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Nilai perusahaan merupakan salah satu indikator utama yang mencerminkan tingkat keberhasilan manajemen dalam mengelola sumber daya keuangan perusahaan. Beberapa penelitian menyebutkan bahwa likuiditas, profitabilitas, dan leverage memiliki pengaruh terhadap niali perusahaan. Penelitian ini menggunakan pendekatan kuantitatif dengan metode penelitian asosiatif kausal, yaitu penelitian yang bertujuan untuk mengetahui hubungan dan pengaruh antara dua variabel atau lebih.  Berdasarkan hasil penelitian dan pembahasan mengenai pengaruh likuiditas, profitabilitas, dan leverage terhadap nilai perusahaan menunjukkan Likuiditas berpengaruh positif dan signifikan terhadap nilai perusahaan. Profitabilitas berpengaruh positif dan signifikan terhadap nilai perusahaan. Leverage tidak berpengaruh signifikan terhadap nilai perusahaan. Likuiditas, profitabilitas, dan leverage secara simultan berpengaruh signifikan terhadap nilai perusahaan.

Tax avoidance presents a unique challenge, as it is morally acceptable and does not violate the law, yet it is detrimental to the government. There are loopholes (grey areas) in the tax code that are exploited. To further examine the influence of factors including institutional ownership, audit committees, firm age, and debt (leverage) on tax avoidance, this study aims to gather data. The analysis uses multiple regression at a 5% significance level on data obtained from 177 of 59 consumer goods sector companies listed on the IDX for the 2022–2024 period. A partial and statistically significant relationship was found between fiscal policy and factors such as firm age, institutional ownership, audit committees, and leverage. Penghindaran pajak menghadirkan tantangan khusus, karena secara moral dapat diterima serta tidak pemerintah tidak melanggar hukum, namun merugikan pemerintah. Ada celah (grey area) dalam kode pajak yang dimanfaatkan. Guna mempelajari lebih lanjut berkaitan dengan berpengaruhnya faktor termasuk kepemilikan institusional, komite audit, firm age, serta utang (leverage) atas penghindaran pajak, penelitian ini bermaksud untuk mengumpulkan fakta. Analisis menggunakan regresi berganda pada tingkat signifikansi 5% pada data yang diperoleh sebanyak 177 dari 59 perusahaan sektor barang konsumsi terdaftar di BEI periodisasi 2022-2024. Ditemukan hubungan parsial serta sinifikan secara statistik kebijakan fiskal serta faktor seperti umur perusahaan, kepemilikan institusional, komite audit, serta leverage.

This study aims to examine the effect of working capital efficiency and leverage on profitability and its implications for firm value in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2025 period. The post-COVID-19 pandemic condition has increased operational risks for manufacturing companies due to fluctuations in interest rates, exchange rates, cash management, inventories, and receivables. Therefore, companies are required to implement more effective financial strategies to maintain competitiveness. Profitability is positioned as an intervening variable because previous studies showed inconsistent results regarding the relationship between working capital efficiency, leverage, profitability, and firm value. This research uses a quantitative approach with path analysis to examine direct and indirect relationships among variables. The population consists of all manufacturing companies listed on the IDX, while the sample includes 45 companies selected from 270 firms using purposive sampling based on specific criteria, such as consistent listing and financial performance. The results indicate that working capital efficiency has a significant positive effect on profitability, leverage has a significant negative effect on profitability, profitability significantly increases firm value, and profitability fully mediates the effect of working capital efficiency and leverage on firm value. These findings provide theoretical and practical implications for managers and investors in financial decision-making.

Online gambling has become an important phenomenon in today's society, influencing various aspects of social and cultural life. This research aims to explore the impact of online gambling on the formation of global identity and the changes occurring within modern society. Using a descriptive qualitative method, data were collected through interviews with five students in Tanjung Pinang. The findings indicate that online gambling not only alters the way people interact but also leads to shifts in social values, evident in the rise of consumerist and individualistic culture. While there are negative effects, such as addiction and a decline in the quality of social relationships, online gambling also presents opportunities in the digital economy. This study recommends the need for better regulation and educational programs to raise public awareness about the risks associated with online gambling, as well as to leverage its potential benefits. Thus, this research is expected to provide a deeper understanding of the role of online gambling in shaping global identity and the dynamics of modern society.

