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Analisis Kinerja Keuangan Sebelum dan Saat Pandemi Covid-19 terhadap Risiko Kebangkrutan Perusahaan: Studi pada Perusahaan BUMN yang Terdaftar di Bursa Efek Indonesia Periode 2018-2021 Rinofah, Risal; Maulida, Alfiatul; Sari, Risa Puspita
Jurnal Maksipreneur Vol 14 No 1 (2024)
Publisher : Universitas Proklamasi 45

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30588/jmp.v14i1.1299

Abstract

This study aims to determine differences in the company's financial performance before and during the Covid-19 pandemic, as well as to determine the effect of financial performance before and during the Covid-19 pandemic on the risk of company bankruptcy. The sample used in this study is a state-owned company listed on the Indonesia Stock Exchange (IDX) for 2018-2021. Sampling using purposive sampling method and obtained 21 companies. The tests used to determine the differences in this study were the paired samples t-test and the Wilcoxon signed ranks test, while the performance effect test on the risk of bankruptcy was measured using the modified Altman Z-score formula and multinomial logistic regression analysis. The results showed that the results of the different tests using the Paired samples t-test, i.e. the Debt to Asset Ratio (DAR) ratio before and during the Covid-19 pandemic, there was no significant difference, but when tested differently using the Wilcoxon Signed Rank Test, i.e. the ratio of return on assets (ROA), return on equity (ROE), debt to equity ratio (DER) there are significant differences both before and during the Covid-19 pandemic, while for the current ratio (CR) and quick ratio (QR), there is no significant difference. While the results of the influence test using a multinomial logistic regression test, the Current Ratio (CR_SBL) before the Covid-19 pandemic and Return on Assets (ROA_ST) during the Covid-19 pandemic had a significant effect on the risk of bankruptcy of BUMN companies, but for other ratios, it had no significant effect. Against the risk of bankruptcy before and during the Covid-19 pandemic.
Analysis of the Influence of Macroeconomic Factors on Financial Risk A'yunin, Isnani Attin Nur; Rinofah, Risal; Maulida, Alfiatul
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 2 (2025): Sharia Economics
Publisher : Sharia Economics Department Universitas KH. Abdul Chalim, Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i2.6286

Abstract

The company's prospects depend on the overall economic situation, therefore the company must consider the macroeconomic environment because investors will take into account several macroeconomic variables that affect the company's ability to generate profits which will affect financial risk. This study uses research objects in consumer cyclicals sub-sector companies listed on the Indonesia Stock Exchange 2018-2022. Consumer cyclicals consists of 14 sectors and the consumer cyclical sub sector consists of 56 companies which are the population, there are 10 companies that researchers make samples for the phenomenon. This study examines whether macroeconomic factors affect the high and low financial risk in consumer cyclicals sub-sector companies listed on the IDX for the 2018-2022 period. The research objective is to determine the macroeconomic factors affecting financial risk in consumer cyclicals sub-sector companies listed on the IDX for the 2018-2022 period. The data analysis method used in this study uses a purposive sampling method, descriptive statistical analysis, classical assumption test, panel data regression analysis, regression model selection, and hypothesis testing using Eviews 13 software. The results of this study indicate that investment has no significant effect on financial risk in the context of asset structure (DAR) or equity structure (DER), but has a significant impact in the long term on the company's long-term debt (LTDR). This may be due to differences in the duration and type of investment made by the company. Long-term investments financed through long-term debt tend to increase financial risk more significantly than short-term or equity-financed investments.
The Influence of Investment Decisions, Funding Decisions, Free Cash Flow, and Financial Sustainability on Shareholder Value in the Food and Beverage Sector Listed on the Indonesian Stock Exchange for the Period 2018-2022 Utami, Cindy Rahmawati Putri; Kusumawardhani, Ratih; Rinofah, Risal
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 2 (2025): Sharia Economics
Publisher : Sharia Economics Department Universitas KH. Abdul Chalim, Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i2.6287

