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This study aims to analyze the financial distress condition of PT Garuda Indonesia (Persero) Tbk during the period 2015–2024 using the Springate and Grover models. The research employs a quantitative descriptive approach with secondary data obtained from the company’s annual financial statements. Financial distress analysis is conducted by calculating financial ratios included in each model to describe the company’s financial condition over the observation period. The results indicate that PT Garuda Indonesia (Persero) Tbk experienced financial distress during several periods, particularly before and during the COVID-19 pandemic, which was reflected in weakened liquidity, declining profitability, and reduced efficiency in asset utilization. However, following the financial restructuring process after 2021, both the Springate and Grover models show an improvement in the company’s financial condition, indicating a transition toward a more stable non-distress status. Although the Springate and Grover models use different financial indicators and classification approaches, both are able to descriptively capture the dynamics of financial distress experienced by the company. The differences in classification results reflect the distinct focus of each model, where the Springate model is more sensitive to liquidity and operational performance, while the Grover model emphasizes asset profitability. Therefore, the combined use of both models provides a more comprehensive overview of the financial distress condition of PT Garuda Indonesia (Persero) Tbk during the research period.

The financial performance of MSMEs is the result of a business's success in sustaining itself thru financial management. This research aims to provide information on the impact of financial literacy, payment gateways, and financial inclusion on the financial performance of MSMEs. This investigative activity involves two types of variables: independent variables consisting of financial literacy, payment gateways, and financial inclusion, while the financial performance of MSMEs is the dependent variable. Food and beverage MSMEs under the auspices of Rumah BUMN are the study population, totaling 337. The method for determining the sample size was determined using Slovin's formula, and sampling was conducted using specific criteria, resulting in a sample size of 77 respondents. The data analysis technique involves multiple linear regression analysis. This research activity found that each of the variables used, namely financial literacy, payment gateway, and financial inclusion, has a significant positive impact on the financial performance of MSMEs. The coefficient of determination shows that 91.3% of the variables of financial literacy, payment gateway, and financial inclusion are able to explain the financial performance variable of MSMEs.

This study aims to determine and analyze the effect of the Current Ratio (CR) on Return on Equity (ROE) at PT Kino Indonesia Tbk for the period 2015–2025. This research employs a quantitative approach with an associative research design. The data used are secondary data obtained from the company's annual financial statements. The data analysis techniques include classical assumption tests, simple linear regression analysis, partial t-test, and coefficient of determination (R²). The results show that the Current Ratio has a negative and significant effect on Return on Equity. This is indicated by a regression coefficient value of -0.489 and a significance value of 0.001 (< 0.05). In addition, the coefficient of determination (R Square) is 0.734, which means that 73.4% of the variation in Return on Equity can be explained by the Current Ratio, while the remaining 26.6% is influenced by other factors outside this study. These findings indicate that excessively high liquidity tends to reduce the company’s profitability, suggesting inefficient management of current assets. Therefore, companies need to maintain a balance between liquidity and profitability to improve overall financial performance

Technological advancements and the rapid growth of globalization have fundamentally changed the way organizations conduct business activities, creating increasingly complex challenges and opportunities in both local and international markets. Organizations are now required to adapt quickly to changing consumer preferences, technological innovation, market competition, and economic uncertainty. In this environment, economics, management, and accounting have become three essential disciplines that play a crucial role in determining organizational effectiveness and long-term sustainability. Economics helps organizations understand market behavior, pricing strategies, supply and demand conditions, and macroeconomic factors that influence business performance. Management focuses on planning, organizing, leading, and controlling resources to ensure operational efficiency and goal achievement. Accounting provides reliable financial information through systematic recording, reporting, and analysis of transactions, enabling organizations to evaluate performance and maintain accountability. This study aims to analyze the relationship between these three disciplines in supporting organizational decision-making processes and improving overall performance. The research employs a literature review method by examining various recent academic books and journal articles. The findings reveal that the integration of economics, management, and accounting strengthens strategic planning, improves resource allocation, enhances financial transparency, and supports sustainable organizational growth in a highly competitive global environment.

