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Septian Yudha Kusuma
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INDONESIA
KEUNIS
Published by Politeknik Negeri Semarang
ISSN : 23029315     EISSN : 27147274     DOI : https://doi.org/10.324497/keunis
Core Subject : Economy,
Economics, Econometrics & Finance
Pemahaman tentang keuangan dan atau yang bersinggungan atau berkaitan dengan arus dana dan kegiatan yang berhubungan dengan bisnis.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 137 Documents
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The Role of Media Exposure in Moderating the Effect of Green Investment, Environmental Performance, and Financial Slack on Carbon Emission Disclosure Tri Utami; Dila Angraini; Dea Annisa
KEUNIS Vol. 14 No. 1 (2026): JANUARY 2026
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v14i1.6676

Abstract

Purpose: The purpose of this study is to investigate and gather empirical data about how media exposure influences the disclosure of carbon emissions in relation to green investment, environmental performance, and financial slack. Companies in the energy and basic minerals sectors that are listed on the Indonesia Stock Exchange were the subject of this study. This study utilized purposive sampling, and there were a total of 17 companies included in the sample. Methodology: Multiple linear regression and moderated regression analyses were employed in this study, while Eviews version 12 was utilized for data processing. Results: According to this study, environmental performance and financial slack have a favorable impact on carbon emission disclosure, whereas green investment shows a marginal effect. Besides, the impact of financial slack, environmental performance, and green investment on carbon emission disclosure was not mitigated by media exposure. Novelty: The moderating variable for carbon emission disclosure in this study was media exposure. Since the media has a significant influence on public perception and legitimacy demands on businesses, media exposure was selected as a moderating variable. The association between internal corporate parameters and carbon emissions is strengthened when firms with strong environmental performance, green investment, and financial capability are encouraged by high media exposure to disclose carbon emissions more transparently.
How Does Profitability Moderate the Impact of Financial Performance on Firm Value? Adhi Widyakto; Oktavie Fresiliasari; Ayu Nurafni Octavia; Masudul Alam Choudury; Rosylin Mohd Yusof
KEUNIS Vol. 14 No. 1 (2026): JANUARY 2026
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v14i1.6742

Abstract

This study investigates the impacts of financial performance—assessed through blockholding, board size, and capital structure (debt-to-equity ratio/DER) variables—on firm value, with profitability (ROA) acting as a moderating variable. Data obtained from a sample of manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023 were analyzed using panel data regression analysis in EViews 13. The findings reveal that blockholding exerts a negative and significant influence on firm value, indicating that ownership concentration may lead to agency conflicts and weaken investor confidence. Conversely, DER shows a positive and significant relationship with firm value, suggesting that a sound capital structure can enhance firm performance and signal financial stability to the market. Meanwhile, board size does not have a significant effect on firm value, implying that governance quality is more vital than the number of directors. Furthermore, profitability (ROA) does not moderate the relationship between blockholding, board size, or DER and firm value. These results emphasize that ownership and capital structures remain the key determinants of firm value, and profitability alone cannot strengthen these relationships. This study has practical implications for management and investors seeking to increase firm value through effective governance and optimal capital structure management.
The Effect of Discouraged Borrowers on Business Sustainability Through Financial Bootstrapping and Financial Inclusion (Study of Creative Entrepreneurs in Startup Phase) Dhoni Rizky Widya Mardika; Nur Listiani
KEUNIS Vol. 14 No. 1 (2026): JANUARY 2026
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v14i1.6783

Abstract

This quantitative study aims to examine the effects of discouraged borrowers on financial bootstrapping and financial inclusion, as well as how they affect business performance and business sustainability among startup creative economy entrepreneurs. Data were gathered from innovative MSME participants and analyzed using the Structural Equation Modeling-Partial Least Squares (SEM-PLS) method. The results indicate that the hesitance of business stakeholders to pursue formal funding substantially promotes the use of bootstrapping techniques, while concurrently diminishing the level of financial inclusion. Moreover, both financial bootstrapping and financial inclusion positively influence business performance, thereby enhancing business sustainability. These findings highlight the significance of alternative funding techniques and participation in the formal financial system in encouraging small enterprises’ growth and resilience. Policy implications necessitate enhancing financial bootstrapping, providing management support, and streamlining access to financial services to promote firm autonomy and sustainability.
The Impact of Risk Management, Business Creativity, and Business Collaboration on Business Growth Through Financial Management Quality: a Study on MSMEs Sely Megawati Wahyudi; Putri Renalita Sutra Tanjung; Wieta Chairunesia; Riaty Handayani; Diah Iskandar
KEUNIS Vol. 14 No. 1 (2026): JANUARY 2026
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v14i1.6792

