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Determinant of Firm Value and the Role of Firm Size as a Moderating Variable: Empirical Evidence from Top 100 Listed Companies in Indonesia Eka, Yuliana Yuspita; Azazi, Anwar; Syahbandi; Wendy; Mustika, Uray Ndaru
International Journal of Economics, Business Management and Accounting (IJEBMA) Vol. 7 No. 2 (2025): July 2025
Publisher : MultiTech Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59890/ijebma.v7i2.3091

Abstract

Firm value reflects investors’ confidence in a company’s management capabilities, ultimately affecting their financial returns. Assessing a firm's value is crucial for investment decisions as it shapes investor perceptions. This research aims to examine the influence of profitability, tax planning, and leverage on firm value in Indonesian companies listed on the Kompas 100 index, with firm size as a moderating variable. The samples were selected using purposive sampling, yielding 222 observations from 37 companies. The panel data were analyzed using moderated regression analysis with EViews 13. The findings reveal that whereas leverage has no appreciable beneficial effect on firm value, profitability and tax planning do. Furthermore, firm size significantly moderates these relationships, enhancing the positive effects of profitability and tax planning, and mitigating the negative impact of leverage on firm value. This research implies that in corporate management should prioritize profitability through operational efficiency and sustainable growth strategies, and utilize legal and efficient tax planning to enhance firm value
ANALISIS RASIO PROFITABILITAS DAN RASIO LIKUIDITAS DALAM MENGUKUR KINERJA KEUANGAN PT ADHI KARYA 2017-2021 Rojulmubin, Fadli; Nurhidayah, Indania; Wendy; Arifianto, Chandra F.; Nazar, Shinta N.
Jurnal Ekonomi dan Bisnis Vol 15 No 2 (2023): JEB Vol 15 No 2 Juli 2023
Publisher : Sekolah Tinggi Ilmu Ekonomi Port Numbay Jayapura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55049/jeb.v15i2.218

Abstract

Kinerja keuangan merupakan suatu penggambaran tentang bagaimana kondisi keuangan di perusahaan tersebut apakah dalam kondisi yang baik atau tidak, serta didalamnya menyangkut aspek bagaimana dana di perusahaan tersebut disalurkan, yang biasanya diukur melalui indikator kecukupan modal, likuiditas serta profitabilitas. Tujuan analisis ini untuk mengetahui perbandingan kinerja keuangan pada PT Adhi Karya pada tahun 2017-2021 yang ditinjau dari Rasio Likuiditas yang dilihat dari Current Ratio, Quick Ratio, Cash Ratio, serta Cash Turnover Ratio. Serta Rasio Profitabilitas yang dilihat dari Gross Profit Margin, Net Profit Margin, Return On Asset, dan Return On Equity. Data dan informasi untuk analisis ini didapat dari Bursa Efek Indonesia serta website perusahaan PT Adhi Karya.
Pengaruh Social Media Marketing dan Lifestyle terhadap Purchase Decisions melalui Brand Awareness Chandra; Wendy; Ahmadi; Erna Listiana; Ana Fitriana
Mutiara: Jurnal Ilmiah Multidisiplin Indonesia Vol. 3 No. 3 (2025): JIMI - JULI
Publisher : PT. PENERBIT TIGA MUTIARA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61404/mutiara.v3i3.401

Abstract

This study aims to comprehensively investigate the influence of Social Media Marketing and Lifestyle on consumer Purchase Decisions, with Brand Awareness serving as a mediating variable that plays a pivotal role in the consumer decision-making process. The research adopts a causal-quantitative design, intended to identify and test the causal relationships among the predetermined variables. Primary data were collected through the distribution of questionnaires to 130 respondents, consisting of customers of CW Coffee in Pontianak City, West Kalimantan. Data analysis was conducted using the Structural Equation Modeling (SEM) technique based on Partial Least Squares (PLS), operated through SmartPLS 4 software, which facilitates simultaneous evaluation of both the measurement model (outer model) and the structural model (inner model). The model estimation results indicate that both Social Media Marketing and Lifestyle exert a positive and statistically significant effect on Brand Awareness, and contribute both directly and indirectly to Purchase Decisions. Furthermore, Brand Awareness is empirically validated as a partial mediator that reinforces the relationship between the independent variables and the dependent variable. The theoretical implications of these findings underscore that enhancing brand exposure through strategic social media engagement and contextually understanding contemporary consumer Lifestyles are critical determinants in shaping strong brand perceptions and driving purchase intention and realization. Consequently, this study offers practical contributions for business practitioners in formulating digital marketing strategies based on the integration of consumer values and the optimization of digital communication channels, thereby enhancing market penetration effectiveness and fostering long-term customer loyalty.
Investasi Asing Langsung dan Pertumbuhan Ekonomi di Negara OKI: Peran Moderasi Stabilitas Politik Muhammad Nurwahyudi; Wendy; Anggraini Syahputri; Anwar Azazi; Uray Ndaru Mustika
Mutiara: Jurnal Ilmiah Multidisiplin Indonesia Vol. 3 No. 3 (2025): JIMI - JULI
Publisher : PT. PENERBIT TIGA MUTIARA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61404/mutiara.v3i3.402

