Abstract:This study aims to analyze the relationship and influence of coal quality parameters which include Total Moisture (TM), Ash Content (ASH), and Total Sulfur (TS) on Gross Calorific Value (GCV). The data used in this study…
is data from laboratory tests on 23 samples of Run Of Mine (ROM) coal at seam 16 at PT Unggul Nusantara, North Barito Regency, Central Kalimantan. Data analysis was performed statistically using the help of SPSS software through Pearson correlation test and multiple linear regression analysis. The results of the correlation test showed that simultaneously, the TM, ASH, and TS parameters had a very strong relationship with the GCV value with a correlation coefficient (R) of 0.893 and contributed an influence of 76.5%. Partially, Ash Content (ASH) had a very strong negative relationship (r = -0.881) and had a significant effect on calorie values (p = 0.000). Each 1% increase in ash content would decrease the GCV value by 68.249 Kcal/Kg. Meanwhile, Total Moisture had a significant positive relationship by simple correlation (r = 0.506, p = 0.014), but showed no partial significant effect in multiple regression models (p = 0.364). Total Sulfur was found to have a very weak negative relationship (r = -0.182) and had no significant effect on GCV values (p = 0.406). This study concludes that Ash Content is the most dominant parameter that affects the reduction of the caloric value of coal seam 16 at PT Unggul Nusantara.
Abstract:This study aims to determine the influence of internal control and the village financial system on the managerial performance of village apparatus in the villages of West Limboto District. This research employed a quantitative…
tative method. The data used in this study were primary data collected through questionnaires distributed to village apparatus in West Limboto District, resulting in a sample of 118 respondents. The sampling technique used was purposive sampling. The analytical tool employed was multiple linear regression analysis. The results indicate that the Village Financial System has a positive effect on the Managerial Performance of Village Apparatus, whereas Internal Control does not have a positive effect on the Managerial Performance of Village Apparatus.
Abstract:This study aims to determine the optimal strategy for managing the supply chain of Pangasius (catfish) in Saguling Village, West Bandung Regency. The study applies the Food Supply Chain Network (FSCN) approach and Cost Plus…
lus Pricing to evaluate supply chain effectiveness and determine appropriate product pricing. Data were collected through observation, interviews, and documentation involving 50 respondents, consisting of fish farmers, middlemen, wholesalers, and market traders. The results indicate that the Pangasius distribution system still involves multiple intermediaries, resulting in relatively weak bargaining power for fish farmers. The distribution process takes approximately 1–2 days and is constrained by limited cold storage facilities, which affects product quality. Cost analysis shows that the cost of production is IDR 20,239.15 per kg, while the ideal selling price is IDR 22,263.06 per kg, with a profit margin of 10%. Improvements in the distribution system, better access to market information, and enhanced logistical support are necessary to increase distribution efficiency and improve farmers’ profitability.
Abstract:This study aims to analyze the determinants of dividend policy and their implications for stock returns among companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. Specifically, the study examines…
examines the effects of Return on Assets (ROA), Current Ratio (CR), Debt-to-Equity Ratio (DER), Sales Growth (SG), and Firm Size (SIZE) on Dividend Payout Ratio (DPR), as well as the impact of DPR on stock returns. The research employs a quantitative approach using secondary data obtained from the annual financial reports of dividend-paying companies listed on the IDX. The sample consists of 822 firm-year observations selected through purposive sampling. Data analysis was conducted using path analysis with multiple regression models, supported by classical assumption tests including normality, heteroscedasticity, multicollinearity, and autocorrelation tests. The results indicate that during the overall period of 2019–2024, ROA, DER, and SG significantly and negatively affect DPR, while CR and SIZE do not have significant effects. Furthermore, CR negatively affects stock returns, whereas SG and DPR have positive and significant effects on stock returns. The findings also reveal that the relationships among financial performance, dividend policy, and stock returns vary across pre-crisis, crisis, and post-crisis periods. Overall, dividend policy plays an important mediating role in influencing stock returns, particularly during and after periods of financial uncertainty. These findings provide valuable insights for investors, corporate managers, and policymakers in formulating dividend and investment decisions under different economic conditions.
Abstract:This study aims to determine the effect of auditor experience and self-efficacy on auditor performance at the Bone Bolango Regency Inspectorate. This study used a quantitative approach with a causal associative method. Data…
ata were collected by distributing questionnaires to 38 respondents selected using a census sampling technique (total sampling). Data analysis techniques included classical assumption tests, multiple linear regression analysis, and hypothesis testing (t-tests and F-tests) using Statistical Package for the Social Sciences (SPSS) version 26 software. The results indicate that, partially, auditor experience has no significant effect on auditor performance, while self-efficacy has a positive and significant effect on auditor performance. Simultaneously, auditor experience and self-efficacy have a significant effect on auditor performance. The coefficient of determination indicates that 73.1% of the variation in auditor performance can be explained by auditor experience and self-efficacy, while the remaining 26.9% is influenced by factors outside the research model.
Abstract:The rapid advancement of digital technology has fundamentally reshaped consumer behavior globally, with social media becoming the primary channel for product information seeking. Approximately 51% of Indonesians rely on…
user reviews before purchasing, and 62% have bought products under the direct influence of Social Media Influencers (SMIs). Despite this, the psychological mechanisms linking influencer characteristics to purchase intention remain fragmented across sectors and platforms. This systematic literature review synthesizes nineteen empirical studies published between 2020 and 2025, spanning beauty, fashion, gadget, and sustainable product sectors across multiple countries, to examine how Source Credibility (attractiveness, trustworthiness, expertise) and Parasocial Interaction (PSI) jointly shape consumer purchase intentions. Three core findings emerge: (1) trustworthiness is the sole credibility dimension that is universally and consistently significant across all contexts, fundamentally challenging assumptions about the equal contribution of the three credibility dimensions; (2) PSI operates not as a single mediator but as a multi-pathway psychological bridge through hedonic value, brand attitude, vicarious experience, and social-personal value whose specific active pathway is contingent on platform, product type, and cultural context; and (3) generational and cultural moderators systematically shape which credibility dimension most powerfully drives PSI. A Proposed Integrative Conceptual Framework and a synthetic cross-study comparison matrix (Table 2) consolidate these findings. Results offer strategic implications for influencer marketing practice and identify priority directions for future research.
