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INDONESIA
Jurnal Cendekia Keuangan
Published by Universitas Islam Kadiri
ISSN : 28277643     EISSN : 28100964     DOI : https://doi.org/10.32503/jck
Core Subject : Economy,
Economics, Econometrics & Finance
Jurnal Cendekia Keuangan menerima artikel (yang tidak dipublikasikan dalam jurnal lain) dengan ruang lingkup: Manajemen Keuangan, Keuangan Perusahaan, Keuangan Usaha Kecil Menengah, Keuangan Islam, Keuangan Pasar Modal, Keuangan Negara dan Keuangan Perbankan. Artikel dapat berupa penelitian empirikal, konseptual, dan literatur review. Secara umum, artikel yang dipublikasikan oleh Jurnal Cendekia Keuangan adalah karya tulis ilmiah yang memberi kontribusi bagi pengembangan dan penyebarluasan ilmu pengetahuan di bidang manajemen keuangan. Pembaca utama dari Jurnal Cendekia Keuangan adalah kalangan akademisi, para mahasiswa, praktisi manajemen keuangan dan mereka yang peminat di bidang manajemen keuangan.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Keuangan
Articles 40 Documents
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Financial Distress Using the Zmijewski, Grover, and Springate Models at Retail Business in Indonesia Fitriyah, Erni Muti’atul; Prasasti, Karari Budi
Jurnal Cendekia Keuangan Vol 4 No 1 (2025): April
Publisher : Universitas Islam Kadiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32503/jck.v4i1.6138

Abstract

Introduction/Main Objectives: This study aims to analyze PT Matahari Putra Prima's financial health during 2018-2022 using the Zmijewski, Grover, and Springate models to predict potential financial distress. Background Problems: When a company experiences bankruptcy, its financial statements must be evaluated and measured through in-depth research. PT Matahari Putra Prima Tbk, a major player in Indonesia's retail industry, has faced significant challenges over the past few years due to shifts in consumer behavior towards online shopping and the economic impacts of COVID-19. Novelty: This research fills the gap in financial distress in retail businesses in Indonesia. Research Methods: This study uses a descriptive quantitative approach. The financial data of PT Matahari Putra Prima Tbk from 2018 to 2022, obtained through documentation and literature review, were analyzed using three financial distress models: Zmijewski, Grover, and Springate. The sampling technique is a sampling technique to be used in research. The sampling design of this study uses nonprobability sampling. Nonprobability sampling can provide very useful information for a population. Following this study, the author will use the purposive sampling technique. Finding/Results: PT Matahari Putra Prima Tbk for five years for 2018 – 2022 using Zmijewski, Grover, and Springate indicated that the company was experiencing Financial Distress. Research limitation/implications: It is better for PT. Matahari Putra Prima Tbk evaluates financial performance to bring the company to a better state. The company's value that shows the risk of financial distress, PT Matahari Putra Prima Tbk, focuses more on improving operational efficiency and reducing costs in improving cash management and reducing short-term debt to reduce the risk of financial distress. Furthermore, maintain good communication with investors and stakeholders to build trust and support.
The Effect of Gross NPF, ZISWAF, and Wadiah Bonus on Mudharabah Income and Firm Size Moderated in Sharia Banking Aprelia, Nala Widya; Budianto, Eka Wahyu Hestya
Jurnal Cendekia Keuangan Vol 4 No 1 (2025): April
Publisher : Universitas Islam Kadiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32503/jck.v4i1.5642

