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All Journal J-EBIS (Jurnal Ekonomi dan Bisnis Islam) Management Studies and Entrepreneurship Journal (MSEJ) Jurnal Kolaboratif Sains East Asian Journal of Multidisciplinary Research (EAJMR) Indonesian Journal of Advanced Research (IJAR) International Journal of Education Management and Religion International Journal of Economics and Development
Darmawati
Universitas Hasanuddin
Religion Agriculture, Biological Sciences & Forestry Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Medicine & Pharmacology Nursing Public Health Social Sciences Other

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Pengaruh Cash Flow Dan Leverage Terhadap Potensi Financial Distress (Studi Empiris Pada BUMN Karya Yang Tercatat Di BEI Periode 2019–2024) Dea Saufika Mobilingo; Dian Fathirah; Syarifuddin Rasyid; Darmawati
Management Studies and Entrepreneurship Journal (MSEJ) Vol. 6 No. 1 (2025): Management Studies and Entrepreneurship Journal (MSEJ)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/msej.v6i4.7837

Abstract

Penelitian ini bertujuan untuk menguji dan menganalisis pengaruh cash flow dan leverage terhadap potensi financial distress: (Studi Empiris pada BUMN Karya yang Terdaftar di BEI Tahun 2019 – 2024). Populasi dalam penelitian ini di Perusahaan BUMN Karya yang terdaftar di BEI tahun 2019 – 2024 berjumlah 5 perusahaan dengan jumlah sampel 30 perusahaan. Metode penelitian yang digunakan adalah kuantitatif dengan menggunakan data sekunder yaitu berupa laporan keuangan Perusahaan BUMN Karya yang terdaftar di BEI. Teknik analisis data menggunakan analisis data regresi linear berganda dan MRA serta uji t dengan menggunakan SPSS 26. Hasil dari penelitian ini adalah variabel arus kas berpengaruh positif terhadap financial distress dan variabel leverage berpengaruh negatif terhadap financial distress.
Investors’ Interpretations Of Financial Statement Information In Investment Decision Making Andi Mulia Saleh; Amiruddin; Darmawati
International Journal of Education Management and Religion Vol. 3 No. 2 (2026): July 2026
Publisher : Pondok pesantren As-salafiyah As-Safi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/ijemr.v3i2.826

Abstract

Financial statements play a crucial role in capital markets by providing information that supports investment decision-making. Despite their importance, investors do not always interpret financial statement information uniformly because interpretation is influenced by individual knowledge, experience, and psychological factors. This study aims to explore how investors interpret financial statement information, identify factors influencing those interpretations, and examine the role of interpretation in investment decision-making. The study employs a qualitative approach within an interpretive paradigm to understand the meanings investors assign to accounting information. Data were collected through in-depth interviews, observations, and documentation involving active capital market investors selected using purposive sampling. Data analysis followed the interactive model of data condensation, data display, and conclusion drawing, complemented by thematic analysis to identify recurring patterns. The findings reveal that investors perceive financial statements as important sources of information for evaluating company performance, profitability, financial stability, and growth prospects. Interpretations vary according to financial literacy, investment experience, information complexity, perceived credibility of financial reports, psychological characteristics, and social influences. Experienced investors tend to interpret accounting information more critically and integrate it with contextual considerations, whereas less experienced investors often depend on external information sources. The findings also demonstrate that investment decisions are not based solely on financial statement information but emerge from an interpretative process involving accounting information, investor characteristics, and broader informational environments. This study contributes to the accounting and behavioral finance literature by demonstrating that financial statements function not only as providers of objective information but also as interpretative instruments through which investors construct meaning and make investment decisions.
ESG Decoupling, Political Connections And Stock Price Crash Risk Evidence From Indonesian Listed Firms Dinah Diyanah Burhan; Amiruddin; Darmawati
International Journal of Education Management and Religion Vol. 3 No. 2 (2026): July 2026
Publisher : Pondok pesantren As-salafiyah As-Safi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/ijemr.v3i2.990

