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This study examines the effect of working capital on firm performance and sustained growth among consumer non-cyclicals manufacturing companies listed on the Indonesia Stock Exchange (IDX) over the period 2019–2023. Working capital is operationalized through three distinct proxies derived from Akgün and Memiş Karatəs (2021): the Cash Holding Level (CHL), which measures the proportion of cash and cash equivalents relative to total assets; the Cash Interactive Effect (CIE), which captures the efficiency of converting revenue into operating cash flow; and the Gross Working Capital Ratio (GWCR), which reflects the share of current assets within total assets. Firm performance is assessed through Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q, while sustained growth is measured using the model proposed by Gerson et al. (2025), expressed as SG = b × ROE, where b denotes the earnings retention ratio. Panel data regression analysis is applied to 225 firm-year observations drawn from 45 companies. The study employs the Fixed Effect Model (FEM) for ROA and ROE, and the Random Effect Model (REM) for Tobin’s Q, as determined by the Hausman specification test. The findings reveal that CHL and CIE exert significant positive effects on ROA and ROE, while CIE is the only proxy to produce a statistically significant positive effect on Tobin’s Q. With respect to sustained growth, CHL and GWCR demonstrate significant negative effects, whereas CIE shows a significant positive effect, indicating that operational efficiency dimensions of working capital actively support long-term growth sustainability. These results reinforce the liquidity management theory and contribute empirical evidence that the structure and efficiency of working capital are strategic determinants of both short-term financial performance and long-term growth sustainability in Indonesia’s consumer goods manufacturing sector.

The purpose of this study is to examine the effect of Good Corporate Governance (GCG), financial performance, and Earning Per Share (EPS) on firm value. The object of this research consists of state-owned enterprises (SOEs) listed on the Indonesia Stock Exchange during the period of 2021–2024. This study employs a quantitative approach using secondary data in the form of annual financial statements as the primary source. The sample was selected using purposive sampling based on predetermined criteria, ensuring that only companies with complete data and consistent reporting were included in the analysis. The independent variables analyzed include the audit committee, independent commissioners, institutional ownership, Return on Assets (ROA), and Earning Per Share (EPS). Multiple linear regression analysis was used to process the data in this study, allowing the researchers to examine the simultaneous and partial effects of the variables on firm value. The findings indicate that firm value is significantly influenced by financial performance, particularly ROA, highlighting the importance of operational efficiency and profitability in enhancing shareholder wealth. While certain GCG variables such as institutional ownership showed positive influence, other elements like audit committees and independent commissioners produced mixed results, suggesting that governance mechanisms may have varying effects depending on organizational context. Meanwhile, EPS demonstrated inconsistent results in relation to firm value, implying that market perceptions of earnings may not fully capture the impact on overall firm valuation. This study provides insights for policymakers, investors, and corporate managers on the relative importance of governance and financial indicators in value creation for state-owned enterprises.

This study aims to analyze and provide empirical evidence on the influence of financial performance on corporate social responsibility (CSR) in healthcare companies listed on the Indonesia Stock Exchange (IDX) during 2020-2024. This quantitative research employs a descriptive explanatory causality approach to examine the relationships between variables. The sample consists of 19 companies selected through purposive sampling, resulting in 95 observations. Data were analyzed using multiple linear regression. Classical assumption tests indicate that the data are normally distributed, while initial autocorrelation issues were addressed using the Cochran Orcutt approach, after which no violations of autocorrelation, multicollinearity, or heteroscedasticity were detected. The results show that return on assets (ROA), current ratio (CR), and net profit margin (NPM) simultaneously influence CSR. Partially, ROA has a negative and significant effect, while CR and NPM have positive and significant effects on CSR. This study contributes to legitimacy theory by providing empirical evidence of the role of financial performance in CSR disclosure within the Indonesian healthcare sector, while the negative effect of ROA offers additional insight into going concern theory. Practically, companies are advised to maintain liquidity levels between 150%-300% and optimize profit margins to support CSR strategies, while investors may use financial ratios as indicators to predict CSR performance.

