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Enhancing SME’s Performance based on Innovation Culture, Innovation Capability, and Strengthened by the External Environment Indrawati, Nur Khusniyah; Alfathya, Atmaya Fitra
Ekonika : Jurnal Ekonomi Universitas Kadiri Vol. 9 No. 2 (2024): September
Publisher : Fakultas Ekonomi Universitas Kadiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30737/ekonika.v9i2.6220

Abstract

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The Serial Mediation Role of Dividend Policy and Capital Structure in Relationship Between Financial Flexibility and Financial Performance Indrawati, Nur Khusniyah; Jazuli, A Muhamad; Suciati, Ranila; Alfathya, Atmaya Fitra
Ekonika : Jurnal Ekonomi Universitas Kadiri Vol. 10 No. 2 (2025): September
Publisher : Fakultas Ekonomi Universitas Kadiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30737/ekonika.v10i2.6349

Abstract

This research aimed to investigate the serial mediation role of dividend policy and capital structure in the relationship between financial flexibility and financial performance. The population of this research consists of property and real estate companies listed on the Indonesia Stock Exchange (IDX) over the 13 years (2010 to 2022). Purposive sampling was used. Based on the determined criteria, six companies were chosen as the sample of this research. Data were collected from financial reports on the IDX website to obtain proxies for each variable used. The data analysis used descriptive and inferential statistics, including Path Analysis and the Sobel test, to examine mediation. The results show that of the 10 proposed hypotheses, four are not significant: financial flexibility does not significantly affect financial performance, either directly or through capital structure, or through the serial mediation of dividend policy and capital structure. Financial flexibility also does not directly affect capital structure. This provides empirical evidence that managing cash holdings alone, as a risk-free asset, is insufficient to mitigate risk and improve financial performance, given that property and real estate companies require large capital expenditures due to their inherent characteristics.
Is Risk Tolerance the Missing Link? Unpacking the Drivers of Investment Intention and Gender Differences Among Generation Z Alfathya, Atmaya Fitra; Sumiati; Indrawati, Nur Khusniyah
Jurnal Aplikasi Manajemen Vol. 23 No. 2 (2025)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jam.2025.023.2.11

Abstract

The number of Single Investor Identification (SID) accounts is growing annually, primarily among Generation Z. However, a considerable disparity remains between those in this generation who have begun investing and those who have not. This situation warrants further examination to identify the factors that influence investment intentions among Generation Z in Malang. This explanatory study examines the effects of financial knowledge and social influence on investment intentions, considering the role of risk tolerance and gender differences. Utilizing purposive sampling, data from 224 Generation Z respondents in Malang were analyzed with Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings indicate that financial knowledge and social influence significantly impact investment intentions, with risk tolerance mediating this relationship. Partial Least Squares Multi-Group Analysis (PLS-MGA) reveals no significant gender differences. This study provides empirical evidence from Generation Z in Malang, showing that gender does not moderate the effects of financial knowledge and social influence on investment intentions. The findings offer practical implications for policymakers, educators, and financial institutions, highlighting the need for comprehensive financial education, building supportive social environments, and strengthening risk tolerance as key strategies to enhance Gen Z’s investment intention.