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Harga emas dunia merupakan faktor eksternal yang berpotensi memengaruhi kinerja keuangan perusahaan pertambangan emas, namun hubungan keduanya tidak selalu bersifat linear mengingat kompleksitas struktur bisnis dan biaya perusahaan. Penelitian ini bertujuan menganalisis secara komparatif tren harga emas dunia dengan profitabilitas PT Aneka Tambang Tbk periode 2021–2025 menggunakan metode deskriptif kuantitatif dengan pendekatan komparatif tren. Data bersumber dari laporan keuangan konsolidasian audited PT Aneka Tambang Tbk tahun 2021–2025 serta data harga emas rata-rata tahunan yang diterbitkan oleh World Gold Council, dengan indikator profitabilitas Return on Assets (ROA) dan Net Profit Margin (NPM). Hasil penelitian menunjukkan bahwa harga emas mengalami kenaikan akseleratif dari USD 1.793,38 menjadi USD 3.518,43 per troy ounce dengan pertumbuhan kumulatif 96,2%, sementara profitabilitas perusahaan bergerak fluktuatif dengan puncak tertinggi pada 2025. Analisis komparatif terhadap empat fase pergerakan menunjukkan hubungan yang tidak konsisten dan non-linear, di mana dua fase bergerak searah, satu fase berlawanan, dan satu fase bersifat parsial, yang disebabkan oleh fluktuasi volume penjualan, ekspansi aset yang belum produktif, dan lonjakan beban pokok pembelian logam mulia dari pihak ketiga. Penelitian ini mengimplikasikan bahwa analisis profitabilitas perusahaan pertambangan perlu mempertimbangkan struktur biaya, strategi pengadaan, dan keputusan investasi secara simultan, tidak cukup bertumpu pada pergerakan harga komoditas semata.

The development of digital financial technology has accelerated the transition from cash-based to cashless payment systems across various economic sectors, including traditional markets. One of the most widely adopted innovations is the Quick Response Code Indonesian Standard (QRIS), which offers convenience, speed, and security in financial transactions. This study aims to analyze the role of digital financial literacy in supporting the utilization of QRIS and its implications for the profitability and business sustainability of traditional market traders in Surabaya. The study employed a descriptive qualitative approach, with data collected through observation and documentation of traders' transaction activities. The findings indicate that the utilization of QRIS among traditional market traders remains suboptimal. This condition is influenced by limited digital financial literacy, insufficient technological skills, and the readiness of business owners to adopt digital payment systems. In addition, concerns regarding transaction security and limited technological competence, particularly among elderly traders, remain significant barriers to digital transformation. Nevertheless, digital financial literacy has been shown to improve transaction efficiency, facilitate financial record-keeping, reduce transaction errors, and support more effective business management. Therefore, strengthening digital financial literacy is a strategic factor in optimizing QRIS adoption to enhance profitability and ensure the long-term sustainability of traditional market businesses in the digital economy.

The stock market is a place to buy shares for profit. In Indonesia, energy stocks are highly unpredictable because global commodity prices change constantly. This study examines what affected energy stock returns in 2024, focusing on trading volume, price swings, company profits, and cash flow. Using financial reports and statistical analysis, all these factors were tested together and individually. The results show that combined, all these factors do affect stock returns. However, when looked at one by one, only the company's net profit truly matters to investors. On the other hand, busy trading, daily price swings, and cash flow have no impact at all. In fact, all the factors studied only account for 14% of stock return movements, while the remaining 86% is driven by other outside forces. In conclusion, for those looking to invest in energy stocks, the most important thing to watch is the company's ability to generate net profit, rather than just looking at how busy daily transactions are in the market.

This study examines how profitability affects company value among manufacturing firms included in the LQ45 index during the 2023–2025 period, with debt policy serving as a moderating variable. Increasing business competition encourages companies to improve their financial performance and market value to attract investors and maintain long-term sustainability. A quantitative research approach with a causal research design was employed to analyze the relationship between the variables. The study used secondary data obtained from audited annual financial statements published on the Indonesia Stock Exchange. Data analysis was conducted using Moderated Regression Analysis (MRA) with the assistance of SPSS version 26. The results indicate that profitability has a significant positive effect on firm value, suggesting that higher profitability enhances investor confidence and contributes to higher market valuations. Furthermore, debt policy significantly moderates the relationship between profitability and firm value by strengthening the influence of profitability. The coefficient of determination increased from below thirteen percent to more than sixty-three percent after including the moderating variable. These findings demonstrate that effective debt management combined with strong profitability contributes to higher firm value and supports sustainable corporate growth and long-term investor confidence.

