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Harga emas dunia merupakan faktor eksternal yang berpotensi memengaruhi kinerja keuangan perusahaan pertambangan emas, namun hubungan keduanya tidak selalu bersifat linear mengingat kompleksitas struktur bisnis dan biaya perusahaan. Penelitian ini bertujuan menganalisis secara komparatif tren harga emas dunia dengan profitabilitas PT Aneka Tambang Tbk periode 2021–2025 menggunakan metode deskriptif kuantitatif dengan pendekatan komparatif tren. Data bersumber dari laporan keuangan konsolidasian audited PT Aneka Tambang Tbk tahun 2021–2025 serta data harga emas rata-rata tahunan yang diterbitkan oleh World Gold Council, dengan indikator profitabilitas Return on Assets (ROA) dan Net Profit Margin (NPM). Hasil penelitian menunjukkan bahwa harga emas mengalami kenaikan akseleratif dari USD 1.793,38 menjadi USD 3.518,43 per troy ounce dengan pertumbuhan kumulatif 96,2%, sementara profitabilitas perusahaan bergerak fluktuatif dengan puncak tertinggi pada 2025. Analisis komparatif terhadap empat fase pergerakan menunjukkan hubungan yang tidak konsisten dan non-linear, di mana dua fase bergerak searah, satu fase berlawanan, dan satu fase bersifat parsial, yang disebabkan oleh fluktuasi volume penjualan, ekspansi aset yang belum produktif, dan lonjakan beban pokok pembelian logam mulia dari pihak ketiga. Penelitian ini mengimplikasikan bahwa analisis profitabilitas perusahaan pertambangan perlu mempertimbangkan struktur biaya, strategi pengadaan, dan keputusan investasi secara simultan, tidak cukup bertumpu pada pergerakan harga komoditas semata.

Asset inventory management is vital for enhancing the operational efficiency of an organization. At the Communication and Informatics Office of Tegal Regency, the process for managing asset inventory is still performed manually, leading to various issues including challenges in asset documentation, data retrieval, management of borrowing, reporting damage, and overseeing the condition of assets. This research intends to create a web-based asset inventory management solution that leverages Quick Response (QR) Code technology to boost the effectiveness, efficiency, and precision of inventory management. The methodology employed for the system's development was Agile Development, which includes stages such as planning, analyzing requirements, designing the system, developing, testing, and conducting iterative evaluations. Data gathering was conducted through observation, interviews, and reviewing existing literature. The completed system offers several key features, such as inventory management, the ability to generate and scan QR Codes, processes for borrowing and returning assets, damage reporting, a monitoring dashboard, and management of user access based on roles.  The findings reveal that the implemented system enhances asset identification through QR Codes, delivers real-time inventory data, and enables more efficient monitoring of assets. According to Black Box Testing results, all functionalities of the system performed in alignment with the identified functional requirements. Consequently, the web-based asset inventory management system utilizing QR Code technology can act as a useful solution to enhance the asset inventory management quality at the Communication and Informatics Office of Tegal Regency.

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.

This study aims to assess the financial performance of 11 non-financial companies that conducted acquisitions in 2025 and are listed on the Indonesia Stock Exchange (IDX). Using a quantitative descriptive-comparative approach with a case study design, six financial ratios were analyzed: Current Ratio (CR), Debt to Asset Ratio (DAR), Debt to Equity Ratio (DER), Total Asset Turnover (TATO), Return on Assets (ROA), and Return on Equity (ROE). Data were obtained from consolidated financial statements as of December 31, 2024 (pre-acquisition) and December 31, 2025 (post-acquisition). The results show that the impact of acquisitions varies across companies. No consistent or significant differences were found in the CR, DAR, DER, ROA, or ROE ratios between the two periods. Meanwhile, the TATO ratio tended to decrease after the acquisition, indicating that the newly consolidated assets have not yet operated optimally. These findings confirm that the short-term financial impact of an acquisition is heavily influenced by the transaction’s funding structure, the size of the acquired entity, and the industry sector. This study contributes to the financial accounting literature on corporate acquisition strategies in the Indonesian capital market.

