Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS)

Ekonomi Islam: Jumlah Tenaga Kerja, Disparitas PAD Dan Jumlah Industri Besar Terhadap Aglomerasi Industri

2026-05-07T14:58:29+07:00

This research is motivated by the imbalance in industrial concentration in the Southern Sumatra (Sumbagsel) region which has the potential to hinder the realization of equitable economic development. The main problem studied is the influence of the number of workers, disparity in Regional Original Income (PAD), and the number of large industries on industrial agglomeration from an Islamic economic perspective. This study aims to analyze the relationship between these variables and formulate the implications of equitable and sustainable industrial development policies. The study uses an associative quantitative approach with panel data regression analysis techniques in five provinces in the Sumbagsel region during the period 2015–2024. Model selection was carried out through the Chow, Hausman, and Lagrange Multiplier tests, with the results showing that the Random Effect Model (REM) is the most appropriate model. The results show that simultaneously all independent variables have a significant effect on industrial agglomeration, with an F-statistic value of 21.54681 and a probability of 0.0000 (<0.05). However, partially, it was found that the number of workers had a negative and significant effect on industrial agglomeration (coefficient -0.011283; p < 0.05), indicating a mismatch in skills and a mismatch in the quality of the workforce with industrial needs. Meanwhile, the disparity in local revenue (coefficient 0.010390; p > 0.05) and the number of large industries (coefficient 0.000618; p > 0.05) did not show a significant effect. This finding confirms that the quality of the workforce is a more crucial determinant than quantity in encouraging the formation of efficient, inclusive, and sustainable industrial agglomeration.

Efektivitas Implementasi Aplikasi Sakti Dalam mendukung Digitalisasi Penyusunan Laporan Keuangan

2026-05-07T14:58:59+07:00

Digital transformation in public financial governance is an essential part of bureaucratic reform aimed at enhancing transparency and accountability. This study aims to analyze the effectiveness of the implementation of the SAKTI application in supporting the digitalization of financial statement preparation at the Regional Office of the National Land Agency (BPN) of Bengkulu Province. The research employs a qualitative approach with a descriptive design. Data were collected through in-depth interviews with eleven informants, including operators, validators, and approvers, and were strengthened by documentation and triangulation techniques to ensure data validity. The results indicate that the implementation of SAKTI is effective in improving the efficiency of reporting processes and the accuracy of financial records through automatic validation that minimizes input errors. Systemically, the application integrates all stages of financial management, from planning to accountability, within a single system equipped with a strong audit trail. Employees perceive this digitalization as a shift toward greater personal responsibility and increased compliance with procedures. Although technical issues such as network disruptions and centralized system maintenance were encountered, these were temporary and did not significantly hinder the reporting process. Overall, SAKTI has successfully strengthened the principles of good governance in technical government institutions.

Pengaruh Variabel Sosio-Ekonomi, Infrastruktur, Teknologi dan Kelembagaan Terhadap Pertumbuhan Ekonomi di Kawasan Ekonomi Khusus (KEK)

2026-05-07T14:59:08+07:00

Special Economic Zones (SEZs) were established to accelerate regional economic growth, which in the long term will not only impact the economy but also the welfare of the community. However, the welfare of people in provinces without SEZs is actually higher when compared to provinces with SEZs. In the establishment of SEZs, there is an exclusivity of growth that is only concentrated in SEZs alone, thus unable to increase the local society's GRDP per capita. This study aims to analyze the influence of social, economic, infrastructure, technological, and institutional variables on GRDP per capita. This research method uses a quantitative approach in 15 provinces with SEZs in Indonesia during the period 2016-2023. This research data is secondary data obtained from the Central Statistics Agency (BPS), Bank Indonesia (BI), and the Investment Coordinating Board (BKPM). The theories employed are Endogenous Growth Theory, New Institutional Economics, and Modernization Theory. The data were analyzed using the SEM-PLS (Structural Equation Modeling-Partial Least Squares) method with WarpPLS 8.0. The result of the study indicate that Domestic Investment and ICT Development Index have a positive effect on the Democracy Index. Conversely, Foreign Investment (FDI) and Road Length have a negative effect on the Democracy Index, while Average Years of Schooling and Workforces have no effect on the Democracy Index. On the other hand, Average Years of Schooling and Domestic Investment have a positive effect on GRDP per Capita. However, Workforces and FDI have a negative effect on GRDP per Capita, while the Democracy Index shows no effect on GRDP per Capita.

Perbandingan Performa dan Volatilitas JII dan IHSG Periode 2020-2025 di Indonesia

