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All Journal Tasyri` : Jurnal Tarbiyah-Syari`ah-Islamiyah Journal Of Management Science (JMAS) Administraus Jurnal Ilmu Administrasi dan Manajemen Jurnal Biogenerasi Jurnal Ilmiah Manajemen Kesatuan AKMENIKA Transekonomika : Akuntansi, Bisnis dan Keuangan JOURNAL OF HUMANITIES, SOCIAL SCIENCES AND BUSINESS (JHSSB) JKP (Jurnal Kajian Pemerintah: Journal of Government Social and Politics) Sinomika Journal: Publikasi Ilmiah Bidang Ekonomi dan Akuntansi MES Management Journal Bulletin of Management and Business CASHFLOW : CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE Journal of Management, Accounting, General Finance and International Economic Issues (MARGINAL) Jurnal Manajemen dan Bisnis Economics and Business Journal Journal of Economic Education and Entrepreneurship Studies Jurnal Bisnis Kolega (JIMBE) (JUMPER) INTERNATIONAL JOURNAL OF ECONOMIC LITERATURE Jurnal Inovasi Bisnis Manajemen dan Akuntansi Journal of International Multidisciplinary Research MAXIMAL Paramacitra : Jurnal Pengabdian Masyarakat Nusantara Economics and Entrepreneurships Journals Journal of Indonesian Primary School IJHABS Journal of Studies in Academic, Humanities, Research, and Innovation International Journal of Education Management and Religion TRIDAYA: Jurnal Pengabdian Kepada Masyarakat Indonesian Journal of Ecology and Conservation
Nurman
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Religion Agriculture, Biological Sciences & Forestry Humanities Biochemistry, Genetics & Molecular Biology Chemistry Computer Science & IT Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Social Sciences Other

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Financial performance analysis using DuPont System at PT Unilever Indonesia Tbk Fadelia, Regita; Musa, Muhammad Ichwan; Rahman, Abdul; Budiyanti, Hety; Nurman
Journal Management & Economics Review (JUMPER) Vol. 3 No. 6 (2025): December
Publisher : Malaqbi Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59971/jumper.v3i6.767

Abstract

Financial performance analysis using DuPont System at PT Unilever Indonesia Tbk
Determinasi Likuiditas, Leverage, dan Ukuran Perusahaan Terhadap Pertumbuhan Laba Emiten Ritel di Indonesia Periode 2019–2024 Nurman
Jurnal Ilmu Manajemen, Bisnis dan Ekonomi Vol 3 No 4 (2025)
Publisher : PT Maju Malaqbi Makkarana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59971/jimbe.v3i4.834

Abstract

Penelitian ini menganalisis pengaruh Likuiditas (rasio lancar), Leverage (rasio utang terhadap aset), dan Ukuran Perusahaan (log total aset) terhadap Laba Bersih lima emiten ritel Indonesia (AMRT, MIDI, HERO, MPPA, RANC) selama 2019–2024. Pendekatan kuantitatif dengan data panel digunakan, dan model regresi panel dievaluasi (efek gabungan, efek tetap, efek acak) disertai uji Chow dan Hausman untuk pemilihan model terbaik. Hasil analisis dengan model efek tetap menunjukkan koefisien likuiditas positif namun tidak signifikan, leverage berkoefisien negatif dan mendekati signifikan, serta ukuran perusahaan berkoefisien positif dengan signifikansi marginal. Uji Hausman mengindikasikan model Fixed Effect lebih sesuai daripada Random Effect. Secara umum temuan ini selaras dengan teori keuangan bahwa leverage tinggi cenderung menurunkan profitabilitas, sedangkan perusahaan berukuran lebih besar cenderung memperoleh laba lebih tinggi, meskipun likuiditas tidak menunjukkan pengaruh signifikan. Penelitian ini memperkaya literatur mengenai faktor penentu profitabilitas sektor ritel dan memberikan implikasi bahwa pengelolaan struktur modal dan skala usaha lebih berdampak pada laba dibanding likuiditas.
Escaping the Equilibrium: Strategic Innovation as a Deliberate Disequilibrium Mechanism in Oligopolistic Competition Nurman
Economics and Business Journal (ECBIS) Vol. 4 No. 1 (2025): November
Publisher : PT. Maju Malaqbi Makkarana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47353/ecbis.v4i1.267

