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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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Comparison of Financial Performance in Pharmaceutical Industry Companies Wahida Basri, Nur; Rum, Muh; Rustam, Andi
Golden Ratio of Finance Management Vol. 4 No. 2 (2024): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v4i2.459

Abstract

This research aims to evaluate the financial performance of PT Kimia Farma (Persero) Tbk, PT Indofarma (Persero) Tbk, and PT Kalbe Farma (Persero) Tbk during the 2016-2022 period using liquidity, profitability, leverage, activity, and efficiency ratios as comparison metrics. The research applies quantitative descriptive analysis through ratio calculations, and is classified as explanatory research with a quantitative approach. The DuPont System Analysis, which highlights the Net Profit Margin, is also employed. The findings reveal that PT Kalbe Farma (Persero) Tbk and PT Kimia Farma (Persero) Tbk showed improved financial performance in 2016-2022, characterized by an increasing liquidity ratio, indicating better debt management. In contrast, PT Indofarma (Persero) Tbk experienced a decline in its liquidity ratio, signifying poorer debt management. Additionally, all three companies—PT Kalbe Farma (Persero) Tbk, PT Indofarma (Persero) Tbk, and PT Kimia Farma (Persero) Tbk—saw declining profitability ratios during this period, reflecting lower profits, which can be considered unfavorable. Overall, while PT Kalbe Farma (Persero) Tbk and PT Kimia Farma (Persero) Tbk had relatively stable financial performance, PT Indofarma (Persero) Tbk's performance was less favorable throughout 2016-2022.
Understanding Human Behavior in Finance: A Qualitative Study on Cognitive Biases and Decision-making in Investment Practices Noch, Muhammad Yamin; Rumasukun, Mohammad Ridwan
Golden Ratio of Finance Management Vol. 4 No. 1 (2024): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v4i1.462

Abstract

This qualitative research delves into cognitive biases and decision-making in investment practices to comprehend the intricate dynamics shaping human behavior in financial markets. The study aims to explore the influence of cognitive biases, emotional factors, and socio-cultural influences on investment decisions. Adopting thematic analysis, relevant literature on cognitive biases and decision-making in investment practices is systematically reviewed. The data analysis process involves iterative coding to identify recurring themes and patterns. Findings reveal the pervasive impact of cognitive biases such as overconfidence and confirmation bias on investment behavior, leading to suboptimal decision-making outcomes. Emotional factors like fear of missing out (FOMO) drive speculative behavior among investors, contributing to market inefficiencies. Moreover, socio-cultural factors influence risk perception and decision-making norms, shaping investment strategies across different cultural contexts. The study underscores the importance of recognizing and addressing cognitive biases in investment practices to improve decision outcomes and enhance long-term financial well-being. Behavioral interventions and technological advancements offer promising avenues for mitigating cognitive biases and enhancing decision-making efficiency. The implications for future research include deeper exploration of underlying mechanisms driving biases and cross-cultural comparisons to inform culturally sensitive interventions. This study contributes to advancing knowledge in behavioral finance and informs evidence-based practices in investment management.
Exploring Corporate Finance Dynamics: A Qualitative Study on Capital Structure, Firm Value, and Dividend Policies Rumasukun, Mohammad Ridwan; Nochh, Muhammad Yamin
Golden Ratio of Finance Management Vol. 4 No. 1 (2024): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v4i1.463

