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All Journal Jurnal Akuntansi Muhammadiyah EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Jurnal Kajian Akuntansi JURNAL PENDIDIKAN TAMBUSAI Jurnal Revenue : Jurnal Ilmiah Akuntansi Journal of Language Education, Linguistics, and Culture Procedia of Social Sciences and Humanities The South East Asian Journal of Management Media Ekonomi Journal of Artificial Intelligence and Digital Business Eduvest - Journal of Universal Studies IJMA Media Riset Bisnis Ekonomi Sains dan Terapan
Munawaroh, Azizatul
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Aerospace Engineering Humanities Chemical Engineering, Chemistry & Bioengineering Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Energy Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Neuroscience Social Sciences Other

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PERAN KEBIJAKAN HUTANG, KEBIJAKAN DEVIDEN, RASIO KEBANGKRUTAN TERHADAP NILAI PERUSAHAAN Lestari, Rindu Ferdina; Munawaroh, Azizatul
Media Riset Bisnis Ekonomi Sains dan Terapan Vol 1, No 4 (2023): Media Riset Bisnis Ekonomi Sains dan Terapan
Publisher : Taksasila Edukasi Insani

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71312/mrbest.v1i4.126

Abstract

This research aims to explore the role of debt policy, dividend policy and bankruptcy ratio on company value, especially in telecommunications companies during the period 2019 to 2022. The sampling method used was purposive sampling, and data analysis was carried out using SPSS version 20 software. The main findings of the research these are the three key points. First, the debt policy variable –DER (X1) has an influence on company value. Based on the research, it was found that the DER regression coefficient was -16,698, the t value had a negative sign of -.737, with a significant value of 0.468 which was greater than 0.05 (0.468 0.05), where debt policy had no influence on company value. Second, DPR dividend policy variable (X2). Based on research, the DPR regression coefficient is -2.245, the t value has a negative sign of -3.297 with a significance value of 0.003 which is greater than 0.05 (0.030.05), where DER (X2) has a negative and significant influence on the value of the company. In other words, if the DER value decreases, the company value will increase. The three Bankruptcy Ratio variables (Z-Score)(X3) have a positive value of 443,349, the calculated t value has a positive sign of 2.630, with a significance value of 0.015 which is smaller than 0.05 (0.015 0.05), where the Z-Score (X3) has a positive and significant influence on company value. In other words, when the Z-Score increases, the company value will increase or be in the same direction. These findings are expected to provide important insights for stakeholders to understand the dynamics between these factors in the context of the telecommunications industry. Keywords : Debt policy, dividends, financial distress, market capital
Pengaruh Modal Kerja dan Likuiditas Terhadap Profitabilitas Perusahaan Subsektor Makanan dan Minuman di BEI Tahun 2020-2024 Nafiah, Nida; Munawaroh, Azizatul
RIGGS: Journal of Artificial Intelligence and Digital Business Vol. 4 No. 4 (2026): November - January
Publisher : Prodi Bisnis Digital Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/riggs.v4i4.5450

Abstract

Perusahaan subsektor makanan dan minuman memegang peran strategis dalam memperkuat fundamental ekonomi nasional melalui ekspansi pasar, peningkatan nilai tambah, serta penyerapan tenaga kerja. Kontribusi sektor ini terhadap industri pengolahan nonmigas mencapai 38,42% pada 2021 dan meningkat menjadi 40,31% pada 2024, dengan sumbangan terhadap PDB nasional sebesar 6,92%, menunjukkan konsistensi peranannya dalam mendukung pertumbuhan ekonomi yang berkelanjutan. Di sisi lain, sektor ini juga menjadi kontributor utama dalam penyerapan tenaga kerja, mencapai 9,80 juta pekerja pada 2023, serta menarik investasi signifikan baik dari dalam negeri maupun asing. Namun, pasca pandemi COVID-19, perusahaan menghadapi tantangan dalam menjaga efisiensi operasional dan stabilitas profitabilitas akibat gangguan rantai pasok dan perubahan pola konsumsi. Modal kerja dan likuiditas menjadi dua faktor penting yang memengaruhi kelancaran operasional serta kemampuan perusahaan dalam mempertahankan profitabilitas. Penelitian ini menggunakan pendekatan kuantitatif asosiatif dengan analisis regresi linier berganda berbasis data panel pada 19 perusahaan subsektor makanan dan minuman di Bursa Efek Indonesia selama periode 2020–2024, dengan total 95 observasi. Hasil penelitian menunjukkan bahwa perputaran modal kerja berpengaruh positif namun tidak signifikan terhadap profitabilitas, sedangkan likuiditas berpengaruh negatif namun tidak signifikan. Temuan ini memberikan wawasan bagi investor dalam pengambilan keputusan investasi dan bagi manajemen perusahaan dalam evaluasi pengelolaan keuangan, menekankan pentingnya efisiensi operasional serta optimalisasi aset untuk meningkatkan kinerja profitabilitas. Penelitian ini diharapkan menjadi referensi bagi studi selanjutnya dengan variabel dan periode penelitian yang lebih luas.
The Influence of Leverage and Return on Assets (ROA) on Firm Value in State Owned Enterprises (SOES) Listed on the Indonesia Stock Exchange for the 2018–2024 Period Maghfiroh, Siti; Munawaroh, Azizatul
Eduvest - Journal of Universal Studies Vol. 5 No. 12 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i12.52473

Abstract

This research is motivated by the phenomenon of a mismatch between financial performance and company value in SOEs listed on the Indonesia Stock Exchange, where an increase in ROA is not always followed by an increase in market value, and high leverage is not always perceived negatively. This study aims to analyze the effect of return on assets (ROA) and leverage on the value of state-owned enterprises (SOEs) listed on the Indonesia Stock Exchange for the 2018–2024 period, as examined in Pengaruh Leverage dan Return on Assets (ROA) terhadap Nilai Perusahaan pada Badan Usaha Milik Negara (BUMN) yang Terdaftar di Bursa Efek Indonesia Periode 2018–2024. The research method uses a quantitative approach with associative research design, purposive sampling techniques, and multiple linear regression analysis based on secondary data from the companies' financial statements. The results show that ROA has a negative and significant effect on company value, while leverage has a positive and significant effect. These findings indicate that profitability was not a positive signal for investors during the study period, while measured debt usage was perceived as an effective funding strategy. In conclusion, the value of SOEs is more influenced by funding structure than by operational profitability. The implications of this study emphasize the importance of optimal capital structure management, increased performance transparency, and more effective financial communication strategies so that company performance signals can be translated positively by the market.
Co-Authors Ananto, Tri Anggraini, Dinda Suci Anjani, Farida Corina D. S. Riantoputra Dwi Oktariani Fakhrurrozi Fakhrurrozi, Fakhrurrozi Gani, Nur Asni LESTARI, Rindu Ferdina Luqman Hakim Marpaung, Sally Bethesda Nafiah, Nida Nasrulloh Nasrulloh Priharta, Andry Ramadhan, Zulfikar Ramadhan, Zulfikar Siti Maghfiroh Sutanti sutanti sutanti Syuhadak, Syuhadak