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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 185 Documents
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Firm Characteristics and Carbon Emission Transparency: Evidence from Indonesian Energi Companies in 2024 Ni Wayan Apriyani; A.A. Pt. Agung Mirah Purnama Sari; Anak Agung Istri Pradnyarani Dewi
Golden Ratio of Finance Management Vol. 6 No. 2 (2026): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v6i2.2118

Abstract

The objective of this study is to examine how energy sector companies listed on the Indonesia Stock Exchange (IDX) in 2024 disclose their carbon emissions in relation to profitability, leverage, and firm size. The study's urgency stems from the fact that businesses in the energy sector contribute significantly to greenhouse gas emissions, making carbon emission reporting transparency an essential component of establishing a company's reputation and guaranteeing its sustainability. In addition, Indonesia’s emission reduction targets and implementation, as reported by Climate Action Tracker 2024, are still insufficient to keep global warming below 1.5°C. The sampling method employed is saturated sampling (census) based on specific criteria, resulting in 75 observations. This study uses cross-sectional data for the year 2024. The analytical model applied is ordinary least squares (OLS). OLS is chosen as it is a BLUE estimator and is considered the most appropriate method for testing causal relationships among observed variables. Firm size has a positive impact on carbon emission reporting, but profitability and leverage have no effect, according to empirical findings. The study's conclusions contradict legitimacy theory because carbon emission reporting policies are still optional, which encourages businesses to prioritize improving their financial performance. However, large firms tend to increase the transparency of carbon emission reporting as an effort to maintain reputation and obtain social legitimacy. The results are also not in line with stakeholder theory, as firms with high leverage tend to prioritize financial stability over carbon emission reporting, which requires additional costs.
Optimizing APBD Budget Administration and Expenditure Accountability for Strengthened Accountable Regional Financial Governance in Jayawijaya Regency Lukas Wenda; Arius Kambu; Maylen K. P. Kambuaya; Agustinus Salle; Westim Ratang; Juliana Waromi
Golden Ratio of Finance Management Vol. 6 No. 2 (2026): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v6i2.2156

Abstract

Accountable regional financial management is a fundamental prerequisite for achieving good governance, particularly in regions with limited infrastructure and institutional capacity such as Jayawijaya Regency. Although regulations and information systems have been established, the practices of budget administration and expenditure accountability still face various challenges that potentially hinder the effectiveness of budget management. This study aims to analyze the actual condition of budget administration and expenditure accountability of the Regional Revenue and Expenditure Budget (APBD), identify the constraints encountered, and formulate optimization strategies for regional financial management in Jayawijaya Regency. This research employs a qualitative approach with a descriptive research design. Data were obtained from informants selected through purposive sampling, consisting of officials and technical staff from the Regional Financial and Asset Management Agency, the Inspectorate, and related Regional Apparatus Organizations in Jayawijaya Regency. The results indicate that budget administration and expenditure accountability have not been optimally implemented, as reflected in administrative delays, inconsistencies in documentation, and uneven utilization of financial information systems. The main constraints include limited human resource capacity, weak inter-unit coordination, and differing interpretations of regulations. The implications of this study highlight the importance of strengthening personnel capacity, standardizing procedures, optimizing information systems, and enhancing the role of internal supervision and leadership in promoting more transparent and accountable regional financial governance.
The Construction of Green Finance Strategies in Promoting Sustainable Investment Transformation: A Qualitative Study of Financial Institutions in Indonesia Hariany Idris
Golden Ratio of Finance Management Vol. 6 No. 2 (2026): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v6i2.2046

Abstract

This study aims to analyze the construction of green finance strategies in promoting the transformation of sustainable investment within financial institutions in Indonesia. Specifically, it explores the factors influencing the adoption of green finance, the challenges encountered in its implementation, and the strategic opportunities for integrating sustainability principles into the national financial system. This research employs a qualitative approach using a systematic literature review method. Data were collected through an in-depth analysis of 47 peer-reviewed articles, regulatory policy documents, and sustainability reports from financial institutions published between 2019 and 2025. Thematic analysis was used to identify patterns, trends, and key findings related to green finance strategies. The results indicate that the development of green finance strategies in Indonesia is influenced by five main factors: a regulatory framework strengthened by the Financial Services Authority (OJK), internal environmental awareness, top management support, financial technology innovation, and external market pressure. The findings also reveal that the integration of Environmental, Social, and Governance (ESG) principles has a positive impact on financial stability and institutional reputation. Furthermore, this study finds that the success of sustainable investment transformation requires a holistic approach involving institutional capacity building, multi-stakeholder collaboration, and the development of innovative green financial products. However, several major challenges remain, including gaps in green financial literacy, inadequate standardization of ESG indicators, and the national economy’s continued dependence on fossil fuels. This study contributes to the literature by providing a comprehensive understanding of green finance strategy construction and its role in strengthening sustainable finance practices in Indonesia.
The Influence of Fintech Payment Usage, Financial Literacy, and Lifestyle on the Financial Management Behavior Sabrina Nafishabila; Ariati Anomsari
Golden Ratio of Finance Management Vol. 6 No. 2 (2026): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v6i2.2234