This study examines how profitability affects company value among manufacturing firms included in the LQ45 index during the 2023–2025 period, with debt policy serving as a moderating variable. Increasing business competition encourages companies to improve their financial performance and market value to attract investors and maintain long-term sustainability. A quantitative research approach with a causal research design was employed to analyze the relationship between the variables. The study used secondary data obtained from audited annual financial statements published on the Indonesia Stock Exchange. Data analysis was conducted using Moderated Regression Analysis (MRA) with the assistance of SPSS version 26. The results indicate that profitability has a significant positive effect on firm value, suggesting that higher profitability enhances investor confidence and contributes to higher market valuations. Furthermore, debt policy significantly moderates the relationship between profitability and firm value by strengthening the influence of profitability. The coefficient of determination increased from below thirteen percent to more than sixty-three percent after including the moderating variable. These findings demonstrate that effective debt management combined with strong profitability contributes to higher firm value and supports sustainable corporate growth and long-term investor confidence.

This study aims to analyze the financial performance of the Obor Mas Kupang Savings and Loan Cooperative using financial ratio analysis, including liquidity, solvency, profitability, and activity ratios during the 2022–2024 period. The research method used is descriptive quantitative, with financial ratio analysis consisting of the Current Ratio (CR), Debt to Asset Ratio  (DAR), Debt to Equity Ratio  (DER), Return on Asset s (ROA), Return on Equity  (ROE), and Total Asset Turnover. The data used are the cooperative’s financial statements, including the balance sheet and the Statement of Remaining Operating Results (SHU). The results show that from a liquidity perspective, the Current Ratio decreased from a very unhealthy category in 2022 and 2023 to a fairly healthy category in 2024, indicating an improvement in managing short-term liabilities. From a solvency perspective, the Debt to Asset Ratio  remained in the very unhealthy category throughout the study period, as total liabilities exceeded total assets, while the Debt to Equity Ratio  showed improvement from less healthy to fairly healthy. From a profitability perspective, both Return on Asset s and Return on Equity  indicate low and unstable performance, falling into unhealthy to very unhealthy categories. From an activity perspective, Total Asset Turnover shows fluctuating performance, experiencing a decline and then improvement, but remaining unstable.

This study aims to analyze the effect of profitability and liquidity on firm value in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period. The study was motivated by inconsistencies in previous research results regarding the influence of profitability and liquidity on firm value. Profitability was measured using Return on Assets (ROA), liquidity was measured using Current Ratio (CR), while firm value was measured using Price to Book Value (PBV). This research employed a quantitative approach using secondary data obtained from company financial statements. The sampling technique used purposive sampling with a total sample of 9 manufacturing companies during the research period. The data analysis methods included descriptive statistical analysis, classical assumption tests, multiple linear regression analysis, coefficient of determination test (R²), partial test (t-test), and simultaneous test (F-test) using SPSS software. The results showed that company profitability tended to be stable although several companies experienced performance fluctuations, while liquidity levels showed considerable variation among companies. Based on the partial test results, profitability (ROA) did not have a significant effect on firm value with a significance value of 0.765 (>0.05), while liquidity (CR) had a significant negative effect on firm value with a significance value of 0.011 (<0.05). Simultaneously, profitability and liquidity had a significant effect on firm value with an F-test significance value of 0.020 (<0.05). The coefficient of determination (R²) value of 0.169 indicates that profitability and liquidity were able to explain 16.9% of the variation in firm value, while the remaining 83.1% was influenced by other factors outside the study. This research is expected to contribute to the development of financial management knowledge and serve as a consideration for investors and companies in decision-making.

Dividend policy is one of the key indicators used by investors to assess the stability and financial performance of banking companies. This study aims to analyze the effect of financial performance on the Dividend Payout Ratio in conventional banks in Indonesia during the 2021–2024 period. Financial performance is proxied by liquidity, Leverage, and profitability. This research employs a quantitative approach with an associative research design. The population consists of 43 conventional commercial banks listed on the Indonesia Stock Exchange up to 2024. The sampling technique uses purposive sampling, resulting in 24 conventional banks with a total of 96 panel data observations. The data used are secondary data obtained from the companies’ annual financial statements and analyzed using multiple linear regression. The results show that liquidity, proxied by Loan to Deposit Ratio (LDR), has a positive and significant effect on the Dividend Payout Ratio; Leverage, proxied by Debt to Asset Ratio (DAR), has a negative and significant effect on the Dividend Payout Ratio; and profitability, proxied by Return on Assets (ROA), has a positive and significant effect on the Dividend Payout Ratio. Furthermore, liquidity, Leverage, and profitability simultaneously have a significant effect on the Dividend Payout Ratio in conventional banks in Indonesia. This study indicates that the company’s financial performance is a key factor in determining dividend policy in the banking sector.

