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All Journal Journal of Accounting Science Journal of Economic, Bussines and Accounting (COSTING) JURISMA: Jurnal Riset Bisnis & Manajemen Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship Quantitative Economics and Management Studies International Journal of Business, Economics, and Social Development International Journal of Engineering, Science and Information Technology Jurnal Ekonomi Efektif Kontigensi: Jurnal Ilmiah Manajemen Transekonomika : Akuntansi, Bisnis dan Keuangan Inkubis: Jurnal Ekonomi dan Bisnis Economics and Business Journal Indonesian Journal Economic Review (IJER) Majapahit Journal of Islamic Finance dan Management Majapahit Journal of Islamic Finance dan Management Jurnal Ekonomi, Bisnis & Entrepreneurship (e-Journal)
Krisdiana
Universitas Swadaya Gunung Jati
Humanities Astronomy Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Chemistry Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Energy Engineering Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Library & Information Science Materials Science & Nanotechnology Mathematics Mechanical Engineering Physics Social Sciences Transportation

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FINANCIAL LITERACY, IMPULSIVE BUYING, AND FINANCIAL STRESS AMONG GENERATON Z: THE MEDIATING ROLE OF CONSUMER DEBT Vika Nabilla Amwa; Krisdiana Krisdiana
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.v6i2.951

Abstract

Advances in digital financial services, especially consumer credit schemes such as buy now, pay later (BNPL), facilitate transactions; however, they also have the potential to cause financial stress if not accompanied by adequate financial literacy and management. This condition is particularly relevant for Generation Z, who have broad access to various digital credit services. This study aims to analyze the influence of financial literacy and impulsive buying behavior on financial stress, with consumer debt as a mediating variable. A quantitative approach was employed through a survey of 150 Generation Z respondents aged 18–27 years in the Cirebon area, selected using purposive sampling. Data were collected באמצעות a Likert-scale questionnaire and analyzed using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) method. The results indicate that financial literacy has a significant effect on financial stress and consumer debt levels. Meanwhile, impulsive buying does not have a direct effect on financial stress but has a significant effect on consumer debt. Furthermore, consumer debt has a significant effect on financial stress and acts as a mediating variable in the relationship between financial literacy and impulsive buying on financial stress. These findings suggest that consumer debt is a key mechanism explaining how financial literacy and consumptive behavior influence the level of financial stress among Generation Z.
Investment Decisions: Mediating Role of Financial Behavior on Young Investors in the Capital Market Terre Liyanty; Dela Jovam Sari; Benny Dhevyanto; Krisdiana Krisdiana
International Journal of Business, Economics, and Social Development Vol. 6 No. 2 (2025): International Journal of Business, Economics, and Social Development (IJBESD)
Publisher : Rescollacom (Research Collaborations Community)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46336/ijbesd.v6i2.914

Abstract

Interest in capital market investments continues to increase, along with improved access to information and digital platforms that make it easier for the younger generation to invest. However, psychological phenomena such as FOMO (Fear of Missing Out), YOLO (You Only Live Once) and FOPO (Fear of Other People`s Opinions) often affect their investment decisions. FOMO, in particular, can cause young investors to make rash investment decisions without careful consideration. This study aims to empirically test whether financial knowledge and risk preferences affect investment decision which mediated by financial behavior. Research used quantitative methods with descriptive, statistical analysis, and a sample of 150 respondents who were young investors aged 18-30 years in Cirebon. The findings of the analysis indicated that financial knowledge and risk preferences influences investment decision, and financial behavior successful as a mediator. It can be inferred that increasing financial knowledge and understanding of risk preferences can help young people make more rational investment decisions, despite the influence of psychological factors such as FOMO and others.
The Effect of Leverage on Financial Distress: Liquidity as a Moderating Variable in Transportation and Logistics Companies 2020–2024 Regita Purwaningsih; Krisdiana
International Journal of Business, Economics, and Social Development Vol. 7 No. 3 (2026): International Journal of Business, Economics, and Social Development (IJBESD)
Publisher : Rescollacom (Research Collaborations Community)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46336/ijbesd.v7i3.1236

