Business Innovation Management and Entrepreneurship Journal
Vol. 5 No. 02 (2026): OCTOBER ISSUE

Observable Financial-Signal Profiles: A Descriptive Comparative Analysis of Indonesian Pharmaceutical Firms

Misnawati (Universitas Lakidende)
Irham Natsir (Universitas Lakidende)
Sri Widati (Universitas Lakidende)



Article Info

Publish Date
20 Oct 2026

Abstract

This study identifies observable financial-signal profiles among eight pharmaceutical firms listed on the Indonesia Stock Exchange during 2020–2024. The descriptive comparative analysis included 40 firm-year observations of return on assets, the current ratio, the debt-to-equity ratio, year-end stock prices, and the rupiah–US dollar exchange rate. Because the source stock prices were reported in both rupiah and thousands of rupiah, the price series was reconstructed using an explicit unit-conversion rule and indexed to a 2020 = 100. The resulting index remained provisional and did not represent verified returns based on adjusted closing prices. Within-firm endpoint comparisons and cross-firm analysis identified four profiles: broad-based reinforcement; stable fundamentals with weak market translation; stable or recovering fundamentals with neutral or positive market translation; and financial deterioration with market erosion. The findings for SIDO and DVLA show that strong profitability does not always align with higher stock prices. Sensitivity checks showed that five firms retained their classifications under alternative market-response bands, while KLBF, MERK, and SOHO changed categories. The study provides a descriptive framework for comparing financial indicators and stock-price movements without establishing causal relationships or directly measuring organizational resilience

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Journal Info

Abbrev

bimantara

Publisher

Subject

Decision Sciences, Operations Research & Management Energy

Description

Bimantara (Business Innovation Management and Entrepreneurship Journal) is published by the Magister of Management Programme, Universitas Muhammadiyah Malang. Bimantara journal is a peer-reviewed and open-access journal published twice a year (April and October). This journal only accepts articles ...