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Moch Fahru Komarudin
Universitas Bina Bangsa
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Pengaruh Pengungkapan Corporate Social Responsibility terhadap Harga Saham dengan Solvabilitas sebagai Variabel Moderasi pada Perusahaan Migas dan Batu Bara yang Terdaftar di BEI Periode 2022–2025 Anshori Anshori; Moch Fahru Komarudin; Novi Handayani
Jurnal Mahasiswa Manajemen dan Akuntansi Vol. 5 No. 2 (2026): Oktober : JUMMA'45: Jurnal Mahasiswa Manajemen dan Akuntansi
Publisher : Fakultas Ekonomi Universitas 45 Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30640/jumma45.v5i2.7814

Abstract

Companies in the oil, gas, and coal sectors have capital-intensive business characteristics and relatively large social and environmental impacts, so the disclosure of Corporate Social Responsibility (CSR) and solvency conditions is important information in investors' assessment of the company. This study aims to analyze the effect of CSR disclosure on stock prices and analyze the role of solvency in moderating the effect of CSR disclosure on stock prices in oil, gas, and coal sector companies listed on the Indonesia Stock Exchange for the 2022–2025 period. The research uses a quantitative approach with secondary data obtained from annual reports, sustainability reports, financial statements, and historical stock price data. The sample was determined using the purposive sampling technique and obtained 25 companies with 100 observations. Data analysis was carried out using panel data regression with Moderated Regression Analysis and Fixed Effect Model through EViews 13. The results of the study show that CSR disclosure has a positive and significant effect on stock prices. Solvency proxied with the Debt to Equity Ratio has also been proven to positively moderate the influence of CSR disclosure on stock prices. The research model has an explanatory ability of 87.03%. These findings indicate that the quality of CSR disclosure and the management of funding structures need to be considered simultaneously as they relate to market responses to companies in the oil, gas, and coal sectors.
Pengaruh Likuiditas, Leverage, dan Sales Growth terhadap Financial Distress pada Perusahaan Sektor Ritel yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2022-2025 Angeli Raulinata; Moch Fahru Komarudin; Novi Handayani
Jurnal Mahasiswa Manajemen dan Akuntansi Vol. 5 No. 2 (2026): Oktober : JUMMA'45: Jurnal Mahasiswa Manajemen dan Akuntansi
Publisher : Fakultas Ekonomi Universitas 45 Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30640/jumma45.v5i2.7826

Abstract

Retail sector companies face various pressures that can affect financial conditions and increase the risk of financial distress, so it is necessary to identify factors related to the company's financial difficulties. This study aims to analyze the influence of liquidity, leverage, and sales growth on financial distress in retail sector companies listed on the Indonesia Stock Exchange for the 2022–2025 period, both partially and simultaneously. The research uses a quantitative approach with secondary data obtained from the company's financial statements. The sample was determined using purposive sampling techniques  and resulted in 23 companies with 92 final observations. Financial distress is measured using the Altman Z"-Score, liquidity using the Current Ratio, and leverage using the Debt to Equity Ratio. The analysis was carried out using panel data regression with Random Effect Model and Cross-section SUR (PCSE). The results of the study show that liquidity and leverage do not have a significant effect on financial distress, while sales growth has a negative and significant effect on the value of the Altman Z"-Score. Simultaneously, all three variables had a significant effect on financial distress, with the model's ability to explain the variation of 8.13%. These findings imply that retail companies need to manage sales growth carefully by paying attention to working capital, liquidity, debt structure, and funding sources so that business growth does not increase financial pressures.
Co-Authors Angeli Raulinata Anshori Anshori Novi Handayani