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All Journal Majapahit Journal of Islamic Finance dan Management Majapahit Journal of Islamic Finance dan Management
Risky Budianto
Universitas Negeri Surabaya, Surabaya, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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The Effect of Asset Tangibility, Growth Opportunity, and Business Risk on Capital Structure in Retail Companies Listed on the Indonesian Stock Exchange from 2020-2024 Yanufa Indah Rosyidatussa'idah; Risky Budianto
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.864

Abstract

This study examines the influence of asset tangibility, growth opportunities, and business risk on the capital structure of companies in the retail sector during the 2020–2024 period. A quantitative approach was employed, using secondary data in the form of financial reports from retail companies obtained from the Indonesia Stock Exchange website. The entire population comprised 47 retail companies in both the consumer cyclicals and non-cyclicals sectors. Purposive sampling resulted in 28 selected companies, bringing the total number of observations to 140 units over a five-year period. The analysis results indicate that asset tangibility alone does not influence capital structure, nor do growth opportunities or business risk. However, the combination of these three factors collectively contributes to capital structure.
The Effect of Sustainability Disclosure and Corporate Governance on Firm Value: Evidence from Indonesia’s Infrastructure Sector Febriyan Amuktiningsih; Risky Budianto
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.869

Abstract

This research investigates how sustainability disclosure and corporate governance affect the valuation of infrastructure firms listed on the Indonesia Stock Exchange from 2021 to 2024. Utilizing a quantitative design, it applies panel data regression via the Fixed Effect Model with cross-section weights (EGLS). Drawing from 160 firm-year observations chosen through purposive sampling with defined criteria, key insights emerge, sustainability disclosure negatively impacts firm value, hinting that markets in capital-heavy sectors may not quickly value detailed sustainability reports. Conversely, governance elements like the board of directors, independent board of commissioners, and audit committee exert positive, significant effects on value. Ownership structure, however, lacks notable influence. Overall, these patterns suggest investors prioritize swift governance enhancements over expansive sustainability efforts, especially in infrastructure where heavy investments and extended projects prevail.
THE EFFECT OF FINANCIAL CONSTRAINTS ON FINANCIAL PERFORMANCE WITH EMPLOYEE TURNOVER LEVEL AS A MEDIATION VARIABLE IN NON-CYCLICALS CONSUMER COMPANIES GOING PUBLIC IN INDONESIA IN THE PERIOD 2018 – 2024 Niar Irba; Risky Budianto
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.895

Abstract

This study examines the effect of financial constraints on financial performance with employee turnover as a mediating variable in Consumer Non - Cyclicals companies listed on the Indonesia Stock Exchange during the 2018 – 2024 period. The research problem arises from increasing financial pressure, particularly during the COVID-19 pandemic, which potentially affects workforce stability and corporate financial performance. This study employs a quantitative explanatory approach using panel data, analyzed through random effects regression and mediation testing, with robustness checks using the KZ Index and SA Index. The results indicate that financial constraints have a negative effect on financial performance and a positive effect on employee turnover. However, employee turnover does not mediate the relationship between financial constraints and financial performance. Future research is encouraged to apply alternative measures of firm performance and incorporate organizational or behavioral variables to better explain the internal mechanisms underlying this relationship.
The Effect of Sustainability Disclosure and Corporate Governance on Firm Value: Evidence from Indonesia’s Infrastructure Sector Febriyan Amuktiningsih; Risky Budianto
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.869

Abstract

This research investigates how sustainability disclosure and corporate governance affect the valuation of infrastructure firms listed on the Indonesia Stock Exchange from 2021 to 2024. Utilizing a quantitative design, it applies panel data regression via the Fixed Effect Model with cross-section weights (EGLS). Drawing from 160 firm-year observations chosen through purposive sampling with defined criteria, key insights emerge, sustainability disclosure negatively impacts firm value, hinting that markets in capital-heavy sectors may not quickly value detailed sustainability reports. Conversely, governance elements like the board of directors, independent board of commissioners, and audit committee exert positive, significant effects on value. Ownership structure, however, lacks notable influence. Overall, these patterns suggest investors prioritize swift governance enhancements over expansive sustainability efforts, especially in infrastructure where heavy investments and extended projects prevail.
THE EFFECT OF FINANCIAL CONSTRAINTS ON FINANCIAL PERFORMANCE WITH EMPLOYEE TURNOVER LEVEL AS A MEDIATION VARIABLE IN NON-CYCLICALS CONSUMER COMPANIES GOING PUBLIC IN INDONESIA IN THE PERIOD 2018 – 2024 Niar Irba; Risky Budianto
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.895

Abstract

This study examines the effect of financial constraints on financial performance with employee turnover as a mediating variable in Consumer Non - Cyclicals companies listed on the Indonesia Stock Exchange during the 2018 – 2024 period. The research problem arises from increasing financial pressure, particularly during the COVID-19 pandemic, which potentially affects workforce stability and corporate financial performance. This study employs a quantitative explanatory approach using panel data, analyzed through random effects regression and mediation testing, with robustness checks using the KZ Index and SA Index. The results indicate that financial constraints have a negative effect on financial performance and a positive effect on employee turnover. However, employee turnover does not mediate the relationship between financial constraints and financial performance. Future research is encouraged to apply alternative measures of firm performance and incorporate organizational or behavioral variables to better explain the internal mechanisms underlying this relationship.
Co-Authors Febriyan Amuktiningsih Niar Irba Yanufa Indah Rosyidatussa'idah