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LIQUIDITY, PROFITABILITY, AND CAPITAL STRUCTURE: THEIR ROLE IN SHAPING FIRM VALUE IN FOOD & BEVERAGE (2021–2023) Nur Indah Novita Dama; Hais Dama; Mohamad Agus Salim Monoarfa
Multidisciplinary Indonesian Center Journal (MICJO) Vol. 3 No. 3 (2026): Vol. 03 No. 3 Mei - Juli 2026
Publisher : PT. Jurnal Center Indonesia Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62567/micjo.v3i3.2469

Abstract

This study aims to analyze the effect of liquidity, profitability, and capital structure on firm value in Food and Beverage companies listed on the Indonesia Stock Exchange during 2021–2023. Firm value is proxied by Price to Book Value (PBV) and Tobin’s Q. Liquidity is measured using Current Ratio (CR) and Quick Ratio (QR), profitability is measured using Return on Assets (ROA) and Return on Equity (ROE), while capital structure is measured using Debt to Asset Ratio (DAR) and Debt to Equity Ratio (DER). This research employed a quantitative approach using secondary data obtained from annual financial reports of Food and Beverage companies listed on the Indonesia Stock Exchange The sampling technique used in this study was purposive sampling, with a sample size of 38 companies. Data were analyzed using multiple linear regression with classical assumption tests, t-test, F-test, and coefficient of determination (R²). The results show that CR has a positive and significant effect on PBV and Tobin’s Q. QR has a negative and significant effect on PBV, but no significant effect on Tobin’s Q. ROA has a positive and significant effect on both PBV and Tobin’s Q. ROE has a positive and significant effect on PBV, but a negative and significant effect on Tobin’s Q. DAR has a negative and significant effect on PBV, but no significant effect on Tobin’s Q. DER has no significant effect on both proxies of firm value. Simultaneously, liquidity, profitability, and capital structure significantly affect firm value. These findings indicate that firm value is determined by the combined role of financial stability, profitability, and financing decisions.
QUICK RATIO, DEBT TO ASSET RATIO, AND RETURN ON ASSETS DETERMINING FACTORS ON: FIRM VALUE (PBV) Mohamad Yudiansyah Pratama; Hais Dama; Idham Masri Ishak
Multidisciplinary Indonesian Center Journal (MICJO) Vol. 3 No. 3 (2026): Vol. 03 No. 3 Mei - Juli 2026
Publisher : PT. Jurnal Center Indonesia Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62567/micjo.v3i3.2470

Abstract

This study aims to analyze the effect of Quick Ratio (QR), Debt to Asset Ratio (DAR), and Return on Assets (ROA) on firm value as measured by Price to Book Value (PBV) in consumer non-cyclical sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. The consumer non-cyclical sector was selected because it consists of companies producing essential goods with relatively stable demand, making it an important sector in the national economy. This research employed a quantitative approach using secondary data obtained from the annual financial statements of companies listed on the Indonesia Stock Exchange. The sampling technique used purposive sampling, resulting in 196 observations. Data analysis was conducted using multiple linear regression analysis with SPSS software, preceded by classical assumption tests including normality, multicollinearity, heteroscedasticity, and autocorrelation tests. The results show that partially, Quick Ratio has no significant effect on firm value, indicating that short-term liquidity is not the main consideration for investors in assessing company value. Debt to Asset Ratio also has no significant effect on firm value, meaning that the level of debt dependence does not directly determine market valuation. Meanwhile, Return on Assets has a positive and significant effect on firm value, indicating that profitability is the main factor influencing investor confidence and market value. Simultaneously, Quick Ratio, Debt to Asset Ratio, and Return on Assets have a significant effect on firm value. The coefficient of determination (R²) value of 0.510 indicates that 51.0% of firm value variation can be explained by the three independent variables, while the remaining 49.0% is explained by other factors outside this study.
Financial Disparities Among Retail Employees: Financial Literacy, Income, Financial Behavior, and Personal Financial Planning Rizky Tanaiyo; Hais Dama; Mohamad Agus Salim Monoarfa
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.952

Abstract

This study was motivated by the suboptimal personal financial planning among Alfamart employees, despite their having a steady income and financial literacy. This study aims to analyze the influence of financial literacy and income on personal financial planning, with financial behavior as a mediating variable among Alfamart employees. The method used is a quantitative approach with Structural Equation Modeling–Partial Least Squares (SEM-PLS) analysis based on questionnaire data. The results show that financial literacy does not directly influence personal financial planning but does influence financial behavior. Income influences both financial behavior and personal financial planning, and financial behavior influences personal financial planning. Financial behavior fully mediates the relationship between financial literacy and financial planning, and partially mediates the relationship between income and financial planning. These findings confirm that financial behavior is a key factor in shaping well-directed financial planning. Keywords: financial literacy, income, financial behavior, personal financial planning, SEM-PLS, retail employees
Unlocking Micro Enterprises Potential Amid Structural Barriers: The Mediating Role of Digital Financial Capabilities on Financial Literacy and Access to Financing Afini Gusti; Hais Dama; Mohamad Agus Salim Monoarfa
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.953

