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All Journal Jurnal Ekonomi International Journal of Supply Chain Management Jurnal Manajemen Bisnis dan Kewirausahaan Jurnal Manajemen Jurnal Manajerial Dan Kewirausahaan International Journal of Application on Economics and Business Journal of Commerce Management and Tourism Studies Jurnal Serina Ekonomi dan Bisnis Journal of Management, Economic, and Financial JPS (Jurnal Perbankan Syariah)
Arifin, Agus Zainul
Tarumanagara University
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Industrial & Manufacturing Engineering Social Sciences Transportation

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The effectiveness of fintech in non-cash transaction in banking services Cindy, Cindy; Arifin, Agus Zainul; Simanjuntak, Sri Ida Royani
Journal of Commerce, Management, and Tourism Studies Vol. 3 No. 2 (2024): Aug 2024
Publisher : YAYASAN MITRA PERSADA NUSANTARA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58881/jcmts.v3i2.187

Abstract

The purpose of this study is to verify the relationship between the effects of transaction processes and seamless transactions on perceived benefits. The problem approach uses Theory Acceptance Model (TAM). The research uses primary data obtained by distributing questionnaires online. Data collection method with purposive sampling of data collected 545 respondents. Data were analyzed by SEM-PLS. The results of the study prove that transaction processes and seamless transactions have a positive effect on perceived benefits. The original value of this study proves that the TAM theory is able to explain the relationship between variables from the research model that was built.
ANALYSIS OF FACTORS THAT INFLUENCE THE FINANCIAL SATISFACTION OF WORKERS IN JAKARTA Natsir, Khairina; Arifin, Agus Zainul; Devy, Devy
International Journal of Application on Economics and Business Vol. 2 No. 4 (2024): November 2024
Publisher : Graduate Program of Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/ijaeb.v2i4.912-928

Abstract

This research aims to examine the influence of Financial Knowledge and Income on Financial Satisfaction where Financial Behavior acts as an intervening variable. This research was conducted on the workers who are still actively working in Jakarta. The sampling method is purposive sampling. The sample in this study amounted to 400 respondents who were obtained through distributing questionnaires to workers directly, and online via Google questionnaire. Data is analyzed using the structural equation modeling technique. The tests carried out include testing the outer model and inner model. The research results show that Financial Knowledge has a significant influence on Financial Behavior. Meanwhile, income does not have a significant influence on financial behavior. Furthermore, Financial Behavior, Financial Knowledge, and Income have a significant influence on Financial Satisfaction. Financial Behavior mediates the relationship between Financial Knowledge on Financial Satisfaction, but Financial Behavior does not mediate the relationship between Income and Financial Satisfaction. The results of this research are following with the predictions of Planned Behavior Theory, Behavioral Finance Theory, and telic theory.
Pengaruh SSCM dan firm’s age terhadap profitabilitas pada perusahaan FMCG di Indonesia Darryl, Darryl; Arifin, Agus Zainul
Jurnal Manajemen Bisnis dan Kewirausahaan Vol 8 No 6 (2024): Jurnal Manajemen Bisnis dan Kewirausahaan
Publisher : Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmbk.v8i6.33622

Abstract

The purpose of this study is to evaluate the effect of SSCM and the firm’s age on the profitability of FMCG companies in Indonesia. The research sample is 250, with 50 companies from the 2018-2022. The sampling techniques used were purposive sampling and processed with EViews 12. The result is that SSCM does not significantly affect profitability in FMCG companies in Indonesia and firms’ age is positively significant on profitability in FMCG companies in Indonesia. Penelitian ini bertujuan untuk mengukur dampak SSCM dan firm’s age terhadap profitabilitas perusahaan FMCG di Indonesia. Sampel penelitian berjumlah 250 unit dengan 50 perusahaan selama 2018-2022. Teknik pemilihan sampel yang digunakan adalah purposive sampling dengan analisa data dengan EViews 12. Hasil penelitian menunjukkan bahwa SSCM tidak berpengaruh terhadap profitabilitas dan firm’s age berpengaruh terhadap profitabilitas perusahaan FMCG di Indonesia.
Pengaruh Keputusan Keuangan, Fintech, dan Inklusi Keuangan terhadap Kinerja UMKM Harbert, Harbert; Arifin, Agus Zainul
Jurnal Manajerial Dan Kewirausahaan Vol. 7 No. 2 (2025): Jurnal Manajerial dan Kewirausahaan
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmk.v7i2.33908

