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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.

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.

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 investigates the decoupling phenomenon between ESG (Environmental, Social, and Governance) sustainability reporting and communal Tri Hita Karana (THK) sustainability practices in a Rural Bank in Bali. Through Ethnographic Content Analysis (ECA) of official documents from BPR Luhur Damai covering 2023–2025, this study identifies that the Sustainability Report (SR), prepared strictly according to Financial Services Authority Regulation (POJK) 51/2017, does not incorporate substantial THK practices, namely banten (ceremonial offerings) Rp131.6 million, dana punia (religious donations) Rp8.5 million, and monthly banjar (communal community unit) contributions, producing a Hindu religious expenditure to formal Social and Environmental Responsibility (SER) ratio of 10:1. Drawing on the Institutional Logics perspective, this study identifies four decoupling mechanisms: (1) cognitive, namely THK as taken-for-granted, not perceived as “sustainability”; (2) administrative, namely departmental silos between Compliance and General Affairs; (3) template, namely POJK 51/2017 provides no space for local wisdom; and (4) capacity, namely limited Human Resources (HR) and institutional capacity. These findings lead to the concept of “invisible sustainability,” that is, real sustainability contributions that are invisible to conventional reporting frameworks, and “cultural accounting gap,” that is, the absence of accounting categories for local cultural-religious contributions. The theoretical contribution is demonstrating that decoupling in Global South contexts is not merely symbolic compliance but results from structural misalignment between transnational and communal logics that renders local sustainability contributions institutionally invisible.

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.

This research critically investigates the circulation of disinformation concerning the instability of fuel prices on the digital platform X and its subsequent implications for the polarization of modern society. In an era where unverified economic news frequently dictates public reaction, fake news often acts as a potent catalyst for mass anxiety. By implementing a quantitative framework driven by lexicon-based computational sentiment analysis, this study effectively processed a dataset of 500 public opinion samples extracted via Google Colab spanning from April 2024 to April 2026. To ensure computational accuracy and eliminate textual noise, the data underwent a rigorous preprocessing phase encompassing case folding, alongside the systematic removal of URLs, account mentions, numbers, hashtags, and punctuation marks. The statistical outcomes revealed a highly disproportionate emotional landscape, overwhelmingly dominated by 451 negative reviews. In stark contrast, neutral observations and positive affirmations were nearly absent, recording only 40 and 9 instances, respectively. The data compellingly illustrates that the relentless influx of pessimistic narratives regarding economic instability directly induces financial panic, undermines rational discourse, and severely fragments cyberspace into deeply polarized factions.

This study aims to analyze the effect of Good Corporate Governance (GCG), Firm Size, and Sales Growth on Financial Performance at PT Ace Hardware Indonesia Tbk listed on the Indonesia Stock Exchange (IDX) during the 2015–2024 period. Good Corporate Governance (GCG) in this study is proxied by institutional ownership, financial performance is measured using Return on Assets (ROA), firm size is measured by the natural logarithm of total assets, and sales growth is measured using the sales growth ratio. This study employed a quantitative method with a descriptive approach. The data used were secondary data in the form of annual financial statements obtained from the official websites of the IDX and the company. Data analysis techniques included descriptive statistics, classical assumption tests, multiple and simple linear regression analysis, and hypothesis testing consisting of t-test, F-test, and coefficient of determination with the assistance of SPSS version 27 software. The results of the study indicate that partially, the Good Corporate Governance (GCG) variable has a t-value of -1.526 < t-table 2.447, meaning that it has no significant effect on financial performance. The firm size variable has a t-value of -2.857 > t-table 2.447, indicating a significant negative effect on the company’s financial performance. The sales growth variable has a t-value of 1.593 < t-table 2.447, meaning that it has no significant effect on financial performance. Simultaneously, Good Corporate Governance (GCG), firm size, and sales growth have a significant effect on financial performance, with an F-value of 13.023 > F-table 4.76 and a significance value of 0.005 < 0.05. This study is expected to provide consideration for management and investors in decision-making and serve as a reference for future research in related fields.

