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Financial Bootstrapping Strategies in an Indonesian Edutech Startup: Transitioning from Non-Profit to Profit Orientation Syauqi Amani; Sutrisno; Zaenal Arifin
International Journal of Economics, Business and Innovation Research Vol. 5 No. 01 (2026): December - January, International Journal of Economics, Business and Innovatio
Publisher : Cita konsultindo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63922/ijebir.v5i01.2902

Abstract

This study Analyses the business performance and financial structure dynamics of Neuversity, an Edutech entity in Yogyakarta, Indonesia, during its strategic transition from a non-profit foundation (Yayasan) to a profit-oriented corporation (PT). The research evaluates the effectiveness of financial bootstrapping strategies in maintaining sustainability after the cessation of external grant funding. Method: Using a descriptive quantitative approach with a case study method, this research nalyses financial data from the third quarter (Q3) of 2025. The study focuses on Working Capital Management and Spontaneous Financing ratios. Results: The findings indicate that the company successfully pivoted to a B2B model. However, regarding Working Capital Management, the company faces liquidity constraints despite high profits, evidenced by a low Collection Rate of 44.5%. Conversely, the Financial Bootstrapping strategy proved effective, evidenced by an 18.1% ratio of spontaneous financing to total assets and a 56.6% cost reduction during low-revenue periods. Conclusion: While financial bootstrapping successfully secured operational sustainability without interest-bearing debt, long-term stability requires stricter liquidity discipline through better Working Capital Management.
DEVELOPING OF A TEXTBOOK BASED ON THE LOCAL WISDOM IN KABUPATEN JEPARA FOR GRADE V ELEMENTARY SCHOOL STUDENT Zaenal Arifin; Sri Utaminingsih; Gunawan Setiadi
Jurnal PAJAR (Pendidikan dan Pengajaran) Vol. 4 No. 6 (2020): November
Publisher : Laboratorium Program Studi Pendidikan Guru Sekolah Dasar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33578/pjr.v4i6.8124

Abstract

This study aimed to: (1) develop thematic textbooks based on local wisdom for the materials about Our Best Friend's Environment for grade V elementary school students and (2) know the validity, practicality, and effectiveness of thematic textbooks based on local wisdom for the materials about Our Best Friend's Environment for grade V elementary school students. This textbook was developed by using Research and Development (R & D) method. The development stages included: (1) Potentials and problems, (2) Data collection, (3) Product designs, (4) Design validations, (5) Design revisions, (6) Product testings, and (7) Product revisions (Sugiyono, 2016). This study was conducted to 33 students from class V SDN 2 Sendang Kabupaten Jepara. The initial product development was a process of making media based on needs analysis. Expert testings or validation was carried out by 2 experts, namely media experts and material experts. The data in this study were collected through observations, interviews, and questionnaires. Then, the data were analyzed by using descriptive analysis and comparison test of two independent groups, namely by using the independent t-test. Based on the results of the trial, this thematic textbook was very valid, very interesting, effective, and could be applied in learning. This could be seen from the results of the validation by three experts showing that the product was good. Moreover, the results of the effectiveness test showed that students at the experimental class had better learning outcomes than those in the control class. This means that the textbook based on local wisdom in Kabupaten Jepara were developed effectively.
Analisis Pendekatan Kecurangan Pelaporan Keuangan Menggunakan Model Fraud Diamond Bahrul; Nunung Nuryani; Zaenal Arifin
Eqien - Jurnal Ekonomi dan Bisnis Vol 15 No 01 (2026): Journal Ekonomi dan Bisnia
Publisher : Fakultas Ekonomi dan Bisnis Universitas Islam DR KH EZ Mutaqien