This study aims to analyze the effects of profitability, leverage, liquidity, firm size, and the audit committee on sustainability reporting in energy-sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. This research is motivated by the increasing demand for corporate transparency and accountability regarding economic, environmental, and social impacts. The study uses secondary data from annual reports and sustainability reports, employing purposive sampling. The data were analyzed using multiple linear regression, corrected with the Newey-West method to account for violations of classical assumption tests. The results show that profitability, firm size, and the audit committee have positive and significant effects on sustainability reporting, while liquidity has a negative and significant effect. Meanwhile, leverage does not affect sustainability reporting. These findings support stakeholder theory, which posits that companies with strong financial performance and effective governance tend to enhance the disclosure of sustainability information. This study is expected to inform management and investors in their decision-making.

The rapid advancement of digital technology has compelled business owners to leverage social media as a core marketing and communication tool. Facebook remains a powerful platform to sustain customer relationships through targeted product information delivery and intensive online interactions. Concurrently, customer testimonials serve as critical social proof that directly alters consumer perceptions and enhances organizational trust. This study aims to empirically examine the influence of Facebook social media marketing and customer testimonials on customer trust at Dealer Raja Jaya Motor Maumere. Operating within a quantitative survey framework, data were gathered through structured questionnaires distributed to 100 verified customers and processed via multiple linear regression using SPSS. The findings demonstrate that both Facebook social media and customer testimonials exert a positive and statistically significant impact on customer trust, both partially and simultaneously.

The establishment of national territorial boundaries is a strategic priority to safeguard sovereignty, maintain security stability, and strengthen bilateral relations between Indonesia and Malaysia as well as Timor-Leste. As of 2024, there remain nine Outstanding Boundary Problems (OBP) with Malaysia and two unresolved segments with Timor-Leste. These issues stem from the continued relevance of outdated colonial agreements, limited diplomatic capacity, weak inter-agency coordination, and minimal support from modern surveying technology. Based on an analysis of four policy alternatives using the criteria of effectiveness, efficiency, and long-term impact, the Strengthening of Intensive Bilateral Diplomacy has been identified as the priority policy. Implementation is directed to the Badan Nasional Pengelola Perbatasan (BNPP) as the main coordinator, supported by regulatory frameworks, diplomatic resources, and cross-ministerial/institutional coordination. Through this strategy, the resolution of pending boundary segments can be accelerated, legal certainty over national territory can be strengthened, security stability in border areas can be improved, and bilateral relations can become closer. Furthermore, Indonesia needs to strengthen diplomatic strategies, leverage technology, and enhance inter-agency coordination to accelerate the resolution of national border disputes. This policy directly contributes to achieving territorial sovereignty and sustainable development toward Indonesia Vision 2045.

Abstract This study aims to analyze the level of digital literacy among students of the Islamic Religious Education (PAI) study program at State Islamic Higher Education Institutions (PTKIN) and its implications for the quality of their understanding of fiqh al-ibadah. Employing a descriptive qualitative approach with data collection techniques comprising comprehensive literature study and analysis of student digital behavior trends, this research identifies two poles interacting dynamically: on one hand, the expansion of access to religious content through digital platforms has opened unprecedented opportunities for democratizing Islamic jurisprudence knowledge; on the other, the tendency toward instant content consumption potentially reduces depth of understanding of ijtihad methodology and classical fiqh epistemology. Findings indicate that PAI students generally possess adequate technical digital skills, yet remain weak in the critical literacy dimension namely the ability to evaluate the validity, authority, and religious context of digital sources. This phenomenon produces a literacy paradox: students who appear "digitally literate" operationally are paradoxically vulnerable to fragmented and superficial fiqh understanding. This study recommends integrating critical digital literacy education into the PAI curriculum at PTKIN  not as an elective add-on, but as a core competency embedded inseparably within the broader process of fiqh learning. Only through this approach can PAI students leverage digital platforms optimally as tools that strengthen, rather than replace, the structured and methodological tradition of Islamic scholarship

One of the most actively traded and liquid stock groups in the capital market is the LQ45 index, which consistently attracts investor attention due to its strong market capitalization and transaction volume. This study aims to analyze the influence of financial performance and financial management strategies on firm value among companies listed in the LQ45 index on the Indonesia Stock Exchange during the 2018–2022 period. The study population consisted of 73 LQ45-indexed companies, with purposive sampling used to select 23 companies that met the research criteria. This research employed a quantitative approach using path analysis to examine both direct and indirect relationships among variables. The findings indicate that profitability and leverage have a positive and significant effect on firm value. In addition, profitability and leverage also positively influence firm size, indicating that companies with stronger profitability and effective debt management tend to expand their operational scale. However, firm size does not significantly affect firm value and is unable to mediate the relationship between profitability, leverage, and firm value. These results suggest that investors place greater emphasis on profitability and leverage indicators than company size when evaluating firm value in LQ45 companies. Therefore, effective financial performance remains the primary factor in enhancing corporate value and investor confidence.

