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Eka Prawira Rajaras Ps

Jurnal Riset Rumpun Ilmu Sosial, Politik dan Humaniora 2025 Lembaga Pengembangan Kinerja Dosen

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

Junaidi Junaidi

Jurnal Riset Rumpun Ilmu Sosial, Politik dan Humaniora 2025 Lembaga Pengembangan Kinerja Dosen

Indonesia's Sharia capital market has experienced significant growth in the past decade, along with rising public awareness of Islamic economic principles and the adoption of digital technologies. This study aims to analyze the role of digital transformation in supporting the development of the Sharia capital market and to identify structural challenges, particularly in regulatory, financial literacy, and cybersecurity aspects. The methodology used is descriptive qualitative with a literature study approach, drawing on secondary data from reputable journals and official publications from OJK and the Indonesia Stock Exchange. The results indicate that while technological transformation has opened significant opportunities such as increased financial inclusion and youth investor engagement, the Sharia capital market still faces serious challenges related to unadaptive regulations, cyber threats and low investor literacy. This study recommends synergy between regulators, industry players and educational institutions to strengthen a sustainable Sharia capital market ecosystem.    

Sefiana Nurul Hikmah; Amril Mukmin; Ayu Mahanani

Jurnal Riset Rumpun Ilmu Kedokteran 2025 Pusat riset dan Inovasi Nasional

Phlegmon is a serious infection affecting the maxillofacial area. Cases of phlegmon cause more than 50% mortality before the development of antibiotics, and 90% are due to acute infection of molar teeth. Examination of cervical vertebrae can help the diagnosis by using AP Axial, Lateral, right posterior oblique (RPO)/left posterior oblique (LPO) projections of 15º-20º cephalad, and right anterior oblique (RAO)/left anterior oblique (LAO) 15º-20º caudad while in the Radiology Installation of Yogyakarta City Hospital, using AP Axial projection 15º cephalad, Lateral and oblique (RPO and LPO) with perpendicular beam direction without other modalities such as MRI and CT Scan. This study aims to further examine radiographic examination procedures and projections of RPO and LPO with perpendicular ray directions. This type of research is qualitative with a case study approach at the Radiology Installation of Yogyakarta City Hospital from September 2024 to May 2025. Data were collected by observation, documentation and interviews with 3 radiographers and 1 radiology specialist. Data analysis was done by data reduction, data presentation and conclusion drawing. The results showed 3-position photographs to evaluate the overall condition of the cervical vertebrae and surrounding tissues. RPO and LPO projections are not angled according to the applicable SOP and have no significant effect, because the main focus of phlegmon is soft tissue evaluation and is not related to the evaluation of nerve abnormalities in the intervertebral foramen. However, for phlegmon cases with serious severity, other modalities such as MRI, CT scan or ultrasound should be added in order to detect soft tissue and the cause of phlegmon for further action.

Meilila Citra; Rizqa Syahirah Yudyanto; Fanny Nur Qhotimah; Andrian Lukmana; Sonata Dewi Fortuna

Akuntansi dan Ekonomi Pajak: Perspektif Global 2025 Asosiasi Riset Ekonomi dan Akuntansi Indonesia

This study analyzes the effect of sales growth and capital intensity on operating cash flow at PT Sumber Alfaria Trijaya, Tbk during the 2013–2024 period. The research problem raised is whether sales growth and capital intensity have a significant effect on the company's operating cash flow. The purpose of this study is to prove the relationship between these two independent variables and operating cash flow, thus providing a basis for managerial decision-making in Indonesian retail companies. The data used in this study are secondary data in the form of annual financial statements of PT Sumber Alfaria Trijaya, Tbk over the last eleven years. The method used is a quantitative approach with regression analysis, preceded by classical assumption tests including normality, multicollinearity, heteroscedasticity, and autocorrelation tests to ensure the validity of the regression model. The results show that the residuals are normally distributed, the regression model is free from multicollinearity and heteroscedasticity, but there is positive autocorrelation in the residuals. Simultaneously, sales growth and capital intensity are proven to have a significant effect on the company's operating cash flow. These findings emphasize the importance of efficient management of sales growth and capital intensity in maintaining the stability of operating cash flow.

