Indonesian Financial Review

The Effect of Debt-to-Equity Ratio and Net Profit Margin on Dividend Payout Ratio at PT Mayora Indah Tbk During 2013-2024

Zahra Aulia Fahira, Akhmad Akbar — Fri, 16 Jan 2026 00:00:00 +0000

This study examines the effect of capital structure and profitability on dividend policy at PT Mayora Indah Tbk during the 2013–2024 period. Using a quantitative approach with multiple regression analysis, the Debt to Equity Ratio (DER) represents capital structure, Net Profit Margin (NPM) measures profitability, and the Dividend Payout Ratio (DPR) reflects dividend policy. The results show that, partially, DER has a significant negative effect on DPR, indicating that higher leverage constrains dividend distribution. NPM also has a significant negative effect on DPR, suggesting that profitability is often retained as internal financing rather than distributed as dividends. Simultaneously, DER and NPM significantly affect DPR. The coefficient of determination of 54.9% indicates that more than half of dividend payout variation is explained by these variables. The findings highlight the strategic role of leverage and profitability in dividend policy decisions.

The Effect of Sales Growth and Capital Structure on Return On Asset (ROA) At PT Unilever Indonesia Tbk 2014-2023 Period

Helmalia Poetry, Habibah Habibah — Thu, 19 Mar 2026 00:00:00 +0000

This study investigates the effect of Sales Growth and Capital Structure (Debt to Equity Ratio/DER) on Return on Asset (ROA) at PT Unilever Indonesia Tbk for the period 2014 to 2023. Using a quantitative approach and multiple regression analysis, Sales Growth is used as an indicator of company performance, DER as a measure of capital structure, and ROA as an indicator of profitability. The findings show that Sales Growth does not have a significant effect on ROA, while DER has a significant negative effect. However, both variables simultaneously have a significant effect on ROA. The coefficient of determination value of 93.8% indicates that Sales Growth and DER can explain most of the variation in ROA, while the rest is influenced by other factors outside the study. This study emphasizes the importance of managing capital structure in maintaining company profitability

Macroeconomic Sensitivity and Capital Structure Effects on Defensive Stock Valuation: Evidence from PT HM Sampoerna Tbk (2013–2024)

D. Sintiani Novita Sari — Thu, 19 Mar 2026 00:00:00 +0000

This study investigates the macroeconomic sensitivity and capital structure effect on stock valuation within a defensive industry context. Using annual time-series data from 2013–2024, this research examines the influence of inflation and the Debt-to-Equity Ratio (DER) on the stock price of PT HM Sampoerna Tbk. Employing multiple linear regression with classical assumption diagnostics, the findings reveal that inflation exerts a positive and statistically significant effect on stock price (? = 10,553.368; p < 0.05), while DER shows no significant influence. The model explains 31.9% of stock price variation (Adjusted R² = 0.319). The results suggest that in industries characterized by inelastic demand and strong pricing power, inflation may function as a value-supporting factor rather than a risk signal. This study extends capital structure and macro-finance literature by demonstrating context-dependent inflation effects in emerging defensive markets.

Agency and Signaling Perspectives on Working Capital Turnover, Debt to Equity Ratio, and Profitability in PT Gudang Garam Tbk (2013–2023)

Den Ayu Zelpani, Saksono Budi — Mon, 01 Dec 2025 00:00:00 +0000

This study investigates the influence of Working Capital Turnover (WCTO) and Debt to Equity Ratio (DER) on the Net Profit Margin (NPM) of PT Gudang Garam Tbk during the 2013–2023 period. Using a quantitative approach with secondary financial data, hypothesis testing was conducted through the partial (t-test) and simultaneous (F-test) significance tests at a 5% alpha level. Data analysis employed SPSS version 24. The results indicate that WCTO has a significant partial effect on NPM, as reflected by a t-value of –2.819 < 2.306 and a significance level of 0.0223 < 0.05. Conversely, DER shows no significant partial effect on NPM, with a t-value of 1.666 < 2.306 and a significance value of 0.134 > 0.05. Simultaneously, WCTO and DER have a significant combined effect on NPM, evidenced by an F-value of 4.921 > 4.26 and a significance level of 0.040 < 0.05. The Adjusted R-squared of 43% indicates that the model explains nearly half of the variation in profitability.