Abstract

Introduction/Main Objectives: This study aims to determine and test the influence of Gross NPF, ZISWAF Fund Receipts, and Wadiah Bonus on Mudharabah Income with Firm Size as a Moderating Variable in Sharia Banking in Indonesia. Background Problems: NPF is an indicator used to measure non-performing financing and the resulting risks that will harm banks. The existence of ZISWAF funds will have a positive impact on economic equity. These challenges are the same as the Wadiah bonus received by customers and come from the provision of Islamic banks as a form of appreciation for believing in banking. Whether or not the solution to a problem is not far from the factor of how the company is in condition, the variable that shows the size of a company is referred to as firm size, which will be described by total assets, sales, employees, and so on. Novelty: This research fills the gap in Islamic bank research in Indonesia. Research Methods: The sample used is the financial report for the 5th quarter of Islamic banking for the 2018.Q1-2023 period. Q3. The technique chosen for sampling is using purposive sampling, with a total sample of 115 Islamic banking financial statements. Panel Data Regression Analysis and Moderated Regression Analysis (MRA) techniques were used in this study with the application of Eviews 12. Finding/Results: Gross NPF and ZISWAF fund receipts have no effect on mudharabah income, while wadi'ah bonus variables have an effect on mudharabah income. Likewise, firm size is not able to moderate the Gross NPF variable and ZISWAF fund receipts on mudharabah income. However, it is able to moderate the influence of wadi'ah bonuses on mudharabah income. Research limitation/implications: In the next study, other moderation variables can be used, such as the health status of the bank in order to determine the influence of other variables on the company.
Application of the Hamdi Method Using the Gold Value and Gold Index Methods on the Financial Aspects of Oil Palm Plantation Business in Kampar Indonesia Agustin, Hamdi; Hamdi, Luthfia Ahluljannati; Hamdi, Lathifa Miftahul Jannati
Jurnal Cendekia Keuangan Vol 4 No 1 (2025): April
Publisher : Universitas Islam Kadiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32503/jck.v4i1.5686

Abstract

Introduction/Main Objectives: This study aims to test whether the assessment of the business feasibility study with the Hamdi method consisting of Gold Value Method (GVM) and Gold Index (GI) gives the same decision results as the assessment using the conventional method consisting of Net Present Value (NPV) and Profitability Index (PI). This research tries to test Mr. Zulkifli's oil palm plantation business plan in Kampar Riau. The results of this assessment will be useful as a consideration in making business development decisions. Background Problems: NPV is not used is the prohibition of interest, which is applied in both Islam and Christianity. Riba or riba refers to the charging of interest at any level, whereas modern beliefs impose interest at an unfair and disproportionate rate and develop in parallel with the periodic interest gain. Novelty: The Hamdi method presents a viable option for assessing the feasibility of a business from a financial perspective and contributes to the calculation methods that exist in this domain. Research Methods: This study uses descriptive and quantitative analysis of the feasibility of Mr. Zulkifli's oil palm plantation business, which is assessed based on conventional and sharia aspects. The feasibility analysis assessment is based on the conventional perspective, namely NPV, and PI. The feasibility assessment is based on Hamdi's Method, namely the GVM and the GI Method. Finding/Results: The findings show that the results of the feasibility decision using GVM are in line with the NPV calculation, and the results of the feasibility decision using GI are in line with the PI calculation. Conclusion: Hamdi's method is feasible for assessing the feasibility of a business from a financial aspect. Research limitation/implications: Hamdi's method is still not well-known and needs to be introduced to other researchers.
Does Capital Assistance and Financial Literacy Have an Impact on the Business Sustainability of MSMEs in Kediri City? Srikalimah, Srikalimah; Munir, Miftahul
Jurnal Cendekia Keuangan Vol 4 No 1 (2025): April
Publisher : Universitas Islam Kadiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32503/jck.v4i1.6136

