Garuda - Garba Rujukan Digital

Liquidity and Leverage Effect on Firm Profitability: Evidence from Property and Real Estate Companies in Indonesia (2021-2024) Alda Wulan Vitari; Erwin Budianto
International Journal of Business, Economics, and Social Development Vol. 7 No. 3 (2026): International Journal of Business, Economics, and Social Development (IJBESD)
Publisher : Rescollacom (Research Collaborations Community)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46336/ijbesd.v7i3.1212

This study examines the influence of liquidity and leverage on firm profitability in property and real estate companies listed on the Indonesia Stock Exchange during the 2021–2024 period. The property sector represents a capital-intensive industry characterized by long project cycles, high financing requirements, and sensitivity to macroeconomic fluctuations. These characteristics make financial structure and working capital management critical determinants of corporate performance. Profitability is measured using Return on Assets (ROA), while liquidity and leverage are proxied by the Current Ratio (CR) and Debt to Equity Ratio (DER), respectively. A quantitative research design was employed using secondary data derived from audited annual financial reports. The sample consisted of 18 companies selected through purposive sampling, resulting in 72 firm-year observations. Following classical assumption testing and outlier adjustment, 62 observations were deemed suitable for regression analysis. Multiple linear regression analysis was conducted using IBM SPSS version 27. The empirical findings reveal that liquidity exerts a significant negative effect on profitability, indicating that excessive current assets may reduce asset utilization efficiency. Similarly, leverage demonstrates a significant negative relationship with profitability, suggesting that higher debt levels increase financial burdens that suppress net income. Simultaneously, liquidity and leverage jointly influence profitability, highlighting the importance of balanced financial management strategies. These results emphasize that both overinvestment in liquid assets and excessive reliance on debt financing may weaken firm performance. Overall, the study underscores the necessity for property companies to optimize working capital allocation and maintain a sustainable capital structure to enhance profitability and asset efficiency.

The Effect of Debt-to-Equity Ratio and Current Ratio on Stock Price with Earnings per Share as an Intervening Variable in Garment and Textile Subsector Companies Listed on the Indonesia Stock Exchange for the 2020–2024 Period Irbah Qurrotu’aeni; Erwin Budianto
Interdisciplinary Social Studies Vol. 5 No. 4 (2026): Interdisciplinary Social Studies
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/iss.v5i4.1135

This study aims to analyze the effect of the Debt-to-Equity Ratio (DER) and Current Ratio (CR) on stock prices, with Earnings per Share (EPS) as an intervening variable, in garment and textile subsector companies listed on the Indonesia Stock Exchange for the 2020–2024 period. This study employs an associative quantitative approach using secondary data obtained from financial statements and stock price records. The research sample consisted of 10 companies selected through purposive sampling, yielding a total of 50 units of research data. Data analysis was conducted using path analysis in SPSS, with mediation testing performed using the Sobel test. The results indicate that the Debt-to-Equity Ratio (DER) has no significant effect on Earnings per Share (EPS), whereas the Current Ratio (CR) has a significant effect on Earnings per Share (EPS). Earnings per Share (EPS) has no significant effect on stock price. Both the Debt-to-Equity Ratio (DER) and the Current Ratio (CR) significantly affect stock price. The results of the Sobel test show that Earnings per Share (EPS) does not mediate the effect of the Debt-to-Equity Ratio (DER) on stock price but does mediate the effect of the Current Ratio (CR) on stock price. This study concludes that a company's liquidity plays an important role in the formation of stock prices, both directly and through earnings per share, whereas capital structure exerts a direct effect without the mediating role of profitability.

