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This study aims to examine the level of regional financial independence and various financial ratios in assessing the performance of regency and city governments in the Special Region of Yogyakarta (DIY) for the 2019–2024 period. The method employed is a descriptive qualitative approach supported by quantitative data in the form of Budget Realization Reports (LRA). Performance measurement was conducted through several key indicators, including independence, effectiveness, efficiency, and growth ratios. The results indicate that the level of fiscal independence remains relatively low, characterized by a high dependency on transfer funds from the central government. On the other hand, the effectiveness ratio shows good achievement, as most regions were able to meet their revenue targets, particularly from Local Own-Source Revenue (PAD). However, the efficiency of expenditure management remains uneven across regions. Furthermore, the revenue growth ratio shows fluctuations influenced by economic conditions, including the impact of the pandemic. Overall, regional financial performance still needs to be improved, especially in strengthening fiscal independence and optimizing PAD potential.

This study is intended to analyze the implementation of the value for money approach in assessing financial performance at RSUD Kota Tangerang during the period of 2022–2024. The research employs a descriptive quantitative approach using secondary data derived from budget realization reports. This analysis carried out using three main ratios: economy, efficiency, and effectiveness. The findings show that the hospital’s financial performance is categorized as economical, as reflected by economy ratios under 100% throughout the observed year. In terms of effectiveness, performance was considered effective in 2022 and 2023 but declined in 2024, indicating that the revenue target was not fully achieved. Meanwhile, efficiency performance remains suboptimal, as efficiency ratios exceed 100%, suggesting that the costs incurred are higher than the revenue generated. Overall, the hospital demonstrates the ability to manage its budget economically and achieve revenue targets, but still faces challenges in improving resource efficiency. Therefore, efforts are needed to optimize cost management and enhance service productivity to achieve a balance among economy, efficiency, and effectiveness in line with the value for money principles.

The assessment of a company's value is crucial for investors to identify its prospects and performance. Financial ratios such as the Current Ratio (CR) and Return on Assets (ROA) are used to analyze factors affecting the company's value. This study aims to analyze the impact of CR and ROA on company value in manufacturing companies within the Miscellaneous Industries sub-sector for the period 2015–2024. The study uses a quantitative approach with data from annual financial reports of companies listed on the Indonesia Stock Exchange. Data analysis is conducted using panel data regression with the Random Effect Model (REM) as the best model. The dependent variable is company value, measured by Price to Book Value (PBV), while the independent variables consist of CR and ROA. The results show that CR does not have a significant effect on company value, while ROA significantly affects company value. Simultaneously, CR and ROA are proven to significantly affect company value, indicating that the combination of liquidity and profitability plays an important role in explaining PBV variations. This finding suggests that investors pay more attention to profitability than liquidity in the Miscellaneous Industries sector.

This study aims to analyze the financial performance of the East Java Provincial Government based on the Budget Realization Report (LRA) for the 2022–2024 period. This study is important to assess the effectiveness of revenue achievement and the efficiency of regional expenditure management. The research method used is quantitative descriptive with secondary data in the form of Budget Realization Reports obtained through documentation techniques. Data analysis was performed using financial ratio analysis, namely effectiveness and efficiency ratios. The results show that the revenue performance of the East Java Provincial Government is in the highly effective category, as reflected in the realization of revenue that was able to reach and even exceed the budget target. However, regional expenditure performance is still considered inefficient because the realization of expenditure is close to the set budget. The conclusion of this study shows that even though revenue optimization has been achieved, the local government still needs to improve expenditure control so that regional financial management becomes more efficient in the future.

