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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 investigate the influence of audit committee characteristics—including the proportion of independent audit committee members, audit committee size, and the frequency of audit committee meetings—on the risk of financial statement fraud in companies in the real estate and infrastructure sectors listed on the Indonesia Stock Exchange from 2020 to 2024. This study is grounded in agency theory and signaling theory. The sample was selected using purposive sampling, involving 62 companies or 310 observations. Data analysis was conducted using multiple linear regression via SPSS version 27. The findings of the study indicate that, collectively, the three audit committee characteristic variables, along with the control variables, have a significant impact on financial statement fraud risk. However, when examined individually, the proportion of independent audit committee members, the size of the audit committee, and the frequency of audit committee meetings do not show an influence. Meanwhile, the profitability control variable (ROA) showed an influence on financial statement fraud risk. This study concludes that the extent to which an audit committee can prevent fraud depends not only on quantitative factors such as the number of members or meeting frequency, but is also more influenced by the quality of the audit committee members’ capabilities and commitment in carrying out their oversight duties.

This study examines how solvency, profitability, liquidity, and operating costs are affected by book-tax differences (BTD) among property and real estate companies listed on the Indonesia Stock Exchange from 2022 to 2024. One key indicator of financial reporting transparency is BTD, which reflects the difference between accounting and taxable income. This is particularly relevant for the property sector, which contributes Rp185 trillion to national tax revenue. The results of the study, conducted using the Random Effects Model panel data regression method with 93 observations from 31 companies, show that solvency (DER) has a significant effect on BTD, while profitability (ROA) also has a significant effect, indicating that companies with high profits tend to engage in more aggressive tax planning practices and financial reporting strategies. On the other hand, liquidity and operating costs do not have a significant impact on corporate tax reporting behavior. 98% of the variation in BTD can be explained by the model.

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 effect of the Debt to Equity Ratio (DER) on Return on Assets (ROA) at PT Sumber Alfaria Trijaya Tbk during the period 2015–2025. This research uses a quantitative approach with an associative method to examine the relationship between the independent and dependent variables. The data used are secondary data obtained from the company’s quarterly financial statements over the research period, with a total sample of 44 observations selected using a saturated sampling technique. The data analysis methods applied in this study include classical assumption tests to ensure the feasibility of the regression model, simple linear regression analysis to determine the direction and magnitude of the relationship between variables, t-test to examine the significance of the effect, and the coefficient of determination (R²) to measure the extent to which the independent variable explains the dependent variable. The results of the study show that the Debt to Equity Ratio (DER) has a negative and significant effect on Return on Assets (ROA). This is evidenced by a significance value of 0.000, which is lower than 0.05, and a t-statistic value of -8.469. The regression equation indicates that an increase in DER leads to a decrease in ROA. Furthermore, the coefficient of determination (R²) value of 0.631 shows that DER explains 63.1% of the variation in ROA, while the remaining 36.9% is influenced by other variables outside the model

Food and beverage companies must maintain a robust capital structure to compete effectively amidst the intense pressures of globalization and achieve their strategic objectives. This study aims to examine the impact of profitability, asset structure, company size, and solvency on the capital structure of food and beverage firms listed on the Indonesia Stock Exchange (IDX) and included in the LQ45 index. This study uses an explanatory method with purposive sampling technique, where samples are determined based on companies that have completed financial reports during the research period and are indexed in LQ45. Data analysis was performed using t-tests and F-tests. The results show that profitability (ROA), asset structure, and company size (Ln Total Assets) do not have a significant partial effect on capital structure (DER), meaning that these three factors do not directly influence companies' decisions on the use of debt for financing. However, solvency (DAR) was found to have a significant effect on capital structure, indicating that a company's ability to meet its long-term obligations plays an important role in determining the level of debt used for operational financing. Simultaneously, the four independent variables had a significant effect on capital structure, meaning that all variables together contributed to influencing food and beverage companies' decisions in determining their financing strategies.

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.