Abstract

This research seeks to examine how leverage influences financial distress while considering liquidity as an interaction variable among transportation and logistics firms listed on the Indonesia Stock Exchange during 2020–2024. The background of this research is the high capital intensity and debt dependency within the sector, which can heighten the probability of financial distress, especially when liquidity management is not carried out effectively. Companies in the transportation and logistics sector generally require substantial capital to support operational activities, infrastructure development, and fleet procurement, which often leads to a high reliance on external financing sources such as debt. When the proportion of debt becomes excessive and is not balanced with adequate liquidity, companies may experience difficulties in meeting their short-term and long-term obligations, increasing the risk of financial distress. This study uses a quantitative research approach with purposive sampling criteria, resulting in 11 companies and 39 annual financial statement observations during the research period. The data were analyzed using multiple regression analysis and moderated regression analysis (MRA) with the assistance of SPSS software to examine the interaction effect of liquidity in the relationship between leverage and financial distress. The findings indicate that leverage has a positive influence on financial distress, implying that higher levels of debt increase the likelihood of companies experiencing financial difficulties. Liquidity also shows a positive relationship with financial distress and strengthens the relationship between leverage and financial distress as a moderating variable. These findings provide practical implications for managers and investors in determining optimal capital structures and improving liquidity management to reduce financial risk and maintain company stability.
The Effect of Profitability, Liquidity, And Solvency on Firm Value With Firm Size As A Moderating Variable Salsabilla Azzahra Hanafi; Krisdiana
Indonesian Journal Economic Review (IJER) Vol. 6 No. 2 (2026): June
Publisher : Divisi Riset, Lembaga Mitra Solusi Teknologi Informasi (L-MSTI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59431/ijer.v6i2.855

Abstract

This study aims to analyze the effects of profitability, liquidity, and solvency on firm value and to examine the role of firm size as a moderating variable among energy sector companies listed on the Indonesia Stock Exchange (IDX). The study population consists of 29 energy sector companies with a total of 87 observations over the 2022–2024 observation period. The analytical methods used are panel data regression and Moderated Regression Analysis (MRA) to test the relationships among variables and the moderating effects. The results indicate that profitability (ROE) has a positive and significant effect on firm value (PBV), while liquidity (CR) and solvency (DER) do not have a significant effect. The moderation test proves that firm size is only able to moderate the effect of profitability on firm value, but does not moderate the effects of liquidity or solvency. The conclusion of this study confirms that profitability is the main factor considered by investors in evaluating energy sector firms, while liquidity and solvency are not yet significant considerations without being supported by good profit performance.
Literasi Keuangan, Persepsi Risiko, dan Minat Investasi Emas Digital pada Generasi Z di Kota Cirebon: Peran Mediasi Perilaku Keuangan Fanny Annisa Fazarrosy; Krisdiana Krisdiana
Jurnal Maksipreneur Vol 15 No 2 (2026)
Publisher : Universitas Proklamasi 45

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30588/jmp.v15i2.2647

Abstract

The digital transition has broadened young individuals' access to a range of financial options, including digital gold. Nonetheless, the presence of digital platforms does not consistently correlate with substantial investment interest. This study aims to investigate the influence of financial literacy and risk perception on the inclination to invest in digital gold, both directly and indirectly through financial behavior among Generation Z in Cirebon familiar with the Pegadaian Digital service. This study employs a quantitative methodology via a cross-sectional survey design. Data were gathered from 130 participants by purposive sampling and analyzed via PLS-SEM. The findings indicate that financial literacy positively and significantly influences financial behavior and interest in investing in digital gold. Financial conduct exerts a positive and considerable influence on investment interest and mediates the impact of financial literacy on investment interest. Conversely, risk perception exerts no substantial influence on financial behavior or investment desire, and its indirect impact is likewise negligible. The findings suggest that enhancing Generation Z's interest in digital gold investment requires an emphasis on bolstering practical financial literacy and cultivating sound financial habits.
Penghindaran Pajak: Apakah Intensitas Persediaan Memoderasi Profitabilitas dan Kepemilikan Institusional? Najwa Aulia; Krisdiana Krisdiana
JURISMA : Jurnal Riset Bisnis & Manajemen Vol. 16 No. 1: April 2026
Publisher : Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Komputer Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34010/jurisma.v16i1.19673

