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All Journal SEGMEN Jurnal Manajemen dan Bisnis Jurnal Akuntansi Bisnis Global Review of Islamic Economics and Business Jurnal Sinar Manajemen Journal of Economic, Bussines and Accounting (COSTING) SELAPARANG: Jurnal Pengabdian Masyarakat Berkemajuan Value: Jurnal Manajemen dan Akuntansi Al-Kharaj: Journal of Islamic Economic and Business EKONOMI, KEUANGAN, INVESTASI DAN SYARIAH (EKUITAS) Community Development Journal: Jurnal Pengabdian Masyarakat El-Qist : Journal of Islamic Economics and Business (JIEB) Journal La Bisecoman Manajemen dan Bisnis Sultra Journal of Economic and Business Eduvest - Journal of Universal Studies Journal of Management and Creative Business Journal of Economics and Management Scienties Volatilitas : Jurnal Manajemen Dan Bisnis Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Majapahit Journal of Islamic Finance dan Management Journal of Community Empowerment Business, Entrepreneurship, and Management Journal Jurnal Abdimas Mahakam
Agus Saur Utomo
Universitas Muhammadiyah Purworejo
Aerospace Engineering Agriculture, Biological Sciences & Forestry Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Medicine & Pharmacology Neuroscience Nursing Public Health Social Sciences Other

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Pengaruh Pertumbuhan Perusahaan, Leverage, dan Profitabilitas Terhadap Kebijakan Dividen: Studi pada Perusahaan Food and Beverage di Bursa Efek Indonesia (BEI) Tahun 2021-2024 Angel Mei Linda; Dwi Irawati; Agus Saur Utomo
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 8 (2025): 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.v7i8.9540

Abstract

The capital market plays a crucial role in supporting economic growth, particularly through investment activities carried out by both individual and institutional investors. Decisions regarding investment policies are influenced by several factors, including company growth, leverage level, and profitability. This paper focus on to examine the effect of company growth, leverage, and profitability on dividend policies among food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. Dividend policy is considered an essential aspect of corporate financial management, as it not only reflects the management’s strategy in distributing net income but also indicates the company’s performance and future prospects. This research employs a quantitative approach. The data were collected from the financial statements of food and beverage companies for the 2021–2024 period, which were obtained from the official websites of the respective companies and the official IDX website. The findings reveal that company growth has a negative but insignificant effect on dividend policy, leverage has a positive and significant effect, while profitability shows a negative and insignificant influence on dividend policy.
Stock Return Drivers in the Indonesian Sharia Capital Market: Evidence from Jakarta Islamic Index Bela Adi Tariya; Agus Saur Utomo; Ishak Ishak
Journal of Economics and Management Scienties Volume 8 No. 4, September 2026
Publisher : SAFE-Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37034/jems.v8i4.488

Abstract

This study investigates the key drivers of stock returns-specifically profitability, leverage, B/M ratio and firm size within the Indonesian sharia capital market context. This research adopts a quantitative methodology and applies panel data regression analysis using Eviews 12. The study relies on secondary data collected from the official publications of the Indonesia Stock Exchange and Yahoo Finance. The sample includes 11 firms listed on the Jakarta Islamic Index during the 2021-2024 period, selected through a purposive sampling technique. Quarterly observations were used, yielding a total of 176 observation. The results reveal that profitability exerts a positive and statistically significant influence on sharia stock returns. Debt ratios and firm size were found to have no significant influence on sharia stocks returns. Meanwhile, the price-to-book ratio has a significant negative effect on the returns of sharia stocks. The study offers a new theoretical contribution demonstrating that profitability information is a highly relevant tool that also serves as a signal (good news/bad news) for sharia investors in making investment decisions. Conversely, that variables of leverage and firm size were found not to be primary determinants in predicting stock returns. Sharia investors tend to focus more on a company’s growth prospects than on its fundamental value. Furthermore, the low level of leverage indicates that the restrictions on interest-based debt in the Jakarta Islamic Index (JII) effectively reduce agency problems, so that changes in debt ratios are no longer a primary consideration in investment decisions.
The Influence of Working Capital, Cash Turnover, and Receivables Turnover on the Profitability of PT Pegadaian Syariah Indonesia (2019-2023) Ekanitami Febriyanti; Intan Puspitasari; Agus Saur Utomo
Eduvest - Journal of Universal Studies Vol. 5 No. 4 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i4.50911