Abstract

This study aims to analyze the application of game theory in understanding strategic behavior among firms in an oligopolistic market. Using a qualitative approach with a literature review method, this research examines the concepts of Nash equilibrium, dominant strategy, and price discrimination as foundations for determining optimal strategies among market players. The findings show that game theory, particularly the Cournot, Bertrand, and Stackelberg models, effectively explains competitive interactions in markets with limited participants. Moreover, regulations such as Law No. 5 of 1999 play an important role in maintaining fair competition. Game theory proves to be an effective analytical tool for formulating corporate strategies and economic policies in oligopolistic markets
The Effect Of Solvency And Operational Efficiency On The Company Value Of The Restaurant, Hotel And Tourism Subsector On The Indonesia Stock Exchange In 2019-2024 Putri Indah; Hety Budiyanti; Nurman
International Journal of Education Management and Religion Vol. 3 No. 2 (2026): July 2026
Publisher : Pondok pesantren As-salafiyah As-Safi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/ijemr.v3i2.1375

Abstract

The restaurant, hotel, and tourism sectors have an important role in supporting national economic growth in Indonesia, especially through job creation to encourage Gross Domestic Product (GDP) growth by driving other sectors such as transportation, agriculture, and the food and beverage industry so that the value of companies in this sector is important to consider. However, fluctuations in the company's value are considered not only influenced by profitability, but also by capital structure and operational efficiency that are not fully optimal. Therefore, the problems in this study are focused on how solvency affects company value, how operational efficiency affects company value, and how solvency and operational efficiency affect company value simultaneously. The purpose of this study is to analyze the influence of solvency on company value, analyze the effect of operational efficiency on company value, and test the effect of solvency and operational efficiency simultaneously on company value in the restaurant, hotel, and tourism sub-sectors listed on the Indonesia Stock Exchange. This study uses a quantitative approach with secondary data in the form of corporate financial statements obtained through the official website of the Indonesia Stock Exchange and analyzed using panel data regression. The results of the study show that solvency has a significant effect on the company's value, while operational efficiency has no effect and is significant on the company's value. However, solvency and operational efficiency simultaneously affect the company's value.
The Influence Of Profitability And Capital Structure On Stock Returns In Food And Beverage Sub-Sector Companies Listed On The Indonesia Stock Exchange A. Wulandari; Anwar; Abdul Rahman; Nurman; Paramaswary Aslam, Annisa
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1131

Abstract

This study examines the influence of profitability and capital structure on stock returns in food and beverage sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The research is motivated by inconsistent empirical findings in previous studies and by the phenomenon in which improvements in company profitability are not consistently followed by increases in stock returns. This condition indicates a potential gap between firm-level financial performance and market valuation, particularly in emerging market contexts. The objective of this study is to analyze both the partial and simultaneous effects of profitability, measured by Return on Equity (ROE), and capital structure, measured by the Debt to Equity Ratio (DER), on stock returns. This research employs a quantitative approach using panel data regression analysis. The sample consists of 15 food and beverage companies observed over a five-year period, resulting in 75 observations. Secondary data were obtained from published financial statements and analyzed using EViews software. Model selection was conducted through the Chow test, indicating that the Common Effect Model was the most appropriate specification. Classical assumption tests were also performed to ensure the reliability of the regression results. The empirical findings demonstrate that ROE and DER do not have a statistically significant effect on stock returns, either individually or simultaneously. The probability values of both variables exceed the 0.05 significance level, leading to the rejection of the proposed hypotheses. Furthermore, the coefficient of determination indicates that profitability and capital structure explain only a very small proportion of stock return variation. These results suggest that stock returns in the food and beverage sub-sector are more strongly influenced by external factors, such as macroeconomic conditions, inflationary pressures, investor sentiment, and overall market dynamics. The study highlights the limited explanatory power of accounting-based indicators in periods of economic uncertainty and provides important implications for investors, managers, and future research in emerging capital markets.
The Influence Of EPS, ROE, And NPM On Stock Returns In Food And Beverage Sub-Sector Companies Listed On The Indonesia Stock Exchange Lintang Dwi Wulandari; Burhanuddin; Hety Budiyanti; Nurman; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1134

