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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 INFLUENCER KEUANGAN DAN LITERASI KEUANGAN TERHADAP MINAT INVESTASI GENERASI MILENIAL DI PASAR MODAL Tazkia, Aulia; Wijayanti , Risna
Jurnal Management Risiko dan Keuangan Vol. 1 No. 2 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2022.01.2.05

Abstract

The high numbers of millennial investors in Indonesia have indicated the generation’s prospects to become potential investors for Indonesia’s future capital market development. However, as the financial literacy index of the country is still low, it is very likely that herding behavior appears among investors. Therefore, financial literacy is required to enable them to make rational investment decisions. The objective of this research is to identify the effects of financial influencer and financial literacy on the investment interest of millennials in the Special Capital Region of Jakarta. Here Partial Least Squares were used for the analysis, performed in SmartPLS 3.0. The samples are 100 individual investors categorized as millennials. This study finds that financial influencer and financial literacy positively and significantly determine individual interest on investment. Furthermore, financial literacy has a more dominant effect that financial influencer.
KOMPARASI STRATEGI INVESTASI DENGAN PENDEKATAN MOVING AVERAGE CONVERGENCE DIVERGENCE (MACD), RELATIVE STRENGTH INDEX (RSI), DAN BUY AND HOLD Setiani, Okki Arnelia; Nugroho, Dian Ari
Jurnal Management Risiko dan Keuangan Vol. 1 No. 4 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2022.01.4.02

Abstract

The objective of this research is to identify returns generated from investment strategies that use Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), and Buy and Hold approaches applied by companies consistently listed on the LQ45 Index during the 2015-2020 period. The identification of the return can help determine strategies with the most optimal return along with the stocks. The sample was selected using purposive sampling with the criteria of companies whose stocks have never been suspended, were actively traded during the research period, and were consistently included in LQ45 Index. The results of the observations on the 26 sample companies have led to following findings. First, returns gained from MACD, RSI, and Buy and Hold are different. Second, Buy and Hold gives most optimal return average. Third, stocks with the most optimum return are BBCA, i.e. 79.16%. The return was gained through Buy and Hold strategy, a strategy that does not require many transactions.
DETERMINAN STRUKTUR MODAL PADA PERUSAHAAN SEKTOR PERTANIAN YANG TERDAFTAR DI BURSA EFEK INDONESIA Rusanti, Rosalia; Andarwati, Andarwati
Jurnal Management Risiko dan Keuangan Vol. 1 No. 2 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2022.01.2.06

Abstract

The contribution of agriculture companies to Indonesia’s economic growth is quite significant. Therefore, agriculture companies have an important role and need to be considered. One of the efforts to encourage agriculture companies to develop more is by defining their capital structure. By understanding the determinants of capital structure, agriculture companies can make the right decisions to ensure funding for the sustainability of their operational activities. This study aims to analyze the effect of firm size, profitability, sales growth, liquidity and asset structure on the capital structure of agriculture companies listed on the Indonesia Stock Exchange for the period of 2013-2019. In this study, the unit of analysis was 70 samples. Hypothesis testing was carried out using multiple linear regression analysis method. The results of this study revealed that the firm size variable has no effect on the capital structure. Meanwhile, the variables of profitability, liquidity and asset structure have a negative and significant effect on capital structure and sales growth variables have a positive and significant effect on capital structure.
ANALISIS PENERAPAN SISTEM REMUNERASI DI UNIVERSITAS BRAWIJAYA Rusul, Ahmad Khitamur; Noermijati, Noermijati
Jurnal Management Risiko dan Keuangan Vol. 1 No. 4 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2022.01.4.04

Abstract

Employee motivation in an agency is a big challenge for every leader, one example is the salary allowance which is regulated in the remuneration system. The Rectorate of Universitas Brawijaya is the center for high leadership ranks at the university level who are authorized throughout the university environment. Brawijaya University is one of the universities that implements the Remuneration System for State Civil Apparatus under its auspices. This study aims to find out how the remuneration system is implemented in all academicians of Universitas Brawijaya and the obstacles they face. This research was conducted by using interview techniques for employees of the Remuneration System Team, Chief Administrative Officer / Deputy Dean II in the faculty environment and in-depth data collection with the Remuneration System Team of Universitas Brawijaya. Data was collected through observation, interviews and documentation, then the data was processed using Miles Hubermann's data analysis technique which consisted of three stages, including: Data Reduction, Data Presentation and Conclusion Drawing. The results of the analysis show that the remuneration system is an inseparable part of Brawijaya University, especially for Brawijaya University employees in managing human resources, the remuneration system is the performance of employees for their contribution to Brawijaya University.
VALUATION OF STOCKS LISTED ON IDX HIGH DIVIDEND 20 INDEX (2018-2020) USING DISCOUNTED CASH FLOW (DCF) MODEL Xaviera, Athena; Wijayanti, Risna
Jurnal Management Risiko dan Keuangan Vol. 1 No. 3 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2022.01.3.02

