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Adam Mudinillah
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Journal Markcount Finance
Published by Yayasan Adra Karima Hubbi
ISSN : 29870925     EISSN : 29869455     DOI : 10.70177/jmf
Core Subject :
Journal Markcount Finance, established in 2023 by Yayasan Adra Karima Hubbi, has become a leading platform for economic research that connects financial innovation, sustainability, and digital transformation within the evolving economic ecosystem. In 2026, the journal introduced a change in its publication frequency to a bimonthly schedule, publishing issues in February, April, June, August, October, and December. The journal covers a broad spectrum of topics reflecting significant changes in finance, business, and accounting industries in the age of technology-driven economies. Its focus encompasses research on fintech, sustainable finance, digital transformation in accounting and auditing, behavioral economics in capital markets, regulatory technology (RegTech), digital taxation, and Islamic digital finance. Research published in this journal offers insights into technological innovations such as blockchain and AI-driven investment strategies, alongside the regulatory challenges emerging with the rise of digital financial systems. Studies on sustainable finance and ESG investments highlight efforts to tackle climate change and support circular economy practices. Other key topics include behavioral analysis in capital markets, focusing on investor psychology and risk management, as well as the application of technology in auditing and financial decision-making processes. Special attention is also given to the role of regulatory technology in ensuring compliance with regulations in the rapidly evolving digital financial landscape. Overall, Journal Markcount Finance continues to make significant contributions to researchers and policymakers in various countries, presenting relevant and applied research to address the challenges faced by modern financial and economic systems.
Arjuna Subject : -
Articles 111 Documents
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IMPROVING DISTRIBUTION INVENTORY CONTROL THROUGH FIFO AND COSO FRAMEWORK AT PT. MITRA KENCANA DISTRIBUSINDO Regina Luntungan; Sintia Nurani Korompis; Elisabeth Deisi Malonda; Noah Smith
Journal Markcount Finance Vol. 4 No. 4 (2026)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v4i4.4181

Abstract

This study aims to analyze the effectiveness of inventory internal control using the First In, First Out (FIFO) method at PT Mitra Kencana Distribusindo, particularly in the Non-Food Warehouse. This research employed a descriptive qualitative approach with an evaluative orientation based on the COSO internal control framework. Data were collected through structured interviews with two purposively selected informants, direct non-participant observation of warehouse activities, and documentation review of receiving notes, cash invoices, warehouse cards, stock opname documents, aging reports, non-food inventory data, and checker duty documents. Data analysis was carried out through data reduction, data display, and conclusion drawing by grouping the findings into the five COSO components and FIFO implementation criteria. The findings indicate that inventory control has been implemented through receiving and issuing procedures, segregation of duties, authorization, internal and external checker functions, warehouse cards, stock opname, aging reports, and FIFO-based inventory circulation. However, the control system is not yet fully optimal because several critical weaknesses remain, particularly incomplete batch/expiry information, limited written follow-up documentation for stock opname results, insufficient FIFO-based warehouse layout control, and inadequate follow-up records for discrepancies, returns, damaged goods, defective goods, and items approaching expiry. This study concludes that FIFO-based inventory internal control is sufficiently effective, but still requires stronger documentation, monitoring, and corrective action procedures to improve inventory accuracy, traceability, and risk responsiveness.
REAL-TIME FINANCIAL REPORTING: THE CHALLENGES AND BENEFITS OF CLOUD-BASED ACCOUNTING SYSTEMS Nurhaini Nurhaini; Lucas Lima; Raul Gomez; Imro’atul Khamidah
Journal Markcount Finance Vol. 4 No. 3 (2026)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v4i3.4183

