cover
Article Per Year (5 Year)
All
Home Page
OAI Link
Editorial Team
Contact
Reviewer
Google Scholar
Contact Name
Aditya Halim Perdana Kusuma Putra
Contact Email
adityatrojhan@gmail.com
Phone
+6282292222243
Journal Mail Official
adityatrojhan@gmail.com
Editorial Address
Jalan Abu Bakar Lambogo No. 91 Makassar
Location
Kota makassar,
Sulawesi selatan
INDONESIA
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
 13   14   15   16   17 
Analysis of Ambon City Community Interest in Investment in Government Securities (SBN) Perspective of Theory of Planned Behaviour Laisila, Maya; Purimahua, Sarlotha Yuliana
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.v4i2.555

Abstract

The increasing number of capital market investors is a potential government funding source. However, the single investor identification (SID) data from PT Custodian Sentral Efek Indonesia (KSEI) shows that the number of Ambon City investors is only 0.03% nationally, especially investors in Government Securities instruments (SBN). In response to the gap that occurred, this research was conducted to analyze Ambon City's investment interest in government securities and examine the psychological and social factors underlying Ambon City's interest in investing in government securities. The research method is descriptive qualitative, with informants selected by purposive sampling using specific criteria. Primary data sources came from informants and secondary through documents, books, and journals. Data collection techniques through interviews, observation, and documentation were then analyzed using the theory of Planned Behaviour and source triangulation techniques to ensure data validity. The results showed that (1) the interest of the Ambon City community in investing in government securities increased but was still low, (2) the low investment demand was influenced by the level of financial literacy of the community, the perception / consumptive culture of the community and the supporting/inhibiting factors that arose in the investment process.
Analysis of the Application of the Capital Asset Pricing Model (CAPM) Method in Making Islamic Stock Investment Decisions Ramli, Anwar; Anwar, Indah Lestari
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.v4i2.635

Abstract

This study aims to analyze the application of the Capital Asset Pricing Model (CAPM) in sharia stock investment decision making, especially JII70. The research design used is a quantitative approach. The type of research used is descriptive research. This research leads to the shares of companies included in the Jakarta Islamic Index 70 (JII70) on the Indonesia Stock Exchange. The population in this study were all shares of companies listed on the Jakarta Islamic Index 70 (JII70) in the period January 2019-January 2024. The research sample was 32 JII70 stock issuers who consistently entered JII70 during the period January 2019-January 2024. The results showed that there were 14 issuers of JII70 stocks in the efficient category because they had individual stock returns greater than the expected rate of return [Ri > E(Ri)] with positive individual returns.
Exploring Financial Risk Management: A Qualitative Study on Risk Identification, Evaluation, and Mitigation in Banking, Insurance, and Corporate Finance Idris, Hariany
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.v4i2.651

Abstract

This qualitative literature review explores financial risk management practices across banking, insurance, and corporate finance sectors. The research aims to analyze existing scholarly works to gain insights into risk identification, evaluation, and mitigation strategies. The methodology involves a comprehensive literature search using academic databases such as PubMed, JSTOR, Scopus, and Google Scholar. Inclusion and exclusion criteria are applied to filter relevant sources, and data collection involves reading and critically appraising each selected source. Thematic analysis is employed to identify key findings, themes, and theoretical frameworks. The synthesized findings reveal the importance of risk identification as a fundamental step in effective risk management, encompassing various risks such as credit, market, liquidity, operational, and systemic risks across different sectors. Risk evaluation techniques, including quantitative methods such as value-at-risk modeling and scenario analysis, are crucial for assessing risk impact and likelihood. Risk mitigation strategies, such as financial derivatives, reinsurance, and corporate governance mechanisms, are essential for minimizing risk exposure and enhancing organizational resilience. Challenges such as cybersecurity threats, regulatory complexities, and climate change risks present significant obstacles to risk management. The study highlights the need for integrated risk management approaches that consider emerging threats and uncertainties, promote regulatory cooperation, and leverage technological innovations. The findings contribute to advancing theoretical frameworks and informing practical strategies for effective risk management across industries.
Earnings Quality and Economic Narratives: Insights into Corporate Truth-Making from CFOs and Financial Standard Setters Warsina, W.; Suswadi, S.; Budiana Kurniawati, Susilaningtyas; Dwanita Widodo, Zandra
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.v4i2.873

