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This study aims to analyze the effect of capital structure, asset growth, and firm size on firm value in plastic and packaging sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Firm value is proxied by Price to Book Value (PBV), capital structure is measured using the Debt to Equity Ratio (DER), asset growth is measured by the asset growth ratio, and firm size is measured using the natural logarithm of total assets. This research employed an explanatory quantitative approach using secondary data obtained from financial statements, annual reports, and stock price data. The sample consisted of 11 companies observed over five years, resulting in 55 panel data observations. Data were analyzed using panel data regression through the Common Effect Model, Fixed Effect Model, and Random Effect Model, with model selection based on the Chow, Hausman, and Lagrange Multiplier tests. The results indicate that capital structure, asset growth, and firm size have no significant effect on firm value, either partially or simultaneously. These findings suggest that firm value in the plastic and packaging sub-sector is not sufficiently explained by financing structure, asset expansion, or company size. Investors are more likely to consider other factors, such as profitability, operational efficiency, cash flow, sales growth, raw material risk, and sustainability prospects. Therefore, companies should improve financial performance, asset efficiency, cost control, and sustainable innovation to enhance firm value.

Financial distress has become a critical issue for companies operating in highly competitive and capital-intensive industries, making effective corporate governance and the efficient utilization of intangible resources increasingly important for ensuring long-term financial sustainability. This study aims to examine the effect of Good Corporate Governance on Financial Distress and to investigate the mediating role of Intellectual Capital in this relationship. The research employs a quantitative explanatory approach using panel data from 23 energy and mining companies listed on the Indonesia Stock Exchange during the 2021–2024 period, resulting in 92 firm-year observations. Secondary data obtained from annual reports and financial statements were analyzed using descriptive statistics, classical assumption tests, panel regression analysis, and mediation analysis. The findings indicate that Good Corporate Governance has a significant negative effect on Financial Distress, suggesting that stronger governance practices improve financial stability and reduce the likelihood of financial difficulties. Intellectual Capital also demonstrates a significant negative effect on Financial Distress and partially mediates the relationship between Good Corporate Governance and Financial Distress. These findings imply that effective governance combined with the strategic management of intellectual resources enhances organizational resilience and supports sustainable corporate performance. The study contributes to the literature by integrating governance quality and intellectual capital into a single framework for explaining financial distress and provides practical insights for managers, investors, and policymakers in strengthening corporate sustainability.

This study investigates the relationship between green practices and corporate tax avoidance, focusing on green accounting, environmental performance, and corporate social responsibility (CSR) among 19 Indonesian publicly listed companies from 2021 to 2024. The research aims to examine whether environmentally responsible strategies influence firms’ tax behavior and how sustainability practices mediate this relationship. A quantitative approach was employed, collecting data from corporate financial statements, ESG reports, and sustainability disclosures. The analysis included descriptive statistics, correlation tests, and pooled ordinary least squares regression to explore the effects of green accounting, environmental performance, and CSR on the effective tax rate (ETR) as a proxy for tax avoidance. Results indicate that green accounting is positively associated with higher ETR, suggesting reduced tax avoidance, while CSR negatively impacts ETR, implying that sustainability initiatives can be strategically used to mask aggressive tax planning. Environmental performance alone does not significantly affect tax behavior. These findings highlight the importance of transparency through green accounting to promote ethical tax practices, while cautioning that CSR may serve as a reputational tool rather than a mechanism for reducing tax avoidance. The study contributes to theoretical understanding in sustainability and corporate governance and offers practical insights for policymakers and corporate managers to align environmental and fiscal responsibilities.

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

Sandwich composites are lightweight structural materials with a high strength-to-weight ratio and have potential as alternatives to conventional materials. This study aims to analyze the effects of core thickness variation and the number of skin layers on the bending strength of fiberglass-skinned sandwich composites with an A-flute cardboard honeycomb core. The research employed an experimental method using three-point bending tests in accordance with ASTM C393. Core thicknesses of 10 mm, 20 mm, and 30 mm were investigated, while the number of fiberglass skin layers was varied at 1, 2, and 4 layers. Bending strength was evaluated based on core shear strength and skin bending stress, expressed in MPa. The results show that the highest average core shear strength was obtained at a core thickness of 10 mm with 4 skin layers, while the lowest value occurred at a core thickness of 30 mm with 1 skin layer. The highest skin bending stress of 43.40 MPa was achieved by the specimen with a 10 mm core thickness and 1 skin layer, whereas the lowest value of 11.83 MPa was observed at a 30 mm core thickness with 4 skin layers. These results indicate that increasing core thickness tends to reduce bending strength based on core shear strength, while increasing the number of skin layers enhances the bending performance of the sandwich composite, and an interaction effect between the two variables is present.

