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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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The Influence of Intellectual Capital on Firm Value: The Mediating Role of Profitability Kesuma, Satrio Fajar; Ratnawati, Kusuma
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study aims to analyze the effect of intellectual capital on firm value with profitability as a mediating variable. The focus is on both direct and indirect effects between these variables. The research method employed is explanatory research with a quantitative approach, using path analysis and Sobel test to examine the hypotheses. The sample consists of 100 observations selected through purposive sampling based on specific criteria during the period from 2019 to 2023. The analysis results indicate that intellectual capital has a significant direct effect on firm value. However, no direct effect was found between intellectual capital and profitability, nor between profitability and firm value. Therefore, profitability does not mediate the relationship between intellectual capital and firm value. These findings suggest that the role of intellectual capital in enhancing firm value is not dependent on profitability performance but can have a direct impact through other strategic elements embedded in intellectual assets
Maintenance System Analysis Using the Total Productive Maintenance (TPM) Method Ananta, Yusril; Pradana, Bayu Ilham
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study aims to analyze how the mill station of PG Krebet Baru Unit of PT PG Rajawali I conduct its maintenance system, assess its effectiveness, and provide the station with suggestions concerning the maintenance of its machinery and production equipment based on the Total Productive Maintenance (TPM) method. The plant’s history data show that its production process was frequently hampered by down time caused by machinery malfunctions, planned maintenance, and raw material issues. During the 2024 production season, the machinery operated nonstop in a fairly high intensity. The data of this quantitative descriptive study was harvested through observations, interviews, and literature or document studies. They were processed using the Overall Equipment Effectiveness (OEE), Six Big Losses analysis, and Fishbone Diagram. The results indicate that the maintenance was carried out through three approaches: preventive, breakdown, and predictive. The effectiveness measurement resulted in 98,53% for OEE, 99.17% for availability, 99.97% for performance efficiency, and 99.38% for rate of quality. The Six Big Losses analysis discovered that the biggest losses is in reduced speed losses by 6.9%. Based on the results above, the company is suggested to improve its maintenance program by focusing on preventive measures, to pay more attention to machinery operation performance control, and to optimize supply management and quality raw material availability.
Analysis of the Financial Ratios and Free Cash Flow of Telecommunication Subsector Companies Rabbani, Usamah Jundi; Wijayanti, Risna
Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.3.10

Abstract

The urgency of this research is to measure and understand the financial health of telecommunications subsector companies. The objective of this research is to analyze the financial performance of telecommunications subsector companies based on their cash flows and financial ratios. This descriptive research considers the current situations without making observations and statistical calculations. The population is 22 companies; 4 of them were selected as the sample through purposive sampling technique. This research uses secondary data obtained from the annual financial reports of telecommunications subsector companies listed on the IDX during the 2018-2022 period. The analysis was performed on the companies’ free cash flows and financial ratios. This research finds that the telecommunications subsector companies have both positive and negative free cash flows. Their financial performance, based on the liquidity ratio, is sub-optimal because it is still below the industry’s standards. Then, the financial performance based on the solvency ratio is unsatisfactory because it exceeds industry’s standard limits. Regarding the financial performance based on profitability ratios, some companies are excellent, but there are also companies with poor performance because their profitability ratio is lower than the industry’s standards. Finally, the financial performance based on activity ratios is not quite good because it is still below the industry’s standards.   Abstrak Penelitian ini memiliki urgensi untuk mengukur dan memahami kesehatan finansial perusahaan subsektor telekomunikasi Penelitian ini bertujuan untuk menganalisis kinerja keuangan perusahaan subsektor telekomunikasi berdasarkan analisis arus kas dan analisis rasio keuangan. Jenis penelitian ini adalah deskriptif untuk melihat gambaran atau keadaan yang sedang terjadi tanpa adanya observasi dan perhitungan secara statistika. Populasi dalam penelitian ini berjumlah 22 perusahaan dengan sampel berjumlah 4 perusahaan yang diambil menggunakan purposive sampling. Penelitian ini menggunakan data sekunder yang diperoleh dari laporan keuangan tahunan perusahaan subsektor telekomunikasi di BEI periode 2018-2022. Analisis data yang digunakan pada penelitian ini adalah analisis free cash flow dan rasio keuangan. Hasil penelitian menunjukkan terdapat perusahaan subsektor telekomunikasi dengan free cash flow positif dan negatif. Kinerja keuangan berdasarkan rasio likuiditas masih kurang baik karena berada dibawah standar industri. Kinerja keuangan berdasarkan Rasio solvabilitas masih kurang baik karena melebihi batas standar industri. Kinerja keuangan berdasarkan rasio profitabilitas terdapat perusahaan subsektor telekomunikasi yang memiliki kinerja yang baik, namun terdapat juga perusahaan subsektor telekomunikasi yang kinerjanya kurang baik karena berada dibawah standar industri. Kinerja keuangan berdasarkan rasio aktivitas masih kurang baik karena masih berada di bawah standar industri.
The Effect of Internet Financial Reporting, Website Information Disclosure Level, Shares Outstanding, Stock Prices, On Stock Trading Frequency Dewi, Kadek Ayu Silvi Septya; Atim Djazuli
Jurnal Management Risiko dan Keuangan Vol. 4 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.2.10