Financial performance is an important indicator for assessing the sustainability and growth prospects of a company, where a sustained negative net profit may indicate financial and operational problems (Aminah, 2015). The purpose of this study is to analyze the financial performance of PT GoTo Gojek Tokopedia Tbk for the period 2019-2023 based on NPM, ROA, and ROE. The research method used in this study is a qualitative method with a descriptive analysis approach. The data was sourced from the official website of PT GoTo Gojek Tokopedia Tbk for the period 2019-2023. The results show that all profitability ratios, namely Net Profit Margin (NPM), Return on Assets (ROA), and Return on Equity (ROE), are in an unfavorable condition and far below the standards set by Bank Indonesia (2004), namely NPM 3%–9.5%, ROA 0.5%–1.25%, and ROE 5%–12.5%. NPM was consistently negative from -276.74% (2019) to -373.12% (2023), indicating that the company has not been able to generate net income from its revenue due to high operating expenses. ROA was also negative throughout the period, ranging from -112.57% (2019) to -167.33% (2023), indicating that assets have not been utilized efficiently. Similarly, ROE recorded negative values from -162.02% (2019) to -253.41% (2023), reflecting that shareholders' capital has not been optimally managed and has not provided returns, so that overall financial performance requires a more effective financial management strategy.

This study aims to analyze and obtain empirical evidence regarding the effect of profitability, leverage, and sales growth on tax avoidance in energy sector companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. This research method uses a quantitative approach with secondary data in the form of annual financial reports obtained from the official IDX website and related company websites. The sampling technique used a purposive sampling method to obtain a sample of companies that met the research criteria during the observation period. The dependent variable in this study is tax avoidance, which is proxied by the Effective Tax Rate (ETR), while the independent variables consist of profitability as measured by Return on Assets (ROA), leverage as measured by the Debt to Equity Ratio (DER), and sales growth as measured by annual sales growth. The data analysis technique uses panel data regression through the stages of selecting the best model, classical assumption testing, multiple linear regression analysis, and hypothesis testing. The results of the study indicate that profitability, leverage, and sales growth simultaneously influence tax avoidance. Partially, profitability influences tax avoidance, while leverage and sales growth do not.

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.

The implementation of PSAK 73, which adopted IFRS 16, brought fundamental changes to lease financial reporting, triggering various challenges for financial performance and corporate policy. The primary issue examined in this literature was the impact of lease capitalization on financial ratios, dividend policy, and potential earnings management. The overall objective of this study was to evaluate the differences in financial performance before and after the implementation of the new standard, as well as to identify the determinants of dividend policy across various sectors. The dominant method employed was a quantitative approach using comparative analysis and panel data regression on companies listed on the Indonesia Stock Exchange. Key findings indicated that the implementation of PSAK 73 significantly increased total assets and liabilities (leverage), yet tended to decrease profitability ratios such as Return on Assets (ROA) and Return on Equity (ROE). Furthermore, dividend policy was found to be significantly influenced by profitability and the new capital structure resulting from lease capitalization  

This study aims to examine the factors influencing the level of sustainability report disclosure based on OJK regulations in KBMI 3 banking companies listed on the Indonesia Stock Exchange in 2023. The level of sustainability disclosure is measured using the Sustainability Report Index (SR Index), constructed through content analysis of indicators stipulated in POJK No. 51/POJK.03/2017. The independent variables analyzed in this study include firm size, profitability proxied by Return on Assets (ROA) and Return on Equity (ROE), foreign ownership, and firm age. This research employs a quantitative explanatory approach using secondary data obtained from annual reports and sustainability reports. Data were analyzed using multiple linear regression with SPSS. The results indicate that firm size, foreign ownership, and firm age have a positive and significant effect on the level of sustainability report disclosure. Conversely, profitability measured by ROA and ROE does not have a significant effect. Simultaneously, all independent variables significantly influence sustainability report disclosure. These findings suggest that structural and ownership characteristics play a more dominant role in determining sustainability disclosure than financial performance, reflecting the regulator-driven nature of sustainability reporting in the Indonesian banking sector.

This study aims to analyze the determinants of tax aggressiveness in construction, property, and real estate companies listed on the Indonesia Stock Exchange (IDX) during 2021–2024. The sample consists of 80 companies with 220 observations, selected using purposive sampling based on criteria such as the availability of financial statements and the absence of losses during the research period. The variables include tax aggressiveness (ETR), profitability (ROA), leverage (DAR), board size, and firm size (SIZE). Data were analyzed using PLS-SEM with WarpPLS 8.0. The results show that profitability has a negative and significant effect on tax aggressiveness, while leverage has a positive and significant effect. Board size does not significantly affect tax aggressiveness but positively influences profitability and leverage. Firm size negatively affects profitability but positively impacts board size and leverage. These findings indicate that financial factors are more dominant in determining tax aggressiveness than board size, a corporate governance mechanism

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.

