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This study aims to examine in depth the influence of financial variables consisting of Current Ratio (CR), Return on Equity (ROE), Debt to Equity Ratio (DER), and Earning per Share (EPS) on Stock Returns in primary consumer sector companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period. This study uses a quantitative approach by utilizing secondary data in the form of annual reports published through the official websites of each company and the Indonesia Stock Exchange page, so that the data used can be accounted for its validity. Sample selection was carried out through a purposive sampling technique with certain criteria resulting in 15 sample companies with a total of 75 observation data which were then analyzed using Eviews 13 statistical software. The analysis focused on partial and simultaneous relationships between variables to determine how much each factor contributed to the movement of Stock Returns. The results showed that the Current Ratio had no significant effect on Stock Returns with a probability value of 0.4079, so that company liquidity in the short term was not a major determining factor for investors. Return on Equity also did not show a significant effect with a probability value of 0.2591, indicating that the company's efficiency in generating profits from shareholder equity has not been a consistent benchmark for investment returns. Conversely, the Debt to Equity Ratio was shown to have a significant negative effect on Stock Returns with a probability value of 0.0053, meaning that the higher the company's leverage level, the greater the risk borne, thus implying a decrease in investor interest and a decrease in returns. Earnings per Share also did not have a significant effect on Stock Returns with a probability value of 0.2989, indicating that although EPS is one of the fundamental indicators, in the context of this research period its effect was inconsistent on the returns received.

This study aims to analyze how the elements of the Fraud Triangle, namely pressure, opportunity, and rationalization, influence the occurrence of financial statement fraud. Using a qualitative method with a descriptive approach and secondary data sources from relevant literature published in 2020–2025, this study examines various previous research findings related to the application of the Fraud Triangle theory in the industrial sector in Indonesia and internationally. The study results indicate that pressure, especially in the form of high financial targets and external pressure, is the dominant factor that triggers management to manipulate reports. Meanwhile, opportunity does not always have a significant impact on fraud due to the presence of effective internal control systems and external supervision. Rationalization has been proven to also drive fraudulent actions through moral justification by the perpetrators. This study concludes that the Fraud Triangle remains a relevant conceptual framework in understanding and detecting potential financial statement fraud, as well as providing implications for improving corporate governance and control systems.  

The purpose of this research is to analyze the effect of financial ratios on financial distress in Islamic Commercial Banks in Indonesia. This study uses determinants financial distress that isDebt Ratio (DR), Financing to Deposit Ratio (FDR), Non Performing Financing (NPF), Return On Equity (ROE), and Operating Expenses Operating Income (BOPO). The population of this study is all Islamic Commercial Banks in Indonesia. The sample taken is the quarterly financial reports of Islamic commercial banks for 9 periods, namely the 2016-2024 period using the purposive sampling and using panel data binary logistic regression testing techniques. Based on the research conducted, the results show that Debt Ratio (DR), Non Performing Financing (NPF), Return On Equity (ROE), and Operational Expenses Operating Income (BOPO) have an effect on financial distress. Whereas Financing to Deposit Ratio (FDR) has no effect on financial distress.

This study aims to analyze the influence of Return on Assets (ROA), Return on Equity (ROE), Debt to Equity Ratio (DER), and Earnings Per Share (EPS) on the level of underpricing in companies conducting an Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX) during 2022. Underpricing, a condition where the initial offering price of a stock is lower than its secondary market price, is a critical concern as it can affect the effectiveness of capital raising through IPOs. Using data from non-financial companies that went public in that year, this research identifies financial factors contributing to the level of underpricing and their implications for investors and companies. This study employs a quantitative descriptive research method. The objects of this research are companies that conducted IPOs on the IDX. The population consists of 57 companies, and the sample includes 52 companies that meet the specified criteria. The data analysis is conducted using SPSS software. The results show that ROA has a negative but not significant effect on underpricing, ROE has a negative but not significant effect on underpricing, DER has a negative but not significant effect on underpricing, while EPS has a positive and significant effect on underpricing. Simultaneously, ROA, ROE, DER, and EPS have a significant effect on underpricing.

This research aims to determine the total production costs, total revenue and business income, as well as the break-even point, return on investment, revenue to cost ratio, and payback period in the cultivation of vannamei shrimp (litopenaeus vannamei) over a period of 6 months. The research will be conducted from July to December 2024. It employs a quantitative analysis method with interviews and field observations to collect data. The results of this study show that the total costs incurred amount to Rp 2,370,177,864. Meanwhile, the total revenue generated is Rp 2,798,691,706 and the total business income is Rp 428,513,842. Furthermore, the financial analysis includes the Break Event Point (BEP) or break-even point obtained for this business, which is a BEP price of Rp 65,173/kg and a BEP unit of 6,376.09 Kg, the Return On Investment (ROI) for this business is 22%, the Revenue to Cost Ratio (R/C Ratio) for this business is 1.18, and the Payback Period (PP) for this business is 4.46.

