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This research review identifies and analyzes the potential of Romaine lettuce (Lactuca sativa var. longifolia) cultivation using the Nutrient Film Technique (NFT) in greenhouse environments as a high-value horticultural commodity. Horticulture is a strategic sector in Indonesia for improving farmer welfare and meeting the growing demand for healthy food. Conventional farming faces challenges such as land conversion, climate instability, and high pesticide residues. This study examines how the NFT hydroponic system serves as an innovative solution by providing controlled environments that enhance growth and quality. Findings indicate that Romaine lettuce grown via NFT achieves higher productivity and faster harvest cycles, with a feasibility study showing an R/C ratio of 2.40, indicating high profitability. Furthermore, the integration of controlled environment agriculture supports urban farming initiatives and mitigates risks from climate change and pests. This review concludes that adopting NFT technology is essential for developing a sustainable, efficient, and high-quality agricultural system in Indonesia, particularly in urban areas with limited space.

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  

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 study was conducted with the aim of evaluating the dynamics of the financial condition of PT Indofood Sukses Makmur Tbk over a five-year period, namely from 2019 to 2023. This writing applies a quantitative descriptive methodology sourced from secondary data through audited annual financial reports. The main instruments in this data analysis include three pillars of financial ratios: Current Ratio (CR) as a representation of the liquidity aspect, Debt to Asset Ratio (DAR) to measure the level of solvency, and Return on Equity (ROE) as a benchmark for the effectiveness of the company's profitability. Through annual calculations and trend analysis, this study captures the development of the issuer's performance longitudinally. The results of the observation show a significant strengthening in the company's liquidity position, where the Current Ratio jumped from 127% in 2019 to 192% at the end of the 2023 period. In line with that, the solvency profile shows fundamental improvements; Debt reliance, which had reached 51% in mid-2020-2021, was successfully reduced to 46% in 2023. Meanwhile, the company's profitability demonstrated stable resilience, with a consistent ROE of 10% to 13%, despite fluctuations due to operational cost dynamics. Overall, PT Indofood Sukses Makmur Tbk demonstrated excellent financial health through strategic capital and asset management. As a sustainability measure, management is advised to continue optimizing current assets and tightening cost efficiency to secure future profit margins.

This study aims to analyze the profitability level of the canteen at Nurul Islam 2 Islamic Boarding School and its contribution to the economy of the boarding school from a sharia perspective. The background of this study is based on the important role of Islamic boarding school business units as a source of economic independence for Islamic educational institutions. The research method used is a descriptive qualitative approach, with data collection techniques through in-depth interviews, direct observation, and documentation. The main informants of this study include the canteen manager and several students as consumers. The results of the study indicate that the canteen management has been running effectively, with a transparent financial recording system, separation of personal and operational cash, and a fair and affordable pricing strategy. The canteen's profitability level is relatively stable with an average daily income of between two and three million rupiah, and increases significantly during certain activities such as Sambangan. Business profits not only have a financial impact, but also contribute to financing the boarding school's activities and improving the welfare of students. From a sharia perspective, the economic practices of this canteen have implemented the principles of honesty (shiddiq), justice ('adl), trustworthiness, and blessings (barakah), so that it can be said that the Islamic boarding school canteen is a model of micro-economy based on sustainable Islamic values ​​and oriented towards the common good.

This study investigates the influence of financial literacy, entrepreneurship training, and financial inclusion on the performance of micro, small, and medium enterprises (MSMEs) through business sustainability. Using a systematic literature review (SLR) examines the impact of financial literacy, entrepreneurship training, and financial inclusion on MSME performance through business sustainability mediation by synthesizing empirical data from 12 research (2020–2025) across Scopus and Web of Science. Positive direct effects on sustainability (financial literacy via budgeting/risk management; training via adaptive resilience; inclusiveness via digital access) and performance metrics like profitability/growth are confirmed by results using the PRISMA 2020 flow.  Amid obstacles like financial access restrictions and COVID-19 disruptions, business sustainability appears as a crucial mediator, linking these factors to improved MSME results in developing contexts (Africa, Indonesia). Practical implications compel policymakers to give integrated literacy programs, contextual training, and inclusive finance top priority. Theoretical contributions combine financial literacy, entrepreneurial learning, and sustainability ideas into a holistic mediation model. The results highlight the importance of integrating financial education, entrepreneurial skill development, and inclusive financial systems to strengthen MSME resilience and competitiveness. This study provides practical implications for policymakers, financial institutions, and support organisations in designing effective interventions that foster sustainable business growth. The research also contributes theoretically by confirming the mediating role of business sustainability in the relationship between financial literacy, entrepreneurship training, financial inclusion, and MSME performance. Future studies may expand these insights by examining additional contextual factors such as digital technology adoption and business networking that further support sustainable MSME development.

