ARBITRASE: Journal of Economics and Accounting

Analisis Kinerja Keuangan Metode EVA, REVA dan CVA: Studi Pada Perusahaan Kosmetik di Indonesia

Resti Fauziah — 2026-07-07

This study aims to analyze the financial performance of cosmetic companies listed on the Indonesia Stock Exchange (IDX) using the Economic Value Added (EVA), Refined Economic Value Added (REVA), and Cash Value Added (CVA) methods during the 2020-2024 period. The research objects consist of six companies, namely PT Unilever Tbk, PT Mustika Ratu Tbk, PT Martina Berto Tbk, PT Kino Indonesia Tbk, PT Akasha Wira International Tbk, and PT Mandom Indonesia Tbk. This study uses a quantitative approach with secondary data in the form of annual financial reports obtained from the official website of the Indonesia Stock Exchange and the publication of each company's financial reports. The results of the study show that based on the EVA method, PT Unilever Tbk and PT Akasha Wira International Tbk consistently generated positive EVA values ????during the study period. PT Unilever Tbk recorded the highest EVA value of 4,429,180 million rupiah in 2020, while PT Akasha Wira International Tbk showed a relatively stable positive EVA value by reaching the highest EVA value in 2024 of 242,974 million rupiah. Meanwhile, other companies tended to show fluctuating negative EVA values. Based on the REVA method, the majority of companies showed negative values. PT Unilever Tbk recorded the lowest REVA value of -108.133.559 million rupiah in 2021, while PT Kino Indonesia Tbk recorded a positive value of 289.377 million rupiah in 2023. This indicates that most companies have not been able to cover their cost of capital based on market value. Meanwhile, based on the CVA method, PT Unilever Tbk was relatively consistent in generating cash-based value added, with the highest of 2.103.693 million, althought it recorded a negative value at the end period. Other companies tended to show negative CVA values during most of the study period. This study offers novelty by integrating three value-based financial performance measurement methods, namely EVA, REVA and CVA, within a single analytical framework, thereby providing a more comprehensive assessment compared to previous studies that generally employed only one measurement method. In addition, this study addresses the limitations of prior research, as no previous studies have examined these three methods simultaneously within one analytical framework.

Analisis Penjualan, Biaya Operasional dan Laba Bersih Pada Perusahaan Property dan Real Estate Periode 2021 - 2024

Hieronimus Erwin Indrawan — 2026-07-07

The financial performance of a Company can be seen through the analysis of Financial Statements. Income, Expenses and Profit are three interrelated accounts, where changes in income and expenses will affect the Company's profits. This research aims to analyze the company's financial statements for the 2022-2024 period to determine the Company's financial condition and performance. The analysis is focused on revenue, operating expenses, and net profit with the aim of identifying an increase or decrease from year to year. The research method used is quantitative descriptive with secondary data sources, while the data collection technique is carried out through interviews, observations, and documentation. The analysis was carried out using the Horizontal Trend method. The results of the study show that the Company experienced significant fluctuations in revenue, net profit, and operating expenses during the 2022-2024 period. A large surge in operating costs in 2024 of 506% affected the Company's financial performance but still led to an increase in net profit above 100%. The evaluation of the company's financial performance for the 2022-2022 period shows a slightly poor financial situation, because the profit generated tends to go up and down, in 2023 it will decrease by 4.75% and increase again by 85% in the following year as well as the revenue generated tends to decrease. The Company's financial performance tends to experience an increase in revenue and net profit, despite fluctuations in operating costs. The increase in operational costs is so high that it can be caused by economic conditions starting to rise after the covid pandemic. A large expense needs to be made to increase sales. The increase was mainly due to increased revenue from property sales and rental transactions managed by the Company which has branches in Jakarta and West Java.

Konstruksi Makna Pegawai terhadap MONSAKTI dalam Transparansi dan Akuntabilitas Keuangan Publik

Febbbyana Andra Vesco — 2026-07-07

Digital transformation in public financial governance demands increased transparency and accountability through the use of online-based information systems. One implementation is the use of the MONSAKTI application at the Bengkulu Province National Land Agency (BPN) Regional Office as a financial management monitoring instrument. This study aims to analyze employee interpretations of MONSAKTI's role in supporting transparency and accountability in public financial management. The study uses an interpretive qualitative approach with a phenomenological perspective to understand the experiences, perceptions, and construction of meaning for employees as system users. Eight informants from the Finance and BMN Subdivisions were selected purposively based on their direct involvement in the use of MONSAKTI. MONSAKTI. Data collection was conducted through in-depth interviews, observation, and documentation studies, then analyzed in stages through the process of organizing data, reducing information, presenting findings, identifying patterns, and drawing conclusions using triangulation techniques to maintain data credibility. The results of the study indicate that employees' meaning of MONSAKTI is formed in layers through four main patterns, namely instrumental legitimacy through ease of monitoring and administrative efficiency, reconfiguration of accountability through digital supervision and work activity track records, structured transparency based on the hierarchy of organizational authority, and differentiation of meaning based on employee position and work experience. The research findings indicate that the success of public financial digitalization is not only determined by the quality of technology, but also by the ability of users to build an understanding of the system's functions in everyday bureaucratic practices. This research contributes to the development of understanding of public sector financial digitalization from a user-defined perspective, by demonstrating that employees' understanding of MONSAKTI is formed in layers through work experience, digital oversight functions, structured transparency, and differences in organizational positions. These findings expand studies of public sector digital transformation, which have previously focused more on the effectiveness of administrative systems.