Abstract

Rapid digital transformation has fundamentally reshaped financial reporting by increasing organizational demand for timely, accurate, and transparent financial information. Conventional accounting systems frequently struggle to satisfy these expectations because periodic reporting, fragmented data management, and limited accessibility reduce organizational responsiveness and decision quality. This study aimed to evaluate the benefits and challenges of cloud-based accounting systems in supporting real-time financial reporting and organizational performance. A mixed-methods sequential explanatory design was employed using data collected from 310 organizations and 1,240 accounting professionals representing multiple industrial sectors. Quantitative analyses incorporated descriptive statistics, structural equation modeling, hierarchical regression, mediation and moderation analyses, while qualitative evidence from expert interviews, organizational observations, and policy document reviews was analyzed through thematic analysis. Findings demonstrated that cloud-based accounting significantly improved reporting timeliness, financial reporting accuracy, audit efficiency, managerial decision-making, organizational agility, and regulatory compliance. Reporting timeliness partially mediated the relationship between cloud capability and organizational performance, whereas cybersecurity readiness and employee digital competence strengthened implementation effectiveness.  
THE IMPACT OF ACCOUNTING TECHNOLOGY AND ARTIFICIAL INTELLIGENCE (AI) ON THE PERFORMANCE OF MSMES IN PAREPARE CITY, WITH MSME BUSINESS SIZE AS A MODERATING VARIABLE Zulfitra Syahrul; Fatimah Fatimah; Jumriani Jumriani; Nurwani Nurwani; Sariana Damis
Journal Markcount Finance Vol. 4 No. 4 (2026)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v4i4.4232

Abstract

The limited adoption of accounting technology and artificial intelligence among MSMEs continues to constrain their financial transparency, managerial decision-making, and overall competitiveness, ultimately weakening their contribution to national economic growth and employment absorption. This study aims to analyze the impact of accounting technology and Artificial Intelligence (AI) on the performance of MSMEs, as well as to examine the role of business size in this relationship among MSMEs under the guidance of Rumah BUMN Parepare. Using SmartPLS 4 software, the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method was employed to analyze the data. SEM-PLS was selected for its capacity to simultaneously examine multiple direct and moderating relationships among latent constructs, making it well-suited for the relatively limited and non-normally distributed sample typical of MSME-based research. These findings suggest that although technology adoption does not always directly improve MSME performance, it yields more tangible impacts when supporting business scale expansion. Therefore, for digital transformation to more effectively drive improvements in MSME performance, various stakeholders must prioritize enhancing the capacity of MSME.
PEANUT FARMING INCOME, BREAK-EVEN POINTS, AND SENSITIVITY TO ECONOMIC CHANGES IN PONOROGO Takim Mulyanto; Rahmad Kurniawan; Citra Nurmalis Victoria
Journal Markcount Finance Vol. 4 No. 4 (2026)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v4i4.4268

Abstract

Peanut-farming studies in Indonesia commonly report realized income and R/C ratios, but less attention has been given to how far farm performance is from break-even and how coincident adverse changes affect that margin. This study integrates farm-income analysis, production and price break-even points (BEP), margin of safety, and deterministic single- and multi-factor stress tests using 2024 data from 31 purposively selected peanut farmers in Purworejo Village, Ponorogo. Farm records were standardized per hectare per growing season. The sample-average farm generated an R/C ratio of 1.77, while production and price BEPs implied a 43.36% margin of safety. Under a symmetric three-factor scenario in which price and output declined while total cost increased by the same percentage, the zero-income boundary was approximately 18.18%. These thresholds should be interpreted as downside financial resilience of the sample-average farm budget under the stated accounting assumptions, not as a probabilistic forecast or evidence of long-term resilience for all farmers. The contribution of the study lies in combining realized profitability, break-even thresholds, and coincident-shock stress testing in one locally applicable framework, thereby translating farm records into practical benchmarks for production planning, price negotiation, cost control, and extension support.
BLOCKCHAIN IMPLEMENTATION IN SUPPLY CHAIN FINANCE: ENHANCING TRANSPARENCY AND REDUCING COUNTERPARTY RISK Siti Aisyah; Syafiq Amir; Cecep Maman Fathurohman; Efrizal Rizqia Akbar; Rina Farah
Journal Markcount Finance Vol. 4 No. 4 (2026)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v4i4.4383