The rubber processing manufacturing company PT Darmasindo Intikaret Tebing Tinggi is encountering more and more intense competition. So, managing human resources, the company's most valuable asset, is a top priority alongside meeting financial and operational goals. In human resource management, employee happiness is a key performance measure. Leadership style, discipline, and K3 are all variables that this study hopes to identify and examine in some detail. This research falls under the category of development studies and employs a quantitative methodology. This research makes use of both primary and secondary sources for its data. Findings from both primary and secondary sources are used into this research. People who work in production at PT. Darmasindo Intikaret were the subjects of this research. According to the results of the complete sampling method, the milling production staff consists of 34 individuals. In this study, the entire population is employed as a sample. The data analysis techniques utilised in this study included reliability and validity tests, tests for classical assumptions like normality and multicollinearity and heteroscedasticity, and tests for multiple regression, determination coefficients, and hypotheses like the F and T tests. Leadership style significantly and positively affects employee job satisfaction, according to the study's results. There is a favourable and statistically significant relationship between discipline and employee job satisfaction, and K3 is no exception. Employees' happiness on the job is influenced by a number of factors, including leadership style, discipline, and K3. The significance of enhancing the quality of leadership style, discipline, and 3 in boosting employee job satisfaction in a firm, particularly manufacturing companies, can be demonstrated by doing this study.

This study examines the effect of Environmental, Social, and Governance (ESG) performance on firm value in the Consumer Staples and Consumer Discretionary sectors listed on the Indonesia Stock Exchange during 2021–2023. The study is motivated by inconsistent empirical findings regarding the relationship between ESG and firm value, as well as differences in sectoral characteristics that may influence ESG effectiveness. The objective of this study is to analyze the impact of ESG on firm value in both sectors and compare the differences between them. This research employs panel data analysis using samples of 23 Consumer Staples companies and 19 Consumer Discretionary companies over a three-year period, resulting in 69 and 57 observations respectively. The Fixed Effect Model was applied to the Consumer Staples sector based on the Hausman test result, while the Consumer Discretionary sector used the Random Effect Model. Firm value was measured using Tobin’s Q, ESG performance was proxied by Bloomberg ESG Score. The findings indicate that ESG has no significant effect on firm value in the Consumer Staples sector, while ESG has a significant negative effect in the Consumer Discretionary sector. These results suggest that the relevance of ESG depends on sector characteristics and market perceptions of ESG investment in Indonesia.

The increasing demand for scalable and high-quality digital marketing content has exposed limitations in traditional manual copywriting processes, which are time-intensive and difficult to scale. This research proposes an adaptive AI-driven copywriting framework that integrates a full-stack web architecture with optimized prompt engineering strategies for automated content generation. The system is implemented using React.js for the frontend, Node.js with Express for backend services, and a GPT-based API for language generation. Unlike prior implementations, this research introduces a structured prompt optimization mechanism to enhance content relevance and consistency. Experimental evaluation was conducted using multiple datasets of marketing prompts, with comparisons against baseline GPT usage and manual copywriting. Quantitative results show that the proposed system achieves improvements in BLEU (+18.7%) and ROUGE-L (+21.3%) scores over baseline methods. Human evaluation involving 30 participants indicates a significant increase in perceived content quality, coherence, and persuasiveness (p < 0.05). System performance analysis demonstrates an average response time of 1.8–3.0 seconds and a GTmetrix performance score of 82%. The findings confirm that the proposed framework significantly enhances efficiency, scalability, and content quality, contributing to both applied AI systems and intelligent web-based content production.

