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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.

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 aims to analyze the level of fiscal independence of Pacitan Regency by examining and linking it to its dependence on transfer funds from the central government. This study explores potential sectors that could be managed more optimally to contribute to Local Original Revenue (PAD). The method used in this research is a descriptive quantitative approach, utilizing secondary data, namely the Regional Budget (APBD) and Budget Realization Reports (LRA) sourced from the Directorate General of Fiscal Balance (DJKP). In addition to these sources, this research also employs a literature review of relevant journals. The analysis uses the regional financial independence ratio. The results of the analysis show that Pacitan Regency has a very high level of fiscal dependence, ranging between 85% and 89% from 2021 to 2025, although there is a gradual decline. The factors causing this condition are the low contribution of PAD, particularly from the tourism sector, as well as geographical factors such as mountainous terrain with underdeveloped infrastructure. This condition may lead to the flypaper effect and limit regional flexibility in development. This research recommends optimizing PAD from the tourism sector, improving regional financial governance, fostering collaboration with the private sector and the community, diversifying revenue sources, and gradually reducing dependence on transfer funds in accordance with the mandate of Law Number 33 of 2004.

This study aims to analyze the partial and simultaneous effects of Investment Decisions, Financing Decisions, and Company Size on Company Value at PT Ciputra Development Tbk for the period 2014-2024. Company value is proxied by Price to Book Value (PBV), investment decisions by Price Earning Ratio (PER), financing decisions by Debt to Equity Ratio (DER), and company size by SIZE. The method used in this study is descriptive quantitative. The population of this study is the financial statements of PT Ciputra Development Tbk for the period 2014-2024, and the sample used is the financial position report, income statement, and share price of PT Ciputra Development Tbk for the period 2014-2024. The analysis methods used are descriptive analysis, classical assumption testing, multiple linear analysis, t-test, f-test, and coefficient of determination test using SPSS version 26. The results of the study show that partially, PER and DER do not have a significant effect on PBV, while SIZE has a negative and significant effect on PBV. Simultaneously, PER, DER, and SIZE significantly affect PBV with a coefficient of determination of 94.7%, indicating that the regression model has excellent predictive power. The remaining 5.3% is influenced by other variables outside the scope of this study.

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.

This study examines the influence of earnings quality and dividend policy on firm value at PT Alkindo Naratama Tbk during the period 2014–2024. Firm value is measured using the Price to Book Value (PBV), earnings quality is proxied by the ratio of operating cash flow to net income (QOE), and dividend policy is measured using the Dividend Payout Ratio (DPR). This research adopts a quantitative approach with an associative causal design using secondary data obtained from the company’s quarterly financial reports over eleven years, resulting in 44 observations. The analysis method applied is multiple linear regression. The findings reveal that earnings quality has a positive and significant impact on firm value. Dividend policy also shows a positive and significant effect on firm value. Simultaneously, earnings quality and dividend policy significantly influence firm value. The coefficient of determination indicates that a large proportion of firm value variation can be explained by these two variables. These results support signaling theory, which suggests that high earnings quality and stable dividend distribution provide positive signals to investors and increase market confidence in the company. The study contributes to financial management literature by highlighting the importance of financial performance indicators in determining firm value.

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.

This study aims to analyze the effect of Debt to Asset Ratio and Debt to Equity Ratio on Price to Book Value at PT Tiga Pilar Sejahtera Food Tbk for the period 2012 2024. The phenomenon of debt ratio fluctuations, negative DER in several years, and significant changes in PBV are important bases for conducting this study. The research method used is a quantitative method with a descriptive and associative approach. The data analyzed are secondary data in the form of the company's annual financial reports. Data analysis techniques include classical assumption tests, multiple linear regression analysis, t-tests, F-tests, and coefficients of determination (R²). The results of the study indicate that Debt to Asset Ratio (DAR) has a negative and significant effect on Price to Book Value (PBV). Debt to Equity Ratio (DER) is also proven to have a negative and significant effect on Price to Book Value (PBV). Simultaneously, the Debt-to-Asset Ratio and Debt-to-Equity Ratio significantly influence Price-to-Book Value (P/BV), with a coefficient of determination of 67.3%. This means that the DAR and DER variables explain 67.3% of the variation in company value, with the remainder influenced by other factors outside the study.

