Articles

The Effect of Effective Tax Rate, Moral Hazard, and Firm-Specific Determinants on Capital Structure

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This research aims to examine the effectiveness of Effective Tax Rate, Firm Size, Profitability, Non-Debt Tax Shield, and Moral Hazard toward Capital Structure in oil, gas, and coal subsector firms listed on the Indonesian Stock Exchange during the period 2016-2024. The study employs a quantitative research design using panel data regression analysis. The Fixed Effect Model is selected based on panel data model selection tests and analyzed using EViews 12. The empirical findings reveal that only Profitability has a statistically significant negative effect on Capital Structure. Meanwhile, Effective Tax Rate, Firm Size, Non-Debt Tax Shields, and Moral Hazard do not exhibit statistically significant effects. These results suggest that internal financing capacity plays a more dominant role than tax incentives, firm scale, alternative tax shields, or agency-related considerations in determining capital structure decisions within the observed subsector. These research findings suggest that the effect of internal financing capacity dominates the effect of tax and agency-related considerations in determining Capital Structure within the Indonesian energy subsector. This study is limited by its sector-specific focus and restricted observation period.

The Effect of Audit Quality, Audit Committee, and Corporate Social Responsibility on Firm Value with Firm Size as a Moderating Variable

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This study aims to examine the effect of audit quality, audit committee, and corporate social responsibility (CSR) on firm value, with firm size as a moderating variable. This research employs a quantitative approach using secondary data obtained from the annual financial reports of energy sector companies listed on the Indonesia Stock Exchange. The sample was selected using purposive sampling, resulting in 75 observations. The data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA). The results indicate that audit quality, audit committee, and CSR have a positive and significant effect on firm value. Firm size also has a positive effect and is proven to moderate the relationship between audit quality, audit committee, and CSR on firm value. Additionally, control variables, namely profitability and leverage, are found to have a positive and significant effect on firm value. Simultaneously, all variables in this study significantly influence firm value.

The Effect of Environmental Performance, Liquidity, and Leverage on Profitability with Firm Size as a Moderating Variable: Evidence from Mining Companies Listed on the IDX and SET (2018–2024)

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This study aims to examine the impact of environmental performance, liquidity, and leverage on profitability, with firm size acting as a moderating variable, among mining sector companies listed on the Indonesia Stock Exchange (IDX) and the Stock Exchange of Thailand (SET). Profitability serves as a critical indicator for assessing overall corporate performance.

A quantitative approach was employed, utilizing panel data regression analysis. Data processing and analysis were conducted using EViews version 13. The research sample comprised 28 mining companies listed on the IDX and 25 mining companies listed on the SET, covering the observation period from 2018 to 2024.

The empirical results reveal that environmental performance has a positive and significant effect on profitability for mining companies listed on the IDX; however, it does not significantly affect the profitability of those listed on the SET. Liquidity demonstrates a positive and significant impact on profitability across mining companies in both the IDX and the SET. Conversely, leverage exerts a negative and significant influence on profitability for companies in both markets. Furthermore, firm size fails to moderate the relationship between environmental performance and profitability in both the IDX and SET contexts. Firm size significantly moderates the effect of liquidity on profitability for companies listed on the IDX, but this moderating effect is absent for those listed on the SET. Finally, firm size is unable to moderate the impact of leverage on profitability for mining companies listed on either exchange.

Do Financial Policies and Firm Characteristics Affect Firm Value? Evidence from Indonesian Mining Firms Listed on the Indonesia Stock Exchange (2020–2024)

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Firm value reflects market assessments of a company’s financial performance and future prospects, particularly in capital-intensive and volatile industries such as mining. This study examines the effects of dividend policy, investment decisions, leverage, profitability, and firm size on firm value in mining companies listed on the Indonesia Stock Exchange during the 2020– 2024 period. Using a quantitative approach, this study employs panel data regression analysis on financial statement data obtained through purposive sampling. Firm value is measured using Tobin’s Q, while the independent variables are proxied by standard financial indicators. The results show that dividend policy, investment decisions, leverage, profitability, and firm size do not have a statistically significant effect on firm value. These findings indicate that investors in the mining sector tend to prioritize growth prospects, overall firm performance, and risk considerations rather than short-term financial policies or firm-specific characteristics. In addition, high dividend payouts may limit internal funds for investment, while investment allocation, leverage utilization, and profitability improvements may not immediately translate into higher market valuation due to perceived risks, liquidity constraints, and industry uncertainty. This study suggests that market valuation in the mining sector is influenced more by broader expectations and external conditions than by individual financial indicators, providing important implications for managers and investors in understanding firm value dynamics.

