Golden Ratio of Finance Management
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
Articles
160 Documents
<![CDATA[The Effect of The Increase in POPFMA (Palm Oil Plantation Fund Management Agency) Grant Funds on Farmer Interest in The POR (People Oil Rejuvenation) Program with Strategic Partnership Pattern ]]>
<![CDATA[Sulaiman, Novi]]>;
<![CDATA[Arsjah, Regina Jansen]]>
<![CDATA[ Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September ]]>
Publisher : <![CDATA[Manunggal Halim Jaya ]]>
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DOI: 10.52970/grfm.v5i2.994
<![CDATA[The People's Palm Oil Replanting Program (Peremajaan Sawit Rakyat or POR) is a strategic initiative by the Indonesian government aimed at improving the productivity of smallholder palm oil plantations through the replanting of unproductive trees. One form of government support for this program is through grant funding provided by the Indonesian Oil Palm Estate Fund (Palm Oil Plantation Fund Management Agency or POPFMA). As the allocation of these grants increases, questions arise regarding how the rise in funding influences farmers' interest in participating in the POR program, particularly through strategic partnership schemes involving core companies and farmer cooperatives. This study aims to analyze the effect of increased POPFMA grant funding on farmers' interest in joining the POR program through strategic partnership models. The research adopts a qualitative approach by comparing grant utilization and its impacts on cooperatives, farmers, surrounding communities, and the government. The findings indicate that the increase in POPFMA grant amounts positively affects farmers' willingness to participate in the POR program. This research is expected to provide empirical contributions to policy-making in empowering smallholder palm oil farmers, strengthening the effectiveness of the POR program, and supporting the sustainability of the national palm oil plantation sector. Furthermore, the results may serve as a basis for designing more inclusive and responsive partnership schemes that align with the needs of farmers.]]>
<![CDATA[Evaluating Financial Health in Indonesia's Infrastructure Sector: The Impact of Capital Structure, Liquidity, and Firm Size ]]>
<![CDATA[Simanungkalit, Royhisar Martahan]]>;
<![CDATA[Anugrah, Faisal]]>;
<![CDATA[Jumono, Sapto]]>;
<![CDATA[Adhikara, Muhammad Fachruddin Arrozi]]>;
<![CDATA[Munandar, Agus]]>;
<![CDATA[Suharna, Jaka]]>
<![CDATA[ Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September ]]>
Publisher : <![CDATA[Manunggal Halim Jaya ]]>
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DOI: 10.52970/grfm.v5i2.1059
<![CDATA[This study analyzes the effect of capital structure, liquidity, and company size on financial performance. In this study, there are three independent variables, namely capital structure as measured by DER, liquidity as measured by Current Ratio, and company size as measured by total assets, and one dependent variable, namely financial performance as measured by ROA. The object of this research is infrastructure sector companies listed on the Indonesia Stock Exchange from 2021 to 2023 using secondary data, namely the companies' financial statements. The sampling technique in this study used a purposive sampling technique, with the number of samples obtained being 32 companies for 3 years, making a total of 96 sample data points. This study uses multiple linear regression analysis methods by conducting hypothesis testing to see its effect on financial performance. The results showed that the capital structure and liquidity variables negatively affected financial performance, while the company size variable did not affect the company's financial performance. This research can also be a consideration for companies to optimize capital structure management and increase company liquidity. The combination of debt and equity will be able to maximize profitability. Decisions regarding the use of debt must consider the risks that may arise as well as the potential return on investment. Thus, the company can improve its financial performance and provide positive signals to investors.]]>
<![CDATA[The The Impact of Financial Behavior, Socioeconomic Status, and Academic Ability on Financial Literacy Among Students in Northern Kalimantan, Indonesia: The Moderating Role of Gender ]]>
<![CDATA[Nur Islami, Rahmi]]>
<![CDATA[ Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September ]]>
Publisher : <![CDATA[Manunggal Halim Jaya ]]>
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DOI: 10.52970/grfm.v5i2.1117
<![CDATA[Financial literacy is one of the important competencies in dealing with the complexity of the modern economy. This study aims to analyze the factors that influence the financial literacy of students of the Faculty of Economics, Borneo University Tarakan, by considering the moderating role of gender. The research method used a quantitative approach with a survey involving 318 respondents. Data was analyzed using multiple regression tests and Moderated Regression Analysis (MRA). The results showed that financial behavior, socioeconomic status, and academic ability significantly positively affect financial literacy. In addition, gender acts as a moderator that strengthens the relationship between these variables and financial literacy. The findings confirm the importance of inclusive financial education strategies that consider socio-cultural factors to improve financial literacy among university students.]]>
<![CDATA[The Effect of Profitability, Liquidity, Firm Size, Net Working Capital, Leverage, and Growth Opportunity on Cash Holding: Empirical Study From Property and Real Estate Companies Listed in Indonesian Syariah Stock Index (ISSI) for The Period 2019-2023 ]]>
<![CDATA[Mariska, Uut]]>;
<![CDATA[Suhendar, S.]]>;
<![CDATA[Nurmalia, Gustika]]>
<![CDATA[ Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September ]]>
Publisher : <![CDATA[Manunggal Halim Jaya ]]>