Abstract

MSMEs play a vital role in driving urban economic growth but continue to face challenges in managing risks, fostering innovation, and building effective collaboration. In a competitive environment such as DKI Jakarta, sound financial management and the ability to convert internal capabilities into measurable performance are essential. This study analyzes the influence of risk management, business creativity, and business collaboration on MSME growth with financial management quality as a mediating variable. Using a quantitative approach and SEM-PLS analysis on 100 purposively selected MSME respondents, the findings indicate that risk management and business creativity significantly enhance growth, whereas collaboration does not. Financial management quality also indicates a strong direct and mediating effect between risk management and creativity on business growth. The study reinforces the Resource-Based View and Enterprise Risk Management Theory, emphasizing that robust financial governance strengthens innovation-based performance. Future research should expand regional coverage and explore mediators such as digital literacy or market orientation.
Fraud Diamond Analysis in Revealing Asset Misappropriation with Fraud Risk Assessment as a Moderating Variable: a Perspective of the Fraud Diamond Theory Zati Rizka Fadhila; Anis Chariri; Rr Sri Handayani
KEUNIS Vol. 14 No. 1 (2026): JANUARY 2026
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v14i1.6832

Abstract

Asset misappropriation is one of the most frequent and financially destructive types of occupational fraud, particularly in the public sector. Nevertheless, the behavioral and governance mechanisms contributing to this fraud have not received much attention in existing studies. Therefore, this study aims to evaluate the determinants of asset misappropriation by employing the Fraud Diamond Theory, which comprises elements of pressure, opportunity, rationalization, and capability. Furthermore, the analyses also explore the moderating role of Fraud Risk Assessment (FRA) as a detection-oriented governance mechanism, where its positive correlation with misappropriation is hypothesized to indicate increased detection capacity rather than control failure. Data obtained from 312 respondents from public organizations in Indonesia were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal that opportunity and capability significantly influence asset misappropriation, while pressure and rationalization show no significant effect. Meanwhile, FRA serves a dual role: 1) it positively affects asset misappropriation through improved detection; and 2) it negatively moderates the relationship between opportunity and asset misappropriation. This reflects the effectiveness of FRA in limiting the exploitation of weak controls. By elucidating FRA’s dual role in governance and detection, this study contributes to the fraud theory and carries practical implications for the enhancement of fraud management through integrated surveillance, audit coordination, and real-time risk analytics.
Do Related Party Transactions Affect Firm Value? Veronica Veren Milenia; Kusuma Indawati Halim
KEUNIS Vol. 14 No. 1 (2026): JANUARY 2026
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v14i1.6879

Abstract

Using panel data of 24 firms in the Indonesian property and real estate sector from 2019 to 2023, this study investigates the impact of related party transactions on firm value by emphasizing the influence of firm size and family ownership. Tobin's Q was used in the analyses to measure firm value, with leverage, profitability, and liquidity as control variables. Empirical evidence demonstrates that related party receivables have a significant negative effect on firm value, thus confirming the agency theory. Related party payables, on the other hand, have a positive correlation with firm value, showing the potential as an internal financing mechanism and giving a good signal to the market. Furthermore, firm size has been shown to mitigate the adverse impacts of accounts receivable while magnifying the beneficial effects of accounts payable. Although family-owned businesses extract greater value from accounts payable than non-family-owned enterprises, there is no distinction in accounts receivable between the two. Nonetheless, this study shows that related party transactions are not necessarily harmful for companies. These findings are important for business management, regulators, and investors seeking to consider related party transactions that can increase firm value.
Driving ESG Performance through Green Finance and Digital Transformation: The Strategic Role of CEO Foreign Experience Tabah Rizki; Rafles Ginting; Windy Jatmika; Andi Amri
KEUNIS Vol. 14 No. 2 (2026): JULY 2026
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v14i2.6983

Abstract

Globalization requires companies to integrate sustainability principles into their strategies to fulfil their environmental, social, and governance (ESG) commitments. This study examines green finance and digital transformation as complementary drivers of ESG performance in the ASEAN manufacturing sector, with CEO foreign experience as the moderating variable. Data were obtained from recent post-pandemic empirical evidence in emerging Southeast Asian markets from 2019 to 2023 and analyzed using the PLS technique. The results show that ESG performance is positively and significantly influenced by green finance and digital transformation, with CEO foreign experience strengthening these relationships. This study contributes theoretically by extending the ESG and strategic leadership literature through a leadership contingency perspective, highlighting how global exposure of the management enhances sustainability outcomes. The findings have a practical implication that ASEAN manufacturing companies should incorporate sustainable finance strategies, accelerate digital transformation, and prioritize globally experienced leadership to improve their long-term corporate sustainability performance.
The Influence of Financial Ratios and Non-Accounting Information on Credit Decisions at Bank Syariah Indonesia (BSI) Edy Zulfiar; Faisal Faisal; Mariana Mariana; Anhar Firdaus; Diana Diana
KEUNIS Vol. 14 No. 2 (2026): JULY 2026
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v14i2.7089

