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<![CDATA[Analysis of the Financial Ratios and Free Cash Flow of Telecommunication Subsector Companies ]]>
<![CDATA[Rabbani, Usamah Jundi]]>;
<![CDATA[Wijayanti, Risna]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2025.04.3.10
<![CDATA[Purpose – This study aims to analyze the financial performance of telecommunications subsector companies based on free cash flows and financial ratios to assess their financial health. Design/methodology/approach – This descriptive quantitative study uses secondary data from the annual financial statements of telecommunications subsector companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period. Four companies were selected from a population of 22 using purposive sampling. Financial performance was evaluated through free cash flow analysis and liquidity, solvency, profitability, and activity ratios. Findings – The results indicate that the sampled companies exhibit both positive and negative free cash flows. Liquidity performance remains below industry standards, while solvency ratios exceed the recommended thresholds, indicating relatively high financial risk. Profitability performance varies across companies, with some achieving satisfactory results and others performing below industry standards. In addition, activity ratios generally remain below industry benchmarks, reflecting suboptimal operational efficiency. Originality/value – This study provides a comprehensive assessment of the financial health of Indonesia’s telecommunications subsector by integrating free cash flow analysis with financial ratio evaluation, offering useful insights for investors, managers, and other stakeholders.]]>
<![CDATA[Analysis of the Effect of Financial Performance Before and After the Implementation of the Harmonization of Tax Regulations ]]>
<![CDATA[Negara, Noor Adi Sukma]]>;
<![CDATA[Handrito, Radityo Putro]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2025.04.3.09
<![CDATA[Purpose – This study aims to analyze differences in the financial performance of cigarette subsector companies before and after the implementation of the Tax Regulation Harmonization Law (UU HPP), based on liquidity, activity, solvency, and profitability ratios. Design/methodology/approach – This quantitative study uses secondary data from the financial statements of five cigarette subsector companies listed on the Indonesia Stock Exchange for the 2021–2022 period. Financial performance was evaluated using the current ratio, receivable turnover, inventory turnover, debt-to-equity ratio, return on equity, operating profit margin, and net profit margin. Data were analyzed using descriptive statistics with IBM SPSS version 24. Findings – The results indicate that the implementation of the Tax Regulation Harmonization Law (UU HPP) does not lead to significant changes in liquidity, activity, solvency, or profitability. None of the examined financial ratios show a statistically significant difference before and after the enactment of the regulation. Originality/value – This study provides empirical evidence on the short-term financial impact of the Tax Regulation Harmonization Law (UU HPP) on Indonesia’s cigarette subsector, contributing to the literature on taxation policy and corporate financial performance.]]>
<![CDATA[Profitability and Efficiency Analysis to Measure the Impact of Fintech on The Financial Performance of Regional Development Banks ]]>
<![CDATA[Pardede, Vivaldi Wijaya]]>;
<![CDATA[Champaca, Mychelia]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2025.04.3.01
<![CDATA[Purpose – This study aims to examine the differences in the financial performance of Regional Development Banks (BPDs) before and during the emergence of financial technology (fintech), as measured by Return on Assets (ROA), Return on Equity (ROE), Net Interest Margin (NIM), and Operating Expenses to Operating Income (BOPO). Design/methodology/approach – This study employs a comparative quantitative approach using area sampling to select seven Regional Development Banks from a population of 24 conventional BPDs. Secondary data were obtained from financial statements covering the periods 2013–2016 (before fintech) and 2017–2020 (during fintech). The Wilcoxon Signed Rank Test was performed using STATA software due to the non-normal distribution of the data. Findings – The results indicate significant differences in ROA, ROE, and NIM between the periods before and during the emergence of fintech. However, no significant difference is found in BOPO. These findings suggest that fintech has affected bank profitability but has not significantly influenced operational efficiency. Originality/value – This study provides empirical evidence on the impact of fintech development on the financial performance of Regional Development Banks in Indonesia, offering insights for bank management and regulators in developing adaptive strategies to address technological disruption in the financial sector.]]>
