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Scientific Journal of Reflection : Economic, Accounting, Management and Business

SJR
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Published by Sekolah Menengah Kejuruan Pustek Serpong

ISSN : 26153009 EISSN : 26213389 DOI : -

Core Subject : Economy,

Economics, Econometrics & Finance

SCIENTIFIC JOURNAL OF REFLECTION is a venue for scientists, practitioners, teachers and students to publish research results, critical analysis and applied concepts in economic scope including economics studies, accounting studies and management and business studies

Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)

Articles 932 Documents

80 81 82 83 84

Kebijakan Dividen dan Profitabilitas sebagai Faktor Penentu Struktur Modal Perusahaan Manufaktur di Sektor Barang Konsumen Primer Rambe, Aqli Nadzhari; Imsar, Imsar
SCIENTIFIC JOURNAL OF REFLECTION : Economic, Accounting, Management and Business Vol. 8 No. 3 (2025): SCIENTIFIC JOURNAL OF REFLECTION: Economic, Accounting, Management, & Business
Publisher : Sekolah Menengah Kejuruan (SMK) Pustek

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/sjr.v8i3.1244

This study examines the influence of dividend policy and profitability on the capital structure of manufacturing companies in the primary consumer goods sector listed on the Indonesia Stock Exchange (IDX). The research addresses inconsistent findings in prior studies regarding the relationship between these variables, drawing on the Pecking Order Theory and Trade-Off Theory as the theoretical framework. A quantitative approach was employed with purposive sampling, resulting in a sample of 32 companies observed during the 2022-2023 period. Dividend policy was measured using the Dividend Payout Ratio (DPR), profitability using Return on Equity (ROE), and capital structure as the dependent variable. Data were analyzed using multiple linear regression with SPSS version 26, preceded by classical assumption tests. The results reveal that dividend policy has a significant negative effect on capital structure, indicating that higher dividend payouts are associated with a lower proportion of debt financing. Profitability, however, does not have a significant effect on capital structure, suggesting that profit levels do not directly determine financing preferences in the sampled companies. Jointly, dividend policy and profitability significantly influence capital structure, with an adjusted R² of 19.8%, implying that other factors outside the model account for 80.2% of the variation. These findings provide practical implications for financial managers in formulating optimal financing strategies and dividend distributions, especially in the post-pandemic business environment.

Pengaruh Profitabilitas, Kebijakan Dividen, dan Ukuran Perusahaan terhadap Nilai Perusahaan pada Perusahaan Indeks LQ45 di Bursa Efek Indonesia Tahun 2023 Rambe, Aqli Nadzhari; Imsar, Imsar
SCIENTIFIC JOURNAL OF REFLECTION : Economic, Accounting, Management and Business Vol. 8 No. 3 (2025): SCIENTIFIC JOURNAL OF REFLECTION: Economic, Accounting, Management, & Business
Publisher : Sekolah Menengah Kejuruan (SMK) Pustek

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/sjr.v8i3.1245

This study investigates the effect of profitability, dividend policy, and firm size on firm value among companies listed in the LQ45 index on the Indonesia Stock Exchange (IDX) in 2023. The research addresses the issue that firm value, as a key indicator of shareholder wealth, is influenced by various internal factors, yet prior studies have shown inconsistent findings regarding these relationships. Using a quantitative approach, the study employs secondary data from annual financial reports of 45 companies selected through purposive sampling. The variables are measured using Return on Equity (ROE) for profitability, Dividend Payout Ratio (DPR) for dividend policy, firm size (log of total assets), and Tobin’s Q for firm value. Data were analyzed through descriptive statistics and multiple linear regression with a cross-sectional design, using SPSS version 26. The results reveal that profitability has a significant positive effect on firm value (? = 4.807, p < 0.001), indicating that higher profitability reflects better managerial performance and strengthens investor perception. Dividend policy (? = 0.005, p = 0.506) and firm size (? = -6.965E-16, p = 0.390) show no significant effects. However, jointly, the three variables significantly influence firm value (F = 7.876, p < 0.001) with an Adjusted R² of 0.319. These findings imply that while profitability remains a strong driver of firm value in LQ45 companies, dividend policy and firm size alone are less determinant, highlighting the need for investors to evaluate companies holistically.

