Golden Ratio of Finance Management
Golden Ratio of Finance Management (GRFM) encourages courageous and bold new ideas, focusing on contribution, theoretical, managerial, and social life implications. Golden Ratio of Finance Management (GRFM) welcomes papers that are based on human resources management for example: Accounting and Financial Reporting, Alternative Investments, Asset Pricing, Bank Solvency and Capital Structure, Banking Efficiency, Banking Regulation, Behavioural Finance, Commodity and Energy Markets, Corporate Finance, Corporate Governance and Ethics, Credit Rating, Derivative Pricing and Hedging, Empirical Finance, Experimental finance, Financial Applications of Decision Theory or Game Theory, Financial Applications of Simulation or Numerical Methods, Financial Economics, Financial Engineering, Financial Forecasting, Financial mathematics, Financial Risk Management and Analysis, Financial services, Financial theory, Islamic Finance, Islamic Banking, Personal finance, Portfolio Optimization and Trading, Public finance, Regulation of Financial Markets and Institutions., Stochastic Models for Asset and Instrument Prices, Systemic Risk
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<![CDATA[Analysis of The Effects of Ownership-Structure and Social Responsibility on Profitability and Company Value ]]>
<![CDATA[Elisabeth, Cherly]]>
<![CDATA[ Golden Ratio of Finance Management Vol. 3 No. 1 (2023): October - March ]]>
Publisher : <![CDATA[Manunggal Halim Jaya ]]>
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DOI: 10.52970/grfm.v3i1.303
<![CDATA[This study aims to determine the orientation of Islamic financing for Micro, Small and Medium Enterprises (SMEs) in Makassar City. The research was conducted at BSI KC Makassar 2 using primary data sourced from interviews, observations, documentation, and secondary data sourced from news, journals, and books related to SMEs and Islamic financing. This research uses qualitative methods with an interpretive approach and uses interviews, documentation, and observation as data collection methods. The analysis technique used is Interpretive Phenomenology Analysis (IPA). The results show that the orientation of Islamic financing for SMEs is influenced by the customer's background, understanding of Islamic financing and the length of time the business has been operating. The main type of financing contract used for SMEs is Murabahah, which is offered in two methods: Murabahah with Wakalah and Murabahah without Wakalah. The factors supporting Islamic financing are public knowledge about Islamic financing and the benefits of Islamic banks, the availability of financial products and ervices that comply with sharia principles, regulations that support the development of Islamic banks and the challenges of its development, and comparison with financial products and services offered by conventional banks.]]>
<![CDATA[The Effect of Financial Performance on the Stock Price of Service Companies Listed on the Indonesia Stock Exchange (IDX) ]]>
<![CDATA[Rasyid, Abdul]]>;
<![CDATA[Zakaria, Z.]]>
<![CDATA[ Golden Ratio of Finance Management Vol. 3 No. 1 (2023): October - March ]]>
Publisher : <![CDATA[Manunggal Halim Jaya ]]>
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DOI: 10.52970/grfm.v3i1.310
<![CDATA[This study aims to determine the financial performance of PT. Wijaya Karya Beton Tbk based on the analysis method of liquidity ratio, profitability ratio and solvency ratio for the period 2019-2022. The data collection technique used is documentation, with documents in the form of company financial statements in 2019-2022. Data analysis techniques use case study techniques to obtain data as material in the preparation of research. As for analyzing the development of financial performance, this study uses descriptive analysis techniques where the data obtained in the field is processed in such a way as to provide systematic, factual, and accurate data on the problems to be studied. The results showed that the company's financial performance assessment based on the analysis of liquidity ratios, solvency ratios and profitability ratios for the period 2019-2022, with details, namely (a) financial performance based on liquidity ratios has fluctuated in the last 4 years (2019-2022) this is due to the increasing number of current assets and current debt from year to year. (b) Financial performance based on Profitability Ratio has decreased in the last year (2019-2022). This is due to the increasing amount of profit after tax. (c) Financial performance based on Solvency Ratio has decreased in the last year (2019-2022) this is due to the increase in total assets.]]>