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DOI: 10.52970/grfm.v5i2.1125
<![CDATA[Cash is the company's most liquid asset and is crucial for financing its operational activities. Therefore, effective cash management is essential to ensure business continuity. This study aims to provide empirical evidence on the influence of profitability, liquidity, firm size, net working capital, leverage, and growth opportunities on cash holdings in property and real estate companies listed on the Indonesian Sharia Stock Index (ISSI) for the period of 2019–2023. Using a purposive sampling method, the study selected 23 samples from 82 property and real estate companies registered with the ISSI during the period. The data were collected and processed using Microsoft Excel 2019 and EViews 12. The findings indicate that profitability, liquidity, firm size, net working capital, and growth opportunities positively and significantly affect cash holdings, while leverage has no effect. This research makes a unique contribution by focusing on property and real estate companies within Indonesia's Islamic capital market, an area rarely studied in prior research. Additionally, it enriches the literature on factors influencing cash holdings by considering companies that operate based on Sharia principles. The results are expected to provide valuable insights for company management in optimizing cash management and serve as a reference for investors making decisions regarding sharia-compliant companies.]]>
<![CDATA[The Role of Education in Moderating the Effects of Income and Consumption on Financial Welfare among Agricultural Families ]]>
<![CDATA[Fitrianingsih, Diana]]>;
<![CDATA[Mardiana, M.]]>
<![CDATA[ Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September ]]>
Publisher : <![CDATA[Manunggal Halim Jaya ]]>
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DOI: 10.52970/grfm.v5i2.1134
<![CDATA[Sustainable development is essential for enhancing family financial welfare, particularly in rural agricultural communities. This study investigates the influence of income and consumption patterns on family financial welfare, with education level as a moderating variable, focusing on maize farming households in Wajak Subdistrict, Malang Regency. Adopting a quantitative cross-sectional approach, data were collected from 237 purposively selected maize farmers through structured surveys. Partial Least Squares (PLS) analysis was employed to evaluate the relationships among variables. The results reveal that income has a positive and significant effect on financial welfare, indicating that higher earnings enhance economic stability. Consumption patterns also significantly affect financial welfare, emphasizing the role of effective financial management. Education is found to moderate the relationship between income and financial welfare, where higher education improves resource management and financial decision-making. However, it does not moderate the link between consumption patterns and financial welfare, suggesting that such patterns are shaped more by contextual economic and social factors. These findings underscore the importance of financial literacy and structured planning in promoting sustainable welfare among agricultural families.]]>
<![CDATA[Analysis of The Influence of Green Accounting, Company Size, and Dividend Payout Ratio on Profitability ]]>
<![CDATA[Windi Ar, Baiq Melati Sepsa]]>;
<![CDATA[Handajani, Lilik]]>;
<![CDATA[Nurabiah, N.]]>
<![CDATA[ Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September ]]>
Publisher : <![CDATA[Manunggal Halim Jaya ]]>
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DOI: 10.52970/grfm.v5i2.1152
<![CDATA[This research aims to determine the effect of green accounting, company size, and dividend payout ratio on the profitability of manufacturing sector companies listed on the Indonesian Stock Exchange in 2017-2021. This research is associative research with a quantitative approach. This research uses secondary data from annual and sustainability reports on manufacturing sector companies listed on the Indonesia Stock Exchange during the observation period from 2017 to 2021. The population in this study is manufacturing sector companies listed on the Indonesian Stock Exchange. The sample used in this research was 30 sample companies obtained based on the purposive sampling method, so that the total number of observations was 150 company observations during the five years of research. Hypothesis testing uses multiple linear regression analysis. This research shows that green accounting and dividend payout ratio do not affect profitability. Meanwhile, company size influences profitability.]]>
<![CDATA[The Effect of Internal Control System, Corporate Social Responsibility, and Resource Use Efficiency on Sustainability Performance: Empirical Study on Food and Beverage Manufacturing Companies Listed on the Indonesia Stock Exchange ]]>
<![CDATA[Sari, Mei]]>;
<![CDATA[Romli, Harsi]]>;
<![CDATA[Hertati, Lesi]]>
<![CDATA[ Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September ]]>
Publisher : <![CDATA[Manunggal Halim Jaya ]]>
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DOI: 10.52970/grfm.v5i2.1160
<![CDATA[This study analyzes the influence of internal control systems, corporate social responsibility (CSR), and resource efficiency on sustainability performance in food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2023 period. The research employs a quantitative approach with purposive sampling of 10 companies that consistently publish annual and sustainability reports. Secondary data from financial statements and sustainability reports were analyzed using multiple linear regression. The findings indicate that internal control systems positively impact sustainability performance, demonstrating that risk management and financial transparency enhance corporate sustainability. CSR also has a positive effect, suggesting that corporate social engagement strengthens business reputation. Resource efficiency significantly contributes to sustainability by optimizing energy and raw materials while reducing production waste. These three variables collectively influence corporate sustainability performance. This study recommends that companies strengthen internal control systems, enhance CSR initiatives, and optimize resource utilization to ensure business sustainability and competitiveness in the food and beverage manufacturing industry.]]>