Pengaruh Kebijakan Dividen, Environmental Social Governance (ESG) dan Intellectual Capital terhadap Nilai Perusahaan Sari, Nur Mila; Sutandijo, Sutandijo
SCIENTIFIC JOURNAL OF REFLECTION : Economic, Accounting, Management and Business Vol. 8 No. 2 (2025): SCIENTIFIC JOURNAL OF REFLECTION: Economic, Accounting, Management, & Business
Publisher : Sekolah Menengah Kejuruan (SMK) Pustek

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/sjr.v8i2.1258

The research aims to examine the relationship between dividend policy, ESG, and intellectual capital, as well as their impact on company value, and to provide empirical evidence to support these claims. Investors benefit most from the research results because their investment decisions can be strengthened by the data provided. For the 2020–2023 period, the research population included all companies listed on the IDX and included in the IDX ESG Leaders index. The research sample consisted of thirteen companies, selected using a purposive sampling technique. This research used a quantitative approach and utilized secondary data. Multiple linear regression analysis was applied to process the data. The results indicate that dividend policy, ESG, and intellectual capital simultaneously play a significant role in determining company value. However, when analyzed partially, ESG does not affect company value, in contrast to dividend policy and intellectual capital, which show a positive influence. This finding indicates that dividend policy and intellectual capital are important factors that deserve investor attention. Furthermore, the research results indicate that in the Indonesian context, dividend policy is highly valued because it can drive increased stock valuations; in other words, shareholders value companies more highly when dividends are distributed. Intellectual capital is also crucial in increasing company value. Meanwhile, in the Indonesian market, ESG issues are still not considered a major factor in determining stock prices.

Pengaruh Lingkungan Kerja dan Budaya Organisasi terhadap Kinerja Karyawan Bagian Produksi pada PT. Setya Kuliner Mandiri Jakarta Selatan Darmadi, Darmadi
SCIENTIFIC JOURNAL OF REFLECTION : Economic, Accounting, Management and Business Vol. 8 No. 4 (2025): SCIENTIFIC JOURNAL OF REFLECTION: Economic, Accounting, Management, & Business
Publisher : Sekolah Menengah Kejuruan (SMK) Pustek

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/sjr.v8i4.1311

Employee performance is a crucial factor in achieving organizational goals, and it is influenced by various internal factors, including the work environment and organizational culture. This research was conducted to examine whether the work environment and organizational culture have a positive and significant effect, either partially or simultaneously, on employee performance. The study was motivated by the observation that a supportive work environment and strong organizational values are often linked to higher productivity and employee engagement. This research used a quantitative approach with a survey method. The population consisted of all production department employees at PT. Setya Kuliner Mandiri Jakarta, totaling fifty individuals. The sampling technique used was a saturated sample, where the entire population was involved as the sample. Data were collected through a closed-ended questionnaire using a Likert scale. Data analysis was carried out using multiple linear regression with the help of SPSS version 22. The data testing stages included descriptive analysis, validity and reliability tests, classical assumption tests, and multiple regression analysis (both partial and simultaneous tests). The results showed that both the work environment and organizational culture had a positive and significant influence on employee performance. These findings imply that management should continuously enhance the physical, psychological, and social aspects of the work environment, and reinforce organizational values to foster better performance among employees.

Optimizing the Empowerment of BUMDes 'Pesaguan Mandiri' in Clean Water Provision to Improve the Health and Welfare of the Pesaguan Kanan Village Community Salawati, Salawati; Budiasi, Yanti; Erion, Erion
SCIENTIFIC JOURNAL OF REFLECTION : Economic, Accounting, Management and Business Vol. 8 No. 2 (2025): SCIENTIFIC JOURNAL OF REFLECTION: Economic, Accounting, Management, & Business
Publisher : Sekolah Menengah Kejuruan (SMK) Pustek

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/sjr.v8i2.1083

This study aims to optimize the empowerment of BUMDes "Pesaguan Mandiri" in providing sustainable access to clean water to improve the health and well-being of residents in Pesaguan Kanan Village, Matan Hilir Selatan District, Ketapang Regency. Using a qualitative case study approach, data were collected through in-depth interviews, direct observations, and document analysis involving BUMDes managers, village officials, and local residents. The results indicate that the provision of clean water is hindered by several interrelated factors, including limited capital, lack of human resource capacity in financial and managerial aspects, and the scarcity of freshwater sources due to coastal seawater intrusion. Despite these challenges, BUMDes "Pesaguan Mandiri" plays a pivotal role in mobilizing village-owned resources and infrastructure to enhance clean water services. The novelty of this study lies in highlighting a community-based model for managing water resources in rural coastal areas vulnerable to seawater intrusion. The findings offer practical implications for local governments and development practitioners in formulating integrated and participatory strategies to strengthen BUMDes as a key actor in rural infrastructure development and public service delivery.

