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All Journal JURNAL AKUNTANSI KEUANGAN DAN MANAJEMEN Greenation International Journal of Economics and Accounting
Indah Purnama Sari Mardjuni
STMIK Kharisma Makassar, Makassar, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Mathematics

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Determinants of Firm Financial Performance: A Panel Data Analysis of Macroeconomic Stability and Market Factors in LQ45 Companies in Indonesia Mohammad Sofyan; Fatchur Rochman; Indah Purnama Sari Mardjuni; Vicky Oktavia; Mochamad Ramza Rapier Gussa
Greenation International Journal of Economics and Accounting Vol. 4 No. 1 (2026): Greenation International Journal of Economics and Accounting (March - April 202
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i1.809

Abstract

This study aims to examine the factors affecting the financial performance of companies included in the LQ45 index on the Indonesia Stock Exchange by integrating macroeconomic stability and market-based indicators. Financial performance is measured by return on equity, while the independent variables include inflation, exchange rate, price-to-book value, dividend yield, and firm size. This study employs a quantitative approach using panel data from 37 companies over the period 2021 to 2025. The data are analyzed using panel regression with model selection conducted through Chow test, Lagrange Multiplier test, and Hausman test. The results indicate that the fixed effect model is the most appropriate model. Partially, price-to-book value, dividend yield, and firm size have a positive and significant effect on financial performance, while the exchange rate has a negative and significant effect. Inflation does not have a significant effect on financial performance. These findings indicate that firm-specific factors play a more dominant role than macroeconomic variables in determining financial performance. This study contributes to financial literature in emerging markets and provides insights for investors and policymakers in decision making.
Credit, Liquidity, and Pandemic Shock Effects on Indonesian Banking Profitability from 2010-2025 Rousilita Suhendah; Indah Purnama Sari Mardjuni; Mochamad Ramza Rapier Gussa; Lindrawati Lindrawati; Mohammad Sofyan
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 7 No 4 (2026): September
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7.n4.p1-20.2026

Abstract

Purpose: This study examines the determinants of banking profitability in Indonesia by analyzing the effects of credit distribution, capital adequacy, liquidity, monetary policy rates, and the COVID-19 shock using a dynamic time series framework.Research Methodology: Monthly data from January 2010 to June 2025 were analyzed using the Auto-Regressive Distributed Lag (ARDL) and Error Correction Model (ECM) approaches. HAC/Newey-West robust standard errors were employed to improve estimation reliability.Results: The findings confirm a long-run relationship between the variables. Credit distribution exhibits dynamic effects on profitability, while liquidity significantly affects profitability in both the short and long runs. The COVID-19 variable negatively affects banking profitability, whereas capital adequacy and monetary policy rates are statistically insignificant. The ECM results indicate a gradual adjustment toward long-run equilibrium.Conclusions: Banking profitability in Indonesia is primarily influenced by liquidity conditions, credit adjustment mechanisms, and external shocks rather than capital adequacy or monetary policy rates.Limitations: This study uses aggregate banking industry data and has limited explanatory variables.Contributions: This study contributes to the banking literature by providing dynamic evidence using high-frequency monthly data and an ARDL-ECM framework incorporating structural pandemic shocks.
Co-Authors Fatchur Rochman Lindrawati Lindrawati Mochamad Ramza Rapier Gussa MOHAMMAD SOFYAN Rousilita Suhendah Vicky Oktavia