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Alfiana
Universitas Widya Gama
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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The Effect of the Rupiah Exchange Rate and Dividend Policy on the Price to Earnings Ratio: the Mediating Role of Profitability Virgiani Dahlia Wati; Alfiana; Dharmayanti Pri Handini
Journal of Management Research and Studies Vol. 4 No. 2: July - December (2026)
Publisher : Optima Science

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This study aims to examine the effect of the Rupiah exchange rate and dividend policy on the Price-to-Earnings Ratio (PER), with profitability serving as a mediating variable, in Basic Materials sector companies listed on the Indonesia Stock Exchange during the 2021–2025 period. This research employed a quantitative approach using secondary data obtained from the companies' annual financial reports and the exchange rate data published by Bank Indonesia. The research sample was selected using a purposive sampling technique, resulting in 16 companies. Data were analyzed using multiple linear regression and the Sobel test with the assistance of IBM SPSS Statistics 26. The findings indicate that neither the Rupiah exchange rate nor dividend policy has a significant effect on profitability or the Price-to-Earnings Ratio (PER). Furthermore, profitability does not have a significant effect on the Price-to-Earnings Ratio and is unable to mediate the relationship between the Rupiah exchange rate and the Price-to-Earnings Ratio, as well as between dividend policy and the Price-to-Earnings Ratio. These findings suggest that the Price-to-Earnings Ratio of Basic Materials companies during the observation period is influenced more by other factors beyond the research model, such as corporate growth prospects, industry conditions, commodity prices, and other firm-specific fundamentals. This study provides empirical evidence regarding the limited influence of macroeconomic factors and corporate policies on market valuation in Indonesia's Basic Materials sector.
The Effect of Credit Risk on Dividend Policy with Firm Size as a Mediating Variable in Indonesian State-Owned Banks Galuh Ashri Rajabbana; Alfiana; Dharmayanti Pri Handini
Journal of Management Research and Studies Vol. 4 No. 2: July - December (2026)
Publisher : Optima Science

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This study aims to examine the effect of credit risk on dividend policy with firm size as a mediating variable in Indonesian State-Owned Banks listed on the Indonesia Stock Exchange (IDX) during the 2015–2025 period. Credit risk is measured using the Non-Performing Loan (NPL) ratio, dividend policy is proxied by the Dividend Payout Ratio (DPR), while firm size is measured by the natural logarithm of total assets. This study employs a quantitative approach with an explanatory research design. The data used are secondary data obtained from the annual reports of four state-owned banks listed on the Indonesia Stock Exchange. The sampling technique employed is saturated sampling, resulting in 44 research observations. Data were analyzed using multiple linear regression and mediation analysis with IBM SPSS Statistics. The results indicate that credit risk has a negative and significant effect on firm size. Furthermore, firm size has a positive and significant effect on dividend policy. However, credit risk does not have a significant direct effect on dividend policy. The mediation analysis reveals that firm size is unable to significantly mediate the relationship between credit risk and dividend policy. These findings suggest that dividend distribution decisions in Indonesian State-Owned Banks are influenced more by the characteristics and scale of the company than by changes in credit risk. This study is expected to contribute to the development of dividend policy literature in the banking sector and provide empirical evidence for managers, investors, and future researchers regarding the factors affecting dividend policy.
The Effect of DER and Firm Size on PBV, with ROA as a Mediating Variable, Among FnB Companies Rifki Fandika Daffa Wardhana; Alfiana; Yekti Intyas Rahayu
Journal of Management Research and Studies Vol. 4 No. 2: July - December (2026)
Publisher : Optima Science

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This study aims to analyze the effect of the Debt-to-Equity Ratio (DER) and Firm Size on the Price-to-Book Value (PBV), with Return on Assets (ROA) as a mediating variable, among companies in the Food and Beverage subsector listed on the Indonesia Stock Exchange for the period 2022–2025. Global economic volatility affects the ability of domestic Food and Beverage (F&B) companies to generate profits, which in turn impacts investor confidence in capital investment. This study employs a quantitative, explanatory approach. The study population consists of companies in the Food and Beverage subsector listed on the Indonesia Stock Exchange, from which a sample of 57 companies was selected through purposive sampling. This study uses secondary data in the form of companies’ annual financial reports, which were then analyzed using multiple regression and path analysis in SPSS to test the direct and indirect effects between variables. The results show that the Debt-to-Equity Ratio (DER) does not have a significant effect on Return on Assets (ROA), while Firm Size has a positive and significant effect on ROA. Furthermore, the Debt-to-Equity Ratio (DER) has a positive and significant effect on Price-to-Book Value (PBV); Firm Size has a negative and significant effect on PBV; and Return on Assets (ROA) has a positive and significant effect on PBV. The mediation test indicates that ROA does not mediate the effect of DER on PBV but partially and competitively mediates the effect of Firm Size on PBV. These findings suggest that increased profitability is an important mechanism in explaining the relationship between firm size and firm value, whereas the relationship between capital structure and firm value is predominantly direct.
The Influence of Persuasive Communication on Perceived Organizational Support The Mediating Role of Work Motivation at CV Gemilang Makmur Abadi Achmad Riza Pamungkas; Mulyono; Alfiana
Journal of Management Research and Studies Vol. 4 No. 2: July - December (2026)
Publisher : Optima Science