Abstract

The objective of this research is to identify the effects of internet financial reporting, website information disclosure level, shares outstanding, and stock prices on the stock trading frequency of LQ45 companies. This explanatory research attempts to identify the relationship between its variables through hypothesis testing. Using purposive technique, 24 companies were selected as the samples. In order to test the proposed hypotheses, multiple linear regression analysis was employed. This research finds that internet financial reporting, website information disclosure level, and stock prices do not have any significant effect on the stock trading frequency of the LQ45 companies, that shares outstanding have a positive and significant effect on the stock trading frequency of the companies, and that internet financial reporting, website information disclosure level, shares outstanding, and stock prices simultaneously have significant impact on the stock trading frequency of the said companies.
Analysis of the Effect of Financial Performance Before and After the Implementation of the Harmonization of Tax Regulations Negara, Noor Adi Sukma; Handrito, Radityo Putro
Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.3.09

Abstract

The objective of this research is to analyze the effects of financial performance based on the aspects of liquidity (current ratio), activity (receivable turnover and inventory turnover), solvability (debt-to-equity ratio and return on equity), and profitability (operating profit margin and net profit margin) before and after the application of Tax Regulation Harmonization Law (UU HPP) in cigarette subsector companies listed on the IDX. This quantitative study uses secondary data in the form of the financial statements of five companies from 2021 to 2022 published in the Indonesia Stock Exchange. The results of the statistical descriptive analysis performed in IBM SPSS version 24 indicate that the aspects of liquidity (current ratio), activity (receivable turnover and inventory turnover), solvability (debt-to-equity ratio and return on equity), and profitability (operating profit margin and net profit margin) have no significant impact after the application of the Tax Regulation Harmonization Law (UU HPP).
The Effect of Green Accounting, Profitability, and Leverage on Corporate Financial Performance Nimas Utari, Hanung Ratri; Affandy, Didied Poernawan
Jurnal Management Risiko dan Keuangan Vol. 4 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.2.09

Abstract

Environmental degradation, climate change, and issues related to sustainability are major challenges pressing companies in all parts of the world, especially Indonesia. The existence of this challenge proves that an accounting system that incorporates environmental evaluation, such as green accounting, is needed. This study aims to analyze, identify, and empirically prove the effect of green accounting, profitability, and leverage on the financial performance of basic materials, industrials, and consumer non-cyclicals companies listed on the Indonesia Stock Exchange (IDX) between 2018 and 2022. The data of this study are analyzed by panel data regression processed by Eviews 13 software, and the results exhibit that green accounting and leverage have a positive and insignificant effect on the companies’ financial performance, and profitability has a positive and significant effect on financial performance. This study recommends that companies maintain their profitability to result in good financial performance, and serves as an insight and reference for further research especially on financial performance.
The Analysis of Return on Invested Capital Stephanie, Maurent Lavena; Wijayanti, Risna
Jurnal Management Risiko dan Keuangan Vol. 4 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.2.06