Mapping Digital Financial Management in Developed and Developing Countries through Bibliometric Analysis Muhammad Ijlal Siraj Muyassar; Erwin Budianto; Muhamad Wildan Maulana; Adi Setiawan
Jurnal Informasi dan Teknologi 2025, Vol. 7, No. 4
Publisher : SEULANGA SYSTEM PUBLISHER

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60083/jidt.vi0.720

Digital financial management has become an important pillar of global economic progress, transforming the way individuals, businesses and countries manage finances. In developed countries, digital banking and payment systems are rapidly evolving, while in developing countries, the adoption of digital technologies continues to increase, as seen by the widespread access to fintech and mobile banking services. Since 2017, research on technology in financial management has shown an upward trend, with bibliometric analysis used to map trends, challenges and influencing factors across different countries. The early 2000s were a pivotal moment in the evolution of digital financial management, driven by the use of smartphones as the primary access to the internet. Research from 1706 to 2025 recorded exponential growth, especially since 2014. Researchers utilise platforms such as Google Scholar to disseminate information widely. Keywords such as “Fintech,” “big data,” and “digital finance” indicate further research opportunities. Fintech has revolutionised financial services with technologies such as blockchain and big data, increasing efficiency, transparency, and personalisation of services, and driving innovation in the global financial ecosystem.

KINERJA KEUANGAN SEBAGAI MEDIATOR ANTARA EFISIENSI OPERASIONAL DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN Dafa Shahwalludin Hidayat; Erwin Budianto
Equilibrium : Jurnal Ilmiah Ekonomi, Manajemen dan Akuntansi Vol 15, No 1 (2026): April
Publisher : Lembaga Penerbitan dan Publikasi Ilmiah (LPPI) Universitas Muhammadiyah Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35906/equili.v15i1.2786

A B S T R A KPenelitian ini dilatarbelakangi oleh tingginya fluktuasi nilai perusahaan di sektor energi yang dipicu oleh volatilitas harga komoditas global, sehingga menciptakan ketidakpastian bagi investor dalam menilai prospek perusahaan. Sebagai respon terhadap dinamika tersebut, penelitian ini mengeksplorasi bagaimana efisiensi operasional dan struktur modal memengaruhi nilai perusahaan dengan menempatkan kinerja keuangan sebagai jembatan mediasi pada sektor energi periode 20222024. Efisiensi operasional diukur menggunakan Total Asset Turnover (TATO), struktur modal diukur menggunakan Debt to Equity Ratio (DER), kinerja keuangan diukur menggunakan Return on Assets (ROA), dan nilai perusahaan diukur menggunakan Price to Book Value (PBV). Melalui pendekatan kuantitatif dan analisis SEM-PLS terhadap 27 perusahaan dengan 81 observasi. Hasil penelitian menunjukkan bahwa TATO berpengaruh positif signifikan terhadap ROA, sedangkan DER berpengaruh negatif signifikan terhadap ROA. TATO tidak berpengaruh langsung terhadap PBV, sementara DER dan ROA berpengaruh positif signifikan terhadap PBV. Selain itu, ROA terbukti memediasi pengaruh TATO dan DER terhadap PBV. Temuan ini menegaskan bahwa kinerja keuangan merupakan jalur mediasi yang krusial dalam pembentukan nilai perusahaan sektor energi.A B S T R A C TThis study is motivated by the high fluctuations in the value of companies in the energy sector triggered by global commodity price volatility, creating uncertainty for investors in assessing company prospects. In response to these dynamics, this study explores how operational efficiency and capital structure affect firm value by placing financial performance as a mediating bridge in the energy sector for the period 20222024. Operational efficiency is measured using Total Asset Turnover (TATO); capital structure is measured using the Debt to Equity Ratio (DER); financial performance is measured using Return on Assets (ROA); and company value is measured using Price to Book Value (PBV), through a quantitative approach and SEM-PLS analysis of 27 companies with 81 observations. The results show that TATO has a significant positive effect on ROA, while DER has a significant negative effect. TATO has no direct effect on PBV, whereas DER and ROA have a significant positive effect on PBV. In addition, ROA mediates the effect of TATO and DER on PBV. These findings confirm that financial performance is a crucial mediating of corporate value in the energy sector.