2026-05-07T14:59:28+07:00

The Indonesian capital market experienced significant pressure, particularly during the early period of the COVID-19 pandemic, followed by a recovery phase amid persistently high global economic uncertainty. These conditions affected the performance and volatility of stock indices, both conventional and Sharia-based indices. This study aims to analyze and compare the performance and volatility of the Composite Stock Price Index (IHSG) and the Jakarta Islamic Index (JII) during the 2020–2025 period in Indonesia. The novelty of this research lies in the integration of performance and volatility analysis within a single comparative framework, as well as its focus on both crisis and economic recovery phases simultaneously, which remains limited in previous empirical studies. This study employs a quantitative approach with a descriptive-comparative method using secondary data in the form of monthly closing prices of IHSG and JII. Index performance is measured using average monthly returns, while volatility is analyzed through variance and standard deviation. The results show that IHSG has an average monthly return of 0.005134, while JII records −0.001511. These findings indicate that IHSG demonstrates better performance compared to JII, as it yields a positive return, whereas JII shows a negative return during the study period. In terms of risk, JII exhibits a higher level of volatility compared to IHSG. These findings suggest that Sharia stock indices do not always have lower risk than conventional indices, particularly under conditions of economic uncertainty, and highlight the importance of considering index structure in investment decision-making. The implications of this study are that investors, both conventional and Sharia, need to conduct more in-depth analyses of the risk and return characteristics of each index before making investment decisions. Furthermore, this research contributes to regulators and index providers in evaluating the stability and competitiveness of Sharia indices within the dynamics of the global capital market.

Operating Expenses Ratio (OER) and Total Asset Turnover (TATO) to Return on Assets (ROA)

2026-05-07T14:59:50+07:00

This quantitative study investigates the "profitless growth" phenomenon to empirically examine the financial determinants of profitability within the food and beverage manufacturing subsector. Specifically, the research analyzes the extent to which the Operating Expense Ratio (OER) and Total Asset Turnover (TATO) impact Return on Assets (ROA). The study relies on secondary data derived from 13 companies listed on the Indonesia Stock Exchange (IDX), covering an observation period from 2014 to 2024. Data processing was executed using IBM SPSS Statistics software through a multiple linear regression model. The empirical results reveal that OER exerts a significant positive influence on ROA (Sig < 0.001), indicating that operational expenditures in this sector function as productive investments rather than mere costs. Similarly, TATO demonstrates a significant positive impact (Sig = 0.049), confirming that efficient asset utilization is crucial for maximizing earnings. Furthermore, the simultaneous analysis confirms that these independent variables collectively affect profitability, accounting for 62.5% of the variance in ROA ( = 0.625). These findings highlight the critical importance of synergizing strategic operational spending with aggressive asset rotation to sustain corporate profitability amidst economic volatility.

Pengaruh Tenaga Kerja, IPM, dan IPTIK Terhadap Ketimpangan Pendapatan di Indonesia Perspektif Ekonomi Islam

2026-05-07T14:59:58+07:00

Income inequality is still an important problem in Indonesia's economic development even though development continues to progress. This study aims to analyze the influence of labor, the Human Development Index (HDI), and the Information and Communication Technology Development Index (IP-ICT) on income inequality in Indonesia for the period 2018–2023 from an Islamic economic perspective. The data used is panel data from 34 provinces sourced from the Central Statistics Agency (BPS) and analyzed using a quantitative approach with the panel data regression method through EViews software. Based on the results of the t-test in this study, it is shown that partially labor has a positive and significant effect on income inequality with a probability value of 0.0140 (< 0.05). Meanwhile, the HDI variable had no significant effect on income inequality with a probability value of 0.7060 (> 0.05). The IP-ICT variable has a negative and significant effect on income inequality with a coefficient value of -0.008716 and a probability of 0.0019 (< 0.05). Simultaneously, labor, HDI, and IP-ICT have a significant effect on income inequality with an F-statistic value of 97.78723 and a probability of 0.000000 (< 0.05). From an Islamic economic perspective, income inequality is contrary to the principles of justice ('adl) and the equitable distribution of wealth as reflected in maqāṣid al-syarī'ah, so development policies need to be directed at improving the quality of labor, equitable distribution of education, and inclusive technology development to realize a fair and sustainable distribution of income.

Solvency vs Information Asymmetry vs Intellectual Capital: Who Wins in Earnings Manufacturing Management?

2026-05-07T15:01:33+07:00

This study addresses the research problem of inconsistent empirical findings regarding the determinants of earnings management, particularly the roles of information asymmetry, intellectual capital, and leverage in Indonesian manufacturing firms. Despite extensive prior research, limited consensus exists on how these factors simultaneously influence managerial discretion in financial reporting. This study aims to examine the interplay among these variables in shaping earnings management practices. Adopting a quantitative design, this study utilises balanced panel data from manufacturing companies listed on the Indonesia Stock Exchange over the period 2015–2024. The analysis employs a Fixed Effects Model, selected through Chow and Hausman tests, to control for unobserved heterogeneity across firms. The findings indicate that information asymmetry has a statistically significant negative effect on earnings management, suggesting that improved transparency constrains opportunistic reporting behavior, while intellectual capital and leverage exhibit statistically significant positive effects, indicating that firms with greater intangible resources and higher financial pressure are more likely to engage in earnings management practices. Overall, this study provides stronger empirical support that earnings management is shaped by informational conditions, firm capabilities, and financial constraints, offering important implications for strengthening corporate governance and enhancing the reliability of financial reporting in emerging markets.

