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International Journal of Finance Research
Published by Training & Research Institute Jeramba Ilmu Sukses
ISSN : -     EISSN : 2746136X     DOI : 10.47747
Core Subject : Economy, Social,
Economics, Econometrics & Finance Social Sciences
International Journal of Finance Research (IJFR) is a peer-reviewed journal which publishes original research papers. IJFR has been published since 2020. It is currently published quarterly (March, June, September & December). Areas of research include, but are not limited to Finance and Investment, capital markets, financial institutions, corporate finance & corporate governance. e-ISSN: 2746-136X. The Digital Object Identifier (DOI) is assigned to each published article and the journal is indexed by Crossref, Neliti.Com, Dimensions and Google Scholar.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Keuangan
Articles 131 Documents
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Key Drivers of Stock Price Movements: Financial and Economic Indicators in Unilever Indonesia (2014–2023) Setiawati, Rini; Herlina, Listri
International Journal of Finance Research Vol. 5 No. 4 (2024): International Journal of Finance Research
Publisher : Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47747/ijfr.v5i4.2288

Abstract

Multinational corporations are critical in ensuring financial market stability and boosting corporate performance, mainly through job creation and increased productivity. These contributions positively influence investor confidence and significantly impact stock market performance. As one of the leading multinational companies, PT Unilever contributes substantially to Indonesia's economic development. However, in recent years, PT Unilever has faced a notable decline in its stock prices. Such a decline can undermine investor trust, affecting the company’s investment strategies. For this reason, examining factors that influence stock price movements, including financial ratios and macroeconomic variables, becomes essential. This research investigates the influence of financial ratios and macroeconomic indicators on PT Unilever Indonesia Tbk's stock price fluctuations in 2014–2023. The variables analyzed include the Current Ratio (CR), Earnings Per Share (EPS), inflation, interest rates, and Gross Domestic Product (GDP). Using secondary data and a multiple linear regression approach, the study reveals that EPS and inflation positively and significantly impact stock prices. At the same time, interest rates and GDP exhibit a negative and significant effect. On the other hand, the CR variable does not significantly affect stock price movements
Analysis of Financial Distress and Bankruptcy Using the Altman Z-Score Method on the Indonesia Stock Exchange (IDX) in 2020 - 2022 Irwanto, M. Endrik; Rodoni, Ahmad; Riniawati, Rina
International Journal of Finance Research Vol. 5 No. 4 (2024): International Journal of Finance Research
Publisher : Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47747/ijfr.v5i4.2463

Abstract

This research analyzes financial distress and bankruptcy using the Altman Z-Score method and its influence on share prices in construction service companies listed on the Indonesia Stock Exchange (IDX) for 2020 - 2022. The variables tested in this research consist of working capital to total assets, retained earnings to total assets, earnings before interest and tax to total assets, market value of equity to book value of debt, sales to total assets as independent variables, and share prices as dependent variables. The population in this research is construction services companies listed on the Indonesia Stock Exchange for 2020 - 2022. The sampling technique used in this research is purposive sampling, and a sample of 63 data from 21 construction services companies listed on the Indonesia Stock Exchange in 2020-2022 that meet specific criteria was obtained. The data analysis technique used in the research is panel data regression analysis and classical assumption testing using EViews version 13 statistical software. This research shows that in 2020, 18 construction service companies were in the distress zone and 3 companies were in the gray zone. In 2021, 17 construction service companies will be in the distress zone and 4 in the gray zone. In 2022, 17 construction service companies will be in the distress zone and 4 in the gray zone. The earnings before interest and tax to total assets have a significant effect and positive relationship with share prices. Working capital to total assets, retained earnings to total assets market value of equity to book value of debt, and sales to total assets do not have a significant effect and have a negative relationship to stock prices.
The Influence of Organizational Culture, Organizational Commitment to Fraud Prevention with Internal Control as an Intervening Variable in the South Sumatra Provincial Government Putri, Intan Femizah; Rachman, Andry Arifian
International Journal of Finance Research Vol. 5 No. 4 (2024): International Journal of Finance Research
Publisher : Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47747/ijfr.v5i4.2480

Abstract

This study aims to test and analyze the influence of organizational culture and organizational commitment to fraud prevention with internal control control as an intervening variable. The data collection method used a survey using a questionnaire. The population in this study is part of the South Sumatra Provincial Government's procurement of goods and services. The sampling technique uses the purposive sampling technique. The number of respondents was 136 from 30 regional apparatus organizations (OPD) that were sampled. The data analysis method used in the study was PLS SEM. The results of this study show that organizational culture and commitment have a positive and significant effect on fraud prevention, with an R Square value of 97.5%. The results of this study also show that organizational culture, organizational commitment, and internal control have a positive and significant effect on internal control, with an R Square value of 93.4%. The results of this study provide empirical evidence that fraud prevention can be carried out with organizational culture and organizational commitments and good internal control so that fraud does not occur.
Stock market reaction: An investigation of COVID-19 effects in ASEAN Countries Fitriya, Fitriya; Basyith, Abdul; Periansya, Periansya
International Journal of Finance Research Vol. 5 No. 4 (2024): International Journal of Finance Research
Publisher : Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47747/ijfr.v5i4.2527

