Article Per Year (5 Year)
p-Index From 2021 - 2026
1.909
P-Index
This Author published in this journals
All Journal Enrichment : Journal of Management Milestone: Journal of Strategic Management Proceeding National Conference Business, Management, and Accounting (NCBMA) Journal Research of Social Science, Economics, and Management Proceeding of International Conference on Entrepreneurship (IConEnt)
Budhidharma, Valentino
Unknown Affiliation
Economics, Econometrics & Finance Environmental Science Social Sciences

Published : 12 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 12 Documents
Search

 1   2 
Determinants of Profitability in Non-Financial Sectors: a Panel Data and Machine Learning Analysis of Indonesian Firms from 2012 to 2023 Christian, Boedy; Budhidharma, Valentino
Journal Research of Social Science, Economics, and Management Vol. 5 No. 5 (2025): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v5i5.1227

Abstract

Profitability is a crucial measure of financial stability and operational success for firms. In Indonesia, the capital market has grown significantly, with the Indonesia Stock Exchange (IDX) reaching a market capitalization of IDR 11.67 quadrillion by 2023. However, there remains a gap in studies that comprehensively analyze the determinants of profitability across all non-financial sectors in Indonesia. This research aims to identify and analyze the determinants of profitability in Indonesian non-financial companies using both traditional panel data regression and machine learning techniques. Using quarterly data from 816 non-financial companies listed on the IDX from 2012 to 2023, this study employs panel regression with a fixed effects model and Driscoll-Kraay standard errors. Return on assets (ROA) and earnings per share (EPS) are employed as profitability measures, while firm size (LSIZE), company efficiency (CE), liquidity (LIQ), market power (MP), sales growth (SG), and sustainable growth rate (LSGR) are investigated as explanatory variables. Results from the panel regression analysis reveal that, except for LIQ, all variables have a positive and significant impact on profitability. The analysis is further refined using machine learning techniques, specifically Random Forest, XGBoost, and a deep learning neural network, which conclude that the most important variable influencing ROA is company efficiency, while the most important variable influencing EPS is firm size
Internal and External Determinants of Profitability In 50 Banks In Indonesia (2012-2023) Rahadi, Aditya; Budhidharma, Valentino
Journal Research of Social Science, Economics, and Management Vol. 5 No. 6 (2026): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v5i6.1283

Abstract

This research aims to analyze the influence of internal and external factors on bank profitability in Indonesia, measured by Return on Assets (ROA) and Return on Equity (ROE). Bank profitability is a crucial pillar for the sustainability and growth of financial institutions, making it highly essential for operational continuity and the ability to provide financial services. Therefore, in-depth analysis of the factors influencing it is indispensable. The analysis was conducted using data from banks listed on the Indonesia Stock Exchange during the period 2012–2023 with the panel data regression method. The approaches used include the Common Effect Model (CEM), Fixed Effect Model (FEM), and Random Effect Model (REM), along with diagnostic tests such as the Chow Test, Hausman Test, and Lagrange Multiplier Test to determine the best model. The research results indicate that bank profitability is positively and significantly influenced by Net Interest Margin, but negatively and significantly influenced by Total Money Supply and the BI Rate (or interest rates).
Co-Authors Christian, Boedy Garinda, Hauracitra Eska Gracia S Ugut Hulu, Edison Nugroho, Vina Rahadi, Aditya Roy Sembel Shannova, Stefany Sung Suk Kim Susanti, Susy Wilar, Gideon Caprio