Analysis of Factors Affecting Investment Decision-Making in the Indonesian Capital Market

2026-05-07T15:02:45+07:00

The Indonesian capital market has experienced significant investor growth, particularly among retail investors and younger generations. However, this increase in participation has not been fully accompanied by rational and high-quality investment decision-making. This study aims to analyze the factors influencing investment decision-making in the Indonesian capital market, with a particular focus on behavioral factors, financial literacy, and risk perception. The study employs a qualitative approach using a systematic literature review method, examining a curated sample of recent and relevant scholarly articles, academic books, and official institutional reports related to investment behavior and decision-making. The data were analyzed using descriptive qualitative analysis and content analysis to identify patterns and relationships among variables. The findings indicate that financial literacy is the most dominant factor in improving the quality of investment decisions, while overconfidence, herding behavior, and risk perception also significantly influence investor behavior. The interaction among these factors creates a complex pattern of investment decision-making. The novelty of this study lies in the development of an integrated analytical framework that simultaneously combines behavioral biases, financial literacy, and risk perception within a single model, particularly in the context of an emerging market such as Indonesia. This study contributes to the literature in three main ways. First, it provides a comprehensive synthesis of prior studies by integrating behavioral and cognitive perspectives into a unified framework. Second, it highlights the mediating role of risk perception and the moderating role of financial literacy in shaping investment decisions. Third, it offers contextual insights specific to the Indonesian capital market, where retail investor dominance and digital influence create unique behavioral dynamics. This study contributes theoretically by extending behavioral finance literature through a multidimensional perspective, and practically by providing insights for investors, regulators, and financial institutions to improve decision quality through a more holistic approach.

Pengaruh Literasi Ekonomi dan Peer Influence Terhadap Pembelian Impulsif dengan FOMO Sebagai Mediasi

2026-05-09T18:55:51+07:00

Technological advancements have driven changes in consumer behavior. One such development is the transformation of social media into social commerce, which has become an increasingly popular online shopping concept. This platform enables users to view and automatically add products to their shopping carts, thereby increasing the tendency toward impulsive buying, particularly among university students as primary users of digital media. This study aims to examine the effect of economic literacy and peer influence on impulsive buying, mediated by Fear of Missing Out (FOMO). The study sample consisted of 215 students and was analyzed using Structural Equation Modeling (SEM) based on Partial Least Squares (PLS). The results of this study indicate that economic literacy has a negative and significant effect on impulsive buying and FOMO, while peer influence has a positive and significant effect on impulsive buying and FOMO. Furthermore, FOMO has a positive and significant effect on impulsive buying and mediates the relationship between economic literacy and peer influence on impulsive buying. This study contributes by examining consumer behavior, particularly cognitive and social factors, in explaining impulsive buying while considering FOMO as a mediating variable that has not been comprehensively studied amid the rising trend of digital shopping.

Investment Model Design Based on Financial Behavior to Achieve Financial Independence in Gen-Z

2026-05-09T19:02:30+07:00

The financial crisis is prone to affect Gen-Z due to a consumptive lifestyle, which is both a problem and the background for conducting this research with the aim of designing financial behavior models and investment choice models that can be used to achieve the level of financial independence in the future. The study uses qualitative methodology with a design thinking approach; data collection was conducted through interviews, analyzed using triangulation techniques, with data being reduced, presented, and conclusions drawn. The validity was tested using member checking with eight informants who are working students, aged 20-25 years, with income ranging from Rp.1,000,000 to Rp.3,000,000 per month. The research findings indicate that 7 out of 8 informants tend to be consumptive, are cautious in making investment decisions, but have a target of achieving financial independence in the future. The results of this study are expected to provide a contribution as a basis for decision-making regarding changes in financial behavior patterns from consumptive to productive by allocating funds wisely to investment options that increase assets, in order to achieve the targeted financial independence in the future.

Faktor-Faktor Yang Mempengaruhi Kecenderungan Fraud Akuntansi di Pemerintahan Desa

2026-05-15T22:41:09+07:00

Accounting fraud is a serious problem that has occurred in both the business and public sectors from the past to the present. Accounting fraud is closely related to fraudulent practices. Since 2015, the central governmnet has allocated funds intended for villages and distributed them to all villages as an effort to improve community welfare and reduce poverty levels. However, in its implementation, there are still varios cases of misappropriation of village funds committed by village officials. Based on this condition, this study aims to examine and determine whether there is an effect of internal control effectivennes, organizational ethical culture, and individual morality on the tendency of accounting fraud. This study uses a quantitative approach with a sampling technique in the form of a census or total sampling method. Primary data were used in this study, obtained through the distribution of online questionnaires. The number of respondents in this study was 48 people, consisting of village heads, village secretaries, and heads of financial affairs of village governments in Wringinanom District, Gresik Regency. The data analysis technique used was multiple linear regression analysis. The partial result show that the internal control effectivennes variable has a significance value of 0,000 < 0,05 and a regression coefficient of -0,517, the organizational ethical culture variable has a significance value of 0,000 < 0,05 and a regression coefficient of -0,634, and the individual morality variable has a significance value of 0,000 < 0,05 and a regression coefficient of -0,770, this means that all independent variables in this study have a negative effect on the tendency of accounting fraud. Simultaneously, the significance value obtained is 0,000 < 0,05, indicating that internal control effectiveness, organizational ethical culture, and individual morality simultaneously have an effect on the endency of accounting fraud.