Abstract

Supply chain finance increasingly relies on digital infrastructures to address fragmented information, verification delays, and counterparty risk across interorganizational transactions. This study aims to examine how blockchain implementation enhances supply chain transparency and reduces counterparty risk, with transparency positioned as a mediating mechanism. A quantitative explanatory design was employed using survey data from 286 professionals involved in blockchain-enabled supply chain finance across manufacturing firms, suppliers, financial institutions, fintech companies, logistics providers, and digital platforms. Data were analyzed using Partial Least Squares Structural Equation Modeling to assess direct and indirect relationships among blockchain implementation, transparency, and counterparty risk reduction. The results show that blockchain implementation has a strong positive effect on transparency and a significant direct effect on counterparty risk reduction, while transparency also significantly improves risk mitigation. Mediation analysis confirms that transparency partially transmits the effect of blockchain implementation on counterparty risk reduction, indicating that improved traceability, verifiability, and information visibility are central mechanisms of financial governance. The study concludes that blockchain should not be viewed as eliminating counterparty risk, but as strengthening the informational and monitoring infrastructure through which such risks are identified, assessed, and managed more effectively under appropriate organizational, technological, and governance conditions within supply chain ecosystems.
THE INFLUENCE OF CASH ON DELIVERY PAYMENT METHOD ON CONSUMER PURCHASE INTENTION IN THE HOME INDUSTRY OF DAPOER ABUN IAN FROM AN ISLAMIC ECONOMIC PERSPECTIVE Sevda Kara; Cemil Kaya; Rania Khatib
Journal Markcount Finance Vol. 4 No. 4 (2026)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v4i4.4090

Abstract

The purpose of this study is to analyze how the Cash on Delivery (COD) payment method influences consumer purchase intention. This research aims to examine how the COD payment system affects consumer transaction interest in the home industry Dapoer Abun Ian from an Islamic economic perspective. The COD method, which allows payment upon delivery of goods, has become a popular alternative in online transactions. However, its implications for purchase intention and its compliance with Islamic principles require further investigation. This study employs a quantitative survey methodology involving a population of 153 consumers of Dapoer Abun Ian who use the COD payment method. A sample of 69 respondents was selected using simple random sampling. Data were collected through questionnaires and analyzed using SPSS version 26, including correlation analysis, coefficient of determination, t-test, and F-test. The findings show a strong and significant relationship between the COD payment method and consumer purchase intention, indicated by a correlation coefficient (r) of 0.736 and a significance value of 0.000. The COD method explains 54.1% of the variation in consumer purchase intention, as indicated by an R-square value of 0.541. Furthermore, the t-test results show a positive and significant effect of the COD procedure variable (X) on consumer purchase intention (Y), with a t-value of 8.894 and significance of 0.000. The F-test also confirms a significant simultaneous effect with an F-value of 79.106 and significance of 0.000.
EVALUATION OF ECONOMY, EFFICIENCY, AND EFFECTIVENESS IN THE MANAGEMENT OF OPERATIONAL COSTS OF A REGIONAL PUBLIC WATER UTILITY COMPANY THROUGH THE VALUE FOR MONEY APPROACH (A STUDY AT PERUMDA AIR MINUM TIRTA KARAJAE, PAREPARE CITY) Nosita Sari; Abdul Azis; Ruslang T; Fatimah Fatimah
Journal Markcount Finance Vol. 4 No. 5 (2026)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v4i5.4244

Abstract

This study aims to evaluate the operational cost performance of a regional water utility enterprise, using PERUMDA Air Minum Tirta Karajae Kota Parepare as a case study, through the Value for Money (VfM) approach for the 2021-2025 period, covering the level of economy, efficiency, and effectiveness. This research applies a quantitative descriptive method using secondary data in the form of income statements, budget reports, customer data, and water production and distribution reports. Data were analyzed by calculating the economy, efficiency, and effectiveness ratios based on the realization and budget of operational costs and operating revenue. The results show that the economy ratio averaged 98.23%, categorized as very economical, although a deviation occurred in 2023. The efficiency ratio averaged 106.18%, indicating that operational costs generally exceeded operating revenue. The effectiveness ratio averaged 93.21%, indicating that revenue realization has not yet reached the budgeted target, despite improvements in non-financial indicators such as customer growth and reduced non-revenue water. Overall, the performance of the regional water utility has not fully achieved the ideal 3E condition (Economy, Efficiency, Effectiveness), indicating the need for stronger operational cost control and more realistic revenue target setting.
THE IMPACT OF DECENTRALIZED FINANCE (DEFI) ON TRADITIONAL BANKING STABILITY: A COMPARATIVE ANALYSIS Herlina Herlina; Mihardianto Mihardianto; Lutfi Aziz; Khalid Mahmud
Journal Markcount Finance Vol. 4 No. 4 (2026)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v4i4.4572