Analysis Of Determinants Of Firm Value In Property And Real Estate Companies Listed On The Bei In 2019-2022 Habibah Nurmala Sari; Ratnawati Khaeruni; Erwin Budianto
Jurnal Ekonomi, Teknologi dan Bisnis Vol. 3 No. 3 (2024): Jurnal Ekonomi, Teknologi dan Bisnis
Publisher : Al-Makki Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57185/jetbis.v3i3.93

This study aims to analyze and determine the effect of profitability as measured by return on assets, solvency as measured by debt to equity ratio to company value measured by price book value. This research uses quantitative methods with secondary data sources in the form of the company's annual financial statements. The population of this study is property and real estate companies listed on the Indonesia Stock Exchange (IDX) for the 2019-2022 period. The sampling technique used purposive sampling, and a sample of 37 companies was obtained. The data analysis technique uses multiple linear regression with the SPSS 25 program. The results showed that the return on assets and debt-to-equity ratio had no effect on the value of the company.

Pengaruh literasi keuangan terhadap kinerja keuangan UMKM makanan skala kecil di Kota Cirebon dengan kapabilitas digital sebagai variabel mediasi Ridho Dwi Nugroho; Erwin Budianto; Benny Dhevyanto
Jurnal Manajemen Strategi dan Aplikasi Bisnis Vol. 9 No. 1 (2026)
Publisher : Lembaga Pengembangan Manajemen dan Publikasi Imperium

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36407/jmsab.v9i1.1861

This study examines the effect of financial literacy on the financial performance of food micro, small, and medium enterprises (MSMEs) in Cirebon City, with digital capability as a mediating variable. A quantitative approach was employed, utilizing primary data collected from 100 food MSME owners through purposive sampling and a closed-ended Likert-scale questionnaire. Financial literacy was operationalized across three dimensions: financial understanding, financial skills, and financial knowledge. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results reveal that all three dimensions of financial literacy have a positive and significant impact on financial performance. Furthermore, financial literacy positively and significantly influences digital capability, which in turn positively affects financial performance. Digital capability partially mediates the relationship between financial literacy and financial performance. By disaggregating financial literacy into three independently measured constructs and positioning digital capability as a mediating mechanism, this study offers novel empirical insights, particularly within the underexplored context of small-scale food MSMEs in Cirebon City

IMPLEMENTATION OF CASH FLOW AS A MEASURING TOOL IN PREDICTING FUTURE NET INCOME : (CASE STUDY AT KEDAI NYOBIAN 8 DAILY PERIOD SEPTEMBER – OCTOBER 2020) Nurhana Dhea Parlina; Erwin Budianto
JOURNAL OF MANAGEMENT, ACCOUNTING, GENERAL FINANCE AND INTERNATIONAL ECONOMIC ISSUES Vol. 1 No. 1 (2021): DECEMBER
Publisher : Transpublika Publisher

In Indonesia, MSMEs are protected and have a legal shield such as the Presidential Decree No. 19 of 1998 and several other regulations. Where at this time, many MSME businesses are starting to grow both on a household and large scale, this includes Culinary Business. Culinary businesses are one of the many MSME that are starting to flourish, both on a domestic and big scale, at present moment. This business is in high demand among teenagers and adults. With a limited budget, this business may be launched at home, and it has a potential future. Therefore, the background behind the realization of Kedai Nyobian 8 which is used as a case study of problems that occur in the operational activities of Kedai Nyobian 8. The purpose of this study is to analyze net income in predicting operating cash flows in the future. The research method used is quantitative method. The population in this study is a case study at Kedai Nyobian 8 with a number of samples in the form of financial statements for September for 30 days. While October for 26 days, hence the total sample is 56 observations. The sampling measurement technique is a case study at Kedai Nyobian 8 using Saturated Sample. Therefore, Kedai Nyobian 8 will be more effective and achieve better results in the future by reducing unnecessary costs and anticipating future earnings in cash flow.