Pengaruh Nilai Perusahaan dan Financial Distress terhadap Harga Saham dengan Struktur Modal sebagai Moderasi

2026-05-15T22:52:37+07:00

This study is grounded in the volatility of LQ45 stock prices on the Indonesia Stock Exchange (IDX) during 2020–2024, influenced by global economic dynamics and post-pandemic conditions. This study aims to examine the impact of firm value and financial distress on stock prices, as well as to explore the role of capital structure as a moderating variable. The study employs a quantitative method with secondary data sourced from corporate financial reports. Purposive sampling technique yielded 9 companies with 45 observations. Data processing was conducted through PLS-SEM combined with Moderated Regression Analysis (MRA). The findings reveal that firm value has a positive and significant effect on stock prices (T-statistic = 5.912; p = 0.000), suggesting that higher company valuation leads to greater investor appreciation. In contrast, financial distress shows no significant effect on stock prices (β = 0.002; p = 0.990), as financial distress information for large-cap LQ45 issuers is already priced in early by investors. Capital structure successfully moderates the relationship between firm value and stock prices (T-statistic = 2.495; p = 0.013), indicating that an optimal financing composition strengthens the positive signal of firm value in the market. However, capital structure fails to moderate the impact of financial distress on stock prices (β = −0.189; p = 0.261), suggesting that market sentiment and external factors dominate stock price movements under financial pressure conditions. The overall model explains 55.1% of stock price variation. These results indicate that corporate financing decisions are more dominated by firm value and capital structure than by financial distress risk. This study provides managerial implications for investors and corporate management in designing increasingly accurate and strategic financial policies to enhance firm value and stock price stability in the capital market.

Pengaruh Kurs, Pasar Modal Konvensional dan Pasar Modal Syariah Terhadap Pertumbuhan Ekonomi Indonesia Tahun 2013 – 2024

2026-05-23T16:23:56+07:00

This research is motivated by the phenomenon of weakening economic growth in Indonesia, which often fails to align with financial sector dynamics due to exchange rate volatility. The primary problem addressed in this study is the extent to which exchange rate stability and capital market performance—both conventional and Sharia—serve as key determinants in driving national economic growth. This study aims to analyze the influence of the exchange rate, the conventional capital market (proxied by the Jakarta Composite Index or JKSE), and the Sharia capital market (jakarta islamic indeks JII ) on Indonesia’s ekonomic grwot ) for the 2013–2024 period. The research methodology employed is quantitative, using the Vector Error Correction Model (VECM) approach to capture both short-term and long-term relationships between variables. The results indicate that, partially, the exchange rate has a significant negative effect on Indonesia’s economic growth , while both conventional and Sharia capital markets show a significant positive influence. Simultaneously, these three independent variables contribute 89.4% to the variation in Indonesia’s economic grwoth, while the remaining 10.6% is explained by factors outside the model. These findings imply the importance of exchange rate stability policies to optimize the role of capital markets in accelerating the economy.

Implementasi Carbon Tax sebagai Strategi dalam Menekan Emisi Karbon: Dampaknya Bagi Corporate Sustainbility di Indonesia

2026-05-19T22:38:55+07:00

Carbon emissions are one of the causes of climate change in the world. Carbon emissions have a negative impact on the environment, health and economy. Intervention from the government is needed in order to reduce carbon emissions in Indonesia. The purpose of this study is to determine the effectiveness of carbon tax implementation in reducing carbon emissions and its impact on the industrial world. The method used in this research is to use a qualitative descriptive method. The results of the research show that the implementation of carbon taxes in Indonesia will raise pros and cons for the community. Implementation of a carbon tax will have an impact on reducing carbon emissions which have a negative impact on the environment. With the imposition of a carbon tax, the industry will reduce fuel consumption so that carbon emissions can be reduced. In addition, with the implementation of a carbon tax, government revenue from the tax sector will also increase so that it can be used by the government to finance sustainable programs that can help mitigate climate change.

Pengaruh Financial Distress, Financial Literacy, dan Lifestyle Terhadap Keputusan Penggunaan Paylater Pada Mahasiswa Akuntansi

2026-05-16T10:09:44+07:00

The development of fintech has led to many developments in payment services, including Paylater, which has gained popularity among the masses, particularly among generation Z. The objective of this study is to investigate the factors that affect the use of Paylater, which include Financial Distress, Financial Literacy, and Lifestyle in college students. The selection of college students was done because they belong to the young generation that utilizes many financial services through technology, and at the same time is subject to pressure from both the economy and consumption practices owing to technological advancements and future trends. In this study, the methodology used was SEM-PLS analysis method through the use of SmartPLS software version 4.0. This study gathered data by administering an online survey using Google Forms among 91 students from the Accounting Study Program in the 2022–2023 intake from UPN “Veteran” East Java. Based on the findings, this study concludes that Financial Distress, Financial Literacy, and Lifestyle have a significant positive effect on the intention to adopt Paylater among Accounting Students in the 2022–2023 intake from UPN “Veteran” East Java with the financial distress variable having a significance value of 0.042 <0.05 with a coefficient value of 0.180, the financial literacy variable having a significance value of 0.000 <0.05 with a coefficient value of 0.501, and the lifestyle variable having a significance value of 0.037 <0.05 with a coefficient value of 0.197.

