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All Journal Jurnal Ekonomi dan Bisnis Jagaditha Jurnal Keuangan dan Perbankan Kinerja: Jurnal Ekonomi dan Manajemen Akuntabel : Jurnal Ekonomi dan Keuangan Forum Ekonomi : Jurnal Ekonomi, Manajemen dan Akuntansi JURNAL MANAJEMEN SENTRALISASI Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Jurnal Ilmu Manajemen Mulawarman (JIMM) Jurnal Ilmu Ekonomi Mulawarman (JIEM) Innovative: Journal Of Social Science Research ABDIMU Jurnal Pengabdian Kepada Masyarakat FORUM EKONOMI: Jurnal Ekonomi, Manajemen dan Akuntansi
Felisitas Defung
Universitas Mulawarman
Religion Arts Humanities Computer Science & IT Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Public Health Social Sciences Other

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Analisis tingkat efesiensi bank swasta nasional di Indonesia menggunakan data envelopment analysis (DEA) Arlinda, Alya; Defung, Felisitas
Jurnal Ilmu Manajemen Mulawarman (JIMM) Vol. 8 No. 3 (2023): September
Publisher : Fakultas Ekonomi dan Bisnis Universitas Mulawarman

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30872/jimm.v8i3.10356

Abstract

Penelitian ini bertujuan untuk mengetahui tingkat efesiensi Bank Swasta Nasional yang ada di Indonesia menggunakan metode Data Envelopment Analysis (DEA). Jumlah sampel pada penelitian ini sebanyak 30 Bank Swasta Nasional yang ada di Indonesia periode 2015-2019. Variabel input dalam penelitian ini meliputi Dana Pihak Ketiga, Beban Bunga, dan Beban Operasional. Sedangkan Variabel output dalam penelitian ini meliputi Kredit, Pendapatan Bunga dan Pendapatan Operasional. Hasil analisis menggunakan DEA menunjukkan bahwa hanya satu bank yang mengalami efesiensi selama tahun 2015-2019 yaitu Bank OCBC  NISP. 17 bank lainnya mengalami fluktuasi dalam tingkat efesiensi. Sedangkan 12 bank lainnya mengalami inefesiensi selama periode 2015-2019.
Pengaruh earning per share, profitabilitas dan leverage terhadap nilai perusahaan Diniyah, Nur Rizqi; Defung, Felisitas
Jurnal Ilmu Manajemen Mulawarman (JIMM) Vol. 8 No. 4 (2023): November
Publisher : Fakultas Ekonomi dan Bisnis Universitas Mulawarman

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30872/jimm.v8i4.10429

Abstract

Penelitian ini dimaksudkan untuk mengetahui pengaruh Earning per Share, Profitabilitas dan Leverage tenrhadap Nilai Perusahaan Subsektor Makanan dan Minuman yang terdaftar di Bursa Efek Indonesia selama periode 2016-2020. Penelitian dilakukan menggunakan analisis regresi linier berganda terhadap data dari 18 perusahaan Subsektor Makanan dan Minuman yang terdaftar di Bursa Efek Indonesia selama periode 2016-2020. Hasil penelitian menunjukkan bahwa Profitabilitas berpengaruh positif dan signifikan terhadap Nilai Perusahaan Subsektor Makanan dan Minuman yang terdaftar di Bursa Efek Indonesia selama periode 2016-2020. Sedangkan pada pengujian hipotesis lainnya, Earning per Share dan Leverage berpengaruh tidak signifikan terhadap Nilai Perusahaan Subsektor Makanan dan Minuman yang terdaftar di Bursa Efek Indonesia selama periode 2016-2020
Pengaruh board size dan kepemilikan asing serta firm size terhadap kinerja keuangan pada sektor pertambangan di Indonesia Rasidah, Rasidah; Defung, Felisitas; Anwar, Hairul
Jurnal Ilmu Manajemen Mulawarman (JIMM) Vol. 8 No. 3 (2023): September
Publisher : Fakultas Ekonomi dan Bisnis Universitas Mulawarman

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30872/jimm.v8i3.11594

Abstract

Penelitian ini bertujuan untuk mengevaluasi pengaruh Board Size dan Kepemilikan Asing Serta Firm Size Terhadap Kinerja Keuangan Pada Sektor Pertambangan yang terdaftar di Bursa Efek Indonesia (BEI). Variabel yang digunakan dalam stuktur ini adalah Board size pemilik perusahaan dan firm size. Penelitian ini menggunakan sampel 39 perusahaan sektor pertambangan yang terdaftar di BEI pada tahun 2012- 2019. Digunakan sebagai variabel independen dengan kinerja perusahaan (tobin’s Q) ditetapkan sebagai variabel dependen Hasil pengujian menunjukkan bahwa board size diduga berpengaruh positif terhadap perusahaan, serta firm size juga pengaruh positif terhadap perusahaan.
Debt Ratio Optimization as an Alternative Approach to Capital Structure Determination Using the Lagrange Method Ario, Muhammad; Tanlianto, Alphero; Fathanah, Muhammad Halim; Jovan Lo, Jesen; Defung, Felisitas
FORUM EKONOMI: Jurnal Ekonomi, Manajemen dan Akuntansi Vol. 27 No. Special Issue (2025): Desember
Publisher : FEB Universitas Mulawarman

