Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis
Jurnal Relevansi: Jurnal Ekonomi, Manajemen, dan Bisnis is a peer-reviewed journal. Ekombis invites academics and researchers who do original research in the fields of economics, management, and accounting, including but not limited to: Economics Monetary Economics, Finance, and Banking International Economics Public Economics Economic development Regional Economy Management Science Marketing Financial management Human Resource Management International Business Entrepreneurship
Articles
192 Documents
<![CDATA[Sales Growth, Free Cash Flow, and Capital Structure in Indonesian LQ45 Stock Returns ]]>
<![CDATA[Yurike Okvia]]>;
<![CDATA[Fitri Mareta]]>;
<![CDATA[Eksa Ridwansyah]]>
<![CDATA[ Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis Vol 10 No 4 (2026): August ]]>
Publisher : <![CDATA[Lembaga Penelitian dan Pengabdian Kepada Masyarakat (LPPM), STIE Krakatau ]]>
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DOI: 10.61401/relevansi.v10i4.621
<![CDATA[This study examines the relationships between sales growth, free cash flow, capital structure, and stock returns among companies consistently included in the LQ45 index of the Indonesia Stock Exchange during 2021–2025. The study uses secondary financial statement and stock price data. Purposive sampling selected 23 firms with 115 firm-year observations, while the final pooled multiple regression used 110 observations after outlier removal. Stock return is measured through capital gain/loss, free cash flow through operating cash flow minus capital expenditure scaled by total assets, and capital structure through the Debt-to-Equity ratio (D/E). Sales growth and free cash flow have positive and significant associations with stock returns (B=0.385, p=0.001; B=0.827, p=0.011), whereas capital structure has a negative but insignificant association (B=−0.001, p=0.973). The model is jointly significant (F=7.924, p<0.001) and explains 18.3% of stock return variation (adjusted R²=16.0%). Investors appear to respond more strongly to revenue growth and operating cash availability than leverage levels. The study uses pooled firm-year observations and excludes dividend yield in stock return measurement. This study provides recent evidence from Indonesian LQ45 firms by highlighting the role of growth and cash flow signals in explaining stock returns.]]>
<![CDATA[Determinants of Capital Structure in Technology Companies Listed on the Indonesia Stock Exchange ]]>
<![CDATA[Rodiani Rodiani]]>;
<![CDATA[Damayanti Damayanti]]>;
<![CDATA[Depita Anggraini]]>
<![CDATA[ Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis Vol 10 No 4 (2026): August ]]>
Publisher : <![CDATA[Lembaga Penelitian dan Pengabdian Kepada Masyarakat (LPPM), STIE Krakatau ]]>
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DOI: 10.61401/relevansi.v10i4.623
<![CDATA[This study examines the associations between business risk, asset structure, institutional ownership, and sales growth with the capital structure of technology companies listed on the Indonesia Stock Exchange. This problem is relevant because Indonesian technology issuers combine rapid expansion, intangible resources, and uneven operating income, while sector-specific evidence remains limited. This explanatory quantitative study uses annual financial statement data for 2021–2025. Purposive sampling produced 15 companies and 75 firm-year observations for the study. After natural logarithm transformation and case-wise outlier treatment, multiple linear regression was estimated using 55 observations from 11 companies. Capital structure is measured using the Debt-to-Equity Ratio (DER). Business risk is negatively and significantly associated with capital structure (B=−0.806; p<0.001), as are asset structure (B=−0.238; p=0.034) and sales growth (B=−1.439; p=0.006). Institutional ownership is positively and significantly associated with the capital structure (B=2.626; p<0.001). The model is jointly significant (F=26.534; p<0.001) and has an adjusted R² of 0.654. This study extends prior sector-mixed evidence by examining four determinants jointly in recent Indonesian technology-sector data, documenting the sample-reduction process, and comparing competing theoretical explanations. The coefficients are interpreted as sample-specific associations from Pooled Ordinary Least Squares rather than as causal effects or universal financing rules.]]>
<![CDATA[Corporate Governance, Profitability, and Financial Statement Fraud Risk in Indonesian Pharmaceutical Companies ]]>
<![CDATA[Dela Zati Sapitri]]>;
<![CDATA[Fitri Mareta]]>;
<![CDATA[Depita Anggraini]]>
<![CDATA[ Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis Vol 10 No 4 (2026): August ]]>
Publisher : <![CDATA[Lembaga Penelitian dan Pengabdian Kepada Masyarakat (LPPM), STIE Krakatau ]]>
