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Amid intense market competition, the profitability of manufacturing companies is not solely determined by sales volume but is highly dependent on the precision of financial management, particularly in managing the working capital cycle and operating cash flow circulation. This study aims to evaluate the relationship between Working Capital Turnover (X1) and Operating Cash Flow (X2) on Profitability (Y) in consumer goods industry companies listed on the Indonesia Stock Exchange during the 2022–2024 period. Using a quantitative approach and multiple linear regression analysis, this study processes 77 observations that have passed purposive sampling and outlier testing. The partial test results reveal contrasting findings: Working Capital Turnover (X1) does not have a significant effect on profitability, while Operating Cash Flow (X2) is proven to be a strong positive determinant. However, simultaneously, both variables have a significant influence on the financial performance of companies (Fhitung 24,008 > Ftabel 3,08), with operating cash flow acting as the dominant driving factor of profit. The implications of these findings emphasize that to maintain profit stability, management should prioritize the availability of cash generated from core operations, while investors should be more attentive to cash flow trends as an indicator of fundamental financial health before making investment decisions.

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.

The dynamic fluctuations in stock prices present a major challenge for investors in making informed decisions. To anticipate such uncertainties, forecasting methods that can provide accurate predictions are required. This study compares two time series forecasting methods Autoregressive Integrated Moving Average (ARIMA) and Double Exponential Smoothing (Holt) in predicting the stock prices of PT Telkom Indonesia (TLKM). The dataset consists of monthly closing prices from January 2018 to December 2023. The performance of each model is evaluated using three error metrics: Mean Absolute Error (MAE), Mean Squared Error (MSE), and Root Mean Squared Error (RMSE). The results show that the ARIMA(1,1,1) model yields higher predictive accuracy than the Holt method, with MAE of 787.71, MSE of 771,844.2, and RMSE of 878.55. In contrast, the Holt method records a MAE of 837.19, MSE of 878,393.4, and RMSE of 937.23. These findings confirm that ARIMA is superior in capturing the complex patterns of stock price movements and is more effective in volatile market conditions such as the stock exchange.

This community service program aims to improve public literacy and awareness of the Islamic capital market through socialization and educational activities in Telaga Jernih Village, Secanggang District. Islamic financial literacy in rural areas remains relatively low due to limited access to information and education, leading people to prefer traditional investments such as livestock and plantations. The activity was carried out by the Community Service Program (KKN) team in collaboration with the Indonesia Stock Exchange (IDX) as the main speaker and the village government as a supporting partner. The methods used included observation, counseling, interactive discussions, and simple simulations of Islamic investment practices. The results revealed high enthusiasm among participants, reflected in their active engagement and significant improvement in understanding the concepts, principles, and products of Islamic investment. The community began to realize that Islamic capital market investments are not only halal and safe but also offer long-term economic benefits. This activity positively influenced the community’s mindset to view Islamic financial investment as a complementary form of traditional investment. The program also opened opportunities for forming a village-based Islamic investor community and establishing a financial literacy center as a follow-up initiative. Therefore, this program plays a vital role in strengthening Islamic financial inclusion in rural areas and serves as an initial step toward creating a financially literate, independent, and economically productive society.

This study aims to examine the effect of green innovation on company value, with financial performance as a mediating variable, in the mining industry. This study uses a systematic literature review approach by examining various relevant previous studies. The results of the study indicate that green innovation plays a significant role in improving environmental performance and operational efficiency of companies, which in turn positively impacts financial performance. Good financial performance is a key factor in strengthening company value and stakeholder trust. These findings confirm that the implementation of green innovation not only supports environmental sustainability but also provides long-term economic benefits for mining companies. This study also found that companies that successfully implement green innovation tend to have a better image in the eyes of investors and the public, which contributes to increasing the company's market value. These findings confirm that the implementation of green innovation not only supports environmental sustainability but also provides long-term economic benefits for mining companies, strengthening their position in an industry that increasingly prioritizes sustainability and social responsibility.

