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All Journal Jurnal Keuangan dan Perbankan Jurnal Ilmiah Ekonomi Islam Jurnal Inovasi Bisnis (Inovbiz) JURNAL EDUCATION AND DEVELOPMENT Jurnal Inovasi Hasil Pengabdian Masyarakat (JIPEMAS) Jurnal Ketahanan Pangan Jurnal Ilmu Manajemen (JIMMU) Jurnal Samudra Ekonomi dan Bisnis Performance : Jurnal Bisnis dan Akuntansi JAMIN : Jurnal Aplikasi Manajemen dan Inovasi Bisnis Munaddhomah: Jurnal Manajemen Pendidikan Islam Golden Ratio of Marketing and Applied Psychology of Business E-JRM IIJSE Majapahit Journal of Islamic Finance dan Management Fokus Bisnis: Media Pengkajian Manajemen dan Akuntansi Majapahit Journal of Islamic Finance dan Management
Saraswati, Ety
Universitas Islam Malang, Malang, Indonesia
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Social Sciences Other

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Working Capital Management as a Mediator of the Corporate Governance–Performance Relationship: Evidence from Indonesia Priyono, Achmad Agus; Widarko, Agus; Saraswati, Ety
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 2 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i2.520

Abstract

This study examines the moderating role of working capital management in the relationship between corporate governance mechanisms, specifically independent commissioners and ownership structure, and firm performance, as measured by Return on Equity (ROE). The analysis is based on panel data from consumer goods manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023. Using a quantitative explanatory approach and Partial Least Squares Structural Equation Modeling (PLS-SEM) via WarpPLS 7.0, this study finds that independent commissioners have a significant adverse effect on ROE. At the same time, ownership concentration shows a negative but statistically insignificant effect. Meanwhile, working capital management, proxied by the average payment period (APP), has a significant positive impact on ROE, but does not moderate the relationship between governance mechanisms and firm performance. These findings highlight that structural governance components alone do not guarantee improved financial performance unless accompanied by functional and competent internal financial practices. Theoretically, this study contributes to agency Theory and resource dependence Theory by demonstrating that symbolic governance structures tend to undermine firm value in emerging markets with weak institutional enforcement.
Working Capital Management as a Mediator of the Corporate Governance–Performance Relationship: Evidence from Indonesia Priyono, Achmad Agus; Widarko, Agus; Saraswati, Ety
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 2 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i2.520

Abstract

This study examines the moderating role of working capital management in the relationship between corporate governance mechanisms, specifically independent commissioners and ownership structure, and firm performance, as measured by Return on Equity (ROE). The analysis is based on panel data from consumer goods manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023. Using a quantitative explanatory approach and Partial Least Squares Structural Equation Modeling (PLS-SEM) via WarpPLS 7.0, this study finds that independent commissioners have a significant adverse effect on ROE. At the same time, ownership concentration shows a negative but statistically insignificant effect. Meanwhile, working capital management, proxied by the average payment period (APP), has a significant positive impact on ROE, but does not moderate the relationship between governance mechanisms and firm performance. These findings highlight that structural governance components alone do not guarantee improved financial performance unless accompanied by functional and competent internal financial practices. Theoretically, this study contributes to agency Theory and resource dependence Theory by demonstrating that symbolic governance structures tend to undermine firm value in emerging markets with weak institutional enforcement.
Pengaruh Merek, Kualitas Produk Dan Promosi Terhadap Keputusan Pembelian Produk Eiger (Studi Kasus Pada Generasi Z Di Kecamatan Lowokwaru) Kurniawan, Hendri; Widarko, Agus; Saraswati, Ety
E-JRM : Elektronik Jurnal Riset Manajemen E-JRM : Elektronik Jurnal Riset Manajemen Vol. 14 No. 02
Publisher : UNIVERSITAS ISLAM MALANG

