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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.

This study aims to determine the effect of tax planning and capital structure on firm value, with firm size as a moderator. The population in this study is all non-cyclical consumer companies in the food and beverage subsector listed on the Indonesia Stock Exchange (IDX) for the 2020-2024 period. The type of research used in this study is quantitative associative with secondary data. The research sample was determined using a purposive sampling technique. Based on this technique, 24 companies were obtained that met certain criteria. The panel data regression technique used in this study is the Random Effect Model. Testing of panel data regression and moderation regression uses the E=views 13 application. The results of this study indicate that tax planning partially has no effect on firm value, while capital structure does affect firm value. The results simultaneously show that tax planning and capital structure affect firm value. The results of this study also indicate that firm size weakens the relationship between tax planning and firm value, and firm size is also unable to moderate or weaken the relationship between capital structure and firm value.

This study aims to determine the effect of financial performance, capital structure, and company size on company value in healthcare companies listed on the Indonesia Stock Exchange (IDX) for the 2020-2024 period. This study uses an associative quantitative approach with secondary data obtained from the company's financial statements. The sample was determined using purposive sampling, resulting in 9 healthcare companies with 45 observations. Data analysis was performed using EViews 12. Panel data regression analysis was applied using the Random Effect Model (REM), selected based on the Chow test, the Hausman test, and the Lagrange multiplier test. Furthermore, classical assumption testing and hypothesis testing were carried out. The test results show that partially Financial Performance has a significant positive effect on Company Value with a calculated T value of 2.137061 > T table 2.01954 with a prob value of 0.0386 < 0.05, Capital Structure does not have a significant effect on Company Value with a calculated T value of 0.4770233 < T table 2.01954 with a prob value of 0.6407 > 0.05, Company Size has a significant positive effect on Company Value with a calculated T value of 2.134309 > T table 2.01954 with a prob value of 0.0388 < 0.05. Simultaneously, the three independent variables have a significant positive effect on Company Value with an Fcount value of 3.059588 > Ftable 2.83 with a prob value of 0.038758 < 0.05, with a contribution of 12.31% while the remaining 87.69% is influenced by other factors outside this study.

This study investigates the factors influencing export performance in five ASEAN countries Indonesia, Malaysia, the Philippines, Singapore, and Thailand during the 2014-2023 period. The topic is highly relevant given the vital role of exports in sustaining monetary stability and promoting long-term economic growth. The novelty of this research lies in its integrated approach, which simultaneously examines key export-related macroeconomic variables, namely foreign direct investment and inflation, while incorporating foreign exchange reserves as a moderating variable an approach that remains limited in existing ASEAN-focused studies. This analysis uses secondary data obtained from the World Bank and processed using panel data regression methods, including the Common Effect Model, Fixed Effect Model, and Random Effect Model, strengthened by a Moderated Regression Analysis (MRA) approach. The results show that foreign direct investment and inflation significantly influence foreign exchange reserves. Furthermore, foreign exchange reserves have been shown to play a strategic role in strengthening the economic resilience of ASEAN countries and can be used as a reference in formulating monetary and international trade policies.

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 aims to analyze the relationship between managerial ownership, institutional ownership, audit committee, and research and development (R&D) expenses on Intellectual Capital Disclosure (ICD) in healthcare sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. Intellectual Capital Disclosure is essential as it reflects a company’s ability to manage knowledge, innovation, and human resources that serve as its competitive advantage. This research employs a quantitative approach using the total sampling method, where all healthcare sector companies that meet the criteria are included as samples. Secondary data were obtained from annual reports and analyzed using panel data regression with the assistance of Stata 19 software. Model selection was conducted through Chow, Hausman, and Lagrange Multiplier (LM) tests, with the results indicating that the Random Effect Model (REM) was the most appropriate model to use. The results show that managerial ownership, institutional ownership, and audit committee have negative and insignificant relationships with Intellectual Capital Disclosure. In contrast, research and development activities have a positive and significant relationship with Intellectual Capital Disclosure.

