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This study investigates the effects of liquidity, activity, capital structure, and profitability on sustainable growth and firm value in heavy construction and civil engineering companies listed on the Indonesia Stock Exchange. Using data from 18 companies (2021–2023) and applying SEM-PLS analysis, results show that activity and profitability positively and significantly influence sustainable growth, while liquidity and capital structure do not. Sustainable growth significantly mediates the impact of activity on firm value but does not mediate the effects of capital structure or profitability. The study suggests that effective management of operational activities and profitability supports sustainable growth, which in turn enhances firm value. These findings offer insights for managers and investors to focus on sustainable growth strategies for long-term value creation in the Indonesian construction sector.

This study aims to analyze the effect of investment decisions, capital structure, company size on profitability and Sustainable Growth, with profitability as a mediating variable and Financial Flexibility as a moderating variable. Data is obtained from secondary sources, namely audited financial reports from heavy construction and civil engineering subsector companies listed on the Indonesia Stock Exchange (IDX) for the 2019-2023 period. The analysis was carried out using Structural Equation Modeling based on Partial Least Squares (SEM-PLS). The results showed that investment decisions, capital structure, and company size have a significant effect on profitability. However, only company size has a significant effect on Sustainable Growth. Investment decisions and capital structure have no significant effect on Sustainable Growth. Profitability also has an insignificant effect on Sustainable Growth and does not mediate the relationship between variables. In addition, financial flexibility does not moderate the relationship between profitability and sustainable growth. This finding indicates that increased profitability is more influenced by investment strategy, capital structure, and firm scale, but does not necessarily translate directly into Sustainable Growth.

This study aims to determine the effect of asset growth and capital structure on profitability in Food and Beverage sub-sector manufacturing companies listed on the Indonesia Stock Exchange for the 2018-2022 period. The data collection method used is secondary data from financial reports of Food and Beverage sub-sector companies listed on the Indonesia Stock Exchange. The population in this study was 43 companies and 16 samples were obtained using purposive sampling. The results of this study partially 1. Asset growth has a positive and insignificant effect on profitability. This is supported by the company PT Tri Banyan Tbk which experienced a decline in asset growth for 5 consecutive years. 2. Capital structure has a negative and significant effect on profitability. This shows that if the capital structure of a Food and Beverage company increases, profitability will decrease and vice versa. 3. Simultaneously, Asset growth and capital structure have a significant effect on profitability. This shows that if asset growth and capital structure increase or decrease, it will affect profitability in Food and Beverage companies.

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 property and real estate sector is one of the business sectors that makes a significant contribution to the country's economic turnover and growth. With the ever-evolving challenges, companies in the property and real estate sector must adapt their business strategies to remain competitive amidst uncertain market conditions. Therefore, innovation in resource management and efforts to enhance operational efficiency are essential to drive optimal profitability. This study aims to examine the effect of good corporate governance, proxied by the board of directors and audit committee, intellectual capital, firm size, and company growth on company profitability. This research utilizes secondary data sourced from the annual reports of property and real estate companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2023 period. The sample was selected using a purposive sampling method based on specific criteria, resulting in a total of 50 companies as observations. The collected data were analyzed using SPSS software with a multiple linear regression method. The results indicate that the board of directors, audit committee, intellectual capital, and company growth do not have a significant effect on company profitability, whereas firm size has a positive and significant effect on company profitability.

This study aims to determine the influence of Profitability, Liquidity, Sales Growth, and Operating Capacity on Financial Distribution on the clothing and luxury goods sub-sector listed on the Indonesia Stock Exchange for the 2019-2023 period. The sampling technique used is  Non Probability Sampling with a sample of 9 companies in the clothing and luxury goods sub-sector listed on the Indonesia Stock Exchange for the 2019-2023 period. In this study, a multiple linear regression method was carried out assisted by the SPSS version 29 program and Microsoft Excel 2010. The results showed that (1) Profitability had no effect on Financial Distress, (2) Liquidity had an effect on Financial Distress, (3) Sales Growth had no effect on Financial Distress, (4) Operating Capacity had an effect on Financial Distress.

