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<![CDATA[Predicting Financial Distress Using the Altman Method (Z-Score) ]]>
<![CDATA[Innocento, Gilang Hugo]]>;
<![CDATA[Himmiyatul Amanah Jiwa Juwita]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 5 No. 2 (2026) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2026.05.2.02
<![CDATA[Purpose – This study aims to determine the financial condition of property and real estate companies listed on the Indonesia Stock Exchange by predicting financial distress using the Altman Z-Score method. The research seeks to identify early indications of financial difficulties that may affect company sustainability and provide information for decision-making by stakeholders. Design/Methodology/Approach – This study employs a descriptive research design with a quantitative approach. The research uses secondary data in the form of company financial reports obtained from the Indonesia Stock Exchange. The sample consists of 11 property and real estate companies selected using purposive sampling over a three-year observation period from 2019 to 2021. Financial distress prediction was conducted using the modified Altman Z”-Score model, with company classifications categorized into safe zone, gray zone, and distress zone. Findings – The findings show that one company is classified in the distress zone, while three companies are categorized in the gray zone. The results indicate that several property and real estate companies face potential financial difficulties requiring preventive actions and financial improvement strategies. Originality/Value – This study contributes to corporate finance literature by applying the modified Altman Z-Score model to evaluate financial distress conditions in Indonesian property and real estate companies. The findings provide practical value for investors, creditors, and company management as an early warning tool for assessing financial health and supporting strategic decision-making.]]>
<![CDATA[Quality Improvement of Occupational Health and Safety (OHS) for PT Armipro Global Logistik Employees Using the DMAIC Model ]]>
<![CDATA[Al Islami, Fikrieanda Zikrie]]>;
<![CDATA[Prameka, Adelia Shabrina]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 5 No. 2 (2026) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2026.05.2.10
<![CDATA[Purpose – This study aims to enhance the occupational health and safety (OHS) culture at PT Armipro Global Logistik through the implementation of the Six Sigma approach using the DMAIC (Define, Measure, Analyze, Improve, Control) framework. The research seeks to identify the root causes of workplace accidents and formulate strategic improvement solutions to strengthen safety management practices. Design/Methodology/Approach – This study employs a qualitative case study approach. Data were collected through analysis of the company’s OHS conditions, identification of workplace accident causes, and evaluation of existing safety practices. The DMAIC framework was applied systematically to define problems, measure safety conditions, analyze root causes, develop improvement strategies, and establish control mechanisms. Findings – The findings indicate that the main factors contributing to workplace accidents are the absence of standardized operating procedures (SOPs), insufficient employee training, and weak safety supervision. The implementation of DMAIC provides a systematic and data-driven improvement framework through SOP development, regular safety training, and supervision mechanisms based on Key Performance Indicators (KPIs). These improvements contribute to reducing accident risks and increasing employee awareness of workplace safety. Originality/Value – This study contributes to occupational health and safety management by applying the Six Sigma DMAIC approach as a strategic framework for improving safety culture in the logistics sector. The research provides practical implications for organizations seeking to develop more structured, preventive, and sustainable OHS systems through continuous improvement methods.]]>
<![CDATA[Analysis of Financial Difficulties on the Textile Industry Using Altman Z-Score ]]>
<![CDATA[Muhadzab, Dzaky Aslam]]>;
<![CDATA[Wijayanti, Risna]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 5 No. 2 (2026) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2026.05.2.06
<![CDATA[Purpose – This study aims to analyze and compare the level and category of financial distress among textile companies listed on the Indonesia Stock Exchange (IDX) and the Dhaka Stock Exchange (DSE) using the Altman Z-Score model. The research seeks to identify differences in financial conditions and business resilience between textile industries in Indonesia and Bangladesh. Design/Methodology/Approach – This study employs a descriptive quantitative approach using secondary data from annual financial statements of textile companies during the 2018–2023 period. The research sample consists of 15 textile companies listed on the IDX and 34 textile companies listed on the DSE. Financial distress levels were analyzed by calculating the financial ratios included in the Altman Z-Score model and presenting the results descriptively to evaluate trends and changes in financial conditions over time. Findings – The findings indicate that most textile companies in Indonesia