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INDONESIA
Jurnal Penelitian Ekonomi Akuntansi (JENSI)
Published by Universitas Samudra
ISSN : 26151227     EISSN : 2655187X     DOI : 10.33060
Core Subject : Economy,
Economics, Econometrics & Finance
Jurnal PEnelitian Ekonomi Akuntansi (JENSI) merupakan wahana hasil penelitian dan telaah konseptual dalam bidang ekonomi, keuangan dan bisnis, yang dierbitkan sejak tahun 2017, dan terbit 1 tahun 2 kali, yaitu setiap bulan Juni dan Desember.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Akuntansi
Articles 7 Documents
 1 
Search results for , issue "Vol 9 No 2 (2025)" : 7 Documents clear
Analisis Dampak Perubahan Struktur Modal dan Kebijakan Dividen terhadap Biaya Modal pada PT Jasa Marga (Persero) Budi gautama Siregar; Muhammad Salman; Aswadi Lubis
Jurnal Penelitian Ekonomi Akuntansi Vol 9 No 2 (2025)
Publisher : Program Studi Akuntansi Fakultas Ekonomi Universitas Samudra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33059/jensi.v9i2.13174

Abstract

This study investigates the relationship between capital structure and dividend policy on the cost of capital at PT Jasa Marga (Persero) Tbk by utilizing quarterly financial data from 2017 to 2024. Capital structure is measured by the Debt to Equity Ratio (DER), dividend policy is represented by the Dividend Payout Ratio (DPR), while the cost of capital is calculated using the Weighted Average Cost of Capital (WACC) approach. PT Jasa Marga was selected as the research object due to its characteristics as a state-owned enterprise (SOE) in the infrastructure sector, which is capital-intensive, long-term oriented, and plays a strategic role in national development. These characteristics make funding decisions and dividend policies highly influential in determining the efficiency of the company’s cost of capital. The research methodology employs a quantitative approach with multiple linear regression analysis. To ensure the validity of the model, several classical assumption tests were conducted, including normality, multicollinearity, heteroscedasticity, and autocorrelation tests. An F-test was used to examine the simultaneous influence of the independent variables on the cost of capital, while t-tests were applied to assess the partial effects of each independent variable. This approach provides a comprehensive understanding of the extent to which capital structure and dividend policy contribute to determining the company’s cost of capital. The findings reveal that both capital structure and dividend policy significantly affect the cost of capital at PT Jasa Marga. An increase in DER was found to raise WACC, consistent with the Trade-Off Theory, which emphasizes the balance between tax benefits from debt and the risk of financial distress. Similarly, a higher DPR increases the cost of capital due to reduced retained earnings and greater reliance on external financing. These results highlight that funding strategies and dividend policies in state-owned infrastructure enterprises must be carefully managed to maintain cost efficiency. Academically, this research enriches the literature on the interplay between internal financial policies and cost of capital, while practically, it offers recommendations for managers and policymakers to design more sustainable financing and dividend strategies in support of long-term infrastructure development.
Analisis Sistem Pengelolaan Persediaan Bahan Baku Dengan Metode Economic Order Quantity (EOQ) Putri, Amanda; Afiah, Nur; Anwar, Azwar; Syachbrani, Warka; Sahade
Jurnal Penelitian Ekonomi Akuntansi Vol 9 No 2 (2025)
Publisher : Program Studi Akuntansi Fakultas Ekonomi Universitas Samudra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33059/jensi.v9i2.12868

