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Multifinance
Published by PT Altin Riset Publishing
ISSN : -     EISSN : 30248175     DOI : https://doi.org/10.61397/mfc.v1i2
Core Subject : Economy,
Economics, Econometrics & Finance
The Journal of Multifinance: Journal of Economics, Management and Banking is a journal that serves as a medium for studying various phenomena or issues as well as research findings related to Economics, Management, and Business in a broad sense. The journal aims to provide a platform for sharing research results and scientific thoughts related to key issues in this field. The journal covers, but is not limited to, the following fields of study: Public Investment Public Procurement Islamic Economics/Shariah Economics Islamic Investment Behavioral Investment Taxation Capital Markets and Investment Management for Banking and Insurance Management for SMEs Information Management Systems Investment and Governance of Information Technology Macroeconomics Microeconomics Regional Economy Public Sector Management Banking Format and Research Methods The journal accepts research and scientific writing using quantitative, qualitative, or a combination of both methods. Literature reviews, case studies, and papers that combine theory and practice in the mentioned fields are also welcomed. Journal Objectives The objectives of this journal are to encourage high-quality research and scientific thinking in the fields of Economics, Management, and Business, as well as to facilitate the exchange of ideas and research findings among academics, researchers, and practitioners. The journal also aims to strengthen the academic and practical contributions and influence in the studied field. Target Readership The journal is intended for academics, researchers, practitioners, and students who are interested and engaged in the fields of Public Investment, Public Procurement, Islamic Economics/Shariah Economics, Islamic Investment, Behavioral Investment, Taxation, Capital Markets and Investment, Management for Banking and Insurance, Management for SMEs, Information Management Systems, Investment and Governance of Information Technology, Macroeconomics, Microeconomics, Regional Economy, and the Public Sector. Review Process The journal follows a rigorous review process for each submitted article. At least two unbiased and professional reviewers in the respective field will review each article. The final decision to accept or reject an article will be made by the journal editor based on the recommendations of the reviewers
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 12 Documents
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Search results for , issue "Vol. 3 No. 3 (2026): Multifinance" : 12 Documents clear
EMPLOYEE ENGAGEMENT ON WORK MOTIVATION AND ITS IMPACT ON INTENT TO LEAVE AT BUKIT RAYA SEKAWAN MINING COMPANY Pratama, Yudhistira Anugerah; Isnajati, Louisiani Mansoni
Multifinance Vol. 3 No. 3 (2026): Multifinance
Publisher : PT. Altin Riset Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61397/mfc.v3i3.463

Abstract

Employee engagement plays a crucial role in organizational success, influencing motivation, job satisfaction, and turnover intention. This study examines the relationship between employee engagement, work motivation, and turnover intention at Bukit Raya Sekawan Mining Company, addressing gaps in research within the mining sector. Using a quantitative approach with path analysis, data were collected from employees through surveys and observations, supplemented by secondary sources. Findings indicate that most employees perceive their engagement as appropriate to very strong, and the majority report high levels of work motivation. Turnover intention appears relatively low, with only a small proportion of employees showing a strong inclination to leave. The analysis reveals that employee engagement has a substantial impact on work motivation and turnover intention. Work motivation also directly affects turnover intention, underscoring its role in employee retention. Moreover, engagement indirectly influences turnover intention through motivation, reinforcing its overall effect. These results highlight the importance of fostering a supportive work environment, improving career development opportunities, and enhancing compensation to strengthen engagement and motivation. Future studies should explore additional factors such as leadership, organizational culture, and work-life balance to provide comprehensive understanding of employee behavior in the mining industry.
THE EFFECT OF BRAND AWARENESS AND PRODUCT QUALITY ON CONSUMER LOYALTY TO JNC SNACK FOOD PRODUCTS COOKIES IN BANDUNG CITY Rahmaeni, Define Haifa; Aprianti, Ine; Zaelani, Pupi Indriati; Hersusetiyati, Hersusetiyati
Multifinance Vol. 3 No. 3 (2026): Multifinance
Publisher : PT. Altin Riset Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61397/mfc.v3i3.514