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Abstract

Abstract This study aims to analyze the influence of brand, product quality and promotion on purchasing decisions for Eiger products. The population used in this study is generation Z in Lowokwaru District who have purchased Eiger products. This type of research is quantitative research with a causal associative method. The sampling technique uses non-probability with the method used purposive sampling, the determination of the number of samples is obtained using the Hair et al. formula, so that 105 respondents are obtained. The analysis method used is multiple linear regression in the SPSS program. The results of this study indicate that brand, product quality and promotion have a positive and significant effect on purchasing decisions for Eiger products. This shows that if Eiger products improve and maintain the brand, product quality and promotion, the buyer's decision to purchase Eiger products will increase. Keywords: Brand, product quality, promotion, buying decision
Analisis Perkembangan UMKM Sektor Kuliner Di Kota Malang Safira, Annisa Ayu; Nurhidayah, Nurhidayah; Saraswati, Ety
E-JRM : Elektronik Jurnal Riset Manajemen E-JRM : Elektronik Jurnal Riset Manajemen Vol. 14 No. 02
Publisher : UNIVERSITAS ISLAM MALANG

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Abstract

Abstract The food industry in Malang City has been growing rapidly. Food vendors can be found in almost every area, indicating a high demand in this sector. Culinary MSME actors offer a variety of flavors to attract consumers who are constantly seeking new products. People also tend to purchase their food needs from local vendors. This rapid development is further driven by the city’s dense population. The research problems in this study are: 1) How do Information Technology, Business Capital, and Financial Reporting influence the development of culinary MSMEs in Malang City? 2) How can Information Technology enhance the development of culinary MSMEs in Malang City? 3) How can Business Capital enhance the development of culinary MSMEs in Malang City? 4) How can Financial Reporting enhance the development of culinary MSMEs in Malang City? The research method applied is qualitative research using NVIVO as the analytical tool. The results of the study show that: 1) The use of Information Technology by culinary MSMEs in Malang City contributes significantly to improving operational efficiency, 2) The business capital used by culinary MSMEs in Malang City is partly sourced from personal funds, 3) The financial reports prepared by culinary MSMEs in Malang City generally include the basic information required, although they are not yet detailed and comprehensive, 4) The business duration of the eight culinary MSME actors in Malang City varies, with some experiencing long-term sustainability while others face short-term business endurance. Keywords: MSME Development, Culinary
Pemberdayaan Masyarakat Pada UKM Depo Air Minum Tirta Barokah Dan Bakso Tuna Cintaku Hatneny, Aleria Irma; Mahardani, Ahmad Subhan; Saraswati, Ety
Jurnal Inovasi Hasil Pengabdian Masyarakat (JIPEMAS) Vol 2 No 1 (2019)
Publisher : University of Islam Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33474/jipemas.v2i1.1604

Abstract

Indonesia has a large fishery resource, since most of the area covered by oceans. Therefore, the availability of national fish is enough to support the needs of the fish processing industry. The fishery potential can be a challenge for the people of the coastal area to convert it into a product that has economic value added. The potential of fishery resources in the coastal south, Village Sitiarjo, District Sumbermanjing Wetan, Malang district has not received empowerment program well. The majority of people in the region still lags behind economically. The Community Service Program was aimed to make economic empowerment of the target society of SME-based on fish meatballs production and drinking water depots. The implementation methods were carried out in several stages: data collection, planning, implementation, monitoring, feedback, and final evaluation. The model implemented was intensive training and assistance to obtain the maximum output corresponding to the objectives of the community service program. The results of this community service are to encourage the fish processing industry in the area to improve people's welfare and to overcome the problem of the water crisis in the target communities.
Financial Implementation of Digital Wallet Halal Development on Generation Z's Shopping Intention on Food Products Saraswati, Ety; Rachmadi, Kartika Rose
Jurnal Ilmiah Ekonomi Islam Vol. 10 No. 2 (2024): JIEI : Vol.10, No.2, 2024
Publisher : ITB AAS INDONESIA Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jiei.v10i2.13397

