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Perkembangan Profitabilitas Bank BUMN Berdasarkan Struktur Keuangan dan Kinerja Operasional Nadya Desti Amilya Putri; Bara Zaretta; Dian Prawitasari; Rudi Kurniawan
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 5 (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.v7i5.11776

Based on operational performance and financial structure, this study looks at how Indonesian state-owned banks have become more profitable. The study examines the impact of Debt to Asset Ratio, Firm Size, Non-Interest Income, Credit Risk, and Operating Efficiency on profitability as determined by Return on Assets (ROA) using quarterly data from 2021–2025. Both cross-sectional and time-series fluctuations are captured using a quantitative method with panel data regression. The findings reveal that while Debt to Asset Ratio and Credit Risk do not significantly affect ROA, Firm Size, Non-Interest Income, and Operating Efficiency do. These results imply that operational efficiency, revenue diversification, and scale advantages are more important drivers of profitability development in state-owned banks than leverage structure or credit risk circumstances..

Perkembangan Profitabilitas Bank BUMN Berdasarkan Struktur Keuangan dan Kinerja Operasional Nadya Desti Amilya Putri; Bara Zaretta; Dian Prawitasari; Rudi Kurniawan
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 5 (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.v7i5.11776

Based on operational performance and financial structure, this study looks at how Indonesian state-owned banks have become more profitable. The study examines the impact of Debt to Asset Ratio, Firm Size, Non-Interest Income, Credit Risk, and Operating Efficiency on profitability as determined by Return on Assets (ROA) using quarterly data from 2021–2025. Both cross-sectional and time-series fluctuations are captured using a quantitative method with panel data regression. The findings reveal that while Debt to Asset Ratio and Credit Risk do not significantly affect ROA, Firm Size, Non-Interest Income, and Operating Efficiency do. These results imply that operational efficiency, revenue diversification, and scale advantages are more important drivers of profitability development in state-owned banks than leverage structure or credit risk circumstances..

Peran Financial Literacy dalam Menjembatani Hubungan Antara Persepsi Risiko, Overconfidence dan Sosial Media Terhadap Keputusan Investasi Mahasiswa Marta Erin Anggraini; Diana Puspitasari; Rudi Kurniawan; Almira Santi Samasta
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 5 (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.v7i5.11782

This study aims to examine the influence of risk perception, overconfidence, and social media on students' investment decisions, with financial literacy as a mediating variable. Using a quantitative explanatory method, primary data were collected through a courage questionnaire from students who have experience or basic knowledge of investing. Partial Least Squares Structural Equation Modeling (PLS-SEM) was used for analysis. The results showed that risk perception, overconfidence, and social media had a positive and significant impact on students' investment decisions. Financial literacy was also shown to have a positive and significant influence on investment decisions and was able to mediate the influence of the three variables. These findings reinforce the importance of financial literacy in helping students manage behavioral biases and filter digital information, thus enabling more rational and targeted investment decision-making. This research contributes to the development of behavioral finance studies in the context of student investment behavior in the digital era.

Peran Celebrity Endorsment, Kontrol Diri dan Literasi Ekonomi Terhadap Perilaku Belanja Implusive Generasi Z pada Platform Digital: Studi Mahasiswa Semester Rendah Universitas Dian Nuswantoro Semarang Insanul Syakiroh; Rudi Kurniawan; Suhita Whini Setyahuni
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 7 (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.v7i7.12109

This study aims to examine and analyze the influence of celebrity endorsement, self-control, and economic literacy on impulsive buying behavior among Generation Z university students on digital platforms. The novelty of this research lies in the combination of these three variables tested simultaneously, as previous studies have generally focused on only one or two variables separately. The population of this study includes all active students of Universitas Dian Nuswantoro Semarang. The sampling technique used is purposive sampling, with the criteria that respondents are early-semester students (semester 1 and 3), actively use social media and e-commerce platforms, and have experience in making online purchases. The total sample size in this study is 157 respondents. Data were collected through a questionnaire based on a Likert scale and analyzed using the Partial Least Square (PLS) approach to examine the relationships between variables. The results show that all three variables—celebrity endorsement, self-control, and economic literacy—have a significant effect on impulsive buying behavior. Among them, celebrity endorsement has the strongest influence in driving spontaneous purchasing decisions. This study highlights that both social influence and individuals’ ability to control themselves, along with their understanding of economic concepts, play a crucial role in shaping students’ consumption behavior in the digital era.