Regional government financial performance is a strategic indicator for assessing the success of regional autonomy implementation, particularly in managing public finances in an effective, efficient, transparent, and accountable manner. This study aims to analyze the financial performance of the Government of West Nusa Tenggara Province (NTB) during the 2018–2022 period using a regional financial ratio analysis approach. The research employs a descriptive quantitative method utilizing secondary data obtained from the Budget Realization Reports (LRA) and the Regional Government Financial Statements (LKPD) that have been audited by the Audit Board of the Republic of Indonesia (BPK). The analysis is conducted by calculating regional financial ratios, including the financial independence ratio, the effectiveness ratio of Regional Original Revenue (PAD), the efficiency ratio of regional finances, the activity ratio (expenditure harmony), and the revenue growth ratio. The results indicate that the financial performance of the Government of West Nusa Tenggara Province has generally improved. The regional financial independence ratio falls within the participatory category with an average value of 57.81%, reflecting a gradual reduction in dependence on central government transfer revenues, particularly in 2022. The effectiveness ratio of PAD is categorized as moderately effective, with an average of 92.84%, although it fluctuates due to increases in revenue targets that were not fully matched by actual revenue realization. The regional financial efficiency ratio consistently remains in the efficient category, indicating the local government’s ability to control expenditures relative to revenues. Furthermore, the activity ratio analysis shows a shift in expenditure composition from operating expenditure toward capital expenditure, indicating an increased orientation toward development and long-term investment. The growth ratio reveals a significant increase in PAD in 2022, accompanied by a decline in transfer revenue growth.

This study aims to measure the financial performance of the Government of West Java Province during the 2020–2024 period based on the analysis of the audited Budget Realization Reports. The research uses a descriptive quantitative approach with secondary data obtained from the Regional Financial Statements. Financial performance is measured through several ratios, namely the effectiveness ratio of Regional Original Revenue, regional financial efficiency ratio, regional financial independence ratio, and expenditure harmony ratio. The results show that the effectiveness of Regional Original Revenue fluctuated, with effective performance only in 2022 and 2024, while in other years it was categorized as ineffective. The efficiency ratio also indicated inconsistency, where inefficiency occurred in 2020, 2021, and 2023, and efficiency was achieved in 2022 and 2024. The regional financial independence ratio showed a relatively high level, reflecting low dependence on central government transfers, although there was a slight decline in 2023–2024. The expenditure harmony ratio indicated that budget allocation was still dominated by operational expenditure compared to capital expenditure. The findings imply the need for improving revenue optimization and more balanced expenditure allocation to support sustainable regional development.

A healthy and sustainable company is the primary measure of financial performance. Approaches such as financial ratios are not sufficient to assess financial performance; methods that provide a more comprehensive picture of a company's economic value creation are also needed. Economic Value Added (EVA) is one method that can be used in performance measurement. This study aims to determine the financial performance of PT Astra Otoparts Tbk from 2020–2023 using the Economic Value Added (EVA) method, through a quantitative descriptive approach. The annual financial reports of PT Astra Otoparts Tbk from 2020 to 2023 obtained from the official website of the Indonesia Stock Exchange and the company's official website are the data used in this study. The financial performance of PT Astra Otoparts Tbk from 2020 to 2023 is considered good based on the results of the study, because the company was able to generate a positive EVA value each year, indicating that the company has succeeded in creating economic added value for shareholders and maintaining its business continuity.

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 examine the effect of Corporate Social Responsibility (CSR) costs and financial characteristics on tax avoidance practices among publicly listed companies with the largest market capitalization in Indonesia. The study is motivated by Indonesia’s relatively low tax ratio compared to other emerging economies in the ASEAN region, which suggests the persistence of tax avoidance practices, particularly among large corporations. Grounded in legitimacy theory and agency theory, this research empirically investigates the influence of CSR costs, profitability, leverage, liquidity, activity ratio, growth ratio, and operating cash flow on tax avoidance. The research sample consists of 50 companies with the largest market capitalization listed on the Indonesia Stock Exchange over the 2020–2024 period, employing a census sampling method and unbalanced panel data. Secondary data were obtained from annual financial reports and analyzed using panel data regression techniques. Tax avoidance is measured using the Book-Tax Differences (BTD) approach, while model selection is determined through the Chow test, Hausman test, and Lagrange Multiplier test. The results indicate that, simultaneously, all independent variables have a significant effect on tax avoidance. Partially, the activity ratio has a negative effect on tax avoidance, whereas the growth ratio and operating cash flow have a positive effect on tax avoidance. Meanwhile, CSR costs, profitability, leverage, and liquidity do not show a significant effect. These findings suggest that asset utilization efficiency tends to restrain tax avoidance behavior, while corporate growth dynamics and strong operating cash flows encourage more aggressive tax management strategies. This study provides empirical evidence from an emerging market context and offers insights for tax authorities and regulators in designing more effective, risk-based tax supervision policies.

