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All Journal Equilibrium: Jurnal Ilmiah Ekonomi, Manajemen dan Akuntansi IJEBD (International Journal Of Entrepreneurship And Business Development) Jurnal Manajemen Strategi dan Aplikasi Bisnis JIKA: Jurnal Ilmu Keuangan dan Perbankan International Journal of Economics, Business and Accounting Research (IJEBAR) Jurnal Informasi dan Teknologi POINT International Journal of Business, Economics, and Social Development Interdisciplinary Social Studies Jurnal Ekonomi Indonesian Journal of Business Analytics (IJBA) Jurnal Ekonomika Dan Bisnis Jurnal Publika Pengabdian Masyarakat Journal of Management, Accounting, General Finance and International Economic Issues (MARGINAL) Journal of Social Science Journal Research of Social Science, Economics, and Management Jurnal Ekonomi, Teknologi dan Bisnis IIJSE Majapahit Journal of Islamic Finance dan Management Majapahit Journal of Islamic Finance dan Management
Erwin Budianto
Universitas Swadaya Gunung Jati
Humanities Astronomy Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Mechanical Engineering Public Health Social Sciences

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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

Abstract

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 Influence of Financial Ratios on Retail Firm Profitability in Indonesia Lilis Setiawati; Erwin Budianto
Jurnal Ilmu Keuangan dan Perbankan (JIKA) Vol. 15 No. 2: Juni 2026
Publisher : Program Studi Keuangan & Perbankan, Fakultas Ekonomi dan Bisnis, Universitas Komputer Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34010/jika.v15i2.19677

Abstract

This research aims to test and analyze the impact of the debt-to-asset ratio (DAR), total asset turnover (TATO), and firm size on return on assets (ROA) in retail companies listed on the Indonesia Stock Exchange (IDX). A quantitative approach was adopted in this research because using secondary data obtained from retail companies' financial reports selected during the observation period. The sampling technique was performed using purposive sampling based on the established criteria to produce a specific sample meet the research requirements. The data were compiled and analyzed using multiple linier regresion for determine both of simultan and partial effects of independent variables on companies' profitability. The results of this research indicate that DAR, TATO, and firm size simultaneously have a significant effect on ROA. However, partially, DAR and firm size have a significant influence on ROA, while TATO does not show a significant effect. These findings imply that capital structure and firm size play an important role in influencing the profitability of retail companies. Therefore, this study provides useful insights for company management in formulating effective financial strategies, as well as for investors in making appropriate investment decisions to improve overall company performance. Keywords: DAR; TATO; Firm Size; ROA; Retail Companies
Pengaruh Debt to Equity Ratio, Current Ratio dan Ukuran Perusahaan (Firm Size) Terhadap Return on Assets Pada Perusahaan Batubara Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2022-2024 Mohammad Abdi Abdillah; Erwin Budianto
Jurnal Ekonomika Dan Bisnis (JEBS) Vol. 6 No. 3 (2026): Mei - Juni
Publisher : CV. ITTC INDONESIA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47233/jebs.v6i3.4711

Abstract

The Indonesian coal mining industry faces pressures due to fluctuating global coal prices, rising operational costs, and energy transition policies that have led to declining company profitability. Therefore, capital structure management, liquidity, and company size are important factors suspected of influencing Return on Assets (ROA). However, previous research on the influence of Debt to Equity Ratio (DER), Current Ratio (CR), and Firm Size on profitability has shown inconsistencies. This study was conducted to examine the influence of Debt to Equity Ratio (DER), Current Ratio (CR), and Firm Size on Return on Assets in coal mining companies listed on the Indonesia Stock Exchange during the 2022-2024 period. The focus of the study was to identify the influence of each independent variable, either partially or simultaneously, on Return on Assets. The study used a quantitative approach utilizing secondary data obtained from company financial reports during the observation period. The sample selection technique was carried out using a purposive sampling method, resulting in 18 coal mining companies that met the research criteria. Data analysis was carried out using classical assumption tests and multiple linear regression analysis. The results of this research test indicate that partially, the Debt to Equity Ratio has no significant effect on Return on Assets, the Current Ratio has no significant effect on Return on Assets, and Firm Size has a significant effect on Return on Assets. Meanwhile, the results of the simultaneous test show that the Debt to Equity Ratio, Current Ratio, and Firm Size have a significant effect on Return on Assets in coal mining companies listed on the Indonesia Stock Exchange for the period 2022-2024.
Profitability Ratio Analysis to Measure Financial Performance Melinda Handayani; Muhammad Iqbal; Erwin Budianto; Nurhana Dhea Pharlina
IJEBD (International Journal of Entrepreneurship and Business Development) Vol 9 No 1 (2026): Jan - Feb 2026
Publisher : LPPM of NAROTAMA UNIVERSITY