Abstract

UMKM merupakan tulang punggung perekonomian Indonesia yang berperan strategis dalam menciptakan lapangan kerja dan mendorong pertumbuhan ekonomi. Penelitian ini bertujuan membuktikan pengaruh efisiensi penggunaan fintech, pengambilan keputusan keuangan, dan inklusi keuangan terhadap kinerja UMKM.Penelitian ini dilakukan pada UMKM di Jabodetabek menggunakan metode PLS-SEM. Hasil penelitian menunjukkan bahwa efisiensi penggunaan fintech secara signifikan meningkatkan kinerja UMKM melalui pengurangan biaya operasional dan peningkatan aksesibilitas layanan keuangan. Pengambilan keputusan keuangan yang berbasis analisis risiko berkontribusi pada alokasi modal yang lebih efisien, sementara inklusi keuangan terbukti memperluas akses UMKM ke layanan perbankan formal, mendukung pertumbuhan dan inovasi usaha, ditemukan memediasi Hasil penelitian menunjukkan bahwa efisiensi penggunaan fintech berpengaruh positif dan signifikan terhadap kinerja UMKM. Pengambilan keputusan keuangan juga berpengaruh positif dan signifikan terhadap kinerja UMKM. Namun, inklusi keuangan tidak berpengaruh signifikan terhadap kinerja UMKM. Micro, Small, and Medium Enterprises (MSMEs) are the backbone of Indonesia's economy, playing a strategic role in creating employment and driving economic growth. This study aims to examine the impact of fintech efficiency, financial decision-making, and financial inclusion on MSME performance. The research focuses on MSMEs in the Jabodetabek area, employing the PLS-SEM method. The results reveal that fintech efficiency has a positive and significant impact on MSME performance by reducing operational costs and improving access to financial services. Financial decision-making based on risk analysis also has a positive and significant impact, supporting more efficient capital allocation. However, financial inclusion does not significantly affect MSME performance,
OVERCONFIDENCE BIAS IN INVESTMENT DECISIONS ON INDONESIAN STOCK MARKET Wijoyo, Fanny; Arifin, Agus Zainul
International Journal of Application on Economics and Business Vol. 2 No. 2 (2024): May 2024
Publisher : Graduate Program of Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/ijaeb.v2i2.3430-3439

Abstract

The investor’s growth on the Indonesian Stock Exchange for the period 2020 to January 2023 is quite significant. However, this growth was accompanied by a tendency towards overconfident bias. This behavior’s increase errors in investment decision making: increasing risk and reducing returns. The aim of this research is to verify the relationship between neuroticism, conscientiousness, and openness traits on the overconfidence behavioral bias to stock investors using The Big Five Personality approach. The research uses primary data on stock investors in Indonesia with total 483 respondent. Data analysis method used the SEM-PLS version 4.0. The research results prove that neuroticism and conscientiousness traits have a positive effect on overconfidence bias. Other evidence shows, that openness has a negative effect on overconfidence bias. This evidence applies to both male and female investors.
FINTECH ADOPTION FOR MSMES SUSTAINABILITY Arifin, Agus Zainul; Natsir, Khairina; Darryl, Darryl; Janet, Janet
International Journal of Application on Economics and Business Vol. 3 No. 1 (2025): February 2025
Publisher : Graduate Program of Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/ijaeb.v3i1.516-526

Abstract

During the COVID-19 pandemic, SMEs in Indonesia faced serious challenges due to temporary or permanent business closures as a result of the SMEs policy and the resulting economic crisis. Decreased sales and difficulties in securing funding have been the main problems faced by SMEs. To overcome these challenges, the use of Financial Technology (Fintech) is emerging as a promising solution. Fintech Lending Service provides an opportunity for MSMEs to obtain much-needed funding loans, while Fintech Digital Payment System provides an alternative transaction method that is more efficient. The study purposes is to aiming to examine the relationship between the adoption of Fintech Lending Service and Fintech Digital Payment System with MSME performance.This study uses the Diffusion of Innovation theory approach and PLS-SEM data analysis method, the source of data is from questionaire and collected 204 data from the population. The results of the study are expected to provide valuable insights into how financial technology can support the viability of SMEs amid economic uncertainty. The novelty of this research is combining the separate fintech digital payment and lending service research into one research.
EXPLORING HOW GENDER MODERATES THE EFFECT OF PERSONALITY TRAITS ON OVERCONFIDENCE BIAS AMONG INVESTORS IN THE INDONESIAN STOCK MARKET Natsir, Khairina; Arifin, Agus Zainul; Wijoyo, Fanny
International Journal of Application on Economics and Business Vol. 3 No. 3 (2025): Agustus 2025
Publisher : Graduate Program of Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/ijaeb.v3i3.1175-1188