Abstract

The study of halal consumption is very important because the halal market is booming and has practical policy implications for stakeholders (such as marketing managers, government and corporate vision). Therefore, this study explores the determinants of the purchase intention of halal products that have been certified among Muslim minority countries in Russia because of the low attention of researchers in the study. So far a lot of research on this issue has focused on Muslim-majority countries. The purpose of this study is to conduct empirical studies by analyzing empirical models of Halal awareness, Halal certification, Halal marketing, Halal habit, Halal knowledge and religious belief in consumers' intention to buy products that are halal certified among Russian consumers. Using a quantitative approach and non-probability sampling design, this study explores information from 216 respondents in one of the important cities in the Siberian region of Russia. From the collected data, 204 respondents were declared complete, then validity tests (correlation of person product moment) and reliability (cronbach alpha) were carried out for further classical assumption test analysis (normality, multicollinearity, heteroscedasticity and autocorrelation test) to determine data quality. Based on multiple linear regression analysis, information obtained that Halal Knowledge and Religious belief significantly influence consumers' intention to buy products that are halal certified among Russian consumers. Surprisingly Halal awareness, Halal certification / logo, Halal marketing and Halal habit have no effect on their intentions. Finally, Russian consumers believe that consuming halal products is due to their religious encouragement and knowledge of halal products. Marketers need to design a unique strategy to convince consumers that products circulating in the Russian market are halal products that are in accordance with Islamic sharia and meet Russian halal certification standards.
The Covid Pandemic Testing the Resilience of the United States, China and Indonesia Capital Markets Priyono, Achmad Agus; Saraswati, Ety
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 5 No 1 (2022): Sharia Economics
Publisher : Sharia Economics Department Universitas KH. Abdul Chalim, Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v5i1.1782

Abstract

There are two main factors that influence the rise and fall of the index, namely internal factors and external factors. The external factor currently experiencing volatility in the stock market is the coronavirus outbreak. Where the presence of the Coronavirus on this earth has caused panic in various parts of the world. The epidemic attacks various levels of society, especially for those who have congenital diseases. This study aims to analyze the resilience of the capital markets in the United States, China and Indonesia in the 60 days before and after the positive confirmation of COVID-19 in each country. The variable of capital market resilience in the United States is used as a proxy for the DJI index, while the resilience of the capital market in China is used as a proxy for the SSEC index, while the resilience of the capital market in Indonesia is used as a proxy for the IDX index. The paper tries to determine whether there are differences in the resilience of the capital market before and before the covid outbreak in the American, Chinese and Indonesian capital markets. The results of the study prove that the Covid outbreak has had a very bad impact on the stock markets of Indonesia and the United States. The tool on the test used to prove that there is a difference in resilience in the capital markets in Indonesia and the United States in the 60 days before and after being confirmed positive for Covid. Meanwhile, in the capital market in China, it was found that there was no difference in the resilience of the capital market in the 60 days before and before being confirmed positive for Covid. This condition proves the country's success in handling and controlling the covid outbreak.
Financial Performance and Inflation’s Effects on Indonesia’s National Private Commercial Banks’ Return on Assets Djaelani, Abdul Qodir; Saraswati, Ety; Priyono, Achmad Agus; Kartiko, Ari
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 6 No 2 (2023): Sharia Economics
Publisher : Sharia Economics Department Universitas KH. Abdul Chalim, Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v6i2.3373

Abstract

This research was conducted to investigate the effect of financial performance as represented by Loan Deposit Ratio (LDR), Non-Performing Loans (NPL), and Net Interest Margin (NIM), as well as Inflation on profitability at National Private Commercial Banks listed on the Indonesia Stock Exchange (IDX). This research adopts a quantitative approach with empirical analysis using panel data from 2017 to 2021. The sampling method uses purposive sampling, with 23 banks selected as samples. Data analysis was performed using the panel data regression method through Eviews software. The panel data estimation showed a significant influence between the Loan Funding Ratio (LFR) and Inflation variables on the Return on Assets (ROA) of national private commercial banks in Indonesia in 2017-2021. These findings provide a solid empirical basis for providing better financial policy recommendations to these banks in the future.
Islamic Values and Gen Z's Investment Behavior in the Sharia Stock Market: Beyond Rationality Priyono, Achmad Agus; Saraswati, Ety; Widarko, Agus
Munaddhomah: Jurnal Manajemen Pendidikan Islam Vol. 7 No. 1 (2026): Progressive Management of Islamic Education
Publisher : Prodi Manajemen Pendidikan Islam Pascasarjana Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/munaddhomah.v7i1.2298