This study investigates the relationship between Environmental, Social, and Governance (ESG) performance and corporate financial distress, with board gender diversity examined as a moderating variable. Using 96 firm-year observations from manufacturing companies listed on the Indonesia Stock Exchange (2022–2024), the analysis employs variance-based Structural Equation Modelling (SEM). The findings reveal that ESG performance does not exert a statistically significant effect on financial distress, and gender diversity does not moderate this relationship. These non-significant results constitute the central empirical contribution of the study, highlighting that ESG engagement and gender diversity have yet to translate into financial resilience in the Indonesian manufacturing context. The study underscores the importance of contextual factors—such as implementation costs, authenticity of ESG disclosures, and limited female representation on boards—in shaping the effectiveness of sustainability practices. The results provide theoretical implications for Stakeholder and Agency Theory and offer practical insights for managers, regulators, and investors in emerging markets.

This study investigates the relationship between corporate governance characteristics, financial structure, and Enterprise Risk Management (ERM) disclosure in Indonesian non-financial firms. Focusing on manufacturing companies listed on the Indonesia Stock Exchange in 2023, the analysis examines whether board size, the proportion of independent commissioners, and leverage influence the extent of ERM disclosure. Using a quantitative approach, multiple linear regression is applied to secondary data obtained from firms’ annual reports. The findings indicate that board size and the proportion of independent commissioners do not have a significant effect on ERM disclosure, while leverage exhibits a positive and significant relationship. This result suggests that firms with higher debt levels are more inclined to enhance risk disclosure as a mechanism to address information asymmetry and demonstrate accountability to investors and creditors. The study contributes to the ERM and corporate governance literature by providing evidence from an emerging market setting and highlighting the practical importance of financial structure in shaping risk transparency, offering relevant insights for corporate decision-makers and regulators to strengthen sustainable risk management practices.

This study aims to analyze the effect of sustainability report disclosure, audit committee meeting frequency, liquidity, leverage, and total asset turnover on profitability in mining companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. Profitability is measured using Return on Equity (ROE). This research adopts a quantitative approach using secondary data obtained from annual financial statements and sustainability reports. The sample was selected using purposive sampling, yielding 34 mining companies with 102 observations in total. Multiple linear regression analysis was employed after fulfilling classical assumption tests. The results indicate that sustainability report disclosure, audit committee meetings, liquidity, leverage, and total asset turnover simultaneously have a significant effect on profitability. However, partially, total asset turnover has a positive and significant impact on profitability. Meanwhile, sustainability report disclosure, audit committee meeting frequency, liquidity, and leverage do not significantly affect profitability. These findings suggest that asset utilization efficiency plays a crucial role in improving profitability in the mining sector. This study is expected to provide insights for companies, investors, and regulators to understand the determinants of profitability better and to support improved corporate governance and financial decision-making in mining companies.

This study aims to evaluate the effects of profitability, leverage, liquidity, and cash-flow shocks on the financial distress of companies in the hotel, restaurant, and tourism subsector listed on the Indonesia Stock Exchange during the period 2021 to 2024. The research approach employed is quantitative, using logistic regression analysis. The data analyzed are secondary data obtained from the annual financial statements of the respective companies. The results of the study indicate that, simultaneously, the four independent variables significantly influence financial distress. However, based on partial testing, each variable, namely Return on Assets (ROA), Debt to Equity Ratio (DER), Current Ratio (CR), and cash flow shock, does not show a significant relationship with financial distress. These findings imply that the risk of financial distress in this industry cannot be explained solely through a single financial indicator; instead, a more holistic approach is required. This study provides essential contributions to both management and investors in assessing companies' financial condition and formulating appropriate strategic decisions.

