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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 185 Documents
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Pengaruh profitabilitas, struktur modal dan kepemilikan manajerial terhadap nilai perusahaan Sofiarna, Yeni; Wahyuni, Widya Sri
Jurnalku Vol 5 No 4 (2025)
Publisher : PT Wim Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jurnalku.v5i4.1906

Abstract

The performance of an organization is influenced by various aspects. One of them is resource management. The researcher aims to examine the effect of profitability, capital structure and managerial ownership on firm value where firm size serving as a control variable. In this study, profitability, capital structure and managerial ownership act as independent variables while firm value serves as the dependent variable. Meanwhile, the control variable used is firm size. The research data are obtained from secondary financial reports for the period 2014–2018. The sample of the study consists of 164 manufacturing companies listed on the Indonesia Stock Exchange (IDX). The research findings reveal that profitability and capital structure have a positive and significant effect on firm value. However, managerial ownership and firm size are found to have no significant effect. Kinerja organisasi dipengaruhi oleh berbagai aspek, salah satunya adalah manajemen sumber daya. Peneliti mempunyai tujuan untuk mengkaji pengaruh profitabilitas, struktur modal, dan kepemilikan manajerial terhadap nilai perusahaan, dengan ukuran perusahaan sebagai variabel kontrol. Dalam meneliti , profitabilitas, struktur modal, dan kepemilikan manajerial berperan sebagai variabel independen, sedangkan nilai perusahaan dijadikan variabel dependen. Sementara itu, variabel control yang di gunakan yaitu ukuran perusahaan. Data penelitian bersumber dari laporan keuangan sekunder periode 2014–2018. Sampel dari penelitian melibatkan 164 perusahaan manufaktur yang terdata di BEI. Temuan penelitian mengungkapkan bahwa profitabilitas dan struktur modal berpengaruh positif serta signifikan terhadap nilai perusahaan. Namun, kepemilikan manajerial dan ukuran perusahaan terbukti tidak memiliki pengaruh signifikan.
Integrasi PSPK 1-2 dengan RPJMN 2025-2029: Analisis kebijakan pelaporan keberlanjutan di Indonesia Firmansyah, Amrie; Wibowo, Puji
Jurnalku Vol 5 No 4 (2025)
Publisher : PT Wim Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jurnalku.v5i4.1981

Abstract

Penelitian ini menelaah integrasi Pernyataan Standar Pelaporan Keberlanjutan (PSPK) 1 dan 2 dengan arah kebijakan pembangunan nasional sebagaimana tertuang dalam Rencana Pembangunan Jangka Menengah Nasional (RPJMN) 2025-2029 serta Agenda Sustainable Development Goals (SDGs) 2030. Kajian ini menggunakan pendekatan analisis isi (content analysis) terhadap tujuh dokumen utama, yaitu IFRS S1-S2, PSPK 1-2, RPJMN 2025-2029, UN Sustainable Development Cooperation Framework (UNSDCF) 2021-2025, Roadmap Keuangan Berkelanjutan Otoritas Jasa Keuangan, serta laporan OECD (2023) mengenai Policy Coherence for Sustainable Development. Hasil penelitian menunjukkan bahwa PSPK 1-2 telah mengadopsi prinsip utama pelaporan keberlanjutan global, yaitu value creation, resilience, dan risk management, yang selaras dengan prioritas pembangunan nasional, termasuk pengembangan ekonomi hijau, penguatan ketahanan iklim, dan peningkatan tata kelola pembangunan berbasis data. Ketiga prinsip tersebut membentuk kerangka integrasi antara pelaporan korporasi dan kebijakan publik, di mana pelaporan keberlanjutan tidak hanya berfungsi sebagai instrumen akuntabilitas entitas, tetapi juga sebagai sumber informasi pendukung bagi perumusan kebijakan berbasis bukti (evidence-based policy). Penelitian ini menegaskan bahwa pelaporan keberlanjutan tidak semata-mata merupakan kewajiban kepatuhan regulasi, melainkan bagian dari mekanisme tata kelola yang mendukung transparansi dan akuntabilitas pembangunan. Secara praktis, penelitian ini merekomendasikan penguatan koordinasi antara Ikatan Akuntan Indonesia (IAI) dan Otoritas Jasa Keuangan (OJK) dalam memastikan kualitas dan keterbandingan pelaporan keberlanjutan berbasis PSPK 1-2, sehingga informasi yang terkandung dalam laporan keuangan dan laporan keberlanjutan entitas dapat dimanfaatkan oleh pembuat kebijakan sebagai bahan pendukung pemantauan pembangunan dan evaluasi pencapaian SDGs.
Pengaruh pengungkapan emisi karbon dan kinerja keuangan terhadap nilai perusahaan dengan kinerja lingkungan sebagai pemoderasi Aghitsna Nur Fadiyah; Yongky Rangga Yuda Nugraha
Jurnalku Vol 5 No 4 (2025)
Publisher : PT Wim Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jurnalku.v5i4.2011

