Abstract:This study was motivated by fluctuations in the stock prices of mining sector companies listed in the IDX30 index during 2021–2024, Indonesia’s mineral downstreaming policy, and inconsistencies in previous research findings.…
indings. This study aimed to analyze the effects of interest rates and financial performance, as measured by the debt-to-equity ratio (DER) and earnings per share (EPS), on the stock prices of IDX30 mining companies and to examine the moderating role of inflation. The population comprised all mining sector companies listed in the IDX30 index during the year 2021–2024, while the sample was selected using purposive sampling. This study employed a quantitative explanatory approach and panel data regression with Moderated Regression Analysis. The results showed that interest rates had a negative and significant effect on stock prices, whereas EPS had a positive and significant effect. DER did not significantly affect stock prices. Furthermore, inflation did not moderate the effects of interest rates, DER, or EPS on stock prices. These findings imply that mining companies should maintain sustainable profitability and consider interest rate dynamics in financial decision-making. Investors should also consider macroeconomic conditions and company fundamentals when formulating investment strategies.
Abstract:This study aims to examine the effect of profitability, liquidity, and leverage on tax aggressiveness in health sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2022–2025. Tax aggressiveness is…
is measured using the GAAP Effective Tax Rate (GAAP ETR), while profitability is proxied by Return on Assets (ROA), liquidity by the Current Ratio (CR), and leverage by the Debt to Equity Ratio (DER). A quantitative research method with descriptive and verificative approaches is employed. The population consists of 38 health sector companies, from which 11 companies are selected as samples through purposive sampling, yielding 44 firm-year observations. Data analysis is performed using panel data regression with the Fixed Effect Model (FEM) estimated through EViews 12. The results show that: (1) profitability does not significantly affect tax aggressiveness (prob. = 0.1023 > 0.05); (2) liquidity does not significantly affect tax aggressiveness (prob. = 0.4822 > 0.05); (3) leverage significantly affects tax aggressiveness (prob. = 0.0424 < 0.05); and (4) profitability, liquidity, and leverage simultaneously affect tax aggressiveness (prob. F-statistic = 0.0006 < 0.05), with an Adjusted R-squared of 0.48 or 48%. These findings suggest that debt financing structure plays a critical role in corporate tax planning decisions within the Indonesian health sector.
Abstract:This study aims to analyze the effect of Initial Public Offering (IPO) on Return on Assets (ROA) by considering Firm Size, Liquidity, Leverage, and Tangibility in companies listed on the Indonesia Stock Exchange (IDX). The…
he study adopts a quantitative explanatory research design using secondary data obtained from audited annual financial statements of companies that conducted IPOs during the observation period. The sample was selected using purposive sampling, while panel data were analyzed using the Fixed Effect Model (FEM) to examine the relationships among the variables. The findings indicate that IPO has a positive but insignificant effect on ROA, suggesting that additional capital raised through public offerings does not immediately improve corporate profitability. Firm Size and Leverage exhibit significant negative effects on ROA, indicating that larger firms may experience operational inefficiencies, while excessive debt increases financial burdens and reduces profitability. Conversely, Liquidity and Tangibility show positive but insignificant effects on ROA. Simultaneously, IPO, Firm Size, Liquidity, Leverage, and Tangibility significantly influence ROA, with the model explaining 59.11% of the variation in profitability. These findings imply that post-IPO financial performance depends not only on capital acquisition but also on effective asset utilization, prudent debt management, and efficient operational strategies. The study contributes to the literature on post-IPO corporate performance and provides practical insights for managers and investors in evaluating financial performance after public offerings
Abstract:This study discusses the optimization of a company's financial performance through working capital management and capital structure policies. To increase profitability (ROA), companies require efficient cash conversion cycle…
ycle management and optimal funding supported by internal company characteristics. The research problem proposed is to determine how to achieve increased profitability in an automotive distributor company through the efficiency factors of Cash Conversion Cycle (CCC), Firm Size (Firm Size), Leverage (DER), and historical profitability factors (ROA_Lag). The sample of this study is the financial statements of PT New Ratna Motor (Nasmoco Group) in Semarang City for the 2021-2024 period, which were transformed into quarterly data (N=16). The results of data analysis indicate that this research model has a good level of feasibility (goodness of fit) with the ability to explain variations in profitability (Adjusted R Square) of 78.1% and successfully overcome autocorrelation interference. Simultaneously, there is a strong relationship between the independent variables and the company's profit movements. Partially, the Cash Conversion Cycle (CCC) variable is proven to have a negative and significant effect on profitability, while the Firm Size and Leverage variables have not shown a significant effect at the 95% confidence level.