Mulyani Santoso

Jurnal Suara Pengabdian 45 2025 LPPM Universitas 17 Agustus 1945 Semarang

Notaris merupakan suatu karis dan profesi yang sedang marak dan digandrungi tidak hanya oleh kaum muda akan tetapi juga orang yang mendambakan kehidupan yang lebih baik untuk masa depannya dengan sejuta janji dan mimpi. Menjadi seorang notaris tidaklah mudah karena harus melalui beberapa tahapan yaituharus lulus pendidikan S1 Fakultas Hukum, S2 Magiter Kenotariatan, Mengikuti Seleksi Anggota Luar Biasa, Magang di Kantor Notaris selama 24 (dua puluh empat) bulan, mengikuti Magang Bersama 4 (empat) kali, lulus Ujian Kode Etik Notaris dan mengikuti pengangkatan yang diadakan oleh Kementerian Hukum. Selain itu Notaris mempunyai kode etik dan larangan-larangan yang diatur dalam suatu Undang-undang yang antara lain mengenai jabatan yang tidak boleh dirangkap oleh seorang Notaris. Akan tetapi Notaris dapat merangkap jabatan sebagaiPejabat Pembuat Akta Tanah, Notaris Pembuat Akta Koperasi, Notaris Pasar Modal, Pejabat Lelang Kelas II. Metode Penelitian yang digunakan adalah penelitian kualitatif dengan teori positivisme hukum dan paradigma konstruktivisme diharapkan dapat memberikan gambaran menyeluruh mengenai karir dan profesi seorang notaris dalam menjawab peluang dan tantangan dalam menjalankan tugas jabatannya dengan tetap mengacu pada aturan-aturan yang ada.

Vika Anjani; Cupian Cupian

JUREKSI (Journal of Islamic Economics and Finance) 2025 STIKes Ibnu Sina Ajibarang

This study aims to evaluate the long-run and short-run relationship between the Islamic capital market and Islamic banking on Indonesia's economic growth over the period 2013-2023. Using a quantitative approach and the Vector Error Correction Model (VECM) method, this study analyzes the dynamics between these variables. The data used includes the Indonesian Sharia Stock Index (ISSI), Islamic bonds, Islamic banking third-party funds (DPK), non-performing financing (NPF), and real gross domestic product (GDP) as an indicator of economic growth. The analysis shows that in the long run, both the Islamic capital market and Islamic banking contribute significantly to economic growth. However, in the short term, only a few variables show a significant effect. These findings confirm the strategic role of the Islamic financial sector in supporting sustainable economic growth, as well as the importance of strengthening and developing Islamic instruments to support national economic stability and progress.

Mochammad Su’eb; Yonika Nazla Rohma

Jurnal Penelitian Ilmu Ekonomi dan Keuangan Syariah (JUPIEKES) 2025 STAI YPIQ BAUBAU, SULAWESI TENGGARA

The digital era has brought significant transformation in the financial sector, including the money market and capital market in Indonesia. Innovation in financial technology (fintech), digitalization of services, and increasing volume of online transactions require adaptive and responsive supervision from the authority institution. This study aims to analyze the role of the Financial Services Authority (OJK) in regulating, supervising, and developing the money market and capital market amidst the development of digital technology. The research method used is qualitative with a descriptive-analytical approach through literature studies and secondary data from official OJK reports and related regulations. The results of the study show that OJK plays a central role in maintaining the stability and integrity of the financial market through strengthening digital regulations, technology-based supervision (suptech), and investor protection. In addition, OJK also encourages digital financial inclusion and literacy to create a healthy and sustainable market ecosystem. These findings emphasize the importance of policy adaptation and strengthening OJK's institutional capacity in facing challenges and opportunities in the digital era.