Peran Celebrity Endorsment, Kontrol Diri dan Literasi Ekonomi Terhadap Perilaku Belanja Implusive Generasi Z pada Platform Digital: Studi Mahasiswa Semester Rendah Universitas Dian Nuswantoro Semarang Insanul Syakiroh; Rudi Kurniawan; Suhita Whini Setyahuni
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 7 (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.v7i7.12109

This study aims to examine and analyze the influence of celebrity endorsement, self-control, and economic literacy on impulsive buying behavior among Generation Z university students on digital platforms. The novelty of this research lies in the combination of these three variables tested simultaneously, as previous studies have generally focused on only one or two variables separately. The population of this study includes all active students of Universitas Dian Nuswantoro Semarang. The sampling technique used is purposive sampling, with the criteria that respondents are early-semester students (semester 1 and 3), actively use social media and e-commerce platforms, and have experience in making online purchases. The total sample size in this study is 157 respondents. Data were collected through a questionnaire based on a Likert scale and analyzed using the Partial Least Square (PLS) approach to examine the relationships between variables. The results show that all three variables—celebrity endorsement, self-control, and economic literacy—have a significant effect on impulsive buying behavior. Among them, celebrity endorsement has the strongest influence in driving spontaneous purchasing decisions. This study highlights that both social influence and individuals’ ability to control themselves, along with their understanding of economic concepts, play a crucial role in shaping students’ consumption behavior in the digital era.

Pengaruh Perputaran Kas, Piutang, Persediaan, Siklus Konversi Kas, dan Perputaran Aktiva Tetap Terhadap Profitabilitas pada Perusahaan Sub Sektor Farmasi yang Terdaftar di Bursa Efek Indonesia Periode 2020-2024. Kurnia Tri; Rudi Kurniawan; Linda Ayu Oktoriza; Diana Puspitasari
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.v7i1.10491

The purpose of this study is to examine how the profitability (ROA) of pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange between 2020 and 2024 is affected by cash turnover, accounts receivable turnover, inventory turnover, cash conversion cycle, and fixed asset turnover. The research is conducted to determine how the effectiveness of working capital management and asset utilization contributes to enhancing a company’s financial performance, particularly in producing profit. Using secondary data from pharmaceutical companies' yearly financial statements, this study employs a quantitative methodology. Purposive sampling was used to pick the sample, which included 13 businesses with 65 observations during a five-year period. Descriptive statistical analysis and traditional assumption tests are among the tests. Using SPSS 26's multiple linear regression analysis to look at how each independent variable affects profitability. The findings demonstrate that the cash conversion cycle, inventory turnover, and accounts receivable turnover all significantly and favorably impact profitability. In contrast, monetary turnover and fixed asset turnover do not demonstrate a substantial influence. Concurrently, the model's five variables are shown to have a considerable impact on profitability, with an R2 value of 0.523, which indicates that these factors account for 52.3% of the variation in profitability. These data demonstrate that the effectiveness of managing receivables, inventory, and the cash cycle plays an essential role in boosting the profitability of pharmaceutical firms.

Analisis Pengaruh Faktor Fundamental dan Makroekonomi terhadap Harga Saham Subsektor Makanan dan Minuman yang terdaftar di Bursa Efek Indonesia periode tahun 2020-2024 dengan Inflasi sebagai Variabel Moderasi Dina Destia Laila Safitri; Pradana Jati Kusuma; Suhita Whini Setyahuni; Rudi Kurniawan
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.v7i1.10989

This study examines the effect of fundamental factors (ROA, DER, CR, PBV, EPS) and macroeconomic factors (exchange rates, interest rates) on stock prices of food and beverage companies listed on the Indonesia Stock Exchange during 2020–2024, with inflation as a moderating variable. Using a quantitative approach and secondary data from financial statements and macroeconomic sources, the sample comprises 20 companies (100 observations). Results show that EPS and PBV have a positive and significant effect on stock prices, while ROA, DER, CR, exchange rates, and interest rates are not significant. Inflation moderates the relationship between ROA and PBV with stock prices, but not for other variables. The findings indicate that profitability and market valuation are the main factors considered by investors, while inflation plays a selective role.

