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Determinasi Financial Distress pada Perusahaan Consumer Non-Cyclicals Periode Pandemi Covid-19 dan Konflik Geopolitik Rusia-Ukraina Wicaksono, Tasya Dwi; Buchdadi, Agung Dharmawan; Mahfirah, Titis Fatarina
Journal of Business Application Vol. 2 No. 1 (2023): Journal of Business Application
Publisher : Program Studi Administrasi Niaga STIA Said Perintah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55098/jba.v2.i1.p95-113

The study aims to conduct a predictive test and analysis on the financial distress of companies in the consumer non-cyclicals sector during the COVID-19 pandemic and the Russia-Ukraine geopolitical conflict. This study utilizes three predictive models: the Taffler model, the Fulmer model, and the Grover model. The population of this study consists of consumer non-cyclicals companies listed on the Indonesia Stock Exchange from 2020 to 2022. The research sample consists of 62 companies selected using purposive sampling technique. The Kruskal-Wallis test method is employed and analyzed using SPSS 22. The result of this study indicate a significant difference among the three models in predicting financial distress in companies. Based on the accuracy test conducted, the Fulmer model achieved the highest accuracy rate of 87% with a type I error rate of 3% and type II error rate of 10%. Futhermore, the Grover model obtained an accuracy rate of 83% with a type I error of 16% and a type II error rate of 1%. The Taffler model achieved the lowest accuracy score compared to the three models used, at 77% with a type I error rate of 10% and a type II rate 13%.

Unveiling the Link Between Leverage and Firm Performance: A Comparative Analysis of Sharia and Non-Sharia Compliant Firms in the Indonesia Stock Exchange Mahfirah, Titis Fatarina; Suherman, Suherman; Widyastuti, Umi; Mohidin, Rosle; Sari, Maylia Pramono; Heryana, Toni; Wastuti, Wahyu; Dewi, Monica
Journal of Business and Behavioural Entrepreneurship Vol. 9 No. 1 (2025): Journal of Business and Behavioural Entrepreneurship
Publisher : Fakultas Ekonomi, Universitas Negeri Jakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21009/JOBBE.009.1.06

This study investigates the influence of leverage on the performance of non-financial sector companies listed on the Indonesia Stock Exchange between 2012 and 2021. The analysis is segmented into three subsets: all companies, Sharia-compliant firms, and non-Sharia-compliant firms. Leverage is gauged through four metrics: debt to total asset ratio (DAR), debt to total equity ratio (DER), short-term debt to total assets (STD), and long-term debt to total assets (LTD). Firm performance is evaluated using return on assets (ROA), return on equity (ROE), and Tobin's Q. The study employs a quantitative approach, utilizing data from publicly listed companies. Leverage and performance are quantified using the specified metrics. Statistical analyses, including regression models, are conducted to examine the relationship between leverage and performance in each of the three subsets. The primary findings indicate a negative and statistically significant correlation between leverage and firm performance, as measured by ROA and ROE, across all company subsets. However, there is a positive and statistically significant impact of leverage on Tobin's Q. A more detailed analysis within the Sharia-compliant subset reveals a negative impact of leverage on all leverage indicators concerning ROA and ROE. In contrast, within the non-Sharia-compliant subset, leverage has a negative and statistically significant influence on ROA and ROE, but a positive and statistically significant effect on Tobin's Q. These empirical findings suggest that leverage has a detrimental and statistically significant association with a firm's accounting performance, as evidenced by ROA and ROE. However, it exerts a positive and statistically significant effect on the firm's market performance, as indicated by Tobin's Q. This underscores the importance of carefully managing leverage, particularly for firms operating within the Indonesian non-financial sector, to strike a balance between accounting and market performance objectives.

Financial Literacy as a Mediating Variable between Financial Behavior and Financial Inclusion: Evidence from Generation Z in Indonesia Dewi, Monica; Buchdadi, Agung Dharmawan Buchdadi; Mahfirah, Titis Fatarina; Wastuti, Wahyu
International Journal on Advanced Science, Education, and Religion Vol 8 No 2 (2025): IJoASER (International Journal on Advanced Science, Education)
Publisher : Sekolah Tinggi Agama Islam Al-Furqan, Makassar - Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33648/ijoaser.v8i2.1079