The participation of Muslim families in Indonesia’s capital market remains relatively low despite increasing access to financial instruments. This low level of stock ownership highlights the need to analyze the influencing factors. This study aims to examine the effect of socio-economic factors and religiosity on stock ownership decisions among Muslim families in Indonesia. The data used are panel data from the Indonesian Family Life Survey (IFLS) for the years 2007 and 2014, consisting of 32,074 observations from 16,037 household heads. The independent variables include gender, age, household size, income, education level, marital status, social expenditures, area of residence, employment status, and religiosity. The analysis was conducted using probit regression, supported by likelihood ratio tests, goodness-of-fit measures, and marginal effects analysis. The results show that most socio-economic and religiosity variables significantly influence stock ownership decisions. These findings indicate that the investment behavior of Muslim families is shaped by a combination of structural characteristics and religious values. The implications of this study may serve as a foundation for developing contextual and inclusive financial literacy policies.  

This study aims to evaluate the financial performance of PT Jasa Marga (Persero) Tbk during the period 2021 to 2024 in an effort to assess the effectiveness of financial management within the infrastructure sector. The main focus of the study is to determine whether there has been an improvement in financial performance based on relevant financial indicators. The analysis was conducted using a descriptive quantitative approach based on the company’s published annual financial statements. The results indicate that, in general, PT Jasa Marga has experienced a significant improvement in financial performance over the past four years. This is reflected in improved liquidity, solvency, profitability, and activity ratios. The increase in toll revenue, as the company’s main source of income, along with profit growth and operational efficiency, serve as key indicators of the success of management strategies in addressing post-pandemic challenges and expanding national toll road projects. Additionally, improved debt management is evidenced by the declining leverage ratios year after year. These findings support the hypothesis that there has been an improvement in financial performance during the observation period.

This study aims to analyze financial statements as a tool to assess the financial performance of PT Unilever Indonesia Tbk for the period 2020–2023. Using a descriptive quantitative approach, this research calculates key financial ratios, including liquidity ratios (current ratio), solvency ratios (debt to equity ratio), activity ratios (total asset turnover), and profitability ratios (net profit margin). The results show that the current ratio experienced a declining trend from 66.09% in 2020 to 55.16% in 2023, reflecting a weakening ability of the company to meet its short-term liabilities. The debt to equity ratio increased from 315.90% in 2020 to 392.85% in 2023, indicating a high dependence on debt financing. Meanwhile, the total asset turnover improved from 315.90% in 2020 to 392.85% in 2023, suggesting better efficiency in utilizing assets to generate sales. However, the net profit margin declined from 16.42% in 2020 to 12.26% in 2023, signaling a decrease in the company's effectiveness in converting sales into net profit. Based on these findings, PT Unilever Indonesia Tbk is advised to enhance the management of current assets, strengthen its capital structure by reducing reliance on debt, and thoroughly evaluate cost control and marketing strategies to improve profitability and ensure business sustainability in the future.   

This study aims to evaluate the financial feasibility of tempeh production using genetically modified soybeans (Genetically Modified Organisms/GMO) at the Annisa Tempe Micro, Small, and Medium Enterprise (MSME) in Kubu Raya Regency. GMO soybeans are the preferred choice for the business owner due to their stable availability and lower price compared to local soybeans. This research employs a case study approach and utilizes investment feasibility analysis methods, including Net Present Value (NPV), Internal Rate of Return (IRR), and Net Benefit-Cost Ratio (Net B/C). The results show that the business yields an NPV of IDR 779,241,805, an IRR of 20.82%, and a Net B/C of 78.92. These indicators demonstrate that the GMO-based tempeh business at Annisa Tempe MSME is highly feasible from a financial perspective. The study also identifies key challenges such as competition in traditional markets and highlights opportunities through direct distribution and stable raw material supply. These findings are expected to serve as a reference for MSME actors, academics, and policymakers in developing sustainable GMO-based local food businesses.

The objective of this study is to examine and compare the financial performance of Islamic banks and conventional banks in Indonesia during the 2019–2023 period. This research is motivated by the rapid growth of the Islamic banking industry; however, its market share remains relatively small compared to conventional banks. The study evaluates various financial ratio indicators, including Return on Assets (ROA), Net Interest Margin (NIM), Capital Adequacy Ratio (CAR), BOPO, Non-Performing Loans (NPL), and Non-Performing Financing (NPF), using a quantitative approach and comparative method. Data were collected from the annual financial reports of several major banks selected through purposive sampling. The results of the analysis indicate that conventional banks generally outperform in terms of profitability and operational efficiency, as reflected in the ROA and BOPO ratios. On the other hand, Islamic banks demonstrate more stable financing quality and liquidity, as indicated by relatively stable NPF and FDR ratios. These performance differences stem from the distinct operational principles of the two banking systems: interest-based operations for conventional banks and profit-sharing principles for Islamic banks. The study concludes that a more comprehensive evaluation method, integrating both sharia compliance and financial elements, is essential to provide a fair and accurate assessment of bank performance. The findings are expected to be valuable for regulators, academics, and industry practitioners in formulating policies that support a more inclusive and sustainable banking system.

