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All Journal Administraus Jurnal Ilmu Administrasi dan Manajemen AKMENIKA juremi: jurnal riset ekonomi Jurnal Manajemen Bisnis Kewirausahaan Jurnal Manajemen dan Bisnis Journal of Management and Social Sciences Jurnal Penelitian Ekonomi Manajemen dan Bisnis Journal of Economic Education and Entrepreneurship Studies Paradoks : Jurnal Ilmu Ekonomi Wawasan : Jurnal Ilmu Manajemen, Ekonomi dan Kewirausahaan Trending: Jurnal Manajemen dan Ekonomi Jurnal Manajemen Dan Bisnis Ekonomi Jurnal Riset Rumpun Ilmu Sosial, Politik dan Humaniora (JURRISH) Maeswara: Jurnal Riset Ilmu Manajemen dan Kewirausahaan Aspirasi : Publikasi Hasil Pengabdian dan Kegiatan Masyarakat Ebisnis Manajemen Journal of International Multidisciplinary Research Jurnal Manajemen Kewirausahaan dan Teknologi Journal of Studies in Academic, Humanities, Research, and Innovation
Annisa Paramaswary Aslam
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Religion Agriculture, Biological Sciences & Forestry Humanities Chemistry Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Library & Information Science Mathematics Public Health Social Sciences Transportation Other

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The Influence Of EPS, ROE, And NPM On Stock Returns In Food And Beverage Sub-Sector Companies Listed On The Indonesia Stock Exchange Lintang Dwi Wulandari; Burhanuddin; Hety Budiyanti; Nurman; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1134

Abstract

The food and beverage sector is a strategic sector that has a significant contribution to driving Indonesia's economic growth. However, in the 2019–2024 period, this sector experienced pressure due to high food inflation, rising raw material costs, and weakening public purchasing power which affected stock return fluctuations. (2) This condition is the background to this study which aims to examine the effect of Earning Per Share (EPS), Return on Equity (ROE), and Net Profit Margin (NPM) on stock returns in food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX). (3) This study uses a quantitative approach with a panel data regression analysis method processed using EViews 12 software, with a total sample of 18 companies during the 2019–2024 period. (4) The results of the analysis show that both partially and simultaneously, the EPS, ROE, and NPM variables do not have a significant effect on stock returns. This indicates that profitability performance has not been able to provide a positive signal for investors in assessing the potential for stock returns. (5) Thus, the results of this study do not support Signaling Theory and provide an indication that stock return movements in the food and beverage sub-sector are more influenced by external factors such as food inflation and macroeconomic conditions compared to the company's internal financial performance.
The Effect Of Capital Structure On Profitability (A Study On Infrastructure Sector Companies Listed On The Indonesia Stock Exchange For The Period 2020–2024) Desri Yanti Manalu; Andi Mustika Amin; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1137

Abstract

The infrastructure sector plays a strategic role in Indonesia’s economic development due to its capital-intensive nature and long-term investment characteristics. Sound financial management, particularly in determining an optimal capital structure, is essential for maintaining profitability and ensuring sustainable growth. However, empirical evidence regarding the relationship between capital structure and profitability remains inconclusive, especially in the post-pandemic period. This study aims to examine the effect of capital structure on profitability in infrastructure sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. Capital structure is measured using the Debt to Asset Ratio (DAR), Debt to Equity Ratio (DER), and Long-Term Debt to Total Assets (LTDtA), while profitability is proxied by Return on Assets (ROA). This research employs a quantitative approach using panel data from 39 infrastructure companies, resulting in 195 observations. Multiple linear regression analysis is applied to test both partial and simultaneous effects of the independent variables on profitability. Classical assumption tests, including normality, multicollinearity, and heteroskedasticity, are conducted to ensure the robustness of the regression model. The results of the F-test indicate that DAR, DER, and LTDtA simultaneously do not have a significant effect on ROA. However, the t-test reveals that LTDtA has a positive and significant effect on profitability, while DAR and DER show no significant influence. These findings suggest that overall leverage does not necessarily enhance profitability in infrastructure companies, but the appropriate use of long-term debt can improve performance through tax shield benefits and support long-term project financing. This study contributes to the literature by providing empirical evidence on capital structure decisions in Indonesia’s infrastructure sector during the post-pandemic period. The findings offer practical implications for corporate managers, investors, and policymakers in formulating effective financing strategies that balance financial risk and profitability.
The Influence Of Current Ratio And Return On Assets On Stock Price In Coal Mining Sector Companies Listed On The Indonesian Stock Exchange Nur Suka Nengsih; Anwar; Nurman; Anwar Ramli; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1140