Pengaruh Literasi Keuangan dan Kepercayaan Terhadap Minat Investasi Digital Mahasiswa

2026-05-19T22:55:08+07:00

The increasing accessibility of digital investment among university students has not been fully accompanied by a high level of investment interest. This study aims to analyze the effect of financial literacy and trust on students’ interest in digital investment in Palembang City. This research employs a quantitative approach with a sample of 400 students, and the data are analyzed using SPSS version 26. The results show that financial literacy and trust have a positive and significant effect on digital investment interest. Financial literacy has a t-value of 6.540 with a significance level of 0.000 (<0.05), indicating a strong influence, while trust also demonstrates a significant effect with a significance level of less than 0.05. These findings indicate that higher financial literacy enhances students’ understanding of investment instruments, risks, and returns, while greater trust in the security, transparency, and credibility of digital platforms increases their willingness to invest. The implications of this study highlight the importance of strengthening financial literacy education in higher education institutions and improving the security and transparency of digital platforms to build student trust. Therefore, a combination of strong financial literacy and trust can foster more rational and responsible digital investment behavior among young generations.

Pengaruh Literasi Keuangan, Fintech Payment, dan Gaya Hidup terhadap Perilaku Konsumtif Generasi Z

2026-05-19T23:05:37+07:00

The rapid development of financial technology and lifestyle changes in the digital era have increased consumptive behavior among Generation Z, potentially leading to long-term financial problems if not supported by adequate financial literacy. This study aims to analyze the effect of financial literacy, fintech payment, and lifestyle on the consumptive behavior of Generation Z in Palembang City. This research employs a quantitative method with a survey approach involving 145 respondents selected using purposive sampling techniques. Data were analyzed using multiple linear regression with the assistance of SPSS, including descriptive statistical analysis, classical assumption tests, and hypothesis testing (t-test and F-test). The results indicate that financial literacy has a negative and significant effect on consumptive behavior (p < 0.05), fintech payment has a positive and significant effect (p < 0.05), and lifestyle also has a positive and significant effect (p < 0.05). Simultaneously, all variables have a significant effect on consumptive behavior (F-test, p < 0.05). These findings highlight the importance of improving financial literacy and controlling fintech usage and lifestyle to reduce consumptive behavior among Generation Z.

Pengaruh Angka Partisipasi Sekolah dan Pengangguran Terhadap Kemiskinan Dalam Perspektif Islam

2026-05-25T20:19:49+07:00

This study aims to analyze the effect of the School Participation Rate and Open Unemployment Rate on poverty in Sumatra Island during 2015–2024 from an Islamic economic perspective. This research employs a quantitative method using panel data from 10 provinces in Sumatra analyzed with E-Views 10 software. The results indicate that the School Participation Rate has a negative but insignificant effect on poverty, while the Open Unemployment Rate has a positive and significant effect on poverty. Simultaneously, both variables significantly affect poverty levels. From the perspective of Islamic economics, poverty alleviation can be achieved through improving education quality, expanding employment opportunities, and optimizing Islamic social instruments such as zakat, infaq, sadaqah, and waqf.

Pengaruh Profitabilitas, Pertumbuhan Perusahaan, dan Ukuran Perusahaan Terhadap Pengungkapan CSR Pada Sektor Infrastruktur

2026-05-25T20:45:32+07:00

This study focuses on Corporate Social Responsibility (CSR) disclosure in infrastructure sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The study aims to examine the extent to which profitability, company growth, and firm size influence CSR disclosure practices. This research employs a quantitative approach with an associative design to empirically analyze the relationship among variables. From a total population of 70 companies, purposive sampling was used to obtain 26 companies with 130 observation units. Data analysis was conducted using panel data regression assisted by EViews 13. Simultaneously, the three independent variables showed a significant relationship with CSR disclosure. However, partially, profitability demonstrated a positive direction without statistical significance, while company growth and firm size had a positive and significant effect on CSR disclosure. The Adjusted R² value of 5.57% indicates that the model has limited ability to explain variations in CSR disclosure, suggesting that most variations are influenced by other external factors. Therefore, company growth and firm size appear to play a more dominant role in encouraging CSR transparency, whereas profitability is not considered a primary determinant. This study contributes to the CSR literature, particularly in the infrastructure sector, by providing more recent research coverage. Furthermore, this research is expected to offer theoretical contributions in enriching the literature on CSR disclosure, especially within infrastructure companies, and practical contributions for companies, investors, and regulators in understanding the factors influencing CSR disclosure to improve corporate transparency and accountability toward stakeholders.

Profitabilitas Memediasi Determinan Nilai Perusahaan Sektor Industri yang Terdaftar di BEI

2026-05-25T20:58:08+07:00

This study aims to examine the influence of managerial decisions and firm value with profitability as a mediating variable, as well as re-examine the inconsistency of previous research results on the influence of investment decisions, capital structure, and firm size on firm value. This study is relevant considering the urgency of maximizing shareholder value amidst capital market uncertainty. This study is quantitative, data testing using Eviews 13. The study population includes companies listed on the Indonesia Stock Exchange for the period 2020 to 2024. A purposive sampling technique was used to select the sample, resulting in observational data from 44 companies that met the criteria. Data analysis was conducted using the panel data regression method to estimate the research model. This study shows that capital structure has a positive effect on firm value with a t-statistic of 6,301345 and a probability value of 0,0000 <0,05, and profitability has a positive effect on firm value with a t-statistic of 2.720395 and a probability value of 0.0072. In the mediation test, profitability was only able to mediate the relationship between capital structure and firm value with a probability of 0,0070 < 0,05. Meanwhile, profitability was unable to mediate the relationship between investment decisions with a probability of 0,2259 > 0,05, and was unable to mediate the relationship between firm size and firm value with a probability of 0,2460 > 0,05. The results of this study open up opportunities for future researchers to consider other indicators when testing investment decision variables besides physical assets. Management also needs to optimize capital structure to maintain a balance between tax protection benefits and profit generation efficiency. This research contributes to identifying the role of profitability as a validation instrument for corporate funding policy signals in the Indonesian capital market. For future research, further researchers are advised to expand the scope of industrial sectors to improve research results.