The Effect of ROA, DAR, and CR On Stock Returns in Retail Companies Listed on the IDX in the 2021-2024 Period Mochamad Cece Farhan Siddiq; Erwin Budianto
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.v6i2.1025

This study aims to analyze the effect of profitability, leverage, and liquidity on stock returns in retail sector companies listed on the Indonesia Stock Exchange. Profitability is measured using Return on Assets, leverage is measured using the Debt to Asset Ratio, and liquidity is measured using the Current Ratio. This study applies a quantitative approach with a causal associative method. The data used are secondary data in the form of annual financial statements and stock price data of retail companies during the research period. The research sample was selected using purposive sampling based on specific criteria relevant to the study objectives. The data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, partial test, simultaneous test, and coefficient of determination. The results show that profitability has no significant effect on stock returns, indicating that a company’s ability to generate profit from its assets is not the main factor considered by investors. Leverage has a positive and significant effect on stock returns, suggesting that the proportional use of debt can be perceived as a positive signal by investors. Meanwhile, liquidity has a negative and significant effect on stock returns, indicating that excessively high liquidity may reflect inefficient management of current assets. Simultaneously, profitability, leverage, and liquidity affect stock returns, although stock return movements are also influenced by other factors outside the research model. These findings emphasize that investors should consider financial ratios comprehensively when assessing the stock prospects of retail companies.

The Impact of Company Size and Liquidity on Firm Value with Profitability as a Moderating Variable (A Study of Property & Real Estate Companies Listed on the IDX in the 2021-2024 Period) Anis Purwanti; Erwin Budianto
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.v6i2.1068

This study aims to analyze the effect of company size and current ratio on company value, as well as the role of profitability as a moderating variable in property and real estate companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2024 period. The research method used is associative quantitative with a Moderated Regression Analysis (MRA) approach. The study population consisted of 92 property and real estate companies, with a sample of 14 companies selected using a purposive sampling technique, resulting in 56 observational data. The data used are secondary data sourced from annual financial reports published on the official IDX website. Company value is measured using Price to Book Value (PBV), company size is measured using the natural logarithm of total assets, the current ratio is measured using the ratio of current assets to current liabilities, and profitability is measured using Return on Assets (ROA). The results of the study indicate that: (1) company size has a significant effect on company value; (2) the current ratio does not have a significant effect on company value; (3) profitability has a significant negative effect on company value; (4) profitability strengthens the effect of company size on company value; and (5) profitability does not moderate the influence of the current ratio on company value.

The Effect of ROA, DAR, and CR On Stock Returns in Retail Companies Listed on the IDX in the 2021-2024 Period Mochamad Cece Farhan Siddiq; Erwin Budianto
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.v6i2.1025

This study aims to analyze the effect of profitability, leverage, and liquidity on stock returns in retail sector companies listed on the Indonesia Stock Exchange. Profitability is measured using Return on Assets, leverage is measured using the Debt to Asset Ratio, and liquidity is measured using the Current Ratio. This study applies a quantitative approach with a causal associative method. The data used are secondary data in the form of annual financial statements and stock price data of retail companies during the research period. The research sample was selected using purposive sampling based on specific criteria relevant to the study objectives. The data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, partial test, simultaneous test, and coefficient of determination. The results show that profitability has no significant effect on stock returns, indicating that a company’s ability to generate profit from its assets is not the main factor considered by investors. Leverage has a positive and significant effect on stock returns, suggesting that the proportional use of debt can be perceived as a positive signal by investors. Meanwhile, liquidity has a negative and significant effect on stock returns, indicating that excessively high liquidity may reflect inefficient management of current assets. Simultaneously, profitability, leverage, and liquidity affect stock returns, although stock return movements are also influenced by other factors outside the research model. These findings emphasize that investors should consider financial ratios comprehensively when assessing the stock prospects of retail companies.

Title

Found 27 Documents
Search

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Title Search

Found 27 Documents Search

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Title

Found 27 Documents
Search