This study aims to examine the influence of capital intensity,  Return on Assets (ROA), liquidity, and company size on the Cash Effective Tax Rate (CETR) as a proxy for tax avoidance in energy sector companies listed on the Indonesia Stock Exchange for the 2020–2024 period. This study uses a quantitative approach with secondary data in the form of annual financial statements. The sample was determined using a purposive sampling technique and obtained 16 companies during five years of observation, resulting in 80 observation data. Data analysis was carried out using multiple linear regression with the help of SPSS 29 software. The analysis stage began with a classical assumption test, then continued with multiple linear regression analysis, as well as hypothesis testing. The results showed that partially capital intensity and ROA had a significant effect on CETR, while liquidity and company size had no significant effect on CETR. Simultaneously, all independent variables had a significant effect on CETR, with a determination coefficient value of 25%.

The background of this study was the fluctuation in net profit and the changes in current assets and current liabilities, which indicated an imbalance in the management of working capital at PT Hanjaya Mandala Sampoerna Tbk during the 2020–2024 period). This study aimed to analyze the company's working capital and profitability, which were measured using the Gross Profit Margin (GPM), Net Profit Margin (NPM), Return on Assets (ROA), and Return on Equity (ROE) ratios. This study employed a descriptive research design with a quantitative approach.. The data consisted of the company's financial statements for the 2020–2024 period, which were obtained from the Indonesia Stock Exchange and the company's official website.. The results showed that the company's working capital remained positive but tended to decline, indicating a less favorable condition . The company's profitability was generally categorized as good, although the Gross Profit Margin was still considered less satisfactory.

This study investigates the effect of total risk on firm performance and sustained growth among consumer non-cyclicals manufacturing companies listed on the Indonesia Stock Exchange (IDX) over the period 2019–2023. Total risk is operationalized through the systematic risk proxy (Beta/β), estimated via the Capital Asset Pricing Model (CAPM) framework as the covariance between individual stock returns and the market return divided by the variance of market returns, using the Jakarta Composite Index (JCI) as the market benchmark. Firm performance is measured through Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q, while sustained growth is operationalized following Gerson et al. (2025) 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, with model selection guided by the Chow and Hausman specification tests. The Fixed Effect Model (FEM) is adopted for ROA, ROE, and SG, while the Random Effect Model (REM) is applied for Tobin’s Q. Results indicate that systematic risk exerts a significant negative effect on ROA (β = −0.312; p < 0.01) and ROE (β = −0.278; p < 0.01), but is statistically non-significant for Tobin’s Q, suggesting that capital market pricing in Indonesia does not fully incorporate systematic risk information. Critically, systematic risk exerts the largest and most significant negative effect on sustained growth (β = −0.347; p < 0.01), revealing a dual transmission mechanism through which risk suppresses ROE while simultaneously inducing more conservative dividend policies, both of which constrain long-run growth sustainability. These findings carry important implications for corporate risk management strategy and empirically enrich the literature on risk, performance, and growth in emerging capital markets.

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 is based on the increasingly rapid development of the knowledge-based economy, where human capital is now regarded as one of the important assets in creating a company’s competitive advantage, especially in the energy and oil and gas sectors in Indonesia. This study aims to determine the effect of human capital and labor intensity on corporate financial performance, which is proxied by Return on Assets (ROA) during the 2021–2024 period. The research method used is a quantitative approach with multiple linear regression analysis. The research data were obtained from sample companies selected using a purposive sampling technique. The results of the study show that human capital, proxied by Value Added Human Capital (VAHU), has a positive and significant effect on corporate financial performance. These findings indicate that good human resource management is capable of increasing the company’s profitability level. On the other hand, labor intensity is proven to have a negative and significant effect on financial performance. This indicates that a high level of company dependence on labor, without being balanced by operational efficiency, can reduce the company’s ability to generate profits. In addition, simultaneously both variables are able to explain 74.5% of the variation in Return on Assets (ROA), so it can be concluded that human capital and labor intensity have a considerable contribution to corporate financial performance. Based on these results, companies need to prioritize improving the quality and competence of the workforce rather than merely focusing on increasing the number of employees. This step is important to maintain the stability of corporate financial performance in the post-pandemic era. In addition, companies also need to effectively control labor costs so that a decline in net profit margins can be avoided.