Abstract

This qualitative study delves into the intricate dynamics of capital structure, firm value, and dividend policies within the realm of corporate finance. The research aims to explore the factors influencing financial decision-making processes and their implications for firm performance and shareholder wealth maximization. Adopting a systematic literature review approach, the study synthesizes existing theoretical frameworks, empirical evidence, and alternative perspectives to provide a comprehensive analysis of the chosen topic. The research methodology involves data collection through academic databases and scholarly sources, followed by thematic analysis to identify recurring themes and patterns in the literature. The findings highlight the multifaceted nature of financial decision-making, challenging traditional theories such as the irrelevance theory and emphasizing the significance of alternative perspectives such as the pecking order theory, signaling hypothesis, and clientele effect. Moreover, empirical evidence suggests nonlinear relationships between capital structure, firm value, and dividend policies, indicating the influence of contextual factors such as industry dynamics, regulatory environments, and market conditions. The implications drawn from this study extend to both academia and practical applications, emphasizing the need for a nuanced understanding of corporate finance dynamics to inform theory, practice, and policy in the field. By embracing interdisciplinary perspectives, methodological pluralism, and a forward-looking orientation, researchers and practitioners can contribute to the continued evolution of corporate finance theory and practice, ultimately driving innovation, efficiency, and sustainability in the corporate sector.
Understanding Financial Decision-making in Corporations: A Qualitative Inquiry into Leverage, Market Efficiency, and Financial Policy Implications Puspitasari, Ayu; Muslim, M.
Golden Ratio of Finance Management Vol. 4 No. 1 (2024): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v4i1.465

Abstract

This qualitative inquiry delves into the intricate landscape of financial decision-making within corporations, aiming to shed light on leverage decisions, market efficiency dynamics, and financial policy implications. Employing thematic analysis, this study systematically reviews existing literature from academic databases, including PubMed, Scopus, Web of Science, and Google Scholar. The research synthesizes insights from peer-reviewed articles, books, and reports published within the past decade, employing rigorous inclusion and exclusion criteria to ensure relevance and credibility. The findings underscore the multifaceted nature of leverage decisions, revealing a complex interplay of factors such as tax policies, industry norms, and growth opportunities. Moreover, the significance of market efficiency in financial decision-making is confirmed, despite challenges to the assumptions of the efficient market hypothesis posed by anomalies in stock returns and behavioral biases among investors. Additionally, financial policy implications emerge as pivotal in guiding corporate operations, encompassing dividend policy, capital structure decisions, and environmental, social, and governance (ESG) considerations. The study advocates for a holistic understanding of financial decision-making processes, integrating insights from finance, economics, and sustainability. From a managerial perspective, the findings offer actionable insights for practitioners, emphasizing the importance of contextual factors, behavioral insights, and effective governance mechanisms in navigating the complexities of corporate finance. This research contributes to advancing knowledge in the field of corporate finance and provides guidance for practitioners, policymakers, and researchers in enhancing financial decision-making practices.
The Effect of Green Accounting Implementation, Environmental Performance, and Sustainability Growth on Financial Reporting Quality with Profitability as A Moderating Variable Herny, H.; Herawaty, Vinola
Golden Ratio of Finance Management Vol. 4 No. 2 (2024): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v4i2.479

Abstract

The non-climatic sector is a sector that is directly related to nature, so the activities carried out will have an impact on the sustainability of the surrounding environment. If natural and environmental factors are appropriately considered, it will impact the quality of financial reporting. This study aims to test and analyze the Effect of green accounting, environmental performance, and sustainability growth on financial reporting quality with Profitability as the control variable in companies listed on the Indonesia Stock Exchange for 2021 - 2023. From the research conducted, it was found that green accounting does not affect the quality of financial reporting, environmental performance affects the quality of financial reporting, sustainability growth has no effect on the quality of financial reporting, and Profitability affects the quality of financial reporting.
Financial Statement Fraud Before the Pandemic COVID-19 Azizah, Widyaningsih
Golden Ratio of Finance Management Vol. 4 No. 2 (2024): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v4i2.480

Abstract

Financial statement fraud is a practice that can cause huge losses for investors, a lack of trust in the market and the existing accounting system, and the wrong decision-making process. Financial statement fraud can start from the manipulation of financial statements that are considered immaterial but then become a massive accounting scandal or start from the opportunistic behavior of managers so that their goals can be achieved. This study relies on the components of the fraud diamond to detect financial statement fraud, which consists of pressure, opportunity, rationalization, and ineffective monitoring. Pressure is proxied by external pressure, opportunity is proxied by ineffective monitoring, rationalization is proxied by auditor changes where auditor changes in companies can be seen as an attempt to eliminate fraud trials by previous auditors, and capability is proxied by changes in directors. This study succeeded in proving that pressure has a significant negative effect on financial statement fraud, and capability has no significant effect on financial statement fraud. Meanwhile, opportunity and rationalization do not affect financial statement fraud.
Exploring Public Finance Policies: A Qualitative Inquiry into Fiscal Policy Analysis, Government Financial Management, and Public Sector Financial Health Idrus, Arifin
Golden Ratio of Finance Management Vol. 4 No. 2 (2024): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v4i2.481

