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All Journal Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Journal Economic Business Innovation Journal of Ekonomics, Finance, and Management Studies
Jati Kusuma, Pradana
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Analisis Pengaruh Faktor Fundamental dan Makroekonomi terhadap Harga Saham Subsektor Makanan dan Minuman yang terdaftar di Bursa Efek Indonesia periode tahun 2020-2024 dengan Inflasi sebagai Variabel Moderasi Laila Safitri, Dina Destia; Jati Kusuma, Pradana; Whini Setyahuni, Suhita; Kurniawan, Rudi
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 1 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i1.10989

Abstract

This study examines the effect of fundamental factors (ROA, DER, CR, PBV, EPS) and macroeconomic factors (exchange rates, interest rates) on stock prices of food and beverage companies listed on the Indonesia Stock Exchange during 2020–2024, with inflation as a moderating variable. Using a quantitative approach and secondary data from financial statements and macroeconomic sources, the sample comprises 20 companies (100 observations). Results show that EPS and PBV have a positive and significant effect on stock prices, while ROA, DER, CR, exchange rates, and interest rates are not significant. Inflation moderates the relationship between ROA and PBV with stock prices, but not for other variables. The findings indicate that profitability and market valuation are the main factors considered by investors, while inflation plays a selective role.
Pengaruh Literasi Keuangan, Gaya Hidup Hedonis, dan Self-Control Terhadap Perilaku Konsumtif Pengguna Shopee Paylater Fitriyana, Amaliya; Nur Chasanah, Amalia; Jati Kusuma, Pradana; Santi Samasta, Almira
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 3 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i3.11158

Abstract

This study aims to examine financial analysis, hedonic lifestyle, and self-control on the consumer behavior of Shopee Paylater users. The rapid development of e-commerce in Indonesia has also increased BNPL services, especially the Shopee Paylater platform, among Generation Z in Semarang City. The study used an associative quantitative approach implementing purposive sampling and online data presentation, and the data was processed using Smart PLS 3, with analysis using SEM-PLS techniques. The results showed that financial literacy and self-control had a negative and significant effect on consumer behavior, while a hedonic lifestyle had a positive and significant effect. The results prove that optimizing financial literacy and self-control skills play a significant role in reducing consumer behavior among Paylater service users.
Analisis Pengaruh Faktor Fundamental dan Makroekonomi terhadap Harga Saham Subsektor Makanan dan Minuman yang terdaftar di Bursa Efek Indonesia periode tahun 2020-2024 dengan Inflasi sebagai Variabel Moderasi Laila Safitri, Dina Destia; Jati Kusuma, Pradana; Whini Setyahuni, Suhita; Kurniawan, Rudi
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 1 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i1.10989

Abstract

This study examines the effect of fundamental factors (ROA, DER, CR, PBV, EPS) and macroeconomic factors (exchange rates, interest rates) on stock prices of food and beverage companies listed on the Indonesia Stock Exchange during 2020–2024, with inflation as a moderating variable. Using a quantitative approach and secondary data from financial statements and macroeconomic sources, the sample comprises 20 companies (100 observations). Results show that EPS and PBV have a positive and significant effect on stock prices, while ROA, DER, CR, exchange rates, and interest rates are not significant. Inflation moderates the relationship between ROA and PBV with stock prices, but not for other variables. The findings indicate that profitability and market valuation are the main factors considered by investors, while inflation plays a selective role.
Peran Literasi Keuangan dalam Memediasi Gaya Hidup Konsumtif dan Financial Self-Efficacy Terhadap Financial Well Being Mahasiswa di Kota Semarang Fitriani, A’ida; Puspitasari, Diana; Nur Chasanah, Amalia; Jati Kusuma, Pradana
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 5 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i5.11749

Abstract

This study aimed to examine the relationship between a consumptive lifestyle and financial self-efficacy on the level of financial well-being of students in Semarang City, placing financial literacy as an intermediary variable. The approach used was quantitative with a survey design, involving 210 active students who were selectively determined through a purposive sampling technique. The data obtained were then analyzed using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) method with the help of the SmartPLS 3 application. The research findings indicate that financial self-efficacy plays an important role because it is proven to have a positive and significant influence on both financial well-being and financial literacy of students. On the other hand, a consumptive lifestyle also shows a positive and significant influence on financial well-being, but does not have a significant relationship with the level of financial literacy. Furthermore, financial literacy is not proven to have a significant effect on financial well-being and therefore is unable to mediate the relationship between a consumptive lifestyle and financial self-efficacy with financial well-being. From a theoretical perspective, these results confirm that psychological aspects reflected in an individual's self-confidence regarding financial management have a more dominant role than mere knowledge. Therefore, in practice, universities and related parties are advised to not only focus efforts on improving financial literacy, but also develop programs aimed at strengthening students' self-confidence in managing finances wisely and sustainably.
Managerial Ownership as a Moderator of Financial Performance and Capital Structure in Enhancing Firm Value Marshal Attarik, Muhammad; Puspitasari, Diana; Nur Chasanah, Amalia; Jati Kusuma, Pradana
Journal Economic Business Innovation Vol. 3 No. 1 (2026): April
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69725/jebi.v3i1.341

Abstract

Purpose—This study investigates the joint and conditional effects of financial performance and capital structure on firm value, while critically examining the moderating role of managerial ownership within an emerging market context. Design/methodology/approach—Grounded in agency theory and signaling theory, this study employs a quantitative panel data approach to examine the interplay between profitability, leverage, and firm valuation. Financial performance is proxied by Return on Assets (ROA), capital structure by Debt to Equity Ratio (DER), and firm value by Price to Book Value (PBV). Advanced panel regression techniques are utilized to capture both direct and moderating effects. Findings—The findings demonstrate that financial performance exerts a strong and statistically significant positive influence on firm value, underscoring its role as a credible signal of managerial efficiency and future growth prospects. In contrast, capital structure shows a negative yet statistically insignificant relationship, indicating that the market does not consistently price leverage. Notably, managerial ownership fails to moderate these relationships, suggesting that ownership alignment alone is insufficient to effectively resolve agency conflicts or enhance valuation outcomes. Originality/value—This study challenges the conventional governance assumption that managerial ownership universally strengthens firm value. By revealing its limited moderating role, the study provides a refined perspective on the boundaries of agency alignment mechanisms. It highlights the contextual limitations of internal governance structures in shaping market perceptions. Implications—The results emphasize the importance of strengthening fundamental performance indicators and credible signaling mechanisms rather than relying on ownership structures. Firms and policymakers should prioritize transparency, efficiency, and broader governance quality to sustain firm value and investor confidence.
Co-Authors Chasanah, Amalia Nur Diana Puspitasari Fitriani, A’ida Fitriyana, Amaliya Laila Safitri, Dina Destia Marshal Attarik, Muhammad Rudi Kurniawan Santi Samasta, Almira Whini Setyahuni, Suhita