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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.

In the context of Indonesia's post-pandemic financial market dynamics, investment and financing decisions often face challenges of cash flow uncertainty and capital cost volatility, requiring a Profitability Index (PI) and Weighted Average Cost of Capital (WACC) perspective to ensure optimal resource allocation to maximize company value. This study aims to analyze the effectiveness of investment and financing decisions through the integration of PI and WACC based on a synthesis of the latest literature. A descriptive qualitative approach was used through a literature study with secondary data from financial journals and textbooks from 2021-2025, collected from Google Scholar and university repositories, then analyzed thematically with data reduction, presentation, and literature triangulation to interpret the PI, IRR, and WACC indicators. The results show that PI is consistently >1 (ratio of 1.15-1.45) and IRR > WACC (average of 10-12%), confirming the feasibility of 70% of manufacturing projects, while WACC of 9.8% from the optimal capital structure (debt ratio of 40-50%) supports an effective tax shield, despite being constrained by multiple IRRs, conflicting metric rankings, and BI interest rate fluctuations that increase implicit costs by up to 15%. It can be concluded that PI-WACC integration increases theoretical profitability by 12% through precise allocation, but is limited by the generalization of secondary data; a hybrid model with mixed-method validation is recommended for the non-manufacturing sector in emerging markets.

The increasing intensity of business competition requires companies to maintain strong financial conditions to avoid financial distress that may disrupt business continuity. This study aims to assess the financial stability and predict the potential bankruptcy of PT Sido Muncul Tbk for the 2022–2024 period using the Altman Z-Score model. A descriptive quantitative approach was applied, utilizing secondary data obtained from annual reports published by the Indonesia Stock Exchange and the company’s official website. Five key ratios in the Altman model were used as indicators to evaluate the company’s financial position and resilience. The results show Z-Score values of 4.74 in 2022, decreasing slightly to 4.66 in 2023, and rising again to 4.79 in 2024. These scores are significantly above the safe threshold of 2.675, indicating that the company is in a healthy financial state with a very low risk of bankruptcy. Overall, PT Sido Muncul Tbk demonstrates stable financial performance, supported by a strong capital structure and consistent operational results. The Altman Z-Score model also proves to be an effective early-warning tool for identifying potential financial problems.

Nilai perusahaan mencerminkan persepsi pasar terhadap potensi laba dan risiko di masa depan, sehingga menjadi dasar penting dalam pengambilan keputusan investasi dan pendanaan. Penelitian ini bertujuan untuk menganalisis pengaruh struktur modal dan inflasi terhadap nilai perusahaan pada PT Bank Mandiri Tbk yang terdaftar di Bursa Efek Indonesia (BEI). Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan keuangan tahunan Bank Mandiri serta data inflasi nasional dari Badan Pusat Statistik (BPS) selama periode penelitian. Hasil analisis deskriptif menunjukkan bahwa struktur modal Bank Mandiri relatif stabil dengan rata-rata sebesar 6,40 dan standar deviasi 0,043, mencerminkan kebijakan keuangan yang konsisten serta pengelolaan risiko yang baik. Tingkat inflasi juga berada pada kondisi rendah dan stabil (rata-rata 0,03; standar deviasi 0,015), menandakan tekanan eksternal makroekonomi yang ringan. Nilai perusahaan memiliki rata-rata 3,18 dengan standar deviasi 0,026, menunjukkan kepercayaan investor yang tinggi terhadap kinerja Bank Mandiri. Hasil uji asumsi klasik memperlihatkan bahwa data berdistribusi normal (Sig. 0,200 > 0,05), tidak terdapat multikolinearitas (VIF 1,639 < 10; Tolerance 0,610 > 0,1), tidak terjadi heteroskedastisitas (Sig. X1 = 0,934; X2 = 0,202 > 0,05), dan tidak terdapat autokorelasi (Durbin-Watson = 1,513). Dengan demikian, model regresi yang digunakan dinyatakan layak untuk menguji pengaruh struktur modal dan inflasi terhadap nilai perusahaan.

