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Profitability is one of the key indicators in assessing a company's ability to generate profits and plays a crucial role in financial decision-making. According to the pecking order theory, companies with high profitability tend to prefer using internal funds and reduce reliance on debt. This study aims to analyze the effect of profitability on debt policy, as well as to examine the role of dividend policy as a moderating variable in this relationship. The study employed Slovin’s formula for sample selection and analyzed 263 non-financial publicly listed companies on the Indonesia Stock Exchange (IDX) in 2023. The data used in this research were secondary data obtained from annual financial reports published on the official website of the IDX or the respective company websites. Profitability was measured using return on assets (ROA), debt policy was measured by the debt-to-equity ratio (DER), and dividend policy was measured by the dividend payout ratio (DPR). The analytical method used in this study was multiple linear regression analysis with the help of the SPSS software. The results indicate that profitability has a negative effect on debt policy, meaning that the more profitable a company is, the less likely it is to depend on debt financing. Additionally, the findings suggest that dividend policy does not significantly moderate the relationship between profitability and debt policy. This implies that whether a company distributes dividends or not does not meaningfully influence how profitability affects its debt decisions. These results are in line with the pecking order theory and provide insight for corporate financial managers in planning funding structures. It also emphasizes the importance of internally generated funds for companies with strong earnings performance.

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.

Earnings management is a form of deviation in the process of preparing financial statements, namely affecting the level of profit displayed in the financial statements. This study aims to identify and analyze the factors that influence earnings management, namely Solvency, Corporate Social Responsibility , Profitability, and Company Size based on the findings of previous studies . The method used is the Systematic Literature Review (SLR). Data collection related to similar research was obtained from 50 journals from the Google Scholar database with a publication year range of 2023-2025. The results of this study indicate that the factors that have a significant effect on earnings management, namely Solvency, have an effect on earnings management. The greater the level of this solvency ratio , the greater the opportunity for managers to carry out earnings management so that the company can more easily obtain funds from creditors. Corporate Social Responsibility influence on earnings management. Improving sustainability performance through CSR by companies can encourage management to take higher earnings manipulation actions. Profitability influences earnings management. When the higher the profits earned by the company, the higher the Earnings Management practices carried out by the managers. Company ​size influences earnings management. The larger the size of a company, the smaller the opportunity to carry out earnings management.

This study aims to confirm the effect of liquidity and profitability performance on the performance of the company’s value in the cement sector company in Indonesia. The data used in this study are secondary data with panel data types that combine time series and cross section data from annual reports. The population and samples of research are sub-sector companies registered on ISSI or the Indonesian Sharia Stock Index for annual report pulished consistently for the 2013 period -2022. A number of 5 companies on the ISSI for a period of  10 years so that the number of samples used is 50 samples. The analysis method used is quantitative with panel data regression analysis. The research results show that liquidity performance has a partial influence on company value with a significance level of 0.018. Meanwhile, partial profitability performance does not have an influence of 0.6104 on company value. Meanwhile, simultaneously, the current ratio liquidity and ROA profitability variables have no effect on company value with a significance level of 0.2838.

Firm value is a crucial indicator that provides information to investors for making investment decisions. Today, investors also consider a company’s commitment to environmental issues, especially in the energy sector, which significantly contributes to carbon emissions. This study aims to empirically examine the effect of carbon emission disclosure and green investment on firm value. The theoretical framework employed includes signaling theory and legitimacy theory. Firm value is measured using the Tobin’s Q ratio. Carbon emission disclosure is measured through content analysis based on the GRI 305 standards, while green investment is measured using the PROPER rating issued by the Ministry of Environment and Forestry. This study also includes three control variables: firm size, leverage, and profitability. The analytical method used is multiple linear regression, with secondary quantitative data collected from companies’ annual reports and sustainability reports. The sample consists of 69 companies with a total of 271 observations. The findings reveal that carbon emission disclosure has a positive effect on firm value, while green investment does not have a significant effect on firm value. This research is expected to contribute to the development of signaling and legitimacy theories and serve as a practical reference for investors in considering environmental aspects when making investment decisions.