Penelitian ini bertujuan untuk menganalisis pengaruh struktur modal terhadap nilai perusahaan, menganalisis pengaruh profitabilitas terhadap nilai perusahaan, serta menganalisis pengaruh likuiditas terhadap nilai perusahaan pada perusahaan manufaktur sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2022–2024. Jenis penelitian yang digunakan adalah penelitian kuantitatif dengan pendekatan asosiatif. Populasi penelitian mencakup seluruh iverusahaan manufaktur sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2022–2024 yang berjumlah 83 perusahaan. Sampel penelitian sebanyak 48 perusahaan yang dipilih melalui iverusa purposive sampling berdasarkan kriteria iv erusahaan yang terdaftar secara berturut-turut selama periode penelitian, mempublikasikan laporan keuangan secara lengkap, tidak mengalami kerugian selama periode penelitian, serta memiliki data yang sesuai dengan variabel penelitian. Jenis data yang digunakan adalah data sekunder yang bersumber dari laporan keuangan tahunan perusahaan yang dipublikasikan melalui situs resmi Bursa Efek Indonesia. Teknik pengumpulan data dilakukan melalui metode dokumentasi dengan mengakses dan mencatat data keuangan yang relevan. Analisis data menggunakan analisis regresi data panel dengan bantuan aplikasi Eviews melalui uji pemilihan model yang meliputi uji Chow, uji Hausman, dan uji Lagrange Multiplier untuk menentukan model yang paling sesuai. Hasil penelitian menunjukkan bahwa struktur modal yang diproksikan dengan Debt to Equity Ratio (DER) berpengaruh terhadap nilai perusahaan, yang menunjukkan bahwa komposisi penggunaan utang dan ekuitas dalam pendanaan perusahaan dapat memengaruhi persepsi investor terhadap kinerja dan prospek perusahaan. Profitabilitas yang diproksikan dengan Net Profit Margin (NPM) juga berpengaruh terhadap nilai perusahaan, yang mengindikasikan bahwa semakin tinggi kemampuan iverusahaan dalam menghasilkan laba maka semakin tinggi pula nilai perusahaan karena meningkatnya kepercayaan investor terhadap kinerja perusahaan. Sementara itu, likuiditas yang diproksikan dengan Current Ratio (CR) tidak berpengaruh signifikan terhadap nilai perusahaan, yang menunjukkan bahwa kemampuan perusahaan dalam memenuhi kewajiban jangka pendek belum tentu menjadi pertimbangan utama bagi investor dalam menilai perusahaan pada sektor makanan dan minuman.

Nilai perusahaan merupakan salah satu indikator utama yang mencerminkan tingkat keberhasilan manajemen dalam mengelola sumber daya keuangan perusahaan. Beberapa penelitian menyebutkan bahwa likuiditas, profitabilitas, dan leverage memiliki pengaruh terhadap niali perusahaan. Penelitian ini menggunakan pendekatan kuantitatif dengan metode penelitian asosiatif kausal, yaitu penelitian yang bertujuan untuk mengetahui hubungan dan pengaruh antara dua variabel atau lebih.  Berdasarkan hasil penelitian dan pembahasan mengenai pengaruh likuiditas, profitabilitas, dan leverage terhadap nilai perusahaan menunjukkan Likuiditas berpengaruh positif dan signifikan terhadap nilai perusahaan. Profitabilitas berpengaruh positif dan signifikan terhadap nilai perusahaan. Leverage tidak berpengaruh signifikan terhadap nilai perusahaan. Likuiditas, profitabilitas, dan leverage secara simultan berpengaruh signifikan terhadap nilai perusahaan.

This study aims to analyze the effect of profitability and liquidity on firm value in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period. The study was motivated by inconsistencies in previous research results regarding the influence of profitability and liquidity on firm value. Profitability was measured using Return on Assets (ROA), liquidity was measured using Current Ratio (CR), while firm value was measured using Price to Book Value (PBV). This research employed a quantitative approach using secondary data obtained from company financial statements. The sampling technique used purposive sampling with a total sample of 9 manufacturing companies during the research period. The data analysis methods included descriptive statistical analysis, classical assumption tests, multiple linear regression analysis, coefficient of determination test (R²), partial test (t-test), and simultaneous test (F-test) using SPSS software. The results showed that company profitability tended to be stable although several companies experienced performance fluctuations, while liquidity levels showed considerable variation among companies. Based on the partial test results, profitability (ROA) did not have a significant effect on firm value with a significance value of 0.765 (>0.05), while liquidity (CR) had a significant negative effect on firm value with a significance value of 0.011 (<0.05). Simultaneously, profitability and liquidity had a significant effect on firm value with an F-test significance value of 0.020 (<0.05). The coefficient of determination (R²) value of 0.169 indicates that profitability and liquidity were able to explain 16.9% of the variation in firm value, while the remaining 83.1% was influenced by other factors outside the study. This research is expected to contribute to the development of financial management knowledge and serve as a consideration for investors and companies in decision-making.

