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Bankruptcy is a condition where a business cannot operate effectively due to severe financial difficulties it is currently experiencing.  This research purposes to analyze the ratio of the Altman, Springate, and Grover models in analyzing bankruptcy in food and beverage corporations listed on the IDX with reference to signaling theory. The data analysis approach used are One Way Anova test and accuracy level test. Using 20 company samples with purposive sampling method. The final proceeds of the research explain that there are significant differences between the Altman and Springate models, significant differences between the Altman and Grover models, and no significant differences between the Springate and Grover models in predicting bankruptcy in food and beverage companies for the period 2019-2023. The very accurate prediction model was achieved by the Grover model.

This study aims to analyze the effect of capital structure, firm growth, audit quality, and foreign ownership on firm value, proxied by Price to Book Value (PBV), in consumer cyclical sector companies listed on the Indonesia Stock Exchange during 2018–2022. The analytical method used is panel data regression with the Random Effect Model (REM) approach. The results show that capital structure has a positive and significant effect on firm value. Conversely, firm growth, audit quality, and foreign ownership do not significantly affect firm value. These findings support signaling theory, which suggests that the use of debt within a reasonable threshold can boost investor confidence and enhance firm value. Therefore, it is recommended that corporate management focus on optimizing capital structure rather than relying solely on firm growth or external factors such as audit quality or foreign investors to improve firm value.

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.

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.

Firm value represents the long-term goal of a company, reflecting the prosperity of its stakeholders. One factor indicated to influence firm value is corporate responsibility performance in managing business operational risks, particularly through the implementation and disclosure of Environmental, Social, and Governance (ESG) performance. During the COVID-19 pandemic, the Indonesian government allocated State Capital Participation (PMN) to affected state-owned enterprises (SOEs), which was expected to contribute to the revitalization of national economic recovery. This study aims to analyze the effect of ESG performance on firm value in both SOEs and non-SOEs listed on the Indonesia Stock Exchange during the 2020–2023 period. Stakeholder theory and signaling theory are used as the theoretical frameworks for analyzing and interpreting the research findings. The sample consisted of 28 observations for SOEs and 152 for non-SOEs, selected using purposive sampling. Firm value was measured using the Tobin’s Q ratio, while ESG performance was assessed based on Refinitiv scores. The data were analyzed using independent sample t-tests and multiple linear regression analysis with SPSS version 29. The results show significant mean differences in environmental and social performance between SOEs and non-SOEs, while governance performance did not differ significantly. Social and governance performance had a significant positive effect on firm value in both SOEs and non-SOEs. However, environmental performance had a significantly positive effect only in non-SOEs and a significantly negative effect in SOEs. Thus, the environmental performance strategies implemented by non-SOEs could serve as valuable lessons for SOEs.

This research investigates the key factors influencing companies registered on the Indonesia Stock Exchange (IDX) that is experiencing financial distress between the years 2021 to 2023. In this study, 353 data points were selected from the target population using purposive sampling. Three key financial ratios were utilized as indicators of financial distress: Profitability can be measured by Return on Assets (ROA), while the Current Ratio (CR) is used to measure liquidity. Meanwhile, The Logarithm of Natural to Total Assets (LnTA) is a metric for evaluating a company’s size.  Multiple regression analysis is performed utilizing SmartPLS 4.0 software to analyze the connection between these factors and the probability of experiencing financial distress. The findings indicate a significant negative association between liquidity (CR) and company size (LnTA) with financial distress. In contrast, profitability (ROA) demonstrates an insignificant negative correlation with financial distress. This study contributes to the literature by providing a comprehensive analysis of the factors influencing financial distress in Indonesia consumer cyclical companies employs signaling theory to interpret the relationships discovered.

The capital market plays a strategic role in the economy as a means for companies to obtain long-term funding. Profitability, leverage, and firm size are fundamental factors that can influence market reaction. This study aims to analyze the effect of profitability and leverage on market reaction and examine the moderating role of stock performance. The data used is secondary data obtained from the annual financial reports of companies listed on the Indonesia Stock Exchange (IDX) for the period of 2022 to 2024. The results show that profitability have a positive and significant effect on market reaction, while leverage has a negative and significant effect on market reaction. However, stock performance failed to moderate the effect of profitability and leverage on market reaction. These findings support the Signaling Theory and Trade-Off Theory in the context of the Indonesian capital market. The implication of this research is that companies need to improve profitability and strengthen their financial structure to enhance investor confidence and improve market positioning.

This study aims to assess how financial performance influences stock returns amid political uncertainty, specifically during the 2024 general election in Indonesia. The focus is on understanding the impact of various financial performance indicators on the stock returns of property and real estate firms listed on the Indonesia Stock Exchange. A sample of 64 companies was observed during two critical periods: the pre-election period in the fourth quarter of 2023 and the post-election period in the second quarter of 2024. To analyze the data, the study employed an event study approach, utilizing multiple regression analysis to identify the relationship between financial performance and stock returns, and paired sample t-tests to compare pre- and post-election performance. The findings revealed that prior to the election, the variables Return on Assets (ROA), Debt to Equity Ratio (DER), and Revenue Growth did not significantly affect the stock returns of property and real estate companies. However, after the election, only ROA was found to have a significant impact on stock returns, while DER and Revenue Growth continued to show no effect. A comparative analysis of the two periods indicated no significant differences in the financial performance variables (ROA, DER, and Revenue Growth) between the pre- and post-election periods, yet a clear shift in stock returns was observed. This study contributes to the literature by offering a fresh perspective on how political uncertainty affects stock returns, using the framework of signaling theory, trade-off theory, and market efficiency theory to interpret the results.

Penelitian ini menerapkan metode event study terhadap peristiwa penyerangan Rusia ke Ukraina, dengan fokus pada pembuktian empiris mengenai adanya kembalian tidak normal sekitar peristiwa tersebut, serta perbedaan kembalian tidak normal sebelum dan selama peristiwa. Riset ini bersifat sensus dengan melibatkan 45 saham yang tergabung di Indeks Liquid 45 sebagai populasi. Pengumpulan data dilakukan melalui sumber sekunder, di antaranya harga saham penutupan secara harian dan IHSG secara harian. Analisis data berbasis pendekatan statistika parametriks, yaitu uji-t satu sampel dan uji-t sampel berpasangan. Secara statistika, penelitian ini menemukan bukti mengenai adanya kembalian tidak normal, meskipun tidak signifikan, di seputar peristiwa penyerangan Rusia ke Ukraina. Selain itu, terdapat anomali yang tidak signifikan antara kembalian abnormal sebelum dan selama peristiwa tersebut. Kesimpulan dari riset ini adalah bahwa capital market Indonesia dikatakan sebagai market efisien semi kuat secara informasi. Temuan ini dapat menjadi acuan investor dalam pengalokasian dana, bertujuan memperoleh portofolio yang optimal.