This study aims to examine the factors influencing the level of sustainability report disclosure based on OJK regulations in KBMI 3 banking companies listed on the Indonesia Stock Exchange in 2023. The level of sustainability disclosure is measured using the Sustainability Report Index (SR Index), constructed through content analysis of indicators stipulated in POJK No. 51/POJK.03/2017. The independent variables analyzed in this study include firm size, profitability proxied by Return on Assets (ROA) and Return on Equity (ROE), foreign ownership, and firm age. This research employs a quantitative explanatory approach using secondary data obtained from annual reports and sustainability reports. Data were analyzed using multiple linear regression with SPSS. The results indicate that firm size, foreign ownership, and firm age have a positive and significant effect on the level of sustainability report disclosure. Conversely, profitability measured by ROA and ROE does not have a significant effect. Simultaneously, all independent variables significantly influence sustainability report disclosure. These findings suggest that structural and ownership characteristics play a more dominant role in determining sustainability disclosure than financial performance, reflecting the regulator-driven nature of sustainability reporting in the Indonesian banking sector.

This study aims to examine the effect of Asset Structure, Profitability and Sales Growth on Capital Structure at PT Industri Jamu Dan Farmasi Sido Muncul Tbk for the 2014-2024 period, both partially and simultaneously. Asset structure is measured by total assets, profitability is measured by return on assets, sales growth is measured by sales growth, and capital structure is measured by debt to equity ratio. This study is a quantitative study with an associative approach. The data used in this study are the balance sheet and income statement of PT. Industri Jamu Dan Farmasi Sido Muncul Tbk for the 2014-2024 period. The method used in this study is multiple linear regression analysis techniques, classical assumption tests, t-tests, f-tests and coefficients of determination processed using the SPSS 26 program. The results of the study show that asset structure does not affect capital structure with a calculated t value of 2.288 t table 2.365. Sales growth does not affect the capital structure with a calculated t value of -0.203 < t table 2.365. And simultaneously, Asset Structure, Profitability and Sales Growth have an influence on the Capital Structure of the Company PT Industri Jamu Dan Farmasi Sido Muncul Tbk. Proven from the results of the f test, the calculated f value is 8.083 > f table of 4.35 and the sig value is 0.011 < 0.05.

This study aims to examine the effect of the Current Ratio (CR), Debt to Equity Ratio (DER), and Return on Assets (ROA) on firm value (Tobin’s Q) in property and real estate companies listed on the Indonesia Stock Exchange (IDX) during the period 2020-2024. Using a descriptive quantitative method with purposive sampling, this study involves 6 companies and 97 data observations. Data analysis was performed using panel data regression, t-test, F-test, and coefficient of determination tests. The results show that CR has a negative and significant effect on firm value with a t-value of -3.760941 and a significance level of 0.0011. Meanwhile, DER has a positive but insignificant effect on firm value with a t-value of 0.508701 and a significance level of 0.6163. ROA also has a negative but insignificant effect with a t-value of -1.254781 and a significance level of 0.2233. Simultaneously, the F-test results show a significant effect from all three variables on firm value, with an F-value of 14.37946 (greater than the F-table value of 2.975) and a significance level of 0.000001. The Adjusted R-Square value of 78.69% indicates that the independent variables explain 78.69% of the variation in firm value, while the remaining 21.31% is explained by other factors.

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

This study examines the relationship between risk disclosure levels and profitability in transportation companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. The transportation industry is characterized by high exposure to operational, financial, regulatory, and market-related risks, which necessitates transparent and comprehensive communication regarding potential threats to business sustainability and long-term performance. Using a quantitative correlational approach, this study measures the level of risk disclosure through systematic content analysis of companies’ annual reports, while profitability is evaluated using the Return on Assets (ROA) indicator. The analysis is conducted to identify the extent to which transparent risk reporting contributes to improved financial outcomes. The findings indicate a significant positive relationship between risk disclosure and profitability, suggesting that companies providing more comprehensive and detailed risk information tend to achieve higher financial performance. Furthermore, the results demonstrate that transparency plays a crucial role in enhancing investor confidence, strengthening corporate governance, and supporting sustainable business practices, particularly in high-risk sectors such as transportation.

This study examines the effect of financial ratios on dividend policy with sales growth as a moderating variable in technology sector companies listed on the Indonesia Stock Exchange during the period 2019–2023. Dividend policy is an important corporate decision because it reflects management considerations in balancing company growth and shareholder returns. The independent variables used in this research are profitability, liquidity, and leverage, while dividend policy is the dependent variable and sales growth acts as a moderating variable. Profitability is measured using Return on Assets (ROA), liquidity is proxied by the Current Ratio (CR), leverage is measured using the Debt to Equity Ratio (DER), and dividend policy is measured by the Dividend Payout Ratio (DPR). This study employs a quantitative approach using secondary data obtained from the annual financial statements of technology sector companies listed on the Indonesia Stock Exchange. The data are analyzed using multiple linear regression and moderated regression analysis.The results show that profitability does not have a significant effect on dividend policy, indicating that net profit generated during the year is not the main consideration in dividend distribution decisions within technology companies. Liquidity has a significant effect on dividend policy, suggesting that companies with stronger short-term financial conditions tend to have a greater ability to distribute dividends. Leverage also significantly affects dividend policy, implying that the level of corporate debt influences management decisions regarding dividend payments. Furthermore, sales growth does not moderate the relationship between profitability and dividend policy. However, sales growth is proven to moderate the effect of liquidity and leverage on dividend policy. These findings provide insights for management and investors in understanding dividend policy determinants in technology sector companies in Indonesia.

