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ESG PERFORMANCE, DEBT EQUITY CHOICES, AND RAPID ADJUSTMENTS IN INDONESIA Pujiastuti, Arum; Yunita, Rizki Dini Shandra; Astuti, Fitria Yuni
Jurnal Akuntansi dan Keuangan Indonesia Vol. 21, No. 1
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

Previous research has explored the relationship between sustainability performance and firm performance; however, there is a noticeable scarcity of studies addressing the intricate connection between sustainability performance and firm financing. This study aims to bridge this gap by investigating how sustainability performance impacts firm financing decisions and capital structure adjustment in the context of Indonesia. Leveraging Environmental, Social, and Governance (ESG) performance data specific to Indonesia, this research contributes novelty to financing choices and the speed at which firms adjust their leverage. Through a combination of fixed-effect modelling and dynamic panel Generalized Method of Moments (GMM), the study employs a dataset containing 506 firm-year observations, evenly distributed between ESG firms and non-ESG firms. The findings demonstrate that firms that incorporate ESG principles into their operations display a greater inclination towards equity financing. Additionally, the research underscores that ESG firms exhibit a more rapid adjustment pace toward their target leverage ratios compared to non-ESG firms.

Penelitian Kuantitatif yang Terarah: Strategi Memilih Teori, Ekstraksi Riset Terdahulu, dan Membangun Hipotesis Parasdya Pandhu Andanawarih; Mila, Shofiatul; Pujiastuti, Arum; Tristiawan, Feri
Jurnal AbdiMas Ekonomi Terapan Vol. 2 No. 1 (2024): JURNAL ABDIMAS EKONOMI TERAPAN
Publisher : Jurnal AbdiMas Ekonomi Terapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.45681/jamet.v2i1.18

Pengabdian kepada Masyarakat (PKM) ini dilaksanakan di Universitas Selamat Sri khususnya Fakultas Ekonomika dan Bisnis. Pengabdian ini dilaksanakan guna membantu mahasiswa dalam mengkonstruk skripsi khususnya di bab 2. Materi Bab 2 dipilih karena masih banyak mahasiswa yang mengalami kebingungan dalam memilih teori yang tepat, cara mengekstraksi penelitian terdahulu, dan membangun hipotesis yang baik dan benar. Untuk memudahkan pemahaman peserta, pemateri memberikan simulasi bagaimana mengambil riset terdahulu sesuai dengan program studi peserta, mengumpulkan teori, mengembangkan hipotesis, lalu mengembangkan kerangka pikir. Target luaran dari kegiatan ini diharapkan dapat menambah wawasan para peserta terkait strategi memilih teori penelitian, kemampuan mengekstraksi penelitian terdahulu, dan membangun hipotesis yang baik dan benar. Jumlah peserta yang hadir dalam kegiatan ini adalah 91 orang khususnya mahasiswa yang sedang menempuh tugas akhir skripsi.

Fraud Pentagon: Analisis Potensi Kecurangan Laporan Keuangan Khoyriyah, Ibaatul; Shofiatul Mila; Pujiastuti, Arum
Journal Economic Insights Vol. 4 No. 1 (2025): Journal Economic Insights
Publisher : Fakultas Ekonomika dan Bisnis Universitas Selamat Sri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51792/jei.v4i1.165

Penelitian ini bertujuan untuk menguji unsur-unsur kecurangan dalam teori fraud pentagon dalam mendeteksi kecurangan laporan keuangan. Fraud pentagon diproksikan dengan masing-masing satu variabel dari setiap elemen, yaitu elemen tekanan (stabilitas keuangan), kesempatan (pengawasan tidak efektif ), rasionalisasi (pergantian auditor), kemampuan (pergantian direksi), dan elemen arogansi (koneksi politik) yang dihipotesiskan mempengaruhi kecurangan laporan keuangan. F-Score digunakan untuk menentukan kecurangan laporan keuangan. Penelitian ini menggunakan sampel perusahaan perbankan yang terdaftar di Bursa Efek Indonesia periode tahun 2019 sampai 2023. Jumlah perusahaan yang dijadikan sampel dalam penelitian ini sebanyak 38 perusahaan dengan periode pengamatan selama 5 tahun. Berdasarkan metode purposive sampling, total sampel penelitian adalah 180. Namun karena data tersebut terdistribusi tidak normal, terdeteksi 3 data yang outlier dan mengeluarkannya dari data sampel penelitian. Sehingga sampel penelitian menjadi 187 data. Pengujian hipotesis dengan analisis regresi berganda menggunakan Eviews 12 untuk menguji pengaruh dari stabilitas keuangan, pengawasan tidak efektif, pergantian auditor, pergantian direksi, dan koneksi politik terhadap kecurangan laporan keuangan. Hasil penelitian menunjukkan bahwa stabilitas keuangan berpengaruh positif signifikan terhadap kecurangan laporan keuangan. Sedangkan pengawasan tidak efektif, pergantian auditor, pergantian direksi, dan koneksi politik tidak berpengaruh terhadap kecurangan laporan keuangan.