Pengaruh Profitabilitas, Leverage, dan Kebijakan Dividen Terhadap Harga Saham Perusahaan Sektor Energi Tahun 2020-2024

Athiyya Umareta Nadhir — 2026-07-07

This research was conducted because the stock prices of energy companies on the Indonesia Stock Exchange (IDX) often fluctuate erratically, especially with the issue of energy transition and unstable global economic conditions between 2020 and 2024. This research aims to examine the actual influence of Profitability (ROA), Leverage (DER), and Dividend Policy (DPR) on stock prices in the sector. Using quantitative methods and purposive sampling techniques, data was collected from 15 energy companies as samples. After testing using panel data regression, the most suitable model was the Random Effect Model (REM). The results showed that only Profitability (ROA) had a positive and significant influence on stock prices (p = 0.0000). This means that investors in the energy sector prioritize the company's ability to generate profits as a primary consideration. On the other hand, Leverage (DER) with a p value of 0.6862 and Dividend Policy (DPR) with a p value of 0.1807 did not significantly influence stock prices. Overall, the variables in this study only explained 21.72% of stock price movements (Adjusted R-Squared), with the remainder influenced by factors outside the study. These findings are expected to provide insights for investors to focus more on the real profitability of energy companies rather than simply looking at debt levels or dividend distributions.

Peran Persepsi Akuntansi Keuangan dan Pemasaran dalam Membentuk Persepsi Nilai Perusahaan di Kalangan Mahasiswa

Deti Susilawati — 2026-07-07

This research aims to analyze the role of perceptions of financial accounting and marketing in shaping perceptions of company value among students. The research problem is based on the importance of students' understanding of various business functions in assessing company value comprehensively. This research uses a quantitative approach with a survey method of students as respondents. Data was collected through questionnaires and analyzed using multiple linear regression to partially test the influence of each variable. The novelty of this research lies in the use of student perceptions as a unit of analysis in studying the formation of company value, which is generally researched at the company or investor level. The research results show that perceptions of financial accounting and perceptions of marketing have a positive and significant effect on perceptions of company value, with perceptions of marketing having a more dominant influence. These findings indicate that company value is not only perceived from the aspect of financial performance, but is also influenced by the role of marketing in creating value. This research provides a theoretical contribution in expanding the study of corporate value formation from an individual perspective as well as a practical contribution for universities in designing learning that is more relevant to the needs of the business world.

Implementasi Sistem Pembayaran Digital Sebagai Strategi Mitigasi Risiko Transaksi pada Reseller Fashion Multi-Channel

Kurniawati Kurniawati — 2026-07-07

This study aims to analyze the implementation of digital payment systems as a transaction risk mitigation strategy for fashion reseller businesses employing multi-channel sales models. The rising prevalence of digital fraud and transfer proof manipulation among micro-enterprises in Probolinggo Regency highlights the urgent need for systematic risk governance using ERM COSO, TAM, and Risk-Return Trade-Off frameworks. This research employs a qualitative approach with a multiple-case study design, utilizing replication logic to construct robust theoretical explanations. Data were collected through in-depth interviews, observations, and documentation from ten informants, and subsequently analyzed using a cross-case matrix. The novelty of this study lies in the finding that past experiences with financial losses act as the primary determinant, shifting the focus of technology adoption from perceived ease of use to asset security, alongside the identification of the operator's role in closing the reconciliation gap between digital systems and field practices. The findings indicate that 90% of the informants (9 out of 10 informants) rationally chose to bear the Merchant Discount Rate (MDR) costs for transaction security, and 100% of the informants consistently implemented daily reconciliation as their primary risk mitigation practice. While digital payment systems effectively mitigate conventional cash payment risks, they demand more complex managerial capacities to address emerging challenges such as payment settlement delays. This study contributes to the development of an adaptive risk management model that integrates the principles of hifdz al-mal and maslahah into operational policies. Theoretically, this research enriches the literature on SME risk management through the integration of cross-frameworks, while practically, the findings provide a strategic guide for policymakers in designing digitalization interventions based on risk segmentation and the digital literacy levels of business owners.

B2B Customer Loyalty in the Digital Transformation Era: Technology Experience and Financial Transparency

Firdaus Firdaus — 2026-07-08

This systematic literature review (SLR) investigates the determinants of business-to-business (B2B) customer loyalty during the digital transformation era (2020-2025), focusing specifically on technology experience and financial transparency, two domains where empirical evidence remains fragmented. Following PRISMA 2020 guidelines, a comprehensive search across SciSpace, Google Scholar, and ArXiv yielded 749 initial records; after duplicate removal and systematic screening, 30 high-relevance empirical studies formed the primary evidence base. Technology experience enhances B2B loyalty through three mechanisms: AI-driven personalization, IoT-enabled real-time integration, and digital channel engagement. Financial transparency operates primarily through trust-building mechanisms, though direct empirical validation of pricing and cost transparency effects on B2B loyalty remains limited; blockchain shows conceptual promise but lacks rigorous empirical validation. The integration of technology experience and financial transparency creates synergistic loyalty effects exceeding individual contributions, moderated by industry sector, regional context, environmental turbulence, firm size, and relationship maturity. Trust emerges as the central mediator linking both dimensions to loyalty. The study advances B2B relationship marketing theory by integrating technology and transparency into a unified loyalty framework grounded in social exchange theory, service-dominant logic, transaction cost economics, and relational contract theory. Practically, B2B organizations should prioritize high-quality AI personalization systems, IoT-enabled service tracking, digital co-creation channels, and transparent financial practices while contextualizing strategies to moderating factors.