Abstract

This study aims to analyze the effect of Current Ratio (CR) and Return on Assets (ROA) on stock prices in coal mining companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. The background of this study is driven by fluctuations in current ratio, return on assets, and stock prices in the coal industry that indicate a mismatch between financial performance and market valuation. This study uses a quantitative approach with a multiple linear regression method through the assistence of the SPSS application, while the sample is determined by a purposive sampling technique in 18 (eighteen) companies over 5(five) years of observation, resulting in 90 (ninety) observations. The results of the partial test (t-test) show that Current Ratio (CR) has a positive and significant effect on stock prices, indicating that a high level of liquidity provides a positive signal to investors regarding the company's short-term financial stability. Conversely, Return on Assets (ROA) has a negative but insignificant effect on stock prices, indicating that profitability has not been a major factor in influencing investor perceptions in this sector, possibly due to fluctuations in commodity prices and unstable profits. The results of the simultaneous test (F-test) show that CR and ROA together have a significant effect on stock prices, with a coefficient of determination (R²) of 18.8%, meaning that these two variables explain some of the variation in stock prices, while the rest is influenced by external factors such as macroeconomic conditions and global coal prices. This finding supports Signaling Theory (Spence, 1973), which states that financial ratios act as signals for investors in assessing company performance. This study provides an empirical contribution to understanding the determinants of stock prices in the Indonesian mining sector and provides practical implications for management and investors to strengthen liquidity management and increase market confidence.
The Effect Of Asset Growth And Debt To Equity Ratio (DER) On Price To Book Value (PBV) Putri; Muhammad Ilham Wardhana; Andi Mustika Amin; Abdul Rahman; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1141

Abstract

Manufacturing companies play an important role in Indonesia’s economy, and this sector comprises several subsectors, one of which is the miscellaneous industry sector. The miscellaneous industry sector is important because it is considered a national priority industry with development potential and also attracts investors. However, during the 2020–2024 period, the sector experienced a decline in asset growth alongside a decrease in market valuation. These conditions motivated this study, which aims to examine the effect of company growth and capital structure on company value, both partially and simultaneously, in manufacturing companies in the miscellaneous industry sector listed on the Indonesia Stock Exchange during the 2020-2024 period. This study uses a causal associative quantitative approach with the Statistical Package for Social Sciences (SPSS) method, and samples are determined using the Purposive Sampling technique on companies that meet the research criteria. The research results indicate that asset growth (TAG) and capital structure (DER) do not have a significant effect on firm value (PBV), both partially and simultaneously. The coefficient of determination (R2) value of 0,009 shows that only 0,9% of the variation in firm value can be explained by these two variables, while 90,1% is influenced by other factors outside the study, such as profitability, company size, and capital market conditions. Thus, the findings indicate that asset growth and capital structure are not dominant determinants of firm value within the diversified industrial sector on the IDX during the 2020–2024 period. These results reinforce the view that other fundamental factors, such as operational efficiency, profitability, and investor confidence, play a greater role in shaping a company's market value.
The Effect Of Solvency And Profitability On Stock Returns In Mining Sector Companies Listed On The Indonesian Stock Exchange Amalia Reviska Selamanda; Anwar; Nurman; Anwar Ramli; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1147

Abstract

: This study examines the effect of solvency and profitability on stock returns among mining sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The mining industry represents one of Indonesia’s most volatile economic sectors, influenced by fluctuations in global commodity prices, energy transition pressures, and post-pandemic market uncertainty. Understanding how internal financial indicators shape investor responses within this environment is therefore essential. The study employs an associative quantitative approach using panel data regression. Solvency is measured through the Debt to Equity Ratio (DER), profitability through Return on Equity (ROE), and stock return serves as the dependent variable. A purposive sampling technique was applied, producing a final sample of 12 companies with 60 observations. Data analysis was conducted using EViews, and diagnostic procedures included normality, multicollinearity, heteroscedasticity, and autocorrelation tests. The results show that, individually, neither DER (p = 0.7295) nor ROE (p = 0.2456) has a significant effect on stock returns. However, when tested simultaneously, DER and ROE significantly influence stock returns, as indicated by the F-statistic probability value of 0.0142. The Adjusted R² value of 0.2373 demonstrates that the two variables jointly explain 23.73 per cent of stock return variation, while the remaining 76.27 per cent is determined by other factors not included in the model. These findings suggest that solvency and profitability do not independently drive investor reactions in a highly volatile sector; however, taken together, they form an important component of market valuation, particularly under conditions of uncertainty and fluctuating industry performance.
The Impact Of Profitability And Liquidity On The Capital Structure Safira Ainu Nadira Sofyan; Nurman; Rezky Amalia Hamka; Anwar Ramli; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1148

