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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 Journal Markcount Finance International Journal of Application on Economics and Business Journal of Commerce Management and Tourism Studies Sharia Oikonomia Law Journal 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 Law, Crime, Criminology & Criminal Justice Social Sciences Transportation

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Comparative Analysis of Financial Management Models in Developed and Developing Countries Andhayani, Atik; Arifin, Agus Zainul; Baihaqi, Baihaqi; Majid, Jamaluddin; Fahrudin, Fahrudin
Journal Markcount Finance Vol. 2 No. 2 (2024)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v2i2.1284

Abstract

Given the fundamental differences in economic structure, fiscal policy, and financial regulation between developed and developing countries, research on financial management models in both countries is very important. The aim of this research is to study and compare financial management models in developed and developing countries. Specific objectives include determining the main components of financial management models used in developed and developing countries, evaluating the factors that influence financial management performance in both groups of countries, evaluating how these different models impact economic stability and economic growth, and providing appropriate policy recommendations. can be applied to improve state financial management. This research uses both qualitative and quantitative approaches. Qualitative data was obtained through in-depth literature research on the theory and practice of financial management in developed and developing countries, and quantitative data was obtained through secondary data analysis from reports of international financial institutions, state financial reports and economic statistics. The effectiveness of financial management is strongly influenced by variables such as political stability, level of corruption, and institutional capacity. Developing countries face problems in terms of market credibility and trust, while developed countries have strong regulatory frameworks and easier access to international financial markets. This study finds that financial management models in developed and developing countries differ significantly, and that various economic, political and institutional components influence these differences. Countries that have better financial structures and more consistent policies tend to be better at managing their finances.
Development of Sharia Business Models for Technology Startups Arifin, Agus Zainul; Nainggolan, Christine Dewi; Tanuwijaya, Haryanto; Cale, Wolnough
Sharia Oikonomia Law Journal Vol. 2 No. 3 (2024)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v2i3.1406

Abstract

Indonesia has seen rapid growth of technology startups in recent years. However, many startups have yet to capitalize on the sharia business model, which can be an attractive alternative to address social and economic challenges. The main objective of this study is to develop a sharia business model that is suitable for technology startups in Indonesia. Specifically, this study aims to identify the key elements of a sharia business model that are relevant for technology startups, analyze the benefits and barriers of implementing a sharia business model in the technology industry, and formulate an effective implementation strategy for technology startups to adopt a sharia business model. This study uses a combination of qualitative and quantitative methods. In the first stage, the literature was thoroughly studied and interviews were conducted with sharia business experts and technology startup activists to determine the main components of the sharia business model. The results of the study indicate that the main components of the relevant sharia business model for technology startups include the principle of profit sharing (profit sharing), prohibition of riba (interest-free financing), and fairness and transparency in transactions. The survey results also show that most technology startup founders see the sharia business model as an alternative that can attract investors and consumers. This study found that technology startups in Indonesia have great potential to implement a sharia business model if there is a strong effort to educate and provide resources.
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.
The Influence of Maqasid Sharia on the Financial Performance of Sharia Financial Institutions Arifin, Agus Zainul
Journal Markcount Finance Vol. 3 No. 1 (2025)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v3i1.2134

Abstract

Maqasid Sharia, which refers to the objectives of Islamic law, plays a central role in ensuring that Sharia financial institutions operate in alignment with Islamic principles. These objectives include preserving faith, life, intellect, progeny, and wealth. While Sharia compliance is a cornerstone of Islamic finance, the extent to which Maqasid Sharia influences the financial performance of Sharia financial institutions remains underexplored. Understanding this relationship is critical for enhancing the sustainability and competitiveness of Islamic financial institutions. This study aims to examine the influence of Maqasid Sharia on the financial performance of Sharia financial institutions, providing insights into how adherence to Islamic principles can drive financial success. A quantitative research design was employed, utilizing data from 50 Sharia financial institutions in Indonesia. Multiple regression analysis was used to analyze the relationship between Maqasid Sharia compliance and financial performance indicators, such as return on assets (ROA) and return on equity (ROE). The findings reveal that higher levels of Maqasid Sharia compliance significantly improve financial performance, with institutions demonstrating strong adherence to Islamic principles reporting higher ROA and ROE. The preservation of wealth and faith emerged as the most influential dimensions of Maqasid Sharia in driving financial success. This study highlights the importance of Maqasid Sharia in enhancing the financial performance of Sharia financial institutions. The results suggest that institutions should prioritize adherence to Islamic principles to achieve sustainable growth and maintain competitiveness in the financial sector.
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.
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