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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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Liquidity Risk and The Impact of Credit Growth on Profitability in Rural Banks: The Moderating Role of Bank Size Abadi, Andreas Roy Dirgantara; Lutfi, L.
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.v5i2.1569

Abstract

This study examines how liquidity risk, credit growth, and third-party funding composition influence the profitability of Rural Banks (BPR), with bank size as a moderating factor. Using panel data from 22 conventional BPRs between 2019 and 2023 and applying a fixed-effect regression model, the results show that liquidity management and bank size are closely linked to higher profitability. Credit growth alone, however, is associated with reduced returns, but its interaction with bank size leads to improved performance. This indicates that larger banks are better equipped to handle the risks of rapid credit expansion, while smaller banks may face challenges. The composition of third-party funds shows little direct effect on profitability. The findings carry important practical implications. For bank managers, the results highlight the importance of balancing credit expansion with strong internal controls and prudent risk management, particularly in smaller institutions. Regulators such as OJK are encouraged to consider bank size when designing supervisory frameworks and early warning systems, to ensure sustainable financial performance in the rural banking sector.
Effect of Liquidity, Profitability, and Solvency on Stock Returns of Non-Cyclical Consumer Manufacturing Firms on IDX 2021–2023 Widianto, Afin; Bagana, Batara Daniel
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.v5i2.1582

Abstract

This study aims to examine and investigate the factors that influence stock returns. The variables analyzed in this study include liquidity, profitability, and solvency. The study population consists of manufacturing companies in the Consumer Non-Cyclical sector listed on the Indonesia Stock Exchange (IDX) during the 2021-2023 period. This study employs a quantitative approach, utilizing secondary data analysis. Sampling was conducted using a purposive sampling method, resulting in an initial sample of 127 companies with a total of 270 observations. During the data processing process, several outliers were identified, so they were removed, resulting in 123 valid observations. The analytical approach employed was quantitative, used to examine the relationship between variables. The results show that liquidity and solvency have a significant positive effect on stock returns.
Internal Financial Determinants of Profitability: Evidence From Rural Banks in Indonesia Arnanto, Tito Teguh; Lutfi, L.
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.v5i2.1605

Abstract

Rural banks (BPR) in Indonesia face persistent challenges of low profitability, weak capital adequacy, and high credit risk, despite their vital role in financing micro and small enterprises. This study investigates how internal financial indicators—Capital Adequacy Ratio (CAR), Non-Performing Loans (NPL), Loan to Deposit Ratio (LDR), Cash Ratio (CR), and Operating Expenses to Operating Income (BOPO)—affect profitability, measured by Return on Assets (ROA), in rural banks under the OJK Jember jurisdiction during 2021–2023. Using purposive sampling, 33 rural banks were selected, and panel data regression with the Random Effects Model was applied following Chow, Hausman, and Breusch-Pagan LM tests. The results indicate that BOPO has a significant negative impact on ROA, highlighting operational efficiency as the primary determinant of profitability. By contrast, CAR, NPL, LDR, and CR exhibit no significant individual effects, although collectively they explain 88.03% of ROA variation. These findings confirm that efficiency drives profitability in small-scale financial institutions, while other financial ratios exert joint but indirect influence. This study contributes to the literature by clarifying the relative importance of efficiency in rural banking. It provides practical implications for managers and regulators to strengthen cost control, prudent lending, and liquidity management, thereby promoting sustainable performance.
When Risk-Taking Meets ESG: Implications for Firm Performance in Indonesia Hesniati; Stefani, Christine; Budiman, Johny
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.v5i2.1670

Abstract

This study explores the relationship between firm risk-taking and financial performance, with a particular focus on the moderating role of Environmental, Social, and Governance (ESG) practices. Using panel data from 86 firms listed on the Indonesia Stock Exchange over the 2018–2023 period, Ordinary Least Squares (OLS) regression with year fixed effects was employed. The results show that risk-taking has a positive and significant effect on firm performance, supporting the risk–return trade-off perspective. However, the interaction term reveals a negative moderation, meaning that ESG weakens the relationship between risk-taking and firm performance. This suggests that firms with stronger ESG commitments adopt more cautious strategies, which may reduce short-term financial gains but reinforce long-term stability and stakeholder trust. The findings contribute to the literature by clarifying the dual role of ESG as both a performance enhancer and a risk-control mechanism in emerging markets. Managers should integrate ESG principles into their strategic risk management frameworks to ensure that risk-taking decisions are aligned with sustainability objectives. Future studies should adopt broader risk-taking measures (R&D investment or leverage), extend the scope to cross-country settings, and integrate qualitative approaches for deeper insights.

Page 11 of 11 | Total Record : 104

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