Abstract

Penelitian ini bertujuan untuk menganalisis apakah metode Economic Order Quantity (EOQ) dalam pengelolaan persediaan bahan baku lebih optimal diterapkan oleh Pizza XYZ. Variabel penelitian ini terdiri atas perhitungan EOQ yang terdiri atas EOQ, frekuensi pemesanan, biaya pemesanan serta penyimpanan persediaan, total inventory cost, safety stock, dan reorder point. Penelitian ini berfokus dalam hal menganalisis penerapan metode EOQ pada Pizza XYZ. Teknik pengumpulan data yang digunakan adalah dokumentasi dan wawancara. Teknik analisis data menggunakan analisis kuantitatif deskriptif. Teknik ini dimulai dengan mengumpulkan data yang dibutuhkan berupa data dan informasi biaya serta bukti pendukung lainnya, mengolah hasil dokumentasi dan wawancara, menghitungnya dengan variabel EOQ, membandingkan hasil perhitungan EOQ dengan kebijakan perusahaan, dan menarik hasil serta kesimpulan. Hasil analisis menunjukkan metode EOQ lebih optimal dibandingkan metode konvensional Pizza XYZ dengan mendorong penghematan pada total biaya persediaan bahan baku. Metode EOQ dapat mendorong perusahaan mencapai penghematan hingga sebesar Rp4.252.221,00 atau sekitar 55,13% dari total biaya persediaan bahan baku. Pengelolaan bahan baku tepung terigu Pizza XYZ menurut kebijakan perusahaan adalah 700 kg per pemesanan, dipesan sebanyak 40 kali, dengan total biaya persediaan Rp5.409.079,00. Adapun menurut EOQ, kuantitas per pemesanan 1.708 kg, dipesan sebanyak 10 kali, dengan total biaya persediaan Rp2.360.058,00. Pengelolaan bahan baku keju mozzarella Pizza XYZ menurut kebijakan perusahaan adalah 45 kg per pemesanan, dipesan sebanyak 65 kali, dengan total biaya persediaan Rp2.303.488,00. Adapun menurut EOQ, kuantitas per pemesanan 224 kg, dipesan sebanyak 18 kali, dengan total biaya persediaan adalah Rp1.100.288,00.
Penetapan Harga Jual Dengan Metode Variable Costing: Studi Kasus Pada Bengkel Kanopi Mandiri Welder Dewi Maya Sari; Irli Attahira; Muhammad Abthahi
Jurnal Penelitian Ekonomi Akuntansi Vol 9 No 2 (2025)
Publisher : Program Studi Akuntansi Fakultas Ekonomi Universitas Samudra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33059/jensi.v9i2.12875

Abstract

This research aims to analyze the pricing of products at Bengkel Kanopi Mandiri Welder using the variable costing method. The purpose of this study is to use the variable costing approach to examine Bengkel Kanopi Mandiri Welder's product pricing. This approach places a strong emphasis on allocating variable expenses that are closely associated with the manufacturing process. Direct observation and documenting of the production processes for both large and small minimalist grilles were used to gather data. The analysis's findings indicate that the company's selling price and the production cost determined using the variable costing method diverge. The selling price of the company's products is typically higher than the production cost determined by that approach. This discrepancy suggests that the business could generate a sizable profit margin, but it must also be assessed to guarantee effectiveness and market-competitive pricing. This study has limitations in that its scope is still limited to one type of business and product, and it does not consider external factors such as fluctuations in raw material prices and market conditions. For further research, it is recommended to conduct analyses on various types of products over a longer time period and use comparative methods such as full costing or activity-based costing to provide more comprehensive research results.
Analisis Komparatif Kinerja Keuangan Perusahaan Sektor Energi Sebelum dan Sesudah Implementasi Kebijakan Energi Hijau Tabah Rizki; Nurul Syahbela
Jurnal Penelitian Ekonomi Akuntansi Vol 9 No 2 (2025)
Publisher : Program Studi Akuntansi Fakultas Ekonomi Universitas Samudra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33059/jensi.v9i2.13302

Abstract

This study aims to comparatively analyze the financial performance of energy sector companies before and after the implementation of the green energy policy in Indonesia in 2022, as part of the national commitment to transition toward clean energy. The research employs a comparative quantitative approach using financial ratio analysis, including Return on Assets (ROA), Return on Equity (ROE), Debt to Equity Ratio (DER), and Current Ratio (CR), for energy companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2024 period. The results of the comparative statistical tests using the Paired Sample t-Test and descriptive analysis indicate significant changes in most financial performance indicators following the adoption of the green energy policy. ROA and ROE increased significantly, reflecting improved efficiency and profitability, while DER decreased significantly, indicating a shift toward a healthier and more sustainable capital structure. Meanwhile, CR increased but was not statistically significant. These findings align with legitimacy theory, which explains that companies seek to obtain and maintain social legitimacy by aligning their policies and strategies with external environmental expectations. The implications suggest that the green energy policy plays a crucial role in strengthening corporate legitimacy in the eyes of the public and stakeholders, enhancing investor confidence, and supporting long-term financial sustainability. The limitations of this study lie in the relatively short observation period (2022–2024), which may not fully capture the long-term effects of the green energy policy on financial performance, and in the exclusive focus on financial indicators without considering non-financial factors such as governance quality, green investment intensity, and clean technology adoption. Future research is recommended to extend the observation period to five or ten years to capture long-term impacts, integrate quantitative and qualitative approaches through sustainability report analysis, ESG policy evaluation, and investor perception studies, and conduct cross-subsector comparisons to provide deeper insights into adaptation dynamics and competitiveness within the energy industry under the green energy transition toward a sustainable economy.
Pengaruh Literasi Keuangan dan Inklusi Keuangan terhadap Kinerja UMKM dengan Debt Financing sebagai variabel Mediasi Haikal, Fahri; Olivia, Putri Sarah; Diandra, Didip; Sulistianto, R Hario; Azhari, Muhammad Zakky; Mustofa, Yusufi Arif
Jurnal Penelitian Ekonomi Akuntansi Vol 9 No 2 (2025)
Publisher : Program Studi Akuntansi Fakultas Ekonomi Universitas Samudra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33059/jensi.v9i2.13612