The Indonesian capital market has become a vital pillar of the national economy, providing opportunities for companies to obtain funding while simultaneously providing an investment vehicle for the wider community. In this context, stocks are the most sought-after instrument due to the potential returns they offer. However, stock investment is constantly faced with uncertainty, with fluctuating stock prices often presenting challenges for investors, especially those without a thorough understanding of the company's fundamental performance. An interesting phenomenon, the starting point of this research, is the quite extreme price movements of BIPI shares over the past decade. From 2015 to 2021, BIPI's share price remained stagnant at Rp 50 per share, a condition often referred to by market participants as "gocap" (goat capit). This condition reflects low investor interest in the company's shares, possibly due to high risk perceptions or unconvincing fundamental performance.

This systematic literature study conducts a comparative analysis of Reliability-Centered Maintenance (RCM) and Total Productive Maintenance (TPM) in manufacturing, and proposes an integrated hybrid model. The research concludes that RCM and TPM are fundamentally distinct methodologies: RCM excels in risk-based, analytical management of complex, high-criticality assets, while TPM is superior for achieving broad-based productivity gains and cultural empowerment through total employee involvement. The effectiveness of each approach is contingent upon factors such as asset characteristics, organizational culture, data availability, and level of automation. To leverage their complementary strengths, the study proposes the Synergistic RCM-TPM Hybrid Model (SRTHM). This framework advocates for a sequential implementation where TPM establishes the foundational operational stability, discipline, and data culture, upon which selective RCM analysis is applied to critical assets for precision risk management. The model incorporates explicit feedback mechanisms to create a continuous organizational learning cycle. The study provides a contingency framework for methodology selection and a practical roadmap for integration, offering theoretical and practical guidance for building more resilient and context-appropriate maintenance systems in modern manufacturing.

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

Dividend payment is an important financial decision that reflects a company’s performance and prospects from the perspective of investors. However, companies included in the LQ45 index still experience fluctuations in dividend payment policies from year to year. This study aims to analyze the effect of leverage, firm size, profitability, and liquidity on dividend payments of companies listed in the LQ45 index on the Indonesia Stock Exchange (IDX) during the 2023–2024 period. This research employs a quantitative approach using secondary data obtained from published financial statements. The sample was selected using a purposive sampling method, resulting in 33 companies with a total of 60 observations. Data analysis was conducted using panel data regression with the assistance of SPSS software. Leverage is measured by the Debt to Asset Ratio (DAR), firm size by the natural logarithm of total assets (LnTA), profitability by Return on Assets (ROA), liquidity by the Current Ratio (CR), and dividend payment by the Dividend Payout Ratio (DPR). The results show that leverage, firm size, profitability, and liquidity simultaneously have a significant effect on dividend payments. Partially, firm size and profitability have a positive and significant effect on dividend payments, while leverage and liquidity do not have a significant effect. These findings indicate that companies with larger firm size and higher profitability tend to have a greater ability to distribute dividends to investors.

Penelitian ini menganalisis penerapan Break Even Point dan margin kontribusi pada UMKM berbasis ekonomi biru dengan mengambil kasus UMKM "Dunia Laut" di Kedung Cowek, Surabaya. Metode yang digunakan adalah pendekatan kualitatif melalui wawancara mendalam, observasi langsung, dan dokumentasi keuangan yang kemudian dianalisis secara deskriptif dengan validasi triangulasi. Hasil penelitian menunjukkan bahwa UMKM ini memiliki BEP yang tidak tetap, melainkan berubah-ubah mengikuti musim penangkapan ikan dan kondisi cuaca. Margin of safety berada dalam kondisi yang cukup rentan meskipun masih dalam batas aman, sedangkan degree of operating leverage tergolong tinggi yang berarti laba sangat sensitif terhadap perubahan volume penjualan. Strategi diversifikasi produk dengan margin kontribusi yang bervariasi antara 25-45% terbukti dapat menjaga stabilitas keuangan walaupun biaya transportasi meningkat pada saat cuaca buruk. Penelitian ini menemukan perbedaan mendasar antara UMKM maritim dengan UMKM konvensional, terutama dalam hal dinamika BEP dan struktur biaya operasional. Secara praktis, penelitian ini merekomendasikan penerapan sistem prediksi musiman untuk perencanaan produksi, optimalisasi portofolio produk, pembangunan kemitraan strategis dengan nelayan lokal, dan perlunya dukungan infrastruktur dari pemerintah. Dari sisi teoritis, penelitian ini memberikan kontribusi pada literatur akuntansi manajemen dengan memperkenalkan konsep BEP dinamis khususnya pada sektor maritim.

