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All Journal Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal Jurnal Ilmiah Manajemen dan Bisnis (JIMB)
Hirdinis, Hirdinis
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Other

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Financial and Macroeconomic Ratio Analysis Against Financial Distress Ariefah, Nuraini; Hirdinis, Hirdinis
Jurnal Ilmiah Manajemen dan Bisnis Vol 11, No 1 (2025): Jurnal Ilmiah Manajemen dan Bisnis
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/jimb.v11i1.26098

Abstract

This study aims to analyze the effect of financial ratios and macroeconomic factors on financial distress in trade, service and investment sector companies during the 2018-2021 period. The sampling method used a purposive sampling technique with a total sample of 58 companies. Testing was carried out using E-Views using the panel data regression analysis method. Financial distress is measured using the Altman Z-Score where the higher the value indicates the healthier the company. The results showed that the profitability ratios as measured by Return on Assets had a significant positive effect on financial distress. That is, the higher the Return on Assets, the healthier the company's finances. The leverage ratio as measured by the Debt-to-Equity Ratio has no significant effect on financial distress. The liquidity ratio as measured by the Current Ratio has a significant positive effect on financial distress. In addition, the activity ratio as measured by Total Asset Turnover has a significant negative effect on financial distress. That is, the higher the total asset turnover of a company, the more un-healthy the company's financial condition will be. The inflation variable as measured by the Consumer Price Index has no significant effect on financial distress in companies in the trade, service and investment sectors during the 2018-2021 period.
Firm Size and Firm Value in Manufacturing Companies Listed on The Indonesia Stock Exchange: Does Profitability Mediate The Relationship? Lestari, Elly; Setyawati, Yuni; Indah, Sri; Hirdinis, Hirdinis; Goncalves, Manuel
Jurnal Aplikasi Bisnis dan Manajemen Vol. 11 No. 3 (2025): JABM Vol. 11 No. 3, September 2025
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.11.3.833

Abstract

Background: Firm value is a measure of an investor's opinion of a business's overall performance and is frequently directly related to stock prices. Increased market trust in the company's future potential as well as its present performance might result from a strong firm value.Purpose:  Research objective is to confirm the effect of company size -listed on the Indonesia Stock Exchange within the manufacturing sector- on the firm value. Furthermore, this study also investigate the role of profitability as an intervening factor. Design/methodology/approach: The focus of the investigation is on the manufacturing firms that have disclosed their financial reports up to the year 2018. To ensure a comprehensive sample for research purposes, we selected a saturated sample of 14 firms from this population, resulting in 98 observations. Path analysis is employed to test the hypotheses. Finding/Result: The research findings indicate that company size exerts both a direct and indirect influence on firm value, with profitability acting as a moderating factor in this relationship. Specifically, an increase in profitability has a positive impact on a company's value. Conclusion: The size of a business can enhance investor confidence, as larger companies are typically more visible and accessible sources of information, and” they have the potential to achieve greater profitability, consequently contributing to their overall value.Originality/Value: Profitability acts as a crucial mediator that enhances our understanding of how firm size influences firm value. Keywords: firm size, profitability, firm value, Indonesia Stock Exchange, manufacturing companies
Co-Authors Ariefah, Nuraini Elly Lestari Goncalves, Manuel Indah, Sri Setyawati, Yuni