Abstract

This study aims to find out more clearly about the factors that influence investment decisions, funding decisions, free cash flow, and financial sustainability on shareholder value in the food and beverage sector listed on the Indonesia Stock Exchange for the period 2018-2022. The number of food and beverage sector companies listed on the IDX in 2018-2022 is 94, but only 45 companies match the predetermined criteria. The methods used in this research are descriptive statistics, classical assumption tests, multiple linear analysis, and hypothesis testing with data analysis using SPSS 25. This study uses the dependent variable shareholder value and the independent variables are investment decisions, funding decisions, free cash flow, and financial sustainability. The results of this study indicate that partial testing (T-test), investment decision variables, funding decision variables, free cash flow variables, and financial sustainability variables show negative results or have no significant effect on shareholder value.
Pengaruh Keputusan Investasi, Profitabilitas terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi pada Perusahaan Manufaktur Periode 2017-2021 Lista Utami; Risal Rinofah; Alfiatul Maulida
Ekonomis: Journal of Economics and Business Vol 9, No 1 (2025): Maret
Publisher : Universitas Batanghari Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33087/ekonomis.v9i1.1187

Abstract

This research aims to examine the influence of investment decisions, profitability on company value with dividend policy as a moderating variable. The population of this research is industrial companies listed on the Indonesia Stock Exchange for the 2017-2021 period. This research uses quantitative research, with a purposive sampling method. The data used is secondary data obtained from the company's financial reports. The research results show that the investment decision and profitability variables do not have a significant effect on company value and the dividend policy variable is unable to play a role in moderating the investment decision and profitability variables on manufacturing company value during the 2017-2021 period.
Young Investors Interest in Investing in The Capital Market Through Fintech Technology Pesireron, Johannes Martin; Kusumawardhani, Ratih; Rinofah, Risal
Indonesian Journal of Economics, Business, Accounting, and Management (IJEBAM) Vol 2 No 5 (2024): Volume 2, No. 5, 2024
Publisher : PT SOLUSI EDUKASI BERDIKARI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63901/ijebam.v2i5.88

Abstract

This study examines the interest of young Yogyakarta student investors in investing in the capital market through fintech technology. Analysis was conducted on the influence of financial literacy, personal interest, and environment on students’ interest in investing. Data was collected through an online questionnaire to 100 Yogyakarta student respondents. The results show that financial literacy has no significant effect on interest in investing, while personal interest and environment have a positive and significant effect. This study contributes to understanding young investors' interest in investing in the capital market through fintech technology. The researcher recommends further research to refine these results.
PENGARUH FAKTOR FUNDAMENTAL TERHADAP RETURN SAHAM PADA PERUSAHAAN SUBSEKOR MAKANAN DAN MINUMAN YANG TERDAFTAR DI BEI PERIODE 2013-2018 Rinofah, Risal; Cahyani, Elah Ria
Journal Competency of Business Vol. 5 No. 2 (2021): Journal Competency of Business
Publisher : Program Studi Manajemen

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (460.182 KB) | DOI: 10.47200/jcob.v5i02.1091

Abstract

This study aims to determine the effect of Current Ratio, Return On equity, Debt to Equity Ratio, dan Price Book Value on Stock Return. The population of this research is the food and beverage companies for the 2013-2018. Samples were taken using purposive sumping techniquie. The sample consisted of 11 companies from 16 food and beverage companies liested on the Indonesia Stock Exchange in 2013-2018, so the research data analyzed amounted to 60. Based on hypothesis testing using the t test, it is concluded that Current Ratio has a negative and significant effect on Stock Return, Return On Equity has a positive and significant effect on Stock Return, Debt to Equity Ratio has a negative and significant effect on Stock Return, Price Book Value has a significant negative effect.
Peran Mediasi Literasi Keuangan Pada Determinan Kinerja Keuangan UMKM Kinasih, Ayuda Saridiva; Hermuningsih, Sri; Rinofah, Risal
Jurnal Akuntansi dan Keuangan Kontemporer (JAKK) Vol 8, No 1 (2025): Oktober 2024 - Maret 2025
Publisher : Jurnal Akuntansi dan Keuangan Kontemporer (JAKK)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30596/jakk.v8i1.22446

