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ANALISIS RETURN ON ASSETS (ROA), EARNINGS PER SHARE (EPS), DAN FINANCIAL DISTRESS TERHADAP HARGA SAHAM PERUSAHAAN MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2019 – 2023 Adelia Dwi Setyaningrum; Maria Safitri; Pradana Jati Kusuma; Fakhmi Zakaria
OIKOS: Jurnal Kajian Pendidikan Ekonomi dan Ilmu Ekonomi Vol 10 No 1 (2025): OIKOS: Jurnal Kajian Pendidikan Ekonomi dan Ilmu Ekonomi
Publisher : Universitas Pasundan

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Pada era pertumbuhan pesat industri makanan dan minuman di Indonesia, fluktuasi harga saham menjadi indikator penting dalam menilai kinerja perusahaan. Penelitian ini bertujuan untuk menganalisis pengaruh Return on Assets (ROA), Earnings Per Share (EPS), dan Financial Distress terhadap harga saham perusahaan subsektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2019–2023. Penelitian ini menggunakan teori Signaling sebagai landasan untuk menjelaskan pengaruh antarvariabel. Metode penelitian yang digunakan ialah pendekatan kuantitatif dengan analisis Structural Equation Modeling (SEM) melalui SmartPLS berdasarkan data sekunder laporan keuangan sebanyak 14 perusahaan. Hasil penelitian menunjukkan bahwa ROA tidak berpengaruh signifikan terhadap harga saham, EPS berpengaruh positif dan signifikan terhadap harga saham, dan Financial Distress berpengaruh positif signifikan terhadap harga saham. Disarankan bagi perusahaan untuk meningkatkan transparansi dan efektivitas pengelolaan aset serta penyampaian sinyal keuangan agar lebih mampu menarik kepercayaan investor di pasar modal.
Pengaruh Loan Disburesement, Non – Performing Loan (NPL), dan Current Account Saving Account (CASA) Rasio Terhadap Profitabilitas Bank Himbara dan Bank Asing Ghefira Nida Aulia; Maria Safitri; Agus Prayitno; Diana Puspitasari
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 8 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i8.11998

Abstract

This study aims to determine the effect of the amount of credit disbursed (Loan Disbursement) based on economic sectors, non-performing loans (NPL), current accounts - savings accounts (CASA) on the profitability of national banks and foreign banks operating in Indonesia. The approach used is descriptive quantitative research. The data sources used in this study come from financial reports and annual reports in the banking sector. The collected data were analyzed using IBM SPSS Statistics 26 statistical software by looking at descriptive statistical tests, classical assumption tests and multiple regression analysis. The results of the study prove that only credit disbursement in the service and business sectors has a positive and significant effect on ROA, while credit disbursement in the construction, trade, and agriculture sectors has a positive but insignificant effect, and credit disbursement in the mining sector has a negative and insignificant effect. NPL has a negative but insignificant effect on ROA, while CASA has a positive and significant effect on ROA. This study confirms that bank profitability is not only determined by the volume of credit disbursement and asset quality, but is also greatly influenced by the efficiency of the funding structure as reflected in the large proportion of CASA funds. Therefore, a banking strategy focused on quality credit growth in productive sectors, consistent NPL control, and increasing the proportion of CASA funds are key factors in strengthening banking financial performance in the long term.
ESG ADMINISTRATION AND GOVERNANCE IN INDONESIAN ENERGY FIRMS: EVIDENCE OF SUSTAINABLE PERFORMANCE Maria Safitri; Antonio Minguez-Vera
Efisiensi : Kajian Ilmu Administrasi Efisiensi Vol. 23 No. 1 Februari 2026
Publisher : Departemen Pendidikan Administrasi FEB Universitas Negeri Yogyakarta & ASPAPI PUSAT