Peran Leverage dalam Memediasi Hubungan Current Ratio dan Inflasi Terhadap Kinerja Keuangan pada Perusahaan Manufaktur Non-Cyclical yang Terdaftar di Bursa Efek Indonesia Periode 2021-2024 Lia Nur Hidayati; Diana Puspitasari; Rudi Kurniawan; Amalia Nur Chasanah
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 3 (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.v7i3.11072

This research looks at how Indonesian non-cyclical manufacturing businesses financial operations are affected by inflation and liquidity, using leverage as a mediating variable. The study sample consists of 77 companies listed on the Indonesian Stock Exchange for the years 2021–2024. Secondary data is analyzed using the PLS-SEM method. This study focuses on the relationship between inflation and financial performance through the use of leverage. The research findings indicate that liquidity (Current Ratio) has a negative and significant impact on financial performance, whereas inflation and leverage do not. Additionally, leverage does not address the relationship between inflation and liquidity with regard to financial performance. This indicates that excessive liquidity might reduce business efficiency. In order to obtain more comprehensive results, subsequent research is advised to increase sample size and incorporate more variables.

Pengaruh Financial Literacy, Self-Control, dan Sikap Keuangan terhadap Perilaku Pengelolaan Keuangan Pribadi pada Penggemar Musik Hindia Kota Semarang Nabilla Oktafiana Putri; Linda Ayu Oktoriza; Suhita Whini Setyahuni; Rudi Kurniawan
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 3 (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.v7i3.11296

The purpose of this study is to determine how Indian music fans in Semarang manage their personal finances, taking into account their knowledge, self-control, and perspectives on finance.. This research was conducted using a quantitative method through an online survey of 160 respondents who met the criteria. Measurement models and structural models were tested to analyze the data using SmartPLS. The results of the study indicate that the three independent variables have a positive and significant influence on how individuals manage their finances. The highest f2 value (0.241) and the highest T-statistic value (5.862) indicate that financial attitude is the dominant factor among the three variables. Approximately 56.6% of the differences in financial management behavior can be attributed to the research model, while the remaining variables outside the model influence it. The results show that young people who frequently attend concerts and entertainment activities have more conscious financial behavior, especially those with good financial knowledge, self-control, and a positive attitude toward finance. This study recommends community-based financial education to help music fans manage their expenses better.

Reaksi Pasar Modal Indonesia terhadap Pergantian Menteri Keuangan Baru: Analisis Event study pada Perusahaan yang Terdaftar dalam LQ45. Kania Ilma Wisada; Riki Fahmi; Amalia Nur Chasanah; Vicky Oktavia; Rudi Kurniawan
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 8 (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.v7i8.12703

The change of the Minister of Finance has the potential to create uncertainty that could affect the capital market response. This study aims to analyze the Indonesian capital market's reaction to the change of the Minister of Finance in 2025 using an event study approach. The study sample consisted of 45 companies included in the LQ45 index with observation periods of 7, 14, and 30 days before and after the event. The variables used included abnormal returns, trading volume activity, and security return variability. Data analysis was performed using the Shapiro-Wilk normality test and the Wilcoxon signed-rank test. The results showed no significant differences in abnormal returns, trading volume activity, or security return variability across the observation periods. This finding indicates that the change of the Minister of Finance in 2025 did not generate a significant market reaction, either in terms of changes in stock returns, trading activity, or stock volatility. Therefore, information regarding the change of the Minister of Finance does not contain information content strong enough to significantly influence investor decisions in the Indonesian capital market.

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