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All Journal Value Added : Majalah Ekonomi dan Bisnis Jurnal Mirai Management SEIKO : Journal of Management & Business JURNAL PENDIDIKAN TAMBUSAI YUME : Journal of Management Sarwahita : Jurnal Pengabdian Kepada Masyarakat MANAJEMEN DEWANTARA Administraus Jurnal Ilmu Administrasi dan Manajemen Bisman (Bisnis dan Manajemen): The Journal of Business and Management MOTIVASI Jurnal Manajemen dan Bisnis Jurnal Pengabdian kepada Masyarakat Nusantara Economics and Digital Business Review El-kahfi : Journal of Islamic economics juremi: jurnal riset ekonomi Transekonomika : Akuntansi, Bisnis dan Keuangan JOURNAL OF HUMANITIES, SOCIAL SCIENCES AND BUSINESS (JHSSB) Implementasi Manajemen & Kewirausahaan JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi) Indonesian Journal of Social and Educational Studies Sinomika Journal: Publikasi Ilmiah Bidang Ekonomi dan Akuntansi Journal of Management and Digital Business Seminar Nasional Pengabdian Kepada Masyarakat Journal of Applied Management Research Bulletin of Management and Business CASHFLOW : CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE Journal of Management, Accounting, General Finance and International Economic Issues (MARGINAL) Journal of Innovation in Management, Accounting and Business Gema Wisata Optimal: Jurnal Ekonomi dan Manajemen Jurnal Manajemen dan Bisnis Kompeten: Jurnal Ilmiah Ekonomi dan Bisnis Economics and Business Journal Journal of Artificial Intelligence and Digital Business Jurnal Penelitian Ekonomi Manajemen dan Bisnis Jurnal Manajemen Jurnal Bisnis Kolega Jurnal Manajemen Riset Inovasi Teknovokasi : Jurnal Pengabdian Masyarakat Journal of Management and Creative Business Seminar Nasional Hasil Penelitian LP2M UNM Indo-Fintech Intellectuals: Journal of Economics and Business Jurnal Ekonomi Kreatif dan Manajemen Bisnis Digital (JEKOMBITAL) Trending: Jurnal Manajemen dan Ekonomi Jurnal Manajemen Dan Bisnis Ekonomi Jurnal Riset Manajemen Jurnal Riset Akuntansi Jurnal Riset Rumpun Ilmu Sosial, Politik dan Humaniora (JURRISH) (JIMBE) (JUMPER) Maeswara: Jurnal Riset Ilmu Manajemen dan Kewirausahaan Lokawati: Jurnal Penelitian Manajemen dan Inovasi Riset Riset Ilmu Manajemen Bisnis dan Akuntansi Jurnal Nuansa: Publikasi Ilmu Manajemen dan Ekonomi Syariah Ininnawa: Jurnal Pengabdian Masyarakat Jurnal Ekonomi dan Bisnis Mutiara: Jurnal Penelitian dan Karya Ilmiah Jurnal Kemitraan Responsif untuk Aksi Inovatif dan Pengabdian Masyarakat INTERNATIONAL JOURNAL OF HUMANITIES, SOCIAL SCIENCES AND BUSINESS (INJOSS) Journal of Information Systems Management and Digital Business INTERNATIONAL JOURNAL OF ECONOMIC LITERATURE Jurnal Penelitian Ilmu Ekonomi dan Keuangan Syariah Southeast Asia Journal of Business, Accounting, and Entrepreneurship Journal of Innovative and Creativity Journal of International Multidisciplinary Research Jurnal Inovasi Manajemen, Kewirausahaan, Bisnis dan Digital MAXIMAL Jurnal Manajemen Kewirausahaan dan Teknologi Kolaborasi: Jurnal Hasil Kegiatan Kolaborasi Pengabdian Masyarakat IJHABS J-CEKI Jurnal Ekonomi, Manajemen, Akuntansi Journal of Studies in Academic, Humanities, Research, and Innovation META - JOURNAL
Andi Mustika Amin
Program Studi Manajemen, Fakultas Ekonomi Dan Bisnis, Universitas Negeri Makassar
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Biochemistry, Genetics & Molecular Biology Chemistry Computer Science & IT Decision Sciences, Operations Research & Management Dentistry Economics, Econometrics & Finance Education Electrical & Electronics Engineering Energy Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Mathematics Medicine & Pharmacology Public Health Social Sciences Other

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Challenges and Prospects of ROI Measurement in B2B Digital Marketing: Evidence from MSMEs in Gowa Regency Andi Mustika Amin; Andi Aryani Hardiyanti
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.903

