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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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Analysis of deforestation control policy in Indonesia in supporting sustainable development Adam Ali Muhammad Al Bantani; 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.v6i2.2294

Abstract

Deforestation control policy in Indonesia remains ineffective despite having a comprehensive normative framework, with a 66% increase in deforestation in 2025 to 433,751 hectares hindering the achievement of SDG 13 and SDG 15. This study aims to analyze the effectiveness of deforestation control policy in Indonesia in supporting sustainable development, focusing on implementation factors and contribution to SDG targets. The research employs a literature review approach with content analysis and thematic analysis techniques on secondary data from SINTA journals, KLHK reports, BPS, FAO, UNEP, World Bank, and government regulations from 2015-2025. Results show that policy implementation faces five structural barriers: weak coordination among 12 ministries/institutions (score 45.2/100), overlapping permits covering 15.2 million hectares, unbalanced economic incentives (regions receive 80% mining tax, 30% palm oil tax, only 5-10% forest conservation), limited supervision (ratio 1:99,200 hectares), and limited community participation (35% active monitoring, 10% indigenous territories legally recognized). Deforestation emissions in 2024 reached 194 million tons CO2e exceeding the NDC target of 152.3 million tons CO2e. The study recommends policy reform through establishing a National Deforestation Control Agency under the President, canceling 2.8 million hectares of mining permits in protected forests, increasing forest conservation regional revenue sharing to 25%, recruiting 3,000 additional forest supervisors, and designating 2.9 million hectares of indigenous territories to achieve sustainable development targets.
The paradox of regional investment in regional-owned enterprises: Implications of capital participation for local own-source revenue and the strategic role of internal auditors - evidence from regional-owned enterprises in Central Sulawesi Province Naela Zaqiyatul Misqiyah; Nural Achmad Raainaa
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.v6i2.2299

Abstract

Regional government officials are often confronted with a contradiction between high levels of government investment and the limited financial returns generated for Local Own-Source Revenue (PAD). This phenomenon reflects a gap between the objective of regional capital participation as an instrument for strengthening the local economy and the reality of the still-low contribution of Regional-Owned Enterprises (BUMD) to regional revenue. This qualitative study, employing a literature review approach, aims to examine the anomaly of capital capitalization in BUMD within Central Sulawesi Province and to formulate the role of internal auditors in addressing this issue. The analysis was conducted through a review of regional government financial statements, BUMD capital participation and dividend data, relevant regulations, and various literature related to regional corporate governance and internal auditing. The explanatory findings indicate that BUMD have not yet been able to formulate a rigid and sustainable business model and have failed to optimize public value following capital injections. This condition is reflected in the low contribution of dividends to PAD, the high dependence on a single productive BUMD entity, and the existence of regional enterprises that continue to incur losses despite receiving significant capital support from the regional government. This situation indicates weak implementation of corporate governance, an unclear business direction, and the still-limited effectiveness of oversight mechanisms. To address this governance urgency, internal auditors occupy a strategic position as catalysts for organizational change. The acceleration of BUMD performance can be achieved through the establishment of a structured intervention model encompassing diagnostic audits, governance assessments, business feasibility reviews, performance monitoring systems, and strategic recommendations. This model is expected to encourage the transformation of BUMD from a fiscal burden into creators of sustainable economic value for the region.
Alignment of regional tax revenue administration business process with standard operating procedures: A case study of East Surabaya Samsat Nural Achmad Raainaa
Jurnalku Vol 6 No 3 (2026)
Publisher : PT Wim Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jurnalku.v6i3.2312

Abstract

To achieve optimal management of regional tax revenues, a structured administration process is required that complies with applicable regulations. Regional tax revenue administration encompasses a series of activities, from receipt, recording, and payment to reporting and accountability for tax revenues. The entire process must be implemented based on established Standard Operating Procedures (SOPs) to ensure uniformity in task execution, minimize administrative errors, and increase organizational effectiveness and efficiency. This study aims to analyze the compliance of regional tax revenue administration business processes with Standard Operating Procedures (SOPs) and identify remaining weaknesses in regional tax revenue management. The study employed a qualitative descriptive approach, with data collection techniques including observation, interviews, and documentation. Data analysis was conducted through data reduction, data presentation, and conclusion drawing. The results indicate that regional tax revenue administration business processes, including revenue administration, deposits, and reporting and accountability, have been implemented in accordance with applicable SOPs. However, several operational adjustments were identified in practice to address technical challenges without compromising the principles of accountability and transparency. Furthermore, the study identified several weaknesses, including suboptimal digitalization of administration and limited human resources in several operational functions. These findings indicate that the implementation of SOPs has supported the effectiveness of regional tax revenue management, but improvements are still needed through strengthening digital systems and optimizing human resources to enhance efficiency, transparency, and the quality of regional tax revenue governance.
The role of ownership structure as a moderating variable in the relationship between fundamental factor and firm value in companies in the property development and operations subsector Mimi Jamilah; Rachmawaty Rachmawaty; Sri Retnaning Sampuraningsih
Jurnalku Vol 6 No 3 (2026)
Publisher : PT Wim Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jurnalku.v6i3.2317

Abstract

This study aims to examine the influence of fundamental financial factors on firm value and to investigate the moderating role of managerial ownership in the relationship between liquidity, profitability, solvency, and firm value. The research employs a quantitative approach using panel data regression analysis. Secondary data were collected from the annual reports of companies operating in the property development and operation sub-sector listed during the 2018–2024 period. The sample was selected using a purposive sampling technique, resulting in nine eligible companies with a total of 63 firm-year observations. Firm value was analyzed as the dependent variable, while liquidity, profitability, and solvency served as the independent variables. Managerial ownership was incorporated as a moderating variable to evaluate its ability to strengthen or weaken the relationship between financial fundamentals and firm value. The empirical findings indicate that, collectively, liquidity, profitability, and solvency have a statistically significant effect on firm value. However, the partial test reveals that each of these financial indicators does not individually exert a significant influence on firm value. Furthermore, the moderation analysis demonstrates that managerial ownership significantly moderates the relationship between liquidity, profitability, and solvency and firm value. These findings suggest that managerial ownership plays an important governance role by aligning management and shareholder interests, thereby enhancing the effectiveness of financial performance in influencing firm value. The study contributes to the literature on corporate finance and corporate governance by highlighting the importance of ownership structure in strengthening the relationship between financial fundamentals and firm value.
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.

Page 19 of 19 | Total Record : 185

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