Abstract

The real estate sector, as one of the most capital-intensive industries in Indonesia, experienced substantial financial fluctuation during the 2020–2024 period due to the economic impacts of the COVID-19 pandemic and subsequent monetary adjustments. These conditions raised important questions regarding the determinants of firms’ capital structure decisions, particularly profitability and liquidity. This study aims to examine the effect of profitability measured by return on assets (ROA) and liquidity measured by the current ratio (CR) on the capital structure of real estate companies listed on the Indonesia Stock Exchange. Using a quantitative associative design, the research analyzed 70 observations from 14 purposively selected companies with complete and consistent financial disclosures. Multiple linear regression was applied to assess both partial and simultaneous influences of the independent variables on the debt-to-equity ratio (DER). The results indicate that profitability has no significant effect on capital structure, suggesting that ROA does not play a central role in firms’ financing choices within this sector. In contrast, liquidity shows a negative and significant influence on DER, demonstrating that firms with stronger short-term financial capacity tend to reduce their reliance on debt financing. Simultaneously, ROA and CR significantly affect capital structure, with an R² value of 14.5%, while the remaining variation is explained by other factors not included in this study. These findings support the trade-off theory, which posits that firms balance the benefits of debt with potential financial risks to achieve an optimal structure. The study highlights the critical role of liquidity management in capital structure decisions and recommends its prioritization for firms in the real estate industry.
The Impact Of Profitability And Solvency On Company Value Coal Mining Subsector Businesses Listed On The Stock Exchange Of Indonesia 2020–2024 Uswatun Hasanah; Siti Hasbiah; Annisa Paramaswary Aslam; Anwar; Nurman
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1158

Abstract

Coal mining firms listed on the Indonesia Stock Exchange (IDX) are the subject of this study between 2020 and 2024. These Businesses have a very important part in the national economy but simultaneously face difficulties like price volatility, shifts in global demand, and renewable energy transition policies. The study is motivated by previous various research results regarding impact of solvency and profitability on company value, necessitating further empirical examination. This study's objective is to evaluate the impact of profitability and solvency on company value. A quantitative causal-associative approach was employed using panel data from eight businesses that consistently release yearly reports throughout the study period, generating 40 observations. Analysis of multiple linear regression was performed on the data using SPSS version 30. The findings reveal that profitability, represented by Return on Assets (ROA), has a negative yet insignificant impact on company value as measured by Price to Book Value (PBV). Conversely, solvency, proxied by Debt to Equity Ratio (DER), demonstrates a beneficial and noteworthy impact on the company's value. Collectively, profitability and solvency explain 20.3% of company value variation. These results underscore the importance of maintaining a balanced capital structure to enhance investor confidence and corporate valuation. Academically, this research enriches financial management literature within the energy sector, while practically offering insights for managers and investors in financial decision-making.
The Effect Of Capital Structure And Liquidity On Company Value With Profitability As A Moderating Variable Regina Amalia; Anwar Ramli; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1161

Abstract

This study examines the effect of capital structure and liquidity on firm value, with profitability (ROA) as a moderating variable, using manufacturing companies listed on the Indonesia Stock Exchange during 2020–2024. The research employs a quantitative panel-data design with fixed-effects regression applied to 85 companies (425 firm-year observations). Key independent variables are debt-to-equity ratio (DER) and current ratio (CR), with price-to-book value (PBV) used as a proxy for firm value and ROA as both an explanatory and moderating factor. Model diagnostics including Chow, Hausman, and Lagrange Multiplier tests guided model selection, and robustness checks were conducted to validate results. Findings indicate that profitability (ROA) has a positive and statistically significant effect on firm value, while capital structure (DER) and liquidity (CR) do not exhibit significant direct effects within the tested model. The overall model explains a substantial portion of variation in firm value (adjusted R² ≈ 0.955), and joint significance tests confirm the collective relevance of the predictors. Implications suggest that, in the post-pandemic recovery period, market valuation for Indonesian manufacturing firms is driven more strongly by earnings performance than by leverage or short-term liquidity positions. For practitioners, prioritizing operational efficiency and profit enhancement may yield greater value creation than opportunistic adjustments to leverage or cash buffers. The study recommends further research incorporating external macroeconomic variables and alternative value measures to broaden inference. Future studies should also explore industry heterogeneity, temporal shocks, and nonlinear interactions between financial policy variables and firm performance to strengthen external validity and policy relevance systematically.
The Effect Of Profitability Ratios On Firm Value Fitriani; Annisa Paramaswary Aslam; Anwar
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 3 No. 1 (2026): Vol 3 No 1 June 2026
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v3i1.1389