Firm Value Determinants: Solvency, Asset Growth, and Profitability in the Food and Beverage Sector

Susilawati Susilawati — Thu, 13 Nov 2025 00:00:00 +0000

This study investigates the determinants of firm value by examining the roles of solvency, asset growth, and profitability in food and beverage companies listed on the Indonesia Stock Exchange (IDX). The research sample consists of eight leading firms selected through purposive sampling from 2018–2023, yielding 48 firm-year observations. Data were analyzed using multiple regression with SPSS to assess both partial and simultaneous effects. The results show that solvency has a negative but insignificant effect on firm value, indicating that higher debt levels may not necessarily enhance market perception. Conversely, asset growth and profitability exert positive and significant effects, implying that efficient asset management and strong earnings performance contribute to higher firm value. Simultaneously, the three variables significantly influence firm value, suggesting their collective importance in shaping investor confidence. These findings provide practical implications for managers and investors to strengthen financial decision-making and corporate performance in Indonesia’s food and beverage sector.

Evaluating Financial Risk and Pricing Accuracy Using Full Costing: A Case Study on UMKM Tempe Mbak Novi in Purworejo

Yeni Elfiza Abbas, Nur Asmilia, Murnaningsih Wahyu Handayani — Sat, 06 Dec 2025 00:00:00 +0000

This study evaluates the financial risk implications of pricing inaccuracy and analyzes the effectiveness of the full costing method in improving financial decision-making within small enterprises. Using a case study of UMKM Tempe Mbak Novi in Purworejo, Indonesia, the research integrates cost accounting with financial risk evaluation to assess how incomplete cost allocation affects profitability, liquidity, and cash flow stability. Data were collected through interviews, observations, and documentation. Results show that the firm’s cost-of-production calculation underestimates total costs by IDR 4,074,000 compared to the full costing approach. This mispricing leads to a potential profit loss of 24.1% and increases financial risk exposure, particularly cash flow volatility and underpricing risk. The findings suggest that implementing a full costing system enables more accurate pricing, strengthens financial sustainability, and reduces operational risk for micro and small enterprises

The Comparative Effectiveness of RSI and MACD Indicators in Managing Stock Price Volatility of Indonesian State-Owned Banks in 2024

Tue, 30 Dec 2025 00:00:00 +0000

This study investigates the effectiveness of the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) in mitigating stock price volatility in Indonesian state-owned banks (BUMN) during 2024. Using a quantitative approach with daily secondary data, panel data regression with a Fixed Effect Model (FEM) was employed, supported by classical assumption tests, t-tests, and F-tests. The findings show that RSI and MACD each have a significant positive effect on stock prices, and together explain 98.45% of price movements. RSI effectively identifies overbought and oversold conditions, signaling potential corrections, while MACD consistently captures trend momentum and reversals. The integration of both indicators provides a more robust analytical framework for anticipating volatility and optimizing investment decisions. This study enriches technical analysis literature by highlighting the complementary roles of RSI and MACD in strengthening decision-making strategies amid market uncertainty in emerging capital markets.

Analyzing the Effects of Financial Indicators on Stock Prices in Non-Cyclical Consumer Firms: Evidence from Indonesia

Novianti Siagian, Sri Putri Winingrum W.A. — Tue, 13 Jan 2026 00:00:00 +0000

This study examines the effect of short-term debt, financial leverage, and market value on stock prices of non-cyclical consumer companies listed on the Indonesia Stock Exchange during the 2021–2025 period. Using a quantitative explanatory approach, the analysis applies panel data regression estimated with EViews. The results show that short-term debt and financial leverage do not have a statistically significant impact on stock prices, indicating that liquidity and capital structure are not primary valuation considerations in this defensive sector. In contrast, market value, proxied by earnings per share (EPS), has a positive and significant effect on stock prices, highlighting the central role of profitability and investor perception in price formation. These findings suggest that the relevance of financial indicators is sector-dependent, with profitability-based signals dominating investor decision-making in non-cyclical consumer firms. This study contributes sector-specific empirical evidence under the post-reclassification market environment and provides practical insights for investors and corporate managers. Future research is encouraged to include additional variables or cross-sector comparisons.

