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All Journal Golden Ratio of Finance Management Golden Ratio of Auditing Research
Suhendar, S.
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Economics, Econometrics & Finance Social Sciences

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The Effect of Profitability, Liquidity, Firm Size, Net Working Capital, Leverage, and Growth Opportunity on Cash Holding: Empirical Study From Property and Real Estate Companies Listed in Indonesian Syariah Stock Index (ISSI) for The Period 2019-2023 Mariska, Uut; Suhendar, S.; Nurmalia, Gustika
Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v5i2.1125

Abstract

Cash is the company's most liquid asset and is crucial for financing its operational activities. Therefore, effective cash management is essential to ensure business continuity. This study aims to provide empirical evidence on the influence of profitability, liquidity, firm size, net working capital, leverage, and growth opportunities on cash holdings in property and real estate companies listed on the Indonesian Sharia Stock Index (ISSI) for the period of 2019–2023. Using a purposive sampling method, the study selected 23 samples from 82 property and real estate companies registered with the ISSI during the period. The data were collected and processed using Microsoft Excel 2019 and EViews 12. The findings indicate that profitability, liquidity, firm size, net working capital, and growth opportunities positively and significantly affect cash holdings, while leverage has no effect. This research makes a unique contribution by focusing on property and real estate companies within Indonesia's Islamic capital market, an area rarely studied in prior research. Additionally, it enriches the literature on factors influencing cash holdings by considering companies that operate based on Sharia principles. The results are expected to provide valuable insights for company management in optimizing cash management and serve as a reference for investors making decisions regarding sharia-compliant companies.
Analyzing the Impact of Mergers on the Islamic Performance Index: A Comparative Study of State-Owned Islamic Commercial Banks in Indonesia Juniarti, Dini; Suhendar, S.; Etika , Citra
Golden Ratio of Finance Management Vol. 5 No. 2 (2025): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v5i2.1316

Abstract

The merger between BRI Syariah, BNI Syariah, and Bank Syariah Mandiri into Bank Syariah Indonesia (BSI) in 2021 is expected to increase competitiveness and strengthen the role of Islamic banking in Indonesia. This study aims to analyze the impact of mergers on the performance of BUMN Islamic Commercial Banks using the Islamicity Performance Index (IPI) approach. This study uses a comparative quantitative approach with secondary data in the form of financial statements for 2017-2024. The data were collected and processed using Microsoft Excel 2010 and EViews 12. The IPI indicators used include Zakat Performance Ratio (ZPR), Profit Sharing Ratio (PSR), Equitable Distribution Ratio (EDR), and Islamic Income vs Non-Islamic Income Ratio (IIcR). The analysis results show that three out of four indicators, namely ZPR, PSR, and IIcR, experienced statistically significant changes after the merger, reflecting improvements in zakat management, profit sharing effectiveness, and compliance with Islamic income principles. However, the EDR indicator did not show any significant difference, indicating that the equitable aspect of wealth distribution has not been optimized. The findings suggest that the merger positively impacts most aspects of Islamic financial performance. The implications of this study emphasize the importance of strengthening socio-economic strategies in post-merger policies so that the function of Islamic financial institutions as agents of justice and welfare can be achieved as a whole according to the principles of Sharia Enterprise Theory.
Effect of Financial Distress, Auditor Quality, and Tenure on Going Concern Audit Opinion with Opinion Shopping as Moderating Factor Jarot, Ahmad; Suhendar, S.; Nuraziza, Sania
Golden Ratio of Auditing Research Vol. 6 No. 1 (2026): July - January
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grar.v6i1.1449

Abstract

This study aims to examine the effect of financial distress, auditor quality, and auditor-client tenure on going concern audit opinion, with opinion shopping as a moderating variable. This research is motivated by the inconsistency of previous findings and the need to explore managerial opportunism through auditor switching behavior. The study population comprises companies in the consumer goods sector listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. The sample selection was conducted using purposive sampling, resulting in 10 companies with 50 firm-year observations. The data were analyzed using Moderated Regression Analysis (MRA). The results indicate that financial distress, auditor quality, and auditor-client tenure have a significant impact on the going concern audit opinion. Additionally, opinion shopping significantly moderates the effect of auditor quality and auditor-client tenure on going concern opinion, but does not moderate the effect of financial distress. This study contributes to the literature by integrating opinion shopping as a moderating variable, an approach that remains underexplored, particularly in the consumer goods sector. Practical implications include reinforcing auditor independence and rotation policies to mitigate audit bias.
Co-Authors Etika , Citra Gustika Nurmalia Jarot, Ahmad Juniarti, Dini Mariska, Uut Nuraziza, Sania