This study aims to analyze the effect of asset growth, capital structure, and asset structure on the profitability of PT Astra Graphia Tbk during the period 2016–2023. The research employs a quantitative approach with a causal research design using secondary data derived from the company’s quarterly financial statements. A total of 32 quarterly observations were selected through purposive sampling. Profitability is measured using Return on Equity (ROE), while data analysis is conducted using multiple linear regression. Prior to hypothesis testing, classical assumption tests including normality, multicollinearity, heteroskedasticity, and autocorrelation tests were performed to ensure the robustness of the regression model. The results indicate that asset growth, capital structure, and asset structure simultaneously have a significant effect on firm profitability. However, partially, only asset structure has a significant effect on profitability, while asset growth and capital structure show no significant influence. These findings suggest that efficient asset composition plays a more critical role in improving profitability than mere asset expansion or increased leverage. The managerial implication of this study highlights the importance of optimizing asset structure to enhance the firm’s ability to generate sustainable profits.

This study aims to identify the influence of profitability, liquidity, and asset structure on the capital structure of pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange during the 2019–2023 period. The study spanned five years, from 2019 to 2023. Of the total 15 companies in the population, 7 companies were selected as samples using a purposive sampling method. The research data were sourced from annual financial reports accessed through the official IDX website. Data processing was carried out using multiple linear regression methods. Capital structure was measured using two indicators: the Debt to Equity Ratio (DER) and the Debt to Asset Ratio (DAR). The analysis results showed that profitability had no effect on these two capital structure indicators. Conversely, liquidity and asset structure were shown to influence both DER and DAR. This study provides insight into the factors influencing debt financing decisions in pharmaceutical companies and their implications for the company's financial stability.

This study aims to examine the implementation of audit procedures on accounts payable at PT XYZ by KAP Ramli & Rekan, with a focus on compliance with Auditing Standards and effectiveness in detecting material misstatements. Accounts payable are a key component of financial statements representing the company’s obligations to suppliers, requiring accurate presentation for assessing liquidity and capital structure. The study applies a descriptive qualitative method, collecting primary data through interviews with audit staff at KAP Ramli & Rekan and secondary data from relevant literature. The findings show that the audit procedures comply with professional standards, covering comprehensive stages including engagement acceptance, audit planning, risk and materiality assessment, and substantive testing. The planning process incorporates the COSO framework for evaluating internal control, establishes audit objectives based on the five management assertions, and utilizes ATLAS software and Microsoft Excel. KAP Ramli & Rekan apply control testing and substantive procedures, including external confirmations, inspection of supporting documents, review of aging payables, and subsequent payment testing. Risk assessment indicates low inherent and control risks, while detection risk is mitigated through substantive procedures. Overall Materiality is set at 60% of revenue and profit before tax, Performance Materiality at 3% of Overall Materiality, and Threshold Materiality at 3% of Performance Materiality. The study concludes that the audit procedures implemented by KAP Ramli & Rekan align with applicable Auditing Standards and are effective in addressing audit risks related to accounts payable. The implications highlight the importance of enhancing audit quality practices, particularly the effectiveness of planning and internal control evaluation in accounts payable audits.

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.

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 evaluate the influence of Green Finance, Profitability, and Capital Structure on Firm Value in the mining sector listed on the Indonesia Stock Exchange (IDX) during the period 2019 to 2023. The research is motivated by the growing importance of sustainability and financial management strategies in enhancing corporate competitiveness in an increasingly globalized market. A quantitative approach was employed using multiple linear regression analysis, with 22 companies selected through purposive sampling. The findings indicate that, simultaneously, the three independent variables have a significant effect on firm value. Individually, Green Finance and Capital Structure have a positive and significant influence, while Profitability does not show a significant impact. Capital Structure is found to be the most dominant factor affecting firm value, followed by Green Finance. This suggests that companies with sound capital management and strong commitment to sustainability practices are more valued by the market. This research contributes to both theoretical and practical perspectives in financial management, particularly in understanding how financing strategies and sustainability efforts influence market valuation. The findings also recommend that mining companies strengthen their integration of ESG principles and enhance financial efficiency to support long-term value creation and competitiveness

