Abstract:This study discusses the optimization of a company's financial performance through working capital management and capital structure policies. To increase profitability (ROA), companies require efficient cash conversion cycle…
ycle management and optimal funding supported by internal company characteristics. The research problem proposed is to determine how to achieve increased profitability in an automotive distributor company through the efficiency factors of Cash Conversion Cycle (CCC), Firm Size (Firm Size), Leverage (DER), and historical profitability factors (ROA_Lag). The sample of this study is the financial statements of PT New Ratna Motor (Nasmoco Group) in Semarang City for the 2021-2024 period, which were transformed into quarterly data (N=16). The results of data analysis indicate that this research model has a good level of feasibility (goodness of fit) with the ability to explain variations in profitability (Adjusted R Square) of 78.1% and successfully overcome autocorrelation interference. Simultaneously, there is a strong relationship between the independent variables and the company's profit movements. Partially, the Cash Conversion Cycle (CCC) variable is proven to have a negative and significant effect on profitability, while the Firm Size and Leverage variables have not shown a significant effect at the 95% confidence level.
Abstract:The economic structure of Aceh Province is still dominated by the agriculture, forestry, and fisheries sectors, while the contribution of the manufacturing industry sector is relatively lagging. This condition indicates…
that the structural transformation process in Aceh has not yet taken place optimally, so that the economic growth that occurs tends to be quantitative, marked by an increase in aggregate output, but does not fully reflect an increase in the quality of the economic structure. This study aims to analyze the influence of the agriculture, manufacturing industry, and mining sectors on the growth of the Regional Gross Regional Domestic Product (GRDP) of Aceh Province. The approach used is quantitative with secondary data sources from the BPS of Aceh Province. This study uses panel data which is a combination of cross-regional data and time series data from 2019 to 2023. The results of the study indicate, first; the agricultural sector has a positive effect on GRDP. This is based on the probability value of the agricultural sector variable, which is 0.002. This value is smaller than 0.05. Second; the industrial sector has no effect on GRDP. This is based on the probability value of the industrial sector variable, which is 0.610. This value is greater than 0.05. Third; the mining sector has a positive effect on GRDP. This is based on the probability value of the mining sector variable, which is 0.001. Fourth; The agricultural, industrial and mining sectors have a joint influence on the dependent variable, namely GRDP in Aceh Province
Abstract:This research is motivated by the importance of accountability in Islamic banking, which is not only related to administrative responsibility but also encompasses moral and spiritual dimensions. This study aims to understand…
tand the meaning of accountability from a sharia accounting perspective for the managers of Bank Muamalat Ambon. The study used a qualitative approach with a phenomenological method. The study population was the managers of Bank Muamalat Ambon, while informants were selected using a purposive sampling technique based on experience and involvement in Islamic banking activities. The research instrument was a semi-structured interview guide. Data collection techniques were carried out through in-depth interviews and analyzed using phenomenological analysis through the stages of transcription, coding, grouping themes, and extracting essential meanings. The results show that sharia accountability is interpreted as a professional, moral, social, and spiritual responsibility manifested through trustworthiness, transparency, sharia compliance, fair service, and supervision. The conclusion of the study confirms that sharia accountability is not only understood as formal reporting, but as an ethical and religious practice carried out in daily work activities.
Abstract:This study aims to analyze the effect of Price Earning Ratio (PER), Debt to Equity Ratio (DER), and Current Ratio (CR) on firm value, with firm size as a moderating variable, in industrial sector companies listed on the…
Indonesia Stock Exchange during the 2022–2024 period. This study employed a quantitative approach with an associative method. The data used were secondary data obtained from companies’ annual financial reports. The sample was determined using purposive sampling, resulting in 44 companies with a total of 132 firm-year observations. The data were analyzed using Moderated Regression Analysis (MRA), supported by classical assumption tests, correlation coefficient analysis, coefficient of determination analysis, simultaneous testing, and partial testing. The results of the moderation model show that firm size has a positive and significant effect on firm value, with a significance value of 0.043. Meanwhile, PER, DER, and CR do not have a significant effect on firm value after firm size and the interaction variables are included in the model. The moderation test results indicate that firm size is unable to moderate the effect of PER, DER, and CR on firm value, as all interaction variables have significance values greater than 0.05. Although PER has a positive and significant effect on firm value in the first model, this effect is no longer significant in the moderation model. The coefficient of determination in the moderation model is 12.1%, indicating that the model’s ability to explain variations in firm value remains limited. These findings indicate that firm size is a more dominant factor in explaining firm value than PER, DER, and CR in the moderation model.