Abstract

Introduction/Main Objectives: Economic development in Kediri cannot be separated from the country's micro, small, and medium enterprises (MSMEs). Kediri MSMEs are promising businesses to develop because they can support economic development at the micro and macro levels. Background Problems: The problem MSME actors face in Kediri city is the lack of capital in their businesses. There is a gap in several studies because no one has directly examined the impact of capital assistance on three groups that receive capital assistance in Kediri City, namely the first is cigarette factory workers who have a business, the second is cigarette factory workers who have a business, and the third is entrepreneurs in the industrial and trade sectors. Novelty: Theoretical model of research on capital assistance and financial literacy on the sustainability of SMEs in the city of Kediri. Research Methods: The research approach used is a quantitative approach. The sampling technique used was a combination of stratified random sampling from Mojoroto sub-district, Kota sub-district, and Pesantren sub-district. Primary data collection was carried out on 100 respondents who received capital assistance in the city of Kediri. Finding/Results: Capital assistance has a significant effect on business sustainability. Financial literacy has a positive and significant effect on business sustainability. Capital assistance and financial literacy together have a positive and significant effect on business sustainability. Research limitation/implications: This study provides an overview that Kediri City MSME business actors who receive capital assistance , namely first, cigarette factory workers who have businesses, second, cigarette factory workers who have businesses, and third, entrepreneurs in the industrial and trade sectors can use capital assistance wisely supported by financial literacy obtained from financial management training provided by the government or the existing MSME community.
A Bibliometric Analysis of Islamic Financial Literacy for Future Research Suwarsono, Bambang; Idris, Ahmad
Jurnal Cendekia Keuangan Vol 4 No 1 (2025): April
Publisher : Universitas Islam Kadiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32503/jck.v4i1.6137

Abstract

Introduction/Main Objectives: This study is to provide a wider bibliometric literature review on Islamic financial literacy (IFL). Background Problems: IFL requieres a comprehensive review of existing studies. Looking for potential topics is one way to develop knowledge in IFL by using bibliometric studies. Novelty: This paper is to fill in the gaps by providing an extensive bibliometric analysis of the literature related to IFL. Research Methods: We analyzed 57 articles published from 2016 until 2024, a 9 year period. Articles were taken from the Scopus database. We studied classify articles using VOSviewer software. We analyzed citation and analysis co-occurrence. Finding/Results: The topic of IFL is still in demand today. Indonesia and Malaysia are the countries with the most productive in terms of the number of documents. Six thematic clusters: The red clusters include demographic variables, financial inclusion, financial literacy, halal, Islamic banking services, Islamic capital market, Islamic Finance, and Islamic financial literacy. The green cluster includes COVID-19, Finance, human, literacy, self-concept, and self-efficacy. The blue cluster includes banking, intention to use, Islamic financial inclusion, and marketing. The yellow cluster includes behavioural intention, Islamic banking, Islamic financial services, and Islamic marketing. The orange cluster include intention, market discipline, sharia mutual funds, and subjective norm. The purple cluster include financial socialization and religiosity. The following topics have attracted the greatest attention: Islamic Financial Inclusion, Islamic Capital Market, Halal, Religiosity, Self-Concept, and Self-Efficacy. Research limitation/implications: This paper highlights the interconnectedness of education, personal behavior, and financial products within the Islamic finance framework. This structured breakdown aligns the elements that influence Islamic finance development, providing a pathway for examining how literacy, behavior, and products shape the field.
The Effect of Competence, Moral Reasoning, Altruism, and Auditor's Locus of Control Behavior on Audit Quality Kharisma, Hendrick; Qintharah, Yuha Nadhirah
Jurnal Cendekia Keuangan Vol 4 No 2 (2025): October
Publisher : Universitas Islam Kadiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32503/jck.v4i2.6767

Abstract

Introduction/Main Objectives: This study aims to analyze the influence of auditor competence, moral reasoning, altruism, and locus of control on audit quality in the Public Accounting Enterprises of Jakarta and Bekasi. Background Problems: Audit quality plays a pivotal role in maintaining public trust and ensuring the integrity of financial reports. Recent cases, such as the audit mismanagement of PT Indosat Tbk, highlight the importance of understanding how individual auditor traits impact audit outcomes. Novelty: While prior research has evaluated each factor individually, this study offers a comprehensive analysis of four psychological and behavioral aspects—competence, moral reasoning, altruism, and locus of control—in shaping audit quality, specifically within Indonesian public accounting firms. Research Methods: A quantitative approach was used by distributing Likert-scale questionnaires to 100 auditors from firms in Jakarta and Bekasi. Data were analyzed using multiple linear regression to determine the effect of each independent variable on audit quality. Finding/Results: The results reveal that auditor competence and moral reasoning significantly and positively affect audit quality. Conversely, altruism has a statistically significant negative effect, indicating that excessive selflessness may compromise objectivity. The locus of control variable showed no significant influence, suggesting that internal or external control beliefs do not necessarily impact audit quality in this context. Conclusion: This study concludes that strengthening auditor competence and moral judgment enhances audit quality, while unchecked altruism may hinder professional skepticism. Research limitation/implications: These findings emphasize the need for targeted training and ethical reinforcement in audit environments. Future research should explore additional behavioral dimensions and expand the geographical scope to validate these results.
Risk Analysis of Management and Mitigation in Msmes: Roti Maryam Dinoyo Branch Chamila, Mulida Noer; Hikmah, Kholis Mufaidatul; Bastomi, Mohamad; Idris, Ahmad
Jurnal Cendekia Keuangan Vol 4 No 2 (2025): October
Publisher : Universitas Islam Kadiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32503/jck.v4i2.6787

