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INDONESIA
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 132 Documents
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Pengaruh Faktor Fundamental Mikro Dan Makro Ekonomi Terhadap Harga Saham Kurniasari, Hana; Andarwati, Andarwati
Jurnal Management Risiko dan Keuangan Vol. 3 No. 4 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2024.03.4.05

Abstract

The objective of this study is to identify the effects of microeconomic and macroeconomic fundamental factors on the stock prices of telecommunication companies listed on the Indonesia Stock Exchange. This quantitative explanatory research corroborates the relationships between its variables in order to test the previously formulated hypotheses. Using saturated sampling, all six telecommunication companies listed on the Indonesia Stock Exchange during the 2014-2022 period were selected as the sample. The analysis was performed using multiple linear regression, while the model’s feasibility test was conducted via F-test and coefficient of determination test, and the hypothesis testing was done using t-test. This study finds that Earnings Per Share (EPS) and Return on Equity (ROE) significantly influence the stock prices, that EPS positively influences the stock prices, and that ROE negatively impacts the stock prices. Further, Price-to-Book Value (PBV), Debt-to-Equity Ratio (DER), and inflation do not significantly affect the stock prices.   Abstrak Penelitian ini bertujuan untuk mengetahui pengaruh fundamental faktor mikroekonomi dan makroekonomi terhadap harga saham perusahaan subsektor telekomunikasi yang terdaftar di Bursa Efek Indonesia. Jenis penelitian menggunakan explanatory research dengan pendekatan kuantitatif dengan tujuan menjelaskan hubungan antara variabel-variabel untuk menguji hipotesis yang sebelumnya telah dirumuskan. Penelitian menggunakan populasi perusahaan subsektor telekomunikasi yang terdaftar di Bursa Efek Indonesia selama periode tahun 2014 – 2022 sebanyak 6 perusahaan. Sampel penelitian diambil dengan metode sampling jenuh. Penelitian menggunakan metode analisis regresi linear berganda dengan uji kelayakan model menggunakan uji F dan koefisien determinasi serta pengujian hipotesis menggunakan uji t. Hasil penelitian menunjukkan bahwa variabel Earning Per Share (EPS) dan Return on Equity (ROE) berpengaruh signifikan terhadap harga saham. Adapun EPS berpengaruh secara positif dan ROE berpengaruh secara negatif, sedangkan pada variabel Price to Book Value (PBV), Debt to Equity Ratio (DER) serta inflasi tidak memiliki pengaruh yang signifikan terhadap harga saham.
Faktor Yang Mempengaruhi Minat Investasi Mahasiswa Di Pasar Modal Putri, Rizki Ariendra Ammellia; Ratnawati, Kusuma
Jurnal Management Risiko dan Keuangan Vol. 3 No. 4 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2024.03.4.01