This study aims to assess the financial performance of the Sukoharjo Regency Government during the 2023-2024 period by employing cash flow statements as the primary analytical tool. Cash flow statements are considered essential as they provide a clear picture of liquidity conditions and the actual capacity of local governments to manage cash inflows and outflows. This research applies a descriptive quantitative approach using secondary data obtained from audited Budget Realization Reports and Cash Flow Statements. Financial performance is evaluated through revenue effectiveness ratios and expenditure efficiency ratios as key indicators of fiscal management. The results indicate that regional revenue realization consistently exceeded the established targets throughout the study period, placing revenue performance in the very effective category. This finding reflects the local government’s ability to maximize revenue potential during the post-pandemic economic recovery phase. However, the analysis of expenditure efficiency reveals that spending management has not yet reached an optimal level, as expenditure realization remained close to the allocated budget limits. These findings demonstrate that strong revenue performance does not necessarily correspond with efficient expenditure control. Consequently, local government financial performance should be evaluated comprehensively by integrating both revenue effectiveness and expenditure efficiency perspectives. This study contributes empirically to public sector accounting literature and offers practical insights for policymakers to strengthen budget control mechanisms and promote sustainable financial management at the regional level.    

The increasing intensity of business competition requires companies to maintain strong financial conditions to avoid financial distress that may disrupt business continuity. This study aims to assess the financial stability and predict the potential bankruptcy of PT Sido Muncul Tbk for the 2022–2024 period using the Altman Z-Score model. A descriptive quantitative approach was applied, utilizing secondary data obtained from annual reports published by the Indonesia Stock Exchange and the company’s official website. Five key ratios in the Altman model were used as indicators to evaluate the company’s financial position and resilience. The results show Z-Score values of 4.74 in 2022, decreasing slightly to 4.66 in 2023, and rising again to 4.79 in 2024. These scores are significantly above the safe threshold of 2.675, indicating that the company is in a healthy financial state with a very low risk of bankruptcy. Overall, PT Sido Muncul Tbk demonstrates stable financial performance, supported by a strong capital structure and consistent operational results. The Altman Z-Score model also proves to be an effective early-warning tool for identifying potential financial problems.

The development of digital banks and the operational losses still experienced by PT Bank Aladin Syariah Tbk necessitate a financial health analysis to assess the potential for financial distress. This study aims to assess the potential bankruptcy level of Bank Aladin for the period 2021–2024 using the Modified Altman Z-Score model. The research method is descriptive quantitative with secondary data from annual financial reports and OJK publications, which are analyzed through four main ratios, namely working capital, retained earnings, earnings before taxes, and equity value to total debt. The results show that the Z-Score values are well above the safety threshold, with the highest value of 17.764 in 2021 and the lowest of 9.422 in 2022, mainly driven by high liquidity and equity strength. Thus, it can be concluded that PT Bank Aladin Syariah Tbk is in the Safe Zone category and does not show any potential for bankruptcy during the research period, although an increase in profitability is still needed.

