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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.

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 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 aimed to analyze the effect of credit risk on profitability with liquidity as a mediating variable in banking companies listed on the Indonesia Stock Exchange (IDX) during 2022–2024. The study employed a quantitative approach with an explanatory research design. Secondary data were obtained from annual financial statements, and the sample consisted of 31 banking companies selected through purposive sampling from a total of 47 companies. The research variables included credit risk as the independent variable, profitability proxied by Return on Assets (ROA) as the dependent variable, and liquidity proxied by the Loan to Deposit Ratio (LDR) as the mediating variable. Data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) through the assessment of the measurement model and the structural model. The results indicated that credit risk did not affect profitability and did not affect liquidity, while liquidity affected profitability. The findings also demonstrated that liquidity did not mediate the relationship between credit risk and profitability. The study implied that liquidity management played an important role in supporting bank profitability, whereas the influence of credit risk on profitability during the study period was likely driven by other factors outside the proposed model. This study provided empirical evidence on banking performance dynamics in 2022–2024; however, generalization should have been made cautiously due to the limited observation period and the variables included.

Dividend payment is an important financial decision that reflects a company’s performance and prospects from the perspective of investors. However, companies included in the LQ45 index still experience fluctuations in dividend payment policies from year to year. This study aims to analyze the effect of leverage, firm size, profitability, and liquidity on dividend payments of companies listed in the LQ45 index on the Indonesia Stock Exchange (IDX) during the 2023–2024 period. This research employs a quantitative approach using secondary data obtained from published financial statements. The sample was selected using a purposive sampling method, resulting in 33 companies with a total of 60 observations. Data analysis was conducted using panel data regression with the assistance of SPSS software. Leverage is measured by the Debt to Asset Ratio (DAR), firm size by the natural logarithm of total assets (LnTA), profitability by Return on Assets (ROA), liquidity by the Current Ratio (CR), and dividend payment by the Dividend Payout Ratio (DPR). The results show that leverage, firm size, profitability, and liquidity simultaneously have a significant effect on dividend payments. Partially, firm size and profitability have a positive and significant effect on dividend payments, while leverage and liquidity do not have a significant effect. These findings indicate that companies with larger firm size and higher profitability tend to have a greater ability to distribute dividends to investors.

This research analyzed the influence of liquidity, leverage, profitability, sales growth, and firm size on cash holdings. The research is quantitative, using secondary data from annual financial reports of primary consumer industries listed on the Indonesia Stock Exchange from 2022 to 2024. Liquidity is measured by the Current Ratio, which is calculated as current assets divided by current liabilities. Leverage, proxied by the Debt-to-Equity Ratio, is measured by total liabilities divided by total equity. Profitability, proxied by Net Profit Margin, is calculated using the formula operating profit divided by sales. Sales Growth is measured as the current total sales minus the previous total sales, divided by the previous total sales, expressed as a %. Firm Size is proxied by the natural logarithm of total assets. Meanwhile, Cash Holding is measured by cash and cash equivalents divided by total assets. This research was conducted using a sample of 174 data points from 58 companies; outliers were removed, resulting in 159 data points from 53 companies. The sampling was done using purposive sampling. The research results indicate that liquidity has a positive effect on cash holding. Leverage has a negative effect on cash holding. Profitability has a positive effect on cash holding. Sales growth has a positive effect on cash holdings. Firm size has a positive effect on cash holding.

The objective of this study is to examine the effects of profitability, liquidity, leverage, and asset growth on dividend policy among food and beverage companies listed on the IDX during 2020-2023. The dependent variable in this study is dividend policy, specifically the proxy dividend payout ratio (DPR). The independent variables, including profitability as measured by return on equity (ROE), liquidity as measured by the current ratio (CR), leverage as measured by the debt-to-equity ratio (DER), and asset growth as measured by the asset growth proxy (Growth), will also be examined. The data collection process used secondary data and employed purposive sampling. The study’s initial population included 95 samples; however, after applying the criteria, 17 were found relevant. The methods used in this study include descriptive statistical analysis, classical assumption test, hypothesis testing, and multiple linear regression analysis. The study’s results suggest that profitability, liquidity, and leverage may have simultaneous effects on dividend policy. It appears that profitability and liquidity may positively affect dividend policy, while leverage may negatively affect it, and asset growth may have no effect. It is hoped that the results of this study will provide a useful reference point for management and other relevant parties as they plan dividend policy, maintain business continuity, and make investment decisions.

