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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 Affect of TQM Dimensions on Company Performance Improvement Jestawana, Ainur Salwa; Waluyowati, Nur Prima
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.2025.04.4.07

Abstract

This quantitative study aims to analyze the influence of customer focus, teamwork, continuous improvement, training and education, and employee empowerment on the performance of CV Kirana Bahari Indonesia. These five variables represent the core principles of Total Quality Management (TQM), which are believed to enhance quality and organizational competitiveness. The data were collected through questionnaires distributed to 82 respondents who are permanent employees of the company and analyzed using multiple linear regression with SPSS. The study finds that all five TQM variables simultaneously have a significant effect on company performance. However, only customer focus and employee empowerment show a significant partial effect, while teamwork, continuous improvement, and training and education do not have a significant impact. These findings indicate that the implementation of TQM at CV Kirana Bahari Indonesia has not been evenly or optimally executed across all aspects. There remains a gap between employee perceptions and the actual impact on performance improvement. This study contributes theoretically by emphasizing that the effectiveness of TQM depends greatly on organizational context, the quality of implementation, and the active involvement of all company elements.
The Role of Family Ownership and Management in Shaping Corporate Financial Outcomes Baihaki Hylmi Habibi; Jazuli, A Muhamad
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.2025.04.4.10

Abstract

This study aims to examine the influence of family ownership and family involvement in management on financial performance. The study focuses on manufacturing firms listed on the Indonesia Stock Exchange (IDX) during the 2022–2023 period. This research employs a quantitative approach, with a sample selected through purposive sampling, resulting in a total of 111 companies. Secondary data from financial reports were analyzed using multiple linear regression with the SPSS version 27 program. The results indicate that family ownership has a marginal positive influence on financial performance. Conversely, family involvement in management was not found to have a significant effect and tended to show a negative impact. These findings imply that to maximize performance, family manufacturing firms need to strengthen their corporate governance structures.
Banking in the Digital Age: How Technology, Capital, and Risk Shape Profitability Hidayatullah, Indra; Sumiati
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.2025.04.4.06

Abstract

Bank profitability, as a key indicator of financial performance, has exhibited varying trends during the period from 2019 to 2024. Digital transformation presents opportunities for banks to enhance efficiency and profitability; however, challenges related to capitalization and credit risk remain primary concerns for regulators and industry participants in maintaining long-term stability and profitability. This explanatory quantitative study aims to analyze the influence of digital transformation, capitalization, and credit risk on profitability. The objects of this study are banking companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. Using a census or saturated sampling method, 16 banks out of a total of 47 were selected as the sample. The study employs descriptive statistical analysis, classical assumption testing, multiple linear regression analysis, and hypothesis testing, all conducted using SPSS version 27. The results of the analysis indicate that digital transformation does not have a significant effect on profitability, while capitalization and credit risk significantly influence profitability. Therefore, banks need to strengthen their digital capabilities and risk management while optimizing their capital structure to enhance performance and competitiveness in line with the resource-based view approach.
The Cost Of Being Green: Does Financial Slack Pave The Way For Sustainable Profitability? Hatiuran, Kezia Agustina; Djazuli, Atim
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.2025.04.4.01

Abstract

The inconsistency of empirical findings regarding the impact of ESG on financial performance creates a strategic dilemma for companies, in which sustainability investments may risk suppressing short-term profitability. This study aims to analyze the effect of Environmental, Social, and Governance (ESG) scores on the financial performance of non-financial companies listed in the Kompas 100 Index on the Indonesia Stock Exchange (IDX) during the 2020-2024 period, with financial slack as a moderating variable. A total of 105 observations were obtained from 21 sampled companies and analyzed using panel data regression with the Fixed Effect Model (FEM) and Random Effect Model (REM). The results reveal that the aggregate ESG score has a significant effect on financial performance, as measured by Return on Assets (ROA), while the individual ESG pillars (environmental, social, and governance) do not have a significant impact. Furthermore, financial slack significantly moderates the relationship between the aggregate ESG score and financial performance. These findings suggest that financial flexibility serves as a strategic prerequisite for companies to manage ESG initiatives without compromising short-term performance. This implies the importance of considering internal capacity, alongside ESG scores, in evaluating effective sustainability commitments.
The Effect of Working Capital Management on Pharmaceutical Firm Profitability Imron, Maulidatussa'adah; Aisjah, Siti
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.2025.04.4.09