Pengaruh Pendapatan dan Biaya Operasional terhadap Laba Bersih Perusahaan IDX Basic Materials dan IDX Industrials

Muhammad Fiqrianto — 2026-07-08

This study aims to analyze the effect of revenue and operating costs on net profit in companies in the IDX Basic Materials and IDX Industrials sectors listed on the Indonesia Stock Exchange for the 2022–2024 period. This study uses a quantitative approach with secondary data obtained from the companies' annual financial reports. The research sample was determined using a purposive sampling technique, resulting in 68 companies with a total of 204 observations. Data analysis was performed using multiple linear regression with the help of the IBM SPSS 27 program and through classical assumption testing, t-test, F-test, and coefficient of determination. The results show that revenue has a positive and significant effect on net profit. Operating costs also have a positive and significant effect on net profit. Simultaneously, revenue and operating costs have a significant effect on net profit. The Adjusted R Square value of 0.805 indicates that 80.5% of the variation in net profit can be explained by these two independent variables, while the remainder is influenced by other factors outside the study. This study makes an empirical contribution to the development of accounting and financial management literature by providing current evidence regarding the effect of revenue and operating costs on net profit in companies in the IDX Basic Materials and IDX Industrials sectors. In addition, the results of this study can be used as a consideration for company management and investors in evaluating financial performance and formulating strategies to increase company profitability.

Evolusi Penelitian Credit Scoring: Analisis Bibliometrik Tren, Kolaborasi, dan Artificial Intelligence

Arief Budiman — 2026-07-08

The rapid development of digital transformation, financial technology (fintech), and artificial intelligence has significantly reshaped credit assessment systems within the financial industry. Although research on credit scoring has grown substantially, comprehensive studies mapping the evolution of this literature remain limited. This study aims to examine the development of credit scoring research based on Scopus-indexed publications from 1976 to 2026 using a Biblioshiny-based bibliometric approach. The dataset was obtained through a systematic screening process, resulting in 447 articles that met the inclusion criteria. The analysis focuses on publication characteristics, international collaboration patterns, topic evolution, and the most influential documents in the field. The findings reveal that credit scoring research has experienced steady growth with an annual growth rate of 5.42% and increasing international collaboration. The United Kingdom, China, and the United States emerge as the leading contributors to the global literature. The trend topics analysis indicates a substantial shift from traditional statistical approaches toward the adoption of machine learning, deep learning, artificial intelligence, alternative data, and fintech. The novelty of this study lies in its comprehensive bibliometric mapping that integrates publication trends, scientific collaboration networks, topic evolution, and the transformation of artificial intelligence applications within credit scoring research over the last five decades. This study contributes theoretically to understanding the evolution of credit scoring literature and practically to the development of technology-based credit assessment systems.

Pengaruh Corporate Governance, Corporate Risk Disclosure, dan Kinerja Keuangan Terhadap Nilai Perusahaan

Maria Dwirosari Irwanni — 2026-07-08

Firm value is a crucial measure that demonstrates an organization's effectiveness in improving the well-being of its shareholders. In reality, a greater firm value is influenced not just by financial performance but also by corporate governance practices and the transparency of risk disclosures. The aim of this study is to investigate the effects of independent commissioners, audit committees, institutional ownership, coporate risk disclosure, and financial performance on the value of basic material companies listed on the Indonesia Stock Exchange. Using secondary data collected from business annual reports for the years 2023–2024, this study uses a quantitative method. The sample for the study includes 91 companies, resulting in 182 observations, chosen through purposive sampling. Additionally, the data was analyzed using panel data regression with the help of EViews software. The novelty of this study is using the most recent data from the basic materials industry, this research focuses on integrating corporate governance, corporate risk disclosure, and financial performance indicators into a single research model. The findings indicate that institutional ownership and corporate risk disclosure affect firm value, while independent commissioners, audit committees, and financial performance do not affect firm value. Thus, this study can be a useful tool for business management to raise the role of institutional investors and improving the transparency of risk disclosure, thereby enhancing investor confidence, improving decision-making, and supporting the increase in firm value.

Efektivitas Penggunaan QRIS Dalam Memfasilitasi Transaksi UMKM Perspektif Ekonomi Syariah

Ilfin Hamida — 2026-07-08

The development of digital technology has encouraged a shift in payment systems from cash-based transactions to non-cash transactions. Although the Quick Response Code Indonesian Standard (QRIS) has been widely implemented as a standardized digital payment system in Indonesia, its utilization among Micro, Small, and Medium Enterprises (MSMEs), particularly in rural areas, still faces various challenges that affect its effectiveness. This study aims to analyze the effectiveness of QRIS in facilitating non-cash transactions among MSMEs in Karangbong Village and to examine its compatibility with Islamic economic principles. This research employed a descriptive qualitative approach using observation and interview techniques involving ten MSME owners who use QRIS in Karangbong Village. The findings indicate that the use of QRIS provides convenience, efficiency, security, and speed in transactions, thereby supporting smoother business operations. However, its utilization has not yet been fully optimized due to low digital literacy, the persistence of cash-based transaction habits among the community, and limited technological understanding. From the perspective of Islamic economics, the use of QRIS is permissible because it functions as a payment instrument that does not contain elements of riba (usury), gharar (uncertainty), or maysir (gambling), and is in line with the principles of justice, transparency, public benefit (maslahah), and convenience in economic activities.