Abstract

This research aims to explore the impact of investor personality traits towards overconfidence bias in investment behaviors. Additionally, it examines whether gender differences serve as a moderating factor. The study focuses on three main variables: personality traits, gender, and overconfidence bias. Data for the study is gathered through a primary data collection method using an online questionnaire, distributed via Google Forms. This questionnaire incorporates relevant indicators that effectively represent the variables under investigation and is disseminated across social media platforms, including WhatsApp, Facebook, Instagram, Twitter, and Telegram, to broaden respondent reach. The sample consists of individual stock investors in Indonesia, selected through non-probability sampling. For statistical analysis, Structural Equation Modeling is employed using the SmartPLS software, applying the Partial Least Squares (PLS-SEM) approach based on variance. The evaluation includes an Outer Model Assessment (validity and reliability testing) and an Inner Model Assessment, which involves R-square, Q-square, and Goodness of Fit tests, alongside hypothesis testing. According to this study, neuroticism and conscientiousness positively contribute to overconfidence bias in both genders, while openness has a negative effect on this bias among male and female investors alike. The findings of this study imply that understanding investors' personality traits, such as neuroticism, conscientiousness, extraversion, and openness, is essential for tailoring investment strategies and mitigating overconfidence bias. Financial education focusing on self-awareness and emotional management is crucial to helping investors make more rational decisions and avoid unnecessary risks.
PENGARUH LITERASI, LIKUIDITAS DAN INKLUSI KEUANGAN TERHADAP KINERJA UMKM DENGAN DUKUNGAN PEMERINTAH SEBAGAI MEDIASI Andini, Deby; Arifin, Agus Zainul
Jurnal Serina Ekonomi dan Bisnis Vol 3 No 1 (2025): Februari 2025
Publisher : Lembaga Penelitian dan Pengabdian kepada Masyarakat Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jseb.v3i1.35697

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh literasi keuangan, likuiditas keuangan, dan inklusi keuangan terhadap kinerja UMKM, dengan dukungan pemerintah sebagai variabel mediasi. Penelitian ini menggunakan pendekatan kuantitatif dengan pengumpulan data dari 264 responden yang merupakan pemilik UMKM di wilayah Jabodetabek. Analisis data dilakukan menggunakan Partial Least Squares (PLS) versi 4.0 untuk mengevaluasi model struktural dan hubungan antar variabel. Hasil penelitian menunjukkan bahwa literasi keuangan tidak memiliki pengaruh signifikan terhadap kinerja UMKM. Sebaliknya, likuiditas keuangan memiliki pengaruh positif dan signifikan terhadap kinerja UMKM, yang mengindikasikan bahwa kemampuan UMKM dalam menjaga likuiditas menjadi faktor penting untuk meningkatkan performa usaha. Sementara itu, inklusi keuangan tidak berpengaruh langsung terhadap kinerja UMKM, namun memiliki pengaruh positif terhadap dukungan pemerintah. Dukungan pemerintah terbukti memiliki pengaruh positif langsung terhadap kinerja UMKM, sekaligus berperan sebagai mediator signifikan antara inklusi keuangan dan kinerja UMKM. Penelitian ini menegaskan pentingnya peran pemerintah dalam mendukung kinerja UMKM melalui kebijakan yang memperluas akses layanan keuangan dan memberikan bantuan yang relevan. Temuan ini memberikan implikasi praktis bagi pengambil kebijakan dan pelaku usaha untuk memperkuat likuiditas, memanfaatkan dukungan pemerintah, dan mempromosikan inklusi keuangan guna memastikan keberlanjutan dan pertumbuhan UMKM secara berkelanjutan. This study aims to analyze the effect of financial literacy, financial liquidity, and financial inclusion on the performance of MSMEs, with government support as a mediating variable. The research adopts a quantitative approach, collecting data from 264 respondents who are MSME owners in the Greater Jakarta area (Jabodetabek). The data were analyzed using Partial Least Squares (PLS) version 4.0 to evaluate the structural model and variable relationships. The results show that financial literacy does not have a significant effect on MSME performance. On the other hand, financial liquidity has a positive and significant impact, indicating that the ability of MSMEs to maintain adequate liquidity is crucial for improving business performance. Financial inclusion does not directly affect MSME performance but has a positive impact on government support. Furthermore, government support has a positive and significant effect on MSME performance and serves as an effective mediator between financial inclusion and MSME performance. This study highlights the critical role of government support in enhancing MSME performance, particularly through policies that expand access to financial services and provide relevant assistance. The findings offer practical implications for policymakers and business practitioners, emphasizing the need to strengthen financial liquidity, optimize government support, and promote financial inclusion to ensure sustainable MSME development.
Financial Distress Analysis: Cigarette Companies on Idx, Pandemic & Excise Tax Impact (2019-2023) Lutfan, Ifan Muhamad; Wati, Lela Nurlela; Arifin, Agus Zainul
Journal of Management Economic and Financial Vol. 3 No. 4 (2025): Journal of Management, Economic and Financial
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46799/jmef.v3i4.154