This study aims to examine the influence of financial behavior and financial literacy on financial inclusion in Generation Z in Indonesia, which is a productive age group and digital native. Although Gen Z has extensive access to digital financial technology and services, their financial literacy levels are still relatively low, affecting the quality of participation in the formal financial system. This study uses a quantitative approach with a survey method of 120 Gen Z respondents aged 18–24 years, which was analyzed using Structural Equation Modeling based on Partial Least Squares (SEM-PLS). The results showed that financial behavior had a positive and significant influence on financial inclusion (β = 0.410; p < 0.001), which means that the better their financial habits such as saving, budgeting, and managing debt, the higher their participation rate in formal financial services. In addition, financial literacy has also been shown to have a positive and significant effect on financial inclusion (β = 0.350; p < 0.001). Individuals with a strong understanding of financial products, risks, and decision-making tend to be more active and intelligent in using banking, fintech, and other financial instruments. These findings confirm that financial inclusion depends not only on physical access to financial services, but also on the quality of an individual's financial behavior and understanding. Therefore, increasing financial literacy and forming healthy financial behaviors is an important strategy in encouraging sustainable financial inclusion among the younger generation

Financial Literacy as a Mediating Variable between Financial Behavior and Financial Inclusion: Evidence from Generation Z in Indonesia Dewi, Monica; Buchdadi, Agung Dharmawan Buchdadi; Mahfirah, Titis Fatarina; Wastuti, Wahyu
International Journal on Advanced Science, Education, and Religion Vol 8 No 2 (2025): IJoASER (International Journal on Advanced Science, Education)
Publisher : Sekolah Tinggi Agama Islam Al-Furqan, Makassar - Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33648/ijoaser.v8i2.1079

This study aims to examine the influence of financial behavior and financial literacy on financial inclusion in Generation Z in Indonesia, which is a productive age group and digital native. Although Gen Z has extensive access to digital financial technology and services, their financial literacy levels are still relatively low, affecting the quality of participation in the formal financial system. This study uses a quantitative approach with a survey method of 120 Gen Z respondents aged 18–24 years, which was analyzed using Structural Equation Modeling based on Partial Least Squares (SEM-PLS). The results showed that financial behavior had a positive and significant influence on financial inclusion (β = 0.410; p < 0.001), which means that the better their financial habits such as saving, budgeting, and managing debt, the higher their participation rate in formal financial services. In addition, financial literacy has also been shown to have a positive and significant effect on financial inclusion (β = 0.350; p < 0.001). Individuals with a strong understanding of financial products, risks, and decision-making tend to be more active and intelligent in using banking, fintech, and other financial instruments. These findings confirm that financial inclusion depends not only on physical access to financial services, but also on the quality of an individual's financial behavior and understanding. Therefore, increasing financial literacy and forming healthy financial behaviors is an important strategy in encouraging sustainable financial inclusion among the younger generation

Financial Literacy as a Mediating Variable between Financial Behavior and Financial Inclusion: Evidence from Generation Z in Indonesia Dewi, Monica; Buchdadi, Agung Dharmawan Buchdadi; Mahfirah, Titis Fatarina; Wastuti, Wahyu
International Journal on Advanced Science, Education, and Religion Vol 8 No 2 (2025): IJoASER (International Journal on Advanced Science, Education)
Publisher : Sekolah Tinggi Agama Islam Al-Furqan, Makassar - Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33648/ijoaser.v8i2.1079

This study aims to examine the influence of financial behavior and financial literacy on financial inclusion in Generation Z in Indonesia, which is a productive age group and digital native. Although Gen Z has extensive access to digital financial technology and services, their financial literacy levels are still relatively low, affecting the quality of participation in the formal financial system. This study uses a quantitative approach with a survey method of 120 Gen Z respondents aged 18–24 years, which was analyzed using Structural Equation Modeling based on Partial Least Squares (SEM-PLS). The results showed that financial behavior had a positive and significant influence on financial inclusion (β = 0.410; p < 0.001), which means that the better their financial habits such as saving, budgeting, and managing debt, the higher their participation rate in formal financial services. In addition, financial literacy has also been shown to have a positive and significant effect on financial inclusion (β = 0.350; p < 0.001). Individuals with a strong understanding of financial products, risks, and decision-making tend to be more active and intelligent in using banking, fintech, and other financial instruments. These findings confirm that financial inclusion depends not only on physical access to financial services, but also on the quality of an individual's financial behavior and understanding. Therefore, increasing financial literacy and forming healthy financial behaviors is an important strategy in encouraging sustainable financial inclusion among the younger generation

Pengaruh Likuiditas, Aktivitas, Solvabilitas, dan Ukuran Perusahaan terhadap Nilai Perusahaan Sektor Consumer Cyclicals di Indonesia Rizanika, Anisya; Ahmad, Gatot Nazir; Mahfirah, Titis Fatarina
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 9 No 1 (2024)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v9i1.21915