Abstract

This study explores the challenges and prospects of Return on Investment (ROI) measurement in Business-to-Business (B2B) digital marketing among Micro, Small, and Medium Enterprises (MSMEs) in Gowa Regency, Indonesia. Employing a mixed-methods approach with a convergent parallel design, the research integrates quantitative data from the Central Statistics Agency (BPS) and the Department of Cooperatives and MSMEs of Gowa with qualitative insights from interviews and focus group discussions. The quantitative results show a consistent increase in MSME growth and digital adoption between 2020 and 2024, supported by the government’s initiatives to promote financial inclusion and digital payment systems such as QRIS. However, the low rate of business formalization and uneven digital literacy hinder full participation in digital transformation. Qualitative findings reveal that most MSMEs rely on intuition rather than data-driven analysis to assess marketing performance. Key barriers include limited analytical capability, lack of structured ROI frameworks, fragmented digital systems, and dependence on informal B2B networks. Despite these constraints, emerging opportunities such as AI-based analytics, social media optimization, and government-led digitalization programs demonstrate the potential for improvement. Overall, the study concludes that while MSMEs in Gowa Regency show steady progress in digital marketing adoption, their capacity to measure ROI remains underdeveloped. Enhancing digital literacy, financial management skills, and policy support is essential to enable MSMEs to evaluate marketing effectiveness and achieve sustainable competitiveness in the B2B digital landscape.
Fintech and Operational Efficiency: Empirical Evidence from Indonesia’s Banking Sector Burhanuddin; Andi Mustika Amin; Hery Maulana Arif
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.904

Abstract

This study investigates the impact of financial technology (Fintech) adoption on the operational efficiency of commercial banks listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. Employing a quantitative causal-associative method and panel data regression analysis, the research explores how Fintech-driven digital transactions influence banks’ cost structures and efficiency ratios. Data were drawn from annual financial statements and digital transaction reports of four major banks: PT Bank Rakyat Indonesia, PT Bank Negara Indonesia, PT Bank Mandiri, and PT Bank Central Asia. The results reveal that Fintech adoption has a significant and negative effect on both Operating Cost to Operating Income (OCOI) and Cost-to-Income Ratio (CIR), indicating that increased digital transaction activity leads to lower operational costs and improved efficiency. These findings demonstrate that Fintech plays a pivotal role in enhancing banking performance by reducing transaction expenses, optimizing resource allocation, and promoting service accessibility. The study contributes to academic discourse and provides strategic insights for banking practitioners and regulators to strengthen digital transformation policies and foster inclusive Fintech adoption in Indonesia’s financial ecosystem.
The Effect Of Capital Structure On Profitability (A Study On Infrastructure Sector Companies Listed On The Indonesia Stock Exchange For The Period 2020–2024) Desri Yanti Manalu; Andi Mustika Amin; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1137

Abstract

The infrastructure sector plays a strategic role in Indonesia’s economic development due to its capital-intensive nature and long-term investment characteristics. Sound financial management, particularly in determining an optimal capital structure, is essential for maintaining profitability and ensuring sustainable growth. However, empirical evidence regarding the relationship between capital structure and profitability remains inconclusive, especially in the post-pandemic period. This study aims to examine the effect of capital structure on profitability in infrastructure sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. Capital structure is measured using the Debt to Asset Ratio (DAR), Debt to Equity Ratio (DER), and Long-Term Debt to Total Assets (LTDtA), while profitability is proxied by Return on Assets (ROA). This research employs a quantitative approach using panel data from 39 infrastructure companies, resulting in 195 observations. Multiple linear regression analysis is applied to test both partial and simultaneous effects of the independent variables on profitability. Classical assumption tests, including normality, multicollinearity, and heteroskedasticity, are conducted to ensure the robustness of the regression model. The results of the F-test indicate that DAR, DER, and LTDtA simultaneously do not have a significant effect on ROA. However, the t-test reveals that LTDtA has a positive and significant effect on profitability, while DAR and DER show no significant influence. These findings suggest that overall leverage does not necessarily enhance profitability in infrastructure companies, but the appropriate use of long-term debt can improve performance through tax shield benefits and support long-term project financing. This study contributes to the literature by providing empirical evidence on capital structure decisions in Indonesia’s infrastructure sector during the post-pandemic period. The findings offer practical implications for corporate managers, investors, and policymakers in formulating effective financing strategies that balance financial risk and profitability.
The Effect Of Asset Growth And Debt To Equity Ratio (DER) On Price To Book Value (PBV) Putri; Muhammad Ilham Wardhana; Andi Mustika Amin; Abdul Rahman; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1141

