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This study aims to analyze the effect of capital structure, asset growth, and firm size on firm value in plastic and packaging sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Firm value is proxied by Price to Book Value (PBV), capital structure is measured using the Debt to Equity Ratio (DER), asset growth is measured by the asset growth ratio, and firm size is measured using the natural logarithm of total assets. This research employed an explanatory quantitative approach using secondary data obtained from financial statements, annual reports, and stock price data. The sample consisted of 11 companies observed over five years, resulting in 55 panel data observations. Data were analyzed using panel data regression through the Common Effect Model, Fixed Effect Model, and Random Effect Model, with model selection based on the Chow, Hausman, and Lagrange Multiplier tests. The results indicate that capital structure, asset growth, and firm size have no significant effect on firm value, either partially or simultaneously. These findings suggest that firm value in the plastic and packaging sub-sector is not sufficiently explained by financing structure, asset expansion, or company size. Investors are more likely to consider other factors, such as profitability, operational efficiency, cash flow, sales growth, raw material risk, and sustainability prospects. Therefore, companies should improve financial performance, asset efficiency, cost control, and sustainable innovation to enhance firm value.

This community-based project aimed to analyze the cash management system of the micro, small, and medium enterprise (MSME) Bakpia Juwara Satoe and develop recommendations to improve the company's financial performance. Cash management is a crucial but often overlooked aspect of MSME financial management, which can lead to cash flow problems, inaccurate record keeping, and poor management decisions. The methodology used included qualitative data collection through direct observation, in-depth interviews, and financial statement analysis. The project findings revealed that Bakpia Juwara Satoe lacked a functioning cash management system. There was no separation between cash receipts and disbursements, no standardized system for handling cash, and transaction recording remained manual and inconsistent. As part of the project, standard operating procedures (SOP) for cash management were developed, financial accounting training was conducted, and support was provided in creating simple cash flow statements. Following the implementation of these measures, record accuracy increased by 78%, and cash losses were reduced. It was determined that the implementation of efficient cash management contributed significantly to the improvement of Bakpia Juwara Satoe's financial performance.

This study examines the financial performance of PT Unilever Indonesia Tbk during the 2023–2025 period by evaluating key financial indicators, namely the Current Ratio (CR), Debt to Equity Ratio (DER), Return on Assets (ROA), and Return on Equity (ROE). The study aims to assess the company's financial condition and analyze the impact of its business transformation strategy on financial performance. A descriptive quantitative approach was employed using secondary data obtained from the company's published annual financial reports. Data analysis focused on comparing financial ratio trends over the three-year period to evaluate liquidity, solvency, and profitability performance. The findings indicate that the company's financial performance experienced fluctuations during the business transformation process. Liquidity and solvency gradually improved toward the end of the observation period, reflecting stronger short-term financial capability and a healthier capital structure. Profitability also demonstrated increased efficiency in utilizing company assets, although changes in equity returns indicated adjustments in capital management during the transformation process. Overall, the implementation of the company's transformation strategy contributed positively to strengthening financial performance and improving resilience in responding to changing business conditions and market competition. This study provides useful insights for management, investors, and other stakeholders in evaluating the effectiveness of corporate transformation strategies through financial ratio analysis and highlights the importance of maintaining financial stability to support sustainable business growth.

This study aims to analyze the influence of fundamental and technical factors on stock price movements in the Indonesian capital market. The method used is a literature review with a qualitative descriptive approach, utilizing secondary data obtained from various scientific literature sources as well as stock price data from the Investing platform. The results indicate that there are significant variations in stock prices among companies, reflecting differences in fundamental performance such as profitability, capital structure, and company prospects. In addition, from a technical perspective, stock price movements exhibit dynamic fluctuations, including both increases and decreases, influenced by market sentiment and investor responses to available information. The varying levels of stock volatility also indicate differences in investment risk. Trading volume plays an important role as a key indicator in technical analysis, where high volume reflects strong liquidity and investor interest, while low volume indicates limited market activity. Overall, the findings suggest that fundamental and technical factors have a complementary influence in determining stock price movements. Therefore, investors are advised to integrate both approaches in making investment decisions in order to achieve optimal returns while minimizing risk. This study is expected to contribute to the development of capital market research and serve as a reference for investors and academics.