Abstract

This research looks at how lifestyle, financial literacy, and fintech payments affect university students` financial management practices. It aims to identify the extent to which digital payment usage, financial knowledge, and consumption patterns influence students’ ability to manage their finances effectively. A quantitative explanatory technique is used in this research. Purposive sampling was applied to gather data collected from Universitas Dian Nuswantoro Faculty of Economics and Business students. Respondents were given a standardized questionnaire employing a 5-point Likert scale. To assess the correlations between the variables, the data were analyzed through Structural Equation Modeling (SEM) with the Partial Least Squares (PLS) method. The findings show that fintech payment, financial literacy, and lifestyle have significant effects on financial management behavior, both partially and simultaneously. Financial literacy shows the strongest influence, while fintech payment and lifestyle also contribute to shaping financial behavior among students. This study presents empirical data on financial behavior, especially with regard to students' use of digital finance. Practically, the findings highlight the importance of strengthening financial literacy and promoting responsible use of digital payment systems to support better financial decision-making.
Credit Risk Determinants in Regional Development Banks: Intermediation, Capital Structure, and Gender Governance Kadek Irma Susanti; L. Lutfi
Golden Ratio of Finance Management Vol. 6 No. 2 (2026): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v6i2.2265

Abstract

This research analyzes how credit growth, capitalization, and profitability influence credit risk in Indonesian Regional Development Banks (Bank Pembangunan Daerah, hereafter BPDs), additionally investigating the moderating influence of female commissioners. Based on Agency Theory and Resource Dependence Theory, it suggests that both financial performance and board governance structures affect banks’ willingness to take risks and their credit risk results. Using a quantitative approach, the study analyzes panel data from 23 conventional BPDs in Indonesia over the 2018–2024 period through panel data regression, generating 161 bank-year observations. The hypotheses are tested using panel data regression with the Random Effects Model (REM), selected through panel model specification tests. The findings indicate that the expansion of loans and the enhancement of profits notably diminish credit risk, suggesting that cautious lending practices and improved financial performance contribute to better credit quality and risk management. Capital adequacy exhibits a positive yet inconsequential link to credit risk, implying that holding more capital may lead to increased risk-taking behavior. The presence of female commissioners does not significantly influence credit risk and does not affect the relationship between loan growth, capital adequacy, or profitability. In summary, the model demonstrates statistical significance and accounts for 17.06% of the variation in credit risk. Female commissioners have minimal impact on credit risk and its relation to financial factors, indicating limited influence of board gender diversity on oversight. The study enriches banking risk literature by showing that female board representation has limited governance impact in emerging-market regional banks without substantial decision-making power.
The Influence of Financial Literacy and Financial Technology on Students’ Financial Behavior Azifah Syahfitri; Suhardi M. Anwar; A. Antong
Golden Ratio of Finance Management Vol. 6 No. 2 (2026): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v6i2.2281

Abstract

This study aims to examine the influence of financial literacy and financial technology on the financial behavior of students at the University of Muhammadiyah Palopo. Financial technology refers to the use of digital-based financial services, such as e-wallets, mobile banking, and paylater applications. Financial literacy is defined as students’ ability to understand financial concepts, manage budgets, and make prudent financial decisions. This study involved 395 students from the Faculty of Economics and Business in 2022, with 80 respondents selected using the Slovin formula with a 10% margin of error. The data were collected through a Likert-scale questionnaire and analyzed using multiple linear regression with the assistance of SPSS. The results indicate that financial literacy has a positive and significant effect on students’ financial behavior, and financial technology also has a positive and significant effect. Other factors outside the research model may influence the remaining variance. The implications of this study highlight the importance of improving students’ financial literacy to encourage the wise use of financial technology. Furthermore, universities are encouraged to provide financial education and digital literacy programs to foster healthier financial behavior among students.
Understanding Information Effectiveness in Hospitality Accounting Information Systems: Evidence from the Roles of System Quality, Data Accuracy, and AIS Users Rahel Junita
Golden Ratio of Finance Management Vol. 6 No. 2 (2026): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v6i2.2182