<![CDATA[Analysis of Financial Performance at PT Semen Indonesia (Persero), Tbk Listed on the Indonesia Stock Exchange ]]>
<![CDATA[Junaedy, J.]]>;
<![CDATA[Pattiasina, Victor]]>
<![CDATA[ Golden Ratio of Finance Management Vol. 3 No. 1 (2023): October - March ]]>
Publisher : <![CDATA[Manunggal Halim Jaya ]]>
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DOI: 10.52970/grfm.v3i1.311
<![CDATA[This study aims to determine the financial performance of PT Semen Indonesia (Persero), Tbk listed on the Indonesia Stock Exchange (IDX) based on profitability ratios during the 2020-2022 period. The type of data used in this study is quantitative data, namely data in the form of numbers or numbers. Quantitative data serves to determine the number or magnitude of an object to be studied. In this study, the quantitative data is the company's financial statements. The data source used in this research is secondary data, namely all data collected through library research and company data in the form of documents that can support writing. The analysis technique used to determine the company's financial performance in this study is the profitability ratio, namely Gross Profit Margin (GPM), Net Profit Margin (NPM), Return on Asset (ROA), and Return on Equity (ROE). The results of this study indicate that in general the company's financial performance based on profitability analysis is not efficient and not good. This is because the level of profitability is not stable so that it has decreased in three consecutive years and is still below the industry average. Thus, the company has not been able to manage its capital efficiently in generating profits.]]>
<![CDATA[The Effect of Capital Structure on Firm Value in Banking Companies Listed on the Indonesia Stock Exchange ]]>
<![CDATA[Sonjaya, Yaya]]>;
<![CDATA[Muslim, M.]]>
<![CDATA[ Golden Ratio of Finance Management Vol. 3 No. 1 (2023): October - March ]]>
Publisher : <![CDATA[Manunggal Halim Jaya ]]>
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DOI: 10.52970/grfm.v3i1.312
<![CDATA[This study is to determine the effect of capital structure on firm value in banking companies on the Indonesia Stock Exchange. The data used is quantitative data. The population in this study were 8 banking companies listed on the Indonesia Stock Exchange, while the sample used in this study used the Purposive Sampling formula of 40. Data collection was carried out through documentation. The data analysis method used is the classic assumption test, regression analysis, and hypothesis testing using SPSS 23 for Windows software. Based on the results of research that examines the effect of the Debt-to-Equity Ratio on Price Book Value, the t value = 4.801 is greater than the t table = 2.02439, with a significance level of 0.060 greater when compared to the α = 5% level, then H1 is accepted. The constant value of 3.826 means that, if the DER variable does not change, then PBV has a value of 3.826. Meanwhile, the DER variable coefficient value of -0.262, means that if DER increases by one percent, PBV decreases by 0.262. These results indicate that statistically DER has a negative and insignificant effect on PBV in Banking Companies listed on the Indonesia Stock Exchange. Thus, the hypothesis stating that DER has a negative and insignificant effect on PBV in Banking Companies listed on the Indonesia Stock Exchange is proven.]]>
<![CDATA[Comparison of Financial Distress Predictions With Altman, Springate, Zmijewski, and Grover Models ]]>
<![CDATA[Martini, Rita]]>;
<![CDATA[Raihana Aksara, Rana]]>;
<![CDATA[Rachma Sari, Kartika]]>;
<![CDATA[Zulkifli, Zulkifli]]>;
<![CDATA[Hartati, Sukmini]]>
<![CDATA[ Golden Ratio of Finance Management Vol. 3 No. 1 (2023): October - March ]]>
Publisher : <![CDATA[Manunggal Halim Jaya ]]>
Show Abstract
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DOI: 10.52970/grfm.v3i1.216
