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All Journal Jurnal Akuntansi dan Perpajakan Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Jurnal EMT KITA Journal of Economic, Bussines and Accounting (COSTING) OIKOS: Jurnal Kajian Pendidikan Ekonomi dan Ilmu Ekonomi Equity: Jurnal Ekonomi Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis JAKA (Jurnal Akuntansi, Keuangan dan Auditing) Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Jurnal Indonesia Sosial Sains International Journal of Management Research and Economics Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam International Journal of Economics, Management and Accounting Journal of Ekonomics, Finance, and Management Studies Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis
Fakhmi Zakaria
Universitas Dian Nuswantoro
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Springate Model to Analyze Liquidity, Leverage, and Profitability Ratios Toward Financial Distress Shafira Ayu Rachmawati; Lenni Yovita; Diana Puspitasari; Fakhmi Zakaria
International Journal of Economics, Management and Accounting Vol. 2 No. 3 (2025): International Journal of Economics, Management and Accounting
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijema.v2i3.711

Abstract

This study systematically analyses the predictive ability financial ratios have in relation to the emergence of financial distress among non-cyclical companies on the Indonesia Stock Exchange during the period 2020-2023. Secondary data was collected from a sample of 151 secondary data companies listed on the Indonesia Stock Exchange, spanning the years from 2020 to 2023. In order to ascertain the relationship between the independent variables (X1, X2, X3) and the dependent variable, Multiple Linear Regression models are utilised by employing the Eviews calculation application. As a model, the Springate model is employed, which is used to measure financial distress. The financial ratios selected for analysis encompass the liquidity ratio, the leverage ratio, and the profitability ratio. The findings of this study suggest that the profitability ratio exerts a substantial positive effect, or a moderate effect, on the phenomenon of financial distress. In contrast, the liquidity ratio and leverage ratio demonstrate an absence of statistically significant influence on the phenomenon of financial distress. Extensive analysis of the results indicates that financial distress, as measured by Springate, does not exert a substantial influence on the findings obtained from this study. The incorporation of diverse samples and models in subsequent studies is likely to introduce variations into the research outcomes.
Financial Performance Analysis of PT Ramayana Lestari Sentosa Tbk. 2018-2022 Period Anggi Permata Sari; Della Christine Parhusip; Fakhmi Zakaria; Haunan Damar; Roymon Panjaitan
International Journal of Management Research and Economics Vol. 2 No. 1 (2024): February : International Journal of Management Research and Economics
Publisher : Institut Teknologi dan Bisnis (ITB) Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54066/ijmre-itb.v2i1.1656

Abstract

This research analyzes the financial performance of PT. Ramayana Lestari Sentosa Tbk. during the 2018-2022 period using quantitative and descriptive analysis methods with liquidity, profitability, solvency, and activity ratios. The results show: 1) The liquidity ratio indicates a liquid condition throughout the period, despite a decrease in 2020. 2) Profitability ratios show a less profitable condition although the company generates profits, it hasn't reached previous year's figures. 3) Solvency ratios depict a manageable condition, despite an increase in 2020. 4) Activity ratios indicate a good condition as the company effectively utilizes its current assets to generate profits. In conclusion, the financial performance of PT. Ramayana Lestari Sentosa Tbk. is considered healthy as it quickly improves its financial performance, as evidenced by the calculated ratios.
FINANCIAL RATIO ANALYSIS OF PT WIJAYA KARYA (PERSERO) TBK. DURING THE COVID-19 PANDEMIC (2020-2022) TO DETERMINE THE IMPACT OF THE PANDEMIC ON THE COMPANY'S FINANCIAL PERFORMANCE Naufal Nurrohmat; Ikhsan Bagaskoro; Abdillah Khakim; Rizqi Fadhilah Nur Rohman; Fakhmi Zakaria
Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis Vol. 4 No. 1 (2024): Maret : Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis
Publisher : Pusat Riset dan Inovasi Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jaemb.v4i1.2864

