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Journal of Business Economics and Management
Published by Global Scients Publisher
ISSN : -     EISSN : 30638968     DOI : https://doi.org/10.62379/jbem
Core Subject : Economy,
Economics, Econometrics & Finance
Journal of Business Economics and Management (E-ISSN : 3063-8968) published by Global Sciences Publishers. The Journal of Business Economics and Management provides a forum for Students and Lecturers to explore issues and reflect on quantitative research. Journal of Business Economics and Management is an online journal dedicated to the publication of high quality research that focuses on the implementation of research focused in the fields of Management and Business. The mission of the Journal of Business Economics and Management is to be the leading peer-reviewed interdisciplinary journal to advance theory and practice related to all forms of research especially in Management and Business.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekomomi dan Ekonometrika
Articles 349 Documents
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Pengaruh Struktur Modal Dan Likuiditas Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Intervening Pada Perusahaan Manufaktur Sub Sektor Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia Periode 2020-2024 Aulia Darmaya Putri
Journal of Business Economics and Management | E-ISSN : 3063-8968 Vol. 2 No. 3 (2026): Januari - Maret
Publisher : GLOBAL SCIENTS PUBLISHER

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Abstract

This study aims to examine the effect of capital structure and liquidity on firm value with profitability as an intervening variable in food and beverage sub-sector manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the period 2020-2024. The sampling technique used purposive sampling with a total of 28 companies and 140 observations. Data analysis techniques used multiple linear regression analysis and path analysis with SPSS 26. The results showed that simultaneously (F-test) capital structure and liquidity have a significant effect on profitability with F count 8.918 > F table 3.062 (sig. 0.000), likewise capital structure, liquidity, and profitability have a simultaneous significant effect on firm value with F count 31.131 > F table 2.671 (sig. 0.000). Partially (t-test), capital structure has a negative and significant effect on profitability (t = -3.180; sig. 0.002), while liquidity does not have a significant effect on profitability (t = -0.930; sig. 0.354). Capital structure has a positive and significant effect on firm value (t = 2.578; sig. 0.011), while liquidity does not affect firm value (t = -0.053; sig. 0.958). Profitability has a positive and significant effect on firm value (t = 9.549; sig. 0.000). Adjusted R² value for equation 1 is 0.102 (10.2%) and equation 2 is 0.394 (39.4%). The mediation analysis results show that profitability cannot mediate the effect of capital structure on firm value (direct effect 0.299 > indirect effect 0.003), but profitability can mediate the effect of liquidity on firm value (indirect effect 0.001 > direct effect -0.006). This research provides practical implications for company management to optimize capital structure and increase profitability to maximize firm value.
Pengaruh Pertumbuhan Perusahaan Dan Kepemilikan Manajerial Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Moderasi Pada Perusahaan Maufaktur Sektor Energi Yang Terdaftar Di BEI Tahun 2020-2024 Ramadhani, Dwi Suci; ., Elfiswandi; Permata Sari, Putri Intan
Journal of Business Economics and Management | E-ISSN : 3063-8968 Vol. 2 No. 3 (2026): Januari - Maret
Publisher : GLOBAL SCIENTS PUBLISHER

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Abstract

This study aims to examine the effect of company growth and managerial ownership on firm value with capital structure as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange from 2020 to 2024. The population in this study consists of energy sector companies listed on the Indonesia Stock Exchange during 2020-2024, totaling 91 companies. The research sample includes 24 companies over 5 years, resulting in a total of 120 company data points, using purposive sampling method. The data in this study are secondary data in the form of annual data obtained from the official Indonesia Stock Exchange website and the official websites of the respective companies. The data analysis methods used in this study include descriptive statistical tests, classical assumption tests, panel data regression analysis, and hypothesis testing using E-Views 10. The research results indicate that: a) Company growth does not have a significant effect on firm value, b) managerial ownership has a significant effect on firm value, c) capital structure is able to moderate and strengthen the effect of company growth on firm value but is not significant, d) capital structure is unable to moderate and weakens the effect of managerial ownership on firm value but is significant. Suggestions for future research include extending the observation period so that the research results will be much more representative, as well as adding research variables to strengthen the research findings.
Pengaruh Modal Intelektual Dan Struktur Modal Terhadap Nilai Perusahan Dengan Kinerja Keuangan Sebagai Variabel Intervening Pada Perusahaan Manufaktur Di Bursa Efek Indonesia Periode 2020-2024 Astrid Delvia; Berta Agus Petra; Olandari Mulyadi
Journal of Business Economics and Management | E-ISSN : 3063-8968 Vol. 2 No. 3 (2026): Januari - Maret
Publisher : GLOBAL SCIENTS PUBLISHER