Abstract

Introduction/Main Objectives: Micro, Small, and Medium Enterprises (MSMEs) have a strategic role in the Indonesian economy. However, MSMEs often face risk challenges that interfere with business continuity. Background Problems: One of the MSMEs that faces these challenges is Roti Maryam Dinoyo Branch which experiences internal risks such as machine damage, decreased quality of raw materials, and human resource and system risks. Novelty: This study highlights a holistic risk management approach in micro-scale MSMEs with specific case studies, offering risk mapping based on impact and probability, which is rarely done in MSMEs in the small food sector. Research Methods: This research uses a qualitative approach through observation and interviews with business actors. Data is reviewed to identify, evaluate, and mitigate the risks faced. Finding/Results: The results showed that the highest risk lies in running out of raw materials (red zones), while the intermediate risks include fluctuations in demand, decreased jam quality, and dependence on owners. Low risk is found in engine failure. Mitigation strategies include buffer stock, HR training, routine machine maintenance, and automated ordering systems. Conclusion: The implementation of effective risk management can improve operational efficiency and business sustainability, as well as reduce the negative impact of uncertainty. Risk evaluation is an important basis for decision-making and strategy formulation. Research limitation/implications: This study is limited to one MSME in one location and uses qualitative methods, so the generalization of results is still limited and requires a broader study on MSMEs in other sectors and regions for higher validity.
Fiscal Reconciliation of Commercial Financial Statements for Corporate Income Tax Calculation Arvianda, Vivi; Prasaja, Mukti; Wibawa, Koerniawan Dwi; Nurrohman, Aan Dwi
Jurnal Cendekia Keuangan Vol 4 No 2 (2025): October
Publisher : Universitas Islam Kadiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32503/jck.v4i2.6811

Abstract

Introduction/Main Objectives: This research aims to determine the amount of corporate income tax for PDAM Ngawi Regency in 2021 after fiscal reconciliation. Background Problems: There are several components in the financial statements, such as depreciation of fixed assets, representation fees, and meeting consumption costs that do not follow tax provisions. This creates a difference between commercial profit and fiscal profit, which impacts the calculation of taxes payable. Novelty: Using BUMD as an object provides a new perspective in implementing fiscal reconciliation in entities owned by local governments. Research Methods: This research uses descriptive quantitative research. The data sources used are secondary data. The data analysis technique uses steps to make fiscal adjustments to the profit and loss report. Calculate fiscal net income by multiplying it by the corporate income tax rate to calculate the tax payable. Compare the calculation of corporate income tax payable between commercial and fiscal. Finally, the tax owed will be calculated, the differences identified, and the contributing factors will be concluded. Findings/Results: The results of this research indicate that income and expenses must be corrected. The results of the fiscal reconciliation caused operating profit to decrease to (Rp 195.368.629) or experience a loss because there was a positive fiscal correction of Rp. 507.193.723 and a negative fiscal correction of Rp 1.121.201.671. The income tax owed by PDAM Ngawi Regency in 2021 is included in nil because it experienced a fiscal loss of Rp 195.368.629.396, which will be compensated in the following year. Conclusion: Fiscal reconciliation of commercial financial statements shows that differences in accounting treatment and tax provisions cause compensable fiscal losses, so it is important to adjust financial statements following tax regulations to maintain compliance and accuracy in calculating taxes payable. Research limitation/implications: Inconsistencies in accounting treatment may lead to errors in calculating taxes payable, potentially resulting in sanctions or fiscal losses.
Strengthening Financial Sustainability of SMEs Through Government Support: Evidence from the Border Region of Kuningan Hamzah, Amir; Rahmawati, Teti
Jurnal Cendekia Keuangan Vol 4 No 2 (2025): October
Publisher : Universitas Islam Kadiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32503/jck.v4i2.6988

