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Jurnalku
Published by PT WIM Solusi Prima
ISSN : -     EISSN : 28089030     DOI : https://doi.org/10.54957/jurnalku.v2i4.300
Core Subject : Economy,
Economics, Econometrics & Finance
Jurnalku merupakan media penyebarluasan hasil penelitian di keuangan umum, termasuk, namun tidak terbatas pada topik ekonomi, bisnis, keuangan, manajemen, akuntansi, kebijakan publik, dan keuangan umum lainnya. Jurnalku terbit empat kali dalam setahun.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 5 Documents
 1 
Search results for , issue "vol 6 no 1 (2026)" : 5 Documents clear
The effect of corporate social responsibility disclosure, sales growth, and leverage on financial performance Ika Rahma Aulia; Akhmad Saebani
Jurnalku Vol 6 No 1 (2026)
Publisher : PT Wim Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jurnalku.v6i1.2051

Abstract

This research is a quantitative study which aims to examine the effect of corporate social responsibility disclosure, sales growth, and leverage, on financial performance of manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2022-2024 period. The background of this study is based on the importance of financial performance as an indicator of a company's success in managing resources, as well as the increasing attention to social responsibility practices and corporate funding policies. The research uses secondary data obtained through annual reports and sustainability reports from the manufacturing sector which are listed on the Indonesia Stock Exchange (IDX) in 2022-2024. The sampling criteria were selected using a purposive sampling method, resulting in 34 companies with 102 observational data points as research objects. Hypothesis testing in this study uses a panel data regression model. The research model is processed and tested using STATA 12. The results of this study are corporate social responsibility disclosure had no effect on financial performance, this finding indicates that CSR disclosure has not been able to directly increase the profitability of manufacturing companies during the observation period.  Sales growth had a significant positive effect on financial performance, indicating that increasing revenue from operational activities is a major factor in improving company profitability.Leverage had a significant negative effect on financial performance, indicating that high debt usage can increase interest expenses and financial risks, thereby suppressing company profits.
Unveiling the dynamics of sustainable financial markets: The role of issuer commitment, third-party verification, and regulation in the ESG alignment of green bonds Dewi Cahyani Pangestuti
Jurnalku Vol 6 No 1 (2026)
Publisher : PT Wim Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jurnalku.v6i1.2060

Abstract

Over the past decade, green bonds have emerged as a central instrument in sustainable finance markets, functioning as a strategic mechanism for advancing Environmental, Social, and Governance (ESG) objectives. However, their effective alignment with ESG goals remains constrained by regulatory heterogeneity, divergent investment criteria, and variations in the credibility of third-party verification systems. This study aims to identify the key determinants shaping the ESG alignment of green bonds and to comparatively evaluate their effectiveness relative to other sustainable financial instruments, particularly sustainability-linked bonds (SLBs) and social bonds. This research adopts a systematic literature review methodology based on Scopus-indexed publications from 2019 to 2025, applying thematic synthesis and comparative analysis across regions, regulatory contexts, and methodological approaches. The findings indicate that issuer sustainability commitment and credible third-party verification constitute the primary determinants of green bond credibility and pricing, as reflected in the yield discount phenomenon known as the greenium. Moreover, green bonds tend to prioritize the environmental dimension of ESG, whereas SLBs introduce more flexible, performance-based incentive mechanisms. Advanced regulatory frameworks and coherent sustainability taxonomies are shown to play a critical role in accelerating market maturity, strengthening investor confidence, and enhancing market scalability. The study underscores the importance of integrating issuer commitment, independent verification, and coordinated regulatory structures to reinforce the credibility, effectiveness, and long-term scalability of green bond markets in supporting the achievement of global ESG objectives.
Evaluation of the Capital Asset Pricing Model (CAPM) in assessing the risk and return of a single asset in the era of modern market volatility Ahmad Sodiq; Diana Ayuning Tyas; Meiriska Putri Fajri
Jurnalku Vol 6 No 1 (2026)
Publisher : PT Wim Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jurnalku.v6i1.2194