The purpose of this study is to analyze the influence of Corporate Social Responsibility (CSR), Financial Distress, and Altman Z-Score on Dividend Decisions in automotive sector companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2025 period. This study is motivated by fluctuations in the Dividend Payout Ratio (DPR) in the automotive sector, which indicates changes in company dividend policy due to economic conditions, financial performance, and non-financial factors that influence management decision-making. The research method used is a quantitative approach with a causal associative research type to examine the relationship between the independent and dependent variables. The study population consists of automotive sector companies listed on the IDX, while the sample was determined using a purposive sampling technique based on certain criteria. Research data were obtained from annual reports and company financial statements for the 2020–2025 period. Data analysis was carried out using the Dividend Payout Ratio (DPR) as a proxy for dividend decisions and statistical testing to determine the effect of CSR, Financial Distress, and Altman Z-Score on company dividend, the data were processed using SPSS.

Abstract. PT XYZ, a wooden furniture manufacturing company, served as the research site for this study which applied the Theory of Constraints (TOC) method to analyze production performance and identify bottlenecks. The company faces capacity imbalances between workstations, resulting in production targets that have not been achieved optimally. Data collection involved direct observation and interviews with related parties in the production area. The analysis was conducted by comparing the required capacity with the available capacity at each production workstation. The findings reveal that solid processing, machining, sanding, assembling, painting, and packing have sufficient available capacities to meet production requirements, thus categorized as non-bottleneck processes. In contrast, the panel processing station is identified as the main bottleneck due to its highest workload among all processes. By implementing the Theory of Constraints, the company can identify major constraints and establish improvement priorities to enhance production flow smoothness. It is expected that improvements in bottleneck processes will increase production efficiency, balance capacity among workstations, and support more optimal achievement of production targets. Keywords: bottleneck; capacity; manufacturing; production performance; theory of constraints   Abstrak. PT XYZ sebuah perusahaan manufaktur furnitur kayu, menjadi lokasi penelitian ini yang menggunakan metode Theory of Constraints (TOC) untuk menganalisis kinerja produksi dan mengidentifikasi bottleneck. Perusahaan menghadapi ketidakseimbangan kapasitas antar stasiun kerja yang menyebabkan target produksi belum terdengar secara optimal. Pengumpulan data meliputi observasi langsung dan wawancara dengan pihak terkait di area produksi. Analisis dilaksanakan dengan membandingkan kapasitas yang dibutuhkan terhadap kapasitas yang tersedia pada setiap stasiun kerja produksi. Hasil penelitian menunjukkan bahwa proses pembahanan solid, machining, sanding, assembling, painting, dan packing memiliki kapasitas yang tersedia yang masih mampu memenuhi kebutuhan produksi, sehingga termasuk kategori non-bottleneck. Sebaliknya, stasiun kerja pembahanan panel diidentifikasi sebagai bottleneck utama karena memiliki tingkat beban kerja tertinggi di antara seluruh proses. Dengan penerapan Theory of Constraints, perusahaan dapat mengidentifikasi kendala utama dan menentukan prioritas perbaikan untuk meningkatkan kelancaran aliran produksi. Diharapkan perbaikan pada proses bottleneck dapat meningkatkan efisiensi produksi, menyeimbangkan kapasitas antar stasiun kerja, serta mendukung pencapaian target output perusahaan secara lebih optimal. Kata kunci: bottleneck; kapasitas; kinerja produksi; manufaktur; theory of constraints