Abstract:This study examines the effects of the Dow Jones Industrial Average (DJIA), world gold prices, world oil prices, and the rupiah exchange rate on the Composite Stock Price Index (CSPI) in Indonesia. The study uses monthly…
secondary data from January 2015 to December 2025, comprising 132 observations. CSPI data were obtained from the Indonesia Stock Exchange, DJIA, gold price, and oil price data were obtained from Investing.com, while exchange rate data were sourced from Bank Indonesia. The analysis employed the two-step Engle-Granger Error Correction Model (EG-ECM) to identify long-run relationships and short-run adjustment dynamics. The long-run results show that gold prices, world oil prices, and the DJIA have positive and significant effects on the CSPI, whereas the rupiah exchange rate has a negative but insignificant effect. In the short run, the exchange rate has a negative and significant effect on the CSPI, while gold prices, oil prices, and the DJIA have positive and significant effects. The Error Correction Term coefficient of -0.1325 is negative and significant, indicating that approximately 13.25% of short-run disequilibrium is corrected each month toward long-run equilibrium. These findings imply that investors and policymakers should closely monitor global market conditions, commodity price movements, and exchange rate volatility to support investment decisions and maintain Indonesian capital market stability
Abstract:In carrying out its integrated regulatory and supervisory function in the financial services sector, the Financial Services Authority (OJK) receives various reports from Financial Services Institutions (LJK), Issuers, and…
d Public Companies regarding the receipt and distribution of funds. The complexity of funding and financing relationships between financial service actors creates concentration risks that have the potential to disrupt financial system stability. Experiences from the 1998 Indonesian crisis and the 2008 global financial crisis demonstrate that concentration of exposures and interconnectedness between entities can exacerbate systemic risk. This study aims to identify current supervisory data analysis practices and propose the development of a concentration risk analysis that integrates the loan exposures of large debtor groups with their funding sources. The study used a qualitative approach through interviews, observations, and document analysis. The results indicate that OJK supervisors need an integrated concentration risk analysis across various LJKs and customer groups. Currently, the analysis process is still carried out manually, resulting in inconsistent results and difficult to replicate. The implementation of Supervisory Technology (SupTech) can improve supervisory effectiveness while transforming supervisors' tacit knowledge into explicit knowledge that is documented, standardized, and easily shared. This research contributes to the development of technology-based risk monitoring and knowledge management models in the financial services sector.
Abstract:This study aims to analyze newsroom convergence processes and newsroom models implemented by Tribun Pekanbaru and Riau Pos, while also examining how newsroom convergence is utilized as an economic strategy to maintain the…
e sustainability of local media businesses amid digital disruption. The research employed a qualitative descriptive approach through in-depth interviews, observation, and documentation studies involving newsroom managers, editors, and journalists from both media organizations. The findings indicate that Tribun Pekanbaru and Riau Pos have adopted different newsroom convergence strategies. Tribun Pekanbaru has implemented an integrated newsroom model that combines Cross Media Newsroom and Integrated Media Newsroom approaches, emphasizing digital-first production and multi-platform content distribution. Meanwhile, Riau Pos continues to maintain a separated newsroom model between print and digital divisions, reflecting a gradual adaptation process toward digital transformation. The study further reveals that these differences are influenced not only by technological factors and organizational culture but also by economic considerations. Tribun Pekanbaru develops an integrated newsroom to improve production efficiency and expand digital content monetization, while Riau Pos maintains separated newsrooms because print media remains a significant source of company revenue. This study concludes that newsroom convergence has evolved beyond a technological transformation into an economic adaptation strategy for local media organizations. The findings suggest that newsroom convergence enables media companies to improve operational efficiency, broaden audience reach, optimize resource utilization, and strengthen business sustainability in an increasingly competitive digital environment.