Abstract

This study examines the effects of the various COVID-19 announcements by the World Health Organization (WHO) on stock returns in ASEAN countries, which is different from previous research in that most of the research only observed the first announcement of COVID-19 when a pandemic was declared This study uses 6 announcements of COVID-19, starting from the first time COVID-19 was identified until it was declared a variant delta. The results revealed that the market reaction in ASEAN to the first announcement of COVID-19 in China on December 31st, 2019, shows a positive and non-significant abnormal return and cumulative abnormal return. On January 13th, 15th, 21st, and 24th, 2020, the market also reacted negatively but not significantly to the announcement of the first recorded case outside China, which is in Thailand, Japan, the USA, and the European region, and it was an intermittently negative reaction but not significant. On March 7th, 2020, when the confirmed cases surpassed 100,000 globally, and on March 11th, 2020, when WHO officially announced COVID-19 as a global pandemic, the ASEAN market reacted negatively and significantly for abnormal and cumulative abnormal returns, which is inconsistent with Salisu, Sikiru and Vo (2020) and Topcu and Gulal (2020). However, the ASEAN countries reacted positively but not significantly to the second wave announcement on May 31st, 2021.
The Effect of Debt to Asset Ratio, Firm Size, Audit Committee, and Audit Tenure on Audit Delay (on Property and Real Estate Sector Companies Listed on The Indonesia Stock Exchange for the 2016-2023 Period) Setiawati, Lutfi; Febriyanti, Diah; Syarif, Devyanthi
International Journal of Finance Research Vol. 5 No. 4 (2024): International Journal of Finance Research
Publisher : Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47747/ijfr.v5i4.2544

Abstract

Company, Debt to Asset Ratio (DAR), Audit Committee, and Audit Tenure. The research method used is quantitative with a descriptive and verification approach. Secondary data used were obtained from the annual financial reports for 2016-2023 in the property and real estate sector, accessed through the official pages of IDX and related companies. This study uses a purposive sampling technique, which resulted in 15 companies that met the criteria as research samples from a total population of 93 companies. The study's results indicate that audit tenure has a partially significant effect on audit delays. In contrast, DAR, company size, and audit committee do not have a partially significant effect on audit delays. However, simultaneously, the audit committee, audit tenure, company size, and debt-to-asset ratio affect audit delays.
The Effect of Transformational Leadership on the Performance of State Primary School Teachers in Ogan Komering Ulu Qotrunnada, Emilda; Mellita, Dina
International Journal of Finance Research Vol. 6 No. 1 (2025): International Journal of Finance Research
Publisher : Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47747/ijfr.v6i1.1978

Abstract

Teacher performance is one of the keys to successful implementation of learning in schools. To improve the quality of education through teacher performance, principals need to be forward-thinking leaders who guide and inspire teachers to be able and eager to work efficiently. Of the many factors that can affect teacher performance is leadership. Transformational leadership is a process by which leaders and subordinates strive to achieve a high level of morality and motivation. The purpose of this study was to analyze the influence of transformational leadership on the performance of public secondary school teachers in the middle school system. The research method used is the Partial Least Square (PLS) method using SmartPLS software version 4. The study sampled 100 teachers with positions as vice principals and class teachers using questionnaires. The data used in this study are primary data. After carrying out the study, it can be concluded that transformational leadership has no influence on teacher performance
Global Banking Industry Financials : An Analysis of Derivative Usage on The Financial Performance of Major Banks Syahwildan, Muhamad; Latif, Abdul; Widiastuti, Widiastuti
International Journal of Finance Research Vol. 6 No. 1 (2025): International Journal of Finance Research
Publisher : Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47747/ijfr.v6i1.2256

Abstract

Hedging has become a vital strategy for the banking sector, given the complexity and volatility of today's global financial markets. Hedging is also used as one of the strategies to reduce risks associated with fluctuations in the value of assets and liabilities. In Indonesia, the Banking Sector faces challenges in managing risks associated with economic and financial variability. This study focuses on micro and macro factors that can influence hedging decisions in the banking sector. The micro factors considered in this study are liquidity and leverage. On the other hand, the macro factors considered in this study are interest rates and exchange rates. The sampling method used is nonprobability sampling, namely the purposive sampling method. The samples in this study were 15 banking sector companies listed on the IDX for the period 2020-2023. This study uses the help of Eviews 12 used to test the goodness of the model, and logistic regression and hypothesis relationships designed in this study. The findings in this study indicate that interest rates have a negative and significant impact on hedging decisions, and liquidity has no significant effect on hedging decisions. This can happen because market liquidity is stable and not volatile, while exchange rates and leverage positively and significantly affect hedging decisions.
Corporate Social Responsibility Disclosure as an Agency Cost Reduction Mechanism for Investment Decisions in the Apparel & Textile Sector Sarifiyono, Aggi Panigoro; Purnomo, Budi Supriatono; Purnamasari, Imas
International Journal of Finance Research Vol. 6 No. 1 (2025): International Journal of Finance Research
Publisher : Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47747/ijfr.v6i1.2588

