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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 132 Documents
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The Effects of Financial Technology, Financial Attitude, and Financial Literacy on Financial Management Behaviors Putri, Intan Uriana; Aisjah , Siti
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.2025.04.3.06

Abstract

In the modern era characterized by economic complexity and rapid technological advances, an individual's ability to manage finances becomes very crucial. The objective of this quantitative research is to analyze the impacts of financial technology, financial attitudes, and financial literacy on the financial management behaviors. The objects are undergraduate students of Universitas Brawijaya. This research uses a quantitative approach with multiple linear regression analysis methods. The data of this harvested from 5-point Likert-scaled closed questionnaires. The sample used in this research was 100 respondents with the criteria of being undergraduate students of Universitas Brawijaya batches of 2021 and 2022, still in the age range of 17-25 years, and having used financial technology products at least 2 products. The results of the multiple linear regression analysis indicate that the three independent variables positively influence the students’ financial management behavior. This research shows that increasing financial literacy, forming positive financial attitudes, and wise use of financial technology can encourage healthier financial management behavior among students.  
Comparison of Accuracy Levels in Financial Distress Prediction Models using Altman Z-Score, Zmijewski, and Springate Sutardjo, Abdul Wahid; Andarwati
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.2025.04.3.08

Abstract

This study aims to determine the accuracy rate of potential financial distress using three financial distress prediction models (Altman Z-Score, Zmijewski, Springate) to predict financial distress for E512 sector tourism companies (hotels, resorts, and cruise ships) listed on the Indonesia Stock Exchange for 2019-2023. This type of research is descriptive quantitative. The data source used in this study is secondary data. The findings from the study show that Zmijewski's model outperforms the other two models with an accuracy rate of 93.3% in estimating financial distress. On the other hand, the accuracy of the Altman Z-Score model is at a moderate level with a rate of 46%, followed by the Springate model which is the lowest with an accuracy rate of 8% each. The conclusion reached by this study is that the Zmijewski model is the instrument with the highest percentage of accuracy and can be recommended for estimating the financial difficulties of tourism companies. However, the output of this study can only be recommended as a warning signal and not a definitive bankruptcy forecast. The results of this study are likely to provide insight into the evaluation of investors, creditors, and stakeholders on the financial condition of E512 (Hotels, Resorts, & Cruise) tourism companies listed on the Indonesia Stock Exchange.
Governance Mechanisms, Ownership Dynamics, and Capital Structure Determinants Mochamad Rizky Pratama; Ratnawati, Kusuma
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.2025.04.3.05

Abstract

This study aims to analyze the influence of corporate governance and ownership structure on the capital structure of infrastructure sector companies listed on the Indonesia Stock Exchange. It is motivated by the fact that 57% of companies in this sector face capital structure problems due to economic uncertainty and the Covid-19 pandemic. This is reflected in the relatively high Long-Term Debt-to-Equity Ratios; some companies even exceed a value of 1, indicating a greater reliance on long-term debt than equity. The study sample consists of 21 infrastructure sector companies observed over a five-year period. Data analysis using SPSS 29 shows that corporate governance, proxied by the size of the board of directors and the independent board of commissioners, has a significant positive effect on capital structure. However, the variable proxied by CEO duality has an insignificant negative effect. Meanwhile, ownership structure, proxied by managerial ownership, has a significant negative effect on capital structure, and ownership concentration has an insignificant negative effect. This study makes a significant contribution by demonstrating that sound corporate governance policies and ownership structures can influence capital structure decisions in the management of infrastructure sector companies.
Rethinking Debt Strategies: How Profits, Women’s Representation, and Politics Shape Corporate Leverage Pandito, Muhammad Tora Bhanu; Nurmasari, Nuraini Desty
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.2025.04.3.03