Abstract

This study explores how financial literacy and risk perception impact Sharia stock investment decisions among Generation Z students, with Islamic values as a moderator variable. The urgency of this research arises from the relatively slow growth of Sharia investors in Indonesia, which only accounted for 2.6% of total stock market investors in November 2023, even though Generation Z represents the majority of new investors. The quantitative explanatory research design was applied by surveying 130 students from the Faculty of Economics and Business, Islamic University of Malang, active in the Sharia Investment Gallery. The data were analyzed using Partial Least Squares–Structural Equation Modeling with WarpPLS software. The findings revealed that financial literacy and Islamic values significantly influenced Sharia stock investment decisions, while risk perception did not show a significant effect. Moreover, moderation analysis shows that Islamic values do not strengthen the relationship between independent variables and investment decisions but serve as direct determinants. The novelty of this study shows that, in a context with high religious homogeneity, Islamic values operate as internalized standards that shape investment behavior. These insights advance Islamic Behavioral Finance and inform policies on Islamic financial literacy and sustainable capital market development.
Co-Authors Abdillah, Achmad Fikri Abil Abdul Qodir Djaelani Achmad Agus Prioyono Achmad Agus Priyono Afi Racmat Slamet Agustina, Iin Ahmad Azmil Marrom Ahmad Muhayan Arif Ahmad Rifai Aisyah Wulandari Akbar, M. Ananda Fajar Akhmad Azhar Khurri Aldrian Saputra Aleria Irma Hatneny Alfi Nur Mufida Alfin Aulia Rahman Alma Tika Agustin Amalyani, Meifiana Andi Normala Dewi Andi Normaladewi Aprilia Dyah Wulandari Ari Kartiko Ari Kartiko, Ari Assagaf, Nurul Syifa Aulia Sukma Rachmawati Bagus Prasetyo Basalamah, Muhammad Ridwan Bellanti, Silvan Brian Inggrid Alvandy Budi Wahono Chamid Alif, A’an Abdul Citra Damayani Prayogiyanto Citra Nurul Hidayati Deni Irfa Yanti Dimas, Moh Fahrezi Djaelani, Abdul Qodir Fajjar Mustofa Fasahri, Nuril Ramadhan Fa’jiah, Cholifatul Febryansyah, Dany Ferlian Ramadhan Gilang Romadhon Hadi Sunaryo Hariri, Hariri Hariri, Hariri Hatneny, Aleria Irma Hendri Kurniawan, Hendri Iin Cahyaningsih Ilham Febriansyah Isma, Viona Aulia Isnaini Firdayanti Ita Athia Izza, Nikmatul Jeni Susyanti Jumani Jumani Kartika Rose Rachmadi Ketut Tirtayasa M. Agus Salim M. Agus Salim Al Fathoni M. Hufron Mahardani, Ahmad Subhan Mahardani, Ahmad Subhan Malinda, Elsa Masriyani Masriyani Mas’udah, Nia Arifiana Maulana, Muhammad Naufal Aulia Mawardi, Muhammad Cholid Moh. Fathur Rozi Moh. Fathur Rozi MUHAMMAD AGUS SALIM Muhammad Fadil Muhammad Muslihul Hadi N. Rachma nanang tri haryoko Nanda Sasqia Zahro Niken Cahyani Agungtya Nindya Cahyaningrum Novitasari Novitasari Nur Diana Khalidah Nur Faidah Nur Fatimah Nur Halimatus Sa’diyah Nur Hidayati Nur Hidayati Nuratul Amaliah Nurhidayah Nurhidayah Nurmala Yunita Nurul Qomariah Priyambudi, Arif Putri Ekawati Ratma Ana Tasya Reza Audia W.A Rizal, Syarif Ali Rois Arifin Ronny Malavia Mardani Ronny Malavia Mardani Safira, Annisa Ayu Safrillia, Dea Sanjaya, Anggun Sri Tyas Listia Sujarwo, Revi Moury Putri Taufiqulhakum, M Fadhila Ubaydillah, Awaluddin Ulya, Arifah Izzatul Vachriyanti, Asma’ul Noer Vika Septirini Wahyuningtyas, Novianur Widarko, Agus Windy Tri Yuniar Wulan, Aisyah Dwi Fajar Yasmin, Raisya A Yulianti, Nur Afni Zuhri, Haszaghi Ramadhan