The background of this study was the fluctuation in net profit and the changes in current assets and current liabilities, which indicated an imbalance in the management of working capital at PT Hanjaya Mandala Sampoerna Tbk during the 2020–2024 period). This study aimed to analyze the company's working capital and profitability, which were measured using the Gross Profit Margin (GPM), Net Profit Margin (NPM), Return on Assets (ROA), and Return on Equity (ROE) ratios. This study employed a descriptive research design with a quantitative approach.. The data consisted of the company's financial statements for the 2020–2024 period, which were obtained from the Indonesia Stock Exchange and the company's official website.. The results showed that the company's working capital remained positive but tended to decline, indicating a less favorable condition . The company's profitability was generally categorized as good, although the Gross Profit Margin was still considered less satisfactory.

Financial reiporting timeilineiss is a cruicial eileimeint that seirveis as a signal of information quiality for inveistors in making inveistmeint deicisions, eispeicially in strateigic seictors suich as thei food and beiveiragei induistry, which has high volatility. This stuidy aims to eixaminei and analyzei thei eiffeict of Profitability on Auidit Reiport Lag with thei Auidit Committeiei as a modeirating variablei in companieis in thei Food and Beiveiragei suib-seictor listeid on thei Indoneisia Stock Eixchangei (IDX) for thei peiriod 2020–2024. This stuidy uiseis a quiantitativei cauisality approach with seicondary data from annuial financial reiports and indeipeindeint auiditor reiports. Thei sampling teichniquiei uiseid puirposivei sampling, which produiceid a samplei of 48 companieis with a total of 240 obseirvations oveir fivei yeiars of obseirvation. Data analysis was peirformeid uising Paneil Data Reigreission with thei seileicteid Random Eiffeict Modeil (REiM) and Modeirateid Reigreission Analysis (MRA) uising EiVieiws 12 softwarei. Thei reisuilts show that profitability has a neigativei and significant eiffeict on auidit reiport lag, meianing that thei higheir a company's profitability, thei shorteir thei duiration of its auidit compleition beicauisei manageimeint is eincouirageid to conveiy “good neiws” to thei puiblic. Conveirseily, thei auidit committeiei, proxieid by thei nuimbeir of meimbeirs, has no significant eiffeict on auidit reiport lag. Fuirtheirmorei, thei MRA teist reisuilts provei that thei Auidit Committeiei is uinablei to modeiratei thei reilationship beitweiein Profitability and Auidit Reiport Lag. This finding has important implications that thei eiffeictiveineiss of suipeirvision in acceileirating thei auidit proceiss is not soleily deiteirmineid by thei quiantity or nuimbeir of Auidit Committeiei meimbeirs, buit is morei influieinceid by quialitativei aspeicts suich as compeiteincei, accouinting eixpeirtisei, and thei indeipeindeincei of meimbeirs in carrying ouit theiir suipeirvisory fuinctions

This study aims to analyze the effect of profitability, company size, and type of public accounting firm on Key Audit Matters (KAM), with audit fees as a moderating variable in manufacturing sector companies listed on the Indonesia Stock Exchange for the 2022–2024 period. This study used a quantitative approach with a purposive sampling method. Data were obtained from audited financial statements and annual reports published on the official Indonesia Stock Exchange website. The study sample consisted of 67 companies, with a total of 201 observations. Data analysis techniques used included descriptive statistical analysis, classical assumption tests, multiple linear regression, and Moderated Regression Analysis (MRA). The results showed that profitability had a significant negative effect on KAM disclosure, while company size had a significant positive effect on KAM disclosure. The type of public accounting firm showed a significant negative effect on KAM disclosure. Furthermore, audit fees did not moderate the relationship between profitability and KAM, but they did moderate the relationship between company size and type of public accounting firm on KAM disclosure. This study demonstrates that company and auditor characteristics play a significant role in determining the disclosure of Key Audit Matters in the independent auditor's report.