Abstract

JNCCookies faces challenges in maintaining revenue stability outside of seasonal periods. The  preliminary survey results indicate that consumer brand awareness of JNC Cookies is relatively low  and that the product quality has not fully met consumer satisfaction, thereby affecting consumer  loyalty.This study aims to analyze the influence of brand awareness and product quality on consumer  loyalty using a qualitative method quantified through a descriptive and verificative approach involving  100 respondents. The novelty of this research lies in its focus on the relationship between brand  awareness and product quality toward consumer loyalty at JNC Cookies, which has not been  extensively studied specifically within the handmade cookie industry in Bandung City.The findings  reveal that both brand awareness and product quality have a effect on consumer loyalty, both partially  and simultaneously. These results emphasize that both factors play an essential role in building long term consumer loyalty.Based on these findings, JNC Cookies is recommended to strengthen its  marketing strategies through more intensive promotions, building a strong brand identity, and creating  unique product characteristics that differentiate it from competitors in order to foster stronger and more  sustainable consumer loyalty.
THE EFFECT OF RETURN ON EQUITY (ROE) AND DEBT TO EQUITY RATIO (DER) ON STOCK PRICES IN THE PRIVATE BANKING SECTOR THAT ARE CONSISTENTLY LISTED ON THE INDONESIA STOCK EXCHANGE IN THE PERIOD 2020–2024 Amalia, Lia; Susanto, Bambang; Nurwathi, Nurwathi; Abimanyu, Ketut
Multifinance Vol. 3 No. 3 (2026): Multifinance
Publisher : PT. Altin Riset Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61397/mfc.v3i3.515

Abstract

Stock prices are one of the important indicators for investors because they reflect the company's current performance as well as future prospects, and are the main consideration in investment decisions. Private banking companies listed on the Indonesia Stock Exchange for the 2020–2024 period have fluctuating share prices and some tend to decline. This condition is influenced by many factors, both internal and external. Therefore, this study aims to know, explain, and analyze the influence of Return on Equity and Debt to Equity Ratio on stock prices in the private banking sector that are consistently listed on the Indonesia Stock Exchange for the 2020– 2024 period. This study uses a quantitative approach with a population of 36 companies and a sample of 25 companies selected through purposive sampling. The analysis method used was multiple linear regression with the help of the EViews 12 program. The results of the study show that partially Return on Equity has a significant positive effect on stock prices with a partial determination coefficient of 56.73%, while the Debt to Equity Ratio has a negative effect of insignificant with a partial determination coefficient of 0.49%. Simultaneously, Return on Equity and Debt to Equity have a significant effect on the stock price with an Adjusted R- Square value of 58.29%, which means that the two variables are able to explain the variation in stock prices together. The novelty of this research is the use of the latest period until 2024 which provides a more up-to-date picture of the performance of private banking in Indonesia.
THE EFFECT OF COMPENSATION ON EMPLOYEE PERFORMANCE AT PT JOYCI NUSANTARA CEMERLANG Daughter, Nandita Melta; Lilyana, Fitria; Sikki, Nurhaeni
Multifinance Vol. 3 No. 3 (2026): Multifinance
Publisher : PT. Altin Riset Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61397/mfc.v3i3.516

Abstract

PT Joyci Nusantara Cemerlang is a company engaged in the food industry, specifically in the production of dry cookies. In its production process, employees play an important role in maintaining product quality and ensuring smooth operations. However, based on pre-survey results and interviews, it was found that the compensation received by employees did not fully meet the Bandung Regency Minimum Wage Standard, along with a decline in performance in several aspects. This study aims to analyze the effect of compensation on employee performance. The research method used is a qualitative approach quantified into quantitative data. Data were collected through questionnaires distributed to 50 respondents and analyzed using descriptive analysis, simple linear regression test, correlation coefficient, determination, and t-test. The results show that compensation falls into the “Fair” category with an average score of 3.02, while employee performance is also in the “Fair” category with an average score of 3.19. Partially, compensation has an effect on employee performance with a t-value of 4.537 > t-table value of 1.677 and a significance level of 0.000. The coefficient of determination (R²) of 0.300 indicates that compensation contributes 30% to employee performance, while the remaining 70% is influenced by other factors not examined in this study.
THE INFLUENCE OF WORK DISCIPLINE AND WORK LOYALTY ON EMPLOYEE PERFORMANCE AT THE BATUJAJAR DISTRICT OFFICE Anggraeni, Reni; Kadarisman, Sumeidi; Mulyani , Sri Rochani
Multifinance Vol. 3 No. 3 (2026): Multifinance
Publisher : PT. Altin Riset Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61397/mfc.v3i3.517

