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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
 1 
Search results for , issue "vol. 5 no. 1 (2026)" : 10 Documents clear
Synergizing Service Excellence and Information Integrity for Enhanced Service Supply Chain Performance Adilah, Azizah Nur; Nurmasari, Nuraini Desty
Jurnal Management Risiko dan Keuangan Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2026.05.1.07

Abstract

Purpose – This study aims to examine the effects of service quality and information quality on service supply chain performance from the users’ perspective. The research addresses challenges in managing service supply chain performance within public transportation systems, particularly under conditions of high operational complexity and service uncertainty. Design/Methodology/Approach – This study employs a quantitative research design. Data were collected through structured questionnaires distributed to 150 respondents selected using purposive sampling. The collected data were analyzed using second-order Partial Least Squares–Structural Equation Modeling (PLS-SEM) to examine the relationships among service quality, information quality, and service supply chain performance. Findings – The findings reveal that service quality has a positive and significant effect on service supply chain performance, demonstrating that reliable and consistent service delivery improves operational efficiency and responsiveness. Furthermore, information quality also has a positive and significant effect on service supply chain performance by enhancing coordination, reducing uncertainty, and supporting better decision-making processes. Originality/Value – This study contributes to service supply chain management literature by integrating service quality and information quality into a service supply chain performance framework within the public transportation context. The findings provide practical implications for transportation service providers in improving operational processes and information management systems to achieve better service performance.  
Defect Reduction in Tofu Production Using Six Sigma Approach Mahendra, Julian Surya; Jazuli, A.Muhamad
Jurnal Management Risiko dan Keuangan Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2026.05.1.02

Abstract

Purpose – This study aims to reduce product defects and improve quality performance in tofu stick production at UD. Maju Jaya Sejahtera through the implementation of the Six Sigma approach. The research seeks to identify dominant defect types, analyze root causes, and formulate quality improvement strategies to enhance competitiveness and operational sustainability in food SMEs. Design/Methodology/Approach – This study employs a descriptive research approach by analyzing tofu stick production data over a three-month period from September to November 2024. The research applies the Six Sigma DMAIC (Define, Measure, Analyze, Improve, Control) framework supported by SIPOC diagrams, CTQ Trees, Control Charts, Pareto diagrams, Fishbone diagrams, and DPMO and sigma level calculations. Failure Mode and Effect Analysis (FMEA) is used to prioritize improvement actions based on identified failure risks. Findings – The findings indicate that the current production process operates at a 3.21 sigma level with a DPMO value of 43,367, demonstrating substantial opportunities for quality improvement. Pareto analysis identifies crumbled tofu sticks (66.35%) and burnt tofu sticks (22.14%) as the dominant defects. Root cause analysis reveals that these defects are primarily caused by improper storage and frying methods, insufficient worker understanding of procedures, and limited precision during production activities. The proposed improvements emphasize process standardization, worker training, and enhanced quality monitoring. Originality/Value – This study contributes to quality management research by integrating the Six Sigma DMAIC framework with multiple quality analysis tools to optimize production processes in traditional, labor-intensive food SMEs. The research provides a practical and measurable quality improvement model that can help small food manufacturers reduce defects, improve efficiency, and maintain long-term operational sustainability.
Statistical Quality Control Approach to Reducing Egg Defects in the Layer Farming Industry Baharuddin, Ahmad Faisal; Juwita, Himmiyatul Amanah Jiwa
Jurnal Management Risiko dan Keuangan Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2026.05.1.01