Abstract:Culinary MSMEs with perishable products face challenges in managing production costs due to the presence of unsold products, which are often not included in determining the Cost of Goods Sold (COGS). This study aims to analyze…
nalyze the application of the full costing method by integrating Expected Spoilage Cost into the COGS calculation at Siomay Kang Dani MSME and evaluate its impact on business profitability. The study used a descriptive quantitative approach with a single case study method. Data were obtained through interviews, direct observation, and documentation related to production costs and the number of unsold products. The results show that the conventional COGS of Rp7,665 per portion increased to Rp8,975 per portion after incorporating the Expected Spoilage Cost of Rp591,240 per month. The integration of spoilage costs results in a more realistic cost calculation because it considers losses due to leftover products. A sensitivity analysis also shows that increasing spoilage levels leads to an increase in COGS and a decrease in profit margins. This study suggests that the application of a modified COGS can help MSMEs set selling prices and manage profitability more accurately
Abstract:This study aims to analyze and compare the financial performance of PT Indofood CBP Sukses Makmur Tbk (ICBP) and PT Mayora Indah Tbk (MYOR), two leading companies in the food and beverage subsector listed on the Indonesia…
a Stock Exchange. This research employs a quantitative approach with a descriptive comparative method through financial ratio analysis, including Earnings Per Share (EPS), Price Earnings Ratio (PER), Price to Book Value (PBV), Return on Equity (ROE), Debt to Equity Ratio (DER), and Dividend Yield (DY) for the 2019–2023 period. The study uses secondary data obtained from annual financial reports and the official website of the Indonesia Stock Exchange. The results indicate that PT Indofood CBP demonstrates more stable and efficient financial performance than PT Mayora Indah, particularly in profitability and capital efficiency ratios. Meanwhile, PT Mayora Indah shows promising growth potential but tends to experience fluctuations due to high operating costs and aggressive expansion strategies. The managerial implication emphasizes the importance of balancing operational efficiency and growth strategies to enhance corporate value and long-term investment attractiveness.
Abstract:This research aims to analyze the influence of internal and external bank factors which include Capital Adequacy Ratio (CAR), Loan to Deposit Ratio (LDR), Non-Performing Loans (NPL), interest rates, inflation and economic…
c growth on Return on Assets (ROA) in conventional banking in Indonesia. This research uses quantitative methods with a causality approach. The data used is secondary data obtained from bank financial reports and official publications related to the research period. The analysis technique used is panel data regression using model selection tests, classical assumption tests, and hypothesis tests. The research results show that all independent variables simultaneously influence ROA. Partially, NPL has a significant negative effect on ROA, while other variables such as CAR, LDR, interest rates, inflation and economic growth show varying effects on bank profitability. This research concludes that credit risk is the dominant factor influencing banking financial performance.
Abstract:This study investigates the relationship between profitability, leverage, and firm size and tax avoidance practices in publicly listed consumer sector firms during the 2020–2024 period. A quantitative approach was applied…
ied using panel data regression analysis, with a sample of six companies selected through purposive sampling. Tax avoidance was measured using the Effective Tax Rate (ETR), while profitability, leverage, and firm size were proxied by Return on Assets (ROA), Debt to Equity Ratio (DER), and the natural logarithm of total assets, respectively. Based on model selection procedures, the Random Effect Model (REM) was identified as the most appropriate specification. The results indicate that, both individually and jointly, profitability, leverage, and firm size do not exhibit a statistically significant effect on tax avoidance. Additionally, the coefficient of determination suggests that the model explains only a limited proportion of the variation in tax avoidance behavior. These findings imply that tax avoidance is likely influenced by factors beyond the financial indicators examined, highlighting the need for future research to incorporate broader determinants, including governance and regulatory aspects.
Abstract:This study aims to analyze the differences in the financial performance of PT Pertamina Geothermal Energy Tbk before and after the disclosure of the fuel adulteration case involving its parent company. This research employs…
oys a quantitative comparative approach using quarterly financial statement data from 2024–2025. The analysis was conducted using descriptive statistics and the Wilcoxon Signed Rank Test. The results show that descriptively, most financial ratios experienced a decline, particularly in profitability and activity ratios, along with a decrease in liquidity and a slight increase in solvency. However, the Wilcoxon test results indicate that these changes are not statistically significant. These findings suggest that despite reputational pressure from the parent company’s crisis, the company’s financial performance remains relatively stable. The limited sample size is also considered a factor influencing the results
Abstract:This study aims to examine the influence of profitability and firm value on stock prices in health sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. A quantitative approach with a documentation…
umentation method was employed in this research. The population consisted of all health sector companies within the specified period, while the sample was selected using a purposive sampling technique based on predetermined criteria, resulting in a total of 15 companies. Data were analyzed using panel data regression through the Economic Views (EViews) 12 software. The findings of this study indicate that, profitability (ROA) has a positive and significant effect on stock prices of health sector companies for the 2020–2024 period. Similarly, firm value (Tobin’s Q) also shows a positive and significant influence on stock prices within the same period