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All Journal JAM : Jurnal Aplikasi Manajemen Jurnal Management Risiko dan Keuangan
Andarwati
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Decision Sciences, Operations Research & Management

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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

Purpose – This quantitative causal research aims to analyze the effect of profitability, liquidity, and capital structure on firm value in food and beverage manufacturing companies listed on the Indonesia Stock Exchange during the 2020–2023 period.     Design/methodology/approach  – This study uses secondary data from 28 companies selected through a saturation sampling technique. Data were analyzed using multiple linear regression with SPSS for Windows version 30.   Findings – The results show that profitability has a positive and significant effect on firm value, while liquidity and capital structure have negative and significant effects. Overall, the three variables are able to explain variations in firm value.   Originality/value – This study contributes to financial management literature by providing empirical evidence on the combined impact of profitability, liquidity, and capital structure on firm value in the Indonesian food and beverage sector.
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

Purpose – This study aims to evaluate the accuracy of three financial distress prediction models—Altman Z-Score, Zmijewski, and Springate—in predicting financial distress among E512 tourism sector companies (hotels, resorts, and cruise ships) listed on the Indonesia Stock Exchange during the 2019–2023 period.   Design/methodology/approach –  This research employs a descriptive quantitative approach using secondary data from E512 tourism companies listed on the Indonesia Stock Exchange. The predictive performance of the Altman Z-Score, Zmijewski, and Springate models was compared based on their accuracy in estimating financial distress.   Findings – The results show that the Zmijewski model achieves the highest prediction accuracy at 93.3%, outperforming the Altman Z-Score model (46%) and the Springate model (8%). These findings indicate that the Zmijewski model is the most reliable tool for identifying potential financial distress in tourism companies, although it should be used as an early warning indicator rather than a definitive bankruptcy prediction.   Originality/value – This study provides a comparative evaluation of three widely used financial distress prediction models in Indonesia's tourism sector, offering practical guidance for investors, creditors, and other stakeholders in assessing corporate financial health.
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

Purpose – This study aims to examine the effect of herding behavior and anchoring bias on investment decisions, with risk tolerance as an intervening variable among Generation Z in Jabodetabek.    Design/methodology/approach – This explanatory research uses a quantitative approach to test causal relationships between variables. The sample consists of 143 respondents collected through online questionnaires. Data were analyzed using Partial Least Squares (PLS) with SmartPLS version 4.0.   Findings – The results show that herding behavior and anchoring bias have a significant direct effect on investment decisions. Both variables also significantly influence risk tolerance, which in turn significantly affects investment decisions. Additionally, risk tolerance mediates the relationship between herding behavior, anchoring bias, and investment decisions.   Originality/value – This study contributes to behavioral finance literature by highlighting the mediating role of risk tolerance in linking cognitive biases and investment decision-making among Generation Z investors.
Variabel-Variabel yang Memengaruhi Rasio P/E dan Dampaknya terhadap Return Saham (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia) Adam, Echan; Djumahir; Andarwati
Jurnal Aplikasi Manajemen Vol. 13 No. 4 (2015)
Publisher : Universitas Brawijaya, Indonesia

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

Abstract

This research is aimed to understand and to analyze the influence of firm size (size),DER (Debt to Equity Ratio), ROE (Return on Equity), DY (Dividend Yield), and TSB (InterestRate) on P/E Ratio (Price Earning Ratio), and also their influence on stock return. Samplingtechnique is census which results in 17 manufacture companies as the sample. Two-StageLeast Square is used to analyze data. Result of research has shown that: (1) Variables of Sizeand ROE are positively and significantly influencing P/E Ratio. Variables of DER and TSBare negatively but significantly influencing P/E Ratio; and DY is not significantly influencingP/E Ratio. (2) P/E Ratio is negatively and significantly influencing stock return. Anychanges happening with fundamental variables of finance and macroeconomic will increaseP/E Ratio in the next period, but the increase of P/E Ratio will force stock return in the nextperiod to decline.
Pengaruh Sumberdaya dan Strategi terhadap Kinerja Usaha Rumah Makan di Kota Malang Andarwati
Jurnal Aplikasi Manajemen Vol. 12 No. 3 (2014)
Publisher : Universitas Brawijaya, Indonesia

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

Abstract

The problems of this research are, (1) Do human resource, organization resource and strategy have significance influence towards restaurant performance in Malang? (2) Does human resource have dominant influence to performance? (3) Do age and size have a relationship with human resource, human resource performance and organization resource which is different due to age category as well as size (employee quantity) to restaurant in Malang city? Thus, the aims this research are divided into 4, there are (1) testing and analyzing the influence of human resource, organization resource and strategy to the restaurant performance in Malang, (2) testing and analyzing how much organization resource and strategic has influence towards restaurants in Malang? (3) testing and analyzing the relationship between age and the size of restaurants with human resource, organization resource and restaurant performance in Malang, (4) testing and analyzing the difference of organization performance based on age and the size of restaurants in Malang. The sample of the Research is restaurants in Malang. Survey result is gained from interview and questionnaire on 35 restaurants in Malang. The data analysis that was used in order to answer the research problem is multiple regression and MANOVA. The results of the research are, first, human resource, organization resource and strategy have influence toward restaurant performance in Malang. Second, human resource is the most dominant variable that have influence on performance. Third, the category of age and size has a relationship between human resource, organization resource and restaurant performance in Malang. Lastly, performance, human resource and organization resource have different result based on age as well as size in the restaurants at Malang.
Pengaruh Pengorbanan Nasabah (Customers’Sacrifice) dan Kualitas Pelayanan terhadap Kepuasan dan Loyalitas Nasabah (Studi pada Nasabah Funding BII Maybank Kantor Cabang Malang) Hellyani, Catharina Aprilia; Rohman, Fatchur; Andarwati
Jurnal Aplikasi Manajemen Vol. 11 No. 3 (2013)
Publisher : Universitas Brawijaya, Indonesia

