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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 167 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.
The Analysis of Financial Statements Performance: Case Studies PT. Bank Negara Indonesia (Persero) Rombe, Yusuf
Golden Ratio of Finance Management Vol. 1 No. 2 (2021): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v1i2.53

Abstract

The objectiveness of this study is to determine the level of growth in financial performance at PT. BNI (Persero) Tbk; starts from period 2013 to 2015. This assessment is carried out to determine how the bank's financial performance in the last few periods will be and what the conditions will be like in the coming period (forecast). That this will be useful in describing how financial performance has a vital role in a bank's business continuity so that in this study use descriptive qualitative approach. The result of this study is the growth in the financial performance is increasing from a liquidity perspective, considering that only two percentage ratios in 2015 underperformed in 2013, namely the investing policy ratio and the banking ratio. According to data shown before, the increase in the financial performance viewed from a profitability perspective is dominated by a volatile percentage ratio. There are two ratios whose performance continues to decline (e.g., Net Profit Margin and Return on Equity). According to the previous data proven, there is a gap between liquidity ratio and profitability ratio, given that the growth in the liquidity performance has increased. On the other hand, the change in profitability performance has decreased.
Combination of Fundamental and Technical Analysis of Shares: Revealing the Profit Potential in the Stock Market of PT. United Tractors, Tbk Gaffar, Samsu; Uleng Akal, Andi Tenri
Golden Ratio of Finance Management Vol. 2 No. 2 (2022): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v2i2.57

Abstract

This research aims to conduct a comprehensive analysis of PT. United Tractors, Tbk shares using a top-down approach, which includes macroeconomic analysis, industry analysis, and company analysis. Additionally, the study aims to determine the intrinsic value of the shares through the Relative Valuation Techniques method and provide suitable recommendations for investors regarding whether to buy, hold, or sell the company's shares. The macroeconomic analysis revealed fluctuations in indicators such as Gross Domestic Product (GDP), inflation, interest rates, money supply, and exchange rate growth. Meanwhile, the industry analysis identified strong competition among similar companies as the dominant force in the market. The threat of new entrants also poses a challenge, especially when competitors target the same market segment. Additionally, the power of suppliers is higher when the number of suppliers is limited compared to the proportion of buyers. Barriers arise when consumers encounter cheaper substitute products. Moreover, the company analysis showcased varying trends in financial ratios such as RTR, FAT, TATO, CR, QR, DER, DAR, GPM, OPM, NPM, ROA, ROS, ROI, EPS, PSR, PER, and PBVR during the period from 2016 to 2021. Furthermore, it was observed that PT. United Tractors, Tbk tends to undervalue its shares by selling them at prices below the intrinsic value. To this end, the study suggests that when the stock market price is lower than the intrinsic value, the shares are undervalued, prompting investors to consider buying. If the stock market price is equal to the intrinsic value, it is fair-valued, and investors are advised to hold. On the other hand, when the stock market price exceeds the intrinsic value, it is overvalued, and investors should consider selling.
Quantitative Analysis of Leverage Ratio on Earning-Per-Share of Property and Real Estate Sectors in Indonesia Gaffar, Samsu; Uleng Akal, Andi Tenri
Golden Ratio of Finance Management Vol. 1 No. 2 (2021): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v1i2.58

Abstract

Objectiveness of our study is expected to provide the several contributions: (1) Theoretical benefits, the results of this study are expected to contribute to the development of economics, especially financial science, as material for developing insight into financial performance through operating leverage and financial leverage on earnings per share (EPS). This research was conducted on the Indonesia Stock Exchange (IDX). The research time taken in carrying out and completing this activity is scheduled for 3 (three) months, from July to September 2020. The population in this study is the property and real estate sector companies listed on the Indonesia Stock Exchange (IDX) from 2017-2019, totaling 62 companies. The method of determining the sample in this study used purposive sampling. The result of this study showed operating leverage has a positive and significant effect on earnings per share, financial leverage has no effect and is not significant on EPS, operating leverage and financial leverage simultaneously have a positive and significant effect on earnings per share. Based on the results of our demonstration of the analysis and discussion, several suggestions are put forward e.g., before investing in any company, an investor needs to pay attention to the level of earnings per share.
The Effect of Financial Self-Efficacy and Financial Knowledge on Financial Management Behavior Asmin, Erny Amriani; Ali, Muhammad; Nohong, Mursalim; Mardiana, Ria
Golden Ratio of Finance Management Vol. 1 No. 2 (2021): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v1i1.59

