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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 qualitative literature review examines the strategic role of liquidation during financial crises, with a focus on the externalities it generates and the design of optimal insolvency interventions. Synthesizing recent empirical and theoretical research, the study highlights how liquidation decisions—particularly in systemic downturns—affect broader economic stability through credit disruption, asset fire sales, and employment losses. The review finds that while prompt liquidation of non-viable firms can facilitate recovery, poorly structured interventions risk perpetuating inefficiencies and moral hazard. Comparative insights from diverse institutional contexts emphasize the need for hybrid insolvency regimes that balance liquidation with restructuring flexibility. This synthesis contributes to ongoing debates on how to enhance crisis responsiveness in insolvency law and policy design.

This study aims to analyze the comparison of equity-based financing decisions and sukuk from the perspective of Sharia principles in companies in Indonesia. The development of the Islamic capital market in Indonesia shows a significant increase in the use of financing instruments that comply with Islamic principles, thereby encouraging companies to consider funding alternatives that are not only financially efficient but also Sharia-compliant. In the framework of Sharia financial management, capital structure decisions must consider the prohibition of usury, the principle of risk sharing, fairness in risk distribution, and contract certainty. This research uses a qualitative approach with a literature study method thru the analysis of various scientific journals, regulations, and academic sources related to capital structure theory, the concept of Sharia equity, and the characteristics of corporate sukuk in Indonesia. The study results indicate that equity-based financing provides flexibility in capital structure and reflects a risk-sharing mechanism, but it has the potential to cause ownership dilution. Meanwhile, sukuk offers asset-based financing with a clear contractual structure and does not dilute company ownership, although it requires an underlying asset and a more complex issuance process. Comparatively, both instruments have Sharia legitimacy as long as they meet the screening requirements and contract structures applicable in Indonesia. This research emphasizes that corporate financing decisions in Indonesia need to consider the balance between financial efficiency and compliance with Sharia principles.

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

Food and beverage companies must maintain a robust capital structure to compete effectively amidst the intense pressures of globalization and achieve their strategic objectives. This study aims to examine the impact of profitability, asset structure, company size, and solvency on the capital structure of food and beverage firms listed on the Indonesia Stock Exchange (IDX) and included in the LQ45 index. This study uses an explanatory method with purposive sampling technique, where samples are determined based on companies that have completed financial reports during the research period and are indexed in LQ45. Data analysis was performed using t-tests and F-tests. The results show that profitability (ROA), asset structure, and company size (Ln Total Assets) do not have a significant partial effect on capital structure (DER), meaning that these three factors do not directly influence companies' decisions on the use of debt for financing. However, solvency (DAR) was found to have a significant effect on capital structure, indicating that a company's ability to meet its long-term obligations plays an important role in determining the level of debt used for operational financing. Simultaneously, the four independent variables had a significant effect on capital structure, meaning that all variables together contributed to influencing food and beverage companies' decisions in determining their financing strategies.

Micro, Small, and Medium Enterprises (MSMEs) and Village-Owned Enterprises (BUMNeg) in Makariki possess regional economic potential. However, business managers face cash flow recording obstacles. They have not implemented standard bookkeeping. This community service aims to provide training and mentoring in financial document preparation using the Financial Accounting Standards for Micro, Small, and Medium Entities framework. The implementation method consists of preparation, execution, and evaluation stages. The execution stage includes initial testing, material presentation, interactive discussion, and final testing. Evaluation results indicate this program resolves participants' financial literacy problems. Participants' understanding regarding bookkeeping accounts and calculating profit and loss increased. Participants can compile drafts of income statements, financial positions, and supporting notes independently. In conclusion, intensive mentoring changes participants' mindsets from conventional management to a more structured one. Systematic bookkeeping helps participants separate personal and business assets. These records also serve as administrative requirements to access additional capital from banks or government assistance programs. This program supports the transparency and accountability of village fund management through BUMNeg.

This qualitative literature review explores the strategic role of non-venture private equity (PE) firms as intermediaries in corporate asset markets. Distinct from venture capitalists, these PE firms specialize in acquiring, restructuring, and reallocating mature corporate assets, thereby enhancing market efficiency and value creation. By synthesizing recent studies, this review highlights how non-venture PE firms facilitate resource redeployment, drive operational improvements, and influence corporate governance. Comparative analysis reveals their unique ability to exploit inefficiencies through carve-outs, platform building, and targeted acquisitions. The review also examines emerging ESG considerations and critiques regarding short-termism and stakeholder impact. While the literature acknowledges the transformative role of these firms, it also identifies limitations in theoretical integration and empirical coverage. This study contributes to a deeper understanding of how non-venture PE firms shape firm boundaries, market structures, and the evolving logic of strategic intermediation.