This study aims to examine the relationship between Corporate Social Responsibility (CSR) disclosure and profitability with firm value. The research was conducted on companies in the oil, gas, and coal sub-sector listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. The independent variables in this study are corporate social responsibility disclosure and profitability, while firm size is employed as a control variable. Firm value is proxied by Price to Book Value (PBV), whereas profitability is measured using Return on Equity (ROE). This study is grounded in Stakeholder Theory and Signaling Theory to explain the relationships among the variables. The sample was determined using purposive sampling, resulting in 29 companies. The data analysis techniques applied include Pearson correlation analysis and multiple linear regression to examine both the simple relationships and the effects of corporate social responsibility disclosure and profitability on firm value. The results indicate that corporate social responsibility disclosure has a negative relationship with firm value, while profitability shows a positive and significant relationship with firm value.

This study employs the Systematic Literature Review (SLR) method following the PRISMA 2020 Statement guidelines to identify the main models and indicators used in measuring the performance of Micro, Small, and Medium Enterprises (MSMEs). The literature selection process includes the stages of identification, screening, eligibility assessment, and inclusion, resulting in ten articles from reputable Q1 international journals. The analysis reveals that the most frequently used performance measurement models are integrated performance models such as the Balanced Scorecard, Performance Prism, and models based on resource capability, customer, internal process, and financial perspectives. Commonly used indicators include sales growth, profitability, market share, customer satisfaction, process flexibility, technology adoption, and business sustainability. The study concludes that although financial measures remain dominant, non-financial dimensions—such as digital capability, stakeholder engagement, and internal process effectiveness—are increasingly important for MSMEs operating in the context of global market dynamics and digital transformation. The implications of this study provide theoretical contributions to the development of MSME performance measurement frameworks and offer practical guidance for MSME managers in selecting indicators that align with the characteristics of small and medium-sized enterprises.

State-Owned Enterprises (SOEs) are business entities whose capital is wholly or primarily owned by the government, and in the form of Persero, partial capital participation from the private sector is permitted. Earnings quality reflects the firm’s true economic condition; therefore, it is influenced by financial conditions and the policies implemented. This study aims to examine the effect of accounting conservatism, capital structure, liquidity, profitability, and Corporate Social Responsibility (CSR) disclosure on earnings quality in SOEs listed on the Indonesia Stock Exchange during 2023 and 2024. Research data were obtained from financial statements and sustainability reports as secondary sources, and analyzed using multiple linear regression with the assistance of SPSS software. The findings indicate that accounting conservatism has a positive effect on earnings quality, whereas liquidity and profitability have negative effects. Meanwhile, capital structure and CSR disclosure show no significant effect on earnings quality. These results provide empirical insights for stakeholders in understanding the factors that influence the reliability of earnings information in SOEs.

This study aims to determine the effect of green accounting on firm profitability, with firm size, leverage, and liquidity as moderating variables. This research employs a quantitative approach using secondary data analysis derived from annual reports and sustainability reports of energy firms listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. The study applies multiple regression analysis. The sampling method used is non-probability sampling with a purposive sampling technique, resulting in 170 observations. The data collection method uses documentation techniques. The results show that green accounting and firm size have a positive effect on profitability, while leverage and liquidity have no effect on profitability. These findings provide important insights into the role of green accounting and firm size in encouraging firms to obtain legitimacy, which can enhance profitability through disclosures in financial reports. The implications of this study demonstrate the application of legitimacy theory and provide benefits to relevant parties, particularly firms and stakeholders associated with the firm, in paying attention to the presentation of high-quality annual and sustainability reports.

