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All Journal Jurnal Akuntansi dan Perpajakan 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 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 Ekonomi, Manajemen, Akuntansi 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.
UPAYA PENINGKATAN KESADARAN MEREK UNIQLO PADA GENERASI Z Bella Pradanti, Grazella; Diana Aqmala; Mochammad Eric Suryakencana Wibowo; Fakhmi Zakaria
OIKOS: Jurnal Kajian Pendidikan Ekonomi dan Ilmu Ekonomi Vol 10 No 1 (2025): OIKOS: Jurnal Kajian Pendidikan Ekonomi dan Ilmu Ekonomi
Publisher : Universitas Pasundan

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

Abstract

Globalization and advances in the retail industry have driven the rapid growth of fast fashion in Indonesia, with Uniqlo as one of the major players. This research aims to analyze the influence of social media, product innovation, and brand collaboration on Uniqlo brand awareness among Generation Z in Semarang City. Using a quantitative approach, data was collected using a questionnaire with purposive sampling techniques from 121 Generation Z respondents in Semarang City who are Uniqlo product users. The results of the study show that social media has a positive and significant effect on brand awareness, product innovation has a positive and significant effect on brand awareness, and brand collaboration has a positive and significant effect on brand awareness. Further research is recommended to compare the effectiveness of Instagram and TikTok social media in building brand awareness and to examine differences in consumer behavior across cities and generations. The results of this study are expected to serve as a reference for Uniqlo in improving its marketing strategies, product innovation, and brand collaboration so that brand awareness can be optimized among Generation Z.
ANALISIS RETURN ON ASSETS (ROA), EARNINGS PER SHARE (EPS), DAN FINANCIAL DISTRESS TERHADAP HARGA SAHAM PERUSAHAAN MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2019 – 2023 Setyaningrum, Adelia Dwi; Maria Safitri; Pradana Jati Kusuma; Fakhmi Zakaria
OIKOS: Jurnal Kajian Pendidikan Ekonomi dan Ilmu Ekonomi Vol 10 No 1 (2025): OIKOS: Jurnal Kajian Pendidikan Ekonomi dan Ilmu Ekonomi
Publisher : Universitas Pasundan

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

Abstract

Pada era pertumbuhan pesat industri makanan dan minuman di Indonesia, fluktuasi harga saham menjadi indikator penting dalam menilai kinerja perusahaan. Penelitian ini bertujuan untuk menganalisis pengaruh Return on Assets (ROA), Earnings Per Share (EPS), dan Financial Distress terhadap harga saham perusahaan subsektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2019–2023. Penelitian ini menggunakan teori Signaling sebagai landasan untuk menjelaskan pengaruh antarvariabel. Metode penelitian yang digunakan ialah pendekatan kuantitatif dengan analisis Structural Equation Modeling (SEM) melalui SmartPLS berdasarkan data sekunder laporan keuangan sebanyak 14 perusahaan. Hasil penelitian menunjukkan bahwa ROA tidak berpengaruh signifikan terhadap harga saham, EPS berpengaruh positif dan signifikan terhadap harga saham, dan Financial Distress berpengaruh positif signifikan terhadap harga saham. Disarankan bagi perusahaan untuk meningkatkan transparansi dan efektivitas pengelolaan aset serta penyampaian sinyal keuangan agar lebih mampu menarik kepercayaan investor di pasar modal.
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.
Implikasi ESG dan CSRDI Terhadap Nilai Perusahaan dengan Komitmen Publik sebagai Variabel Mediasi Pada Perusahaan Sektor Pertambangan Fatkhiyatul Azizah; Suhita Whini Setyahuni; Amalia Nur Chasanah; Fakhmi Zakaria
EKOMA : Jurnal Ekonomi, Manajemen, Akuntansi Vol. 5 No. 4: Mei 2026
Publisher : CV. Ulil Albab Corp

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56799/ekoma.v5i4.15890

Abstract

Penelitian ini bertujuan menganalisis pengaruh Environmental, Social, and Governance (ESG) dan Corporate Social Responsibility Disclosure Index (CSRDI) terhadap Nilai Perusahaan dengan Komitmen Publik sebagai variabel mediasi pada perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia periode 2019–2024. Studi menggunakan pendekatan kuantitatif kausal dengan data sekunder dari laporan tahunan dan keberlanjutan. Analisis dilakukan melalui statistik deskriptif, uji asumsi klasik, dan path analysis menggunakan SPSS 27.0. Kelayakan model diuji dengan koefisien determinasi (R2) serta uji Sobel untuk mengonfirmasi peran mediasi. Hasil menunjukkan nilai R2 sebesar 60,3% yang mengindikasikan kemampuan prediksi model tergolong kuat. ESG dan CSRDI terbukti berpengaruh positif dan signifikan terhadap Nilai Perusahaan pada taraf 5%. Keduanya juga berpengaruh signifikan dalam membangun Komitmen Publik sebagai bentuk legitimasi sosial. Analisis jalur memperlihatkan bahwa Komitmen Publik berperan sebagai full mediator, di mana pengaruh tidak langsung kinerja keberlanjutan terhadap nilai perusahaan melalui kepercayaan publik lebih dominan dibandingkan pengaruh langsung. Temuan ini menegaskan bahwa pada sektor pertambangan, investasi pada ESG dan CSR bukan sekadar biaya, melainkan strategi peningkatan nilai. Komitmen publik berfungsi sebagai mekanisme penyangga risiko yang dikonversi pasar menjadi peningkatan valuasi saham serta stabilitas ekonomi perusahaan.  
Co-Authors Abdillah Khakim Abdillah Khakim Adistyana Mardhyatus Sholihah Almira Santi Samasta Almira Santi Samasta Ana Kadarningsih Kadarningsih Anggi Permata Sari Anggita Arsyikirani Anggita Arsyikirani Ariati Anomsari Ayu Rizky Yuniar Bara Zaretta Bella Pradanti, Grazella Chasanah, Amalia Nur Damar, Haunan Della Christine Parhusip Dian Prawitasari Diana Aqmala Diana Puspitasari Dwi Eko Waluyo Edna Iyyana Mizkiya Fariza Amalia Fatkhiyatul Azizah Handy Nur Cahya Ikhsan Bagaskoro Ikhsan Bagaskoro Khanza Monica Salsabila Khanza Monica Salsabila Klarisa Widiana Pratiwi Lenni Yovita Maria Safitri Maria Safitri Mochammad Eric Suryakencana Wibowo Monica Dwi Handayani Muhammad Nalal Izza Naila Syakirotul Rizqiyah Naufal Nurrohmat Naufal Nurrohmat Oktoriza, Linda Ayu Pradana Jati Kusuma Pradana Jati Kusuma Rissa Anandita Rizqi Fadhilah Nur Rohman Rizqi Fadhilah Nur Rohman Roymon Panjaitan Setyaningrum, Adelia Dwi Shafira Ayu Rachmawati Shafira Ayu Rachmawati Suhita Whini Setyahuni Tanaesya Suhendro Tanaesya Suhendro Velyna Shofiyatun Nasikhah Vicky Oktavia