Abstract

The food and beverage sector is a strategic sector that has a significant contribution to driving Indonesia's economic growth. However, in the 2019–2024 period, this sector experienced pressure due to high food inflation, rising raw material costs, and weakening public purchasing power which affected stock return fluctuations. (2) This condition is the background to this study which aims to examine the effect of Earning Per Share (EPS), Return on Equity (ROE), and Net Profit Margin (NPM) on stock returns in food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX). (3) This study uses a quantitative approach with a panel data regression analysis method processed using EViews 12 software, with a total sample of 18 companies during the 2019–2024 period. (4) The results of the analysis show that both partially and simultaneously, the EPS, ROE, and NPM variables do not have a significant effect on stock returns. This indicates that profitability performance has not been able to provide a positive signal for investors in assessing the potential for stock returns. (5) Thus, the results of this study do not support Signaling Theory and provide an indication that stock return movements in the food and beverage sub-sector are more influenced by external factors such as food inflation and macroeconomic conditions compared to the company's internal financial performance.
The Effect Of Capital Adequacy Ratio And Loan To Deposit Ratio On Stock Prices Study Of Banking Companies Listed On The Indonesia Stock Exchange (IDX) In 2020–2024 A. Nur Azilah; Anwar Ramli; Nurul Fadilah Aswar; Nurman; Annisa Paramaswary
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1138

Abstract

The capital market has an important role in supporting economic activities by providing long-term funding sources for companies as well as an investment vehicle for the public. The development of the banking sector in Indonesia shows that financial performance often influences stock price movements, although the results are not always consistent between companies. This problem encourages this study which aims to analyze the effect of the Capital Adequacy Ratio (CAR) and the Loan to Deposit Ratio (LDR) on stock prices in banking companies listed on the Indonesia Stock Exchange for the 2020–2024 period. This study uses a quantitative approach with a multiple linear regression method through the assistance of the SPSS application, while the sample is determined by a purposive sampling technique in 16 banking companies over 5 years of observation, resulting in 80 observations. The results of the study show that CAR has a significant negative effect on stock prices (t = -2.482 sig = 0.015), while LDR has a significant negative effect on stock prices (t = -2.846 sig = 0.006). The coefficient of determination (R²) value is 0.162, which means that 16.2% of the variation in stock prices can be explained by CAR and LDR, while the remaining 83.8% is explained by other factors outside the model. This study supports the Signaling Theory which states that financial performance information can provide signals to investors in making investment decisions. This finding confirms that the bank's ability to maintain capital adequacy provides a positive signal to investors, while liquidity management through LDR has not been fully considered as the main factor determining stock prices.
The Influence Of Current Ratio And Return On Assets On Stock Price In Coal Mining Sector Companies Listed On The Indonesian Stock Exchange Nur Suka Nengsih; Anwar; Nurman; Anwar Ramli; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1140

