Articles

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.

The Effect of Growth Opportunity and Credit Risk on Firm Value and Profitability as Mediating Variables in Digital Banking

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The digital transformation phenomenon in the Indonesian banking industry is growing rapidly, marked by the emergence of digital banks offering fully technology-based services. This change is driving increased competition and creating new dynamics in assessing company value, particularly regarding growth opportunities and credit risk quality. This study aims to analyze the effect of growth opportunity and credit risk on company value, with profitability as a mediating variable. The study uses a quantitative approach with growth opportunity and credit risk as independent variables, profitability as a mediating variable, and company value as the dependent variable. The research sample consisted of six digital banks selected through purposive sampling with a total of 30 observations during the 2020–2024 period. Data were obtained from the companies’ annual financial reports and official publications of the Indonesia Stock Exchange. Then, they were processed using panel regression with the EGLS method and the Sobel test using the Eviews 12 application. The results show that growth opportunity has a positive and significant effect on company value, while credit risk has a negative and significant effect. Credit risk also has a negative and significant effect on profitability, while growth opportunity has no significant effect on profitability. Furthermore, profitability has a positive and significant effect on company value, but does not mediate the relationship between growth opportunity and credit risk on company value. These findings suggest that the firm value of digital banks is more influenced by growth prospects and asset quality than the mediating pathway through profitability.

The Effect of Environmental Management System, Green Investment, Company Size, Profitability, and Public Accounting Firm Reputation on Carbon Emission Disclosure in Energy Sector Companies Listed on the IDX in the Period 2019-2023

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This research aims to investigate and empirically prove the impact of environmental management systems, green investment, company size, profitability, and public accounting firms’ reputations on carbon emission disclosure. The study’s population consists of companies in the energy industry listed on the IDX between 2019 and 2023. We selected the study sample using a census sampling approach that yielded 219 observations. We used the Eviews 12 software for panel data regression analysis as our data analysis method. According to the study’s findings, carbon emission disclosure is positively and significantly impacted by environmental management systems and company size but not by green investment, profitability, and public accounting firms’ reputations.

The Effect of Profitability, Liquidity, and Leverage on Stock Returns with Inflation and Interest Rates as Moderating Variables in Energy Sector Companies Listed on the Indonesia Stock Exchange for the Period 2018 – 2023

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The purpose of this study is to examine and analyze whether profitability, liquidity, and leverage affect stock returns with inflation and interest rates as moderating variables in energy sector companies listed on the Indonesia Stock Exchange for the 2018-2023 period. This study was conducted based on information obtained at the Indonesia Stock Exchange. The sampling technique used purposive sampling. The population in this study were 87 energy companies listed on the Indonesia Stock Exchange for the 2018-2023 period, with a sample size of 55 companies and 330 observations. Hypothesis testing uses pooled data regression analysis using the EViews application. The results of this study indicate that profitability has a positive effect on stock returns, liquidity has no effect on stock returns. While leverage has a negative effect on stock returns. Inflation is able to moderate the effect of profitability on stock returns, but is unable to moderate the effect of liquidity on stock returns. Interest rates are able to moderate the effect of leverage on stock returns.

The Effect of Capital Structure, Profitability, Liquidity, and Solvency on Firm Value with Managerial Ownership as a Moderating Variable in Food and Beverage Sub-Sector Companies Listed on the Indonesia Stock Exchange 2020-2023

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The purpose of this study was to analyze how the influence of capital structure, profitability, liquidity, and solvency, can affect firm value moderated by managerial ownership in food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2020-2023. This research was conducted on food and beverage sub-sector companies listed on the IDX, data information was obtained through the official website of the Indonesia Stock Exchange www.idx.com, the sampling technique used purposive sampling with a population of 94 food and beverage companies listed on the Indonesia Stock Exchange for the period 2020-2023 and a sample of 16 companies. Tests were carried out with regression panel data analysis and Moderated Regression Analysis (MRA) using E-views statistical data processing software. The results of this study indicate that liquidity and solvency variables have no significant effect on firm value, capital structure variables and profitability have a significant effect on firm value. Managerial ownership is also unable to moderate the relationship between capital structure, profitability, liquidity, and solvency on firm value.

