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Pengaruh Dividen Dan Struktur Modal Terhadap Nilai Perusahaan Pada Perusahaan Retail Yang Terdaftar Di Bursa Efek Indonesia Periode 2018-2022 Renaldi, Rafli; Alfiana, Alfiana; Pujiyanti, Pujiyanti
Jejak digital: Jurnal Ilmiah Multidisiplin Vol. 2 No. 2 (2026): MARET 2026
Publisher : INDO PUBLISHING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/9q780e39

Abstract

This study aims to examine the influence of dividends and capital structure on firm value in retail companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period. The independent variables consist of the Dividend Payout Ratio (DPR) and Debt to Equity Ratio (DER), while firm value is measured using Tobin’s Q (PBV). The sample includes five retail companies: PT Matahari Department Store Tbk (LPPF), PT Ramayana Lestari Santosa Tbk (RALS), PT Ace Hardware Indonesia Tbk (ACES), PT Sumber Alfaria Trijaya Tbk (AMRT), and PT Erajaya Swasembada Tbk (ERAA). The analysis employs a panel data regression model, selected through the Chow Test, Hausman Test, and Lagrange Multiplier Test. All tests indicate that the Random Effect Model (REM) is the most appropriate. Normality assumptions are met, although a high correlation between independent variables indicates potential multicollinearity. The REM results reveal that DPR has a significant positive effect on firm value (p = 0.0006), indicating that higher dividend payments enhance market perception of firm value. Meanwhile, DER shows a significant negative effect (p = 0.0004), suggesting that high leverage reduces firm value. Simultaneously, DPR and DER significantly affect firm value (F-statistic p = 0.004664), with a contribution of 33.03% explained variance. These findings highlight the importance of stable dividend policies and prudent financing decisions to improve firm value in the retail industry, which is highly sensitive to economic changes and consumer demand shifts.
Pengaruh Current Ratio (CR) Dan Debt To Equity Ratio (DER) Terhadap Return On Assets (ROA) Pada Perusahaan Properti di BEI Periode 2021-2024 Yusuf, Rafli Maulana; Alfiana, Alfiana; Kodariah, Siti
Jejak digital: Jurnal Ilmiah Multidisiplin Vol. 2 No. 2 (2026): MARET 2026
Publisher : INDO PUBLISHING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/aa6hyy10

Abstract

The property and real estate sector faced complex challenges in the 2021-2024 period due to post-pandemic recovery and global economic fluctuations. This study aims to analyze the effect of Current Ratio (CR) and Debt to Equity Ratio (DER) on Return on Assets (ROA) in property companies listed on the Indonesia Stock Exchange (IDX). The research method used is quantitative with a purposive sampling technique, resulting in 10 sample companies with a total of 40 observations during the 2021-2024 period. Data analysis was performed using panel data regression with the selected Random Effect Model (REM). The partial test results (t-test) show that the Current Ratio has no significant effect on ROA with a negative direction. Conversely, the Debt to Equity Ratio has a positive and significant effect on ROA, indicating the effectiveness of using financial leverage in increasing profits. Simultaneously (F-test), CR and DER have a significant effect on ROA. The Adjusted R-squared value of 11.58% shows the contribution of the independent variables in the model, while the rest is influenced by other factors outside the study.
The Relationship Between Human Capital and Digital Literacy on Financial Inclusion Nur, Muh.; Karim, Kurniati; Alfiana, Alfiana; Windreis, Christ; Renggaala, Nuniek Yuniarti Ningsih
Socius: Jurnal Penelitian Ilmu-Ilmu Sosial Vol 3, No 7 (2026): February 2026
Publisher : Penerbit Yayasan Daarul Huda Kruengmane