This study aims to analyze the profitability ratios of PT Blue Bird Tbk during 2021-2024 to evaluate its financial performance. The method used is ratio analysis, including Gross Profit Margin (GPM), Net Profit Margin (NPM), Return on Assets (ROA), and Return on Equity (ROE). The results of the analysis show that all profitability ratios have increased significantly. GPM increased from 22.24% in 2021 to 32.33% in 2024, indicating efficiency in managing production costs. NPM also increased from 0.39% to 11.8%, indicating the company's ability to maintain higher net income. In addition, ROA and ROE increased from 7.48% to 19.30% and from 9.59% to 29.12%, respectively. These findings indicate that PT Blue Bird Tbk has successfully recovered from the impact of the COVID-19 pandemic and has positive growth potential in the future

This study aims to analyze the financial performance of PT Siloam International Hospitals Tbk during the period 2020–2023 using a financial ratio approach. The method employed is a descriptive quantitative analysis of liquidity ratios, capital structure and solvency, return on investment, operational performance, asset utilization, and market size. The results of this study indicate that the company's capital structure and solvency, return on investment, operational performance, and asset utilization ratios are in the very good category, while the liquidity and market size ratios are considered fairly good but not yet optimal. Overall, PT Siloam International Hospitals Tbk demonstrates solid, efficient, and sustainable financial performance, making it a commendable example of financial management excellence in the private hospital sector in Indonesia in the post-pandemic era.    

This study aims to analyze the effect of financial ratios on changes in net income in food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the period 2021–2024. The variables examined include CR, QR, ROA, ROE, DER, and TAT. The method used is multiple linear regression with classical assumption tests. The results indicate that ROA, ROE, and TAT have a significant positive effect, while DER has a significant negative effect on changes in net profit. CR and QR do not have a partial effect. Simultaneously, all variables have a significant effect with an R² of 68.1%. These findings emphasize the importance of efficiency and profitability in driving profit growth.

The objective of this study is to evaluate the financial performance of PT PP (Persero) Tbk over the period from 2020 to 2023. The assessment was conducted by analyzing several key financial ratios, including profitability, liquidity, solvency, and activity ratios. This study employed a descriptive quantitative approach using secondary data obtained from the company’s annual financial statements. The analysis revealed a decline in the company’s profitability, as indicated by a downward trend in the Return on Assets (ROA) and Return on Equity (ROE) ratios. The company's liquidity remained relatively stable but was still below the ideal standard, particularly in the quick ratio, indicating a need for improvement in the management of liquid assets. The solvency analysis revealed a high dependency on debt, which could increase financial risk if not properly managed. Meanwhile, the activity ratios showed a decrease in operational efficiency in utilizing assets to generate revenue. These findings support the hypothesis that PT PP (Persero) Tbk is facing challenges in maintaining financial health, particularly in balancing growth with sustainable performance. This study has limitations, including a data scope restricted to financial ratios and the absence of consideration for external factors such as macroeconomic conditions and industry comparisons. Future research is recommended to adopt a more comprehensive and integrative approach by combining quantitative and qualitative methods, in order to gain deeper insights into financial decision-making processes and the company’s strategic direction.  

Securities companies are one of the key pillars in the capital market system. The performance of securities companies can be influenced by dynamic market conditions, particularly the fluctuations of Bitcoin, Indonesia Composite Index (ICI), and gold prices. This study aims to analyze the influence of Bitcoin, ICI, and gold prices on the financial performance of securities companies in Indonesia. The financial performance is measured using the profitability ratio, Net Profit Margin (NPM). The sample consists of quarterly secondary data from 24 securities companies that meet the research criteria during the 2021–2024 period. The analytical method used is multiple linear regression after passing classical assumption tests. The results show that gold prices have a negative and significant effect on the NPM of securities companies, while Bitcoin and ICI had no effect. This indicates that an increase in gold prices tends to be followed by a decrease in the NPM of securities companies, and vice versa. This research is expected to assist the management of securities companies in formulating business strategies and risk management that are more responsive to fluctuations in Bitcoin, ICI, and gold prices.  

This study aims to analyze the financial ratios to evaluate company performance. The research background highlights the importance of financial health for sustainable business operations. This study employs a quantitative descriptive method, utilizing financial statements for data collection. The findings indicate that certain financial ratios are strong indicators of a company's financial stability and operational efficiency, providing valuable insights for stakeholders.

