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All Journal Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) MABIS Journal of Management and Business Review Jurnal Ilmiah Ekonomi Islam Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Journal of Information System, Applied, Management, Accounting and Research Jurnal Mantik Al-Kharaj: Journal of Islamic Economic and Business Journal La Bisecoman International Journal of Informatics, Economics, Management and Science Journal of Management and Administration Provision International Journal of Enterprise Modelling Journal of Economics and Management Scienties Jurnal Ekonomi, Manajemen, Akuntansi
Hadi Santoso
Universitas Widya Dharma Pontianak
Biochemistry, Genetics & Molecular Biology Chemistry Computer Science & IT Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Energy Engineering Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Library & Information Science Materials Science & Nanotechnology Mathematics Neuroscience Physics Social Sciences Transportation

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DETERMINANTS OF STOCK PRICES VOLATILITY GOOD CORPORATE GOVERNANCE AS A MODERATING VARIABLE Valeria Vivi Silvia; Santoso, Hadi
Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Vol. 14 No. 4 (2025): Jurnal Maneksi (Management Ekonomi Dan Akuntansi)
Publisher : Politeknik Negeri Ambon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31959/jm.v14i4.3479

Abstract

Introduction: Focusing on stock price volatility, this research investigates the roles of trading volume, leverage, and dividend policy, with corporate governance examined as a potential moderator. The main aim is to establish whether corporate governance can reinforce the relationships between the independent variables and stock price volatility. Interest in this topic was triggered by differences in findings in previous studies. The object of this study covers all companies listed on the Indonesia Stock Exchange (IDX) except for the non-cyclical sector, with a research period from 2020 to 2024.Methods: A quantitative research design was applied, drawing secondary data from corporate financial and annual reports, Yahoo Finance, as well as other pertinent sources. The sample was selected based on purposive sampling criteria, which resulted in 72 companies over 5 years of observation, with a total of 360 observations. The data was analyzed using Eviews 13 with Moderated Regression Analysis (MRA).Results: Trading volume had no impact on stock price volatility, while leverage and dividend policy had a significant effect and positive. Meanwhile, the moderation test results showed that corporate governance strengthened the effect of trading volume on stock price volatility. However, corporate governance weakened the effect of leverage and dividend policy on stock price volatility. Keywords: Corporate Governance, Dividend Policy, Leverage, Stock Price Volatility, Trading Volume.
Influence of firm size, profitability, and leverage on firm value: the moderating role of managerial ownership in IDX property and real estate Anjelika, Anjelika; Santoso, Hadi
Jurnal Mantik Vol. 9 No. 3 (2025): November: Manajemen, Teknologi Informatika dan Komunikasi (Mantik)
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/mantik.v9i3.6700

Abstract

The study examines the relationship between firm size, profitability, and leverage and firm value, while incorporating managerial ownership as a moderator in property and real estate companies, specifically the IDX. The research utilised a purposive sampling technique, which produced 145 sample observations from 29 companies within the property and real estate sector spanning 2020–2024. Data processing was conducted using the EViews 13 application. The investigation applied panel data regression techniques for analytical purposes and used the MRA (Moderated Regression Analysis) approach to examine moderating influences. The study indicates that firm size and profitability contribute positively and significantly to firm value, in contrast to leverage, which exerts an adverse and insignificant impact. Managerial ownership exhibits an apparent moderating effect on the relationship between company size and corporate value. At the same time, no such moderating effect is detected in the influence of profitability and leverage on firm value. These findings can serve as practical implications for company management and investors in formulating strategies to enhance firm value, while also enriching the academic literature as a foundation for future research
Liquidity, firm size, and financial performance: the moderating role of female directors in Indonesian industrial firms Ineputri, Aprilia Loika; Santoso, Hadi
Jurnal Mantik Vol. 9 No. 3 (2025): November: Manajemen, Teknologi Informatika dan Komunikasi (Mantik)
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/mantik.v9i3.6706