Abstract

Purpose – This study aims to analyze the quality control process of egg production at PT. Charoen Pokphand Jaya Farm Unit Gempol using the Statistical Quality Control (SQC) method. The research seeks to identify production defects, evaluate defect rates, determine the root causes of quality problems, and formulate improvement strategies to enhance production efficiency and product quality. Design/Methodology/Approach – This study employs a quantitative descriptive approach using Statistical Quality Control (SQC) tools. Data were analyzed through several quality control instruments, including P-Chart, Check Sheet, Pareto Diagram, and Fishbone Diagram. The analysis focused on three major product defects: broken eggs, cracked eggs, and underweight eggs, to evaluate production stability and identify the factors contributing to quality deviations. Findings – The findings indicate that most of the egg production processes remain within statistical control limits; however, several quality deviations require corrective actions. The main causes of defects are identified as human factors, production methods, environmental conditions, and equipment-related issues. The study recommends improving worker training, conducting regular maintenance of egg grading machines, and strengthening SOP implementation in handling and distribution processes to reduce defect rates and improve operational efficiency. Originality/Value – This study contributes to quality management and agribusiness operations literature by applying Statistical Quality Control methods to identify and address egg production defects in a large-scale poultry farming context. The findings provide practical guidance for poultry companies in implementing continuous quality improvement systems to maintain product standards and enhance competitiveness.
Quality Control Analysis Using Seven Tools and Failure Mode and Effect Analysis (FMEA) Wibisono, Susanto; Waluyowati, Nur Prima
Jurnal Management Risiko dan Keuangan Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2026.05.1.06

Abstract

Purpose – This study aims to analyze and identify defects in tempeh products at UD Imam Jaya Sentosa and formulate quality improvement recommendations through the application of the Seven Tools method and Failure Mode and Effect Analysis (FMEA). The research seeks to improve product quality control by identifying dominant defects and prioritizing corrective actions. Design/Methodology/Approach – This study employs a quantitative descriptive approach using quality control methods. The Seven Tools method is applied to analyze production data and identify the dominant types of defects, while Failure Mode and Effect Analysis (FMEA) is used to evaluate potential failure causes and determine improvement priorities based on the Risk Priority Number (RPN). Statistical control analysis is conducted using control charts to evaluate process stability. Findings – The findings show that the dominant defects in tempeh products are golden and blackish discoloration (57.94%) and destroyed products (42.06%). The control chart analysis indicates that all defect proportions remain within statistical control limits, although weekly fluctuations suggest the need for further process improvement. FMEA analysis identifies the main causes of failure as worker carelessness (RPN = 210), excessive fermentation temperature (RPN = 192), and high room humidity (RPN = 168). Recommended improvements include employee training, installation of temperature and humidity control equipment, and restructuring of production processes. Originality/Value – This study contributes to quality management practices in the food processing industry by integrating the Seven Tools method and FMEA to develop a systematic product quality control strategy. The findings provide practical guidance for small-scale food producers in identifying defect sources, prioritizing improvement efforts, and enhancing production quality through data-driven decision-making.
Retirement Planning: How Financial Attitudes and Income Levels Interact with Internal Locus of Control Janita Nurhidayah; Champaca, Mychelia
Jurnal Management Risiko dan Keuangan Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2026.05.1.05

Abstract

Purpose – This study aims to examine the effects of financial attitude and income level on retirement fund planning among traditional market traders at Pasar Besar Kota Malang, with internal locus of control as a moderating variable. The research seeks to identify factors that influence retirement preparation behavior among traders who face income fluctuations and financial management challenges. Design/methodology/approach –  This study employs a quantitative explanatory research approach. The research population consists of traders at Pasar Besar Kota Malang. A simple random sampling technique was applied, resulting in 100 respondents. Data were collected through questionnaires and analyzed using Partial Least Squares (PLS) to examine the direct effects of financial attitude and income level, as well as the moderating role of internal locus of control on retirement fund planning. Findings – The findings indicate that financial attitude and income level have a significant effect on retirement fund planning. Furthermore, internal locus of control significantly moderates the relationship between income level and retirement fund planning. These results demonstrate that both financial conditions and individual psychological control play important roles in shaping retirement preparation behavior among traditional market traders. Originality/value – This study contributes to financial behavior literature by highlighting the moderating role of internal locus of control in retirement fund planning among traditional market traders, a context that remains relatively underexplored. The findings provide empirical insights for governments and financial institutions in developing financial education programs and inclusive policies aimed at improving retirement preparedness among informal sector workers.
Does Green Banking Create Value? A Paradox of Growth and Valuation Prameswari, Valeria Viola; Indrawati, Nur Khusniyah
Jurnal Management Risiko dan Keuangan Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2026.05.1.10