Stock return refers to the income received by investors from their investment in a firm, either directly or through a securities firm. The level of stock return is crucial in investment analysis as it serves as a key indicator for investors in evaluating the performance and profit potential of a stock. This study aims to examine the effect of profitability, liquidity, leverage, and firm size on stock returns in manufacturing sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2023 period. The sampling technique used was purposive sampling, resulting in a sample of 65 companies. Data analysis techniques employed include descriptive statistics and inferential statistics, processed using IBM SPSS 25. The findings indicate that profitability has a significant positive effect on stock return, liquidity has a significant positive effect, leverage has a significant negative effect, and firm size also has a significant positive effect on stock return. The implications of this study are expected to provide empirical contributions regarding the influence of these variables on stock returns and to offer managerial insights and additional references for corporate decision-making aimed at increasing stock returns.   Keywords: stock return, profitability, liquidity, leverage, firm size

Using a case study of the Food and Beverage industry listed on the Indonesia Stock Exchange (IDX) between 2017 and 2022, this study seeks to examine the partial impact of financial performance on stock prices through Earnings Per Share (EPS). Ratios like Return on Assets (ROA), Return on Equity (ROE), EPS, and share prices are used to gauge financial performance. Using a saturated sampling method, 18 firms were chosen for the sample. Using a quantitative technique with a descriptive approach, this study performs data analysis using Structural Equation Modeling (SEM) with the aid of SmartPLS version 3. 0. According to the study's findings, ROA has a considerable impact on EPS but not on share values. ROE has no discernible impact on stock prices or EPS. Nevertheless, EPS is shown to be a mediating variable between ROA and ROE, both of which have a substantial impact on share values. Improving the efficiency and effectiveness of financial management is one of the recommendations, particularly in areas that have an impact on EPS, such as capital structure and profitability. When making investment decisions, investors should pay attention to financial performance metrics like stock values, EPS, ROA, and ROE. To gain a more thorough analysis, future academics are urged to consider more variables, such the Price to Earnings Ratio, Dividend Payout Ratio, and external elements such as inflation and interest rates.

Technology sector companies are known for rapid innovation but also face high uncertainty, which is likely to cause financial distress. In Indonesia, several technology firms publicly traded on the Indonesia Stock Exchange (IDX) experienced declining profitability and negative operating cash flows during the 2021–2023 period. The aim of this research is to examine the influence of profitability and operating cash flow on financial distress, with firm value as an intervening variable. The research addresses inconsistencies in financial indicators—declining profits do not always indicate financial distress, especially when firm value is not taken into account. Using secondary data from annual reports and the Investing website, this study makes use of a quantitative method involving path analysis. A purposive sampling technique resulted in 78 firm-year observations. Data analysis was carried out using SPSS software. It was found that both firm value is positively and significantly affected by profitability and operating cash flow. However, only operating cash flow and firm value have a statistically significant positive relationship with financial distress, unlike profitability. Furthermore, firm value does not mediate the relationship between profitability and financial distress but does mediate the relationship between operating cash flow and financial distress. These findings suggest that operating cash flow is a more reliable indicator than profitability in predicting financial distress and emphasize the mediating role of firm value in financial instability.

This research was conducted to analyze and understand the performance of the company PT Tjiwi Kimia Tbk with the Dupont system as an analytical tool. The data used in this study are secondary data, namely the company’s financial statements sourced through the IDX with the observation period 2020-2024. In the analysis conducted, it was found that the performance of the company PT Tjiwi Kimia in 2020-2024 was not good. This is because although the company showed a good ability to manage sales profitability (NPM) in several years and control the use of good debt (declining EM), the lack of efficient use of assets hindered the company’s ability to generate optimal returns for shareholders which resulted in a low ROE value. In signaling theory, a declining Equity Multiplier trend indicates a positive signal to investors regarding prudent debt management and more controllable financial risks. However, the low ROE value indicates a negative signal that the company needs to improve to increase investor confidence in profitability prospects.

Cash management is one of the most crucial aspects of financial management in a company, serving to maintain liquidity, optimize fund utilization, and ensure smooth operations. This study aims to analyze effective strategies and techniques in cash management to improve financial efficiency in a business entity. The method used is a literature review with a qualitative descriptive approach. The results show that proper cash management through cash flow planning, expenditure control, and the utilization of cash surpluses can help companies avoid liquidity issues and increase profitability. Therefore, efficient cash management is essential to support the long-term stability and growth of a company.

