Jurnal Keuangan dan Bisnis

INFLASI SEBAGAI PEMODERASI HUBUNGAN CSR, LEVERAGE, DAN SALES GROWTH TERHADAP FINANCIAL DISTRESS DI SEKTOR CONSUMER CYCLICAL

2025-08-05T07:24:59+00:00

Purpose: This study investigates the influence of Corporate Social Responsibility
disclosure, leverage, and sales growth on financial distress, with inflation as a moderating
variable, focusing on consumer cyclical companies that are highly sensitive to economic
fluctuations.
Design Methodology Approach: A quantitative approach was applied using secondary data derived from the annual reports of consumer cyclical companies listed on the Indonesia Stock Exchange. Inflation data were obtained from the Central Bureau of Statistics. Data analysis was conducted using ordinal logistic regression and moderated regression analysis with SPSS.
Findings: CSR disclosure significantly reduces the likelihood of financial distress, while leverage
significantly increases it. Sales growth shows no significant direct effect. Inflation does not
moderate the relationship between CSR or leverage and financial distress; however, it
significantly moderates the relationship between sales growth and financial distress.
Practical Implications: Strengthening CSR initiatives and managing debt levels are crucial
strategies for mitigating financial distress risk, particularly in sectors exposed to macroeconomic
volatility.
Originality Value: This study extends prior research by providing empirical evidence on
inflation’s moderating role in the nexus between firm specific factors and financial distress in a
macroeconomically sensitive industry, an area that has received limited attention in emerging
market contexts.

PERAN KUALITAS AUDIT DALAM MEMPERKUAT HUBUNGAN ANTARA SINYAL KEUANGAN DAN NILAI PERUSAHAAN (STUDI PADA SEKTOR FOOD AND BEVERAGE)

2025-08-05T07:26:18+00:00

Purpose: This study aims to examine the role of audit quality as a governance mechanism in strengthening the relationship between financial signals represented by profitability, leverage, and liquidity and firm value in the food and beverage sector. The analysis focuses on assessing whether audit quality enhances the credibility of financial information in shaping market perceptions of firm value.

Design Methodology Approach: A quantitative approach is employed using purposive sampling of food and beverage companies listed on the Indonesia Stock Exchange over the observation period, resulting in panel data observations. Secondary data are obtained from published annual financial reports. The analysis is conducted using multiple linear regression to examine the direct effects of financial signals on firm value, while Moderated Regression Analysis is applied to evaluate the moderating role of audit quality.

Findings: The results indicate that profitability and liquidity have a positive and significant effect on firm value, whereas leverage has a negative and significant effect. Audit quality is found to strengthen the relationship between leverage and firm value, suggesting that high-quality audits reduce the perceived risk associated with debt structures. However, audit quality does not significantly moderate the relationship between profitability or liquidity and firm value, indicating that the credibility of these financial signals is less dependent on audit assurance.

Practical Implications: Audit quality should be positioned as a critical governance mechanism that enhances the reliability of financial reporting, particularly in mitigating risks associated with leverage. Strengthening audit quality is expected to improve investor confidence in corporate financing decisions and overall firm valuation.

Originality Value: This study provides empirical evidence on the selective moderating role of audit quality within the financial signaling framework affecting firm value. It contributes to the literature by clarifying inconsistencies in prior findings and highlighting that the effectiveness of audit quality is contingent upon the type of financial signal, particularly in the context of an emerging market and a sector sensitive to financial structure.

PENGARUH PROFITABILITAS, LEVERAGE, DAN FREE CASH FLOW TERHADAP NILAI PERUSAHAAN: BUKTI EMPIRIS DARI JAKARTA ISLAMIC INDEX 2021–2024

2026-03-20T06:16:19+00:00

Purpose : This study aims to test and analyze the influence of profitability leverage and free cash flow on company value at Jakarta Islamic Index within a defined research period

Design Methodology Approach : A quantitative approach was applied using secondary data The population consists of companies registered as constituents in the Jakarta Islamic Index The sampling technique employed was purposive sampling resulting in selected companies and corresponding observations Data processing was conducted using multiple linear regression analysis with SPSS

Findings : Profitability shows a positive effect on company value in the Jakarta Islamic Index leverage also shows a positive effect on company value In contrast free cash flow does not exhibit a significant effect on company value

Practical Implications : Financial strategies and decision making processes in sharia compliant companies can be strengthened through the use of fundamental financial information

Originality Value : A more contextual understanding is provided regarding fundamental determinants of company value under dynamic economic conditions while contributing to the literature on company valuation within firms applying specific financial screening criteria

PENGARUH PERSEPSI HARGA DAN FOMO TERHADAP KEPUTUSAN PEMBELIAN PRODUK COKLAT DUBAI

2026-03-20T06:14:49+00:00

Purpose: This study aims to examine the influence of price perception and fear of missing out on purchasing decisions for Dubai Chocolate products, considering the growing phenomenon of viral consumption driven by both rational and psychological factors.