Abstract

This research examines how liquidity, firm size, and female directors affect the financial performance of industrial sector firms listed on the Indonesia Stock Exchange. Using the dependent variable of return on assets (ROA), the analysis considered liquidity (CR) and firm size (measured by total assets), alongside the moderating role of female representation on boards directors. The findings indicate that liquidity has a positive and significant impact on financial performance, supporting agency theory, signalling theory, and resource dependence theory. Meanwhile, firm size has a positive but insignificant effect on financial performance. However, women's presence on boards does not moderate the relationship between liquidity and performance, primarily due to their limited representation, which renders their role symbolic rather than impactful. In contrast, women’s presence on boards amplifies the influence of firm size on performance, indicating that female directors improve decision-making quality, monitoring effectiveness, and resource access in larger firms. These findings emphasise the significance of financial health, operational scale, and inclusive governance as crucial drivers of corporate success in Indonesia's industrial sector
Determinants Of Firm Profit Growth: Net Profit Margin As A Moderating Variable Wulan Dari, Ranti; Santoso, Hadi
International Journal of Enterprise Modelling Vol. 19 No. 3 (2025): September: Enterprise Modelling
Publisher : International Enterprise Integration Association

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/int.jo.emod.v19i3.152

Abstract

This study examines the relationship between the financial ratios of total asset turnover (TATO), debt to equity ratio (DER), and operating profit margin (OPM) on the dynamics of corporate profit growth, with net profit margin (NPM) serving as a moderating variable. The study utilizes secondary data obtained from the financial statements of companies in the food and beverage sub-sector listed on the Indonesia Stock Exchange for the period 2020–2024. A total of 45 companies were selected as samples using a purposive sampling approach, resulting in 230 observation units. A moderation regression approach was employed to test the research hypotheses. The findings indicate that DER and OPM have a significant positive effect on profit growth, while TATO's positive impact is statistically insignificant. Furthermore, NPM strengthens the relationship between OPM and TATO with profit growth, but does not moderate the relationship between DER and profit growth. These findings suggest that capital structure, profit margin management, and operational efficiency are key factors in driving profit growth. Meanwhile, asset utilization effectiveness has yet to produce a direct significant impact in the food and beverage sub-sector.
The Effect of Institutional Ownership, Company Size, Profitability, and Tangibility on Capital Structure in Non-Cyclical Consumer Sector Companies Listed on The Indonesia Stock Exchange Putrandy, Leonardo; Santoso, Hadi
Journal of Management and Business Review Vol 23, No 1 (2026)
Publisher : Research Center and Case Clearing House PPM School of Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34149/jmbr.v23i1.765

Abstract

This study aims to examine the effect of these variables on the capital structure of non-cyclical consumer sector companies listed on the Indonesia Stock Exchange. This study employs a quantitative approach using secondary data obtained from firms’ financial statements for the period 2018–2022. The sample was selected using a purposive sampling method, resulting in 67 companies with a total of 335 observations. The data were analyzed using panel data regression. The results show that institutional ownership has a positive and significant effect on capital structure, while profitability has a significant negative effect. Meanwhile, firm size and tangibility do not have a significant effect on capital structure. These findings support agency theory and pecking order theory in explaining corporate financing decisions. Practically, the findings provide insights for managers and investors in determining optimal financing strategies. Theoretically, this study contributes to the literature on capital structure determinants in companies operating in emerging markets
The Effect Of Profitability, Liquidity And Capital Structure On Company Value With Gcg As A Moderating Variable In The Fnb Sector Melly Engely; Hadi Santoso
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.11037

Abstract

This study examines the influence of profitability, liquidity, and capital structure, with GCG as a moderating variable. The focus of this study is on food and beverage companies listed on the Indonesia Stock Exchange (IDX) between 2020 and 2024. This study uses a quantitative method based on panel data with the Eviews 13 tool. Profitability is measured using Return on Assets (ROA), liquidity using the Current Ratio (CR), capital structure using the Debt to Earnings Ratio (DER), and firm value using Price to Book Value (PBV), and GCG using Independent Commissioners (KI). The test results reveal that profitability and capital structure have a positive impact on increasing firm value, while liquidity tends to decrease it. Interestingly, the use of GCG moderates the relationship between liquidity and firm value. However, GCG does not moderate the relationship between profitability and firm value or the relationship between capital structure and firm value.
Analysis of Company Value through Financial Performance as a Mediating Variable : JEL Classification: G32, G34, L25, M41, C23 Jason Jason; Hartono Hartono; Hadi Santoso
Journal La Bisecoman Vol. 7 No. 2 (2026): Journal La Bisecoman
Publisher : Newinera Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37899/journallabisecoman.v7i2.3211

