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All Journal Nominal: Barometer Riset Akuntansi dan Manajemen Akuntansi Krida Wacana Jurnal ULTIMA Accounting Jurnal Akuntansi Jurnal Bina Manajemen Jurnal Bina Akuntansi Jurnal Paradigma Akuntansi Indonesian Journal of Innovation Studies Jurnal Manajemen dan Bisnis Jurnal Abdi Mandala Liabilitas : Jurnal Ilmiah Akuntansi dan Ekonomi Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Eduvest - Journal of Universal Studies Sinergi: Jurnal Pengabdian Kepada Masyarakat International Journal of Application on Economics and Business Law and Economics JER
Henryanto Wijaya
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Aerospace Engineering Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Neuroscience Social Sciences

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Journal : Indonesian Journal of Innovation Studies

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Financial Performance Indicators Drive Firm Value in State-Owned Companies Tahawa, Taufik Hidayat B; Wijaya, Henryanto
Indonesian Journal of Innovation Studies Vol. 26 No. 3 (2025): July
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/ijins.v26i3.1487

Abstract

General Background: Sovereign Wealth Funds (SWFs) play a crucial role in national economic stability and asset optimization. Specific Background: In Indonesia, Danantara's Investment Management Agency (BPI) operates as the state's SWF, yet empirical studies on financial performance metrics influencing firm value within this context remain scarce. Knowledge Gap: Limited research addresses how profitability, efficiency, and liquidity metrics affect firm valuation in state-managed investment institutions. Aims: This study investigates the impact of Return on Investment (ROI), Net Profit Margin (NPM), and Current Ratio (CR) on firm value in BPI from 2015 to 2024. Results: Using panel data regression via EViews, findings reveal that ROI and CR significantly enhance firm value (t=2.12, p=0.0372; t=4.49, p=0.000), while NPM shows no significant effect (t=0.71, p=0.4773). The model explains 20.38% of firm value variability (R²=0.2038). Novelty: The study highlights that investment efficiency and liquidity—rather than profitability alone—are more critical in state-owned contexts. Implications: These results inform strategic financial management and policy in SWFs, emphasizing the prioritization of ROI and liquidity in enhancing firm valuation. Highlights: Highlights the dominant role of ROI and liquidity in firm valuation. Reveals NPM's limited influence on market-based assessments. Informs SWF strategy through empirical financial analysis. Keywords: Investment Management Agency, Sovereign Wealth Fund, Return on Investment, Net Profit Margin, Current Ratio
Co-Authors ., Yola Adrianto, Reinard Agus Wahyono Anantha, Tegar Galang andi ramadhan, Syahrul Andy Andy Anthony Anthony Aurelia, Ophilia Carunia Mulya Firdausy, Carunia Mulya Dra. Nurainun M.M.,Ak Bangun Eric, Eric Fabian, Christopher Fanny Magdalena Febrianty, Levina Felicia Gunawan Goritman, Erryka Hadi Cahyadi Halim, Danastia Vefiani Heni Pujiastuti Honggono, Jessica Louie Huanency, Amelia Imamta, Zullivien Indra Widjaja Karen Widjaja Kho, Christian Mardiana, Annisa Margaretha, Jennifer Marshella, Marshella Mayerson, Evan Michael Michael Michella, Aurellia Michellin, Ivana Mishael, Audi Mitzy, Sheryl Esfandian Mitzy Morgan, Christopher Elihu Billy Oktasya, Puput Rennath, Monica Sharon Salim, Susanto Sanjaya, Ivan Sari, Liana Pratama Sauliam Budianto Selvia Setiawan, Nathalie Arlim Sila, Emmanuel Constantinus Supriliana, Ni Gusti Ayu Komang Tri Tahawa, Taufik Hidayat B Tanujaya, Martin Tiaras, Irvan Tommy Setiawan Ruslim, Tommy Setiawan uta, Louis Vincent Winaldo Wahyono, Agus