In the investment world, stock returns are the leading indicator of a company’s performance and the basis for investor decision-making in the capital market. Fluctuations in stock returns reflect market expectations of the company’s prospects. The retail sector in Indonesia is facing significant pressure from post-pandemic shifts in consumer behavior and increased competition. This study aims to analyze the effect of financial distress, company size, liquidity, operating cash flow, and accounting profit on stock returns in retail sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2021 to 2023. This type of research is causally associated with a quantitative approach. The data used is secondary, in the form of financial statements from retail companies. The sampling technique used was purposive, yielding a total of 39 data points from 13 retail companies. Data testing was carried out using SPSS version 24. The results showed that partially, the variables of financial distress, company size, liquidity, and accounting profit had no significant effect on stock returns. Meanwhile, operating cash flow positively impacts stock returns. These findings indicate that fundamental indicators are not always the main determinants of stock returns. Therefore, investors are advised also to consider external factors such as market sentiment, macroeconomic conditions, and government policies that may have a greater influence on stock performance in the capital market.

This study aims to analyze the effect of profitability, leverage, and liquidity on firm value in food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. Profitability is measured by Return On Assets (ROA), leverage by Debt to Equity Ratio (DER), and liquidity by Current Ratio (CR), while firm value is proxied by Price to Book Value (PBV). The study employs a quantitative approach using multiple linear regression analysis. The sample consists of 25 companies selected through purposive sampling, with a total of 125 secondary data observations obtained from annual financial statements. The results indicate that, partially, profitability, financial risk, and liquidity have a positive and significant effect on firm value. Simultaneously, the three independent variables also significantly affect firm value, with an adjusted R² of 43.4%, meaning that 56.6% of the variation in firm value is explained by other factors outside the model. These findings support agency theory and signaling theory, which suggest that strong financial performance, optimal debt management, and adequate liquidity provide positive signals to investors, thereby enhancing firm value.

This study aims to examine the effect of profitability ratios, namely Earnings per Share (EPS), Net Profit Margin (NPM), Return on Assets (ROA), and Return on Equity (ROE), on the stock price of PT Ciputra Development Tbk during the 2016–2023 period. The research employs a quantitative approach with a causal research design using secondary data derived from quarterly financial statements and stock closing prices published by the Indonesia Stock Exchange. The data were analyzed using multiple linear regression, supported by classical assumption tests, partial hypothesis testing (t-test), simultaneous testing (F-test), and the coefficient of determination (R²). The results show that EPS, NPM, and ROA do not have a significant effect on stock prices, while ROE has a positive and significant effect. Simultaneously, all profitability variables do not significantly influence stock prices. The coefficient of determination indicates that profitability ratios explain a relatively small proportion of stock price variation, suggesting that stock prices in the property sector are influenced more by external and market-related factors than by short-term profitability indicators. These findings imply that ROE is the most relevant profitability indicator for investors in assessing property sector stocks, while other profitability ratios play a limited role.

This study analyzes the effect of Bitcoin prices, the LQ45 Index, mutual fund net asset value (NAV), and the net profit margin (NPM) of gold mining companies on the price of gold as a safe haven asset within the context of the Indonesian financial market. Gold is often seen as a safe haven asset that is the primary choice of investors when economic uncertainty increases, but the relationship between gold and various other investment instruments still requires further study. This study uses a multiple linear regression method with a robust standard errors approach to analyze 420 monthly and quarterly data observations during the 2018-2022 period. The results of the study found that the price of Bitcoin and the NPM of gold mining companies had a significant positive influence on the price of gold, while the LQ45 Index had a significant influence effect. Meanwhile, the NAV of mutual funds showed a significant positive influence that was not in line with the initial hypothesis. These findings indicate that gold does not always function absolutely as a safe haven asset, as its role is contextual and still influenced by the dynamics of other investment instruments such as digital assets, stock markets, and mutual funds. The study's results make an important contribution to financial literature by proving that the safe haven characteristics of gold are complex and dynamic, so investors need to consider various factors and market conditions before allocating investments to gold as a hedging strategy in their portfolios.

