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INDONESIA
Indonesian Financial Review
Published by YAYASAN PENDIDIKAN PENELITIAN DAN PENGABDIAN AL AMSI
ISSN : -     EISSN : 28073886     DOI : https://doi.org/10.55538/ifr.v1i1
Core Subject : Economy,
Economics, Econometrics & Finance
The intent of the Editors of The Indonesia Financial Review is to discuss, explore, and disseminate the latest issues and developments in Empirical Financial Economics (JEL classification: G), particularly those related to financial frictions in the Emerging Markets. The others are accepted such as capital markets, financial institutions and services, corporate finance, risk modeling and management, market microstructure in financial markets, Islamic finance, behavioral finance, and financial crisis.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 60 Documents
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Liquidity and Leverage Effects on Profitability: Evidence from PT Link Net Tbk (2015–2024) Piay, Rehelia Yemima; Bachtiar, Ardi
Indonesian Financial Review Vol. 5 No. 1 (2025)
Publisher : Yayasan Pendidikan Penelitian Pengabdian Al-amsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55538/ifr.v5i1.93

Abstract

This study explores the influence of Current Ratio (CR) and Debt to Asset Ratio (DAR) on Return on Assets (ROA) at PT Link Net Tbk from 2015 to 2024 using a quantitative approach. The research analyzes the company’s financial statements as both population and sample. Findings indicate that CR does not significantly affect ROA, whereas DAR has a negative and significant impact. When examined together, CR and DAR significantly influence ROA. The results suggest that liquidity alone does not determine profitability, while leverage plays a critical role in asset returns. These insights emphasize the importance of prudent debt management and financial planning for improving company performance, offering guidance for management in optimizing financial structure to enhance overall profitability.  
Testing Corporate Finance and Signaling Theory in Indonesia’s Property Sector: ROA, TATO, and Firm Size Effects on Firm Value Seda, Savira S; Kartono, Kartono
Indonesian Financial Review Vol. 5 No. 1 (2025)
Publisher : Yayasan Pendidikan Penelitian Pengabdian Al-amsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55538/ifr.v5i1.94

Abstract

This study examines the impact of Return on Assets (ROA), Total Asset Turnover (TATO), and Firm Size on corporate value, highlighting its importance for investors and shareholders. Using a descriptive quantitative approach, data were collected from PT Ciputra Development Tbk’s annual financial statements for 2015–2024 and analyzed with multiple linear regression. The results show that ROA and TATO individually do not significantly influence corporate value, while Firm Size has a significant negative effect. However, when considered together, ROA, TATO, and Firm Size collectively have a significant impact. This indicates that although single financial indicators may be less influential, their combined effect is substantial. The study underscores that investors should assess these variables collectively rather than separately to make informed decisions, emphasizing the need for a comprehensive evaluation of financial performance factors in determining corporate value.
The Significance of Financial Performance Indicators on Stock Price: Evidence from PT Selamat Sempurna Tbk Agustin, Rista Talia; Octovian, Reza
Indonesian Financial Review Vol. 5 No. 1 (2025)
Publisher : Yayasan Pendidikan Penelitian Pengabdian Al-amsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55538/ifr.v5i1.95

Abstract

This study aims to determine the Effect of Return on Investment, Return on Equity and Dividend Payout Ratio on the Stock Price of PT Selamat Sempurna Tbk for the 2014-2023 Period. This study uses a quantitative method with a descriptive approach. The data analysis methods used are descriptive statistical tests, classical assumption tests (normality tests, multicollinearity tests, heteroscedasticity tests, and autocorrelation tests), multiple linear regression analysis, determination coefficient tests, and hypothesis tests (t-tests and f-tests) processed through the SPSS (Stastical Product and Service Solution) version 27 program. The results show that Return on Investment (ROI) has a significant negative effect, Return on Equity (ROE) has a positive effect, and Dividend Payout Ratio (DPR) has a negative effect on the stock price of PT Selamat Sempurna Tbk during 2014–2023.
The Development of Accounting in Indonesia Naimah, Naimah; Setiawan, Grace; Maulida, Yuliawati; Wibowo, Eko Prio; Kertamanggala, Lia
Indonesian Financial Review Vol. 5 No. 1 (2025)
Publisher : Yayasan Pendidikan Penelitian Pengabdian Al-amsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55538/ifr.v5i1.111