Pengaruh Lingkungan Kerja Fisik dan Loyalitas Kerja terhadap Kinerja Pegawai pada Kecamatan Cibungbulang di Kabupaten Bogor Ariyanti, Eti; Wardani, Endang Susilo; Irawati, Laila
SCIENTIFIC JOURNAL OF REFLECTION : Economic, Accounting, Management and Business Vol. 8 No. 2 (2025): SCIENTIFIC JOURNAL OF REFLECTION: Economic, Accounting, Management, & Business
Publisher : Sekolah Menengah Kejuruan (SMK) Pustek

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/sjr.v8i2.1085

Employee performance is one of the most critical aspects that determine the quality of public services, especially at the sub-district government level. In this context, understanding the factors that influence performance, such as the physical work environment and work loyalty, becomes essential to improve service delivery and organizational effectiveness. This study aims to investigate the effect of the physical work environment and work loyalty on employee performance at the Cibungbulang Sub-District Office, Bogor Regency, both partially and simultaneously. This study employed a quantitative approach. The population consisted of 59 respondents, and a saturated sampling technique was used, meaning that the entire population was taken as the sample. As a result, the total sample size was 59 individuals. Data analysis was conducted through several stages, including validity testing, reliability testing, classical assumption testing, regression analysis, correlation coefficient analysis, coefficient of determination analysis, and hypothesis testing. The findings reveal that the physical work environment has a strong and positive relationship with employee performance. A conducive physical environment not only enhances comfort and safety but also supports productivity and motivation, leading to improved individual performance. Similarly, work loyalty shows a very strong connection to performance. Loyal employees tend to have a deeper commitment to their duties, greater responsibility, and a stronger drive to contribute to the organization's goals, which significantly improves their work output. When both variables—physical work environment and work loyalty—are examined together, they show a significant simultaneous effect on employee performance. This suggests that efforts to enhance physical workplace conditions and foster employee loyalty should be prioritized together, as their combined influence can drive meaningful improvements in public service performance.

Kebijakan Pendidikan Islam dalam Mengembangkan Karakter Peserta Didik: Abstract Suryani, Eny; Subagyo, Ahmad; Hadi, Muhammad Sofian; Susanto, Ahmad
SCIENTIFIC JOURNAL OF REFLECTION : Economic, Accounting, Management and Business Vol. 8 No. 2 (2025): SCIENTIFIC JOURNAL OF REFLECTION: Economic, Accounting, Management, & Business
Publisher : Sekolah Menengah Kejuruan (SMK) Pustek

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/sjr.v8i2.1086

Character development is important in building a nation's human resources. Islam not only emphasizes intellectual intelligence but also pays great attention to character and moral nobility as was the purpose of the sending of the Prophet Muhammad SWA. This article aims to describe and explain Islamic education policies in developing the character of students. Using a qualitative approach with a literature study method, this paper analyzes various Islamic education policies that have been published by the government and have an impact on the development of students' character through secondary data contained in several cases published in several research results and journals. The results of the analysis show that this policy shows a positive correlation in the formation and development of students' character where they not only have good intellectual abilities but also have positive character as a result of the application of Islamic religious values ??which are visible in several schools. The Islamic education policy in developing students' character is focused on several state high schools in South Tangerang City. The implications of this analysis show that the implementation of Islamic education policy plays a very significant role in the formation of students' character which is very useful in moving towards success and competition in the future in a global world which not only demands high intellectual abilities but also demands competitive character, hard work, not giving up easily and good behavior.

Pengaruh Kenaikan Inflasi terhadap Kondisi Sosial Ekonomi Masyarakat Kota Kupang serta Implikasinya terhadap Kebijakan Ekonomi di Indonesia Agustin, Sarlina; Clarissa, Maria; Nelo, Yolanda; Lawalu, Emiliana Matuti
SCIENTIFIC JOURNAL OF REFLECTION : Economic, Accounting, Management and Business Vol. 8 No. 3 (2025): SCIENTIFIC JOURNAL OF REFLECTION: Economic, Accounting, Management, & Business
Publisher : Sekolah Menengah Kejuruan (SMK) Pustek

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/sjr.v8i3.1137

Inflation remains a critical macroeconomic issue with profound implications for developing regions, particularly Kupang City in East Nusa Tenggara, Indonesia. As a structurally vulnerable area with high dependency on external supply chains and limited local production capacity, inflation has deepened existing socio-economic challenges. This study aims to explore how rising inflation affects the social and economic conditions of communities in Kupang and to assess its implications for national economic policy formulation. Using a qualitative descriptive approach, the research involved semi-structured interviews with 25 informants—including low-income households, informal workers, micro-entrepreneurs, and local policymakers—alongside field observations and analysis of secondary data from official sources. Thematic analysis was applied to identify key patterns related to inflation’s local impact. The results reveal that inflation has led to declining purchasing power, reduced food quality and quantity, disrupted children’s education, and increased reliance on short-term aid. Micro and small enterprises face shrinking profit margins and operational closures due to rising input costs. Local authorities report limited capacity to respond effectively due to centralized economic governance. These findings affirm Keynes’ consumption theory and cost-push inflation dynamics, emphasizing that national inflation policy often overlooks regional disparities. The study recommends the development of context-sensitive policies such as improving local supply chains, empowering small enterprises, and expanding targeted welfare programs to build economic resilience in peripheral regions like Kupang.

