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Jurnal Management Risiko dan Keuangan
Published by Universitas Brawijaya
ISSN : 29640695     EISSN : 29640695     DOI : -
Core Subject : Science,
Decision Sciences, Operations Research & Management
Publish all forms of quantitative and qualitative research articles and other scientific studies related to the field of Risk Management and Finance.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Strategi dan Menejemen
Articles 10 Documents
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Search results for , issue "Vol. 4 No. 3 (2025)" : 10 Documents clear
Analysis of the Financial Ratios and Free Cash Flow of Telecommunication Subsector Companies Rabbani, Usamah Jundi; Wijayanti, Risna
Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.3.10

Abstract

The urgency of this research is to measure and understand the financial health of telecommunications subsector companies. The objective of this research is to analyze the financial performance of telecommunications subsector companies based on their cash flows and financial ratios. This descriptive research considers the current situations without making observations and statistical calculations. The population is 22 companies; 4 of them were selected as the sample through purposive sampling technique. This research uses secondary data obtained from the annual financial reports of telecommunications subsector companies listed on the IDX during the 2018-2022 period. The analysis was performed on the companies’ free cash flows and financial ratios. This research finds that the telecommunications subsector companies have both positive and negative free cash flows. Their financial performance, based on the liquidity ratio, is sub-optimal because it is still below the industry’s standards. Then, the financial performance based on the solvency ratio is unsatisfactory because it exceeds industry’s standard limits. Regarding the financial performance based on profitability ratios, some companies are excellent, but there are also companies with poor performance because their profitability ratio is lower than the industry’s standards. Finally, the financial performance based on activity ratios is not quite good because it is still below the industry’s standards.   Abstrak Penelitian ini memiliki urgensi untuk mengukur dan memahami kesehatan finansial perusahaan subsektor telekomunikasi Penelitian ini bertujuan untuk menganalisis kinerja keuangan perusahaan subsektor telekomunikasi berdasarkan analisis arus kas dan analisis rasio keuangan. Jenis penelitian ini adalah deskriptif untuk melihat gambaran atau keadaan yang sedang terjadi tanpa adanya observasi dan perhitungan secara statistika. Populasi dalam penelitian ini berjumlah 22 perusahaan dengan sampel berjumlah 4 perusahaan yang diambil menggunakan purposive sampling. Penelitian ini menggunakan data sekunder yang diperoleh dari laporan keuangan tahunan perusahaan subsektor telekomunikasi di BEI periode 2018-2022. Analisis data yang digunakan pada penelitian ini adalah analisis free cash flow dan rasio keuangan. Hasil penelitian menunjukkan terdapat perusahaan subsektor telekomunikasi dengan free cash flow positif dan negatif. Kinerja keuangan berdasarkan rasio likuiditas masih kurang baik karena berada dibawah standar industri. Kinerja keuangan berdasarkan Rasio solvabilitas masih kurang baik karena melebihi batas standar industri. Kinerja keuangan berdasarkan rasio profitabilitas terdapat perusahaan subsektor telekomunikasi yang memiliki kinerja yang baik, namun terdapat juga perusahaan subsektor telekomunikasi yang kinerjanya kurang baik karena berada dibawah standar industri. Kinerja keuangan berdasarkan rasio aktivitas masih kurang baik karena masih berada di bawah standar industri.
Analysis of the Effect of Financial Performance Before and After the Implementation of the Harmonization of Tax Regulations Negara, Noor Adi Sukma; Handrito, Radityo Putro
Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.3.09

