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ASSET TURNOVER, LEVERAGE, AND ROA: THE MODERATING ROLE OF FIRM SIZE IN ASEAN TECHNOLOGY FIRMS Vanda Sherlita Ardelia; Loggar Bhilawa
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.959

This study examines the effect of Asset Turnover (ATO) and Debt to Equity Ratio (DER) on firm performance, proxied by Return on Assets (ROA), with firm size as a moderating variable in technology companies. The background of this research is the burn money phenomenon commonly observed in technology firms, where companies prioritize aggressive growth over short-term profitability, potentially affecting financial performance. The purpose of this study is to analyze the direct influence of ATO and DER on ROA and to determine whether firm size moderates these relationships. This research employs a quantitative approach using secondary data from financial statements, analyzed through multiple regression and moderated regression analysis (MRA). The results show that ATO has a positive effect on ROA, while DER has a negative effect. However, firm size is not proven to significantly moderate these relationships. Additionally, the relatively low coefficient of determination (R²) indicates that other factors beyond the model may have a greater influence on firm performance. In conclusion, although ATO and DER affect ROA, their explanatory power is limited, and firm size does not play a strong moderating role.

ASSET TURNOVER, LEVERAGE, AND ROA: THE MODERATING ROLE OF FIRM SIZE IN ASEAN TECHNOLOGY FIRMS Vanda Sherlita Ardelia; Loggar Bhilawa
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.959

This study examines the effect of Asset Turnover (ATO) and Debt to Equity Ratio (DER) on firm performance, proxied by Return on Assets (ROA), with firm size as a moderating variable in technology companies. The background of this research is the burn money phenomenon commonly observed in technology firms, where companies prioritize aggressive growth over short-term profitability, potentially affecting financial performance. The purpose of this study is to analyze the direct influence of ATO and DER on ROA and to determine whether firm size moderates these relationships. This research employs a quantitative approach using secondary data from financial statements, analyzed through multiple regression and moderated regression analysis (MRA). The results show that ATO has a positive effect on ROA, while DER has a negative effect. However, firm size is not proven to significantly moderate these relationships. Additionally, the relatively low coefficient of determination (R²) indicates that other factors beyond the model may have a greater influence on firm performance. In conclusion, although ATO and DER affect ROA, their explanatory power is limited, and firm size does not play a strong moderating role.

Fiscal Capacity And Environmental Performance In Indonesian Provinces: Does The Flypaper Effect Stick To Green Outcomes Hichmah Nadiah; Loggar Bhilawa
MEASUREMENT : Jurnal Program Studi Akuntansi Vol 20, No 1 (2026): MEASUREMENT : JURNAL AKUNTANSI JUNI 2026
Publisher : Universitas Riau Kepulauan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33373/mja.v20i1.9005

This study examines whether regional fiscal capacity measured by Regional Original Income (PAD) and transfer funds influences environmental performance in Indonesian provinces. Using balanced panel data from 34 Indonesian provinces (2020-2023), we employ Fixed Effect Model (FEM) regression to control for unobserved regional heterogeneity. Environmental performance is measured by the Environmental Quality Index (IKLH). Control variables include GRDP per capita, capital expenditure ratio, and economic structure. Partially, neither PAD nor transfer funds show statistically significant individual effects on environmental performance (p>0.05). However, both variables jointly contribute to explaining environmental outcomes when considered with control variables (F-statistic significant at p

Comparative Analysis Of Asset Turnover And Capital Structure on Company Performance (Empirical Study Of Retail Companies in Indonesia and Thailand) Brahmantyo Aryo Putra Salam; Loggar Bhilawa
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.976

This research aims to compares the effects of capital structure, as determinded by det to equity ratio (DER), and asset turnover (ATO), on business performance, as determined by return on asset (ROA), in retail prises in Indonesia and Thailand for the year 2024. This study also aims to ascertain whether the two countries average ATO, DER, and ROA are different. This study’s quantitative methodology makes use of secondary data from retail enterprises financial statements that are listed in the OSIRIS database. Purposive sampling was used to pick the 65 companies that made up the research sample. Among the analyticas techniques used are descriptive statistics, multiple linear regression analysis, classical assumption tests, hypothesis testing, and independent T-Test samples. The findings demonstrated that ATO had no appreciable benefical impact on ROA in either Thailand or Indonesia. Additionally, DER did not significatly have a negative impact on ROA in Indonesia nevertheless, in Thailand DER had a significant impact, but the regression coefficient’s direction was potivie, defying the premise. The average ATO and DER did not change significantly between the two nations, according to independent testing of the T-Test. However, the average ROA did differ significantly with Thailand retail profitability outperforming indonesia.