Abstract

Micro businesses still face limitations in financial literacy, access to financing, and the use of financial technology that affect business performance. This study aims to analyze the influence of financial literacy and access to financing on the performance of micro businesses with digital financial capabilities as a mediating variable in micro business actors in Gorontalo City. The study used a quantitative approach using the PLS-SEM method on 150 respondents selected through purposive sampling. Data were collected through interviews using a questionnaire with a semantic differential scale of 1–7 and analyzed using SmartPLS 3. The results of the study show that financial literacy and access to financing have a positive effect on digital financial capabilities and micro business performance. Digital financial capabilities also have a positive effect on business performance and mediate the influence of financial literacy and access to financing on the performance of micro businesses. Keywords: financial literacy, access to financing, digital finance capabilities, micro business performance
Local Culture-Based Investment Decisions and Financial Well-Being Among Msmes: A Systematic Literature Review Meriyana Fransisca Dungga; Mahludin Baruadi; Hais Dama; Tineke Wolok
Dinasti International Journal of Management Science Vol. 7 No. 5 (2026): Dinasti International Journal of Management Science (May - June 2026)
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijms.v7i5.6819

Abstract

Financial well-being has become a strategic concern in household finance, MSME development, and inclusive growth, especially in emerging economies where financial access often grows faster than financial capability. This study conducts a systematic literature review to examine how financial literacy, financial inclusion, financial experience, and financial behavior shape financial well-being through the mediating role of local culture-based investment decisions among micro, small, and medium-sized enterprises (MSMEs). Guided by a PRISMA-based review logic, this article integrates Behavioral Finance Theory, the Theory of Planned Behavior, and Socio-Cultural Theory to explain financial well-being as a culturally embedded outcome of knowledge, access, experience, behavior, and investment judgment. Based on 33 selected studies, the review identifies four dominant streams: financial capability and literacy, financial inclusion and digital access, behavioral finance and investment decision-making, and socio-cultural embeddedness in financial well-being. The synthesis shows that local culture-based investment decisions serve as a contextual bridge between modern financial systems and community-based economic values. This review contributes an integrative framework for future MSME research and offers practical implications for culturally grounded financial literacy, inclusive finance, and investment assistance programs.
Co-Authors Abbas, Syahrawati Abdul Wahid Yunus Abdulrahim Maruwae Abua, Ahmad M. Adam, Sulistiawati Adrianto Lasaleng Afini Gusti Alamri, Hamdi Yasir Alma Pakiun Amirudin Ramli Saleh Ananda Dwi C. Arifin Andi Yusniar Mendo Ardiansyah arifin tahir Artadi, Enjeli Asna Aneta Bantali, Nurain Chintia Listanti Kamaru Dama, Nazlia Dewi Indrayani Hamin Duano, Putri Regina Dungga, Meriyana Fransisca Endi Rahman Ervina Putri Pomalingo Faisyal Al Mukhlis Hamid Fakira Fakira Fanessa Palantu Fauzia Naningsi Ibrahim Fazrul, Andi Mohamad Hadjarati, Farah Mulyani Harun Blongkod Herlina Rasjid Husin, Muhammad Fajrin Ibura, Sri Devi Idham M. Ishak Idham M. Ishak, Siti Nurain Zakaria, Idham Masri Ishak Idham Masri Ishak Idris Yanto Niode Idris, Muhammad Alif Pratama Indriani Pakaya Isapunju, Winangsih Ishak, Aprisian Pramesti Putri Ishak, Idham M. Jaman, Jabal Amirul Lanto Miriatin Amali Lisda L. Asi Livia Botutihe Mahludin Baruadi Mariyana Frascisca Dungga Mattoasi, Mattoasi Meriyana Fransisca Dungga Meriyana Franssisca Dungga Mii, Sri Panda Mile, Cesilia Moh. Reza Saputra Basiru Mohamad Agus Salim Monoarfa Mohamad Agus Salim Monoarfa Mohamad Agus Salim Monoarfa Mohamad Yudiansyah Pratama Mohamad Yunus Muchtar Ahmad Mustaqima, Mustaqima Muti, Tri Ni Wayan Windiyani Nilasari Paputungan Nur Indah Novita Dama Nurhikmah Nurhikmah Nurlia Husain Pakaya, Lukman Pongoliu, Yayu Isyana D. Potale, Shelya Shandi Raflin Hinelo Rahman, Mohamad Aksan Rahmatia Pariasi Ramadan Bahu Ramdan K.A Hagu Rarung, Ahmad Firmansyah Rio Monoarfa Rizan Machmud Rizky Tanaiyo Robiyati Podungge Runtuwene, Reza Rusli Isa Samalam, Yulanda Sayuti, Sri Novita Selvi Selvi Selvi Siti Nurwahida A Aluman Sri Panda Mii Srie Isnawaty Pakaya Sudirman Sudirman Sulistiawati Adam Supriyanto Podungge Tineke Wolok Tui, Meygil Nanda Putri M. Windiyani Ishak Wiranda Kaaba Yanti Aneta Yayu Isyana D. Pongoliu Yulinda L. Ismail