Publication Search

Pelayanan perizinan merupakan salah satu aspek penting dalam penyelenggaraan pelayanan publik. Kota Batam memiliki dualisme kewenangan antara Pemerintah Kota Batam dan Badan Pengusahaan (BP) Batam dalam penyelenggaraan pemerintahan dan pelayanan perizinan. Tujuan penelitian ini untuk menganalisis dinamika politik lokal dalam penyelenggaraan pelayanan perizinan di Kota Batam serta mengkaji dampak dualisme kewenangan terhadap efektivitas pelayanan publik pada tahun 2025. Penelitian menggunakan pendekatan kualitatif dengan jenis penelitian studi kasus. Data yang digunakan merupakan data sekunder yang diperoleh melalui studi dokumentasi. Analisis data dilakukan menggunakan model Miles dan Huberman yang meliputi reduksi data, penyajian data, dan penarikan kesimpulan. Hasil penelitian menunjukkan bahwa meskipun pemerintah telah melakukan penataan kewenangan melalui Peraturan Pemerintah Nomor 25 Tahun 2025 dan Peraturan Pemerintah Nomor 28 Tahun 2025, pelaksanaan pelayanan perizinan masih menghadapi tantangan berupa koordinasi antar lembaga, tumpang tindih kewenangan, dan belum optimalnya integrasi tata kelola antara Pemerintah Kota Batam dan BP Batam. Penelitian ini menyimpulkan bahwa penyelesaian dualisme kewenangan tidak cukup dilakukan melalui perubahan regulasi, tetapi memerlukan penguatan collaborative governance, pembagian kewenangan yang jelas, serta koordinasi kelembagaan yang lebih efektif guna meningkatkan kualitas pelayanan publik dan menciptakan kepastian hukum bagi masyarakat maupun investor.

This study compared the performance of SARIMA and Prophet models in forecasting daily close prices of three major Indonesian banking stocks: BBCA, BBRI, and BMRI, using data from January 2020 to March 2026. Data were retrieved via the yfinance library, preprocessed, and split into 80% training and 20% testing sets. SARIMA modeling followed the Box-Jenkins procedure, while Prophet was configured with a Lag-1 regressor, weekly and monthly seasonality, Indonesian public holidays, and log transformation. Model performance was evaluated using MAPE, MSE, and Dstat metrics. Results showed that SARIMA outperformed Prophet in MAPE and MSE across all six stock-variable combinations, with MAPE values ranging from 1.3368% to 1.9386% for SARIMA and 1.5992% to 2.2300% for Prophet. However, Prophet demonstrated marginally higher Dstat values in several series. Both models achieved "Very Good" forecasting accuracy. A web-based forecasting system was also developed using Streamlit to make the models accessible to investors.

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 stock market is a place to buy shares for profit. In Indonesia, energy stocks are highly unpredictable because global commodity prices change constantly. This study examines what affected energy stock returns in 2024, focusing on trading volume, price swings, company profits, and cash flow. Using financial reports and statistical analysis, all these factors were tested together and individually. The results show that combined, all these factors do affect stock returns. However, when looked at one by one, only the company's net profit truly matters to investors. On the other hand, busy trading, daily price swings, and cash flow have no impact at all. In fact, all the factors studied only account for 14% of stock return movements, while the remaining 86% is driven by other outside forces. In conclusion, for those looking to invest in energy stocks, the most important thing to watch is the company's ability to generate net profit, rather than just looking at how busy daily transactions are in the market.

Penelitian ini bertujuan untuk menganalisis pengaruh inflasi, suku bunga Federal Funds Rate (The Fed), dan pertumbuhan ekonomi Indonesia terhadap Indeks Harga Saham Gabungan (IHSG) selama periode 2005–2025. Penelitian menggunakan pendekatan kuantitatif dengan memanfaatkan data sekunder berbentuk deret waktu (time series) tahunan. Analisis dilakukan menggunakan metode regresi linear berganda dengan bantuan perangkat lunak IBM SPSS Statistics. Sebelum dilakukan estimasi model, terlebih dahulu dilakukan pengujian asumsi klasik yang meliputi uji normalitas, multikolinearitas, autokorelasi, dan heteroskedastisitas untuk memastikan bahwa model regresi memenuhi persyaratan statistik. Pengujian hipotesis dilakukan melalui uji F untuk menguji pengaruh variabel independen secara simultan, uji t untuk menganalisis pengaruh masing-masing variabel secara parsial, serta koefisien determinasi (R²) untuk mengukur kemampuan model dalam menjelaskan variasi IHSG. Hasil penelitian menunjukkan bahwa model regresi telah memenuhi seluruh asumsi klasik sehingga layak digunakan dalam analisis. Pengujian simultan membuktikan bahwa inflasi, suku bunga The Fed, dan pertumbuhan ekonomi secara bersama-sama berpengaruh signifikan terhadap IHSG. Sementara itu, hasil uji parsial menunjukkan bahwa hanya suku bunga The Fed yang berpengaruh negatif dan signifikan terhadap IHSG, sedangkan inflasi dan pertumbuhan ekonomi tidak menunjukkan pengaruh yang signifikan secara statistik. Nilai koefisien determinasi sebesar 52,4% mengindikasikan bahwa variasi IHSG dapat dijelaskan oleh ketiga variabel independen dalam model, sedangkan 47,6% sisanya dipengaruhi oleh faktor lain di luar penelitian. Temuan ini diharapkan dapat menjadi referensi bagi investor maupun pembuat kebijakan dalam memahami pengaruh kondisi makroekonomi terhadap dinamika pasar modal Indonesia.