experience more vulnerable financial conditions compared with textile companies in Bangladesh, which generally demonstrate stronger financial stability. The differences are associated with factors such as operational cost efficiency and profitability stability, which appear to support better financial resilience among textile companies in Bangladesh. Originality/Value – This study contributes to comparative corporate finance research by examining financial distress conditions across textile industries in two emerging markets with similar industry characteristics but different levels of financial performance. The findings provide practical implications for company managers, investors, and stakeholders in developing corrective strategies to improve financial stability and prevent financial distress.]]>
<![CDATA[FOMO and Investment Decisions: Mediating Roles of Financial Literacy and Risk Perception ]]>
<![CDATA[Maheswari, Andira Bevly]]>;
<![CDATA[Ratnawati, Kusuma]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 5 No. 2 (2026) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2026.05.2.03
<![CDATA[Purpose – This study aims to examine the effect of fear of missing out (FOMO) on stock investment decisions among Generation Z investors in Malang City, with financial literacy and risk perception as mediating variables. The research seeks to understand the psychological and financial factors that influence investment decision-making among young investors in the capital market. Design/Methodology/Approach – This study employs a quantitative explanatory research approach. Data were collected through an online questionnaire distributed via Google Forms to 140 Generation Z respondents in Malang City who had at least three months of self-directed stock investment experience. Data analysis was conducted using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS version 4.1.1.4 to examine the direct and indirect relationships among FOMO, financial literacy, risk perception, and investment decisions. Findings – The findings indicate that FOMO does not have a significant direct effect on investment decisions. However, FOMO has a positive and significant effect on financial literacy and risk perception. Furthermore, financial literacy and risk perception have positive and significant effects on investment decisions and fully mediate the relationship between FOMO and investment decisions. These results indicate that investment decisions among Generation Z investors are influenced more strongly through financial understanding and risk evaluation rather than directly through the psychological tendency of FOMO. Originality/Value – This study contributes to behavioral finance literature by integrating psychological factors (FOMO) and financial factors (financial literacy and risk perception) into a mediation model explaining Generation Z stock investment decisions. The findings provide practical implications for financial educators, investment institutions, and young investors in developing more rational and informed investment decision-making processes.]]>
<![CDATA[The Effect of Environmental, Social, and Governance (ESG) Performance on Corporate Financial Performance ]]>
<![CDATA[Aulia Fajria Della Nur Isna]]>;
<![CDATA[Indrawati, Nur Khusniyah]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 5 No. 2 (2026) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2026.05.2.05
<![CDATA[Purpose – This study aims to analyze the effect of Environmental, Social, and Governance (ESG) performance on the financial performance of companies included in the SRIKEHATI index during the 2019–2024 period. The research seeks to examine whether ESG disclosure dimensions contribute to improving or influencing corporate financial outcomes. Design/Methodology/Approach – This study employs a quantitative approach using panel data regression analysis. The research sample consists of seven companies selected based on predetermined criteria from companies included in the SRIKEHATI index. The study uses a six-year observation period, resulting in 42 observations. The data were analyzed using the Random Effects Model approach and processed using STATA version 17. Findings – The findings indicate that environmental disclosure and governance disclosure have negative and significant effects on corporate financial performance, while social disclosure does not have a significant effect. The results also show that environmental disclosure, social disclosure, and governance disclosure collectively explain 25.15% of the variation in financial performance, while the remaining 74.85% is influenced by other factors outside the research model. Originality/Value – This study contributes to ESG and corporate finance literature by examining the relationship between ESG disclosure components and financial performance in companies listed in the SRIKEHATI index. The findings provide empirical insights into the complexity of ESG implementation, demonstrating that increased disclosure does not always directly translate into improved financial performance, particularly within specific market contexts.]]>
<![CDATA[FOMO’s Mediation: Herding and Loss Aversion in Gen Z Cryptocurrency Investment Decisions ]]>
<![CDATA[Varian, Muhammad Daffa]]>;
<![CDATA[Nurmasari, Nuraini Desty]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 5 No. 2 (2026) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2026.05.2.09