Abstract

The competitive business environment requires companies to maintain financial performance to achieve profitability. This quantitative study aims to analyze the effect of working capital management on the profitability of pharmaceutical companies listed on the Indonesia Stock Exchange for the 2019–2023 period. Working capital management is proxied by inventory conversion period, receivables collection period, payables deferral period, and cash conversion cycle, while profitability is measured using Return on Assets (ROA). The data were analyzed using multiple linear regression with the assistance of SPSS version 29. The results show that the payables deferral period has a significant positive effect on profitability, while the inventory conversion period, average collection period, and cash conversion cycle have no significant effect. These findings indicate that efficient working capital management, particularly optimizing the payables deferral period, can improve the profitability of pharmaceutical companies. Nevertheless, the management of inventory and receivables must still be adjusted to market dynamics and regulations to support sustainable company performance.
From Knowledge to Fintech: Drivers of Generation Z’s Investment Interest Gracia, Olivia; Champaca, Mychelia
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.2025.04.4.05

Abstract

The rapid growth of financial technology and the increasing accessibility of investment platforms have transformed how young generations approach financial decisions, making it essential to understand the factors that drive their investment behavior. This study aims to examine the influence of investment knowledge, investment risk perception, and financial technology on the investment intention of Generation Z. Using a quantitative research design, 120 respondents from Generation Z were selected through a non-probability purposive sampling method. Data were collected using questionnaires that met validity and reliability criteria, then analyzed using multiple linear regression after passing classical assumption tests. The results indicate that investment knowledge and financial technology both have a positive and significant effect on investment intention, suggesting that greater understanding and digital accessibility encourage participation in investment activities. Conversely, investment risk perception shows a negative and significant effect, implying that higher perceived risks may discourage potential investors. These findings highlight the need for targeted financial education and the optimization of fintech tools to reduce perceived barriers, thereby fostering stronger investment engagement among young generations in the digital era.
The Influence of Lifestyle, Financial Technology, And Financial Literacy on Millenials’ Digital Gold Investment Decisions Rahmasari, Adelia Gita; Sumiati
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.2025.04.2.03

Abstract

Investment decisions are long-term processes that require careful consideration, involving the allocation of funds to specific assets with the goal of generating returns and maintaining financial stability in the future. This study is urgent due to the rising trend of digital gold among millennials in the post-pandemic era. This study aims to examine the influence of lifestyle, financial technology, and financial literacy on the decision of millennials in Malang City to invest in digital gold. As explanatory research, it explains causal relationships among variables through hypothesis testing. Using a non-probability sampling method with purposive sampling technique, 120 respondents were selected. The data were analyzed using multiple linear regression in SPSS version 27. The results show that lifestyle, financial technology, and financial literacy have a positive and significant effect on investment decisions, both partially and simultaneously. The results show that lifestyle, financial technology, and financial literacy significantly and positively affect investment decisions. The novelty of this study lies in linking behavioral, technological, and financial literacy aspects to explain digital gold investment. The findings suggest that both platforms and investors can apply these insights to support wiser investment choices.
Uncovering the Impact of Leverage, Liquidity, and Firm Size on Infrastructure Firms’ Profitability Wahyudi, Haris; Sumiati
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.2025.04.3.04