Abstract

This study aims to evaluate the relevance and accuracy of the Capital Asset Pricing Model (CAPM) in assessing the risk and return of individual assets in the era of modern post-pandemic market volatility. Rising global volatility due to the COVID-19 pandemic, geopolitical conflicts, high inflation, and monetary policy tightening has challenged the CAPM’s fundamental assumptions, which rely on beta stability and market efficiency. This study employs a descriptive approach through a review of recent literature (2021–2026) combined with quantitative analysis to demonstrate the deviation between CAPM-predicted returns and actual returns. The results indicate that the CAPM has significant limitations in explaining the returns of individual assets, particularly in volatile market conditions, as evidenced by a deviation of 6.69% between the expected return (15.09%) and the actual return (8.40%). These inaccuracies are caused by several key factors, namely time-varying beta, the failure of the assumption of a normal distribution of returns, and the influence of behavioral factors such as herding behavior, loss aversion, and market sentiment. Furthermore, the CAPM is deemed incapable of capturing the multidimensional complexity of risk that influences asset prices in modern markets. A comparison with alternative models shows that multifactor models such as the Fama-French model and the Arbitrage Pricing Theory (APT) offer better explanatory power in accounting for variations in asset returns. Nevertheless, the CAPM remains relevant as a basic conceptual framework and benchmark in financial analysis. Therefore, this study concludes that the CAPM is no longer adequate as a standalone model for single-asset valuation in an era of high volatility, necessitating a more comprehensive approach that integrates multifactor models and behavioral factors.
Macroeconomic analysis of financial distress with productivity as a moderating variable in the banking sector Sabas Damanik; Holiawati Holiawati; Rachmawati Rachmawati
Jurnalku Vol 6 No 1 (2026)
Publisher : PT Wim Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jurnalku.v6i1.2211

Abstract

This study aims to analyze the influence of macroeconomic variables consisting of inflation, interest rates, and economic growth on financial distress in the banking sector listed on the Indonesia Stock Exchange (IDX) for the 2020-2024 period, as well as examine the role of productivity, as a moderation variable. Financial distress is measured using the Altman Z-Score model, while productivity is proxied through the BOPO ratio. The research method used is a quantitative method with panel data regression analysis. The moderation effect test was carried out using the Moderated Regression Analysis (MRA) approach. In this study, the selection of banking samples was carried out using purposive sampling techniques with a sample of 23 companies listed on the Indonesia Stock Exchange as many as 23 banks. The results of this study show that inflation, interest rates, and economic growth together affect financial distress with the support of Signalling Theory. However, only interest rates have an influence on the distress financial variable, supported by Keynesian interest rate theory. Inflation and economic growth, on the other hand, have no effect, as supported by the Classical Neutrality of Money Theory, and Business Cycle Theory. In addition, the results of the moderation test showed that productivity was unable to moderate the relationship between independent variables (inflation, interest rates and economic growth), with financial distress according to Operating Efficiency Theory, which means that high productivity indicates large operational costs so that companies are unable to utilize productivity against distress risk. This set of results has substantial relevance for investors and policymakers.
Financial ratios and stock prices in Indonesian retail firms: A panel data analysis Supriyatto Surbakti; Kristian Pratama; Hendriko Iswahyudi
Jurnalku Vol 6 No 1 (2026)
Publisher : PT Wim Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jurnalku.v6i1.2071

Abstract

The volatility of Indonesian retail sector stock prices during the pandemic raises questions regarding the resilience of fundamental indicators in explaining price movements. This study examines the influence of Return on Assets (ROA), Debt to Equity Ratio (DER), and Total Asset Turnover (TATO) on the stock prices of 16 retail companies listed on the Indonesia Stock Exchange during the 2018–2022 period. The analytical technique employed in this study is panel data regression using EViews 12 software. The results indicate that ROA has a significant positive influence on stock price, whereas DER and TATO do not exert significant partial effects. Simultaneously, the three financial ratios collectively demonstrate a significant influence on stock price with an explanatory power of 11.4%. These findings suggest that amid market uncertainty, Indonesian retail investors continue to respond to profitability as the primary signal, while capital structure and operational efficiency play a limited role in determining stock prices within this sector.

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