This study aims to determine the effect of ESG Disclosure, Environmental Performance, and Environmental Costs on the Negative Net Profit Margin (NPM) of Energy Sector Companies Listed on the Indonesia Stock Exchange for the 2022-2024 Period. The data used in this study consists of secondary data obtained from annual reports and company sustainability reports. The analysis tool used is SPSS 31 software to view the results partially and simultaneously. The results show that ESG Disclosure does not affect Net Profit Margin (NPM). Likewise, environmental performance does not show a effect on Net Profit Margin (NPM). Meanwhile, environmental costs show an negative effect on Net Profit Margin (NPM). Simultaneously, ESG disclosure, environmental performance, and environmental costs have a negative effect on Net Profit Margin (NPM). The results show that when environmental costs are high, the Net Profit Margin (NPM) value decreases, and vice versa. Meanwhile, ESG disclosure and environmental performance do not have a significant impact on Net Profit Margin (NPM). This research contributes to company management and stakeholders in understanding the impact of environmental costs on profitability as reflected in the Net Profit Margin (NPM) return on assets ratio and provides insight in 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 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.

This study aims to analyze the contribution of Regional Original Revenue (PAD) sources, the growth of PAD, and the level of regional fiscal independence in Tanjung Jabung Barat Regency during the 2017–2024 period. The PAD sources examined include local taxes, regional retributions, returns from separated regional assets, and other legitimate PAD. The data used in this study are secondary data in the form of Budget Realization Reports (LRA) of Tanjung Jabung Barat Regency for the period 2017–2024, obtained from the Regional Revenue Agency (Bapenda) of Tanjung Jabung Barat and the Directorate General of Fiscal Balance. This research employs a quantitative descriptive approach. The analytical techniques used include contribution analysis of PAD sources (local taxes, regional retributions, returns from separated regional assets, and other legitimate PAD), PAD growth analysis, and fiscal independence ratio analysis. The results indicate that PAD is predominantly contributed by other legitimate PAD, accounting for 62.54% of total PAD, followed by local taxes contributing 26.06%, while regional retributions and returns from separated regional assets contribute relatively low proportions. The growth of PAD during the study period shows fluctuations influenced by economic conditions, including the impact of the COVID-19 pandemic. Furthermore, the level of fiscal independence in Tanjung Jabung Barat Regency is categorized as very low, as reflected in the high dependence on transfer funds from the central government and other governmental assistance.

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.

PT Telkom Indonesia (Persero) Tbk (Telkom) is a company that is part of the state-owned enterprises (SOEs) and operates specifically in the field of information technology, communication, and digital telecommunications services in Indonesia. For that reason, financial statement analysis is needed as a source of information about the company's financial condition. Based on the financial reports of PT Telekomunikasi Tbk for the period from 2019 to 2023, there has been a fluctuating increase despite Indonesia being hit by the COVID-19 pandemic in 2020 to 2021. The type of research is quantitative descriptive research with data sourced from the financial reports of PT Telekomunikasi Tbk as of December 31 from 2019 to 2023. The first result, the assessment of the financial performance of PT Telekomunikasi Tbk based on liquidity ratio analysis using the current ratio, shows that the current ratio from 2019 to 2023 has experienced fluctuating conditions but remains in the very good category, above the industry's minimum standard of 200%. Secondly, the results of the solvency ratio analysis using the Debt to Asset ratio (DAR) indicate that the DAR value from 2019 to 2023 is in the very good category, with a value below the industry's maximum standard of 35%. Thirdly, the analysis of profitability ratios using the Return on Equity (ROE) ratio reveals that the ROE value from 2019 to 2023 has experienced fluctuating conditions but remains above the industry standard of 40%.