Exchange during the period 2019–2023. In addition, this study examines the role of green innovation as a moderating variable in the relationship between SDGs disclosures and financial performance. The sample was selected using purposive sampling technique, resulting in 23 companies as research samples. The analytical method employed in this study is Moderate Regression Analysis (MRA). The results show that environmental SDGs have a negative effect on financial performance, while social SDGs have no significant effect on financial performance. Furthermore, green innovation has a negative and significant effect on financial performance. The findings also indicate that green innovation negatively and significantly moderates the relationship between environmental SDGs and financial performance, while positively and significantly moderating the relationship between social SDGs and financial performance. These findings imply that the implementation of sustainability practices and green innovation requires proper management to generate a positive impact on the financial performance of banking companies.
Pengaruh Literasi Keuangan dan Pengalaman Keuangan terhadap Keputusan Investasi Melalui Perilaku Keuangan Pada Generasi Z di Kota Medan Siregar, Qahfi Romula; Sadalia, Isfenti
Bursa : Jurnal Ekonomi dan Bisnis Vol. 4 No. 3 (2025): September 2025
Publisher : Lembaga Riset Ilmiah, Yayasan Mentari Meraki Asa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59086/jeb.v4i3.996

Abstract

Penelitian ini bertujuan untuk mengkaji pengaruh langsung dan tidak langsung antara literasi keuangan dan pengalaman keuangan terhadap keputusan investasi, dengan pengelolaan keuangan sebagai variabel mediasi, pada Generasi Z di Kota Medan. Pendekatan penelitian yang digunakan adalah kuantitatif dengan teknik pengambilan sampel secara quota sampling, melibatkan 100 responden yang tergolong dalam Generasi Z di wilayah tersebut. Pengumpulan data dilakukan melalui penyebaran angket (kuesioner) yang telah disusun secara terstruktur. Untuk menguji tujuh hipotesis yang dirumuskan, penelitian ini menggunakan metode analisis data Partial Least Squares (PLS) dengan bantuan perangkat lunak SmartPLS. Hasil analisis menunjukkan bahwa literasi keuangan berpengaruh signifikan secara langsung terhadap keputusan investasi. Pengalaman keuangan juga terbukti memiliki pengaruh positif terhadap keputusan investasi. Selanjutnya, baik literasi keuangan maupun pengalaman keuangan secara signifikan memengaruhi pengelolaan keuangan individu. Di sisi lain, pengelolaan keuangan terbukti menjadi determinan penting dalam pengambilan keputusan investasi. Selain pengaruh langsung, ditemukan pula bahwa literasi keuangan dan pengalaman keuangan memengaruhi keputusan investasi secara tidak langsung melalui pengelolaan keuangan sebagai variabel mediasi. Dengan demikian, hasil penelitian ini menegaskan pentingnya penguatan literasi dan pengalaman keuangan dalam meningkatkan kualitas pengelolaan keuangan yang pada akhirnya berdampak pada keputusan investasi, khususnya di kalangan Generasi Z di Kota Medan.
Intellectual Capital, Non-Performing Loan, and Inflation’s Effects on Firm Value : The Mediating Role of Financial Performance Manurung, Agustina Dian Putri; Sadalia, Isfenti; Syahyunan
Mutiara: Multidiciplinary Scientifict Journal Vol. 1 No. 10 (2023): Mutiara: Multidiciplinary Scientifict Journal
Publisher : Al Makki Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57185/mutiara.v1i10.102

Abstract

This paper aims to analyze how financial performance can mediate the influence of intellectual capital, non-performing loans and inflation on firm value. Our sample is 39 banks in Indonesia that have passed the criteria based on purposive sampling, with a total of 5 years of observation. This research is quantitative research with a panel data multiple regression model, which will be processed using E-views and a Sobel test calculator to test the mediation effect. The findings of this research show that VACA, VAHU, non-performing loans and inflation have a direct effect on financial performance. However, STVA has no effect. Also directly, VACA, non-performing loans and financial performance influence firm value. However, VAHU, STVA and inflation have no effect on firm value. The results of the Sobel test succeeded in proving that financial performance was able to mediate the influence of VACA, VAHU, non-performing loans and inflation on firm value. However, it failed to prove the mediating influence of financial performance on STVA and firm value.
Analysis of the Health Level of Regional Development Banks Before and During the Covid-19 Pandemic Using the RGEC Approach in the Sumatra Region Batubara, Mhd. Zulfadli; Sadalia, Isfenti; Wibowo, Rulianda Purnomo
East Asian Journal of Multidisciplinary Research Vol. 3 No. 1 (2024): January 2024
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/eajmr.v3i1.7272

