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All Journal UBMJ (UPY Business and Management Journal) Journal of Entrepreneurship and Community Innovations
Alyta Shabrina Zusryn
Universitas YARSI
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Do Financial Performance and Market Value Matter? Evidence on Stock Returns in the Pharmaceutical Industry Muhammad Rofi'i; Alyta Shabrina Zusryn; Nurul Huda; Ariel Nian Gani; Muhammad Faisal; Ahmad Syarif
UPY Business and Management Journal (UMBJ) Vol. 5 No. 2 (2026): UBMJ (UPY Business and Management Journal)
Publisher : Department of Management, Universitas PGRI Yogyakarta.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31316/ubmj.v5i2.9797

Abstract

Purpose: This study investigates whether the effects of market value, profitability, leverage, and liquidity on stock returns differ across economic conditions in the Indonesian pharmaceutical industry during the pre-pandemic (2018–2019), pandemic (2020–2022), and post-pandemic recovery (2023–2024) periods. Methodology: Using a quantitative approach, panel data regression was applied to seven pharmaceutical companies listed on the Indonesia Stock Exchange. Separate estimations were conducted for each phase to capture shifts in investor behavior over time. Findings: The results show that the influence of financial fundamentals on stock returns varies across economic conditions. Market value positively affects stock returns only in the pre-pandemic period. Profitability remains a positive and significant determinant throughout all periods, indicating investors’ consistent preference for firms with strong operating performance. Leverage changes from a negative factor before the pandemic to a positive factor during and after the pandemic, suggesting that debt is viewed as a strategic resource supporting growth. Liquidity is insignificant before the pandemic but becomes positively associated with stock returns during the pandemic and recovery periods, highlighting the importance of financial flexibility under uncertainty. Implications: Managers should prioritize sustainable profitability, effective debt utilization, and liquidity management to strengthen investor confidence. Investors should evaluate financial ratios according to prevailing economic conditions, as the relevance of financial indicators changes over time. Originality: This study contributes to the literature by demonstrating that the impact of financial fundamentals on stock returns is condition-dependent rather than constant, reflecting shifts in investor valuation behavior across different economic environments.
Pendampingan UMKM Ciseeng Bogor Melalui Pelatihan Desain Grafis Berbasis Aplikasi Alyta Shabrina Zusryn; Hilma Suyana; Muhammad Rofi’i; Ariel Nian Gani
Journal of Entrepreneurship and Community Innovations Vol 4 No 2 (2026): FEBRUARI 2026
Publisher : Lembaga Penelitian Universitas YARSI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33476/jeci.v4i2.435

Abstract

Kegiatan Pelatihan Desain Grafis berbasis aplikasi ini dilakukan pada pelaku UMKM Desa Ciseeng, Bogor sebanyak 30 orang dengan jenis usaha pada bidang perdagangan, makanan, minuman, dan perikanan.  Pentingnya kegiatan ini disebabkan karena adanya tuntutan digitalisasi dalam hal pemasaran untuk meningkatkan ketertarikan konsumen. Pelatihan ini bertujuan untuk memperkenalkan aplikasi desain grafis yang mudah digunakan dan meningkatkan keterampilan peserta dalam membuat pemasaran konten di sosial media. Hasil kegiatan menunjukkan adanya peningkatan kemampuan desain peserta dalam merancang media promosi digital sebagai konten media sosial. Antusiasme peserta tercermin dari keterlibatan aktif dalam praktik langsung dan diskusi, yang turut mendorong terciptanya ide-ide desain inovatif. Kendala pada kegiatan yaitu antara lain keterbatasan perangkat yang dimiliki peserta dan ruangan pelatihan. Pelatihan ini tidak hanya memberikan kontribusi nyata terhadap penguatan kapasitas UMKM Desa Ciseeng, tetapi juga menjadi dasar bagi keberlanjutan program pengembangan keterampilan digital yang lebih komprehensif dan berkesinambungan.
Co-Authors Ahmad Syarif Ariel Nian Gani Ariel Nian Gani Hilma Suyana Muhammad Faisal Muhammad Rofi’i Muhammad Rofi’i Nurul huda