Abstract

The objective of this research is to analyze the effects of financial performance based on the aspects of liquidity (current ratio), activity (receivable turnover and inventory turnover), solvability (debt-to-equity ratio and return on equity), and profitability (operating profit margin and net profit margin) before and after the application of Tax Regulation Harmonization Law (UU HPP) in cigarette subsector companies listed on the IDX. This quantitative study uses secondary data in the form of the financial statements of five companies from 2021 to 2022 published in the Indonesia Stock Exchange. The results of the statistical descriptive analysis performed in IBM SPSS version 24 indicate that the aspects of liquidity (current ratio), activity (receivable turnover and inventory turnover), solvability (debt-to-equity ratio and return on equity), and profitability (operating profit margin and net profit margin) have no significant impact after the application of the Tax Regulation Harmonization Law (UU HPP).
Profitability and Efficiency Analysis to Measure the Impact of Fintech on The Financial Performance of Regional Development Banks Pardede, Vivaldi Wijaya; Champaca, Mychelia
Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.3.01

Abstract

The development of digital technology has driven significant transformation in the financial industry, especially with the emergence of financial technology (fintech) companies that have become serious competitors for conventional financial institutions. In Indonesia, online lending-based fintech is increasingly in demand, posing challenges to the profitability and efficiency of banks, including Regional Development Banks (BPD). This study aims to determine the differences in BPD financial performance before and during the presence of fintech, in terms of the Return on Asset (ROA), Return on Equity (ROE), Net Interest Margin (NIM), and Operating Expenses to Operating Income (BOPO) ratios. This study uses a comparative quantitative approach with a sample of 7 BPDs selected through area sampling techniques from a total population of 24 conventional BPDs. Data were taken from financial reports for the periods 2013–2016 (before fintech) and 2017–2020 (during fintech). The analysis was carried out using the Wilcoxon Signed Rank Test with the help of STATA software, because the data was not normally distributed. The results showed that ROA, ROE, and NIM experienced significant differences between the two periods, while BOPO did not show any significant differences. This finding indicates that the presence of fintech has an impact on profitability, but not on operational efficiency. This study provides an empirical contribution in seeing the impact of fintech on the financial performance of regional banks and can be a basis for regulators and management in formulating financial technology adaptation strategies in the future.
The Effects of Financial Technology, Financial Attitude, and Financial Literacy on Financial Management Behaviors Putri, Intan Uriana; Aisjah , Siti
Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.3.06

Abstract

In the modern era characterized by economic complexity and rapid technological advances, an individual's ability to manage finances becomes very crucial. The objective of this quantitative research is to analyze the impacts of financial technology, financial attitudes, and financial literacy on the financial management behaviors. The objects are undergraduate students of Universitas Brawijaya. This research uses a quantitative approach with multiple linear regression analysis methods. The data of this harvested from 5-point Likert-scaled closed questionnaires. The sample used in this research was 100 respondents with the criteria of being undergraduate students of Universitas Brawijaya batches of 2021 and 2022, still in the age range of 17-25 years, and having used financial technology products at least 2 products. The results of the multiple linear regression analysis indicate that the three independent variables positively influence the students’ financial management behavior. This research shows that increasing financial literacy, forming positive financial attitudes, and wise use of financial technology can encourage healthier financial management behavior among students.  
Comparison of Accuracy Levels in Financial Distress Prediction Models using Altman Z-Score, Zmijewski, and Springate Sutardjo, Abdul Wahid; Andarwati
Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.3.08

Abstract

This study aims to determine the accuracy rate of potential financial distress using three financial distress prediction models (Altman Z-Score, Zmijewski, Springate) to predict financial distress for E512 sector tourism companies (hotels, resorts, and cruise ships) listed on the Indonesia Stock Exchange for 2019-2023. This type of research is descriptive quantitative. The data source used in this study is secondary data. The findings from the study show that Zmijewski's model outperforms the other two models with an accuracy rate of 93.3% in estimating financial distress. On the other hand, the accuracy of the Altman Z-Score model is at a moderate level with a rate of 46%, followed by the Springate model which is the lowest with an accuracy rate of 8% each. The conclusion reached by this study is that the Zmijewski model is the instrument with the highest percentage of accuracy and can be recommended for estimating the financial difficulties of tourism companies. However, the output of this study can only be recommended as a warning signal and not a definitive bankruptcy forecast. The results of this study are likely to provide insight into the evaluation of investors, creditors, and stakeholders on the financial condition of E512 (Hotels, Resorts, & Cruise) tourism companies listed on the Indonesia Stock Exchange.
Governance Mechanisms, Ownership Dynamics, and Capital Structure Determinants Mochamad Rizky Pratama; Ratnawati, Kusuma
Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.3.05