This qualitative literature review synthesizes current evidence on how investors navigate climate risk, legal liability, and portfolio strategy by reassessing the financial role of brown assets in high carbon transition contexts. The review finds that carbon intensive assets, traditionally viewed as stranded or declining, may provide conditional hedging value when policy trajectories remain uncertain, green technologies are not yet fully scalable, and transition risks are uneven across sectors. Legal liability emerges as a powerful driver of portfolio decisions, as fiduciaries face increasing scrutiny regarding climate disclosure, risk governance, and alignment with net zero commitments. The synthesis reveals that the strategic value of brown assets is dynamic rather than static, depending on regulatory convergence, technological maturity, and institutional investor risk preferences. Overall, the review highlights the interplay between climate related litigation pressures and investment strategy, emphasizing the need for adaptive risk assessment frameworks in a rapidly evolving transition landscape.

Penelitian ini bertujuan untuk menganalisis pengaruh struktur modal terhadap nilai perusahaan, menganalisis pengaruh profitabilitas terhadap nilai perusahaan, serta menganalisis pengaruh likuiditas terhadap nilai perusahaan pada perusahaan manufaktur sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2022–2024. Jenis penelitian yang digunakan adalah penelitian kuantitatif dengan pendekatan asosiatif. Populasi penelitian mencakup seluruh iverusahaan manufaktur sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2022–2024 yang berjumlah 83 perusahaan. Sampel penelitian sebanyak 48 perusahaan yang dipilih melalui iverusa purposive sampling berdasarkan kriteria iv erusahaan yang terdaftar secara berturut-turut selama periode penelitian, mempublikasikan laporan keuangan secara lengkap, tidak mengalami kerugian selama periode penelitian, serta memiliki data yang sesuai dengan variabel penelitian. Jenis data yang digunakan adalah data sekunder yang bersumber dari laporan keuangan tahunan perusahaan yang dipublikasikan melalui situs resmi Bursa Efek Indonesia. Teknik pengumpulan data dilakukan melalui metode dokumentasi dengan mengakses dan mencatat data keuangan yang relevan. Analisis data menggunakan analisis regresi data panel dengan bantuan aplikasi Eviews melalui uji pemilihan model yang meliputi uji Chow, uji Hausman, dan uji Lagrange Multiplier untuk menentukan model yang paling sesuai. Hasil penelitian menunjukkan bahwa struktur modal yang diproksikan dengan Debt to Equity Ratio (DER) berpengaruh terhadap nilai perusahaan, yang menunjukkan bahwa komposisi penggunaan utang dan ekuitas dalam pendanaan perusahaan dapat memengaruhi persepsi investor terhadap kinerja dan prospek perusahaan. Profitabilitas yang diproksikan dengan Net Profit Margin (NPM) juga berpengaruh terhadap nilai perusahaan, yang mengindikasikan bahwa semakin tinggi kemampuan iverusahaan dalam menghasilkan laba maka semakin tinggi pula nilai perusahaan karena meningkatnya kepercayaan investor terhadap kinerja perusahaan. Sementara itu, likuiditas yang diproksikan dengan Current Ratio (CR) tidak berpengaruh signifikan terhadap nilai perusahaan, yang menunjukkan bahwa kemampuan perusahaan dalam memenuhi kewajiban jangka pendek belum tentu menjadi pertimbangan utama bagi investor dalam menilai perusahaan pada sektor makanan dan minuman.

