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How does Women Entrepreneurship Matter to Financial Performance? Insights from Entrepreneurs Accessing Islamic Microfinance Services Palasari, Rr. Suci; Yuniarti, Sari; Apriyanto, Gaguk; Subiantoro, Edi; Haryanto, Sugeng
Journal of Accounting Research, Organization and Economics Vol 6, No 3 (2023): JAROE Vol. 6 No. 3 December 2023
Publisher : Universitas Syiah Kuala

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24815/jaroe.v6i3.34460

Abstract

Objective This research aims to analyze the influence of women's entrepreneurship orientation on financial performance. It specifically focuses on women entrepreneurs, acknowledging their proven significant contributions to society and the country through MSME businesses.Methodology This paper explores the potential for women's involvement in diverse productive activities through MSME businesses aimed at enhancing family welfare. The research focuses on entrepreneurs accessing microfinance services through the National Amil Zakat Agency (BAZNAS) Malang, Indonesia, encompassing a total of 250 MSMEs. The final sample consists of 153 women entrepreneurs. The study employs a descriptive quantitative approach, utilizing questionnaires and annual financial reports. Partial Least Squares (PLS) analysis is conducted using the Smart-PLS program.Results The findings highlight the significance of womens entrepreneurship orientation in driving the financial performance of MSMEs. This study also indicated that indicators of women's entrepreneurship orientation that significantly contribute to financial performance include internal locus of control, characteristics of a womens entrepreneur having high initiative. Second, the need for achievement is represented by a characteristic of a woman entrepreneur who can contribute to better performance. Third, self-reliance is represented by the characteristics of a womens entrepreneur able to be responsible in running her business. Lastly, extroversion is represented with characteristics of an energetic womens entrepreneur are full of enthusiasm in running her business. It emphasizes the positive impact that such orientation can have on the financial outcomes of microenterprises, particularly when considering the business tenure they have been operating.Research limitations/implications This research collected data from various types and levels of business sectors, making it less focused. Additionally, the respondents were only those residing in the city of Malang, while BAZNAS has a broader geographical coverage.Novelty/Originality This implies that women's entrepreneurship orientation is crucial for the growth of microbusiness practitioners. Notably, those with a strong entrepreneurial mindset usually achieve good financial performance.
Determinants of Company Value: Empirical Evidence from Consumer Goods Industrial Companies in Indonesia Purnama, Maria Goreti; Yuniarti, Sari; Terdpaopong, Kanitsorn; Subiyantoro, Edi; Khouroh, Umu
Jurnal Manajemen Bisnis Vol. 15 No. 1: March 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/mb.v15i1.20114

Abstract

Research Aims: Investors focus on a company's value before investing, which can benefit shareholders. This study, thus, investigates how factors like liquidity, debt, profits, growth, and investment opportunities affect a company's value, with dividend policy playing a role.Design/Methodology/Approach: This study examined companies in the consumer goods industry listed on the IDX from 2018 to 2021. The authors collected data from 71 selected companies using purposive sampling. The analysis method employed was Moderating Regression Analysis (MRA).Research Findings: The findings demonstrated that Debt to Asset Ratio (DAR), Return on Assets (ROA), and Investment Opportunity Set (IOS) strongly affected Price to Book Value (PBV) positively. However, Current Ratio (CR) and Growth did not significantly affect PBV. Additionally, the Dividend Payout Ratio (DPR) did not influence the relationship between CR, DAR, and Growth with PBV. Also, it did moderate the relationship between ROA and IOS with PBV.Theoretical Contribution/Originality: The research findings contribute to our understanding of the factors that impact the market value of companies in the consumer goods industry listed on the IDX.Practitioners/Policy Implications: It is crucial to examine specific variables that have a significant impact on PBV, while other variables may not play a vital role. This can help practitioners, academics, and investors make more informed decisions based on in-depth analysis of company performance and value.Research Limitations/Implications: The limitations include limited panel data, a single industry focus, the absence of supportive data on individual company investment variations, and no consideration of industry risk, market policies, or investor preferences.
Does Profitability Matter in the Relationship between Intellectual Capital and Firm Value? Appah, Thapenes Roy; Yuniarti, Sari; Sisharini, Nanik; Sunarjo, Sunarjo; Yahya, Nurhidayah
Media Ekonomi dan Manajemen Vol 38, No 1 (2023): January 2023
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56444/mem.v38i1.3255

Abstract

A study of intellectual capital was conducted to determine whether it can predict firm value by moderated ROA. This study is a quantitative study using secondary data from 240 observational datasets. Purposive sampling selection with company criteria in the LQ-45 index is used as a selection method consecutively from 2017 to 2020. The method of data analysis was panel data regression and Moderated Regression Analysis. The best estimation model used is the Fixed Effect model. We find that intellectual capital predicts the firm value. We also investigated that value-added capital employed and structural capital value added had a significant effect on firm value. In contrast, value-added human capital had no effect on firm value. We prove that profitability moderates the relationship between intellectual capital and firm value. The findings reveal that intellectual capital is an important determinant of a firm's value, thus the company of the LQ-45 index in developing economies like Indonesia needs to enhance their intellectual potential. Therefore, companies must stimulate the growth of capital employed and the efficiency of structural capital for enhanced firm value by strengthening ROA performance. This allows managers to allocate resources to critical knowledge assets for intellectual capital that can be turned into a sustainable competitive advantage.
Strategic Orientation: Integrating Entrepreneurial, Collective, and Market Orientations to Enhance MSMEs' Performance Khouroh, Umu; Yuniarti, Sari; Windhyastiti, Irany; Al-Asjim, Rafiq Firdaus
Media Ekonomi dan Manajemen Vol 39, No 2 (2024): July 2024
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56444/mem.v39i2.4766

Abstract

MSMEs in Indonesia face fundamental problems in developing business strategies. This research explores the impact of strategic orientation (SO) on business performance. SO involves the integrated role of entrepreneurial orientation (EO), market orientation (MO), and collective orientation (CO) in improving performance. This research also examines the mediating role of CO, MO and the moderating role of EO. Demographic variables are used as control variables. Data obtained from 192 creative industries in Malang Raya with a response rate of 65 percent (124 MSMEs). This study utilizes PLS-SEM methodology to investigate target relationships. The results show that MSME performance is significantly influenced by SO, both EO and MO, but not CO. This confirms the direct influence of EO and MO on performance, as well as the indirect influence of MO on the EO-performance relationship. In addition, this research reveals that the performance of MSMEs managed by women tends to be lower than MSMEs managed by men. This is because the EO characteristics of men are greater than those of women. The implication of these findings is that MSMEs must improve EO and MO. Effective CO needs to be strengthened so that it can make a major contribution to sustainability of MSMEs.