This study aims to examine the effect of working capital efficiency and leverage on profitability and its implications for firm value in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2025 period. The post-COVID-19 pandemic condition has increased operational risks for manufacturing companies due to fluctuations in interest rates, exchange rates, cash management, inventories, and receivables. Therefore, companies are required to implement more effective financial strategies to maintain competitiveness. Profitability is positioned as an intervening variable because previous studies showed inconsistent results regarding the relationship between working capital efficiency, leverage, profitability, and firm value. This research uses a quantitative approach with path analysis to examine direct and indirect relationships among variables. The population consists of all manufacturing companies listed on the IDX, while the sample includes 45 companies selected from 270 firms using purposive sampling based on specific criteria, such as consistent listing and financial performance. The results indicate that working capital efficiency has a significant positive effect on profitability, leverage has a significant negative effect on profitability, profitability significantly increases firm value, and profitability fully mediates the effect of working capital efficiency and leverage on firm value. These findings provide theoretical and practical implications for managers and investors in financial decision-making.

This study examines how solvency, profitability, liquidity, and operating costs are affected by book-tax differences (BTD) among property and real estate companies listed on the Indonesia Stock Exchange from 2022 to 2024. One key indicator of financial reporting transparency is BTD, which reflects the difference between accounting and taxable income. This is particularly relevant for the property sector, which contributes Rp185 trillion to national tax revenue. The results of the study, conducted using the Random Effects Model panel data regression method with 93 observations from 31 companies, show that solvency (DER) has a significant effect on BTD, while profitability (ROA) also has a significant effect, indicating that companies with high profits tend to engage in more aggressive tax planning practices and financial reporting strategies. On the other hand, liquidity and operating costs do not have a significant impact on corporate tax reporting behavior. 98% of the variation in BTD can be explained by the model.

The consumer non-cyclical sector in Indonesia has continued to demonstrate a growing contribution to the national economy,given that this sector is directly related to the provision of goods needed by the community on a daily basis. This study aims to determine the partial effects of Sales Growth, Asset Structure, Company Size, and Profit on Capital Structure. The population determination technique used non-probability sampling, specifically purposive sampling, with a research pupulation of 129 companies in the non-cyclical consumer sector and a research sample of 74 companies in the non-cyclical consumer sector, with analysis using multiple linear regression through SPSS version 27 and Microsoft Office 2024. The results indicate that Sales Growth does not affect Capital Structure, Asset Structure has a positive and significant effect on Capital Structure, Company Size does not affect Capital Structure, and Profitability has a negative and significant effect on Capital Structure

This study aims to analyze the influence of profitability and capital structure on firm value, taking into account the role of financial condition as a mediating variable and corporate governance as a moderating variable. The main variables used include profitability (ROA), capital structure (DER), financial condition (Altman Z-score), firm value (Tobin’s Q/PBV), and independent commissioners as a moderating variable. This study employs a quantitative approach using secondary data analyzed via regression models, moderation tests, and the Sobel mediation test. The study was conducted on 45 companies from the property and real estate sectors that met the sample criteria, covering the period from 2019 to 2024. The results indicate that profitability does not significantly affect financial condition or firm value. Conversely, capital structure has a significant negative effect on financial condition but a significant positive effect on firm value. Furthermore, independent commissioners were found to mitigate the negative impact of capital structure on financial health. This study contributes by integrating mediation and moderation roles into a single model, and demonstrates that the relationship between financial variables and firm value is complex and contextual. These findings have implications for management and investors in understanding the importance of managing capital structure and financial health, and reinforce the role of corporate governance in risk management.

This study aims to analyze the effects of profitability, leverage, liquidity, firm size, and the audit committee on sustainability reporting in energy-sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. This research is motivated by the increasing demand for corporate transparency and accountability regarding economic, environmental, and social impacts. The study uses secondary data from annual reports and sustainability reports, employing purposive sampling. The data were analyzed using multiple linear regression, corrected with the Newey-West method to account for violations of classical assumption tests. The results show that profitability, firm size, and the audit committee have positive and significant effects on sustainability reporting, while liquidity has a negative and significant effect. Meanwhile, leverage does not affect sustainability reporting. These findings support stakeholder theory, which posits that companies with strong financial performance and effective governance tend to enhance the disclosure of sustainability information. This study is expected to inform management and investors in their decision-making.

