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All Journal Golden Ratio of Mapping Idea and Literature Format Golden Ratio of Finance Management
Pebriani , Reni Aziatul
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Library & Information Science Social Sciences

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The Effect of Excise Tariff Increases and Electronic Cigarettes Brand Equity on Purchase Decisions in Palembang City, Indonesia Zahran, Musyari Az; Meiriasari , Vhika; Pebriani , Reni Aziatul
Golden Ratio of Mapping Idea and Literature Format Vol. 6 No. 2 (2026): February - April
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grmilf.v6i2.1762

Abstract

This study aims to examine the effect of excise tax increases and e-cigarette brand equity on consumer purchasing decisions in Palembang. The rapid growth of the e-cigarette industry, coupled with government excise tax policies, has significantly reshaped consumer behavior and market dynamics. Excise tax increases are intended to regulate consumption and improve public health, yet they may also influence price sensitivity and purchasing preferences. Meanwhile, brand equity plays a crucial role in shaping consumer perceptions, loyalty, and decision-making, particularly in competitive markets such as e-cigarettes. This research adopts a quantitative approach to analyze these relationships empirically. Data were collected using structured questionnaires distributed to consumers who have experience purchasing e-cigarette products in Palembang. A purposive sampling technique was employed to ensure that respondents met specific criteria relevant to the study's objectives, yielding a total of 100 valid samples. Descriptive statistical analysis was conducted to identify respondent characteristics and variable tendencies. At the same time, multiple linear regression in SPSS version 25 was applied to test the proposed hypotheses and to measure the magnitude of each independent variable's influence on purchasing decisions. The findings indicate that both excise tax increases and e-cigarette brand equity significantly affect purchasing decisions. Specifically, higher excise taxes tend to alter consumer purchasing patterns, while substantial brand equity positively influences consumer confidence and preference, thereby encouraging purchase intentions. These results suggest that although fiscal policies may affect demand, brand strength remains a critical factor in sustaining consumer interest. The study provides practical implications for policymakers in designing effective taxation strategies and for industry players in strengthening brand equity to maintain competitiveness in an increasingly regulated market.
The Effect of Profitability, Operating Cash Flow, and Market Value on Stock Return with Company Size as a Moderation: A Study of Companies Listed on the IDX 30 Index (Period 2021–2023) Dzaironi, Muhammad; Permata , Lukita Tri; Pebriani , Reni Aziatul
Golden Ratio of Finance Management Vol. 6 No. 1 (2026): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v6i1.1825

Abstract

This research is motivated by the importance of investors' understanding of the factors influencing stock returns , particularly in the context of companies included in the DX30 index. The main issue raised is how profitability, operating cash flow, and market value influence stock returns , and whether company size can strengthen this relationship. This study aims to empirically test the effect of these three independent variables on stock returns , using company size as a moderating variable. The method used is a quantitative approach with multiple linear regression analysis and moderated regression analysis (MRA), using secondary data from 23 DX30 companies during the 2021–2023 period. The results of the study indicate that profitability and market value have a significant positive effect on stock returns , while operating cash flow has no significant effect. Company size does not moderate the relationship between profitability and operating cash flow on stock returns . Therefore, investors are advised to consider profitability and market value more carefully when making investment decisions, as company size does not always strengthen the company's performance signal on stock returns.
Co-Authors Dzaironi, Muhammad Meiriasari , Vhika Permata , Lukita Tri Zahran, Musyari Az