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All Journal Tasyri` : Jurnal Tarbiyah-Syari`ah-Islamiyah Journal Of Management Science (JMAS) Administraus Jurnal Ilmu Administrasi dan Manajemen Jurnal Ilmiah Manajemen Kesatuan 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
Nurman
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Religion Agriculture, Biological Sciences & Forestry Humanities Biochemistry, Genetics & Molecular Biology Chemistry Computer Science & IT Decision Sciences, Operations Research & Management 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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The Impact Of Profitability And Liquidity On The Capital Structure Safira Ainu Nadira Sofyan; Nurman; Rezky Amalia Hamka; 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.v2i2.1148

Abstract

The real estate sector, as one of the most capital-intensive industries in Indonesia, experienced substantial financial fluctuation during the 2020–2024 period due to the economic impacts of the COVID-19 pandemic and subsequent monetary adjustments. These conditions raised important questions regarding the determinants of firms’ capital structure decisions, particularly profitability and liquidity. This study aims to examine the effect of profitability measured by return on assets (ROA) and liquidity measured by the current ratio (CR) on the capital structure of real estate companies listed on the Indonesia Stock Exchange. Using a quantitative associative design, the research analyzed 70 observations from 14 purposively selected companies with complete and consistent financial disclosures. Multiple linear regression was applied to assess both partial and simultaneous influences of the independent variables on the debt-to-equity ratio (DER). The results indicate that profitability has no significant effect on capital structure, suggesting that ROA does not play a central role in firms’ financing choices within this sector. In contrast, liquidity shows a negative and significant influence on DER, demonstrating that firms with stronger short-term financial capacity tend to reduce their reliance on debt financing. Simultaneously, ROA and CR significantly affect capital structure, with an R² value of 14.5%, while the remaining variation is explained by other factors not included in this study. These findings support the trade-off theory, which posits that firms balance the benefits of debt with potential financial risks to achieve an optimal structure. The study highlights the critical role of liquidity management in capital structure decisions and recommends its prioritization for firms in the real estate industry.
Financial Performance Analysis At PT Indofood Sukses Makmur Tbk For The Period 2020-2024 Isra' Indriyani; Nurman; Hety Budiyanti
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.v2i2.1154

Abstract

This study analyzes the financial performance of PT Indofood Sukses Makmur Tbk during the period 2020-2024, a challenging era marked by the COVID-19 pandemic, inflation, exchange rate fluctuations, and dependency on commodity imports. The research objectives are to evaluate the company's overall financial health through comprehensive financial ratio analysis encompassing liquidity, solvency, activity, and profitability aspects, while integrating the influence of external macroeconomic factors on operational performance. This study employs a quantitative descriptive method with a case study approach, utilizing secondary data from annual financial reports and official sources including IDX, BI, and BPS. Financial ratio calculations are performed to evaluate year-to-year performance trends. The main findings reveal that PT Indofood demonstrated significant improvement across all financial dimensions: liquidity ratios increased from 1.37 to 2.15, indicating strong short-term debt servicing capability; solvency ratios improved with DAR declining from 0.51 to 0.46 and DER from 1.06 to 0.85, reflecting reduced dependency on external financing; profitability recovered with NPM reaching 7.5%, ROA 6.7%, and ROE 12.5% in 2024 after a temporary decline in 2022; and activity ratios remained stable with TATO ranging between 0.50-0.61 times, demonstrating efficient asset utilization. In conclusion, PT Indofood successfully navigated the pandemic challenges and volatile economic conditions through effective cost management, operational efficiency improvements, and prudent financial strategies, positioning the company for sustainable growth in the post-pandemic era.
The Impact Of Profitability And Solvency On Company Value Coal Mining Subsector Businesses Listed On The Stock Exchange Of Indonesia 2020–2024 Uswatun Hasanah; Siti Hasbiah; Annisa Paramaswary Aslam; Anwar; Nurman
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.v2i2.1158