Abstract

This study examines the influence of working capital turnover, cash turnover, and receivables turnover on the profitability of PT Pegadaian Syariah Indonesia during the 2019–2023 period. As a Sharia-compliant financial institution, efficient financial management ensures liquidity, operational sustainability, and profitability. Despite existing research on these variables in conventional sectors, limited studies focus on Islamic financial institutions, creating a gap that this study aims to address. The research employs a quantitative approach, using secondary data from the company’s annual financial reports. Multiple linear regression analysis tests the relationship between the independent variables (working capital, cash, and receivables turnover) and the dependent variable (profitability, measured by Return on Assets, ROA). Findings reveal that all three variables significantly and positively impact profitability. Working capital turnover has the most substantial effect (coefficient: 0.325), followed by cash turnover (0.274) and receivables turnover (0.208). Efficient management of these components enhances operational efficiency, liquidity, and cash flow, thereby boosting profitability. The study underscores the importance of optimizing working capital, proactive cash management, and stricter receivables policies for PT Pegadaian Syariah Indonesia. It contributes to the literature on Islamic financial management and offers practical insights for improving profitability. Future research could expand by incorporating macroeconomic factors or comparative analysis with other Islamic financial institutions.
Pengaruh Disiplin Kerja dan Lingkungan Kerja Terhadap Kinerja: Studi pada Pegawai Dinas Perindustrian, Transmigrasi dan Tenaga Kerja Kabupaten Purworejo Khoirul Rohman; Hardin Hardin; Agus Saur Utomo
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.v7i3.11415

Abstract

Human resource management is believed to play a crucial role in an organization's competitive success. This role is greatly influenced by the participation of its employees, which must be optimally managed. Furthermore, human resource management is believed to enhance employee contributions to the organization, thereby achieving desired performance. Performance can be influenced by various factors, such as work discipline and the work environment. The purpose of this study was to examine the effect of work discipline on the performance of employees at the Department of Industry, Transmigration, and Manpower of Purworejo Regency, and the influence of the work environment on the performance of employees at the Department of Industry, Transmigration, and Manpower of Purworejo Regency. The population in this study was employees at the Department of Industry, Transmigration, and Manpower of Purworejo Regency. The sampling technique used purposive sampling, with 65 participants. Data collection used a questionnaire, which was tested for validity and reliability. Hypotheses were tested using multiple linear regression analysis. Based on the results of the research and discussion, it can be concluded that: work discipline has a positive and significant effect on the performance of employees of the Department of Industry, Transmigration and Manpower of Purworejo Regency, and the work environment has a positive and significant effect on the performance of employees of the Department of Industry, Transmigration and Manpower of Purworejo Regency.
Analisis Relative Strength Index pada Saham Perbankan dan Keputusan Investasi Nurul Fahmawati; Dwi Irawati; Agus Saur Utomo
Journal of Economics and Management Scienties Volume 8 No. 2, March 2026
Publisher : SAFE-Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37034/jems.v8i2.325

Abstract

Penelitian ini bertujuan menganalisis penggunaan Relative Strength Index (RSI) sebagai salah satu indikator analisis teknikal dalam mengambil keputusan investasi pada saham perbankan. Pasar modal menawarkan peluang keuntungan, tetapi juga risiko. Oleh karena itu, investor memerlukan alat untuk membantu mengidentifikasi tren harga dan momentum pasar. Studi ini menggunakan data historis harga saham dari beberapa perusahaan perbankan terkemuka yang terdaftar di Bursa Efek Indonesia (BEI) dan masuk index LQ45. Bank yang menjadi sampel dalam penelitian ini ada 5 bank yaitu : Bank Mandiri, Bank BNI, Bank BRI, Bank BTN, dan Bank BCA. Metodologi yang digunakan adalah analisis deskriptif kuantitatif, yang berfokus pada pergerakan RSI. Data harga saham harian dikumpulkan, lalu dihitung nilai RSI-nya. Selanjutnya, nilai RSI dibandingkan dengan pergerakan harga saham untuk mengidentifikasi sinyal jual (overbought) dan beli (oversold). Hasil penelitian menunjukkan bahwa penggunaan RSI dapat memberikan sinyal yang signifikan dalam memprediksi pembalikan tren harga saham. Namun, perlu dicatat bahwa RSI sebaiknya tidak digunakan sebagai satu-satunya dasar pengambilan keputusan, melainkan dikombinasikan dengan indikator lain, seperti volume perdagangan dan analisis fundamental, untuk hasil yang lebih optimal.
PENGARUH KEMAMPUAN KERJA, LINGKUNGAN KERJA DAN MOTIVASI KERJA TERHADAP KINERJA KARYAWAN (STUDI PADA KARYAWAN TOKO EMAS SAMBAS PURWOREJO) Habibi Fadhil Syahbal; Susi Widjajani; Agus Saur Utomo
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 4 (2025): 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/xkr7ag54

