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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[This quantitative 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. The instruments used in this study were tested for validity and reliability. Primary data were obtained through questionnaires distributed to scholarship recipients, selected from a population of 150 individuals using simple random sampling. Following classical assumption testing, the data were analyzed, yielding the following results. Financial literacy was found to have a significant positive influence on financial well-being, indicating that individuals with higher financial knowledge are more likely to achieve their desired financial condition. Similarly, financial behavior also has a significant positive influence on financial well-being, showing that individuals with good financial practices tend to experience better financial outcomes. This study offers a novel contribution by focusing on a unique and understudied population, Indonesian students undergoing international mobility, revealing how financial capability directly impacts their adaptation and stability abroad. These findings underscore the urgency of embedding structured financial education within student mobility programs to foster both immediate 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[This study aims to analyze the influence of disposition bias, herding bias, and heuristics on the investment decisions of cryptocurrency investors in Malang City. The rapid growth of young investors in the digital asset market particularly in the highly volatile cryptocurrency sector highlights the importance of understanding behavioral biases due to their impact on investment decisions. This explanatory quantitative study uses primary data obtained through an online questionnaire distributed to 177 cryptocurrency investors domiciled in Malang City. The results of the analysis using Partial Least Squares (PLS) in SmartPLS show that all three independent variables disposition bias, herding bias, and heuristics have a significant influence on investment decisions. This finding indicates that psychological biases play a crucial role in investment decision-making, especially in the context of high-risk assets. This study contributes to the development of behavioral finance theory and provides insights for investors, industry players, and regulators in designing educational strategies and policies that better align with the characteristics and behaviors of young investors.]]>
<![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[This quantitative study aims to analyze the influence of customer focus, teamwork, continuous improvement, training and education, and employee empowerment on the performance of CV Kirana Bahari Indonesia. These five variables represent the core principles of Total Quality Management (TQM), which are believed to enhance quality and organizational competitiveness. The data were collected through questionnaires distributed to 82 respondents who are permanent employees of the company and analyzed using multiple linear regression with SPSS. The study finds that all five TQM variables simultaneously have a significant effect on company performance. However, only customer focus and employee empowerment show a significant partial effect, while teamwork, continuous improvement, and training and education do not have a significant impact. These findings indicate that the implementation of TQM at CV Kirana Bahari Indonesia has not been evenly or optimally executed across all aspects. There remains a gap between employee perceptions and the actual impact on performance improvement. This study contributes theoretically by emphasizing that the effectiveness of TQM depends greatly on organizational context, the quality of implementation, and the active involvement of all company elements.]]>
<![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[This study aims to examine the influence of family ownership and family involvement in management on financial performance. The study focuses on manufacturing firms listed on the Indonesia Stock Exchange (IDX) during the 2022–2023 period. This research employs a quantitative approach, with a sample selected through purposive sampling, resulting in a total of 111 companies. Secondary data from financial reports were analyzed using multiple linear regression with the SPSS version 27 program. The results indicate that family ownership has a marginal positive influence on financial performance. Conversely, family involvement in management was not found to have a significant effect and tended to show a negative impact. These findings imply that to maximize performance, family manufacturing firms need to strengthen their corporate governance structures.]]>
<![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[Bank profitability, as a key indicator of financial performance, has exhibited varying trends during the period from 2019 to 2024. Digital transformation presents opportunities for banks to enhance efficiency and profitability; however, challenges related to capitalization and credit risk remain primary concerns for regulators and industry participants in maintaining long-term stability and profitability. This explanatory quantitative study aims to analyze the influence of digital transformation, capitalization, and credit risk on profitability. The objects of this study are banking companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. Using a census or saturated sampling method, 16 banks out of a total of 47 were selected as the sample. The study employs descriptive statistical analysis, classical assumption testing, multiple linear regression analysis, and hypothesis testing, all conducted using SPSS version 27. The results of the analysis indicate that digital transformation does not have a significant effect on profitability, while capitalization and credit risk significantly influence profitability. Therefore, banks need to strengthen their digital capabilities and risk management while optimizing their capital structure to enhance performance and competitiveness in line with the resource-based view approach.]]>
