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Aditya Halim Perdana Kusuma Putra
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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 104 Documents
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Analysis of The Effects of Ownership-Structure and Social Responsibility on Profitability and Company Value Elisabeth, Cherly
Golden Ratio of Finance Management Vol. 3 No. 1 (2023): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v3i1.303

Abstract

This study aims to determine the orientation of Islamic financing for Micro, Small and Medium Enterprises (SMEs) in Makassar City. The research was conducted at BSI KC Makassar 2 using primary data sourced from interviews, observations, documentation, and secondary data sourced from news, journals, and books related to SMEs and Islamic financing. This research uses qualitative methods with an interpretive approach and uses interviews, documentation, and observation as data collection methods. The analysis technique used is Interpretive Phenomenology Analysis (IPA). The results show that the orientation of Islamic financing for SMEs is influenced by the customer's background, understanding of Islamic financing and the length of time the business has been operating. The main type of financing contract used for SMEs is Murabahah, which is offered in two methods: Murabahah with Wakalah and Murabahah without Wakalah. The factors supporting Islamic financing are public knowledge about Islamic financing and the benefits of Islamic banks, the availability of financial products and ervices that comply with sharia principles, regulations that support the development of Islamic banks and the challenges of its development, and comparison with financial products and services offered by conventional banks.
The Effect of Financial Performance on the Stock Price of Service Companies Listed on the Indonesia Stock Exchange (IDX) Rasyid, Abdul; Zakaria, Z.
Golden Ratio of Finance Management Vol. 3 No. 1 (2023): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v3i1.310

Abstract

This study aims to determine the financial performance of PT. Wijaya Karya Beton Tbk based on the analysis method of liquidity ratio, profitability ratio and solvency ratio for the period 2019-2022. The data collection technique used is documentation, with documents in the form of company financial statements in 2019-2022. Data analysis techniques use case study techniques to obtain data as material in the preparation of research. As for analyzing the development of financial performance, this study uses descriptive analysis techniques where the data obtained in the field is processed in such a way as to provide systematic, factual, and accurate data on the problems to be studied. The results showed that the company's financial performance assessment based on the analysis of liquidity ratios, solvency ratios and profitability ratios for the period 2019-2022, with details, namely (a) financial performance based on liquidity ratios has fluctuated in the last 4 years (2019-2022) this is due to the increasing number of current assets and current debt from year to year. (b) Financial performance based on Profitability Ratio has decreased in the last year (2019-2022). This is due to the increasing amount of profit after tax. (c) Financial performance based on Solvency Ratio has decreased in the last year (2019-2022) this is due to the increase in total assets.
Analysis of Financial Performance at PT Semen Indonesia (Persero), Tbk Listed on the Indonesia Stock Exchange Junaedy, J.; Pattiasina, Victor
Golden Ratio of Finance Management Vol. 3 No. 1 (2023): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v3i1.311

Abstract

This study aims to determine the financial performance of PT Semen Indonesia (Persero), Tbk listed on the Indonesia Stock Exchange (IDX) based on profitability ratios during the 2020-2022 period. The type of data used in this study is quantitative data, namely data in the form of numbers or numbers. Quantitative data serves to determine the number or magnitude of an object to be studied. In this study, the quantitative data is the company's financial statements. The data source used in this research is secondary data, namely all data collected through library research and company data in the form of documents that can support writing. The analysis technique used to determine the company's financial performance in this study is the profitability ratio, namely Gross Profit Margin (GPM), Net Profit Margin (NPM), Return on Asset (ROA), and Return on Equity (ROE). The results of this study indicate that in general the company's financial performance based on profitability analysis is not efficient and not good. This is because the level of profitability is not stable so that it has decreased in three consecutive years and is still below the industry average. Thus, the company has not been able to manage its capital efficiently in generating profits.
The Effect of Capital Structure on Firm Value in Banking Companies Listed on the Indonesia Stock Exchange Sonjaya, Yaya; Muslim, M.
Golden Ratio of Finance Management Vol. 3 No. 1 (2023): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v3i1.312

