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Financial Determinants of Firm Value In Indonesia’s Industrial Sector: The Moderating Role of Good Corporate Governance Marseni Marseni; Fuad Ramdhan Ryanto
Economics and Business Journal (ECBIS) Vol. 4 No. 5 (2026)
Publisher : PT. Maju Malaqbi Makkarana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47353/ecbis.v4i5.417

Abstract

This study analyzes the effect of Debt to Equity Ratio (DER), Return on Assets (ROA), and Asset Growth on Firm Value with Good Corporate Governance (GCG) as a moderating variable in industrial sector companies listed on the Indonesia Stock Exchange during the 2022–2024 period. The research method uses a quantitative associative approach with a sample of 65 companies and a total of 195 observations. The analysis technique used is Moderated Regression Analysis (MRA). The simultaneous test results show that DER, ROA, Asset Growth, GCG, and the moderating interaction variable have a significant effect on Firm Value with a significance value of 0.000 < 0.05. Partially, DER has a positive and significant effect on Firm Value, while ROA and Asset Growth do not have a significant effect on Firm Value. Good Corporate Governance has a positive and significant effect on Firm Value. Good Corporate Governance is able to moderate the effect of DER on Firm Value. Good Corporate Governance is not able to moderate ROA on Firm Value, and weakens the effect of Asset Growth on Firm Value
Village Financial Performance Analysis Based on Effectiveness, Efficiency, and Growth Ratios in Tebing Batu Village, Sambas Regency Tripan Huda Andika; Fuad Ramdhan Ryanto
Economics and Business Journal (ECBIS) Vol. 4 No. 5 (2026)
Publisher : PT. Maju Malaqbi Makkarana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47353/ecbis.v4i5.431

Abstract

This study aims to analyze village financial performance based on effectiveness, efficiency, and growth ratios in Tebing Batu Village, Sambas Regency, during the 2019–2023 period. This study employed a quantitative descriptive method using secondary data obtained through documentation, including village revenue targets, revenue realization, expenditure budgets, expenditure realization, and financing budget data. The data were analyzed using effectiveness, efficiency, and growth ratio calculations to assess the achievement of revenue targets, the control of village expenditure, and the development of village financial performance over time. The results show that the effectiveness ratio was 60.71% in 2019, categorized as less effective, but improved to 100.25% in 2020 and 100.02% in 2022, both categorized as very effective. In 2021 and 2023, the effectiveness ratios were 99.99% and 99.74%, respectively, categorized as effective. The efficiency ratio remained in the very efficient category throughout 2019–2023, with values ranging from 39.14% to 51.16%. Meanwhile, revenue growth fluctuated, increasing by 57.86% in 2020, declining in 2021 and 2022, and rising again by 1.71% in 2023. These findings imply that Tebing Batu Village needs to maintain budget efficiency while strengthening revenue planning to achieve more stable financial growth.
The Influence of Return on Assets, Debt to Equity Ratio, and Current Ratio on Firm Value with Firm Size as a Control Variable in Manufacturing Companies Listed on the Indonesia Stock Exchange Riqkie Ananda Putri; Fuad Ramdhan Ryanto
INTERNATIONAL JOURNAL OF ECONOMICS AND MANAGEMENT REVIEW Vol 4 No 2 (2026): Current issue 11
Publisher : SMARTINDO

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58765/ijemr.v4i2.421

Abstract

Purpose – This study aims to examine the effect of Return on Assets (ROA), Debt to Equity Ratio (DER), and Current Ratio (CR) on firm value with firm size as a control variable in manufacturing companies listed on the Indonesia Stock Exchange (IDX). Design/methodology/approach – This study uses a quantitative approach with secondary data obtained from the annual financial statements of manufacturing companies in 2024. The sample consisted of 70 companies selected using purposive sampling. Data were analyzed using multiple linear regression analysis with SPSS software. Originality – This study provides empirical evidence regarding the influence of profitability, solvency, and liquidity on firm value by including firm size as a control variable. Findings and Discussion – The results show that ROA, DER, CR, and firm size simultaneously affect firm value. However, partially, each variable does not significantly affect firm value. The coefficient of determination indicates that the independent variables explain 39.7% of the variation in firm value. Conclusion – Financial performance variables and firm size collectively influence firm value in manufacturing companies listed on the IDX. Keywords – Return on Assets, Debt to Equity Ratio, Current Ratio, Firm Value, Firm Size, Manufacturing Companies.