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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 110 Documents
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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.
THE IMPACT OF FINANCIAL LEVERAGE ON EARNINGS PER SHARE IN THE INDONESIAN BANKING SECTOR Erik Nugraha; Febi Wulandari; R. Aryanti Ratnawati
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.v3i3.522

Abstract

Earning Per Share (EPS) is a ratio used to measure the net income earned by a company relative to the number of outstanding shares, serving as a key indicator for investors in assessing a company’s profitability and potential returns. However, an increase in Financial Leverage does not necessarily lead to a higher EPS. This study aims to examine and analyze the effect of Financial Leverage, measured by the Debt to Asset Ratio (DAR) and Debt to Equity Ratio (DER), on Earning Per Share (EPS) in banking sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. The research method employed is a quantitative approach using panel data regression analysis. The research data were obtained from the annual financial statements of 22 companies selected through purposive sampling. The results indicate that Financial Leverage measured by the Debt to Asset Ratio (DAR) has a significant effect on Earning Per Share (EPS), while Financial Leverage measured by the Debt to Equity Ratio (DER) has a negative and significant effect on Earning Per Share (EPS). However, simultaneously, Financial Leverage does not have a significant effect on Earning Per Share (EPS).
THE EFFECT OF ISLAMIC FINANCIAL LITERACY ON GENERATION Z’S INTEREST IN GOLD INVESTMENTS IN PAMEKASAN REGENCY Fitriyatus Zinah; Risca Dwiaryanti
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.v3i3.531

Abstract

This study aims to determine the effect of Islamic financial literacy on Generation Z’s interest in investing in gold in Pamekasan Regency. Generation Z, as a productive age group that is adaptable to technological developments, holds great potential in the investment world, including in gold an instrument considered safe and stable. However, in the context of Muslim society, an understanding of Islamic finance principles is a crucial factor in making investment decisions aligned with Islamic values. The research method employed is a quantitative approach, utilizing data collection procedures such as observation, interviews, documentation, and a questionnaire. The population for this study consists of Generation Z in Pamekasan Regency, with a sample size of 100 respondents selected using probability sampling. The results of the study indicate that Islamic financial literacy has a positive and significant influence on Generation Z’s interest in gold investment. The higher the level of Islamic financial literacy they possess, the greater their interest in choosing gold investment as one of their financial instruments.
THE EFFECTIVENESS OF ENVIRONMENTALLY FRIENDLY ACCOUNTING AND PROFITABILITY IN MINIMIZING CORPORATE TAX LIABILITIES Herawati, Hetti; Maesyaroh, Ulfa; Naufal, Yogascitra
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.v3i3.523

Abstract

This study aims to analyze the effect of green accounting and profitability on taxes payable in mining sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2020–2023. Green accounting is measured through environmental performance based on PROPER, while profitability is measured using Return on Assets (ROA). The research sample consisted of 40 observations obtained using purposive sampling. The analysis was conducted using panel data regression with the Fixed Effect Model (FEM). The results showed that green accounting did not have a significant effect on taxes payable, while profitability had a significant negative effect. Simultaneously, green accounting and profitability have a significant effect on taxes payable with a coefficient of determination (R²) value of 0.864972. These findings indicate that companies with high profitability tend to engage in tax management, while the implementation of green accounting is more oriented towards social legitimacy than fiscal efficiency.
ENHANCING COMPETITIVENESS THROUGH CREATIVITY AND CULTURAL HERITAGE: A COMPARATIVE STUDY OF MICRO- AND SMALL-SCALE HANDICRAFT ENTERPRISES IN SOUTHEAST ASIA Nurdiana Mulyatini; M. Mima Villanueva; Elin Herlina; M. Zaki Rahman; Risna Kartika
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.v3i3.524

Abstract

Micro and small craft enterprises (MSEs) play a crucial role in promoting sustainable competitiveness in the Southeast Asia region. This study aims to explore how creativity and cultural heritage management contribute to the competitiveness of micro and small enterprises through a comparative analysis. Using a qualitative approach, field observations, interviews, and focus group discussions were conducted in Ciamis, Indonesia, and Negros Occidental, the Philippines. Thematic and comparative analyses were applied to identify creativity-based strategies, innovation practices, and institutional support. The findings show that Indonesian MSEs emphasize heritage-based collaboration and authenticity, while Filipino enterprises focus on design-led innovation and export- oriented storytelling. Both contexts face challenges in digital transformation and sustainability. This study proposes an integrative framework for enhancing creative competitiveness by combining cultural heritage, creativity management, and innovation ecosystems across Southeast Asia.

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