Abstract

The infrastructure sector is one of the national development priority sectors that has experienced significant growth, both in terms of investment and economic output, as reflected in the upward trend of the sector's real GDP since 2021. However, amid this growth, the financial performance of companies in the infrastructure sector has shown a fluctuating trend and has not fully recovered, particularly when viewed through profitability indicators such as Return on Assets (ROA), which remains lower compared to the average of all sectors listed on the Indonesia Stock Exchange (IDX). This study aims to examine and analyze the effect of leverage, liquidity, and firm size on profitability in infrastructure sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019-2023 period. This research uses a quantitative approach. The data utilized are secondary data in the form of financial statements from infrastructure sector companies listed on the IDX during 2019-2023 and information from each company’s official website. The sampling method used is census sampling with predetermined criteria, resulting in a sample of 22 companies. The analysis method employed is multiple linear regression using SPSS version 27. After conducting classical assumption tests, 3 companies were excluded as outliers, leaving 18 companies for the multiple linear regression analysis. The results show that leverage and liquidity have a significant effect on profitability, while firm size does not have a significant effect on profitability. Theoretically, this research supports the capital structure theory and the trade-off theory. Abstrak: Sektor infrastruktur merupakan salah satu sektor prioritas pembangunan nasional yang mengalami pertumbuhan signifikan, baik dari sisi investasi maupun output ekonomi, sebagaimana tercermin dalam tren peningkatan PDB riil sektor ini sejak 2021. Namun, di tengah pertumbuhan tersebut, kinerja keuangan perusahaan di sektor infrastruktur justru menunjukkan tren fluktuatif dan belum sepenuhnya pulih, terutama dilihat dari indikator profitabilitas seperti ROA yang masih lebih rendah dibandingkan rata-rata seluruh sektor di BEI. Penelitian ini bertujuan untuk menguji dan menganalisis pengaruh Leverage, Likuiditas, dan Ukuran perusahaan terhadap Profitabilitas pada perusahaan sektor infrastruktur yang terdaftar di BEI periode tahun 2019-2023. Jenis penelitian yang digunakan adalah penelitian kuantitatif. Data yang digunakan dalam penelitian ini adalah data sekunder berupa laporan keuangan perusahaan sektor infrastruktur yang terdaftar di BEI periode tahun 2019-2023 dan masing-masing website perusahaan. Pemilihan sampel menggunakan metode sampel sensus atau sampling jenuh dengan kriteria yang sudah ditentukan sehingga diperoleh sampel sebanyak 22 perusahaan. Metode analisis yang digunakan ialah analisis regresi linier berganda dengan bantuan program SPSS versi 27. Terdapat pengurangan sampel sebanyak 3 perusahaan (sebagai oulier) atas hasil uji asumsi klasik sehingga jumlah sampel menjadi 18 perusahaan yang dilakukan analisis regresi linier berganda. Hasil penelitian menunjukkan bahwa Leverage dan Likuiditas berpengaruh signifikan terhadap profitabilitas, sedangkan, Ukuran perusahaan tidak berpengaruh signifikan terhadap profitabilitas. Penelitian ini secara teoritis mendukung teori struktur modal, serta teori trade-off.
Strategies for Strengthening Safety Participation Through The Optimization of OHSMS and OHS Training Fajar, Muhammad Kiflan; Abdurrahman Hakim
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.2025.04.4.08

Abstract

This study aims to analyze the influence of the implementation of the Occupational Health and Safety Management System (OHSMS) and OHS Training on safety participation among employees of PT Pejaten Jaya Abadi. A quantitative approach was employed, utilizing a survey method involving 140 employee respondents. The results of multiple linear regression analysis indicate that both OHSMS and OHS Training have a positive and significant effect on safety participation. The contribution of these two independent variables reaches 78.8% in increasing employee participation in workplace safety. These findings emphasize the importance of a structured OHSMS implementation and effective safety training in building a safety culture and enhancing employee engagement in occupational safety programs within construction companies. This study recommends that companies strengthen OHS policies and develop relevant training to reduce workplace accidents and create a safe and productive work environment.
Profitability, Leverage, and Firm Size: Their Impact on Stock Price of Property and Real Estate Companies Listed on IDX Harits, Abdul Gamal; Djazuli, Atim
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.2025.04.3.02

Abstract

This study aims to examine and analyze the influence of profitability, leverage, and firm size on stock price. Out of 94 property and real estate companies listed on the Indonesia Stock Exchange from 2020 to 2023, 21 were selected as samples using purposive sampling, resulting in 84 observations. In this study, profitability is measured by Return on Assets, leverage by Debt-to-Equity Ratio, and firm size by total assets. The quantitative data, in the form of numerical figures, were obtained from secondary sources through the official website of the Indonesia Stock Exchange. The results of the multiple linear regression analysis show that (1) profitability has an insignificant effect on stock price, (2) leverage has a significant effect on stock price, and (3) firm size has a significant effect on stock price.

Page 13 of 14 | Total Record : 132

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