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This research aims to analyze the impact of environmental performance and capital structure on firm value, with financial performance as a mediating variable, in manufacturing companies listed on the Indonesia Stock Exchange (IDX). The integration of Environmental, Social, and Governance (ESG) aspects in business strategy has become a critical issue amid regulatory pressures and stakeholder expectations for sustainable business practices. Nevertheless, the debate regarding the relationship between environmental investments and economic value creation remains ongoing, particularly in the context of capital markets in emerging markets. This research adopts a quantitative approach with a causal design. The sample consists of 50 manufacturing companies with the Corporate Environmental Performance Rating Program (PROPER) rating for 2023, selected through purposive sampling. Secondary data were collected from audited financial statements, annual reports, and official regulatory websites. Variables were measured using PROPER scores for environmental performance, Debt-to-Equity Ratio (DER) for capital structure, Return on Assets (ROA) for financial performance, and Price-to-Book Value (PBV) for firm value. Data analysis was conducted using Partial Least Squares-Structural Equation Modeling (PLS-SEM) through SmartPLS 4.0 software.

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.

Assessing financial performance is essential for determining whether a company is financially healthy and capable of maintaining its business continuity. This study aims to analyze the financial performance of property and real estate subsector companies listed on the Indonesia Stock Exchange during the 2020–2024 period using the Du Pont System. This research employed a quantitative descriptive approach using secondary data obtained from annual financial reports published on the official website of the Indonesia Stock Exchange and the respective companies. The sample was selected using purposive sampling and consisted of four companies, resulting in 20 firm-year observations. Financial performance was evaluated using Net Profit Margin (NPM), Total Asset Turnover (TATO), Return on Investment (ROI), Equity Multiplier (EM), and Return on Equity (ROE). The data were analyzed through descriptive analysis and multiple linear regression using SPSS. The results indicate that the financial performance of the sampled companies fluctuated throughout the study period, with each company demonstrating different strengths in profitability, asset utilization, capital structure, and equity returns. Partially, NPM, TATO, and ROI significantly affected ROE, whereas EM had no significant effect on ROE. Simultaneously, NPM, TATO, ROI, and EM significantly affected ROE. These findings indicate that corporate financial performance is more strongly influenced by profitability and asset utilization efficiency than by capital structure.

This study examines the financial performance of PT Unilever Indonesia Tbk during the 2023–2025 period by evaluating key financial indicators, namely the Current Ratio (CR), Debt to Equity Ratio (DER), Return on Assets (ROA), and Return on Equity (ROE). The study aims to assess the company's financial condition and analyze the impact of its business transformation strategy on financial performance. A descriptive quantitative approach was employed using secondary data obtained from the company's published annual financial reports. Data analysis focused on comparing financial ratio trends over the three-year period to evaluate liquidity, solvency, and profitability performance. The findings indicate that the company's financial performance experienced fluctuations during the business transformation process. Liquidity and solvency gradually improved toward the end of the observation period, reflecting stronger short-term financial capability and a healthier capital structure. Profitability also demonstrated increased efficiency in utilizing company assets, although changes in equity returns indicated adjustments in capital management during the transformation process. Overall, the implementation of the company's transformation strategy contributed positively to strengthening financial performance and improving resilience in responding to changing business conditions and market competition. This study provides useful insights for management, investors, and other stakeholders in evaluating the effectiveness of corporate transformation strategies through financial ratio analysis and highlights the importance of maintaining financial stability to support sustainable business growth.

This study aims to analyze the influence of fundamental and technical factors on stock price movements in the Indonesian capital market. The method used is a literature review with a qualitative descriptive approach, utilizing secondary data obtained from various scientific literature sources as well as stock price data from the Investing platform. The results indicate that there are significant variations in stock prices among companies, reflecting differences in fundamental performance such as profitability, capital structure, and company prospects. In addition, from a technical perspective, stock price movements exhibit dynamic fluctuations, including both increases and decreases, influenced by market sentiment and investor responses to available information. The varying levels of stock volatility also indicate differences in investment risk. Trading volume plays an important role as a key indicator in technical analysis, where high volume reflects strong liquidity and investor interest, while low volume indicates limited market activity. Overall, the findings suggest that fundamental and technical factors have a complementary influence in determining stock price movements. Therefore, investors are advised to integrate both approaches in making investment decisions in order to achieve optimal returns while minimizing risk. This study is expected to contribute to the development of capital market research and serve as a reference for investors and academics.

