Publication Search

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 examines the efficiency of financial ratios in assessing corporate performance across countries. Although financial ratios are widely used as concise indicators of profitability, liquidity, solvency, and market value, their interpretive accuracy may vary across institutional, regulatory, financial, and macroeconomic environments. The objective of this study is to conceptually evaluate whether financial ratios can function as universally comparable performance measures in heterogeneous cross-country settings. Using a qualitative literature-based method, this study synthesizes prior findings on financial ratio analysis, financial statement comparability, market efficiency, regulatory enforcement, and macroeconomic stability. The findings indicate that profitability, liquidity, solvency, and market-based ratios are context-dependent indicators rather than universally stable measures. Their efficiency is influenced by accounting standards, audit quality, leverage norms, tax systems, capital market maturity, and macroeconomic volatility. The study proposes a contextual framework for interpreting financial ratios according to their sensitivity to national conditions. The implication is that researchers, analysts, and investors should combine ratio analysis with institutional and macroeconomic diagnostics to reduce biased performance interpretation in cross-country corporate evaluation.

This study 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.

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%.

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 aims to analyze the financial performance of PT Aviasi Pariwisata Indonesia (Persero), commercially known as Injourney the state-owned enterprise (BUMN) holding company for the aviation and tourism sectors during the 2021-2024 period. Performance is measured using liquidity ratios (Current Ratio, Cash Ratio), solvency ratios (Debt to Asset Ratio, Debt to Equity Ratio), activity ratios (Total Asset Turnover), and profitability ratios (Net Profit Margin, Return on Equity) compared against industry standards. This research employs a descriptive quantitative approach. The data utilized is secondary data sourced from the published financial statements of PT Aviasi Pariwisata Indonesia (Persero). The results indicate varied liquidity performance, with an average Current Ratio of 97.82% (below the 200% benchmark, categorized as poor) and a Cash Ratio of 63.03% (above 50%, categorized as good). Solvency performance is underperformed, with an average DAR of  and DER of, reflecting a high reliance on debt. Activity performance is identified as inefficient with an average TATO of 0.199 times (<2 times), while profitability remains negative on average with an NPM of and ROE of. Despite a significant upward trend in performance improvement, the company's overall financial health is considered suboptimal compared to industry standards. This condition is primarily driven by high debt burdens and low asset efficiency within the company.

Delays in the submission of audited financial reports (audit report lag) remain a problem for public companies in Indonesia because they can reduce the relevance of information for investors and stalk holders. This study aims to analyze the effect of profitability, solvency, liquidity, operational complexity, and company size on audit report lag in property and real estate companies listed on the Indonesia stock exchange for the period 2022-2024. The research method used is quantitative with panel data regression analysis using Random Effect Model (REM). The results show that profitability and solvency have a negative effect on audit report lag, while company size have no effect. Simultaneously, all independent variables affect audit report lag. This study emphasizes the importance of financial performance and operational complexity in determining the timeliness of audited financial reporting.

The auditor's responsibilities include not only assessing the accuracy of financial statements and detecting fraud, but also evaluating the company's ability to continue its business on an ongoing basis. This responsibility arises from the expectations of shareholders and other stakeholders that auditors provide timely and relevant information about the company's future prospects to support rational and evidence-based investment decision-making. In this context, audit opinions related to business continuity are an important instrument in reducing information asymmetry between management and investors. This study aims to analyze the impact of liquidity, solvency, and audit quality on the issuance of business continuity declarations. The research sample consisted of coal mining companies listed on the Indonesia Stock Exchange between 2014 and 2017, a period marked by fluctuations in commodity prices and global economic uncertainty. Logistic regression is used as an analysis method because dependent variables are dichotomous. The results showed that audit quality had a significant negative impact on the issuance of business continuity declarations, while liquidity and solvency did not have a significant impact on the issuance of the declarations, indicating that the factors of governance and auditor independence were more decisive than short-term financial conditions.

This study was conducted with the aim of evaluating the dynamics of the financial condition of PT Indofood Sukses Makmur Tbk over a five-year period, namely from 2019 to 2023. This writing applies a quantitative descriptive methodology sourced from secondary data through audited annual financial reports. The main instruments in this data analysis include three pillars of financial ratios: Current Ratio (CR) as a representation of the liquidity aspect, Debt to Asset Ratio (DAR) to measure the level of solvency, and Return on Equity (ROE) as a benchmark for the effectiveness of the company's profitability. Through annual calculations and trend analysis, this study captures the development of the issuer's performance longitudinally. The results of the observation show a significant strengthening in the company's liquidity position, where the Current Ratio jumped from 127% in 2019 to 192% at the end of the 2023 period. In line with that, the solvency profile shows fundamental improvements; Debt reliance, which had reached 51% in mid-2020-2021, was successfully reduced to 46% in 2023. Meanwhile, the company's profitability demonstrated stable resilience, with a consistent ROE of 10% to 13%, despite fluctuations due to operational cost dynamics. Overall, PT Indofood Sukses Makmur Tbk demonstrated excellent financial health through strategic capital and asset management. As a sustainability measure, management is advised to continue optimizing current assets and tightening cost efficiency to secure future profit margins.

