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This study aims to analyze the influence of liquidity, leverage, profitability, and company size on the share prices of companies that are members of the Investor33 index on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. This study uses a quantitative approach with purposive sampling techniques, so that 17 companies out of a total of 46 companies that meet the criteria are obtained. The data used is secondary data in the form of annual financial statements obtained from the IDX's official website. The analysis method used was multiple linear regression with the help of the Statistical Program for Social Science (SPSS) software version 25. The results of the analysis show that the leverage and profitability variables have a significant effect on the stock price, which indicates that the company's capital structure and ability to generate profits are important factors in the investor's assessment. In contrast, the liquidity variables and company size do not show a significant influence on the stock price, which means that the company's ability to meet short-term obligations and operational scale are not the main determinants in the formation of the stock price on the index. These findings provide implications for investors and company management to pay more attention to profitability and leverage aspects in financial strategies and investment decision-making. This research can also be a reference for further studies related to the analysis of financial ratios and capital market dynamics in Indonesia.

The rapid development of the pharmaceutical industry in Indonesia presents both an opportunity and a challenge in increasing company value amidst the dynamics of an increasingly digital and competitive capital market. This phenomenon demonstrates that strong operational performance does not always translate into high market value, making it crucial to identify internal factors that influence company value, particularly in the pharmaceutical subsector, which plays a strategic role in Indonesia.This research aims to analyze the effect of Working Capital Turnover, Cash Turnover, Liquidity, and Profit Growth on Company Value in pharmaceutical companies listed on the Indonesia Stock Exchange for the 2021-2024 period. The research method used was quantitative with an explanatory approach. The sampling technique used total sampling, with a sample size of 10 companies. Secondary data, in the form of financial statements, were analyzed using multiple linear regression analysis.The results indicate that only Cash Turnover significantly impacts company value, with a negative effect, while Working Capital Turnover, Liquidity, and Profit Growth do not. These findings suggest that efficient working capital management and consistent profit growth play a crucial role in increasing the value of pharmaceutical companies. This research is expected to be a reference for management in strategic decision making and for academics for further research.  

This research seeks to examine the impact of inflation and exchange rates on the Jakarta Composite Index (JCI) on the Indonesia Stock Exchange (IDX) from 2019 to 2024. The study uses secondary monthly data for inflation, exchange rates, and the JCI, which were sourced from the official websites of Bank Indonesia and IDX. A quantitative approach is employed, utilizing multiple linear regression analysis along with classical assumption tests and both simultaneous and partial hypothesis testing. The findings reveal that, individually, both inflation and exchange rates have a significant effect on the JCI. When analyzed together, inflation and exchange rates also significantly influence the JCI. These results underscore the importance of macroeconomic stability, particularly the stability of the rupiah exchange rate, in shaping stock market trends in Indonesia. The study suggests that fluctuations in the inflation rate and the exchange rate can lead to uncertainty in the stock market, impacting investor decisions and market performance. These findings are particularly relevant in the context of Indonesia’s open economy, where external factors and global economic conditions can also influence domestic financial markets. This research aims to offer valuable insights to investors, policymakers, and academics, helping them understand how key macroeconomic variables, such as inflation and exchange rates, influence the dynamics of the capital market. The study emphasizes the need for maintaining economic stability to foster a conducive environment for market growth and investor confidence. By analyzing these macroeconomic factors, the study provides a clearer understanding of their role in stock market performance and offers a foundation for future research and policy development in the Indonesian financial market. Additionally, the results of this research could serve as a basis for further studies that explore the relationship between macroeconomic factors and stock market behavior in emerging markets.