Abstract

This study is to determine the effect of capital structure on firm value in banking companies on the Indonesia Stock Exchange. The data used is quantitative data. The population in this study were 8 banking companies listed on the Indonesia Stock Exchange, while the sample used in this study used the Purposive Sampling formula of 40. Data collection was carried out through documentation. The data analysis method used is the classic assumption test, regression analysis, and hypothesis testing using SPSS 23 for Windows software. Based on the results of research that examines the effect of the Debt-to-Equity Ratio on Price Book Value, the t value = 4.801 is greater than the t table = 2.02439, with a significance level of 0.060 greater when compared to the α = 5% level, then H1 is accepted. The constant value of 3.826 means that, if the DER variable does not change, then PBV has a value of 3.826. Meanwhile, the DER variable coefficient value of -0.262, means that if DER increases by one percent, PBV decreases by 0.262. These results indicate that statistically DER has a negative and insignificant effect on PBV in Banking Companies listed on the Indonesia Stock Exchange. Thus, the hypothesis stating that DER has a negative and insignificant effect on PBV in Banking Companies listed on the Indonesia Stock Exchange is proven.
Comparison of Financial Distress Predictions With Altman, Springate, Zmijewski, and Grover Models Martini, Rita; Raihana Aksara, Rana; Rachma Sari, Kartika; Zulkifli, Zulkifli; Hartati, Sukmini
Golden Ratio of Finance Management Vol. 3 No. 1 (2023): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v3i1.216

Abstract

Several predictive models of financial distress and corporate bankruptcy have been developed. In this study, the Altman model (Z-Score), the Springate model (S-Score), the Zmijewski model (X-Score), and the Grover model (G-Score) were used. These methods are used to analyze the potential for financial difficulties which in the end to determine the potential for bankruptcy at PT Garuda Indonesia (Persero) Tbk. The secondary data used is in the form of financial statements for 2018-2020. The results of the bankruptcy prediction using the Altman model resulted in PT Garuda Indonesia (Persero), Tbk being in the bankrupt area, which experienced financial difficulties in 2018 to 2020. The Springate model was in a distress position and went bankrupt in 2018 and 2020, while in 2019 is in the gray area. Then the Zmijewski model is in a state of bankruptcy, which is experiencing financial difficulties and has the potential to go bankrupt in three years. Grover's model shows the company was in a state of bankruptcy in 2018 and 2020, and safe in 2019.
Understanding the Role of Finance in Sustainable Development: A Qualitative Study on Environmental, Social, and Governance (ESG) Practices Junaedi, J.
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.v4i2.422

Abstract

This qualitative literature review investigates the multifaceted landscape of sustainable finance, aiming to provide insights into its key dimensions and implications for sustainable development. The research methodology involves a comprehensive examination of existing literature utilizing qualitative analysis techniques such as thematic analysis, content analysis, and narrative synthesis. The study explores environmental considerations, social dimensions, and governance practices within sustainable finance, drawing on diverse perspectives from academic literature, industry reports, and policy documents. Key findings reveal the pivotal role of sustainable finance in advancing environmental objectives by mobilizing capital towards environmentally sustainable projects, promoting conservation, and facilitating the transition to a low-carbon economy. Moreover, the study highlights the significance of addressing social issues such as labor rights, gender equality, and community development through sustainable finance initiatives. Additionally, effective governance practices are identified as essential for ensuring transparency, accountability, and ethical conduct within the financial sector. The implications of sustainable finance extend beyond financial markets, encompassing environmental outcomes, social equity, and governance frameworks crucial for achieving sustainable development goals. Despite challenges such as data availability, standardization, and regulatory coherence, sustainable finance presents opportunities for innovation and collaboration to address pressing global challenges. Overall, this study contributes to a deeper understanding of sustainable finance and underscores its potential to drive positive change towards a more resilient, inclusive, and sustainable global economy.
Value-added Finance Use Animal Waste as Conversion Fertilizer for Vegetable Farming Groups in the West Sinjai Region, Indonesia Hardianti, H.; Rum, Muh.; Badollahi, Ismail
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.v4i2.426

Abstract

Agriculture plays a crucial role globally, and addressing the sustainable management of livestock waste is a growing concern. Converting animal waste into fertiliser not only supports organic farming but also offers a sustainable solution for managing livestock waste. This study aims to evaluate the conversion of fertiliser to animal waste and its potential to generate higher economic value for vegetable farmers in the West Sinjai region. By applying theoretical concepts learned in academic settings to real-world problems, this research aims to enhance knowledge regarding the economic benefits of fertiliser conversion. Additionally, it serves as a valuable reference for future studies on the economic impact of using animal waste as a substitute for chemical fertilisers. The primary goal is to determine the financial benefits and added value of using animal waste in place of chemical fertilisers. This research follows a quantitative descriptive approach, using both primary and secondary data. The population consists of secondary crop farmers in the West Sinjai region, and the sample includes six groups of vegetable farmers in Gunung Perak Village. The results indicate that converting fertiliser to animal waste significantly enhances the economic value for farmers in the West Sinjai region, particularly in Gunung Perak Village. This improvement is due to the cost savings from using animal waste compared to chemical fertilisers per production unit, ultimately leading to higher profits for the farmers.
Performance Finance from the Perspective of Standard Financial Ratio Limits and Good Corporate Governance in Banking Sector Shares Amirudin, A.; Muchran, Muchriana; Rustan, R.
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.v4i2.427

