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Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside

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Published by Gapenas Publisher

ISSN : 27979733 EISSN : 27770540 DOI : https://doi.org/10.53363/yud

Core Subject : Economy,

Economics, Econometrics & Finance

Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside editorials, reviews, research articles and short communications on following topics: Finance Accounting Budget Investment decision Financing decision Dividend decision Working capital decision Strategy Inside Corporate strategy Strategic planning Communication Research & Development Management Risk Management Management functions Operations Management Management science International Business Management Organizational Behavior Portfolio Management

Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)

Articles 181 Documents

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PENGARUH INFLASI DAN NON PERFORMING LOAN (NPL) TERHADAP NET PROFIT MARGIN (NPM) DI PT BANK CENTRAL ASIA TBK PERIODE 2021–2025 Veti Barokah; Siti Fatonah; Leni Triana
Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside Vol. 6 No. 2 (2026): Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside
Publisher : Gapenas Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53363/yud.v6i2.203

Profitability is one of the key indicators used to evaluate the financial performance of banking institutions. Fluctuations in Net Profit Margin (NPM) are influenced by both external and internal factors, particularly inflation and Non-Performing Loans (NPL). Inflation may affect economic activities and banking operations, while a high NPL ratio reflects increasing credit risk, which may reduce the bank's profitability and financial performance. This study aims to examine the effect of inflation on Net Profit Margin (NPM), the effect of Non-Performing Loans (NPL) on Net Profit Margin (NPM), and the simultaneous effect of inflation and Non-Performing Loans (NPL) on Net Profit Margin (NPM) at PT Bank Central Asia Tbk during the 2021–2025 period. This research employed a quantitative approach with an associative research design. The study utilized secondary data obtained from the annual financial statements of PT Bank Central Asia Tbk and inflation data published by Statistics Indonesia (BPS) for the period 2021–2025. Data were analyzed using multiple linear regression supported by classical assumption tests, partial tests (t-test), simultaneous tests (F-test), and the coefficient of determination (R²). The results of the study indicate that, partially, inflation has a negative and significant effect on Net Profit Margin (NPM), with t-count > t-table, namely -2.593 > -2.008, and a significance value of 0.0123 < 0.05. Meanwhile, Non-Performing Loans (NPL) have a negative and significant effect on Net Profit Margin (NPM), with t-count > t-table, namely -2.936 > -2.008, and a significance value of 0.001 < 0.05. Simultaneously, inflation and Non-Performing Loans (NPL) have a significant effect on Net Profit Margin (NPM) at PT Bank Central Asia Tbk during the 2021–2025 period. In conclusion, inflation and Non-Performing Loans (NPL) are important determinants of Net Profit Margin (NPM). Therefore, the company is expected to maintain sound credit quality and anticipate changes in macroeconomic conditions to sustain profitability and improve financial performance.

PENGARUH HARGA MINYAK CRUDE PALM OIL (CPO) DAN HARGA EMAS LOGAM MULIA TERHADAP ANGGARAN NEGARA PERIODE 2020-2025 Divia Yuni Purwanti; Siti Fatonah; Leni Triana
Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside Vol. 6 No. 2 (2026): Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside
Publisher : Gapenas Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53363/yud.v6i2.204

This study aims to analyze the influence of Crude Palm Oil (CPO) prices and gold prices on the Indonesian State Budget for the 2020-2025 period, both partially and simultaneously. As a country rich in natural resources, Indonesia heavily relies on the commodity sector, particularly CPO and gold, which significantly contribute to state revenues through export duties, export taxes, royalties, and Non-Tax State Revenues (PNBP). Fluctuations in the prices of these global commodities potentially affect fiscal stability and the State Budget structure. The research method used is a quantitative approach with multiple linear regression analysis. The data used are secondary monthly time series data with 72 observations (January 2020 to December 2025) obtained from the Ministry of Finance, Central Statistics Agency, World Bank, and PT Aneka Tambang Tbk. Data analysis includes descriptive statistical tests, classical assumption tests (normality, multicollinearity, heteroscedasticity, and autocorrelation), and hypothesis testing (t-test and F-test) using SPSS version 27. The research results show that partially, CPO prices have a negative and significant effect on the State Budget (t-count -2.378 < t-table -1.994; sig. 0.020 < 0.05), while gold prices do not have a significant effect on the State Budget (t-count 1.064 < t-table 1.994; sig. 0.291 > 0.05). Simultaneously, both independent variables have a significant effect on the State Budget (F-count 6.869 > F-table 3.13; sig. 0.002 < 0.05) with a coefficient of determination of 21.8%. The conclusion of this study is that CPO prices and gold prices jointly influence the State Budget, but partially only CPO prices have a significant effect. The government is advised to pay attention to global commodity price fluctuations in formulating fiscal policies and to diversify state revenue sources to reduce dependence on the commodity sector.