Abstract

Tujuan Penelitian: Penelitian berfokus pada pengujian dan menganalisis peran teknologi keuangan pada kinerja keuangan UMKM serta untuk mengetahui literasi keuangan mampu memoderasi hubungan antara pinjaman online dan transaksi digital pada kinerja keuangan UMKM.Metode Penelitian: Metode penelitian menggunakan asosiatif kuantitatif dilakukan pada pelaku UMKM di Kapanewon Depok, Sleman. Memiliki populasi sebanyak 9.165 pelaku UMKM yang terdaftar pada Dinas Koperasi, UKM Kabupaten Sleman. Perhitungan sampel menggunakan metode slovin menghasilkan sampel berjumlah 99 responden dengan menggunakan simple random sampling untuk memberikan peluang yang sama serta adil bagi seluruh populasi. Penggunaan data primer dengan penyebarannya melalui kuesioner dari Google form dan dianalisis dengan bantuan IBM SPSS Statistik versi 27.Originalitas/Novelty: Kebaruan penelitian yaitu penambahan variabel literasi keuangan sebagai variabel moderasi.Hasil Penelitian: Pengujian hipotesis menyatakan bahwa teknologi keuangan dapat memberikan pengaruh pada kinerja keuangan UMKM. Literasi keuangan dapat memperkuat efek positif peer to peer lending tetapi ketidakmampuan literasi keuangan mengoptimalkan efek digital payment pada kinerja keuangan UMKM.Implikasi: Dijadikan sebagai pembuka pintu pengetahuan dibidang keuangan, menjadi sumber informasi teknologi keuangan untuk pihak yang membutuhkan serta menjadi acuan untuk pelaku UMKM dalam penggunaan financial technology.Research Objectives: This empirical study seeks to investigate the relationship between financial technology adoption and financial performance of icro, Small, and Medium Enterprises, with particular emphasis on the moderating effect of financial literacyResearch Method: This empirical study adopts associative quantitative methodology to investigate MSMEs in Kapanewon Depok, Sleman. The population comprises 9.165 registered MSMEs. Slovin’s formula yielded a sample size of 99 respondents, selected via simple random sampling. Primary data, collected through google forms questionnaires, underwent statistical analysis using IBM SPSS Statistics version 27Originality/Novelty: The study’s originality stems form incorporating financial literacy as a moderating variable, providing new insights.Research Results: Hypothesis testing reveals that financial technology positively impacts MSMEs financial performance. Financial literacy enhances peer to peer lending’s positive effects, but inadequate financial literacy fails to optimize digital payments impact on MSMEs financial performance.Implications: This research functions as a foundational resource for financial knowledge, offering guidance on financial technology for those seeking information and serving as a benchmark for MSMEs.
The Effect of Overconfidence, Risk Tolerance, Loss Aversion, and Mental Accounting on Crypto Asset Investment Decisions of Generation Z in Yogyakarta Winata, Wulan; Hermuningsih, Sri; Rinofah, Risal
JPEK: Jurnal Pendidikan Ekonomi dan Kewirausahaan Vol 9 No 1 (2025): JPEK (Jurnal Pendidikan Ekonomi dan Kewirausahaan)
Publisher : Universitas Hamzanwadi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29408/jpek.v9i1.29967

Abstract

This study aims to analyze the effect of psychological characteristics, namely overconfidence, risk tolerance, loss aversion, and mental accounting on crypto asset investment decisions in generation z in Yogyakarta City. The method used was a survey with a questionnaire distributed to 100 investors. The results of multiple linear regression analysis show that overconfidence, risk tolerance, and loss aversion have a significant positive effect on investment decisions, while mental accounting does not show a significant effect. The findings emphasize the importance of psychological factors in investment decision-making in the cryptocurrency market, and may provide insights for investors and market practitioners regarding the investment behavior of the younger generation. This study has limitations in terms of sample and data collection methods, which can be taken into consideration for further research.
Pengaruh Literasi Keuangan Dan Gaya Hidup Terhadap Perilaku Keuangan Melalui Perilaku Konsumtif Sebagai Variabel Intervening: Indonesia Pingky Karamoy; Risal Rinofah; Ratih Kusumawardhani
OIKOS: Jurnal Kajian Pendidikan Ekonomi dan Ilmu Ekonomi Vol 9 No 2 (2025): OIKOS: Jurnal Kajian Pendidikan Ekonomi dan Ilmu Ekonomi
Publisher : Fakultas Keguruan Dan Ilmu Pendidikan Universitas Pasundan