Abstract. This research aims to analyze the effectiveness and reliability of production machines in the process of making public street lighting poles (PJU) at PT. XYZ The main problem faced by the company is high machine downtime so that production targets are not achieved. Therefore, a method is needed that is able to measure machine effectiveness as a whole and identify the main causes of production losses. The method applied includes Overall Equipment Effectiveness (OEE) to measure machine effectiveness based on three components, namely availability, performance and quality. The Total Productive Maintenance (TPM) approach is used to identify factors causing low effectiveness through Six Big Losses analysis. Apart from that, Mean Time To Repair (MTTR) and Mean Time Between Failure (MTBF) are calculated to determine the level of machine reliability. The data used includes machine working hours, downtime, operating time, production quantities, defective products, as well as machine damage and repair data. The analysis results are expected to show the level of machine effectiveness and identify the dominant factors causing downtime. Based on these results, improvement proposals are prepared to reduce downtime, increase machine reliability and improve production productivity Keywords: Overall Equipment Effectiveness (OEE), Total Productive Maintenance (TPM), Six Big Losses, Downtime, Efektivitas   Abstrak. Penelitian ini bertujuan untuk menganalisis efektivitas dan keandalan mesin produksi pada proses pembuatan tiang penerangan jalan umum (PJU) di PT. XYZ Permasalahan utama yang dihadapi perusahaan adalah downtime mesin yang tinggi sehingga target produksi tidak tercapai. Oleh karena itu, diperlukan metode yang mampu mengukur efektivitas mesin secara menyeluruh dan mengidentifikasi penyebab utama kerugian produksi. Metode yang diterapkan meliputi Overall Equipment Effectiveness (OEE) untuk mengukur efektivitas mesin berdasarkan tiga komponen, yaitu availability, performance, dan quality. Pendekatan Total Productive Maintenance (TPM) digunakan untuk mengidentifikasi faktor penyebab rendahnya efektivitas melalui analisis Six Big Losses. Selain itu, dilakukan perhitungan Mean Time To Repair (MTTR) dan Mean Time Between Failure (MTBF) untuk mengetahui tingkat keandalan mesin. Data yang digunakan mencakup jam kerja mesin, downtime, waktu operasi, jumlah produksi, produk cacat, serta data kerusakan dan perbaikan mesin. Hasil analisis diharapkan dapat menunjukkan tingkat efektivitas mesin dan mengidentifikasi faktor dominan penyebab downtime. Berdasarkan hasil tersebut, disusun usulan perbaikan untuk mengurangi downtime, meningkatkan keandalan mesin, dan memperbaiki produktivitas produksi Kata kunci: Overall Equipment Effectiveness (OEE), Total Productive Maintenance (TPM), Six Big Losses, Downtime Mesin, Efektivitas Mesin

This study aims to assess the financial performance of 11 non-financial companies that conducted acquisitions in 2025 and are listed on the Indonesia Stock Exchange (IDX). Using a quantitative descriptive-comparative approach with a case study design, six financial ratios were analyzed: Current Ratio (CR), Debt to Asset Ratio (DAR), Debt to Equity Ratio (DER), Total Asset Turnover (TATO), Return on Assets (ROA), and Return on Equity (ROE). Data were obtained from consolidated financial statements as of December 31, 2024 (pre-acquisition) and December 31, 2025 (post-acquisition). The results show that the impact of acquisitions varies across companies. No consistent or significant differences were found in the CR, DAR, DER, ROA, or ROE ratios between the two periods. Meanwhile, the TATO ratio tended to decrease after the acquisition, indicating that the newly consolidated assets have not yet operated optimally. These findings confirm that the short-term financial impact of an acquisition is heavily influenced by the transaction’s funding structure, the size of the acquired entity, and the industry sector. This study contributes to the financial accounting literature on corporate acquisition strategies in the Indonesian capital market.

This study examines how profitability affects company value among manufacturing firms included in the LQ45 index during the 2023–2025 period, with debt policy serving as a moderating variable. Increasing business competition encourages companies to improve their financial performance and market value to attract investors and maintain long-term sustainability. A quantitative research approach with a causal research design was employed to analyze the relationship between the variables. The study used secondary data obtained from audited annual financial statements published on the Indonesia Stock Exchange. Data analysis was conducted using Moderated Regression Analysis (MRA) with the assistance of SPSS version 26. The results indicate that profitability has a significant positive effect on firm value, suggesting that higher profitability enhances investor confidence and contributes to higher market valuations. Furthermore, debt policy significantly moderates the relationship between profitability and firm value by strengthening the influence of profitability. The coefficient of determination increased from below thirteen percent to more than sixty-three percent after including the moderating variable. These findings demonstrate that effective debt management combined with strong profitability contributes to higher firm value and supports sustainable corporate growth and long-term investor confidence.