Abstract

This study examines the relationship between CEO nationality, capital structure, and firm activity on firm value, both directly and indirectly through financial performance. The sample consists of primary consumer goods companies listed on the Indonesia Stock Exchange during 2018–2024, resulting in 406 observations analyzed using Stata 17. The results show that CEO nationality, firm activity, and financial performance positively affect firm value, while capital structure has no direct effect. These findings suggest that the presence of foreign CEOs, effective firm activities, and strong financial performance enhance investors’ perceptions of firm value. Further results indicate that CEO nationality and firm activity do not affect financial performance, whereas capital structure negatively affects financial performance, implying that higher debt usage may increase financial burdens and reduce financial performance. Moreover, financial performance fully mediates the relationship between capital structure and firm value but does not mediate the influence of CEO nationality or firm activity on firm value. Overall, this study contributes to the literature by emphasizing the important role of financial performance in explaining firm value.
Peran Tingkat Pertumbuhan Berkelanjutan Dalam Memoderasi Pengaruh Leverage, Profitabilitas, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Non-Keuangan Indeks Kompas100 Ici Krisno; Hadi Santoso; Dedi Haryadi
EKOMA : Jurnal Ekonomi, Manajemen, Akuntansi Vol. 5 No. 6: September 2026
Publisher : CV. Ulil Albab Corp

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56799/ekoma.v5i6.20172

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh leverage, profitabilitas, dan ukuran perusahaan terhadap nilai perusahaan, serta menguji peran Tingkat Pertumbuhan Berkelanjutan (Sustainable Growth Rate/SGR) sebagai variabel moderasi pada perusahaan non-keuangan yang tergabung dalam Indeks KOMPAS100 periode 2020–2024. Penelitian ini menggunakan pendekatan kuantitatif dengan data panel yang dianalisis menggunakan metode System Generalized Method of Moments (System GMM). Sampel penelitian ditentukan melalui teknik purposive sampling sehingga diperoleh 71 perusahaan dengan 355 observasi. Hasil penelitian menunjukkan bahwa dari enam hipotesis yang diajukan, dua hipotesis diterima dan empat hipotesis lainnya ditolak. Leverage terbukti berpengaruh negatif terhadap nilai perusahaan, yang mengindikasikan bahwa penggunaan utang yang melampaui titik optimal meningkatkan risiko keuangan dan menurunkan kepercayaan investor. Ukuran perusahaan juga terbukti berpengaruh negatif terhadap nilai perusahaan, yang menunjukkan bahwa perusahaan berskala besar cenderung menghadapi inefisiensi operasional dan biaya keagenan yang lebih tinggi. Sebaliknya, profitabilitas tidak terbukti berpengaruh signifikan terhadap nilai perusahaan. Selanjutnya, SGR tidak terbukti memiliki pengaruh langsung yang signifikan terhadap nilai perusahaan, serta tidak mampu memoderasi pengaruh leverage, profitabilitas, maupun ukuran perusahaan terhadap nilai perusahaan, sehingga seluruh hipotesis moderasi ditolak dan SGR dikategorikan sebagai homologizer moderator. Temuan ini mengindikasikan bahwa dinamika nilai perusahaan pada perusahaan non-keuangan Indeks KOMPAS100 lebih dipengaruhi oleh faktor risiko keuangan dan inefisiensi organisasional yang bersifat langsung, tanpa dimoderasi oleh kapasitas pertumbuhan berkelanjutan perusahaan.
Co-Authors Andhitiyara, Revan Andre Prasetya Anjelika, Anjelika Dedi Haryadi Dewi, Sita Eva, Lidwina Ganishti, Fairly Sekar Hartono Hartono Hartono Hartono Hartono`, Hartono Ici Krisno Ineputri, Aprilia Loika Jason Jason Manoe, Wahi Silvana Melly Engely Natalia, Evy Putrandy, Leonardo Rosmiati Rosmiati Valeria Vivi Silvia Wennadi, Luky Yunia Wulan Dari, Ranti Yolanda, Agusius