This study aims to evaluate the financial recording system implemented by Micro, Small, and Medium Enterprises (MSMEs) in the culinary sector, and analyze its impact on business performance. MSMEs are a very dynamic sector and contribute significantly to the national economy, but many of them do not yet have an adequate financial recording system. Good financial recording is key in business decision making, budget planning, and profitability assessment. The population in this study were 370 culinary MSMEs in Harjosari I Village. The research sample was taken at 20%, namely 74 respondents. The study used a quantitative approach with a survey method through the distribution of questionnaires to 74 culinary MSMEs in Harjosari I Village, Medan Amplas. Data analysis was carried out using simple linear regression to see the relationship between the quality of the financial recording system as an independent variable and business performance as a dependent variable. The results showed that the better the financial recording system, the better the business performance, this can be shown by the regression equation, Y = 1.395 + 0.308 + e. The research results indicate that improving accounting literacy and the use of digital technologies, such as MSME bookkeeping applications, are essential. The involvement of local governments and financial institutions is crucial in educating and facilitating digital-based bookkeeping systems for culinary MSMEs to enhance their competitiveness and business sustainability.

This study aims to analyze the role of company size as a moderator variable in the relationship between profitability and leverage and sales growth in manufacturing companies in the basic industry and chemical sectors listed on the Indonesia Stock Exchange (IDX) for the 2020–2023 period. The research method used is a quantitative approach with purposive sampling techniques, so that 56 sample data that meet the research criteria are obtained. Data analysis was carried out using Moderated Regression Analysis (MRA) with the help of SPSS software version 30. The results show that leverage does not have a significant effect on profitability, while sales growth is proven to have a significant effect on profitability. Furthermore, company size has not been shown to moderate the relationship between leverage and profitability, but it does play a significant role in moderating the relationship between sales growth and profitability. These findings support the Pecking Order theory, which emphasizes that companies with larger sizes tend to have wider access to funding so that they are able to strengthen the influence of sales growth on profitability. This research provides a theoretical contribution in enriching the literature on factors that affect profitability, as well as a practical contribution to company management in formulating more effective financial and growth strategies. Thus, the size of the company proves to be an important factor to consider in the analysis of financial performance, particularly in the context of the relationship between sales growth and profitability.

This study aims to analyze the effect of product variation and store atmosphere on customer revisit intention at Kilat Kuphi, Jalan Garuda, Medan. A quantitative associative approach was applied by distributing questionnaires to 100 respondents, and the data were analyzed using inferential statistics with SPSS. The results show that both product variation and store atmosphere have a positive and significant influence, either partially or simultaneously, on revisit intention. Product tangibility and interior display emerged as dominant indicators in shaping positive customer experiences. These findings highlight that continuous innovation in product offerings and store atmosphere management is crucial for enhancing customer loyalty and ensuring business sustainability. Furthermore, the study emphasizes the importance of maintaining consistency in both product offerings and store ambiance to ensure that customers return. By focusing on these two key areas, businesses can foster long-term relationships with customers, increase brand loyalty, and ultimately enhance profitability. The implications of this study suggest that retailers, particularly in the competitive market of Medan, should prioritize not only product diversity but also the creation of a pleasant and immersive store environment to drive customer retention.

Corporate Social Responsibility disclosure reflects the extent to which a company communicates its overall responsibility for the impact of its activities in order to achieve business sustainability. This study aims to empirically examine the effect of firm size, firm age, profitability, and leverage on Corporate Social Responsibility disclosure. The research sample consists of energy sector and basic materials sector companies listed on the Indonesia Stock Exchange during the 2022–2024 period that reported annual reports and sustainability reports using the GRI 2021 standards. The sampling method employed purposive sampling, resulting in a total of 33 companies with 99 observations. Data analysis was conducted using multiple linear regression analysis. Based on the analysis results, it can be concluded that firm age and profitability have a positive effect on Corporate Social Responsibility disclosure. Firm size and leverage do not have an effect on Corporate Social Responsibility disclosure. This study provides empirical evidence for Legitimacy Theory in explaining how internal company factors, particularly firm age and profitability, affect Corporate Social Responsibility disclosure as a form of aligning corporate activities with prevailing values and norms as well as societal expectations to obtain and maintain social legitimacy.