Abstract:This study aims to analyze the influence of paid social media advertising and the quality of digital marketing content on the purchase decision of the BuatMudah e-course, both directly and indirectly through customer trust…
st as a mediating variable. The background of this study is based on the decline and fluctuations in BuatMudah e-course sales amidst the growth of the EdTech industry and increasing competition in the educational market for content creators. This study used a quantitative approach with a survey method. Primary data were obtained by distributing questionnaires to 355 BuatMudah e-course customers. The research instrument was designed based on indicators of paid social media advertising, digital marketing content quality, customer trust, and purchase decisions. Data were analyzed using Structural Equation Modeling (SEM) and the Sobel test to examine the mediating role. The results show that paid social media advertising has a positive and significant effect on customer trust, with a path coefficient of 0.72 and a calculated t-value of 16.17. The quality of digital marketing content also has a positive and significant effect on customer trust, with a path coefficient of 0.75 and a calculated t-value of 14.41. Furthermore, paid social media advertising had a positive and significant effect on purchasing decisions with a path coefficient of 0.25 and a calculated t-value of 4.35. Meanwhile, the quality of digital marketing content had a positive and significant effect on purchasing decisions with a path coefficient of 0.14 and a calculated t-value of 2.31. Customer trust was shown to have a positive and significant effect on purchasing decisions with a path coefficient of 0.39 and a calculated t-value of 5.03. The Sobel test results indicate that customer trust mediates the effect of paid social media advertising on purchasing decisions and also mediates the effect of digital marketing content quality on purchasing decisions. Thus, purchasing decisions for the BuatMudah e-course are determined not only by advertising effectiveness and content quality, but also by the ability of these two digital marketing stimuli to build customer trust.
Abstract:This study aims to analyze the effect of service quality and sales promotion on consumer loyalty at Ihsan Mart in Kubu Raya. This study used an associative quantitative approach with 100 respondents selected through purposive…
osive sampling. Data were collected using questionnaires with a five-point Likert scale and analyzed using multiple linear regression with the assistance of SPSS. The results show that service quality and sales promotion have positive and significant effects on consumer loyalty, both partially and simultaneously. The regression results indicate that sales promotion has a greater contribution than service quality in increasing consumer loyalty. However, the coefficient of determination shows that service quality and sales promotion explain 16.3% of consumer loyalty, while the remaining 83.7% is influenced by other factors outside this study. These findings imply that local retail management should not only improve service quality and sales promotion programs, but also consider other factors such as customer satisfaction, product quality, price competitiveness, store atmosphere, and consumer trust to strengthen long-term consumer loyalty.
Abstract:This study examines the effect of inflation, interest rates (BI7DRR), and exchange rates (USD/IDR) on stock returns of PT Telkom Indonesia (Persero) Tbk., with the Jakarta Composite Index (IHSG) as an intervening variable.…
e. Using a quantitative explanatory research design, monthly secondary data spanning January 2016 to December 2025 (120 observations) were analysed using Pearson correlation and two-stage path analysis (OLS regression). Results indicate that inflation and exchange rates significantly influence IHSG, while the BI Rate does not. However, neither macroeconomic variables nor IHSG significantly affect Telkom's stock returns either directly or indirectly. The model explains only 2.7% of the variation in stock returns, suggesting that company-specific and sectoral factors dominate return determination. These findings imply that IHSG does not serve as an effective mediating channel between macroeconomic conditions and individual stock returns for Telkom. Investors in the telecommunications sector should prioritise fundamental and sectoral analysis over macroeconomic indicators when making portfolio decisions