Pengaruh Pengungkapan ESG dan Manajemen Laba terhadap Biaya Modal Ekuitas pada Sektor Perbankan

Tiwi Riyanti — 2026-07-08

This study aims to analyze the influence of Environmental, Social, and Governance (ESG) and earnings management on the cost of equity capital in banking companies listed on the Indonesia Stock Exchange for the 2022–2024 period. The study uses a causal associative quantitative method with secondary data obtained from annual reports and sustainability reports. The research sample was determined using purposive sampling and resulted in 38 banking companies with a total of 114 observations. The data analysis technique was carried out using panel regression using EViews 12 with a Random Effects Model selected based on the Chow Test, Hausman Test, and Lagrange Multiplier Test. The research findings indicate that ESG has a negative and significant impact on the cost of equity capital, while earnings management has a positive and significant impact on the cost of equity capital. The control variables of company size and Capital Adequacy Ratio (CAR) have a negative and significant impact on the cost of equity capital. Simultaneously, all research variables have a significant impact on the cost of equity capital in banking companies. This study makes an empirical contribution by expanding the evidence regarding the impact of ESG disclosure and earnings management on the cost of equity capital in the Indonesian banking sector during the post-COVID-19 pandemic period. The findings are expected to serve as a reference for investors, corporate management, and regulators in enhancing transparency, reporting quality, and investment decision-making.

Pengaruh Pengungkapan Environmental, Social, Governance (ESG) dan Profitabilitas Terhadap Return Saham Perusahaan Indeks IDX30

Nadila Eka Apriyanti — 2026-07-08

This study aims to analyze the effect of Environmental, Social, Governance (ESG) disclosure and profitability on stock returns in IDX30 index companies for the 2022–2024 period. This study uses a quantitative method with secondary data obtained from annual reports, sustainability reports, and stock price data taken from the Yahoo Finance website. The research sample was selected using a purposive sampling technique, resulting in 26 companies with a total of 78 observational data. Data analysis used panel data regression with the help of EViews 12 software. The results show that environmental disclosure (coefficient = 0.734; prob = 0.0081), social (coefficient = 1.072; prob = 0.0015), governance (coefficient = 0.657; prob = 0.0048), and profitability (coefficient = 3.660; prob = 0.0000) have a positive effect on stock returns. These results indicate that investors are starting to consider financial and non-financial information in making investment decisions to assess a company's prospects and sustainability. This study expands the empirical evidence on the influence of ESG and profitability on stock returns by testing the influence of each ESG dimension separately, namely environmental, social, and governance, thus providing a more specific analysis of the influence of each ESG dimension on stock returns.

Pengaruh Profitabilitas, Kebijakan Dividen, dan Kepemilikan Manajerial terhadap Nilai Perusahaan Perbankan 2021-2024

Puja Dwi Ramadhani — 2026-07-08

This study explores the dynamics of firm value in the Indonesian banking sector over the period from 2021 to 2024, a crucial post-economic recovery period. The main focus of the analysis lies in the interaction between profitability performance, dividend policy, and governance structure through managerial ownership. Adopting a quantitative methodology, this research processes secondary data sourced from annual financial reports. To ensure the accuracy of the results, sample selection was strictly conducted using the purposive sampling method, yielding 10 banking entities equivalent to 40 data observation units. In order to dissect the influence of these variables, statistical analysis was performed using panel data regression by applying the Random Effect Model (REM), which was selected due to its capability to accommodate variations in characteristics among banking companies during the observation period. Partially, the findings of this research confirm that profitability efficiency acts as the main driver in strengthening firm value (? = 24.930; p = 0.0000), where solid earnings performance is responded to positively by the market. Interestingly, there is an anomaly in the dividend policy which demonstrates a significant negative correlation (? = -0.561; p = 0.0263), a condition that often reflects investor skepticism regarding the company's long-term growth prospects when profits are allocated to dividends rather than reinvestment. Meanwhile, the managerial ownership variable does not show statistical significance (p = 0.4146) in affecting valuation, implying that for market participants in the banking industry, the concentration of shares in the hands of management has not become a crucial signal for market value. However, when these three variables were tested collectively (simultaneously), their predictive power on firm value became highly robust (F = 8.571; p = 0.0002; Adjusted R² = 0.368). The discrepancy in results between the partial and simultaneous tests emphasizes that capital market investors have specific priorities: they tend to position the fundamental capability of banks to generate net profit as the dominant indicator, which is capable of overshadowing the dynamics of dividends and managerial ownership structure in determining their investment decisions. As a main contribution, this study provides strategic guidance for banking management to prioritize reinvestment strategies and strengthen profit fundamentals to maximize shareholder wealth, while also enriching empirical financial literature by providing evidence of anomalous market responses to dividend distribution in the banking sector during the post-economic recovery phase.

Financial Inclusion, Literacy, and SME Resilience: Emotional Well-Being Mediation

Hansen Hein Rumtutuly — 2026-07-08

MSMEs play a vital role in Ambon City's economy but remain vulnerable to financial instability due to limited financial knowledge, restricted access to formal financial services, and increasing operational challenges. This study investigates the effects of financial literacy and financial inclusion on MSME financial resilience, with emotional well-being as a mediating variable. A quantitative explanatory approach was employed using survey data from 71 MSME owners selected through purposive sampling. The data were analyzed using SEM-PLS with SmartPLS software. The results show that financial literacy positively affects emotional well-being (? = 0.423, p < 0.001) and financial resilience (? = 0.336, p = 0.008). Financial inclusion also positively influences emotional well-being (? = 0.322, p = 0.006), although its direct effect on financial resilience is insignificant (? = ?0.214, p = 0.069). Emotional well-being has the strongest positive effect on financial resilience (? = 0.633, p < 0.001). The model explains 45.2% of the variance in emotional well-being and 57.6% of the variance in financial resilience, highlighting the importance of psychological factors in strengthening MSMEs’ capacity to cope with financial challenges. This study extends Financial Capability Theory by demonstrating that financial capability enhances financial resilience through emotional well-being as a key psychological mechanism. It also strengthens the theory’s empirical validity by providing evidence from MSMEs in the archipelagic region of Eastern Indonesia, where limited financial access, high logistics costs, and greater economic vulnerability shape a distinct business environment.