Abstract

Introduction/Main Objectives: This study examines how government support moderates the effects of financial planning, financial record-keeping systems, and capital accessibility on the financial sustainability of Small and Medium Enterprises (SMEs) in the border regions of Kuningan Regency. These SMEs often face limited infrastructure and institutional access, making their financial resilience a critical issue. Background Problems: The research addresses the problem of limited financial sustainability among border-area SMEs by exploring the influence of internal financial practices and external institutional support. Novelty: While prior studies have examined SME financial performance, this research uniquely applies Institutional Theory to analyze how government support—as an institutional factor—affects the relationship between internal financial management and sustainability in border areas. Research Methods: A quantitative approach involving 114 SMEs from Kuningan’s border districts was used. Data were analyzed using Structural Equation Modeling with Partial Least Squares (SEM-PLS) to assess direct and moderating effects. Finding/Results: Financial planning, record-keeping, and access to capital significantly influence financial sustainability. Government support also positively moderates the link between financial record-keeping and sustainability, but does not consistently moderate other relationships. Conclusion: Financial sustainability in border SMEs is strongly influenced by internal financial practices and selectively supported by government intervention, emphasizing the need for more targeted policies. Research Limitation/Implications: The study is context-specific to Kuningan’s border areas, but it highlights the importance of strengthening financial capabilities and responsive institutional support to improve SME sustainability in similar peripheral regions.
Optimizing Tax and Production Efficiency: Strategic Cost Driver Analysis in Management Implementation Using Quantitative Assessment Sahara, Khasanah; Putri, Trianita Kusuma
Jurnal Cendekia Keuangan Vol 4 No 2 (2025): October
Publisher : Universitas Islam Kadiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32503/jck.v4i2.7027

Abstract

Introduction/Main Objectives: As a printing company in Kediri, CV. Surya Digital Printing needs to manage costs strategically to increase profitability and accurately meet tax obligations. This is very important for CV. Surya Digital Printing to increase profitability using the ABC system (Activity-Based Costing system). Background Problems: One of the main challenges is production cost efficiency and compliance with tax regulations. The company's profit is significant even though later with a large profit the tax payable is also significant the company is not harmed because with a cost driver the company's profit is indeed significant, the tax payable is also larger but the increase in profit is not as significant as the increase in tax payable. Novelty: This research offers a new approach by integrating cost driver analysis in the Activity-Based Costing (ABC) system to assess the efficiency of production costs and calculate their impact on the taxes owed by companies. Research Methods: The method used is descriptive, using data from 2022 and 2023. The analysis is carried out by identifying production activities, classifying costs based on activities, determining cost drivers, and calculating rates per unit cost driver to assess cost efficiency and calculate taxes payable. Finding/Results: The study results show that applying cost driver analysis resulted in production cost efficiency of IDR 3,292,313,428. This efficiency increased the company's net profit and increased the tax payable from IDR 235,634,151.50 to IDR 597,788,628.58. Although taxes increased, the profit increase was much more significant, so the company still made a larger net profit. Conclusion: Cost driver analysis has proven effective in reducing cost distortions and improving the accuracy of production cost allocation. Implementing this strategy improves operational efficiency and supports better tax compliance without incurring sanctions or fines. Research limitations/implications: This study is limited to analyzing cost drivers in production costs without further exploring labor costs and overhead.

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