Abstract

This study investigates the roles of profitability and institutional ownership in explaining tax avoidance practices, while examining inventory intensity as a moderating factor among food and beverage sub-sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. A quantitative causal research design was employed using secondary data derived from published financial statements. The analytical procedure applied Moderated Regression Analysis (MRA) processed using SPSS version 29. The empirical findings reveal that higher profitability is associated with lower levels of tax avoidance, indicating a significant negative relationship. In contrast, institutional ownership demonstrates a significant positive association with tax avoidance behavior. Inventory intensity shows no direct influence on tax avoidance and does not moderate the relationship between profitability and tax avoidance. Nevertheless, the moderating test indicates that inventory intensity weakens the effect of institutional ownership on tax avoidance, suggesting its conditional role within this relationship. These findings extend empirical evidence regarding the determinants of tax avoidance and provide practical insights for corporate decision-makers, investors, and tax authorities in strengthening monitoring mechanisms and improving the understanding of corporate tax behavior. Keywords: Tax Avoidance; Profitability; Institutional Ownership; Inventory Intensity; Agency Theory
Liquidity, Leverage, and Bankruptcy Risk: Moderating Role of Firm Size in Indonesian Textile and Garment Firms Fidela Agatha; Krisdiana Krisdiana; Agustina Agustina
Journal of Accounting Science Vol. 10 No. 2 (2026): July
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/jas.v10i2.2131

Abstract

General Background: Bankruptcy risk assessment helps stakeholders identify financial vulnerabilities before operational failure occurs. Specific Background: Indonesian textile and garment companies face demand uncertainty, pressure on export values, cost volatility, and working capital constraints during the period 2020–2024. Knowledge Gap: Evidence on how firm size moderates the effects of liquidity and leverage on bankruptcy risk in this sector remains limited. Objective: This study investigates the impact of liquidity and leverage on bankruptcy risk and tests the moderating role of firm size. Methods: Data were collected from 13 textile and garment firms listed on the IDX, comprising 65 firm-year observations. Model selection and diagnostic tests were conducted, and panel regression with fixed effects and moderation was used for the analysis. Results: Liquidity was found to significantly increase the Altman Z-score and thus reduce bankruptcy risk. Leverage had no significant individual effect, but the combined effect of the two was significant. Firm size attenuated the effect of liquidity but did not significantly moderate the effect of leverage. Novelty: Firm size exerts a selective effect via the liquidity channel rather than through all financial determinants. Implications: Managers should pay particular attention to liquidity management.
Operational Efficiency as a Mediator in the Relationship Between Digital Payment, Digital Customer Service, and Profitability in Indonesian Insurance Companies Widyana Lestari; Krisdiana Krisdiana
TRANSEKONOMIKA: AKUNTANSI, BISNIS DAN KEUANGAN Vol. 6 No. 1 (2026): January 2026
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/transekonomika.v6i1.1163

Abstract

Backgrounds: InsurTech adoption, encompassing digital payment systems and digital customer service platforms, is growing rapidly in Indonesia's insurance industry, yet empirical evidence on how these digital initiatives translate into profitability through operational efficiency mechanisms remains limited among publicly listed general insurance companies. Objectives: This study examines the mediating role of operational efficiency between InsurTech adoption and profitability in Indonesian general insurance companies, with InsurTech proxied by Digital Payment and Collection System and Digital Customer Service, operational efficiency measured by Expense Ratio, and profitability measured by Return on Equity (ROE). Methodology: Using panel data from 11 general insurance companies listed on the Indonesia Stock Exchange during 2020-2024 (55 firm-year observations), the study applies multiple regression and bootstrapping mediation analysis (PROCESS Macro Model 4). Findings: Digital Payment significantly and positively affects both ROE (H1) and Expense Ratio (H2), and full mediation by Expense Ratio is confirmed (H6), with the indirect effect remaining significant (BootLLCI = 0.0803; BootULCI = 0.2436) while the direct effect becomes insignificant. Digital Customer Service does not significantly influence ROE or Expense Ratio, either directly or indirectly (H3, H4, H7 not supported). Conclusions: Internal process digitalization improves profitability only through operational efficiency, underscoring the importance of prioritizing digital investments that reduce operational costs. Customer-facing digital services, while valuable for service quality and loyalty, do not yet produce measurable short-term financial returns through efficiency channels.
Decentralized Finance: Bibliometric Analysis and Research Trends Syahrul Ma’arif; Fiqih Maufiquddin; Benny Dhevyantoa; Krisdiana Krisdiana; Adi Setiawan
International Journal of Engineering, Science and Information Technology Vol 5, No 2 (2025)
Publisher : Malikussaleh University, Aceh, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52088/ijesty.v5i2.886