Abstract

This study aims to investigate how profitability, women’s representation on boards of commissioners and directors, and political connections influence the financial leverage of manufacturing companies listed on the Indonesia Stock Exchange (IDX). Indonesia’s manufacturing sector faces significant financial risks, with about 52% of companies having Debt-to-Equity Ratios above 1.0, indicating a heavy reliance on external financing. Furthermore, inconsistent findings in previous research across different contexts highlight the need for deeper investigation, as the relationships between these factors may depend on industry-specific conditions. Using a quantitative and explanatory research design, this study analyzes panel data from 115 manufacturing companies on the IDX between 2018 and 2022 with a Common Effect Model in Stata MP 17. The results show that profitability has a significant negative effect on leverage, while women’s representation on boards and political connections have negative but not statistically significant effects. By resolving these inconsistencies, this research provides valuable and practical insights for companies, investors, and scholars who want to better understand the complex factors that shape financial leverage decisions in Indonesia’s manufacturing sector.
Material Requirement Planning (MRP) For Optimizing Raw Material Inventory in Cigarette Manufacturing Pratama, Muhammad Fawwaz; Waluyowati, Nur Prima
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.2025.04.2.07

Abstract

Improving inventory management capabilities is essential to enhance a company competitive advantage, especially in industries heavily reliant on raw materials. This study aims to implement the Material Requirement Planning (MRP) method to manage raw material inventory for cigarette production by identifying the most efficient lot sizing technique, determining optimal inventory quantities, and developing a procurement plan. This is a quantitative descriptive study using demand data, raw material composition, production sequences, schedules, and inventory records for Cakra Kretek Emas 16 at PT Cakra Guna Cipta. Data were collected through interviews and document analysis, then processed using forecasting, lot sizing, and MRP techniques. The results show inventory costs are Rp 52,042,771.2 with Economic Order Quantity (EOQ), Rp 41,707,679.53 with Part Period Balancing (PPB), and Rp 30,019,632.81 while use Wagner-Whitin Algorithm (WWA), Lot for Lot (LFL), and Period Order Quantity (POQ). This study applies POQ technique, which uses time intervals as the basis for placing orders. The novelty lies in the comparative analysis of multiple lot sizing techniques within an MRP framework in the cigarette industry. The application of MRP with POQ technique is expected to optimize and minimize inventory costs by reducing long-term storage through interval-based ordering.
Financial Literacy and Financial Behavior: Predicting Financial Well-Being Among Study Abroad Students Hadikusumah, Rizkitaami Azqi; Nurmasari, Nuraini Desty
Jurnal Management Risiko dan Keuangan Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.4.03

Abstract

This quantitative study aims to examine the influence of financial literacy and financial behavior on the financial well-being of students who received scholarships from the Indonesian International Student Mobility Awards (IISMA) in 2023. The instruments used in this study were tested for validity and reliability. Primary data were obtained through questionnaires distributed to scholarship recipients, selected from a population of 150 individuals using simple random sampling. Following classical assumption testing, the data were analyzed, yielding the following results. Financial literacy was found to have a significant positive influence on financial well-being, indicating that individuals with higher financial knowledge are more likely to achieve their desired financial condition. Similarly, financial behavior also has a significant positive influence on financial well-being, showing that individuals with good financial practices tend to experience better financial outcomes. This study offers a novel contribution by focusing on a unique and understudied population, Indonesian students undergoing international mobility, revealing how financial capability directly impacts their adaptation and stability abroad. These findings underscore the urgency of embedding structured financial education within student mobility programs to foster both immediate financial resilience and long-term well-being.
Financial Literacy and Technology Advancement: Triggers of Gen Z's Crypto Investment Interest Bintang Nurrama Putra; Ratnawati, Kusuma
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.2025.04.2.04