Abstract

Economic growth is a key indicator in assessing a country's ability to sustainably increase the output of goods and services. This study aims to analyze the effect of trade openness (TO) and the interaction between foreign direct investment (FDI) and political stability (PS) on economic growth in member countries of the Organization of Islamic Cooperation (OIC). The study utilizes panel data from 30 OIC member countries over the period 2005–2023, sourced from the World Bank’s World Development Indicators (WDI). The analytical method employed is panel data regression using the Fixed Effect Model (FEM) to control for individual heterogeneity across countries, as well as Moderated Regression Analysis (MRA) to test the moderating role of PS in the relationship between FDI and economic growth. The estimation results show that both TO and FDI have a positive and significant impact on economic growth. However, the interaction between FDI and PS exhibits a negative and significant effect, which contradicts conventional theoretical expectations that political stability should enhance the positive impact of FDI. These findings suggest that in several OIC countries, despite relatively low political stability, FDI continues to flow in response to economic opportunities, strategic interests, or domestic market appeal. In other words, political instability does not always serve as a major barrier to foreign investment, especially when the economic potential remains high. Moreover, FDI under such conditions may serve as an important instrument to strengthen international economic cooperation, expand production capacity, and drive long-term economic growth. These findings provide strategic implications for the formulation of investment and institutional stability policies in OIC countries.
The influence of financial technology and capital adequacy ratio (CAR) on the financial performance of bank Patricia, Vanessa; Daud, Ilzar; Malini, Helma; Wendy; Syahputri, Anggraini
Enrichment : Journal of Management Vol. 13 No. 5 (2023): December
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/enrichment.v13i5.1695

Abstract

The primary objective of the inquiry is to examine the impact of capital adequacy ratios and financial technology on banks' financial performance. This study utilised Capital Adequacy Ratio and Financial Technology as measured by Mobile Banking as independent variables. In this study, Financial Performance as determined by Return On Assets is the dependent variable, and the mediator variable is bank operational efficiency. The methodology used is a quantitative approach employing multiple regression analysis techniques. This analysis uses data from PT Mandiri Bank from 2018 to 2022. This investigation utilises secondary data as its source of information. Secondary data was extracted from Mandiri Bank's annual financial statements. The impact of mobile banking and capital adequacy ratio on return on assets is negligible and positive, respectively. Meanwhile, the ratio of Operational Costs to Operational Income has no impact on Mobile Banking's effect on ROA. There is no discernible effect of adjusting variable operational costs against operational income on the correlation between the capital adequacy ratio and return on assets
The Role of Financial Literacy and Entrepreneurial Orientation on MSME Sustainability: The Mediating Effect of E-Commerce Kristiawati, Endang; Giriati; Wendy; Malini, Helma
AJARCDE (Asian Journal of Applied Research for Community Development and Empowerment) Vol. 8 No. 2 (2024)
Publisher : Asia Pacific Network for Sustainable Agriculture, Food and Energy (SAFE-Network)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29165/ajarcde.v8i2.383