Abstract

This research explores the developments and challenges in decentralized finance (DeFi) since 2015 and the increasing use of blockchain technology. DeFi provides access to financial services without traditional intermediaries, improving the economic system's efficiency through automated and transparent smart contracts. The bibliometric analysis shows a significant growth in DeFi-related publications, with 1,909 articles identified between 2015 and 2025. The research also highlights the importance of collaboration between authors and stakeholders to build a more secure and sustainable financial ecosystem. Analysis results using VOSviewer identified 173 keywords in 18 clusters, focusing on "digital twin" and "artificial intelligence." This research recommends further exploration into DeFi adoption, blockchain technology innovation, and the application of smart contracts to support the development of an inclusive, efficient, and innovative DeFi ecosystem in the future. In addition, this research aims to bridge existing research gaps and provide deeper insights into the potential of DeFi in the global financial system.
Determinants of Management Control Systems Effectiveness and MSME Performance: An RBV–Contingency Theory Integration (Micro, Small, and Medium Enterprises (MSMEs) in Region III Cirebon, Indonesia) Irwan Sutirman Wahdiat; Krisdiana Krisdiana
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 3 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i3.395

Abstract

Background: Grounded in Resource-Based View (RBV) and Contingency Theory, this study examines how Intellectual Capital, Lean Manufacturing, Organizational Culture, External Environmental Uncertainty, and Digitalization affect the effectiveness of Management Control Systems (MCS), and how MCS mediates the performance of MSMEs. Objective: This study analyzes the determinants of MCS effectiveness and their impact on the performance of Micro, Small, and Medium Enterprises (MSMEs) in Region III Cirebon, Indonesia, and develops an integrative RBV–Contingency Theory model that positions MCS as the central mediating mechanism, representing the study's key theoretical novelty. Methods: This explanatory quantitative study collected data from 215 MSME owners and managers using purposive sampling and analyzed them using Partial Least Squares Structural Equation Modeling (PLS-SEM). Results: Intellectual Capital, Lean Manufacturing, Organizational Culture, External Environmental Uncertainty, and Digitalization each have a positive, significant effect on MCS effectiveness, with External Environmental Uncertainty the strongest predictor, followed by Intellectual Capital and Digitalization. MCS positively affects MSME performance and significantly mediates the relationship between the five antecedents and organizational performance, confirming the relevance of RBV and Contingency Theory in transforming internal resources and external conditions into superior performance. Conclusion: This research contributes theoretically to MCS literature and offers practical implications for MSME managers and policymakers seeking to strengthen business competitiveness and resilience amid a dynamic business environment.
Co-Authors Addin Zainul Adha Adi Setiawan Agustina Agustina Agustina Benny Dhevyanto Benny Dhevyantoa Cuk Jaka Purwanggono Dela Jovam Sari Eva Hazizah Fanny Annisa Fazarrosy Fidela Agatha Fiqih Maufiquddin Hartono Hartono I KETUT KUSUMA WIJAYA Imam Jayanto Irwan Sutirman Wahdiat Ismi Indrian Loso Judijanto Muhamad Saddam Muhamad Saddam Najwa Aulia Nur Ainiyah Dini Rizky Nur Ainiyah Dini Rizky R. Sriristanti Regita Purwaningsih Salsabilla Azzahra Hanafi Samuel PD Anantadjaya Samuel PD Anantadjaya Syaddad, Hasbu Naim Syahrul Ma’arif Teguh Setiawan Wibowo Terre Liyanty Vika Nabilla Amwa Widyana Lestari Yudih, Dadang