Ismayani Ismayani

Journal Economic Excellence Ibnu Sina 2025 STIKes Ibnu Sina Ajibarang

Penelitian ini bertujuan untuk mengetahui dan menganalisis penilaian rasio profitabilitas pada kinerja keuangan PT Unilever Indonesia Tbk selama periode 2021 hingga 2023. Metode penelitian yang digunakan adalah kuantitatif deskriptif dengan menggunakan data sekunder yang diperoleh dari Bursa Efek Indonesia yaitu laporan keuangan tahunan PT Unilever Indonesia Tbk. Analisis dilakukan dengan menggunakan rasio profitabilitas seperti Gross Profit Margin (GPM), Net Profit Margin (NPM), Return on Assets (ROA), Return on Equity (ROE), dan dan Earning per Share of Common Stock (EPS). Hasil penelitian menunjukkan bahwa GPM perusahaan konsisten di atas standar industri dan mencerminkan efisiensi produksi yang baik. Namun, NPM dan ROA menunjukkan tren penurunan dan berada di bawah standar industri, menunjukkan adanya tekanan pada laba bersih dan efisiensi penggunaa aset. ROE mengalami peningkatan signifikan yang berada di atas standar industri, menandakan efektivitas pengelolaan modal sendiri. Sementara itu, EPS mengalami penurunan sejalan dengan penurunan laba bersih. Secara keseluruhan, PT Unilever Indonesia Tbk menunjukkan kekuatan dalam efisiensi produksi dan pengelolaan ekuitas, namun menghadapi tantangan dalam mempertahankan laba bersih dan efektivitas aset. Penelitian ini merekomendasikan efisiensi biaya operasional, optimalisasi penggunaan aset, serta strategi penguatan ekuitas untuk memperbaiki kinerja keuangan di masa depan. This study aims to determine and analyze the assessment of profitability ratios on the financial performance of PT Unilever Indonesia Tbk during the period 2021 to 2023. The research method used is quantitative descriptive using secondary data obtained from the Indonesia Stock Exchange, namely the annual financial report of PT Unilever Indonesia Tbk. The analysis was carried out using profitability ratios such as Gross Profit Margin (GPM), Net Profit Margin (NPM), Return on Assets (ROA), Return on Equity (ROE), and Earning per Share of Common Stock (EPS). The results of the study show that the company's GPM is consistently above the industry standard and reflects good production efficiency. However, NPM and ROA show a downward trend and are below the industry standard, indicating pressure on net profit and asset use efficiency. ROE has increased significantly above the industry standard, indicating the effectiveness of equity management. Meanwhile, EPS has decreased in line with the decline in net profit. Overall, PT Unilever Indonesia Tbk shows strength in production efficiency and equity management, but faces challenges in maintaining net profit and asset effectiveness. This study recommends operational cost efficiency, optimization of asset utilization, and equity strengthening strategies to improve financial performance in the future.

Sesylia Rambu Prayng; Nikson Tameno; Cicilia Apriliana Tungga

DHARMA EKONOMI 2025 sekolah Tinggi Ilmu Ekonomi Dharmaputra Semarang

The purpose of this study is to analyze the knowledge that affects Assets and Profitability at PT. JAMKRIDA NTT and to analyze the effect of capital deposits on profitability at PT. JAMKRIDA NTT. This study uses a qualitative descriptive method, using a research method that focuses on in-depth observation to understand the phenomena that occur, this approach uses descriptive data in the form of discussions and writings or oral from people and actors who want to be interviewed while quantitative research focuses on data and statistics to measure, calculate and compare from the data taken such as analyzing data from asset growth and the company's capital structure and how the company's profitability is. The results of this study are that asset growth and capital structure affect profitability at a The company has a very important influence in running a company's activities, especially to increase the value of the company.

Mariza Mariza; Harapan Tua

Jurnal Riset Rumpun Ilmu Sosial, Politik dan Humaniora 2025 Lembaga Pengembangan Kinerja Dosen

Service quality is the level of excellence or specialty of a service that can meet the needs and expectations of the community. Public service is an activity carried out by the government and other institutions to meet the needs of community services in accordance with laws and regulations. This service can be in the form of public goods, public services, and/or administrative services. The purpose of this study was to determine the quality of service in issuing Business Identification Numbers for micro businesses at the Pekanbaru City Investment and One-Stop Integrated Service Office and its supporting and inhibiting factors. This study uses a qualitative approach. Data collection techniques use interviews. Data analysis in this study was carried out using qualitative descriptive. The results of the study explain that the quality of service is already in the good category which is assessed from the transparency in the services provided where there is openness in the service process, services that are in accordance with the rules and there is ease in the service process. The principle of accountability in improving service quality to ensure that each service can be accounted for and provide services in accordance with the conditions that have been set. Community participation in improving services has been carried out well by providing services according to rights and balance. Supporting factors in improving service quality include the ability of employees to serve, the availability of supporting facilities and infrastructure, and the development of a better service system as part of improving services. While inhibiting factors include increased supervision and complicated bureaucracy in efforts to improve services.