Corn is a strategic agricultural commodity that contributes significantly to food security and economic development. Cilacap Regency, particularly Jeruklegi District, has considerable potential for corn production. However, the Wanasri Women Farmers Group (KWT) in Jeruklegi Wetan Village has not yet optimized corn utilization due to production and marketing constraints, resulting in limited value addition.This study aims to analyze the value added and production process efficiency of corn wonton chips as a healthy processed product to support the economic independence of women farmers. The study applies the Hayami value-added method and descriptive analysis to assess production efficiency. The findings show that processing 1 kg of corn into 15 packages of corn wonton chips generates an added value of IDR 98,500, with a value-added ratio of 54.72% and a profit rate of 49.16%. These results indicate that corn processing provides substantial economic benefits and is financially feasible. Improving production efficiency and cost control can further enhance profitability and sustainability. Overall, value-added processing of local corn has strong potential to increase income and strengthen the economic resilience of women farmers’ groups.

Corn is a strategic agricultural commodity that contributes significantly to food security and economic development. Cilacap Regency, particularly Jeruklegi District, has considerable potential for corn production. However, the Wanasri Women Farmers Group (KWT) in Jeruklegi Wetan Village has not yet optimized corn utilization due to production and marketing constraints, resulting in limited value addition.This study aims to analyze the value added and production process efficiency of corn wonton chips as a healthy processed product to support the economic independence of women farmers. The study applies the Hayami value-added method and descriptive analysis to assess production efficiency. The findings show that processing 1 kg of corn into 15 packages of corn wonton chips generates an added value of IDR 98,500, with a value-added ratio of 54.72% and a profit rate of 49.16%. These results indicate that corn processing provides substantial economic benefits and is financially feasible. Improving production efficiency and cost control can further enhance profitability and sustainability. Overall, value-added processing of local corn has strong potential to increase income and strengthen the economic resilience of women farmers’ groups.

The assessment of a company's value is crucial for investors to identify its prospects and performance. Financial ratios such as the Current Ratio (CR) and Return on Assets (ROA) are used to analyze factors affecting the company's value. This study aims to analyze the impact of CR and ROA on company value in manufacturing companies within the Miscellaneous Industries sub-sector for the period 2015–2024. The study uses a quantitative approach with data from annual financial reports of companies listed on the Indonesia Stock Exchange. Data analysis is conducted using panel data regression with the Random Effect Model (REM) as the best model. The dependent variable is company value, measured by Price to Book Value (PBV), while the independent variables consist of CR and ROA. The results show that CR does not have a significant effect on company value, while ROA significantly affects company value. Simultaneously, CR and ROA are proven to significantly affect company value, indicating that the combination of liquidity and profitability plays an important role in explaining PBV variations. This finding suggests that investors pay more attention to profitability than liquidity in the Miscellaneous Industries sector.

Tobacco is a leading commodity that forms the foundation of the rural economy, but its cultivation faces challenges in the form of labour intensity, significant capital requirements, and farmers' lack of understanding of systematic cost structures. This study aims to analyse the production cost structure and evaluate the economic efficiency of tobacco farming managed by the Batu Daun Farmer Group in Batuan Village, Sumenep Regency. The research method used a qualitative descriptive approach with data collection through in-depth interviews with the head of the farmer group, field observations, and analysis of financial documents as secondary data. The analysis focused on identifying fixed and variable costs, as well as evaluating economic performance using the Break Even Point (BEP) and Revenue-Cost Ratio (R/C) indicators. The results showed that the total production cost was IDR 28,597,500 (fixed costs of IDR 3,450,000 and variable costs of IDR 25,147,500) for the production of 2,800 kg of tobacco with a gross income of IDR 70,000,000. The R/C ratio value of 2.44 (>1) indicates that the business is operating efficiently and profitably, while the BEP of 215.4 kg shows that actual production far exceeds the break-even point, meaning that the business is in an economically safe zone. The results of the study conclude that the tobacco farming business of the Batu Daun Farmer Group is economically viable and efficient.