Abstract

This study examines the role of Corporate Social Responsibility (CSR) disclosure as a mechanism to reduce agency costs and improve investment decisions in Indonesia’s apparel and textile sector. Using data from publicly listed companies on the Indonesia Stock Exchange (IDX) from 2020 to 2024, the research employs a quantitative approach with panel data regression and mediation analysis conducted using EViews software. CSR disclosure, measured through a CSR Disclosure Index, serves as the independent variable, while agency costs, assessed via operating and administrative expense ratios, function as the mediating variable. Investment decisions, the dependent variable, are evaluated using financial indicators such as Net Present Value (NPV), Internal Rate of Return (IRR), Return on Investment (ROI), and capital expenditure allocation efficiency. The findings reveal that CSR disclosure significantly reduces agency costs by enhancing transparency and accountability, thereby mitigating conflicts between shareholders and managers. Additionally, CSR disclosure positively impacts investment decisions, with agency costs partially mediating this relationship. These results align with agency theory, demonstrating the value of CSR practices in improving corporate governance and investment efficiency. However, the partial mediation effect suggests that other factors, such as market dynamics and regulatory frameworks, may also influence the CSR-investment relationship. This study contributes to the literature by validating agency theory in the context of CSR and investment decision-making in an emerging market setting. It provides practical implications for policymakers and practitioners, emphasizing the importance of standardized CSR reporting to foster better governance and financial performance. Future research should explore additional mediators and expand the scope to other industries and regions to generalize the findings further
Applications of Forensic Accounting in Detecting and Preventing Financial Crimes Saha, Palash; Dey , Kripa Nath; Chowdhury, Mohammad Shofiqul Islam; Das, Ripon Chandra; khan, Md Miraj Hossen; Tanvir, Md Tasnin; Halimuzzaman, Md.
International Journal of Finance Research Vol. 6 No. 2 (2025): International Journal of Finance Research
Publisher : Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47747/ijfr.v6i2.2692

Abstract

Financial crimes, including fraud, misuse, and money laundering, present considerable risks to Bangladesh's economic stability and public confidence in financial institutions. This paper examines the application of forensic accounting in identifying and mitigating such crimes, evaluating its efficacy, identifying obstacles, and exploring possible legislative measures. A quantitative poll involving 400 respondents from industries such as banking, accounting, auditing, and regulatory organizations indicated that 82% perceived financial crimes as prevalent, whereas 89% asserted that forensic accounting could substantially improve fraud detection. The study revealed multiple obstacles to adoption, including insufficient forensic knowledge (68%), technological constraints (56%), and inadequate regulatory enforcement (63%). Participants endorsed the incorporation of global best practices, including as AI-driven fraud detection and real-time transaction monitoring, while underscoring the necessity for policy reforms, training initiatives, and technical investments to enhance the accessibility and efficacy of forensic accounting. The results suggest that by overcoming these obstacles, Bangladesh can improve its financial crime prevention framework, promote organizational transparency, and establish a more robust financial system.
ESG Disclosure: Impact on Carbon Footprint Reduction and Increased Market Return of Companies Susanto, Sheren; Wijaya, Nicholas Lai; Samosir, Ivan Bryan Hotasi; Fitriya, Fitriya
International Journal of Finance Research Vol. 6 No. 2 (2025): International Journal of Finance Research
Publisher : Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47747/ijfr.v6i2.2755

Abstract

This study examines the impact of carbon footprint reduction and increased market returns on ESG, aiming to fill the gap in understanding the real effects of ESG reporting, particularly on carbon footprints and market returns in US companies listed on the NASDAQ from 2014 to 2022. The dependent variable of this study is market return, measured from EPS. This study also uses two independent variables to investigate the companies' sustainability (ESG disclosure and GHG scope 1). ESG disclosure exhibits a positive and significant relation towards EPS. On the other hand, GHG scope 1 shows a negative and significant relationship with EPS. This suggests that improved ESG reports and reduced emissions will enhance the company's financial performance, leading to increased EPS and attracting more investors. However, the need for further research to solve the discrepancies and investigate other variables affecting the connection between emissions, financial performance, and ESG disclosure is urgent and of utmost importance.

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