This study examines the capital market reaction at the sectoral level to the 2024 General Election in Indonesia, with the aim of providing deeper insight into how political events influence different industries. Using an event study methodology, the analysis is conducted over a 10-trading-day window surrounding February 14, 2024—the official election date—covering five days before and after the event. The research focuses on six major sectoral indices listed on the Indonesia Stock Exchange (IDX), namely Energy, Consumer Cyclicals, Financials, Basic Materials, Industrials, and Technology.Market reaction is measured through two primary dimensions: (1) changes in price valuation, represented by abnormal returns (AR), and (2) shifts in investor activity, measured through Trading Volume Activity (TVA), operationalized as the turnover ratio. Abnormal returns capture the extent to which price changes deviate from expected normal performance, while TVA reflects the level of investor engagement in each sector during the event window.To evaluate differences in market reaction across sectors, the Kruskal–Wallis test is applied for abnormal returns due to non-normal data distribution, and Welch’s ANOVA is used for TVA to account for heterogeneity of variances. The results reveal no statistically significant differences in abnormal returns across the six sectors, suggesting that price adjustments to election-related information occur uniformly across the market, reflecting a degree of informational efficiency. However, the analysis of TVA shows a highly significant difference among sectors. A Games–Howell post-hoc test further indicates that the Energy and Consumer Cyclicals sectors experienced notably higher trading activity compared to other sectors, especially the Financials sector, which recorded the lowest investor engagement.

This study aims to explain and prove the hypothesis regarding the influence of investment decisions, financing decisions, and dividend policies on firm value in coal sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. This study used a quantitative approach with a purposive sampling method, resulting in 10 companies as research samples. Data analysis was conducted through classical assumption tests to ensure the fulfillment of regression analysis requirements, followed by hypothesis testing using multiple regression analysis. Data processing was carried out using E-Views software version 13. The results showed that partially, investment decisions have a positive and significant effect on firm value, with a probability value of 0.0000, which is smaller than the 0.05 significance level. This finding indicates that the more appropriate a company's investment decisions are, the higher the company's value is reflected in its stock performance in the capital market. Conversely, the financing decision variable does not have a significant effect on firm value, with a probability value of 0.3796, which is greater than 0.05. This indicates that the funding structure, whether derived from equity or debt, did not directly affect firm value during the study period. Similarly, the dividend policy variable did not significantly influence firm value, with a probability value of 0.7493 > 0.05. This means that the amount of dividends distributed was not a determining factor in firm value in the sample studied. However, simultaneously, all three independent variables—investment decisions, financing decisions, and dividend policy—were shown to have a significant effect on firm value, with a probability value (F-statistic) of 0.0000 < 0.05. This confirms that the combination of these three factors collectively contributes to changes in firm value in the coal sub-sector.

Indonesia’s Islamic capital market has experienced remarkable growth in recent years, evidenced by the increasing number of investors and the rising market capitalization of Sharia-compliant stocks. This article aims to analyze the performance and management strategies of Sharia stock portfolios by reviewing academic literature published in Indonesia between 2019 and 2024. Utilizing a literature review methodology, the study compares the return and risk characteristics of Sharia stocks with those of conventional stocks. It also evaluates the applicability and effectiveness of classical portfolio theories—namely, the Markowitz Model and the Single Index Model—in managing Sharia-compliant investments. The findings reveal that Sharia stock portfolios often perform competitively and tend to exhibit greater resilience and stability during financial crises. This resilience is attributed in part to the rigorous stock screening mechanisms that comply with Islamic principles, excluding sectors and companies that do not meet Sharia criteria. Additionally, various macroeconomic factors such as inflation, interest rates, exchange rates, and global economic fluctuations are found to impact the performance of Islamic stock portfolios. The article highlights that while Sharia investments align with ethical and religious values, they also offer practical advantages in risk management and diversification. Furthermore, digital technology and fintech innovation are seen as essential tools to enhance transparency, accessibility, and investor engagement in the Islamic capital market. The study concludes that the development of Sharia-compliant stock investments in Indonesia holds promising potential, especially if accompanied by improved financial literacy, inclusive investor education, and stronger technological infrastructure. This paper offers valuable insights for policymakers, market regulators, and investors interested in promoting sustainable and faith-based financial practices within Indonesia’s rapidly evolving capital market ecosystem.