Public companies must maintain sustainability, as it is related to their value. A company's value can be measured by its share price; a higher market price indicates a company's financial performance and investment returns for investors. A phenomenon has been observed in the consumer non-cyclical sector, which experienced declines and fluctuations in value from 2020 to 2024. This phenomenon indicates that falling share prices lead to a decline in company value. This study aims to analyze the influence of Corporate Social Responsibility, Tax Avoidance, and Dividend Policy on Company Value in companies in the Consumer Non-Cyclical sector listed on the Indonesia Stock Exchange during the 2020-2024 period. The study sample consisted of 10 companies with 50 data observations selected using a purposive sampling technique. Data analysis was conducted using panel data regression with the help of EViews 12 software. The results of the study indicate that (1) Corporate Social Responsibility, Tax Avoidance, and Dividend Policy as a whole have an effect on Company Value, (2) Corporate Social Responsibility partially has no effect on Company Value, (3) Tax Avoidance partially has no effect on Company Value, (4) Dividend Policy partially has no effect on Company Value. These findings prove that Corporate Social Responsibility, Tax Avoidance, and Dividend Policy together are able to influence company value, even though each variable does not have an effect on company value.

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.

The rapid growth of beverage franchises in Indonesia, particularly MIXUE with over 4,000 outlets, necessitates an in-depth examination of the financial management strategies underlying its success. This study aims to analyze the effects of working capital management, supply chain support, and operational cost efficiency on financial performance, as well as to evaluate the investment feasibility of the MIXUE franchise in Indonesia. A mixed-methods sequential explanatory approach was employed, utilizing multiple regression analysis and capital budgeting methods including Net Present Value (NPV), Internal Rate of Return (IRR), Payback Period (PP), and Return on Investment (ROI). Data were collected from 50 franchise outlets across Jakarta, Bandung, Surabaya, and Semarang during 2022-2024, supplemented by in-depth interviews with 15 franchisees and 3 regional managers. Results reveal that all three independent variables significantly and positively affect financial performance: working capital management (β = 0.412; p = 0.002), supply chain support (β = 0.358; p = 0.008), and operational cost efficiency (β = 0.486; p < 0.001) with R² = 0.684. Investment feasibility analysis indicates an average positive NPV of IDR 290.1 million, IRR 36.5%, PP 22.2 months, and ROI 56.5%. This study contributes novel insights by integrating financial and supply chain analysis within the context of beverage franchising in emerging Asian markets, providing a comprehensive evaluation framework for prospective investors and franchise system developers.

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.

The rapid development of information technology requires adaptation across various business sectors, including small and medium enterprises (SMEs). BUMDes Poto Bo’o, located in Wolotopo Village, Ndona Timur District, still manages sales data manually using ledger books. This practice leads to several issues, such as data inaccuracies, lack of automatic inventory updates, and delays in report generation.This study aims to design and implement a basic necessities (sembako) sales information system for the BUMDes. The system development method used is the waterfall model, which consists of requirement analysis, system design, implementation, testing, and maintenance stages. The system is developed using PHP programming language and MySQL database.The main features of the system include product management, customer management, transaction processing, tracking of incoming and outgoing goods, and real-time sales reporting. The results show that the developed information system improves transaction recording accuracy, enhances inventory data accuracy, and accelerates the sales reporting process.Therefore, the system is expected to improve the operational efficiency of BUMDes Poto Bo’o, support financial management transparency, and increase public trust in the performance of the village-owned enterprise.

The Fréchet distribution is one of the commonly used Extreme Value Distributions (EVDs) in statistical modeling and heavy-tailed data analysis, where it plays an important role in describing product lifetimes as well as climatic and financial phenomena. The estimation of its two parameters, namely the shape parameter and the scale parameter, is traditionally based on the Maximum Likelihood Estimation (MLE) method. However, maximizing the likelihood function for this distribution involves numerical difficulties, which necessitates the use of numerical optimization methods. In this study, we propose the use of the Aquila Optimizer (AO), a recent metaheuristic algorithm inspired by the hunting behavior of eagles, as an efficient numerical tool for maximizing the likelihood function of the Fréchet distribution. The objective function was formulated as the negative log-likelihood function (-LogL), and the Aquila Optimizer was employed to obtain the optimal estimates of the distribution parameters. Several simulation experiments with different sample sizes were conducted to compare the performance of the proposed method with a conventional approach represented by the Nelder–Mead method, using the Mean Squared Error (MSE) criterion. The simulation results demonstrated that the Aquila Optimizer outperformed the Nelder–Mead algorithm in many cases, although the superiority was slight. The results also showed that both algorithms were consistent, as their MSE values decreased with increasing sample size. In addition, a practical application was carried out using real data, and the results of the survival function estimation indicated a good fit.

