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<![CDATA[Financial Literacy and Financial Behavior: Predicting Financial Well-Being Among Study Abroad Students ]]>
<![CDATA[Hadikusumah, Rizkitaami Azqi]]>;
<![CDATA[Nurmasari, Nuraini Desty]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 4 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2025.04.4.03
<![CDATA[Purpose – This study aims to examine the influence of financial literacy and financial behavior on the financial well-being of students who received scholarships from the Indonesian International Student Mobility Awards (IISMA) in 2023. Design/methodology/approach – This quantitative study uses primary data collected through questionnaires distributed to IISMA scholarship recipients. From a population of 150 students, respondents were selected using simple random sampling. The research instruments were tested for validity and reliability, followed by classical assumption testing and data analysis. Findings – The results indicate that financial literacy has a significant positive influence on financial well-being, suggesting that higher financial knowledge contributes to better financial conditions. Financial behavior also has a significant positive influence on financial well-being, demonstrating that effective financial practices improve students’ financial outcomes. Originality/value – This study contributes to financial well-being literature by examining a unique population of Indonesian students participating in international mobility programs. The findings highlight the importance of integrating structured financial education into student mobility programs to strengthen financial resilience and long-term well-being.]]>
<![CDATA[Behavioral Biases in the Crypto Market: Disposition, Herding, and Heuristic Effects on Investment Decisions ]]>
<![CDATA[Putradia, Mikhael Kefas]]>;
<![CDATA[Ratnawati, Kusuma]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 4 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2025.04.4.02
<![CDATA[Purpose – This study aims to analyze the influence of disposition bias, herding bias, and heuristics on the investment decisions of cryptocurrency investors in Malang City. Design/methodology/approach – This explanatory quantitative study uses primary data collected through online questionnaires distributed to 177 cryptocurrency investors domiciled in Malang City. The data were analyzed using Partial Least Squares (PLS) with SmartPLS to examine the relationships among behavioral bias variables and investment decisions. Findings – The results show that disposition bias, herding bias, and heuristics significantly influence investment decisions. These findings indicate that psychological factors and behavioral biases play an important role in shaping investment decisions, particularly in the context of highly volatile cryptocurrency assets. Originality/value – This study contributes to behavioral finance literature by examining the role of cognitive and emotional biases in cryptocurrency investment decisions among young investors, providing insights for investors, industry participants, and regulators in developing appropriate financial education strategies.]]>
<![CDATA[The Affect of TQM Dimensions on Company Performance Improvement ]]>
<![CDATA[Jestawana, Ainur Salwa]]>;
<![CDATA[Waluyowati, Nur Prima]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 4 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2025.04.4.07
<![CDATA[Purpose – This study aims to analyze the influence of Total Quality Management (TQM) principles, including customer focus, teamwork, continuous improvement, training and education, and employee empowerment, on the performance of CV Kirana Bahari Indonesia. Design/methodology/approach – This quantitative study uses primary data collected through questionnaires distributed to 82 permanent employees of CV Kirana Bahari Indonesia. The data were analyzed using multiple linear regression with SPSS to examine the simultaneous and partial effects of TQM variables on company performance. Findings – The results indicate that customer focus, teamwork, continuous improvement, training and education, and employee empowerment simultaneously have a significant effect on company performance. However, only customer focus and employee empowerment show significant partial effects, while teamwork, continuous improvement, and training and education do not significantly influence performance. Originality/value – This study contributes to TQM literature by highlighting that successful TQM implementation depends not only on the presence of quality management practices but also on organizational context, implementation effectiveness, and employee involvement in achieving performance improvement.]]>
<![CDATA[The Role of Family Ownership and Management in Shaping Corporate Financial Outcomes ]]>
<![CDATA[Baihaki Hylmi Habibi]]>;
<![CDATA[Jazuli, A Muhamad]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 4 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2025.04.4.10