Abstract

This study aims to analyze the influence of Return on Assets (ROA), Return on Equity (ROE), and Net Profit Margin (NPM) on firm value among technology companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The research employs a quantitative approach using panel data regression analysis. The sample consists of nine technology companies selected through purposive sampling based on specific criteria. The results indicate that, individually, ROA, ROE, and NPM have no significant effect on firm value. Simultaneously, the three profitability variables also fail to exert a statistically significant combined influence on firm value. This suggests that profitability levels have not yet served as a positive signal to investors in assessing the value of technology firms in the capital market. Consequently, the findings contradict Signalling Theory, which posits that a company’s profitability provides investors with meaningful signals about its performance and future prospects. Instead, the results imply that during the research period, the value of technology firms in Indonesia was driven more by factors beyond profitability such as product innovation, adaptability to technological change, and the dynamic nature of the digital market..
The Influence Of Asset Growth And Capital Structure On Profitability In The Food And Beverage Sub-Sector Companies Listed On The Indonesian Stock Exchange For The 2020-2024 Period Alya Fadiyah Dwi Putri; Chalid Imran Musa; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 3 No. 1 (2026): Vol 3 No 1 June 2026
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v3i1.1405

Abstract

This study aims to analyze the influence of asset growth and capital structure on profitability in food and beverage sub-sector companies listed on the Indonesia Stock Exchange for the 2020–2024 period. The research was motivated by the dynamic competition within the food and beverage industry, which demands companies to maintain efficient asset management and an optimal capital structure to sustain profitability. Using a quantitative approach with multiple linear regression analysis, data were collected from 17 companies that met the research criteria, resulting in 85 firm-year observations. The results of the t-test show that asset growth has a positive but not significant effect on profitability (ROA), while the Debt to Equity Ratio (DER) has a positive and significant effect. Furthermore, the F-test indicates that both variables simultaneously have a significant effect on profitability, implying that the model used is feasible to explain the relationship between independent and dependent variables. These findings suggest that efficient asset expansion combined with a balanced capital structure can enhance corporate profitability. The study supports financial theories such as the Trade-Off Theory and Pecking Order Theory, emphasizing the importance of balancing internal and external financing for sustainable financial performance. The research contributes empirically to understanding profitability determinants in Indonesia's manufacturing sector. It also provides practical implications for corporate managers to optimize asset growth strategies and debt management. However, the study is limited by its sample size and observation period, so future research is recommended to expand the sample scope and include other financial variables.
Co-Authors Abadi, Rahmat Riwayat Abdul Rahman Abdul Rahman Achmad Hamka Hamid Achmad Yassin Zidan Akram Aslam Alya Fadiyah Dwi Putri Amalia Reviska Selamanda Amiruddin Tawe Andi Amelia Putri Andi Dewi Angreyani Andi Muhammad Hanif Andi Mustika Amin Andika Mustika Amin Anwar Anwar Anwar Anwar Anwar Anwar Ramli Arshi Naisya Wahyuni Astika Jabir Ayu Afrilia Basalamah, Muhammad Syafi'i A. Burhanuddin Burhanuddin Burhanuddin Chalid Imran Musa Desri Yanti Manalu Dian Isqamah M Diva Ariska Ananda Dwi Sahra Eka Febriyanti Fadianti, Nurhas Febi Amelia Putri Firah Nur Rizky Said Fitriani Hety Budiyanti Irwandi Khaidir Syahrul Lintang Dwi Wulandari M. Ikhwan Maulana Haeruddin Marsina Muh Ichwan Musa Muh. Alif Muhammad Ilham Wardhana Muliati, Muliati Nur Afirah Nur Alya Nanda Nur Suka Nengsih Nur Wahida Nurman Nurman Nurman Nurul Fadilah Aswar Putri Rahmiani Rahmiani Regina Regina Amalia Rezky Amalia Hamka Rezky Nurul Amaliah Ridfan Rifadly Abadi Safira Ainu Nadira Sofyan Siti Hasbiah Sitti Hasbiah Sitti Nuralifah Rahmayani Suci Nengsia Sunarti Syarif Saddam Rivanie Tamara Audry Anandika Syahrir Tenri S.P. Dipoatmodjo Tenri Sayu Puspitaningsih Dipoatmodjo USWATUN HASANAH Zahratul Afiqah Zainal Ruma Zulfajry Al Syafaat