Profitability, measured by Return on Asset (ROA), is a key indicator for assessing the performance and resilience of the banking sector. During the 2019–2023 period, the Indonesian banking sector faced significant pressure from the COVID-19 pandemic, which impacted asset quality and financial performance. This study aims to analyze the simultaneous and partial effects of Non-Performing Loan (NPL), the BI Rate, inflation, Net Interest Margin (NIM), and Capital Adequacy Ratio (CAR) on the ROA of commercial banks in Indonesia. This research employs a quantitative approach using monthly secondary data from 2019 to 2023. The analysis was conducted using Robust Least Squares (RLS) with M-estimation, a Wald test for simultaneous significance, and a z-statistic for partial tests. The results indicate that, simultaneously, the five independent variables have a significant effect on ROA with a significance value of 0,000 and a coefficient of determination of 67,1 percent. Partially, NPL has a significant negative effect on ROA, while NIM, CAR, and inflation have significant positive effects. The BI Rate shows no significant influence. The implications of these findings highlight the managerial importance of strengthening credit risk management to control NPL, enhancing intermediation efficiency to maintain a healthy NIM, and preserving capital adequacy. From a policy perspective, these results justify the continued strengthening of prudential supervision over banks' internal ratios by financial authorities. Furthermore, the insignificance of the BI Rate suggests that the monetary policy transmission to bank profitability is indirect, necessitating a focus on internal factors to maintain the stability of the banking sector.

This study aims to analyze the influence of capital structure, profitability, and sales growth on firm value in the consumer non-cyclicals sector listed on the Indonesia Stock Exchange (IDX) during the 2018–2023 period. A quantitative research method was employed. The sample consisted of 62 companies selected through purposive sampling, based on the criterion of consistently publishing annual financial reports throughout the study period. The data analysis technique used was panel data regression with the aid of EViews software. The results indicate that capital structure, as measured by the Debt to Equity Ratio (DER), has a positive effect on firm value. Profitability, measured by Return on Equity (ROE), has a negative effect on firm value. Sales growth has no significant effect on firm value. Additionally, firm size as a control variable does not affect firm value.

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.

This study aims to evaluate the financial performance of PT. Matahari Department Store Tbk for the 2023–2024 period using financial ratio analysis, particularly profitability and liquidity ratios. The study applies a descriptive quantitative approach, utilizing secondary data from the company’s financial reports. Profitability ratios such as Net Profit Margin, Return on Assets (ROA), and Return on Equity (ROE), along with liquidity ratios including Current Ratio, Quick Ratio, and Net Working Capital Ratio, were used as indicators. The results show a significant increase in profitability ratios, indicating improved operational efficiency and asset utilization. Meanwhile, the liquidity ratios also improved but remained below the optimal level, suggesting that the company still faces challenges in meeting its short-term obligations. In conclusion, PT. Matahari has demonstrated enhanced profitability but needs to strengthen its liquidity position to ensure financial stability.

This study aims to analyse the impact of the implementation of PSAK 73 which focuses on changes in key financial ratios, namely Debt to Equity, Return on Assets, and Return on Equity. The results showed that DER experienced a significant increase, ROA in the first year experienced a significant decrease and ROE experienced a significant decrease due to depreciation and rental interest. Overall, the implementation of PSAK 73 affects the company's financial structure, increases leverage, and decreases profitability and affects asset efficiency although not consistently. This study also responds to the importance of financial statement transparency with the recognition of right-to-use assets and lease liabilities that provide a more realistic picture of the company's liabilities and assets. This study suggests expanding the sample, considering other variables, and using more complex quantitative and qualitative analysis methods to gain a deeper understanding.

Profitability shows how efficiently a company generates profit by optimizing the use of its owned assets. To management and investors, profitability provides a yardstick to assess how effectively a company uses its assets to achieve profitability. This research aims to investigate the impact of receivable turnover, debt-to-equity ratio, inventory turnover, and firm size on profitability. Employing a purposive sampling approach, the study sampled 9 Indonesian pharmaceutical companies listed on the Indonesia Stock Exchange between 2019 and 2023. Multiple linear regression analysis was employed as a statistical testing tool to analyze secondary data from annual reports. The results show that receivable turnover, inventory turnover, and firm size do not significantly impact profitability, while the debt-to-equity ratio has a significant negative effect.