<![CDATA[Purpose – This study aims to examine the influence of family ownership and family involvement in management on the financial performance of manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2023 period. Design/methodology/approach – This quantitative study uses a purposive sampling technique, resulting in a sample of 111 manufacturing companies. Secondary data were obtained from company financial reports and analyzed using multiple linear regression with SPSS version 27. Findings – The results show that family ownership has a marginally positive influence on financial performance. Meanwhile, family involvement in management does not have a significant effect and tends to show a negative relationship with financial performance. These findings indicate that family-owned manufacturing companies need to strengthen corporate governance mechanisms to optimize performance. Originality/value – This study contributes to the corporate governance literature by examining the separate roles of family ownership and family managerial involvement in influencing financial performance within Indonesia’s manufacturing sector.]]>
<![CDATA[Banking in the Digital Age: How Technology, Capital, and Risk Shape Profitability ]]>
<![CDATA[Hidayatullah, Indra]]>;
<![CDATA[Sumiati]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 4 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2025.04.4.06
<![CDATA[Purpose – This study aims to analyze the influence of digital transformation, capitalization, and credit risk on the profitability of banking companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. Design/methodology/approach – This explanatory quantitative study uses a census or saturated sampling method, selecting 16 banking companies from a population of 47 listed banks. The data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression analysis, and hypothesis testing with SPSS version 27. Findings – The results show that digital transformation does not have a significant effect on profitability. In contrast, capitalization and credit risk significantly influence profitability. These findings indicate that financial stability factors remain more influential than digital initiatives in determining banking profitability. Originality/value – This study contributes to banking performance literature by examining the simultaneous role of digital transformation, capitalization, and credit risk in influencing profitability within Indonesia’s banking sector during a period of rapid digitalization. The findings provide strategic insights for banks to strengthen digital capabilities, optimize capital structures, and improve risk management.]]>
<![CDATA[The Cost Of Being Green: Does Financial Slack Pave The Way For Sustainable Profitability? ]]>
<![CDATA[Hatiuran, Kezia Agustina]]>;
<![CDATA[Djazuli, Atim]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 4 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2025.04.4.01
<![CDATA[Purpose – This study aims to analyze the effect of Environmental, Social, and Governance (ESG) scores on the financial performance of non-financial companies listed in the Kompas 100 Index on the Indonesia Stock Exchange (IDX) during the 2020–2024 period, with financial slack as a moderating variable. Design/methodology/approach – This quantitative study uses panel data regression analysis with the Fixed Effect Model (FEM) and Random Effect Model (REM). The sample consists of 21 non-financial companies listed in the Kompas 100 Index, resulting in 105 observations. ESG scores are used as the independent variable, financial performance is measured by Return on Assets (ROA), and financial slack is examined as a moderating variable. Findings – The results show that the aggregate ESG score has a significant effect on financial performance. However, individual ESG dimensions, including environmental, social, and governance pillars, do not significantly influence financial performance. Furthermore, financial slack significantly moderates the relationship between aggregate ESG scores and financial performance. Originality/value – This study contributes to sustainability and corporate finance literature by highlighting the importance of financial flexibility as a strategic factor that enables companies to implement ESG initiatives while maintaining financial performance.]]>
<![CDATA[The Effect of Working Capital Management on Pharmaceutical Firm Profitability ]]>
<![CDATA[Imron, Maulidatussa'adah]]>;
<![CDATA[Aisjah, Siti]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 4 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2025.04.4.09
<![CDATA[Purpose – This study aims to analyze the effect of working capital management on the profitability of pharmaceutical companies listed on the Indonesia Stock Exchange during the 2019–2023 period. Design/methodology/approach – This quantitative study uses secondary data from pharmaceutical companies listed on the Indonesia Stock Exchange. Working capital management is measured using the inventory conversion period, receivables collection period, payables deferral period, and cash conversion cycle, while profitability is measured using Return on Assets (ROA). The data were analyzed using multiple linear regression with SPSS version 29. Findings – The results indicate that the payables deferral period has a significant positive effect on profitability. Meanwhile, the inventory conversion period, receivables collection period, and cash conversion cycle do not have significant effects on profitability. These findings suggest that optimizing payment management can contribute to improved profitability in pharmaceutical companies. Originality/value – This study contributes to working capital management literature by examining the role of specific working capital components in determining profitability within Indonesia’s pharmaceutical industry. The findings provide practical insights for companies in managing short-term financial policies to enhance performance.]]>