This study aims to analyze the effect of capital structure on the financial performance of banking companies listed on the Indonesia Stock Exchange for the period 2021–2024, with rights issues as a moderating variable. Capital structure is measured using the Debt to Asset Ratio (DAR), while financial performance is proxied by Return On Assets (ROA). This study uses a quantitative approach with secondary data in the form of annual financial reports of banking companies. The sampling technique used purposive sampling, resulting in 128 research observations. The analysis methods used were multiple linear regression and Moderated Regression Analysis (MRA) with the help of SPSS. The results show that capital structure has a significant effect on financial performance. Rights issues also have a significant effect on financial performance. However, the moderation test results show that rights issues are unable to moderate the effect of capital structure on financial performance. These findings indicate that high leverage tends to reduce the profitability of banking companies, while the implementation of rights issues plays a greater role in strengthening capital than as a mechanism capable of strengthening the relationship between capital structure and financial performance.

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 Foot-and-Mouth Disease (FMD) outbreak has inflicted severe multidimensional disruptions on dairy farming communities, yet limited research has systematically examined how social, economic, and psychological impacts collectively shape farmer welfare in post-outbreak contexts, particularly in developing countries. This study aims to investigate the simultaneous effects of social, economic, and psychological impacts on the welfare of dairy farmers following the FMD outbreak in Indonesia, and to extend theoretical frameworks of welfare and resilience to the context of livestock disease crises. A quantitative survey was conducted with 150 dairy farmers in Pujon District, Malang Regency—one of the areas most severely affected by the 2022 FMD outbreak. Data were collected using structured questionnaires and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The measurement model results was assessed for reliability and validity, while the structural model tested the hypothesized relationships. All three impact dimensions demonstrated significant positive effects on farmer welfare: social impact (β = 0.640, t = 4.431, p < 0.001), economic impact (β = 0.635, t = 4.487, p < 0.001), and psychological impact (β = 0.647, t = 4.143, p < 0.001). The model explained 95.5% of the variance in farmer welfare (R² adjusted = 0.955), indicating exceptional explanatory power. Factor loadings revealed that mutual assistance (0.990), loss of assets (0.986), and business insecurity (0.981) were the strongest indicators of social, economic, and psychological impacts, respectively. Farmer welfare in post-FMD contexts emerges from the synergistic interplay of social solidarity, economic pragmatism, and psychological resilience. The findings extend welfare utility and post-traumatic growth theories to livestock disease settings and provide evidence-based foundations for integrated post-disaster interventions targeting smallholder farmers in developing countries.

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.

Based on Law Number 11 of 2006 concerning the Government of Aceh, the Government of Aceh has been granted special authority to manage and regulate various governmental affairs, including land administration. This authority is specifically outlined in Article 16 paragraph (1) letter k, which empowers the Government of Aceh to handle land affairs that span across regencies and municipalities. This power is further reinforced by Presidential Regulation Number 23 of 2015, which transformed the Regional Office of the National Land Agency of Aceh into the Aceh Land Agency, and Qanun Aceh Number 13 of 2019 regarding the Establishment and Organizational Structure of Aceh Regional Apparatus, which laid the foundation for the establishment of the Aceh Land Office. This office is responsible for managing and certifying the Aceh Government’s land assets. This study aims to assess the implementation of the Aceh Land Office’s authority in certifying government land assets, the institutional synergy with the National Land Agency, and the challenges faced in ensuring legal certainty over these assets. The research employs an empirical juridical method with a sociological approach. Data were gathered from interviews with officials from the Aceh Land Office, the Aceh Financial Management Agency, and the National Land Agency, as well as secondary data from legal documents, books, and academic resources. The study found that while the certification process is legally supported, challenges such as incomplete ownership documents and limited resources hinder effective implementation. Measures, such as re-tracing and remapping land assets, are being taken to address these challenges.

This study examines the strategic role of financial management in empowering the community of Somongari Tourism Village, Purworejo Regency, which serves as a model of Community-Based Tourism (CBT). Despite its rich natural and cultural assets, the village faces challenges in sustaining tourism growth due to fluctuating visitor numbers, limited services differentiation, and uneven income distribution. The research aims to evaluate how transparent and participatory financial practices can strengthen community capacity, enhance homestay development, and ensure long-term sustainability. Employing a qualitative case study approach, data were collected through in-depth interviews with tourism managers and homestay operators, direct observation of community practices, and analysis of financial records and visitor data from 2023 to 2025. Findings reveal that inclusive organizational structures, collective price agreements, and youth-led digitalization initiatives foster social cohesion, accountability, and innovation, while service homogeneity and seasonal visitor fluctuations remain critical constraints. The synthesis highlights financial management not merely as a technical tool but as a catalyst for empowerment, enabling equitable income distribution, entrepreneurial growth, and resilience against market volatility. The study concludes that professional financial recording systems, continuous capacity-building, and collaboration among communities, government, and private stakeholders are essential to advance sustainable tourism development. Ultimately, financial management emerges as both a governance mechanism and a strategic pathway for balancing economic growth, cultural preservation, and community empowerment in Somongari Tourism Village.