Abstract

Cryptocurrency is gaining popularity among Generation Z, yet its complexity and volatility require strong financial understanding and technological access. This study aims to analyze the influence of financial literacy and technological advances on the interest in investing in cryptocurrency assets among Generation Z in Malang City. This explanatory quantitative study collected data from 153 respondents selected through purposive sampling, using questionnaires as the research instrument. The independent variables in this study are financial literacy and technological advances, while the dependent variable is interest in investing in cryptocurrency assets. The results of the analysis using Partial Least Squares – Structural Equation Modeling (PLS-SEM) show that both financial literacy and technological advances have a positive and significant effect on investment interest in cryptocurrency assets. These findings suggest that improved financial literacy and increased access to technology can encourage the younger generation to invest in digital assets. This research is expected to serve as a reference for financial institutions, regulators, and investment platform developers in designing educational strategies and developing digital-based financial technologies.
Lean Manufacturing Assessment to Reduce Waste in Calendar Manufacturing Using Kanban System Athallah, Panji; Pradana, Bayu Ilham
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.2025.04.3.07

Abstract

Lean manufacturing is a resource-optimizing method used by companies to maximize productivity and minimize was. One of the instruments in the method is the Kanban system, which offers various usefulness in operational management. The objective of this study is to analyze the production process at PT Libies Media Grafika; the result of which will be used to provide improvement recommendations. The data of this quantitative descriptive applied research was harvested via interviews, document studies, and direct observations to the company. The results of the interviews and observations indicate that there are several activities identified as waste; they are waste waiting in the material lift-up activities during the printing phase, material transport during the quality control phase, and waste defect such as paint bleeding and glue peeling. This study also finds that the application of Kanban system can eliminate waste, which increased the total value-added ratio in the company’s production process from 53.47% to 55.19%.
Defect Reduction in Tempe Production Using SPC and FMEA Methods Hadinugraha, Aditya Shafa; Jazuli, A Muhammad
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.2025.04.2.02

Abstract

This study aims to analyze quality control of Omah Tempe's tempe production using Statistical Process Control (SPC) and evaluate improvement actions through Failure Mode and Effect Analysis (FMEA). A descriptive quantitative approach was employed, using the total production of tempe from December 27, 2024, to January 26, 2025. Data were collected through observation, interviews, and documentation. Four SPC tools: Check Sheet, Control Chart, Pareto Diagram, and Cause and Effect Diagram were used to identify defect types and causes. FMEA was applied to prioritize corrective actions using the Risk Priority Number (RPN). The study found thirtheen causes of defects, including limited workforce, unhygienic worker behavior, weak supervision, inconsistent fermentation, raw material issues. Based on the findings, Omah Tempe is suggested to increase workforce, conducting daily evaluations, improving sanitation, using checklists and thermometers, selecting higher quality raw materials, and providing guidance to reduce human error. The implications of this study highlight the importance of enhancing quality control at every stage of tempe production. Consistent quality supervision and improved raw material selection are need to reduce defects and enhance tempe production.
Behavioral Biases in the Crypto Market: Disposition, Herding, and Heuristic Effects on Investment Decisions Putradia, Mikhael Kefas; Ratnawati, Kusuma
Jurnal Management Risiko dan Keuangan Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.4.02

Abstract

This study aims to analyze the influence of disposition bias, herding bias, and heuristics on the investment decisions of cryptocurrency investors in Malang City. The rapid growth of young investors in the digital asset market particularly in the highly volatile cryptocurrency sector highlights the importance of understanding behavioral biases due to their impact on investment decisions. This explanatory quantitative study uses primary data obtained through an online questionnaire distributed to 177 cryptocurrency investors domiciled in Malang City. The results of the analysis using Partial Least Squares (PLS) in SmartPLS show that all three independent variables disposition bias, herding bias, and heuristics have a significant influence on investment decisions. This finding indicates that psychological biases play a crucial role in investment decision-making, especially in the context of high-risk assets. This study contributes to the development of behavioral finance theory and provides insights for investors, industry players, and regulators in designing educational strategies and policies that better align with the characteristics and behaviors of young investors.

Page 12 of 14 | Total Record : 132

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