Abstract

Purpose – This study aims to analyze the effects of green banking disclosure, profitability, and firm size on the firm value of banking companies listed on the Indonesia Stock Exchange. The research addresses the contradictory phenomenon in which increasing bank assets and profitability are not always followed by improvements in firm value. Design/methodology/approach –  This study employs a quantitative research approach using panel data analysis. The research sample consists of 11 banking companies listed on the Indonesia Stock Exchange during the 2019–2023 period, resulting in 55 observations. Data were analyzed using panel data regression with a Fixed Effects Model approach and processed using Stata version 17. Findings – The findings indicate that green banking disclosure does not have a significant effect on firm value. In contrast, profitability has a positive and significant effect on firm value, while firm size has a negative and significant effect on firm value. The three independent variables explain 13.95% of the variation in banking firm value, while the remaining variation is influenced by other factors outside the research model.. Originality/value – This study contributes to corporate finance and sustainability literature by examining the combined effects of green banking disclosure, profitability, and firm size on firm value within the Indonesian banking sector. The findings provide empirical insights into the extent to which sustainability practices and financial characteristics influence market valuation, offering practical implications for banking management and investors.
FinTech Usage and Financial Inclusion: Mediating Financial Literacy and Moderating Technology Access Aulia, Daneta Luqma; Sumiati
Jurnal Management Risiko dan Keuangan Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2026.05.1.09

Abstract

Purpose – This study aims to examine the effect of financial technology (FinTech) usage on financial inclusion, with financial literacy as a mediating variable and technology access as a moderating variable. The research seeks to explain the mechanisms through which digital financial technology contributes to inclusive financial access among micro-enterprises. Design/Methodology/Approach – This study employs an explanatory quantitative research design. The research was conducted among micro-enterprise managers in the food and beverage sector in Banyuwangi. A total of 145 respondents were selected using purposive sampling. Data were collected through structured questionnaires and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) based on the Unified Theory of Acceptance and Use of Technology (UTAUT) framework. Findings – The findings indicate that FinTech usage has a positive effect on financial inclusion and financial literacy. Financial literacy partially and complementarily mediates the relationship between FinTech usage and financial inclusion. However, technology access negatively moderates the relationship, suggesting that greater access does not always strengthen the impact of FinTech usage due to potential risks and challenges associated with technology adoption. Originality/Value – This study contributes to financial inclusion and technology adoption literature by identifying the complementary mediating role of financial literacy and the unexpected negative moderating effect of technology access within the micro-enterprise context. The findings provide practical implications for policymakers to balance FinTech expansion with financial literacy development and responsible technology utilization to achieve sustainable financial inclusion.
Financial Literacy and Self-Control Influencing Financial Well-Being: The Mediating Role of Financial Behavior Safitri, Nadya Anggita; Ratnawati, Kusuma
Jurnal Management Risiko dan Keuangan Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2026.05.1.04