Abstract

The objective of this research is to identify the effects of financial literacy and technological advancement on the intention of university students to invest in capital markets. Using saturated sampling, all 53 members of the population were involved as the respondents. The data of this explanatory research was harvested via Likert-scaled questionnaires and was analyzed using Structural Equation Modeling (SEM) in SmartPLS 4.0. This study finds that (1) financial literacy positively and significantly influences university students’ intention to invest in capital markets and that (2) technological advancement positively and significantly affects the students’ intention to make investment in capital markets. These findings indicate that sufficient financial literacy and technological advancements that support accesses to information increase the intention of university students to invest in capital markets.   Abstrak Penelitian ini bertujuan untuk mengetahui pengaruh literasi keuangan dan kemajuan teknologi terhadap minat investasi mahasiswa di pasar modal. Penelitian ini merupakan explanatory research. Teknik pengumpulan data yang digunakan menggunakan metode sampel jenuh. Sampel yang digunakan merupakan seluruh populasi yang berjumlah 53 mahasiswa yang dianalisis menggunakan Structural Equation Model (SEM) dengan software SmartPLS 4.0. Metode pengumpulan data menggunakan kuesioner yang diukur dengan skala likert. Hasil penelitian menujukkan bahwa: (1) Terdapat pengaruh positif dan signifikan literasi keuangan terhadap minat investasi mahasiswa di pasar modal (2) Terdapat pengaruh positif dan signifikan kemajuan teknologi terhadap minat investasi mahasiswa di pasar modal. Hal ini menunjukkan bahwa dengan literasi keuangan yang memadai serta kemajuan teknologi yang mendukung akses informasi akan semakin meningkatkan minat mahasiswa di pasar modal.
Operational Risk Analysis Using an Enterprise Risk Management (ERM) Approach in Startup Companies Bratandari, RR. Adristi; Waluyowati, Nur Prima
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This research discusses the efforts made by startup companies to minimize failures by identifying and analyzing operational risks that might occur in their business processes. The research object is FitAcademy.id by Fitinline.com, a startup company located in Yogyakarta City. The company uses a microlearning-based learning platform. However, various discrepancies in its operations have made the company not run well. This research aims to determine and explain the sources of such operational risk, particularly the biggest obstacles or challenges for the startup company, so that in the future the business owner can make better decisions and control risks. Using the Enterprise Risk Management (ERM) approach, this research found nine incidents of operational risk. Based on the results of the risk assessment, the biggest risk is delays in microlearning video making caused by the external factor, i.e., the client. The results of the analysis on the risk matrix show three levels: high, moderate, and low. The recommended efforts focus on high-level operational risks, namely obstacles in the creation of microlearning products or videos caused by the external factors, and moderate-level operational risks such as delays in work completion, application running errors during explanations to clients, and obstacles in the microlearning video production process caused by internal factors, i.e., talent or facilities, since it greatly influences the performance of all divisions and the company's efficiency in gaining profits.
Green Innovation, Environmental Management Accounting, and Environmental Performance: Their Impact on Firm Value Azizah, Zelfi Nur; Wijayanti, Risna
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The increasing issues of environmental condition has pressed the transition toward environmentally-friendly industry. Then, the demand in industry has caused the shift in the valuation for companies in their contribution to the environment as a form of advantages amid their effort of keeping their sustainability, and companies with the highest contribution to emission and pollution are no exception. Therefore, assessments on the effective environmental protection efforts that support firm value are required. The objective of this research is to identify the relationships between green innovation, Environmental Management Accounting (EMA), and firm value with the mediation of environmental performance. Using purposive sampling, 38 energy-sector companies listed on the Indonesia Stock Exchange from 2019 to 2022 were selected as the sample. The direct and indirect relationships between the construct variables were analyzed quantitatively by utilizing PLS-SEM in SmartPLS 4. The results indicate that green innovation and EMA have significant impacts on firm performance, that green innovation significantly affects the companies’ environmental performance, and that environmental performance does not mediate the influences of green innovation and EMA on firm value.
The Reaction of Capital Markets on the 2024 Presidential Election (An Event Study of Companies in the Infrastructure Sector and Building Construction Sub-Sector Listed on the Indonesia Stock Exchange) Prasintahayu, Elysa; Indrawati, Nur Khusniyah
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The objective of this research is to identify the reaction of capital markets on the 2024 presidential election event in the context of companies in the infrastructure sector and building construction sub-sector listed on the Indonesia Stock Exchange. Using purposive sampling technique, 17 companies listed on the Indonesia Stock Exchange and in the green zone according to Refinitiv were selected as the sample. The data was harvested from documentations, and the incorporated variables are abnormal return and trading volume activity. This study finds that there is no significant difference in the average abnormal stock return before and after the 2024 Indonesian presidential election and that (2) there is a significant difference in the average trading volume activity of shares before and after the 2024 Indonesian presidential election.
The Effects of The Application of Sipkd and Internal Control on The Quality of Regional Financial Statements Sulistianingrum, Zevanya; Champaca, Mychelia
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The objective of this quantitative descriptive research is to assess and analyze the effects of the application of SIPKD (Regional Financial Management Information System) and internal control on the quality of regional financial statements in the local government agencies of Sragen Regency. Using purposive sampling technique, 76 people from the population of Local Government Agency staff of Sragen Regency were selected as the respondents. The data was harvested from questionnaires and was analyzed using multiple linear regression in STATA version 17.0. The results of the analyses indicate that the application of SIPKD and internal control simultaneously have positive and significant impact on the quality of the regional financial statements of Sragen Regency’s local government agencies. Further, the application of SIPKD partially has no significant effect on the regional financial statements of Sragen Regency, while internal control partially has positive and significant impacts on the regional financial statements of Sragen Regency’s local government agencies.
Analysis Of Stock Prices, Stock Returns, And Stock Trading Volumes of Companies Before and After Merger & Acquisition Announcement Sihombing, Ruth Vrinida; Djazuli, Atim
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The aim of this research is to test and explain differences in stock prices, stock returns, and stock trading volume of companies listed on the Indonesia Stock Exchange in the year 2022. The population and sample in this research are listed companies that carry out mergers and acquisitions in the year 2022. This research uses the SPSS analysis tool by applying descriptive statistical tests, normality tests and difference tests. Normally distributed data will be processed using the Paired Sample T-Test. Meanwhile, data that has a non-normal distribution will be processed using the Wilcoxon Signed Rank Test. The results of this research state that there are no significant differences in stock prices, stock returns, and stock trading volume of companies listed on the Indonesia Stock Exchange in 2022. The implications of this research can provide a more holistic view regarding the impact of mergers and acquisitions on companies listed on the IDX, as well as contributing to literature studies in the context of the Indonesian capital market.
Analysis of Inventory Control of Raw Materials for Cotton Fabric Using the Economic Order Quantity Method Chairunnisa, Ananda; Surachman
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