Abstract

This study aims to analyze the effect of Current Ratio (CR) and Return on Assets (ROA) on stock prices in coal mining companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. The background of this study is driven by fluctuations in current ratio, return on assets, and stock prices in the coal industry that indicate a mismatch between financial performance and market valuation. This study uses a quantitative approach with a multiple linear regression method through the assistence of the SPSS application, while the sample is determined by a purposive sampling technique in 18 (eighteen) companies over 5(five) years of observation, resulting in 90 (ninety) observations. The results of the partial test (t-test) show that Current Ratio (CR) has a positive and significant effect on stock prices, indicating that a high level of liquidity provides a positive signal to investors regarding the company's short-term financial stability. Conversely, Return on Assets (ROA) has a negative but insignificant effect on stock prices, indicating that profitability has not been a major factor in influencing investor perceptions in this sector, possibly due to fluctuations in commodity prices and unstable profits. The results of the simultaneous test (F-test) show that CR and ROA together have a significant effect on stock prices, with a coefficient of determination (R²) of 18.8%, meaning that these two variables explain some of the variation in stock prices, while the rest is influenced by external factors such as macroeconomic conditions and global coal prices. This finding supports Signaling Theory (Spence, 1973), which states that financial ratios act as signals for investors in assessing company performance. This study provides an empirical contribution to understanding the determinants of stock prices in the Indonesian mining sector and provides practical implications for management and investors to strengthen liquidity management and increase market confidence.
The Influence of Profitability and Capital Structure on Stock Returns (Study of Retail Companies Listed on the Indonesia Stock Exchange for the Period 2020 – 2024) Evi Puspita Sari; Anwar; Andi Mustika Amin; Nurman; Abdul Rahman
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1146

Abstract

This study analyzes the effect of profitability (measured by Return on Equity, ROE) and capital structure (measured by Debt to Equity Ratio, DER) on stock returns in 10 retail sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2020–2024. The background of the study is based on fluctuations in stock returns in the retail sector, which are influenced by internal factors such as profitability and capital structure, as well as theories such as Signaling Theory and Trade-Off Theory. The main objective is to test whether these two independent variables significantly affect stock returns. The method used is multiple linear regression with secondary data analysis through SPSS 27, after conducting classical assumption tests such as normality, multicollinearity, and heteroscedasticity. The results show that capital structure (DER) has a positive and significant effect on stock returns, supporting the Trade-Off Theory, while profitability (ROE) has no significant effect, which contradicts the Signaling Theory. Simultaneously, both variables have a significant effect on stock returns. This conclusion suggests that retail companies should focus more on optimizing capital structure to increase stock returns. The implications of this research provide empirical contributions for investors and company management in facing economic uncertainty..
The Effect Of Solvency And Profitability On Stock Returns In Mining Sector Companies Listed On The Indonesian Stock Exchange Amalia Reviska Selamanda; Anwar; Nurman; Anwar Ramli; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1147

