Jurnal Keuangan dan Bisnis

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

Kharisma Febriani, Dien Noviany Rahmatika, Yanti Puji Astutie — Mon, 30 Mar 2026 00:00:00 +0000

Purpose: This study investigates the influence of Corporate Social Responsibility (CSR)
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
from the annual reports of 61 consumer cyclical companies listed on the Indonesia Stock
Exchange during 2020–2024, yielding 305 firm-year observations. Inflation data were obtained
from the Central Bureau of Statistics. Data analysis employed ordinal logistic regression and
moderated regression analysis (MRA) using SPSS version 26.
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)

Anggita Listiana, Niken Wahyu Cahyaningtyas, Yuni Utami — Mon, 30 Mar 2026 00:00:00 +0000

Penelitian ini bertujuan untuk menguji peran kualitas audit dalam memperkuat hubungan antara sinyal keuangan, yang dipresentasikan oleh profitabilitas, leverage, dan likuiditas terhadap nilai perusahaan. Studi ini difokuskan pada Perusahaan sektor food and beverage yang terdaftar di Bursa Efek Indonesia selama periode 2020-2024. Sampel penelitian dipilih dengan menggunakan teknik purposive sampling dengan kriteria Perusahaan yang menerbitkan laporan keuangan berturut-turut selama tahun 2020-2024. Diperoleh sampel sebanyak 38 perusahaan sehingga ada 190 unit analisis. Data dianalisis dengan menggunakan analisis regresi linear berganda dan Moderated Regression Analysis (MRA) menggunakan kuantitatif. Hasil penelitian ini menunjukkan bahwa profitabilitas dan likuiditas berpengaruh positif signifikan terhadap nilai Perusahaan sedangkan leverage berpengaruh negatif signifikan terhadap nilai Perusahaan. Kualitas audit terbukti memoderasi secara positif pengaruh leverage terhadap nilai Perusahaan, namun tidak memoderasi hubungan antara profitabilitas maupun likuiditas terhadap nilai Perusahaan. Temuan ini menegaskan bahwa kualitas audit memiliki peran penting, meskipun terbatas, dalam memperkuat sinyal keuangan yang memengaruhi nilai Perusahaan di industry makanan dan minuman.

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

Natalis Christian, Cindy Valentina — Mon, 30 Mar 2026 00:00:00 +0000

Purpose - This research aims to examine the effect corporate governance mechanisms, encompassing board independence, CEO tenure, ownership concentration, board size, board diversity, and audit committee size influence corporate financial distress, while incorporating financial ratio control mechanisms that encompass leverage, profitability, and liquidity metrics in companies with the availability of corporate governance data and financial ratios for five years (2019-2023).

Design/Methodology/Approach - This study applies a quantitative paradigm in its implementation. The total population that is the object of the study reaches 938 corporate entities, while the sample resulting in 153 companies as the unit of analysis, determination is carried out through a purposive sampling technique.

Findings - Panel data regression methodology serves as the analytical approach employed in this study, utilizing EViews software as the computational instrument for data processing and statistical estimation. This investigation seeks to address research gaps identified in prior scholarly work examining the corporate governance-financial distress relationship by integrating financial metrics, specifically leverage, liquidity, and profitability indicators as control mechanisms within the analytical framework. Furthermore, this study integrates a comprehensive spectrum of corporate governance dimensions, including board independence, CEO tenure, ownership concentration, board size, board diversity, and audit committee size.

Practical Implications - This research has implications for company management, not only to establish a structural corporate governance framework but also to ensure that decision-making and oversight functions are carried out effectively.

Originality/Value - This study integrates a comprehensive spectrum of corporate governance dimensions, including board size, CEO tenure, board independence, ownership concentration, board diversity, and audit committee size.

Keywords: Corporate Governance, Financial Distress, and Financial Ratio

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

Maureen Marcia Marvin, Anastasia Sri Mendari — Tue, 31 Mar 2026 00:00:00 +0000

Purpose - This study aims to test and analyze the influence of profitability, leverage, and free cash flow on company value at Jakarta Islamic Indeks (JII) with a research period of 2021-2024.

Design/Methodology/Approach - The quantitative approach was used in this study with secondary data. The population determined in this study is companies that are registered as constituents in the Jakarta Islamic Index. The sampling technique used is the purposive sampling method and was obtained by 18 companies with a total of 72 samples. For data processing with multiple linear regression analysis using the SPSS 25 application.

Findings - Profitability has a positive effect on company value in JII, leverage has a positive effect on company value in JII. On the other hand, free cash flow has no effect on company value in JII.

Practical Implications - Companies and shareholders can formulate financial strategies and financial decision-making in sharia companies with information that is fundamental in the future.