Abstract

A significant decrease in profit was experienced by PT Wijaya Karya (Persero) Tbk during the Covid-19 pandemic in Indonesia, which decreased by 33.48% in 2021 and decreased by 94.13% in 2022. However, company performance cannot be measured by profit levels alone. Descriptive analysis using financial ratios such as liquidity ratios, solvency ratios, activity ratios, and profitability ratios is the basis of this research. It is concluded that the company's performance during the pandemic is not good, if the resulting financial ratio analysis is compared to the industry average standard. Average current ratio is still far below industry standards, which is 106% compared to 200%. Average quick ratio is still far below the industry standard, which is 78% compared to 150%. Average cash ratio is still far below industry standards, which is 23% compared to 50%. Average debt to equity ratio shows a value far above the industry standard, which is 312% compared to 90%, even exceeding the maximum debt to equity ratio limit of 200%. Average debt to asset ratio shows a value far above the industry standard, which is 76% compared to 35%. Average total asset turnover is still far below the industry standard, which is 0.26 times compared to 2 times. Average fixed asset turnover is still far below the industry standard, which is 2.60 times compared to 5 times. Average NPM is still far below the industry standard, which is 1.07% compared to 20%. Average ROE is far below the industry standard, at 1.08% compared to 40%.
ANALISIS HORIZONTAL TERHADAP KINERJA KEUANGAN PT.DELTA DJAKARTA TBK. PERIODE 2022 – 2023 TRIWULAN II Anggita Arsyikirani; Khanza Monica Salsabila; Shafira Ayu Rachmawati; Tanaesya Suhendro; Fakhmi Zakaria
Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis Vol. 4 No. 1 (2024): Maret : Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis
Publisher : Pusat Riset dan Inovasi Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jaemb.v4i1.2865

Abstract

This article aims to conduct a financial ratio analysis at PT. Delta Jakarta Tbk., a company listed on the Indonesia Stock Exchange, during the second quarter of 2022-2023. Financial ratio analysis is an important approach in evaluating a company's financial performance, providing a comprehensive picture of the sustainability and operational efficiency of the company. This research methodology involves collecting financial data from the quarterly financial statements of PT. Delta Jakarta Tbk. during the period 2022-2023. The financial ratios analyzed include liquidity ratios, profitability ratios, solvency ratios, and activity ratios. This data is then analyzed to identify trends, strengths, and potential risks that might affect a company's financial performance. The results of this analysis are expected to provide in-depth insight into the financial condition of PT. Delta Jakarta Tbk. as well as providing a better outlook to stakeholders, including investors, financial analysts and company management. This article can also be an important reference for financial researchers and practitioners who are interested in understanding the financial performance of companies in the Indonesian capital market.
Dampak Literasi Keuangan, Overconfidence, dan Availability Bias terhadap Keputusan Investasi: Peran Moderasi Persepsi Risiko Naila Syakirotul Rizqiyah; Fakhmi Zakaria; Vicky Oktavia; Almira Santi Samasta
Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis Vol. 6 No. 1 (2026): Maret : Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis
Publisher : Pusat Riset dan Inovasi Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jaemb.v6i1.10316

Abstract

This research examines the factors that shape investment decision-making in the capital markets within Generation Z members of investment communities in Central Java, focusing on the variables of financial literacy, overconfidence, and availability bias, as well as risk perception as a moderating variable. This present research utilized a quantitative design, collecting primary data from respondents through an online questionnaire. The analysis method applied is SEM-PLS with aid of SmartPLS software version 4, encompassing the outer and inner models. The findings reveal that financial literacy and overconfidence have a positive significance influence on investment decisions, while availability bias does not show any significant influence. Furthermore, the interaction of risk perception in moderating the relationship between overconfidence and investment decisions was found to be significantly negative, whereas the interaction of risk perception on the relationship between availability bias and investment decisions demonstrates a positive significant effect.
Pengaruh Faktor Internal dan Eksternal Terhadap Harga Saham Subsektor Semen Ayu Rizky Yuniar; Pradana Jati Kusuma; Maria Safitri; Fakhmi Zakaria
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 4 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i4.11611