Abstract

Coal mining firms listed on the Indonesia Stock Exchange (IDX) are the subject of this study between 2020 and 2024. These Businesses have a very important part in the national economy but simultaneously face difficulties like price volatility, shifts in global demand, and renewable energy transition policies. The study is motivated by previous various research results regarding impact of solvency and profitability on company value, necessitating further empirical examination. This study's objective is to evaluate the impact of profitability and solvency on company value. A quantitative causal-associative approach was employed using panel data from eight businesses that consistently release yearly reports throughout the study period, generating 40 observations. Analysis of multiple linear regression was performed on the data using SPSS version 30. The findings reveal that profitability, represented by Return on Assets (ROA), has a negative yet insignificant impact on company value as measured by Price to Book Value (PBV). Conversely, solvency, proxied by Debt to Equity Ratio (DER), demonstrates a beneficial and noteworthy impact on the company's value. Collectively, profitability and solvency explain 20.3% of company value variation. These results underscore the importance of maintaining a balanced capital structure to enhance investor confidence and corporate valuation. Academically, this research enriches financial management literature within the energy sector, while practically offering insights for managers and investors in financial decision-making.
The Impact Of Liquidity And Profitability On Stock Prices In The Gas And Oil Sector 2020–2024 Reni Amsa; Agung Widhi Kurniawan; Nurman
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 3 No. 1 (2026): Vol 3 No 1 June 2026
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v3i1.1392

Abstract

The oil and gas sector is a strategic sector that plays an important role in supporting the Indonesian economy, but during the 2020–2024 period, this sector experienced stock price fluctuations that were not in line with the company's financial performance. This problem prompted this study, which aims to analyze the effect of liquidity and profitability on stock prices in oil and gas sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. This study uses a quantitative approach with multiple linear regression methods and secondary data in the form of annual financial reports from 12 oil and gas sub-sector companies obtained through the official IDX website using a purposive sampling technique. The results of the study indicate that the liquidity variable as measured by the Current Ratio (CR) and profitability as measured by the Net Profit Margin (NPM) do not have a significant effect either partially or simultaneously on stock prices. The coefficient of determination (R²) value of 1.8% indicates that stock price variations are more influenced by external factors such as fluctuations in world oil prices, macroeconomic conditions, and energy market sentiment. This study concludes that internal financial ratios have not become the main determinant in stock price movements in the oil and gas sector, so investors need to consider global external factors in making investment decisions.
Capital Structure And Firm Value: The Mediating Role Of Profitability Asmin; Burhanuddin; Anwar; Nurman; Andi Mustika Amin
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 3 No. 1 (2026): Vol 3 No 1 June 2026
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v3i1.1408

Abstract

The property and real estate sector is one of the important sectors that contribute to the Indonesian economy, but in the 2021–2024 period, this sector experienced a decline in company value as reflected in market performance. This problem prompted this study, which aims to analyze the effect of capital structure on company value and examine the role of profitability as a mediating variable in property and real estate sector companies listed on the Indonesia Stock Exchange for the 2020–2024 period. This study uses a quantitative approach with the Partial Least Square-Structural Equation Modeling (PLS-SEM) method and the sample was determined through a purposive sampling technique on companies that meet the research criteria. The results of the study indicate that capital structure has a significant negative effect on company value and profitability, while profitability has a significant positive effect on company value and is proven to mediate the effect of capital structure on company value; this finding supports the Trade-off Theory regarding the importance of balance in the use of debt, but also shows limitations in the application of Signaling Theory in the property sector. This study concludes that excessive use of debt can reduce profitability and company value, so companies need to establish an optimal capital structure to maintain financial performance and increase investor confidence.
The Effect Of Dividend Policy, Profitability And Liquidity On Firm Value: Evidence From Manufacturing Companies Listed On The Indonesia Stock Exchange Dian Fajar Ayu; Romansyah Sahabuddin; Nurman
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 3 No. 1 (2026): Vol 3 No 1 June 2026
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v3i1.1411