Originality/Value - The research provides a more contextual understanding of the fundamental factors that shape the company's value in dynamic economic conditions as well as enriching the literature on the determination of company value in companies with certain financial filtering characteristics.

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

Rifani Akbar Sulbahri — Tue, 31 Mar 2026 00:00:00 +0000

Purpose - This study examines the influence of Sustainability Accounting Education (SAE) 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.

Keywords: sustainability accounting education1; student resilience2; transformative learning3, Education for Sustainable Development (ESD)4.

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

Wilson Wilson, Yandi Suprapto, Candy Candy — Mon, 30 Mar 2026 00:00:00 +0000

Purpose: This study examines the influence of behavioral biases—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 employed using data collected from 276 Generation Z investors with prior investment experience. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to assess both direct and moderating effects.

Findings: The results indicate that loss aversion and mental accounting biases have a significant positive effect on investment decisions, while anchoring and herding biases exhibit positive but insignificant effects. Financial literacy is found to significantly moderate the relationships 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 plays a selective role in mitigating behavioral biases, particularly those associated with heuristic-driven decision-making. Therefore, targeted financial education programs are required to enhance rational investment behavior among Generation Z investors.

Originality/Value: This study provides evidence that the effectiveness of financial literacy as a moderating mechanism is contingent upon the type of behavioral bias, thereby offering a more nuanced understanding of behavioral finance in the context of emerging market investors.

PENGARUH PERSEPSI HARGA DAN FOMO TERHADAP KEPUTUSAN PEMBELIAN PRODUK COKLAT DUBAI

Anggriani Br Manalu, M.J Tyra — Tue, 31 Mar 2026 00:00:00 +0000

Purpose
This study aims to examine the influence of price perception and fear of missing out (FoMO) 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

Mohamat Basori, Arif Nugroho, Arif Hidayat — Mon, 30 Mar 2026 00:00:00 +0000

Purpose - This study aims to analyze the influence of social media marketing activities—entertainment, personalization, and trendiness—on purchase intention, with brand awareness as a mediating variable, in the context of the Indonesian market.

Design/Methodology/Approach - This quantitative research employs a survey approach with a sample of 471 respondents in Indonesia who are active on social media and have made online purchases. Data were collected through an online questionnaire using a 1–6 Likert scale and analyzed using Covariance-Based Structural Equation Modeling (CB-SEM) via LISREL 10.2 software.

Findings - The results indicate that entertainment has a significant positive effect on purchase intention, while personalization and trendiness have no direct effect. All three dimensions of social media marketing activities (entertainment, personalization, trendiness) positively influence brand awareness. Brand awareness significantly mediates the effect of trendiness on purchase intention, but not for entertainment and personalization.

Practical Implications - The findings provide guidance for marketers to place greater emphasis on entertaining and trendy content in social media strategies to enhance brand awareness and purchase intention. Personalization needs to be redesigned to be more relevant to the needs of Indonesian consumers.

Originality/Value - This study enriches the literature by examining the mediation of brand awareness in the Indonesian context, as well as employing the CB-SEM approach, which is still rarely applied in similar studies in this region.

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

Robertus Adi Nugroho, Maria Indah Lestari Sepungan — Mon, 30 Mar 2026 00:00:00 +0000

Purpose - This study aims to examine how Strategic Renewal contributes to Startup Scalability through Innovation Ambidexterity, comprising exploration and exploitation, in Software as a Service (SAAS) startups. While strategic agility is widely recognized as a critical capability in dynamic environments, empirical evidence on how it is translated into scalable growth in emerging digital ecosystems remains limited.

Design/Methodology/Approach - This research employs a quantitative approach using a survey method. Data were collected from 181 strategic decision-makers in SAAS startups operating in Jakarta and Surabaya. The proposed research model was tested using Partial Least Squares Structural Equation Modeling (PLS-SEM) to analyze direct effects, indirect effects, and mediation relationships among the variables.

Findings - The results indicate that Strategic Renewal does not have a significant direct effect on Startup Scalability. However, Strategic Renewal significantly influences both dimensions of Innovation Ambidexterity. Exploration has a strong and positive effect on Startup Scalability, whereas exploitation shows a non-significant and negative relationship. Further analysis reveals that exploration fully mediates the relationship between Strategic Renewal and Startup Scalability, while exploitation does not function 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 must be deliberately channeled into exploratory innovation activities such as experimentation, new feature development, and market exploration. Overemphasis on exploitative efficiency at early growth stages may constrain scalability.

Originality/Value - This study provides empirical evidence of full mediation by exploration in the relationship between Strategic Renewal and Startup Scalability, extending Dynamic Capability Theory in the context of digital startups. It highlights the asymmetric roles of exploration and exploitation and offers novel insights into growth mechanisms within emerging SAAS ecosystems.