This study discusses the four pillars of digital transformation that are currently changing the business landscape in Indonesia, namely the digital ecosystem, digital twin technology, open innovation framework, and agile transformation. This study aims to identify and explain the key concepts underlying digital business innovation and its impact on business development in the modern era. The method used is a literature study with descriptive analysis of various primary and secondary sources related to digital innovation. The findings show that the application of these four pillars drives operational efficiency, increased cross-sector collaboration, accelerated product and service innovation, and increased business competitiveness. The implications of this study emphasize the importance of adopting a holistic digital strategy for companies to survive and thrive in an increasingly competitive and dynamic market. By understanding and implementing these pillars of digital transformation, Indonesian businesses can leverage the latest technologies to create innovative and sustainable business models.

This study aims to analyze the influence of internal company factors, including company size, networking capital, operating efficiency, liquidity, and leverage, on financial performance, proxied by Return on Assets. The research population includes 40 food & beverage subsector companies listed on the Indonesia Stock Exchange during the 2019–2024 period. Using purposive sampling, 17 sample companies were selected, yielding a total of 102 data observations. This study adopts a quantitative approach, using secondary data obtained from the company's annual financial statements. Data analysis was performed using multiple linear regression to identify partial and simultaneous influences between variables. Empirical findings show that not all internal factors exert a uniform influence on financial performance, as some variables have been shown to have a significant influence, while others do not show a statistically significant relationship. These results have important implications for managers and investors in formulating internal management strategies to drive sustainable profitability

This research analyzed the influence of liquidity, leverage, profitability, sales growth, and firm size on cash holdings. The research is quantitative, using secondary data from annual financial reports of primary consumer industries listed on the Indonesia Stock Exchange from 2022 to 2024. Liquidity is measured by the Current Ratio, which is calculated as current assets divided by current liabilities. Leverage, proxied by the Debt-to-Equity Ratio, is measured by total liabilities divided by total equity. Profitability, proxied by Net Profit Margin, is calculated using the formula operating profit divided by sales. Sales Growth is measured as the current total sales minus the previous total sales, divided by the previous total sales, expressed as a %. Firm Size is proxied by the natural logarithm of total assets. Meanwhile, Cash Holding is measured by cash and cash equivalents divided by total assets. This research was conducted using a sample of 174 data points from 58 companies; outliers were removed, resulting in 159 data points from 53 companies. The sampling was done using purposive sampling. The research results indicate that liquidity has a positive effect on cash holding. Leverage has a negative effect on cash holding. Profitability has a positive effect on cash holding. Sales growth has a positive effect on cash holdings. Firm size has a positive effect on cash holding.

This study investigates the impact of social support and learning motivation on students' desire to pursue higher education at SMA Negeri 4 in South Tangerang City. It employs a quantitative design through survey methods, collecting data via a Google Form questionnaire from 84 participants, with instruments validated and tested for reliability using SPSS version 27. Analysis involved simple and multiple linear regression, supplemented by t-tests for individual effects and F-tests for combined influences. Social support (X1) significantly affects interest in further education (Y), showing a regression coefficient of 1.521 (p = 0.000) and R² of 0.649. Learning motivation (X2) likewise exerts a strong positive influence on interest in higher education (Y), with a coefficient of 1.307 (p = 0.000) and R² of 0.691. Together, these factors significantly predict students' interest (F = 106.418, p = 0.000), explaining 72.4% of the variance (multiple R² = 0.724), while 27.6% stems from unexamined variables. These results highlight the critical role of social support and robust learning motivation in boosting students' aspirations for advanced studies. Schools, families, and policymakers can leverage these insights to craft targeted initiatives for enhancing postsecondary enrollment. These results highlight the critical role of social support and robust learning motivation in boosting students' aspirations for advanced studies. Schools, families, and policymakers can leverage these insights to craft targeted initiatives for enhancing postsecondary enrollment.

This study aims to determine the effect of green accounting, profitability, leverage, and company size on tax aggressiveness. The population in this study is energy sector companies listed on the Indonesia Stock Exchange for the financial reporting period 2020-2024. The sampling technique used in this study is purposive sampling, and a sample of 35 companies was obtained. The analysis technique used is multiple linear regression analysis using SPSS version 22.0. The results of this study indicate that green accounting has a positive and significant effect on tax aggressiveness, profitability has a positive and significant effect on tax aggressiveness, leverage does not have a significant effect on tax aggressiveness, and company size does not have a significant effect on tax aggressiveness. The results show that green accounting and profitability have a positive and significant influence on tax aggressiveness, while leverage and firm size do not significantly influence tax aggressiveness. These findings provide insight that companies with a concern for environmental impacts tend to implement more aggressive tax policies, and that more profitable companies have an incentive to optimize their tax management.

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