Penelitian ini bertujuan untuk menguji faktor-faktor yang mempengaruhi nilai perusahaan sektor consumer cyclicals di Indonesia. Terdapat empat variabel utama yang terdiri dari rasio-rasio keuangan seperti likuiditas, aktivitas, solvabilitas, dan ukuran perusahaan dengan dua variabel kontrol yaitu profitabilitas dan umur perusahaan. Sampel yang digunakan yaitu perusahaan-perusahaan pada sektor consumer cyclicals yang terdaftar di Bursa Efek Indonesia periode 2018-2022. Pengumpulan data dilakukan menggunakan teknik purposive sampling methode sehingga didapatkan 40 perusahaan yang akan dijadikan sampel. Adapun data penelitian ini diolah dengan menggunakan metode analisis regresi data panel. Hasil penelitian menyatakan bahwa likuiditas tidak memiliki pengaruh pada periode sebelum pandemi, saat pandemi, dan keseluruhan. Sedangkan aktivitas memiliki pengaruh yang negatif dan signifikan pada periode sebelum pandemi. Solvabilitas memiliki pengaruh yang positif dan signifikan pada periode sebelum pandemi, selama pandemi, maupun secara keseluruhan. Selama masa pandemi, ukuran perusahaan memiliki pengaruh yang negatif dan signifikan terhadap nilai perusahaan.

Pengaruh Business Risk, Firm size , dan Risk Management terhadap Nilai Perusahaan Sektor Property dan Real Estate yang Terdaftar pada Bursa Efek Indonesia Periode 2018-2022 Armas, Alvidro Ramadhansyah; Ahmad, Gatot Nazir; Mahfirah, Titis Fatarina
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 9 No 2 (2024)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v9i2.22309

Penelitian ini bertujuan untuk menguji pengaruh Business risk, Firm size , dan Risk management Terhadap Nilai Perusahaan Sektor Properti dan Real Estate yang Terdaftar pada Bursa Efek Indonesia periode 2018-2022. Variabel independen pada penelitian ini adalah business risk atau risiko bisnis, firm size atau ukuran perusahaan, dan risk management atau manajemen risiko. Variabel dependen pada penelitian ini adalah nilai perusahaan yang menggunakan dua proksi yaitu Tobins’Q dan (EPS). Jumlah sampel pada penelitian ini berjumlah 30 perusahaan dengan pengamatan lima tahun sehingga terdapat 150 total observasi untuk dianalisis. Teknik pengambilan sampel menggunakan metode purposive sampling. Metode penelitian yang digunakan pada penelitian ini adalah kuantitatif. Data bersumber berdasarkan data sekunder yaitu annual report yang diterbitkan dari masing-masing perusahaan. Metode analisis yang digunakan adalah regresi data panel dengan E-Views versi 12. Hasil penelitian ini menunjukkan bahwa business risk berpengaruh positif terhadap nilai perusahaan. Variabel firm size tidak berpengaruh terhadap nilai perusahaan. Variabel risk management berpengaruh positif terhadap nilai perusahaan.

Pengaruh CEO Tenure, CEO Female, Cash holding, dan Komisaris Independen terhadap Struktur Modal Perusahaan Sektor Industri yang Terdaftar pada BEI Periode 2018-2022 Andreas, Denilson; Ahmad, Gatot Nazir; Mahfirah, Titis Fatarina
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 9 No 2 (2024)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v9i2.22537

Penelitian ini bertujuan untuk menguji pengaruh CEO Tenure, CEO Female, Cash holding, dan Komisaris Independen Terhadap Struktur Modal Perusahan Sektor Industri yang Terdaftar pada BEI Periode 2018-2022. Variabel independen pada penelitian ini adalah CEO tenure, CEO female, Cash holding, dan komisaris independen. Variabel dependen pada penelitian ini adalah struktur modal yang menggunakan dua proksi yaitu Debt to Equity Ratio (DER) dan Debt to Asset Ratio (DAR). Jumlah sampel pada penelitian ini berjumlah 22 perusahaan dengan pengamatan lima tahun sehingga terdapat 110 total observasi untuk dianalisis. Teknik pengambilan sampel menggunakan metode purposive sampling. Metode penelitian yang digunakan pada penelitian ini adalah kuantitatif. Data bersumber berdasarkan data sekunder yaitu annual report yang diterbitkan dari masing-masing perusahaan. Metode analisis yang digunakan adalah regresi data panel dengan E-Views versi 12. Hasil penelitian ini menunjukkan bahwa variabel CEO tenure berpengaruh negatif terhadap struktur modal dengan proksi DER, tetapi variabel tersebut berpengaruh positif terhadap struktur modal dengan proksi DAR. Variabel CEO female tidak berpengaruh terhadap struktur modal dengan proksi DER, tetapi variabel tersebut berpengaruh positif dengan proksi DAR. Variabel Cash holding tidak berpengaruh terhadap struktur modal dengan proksi DER, tetapi variabel tersebut berpengaruh negatif terhadap struktur modal dengan proksi DAR. Variabel komisaris independen berpengaruh negatif terhadap struktur modal dengan proksi DER, tetapi variabel tersebut berpengaruh positif terhadap struktur modal dengan proksi DAR.