This study examines the efficiency of financial ratios in assessing corporate performance across countries. Although financial ratios are widely used as concise indicators of profitability, liquidity, solvency, and market value, their interpretive accuracy may vary across institutional, regulatory, financial, and macroeconomic environments. The objective of this study is to conceptually evaluate whether financial ratios can function as universally comparable performance measures in heterogeneous cross-country settings. Using a qualitative literature-based method, this study synthesizes prior findings on financial ratio analysis, financial statement comparability, market efficiency, regulatory enforcement, and macroeconomic stability. The findings indicate that profitability, liquidity, solvency, and market-based ratios are context-dependent indicators rather than universally stable measures. Their efficiency is influenced by accounting standards, audit quality, leverage norms, tax systems, capital market maturity, and macroeconomic volatility. The study proposes a contextual framework for interpreting financial ratios according to their sensitivity to national conditions. The implication is that researchers, analysts, and investors should combine ratio analysis with institutional and macroeconomic diagnostics to reduce biased performance interpretation in cross-country corporate evaluation.

This study examines the effect of capital structure, dividend policy, and firm size on firm value at PT Adhi Karya (Persero) Tbk during the period 2014–2024. The company’s firm value has shown fluctuations and a declining trend despite an increase in total assets, indicating a mismatch between asset growth and market perception. This study aims to analyze the influence of internal financial factors on firm value, both partially and simultaneously. A quantitative approach is employed using secondary data obtained from the company’s annual financial statements. Capital structure is measured using the Debt to Equity Ratio (DER), dividend policy using the Dividend Payout Ratio (DPR), firm size using the natural logarithm of total assets, and firm value using Tobin’s Q. Data are analyzed using multiple linear regression with the assistance of SPSS, supported by classical assumption tests, t-test, F-test, and coefficient of determination (R²). The results show that partially, capital structure and dividend policy do not have a significant effect on firm value, while firm size has a significant effect. Simultaneously, all independent variables have a significant effect on firm value. The findings indicate that firm size plays a dominant role, while other factors may also influence firm value beyond the model.

This study aims to analyze the effect of Return on Asset (ROA), Current Ratio (CR), Net Profit Margin (NPM), and Total Asset Turnover (TATO) on company value as measured by Price Book Value (PBV) in property and real estate sector companies listed on the Indonesia Stock Exchange for the 2019–2023 period. This research adopts a quantitative method with a causal associative approach. The data was obtained from the financial reports of eight companies that met the purposive sampling criteria. Data analysis was conducted using multiple linear regression with the help of SPSS software. The results show that, partially, ROA and CR have a significant negative effect on PBV, while NPM does not have a significant effect on PBV, and TATO has a significant negative effect on PBV. Simultaneously, all four independent variables significantly affect PBV, with an R² value of 12.3%, indicating that most of the PBV variations are explained by other factors outside the research model. These findings provide insights for investors and company management regarding the importance of asset management and operational efficiency in enhancing firm market value.

Indonesia's increasing economic growth has intensified competition in the business world, particularly in the Indonesian banking sector, from conventional to sharia-compliant. Furthermore, the entry of foreign banks has made business activities in Indonesia increasingly complex. The stock market is a crucial source of funding for companies. Publicly listed companies can increase their funding sources by selling ownership in the capital market. Dividends are the distribution of company earnings to shareholders in the form of cash, assets, or other forms. Dividend policy is a policy for sharing company profits with shareholders, which is announced in the form of dividends and retained earnings for the benefit of company growth. The proportion of dividends distributed to shareholders depends on the company's profitability and dividend policy. The percentage of profits distributed to shareholders in the form of dividends is called the Dividend Payout Ratio.Differences in calculations in determining financial ratios in banking companies are an interesting focus in this study. The study results show quite significant results between financial ratios and managers' decisions in making dividend policy decisions. In the future, the results of this study are expected to be a consideration and reference for investors who want to enter the world of investment, especially in the banking sector.

This study aims to analyze the contribution of Regional Original Revenue (PAD) sources, the growth of PAD, and the level of regional fiscal independence in Tanjung Jabung Barat Regency during the 2017–2024 period. The PAD sources examined include local taxes, regional retributions, returns from separated regional assets, and other legitimate PAD. The data used in this study are secondary data in the form of Budget Realization Reports (LRA) of Tanjung Jabung Barat Regency for the period 2017–2024, obtained from the Regional Revenue Agency (Bapenda) of Tanjung Jabung Barat and the Directorate General of Fiscal Balance. This research employs a quantitative descriptive approach. The analytical techniques used include contribution analysis of PAD sources (local taxes, regional retributions, returns from separated regional assets, and other legitimate PAD), PAD growth analysis, and fiscal independence ratio analysis. The results indicate that PAD is predominantly contributed by other legitimate PAD, accounting for 62.54% of total PAD, followed by local taxes contributing 26.06%, while regional retributions and returns from separated regional assets contribute relatively low proportions. The growth of PAD during the study period shows fluctuations influenced by economic conditions, including the impact of the COVID-19 pandemic. Furthermore, the level of fiscal independence in Tanjung Jabung Barat Regency is categorized as very low, as reflected in the high dependence on transfer funds from the central government and other governmental assistance.