The concept of Environmental, Social, and Governance (ESG) encourages companies to enhance transparency in disclosing their economic, social, and environmental performance through sustainability reporting, which is expected to increase accountability and serve as a positive signal to investors. In Indonesia, particularly in the manufacturing sector that contributes significantly to the economy while also generating environmental impacts, sustainability reporting practices have been expanding, although their effectiveness in building investor trust remains contested. This study aims to analyze the influence of sustainability reporting and profitability on investor trust in manufacturing companies listed on the Indonesia Stock Exchange (IDX), employing a quantitative method based on secondary data from annual and sustainability reports for the period 2020–2023. The sample was determined using purposive sampling, while the analysis was conducted through multiple linear regression with Price to Book Value (PBV) as a proxy for investor trust. The results indicate that, simultaneously, economic performance, environmental performance, social performance, and profitability significantly affect investor trust. However, partially, economic, environmental, and social performance show no significant effect on investor trust. In contrast, profitability exerts a positive and significant influence, making it the primary factor shaping investor trust. These findings suggest that investors in Indonesia still prioritize financial information over sustainability disclosures in making investment decisions.

The purpose of this research is to analyze the effect of investment and firm growth on the improvement of firm value, with profitability serving as a mediating factor. This study employs a quantitative research design using secondary data obtained from the Indonesia Stock Exchange (IDX). The population includes infrastructure sector companies listed on the IDX from 2021 to 2023, and purposive sampling was applied to select 29 companies, yielding a total of 87 firm-year observations. Path analysis with SPSS software was used to test the hypotheses and examine both direct and indirect relationships among the variables. The findings reveal that investment has a significant positive impact on firm value, indicating that firms with higher levels of investment tend to enhance their market valuation. Similarly, firm growth contributes positively to firm value, suggesting that sustainable expansion fosters greater investor confidence. Moreover, profitability is proven to mediate the relationship between investment and firm value, showing that the benefits of investment are maximized when they lead to improved profitability. Profitability also significantly mediates the relationship between firm growth and firm value, underscoring its role as a key driver in translating growth strategies into shareholder value. These results highlight the importance of profitability as a strategic element in strengthening firm value. Practically, the study suggests that managers should prioritize profitable investments and sustainable growth strategies to maximize firm value, while investors may consider profitability as a central indicator when evaluating firm performance.

Stock returns represent a crucial parameter that serves as a reference for investors in evaluating company performance. A decline in returns has occurred in several mining companies listed on the IDX, despite the sector’s vital role in the national economy. This study aims to examine the effect of Corporate Social Responsibility (CSR), Return on Assets (ROA), Return on Equity (ROE), Debt to Equity Ratio (DER), and Firm Size on the stock returns of mining companies listed on the IDX during the 2022–2024 period. The sample was determined using purposive sampling, resulting in 56 observational data after outliers were removed. To meet the assumptions of classical tests, several variables were transformed using natural logarithms, and data were analyzed using multiple linear regression. The results indicate that CSR, ROE, and Firm Size have no significant effect on stock returns, whereas ROA and DER show a significant positive effect. These findings suggest that investors tend to emphasize financial fundamentals, particularly profitability and capital structure, rather than non-financial aspects such as CSR activities. The implication for companies is the need to enhance operational efficiency and optimize financial structures to attract investors and improve returns. Future researchers are encouraged to incorporate external variables such as global commodity prices, market risk, and macroeconomic indicators, as well as expand the observation period and apply more diverse methodological approaches to provide a more comprehensive understanding of stock return dynamics in the mining sector.