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

Abstract

This research aims to examine and confirm empirical evidence on: (1) the impact of Customer Sacrifice towards Customer Satisfaction on BII Maybank Malang Branch. (2) the impact of Service Quality towards Customer Satisfaction on BII Maybank Malang Branch. (3) the impact of Customer Satisfaction toward Customer Loyalty on BII Maybank Malang Branch. Practically, the results of this research are expected to be usable for BII Maybank management particularly in Malang Branch as a guidance or reference in making banking services policy or program innovations that attract customers. The research population is BII Maybank Malang Branch's customers that have joined the bank for at least 1 year and still have an active account. The number of sample is 80 respondents. The respondents are chosen by using nonprobability sampling called as purposive sampling technique. Method analysis used in this research is GSCA analysis. The result of this research indicates that: (1) Customer Sacrifice has negative but significant impact on Customer Satisfaction. (2) Service Quality has positive and significant impact on Customer Satisfaction. (3) Customer Satisfaction has positive and significant impact on Customer Loyalty.
Navigating Turbulence: Does Financial Performance and Macroeconomics Shape Energy Stock Volatility? Zulfiqar Azmi; Andarwati
Jurnal Management Risiko dan Keuangan Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2026.05.1.03

Abstract

Purpose – This study aims to analyze the effects of profitability, leverage, market value, energy commodity prices, and exchange rates on stock price volatility among Indonesian energy companies during the period of 2021–2024. The research seeks to identify key financial and macroeconomic factors influencing stock price fluctuations amid global geopolitical conflicts and post-pandemic economic uncertainty. Design/Methodology/Approach – This study employs a quantitative research approach using panel data regression analysis. The research sample consists of 25 energy companies listed in the IDXENERGY sector. Secondary data were collected from company financial reports and market data during the 2021–2024 period. The analysis was conducted using a random effect model to examine the relationship between independent variables and stock price volatility. Findings – The findings reveal that profitability, energy commodity prices, and exchange rates significantly influence stock price volatility. Return on Assets (ROA) has a negative and significant effect, indicating that stronger financial performance reduces investment risk and stock price fluctuations. Energy commodity prices have a positive and significant effect, demonstrating that global commodity price uncertainty increases stock volatility. Exchange rates have a significant negative effect, suggesting that Rupiah depreciation can act as a stabilizing factor through a natural hedging mechanism from export-based revenues. Meanwhile, leverage and Price Earnings Ratio (PER) do not significantly affect stock price volatility. Originality/Value – This study contributes to financial market research by integrating firm-level financial indicators with macroeconomic factors in explaining stock price volatility during crisis periods. The findings provide evidence that investors in the energy sector prioritize commodity price movements, exchange rate conditions, and operational profitability when assessing market uncertainty.
Financial Performance Determinants: Capital Structure, Liquidity, Solvency, and Asset Turnover Ramadani, Monica Ginggi Putri; Andarwati
Jurnal Management Risiko dan Keuangan Vol. 5 No. 2 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2026.05.2.07

Abstract

Purpose – This study aims to analyze the effects of capital structure, liquidity, solvency, and asset turnover on the financial performance of food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. The research seeks to identify the financial factors that contribute to improving corporate profitability, measured by Return on Assets (ROA). Design/Methodology/Approach – This study employs a quantitative research approach using panel data regression analysis. The research utilizes secondary data obtained from annual financial statements of food and beverage companies listed on the IDX. The independent variables include Debt to Equity Ratio (DER) as a measure of capital structure, Current Ratio (CR) as a liquidity indicator, Interest Coverage Ratio (ICR) as a solvency measure, and Asset Turnover Ratio (ATR) as an indicator of asset utilization efficiency. Model selection was conducted using the Chow test and Hausman test among the Common Effect Model (CEM), Fixed Effect Model (FEM), and Random Effect Model (REM). Findings – The findings show that solvency measured by the Interest Coverage Ratio (ICR) has a positive and significant effect on financial performance measured by ROA. Meanwhile, capital structure (DER), liquidity (CR), and asset turnover (ATR) do not have a significant partial effect on ROA. Simultaneously, all independent variables significantly influence financial performance. These results indicate that the ability to meet interest obligations plays a more important role in improving profitability compared with capital structure composition, liquidity position, or asset utilization efficiency. Originality/Value – This study contributes to corporate finance research by examining the combined effects of capital structure, liquidity, solvency, and asset utilization on financial performance within the food and beverage sector in Indonesia. The findings provide practical implications for managers in developing financial strategies, particularly regarding effective debt management and profitability improvement.
Co-Authors Catharina Aprilia Hellyani Djumahir Echan Adam Fatchur Rohman Gastiadirrijal, Rakan Ramadani, Monica Ginggi Putri Sutardjo, Abdul Wahid Wijaya, Andreanno Septian Eka Zulfiqar Azmi