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All Journal Scientific Journal of Reflection : Economic, Accounting, Management and Business
Rambe, Aqli Nadzhari
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Economics, Econometrics & Finance

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Kebijakan Dividen dan Profitabilitas sebagai Faktor Penentu Struktur Modal Perusahaan Manufaktur di Sektor Barang Konsumen Primer Rambe, Aqli Nadzhari; Imsar, Imsar
SCIENTIFIC JOURNAL OF REFLECTION : Economic, Accounting, Management and Business Vol. 8 No. 3 (2025): SCIENTIFIC JOURNAL OF REFLECTION: Economic, Accounting, Management, & Business
Publisher : Sekolah Menengah Kejuruan (SMK) Pustek

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/sjr.v8i3.1244

Abstract

This study examines the influence of dividend policy and profitability on the capital structure of manufacturing companies in the primary consumer goods sector listed on the Indonesia Stock Exchange (IDX). The research addresses inconsistent findings in prior studies regarding the relationship between these variables, drawing on the Pecking Order Theory and Trade-Off Theory as the theoretical framework. A quantitative approach was employed with purposive sampling, resulting in a sample of 32 companies observed during the 2022-2023 period. Dividend policy was measured using the Dividend Payout Ratio (DPR), profitability using Return on Equity (ROE), and capital structure as the dependent variable. Data were analyzed using multiple linear regression with SPSS version 26, preceded by classical assumption tests. The results reveal that dividend policy has a significant negative effect on capital structure, indicating that higher dividend payouts are associated with a lower proportion of debt financing. Profitability, however, does not have a significant effect on capital structure, suggesting that profit levels do not directly determine financing preferences in the sampled companies. Jointly, dividend policy and profitability significantly influence capital structure, with an adjusted R² of 19.8%, implying that other factors outside the model account for 80.2% of the variation. These findings provide practical implications for financial managers in formulating optimal financing strategies and dividend distributions, especially in the post-pandemic business environment.
Pengaruh Profitabilitas, Kebijakan Dividen, dan Ukuran Perusahaan terhadap Nilai Perusahaan pada Perusahaan Indeks LQ45 di Bursa Efek Indonesia Tahun 2023 Rambe, Aqli Nadzhari; Imsar, Imsar
SCIENTIFIC JOURNAL OF REFLECTION : Economic, Accounting, Management and Business Vol. 8 No. 3 (2025): SCIENTIFIC JOURNAL OF REFLECTION: Economic, Accounting, Management, & Business
Publisher : Sekolah Menengah Kejuruan (SMK) Pustek

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/sjr.v8i3.1245

Abstract

This study investigates the effect of profitability, dividend policy, and firm size on firm value among companies listed in the LQ45 index on the Indonesia Stock Exchange (IDX) in 2023. The research addresses the issue that firm value, as a key indicator of shareholder wealth, is influenced by various internal factors, yet prior studies have shown inconsistent findings regarding these relationships. Using a quantitative approach, the study employs secondary data from annual financial reports of 45 companies selected through purposive sampling. The variables are measured using Return on Equity (ROE) for profitability, Dividend Payout Ratio (DPR) for dividend policy, firm size (log of total assets), and Tobin’s Q for firm value. Data were analyzed through descriptive statistics and multiple linear regression with a cross-sectional design, using SPSS version 26. The results reveal that profitability has a significant positive effect on firm value (? = 4.807, p < 0.001), indicating that higher profitability reflects better managerial performance and strengthens investor perception. Dividend policy (? = 0.005, p = 0.506) and firm size (? = -6.965E-16, p = 0.390) show no significant effects. However, jointly, the three variables significantly influence firm value (F = 7.876, p < 0.001) with an Adjusted R² of 0.319. These findings imply that while profitability remains a strong driver of firm value in LQ45 companies, dividend policy and firm size alone are less determinant, highlighting the need for investors to evaluate companies holistically.
Meningkatkan Loyalitas Nasabah melalui Transformasi Digital dan Kepuasan Nasabah di PT Prudential CBD Medan Polonia Rambe, Aqli Nadzhari; Imsar, Imsar
SCIENTIFIC JOURNAL OF REFLECTION : Economic, Accounting, Management and Business Vol. 8 No. 3 (2025): SCIENTIFIC JOURNAL OF REFLECTION: Economic, Accounting, Management, & Business
Publisher : Sekolah Menengah Kejuruan (SMK) Pustek

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/sjr.v8i3.1238

Abstract

The rapid shift from conventional insurance services to digital platforms poses significant challenges for Sharia-based insurance companies in maintaining customer loyalty. This study aims to examine the effect of digital transformation on customer loyalty, with customer satisfaction as a mediating variable, in the context of PT Prudential Syariah, Medan Polonia CBD. Using a quantitative explanatory research design, data were collected through structured questionnaires from 376 purposively selected customers. Variables measured include digital transformation (independent), customer satisfaction (mediator), and customer loyalty (dependent). Data analysis employed linear regression and Sobel test using SPSS 25. Results indicate that digital transformation has a positive and significant impact on both customer satisfaction and loyalty. Furthermore, customer satisfaction positively and significantly influences customer loyalty, and it mediates the relationship between digital transformation and loyalty. These findings suggest that enhancing digital service features such as user-friendly applications, efficient claims processes, and real-time policy management can foster higher satisfaction levels, which in turn strengthen long-term customer commitment. Practically, insurance companies, particularly in the Sharia sector, should prioritize digital innovation to remain competitive and build sustainable customer relationships in the digital era.
Perdagangan Bebas ASEAN dan Implikasinya terhadap Pertumbuhan Ekspor Indonesia ke ASEAN Rambe, Aqli Nadzhari; Imsar, Imsar
SCIENTIFIC JOURNAL OF REFLECTION : Economic, Accounting, Management and Business Vol. 8 No. 3 (2025): SCIENTIFIC JOURNAL OF REFLECTION: Economic, Accounting, Management, & Business
Publisher : Sekolah Menengah Kejuruan (SMK) Pustek

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/sjr.v8i3.1239

Abstract

This study investigates the impact of the ASEAN Free Trade Area (AFTA) policy on Indonesia’s export growth to ASEAN markets, with a specific focus on the agricultural sector as a key driver of the national economy. The main problem addressed is that, despite the elimination of tariffs under AFTA, Indonesian exporters still face significant non-tariff barriers, including stringent product quality standards, complex customs procedures, and regulatory disparities among ASEAN member states. The purpose of this research is to provide a comprehensive evaluation of both the quantitative benefits and the persistent technical and structural challenges of AFTA implementation. Using a literature review approach, the study analyzes secondary data from 2015 to 2024 obtained from credible sources, including government institutions, ASEAN reports, and international trade organizations. The results reveal that AFTA has significantly increased Indonesia’s export value in various subsectors such as palm oil, fisheries, horticulture, and processed food products. The removal of trade tariffs has enhanced market access, improved competitiveness, and encouraged investment in the agricultural sector. However, the study also finds that non-tariff barriers remain a major obstacle to maximizing AFTA’s benefits. As its novelty, this research not only assesses the quantitative growth of exports but also examines in depth the nature of non-tariff barriers and evaluates government policy responses, such as the harmonization of standards and the implementation of the National Single Window system. The study recommends strengthening inter-agency coordination and regional cooperation to fully optimize the benefits of ASEAN free trade.
Co-Authors Imsar, Imsar