Pengaruh Harga CPO, Biaya Lingkungan, dan Inventory turnover terhadap Profitabilitas Perusahaan Sawit

Mishel Mishel — 2026-07-08

This research analyze the of CPO prices, environmental costs (proxied by CSR/TJSL costs), and inventory turnover on profitability (Return on Assets/ROA) of 15 oil palm companies listed on the Indonesia Stock Exchange for the 2020–2024 period. Employing a quantitative approach with panel data (75 observations), the data were analyzed using the Random Effect Model in EViews 12. The results show that CPO prices have a positive and significant effect on ROA (coefficient = 0.1264; p = 0.0000), as do environmental costs (coefficient = 0.0145; p = 0.0117). Conversely, inventory turnover has a positive but non-significant effect (coefficient = 0.0028; p = 0.8816). Simultaneously, all three variables significantly affect profitability (p = 0.0000; $R^2$ = 37.56%). This study contributes by integrating external (CPO prices) and internal factors (CSR/TJSL and inventory turnover). The findings show that CPO prices and CSR/TJSL expenditures increase profitability, while inventory turnover does not directly determine ROA.

Pengaruh Stabilitas Laba dan Stabilitas Arus Kas Operasional terhadap Nilai Perusahaan

Moh. Arrijal ‘Ilman Nafi’ — 2026-07-11

This study aims to analyze the influence of earnings stability and operating cash flow stability on firm value among IDX30 companies listed on the Indonesia Stock Exchange during the 2022–2025 period. A quantitative approach was employed using secondary data obtained from the companies' annual financial reports. The sample consisted of 21 companies selected via purposive sampling, resulting in 84 firm-year observations. Data analysis was conducted using multiple linear regression with the aid of SPSS version 27. The results indicate that earnings stability has a significant effect on firm value, with a regression coefficient of -0.103, a calculated t-value of -2.034, and a significance level of 0.046 (<0.05). Conversely, operating cash flow stability does not significantly affect firm value, showing a regression coefficient of 0.024, a calculated t-value of 0.586, and a significance level of 0.560 (>0.05). Simultaneous testing yielded a calculated F-value of 2.069 with a significance level of 0.135 (>0.05), indicating that earnings stability and operating cash flow stability, when combined, do not have a significant effect on firm value. These findings suggest that investors in IDX30 companies prioritize earnings consistency—viewing it as a signal of corporate performance quality—over operating cash flow stability when determining firm value. This study contributes theoretically by extending empirical evidence on the application of Signaling Theory in explaining the relationship between earnings stability, operating cash flow stability, and firm value. Methodologically, this study employs the coefficient of variation to measure earnings stability and operating cash flow stability in IDX30 companies. Practically, the findings provide useful insights for corporate management and investors in evaluating financial performance consistency as an important determinant of firm value.

Pengaruh Strategi Bisnis Asset-Light Terhadap Net Profit Margin

nazma awwaliyah khonitatillah — 2026-07-11

The shift in the global economic structure towards the digital era encourages companies to improve operational efficiency through the implementation of asset-light business strategies. This study aims to analyze the effect of asset-light business strategies proxied by Sales to Net Fixed Assets (SNA), Total Asset Turnover (TATO), Capital Expenditure (CAPEX), and Intangible Asset Ratio (RATB) on Net Profit Margin (NPM) in companies included in the IDX30 index for the 2022–2024 period. The study uses a quantitative approach with an associative-causal design. The sample was selected using a purposive sampling technique, resulting in 24 companies with a total of 72 observational data. Data analysis was performed using multiple linear regression with SPSS 27. The results showed that the SNA variable has a positive and significant effect on NPM with a regression coefficient value of 0.478, a t-value of 4.859, and a significance level of 0.000. The TATO variable has a negative and significant effect on NPM with a regression coefficient of -0.188, a t value of -2.144, and a significance of 0.036. The CAPEX variable has a positive and significant effect on NPM with a regression coefficient of 0.267, a t value of 4.977, and a significance of 0.000. Meanwhile, RATB has no significant effect on NPM with a regression coefficient of -0.023, a t value of -0.456, and a significance of 0.650. The Adjusted R Square value of 0.360 indicates that 36.0% of the variation in NPM can be explained by the four independent variables in this study, while the remaining 64.0% is influenced by other factors outside the research model. This finding indicates that efficient management of fixed assets and appropriate capital investment can increase company profitability, while high asset turnover and ownership of intangible assets are not necessarily able to increase net profit margins.

