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All Journal Administraus Jurnal Ilmu Administrasi dan Manajemen juremi: jurnal riset ekonomi Jurnal Manajemen Bisnis Kewirausahaan 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 Indonesian Journal of Taxation and Accounting 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 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.
Capital Market Reaction Analysis Before And After The Implementation Of The Makan Bergizi Gratis (Mbg) Program Zulfajry Al Syafaat; Tenri S.P. Dipoatmodjo; 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.v3i1.1421

Abstract

This study aims to analyze the capital market reaction to the implementation of the Makan Bergizi Gratis (MBG) Program announced by the Indonesian government on January 6, 2025, focusing on food and beverage subsector companies listed on the Indonesia Stock Exchange (IDX). The main research problem is whether there are differences in abnormal return and trading volume activity (TVA) before and after the policy implementation. The study employs an event study method with a comparative approach, using stock closing prices and trading volume data over a 21-day observation period (10 days before and after the event). The sample was selected through purposive sampling, consisting of 54 companies. Data analysis was conducted using the Paired Sample T-Test for normally distributed data. The results show significance values of 0.459 for abnormal return and 0.135 for trading volume activity, both exceeding the 0.05 significance level. This indicates that there is no significant difference before and after the implementation of the MBG program. These findings suggest that the MBG policy did not generate a meaningful market reaction and is perceived as a long-term social policy rather than a direct economic stimulus affecting corporate performance. The results align with the efficient market hypothesis and signaling theory, which posit that markets only respond to events containing strong economic information. Therefore, the MBG policy was not regarded as a significant economic signal by investors during the observation period. Keywords: Abnormal Return; Trading Volume Activity; Makan Bergizi Gratis Program; Event Study; Market Reaction
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. Alif Muhammad Ilham Wardhana Muliati, Muliati Nur Afirah 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 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