Analysis of Debt Structure and Liquidity on Company Performance with Firm Size as a Moderation Variable: Sub-Sector Food and Beverage Listed on the IDX in the Period 2018-2022

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This research aims to analyze and know the influence of Short-Term Debt, Long Term Debt, Total Debt to Assets, Total Debt to Equity, and Liquidity on Company Performance with Company Size as a moderating variable on manufacturing companies of the consumer goods industry listed in the Indonesia Stock Exchange 2018-2022 period. The population of this research is manufacturing companies in the consumer goods industry sector, which consists of 47 companies. The sampling selection is conducted using the purposive sampling method. Therefore, 38 samples are obtained. The data analysis method in this research was carried out using panel data testing and data processing using the EViews program. The results of this research showed that partially and simultaneously, Short-Term Debt (STD), Long-Term Debt (LTD), and Total Debt to Assets (TDTA) have a significant effect on Company Performance. Firm Size can moderate the impact of Short-Term Debt, Long-Term Debt, Total Debt to Asset, Total Debt to Equity, and Liquidity on Company Performance.

Internal Factors Affecting Firm Value (Case Study of Manufacturing Companies in Indonesia)

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Despite the pivotal role of the manufacturing sector in the Indonesian economy and its continuous growth, there exists a dearth of comprehensive research on the determinants of firm value within this sector. The lack of understanding regarding how financial factors such as leverage, liquidity, profitability, and firm size impact firm value among manufacturing companies listed on the IDX hinders effective decision-making for investors, creditors, stakeholders, and company management. This study aims to Investigate the effects of firm size, profitability, liquidity, and leverage on firm value is the main purpose of this study, which focuses on manufacturing companies listed on the Indonesia Stock Exchange (IDX). The population comprises manufacturing companies listed on the Indonesia Stock Exchange from 2018 to 2022. Using purposive sampling technique and going through the sampling criteria, a final sample of 82 companies was used in this research. The data analysis method used in this study was a regression analysis using SPSS software. The study revealed that higher debt levels (Leverage) and excessive cash reserves (Liquidity) were linked to decreased firm value. Additionally, the finding also shows that as companies became more profitable, their overall value tended to decrease. On a positive note, larger firms (Firm Size) exhibited higher company value. The findings have implications for investors, creditors, and stakeholders navigating the Indonesian manufacturing sector, providing nuanced insights into financial determinants of firm value. These findings emphasize the importance of a balanced financial strategy for companies and highlight the advantages of size in the economic landscape.

The Influencing Factors Firm Value with CSR as a Moderation Variable: A Study of Energy Companies Listed on the IDX in the Period 2014-2022

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The value of a company reflects how investors assess the company. This research aims to analyze the influence of profitability (ROA), leverage (DER), firm size, and asset turnover (TATO) as factors that influence firm value (Tobin’s Q) and uses CSR disclosure as a moderating variable. This research uses a population of energy sector companies listed on the IDX in 2014–2022, which was selected according to criteria, resulting in a research sample of 28 companies with a total of 224 observations. The type of data used is secondary data, and the hypothesis testing used is panel data regression analysis with multiple linear regression tests and interaction moderation tests with the help of R-Studio software. The research results show that profitability has a positive effect on firm value, while leverage, firm size, and asset turnover do not affect firm value. CSR disclosure is unable to moderate profitability, leverage, firm size, and asset turnover based on firm value.

The Effect of Profitability, Capital Structure and Cash Dividend on Firm Value of Public Non-Financial Companies in Indonesia During the Period Before and During the Covid-19 Pandemic (2018-2021)

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This study aims to test and prove empirically the effect of the independent variables namely profitability, capital structure and cash dividends on the dependent variable, namely firm value with liquidity and firm size as control variables. The research method used is quantitative research in the form of a correlational study using firm financial report panel data taken at www.idx.co.id. The sampling technique in this study was purposive sampling with a total sample of 116 non-financial companies listed on the Indonesia Stock Exchange for the 2018-2021 period. The data analysis method used is multiple linear regression using the eviews application. The results of the study found that profitability, cash dividends, liquidity and firm size had no effect on firm value in the period before and during the Covid-19 pandemic. Capital structure has an effect on firm value in the period before and during the Covid-19 pandemic. Adjusted R2 value shows that 64.7% of firm value can be explained by profitability, capital structure, cash dividends, liquidity and firm size, the remaining 35.3% is influenced by other variables not examined in this study.

Analysis of Changes in Food and Beverage Sector Stock Prices on the Indonesia Stock Exchange

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Stock prices on the Indonesia Stock Exchange (IDX), always fluctuate, so it is necessary to analyze any variables that affect stock prices. The purpose of this study is to analyze the factors that affect stock prices, the Food and Beverage Sector on the IDX for the period 2015 to 2019. The analysis method uses correlation, regression, t test, Anova test and multiple linear analysis with several classical assumption tests. The research population was 18 companies and the sample studied was 12 companies and data processing using SPSS Version 22.

The conclusions of the study are (a). Interest rates have no significant effect on stock prices, while firm size and earnings per share value have a significant effect on stock prices. Simultaneously, the three independent variables (Interest rate, company size and Earning per share), have a significant effect on the stock price of Food and Beverages on the Indonesia Stock Exchange.