Pengaruh Literasi Keuangan dan Sikap Keuangan Terhadap Pengelolaan Keuangan UMKM

2026-05-25T21:18:23+07:00

In Indonesia, MSMEs have a very important role in the pace of the economy, which is one way to accelerate regional development. However, MSME actors face obstacles, particularly difficulties in financial management. MSME actors in the Medan Timur area have limited knowledge of financial literacy and financial attitudes, which results in them being unable to manage their finances properly. This research uses quantitative methods with SPSS software. The population of this study was 130, using a saturated sample where the sample size was 130 MSME actors in Medan Timur. The data analysis technique uses multiple linear regression analysis. The results of this research show that the financial literacy variable has a positive and significant effect on the financial management of MSMEs in Medan Timur (t-value 3.713 > t-table 1.657, sig. 0.000 < 0.05), and financial attitude also has a positive and significant effect on the financial management of MSMEs in Medan Timur (t-value 6.668 > t-table 1.657, sig. 0.000 < 0.05). Simultaneously, both variables explain 54.7% of the variance in financial management. The contribution of this research is to provide new empirical evidence on the simultaneous influence of financial literacy and financial attitude on the financial management of MSMEs in the urban area of Medan Timur Sub-district, which has not been represented in previous similar studies, as well as to provide practical implications for stakeholders in designing MSME financial capacity-building programs.

The Effect of Macroeconomic Conditions and Income Structure on The Stability of Bank Profitability in ASEAN-5

2026-05-28T14:21:27+07:00

This paper investigates the factors affecting profitability stability of the ASEAN-5 (Indonesia, Malaysia, Philippines, Singapore and Thailand) commercial banks such as income structure, bank specific characteristics, and macro economy factors. This research uses volatility of return on assets (VolROA) instead of ROA and ROE, which are used in previous studies mainly to measure profitability levels, to proxy for profitability stability, thereby capturing the stability of bank earnings over time. This study utilizes panel data of ASEAN-5 commercial banks for a period of 10 years from 2015 to 2024 and employs a fixed-effects regression model to determine the factors affecting the stability of commercial bank profitability. The results indicate that the drivers of non-interest income diversification, bank size, lending activity, degree of deposit funding, condition of the GDP growth, exchange rate, and real interest rates have a significant impact on reducing the volatility of earnings and enhancing the stability of bank profits. Meanwhile, there is an association of higher equity levels with higher volatility in profitability, suggesting a greater level of risk taking by more highly capitalized banks. Moreover, the addition of macroeconomic variables to the model further adds to the model's explanatory power, indicating that the banking stability is not only dependent on the characteristics of the bank, but also on the economic environment of the bank. This study builds on the literature on banking stability by presenting new empirical findings on the stability of banking profitability for the ASEAN-5 commercial banks, which is less thoroughly examined in emerging banking markets, by using the VolROA methodology as well as by placing bank-specific and macroeconomic determinants into a unified empirical framework. The results also have practical implications for regulators and bank management in considering strategies to enhance banking resilience and ensure stable profitability, given the dynamic economic environment.

Pengaruh Literasi dan Inklusi Keuangan terhadap Kinerja UMKM Melalui Digital Marketing dan Sustainability Orientation

2026-05-28T14:30:23+07:00

Micro, Small, and Medium Enterprises (MSMEs) are considered capable of contributing to community economic growth. However, MSME performance remains volatile due to various constraints, including financial management limitations, restricted legality of access to financial services, and minimal utilization of digital marketing channels. Concurrently, market demands for business practices with economic, social, and environmental responsibility are intensifying, compelling MSME actors to adopt a sustainability orientation. This study focused on MSMEs in Kebumen Regency. The research aimed to analyze the effect of financial literacy and financial inclusion on MSME performance, with the mediating role of digital marketing and sustainability orientation. A quantitative approach was employed, using data from 80 MSME owners collected through questionnaires. Analysis was conducted using Partial Least Squares - Structural Equation Modeling (PLS-SEM) with SmartPLS 4.1.1.4. The results supported all hypotheses. Financial Literacy (β = 0.223, T = 2.982, p < 0.01) and Financial Inclusion (β = 0.180, T = 2.351, p < 0.05) had positive and significant effects on MSME Performance. Both variables also significantly influenced Digital Marketing and Sustainability Orientation. Financial Literacy affected Digital Marketing (β = 0.448, p < 0.001) and Sustainability Orientation (β = 0.464, p < 0.001), while Financial Inclusion influenced Digital Marketing (β = 0.489, p < 0.001) and Sustainability Orientation (β = 0.456, p < 0.001). Furthermore, Digital Marketing (β = 0.333, p < 0.001) and Sustainability Orientation (β = 0.394, p < 0.001) were proven to significantly enhance MSME Performance. These findings confirm that Digital Marketing and Sustainability Orientation are crucial operational strategies for improving MSME Performance. Therefore, enhancing Financial Literacy and Financial Inclusion can strengthen MSME Performance both directly and indirectly through Digital Marketing and Sustainability Orientation.