PT Sansan Saudaratex Jaya Cibaligo still has not implemented a specific method for controlling the supply of fabric raw materials cotton, which causes excess inventory every month and makes the total inventory costs not well controlled. Inventory costs can be minimized by using the method Economic Order Quantity (EOQ). The EOQ method not only helps in determining the optimal order quantity, but also the optimal purchase frequency, safety stock, and the right time to place a reorder. The aim of this research is to determine and optimize raw material supplies at PT Sansan Saudaratex Jaya Cibaligo using the EOQ method. Data collection was carried out through interview and documentation techniques, while the data analysis method used was EOQ, which includes calculating purchase frequency, Total Inventory Cost (TIC), Safety Stock, And Re-Order Point. The results of data analysis using the EOQ method show lower total inventory costs compared to conventional methods, which in the end can significantly increase cost efficiency and overall company profits.
Sustainability and Profitability: Does ESG Disclosure Influence Firm Value? Evidence From Indonesia Zulianto, Angga; Aisjah, Siti
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

Environmental Social Governance (ESG) has become one of the global discussion. Although global awareness of green investment has widely been accepted in developed countries, progresses are still expected in developing countries. In response to such lag in the latter group, this study was conducted to identify the effects of ESG disclosure as a non-financial measure and Return on Equity as a financial measure of firm value. Here, Legitimacy theory and Stakeholder theory were incorporated to understand the effects of the independent variables on the dependent variable. This quantitative study uses secondary data acquired from Bloomberg and the annual reports of 13 sample companies selected through purposive sampling. Multiple linear regression and classical assumption test were performed using SPSS 26. This study finds that ESG disclosure does not significantly influence firm value, which was proxied by Tobin’s Q. Further, the ROE-proxied profitability has positive and significant impacts on firm value, while ESG disclosure was not perceived by investors as a factor that can improve firm value. Additionally, profitability also reflects the companies’ satisfactory performance, attracting investors’ interest and boosting firm value.
The Effect of Profitability, Liquidity, and Capital Structure on Firm Value Wijaya, Andreanno Septian Eka; Andarwati
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This quantitative causal research departed from the decreasing value of food and beverage companies during the 2020-2023 period. The objective is to identify the effects of profitability, liquidity, and capital structure on firm value by studying food and beverage manufacturing companies listed on the Indonesia Stock Exchange. It employs secondary data acquired from 28 companies selected through saturation sampling technique. The data analysis was performed using multiple linear regression in SPSS for Windows version 30. This study finds that profitability has positive and significant effects on the firm value, while liquidity and capital structure negatively and significantly influence the firm value. In this model, profitability, liquidity, and capital structure can explain firm value.

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