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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 104 Documents
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Impact of Operating Cash Flow and ROA on Stock Returns in LQ 45 Companies in Period 2018-2023 Margie, Lyandra Aisyah; Habibah, H.
Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v5i2.1267

Abstract

This study discusses the impact of operating cash flow and return on assets on stock returns in companies listed in the LQ 45 index on the Indonesia Stock Exchange (IDX) for 2018-2023. The purpose of this study is to assist investors in making better investment decisions by analyzing financial factors such as operating cash flow and return on assets that can affect stock returns. This study uses secondary data from the annual reports of 22 companies listed in the LQ 45, which are analyzed using panel data regression with the help of Eviews software. The study's results indicate that simultaneously and partially, operating cash flow and return on assets have a positive effect on stock returns. The higher the operating cash flow and return on a company's assets, the higher the stock returns investors receive. This finding supports the signal theory, which states that information companies provide through financial statements can be a positive signal to investors regarding the company's prospects. However, there are limitations in this study, such as the relatively short research period and limited sample size.
The Impact of Access to Capital and Financial Technology on the Business Performance of SME in Sidoarjo, Indonesia Unusida, Alifia Sabina Parahita; Fahriani, Dian; Muzakki, Kafidin; Wicaksono, Achmad
Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v5i2.1363

Abstract

This study examines the impact of access to capital and financial technology on the business performance of micro, small, and medium enterprises (SME) in Sidoarjo, Indonesia. Adopting a quantitative approach, the research surveyed 100 SME owners and employed multiple linear regression analysis to explore the relationship between these variables. The findings reveal that access to capital and financial technology positively and significantly impact SME performance. The study highlights the crucial role of digital financial services in enhancing financial inclusion and suggests that improved access to funding enhances operational capacity and fosters growth. These insights aim to guide government and institutional policies that bolster SME resilience and development in the digital age.
Influence of Operational Costs, Company Size, and Operational Leverage on Property & Real Estate Sector Profitability Listed on the Indonesia Stock Exchange Erisa, Arifah Diah Putri; Sundari, Siti
Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v5i2.1008

Abstract

A company's profitability is one of the key indicators in assessing financial performance, which can attract investor interest and influence strategic decision-making. This study examines and analyzes the influence of operating costs, company size, and operating leverage on the profitability of property and real estate sector companies listed on the Indonesia Stock Exchange (IDX). The research population consists of 92 companies, and a purposive sampling technique resulted in 20 companies being selected as the sample. Data analysis was conducted using the Structural Equation Modeling-Partial Least Squares (SEM-PLS) method through SmartPLS 3.0 software. The study's results indicate that increased operating leverage improves profitability in the property and real estate sector listed on the Indonesia Stock Exchange (IDX), while higher operating costs negatively impact profitability. However, company size does not contribute to profitability. This research is expected to assist property and real estate companies utilize resources (assets) to enhance profitability. Future researchers should consider other variables, such as capital structure, liquidity levels, or dividend policy, to broaden the understanding of corporate profitability factors and explore potential regional variations in the property and real estate sector.
Liquidity, Growth Opportunities, and Profitability as Determinants of Firm Value: Evidence from Manufacturing Companies from Indonesia Hastalona, Dina; Tulim, Anto; Wahyuni, Rayu Sri; Pelawi, Pioner; Sitorus, Erbin
Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v5i2.1268

Abstract

Growth opportunity is a growth opportunity to invest in things that benefit the company. Therefore, a ratio is needed to assess the company's ability to pay all short-term debts with its current assets. This study aims to determine the effect of liquidity and capital structure on company value with profitability as a moderating variable in manufacturing companies and those listed on the Indonesia Stock Exchange in 2022-2024. The methodology in this study is quantitative research with secondary data in the form of financial reports listed on the Indonesia Stock Exchange (IDX) for 2022-2024, and the sample selection technique used is purposive sampling in 11 manufacturing companies. The sample was taken based on predetermined criteria using the purposive sampling method. The data that met the criteria amounted to 10 companies. The results of the F test state that liquidity and Growth opportunity have a simultaneous effect on company value. The regression results above show that liquidity positively affects company value. The greater the liquidity ratio, the more the company can pay short-term debts.  It can be concluded that liquidity influences decisions and assessments from external parties in a company so that it can maintain its financial performance and use its resources appropriately to increase its profits.
Analyzing the Impact of Mergers on the Islamic Performance Index: A Comparative Study of State-Owned Islamic Commercial Banks in Indonesia Juniarti, Dini; Suhendar, S.; Etika , Citra
Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v5i2.1316