This study aims to analyze the effect of financial performance, proxied by liquidity, leverage, and profitability, on firm value in plantation sub-sector companies listed on the Indonesia Stock Exchange. Firm value is measured using Price to Book Value (PBV). This research employs a quantitative approach with a causal associative method. The data used are secondary data obtained from financial statements, with data analysis techniques using multiple linear regression. The results indicate that liquidity does not have an effect on firm value. However, leverage and profitability both have a positive effect on firm value, both partially and simultaneously. These findings imply that financial performance plays an important role in influencing investor perceptions of firm value. Investors tend to value companies with better leverage and profitability ratios as they signal better financial health and future growth potential. The study highlights the significance of understanding the components of financial performance and their impact on firm value, offering valuable insights for stakeholders in making informed investment decisions. Furthermore, the study suggests that improving financial performance, particularly in leverage and profitability, could enhance firm value and attract more investment.

Micro, Small, and Medium Enterprises (MSMEs) constitute the backbone of Indonesia's national economy, contributing approximately 61% of GDP and absorbing 97% of the total workforce; however, the majority of MSME actors, particularly in eastern Indonesia, continue to face structural barriers in digital technology adoption and capital access that constrain optimal business performance. This study aims to analyze the partial and simultaneous effects of marketing digitalization and business capital on MSME performance in Ambon City. A quantitative approach with associative-causal design was employed, involving 30 respondents selected through purposive sampling from active MSME operators in Ambon City. Data were collected via a five-point Likert scale questionnaire and analyzed using multiple linear regression with IBM SPSS version 26, preceded by validity, reliability, and classical assumption tests. Results demonstrate that marketing digitalization exerts a positive and significant partial effect on MSME performance (t = 8.060; sig. = 0.000; β = 1.061), establishing it as the most dominant predictor in the model. Conversely, business capital shows no significant partial effect (t = 0.746; sig. = 0.462), attributable to the homogeneity of capital access among MSME actors in archipelagic regions. Simultaneously, both variables significantly influence MSME performance (F = 287.070; sig. = 0.000), with an exceptionally high R Square of 0.955, indicating that 95.5% of performance variance is collectively explained by the two predictors. These findings underscore the critical role of digital marketing capabilities over financial resources alone in archipelagic contexts. It is recommended that the Ambon City Government integrate digital marketing literacy training programs synergistically with inclusive financing schemes to comprehensively strengthen MSME competitiveness across the Maluku archipelago.

This study aims to analyze the effect of green accounting and carbon emission disclosure on firm value in palm oil sector issuers listed on the Indonesia Stock Exchange (IDX) and participating in the PROPER program during the 2020–2024 period. Green accounting is proxied using the PROPER rating, which reflects a company's environmental management performance, while carbon emission disclosure is measured based on the level of carbon emission disclosure in the company's annual report or sustainability report. This study uses a quantitative approach with panel data regression analysis. The sampling technique used was purposive sampling, with the criteria being palm oil companies listed on the IDX, participating in PROPER, and consistently publishing annual reports throughout the study period. The data used are secondary data obtained from financial reports, sustainability reports, and official publications related to PROPER. The results are expected to show that the implementation of green accounting has a positive effect on firm value, as it reflects the company's commitment to sustainability and increases investor confidence. Furthermore, carbon emission disclosure is expected to have a positive effect on firm value, depending on market perception and the quality of environmental information disclosure. This research is expected to contribute to the development of environmental accounting literature and serve as a reference for regulators, investors, and company management in improving transparency and environmental performance to create sustainable corporate value.