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

Abstract

The purpose of this study was to determine how financial literacy and lifestyle on financial behaviour through consumptive behaviour as an intervening variable in students of Sarjanawiyata Tamansiswa University Yogyakarta. The research population consisted of 100 respondents. Random sampling is the sampling method. collected through questionnaires, and processed through classical assumption tests, multiple linear regression analysis, and sobel tests. The classical assumption test includes normality test, muticolonierity test, and heteroscedasticity test. The results of this study if H1 Financial literacy has a significant positive effect on consumptive behaviour. H2 Lifestyle has a significant positive effect on Consumptive Behaviour. H3 Financial Literacy has a significant positive effect on Financial Behaviour. H4 Lifestyle has a significant positive effect on Financial Behaviour. H5 Consumptive Behaviour has a significant positive effect on Financial Behaviour. Consumptive behaviour variables can influence financial literacy and lifestyle on financial behaviour. Future research can add more variables to measure financial and consumptive behaviour.
Pengaruh PSBB Volume Perdagangan Terhadap Stock Return pada Perusahaan Layanan Perdagangan dan Investasi Sub Sektor Pariwisata Restoran dan Hotel Maria Marsilinda Paku; Risal Rinofah; Ratih Kusumawardhani
Jurnal Ilmiah Manajemen dan Kewirausahaan Vol. 4 No. 1 (2025): Jurnal Ilmiah Manajemen dan Kewirausahaan
Publisher : Lembaga Pengembangan Kinerja Dosen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jimak.v4i1.5136