Abstract

This study aims to analyze the condition of financial distress in cigarette companies listed on the Indonesia Stock Exchange during the period 2019 to 2023, as well as identify the influence of external factors in the form of an increase in excise rates and the COVID-19 pandemic on the level of distress risk. The problem of financial distress is a crucial issue because the cigarette industry faces pressure from the perspective of fiscal regulations and the global health crisis that has an impact on the company's financial performance. This research method is quantitative with a descriptive and associative approach. The research sample consisted of four cigarette companies, namely PT HM Sampoerna Tbk (HMSP), PT Gudang Garam Tbk (GGRM), PT Wismilak Inti Makmur Tbk (WIIM), and PT Bentoel Internasional Investama Tbk (RMBA). The data used are secondary data in the form of annual financial statements, percentage increase in excise rates, and COVID-19 pandemic status as dummy variables. To measure financial distress, three predictive models are commonly used in the literature, namely: Altman Z-Score, Springate S-Score, and Zmijewski X-Score. Furthermore, a simple regression analysis was carried out to determine the influence of excise rates and the pandemic on distress scores. The results showed that HMSP and WIIM were consistently in a healthy financial condition according to all three models, while GGRM was volatile but relatively stable. In contrast, the RMBA shows a score that indicates a distressed condition almost every year. The Zmijewski model was shown to be the most sensitive in detecting distress compared to the other two models. Regression analysis revealed that the increase in excise rates and the COVID-19 pandemic had a significant effect on distress scores with negative directions in the Altman and Springate models, as well as positive directions (increased risks) in the Zmijewski model. The study concludes that external factors have a significant contribution to the risk of bankruptcy of cigarette companies, and it is important for company management, investors, and regulators to consider these factors in strategic decision-making. Predictive models can be used as an early detection tool against declining corporate financial health
COMPARATIVE STUDY ON THE FINANCIAL PERFORMANCE OF INDONESIAN COMMERCIAL BANKS DUE TO THE CORONA VIRUS OUTBREAK Natsir, Khairina; Arifin, Agus Zainul; Purwoto, Sutomo
International Journal of Application on Economics and Business Vol. 1 No. 2 (2023): May 2023
Publisher : Graduate Program of Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/ijaeb.v1i2.727-735

Abstract

This study intended to find out the differences in banking in Indonesia before and during the Covid-19 pandemic. The population is commercial bank companies listed on the Indonesia Stock Exchange, while the samples selected by purposive technique. The CAMELS method is used to assess banking performance. The data used in this study comes from the 2019-2020 quarterly financial statements. Statistical test using SPSS with Paired T-Test or Wilcoxon Signed-rank Test. In addition, the MANOVA test is used to determine whether there are significant differences in overall banking performance. The findings of this study are the Capital (CAR) has a significant difference in the first quarter of 2019 and 2020, Asset Quality (NPL) proxied by NPL-gross ratio has a significant difference in the second and third quarters, and NPL-net ratio has a significant difference in the fourth quarter, Management Quality (BOPO) have significant differences in the first, second, and third quarters, Earning (ROA) has a significant difference in the second and third quarters, Liquidity (LDR) ratio has a significant difference in the third and fourth quarters. Meanwhile, From the results of the MANOVA test on the performance of commercial banks, overall there is no significant difference due to the corona virus outbreak in Indonesia
Co-Authors Amalia, Egie Andini, Deby Cale, Wolnough CINDY CINDY Darmawan, Herie Darryl, Darryl Devy, Devy Dharsono, Selvi Ekajaya, Bastian Fahrudin Fahrudin Florencia Irena, Florencia Harbert, Harbert Harrison, David Haryanto Tanuwijaya Ida Ayu Putu Sri Widnyani Indrayang, Prayogo Jamaluddin Majid Janet, Janet Khairina Natsir, Khairina Kristian, Michelle Kurniawan, Vincentius Kevin Lutfan, Ifan Muhamad Marco, Michael MN, Nuryasman Nainggolan, Christine Dewi Purwoto, Sutomo Ronald , Ronald Santoso, Sidi Sapari, Fransissco Nicolas Simanjuntak, Sri Ida Royani Siswanto, Halim Putera Subagio, Regan Sutrisno Wati, Lela Nurlaela Wijoyo, Fanny Yanuar Yanuar, Yanuar