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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

Purpose – This study aims to analyze the effect of intellectual capital on firm value, with profitability as a mediating variable, focusing on both direct and indirect relationships among the variables.     Design/methodology/approach –  This research employs a quantitative explanatory design. The analysis uses path analysis and the Sobel test to examine the hypotheses. The sample consists of 100 observations selected through purposive sampling based on specific criteria during the 2019–2023 period.   Findings – The results show that intellectual capital has a significant direct effect on firm value. However, intellectual capital does not have a significant effect on profitability, and profitability does not significantly affect firm value. Therefore, profitability does not mediate the relationship between intellectual capital and firm value.   Originality/value – This study provides evidence that intellectual capital influences firm value directly rather than through profitability, emphasizing the strategic role of intangible assets in corporate value creation.
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

Purpose – This study aims to analyze the maintenance system of the mill station at PG Krebet Baru Unit of PT PG Rajawali I, evaluate its effectiveness, and provide recommendations for improving machinery and production equipment maintenance based on the Total Productive Maintenance (TPM) method.     Design/methodology/approach – This quantitative descriptive study uses observation, interviews, and document analysis. The data were analyzed using Overall Equipment Effectiveness (OEE), Six Big Losses analysis, and Fishbone Diagram to evaluate maintenance performance and identify production losses.   Findings – The results show that maintenance activities are implemented through preventive, breakdown, and predictive approaches. The OEE value reached 98.53%, with availability at 99.17%, performance efficiency at 99.97%, and quality rate at 99.38%. The Six Big Losses analysis indicates that the largest loss is reduced speed losses at 6.9%.   Originality/value – This study applies a TPM-based evaluation combining OEE and Six Big Losses analysis to identify efficiency issues in sugar milling operations, providing practical recommendations for improving maintenance performance and production stability..
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

Purpose – This study aims to analyze the financial performance of telecommunications subsector companies based on free cash flows and financial ratios to assess their financial health.     Design/methodology/approach – This descriptive quantitative study uses secondary data from the annual financial statements of telecommunications subsector companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period. Four companies were selected from a population of 22 using purposive sampling. Financial performance was evaluated through free cash flow analysis and liquidity, solvency, profitability, and activity ratios.   Findings – The results indicate that the sampled companies exhibit both positive and negative free cash flows. Liquidity performance remains below industry standards, while solvency ratios exceed the recommended thresholds, indicating relatively high financial risk. Profitability performance varies across companies, with some achieving satisfactory results and others performing below industry standards. In addition, activity ratios generally remain below industry benchmarks, reflecting suboptimal operational efficiency.   Originality/value – This study provides a comprehensive assessment of the financial health of Indonesia’s telecommunications subsector by integrating free cash flow analysis with financial ratio evaluation, offering useful insights for investors, managers, and other stakeholders.
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

Purpose – This study aims 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.     Design/methodology/approach – This explanatory quantitative research uses purposive sampling, selecting 24 LQ45 companies as the sample. Data were analyzed using multiple linear regression to test the proposed hypotheses.   Findings – The results show that internet financial reporting, website information disclosure level, and stock prices do not have a significant effect on stock trading frequency. In contrast, shares outstanding have a positive and significant effect. Simultaneously, all variables collectively have a significant effect on stock trading frequency.   Originality/value – This study contributes to capital market literature by examining how digital financial disclosure and market-related factors influence trading activity in Indonesia’s LQ45 index 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

Purpose – This study aims to analyze differences in the financial performance of cigarette subsector companies before and after the implementation of the Tax Regulation Harmonization Law (UU HPP), based on liquidity, activity, solvency, and profitability ratios.     Design/methodology/approach – This quantitative study uses secondary data from the financial statements of five cigarette subsector companies listed on the Indonesia Stock Exchange for the 2021–2022 period. Financial performance was evaluated using the current ratio, receivable turnover, inventory turnover, debt-to-equity ratio, return on equity, operating profit margin, and net profit margin. Data were analyzed using descriptive statistics with IBM SPSS version 24.   Findings – The results indicate that the implementation of the Tax Regulation Harmonization Law (UU HPP) does not lead to significant changes in liquidity, activity, solvency, or profitability. None of the examined financial ratios show a statistically significant difference before and after the enactment of the regulation.   Originality/value  – This study provides empirical evidence on the short-term financial impact of the Tax Regulation Harmonization Law (UU HPP) on Indonesia’s cigarette subsector, contributing to the literature on taxation policy and corporate financial performance.
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