Abstract

The merger between BRI Syariah, BNI Syariah, and Bank Syariah Mandiri into Bank Syariah Indonesia (BSI) in 2021 is expected to increase competitiveness and strengthen the role of Islamic banking in Indonesia. This study aims to analyze the impact of mergers on the performance of BUMN Islamic Commercial Banks using the Islamicity Performance Index (IPI) approach. This study uses a comparative quantitative approach with secondary data in the form of financial statements for 2017-2024. The data were collected and processed using Microsoft Excel 2010 and EViews 12. The IPI indicators used include Zakat Performance Ratio (ZPR), Profit Sharing Ratio (PSR), Equitable Distribution Ratio (EDR), and Islamic Income vs Non-Islamic Income Ratio (IIcR). The analysis results show that three out of four indicators, namely ZPR, PSR, and IIcR, experienced statistically significant changes after the merger, reflecting improvements in zakat management, profit sharing effectiveness, and compliance with Islamic income principles. However, the EDR indicator did not show any significant difference, indicating that the equitable aspect of wealth distribution has not been optimized. The findings suggest that the merger positively impacts most aspects of Islamic financial performance. The implications of this study emphasize the importance of strengthening socio-economic strategies in post-merger policies so that the function of Islamic financial institutions as agents of justice and welfare can be achieved as a whole according to the principles of Sharia Enterprise Theory.
Valuing Companies Through Environment, Social, Governance: The Role of Company Reputation and Financial Performance as Mediating Variables in Companies Listed on the IDX Utami, Reistiawati; Zuyyina, Z.; Firmansyah, Aditia; Muhtadin, Yulian
Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v5i2.1574

Abstract

The ESG framework is an important sustainability strategy that companies can easily integrate into their management practices. This framework supports responsible governance and aims to create long-term value. This study will analyze how ESG components affect corporate performance, reputation, and overall company value. Although previous research has provided various findings on the relationship between ESG and corporate value, this study focuses on clarifying these inconsistencies. We analyzed 39 public companies that disclosed their ESG performance from 2019 to 2023. Using statistical analysis with Smart PLS Version 4, we found that environmental and governance aspects significantly influence financial performance. In addition, our observations show that corporate governance, reputation, and financial performance play an important role in increasing company value. Specifically, this study proves that financial performance acts as an intermediary variable between the environment and governance on company value. This study provides valuable implications for managers, emphasizing the importance of promoting corporate governance, financial performance, and reputation. By focusing on these key areas, companies can effectively increase corporate value, achieve sustainability, and build corporate reputation.
The Effect of Current Ratio and Debt to Asset Ratio on Tobin’s Q with Return on Asset as A Mediation Variable Maulana, Fawzi Achmad; Yuliana, Indah
Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v5i2.1375

Abstract

This study examines the partial effects of the Current Ratio and Debt-to-Asset Ratio on firm value, with Return on Assets (ROA) as a mediating variable, in consumer goods companies listed on the Indonesia Stock Exchange (IDX) from 2021 to 2024. The declining trend of Tobin’s Q in this sector suggests the need to evaluate internal financial indicators that may impact firm value. This research aims to determine whether the Current Ratio and Debt to Asset Ratio have significant partial effects on Tobin’s Q, and whether ROA serves as a mediating variable in these relationships. A quantitative method was used, involving secondary data from 92 purposively selected companies. The data were analyzed using panel data regression, with fixed and random effect models, as well as t-tests and Sobel tests to evaluate the significance of the mediation. The results show that both the Current Ratio and ROA have a significant partial effect on firm value, while the Debt-to-Asset Ratio does not. In addition, ROA is found to mediate the relationship between the Current Ratio and Tobin’s Q. However, this is not the case for the relationship between the Debt-to-Asset Ratio and Tobin’s Q. These findings contribute to the understanding of how internal financial ratios relate to firm value, particularly in the consumer goods sector during dynamic economic conditions.
The Determinants of Financial Literacy, Consumptive Lifestyle and Parental Support on the Emergency Fund Formations among University Student in Makassar: English Giauw, Alfons; Pagiling, Novieanty; Giauw, Vinshen; Tandreas, Felix; Djiemesha, Ritchie; Sumilat, Ian Thomas
Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v5i2.1420