Abstract

In an increasingly competitive business environment, companies are required to improve the quality of human resources to achieve optimal performance. Employee performance is a crucial factor in determining the success of an organization or company. Several factors influence employee performance, including work ability, work environment, and work motivation. This study focuses on Toko Emas Sambas Purworejo as the object of research. The sample consisted of 120 respondents, and data were collected using a questionnaire method. The data analysis was conducted using Smart PLS version 3.0. Based on the research findings and discussion, it can be concluded that: work ability has a positive and significant effect on employee performance; the work environment has a positive and significant effect on employee performance; and work motivation has a positive and significant effect on employee performance.
Determinants of Corporate Sukuk Credit Spreads in Indonesia’s Primary Market Erika Viola; Agus Saur Utomo; Ishak Ishak
Journal of Economics and Management Scienties Volume 8 No. 4, September 2026
Publisher : SAFE-Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37034/jems.v8i4.540

Abstract

This study aims to examine the effects of leverage (Debt-to-Equity Ratio/DER), profitability (Return on Assets/ROA), rating, and the book-to-market ratio on the credit spread of corporate sukuk in the Indonesian primary market. The sample consists of 39 corporate sukuk and 10 sovereign sukuk issued through initial public offerings (IPOs) in the primary market and listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period, selected using purposive sampling. Data were obtained from the Indonesia Bond Market Directory and companies' financial statements published by the Indonesia Stock Exchange. Data were analyzed using multiple linear regression with EViews 12 software. The results indicate that, individually, leverage and profitability do not have a significant effect on corporate sukuk credit spreads. In contrast, sukuk ratings have a significant negative effect, while the book-to-market ratio has a significant positive effect on credit spreads. These findings suggest that sukuk ratings and the book-to-market ratio are important determinants of corporate sukuk credit spreads, whereas leverage and profitability have not been shown to exert a significant influence.
The Effect of Work-Life Balance on Organizational Citizenship Behavior: The Mediating Roles of Job Satisfaction and Organizational Commitment Leni Erviani; Esti Margiyanti Utami; Agus Saur Utomo
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.1131

Abstract

This study aims is to analyze the influence of work-life balance on organizational citizenship behavior, using job satisfaction and organizational commitment as mediators, focusing on the non-medical staff of the Permata Medika General Hospital in Kebumen. This study employs a quantitative method where information was gathered through a survey given to staff members, and the data was examined with SmartPLS 4 software using the Partial Least Squares Structural Equation Modeling (SEM-PLS) approach. The findings show that work-life balance has a positive affect on organizational citizenship behavior. In addition, it was found that work-life balance improves organizational commitment and job satisfaction. On the other hand, organizational citizenship behavior is positively influenced by job satisfaction and organizational commitment. Another discovery demonstrates that job satisfaction and organizational commitment serve as mediators in the connection between work-life balance and organizational citizenship behavior. The results suggest that establishing an ideal work-life balance enhances job satisfaction, bolsters organizational engagement, and fosters organizational citizenship among employees.
Pengaruh Kepemimpinan Transformasional, Lingkungan Kerja, dan Disiplin Kerja terhadap Kinerja Pegawai pada KSPPS BMT Binamas Kabupaten Purworejo Nisyaa Ulfadhilah; Hardin Hardin; Agus Saur Utomo
Journal of Management and Creative Business Vol. 4 No. 4 (2026): Oktober : Journal of Management and Creative Business
Publisher : Universitas 45 Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30640/jmcbus.v4i4.7549

