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Profixa: International Journal of Economic and Business Research
Published by CV SCRIPTA INTELEKTUAL MANDIRI
ISSN : -     EISSN : 3124372X     DOI : 10.65310
Core Subject :
Profixa: International Journal of Economic and Business Research is a peer-reviewed academic journal dedicated to advancing knowledge in the fields of economics, business, and management. The journal provides an international platform for researchers, academics, practitioners, and policymakers to share original empirical research, theoretical insights, and applied studies that address contemporary economic and business challenges. Profixa welcomes manuscripts in English or Indonesian and emphasizes academic rigor, originality, and relevance. Its scope includes, but is not limited to: economic development and policy, macroeconomics and microeconomics, business and management studies, accounting and finance, entrepreneurship and innovation, marketing, human resource management, digital economy, corporate governance, sustainability, and small and medium enterprise (SME) studies. Published quarterly (January, April, July, October), Profixa operates under an open-access model with no article processing charges (APC). All articles are licensed under the Creative Commons Attribution-ShareAlike 4.0 International License (CC BY-SA 4.0), ensuring free access and the ability to share and adapt the work with proper attribution. By fostering interdisciplinary research and evidence-based perspectives, Profixa aims to support sustainable economic growth, enhance organizational performance, and inform policymaking at both national and international levels.
Arjuna Subject : -
Articles 25 Documents
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Digital Financial Innovation's Impact, Cash Holding, and Investment Efficiency on Firm Size as a Moderating Variable and Firm Value via Financial Flexibility Desita Mustikasari Wijayanti; Imelda Mutiara Chandra; Merryscha Putri Az Zahra; Nina Nor Fadilah; Ulfa Ulfa; Tiffany Shahnaz Wati; Maria Yovita R. Pandin
International Journal of Economic and Business Research Vol. 1 No. 2 (2026): : April: Profixa: International Journal of Economic and Business Research
Publisher : CV SCRIPTA INTELEKTUAL MANDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65310/vfs7h611

Abstract

This study aims to examine the effect of Digital Financial Innovation, Cash Holding, and Investment Efficiency on Firm Value, both directly and indirectly through Financial Flexibility as a mediating variable, as well as Firm Size as a moderating variable. A quantitative approach was employed using secondary data from companies listed on the Indonesia Stock Exchange (IDX) during the 2023–2025 period. The sample was selected using purposive sampling, resulting in 30 firms with 90 firm-year observations. Data were analyzed using Structural Equation Modeling based on Partial Least Squares (SEM-PLS) with SmartPLS software. The results show that Digital Financial Innovation and Investment Efficiency do not have a significant direct effect on Firm Value, but both have a positive and significant effect on Financial Flexibility. Cash Holding is found to have a positive and significant effect on both Firm Value and Financial Flexibility. However, Financial Flexibility does not significantly affect Firm Value and does not mediate the relationship between the independent variables and Firm Value. Firm Size also has no significant effect on Firm Value and does not moderate the relationship between Financial Flexibility and Firm Value, acting only as a predictor variable. These findings highlight the importance of liquidity management and digital readiness in strengthening corporate financial resilience. Investors should consider liquidity, digital strategy, and financial structure beyond firm size.
The Effect of Macroeconomic Fundamentals, Capital Structure, Good Corporate Governance, and Firm Size on Financial Performance with Earnings Management as an Intervening Variable: Evidence from Primary Consumer Goods Companies Listed on the Indonesia Stock Exchange (2020–2024) Devi Nadia Agustina; Hwihanus Hwihanus
International Journal of Economic and Business Research Vol. 1 No. 3 (2026): : July: Profixa: International Journal of Economic and Business Research
Publisher : CV SCRIPTA INTELEKTUAL MANDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65310/ca6cs044

Abstract

This study aims to analyze the effect of macroeconomic fundamentals, capital structure, Good Corporate Governance, and firm size on financial performance with earnings management as an intervening variable in primary consumer goods companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The research applies a quantitative approach using purposive sampling, resulting in a final sample of four companies. Data analysis was conducted using Structural Equation Modeling based on Partial Least Squares (SEM-PLS) with SmartPLS software. The results indicate that capital structure has a significant negative effect on financial performance, while firm size has a significant positive effect on earnings management. Macroeconomic fundamentals, Good Corporate Governance, and firm size do not have a significant direct effect on financial performance. In addition, earnings management does not mediate the relationship between macroeconomic fundamentals, capital structure, Good Corporate Governance, and firm size on financial performance, as all indirect effect p-values exceed 0.05. The R-square values indicate that the model explains 22.8% of the variance in earnings management and 49.1% of the variance in financial performance, while the remaining variation is attributable to factors outside the proposed model.    
Analysis of the Level of Implementation of Financial Accounting Standards for Micro, Small, and Medium Entities (SAK EMKM) on the Quality of MSME Financial Reports in Manado City Jeshlyn Evania Stefanny Rombang; Jenny Morasa; Midian C. Rori
International Journal of Economic and Business Research Vol. 1 No. 3 (2026): : July: Profixa: International Journal of Economic and Business Research
Publisher : CV SCRIPTA INTELEKTUAL MANDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65310/85ds8014