The assessment of a company's value is crucial for investors to identify its prospects and performance. Financial ratios such as the Current Ratio (CR) and Return on Assets (ROA) are used to analyze factors affecting the company's value. This study aims to analyze the impact of CR and ROA on company value in manufacturing companies within the Miscellaneous Industries sub-sector for the period 2015–2024. The study uses a quantitative approach with data from annual financial reports of companies listed on the Indonesia Stock Exchange. Data analysis is conducted using panel data regression with the Random Effect Model (REM) as the best model. The dependent variable is company value, measured by Price to Book Value (PBV), while the independent variables consist of CR and ROA. The results show that CR does not have a significant effect on company value, while ROA significantly affects company value. Simultaneously, CR and ROA are proven to significantly affect company value, indicating that the combination of liquidity and profitability plays an important role in explaining PBV variations. This finding suggests that investors pay more attention to profitability than liquidity in the Miscellaneous Industries sector.

Stocks represent a capital market instrument with the potential to generate high returns. When making investment decisions, investors typically assess various internal aspects of a company, including its financial performance. The objective of this study is to examine the influence of profitability, liquidity, and leverage ratios on stock prices in the Indonesian banking sector, with a particular focus on state-owned banks, in both partial and simultaneous regression models. The methodology employed is quantitative analysis, with a secondary data set being utilized. The sample was determined using a purposive sampling technique, covering four state-owned banks (BRI, BNI, Mandiri, and BTN) for the 2010-2024 period. The findings of the analysis demonstrate that profitability and leverage exert a substantial negative influence on the stock prices of these banking institutions, while the liquidity ratio does not demonstrate a significant effect. Concurrently, all three variables exert an influence on stock prices, with an R-squared value of 58%.

This study aims to analyze the effect of Current Ratio (CR), Debt to Asset Ratio (DAR), and Inventory Turnover on Earning Per Share (EPS). This research employs a quantitative method with a causal-comparative ex-post facto approach. The population includes food and beverage companies listed on the Indonesia Stock Exchange (IDX) for the 2020-2023 period. The sampling technique used purposive sampling, resulting in 10 companies with a total of 40 observations. Data analysis was conducted using multiple linear regression utilizing SPSS version 25 software. The results indicate that partially, CR, DAR, and Inventory Turnover each have a significant effect on EPS. Simultaneously, these three independent variables significantly affect EPS with a determination coefficient of 83.7%. The implications of this study emphasize the importance of liquidity management, solvency, and inventory efficiency in improving corporate share profitability.

This study aims to examine the effect of Corporate Social Responsibility (CSR) costs and financial characteristics on tax avoidance practices among publicly listed companies with the largest market capitalization in Indonesia. The study is motivated by Indonesia’s relatively low tax ratio compared to other emerging economies in the ASEAN region, which suggests the persistence of tax avoidance practices, particularly among large corporations. Grounded in legitimacy theory and agency theory, this research empirically investigates the influence of CSR costs, profitability, leverage, liquidity, activity ratio, growth ratio, and operating cash flow on tax avoidance. The research sample consists of 50 companies with the largest market capitalization listed on the Indonesia Stock Exchange over the 2020–2024 period, employing a census sampling method and unbalanced panel data. Secondary data were obtained from annual financial reports and analyzed using panel data regression techniques. Tax avoidance is measured using the Book-Tax Differences (BTD) approach, while model selection is determined through the Chow test, Hausman test, and Lagrange Multiplier test. The results indicate that, simultaneously, all independent variables have a significant effect on tax avoidance. Partially, the activity ratio has a negative effect on tax avoidance, whereas the growth ratio and operating cash flow have a positive effect on tax avoidance. Meanwhile, CSR costs, profitability, leverage, and liquidity do not show a significant effect. These findings suggest that asset utilization efficiency tends to restrain tax avoidance behavior, while corporate growth dynamics and strong operating cash flows encourage more aggressive tax management strategies. This study provides empirical evidence from an emerging market context and offers insights for tax authorities and regulators in designing more effective, risk-based tax supervision policies.

