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All Journal IKRA-ITH EKONOMIKA Jurnal Akuntansi Bisnis dan Humaniora
Ervina Rosarina Hasibuan
Politeknik Negeri Medan
Economics, Econometrics & Finance

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Interest Rates as an Intervening Variable Mediating the Effect of Banking Liquidity and Inflation on Economic Growth ERVINA ROSARINA HASIBUAN; KHALILA HUSNASARI; MUHAMMAD IQBAL
IKRAITH-EKONOMIKA Vol. 8 No. 3 (2025): IKRAITH-EKONOMIKA Vol 8 No 3 November 2025
Publisher : Universitas Persada Indonesia YAI

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Abstract

The objective of this study is to explain how independent variables such as bank liquidity and inflation as measured by, affect economic growth with interest rates as an intervening variable. Bank liquidity is projected using the cash ratio, inflation is determined based on information from Statistics Indonesia (BPS), interest rates are projected using the BI rate, and economic growth is projected using gross domestic product (GDP). The regression technique that used in this study is panel data regression, which is a combination of cross-sectional data and time series data. To test the hypothesis in this study, panel data regression was used with the selected regression model, namely the Random Effect Model (REM). Data processing and hypothesis testing were performed using Eviews13 software. The sample involved 12 companies with the largest assets in the banking sector. This study concluded that liquidity doesn’t affect interest rates, while inflation affects interest rates. Liquidity doesn’t affect economic growth, while inflation and interest rates affect economic growth. Liquidity and inflation simultaneously affect interest rates and can explain 27% of interest rates. Then, liquidity, inflation, and interest rates simultaneously affect economic growth and can explain 99% of economic growth. Then, liquidity and inflation affect economic growth through interest rates. Keywords: Inflation, Liquidity, Interest Rates, Economic Growth
Stabilitas Keuangan UMKM Pasca-Reformasi Pajak 2026: Evaluasi Pengaruh Struktur Ekuitas Mutiara Pulungan; Syarifuddin HZ Nasution; Ervina Rosarina Hasibuan
Jurnal Akuntansi Bisnis dan Humaniora Vol. 13 No. 2 (2026): Jurnal Akuntansi Bisnis dan Humaniora
Publisher : Politeknik Negeri Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33795/jabh.v13i2.9839

Abstract

Perubahan kebijakan perpajakan pada tahun 2026 mendorong pelaku UMKM untuk melakuk an penyesuaian terhadap struktur keuangan guna mempertahankan stabilitas usaha. Penelitian ini menggunakan pendekatan kuantitatif dengan memanfaatkan data panel yang mencakup 200 UMKM selama periode 2024 hingga 2026, sehingga diperoleh total 600 observasi. Pemilihan sam pel dilakukan secara purposive sampling, sedangkan analisis data menggunakan metode regresi linier berganda dengan model fixed effect. Variabel struktur ekuitas diukur melalui Debt-to-Equity Ratio (DER) dan equity ratio, sementara stabilitas keuangan diukur menggunakan indikator Z score Altman. Hasil analisis menunjukkan bahwa struktur ekuitas memiliki pengaruh yang signi fikan terhadap stabilitas keuangan UMKM. Peningkatan DER sebesar 1% terbukti menurunkan nilai Z-score sebesar 0,28 poin (p < 0, 01), yang mencerminkan meningkatnya risiko keuangan aki bat tingginya ketergantungan terhadap utang. Sebaliknya, peningkatan proporsi modal sendiri mampu memperkuat ketahanan finansial. Selain itu, ukuran usaha berpengaruh positif terhadap stabilitas, sedangkan leverage memberikan dampak negatif. Temuan ini menegaskan bahwa pe nguatan struktur ekuitas merupakan strategi penting bagi UMKM dalam menghadapi tekanan pasca reformasi pajak. Oleh karena itu, pelaku usaha perlu mengoptimalkan laba ditahan serta memperluas akses terhadap sumber permodalan guna menjaga keberlanjutan usaha.
Co-Authors Khalila Husnasari Muhammad Iqbal Mutiara Pulungan Syarifuddin Hz Nasution