Abstract

: This study examines the effect of solvency and profitability on stock returns among mining sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The mining industry represents one of Indonesia’s most volatile economic sectors, influenced by fluctuations in global commodity prices, energy transition pressures, and post-pandemic market uncertainty. Understanding how internal financial indicators shape investor responses within this environment is therefore essential. The study employs an associative quantitative approach using panel data regression. Solvency is measured through the Debt to Equity Ratio (DER), profitability through Return on Equity (ROE), and stock return serves as the dependent variable. A purposive sampling technique was applied, producing a final sample of 12 companies with 60 observations. Data analysis was conducted using EViews, and diagnostic procedures included normality, multicollinearity, heteroscedasticity, and autocorrelation tests. The results show that, individually, neither DER (p = 0.7295) nor ROE (p = 0.2456) has a significant effect on stock returns. However, when tested simultaneously, DER and ROE significantly influence stock returns, as indicated by the F-statistic probability value of 0.0142. The Adjusted R² value of 0.2373 demonstrates that the two variables jointly explain 23.73 per cent of stock return variation, while the remaining 76.27 per cent is determined by other factors not included in the model. These findings suggest that solvency and profitability do not independently drive investor reactions in a highly volatile sector; however, taken together, they form an important component of market valuation, particularly under conditions of uncertainty and fluctuating industry performance.
Co-Authors A. Nur Azilah A. Wulandari Abdi Akbar Idris Abdul Rahman Abdullah, Nur Hudaya Achmad Hamka Hamid Adelia, Haera Adri, Mutia Tasyah Ageng Aufa Zaki Agung Widhi Kurniawan Ahmad Ali Amalia Reviska Selamanda Amiruddin Tawe Amrullah, Dirhamzah Andi Dwi Wulandari Andi Mustika Amin Annisa Oktavia Ramadhani Annisa Paramaswary Annisa Paramaswary Aslam Anugrah Nurjannah Anugrah, Fira Anwar Anwar Anwar Anwar Anwar Ramli Anwar Ramli Aria Saputra Armiati Arsil Ainun Rahman Aslam, Annisa Paramaswary Asmin Asniwati Awalia, Nurilmi Ayu Afrilia Baso, Rihlaeni Duha A. Budianti, Hety Burhanuddin Chalid Imran Musa Chalid Imran Musa Darmayanti, Puput Amelia Dian Fajar Ayu Dipoatmodjo, Tenri S.P Dipoatmodjo, Tenri S.P. Dwi Anugerah Lestari Musa Eli Rahmawati, Eli Evi Puspita Sari Fadelia, Regita Fadianti, Nurhas Fatwa, Nur Apriani Fausyah, Nur Fitriyah H., Mar'atul Hanafi, Anhar Ahmad Syah Hartini Hasbiah, Siti Hayati Hety Budiyanti Hety Budiyanti, Hety Husain, Fakhirah Ichwan Musa, Muhammad Idris, Abdi Akbar Ilma Wulansari Hasdiansa Indri Iswardhani Indriani Agustina, Indriani Isra' Indriyani Jamnur, Adrian Maulana Juliani Khairul, Nila Karmila Kasrianti Khairun Umrah Lidia Ning Tias Lintang Dwi Wulandari Luthfiana, Andi Gita Aqilah M. Ikhwan Maulana Haeruddin Madina Maghfirah Sultan, Nurul Maisyaroh, Ummi Mansyur, Muthmainnah Marwah, Andi Maulana, M. Ikhwan Maulidsa Qadyannu Mujahidah, Najihul Mukarram, Hadratul Musa, Muh Ichwan Musa, Muhammad Ichwan Musfira, Nur Fauziah Muspa, Ade Natsir, Uhud Darmawan Ngabe Joyti, Devi Adnyaswari Nur Hidayah Nur Suka Nengsih Nurqalby, Azzahrah Nursafitri Nursyahidah, Sumaya Nurul Amanda Nurul Fadilah Aswar Nurul Fadilah, Nurul Nurul Fauziah Paramaswary Aslam, Annisa pengelola, pengelola Pertiwi, Nabilah Putri Indah Rafiana A. S., Andi Besse Rahmalia Putri Ramadhani, Gina Ramadhani, Khusnul Khatimah Putri Rauf, Deddy Ibrahim Reni Amsa Rezky Amalia Hamka Ridwan Andi Mattoliang Rini Anggraeni Risdayanti Idris Riska Romansyah Sahabuddin Rosmah Ruma, Zainal Safira Ainu Nadira Sofyan Saiful Sapira, Amani Sahra Savitri, Ni Made Widya Serli Siti Hasbiah Sitti Nuralifah Rahmayani Syaiful, Muhammad Fadhil Syamsul, Ikhlazhizha Syarif Hidayat Amrullah Taufiq, Muhammad Azizil Tawe, Amiruddin Tenri Sayu Puspitaningsih Dipoatmojo Thoharoh, Muchibatut Turrahmi, Mawadda USWATUN HASANAH Vira Ayustina Wahyuni, Zalsabillah Cahya We Batary Pada Widhi Kurniawan, Agung Yand. S, Britny Zainal Ruma Zehroh, Halimatus Zulkarnaen, Muh. Faiq