Workshop Penggunaan Quizizz Dalam Meningkatkan Pembelajaran Digital Dan Interaktif Pujiastuti, Arum; Nurhidayah, Siti Abdillah; Ridhasyah, Rizki
Lamahu: Jurnal Pengabdian Masyarakat Terintegrasi Vol 4, No 1: February 2025
Publisher : Universitas Negeri Gorontalo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37905/ljpmt.v4i1.29898

Integrating technology into education has become essential in the digital era to enhance the quality of learning. However, many teachers face challenges such as limited knowledge, resources, and creativity in utilizing technology. This community service program aims to improve teachers' competencies through training on using Quizizz as an interactive teaching medium. The methods included developing a comprehensive training module, presentations, demonstrations, hands-on workshops, and a QA session. The results showed that most participants, comprising 37 teachers from SMP Negeri 1 Singorojo, found the training effective in helping them understand the concept of interactive teaching media and practice creating quizzes using Quizizz. Evaluations indicated positive outcomes, although participants suggested extending the workshop duration. This program offers practical solutions for teachers to design more creative, interactive, and relevant lessons while paving the way for further development of similar initiatives in the future.

Does sharia compliance enhance ESG performance to better firm performance? Pujiastuti, Arum; Nurhidayah, Siti Abdillah; Sulistiyanto, Tri Joko
Diponegoro International Journal of Business Vol 7, No 2 (2024)
Publisher : Department of Management | Faculty of Economics and Business | Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/dijb.7.2.2024.177-190

This study investigates the influence of ESG and Sharia compliance on firm performance Current literature provides various findings explaining the effect of ESG on firm performance. The question arises as to whether compliance with Sharia, known for its ethical principles that share similar objectives with ESG, can enhance firm performance. This study introduces a novel approach by integrating the Sharia label to explore the relationship between ESG and firm performance, a topic not extensively covered in the literature, particularly in the context of Indonesia. This study employs a panel regression model with fixed effects using data from 235 firm-year observations of non-financial firms to estimate the results. The findings indicate a negative impact of ESG on firm performance. However, this study did not confirm the influence of Sharia on firm performance. To alleviate negative effect of ESG, companies could prioritize more efficient and impactful ESG practices.

Pelatihan Pengelolaan Keuangan dan Permodalan Bagi UMKM di Desa Kertomulyo Yuni Astuti, Fitria; Hani, Umi; Pujiastuti, Arum
jurnal ABDIMAS Indonesia Vol. 3 No. 2 (2025): Jurnal ABDIMAS Indonesia
Publisher : STIKes Ibnu Sina Ajibarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59841/jurai.v3i2.2943

This community service program aims to improve the financial literacy and financial management skills of micro and small business (MSME) actors in Kertomulyo Village, Brangsong District, Kendal Regency. The main issues faced by local residents include limited access to formal financial institutions and a lack of understanding of business financial planning. The activity was held on November 19, 2024, using both classical and individual approaches, including lectures, demonstrations, and hands-on practice. Training materials covered budgeting, identifying funding sources, setting profit targets, and evaluating financial plans. A total of 60 MSME participants actively took part in the training. The results show increased participant understanding of basic financial management concepts, although further assistance is still needed by some. This activity demonstrates that practical-based training is effective in improving MSME financial capabilities and can serve as a replicable model for other regions facing similar challenges.

THE POTENTIAL OF INNOVATION AMBIDEXTERITY: THE ROLE OF SOCIAL MEDIA AND PHILANTHROPY IN ENHANCING THE SUSTAINABILITY PERFORMANCE OF MSME IN KENDAL REGENCY Nurhidayah, Siti Abdillah; Pujiastuti, Arum; Ridhasyah, Rizki
Jurnal Ekonomi Bisnis dan Kewirausahaan Vol 14, No 1 (2025): Jurnal Ekonomi Bisnis dan Kewirausahaan (JEBIK)
Publisher : Fakultas Ekonomi dan Bisnis, UNTAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26418/jebik.v14i1.86523

This research examines the impact of exploratory (SR) and exploitative (ST) innovation strategies on the sustainability performance (KK) of MSMEs in Kendal Regency within the Resource-Based View (RBV) Theory. It also explores the moderating roles of social media (MS) and philanthropy (FL). A total of 414 MSME owners or managers were randomly sampled from businesses actively using social media and engaging in philanthropy. Data were collected through questionnaires using validated constructs measured on a five-point Likert scale. Partial Least Squares Structural Equation Modeling (PLS-SEM) analyzed the data. The findings reveal that both SR and ST positively influence KK. MS strengthens the SR-KK relationship but does not moderate the ST-KK link. FL significantly enhances the effects of both SR and ST on KK. These results highlight the importance of balancing innovation strategies for sustainable performance and the complementary roles of social media and philanthropy. This study is the first to apply SEM to examine these interactions among Indonesian MSMEs. JEL: O310, O350, M140.