Design Methodology Approach: A quantitative survey was conducted among individuals who had purchased Dubai Chocolate products. A total of 100 respondents were selected using purposive sampling. Data were analyzed using multiple linear regression to assess the effect of price perception and FoMO on purchasing decisions.

Findings: The results indicate that both price perception and FoMO have a positive and significant effect on purchasing decisions. Price perception demonstrates a stronger influence compared to FoMO, suggesting that consumers still rely on value evaluation despite exposure to social pressure.

Practical Implications: The findings suggest that businesses should maintain a balance between pricing strategies and psychological triggers in marketing. Competitive pricing combined with the ability to create social desirability can enhance purchasing decisions, particularly for products positioned within viral trends.

Originality Value: This study provides empirical evidence on the simultaneous role of rational evaluation and psychological pressure in shaping purchasing decisions within viral product contexts, offering a more integrated perspective on consumer behavior.

PENGARUH AKTIVITAS SOSIAL MEDIA MARKETING TERHADAP NIAT BELI: PERAN MEDIASI KESADARAN MEREK DI KALANGAN KONSUMEN INDONESIA

2026-01-21T02:28:04+00:00

Purpose: This study aims to examine the effects of social media marketing activities, namely entertainment, personalization, and trendiness, on purchase intention, with brand awareness positioned as a mediating variable within the Indonesian market context.

Design Methodology Approach: A quantitative research design was employed using a survey method. Data were collected from respondents in Indonesia who actively engage with social media and have prior experience in online purchasing. Measurement items were assessed using a Likert scale. The proposed model was analyzed using Covariance Based Structural Equation Modeling with LISREL to evaluate both measurement and structural models.

Findings: The findings indicate that entertainment exerts a significant positive effect on purchase intention, whereas personalization and trendiness do not demonstrate direct effects. However, all dimensions of social media marketing activities significantly enhance brand awareness. Furthermore, brand awareness is found to fully mediate the relationship between trendiness and purchase intention, while no mediating effect is observed for entertainment and personalization.

Practical Implications: The results suggest that marketing strategies should prioritize the development of engaging and trend oriented content to strengthen brand awareness, which subsequently drives purchase intention. The absence of a direct effect of personalization indicates a potential misalignment between current personalization practices and consumer expectations, thereby requiring a more context sensitive and culturally adaptive approach.

Originality Value: This study contributes to the literature by providing empirical evidence on the mediating role of brand awareness in the relationship between social media marketing activities and brand awareness in an emerging market setting. The use of a covariance based structural modeling approach strengthens the robustness of model validation and extends methodological rigor in this research stream.

THE EFFECT OF CORPORATE GOVERNANCE ON FINANCIAL DISTRESS WITH FINANCIAL RATIO AS CONTROL VARIABLE

2026-03-20T06:09:04+00:00

Purpose : This research aims to examine the effect of corporate governance mechanisms encompassing board independence CEO tenure ownership concentration board size board diversity and audit committee size on corporate financial distress while incorporating financial ratio control mechanisms that include leverage profitability and liquidity in companies with the availability of corporate governance data and financial ratios over a defined period

Design Methodology : A quantitative approach was applied The population consists of corporate entities that meet the specified criteria The sample was determined using purposive sampling resulting in selected companies as the unit of analysis

Findings : Panel data regression was employed as the analytical approach using EViews as the computational tool This study addresses gaps in prior research on the relationship between corporate governance and financial distress by integrating financial ratios including leverage liquidity and profitability as control variables A comprehensive set of governance dimensions was incorporated including board independence CEO tenure ownership concentration board size board diversity and audit committee size

Practical Implications : Implications are directed toward company management to strengthen governance structures and ensure that decision making and oversight functions are implemented effectively

Originality Value : A comprehensive integration of corporate governance dimensions is presented including board size CEO tenure board independence ownership concentration board diversity and audit committee size which enriches the analytical framework in examining financial distress

MELAMPAUI AGILITAS: PERAN AMBIDEKSTERITAS INOVASI DALAM MENDORONG PERTUMBUHAN SKALABEL BISNIS STARTUP SAAS

2026-03-31T03:51:50+00:00

Purpose: This study aims to examine how strategic agility contributes to startup scalability through innovation ambidexterity, comprising exploration and exploitation, in Software as a Service startups. Although strategic agility has been widely recognized as a critical capability in dynamic environments, limited empirical evidence explains how it is translated into scalable growth, particularly within emerging digital ecosystems.