This study investigates the impact of Environmental, Social, and Governance (ESG) Risk Ratings on stock prices of companies listed in the ESG Leaders Index on the Indonesia Stock Exchange during the period 2020–2023. Using the Ohlson (1995) valuation model as the theoretical framework, the research examines the value relevance of financial information—proxied by Book Value per Share (BVPS) and Earnings per Share (EPS)—and non-financial information in the form of ESG risk ratings. The study employs purposive sampling, resulting in an unbalanced panel dataset of 120 firm-year observations. Panel regression analysis with the Random Effect Model (REM) is applied, supported by classical assumption tests and sensitivity analysis. The findings reveal that BVPS has a positive and significant effect on stock prices, highlighting its role as a stable and value-relevant measure for investors. By contrast, EPS shows a positive but insignificant relationship, confirming the declining relevance of earnings in the Indonesian market. Moreover, ESG Risk Ratings exhibit a negative but statistically insignificant effect, suggesting that while firms with higher ESG risks tend to be valued lower, sustainability considerations are not yet consistently incorporated into equity valuation by Indonesian investors. These results imply that financial fundamentals, particularly BVPS, remain the dominant factor in stock price determination, whereas ESG information has not yet achieved value relevance in the Indonesian context. The study underscores the need for stronger regulatory enforcement, standardized ESG disclosure, and greater investor awareness to enhance the integration of sustainability risks into capital market decision-making.

International trade plays a vital role in strengthening Indonesia’s economic growth, particularly through the export of fishery products which are among the country’s leading commodities. Fresh fish exports are highly influenced by external demand factors in destination countries as well as Indonesia’s own production capacity. This study aims to analyze the determinants affecting Indonesia’s fresh fish exports to its main trading partners, namely China, Japan, Hong Kong, Singapore, and Malaysia, over the period 2012–2023. The research utilizes secondary data sourced from the World Bank and the Central Statistics Agency (BPS). Several independent variables are considered, including the fish production levels in the importing country, the real gross domestic product (GDP) per capita of the importing country, and the total population of the importing country. Panel data analysis was employed to capture the variations across time and countries, with the Random Effect Model (REM) chosen based on the results of the model specification tests. The findings of the analysis indicate that fish production in the importing country exerts a negative and statistically significant effect on Indonesia’s fresh fish exports, suggesting that higher domestic fish production in these countries reduces the need for imports. Conversely, the real GDP per capita of the importing country and its population size were found to have positive and significant impacts on Indonesia’s export volumes. These results highlight that wealthier and more populous nations demonstrate stronger demand for imported fresh fish, including from Indonesia. The implications of this study underscore the importance for Indonesia to continuously improve the quality, safety, and competitiveness of its fresh fish products while also adopting effective marketing and trade strategies targeting countries with high purchasing power and large consumer bases.

The food and beverage subsector of the manufacturing industry, despite experiencing positive growth, still faces challenges in maintaining financial performance stability, such as high operational costs, suboptimal capital structure, and efficiency differences across company scales. This study aims to examine the effect of operational efficiency, leverage, and firm size on financial performance, both partially and simultaneously, in food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2022–2024 period. The sample consists of 16 companies selected using purposive sampling, with a total of 48 observations. This research applies a quantitative approach using panel data regression analysis and hypothesis testing through partial (t-test) and simultaneous (F-test) methods with STATA version 14. The best model used is the Random Effect Model (REM), selected through Chow, Hausman, and Lagrange Multiplier tests. The findings indicate that leverage has a significant negative effect on financial performance when tested partially, while operational efficiency and firm size do not have a significant partial effect. However, when tested simultaneously, operational efficiency, leverage, and firm size significantly influence the financial performance of food and beverage manufacturing companies listed on the IDX.  

