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All Journal Indonesian Financial Review
Saksono Budi
University of Pamulang
Economics, Econometrics & Finance

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Agency and Signaling Perspectives on Working Capital Turnover, Debt to Equity Ratio, and Profitability in PT Gudang Garam Tbk (2013–2023) Den Ayu Zelpani; Saksono Budi
Indonesian Financial Review Vol. 5 No. 2 (2025)
Publisher : Yayasan Pendidikan Penelitian dan Pengabdian Al-amsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55538/ifr.v5i2.96

Abstract

This study investigates the influence of Working Capital Turnover (WCTO) and Debt to Equity Ratio (DER) on the Net Profit Margin (NPM) of PT Gudang Garam Tbk during the 2013–2023 period. Using a quantitative approach with secondary financial data, hypothesis testing was conducted through the partial (t-test) and simultaneous (F-test) significance tests at a 5% alpha level. Data analysis employed SPSS version 24. The results indicate that WCTO has a significant partial effect on NPM, as reflected by a t-value of –2.819 < 2.306 and a significance level of 0.0223 < 0.05. Conversely, DER shows no significant partial effect on NPM, with a t-value of 1.666 < 2.306 and a significance value of 0.134 > 0.05. Simultaneously, WCTO and DER have a significant combined effect on NPM, evidenced by an F-value of 4.921 > 4.26 and a significance level of 0.040 < 0.05. The Adjusted R-squared of 43% indicates that the model explains nearly half of the variation in profitability.
Fundamental Financial Performance and Stock Prices: Panel Data Evidence from Indonesian State-Owned Conventional Banks Saksono Budi; Siti Asmonah; Angga Pratama
Indonesian Financial Review Vol. 6 No. 1 (2026)
Publisher : Yayasan Pendidikan Penelitian dan Pengabdian Al-amsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55538/ifr.v6i1.165

Abstract

The research sample comprised four Indonesian state-owned conventional banks listed on the Indonesia Stock Exchange (IDX) during 2016–2024: PT Bank Negara Indonesia Tbk (BBNI), PT Bank Rakyat Indonesia Tbk (BBRI), PT Bank Mandiri Tbk (BMRI), and PT Bank Tabungan Negara Tbk (BBTN). Using purposive sampling, the study analyzed 36 balanced panel observations from annual reports and financial statements. Data analysis employed panel data regression with EViews 13, including the Chow, Hausman, and Lagrange Multiplier tests for model selection. The results indicated that Return on Assets (ROA) had a negative but insignificant effect on stock prices (p = 0.2683), whereas Earnings per Share (EPS) had a positive and significant effect (p = 0.0304). Simultaneously, ROA and EPS significantly influenced stock prices (F = 11.8056; p < 0.001), with an adjusted R-squared of 60.69%.
Co-Authors Angga Pratama Den Ayu Zelpani Siti Asmonah