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34308/eqien.v15i01.2339

Abstract

Financial statement fraud is a high incidence of fraud compared to corruption and misuse of assets. The purpose of this study is to determine how financial stability, nature of industry, change in auditor, change of directors and financial statement fraud, in construction companies listed on the Indonesia stock exchange in 2019 2023. The data source used in the study is data obtained from the annual financial statements of construction companies listed on the Indonesia Stock Exchange in 2019-2023. The study used 85 sample data from 17 companies for 5 years of research. Sampling using non-probability sampling with purposive sampling technique. To measure the effect of the sample, the classic assumption test analysis, panel data regression analysis and the coefficient of determination and hypothesis testing using common effect model. The results showed that financial stability, nature of industry, change in auditor, change of directors and financial statement fraud can explain financial statement fraud. The results of each variable show that only the nature of the industry has a significant effect on financial statement fraud, while financial stability, change in auditor and change of directors have no significant effect on financial statement fraud.              
Co-Authors A. Nurul Azizah Ar Ade Irawan Agan Sutanto Ahmad Fatikhul Udin Aisyah Nurhalizah Akbar Dafi Isworo Putra Amalia Amalia Amar, Saiful Ambar Murnawati Amelia Fadilah Anas Hidayat Andi Achmad Zulkarnaen Aries Jehan Tamamy Arif Rahindra Arry Dwi Syahputra Ary Tara Rosita Asmana, Arezqi Tunggal Asokawati, Dewinta Atsqbit, Aqid Attar Aulia, Chanda Babun Suharto Bahmid Bahrul Baik Heni Rispawati Baiq Rulli Fatmawati Baiq Rully Fatmawati Choirihi, Muchammad Christina Diah Wijayanti Dede Monika Dewi Nursukma Purqoti Di Angelo Fellest Hyaning Sabda Dian Istiana Dian Istiana Dian Kasoni Dian Septiandani Dicky Cahyadi Drajat Wahyu Sasongko Endah Pujiastuti Endang Setyowati Farsya Azzahra Fatmawati, Baiq Ruli Fatmawati, Baiq Rulli Gunawan Setiadi Guntur Marsudi H. Yusep Mulyana Hadi Wuryandanu Hapipah Harir, Moh Helmy Rahadian Heriawan Herlina, Siskha Maya IG Ngurah Rai Artika ILHAM Ilham Ilham Illman Imam Maksum Imanuel Kurniawan Arif Soetedjo ISTIANAH Jalaluddin Jamali, Raihan Hafidz Kadi Sukarna Kasnaeny Karim Kukuh Sudarmanto Liesnaningsih Liesnaningsih Lolita Endang Susilowati M. Mizanul Haq Mahendra Hakim Mahrup Maman Suparman Mansur Ma’Shum Mansyur Ramly Mansyur, Masykur H. Mas Rara Tri Retno Herryani Megawati Mennix Hamonangan Miftah Arifin Mochamad Haris Candra Purnama Moh Thamsir Moh. Romli Mohammad Aulia Muaffa, Aulia Muhamad Maimun Muhammad Junaidi Muhammad Rizalul Wahid Muhammad Zul Efendi Manurung Multazam Hajras N. Fathurrohman Nanggara Ricky Ardian Nasirin Niken Astuti, Niken Nuno Guil Hermino Pacheco Magno Nunung Nuryani Nurdiah Nurdiana Handayani Nurlathifah, Nailah Nurul Rizka Puri Pratami Ardina Ningrum Purqoti, Dewi Nur Rahmat Kurniawan Ramdhania, Nur Aisyah Risyda Aini Khoerunnisa Rohmat Taufiq Rusiana, Harlina Putri Saharul Alim Siadi Siadi Siti Wahyuni Soegianto Soegianto Soegianto, Soegianto Sri Utaminingsih Sukirman Sukirman Supriyadi Supriyadi Sutowo, Shahaby SUTRISNO Syaifuddin Zuhri Syauqi Amani Syifa Tiara Selvia Putri Tisna Amijaya Umminingsih Undiadi Utomo, Atok Dadyo Wijayono Hadi Sukrisno Yeyen Yor Hananta Zainul Muttaqin Zuliardi, Zuliardi