Abstract

The increasing attention to Environmental, Social, and Governance (ESG) issues, as well as environmental concerns, has prompted companies to implement practices that focus on environmental, social, and governance aspects. The growing interest in green investments has led companies to shift towards ESG practices as an effort to gain the trust of various stakeholders and achieve profits from sustainable investments. This study aims to describe the ESG values and the Return on Invested Capital (ROIC) of companies indexed in the IDX ESG Leaders. The research was conducted on 12 companies during the period from 2020 to 2024, utilising purposive sampling for sample selection. A descriptive approach was employed to analyse the ESG values and ROIC of the companies, where ESG values were measured using indicators from the Global Reporting Initiative (GRI). The results of the descriptive analysis indicate that companies are increasingly attentive to and striving to implement ESG practices, encompassing environmental, social, and governance aspects. Furthermore, the level of return on invested capital demonstrates that companies have successfully achieved profits from their capital investments. These findings underscore the importance of integrating ESG practices into business strategies to achieve sustainability and profitability.
Analyzing The Impact of Financial Literacy on Investment Interest with Locus of Control as The Mediating Variable Aulia Falyauma Risky; Mychelia Champaca
Jurnal Management Risiko dan Keuangan Vol. 4 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.2.08

Abstract

Indonesian investment and financial markets, which were then considered exclusive and complicated, are now growing rapidly. University students’ role in the capital market reflects a better financial behavior, and this is supported by their sufficient financial literacy that makes way for more comprehensive financial inclusion. All of these lead to a notion that financial behavior, financial literacy, and locus of control play a crucial role in increasing individuals’ investment intention. Therefore, the objective of this research is to identify and analyze the effects of financial behavior and financial literacy on the intention of graduate students of Faculty of Economics and Business of Universitas Brawijaya to make investments with locus of control as the moderating variable. This replication study uses primary data harvested via a survey technique to respondents selected using purposive sampling technique. The acquired data was analyzed through multiple linear regression. This study finds that financial behavior and financial literacy influence the investment intention and that locus of control does not moderate the effects of financial literacy on the investment intention.
The Influence of Financial Ratios, Foreign Flow, Inflation, and Interest Rates on Stock Returns Saputra, Idang Raya; Aisjah, Siti
Jurnal Management Risiko dan Keuangan Vol. 4 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.2.05

Abstract

The objective of this research is to identify the effects of financial ratio foreign flow, inflation, and interest rate on the stock return of banks listed on the Indonesia Stock Exchange during the Covid-19 pandemic of 2020-2021. Therefore, there are six independent variables and one dependent variable. Using purposive sampling technique with the criteria of banking companies that have been on the listed prior to and have not been suspended during the research period, 39 companies were selected as the sample. This descriptive research uses secondary data in forms of quarterly reports from both years acquired from Indonesia Stock Exchange, Bank Indonesia, and Mirae Asset Sekuritas. The independent variables are non-performing loan, loan-to-deposit ratio, operational efficiency ratio, foreign flow, inflation, and interest rate. The research hypotheses were assessed using multiple linear regression. This study finds that non-performing loan, operational efficiency ratio, and inflation have significant effects on the stock return, while loan-to-deposit ratio, foreign flow, and interest rate have no significant effect on the stock return.
Profitability and Efficiency Analysis to Measure the Impact of Fintech on The Financial Performance of Regional Development Banks Pardede, Vivaldi Wijaya; Champaca, Mychelia
Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.3.01

Abstract

The development of digital technology has driven significant transformation in the financial industry, especially with the emergence of financial technology (fintech) companies that have become serious competitors for conventional financial institutions. In Indonesia, online lending-based fintech is increasingly in demand, posing challenges to the profitability and efficiency of banks, including Regional Development Banks (BPD). This study aims to determine the differences in BPD financial performance before and during the presence of fintech, in terms of the Return on Asset (ROA), Return on Equity (ROE), Net Interest Margin (NIM), and Operating Expenses to Operating Income (BOPO) ratios. This study uses a comparative quantitative approach with a sample of 7 BPDs selected through area sampling techniques from a total population of 24 conventional BPDs. Data were taken from financial reports for the periods 2013–2016 (before fintech) and 2017–2020 (during fintech). The analysis was carried out using the Wilcoxon Signed Rank Test with the help of STATA software, because the data was not normally distributed. The results showed that ROA, ROE, and NIM experienced significant differences between the two periods, while BOPO did not show any significant differences. This finding indicates that the presence of fintech has an impact on profitability, but not on operational efficiency. This study provides an empirical contribution in seeing the impact of fintech on the financial performance of regional banks and can be a basis for regulators and management in formulating financial technology adaptation strategies in the future.

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