Abstract

This study examines the determinants of share prices of companies in the cement sub-sector on the Indonesia Stock Exchange (IDX), focusing on internal and external factors during the period 2020–2024. The internal factors analysed include the Debt to Equity Ratio (DER), Current Ratio (CR), and company age (AGE), while external factors include interest rates and Gross Domestic Product (GDP). The research method used is a quantitative approach based on secondary data sourced from the IDX, companies' annual financial reports, and statistical data released by the Central Statistics Agency (BPS). The research sample includes six cement sub-sector companies determined through purposive sampling, resulting in 120 quarterly panel data observations. The assessment was conducted using panel data regression with a Fixed Effect Model (FEM) selected from the Chow test and Hausman test, supported by classical assumption testing and hypothesis testing. The results of the study reveal that all independent variables simultaneously have a significant effect on stock prices. Individually, CR has a positive and significant effect, while AGE has a negative and significant effect on stock prices. Meanwhile, DER and interest rates produce an insignificant negative relationship, and GDP has a positive but insignificant effect. This study reveals that the movement of cement sub-sector stock prices can be explained by the interaction of internal and external factors, with liquidity and company age as the main determinants in conditions of overcapacity and macroeconomic uncertainty.
FAKTOR-FAKTOR YANG MEMPENGARUHI GEN Z DALAM MENGGUNAKAN PEMBAYARAN DIGITAL QRIS (STUDI PADA MAHASISWA DI KOTA SEMARANG) Muhammad Nalal Izza; Fakhmi Zakaria; Bara Zaretta; Amalia Nur Chasanah
Journal of Economic, Bussines and Accounting (COSTING) Vol. 9 No. 1 (2026): 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/vctcjv23

Abstract

ABSTRAK Kajian ini dimaksudkan untuk mengevaluasi dampak persepsi kemudahan, kegunan, keamann dan literasi keuangan terhadap pilihan mahasiswa dalam memanfaatkan layanan pembayaran QRIS tepatnya di Kota Semarang Untuk menganalisis pengaruh tersebut melalui pendekatan model Unified Theory Of Acceptance And Use Of Technology (UTAUT). Studi ini menerapkan pendekatan kuantitatif yang berfokus pada mahasiswa di Kota Semarang yang menggunakan pembayaran QRIS. Penelitian ini populasi mahasiswa di Kota Semarang dan mendapatkan sampel dari rumus slovin 105 partisipan. Informasi yang dikumpulkan mencakup informasi awal yang dihimpun lewat kuesioner yang dievaluasi menggunakan skala Likert. Pengolahan data dilakukan dengan dengan teknik SEM parsial least squares (PLS). Hasil yang menunjukkan bahwa keamanan tidak berdampak besar terhadap niat mahasiswa Semarang dalam menggunakan QRIS. Hasil pada variabel persepsi kemudahan, persepsi kegunaan dan literasi keuangan menandakan bahwa ketiganya berdampak positif dan berarti terhadap minat mahasiswa di kota Semarang menggunakan pembayaran QRIS. Penelitian ini faktor penting yang saling terkait dalam meningkatkan penerapan dan efektivitas transaksi digital di mahasiswa. Penelitian ini terletak pada penggabungan model UTAUT dengan variabel literasi keuangan dalam konteks mahasiswa di Kota Semarang, yang sebelumnya belum banyak dikaji.
Pengaruh Financial Literacy, Financial Attitude, dan Self-Control Terhadap Financial Well-Being pada Generasi Z di Era Digital: Studi Kasus pada Generasi Z Berpenghasilan di Kota Semarang Adistyana Mardhyatus Sholihah; Amalia Nur Chasanah; Dwi Eko Waluyo; Fakhmi Zakaria
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 5 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i5.11888

Abstract

Financial well-being among Generation Z, who already have income, has become an increasingly significant issue with the development of digital technology, which offers ease of transactions, but also has the potential to trigger consumptive behavior due to low levels of financial literacy, YOLO and FOMO mindsets, and high use of digital financial services. This study aims to analyze the influence of Financial Literacy, Financial Attitude, and Self-Control on the financial well-being of Generation Z, who have income in Semarang City. This study used a quantitative approach with a survey method of 100 respondents selected through purposive sampling. Data were collected using a Likert-scale questionnaire and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with the assistance of the SmartPLS 4.0 program. The results show that Financial Literacy, Financial Attitude, and Self-Control have a positive and significant effect on the financial well-being of Generation Z. This study concludes that good financial literacy, the development of effective financial attitudes, and strengthening self-control in the use of digital financial services are important factors for Generation Z to achieve sustainable financial well-being.
Peran Love of Money, Financial Attitude, dan Financial Self-Efficacy terhadap Pengelolaan Keuangan Mahasiswa yang Berwirausaha di Kota Semarang Monica Dwi Handayani; Diana Puspitasari; Dian Prawitasari; Fakhmi Zakaria
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 1 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i1.10339