This study aims to analyze the influence of internal company factors, including company size, networking capital, operating efficiency, liquidity, and leverage, on financial performance, proxied by Return on Assets. The research population includes 40 food & beverage subsector companies listed on the Indonesia Stock Exchange during the 2019–2024 period. Using purposive sampling, 17 sample companies were selected, yielding a total of 102 data observations. This study adopts a quantitative approach, using secondary data obtained from the company's annual financial statements. Data analysis was performed using multiple linear regression to identify partial and simultaneous influences between variables. Empirical findings show that not all internal factors exert a uniform influence on financial performance, as some variables have been shown to have a significant influence, while others do not show a statistically significant relationship. These results have important implications for managers and investors in formulating internal management strategies to drive sustainable profitability

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.

This study aims to analyze the influence of sustainability reporting, good corporate governance (GCG), and company size on the value of companies with financial performance as a mediating variable in energy sector companies listed on the Indonesia Stock Exchange. The research approach uses quantitative methods with causality design, as well as secondary data in the form of financial statements and sustainability reports. The research sample consisted of 60 observations obtained through purposive sampling techniques. The analysis was carried out by descriptive statistics, classical assumption tests, multiple linear regression, and mediation tests using the Sobel Test. The results of the study show that sustainability reporting, GCG, and company size have a positive and significant effect on financial performance. Furthermore, financial performance has been proven to have a positive effect on the company's value. In the full model, all independent variables together with financial performance have a significant effect on the company's value. The mediation test confirmed that financial performance partially mediated the relationship between sustainability reporting, GCG, and company size to the company's value. These findings confirm that improving the quality of sustainability reporting, implementing good governance, and optimizing company size can increase company value both directly and through financial performance. The implication of this research is the need for energy sector companies to strengthen transparency, governance, and efficiency of asset management to increase attractiveness in the eyes of investors.

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  

This study aims to analyze the influence of manager competence, financial technology, and internal control systems on MSME financial performance, both directly and indirectly through Sharia financial literacy as a mediating variable. This study uses a quantitative approach with an exploratory design. Primary data were obtained by distributing questionnaires to 400 MSMEs in Semarang City selected using a purposive sampling technique. Data analysis was conducted using SEM-PLS. The results show that manager competence and financial technology have a positive and significant influence on MSME financial performance, while internal control systems do not have a significant direct influence. Manager competence, financial technology, and internal control systems are proven to have a positive and significant influence on Islamic financial literacy. Furthermore, Sharia financial literacy has a positive and significant influence on MSME financial performance and is able to mediate the influence of manager competence, financial technology, and internal control systems on MSME financial performance. These findings confirm that Sharia financial literacy is a strategic capability that plays a role in transforming an organization's internal resources into improved financial performance. This research contributes to the development of the Resource-Based View and Dynamic Capability theories and offers a model for improving the financial performance of MSMEs based on Islamic financial literacy.

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 research aims to explore the satisfaction–revenue nexus by examining the effect of tourist satisfaction on Revenue Per Available Room (RevPAR) performance in three-star hotels across Southeast Asia. Grounded in Expectation–Confirmation Theory and the Service-Profit Chain framework, the study conceptualizes tourist satisfaction as a strategic intangible asset that contributes to financial performance through both direct and indirect mechanisms. A mixed-methods sequential explanatory design was employed. Quantitative panel data were collected from 312 three-star hotels in Indonesia, Malaysia, Thailand, Vietnam, and the Philippines over the period 2019–2024 and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) and panel regression techniques. The results indicate that tourist satisfaction has a positive and statistically significant direct effect on RevPAR. Furthermore, occupancy rate partially mediates this relationship, suggesting that satisfaction enhances revenue performance primarily through demand stabilization and increased room utilization. Qualitative findings from managerial interviews further confirm that guest satisfaction strengthens online reputation, repeat visitation, and revenue consistency. This study contributes empirical evidence to the literature on satisfaction-driven financial performance in mid-scale hospitality markets and offers strategic implications for revenue optimization in competitive Asian contexts.