This study examines the relationship between market efficiency and digital financial innovation in the context of global financial transformation over the past decade, when fintech, cryptocurrency, and Decentralized Finance (DeFi) have significantly altered price formation and information dissemination mechanisms. The main issue raised is whether the Efficient Market Hypothesis (EMH) theory remains relevant in the face of digital market dynamics characterized by high volatility, speculative behavior, and regulatory uncertainty. The objective of this study is to assess the impact of digital innovation on information efficiency, price transparency, and the stability of modern financial markets. The study used the Systematic Literature Review (SLR) method, examining 15 scientific articles published between 2015 and 2025 from various academic databases. The findings indicate that digital technology increases access and speed of information distribution, but does not always result in consistently efficient markets. Crypto and DeFi markets have been shown to exhibit fluctuating efficiency due to price anomalies, information asymmetry, and weak regulation. Overall, the literature synthesis confirms that market efficiency in the digital era is dynamic and influenced by the interaction between technology, investor behavior, and governance quality. This study concludes that the EMH remains relevant as a basic framework, but needs reinterpretation to suit the complex and rapidly changing characteristics of digital markets.

This study evaluates the impact of TATO, ROA, DER, stock returns, and firm size on company value (PBV) for 28 infrastructure companies listed on the Indonesia Stock Exchange (IDX) during 2021–2023. The background to this research is the crucial role of the infrastructure sector amid government budget dynamics that affect corporate performance and investor perception. The results show that ROA, DER, and stock returns have a significant positive effect on company value. This indicates that high profitability, optimal debt management, and good stock returns send positive signals to the market. Conversely, TATO was found to have a significant negative effect, reflecting that inefficiencies in asset management can reduce investor confidence. Meanwhile, firm size had no significant impact on company value. This study recommends that investors use ROA, DER, and stock return as key indicators in decision-making. At the same time, companies are advised to optimise profitability and debt management to enhance their value in the eyes of investors.

The development of financial technology (fintech) in the digital era has made it easier for young people, particularly students, to access investment services through applications such as Bibit, Ajaib, Pluang, and Bareksa. The increasing number of young investors has not been fully aligned with the quality of investment decision-making, which is still influenced by low financial literacy, social media promotion, and the availability of financial education features on digital platforms. This study aims to analyze the influence of financial education features and social media promotion on student investment behavior, with financial literacy as a moderating variable. The primary theory used is the Theory of Planned Behavior (Ajzen, 1991), supported by Financial Literacy Theory, Uses and Gratification Theory, and the Technology Acceptance Model. The research method uses a quantitative approach with a population of student users of the Bibit application in Bali. The independent variables in this study include financial education features and social media promotion, while the dependent variable is investment behavior, while financial literacy is positioned as a moderating variable. The results of this study are expected to provide theoretical contributions to the development of management studies, digital marketing, and behavioral finance, as well as practical benefits for investment application developers, educational institutions, and students in fostering rational, intelligent, and sustainable investment behavior in the digital era.

The size of the company as a moderator in defining the correlation between capital structure, profit, and firm value is the focus of this study. Adopting a quantitative associative approach, this research focuses on the non-cyclical consumer sector registered on the Indonesia Stock Exchange (IDX) for the period 2020–2023. Of the 125 companies, 73 were purposively selected to create the research sample, yielding 292 observations after excluding entities with incomplete data and those with special monitoring status. The authors gathered secondary data from audited yearly financial reports through the IDX portal and corporate websites. The analysis used quasi-moderation techniques by combining independent variables, moderation, and interaction in a single regression model, processed through EViews 13. The research results show that capital structure has a significant positive impact on firm value, while profitability has no significant impact. Firm size has been shown to affect the relationship that exists between capital structure and firm value, but it does not moderate the association between profitability and firm value. These findings confirm that leverage’s effectiveness in increasing firm value is independent of company size and that profitability is not a primary determinant in this context. This research provides empirical evidence to advance capital structure theory and to inform executives’ strategic financial decisions and investors’ evaluations of corporate outlooks.