This study aims to analyze the effect of liquidity and solvency ratios on the profitability of PT GoTo Go-Jek Tokopedia Tbk. The liquidity ratio in this study is measured using the Current Ratio (CR), while the solvency ratio uses the Debt to Equity Ratio (DER) and Debt to Asset Ratio (DAR). The research data includes the 2018–2020 financial statements of PT Tokopedia Tbk and the years 2021–2023 after the company transformed into PT GoTo Go-Jek Tokopedia Tbk. The research method uses a descriptive quantitative approach with secondary data from the company's annual financial statements. The results show that the company's liquidity ratio fluctuates in the range of 1.55–3.14, while the DER is in the range of 0.12–0.42 and the DAR is between 0.17–0.34. The results of the simultaneous test showed the value of sig. The F Change of 0.003 < 0.05 indicates that CR, DER, and DAR have a less significant correlation relationship with Return on Assets (ROA). A determination coefficient value of 0.382 showed that 38.2% of the ROA variables were influenced by CR and DAR, while the remaining 67.8% were explained by other factors outside the model. Overall, the research findings confirm the importance of efficient debt management and optimization of capital structure to increase the company's long-term profitability.

The size of the company as a moderator in defining the correlation between capital structure, profit, and firm value is the focus of this study. Adopting a quantitative associative approach, this research focuses on the non-cyclical consumer sector registered on the Indonesia Stock Exchange (IDX) for the period 2020–2023. Of the 125 companies, 73 were purposively selected to create the research sample, yielding 292 observations after excluding entities with incomplete data and those with special monitoring status. The authors gathered secondary data from audited yearly financial reports through the IDX portal and corporate websites. The analysis used quasi-moderation techniques by combining independent variables, moderation, and interaction in a single regression model, processed through EViews 13. The research results show that capital structure has a significant positive impact on firm value, while profitability has no significant impact. Firm size has been shown to affect the relationship that exists between capital structure and firm value, but it does not moderate the association between profitability and firm value. These findings confirm that leverage’s effectiveness in increasing firm value is independent of company size and that profitability is not a primary determinant in this context. This research provides empirical evidence to advance capital structure theory and to inform executives’ strategic financial decisions and investors’ evaluations of corporate outlooks.

This research seeks to examine the impact of liquidity, Net Interest Margin (NIM), and capital structure on the profitability of banking companies traded on the Indonesia Stock Exchange during the years 2022–2024. The method of research employed is quantitative, utilizing multiple linear regression approach derived from secondary information found in company financial reports. The research sample consisted of 24 banking firms consisting of a total of 70 data points. The findings of the analysis indicate that Net Interest Margin has a meaningful and positive impact on profitability, while liquidity and capital structure do not produce a notable impact. These results suggest that the efficiency of managing productive assets and net interest income are the main factors in increasing bank profitability, while liquidity management and capital composition have not contributed significantly to profit growth. This study has important implications for bank management to optimize NIM as the main strategy for improving financial performance, as well as for regulators and stakeholders in conducting evaluations and decision-making. This study also suggests expanding the variables and research period in the to acquire a more thorough insight into the factors that affect the profitability of banking companies.

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 study aims to analyze the effect of profitability, liquidity, and asset structure on the capital structure of banking companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period, with firm size as a moderating variable. The research employs a quantitative approach using secondary data obtained from financial statements. The sample was determined through a purposive sampling technique, resulting in 27 banking companies that met the criteria. Data were analyzed using multiple regression analysis and Moderated Regression Analysis (MRA). The results reveal that profitability has a negative and significant effect on capital structure, indicating that banks with higher profitability tend to reduce their dependence on external financing. In contrast, liquidity and asset structure do not have a significant effect on capital structure, suggesting that these factors are less influential in determining debt policy within the banking sector. Furthermore, the MRA results demonstrate that firm size moderates the relationship between profitability and capital structure, implying that larger firms can better manage internal funds to reduce leverage. However, firm size does not moderate the effects of liquidity and asset structure on capital structure. These findings contribute to understanding capital structure determinants in the Indonesian banking industry.