This study aims to analyze and evaluate the health level of PT Bank Mega Tbk during the 2016–2023 period using the Risk-Based Bank Rating (RGEC) method. This research employs a quantitative descriptive approach with an evaluative design. The data used are secondary data obtained from audited annual financial statements published by PT Bank Mega Tbk and the Indonesia Stock Exchange. The analytical method refers to regulatory provisions by Bank Indonesia and the Financial Services Authority, covering four assessment factors: Risk Profile (measured by Non-Performing Loan and Loan to Deposit Ratio), Good Corporate Governance (based on self-assessment reports), Earnings (measured by Return on Assets, Return on Equity, BOPO, and Net Interest Margin), and Capital (measured by Capital Adequacy Ratio). Each indicator is assessed according to regulatory criteria and integrated to determine the Composite Rating (PK). The results show that PT Bank Mega Tbk consistently achieved Composite Rating 1 (PK-1), categorized as “Very Healthy,” throughout the observation period. The Risk Profile, Capital, and most Earnings indicators demonstrate strong and stable performance, while Good Corporate Governance remains consistently in the “Healthy” category. However, the Return on Equity indicator shows relatively lower performance compared to other profitability ratios, indicating the need for more optimal utilization of equity. Overall, the findings confirm the bank’s strong financial resilience while highlighting managerial implications related to capital efficiency.

This study examines the inconsistency of merger and acquisition (M&A) impacts on financial ratio performance across sectors and evaluation methods. This literature review synthesizes ten empirical studies published between 2022 and 2025, focusing on financial indicators before and after M&A transactions. The findings show that the effect of M&A on financial performance varies widely depending on the industry context, time horizon, and analytical technique used. Studies in the technology and telecommunication sectors demonstrate significant improvements in profitability and operational efficiency, while research involving manufacturing and non-financial firms commonly reports insignificant changes in key ratios such as current ratio, total asset turnover, return on assets, and return on equity. Methodological differences also influence the reported outcomes, where long-term observations and comparative statistical testing tend to reveal a more pronounced financial impact compared to short-term assessment. These results indicate that M&A does not uniformly drive financial improvement and its success depends on post-integration strategy, sector dynamics, and measurement design. This study highlights the necessity of standardized evaluation frameworks to ensure more reliable performance interpretation in future M&A research.

This study analyzes the effect of financial ratios, namely Debt to Equity Ratio (DER), Current Ratio (CR), and Return on Assets (ROA), on stock price volatility in technology companies listed on the Indonesia Stock Exchange (IDX) for the period 2022-2024. Using a quantitative approach and secondary data from annual financial reports on the website www.idx.co.id, this study purposively selected a sample of technology companies that met the data completeness criteria. This study found that a high DER increases stock price volatility due to financial risk, while a high CR and ROA reduce stock price volatility by indicating good liquidity and profitability. This study concludes that financial ratios play an important role in predicting and managing investment risk in the technology sector. Therefore, financial ratio analysis is an important tool in risk mitigation and making more prudent investment decisions in the technology sector for companies listed on the Indonesia Stock Exchange (IDX). Multiple linear regression analysis is the analysis technique used in this study, and the analysis tool used is IBM SPSS Statistics 25. The technology sector listed on the IDX for the 2022-2024 period is the population in this study, and the number of samples collected is 73 data obtained using purposive sampling.

This study aims to determine the extent to which certain profitability ratios, such as ROA and ROE, influence bank health, moderating these variables using Good Corporate Governance reports. A quantitative approach is used in this study, and secondary data from previous years are required for testing, sourced from PT. BPR BKK Purwodadi's report data. These findings demonstrate that companies with high profitability have incentives to maintain bank health, as this reflects effective operational and managerial performance. Furthermore, organizations with good corporate governance (GCG) generally have greater resources and a robust organizational structure, providing them with more opportunities to maximize performance. This study is expected to provide new perspectives on bank health maintenance practices, particularly for business entities in the banking sector. Particularly in the strategically significant banking industry, the results of this study are crucial for authorities such as the Financial Services Authority (OJK) to understand the relationship between corporate profitability, good corporate governance (GCG), and bank health. This understanding helps in developing more appropriate policies to maintain economic stability and financial fairness. The emphasis on business entities in the regional government-owned banking sector (Perseroda) during 2020 to 2024, a dynamic period with economic fluctuations, banking policy transformations, and major geopolitical challenges, distinguishes this study.