Abstract

This quantitative causal-associative study investigates the influence of financial ratios—i.e., Fixed Assets Turnover (FATO), Return on Net Worth (RONW), and Debt-to-Equity Ratio (DER)—and non-accounting information on credit decisions at Bank Syariah Indonesia (BSI) in Pidie Regency, Aceh, during 2023–2024. Using a census, data were collected from 359 credit recipients, combining secondary financial reports and internal credit documentation. Multiple linear regression and path analysis were performed to examine both the direct and mediating effects of the research variables. The results show that FATO (β = 0.478, p < 0.001) and RONW (β = 0.174, p < 0.001) positively impact credit decisions, whereas the influence of DER (β = 0.028, p = 0.279) is not significant. Meanwhile, non-accounting information (β = 0.154, p = 0.013) both directly affects credit decisions and mediates the relationship between financial ratios and lending outcomes, increasing the explanatory power by 1.2% (ΔR² = 0.012). These findings indicate that qualitative factors, such as managerial integrity, borrower reputation, and business environment, enhance the assessment of creditworthiness. This study contributes to Islamic banking practices by integrating financial and non-financial indicators, providing a more holistic approach for evaluating credit risk and supporting accurate, fair, and sustainable credit decisions.
Financial Literacy and Planning on Financial Well-Being: The Mediating Role of Behavior Sri Anah; Wahyu Anggraini; Abdul Rahmat; Garin Pratiwi Solihati
KEUNIS Vol. 14 No. 2 (2026): JULY 2026
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v14i2.7104

Abstract

Financial well-being reflects employees’ ability to manage financial resources and maintain long-term stability. This quantitative study examines the effects of financial literacy, self-control, and financial planning on employees’ financial well-being, involving financial behavior as a mediating variable. Data were collected from 120 employees of PT SUAI through online and offline questionnaires and analyzed using SEM-PLS. The results show that financial literacy, self-control, and financial planning significantly influence financial behavior, which in turn positively and significantly affects financial well-being. However, only financial planning has a significant indirect effect on financial well-being through financial behavior, whereas financial literacy and self-control do not show significant mediation effects. These findings indicate that structured financial planning plays a key role in shaping consistent financial behavior that enhances financial well-being. Theoretically, the results support the Financial Management Behavior Theory and Financial Capability Framework, signifying the importance of behavioral implementation. Additionally, the study findings have crucial practical implications for organizations to prioritize applied financial education programs that focus on budgeting, saving, and long-term planning.
Modeling The Trade Flows of Leading Fishery Commodities in The Southern Region of Central Java Using The Gravity Model Ganjar Ndaru Ikhtiagung; Faidzin Firdhaus; Septi Purwaningsih; Sasongko Adi Priyanto
KEUNIS Vol. 14 No. 2 (2026): JULY 2026
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v14i2.7160

Abstract

While having relatively high fishery production, the southern region of Central Java continues to produce poor and uneven interregional trade flows, reflecting persistent inefficiencies in market integration and spatial connectivity. This quantitative study examines the determinants of interregional trade flows of leading fishery commodities using an extended Gravity Model. Secondary data were obtained from Statistics Indonesia, the Ministry of Marine Affairs and Fisheries, and the Regional Development Planning Agency of Central Java, covering the period of 2018–2024. To explain trade volume between origin and destination regions, the model includes economic mass (Gross Regional Domestic Product), geographical distance, infrastructure quality, interregional price differentials, and market centrality. The findings demonstrate that statistically, the economic size of both the origin and destination regions has a positive and significant effect on trade flows. Distance and price differences, on the other hand, are statistically insignificant, suggesting that spatial separation and short-term price arbitrage are becoming less important. Infrastructure quality shows a positive but insignificant effect, indicating a supportive yet limited role. Meanwhile, market centrality exerts a profound and substantial impact on trade patterns. Theoretically, this study extends the Gravity Model by demonstrating that institutional market concentration outweighs traditional spatial frictions in regional fishery trade.

Page 13 of 14 | Total Record : 137

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