Abstract

This study explores the complexities of public finance governance, focusing on fiscal policy analysis, government financial management, and public sector financial health. Employing a qualitative research methodology, the study aims to analyze existing literature to uncover key themes, trends, and challenges in these domains. Through systematic literature review and thematic analysis, the research synthesizes insights from diverse disciplinary perspectives, including economics, public administration, and political science. Findings highlight the significance of fiscal policy as a countercyclical tool for promoting macroeconomic stability, the importance of effective financial management in ensuring transparency and accountability, and the multidimensional nature of public sector financial health. Challenges such as corruption, inadequate institutional capacity, and political interference are identified, underscoring the need for proactive measures to strengthen governance integrity. Innovative approaches, including accrual accounting standards and performance-based budgeting frameworks, offer promising solutions to enhance governance effectiveness and resilience. The study also emphasizes the role of adaptive governance strategies and agile financial management frameworks in responding to unforeseen crises while maintaining long-term fiscal sustainability. Future research directions include exploring the differential impacts of fiscal policy interventions, assessing the long-term implications of the COVID-19 pandemic, and examining the role of international cooperation in addressing global fiscal challenges.
The Influence of Liquidity and Sales Growth on Capital Structure in Manufacturing Companies on The Indonesian Stock Exchange Pratiwi Ar, Dhita; Nurfadilah, N.; Ramlah, R.; Lawalata, Izzac L.D; Panus, P.
Golden Ratio of Finance Management Vol. 4 No. 2 (2024): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v4i2.485

Abstract

This study aimed to determine the effect of liquidity and sales growth on capital structure. The research population is food and beverage manufacturing companies listed on the Indonesia Stock Exchange for 2017 - 2021. The research sample was six companies. Data was analyzed using linear regression and processed using the IBM SPSS 25 program. The results showed that the partial Current Ratio negatively and significantly affects the Equity Ratio. Meanwhile, sales growth has no significant impact on Debt-to-equity Ratios in food and beverage companies.
The Effect of Tax Knowledge and Tax Sanctions on Taxpayer Compliance in The Millennial Generation in Karawang with Tax Awareness as Moderation Variable Karo, Rospita Br; Herawati, Vinola
Golden Ratio of Finance Management Vol. 4 No. 2 (2024): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v4i2.495

Abstract

This study aims to determine the effect of tax knowledge and tax sanctions on taxpayer compliance in the millennial generation in Karawang, with tax awareness as a moderating variable. This study's sample is the Millennial Generation in Karawang, Generation Y, born between 1982 and 1996. Disseminating questionnaires online, namely filling out Google forms with as many as 110 samples. Hypothesis testing is using a structural equation model. The results of this study provide the following: It can be concluded that tax knowledge positively influences taxpayer compliance, and tax sanctions do not. Furthermore, tax awareness can strengthen the positive perspective of tax knowledge on taxpayer compliance. Tax awareness can strengthen the negative perspective of tax sanctions on taxpayer compliance.
Does Eco-Feminism Affect the Quality of ESG Disclosures and Banking Performance? Sukmawan, Gumilar; Khomsiyah, K.
Golden Ratio of Finance Management Vol. 4 No. 2 (2024): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v4i2.496

Abstract

This study aims to analyze the relationship between the nature of ecofeminism of female directors and ESG disclosure and the nature of ecofeminism to banking performance. This study uses how many female directors in a bank as an independent variable, while the dependent variable is ESG disclosure and banking performance as measured by ROA. This study uses a sample of conventional banks listed on the Indonesia Stock Exchange from 2021 to 2023. A total of 43 conventional banks were taken as samples, and the purposive sampling method was used. This study used linear regression analysis using IBM SPSS 27. The results of this study found that female directors have no effect on ESG disclosure, while female directors influence banking performance.

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