This study to analyze the effect of Non Performing Loan (NPL), Capital Adequacy Ratio (CAR), and Net Interest Margin (NIM) on Return on Assets (ROA) with Operating Expenses to Operating Income (BOPO) as an intervening variable at PT Bank Rakyat Indonesia (Perser) Tbk. This research employs a quantitative approach using secondary data obtained from the annual financial statements of Bank BRI for the period 2015-2024. The data analysis method used in this study is Structural Equation Modeling (SEM) based on Partial Least Squares (PLS), which allows the examination of both direct and indirect relationship among variables in the research model. The independent variables consist of NPL, CAR, and NIM, the intervening variable is BOPO and the dependent variable is ROA. The results indicate that NPL has a positive effect on BOPO, suggesting that higher credit risk leads to increased operational costs. CAR and NIM have a negative effect on BOPO, indicating that adequate capital and effective interest income management improve operational efficiency contributes to increased bank profitability. The findings also confirm that BOPO mediates the relationship between NPL, CAR, and NIM on ROA. This study is expected to contribute to the academic literature on banking financial management and provide practical insights for bank management in enhancing operational efficiency and sustainable profitability.

Corporate financial performance is an important factor in maintaining business sustainability amid increasingly intense competition. One of the commonly used indicators of financial performance is Return on Assets (ROA), which reflects a company’s ability to generate profits through the efficient use of its assets. Corporate profitability is influenced by various internal factors, including capital structure and liquidity. This study aims to analyze the effect of Debt to Equity Ratio (DER) and Current Ratio (CR) on Return on Assets (ROA). This research employs a quantitative approach using secondary data obtained from corporate financial statements. The research sample consists of 36 observations selected through purposive sampling. Data analysis techniques include descriptive statistical analysis and multiple linear regression analysis using SPSS software. The results show that, partially, the Debt to Equity Ratio does not have a significant effect on Return on Assets, while the Current Ratio has a positive and significant effect on Return on Assets. Simultaneously, Debt to Equity Ratio and Current Ratio have a significant effect on Return on Assets, with Current Ratio being the most dominant variable. The findings indicate that effective liquidity management plays a crucial role in improving corporate profitability. The implications of this study are expected to provide useful insights for corporate management in making financial decisions, particularly related to liquidity management and capital structure.

This study examines the relationship between risk disclosure levels and profitability in transportation companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. The transportation industry is characterized by high exposure to operational, financial, regulatory, and market-related risks, which necessitates transparent and comprehensive communication regarding potential threats to business sustainability and long-term performance. Using a quantitative correlational approach, this study measures the level of risk disclosure through systematic content analysis of companies’ annual reports, while profitability is evaluated using the Return on Assets (ROA) indicator. The analysis is conducted to identify the extent to which transparent risk reporting contributes to improved financial outcomes. The findings indicate a significant positive relationship between risk disclosure and profitability, suggesting that companies providing more comprehensive and detailed risk information tend to achieve higher financial performance. Furthermore, the results demonstrate that transparency plays a crucial role in enhancing investor confidence, strengthening corporate governance, and supporting sustainable business practices, particularly in high-risk sectors such as transportation.

This study aims to examine and analyze the effect of capital structure and fixed asset turnover on return on assets (ROA) at PT Argo Pantes Tbk during the period 2013–2022. The research employs a quantitative method with a statistical analysis approach, using secondary data obtained from the company’s financial statements. The data analysis techniques include classical assumption tests, namely normality, multicollinearity, heteroscedasticity, and autocorrelation tests, followed by multiple linear regression analysis. Hypothesis testing is conducted through the coefficient of determination, partial statistical testing (t-test), and simultaneous statistical testing (F-test). The results indicate that capital structure has a significant effect on return on assets. This is evidenced by a t-value of 2.986, which is greater than the t-table value of 2.36462, and a significance level of 0.020, which is lower than 0.05. These findings suggest that an optimal capital structure plays an important role in improving the company’s profitability performance. Therefore, capital structure management should be considered a strategic factor by management in enhancing financial efficiency and overall corporate performance.

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.

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.