Analysis of Factors Affecting Profitability With CSR as a Moderating Variable in Non-Cyclical Companies Listed on The Indonesia Stock Exchange in the 2021-2023 Period

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Study This aiming For test and prove in a way empirical influence variable independent that is liquidity, capital structure, turnover receivables, and growth sale to variable dependent that is profitability with CSR as variable moderation. Method research used​ is study quantitative with using data from report finances sourced from from www.idx.co.id . Retrieval technique sample in study. This is purposive sampling with amount sample as many as 98 non- cyclical company data listed on the Indonesian Stock Exchange for the 2021-2023 period. Method data analysis used is multiple linear regression with use SPSS 25 application. Research results show that in a way simultaneous variable Liquidity capital structure, and sales growth influential to profitability, but receivable turnover no influential to profitability. And corporate social responsibility is only capable to moderate connection sales growth against profitability.

The Effect of Eco-Efficiency and Eco-Innovation Disclosure on Firm Value: Does Profitability Matter?

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This research aims to test whether profitability strengthens the influence of eco innovation and eco efficiency disclosures on the value of mining sector companies listed on the Indonesia Stock Exchange. Research data was obtained from annual reports and sustainability reports from the Indonesian Stock Exchange website and company websites. The sample used was 39 companies that met the criteria and were listed on the Indonesia Stock Exchange in 2018 – 2021. The sample data calculation technique used the cross sectional method via the eviews application. Hypothesis testing in this research uses multiple linear regression analysis methods. The results of this research show that eco innovation and eco efficiency have a positive effect on firm value, and profitability has an effect as a moderating predictor variable in the relationship between eco innovation and eco efficiency on firm value. This study differentiates samples based on more diverse dependent variables and involves moderating variables as amplifiers. Previous research did not use the two dependent variables, namely eco innovation and eco efficiency simultaneously so that the value of the company could not be determined as a whole whether the implementation of both had an effect on the value of the company. Then the researchers found that investors considered the application of eco innovation and eco efficiency to the value of mining sector companies.

The Impact of Intellectual Capital on Company Value with Profitability as a Mediator

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This study aims to determine the effect of intellectual capital on firm value with profitability as a mediator in the food and beverage sub-sector. This study is quantitative empirical research using hypothesis research that examines the significant influence and direction of the direct and indirect relationship between the independent variables and the dependent variable through the intermediate variable. The total research sample is 14 companies. The sampling technique used in this research was purposive sampling. The data used is panel data. The data analysis method uses path analysis with the help of Eviews software. Partial test results show that intellectual capital has a positive and significant effect on firm value and profitability. The Sobel test results show that profitability cannot mediate the effect of intellectual capital on firm value.

Founder’s Personal Branding as Proposed Strategy for a Cost-Efficient Marketing Strategy (A Case Study of Skin Game)

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Skin Game is an Indonesian indie beauty brand that launched on 2020. Skin Game’s sales channel focused on majority of online channels and a part of offline channels. Based on external and internal analysis, it is a matter of fact that Indonesian beauty industry keeps on rising from year to year. Indonesian consumers are interested in purchasing and using beauty products sourced from local brands. However, although the market shows a good potential, however Skin Game’s profitability keeps on dropping from year to year. In order to gather primary, qualitative research is being done such as interview with brand manager and account. Also, a focus group discussion with Skin Game consumers also being done. Moreover, to gather secondary data, books and research journals are being used. In conclusion, Skin Game’s profitability remains questionable although the beauty industry shows positive potential throughout the year. Hence, in order to survive the tight competition, Skin Game needs to re-evaluate the cause of its downturn profitability.

Influence of Leverage, Profitability, and Price Share to Return Share in Manufacturing Companies on the IDX with Company Value as Intervening Variables

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There is fluctuation stock return value company manufacturers listed on the Indonesian Stock Exchange (BEI) from 2015 to 2019. Research​ This aim For test And analyze impact from various factor like Price Shares, Leverage, Profitability, and Company Value on Stock Returns. Study This use method descriptive quantitative. Sample study This is 18 reports finance company manufacturers listed on the IDX on in 2023. Data collection was carried out through reporting finance companies the. Data analysis was carried out use application SmartPLS. Results study showing that only Profitability and Price Share yuang can increase stock returns something company manufacturing on the Indonesian Stock Exchange. Company Values too proven No can mediate influence between variable study.