Abstract

: Research approach was employed using panel data regression analysis. Model selection was determined through a series of diagnostic tests, namely the Redundant Fixed Effects Test and the Hausman Test, which indicated that the Fixed Effects Model (FEM) is the most appropriate estimation method. The data used are secondary data obtained from the companies’ annual financial reports during the research period. The results show that, individually, liquidity has a statistically significant positive effect on firm value, whereas dividend policy and profitability do not exhibit significant effects. This suggests that a company’s ability to meet its short-term obligations serves as a positive signal to investors, enhancing their perception of the firm’s stability and trustworthiness in terms of performance. Meanwhile, the insignificance of dividend policy and profitability implies that investors do not rely solely on these factors when evaluating firm value instead, they may consider broader strategic, market, or macroeconomic indicators. The coefficient of determination (R²) is 0.848588, indicating that approximately 84.85% of the variation in firm value can be explained by the combined influence of dividend policy, profitability, and liquidity, while the remaining 15.15% is attributed to other factors outside the scope of this study.
Bankruptcy Potential on Stock Prices with Dividend Policy as a Moderating Variable: A Study of Food and Beverage Companies Anwar; Nurman; Rauf, Deddy Ibrahim
Jurnal Ilmiah Manajemen Kesatuan Vol. 13 No. 5 (2025): JIMKES Edisi September 2025
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v13i5.3507

Abstract

Stock prices as the main element in the capital market, are influenced by various factors, one of which is the company's financial condition. Companies with poor financial conditions tend to experience pressure on their stock prices, which can lead to potential bankruptcy. This research intends to examine the impact of bankruptcy risk on stock prices, using dividend policy as a moderating factor, in food and beverage firms listed on the Indonesia Stock Exchange during the years 2019-2023. The study sample included 24 companies chosen via purposive sampling. The method for data analysis utilized Moderated Regression Analysis (MRA) through the Econometric Views (E-Views) version 12 software. The secondary data utilized was derived from financial reports accessed through the official IDX website. The findings of the research show that the potential for bankruptcy significantly influences stock prices. Furthermore, dividend policy has been demonstrated to enhance the connection between bankruptcy risk and stock prices, suggesting that it can act as a stabilizing element in preserving stock price stability during challenging financial situations. This study provides practical implications for company management in determining the right dividend policy as a bankruptcy risk mitigation strategy.
Co-Authors A. Nur Azilah A. Wulandari Abdi Akbar Idris Abdul Rahman Abdullah, Nur Hudaya Achmad Hamka Hamid Adelia, Haera Adri, Mutia Tasyah Agung Widhi Kurniawan Ahmad Ali Amalia Reviska Selamanda Amiruddin Tawe Andi Dwi Wulandari Andi Mustika Amin 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 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 Ichwan Musa, Muhammad Idris, Abdi Akbar Ilma Wulansari Hasdiansa Indriani Agustina, Indriani Isra' Indriyani Jamnur, Adrian Maulana Juliani Khairul, Nila Karmila Kasrianti Khairun Umrah 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 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 Ramadhani, Gina Ramadhani, Khusnul Khatimah Putri Rauf, Deddy Ibrahim Reni Amsa Rezky Amalia Hamka Risdayanti Idris Riska Romansyah Sahabuddin Ruma, Zainal Safira Ainu Nadira Sofyan Saiful Sapira, Amani Sahra Savitri, Ni Made Widya Serli Siti Hasbiah Syamsul, Ikhlazhizha Taufiq, Muhammad Azizil Tawe, Amiruddin Tenri Sayu Puspitaningsih Dipoatmojo Thoharoh, Muchibatut USWATUN HASANAH Vira Ayustina We Batary Pada Widhi Kurniawan, Agung Yand. S, Britny Zainal Ruma Zehroh, Halimatus Zulkarnaen, Muh. Faiq