Umar Hi Salim
STIENAS COLORADO

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PENGARUH KEBIJAKAN DIVIDEN, STRUKTUR MODAL, DAN RASIO LIKUIDITAS TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PADA TAHUN 2019 – 2023 Umar Hi Salim; Ikayanti Puspaning; Nicco Agustinus Gunawan
Jurnal Ekonomika: Manajemen, Akuntansi, dan Perbankan Syari'ah Vol. 15 No. 1 (2026): Maret
Publisher : Economic Faculty, University of Widya Gama Mahakam Samarinda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24903/je.v15i1.3940

Abstract

This study aims to determine and analyze the effect of dividends, capital structure, and liquidity ratios on firm value in manufacturing companies listed on the Indonesia Stock Exchange from 2019 to 2023. The research question is whether dividends, capital structure, and liquidity ratios, partially and simultaneously, affect firm value. The sample size for this study was 74 listed companies in the manufacturing sector. The data collection method used was secondary data obtained from the Indonesia Stock Exchange's receipts page and the respective companies. The analytical tools used in this study use multiple linear regression analysis models, correlation coefficients, determination coefficients, and hypothesis testing using the t-test and F-test processed using the IBM SPSS version 25 program. Based on the results of the data analysis, it can be concluded that (1) simultaneously, Dividend Policy, Capital Structure and Liquidity Ratio affect Company Value by 14.4%, while the remaining 85.4% is influenced by other variables not included in the study (2) Partially, Dividend Policy affects Company Value, then Capital Structure and Liquidity Ratio do not affect Company Value.
ANALISIS KINERJA KEUANGAN PADA PT. GOTO GOJEK TOKOPEDIA TBK. PERIODE 2020-2024 Ikayanti Puspaning Kartini; Umar Hi Salim; Henri Fauli; Sudirman Sudirman; Devin Dhana
Jurnal Ekonomika: Manajemen, Akuntansi, dan Perbankan Syari'ah Vol. 15 No. 02 (2026): September
Publisher : Economic Faculty, University of Widya Gama Mahakam Samarinda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24903/je.v15i02.4099

Abstract

This study aims to analyze the financial performance of PT GoTo Gojek Tokopedia Tbk. during 2020–2024 based on liquidity, profitability, and solvency ratios. The study uses a descriptive quantitative approach and secondary data obtained from the company's financial statements through the Indonesia Stock Exchange. The analysis covers the Current Ratio, Quick Ratio, Cash Ratio, Gross Profit Margin, Net Profit Margin, Return on Assets, Return on Equity, Earnings per Share, Debt to Equity Ratio, Debt to Assets Ratio, and Times Interest Earned Ratio. The results indicate that the company's liquidity tended to decline during the study period, although its ability to meet short-term obligations remained relatively strong based on the calculated ratios. Profitability fluctuated and requires attention because earnings performance was under pressure, particularly before the company's strategic improvement in 2024. Solvency ratios indicate that the company's financing structure was more heavily supported by equity than debt, although its ability to generate operating earnings to cover financial charges remains an important consideration. Overall, GoTo's financial performance during 2020–2024 was not yet fully stable, indicating the need to maintain liquidity, improve operating efficiency, and strengthen sustainable profitability