Abstract

This research’s background was based on the increasing number of investors in Indonesia’s capital market – including stock investment – especially in 2020. With such growth and enthusiasm regarding stock investment, the stock valuation may take place so investors can attain benefits and avoid loss. IDX High Dividend 20 (IDXHIDIV20) has good performance, and investors actively trade its stocks in the market; hence, stock valuation was deemed necessary. Discounted Cash Flow (DCF) was used to determine whether stocks are undervalued, fair valued, or overvalued. The type of this research was descriptive with a quantitative approach. The sample used was stocks listed on the IDXHIDIV20 index from 2018-2020, comprised of 27 stocks. This research showed that most of the stocks were overvalued throughout 2018-2020, with a percentage of 63%, 56%, and 59%, respectively. Among 15 consistently listed on the IDXHIDIV20 index throughout 2018-2020, 11 stocks were overvalued, and four were undervalued. As for the 12 inconsistently listed stocks, five stocks were overvalued, and seven were undervalued. Investors may sell or avoid the purchase of overvalued stocks and instead buy undervalued ones.
ANALISIS RASIO LIKUIDITAS, AKTIVITAS, SOLVABILITAS, DAN PROFITABILITAS UNTUK MENILAI KINERJA KEUANGAN Fanalisa, Fauziyah; Juwita, Himmiyatul Amanah Jiwa
Jurnal Management Risiko dan Keuangan Vol. 1 No. 4 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2022.01.4.01

Abstract

The objective of this descriptive quantitative research is to identify the financial performance of PT. Angkasa Pura II (Persero) during the 2018-2020 period using time-series financial ratio analysis. Ratio analysis is a method that identifies relationships between certain posts in balance sheets, individual profit-and-lost statements, and the combination of the two. The variables used in this study are liquidity ratio, i.e. current ratio and quick ratio; activity ratio, i.e. inventory turnover ratio, fixed assets turnover ratio, and total assets turnover ratio; solvability ratio, i.e. debt-to-asset ratio and debt-to-equity ratio; and profitability ratio, i.e. net profit margin, return on assets, and return on equity. This study finds that firm’s liquidity was unfavorable, or not liquid. This is reflected from its current and quick ratios that show risks in the company’s capability to pay its short-term liabilities, evidenced by the decreasing values of the two ratios during the research period. The company’s activity ratio was also not very good since its inventory turnover ratio, fixed assets turnover ratio, and  total assets turnover ratio were also decreasing. This means that the company had not been able to use its assets effectively to increase its revenue. In terms of solvability, increases in debt-to-asset ratio and debt-to-equity ratio inform that the company had a great financial risk that accompanies its huge chances to produce high profit. Finally, the company’s profitability was also not good because declining trends were found in its net profit margin, return on assets, and return on equity, indicating that the company had suffered losses and had not been able to generate profit from all its capacities and resources.
EVALUASI SOP (STANDARD OPERATING PROCEDURE) SEBAGAI PENUNJANG KINERJA PERUSAHAAN Nugrahayanti, Andra Fyonaliza; Ikhtiara Kaideni Isharina
Jurnal Management Risiko dan Keuangan Vol. 1 No. 4 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2022.01.4.03

Abstract

The objective of qualitative descriptive research is to evaluate the implementation of SOP in the internal affairs unit of PT XYZ. The data was gathered by conducting observations, documentation, triangulation, and interview with two internal affair officials of the company. Its validity was checked using credibility, transferability, dependability, and confirmability tests, and the analysis was conducted using the interactive model. The internal affairs unit has six SOPs; they are Post-Tenure Housing Allowances Payment, Integrated Building Maintenance, In- and Out-Office Meeting Facility Payment, Proposal Permit for Operational dan Positional Official Residence Placement, Provision of PT XYZ Guest House Facility, and Operational Vehicle Usage. The Result of the analyses indicate that the said unit has not fulfilled the seven principle for SOP arrangement. This makes the SOP fail in giving the maximum result. Other factors that hinder the implementation of the SOP is the weak regulation enforcement, frequent occurance of negotiation, and intervention of company leaders; all of which the standard cannot be applied properly. However, the SOP has helped the company attain its goals in terms of cost efficiency and maximum service.
PENGARUH LITERASI KEUANGAN, PERILAKU KEUANGAN DAN PENDAPATAN TERHADAP KEPUTUSAN INVESTASI Latifah, R. R. Talitha Felicia; Juwita, Himmiyatul Amanah Jiwa
Jurnal Management Risiko dan Keuangan Vol. 1 No. 3 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2022.01.3.01

