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M. Ridwan Ristyawan
Universitas Tanjungpura
Humanities Education Social Sciences

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Financial Literacy as a Moderator of the Effects of Fintech Payment, Income, and Hedonic Lifestyle on Impulse Buying among Generation Z Priskila Panjaitan; Anwar Azazi; Ana Fitriana; M. Ridwan Ristyawan; Anggraini Syahputri
Journal of Educational Management Research Vol. 5 No. 2 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i2.2014

Abstract

This study aims to examine the influence of fintech payment usage, income, and hedonic lifestyle on impulse buying behavior among Generation Z, as well as to analyze the moderating role of financial literacy in these relationships. A quantitative approach was employed using a cross-sectional survey design. The sample consisted of 280 respondents selected using the Slovin formula. Data were collected through questionnaires and analyzed using moderated regression analysis with SmartPLS version 4.1.1.6. The results indicate that fintech payment usage, income, and hedonic lifestyle have positive and significant effects on impulse buying behavior. Financial literacy significantly weakens the relationship between hedonic lifestyle and impulse buying. However, it does not significantly moderate the effects of fintech payment usage and income on impulse buying. These findings imply that improving financial literacy can serve as a strategic mechanism to reduce the negative impact of a hedonic lifestyle on impulsive purchasing decisions. The study contributes to the literature on consumer behavior by highlighting the protective role of financial literacy in the digital financial ecosystem and provides practical insights for policymakers and financial educators in designing interventions to promote responsible consumption among young consumers.
Macroeconomic and Firm-Level Determinants of Bank Stock Returns: The Role of Interest Rates, Inflation, Profitability, and Firm Size Steven Adelia; Anggraini Syahputri; Harry Setiawan; Giriati; M. Ridwan Ristyawan
Journal of Educational Management Research Vol. 5 No. 3 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i3.2021

Abstract

This research examines the influence of the BI Rate, inflation, profitability (ROA), and firm size on banking stock returns. The analysis applies a quantitative approach using panel data regression with the Common Effect Model (CEM). The sample consists of 39 banking companies selected through purposive sampling, with observations covering the 2021–2024 period. Secondary data were analyzed using EViews 12 to evaluate the relationship between macroeconomic indicators and firm characteristics on stock returns. The results show that the BI Rate and inflation have a negative and significant effect on stock returns, while firm size has a positive and significant effect. In contrast, profitability (ROA) does not have a significant effect on banking stock returns. Simultaneously, all independent variables significantly influence stock returns, indicating that both macroeconomic conditions and firm characteristics jointly shape investor responses in the capital market. These findings imply that interest rate policy and inflation dynamics are important macroeconomic signals that influence investor behavior, while firm size reflects stability that can attract investment interest. Therefore, investors should consider macroeconomic trends and company scale when making investment decisions, while bank management needs to strengthen financial credibility and transparency to improve market confidence.
Environmental, Social, and Governance Performance and Stock Investment Risk: The Distinct Role of the Environmental Dimension Gilberth Haris Aditya Parhusip; Wendy; Anwar Azazi; M. Ridwan Ristyawan; Uray Ndaru Mustika
Journal of Educational Management Research Vol. 5 No. 5 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i5.2849

Abstract

This study aims to examine the effect of Environmental, Social, and Governance (ESG) performance on stock investment risk and to investigate the moderating role of market capitalization in the relationship between ESG performance and stock investment risk. Panel data regression analysis was employed using the Common Effect Model (CEM), Fixed Effect Model (FEM), and Random Effect Model (REM). Model selection was conducted through the Chow, Hausman, and Lagrange Multiplier tests, with the Random Effect Model identified as the most appropriate estimation model. The findings reveal that overall ESG performance has no significant effect on stock investment risk. Likewise, the interaction between ESG performance and market capitalization does not significantly moderate the relationship. Further analysis of ESG dimensions shows that the Environmental dimension has a negative and statistically significant effect on stock investment risk at the 10% significance level, while the Social and Governance dimensions do not exhibit significant effects. These findings imply that aggregate ESG performance has not yet become a strong determinant of stock investment risk, although environmental performance may contribute to reducing investment risk. The results provide insights for investors and corporate managers regarding the importance of strengthening environmental practices as part of long-term risk management strategies.
Financial Literacy and Financial Inclusion for MSME Financial Behavior: The Strategic Role of E-Wallet Adoption Uni Fardila; Bintoro Bagus Purmono; Anggraini Syahputri; M. Ridwan Ristyawan; Uray Ndaru Mustika
Journal of Educational Management Research Vol. 5 No. 5 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i5.2922

