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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 65 Documents
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The Effect of Debt-to-Equity Ratio and Net Profit Margin on Dividend Payout Ratio at PT Mayora Indah Tbk During 2013-2024 Fahira, Zahra Aulia; Akbar, Akhmad
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.v5i2.83

Abstract

This study examines the effect of capital structure and profitability on dividend policy at PT Mayora Indah Tbk during the 2013–2024 period. Using a quantitative approach with multiple regression analysis, the Debt to Equity Ratio (DER) represents capital structure, Net Profit Margin (NPM) measures profitability, and the Dividend Payout Ratio (DPR) reflects dividend policy. The results show that, partially, DER has a significant negative effect on DPR, indicating that higher leverage constrains dividend distribution. NPM also has a significant negative effect on DPR, suggesting that profitability is often retained as internal financing rather than distributed as dividends. Simultaneously, DER and NPM significantly affect DPR. The coefficient of determination of 54.9% indicates that more than half of dividend payout variation is explained by these variables. The findings highlight the strategic role of leverage and profitability in dividend policy decisions.
Analyzing the Effects of Financial Indicators on Stock Prices in Non-Cyclical Consumer Firms: Evidence from Indonesia Siagian, Novianti; Winingrum W.A. , Sri Putri
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.v5i2.115

Abstract

This study examines the effect of short-term debt, financial leverage, and market value on stock prices of non-cyclical consumer companies listed on the Indonesia Stock Exchange during the 2021–2025 period. Using a quantitative explanatory approach, the analysis applies panel data regression estimated with EViews. The results show that short-term debt and financial leverage do not have a statistically significant impact on stock prices, indicating that liquidity and capital structure are not primary valuation considerations in this defensive sector. In contrast, market value, proxied by earnings per share (EPS), has a positive and significant effect on stock prices, highlighting the central role of profitability and investor perception in price formation. These findings suggest that the relevance of financial indicators is sector-dependent, with profitability-based signals dominating investor decision-making in non-cyclical consumer firms. This study contributes sector-specific empirical evidence under the post-reclassification market environment and provides practical insights for investors and corporate managers. Future research is encouraged to include additional variables or cross-sector comparisons.
The Influence of Earnings Per Share and Return On Investment on Stock Prices in The Banking Sector Listed on IDX Budhiarjo, Intan Sari; Dewi, Iriana Kusuma
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.v5i2.116

Abstract

This study aims to examine the effect of Earnings Per Share (EPS) and Return on Investment (ROI) on stock prices in the banking sector listed on the Indonesia Stock Exchange. A quantitative approach is employed using secondary data from published financial statements. The sample consists of six banking companies selected from a population of 46 firms based on predetermined criteria. Data analysis includes descriptive statistics, panel data regression, hypothesis testing, and the coefficient of determination. The results show that EPS does not have a significant partial effect on stock prices, while ROI has a significant positive effect. Simultaneously, EPS and ROI significantly influence stock prices, indicating that profitability indicators play an important role in explaining stock price movements in the Indonesian banking sector.  
The Influence of Audit Quality, Good Corporate Governance, and Operational Efficiency on Company Profitability: Suharna, Suharna; Syamsuri, Syamsuri
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.v5i2.119

Abstract

Transportation infrastructure companies operate in capital-intensive and highly regulated environments that demand strong internal controls and operational efficiency to maintain profitability. This study investigates the effects of audit quality, good corporate governance (GCG), and operational efficiency on profitability using secondary data from ten transportation infrastructure firms listed on the Indonesia Stock Exchange during 2020–2024. Multiple linear regression analysis reveals that operational efficiency significantly influences profitability, while audit quality and GCG show no significant partial effects. Nevertheless, simultaneous testing confirms that all variables jointly affect profitability. These findings indicate that profitability is primarily efficiency-driven, with governance and audit mechanisms serving complementary roles in enhancing stability and risk control rather than short-term financial performance.
An Empirical Analysis of the Effects of Interest Rates and Exchange Rates on Stock Prices: Evidence from Astra International Plc Gunawan, Hendri; Lisdawati, Lisdawati; Sulistyani, Tri
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.v5i2.120

Abstract

This study examines the effect of interest rates and exchange rates on stock prices of PT Astra International Tbk during the 2015–2024 period. Using a quantitative approach, the research applies multiple linear regression to secondary time-series data from Bank Indonesia and Investing.com. Classical assumption tests were conducted to ensure model reliability. The results show that interest rates do not have a significant partial effect on Astra’s stock price, while the exchange rate has a negative and significant influence. Simultaneously, interest rates and exchange rates do not significantly affect stock prices. The coefficient of determination indicates that 54.4 percent of stock price variation is explained by the two macroeconomic variables. These findings imply that exchange rate movements play a more important role than interest rates in shaping Astra’s stock performance and provide insights for investors in the Indonesian capital market.

Page 7 of 7 | Total Record : 65

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