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All Journal IJHCM (International Journal of Human Capital Management) Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Jurnal Pemberdayaan Masyarakat Universitas Al Azhar Indonesia Jurnal Pengabdian Masyarakat Bestari (JPMB) PENG: Jurnal Ekonomi dan Manajemen IJEMA Journal of Business Application
Titis Fatarina Mahfirah
Universitas Negeri Jakarta
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Public Health Social Sciences

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Merton Model of Default Risk and Stock Return: Evidence from Indonesian Stock Market Titis Fatarina Mahfirah; Buddi Wibowo
IJHCM (International Journal of Human Capital Management) Vol 6 No 2 (2022): (IJHCM) International Journal of Human Capital Management
Publisher : Program Studi S3 Ilmu Manajemen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21009/IJHCM.06.02.2

Abstract

The study of the characteristics of risk and return has received great attention. Several studies in finance literature have tested whether default risk influences firms’ stock returns, but the results are often conflicting. Previous research derives varying empirical results because they refer to default risk indicators and samples from different equity markets. The main objective of this study is to evaluate the effect of default risk on stock return using data taken from non-financial companies on the Indonesia Composite Index (IDX Composite) in Indonesia for the 2008-2017 research period. This study uses Merton’s (1974) model as done by Vassalou & Xing (2004) to build a proxy for the risk of default. The advantage of this model is that it considers the volatility of firms’ assets in estimating default risk. Companies can have similar equity and debt levels but possibly have very different default probabilities. The results of the study show that default risk has a positive and significant effect on equity returns.
Training and Tutorial on the Use of Buku Kas Application for Business Financial Management Titis Fatarina Mahfirah; Umi Widyastuti; Dewi Agustin Pratama Sari; Siti Nurjanah; I Ketut R. Sudiarditha; Rini Nurmala Sari; Haneul
Jurnal Pengabdian Masyarakat Bestari Vol. 2 No. 9 (2023): September 2023
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/jpmb.v2i9.5513

Abstract

MSMEs' crucial role in Indonesia's economy is garnering more attention. However, the rising number of MSMEs without a corresponding improvement in human resource quality poses concerns. The lack of financial literacy hampers their growth. To foster business development, MSMEs require coaching and training in financial management. A joint effort between the Faculty of Economics at Universitas Negeri Jakarta and Cibitung Tengah Village in Bogor resulted in a financial management training and an accounting application tutorial for MSMEs. The program encompassed preparation, implementation, evaluation, reporting, and publication. Following the training, MSME owners in Cibitung Tengah understood the significance of financial management and learned to utilize accounting applications for streamlined financial recording.
Pengaruh Likuiditas, Aktivitas, Solvabilitas, dan Ukuran Perusahaan terhadap Nilai Perusahaan Sektor Consumer Cyclicals di Indonesia Anisya Rizanika; Gatot Nazir Ahmad; Titis Fatarina Mahfirah
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 9 No 1 (2024)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v9i1.21915

Abstract

Penelitian ini bertujuan untuk menguji faktor-faktor yang mempengaruhi nilai perusahaan sektor consumer cyclicals di Indonesia. Terdapat empat variabel utama yang terdiri dari rasio-rasio keuangan seperti likuiditas, aktivitas, solvabilitas, dan ukuran perusahaan dengan dua variabel kontrol yaitu profitabilitas dan umur perusahaan. Sampel yang digunakan yaitu perusahaan-perusahaan pada sektor consumer cyclicals yang terdaftar di Bursa Efek Indonesia periode 2018-2022. Pengumpulan data dilakukan menggunakan teknik purposive sampling methode sehingga didapatkan 40 perusahaan yang akan dijadikan sampel. Adapun data penelitian ini diolah dengan menggunakan metode analisis regresi data panel. Hasil penelitian menyatakan bahwa likuiditas tidak memiliki pengaruh pada periode sebelum pandemi, saat pandemi, dan keseluruhan. Sedangkan aktivitas memiliki pengaruh yang negatif dan signifikan pada periode sebelum pandemi. Solvabilitas memiliki pengaruh yang positif dan signifikan pada periode sebelum pandemi, selama pandemi, maupun secara keseluruhan. Selama masa pandemi, ukuran perusahaan memiliki pengaruh yang negatif dan signifikan terhadap nilai perusahaan.
Pengaruh Financial Literacy, Financial Attitude dan Locus Of Control Terhadap Financial Management Behaviour ASN Sektor Pertanian di Kab. Simalungun Provinsi Sumatera Utara Pandu Agung Prayogi; Umi Widyastuti; Titis Fatarina Mahfirah
Indonesian Journal of Economics Management and Accounting Vol. 3 No. 1 (2026): IJEMA - Januari 2026
Publisher : PT. INOVASI TEKNOLOGI KOMPUTER

