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Pengaruh Literasi Keuangan dan Teman Sebaya Terhadap Perilaku Keuangan dengan Gaya Hidup Sebagai Variabel Mediasi Pada Mahasiswa Institut Bisnis dan Ekonomi Indonesia Ecci Resamala Sari; Toto, Yusron; Yuniarti, Yuniarti; Febrianti, Sukma
Bisman (Bisnis dan Manajemen): The Journal of Business and Management Vol. 8 No. 1 (2025): Februari 2025
Publisher : Program Studi Manajemen, Fakultas Ekonomi, Universitas Islam Majapahit, Jawa Timur, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36815/bisman.v8i1.3616

This research aims to analyze and determine the influence of financial literacy and peers on financial behavior with lifestyle as a mediating variable (Study of students at the Indonesian Institute of Business and Economics). The population of this study was 821 IBE Indonesia students class 2021- 2024, the sampling technique used purposive sampling and the sample formula was Taro Yamane with an error rate of 5%, a sample of 268 respondents was obtained. The data collection technique uses a questionnaire from Google Form and the data analysis tool uses Smart PLS 4.0. The data analysis technique uses PLS-SEM. Based on the results of this research, it can be concluded that financial literacy has a positive influence on financial behavior. Apart from that, the existence of peer variables also has a significant positive impact on financial behavior. Financial literacy and peers also contribute positively and significantly to lifestyle. Finally, lifestyle plays a role in mediating the relationship between financial literacy and financial behavior, as well as between peers and financial behavior.

ASPIRASI KE AKSI: ANALISIS SEM (STRUCTURAL EQUATION MODELING) FAKTOR PENENTU MINAT SISWA LANJUT PERGURUAN TINGGI Yulianto, Yulianto; Toto, Yusron; Saryono, Udin; Sukmawati, Taryati; Rizaldy, Rizaldy; Yuniarti, Yuniarti; Megawati, Megawati; Apriani, Tia
Jurnal Manajemen Pendidikan Vol. 10 No. 1 (2025): Regular Issue
Publisher : STKIP Pesisir Selatan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34125/jmp.v10i1.396

This study aims to analyze the influence of parental support, intrinsic and extrinsic motivation, educational self-efficacy, access to college information, and socioeconomic status on students' interest in continuing their education to college. In addition, this study examines the mediating role of self-efficacy as well as the interaction between these factors in the Indonesian context. The study used a quantitative approach with a survey method through a closed questionnaire based on a 5-point Likert scale. The findings provide new insights into the complexity of the determinants of interest in higher education in Indonesia, particularly the negative role of excessive parental support and the inconsistent influence of self-efficacy. The practical implications include the need for a more holistic approach in educational policies and counseling guidance programs involving parents and students. This study also fills a gap in the literature by examining the unique interaction between psychological, social and contextual factors in the Indonesian context, while questioning the universal assumption of a linear relationship between parental support and educational motivation. The findings on the negative effects of information overload also make a novel contribution to the literature discussion on educational decision-making.

The Impact of Environmental, Social, and Governance Disclosure on Firm Value: Evidence from Energy and Basic Materials Companies in Indonesia Herni Ponia; Yusron Toto
Journal of Business Economics : Needs, Services, and Money Vol. 1 No. 2 (2026): Journal of Business Economics:Needs, Services, and Money
Publisher : Institut Bisnis dan Ekonomi Indonesia

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This study aims to examine the influence of environmental, social, and governance disclosure on company value (PBV and Tobin's Q). While the independent variables are environmental and social, then governance. The population in this study is energy and basic materials sector companies listed on the Indonesia Stock Exchange for the 2017- 2023 period. The sampling method used is the purposive sampling method so that 7 companies were obtained. The total number of data processed in this study is 49 data. The type of data used is secondary in the form of annual financial statements of companies in the energy and basic materials sectors listed on the Indonesia Stock Exchange for the 2017- 2023 period. The data analysis method used in this study is descriptive statistics with a significant level value of 5%. The results of this study show that ESG has an effect on the company's value (PBV and Tobin's Q). Keywords: Environmental, Social, Governance, Corporate Value

