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This research investigates the effect of fundamental factors, namely the current ratio, debt to equity ratio, and return on equity on stock returns of mining firms listed on the Indonesia Stock Exchange (IDX) during 2021–2023. The research highlights the utility of understanding a firm’s financial performance in guiding investment selection within the capital market. Although the mining industry contributes significantly to Indonesia’s economy, stock movements in this sector are often subject to uncertainty due to market fluctuations and commodity price volatility. This research utilizes secondary data from annual financial statements and stock price records of 51 IDX-listed mining companies over the study period. Panel data regression, combined with descriptive and quantitative statistical techniques, was employed using E-Views 12 software. The findings reveal that stock returns are significantly influenced by the current ratio, debt to equity ratio, and return on equity. These results provide useful insights for investors, financial analysts, and corporate management by emphasizing the function of fundamental indicators in assessing stock performance, particularly within the mining sector.

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.

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.

This study aims to provide a comprehensive overview of the implementation of green finance and its relationship with the financial performance and profitability of banking institutions in Indonesia. Although sustainable finance policies have been continuously strengthened by regulators and stakeholders, the contribution of green financing to overall banking performance is still developing gradually, making it important to conduct a more focused and systematic analysis of its effectiveness. This research specifically aims to describe the application of green financing practices, assess financial performance conditions, and analyze bank profitability during the 2020–2024 period. The study employs a descriptive quantitative approach using secondary data on green financing distribution, financial performance indicators such as the Capital Adequacy Ratio (CAR), Non-Performing Loans (NPL), and Loan to Deposit Ratio (LDR), as well as profitability measured through Return on Assets (ROA). The findings indicate that the implementation of green finance has the potential to enhance long-term financial stability and improve profitability in the banking sector. This study implies that expanding green financing can serve as a relevant and sustainable business strategy for the banking industry while simultaneously supporting national sustainability and environmental development objectives.

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.

This study aims to classify customer payment methods at 17 Coffee & Eatery using machine learning algorithms, namely Naïve Bayes and Support Vector Machine (SVM). The increasing use of digital and non-cash payments has generated large volumes of transaction data that are rarely analyzed optimally, even though such data contain valuable information for business decision making. This research used secondary transaction data collected from January to March 2025, consisting of 10,147 transaction records. The dataset included several attributes such as order time, payment time, transaction type, total sales, number of items, and payment method. Data preprocessing was performed through data cleaning, feature engineering, normalization, and label encoding before being divided into training and testing sets with an 80:20 ratio. The Naïve Bayes and SVM models were then trained and evaluated using accuracy, precision, recall, F1-score, and ROC–AUC metrics. The results show that both algorithms were able to classify payment methods effectively, but SVM achieved higher accuracy and more stable performance than Naïve Bayes. These findings indicate that SVM is more suitable for handling complex and heterogeneous transaction patterns. The implementation of machine learning for transaction classification can support more efficient financial management and data-driven decision making for small and medium enterprises in the culinary sector.

Budget efficiency is an important issue in state financial management because it is directly related to government spending priorities and their impact on public service programs. Discussions about budget efficiency policies are widespread on social media platform X, generating diverse public responses, thus necessitating an automated approach to understand public opinion trends more quickly and objectively. This research aims to analyze the sentiment of Indonesian people toward budget efficiency policies and compare the performance of the Naïve Bayes and Support Vector Machine (SVM) algorithms in classifying sentiment. The research data used 10,909 Indonesian-language tweets sourced from a public dataset, which were then processed thru the preprocessing stages including cleaning, case folding, normalization, tokenization, stopword removal, and stemming. Sentiment labeling is performed automatically using the Indonesian Sentiment Lexicon (InSet) approach to categorize data into positive, negative, and neutral sentiments. Feature extraction was performed using Term Frequency–Inverse Document Frequency (TF-IDF), and then the data was divided into training and testing sets with an 80:20 ratio. Model performance evaluation was conducted using a confusion matrix and the metrics of accuracy, precision, recall, and F1-score. The research results show that sentiment distribution is dominated by negative sentiment at 56.78%, followed by positive sentiment at 37.40%, and neutral sentiment at 5.83%. In the classification stage, SVM performed best with an accuracy of 86%, while Naïve Bayes achieved an accuracy of 74%. These findings indicate that SVM is more optimal for sentiment classification on social media text data and can be utilized to more effectively support the analysis of public response to budget efficiency policies.