Islamic banks are financial institutions that operate in accordance with Islamic law and do not charge interest to their customers. Contracts and agreements between consumers and banks determine the profit-sharing (inbalam) received by Islamic banks and those received by customers. The purpose of this study is to determine the effect of inflation on Islamic bank finance in Indonesia from 2019 to 2023. The research method employed is a quantitative approach. The data source utilized is the Financial Services Authority (OJK), with document data collection techniques. Data analysis in this study involves simple linear regression analysis, t-test, F-test, and coefficient of determination (R²) test. The results indicate that inflation has no effect on the profitability of Islamic banking in Indonesia during the period from 2019 to 2023. This conclusion is drawn because the t-test results yielded a t-value of 1.359 < t-table 2.01505 and a significance value of 0.267 > 0.05, indicating no influence between the independent variable (inflation) and the dependent variable (profitability). Therefore, it can be concluded that inflation does not have a partial and significant effect on Islamic banking profitability in Indonesia during the 2019–2023 period.

This study aims to examine the impact of CEO turnover on earnings management in non-financial companies listed on the Indonesia Stock Exchange (BEI) during the period of 2018–2023, with independent commissioners as a moderating variable. Multiple linear regression is used as the model, and the results show that CEO turnover has a significant negative impact on earnings management, where the new CEO tends to engage in earnings management through Big Bath Accounting to improve future performance. Furthermore, independent commissioners have been proven to significantly moderate the relationship between CEO turnover and earnings management, with a higher proportion of independent commissioners in the board of commissioners weakening the negative effect of CEO turnover on earnings management. Control variables such as leverage, profitability, and company size also have a significant impact on earnings management practices. This study contributes to the development of corporate governance in Indonesia, particularly regarding the role of independent commissioners in controlling earnings management practices. The findings are expected to provide insights for investors and regulators in assessing the risks of financial report manipulation and improving transparency and accountability in companies listed on the stock exchange.

This study aims to analyze the effect of financial variables—namely firm size, profitability, and capital structure (debt to equity ratio)—on dividend policy in energy sector companies listed on the Indonesia Stock Exchange during the period 2019–2023. The method used is multiple linear regression with secondary data obtained from financial statements and annual reports, selected through purposive sampling, comprising 13 companies and 65 observations. The analysis results indicate that firm size has a significant positive effect on dividend policy, while profitability (ROA) and capital structure (debt to equity ratio) have significant negative effects. These findings confirm that larger firms tend to pay higher dividends, whereas high profitability and leverage exert downward pressure on dividend policy. This study contributes to the development of financial literature concerning the determinants of dividend policy in the energy sector.

The practice of tax avoidance is often used by companies to legally reduce tax obligations, which can harm the state. Companies with high profitability and large size may indicate the use of more complex effective tax planning strategies. This study aims to examine the influence of profitability and company size on tax avoidance. This research is explanatory in nature. The research sample consists of 19 manufacturing companies in the food and beverage subsector listed on the IDX for the period 2020–2023, obtained through purposive sampling. Data analysis techniques include descriptive statistics, classical assumption tests, multiple linear regression, goodness-of-fit tests (F-test and coefficient of determination), and hypothesis testing (t-test). The results show that profitability has a significant positive effect on tax avoidance, while company size has a significant negative effect on tax avoidance

This study aims to analyze the influence of working capital management, leverage, and institutional ownership on the profitability of consumer goods companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period, while also examining company size as a moderating variable. The consumer goods sector, which has a large market potential in Indonesia, makes it essential to understand how these financial aspects affect company performance. Working capital management plays a crucial role in maintaining liquidity and operational efficiency, leverage determines the extent to which companies rely on debt financing, and institutional ownership reflects external monitoring that can drive managerial discipline. Company size is considered a moderating factor that could strengthen or weaken these relationships, especially in influencing profitability levels. Using a quantitative approach, the research findings reveal that each of the main variables—working capital management, leverage, and institutional ownership—partially and significantly affects profitability. More specifically, company size is found to moderate the effect of leverage on profitability, indicating that larger firms may be better positioned to optimize debt usage compared to smaller firms. This study not only provides empirical evidence regarding financial determinants of profitability but also enriches the discussion on how moderating factors such as firm size can influence the dynamics of corporate financial performance. The findings are expected to provide valuable insights for stakeholders, including managers seeking to optimize financial policies, investors evaluating company performance, and academics or researchers interested in exploring further implications for corporate governance and financial strategy in emerging markets like Indonesia. In conclusion, the study highlights the importance of managing financial variables strategically to sustain profitability in the highly competitive consumer goods industry.