This study aims to analyze the impact of business combinations through acquisition on the financial performance of PT Sarana Menara Nusantara Tbk. The research employs a descriptive quantitative approach, focusing on the acquiring firm in the Indonesian telecommunications infrastructure sector. The data used are secondary data obtained from the company’s annual financial statements for the period 2019–2023, sourced from the Indonesia Stock Exchange and the company’s official website. Financial performance is analyzed using Return on Assets (ROA), Return on Equity (ROE), Net Profit Margin (NPM), and Debt to Equity Ratio (DER) by comparing the periods before, during, and after the acquisition conducted in 2021. The results indicate that the acquisition exerted short-term pressure on asset efficiency and profitability, as reflected by the decline in ROA and NPM in the year of acquisition. However, in the post-acquisition period, the company demonstrated an improvement in operational performance, particularly in Net Profit Margin, suggesting that the economic benefits of the business combination gradually materialized. Meanwhile, fluctuations in ROE and DER reflect adjustments in the capital structure following the acquisition. These findings suggest that the success of an acquisition cannot be evaluated solely based on short-term financial performance but requires continuous assessment to capture its medium- and long-term effects. This study provides practical implications for management in formulating post-acquisition integration strategies and contributes empirically to the accounting and finance literature on business combinations in Indonesia.

This study investigates the impact of board characteristics on the financial performance of non-financial companies listed in the JII70 index in Indonesia. Motivated by the ongoing debate on the effectiveness of corporate governance mechanisms in enhancing firm outcomes, particularly within Sharia-compliant markets, this study focuses on three key board attributes: board size, board independence, and female representation on the board. Using a quantitative causal approach and panel data from 25 companies over the period 2020–2023, the study employs a fixed effect model to evaluate the relationship between board structure and financial performance measured by Return on Assets (ROA). The results show that board size has a positive and significant effect on firm performance, indicating that larger boards may enhance oversight capacity and provide broader resources beneficial to strategic decision-making. Conversely, board independence and board female representation do not exhibit significant effects on financial performance, suggesting that their roles may be more symbolic or constrained by institutional and contextual factors in the sampled companies. These findings highlight the importance of understanding corporate governance not merely in structural terms, but in relation to functional effectiveness and contextual maturity. The study offers implications for regulators, companies, and governance reform initiatives, particularly regarding strengthening substantive roles of independent and female commissioners in improving firm performance within Sharia-compliant markets.

This study examines how changes in company value are affected by profitability, liquidity, and asset structure using a case study of PT Bank Central Asia Tbk from 2017 to 2024. The Fixed Asset Ratio (FAR), which serves as a proxy for asset structure, the Return on Assets (ROA), which measures profitability, and the Current Ratio (CR), which measures liquidity, are the independent variables in the Price to Book Value (PBV) ratio. The study data came from BCA's public annual financial reports, and SPSS software was used to do multiple linear regression analysis. The findings demonstrate that changes in firm valuation are significantly positively impacted by profitability, suggesting that improved profit performance fosters favorable investor attitudes. On the other hand, throughout the observation period, changes in the company's value are not significantly impacted by liquidity or asset structure. This result is consistent with some earlier research, although it varies in the area of liquidity's impact, indicating a lack of consistency among investigations. Practically speaking, banking management may utilize the study's findings to develop financial plans that emphasize boosting profitability in order to optimize business value. Academically, this study adds to the body of knowledge on the elements that influence corporate value, particularly in the Indonesian banking sector, and addresses the present research gap on the impact of liquidity and asset structure.