Abstract

MSMEs play an important role, but there are still many problems to improve their performance. The effect of financial literacy and entrepreneurial orientation on general performance is the purpose of this study. This research was conducted at MSMEs in Pontianak City and Singkawang City. The research method used is descriptive quantitative. Quantitative research is an attempt by a researcher to gain knowledge by providing data in the form of numbers which will then be used to analyze information. The data used in this research is primary data. The soil test results show that the significance value of the two-tailed test is 0.00 <0.05, so e-commerce can mediate the effect of financial literacy on MSME performance. The Sobel test results also show that the significance value of the two-tailed test is 0.00 <0.05, so e-commerce can mediate the effect of Entrepreneurial Orientation on MSME performance. Understanding financial literacy and the use of e-commerce will help MSMEs manage their finances and leverage business opportunities more effectively, as well as make it easier to access financial resources needed for business sustainability.
Cognitive Bias Terhadap Keputusan Investasi Saham: Literasi Keuangan Sebagai Moderasi Sukhesy Eka Putri; Wendy; Helma Malini
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 3 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i3.6679

Abstract

This research analyzes the influence of the relationship between Cognitive Bias on Investment Decisions which is moderated by Financial Literacy. Data was collected through a questionnaire and analyzed using Smart PLS version 3.2.9 which consists of testing the outer model and inner model. Sampling used purposive sampling, where respondents had investment experience of 1 year, ages ranging from 20 years to 43 years. This research produced 200 respondents who met the criteria. Representative, availability and anchoring have a significant positive influence on investment decisions. Likewise, financial literacy as moderation has a positive influence on investment decisions. However, financial literacy as moderation does not, namely weakening the relationship between representative, availability and anchoring.
The Effect of Score and Profitability on Company Value: An Empirical Study on Companies Listed In The Kompas100 Index in 2020-2022 Ananda, Tasya Yusna; Wendy
ProBisnis : Jurnal Manajemen Vol. 16 No. 06 (2025): December: Management Science
Publisher : Lembaga Riset, Publikasi dan Konsultasi JONHARIONO

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study aims to examine the influence of ESG (Environment, Social, and Governance) Score and profitability on company value in companies listed in the Kompas100 index during the 2020-2022 period. The variables used in this study are the disclosure of ESG and profitability (ROA) as independent variables. The research population includes all companies listed in the Kompas100 index in 2020-2022. The sampling technique used the purposive sampling method and produced 156 samples. The data analysis method used was panel data regression analysis with the selection of the best model with the E-Views 13.0 Enterprise application. The results of this study show that ESG Score disclosure has a significant positive influence on company value. Profitability has a negative influence on the value of the company. In addition, the control variables of firm size and firm growth have a positive influence on the company's value, while firm age has a negative influence on the company's value.
The Mediation Effect on the Relationship Between Political Connections and Firm Value: Empirical Evidence from the Financial Industry in Indonesia Yunita, Khristina; Mustaruddin Saleh; Wendy
The Indonesian Accounting Review Vol. 15 No. 2 (2025): July - December 2025
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/tiar.v15i2.5320

Abstract

This investigation explores CSR's potential mediating function in the political connection-firm value relationship. The analysis utilizes 437 annual reports from Indonesia Stock Exchange-listed financial sector corporations spanning 2014-2021. Data analysis reveals that CSR successfully mediates the political connection-firm value relationship. Additional findings demonstrate that political connections exert positive and significant effects on firm value, while CSR spending patterns differ significantly between politically connected and non-connected organizations. Robustness testing employing identical variables with alternative indicators maintains result consistency.
Beef Storage Sanitation in a Five-Star Hotel from Chiller to Plate IB Hariyanto, Oda; Wendy; Sihombing , Dame Afrina; Anggraini, Ratih
Pusaka : Journal of Tourism, Hospitality, Travel and Business Event Vol. 8 No. 1 (2026): Vol. 8 No. 1 (2026): February-July
Publisher : Politeknik Pariwisata Makassar, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33649/pusaka.v6i2.674

Abstract

The storage of beef in the main kitchen of a five-star hotel requires proper hygiene and sanitation procedures to maintain quality, particularly during major holiday periods. This study aims to identify how these procedures are implemented in beef storage as a key factor in guest satisfaction. The research uses a qualitative method with a case study approach at one five-star hotel. Data were obtained through observation, interviews, and documentation. The findings show that hygiene and sanitation practices among staff are generally well carried out. However, chiller cleanliness, storage temperature control, and beef arrangement are not fully in line with standard operating procedures. This study is limited to one hotel, so the findings cannot be generalized. Future research is recommended to involve more hotels, examine the duration of storage temperature application, and evaluate the effectiveness of hygiene and sanitation standard operating procedures.