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Perdana Wahyu Santosa
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INDONESIA
Research of Finance and Banking
Published by Santoso Academy Network
ISSN : 2987288X     EISSN : 29872871     DOI : https://doi.org/10.58777/rfb
Core Subject : Economy,
Economics, Econometrics & Finance
The Research of Finance and Banking RFB is an open access and peer review journal that publishes theoretical and empirical research articles, review papers, and case studies on all major financial and banking topics. The journals mission is to offer a forum for growing scholarly research on corporate finance, banking, financial institutions, and the money and capital markets in which they operate. The Journal emphasizes theoretical advancements and their application, empirical, practical, and policy oriented research in finance and banking and other local and international financial institutions and markets.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 5 Documents
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Search results for , issue "Vol. 3 No. 2 (2025): October 2025" : 5 Documents clear
The Power of Interest Coverage and Free Cash Flow in Enhancing Firm Value Rosdiana, Rosdiana; Paramitra, Yuaniko
Research of Finance and Banking Vol. 3 No. 2 (2025): October 2025
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rfb.v3i2.518

Abstract

This research aims to analyze the effects of the interest coverage ratio and free cash flow on the value of PT Indofood CBP Sukses Makmur Tbk. The data are analyzed using multiple linear regression on secondary data in SPSS 16, sourced from the financial reports of PT Indofood CBP Sukses Makmur Tbk for the period 2017–2024. The results of the F-test indicate that both the interest coverage ratio and free cash flow have a significant effect on the firm's value. The t-test results indicate that the Interest Coverage Ratio (ICR) has a significant negative effect on the firm's value. In contrast, Free Cash Flow (FCF) has a significant positive effect. The findings of this study provide important implications for firm management and investors. For management, the results emphasize the need to balance debt repayment capacity with investment in growth-oriented projects to avoid negative market perceptions and sustain long-term firm value. For investors, the findings highlight that Free Cash Flow serves as a strong signal of financial flexibility and growth potential, providing a key indicator for investment decisions in capital-intensive industries such as food and beverages.
Balancing Transparency and Sustainability: Governance as a Moderator Between Carbon Emissions and Firm Value Damayanti, Misvia; Chairunnisa, Nurlaila Maysaroh; Qintarah, Yuha Nadhirah
Research of Finance and Banking Vol. 3 No. 2 (2025): October 2025
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rfb.v3i2.534

Abstract

This study aims to analyze the impact of carbon emission disclosure and annual report readability on firm value, while accounting for governance as a moderating variable. This study used companies in the basic materials sector listed on the Indonesia Stock Exchange (IDX) that published annual reports and sustainability reports, and disclosed information on carbon emissions during 2020-2022. The analysis results show that carbon emission disclosure has a significant positive effect on firm value. Conversely, annual report readability does not significantly affect firm value. Governance is shown to weaken the relationship between carbon emission disclosure and firm value. However, it does not moderate the relationship between annual report readability and firm value. The results of this study can inform the government in encouraging greater carbon emission disclosure in the basic materials industry, as disclosure is currently voluntary. Managerial Implications: The results of this study have important implications for company management in the basic materials sector, calling for greater attention to transparency and environmental communication strategies. Comprehensive carbon emission disclosure has been shown to increase firm value, so managers are advised to expand the scope and quality of carbon emission-related information in sustainability reports.
Can Liquidity, Profitability, and Leverage Predict Financial Distress? Oktrivina, Amelia; Heriansyah, Kurnia; Fryenddisca, Fiona Almyra
Research of Finance and Banking Vol. 3 No. 2 (2025): October 2025
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rfb.v3i2.537

Abstract

This study analyzes the influence of liquidity, profitability, and leverage on financial distress among manufacturing firms in the basic and chemical industry sectors listed on the Indonesia Stock Exchange (IDX) during 2019–2022. Using purposive sampling, 48 firms were selected, producing 192 observations. The results show that liquidity and leverage do not significantly affect financial distress, while profitability has a significant impact. These findings underscore the crucial role of profitability in maintaining financial stability. Managerially, firms should prioritize profitability improvement through operational efficiency, cost control, and revenue diversification to avoid financial distress, especially during economic downturns. Although liquidity and leverage were not significant, maintaining prudent management of both remains essential for long-term resilience. This study’s originality lies in examining the combined effects of liquidity, profitability, and leverage in Indonesia’s post-pandemic basic and chemical manufacturing sectors, using logistic regression as a predictive tool. In contrast to prior research conducted before crises or using single-variable approaches, this study provides new empirical evidence that profitability serves as the key determinant of financial distress under unstable macroeconomic conditions, offering valuable insights for both researchers and industry practitioners.
Good Corporate Governance and Business Scale: Their Impact on Company Financial Performance Rusmaya, Devita Rizki; Rahmah, Mulia; Loen, Mishelei
Research of Finance and Banking Vol. 3 No. 2 (2025): October 2025
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rfb.v3i2.538

Abstract

This study examines the effect of institutional ownership, managerial ownership, and company size on the financial performance of healthcare companies listed on the Indonesia Stock Exchange (IDX) during 2019–2023. Using a quantitative approach with secondary data from the annual reports of 11 selected healthcare firms, the study analyzes how ownership structure and firm scale influence performance. The results show that institutional ownership, managerial ownership, and company size each have a negative impact on financial performance. However, when tested simultaneously, the three variables significantly affect financial performance. These findings suggest that ownership structure and firm size do not necessarily enhance performance, as they may also reflect governance complexities and variations in resource management efficiency. The study implies that healthcare firms should strengthen internal governance and develop more efficient ownership policies to ensure sustainable value creation. The originality of this research lies in its focus on Indonesia’s healthcare sector during the post-pandemic recovery period, an area seldom explored in prior studies particularly those combining ownership structure and firm size in a sector shaped by regulatory dynamics and service-based operational characteristics.
Predicting Non-Life Insurers’ Financial Distress: Evidence from Bangladesh Palas, Md. Jahir Uddin; Majumder, Benazir Imam
Research of Finance and Banking Vol. 3 No. 2 (2025): October 2025
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rfb.v3i2.546

Abstract

This study aims to develop an interpretable early-warning framework to predict financial distress among non-life insurers in Bangladesh. The research addresses the question of which financial and operational indicators most accurately signal early signs of distress in the insurance sector. Using a firm-year panel covering 2014–2024, the study applies penalized logistic regression, random forests, and gradient-boosted trees, combined with class-balancing remedies and SHAP-based interpretability techniques, to identify the key determinants of insurer distress. The results show that gradient-boosted trees achieve the highest out-of-time recall performance. At the same time, SHAP analysis consistently identifies the management expense ratio, lagged underwriting performance, and reinsurance intensity as the most influential predictors. Robust tests across alternative sampling and feature reduction methods confirm the stability of these findings. The study concludes that monitoring expense efficiency, underwriting results, and reinsurance practices provides the most reliable early warning signals of financial distress in thin-premium markets. The originality of this research lies in integrating explainable machine learning with operational financial indicators in a developing-market insurance context, producing a transparent and policy-ready predictive model that balances accuracy and interpretability.

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