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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.

The Indonesian Archipelagic Sea Lane II (ALKI II) constitutes a strategic route stretching from the Sulawesi Sea to the Indian Ocean with trade values reaching USD 1.5 million daily and traversed by more than 36,773 vessels annually. The complexity of maritime security threats in this region has increasingly intensified following the relocation of the capital city to East Kalimantan, thereby demanding an effective decision support system to assist Indonesian Warship Commanders in making operational decisions that are rapid, accurate, and in accordance with applicable legal provisions. This research employs a qualitative approach through in-depth interviews with four maritime expert sources, with data analysis using NVivo 12 software. Analysis results identified maritime operational complexity and the urgent need for a comprehensive decision support system. These findings subsequently served as guidance in designing a Decision Support System (DSS) with a tab-based interface that integrates international legal frameworks such as UNCLOS 1982, Law No. 3/2025 on TNI, and related national regulations to generate structured action recommendations along with their legal foundations. Research findings demonstrate that the developed DSS successfully integrates operational, legal, and situational aspects to support decision-making that is rapid, accurate, and legally compliant. This system has proven to enhance the effectiveness of Indonesian Warship Commanders in addressing the complexity of maritime security (KAMLA) challenges in ALKI II through the provision of legally-based action recommendations from national and international frameworks accessible in realtime during operational situations.  

Magelang City faces the challenge of limited land availability, with a total area of only 18.58 km2 and a high population density. Consequently, telecommunications infrastructure development requires a precise strategy. This study aims to analyze the business model and investment feasibility of Pole and Greenfield type telecommunication towers in Magelang City. Using a descriptive quantitative approach, this research processes secondary data from PT Dayamitra Telekomunikasi Indonesia by applying feasibility analysis based on Life Cycle Costing (LCC), Net Present Value (NPV), Internal Rate of Return (IRR), Break-Even Point (BEP), Payback Period (PP), and Benefit-Cost Ratio (BCR). The results indicate significant differences in cost structures; Pole towers proved to be more efficient, requiring an initial capital outlay of only 28.8% of the total capital required for Greenfield towers. Greenfield towers generated an NPV of Rp13.07 billion with an IRR of 20%, while Pole towers generated an NPV of Rp2.46 billion with a higher IRR of 23%. Pole towers have proven to offer a faster return on investment and better operational cost efficiency, making them the most strategic option to support network densification and the implementation of 5G technology in urban areas with spatial constraints like Magelang City.

Accountability in preparing financial reports is a crucial instrument for the sustainability of business entities, because inaccurate financial data management can hinder decision-making and harm business performance in the future. For MSME actors in the PKK Tanggamus community, strengthening financial reporting competence is an urgent need so they can map expenditure structures, record income, calculate profit, and evaluate business development periodically. This community service activity aims to improve participants’ financial discipline, particularly in separating personal assets, business capital, and gross profit, while introducing accessible office technology. The training focused on optimizing LibreOffice Calc as an alternative to Microsoft Excel with similar functions for creating transaction tables, cost recapitulations, and simple financial reports. The activity method included material presentation, software demonstrations, report preparation practice, and interactive discussions based on participants’ business needs. Training results showed high enthusiasm, improved understanding, and readiness to use LibreOffice Calc as a more organized, transparent, and sustainable financial recording tool. Thus, this activity provides practical contributions to building an accountable financial administration culture for community-based MSMEs.

This study aims to analyze the comparison of financial distress levels measured using the Current Ratio (CR) and the Altman Z-Score model and their relationship with stock returns in PT Charoen Pokphand Indonesia Tbk and PT Japfa Comfeed Indonesia Tbk during the period 2020–2025. The research method used is a quantitative approach with a comparative design, and the sampling technique applied is purposive sampling. Data analysis was conducted using descriptive statistics and multiple linear regression.The results indicate that there is no statistically significant difference between the two companies in terms of hal Likuidity (Current Ratio) dan Financial Distress (Altman Z-Score). Descriptively, CPIN has an average Current Ratio of 1.959 and a Z-Score of 3.700, while JPFA shows slightly lower values but remains within the safe zone. Furthermore, regression results reveal that liquidity and financial distress do not have a significant effect on stock returns. Both companies are classified in the safe zone, indicating a healthy financial condition and low risk of financial distress, while stock returns tend to be volatile and influenced by external factors.The study recommends that companies maintain a balance between liquidity, profitability, and capital structure to sustain financial stability. Investors are advised to consider not only financial ratios but also external factors in decision-making. Future researchers are encouraged to expand the sample size and include additional variables to obtain more comprehensive results.

