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Fuad Ramdhan Ryanto
Universitas Muhammadiyah Pontianak, Pontianak, Indonesia
Economics, Econometrics & Finance

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The Influence of Deviden Policy, Funding Decisions and Investment Decisions on Company Value with ROE as an Intervening Variable in Industrial Sectors Listed on the Indonesian Stock Exchange Tiara Putri; Fuad Ramdhan Ryanto
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 2 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i2.6842

Abstract

This study examines the effect of funding decisions, dividend policies, and investment decisions on firm value, with Return on Equity (ROE) as an intervening variable in industrial sector companies listed on the Indonesia Stock Exchange (IDX). The industrial sector plays an important role in economic growth, but faces challenges such as falling profits and market pressures. This study uses an associative approach with secondary data collected through documentary studies from 62 industrial companies during 2021-2023. Data analysis includes classic assumption tests and path analysis. The results showed that funding decisions, dividend policy, and investment decisions have a very strong correlation with ROE. These variables, when mediated by ROE, show a stronger relationship to firm value. The F test shows that Dividend Policy, Funding Decisions, and Investment Decisions have a significant effect on ROE, while Dividend Policy, Funding Decisions, and Investment Decisions through ROE as intervening variables do not have a significant effect on the firm value variable. The t-test shows that partially, the dividend policy variable, funding decisions, have no partial effect on ROE, while investment decisions have a partial effect on ROE. Partially, the dividend policy variable, funding decisions, and investment decisions do not have a significant effect on the firm value variable through ROE. Future research is recommended to explore additional variables or use alternative analytical tools to gain more comprehensive insights.
The Influence of Funding Decisions, Institutional Ownership, and Current Ratio on Company Value with Return on Asset as a Moderator for Energy Sector Companies Listed on the Indonesian Stock Exchange Rapita Pramanda; Fuad Ramdhan Ryanto
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 2 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i2.6889

Abstract

This research aims to analyze the influence of funding decisions, institutional ownership, and current ratio on company value, with return on assets (ROA) as a moderating variable, specifically in energy sector companies listed on the Indonesian Stock Exchange (IDX). The problem addressed is how these financial factors and ROA interact to affect the value of companies in the energy sector. The primary objectives of this study are to assess the impact of these variables on company value and to determine the moderating role of ROA. The research utilizes associative methods, with data collected from secondary sources, such as financial reports published by 52 energy sector companies on the IDX from 2021 to 2023. The data is analyzed using Moderated Regression Analysis (MRA), after conducting classical assumption tests including normality, multicollinearity, and heteroskedasticity. The findings indicate that funding decisions, institutional ownership, and current ratio significantly influence company value, and ROA moderates the relationship between these variables and company value. The results suggest that strategic decisions regarding funding, ownership structure, and liquidity management play crucial roles in enhancing company value, with ROA serving as a pivotal factor in strengthening these relationships.
The Influence of Net Profit Margin, Return on Assets, and Earnings per Share on Stock Price with Debt to Equity Ratio as a Moderating Variable in the Basic Materials Secto Ifan Pradipra Alamsyah; Fuad Ramdhan Ryanto
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.8026

Abstract

This study aims to analyze the influence of Net Profit Margin (NPM), Return on Assets (ROA), and Earnings per Share (EPS) on stock prices in companies within the Basic Materials sector, with Debt-to-Equity Ratio (DER) as a moderating variable. The research uses a quantitative approach with an associative type of study. Secondary data were obtained from the annual financial statements of companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. The testing was conducted through Moderated Regression Analysis (MRA), preceded by classical assumption tests. The analysis results show that in the first model, the relationship between NPM, ROA, and EPS with stock prices is moderately strong, with a correlation value of 0.557 and a coefficient of determination of 31%. When DER is included as a moderating variable in the second model, the relationship becomes strong, with a correlation value of 0.670 and the coefficient of determination increases to 44.9%. Simultaneously, NPM, ROA, EPS, and DER along with their interaction terms significantly influence stock prices. The results indicate that NPM, ROA, and EPS each have a positive and significant partial effect on stock prices. DER also has a positive and significant effect. However, the moderating interaction results show that DER significantly moderates the relationship between NPM, ROA, and EPS on stock prices in a negative direction. This means that a higher DER weakens the positive influence of these three financial ratios on stock prices. These findings highlight the importance of optimal capital structure management to avoid diminishing market perceptions of a company’s value. The results suggest that optimal capital structure and operational efficiency are key factors in shaping market perception of firm value.
The Influence of Financial Literacy, Locus of Control, and Fintech Payments on Personal Financial Management of Working Millennials in Pontianak City Asep Nurzaman; Fuad Ramdhan Ryanto
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 1 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i1.8332

Abstract

The rapid advancement of financial technology, especially in fintech payment systems, has significantly shaped the financial behavior of millennials in Pontianak City—an age group that dominates the productive population and actively engages in digital financial services. This study investigates the impact of financial literacy, locus of control, and fintech payments on the personal financial management of employed millennials in Pontianak City. Using a quantitative approach with an associative research design, data were gathered through questionnaires administered to 150 purposively selected respondents and analyzed using multiple linear regression. The findings reveal that financial literacy, locus of control, and fintech payments collectively have a significant influence on personal financial management (F = 46.718; p = 0.000). In partial testing, financial literacy (t = 4.878; p = 0.000) and locus of control (t = 5.288; p = 0.000) exhibit positive and significant effects, while fintech payments show no significant impact (t = 1.333; p = 0.185). The coefficient of determination (R²) is 0.493, indicating that 49.3% of the variation in personal financial management can be explained by these three variables. These results underscore the crucial role of enhancing financial literacy and reinforcing self-control to promote sound financial management among millennials.
Co-Authors Asep Nurzaman Ifan Pradipra Alamsyah Rapita Pramanda Tiara Putri