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All Journal Khizanah al-Hikmah : Jurnal Ilmu Perpustakaan, Informasi, dan Kearsipan Jurnal Mahasiswa Perpajakan JAM : Jurnal Aplikasi Manajemen Jurnal Akuntansi Multiparadigma Journal of Indonesian Applied Economics Wacana, Jurnal Sosial dan Humaniora PROFIT : Jurnal Administrasi Bisnis The International Journal of Accounting and Business Society International Journal of Artificial Intelligence Research Journal of Economic, Bussines and Accounting (COSTING) JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen Sketsa Bisnis Journal of Public Administration Studies Akuntansi Bisnis & Manajemen (ABM) Research Horizon
Muhammad Saifi
Faculty Of Administrative Science, Universitas Brawijaya
Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Environmental Science Law, Crime, Criminology & Criminal Justice Library & Information Science Social Sciences Other

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Pelaporan Corporate Social Responsibility pada Kondisi Covid-19 Terhadap Efisiensi Investasi Ladina, Pregnandia; Saifi, Muhammad; Imamah, Nur
Akutansi Bisnis & Manajemen ( ABM ) Vol 30 No 2 (2023): Oktober
Publisher : STIE Malangkucecwara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35606/jabm.v30i2.1274

Abstract

This research aims to analyze the effect of corporate social responsibility (CSR) reporting on investment efficiency with information asymmetry as a mediating variable in Covid-19 conditions. This research was conducted on healthcare companies listed on the IDX in 2020-2021. The research sample consisted of 30 companies with purposive sampling. SmartPLS4 was used to test the data. The research results show that CSR has no significant effect on investment efficiency, but CSR has a significant effect on information asymmetry. In addition, information asymmetry does not mediate the effect of CSR on investment efficiency
Corporate governance dynamics: How audit committees and board characteristics influence firm value through audit report lag? Kurnia, Lusi; Saifi, Muhammad; Damayanti, Cacik Rut
JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen Vol. 21 No. 1 (2024): JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen
Publisher : University of Islam Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31106/jema.v21i1.21790

Abstract

This study investigates the impact of corporate governance attributes, particularly the board of directors and audit committee, on the firm value of property and real estate companies in Indonesia. Additionally, this study introduces the novel exploration of audit report lag as a mediating factor in the relationship between corporate governance and firm value. Utilizing a quantitative approach, secondary data were extracted from the financial statements of property and real estate companies. The study employed a purposive sampling technique, resulting in a sample of 26 companies listed on the IDX for 2018-2022. In this study, inferential statistical analysis is conducted using the Partial Least Squares (PLS) based Structural Equation Modeling (SEM) technique. The findings reveal that corporate governance attributes, including the board of directors and audit committee, significantly enhance firm value. Furthermore, audit report lag mediates the effect of the audit committee on firm value but does not mediate the effect of the board of directors. This implies that while the audit committee plays a crucial role in reducing audit report lag, thereby enhancing firm value, the board of directors may influence firm value through different mechanisms not captured by audit report lag.
The Influence of Corporate Governance, Bankruptcy Risk on Financial Performance and Company Value Susanto, Antoni; Saifi, Muhammad; Imamah, Nur
Profit: Jurnal Adminsitrasi Bisnis Vol. 19 No. 1 (2025): Profit: Jurnal Administrasi Bisnis
Publisher : FIA UB

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.profit.2025.019.01.6

Abstract

This research aims to determine how corporate governance and bankruptcy risk affect financial performance and company value in non-financial companies listed on the IDX LQ-45 Index between 2019 and 2023. This research examines 18 non-financial organizations using the method quantitative methodology. This research uses a purposive sampling technique on companies that meet the BEI LQ-45 index criteria and provides comprehensive financial reports, corporate governance reports, ratios and other relevant data. Secondary data was collected from financial reports published by non-financial companies between 2019 and 2023—quantitative statistical analysis with PLS-SEM to test the research hypothesis. The research results show that, in the LQ-45 Index Companies listed on the Indonesia Stock Exchange from 2019 to 2023, Corporate Governance and Bankruptcy Risk had a positive and significant effect on Financial Performance, Corporate Governance and Bankruptcy Risk has a positive and not significant effect on Company Value,  and Financial Performance has a positive and significant effect on Company Value.
CORPORATE SOCIAL RESPONSIBILITY MANUFACTURING COMPANY IN INDONESIA Saifi, Muhammad
Jurnal Aplikasi Manajemen Vol. 18 No. 2 (2020)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jam.2020.018.02.19