Novi Mubyarto; Rina Juniati

Jurnal Nuansa : Publikasi Ilmu Manajemen dan Ekonomi Syariah 2025 Asosiasi Riset Ilmu Manajemen Kewirausahaan dan Bisnis Indonesia

A strong entrepreneurial sector plays a crucial role in a country's economic growth. Entrepreneurship not only contributes to creating jobs, but also increases productivity and encourages innovation. Therefore, it is very strategic to foster interest in entrepreneurship, especially among students and the younger generation. There are several factors that influence interest in entrepreneurship among students, one of these factors is business capital and motivation. The aim of this research is to find out whether there is an influence of business capital and motivation on interest in entrepreneurship among students of the Sharia Economics Study Program at Island Sulthan Thaha Saifuddin University, Jambi. The method used in this research is a quantitative method. The research sample consisted of 96 students using a sampling technique, namely Purposive Sampling. The results of this research show that both variables have a positive and significant effect on interest in entrepreneurship among students in the sharia economics study program. Simultaneously, the business capital and motivation variables have a significant influence on the entrepreneurial interest variable. The R Square value is 0.561 or 56.1%, which means that 56.1% of changes in the dependent variable can be explained by the independent variable, while the remaining 43.9% is influenced by other variables not included in this research. The Adjusted R Square value = 0.551 shows that after adjustment, this model still has good abilities in explaining the dependent variable. Apart from that, the R value = 0.749 shows a strong relationship between the independent variable and the dependent variable. The Islamic economic view of entrepreneurship is one of the noble recommendations for humans in working.

Muhammad Jaslin; Muh. Ichwan Musa; Agung Widhi Kurniawan; Zainal Ruma; Khaidir Syahrul

Jurnal Penelitian Manajemen dan Inovasi Riset 2025 Asosiasi Riset Ilmu Manajemen Kewirausahaan dan Bisnis Indonesia

Businesses and organizations frequently struggle with staff retention. At the Dinas Penanaman Modal dan Pelayanan Terpadu Satu Pintu Provinsi Sulawesi Selatan, the goal of this study is to determine how career development and internal communication impact employee retention. Using the basic random selection technique, 45 people were chosen as a sample from the 83 government employees that make up the research population. After distributing surveys to gather data, IBM SPSS software was used for a number of statistical analyses. It was discovered that internal communication and career development had a positive and considerable effect on employee retention, both separately and in combination. Internal communication is rated at 1.381, while career development is rated at 0.825. The results of the study show that staff retention at the Dinas Penanaman Modal dan Pelayanan Terpadu Satu Pintu Provinsi Sulawesi Selatan is impacted by internal communication and career development.

Fitroni Nuzula Putri; Mariana Mariana

DHARMA EKONOMI 2025 sekolah Tinggi Ilmu Ekonomi Dharmaputra Semarang

This study aims to analyze the reaction of the Indonesian capital market to the inauguration of President Prabowo-Gibran using the event study method. The important variables in this study are abnormal returns and trading volume activity, with the population of all companies listed in the LQ45 stock index. The observation period was 14 days. The data consists  of daily closing stock  price, daily closing price of LQ45 IHSG, daily trading volume, and the number of shares outstanding. Hypothesis testing was conducted using the non-parametric Wilcoxon Signed Rank Test, as the data is not normally distributed. The results showed that there was no significant difference in  the average abnormal return. However, a significant difference in the average trading volume activity was found between the periods before and after the presidential inauguration event.  