Abstract

This study aims to analyze the health level of regional banks before and during the pandemic period 2017-2022 in the Sumatra region. Sampling in this study were all regional development banks in the Sumatra region, totaling 8 banks. This research analysis uses the RGEC method (Risk Profile, Good Corporate Governance, Earnings and Capitals). The results of this study indicate that the health level of regional development banks for the 2017-2022 period is 90.38%, overall the condition of the Bank is in a very healthy condition while for bank health in the pre-covid period (2017-2019) of 89.30% and during the pandemic period (2020-2022) of 91.52%, from the results of this study it is stated that there is a growth in the level of bank health before and during the pandemic of 2.22%. This study also analyzed the T test to find differences before and during the pandemic using variables (NPL, LDR, ROA, NIM and CAR) for the LDR, NIM and CAR variables showed significantly different while for the GCG variable using the Wilcoxon test it was found to be significantly different before and during the pandemic.
The Influence of ESG and Investment on Equity Ratio on Firm Value in the ASEAN Mining Sector Hastalona, Dina; Sadalia, Isfenti
Jurnal Ilmiah Akuntansi Kesatuan Vol. 13 No. 5 (2025): JIAKES Edisi Oktober 2025
Publisher : Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jiakes.v13i5.3692

Abstract

This study is to investigate the impact of the Investment to Equity Ratio and the Environmental, Social, and Governance (ESG) Score on firm value, as measured by Tobin’s Q, in mining businesses throughout ASEAN between 2019 and 2024. The Common Effect Model (CEM), which is based on 96 observations from 16 companies over a six-year period, is used in the research’s panel data regression approach. The findings indicate that Tobin’s Q is positively and significantly impacted by ESG Score, with a coefficient of 0.0066 (p = 0.0042). The Investment to Equity Ratio, on the other hand, shows a statistically negligible negative effect (p = 0.2241). The model can account for 8.8% of the variation in company value, according to the R-squared value of 0.088. These results demonstrate how ESG practices can improve firm valuation and market reputation, but they also point to the need for more research on the function of investment finance arrangements. When developing sustainability plans and capital structure optimization techniques for the ASEAN mining industry, managers and investors can benefit from the practical implications of this study.
Transformational Leadership, Psychological Empowerment, and Innovative Work Behavior of Frontline Employees in the Public Sectors: Empirical Evidence from North Sumatera, Indonesia inaga, Anggun Tiur Ida S; Lumbanraja, Prihatin; Sadalia, Isfenti; Silalahi, Amlysh Syahputra
Journal of International Conference Proceedings Vol 3, No 4 (2020): Proceedings of the 8th International Conference of Project Management (ICPM) Mal
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/jicp.v3i4.1004

Abstract

The purpose of this paper is to investigate the impact of transformational leadership (TL) and psychological empowerment (PE) on innovative work behavior (IWB) of frontline employees at public sector in North Sumatera. This study examines the effects of PE as a moderator on the relationship between transformational leadership and innovative work behavior (IWB). The data were collected from 786 frontline employees through an online survey. Partial least square structural equation modeling analysis by the bootstrap method were used for the data analysis. Results indicated that TL and PE have positive influence on innovative work behavior, however specifically, the result showed that PE does not moderates on the relationship between TL and IWB of frontline employees in North Sumatera.
Optimal Portfolio Analysis of LQ-45 Stocks Based on Capital Asset Pricing Model Tobing, Ainun Sakinah L; Fitri, Nur Aisyah; Ajmilia, Qori Fadla; Sadalia, Isfenti
West Science Business and Management Vol. 2 No. 04 (2024): West Science Business and Management
Publisher : Westscience Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/wsbm.v2i04.1443

Abstract

Analysis of optimal portfolio formation for LQ-45 stocks using the Capital Asset Pricing Model (CAPM) is an interesting and complex topic in financial management. This study aims to calculate the expected return and systematic risk of each LQ-45 stock, and evaluate the combination of these stocks to form an optimal portfolio. By using CAPM and Modern Portfolio Theory (MPT), this study can provide a comprehensive framework to understand the risk-return dynamics of stock investment. Despite the limitations of CAPM, this study shows that CAPM remains an important tool in investment analysis. Recommendations for future research are to conduct further empirical analysis to test the effectiveness of CAPM in various market conditions and develop models that combine CAPM with additional factors to improve return prediction.
FINANCIAL POLICY STRATEGY IN INCREASING ECONOMIC VALUE ADDED ON MSMES IN MEDAN CITY Sugiharto, Sugiharto; Tripure Maas, Linda; Sadalia, Isfenti; Sinta, Irada
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 1 No. 2 (2021): December
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (415.08 KB) | DOI: 10.54443/ijebas.v1i2.112