The rapid development of Islamic banking in Indonesia faces significant challenges in maintaining liquidity and profitability amidst dynamic capital market conditions. The urgency of this study arises from the need to examine whether traditional financial ratios, such as the Financing to Deposit Ratio (FDR) and Return on Equity (ROE), play a decisive role in influencing investment decisions, which are proxied by the Price to Earning Ratio (PER). The main objective of this research is to empirically test the effect of liquidity and profitability, both partially and simultaneously, on investment decisions in Islamic commercial banks listed on the Indonesia Stock Exchange during the 2021–2025 period. This study adopts an associative design with a quantitative approach, utilizing secondary data from financial reports obtained from the IDX, and analyzed using multiple linear regression on 68 observation samples. The findings reveal that neither liquidity nor profitability significantly influence investment decisions, either partially or simultaneously. These results suggest that investors in the Islamic banking sector tend to prioritize non-financial factors such as sharia compliance, governance, macroeconomic conditions, and ESG trends, rather than conventional financial indicators. In conclusion, this research extends the understanding of the limitations of Signaling Theory in the sharia context and recommends the development of a more holistic investment evaluation model. Future studies are encouraged to incorporate non-financial variables for a more comprehensive analysis.

Thisl study aims lto determine lthe health llevel of lPT. Bank lSyariah Indonesia (lBSI) Tbk inl 2021-2024. The assessmentl indicators usedl in lthis study lare Capital, lAsset Quality, lManagement, Earning, andl Liquidity lor abbreviated las CAMEL. Thel Camel methodl is one of the factors lthat greatly ldetermines the healthl of la bank. Thisl study wasl conducted withl a lquantitative descriptive lapproach, namely usingl secondary ldata obtained lfrom library sources such as academic journals, government publications and annual lfinancial reports published lon the lcompany's officiall website, lby analyzing lthe CAR, lNPF, PDN, lROA, ROE, lBOPO, NI, land FDR lratios. The resultsl of thel study lshowed that lthe CAR lratio for the 2021-2024 periodl was given the predicatel "very lhealthy". The lNPF ratio lfor the 2021-2023l period was given thel predicate "lhealthy", whilel in 2024 lit was lgiven the lpredicate "veryl healthy". lThe PDN ratiol for thel 2021-2024 period lwas given lthe predicate "quite lhealthy". The ROAl ratio lin 2021-2024 was givenl the lpredicate "very healthy". lThe ROE lratio in 2021-2024 lwas given lthe predicate "lhealthy". The BOPO ratio in 2021-2024 lwas given lthe predicate "veryl lhealthy". The lNI ratio lin 2021-2024 lwas given lthe predicate "lhealthy". The lFDR ratio lin 2021 was lgiven the lpredicate "very lhealthy". However, inl 2022-2024 itl decreased and was givenl the lpredicate "healthy". lThe findings show lthat based lon these lindicators, the performance of Bank Syariahl Indonesial lTbkl in 2021-2024 was on average in the "very healthy" category, which indicates goodl financial health laccording to lthe overall lassessment.

This study provides a detailed equity analysis of the Deli Serdang Regency local government by evaluating its financial statements from 2020 to 2023 and interpreting results through the lens of International Financial Reporting Standards (IFRS) and public sector accounting principles. The analysis examines trends in assets, liabilities, and equity, computes key financial ratios, and discusses implications for fiscal sustainability, transparency, and governance. The study combines quantitative ratio and trend analyses with a qualitative review of notes to the financial statements and a reconciliation exercise mapping local government reporting (SAP/APBD disclosures) to IFRS/IPSAS concepts. Findings (illustrative data) show a positive but modest growth in equity, persistent dependence on intergovernmental transfers, and opportunities to improve asset valuation and liability recognition practices. The paper concludes with practical recommendations for policy-makers and local finance managers and suggests a road map for incremental IFRS-aligned reporting in the local government context.

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.