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Penelitian ini bertujuan “menganalisis pengaruh financial literacy dan financial attitude terhadap financial management behaviour dengan locus of control sebagai variabel mediasi pada Aparatur Sipil Negara (ASN) sektor pertanian di Kabupaten Simalungun. Penelitian menggunakan pendekatan kuantitatif melalui metode survei. Unit analisis adalah ASN yang bekerja di sektor pertanian, dengan jumlah sampel 217 responden yang dipilih menggunakan teknik purposive sampling. Data dikumpulkan melalui kuesioner dan dianalisis menggunakan Structural Equation Modeling (SEM) berbasis Partial Least Squares (PLS). Hasil penelitian menunjukkan bahwa financial literacy dan financial attitude berpengaruh positif dan signifikan terhadap financial management behaviour. Kedua variabel tersebut juga terbukti berpengaruh positif dan signifikan terhadap locus of control. Selanjutnya, locus of control berpengaruh positif dan signifikan terhadap perilaku pengelolaan keuangan. Pengujian mediasi menunjukkan bahwa locus of control mampu memediasi pengaruh financial literacy dan financial attitude terhadap financial management behaviour. Temuan ini menegaskan pentingnya peningkatan literasi keuangan, sikap keuangan yang bertanggung jawab, serta pengendalian diri dalam mendukung perilaku pengelolaan keuangan ASN yang lebih baik
Membangun Jiwa Wirausaha: Literasi Keuangan sebagai Kunci Sukses dalam Membuka Usaha Mandiri Berkelanjutan Wahyu Wastuti; Monica Dewi; Titis Fatarina Mahfirah; Angella Priyatna; Atika Siti Hajar; Umi Waheeda
Jurnal Pemberdayaan Masyarakat Universitas Al Azhar Indonesia Vol 8, No 1 (2025): Desember 2025
Publisher : Universitas Al Azhar Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36722/jpm.v8i1.4625

Abstract

Permasalahan utama mitra, yaitu Pondok Pesantren Al Ashriyyah Nurul Iman, adalah rendahnya pemahaman akuntansi dasar dan pencampuran keuangan pribadi dengan usaha, yang menghambat pengelolaan bisnis santri secara profesional. Kegiatan pengabdian kepada masyarakat ini bertujuan meningkatkan literasi keuangan dan keterampilan kewirausahaan santri melalui pelatihan pencatatan serta pelaporan keuangan berbasis teknologi. Kegiatan diikuti oleh 30 santri setingkat SMA. Metode pelaksanaan meliputi ceramah interaktif, diskusi, praktik penggunaan aplikasi spreadsheet (Microsoft Excel dan Google Sheets), serta evaluasi melalui Pretest dan Posttest. Tahapan kegiatan meliputi analisis kebutuhan, penyampaian materi literasi keuangan, pelatihan pencatatan transaksi, penyusunan anggaran usaha, hingga evaluasi hasil pembelajaran. Hasil kegiatan menunjukkan adanya peningkatan signifikan pada kompetensi peserta, dengan rata-rata nilai Pretest sekitar 65 meningkat menjadi 83 pada Posttest, atau terjadi peningkatan sekitar 18%. Santri menjadi lebih terampil dalam mencatat transaksi, menyusun laporan laba rugi, serta memisahkan keuangan pribadi dan usaha. Program ini juga menumbuhkan kesadaran pentingnya transparansi keuangan dan mendukung pencapaian Sustainable Development Goals (SDGs) pada aspek pendidikan berkualitas dan pertumbuhan ekonomi berkelanjutan. Kata kunci: Kewirausahaan, Literasi Keuangan, Pencatatan Akuntansi, Santri, SDGs
Pengaruh CEO Narcissism Terhadap Kinerja Keuangan Bank (Studi pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2019-2022) Ruth Renatha Siahaan; Suherman Suherman; Titis Fatarina Mahfirah
PENG: Jurnal Ekonomi dan Manajemen Vol. 2 No. 3 (2025): Juli-September, Education, Economic dan Social Studies
Publisher : Teewan Journal Solutions