Abstract

This study investigates the effect of ESG Decoupling on Stock Price Crash Risk (SPCR) and examines the moderating role of Political Connections among non-financial firms listed on the Indonesia Stock Exchange. ESG Decoupling refers to the divergence between sustainability disclosure and actual environmental, social, and governance performance, reflecting the extent to which firms engage in symbolic sustainability reporting. Drawing upon Positive Accounting Theory, Legitimacy Theory, Signaling Theory, and the Bad News Hoarding Theory, this study argues that ESG Decoupling increases information asymmetry and encourages the accumulation of undisclosed adverse information, thereby elevating future stock price crash risk. The study employs a quantitative research design using panel data from 142 non-financial firms during the 2018–2024 period, resulting in 994 firm-year observations. ESG Disclosure Scores are obtained from Bloomberg, ESG Performance Scores from Refinitiv Eikon, and political connection data are manually collected from annual reports and corporate governance disclosures. Fixed-effects regression models are used to test the hypotheses, while System Generalized Method of Moments estimation is employed to address potential endogeneity concerns. The empirical results indicate that ESG Decoupling has a positive and statistically significant effect on Stock Price Crash Risk. Political Connections strengthen this relationship, suggesting that politically connected firms experience more severe adverse consequences when sustainability disclosures diverge from actual ESG performance. Robustness analyses using alternative measurements and dynamic specifications confirm the consistency of the findings. The study contributes to the emerging ESG literature by demonstrating that disclosure credibility represents a critical determinant of market stability and by highlighting the governance risks associated with political affiliations in emerging capital markets.
Comparative Analysis of the Residual Income Valuation Model and the Dividend Discounting Model in Predicting Stock Prices of LQ45 Companies Icha Mustamin; Amiruddin; Darmawati; Endang Sriningsih
Indonesian Journal of Advanced Research Vol. 5 No. 5 (2026): May 2026
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ijar.v5i5.16520

Abstract

This study aims to analyze and compare the effectiveness of the Residual Income Valuation (RIV) model and the Dividend Discount Model (DDM) in predicting stock prices for companies listed on the LQ45 index of the Indonesia Stock Exchange. Changes in dividend policies and market uncertainty in Indonesia necessitate the use of accurate valuation models for investors and regulators. The research method used is a quantitative comparative study employing a multiple linear regression approach. The sample was determined using purposive sampling, which included LQ45 index companies with complete financial statement data available during the observation period. The effectiveness of the models was measured using statistical instruments and prediction accuracy measures such as Mean Absolute Percentage Error (MAPE) and Root Mean Square Error (RMSE). The results of the study indicate that, taken together, net income, book value of equity, and dividends have a significant impact on stock prices, explaining 65.8% of the variance. However, when considered individually, dividends per share were found to be the most dominant and significant variable influencing stock prices (Sig. 0.000). Conversely, net income and book value of equity did not show a significant independent effect. Thus, this study indicates that in the context of LQ45 companies, the Dividend Discount Model (DDM) proves to be more relevant and has stronger predictive power compared to the RIV model. These findings suggest that investors in the Indonesian capital market still heavily rely on dividends as the primary signal of a company’s stability and quality.
Break Even Point Analysis For Sales Planning At PT Ultrajaya Milk Industry And Trading Company Tbk Kartika Septiary Pratiwi Musa; Haliah; Darmawati
International Journal of Economics and Development Vol. 2 No. 1 (2026): June 2026
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/ijed.v2i1.1615

Abstract

This study aims to analyze the application of Break Even Point (BEP) analysis as a strategic instrument for sales planning and profit management at PT Ultrajaya Milk Industry & Trading Company, Tbk during the 2022–2024 period. The study seeks to evaluate the company's operational efficiency through contribution margin performance, break-even trends, and sales target achievement in the post-pandemic business environment. A quantitative descriptive approach was employed using secondary data obtained from PT Ultrajaya’s independently audited annual financial statements for 2022–2024. The analysis involved cost classification, contribution margin (CM) calculation, contribution margin ratio (CMR) analysis, BEP determination in monetary terms, and sales target planning based on Cost-Volume-Profit principles. The results indicate a consistent increase in net sales from IDR 7.456 trillion in 2022 to IDR 8.874 trillion in 2024. The contribution margin ratio improved substantially from 19.65% to 34.05%, reflecting enhanced operational efficiency and stronger profitability. The break-even point declined from IDR 5.874 trillion in 2022 to IDR 4.620 trillion in 2024, demonstrating a wider margin of safety. Furthermore, actual sales consistently exceeded both the calculated BEP and planned sales targets throughout the study period. The findings suggest that BEP analysis provides valuable managerial information for establishing realistic sales targets, monitoring cost efficiency, evaluating profit performance, and supporting strategic decision-making in manufacturing companies facing dynamic market conditions. This study contributes to the accounting and management literature by integrating contribution margin analysis, break-even trend evaluation, and sales target planning within a single analytical framework. It provides empirical evidence from a large publicly listed Indonesian manufacturing company during the post-pandemic recovery period, an area that remains relatively underexplored in previous BEP studies.
Akuntabilitas Fiskal Pemerintah Daerah dalam Era Desentralisasi: Analisis Empiris Kinerja Serapan Anggaran Provinsi di Indonesia: Fiscal Accountability of Local Governments in the Era of Decentralization: An Empirical Analysis of Provincial Budget Absorption Performance in Indonesia Sri Haryani; Haliah; Darmawati
Jurnal Kolaboratif Sains (Special Issue) - Jurnal Kolaboratif Sains (JKS) - Desember 2025
Publisher : Universitas Muhammadiyah Palu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56338/jks.v8i12.9605