This research analyzes the effectiveness of People's Business Credit (KUR) financing in facilitating the development of Rukun Jaya Trading Business, a micro, small, and medium enterprise (MSME) specializing in the processing of kupang skin into animal feed. The rationale for this study is grounded in the pivotal role that micro, small, and medium enterprises (MSMEs) play in the Indonesian economy, alongside the persistent financial constraints they encounter challenges that the People's Business Credit (KUR) program seeks to address as a government-backed financing initiative.The objective of this study is to assess the degree to which the People's Business Credit (KUR) contributes to the advancement of the enterprise. A descriptive qualitative methodology is employed, utilizing data collection techniques such as interviews, observations, and document analysis.The findings indicate that KUR financing has proven effective in enhancing working capital, improving operational efficiency, and strengthening the enterprise's capacity to fulfill its credit obligations all of which contribute to the achievement of sustainable business growth. The implications of this study are intended to offer strategic insights for business owners in making informed decisions, assist financial institutions in enhancing the effectiveness of KUR distribution, and support government efforts in designing more targeted and impactful policies for MSME development.

This study provides a comprehensive synthesis of ten SINTA-accredited journal articles (levels 1–3) published from 2019 to 2024, examining how a low-interest-rate policy environment affects corporate capital structure in Indonesia. We focus on internal determinants (profitability, firm size, asset composition) versus external factors (market interest rates) in shaping firms’ debt ratios. The meta-analysis results indicate that although low interest rates statistically encourage higher leverage (average coefficient +0.28), internal firm characteristics remain the dominant drivers of capital structure decisions. Approximately 80% of studies report that more profitable firms tend to reduce debt ratios, consistent with the pecking order theory. In the post-pandemic context, low rates initially facilitated cheap borrowing, but heightened economic uncertainty underscores the need for managers to align funding strategy with each firm’s risk profile. The study draws practical implications: financial managers should calibrate capital structure in line with profitability and market volatility, while regulators should monitor corporate debt growth to safeguard financial stability. The findings also suggest directions for future research on how evolving macroeconomic conditions influence corporate finance in Indonesia.

The purpose of this research is to examine the variables that affect stock prices in the commerce and service and consumer products industries that are listed on the Indonesia Stock Exchange.  This research study is quantitative in nature.  The information was taken from annual and financial reports that were posted on the websites of the individual companies as well as the Indonesia Stock Exchange's official website (www.idx.co.id).  The population consists of all 137 consumer products, commerce, and service businesses that were listed on the Indonesia Stock Exchange between 2009 and 2013.  Seventy-seven businesses satisfied the sample requirements based on preset criteria.  Multiple linear regression analysis was used to examine the data.  The findings demonstrate that the three sets of variables—systematic risk, macroeconomic indicators, and firm fundamentals—all significantly and favorably affect stock prices at the same time.  Stock prices are positively and significantly impacted by the following factors, in part: Return on Equity (ROE), Earnings per Share (EPS), Book Value (BV), Net Profit Margin (NPM), and inflation.  In contrast, the market beta, GDP, exchange rate, and BI rate have no discernible effects, but the debt to equity ratio (DER) has a negative and substantial influence.  With an Adjusted R Square value of 62.4%, the study's independent variables may account for a significant portion of stock price fluctuations, with additional factors outside the model influencing the remaining 37.6%.

The implementation of regional autonomy in Indonesia is often assessed through fiscal independence as a measure of a region's capacity to manage its own finances. However, in practice, many regions—including Raja Ampat Regency—remain heavily reliant on central government transfers, highlighting the weakness of local fiscal capacity. This study aims to evaluate the financial capability of the region and examine the dynamics of fiscal relations between the central and local governments in Raja Ampat Regency, Southwest Papua Province. A descriptive quantitative approach was employed, utilizing secondary data from 2020 to 2024. The evaluation is based on five key indicators: the Degree of Fiscal Decentralization (DDF), Degree of Fiscal Autonomy (DOF), Fiscal Need (KbF), Fiscal Capacity (KaF), and the Fiscal Independence Ratio. The analysis reveals that Raja Ampat's fiscal independence is critically low, with an average DDF of only 19.45% and a DOF of merely 1.89%. The region’s high per capita fiscal need (10.45) is not matched by sufficient fiscal capacity (5.85), indicating a significant fiscal deficit. Furthermore, the persistently negative fiscal independence ratio reinforces its strong dependence on central government support. The existing fiscal relationship is characterized as instructive, with central intervention remaining dominant. A reformulation of fiscal policy that is more context-sensitive and equitable is urgently needed to support archipelagic regions such as Raja Ampat in achieving sustainable fiscal independence.