This study aims to examine the relationship between a company's value (firm value) and three key variables: environmental performance, capital structure, and management ownership. The research focuses on companies listed on the Indonesia Stock Exchange during the period from 2022 to 2024. The objective is to understand how these internal and external factors contribute to shaping a company’s market valuation and overall financial health. Using a panel data regression analysis with a fixed effect model, the study provides empirical evidence based on secondary data drawn from company financial reports and sustainability disclosures. The results indicate that capital structure, measured by the proportion of debt to equity, has a significant negative impact on firm value. In contrast, both environmental performance and the proportion of shares owned by management have a positive and significant effect on firm value. These findings suggest that while excessive debt may erode investor confidence and reduce a firm's valuation, strong environmental commitments and management ownership foster positive perceptions in the eyes of stakeholders, including investors and customers. Theoretically, this research supports stakeholder and agency theories by highlighting how internal governance and ethical responsibility play a role in corporate success. Pragmatically, the results offer important insights for companies, especially in emerging markets like Indonesia, to align sustainability and ownership strategies with financial management to boost firm value. Companies are encouraged to optimize their capital structures, strengthen their environmental reporting practices, and promote management ownership as a way to align interests and enhance long-term performance. Overall, this study contributes to the literature on corporate governance and sustainability by providing current, context-specific evidence relevant to stakeholders in the Indonesian capital market.

This study aims to analyze the impact of the Russian invasion of Ukraine on February 24, 2022, on the Indonesian capital market, particularly on the stocks listed in the LQ45 index, as well as on exchange rates and cryptocurrency trading volumes. The research employs a quantitative approach using an event study method, focusing on a 15-day observation window—comprising 7 days before, the day of, and 7 days after the invasion event. The variables analyzed include abnormal return (AR), trading volume activity (TVA), exchange rates, and cryptocurrency transaction volume. The research sample consists of issuers listed in the LQ45 index and the three largest cryptocurrencies by market capitalization—Bitcoin, Ethereum, and Tether (USDT)—selected through purposive sampling. The findings indicate that the Russian invasion of Ukraine had a significant impact on abnormal returns and trading volume activity of LQ45 stocks, as well as on exchange rates and cryptocurrency trading volumes. This geopolitical event emerged as an external factor contributing to market uncertainty, prompting investors to adjust their investment strategies in both stock markets and digital assets. These findings confirm that global conflicts are closely linked to the dynamics of domestic financial markets.

This study aims to analyze the influence of inflation, interest rates, capital structure, and profitability on stock prices in manufacturing companies. The background of this research highlights the volatility of the Indonesian economy, which is driven by macroeconomic factors that significantly affect capital market performance. Using the Systematic Literature Review (SLR) method, this study synthesized 10 relevant articles published between 2023 and 2025, collected through Google Scholar using specified keywords. The findings reveal varied results: inflation and interest rates generally have a negative influence on stock prices, although some studies report insignificant effects. Similarly, capital structure shows both positive and negative impacts, depending on company conditions and research contexts. Profitability also presents mixed outcomes; some studies found significant relationships, while others reported no influence on stock prices. This literature-based synthesis highlights inconsistencies in previous empirical findings and reinforces the need for further research to clarify the interaction between these variables and stock market performance. The study contributes to providing a comprehensive understanding for investors, financial analysts, and policymakers in making better investment and strategic financial decisions under uncertain economic conditions.

Using the Systematic Literature Review (SLR) method, the purpose of this study is to investigate the effect of financial performance on the stock prices of food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. The financial performance factors analyzed include Return on Assets (ROA), Current Ratio (CR), Debt to Equity Ratio (DER), and Return on Investment (ROI). Data were collected from fifteen nationally accredited scientific articles published during the period and were eligible for inclusion. The results show that Return on Assets (ROA) consistently has a positive effect on stock prices, making it the most important indicator to attract investors. Since investors prioritize profitability over short-term liquidity, Current Ratio (CR) is usually not very influential. Debt to Equity Ratio (DER) results vary depending on the debt condition of companies and their financial plans. However, Return on Investment (ROI), which has not been studied much, seems to have a significant impact on stock prices and is starting to attract the attention of investors in the food and beverage industry. This study helps by providing a comprehensive picture of the pattern of influence of financial ratios on stock prices and complements the shortcomings of current research, especially regarding the ROI variable which is still minimal in previous studies. It is hoped that these findings will help investors, company management, academics, and regulators make decisions and create investment strategies in the Indonesian capital market.