Optimalisasi Peran Unit Pengumpul Zakat dalam Meningkatkan Penghimpunan Dana Zakat Masyarakat

2026-06-05T00:14:21+07:00

This study aims to analyze the mechanism of zakat collection, the level of optimization in zakat fund collection, and strategies to increase community participation in distributing zakat through the Zakat Collection Unit (UPZ) in Tiuh Balak Pasar Village, Baradatu District, Way Kanan Regency. This research employed a qualitative approach using a case study method through interviews, observations, and documentation techniques. The results showed that the UPZ has carried out its functions in collecting and managing zakat quite effectively through direct services, religious outreach, transparent management, and zakat pick-up services that help build public trust. However, zakat collection has not yet been optimal due to the low level of public zakat literacy, the strong tradition of distributing zakat directly to mustahik, limited human resources, and the underutilization of digital technology in zakat administration and payment systems. The study also found that management transparency and supervision from BAZNAS are important factors in increasing the legitimacy and public trust toward the UPZ. The contribution of this research lies in the development of Islamic economics studies, particularly regarding the optimization of community-based zakat management at the village level by emphasizing social, institutional, and zakat digitalization aspects. In addition, the findings of this study can serve as a reference for UPZ, BAZNAS, and local governments in formulating more effective, modern, transparent, and sustainable zakat collection strategies.

Green Accounting, Kinerja Lingkungan, dan Sustainability Report sebagai Determinan Nilai Perusahaan

2026-06-05T00:32:23+07:00

Climate change, environmental pollution, and the excessive exploitation of natural resources have become major global issues. Environmental concerns require companies to commit to environmental costs and social aspects within their operational strategies in order to create value for consumers and build stakeholder trust. The food and beverage industry is one of the subsectors that contributes to environmental problems. With its significant economic contribution and substantial environmental challenges, the food and beverage industry needs to develop business strategies focused on sustainability. This study aims to examine the effect of green accounting, environmental performance, and sustainability reports on the firm value of food and beverage subsector companies listed on the Stock Exchange during the 2019–2023 period. The quantitative data used in this study include environmental performance as measured by PROPER, sustainability reports, and annual reports of food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. The sample consisted of 9 companies selected through a purposive sampling method, with a total of 45 observations over 5 years. Data testing was conducted using multiple regression analysis with the assistance of SPSS version 30 software. The results of this study indicate that green accounting has no effect on firm value. Meanwhile, environmental performance and sustainability reports have a negative effect on firm value. These findings suggest that green accounting practices and sustainability disclosures have not yet become major considerations for investors, who still tend to focus on short-term financial performance.

Model Integratif TAM, Kepercayaan, dan Kelengkapan Fitur terhadap Volume Transaksi Saham Investor Ritel

2026-06-05T00:39:57+07:00

The number of stock investors on the Indonesia Stock Exchange grew steadily from 5.26 million Single Investor Identifications (SID) at the end of 2023 to 6.38 million at the end of 2024 and 8.59 million at the end of 2025, alongside a surge in total consolidated capital-market investors to 20.32 million SID; this growth was largely driven by mobile-based stock trading applications that lowered the barriers to entering the capital market. This study analyzes the influence of trading application quality on the stock transaction volume of retail investors through four user-experience dimensions: perceived ease of use, perceived usefulness, trust, and trading feature completeness. Transaction volume rather than investment intention was chosen as the dependent variable because it represents actual trading behavior more closely tied to market liquidity and real economic impact. A quantitative explanatory approach was applied by distributing online questionnaires to 312 retail investors using trading applications in Indonesia through purposive sampling, and the data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The results indicate that all four variables have a positive and significant effect on transaction volume (p < 0.05), with trading feature completeness as the strongest predictor (β = 0.341; t = 5.213), followed by perceived usefulness (β = 0.287; t = 4.125), trust (β = 0.218; t = 3.412), and perceived ease of use (β = 0.176; t = 2.847); the model explains 62.4% of the variance in transaction volume (R² = 0.624; Q² = 0.387). The novelty of this study lies in developing an integrative TAM–Trust–Feature Completeness model relevant to the Indonesian e-brokerage context during the 2023–2025 digital maturation phase. Practically, the findings direct securities firms to prioritize analytical-feature development and to strengthen security and transparency, while for regulators (OJK and BEI) they underscore the urgency of minimum feature standards, fee transparency, and digital literacy to protect retail investors from noise-trading risks.