This study aims to evaluate the operational efficiency of PT Asuransi Jasa Tania Tbk in 2023 using the operating expense to revenue ratio (Expense Ratio). The data used is the company's financial statements for the year ended December 31, 2023. The results show that PT Asuransi Jasa Tania Tbk successfully improved its operational efficiency significantly, with a decrease in the Expense Ratio by 17.24% to 48% compared to the previous year. This efficiency improvement was driven by strong net premium income growth, effective operating expense control, and investments in digitalization. Compared to the general insurance industry average in Indonesia, PT Asuransi Jasa Tania Tbk demonstrates a better level of efficiency. These findings highlight the importance of operational efficiency for the profitability and competitiveness of insurance companies, as well as the relevance of technology adoption in enhancing efficiency. Practical and theoretical implications are discussed.

This study aims to analyze the role of cash flow and financial ratios in predicting financial distress in manufacturing companies listed on the Indonesia Stock Exchange for the period 2021–2023. The independent variables include cash flow, profitability, liquidity, leverage, and activity ratios, while financial distress serves as the dependent variable. This research employs logistic regression analysis with purposive sampling, resulting in a sample of 100 companies with a total of 300 observations. The findings reveal that liquidity and activity ratios have a significant negative effect on financial distress, while solvency has a significant positive impact. However, cash flow and profitability do not significantly influence financial distress. These findings highlight the importance of liquidity management and asset efficiency in reducing financial distress risk, while also indicating that high debt burdens increase the likelihood of financial distress. The study’s implications provide valuable insights for management and investors in making strategic financial decisions

This study aims to test the influence of liquidity as measured by the Current Ratio and Solvency as measured by Debt to Equity Ratio  and Profitability with Return On Equity proxy on Stock Price. The data used is secondary data from the Annual Report. The sample used in this study was 15 companies in the Food and Beverage subsector. listed on the Indonesia Stock Exchange that meets the requirements for use in research with a period of 20 20 to 2023 ( 4 years), so that the data observed is 60. This study uses a quantitative method with SPSS analysis tools . The findings of this study indicate that Liquidity has a positive effect on stock prices. Solvability and profitability partially do not affect stock prices.  

This study aims to analyze the effect of leverage, liquidity, and company size on profitability in food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. Testing was conducted both partially and simultaneously to obtain a comprehensive picture of the relationship between variables. This study uses a quantitative approach with a sample of 14 companies selected through a purposive sampling method based on certain criteria, such as the completeness of annual financial reports during the study period and the availability of relevant data. The data used are secondary data obtained from the official IDX website (www.idx.co.id), including annual financial reports containing information on total assets, total liabilities, total equity, financial ratios, and the company's profit level. Data analysis was carried out using the multiple linear regression method using SPSS version 26 software, so that the effect of each independent variable on the dependent variable can be tested both individually and together. The results of the study indicate that simultaneously, the variables leverage (X1), liquidity (X2), and company size (X3) have a significant effect on profitability (Y). However, partial test results revealed that leverage had a negative and significant effect on profitability, indicating that a high proportion of debt can reduce a company's ability to generate profits. Meanwhile, liquidity and company size were not shown to have a significant influence on profitability, suggesting that these factors are not the main determinants of profit performance in this sector. This study implies that food and beverage company management needs to carefully consider capital structure to maintain profitability. For further research, it is recommended to add other variables such as operational efficiency, sales growth, and dividend policy, as well as extend the observation period for more in-depth and representative analysis results.

This study aims to analyze financial statements as a tool to assess the financial performance of PT Unilever Indonesia Tbk for the period 2020–2023. Using a descriptive quantitative approach, this research calculates key financial ratios, including liquidity ratios (current ratio), solvency ratios (debt to equity ratio), activity ratios (total asset turnover), and profitability ratios (net profit margin). The results show that the current ratio experienced a declining trend from 66.09% in 2020 to 55.16% in 2023, reflecting a weakening ability of the company to meet its short-term liabilities. The debt to equity ratio increased from 315.90% in 2020 to 392.85% in 2023, indicating a high dependence on debt financing. Meanwhile, the total asset turnover improved from 315.90% in 2020 to 392.85% in 2023, suggesting better efficiency in utilizing assets to generate sales. However, the net profit margin declined from 16.42% in 2020 to 12.26% in 2023, signaling a decrease in the company's effectiveness in converting sales into net profit. Based on these findings, PT Unilever Indonesia Tbk is advised to enhance the management of current assets, strengthen its capital structure by reducing reliance on debt, and thoroughly evaluate cost control and marketing strategies to improve profitability and ensure business sustainability in the future.   