<![CDATA[Several predictive models of financial distress and corporate bankruptcy have been developed. In this study, the Altman model (Z-Score), the Springate model (S-Score), the Zmijewski model (X-Score), and the Grover model (G-Score) were used. These methods are used to analyze the potential for financial difficulties which in the end to determine the potential for bankruptcy at PT Garuda Indonesia (Persero) Tbk. The secondary data used is in the form of financial statements for 2018-2020. The results of the bankruptcy prediction using the Altman model resulted in PT Garuda Indonesia (Persero), Tbk being in the bankrupt area, which experienced financial difficulties in 2018 to 2020. The Springate model was in a distress position and went bankrupt in 2018 and 2020, while in 2019 is in the gray area. Then the Zmijewski model is in a state of bankruptcy, which is experiencing financial difficulties and has the potential to go bankrupt in three years. Grover's model shows the company was in a state of bankruptcy in 2018 and 2020, and safe in 2019.]]>
<![CDATA[Comparison of Financial Distress Predictions With Altman, Springate, Zmijewski, and Grover Models ]]>
<![CDATA[Martini, Rita]]>;
<![CDATA[Raihana Aksara, Rana]]>;
<![CDATA[Rachma Sari, Kartika]]>;
<![CDATA[Zulkifli, Zulkifli]]>;
<![CDATA[Hartati, Sukmini]]>
<![CDATA[ Golden Ratio of Finance Management Vol. 3 No. 1 (2023): October - March ]]>
Publisher : <![CDATA[Manunggal Halim Jaya ]]>
Show Abstract
|
Download Original
|
Original Source
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Check in Google Scholar
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DOI: 10.52970/grfm.v3i1.216
<![CDATA[Several predictive models of financial distress and corporate bankruptcy have been developed. In this study, the Altman model (Z-Score), the Springate model (S-Score), the Zmijewski model (X-Score), and the Grover model (G-Score) were used. These methods are used to analyze the potential for financial difficulties which in the end to determine the potential for bankruptcy at PT Garuda Indonesia (Persero) Tbk. The secondary data used is in the form of financial statements for 2018-2020. The results of the bankruptcy prediction using the Altman model resulted in PT Garuda Indonesia (Persero), Tbk being in the bankrupt area, which experienced financial difficulties in 2018 to 2020. The Springate model was in a distress position and went bankrupt in 2018 and 2020, while in 2019 is in the gray area. Then the Zmijewski model is in a state of bankruptcy, which is experiencing financial difficulties and has the potential to go bankrupt in three years. Grover's model shows the company was in a state of bankruptcy in 2018 and 2020, and safe in 2019.]]>
<![CDATA[Analysis of The Effects of Ownership-Structure and Social Responsibility on Profitability and Company Value ]]>
<![CDATA[Elisabeth, Cherly]]>
<![CDATA[ Golden Ratio of Finance Management Vol. 3 No. 1 (2023): October - March ]]>
Publisher : <![CDATA[Manunggal Halim Jaya ]]>
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
DOI: 10.52970/grfm.v3i1.303
<![CDATA[This study aims to determine the orientation of Islamic financing for Micro, Small and Medium Enterprises (SMEs) in Makassar City. The research was conducted at BSI KC Makassar 2 using primary data sourced from interviews, observations, documentation, and secondary data sourced from news, journals, and books related to SMEs and Islamic financing. This research uses qualitative methods with an interpretive approach and uses interviews, documentation, and observation as data collection methods. The analysis technique used is Interpretive Phenomenology Analysis (IPA). The results show that the orientation of Islamic financing for SMEs is influenced by the customer's background, understanding of Islamic financing and the length of time the business has been operating. The main type of financing contract used for SMEs is Murabahah, which is offered in two methods: Murabahah with Wakalah and Murabahah without Wakalah. The factors supporting Islamic financing are public knowledge about Islamic financing and the benefits of Islamic banks, the availability of financial products and ervices that comply with sharia principles, regulations that support the development of Islamic banks and the challenges of its development, and comparison with financial products and services offered by conventional banks.]]>
<![CDATA[The Effect of Financial Performance on the Stock Price of Service Companies Listed on the Indonesia Stock Exchange (IDX) ]]>
<![CDATA[Rasyid, Abdul]]>;
<![CDATA[Zakaria, Z.]]>
<![CDATA[ Golden Ratio of Finance Management Vol. 3 No. 1 (2023): October - March ]]>
Publisher : <![CDATA[Manunggal Halim Jaya ]]>
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
DOI: 10.52970/grfm.v3i1.310
