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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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Du Pont System Analysis of Companies Listed on the Indonesian Stock Exchange for the 2020–2024 Period Ika Indrawati; Gregorius Nasiansenus Masdjojo
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.v6i1.1986

Abstract

Du Pont System is a financial analysis framework used to evaluate a company's ability to generate profits while optimizing the utilization of equity owned by shareholders. The population in this study includes companies engaged in the pharmaceutical sector and listed on the Indonesia Stock Exchange (IDX) for the period 2020-2024. The average Net Profit Margin (NPM) of 8.37% indicates that, in general, pharmaceutical companies are still able to generate net profits from their sales activities. In terms of asset utilization efficiency, the average Total Asset Turnover (TATO) value of 0.76 shows that pharmaceutical companies are not yet fully efficient in utilizing their assets to generate sales. The interaction between profitability and asset efficiency is reflected in the average Return on Investment (ROI) value of 8.09%. From a capital structure perspective, the average Equity Multiplier (EM) value of 1.79 indicates that pharmaceutical companies generally use debt-based financing to a significant extent. The average Return on Equity (ROE) value for the pharmaceutical industry of 9.28% shows that, overall, pharmaceutical companies are still able to provide positive returns to shareholders. The results of the Du Pont System analysis based on industry averages show that the performance of the pharmaceutical sector during the 2020-2024 period is fairly stable, but not yet optimal. Future improvements in industry performance need to focus on strategies to increase asset efficiency and strengthen operational profitability, rather than solely through increased leverage. Thus, pharmaceutical companies are expected to be able to generate healthier and more sustainable financial performance growth.
Credit Risk in Regional Development Banks: The Roles of Operational Inefficiency, Profitability, and Independent Commissioners Iqbal Alfahruli; 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.v6i2.2264

Abstract

This study examines the effects of operational inefficiency, profitability, and independent commissioners on credit risk in Indonesian Regional Development Banks (RDBs). Regional Development Banks (RDBs), locally known as Bank Pembangunan Daerah, are provincially owned financial institutions that play a vital role in promoting regional economic development. Credit risk remains a major concern for RDBs because of their strategic intermediation function and their vulnerability to non-performing loans (NPLs). Using panel data from 23 conventional RDBs over the 2018–2024 period, this study analyzes 161 bank-year observations through panel data regression, with the Random Effect Model identified as the most appropriate estimation technique. Credit risk is measured by the non-performing loan (NPL) ratio, operational inefficiency by the operating expense-to-operating income (OEOI) ratio, profitability by return on equity (ROE), and board independence by the number of independent commissioners. The findings reveal that operational inefficiency has a positive and significant effect on credit risk, indicating that lower cost efficiency increases the deterioration of loan quality. In contrast, profitability has a negative and significant effect on credit risk, suggesting that more profitable banks are better able to maintain asset quality and absorb potential losses. Independent commissioners also have a negative and significant effect on credit risk, demonstrating the importance of board independence in strengthening oversight and mitigating risk. However, independent commissioners do not moderate the relationships between operational inefficiency and credit risk or between profitability and credit risk. This study contributes to the banking and corporate governance literature by providing empirical evidence from Indonesian RDBs, an underexplored segment of the banking industry in emerging markets. The findings suggest that, rather than functioning as a moderating mechanism, independent commissioners serve as an important direct governance mechanism for mitigating credit risk. From a practical perspective, RDBs should improve operational efficiency, maintain sustainable profitability, and strengthen board independence to enhance credit risk management and support long-term financial stability.
Commodity Price Returns and Energy Sector Stock Returns: Evidence from Indonesia Wiwin Eni Sulistiandari; Henny Wirianata
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.v6i2.2358

Abstract

Global commodity price fluctuations have become an important factor influencing the performance of the energy sector in capital markets. This study aims to examine the effects of world oil price returns, world gold price returns, and world coal price returns on energy sector stock returns on the Indonesia Stock Exchange (IDX) during the 2021–2025 period. The study employs secondary daily data from 27 main board energy sector companies listed on the IDX, selected using a purposive sampling method. The data were analyzed using Ordinary Least Squares (OLS), while Vector Autoregression (VAR) and the Granger Causality Test were employed as complementary analytical methods. The results indicate that world oil price returns and world coal price returns have positive and significant effects on energy sector stock returns, whereas world gold price returns do not have a significant effect. These findings suggest that global energy commodities, particularly oil and coal, play a more influential role than gold in explaining energy sector stock returns in Indonesia. The study provides practical implications for investors by highlighting the importance of monitoring global commodity price movements in investment decision-making. In addition, it contributes empirical evidence to the growing literature on the relationship between commodity price returns and energy sector stock returns in emerging markets.
Leverage and Dividend Premium as Determinants of Dividend Policy Fachrezi Mulya Irfan; Lidya Martha
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.v6i2.2564

Abstract

Dividend policy is an important consideration for investors when making investment decisions. However, previous studies on the effects of leverage and the dividend premium on dividend policy have produced inconsistent findings among companies listed on the Indonesia Stock Exchange. This study aims to analyze the effects of leverage and the dividend premium on dividend policy among companies listed on the Indonesia Stock Exchange during the 2018–2022 period. It is also expected to provide empirical evidence regarding the relevance of Signaling Theory and Catering Theory in explaining dividend policy among publicly listed Indonesian companies. In addition to contributing to the development of the financial management literature, the findings are expected to inform investors and corporate managers seeking to understand the factors that influence dividend distribution decisions amid changing capital market conditions. This study uses a quantitative method and secondary data obtained from corporate financial statements. The sample consists of 32 companies selected through purposive sampling, yielding 160 observations. The data were analyzed using panel data regression with the Common Effect Model (CEM) in EViews 12. The results indicate that leverage has a negative effect on dividend policy, suggesting that higher leverage is associated with a lower tendency to distribute dividends. Meanwhile, the dividend premium has no significant effect on dividend policy. Thus, corporate dividend policy is influenced more strongly by financing structure than by investor preferences reflected in the dividend premium.
Determinants of Financial Distress Based on the RGEC Framework: A Logistic Regression Analysis of Commercial Banks Listed on the Indonesia Stock Exchange (2014-2024) Anisa Aura Rahma; Sartika Wulandari
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.v6i2.2128

Abstract

The resilience of the banking sector has faced unprecedented challenges over the last decade, particularly because of the disruption caused by the COVID-19 pandemic and the subsequent economic volatility. This study aims to reconstruct an early warning model for financial distress in the Indonesian banking sector by evaluating the efficacy of the Risk Profile, Good Corporate Governance (GCG), Earnings, and Capital (RGEC) framework. Unlike previous studies that relied on the Altman Z-score, this study defines financial distress using a profitability-based approach (negative ROA), which is more aligned with the operational realities of financial institutions. Using secondary data collected from audited annual reports published on the Indonesia Stock Exchange, a sample of 220 firm-year observations was analyzed via logistic regression. The findings reveal that credit risk (NPL) is the sole, dominant predictor of financial distress. Conversely, the GCG scores and Capital Adequacy Ratios (CAR) failed to demonstrate statistical significance, meaning these variables do not reliably predict the likelihood of a bank falling into financial distress. This indicates a clear disconnect between administrative compliance and actual financial resilience. These results challenge the efficacy of the "self-assessment" governance model and imply that high capital buffers alone are insufficient to prevent distress without rigorous asset-quality management. This study contributes to the literature by providing a specific early warning model for emerging markets and offers policy recommendations for the Indonesian Financial Services Authority regarding the supervision of asset quality.

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