Abstract

This study aims to analyze the influence of corporate governance and ownership structure on the capital structure of infrastructure sector companies listed on the Indonesia Stock Exchange. It is motivated by the fact that 57% of companies in this sector face capital structure problems due to economic uncertainty and the Covid-19 pandemic. This is reflected in the relatively high Long-Term Debt-to-Equity Ratios; some companies even exceed a value of 1, indicating a greater reliance on long-term debt than equity. The study sample consists of 21 infrastructure sector companies observed over a five-year period. Data analysis using SPSS 29 shows that corporate governance, proxied by the size of the board of directors and the independent board of commissioners, has a significant positive effect on capital structure. However, the variable proxied by CEO duality has an insignificant negative effect. Meanwhile, ownership structure, proxied by managerial ownership, has a significant negative effect on capital structure, and ownership concentration has an insignificant negative effect. This study makes a significant contribution by demonstrating that sound corporate governance policies and ownership structures can influence capital structure decisions in the management of infrastructure sector companies.
Rethinking Debt Strategies: How Profits, Women’s Representation, and Politics Shape Corporate Leverage Pandito, Muhammad Tora Bhanu; Nurmasari, Nuraini Desty
Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.3.03

Abstract

This study aims to investigate how profitability, women’s representation on boards of commissioners and directors, and political connections influence the financial leverage of manufacturing companies listed on the Indonesia Stock Exchange (IDX). Indonesia’s manufacturing sector faces significant financial risks, with about 52% of companies having Debt-to-Equity Ratios above 1.0, indicating a heavy reliance on external financing. Furthermore, inconsistent findings in previous research across different contexts highlight the need for deeper investigation, as the relationships between these factors may depend on industry-specific conditions. Using a quantitative and explanatory research design, this study analyzes panel data from 115 manufacturing companies on the IDX between 2018 and 2022 with a Common Effect Model in Stata MP 17. The results show that profitability has a significant negative effect on leverage, while women’s representation on boards and political connections have negative but not statistically significant effects. By resolving these inconsistencies, this research provides valuable and practical insights for companies, investors, and scholars who want to better understand the complex factors that shape financial leverage decisions in Indonesia’s manufacturing sector.
Lean Manufacturing Assessment to Reduce Waste in Calendar Manufacturing Using Kanban System Athallah, Panji; Pradana, Bayu Ilham
Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.3.07

Abstract

Lean manufacturing is a resource-optimizing method used by companies to maximize productivity and minimize was. One of the instruments in the method is the Kanban system, which offers various usefulness in operational management. The objective of this study is to analyze the production process at PT Libies Media Grafika; the result of which will be used to provide improvement recommendations. The data of this quantitative descriptive applied research was harvested via interviews, document studies, and direct observations to the company. The results of the interviews and observations indicate that there are several activities identified as waste; they are waste waiting in the material lift-up activities during the printing phase, material transport during the quality control phase, and waste defect such as paint bleeding and glue peeling. This study also finds that the application of Kanban system can eliminate waste, which increased the total value-added ratio in the company’s production process from 53.47% to 55.19%.
Uncovering the Impact of Leverage, Liquidity, and Firm Size on Infrastructure Firms’ Profitability Wahyudi, Haris; Sumiati
Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.3.04