Abstract

The Batujajar District Office, as a government institution, is expected to provide optimal public services. In achieving this, employee performance is the main determinant of organizational success. However, challenges related to work discipline and employee loyalty remain obstacles in achieving maximum performance. This study was conducted at the Batujajar District Office with the aim of determining the Effect of Work Discipline and Work Loyalty on Employee Performance, both partially and simultaneously. This study used a descriptive verification method with a quantitative approach. The results of the study indicated that work discipline and work loyaltu have a pesitive influence on employee performance. Of the two, work loyalty has a more dominant influence, at 58%, compared to work discipline, which contributed 21%. The coefficient of determination (R2) of 0,790 indicates that these two variables collectively contribute 79% to employee performance, while the remaining 21% is due to other factors not examined in this study. Based on these findings, improved employee performance can be achieved through continuous strengthening of work loyalty.
THE EFFECT OF RETURN ON EQUITY (ROE) AND DIVIDEND POLICY ON STOCK RETURNS IN PROPERTY AND REAL ESTATE COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE PERIOD 2020–2024 Alfatin, Resti; Rajendra, Rakha; Ratnawati, R. Aryanti; Kusmadi, Kusmadi
Multifinance Vol. 3 No. 3 (2026): Multifinance
Publisher : PT. Altin Riset Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61397/mfc.v3i3.518

Abstract

This study aims to analyze the effect of Return on Equity (ROE) and Dividend policy projected by Dividend Payout Ratio (DPR) on Stock Returns in property and real estate sector companies listed on the Indonesia Stock Exchange (IDX). The data used in this study are quarterly panel data from 7 companies during the period 2020Q1 to 2024Q4, resulting in a total of 140 observations. The analysis method used is panel data regression with the Chow test and Hausman test stages for model selection. Classical assumption tests (normality, multicollinearity, heteroscedasticity, and autocorrelation) are also conducted to ensure the validity of the model. The results of this study indicate that the Fixed Effect Model (FEM) is the chosen model based on a series of tests. The classical assumption test indicates that the model residuals are normally distributed, proven to be free from multicollinearity, heteroscedasticity, and autocorrelation problems. Simultaneously, ROE and dividend policy (DPR) have a significant effect on stock returns. Partially, Return on Equity (ROE) is found to have a negative and significant effect on Stock Return, while Dividend Payout Ratio (DPR) has a positive and significant effect on Stock Return. These findings provide implications for investors in making investment decisions and for company management in formulating financial policies.
THE INFLUENCE OF DOMESTIC INVESTMENT AND THE HUMAN DEVELOPMENT INDEX ON EMPLOYMENT OPPORTUNITIES IN CENTRAL KALIMANTAN Harati, Rima
Multifinance Vol. 3 No. 3 (2026): Multifinance
Publisher : PT. Altin Riset Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61397/mfc.v3i3.529

Abstract

The purpose of this study is to analyze the influence of domestic investment and the Human Development Index on employment opportunities in Central Kalimantan. This study was conducted in Central Kalimantan over the period 2015-2025. The analytical tools used were multiple regression analysis and classical assumptions, processed using SPSS 25. The results of the multiple regression analysis indicate that domestic investment and the Human Development Index have a significant influence on employment opportunities in Central Kalimantan. The results of the classical assumptions indicate that this regression model meets the assumption of normality, that there is no multicollinearity in the regression model, that there are symptoms of heteroscedasticity in the regression model used, and that there are no symptoms or problems of autocorrelation in the regression model.
A COMPARATIVE ANALYSIS OF FINANCIAL PERFORMANCE BETWEEN STATE-OWNED ENTERPRISES AND STATE-OWNED ENTERPRISES THAT HAVE GONE PUBLIC: A CASE STUDY OF 7 INDONESIAN COMPANIES AMONG THE WORLD’S 2,000 LARGEST COMPANIES Vivi Sukma Puspa Dewi; Abang Firdaus; Yayan Cahyana; Deden Rizal Riadi
Multifinance Vol. 3 No. 3 (2026): Multifinance
Publisher : PT. Altin Riset Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61397/mfc.v3i3.519

