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The Effect of Capital Structure and Dividend Policy on Firm Value: Financial Performance as a Mediator in Indonesian Food and Beverage Companies Nadia Zahrani; R. Ramlawati; J. Jayadi
Golden Ratio of Data in Summary Vol. 6 No. 3 (2026): May - July
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grdis.v6i3.2173

Abstract

This study analyzes the effect of capital structure and dividend policy on firm value with financial performance as a mediating variable in food and beverage sub-sector companies listed on the Indonesia Stock Exchange during the 2022–2024 period. The objective of this research is to examine both the direct and indirect effects among the variables. This study employs a quantitative research approach using secondary data obtained from 16 companies selected through purposive sampling. Data analysis was conducted using SmartPLS 4. The results indicate that capital structure does not have a direct effect on firm value but has a positive effect on financial performance. Dividend policy has a negative effect on firm value but does not affect financial performance. Financial performance has a positive and highly significant effect on firm value. Furthermore, financial performance fully mediates the relationship between capital structure and firm value but does not mediate the relationship between dividend policy and firm value. In conclusion, profitability plays a crucial role in enhancing firm value.
Total Quality Management and Operational Performance S. Saharuddin; Putra Syarif; R. Ramlawati; A. Anis
Golden Ratio of Mapping Idea and Literature Format Vol. 6 No. 3 (2026): May - July
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grmilf.v6i3.2267

Abstract

This study examines the effect of Total Quality Management (TQM) practices on operational performance at PT So Good Food. The study employed a quantitative survey design involving 30 employees selected through purposive sampling. The respondents were employees who had worked at the company for at least one year and were considered to have sufficient experience and understanding of the company’s quality-management practices and operational processes. TQM was represented by customer satisfaction, employee empowerment, continuous quality improvement, and fact-based management, while operational performance served as the dependent variable. Data were collected using a structured questionnaire with a five-point Likert scale and analyzed using validity and reliability tests, classical assumption tests, multiple linear regression, partial t-tests, and a simultaneous F-test. The findings indicate that the TQM dimensions simultaneously have a significant effect on operational performance. Partially, employee empowerment, continuous quality improvement, and fact-based management have positive and significant effects on operational performance, whereas customer satisfaction does not have a significant partial effect. These findings suggest that internal quality-management practices, particularly employee involvement, continuous process improvement, and data-based decision-making, play an important role in supporting operational effectiveness. The study is limited to a small sample from a single organization; therefore, the findings should be interpreted and generalized cautiously.