Abstract

This study explores the impact of financial literacy, consumptive, lifestyle, and parental support on the formation of emergency funds among university students in Makassar. With the rise of economic uncertainties, student’s ability to manage personal finances—especially saving for emergencies—has become increasingly important. However, many lack the financial knowledge, behavioral discipline, and external support needed to establish such reserves. Using a quantitative approach and survey data from 203 respondents, the study reveals that financial literacy and parental support positively and significantly influence emergency fund formation, while a consumptive lifestyle has a negative and significant effect. The simultaneous analysis shows that these three variables account for 51.8% of the variance in emergency fund formation behavior. These findings highlight the intertwined roles of knowledge, lifestyle habits, and family influence in shaping students’ financial preparedness. The study emphasizes the importance of targeted financial education and parental involvement to enhance students’ financial resilience, and suggests future research explore additional variables such as peer influence and digital finance tools.
Effectiveness and Accountability of Zakat Fund Management at LAZ Yakesma Based on the Analysis of Sharia Financial Ratios 2017-2022 Ummah, Syarifatul; Yusuf, Sri Dewi; Kadir, Rifadli D.; Sekarrini, Laras Ayu
Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v5i2.1438

Abstract

This study aims to analyze the effectiveness of Islamic social institutions through a case study on the Madani Welfare Foundation (Yakesma), utilizing six ratios as a measure. This study uses a descriptive quantitative approach to calculate each effectiveness ratio. Data was collected through Yakesma's financial statement documentation for six years, namely 2017-2022. The analysis was conducted by calculating the effectiveness ratio, which comprised the distribution ratio, ZIS fund growth, distribution growth, amil rights to collection, the use of amil funds to fulfill amil rights, and the allocation of funds to poor people for zakat distribution. The results of this ratio calculation are then integrated with the four pillars of Islamic Economics, namely transparency, accountability, efficiency, and Sharia compliance. Based on the analysis results, it was found that Yakesma successfully maintained a high and consistent distribution ratio (>77%), demonstrating its effectiveness in distributing ZIS to the mustahik. Additionally, the trend of growth and fund disbursement demonstrated a positive performance. Yakesma demonstrates a good level of accountability through independent audits and the publication of financial statements. These findings suggest that other Islamic social institutions can adopt the practices of financial report transparency, amil fund management discipline, and accountable governance, as applied by Yakesma, to increase public trust, muzakki participation, and optimize benefits for the mustahik.
Liquidity, Stock Price, Financial Performance, and Stock Returns Before and After the Acquisition in Raw Goods Sector Companies Murni, Nur Suci I Mei; Permata, Elisa Ihrama Intan
Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v5i2.1196

Abstract

The purpose of this study is to compare liquidity, stock price, financial performance, and stock returns between three years before and three years after the company made an acquisition. The indicators used in this study are current ratio (CR), earnings per share (EPS), return on assets (ROA), and stock return (Ri). The research method employed is a mixed-methods approach, combining quantitative and qualitative methods, with secondary data sourced from the company's annual financial statements and existing news reports. The population in this study consisted of companies that made acquisitions during the 2010-2019 period in the raw goods sector, listed on the Indonesia Stock Exchange (IDX). The sampling technique used was purposive sampling.. The data of this study were analyzed using the Wilcoxon Signed Ranks Test analysis technique with SPSS 26 software. The study's findings indicate that the current ratio, earnings per share, return on assets, and stock return have no significant difference before and after the acquisition.

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