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All Journal IIJSE Majapahit Journal of Islamic Finance dan Management Majapahit Journal of Islamic Finance dan Management
Farah Margaretha Leon
Universitas Trisakti, Jakarta, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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The Influence of Ownership Structure and Liquidity on Dividend Policy in ASEAN Banking Achmad Gibran Fachraesy; Mawjihan Tsakilla; Farah Margaretha Leon
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.8148

Abstract

This research seeks to explore and critically assess the influence of ownership structure and liquidity on banking dividend policies in Indonesia, Malaysia, and Thailand. The sample consists of 25 banking companies total of 100 data points were gathered through a purposive sampling approach. The research utilizes secondary data, specifically banking annual reports from the 2020–2023 period, sourced from the Indonesia Stock Exchange, Malaysia Stock Exchange, and Thailand Stock Exchange. The analytical framework applied is multiple linear regression. The findings reveal that foreign ownership, bank performance, and leverage exert a negative influence on dividend policy, whereas institutional ownership, liquidity, and bank age do not demonstrate a statistically significant impact on dividend policy, as reflected in dividend yield and dividend payout ratio . The findings also indicate that institutional ownership negatively affects dividend policy when measured by dividend yield. This research is expected to benefit financial managers and investors in decision-making. For financial managers, insights into the influence of ownership structure on dividend policy can assist in designing financial strategies, managing liquidity, and determining dividend distribution. Meanwhile, for investors, this information serves as a basis for making more informed investment decisions.
Determinants of Stock Prices Infrastructure on the Indonesia Stock Exchange Rizki Malik Fajar; Ardono Sepdantyo Yudo; Farah Margaretha Leon
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.8227

Abstract

This study examines the relationship between a company's financial condition and the value of its shares in the market. The focus is on infrastructure sector companies in Indonesia listed on the stock exchange for the last three years (2021-2024). Similar studies use certain common financial variables, but this study tries a new approach by adding two additional variables, namely ROA (which reflects the efficiency of the company in generating profits from its assets) and company size (which describes the scale or size of the company). The aim is to see whether these two variables have a significant influence on the value of shares in the market. Using a quantitative approach and purposive sampling, the research gathered 172 observations from 43 companies. Panel data regression (cross-section and time-series) was applied through statistical software. This study found that several financial indicators such as EPS, NAVPS, and PER support that a significant and positive influence on stock prices. However, ROA in infrastructure companies in this study period, was not statistically proven to significantly affect stock prices. These findings highlight that not all financial indicators equally reflect market perceptions, particularly in capital-intensive and regulation-sensitive sectors like infrastructure. The study advises financial managers to enhance key indicators such as EPS, NAVPS, and PER to attract investors and boost firm value. For investors, the research offers guidance on which financial indicators to prioritize when evaluating stock prospects, while also cautioning that some metrics, like ROA, may not reliably predict price movements.
Digital Transformation and Green Credit: Strategic Implications for Bank Profitability Grecia Alvionita Simanjorang; Febria Nalurita; Farah Margaretha Leon
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 1 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

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Abstract

This study seeks to examine the impact of non-performing loans, the loan-to-deposit ratio, green credit, and digitalisation on the profitability of Indonesia's banking system, while considering bank size and bank age as control factors. This research is distinctive due to its incorporation of green credit and digitalisation in response to the increasing significance of sustainability and technical advancement in the financial sector. This study utilises secondary data obtained from the annual reports of banking firms listed on the Indonesia Stock Exchange (IDX) for the years 2019 to 2024. The sample was chosen by a purposive sampling technique. The investigation utilised imbalanced panel data regression with a fixed effects model, leveraging EViews 9 software. The findings demonstrate that non-performing loans adversely and significantly impact profitability, while the loan-to-deposit ratio positively and significantly influences profitability. Additionally, green credit exerts a positive and significant effect on profitability, and both bank size and bank age as control variables significantly affect profitability. In contrast, digitalisation exerts no substantial influence on profitability. The findings underscore the necessity for banks to adeptly manage credit risk and optimise digital transformation to improve financial performance, alongside the vital role of government in fostering and developing green credit programs.
The Effect of Financial Risk and Capital Structure on the Financial Performance of Banks on the Indonesian Stock Exchange Fathin Hairiyah; Muhammad Nabil Kayana; Farah Margaretha Leon
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 1 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

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Abstract

The impact of capital structure and financial risk on the financial performance of banks listed on the Indonesia Stock Exchange is examined in this study. The primary question posed is how profitability as determined by return on assets is impacted by liquidity risk, credit risk, operational risk, leverage, and net interest margin. In order to give a thorough grasp of the elements influencing bank performance, this study aims to investigate the relationships between these variables. Banks' yearly financial reports for the 2020–2024 period are subjected to panel data regression analysis as part of the quantitative research methodology. The addition of net interest margin as a variable that mediates the association between financial risk and profitability is what makes this study novel. It is anticipated that the study's findings will demonstrate how effective capital structure management and financial risk reduction can boost bank profitability. The significance of an integrated risk management strategy is emphasized in the study's conclusion. The implications of the study provide practical recommendations for financial managers, investors, and regulators, and open up space for further research on external factors that affect banking performance.
Determinants of Return on Assets in Banking Companies Listed on the Indonesia Stock Exchange Dita Ayu Nurani; Farah Margaretha Leon
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.815