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

SR12 Herbal Cosmetics is a company engaged in the field of herbal and skin care. Founded in 2015 byToni Firmansyah, S. Farm., Apt. and Asrianty Salam, Farm. This company has a vision to provide benefits to many people through the herbal and skin care products they produce. SR12 Herbal Cosmetics products are formulated based on research from certified scientists, and have been tested at the Sucofindo Laboratory, are free of mercury and hydroquinone, and have been registered with the Indonesian Food and Drug Supervisory Agency (BPOM RI). SR12 Herbal Cosmetics has several factories in West Java Province and has an extensive distribution network with hundreds of distributors and tens of thousands of partners throughout Indonesia. The goal to be achieved is to produce a management information system model including a management information system for PT SR12 Herbal Cosmetics. The research object chosen is a company in the field of cosmetics and skin care which has its head office in Gunung Sindur, West Java. This selection aims to form a management information system design model that is able to produce relevant and timely information for planning, controlling, decision making and evaluating the performance of activities. For the Web-Based Instagram Content Management Information System Design project to Support SR12 Herbal Cosmetics' Brand Awareness, I used Agile (Scrum) due to the dynamic nature of digital marketing and potential changes to the Instagram API or business needs. This allowed SR12 to get core functionality faster and provide iterative feedback, ensuring the system built was truly relevant to their brand awareness needs.

This study investigates the effect of total risk on firm performance and sustained growth among consumer non-cyclicals manufacturing companies listed on the Indonesia Stock Exchange (IDX) over the period 2019–2023. Total risk is operationalized through the systematic risk proxy (Beta/β), estimated via the Capital Asset Pricing Model (CAPM) framework as the covariance between individual stock returns and the market return divided by the variance of market returns, using the Jakarta Composite Index (JCI) as the market benchmark. Firm performance is measured through Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q, while sustained growth is operationalized following Gerson et al. (2025) as SG = b × ROE, where b denotes the earnings retention ratio. Panel data regression analysis is applied to 225 firm-year observations drawn from 45 companies, with model selection guided by the Chow and Hausman specification tests. The Fixed Effect Model (FEM) is adopted for ROA, ROE, and SG, while the Random Effect Model (REM) is applied for Tobin’s Q. Results indicate that systematic risk exerts a significant negative effect on ROA (β = −0.312; p < 0.01) and ROE (β = −0.278; p < 0.01), but is statistically non-significant for Tobin’s Q, suggesting that capital market pricing in Indonesia does not fully incorporate systematic risk information. Critically, systematic risk exerts the largest and most significant negative effect on sustained growth (β = −0.347; p < 0.01), revealing a dual transmission mechanism through which risk suppresses ROE while simultaneously inducing more conservative dividend policies, both of which constrain long-run growth sustainability. These findings carry important implications for corporate risk management strategy and empirically enrich the literature on risk, performance, and growth in emerging capital markets.

Research on strategic competence has grown significantly due to digital transformation, global competition, and increasing business complexity. However, studies integrating strategic competence, dynamic capabilities, and firm performance through a systematic literature review remain limited. This study aims to examine research trends, dominant themes, theoretical perspectives, and future research directions related to strategic competence in modern organizations. This study employed a Systematic Literature Review based on PRISMA 2020 guidelines using data from the Scopus database with keywords related to strategic competence, strategic capability, core competence, and dynamic capability. The initial search identified 15,943 documents, and after several screening stages, 73 relevant articles were selected as the final dataset. The findings indicate that research on strategic competence increased significantly during 2021–2026. Dominant themes include dynamic capabilities, strategic agility, resource-based view, innovation capability, and firm performance. The study also shows that strategic competence research is evolving toward adaptive, knowledge-based, and sustainability-oriented perspectives. This study provides a comprehensive understanding of strategic competence research developments and offers insights for organizations in strengthening adaptability, innovation capability, and competitive advantage in dynamic business environments.

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 research investigates how Environmental, Social, and Governance (ESG) practices influence the tax liabilities of consumer cyclical companies in Indonesia between 2020 and 2024. By employing the Effective Tax Rate (ETR) as a proxy for tax burden, the study analyzes 160 data points from 32 purposively selected firms. Utilizing a Fixed Effect Model for panel data regression, the empirical results indicate that superior ESG performance significantly correlates with a higher ETR. This suggests that corporations with higher sustainability transparency tend to exhibit better tax compliance and avoid aggressive tax avoidance schemes. Grounded in stakeholder and legitimacy theories, these findings underscore that ethical ESG adoption strengthens public accountability and enhances the integrity of corporate governance within the Indonesian capital market.