The purpose of this research is to examine and ascertain how capital structure and growth affect company value in FBM KLCI businesses listed on Bursa Malaysia between 2019 and 2023, dividend policy being used as a moderating factor.  The study's sample consists of 16 FBM KLCI firms that were listed on Bursa Malaysia between 2019 and 2023.  The secondary data utilized was gathered from Bursa Malaysia's website and financial statement documentation studies.  Descriptive analysis, panel data regression analysis, MRA, traditional assumption testing, and hypothesis testing are among the data analysis methods used.  Eviews Version 13 was used to process the data for this investigation.  According to the study's findings, for the 2019–2023 timeframe, capital structure significantly and favorably affects company value in FBM KLCI businesses listed on Bursa Malaysia.  In these businesses, growth has no bearing on firm value.  In FBM KLCI businesses listed on Bursa Malaysia for the 2019–2023 timeframe, both the correlation between capital structure and company value and the effect of growth on firm value are unaffected by dividend policy.

This study aims to analyse the significance of digital services, capital structure and growth opportunities on the financial performance of banks. The population of interest in this study comprises digital banks registered with the Financial Services Authority (OJK) between 2021 and 2023. The sample comprises 12 banks, selected using a non-probability sampling technique and a purposive sampling method. This is a quantitative study, with secondary data sourced from financial and annual banking reports. Multiple linear regression analysis was performed using the IBM SPSS Statistics version 24 computer program. The results of this study indicate that digital services have no significant effect on the financial performance of banks, while capital aspect and growth opportunities have a negative and significant effect on the financial performance of banks.

This study examines the influence of financial factors on the capital structure of basic chemical manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. The sample selection method used is purposive sampling, with specific criteria resulting in a sample of 51 companies and a total of 255 data points. After data processing, 80 outliers were identified, reducing the final sample to 175 company data points. This research adopts a quantitative approach, utilizing multiple linear regression analysis with SPSS version 25. The findings reveal that profitability, asset structure, company size, and business risk have a significant impact on capital structure. In contrast, sales growth and dividend policy do not show a significant contribution to capital structure. Based on these findings, it is recommended that companies in the basic chemical manufacturing sector focus on improving profitability, optimizing asset structure, and managing business risks effectively to strengthen their capital structure. Additionally, company size should be considered when making financing decisions. Since sales growth and dividend policy were not significant factors, firms might prioritize internal financial management and risk control over aggressive sales expansion or dividend adjustments when aiming to optimize their capital structure. Future research could explore other potential factors or use alternative methodologies to deepen understanding in this area.

The purpose of this research is to analyze and find out how the company's growth, capital structure and company size affect stock prices in sub-sector, ceramics, porcelain and glass companies listed on the IDX for the 2018-2023 period. This research is an associative quantitative research using secondary data taken from the company's annual financial statements. The sampling technique in this study uses purposive sampling. In this study, 48 samples were obtained for 6 years (20182023). The analysis tool used in the regression analysis of panel data was conducted using E-views 13. Based on the research that has been carried out, it can be concluded that the company's growth partially has a significant effect on the stock price, the company's capital structure and size partially do not have a significant effect on the stock price. Then  the company's growth, capital structure and company size simultaneously have a significant effect on the stock price of companies in the ceramics, porcelain and glass sub-sector listed on the IDX for the 2018-2023 period.

The industrial sector plays a crucial role in driving Indonesia’s economic growth, yet it also faces challenges in optimizing capital structure and shareholder value. One key financial policy that reflects managerial decisions and investor perceptions is the dividend payout ratio, which may influence a firm’s cost of equity. This study aims to examine the effect of the dividend payout ratio on the cost of equity among industrial sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2023 period. The research problem arises from inconsistent empirical evidence regarding whether higher dividend payments reduce or increase the cost of equity. Using a quantitative approach, secondary data were collected from annual financial reports, and samples were selected through purposive sampling, yielding 162 valid observations. Linear regression analysis was performed using EViews 13 software. The findings reveal a negative and statistically significant relationship between the dividend payout ratio and the cost of equity. The study concludes that higher dividend payouts can lower firms’ cost of equity, supporting the signaling theory.