This study is motivated by the crucial role of government spending and domestic investment (PMDN) in driving economic growth, particularly in Bali Province, which is heavily reliant on the tourism sector and vulnerable to external shocks such as the COVID-19 pandemic. The objective of this research is to analyze the influence of government expenditure in the general services and infrastructure sectors, as well as domestic investment, on Bali’s economic growth during the 2014–2023 period, both simultaneously and partially. This study employs panel data combining cross-sectional and time-series data from 9 regencies/cities in Bali Province over a 10-year period (2014–2023), using a Random Effect Model (REM) approach after conducting the Chow test, Hausman test, and Lagrange Multiplier test. The results show that, simultaneously, all independent variables significantly influence economic growth. Partially, government spending in general services, infrastructure, health, and education sectors has a positive and significant effect. Meanwhile, expenditure in economic services, domestic investment (PMDN), and the COVID-19 variable have a positive but statistically insignificant effect on economic growth in Bali Province. It is recommended that local governments improve the effectiveness of economic sector spending, promote equitable distribution of domestic investment, and accelerate economic diversification to reduce dependency on tourism and strengthen regional economic resilience.

This study aims to analyze the effect of capital structure, firm growth, audit quality, and foreign ownership on firm value, proxied by Price to Book Value (PBV), in consumer cyclical sector companies listed on the Indonesia Stock Exchange during 2018–2022. The analytical method used is panel data regression with the Random Effect Model (REM) approach. The results show that capital structure has a positive and significant effect on firm value. Conversely, firm growth, audit quality, and foreign ownership do not significantly affect firm value. These findings support signaling theory, which suggests that the use of debt within a reasonable threshold can boost investor confidence and enhance firm value. Therefore, it is recommended that corporate management focus on optimizing capital structure rather than relying solely on firm growth or external factors such as audit quality or foreign investors to improve firm value.

This research aims to examine how the predicted years in school and the unemployment rate influence labor force participation (TPAK) in Aceh Province. Across several cities and communities in Aceh, it employs secondary panel data from the Central Bureau of Statistics (BPS).  Panel regression analysis is done using the Random Effect Model (REM) approach in this study. The results show that TPAK is negatively and substantially affected by the unemployment rate, while the projected years of schooling have no significant statistical impact. TPAK changes are generally only marginally affected by either of these causes. The coefficient of determination reveals that the model explains only 8. 3% of the TPAK swings. Although education and unemployment are components of labor market behavior, other, more important variables are more crucial in influencing labor force participation in Aceh, as these results suggest.

This study aims to analyze the influence of economic growth and education quality on labor absorption in 27 regencies/cities of West Java Province during the 2020–2024 period using the Random Effect Model (REM) method. The estimation results show that economic growth has a positive and significant effect on labor absorption, with a coefficient of 0.322424 and a p-value of 0.0002. This indicates that regional economic growth contributes to increasing employment opportunities. On the other hand, the quality of education, measured by the average years of schooling, has a negative and insignificant effect on labor absorption, with a coefficient of -0.706782 and a p-value of 0.0755. These findings suggest that improvements in formal education do not automatically lead to increased labor absorption, likely due to a mismatch between graduate qualifications and labor market needs. The Adjusted R-squared value of 0.091650 indicates that the model explains only about 9.16% of the variation in labor absorption, with the remaining variation influenced by other unobserved factors. Therefore, strategic policies are needed, such as the development of labor-intensive sectors and the improvement of vocational education quality and relevance, to optimally enhance labor absorption in West Java.

This study analyzes the effect of population and Human Development Index (HDI) on poverty in Jambi Province in the period 2018–2024. Using panel data from 11 districts/cities and regression methods with the best approach Random Effect Model (REM), the results show that poverty in Jambi tends to fluctuate. Tanjung Jabung Timur has the highest poverty rate, while Sungai Penuh City has the lowest. This study provides empirical understanding to support the formulation of more targeted poverty alleviation policies at the regional level.