This study aims to evaluate the financial performance of PT Jasa Marga (Persero) Tbk during the period 2021 to 2024 in an effort to assess the effectiveness of financial management within the infrastructure sector. The main focus of the study is to determine whether there has been an improvement in financial performance based on relevant financial indicators. The analysis was conducted using a descriptive quantitative approach based on the company’s published annual financial statements. The results indicate that, in general, PT Jasa Marga has experienced a significant improvement in financial performance over the past four years. This is reflected in improved liquidity, solvency, profitability, and activity ratios. The increase in toll revenue, as the company’s main source of income, along with profit growth and operational efficiency, serve as key indicators of the success of management strategies in addressing post-pandemic challenges and expanding national toll road projects. Additionally, improved debt management is evidenced by the declining leverage ratios year after year. These findings support the hypothesis that there has been an improvement in financial performance during the observation period.

This study aims to analyze the profitability ratios of PT Blue Bird Tbk during 2021-2024 to evaluate its financial performance. The method used is ratio analysis, including Gross Profit Margin (GPM), Net Profit Margin (NPM), Return on Assets (ROA), and Return on Equity (ROE). The results of the analysis show that all profitability ratios have increased significantly. GPM increased from 22.24% in 2021 to 32.33% in 2024, indicating efficiency in managing production costs. NPM also increased from 0.39% to 11.8%, indicating the company's ability to maintain higher net income. In addition, ROA and ROE increased from 7.48% to 19.30% and from 9.59% to 29.12%, respectively. These findings indicate that PT Blue Bird Tbk has successfully recovered from the impact of the COVID-19 pandemic and has positive growth potential in the future

The objective of this study is to examine and compare the financial performance of Islamic banks and conventional banks in Indonesia during the 2019–2023 period. This research is motivated by the rapid growth of the Islamic banking industry; however, its market share remains relatively small compared to conventional banks. The study evaluates various financial ratio indicators, including Return on Assets (ROA), Net Interest Margin (NIM), Capital Adequacy Ratio (CAR), BOPO, Non-Performing Loans (NPL), and Non-Performing Financing (NPF), using a quantitative approach and comparative method. Data were collected from the annual financial reports of several major banks selected through purposive sampling. The results of the analysis indicate that conventional banks generally outperform in terms of profitability and operational efficiency, as reflected in the ROA and BOPO ratios. On the other hand, Islamic banks demonstrate more stable financing quality and liquidity, as indicated by relatively stable NPF and FDR ratios. These performance differences stem from the distinct operational principles of the two banking systems: interest-based operations for conventional banks and profit-sharing principles for Islamic banks. The study concludes that a more comprehensive evaluation method, integrating both sharia compliance and financial elements, is essential to provide a fair and accurate assessment of bank performance. The findings are expected to be valuable for regulators, academics, and industry practitioners in formulating policies that support a more inclusive and sustainable banking system.

The objective of this study is to evaluate the financial performance of PT PP (Persero) Tbk over the period from 2020 to 2023. The assessment was conducted by analyzing several key financial ratios, including profitability, liquidity, solvency, and activity ratios. This study employed a descriptive quantitative approach using secondary data obtained from the company’s annual financial statements. The analysis revealed a decline in the company’s profitability, as indicated by a downward trend in the Return on Assets (ROA) and Return on Equity (ROE) ratios. The company's liquidity remained relatively stable but was still below the ideal standard, particularly in the quick ratio, indicating a need for improvement in the management of liquid assets. The solvency analysis revealed a high dependency on debt, which could increase financial risk if not properly managed. Meanwhile, the activity ratios showed a decrease in operational efficiency in utilizing assets to generate revenue. These findings support the hypothesis that PT PP (Persero) Tbk is facing challenges in maintaining financial health, particularly in balancing growth with sustainable performance. This study has limitations, including a data scope restricted to financial ratios and the absence of consideration for external factors such as macroeconomic conditions and industry comparisons. Future research is recommended to adopt a more comprehensive and integrative approach by combining quantitative and qualitative methods, in order to gain deeper insights into financial decision-making processes and the company’s strategic direction.