Abstract:Studi ini menganalisis pengaruh Total Debt Ratio (TDR) dan Receivable Turnover (RTO) terhadap Return on Equity (ROE) pada perusahaan sektor transportasi dan logistik yang terdaftar di Bursa Efek Indonesia (BEI) periode 2021-2025.…
021-2025. Kesenjangan penelitian (gap) yang diangkat ialah fluktuasi tajam profitabilitas sektor pascapandemi di tengah kenaikan beban utang dan tekanan pengelolaan piutang, yang belum dijelaskan secara konsisten oleh studi terdahulu. Pendekatan kuantitatif asosiatif diterapkan pada data sekunder laporan keuangan tahunan auditan. Melalui purposive sampling, diperoleh 12 perusahaan dengan 60 observasi firm-year, dianalisis dengan regresi linier berganda setelah transformasi akar kuadrat guna memenuhi asumsi normalitas. Hasil menunjukkan TDR tidak berpengaruh signifikan secara parsial terhadap ROE, sedangkan RTO berpengaruh signifikan positif secara parsial. Secara simultan, TDR dan RTO berpengaruh signifikan terhadap ROE dengan kontribusi (Adjusted R Square) sejumlah 14,0%. Temuan ini mengindikasikan bahwa efisiensi penagihan piutang, bukan semata struktur utang, lebih menentukan profitabilitas ekuitas pada sektor ini.
Abstract:Companies listed in the Jakarta Islamic Index 70 (JII70) provide a unique research context because they operate within an Islamic capital market framework that applies sharia screening criteria and financial requirements.…
. Despite being guided by the same sharia principles and regulatory environment, JII70 companies still show variations in financial performance. Although previous research has examined the factors that affect financial performance, empirical evidence regarding the influence of efficiency, market ratios, liquidity, and leverage still shows inconsistent results, particularly in companies that comply with sharia principles. Therefore, this study aims to analyze the influence of efficiency, market ratio, liquidity, and leverage on the financial performance of companies listed on JII70 by using Return on Assets (ROA) as a performance indicator. This study uses a quantitative approach by utilizing secondary data obtained from the annual reports of 57 non-financial companies during the period 2021–2025, resulting in 285 company-year observations. Panel data regression analysis was performed using the Fixed Effects model with Driscoll–Kraay error standard to overcome the problems of heteroscedasticity and autocorrelation. The results show that efficiency measured by Total Asset Turnover (TATO) and market ratio measured by Price-to-Book Value (PBV) have a positive and significant effect on financial performance. Meanwhile, liquidity measured by Current Ratio (CR) and leverage measured by Debt-to-Asset Ratio (DAR) have a positive but not statistically significant effect on financial performance. The findings of this study support the Signaling Theory by showing that efficiency and market ratio provide stronger signals regarding company quality and financial performance in the context of the Islamic capital market in Indonesia. These findings provide practical implications for managers in improving company performance as well as for investors in making more informed investment decisions
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 aims to analyze the effect of Price Earning Ratio (PER), Debt to Equity Ratio (DER), and Current Ratio (CR) on firm value, with firm size as a moderating variable, in industrial sector companies listed on the…
Indonesia Stock Exchange during the 2022–2024 period. This study employed a quantitative approach with an associative method. The data used were secondary data obtained from companies’ annual financial reports. The sample was determined using purposive sampling, resulting in 44 companies with a total of 132 firm-year observations. The data were analyzed using Moderated Regression Analysis (MRA), supported by classical assumption tests, correlation coefficient analysis, coefficient of determination analysis, simultaneous testing, and partial testing. The results of the moderation model show that firm size has a positive and significant effect on firm value, with a significance value of 0.043. Meanwhile, PER, DER, and CR do not have a significant effect on firm value after firm size and the interaction variables are included in the model. The moderation test results indicate that firm size is unable to moderate the effect of PER, DER, and CR on firm value, as all interaction variables have significance values greater than 0.05. Although PER has a positive and significant effect on firm value in the first model, this effect is no longer significant in the moderation model. The coefficient of determination in the moderation model is 12.1%, indicating that the model’s ability to explain variations in firm value remains limited. These findings indicate that firm size is a more dominant factor in explaining firm value than PER, DER, and CR in the moderation model.
Abstract:In carrying out its integrated regulatory and supervisory function in the financial services sector, the Financial Services Authority (OJK) receives various reports from Financial Services Institutions (LJK), Issuers, and…
d Public Companies regarding the receipt and distribution of funds. The complexity of funding and financing relationships between financial service actors creates concentration risks that have the potential to disrupt financial system stability. Experiences from the 1998 Indonesian crisis and the 2008 global financial crisis demonstrate that concentration of exposures and interconnectedness between entities can exacerbate systemic risk. This study aims to identify current supervisory data analysis practices and propose the development of a concentration risk analysis that integrates the loan exposures of large debtor groups with their funding sources. The study used a qualitative approach through interviews, observations, and document analysis. The results indicate that OJK supervisors need an integrated concentration risk analysis across various LJKs and customer groups. Currently, the analysis process is still carried out manually, resulting in inconsistent results and difficult to replicate. The implementation of Supervisory Technology (SupTech) can improve supervisory effectiveness while transforming supervisors' tacit knowledge into explicit knowledge that is documented, standardized, and easily shared. This research contributes to the development of technology-based risk monitoring and knowledge management models in the financial services sector.
Abstract:This study analyzes the effect of Debt to Equity Ratio (DER), Return on Assets (ROA), and Asset Growth on Firm Value with Good Corporate Governance (GCG) as a moderating variable in industrial sector companies listed on…
the Indonesia Stock Exchange during the 2022–2024 period. The research method uses a quantitative associative approach with a sample of 65 companies and a total of 195 observations. The analysis technique used is Moderated Regression Analysis (MRA). The simultaneous test results show that DER, ROA, Asset Growth, GCG, and the moderating interaction variable have a significant effect on Firm Value with a significance value of 0.000 < 0.05. Partially, DER has a positive and significant effect on Firm Value, while ROA and Asset Growth do not have a significant effect on Firm Value. Good Corporate Governance has a positive and significant effect on Firm Value. Good Corporate Governance is able to moderate the effect of DER on Firm Value. Good Corporate Governance is not able to moderate ROA on Firm Value, and weakens the effect of Asset Growth on Firm Value
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 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.