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DOI: 10.61401/relevansi.v10i4.626
<![CDATA[This study examines the effects of independent commissioners, managerial ownership, and audit committee size on financial statement fraud risk and tests whether profitability moderates those relationships in Indonesian pharmaceutical companies. The study addresses a sector-specific evidence gap by examining all three governance mechanisms and the profitability interaction in a narrowly defined, highly regulated setting. Secondary annual-report data from 2020–2024 were selected purposively. Ten companies yielded 50 initial firm-year observations, four casewise outliers were excluded, leaving 46 observations. The article reports this selection transparently and does not treat outlier deletion as evidence of misconduct. Fraud risk is represented by the continuous Beneish M-Score. Managerial ownership is negatively associated with fraud risk (B=−7.627, p=0.012). Independent commissioners (B=1.511, p=0.085) and audit committee size (B=−0.196, p=0.519) are not significant. ROA does not moderate the three relationships. Structural compliance alone may not capture governance effectiveness, managerial ownership is the only tested mechanism associated with lower fraud risk. The study provides transparent Beneish M-Score evidence from Indonesian pharmaceutical companies and clarifies the inferential limits created by a small, sector-specific sample.]]>
<![CDATA[Auditor Independence, Audit Fee, Tenure, and Report Lag with Audit Quality in Indonesian Energy Firms ]]>
<![CDATA[Tasya Oktaviani]]>;
<![CDATA[Damayanti Damayanti]]>;
<![CDATA[Destia Pentiana]]>
<![CDATA[ Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis Vol 10 No 4 (2026): August ]]>
Publisher : <![CDATA[Lembaga Penelitian dan Pengabdian Kepada Masyarakat (LPPM), STIE Krakatau ]]>
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DOI: 10.61401/relevansi.v10i4.627
<![CDATA[This study examines the associations between auditor independence, audit fees, audit tenure, audit report lag, and audit quality in Indonesian energy firms during 2021–2025. This explanatory quantitative study uses financial statements, annual reports, and independent auditors’ reports. Purposive sampling yielded 16 firms and 80 firm-year observations. Audit quality is proxied by absolute discretionary accruals under the Kasznik model and transformed using the natural logarithm for the final test. Multiple linear regression shows that auditor independence and audit fees are negatively and significantly associated with Ln absolute discretionary accruals, whereas audit tenure and audit report lag are not significant. The model was jointly significant and explained 88.0% of the reported variation. The findings suggest that professional distance and adequate engagement resources are more informative than tenure or completion speed in this study sample. This study uses one audit quality proxy, a small purposive sample, and a transformed regression output that does not report the constant. This study adds sector-specific evidence from Indonesian energy firms facing operational risk, commodity volatility, and demand for credible reporting, while identifying directions for controls and robustness analysis.]]>
<![CDATA[Strategic Leadership Transformation in Addressing Non-Traditional Security Threats in Indonesia: A Narrative Literature Review ]]>
<![CDATA[Mayyasari T. Gondokusumo]]>;
<![CDATA[Asep Adang Supriyadi]]>;
<![CDATA[Ceppi Hilmansyah]]>;
<![CDATA[Joni Widjayanto]]>
<![CDATA[ Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis Vol 10 No 4 (2026): August ]]>
Publisher : <![CDATA[Lembaga Penelitian dan Pengabdian Kepada Masyarakat (LPPM), STIE Krakatau ]]>
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DOI: 10.61401/relevansi.v10i4.629
<![CDATA[This study examines strategic leadership transformation in addressing non-traditional security threats in Indonesia and develops an adaptive strategic leadership framework by integrating transformational leadership, adaptive leadership, and legitimacy theory. A qualitative narrative literature review was conducted on 56 Scopus- and ScienceDirect-indexed articles (2015–2026). The selected articles were analyzed thematically through data reduction, categorization, and conclusion drawing. The findings show that transformational and adaptive leadership improve defense-organization performance, while non-traditional threats require more flexible leadership approaches. The Indonesian context presents challenges related to civil–military dynamics, defense coordination, cyber threats, disinformation, and public legitimacy. The study concludes that effective transformation requires the integration of leadership capacity, institutional synergy, and social legitimacy to strengthen responses to non-traditional security threats. This study is limited by its reliance on secondary literature from two databases and the absence of primary empirical data, requiring future validation through field studies. This study contributes to leadership and defense studies by contextualizing adaptive strategic leadership in Indonesia and providing practical insights for defense institutions in managing emerging security challenges.]]>
