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All Journal Value Added: Majalah Ekonomi & Bisnis Jurnal Bisnis Digital dan Sistem Informasi
Nur Hayati
Muhammadiyah Kudus University
Computer Science & IT Economics, Econometrics & Finance Engineering Library & Information Science Social Sciences

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WHAT INCOME LEVEL CAN MODERATE SPIRITUAL INTELLIGENCE AND LIFESTYLE TOWARDS MILLENIAL FINANCIAL MANAGEMENT BEHAVIOR Nur Hayati; Muhammad Adhitya Wardhana
JURNAL BISNIS DIGITAL DAN SISTEM INFORMASI Vol 3, No 2 (2022): JURNAL BISNIS DIGITAL DAN SISTEM INFORMASI
Publisher : Universitas Muhammadiyah Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26751/bidisfo.v3i2.1796

Abstract

ABSTRAKPenelitian ini bertujuan untuk menganalisis kecerdasan spiritual, dan gaya hidup pada perilaku pengelolaan keuangan dengan tingkat pendapatan sebagai variabel moderating. Populasi penelitian adalah generasi milenial, yaitu mereka yang lahir pada periode 1980-2000 di Provinsi Jawa Tengah. Sampel penelitian sebanyak 113 responden yang diambil dengan teknik purposive sampling. Teknik analisis data menggunakan WarpPLS 7.0. Hasil penelitian menunjukkan bahwa variabel kecerdasan spiritual dan gaya hidup berpengaruh signifikan terhadap perilaku pengelolaan keuangan. Tingkat pendapatan menunjukkan bahwa kecerdasan spiritual dapat memoderasi perilaku pengelolaan keuangan, sedangkan variabel gaya hidup pada perilaku pengelolaan keuangan tingkat pendapatan tidak dapat moderat. Keterbatasan penelitian adalah nilai R-square relatif rendah yaitu 15,5%. Disarankan dalam penelitian mendatang untuk menambahkan variabel lain dan meningkatkan sampel penelitian. ABSTRACTThis study aims to analyze spiritual intelligence, and lifestyle on financial management behavior with income level as a moderating variable. The research population is the millennial generation, namely those born in the period 1980-2000 in Central Java Province. The research sample was 113 respondents who were taken by purposive sampling technique. The data analysis technique used WarpPLS 7.0. The results showed that spiritual intelligence and lifestyle variables had a significant effect on financial management behavior. The level of income shows that spiritual intelligence can moderate financial management behavior, while the lifestyle variable on financial management behavior income level cannot moderate. The limitation of the research is that the R-square value is relatively low at 15.5%. It is recommended in future research to add other variables and increase the research sample.  
Sustainability Performance and Corporate Cost of Debt: The Role of ESG Scores and Capital Structure Moderation Evidence from the SRI-KEHATI Index Nur Hayati; M.Adhitya Wardhana; Refika Anjani Putri
Value Added : Majalah Ekonomi dan Bisnis Vol 22, No 1 (2026): Value Added : Majalah Ekonomi dan Bisnis (April period)
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/vameb.v22i1.20878

Abstract

This study investigates the relationship between Environmental, Social, and Governance (ESG) performance and corporate cost of debt, incorporating capital structure as a moderating variable and firm size as a control variable. Drawing upon signalling theory, the research examines whether ESG scores function as credible signals that reduce perceived credit risk and, consequently, borrowing costs. The analysis focuses on firms listed in the SRI-KEHATI Index over the period 2020–2024. Using Partial Least Squares Structural Equation Modelling (PLS-SEM) on a purposive sample of 35 companies, the study evaluates both direct and interaction effects within the proposed structural framework.The empirical findings indicate that ESG performance exerts a negative and statistically significant effect on the cost of debt, suggesting that firms with higher ESG scores benefit from lower borrowing costs. These results support the argument that sustainability performance reduces information asymmetry, enhances creditor confidence, and mitigates perceived default risk. While leverage (proxied by the debt-to-equity ratio) also demonstrates a significant association with borrowing costs, the interaction between ESG performance and capital structure is not statistically significant. This evidence implies that capital structure does not moderate the relationship between ESG and the cost of debt. Moreover, firm size does not exhibit a significant effect within the model.With an explanatory power of 60.9 per cent (R² = 0.609), the model demonstrates substantial robustness. Overall, the findings suggest that ESG practices contribute directly to debt financing efficiency, independently of leverage conditions. The study advances the literature on ESG and corporate finance by providing empirical evidence from an emerging market context and highlighting the direct role of sustainability performance in shaping borrowing costs.
Co-Authors M.Adhitya Wardhana Muhammad Adhitya Wardhana Refika Anjani Putri