The high volatility of cryptocurrency assets, particularly Ethereum, poses a significant challenge for investors during market downturns. Traditional passive strategies often lead to substantial capital erosion in bearish conditions. This study explores the application of Deep Reinforcement Learning (DRL) through the Deep Q-Network (DQN) algorithm to develop an adaptive trading agent. By integrating technical indicators—Relative Strength Index (RSI), Simple Moving Average (SMA), and Moving Average Convergence Divergence (MACD)—the proposed model aims to optimize decision-making processes. Experimental results using historical data from 2020 to 2026 demonstrate that while the market experienced a significant decline of 19.55%, the DQN agent successfully maintained capital stability with a marginal deviation of only -0.54%. This finding suggests that the DQN-based approach offers superior risk mitigation and capital preservation capabilities compared to conventional buy-and-hold strategies in volatile financial environments.

This study aims to analyze the comparison of financial distress levels measured using the Current Ratio (CR) and the Altman Z-Score model and their relationship with stock returns in PT Charoen Pokphand Indonesia Tbk and PT Japfa Comfeed Indonesia Tbk during the period 2020–2025. The research method used is a quantitative approach with a comparative design, and the sampling technique applied is purposive sampling. Data analysis was conducted using descriptive statistics and multiple linear regression.The results indicate that there is no statistically significant difference between the two companies in terms of hal Likuidity (Current Ratio) dan Financial Distress (Altman Z-Score). Descriptively, CPIN has an average Current Ratio of 1.959 and a Z-Score of 3.700, while JPFA shows slightly lower values but remains within the safe zone. Furthermore, regression results reveal that liquidity and financial distress do not have a significant effect on stock returns. Both companies are classified in the safe zone, indicating a healthy financial condition and low risk of financial distress, while stock returns tend to be volatile and influenced by external factors.The study recommends that companies maintain a balance between liquidity, profitability, and capital structure to sustain financial stability. Investors are advised to consider not only financial ratios but also external factors in decision-making. Future researchers are encouraged to expand the sample size and include additional variables to obtain more comprehensive results.

This study aims to examine the effect of working capital efficiency and leverage on profitability and its implications for firm value in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2025 period. The post-COVID-19 pandemic condition has increased operational risks for manufacturing companies due to fluctuations in interest rates, exchange rates, cash management, inventories, and receivables. Therefore, companies are required to implement more effective financial strategies to maintain competitiveness. Profitability is positioned as an intervening variable because previous studies showed inconsistent results regarding the relationship between working capital efficiency, leverage, profitability, and firm value. This research uses a quantitative approach with path analysis to examine direct and indirect relationships among variables. The population consists of all manufacturing companies listed on the IDX, while the sample includes 45 companies selected from 270 firms using purposive sampling based on specific criteria, such as consistent listing and financial performance. The results indicate that working capital efficiency has a significant positive effect on profitability, leverage has a significant negative effect on profitability, profitability significantly increases firm value, and profitability fully mediates the effect of working capital efficiency and leverage on firm value. These findings provide theoretical and practical implications for managers and investors in financial decision-making.

The purpose of this study is to examine the effect of Good Corporate Governance (GCG), financial performance, and Earning Per Share (EPS) on firm value. The object of this research consists of state-owned enterprises (SOEs) listed on the Indonesia Stock Exchange during the period of 2021–2024. This study employs a quantitative approach using secondary data in the form of annual financial statements as the primary source. The sample was selected using purposive sampling based on predetermined criteria, ensuring that only companies with complete data and consistent reporting were included in the analysis. The independent variables analyzed include the audit committee, independent commissioners, institutional ownership, Return on Assets (ROA), and Earning Per Share (EPS). Multiple linear regression analysis was used to process the data in this study, allowing the researchers to examine the simultaneous and partial effects of the variables on firm value. The findings indicate that firm value is significantly influenced by financial performance, particularly ROA, highlighting the importance of operational efficiency and profitability in enhancing shareholder wealth. While certain GCG variables such as institutional ownership showed positive influence, other elements like audit committees and independent commissioners produced mixed results, suggesting that governance mechanisms may have varying effects depending on organizational context. Meanwhile, EPS demonstrated inconsistent results in relation to firm value, implying that market perceptions of earnings may not fully capture the impact on overall firm valuation. This study provides insights for policymakers, investors, and corporate managers on the relative importance of governance and financial indicators in value creation for state-owned enterprises.