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.18642206

Abstract

Financial inclusion is a crucial element in promoting sustainable and equitable economic development. However, the level of financial inclusion still faces various challenges, particularly those related to the quality of human resources and the ability to adapt to digital technology developments. This study aims to analyze the relationship between human capital and digital literacy on financial inclusion. This study used a qualitative approach with a descriptive-exploratory design. Data were collected through in-depth interviews, observations, and documentation with productive-age individuals, micro and small business owners, and related parties involved in formal financial services. Data analysis was conducted using thematic analysis to identify patterns and meanings emerging from the experiences and perceptions of informants. The results show that human capital plays a significant role in shaping individuals' understanding, attitudes, and trust in formal financial services. Education level, skills, and experience contribute to an individual's ability to access and utilize financial services. Furthermore, digital literacy has proven to be a crucial factor in supporting the utilization of technology-based financial services, particularly in increasing access, security, and intensity of use of digital financial services. This study also found that human capital and digital literacy have a mutually reinforcing relationship in promoting financial inclusion. Individuals with high levels of human capital and digital literacy demonstrate higher and more sustainable levels of financial participation. These findings emphasize that increasing financial inclusion must be accompanied by strengthening the quality of human resources and digital literacy within the community.
Liquidity and Profitability Effects on Stock Prices Mediated by Trading Volume Activity Triwulandari, Ratna; Sodik, M.; Alfiana, Alfiana
RIGGS: Journal of Artificial Intelligence and Digital Business Vol. 5 No. 1 (2026): Februari - April
Publisher : Prodi Bisnis Digital Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/riggs.v5i1.6409

Abstract

This study examines the effects of liquidity and profitability on stock prices and examines whether Trading Volume Activity (TVA) mediates these relationships in technology-sector firms listed on the Indonesia Stock Exchange during the 2022–2024 post–tech winter period. The research adopts an explanatory quantitative approach using secondary panel data derived from published annual financial statements and official trading records. From a population of 47 firms included in the IDXTECHNO index, 24 companies were selected through purposive sampling, resulting in 72 firm-year observations. Data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 4, and hypothesis testing was conducted through bootstrapping procedures. The findings indicate that liquidity, proxied by the Current Ratio, has a negative and significant effect on stock prices, while profitability, measured by Return on Assets, has a positive and significant influence. Liquidity does not significantly affect TVA, whereas profitability positively increases trading activity. Furthermore, TVA has a negative and significant effect on stock prices. Mediation testing shows that TVA does not mediate the relationships between liquidity, profitability, and stock prices. The structural model demonstrates limited explanatory power, suggesting that stock price variation is only partially explained by the proposed variables. Overall, the results imply that stock price formation in technology firms during the post–tech winter phase is driven primarily by direct fundamental performance, particularly profitability, rather than by trading activity mechanisms. These findings support Portfolio Theory and Signaling Theory under heightened market uncertainty.
FRAUD PENTAGON THEORY IN DETECTING FRAUDULENT FINANCIAL REPORTING IN FINANCIAL COMPANY Sapiri, Muhtar; Sulistyawati, Ardiani Ika; Muklis, Muklis; Alfiana, Alfiana; Putro, Rizki Listyono
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 6 (2025): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/dyh7eg65

