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PENGARUH LITERASI KEUANGAN TERHADAP PENGAMBILAN KEPUTUSAN KEUANGAN DENGAN PERILAKU KEUANGAN SEBAGAI VARIABEL MEDIASI PADA SISWA SMAN 1 CEMPAGA HULU Berlianti, Septiani; Christa, Usup Riassy; Widyaningsih, Dhina Sri; Haga, Ronni
SIBATIK JOURNAL: Jurnal Ilmiah Bidang Sosial, Ekonomi, Budaya, Teknologi, Dan Pendidikan Vol. 5 No. 4 (2026)
Publisher : Penerbit Lafadz Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/sibatik.v5i4.4594

Abstract

This study examines the effect of financial literacy on financial decision making with financial behavior as a mediating variable. The main problem addressed in this research is the inconsistency of individual financial decisions despite having access to various financial products and services. The objective of this study is to analyze the direct effect of financial literacy on financial decision making, the effect of financial literacy on financial behavior, the effect of financial behavior on financial decision making, and the mediating role of financial behavior in the relationship between financial literacy and financial decision making. This research uses a quantitative approach with data collected through questionnaires distributed to respondents. Data analysis was conducted using Structural Equation Modeling with the Partial Least Squares approach, supported by SmartPLS software. The results show that financial literacy has a positive and significant effect on financial decision making. Financial literacy also has a positive and significant effect on financial behavior. Furthermore, financial behavior positively and significantly influences financial decision making. The indirect effect test indicates that financial behavior partially mediates the relationship between financial literacy and financial decision making. These findings suggest that improving financial decision quality requires not only adequate financial knowledge but also the development of positive financial behavior. The study concludes that financial behavior plays an important role in translating financial literacy into better financial decision making.
Pengaruh Nilai Perusahaan dan Financial Distress terhadap Harga Saham dengan Struktur Modal sebagai Moderasi Tanjung, Oktami Nabella; Sarlawa, Rita; Widyaningsih, Dhina Sri; Hamzah, Pratiwi
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 4 (2026): May 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i4.9806

Abstract

This study is grounded in the volatility of LQ45 stock prices on the Indonesia Stock Exchange (IDX) during 2020–2024, influenced by global economic dynamics and post-pandemic conditions. This study aims to examine the impact of firm value and financial distress on stock prices, as well as to explore the role of capital structure as a moderating variable. The study employs a quantitative method with secondary data sourced from corporate financial reports. Purposive sampling technique yielded 9 companies with 45 observations. Data processing was conducted through PLS-SEM combined with Moderated Regression Analysis (MRA). The findings reveal that firm value has a positive and significant effect on stock prices (T-statistic = 5.912; p = 0.000), suggesting that higher company valuation leads to greater investor appreciation. In contrast, financial distress shows no significant effect on stock prices (β = 0.002; p = 0.990), as financial distress information for large-cap LQ45 issuers is already priced in early by investors. Capital structure successfully moderates the relationship between firm value and stock prices (T-statistic = 2.495; p = 0.013), indicating that an optimal financing composition strengthens the positive signal of firm value in the market. However, capital structure fails to moderate the impact of financial distress on stock prices (β = −0.189; p = 0.261), suggesting that market sentiment and external factors dominate stock price movements under financial pressure conditions. The overall model explains 55.1% of stock price variation. These results indicate that corporate financing decisions are more dominated by firm value and capital structure than by financial distress risk. This study provides managerial implications for investors and corporate management in designing increasingly accurate and strategic financial policies to enhance firm value and stock price stability in the capital market.