Abstract

The global Covid-19 pandemic certainly has an impact on various sectors, especially in the economic sector and of course also has a significant impact on tourism, the trade sector, industry including Micro, Small and Medium Enterprises (MSMEs) in Indonesia. Creative products have great potential to be able to deliver the city that has the industry into an advanced and independent creative economy city. The use of information technology for business resource management for creative products is still under-attentioned, which in turn has administrative, financial, process, and access to banking and financial institutions weaknesses. This study aims to formulate a strategy to increase added value for the MSME sector of North Sumatra Province, namely the Economic Value-Added method and implement efforts to cooperate with the Indonesia Stock Exchange through the mechanism of acceleration boards and Initial Public Offering (IPO) to obtain long-term financing facilities and introduce MSME business unit to the wider community into a medium-class public company. This scientific research also aims to provide recommendations for sustainable strategies for the MSME sector, especially in the province of North Sumatra in running a business amidst the Covid-19 pandemic. This type of research is qualitative research using a mix method by conducting interviews with the target population, namely 200 Micro, Small and Medium Enterprises spread in North Sumatra Province and formulating a model for increasing MSME productivity with the introduction of the acceleration board method and collaborating with the Indonesia Stock Exchange in the coaching process. In this study, a focus group discussion will be held by inviting local officials from related offices of North Sumatra province and academics to provide input in completing the strategy development model for increasing MSME productivity by focusing on the Economic value-added method. The outputs of this research are publications of reputable international journals, international proceedings, and reference books for ISBN certified research results with TKT level 3.
BEHAVIOR HOLDING PERIOD DETERMINATION WITH MODERATING YIELD TO MATURITY IN INDONESIA AND MALAYSIA MANUFACTURING OPEN COMPANIES Aliyah Nasution, Nur; Sadalia, Isfenti; Irawati, Nisrul
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 2 No. 1 (2022): February
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v2i1.168

Abstract

Study this aim for test Influence Bid Ask Spread, Market value, and Variance Return, Dividend payout ratio to Holding Period with Yield to Maturity as moderating variable. Type of data used that is secondary data in the form of report finance companies listed on the Indonesia Stock Exchange and the Malaysia Stock Exchange. Data analysis techniques used is Moderating Regression Analysis (MRA). Population in research this is whole company manufacturers listed on the Indonesia Stock Exchange and the Malaysia Stock Exchange with population used _ totaling 488 companies with technique purposive sampling method. Variable independent study this is Bid Ask Spread, Market Value, Variance Return, and Dividend Payout Ratio. Variable dependent Mark company be measured with Holding Period. Whereas Yield to Maturity is variable moderation. Research results show Bid Ask Spread, Market Value, Return Variance, Dividend Payout Ratio by simultaneous take effect positive significant to Holding Period. Whereas by Partial Bid Ask Spread, Variance Return and Dividend Payout Ratio take effect positive and significant to Holding Period. Market Value take effect positive However no significant to Holding Period. Then addition Yield to Maturity as moderating variable between variable independent to variable dependent results obtained _ is Bid Ask Spread is positive and significant to Holding Period through Yield to Maturity. Variance Return take effect positive no significant to Holding Period through Yield to Maturity. Whereas Market Value and Dividend Payout Ratio take effect negative no significant to Holding Period through Yield to Maturity.
Analyzing the Impact of Foreign Direct Investment, Money Flow Dynamics, and Inflation on Economic Growth: Evidence from Special Economic Zones Andriansyah, Andriansyah; Erlina, Erlina; Silalahi, Amlys Syahputra; Sadalia, Isfenti; Ilham, Rico Nur
International Journal of Business, Economics & Financial Studies Vol. 1 No. 1 (2023): May 2023
Publisher : Indonesia Academia Research Society

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62157/ijbefs.v1i1.8

Abstract

Establishing robust Special Economic Zones within the determined territorial boundaries of the Republic of Indonesia is crucial for attracting increased investments, fostering industrial growth, and optimizing economic activities with high value, propelling the nation's economic development forward. This study determines the effects of foreign direct investment, velocity of money, and inflation on economic growth in Indonesian Special Economic Zones. This time series approach involves 35 years of data collected from the Central Bureau of Statistics Indonesia. The result indicates that foreign direct investment and money velocity significantly affect economic growth. Besides that, inflation does not affect economic growth. In conclusion, this study has successfully identified the factors influencing economic growth. Also, this study found that inflation does not significantly affect economic growth in Indonesia's Special Economic Zones.
Co-Authors Agustina Dian Putri Manurung Ajmilia, Qori Fadla Aliyah Nasution, Nur Andriansyah Andriansyah annisa maulida harahap Balatif, Rijal Batubara, Mhd. Zulfadli Dina Hastalona Erlina Erlina Fitri, Nur Aisyah Gea, Edi Zaman Berkat Ida Ayu Putu Sri Widnyani inaga, Anggun Tiur Ida S Irada Sinta Irawan, Muhammad Ari Irawati, Nisrul Murni Daulay Nasution, Mutiah Nilaywati, Rintan Omar, Khatijah Prihatin Lumbanraja Priyono, Hendro Putri, R. Mawarni Rico Nur Ilham S. Sugiharto Saputra, Jumadil Silalahi, Amlys Syahputra Silalahi, Amlysh Syahputra Sinurat, Mangasi Siregar, Qahfi Romula Sukaria Sinulingga Syahyunan Tobing, Ainun Sakinah L Tripure Maas, Linda Wibowo, Rulianda Purnomo