Abstract

Indonesia's banking sector has experienced recurrent fraud incidents, particularly those involving falsified financial statements, revealing persistent vulnerabilities despite heightened regulatory scrutiny. These issues position banking and financial services as one of the most fraud-prone industries in Indonesia, necessitating a deeper understanding through advanced frameworks like the fraud pentagon theory, which identifies pressure (Financial Target) as a primary driver of dishonest reporting, alongside opportunity (Financial Stability), rationalization (Change in Auditor), competence (Change in Director), and arrogance (CEO’s Photo Frequency). This study utilizes secondary data obtained from the IDX, with 30 companies as samples, resulting in 150 panel data points from the banking and financial sector in Indonesia. The data was analyzed using Eviews. The research indicate that only the financial target variable, proxied by ROA, has a positive and significant effect. Meanwhile,the other variables are insignificant, although the variables financial stability, change in auditor, and change in director show a negative direction. The implications of these findings suggest that by increasing its application in developing market environments and demonstrating that not all proxies suggested for ability and arrogance have predictive power in non-Western environments like Indonesia, where cultural and institutional factors can reduce their relevance, this research advances the Fraud Pentagon Theory. Specifically, this casts doubt on the universality of arrogance as an incentive for deception, arguing that the visual depiction of leadership is more consistent with enhancing corporate image than with dishonesty.
Co-Authors - Afrizal Achmad Fathoni, Achmad Achmad Yusuf Budianto Afifah, Dian Annisah Agustien, Salsha Dwi Agustina, Tria Raisya Akbar, Djalalludin Akhmad Farid Akhyar, Chairil Al-Amin, Al-Amin Aldy Febryawan Alfarizi, Muhammad Alfin Aloysius Ray Julian Kusdiantoro Amalia, Rahma Khairunnisa Amalia, Sinta Ambiya, Muhammad Shofan Amelia , Yesi Amelia, Sinta Amelia, Yesi Amin, Al- Amri, Andi Anantadjaya, Samuel PD Anbiya, Muhammad Shoffan Andiena Nindya Putri Anggraeni, Nuri Triani Anggraeni, Sintia Aprih Santoso Ardenny, Ardenny Ardiani Ika Sulistyawati Ari Purwanti Aris Kurniawan Arrachman, Hajar Chair Asep Rizal, Asep Rizal Astri Astri, Astri Astutik, Wahyuni Sri Asy-syifa, Ghina Aulia Aulia, Ayesa Sofwa Awaludin, Dipa Teruna Azahra, Sarah Mutia Azis, Fajriani Azizah, Nabila Zulfa Azizi, Muhammad Bakri, Asri Ady BillY Dewantara Cakranegara, Pandu Adi Chatarina Umbul Wahyuni Choirul Anam AM Diponegoro Cicik Wijayanti, Tri Dandy, Dava Indira Dede Hertina Dewi, A Ratna Sari Dewi, Nira Destiani Dhafin Al-Rasyid, Dhafin Al-Rasyid Dharmayanthi Pri Handini Dharmayanti Pri Handini Dhea Landy Venida Zulfa Dian Widyantini Dimas Saifurrohman Donny Dharmawan Durya, Ngurah Pandji Mertha Agung Dwi Agustien, Salsha edy susanto Eka, Andi Primafira Bumandava Elista, Amanda Emma Budi Sulistiarini Fadillah, Muhammad Rizki Fadzillah, Kylla Almira Rahma Fajar Fajar Farah Juniati Meutianingrum Faturrahman, Muhammad Hikam Fauzan, Muhammad Irfan Febrianti, Nisa Ferdian, Adam Devan Fikriyyah, Syahla Nur Fitriningsih Amalo Gatot Soebiyakto Gatot Soebiyakto Gautama K, M Ramadhika Ghassani, Amira Muthi Gunarianto Gunarianto Gustian, Dede Hakim, Mohamad Zulman Hamdah, Hesti Hisani Latifah Hamida, Ika Fitria Nur Hamzah, A. Hadian Pratama Hanifah, Luluk Hanum, Filia Hardian, Salman Hariandy Hasbi Harsono, Iwan` Hasbi, Moh Ramdani Hayandani, Mutiara Helvina, Annisa Hendayani, Nenden Hendrawan, Henky Heri setiawan Hermiyetti, Hermiyetti - Humaira, Maliha Rizka Husain, Muhammad Saddam Ihza