The Influence of Earnings Per Share and Return On Investment on Stock Prices in The Banking Sector Listed on IDX

Intan Sari Budhiarjo, Iriana Kusuma Dewi — Tue, 13 Jan 2026 00:00:00 +0000

This study aims to examine the effect of Earnings Per Share (EPS) and Return on Investment (ROI) on stock prices in the banking sector listed on the Indonesia Stock Exchange. A quantitative approach is employed using secondary data from published financial statements. The sample consists of six banking companies selected from a population of 46 firms based on predetermined criteria. Data analysis includes descriptive statistics, panel data regression, hypothesis testing, and the coefficient of determination. The results show that EPS does not have a significant partial effect on stock prices, while ROI has a significant positive effect. Simultaneously, EPS and ROI significantly influence stock prices, indicating that profitability indicators play an important role in explaining stock price movements in the Indonesian banking sector.

The Influence of Audit Quality, Good Corporate Governance, and Operational Efficiency on Company Profitability

Suharna Suharna, Syamsuri Syamsuri — Tue, 13 Jan 2026 00:00:00 +0000

Transportation infrastructure companies operate in capital-intensive and highly regulated environments that demand strong internal controls and operational efficiency to maintain profitability. This study investigates the effects of audit quality, good corporate governance (GCG), and operational efficiency on profitability using secondary data from ten transportation infrastructure firms listed on the Indonesia Stock Exchange during 2020–2024. Multiple linear regression analysis reveals that operational efficiency significantly influences profitability, while audit quality and GCG show no significant partial effects. Nevertheless, simultaneous testing confirms that all variables jointly affect profitability. These findings indicate that profitability is primarily efficiency-driven, with governance and audit mechanisms serving complementary roles in enhancing stability and risk control rather than short-term financial performance.

An Empirical Analysis of the Effects of Interest Rates and Exchange Rates on Stock Prices: Evidence from Astra International Plc

Hendri Gunawan, Lisdawati Lisdawati, Tri Sulistyani — Wed, 14 Jan 2026 00:00:00 +0000

This study examines the effect of interest rates and exchange rates on stock prices of PT Astra International Tbk during the 2015–2024 period. Using a quantitative approach, the research applies multiple linear regression to secondary time-series data from Bank Indonesia and Investing.com. Classical assumption tests were conducted to ensure model reliability. The results show that interest rates do not have a significant partial effect on Astra’s stock price, while the exchange rate has a negative and significant influence. Simultaneously, interest rates and exchange rates do not significantly affect stock prices. The coefficient of determination indicates that 54.4 percent of stock price variation is explained by the two macroeconomic variables. These findings imply that exchange rate movements play a more important role than interest rates in shaping Astra’s stock performance and provide insights for investors in the Indonesian capital market.

The Effect of Third Party Funds and Inflation Rate on The Amount of Loans Disbursed at PT Bank Mayapada Internasional Tbk for The Period 2015 – 2024

Bulan Oktrima, Ade Irna Lestari, Ida Nurlina, Prihadi Dwianggoro — Fri, 10 Apr 2026 00:00:00 +0000

This study aims to examine the effect of Third Party Funds (TPF) and inflation on loan disbursement at PT Bank Mayapada Internasional Tbk during 2015–2024. As an intermediary institution, banks play a crucial role in economic growth through credit distribution, which is influenced by liquidity and macroeconomic conditions. This research applies a quantitative descriptive approach using secondary data from financial statements and inflation statistics. The analysis employs descriptive statistics, classical assumption tests, multiple linear regression, and hypothesis testing. The results indicate that TPF has a positive and significant effect on loan disbursement, while inflation shows a positive but insignificant effect. Simultaneously, both variables significantly influence loan distribution. These findings highlight the dominant role of liquidity over macroeconomic factors and provide useful insights for banking management and future research.