Comparative Analysis Of Asset Turnover And Capital Structure on Company Performance (Empirical Study Of Retail Companies in Indonesia and Thailand) Brahmantyo Aryo Putra Salam; Loggar Bhilawa
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.976

This research aims to compares the effects of capital structure, as determinded by det to equity ratio (DER), and asset turnover (ATO), on business performance, as determined by return on asset (ROA), in retail prises in Indonesia and Thailand for the year 2024. This study also aims to ascertain whether the two countries average ATO, DER, and ROA are different. This study’s quantitative methodology makes use of secondary data from retail enterprises financial statements that are listed in the OSIRIS database. Purposive sampling was used to pick the 65 companies that made up the research sample. Among the analyticas techniques used are descriptive statistics, multiple linear regression analysis, classical assumption tests, hypothesis testing, and independent T-Test samples. The findings demonstrated that ATO had no appreciable benefical impact on ROA in either Thailand or Indonesia. Additionally, DER did not significatly have a negative impact on ROA in Indonesia nevertheless, in Thailand DER had a significant impact, but the regression coefficient’s direction was potivie, defying the premise. The average ATO and DER did not change significantly between the two nations, according to independent testing of the T-Test. However, the average ROA did differ significantly with Thailand retail profitability outperforming indonesia.

Analysis of the Success of Implementing the Village Financial System on Village Governance: Empirical Study in Tulungagung Regency, East Java, Indonesia Sindi Yulika Putri; Loggar Bhilawa
International Journal of Social, Economic, and Business Vol. 1 No. 2 (2024): December 2024
Publisher : Lavish Opulent Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65688/ijseb.v1i2.14

This research aims to find empirical evidence regarding the successful implementation of the Village Financial System (SISKEUDES) and its influence on village governance in Tulungagung Regency. This study employs a quantitative approach and evaluates a model based on the DeLone & McLean IS Success Model as well as the theory of trust and legitimacy. This success model includes variables such as information quality (IQ), system quality (SQ), service quality (SEQ), trust in technology (TIT), user satisfaction (US), operational effectiveness (OE), and village governance (VG). Data collection was carried out using a cluster sampling technique, obtaining 82 sample villages that use SISKEUDES. The analysis technique used in this research is SEM-PLS using SmartPLS. The research results show that IQ, SQ, and TIT have a positive effect on US, while SEQ has no effect on US. TIT and US have a positive effect on OE, while IQ, SQ. and SEQ have no effect on OE. OE is proven to have a positive effect on VG. The results of this research show that the implementation of SISKEUDES in Tulungagung Regency has been successful, and the implementation of SISKEUDES can improve village governance, especially accountability, transparency, and participation.

The Impact of Cloud-Based Point-of-Sale (POS) Technology on the Quality of Financial Reports in MSMEs Wahyu Setyawan; Loggar Bhilawa
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.992

This study aims to analyze the effect of perceived ease of use and perceived usefulness of cloud-based Point of Sale (POS) technology on the financial report quality of Micro, Small, and Medium Enterprises (MSMEs) in the Food and Beverage sector in Surabaya City. This research method uses a quantitative approach with primary data obtained through a questionnaire using a Likert scale of 1 – 4. The population in the study was all MSMEs in the Food and Beverage sector in Surabaya City. The sample used in this study were MSME owners who have used or understand cloud-based POS systems, selected using purposive sampling. The number of samples used in this study was 397 respondents. Data analysis was carried out using multiple linear regression with the Statistical Product and Service Solution (SPSS) method. The result of the study indicates that perceived ease of use and perceived usefulness have a positive and significant effect both partially and simultaneously on the financial report quality of MSMEs. These findings confirm that easy-to-use and beneficial cloud-based POS systems improve the relevance, reliability, and timeliness of financial reports, implying that local governments should provide practical training and technical assistance to accelerate MSME digital transformation.

