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All Journal Jurnal Siasat Bisnis AKRUAL: Jurnal Akuntansi Journal of Economic, Bussines and Accounting (COSTING) Jambura Economic Education Journal Jurnal Equity Jurnal Wacana Ekonomi Jurnal Bisnis Mahasiswa Abimanyu: Journal of Community Engagement Jurnal Akuntansi AKUNESA Jurnal Hilirisasi Technology kepada Masyarakat (SITECHMAS) Jurnal Akuntansi Keuangan dan Bisnis Majapahit Journal of Islamic Finance and Management Social Sciences Insights Journal Majapahit Journal of Islamic Finance dan Management Equity
Rendra Arief Hidayat
Accounting Departement, Faculty Of Economics And Business, Universitas Negeri Surabaya
Arts Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Social Sciences Other

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Journal : Majapahit Journal of Islamic Finance and Management

 1 
The Effect of Financial Ratio Activities on the Value of a Company with Company Size as a Moderating Variable Azizah, Yunita Isnani; Hidayat, Rendra Arief
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 1 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i1.412

Abstract

This research is motivated by the fluctuations in the performance of the food and beverage industry which contributes significantly to national economic growth, but the company value reflected in the Price to Book Value (PBV) is still unstable. The purpose of this study is to analyze the effect of financial ratios consisting of Return on Assets (ROA), Current Ratio (CR), Total Assets Turnover (TATO), Debt to Equity Ratio (DER), and Sales Growth (SG) on company value, and to test the role of company size as a moderating variable. The study uses a quantitative approach and secondary data collected from 51 food and beverage sub-sector companies listed on the Indonesia Stock Exchange during the 2019–2023 period. The analysis technique uses multiple linear regression and Moderated Regression Analysis (MRA). The results of the study show that partially, CR, TATO, and DER have a positive and significant effect on company value, while ROA and SG have a negative and significant effect. Simultaneous tests show that all independent variables have a significant effect on company value. Meanwhile, the results of the MRA analysis show that company size is able to moderate the influence of ROA, CR, TATO, and DER on company value significantly, but the nature of the moderation is to weaken the influence of the four ratios, and company size is unable to moderate the influence of SG on company value. This study concludes that management needs to strengthen financial performance through asset efficiency and profit growth, while investors can use certain financial ratios as investment considerations.
The Effect of Profitability, Leverage, and Liquidity on Company Value with Dividend Policy as a Moderating Variable Putri, Dewi Diana; Hidayat, Rendra Arief
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 1 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i1.417

Abstract

This study analyzes the effect of profitability, liquidity, and leverage on firm value and evaluates the role of dividend policy as a moderating variable. This quantitative study uses data from 21 textile and garment sub-sector manufacturing companies on the IDX for the 2019–2023 period selected through purposive sampling. The analysis was conducted using multiple linear regression and MRA using SPSS 30. The results showed that profitability, leverage, and liquidity had a significant positive effect on firm value. Dividend policy moderates the effect of profitability and liquidity, but not leverage.
The Effect of Financial Performance, Company Size, And Operational Cash Flow on Earnings Per Share With GCG as a Moderating Variable Masfufah, Maratul; Hidayat, Rendra Arief
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 2 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i2.415

Abstract

This study aims to determine the effect of return on asset, debt to equity, total asset turnover, firm size, and operating cash flow on earnings per share with good corporate governance as a moderating variable in property and real estate companies listed on the Indonesia Stock Exchange (IDX) during the 2021-2023 period. This research employs a quantitative approach using secondary data obtained from the official IDX website. The total sample consists of 96 observations selected through purposive sampling. Data analysis was conducted using IBM SPSS 25 software, with multiple linear regression and Moderated Regression Analysis (MRA) models applied to test the hypotheses. The results show that Return on Assets, Debt to Equity, Total Asset Turnover, firm size, and operating cash flow have a positive effect on Earnings per Share. Furthermore, Good Corporate Governance, measured by managerial ownership, is proven to simultaneously moderate the relationship between financial performance, firm size, and operating cash flow on Earnings per Share. These findings indicate that financial performance and company characteristics play a crucial role in determining EPS. Managerial ownership, as one of the mechanisms of good corporate governance, serves as a supporting factor in optimizing the influence of financial performance, firm size, and operating cash flow on earnings per share.
Co-Authors Arfiana Dewi Azizah, Yunita Isnani Bayu Rama Laksono Bayu Rama Laksono Cantika Sari Siregar Dian Anita Nuswantara Eko Prasetyo Elliv Hidayatul Lailiyah Fikron Achmad Al-Fansuri Hariyati Hariyati Hendra Hendra Ika Permatasari Insyirah Putikadea Intan Kurnia Permatasari Lintang Venusita Lorenza, Imah Maulana Masfufah, Maratul Maulani, Dzikrilla Sarla Merlyana Dwinda Yanthi Nerisafitra, Paramitha Permatasari, Intan Kurnia Pujiono Pujiono Purnatasari, Aprelinda Putri, Dewi Diana Rediyanto Putra Rediyanto Putra, S.E., MSA ROHMAWATI KUSUMANINGTIAS Rohmawati Kusumaningtias Saputra, Moch. Doni Shofiyah, Indah