A research team at BCA KCU Veterans Company in Surabaya conducted a study to determine how job satisfaction and their participation in recognition and reward programs affect their performance at work. By sending a survey to 66 workers in the business sector, this study applied quantitative survey stages. Multiple linear regression evaluation was performed on the collected data. Workplace performance was the dependent variable, while factors such as salary, appreciation, and overall job satisfaction were the independent variables. The findings revealed that all three independent variables simultaneously impact employee productivity. Salary, benefits, bonuses, and incentives serve to motivate employees to work harder. Employees feel psychologically motivated when their efforts and achievements are recognized through awards. Job satisfaction makes people more dedicated and efficient. The coefficient of determination (R²) of 0.629 indicates that factors other than recognition, appreciation, and job satisfaction influence the remaining variation in employee performance, accounting for 62.9%. To motivate employees to perform at their best, this study highlights the importance of implementing efficient recognition and appreciation programs and creating a work environment that supports job satisfaction.

The coffee shop industry has experienced substantial growth in recent years, creating intense competition that compels businesses to continuously enhance service performance in order to maintain customer satisfaction and market competitiveness. PT Jokopi Indonesia Group has encountered several service-related issues reflected in declining sales performance and recurring customer complaints, indicating the need for a comprehensive evaluation of service quality. This study aims to identify service attributes that fail to meet customer expectations and determine improvement priorities through the integration of the SERVQUAL and Kano methods. A quantitative approach was employed using questionnaire data collected from 50 customers who had prior experience with the company’s services. SERVQUAL was utilized to assess discrepancies between customer expectations and perceived service performance, while the Kano model was applied to classify attributes according to their contribution to customer satisfaction. The findings reveal that all evaluated attributes generated negative gap values, indicating that existing service performance has not yet reached the level expected by customers. The most critical gaps were identified in menu availability, air-conditioning and fan comfort, payment convenience, and straw availability. Kano classification further demonstrates that menu availability and thermal comfort facilities belong to the Must-Be category, meaning that failure to provide these attributes may trigger significant customer dissatisfaction. The integration of SERVQUAL and Kano highlights these attributes as the most urgent areas for improvement. The results provide managerial guidance for developing targeted service enhancement initiatives aimed at strengthening customer satisfaction, retention, and competitive advantage.

This study aims to identify and explain the factors that influence business management, particularly through a case study of a shipping company. The research employed a descriptive qualitative approach using a literature review method. Secondary data were collected from reputable national and international journal articles that had undergone a peer review process, ensuring that the sources used were academically reliable and relevant to the research focus. The data were analyzed through content analysis and thematic analysis to identify patterns, relationships, and key themes related to business management practices. The results of the study show that organizational structure, leadership, and communication are important factors that influence the effectiveness of business management. Organizational structure contributes to the clarity of roles, responsibilities, and work coordination. Leadership affects direction, decision-making, and employee motivation, while communication supports information flow, coordination, and organizational effectiveness. The managerial implications of this study indicate that efficient business management requires a well-structured organization, effective leadership, and clear communication to support better operational performance and decision-making

This study aims to determine the influence of work environment and work motivation on employee performance at PT. Bahari Bahagia Ria Jambi. This study uses quantitative methods. The population and sample in this study were all employees of PT. Bahari Bahagia Ria Jambi, totaling 76 respondents using saturated sampling techniques. The analysis method uses descriptive analysis. Instrument testing by conducting Validity Test and Reliability Test, also with Multiple Linear Regression and Classical Assumption Test. Hypothesis testing with t-test (Partial Test) and f-test (Simultaneous Test) using SPSS tools. The results of this study indicate that the performance description is in the very high category, the work environment is in the very supportive category and work motivation is in the very motivated category. The work environment has a positive and significant effect on employee performance at PT. Bahari Bahagia Ria Jambi, work motivation has a positive and significant effect on employee performance and simultaneously (simultaneously) the work environment and work motivation have a positive and significant effect on employee performance. The suggestions from this research are: (1) Employees should always maintain good relationships with each other so that the company's goals can be realized (2) Leaders should always provide encouragement so that employees can carry out their duties well (3) Companies should always pay attention to the potential of their employees and the efforts made to develop this potential through training.