The Impact of Rice Imports on The Welfare of Local Farmers: An Islamic Economic Ethics Perspektif (2023 – 2025)

Ainol Yaqin — 2026-07-15

This study analyses the impact of rice import policies on the welfare of local farmers in East Java from the perspective of Islamic economic ethics. As a national rice barn province, East Java faces a paradox between increasing productivity and economic pressure due to massive rice imports. Using a descriptive qualitative approach with case studies and systematic literature review, this research finds that rice imports aimed at stabilizing national prices actually suppress grain prices at the farm level, erode income, and create unfair competition between local and imported rice. Data shows that although East Java's rice production increased in 2023-2025, the national import volume reaching 4.52 million tons in 2024 significantly impacted the decline in farmers' bargaining power. From the perspective of Islamic economic ethics, this policy is evaluated based on the principles of justice (al-'adl), benefit (maslahah), and the prohibition of causing harm (la dharar wa la dhirar). The results of normative analysis indicate that rice import policies potentially contradict Islamic values when they neglect protection for farmers as a vulnerable group and guardians of food security. This study recommends the need for import policies oriented toward balance between national price stability and distributive justice, with strengthening state intervention through fair government purchase prices and import restrictions during the main harvest season.

Analisis Kegunaan, Kemudahan, Sikap Penggunaan Teknologi Terhadap Penggunaan Mobile Banking BSI pada Generasi Z dengan (TAM)

Ari Wibowo — 2026-07-11

This study aims to analyze the influence of perceived usefulness, perceived ease of use, and attitude toward using technology on the use of BSI mobile banking among Generation Z in Bandar Lampung using the Technology Acceptance Model (TAM) approach. The development of digital technology encourages the Islamic banking sector to provide digital-based services that meet the needs of modern society which prioritizes convenience and speed in transactions. Generation Z as a digital native generation has a high level of technological adaptation, making them a potential group in the use of mobile banking services. This study uses a quantitative method with data collection techniques through questionnaires distributed to Generation Z users of BSI Mobile in Bandar Lampung. and there are 100 respondents to be tested. The independent variables in this study consist of perceived usefulness, perceived ease of use, and attitude toward using technology, while the dependent variable is the use of BSI mobile banking. Data analysis was conducted using a statistical approach to determine the partial and simultaneous effects among variables. The results of this study are expected to show that perceived usefulness, perceived ease of use, and attitude toward using technology have a positive influence on the use of BSI mobile banking among Generation Z in Bandar Lampung. This study is expected to provide a theoretical contribution to the development of Technology Acceptance Model (TAM) studies in the Islamic banking sector and become an evaluation material for Bank Syariah Indonesia in improving the quality of digital banking services according to the needs of Generation Z. This research contributes to the growing body of evidence that the TAM model remains relevant in Islamic banking, particularly among Generation Z. The results suggest that attitudes toward technology and ease of use are more influential than perceived benefits. Furthermore, this research provides insights for Bank Syariah Indonesia to develop digital services that better align with the habits and needs of younger users.

What Drives Consumers' Purchase Intention in Live Commerce? An Extended Technology Acceptance Model

Marsha Alifia Vesthi — 2026-07-12

The rapid development of digital technology has increased the popularity of TikTok Live Shopping as an emerging social commerce platform for online purchasing. However, limited studies have examined consumer purchase intention in this context using an extended Technology Acceptance Model (TAM). This study aims to analyze the effects of Perceived Usefulness, Perceived Ease of Use, Perceived Enjoyment, Perceived Value, and Trust on Purchase Intention, with Attitude serving as a mediating variable. The novelty of this study lies in integrating Perceived Value and Trust into the TAM framework to better explain consumer purchase intention in live social commerce. A quantitative approach was employed using a survey of 261 university students in Surabaya who had previously purchased products through TikTok Live Shopping. Respondents were selected using purposive sampling, and the data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The model explained 61.0% of the variance in Attitude (R² = 0.610) and 46.5% of the variance in Purchase Intention (R² = 0.465). Perceived Value had the strongest positive effect on Trust (? = 0.570, p < 0.001), while Trust significantly influenced both Attitude and Purchase Intention. However, Perceived Enjoyment and Perceived Usefulness did not significantly influence Attitude. These findings highlight the importance of Trust and Perceived Value in shaping consumer purchase intention, provide empirical support for extending TAM in the context of TikTok Live Shopping, and offer practical insights for platform providers and online sellers.

Pengaruh Literasi Keuangan, Transparansi Pengelolaan Usaha dan Pengendalian Internal terhadap Kinerja Keuangan UMKM

Fitri Nadia Salsabila — 2026-07-12

This study aims to analyze the influence of financial literacy, business management transparency, and internal control on the financial performance of culinary Micro, Small and Medium Enterprises (MSMEs) in Menganti Sub-district, Gresik Regency. The study adopted a quantitative approach with primary data collected through questionnaires. The population comprised 398 registered culinary MSMEs, with a sample of 80 respondents selected using simple random sampling based on the Slovin formula. Data analysis was performed using multiple linear regression with SPSS. The results indicate that: (1) financial literacy has a positive and significant effect on MSME financial performance (t=8.842; sig.=0.000); (2) business management transparency has a positive and significant effect on MSME financial performance (t=2.503; sig.=0.014); (3) internal control has a positive and significant effect on MSME financial performance (t=2.477; sig.=0.015); and (4) all three variables simultaneously have a significant effect on MSME financial performance (F=167.947; sig.=0.000). The Adjusted R Square of 0.864 indicates that 86.4% of the variation in MSME financial performance is explained by the three independent variables. These findings affirm that strengthening financial literacy, implementing business management transparency, and applying internal control collectively contribute significantly to improving the financial performance of culinary MSMEs.

