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All Journal KINDAI : Kumpulan Informasi dan Artikel Ilmiah Manajamen dan Akuntansi Journal of Applied Economics in Developing Countries
Bastian, M
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Economics, Econometrics & Finance

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PROFITABILITAS, LEVERAGE, DAN DIVIDEN TERHADAP NILAI PERUSAHAAN PROPERTI DAN REAL ESTATE DI INDONESIA Bastian, M; Suwarno, Try Edi; Alfikri, Rahmatullah; Amirah, Shahnaz Arianne
KINDAI Vol 21 No 3 (2025): KINDAI
Publisher : JURNAL KINDAI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35972/kindai.v21i3.2492

Abstract

Abstract: This study analyzes the effect of Profitability, leverage, and Dividend Policy on Firm Value in the property and real estate sector listed on the Indonesia Stock Exchange during the 2020–2024 period. A quantitative approach with an associative research design was employed using secondary data from annual financial reports of 37 companies selected through purposive sampling. The research variables include Profitability (ROA), leverage (DER), Dividend Policy (DPR), and Firm Value (Tobin’s Q). Data analysis was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS software. The results show that ROA, DER, and DPR have a positive and significant effect on Firm Value. The R-Square value of 0.170 indicates that the independent variables explain 17% of the variation in Firm Value. These findings support the Signaling Theory, suggesting that financial information provides positive signals to investors. Keywords: profitability, leverage, dividend policy, firm value
THE CAPACITY MULTIPLIER EFFECT IN ASEAN'S ENERGY TRANSITION: HYDROPOWER, SOLAR, AND BIOENERGY DYNAMICS Suwarno, Try Edi; Rahmi, Audina; Sinaga, Ananda Sabrida Tora Boru; Bastian, M; Amirah, Shahnaz Arianne
Journal of Applied Economics in Developing Countries Vol 11, No 1 (2026): Journal of Applied Economics in Developing Countries
Publisher : MESP–FEB UNS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jaedc.v11i1.110515

Abstract

This study examines the structural associations and comparative capacity multipliers of specific renewable technologies hydropower, solar energy, and bioenergy on the total installed renewable energy capacity in four key ASEAN countries: Indonesia, Malaysia, the Philippines, and Thailand, over the 2015–2024 period. Addressing empirical gaps in the literature on energy mix diversification, this research employs a Fixed Effects Model (FEM) using panel data from the International Renewable Energy Agency (IRENA) to control for unobserved country-specific heterogeneity. To overcome the mechanical accounting identity inherent in regressing an aggregate against its components, this study interprets the estimated coefficients as infrastructural spillover effects rather than strict causal generation outputs. The findings indicate that while all three technologies are positively associated with aggregate capacity expansion, their relative structural impacts differ significantly. Bioenergy exhibits the highest capacity multiplier (1.51), highlighting its critical role in providing dispatchable grid flexibility that accommodates further renewable integration. Hydropower (1.18) serves as a stabilizing baseload anchor, while solar energy (1.05) acts as a highly elastic, near-proportional additive component. Academically, this study refines the econometric understanding of renewable energy expansion in developing economies by quantifying these specific technological synergies. Practically, the findings offer suggestive policy guidance for optimizing capacity investments and grid diversification to support a resilient energy transition toward the region's Net-Zero Emissions targets.
Co-Authors Alfikri, Rahmatullah Amirah, Shahnaz Arianne Rahmi, Audina Sinaga, Ananda Sabrida Tora Br Suwarno, Try Edi