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All Journal Escalate : Economics and Business Journal
Yeti Kusmawati
Pamulang University
Economics, Econometrics & Finance

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The Influence of Debt to Equity Ratio (DER) and Good Corporate Governance on Company Value at PT Gudang Garam TBK for the Period 2015 - 2025 Muhammad Gilang Al Fathir; Yeti Kusmawati
Escalate : Economics and Business Journal Vol. 4 No. 3 (2026): Escalate : Economics and Business Journal
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/escalate.v4i3.679

Abstract

This research aims to investigate the impact of the Debt to Equity Ratio (DER) and Good Corporate Governance (proxied by Board of Directors Size) on Firm Value (Tobin's Q) at PT Gudang Garam Tbk. The research design employs a quantitative descriptive and causal associative approach, using time-series historical financial statements over the 2015–2025 period. The data were analyzed using multiple linear regression assisted by IBM SPSS 27. Empirical results prove that, simultaneously, DER and Board of Directors Size significantly influence Firm Value (F-value = 7.802; Sig. = 0.013) with a determination coefficient of 66.1%. However, partial testing reveals an anomaly where the Debt to Equity Ratio has no significant effect (t-value = 1.223; Sig. = 0.256), indicating that the company's market share dominance leads rational investors to discount debt fluctuations. Conversely, Board of Directors Size exhibits a significant negative impact (t-value = -2.500; Sig. = 0.037), where an oversized board configuration is perceived to create bureaucratic inefficiency (Agency Theory).
The Influence of Hedging Policy, Exchange Rates & Operational Costs on Financial Performance at PT Ultrajaya Milk Industry & Trading Company Tbk for the Period 2015 - 2025 Marcelia; Yeti Kusmawati
Escalate : Economics and Business Journal Vol. 4 No. 4 (2026): Escalate : Economics and Business Journal
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/escalate.v4i4.711

Abstract

This research is motivated by the fluctuation of exchange rates and increasing operational costs that have the potential to affect the financial performance of PT Ultrajaya Milk Industry & Trading Company Tbk, while the company did not show the use of hedging instruments during the observation period. This study aims to analyze the effect of hedging policies, exchange rates, and operational costs on financial performance as measured by Return on Assets (ROA) for the period 2015 to 2025. This study uses a causal associative research method with a quantitative approach. The population and sample are PT Ultrajaya's financial statements for 2015 to 2025 with 11 annual observations. The research instrument is secondary data documentation from financial statements, while the analysis is carried out using SPSS 27 through descriptive statistics, classical assumption tests, multiple linear regression, t-tests, F-tests, correlations, and coefficients of determination. The results show that hedging policies do not have data variations, while exchange rates and operational costs do not have a significant effect on ROA with significance values ​​of 0.786 and 0.816, respectively. The simultaneous model was insignificant with F = 2.040 and p = 0.210, and an R² of 50.5%. In conclusion, exchange rate changes and operational costs were not significant factors in explaining ROA, while hedging policy could not be tested inferentially due to its lack of variation
The Influence of Transportation Costs, Monthly Income, Digital Wallet Use, and Financial Planning on the Frequency of Online Motorcycle Taxi Use Nadhiva Zahra Ayu Ananda Mawlina; Yeti Kusmawati
Escalate : Economics and Business Journal Vol. 4 No. 4 (2026): Escalate : Economics and Business Journal
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/escalate.v4i4.875

Abstract

This study examines the relationship between transportation costs, monthly income, digital wallet usage, and financial planning and the frequency of online motorcycle taxi use among students in the Management Study Program at Pamulang University. A quantitative approach was employed using purposive sampling. Data were collected through questionnaires distributed to seventh- and eighth-semester students who used online motorcycle taxi services. Of the 255 questionnaires distributed, 150 valid and complete responses were included in the analysis. The data were analyzed using multiple linear regression and hypothesis testing. The findings indicate that transportation costs, monthly income, and financial planning have positive and statistically significant relationships with the frequency of online motorcycle taxi use (p < .001 for each variable). In contrast, digital wallet usage has a positive but statistically insignificant relationship with usage frequency (t = 0.467, p = .641). Simultaneously, the four independent variables are significantly associated with usage frequency (F = 147.496, p < .001), with an R² value of .803, indicating that the model explains 80.3% of the observed variation in usage frequency. These findings highlight the relevance of economic conditions and financial management behavior in understanding students’ use of online motorcycle taxi services, while suggesting that digital wallet usage does not independently demonstrate a statistically significant relationship when the other variables are considered.
Co-Authors Marcelia Muhammad Gilang Al Fathir Nadhiva Zahra Ayu Ananda Mawlina