This study aims to analyze the relationship between salaries, allowances, and employee productivity on company profitability. Human resources are an important factor in determining organizational success because employee quality and performance directly influence the achievement of company goals. Providing appropriate compensation, including salaries and allowances, can increase employee motivation, job satisfaction, and loyalty, thereby encouraging higher work productivity. High productivity reflects the company’s ability to utilize resources effectively and efficiently in order to produce optimal output. In addition, employee turnover is an important aspect that must be considered because it may affect operational stability and the company’s effectiveness in achieving business targets. Profitability is used as the main indicator to assess the company’s ability to generate profits from its operational activities. This study applies a quantitative method with an approach that examines the relationships among variables to obtain an overview of the influence of compensation and productivity on company profitability. The results of this study are expected to provide insights and recommendations for companies in managing human resources more effectively in order to improve financial performance sustainably.

This study was conducted to determine the effect of profitability and cost of debt on tax avoidance in wholesale trading companies from 2018 to 2021. The population in this study was 53 companies spanning a four-year period. The sample size used in this study was 49 from a population of 212. The sampling technique used was non-random sampling, with criteria being determined for sample selection. Testing was conducted using descriptive statistics, classical assumption tests, outlier tests, and multiple linear regression. The results showed that profitability and cost of debt had a significant positive effect on tax avoidance, accounting for 19.3% of the total, with the remainder coming from other variables. Partially, profitability had a significant negative effect on tax avoidance, meaning that an increase in profitability would decrease tax avoidance. Meanwhile, the cost of debt had an insignificant negative effect on tax avoidance, meaning that the higher the cost of debt, the higher the tax avoidance

Amid intense market competition, the profitability of manufacturing companies is not solely determined by sales volume but is highly dependent on the precision of financial management, particularly in managing the working capital cycle and operating cash flow circulation. This study aims to evaluate the relationship between Working Capital Turnover (X1) and Operating Cash Flow (X2) on Profitability (Y) in consumer goods industry companies listed on the Indonesia Stock Exchange during the 2022–2024 period. Using a quantitative approach and multiple linear regression analysis, this study processes 77 observations that have passed purposive sampling and outlier testing. The partial test results reveal contrasting findings: Working Capital Turnover (X1) does not have a significant effect on profitability, while Operating Cash Flow (X2) is proven to be a strong positive determinant. However, simultaneously, both variables have a significant influence on the financial performance of companies (Fhitung 24,008 > Ftabel 3,08), with operating cash flow acting as the dominant driving factor of profit. The implications of these findings emphasize that to maintain profit stability, management should prioritize the availability of cash generated from core operations, while investors should be more attentive to cash flow trends as an indicator of fundamental financial health before making investment decisions.

Investment decisions in pharmaceutical manufacturing companies listed on the Indonesia Stock Exchange (IDX) are influenced by fundamental analysis and stock price fluctuations. Stock prices reflect market perceptions shaped by profitability, liquidity, and capital structure. This study examines the effects of Return on Assets (ROA), Current Ratio (CR), and Debt-to-Equity Ratio (DER) on stock prices, both partially and simultaneously. Using a quantitative approach, the study analyzes secondary data from audited financial statements and stock prices of 12 pharmaceutical companies during 2022–2024, totaling 36 observations. Panel data regression with EViews 12 is applied. Results show that ROA and DER have positive and significant effects on stock prices, while CR has a negative but insignificant effect. Simultaneously, all three variables significantly influence stock prices, with an adjusted R² of 73%, indicating strong explanatory power. Profitability (ROA) is the most influential factor, followed by capital structure (DER), while liquidity (CR) shows no significant impact.

One of the most actively traded and liquid stock groups in the capital market is the LQ45 index, which consistently attracts investor attention due to its strong market capitalization and transaction volume. This study aims to analyze the influence of financial performance and financial management strategies on firm value among companies listed in the LQ45 index on the Indonesia Stock Exchange during the 2018–2022 period. The study population consisted of 73 LQ45-indexed companies, with purposive sampling used to select 23 companies that met the research criteria. This research employed a quantitative approach using path analysis to examine both direct and indirect relationships among variables. The findings indicate that profitability and leverage have a positive and significant effect on firm value. In addition, profitability and leverage also positively influence firm size, indicating that companies with stronger profitability and effective debt management tend to expand their operational scale. However, firm size does not significantly affect firm value and is unable to mediate the relationship between profitability, leverage, and firm value. These results suggest that investors place greater emphasis on profitability and leverage indicators than company size when evaluating firm value in LQ45 companies. Therefore, effective financial performance remains the primary factor in enhancing corporate value and investor confidence.