Abstract:This study analyzes the dividend policy of PT Telkom Indonesia (Persero) Tbk (TLKM) during the 2020–2025 period using a quantitative descriptive approach and a longitudinal case study based on secondary data from audited…
ed financial reports. The variables analyzed include Dividend Per Share (DPS), Earnings Per Share (EPS), Dividend Payout Ratio (DPR), Dividend Yield, and Free Cash Flow (FCF), with trend analysis using the Compound Annual Growth Rate (CAGR). The results show that DPS grows 6.05% per year, higher than EPS of 1.87%, resulting in DPR increasing from 80.00% to 93.95% in 2024. Nevertheless, strong and stable operating cash flow ensures that dividends remain supported by FCF, so there is no indication of financial distress. However, the increasing FCF-to-dividend ratio indicates the company's increasingly limited reinvestment space. The decline in net profit of 20.48% in 2025 also increases the risk of dividend policy sustainability. Furthermore, the increase in dividend yield was more influenced by stock price declines than dividend growth. This finding suggests that SOE dividend stability reflects not only fundamental performance but also institutional pressure from the government as the controlling shareholder, supporting the relevance of Agency Theory and Catering Theory in explaining dividend policy of state-owned enterprises in emerging markets
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 aims to analyze the fundamental condition and assess the investment feasibility of eleven issuers that consistently appeared in the Sri Kehati Index during the 2020–2024 period. Fundamental analysis was conducted…
ucted using the financial ratios TATO, ROE, EPS, CR, DER, and DPR. The results show that UNVR and KLBF demonstrated high efficiency in asset management, while BBCA and BMRI exhibited strong profitability. JSMR had an aggressive capital structure but was supported by adequate liquidity. Meanwhile, UNVR and BBRI stood out for their generous dividend distribution policies. Stock valuation was carried out using two approaches: PER and PBV. Based on PER, nine issuers were classified as undervalued because their intrinsic values exceeded market prices, while two issuers (DSNG and SMGR) were considered overvalued. In contrast, the PBV approach indicated that ten issuers were overvalued, with only DSNG being undervalued. These differing results suggest that PER focuses more on a company’s earnings performance, whereas PBV emphasizes its book value. Therefore, stock investment assessment should be carried out comprehensively by considering more than one valuation method.
Abstract:The increased integration of operational technology (OT), Internet of Things (IoT), and business IT systems has allowed sophisticated attackers to circumvent isolated security features and launch cross-platform assaults.…
Current fragmented techniques, with discrete detectors monitoring Modbus, Kubernetes, MQTT, or other domain-specific protocols, cannot handle cross-system risks. These methodologies overlook 68% of multi-vector marketing that uses both physical and digital channels. This study introduces a transfer learning architecture to integrate detection capabilities by correlating threats across protocols, devices, and settings. The architecture generates a unified feature space that extracts behavioral semantics from industrial control system logs, cloud telemetry, network traffic, and device-level signals to produce protocol-agnostic threat representations. Adversarial domain adaptation and semantic graph embeddings enable cross-domain knowledge transfer with minimum retraining. Security teams may now discover kill chains like infected cloud containers preceding illegal PLC command execution every 23 minutes. Validated against real-world attack datasets from water treatment facilities (OT) and cloud infrastructure (IT), the system achieved 93.4% cross-platform attack recall, a 41.3 percentage point improvement over prior methodologies. It reduced OT data labeling by 89% and false positives by 93.5%. This paradigm shift transforms threat correlation from a reactive, domain-specific process to adaptive intelligence, boosting resilience for critical infrastructure, industrial ecosystems, and smart environments facing cyber-physical hazards. The framework's practical validation in energy, industry, and vital infrastructure shows its importance in protecting an increasingly linked world.
