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Financial Policy and Firm’s Value: Pancasila Corporate Governance Disclosure as Moderating Variable Mukhtaruddin Mukhtaruddin; M. Adam; Isnurhadi Isnurhadi; Luk Luk Fuadah
Indonesian Journal of Sustainability Accounting and Management Vol. 7 No. 2 (2023): December 2023
Publisher : Universitas Pasundan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28992/ijsam.v7i2.794

Abstract

The impression of a company’s performance by an investor is known as firm value. The growth in the stock price of a corporation indicates good performance. The company’s ability to prosper its shareholders is demonstrated by the increase in its share price. Many factors influence the company’s worth, including both internal and external issues. The objectives of this study are to investigate 1) the impact of financial policy on firm value (FV) and 2) the moderated impact of Pancasila Corporate Governance Disclosure (PCGD) on the relationship between financial policy to FV. The dividend payout ratio (DPR), investment opportunity set (IOS), and debt-to-equity ratio (DER) are all indicators of financial policy. The sample size is 66 companies listed on the Indonesia Stock Exchange (IDX) over a 10-year period. Moderating Regression Analysis is used in this study. The results revealed that DPR and DER have a significant effect on FV; however, IOS has no such effect. PCGD has the ability to control the relationship between DPR and DER to FV, but not the relationship between IOS and FV.
The Influence of Risk Perception, Project Uncertainty, and Investment Appraisal Techniques on Capital Budgeting Decisions: A Systematic Literature Review Anggia Marshanda Putri; Muhammad Ario Permadi; Mukhtaruddin Mukhtaruddin
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 1 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i1.8824

Abstract

This study aims to map the development of capital budgeting research with a focus on risk perception, project uncertainty, and investment appraisal techniques. A systematic literature review was conducted by integrating bibliometric analysis using Bibliometrix software on 101 articles retrieved from the Scopus and Dimensions databases. The analysis covers publication trends, author collaboration, and dominant research themes. The results indicate a significant increase in publications over the last decade, particularly in the areas of project risk management and advanced investment appraisal methods. The findings also reveal a thematic shift from traditional capital budgeting approaches toward risk- and uncertainty-based frameworks, along with the integration of non-financial factors in investment decision-making. This study provides a comprehensive overview of the evolution of capital budgeting research and offers a foundation for future studies as well as managerial practices that are more adaptive to risk and uncertainty.