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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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Budget Accountability in the Jayapura Regency DPRD Secretariat Qualitative Study Nurhayati, Wa Ode Sitti
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.v6i1.1803

Abstract

Budget accountability is an important aspect of regional financial management based on the principles of good governance, particularly transparency, accountability, effectiveness, and efficiency. This study aims to examine budget accountability in the Secretariat of the Jayapura Regency Regional Representative Council (DPRD) and identify factors that influence the effectiveness of its implementation. This study uses a descriptive qualitative approach, with data collected through in-depth interviews with five informants directly involved in budget management, as well as observation and documentation. The results show that procedural budget accountability is in accordance with the provisions of laws and regulations, but does not fully meet the principles of transparency, effectiveness, and performance accountability. The main problems found include low budget realisation due to delays in implementing activities, delays in submitting Accountability Reports (SPJ), inaccurate budget allocations, and a weak internal control system. In addition, disclosure of financial information to the public remains limited, and public participation in budget oversight remains suboptimal. Therefore, increasing human resource capacity, utilising information technology in financial reporting, and strengthening internal and external oversight are strategic steps to improve budget accountability in the Jayapura Regency DPRD Secretariat.
The Influence of Board Characteristics on Earnings Management with Family Ownership as a Moderator Mardianto, M.; Christian, Natalis; Joyslin, J.
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.v6i1.1817

Abstract

This study examines the impact of family ownership and corporate governance mechanisms on earnings management practices, encompassing both accrual-based earnings management (AEM) and real-activity-based earnings management (REM). The independent variables include the board of commissioners (size, independence, meeting frequency, and expertise), the board of directors (size, independence, meetings, expertise), and company characteristics (size, leverage, growth). Data were sourced from companies listed on the Indonesia Stock Exchange (IDX), utilizing annual financial reports or annual reports spanning the period from 2017 to 2023, excluding the financial and banking sectors. Analysis was performed employing multiple regression and moderation regression models. The findings of this study show that family ownership has a significant effect on both AEM and REM, while several corporate governance variables and company characteristics have varying effects. These findings have important implications for regulators, investors, and company management to strengthen the transparency and accountability of financial reporting.
The Influence of Gross Profit Margin and Return on Assets on Stock Prices in Jakarta Islamic Index 70 (2020–2024) Prabowo, Bondan Estu; Vidada, Irwin Ananta
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.v6i1.1992

Abstract

During the period from 2020 to 2024, the stocks in the Jakarta Islamic Index 70 (JII70) traded on the Indonesia Stock Exchange exhibited price movements believed to be influenced by companies' financial health. This research investigates how Gross Profit Margin (GPM) and Return on Assets (ROA) affect stock prices. Using a quantitative method, this study relies on secondary data from financial statements and stock price history, and employs purposive sampling to select 38 companies, generating 190 data points. The analysis was conducted using SPSS version 27 and multiple linear regression. The results show that GPM has a statistically significant adverse effect on stock prices, as evidenced by a t-statistic value of -2.500, which is below the critical t-value of 1.97569, and a p-value of 0.013, which is less than 0.05. Conversely, ROA does not show a significant effect on stock prices, as indicated by a t-statistic value of 1.449, which is below the t-table value of 1.97569, and a p-value of 0.150, which is greater than 0.05. However, when considered together, GPM and ROA have a significant impact on stock prices, with an F-statistic of 3.404 (greater than the F-table value of 3.06) and a p-value of 0.036 (less than 0.05).
The Effect of Profitability on the Stock Price: Empirical Study from PT. Bank Danamon Indonesia Jumria, J.; Rahman, Agussalim
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.v6i1.1972