Abstract

This study aims to analyze and compare the financial performance of Indonesian state- owned enterprises (BUMN) and privately-owned public companies (BUMS) listed among the 2000 largest companies in the world. The analysis employs four financial performance indicators: Operating Efficiency, Economic Value Added (EVA), Financial Value Added (FVA), and Market Value Added (MVA) over the period 2013–2024. This research uses a quantitative descriptive approach with purposive sampling, involving several companies. The hypothesis testing was conducted using the non-parametric Mann-Whitney test. The results show that there is no significant difference in Operating Efficiency between BUMN and BUMS, indicating that both groups have relatively similar operational efficiency. In contrast, the EVA variable shows a significant difference between the two groups. The FVA results also indicate a significant difference, as does the MVA variable. These findings suggest that while operational efficiency is relatively equal, BUMS outperform BUMN in generating economic, financial, and market value.
THE EFFECT OF POLITICAL CONNECTIONS ON FINANCIAL PERFORMANCE: AN EMPIRICAL STUDY OF STATE-OWNED ENTERPRISES LISTED ON THE INDONESIAN STOCK EXCHANGE Anggi Putri Kusuma Wardini; Alia Wulan Febrianti; Erik Nugraha; R. Rita Avianty
Multifinance Vol. 3 No. 3 (2026): Multifinance
Publisher : PT. Altin Riset Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61397/mfc.v3i3.520

Abstract

This study examines the influence of political connections on the financial performance of state-owned enterprises (SOEs) listed on the Indonesia Stock Exchange. Political connections are considered an external factor that may provide firms with strategic advantages, such as access to government projects, regulations, and financial support, but may also create governance risks. The research employed a quantitative method with a descriptive-associative approach, using panel data from 15 SOEs over the 2020–2023 period. Data were collected from annual reports and financial statements, while financial performance was measured by Return on Assets (ROA). The results of regression analysis indicate that political connections have a positive and significant effect on financial performance, implying that the presence of politically connected individuals within the board of directors or commissioners enhances efficiency and profitability. These findings confirm the hypothesis that political connections play a strategic role in shaping SOEs’ financial outcomes. The study concludes that while political connections can be an intangible asset, their benefits should be balanced with strong corporate governance to minimize risks of political dependency and conflicts of interest.
THE INFLUENCE OF SPIRITUALITY IN THE WORKPLACE, TRUST, AND TRANSFORMATIONAL LEADERSHIP ON AUDITOR PERFORMANCE Audita Setiawan; Nandan Limakrisna; Lucy Warsindah
Multifinance Vol. 3 No. 3 (2026): Multifinance
Publisher : PT. Altin Riset Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61397/mfc.v3i3.521

Abstract

This study examines the effects of workplace spirituality, trust, and transformational leadership on employee performance, with organizational commitment serving as a mediating variable. The research was conducted among auditors working in Public Accounting Firms in West Java, Indonesia. Using a quantitative approach, data were collected from 202 auditors through structured questionnaires and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS). The results indicate that workplace spirituality, trust, and transformational leadership have significant positive effects on organizational commitment. Trust and transformational leadership directly influence employee performance, while workplace spirituality does not show a direct effect on performance. However, organizational commitment partially mediates the relationship between all three antecedent variables and employee performance. These findings highlight the importance of strengthening psychological and behavioral factors within audit organizations to enhance commitment and performance. The study contributes to the literature by integrating spiritual, relational, and leadership factors into a single structural model within the auditor profession context.

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