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30872/jfor.v27i1/4449

Abstract

This study develops a mathematical optimization model for determining the optimal debt ratio in a firm’s capital structure using the Lagrange method. By expressing equity value as a function of leverage, the model identifies a structural asymptote that divides the feasible region into positive and negative equity outcomes, thereby eliminating the possibility of an interior maximum and mathematically refuting the central prediction of the Trade-Off Theory. The first-order condition produces two critical points, but only one lies within the positive region and is shown through second-order analysis to be a local minimum rather than an optimum. Numerical simulation and empirical validation further demonstrate that optimal equity value arises under two extreme leverage conditions: zero leverage for conservative strategies and high leverage approaching the asymptote for aggressive strategies. These results establish a new analytical foundation for capital structure theory, provide a basis for developing more complex econometric models, and offer practical guidance for firms in prioritizing leverage decisions according to their risk preferences and strategic objectives
Earnings Quality, Leverage, Profitability and Corporate Cash Holdings: The Moderating Role of Institutional Investors in Indonesian Food and Beverage Firms Nugroho, Dicky Rachmad; Defung, Felisitas
SENTRALISASI Vol. 15 No. 2 (2026): May
Publisher : Universitas Muhammadiyah Sorong

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33506/sl.v15i2.5457

Abstract

This study aims to examine the effect of earnings quality, leverage, and return on assets on corporate cash holdings, with institutional investors acting as a moderating variable in food and beverage companies listed on the Indonesia Stock Exchange during the 2020-2024 period. This research uses a quantitative approach with secondary data obtained from companies’ annual financial reports. The sample consists of 21 companies selected through purposive sampling, resulting in 105 firm-year observations. The data were analyzed using panel data regression with Moderated Regression Analysis (MRA). The results show that earnings quality and leverage have a negative and significant effect on corporate cash holdings, while return on assets has a positive but insignificant effect. Institutional investors moderate the relationship between earnings quality and leverage with corporate cash holdings by weakening their negative effects. However, institutional investors do not moderate the relationship between return on assets and corporate cash holdings. This study provides empirical evidence on the role of institutional investors in influencing corporate cash holding policies.
The Effect of Commodity Price on Indonesia Rupiah Exchange Rate and Dow Jones Index on Indonesia Stock Exchange Siti Hernita Oktavia; Anis Rachma Utary; Felisitas Defung
Jurnal Ekonomi dan Bisnis Jagaditha Vol. 5 No. 2 (2018)
Publisher : Universitas Warmadewa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22225/jj.5.2.809.109-118

Abstract

Capital market is one of today's economic instruments that has developed very rapidly. One way to measure the performance of capital market is through stock index. There are many affecting factors to the stock index, such as domestic interest rates, foreign exchange rates, international economic conditions, the country's economic cycle, inflation rates, tax regulations, the amount of money in circulation (M. Samsul, 2008). The purpose of this study is to analyze the effect of Oil Prices, World Gold Prices, Exchange Rate of Indonesian Rupiah, and Dow Jones on IHSG (Indonesia Stock Exchange). We used analytical method with multiple regression analysis performed with SPSS 24 to conduct the study. In advance to applying multiple regression analysis, we administered a classic assumption test. This is necessary to make the regression equation is BLUE (Best, Linear, Unbiased, Estimator). Results of data analysis showed that Gold Price and Indonesia Rupiah Exchange rate negatively affected the Indonesia Stock Exchange; the Oil Prices and Dow Jones index also had a positive effect on Indonesia Stock Exchange. The value of adjusted R square is 59.7%. This means that by 59.7% Indonesia Stock Exchange movement can be predicted from the movement of the independent variables.
FINANCIAL ANXIETY AND FINANCIAL MANAGEMENT BEHAVIOR AMONG PUBLIC EMPLOYEES: THE MEDIATING ROLE OF FINANCIAL SELF-EFFICACY Iwan Sariono Sukadi; Felisitas Defung; Wirasmi Wardhani
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 6 No. 3 (2026): June (ON PROGRESS)
Publisher : CV. Radja Publika