Investment decisions in pharmaceutical manufacturing companies listed on the Indonesia Stock Exchange (IDX) are influenced by fundamental analysis and stock price fluctuations. Stock prices reflect market perceptions shaped by profitability, liquidity, and capital structure. This study examines the effects of Return on Assets (ROA), Current Ratio (CR), and Debt-to-Equity Ratio (DER) on stock prices, both partially and simultaneously. Using a quantitative approach, the study analyzes secondary data from audited financial statements and stock prices of 12 pharmaceutical companies during 2022–2024, totaling 36 observations. Panel data regression with EViews 12 is applied. Results show that ROA and DER have positive and significant effects on stock prices, while CR has a negative but insignificant effect. Simultaneously, all three variables significantly influence stock prices, with an adjusted R² of 73%, indicating strong explanatory power. Profitability (ROA) is the most influential factor, followed by capital structure (DER), while liquidity (CR) shows no significant impact.

This study aims to examine the level of regional financial independence and various financial ratios in assessing the performance of regency and city governments in the Special Region of Yogyakarta (DIY) for the 2019–2024 period. The method employed is a descriptive qualitative approach supported by quantitative data in the form of Budget Realization Reports (LRA). Performance measurement was conducted through several key indicators, including independence, effectiveness, efficiency, and growth ratios. The results indicate that the level of fiscal independence remains relatively low, characterized by a high dependency on transfer funds from the central government. On the other hand, the effectiveness ratio shows good achievement, as most regions were able to meet their revenue targets, particularly from Local Own-Source Revenue (PAD). However, the efficiency of expenditure management remains uneven across regions. Furthermore, the revenue growth ratio shows fluctuations influenced by economic conditions, including the impact of the pandemic. Overall, regional financial performance still needs to be improved, especially in strengthening fiscal independence and optimizing PAD potential.

This research focuses on the creation and implementation of a web-based Geographic Information System (GIS) to map the position of Automated Teller Machines (ATMs) in Wonomulyo District, Polewali Mandar Regency. The rationale behind this research is rooted in the rapid economic and demographic development in the area, which requires easy access to financial services. However, the distribution of existing ATM points is still uneven, where people in rural areas often have to travel long distances to reach the nearest ATM. The method of creating this system involves the use of the PHP programming language along with a MySQL database. This system aims to present spatial information about the current ATM location accurately, thereby helping the public in finding banking services with high accuracy through an interactive map interface. In addition, this system offers optimal paths to ATM locations to improve user time efficiency. System evaluation was conducted using black box techniques to verify that the menu operations and application procedures function as intended. The findings indicate that the implementation of GIS improves public access while offering data assistance for financial institutions and local governments in developing a more equitable and systematic public facility allocation strategy in the future.

PT Telkom Indonesia (Persero) Tbk (Telkom) is a company that is part of the state-owned enterprises (SOEs) and operates specifically in the field of information technology, communication, and digital telecommunications services in Indonesia. For that reason, financial statement analysis is needed as a source of information about the company's financial condition. Based on the financial reports of PT Telekomunikasi Tbk for the period from 2019 to 2023, there has been a fluctuating increase despite Indonesia being hit by the COVID-19 pandemic in 2020 to 2021. The type of research is quantitative descriptive research with data sourced from the financial reports of PT Telekomunikasi Tbk as of December 31 from 2019 to 2023. The first result, the assessment of the financial performance of PT Telekomunikasi Tbk based on liquidity ratio analysis using the current ratio, shows that the current ratio from 2019 to 2023 has experienced fluctuating conditions but remains in the very good category, above the industry's minimum standard of 200%. Secondly, the results of the solvency ratio analysis using the Debt to Asset ratio (DAR) indicate that the DAR value from 2019 to 2023 is in the very good category, with a value below the industry's maximum standard of 35%. Thirdly, the analysis of profitability ratios using the Return on Equity (ROE) ratio reveals that the ROE value from 2019 to 2023 has experienced fluctuating conditions but remains above the industry standard of 40%.