The rubber processing manufacturing company PT Darmasindo Intikaret Tebing Tinggi is encountering more and more intense competition. So, managing human resources, the company's most valuable asset, is a top priority alongside meeting financial and operational goals. In human resource management, employee happiness is a key performance measure. Leadership style, discipline, and K3 are all variables that this study hopes to identify and examine in some detail. This research falls under the category of development studies and employs a quantitative methodology. This research makes use of both primary and secondary sources for its data. Findings from both primary and secondary sources are used into this research. People who work in production at PT. Darmasindo Intikaret were the subjects of this research. According to the results of the complete sampling method, the milling production staff consists of 34 individuals. In this study, the entire population is employed as a sample. The data analysis techniques utilised in this study included reliability and validity tests, tests for classical assumptions like normality and multicollinearity and heteroscedasticity, and tests for multiple regression, determination coefficients, and hypotheses like the F and T tests. Leadership style significantly and positively affects employee job satisfaction, according to the study's results. There is a favourable and statistically significant relationship between discipline and employee job satisfaction, and K3 is no exception. Employees' happiness on the job is influenced by a number of factors, including leadership style, discipline, and K3. The significance of enhancing the quality of leadership style, discipline, and 3 in boosting employee job satisfaction in a firm, particularly manufacturing companies, can be demonstrated by doing this study.

This study aims to analyze the strategic role of relationship marketing in sustaining long-term customer value among customers in Yogyakarta. A quantitative approach with an explanatory research design was employed. Primary data were collected through questionnaires distributed to 160 respondents selected using purposive sampling. Respondents were at least 17 years old, had purchased or used the company’s products or services at least twice within the last six months, and had experience interacting with the company through direct or digital channels. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that relationship marketing has a positive and significant effect on customer trust and customer satisfaction, both of which positively influence customer loyalty. Customer loyalty, in turn, significantly affects long-term customer value. Relationship marketing also directly influences long-term customer value, although indirect effects through trust, satisfaction, and loyalty provide stronger explanations. These findings confirm that relationship marketing is a strategic approach for building valuable long-term relationships. The study contributes to relationship marketing, commitment-trust, and customer value theories while providing managerial implications for sustaining business performance in competitive markets.  

This study aims to analyze the effect of profitability and liquidity on firm value in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period. The study was motivated by inconsistencies in previous research results regarding the influence of profitability and liquidity on firm value. Profitability was measured using Return on Assets (ROA), liquidity was measured using Current Ratio (CR), while firm value was measured using Price to Book Value (PBV). This research employed a quantitative approach using secondary data obtained from company financial statements. The sampling technique used purposive sampling with a total sample of 9 manufacturing companies during the research period. The data analysis methods included descriptive statistical analysis, classical assumption tests, multiple linear regression analysis, coefficient of determination test (R²), partial test (t-test), and simultaneous test (F-test) using SPSS software. The results showed that company profitability tended to be stable although several companies experienced performance fluctuations, while liquidity levels showed considerable variation among companies. Based on the partial test results, profitability (ROA) did not have a significant effect on firm value with a significance value of 0.765 (>0.05), while liquidity (CR) had a significant negative effect on firm value with a significance value of 0.011 (<0.05). Simultaneously, profitability and liquidity had a significant effect on firm value with an F-test significance value of 0.020 (<0.05). The coefficient of determination (R²) value of 0.169 indicates that profitability and liquidity were able to explain 16.9% of the variation in firm value, while the remaining 83.1% was influenced by other factors outside the study. This research is expected to contribute to the development of financial management knowledge and serve as a consideration for investors and companies in decision-making.

PT. Bukit Baiduri Energi (BBE) is a coal mining company that utilizes hauling roads as the main infrastructure for material transportation. This study focuses on a 1.7 km road segment selected as the object of technical evaluation. The objective of this research is to analyze the effect of road geometry improvements on hauling time efficiency and equipment productivity. The method employed includes direct field measurements and calculations of operational parameters such as travel time, cycle time, and productivity. The results indicate that improvements in road grade reduced travel time from 10.13 minutes to 9.86 minutes. This reduction was followed by a decrease in cycle time from 16.29 minutes to 16.22 minutes. In addition, productivity increased from 65.4 bcm/hour to 66.69 bcm/hour. Also, improvements in curve radius and superelevation were implemented on the hauling road. These improvements resulted in a further decrease in travel time from 9.86 minutes to 8.6 minutes. Consequently, the cycle time also decreased from 16.22 minutes to 16.18 minutes. The productivity of hauling equipment increased from 66.69 bcm/hour to 67.02 bcm/hour. Overall, the evaluation of road geometry provided a positive contribution to operational performance. The productivity of overburden removal increased from 65.4 bcm/hour to 67.02 bcm/hour, representing an improvement of 2.48%.