Abstract

The purpose of this study is to identify the effects of financial literacy, financial behavior, and income on investment decision. This quantitative explanatory research was conducted on the employees of PT ASABRI (Persero) in branch offices throughout East Java for six months, from April to December 2022. The data was harvested through questionnaires distributed to 51 respondents and was analyzed using multiple linear regression, F test, t test, and coefficient of determination test performed in SPSS version 28. This study finds that financial literacy significantly influences investment decision, that financial behavior significantly affects investment decision, and that income significantly impacts investment decision. These findings explain that income and the knowledge and capability of individuals used to manage their personal finance are key factors for their decision to make investments.
Analisis Faktor-Faktor yang Mempengaruhi Profitabilitas Sitepu, Rafi Ashari; Djazuli, Atim
Jurnal Management Risiko dan Keuangan Vol. 2 No. 1 (2023)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2023.02.1.06

Abstract

Return on assets (ROA) of Bank Sinarmas Sharia Business Unit has a low performance. This type of research is explanatory research (explanatory research). The collection of data used in this study is to use documentation techniques, namely the financial statements of the company PT. Bank Sinarmas Sharia Business Unit 2012 – 2021. The data analysis technique used in this study is the classical assumption test, multiple linear regression analysis, coefficient of determination, t test and F test. The results of this study indicate that the Capital Adequacy Ratio (CAR) has a positive effect and significant to the profitability of Bank Sinarmas Sharia Business Unit, Operating Expenses Operating Income (BOPO) has a negative and significant effect on the profitability of Bank Sinarmas Sharia Business Unit, Non-Performing Financing (NPF) has a negative and significant effect on the profitability of Bank Sinarmas Sharia Business Unit, Financing Deposit Ratio (FDR) has no significant effect on the profitability of Bank Sinarmas Sharia Business Unit. Capital Adequacy Ratio (CAR), Operating Expenses for Operating Income (BOPO), Non-Performing Financing (NPF), and Financing Deposit Ratio (FDR) significantly affect the profitability of the Bank. Sinarmas Sharia Business Unit.   Abstrak Return on asset (ROA) Bank Sinarmas Unit Usaha Syariah memiliki kinerja yang rendah. Jenis penelitian ini adalah explanatory research (penelitian penjelasan). Pengumpulan data yang digunakan pada penelitian ini adalah menggunakan teknik dokumentasi, yaitu laporan keuangan perusahaan PT. Bank Sinarmas Unit Usaha Syariah Tahun 2012 – 2021. Teknik analisis data yang digunakan pada penelitian ini adalah uji asumsi klasik, analisis regresi linier berganda, koefisien determinasi, uji t dan uji F. Hasil penelitian ini menunjukkan bahwa Capital Adequacy Ratio (CAR) berpengaruh positif dan signifikan terhadap profitabilitas Bank Sinarmas Unit Usaha Syariah, Beban Operasional Pendapatan Operasional (BOPO) berpengaruh negatif dan signifikan terhadap profitabilitas Bank Sinarmas Unit Usaha Syariah, Non Performing Financing (NPF) berpengaruh negatif dan signifikan terhadap profitabilitas Bank Sinarmas Unit Usaha Syariah, Financing Deposit Ratio (FDR) tidak berpengaruh signifikan terhadap profitabilitas Bank Sinarmas Unit Usaha Syariah. Capital Adequacy Ratio (CAR), Beban Operasional Pendapatan Operasional (BOPO), Non Performing Financing (NPF), dan Financing Deposit Ratio (FDR) berpengaruh secara signifikan terhadap profitabilitas Bank Sinarmas Unit Usaha Syariah.
Analysis of Banking Financial Performance Before and While the Pandemic Era Using Risk Profile, Good Corporate Governance, Earnings, and Capital (RGEC) Method Safira AM, Zia; Yuana, Pusvita
Jurnal Management Risiko dan Keuangan Vol. 2 No. 1 (2023)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2023.02.1.01

Abstract

This study aims to determine the level of bank soundness at PT Bank CIMB Niaga Tbk during the 2018-2021 period i.e 2 years before and 2 years while the pandemic era of COVID-19 using the RGEC method (Risk Profile, Good Corporate Governance, Earning, and Capital). This research is measured through several financial ratios, including NPL, LDR, GCG by Self-assessment, ROA, NIM, and CAR. This study uses a quantitative-descriptive type of research through secondary data obtained by the documentation method in the form of annual financial reports which are accessed through the official website of PT Bank CIMB Niaga Tbk and credible institutions. The results of this study indicate that the condition of PT Bank CIMB Niaga Tbk before and while the pandemic era of COVID-19 2018-2021 on average in risk profile with NPL got a level of 2 which means healthy. LDR was level 2 which means healthy, GCG got a level of 1 which means very healthy, earnings with ROA ranked as 2 which means healthy, NIM ranked as 1 which means very healthy, and capital with CAR ranked as 1 which means very healthy. All results generally obtained a composite level of 2 which means healthy. Although several aspects of the assessment were found with the soundness of the bank at the composite level of 3 during the pandemic of COVID-19, this did not affect the final result of the soundness of the bank. 

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