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All Journal Bina Ekonomi: Majalah Ilmiah Fakultas Ekonomi Universitas Katolik Parahyangan Journal Of Resource Management, Economics And Business (REMICS)
Tiana Fenny Krisdina
Universitas Singaperbangsa Karawang
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Social Sciences

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DETERMINANTS OF MANUFACTURING FIRM VALUE: AN EMPIRICAL STUDY ON THE INDONESIA STOCK EXCHANGE Tiana Fenny Krisdina; Ahmad Andy Adinegara; Maman Nurachman
Bina Ekonomi Vol. 30 No. 1 (2026): Bina Ekonomi: Majalah Ilmiah Fakultas Ekonomi Universitas Katolik Parahyangan
Publisher : Center for Economic Studies Universitas Katolik Parahyangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26593/2xnbsa02

Abstract

This study aims to investigate the determinants of manufacturing firm value on the Indonesia Stock Exchange during the 2021-2024 period. By integrating signaling and trade-off theories, this research examines the impact of liquidity, leverage, and profitability on Price to Book Value (PBV). Utilizing a quantitative approach with purposive sampling, a final sample of 185 observations was analyzed using multiple linear regression via SPSS 25. The empirical results indicate that, simultaneously, liquidity, leverage, and profitability significantly influence firm value. Partially, the study finds that liquidity has no significant effect on firm value, suggesting that investors perceive high cash holdings as unproductive assets. Conversely, both leverage and profitability exert a positive and significant impact, with profitability emerging as the most dominant predictor. These findings imply that market appreciation is primarily driven by a firm's earnings capacity and strategic capital structure. This research provides valuable insights for investors and corporate managers in optimizing financial performance to maximize shareholder wealth in emerging markets.
CAUSALITY AND INTEGRATION OF THE INDONESIAN STOCK MARKET WITH THE US AND CHINESE MARKETS, 2024–2026: A VECM APPROACH Indana Sari; Tiana Fenny Krisdina; Winda Suherman; Okky Wahyu Amanda; Sinta Gisthi Ardhiani
Journal Of Resource Management, Economics And Business Vol. 5 No. 3 (2026): Journal Of Resource Management, Economics And Business (REMICS)
Publisher : PT. Berkah Digital Teknologi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58468/remics.v5i3.295

Abstract

Purpose: This study examines the causality, long-run integration, and regime market influence between the Indonesian Composite Stock Price Index (IHSG) and the capital markets of the United States (S&P 500) and China (Shanghai Stock Exchange) during Indonesia's new government regime (2024–2026). Research Methodology: Employing a quantitative causal-associative design, daily time-series data (JKSE, SP500, Shanghai Composite, STI, and IDR/USD exchange rate, added by CBOE VIX as exogenous variables) from February 15, 2024, to 30 June 2026 were analysed. Econometric procedures using RStudio included ADF unit root tests, VAR lag selection, Johansen cointegration, Granger causality, VECM, Impulse Response Function (IRF), and Forecast Error Variance Decomposition (FEVD). Results: Findings reveal a bidirectional Granger causality between JKSE and S&P 500, alongside a unidirectional causality running from the Shanghai Composite to JKSE. One significant long-run cointegrating vector was identified. FEVD results indicate that at period 20, the CBOE VIX accounts for the largest external forecast error variance in IHSG (6.23%), followed by China (1.03%) and the US (0.74%). Limitations: The research does not apply structural break tests or regime-switching dummy variables to explicitly isolate the government transition period. Contribution: Provides valuable insights for international portfolio diversification, capital market risk management, monetary policy formulation, and empirical research on emerging market integration in international finance.
Co-Authors Ahmad Andy Adinegara Indana Sari Maman Nurachman Okky Wahyu Amanda Sinta Gisthi Ardhiani Winda Suherman