Abstract

Purpose – This study aims to analyze the effects of financial literacy and self-control on financial well-being, with financial behavior as a mediating variable. The research seeks to understand how individual financial knowledge, self-regulation, and financial practices contribute to improving the financial well-being of communities in tourism-based areas. Design/Methodology/Approach – This study employs an explanatory research design with a quantitative approach. The research population consists of residents of the Tourism Village of Kampung Heritage Kajoetangan, Neighborhood Unit (RW) 09. A saturated sampling technique was applied, and data were collected using Likert-scale questionnaires. Data analysis was conducted using Structural Equation Modeling (SEM) with SmartPLS to examine the direct and indirect relationships among financial literacy, self-control, financial behavior, and financial well-being. Findings – The findings indicate that financial literacy and self-control have a positive and significant effect on financial well-being. In addition, financial behavior significantly mediates the relationship between financial literacy and self-control on financial well-being. These results suggest that responsible financial behavior serves as an important mechanism through which financial knowledge and self-control improve individuals’ financial conditions. Originality/Value – This study contributes to financial behavior and community development literature by integrating financial literacy, self-control, and financial behavior into a single framework to explain financial well-being in a tourism-based community context. The findings provide practical implications for policymakers and community development stakeholders in designing programs that strengthen financial literacy, self-control, and responsible financial management practices.
Understanding Students’ Financial Management: The Moderating Role of Lifestyle in the Relationship Between Financial Literacy and FinTech Usage Rizky, Yunis Dinda; Aisjah, Siti
Jurnal Management Risiko dan Keuangan Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2026.05.1.08

Abstract

Purpose – This study aims to examine the effect of financial literacy and fintech payment usage behavior on students’ financial management, with lifestyle positioned as a moderating variable. The research addresses the challenges faced by university students in managing finances amid increasing digital financial technology adoption, limited financial literacy, and changing consumption patterns. Design/Methodology/Approach – This study employs an explanatory research design with a quantitative approach. The population consists of university students, with 351 respondents selected using Slovin’s formula and purposive sampling techniques. Data were collected through structured Likert-scale questionnaires and analyzed using multiple linear regression and moderation analysis with SPSS version 25. The analysis was preceded by validity testing, reliability testing, and classical assumption testing. Findings – The findings indicate that financial literacy and fintech payment usage behavior have positive and significant effects on students’ financial management. Furthermore, lifestyle significantly moderates the relationship between financial literacy, fintech usage behavior, and financial management. These results suggest that financial knowledge, responsible fintech utilization, and balanced lifestyle patterns play important roles in improving students’ financial management behavior. Originality/Value – This study contributes to financial behavior literature by integrating financial literacy, fintech payment usage behavior, and lifestyle into a moderated research framework within the context of university students in the digital era. The findings provide practical implications for universities and policymakers in designing financial education programs, promoting responsible fintech adoption, and encouraging healthier consumption patterns to improve students’ financial well-being.
Navigating Turbulence: Does Financial Performance and Macroeconomics Shape Energy Stock Volatility? Zulfiqar Azmi; Andarwati
Jurnal Management Risiko dan Keuangan Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2026.05.1.03

Abstract

Purpose – This study aims to analyze the effects of profitability, leverage, market value, energy commodity prices, and exchange rates on stock price volatility among Indonesian energy companies during the period of 2021–2024. The research seeks to identify key financial and macroeconomic factors influencing stock price fluctuations amid global geopolitical conflicts and post-pandemic economic uncertainty. Design/Methodology/Approach – This study employs a quantitative research approach using panel data regression analysis. The research sample consists of 25 energy companies listed in the IDXENERGY sector. Secondary data were collected from company financial reports and market data during the 2021–2024 period. The analysis was conducted using a random effect model to examine the relationship between independent variables and stock price volatility. Findings – The findings reveal that profitability, energy commodity prices, and exchange rates significantly influence stock price volatility. Return on Assets (ROA) has a negative and significant effect, indicating that stronger financial performance reduces investment risk and stock price fluctuations. Energy commodity prices have a positive and significant effect, demonstrating that global commodity price uncertainty increases stock volatility. Exchange rates have a significant negative effect, suggesting that Rupiah depreciation can act as a stabilizing factor through a natural hedging mechanism from export-based revenues. Meanwhile, leverage and Price Earnings Ratio (PER) do not significantly affect stock price volatility. Originality/Value – This study contributes to financial market research by integrating firm-level financial indicators with macroeconomic factors in explaining stock price volatility during crisis periods. The findings provide evidence that investors in the energy sector prioritize commodity price movements, exchange rate conditions, and operational profitability when assessing market uncertainty.

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