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62710/0gaxh713

Abstract

This study aims to determine the effect of CEO Narcissism on the financial performance of banking companies listed on the Indonesia Stock Exchange for the period 2019-2022. The independent variable used in this study is CEO Narcissism which is proxied by the size of the CEO's photo in the company's annual report, the number of social media owned by the CEO, and the size of the CEO's signature. While the dependent variable used in this study is the financial performance of banking companies which is proxied using the Return on Equity (ROE), Return on Asset (ROA), and Net Interest Margin (NIM) ratios. This study also uses control variables in the form of company size, company age and Debt to Asset Ratio (DAR). The number of company samples used in this study were 39 companies with an observation time span of 4 years, resulting in 156 sample observations. The sampling method used is purposive sampling. This study uses panel data regression analysis. The model used in this study is panel data regression with the Random Effect Model (REM) approach. The results of this study indicate that CEO narcissism as measured using the size of the CEO's photo in the annual report, the number of social media owned by the CEO, and the size of the CEO's signature have no significant effect on financial performance as measured using either ROE, ROA, or NIM ratios. This study has limitations, namely the time period in the research sample used is relatively short and the sample used is only banking companies so that further research is expected to extend the research time and increase the sample of companies using samples from other sectors.
Determinasi Financial Distress pada Perusahaan Consumer Non-Cyclicals Periode Pandemi Covid-19 dan Konflik Geopolitik Rusia-Ukraina Tasya Dwi Wicaksono; Agung Dharmawan Buchdadi; Titis Fatarina Mahfirah
Journal of Business Application Vol. 2 No. 1 (2023): Journal of Business Application
Publisher : Univiversitas Dr. Djar Wattiheluw

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55098/jba.v2.i1.p95-113

Abstract

The study aims to conduct a predictive test and analysis on the financial distress of companies in the consumer non-cyclicals sector during the COVID-19 pandemic and the Russia-Ukraine geopolitical conflict. This study utilizes three predictive models: the Taffler model, the Fulmer model, and the Grover model. The population of this study consists of consumer non-cyclicals companies listed on the Indonesia Stock Exchange from 2020 to 2022. The research sample consists of 62 companies selected using purposive sampling technique. The Kruskal-Wallis test method is employed and analyzed using SPSS 22. The result of this study indicate a significant difference among the three models in predicting financial distress in companies. Based on the accuracy test conducted, the Fulmer model achieved the highest accuracy rate of 87% with a type I error rate of 3% and type II error rate of 10%. Futhermore, the Grover model obtained an accuracy rate of 83% with a type I error of 16% and a type II error rate of 1%. The Taffler model achieved the lowest accuracy score compared to the three models used, at 77% with a type I error rate of 10% and a type II rate 13%.
Co-Authors Agung Dharmawan Buchdadi Angella Priyatna Anisya Rizanika Atika Siti Hajar Buddi Wibowo Dewi Agustin Pratama Sari Gatot Nazir Ahmad Haneul I Ketut R. Sudiarditha Monica Dewi Pandu Agung Prayogi Rini Nurmala Sari Ruth Renatha Siahaan Siti Nurjanah Suherman Tasya Dwi Wicaksono Umi Waheeda Umi Widyastuti Wahyu Wastuti