<![CDATA[The Effect of Carbon Emission Disclosure, Environmental Performance, and Intellectual Capital on Firm Value ]]>
<![CDATA[Rizki Febi Amelia]]>;
<![CDATA[Yuliansyah Yuliansyah]]>
<![CDATA[ Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis Vol 10 No 4 (2026): August ]]>
Publisher : <![CDATA[Lembaga Penelitian dan Pengabdian Kepada Masyarakat (LPPM), STIE Krakatau ]]>
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DOI: 10.61401/relevansi.v10i4.631
<![CDATA[This study aims to analyze the effect of the Carbon Disclosure Project (CDP), Environmental Performance (PROPER), and Intellectual Capital (VAIC) on Company Value (Tobin's Q) in energy sector companies listed on the Indonesia Stock Exchange for the 2022–2024 period. The study uses a quantitative approach with secondary data obtained from annual reports, sustainability reports, the Ministry of Environment and Forestry's PROPER reports, and company financial statements. The research sample was determined using a purposive sampling technique, resulting in 59 companies with a total of 121 observations. Data analysis was carried out using panel data regression with the help of EViews 14 software. The selection of the regression model was done through the Chow test, Hausman test, and Lagrange Multiplier test, which indicated that the Random Effect Model (REM) is the best model. The research shows that disclosing carbon emissions through the Carbon Disclosure Project (CDP) does not have a significant effect on company value. Environmental Performance (PROPER) has a negative and significant effect on company value, while Intellectual Capital (VAIC) has a positive and significant effect on company value. These findings suggest that investors have not yet made carbon emission disclosure a primary consideration when evaluating companies, whereas the efficiency of managing intellectual capital can boost market confidence. On the other hand, the costs a company incurs to meet environmental performance standards are seen as operational burdens that can push down company value in the short term]]>
<![CDATA[The Influence of E-Commerce, Digital Payments, and Accounting Information Systems on Micro Business Performance ]]>
<![CDATA[Adila Hikmaini]]>;
<![CDATA[Lihan Rini Puspo Wijaya]]>;
<![CDATA[Dewi Zakia]]>;
<![CDATA[Sri Astuti]]>;
<![CDATA[Arif Makhsun]]>
<![CDATA[ Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis Vol 10 No 4 (2026): August ]]>
Publisher : <![CDATA[Lembaga Penelitian dan Pengabdian Kepada Masyarakat (LPPM), STIE Krakatau ]]>
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DOI: 10.61401/relevansi.v10i4.635
<![CDATA[This study aims to examine the influence of e-commerce, digital payments, and Accounting Information Systems (AIS) on the performance of micro-enterprises in the culinary sector in Bandar Lampung City. This study employed a quantitative approach using primary data collected through questionnaires distributed to micro-business owners. A total of 429 valid responses were obtained from 562 distributed questionnaires using an accidental sampling technique. The data were analyzed using multiple linear regression with the assistance of SPSS version 26. The findings indicate that e-commerce, digital payments, and AIS have a positive and significant effect on micro-business performance, both partially and simultaneously. Among the examined variables, e-commerce demonstrated the strongest influence, followed by digital payments and AIS. These findings indicate that digital technology adoption supports market expansion, transaction efficiency, and more effective financial management. The utilization of digital technologies plays an important role in improving micro-business performance by enhancing operational effectiveness and competitiveness. Limitations: This study is limited to culinary micro-enterprises in Bandar Lampung City, which may restrict the generalizability of the findings to other sectors and regions. This study contributes empirical evidence regarding the role of digital technology adoption in improving micro-business performance and provides practical insights for entrepreneurs and policymakers in developing digital transformation strategies.]]>
<![CDATA[Pengaruh Pemanfaatan Teknologi Digital Terhadap Produktivitas Belajar Mahasiswa di Universitas Buana Perjuangan Karawang ]]>
<![CDATA[Metha Aghshaina Salsabila]]>;
<![CDATA[Puji Isyanto]]>