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29138/ijebd.v9i1.3529

Abstract

Purpose: This research aims to evaluate the profitability ratios of companies in the Food and Beverage sector listed on the Indonesia Stock Exchange (IDX) from 2021 to 2024. The study specifically focuses on analyzing the Return on Assets (ROA), Return on Equity (ROE), Net Profit Margin (NPM), and Gross Profit Margin (GPM) as key indicators of financial performance. Design/methodology/approach: The study employs a quantitative analysis using financial data from annual reports of publicly listed Food and Beverage companies. Profitability ratios are calculated for each company over the four-year period and analyzed for trends and fluctuations. Statistical tools are used to assess the relationship between profitability ratios and factors such as operational efficiency, asset management, and market conditions. Findings: The findings indicate significant fluctuations in profitability ratios, reflecting challenges in cost management, asset utilization, and market competition. The study reveals that while some companies successfully managed to improve their profitability, others faced difficulties due to rising operational costs and inefficiencies in asset utilization. The analysis highlights the importance of controlling production costs, optimizing asset management, and adjusting pricing strategies to improve profitability. Paper type: Research Paper
The Effect of Return on Assets, Debt to Equity Ratio, and Total Assets Turnover on Stock Returns in Companies in the Transport and Logistics Sector Listed on the IDX in 2022-2024 Rizky Nur Ramdhani; Erwin Budianto
Indonesian Journal of Business Analytics Vol. 6 No. 4 (2026): August 2026
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ijba.v6i4.16683

Abstract

The purpose of this study is to investigate how stock returns of transportation and logistics companies listed on the Indonesia Stock Exchange (BEI) between 2022 and 2024 are affected by Return on Assets (ROA), Debt to Equity Ratio (DER), and Total Asset Turnover (TATO). This study employs a causal associative strategy in conjunction with a quantitative approach. Annual financial reports and stock price data were the sources of secondary data. Purposive sampling was used to choose 15 businesses with 45 observations. Multiple linear regression, classical assumption tests, and descriptive statistics were used to examine the data. The findings indicate that whereas DER and TATO have no discernible impact, ROA significantly improves stock returns. Concurrently, stock returns are not greatly impacted by ROA, DER, or TATO. 16.6% of the variation in stock returns can be explained by the model.
The Effect Of Roa, Cr, And Der On Stock Prices In The Food And Beverage Sector Listed On The Indonesian Stock Exchange (Bei) In 2018-2022 Boby Nata Kusuma; Mohamad Iqbal Syafeiq; Rupi’ah Rupi’ah; Erwin Budianto
Journal Of Social Science (JoSS) Vol 3 No 6 (2024): JOSS : Journal of Social Science
Publisher : Al-Makki Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57185/joss.v3i6.295

Abstract

The purpose of this study is to ascertain how the food and beverage industry companies listed on the Indonesia Stock Exchange (IDX) are affected by return on assets, debt-to-equity ratios, and current ratios. The Multiple Linear Regression technique and Purposive Sampling of 23 companies over a 5-year research period are applied to secondary data. The SPSS software, version 29, was used to conduct this investigation. They discovered that stock prices are negatively impacted by ROA and CR but not by DER. Then, stock prices are simultaneously impacted by CR, DER, and ROA.
The Effect of Debt-to-Equity Ratio (DER) and Inventory Turnover (ITO) on Return on Assets (ROA) in Food and Beverage Sub-Sector Companies Listed on the Selvi Meiviani Redianti; Erwin Budianto; Agustina Agustina
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

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

Abstract

It analyzes how financial measures like DER and ITO influence the profitability indicator Return on Assets (ROA). Food and beverage companies listed on the Indonesia Stock Exchange (IDX) face manufacturing cost pressure and profitability fluctuations in 2020–2024. This causal quantitative study uses Indonesia Stock Exchange annual financial records. Purposive sampling generated 22 businesses and 110 observations. Data were processed using descriptive statistics, classical assumption tests, and multiple linear regression in SPSS 24. The hypothesis using partial t-tests and simultaneous F-tests. The incomplete data show that DER is significantly unfavorable on ROA, suggesting that increased leverage may reduce profitability owing to financial obligations. The beneficial but modest impact of ITO on ROA suggests that changes in inventory turnover were not proven to be a major determinant of profitability during the study period. Simultaneously, DER and ITO had a significant effect on ROA. This study has limitations because it only used DER and ITO as explanatory variables for profitability, measured by ROA, so other financial factors that could potentially influence company performance have not been fully accommodated. The observation period was 2020–2024, and only Indonesian food & beverage enterprises were studied. Therefore, the results have limitations in describing long-term conditions and in terms of generalization to other sectors and countries.
Co-Authors Adi Setiawan Agustina Agustina Agustina Budianto Alda Wulan Vitari Anis Purwanti Astri Hartianti Benny Dhevyanto Boby Nata Kusuma Dafa Shahwalludin Hidayat Dev Anand Dianita Rezki Ayu Dilla Shafia Dinda Arnelia Suryani Elvina Diah Palupi Ferida Ferida Habibah Nurmala Sari Haris Budiana Heleun Auliasari Irbah Qurrotu’aeni Kholid Ubaedillah Lilis Setiawati Maiya Liza Maiyaliza Maiyaliza Mardiyani Melinda Handayani Miftah Alfarid Fathurahman Mochamad Cece Farhan Siddiq Mohamad Iqbal Syafeiq Mohammad Abdi Abdillah Muhamad Wildan Maulana Muhammad Ijlal Siraj Muyassar Muhammad Iqbal Novi Dwi Putri Nurhana Dhea Parlina Nurhana Dhea Pharlina Ratnawati Khaeruni Ridho Dwi Nugroho Rizky Nur Ramdhani Rupi’ah Rupi’ah Selvi Meiviani Redianti Sri Nanda Hikmatulloh Uus Khasanah