Abstract

Manufacturing companies play an important role in Indonesia’s economy, and this sector comprises several subsectors, one of which is the miscellaneous industry sector. The miscellaneous industry sector is important because it is considered a national priority industry with development potential and also attracts investors. However, during the 2020–2024 period, the sector experienced a decline in asset growth alongside a decrease in market valuation. These conditions motivated this study, which aims to examine the effect of company growth and capital structure on company value, both partially and simultaneously, in manufacturing companies in the miscellaneous industry sector listed on the Indonesia Stock Exchange during the 2020-2024 period. This study uses a causal associative quantitative approach with the Statistical Package for Social Sciences (SPSS) method, and samples are determined using the Purposive Sampling technique on companies that meet the research criteria. The research results indicate that asset growth (TAG) and capital structure (DER) do not have a significant effect on firm value (PBV), both partially and simultaneously. The coefficient of determination (R2) value of 0,009 shows that only 0,9% of the variation in firm value can be explained by these two variables, while 90,1% is influenced by other factors outside the study, such as profitability, company size, and capital market conditions. Thus, the findings indicate that asset growth and capital structure are not dominant determinants of firm value within the diversified industrial sector on the IDX during the 2020–2024 period. These results reinforce the view that other fundamental factors, such as operational efficiency, profitability, and investor confidence, play a greater role in shaping a company's market value.
The Influence of Profitability and Capital Structure on Stock Returns (Study of Retail Companies Listed on the Indonesia Stock Exchange for the Period 2020 – 2024) Evi Puspita Sari; Anwar; Andi Mustika Amin; Nurman; Abdul Rahman
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1146

Abstract

This study analyzes the effect of profitability (measured by Return on Equity, ROE) and capital structure (measured by Debt to Equity Ratio, DER) on stock returns in 10 retail sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2020–2024. The background of the study is based on fluctuations in stock returns in the retail sector, which are influenced by internal factors such as profitability and capital structure, as well as theories such as Signaling Theory and Trade-Off Theory. The main objective is to test whether these two independent variables significantly affect stock returns. The method used is multiple linear regression with secondary data analysis through SPSS 27, after conducting classical assumption tests such as normality, multicollinearity, and heteroscedasticity. The results show that capital structure (DER) has a positive and significant effect on stock returns, supporting the Trade-Off Theory, while profitability (ROE) has no significant effect, which contradicts the Signaling Theory. Simultaneously, both variables have a significant effect on stock returns. This conclusion suggests that retail companies should focus more on optimizing capital structure to increase stock returns. The implications of this research provide empirical contributions for investors and company management in facing economic uncertainty..
Capital Structure And Firm Value: The Mediating Role Of Profitability Asmin; Burhanuddin; Anwar; Nurman; Andi Mustika Amin
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 3 No. 1 (2026): Vol 3 No 1 June 2026
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v3i1.1408