Dividend policy is one of the key indicators used by investors to assess the stability and financial performance of banking companies. This study aims to analyze the effect of financial performance on the Dividend Payout Ratio in conventional banks in Indonesia during the 2021–2024 period. Financial performance is proxied by liquidity, Leverage, and profitability. This research employs a quantitative approach with an associative research design. The population consists of 43 conventional commercial banks listed on the Indonesia Stock Exchange up to 2024. The sampling technique uses purposive sampling, resulting in 24 conventional banks with a total of 96 panel data observations. The data used are secondary data obtained from the companies’ annual financial statements and analyzed using multiple linear regression. The results show that liquidity, proxied by Loan to Deposit Ratio (LDR), has a positive and significant effect on the Dividend Payout Ratio; Leverage, proxied by Debt to Asset Ratio (DAR), has a negative and significant effect on the Dividend Payout Ratio; and profitability, proxied by Return on Assets (ROA), has a positive and significant effect on the Dividend Payout Ratio. Furthermore, liquidity, Leverage, and profitability simultaneously have a significant effect on the Dividend Payout Ratio in conventional banks in Indonesia. This study indicates that the company’s financial performance is a key factor in determining dividend policy in the banking sector.

SR12 Herbal Cosmetics is a company engaged in the field of herbal and skin care. Founded in 2015 byToni Firmansyah, S. Farm., Apt. and Asrianty Salam, Farm. This company has a vision to provide benefits to many people through the herbal and skin care products they produce. SR12 Herbal Cosmetics products are formulated based on research from certified scientists, and have been tested at the Sucofindo Laboratory, are free of mercury and hydroquinone, and have been registered with the Indonesian Food and Drug Supervisory Agency (BPOM RI). SR12 Herbal Cosmetics has several factories in West Java Province and has an extensive distribution network with hundreds of distributors and tens of thousands of partners throughout Indonesia. The goal to be achieved is to produce a management information system model including a management information system for PT SR12 Herbal Cosmetics. The research object chosen is a company in the field of cosmetics and skin care which has its head office in Gunung Sindur, West Java. This selection aims to form a management information system design model that is able to produce relevant and timely information for planning, controlling, decision making and evaluating the performance of activities. For the Web-Based Instagram Content Management Information System Design project to Support SR12 Herbal Cosmetics' Brand Awareness, I used Agile (Scrum) due to the dynamic nature of digital marketing and potential changes to the Instagram API or business needs. This allowed SR12 to get core functionality faster and provide iterative feedback, ensuring the system built was truly relevant to their brand awareness needs.

Manual management of customer receivables in manufacturing companies often leads to inefficiencies, including slow analysis processes, difficulty in monitoring outstanding balances, and limited ability to track payment trends comprehensively. This study designed a Business Intelligence Dashboard using Microsoft Power BI to address these issues at PT. XX Industry, employing a Software Development Life Cycle (SDLC) approach consisting of four stages: Planning, Analysis, Design, and Implementation. During the design phase, a data warehouse was built using a star schema model in SQL Server Management Studio, followed by an Extract, Transform, Load (ETL) process to ensure data accuracy and consistency prior to integration into Power BI. Five Key Performance Indicators (KPIs) were established collaboratively with company management through a series of online discussions, comprising Total Invoice, Total Payment, Total Receivables, Payment Rate, and Average Payment Time, all implemented using DAX expressions. The resulting dashboard features monthly trend visualizations, customer-based receivables distribution, and interactive filter capabilities. System testing confirmed that all components functioned correctly, while ETL validation verified consistency between processed and source data. User Acceptance Testing (UAT) conducted by management yielded an average score of 4.7 out of 5, reflecting a very high level of user acceptance. Overall, this dashboard proved effective in improving receivables monitoring efficiency and supporting faster, data-driven decision-making.