This study aims to assess the financial performance of 11 non-financial companies that conducted acquisitions in 2025 and are listed on the Indonesia Stock Exchange (IDX). Using a quantitative descriptive-comparative approach with a case study design, six financial ratios were analyzed: Current Ratio (CR), Debt to Asset Ratio (DAR), Debt to Equity Ratio (DER), Total Asset Turnover (TATO), Return on Assets (ROA), and Return on Equity (ROE). Data were obtained from consolidated financial statements as of December 31, 2024 (pre-acquisition) and December 31, 2025 (post-acquisition). The results show that the impact of acquisitions varies across companies. No consistent or significant differences were found in the CR, DAR, DER, ROA, or ROE ratios between the two periods. Meanwhile, the TATO ratio tended to decrease after the acquisition, indicating that the newly consolidated assets have not yet operated optimally. These findings confirm that the short-term financial impact of an acquisition is heavily influenced by the transaction’s funding structure, the size of the acquired entity, and the industry sector. This study contributes to the financial accounting literature on corporate acquisition strategies in the Indonesian capital market.

This study examines the revenue deduction system and employment relations of online motorcycle taxi drivers from the perspective of Karl Marx's historical materialism. The research background arises from the development of digital transportation platforms that have created new partnership-based work patterns, but in practice, have given rise to unequal employment relations and income uncertainty for drivers. This study aims to analyze the mechanism of the revenue deduction system and employment relations between platform companies and online motorcycle taxi drivers, and examine how these practices reflect the distribution of profits and production relations in digital capitalism. This study uses a qualitative descriptive approach with data collection techniques through semi-structured interviews with online motorcycle taxi drivers as primary informants and service users as supporting informants. Data are analyzed thematically using a historical materialism perspective to understand the relationship between control of digital production tools and driver work positions. The results show that although drivers are given flexible working hours, the platform maintains strong control through algorithms, rating systems, incentives, and revenue deductions. The revenue deduction system functions as a mechanism for extracting surplus value that strengthens drivers' economic dependence on the platform. The resulting employment relations are asymmetrical, with the platform company in a dominant position in determining work rules and profit distribution. This study confirms that work flexibility in the platform economy is illusory and requires fairer labor regulations to protect the welfare of online motorcycle taxi drivers.

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

Small-scale fishers and aquaculture producers in Grobogan Regency face a dual challenge: weak bargaining power within traditional marketing structures and growing pressures on fisheries resources at the regional level. On the one hand, long distribution chains and dependence on intermediaries limit market access and price transparency. On the other hand, stock pressures in the Java Sea create supply uncertainty and income instability. This study aims to analyze the role of marketing digitalization in strengthening the economic resilience of small-scale producers in Grobogan and to propose an integrative framework linking technology-driven distribution with resource sustainability. The study adopts a qualitative case-study design, drawing on secondary data from official statistics (including BPS publications and the 2023 Agricultural Census for the fisheries subsector), as well as relevant scholarly literature and policy documents. Data are analyzed using descriptive-qualitative and thematic approaches to map business structures, value chains, and the opportunities and constraints of digital adoption. The findings indicate that marketing digitalization can shorten supply chains, enhance price transparency, and expand market access for small-scale producers. However, its effectiveness depends on human capital readiness, supporting infrastructure particularly cold-chain and logistics and stronger local institutions. Without integration with sustainable resource management, expanded market access may incentivize production intensification and increase ecological pressure. The novelty of this paper lies in proposing an integrative framework that combines the digital economy dimension with the ecological dimension within the local context of Grobogan to inform sustainable small-scale fisheries empowerment strategies.

