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Wahyu Febri Ramadhan Sudirman
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Journal of Financial and Business
Published by Global Sustainability Research Institute
ISSN : 30638836     EISSN : 30638828     DOI : https://doi.org/10.69693/jfb
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
Journal of Financial and Business: is published by the Global Sustainability Research Institute to help academics, researchers, and practitioners disseminate their research results. JFB is a blind peer-reviewed journal dedicated to publishing quality research results in the fields of business and engineering. All publications in the General Journal are open access, allowing articles to be available online for free without any subscription. JFB is a national journal with free of charge in the submission process and review process. Journal of Financial and Business publishes articles periodically twice times a year, in January and July. JFB uses Turnitin plagiarism checks, and Mendeley for reference management and is supported by Crossref (DOI) for the identification of scientific papers. Journal of Financial and Business accepts scientific articles with the scope of research on: Economics, Management, Financial Management, Investment Management, Behavioral Finance, Business, Accounting, Behavioral Accounting, Management Accounting, Taxation, Banking, Digital Business, Social Science. Within the scope of this journal, the focus is not limited to one particular scientific domain but rather covers a wide spectrum of knowledge. From the complex interactions between the natural sciences and the social sciences to the interconnections between technology, the humanities, and the arts, this journal explores the collaboration and integration of ideas from various fields.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 22 Documents
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The Effect of The Marketing Mix on Coffee Sales Performance: Empirical Evidence From an Indonesian SME Afiati, Lely
Journal of Financial and Business Vol 2 No 2 (2026)
Publisher : Global Sustainability Research Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63453/jfb.v2i2.63

Abstract

This study aims to examine the influence of the marketing mix, consisting of product, price, place, and promotion, on the sales performance of Nuansa Gembira Coffee in Indonesia. The research adopts a descriptive approach by integrating quantitative and qualitative methods to provide a comprehensive understanding of consumer behavior and marketing effectiveness. Data were collected from 300 respondents who had purchased and consumed Nuansa Gembira Coffee, ensuring that the sample represented actual customers with direct product experience. The findings reveal that the marketing mix variables simultaneously have a positive and significant effect on sales, indicating that an integrated marketing strategy plays an important role in improving sales performance. When analyzed individually, the place variable emerges as the most influential factor, highlighting the importance of distribution channels, product availability, and ease of access in driving consumer purchasing decisions. In contrast, product, price, and promotion do not demonstrate a significant individual influence on sales. These results suggest that while product quality, pricing strategy, and promotional activities remain important, their effectiveness may depend on how well the product is distributed and accessed by consumers. Based on these findings, this study recommends that Nuansa Gembira Coffee strengthen its distribution network, ensure consistent product availability, maintain the use of high-quality coffee beans as the main raw material, expand flavor variants, and improve packaging design. These strategies are expected to enhance competitiveness and support sustainable sales growth in the Indonesian coffee market.
Problems of Musyarakah Account Management in the MSME Sector: A Case Study of Obstacles to Transparency of Customer Financial Reports Arif, Muhamamd; Sudirman, Wahyu Febri Ramadhan
Journal of Financial and Business Vol 2 No 2 (2026)
Publisher : Global Sustainability Research Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63453/jfb.v2i2.64

Abstract

This study aims to analyze the problems of Musharakah account management in the Micro, Small, and Medium Enterprises (MSMEs) sector, with a primary focus on constraints regarding customer financial report transparency. As a profit and loss sharing financing instrument, Musharakah relies heavily on the accuracy of real profit reporting, yet its implementation is often hindered by information asymmetry. The research method employed is library research with a qualitative approach, synthesizing data from scientific literature and official financial authority reports within the last ten years. The results indicate that transparency issues are rooted in the low accounting literacy of MSME actors, leading to the inconsistent application of the Financial Accounting Standards for Micro, Small, and Medium Entities (SAK EMKM). This condition triggers moral hazard risks in the form of inaccurate profit reporting, which impacts high monitoring costs and Non-Performing Financing (NPF) risks for Islamic banking. Logical interpretation of the findings suggests that digital transformation through cloud-based accounting systems is a strategic solution to create real-time cash flow monitoring. The study concludes that standardizing financial reporting and integrating information technology are absolute prerequisites for building trust in Musharakah partnerships and enhancing MSME accountability within the Islamic financial ecosystem.
The Effect of The Profit-Sharing System on Customers’ Interest in Islamic Banks Ramadhan, Al Insani Mutiara; Sudirman, Wahyu Febri Ramadhan
Journal of Financial and Business Vol 2 No 2 (2026)
Publisher : Global Sustainability Research Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63453/jfb.v2i2.68