Abstract:This study aims to analyze the effect of Quick Ratio (QR), Debt to Asset Ratio (DAR), and Return on Assets (ROA) on firm value as measured by Price to Book Value (PBV) in consumer non-cyclical sector companies listed on…
the Indonesia Stock Exchange during the 2021–2024 period. The consumer non-cyclical sector was selected because it consists of companies producing essential goods with relatively stable demand, making it an important sector in the national economy. This research employed a quantitative approach using secondary data obtained from the annual financial statements of companies listed on the Indonesia Stock Exchange. The sampling technique used purposive sampling, resulting in 196 observations. Data analysis was conducted using multiple linear regression analysis with SPSS software, preceded by classical assumption tests including normality, multicollinearity, heteroscedasticity, and autocorrelation tests. The results show that partially, Quick Ratio has no significant effect on firm value, indicating that short-term liquidity is not the main consideration for investors in assessing company value. Debt to Asset Ratio also has no significant effect on firm value, meaning that the level of debt dependence does not directly determine market valuation. Meanwhile, Return on Assets has a positive and significant effect on firm value, indicating that profitability is the main factor influencing investor confidence and market value. Simultaneously, Quick Ratio, Debt to Asset Ratio, and Return on Assets have a significant effect on firm value. The coefficient of determination (R²) value of 0.510 indicates that 51.0% of firm value variation can be explained by the three independent variables, while the remaining 49.0% is explained by other factors outside this study.
Abstract:This study aims to analyze the effect of liquidity, profitability, and capital structure on firm value in Food and Beverage companies listed on the Indonesia Stock Exchange during 2021–2023. Firm value is proxied by Price…
ice to Book Value (PBV) and Tobin’s Q. Liquidity is measured using Current Ratio (CR) and Quick Ratio (QR), profitability is measured using Return on Assets (ROA) and Return on Equity (ROE), while capital structure is measured using Debt to Asset Ratio (DAR) and Debt to Equity Ratio (DER). This research employed a quantitative approach using secondary data obtained from annual financial reports of Food and Beverage companies listed on the Indonesia Stock Exchange The sampling technique used in this study was purposive sampling, with a sample size of 38 companies. Data were analyzed using multiple linear regression with classical assumption tests, t-test, F-test, and coefficient of determination (R²). The results show that CR has a positive and significant effect on PBV and Tobin’s Q. QR has a negative and significant effect on PBV, but no significant effect on Tobin’s Q. ROA has a positive and significant effect on both PBV and Tobin’s Q. ROE has a positive and significant effect on PBV, but a negative and significant effect on Tobin’s Q. DAR has a negative and significant effect on PBV, but no significant effect on Tobin’s Q. DER has no significant effect on both proxies of firm value. Simultaneously, liquidity, profitability, and capital structure significantly affect firm value. These findings indicate that firm value is determined by the combined role of financial stability, profitability, and financing decisions.
Abstract:This study aims to analyze the effect of capital structure on firm value with profitability as a moderating variable in consumer non-cyclical sector companies listed on the Indonesia Stock Exchange during 2021–2024. Capital…
pital structure was measured using Debt to Asset Ratio (DAR) and Debt to Equity Ratio (DER), firm value was proxied by Price to Book Value (PBV), while profitability was measured using Return on Assets (ROA). This research applied a quantitative approach using secondary data obtained from annual financial reports. The sample consisted of 154 observations selected through purposive sampling. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA) with SPSS software. The results show that DAR has a positive and significant effect on firm value, while DER has a negative but insignificant effect on firm value. Simultaneously, DAR and DER significantly affect firm value. Furthermore, profitability (ROA) is proven to strengthen the relationship between DAR and firm value as well as between DER and firm value. These findings indicate that an optimal capital structure supported by strong profitability can increase firm value. Therefore, companies should maintain a balanced financing composition and improve profitability to enhance market valuation.
Abstract:This study aims to examine the effect of the Current Ratio (CR) and Debt to Equity Ratio (DER) on stock returns, with the exchange rate as a moderating variable, in retail sub-sector companies listed on the Indonesia Stock…
ck Exchange during the 2019–2023 period. This research employed a quantitative approach using secondary data obtained from annual financial reports and stock price data. The sampling technique used purposive sampling, resulting in 25 companies with 125 observations. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA). The results indicate that the Current Ratio has a negative and significant effect on stock returns, meaning that excessively high liquidity tends to reduce stock returns. Debt to Equity Ratio also has a negative and significant effect on stock returns, indicating that higher leverage increases financial risk and lowers investor confidence. Simultaneously, Current Ratio and Debt to Equity Ratio significantly affect stock returns. However, the exchange rate has no effect on stock returns. Furthermore, the exchange rate is unable to moderate the relationship between Current Ratio and stock returns, as well as between Debt to Equity Ratio and stock returns. These findings imply that internal company factors, particularly liquidity management and capital structure, are more dominant in influencing stock returns than external macroeconomic factors such as exchange rate fluctuations. Therefore, investors are advised to pay closer attention to financial fundamentals when making investment decisions in the retail sector.