This research aims to see the effect of Total Asset Turnover and Debt To Equity Ratio (DER) on Return On Assets (ROA) at PT Indofood Sukses Makmur Tbk which is listed on the BEI in 2010 - 2023. The data used in this research is data secondary in the form of the annual financial report of the company under study. This research uses quantitative data and the data source used is secondary data with an analysis method using multiple linear regression methods with data processing using SPSS v.25. The results of hypothesis testing (T Test) partially state that the Total Asset Turnover variable does not have a significant and positive influence on Return On Assets (ROA) and the Debt To Equity Ratio (DER) variable has a significant and negative influence on Return On Assets (ROA). Simultaneous F Test results of the Total Asset Turnover and Debt To Equity Ratio (DER) variables show a significant influence between Total Asset Turnover and Debt To Equity Ratio (DER) on Return On Assets (ROA).

The auditor's responsibilities include not only assessing the accuracy of financial statements and detecting fraud, but also evaluating the company's ability to continue its business on an ongoing basis. This responsibility arises from the expectations of shareholders and other stakeholders that auditors provide timely and relevant information about the company's future prospects to support rational and evidence-based investment decision-making. In this context, audit opinions related to business continuity are an important instrument in reducing information asymmetry between management and investors. This study aims to analyze the impact of liquidity, solvency, and audit quality on the issuance of business continuity declarations. The research sample consisted of coal mining companies listed on the Indonesia Stock Exchange between 2014 and 2017, a period marked by fluctuations in commodity prices and global economic uncertainty. Logistic regression is used as an analysis method because dependent variables are dichotomous. The results showed that audit quality had a significant negative impact on the issuance of business continuity declarations, while liquidity and solvency did not have a significant impact on the issuance of the declarations, indicating that the factors of governance and auditor independence were more decisive than short-term financial conditions.

This study aims to analyze the financial performance of the East Java Provincial Government based on the Budget Realization Report (LRA) for the 2022–2024 period. This study is important to assess the effectiveness of revenue achievement and the efficiency of regional expenditure management. The research method used is quantitative descriptive with secondary data in the form of Budget Realization Reports obtained through documentation techniques. Data analysis was performed using financial ratio analysis, namely effectiveness and efficiency ratios. The results show that the revenue performance of the East Java Provincial Government is in the highly effective category, as reflected in the realization of revenue that was able to reach and even exceed the budget target. However, regional expenditure performance is still considered inefficient because the realization of expenditure is close to the set budget. The conclusion of this study shows that even though revenue optimization has been achieved, the local government still needs to improve expenditure control so that regional financial management becomes more efficient in the future.

This study aims to measure the financial performance of the Government of West Java Province during the 2020–2024 period based on the analysis of the audited Budget Realization Reports. The research uses a descriptive quantitative approach with secondary data obtained from the Regional Financial Statements. Financial performance is measured through several ratios, namely the effectiveness ratio of Regional Original Revenue, regional financial efficiency ratio, regional financial independence ratio, and expenditure harmony ratio. The results show that the effectiveness of Regional Original Revenue fluctuated, with effective performance only in 2022 and 2024, while in other years it was categorized as ineffective. The efficiency ratio also indicated inconsistency, where inefficiency occurred in 2020, 2021, and 2023, and efficiency was achieved in 2022 and 2024. The regional financial independence ratio showed a relatively high level, reflecting low dependence on central government transfers, although there was a slight decline in 2023–2024. The expenditure harmony ratio indicated that budget allocation was still dominated by operational expenditure compared to capital expenditure. The findings imply the need for improving revenue optimization and more balanced expenditure allocation to support sustainable regional development.

