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All Journal EKUITAS (Jurnal Ekonomi dan Keuangan) Jurnal Management Risiko dan Keuangan
Andarwati
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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The Effect of Profitability, Liquidity, and Capital Structure on Firm Value Wijaya, Andreanno Septian Eka; Andarwati
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This quantitative causal research departed from the decreasing value of food and beverage companies during the 2020-2023 period. The objective is to identify the effects of profitability, liquidity, and capital structure on firm value by studying food and beverage manufacturing companies listed on the Indonesia Stock Exchange. It employs secondary data acquired from 28 companies selected through saturation sampling technique. The data analysis was performed using multiple linear regression in SPSS for Windows version 30. This study finds that profitability has positive and significant effects on the firm value, while liquidity and capital structure negatively and significantly influence the firm value. In this model, profitability, liquidity, and capital structure can explain firm value.
Comparison of Accuracy Levels in Financial Distress Prediction Models using Altman Z-Score, Zmijewski, and Springate Sutardjo, Abdul Wahid; Andarwati
Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.3.08

Abstract

This study aims to determine the accuracy rate of potential financial distress using three financial distress prediction models (Altman Z-Score, Zmijewski, Springate) to predict financial distress for E512 sector tourism companies (hotels, resorts, and cruise ships) listed on the Indonesia Stock Exchange for 2019-2023. This type of research is descriptive quantitative. The data source used in this study is secondary data. The findings from the study show that Zmijewski's model outperforms the other two models with an accuracy rate of 93.3% in estimating financial distress. On the other hand, the accuracy of the Altman Z-Score model is at a moderate level with a rate of 46%, followed by the Springate model which is the lowest with an accuracy rate of 8% each. The conclusion reached by this study is that the Zmijewski model is the instrument with the highest percentage of accuracy and can be recommended for estimating the financial difficulties of tourism companies. However, the output of this study can only be recommended as a warning signal and not a definitive bankruptcy forecast. The results of this study are likely to provide insight into the evaluation of investors, creditors, and stakeholders on the financial condition of E512 (Hotels, Resorts, & Cruise) tourism companies listed on the Indonesia Stock Exchange.
The Effect of Herding Behavior and Anchoring Bias on Stock Decision-Making in the Capital Market with Risk Tolerance as a Mediating Variable Gastiadirrijal, Rakan; Andarwati
Jurnal Management Risiko dan Keuangan Vol. 4 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.2.01

Abstract

This study aims to determine the effect of herding behavior and anchoring bias on investment decisions with risk tolerance as an intervening variable on Generation Z in the Jabodetabek. This type of research is explanatory research that aims to test existing hypotheses to find casual relationships between variables. This study used a sample of 143 respondents obtained through online distribution. The data analysis technique used is Partial Least Square (PLS) using the SmartPLS version 4.0 tool. The results of this study indicate that the herding behavior and anchoring bias variables have a significant direct effect on investment decisions. The herding behavior and anchoring bias variables also have a significant effect on risk tolerance. The risk tolerance variable has a significant effect on investment decisions. The test results also show that risk tolerance mediates the relationship between herding behavior and anchoring bias on investment decisions.
CAPITAL STRUCTURE CATALYST: CONNECTING FINANCIAL LITERACY, INNOVATION, PROFITABILITY FOR VENTURE GROWTH Andarwati; Suryadi, Nanang; Zulfikar, Rizka
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 3 (2025): September
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2025.v9.i3.7202

Abstract

This study investigated the impact of financial literacy, innovation, and profitability on the performance of new ventures, focusing on the mediating role of capital structure. Addressing a sample of 287 new ventures in East Java, Indonesia, this study employed the Partial Least Squares Structural Equation Modeling (PLS-SEM) approach to analyze the relationships among key constructs. The findings revealed that innovation and profitability significantly influenced capital structure, which had a strong positive effect on firm performance.  The innovation had a direct impact on performance, while financial literacy and profitability did not show significant direct effects. Among the indirect effects, only innovation had a significant impact on performance through capital structure, reinforcing its strategic importance. The results of this study suggest that innovation, more than financial acumen or short-term profitability, plays a central role in shaping financial strategies that enhance new venture outcomes. The findings contributed to the entrepreneurial and financial management literature by integrating financial and non-financial competencies into a comprehensive model of entrepreneurial and financial management. This study also provided policymakers, educators, and practitioners with practical insights on how to strengthen the sustainability of new ventures through targeted innovation support and strategic financial structuring.
Co-Authors Gastiadirrijal, Rakan Nanang Suryadi Sutardjo, Abdul Wahid Wijaya, Andreanno Septian Eka Zulfikar, Rizka