Underpricing continues to be a prominent issue within the Indonesian capital market, as many firms conducting an Initial Public Offering (IPO) tend to set initial share prices below their subsequent market value. This research investigates the moderating role of underwriter reputation in the relationship between profitability, financial leverage, and earnings per share (EPS) on IPO underpricing among firms listed on the Indonesia Stock Exchange (IDX). Utilizing a purposive sampling technique, the study analyzes data from 176 companies. The data are processed using Moderated Regression Analysis (MRA) with the help of STATA software. The findings reveal that profitability, measured by return on assets (ROA), significantly influences underpricing. In contrast, financial leverage (proxied by the debt-to-equity ratio) and EPS show no statistically significant effect. Moreover, underwriter reputation is shown to moderate the negative impact of both ROA and EPS on underpricing but does not moderate the relationship between the debt-to-equity ratio and underpricing. These results offer valuable insights into signaling theory and information asymmetry, highlighting the importance of firm fundamentals and intermediary reputation in IPO pricing strategies. The study contributes to a better understanding for investors, issuers, and regulators involved in the IPO decision-making process.

Interest in investing in Indonesia's capital market has increased, especially among the younger generation. However, this phenomenon has not been fully accompanied by adequate financial literacy. This study aims to analyze the effect of financial literacy on young people's investment interest in the capital market. The study used a quantitative approach with a survey method of 250 respondents aged 18-30 years in the Jabodetabek area. The instrument was a Likert questionnaire measuring three dimensions of financial literacy: knowledge, attitude, and behavior. Data were analyzed using multiple linear regression. The expected results include identification of the most influential dimensions of literacy, as well as financial education recommendations. This research contributes to OJK policy and digital technology-based education as a form of protection for young investors.

This research aims to test and analyze the influence of financial literacy, financial behavior and emotional intelligence on investment decisions for generation Z in the city of Surabaya. This research uses a quantitative research approach with multiple linear regression analysis methods with a total of 190 samples who are capital market investors in the city of Surabaya with a generation Z background. The results of the research show that: (1) Financial literacy negatively and significantly influences capital market investment decisions in generation Z in the city of Surabaya; (2) Financial behavior positively and significantly influences capital market investment decisions among generation Z in the city of Surabaya; (3) Emotional intelligence negatively and significantly influences capital market investment decisions in generation Z in the city of Surabaya.  

This research explores how several monetary policy and commodities market influence the movement of the Indonesia Composite Index (IHSG). Monetary policy is a set of actions taken by the central bank to regulate the currency and the economy, variable proxy is Rupiah Exchange Rate (Jisdor) and Indonesia Overnight Index Average (indONIA). Commodity markets are places where commodities are traded in physical or futures, the needs of the world still depend on certain commodities so that commodity prices can be related to economic conditions, variable proxy of comodities market is Gold, Crude Oil WTI, Coal Newcastle. Indonesia Composite Index is a index that reflects the price movements of all stocks listed on the Indonesia Stock Exchange. The study analyzes monthly data from January 2019 to December 2023, a period before the global disruption of the COVID-19 pandemic, the period during the pandemic and the gradual economic rebound that followed. Using multiple linear regression analysis, the study assesses the direction and statistical relevance of each variable’s effect on the Indonesia Composite Index. The results suggest that Indonesia Overnight Index Average and Crude Oil WTI prices have a significant positive impact on the index, the Rupiah Exchange Rate has a significant negative impact on the index, while Gold and Coal Newcastle have no significant impact on the index. These findings can serve as a useful reference for both investors and policymakers in understanding and anticipating movements in Indonesia’s capital market, especially in relation to monetary policy and global commodity trends.