This study aims to analyze the role of online sales in maintaining the financial stability of Micro, Small, and Medium Enterprises (MSMEs) in West Sumatra, Indonesia. The increasing adoption of digital channels, such as marketplaces, social media, messaging applications, live selling, and digital payment systems, has transformed online sales into not only marketing tools but also mechanisms that may affect cash flow continuity and business sustainability. Despite their growing importance, empirical evidence regarding the contribution of online sales to MSME financial stability remains limited. This study employs a quantitative explanatory research design. The population consists of MSME owners in West Sumatra who utilize online sales, while purposive sampling was used to select respondents who had engaged in online selling for at least one year and maintained cash flow records. Data were collected from 102 respondents through a structured questionnaire using a five-point Likert scale and analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM). The findings reveal that online sales have a positive and significant effect on financial stability, with a path coefficient of 0.632, a t-value of 9.214, and a p-value below 0.001. These results indicate that effective use of online sales enhances cash flow continuity, income regularity, working capital adequacy, and financial resilience. However, the benefits depend on disciplined management of digital costs, discounts, platform fees, shipping expenses, product returns, and cash flow records. This study contributes to MSME digitalization literature by highlighting online sales as a strategic instrument for strengthening financial stability rather than merely a marketing channel.

This study aims to analyze the consumptive culture of students in following trends using Karl Marx’s social class theory perspective. The phenomenon of consumptive behavior among students is no longer based on rational needs but is influenced by social, economic, and digital technological developments. This research uses a qualitative approach with a library research method by collecting and analyzing various relevant literature sources. The findings indicate that students’ consumptive behavior is part of modern capitalism mechanisms that shape consumption patterns through class relations, digital media, and social identity construction. From Marx’s perspective, consumption functions as a tool for reproducing the capitalist system that maintains social inequality, while Herbert Marcuse’s perspective reinforces that modern consumption is driven by “false needs” constructed through media and industry. In addition, factors such as family socioeconomic status, social environment, digital media, and the need for social recognition also strengthen students’ consumptive behavior. Therefore, student consumptive culture can be understood as a multidimensional phenomenon resulting from the interaction between economic, social, and ideological structures in modern society.

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 analyze the socio-economic characteristics, income levels, and welfare levels of business actors at Lake Sipin Tourism, Jambi City. A descriptive survey approach was employed, involving 50 business actors as the sample selected through a saturated sampling technique. Data were collected using structured questionnaires, while descriptive analysis based on criteria established by the Central Statistics Agency was applied as the primary analytical tool. The findings reveal that the socio-economic profile of business actors is predominantly female, with an average age of 42 years, a senior high school educational background, and operating food-based businesses independently with considerably limited capital. In terms of income, the average monthly net income of Rp2,486,000 falls within the moderate category according to the Central Statistics Agency criteria, although 40% of respondents still belong to the low-income group. Meanwhile, the welfare level was measured through the proportion of food consumption expenditure relative to total household expenditure, which reached 48.41% per month, placing the majority of business actors within the moderate welfare category overall.

This community service activity aims to increase the business capacity of the wood ear mushroom food MSME through integrated mentoring on business legality and access to financing. The subject of the activity was the Brother Farm MSME in Kediri Regency, which initially ran its business informally without adequate legality and had limited access to formal financing. The method used was a participatory approach with activity stages including: initial observation and problem identification, mentoring in creating a Business Identification Number (NIB), mentoring in understanding halal certification, mentoring in processing Fresh Food of Plant Origin (PSAT) permits, and education on access to financing through the People's Business Credit (KUR) scheme. Data collection techniques were carried out through observation, interviews and documentation, while data analysis used a qualitative descriptive approach by comparing conditions before and after mentoring. The results of the activity showed that the MSME successfully obtained business legality in the form of a Business Identification Number and Fresh Food of Plant Origin permits and experienced an increase in understanding regarding halal product guarantees and access to formal financing. This integrated mentoring had a positive impact on increasing consumer confidence, expanding market opportunities, and business readiness in accessing capital. Thus, this activity is able to encourage business transformation towards a more formal, structured and sustainable condition (SDG 8 and SDG 12) thereby contributing to increasing the competitiveness of food MSMEs.

This study examines the effect of transfer pricing, thin capitalization, and intangible assets on tax avoidance among manufacturing companies listed on the Indonesia Stock Exchange (IDX) during 2022-2024. Using a purposive sampling method, 90 firms were selected, yielding 262 firm-year observations after removing 8 outliers from an initial pool of 270. Tax avoidance is proxied by the Cash Effective Tax Rate (CETR); transfer pricing by the Related Party Transaction ratio (RPT); thin capitalization by the Debt-to-Equity Ratio (DER); and intangible assets by the ratio of intangible assets to total assets. The results indicate that transfer pricing has a significant negative effect on tax avoidance, thin capitalization has a significant negative effect on tax avoidance, and intangible assets do not significantly affect tax avoidance. The model is jointly significant (F = 25.422; p < .001) with an Adjusted R² of 21.92%, indicating that 21.92% of the variation in tax avoidance is explained by the three independent variables. These findings carry important implications for tax authorities seeking to strengthen oversight of related-party transactions and the capital structures of multinational enterprises.