<![CDATA[The Role of Fintech in Mediating the Influence of Financial Efficiency and Risk Perception on Investment Decisions in the Capital Market ]]>
<![CDATA[Danang Setiawan, Riskal]]>;
<![CDATA[Suhardi, S.]]>;
<![CDATA[Astuti, Nelly]]>;
<![CDATA[Sri Rejeki, Nadia]]>
<![CDATA[ Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September ]]>
Publisher : <![CDATA[Manunggal Halim Jaya ]]>
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DOI: 10.52970/grfm.v5i2.1185
<![CDATA[This study analyzes the relationship between financial efficacy, the use of fintech services, investment decisions, and risk perception in the context of financial technology adoption and investment decision-making. The regression analysis results show that the model can explain variations in using fintech services and investment decisions. These findings suggest that although the model is relevant in explaining the factors that influence both variables, other external factors contribute to variation in individual financial decision-making. Path analysis shows financial efficacy positively and significantly influences fintech services and investment decisions. In addition, using fintech services also plays a role in encouraging investment decisions, with a path coefficient of the same size. Other findings suggest that risk perception has a positive relationship with fintech adoption, indicating that individuals with higher risk awareness are more likely to turn to fintech services to access more transparent and secure financial information. The implications of this study highlight the importance of financial education in increasing individual confidence in managing finances and the role of fintech in accelerating financial inclusion and investment participation. This research recommends strengthening digital financial literacy and developing policies that support the adoption of financial technology to increase the effectiveness of financial decision-making in the community.]]>
<![CDATA[Analysis of Factors Influencing Students' Interest in Stock and Cryptocurrency Investments: A Study on Indonesian University Students' Behavioral Intentions Using the Theory of Planned Behavior ]]>
<![CDATA[Callista, Vania]]>;
<![CDATA[Handoko , Liza]]>
<![CDATA[ Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September ]]>
Publisher : <![CDATA[Manunggal Halim Jaya ]]>
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DOI: 10.52970/grfm.v5i2.1207
<![CDATA[Investment interest among Indonesian university students remains low, particularly in stocks and cryptocurrency. Data shows that most capital market investors in Indonesia have only completed high school, while undergraduate students have lower investment participation. Understanding the factors influencing students' investment interest is crucial to fostering financial literacy and economic growth. This study examines the factors affecting students' interest in investing in stocks and cryptocurrency using the Theory of Planned Behavior (TPB). A quantitative approach was employed, with data collected from 200 university students in Indonesia who have previously invested in stocks (n=100) or cryptocurrency (n=100). The study utilized Partial Least Squares Structural Equation Modeling (PLS-SEM) for data analysis. Findings reveal that Perceived Behavioral Control (PBC) plays a significant mediating role in the relationship between Attitude Towards Behavior (ATB) and Intention to Invest (ITI) in the stock market. Meanwhile, Subjective Norms (SN) exert a more substantial influence on cryptocurrency investment, directly and indirectly. This indicates that financial literacy and confidence in decision-making are key drivers for stock investments, whereas social influence plays a dominant role in cryptocurrency investments. The results highlight the need for educational institutions to integrate financial literacy programs and provide simulated investment experiences to enhance students' investment confidence and motivation.]]>
<![CDATA[Evolution and Determinants of Non-Performing Loan Burden in The Group of Seven (G7) Banking Sector ]]>
<![CDATA[Fitriani, F.]]>;
<![CDATA[Yusuf, Muhammad]]>;
<![CDATA[Maksar, Muhammad Sofian]]>
<![CDATA[ Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September ]]>
Publisher : <![CDATA[Manunggal Halim Jaya ]]>
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DOI: 10.52970/grfm.v5i2.1211
<![CDATA[The banking sectors of G7 countries play a crucial role in supporting their economies, yet they remain fragile and susceptible to shocks that may threaten global financial stability. Non-performing loans (NPLs) represent a significant risk to the overall health of the banking system. This study investigates the factors that influence NPLs in the G7 banking sector during the period from 2019 to 2022. We assess the impact of both macroeconomic variables (economic growth, unemployment, and lending interest rates) and bank-specific variables (total assets, net interest income, Tier 1 capital ratio, and credit growth) on NPLs by employing a panel data regression model. The results indicate that economic growth and lending interest rates have a negative and statistically significant effect on NPLs, while the unemployment rate does not exhibit a significant impact. Among the bank-specific variables, only credit growth demonstrates a negative and significant relationship with NPLs. These findings offer valuable insights into the determinants of NPLs and can serve as a foundation for designing more effective risk mitigation strategies within the G7 banking sector. ]]>