This study examines the influence of leverage, profitability, and capital structure on earnings management in consumer non-cyclicals companies listed on the Indonesia Stock Exchange (IDX) during the period 2019–2023. Earnings management has become a central issue in financial reporting, as it reflects managerial discretion in presenting financial information that may not fully align with the company’s actual economic condition. Understanding the determinants of earnings management is therefore essential to enhance transparency, credibility, and stakeholder trust in corporate financial reports. The research employed a quantitative approach using multiple linear regression analysis, with data processed through SPSS version 25. The sample consisted of 104 company-year observations, which were selected using purposive sampling techniques and subsequently refined through outlier testing to ensure data validity and reliability. The independent variables analyzed were leverage, profitability, and capital structure, while earnings management served as the dependent variable. The empirical findings demonstrate that leverage and profitability exert a significant influence on earnings management practices. Specifically, companies with higher leverage tend to engage in earnings management as a mechanism to meet financial obligations and reduce the risk of violating debt covenants. Similarly, higher profitability motivates managers to manipulate earnings in order to sustain investor confidence and maintain a favorable corporate image. In contrast, capital structure is found to have no significant effect on earnings management, indicating that financing decisions between debt and equity may not directly influence managerial behavior in financial reporting. These results highlight the importance of monitoring leverage and profitability indicators as potential predictors of earnings management. For corporate management, the findings suggest the need to implement stronger internal control systems and uphold ethical financial practices. For investors and regulators, the study provides useful insights into assessing company performance beyond reported earnings, thereby supporting more informed decision-making and promoting the integrity of capital markets.

Good Corporate Governance (GCG) is the main pillar in maintaining investor trust and capital market stability. In the midst of dynamic capital market developments, the principle of transparency and accountability is a key element in building public trust and ensuring investor protection. Law No. 40 of 2007 concerning Limited Liability Companies (UUPT) as the main legal framework for regulating corporate entities in Indonesia, has a strategic position in regulating the implementation of Good Corporate Governance (GGC) principles, especially in the capital market supported by public companies. This study aims to examine the legal implementation of transparency and accountability obligations in Good Corporate Governance (GCG) as regulated in the UUPT and linked to the obligations of public companies in the capital market. This study applies a normative legal approach with a descriptive analysis method to statutory regulations, legal literature, and literature studies from five journals and five relevant law books. The results of this study indicate that the UUPT has emphasized the responsibility of corporate organs in implementing the principles of openness and accountability. Therefore, stricter supervision and strict enforcement of sanctions are needed so that the principles of Good Corporate Governance are truly implemented in real terms.

Stock return refers to the gain that investors may obtain when allocating their funds in the capital market. The stock returns of infrastructure sector companies experienced consecutive declines over the three-year period from 2021 to 2023. These declines may be attributed to both internal and external factors affecting the companies. The purpose of this study is to examine the effects of profitability, liquidity, inflation, and interest rates on stock returns. This research was conducted on infrastructure sector companies listed on the Indonesia Stock Exchange for the period 2021–2023. The study employed quantitative data derived from secondary sources published by the Indonesia Stock Exchange and Bank Indonesia. The sample comprised all 56 companies in the population, selected using a saturated sampling method. The research employed a non-participant observation method. The analytical technique used was multiple linear regression. The results show that profitability has a positive and significant effect on stock returns, while liquidity, inflation, and interest rates do not have a significant effect on stock returns. These findings suggest that profitability serves as an important signal for investors when making investment decisions.

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 research aims to analyze the impact of risk perception, financial technology, on the interest of the people of Balikpapan City to invest in the capital market. This type of research is quantitative research, with a questionnaire as the research instrument. The population in this research is the people of Balikpapan City with several criteria. The sampling technique uses incidental sampling. Based on the sampling method, a sample of 216 respondents. The results of this research show that  risk perception, financial technology have a positive and significant effect on the interest in investing in the capital market among the people of Balikpapan City.

Internal trafficking or insider trading is a form of prohibited securities transactions in the capital market, because it violates the principle of transparency which is the main basis for capital market activity.  The background of this study is the rise of insider trading practices in securities trading activities.  The main purpose of this study is to analyze how the completion system of the practice of insider trading is running and how legal protection can be given to investors who are victims.  This study uses a normative juridical approach by comparing applicable regulations.  The results of the study show that investors who suffer losses due to insider trading can file a lawsuit against the law as a legal step to obtain legal protection