Husen, Gayatri Nahdiyah Irdawati Irdawati Irfan Yulyansah Irwan Moridu Irwanda, Chika Putri Istigfari, Nafsa Qolbina Istighfari, Nafsa Qolbina Jemi Pabisangan Tahirs Jenny Nancy Kaligis Jiteng Andreas Judijanto, Loso Judijonto, Loso Junjunan, Almaira Sarah Kamil, Afrian Insan Kamil, Indriyati Kartika, Erawati Kartini, Tini Kartiwa, Mohammad Ramadhika Gautama Kemalasari, Andi Anggi Klemens Mere Klemens Mere Kodariah, Siti Koerniawati, Dwi Kristiana, Ida Kurniati Karim Kusuma, Ema Laendatu Paembonan Lailia, Wahidah Nazmi Lajai, Sri Yulandasari Lilis Dewi Ndaru Mulyo Arum Nirwana LISTIANA SRI MULATSIH Loso Judijanto Lumentah, Natalia Reyne Maharani, Pina Aulia Mahmuddin, Anggi Mahmudin, Anggi Mandam, Sri Yulandasari Lajai Mantoro, Ari Assrishan Sosh Maria Desika Bulu Masan Martalia Arya Nurfadila Mas'ud, Muchlis H Masdar, Fiqi Ardi Abdurahman Masdiana Masdiana Maulana, Asep Rizal Meijaya, Panji Setia Mellien Pakerti Winengku Meylani, Nilam Mizan, Haerul Mubarok, Muhamad Luthfi Mubarrok, Muhammad Luthfi Muchlis H Mas'ud Muchlis H. Mas'ud Muchlis Mas’ud Muhamad Stiadi Muhammad Zaki Muklis Muklis Mulastih, Listiana Sri Muliza Muliza Muzaffirah, Adzirah Naim, Sidrotun Nasharuddin Mas Nasharuddin Mas Nasharudin, Nasharudin Nawangwulan, Irma M Nelly Astuti Ningsih , Titiek Surya Novianti, Anggun Fitria Nugraha , Nayla Rubayyina Nugraha, Nayla Rubayyina Nugroho, Anton Priyo NUR FADHILAH, ANIS Nur Fikriyyah, Syahla Nur Laily Safitri Nur, Muh. Nuraeni, Fadila Siti Nuraisyiah, Nuraisyiah Nurdjanah Hamid Nurhakim , Reihan Ahmad Nurhakim, Reihan Ahmad Nurhandayani, Dini Nurhasanah Nurhasanah Nurida Finahari Nurlia Nurlia Nurliawan, Anggy Elfa Nurnaningsih Nurnaningsih Nurohimah, Susi Nurriqli, Arifia Nur’aini , Intan Nur’aini, Intan Nusair, Ahmad Ershaid Oki Akbar Mahendra Oktaviana , Nurul Laily Oktaviana, Nurul Laily Orie Rahma, Erythina PA Andiena Nindya Putri Padil, Wildan Fathil Pamungkas, Eko Wiji Perwito, Perwito Piartrini, Putu Saroyini Pratiwi, Lanina Pratiwi, Meilanie Tri Priatna , Elky Rimba Priatna , Ghulam Yoniar Priatna, Elky Rimba Priyo Nugroho, Anton Pujiyanti Pujiyanti Purnamasari, Eva Putri Irwanda, Chika Putri, Sanita Putro, Rizki Listyono Rachmania, Dewi Rahma Wahdiniwaty Rahman, Fatimah Rahmawati, Nopiyanti Ramadhan Wahfianka, Ega Ramadhan, Fadlillah Ramon Arthur Ferry Tumiwa Renaldi, Rafli Renggaala, Nuniek Yuniarti Ningsih Restu Widyo Sasongko Rihfenti Ernayani Ristati, Ristati Rita Zulbetti Riyanti, Anti Riyanto, Ayu Putri Rizal Maulana, Rizal Rizqi Aji Putri, Masykurotur Rosdian, Anisa Roshy Rufaida Sofiatus Wardani sabil sabil, sabil Safari, Apay Sagita Nurul Izza Salbiyah, Mila Samalua Waoma Samiun, Aspiati A. Samosir, Hendrik ES Sapiri, Muhtar Saputra, Irwan Saripujiana, Dian Sastradireja, Dhafin Al-Rasyid Sesario, Revi Setyawan, Antonius Ary Siddiqa, Heidi Siffa, Alma Aulia Siska Amelia, Siska Sodik, M. Sofwa, Ayesa Aulia Sono, Mohammad Gifari Sri Mulatsih, Listiana Sugeng Karyadi Suhartini Salingkat SUJAI, MUHAMMAD Sumini Sumini, Sumini Sundari, Annisa Pratiwi Suprapto Suprapto Suroso, Adi SURVIVAL - - Suwandi Ng Syamsuri Syamsuri T. Maulana, T. Taime, Habel Tasrim, Tasrim Toni Dwi Putra Tri Yuniningsih Triwulandari, Ratna Upik Djaniar Usman, Said Utami, Eva Yuniarti Utami, Refi Oktafia Utiarahman, Nurnaningsih Wahju Wulandari Wardhana2, Mario Maulana Wartono Wartono Windreis, Christ Wulandari, Ai Malita Yahya, Sitti Rachmawati Yaperta, Sanita Putri Yaperta, Shanita Putri Yasyfa, Aghnia Yatima El Isma, Yatima Yoga Pangestu, Dewo Nugroho Yohan Yohan Yoniar, Ghulam Priyatna Yulistina Yulistina Yundari, Yundari Yunus Sading Yusuf, Rafli Maulana Z, Nasrul Zahra, Maisya Hayina Zahra, Maisya Hayina Zahra Zakaria, Faiz Zaki, Muhamad Zuhroh, Siti Zulaecha, Hesty Erviani