Abstract

Corporate Social Responsibility (CSR) is a form of corporate moral responsibility to its stakeholders. The impact of the company's operational results must be accountable as a form of social responsibility to the stakeholders. The implementation of Corporate Social Responsibility done by the company well provides benefits in increasing the value of the company in the eyes of investors which can also affect the company's financial performance. This research was conducted to determine and explain the effect of Corporate Social Responsibility on the value of the company and the company's financial performance and to know and explain the influence of the company's value on the company's financial performance. This study uses quantitative research types, namely explanatory research with approval, where this research was conducted on cement manufacturing companies listed on the Indonesia Stock Exchange from 2014 to 2018. The research sample was obtained using a purposive sample method so as many as 6 sample units were obtained and using panel data there were 30 units of analysis. The data analysis technique used in this study is PLS (Partial Least Square) using SmartPLS. The results of this study indicate that Corporate Social Responsibility has a significant and positive effect on firm value, Corporate Social Responsibility has an insignificant and negative effect on Financial Performance, and Corporate Value has an insignificant and positive effect on Financial Performance.
THE EFFECT OF FINANCIAL POLICY ON THE PERFORMANCE OF INDUSTRIAL COMPANIES IN THE INSURANCE SUB-SECTOR IN INDONESIA Saifi, Muhammad
Jurnal Aplikasi Manajemen Vol. 19 No. 4 (2021)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jam.2021.019.04.19

Abstract

Companies with good profitability will have better abilities to fund their dividends and investments. Companies experiencing a lack of funding to fund dividend payments and fund investments can use external funding through leverage. The object of this study is the industrial company of the insurance sub-sector; the selection of this object is based on the idea that insurance as a financial product is supposed to give an assurance to its customers regarding the promised coverage. This study is purposed to examine and explain the effect of financial policy on the company and its performance. The analytical method used is Partial Least Square with purposive sampling technique. The sample used is insurance companies listed on the IDX during the 2017-2019 period. Variables used in this study regarding the effect of financial policies on a company's performance are investment opportunity set, dividend policy, capital structure, and firm value. Based on the analysis results, it is shown that the mediation of Capital Structure and Dividend Policy give a significant positive effect on a company's performance as reflected in the firm value obtained. Thus good financial policies can be used as a strategy to attract investors' interest. The results of this study are expected to benefit the company's leadership in optimizing the company's value through the established financial policies.
Determinants of Firm Performance Based on Investment Opportunities and Capital Structure Saifi, Muhammad; Putri, Intan Lifinda Ayuning; Setyono, Langgeng
Research Horizon Vol. 5 No. 3 (2025): Research Horizon - June 2025
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/rh.5.3.2025.606

Abstract

This research investigates the impact of the Investment Opportunity Set (IOS) and capital structure on the performance of manufacturing firms in Indonesia. It explores how these two factors influence the enhancement of firm performance. A quantitative method was applied, utilizing secondary data sourced from the financial reports of manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period, selected through purposive sampling. The data were analyzed using the Partial Least Squares - Structural Equation Modeling (PLS-SEM) approach. The findings reveal that both IOS and capital structure significantly affect firm performance. The study enriches the discourse on agency and signaling theories while offering managerial insights for optimizing capital structure and formulating strategic investment decisions to improve business competitiveness and operational efficiency. Additionally, it emphasizes the necessity of aligning financial policies with potential growth to foster sustainable value for stakeholders. Furthermore, it highlights the importance of aligning financial strategies with growth opportunities to ensure long-term value creation for stakeholders.
INVESTMENT OPPORTUNITY AND PERFORMANCE OF MANUFACTURING COMPANY IN INDONESIA Saifi, Muhammad
Jurnal Aplikasi Manajemen Vol. 15 No. 3 (2017)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (61.932 KB) | DOI: 10.21776/ub.jam.2017.015.03.17

Abstract

This study aims to examine and explain the effect of Market to Book Value of Equity, Ratio of Depreciation to Firm Value, and Ratio of capital expenditure to book value of assets simultaneously to company performance are proxied by return on investment (ROI). In addition, this study also aims to determine the most dominant influence. The sample used in this study are 8 companies of Textile and Garment Sub-sector which go public in Indonesia Stock Exchange and got a total of 40 pooling data for period 2010-2014. This study uses the method of financial ratio analysis, descriptive statistical analysis, and inferential statistical analysis. The result of the study shows that the contribution of Market to Book Value of Equity, Ratio of Depreciation to Firm Value, and Ratio of capital expenditure to book value of assets simultaneously to company performance are proxied by return on investment (ROI) equal to 42.2%. Estimation results can be seen that the variable that has the largest standardization coefficient is the variable Market to Book Value of Equity. Thus, Market to Book Value of Equity has the most dominant influence on return on investment (ROI).
The Influence Of Investment Decisions And Corporate Governance On Firm Value With Financial Performance As A Mediating Variable: A Study On Pharmaceutical Companies Listed On The Indonesia Stock Exchange Avivah, Bertha Fernanda Nur; Saifi, Muhammad
The International Journal of Accounting and Business Society Vol. 33 No. 1 (2025): IJABS
Publisher : Accounting Department,