This study aims to assess the financial performance of the Sukoharjo Regency Government during the 2023-2024 period by employing cash flow statements as the primary analytical tool. Cash flow statements are considered essential as they provide a clear picture of liquidity conditions and the actual capacity of local governments to manage cash inflows and outflows. This research applies a descriptive quantitative approach using secondary data obtained from audited Budget Realization Reports and Cash Flow Statements. Financial performance is evaluated through revenue effectiveness ratios and expenditure efficiency ratios as key indicators of fiscal management. The results indicate that regional revenue realization consistently exceeded the established targets throughout the study period, placing revenue performance in the very effective category. This finding reflects the local government’s ability to maximize revenue potential during the post-pandemic economic recovery phase. However, the analysis of expenditure efficiency reveals that spending management has not yet reached an optimal level, as expenditure realization remained close to the allocated budget limits. These findings demonstrate that strong revenue performance does not necessarily correspond with efficient expenditure control. Consequently, local government financial performance should be evaluated comprehensively by integrating both revenue effectiveness and expenditure efficiency perspectives. This study contributes empirically to public sector accounting literature and offers practical insights for policymakers to strengthen budget control mechanisms and promote sustainable financial management at the regional level.    

This study examines the impact of financial performance indicators—activity, solvency, and liquidity ratios—on profit growth in pulp and paper manufacturing companies listed on the Indonesian Stock Exchange from 2019 to 2024. The research focuses on how variations in Total Assets Turnover, Inventory Turnover, Fixed Assets Turnover, Debt to Equity Ratio, and Quick Ratio affect profitability, especially during periods of economic instability like the COVID-19 pandemic. The aim is to identify which financial ratios have the most significant influence on profit performance. A quantitative research method was employed, utilizing secondary data from 42 observations of seven manufacturing firms, selected through purposive sampling. Multiple linear regression analysis, supported by SPSS software, was used to test the hypotheses. The findings show that all five ratios collectively have a significant impact on profit variations, with an F-statistic of 2.568 and a significance value of 0.044. However, when tested individually, only Total Assets Turnover and Inventory Turnover showed significant effects, while Fixed Assets Turnover, Debt to Equity Ratio, and Quick Ratio did not. The coefficient of determination (R²) was 0.263, indicating that 26.3% of the variation in profit can be explained by the analyzed variables.

This study examines the effect of financial ratios on dividend policy with sales growth as a moderating variable in technology sector companies listed on the Indonesia Stock Exchange during the period 2019–2023. Dividend policy is an important corporate decision because it reflects management considerations in balancing company growth and shareholder returns. The independent variables used in this research are profitability, liquidity, and leverage, while dividend policy is the dependent variable and sales growth acts as a moderating variable. Profitability is measured using Return on Assets (ROA), liquidity is proxied by the Current Ratio (CR), leverage is measured using the Debt to Equity Ratio (DER), and dividend policy is measured by the Dividend Payout Ratio (DPR). This study employs a quantitative approach using secondary data obtained from the annual financial statements of technology sector companies listed on the Indonesia Stock Exchange. The data are analyzed using multiple linear regression and moderated regression analysis.The results show that profitability does not have a significant effect on dividend policy, indicating that net profit generated during the year is not the main consideration in dividend distribution decisions within technology companies. Liquidity has a significant effect on dividend policy, suggesting that companies with stronger short-term financial conditions tend to have a greater ability to distribute dividends. Leverage also significantly affects dividend policy, implying that the level of corporate debt influences management decisions regarding dividend payments. Furthermore, sales growth does not moderate the relationship between profitability and dividend policy. However, sales growth is proven to moderate the effect of liquidity and leverage on dividend policy. These findings provide insights for management and investors in understanding dividend policy determinants in technology sector companies in Indonesia.