IMPLEMENTASI SISTEM EVALUASI LAPORAN INTEGRASI (SIEVLAPI) DALAM MENDUKUNG TATA KELOLA PELAPORAN PERANGKAT DAERAH DI KOTA TANGERANG Rani Susera
Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside Vol. 6 No. 2 (2026): Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside
Publisher : Gapenas Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53363/yud.v6i2.205

Government digitalization has encouraged local governments to develop integrated reporting systems to support monitoring and decision-making. The Tangerang City Government implemented Sistem Evaluasi Laporan Integrasi (SIEVLAPi), an integrated reporting system designed to manage information on physical activity documentation, financial realization, and work schedules of local government agencies. This study aims to analyze the implementation of SIEVLAPi in supporting local government reporting governance in Tangerang City. A descriptive qualitative approach was employed, with data collected through interviews, observations, and documentation. Data were analyzed through data condensation, data display, and conclusion drawing, while data validity was examined through source, technique, and time triangulation. The findings show that SIEVLAPi facilitates monitoring and provides more structured reporting information. However, implementation remains suboptimal due to the lack of integration with SIPD, repeated data entry, inconsistent data updates, and uneven user capacity. The study recommends system integration, stronger data quality controls, and improved user capacity to strengthen SIEVLAPi as a reporting governance instrument.

Diversifikasi Portofolio dan Risiko Sistematik terhadap Kinerja Saham Sektor FMCG: Pendekatan Sharpe Ratio dan Treynor Ratio Ridho Ramadhani; Siti Fatonah; Leni Triana
Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside Vol. 6 No. 2 (2026): Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside
Publisher : Gapenas Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53363/yud.v6i2.206

Portfolio diversification and systematic risk management are two of the main strategies for investors in dealing with capital market uncertainty, but empirical studies on the influence of both on stock performance still show inconsistencies, especially when performance is measured on different risk bases. This study aims to analyze the influence of portfolio diversification and systematic risk on the stock performance of companies in the Fast Moving Consumer Goods (FMCG) sector listed on the Indonesia Stock Exchange for the 2021–2025 period, as measured through the Sharpe Ratio and Treynor Ratio. The study used an associative quantitative approach with secondary data from eight FMCG companies selected by purposive sampling, resulting in 40 panel data observations. Portfolio diversification is measured through the correlation coefficient between stock returns, while systematic risk is measured through stock beta. Data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, t-test, F test, and determination coefficients with the help of IBM SPSS Statistics 27. The results showed that portfolio diversification had a positive and significant effect on the Sharpe Ratio (t=2.638; Sig.=0.012), but did not have a significant effect on the Treynor Ratio (Sig.=0.877). Systematic risk had a negative and significant effect on the Sharpe Ratio (t=-2.499; Sig.=0.017), but was not significant on the Treynor Ratio (Sig.=0.292). Simultaneously, both variables had a significant effect on the Sharpe Ratio (F=4.933; Sig.=0.013; R²=21.5%), but not significant to the Treynor Ratio (F=0.720; Sig.=0.494; R²=3.7%). This study concludes that the relevance of portfolio diversification and systematic risk to the performance of FMCG stocks is highly dependent on the risk base used in performance measurement, thus making an empirical contribution to the importance of using more than one measure of performance in the evaluation of stock investments.

MEKANISME MEDIASI MODERASI KINERJA KARYAWAN: PERAN EFEKTIVITAS KERJA DAN PENGAWASAN KERJA DALAM HUBUNGAN ANTARA KOORDINASI KERJA DAN KEJELASAN PROSEDUR OPERASIONAL STANDAR PADA PT XYZ Iwan Kresna Setiadi; Muhaswad Dwiyanto; Radinda Rahfani Alya Hidayat
Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside Vol. 6 No. 2 (2026): Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside
Publisher : Gapenas Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53363/yud.v6i2.207

This study aims to analyze the effects of work coordination and the clarity of Standard Operating Procedures (SOPs) on employee performance, with work effectiveness as a mediating variable and work supervision as a moderating variable at PT XYZ. A quantitative approach was employed involving a population of 355 permanent employees and a sample of 212 respondents selected through purposive sampling. Data were collected using a five-point Likert-scale questionnaire and analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS) with SmartPLS 4. The findings indicate that work coordination does not have a significant direct effect on employee performance, but has a positive and significant effect on work effectiveness. SOPs clarity has a positive and significant effect on both work effectiveness and employee performance. Furthermore, work effectiveness has a positive and significant effect on employee performance and mediates the effects of both work coordination and SOPs clarity on performance. Work supervision also strengthens the effects of work coordination and SOPs clarity on employee performance. These findings indicate that improving employee performance requires more than effective coordination alone; it also depends on effective work processes, clear SOPs implementation, and consistent supervision.