Abstract

Accounting Information Systems (AIS) play an increasingly important role in supporting financial decision making in the hospitality industry, where operational activities require timely and reliable accounting information. However, the effectiveness of accounting information largely depends on the interaction between technological and informational factors. This study examines the effects of AIS users, data accuracy, and system quality on information effectiveness in hospitality organizations in Indonesia. A quantitative research design was employed using a census approach involving 100 accounting and finance employees. Data were collected through structured questionnaires and analyzed using multiple linear regression. The findings reveal that data accuracy and system quality have positive and significant effects on information effectiveness, whereas AIS users do not have a significant direct influence. Simultaneously, all independent variables significantly explain variations in information effectiveness. These findings extend the Information Systems Success Model by emphasizing the strategic importance of data quality and system performance in enhancing accounting information effectiveness within hospitality organizations. Practically, the study suggests that hospitality managers should strengthen data governance, improve system reliability, and continuously optimize AIS implementation to support more effective managerial decision making. This study contributes empirical evidence from an emerging economy and provides insights for future AIS development in the hospitality sector.  
Green Banking, Corporate Social Responsibility, and Firm Value: The Moderating Role of Non-Performing Loans Ariyanto Bakti Pangala; Rousilita Suhendah
Golden Ratio of Finance Management Vol. 6 No. 2 (2026): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v6i2.2426

Abstract

This study examines whether green banking and corporate social responsibility (CSR) affect firm value and whether non-performing loans (NPLs) moderate these relationships. The study uses publicly available audited financial statements, annual reports, and sustainability reports of banking companies listed on the Indonesia Stock Exchange for the 2022–2024 period. Purposive sampling identified 24 eligible banks and 72 initial firm-year observations; after nine outlier observations were excluded, the final balanced panel comprised 21 banks and 63 observations. Green banking was measured using a green banking disclosure index, corporate social responsibility was measured using a CSR disclosure index, firm value was measured using Tobin's Q, and non-performing loans were measured using the NPL ratio. Panel-data moderated regression was estimated in EViews 12. The Chow, Hausman, and Lagrange Multiplier tests supported the random effects model. Green banking (β = -1.0361; p = 0.1126) and CSR (β = 0.0176; p = 0.9612) had no significant direct effect on firm value. The green banking-NPL interaction was positive and significant (β = 66.6937; p = 0.0056), while the CSR-NPL interaction was not significant (β = -11.0913; p = 0.4143). These findings indicate that credit-risk conditions change the market relevance of green banking disclosure and underscore the need to integrate sustainability disclosure with disciplined credit-risk management.
Indonesia’s Economy: Unlocking Opportunities in Emerging Markets Haryadi Sarjono; Ekanaka Hasudungan Pratama; Vanessa Elizabeth Harianto; Boyke Setiawan Soeratin
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.v6i1.1189

Abstract

This study examines Indonesia’s economic trajectory over 10 years as an emerging market, exploring the opportunities and challenges shaping its transition from a developing economy. The study investigates key aspects of economic growth, Foreign Direct Investment (FDI), and structural barriers to accelerated progress. A comprehensive literature review provides a foundation for understanding Indonesia’s economic landscape, covering market classification, national income trends, and growth dynamics. Using a qualitative method approach, the study combines secondary data analysis as economic indicators with qualitative insights from case studies. These include Indonesia’s economic evolution, FDI assessment in MINT (Mexico, Indonesia, Nigeria, and Turkey) economy, the 2016 investor crisis, and Tesla’s 2022 investment plans. The evaluation of Foreign Direct Investment (FDI) in MINT countries represents the extent of international investors’ expectations and confidence in the medium- to long-term economic prospects of each nation, while also serving as an indicator of macroeconomic stability and the quality of the investment climate offered. The findings offer a nuanced understanding of Indonesia’s economic journey, providing valuable insights for policymakers, investors, and academics navigating the complexities of emerging markets.
Exploration of the Implications of the Spiritual and Islamic Akhlaq Paradigm on Earnings Management Irmawati Irmawati; S. Syarifuddin; A. Alimuddin; Hikma Niar
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.v6i1.1460

Abstract

This study explores the implications of the Islamic spiritual paradigm and akhlaq on earnings management practices. Grounded in the values of shiddiq (truthfulness), amanah (trust), ‘adl (justice), and maslahah (public interest), the research highlights how Islamic principles serve as a normative framework for ethical financial reporting. Using a descriptive qualitative method through library research, the study analyzes secondary sources, including academic journals, Qur’anic verses, and hadiths, to understand how spiritual values discourage earnings manipulation. Findings show that both accrual-based and real earnings management contradict Islamic teachings by distorting financial information and violating the trust of stakeholders. The concepts of hisab (accountability) and niyyah (intention) provide internal moral controls, encouraging transparency and honesty in financial practices. Furthermore, the application of maqasid shariah, particularly hifz al-maal (protection of wealth), strengthens ethical awareness and promotes organizational conduct aligned with justice and sustainability. This study contributes to the literature by offering an Islamic ethical lens on earnings management, advocating for a culture of professionalism rooted in spiritual consciousness and moral responsibility.  

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