Financial Knowledge, Socialization, and MSME Financial Management Behavior: Evidence from a Perceived Behavioral Control Perspective Siska Putri Utami; Yusron Toto
Journal of Business Economics : Needs, Services, and Money Vol. 1 No. 2 (2026): Journal of Business Economics:Needs, Services, and Money
Publisher : Institut Bisnis dan Ekonomi Indonesia

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This study examines the determinants of financial management behavior among micro, small, and medium enterprises (MSMEs) by integrating Behavioral Finance Theory and the Theory of Planned Behavior. Specifically, it investigates the roles of financial knowledge and financial socialization, with perceived behavioral control as a mediating variable. Using a quantitative approach, data were collected through a structured questionnaire from 160 MSME owners in Pontianak City, Indonesia. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The findings reveal that financial knowledge does not directly influence financial management behavior but significantly enhances perceived behavioral control. In contrast, financial socialization has both direct and indirect effects on financial management behavior. Perceived behavioral control is found to significantly influence financial management behavior and fully mediates the relationship between financial knowledge and financial management behavior, while partially mediating the relationship between financial socialization and financial management behavior. These results suggest that cognitive financial knowledge alone is insufficient to drive effective financial behavior unless individuals perceive adequate control over financial decisions. This study contributes to the behavioral finance literature by highlighting perceived behavioral control as a key psychological mechanism in shaping MSME financial behavior. The findings provide practical implications for policymakers and practitioners to design financial empowerment programs that emphasize behavioral control and social learning alongside financial literacy.

Sustainability as a Value Creation Mechanism: A Conceptual Framework of ESG, Profitability, and Market Valuation Yusron Toto
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.818

This study empirically evaluates the role of sustainability in practices that influence firm value by explicitly modeling profitability as a transmission mechanism. Using a balanced panel of 51 firms listed on the Indonesia Stock Exchange over 2017–2023 (357 firm-year observations), the analysis applies a Random Effects model estimated using EGLS, selected through Chow, Hausman, and Lagrange Multiplier tests. The results indicate that ESG performance, carbon disclosure, and green innovation positively and significantly affect Return on Assets (ROA). Further estimations show that ESG performance, carbon disclosure, green innovation, and ROA exert positive and significant effects on firm value (Tobin’s Q), while firm size and leverage display negative and significant impacts. Mediation analysis using Sobel, Aroian, and Goodman tests confirms that ROA significantly mediates the relationship between each sustainability dimension and firm value. The models explain approximately 48% of the variation in ROA and 54% of the variation in firm value. Conceptually, the study integrates the Triple Bottom Line, Doughnut Economics, and modern capitalism into a unified framework linking sustainability practices to firm value through internal profitability.

Sustainability as a Value Creation Mechanism: A Conceptual Framework of ESG, Profitability, and Market Valuation Toto, Yusron
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.818

This study empirically evaluates the role of sustainability in practices that influence firm value by explicitly modeling profitability as a transmission mechanism. Using a balanced panel of 51 firms listed on the Indonesia Stock Exchange over 2017–2023 (357 firm-year observations), the analysis applies a Random Effects model estimated using EGLS, selected through Chow, Hausman, and Lagrange Multiplier tests. The results indicate that ESG performance, carbon disclosure, and green innovation positively and significantly affect Return on Assets (ROA). Further estimations show that ESG performance, carbon disclosure, green innovation, and ROA exert positive and significant effects on firm value (Tobin’s Q), while firm size and leverage display negative and significant impacts. Mediation analysis using Sobel, Aroian, and Goodman tests confirms that ROA significantly mediates the relationship between each sustainability dimension and firm value. The models explain approximately 48% of the variation in ROA and 54% of the variation in firm value. Conceptually, the study integrates the Triple Bottom Line, Doughnut Economics, and modern capitalism into a unified framework linking sustainability practices to firm value through internal profitability.

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