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ijabs.2025.33.1.867

Abstract

Purpose — This study examines the influence of investment decisions and corporate governance on firm value, with financial performance as a mediating variable. Design/methodology/approach — This research is a quantitative approach, this study employs path analysis to examine data from pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) between 2017 and 2022. The sample was selected through purposive sampling, focusing on variables such as investment decisions, corporate governance, financial performance, and firm value. Findings — The results indicate that investment decisions and corporate governance have significant direct effects on firm value, and their effects are mediated by financial performance. This highlights the interconnected roles of these factors in enhancing firm value. Practical implications — The findings emphasize the importance of strategic investment decisions and robust corporate governance mechanisms. For investors, the study underscores financial performance as a critical factor in evaluating firm value. Originality/value — This study contributes to the literature by providing empirical evidence on the mediating role of financial performance in the relationship between investment decisions, corporate governance, and firm value, specifically in the pharmaceutical sector during a volatile period (2017–2022). Keywords — Investment Decisions, Corporate Governance, Firm Value, Financial Performance Paper type — Research Paper
Strengthening Firm Performance Through Corporate Governance, Intellectual Capital and Financial Policy Saifi, Muhammad; Hidayat, Kadarisman; Setyono, Langgeng; Sandi, Kemal; Kurnia, Lusi; Aina, Asri Nur
International Journal of Artificial Intelligence Research Vol 7, No 1.1 (2023)
Publisher : Universitas Dharma Wacana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29099/ijair.v7i2.1059

Abstract

This study aims to examine the effect of corporate governance, intellectual capital and financial policy on firm performance conducted on 14 pharmaceutical companies listed on the Indonesian stock exchange. The data obtained was processed using warp pls software 7.0. The results of the study indicate that corporate governance has no significant positive effect on financial policy and firm performance. Meanwhile, intellectual capital has a negative and significant effect on financial policy and a significant positive effect on firm performance. Next, financial policy has a significant positive effect on firm performance.
DOES INTEGRATED REPORTING BRING BLESSINGS DURING COVID-19? Ladina, Pregnandia; Saifi, Muhammad; Imamah, Nur
Jurnal Akuntansi Multiparadigma Vol 14, No 2 (2023): Jurnal Akuntansi Multiparadigma (Agustus 2023 - Desember 2023)
Publisher : Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jamal.2023.14.2.26

Abstract

Abstrak – Apakah Pelaporan Terintegrasi Membawa Berkah ketika Covid-19?Tujuan Utama – Penelitian ini bertujuan menguji reaksi pelaporan terintegrasi ketika Covid-19.Metode – Penelitian ini menggunakan analisis regresi berganda. Sampel penelitian ini adalah perusahaan sektor kesehatan yang terdaftar di BEI selama tahun 2020-2021.Temuan Utama – Hasil pengujian menunjukkan sebagian besar perusahaan sektor kesehatan hanya melaporakan pengungkapan umum saja dari empat unsur pelaporan terintegrasi.  Pengungkapan yang tidak banyak dilaporkan terkait dengan ekonomi, lingkungan, dan sosial. Implikasinya, pelaporan keuangan terintegrasi belum bisa menjadi berkah atau tidak menunjukkan reaksi yang berarti ketika Covid-19.Implikasi Teori dan Kebijakan – Penelitian ini menunjukkan teori agensi juga terjadi dalam perusahaan sektor kesehatan. Selain itu, penelitian ini juga merekomendasikan pembenahan dalam mekanisme pelaporan keuangan terintegrasi.Kebaruan Penelitian – Penelitian ini memfokuskan relevansi pelaporan terintegrasi pada saat kondisi Covid-19 khususnya sektor kesehatan.  Abstract – Does Integrated Reporting Bring Blessings during Covid-19?Main Purpose – This research tests the reaction to integrated reporting during Covid-19.Method – This research uses multiple regression analysis. The sample for this research is healthcare sector companies listed on the IDX during 2020-2021.Main Findings – The test results show that most health sector companies only report general disclosures of the four elements of integrated reporting. Less reported disclosures relate to the economy, environment, and society. The implication is that integrated reporting cannot be a blessing or does not show a meaningful reaction during Covid-19.Theory and Practical Implications – This research shows agency theory also occurs in health sector companies. Apart from that, this research also recommends improvements to the integrated reporting mechanism.Novelty - This research focuses on the relevance of integrated reporting during Covid-19, especially in the healthcare sector.
Co-Authors Adhela Ghina Rachmatika Aina, Asri Nur Antoni Susanto Ari Darmawan Arief Budiman Arinda Sasmita Rahma Asih Marini Wulandari Avivah, Bertha Fernanda Nur Damayanti, Cacik Rut Dwityas Adi Kusumo Wardoyo Edy Yulianto Endang Siti Astuti Firdausi Nuzula, Nila Heru Susilo Intan Lifinda Ayuning Putri Kadarisman Hidayat Kemal Sandi Kurnia, Lusi Ladina, Pregnandia Langgeng Setyono, Langgeng Lusi Kurnia Nila Firdausi Nuzula Nila Firdausi, Nila Nila Firdauzi Nuzula Nur Imamah Nurul Mufida Pramesti, Patria Titianhardi Pregnandia Ladina Puspitasari, Rulita Indra Rahman, Afrida Lindia Romadhani, Ahmad Sandi, Kemal Saparila Worokinasih Siti Ragil Handayani Sri Mangesti Rahayu Suhadak Suhadak Tri Wahyu Widodo ZAHROH ZA, ZAHROH