Abstract

This study aims to examine the effects of financial literacy and financial inclusion on e-wallet use and their implications for MSME financial behavior, while assessing the strategic role of e-wallet adoption in translating financial capabilities into financial practices. A quantitative cross-sectional survey was conducted with 210 MSME respondents selected using stratified proportional random sampling. Primary data were collected through a five-point Likert-scale questionnaire and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS. All proposed hypotheses were supported. Financial literacy (β = 0.462; t = 9.582; p < 0.001) and financial inclusion (β = 0.429; t = 8.527; p < 0.001) positively and significantly influenced e-wallet use. E-wallet use had the strongest effect on MSME financial behavior (β = 0.599; t = 12.871; p < 0.001). Financial literacy (β = 0.141) and financial inclusion (β = 0.246) also significantly affected financial behavior. The findings highlight e-wallet adoption as a strategic mechanism for translating financial capabilities into better MSME financial behavior. Therefore, financial literacy initiatives should be integrated with practical digital financial technology adoption to strengthen MSME financial management.
Digital Consumption and Generation Z: The Roles of Digital Payment, Social Media, Financial Literacy, and Self-Control Velisia; Ramadania; Uray Ndaru Mustika; M. Ridwan Ristyawan; Anggraini Syahputri
Journal of Educational Management Research Vol. 5 No. 5 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i5.3045

Abstract

This study aims to examine the effects of digital payment, social media, and financial literacy on the excessive purchasing behavior of Generation Z, as well as to investigate self-control as a moderating variable. This study employed a quantitative approach using a questionnaire distributed to Generation Z respondents. Respondents were selected using purposive sampling with a non-probability sampling technique. A total of 212 respondents were determined using the Slovin formula. The data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS. The findings indicate that digital payment, social media, and financial literacy significantly affect consumptive behavior. Self-control does not moderate the effects of digital payment and social media on consumptive behavior. However, self-control significantly moderates the relationship between financial literacy and consumptive behavior. These findings highlight the importance of strengthening financial literacy and self-control among Generation Z to encourage more responsible purchasing behavior and reduce excessive consumption in the digital era.
Effects of Digital Transformation, GCG, and CAR on NPL in Indonesian Banks with Profitability as Moderator Syarifah Marvira Wati; Helma Malini; Wenny Pebrianti; M. Ridwan Ristyawan; Anggraini Syahputri
Journal of Educational Management Research Vol. 5 No. 5 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i5.3093

Abstract

This study aims to examine the relationships between digital transformation, Good Corporate Governance (GCG), Capital Adequacy Ratio (CAR), and non-performing loans (NPLs), while assessing the moderating role of profitability in these relationships. A quantitative research design was employed using panel data obtained from official reports covering the 2020–2024 period. The data were analyzed using panel data regression and Moderated Regression Analysis (MRA) to examine both the direct effects of digital transformation, GCG, and CAR on NPLs and the moderating effect of profitability. The findings indicate that digital transformation significantly reduces NPLs, suggesting that the adoption of digital technologies, including artificial intelligence, big data, and real-time monitoring, can improve credit assessment and facilitate earlier identification of credit risk. GCG and adequate capital also contribute to strengthening credit risk management. However, profitability does not significantly moderate the relationships between digital transformation, GCG, CAR, and NPLs. These findings highlight the importance of integrating digital capabilities, effective governance, and capital resilience into banking risk-management strategies to support more effective and sustainable credit risk management.
Co-Authors Ana Fitriana Anggraini Syahputri Anwar Azazi Bintoro Bagus Purmono Gilberth Haris Aditya Parhusip Giriati Harry Setiawan Helma Malini Priskila Panjaitan Ramadania Steven Adelia Syarifah Marvira Wati Uni Fardila Uray Ndaru Mustika Velisia Wendy Wenny Pebrianti