<![CDATA[This study aims to determine the financial performance of PT. Wijaya Karya Beton Tbk based on the analysis method of liquidity ratio, profitability ratio and solvency ratio for the period 2019-2022. The data collection technique used is documentation, with documents in the form of company financial statements in 2019-2022. Data analysis techniques use case study techniques to obtain data as material in the preparation of research. As for analyzing the development of financial performance, this study uses descriptive analysis techniques where the data obtained in the field is processed in such a way as to provide systematic, factual, and accurate data on the problems to be studied. The results showed that the company's financial performance assessment based on the analysis of liquidity ratios, solvency ratios and profitability ratios for the period 2019-2022, with details, namely (a) financial performance based on liquidity ratios has fluctuated in the last 4 years (2019-2022) this is due to the increasing number of current assets and current debt from year to year. (b) Financial performance based on Profitability Ratio has decreased in the last year (2019-2022). This is due to the increasing amount of profit after tax. (c) Financial performance based on Solvency Ratio has decreased in the last year (2019-2022) this is due to the increase in total assets.]]>
<![CDATA[Analysis of Financial Performance at PT Semen Indonesia (Persero), Tbk Listed on the Indonesia Stock Exchange ]]>
<![CDATA[Junaedy, J.]]>;
<![CDATA[Pattiasina, Victor]]>
<![CDATA[ Golden Ratio of Finance Management Vol. 3 No. 1 (2023): October - March ]]>
Publisher : <![CDATA[Manunggal Halim Jaya ]]>
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
DOI: 10.52970/grfm.v3i1.311
<![CDATA[This study aims to determine the financial performance of PT Semen Indonesia (Persero), Tbk listed on the Indonesia Stock Exchange (IDX) based on profitability ratios during the 2020-2022 period. The type of data used in this study is quantitative data, namely data in the form of numbers or numbers. Quantitative data serves to determine the number or magnitude of an object to be studied. In this study, the quantitative data is the company's financial statements. The data source used in this research is secondary data, namely all data collected through library research and company data in the form of documents that can support writing. The analysis technique used to determine the company's financial performance in this study is the profitability ratio, namely Gross Profit Margin (GPM), Net Profit Margin (NPM), Return on Asset (ROA), and Return on Equity (ROE). The results of this study indicate that in general the company's financial performance based on profitability analysis is not efficient and not good. This is because the level of profitability is not stable so that it has decreased in three consecutive years and is still below the industry average. Thus, the company has not been able to manage its capital efficiently in generating profits.]]>
<![CDATA[The Effect of Capital Structure on Firm Value in Banking Companies Listed on the Indonesia Stock Exchange ]]>
<![CDATA[Sonjaya, Yaya]]>;
<![CDATA[Muslim, M.]]>
<![CDATA[ Golden Ratio of Finance Management Vol. 3 No. 1 (2023): October - March ]]>
Publisher : <![CDATA[Manunggal Halim Jaya ]]>
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
DOI: 10.52970/grfm.v3i1.312
<![CDATA[This study is to determine the effect of capital structure on firm value in banking companies on the Indonesia Stock Exchange. The data used is quantitative data. The population in this study were 8 banking companies listed on the Indonesia Stock Exchange, while the sample used in this study used the Purposive Sampling formula of 40. Data collection was carried out through documentation. The data analysis method used is the classic assumption test, regression analysis, and hypothesis testing using SPSS 23 for Windows software. Based on the results of research that examines the effect of the Debt-to-Equity Ratio on Price Book Value, the t value = 4.801 is greater than the t table = 2.02439, with a significance level of 0.060 greater when compared to the α = 5% level, then H1 is accepted. The constant value of 3.826 means that, if the DER variable does not change, then PBV has a value of 3.826. Meanwhile, the DER variable coefficient value of -0.262, means that if DER increases by one percent, PBV decreases by 0.262. These results indicate that statistically DER has a negative and insignificant effect on PBV in Banking Companies listed on the Indonesia Stock Exchange. Thus, the hypothesis stating that DER has a negative and insignificant effect on PBV in Banking Companies listed on the Indonesia Stock Exchange is proven.]]>