THE INFLUENCE OF E-CATALOG EFFECTIVENESS, TENDER INFORMATION, AND PRICE DETERMINATION ON CONSTRUCTION PROCUREMENT SERVICES IN THE CITY OF TANGERANG Cucu Sudrajat; Esaka Pratala; Yudi Nur Supriyadi; Asep Sugara
Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside Vol. 6 No. 2 (2026): Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside
Publisher : Gapenas Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53363/yud.v6i2.208

This study examines a public administration issue concerning the effectiveness of the e-catalog system, tender information, and price determination in improving construction procurement services in Tangerang. The research aims to analyze the influence of e-catalog effectiveness, tender information, and price determination on construction procurement services. A quantitative approach was employed involving construction service providers in Tangerang using a saturated sampling technique. The collected data were analyzed using multiple regression analysis and the coefficient of determination to test the proposed hypotheses. The findings reveal that e-catalog effectiveness does not have a significant effect on construction procurement services, whereas tender information and price determination demonstrate significant positive effects. Simultaneously, all independent variables significantly influence construction procurement services. However, effective implementation depends not only on statistical significance but also on technical readiness, adaptive regulatory support, and adequate dissemination among construction service providers.

PENGARUH CAR DAN NPL TERHADAP ROE PADA PERUSAHAAN SEKTOR PERBANKAN YANG TERDAFTAR DI BEI Neneng Suryamah; Siti Fatonah; Leni Triana
Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside Vol. 6 No. 2 (2026): Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside
Publisher : Gapenas Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53363/yud.v6i2.209

Return on Equity (ROE) of banking companies listed on the Indonesia Stock Exchange experienced fluctuations during the 2018–2025 period. These fluctuations were presumed to be influenced by the level of capital adequacy reflected in the Capital Adequacy Ratio (CAR) and the level of credit risk measured by the Non Performing Loan (NPL) ratio. This study aims to analyze the effect of Capital Adequacy Ratio (CAR) and Non-Performing Loan (NPL) on Return on Equity (ROE) of banking companies listed on the Indonesia Stock Exchange during the 2018–2025 period, both partially and simultaneously. This study employed a quantitative method with an associative approach. The sample was selected using a purposive sampling technique, resulting in six banking companies with a total of 48 observations. Data were analyzed using IBM SPSS Statistics Version 26. The results indicate that Capital Adequacy Ratio (CAR) has a positive and significant effect on Return on Equity (ROE) (t = 3.627; Sig. = 0.001) with a partial coefficient of determination of 22.7%. Non-Performing Loan (NPL) has a negative and significant effect on Return on Equity (ROE) (t = -6.774; Sig. = 0.000) with a partial coefficient of determination of 50.5%. Simultaneously, Capital Adequacy Ratio (CAR) and Non-Performing Loan (NPL) have a significant effect on Return on Equity (ROE) (F = 36.292; Sig. = 0.000). The coefficient of determination (R² = 0.617) indicates that both independent variables explain 61.7% of the variation in Return on Equity (ROE), while the remaining 38.3% is influenced by other factors outside the research model. In conclusion, Capital Adequacy Ratio (CAR) and Non-Performing Loan (NPL), both partially and simultaneously, have a significant effect on Return on Equity (ROE) in banking companies listed on the Indonesia Stock Exchange during the 2018–2025 period.

PENGARUH NON PERFORMING LOAN (NPL) DAN LOAN TO DEPOSIT RATIO (LDR) TERHADAP RETURN ON ASSETS (ROA) PADA PERBANKAN BUMN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2016-2025 Novia Rahmawati; Siti Fatonah; Leni Triana
Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside Vol. 6 No. 2 (2026): Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside
Publisher : Gapenas Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53363/yud.v6i2.210