Abstract

Decentralized finance (DeFi) is reshaping financial intermediation, raising questions about its implications for traditional banking stability. This study examines how DeFi development relates to banking resilience, focusing on competition, institutional interconnectedness, and financial risk transmission. A comparative design combines descriptive analysis of secondary DeFi market indicators for 2020–2025, institutional comparisons of stability mechanisms, and a case study of the March 2023 Silicon Valley Bank–USD Coin disruption. The results show pronounced fluctuations in DeFi total value locked, alongside differences between automated collateral management and prudential safeguards in conventional banking. Concentration among major lending protocols indicates that technological decentralization does not necessarily disperse financial risk. The Silicon Valley Bank episode illustrates how disruptions in conventional banking can spread to stablecoin markets through reserve exposure and liquidity dependence. These findings establish plausible channels of cross-system vulnerability but do not demonstrate a statistically significant or causal effect of DeFi expansion on banking stability, because country-level regression estimates were unavailable. The study concludes that financial stability depends on the structure of institutional exposures and the effectiveness of risk management across interconnected systems. Future research should test these relationships using comparable country-level data and robust econometric identification strategies and carefully specified measures of decentralized financial exposure.  
THE EVOLUTION OF NEO-BANKS: ASSESSING CUSTOMER LOYALTY AND OPERATIONAL EFFICIENCY IN THE POST-DIGITAL ERA Ana Ima Sofana; Amin Zaki; Rina Farah
Journal Markcount Finance Vol. 4 No. 5 (2026)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v4i5.4573

Abstract

Neo-banks have transformed financial service delivery through digital platforms, yet sustained customer loyalty and operational efficiency remain critical challenges beyond initial market expansion. This study examines how customer engagement, institutional trust, and financial performance characterize the evolution of neo-banks in the post-digital era. A comparative secondary-data design synthesizes public financial disclosures from Nu Holdings and Monzo Bank with peer-reviewed evidence on customer retention and banking efficiency. The findings indicate that Nu Holdings expanded its customer base from 74.6 million in 2022 to 114.2 million in 2024 while maintaining relatively stable customer activity rates and servicing costs per active customer. Monzo similarly reported growing customer engagement, revenue, and adjusted profitability in its 2025 financial year. Previous empirical studies identify perceived financial security and trust as important correlates of retention, while efficiency outcomes vary across institutions. These observations show that customer growth and favorable operating metrics can coexist, but neither activity rates nor profitability alone establish loyalty or cost efficiency. The study concludes that sustainable neo-banking requires both credible customer relationships and disciplined resource management. Institution-matched longitudinal evidence is needed to test their relationship and distinguish association from causation across diverse regulatory and competitive environments as digital access becomes an industry norm.  
ESG PERFORMANCE AND CORPORATE FINANCIAL DISTRESS: EVIDENCE FROM HIGH-CARBON INDUSTRIES Christine Dewi Nainggolan; Maria Clara Reyes; Josefa Flores
Journal Markcount Finance Vol. 4 No. 4 (2026)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v4i4.4574

Abstract

High-carbon industries face growing climate transition pressures that may intensify corporate financial vulnerability, making environmental, social, and governance (ESG) performance increasingly relevant to financial resilience. This study examines the relationship between ESG performance and corporate financial distress, emphasizing differences across ESG dimensions, financing constraints, and carbon exposure. A comparative secondary-evidence approach synthesizes published empirical studies, international environmental statistics, and corporate disclosures, including ArcelorMittal’s reported emissions performance. The findings indicate that prior research associates stronger aggregate ESG performance with lower financial distress, while governance quality is particularly relevant to distress outcomes. Evidence from high-carbon enterprises links environmental practices to reduced financing constraints, suggesting that distinct ESG dimensions operate through different financial mechanisms. ArcelorMittal’s declining emissions intensity illustrates environmental progress alongside continuing absolute emissions and transition investment requirements. These observations do not establish a causal relationship or quantify firm-specific distress effects because an original firm-year regression was not conducted. The study concludes that ESG performance should be evaluated alongside carbon intensity, financial constraints, and conventional solvency indicators rather than treated as an independent guarantee of resilience.  

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