Purpose – This study aims to analyze and empirically test the effect of green accounting, profitability, and leverage on the financial performance of companies in the basic materials, industrials, and consumer non-cyclicals sectors listed on the Indonesia Stock Exchange (IDX) during 2018–2022.   Design/methodology/approach – This quantitative study uses panel data regression analysis processed with EViews 13 software. The data consist of companies listed on the IDX within the specified sectors and period.   Findings – The results show that green accounting and leverage have a positive but not significant effect on financial performance. In contrast, profitability has a positive and significant effect on financial performance.   Originality/value – This study provides empirical evidence on the role of green accounting in relation to financial performance in Indonesian listed companies, contributing to sustainability accounting literature in emerging markets.
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

Purpose – This study aims to describe Environmental, Social, and Governance (ESG) values and Return on Invested Capital (ROIC) of companies included in the IDX ESG Leaders index.     Design/methodology/approach – This research uses a descriptive quantitative approach with purposive sampling. The sample consists of 12 companies during the 2020–2024 period. ESG values were measured using Global Reporting Initiative (GRI) indicators, while ROIC was analyzed descriptively.   Findings – The results indicate that companies are increasingly focusing on and implementing ESG practices across environmental, social, and governance dimensions. In addition, ROIC levels show that these companies have been able to generate returns from their invested capital.   Originality/value – This study provides a descriptive overview of ESG implementation and financial performance (ROIC) in ESG-indexed companies in Indonesia, highlighting the integration of sustainability practices with profitability outcomes.
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

Purpose – This study aims to analyze the effects of financial behavior and financial literacy on investment interest among graduate students of the Faculty of Economics and Business, Universitas Brawijaya, with locus of control as a moderating variable.    Design/methodology/approach – This replication study uses a quantitative approach with primary data collected through surveys. Respondents were selected using purposive sampling. The data were analyzed using multiple linear regression to test the relationships among variables.   Findings – The results show that financial behavior and financial literacy significantly influence investment interest. However, locus of control does not moderate the relationship between financial literacy and investment interest.   Originality/value – This study contributes to behavioral finance literature by examining the combined effects of financial behavior, financial literacy, and psychological factors on investment interest in a university student context.
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

Purpose –  This study aims to analyze the effects of financial ratios, foreign flow, inflation, and interest rates on stock returns of banking companies listed on the Indonesia Stock Exchange during the COVID-19 pandemic (2020–2021).    Design/methodology/approach – This descriptive quantitative study uses secondary quarterly data obtained from the Indonesia Stock Exchange, Bank Indonesia, and Mirae Asset Sekuritas. The sample consists of 39 banking companies selected through purposive sampling. The independent variables include non-performing loans, loan-to-deposit ratio, operational efficiency ratio, foreign flow, inflation, and interest rate. Data were analyzed using multiple linear regression.   Findings – The results show that non-performing loans, operational efficiency ratio, and inflation have significant effects on stock returns. In contrast, loan-to-deposit ratio, foreign flow, and interest rate do not have a significant effect on stock returns.   Originality/value – This study provides empirical evidence on how both internal banking performance indicators and macroeconomic factors differently influence stock returns during the COVID-19 crisis period in Indonesia.
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

Purpose – This study aims to examine the differences in the financial performance of Regional Development Banks (BPDs) before and during the emergence of financial technology (fintech), as measured by Return on Assets (ROA), Return on Equity (ROE), Net Interest Margin (NIM), and Operating Expenses to Operating Income (BOPO).      Design/methodology/approach – This study employs a comparative quantitative approach using area sampling to select seven Regional Development Banks from a population of 24 conventional BPDs. Secondary data were obtained from financial statements covering the periods 2013–2016 (before fintech) and 2017–2020 (during fintech). The Wilcoxon Signed Rank Test was performed using STATA software due to the non-normal distribution of the data.   Findings – The results indicate significant differences in ROA, ROE, and NIM between the periods before and during the emergence of fintech. However, no significant difference is found in BOPO. These findings suggest that fintech has affected bank profitability but has not significantly influenced operational efficiency.   Originality/value – This study provides empirical evidence on the impact of fintech development on the financial performance of Regional Development Banks in Indonesia, offering insights for bank management and regulators in developing adaptive strategies to address technological disruption in the financial sector.

Page 11 of 14 | Total Record : 132

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