Investors consider firm value as an indicator of a company’s success and its future prospects. Several financial variables, such as firm size and capital structure, are believed to influence firm value in the banking industry. Financial institutions with large total assets are often perceived as more stable and less vulnerable to risk, thereby increasing investor confidence. In addition, capital structure, commonly measured by the Debt to Equity Ratio (DER), plays an important role in evaluating a company’s financial performance and its impact on firm value. This study aims to examine the effect of firm size and capital structure on firm value in banking companies listed on the Indonesia Stock Exchange (IDX) during the period 2020–2024. The research employs a quantitative approach using multiple linear regression analysis. Secondary data were obtained from financial statements and stock price information published on the official IDX website. The sample consists of 12 BUKU 2 banking companies selected through purposive sampling, with an observation period of five years. Firm size is measured using the natural logarithm of total assets (Ln Total Assets), capital structure is proxied by the Debt to Equity Ratio (DER), and firm value is measured using Price to Book Value (PBV). The results indicate that, simultaneously, firm size and capital structure have a significant effect on firm value.

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.

This study was conducted at Alok Market, Sikka Regency. The objectives of this study werw to identify the sources and utilization of traders’ business capital and to determine the influence of business capital on the income of market traders. The type of research employed was quantitative research. The population of this study consisted of traders at Alok Market, Sikka Regency. The research sample was selected using purposive sampling, with a total of 30 respondents. Data collection techniques used in this study included structured interviews (numerically based) and direct observation. The data analysis techniques applied were descriptive quantitative analysis and simple linear regression analysis. The results of the study indicated that 50-70% of business capital was obtained from traders’ own capital, while 30-45% originated from loan capital. In terms of capital utilization, 89% of the capital was used for asset investment and 80% for operational cost requirements. The findings of this study also confirmed that business capital had a significant influence on the income of traditional market traders.

The phenomenon of moral degradation and the increase in negative activities among children during the crucial hours between dusk and evening have become serious challenges for the community in Ujung Negeri Kahan Village. This community service research aims to evaluate and optimize the role of the "Maghrib Mengaji" program as a preventive instrument to shield children from unhealthy environmental influences and gadget dependency. The method employed in this service is participatory mentoring using the Asset-Based Community Development (ABCD) approach, involving religious leaders, parents, and village officials. Through the restructuring of activities in mosques and prayer rooms, this program focuses not only on Qur'anic literacy but also on the cultivation of noble character (akhlakul karimah). The results indicate a significant transformation in behavior; children who previously engaged in counterproductive outdoor activities are now more focused on positive spiritual and social endeavors. The success of the program is indicated by a decrease in the intensity of nighttime wandering and an increase in learning discipline. The conclusion of this activity confirms that community synergy through structured religious programs is effective in reducing the potential for juvenile delinquency and strengthening the moral resilience of the younger generation at the rural level.

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.

The property and real estate sub-sector serves as a strategic pillar for investment in Indonesia, despite BPS (2023) data showing a growth slowdown to 2.18% due to macroeconomic pressures. Financial performance throughout the 2021–2024 period exhibited significant volatility, with profit growth contracting to –5% in 2022 before rebounding to 15% in 2024. These fluctuations reflect the dynamics of economic recovery and the success of corporate operational efficiency in navigating interest rate hikes and inflation. This study aims to determine the effect of Company Size, Capital Structure, Return on Assets (ROA), and Total Asset Turnover (TATO) on Profit Growth. The population used in this study is the Property & Real Estate sub-sector companies listed on the Indonesia Stock Exchange for the 2021–2024 period. This study uses secondary data with a population of 68 companies. The sampling technique used a purposive sampling technique, resulting in a research sample of 30 Property & Real Estate sub-sector companies. The analysis technique used is multiple linear regression analysis processed using the Statistical Package for the Social Sciences (SPSS) program. The results show that Capital Structure, Return on Assets, Total Asset Turnover, and Company Size influence Profit Growth.

The phenomenon of mafqud (missing heirs) creates complex legal issues within Islamic inheritance law, particularly regarding the realization of justice and legal certainty in the distribution of estate assets. This study examines the legal position of mafqud as a temporary impediment in inheritance allocation and analyzes the procedural mechanisms applied by religious courts in determining mafqud status. Employing a normative juridical method, this research relies on primary legal materials, including the Qur’an, Hadith, classical fiqh references, and relevant judicial decisions, supported by secondary materials such as academic books and scholarly journals. The findings indicate that mafqud serves as a temporary barrier to inheritance distribution, requiring careful judicial assessment to ensure the protection of all heirs’ rights while remaining consistent with Islamic legal principles and the applicable national legal system. Therefore, structured and systematic procedures implemented by religious courts play an essential role in guaranteeing both justice and legal certainty in inheritance disputes involving mafqud.