This study aims to analyze the effect of profitability, firm growth, capital structure, and firm size on firm value in the infrastructure sector listed on the Indonesia Stock Exchange during the period 2020–2024. The data used in this study are secondary data obtained from company financial statements. The sampling technique employed was purposive sampling. The results show that profitability and firm size have a negative and significant effect on firm value. These findings indicate that increases in profitability and company scale do not automatically enhance market perceptions of firm value, possibly due to a misalignment between internal performance and investor expectations. Meanwhile, firm growth and capital structure do not have a significant effect on firm value. This suggests that the market does not yet regard growth or debt ratios as determining factors in evaluating companies in this sector. Furthermore, the results of this study highlight the importance of corporate management in managing internal factors that can influence market perceptions. Although profitability and company size negatively impact company value, this opens up opportunities for companies to focus more on communication strategies and information transparency with investors to mitigate investor expectations. Companies also need to revise their growth and capital structure policies to better align with market needs and the dynamics of the developing infrastructure sector. Furthermore, this study provides an important contribution to policymakers and financial practitioners in understanding the unique characteristics of the infrastructure sector in Indonesia. The insignificant influence of growth and capital structure suggests that external factors such as market conditions and regulations may be more dominant in determining company value in this sector. Therefore, further research could broaden its scope by incorporating macroeconomic variables or environmental and social aspects, which are currently of concern to investors in making investment decisions.

This study aims to predict the potential bankruptcy of PT Argo Pantes Tbk for the period 2014–2024 using the Zmijewski X-Score model. The research adopts a quantitative method based on secondary data obtained from the company’s published annual financial statements. The Zmijewski model was selected because of its effectiveness in assessing companies with unstable financial conditions and its ability to provide a more accurate reflection of financial distress compared to other models. The analysis process involved calculating the X-Score for each year within the observation period and interpreting the results according to the criteria of the model. The findings indicate that for the entire study period, the calculated X value was consistently greater than or equal to zero. This outcome signifies that the company is in a condition classified as potentially bankrupt. Furthermore, the model demonstrated 100% accuracy in describing the company’s actual financial situation, since PT Argo Pantes Tbk consistently recorded net losses throughout the period of analysis. These losses were not incidental but reflected a long-term pattern of weak financial performance, limited profitability, and declining competitiveness in the textile industry. The results highlight that PT Argo Pantes Tbk has been operating under severe financial distress for a prolonged period, with no indication of recovery during the years observed. The persistent losses and negative financial indicators reinforce the conclusion that the company is in an unhealthy condition. The study confirms the applicability and reliability of the Zmijewski X-Score as a bankruptcy prediction tool in the Indonesian context, particularly for firms experiencing prolonged instability. Overall, the study provides valuable insights into financial distress analysis and underscores the importance of early bankruptcy prediction models in supporting stakeholders, investors, and regulators in making informed decisions.

This research aims to analyze the financial feasibility and marketing strategy of Etawa goat farming in Kaligesing District, which is recognized as one of the main centers for Etawa goat breeding in Indonesia. The case study was conducted at Setia Farm, a representative and active breeder in the region. The financial analysis employed several indicators, including Break-Even Point (BEP), Net Present Value (NPV), Internal Rate of Return (IRR), and Gross Benefit-Cost Ratio (Gross B/C). The findings show that the Gross B/C value reached 4.7, indicating a high return compared to investment cost. The NPV value was positive, and the IRR exceeded the prevailing loan interest rate, highlighting that the business generates significant profitability over time. Additionally, the BEP was achieved in a relatively short period, which signifies the business has strong potential for short-term capital recovery and low financial risk. From a marketing perspective, Setia Farm implements a combination of product excellence, adaptive pricing strategies, diverse distribution channels, and active promotional efforts. Their flagship products—mainly superior Etawa goats and processed dairy products—are positioned to meet market demand effectively. The farm also uses both direct marketing and digital platforms, such as social media and e-commerce, to expand its reach. Promotion is carried out through agricultural events, online campaigns, and collaboration with livestock communities. These strategies contribute to increasing brand awareness, building customer loyalty, and improving competitiveness. The integration of financial feasibility and strategic marketing supports the sustainability and growth of Etawa goat farming in Kaligesing. The results of this study can serve as a reference for livestock entrepreneurs, investors, and policymakers in developing similar agribusiness models that are profitable, resilient, and market-oriented.