Dampak Struktur Pasar terhadap Daya Saing UMKM (Studi Kasus UMKM di Kota Jambi) Rahma, Sri; Ferdiansyah, Ferdiansyah; Andesti, Olga; Andira, Pipi Dwi; Salsabila, Ilmi Aurelin
SCIENTIFIC JOURNAL OF REFLECTION : Economic, Accounting, Management and Business Vol. 8 No. 3 (2025): SCIENTIFIC JOURNAL OF REFLECTION: Economic, Accounting, Management, & Business
Publisher : Sekolah Menengah Kejuruan (SMK) Pustek

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/sjr.v8i3.1172

Micro, Small, and Medium Enterprises (MSMEs) play a vital role in Indonesia’s economy, yet their competitiveness remains constrained by structural market challenges. This study aims to analyze the impact of market structure on MSME competitiveness in Jambi City and to identify development strategies that align with internal and external business conditions. A mixed-methods approach was employed, combining quantitative surveys with 120 MSME respondents and qualitative interviews with stakeholders, including local government officials and business actors. SWOT analysis was used to map strengths, weaknesses, opportunities, and threats faced by MSMEs, while thematic analysis captured insights from in-depth interviews. The results indicate that MSMEs in Jambi are positioned in Quadrant I (aggressive), with high internal strengths (score: 4.00) and strong external opportunities (score: 4.00), surpassing weaknesses (2.66) and threats (2.67). These findings suggest that Jambi MSMEs have substantial capacity to grow through strategic action. Key strategies include product quality improvement, digital innovation, business management enhancement, and stronger marketing through STP (Segmentation, Targeting, and Positioning). Government support, digital literacy training, and collaborative networks are also critical to overcoming structural barriers such as limited market access and low technology adoption. This study contributes to understanding how market structure shapes MSME competitiveness and offers practical recommendations to improve their resilience and performance in a rapidly evolving economic environment.

Dampak Ketengangan Geopolitik terhadap Investasi Asing Langsung (FDI) di Indonesia Zaza, Alfonsa Maria Satifa Umbu; Banoet, Rice Yohana; Dima, Enike Tje Yustin
SCIENTIFIC JOURNAL OF REFLECTION : Economic, Accounting, Management and Business Vol. 8 No. 3 (2025): SCIENTIFIC JOURNAL OF REFLECTION: Economic, Accounting, Management, & Business
Publisher : Sekolah Menengah Kejuruan (SMK) Pustek

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/sjr.v8i3.1175

Global geopolitical tensions such as trade wars, military conflicts, and diplomatic rivalries have increasingly shaped the dynamics of foreign direct investment (FDI), creating uncertainty that disrupts investor confidence and reshapes global capital flows. This study aims to analyze how these geopolitical developments impact FDI inflows to Indonesia, a major emerging economy that aspires to become a high-income nation by 2045. Using a literature review approach supported by content analysis, this research synthesizes findings from academic journals, international economic reports, and policy documents published between 2019 and 2024. The results reveal that geopolitical tensions heighten investment risks, trigger capital flight, disrupt global supply chains, and cause currency depreciation, all of which negatively affect Indonesia’s investment climate. However, these global shifts also generate new opportunities. Indonesia may benefit from industrial relocation, particularly from multinational corporations seeking to diversify away from geopolitically sensitive regions. Additionally, Indonesia’s commitment to downstream industrialization and green economy development strengthens its investment appeal. To remain competitive, the country must accelerate structural reforms, improve human capital, and expand its digital infrastructure. Despite global uncertainty, Indonesia continues to maintain high FDI inflows, driven by relative political stability, large domestic market potential, and proactive government policy. This study contributes to a nuanced understanding of the risks and opportunities that geopolitical shifts present for emerging economies, especially in designing responsive investment strategies.

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Jl. Raya Serpong No. 17 Priyang Pondok Jagung, Serpong, Kota Tangerang Selatan, Banten 15322

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Kota tangerang selatan,

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INDONESIA