This study aims to see the effect of Debt to Equity Ratio (DER) and Return on Assets (ROA) on Stock Price in PT. Wilmar Cahaya Indonesia, Tbk which is listed on the IDX during the period 2015–2022. The data used in this study is in the form of the company's annual financial statements obtained through secondary sources. This study uses a quantitative approach with multiple linear regression analysis methods, while data processing is carried out using the SPSS application. The results of the study show that partially the Debt to Equity Ratio (DER) variable has a negative effect on the Share Price, while the Return on Assets (ROA) does not have a positive effect on the company's Share Price. However, the results of the simultaneous test show that DER and ROA together have a positive and significant influence on the Stock Price. These findings provide an idea that the combination of capital structure and profitability remains an important indicator in assessing the performance of a company's shares even though their partial relationships show different tendencies. In addition, this research can be a reference for investors in considering the company's fundamental condition before making investment decisions, as well as provide additional insights for management in managing the capital structure more optimally.

This study examines the inconsistency of merger and acquisition (M&A) impacts on financial ratio performance across sectors and evaluation methods. This literature review synthesizes ten empirical studies published between 2022 and 2025, focusing on financial indicators before and after M&A transactions. The findings show that the effect of M&A on financial performance varies widely depending on the industry context, time horizon, and analytical technique used. Studies in the technology and telecommunication sectors demonstrate significant improvements in profitability and operational efficiency, while research involving manufacturing and non-financial firms commonly reports insignificant changes in key ratios such as current ratio, total asset turnover, return on assets, and return on equity. Methodological differences also influence the reported outcomes, where long-term observations and comparative statistical testing tend to reveal a more pronounced financial impact compared to short-term assessment. These results indicate that M&A does not uniformly drive financial improvement and its success depends on post-integration strategy, sector dynamics, and measurement design. This study highlights the necessity of standardized evaluation frameworks to ensure more reliable performance interpretation in future M&A research.

This research aims to examine the effect of profit optimization on market reaction and the mediating role of tax avoidance in this relationship among insurance sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2023 period. Profit optimization is proxied by Return on Assets, market reaction by stock returns, and tax avoidance by the Effective Tax Rate. This research employs a quantitative approach using secondary data obtained from the financial statements of 17 insurance sub-sector companies, with a final sample of 10 companies selected through purposive sampling. Data analysis was conducted using classical assumption tests, multiple linear regression, and path analysis. The results indicate that profit optimization has a positive and significant effect on tax avoidance. However, tax avoidance does not influence market reaction, and profit optimization also does not have a direct effect on market reaction. Furthermore, tax avoidance is able to mediate the effect of profit optimization on market reaction. This study contributes to a deeper understanding of how earnings information quality, taxation strategies, and investor responses interact in shaping capital market dynamics within the insurance industry. The findings also provide a foundation for future research to explore external factors that may influence these relationships, offering additional academic value for strengthening subsequent studies.

This study focuses on analyzing the influence of sustainability reports, free cash flow, and sales growth on the financial performance of energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. Financial performance is measured using Return on Assets (ROA) as the main indicator to assess a company's ability to generate profits from its total assets. This study uses a quantitative approach with multiple linear regression analysis to examine the relationship between variables. The data used are documentary data with secondary data sources obtained from financial reports and company sustainability reports. A purposive sampling technique was applied to determine the research sample based on certain criteria, resulting in 95 observational data. The results show that free cash flow and sales growth have a significant influence on financial performance, indicating that the company's ability to generate free cash and increase sales directly contribute to performance improvements. Conversely, sustainability reports were not proven to have a significant effect on financial performance, so sustainability disclosure has not been a determining factor in increasing the ROA of energy sector companies during the study period.

