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Journal : Journal of Accounting and Digital Finance

Peran kebijakan dividen terhadap enterprise value perusahaan sektor consumer staples di Indonesia Melinda, Graceline; Wijaya, Feysya Sandrina; Widjaja, Audrey Cerelia; Linawati, Nanik
Journal of Accounting and Digital Finance Vol. 5 No. 1 (2025): Journal of Accounting and Digital Finance
Publisher : Nur Science Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53088/jadfi.v5i1.1470

Abstract

This study aims to analyze the effect of dividend policy on the enterprise value of consumer staples sector companies in Indonesia. This sector was chosen because of its important role in the economy and market stability. The main objective of this study is to identify the extent to which dividend policy can affect enterprise value in this sector. This study uses secondary data from Revinitif. Sample selection was carried out by purposive sampling. The control variables involved are return on assets, business size, and degree of financial leverage. The research method used is panel data regression with a fixed effect model approach. The results of the study show that the amount of dividends distributed does not have a significant effect on enterprise value. However, investors consider the level of return on assets, business size, and degree of financial leverage of the company more when making investment decisions.
Perubahan kinerja keuangan dan operasional PT Link Net Tbk (LINK) pasca diakuisisi oleh EXCL Susanto, Leonardo Christian; Halim, Kevin; Setiawan, Adrianus Bryan; Tandarto, Sefen Timothy; Wongso, Enrico; Linawati, Nanik
Journal of Accounting and Digital Finance Vol. 5 No. 2 (2025): Journal of Accounting and Digital Finance
Publisher : Nur Science Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53088/jadfi.v5i2.1821

Abstract

This study aims to evaluate the impact of the acquisition of PT Link Net Tbk by XL Axiata and Axiata Group Berhad on the company’s financial and operational performance in the post-acquisition period. The main issue raised is the significant decline in performance following the acquisition, indicating that the integration strategy has not been effectively implemented. This research adopts a quantitative approach by analyzing financial indicators such as Return on Assets (ROA), Return on Equity (ROE), Net Profit Margin (NPM), Net Income, and Debt to Equity Ratio (DER). The analysis results reveal that all profitability indicators experienced a sharp decline, with Net Income even recording negative figures in several post-acquisition periods. Additionally, the increase in DER reflects a higher dependency on debt-based financing, which was not accompanied by improvements in operational efficiency. These findings suggest that the acquisition has not delivered the expected synergy or added value. The study concludes that a reassessment of the post-acquisition strategy is necessary, especially within the highly competitive and capital-intensive telecommunications industry.
Co-Authors Adeline Yusuf, Keona Adisty Malliani Kusnadi Agnes Natalia Airell, Vernando Alexander, Gloria Andela, Valencia Anthony Wijaya Bavani, Melinda Bryan Setiawan, Adrianus Chandra, Tirzah Febiola Chrisdiouf, Justin Christian Chandra Chyntia Kartika Sanjaya Cindy Marcha Pongtuluran Citrawati, Irene Cynthia, Angelina de Fretes, Michael Genesis Bimasatrya Edbert Sudarsono, Jethson Eduardo, Farrell Ionwyn Elvira Unola Eveline, Jessica Evelyn Okky Santoso, Evelyn Okky Ezar, Grecia Jeslyn Felicia Claresta Harli Florencia Gabriel Ganlin, Fesya Devina Putri Gesti Memarista Gosal, Joe Valentino Hadiputra, Vincentinus Felix Halim Santoso Halim, Kevin Halim, Richard Harijanto, Jessica Lorita Irawan, Fristy Ester irene angelina Ivan Kurniawan, Abraham Jesseline Violeta Jocelyn, Angelique Jovita, Ansella Junior, Jonathan Hartono Juwono, Angela Kenneth, Davin Kezia, Vanessa Kristanto, Kenny Brian Kurniawan, Abraham Ivan Lauwono, Lazaro Batigol Leksono, Alexander Nissan Limantara, Bryan Janson Limapriadi, Angelica Renata LOISOKLAY, WILKAR Luciana, Ellena Arinda Mahendra, Adrian Malonda, David Bryant Marselina Gunawan Mathew Hadap, Billy Melinda, Graceline Melissa Lesmana Michelle Feodora Gunawan, Michelle Feodora Mintarja, Natasya Morgan Gemiartha, Celine Philip Haryono Polandauw, Clarissa Amanda Pradigdo, Randy Aprilino Pwee Leng Reynard, Dave Rifka Yulanda Umar, Rifka Yulanda Rizaldy Tallo, Rizaldy Salviana, Fintacia Zelda Saputra, Louis Nichollas Sautma Ronni Selanova, Theressia Setiadiwiria, Mahersya Christiani Setiawan, Adrianus Bryan Setyono, Yemima Caroline Soetandio, Elena Erensia Steven Steven Sugianto, Everson Surasman, Imelda Kartika Susanto, Jeffrey Belmiro Susanto, Leonardo Christian Suseno, Sanvelia Angelica Sutjiono, Gabriella Lavenia Talahatu, William Tan, Felice Carmelite Aprilie Tandarto, Sefen Timothy Tetimau, Felicia Edlyn Timothy Tandarto, Sefen Tirtamurti, Lim Madeleine Tjahjono, Yosephine Mevia Velicia Gela, Kathryn Viena Elvani Vincentius Andrew Wahyudi, Raymond Wibisono, Audi Widjaja, Audrey Cerelia Widjanarko, Kevin Wijaya, Feysya Sandrina Wijaya, Joshua Wiranata, Destya Wong, Sharon Wongso, Enrico Yongky, Jonathan Elia Yosia, Clarence Yulius Cornelis, Yulius yusuf, keona adeline