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All Journal Cakrawala Repositori Imwi Al Makki Health Informatics Journal Journal of Management, Economic, and Financial
Muhamad Zaenal Asikin
Politeknik Siber Cerdika Internasional, Indonesia
Humanities Decision Sciences, Operations Research & Management Dentistry Economics, Econometrics & Finance Education Health Professions Nursing Public Health Social Sciences Veterinary

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Membangkitkan Semangat Kewirausahaan untuk Meningkatkan Keberlanjutan Bisnis dengan Memperkuat Sikap, Perilaku, dan Nilai Entrepreneurship Muhamad Zaenal Asikin; Amelia Amelia; Agus Rohmat Hidayat
Cakrawala Repositori IMWI Vol. 7 No. 4 (2024): Cakrawala Repositori IMWI
Publisher : Institut Manajemen Wiyata Indonesia & Asosiasi Peneliti Manajemen Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52851/cakrawala.v7i4.714

Abstract

Tujuan penelitian ini adalah untuk menyelidiki dampak dari upaya membangkitkan semangat kewirausahaan terhadap peningkatan keberlanjutan bisnis. Dalam penelitian ini, terdapat kombinasi antara pengumpulan data kuantitatif melalui kuesioner dan pengumpulan data kualitatif melalui wawancara mendalam. Penggunaan keduanya, kuantitatif dan kualitatif, membantu peneliti untuk mendapatkan pemahaman yang lebih komprehensif dan mendalam tentang variabel-variabel seperti jiwa kewirausahaan, nilai kewirausahaan, perilaku kewirausahaan, dan kemandirian usaha. Hasil, jiwa kewirausahaan memiliki dampak positif dan signifikan terhadap perilaku kewirausahaan. Hal ini menunjukkan bahwa pemilik usaha kecil yang memiliki jiwa kewirausahaan memiliki kecenderungan untuk mengembangkan perilaku kewirausahaan yang kuat, yang didorong oleh keinginan untuk menjalankan operasi bisnis dengan baik.
The Meaning of Psychological Calm for Gold Investors in the Midst of Global Uncertainty: A Phenomenological Study of Safe Haven Assets Muhamad Zaenal Asikin; Lina Sulistiawati
Journal of Management Economic and Financial Vol. 4 No. 1 (2026): Journal of Management, Economic and Financial
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jmef.v4i1.189

Abstract

This research aims to understand the meaning of psychological calm felt by gold investors in the midst of global uncertainty through a phenomenological approach. World economic instability triggered by global inflation, geopolitical conflicts, and international trade tariff policies are increasing financial anxiety and market volatility. In such situations, gold is known as a safe haven asset, but most previous research has focused on quantitative aspects such as price correlation and volatility. This study uses a phenomenological qualitative approach with in-depth interview techniques with 10 experienced gold investors and an exploratory questionnaire with 35 novice investors. The analysis was carried out using Interpretative Phenomenological Analysis (IPA). The results of the study show that gold is interpreted as a symbol of stability, a reduction of financial anxiety, and a means of building a sense of control over the future. Gold ownership provides psychological peace that is not only based on price stability, but also on historical beliefs and the symbolic value of security. Case studies show that consistency in saving gold can be an effective strategy in achieving long-term goals without financial pressure. This study concludes that gold functions as a psychological safe haven that integrates economic stability and emotional regulation in the face of global uncertainty.
Financial Performance Analysis: Profitability, Liquidity, and Solvency Ratios in Indonesian Property Sector Companies Aurelia Widya Astuti; Muhamad Zaenal Asikin
Journal of Management Economic and Financial Vol. 4 No. 1 (2026): Journal of Management, Economic and Financial
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jmef.v4i1.195

Abstract

The property sector in Indonesia faces complex financial challenges, including the need to simultaneously manage profitability, liquidity, and solvency under conditions of post-pandemic economic recovery and high capital dependency. Despite the sector’s strategic role in the national economy, empirical studies that comprehensively assess financial performance across multiple ratio dimensions within a single analytical framework remain limited. This study aims to analyze the financial performance of PT XYZ Tbk, an Indonesian property sector company listed on the Indonesia Stock Exchange (IDX), through a multidimensional financial ratio analysis encompassing four dimensions: profitability, liquidity and solvency, operational efficiency, and managerial policy. A descriptive quantitative approach was employed using secondary data drawn from the company’s audited financial statements for the first quarter of 2025 (January–March 2025), with comparative data from the first quarter of 2024, both obtained from the IDX official platform. Sixteen financial ratio indicators were calculated and interpreted against recognized industry benchmarks. The results reveal a critical disparity between the Gross Profit Margin (GPM 21.71%) and net-profit-based indicators (NPM 0.0231%; ROA 0.0002%; ROE 0.0006%), indicating severe compression of bottom-line profitability driven by non-operating expenses under high leverage conditions (DER 1.6354). Although the Current Ratio (1.4423) appears nominally adequate, the very low Quick Ratio (0.0994) exposes a hidden liquidity risk attributable to inventory dominance (93.1% of current assets). Operational efficiency indicators further reflect structural weaknesses, with Asset Turnover recorded at only 0.0102 times and Inventory Turnover at 0.0162 times. On the managerial policy dimension, sales declined by 13.98% and net profit contracted by 99.77% year-on-year, signaling acute multidimensional financial pressures. These findings imply that property sector companies must adopt more balanced and adaptive financial management strategies—particularly in optimizing capital structure, accelerating inventory conversion, and strengthening operating cash flow—to sustain long-term performance stability and competitiveness.
Viability of Digital Health Application Business Models: A Systematic Review of the Trade-offs between Monetization, Service Affordability, and Customer Value Suhendi Suhendi; Muhamad Zaenal Asikin; Solehudin Solehudin
Al Makki Health Informatics Journal Vol. 4 No. 1 (2026): Al Makki Health Informatics Journal
Publisher : Al Makki Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57185/gjw9ev51

Abstract

Providers of digital health applications must reach financial viability through monetization, while users need services that are affordable and valuable. These elements are rarely synthesized in a single framework. This focused narrative review, which is not a systematic review, maps monetization strategies, examines their relationship with service affordability and customer value, identifies conditions of alignment or conflict between commercial and user interests, and develops a conceptual framework linked to business model viability. Searches were run on 31 October 2026 on PubMed, PubMed Central, ScienceDirect, and JMIR journal websites. Of 60 records identified, 32 sources were retained: 26 evidence sources and 6 context, theory, and method sources. The synthesis shows that monetization takes three forms, namely direct pricing, subscription or freemium (with thin evidence in health), and data monetization; that willingness to pay varies systematically with education, income, country, and service modality; that data monetization moves the tension from affordability to trust; and that customer value has functional and relational dimensions. Four propositions are formulated: monetization visibility (P1), user population heterogeneity (P2), provider incentive structure (P3), and the two dimensions of customer value (P4). Viability cannot be judged from revenue alone or from user access alone. Implications for Indonesia, where telemedicine regulation and personal data protection law shape monetization choices, are discussed together with practical recommendations and a research agenda.
Co-Authors Agus Rohmat Hidayat Amelia Amelia Aurelia Widya Astuti Lina Sulistiawati Solehudin Solehudin Suhendi Suhendi