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 investigates the effect of Corporate Social Responsibility (CSR) disclosure and political connection on corporate tax avoidance among mining companies listed on the Indonesia Stock Exchange (IDX) during the period 2020–2024. As CSR practices increasingly shape stakeholder expectations, questions arise as to whether such disclosures genuinely reflect ethical corporate behavior or are strategically employed to legitimize tax planning. In addition to CSR disclosure, political connection is examined as an external institutional factor that may influence firms’ tax behavior by reducing regulatory scrutiny and enforcement risk. CSR disclosure is measured using the Global Reporting Initiative (GRI) index, while tax avoidance is proxied by the Effective Tax Rate (ETR). Additionally, political connection is identified based on the presence of politically affiliated individuals in the firms’ board list. This study adopts a quantitative approach employing panel data linear regression analysis. The research population consists of mining companies consistently listed on the IDX during the observation period, with samples selected through purposive sampling, having 41 mining companies in total. This study aiming to contribute to academic discourse and practical implications for policymakers, investors, and regulators. The findings found that there are no significant effect between CSR disclosure and political connection on tax avoidance. The results of this study concluded that there are many factors both from internal and external that could affect tax avoidance activity in Indonesia’s mining companies yet was not covered in this study.

This study examines the impact of carbon emission disclosure, eco-efficiency, and green innovation on firm value among energy sector companies listed on the Indonesia Stock Exchange during 2022-2024. Using purposive sampling, 26 companies were selected based on specific criteria, resulting in 78 observations over the three-year period. The research employs panel data regression analysis with fixed effect model, using Tobin's Q as the proxy for firm value. Carbon emission disclosure is measured using the CDP framework with 18 disclosure items, eco-efficiency is assessed through ISO 14001 certification ownership, and green innovation is evaluated using four indicators based on the OECD framework. The results reveal that green innovation has a significant positive effect on firm value, indicating that Indonesian capital market investors place premium valuations on companies investing in environmental innovation. However, carbon emission and eco-efficiency show no significant impact on firm value. These findings suggest that while sustainability disclosure remains voluntary in Indonesia and lacks standardized frameworks, market participants are more responsive to tangible innovations that demonstrate competitive advantages and regulatory risk mitigation. Simultaneously, all three variables significantly influence firm value, confirming the relevance of comprehensive sustainability practices in value creation.

This study aims to analyze the effects of profitability, leverage, liquidity, firm size, and the audit committee on sustainability reporting in energy-sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. This research is motivated by the increasing demand for corporate transparency and accountability regarding economic, environmental, and social impacts. The study uses secondary data from annual reports and sustainability reports, employing purposive sampling. The data were analyzed using multiple linear regression, corrected with the Newey-West method to account for violations of classical assumption tests. The results show that profitability, firm size, and the audit committee have positive and significant effects on sustainability reporting, while liquidity has a negative and significant effect. Meanwhile, leverage does not affect sustainability reporting. These findings support stakeholder theory, which posits that companies with strong financial performance and effective governance tend to enhance the disclosure of sustainability information. This study is expected to inform management and investors in their decision-making.

Amid intense market competition, the profitability of manufacturing companies is not solely determined by sales volume but is highly dependent on the precision of financial management, particularly in managing the working capital cycle and operating cash flow circulation. This study aims to evaluate the relationship between Working Capital Turnover (X1) and Operating Cash Flow (X2) on Profitability (Y) in consumer goods industry companies listed on the Indonesia Stock Exchange during the 2022–2024 period. Using a quantitative approach and multiple linear regression analysis, this study processes 77 observations that have passed purposive sampling and outlier testing. The partial test results reveal contrasting findings: Working Capital Turnover (X1) does not have a significant effect on profitability, while Operating Cash Flow (X2) is proven to be a strong positive determinant. However, simultaneously, both variables have a significant influence on the financial performance of companies (Fhitung 24,008 > Ftabel 3,08), with operating cash flow acting as the dominant driving factor of profit. The implications of these findings emphasize that to maintain profit stability, management should prioritize the availability of cash generated from core operations, while investors should be more attentive to cash flow trends as an indicator of fundamental financial health before making investment decisions.

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.

The Indonesian capital market has become a vital pillar of the national economy, providing opportunities for companies to obtain funding while simultaneously providing an investment vehicle for the wider community. In this context, stocks are the most sought-after instrument due to the potential returns they offer. However, stock investment is constantly faced with uncertainty, with fluctuating stock prices often presenting challenges for investors, especially those without a thorough understanding of the company's fundamental performance. An interesting phenomenon, the starting point of this research, is the quite extreme price movements of BIPI shares over the past decade. From 2015 to 2021, BIPI's share price remained stagnant at Rp 50 per share, a condition often referred to by market participants as "gocap" (goat capit). This condition reflects low investor interest in the company's shares, possibly due to high risk perceptions or unconvincing fundamental performance.