Dinamika Kemiskinan dan Faktor-Faktor Penentunya: IPM, TPT dan PDRB per Kapita

Fatma Faoziah — 2026-07-12

The poverty rate in the Barlingmascakeb development region is still quite high when compared to the average poverty rate of Central Java Province, despite improvements over time in the Human Development Index (HDI). This condition suggests that poverty levels are influenced by the Gross Regional Domestic Product (GRDP), the open unemployment rate, and the quality of human development. As a result, it is crucial to investigate these three aspects further. This study's goal is to find out how poverty levels in the Barlingmascakeb development region which includes Banjarnegara, Purbalingga, Banyumas, Cilacap, and Kebumen Regencies are impacted by the Human Development Index (HDI), Open Unemployment Rate (OUR), and Gross Regional Domestic Product (GRDP) between 2010 and 2024. Panel data regression analysis using the Random Effect Model (REM) is used to accomplish this goal. Secondary data gathered from Statistics Indonesia (BPS) is used in the study. The Human Development Index (HDI) significantly reduces poverty levels, as indicated by a coefficient of -3.053429 (p<0.001). Conversely, there is a 0.100918 (p=0.014) link between rising poverty levels and rising unemployment rates (TPT). Furthermore, GRDP has a substantial and adverse effect on poverty, with a value of -0.184018 (p=0.005). The findings demonstrate that the variables under investigation have a considerable impact on poverty levels in the Barlingmascakeb region. In the meantime, poverty is positively and significantly impacted by the open unemployment rate. These results imply that strategies aimed at reducing poverty should concentrate on strengthening economic sectors that can sustain more equitable economic growth, increasing employment opportunities, and enhancing human resource capability.

Pengaruh Nilai Tukar, Suku Bunga dan Transaksi Digital terhadap Velocity of Money di Indonesia

Anne Fitrianovaline — 2026-07-12

This study aims to analyze the effects of the exchange rate (NT), Bank Indonesia policy interest rate (SB), e-money transaction volume (VUE), e-moneytransaction value (NUE), and the number of Electronic Data Capture (EDC) machines on the Velocity of Money in Indonesia during the period of 2021M1–2025M12. The study is motivated by the digital paradox phenomenon, in which the rapid growth of digital payment transactions has not been accompanied by an increase in the Velocity of Money. This research employs a quantitative approach using monthly time-series data obtained from Bank Indonesia and Statistics Indonesia (Badan Pusat Statistik). The analysis is conducted using the Autoregressive Distributed Lag (ARDL) model with two dependent models, namely the M1-based Velocity of Money (VOM1) and the M2-based Velocity of Money (VOM2). The findings indicate that, in the short run, VOM1 is significantly influenced by e-money transaction value (NUE), the number of EDC machines, and the fourth lag of the policy interest rate, while VOM2 is negatively and significantly affected by e-money transaction volume (VUE) and EDC. In the long run, VOM1 is positively and significantly influenced by the policy interest rate, whereas NUE and EDC have significant negative effects. In contrast, VOM2 is negatively and significantly affected by VUE and EDC, while the exchange rate, the policy interest rate, and NUE have no significant effects. This study contributes to the empirical literature by demonstrating that the determinants of the Velocity of Moneydiffer between the M1 and M2 monetary aggregates, thereby providing further evidence of asymmetric responses to macroeconomic factors and the digitalization of payment systems. These findings enrich the monetary economics literature and offer policy implications for Bank Indonesia in formulating more effective monetary and payment system policies.

Pengaruh Kemudahan Penggunaan E-Wallet dan Gaya Hidup Cashless terhadap Perilaku Konsumtif Mahasiswa

Bilqis Agustina Windiary — 2026-07-12

The development of financial technology has driven the increasing use of e-wallets and the adoption of a cashless lifestyle among students. The ease of transactions offered by digital payments can influence user consumption patterns. This study aims to analyze the effect of e-wallet ease of use and a cashless lifestyle on the consumer behavior of Accounting students at UPN Veteran East Java. This study uses a quantitative approach with a survey method. Data were obtained by distributing questionnaires to 77 respondents selected using a simple random sampling technique. Data analysis was performed using Partial Least Square-Structural Equation Modeling (PLS-SEM) with the help of the SmartPLS 4 application. The results showed that e-wallet ease of use had a positive and significant effect on student consumer behavior with a t-statistic of 2.741 and a p-value of 0.0006, and a cashless lifestyle also had a positive and significant effect with a t-statistic of 5.830 and a p-value of 0.000. The R-square value of 0.364 indicates that 36.4% of the consumer behavior variables are explained by this model. The easier an e-wallet application is to use, the higher the tendency of students to engage in consumption activities. A cashless lifestyle has also been shown to have a positive and significant impact on consumer behavior. The ease, speed, and practicality of cashless transactions encourage students to make more unplanned purchases. The findings of this study indicate that the use of digital payment technology and changes in societal transaction patterns play a role in shaping student consumption behavior in the digital era. This study provides an empirical contribution in expanding the study of student consumer behavior in the digital payment era by analyzing the influence of e-wallet ease of use and a cashless lifestyle. The research findings are expected to serve as a reference for further research and for stakeholders interested in improving digital financial literacy.

