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All Journal Journal of Entrepreneurship and Community Innovations Research of Economics and Business Taxation and Public Finance
Perdana Wahyu Santosa
Faculty of Economics and Business, YARSI University, Jakarta
Humanities Economics, Econometrics & Finance

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Market Valuation of Indonesian Listed Firms: The Impact of Economic Growth, Profitability, Political Connections, and Firm Size Maudi Intan Nadila; Perdana Wahyu Santosa
Taxation and Public Finance Vol. 3 No. 2 (2026): JUNE 2026
Publisher : Santoso Academy Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/tpf.v3i2.379

Abstract

This study examines the influence of economic, financial, and political factors on firm value among non-financial companies listed in the LQ45 Index of the Indonesia Stock Exchange during 2019–2023. The research addresses inconsistent findings regarding the effects of macroeconomic conditions, profitability, political connections, and firm characteristics on firm value in emerging markets. It also incorporates an Islamic perspective by evaluating whether these determinants align with the principles of transparency, accountability, and value creation emphasized in Islamic business ethics. Using a quantitative approach and panel data regression analysis, this study analyzes secondary data from non-financial LQ45 companies. Firm value is assessed in relation to Gross Domestic Product (GDP), Return on Equity (ROE), political connections, and firm size. The results show that GDP and political connections do not significantly affect firm value. Conversely, ROE has a positive and significant effect, indicating that greater profitability enhances market valuation. Firm size has a significant negative effect on firm value, suggesting that larger firms may encounter efficiency challenges. These findings imply that managers should focus on improving profitability and operational efficiency. From an Islamic perspective, the results highlight the importance of accountability and performance-based value creation.
Uncovering the Relationship between Profitability and Firm Value: Are Interest Rates a Strengthener or a Hindrance? Fadilla Lisfi Oktavia; Perdana Wahyu Santosa
Research of Economics and Business Vol. 4 No. 1 (2026): MARCH 2026
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/reb.v4i1.423

Abstract

This study examines the influence of firm profitability on firm value, with interest rates as a moderating variable, and reviews the findings from an Islamic perspective. The research problem stems from inconsistencies in prior empirical findings regarding the effect of profitability indicators on firm value, as well as the role of macroeconomic factors, particularly interest rates, in strengthening or weakening this relationship. Therefore, the study aims to analyze the effects of profitability measured by Net Profit Margin (NPM), Return on Assets (ROA), and Return on Equity (ROE) on firm value, and to test the moderating role of interest rates. The sample consists of 18 non-financial companies included in the LQ-45 Index and listed on the Indonesia Stock Exchange during 2017–2022, selected using purposive sampling. Data were collected from financial statements and analyzed using panel data regression. The results show that NPM has a negative but insignificant effect on firm value, while ROA has a significant negative effect. In contrast, ROE has a significant positive effect. Interest rates do not directly affect firm value but strengthen the relationship between profitability variables and firm value, indicating a moderating effect. These findings suggest investors prioritize equity efficiency.
Pemberdayaan Kelompok Ternak Mendala Mukti I Melalui Inovasi Silase Jerami Padi Pakan Alternatif Lokal Harry Budiantoro; Perdana Wahyu Santosa; Nimas Ajeng Triwulan; Hestin Agus Tantri Ningsih
Journal of Entrepreneurship and Community Innovations Vol 5 No 1 (2026): August 2026
Publisher : Lembaga Penelitian Universitas YARSI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33476/jeci.v5i1.512

Abstract

Rural areas have strong potential to develop organic livestock feed innovations from local agricultural waste; however, farmers still rely heavily on commercial feed, while abundant rice straw remains underutilized. This community service program aimed to strengthen the economic resilience and technical capacity of the Mandala Mukti I farmer group in Mandalamekar Village, Cimenyan District, Bandung Regency, by fermenting rice straw into silage as a low-cost alternative feed. Activities included problem identification, material preparation, workshops, hands-on mentoring, and monitoring and evaluation using pre- and post-tests. Participants' average score rose from 11.70 (39.01%) in the pre-test to 26.65 (88.83%) in the post-test, yielding an N-Gain of 81.85%, classified as high/effective. By the program’s conclusion, participants could independently complete every stage of fermentation. This community-based approach, combining direct training with continuous mentoring, aligns with waste-to-value and appropriate-technology empowerment programs for rural groups. Future work will include laboratory testing of silage nutritional content, expanded production, and continued mentoring with the local Livestock Services Office. These efforts aim to reduce dependence on commercial feed, promote circular-economy waste management, and enhance the sustainability and competitiveness of partners’ livestock enterprises over the long term in rural communities.
Co-Authors Fadilla Lisfi Oktavia Harry Budiantoro Hestin Agus Tantri Ningsih Maudi Intan Nadila Nimas Ajeng Triwulan