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All Journal International Journal of Economic Integration and Regional Competitiveness Journal of Artificial Intelligence and Digital Economy
Endra Wahyu Ningdiyah
Muhammadiyah University of Sidoarjo, Indonesia

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BUSINESS RISK, DIVIDEND POLICY, CAPITAL STRUCTURE ON FINANCIAL PERFORMANCE: A STUDY IN INDONESIAN PHARMACEUTICAL COMPANIES Nurasik; Endra Wahyu Ningdiyah; Wiwit Hariyanto
International Journal of Economic Integration and Regional Competitiveness Vol. 1 No. 10 (2024): Journals International Journal of Economic Integration and Regional Competitiv
Publisher : Antis Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61796/ijeirc.v1i10.275

Abstract

General Background: Financial performance is a key determinant of a company's success and sustainability, particularly in the pharmaceutical industry, which faces unique challenges such as regulatory requirements, innovation costs, and market competition. Specific Background: In Indonesia, the pharmaceutical sector has shown significant growth, but companies face risks related to business dynamics, financial decision-making, and investment strategies. Factors such as business risk, dividend policy, and capital structure are critical in shaping financial outcomes. Knowledge Gap: Despite extensive studies on financial performance determinants, limited research focuses on how these factors interact specifically within the Indonesian pharmaceutical context, particularly over recent years. Aims: This study aims to analyze the effects of business risk, dividend policy, and capital structure on financial performance in Indonesian pharmaceutical companies during the 2017–2023 period. Results: The findings reveal that business risk significantly impacts financial performance, highlighting the importance of risk management in operational and strategic planning. Similarly, dividend policy influences financial performance, underscoring the role of payout strategies in shareholder value creation. Capital structure also affects financial performance, indicating the critical balance required between debt and equity financing. Novelty: This research offers new insights into the interplay of these factors in the pharmaceutical sector, using a focused dataset of eight companies, and provides empirical evidence specific to the Indonesian market. Implications: The study suggests that pharmaceutical companies must adopt comprehensive financial management practices to mitigate risks, optimize capital structures, and design effective dividend policies. Policymakers and industry stakeholders can use these findings to develop frameworks that support sustainable growth in the pharmaceutical sector. Further research could expand on this foundation to explore other factors influencing financial performance across different industries and regions.
ABNORMAL RETURN (AR) AND TRADING VOLUME ACTIVITY (TVA) ON FIRM VALUE IN BANKING COMPANIES IN INDONESIA Wiwit Hariyanto; Endra Wahyu Ningdiyah; Fitiyan Izzah Noor Abidin
Journal of Artificial Intelligence and Digital Economy Vol. 1 No. 11 (2024): Journal of Artificial Intelligence and Digital Economy
Publisher : PT ANTIS INTERNATIONAL PUBLISHER

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61796/jaide.v1i11.1154

Abstract

Objective: The study aims to evaluate the influence of Abnormal Return (AR) and Trading Volume Activity (TVA) on the Firm Value of banking companies in Indonesia during the 2019-2023 period. Methods: This quantitative research utilizes secondary data from 13 banking companies selected through purposive sampling, yielding a total of 65 observations (13 companies × 5 years). Data were analyzed using multiple linear regression, processed with SPSS version 27. Results: The findings reveal that both Abnormal Return and Trading Volume Activity significantly influence the Firm Value of banking companies in Indonesia during the specified period. Novelty: This study contributes to the literature by focusing on the dual impact of AR and TVA on Firm Value specifically within the banking sector in Indonesia, providing insights into financial performance dynamics during the 2019-2023 period.
Co-Authors Fitiyan Izzah Noor Abidin Nurasik Wiwit Hariyanto