Design Methodology Approach: A quantitative approach was employed using a survey method. Data were collected from strategic decision makers in SaaS startups operating in Jakarta and Surabaya. The proposed research model was analyzed using Partial Least Squares Structural Equation Modeling to assess direct, indirect, and mediation effects among the constructs.

Findings: The results indicate that strategic agility does not have a significant direct effect on startup scalability. However, strategic agility significantly influences both dimensions of innovation ambidexterity. Exploration demonstrates a strong and positive effect on startup scalability, whereas exploitation shows a non-significant relationship. Further analysis reveals that exploration fully mediates the relationship between strategic agility and startup scalability, while exploitation does not serve as a mediating mechanism.

Practical Implications: The findings suggest that SaaS startups should not rely solely on strategic agility to achieve scalable growth. Instead, agility needs to be effectively translated into exploratory innovation activities, such as experimentation, new feature development, and market exploration. While exploitation remains important for operational efficiency, its role in driving scalability appears limited at early growth stages.

Originality Value: This study provides empirical evidence that exploration functions as a full mediating mechanism linking strategic agility to startup scalability. The findings extend Dynamic Capability Theory by clarifying how higher-order capabilities are translated into growth outcomes through innovation processes. Additionally, the study highlights the asymmetric roles of exploration and exploitation within the context of SaaS startups in emerging markets.

THE MODERATING ROLE OF FINANCIAL LITERACY ON THE IMPACT OF BEHAVIORAL BIASES TOWARD INVESTMENT DECISIONS AMONG GENERATION Z

2026-03-30T04:43:21+00:00

Purpose : This study examines the influence of behavioral biases including anchoring bias herding bias loss aversion bias and mental accounting bias on investment decisions and evaluates the moderating role of financial literacy among Generation Z investors in Indonesia

Design Methodology Approach : A quantitative survey approach was applied using data collected from Generation Z investors with prior investment experience Data analysis was conducted using Partial Least Squares Structural Equation Modeling with SmartPLS to assess direct and moderating effects

Findings : Loss aversion and mental accounting biases show a significant positive effect on investment decisions while anchoring and herding biases show positive but not significant effects Financial literacy significantly moderates the relationship between anchoring bias and herding bias with investment decisions while no moderating effect is observed in the relationships involving loss aversion and mental accounting

Practical Implications : Financial literacy demonstrates a selective role in mitigating behavioral biases particularly those related to heuristic driven decision making Therefore targeted financial education programs are required to improve rational investment behavior among Generation Z investors

Originality Value : Evidence is provided that the effectiveness of financial literacy as a moderating mechanism depends on the type of behavioral bias thereby offering a more nuanced understanding of behavioral finance in emerging market investor settings

FOSTERING STUDENT RESILIENCE THROUGH SUSTAINABILITY ACCOUNTING EDUCATION: EVIDENCE FROM HIGHER EDUCATION INSTITUTIONS

2026-03-26T02:36:47+00:00

Purpose : This study examines the influence of Sustainability Accounting Education on student resilience in higher education. As the shift toward a green economy accelerates, students are expected not only to understand sustainability concepts but also to develop the psychological capacity to cope with academic challenges.

Design Methodology Approach : Using a quantitative survey approach and simple linear regression, the findings show that SAE has a positive and significant effect on student resilience

Findings :The study highlights the importance of embedding sustainability perspectives within accounting curricula to strengthen students’ adaptive capacities.

Practical Implications : The novelty of this research lies in testing the direct relationship between SAE and student resilience an area that remains underexplored and in integrating Transformative Learning Theory, Education for Sustainable Development, and Cognitive Adaptation Theory as the conceptual foundation

Originality Value : These results indicate that sustainability-oriented accounting education fosters reflective thinking, adaptive mindsets, and stronger student resilience.