This study aims to analyze the effect of the Current Ratio (CR), Debt-to-Equity Ratio (DER), and Return on Equity (ROE) on the stock prices of healthcare companies classified as sharia-compliant on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. The background of the study is motivated by notable stock price fluctuations among sharia healthcare issuers, such as the sharp decline in PT Kimia Farma Tbk and price dynamics of other issuers including KLBF, MIKA, PEHA, and SIDO. The analysis uses a quantitative approach applying Partial Least Squares – Structural Equation Modeling (PLS-SEM) implemented in WarpPLS 8.0. The results indicate that CR does not have a significant effect on stock price (p = 0.174), while DER has a negative but not statistically significant effect (p = 0.484). In contrast, ROE has a positive and significant effect on stock price (p < 0.001), making ROE the dominant factor influencing investor interest. Simultaneously, the three independent variables explain only 20.2% of stock price variation, while the remaining 79.8% is influenced by factors outside the research model. The Tenenhaus goodness of fit (GOF) value of 0.450 suggests the research model has good overall quality despite the limited explanatory power of the tested financial variables.

The goal of this research is to explore the relationship between stock prices, liquidity, profitability, and leverage. This study focuses on transportation and logistics companies that were registered in the Indonesia Stock Exchange from 2021 to 2023. A quantitative approach was taken, utilizing secondary data derived from the annual financial statements of companies that were active during this time frame. The sample comprised 45 data points, selected using a purposive sampling technique. The independent variables include leverage, measured with the Debt to Equity Ratio (DER), profitability, assessed through Return on Assets (ROA), and liquidity, evaluated via the Current Ratio (CR). The dependent variable for this research is the stock price. The findings from this partial analysis reveal that liquidity significantly and negatively impacts stock price, with a t-count of -2.264 and a significance level of 0.029. However, the correlation between stock price and profitability was found to be insignificant, indicated by a significance value of 0.071 and a t-count of -1.853. Similarly, leverage does not significantly affect stock price, as evidenced by a t-count of -0.657 and a significance level of 0.515. Nonetheless, when considered collectively, the three factors of leverage, profitability, and liquidity do influence stock prices. According to the coefficient of determination (R2) test, these three variables account for 13.9% of the volatility in stock prices, leaving the remaining 86.1% to be attributed to external factors not examined in this study.

The development of digital banks and the operational losses still experienced by PT Bank Aladin Syariah Tbk necessitate a financial health analysis to assess the potential for financial distress. This study aims to assess the potential bankruptcy level of Bank Aladin for the period 2021–2024 using the Modified Altman Z-Score model. The research method is descriptive quantitative with secondary data from annual financial reports and OJK publications, which are analyzed through four main ratios, namely working capital, retained earnings, earnings before taxes, and equity value to total debt. The results show that the Z-Score values are well above the safety threshold, with the highest value of 17.764 in 2021 and the lowest of 9.422 in 2022, mainly driven by high liquidity and equity strength. Thus, it can be concluded that PT Bank Aladin Syariah Tbk is in the Safe Zone category and does not show any potential for bankruptcy during the research period, although an increase in profitability is still needed.

This study examines the factors that cause fraud in financial reporting. The study analyzed 195 data points from 39 financial institutions listed on the Indonesia Stock Exchange (IDX) during the period 2019 to 2023 using a purposive sampling technique. The research applied multiple linear regression analysis to analyze the impact of governance independence and performance variables on the likelihood of fraudulent financial reporting. The independent variables include financial targets assessed by profitability (return on assets [ROA]), financial stability measured by changes in assets, external pressure measured by the debt-to-equity ratio (DER), and the proportion of independent commissioners as a measure of good corporate governance. The study proves that financial targets affect fraudulent financial reporting, while financial stability, external pressure, and independent commissioners do not influence fraudulent financial reporting. The findings of this study provide valuable insights for regulators, investors, and management to enhance oversight and reduce the risk of fraud in the banking sector.