This study aimed to analyze the influence of capital structure, liquidity, activity, and dividend policy affect firm value in the food and baverage manufacturing sub-sector listed on the Indonesia Stock Exchange during 2022-2024. The research uses secondary data drawn from financial reports. From a population of 99 listed companies for the 2022-2024 period, purposive sampling yielded 19 companies as the study sample. A quantive approach was applied, using multiple linear regression for analysis. Data processing and analysis were conducted with Microsoft Excel 2022 and IBM SPSS version 27. The findings indicate the capital structure has a positive and statistically significant effect on firm value. While liquidity, activity, and dividend policy show no significant effect.  

The consumer non-cyclical sector in Indonesia has continued to demonstrate a growing contribution to the national economy,given that this sector is directly related to the provision of goods needed by the community on a daily basis. This study aims to determine the partial effects of Sales Growth, Asset Structure, Company Size, and Profit on Capital Structure. The population determination technique used non-probability sampling, specifically purposive sampling, with a research pupulation of 129 companies in the non-cyclical consumer sector and a research sample of 74 companies in the non-cyclical consumer sector, with analysis using multiple linear regression through SPSS version 27 and Microsoft Office 2024. The results indicate that Sales Growth does not affect Capital Structure, Asset Structure has a positive and significant effect on Capital Structure, Company Size does not affect Capital Structure, and Profitability has a negative and significant effect on Capital Structure

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 examines the effect of capital structure, dividend policy, and firm size on firm value at PT Adhi Karya (Persero) Tbk during the period 2014–2024. The company’s firm value has shown fluctuations and a declining trend despite an increase in total assets, indicating a mismatch between asset growth and market perception. This study aims to analyze the influence of internal financial factors on firm value, both partially and simultaneously. A quantitative approach is employed using secondary data obtained from the company’s annual financial statements. Capital structure is measured using the Debt to Equity Ratio (DER), dividend policy using the Dividend Payout Ratio (DPR), firm size using the natural logarithm of total assets, and firm value using Tobin’s Q. Data are analyzed using multiple linear regression with the assistance of SPSS, supported by classical assumption tests, t-test, F-test, and coefficient of determination (R²). The results show that partially, capital structure and dividend policy do not have a significant effect on firm value, while firm size has a significant effect. Simultaneously, all independent variables have a significant effect on firm value. The findings indicate that firm size plays a dominant role, while other factors may also influence firm value beyond the model.

This study was conducted to evaluate the impact of financial performance, capital structure, and good corporate governance on entities. The approach used is quantitative with a causal associative method. The research observations utilize secondary data sourced from the financial statements of entities listed on the stock exchange during the 2020–2023 period. The research sample was determined using a purposive sampling technique based on predefined criteria, totaling 160 observations. The analytical method employed is multiple linear regression, preceded by classical assumption tests. The results reveal that financial performance and good corporate governance have a positive and significant effect on the quality of financial statements, while capital structure has a significant negative effect. Simultaneously, the three independent variables are proven to significantly affect the quality of financial statements, with a coefficient of determination of 68%. These findings support agency theory and signaling theory in explaining the financial reporting behavior of entities. The implications of this study indicate that improving financial performance and implementing good corporate governance can enhance the quality of financial statements. Furthermore, optimal management of capital structure is also necessary to reduce the risk of financial statement manipulation.

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.

The increasingly tight competition in the textile and garment industry has led to the optimal management of capital structure and microfinance to increase the value of the company. This study aims to analyze the influence of microfinance and capital structure on the value of the company with profitability as an intervening variable. The method used is a quantitative method with secondary data obtained from the financial reports of textile and garment companies registered in the Indonesian Financial Services Authority for the period 2020–2024. Data analysis was conducted using Structural Equivalence Modeling-Partial Least Square (SEM-PLS). The results of the study indicate that microfinance has a positive and significant effect on profitability and firm value. Meanwhile, capital structure has a positive but insignificant effect on profitability and a negative and insignificant effect on firm value. Profitability is proven to have a positive and significant effect on firm value, but is unable to mediate the influence of microfinance and capital structure on firm value. Thus, the findings of this study confirm that profitability fails to be an integrating variable.

This study aims to analyze the comparison of equity-based financing decisions and sukuk from the perspective of Sharia principles in companies in Indonesia. The development of the Islamic capital market in Indonesia shows a significant increase in the use of financing instruments that comply with Islamic principles, thereby encouraging companies to consider funding alternatives that are not only financially efficient but also Sharia-compliant. In the framework of Sharia financial management, capital structure decisions must consider the prohibition of usury, the principle of risk sharing, fairness in risk distribution, and contract certainty. This research uses a qualitative approach with a literature study method thru the analysis of various scientific journals, regulations, and academic sources related to capital structure theory, the concept of Sharia equity, and the characteristics of corporate sukuk in Indonesia. The study results indicate that equity-based financing provides flexibility in capital structure and reflects a risk-sharing mechanism, but it has the potential to cause ownership dilution. Meanwhile, sukuk offers asset-based financing with a clear contractual structure and does not dilute company ownership, although it requires an underlying asset and a more complex issuance process. Comparatively, both instruments have Sharia legitimacy as long as they meet the screening requirements and contract structures applicable in Indonesia. This research emphasizes that corporate financing decisions in Indonesia need to consider the balance between financial efficiency and compliance with Sharia principles.