Abstract

Performance is very important for an organization or company. Without good performance, an organization cannot run according to its stated goals. Therefore, an organization needs to build and improve the performance of its employees. In order to build and improve employee performance, an organization must pay attention to factors that influence that performance, namely leadership, work environment, and employee discipline. The objectives of this study are (1) to test the effect of transformational leadership on employee performance, (2) to test the effect of work environment on employee performance, (3) to test the effect of work discipline on employee performance. The population in this study were all BMT employees in Purworejo Regency. The sampling technique in this study used a purposive sampling technique with the criteria of all employees except leaders, namely 93 employees. Data collection used a questionnaire with alternative answer choices using a Likert scale that has been tested and has met the requirements of validity and reliability. Data analysis in this study used SPSS 22.0 for Windows. The conclusion of this study indicates that (1) transformational leadership has a positive but insignificant effect on the performance of employees at KSPPS BMT Binamas Purworejo, (2) the work environment has a positive but insignificant effect on the performance of employees at KSPPS BMT Binamas Purworejo, and (3) work discipline has a positive and significant effect on the performance of employees at KSPPS BMT Binamas Purworejo.
THE EFFECT OF INTELLECTUAL CAPITAL AND FIRM SIZE ON FINANCIAL PERFORMANCE OF MANUFACTURING COMPANIES Dias Alicia Feriska Fitriani; Intan Puspitasari; Agus Saur Utomo
BEMJ: Business, Entrepreneurship, and Management Journal Vol. 5 No. 1 (2026)
Publisher : Universitas Tulungagung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36563/3ddvmh59

Abstract

This study examines the influence of intellectual capital and firm size on the financial performance of manufacturing companies listed on the Indonesia Stock Exchange. A quantitative method with a causal associative design was applied in this research. The study used secondary data obtained from companies’ annual reports and financial statements covering the 2020–2024 period. The sample was determined through purposive sampling based on established criteria, resulting in 15 companies and 75 observations. Intellectual capital was measured using the Value Added Intellectual Coefficient, which reflects the utilization of capital employed, human resources, and organizational structure. Firm size was determined using the natural logarithm of total assets, while financial performance was represented by Return on Assets. Multiple linear regression was employed to analyze the data using IBM SPSS. The findings reveal that intellectual capital has a positive and significant effect on financial performance. Firm size also has a positive and significant effect on financial performance. Furthermore, intellectual capital and firm size jointly have a significant effect on financial performance. The coefficient of determination indicates that the two independent variables account for 85.2% of the variation in financial performance, while the remaining 14.8% is associated with other factors outside the research model. These findings indicate that the effective management of intellectual resources and the productive utilization of company assets can contribute to stronger financial performance. The study highlights the importance of developing internal resources and managing available assets effectively as part of efforts to improve the financial performance of manufacturing companies.
Co-Authors Adawiyyah Fatin Ade Sabda Gumelar Ade Aldri Frinaldi Alwahidin Alwahidin Anasyifa Rachelita Angel Mei Linda Anita Rinawati Anita Rinawati Bela Adi Tariya Budi, Rakhmad Pambudi Chisa Amanda Putri D. Y. Rahmasuciana Danes Quirira Octavio Devangga, Yuda Dias Alicia Feriska Fitriani Dwi Eri Yuni Hastuti DWI YULIANTI Ekanitami Febriyanti Erika Viola Esti Margiyanti Utami Esti Margiyanti Utami Fatma Sarasti Fauzan, Hilman Ahmad Habibi Fadhil Syahbal Hardin Hardin Hardin Hardin Hery Widijanto Intan Puspitasari Intan Puspitasari Intan Puspitasari Irawati, Dwi Ishak Ishak Jundana, Makhzumi Karimah, Indah Faizatul Khoiroh, Ihda Umul Khoirul Rohman Leni Erviani Listika Rahmawati Muhammad Rofi’i Mustikasari, Wahyu Putri Nadira Sukma Anjani Nayla Fahiya Rahmawati Nisyaa Ulfadhilah Nita Agustin Novita Kusuma Maharani Nurfitasari, Khaufi Nurul Fahmawati Prasaja, Mahendra Galih Prisnadela, Prisnadela Puji Arista Putri, Chisa Amanda Rakhmad Pambudi Budi Retno Siti Azizah Siti Nur Hajanah Susi Widjajani Tri Yuliani Wahyu Putri Mustikasari