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All Journal Management Studies and Entrepreneurship Journal (MSEJ)
Maria Safitri
Universitas Dian Nuswantoro, Semarang
Decision Sciences, Operations Research & Management

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Pengaruh Return On Equity, Current Ratio, Dan Sales Growth Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Intervening Rafida Nur Fadila; Vicky Oktavia; Dwi Eko Waluyo; Maria Safitri
Management Studies and Entrepreneurship Journal (MSEJ) Vol. 7 No. 6 (2026): Management Studies and Entrepreneurship Journal (MSEJ)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/vcm9rr06

Abstract

This study aims to analyze the effect of Return on Equity (ROE), Current Ratio (CR), and Sales Growth on firm value with dividend policy as an intervening variable in mining companies listed on the Indonesia Stock Exchange during the 2020–2025 period. Firm value is proxied by Price to Book Value (PBV), while dividend policy is measured using the Dividend Payout Ratio (DPR). This research uses a quantitative approach with secondary data obtained from the annual financial reports of mining companies listed on the Indonesia Stock Exchange. The sampling technique used is purposive sampling, and the data were analyzed using path analysis. The results show that Return on Equity (ROE) has a positive and significant effect on firm value, while Current Ratio (CR) and Sales Growth do not have a significant effect on firm value. Return on Equity (ROE) and Current Ratio (CR) positively affect dividend policy, whereas Sales Growth does not affect dividend policy. Dividend policy has a positive and significant effect on firm value. Furthermore, dividend policy is able to mediate the effect of Return on Equity (ROE) and Current Ratio (CR) on firm value, but it is unable to mediate the effect of Sales Growth on firm value. This study is expected to contribute theoretically to the development of financial management literature and practically to assist company management and investors in making decisions related to profitability, liquidity, sales growth, dividend policy, and firm value.
Studi Komparatif Likuiditas, Leverage, Perputaran Asset,  Profitabilitas Dan Harga Saham Sebelum Dan Sesudah Program Makan Bergizi Gratis Pada Perusahaan Sub Sektor Makanan Dan Minuman Raul Kurniawan; Maria Safitri; Dian Prawitasari; Pradana Jati Kusuma
Management Studies and Entrepreneurship Journal (MSEJ) Vol. 7 No. 6 (2026): Management Studies and Entrepreneurship Journal (MSEJ)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/hc5qg424

Abstract

The Free Nutritious Meal (MBG) Program is a government policy expected to improve public nutrition while also influencing the food and beverage industry. The implementation of this program may affect companies' financial performance and capital market responses, making it important to examine the differences in corporate conditions before and after the program. This study aims to analyze the differences in the Current Ratio (CR), Debt to Equity Ratio (DER), Total Asset Turnover (TATO), Return on Assets (ROA), and stock prices of food and beverage sub-sector companies listed on the Indonesia Stock Exchange before and after the implementation of the Free Nutritious Meal Program. This research employed a quantitative approach using a comparative study design. The sample consisted of 12 companies selected through purposive sampling, resulting in 48 observations before and 48 observations after the implementation of the MBG Program. Data were collected from corporate financial statements and stock price records, then analyzed using the Shapiro–Wilk normality test, followed by the Wilcoxon Signed Rank Test because the data were not normally distributed. The results indicate significant differences in the Current Ratio (p = 0.005), Total Asset Turnover (p = 0.001), Return on Assets (p = 0.011), and stock prices (p = 0.006) before and after the implementation of the MBG Program. In contrast, the Debt to Equity Ratio (p = 0.264) does not show a significant difference. This study concludes that the implementation of the Free Nutritious Meal Program is associated with changes in liquidity, activity, profitability, and market responses of food and beverage companies, while no significant change is observed in their capital structure. These findings are expected to provide useful insights for investors, companies, academics, and policymakers in evaluating the impact of the Free Nutritious Meal Program on corporate performance.
Co-Authors Dian Prawitasari Dwi Eko Waluyo Pradana Jati Kusuma Rafida Nur Fadila Raul Kurniawan Vicky Oktavia