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21831/efisiensi.v23i1.93880

Abstract

Penelitian ini bertujuan untuk menganalisis bagaimana perusahaan energi berskala menengah dan besar di Indonesia mengimplementasikan dan mengadministrasikan prinsip Environmental, Social, and Governance (ESG) pada tingkat mikro-organisasi. Penelitian menggunakan metode studi kasus kualitatif interpretatif melalui wawancara semi-terstruktur dengan praktisi keberlanjutan dan analisis laporan serta dokumen kebijakan ESG. Hasil penelitian menunjukkan bahwa administrasi dan tata kelola ESG didorong oleh pengelolaan reputasi, kepatuhan regulatif, keterlibatan pemangku kepentingan, serta tingkat internalisasi dimensi lingkungan, sosial, dan tata kelola yang berbeda-beda. Novelty penelitian ini terletak pada penggunaan COR Theory untuk menantang pandangan normatif tentang ESG. Penelitian menyimpulkan bahwa ESG merupakan praktik organisasi yang dikonstruksi secara sosial dan bergantung pada sumber daya. Disarankan penguatan tata kelola keberlanjutan dan peningkatan kapasitas internal perusahaan. Implikasi penelitian memberikan masukan bagi pembuat kebijakan, regulator, dan pemangku kepentingan dalam merancang tata kelola dan regulasi yang lebih efektif pada industri berintensitas dampak tinggi.
Studi Komparatif Likuiditas, Leverage, Perputaran Asset,  Profitabilitas Dan Harga Saham Sebelum Dan Sesudah Program Makan Bergizi Gratis Pada Perusahaan Sub Sektor Makanan Dan Minuman Raul Kurniawan; Maria Safitri; Dian Prawitasari; Pradana Jati Kusuma
Management Studies and Entrepreneurship Journal (MSEJ) Vol. 7 No. 6 (2026): Management Studies and Entrepreneurship Journal (MSEJ)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/hc5qg424

Abstract

The Free Nutritious Meal (MBG) Program is a government policy expected to improve public nutrition while also influencing the food and beverage industry. The implementation of this program may affect companies' financial performance and capital market responses, making it important to examine the differences in corporate conditions before and after the program. This study aims to analyze the differences in the Current Ratio (CR), Debt to Equity Ratio (DER), Total Asset Turnover (TATO), Return on Assets (ROA), and stock prices of food and beverage sub-sector companies listed on the Indonesia Stock Exchange before and after the implementation of the Free Nutritious Meal Program. This research employed a quantitative approach using a comparative study design. The sample consisted of 12 companies selected through purposive sampling, resulting in 48 observations before and 48 observations after the implementation of the MBG Program. Data were collected from corporate financial statements and stock price records, then analyzed using the Shapiro–Wilk normality test, followed by the Wilcoxon Signed Rank Test because the data were not normally distributed. The results indicate significant differences in the Current Ratio (p = 0.005), Total Asset Turnover (p = 0.001), Return on Assets (p = 0.011), and stock prices (p = 0.006) before and after the implementation of the MBG Program. In contrast, the Debt to Equity Ratio (p = 0.264) does not show a significant difference. This study concludes that the implementation of the Free Nutritious Meal Program is associated with changes in liquidity, activity, profitability, and market responses of food and beverage companies, while no significant change is observed in their capital structure. These findings are expected to provide useful insights for investors, companies, academics, and policymakers in evaluating the impact of the Free Nutritious Meal Program on corporate performance.
PENGARUH STRUKTUR MODAL, PROFITABILITAS, GOOD CORPORATE GOVERNANCE TERHADAP HARGA SAHAM PADA PERUSAHAAN SEKTOR INFRASTUKTUR Fandy Jonathan; Maria Safitri; Vicky Oktavia; Rudi Kurniawan
Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Vol. 14 No. 2 (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.v14i2.2991

Abstract

Introduction: This study aims to analyze the effect of Capital Structure, Profitability, and Good Corporate Governance on stock prices. Methods: This study uses a quantitative research method, where data is obtained through the 2021 to 2023 financial reports of infrastructure and transportation sector companies listed on the Indonesia Stock Exchange. The data is processed using the IBM SPSS Statistics program. Results: The results of this study indicate that Capital Structure has a positive effect on stock prices. Profitability has a positive effect on stock prices, and Good Corporate Governance has a positive effect on stock prices, which can be seen from the multiple linear regression test with a positive role in each variable from capital structure, profitability, and institutional ownership to stock prices. Which can be concluded that capital structure, profitability, and good corporate governance have a positive effect on stock prices.. Keywords: Capital structure, Profitability, Good Corporate Governance, Stock Price
DETERMINAN FAKTOR KEBIJAKAN DIVIDEN PERUSAHAAN SEKTOR PROPERTI DAN REAL ESTATE DI INDONESIA Melsanda Farelya Handhany; Maria Safitri; Suhita Whini Setyahuni; Almira Santi Samasta
Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Vol. 14 No. 2 (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.v14i2.3103