Abstract

This study aims to analyze the effect of the profit-sharing system on customers’ interest in Islamic banks. The profit-sharing system is a fundamental characteristic that distinguishes Islamic banking from conventional banking and plays an important role in attracting customers who seek financial services based on sharia principles. This research employs a quantitative approach using primary data collected through questionnaires distributed to Islamic bank customers. The sampling technique used is purposive sampling, with respondents selected based on specific criteria relevant to the research objectives. Data analysis is conducted using statistical methods to examine the relationship between the profit-sharing system and customers’ interest. The results indicate that the profit-sharing system has a positive and significant effect on customers’ interest in Islamic banks. This finding suggests that a transparent, fair, and well-implemented profit-sharing mechanism can enhance customers’ willingness to use Islamic banking products. Therefore, Islamic banks are encouraged to continuously improve the implementation and communication of the profit-sharing system in order to strengthen customer interest and competitiveness in the banking industry. banking sector.
The Role of the Capital Market in the Indonesian Economy Fitriyanti, Fadia; Gultom, Qinnara Zegia; Ulya, Sauva Nadhivatul
Journal of Financial and Business Vol 2 No 2 (2026)
Publisher : Global Sustainability Research Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63453/jfb.v2i2.69

Abstract

The capital market has evolved into a major source of corporate financing and is no longer perceived merely as an alternative to bank-based funding. Through various corporate actions such as initial public offerings, rights issues, bond issuance, derivatives, and mutual funds, the capital market offers more efficient and flexible financing mechanisms, particularly in periods of rising inflation and increasing loan interest rates. Under such conditions, reliance on bank credit becomes less attractive due to higher financing costs, thereby strengthening the strategic role of the capital market in supporting business sustainability and expansion. In the Indonesian context, the capital market plays a crucial role in mobilizing long-term funds that contribute to national economic growth. Although capital market performance experiences annual fluctuations influenced by domestic macroeconomic conditions and global economic dynamics, corporate interest in utilizing capital market instruments remains consistently high. This is largely due to the capital market’s capacity to provide substantial funding volumes, enhance corporate liquidity, and improve capital structure efficiency. Moreover, the development of the sharia capital market further strengthens financial system inclusivity by offering investment instruments that comply with Islamic principles. Institutions such as the Indonesia Stock Exchange facilitate both conventional and sharia-compliant instruments, enabling broader participation from investors and issuers.
The Influence of Capital Structure and Profitability on Firm Value in Manufacturing Companies Listed on the Indonesia Stock Exchange Prasetyo, Muhammad Fajri
Journal of Financial and Business Vol 2 No 2 (2026)
Publisher : Global Sustainability Research Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63453/jfb.v2i2.71

Abstract

This study aims to analyze the effect of capital structure and profitability on firm value in manufacturing companies listed on the Indonesia Stock Exchange during the 2022–2024 period. The research approach used is quantitative with a causality design. The research data are secondary data obtained from the companies' annual financial reports, using purposive sampling, resulting in 60 company-year observations. Capital structure is proxied by the Debt to Equity Ratio (DER), profitability is proxied by Return on Assets (ROA), and firm value is proxied by Price to Book Value (PBV). The analytical methods used include descriptive statistical analysis, classical assumption tests, and multiple linear regression analysis. The results show that capital structure has a negative and significant effect on firm value, indicating that excessive use of debt can increase financial risk and undermine investor perceptions. Meanwhile, profitability has a positive and significant effect on firm value, indicating that a company's ability to generate profits is a major factor in increasing firm value in the market. Simultaneously, capital structure and profitability have a significant effect on firm value. The findings of this study imply that companies need to optimally manage funding policies and improve profitability performance to maximize firm value. This research is expected to provide empirical contributions to the development of financial management literature and provide considerations for company management and investors in financial decision-making.
The Role of Microfinance in Driving MSME Growth: Challenges and Opportunities Amidst Economic Uncertainty Mardiyah, Suci; Sudirman, Wahyu Febri Ramadhan
Journal of Financial and Business Vol 2 No 1 (2025)
Publisher : Global Sustainability Research Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63453/jfb.v2i1.70

Abstract

This study aims to analyze the role and effectiveness of microfinance in improving the resilience and performance of Micro, Small, and Medium Enterprises (MSMEs) amidst uncertain economic dynamics. MSMEs contribute significantly to Gross Domestic Product (GDP) and employment, but still face various obstacles, particularly in access to formal financing, limited capital, and low financial literacy. This study uses a library research method with a qualitative approach. Data were obtained through searching and analyzing various literature sources such as scientific journals, books, research reports, and official documents relevant to the topic of microfinance and MSME development. Data were analyzed descriptively and analytically to identify patterns of findings, research gaps, and conceptual synthesis related to the effectiveness of microfinance. The results of the study indicate that microfinance plays a significant role in improving capital access, productivity, and the sustainability of MSME businesses. In addition, support for the digitalization of financial services and innovation in financing models contribute to expanding financial inclusion. However, financing effectiveness is strongly influenced by factors such as financial literacy, managerial capacity, and adequate policy support. This study concludes that microfinance serves not only as a credit instrument but also as an economic empowerment strategy capable of sustainably strengthening the resilience of MSMEs.
Analysis of Investment Strategy and Effectiveness of Risk Diversification in Property Investment Andini, Bunga; Mardiyah, Suci; Sudirman, Wahyu Febri Ramadhan
Journal of Financial and Business Vol 2 No 1 (2025)
Publisher : Global Sustainability Research Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63453/jfb.v2i1.73