Abstract

This study aims to determine financial knowledge and financial self-efficacy on financial management behavior. All respondents who were sampled in this study were young entrepreneurs who started a business from the beginning as many as 85 respondents, taking samples using a non-probability sampling method with purposive sampling technique. The data is processed using Warp-Pls 7.0 based on multiple regression. Financial self-efficacy and financial knowledge have a positive and significant contribution to financial management Behavior for young entrepreneurs. The results of this study have managerial implications that the government's attention is essential in providing facilities and infrastructure, favorable regulations for SMEs by creating an excellent entrepreneurial climate and facilitating the adoption of information technology so that SMEs can be technology literate. In addition, the relevant government, in this case for SME entrepreneurs' existence helps the government to succeed in development, especially in the economic field, and reduce unemployment. Based on our study states financial self-efficacy and financial knowledge have a positive and significant effect on financial management behavior for young entrepreneurs. Both, play a vital role in helping to build confidence in financial planning and management knowledge, understanding, and being able to overcome all business risks to achieve the expected success.
Effect of Financial Performance on Stock-Prices in Food and Beverages Firm Alam, Nur; Aida, Nur; Mukhtar, Afiah
Golden Ratio of Finance Management Vol. 1 No. 2 (2021): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v1i2.63

Abstract

This study examines the effect of financial ratios on Food and Beverage stock prices (F&B). The study uses a sample of Food and Beverage firms listed on the IDX period 2017-2019. By the 31 companies as the population, we decided the sample just 14 F&B companies; the study's total sample was 42 financial statements and annual reports with the purposive sampling method. Hypothesis testing was used in this study using multiple linear regression analysis. This study indicates that Return on Equity (ROE) has a significant positive effect on stock prices. In contrast, Return on Assets (ROA), Net Profit Margin (NPM), Current Ratio (CR), Debt to Equity Ratio (DER), and Debt to Assets Ratio (DAR) partially has no significant effect on stock prices. Therefore, first, the company should pay attention to the level of the company's liability. The ratios related to the comparison with debt tend to be at a safe point from financial distress to increase the company's share price, especially in the food and beverage sub-sector. Secondly, for investors to invest in companies, especially the food and beverage sector, they need to pay attention to Return on Equity (ROE) because it significantly affects its stock price with this ratio.
Analysis of the Financial Literacy Behavior Model Kartini, K.; Fitri, Fitri; Rabiyah, Ulfa; Anggraeni, Dewi
Golden Ratio of Finance Management Vol. 1 No. 2 (2021): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v1i2.69

Abstract

Financial literacy is a combination of awareness, knowledge, abilities, attitudes, and behaviors needed to make financial decisions. This study aims to find a behavioral model of financial literacy. This study uses a survey method with a quantitative approach. Respondents involved homemakers in Maros Regency, South Sulawesi, to fill out the questionnaire provided. Path Analysis was used to analyze the data SPSS and Winistep are used as tools in analyzing the data. Specifically, the data analysis used in this study used Structural Equation Modeling (SEM) data analysis techniques. Statistically, the value of the sample covariance matrix must not differ significantly from the population covariance matrix value. Financial Literacy Attitudes had a direct effect on Financial Literacy Behavior. Basic Knowledge of Financial Literacy had a direct effect on Financial Literacy Behavior. Financial literacy behavior is determined by financial literacy attitudes and basic financial literacy knowledge. Therefore, financial literacy knowledge and attitudes need to be improved to improve financial literacy behavior among homemakers. Financial Literacy Attitudes contribute the most to financial literacy factors. financial attitudes that have a more significant influence on financial knowledge in financial management practices.

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