Abstract

The property and real estate sector is one of the important sectors that contribute to the Indonesian economy, but in the 2021–2024 period, this sector experienced a decline in company value as reflected in market performance. This problem prompted this study, which aims to analyze the effect of capital structure on company value and examine the role of profitability as a mediating variable in property and real estate sector companies listed on the Indonesia Stock Exchange for the 2020–2024 period. This study uses a quantitative approach with the Partial Least Square-Structural Equation Modeling (PLS-SEM) method and the sample was determined through a purposive sampling technique on companies that meet the research criteria. The results of the study indicate that capital structure has a significant negative effect on company value and profitability, while profitability has a significant positive effect on company value and is proven to mediate the effect of capital structure on company value; this finding supports the Trade-off Theory regarding the importance of balance in the use of debt, but also shows limitations in the application of Signaling Theory in the property sector. This study concludes that excessive use of debt can reduce profitability and company value, so companies need to establish an optimal capital structure to maintain financial performance and increase investor confidence.
Co-Authors Abadi, Rahmat Riwayat Abadi, Ridfan Rifaldy Abdi Akbar Idris Abdul Rahman Abdullah, Nur Hudaya Agung Widhi Kurniawan Agung Widhi Kurniawan Agung Widhi Kurniawan Akbar, Andi Muhammad Amelia Wijayanti Azis Amin, Andi Nurzakiah Amiruddin Tawe Amiruddin Tawe Amiruddin Tawe Ananda Putri Rahmadani Anastashia Maharani Muhadi Andi Amelia Putri Andi Aryani Hardiyanti Andi Marwah Andi Muhammad Hanif Annisa Paramaswary Aslam Annisa Paramaswary Aslam Anugrah, Fira Anwar Anwar Anwar Anwar Anwar Anwar Anwar , Anwar Anwar Anwar Anwar Anwar Anwar Anwar Anwar Anwar Anwar Anwar Anwar Anwar Anwar Ramli Anwar Ramli Anwar Ramli Anwar Ramli Anwar, Indah Lestari Apriani, Ely Arismaleo, Andi Rifqih Arshi Naisya Wahyuni Aslam, Achmad Yassin Zidan Akram Aslam, Annisa Paramaswary Aslam, Annisa Paramswary Asmin Awalia, Nurilmi Ayu Afrilia Ayu Liyan Pratiwi Baso Erik Batara, Meisy Putri Burhanuddin Burhanuddin Burhanuddin Burhanuddin Burhanuddin Chalid Imran Musa Chalid Imran Musa Chalid Imran Musa Darmawan Natsir, Uhud Darmawinata, Widhi Nugraha Sumiharja Desri Yanti Manalu Dipoatmojo, Tenri Sayu Puspitaningsih Diva Ariska Ananda Dwiyanti, Astri Evi Puspita Sari Fadhil Nur Makkaraeng Hasanuddin Fatmawati Fatmawati Fatwa, Nur Apriani Fausyah, Nur Febinda Firah Nur Rizky Said Haeruddin , M. Ilham Wardhana Haeruddin , Muhammad Ilham Wardhana Hasanuddin, Rismayanti Hasbiah, Siti Hasnidar Hasnidar Hery Maulana Arif Hety Budiyanti Hety Budiyanti Hety Budiyanti Hety Budiyanti Hety Budiyanti, Hety Hety Budiyanty I Komang Mirawardani Ichwan Musa Ilma Wulansari Hasdiansa Inanna, Inanna Ipoatmodjo, Tenri S. P. D Isma Azis Riu Itra Jauhar, Muh. Alif Johnson, Nur Atifah Septira Karmila Kartika Septiary Musa Khadija, Sitti Khairun Umrah Kusnadi, Syafira Luthfi, Abdillah Khofiyal M Ilham Wardhana Haeruddin M. Ikhwan Maulana Haeruddin Maghfirah Sultan, Nurul Maisyaroh, Ummi Malika, Safinah Aisya Marwah, Andi Meliza Meliza Muh Fatwa Baso Muh. Arham Hidayat Muh. Gibran Syahrum Muh. Ichwan Musa Muhammad Idris Muhammad Ilham Wardhana Muhammad Ilham Wardhana Haerudin Muhammad Imaduddin As'ad Muhammad Imaduddin As'ad Muhammad Rafli Muhammad Wahyu, Muhammad Musa, M. Ichwan Musa, Muh Ichwan Musa, Muhammad Ichwan Musfira, Nur Fauziah Musfirah Mushawwir, Shaleh Afief A Nabila Salsabila Suparman Nanda Febry Malangi Natsir, Uhud Darmawan Ngabe Joyti, Devi Adnyaswari Nisaul Husna Ramadhani Ilham Nur Aisyah Nur Apriani Fatwa Nur Intan Pratiwi Nurafni Nurafni Nurasizah Nurasizah Nurfadhilah Azizah, Andi Nurfarhana Nurhayati Nurhayati , Hety Budiyanti Nurhikmah Maharani Nurman Nurman Nurman Nurman Nurman Nurman Nurman Nurman Nurman Nurman Nurman Nursafitri Nursia Bala Nurul Fadilah Aswar Nurul Fauziah Nurul Fauziah Paramaswary Aslam, Annisa Primawalda, Az-zahra Rizqi Putri Rahim, Fitriani Rahmiani Rahmiani Ramadhani, Gina Ramadhani, Khusnul Khatimah Putri Rasmawati, Rasmawati Rauf, Anwar Rezki Amaliah Rezky Amalia Hamka Ridfan Rifadly Abadi Ridho, M. Yunasri Ridwan, Rini Rizky Amelia Riska Rismawati Riu , Isma Azis Romansyah Sahabuddin Ruma, Zainal Sah, Nurul Alfadiza Saiful Satria Satria, Satria Sayyed Muhammad Fikri Assagaf Siti Hasbiah Siti Hasbiah Siti Hasbiah Sitti Hasbiah Sitti Hasbiah Solly Aryza Sriandara Salman Sulolipu, Andi Annisa Syahir Fadli Syahrul, Khaidir Syamsidar Syamsidar Syamsul, Ikhlazhizha Syamsurizal Syamsurizal Tamara Audry Anandika Syahrir Taufiq, Farah Ramadhani Tawe, Amiruddin Tawe, Andi Amiruddin Tenri S.P. Dipoatmodjo Tenri Sayu Puspitaningsih Dipoatmodjo TRI KURNIAWAN, TRI Widhi Kurniawan, Agung Woeichandra, Rachmat Yuliana Yuliana Zainal Ruma Zainal Ruma