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Golden Ratio of Finance Management
Published by Manunggal Halim Jaya
ISSN : -     EISSN : 27766780     DOI : https://doi.org/10.52970/grfm
Core Subject : Economy,
Economics, Econometrics & Finance
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
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 5 Documents
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Search results for , issue "Vol. 6 No. 1 (2026): October - March" : 5 Documents clear
Financial Knowledge, Self-Efficacy, and Financial Well-Being: The Role of Digital Inclusion in Indonesia Hesniati, H.; Anggriani, A.; Suprapto, Yandi; Arviano, Hengky
Golden Ratio of Finance Management Vol. 6 No. 1 (2026): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v6i1.1779

Abstract

This research examines the role of financial knowledge and self-efficacy in shaping financial well-being, with digital financial inclusion tested as a mediating factor. Survey data were collected from 407 Indonesian respondents and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that both financial knowledge and self-efficacy significantly influence digital financial inclusion. Digital financial inclusion, in turn, positively affects financial well-being. Self-efficacy also directly improves financial well-being, whereas financial knowledge shows no direct impact. Instead, financial knowledge indirectly contributes to financial well-being through digital financial inclusion, underscoring the mediating role of digital access. This study adds to the financial behavior literature by highlighting digital financial inclusion as a crucial channel that converts capability into improved outcomes, and by showing that self-efficacy plays a stronger role than knowledge alone. The findings suggest that policies and programs should go beyond literacy campaigns to also strengthen financial confidence and digital readiness, particularly among younger groups and vulnerable communities. The study is limited by its reliance on self-reported, cross-sectional data and its focus on the Indonesian context, which may constrain causal inference and limit the generalizability of the results.
Factors Influencing E-Wallet Usage Among Generations X and Y Agustin, Isnaini Nuzula; Oskar, Franky; Suprapto, Yandi
Golden Ratio of Finance Management Vol. 6 No. 1 (2026): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v6i1.1783

Abstract

Digital transformation has changed people's preferences in transactions, especially in choosing e-wallet-based payment methods. Although the growth potential of e-wallets in Indonesia is quite large, the adoption rate remains below expectations among Generation X and Y, who have greater purchasing power compared to Generation Z. While younger users tend to adopt e-wallets more easily, older generations still show inconsistent usage behavior, indicating that achieving sustainable adoption remains a challenge. This study aims to analyze the factors that influence continuance intention in the use of e-wallet services among Generations X and Y in Batam City. A total of 155 respondents from both generations were involved through the distribution of online questionnaires. The sampling technique used was non-probability sampling with a purposive sampling approach. Data analysis was conducted using the Partial Least Squares Structural Equation Modeling (PLS-SEM) approach with the help of the SmartPLS application. The results of this study indicate that perceived security and utilitarian value significantly influence continuance intention. Meanwhile, utilitarian value and continuance intention significantly influence e-wallet usage. Additionally, continuance intention is proven to mediate the relationship between perceived security and e-wallet usage. Generation X users tend to prioritize security and personal data protection when deciding to continue using e-wallets, whereas Generation Y users focus more on convenience and functional benefits. Therefore, these findings are expected to contribute to e-wallet service providers and policymakers in designing strategies to address these generational differences to strengthen long-term adoption.
Analysis of Women’s Participation in Improving Family Economy in Binjai City (Case Study of Merdeka Binjai Field Street Vendors) Sitepu, Jessica Freety Br; Sri Herlina
Golden Ratio of Finance Management Vol. 6 No. 1 (2026): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v6i1.1118

Abstract

The purpose of this study is to determine women's participation in improving the family economy in Binjai city. The method in this study uses descriptive qualitative methods. The location of this research was carried out around the Binjai Merdeka Field. In this study, primary data will be obtained from the results of direct interviews with six street vendors around Tanah Lapang Merdeka Binjai. The data collection technique was carried out by interview. In this study, the data processing method used is qualitative data analysis. The results of the study show that the existence of women as street vendors in the fields of Binjai City plays an important role in meeting the economic needs of families, by trying to contribute significantly to the improvement of the economy and the welfare of family members. The role of female workers includes their responsibilities and obligations as housewives. Thus, in addition to carrying out formal work, they are also involved in the domestic sector, including activities such as cooking, washing clothes, washing dishes, cleaning the house, and managing the educational needs of their children. This is reflected in their consistent habits of completing household chores before leaving for work. Even though they are not able to fully meet the needs of the family, at least they can contribute to easing the burden of their husbands in earning a living. Based on the previous explanation of women's motivation to work, it can be concluded that the majority of factors that encourage their choice to work are due to financial considerations.
The Influence of The Digital Economy on The Competitiveness of The Coffee Industry in Binjai: A Sharia Economic Perspective Oktaviani, Chintia; Waqqosh, Abi
Golden Ratio of Finance Management Vol. 6 No. 1 (2026): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v6i1.1137

Abstract

This study aims to find out how the influence of the digital economy on the competitiveness of the coffee industry in the city of Binjai is reviewed through the sharia economy. The method used in this study is quantitative. The population in this study is coffee industry business actors in the city of Binjai who have used the digital economy in carrying out their business activities, which amounted to 79 people. The research sample amounted to 51 people with a sampling technique, namely purposive sampling. Data collection techniques are literature studies and questionnaires, and documentation. The data analysis techniques used were descriptive analysis, validity test, classical assumption test, simple linear regression analysis, and hypothesis test. The results of the study show that the digital economy has a significant effect on the competitiveness of the coffee industry in the city of Binjai, or Ha. This is evidenced by a simple linear regression equation, namely DS = 1.064 + 0.322X + e. The results of the t-test showed a tcal value of 4.248 > a ttable of 1.677 and a significance of 0.000 < 0.05. Then, based on the results of the determination coefficient test, the R-squared value was obtained as 0.721, or 72.1%, while the other 27.9% was influenced by other factors that were not studied in this research. Reviewed according to Sharia economics, most of the coffee industry business actors in the city of Binjai have implemented the business pillars taught in Islam, namely the existence of a party between the seller and the buyer, the existence of a sighah or contract, the subject of the contract, and the purpose of the sales contract do not deviate. The implications of the study show that the digital economy makes business processes more efficient by reducing time and costs. The research also found that the digital economy has a positive impact on the competitiveness of the coffee business.
The Effect of Profitability, Sales Growth, and Leverage on Financial Distress in Indonesian Retail Companies Oktaviani, Nadia; Zulvia , Yolandafitri
Golden Ratio of Finance Management Vol. 6 No. 1 (2026): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v6i1.1587

Abstract

Financial distress is a situation in which a company's financial status has declined, potentially leading to bankruptcy. Companies experiencing financial distress often need to restructure their debt, sell assets, and liquidate their operations. This phenomenon is a significant issue for retail companies in Indonesia, particularly in the face of intense competition, shifting consumer behavior, and global economic pressures. Therefore, companies are required to maintain financial stability and improve operational performance to avoid the risk of financial distress and ensure business sustainability amid economic challenges. This study aims to provide empirical evidence on the effects of profitability, sales growth, and leverage on financial distress in retail companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023. The population in this study consisted of retail companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023, with a total research sample of 29 companies, determined using a purposive sampling method. The data was collected and processed using the Microsoft Excel 2019 program and IBM SPSS Statistics 22. The results of this study concluded that (1) profitability has a negative and significant effect on corporate financial distress, (2) sales growth has no effect on corporate financial distress, and (3) leverage has a positive and significant effect on corporate financial distress.

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