This study aims to examine the effect of financial performance on tax avoidance in start-up and established technology sector companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2023 period. Financial performance in this study is proxied by Return on Assets (ROA) and Debt to Equity Ratio (DER), while tax avoidance is proxied by Effective Tax Rate (ETR). This study uses a quantitative method with a comparative approach. The sampling technique used is purposive sampling. Data analysis was carried out using the Mann-Whitney U test and multiple linear regression using the SPSS application. The results of the study indicate that the financial performance of established companies is better than start-up companies, but there is no difference in tax avoidance in established and start-up companies. The results of this study prove that financial performance does not have a significant effect on tax avoidance. This study is expected to contribute to investors, academics, and policy makers in understanding the relationship between financial performance and tax avoidance in start-up and established companies.

This study aims to evaluate the financial performance of four cement companies listed on the Indonesia Stock Exchange (IDX) during the 2013 period. To achieve this, a descriptive quantitative approach was employed, utilizing purposive sampling. Data for the study was gathered from annual financial reports, which were publicly accessible through the official websites of the IDX and the individual companies. The analysis was carried out using the Du Pont System, a method that decomposes return on equity (ROE) into its components to assess the financial performance of the companies. The results of the analysis reveal that PT Inisial A exhibited the strongest financial performance among the four companies, demonstrating superior efficiency, profitability, and leverage. Following PT Inisial A, PT Inisial X performed moderately well, showing stable financial health but with some room for improvement in certain areas. On the other hand, PT Inisial Y and PT Inisial Z displayed the weakest performance, with PT Inisial Z facing significant challenges in maintaining profitability and managing its assets efficiently. This study’s findings provide valuable insights for investors, as it highlights the financial strengths and weaknesses of the companies involved, assisting them in making more informed investment decisions. Additionally, the results can serve as a reference for other companies within the cement industry, allowing them to identify areas for improvement and potential strategies for enhancing their financial performance. Furthermore, the research may contribute to future academic studies on corporate financial performance, particularly in the context of the cement industry in Indonesia. Overall, this research is expected to benefit both practitioners and academics by providing a comprehensive analysis of the financial status of the companies in question.

Firm value is essential for business sustainability and serves as a key consideration for investors in assessing a company’s prospects. The enhancement of firm value is influenced by various factors observed by both internal and external parties. This study examines the partial effects of profitability, company growth, and capital structure on firm value. The research variables include Return on Assets (ROA) for profitability, Sales Growth for company growth, Debt to Equity Ratio (DER) for capital structure, and Price to Book Value (PBV) for firm value. A quantitative approach was employed using a sample of 25 technology sector companies listed on the Indonesia Stock Exchange during the 2021–2023 period, selected through purposive sampling. Data analysis techniques included descriptive statistics, classical assumption tests, multiple linear regression, and hypothesis testing. The findings indicate that profitability and company growth have a negative effect on firm value, while capital structure has a positive effect. These results contradict signaling theory but support the trade-off theory. This research contributes both theoretically and practically to the field of accounting and serves as a reference for management and investors in making strategic decisions related to enhancing firm value.

This study aims to analyze the impact of acquisitions on the profitability of non-financial companies listed on the Indonesia Stock Exchange (IDX), using Return on Assets (ROA) and Net Profit Margin (NPM) indicators as the main proxies. This study uses a quantitative approach with descriptive analysis methods and paired t-tests on two years before and two years after the acquisition. The results showed that in the ROA indicator, there was no statistically significant difference before and after the acquisition, although there was a descriptive decrease in value. Meanwhile, in the NPM indicator, only one of the four combinations of observation years (T-2 vs T+2) shows a significant difference, and the direction of change shows a drastic decrease until it reaches a negative value. This finding indicates that acquisitions do not necessarily increase company profitability, and even tend to have a negative impact within two years after the acquisition. This may be due to the non-optimization of the post-acquisition integration process. This study emphasizes the importance of careful integration planning and implementation so that the expected synergy benefits from acquisitions can be achieved