Siti Azizah; Aprylasari, Dede; Naufal Adinar Irsan

JURNAL RISET RUMPUN ILMU HEWANI 2025 Pusat riset dan Inovasi Nasional

Industri peternakan memiliki kontribusi penting dalam mendukung perekonomian nasional serta penyediaan protein hewani. Kambing merupakan salah satu komoditas ternak potensial yang banyak dibudidayakan masyarakat pedesaan, termasuk di Desa Besowo, Kecamatan Kepung, Kabupaten Kediri. Namun, keterbatasan sarana, pengetahuan teknis, dan pola pemeliharaan tradisional masih menjadi kendala dalam meningkatkan kinerja peternak kambing. Penelitian ini bertujuan untuk menganalisis pengaruh modal sosial terhadap kinerja peternak kambing. Metode penelitian yang digunakan adalah pendekatan kuantitatif dengan teknik analisis regresi untuk mengukur hubungan antara variabel modal sosial (norma, jaringan, kepercayaan, dan hubungan timbal balik) dengan kinerja peternak. Hasil penelitian menunjukkan bahwa modal sosial peternak kambing di Desa Besowo relatif baik, tercermin dari adanya praktik titip ternak, penggunaan fasilitas bersama, hingga kegiatan kelompok ternak. Kinerja peternak cenderung masih tradisional, dengan pola pemeliharaan dan pemberian pakan bergantung pada kondisi alam serta usaha ternak yang dijalankan sebagai profesi sampingan. Analisis regresi menghasilkan nilai koefisien determinasi (R²) sebesar 53,7%, yang mengindikasikan bahwa modal sosial berpengaruh signifikan terhadap kinerja peternak kambing. Hal ini menegaskan bahwa penguatan modal sosial dapat membantu mengatasi keterbatasan teknis dan sarana prasarana, sekaligus meningkatkan keberlanjutan usaha peternakan kambing.

Nurfika Utami; Rahmawati, Rahmawati; Bulkis Natsir

Jurnal Kesehatan Amanah 2025 Universitas Muhammadiyah Manado

Tuberculosis infection is one of the most common and dangerous human infections. Tuberculosis infection is a health problem in which one-third of the world's population is infected with Mycobacterium tuberculosis. The diagnosis of TB is still limited to the results of clinical examination, laboratory examination of BTA sputum and conventional thoracic X-rays. Meanwhile, CT scanning has not yet become a standard modality, due to its high cost and unavailability in many primary health care centres. However, CT scans are considered to have advantages in diagnosing minimal lesions, differentiating active and inactive conditions, assessing endobronchial expansion, and better diagnosing pulmonary TB with negative acid-resistant bacteria (BTA) sputum examination results. The method used was a literature review with a Narrative Review design to identify and summarise previously published articles on the relationship between clinical characteristics of pulmonary TB patients and CT scan radiological images. From the 4 articles summarised, it was found that the large number of variations that are not typical of thoracic CT scans of pulmonary TB patients make the diagnosis of pulmonary TB more complicated. It takes precision and good cooperation between radiologists and clinicians to jointly make a correct diagnosis of pulmonary TB.

Ranita Br Galingging; Rachel Indah Yemima Purba; Prisnandia Estepania Br Sembiring; Mika Risty Silaban; Gustryani Siburian

Jurnal Ilmu Pendidikan 2025 Lembaga Pengembangan Kinerja Dosen

Learning German at level A1 is designed for beginners, with the aim of introducing the basics of vocabulary and sentence structure used in everyday life. The material taught includes work and daily activities. Grammar, as a fundamental aspect of learning, is very important to help learners understand sentence structure, verb usage, as well as case systems in German. German Grammar Learning Books that use linguistic approaches such as Error Analysis and Contrastive Analysis aim to make it easier for learners to understand the differences between German and Indonesian grammar. The study analyzed the book with reference  to the Profile Deutsch standard  issued by the Goethe-Institut, which assesses the suitability of the material with the German language learning objectives at A1 level. The focus of the analysis is on the material  of Der Adjective and Modal Verben, with results that show the shortcomings and advantages in the presentation of the material. Some example sentences use more complex structures, such as comparisons that don't correspond to beginner levels. The use of complete conjugation for Modalverben is also considered too heavy, and negation sentences with Modalverben are often confusing for A1 learners. In addition, the vocabulary used in this book is not very well known at the A1 level, so it needs to be adjusted to more basic vocabulary.    