Abstract

This study aims to analyze the influence of Return on Assets and Return on Equity, which reflect profitability ratios, on PT's stock price. Bank Danamon Indonesia Tbk. The research method used is descriptive quantitative research, an approach that measures phenomena objectively using numerical data. The data analysis method used descriptive quantitative analysis to calculate and analyze each research variable. Multiple regression analysis was used to assess the relationship between Return on Assets, Return on Equity, and stock prices. The results of the calculations and analyses show the influence of ROA and ROE on PT's stock price. Bank Danamon Indonesia Tbk. regression equation obtained: Y = 483,650 + 93,318 X1 + 905,423 X2. The results of the simultaneous significance test indicate that Fhit = 5.42 < Ftab = 19.00, so it is concluded that Return on Assets and Return on Equity have no significant effect on stock prices. Partial significance test X1 is t hit 0.488 < t tab 2.353 means Return on Assets has a positive effect, but not significant on stock prices. Meanwhile, the significance test of X2 found t = 3.270 > ttab = 2.353, indicating that Return on Equity has a positive effect and significantly impacts stock prices. Therefore, it is recommended to continue improving profitability ratios so that total asset and capital management can make a positive, significant contribution to PT's stock price. Bank Danamon Indonesia Tbk.
The Influence of Parenting, Financial Inclusion, and Financial Literacy on Financial Management of Gen-Z aisyah, Aisyah Nur; Junaidi, J.; Goso, G.
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.v6i1.2092

Abstract

This study aims to analyze the influence of parenting, financial inclusion, and financial literacy on the financial management of Generation Z students. Specifically, this study tests the hypothesis that parenting, financial inclusion, and financial literacy have a positive effect on financial management, and that financial literacy acts as a mediator. This study used a quantitative approach, involving 123 university students as respondents selected using a stratified random sampling technique. Data analysis was conducted using the covariance-based Structural Equation Modeling (SEM) method using AMOS 22 with SPSS 22. The results show that parenting and financial inclusion have a positive and significant effect on financial literacy. However, parenting and financial inclusion do not have a significant effect on financial management. Conversely, financial literacy has been shown to have a positive and significant effect on financial management and significantly mediates the effect of parenting and financial inclusion on financial management. These findings emphasize the central role of financial literacy in improving students' financial management skills. Therefore, strengthening financial literacy through synergy between families and educational institutions is an important strategy in shaping more adaptive financial behaviors in Generation Z.
Fintech Adoption among College Students in Batam, Indonesia: The Influence of Ease of Use and Usefulness Candy, C.; Huang, Stephen; Budiman, Johny
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.v6i1.1998

Abstract

Fintech still has significant room for growth, but industry competition is becoming increasingly challenging. To increase fintech adoption, companies must understand individual behavior. This study aims to examine perceived ease of use (PEOU) and perceived usefulness (PU) as central factors that may impact fintech adoption (FA) among college students, a group with a high likelihood of fintech use. This study adopts a quantitative approach, with data collected via a questionnaire distributed to 364 Indonesian college students. Data processing and analysis were performed with Partial Least Squares-Structural Equation Modeling (PLS-SEM). The findings reveal that PEOU positively affects FA among students, both directly and indirectly through PU. In addition, PEOU enhances PU, thereby positively influencing FA. Easy-to-use fintech services help students recognize their practical benefits, thereby encouraging quick adoption. These results suggest that fintech companies targeting college students should prioritize user-friendly design, relevant features, and marketing messages that emphasize ease of use and real benefits to enhance adoption.
The Effect of Profitability, Operating Cash Flow, and Market Value on Stock Return with Company Size as a Moderation: A Study of Companies Listed on the IDX 30 Index (Period 2021–2023) Dzaironi, Muhammad; Permata , Lukita Tri; Pebriani , Reni Aziatul
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.v6i1.1825

Abstract

This research is motivated by the importance of investors' understanding of the factors influencing stock returns , particularly in the context of companies included in the DX30 index. The main issue raised is how profitability, operating cash flow, and market value influence stock returns , and whether company size can strengthen this relationship. This study aims to empirically test the effect of these three independent variables on stock returns , using company size as a moderating variable. The method used is a quantitative approach with multiple linear regression analysis and moderated regression analysis (MRA), using secondary data from 23 DX30 companies during the 2021–2023 period. The results of the study indicate that profitability and market value have a significant positive effect on stock returns , while operating cash flow has no significant effect. Company size does not moderate the relationship between profitability and operating cash flow on stock returns . Therefore, investors are advised to consider profitability and market value more carefully when making investment decisions, as company size does not always strengthen the company's performance signal on stock returns.

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