Abstract

This study examines the historical trajectory of accounting development in Indonesia and how it has evolved through institutional reform, global convergence, and technological transformation. Using a qualitative historical approach and content analysis of academic and regulatory sources, the study identifies eight major phases of accounting evolution, from the colonial era to the digital transformation period. The findings reveal that Indonesia’s accounting development has been shaped by political transitions, economic reforms, and technological advances—particularly the adoption of International Financial Reporting Standards (IFRS) and automation systems. The study uniquely integrates institutional change theory and global convergence theory to explain how domestic accounting practices internalize international norms while retaining local identity. This research contributes to accounting historiography in emerging economies and highlights the strategic role of accountants in digital governance, education, and sustainable professional development.
The Effect of Liquidity and Profitability on Firm Value at PT Adhi Karya (SOE) Public Listed Company During 2012–2023 Lubis, Iman; Feria Marsha Hena
Indonesian Financial Review Vol. 5 No. 1 (2025)
Publisher : Yayasan Pendidikan Penelitian Pengabdian Al-amsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55538/ifr.v5i1.47

Abstract

This study revisits the relevance of liquidity and profitability as financial indicators of firm value in the context of a state-owned enterprise (SOE). Focusing on PT Adhi Karya (Persero) Tbk, a publicly listed construction SOE in Indonesia, the research covers the 2012–2023 period using a longitudinal approach. Liquidity is proxied by the Current Ratio (CR), profitability by Return on Assets (ROA), and firm value by the Price to Earnings Ratio (PER). Data were obtained from audited financial statements and analyzed using multiple linear regression. Results show that CR and ROA have no significant partial or simultaneous effect on PER. These findings suggest that conventional financial ratios may not fully capture market valuation in SOEs, where performance is shaped by both commercial and public-policy objectives. This study contributes to understanding the limitations of traditional valuation models in politically influenced firms.
Financial Determinants of Firm Value in Indonesia's Energy Sector: The Role of Intellectual Capital, Sales Growth, and Firm Size Sari, Intan Rahma; Astuti, Reni; Peshar, Fateh Rizkiah
Indonesian Financial Review Vol. 5 No. 1 (2025)
Publisher : Yayasan Pendidikan Penelitian Pengabdian Al-amsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55538/ifr.v5i1.55

Abstract

This study examines the impact of intellectual capital, sales growth, and firm size on firm value in energy-sector manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. Using panel data regression with the Common Effect Model (CEM), 35 companies were selected through purposive sampling. Intellectual capital was measured using the Value Added Intellectual Coefficient (VAIC), while sales growth and firm size were proxied by revenue growth and total assets, respectively. Firm value was assessed using the Price to Book Value (PBV) ratio. None of the independent variables have a statistically significant effect on firm value, either partially or simultaneously. These findings contrast with prior studies and suggest that firm value in capital-intensive sectors may be more influenced by external factors such as market volatility or regulatory policies. The study recommends that future research integrate both internal and external determinants better to explain firm value dynamics in the energy industry.
Modeling Entrepreneurial Intentions among University Students: A Behavioral Finance Perspective Using PLS-SEM Prijanto, Whinarko Juli; Sugiharti, Retno; Septiani, Yustirania
Indonesian Financial Review Vol. 5 No. 1 (2025)
Publisher : Yayasan Pendidikan Penelitian Pengabdian Al-amsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55538/ifr.v5i1.56

