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This study examines the efficiency of financial ratios in assessing corporate performance across countries. Although financial ratios are widely used as concise indicators of profitability, liquidity, solvency, and market value, their interpretive accuracy may vary across institutional, regulatory, financial, and macroeconomic environments. The objective of this study is to conceptually evaluate whether financial ratios can function as universally comparable performance measures in heterogeneous cross-country settings. Using a qualitative literature-based method, this study synthesizes prior findings on financial ratio analysis, financial statement comparability, market efficiency, regulatory enforcement, and macroeconomic stability. The findings indicate that profitability, liquidity, solvency, and market-based ratios are context-dependent indicators rather than universally stable measures. Their efficiency is influenced by accounting standards, audit quality, leverage norms, tax systems, capital market maturity, and macroeconomic volatility. The study proposes a contextual framework for interpreting financial ratios according to their sensitivity to national conditions. The implication is that researchers, analysts, and investors should combine ratio analysis with institutional and macroeconomic diagnostics to reduce biased performance interpretation in cross-country corporate evaluation.

Indonesia's increasing economic growth has intensified competition in the business world, particularly in the Indonesian banking sector, from conventional to sharia-compliant. Furthermore, the entry of foreign banks has made business activities in Indonesia increasingly complex. The stock market is a crucial source of funding for companies. Publicly listed companies can increase their funding sources by selling ownership in the capital market. Dividends are the distribution of company earnings to shareholders in the form of cash, assets, or other forms. Dividend policy is a policy for sharing company profits with shareholders, which is announced in the form of dividends and retained earnings for the benefit of company growth. The proportion of dividends distributed to shareholders depends on the company's profitability and dividend policy. The percentage of profits distributed to shareholders in the form of dividends is called the Dividend Payout Ratio.Differences in calculations in determining financial ratios in banking companies are an interesting focus in this study. The study results show quite significant results between financial ratios and managers' decisions in making dividend policy decisions. In the future, the results of this study are expected to be a consideration and reference for investors who want to enter the world of investment, especially in the banking sector.

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.

 This study was conducted to evaluate the influence of Total Asset Turnover (TATO), Debt to Equity Ratio (DER), and Net Profit Margin (NPM) in predicting stock return fluctuations. The study focuses on retail sector issuers listed on the Indonesian Stock Exchange (IDX) between 2021 and 2024. Through the application of panel data regression analysis, the study determined that the Common Effects Model (CEM) is the most appropriate estimation method. This decision was made based on a series of tests including the Chow Test and the Lagrange Multiplier. Although classical assumption testing showed symptoms of heteroscedasticity, this problem was addressed using the EGLS (cross-sector weighting) Panel method to ensure the validity of the estimates. Based on partial testing, it is found that TATO and NPM variables have a positive and significant contribution to stock returns, while DER is found to have no significant effect. Collectively, all independent variables had a significant effect, with the Adjusted R-Square value reaching 27.80%. This indicates that for investors in the retail sector, profitability and operational efficiency are important indicators in making investment decisions.

This study aims to analyze the financial distress condition of PT Garuda Indonesia (Persero) Tbk during the period 2015–2024 using the Springate and Grover models. The research employs a quantitative descriptive approach with secondary data obtained from the company’s annual financial statements. Financial distress analysis is conducted by calculating financial ratios included in each model to describe the company’s financial condition over the observation period. The results indicate that PT Garuda Indonesia (Persero) Tbk experienced financial distress during several periods, particularly before and during the COVID-19 pandemic, which was reflected in weakened liquidity, declining profitability, and reduced efficiency in asset utilization. However, following the financial restructuring process after 2021, both the Springate and Grover models show an improvement in the company’s financial condition, indicating a transition toward a more stable non-distress status. Although the Springate and Grover models use different financial indicators and classification approaches, both are able to descriptively capture the dynamics of financial distress experienced by the company. The differences in classification results reflect the distinct focus of each model, where the Springate model is more sensitive to liquidity and operational performance, while the Grover model emphasizes asset profitability. Therefore, the combined use of both models provides a more comprehensive overview of the financial distress condition of PT Garuda Indonesia (Persero) Tbk during the research period.