The Impact of Cloud-Based Point-of-Sale (POS) Technology on the Quality of Financial Reports in MSMEs Wahyu Setyawan; Loggar Bhilawa
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.992

This study aims to analyze the effect of perceived ease of use and perceived usefulness of cloud-based Point of Sale (POS) technology on the financial report quality of Micro, Small, and Medium Enterprises (MSMEs) in the Food and Beverage sector in Surabaya City. This research method uses a quantitative approach with primary data obtained through a questionnaire using a Likert scale of 1 – 4. The population in the study was all MSMEs in the Food and Beverage sector in Surabaya City. The sample used in this study were MSME owners who have used or understand cloud-based POS systems, selected using purposive sampling. The number of samples used in this study was 397 respondents. Data analysis was carried out using multiple linear regression with the Statistical Product and Service Solution (SPSS) method. The result of the study indicates that perceived ease of use and perceived usefulness have a positive and significant effect both partially and simultaneously on the financial report quality of MSMEs. These findings confirm that easy-to-use and beneficial cloud-based POS systems improve the relevance, reliability, and timeliness of financial reports, implying that local governments should provide practical training and technical assistance to accelerate MSME digital transformation.

Pengaruh Good Governance Terhadap Pengelolaan Keuangan Desa (Studi Empiris Di Kec. Banyakan Kab. Kediri) Salvany Maulida Rahma Hafshah; Loggar Bhilawa
Cerdika: Jurnal Ilmiah Indonesia Vol. 5 No. 2 (2025): Cerdika: Jurnal Ilmiah Indonesia
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/cerdika.v5i2.2423

Penelitian ini bertujuan untuk menganalisis pengaruh akuntabilitas, transparansi, efisiensi dan efektivitas, serta partisipasi masyarakat terhadap pengelolaan keuangan desa di Kecamatan Banyakan, Kabupaten Kediri. Dengan pendekatan kuantitatif, penelitian ini menerapkan metode purposive sampling dalam pengambilan data. Sumber data utama berasal dari kuesioner yang disebarkan kepada ketua RW. Analisis data dilakukan menggunakan perangkat lunak IBM SPSS 26. Hasil penelitian menunjukkan bahwa akuntabilitas dan partisipasi masyarakat memiliki pengaruh positif yang signifikan terhadap pengelolaan keuangan desa. Semakin tinggi akuntabilitas dan keterlibatan masyarakat, semakin baik pengelolaan keuangan yang dilakukan. Di sisi lain, efisiensi, efektivitas, dan transparansi tidak menunjukkan dampak signifikan. Temuan ini memberikan implikasi penting bagi pemerintah desa untuk lebih aktif melibatkan masyarakat dalam pengelolaan keuangan. Dengan meningkatkan akuntabilitas dan partisipasi masyarakat, diharapkan pengelolaan keuangan desa menjadi lebih transparan, akuntabel, dan efisien, serta membangun kepercayaan masyarakat terhadap pemerintah desa. Penelitian ini diharapkan dapat menjadi referensi yang berguna bagi penelitian lebih lanjut dalam bidang pengelolaan keuangan desa serta meningkatkan kesadaran akan pentingnya partisipasi masyarakat.

Does Financial Efficiency Reflect Government Performance? Evidence from Indonesian Provinces Helvy Tiana Rosa; Loggar Bhilawa
Accounting Analysis Journal Vol. 14 No. 3 (2025)
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/aaj.v14i3.44916

Purpose: The study critically examines whether financial efficiency ratios in local government financial reports genuinely reflect government performance or primarily indicate fiscal compliance. Within Indonesia’s decentralized governance framework, we investigate the relationship between expenditure realization, environmental outcomes, and reported financial efficiency. Method: An explanatory quantitative approach was utilized, employing balanced panel data from 34 provinces in Indonesia from 2020 to 2023. Financial performance was measured using the efficiency ratio. Regional expenditure was assessed using the expenditure realization ratio, and environmental performance was evaluated using the Environmental Quality Index (EQI). Total revenue was accounted for as a control variable. Panel regression analysis was conducted, and the appropriate estimation model was identified using the Chow and Hausman tests. Findings: Regional expenditure significantly predicts financial efficiency, confirming the ratio’s mechanical sensitivity to budget execution. However, environmental performance shows no significant association with financial efficiency, while fiscal capacity demonstrates a strong negative relationship. The limited explanatory power suggests efficiency ratios primarily capture fiscal compliance rather than substantive policy outcomes. Novelty: The study provides empirical evidence by comparing accounting-based financial efficiency indicators with outcome-based environmental performance measures, demonstrating that financial efficiency ratios primarily reflect fiscal compliance rather than substantive policy outcomes.

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