The purpose of this study is to investigate the connection between the probability of financial statement fraud and the components of the Fraud Hexagon: pressure, opportunity, rationalization, capability, arrogance, and collusion. Additionally, we examine how Environmental, Social, and Governance (ESG) Disclosure functions as a moderator. Banks listed on the Indonesia Stock Exchange (IDX) between 2021 and 2024 are the subject of this study. We make use of secondary data gathered from business sustainability and annual reports. Purposive sampling was used to choose the bank sample depending on the completeness of the data. We use the Partial Least Squares (PLS) method of Structural Equation Modeling (SEM), which works well for evaluating models with complex variables, for the analysis. The results of this study are expected to provide insights into how each element of the Fraud Hexagon contributes to financial statement fraud and how ESG Disclosure can mitigate these risks.

This study examines the impact of Pentagon Fraud factors on FSF, with WBS as a moderation variable, focusing on Indonesian State-Owned Enterprises (SOEs) from 2021 to 2024. The Pentagon’s Fraud Theory encompasses five key elements: pressure, opportunity, rationalization, competence, and arrogance, each of which is represented by financial stability, ineffective monitoring, the quality of auditors, the experience of directors, and CEO pictures. This study aims to determine how these factors affect financial reporting that contains fraud, and whether WBS can strengthen or weaken the relationship between the two. Using a quantitative approach with secondary data from the annual reports of 104 SOEs, thisi study applied panel data regression method. FSF was measured using the Beneish M-Score, while the effect of moderation was tested through moderated regression analysis. The results of this study are expected to provide deeper insights into the dynamics of fraud in the public sector and highlight the importance of WBS as a governance tool in reducing the risk of fraud. The study contributes to the previous literature by integrating a comprehensive fraud framework and testing it with moderation mechanisms, while also focusing on specific institutional contexts (SOEs), which have not been explicity explored in previous studies.

This study aims to comprehensively examine the implementation and mechanisms for results in Al-Mudharabah financing at Bank Muamalat Rangkasbitung, while also assessing the level of compliance of its implementation with sharia principles. This study applies a qualitative descriptive method with a field study approach involving direct observation, interviews, and review of documents related to Mudharabah financing procedures. The research findings show that Bank Muamalat Rangkasbitung implements a profit-sharing system based on the principles of justice (al-'adl) and trustworthiness (al-amanah). The profit-sharing scheme is carried out proportionally according to the ratio agreed upon in the initial contract, so that both parties have clarity regarding rights and responsibilities. The implementation of this system not only ensures the avoidance of usury but also strengthens the partnership between the bank and customers through practices of transparency, information disclosure, and a shared commitment to business management. Overall, these findings show that the implementation of Al-Mudharabah financing at Bank Muamalat Rangkasbitung has been running in line with several sharia values ​​and even supports the realization of fair, ethical, and sustainability-oriented Islamic economic practices. Thus, Mudharabah financing at the branch can be an example of the effective implementation of sharia contracts and is able to encourage the development of the sharia financial sector at the local level.

This study explores ethical investment practices among Catholic institutions in Indonesia. As a relatively rare area of inquiry, the research investigates the extent to which Catholic institutions have sought to translate the principles of Catholic Social Teaching (CST) into the field of investment. Data were collected through interviews with key participants from three dioceses and six congregations. The findings reveal that these institutions have endeavored to implement ethical principles derived from CST. Due to limitations in their capacity to conduct screening and analysis of various investment options, they have adopted a strategic approach by utilizing the services of an investment consultancy team from the Indonesian Bishops’ Conference (KWI). Drawing on Max Weber’s theoretical framework, this practice is interpreted as a form of social action grounded in “value-rationality.” Thus, investment activities pursued rationally for financial gain are framed within the values of CST. In this way, Catholic institutions have sought to establish faith-based ethical investment practices.