Abstract

This study investigates the perceptions of Chief Financial Officers (CFOs) in Indonesian companies regarding earnings quality and the factors influencing their reporting decisions. It aims to explore the implications of these perceptions for stakeholders, including investors and standard setters. Employing qualitative methodologies, the research collects data through in-depth interviews and surveys administered to CFOs across various sectors in Indonesia. The study examines the relationship between earnings quality and institutional ownership, credit ratings, and the professional backgrounds of CFOs. The findings reveal that nearly 95% of CFOs perceive earnings as critical for investors in valuing companies, with a strong emphasis on sustainability and the absence of one-time items as key attributes of high-quality earnings. Additionally, a significant correlation exists between institutional ownership and earnings quality, while CFOs with public accounting backgrounds report higher perceptions of earnings quality compared to their counterparts. The study highlights that firms with higher credit ratings tend to demonstrate greater earnings quality. The results underscore the importance of transparent and reliable financial reporting practices for CFOs, suggesting a need for improved accounting standards that address the complexities of earnings quality. Investors are encouraged to consider the sustainability of earnings when making investment decisions. This research contributes to the understanding of earnings quality in emerging markets, specifically within the context of Indonesian corporate governance. It bridges the gap between academic theories and practical insights from financial executives, offering valuable implications for future research and policy development.
Detecting Fraud in Accounting: A Systematic Review of Theories, Models, and Techniques 2000–2025 Aisyah, Siti
Golden Ratio of Finance Management Vol. 5 No. 1 (2025): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v5i1.1643

Abstract

This study aims to systematically investigate the evolution of theories, models, and techniques in the field of accounting fraud detection from 2000 to 2025. As fraudulent financial reporting continues to undermine the credibility of accounting information and destabilize global economic systems, there is an urgent need to critically evaluate existing detection frameworks and technologies. Employing a qualitative research design based on a systematic literature review methodology, this study analyzed 150 peer-reviewed academic sources across multidisciplinary databases using thematic synthesis. The analysis was guided by a structured protocol that included defined inclusion and exclusion criteria, thematic coding, and data triangulation using NVivo software. The findings reveal a significant theoretical progression from foundational models like the Fraud Triangle to more complex and integrative frameworks, including the Fraud Diamond, the MICE model, and behavioral theories such as the “Dark Triad.” In parallel, empirical evidence highlights the growing dominance of machine learning and hybrid analytical models over traditional statistical techniques in fraud detection. Emerging technologies such as blockchain, big data analytics, and natural language processing are found to be instrumental in enhancing real-time detection capabilities, though challenges remain in interpretability, ethical governance, and data security. The study also identifies critical research gaps, including the need for cross-cultural validation, longitudinal analysis, and interdisciplinary collaboration. These findings contribute to both academic discourse and managerial practice by offering a comprehensive and forward-looking synthesis, serving as a foundational reference for future innovation in accounting fraud prevention.
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.

Page 16 of 17 | Total Record : 167

 13   14   15   16   17 

Filter by Year

2021 2026


Reset
Filter By Issues
All Issue Vol. 6 No. 1 (2026): October - March Vol. 5 No. 2 (2025): April - September Vol. 5 No. 1 (2025): October - March (Article in Press) Vol. 5 No. 1 (2025): October - March Vol. 4 No. 2 (2024): April - September Vol. 4 No. 1 (2024): October - March Vol. 3 No. 1 (2023): October - March Vol. 2 No. 2 (2022): April - September Vol. 2 No. 1 (2022): October - March Vol. 1 No. 2 (2021): April - September Vol. 1 No. 1 (2021): October - March More Issue