<![CDATA[From Knowledge to Fintech: Drivers of Generation Z’s Investment Interest ]]>
<![CDATA[Gracia, Olivia]]>;
<![CDATA[Champaca, Mychelia]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 4 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2025.04.4.05
<![CDATA[Purpose – This study aims to analyze the influence of investment knowledge, investment risk perception, and financial technology on the investment intentions of Generation Z in the digital era. Design/methodology/approach – This quantitative study uses a purposive sampling technique with 120 Generation Z respondents who have knowledge of or experience using investment instruments. Data were collected through questionnaires that had passed validity and reliability tests. The data were analyzed using multiple linear regression after conducting classical assumption tests. Findings – The results indicate that investment knowledge and financial technology have a significant positive influence on investment intentions. Meanwhile, investment risk perception has a significant negative influence on investment intentions. These findings show that greater financial understanding and technological accessibility can encourage investment participation, while higher perceived risk may reduce investment interest. Originality/value – This study contributes to investment behavior literature by integrating knowledge, psychological risk perception, and technological factors to explain Generation Z’s investment intentions in the digital financial era. The findings provide practical insights for financial educators and fintech developers in designing strategies to increase young investors’ participation.]]>
<![CDATA[Strategies for Strengthening Safety Participation Through The Optimization of OHSMS and OHS Training ]]>
<![CDATA[Fajar, Muhammad Kiflan]]>;
<![CDATA[Abdurrahman Hakim]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 4 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2025.04.4.08
<![CDATA[Purpose – This study aims to analyze the influence of the Occupational Health and Safety Management System (OHSMS) implementation and OHS Training on safety participation among employees of PT Pejaten Jaya Abadi. Design/methodology/approach – This quantitative study uses a survey method involving 140 employee respondents. Data were analyzed using multiple linear regression to examine the effects of OHSMS and OHS Training on employee safety participation. Findings – The results show that OHSMS implementation and OHS Training have positive and significant effects on safety participation. Together, these two variables contribute 78.8% to improving employee participation in workplace safety programs. Originality/value – This study provides empirical evidence on the importance of integrating systematic occupational health and safety management practices with employee training to strengthen safety culture and engagement in construction companies.]]>
<![CDATA[Market reaction Analysis on Stocks Listed in the SRI-KEHATI Index ]]>
<![CDATA[Amalia Astari, Nurul]]>;
<![CDATA[Wijayanti, Risna]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 4 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2025.04.4.04
<![CDATA[Purpose – This study aims to analyze investor reactions to changes in the SRI-KEHATI Index composition, particularly the addition and removal of stocks, as a representation of market responses toward sustainable investment signals in Indonesia. Design/methodology/approach – This quantitative study employs an event study method with an 11-day observation window (t–5 to t+5). The sample consists of 42 stocks affected by SRI-KEHATI Index composition changes during five evaluation periods from 2022–2024. Market reaction is measured using Cumulative Average Abnormal Return (CAAR). Findings – The results indicate that stocks added to the SRI-KEHATI Index generate positive CAAR, reflecting positive investor sentiment and increased buying activity. Conversely, removed stocks experience negative CAAR, indicating unfavorable market reactions and selling pressure. These findings support signaling theory, demonstrating that ESG index inclusion and exclusion provide meaningful information for investors. Originality/value – This study contributes to sustainable finance and capital market literature by demonstrating how ESG index revisions influence investor perceptions and trading behavior in an emerging market context. The findings highlight the strategic role of ESG indices as market signals in shaping investment decisions. ]]>