<![CDATA[ Purpose – This study aims to examine the effects of herding behavior and loss aversion on cryptocurrency investment decisions, with Fear of Missing Out (FOMO) as a mediating variable among Generation Z investors. The research seeks to understand how behavioral factors influence investment decision-making in the rapidly developing cryptocurrency market. Design/Methodology/Approach – This study employs an explanatory quantitative research design. Data were collected through electronic questionnaires distributed to 198 Generation Z investors in DKI Jakarta aged 17–28 years who had previously invested or were currently investing in cryptocurrency. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 4 to test the relationships among the research variables. Findings – The findings indicate that herding behavior, loss aversion, and FOMO have positive and significant effects on cryptocurrency investment decisions. Furthermore, FOMO partially mediates the effects of herding behavior and loss aversion on investment decisions. These results demonstrate that psychological biases and emotional responses play important roles in shaping cryptocurrency investment behavior among Generation Z investors. Originality/Value – This study contributes to behavioral finance literature by extending empirical evidence on investment behavior in cryptocurrency markets, which remain relatively underexplored compared with traditional stock markets. The research provides new insights by integrating herding behavior, loss aversion, and FOMO into a single analytical framework within the context of Generation Z investors in Indonesia..]]>
<![CDATA[Analysis of Differences in Financial Performance Before, During, and After the COVID-19 Pandemic ]]>
<![CDATA[Pratama, Muhammad Iqbal]]>;
<![CDATA[Sumiati]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 5 No. 2 (2026) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2026.05.2.04
<![CDATA[Purpose – This study aims to analyze the differences in financial performance of state-owned construction companies (SOEs) before, during, and after the Covid-19 pandemic. The research evaluates financial performance based on profitability, liquidity, and solvency ratios to understand how the pandemic affected companies’ ability to generate profits, fulfill short-term obligations, and manage capital structures. Design/Methodology/Approach – This study employs a quantitative approach using financial ratio analysis and paired sample t-tests. The research is a replication and development study based on Hidayat et al. (2023), with an extended observation period covering the post-pandemic period. The research samples consist of financial statements from three state-owned construction companies: PT Wijaya Karya (WIKA), PT Adhi Karya (ADHI), and PT Pembangunan Perumahan (PT PP). Findings – The findings indicate that the Covid-19 pandemic generated varying impacts on the financial performance of state-owned construction companies across different periods. Profitability ratios generally experienced significant differences between the pre- and post-pandemic periods due to reduced project activity, delayed payments, and increased operational costs. Liquidity ratios remained relatively stable as companies adjusted their financial management to maintain short-term payment capabilities. Meanwhile, solvency ratios reflected increased leverage caused by greater reliance on debt financing for projects. During and after the pandemic, most financial ratios did not show significant differences, indicating that companies were still adapting to post-pandemic business conditions. Originality/Value – This study contributes to corporate financial performance research by extending previous analysis of pandemic impacts through the inclusion of the post-Covid-19 period. The research provides empirical insights into the financial resilience and adjustment strategies of Indonesian state-owned construction companies during economic disruption, offering valuable implications for management and stakeholders in future strategic decision-making. ]]>
<![CDATA[Does ESG Disclosure, Green Innovation, and Profitability Increase Firm Value? ]]>
<![CDATA[Olivia Hasifah]]>;
<![CDATA[Aisjah , Siti]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 5 No. 2 (2026) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2026.05.2.08
<![CDATA[Purpose – This study aims to analyze the effects of Environmental, Social, and Governance (ESG) disclosure, green innovation, and profitability, measured by Return on Assets (ROA), on firm value in energy sector companies listed on the Indonesia Stock Exchange during the 2019–2023 period. The study seeks to understand how sustainability-related factors and financial performance influence investor valuation amid increasing global attention toward sustainable business practices. Design/Methodology/Approach – This study employs a quantitative research approach using multiple linear regression analysis. The population consists of 90 energy sector companies listed on the Indonesia Stock Exchange during the observation period. Using a saturated sampling technique, six companies were selected as research samples. Data were collected from annual reports and sustainability reports obtained through