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:This study examines the effects of the Dow Jones Industrial Average (DJIA), world gold prices, world oil prices, and the rupiah exchange rate on the Composite Stock Price Index (CSPI) in Indonesia. The study uses monthly…
secondary data from January 2015 to December 2025, comprising 132 observations. CSPI data were obtained from the Indonesia Stock Exchange, DJIA, gold price, and oil price data were obtained from Investing.com, while exchange rate data were sourced from Bank Indonesia. The analysis employed the two-step Engle-Granger Error Correction Model (EG-ECM) to identify long-run relationships and short-run adjustment dynamics. The long-run results show that gold prices, world oil prices, and the DJIA have positive and significant effects on the CSPI, whereas the rupiah exchange rate has a negative but insignificant effect. In the short run, the exchange rate has a negative and significant effect on the CSPI, while gold prices, oil prices, and the DJIA have positive and significant effects. The Error Correction Term coefficient of -0.1325 is negative and significant, indicating that approximately 13.25% of short-run disequilibrium is corrected each month toward long-run equilibrium. These findings imply that investors and policymakers should closely monitor global market conditions, commodity price movements, and exchange rate volatility to support investment decisions and maintain Indonesian capital market stability
Abstract:This study aims to analyze the simultaneous and partial effects of job satisfaction, employee loyalty, and work commitment on employee performance at PT Sulsel Citra Indonesia (Perseroda). This research adopts an associative…
tive quantitative approach. Data were collected through structured questionnaires distributed to 54 respondents drawn from a population of 114 permanent employees using simple random sampling. Multiple linear regression analysis was conducted using SPSS version 26. The finding that The F-test result (Fcount = 60.515 > Ftable = 2.196; sig. = 0.000) confirms that all three variables simultaneously exert a positive and significant effect on employee performance. Partially, job satisfaction (t = 3.485; sig. = 0.001) and work commitment (t = 11.685; sig. = 0.000) each have a positive and significant effect on employee performance, while employee loyalty (t = -3.080; sig. = 0.003) shows a negative and significant effect. The adjusted R² of 0.771 indicates that 77.1% of the variance in employee performance is explained by the three predictors. Work commitment emerged as the dominant predictor of employee performance, followed by job satisfaction. The negative effect of employee loyalty suggests that loyalty alone does not directly translate into higher performance unless it is accompanied by adequate motivation, job satisfaction, and organizational support. These findings are consistent with previous empirical studies conducted in the plantation and service sectors
Abstract:This study examines the reaction of the Indonesian capital market to the escalation of the Iran conflict in 2026 using an event study approach focusing on energy sector firms listed on the Indonesia Stock Exchange. Market…
t reactions are measured using Average Abnormal Return (AAR) and Trading Volume Activity (TVA). The observation period includes an 11-day event window (t−5 to t+5) and a 100-day estimation period. Statistical tests employed include the Shapiro–Wilk normality test, one-sample t-test, paired sample t-test, and Wilcoxon Signed Rank Test.
The findings indicate that abnormal returns are only significant around the event date but do not differ significantly between pre- and post-event periods. In contrast, trading volume activity shows consistent and significant changes. These results suggest that geopolitical conflict information is more strongly reflected in trading behavior than in price adjustments. This study contributes to the literature by providing sector-specific evidence from an emerging market and highlighting behavioral market responses.
Abstract:This study aims to analyze the effect of Capital Adequacy Ratio (CAR), Non Performing Loan (NPL), and Operating Expenses to Operating Income (BOPO) on Net Interest Margin (NIM) in conventional banks listed on the Indonesia…
ia Stock Exchange during the 2020-2024 period. This study uses a quantitative approach with an associative research design. The sample was selected using purposive sampling and consisted of 11 conventional banks, resulting in 55 firm-year observations. The data were obtained from annual financial reports, official publications, and relevant banking sources. The data were analyzed using multiple linear regression with IBM SPSS Statistics 25, while the Cochrane-Orcutt method was applied to correct positive autocorrelation in the final model. The results show that CAR has a positive and significant effect on NIM, while NPL and BOPO have negative but insignificant effects on NIM. Simultaneously, CAR, NPL, and BOPO have a significant effect on NIM. The adjusted R-square value of 0.099 indicates that the independent variables explain 9.9% of the variation in NIM. These findings imply that capital adequacy remains an important internal factor in maintaining net interest margins, while credit risk control and operational efficiency should continue to be improved.