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 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.

In 2024, Indonesia’s food and beverage industry recorded IDR 110.57 trillion in investment and achieved GDP growth above the national average, highlighting its rapid development and importance for the economy. However, this growth does not automatically increase firm value, as internal factors such as solvency, firm growth, and dividend policy may play a crucial role. This study investigates how those factors affect firm value in food and beverage companies listed on IDX during 2021–2024. The research population comprises 84 companies, with purposive sampling resulting in 47 observations from 13 firms over four years. Data were collected from annual reports and analyzed applying multiple linear regression with SPSS 26. The results show that solvency and dividend policy don’t significantly affect firm value, while firm growth has a significant positive impact. Simultaneously, all three variables positively influence firm value with an adjusted R² of 11.8%. The paper enriches the academic discussion by validating the applicability of signaling theory in showing that firm growth acts as a stronger signal compared to solvency or dividend policy in the food and beverage industry, offering useful implications for investors and managers.

This study examines the influence of firm size, profitability, solvency, and public accounting firm (KAP) size on audit report lag among food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. The research employs purposive sampling, involving 68 companies with a total of 272 observations, and uses multiple linear regression analysis after passing all classical assumption tests. The findings reveal that profitability measured by Return on Equity (ROE), solvency measured by Debt to Assets Ratio (DAR), and KAP size have a significant effect on audit report lag. Meanwhile, firm size (measured by total assets and total sales), profitability measured by Return on Assets (ROA), and solvency measured by Debt to Equity Ratio (DER) show no significant effect. These results indicate that companies with higher ROE, greater DAR, and those audited by Big Four accounting firms tend to complete their audit process more promptly. The study highlights that both financial performance and auditor characteristics play essential roles in determining audit timeliness. Overall, this research provides valuable insights for management, auditors, investors, and regulators to enhance the efficiency and reliability of financial reporting.  

This study aims to analyze the effect of liquidity and solvency ratios on the profitability of PT GoTo Go-Jek Tokopedia Tbk. The liquidity ratio in this study is measured using the Current Ratio (CR), while the solvency ratio uses the Debt to Equity Ratio (DER) and Debt to Asset Ratio (DAR). The research data includes the 2018–2020 financial statements of PT Tokopedia Tbk and the years 2021–2023 after the company transformed into PT GoTo Go-Jek Tokopedia Tbk. The research method uses a descriptive quantitative approach with secondary data from the company's annual financial statements. The results show that the company's liquidity ratio fluctuates in the range of 1.55–3.14, while the DER is in the range of 0.12–0.42 and the DAR is between 0.17–0.34. The results of the simultaneous test showed the value of sig. The F Change of 0.003 < 0.05 indicates that CR, DER, and DAR have a less significant correlation relationship with Return on Assets (ROA). A determination coefficient value of 0.382 showed that 38.2% of the ROA variables were influenced by CR and DAR, while the remaining 67.8% were explained by other factors outside the model. Overall, the research findings confirm the importance of efficient debt management and optimization of capital structure to increase the company's long-term profitability.

One of the business strategies used by companies to strengthen their business and reduce competition is through acquisitions. This study was conducted to determine changes in financial performance after the acquisition process, measured using liquidity, activity, solvency, and profitability ratios. The population of this study was companies that made acquisitions in 2022. The sampling technique used purposive sampling, and four companies that conducted acquisitions in 2022 and were listed on the IDX were obtained. The research period was two years before and two years after the acquisition. The hypothesis was tested with a non-parametric test using the Wilcoxon signed rank test. Based on the results of the study, it is known that of the four financial ratios, only the activity ratio had a significant difference before and after the acquisition. Meanwhile, there were no significant differences in the liquidity, solvency, and profitability ratios. This is because the impact of the acquisition process cannot be seen in the short term. It takes integration and a long time to create synergy or change after an acquisition.  

This study aims to analyze the influence of profitability as proxied by Return on Equity (ROE), solvency as proxied by Debt to Equity Ratio (DER), and liquidity as proxied by Current Ratio (CR) on firm value as proxied by Price to Book Value (PBV) in the Indonesian food and beverage sector. The study focuses on the 2019-2023 period, a timeframe uniquely defined by the economic disruption of the COVID-19 pandemic and its initial recovery phase. The research method employed is a quantitative approach using multiple linear regression analysis. The sample consists of 10 companies listed on the Indonesia Stock Exchange (IDX), selected through a purposive sampling technique, resulting in 50 firm-year observations. The results indicate that both partially and simultaneously, the variables of profitability, solvency, and liquidity have a significant positive influence on firm value. This finding suggests that during a period of systemic crisis, the capital market places a valuation premium on companies that can demonstrate holistic and comprehensive signals of financial health. The novelty of this research lies in its contextualization of the dynamic role of financial ratios as crucial signals amidst an unprecedented economic shock. This study provides an empirical explanation for why investors prioritized stability and resilience, thereby reconciling conflicting findings in prior literature regarding the impact of liquidity on firm value.