Abstract:This research aims to develop the design and packaging of Madurese Cassava Chips products at Mrs X's UMKM. The research method used is a research and development model using the ADDIE model. The sample used in this study…
totalled 55 respondents. The data collection instrument used is a questionnaire sheet in the form of a google form. There are validation results from design experts and business practitioner experts, which are very feasible. The product was then tested on 55 respondents who were divided into two groups, namely 31 respondents were consumers of Madura Cassava Chips products who had purchased the product before development with the results being quite feasible to use and 24 respondents were consumers of Madura Cassava Chips products who had purchased the product after development with the results being very feasible to use. From the results of the pretest and posttest, it was found that there were differences in product packaging design on the competitiveness of Mrs X's MSMEs before and after developing the Madura Cassava Chips product packaging design. Based on the results that have been obtained, the development of the Madura Cassava Chips product design and packaging is very feasible to use
Abstract:This study aims to (1) find out the composition of shares that can be formed into an optimal portfolio of IDX High Dividend 20 shares listed on the IDX for the period 2019 - 2022 using the single index model. (2) Knowing…
the proportion of funds that must be invested in each of the IDX High Dividend 20 shares listed on the IDX for the 2019 - 2022 period which forms a portfolio. (3) Knowing the amount of return and risk from the optimal IDX High Dividend 20 portfolio recorded on the IDX for the period 2019 - 2022 using the single index model. The sample of this research is 29 company shares selected based on purposive sampling technique. Data collection techniques are carried out with documentation. Data analysis technique uses a single index model.
The results of this study indicate that there are 12 company shares included in the optimal portfolio, namely ADRO of 11.9%, BBCA of 8.7%, BBRI of 2.5%, BMRI of 13.1%, LPPF of 3.5%, ITMG of 11.3%, PTBA of 0.6% , TOWR 0.5%, DMAS 2.2%, ANTM 14.5%, HEXA 25.3%, and MPMX 5.9%. The expected return that investors get from the optimal portfolio formed is 0.0279 or 2.79% per month. The portfolio risk borne by the investor on investment from the optimal portfolio is (portfolio variance of 0.0144 or 1.44% and a standard deviation of 0.12 or 12% per month.
Abstract:Appraisal of a company's performance can be seen both through financial and non-financial aspects. This study specifically measures financial performance by focusing on DuPont System analysis. The DuPont system divides performance…
erformance into three components, namely net profit margin, rate of return on assets, and rate of return on equity/capital. However, in this study, only two components of the DuPont System were used, namely return on assets and net profit margin. This type of research is quantitative research with a descriptive approach. The data analyzed comes from the financial reports at PT. State Savings Bank (PERSERO) Tbk specifically in the statement of financial position and annual comprehensive income statement ending December 31 2019 to December 31 2021. The results of the study show that Bank BTN has low financial performance. Judging from the total ROA generated each year, it cannot reach the standard set by Bank Indonesia. Even though it has a low ROA value, Bank BTN is able to increase ROA from year to year.
Abstract:Sharia financial literacy has become important with the development of digital financial services and the increasing need for financial management in accordance with sharia principles. However, the understanding of rural…
communities regarding digital-based sharia finance is still limited. This community service activity aims to improve Islamic financial literacy in Sendang Village through a digital approach. The methods used include face-to-face and online education, assistance in using Islamic financial applications, and interactive discussions on the opportunities and risks of digital finance. The results of the activity showed that community participation reached 75% with an increase in understanding of Islamic finance products and principles of 60%. However, challenges such as the digital divide and the risk of online fraud were still found. Overall, this activity shows that digitalization is effective in increasing Islamic financial literacy when supported by continuous education and the active role of the government and Islamic financial institutions in creating a safe and inclusive ecosystem.
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 analyze the effect of company size, Debt to Equity Ratio (DER), and Return on Equity (ROE) on the Dividend Payout Ratio (DPR) of food and beverage manufacturing companies listed on the Indonesia Stock…
Exchange (IDX) during the period 2019-2024. This research adopts a quantitative approach with multiple linear regression analysis processed using SPSS. The sample of the study consists of 18 companies that meet the purposive sampling criteria. The results show that company size has a positive and significant effect on the Dividend Payout Ratio. However, Debt to Equity Ratio and Return on Equity do not have a significant effect on Dividend Payout Ratio, either partially or simultaneously. These findings suggest that other factors, beyond company size, play a more significant role in influencing dividend policies in the food and beverage manufacturing sector in Indonesia.