Abstract

This study examines the level of implementation of the Financial Accounting Standards for Micro, Small, and Medium Entities (SAK EMKM) and its effect on the quality of MSME financial reports in Manado City. A quantitative approach with a causal associative design was employed, using simple linear regression analysis. Primary data were collected through structured questionnaires distributed to 80 MSME owners selected using purposive sampling. The research instrument was evaluated through validity and reliability tests, while the regression model was assessed using classical assumption tests before hypothesis testing. The findings indicate that the implementation of SAK EMKM among MSMEs is generally categorized as good, with an average implementation score of 57.01 out of a maximum of 65, although weaknesses remain in the preparation of Notes to the Financial Statements (CALK). Hypothesis testing reveals that the implementation level of SAK EMKM has a positive and statistically significant effect on the quality of MSME financial reports (t = 11.509; p < 0.001). The coefficient of determination (R² = 0.629) demonstrates that 62.9% of the variation in financial reporting quality is explained by the level of SAK EMKM implementation. These findings highlight the importance of strengthening accounting standard implementation to improve the transparency, reliability, and decision usefulness of MSME financial reporting.
The Effect of Internal Audit on The Quality of Financial Reporting: The Mediating Roles of Internal Control and Management Accountability in Private Hospitals in Lumajang Regency, Indonesia Jumkhairiyah Jumkhairiyah; Agung Budi Sulistyo; Ahmad Roziq
International Journal of Economic and Business Research Vol. 1 No. 3 (2026): : July: Profixa: International Journal of Economic and Business Research
Publisher : CV SCRIPTA INTELEKTUAL MANDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65310/jstae912

Abstract

This study examines the effect of Internal Audit on Financial Reporting Quality, both directly and indirectly through the mediating roles of Internal Control and Management Accountability, in private hospitals in Lumajang Regency, Indonesia, that have implemented the Hospital Management Information System (SIMRS). An explanatory quantitative design was employed using Partial Least Squares Structural Equation Modeling (PLS-SEM). Primary data were collected through questionnaires from 55 respondents selected using purposive sampling from six private hospitals, including finance staff, Internal Supervisory Unit (SPI) members, and management personnel. The findings reveal that Internal Audit has no significant direct effect on either Financial Reporting Quality or Internal Control. Conversely, Internal Audit significantly enhances Management Accountability, while both Internal Control and Management Accountability positively influence Financial Reporting Quality. Mediation analysis indicates that Internal Control does not mediate the relationship between Internal Audit and Financial Reporting Quality, whereas Management Accountability fully mediates this relationship. The study extends Agency Theory by demonstrating that the effectiveness of Internal Audit in improving financial reporting quality depends primarily on strengthening managerial accountability rather than solely on reinforcing internal control mechanisms, providing practical implications for governance improvement in private hospitals implementing SIMRS.  
The Impact of Sharia Securities Crowdfunding on The Performance of The Islamic Capital Market in Indonesia: A Conceptual Review of Strengthening The Islamic Financial Ecosystem Masruri Masruri; Ahmad Solekhan
International Journal of Economic and Business Research Vol. 1 No. 3 (2026): : July: Profixa: International Journal of Economic and Business Research
Publisher : CV SCRIPTA INTELEKTUAL MANDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65310/sy4mgy05

Abstract

The rapid advancement of financial technology has accelerated the development of Sharia Securities Crowdfunding (SSCF) as an innovative financing and investment mechanism within Indonesia's Islamic financial ecosystem. This study aims to conceptually examine the impact of SSCF on the performance of the Islamic capital market through a qualitative approach employing library research integrated with a Systematic Literature Review (SLR). The analysis synthesizes evidence from academic publications, regulatory documents, and institutional reports to evaluate the strategic role of SSCF from the perspectives of Financial Intermediation Theory, Financial Inclusion Theory, and Signaling Theory. The findings indicate that SSCF strengthens the Islamic capital market by improving financial intermediation, expanding financing access for Micro, Small, and Medium Enterprises (MSMEs), broadening investor participation, and enhancing market transparency through Sharia-compliant digital platforms. Nevertheless, its sustainable development remains constrained by regulatory adaptation, governance quality, financial literacy, cybersecurity, and stakeholder coordination. Strengthening regulatory harmonization, institutional collaboration, digital infrastructure, and Islamic financial literacy is therefore essential to maximize the contribution of SSCF to a resilient, inclusive, and sustainable Islamic financial ecosystem in Indonesia.

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