Regional government financial performance is a strategic indicator for assessing the success of regional autonomy implementation, particularly in managing public finances in an effective, efficient, transparent, and accountable manner. This study aims to analyze the financial performance of the Government of West Nusa Tenggara Province (NTB) during the 2018–2022 period using a regional financial ratio analysis approach. The research employs a descriptive quantitative method utilizing secondary data obtained from the Budget Realization Reports (LRA) and the Regional Government Financial Statements (LKPD) that have been audited by the Audit Board of the Republic of Indonesia (BPK). The analysis is conducted by calculating regional financial ratios, including the financial independence ratio, the effectiveness ratio of Regional Original Revenue (PAD), the efficiency ratio of regional finances, the activity ratio (expenditure harmony), and the revenue growth ratio. The results indicate that the financial performance of the Government of West Nusa Tenggara Province has generally improved. The regional financial independence ratio falls within the participatory category with an average value of 57.81%, reflecting a gradual reduction in dependence on central government transfer revenues, particularly in 2022. The effectiveness ratio of PAD is categorized as moderately effective, with an average of 92.84%, although it fluctuates due to increases in revenue targets that were not fully matched by actual revenue realization. The regional financial efficiency ratio consistently remains in the efficient category, indicating the local government’s ability to control expenditures relative to revenues. Furthermore, the activity ratio analysis shows a shift in expenditure composition from operating expenditure toward capital expenditure, indicating an increased orientation toward development and long-term investment. The growth ratio reveals a significant increase in PAD in 2022, accompanied by a decline in transfer revenue growth.

This study investigates the determinants of dividend payout policy in energy sector firms listed on the Indonesia Stock Exchange during the 2020–2024 period. Dividend policy is a critical issue in emerging markets, especially in capital-intensive industries with high investment needs and earnings volatility. The research examines whether profitability and ownership structure—specifically institutional and managerial ownership—significantly influence dividend payout decisions, considering firm characteristics. The study analyzes the effect of profitability, institutional ownership, and managerial ownership on the dividend payout ratio, while controlling for firm size and leverage. A quantitative approach is used, employing pooled ordinary least squares (OLS) regression on 245 firm-year observations. Dividend payout ratio is measured as dividend per share divided by earnings per share, profitability is proxied by return on equity, and ownership variables are expressed as shareholding proportions. Descriptive analysis and classical assumption tests precede hypothesis testing. The results show that profitability positively and significantly affects dividend payout, suggesting that firms with better financial performance tend to distribute higher dividends. Firm size also positively influences dividend policy, while leverage negatively impacts it, reflecting the role of financial capacity and capital structure. However, institutional and managerial ownership do not show significant effects on dividend payout decisions. The findings indicate that dividend policy in Indonesian energy firms is primarily driven by financial performance and structural characteristics rather than ownership-based governance mechanisms. This study offers sector-specific evidence that refines agency and signaling perspectives on dividend policy in emerging markets, with practical implications for managers, investors, and regulators.

This study aims to analyze the feasibility of vannamei shrimp farming in Kramat District, Tegal Regency. The research was conducted on several shrimp ponds using semi-intensive and intensive systems. The analysis includes calculations of investment costs, fixed and variable costs, revenues, income, and business feasibility indicators such as R/C Ratio, Payback Period, Break Even Point (BEP), Net Present Value (NPV), and Internal Rate of Return (IRR). The results show that vannamei shrimp farming is feasible, as indicated by an average R/C Ratio of 1.68 and a Payback Period of 1.90. All ponds yielded positive NPV values, with an average of IDR 546,070,598 and an IRR of 58%, which exceeds the 5.5% discount rate. Both price and production BEP values have been surpassed in all farming units. The intensive pond system proved to be more profitable than the semi-intensive system. Therefore, vannamei shrimp farming in Kramat District, particularly in Dampyak Village, has strong financial prospects and is feasible for development through intensive approaches and the application of modern technology.