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Financial Literacy of Indonesian Migrant Workers in Malaysia: Policy Evidence from the National Financial Literacy Strategy Annisa Nur Salam; Achmad Rizal; Danial Muhammad Wirdyansyah
Diponegoro Journal of Economics Vol 15, No 1 (2026): Issue in progress
Publisher : Faculty of Economics and Bussiness, Universitas Diponegoro, Semarang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/djoe.56880

Financial literacy is a key policy instrument for strengthening financial inclusion, economic resilience, and social stability. In Malaysia, this objective is supported through the National Financial Literacy Strategy, which emphasizes inclusive financial education and responsible financial behavior, particularly among vulnerable populations. Indonesian migrant workers constitute a substantial segment of Malaysia’s labor force; however, limited financial literacy continues to hinder their participation in formal financial services and efficient remittance management. This study examines the determinants of financial literacy among Indonesian migrant workers in Malaysia, focusing on financial attitude, financial behavior, and financial socialization. Using a quantitative approach, data were collected from 205 respondents through structured questionnaires and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS). The study contributes to the literature in three ways: (1) developing a migrant-worker-specific model of financial literacy in a cross-border labor context; (2) incorporating financial socialization as a key determinant, emphasizing the influence of family, peers, and workplace learning; and (3) extending the policy relevance of financial literacy research by linking behavioral factors to broader financial inclusion outcomes. The findings reveal that financial attitude, financial behavior, and financial socialization have positive and statistically significant effects on financial literacy. These results support the objectives of Malaysia’s National Financial Literacy Strategy and offer practical implications for policymakers and financial regulators, particularly Bank Negara Malaysia. The study highlights the need for targeted financial literacy programs delivered through formal financial institutions, remittance service providers, and employer-based initiatives to improve financial capability and promote sustainable financial inclusion among migrant workers.

How the stock market reacts on presidential inauguration and cabinet announcement? A case study of Indonesian mining and energy industries Achmad Rizal; Imas Hasanah; U'um Munawaroh; Dwi Martutiningrum
Journal of Economics Research and Policy Studies Vol. 5 No. 3 (2025): Journal of Economics Research and Policy Studies
Publisher : Nur Science Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53088/jerps.v5i3.2292

This study investigates the stock market reaction of Indonesia’s mining and energy sectors, represented by LQ45 index constituents, toward the 2024 presidential inauguration and cabinet announcement. Using an event study methodology with an event window of t-7 to t+7, the research measures market responses through abnormal returns based on the market-adjusted model. Results show that the pre-inauguration period is characterized by predominantly negative Average Abnormal Returns (AAR) and Cumulative Abnormal Returns (CAR), indicating heightened uncertainty surrounding the incoming administration. On the inauguration day, both indicators turn positive, reflecting temporary optimism regarding political stability and policy continuity. However, the post-event window displays volatility, with sharp positive abnormal returns on certain days (e.g., t+3) but declines on others (e.g., t+2). Most t-statistics are statistically insignificant, suggesting that the inauguration did not generate strong or persistent market reactions.

Manual Recording and Its Effect on the Effectiveness of Income Statements: A Case Study of Tour & Travel Services Companies Alya Sabrina; Achmad Rizal
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (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.v6i1.735

This study aims to analyze the effect of manual financial recording systems on the effectiveness and income statements of financial management processes in tour and travel service companies. The main problem found during the research was that the financial recording process was still carried out manually using spreadsheets, which led to the risk of human error, delays in report preparation, and inaccurate records that could affect the accuracy of information for managerial decision-making, the process of fulfilling company obligations, and the company's credibility in the eyes of investors. This research was conducted using qualitative methods through direct observation and in-depth interviews with relevant parties, particularly the finance supervisor responsible for the recording process and the Chief Business Officer (CBO) who plays a role in strategic decision-making related to the direction and policy of the company's financial system. The results of the study show that the use of this manual recording system can still be used when daily transactions are not too complex or low, but when the transaction volume increases, it will have a significant impact on the accuracy and speed of presenting income statements, especially in grouping costs, recording daily transactions, and the reconciliation process. This manual financial recording system has also been proven to reduce work effectiveness because it takes longer, is prone to data duplication, and does not have an automatic validation feature. This study provides recommendations in the form of implementing a software based financial recording system to improve effectiveness, reduce the risk of errors, and support managerial decision making

Manual Recording and Its Effect on the Effectiveness of Income Statements: A Case Study of Tour & Travel Services Companies Alya Sabrina; Achmad Rizal
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (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.v6i1.735

This study aims to analyze the effect of manual financial recording systems on the effectiveness and income statements of financial management processes in tour and travel service companies. The main problem found during the research was that the financial recording process was still carried out manually using spreadsheets, which led to the risk of human error, delays in report preparation, and inaccurate records that could affect the accuracy of information for managerial decision-making, the process of fulfilling company obligations, and the company's credibility in the eyes of investors. This research was conducted using qualitative methods through direct observation and in-depth interviews with relevant parties, particularly the finance supervisor responsible for the recording process and the Chief Business Officer (CBO) who plays a role in strategic decision-making related to the direction and policy of the company's financial system. The results of the study show that the use of this manual recording system can still be used when daily transactions are not too complex or low, but when the transaction volume increases, it will have a significant impact on the accuracy and speed of presenting income statements, especially in grouping costs, recording daily transactions, and the reconciliation process. This manual financial recording system has also been proven to reduce work effectiveness because it takes longer, is prone to data duplication, and does not have an automatic validation feature. This study provides recommendations in the form of implementing a software based financial recording system to improve effectiveness, reduce the risk of errors, and support managerial decision making

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