<![CDATA[The Effects of Financial Technology, Financial Attitude, and Financial Literacy on Financial Management Behaviors ]]>
<![CDATA[Putri, Intan Uriana]]>;
<![CDATA[Aisjah , Siti]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2025.04.3.06
<![CDATA[Purpose – This study aims to analyze the effects of financial technology, financial attitudes, and financial literacy on the financial management behavior of undergraduate students at Universitas Brawijaya. Design/methodology/approach – This quantitative study uses a multiple linear regression approach. Primary data were collected through closed-ended questionnaires measured on a five-point Likert scale. The sample consists of 100 undergraduate students from the 2021 and 2022 cohorts of Universitas Brawijaya, aged 17–25 years, who had used at least two financial technology products. Findings – The results indicate that financial technology, financial attitudes, and financial literacy each have a positive effect on students’ financial management behavior. These findings suggest that greater financial literacy, positive financial attitudes, and the prudent use of financial technology promote healthier financial management practices. Originality/value – This study integrates technological, behavioral, and financial knowledge factors to explain financial management behavior among university students, providing insights for financial education and digital financial service development.]]>
<![CDATA[Comparison of Accuracy Levels in Financial Distress Prediction Models using Altman Z-Score, Zmijewski, and Springate ]]>
<![CDATA[Sutardjo, Abdul Wahid]]>;
<![CDATA[Andarwati]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2025.04.3.08
<![CDATA[Purpose – This study aims to evaluate the accuracy of three financial distress prediction models—Altman Z-Score, Zmijewski, and Springate—in predicting financial distress among E512 tourism sector companies (hotels, resorts, and cruise ships) listed on the Indonesia Stock Exchange during the 2019–2023 period. Design/methodology/approach – This research employs a descriptive quantitative approach using secondary data from E512 tourism companies listed on the Indonesia Stock Exchange. The predictive performance of the Altman Z-Score, Zmijewski, and Springate models was compared based on their accuracy in estimating financial distress. Findings – The results show that the Zmijewski model achieves the highest prediction accuracy at 93.3%, outperforming the Altman Z-Score model (46%) and the Springate model (8%). These findings indicate that the Zmijewski model is the most reliable tool for identifying potential financial distress in tourism companies, although it should be used as an early warning indicator rather than a definitive bankruptcy prediction. Originality/value – This study provides a comparative evaluation of three widely used financial distress prediction models in Indonesia's tourism sector, offering practical guidance for investors, creditors, and other stakeholders in assessing corporate financial health.]]>
<![CDATA[Governance Mechanisms, Ownership Dynamics, and Capital Structure Determinants ]]>
<![CDATA[Mochamad Rizky Pratama]]>;
<![CDATA[Ratnawati, Kusuma]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2025.04.3.05
<![CDATA[Purpose – 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 (IDX). Design/methodology/approach – This quantitative study examines 21 infrastructure sector companies over a five-year period. Data were analyzed using SPSS version 29. Corporate governance is proxied by board size, the proportion of independent commissioners, and CEO duality, while ownership structure is represented by managerial ownership and ownership concentration. Findings – The results show that board size and the proportion of independent commissioners have a significant positive effect on capital structure. CEO duality has a negative but insignificant effect. Managerial ownership has a significant negative effect on capital structure, whereas ownership concentration has a negative but insignificant effect. Originality/value – This study contributes to the corporate finance and governance literature by demonstrating how corporate governance mechanisms and ownership structure influence capital structure decisions in Indonesia’s infrastructure sector, particularly in the context of post-pandemic financial challenges.]]>
<![CDATA[Rethinking Debt Strategies: How Profits, Women’s Representation, and Politics Shape Corporate Leverage ]]>
<![CDATA[Pandito, Muhammad Tora Bhanu]]>;
<![CDATA[Nurmasari, Nuraini Desty]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2025.04.3.03