<![CDATA[ Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis Vol 9 No 1 (2025): Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis ]]>
Publisher : <![CDATA[Lembaga Penelitian dan Pengabdian Kepada Masyarakat (LPPM), STIE Krakatau ]]>
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DOI: 10.61401/relevansi.v9i1.169
<![CDATA[The development of digital technology has brought major changes in various aspects of life, especially in the student learning process. This study aims to examine how much influence the use of digital technology has on the learning productivity of Buana Perjuangan University Karawang students. The method used is a quantitative approach with an associative research type. Data were collected through an online questionnaire distributed to 50 active students, then analyzed using validity, reliability, classical assumption tests, and simple linear regression. The results showed that all instruments used were declared valid and reliable. Based on the regression test results, which means there is a positive and significant influence between the utilization of digital technology on student learning productivity. This finding shows that the more optimal the utilization of digital technology in the learning process, the higher the student learning productivity, especially in terms of time effectiveness, task completion, and academic achievement.]]>
<![CDATA[Evaluation of Fiscal Corrections on Operating Expenses and Other Income in the Annual Corporate Tax Return Reporting of CV XYZ ]]>
<![CDATA[Faizatul Qomariyah]]>;
<![CDATA[Ellyzabeth Putri Vizandra]]>
<![CDATA[ Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis Vol 9 No 1 (2025): Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis ]]>
Publisher : <![CDATA[Lembaga Penelitian dan Pengabdian Kepada Masyarakat (LPPM), STIE Krakatau ]]>
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DOI: 10.61401/relevansi.v9i1.177
<![CDATA[This study aims to evaluate the application of fiscal corrections to operating expenses and other income in the Annual Corporate Tax Return (SPT) reporting of CV XYZ. The background of this research is based on the differences in treatment between commercial financial statements prepared in accordance with Financial Accounting Standards (SAK) and tax regulations, which require fiscal corrections to determine the appropriate taxable income. The method used in this study is descriptive qualitative, with data analysis techniques in the form of narrative analysis of financial statements and applicable tax regulations. The results show that several accounts, such as internet expenses, Article 21 income tax, and interest income from bank deposits, need to be corrected, as they are not fully recognized under tax regulations. Therefore, fiscal corrections play a crucial role in ensuring tax compliance and the accuracy of the company’s fiscal financial statements.]]>
<![CDATA[Pengaruh Struktur Corporate Governance, Audit Tenure, dan Spesialisasi Industri Auditor Terhadap Integritas Laporan Keuangan ]]>
<![CDATA[Triwidianto Triwidianto]]>;
<![CDATA[Agus Hendrawan]]>
<![CDATA[ Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis Vol 9 No 1 (2025): Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis ]]>
Publisher : <![CDATA[Lembaga Penelitian dan Pengabdian Kepada Masyarakat (LPPM), STIE Krakatau ]]>
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DOI: 10.61401/relevansi.v9i1.198
<![CDATA[Integritas laporan keuangan di Kantor Akuntan Publik (KAP) yang berbasis di Jakarta Selatan menjadi fokus penelitian ini. Variabel yang diminati meliputi keahlian industri auditor, masa kerja audit, dan struktur tata kelola perusahaan. Penelitian ini bertujuan untuk menawarkan sudut pandang yang unik dengan mempelajari auditor di kantor akuntan publik. Berbeda dengan penelitian sebelumnya yang sebagian besar berfokus pada perusahaan publik, penelitian ini menawarkan wawasan langsung tentang proses audit dan pertimbangan etika. Seratus auditor disurvei menggunakan kuesioner. Teknik yang digunakan adalah analisis regresi linier berganda dengan uji asumsi klasik, yang meliputi uji heteroskedastisitas, multikolinearitas, dan normalitas. Integritas laporan keuangan dipengaruhi secara positif dan signifikan oleh struktur tata kelola perusahaan dan spesialisasi sektor, sedangkan masa kerja audit tidak berpengaruh. Secara terkoordinasi, kredibilitas laporan keuangan dipengaruhi oleh ketiga variabel independen. Tata kelola perusahaan yang kuat dan pengetahuan audit di industri tertentu ditekankan dalam penelitian ini, yang memberikan kredibilitas pada teori keagenan. Laporan ini menawarkan rekomendasi praktis untuk meningkatkan kualitas audit dan transparansi keuangan di negara berkembang. Keunikannya terletak pada fokus empirisnya pada praktisi audit dalam konteks regional.]]>