Liquidity, Cash Flow, and Firm Size as Determinants of Financial Distress: Evidence from Indonesian Industrial Sector Companies

Yas'aa Athalia, Donny Indradi — Tue, 14 Apr 2026 00:00:00 +0000

This study examines the effect of liquidity, cash flow, and firm size on financial distress in industrial sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. This study employs a quantitative approach using secondary data obtained from annual financial reports. The sample consists of 19 companies selected through purposive sampling, resulting in 95 panel data observations. Panel data regression analysis was conducted using EViews 12. The results indicate that liquidity, cash flow, and firm size simultaneously affect financial distress. Partially, liquidity and firm size have a significant effect on financial distress, while cash flow shows no significant effect. These findings suggest that a company’s ability to manage short-term obligations and asset size plays an important role in determining financial distress conditions. This study provides implications for management and investors in assessing early warning signals of financial distress.

Financial Distress Zones of Land Transportation Companies Listed on the Indonesia Stock Exchange Using Altman Z-Score

Sun, 01 Feb 2026 00:00:00 +0000

Passenger land transportation has gained increasing attention in recent years, particularly in relation to corporate financial performance. This study aims to evaluate the financial condition of passenger land transportation sub-sector companies listed on the Indonesia Stock Exchange using the Altman Z-Score method. A descriptive quantitative approach with purposive sampling is employed, resulting in seven selected companies. The study utilizes secondary data obtained from corporate financial statements covering the period from 2019 to 2023. Financial ratios, including working capital, retained earnings, profitability, capital structure, and asset utilization, are analyzed to generate Z-Score values and classify firms into the safe zone, grey zone, and distress zone. The results indicate that four companies fall within the distress zone, one is classified in the grey zone, and two are categorized in the safe zone. These findings highlight varying levels of financial resilience within the passenger land transportation sub-sector.

Behavioral Analysis of Consumer Economic Decision-Making Based on Price and Location: Evidence from K-Means Clustering in the Restaurant Sector

Adi Martono, Sapta Rini Oktaviani — Sun, 15 Feb 2026 00:00:00 +0000

This study examines how price and location are perceived across heterogeneous consumer segments in a traditional restaurant setting, using Pondok Gudeg Rini in Depok as a case study. Moving beyond regression-based causal models, the research employs a data-driven K-Means clustering approach to identify distinct behavioral decision patterns. A quantitative descriptive design was applied, using survey data from 100 respondents collected through structured questionnaires and analyzed with SPSS. The clustering analysis reveals three behavioral segments: (1) consumers with high price tolerance and strong decision engagement, (2) value-oriented consumers with moderate evaluations, and (3) highly price-sensitive consumers with lower decision engagement. One-way ANOVA results (p < 0.05) confirm statistically significant differences among the clusters. Rather than assuming homogeneous rational responses, the findings highlight the heterogeneity of economic decision profiles and demonstrate the relevance of clustering techniques for capturing behavioral segmentation in micro-level economic contexts.

Regulatory Consistency in Tax Crime Enforcement: Judicial Decisions, Financial Sanctions, and Taxpayer Compliance

Nofryanti, Firman Tatariyanto — Tue, 14 Apr 2026 00:00:00 +0000

This study examines judicial consistency in tax crime enforcement as a determinant of regulatory credibility and taxpayer compliance in Indonesia. Despite the central role of criminal sanctions as an ultimum remedium, variations in judicial decisions may weaken enforcement signals and reduce deterrence. Using qualitative content analysis on 22 Supreme Court decisions (2020–2023), this study evaluates sentencing patterns, proportionality of financial penalties, and their alignment with statutory provisions. The findings reveal substantial disparities in fines and imprisonment, particularly under Article 39, where sanctions frequently fall below statutory multipliers. In contrast, Article 39A demonstrates relatively strong consistency. These inconsistencies reduce predictability, weaken deterrence, and potentially undermine voluntary compliance. This study contributes to the literature by integrating legal enforcement analysis with financial regulation theory, highlighting the importance of judicial coherence in strengthening regulatory credibility and sustaining public finance governance.