Pengaruh Corporate Governance, Green Accounting, dan Environmental Management System terhadap Profitabilitas Pada Perusahaan Pertambangan Yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2022 Ramdani, Adnan Fauzan; Buchdadi, Agung Dharmawan; Mahfirah, Titis Fatarina
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 9 No 3 (2024)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v9i3.23129

Penelitian ini bertujuan untuk menemukan bukti empiris mengenai pengaruh dewan komisaris, dewan direksi, komite audit, green accounting dan environmental management system terhadap tingkat profitabilitas. Profitabilitas pada penelitian ini menggunakan proksi return on asset dan Tobin’s Q. Populasi yang digunakan adalah perusahaan sektor pertambangan yang terdaftar di Bursa Efek Indonesia. Metode penelitian yang digunakan pada penelitian ini adalah kuantitatif. Data bersumber berdasarkan data sekunder yaitu annual report dan laporan keberlanjutan yang diterbitkan dari masing-masing perusahaan. Sampel penelitian dipilih menggunakan teknik purposive sampling sehingga didapatkan total 33 perusahaan pertambangan dengan total pengamatan yaitu 165 data observasi selama 5 tahun. Sebanyak 80 data outlier dikeluarkan dari analisis sehingga diperoleh sebanyak 80 data observasi. Teknik analisis yang digunakan adalah analisis linier berganda dengan bantuan program StataMP 17. Hasil penelitian ini menunjukkan bahwa dewan komisaris tidak berpengaruh terhadap profitabilitas yang diukur dengan ROA. Sebaliknya dewan komisaris berpengaruh negatif terhadap profitabilitas yang diukur dengan Tobins’Q. Dewan direksi tidak berpengaruh terhadap profitabilitas yang diukur dengan ROA dan Tobin’s Q. Komite audit berpengaruh negatif terhadap profitabilitas yang diukur dengan ROA. Sebaliknya komite audit tidak berpengaruh terhadap profitabilitas yang diukur dengan Tobins’Q. Green accounting tidak berpengaruh terhadap profitabilitas yang diukur dengan ROA. Sebaliknya green accounting berpengaruh negatif terhadap profitabilitas yang diukur dengan Tobins’Q. EMS tidak berpengaruh terhadap profitabilitas yang diukur dengan ROA maupun dengan Tobins’Q.

Analisis Faktor-Faktor yang Memengaruhi Tingkat Underpricing (Studi pada Perusahaan Sektor Consumer Cyclical dan Non-Cyclical yang Melakukan IPO di BEI Tahun 2020-2023) Cahyani, Dwi; Buchdadi, Agung Dharmawan; Mahfirah, Titis Fatarina
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 9 No 3 (2024)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v9i3.23130

Penelitian ini bertujuan untuk menguji pengaruh return on equity, current ratio, ukuran perusahaan, persentase penawaran saham, umur perusahaan, dan reputasi underwriter terhadap tingkat underpricing. Variabel underpricing pada penelitian ini menggunakan dua proksi, yaitu initial return hari pertama (IR1) dan initial return hari ketujuh (IR7). Populasi yang digunakan adalah perusahaan sektor consumer cyclical dan non-cyclical yang melakukan Initial Public Offering (IPO) di Bursa Efek Indonesia periode tahun 2020-2023. Sampel penelitian dipilih menggunakan teknik purposive sampling dan didapatkan total 71 perusahaan untuk model I (IR1) dan 62 perusahaan untuk model II (IR7). Data yang digunakan pada penelitian ini merupakan data sekunder yang berasal dari Bursa Efek Indonesia dan website masing-masing perusahaan. Metode penelitian yang digunakan pada penelitian ini adalah kuantitatif. Teknik analisis yang digunakan adalah analisis regresi linier berganda dengan bantuan program Eviews 12. Berdasarkan analisis data ditemukan bahwa return on equity berpengaruh negatif terhadap tingkat underpricing jika diukur menggunakan IR7, tetapi tidak berpengaruh saat menggunakan IR1. Ukuran perusahaan berpengaruh positif terhadap tingkat underpricing jika diukur menggunakan IR1, tetapi tidak berpengaruh saat menggunakan IR7. Persentase penawaran saham berpengaruh positif terhadap tingkat underpricing jika diukur menggunakan IR1 maupun IR7. Reputasi underwriter berpengaruh negatif terhadap tingkat underpricing jika diukur menggunakan IR7, tetapi tidak berpengaruh saat menggunakan IR1. Sedangkan current ratio dan umur perusahaan tidak memberikan pengaruh terhadap tingkat underpricing jika diukur menggunakan IR1 maupun IR7

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