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

Abstract

Financial management behavior has become a critical concern in the global behavioral finance literature because financial anxiety increasingly affects household decision-making, employee well-being, and workplace functioning. Although previous studies consistently acknowledge the negative role of financial anxiety, the psychological mechanisms explaining how such anxiety translates into actual financial behavior among public employees remain underexplored. This study aims to examine the effect of financial anxiety on financial management behavior among civil servants in Balikpapan City, with financial self-efficacy tested as a mediating mechanism. Using a quantitative explanatory design, data were collected from 364 civil servants and analyzed through PLS-SEM with SmartPLS. The findings reveal that financial anxiety directly weakens financial management behavior and indirectly reduces it through lower financial self-efficacy, while financial self-efficacy emerges as the strongest predictor of positive financial behavior. This study contributes theoretically by extending social cognitive theory into the public sector financial behavior context and offers practical implications for employee financial wellness interventions. The explicit novelty lies in demonstrating financial self-efficacy as the central psychological bridge linking financial anxiety to civil servants' financial management behavior.
AN INTEGRATIVE MODEL OF FINANCIAL DECISION MAKING: THE MEDIATING ROLE OF FINANCIAL MANAGEMENT BEHAVIOR BETWEEN RISK PERCEPTION AND FINANCIAL ATTITUDE Nilawati; Felisitas Defung; Wirasmi Wardhani
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 6 No. 3 (2026): June (ON PROGRESS)
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.20549876

Abstract

Financial decision-making in public organizations is complex because of accountability pressures and environmental uncertainty. This study aimed to examine the influence of risk perception and financial attitude on financial decisions, with financial management behavior as a mediator. A quantitative approach was used with an explanatory design and structural equation modeling–partial least squares analysis on data from regional government organization employees. The results indicate that risk perception and financial attitude have significant positive effects on financial management behavior and financial decisions. Financial management behavior is proven to be the strongest determinant and partial mediator, linking psychological factors to financial decisions. These findings confirm that financial decisions are influenced not only by cognitive evaluations but also by concrete management behavior. The research contribution lies in the integration of the behavioral finance approach and the theory of planned behavior in the public sector context. Practical implications emphasize the importance of strengthening financial management behavior to improve the quality of rational and accountable decisions.
Co-Authors Abdi Putra Prakoso Afandi, Arif Agustina Agustina Aidilla Evasari Amanda, Rafly ANDIK SUPRIYATNO Anggi Kurnia Sari Anggita Pradnya Paramytha Anis Rachma Utary Anis Rachma Utary Anis Rachma Utary Ario, Muhammad Arlinda, Alya Dadang Lesmana Dea Eka Manisa Dedy Supriyadi Dela Farah Diba Diah Putri Aji Pradipta Diniyah, Nur Rizqi Djoko Setyadi Doddy Adhimursandi Dwi Agustina Echa HIKMAWATI SUNDARI Elisa Nanda Ristia Fathanah, Muhammad Halim Fathunnida Fathunnida Fathunnida, Fathunnida Fatmawati Lestari firliyanti firliyanti Ganda Pratama Hairul Anwar Hairul Anwar Hairul Anwar Hairul Anwar Hairul Anwar, Hairul Hairul Azka anwar Hanifah Hanifah HERRY RAMADHANI Indah Yulia Citra Indra Muska Setiawan Irsan Tricahyadinata Ismiatul amalia Iwan Sariono Sukadi Jonathan P.H Sinaga Jovan Lo, Jesen Kadafi, M. Amin Kamat Apriyanto Karim Maulana Kartika Aprilia Ivani Lorensas Julia Olivianty M. Amin Kadafi M. Amin Kadafi Manisa, Dea Eka Maryam Nadir Maryam Nadir Melati Saputri Meqitriz Yanuari H Meuthia Sri Agustin Muhammad Amin Kadafi Muhammad Febryanto Muhammad Fiisalam Kharisa Muhammad Reza Satria Muhammad Reza Satria, Muhammad Reza Muhammad Yusran Masyhuri Musdalifah Azis Musdalifah Aziz Nadira, Nadira Nilawati Novi Rahma Yani Nugroho, Dicky Rachmad Nur Fadhilah Prakoso, Abdi Putra Pratama, Ganda Puput Pratitis Putri, Cici Dwi Ananda Rafly Amanda Rasidah Rasidah, Rasidah Rega Waydi Andini Regina Gemelly Resti Windaridatul Asri Rizki Yuliana Rizky Yudaruddin Rosiana Rosiana Rusdiah Iskandar Sesinoprita Idin Siti Amalia Siti Hasmah Siti Hernita Oktavia Siti Rahmi Luxfiah Siti Raudhatul Jannah Sri Mintarti Suci Setiani Sukma Wati Susi Jantini Susri Eka Marselina Syarifah Lubna Kautsar A Tanlianto, Alphero Theresia Militina Tri Mulyana Ufiya Azka Prasiwi Ufiya Azka Prasiwi Ulfa Santika Sari Willy Chandra Wirasmi Wardhani Wirasmi Wardhani Wirasmi Wardhani Yeny Puji Astuti Yosephine Rose Christianti Yudha Atmoko Yulia Tri Cahyani Zainal Ilmi Zaki Fakhroni