The purpose of this research was to analyze the role of profitability in moderating the relationship green accounting, environmental performance, and total asset turnover on firm value in the 2019-2023 food and beverage subsector. All food and beverage companies listed on the Indonesia Stock Exchange (IDX) in that period became the research population. The purposive sampling technique resulted in 80 companies. Analyzed were using Descriptive Statistics, Classical Assumption Tests, Hypothesis Testing, and Moderated Regression Analysis (MRA).The result show that green accounting has a negative and significant effect on firm value, while environmental performance has a positive and significant effect.Total asset turnover does not significantly affect firm value. Furthermore, profitability is proven to moderate the relationship between green accounting and environmental performance with firm value but does not moderate the effect of total asset turnover. Based on these findings, green accounting plays a role in influencing firm value, although it is not the primary factor determining investors assessments. The implementation of environmental performance is more widely perceived as a form of social responsibility and sustainability that enhances public trust and market value. Meanwhile, efficiency in asset utilization through total asset turnover is not considered a key determinant in increasing firm value.

This study aims to analyze the effect of profit growth, liquidity, and Leverage on profit quality with company size as a moderation variable in manufacturing companies listed on the Indonesia Stock Exchange for the 2019-2023 period. This research is based on the importance of profit quality as an indicator of real financial performance, as well as the phenomenon of profit management practices that can reduce the quality of financial information. The research method used was quantitative with a causal and associative approach, using secondary data from the financial statements of 65 manufacturing companies over five years. Data analysis techniques include multiple linear regression analysis and moderated regression analysis (MRA) with the help of SPSS software. The results show that profit growth, liquidity, and Leverage have a significant negative effect on the quality of profit. This indicates that the increase in these three variables tends to decrease the quality of profits, which is likely due to profit management practices to maintain the company's financial image. In addition, company size is not able to moderate the relationship between profit growth, liquidity, and Leverage to profit quality. These findings imply that the scale of the company does not affect the strength of the relationship between these variables and the quality of profits. This research makes a theoretical contribution in enriching the accounting literature regarding the factors that affect the quality of profits and the role of company size. Practically, the results of the research can be a reference for company management and investors in improving the transparency and quality of financial reporting.

This study explores the intellectual and thematic evolution of green sukuk research within Islamic sustainable finance from 2015 to 2025. Using a hybrid methodological design that integrates the PRISMA-guided Systematic Literature Review with Watase Uake network analysis, the study identifies 17 core Scopus-indexed articles that collectively define the field’s conceptual and empirical development. Results reveal a three-phase evolution: (1) a formative stage emphasizing ethical legitimacy and Sharia compliance; (2) a transitional phase integrating pricing efficiency, market risk, and policy frameworks; and (3) a maturity phase characterized by econometric modeling, behavioral-finance integration, and sustainability governance. Thematic clusters extracted from bibliometric mapping include financial performance and market dynamics, institutional legitimacy and policy frameworks, behavioral intention and investor psychology, and technological innovation and ESG disclosure. Despite methodological advancement, the literature remains geographically concentrated in Malaysia and Indonesia and exhibits theoretical fragmentation across behavioral, financial, and institutional models. Findings highlight key research gaps involving contradictory evidence on yield–risk relationships, inconsistent behavioral determinants of investment intention, and insufficient integration of moderating or mediating mechanisms. The study advances theoretical pluralism by connecting the Theory of Planned Behavior (TPB), Institutional and Legitimacy Theory, and Resource-Based View (RBV) into an integrated model explaining how legitimacy, behavior, and strategic capability jointly drive green sukuk adoption. Policy implications emphasize the need for harmonized regulation, behavioral incentives, and digital transparency to strengthen credibility and accelerate sustainable-finance transformation in line with SDGs 7 and 13.