Abstract

This study aims to analyze the effect of Large-Scale Social Restrictions (PSBB) and trading volume on stock returns of trade and investment service companies in the tourism, restaurant, and hotel sub-sectors. These sub-sectors were selected due to their significant exposure to the impacts of the COVID-19 pandemic, particularly restrictions on public mobility and face-to-face interactions, which drastically affected business operations and revenue streams. The research applies a quantitative method with an associative approach. Secondary data were obtained from the Indonesia Stock Exchange (IDX) and official government publications concerning the PSBB policy during the pandemic period. The population of this study includes all tourism, restaurant, and hotel companies listed on the IDX during the years 2020–2021. A purposive sampling technique was used to determine the sample. The data were analyzed using multiple linear regression analysis with the help of SPSS software to test the simultaneous and partial influence of the independent variables on the dependent variable. The results indicate that the PSBB policy has a significant negative effect on stock returns. This finding aligns with the expectation that movement restrictions and reduced consumer activity would negatively affect business performance and investor sentiment. In contrast, trading volume has a significant positive effect on stock returns, suggesting that increased trading activity may reflect higher investor confidence and speculation, which contributes to price appreciation. These findings offer valuable theoretical insights into the behavior of capital markets during a crisis, particularly in sectors highly sensitive to government policies and public health emergencies. Practically, the study provides useful information for companies, investors, and policymakers in developing risk mitigation strategies, enhancing investment decision-making, and formulating adaptive responses to future crises with similar characteristics.
Co-Authors A'yunin, Isnani Attin Nur abdul Afif faelani Abdul Aziz Suryadi Afivaturokhmah, Neila Agung, Nyoman Pendi Agus Dwi Cahya Agus Dwi Cahya Alfiatul Maulida Alfiatul Maulida Alfiatul Maulida Alfiatul Maulida, Alfiatul Alfiatul Maulinda alfiatulmaulida Alfiyansah Alveno Prakoo Nugroho Alya Tri Apriyani Amanah, Winda Anugrah Sepnu Utama Apriyani, Alya Tri Apriyanto, Ari Areza Marta Brona Areza Marta Brona Ari Apriyanto Arif Kurniawan Arum Tri Widiastuti Asa, Maria Ekardis Astari, Yola Ayu Hanasri Ayuni Bahar Sahputri Beatrixon , Maria Brastibian, Imwi Brona, Areza Marta Cahyani, Elah Ria Damanik, Johannes Maysan Damanudin, Ibnu Dede Hartanto Patarowo Dedi Muhamad Deni Kurniyanto Dhimas Nurcahyo Diah Lestari Mumpuni Dwi Agung Kriswanto Dwi Suryani Eka Wulandari Eka Wulandari Elisabet Yuli Kristanti Elva Syanistya Nur Khasanah Ema Apriyanti Ephy Syah Reza Erfika, Natalia Riski Erni Dwijayanti Fajar Ahmad Aryanto Fauzi, Fitriya Fidiastuti, Fitri Findia Idamazari Fitri Fidiastuti Fuady , Misbach Gendro Wiyono Harta Daya, Viviana Oktaviani Hasna Aini Sabrina Hasti Nugrahaning Tyas Hasya Fatharani Heni   Nur Amrina IBN Udayana Ibnu Damanudin Iga Pramesty, Nadia Ign. Sony Kurniawan Ignatius Soni Kurniawan Ika Nur Yuliningsih Ika Nurul Fadhilah Imam Khulwani Imwi Brastibian Indra Ayu Aninda Wibowo Irfan Kurniawan Irwan Trinugroho, Irwan Islamiati, Dian Ismalia, Dhiah Alda Jajuk Herawati Jajuk Herawati Julaiha, Julaiha Julyana Widjayanti Khusni Fahrurrozi Kinasih, Ayuda Saridiva Kodi, Hutriana Krisdiyanto Krisdiyanto krisdiyanto, krisdiyanto Kurniawati, Aji Kusumawardhani, Ratih Lamak, Rositha Lusia Lema Lestari, Erika Sri Lestari, Septiana Ika Linda Ratna Wati Lista Utami Lusia Nensilya Octavia Lero Maha Putri, Virginia Athadhita Maria Beatrixon Sapta Maria Marsilinda Paku Marta Brona, Areza Maulana Muhammad Ferly Maulida, Alfiatula Meyzia Irestia Putri Monita B, Cantika Muhamad Imam Rusdi Muhammad Ahkam Al-Aziz Mujino Mujino Mujino Mujino Mujino Mujino Mujino Mujino Mujino Mujino, Mujino Nabila Salsabila Nadya Adelin Nina Yuliyanti Ningsih, Faturahma Novita Sari Nurindra, Nurindra Ogwu, Ibukun Yoyce Pesireron, Johannes Martin Pingky Karamoy Praduana, Veradela Restu Prahadhita Nerissa Putri Prambada Kirsaputa, Imam Pramudhita Annisa Ramadhani Pratama, Yhoga Heru Prathama Nugraha Prima Putra, Ardian Prima Sari , Pristin Prima Sari, Pristin Pristin Prima Sari Pristin Prima Sari Pristin Prima Sari Pristin Prima Sari Pristin Prima Sari Pristin Prima Sari Pristin Primasari Puspasari, Chintya Anggraini Putra, Ardian Prima Putra, Ardian Prima Putri, Aqilla Tauhidta Arla Putri, Meyzia Irestia Putri, Ulan Lestiana Rafael Erasdio Raharjo, Anisyah Rahayu Setiasri Rahayu Setiasri Rakotoarisoa Maminaina Heritiana Sedera Raras Ayu Puspitasari Ratih Kusumawardani Ratih Kusumawardhani Ratih Kusumawardhani Ratih Kusumawardhani Ratih Kusumawardhani Ratih Kusumawardhani Ratih Kusumawardhani Ratna Dwi Astuti Resti Gustika Retno Dwi Pangesti Retnodamayanti, Silvia Ria Rahmawati Rindi Silvine Aprilia Riyana, Nita Rizka Dwi Aryati Roma, Heribetus Boli Romadhany, Desvyana Sahid Sahid Salma Andhika Puteri Sandika, Eugenius Flaviano Sangadji, Nursania Saputri, Ariska Rukma Sari, Pristin Prima Sari, Risa Puspita Savira, Betris Ardhea Selfi Anggraini Sherfina Tabatini Evany Shintya Nurhanifah Firdaus Singgih Prasetianto Soni Kurniawan Sri Hermuningsih Sri Hermuningsih Titi Juliani Tri Nurhayati Ulan Lestiana Putri Utami, Cindy Rahmawati Putri Vionita Winda Mukti Wahyudi, Renaldi Dwi Weny Fitria Wibowo, Indra Ayu Aninda Widyastuti, Meita Lulut Wiji Astuti Winata, Wulan Yerlin Claudia Sarewo Yola Astari Zakiah, Nur