Abstract

This study aims to examine the effects of Non-Performing Loans (NPL), Shareholder Equity Ratio (SER), Solvency Ratio (SVR), and Liquidity Ratio (LR) as independent variables on Return on Assets (ROA) among banking companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. A quantitative research approach was employed using secondary data obtained from the annual reports of the selected companies. The study sample comprised 33 banking companies, resulting in a total of 165 observations. Data were analyzed using panel data regression with the Random Effect Model (REM), processed through EViews version 13.0. The findings indicate that NPL and SVR have a negative and statistically significant effect on ROA, while LR has a positive and statistically significant effect on ROA. In contrast, SER does not exhibit a statistically significant effect on ROA.
Determinants of Return on Assets in Banking Companies Listed on the Indonesia Stock Exchange Dita Ayu Nurani; Farah Margaretha Leon
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.815

Abstract

This study aims to examine the effects of Non-Performing Loans (NPL), Shareholder Equity Ratio (SER), Solvency Ratio (SVR), and Liquidity Ratio (LR) as independent variables on Return on Assets (ROA) among banking companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. A quantitative research approach was employed using secondary data obtained from the annual reports of the selected companies. The study sample comprised 33 banking companies, resulting in a total of 165 observations. Data were analyzed using panel data regression with the Random Effect Model (REM), processed through EViews version 13.0. The findings indicate that NPL and SVR have a negative and statistically significant effect on ROA, while LR has a positive and statistically significant effect on ROA. In contrast, SER does not exhibit a statistically significant effect on ROA.
The Impact of Working Capital on Financial Performance Moderated by Dividend Policy and Financial Ratios: A Study of Manufacturing Companies in Indonesia Lutfi Adnan Affif; Asfina Nor Husna; Henny Setyo Lestari; Farah Margaretha Leon
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.732

Abstract

This study aims to analyze the impact of working capital on financial performance moderated by dividend policy and financial ratios at manufacturing companies in Indonesia. This research method uses a panel data regression, utilizing Eviews 9.0 software for data processing. The sample for this study includes 47 technology and manufacturing companies listed on the IDX with consistent data available for the 2020–2024 observation period. This study adopts a hypothesis-testing design to analyze the effects of the Cash Conversion Cycle, Leverage, Sales Growth, and Investment Policy on Financial Performance (ROA). Additionally, the model incorporates Size and Inflation as control variables and Dividend Payout Ratio as the moderating variable.
The Impact of Risk Management and Capital Adequacy Ratio on Banking Performance in Indonesia Kurrota A'yuni Aisy; Elfrida Eufunny; Henny Setyo Lestari; Farah Margaretha Leon
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.744

Abstract

This research examines the impact of risk management practices and capital adequacy on banking performance in Indonesia. Bank performance is measured by Return on Assets, while risk management is represented by credit, market, liquidity, and operational risk indicators. Capital Adequacy Ratio is used as a proxy for capital strength, with firm size and firm growth rate serving as control variables. The study applies a quantitative approach using secondary data from the financial statements of 43 commercial banks listed on the Indonesia Stock Exchange during the 2020–2024 period and employs panel data regression with a fixed effects model. The results indicate that the variables jointly have a significant effect on banking performance. Partially, Loan Loss Provision, Operating Expense Ratio, Efficiency Ratio, and Capital Adequacy Ratio have a positive and significant impact on Return on Assets, while the remaining risk indicators and control variables do not show significant effects. These findings indicate that effective credit provisioning, operational efficiency, productive cost management, and adequate capital strength are key factors in improving banking performance and maintaining sector stability.
The Impact of Working Capital on Financial Performance Moderated by Dividend Policy and Financial Ratios: A Study of Manufacturing Companies in Indonesia Lutfi Adnan Affif; Asfina Nor Husna; Henny Setyo Lestari; Farah Margaretha Leon
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.732

Abstract

This study aims to analyze the impact of working capital on financial performance moderated by dividend policy and financial ratios at manufacturing companies in Indonesia. This research method uses a panel data regression, utilizing Eviews 9.0 software for data processing. The sample for this study includes 47 technology and manufacturing companies listed on the IDX with consistent data available for the 2020–2024 observation period. This study adopts a hypothesis-testing design to analyze the effects of the Cash Conversion Cycle, Leverage, Sales Growth, and Investment Policy on Financial Performance (ROA). Additionally, the model incorporates Size and Inflation as control variables and Dividend Payout Ratio as the moderating variable.
The Impact of Risk Management and Capital Adequacy Ratio on Banking Performance in Indonesia Kurrota A'yuni Aisy; Elfrida Eufunny; Henny Setyo Lestari; Farah Margaretha Leon
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.744

Abstract

This research examines the impact of risk management practices and capital adequacy on banking performance in Indonesia. Bank performance is measured by Return on Assets, while risk management is represented by credit, market, liquidity, and operational risk indicators. Capital Adequacy Ratio is used as a proxy for capital strength, with firm size and firm growth rate serving as control variables. The study applies a quantitative approach using secondary data from the financial statements of 43 commercial banks listed on the Indonesia Stock Exchange during the 2020–2024 period and employs panel data regression with a fixed effects model. The results indicate that the variables jointly have a significant effect on banking performance. Partially, Loan Loss Provision, Operating Expense Ratio, Efficiency Ratio, and Capital Adequacy Ratio have a positive and significant impact on Return on Assets, while the remaining risk indicators and control variables do not show significant effects. These findings indicate that effective credit provisioning, operational efficiency, productive cost management, and adequate capital strength are key factors in improving banking performance and maintaining sector stability.
Co-Authors Achmad Gibran Fachraesy Ardono Sepdantyo Yudo Asfina Nor Husna Bhimo Fadhel Musyaffa Dita Ayu Nurani Elfrida Eufunny Fathin Hairiyah Febria Nalurita Grecia Alvionita Simanjorang Henny Setyo Lestari Kurrota A'yuni Aisy Lutfi Adnan Affif Mawjihan Tsakilla Muhammad Nabil Kayana Rizki Malik Fajar Wahyu Ramadhan