<![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[The inconsistency of empirical findings regarding the impact of ESG on financial performance creates a strategic dilemma for companies, in which sustainability investments may risk suppressing short-term profitability. 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. A total of 105 observations were obtained from 21 sampled companies and analyzed using panel data regression with the Fixed Effect Model (FEM) and Random Effect Model (REM). The results reveal that the aggregate ESG score has a significant effect on financial performance, as measured by Return on Assets (ROA), while the individual ESG pillars (environmental, social, and governance) do not have a significant impact. Furthermore, financial slack significantly moderates the relationship between the aggregate ESG score and financial performance. These findings suggest that financial flexibility serves as a strategic prerequisite for companies to manage ESG initiatives without compromising short-term performance. This implies the importance of considering internal capacity, alongside ESG scores, in evaluating effective sustainability commitments.]]>
<![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[The competitive business environment requires companies to maintain financial performance to achieve profitability. This quantitative study aims to analyze the effect of working capital management on the profitability of pharmaceutical companies listed on the Indonesia Stock Exchange for the 2019–2023 period. Working capital management is proxied by 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 the assistance of SPSS version 29. The results show that the payables deferral period has a significant positive effect on profitability, while the inventory conversion period, average collection period, and cash conversion cycle have no significant effect. These findings indicate that efficient working capital management, particularly optimizing the payables deferral period, can improve the profitability of pharmaceutical companies. Nevertheless, the management of inventory and receivables must still be adjusted to market dynamics and regulations to support sustainable company 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[The rapid growth of financial technology and the increasing accessibility of investment platforms have transformed how young generations approach financial decisions, making it essential to understand the factors that drive their investment behavior. This study aims to examine the influence of investment knowledge, investment risk perception, and financial technology on the investment intention of Generation Z. Using a quantitative research design, 120 respondents from Generation Z were selected through a non-probability purposive sampling method. Data were collected using questionnaires that met validity and reliability criteria, then analyzed using multiple linear regression after passing classical assumption tests. The results indicate that investment knowledge and financial technology both have a positive and significant effect on investment intention, suggesting that greater understanding and digital accessibility encourage participation in investment activities. Conversely, investment risk perception shows a negative and significant effect, implying that higher perceived risks may discourage potential investors. These findings highlight the need for targeted financial education and the optimization of fintech tools to reduce perceived barriers, thereby fostering stronger investment engagement among young generations in the digital era.]]>
<![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[This study aims to analyze the influence of the implementation of the Occupational Health and Safety Management System (OHSMS) and OHS Training on safety participation among employees of PT Pejaten Jaya Abadi. A quantitative approach was employed, utilizing a survey method involving 140 employee respondents. The results of multiple linear regression analysis indicate that both OHSMS and OHS Training have a positive and significant effect on safety participation. The contribution of these two independent variables reaches 78.8% in increasing employee participation in workplace safety. These findings emphasize the importance of a structured OHSMS implementation and effective safety training in building a safety culture and enhancing employee engagement in occupational safety programs within construction companies. This study recommends that companies strengthen OHS policies and develop relevant training to reduce workplace accidents and create a safe and productive work environment.]]>
<![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[This study aims to understand investor behavior toward sustainable investment drives the need to analyze market reaction surrounding changes in the SRI-KEHATI Index, a benchmark for ESG-oriented stocks in Indonesia. This study aims to assess market reaction in response to additions and removals of stocks from the index during the 2022–2024 period. Employing an event study method with an 11-day observation window (t–5 to t+5), the analysis uses Cumulative Average Abnormal Return (CAAR) as proxies for market reaction. The study examines 42 stocks affected by index composition changes over five evaluation periods. Results show that stocks included in the index experienced positive CAAR, suggesting positive sentiment and buying pressure. In contrast, excluded stocks displayed negative CAAR, indicating negative sentiment and selling activity. These outcomes align with signaling theory, where inclusion in the index signals positive prospects to investors. The findings imply that SRI-KEHATI Index revisions contain meaningful information that shapes investor perceptions and trading behavior, reinforcing the role of ESG indices in influencing capital market dynamics.]]>
