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All Journal PRIVE: Jurnal Riset Akuntansi dan Keuangan Bisman (Bisnis dan Manajemen): The Journal of Business and Management Jurnal Ekonomi, Manajemen, Bisnis dan Akuntansi (JEMBA) International Journal of Management and Business Economics JISMA: Jurnal Ilmu Sosial, Manajemen, dan Akuntansi Trending: Jurnal Manajemen dan Ekonomi Jurnal Ekonomi, Manajemen, Akuntansi Jurnal Ilmiah Ekonomi dan Manajemen Indonesia
Yuliasnita Verlandes Verlandes
Departement Of Economics, Universitas Islam Majapahit, Mojokerto
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences

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Pengaruh Profitabilitas, Likuiditas, dan Leverage Terhadap Financial Distress pada Perusahaan Subsektor Consumer Service yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2023-2024 Khafifah Dia Elisa; Hartono Hartono; Yuliasnita Verlandes
Jurnal Ilmiah Ekonomi dan Manajemen Indonesia Vol. 2 No. 2 (2026): JULI-DESEMBER
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/958ys024

Abstract

Uncertain developments in the global economy have heightened the risk of companies experiencing financial distress. This study aims to analyze the impact of profitability, liquidity, and leverage on financial distress among consumer service sub-sector companies listed on the Indonesia Stock Exchange during the 2023–2024 period. Profitability is proxied by Return on Assets (ROA), liquidity by the Current Ratio (CR), and leverage by the Debt to Asset Ratio (DAR), while financial distress is measured using the Modified Altman Z-Score. Employing a quantitative research method and purposive sampling, the study selected a sample of 22 companies, resulting in 44 observations. Secondary data obtained from the companies' annual financial reports were used for the analysis. The results indicate that ROA has a positive and significant effect on financial distress (significance value of 0.001), and CR has a positive and significant effect (significance value of 0.000), whereas DAR has a negative and significant effect (significance value of 0.003). Collectively, profitability, liquidity, and leverage significantly influence financial distress (significance value of 0.000). Thus, higher profitability and liquidity levels raise the Altman Z-Score, leading to a healthier financial position, while high leverage lowers the Altman Z-Score, thereby increasing the risk of financial distress.
Pengaruh Tarif Cukai Rokok dan Profitabilitas Terhadap Debt To Equity Ratio (DER) Perusahaan Rokok yang Terdaftar di BEI Tahun 2017–2024 Dewi Wandani Pornama; Hartono Hartono; Yuliasnita Verlandes
Jurnal Ilmiah Ekonomi dan Manajemen Indonesia Vol. 2 No. 2 (2026): JULI-DESEMBER
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/8ydfec87

Abstract

The cigarette industry is a manufacturing subsector that contributes substantially to state revenue through tobacco excise. Rising excise tariffs and firm profitability are presumed to shape corporate financing decisions, as reflected in the Debt to Equity Ratio (DER). This study examines the effect of cigarette excise tariffs and profitability on the DER of cigarette companies listed on the Indonesia Stock Exchange (IDX) during 2017–2024. A quantitative causal design was employed using secondary data drawn from companies' annual financial statements and official publications of the Directorate General of Customs and Excise. The population comprised all IDX-listed cigarette subsector firms; a saturated (census) sampling technique yielded three companies and 24 firm-year observations. Data were analyzed through multiple linear regression using SPSS. The results show that the cigarette excise tariff has no significant effect on DER, profitability has a significant negative effect on DER, and the two variables jointly do not significantly affect DER. These findings suggest that capital-structure decisions in the cigarette industry are driven more by internal profitability considerations than by external fiscal pressure.
Pengaruh Fund Size dan Fund Age Terhadap Kinerja Reksa Dana Saham Periode 2021–2023 Ananda Widya Cahyani; Rini Armin; Yuliasnita Verlandes
Jurnal Ilmiah Ekonomi dan Manajemen Indonesia Vol. 2 No. 2 (2026): JULI-DESEMBER
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/c9469328

Abstract

This study examines the effect of fund size and fund age on the performance of conventional equity mutual funds in Indonesia during 2021–2023. The research uses a quantitative approach and secondary data obtained from mutual fund net asset value reports, prospectuses, fund fact sheets, and official publications. A purposive sampling technique produced 40 equity mutual funds, while the regression analysis was based on 35 complete observations after data screening. Mutual fund performance was measured using the Sharpe Ratio, whereas fund size and fund age represented the explanatory variables. Data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, t-test, F-test, and the coefficient of determination. The results indicate that fund size has a negative but statistically insignificant effect on mutual fund performance (β = −10.663; t = −1.555; p = 0.130). Fund age has a negative and statistically significant effect (β = −1.014; t = −2.126; p = 0.041). Simultaneously, fund size and fund age do not significantly explain performance at the 5% level (F = 2.987; p = 0.065). The model explains 15.7% of performance variation.
Pengaruh Return on Equity (ROE) dan Earning per Share (EPS) terhadap Harga Saham dengan Price to Book Value (PBV) sebagai Variabel Moderasi pada Bank BUMN Periode 2019–2024 Ahmad Farih Alamul Huda; Rini Armin; Yuliasnita Verlandes
Jurnal Ilmiah Ekonomi dan Manajemen Indonesia Vol. 2 No. 2 (2026): JULI-DESEMBER
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/m4esx470

Abstract

This study examines the effect of Return on Equity (ROE) and Earnings per Share (EPS) on stock price, with Price to Book Value (PBV) as a moderating variable, in state-owned (BUMN) banks listed on the Indonesia Stock Exchange during 2019–2024. A quantitative explanatory approach was used with panel data from four BUMN banks (Bank Mandiri, BRI, BNI, and BTN) over six years, analyzed through multiple linear regression and Moderated Regression Analysis (MRA). The results show that ROE has a significant negative effect on stock price, while EPS has a significant positive effect. PBV is not able to moderate the effect of ROE on stock price, but is able to significantly strengthen the effect of EPS on stock price. The regression model without moderation explains 66.0% of the variance in stock price, and this figure rises to 94.6% once the moderation interactions are included. These findings suggest that market valuation, as reflected in PBV, does not uniformly reinforce every profitability indicator, and that investors respond differently to equity-based profitability compared to per-share earnings when assessing BUMN bank stocks. The study offers practical implications for investors and bank management in interpreting financial performance signals within the context of market valuation.
Co-Authors Adinda Dwimada Anggraeny Adrian Fajar Eka Putra Agoes Hadi Purnomo Ahmad Faiz Mujahidin Ahmad Farih Alamul Huda Anadila Defayana Putri Ananda Widya Cahyani Aulia Nur Sayidah Auralia Dwi Hapsari Cantika Eka Sephia Nita Dewi Wandani Pornama Dwi Rizqi Amalia Eka Ayu Anggraini Hartono Hartono Hartono Hartono Khafifah Dia Elisa Miranda Dwi Lestari Nurdiana Fitri Isnaini Retno Ambarsari Rini Armin Rini Armin Setyariningsih, Eny Suspa Hariati Vevi Ariyanti