Abstract

The infrastructure sector is one of the national development priority sectors that has experienced significant growth, both in terms of investment and economic output, as reflected in the upward trend of the sector's real GDP since 2021. However, amid this growth, the financial performance of companies in the infrastructure sector has shown a fluctuating trend and has not fully recovered, particularly when viewed through profitability indicators such as Return on Assets (ROA), which remains lower compared to the average of all sectors listed on the Indonesia Stock Exchange (IDX). This study aims to examine and analyze the effect of leverage, liquidity, and firm size on profitability in infrastructure sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019-2023 period. This research uses a quantitative approach. The data utilized are secondary data in the form of financial statements from infrastructure sector companies listed on the IDX during 2019-2023 and information from each company’s official website. The sampling method used is census sampling with predetermined criteria, resulting in a sample of 22 companies. The analysis method employed is multiple linear regression using SPSS version 27. After conducting classical assumption tests, 3 companies were excluded as outliers, leaving 18 companies for the multiple linear regression analysis. The results show that leverage and liquidity have a significant effect on profitability, while firm size does not have a significant effect on profitability. Theoretically, this research supports the capital structure theory and the trade-off theory. Abstrak: Sektor infrastruktur merupakan salah satu sektor prioritas pembangunan nasional yang mengalami pertumbuhan signifikan, baik dari sisi investasi maupun output ekonomi, sebagaimana tercermin dalam tren peningkatan PDB riil sektor ini sejak 2021. Namun, di tengah pertumbuhan tersebut, kinerja keuangan perusahaan di sektor infrastruktur justru menunjukkan tren fluktuatif dan belum sepenuhnya pulih, terutama dilihat dari indikator profitabilitas seperti ROA yang masih lebih rendah dibandingkan rata-rata seluruh sektor di BEI. Penelitian ini bertujuan untuk menguji dan menganalisis pengaruh Leverage, Likuiditas, dan Ukuran perusahaan terhadap Profitabilitas pada perusahaan sektor infrastruktur yang terdaftar di BEI periode tahun 2019-2023. Jenis penelitian yang digunakan adalah penelitian kuantitatif. Data yang digunakan dalam penelitian ini adalah data sekunder berupa laporan keuangan perusahaan sektor infrastruktur yang terdaftar di BEI periode tahun 2019-2023 dan masing-masing website perusahaan. Pemilihan sampel menggunakan metode sampel sensus atau sampling jenuh dengan kriteria yang sudah ditentukan sehingga diperoleh sampel sebanyak 22 perusahaan. Metode analisis yang digunakan ialah analisis regresi linier berganda dengan bantuan program SPSS versi 27. Terdapat pengurangan sampel sebanyak 3 perusahaan (sebagai oulier) atas hasil uji asumsi klasik sehingga jumlah sampel menjadi 18 perusahaan yang dilakukan analisis regresi linier berganda. Hasil penelitian menunjukkan bahwa Leverage dan Likuiditas berpengaruh signifikan terhadap profitabilitas, sedangkan, Ukuran perusahaan tidak berpengaruh signifikan terhadap profitabilitas. Penelitian ini secara teoritis mendukung teori struktur modal, serta teori trade-off.
Profitability, Leverage, and Firm Size: Their Impact on Stock Price of Property and Real Estate Companies Listed on IDX Harits, Abdul Gamal; Djazuli, Atim
Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.3.02

Abstract

This study aims to examine and analyze the influence of profitability, leverage, and firm size on stock price. Out of 94 property and real estate companies listed on the Indonesia Stock Exchange from 2020 to 2023, 21 were selected as samples using purposive sampling, resulting in 84 observations. In this study, profitability is measured by Return on Assets, leverage by Debt-to-Equity Ratio, and firm size by total assets. The quantitative data, in the form of numerical figures, were obtained from secondary sources through the official website of the Indonesia Stock Exchange. The results of the multiple linear regression analysis show that (1) profitability has an insignificant effect on stock price, (2) leverage has a significant effect on stock price, and (3) firm size has a significant effect on stock price.

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