This study investigates the effects of institutional ownership (IO) and foreign ownership (FO) on the performance of non-financial firms listed on the Indonesia Stock Exchange (IDX) from 2021 to 2025. Grounded in agency theory and the resource-based view, the study employs fixed-effects multiple regression with year and industry controls across the full sample (n = 3,621) and phase-partitioned subsamples representing the COVID-19 and post-pandemic periods. Additional threshold analyses are conducted to detect nonlinear ownership effects. The results reveal that institutional ownership exerts a negative effect on ROA, consistent with the entrenchment effect and the principal-principal conflict prevalent in Indonesia’s concentrated ownership environment. Conversely, foreign ownership demonstrates a positive and significant performance effect, supporting the hypotheses of governance and resource transfer. Both effects are concentrated in the post-pandemic period and are insignificant during the pandemic phase. Threshold analyses further establish that these relationships are nonlinear: the negative institutional ownership effect manifests at low-to-moderate concentration levels (10%–40%) and reverses to positive only beyond the 90% threshold, whereas the positive foreign ownership effect emerges only after crossing a critical mass of approximately 60%–70%. These findings contribute to the literature by demonstrating that the performance implications of block ownership are contingent on investor origin and ownership scale, with important implications for minority investor protection policy in emerging markets.

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.

The purpose of this study is to examine the effect of Good Corporate Governance (GCG), financial performance, and Earning Per Share (EPS) on firm value. The object of this research consists of state-owned enterprises (SOEs) listed on the Indonesia Stock Exchange during the period of 2021–2024. This study employs a quantitative approach using secondary data in the form of annual financial statements as the primary source. The sample was selected using purposive sampling based on predetermined criteria, ensuring that only companies with complete data and consistent reporting were included in the analysis. The independent variables analyzed include the audit committee, independent commissioners, institutional ownership, Return on Assets (ROA), and Earning Per Share (EPS). Multiple linear regression analysis was used to process the data in this study, allowing the researchers to examine the simultaneous and partial effects of the variables on firm value. The findings indicate that firm value is significantly influenced by financial performance, particularly ROA, highlighting the importance of operational efficiency and profitability in enhancing shareholder wealth. While certain GCG variables such as institutional ownership showed positive influence, other elements like audit committees and independent commissioners produced mixed results, suggesting that governance mechanisms may have varying effects depending on organizational context. Meanwhile, EPS demonstrated inconsistent results in relation to firm value, implying that market perceptions of earnings may not fully capture the impact on overall firm valuation. This study provides insights for policymakers, investors, and corporate managers on the relative importance of governance and financial indicators in value creation for state-owned enterprises.

This study aims to analyze the effect of Good Corporate Governance (GCG), Firm Size, and Sales Growth on Financial Performance at PT Ace Hardware Indonesia Tbk listed on the Indonesia Stock Exchange (IDX) during the 2015–2024 period. Good Corporate Governance (GCG) in this study is proxied by institutional ownership, financial performance is measured using Return on Assets (ROA), firm size is measured by the natural logarithm of total assets, and sales growth is measured using the sales growth ratio. This study employed a quantitative method with a descriptive approach. The data used were secondary data in the form of annual financial statements obtained from the official websites of the IDX and the company. Data analysis techniques included descriptive statistics, classical assumption tests, multiple and simple linear regression analysis, and hypothesis testing consisting of t-test, F-test, and coefficient of determination with the assistance of SPSS version 27 software. The results of the study indicate that partially, the Good Corporate Governance (GCG) variable has a t-value of -1.526 < t-table 2.447, meaning that it has no significant effect on financial performance. The firm size variable has a t-value of -2.857 > t-table 2.447, indicating a significant negative effect on the company’s financial performance. The sales growth variable has a t-value of 1.593 < t-table 2.447, meaning that it has no significant effect on financial performance. Simultaneously, Good Corporate Governance (GCG), firm size, and sales growth have a significant effect on financial performance, with an F-value of 13.023 > F-table 4.76 and a significance value of 0.005 < 0.05. This study is expected to provide consideration for management and investors in decision-making and serve as a reference for future research in related fields.

This study examines how environmental, social, and governance issues shape the impact of financial success on firm value. To understand the link between the variables, the legitimacy theory and signal theory are employed. The population used includes non-financial enterprises from 2019–2023 that are listed on the Indonesia Stock Exchange (IDX) and are part of the Refinitiv database. Secondary data was gathered from the Indonesia Stock Exchange, official corporate websites, and the Refinitiv database in the form of sustainability reports, annual reports, and ESG scores. The sample size is 176 company data points over 5 years, selected using the purposive sampling method. Firm value is positively and significantly impacted by financial success, according to the research findings. ESG also improves the link between firm value and financial performance, according to the study. Lastly, the study's results also show that ESG increases business value, while not significantly. These findings suggest that the study's ESG variable is a pure moderator variable. Furthermore, the implications of the research both theoretically and practically have been discussed.

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.