<![CDATA[Purpose – This study aims to investigate the influence of profitability, women’s representation on boards of commissioners and directors, and political connections on the financial leverage of manufacturing companies listed on the Indonesia Stock Exchange (IDX). Design/methodology/approach – This explanatory quantitative study analyzes panel data from 115 manufacturing companies listed on the IDX during the 2018–2022 period. The data were examined using the Common Effect Model with Stata MP 17. Findings – The results indicate that profitability has a significant negative effect on financial leverage. In contrast, women’s representation on boards of commissioners and directors and political connections have negative but statistically insignificant effects on financial leverage. Originality/value – This study contributes to corporate finance and corporate governance literature by examining the combined influence of financial performance, board gender diversity, and political connections on leverage decisions in Indonesia’s manufacturing sector, helping to address inconsistent findings in previous studies.]]>
<![CDATA[Lean Manufacturing Assessment to Reduce Waste in Calendar Manufacturing Using Kanban System ]]>
<![CDATA[Athallah, Panji]]>;
<![CDATA[Pradana, Bayu Ilham]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2025.04.3.07
<![CDATA[Purpose – This study aims to evaluate the production process at PT Libies Media Grafika and provide recommendations for improvement through the implementation of lean manufacturing and the Kanban system. Design/methodology/approach – This applied research employs a quantitative descriptive approach. Data were collected through interviews, document reviews, and direct observations of the company's production process. Lean manufacturing principles and the Kanban system were applied to identify and reduce waste while improving process efficiency. Findings – The study identifies several sources of waste, including delays in material handling during molding, unnecessary material transportation during quality control, and product defects such as paint flaking and glue separation. The implementation of the Kanban system reduces waste and improves the Value-Added (VA) ratio from 53.47% to 55.19%, resulting in a more organized and efficient production process. Originality/value – This study demonstrates the practical integration of lean manufacturing and the Kanban system to improve production efficiency in the printing industry, providing empirical evidence of waste reduction and value-added enhancement through workflow optimization.]]>
<![CDATA[Uncovering the Impact of Leverage, Liquidity, and Firm Size on Infrastructure Firms’ Profitability ]]>
<![CDATA[Wahyudi, Haris]]>;
<![CDATA[Sumiati]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2025.04.3.04
<![CDATA[Purpose – This study aims to examine the effect of leverage, liquidity, and firm size on the profitability of infrastructure sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. Design/methodology/approach – This quantitative study uses secondary data from the financial statements and official websites of infrastructure sector companies listed on the IDX. Census sampling with predetermined criteria resulted in 22 companies, of which 18 were included in the final analysis after outlier testing. Data were analyzed using multiple linear regression with SPSS version 27 following classical assumption tests. Findings – The results indicate that leverage and liquidity have significant effects on profitability, while firm size does not have a significant effect on profitability. Originality/value – This study provides empirical evidence on the determinants of profitability in Indonesia’s infrastructure sector during the post-pandemic recovery period and supports capital structure and trade-off theories in the context of emerging markets.]]>
<![CDATA[Profitability, Leverage, and Firm Size: Their Impact on Stock Price of Property and Real Estate Companies Listed on IDX ]]>
<![CDATA[Harits, Abdul Gamal]]>;
<![CDATA[Djazuli, Atim]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2025.04.3.02
<![CDATA[Purpose – This study aims to examine the influence of profitability, leverage, and firm size on the stock prices of property and real estate companies listed on the Indonesia Stock Exchange. Design/methodology/approach – This quantitative study uses secondary data from the official Indonesia Stock Exchange website. A total of 21 companies were selected through purposive sampling from 94 listed property and real estate firms during the 2020–2023 period, resulting in 84 observations. Profitability is measured using Return on Assets (ROA), leverage using the Debt-to-Equity Ratio (DER), and firm size using total assets. Data were analyzed using multiple linear regression. Findings – The results indicate that profitability does not have a significant effect on stock prices. In contrast, leverage and firm size have significant effects on stock prices. Originality/value – This study provides empirical evidence on the relative importance of capital structure and firm size over profitability in explaining stock price movements in Indonesia’s property and real estate sector. ]]>