Gender's Moderating Impact on Financial Capability, Training, and MSME Performance Pujiastuti, Arum; Sulistiyanto, Tri Joko
EAJ (Economic and Accounting Journal) Vol. 8 No. 1 (2025): EAJ (Economics and Accounting Journal)
Publisher : Universitas Pamulang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32493/eaj.v8i1.y2025.p53-66

This study investigates the influence of financial capability and entrepreneurship training on MSME performance, with gender as a moderating variable. Using a quantitative approach, data was collected from 116 MSME owners in Kendal Regency via questionnaires distributed both online and in person. Financial capability significantly impacts MSME performance, highlighting the importance of effective financial management and access to resources. However, training does not have a direct significant effect, likely due to short duration and delayed impacts. Gender does not significantly affect MSME performance or moderate the influence of financial capability and training, indicating equal opportunities for male and female entrepreneurs. The findings emphasize the critical role of financial capability over training or gender in improving MSME success.

Pengaruh Likuiditas, Profitabilitas, dan Leverage terhadap Financial Distress pada perusahaan Food and Beverage Maryam, Dewi; Mila, Shofiatul; Pujiastuti, Arum
Journal Economic Insights Vol. 2 No. 2 (2023): Journal Economic Insights
Publisher : Fakultas Ekonomika dan Bisnis Universitas Selamat Sri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51792/jei.v2i2.164

Persaingan antar perusahaan yang semakin ketat menyebabkan semakin tingginya biaya yang dikeluarkan oleh perusahaan, Apabila perusahaan tidak dapat bersaing maka perusahaan akan mengalami kerugian yang pada akhirnya dapat mengalami financial distress. Oleh karena itu, tujuan dari penelitian ini adalah mengetahui pengaruh likuiditas, profitabilitas, dan leverage terhadap financial distress. Pendekatan kuantitatif dengan metode purposive sampling. Sampel berasal dari perusahaan subsektor food and beverage periode tahun 2019-2021 dengan total 96 sampel. Dari hasil analisis mengungkapkan likuiditas dan leverage berpengaruh terhadap financial distress sedangkan profitabilitas tidak berpengaruh.

Fraud Pentagon: Analisis Potensi Kecurangan Laporan Keuangan Khoyriyah, Ibaatul; Shofiatul Mila; Pujiastuti, Arum
Journal Economic Insights Vol. 4 No. 1 (2025): Journal Economic Insights
Publisher : Fakultas Ekonomika dan Bisnis Universitas Selamat Sri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51792/jei.v4i1.165

Penelitian ini bertujuan untuk menguji unsur-unsur kecurangan dalam teori fraud pentagon dalam mendeteksi kecurangan laporan keuangan. Fraud pentagon diproksikan dengan masing-masing satu variabel dari setiap elemen, yaitu elemen tekanan (stabilitas keuangan), kesempatan (pengawasan tidak efektif ), rasionalisasi (pergantian auditor), kemampuan (pergantian direksi), dan elemen arogansi (koneksi politik) yang dihipotesiskan mempengaruhi kecurangan laporan keuangan. F-Score digunakan untuk menentukan kecurangan laporan keuangan. Penelitian ini menggunakan sampel perusahaan perbankan yang terdaftar di Bursa Efek Indonesia periode tahun 2019 sampai 2023. Jumlah perusahaan yang dijadikan sampel dalam penelitian ini sebanyak 38 perusahaan dengan periode pengamatan selama 5 tahun. Berdasarkan metode purposive sampling, total sampel penelitian adalah 180. Namun karena data tersebut terdistribusi tidak normal, terdeteksi 3 data yang outlier dan mengeluarkannya dari data sampel penelitian. Sehingga sampel penelitian menjadi 187 data. Pengujian hipotesis dengan analisis regresi berganda menggunakan Eviews 12 untuk menguji pengaruh dari stabilitas keuangan, pengawasan tidak efektif, pergantian auditor, pergantian direksi, dan koneksi politik terhadap kecurangan laporan keuangan. Hasil penelitian menunjukkan bahwa stabilitas keuangan berpengaruh positif signifikan terhadap kecurangan laporan keuangan. Sedangkan pengawasan tidak efektif, pergantian auditor, pergantian direksi, dan koneksi politik tidak berpengaruh terhadap kecurangan laporan keuangan.

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