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All Journal Jurnal Maneksi (Management Ekonomi Dan Akuntansi) SINERGI: Jurnal Ilmiah Ilmu Manajemen OIKOS: Jurnal Kajian Pendidikan Ekonomi dan Ilmu Ekonomi JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi) JAKA (Jurnal Akuntansi, Keuangan dan Auditing) Paradoks : Jurnal Ilmu Ekonomi Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam The Journal of Community Empowerment and Sustainability Services
Rudi Kurniawan
Fakultas Ekonomi Dan Bisnis Universitas Dian Nuswantoro Semarang
Agriculture, Biological Sciences & Forestry Civil Engineering, Building, Construction & Architecture Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Industrial & Manufacturing Engineering Social Sciences

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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

Abstract

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

Abstract

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

Abstract

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

Abstract

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.
Peran Literasi Keuangan Digital, Pendidikan, Sikap Keuangan, dan Pendapatan Terhadap Pengelolaan Keuangan Generasi Sandwich di Kabupaten Indramayu Rosita Rosita; Pradana Jati Kusuma; Rudi Kurniawan; Amalia Nur Chasanah
JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi) Vol. 12 No. 3 (2026): Juni 2026
Publisher : Lembaga Komunitas Informasi Teknologi Aceh (KITA), Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35870/jemsi.v12i3.6674

Abstract

The phenomenon of the sandwich generation is increasingly prominent in Indramayu Regency with the increasing burden on the family economy and the development of digital financial services. This generation is at a productive age but has to bear the needs of two generations at once, so financial management skills are very crucial. This study aims to examine the influence of the role of digital financial literacy, education, financial attitudes, and income on the management of the sandwich generation in Indramayu Regency . This study applied a quantitative approach with purposive sampling technique on 115 respondents after screening. Data was collected through a Likert scale questionnaire and analyzed using the Partial Least Squares – Structural Equation Modeling (PLS-SEM) method with the help of SmartPLS 4. The results of the study explained that financial attitudes and income have a positive and significant effect on financial management. In contrast, digital financial literacy and education did not show a significant influence. The R-Square value of 0.592 explains that the model has moderate explanatory ability. These findings indicate that behavioral factors and actual economic conditions determine the quality of financial management of the sandwich generation more than formal knowledge and digital literacy.
PENGARUH STRUKTUR MODAL, PROFITABILITAS, GOOD CORPORATE GOVERNANCE TERHADAP HARGA SAHAM PADA PERUSAHAAN SEKTOR INFRASTUKTUR Fandy Jonathan; Maria Safitri; Vicky Oktavia; Rudi Kurniawan
Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Vol. 14 No. 2 (2025): Jurnal Maneksi (Management Ekonomi Dan Akuntansi)
Publisher : Politeknik Negeri Ambon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31959/jm.v14i2.2991

Abstract

Introduction: This study aims to analyze the effect of Capital Structure, Profitability, and Good Corporate Governance on stock prices. Methods: This study uses a quantitative research method, where data is obtained through the 2021 to 2023 financial reports of infrastructure and transportation sector companies listed on the Indonesia Stock Exchange. The data is processed using the IBM SPSS Statistics program. Results: The results of this study indicate that Capital Structure has a positive effect on stock prices. Profitability has a positive effect on stock prices, and Good Corporate Governance has a positive effect on stock prices, which can be seen from the multiple linear regression test with a positive role in each variable from capital structure, profitability, and institutional ownership to stock prices. Which can be concluded that capital structure, profitability, and good corporate governance have a positive effect on stock prices.. Keywords: Capital structure, Profitability, Good Corporate Governance, Stock Price
PENGARUH RETURN ON ASSET (ROA), DEBT TO EQUITY RATIO (DER) DAN EARNING PER SHARE (EPS) TERHADAP HARGA SAHAM PADA PERUSAHAAN SEKTOR BASIC MATERIALS YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2021–2025 Thalia Putri Prihabsari; Almira Santi Samasta; Maria Safitri; Rudi Kurniawan
Jurnal Maneksi Vol. 15 No. 3 (2026): Jurnal Maneksi (Management Ekonomi Dan Akuntansi)
Publisher : Politeknik Negeri Ambon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31959/jm.v15i3.4036