This study aims to analyze the effect of the Debt to Equity Ratio (DER) on Return on Assets (ROA) at PT Sumber Alfaria Trijaya Tbk during the period 2015–2025. This research uses a quantitative approach with an associative method to examine the relationship between the independent and dependent variables. The data used are secondary data obtained from the company’s quarterly financial statements over the research period, with a total sample of 44 observations selected using a saturated sampling technique. The data analysis methods applied in this study include classical assumption tests to ensure the feasibility of the regression model, simple linear regression analysis to determine the direction and magnitude of the relationship between variables, t-test to examine the significance of the effect, and the coefficient of determination (R²) to measure the extent to which the independent variable explains the dependent variable. The results of the study show that the Debt to Equity Ratio (DER) has a negative and significant effect on Return on Assets (ROA). This is evidenced by a significance value of 0.000, which is lower than 0.05, and a t-statistic value of -8.469. The regression equation indicates that an increase in DER leads to a decrease in ROA. Furthermore, the coefficient of determination (R²) value of 0.631 shows that DER explains 63.1% of the variation in ROA, while the remaining 36.9% is influenced by other variables outside the model

This study aims to determine and analyze the effect of the Current Ratio (CR) on Return on Equity (ROE) at PT Kino Indonesia Tbk for the period 2015–2025. This research employs a quantitative approach with an associative research design. The data used are secondary data obtained from the company's annual financial statements. The data analysis techniques include classical assumption tests, simple linear regression analysis, partial t-test, and coefficient of determination (R²). The results show that the Current Ratio has a negative and significant effect on Return on Equity. This is indicated by a regression coefficient value of -0.489 and a significance value of 0.001 (< 0.05). In addition, the coefficient of determination (R Square) is 0.734, which means that 73.4% of the variation in Return on Equity can be explained by the Current Ratio, while the remaining 26.6% is influenced by other factors outside this study. These findings indicate that excessively high liquidity tends to reduce the company’s profitability, suggesting inefficient management of current assets. Therefore, companies need to maintain a balance between liquidity and profitability to improve overall financial performance

Financial performance is an important indicator for assessing the sustainability and growth prospects of a company, where a sustained negative net profit may indicate financial and operational problems (Aminah, 2015). The purpose of this study is to analyze the financial performance of PT GoTo Gojek Tokopedia Tbk for the period 2019-2023 based on NPM, ROA, and ROE. The research method used in this study is a qualitative method with a descriptive analysis approach. The data was sourced from the official website of PT GoTo Gojek Tokopedia Tbk for the period 2019-2023. The results show that all profitability ratios, namely Net Profit Margin (NPM), Return on Assets (ROA), and Return on Equity (ROE), are in an unfavorable condition and far below the standards set by Bank Indonesia (2004), namely NPM 3%–9.5%, ROA 0.5%–1.25%, and ROE 5%–12.5%. NPM was consistently negative from -276.74% (2019) to -373.12% (2023), indicating that the company has not been able to generate net income from its revenue due to high operating expenses. ROA was also negative throughout the period, ranging from -112.57% (2019) to -167.33% (2023), indicating that assets have not been utilized efficiently. Similarly, ROE recorded negative values from -162.02% (2019) to -253.41% (2023), reflecting that shareholders' capital has not been optimally managed and has not provided returns, so that overall financial performance requires a more effective financial management strategy.