Abstract

Introduction: Indonesia's property and real estate sector is showing a post-pandemic recovery trend, although it is still characterized by a slowdown due to market dynamics and substantial capital requirements. This study analyzes the effect of profitability, liquidity, and leverage on the dividend policy of property companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. Methods: The study employed a quantitative approach using secondary data in the form of company financial statements. This research used a sample of 12 property and real estate companies listed on the Indonesia Stock Exchange (IDX) for the period 2019-2023, with sample selection based on criteria (purposive sampling). The analytical technique chosen to examine this research was multiple linear regression and t-test utilizing IBM SPSS Statistics software. Results: The research findings show that profitability (ROA), liquidity (CR), and leverage (DER) have a significant negative effect on dividend policy (DPR). From this research, results were obtained showing that companies with high levels of profitability, liquidity, and leverage retain earnings for company operations such as project investments or debt obligation payments rather than distributing them as dividends. Keywords: Profitability, Liquidity, Leverage, Dividend
PENGARUH RETURN ON ASSET (ROA), DEBT TO EQUITY RATIO (DER) DAN EARNING PER SHARE (EPS) TERHADAP HARGA SAHAM PADA PERUSAHAAN SEKTOR BASIC MATERIALS YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2021–2025 Thalia Putri Prihabsari; Almira Santi Samasta; Maria Safitri; Rudi Kurniawan
Jurnal Maneksi Vol. 15 No. 3 (2026): Jurnal Maneksi (Management Ekonomi Dan Akuntansi)
Publisher : Politeknik Negeri Ambon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31959/jm.v15i3.4036

Abstract

Introduction: This study aims to examine the role of Return on Assets (ROA), Debt to Equity Ratio (DER), and Earnings per Share (EPS) in explaining stock price movements of Basic Materials companies listed on the Indonesia Stock Exchange over the 2021-2025 period. Stock prices reflect investors' responses to a company's financial performance, which is assessed based on information disclosed in annual financial reports. Previous studies have reported inconsistent findings regarding the effects of ROA, DER, and EPS on stock prices, indicating the need for further investigation.Methods: This study employed a quantitative research approach using secondary data obtained from annual financial statements and annual closing stock prices. The sample consisted of 75 companies selected through purposive sampling, resulting in 375 balanced panel observations. Panel data regression analysis was conducted using the Fixed Effect Model (FEM), which was selected based on the Chow and Hausman tests. To address heteroscedasticity, the estimation was performed using the Period Seemingly Unrelated Regression (SUR) method.Results: The results indicate that ROA and EPS have a positive and significant effect on stock prices, whereas DER has no significant effect. Simultaneously, ROA, DER, and EPS significantly influence stock prices. The model explains approximately 77% of the variation in the stock prices of Basic Materials companies.Conclusion and suggestion: This study demonstrates that profitability information carries greater weight than leverage in explaining investors' responses to Basic Materials companies. Strengthening asset productivity and maintaining sustainable earnings may therefore contribute to higher investor confidence and firm value. Expanding future analyses to include broader industry coverage, longer time horizons, and additional firm-specific and macroeconomic factors would improve the generalizability of the results. Keywords: ROA, DER, EPS, Stock Price, Basic Materials Sector
Behavioral Financial Factors and Bank Managers Financial Performance: Evidence from Semarang Abdul Syukur; Awanis Linati Haziroh; Maria Safitri
Jurnal Telekomunikasi dan Informatika Lbh. 4 Àir. 1 (2026): International Journal Of Accounting, Management, And Economics Research (IJAME
Publisher : Fakultas Ekonomi dan Bisnis Universitas Dian Nuswantoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56696/ijamer.v4i1.188

Abstract

This study aims to examine the effects of financial self-efficacy, financial literacy, and financial decision-making on the financial performance of bank managers in Semarang City. A quantitative approach was employed with 125 respondents selected through purposive sampling from both state-owned and private banks. Data were collected using a 1–7 Likert scale questionnaire and analyzed using PLS-SEM with SmartPLS 4. The results indicate that financial decision-making and financial self-efficacy have positive and significant effects on financial performance, while financial literacy has no significant effect. These findings highlight the importance of behavioral factors and decision-making quality in improving the financial performance of bank managers..