Abstract

This research is expected to provide practical and theoretical benefits. And as a source of information about the influence of financial risk on financial performance. This research can be helpful for other researchers as material for further studies regarding issues related to the impact of financial risk on financial performance in banking companies listed on the Indonesian Stock Exchange (BEI). This research can be used as material for banking evaluations so that they can implement appropriate risk management strategies to improve banking performance. Studies referred to Laeli and Yulianto (2016) and Izdihar, Hassan, And Azlina (2017) show that good corporate governance can moderate the relationship between Non-Performing Loans and bank financial performance. Results contradict the study by Akbar and Lanjarsih (2019), which shows that good corporate governance can moderate the connection between non-non-performing loans and financial performance. This research aims to find out whether management projected risk NPL (Net et al. (Loan et al.), BOPO (Operating Costs) Against Operating Income) can affect the financial performance projected by Return on Assets (ROA). This research also aims to determine whether assessing Good Corporate Governance (GCG) can moderate management relationships risk and ROA. The data used in this research is quantitative; the data used is secondary data. The data analysis techniques used in this research are the classic assumption test, moderated regression analysis, t-test, and F test using SPSS Moderated Regression Analysis (MRA) software. The results of this study show that LDR has no effect and is negatively related to ROA. BOPO has no effect and is negatively related to ROA. NPL has no effect and is positively related to ROA. GCG Self-Assessment does not moderate NPL on ROA, with a negative relationship. GCG Self-Assessment does not moderate LDR on ROA and is positively related. GCG Self-Assessment does not moderate BOPO on ROA, with an antagonistic relationship.
Understanding Financial Inclusion Through Fintech: A Qualitative Inquiry into the Role of Technology in Shaping Financial Landscapes Nanda, Sahabuddin; Yunus, Yana Ameliana
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.v4i1.428

Abstract

Financial inclusion, propelled by the advent of financial technology (fintech), has become a focal point of research and policy discourse globally. This study aims to comprehensively examine the role of technology in shaping financial landscapes and fostering inclusive financial ecosystems. Employing a quantitative descriptive research approach, this study assesses fintech adoption across diverse demographic groups, identifies determinants influencing individuals' utilization of fintech-based financial services, examines the impact of fintech interventions on enhancing financial inclusion metrics, and explores the socio-economic implications of fintech-driven financial inclusion initiatives. Drawing upon a robust literature review, this research elucidates the transformative potential of fintech in expanding financial access and improving financial resilience among underserved populations. The findings underscore the importance of regulatory clarity, cybersecurity measures, and technological literacy in harnessing the full potential of fintech for inclusive economic development.
Exploring Sustainable Finance: A Qualitative Inquiry into Responsible Investment and ESG Risk Evaluation Yunus, Yana Ameliana; Nanda, Sahabuddin
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.v4i1.429

Abstract

This research explores the landscape of sustainable finance, responsible investment, and ESG (Environmental, Social, and Governance) risk evaluation, aiming to understand their complexities and implications for financial markets and sustainability outcomes. Employing a qualitative research approach, the study conducts a comprehensive review and synthesis of existing literature, drawing insights from academic databases, journals, reports, and other relevant sources. The research design involves purposive sampling of literature based on relevance, rigor, credibility, and significance criteria. Data collection comprises systematic review and analysis of scholarly literature, while thematic analysis is employed for data interpretation. The findings underscore the growing recognition of ESG factors' importance in investment decision-making processes, driven by their materiality to financial performance and sustainability outcomes. Institutional investors play a pivotal role in mainstream adoption of responsible investment practices, driven by the acknowledgment of ESG factors' impact on investment risk and return profiles. However, methodological challenges related to ESG data quality, measurement, and comparability persist, hindering effective ESG integration and risk assessment. Regulatory initiatives like the United Nations Principles for Responsible Investment (PRI) and the Task Force on Climate-related Financial Disclosures (TCFD) have contributed to mainstreaming ESG considerations but face challenges of regulatory fragmentation and inconsistencies. Addressing these challenges requires collaborative efforts from stakeholders to develop standardized ESG reporting frameworks, enhance stakeholder engagement, and promote regulatory coherence. This study contributes to understanding sustainable finance dynamics and calls for interdisciplinary collaboration to bridge financial theory, sustainability science, and regulatory policy.

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