This study aimed to analyze the effect of credit risk on profitability with liquidity as a mediating variable in banking companies listed on the Indonesia Stock Exchange (IDX) during 2022–2024. The study employed a quantitative approach with an explanatory research design. Secondary data were obtained from annual financial statements, and the sample consisted of 31 banking companies selected through purposive sampling from a total of 47 companies. The research variables included credit risk as the independent variable, profitability proxied by Return on Assets (ROA) as the dependent variable, and liquidity proxied by the Loan to Deposit Ratio (LDR) as the mediating variable. Data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) through the assessment of the measurement model and the structural model. The results indicated that credit risk did not affect profitability and did not affect liquidity, while liquidity affected profitability. The findings also demonstrated that liquidity did not mediate the relationship between credit risk and profitability. The study implied that liquidity management played an important role in supporting bank profitability, whereas the influence of credit risk on profitability during the study period was likely driven by other factors outside the proposed model. This study provided empirical evidence on banking performance dynamics in 2022–2024; however, generalization should have been made cautiously due to the limited observation period and the variables included.

This study aims to analyze and obtain empirical evidence regarding the effect of profitability, leverage, and sales growth on tax avoidance in energy sector companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. This research method uses a quantitative approach with secondary data in the form of annual financial reports obtained from the official IDX website and related company websites. The sampling technique used a purposive sampling method to obtain a sample of companies that met the research criteria during the observation period. The dependent variable in this study is tax avoidance, which is proxied by the Effective Tax Rate (ETR), while the independent variables consist of profitability as measured by Return on Assets (ROA), leverage as measured by the Debt to Equity Ratio (DER), and sales growth as measured by annual sales growth. The data analysis technique uses panel data regression through the stages of selecting the best model, classical assumption testing, multiple linear regression analysis, and hypothesis testing. The results of the study indicate that profitability, leverage, and sales growth simultaneously influence tax avoidance. Partially, profitability influences tax avoidance, while leverage and sales growth do not.

Dividend payment is an important financial decision that reflects a company’s performance and prospects from the perspective of investors. However, companies included in the LQ45 index still experience fluctuations in dividend payment policies from year to year. This study aims to analyze the effect of leverage, firm size, profitability, and liquidity on dividend payments of companies listed in the LQ45 index on the Indonesia Stock Exchange (IDX) during the 2023–2024 period. This research employs a quantitative approach using secondary data obtained from published financial statements. The sample was selected using a purposive sampling method, resulting in 33 companies with a total of 60 observations. Data analysis was conducted using panel data regression with the assistance of SPSS software. Leverage is measured by the Debt to Asset Ratio (DAR), firm size by the natural logarithm of total assets (LnTA), profitability by Return on Assets (ROA), liquidity by the Current Ratio (CR), and dividend payment by the Dividend Payout Ratio (DPR). The results show that leverage, firm size, profitability, and liquidity simultaneously have a significant effect on dividend payments. Partially, firm size and profitability have a positive and significant effect on dividend payments, while leverage and liquidity do not have a significant effect. These findings indicate that companies with larger firm size and higher profitability tend to have a greater ability to distribute dividends to investors.

This research analyzed the influence of liquidity, leverage, profitability, sales growth, and firm size on cash holdings. The research is quantitative, using secondary data from annual financial reports of primary consumer industries listed on the Indonesia Stock Exchange from 2022 to 2024. Liquidity is measured by the Current Ratio, which is calculated as current assets divided by current liabilities. Leverage, proxied by the Debt-to-Equity Ratio, is measured by total liabilities divided by total equity. Profitability, proxied by Net Profit Margin, is calculated using the formula operating profit divided by sales. Sales Growth is measured as the current total sales minus the previous total sales, divided by the previous total sales, expressed as a %. Firm Size is proxied by the natural logarithm of total assets. Meanwhile, Cash Holding is measured by cash and cash equivalents divided by total assets. This research was conducted using a sample of 174 data points from 58 companies; outliers were removed, resulting in 159 data points from 53 companies. The sampling was done using purposive sampling. The research results indicate that liquidity has a positive effect on cash holding. Leverage has a negative effect on cash holding. Profitability has a positive effect on cash holding. Sales growth has a positive effect on cash holdings. Firm size has a positive effect on cash holding.