Human Resource Management (HRM) plays a strategic role in enhancing organizational productivity through effective management of human capital. This study aims to analyze the influence of training and development, compensation, work environment, and work motivation on employee productivity. The research employed a quantitative approach using a survey method. The population consisted of employees at manufacturing companies in Banten Province, with a sample of 120 respondents selected through purposive sampling. Data were collected using a structured questionnaire and analyzed using multiple linear regression. The results showed that training and development (t = 4.071; sig. = 0.000), compensation (t = 3.397; sig. = 0.001), work environment (t = 3.384; sig. = 0.001), and work motivation (t = 3.046; sig. = 0.003) each had a significant positive effect on employee productivity. Simultaneously, the four independent variables explained 67.4% of the variance in productivity (R² = 0.674; F = 59.821; sig. = 0.000). These findings underscore the importance of integrated HRM practices in improving employee productivity and organizational competitiveness.

PT Astra International Tbk operates in the trading, services, and automotive industries. This study aims to examine the effect of Asset Structure, Capital Structure, and Working Capital Turnover on Financial Performance, measured by Return on Assets (ROA), at PT Astra International Tbk during the 2010–2025 period. The research employed a quantitative method using multiple linear regression analysis with SPSS version 20. The sample was determined through purposive sampling using a saturated sampling method based on the company's financial statements over a 16-year period. Secondary data were obtained from books, scientific journals, and published financial reports. The partial test results indicate that Asset Structure (t-value = -1.430; significance = 0.178 > 0.05), Capital Structure (t-value = 1.569; significance = 0.143 > 0.05), and Working Capital Turnover (t-value = 1.150; significance = 0.273 > 0.05) do not have a significant effect on financial performance. Simultaneously, the F-test results show that the calculated F-value of 3.222 is lower than the F-table value of 3.490, with a significance level of 0.061 > 0.05. These findings demonstrate that the three independent variables, both individually and collectively, do not have a significant effect on the financial performance of PT Astra International Tbk. These findings confirm that Asset Structure, Capital Structure, and Working Capital Turnover are not the primary factors influencing the financial performance of PT Astra International Tbk. Therefore, the company should focus on optimizing other more dominant factors to enhance profitability and achieve sustainable financial performance.

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

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

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

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

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

This study examines the effect of working capital on firm performance and sustained growth among consumer non-cyclicals manufacturing companies listed on the Indonesia Stock Exchange (IDX) over the period 2019–2023. Working capital is operationalized through three distinct proxies derived from Akgün and Memiş Karatəs (2021): the Cash Holding Level (CHL), which measures the proportion of cash and cash equivalents relative to total assets; the Cash Interactive Effect (CIE), which captures the efficiency of converting revenue into operating cash flow; and the Gross Working Capital Ratio (GWCR), which reflects the share of current assets within total assets. Firm performance is assessed through Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q, while sustained growth is measured using the model proposed by Gerson et al. (2025), expressed as SG = b × ROE, where b denotes the earnings retention ratio. Panel data regression analysis is applied to 225 firm-year observations drawn from 45 companies. The study employs the Fixed Effect Model (FEM) for ROA and ROE, and the Random Effect Model (REM) for Tobin’s Q, as determined by the Hausman specification test. The findings reveal that CHL and CIE exert significant positive effects on ROA and ROE, while CIE is the only proxy to produce a statistically significant positive effect on Tobin’s Q. With respect to sustained growth, CHL and GWCR demonstrate significant negative effects, whereas CIE shows a significant positive effect, indicating that operational efficiency dimensions of working capital actively support long-term growth sustainability. These results reinforce the liquidity management theory and contribute empirical evidence that the structure and efficiency of working capital are strategic determinants of both short-term financial performance and long-term growth sustainability in Indonesia’s consumer goods manufacturing sector.

This study aims to analyze the effect of capital structure and sales growth on firm value in industrial sector companies listed on the Indonesia Stock Exchange during the 2015–2024 period. This research uses a quantitative approach with secondary data obtained from company financial statements through the official website of the Indonesia Stock Exchange. The research sample consisted of 14 companies with a total of 140 observations selected using the purposive sampling method. The data analysis technique used was multiple linear regression analysis with the assistance of IBM SPSS version 31. The results showed that simultaneously capital structure and sales growth had a significant effect on firm value. Partially, capital structure had a positive and significant effect on firm value, indicating that a well-managed capital structure can increase company value. Meanwhile, sales growth did not have a significant effect on firm value. These findings indicate that investors tend to consider capital structure more than sales growth in assessing the value of companies in the industrial sector.

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

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