Abstract

Penelitian ini bertujuan menganalisis pengaruh pagu belanja terhadap kinerja serapan anggaran pemerintah daerah provinsi di Indonesia dalam konteks desentralisasi fiskal. Menggunakan pendekatan kuantitatif dengan paradigma positivis, penelitian ini memanfaatkan data panel 38 provinsi selama periode 2015–2024. Kinerja serapan anggaran diukur sebagai rasio antara realisasi belanja dan pagu belanja, sedangkan pagu belanja digunakan sebagai variabel independen utama yang mencerminkan kapasitas perencanaan fiskal daerah.. Hasil penelitian menunjukkan bahwa pagu belanja berpengaruh positif dan signifikan terhadap kinerja serapan anggaran, meskipun besarnya pengaruh bersifat moderat. Temuan ini mengindikasikan bahwa peningkatan alokasi anggaran belum sepenuhnya diterjemahkan menjadi realisasi belanja yang optimal. Penelitian ini memberikan implikasi kebijakan mengenai pentingnya penguatan manajemen pelaksanaan anggaran dan kapasitas institusional pemerintah daerah guna meningkatkan efektivitas belanja publik dalam era desentralisasi fiskal.
Capacity Building And Employee Performance In Islamic Financial Institutions: Testing The Moderating Role Of Rewards Muhammad Nasri Katman; Haliah; Darmawati; Anisa Fadilla; Fathurrahman
J-EBIS (Jurnal Ekonomi dan Bisnis Islam) Vol, 11 No 1 (2026)
Publisher : IAIN Langsa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32505/j-ebis.v11i1.14087

Abstract

This study evaluates the effectiveness of capacity building strategies; covering human resource development, organizational strengthening, and institutional reform on employee performance in Islamic financial institutions, while testing the moderating role of reward. Employing a quantitative approach based on Partial Least Squares Structural Equation Modeling (PLS-SEM) with a saturated sample of 52 employees at PT Pegadaian Syariah Central Branch Makassar, the analysis results indicate that the three dimensions of capacity building do not have a direct significant effect on employee performance. Furthermore, the reward variable is proven not to moderate these relationships. These non-significant findings highlight a decoupling between the formality of capacity-building programs and actual field operational execution, while indicating that the current reward system has yet to align extrinsic motivation with Islamic work values (ihsan). This study provides theoretical contributions by filling the literature gap regarding the uncertainty of capacity building impacts in the sharia-compliant non-bank financial sector, and offers practical implications for management to restructure training designs and incentive structures to be more contextual and operational.
The Effect of Knowledge and Technological Advancement on Sharia Capital Market Investment Interest: The Role of Education as Moderation Muhammad Nasri Katman; Amiruddin; Darmawati; Muhammad Nur; Muhammad Yusran; Muslihati Muslihati
East Asian Journal of Multidisciplinary Research Vol. 5 No. 6 (2026): June 2026
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/eajmr.v5i6.205

Abstract

This study investigates the effect of knowledge and technological advancement on lecturers’ interest in investing in sharia capital market products, with education as a moderating variable. Employing a quantitative approach, primary data were collected via questionnaire from 89 lecturers at UIN Alauddin Makassar who had engaged in investment activities, selected through purposive sampling. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The results show that knowledge has a positive and significant effect on investment interest (t = 2.114; p = 0.035), whereas technological advancement does not (t = 0.543; p = 0.587). Education significantly moderates both relationships: it strengthens the effect of knowledge on investment interest (t = 2.847; p = 0.004) and recalibrates the effect of technological advancement (t = 2.877; p = 0.004). The model exhibits strong explanatory power (R² = 0.867), underscoring that structured educational interventions are critical to transforming knowledge and digital access into tangible sharia capital market investment participation.
Co-Authors Amiruddin Andi Mulia Saleh Anisa Fadilla Dea Saufika Mobilingo Dian Fathirah Dinah Diyanah Burhan Endang Sriningsih Fathurrahman Haliah, Haliah Icha Mustamin Kartika Septiary Pratiwi Musa Muhammad Nasri Katman Muhammad Yusran Muslihati Muslihati Sri Haryani Syarifuddin Rasyid