Abstract

Property investment is one of the most popular long-term investment instruments due to its potential to generate stable income and achieve asset value appreciation over time. As a tangible asset, property is often perceived as relatively secure compared to financial assets; however, it is not free from risk. Property investment is exposed to various uncertainties, including market volatility, fluctuations in economic conditions, location-specific risks, regulatory changes, and relatively low liquidity compared to other investment instruments. These risk factors may negatively affect investment performance if not properly managed. Therefore, a comprehensive analysis of property investment risk is essential to support informed investment decision-making. One effective approach to managing investment risk is portfolio diversification, which involves allocating funds across different asset classes to reduce dependence on a single source of return. Diversification aims to minimize unsystematic risk while optimizing the overall risk–return trade-off of the portfolio. Integrating property assets into a diversified investment portfolio can provide benefits such as income stability, inflation hedging, and risk reduction due to low correlation with certain financial assets. This study emphasizes the importance of analyzing the effectiveness of risk diversification in investment portfolios that include property assets.
The Influence of Electronic Word of Mouth (E-WOM) and Consumer Trust on Purchase Decisions in the Shopee Marketplace Among Generation Z Efti Novita Sari; Aryadi Aryadi; Nana Sari; Habibah Tun Nisyah; Agung Gunawan
Journal of Financial and Business Vol 3 No 1 (2026)
Publisher : Global Sustainability Research Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63453/jfb.v3i1.82

Abstract

the rapid growth of e-commerce has changed consumer purchasing behavior, particularly among generation z, who rely heavily on digital information before making purchasing decisions. electronic word of mouth (e-wom) and consumer trust have become two important factors influencing online purchasing behavior in marketplace platforms. this study aims to examine the influence of electronic word of mouth (e-wom) and consumer trust on purchase decisions in the shopee marketplace among generation z. this research employed a quantitative approach with an explanatory research design. data were collected through an online survey using a structured questionnaire distributed to generation z consumers who had previously made purchases through shopee. the sampling technique used was purposive sampling, and the data were analyzed using multiple linear regression analysis. the findings reveal that electronic word of mouth (e-wom) has a positive and significant effect on purchase decisions. likewise, consumer trust positively and significantly influences purchase decisions and emerges as the more dominant factor in shaping consumers' purchasing behavior. these findings indicate that although generation z actively uses online reviews, ratings, and recommendations as sources of information, their purchasing decisions are largely determined by their level of trust in the marketplace and sellers. this study contributes to the literature on digital consumer behavior and provides practical implications for e-commerce platforms and online sellers in developing strategies to improve consumer trust and effectively manage electronic word of mouth in order to encourage purchasing decisions.
Concepts, Classification, and Product Development Strategies in Modern Marketing: A Literature Review Binda Rahma Cahyani; Mifta Hasda; Muhammad Syaipudin
Journal of Financial and Business Vol 3 No 1 (2026)
Publisher : Global Sustainability Research Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63453/jfb.v3i1.83

Abstract

This article discusses the concept and classification of products as an important part of marketing activities and business development. A product is anything that can be offered to the market to satisfy consumer needs and wants, whether in the form of goods or services. In the business world, understanding product concepts is essential for companies to create value and customer satisfaction. The discussion in this article includes the definition of products, product levels, and various product classifications based on durability, usage, and consumer characteristics. In addition, this article explains the importance of product development strategies in facing increasingly competitive market conditions. The method used in writing this article is a literature study by collecting various sources from books, journals, and scientific references related to marketing management. The results show that product classification helps companies determine appropriate marketing strategies, including pricing, promotion, distribution, and market segmentation. By understanding product concepts and classifications comprehensively, companies can improve product quality and maintain long-term customer loyalty.
Transformational Leadership, Work Stress, and Employee Performance: The Mediating Role of Work Motivation in the Financing Industry Rachmasari Nur Hutaminingtyas; Sabihaini Sabihaini; Sri Dwi Ari Ambarwati
Journal of Financial and Business Vol 3 No 1 (2026)
Publisher : Global Sustainability Research Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63453/jfb.v3i1.86

Abstract

Employee performance is a critical factor in determining organizational effectiveness, particularly in the financing industry, which is characterized by high performance targets and competitive work environments. This study aims to examine the effect of transformational leadership and work stress on employee performance with work motivation as a mediating variable in the financing industry. This study employed a quantitative explanatory research design using a census approach involving 70 contract employees as respondents. Data were collected through structured questionnaires and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 4. The results indicate that transformational leadership has a positive effect on work motivation and employee performance, while work stress has a negative effect on work motivation and employee performance. Furthermore, work motivation positively affects employee performance and significantly mediates the relationship between transformational leadership and employee performance, as well as between work stress and employee performance. This study contributes theoretically by extending the application of Self-Determination Theory (SDT), Social Exchange Theory (SET), and Job Demands-Resources (JD-R) Model in explaining the mechanism through which organizational and psychological factors influence employee performance in the financing industry. Practically, this study suggests that management should strengthen transformational leadership practices, manage work stress effectively, and enhance employee motivation to improve performance.

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