This research review identifies and analyzes the potential of Romaine lettuce (Lactuca sativa var. longifolia) cultivation using the Nutrient Film Technique (NFT) in greenhouse environments as a high-value horticultural commodity. Horticulture is a strategic sector in Indonesia for improving farmer welfare and meeting the growing demand for healthy food. Conventional farming faces challenges such as land conversion, climate instability, and high pesticide residues. This study examines how the NFT hydroponic system serves as an innovative solution by providing controlled environments that enhance growth and quality. Findings indicate that Romaine lettuce grown via NFT achieves higher productivity and faster harvest cycles, with a feasibility study showing an R/C ratio of 2.40, indicating high profitability. Furthermore, the integration of controlled environment agriculture supports urban farming initiatives and mitigates risks from climate change and pests. This review concludes that adopting NFT technology is essential for developing a sustainable, efficient, and high-quality agricultural system in Indonesia, particularly in urban areas with limited space.

The implementation of PSAK 73, which adopted IFRS 16, brought fundamental changes to lease financial reporting, triggering various challenges for financial performance and corporate policy. The primary issue examined in this literature was the impact of lease capitalization on financial ratios, dividend policy, and potential earnings management. The overall objective of this study was to evaluate the differences in financial performance before and after the implementation of the new standard, as well as to identify the determinants of dividend policy across various sectors. The dominant method employed was a quantitative approach using comparative analysis and panel data regression on companies listed on the Indonesia Stock Exchange. Key findings indicated that the implementation of PSAK 73 significantly increased total assets and liabilities (leverage), yet tended to decrease profitability ratios such as Return on Assets (ROA) and Return on Equity (ROE). Furthermore, dividend policy was found to be significantly influenced by profitability and the new capital structure resulting from lease capitalization  

The purpose of this study is to analyze the effect of liquidity, asset efficiency, and capital structure on profitability in pharmaceutical manufacturing companies listed on the Indonesia Stock Exchange, using Return on Invested Capital (ROIC) as an investment-based profitability indicator. This research employs secondary data from the annual financial statements of pharmaceutical manufacturing companies over a specific period, with multiple linear regression analysis and robust models to ensure model feasibility. The results indicate that liquidity has no effect on profitability. Asset efficiency has a significant negative effect, reflecting the characteristics of the pharmaceutical industry with its high asset intensity. Capital structure has a significant positive effect on profitability, suggesting that measured use of debt can enhance the company’s return on investment. These findings provide theoretical contributions by enriching the literature on investment-based profitability determinants and practical implications for corporate management, investors, and stakeholders in understanding internal factors that influence the financial performance of pharmaceutical companies in Indonesia.

Tax is a major source of government revenue; however, tax avoidance remains a significant issue, particularly in the property and real estate sector, which is characterized by high growth and complex financial structures. This study examines the effects of leverage, profitability, and sales growth on tax avoidance, with firm size as a moderating variable. The study employs a quantitative approach, using secondary data from the annual financial statements of property and real estate companies listed on the Indonesia Stock Exchange for the 2020–2024 period. The sample was selected using purposive sampling, and the data were analyzed using panel data regression techniques. Tax avoidance is proxied by the Cash Effective Tax Rate, leverage is measured by the Debt-to-Equity Ratio, profitability is measured by Return on Assets, sales growth is calculated as the annual change in sales, and firm size is measured using the natural logarithm of total assets. The results indicate that leverage and profitability significantly affect tax avoidance, whereas sales growth does not. Firm size is found to moderate the relationship between leverage and tax avoidance as well as between profitability and tax avoidance, but it does not moderate the relationship between sales growth and tax avoidance. The novelty of this study lies in the inclusion of sales growth as an independent variable and the positioning of firm size as a moderating variable within the property and real estate sector during the post-pandemic period. These findings provide practical implications for corporate tax management strategies and offer insights for regulators in strengthening tax supervision based on firm characteristics.