Financial Statement Accountability, Transparency, and Managerial Competence in Zakat Institutions

2026-06-09T10:46:35+07:00

Ensuring accountability within zakat institutions is vital for managing public funds with professionalism and transparency, thereby safeguarding public trust and preventing misappropriation. This research investigates manager competence effects and transparency on financial reports accountability at Lazismu in Central Java. Managerial competence is defined by knowledge, technical skills, and professional ethics, while transparency is characterized by the institution's commitment to information disclosure. To achieve the research objectives, a quantitative approach was applied through primary data collection using a questionnaire instrument. A total of 100 respondents who serve as managers at Lazismu in the Central Java region participated in this survey. The valid data were then processed using Structural Equation Modeling (SEM) based on Partial Least Squares (PLS) data analysis techniques. In-depth analysis of the measurement and structural models was carried out with the assistance of SmartPLS 4.0 software. The findings show that both zakat manager competence and transparency significantly impact financial statement accountability. These results underscore that enhanced amil knowledge and greater transparency lead to improved financial reporting accountability. These research findings serve to enhance internal regulatory frameworks, thereby facilitating the transparent and professional management of zakat funds by these institutions. In conclusion, the structural model generates an R-square value of 0.963, which implies that managerial competence and transparency jointly explain 96.3% of the variance in financial statement accountability. Moreover, the positive Q-square value substantiates the model's strong predictive relevance.

Literasi Keuangan Kepala Desa sebagai Kapasitas Strategis dalam Pengelolaan Dana Desa: Perspektif Stewardship Theory

2026-06-09T11:00:12+07:00

This study is motivated by the increasing complexity of Village Fund management, which demands financial literacy capacity from village heads as primary decision-makers. This is critical given that national Village Fund allocations in 2024 exceeded Rp71 trillion, while cases of misuse and administrative weaknesses remain widely reported. Financial literacy among village heads therefore constitutes a strategic capacity in achieving accountable, transparent, and regulation-compliant village governance. This study aims to analyze how village head financial literacy contributes to the quality of Village Fund management. A descriptive qualitative approach with a phenomenological orientation was employed. Data were collected through in-depth interviews with ten informants — eight village heads with diverse educational backgrounds and tenure lengths (2–21 years) and two village facilitators as triangulation sources — supported by document analysis of RPJMDes, RKPDes, APBDes, and SPJ. Data were analyzed using Miles et al.'s interactive model through data reduction, data display, and conclusion drawing. The findings reveal that financial literacy demonstrably affects the quality of Village Fund planning, execution, and accountability. Village heads with stronger regulatory and administrative understanding — typically those with undergraduate education or longer tenure — tend to demonstrate more systematic and compliant management practices. Conversely, some village heads treat financial literacy merely as administrative compliance, with technical involvement limited to endorsing SPJ documents. Variations in financial literacy are shaped by internal factors (education, experience, learning motivation) and external factors (facilitation quality, regulatory dynamics, audit pressure). This study concludes that financial literacy constitutes a strategic capacity — not merely a technical skill — in strengthening good governance and stewardship principles at the village level.

Pengaruh Audit Delay, Spesialisasi Auditor, Reputasi Auditor Terhadap Kualitas Audit Laporan Keuangan Perusahaan Infrastruktur

2026-06-11T06:14:57+07:00

Audit quality is crucial because it determines how effectively auditors can find and report violations in financial statements in accordance with existing standards. However, many cases show irregularities in financial statements due to low audit quality, to test and analyze the impact of audit delays, auditor specialization, and auditor reputation on audit quality in infrastructure companies listed on the Indonesia Stock Exchange for the period 2020-2024. This main problem stems from the many delays in the submission of financial statements and manipulation cases involving infrastructure companies that indicate problems with audit quality. The research method used is quantitative with purposive sampling technique. Data were analyzed using multiple linear regression to see the influence of independent variables on audit quality. The results of this study show that audit delay has an effect on audit quality with a significant value of 0.041 < 0.05, while auditor specialization has an effect on audit quality with a significant value of 0.001 < 0.05 and auditor reputation has no effect on audit quality with a significant value of 0.752 > 0.05. This research is expected to make a theoretical contribution to the development of agency theory and provide practical benefits for investors in assessing the credibility of financial statements in the infrastructure sector.

Analisis Perbandingan Kinerja Investasi Perbankan Syariah dan Konvensional di Indonesia

2026-06-26T18:22:05+07:00

nvestment performance is an important indicator in assessing the efficiency, effectiveness, and profitability of banking institutions, especially in comparing conventional and sharia systems that have different operational characteristics. This comparative quantitative research aims to analyze and compare the investment performance of conventional and sharia banking in Indonesia using Bank Rakyat Indonesia (BRI) and Bank Syariah Indonesia (BSI) as representatives of each system. Investment performance is evaluated through Return on Assets (ROA) and Return on Equity (ROE) indicators. This study uses quarterly financial report data for the 2020–2025 period obtained from official bank reports and publications of the Financial Services Authority (OJK). Data analysis techniques include descriptive statistics, normality tests, and hypothesis testing using the Independent Sample t-Test with SPSS. The results show that the average ROA and ROE values of conventional banks tend to be higher than those of sharia banks. However, the Independent Sample t-Test produces a Sig. (2-tailed) value of 0.896 for ROA and 0.914 for ROE. Since this value is greater than the 0.05 significance level, it is concluded that there is no statistically significant difference between the investment performance of Islamic banking and conventional banking. This finding indicates that both banking systems have comparable capabilities in generating profitability and managing investments. The contribution of this study lies in providing the latest empirical evidence regarding the comparative investment performance of BSI and BRI post-merger during the 2020–2025 period, thereby enriching the literature on the competitiveness of Islamic and conventional banking and providing a reference for investors and bank management in making investment decisions and business strategies.