This study aims to assess the financial performance of PT Mayora Indah Tbk from 2022 to 2024 using several financial ratios, including liquidity, solvency, and profitability. The method used in this study is a quantitative approach. In this study, the data analyzed is secondary data, where the population includes all financial statements of PT Mayora Indah Tbk. The sample taken for this study is the financial statements of PT Mayora Indah Tbk in 2022-2024. The results of the analysis show that the company's liquidity ratio is in good condition with Current Ratio (CR) reaching 298.3% and Quick Ratio (QR) of 216.8%, which exceeds existing industry standards. On the solvency ratio, the Debt To Asset Ratio (DAR) was recorded at 40.3%, which is significantly higher than the industry standard of 35%, indicating a situation that is not ideal. Conversely, the Debt To Equity Ratio (DER) of 67.9% shows a positive performance, which is below the industry standard of 90%. For profitability ratios, the company recorded a Net Profit Margin (NPM) of 8.4%, Return On Assets (ROA) of 10.9%, and Return On Equity (ROE) of 18.2%, all of which are below industry standards, indicating that profitability conditions are still low

This study aims to analyze the differences in financial performance between PT Ciputra Development Tbk (CTRA) and PT Pakuwon Jati Tbk (PWON) during 2019–2023 based on liquidity, profitability, solvency, and dividend policy ratios. A quantitative approach with a descriptive-comparative method was employed. The study utilized secondary data obtained from the annual financial reports of both companies listed on the Indonesia Stock Exchange. Financial ratios were analyzed, including the Current Ratio (CR), Return on Assets (ROA), Debt to Equity Ratio (DER), and Dividend Payout Ratio (DPR). Data normality and homogeneity tests were conducted, followed by Independent Sample t-Test and Mann–Whitney U test using SPSS version 26 to identify statistical differences. The results indicate no significant differences between CTRA and PWON in CR, ROA, and DPR, but a significant difference in DER, where CTRA shows higher leverage compared to PWON. These findings suggest that the key distinction between the two companies lies in their capital structure rather than profitability or dividend policy, reflecting different financial management strategies within Indonesia’s property sector.

The Indonesia Stock Exchange (IDX) provides public access to investment. Investors can invest in various companies through publicly listed securities using capital market processes to obtain returns and dividends. To obtain returns and dividends, investors first read the company's financial statements to avoid losses. Aiming to provide empirical evidence, this study analyzed non-financial corporations listed on the IDX between 2020 and 2023 to determine the impact of financial performance on dividend policy, along with company size as a moderating variable. This research employed a quantitative approach and purposive sampling for data selection, which was updated in line with predetermined indicators. Over four years, 147 different companies served as study samples. The study used warpPLS 7.0 as a data analysis tool and combined outer and inner models to evaluate independent variable hypotheses and moderating hypotheses. The study found that liquidity plays a role in dividend policy, profitability plays a role in dividend policy, activity plays a role in dividend policy, and only solvency does not play a role in dividend policy. It was also found that company size does not moderate the relationship between liquidity and dividend policy, but it does moderate the relationship between profitability and dividend policy. Company size also does not moderate the relationship between activity and dividend policy, and does not strengthen the relationship between solvency and dividend policy.

The progressive dynamics of the Indonesia Stock Exchange (IDX) encourage accurate and optimized financial statement audits. Every listed company is required to prepare financial statements in accordance with accounting standards and have them verified by independent auditors registered with the capital market authority. Auditing for publicly listed companies demands high responsibility, motivating firms to improve professional standards, including maintaining timeliness in audit reporting. One of the sectors under focus is the oil, gas, and coal subsector, where some companies experience delays in financial reporting, known as audit delay. Factors influencing these delays include firm size and solvency. This study aims to analyze the effect of firm size and solvency on audit delay in companies within the oil, gas, and coal subsector listed on the IDX from 2021 to 2024. The study sample consists of 13 companies meeting the research criteria during this period. Purposive sampling was employed, and data were analyzed using classical assumption tests and multiple linear regression with SPSS version 27. Results indicate that firm size has a significant negative effect on audit delay, while solvency does not have a significant partial effect. Simultaneously, firm size and solvency significantly influence audit delay, suggesting that both variables collectively affect the timeliness of financial statement submission.