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All Journal Business Innovation Management and Entrepreneurship Journal
Irham Natsir
Universitas Lakidende
Decision Sciences, Operations Research & Management Energy

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Observable Financial-Signal Profiles: A Descriptive Comparative Analysis of Indonesian Pharmaceutical Firms Misnawati; Irham Natsir; Sri Widati
Business Innovation Management and Entrepreneurship Journal (BIMANTARA) Vol. 5 No. 02 (2026): OCTOBER ISSUE
Publisher : University of Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/bimantara.v5i02.45516

Abstract

This study identifies observable financial-signal profiles among eight pharmaceutical firms listed on the Indonesia Stock Exchange during 2020–2024. The descriptive comparative analysis included 40 firm-year observations of return on assets, the current ratio, the debt-to-equity ratio, year-end stock prices, and the rupiah–US dollar exchange rate. Because the source stock prices were reported in both rupiah and thousands of rupiah, the price series was reconstructed using an explicit unit-conversion rule and indexed to a 2020 = 100. The resulting index remained provisional and did not represent verified returns based on adjusted closing prices. Within-firm endpoint comparisons and cross-firm analysis identified four profiles: broad-based reinforcement; stable fundamentals with weak market translation; stable or recovering fundamentals with neutral or positive market translation; and financial deterioration with market erosion. The findings for SIDO and DVLA show that strong profitability does not always align with higher stock prices. Sensitivity checks showed that five firms retained their classifications under alternative market-response bands, while KLBF, MERK, and SOHO changed categories. The study provides a descriptive framework for comparing financial indicators and stock-price movements without establishing causal relationships or directly measuring organizational resilience
Co-Authors Misnawati Sri Widati