The purpose of this research is to analyze how strategies for collecting and managing Third Party Funds (DPK) affect the profitability level of Bank Jatim. As the bank’s main funding source, the effectiveness of DPK management significantly determines its ability to distribute credit, maintain liquidity, and improve financial performance. This research applies a qualitative descriptive methodology within a case study framework at Bank Jatim, with data collected through comprehensive field observations. conducted during the MBKM internship program in the Accounting and Financial Management Division, complemented by the analysis of Bank Jatim’s financial statements for the 2024–2025 period. The findings reveal that the 15% growth in DPK in 2024 positively contributed to the increase in productive assets, net interest margin (NIM), and return on assets (ROA). Bank Jatim’s main strategies include increasing the proportion of low-cost funds (CASA), digitalizing services through the JConnect application, collaborating with local governments, and providing exclusive services for priority customers. These approaches not only promote the growth of low-cost funds but also strengthen customer loyalty and the bank’s competitiveness amid the evolving banking landscape. The study concludes that innovative, efficient, and digitally based DPK management enhances Bank Jatim’s profitability and reinforces its role as a regional development bank. The study recommends strengthening financial literacy among the public and diversifying deposit products to expand the customer base..      Keywords: Third Party Funds, Bank Jatim, Profitability, Digital Banking, Financial Management Abstrak. Penelitian ini bertujuan untuk menganalisis bagaimana strategi penghimpunan dan pengelolaan Dana Pihak Ketiga (DPK) berpengaruh terhadap tingkat profitabilitas Bank Jatim. Sebagai sumber pendanaan utama, efektivitas pengelolaan DPK memiliki peran penting dalam menjaga kemampuan bank untuk menyalurkan kredit, mempertahankan likuiditas, serta meningkatkan kinerja keuangan secara keseluruhan. Metode penelitian yang diterapkan adalah deskriptif kualitatif dengan menggunakan pendekatan studi kasus pada Bank Jatim. Data dikumpulkan melalui kegiatan observasi langsung di lapangan. program magang di Divisi Akuntansi dan Manajemen Keuangan, serta melalui analisis laporan keuangan Bank Jatim periode 2024–2025.Hasil penelitian menunjukkan bahwa pertumbuhan DPK sebesar 15% pada tahun 2024 memberikan dampak positif terhadap peningkatan aset produktif, Net Interest Margin (NIM), dan Return on Assets (ROA). Strategi utama yang diterapkan Bank Jatim mencakup peningkatan proporsi dana murah (CASA), digitalisasi layanan melalui aplikasi JConnect, kolaborasi dengan pemerintah daerah, serta penyediaan layanan eksklusif bagi nasabah prioritas. Strategi tersebut tidak hanya berhasil mendorong peningkatan dana murah, tetapi juga memperkuat loyalitas nasabah dan daya saing Bank Jatim di tengah ketatnya persaingan industri perbankan.Kesimpulan penelitian ini menunjukkan bahwa pengelolaan DPK yang inovatif, efisien, dan berbasis digital berkontribusi signifikan terhadap peningkatan profitabilitas Bank Jatim sekaligus memperkuat perannya sebagai bank pembangunan daerah. Rekomendasi dari penelitian ini adalah perlunya peningkatan literasi keuangan masyarakat serta diversifikasi produk simpanan untuk memperluas basis nasabah   Kata kunci: Dana Pihak ketiga, Bank Jatim, keuntungan , Digital Banking, Financial Management

This study examines the influence of firm size, profitability, solvency, and public accounting firm (KAP) size on audit report lag among food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. The research employs purposive sampling, involving 68 companies with a total of 272 observations, and uses multiple linear regression analysis after passing all classical assumption tests. The findings reveal that profitability measured by Return on Equity (ROE), solvency measured by Debt to Assets Ratio (DAR), and KAP size have a significant effect on audit report lag. Meanwhile, firm size (measured by total assets and total sales), profitability measured by Return on Assets (ROA), and solvency measured by Debt to Equity Ratio (DER) show no significant effect. These results indicate that companies with higher ROE, greater DAR, and those audited by Big Four accounting firms tend to complete their audit process more promptly. The study highlights that both financial performance and auditor characteristics play essential roles in determining audit timeliness. Overall, this research provides valuable insights for management, auditors, investors, and regulators to enhance the efficiency and reliability of financial reporting.  

This research aims to analyze the effect of leverage, liquidity, and sales growth on profitability in food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. The study used a purposive sampling method with 69 companies and 276 observation data. The data were analyzed using multiple linear regression through SPSS version 26 after classical assumption tests. The results show that leverage (Debt to Equity Ratio) has a negative effect on profitability, while leverage (Debt to Asset Ratio) has no effect. Liquidity measured by the Current Ratio has a positive effect, while the Quick Ratio has no effect on profitability. Sales growth positively affects profitability. Simultaneously, leverage, liquidity, and sales growth significantly influence profitability (Return on Assets) in food and beverage companies. These findings imply that companies should maintain an optimal capital structure and liquidity level to sustain profitability amid competition in the food and beverage sector.

This research aims to empirically analyze the influence of intellectual capital and green accounting on the Company's performance. The importance of intangible resource management and compliance with environmental responsibility in creating a competitive advantage and the sustainability of the company's operations, especially during post-pandemic industrial dynamics. The phenomenon of declining Return on Assets (ROA) in several industrial sector companies also encourages the need to evaluate the effectiveness of the managerial strategies implemented. This study uses a quantitative approach with multiple linear regression analysis techniques. Samples were selected from 21 industrial sector companies that consistently published annual and sustainability reports during the study period. Secondary data is obtained from financial statements, sustainability reports, and official sources such as the IDX. The results of this study are expected to provide empirical evidence regarding the extent of the strategic role of intellectual capital and green accounting practices in increasing company efficiency, profitability, and legitimacy.