Bloomberg and analyzed using SPSS version 30.0. Findings – The results indicate that ESG disclosure and profitability have a significant effect on firm value, while green innovation does not have a significant effect. The findings suggest that ESG disclosure strengthens investor confidence and contributes to higher firm value, while strong profitability reflects favorable financial performance that supports positive market valuation. Conversely, green innovation has not yet become a primary factor considered by investors in assessing company value. Originality/Value – This study contributes to sustainability and corporate finance literature by examining the simultaneous effects of ESG disclosure, green innovation, and profitability on firm value within the Indonesian energy sector. The findings provide insights for companies and investors regarding the relative importance of sustainability practices and financial performance in shaping market valuation.]]>
<![CDATA[Corporate Governance Dimensions and Financial Performance: Insight from Dual-Board Manufacturing Firms ]]>
<![CDATA[Wijaya, Vanessa]]>;
<![CDATA[Jazuli, A Muhamad]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 5 No. 2 (2026) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2026.05.2.01
<![CDATA[Purpose – This study aims to examine the influence of corporate governance and financial policy factors, including board size, board remuneration, management soundness, debt, and dividend policy, on financial performance measured by Return on Equity (ROE) in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. The research seeks to understand how governance mechanisms contribute to corporate resilience and performance in the post-Covid-19 business environment. Design/Methodology/Approach – This study employs a quantitative research design using multiple linear regression analysis. The research sample consists of 23 manufacturing companies selected through purposive sampling from a population of 228 companies, resulting in 138 observations. Secondary data were obtained from company reports, and classical assumption tests were conducted before hypothesis testing to ensure the validity of the regression model. Findings – The findings indicate that board size and management soundness have negative and significant effects on financial performance measured by ROE. Meanwhile, board remuneration, debt, and dividend policy do not have significant effects on ROE. Simultaneously, all independent variables significantly influence financial performance, with an explanatory power of 42.9%. Originality/Value – This study contributes to corporate governance literature by providing empirical evidence from an emerging market context, particularly Indonesia’s institutionally mandated two-tier board system. The findings offer practical implications for investors and company management in evaluating governance structures and developing strategies to achieve sustainable financial performance.]]>
<![CDATA[Financial Performance Determinants: Capital Structure, Liquidity, Solvency, and Asset Turnover ]]>
<![CDATA[Ramadani, Monica Ginggi Putri]]>;
<![CDATA[Andarwati]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 5 No. 2 (2026) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/jmrk.2026.05.2.07
<![CDATA[Purpose – This study aims to analyze the effects of capital structure, liquidity, solvency, and asset turnover on the financial performance of food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. The research seeks to identify the financial factors that contribute to improving corporate profitability, measured by Return on Assets (ROA). Design/Methodology/Approach – This study employs a quantitative research approach using panel data regression analysis. The research utilizes secondary data obtained from annual financial statements of food and beverage companies listed on the IDX. The independent variables include Debt to Equity Ratio (DER) as a measure of capital structure, Current Ratio (CR) as a liquidity indicator, Interest Coverage Ratio (ICR) as a solvency measure, and Asset Turnover Ratio (ATR) as an indicator of asset utilization efficiency. Model selection was conducted using the Chow test and Hausman test among the Common Effect Model (CEM), Fixed Effect Model (FEM), and Random Effect Model (REM). Findings – The findings show that solvency measured by the Interest Coverage Ratio (ICR) has a positive and significant effect on financial performance measured by ROA. Meanwhile, capital structure (DER), liquidity (CR), and asset turnover (ATR) do not have a significant partial effect on ROA. Simultaneously, all independent variables significantly influence financial performance. These results indicate that the ability to meet interest obligations plays a more important role in improving profitability compared with capital structure composition, liquidity position, or asset utilization efficiency. Originality/Value – This study contributes to corporate finance research by examining the combined effects of capital structure, liquidity, solvency, and asset utilization on financial performance within the food and beverage sector in Indonesia. The findings provide practical implications for managers in developing financial strategies, particularly regarding effective debt management and profitability improvement.]]>