This research was made to examine the determinants of financial performance of banking companies in Indonesia. There are four independent variables (board of diversity, net interest margin, operational efficiency, and liquidity risk) and a moderating variable (firm size) have been analyzed in this research. Testing the interaction effect of firm size in explaining the influence of these four independent variables on banking financial performance is still very limited. This quantitative research was analyzed by using secondary data from audited annual reports of the company. The purposive sampling technique was used to choose the research’s samples during the observation periods (2018-2022) and obtained 200 observations (40 samples over 5 years of research). Panel data regression with the EViews program was used to test the eight hypotheses which was developed in this research. The results of the Chow test and Hausman test confirm the use of the Random Effect Model in the analysis. The findings from testing the interaction model show that firm size does not moderate the influence of board of diversity and net interest margin on financial performance, while for operational efficiency and liquidity risk variables, the firm size shows a pure moderating role for the both.

This research aims to analyze the influence of e-commerce and financial technology on income inequality in Indonesia. This research uses panel data from 10 provinces in Indonesia in the 2018-2022 period. This research uses a panel random effect model (REM) regression approach with a GLS (generalized least square) estimation tool. The estimation results from this research show that e-commerce has a negative and significant effect on income inequality in Indonesia. Meanwhile, financial technology has a positive and significant effect on income inequality in Indonesia. It is hoped that the results of this research can be used as consideration for the government in making policies in an effort to reduce income inequality in Indonesia.  

This study aims to investigate how much influence three factors have on income inequality in Central Kalimantan Province, namely economic growth, the unemployment rate, and the poverty rate. The descriptive quantitative method is one of the methods used in statistical data analysis. It shows that the unemployment rate and poverty level significantly affect income inequality in Central Kalimantan, while economic growth has no significant effect. However, it is essential to remember that other factors affecting income inequality in Central Kalimantan are not included in the research model. Based on the analysis results in this study, there is a significant relationship between the independent variables, namely the unemployment rate and the poverty rate, with the dependent variable. Namely income inequality (Gini Ratio) in 13 regencies/cities in Central Kalimantan Province. However, the economic growth variable has no significant effect on income inequality. These results were obtained using the Random Effect Model method and the t-test statistic. Therefore, it is advisable to consider the unemployment and poverty rates in formulating policies to reduce income inequality in Central Kalimantan. However, it is essential to remember that other factors affect income inequality that are not included in the research model, so further research is needed to deepen understanding of these factors.  

Poverty is a fundamental issue, since poverty involves meeting the most vital needs of life and is a problem that many countries face, including Indonesia. Since its entry into and development of the covid-19 pandemic into Indonesia in the early part of 2020, putting immense pressure on the economic sector and affecting the social life of communities. In general, the condition of the number of poor people in each province on Java both before and after the entry of covid-19 was not marked by a change in ratings, which indicates an increase in average value. The study was intended to see how the minimum wages of the province and unemployment rates of the 6 provinces on Java period 2017 to 2021 and to see how the covid-19 diagnosis of covid-19 against poverty, the regression of the data panel analysis was made with the random effect model diman's approach that the minimum labor would not affect poverty, Unemployment has a negative impact on poverty and the covid-19 pandemic has a positive impact on the growing number of poor people on the island of Java.

This study aims to examine the effect of profitability, asset structure, liquidity and sales growth on the capital structure of food and beverage subsector manufacturing companies listed on the Indonesia Stock Exchange (1DX). The research time period used was 6 years, 2016-2021. The population of this study includes manufacturing companies in the food and beverage sub-sector listed on the Indonesia Stock Exchange (BEI) for the 2016-2021 period. The sampling technique used purposive sampling. Based on the predetermined criteria, 10 companies were obtained from manufacturing companies in the food and beverage sub-sector. The type of data used is secondary data obtained from the Indonesia Stock Exchange website. The analysis method used is panel data regression analysis using Eviews software version 12.0. The panel data regression model used is the Random Effect Model. In this study, the dependent variable is capital structure (Y) and the independent variable is profitability (X1), asset structure (X2), liquidity (X3), sales growth (X4) and leverage (X5). The results of his research indicate that the independent variables (profitability, asset structure, liquidity, sales growth and operating leverage) have a simultaneous effect on the dependent variable on capital structure. Partially the asset structure and leverage has a positive effect, while profitability, liquidity and sales growth have no effect on the capital structure.