The objective of this study is to examine the effects of profitability, liquidity, leverage, and asset growth on dividend policy among food and beverage companies listed on the IDX during 2020-2023. The dependent variable in this study is dividend policy, specifically the proxy dividend payout ratio (DPR). The independent variables, including profitability as measured by return on equity (ROE), liquidity as measured by the current ratio (CR), leverage as measured by the debt-to-equity ratio (DER), and asset growth as measured by the asset growth proxy (Growth), will also be examined. The data collection process used secondary data and employed purposive sampling. The study’s initial population included 95 samples; however, after applying the criteria, 17 were found relevant. The methods used in this study include descriptive statistical analysis, classical assumption test, hypothesis testing, and multiple linear regression analysis. The study’s results suggest that profitability, liquidity, and leverage may have simultaneous effects on dividend policy. It appears that profitability and liquidity may positively affect dividend policy, while leverage may negatively affect it, and asset growth may have no effect. It is hoped that the results of this study will provide a useful reference point for management and other relevant parties as they plan dividend policy, maintain business continuity, and make investment decisions.

Local fashion businesses require accurate production cost calculations to ensure appropriate and sustainable pricing decisions. Problems often faced by small businesses is determining selling prices without comprehensive calculation of the cost of production. This study aims to analyze the calculation of the cost of production as the basis for determining the selling price at Voraya Wear, a student-based local fashion business developed through the Student Creativity Program (PKM). The research used a descriptive quantitative approach with direct practice methods. Data were collected through observation, documentation, and financial records, then analyzed using the full costing method to calculate the cost of production and the cost-plus pricing method to determine the selling price. The results show that the total production cost was Rp1,831,064 for 24 units, resulting in a unit cost of Rp65,757 for shirts and Rp86,832 for pants. By applying a profit margin of 30–40%, the business generated total revenue of Rp2,520,000 and a net profit of Rp688,936. These findings indicate that accurate cost calculation supports rational pricing decisions and ensures business profitability and sustainability.

This study aims to analyze the financial performance of PT Aviasi Pariwisata Indonesia (Persero), commercially known as Injourney the state-owned enterprise (BUMN) holding company for the aviation and tourism sectors during the 2021-2024 period. Performance is measured using liquidity ratios (Current Ratio, Cash Ratio), solvency ratios (Debt to Asset Ratio, Debt to Equity Ratio), activity ratios (Total Asset Turnover), and profitability ratios (Net Profit Margin, Return on Equity) compared against industry standards. This research employs a descriptive quantitative approach. The data utilized is secondary data sourced from the published financial statements of PT Aviasi Pariwisata Indonesia (Persero). The results indicate varied liquidity performance, with an average Current Ratio of 97.82% (below the 200% benchmark, categorized as poor) and a Cash Ratio of 63.03% (above 50%, categorized as good). Solvency performance is underperformed, with an average DAR of  and DER of, reflecting a high reliance on debt. Activity performance is identified as inefficient with an average TATO of 0.199 times (<2 times), while profitability remains negative on average with an NPM of and ROE of. Despite a significant upward trend in performance improvement, the company's overall financial health is considered suboptimal compared to industry standards. This condition is primarily driven by high debt burdens and low asset efficiency within the company.

This study aims to examine the effect of Asset Structure, Profitability and Sales Growth on Capital Structure at PT Industri Jamu Dan Farmasi Sido Muncul Tbk for the 2014-2024 period, both partially and simultaneously. Asset structure is measured by total assets, profitability is measured by return on assets, sales growth is measured by sales growth, and capital structure is measured by debt to equity ratio. This study is a quantitative study with an associative approach. The data used in this study are the balance sheet and income statement of PT. Industri Jamu Dan Farmasi Sido Muncul Tbk for the 2014-2024 period. The method used in this study is multiple linear regression analysis techniques, classical assumption tests, t-tests, f-tests and coefficients of determination processed using the SPSS 26 program. The results of the study show that asset structure does not affect capital structure with a calculated t value of 2.288 t table 2.365. Sales growth does not affect the capital structure with a calculated t value of -0.203 < t table 2.365. And simultaneously, Asset Structure, Profitability and Sales Growth have an influence on the Capital Structure of the Company PT Industri Jamu Dan Farmasi Sido Muncul Tbk. Proven from the results of the f test, the calculated f value is 8.083 > f table of 4.35 and the sig value is 0.011 < 0.05.