Abstract:This study investigates the role of acquisition premiums in mergers and acquisitions (M&A) and their impact on shareholder wealth, focusing on five major Indian deals in pharmaceuticals, retail, banking, steel, and renewable…
able energy sectors. Potential synergies often justify acquisition premiums ranging from approximately 15% to 40% above target companies’ market values. However, market responses suggest that such premiums may not consistently result in value creation for acquiring firms' shareholders. Empirical findings reveal mixed outcomes: Sun Pharma’s acquisition of Ranbaxy led to a 9.8% share price increase within five days, while Tata Steel’s high-premium acquisition of Bhushan Steel saw only a 1.7% gain. In contrast, deals like Reliance–Future Retail and Tata Power–Welspun Power showed minimal or negative returns, despite sizable premiums. These patterns indicate that premium size alone is not a reliable predictor of post-deal shareholder wealth creation. The study concludes that M&A success depends more on strategic fit, market timing, and sectoral dynamics than on the premium offered. This analysis contributes to the broader M&A discourse by offering evidence-based insights into how premium valuations can either maximise or dilute shareholder value, aiding investors, corporate strategists, and policy analysts in deal assessment.
Abstract:This research is based on the imbalance between demand and supply that often occurs in the consumer goods market in Makassar, which causes price changes and market instability. This study is unique in a local context by…
emphasizing the real interaction between demand and supply as a factor that affects the market balance at the regional level. The purpose of this study is to investigate the impact of demand and supply on the balance of the consumer goods market in Makassar. This study adopts a quantitative approach by using primary data from 250 respondents, consisting of 200 consumers and 50 traders with questions using a five-point Likert scale. Data analysis is carried out with multiple linear regression using SPSS version 25, as well as involving validity testing, reliability and classic assumption testing. Research findings show that the demand and supply variables have a positive and significant effect on the market balance with an Adjusted R² of 0.285. Together, the two variables explain 28.5% variation in market balance. This result shows that the increase in demand and the availability of the supply of consumer goods are the key to maintaining price stability in the local market.
Abstract:This research is motivated by the consequences of the raw material ordering method which is still subjective, namely based on visual estimates without a structured system. This results in The coral experiencing a decrease…
e in revenue and losses. The purpose of this study is to find out how the inventory management system at The coral in Fodo Village, Gunungsitoli City, To find out the application of the Just-In-Time method in the potato raw material inventory management system increases the efficiency of producing French fries, To find out how the effectiveness of the Just-In-Time method in reducing raw material waste and ensuring optimal raw material availability for producing French fries at The coral. This study uses a quantitative research approach, namely a research method that emphasizes objective measurements and statistical analysis of numerical data to test the established hypothesis. This study uses a company method approach and a just-in-time method that aims to test the independent and dependent variables between the company method and the just-in-time method. Thus, from the comparison of the two methods above, it can be concluded that purchasing raw potato raw material inventory using the just-in-time method at The coral can minimize raw material inventory according to production needs, to avoid damage to raw material stocks that affect the quality of raw materials such as potatoes that are easily damaged.
Abstract:This study aims to analyze the effect of Procedural Justice on Organizational Citizenship Behaviour (OCB) through Perceived Organizational Support (POS) among hotel employees in Makassar City. The research is motivated by…
y the declining extra-role behaviors of employees, which affect service quality, allegedly driven by perceived procedural injustice and low organizational support. Using a quantitative approach and Partial Least Squares Structural Equation Modeling (PLS-SEM), data were collected through questionnaires from employees of three- to five-star hotels. The results reveal that Procedural Justice has a positive and significant effect on both POS and OCB, directly and indirectly. Moreover, POS functions as both a mediator and a moderator, strengthening the relationship between procedural justice and OCB. The R² and Q² values indicate a high explanatory and predictive relevance, while the Goodness of Fit Index confirms the empirical adequacy of the model. These findings support the Social Exchange Theory (Blau, 1964) and Organizational Support Theory (Eisenberger et al., 1986), asserting that fairness and organizational support foster reciprocal relationships that motivate employees to engage in voluntary, extra-role behaviors. This study contributes theoretically by extending the application of social exchange theory within the hospitality context and provides practical implications for hotel management to enhance procedural justice and organizational support as strategies to improve employees’ organizational citizenship behaviour.
Abstract:This study aims to analyze the effectiveness of the Government Business Incubators in encouraging the growth of MSMEs in Makassar City. Using a qualitative approach and case study research design, this study explores the…
experiences and perceptions of MSME actors and incubator managers regarding the impact of incubation on their business development. Data were collected through in-depth interviews, participant observation, and documentation related to the incubation program run by Makassar Technopark and Makassar City Business Incubator. The results of the study indicate that business incubators have a positive impact on improving managerial skills, wider market access, and strong business networks for MSMEs. However, there are challenges related to the suitability of training materials to the needs of specific sectors, difficulties in accessing capital, and limited time that MSME actors can invest in participating in the incubation program. Lack of ongoing mentoring after the incubation is complete is also one of the obstacles faced by business actors. Therefore, this study recommends adjusting the incubation program to be more relevant to the needs of each MSME sector, as well as increasing post-incubation support to ensure business sustainability.