This study examines how company size, asset growth, tangibility, leverage, and total asset turnover affect profitability in consumer manufacturing companies listed on the Indonesia Stock Exchange from 2019 to 2023, using secondary data collected via purposive sampling. The independent variables in this study include the natural logarithm of total assets, asset growth (this year’s total assets relative to the previous year), and tangibility (the fixed asset ratio to total assets). Leverage uses the debt-to-asset ratio, and total asset turnover uses the total asset turnover ratio, while the dependent variable of profitability uses return on assets. Of the 108 companies in the population, 19 that met the research sample criteria were selected, yielding 95 observations. Data analysis was conducted using multiple linear regression, accompanied by classical assumption tests and hypothesis testing through F-tests and t-tests. The findings of this study reveal that asset growth has a significant positive effect on profitability, while leverage shows a significant negative effect. However, firm size, tangibility, and total asset turnover do not exhibit significant relationships with profitability. This study contributes both theoretically and practically to understanding the internal determinants of financial performance in the consumer sector and serves as a reference for management.

This study aims to analyze the effect of profitability, leverage, and liquidity on firm value in food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. Profitability is measured by Return On Assets (ROA), leverage by Debt to Equity Ratio (DER), and liquidity by Current Ratio (CR), while firm value is proxied by Price to Book Value (PBV). The study employs a quantitative approach using multiple linear regression analysis. The sample consists of 25 companies selected through purposive sampling, with a total of 125 secondary data observations obtained from annual financial statements. The results indicate that, partially, profitability, financial risk, and liquidity have a positive and significant effect on firm value. Simultaneously, the three independent variables also significantly affect firm value, with an adjusted R² of 43.4%, meaning that 56.6% of the variation in firm value is explained by other factors outside the model. These findings support agency theory and signaling theory, which suggest that strong financial performance, optimal debt management, and adequate liquidity provide positive signals to investors, thereby enhancing firm value.

This study aims to evaluate the effects of profitability, leverage, liquidity, and cash-flow shocks on the financial distress of companies in the hotel, restaurant, and tourism subsector listed on the Indonesia Stock Exchange during the period 2021 to 2024. The research approach employed is quantitative, using logistic regression analysis. The data analyzed are secondary data obtained from the annual financial statements of the respective companies. The results of the study indicate that, simultaneously, the four independent variables significantly influence financial distress. However, based on partial testing, each variable, namely Return on Assets (ROA), Debt to Equity Ratio (DER), Current Ratio (CR), and cash flow shock, does not show a significant relationship with financial distress. These findings imply that the risk of financial distress in this industry cannot be explained solely through a single financial indicator; instead, a more holistic approach is required. This study provides essential contributions to both management and investors in assessing companies' financial condition and formulating appropriate strategic decisions.

This study aims to identify and describe the factors contributing to the decline in the distribution of Kredit Cepat Aman (KCA) at PT Pegadaian (Persero), Pasar Pagi Service Unit, during the period of January 2022 to December 2024. This research employs a descriptive qualitative method with a case study approach, involving purposively selected informants consisting of the unit manager, appraisers, and customers. Data were collected through in-depth interviews, participatory observations, and documentation analysis (KCA realization data from 2022 to 2024). The data were analyzed using thematic analysis through the stages of data reduction, data display, and conclusion verification/triangulation. The results indicate that the decline in KCA distribution is influenced by internal factors including interest rate (service fee) policies, collateral appraisal standards, credit provision procedures, non-performing loan ratios, service quality, and marketing activities as well as external factors such as competition among financial institutions, fluctuations in collateral prices, product availability, and local economic conditions affecting community purchasing power. These findings suggest the need for improvements in collateral appraisal procedures, enhancements in service quality and localized marketing strategies, and adjustments to interest rate policies that are responsive to local economic dynamics in order to restore and increase KCA distribution performance.

This study aims to understand behavioral considerations in decision-making regarding business equipment procurement at UMKM Sido Maju Marsudi. This research applies a qualitative method with a case study approach. Primary data were collected through semi-structured interviews with the business owner. The findings reveal that equipment procurement decisions are not solely influenced by economic rationality but also by behavioral factors such as intuition, experience, and social values. The business owner balances financial benefits with non-financial satisfaction, including customer trust, product quality, and maintaining the traditional identity of “roti kering jadul.” The decision-making process is simple, experience-based, and guided by social recommendations, reflecting bounded rationality. Evaluations are carried out informally by observing production outcomes and customer feedback. This study concludes that behavioral and experiential aspects play a crucial role in shaping adaptive and sustainable business decisions among micro and small enterprises