This study aims to analyze the financial distress condition of PT Garuda Indonesia (Persero) Tbk during the period 2015–2024 using the Springate and Grover models. The research employs a quantitative descriptive approach with secondary data obtained from the company’s annual financial statements. Financial distress analysis is conducted by calculating financial ratios included in each model to describe the company’s financial condition over the observation period. The results indicate that PT Garuda Indonesia (Persero) Tbk experienced financial distress during several periods, particularly before and during the COVID-19 pandemic, which was reflected in weakened liquidity, declining profitability, and reduced efficiency in asset utilization. However, following the financial restructuring process after 2021, both the Springate and Grover models show an improvement in the company’s financial condition, indicating a transition toward a more stable non-distress status. Although the Springate and Grover models use different financial indicators and classification approaches, both are able to descriptively capture the dynamics of financial distress experienced by the company. The differences in classification results reflect the distinct focus of each model, where the Springate model is more sensitive to liquidity and operational performance, while the Grover model emphasizes asset profitability. Therefore, the combined use of both models provides a more comprehensive overview of the financial distress condition of PT Garuda Indonesia (Persero) Tbk during the research period.

This study aims to analyze the effect of capital structure and financial performance on firm value at PT Elang Mahkota Teknologi Tbk during the period 2015–2024. Capital structure is proxied by the Debt to Equity Ratio (DER), financial performance is measured by Return on Equity (ROE), and firm value is proxied by Price to Book Value (PBV). This research employs a quantitative approach with a descriptive method. The data analysis techniques used include multiple linear regression analysis, t-test, F-test, and coefficient of determination. The results show that capital structure (DER) has a positive and significant effect on firm value, as indicated by a t-statistic of 3.302, which is greater than the t-table value of 2.365, with a significance level of 0.013 (< 0.05). Financial performance (ROE) also has a positive and significant effect on firm value, with a t-statistic of 2.638, exceeding the t-table value of 2.365, and a significance level of 0.034 (< 0.05). Simultaneously, DER and ROE have a significant effect on firm value, as evidenced by an F-statistic of 6.384, which is greater than the F-table value of 4.737, with a significance level of 0.026 (< 0.05). The coefficient of determination indicates that 64.6% of the variation in firm value can be explained by capital structure and financial performance, while the remaining percentage is influenced by other variables outside the research model.

This study aims to examine the effect of Return on Assets (ROA), Debt to Equity Ratio (DER), and e-IPO regulation on the level of IPO underpricing on the Indonesia Stock Exchange during the 2021–2025 period. The research employs a causal quantitative approach using multiple linear regression analysis. Secondary data were collected from the prospectuses and financial statements of companies conducting Initial Public Offerings (IPOs).The results indicate that ROA does not have a significant effect on underpricing (significance value = 0.181). Similarly, DER is found to have no significant influence on underpricing (significance value = 0.268). The simultaneous test also shows a non-significant result, with an F-significance value of 0.120, suggesting that the independent variables collectively do not affect IPO underpricing. Furthermore, the coefficient of determination (R²) of 0.175 implies that only 17.5% of the variation in underpricing can be explained by the variables included in the model, while the remaining 82.5% is attributable to other factors outside the study, such as market sentiment, underwriter reputation, and oversubscription levels. These findings suggest that investors in the Indonesian IPO market tend to prioritize short-term capital gain opportunities rather than relying on firms’ financial fundamentals. Consequently, accounting-based indicators are not sufficiently influential in shaping stock prices during the first day of trading.

 This study was conducted to evaluate the influence of Total Asset Turnover (TATO), Debt to Equity Ratio (DER), and Net Profit Margin (NPM) in predicting stock return fluctuations. The study focuses on retail sector issuers listed on the Indonesian Stock Exchange (IDX) between 2021 and 2024. Through the application of panel data regression analysis, the study determined that the Common Effects Model (CEM) is the most appropriate estimation method. This decision was made based on a series of tests including the Chow Test and the Lagrange Multiplier. Although classical assumption testing showed symptoms of heteroscedasticity, this problem was addressed using the EGLS (cross-sector weighting) Panel method to ensure the validity of the estimates. Based on partial testing, it is found that TATO and NPM variables have a positive and significant contribution to stock returns, while DER is found to have no significant effect. Collectively, all independent variables had a significant effect, with the Adjusted R-Square value reaching 27.80%. This indicates that for investors in the retail sector, profitability and operational efficiency are important indicators in making investment decisions.