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This study aims to analyze the effect of persuasive communication on perceived organizational support, both directly and indirectly through work motivation as a mediating variable among employees of CV Gemilang Makmur Abadi in Malang City. This study employed a quantitative approach using a survey method. The population consisted of 35 employees, all of whom were selected as respondents through a saturated sampling technique. Data were collected using questionnaires and analyzed using Structural Equation Modeling based on Partial Least Squares (SEM-PLS). The measurement model evaluation showed that all constructs met the criteria for convergent validity, discriminant validity, and reliability. The structural model results indicated that persuasive communication had a positive but insignificant effect on perceived organizational support, with a path coefficient of 0.125 and a p-value of 0.315. Persuasive communication also had no significant effect on work motivation, with a path coefficient of -0.208 and a p-value of 0.212. Work motivation had a positive but insignificant effect on perceived organizational support, with a path coefficient of 0.300 and a p-value of 0.131. The indirect effect of persuasive communication on perceived organizational support through work motivation was also insignificant, with a coefficient of -0.062 and a p-value of 0.279. Therefore, work motivation was unable to mediate the effect of persuasive communication on perceived organizational support. The R-square value showed that persuasive communication and work motivation explained only 9% of the variation in perceived organizational support, while persuasive communication explained only 4.3% of the variation in work motivation. These findings indicate that perceived organizational support and work motivation are more strongly influenced by other factors outside the research model, such as compensation, leadership, organizational justice, working conditions, and career development opportunities.
The Effect of Price and Product Quality on The Purchase Decision of Embroidered Nightgowns, with Brand Image as a Mediating Variable Friska Destiana Putri; Nasharuddin Mas; Alfiana
Journal of Management Research and Studies Vol. 4 No. 2: July - December (2026)
Publisher : Optima Science

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Increasing competition in the local fashion industry is driving businesses to compete through brand image, which can influence consumers’ purchasing decisions. This study aims to analyze the influence of price and product quality on purchasing decisions, with brand image as a mediating variable, among consumers of ZAMA Homewear in Malang. The study employed a quantitative approach with a sample of 75 consumers who had previously purchased ZAMA Homewear products and were selected through purposive sampling. Data were collected via a questionnaire and analyzed using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method with SmartPLS 4.0 software. The results indicate that price, product quality, and brand image have a positive and significant effect on purchasing decisions. Furthermore, price and product quality were also found to have a positive and significant effect on brand image. The mediation analysis revealed that brand image significantly mediates the relationship between price and product quality and purchasing decisions. These findings indicate that a positive perception of the brand reinforces the influence of price and product quality in driving consumer purchasing decisions. In practical terms, the research results imply that fashion MSME operators need to implement pricing strategies that align with product value, maintain consistent quality, and strengthen brand image as a means of enhancing competitiveness and influencing consumer purchasing decisions.
The Effect of Inflation and Exchange Rate on Profitability Through Liquidity as a Mediating Variable in the Indonesian FnB Companies Taufik Ismail; Nasharuddin Mas; Alfiana
Journal of Management Research and Studies Vol. 4 No. 2: July - December (2026)
Publisher : Optima Science

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Abstract

Changes in macroeconomic condition marked by inflation and the depreciation of the rupiah during the 2020–2025 period have increased pressure on the financial performance of manufacturing companies, particularly those in the F&B subsector, which are highly dependent on imported raw materials. These conditions have the potential to reduce profitability through increased production costs, a decline in consumer purchasing power, and disruptions to companies’ cash flows. This study aims to analyze the effects of inflation and exchange rates on profitability, with liquidity as a mediating variable, among manufacturing companies in the F&B subsector listed on the Indonesia Stock Exchange during the 2020–2025 period. The study employs a quantitative approach using secondary data in the form of corporate financial statements and official macroeconomic data available online. Profitability is proxied by Return on Assets (ROA), while liquidity is proxied by the Current Ratio (CR). The data were analyzed using multiple linear regression to determine the effects of the independent variables on the dependent variable. The results show that inflation and liquidity have a positive and significant effect on corporate profitability, while the exchange rate has a significant negative effect. Liquidity also mediates the effects of inflation and the exchange rate on profitability. This findings are expected to contribute to the development of the literature on the mechanisms through which macroeconomic factors affect profitability and to serve as a basis for companies to consider when managing liquidity to maintain financial performance amid economic uncertainty.
Co-Authors Achmad Riza Pamungkas Dharmayanti Pri Handini Friska Destiana Putri Galuh Ashri Rajabbana Mulyono Nasharuddin Mas Rifki Fandika Daffa Wardhana Taufik Ismail Virgiani Dahlia Wati Yekti Intyas Rahayu