This study aims to determine the effect of Non-Performing Loan (NPL) and Loan to Deposit Ratio (LDR) on Return On Assets (ROA) in State-Owned Banks listed on the Indonesia Stock Exchange during the 2016–2025 period. The research method used in this study is causal associative research with a quantitative approach. The sampling technique employed was saturated sampling, resulting in 40 research data samples. The data used were secondary data obtained from the annual reports of State-Owned Banks listed on the Indonesia Stock Exchange (IDX) for the 2016–2025 period, which were accessed through the official websites of each bank. The data were analyzed using SPSS version 26 software. The results of the t-test (partial) indicate that Non-Performing Loan (NPL) has a negative and significant effect on Return On Assets (ROA), as evidenced by the value of tcount > ttable, -5.576 > -2.024 with a significance value of 0.00 < 0.05. Loan to Deposit Ratio (LDR) also has a negative and significant effect on Return On Assets (ROA), as evidenced by the value of tcount > ttable, -2.503 > -2.024 with a significance value of 0.01 < 0.05. Furthermore, the results of the F-test (simultaneous) show that Non-Performing Loan (NPL) and Loan to Deposit Ratio (LDR) simultaneously have a significant effect on Return On Assets (ROA), as evidenced by the value of Fcount > Ftable, 21.832 > 3.25 with a significance value of 0.00 < 0.05. The conclusion of this study shows that, partially, Non-Performing Loan (NPL) has a negative and significant effect on Return On Assets (ROA), and Loan to Deposit Ratio (LDR) also has a negative and significant effect on Return On Assets (ROA). Simultaneously, Non-Performing Loan (NPL) and Loan to Deposit Ratio (LDR) have a significant effect on Return On Assets (ROA).

Pengaruh Book Value Per Share (BVPS) dan Dividend Per Share (DPS) terhadap Harga Saham pada Perusahaan Manufaktur Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2016-2025 Patmawati Patmawati; Siti Fatonah; Leni Triana
Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside Vol. 6 No. 2 (2026): Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside
Publisher : Gapenas Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53363/yud.v6i2.211

Stock price is an important indicator in the capital market that reflects a company's value and serves as a basis for investors in making investment decisions. The stock prices of food and beverage manufacturing companies during the 2016–2025 period were presumed to be influenced by Book Value Per Share (BVPS) and Dividend Per Share (DPS). This study aims to determine the effect of Book Value Per Share (BVPS) and Dividend Per Share (DPS) on stock prices, both partially and simultaneously. This study employed a causal associative method with a quantitative approach. The population of this study was 83 companies with the sample consisted of six companies selected using purposive sampling, resulting in 60 observations. Data were analyzed using IBM SPSS version 26.The results showed that Book Value Per Share (BVPS) tcount 5.413 > ttable 2.002 and Dividend Per Share (DPS) tcount 3.935 > ttable 2.002 have an effect on stock prices. Simultaneously, Book Value Per Share (BVPS) and Dividend Per Share (DPS) also affect stock prices Fcount 86.912 > Ftable 3.159. Based on the results, it can be concluded that Book Value Per Share (BVPS) and Dividend Per Share (DPS), both partially and simultaneously, affect stock prices.

PENGARUH KEAMANAN DATA DAN KEPERCAYAAN NASABAH TERHADAP PENGGUNAAN QUICK RESPONSE INDONESIAN STANDARD (QRIS) PADA MAHASISWA UNIVERSITAS BINA BANGSA KOTA SERANG Siti Aminatul Wirda Ramdani; Siti Fatonah; Leni Triana
Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside Vol. 6 No. 2 (2026): Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside
Publisher : Gapenas Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53363/yud.v6i2.212

. The development of financial technology has encouraged the use of digital payment systems through the Quick Response Indonesian Standard (QRIS). However, data security and customer trust remain important factors that may influence users' decisions to utilize QRIS. This study aims to determine the partial and simultaneous effects of data security and customer trust on QRIS usage among eighth-semester Financial Management and Banking students at Bina Bangsa University. The study employed a quantitative method with an associative approach. The sample consisted of 63 respondents selected through probability sampling. Data were collected using a Likert-scale questionnaire and analyzed using multiple linear regression with SPSS version 27. The results show that data security has a positive and significant effect on QRIS usage, with a t-count of 6.990 > t-table of 1.670 and a significance value of 0.000 < 0.05. Customer trust also has a positive and significant effect, with a t-count of 6.820 > t-table of 1.670 and a significance value of 0.000 < 0.05. Simultaneously, data security and customer trust have a positive and significant effect on QRIS usage, with an F-count of 48.719 > F-table of 2.39 and a significance value of 0.000 < 0.05. The coefficient of determination of 61.9% indicates that the two independent variables explain 61.9% of the variation in QRIS usage, while the remaining 38.1% is explained by other factors outside the study.

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Yudi Nur Supriadi

Contact Email
admin@gapenas-publisher.org

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+6285885400000

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admin@gapenas-publisher.org

Editorial Address
Gg. H.Ridan No.48 RT. 002/002 Kelurahan Poris Plawad Indah Kecamatan Cipondoh Tangerang

Location
Kota tangerang,

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INDONESIA