Abstract

This study investigates the factors influencing entrepreneurial interest among university students, focusing on the roles of self-esteem, entrepreneurial knowledge, and self-efficacy. Using a structural modeling approach, entrepreneurial interest is analyzed as the dependent variable influenced by these psychological and cognitive constructs. A key aim of the study is to examine the mediating role of entrepreneurial knowledge between self-efficacy and entrepreneurial interest. The results reveal that both self-esteem and entrepreneurial knowledge have direct and significant effects on entrepreneurial interest. Notably, self-efficacy does not influence entrepreneurial interest directly but exerts its effect indirectly through entrepreneurial knowledge, indicating a full mediation. This finding challenges the assumption that self-belief alone is sufficient to foster entrepreneurial motivation and highlights the importance of knowledge acquisition as a cognitive pathway toward entrepreneurial engagement. The study offers practical implications for improving entrepreneurship education—particularly in developing strategies that integrate confidence-building with knowledge-focused learning.
Firm Value Determinants: Solvency, Asset Growth, and Profitability in the Food and Beverage Sector Susilawati, Susilawati
Indonesian Financial Review Vol. 5 No. 2 (2025)
Publisher : Yayasan Pendidikan Penelitian Pengabdian Al-amsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55538/ifr.v5i2.112

Abstract

This study investigates the determinants of firm value by examining the roles of solvency, asset growth, and profitability in food and beverage companies listed on the Indonesia Stock Exchange (IDX). The research sample consists of eight leading firms selected through purposive sampling from 2018–2023, yielding 48 firm-year observations. Data were analyzed using multiple regression with SPSS to assess both partial and simultaneous effects. The results show that solvency has a negative but insignificant effect on firm value, indicating that higher debt levels may not necessarily enhance market perception. Conversely, asset growth and profitability exert positive and significant effects, implying that efficient asset management and strong earnings performance contribute to higher firm value. Simultaneously, the three variables significantly influence firm value, suggesting their collective importance in shaping investor confidence. These findings provide practical implications for managers and investors to strengthen financial decision-making and corporate performance in Indonesia’s food and beverage sector.
Agency and Signaling Perspectives on Working Capital Turnover, Debt to Equity Ratio, and Profitability in PT Gudang Garam Tbk (2013–2023) Zelpani, Den Ayu; Budi, Saksono
Indonesian Financial Review Vol. 5 No. 2 (2025)
Publisher : Yayasan Pendidikan Penelitian Pengabdian Al-amsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55538/ifr.v5i2.96

Abstract

This study investigates the influence of Working Capital Turnover (WCTO) and Debt to Equity Ratio (DER) on the Net Profit Margin (NPM) of PT Gudang Garam Tbk during the 2013–2023 period. Using a quantitative approach with secondary financial data, hypothesis testing was conducted through the partial (t-test) and simultaneous (F-test) significance tests at a 5% alpha level. Data analysis employed SPSS version 24. The results indicate that WCTO has a significant partial effect on NPM, as reflected by a t-value of –2.819 < 2.306 and a significance level of 0.0223 < 0.05. Conversely, DER shows no significant partial effect on NPM, with a t-value of 1.666 < 2.306 and a significance value of 0.134 > 0.05. Simultaneously, WCTO and DER have a significant combined effect on NPM, evidenced by an F-value of 4.921 > 4.26 and a significance level of 0.040 < 0.05. The Adjusted R-squared of 43% indicates that the model explains nearly half of the variation in profitability.
Evaluating Financial Risk and Pricing Accuracy Using Full Costing: A Case Study on UMKM Tempe Mbak Novi in Purworejo Abbas, Yeni Elfiza; Asmilia, Nur; Handayani, Murnaningsih Wahyu
Indonesian Financial Review Vol. 5 No. 2 (2025)
Publisher : Yayasan Pendidikan Penelitian Pengabdian Al-amsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55538/ifr.v5i2.113

Abstract

This study evaluates the financial risk implications of pricing inaccuracy and analyzes the effectiveness of the full costing method in improving financial decision-making within small enterprises. Using a case study of UMKM Tempe Mbak Novi in Purworejo, Indonesia, the research integrates cost accounting with financial risk evaluation to assess how incomplete cost allocation affects profitability, liquidity, and cash flow stability. Data were collected through interviews, observations, and documentation. Results show that the firm’s cost-of-production calculation underestimates total costs by IDR 4,074,000 compared to the full costing approach. This mispricing leads to a potential profit loss of 24.1% and increases financial risk exposure, particularly cash flow volatility and underpricing risk. The findings suggest that implementing a full costing system enables more accurate pricing, strengthens financial sustainability, and reduces operational risk for micro and small enterprises

Page 6 of 6 | Total Record : 60

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