Abstract

This quantitative research aims to examine the impact of carbon emission disclosure and financial performance on firm value, with environmental performance acting as a moderating variable. The study utilizes secondary data collected from the annual and sustainability reports of manufacturing companies listed on the Indonesia Stock Exchange during 2022–2024. Purposive sampling was employed to select 59 companies as the research sample. Panel data analysis was conducted using STATA 14. The findings indicate that carbon emission disclosure does not influence firm value, financial performance has no effect on firm value, environmental performance does not moderate the relationship between carbon emission disclosure and firm value, whereas environmental performance is able to moderate the effect of financial performance on firm value.
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.
Evaluation of management control systems in the context of post-merger integration : Case study of PT XLSMART Telecom Sejahtera Tbk in 2025 Putrie Cynthia Ichwan; Hari Purnomo
Jurnalku Vol 6 No 2 (2026)
Publisher : PT Wim Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jurnalku.v6i2.2269

Abstract

This study analyzes the effectiveness of PT XLSMART Telecom Sejahtera Tbk (EXCL)'s management control system in 2025, the first year after the merger between XL Axiata and Smartfren. Using a document analysis approach to four primary data sources, namely the Audited Consolidated Financial Statements, Integrated Annual Reports, Business Sustainability Reports, and the 2025 ESG Report. This study evaluates the management control system through two main theoretical frameworks, namely Simons' Levers of Control and Malmi & Brown's. The findings show that amidst 23.4% revenue growth to IDR 42.45 trillion and the realization of merger synergies of USD 252 million, the company recorded a net loss of IDR 4.41 trillion due to a 45.6% surge in depreciation costs, scattered integration costs, and a dividend policy that is not aligned with actual financial conditions. Meanwhile, the non-financial dimensions show consistent strength. This study concludes that PT XLSMART's management control system experienced symmetric failure because the formal control systems (cybernetic and diagnostic) were inadequate for the complexity of post-merger costs, while cultural and boundary controls functioned effectively. Recommendations are directed at improving the management control system architecture to make it more adaptive to the post-merger transformation phase.
The accountability paradox of the financial services authority following Law Number 4 of 2023: Between strengthened capital market supervisory powers and the elimination of public access to administrative courts Adi Suranta Ginting; Faryanti Tjandra; Yuni Eliani; Gilbert Marcelino Hasudungan Gultom; Sebastianus Maryono; Novalia Andriati Br Hombing Lbt; Paltiada Saragi
Jurnalku Vol 6 No 2 (2026)
Publisher : PT Wim Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jurnalku.v6i2.2287

Abstract

Law Number 4 of 2023 on Financial Sector Development and Strengthening (P2SK Law) constitutes the most comprehensive financial law reform in Indonesian history. While significantly expanding the authority of the Financial Services Authority (OJK) over capital market supervision, the law simultaneously creates a profound accountability paradox: Article 45A establishes that all OJK decisions and actions are exempt from judicial review by the State Administrative Court (PTUN). This article examines the paradox through three research questions: first, whether Article 45A contravenes the principle of due process of law and the General Principles of Good Governance (AAUPB); second, whether the newly established OJK Supervisory Board can adequately substitute the removed PTUN access; and third, what constitutes an ideal accountability mechanism for OJK consistent with good governance principles without compromising investor protection in capital markets. Employing normative legal research with statutory, conceptual, and case approaches, this article finds that the closure of PTUN access violates the rule of law principle enshrined in Article 1(3) of the 1945 Constitution. The OJK Supervisory Board in its current form is insufficient as a substitute. This article recommends transforming the OJK Supervisory Board into an independent quasi-judicial tribunal as a short-term priority, with selective restoration of PTUN access as a long-term measure.
A plate of hope, a thousand challenges: An analysis of the implementation of The Free Nutritious Meals (MBG) program in Indonesia Muhammad Yasar; Nanang Suparman
Jurnalku Vol 6 No 2 (2026)
Publisher : PT Wim Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jurnalku.v6i2.2293

Abstract

The Free Nutritious Meal (Makan Bergizi Gratis/MBG) program is the flagship policy of the Prabowo administration aimed at improving nutrition, reducing stunting, and building national human capital. With an enormous budget and tens of millions of beneficiaries, the program is a strategic intervention, yet its implementation has faced serious challenges, including food-poisoning incidents, uneven distribution, budget controversies, and overlapping objectives. This study analyzes the implementation of the MBG policy in Indonesia using Van Meter and Van Horn's policy implementation model, which encompasses six key variables: policy standards and objectives, resources, the characteristics of implementing agencies, inter-organizational communication, the disposition of implementers, and the economic, social, and political environment. The research applies a qualitative descriptive approach with a literature review method, drawing on peer-reviewed journals, official regulations, government data, and credible reports, analyzed through content analysis and source triangulation. The findings indicate that the MBG program rests on a strong rationale and adequate political support, but its implementation effectiveness is constrained by ambiguous objectives, resource and supply-chain limitations, weak inter-agency coordination, and food-safety risks. The study concludes that the success of MBG depends less on the size of its budget than on the quality of its governance, and recommends sharpening objectives, strengthening multi-stakeholder coordination, reinforcing food-safety standards, and grounding the program in evidence-based, locally rooted approaches.

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