Abstract

This study aims to analyze the effect of financial literacy and financial inclusion on the performance of MSMEs, with debt financing serving as a mediating variable. Using a survey of 200 MSME owners across various business sectors, data were processed and analyzed through Structural Equation Modeling (SEM) to test both direct and mediating effects. The findings indicate that financial literacy and financial inclusion have a significant impact on MSME performance, both directly and indirectly, through debt financing. This highlights the importance of financial knowledge and access to credit as drivers of sustainable business growth. The novelty of this research lies in positioning debt financing as a mediating factor that bridges financial capacity with performance outcomes, which has received limited attention in prior MSME studies. The study implies that improving financial education and expanding financial inclusion programs can enhance MSME resilience, while promoting responsible debt financing as an effective mechanism to strengthen business sustainability and competitiveness in the digital economy era.This study is limited to MSMEs in a specific region and cross-sectional data; future studies are encouraged to expand regional coverage, incorporate additional variables, and apply longitudinal approaches.
Sertifikasi Halal pada Produk UMKM di Aceh : Tinjauan atas Implementasi Qanun Nomor 8 Tahun 2016 tentang Sistem Jaminan Produk Halal Fauzan, Muhammad; Maulana, Muhammad
Jurnal Penelitian Ekonomi Akuntansi Vol 9 No 2 (2025)
Publisher : Program Studi Akuntansi Fakultas Ekonomi Universitas Samudra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33059/jensi.v9i2.13618

Abstract

This study is to evaluate the efficacy of the implementation of Aceh Qanun Number 8 of 2016 about the Halal Product Guarantee System in enhancing the quality of products and packaging for Micro, Small, and Medium Enterprises (MSMEs) in Aceh. The study employs a descriptive qualitative methodology, utilizing literature reviews derived from legal statutes, statistics from the Statistics Indonesia (BPS), reports from the Aceh Cooperatives and SMEs Office, and various pertinent scientific publications. The study's findings indicate that the Aceh Ulama Consultative Assembly (MPU) and LPPOM's implementation of halal certification is still facing a number of challenges. These include high certification costs, a lack of knowledge about halal among MSME actors, and ineffective supervision and mentoring systems at the district and city levels. However, halal certification has been shown to help improve the quality of products and packaging, promote cleaner and more sanitary production methods, and boost consumer trust in local goods. Halal certification is not only a way to enforce rules, but it also plays a strategic role in making the economy more competitive in the region and helping the concepts of maqāṣid al-syarī'ah to be used in the business world. This study is limited as it is conceptual and literature-based; thus, more research employing an empirical approach is advised to achieve a more full understanding of the impact of halal certification in Aceh.
Perilaku Konsumsi dalam Perspektif Ekonomi Islam: Telaah Terhadap Prinsip Maslahah Yusrizal; Muhammad Yusuf Harahap; Rambe, M. Faiz Azhar; Siti Hajar Bahzar; Zakiah Rahmi Siagian
Jurnal Penelitian Ekonomi Akuntansi Vol 9 No 2 (2025)
Publisher : Program Studi Akuntansi Fakultas Ekonomi Universitas Samudra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33059/jensi.v9i2.13922

Abstract

This article aims to examine consumption behavior from an Islamic economic perspective, focusing on the principle of maslahah as the normative basis for consumption. The research method used is qualitative research through a literature study approach by examining books, scientific journals, and relevant literature related to consumption, Islamic economics, and maqāṣid al-syarī‘ah. The results of the study show that consumption in Islamic economics is not only directed at fulfilling material needs, but must also meet the criteria of maslahah, namely being carried out proportionally, avoiding harm, being oriented towards collective welfare, and being in harmony with the objectives of sharia in protecting religion, life, reason, offspring, and property. However, in empirical reality, the consumption behavior of Muslim communities is still largely influenced by global consumerist culture and social status symbols, resulting in a gap between normative principles and actual practice. Therefore, strengthening the internalization of maslahah values in consumption behavior is important in order to achieve fair and sustainable welfare. This study is not supported by empirical data or field surveys to directly test the level of internalization of the principle of maslahah in the real consumption patterns of Muslim communities. Further empirical research is needed to quantitatively measure the normative-practical gap. In addition, internalizing these values requires concrete efforts through educational curricula, Islamic financial literacy campaigns, and synergistic public policies that encourage moderate and equitable consumption behavior.

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