Abstract

Introduction: This study aims to examine the role of Return on Assets (ROA), Debt to Equity Ratio (DER), and Earnings per Share (EPS) in explaining stock price movements of Basic Materials companies listed on the Indonesia Stock Exchange over the 2021-2025 period. Stock prices reflect investors' responses to a company's financial performance, which is assessed based on information disclosed in annual financial reports. Previous studies have reported inconsistent findings regarding the effects of ROA, DER, and EPS on stock prices, indicating the need for further investigation.Methods: This study employed a quantitative research approach using secondary data obtained from annual financial statements and annual closing stock prices. The sample consisted of 75 companies selected through purposive sampling, resulting in 375 balanced panel observations. Panel data regression analysis was conducted using the Fixed Effect Model (FEM), which was selected based on the Chow and Hausman tests. To address heteroscedasticity, the estimation was performed using the Period Seemingly Unrelated Regression (SUR) method.Results: The results indicate that ROA and EPS have a positive and significant effect on stock prices, whereas DER has no significant effect. Simultaneously, ROA, DER, and EPS significantly influence stock prices. The model explains approximately 77% of the variation in the stock prices of Basic Materials companies.Conclusion and suggestion: This study demonstrates that profitability information carries greater weight than leverage in explaining investors' responses to Basic Materials companies. Strengthening asset productivity and maintaining sustainable earnings may therefore contribute to higher investor confidence and firm value. Expanding future analyses to include broader industry coverage, longer time horizons, and additional firm-specific and macroeconomic factors would improve the generalizability of the results. Keywords: ROA, DER, EPS, Stock Price, Basic Materials Sector
KETERKAITAN KEPEMILIKAN DAN UKURAN PERUSAHAAN TERHADAP ESG DAN NILAI PERUSAHAAN HARTINA; Amelia Nur Chasanah; Rudi Kurniawan; Diana Puspitasari
OIKOS: Jurnal Kajian Pendidikan Ekonomi dan Ilmu Ekonomi Vol 10 No 2 (2026): OIKOS: Jurnal Kajian Pendidikan Ekonomi dan Ilmu Ekonomi
Publisher : Universitas Pasundan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23969/oikos.v10i2.48886

Abstract

This study aims to examine the influence of ownership and company size on ESG and firm value. The research was motivated by a 2022 report by the Mandiri Institute, which revealed that investment in companies implementing ESG principles shows a strong upward trend. Although the trend continues to strengthen globally, ESG implementation in Indonesia is not yet widely implemented and still poses various challenges, particularly related to company operations that do not fully address ESG aspects. The quantitative research approach is based on statistical data generated through secondary data processing from companies' public annual reports. The subjects of this study were manufacturing companies listed on the Indonesia Stock Exchange (IDX) between 2022 and 2023. The findings indicate that institutional ownership and company size do not have a significant influence on ESG. Regarding firm value, foreign ownership is shown to have a positive and significant effect on firm value. Conversely, institutional ownership and company size do not show a significant effect on firm value. ESG does not have a significant effect on firm value. The results of the Sobel mediation test indicate that ESG is unable to mediate the effects of foreign ownership, institutional ownership, or company size on firm value.
Co-Authors Agung Prajanto Almira Santi Samasta Amalia Nur Chasanah Amelia Nur Chasanah Ariati Anomsari Bara Zaretta Dian Prawitasari Diana Aqmala Diana Puspitasari Dina Destia Laila Safitri Dyandra Fatikha Milan Erin Kristina Ermasanti Mahmudah Fandy Jonathan HARTINA Insanul Syakiroh Kania Ilma Wisada Kurnia Tri Lia Nur Hidayati Linda Ayu Oktoriza Maria Safitri Marta Erin Anggraini Masitha Fahmi Wardhani Mujib, Miftachul Nabilla Oktafiana Putri Nadiya Fikriyatuz Zakiyah Nadya Desti Amilya Putri Oktoriza, Linda Ayu Pradana Jati Kusuma Riki Fahmi Risanda Alirastra Budiantoro Rosita Rosita Sisca Dian Rahmawati Suhita Whini Setyahuni Thalia Putri Prihabsari Vicky Oktavia Vivi Gusfiani