Pengaruh Profitabilitas, Solvabilitas dan Likuiditas Terhadap Penerimaan Opini Audit Going Concern

Fakhron Hamzah Al-azhar — 2026-07-12

This study aims to determine and obtain empirical evidence of the effect of profitability, solvency and liquidity on the acceptance of going concern audit opinions in infrastructure sector companies listed on the IDX in 2022 to 2024. This study is a quantitative study with secondary data taken from the company's financial statements. The samples in this study used 171 samples collected using the purposive sampling method. The data analysis method in this study used the logistic regression to test the effect of predetermined variables. The results of this study indicate that profitability has a significant negative effect on the acceptance of going concern audit opinions with a significance value of 0.001 and a regression coefficient of -9.912, solvency has a significant positive effect on the acceptance of going concern audit opinions with a significance value of 0.017 and a regression coefficient of 1.109, while liquidity does not have a significant effect on the acceptance of going concern audit opinions with a significance value of 0.942 and a regression coefficient of 0.034. The conclusion of this study is that the auditor uses profitability and solvency as its main consideration on giving the going concern audit opinion, while liquidity is not the main consideration on giving the going concern audit opinion

Paradoks Arus Kas dan Nilai Publik pada BUMD Air Minum

Dominggo Calvino Role Gulu — 2026-07-12

Perumdam Tirta Khatulistiwa of Pontianak City recorded solid financial performance during 2022–2024, with net operating cash flow growing from IDR 34.86 billion to IDR 50.62 billion (CAGR +20.50%) and net profit from IDR 23.02 billion to IDR 32.66 billion. However, service quality simultaneously deteriorated: the non-revenue water rate rose from 29.96% to 32.56%, exceeding the national standard of 20%, while adequate water pressure coverage plummeted from 41.84% to 14.71% (CAGR ?40.8%). This study aims to analyze cash allocation patterns and measure their conversion efficiency into public service value using a Critical Case Study approach based on audited financial statements. The analysis shows the Cash Reinvestment Ratio ranged only 4.30%–5.58%, below the 7–11% reference range, while capital expenditure declined (CAGR ?8%) amid strong operating cash growth, indicating that cash surpluses have not been optimally converted into infrastructure investment supporting public service value. These findings confirm that prevailing BUMD performance assessment frameworks ("Healthy"/"Good" ratings) tend to emphasize financial dimensions and have not yet fully incorporated substantive public value indicators. This study contributes by proposing the addition of non-financial indicators, based on cash flow ratios and service quality, into the performance evaluation framework for water utility BUMDs, so that corporate health assessments are no longer biased toward financial aspects alone.

Pengaruh AI Generatif terhadap Kualitas Keputusan Bisnis UMKM melalui Risiko Kognitif

Amelia Aritonang — 2026-07-12

This study aims to examine the effect of generative artificial intelligence (AI) on business decision quality among MSMEs in East Java, with cognitive risk as a mediating variable. This study is motivated by the increasing adoption of generative AI in supporting business activities, including information retrieval, strategic alternative development, and decision recommendations. Although generative AI can improve information accessibility and decision-making efficiency, its use without critical evaluation may generate cognitive risks due to excessive reliance on AI-generated outputs. This study employs an explanatory quantitative approach involving 100 MSME actors who use generative AI for business purposes in East Java. Data were collected using a five-point Likert-scale questionnaire and analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) with SmartPLLS 4. The results indicate that generative AI has a positive and significant effect on business decision quality (?=0.810; t=13.737; p<0.001) and a negative and significant effect on cognitive risk (?=-0.751; t=12.961; p<0.001). Furthermore, cognitive risk has a negative and significant effect on business decision quality (?=-0.140; t=2.236; p=0.025) and mediates the relationship between generative AI and business decision quality (?=0.105; t=2.086; p=0.037). The R² values indicate that cognitive risk is explained by 56.4%, while business decision quality is explained by 84.7%. This study contributes theoretically to the human-AI collaboration literature by revealing the cognitive mechanism underlying the relationship between generative AI utilization and business decision quality. Unlike previous studies that predominantly emphasize the direct benefits of AI for efficiency and productivity, this study demonstrates that AI-supported decision quality is also influenced by users’ ability to evaluate and manage cognitive risks. Practically, this study highlights that MSMEs should utilize generative AI as a decision-support tool through information verification processes and the reinforcement of human judgment to ensure effective and responsible technology adoption.

Media Sosial, Impulsive Buying, dan Etika Konsumsi Islam Berbasis Qana‘ah

Desy Bariyyatul Qibtiyah — 2026-07-17

Social media such as TikTok, Instagram, and Shopee encourage impulsive buying among students at the Nurul Jadid University (UNUJA) religious Islamic boarding school in Probolinggo. Through FOMO (fear of missing out) tactics, viral content, and viral discounts, this contradicts Islamic consumption ethics based on qana'ah (contentment), an attitude of satisfaction and sufficiency with Allah SWT's sustenance. Data were obtained through in-depth interviews, observation, and documentation of 15 students selected using a purposive sampling technique. Data analysis was conducted through source triangulation with member checking techniques to ensure the reliability and validity of the findings. The research findings indicate that 13 of the 15 students have made unplanned impulsive purchases after being exposed to content on social media, triggered by visual appeal, discount offers, the influence of influencers, and easy access to digital transactions. Although some students are beginning to recognize the negative impacts, the practice of qana'ah values ??is still not fully visible in real attitudinal changes. This study addresses the limited lack of spiritual research in the context of modern Islamic boarding schools and supports the development of Islamic character education in the digital era. This study fills the gap in spiritual studies that is limited to the context of contemporary Islamic boarding schools and supports the development of Islamic character education in the digital era. Academically, this research contributes by expanding the study of impulsive buying through the perspective of contentment (qanaah) in the context of Islamic boarding school students. Practically, these findings can serve as a basis for strengthening Islamic character education and digital literacy, enabling students to better manage their consumption in the social media era.