Abstract

The growth of student entrepreneurship in Semarang City has not been fully accompanied by adequate financial management capabilities. Financial record-keeping problems, particularly the inability to separate personal and business finances, remain prevalent and tend to increase, potentially hindering the sustainability of student-owned MSMEs.  This study aims to examine the effects of Financial Attitude, Financial Self-Efficacy, and Love of Money on the financial management of student entrepreneurs in Semarang City. A quantitative approach with a survey method was employed, involving 182 student entrepreneurs selected through purposive sampling. Data were collected using a Likert-scale questionnaire and analyzed with Structural Equation Modeling–Partial Least Square (SEM-PLS) using SmartPLS 4. The results indicate that Financial Attitude, Financial Self-Efficacy, and Love of Money have a positive and significant effect on students’ financial management. The R-square value of 0.670 demonstrates the model’s ability to explain variations in financial management. In conclusion, psychological financial factors play an important role in improving financial management among student entrepreneurs.
Pengaruh Faktor Internal dan Eksternal Terhadap Harga Saham Subsektor Semen Ayu Rizky Yuniar; Pradana Jati Kusuma; Maria Safitri; Fakhmi Zakaria
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 4 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i4.11611

Abstract

This study examines the determinants of share prices of companies in the cement sub-sector on the Indonesia Stock Exchange (IDX), focusing on internal and external factors during the period 2020–2024. The internal factors analysed include the Debt to Equity Ratio (DER), Current Ratio (CR), and company age (AGE), while external factors include interest rates and Gross Domestic Product (GDP). The research method used is a quantitative approach based on secondary data sourced from the IDX, companies' annual financial reports, and statistical data released by the Central Statistics Agency (BPS). The research sample includes six cement sub-sector companies determined through purposive sampling, resulting in 120 quarterly panel data observations. The assessment was conducted using panel data regression with a Fixed Effect Model (FEM) selected from the Chow test and Hausman test, supported by classical assumption testing and hypothesis testing. The results of the study reveal that all independent variables simultaneously have a significant effect on stock prices. Individually, CR has a positive and significant effect, while AGE has a negative and significant effect on stock prices. Meanwhile, DER and interest rates produce an insignificant negative relationship, and GDP has a positive but insignificant effect. This study reveals that the movement of cement sub-sector stock prices can be explained by the interaction of internal and external factors, with liquidity and company age as the main determinants in conditions of overcapacity and macroeconomic uncertainty.
Co-Authors Abdillah Khakim Abdillah Khakim Adelia Dwi Setyaningrum Adistyana Mardhyatus Sholihah Almira Santi Samasta Almira Santi Samasta Amalia Nur Chasanah Ana Kadarningsih Kadarningsih Anggi Permata Sari Anggita Arsyikirani Anggita Arsyikirani Ariati Anomsari Ayu Rizky Yuniar Bara Zaretta Damar, Haunan Della Christine Parhusip Dian Prawitasari Diana Aqmala Diana Puspitasari Dwi Eko Waluyo Edna Iyyana Mizkiya Fariza Amalia Finishia Malihah Hisyam Grazella Bella Pradanti Handy Nur Cahya Ikhsan Bagaskoro Ikhsan Bagaskoro Izha Rachma Navila Khanza Monica Salsabila Khanza Monica Salsabila Klarisa Widiana Pratiwi Krisna Kurniawan Krisna Yunantha Putra Ariyadi Lenni Yovita M Ainun Naim Maria Safitri Mochammad Eric Suryakencana Wibowo Monica Dwi Handayani Muhammad Nalal Izza Nadia Salsabila Naila Syakirotul Rizqiyah Naufal Nurrohmat Naufal Nurrohmat Oktoriza, Linda Ayu Pradana Jati Kusuma Rissa Anandita Rizqi Fadhilah Nur Rohman Rizqi Fadhilah Nur Rohman Roymon Panjaitan Shafira Ayu Rachmawati Shafira Ayu Rachmawati Suhita Whini Setyahuni Tanaesya Suhendro Tanaesya Suhendro Velyna Shofiyatun Nasikhah Vicky Oktavia