Sukma, Lidya Pratama Kurnia; Widaningsih, Rr. Ayu; Kartika, Erawati

Jurnal Ilmiah Serat Acitya 2025 Universitas 17 Agustus 1945

Tujuan penelitian ini adalah untuk menganalisis pengaruh total aset, total hutang dan total modal terhadap laba bersih pada perusahaan Sub Sektor Farmasi yang terdaftar di Bursa Efek Indonesia. Populasi dalam penelitian ini adalah Sub Sektor Farmasi yang terdaftar di Bursa Efek Indonesia sejak tahun 2018 sampai dengan 2023. Sampel dalam penelitian ini dilakukan secara purposive sampling, yaitu berdasarkan kriteria yang ditentukan. Penelitian ini menggunakan data sekunder dalam bentuk laporan keuangan tahunan perusahaan Sub Sektor Farmasi yang terdaftar di Bursa Efek Indonesia. Data dalam penelitian ini akan diuji dengan beberapa tahapan pengujian, yaitu uji statistik deskriptif, uji asumsi klasik yang terdiri dari (uji normalitas, uji multikolinearitas, uji heteroskedastisitas, uji autokorelasi), uji regresi linear berganda dan pengujian seluruh hipotesis melalui uji koefisien determinasi, uji parsial (uji t) dan uji simultan (uji f). Hasil penelitian ini menunjukkan bahwa total aset, total hutang dan total modal secara bersama (simultan) berpengaruh positif dan signifikan terhadap terhadap laba bersih. Secara parsial hanya total aset dan total hutang yang berpengaruh positif dan signifikan terhadap laba bersih, sedangkan total modal tidak signifikan terhadap laba bersih

Nur Fitriah Apriliana; Slamet Mudjijah

Jurnal Penelitian Manajemen dan Inovasi Riset 2025 Asosiasi Riset Ilmu Manajemen Kewirausahaan dan Bisnis Indonesia

This research aims to determine the effect of cash turnover, receivable turnover, inventory turnover, and capital structure on profitability. The population in this study is 13 Pharmaceutical Companies listed on the Indonesia Stock Exchange for the 2019-2023 period. The research sample was determined using a purposive sampling method, and there were 11 companies that met specified criteria. This study uses multiple linear regression method using the Statistical Package for the Social Sciences (SPSS) version 26 program. The results of this study indicate that Capital Structure have a negative effect on Profitability, and Cash Turnover, Receivable Turnover, and Inventory Turnover have no effect on Profitability.

Pramudianto, Chori Baskoro; Eko Waluyo, Dwi

Jurnal Manajemen Sosial Ekonomi 2025 LPPM Sekolah Tinggi Ilmu Ekonomi - Studi Ekonomi Modern

The purpose of this study was to determine and analyze the effect of profitability, liquidity, capital structure and solvency on the value of telecommunications companies listed on the Indonesia Stock Exchange for the 2019-2022 period with covid-19 as a control variable. The data used is secondary data from the company's financial statements. This study applied purposive sampling technique in sampling, obtained a sample of 8 telecommunications companies with 128 financial reports. This study applies quantitative methods using data analysis techniques, namely panal data regression analysis and using eviews 12 for data processing. From this study, the results obtained based on the t statistical test, firm value does not get a partially significant positive effect from profitability, liquidity, and firm value does not get a partially significant negative effect from solvency, but firm value gets a partially significant negative effect from capital structure and covid-19. Based on the f statistical test, the company value gets a significant effect simultaneously from profitability, liquidity, capital structure, solvency and covid-19.

Dicky Satria Ananta Haqq; Hwihanus Hwihanus

Pajak dan Manajemen Keuangan 2025 Asosiasi Riset Ekonomi dan Akuntansi Indonesia

This study examines the impact of capital structure and financial performance on the firm value of manufacturing companies in the cement sub-sector listed on the Indonesia Stock Exchange, with ownership structure and audit opinion as intervening variables. Utilizing a quantitative approach, the research analyzes secondary data from financial reports of cement companies for the period 2019–2023. A purposive sampling method was employed, yielding five eligible companies. Data analysis was performed using Partial Least Square Structural Equation Modeling (PLS-SEM) with SmartPLS software.The results indicate a significant effect of capital structure and financial performance on firm value, both directly and through the intervening variables. Ownership structure and audit opinion are proven to mediate the relationship between independent and dependent variables, providing valuable insights into the dynamics of firm value in the cement industry. These findings offer important implications for company management in optimizing capital, enhancing financial performance, and gaining investor trust to improve firm value.