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This study aims to analyze the effect of intellectual capital and capital structure on firm value with financial performance as an intervening variable in manufacturing companies listed on the Indonesia Stock Exchange for the period 2020-2024. The research population consisted of 251 manufacturing companies with a sample of 45 companies selected using purposive sampling technique. Data were analyzed using multiple regression analysis and path analysis with SPSS 23 software. The results show that intellectual capital and capital structure have a significant effect on financial performance. Capital structure and financial performance have a significant effect on firm value, but intellectual capital does not have a direct significant effect on firm value. Path analysis results indicate that financial performance successfully mediates the effect of intellectual capital on firm value with a total effect of 0.383, but fails to mediate the effect of capital structure on firm value. The adjusted R² values of 0.709 for the first equation and 0.469 for the second equation indicate that the independent variables can explain variations in the dependent variable by 70.9% and 46.9% respectively. This research provides practical implications for company management to pay more attention to intellectual capital development and optimal capital structure management in order to improve financial performance and firm value.
Pengaruh ROE dan DER terhadap Harga Saham melalui EPS sebagai Variabel Intervening Pada Sektor Energi yang Terdaftar di BEI 2020-2024 Ningrum, Rina Sulistia
Journal of Business Economics and Management | E-ISSN : 3063-8968 Vol. 2 No. 3 (2026): Januari - Maret
Publisher : GLOBAL SCIENTS PUBLISHER

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Abstract

This study aims to determine the effect of ROE and DER on Stock Price with EPS as an intervening variable in the energy sector listed on the Indonesia Stock Exchange (IDX) for the period 2020-2024. The population in this study uses the energy sector listed on the Indonesia Stock Exchange for the period 2020-2024 using the Purpose Sampling method. The analysis method in this study is multiple linear regression analysis. The results of this study determine that ROE partially affects EPS. DER partially has a negative effect on EPS. ROE and DER have a combined effect on EPS. ROE partially affects Stock Price. DER partially does not affect Stock Price. EPS partially affects Stock Price. ROE, DER, and EPS have a combined effect on Stock Price. Earnings Per Share can mediate the effect of ROE on Stock Price. Earnings Per Share cannot mediate the effect of DER on Stock Price in the energy sector listed on the Indonesia Stock Exchange for the period 2020-2024.
Pengaruh Kebijakan Dividen Dan Nilai Tukar Terhadap Harga Saham Dengan Profitabilitas Sebagai Variabel Intervening Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Clara Nodia Lase
Journal of Business Economics and Management | E-ISSN : 3063-8968 Vol. 2 No. 3 (2026): Januari - Maret
Publisher : GLOBAL SCIENTS PUBLISHER

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This study aims to analyze the effect of dividend policy and exchange rates on stock prices with profitability as an intervening variable in manufacturing companies in the food and beverage sub-sector listed on the Indonesia Stock Exchange for the period 2020–2024. The research population includes 94 manufacturing companies in the food and beverage sub-sector, with a sample of 24 companies selected using the purposive sampling method, resulting in 120 observations over five years. The research design employs a quantitative approach with secondary data analyzed using multiple linear regression and path analysis through SPSS version 26. The results indicate that dividend policy has no significant effect on profitability (t = -1.161; p = 0.248 > 0.05) or on stock prices (t = -1.501; p = 0.136 > 0.05). Exchange rates also have no significant effect on profitability (t = 0.455; p = 0.65 > 0.05) or stock prices (t = -0.968; p = 0.335 > 0.05). Meanwhile, profitability has a significant positive effect on stock prices (t = 6.532; p = 0.000 < 0.05). Simultaneously, dividend policy, exchange rates, and profitability significantly affect stock prices with an F value of 16.000 (p < 0.001) and a coefficient of determination (Adjusted R²) of 0.274 or 27.4%. Path analysis results show that profitability cannot mediate the effect of dividend policy on stock prices (indirect effect = -0.054 < direct effect = -0.118), but profitability can mediate the effect of exchange rates on stock prices (indirect effect = 0.021 > direct effect = -0.076). These findings confirm that profitability is a key factor influencing stock prices of manufacturing companies in the food and beverage sub-sector in Indonesia.
Pengaruh Struktur Modal Dan Intellectual Capital Terhadap Kinerja Keuangan Dengan Ukuran Perusahaan Sebagai Variabel Intervening Pada Perbankan Yang Terdaftar Di Bursa Efek Indonesia Periode 2020-2024 Tari Oktavani
Journal of Business Economics and Management | E-ISSN : 3063-8968 Vol. 2 No. 3 (2026): Januari - Maret
Publisher : GLOBAL SCIENTS PUBLISHER

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This study aims to examine the effect of capital structure and intellectual capital on financial performance with firm size as an intervening variable in banking companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Banking financial performance is a crucial indicator in assessing the effectiveness of resource management and the resilience of the financial sector, particularly during the post-pandemic recovery period. The independent variables in this study are capital structure and intellectual capital, the dependent variable is financial performance, and firm size acts as an intervening variable. The population consists of 47 banking companies listed on the Indonesia Stock Exchange. The sampling technique uses purposive sampling based on predetermined criteria, resulting in 30 companies observed over five years. The study employs secondary data derived from annual financial reports. Data analysis methods include multiple linear regression and path analysis supported by SPSS version 26. Classical assumption tests were conducted to ensure the validity and reliability of the regression model. The results indicate that capital structure has a significant effect on firm size, while intellectual capital does not significantly affect firm size. Capital structure does not have a significant direct effect on financial performance, whereas intellectual capital has a significant positive effect on financial performance. Firm size significantly influences financial performance. Path analysis shows that capital structure has a significant indirect effect on financial performance through firm size as an intervening variable, while intellectual capital does not show a significant indirect effect through firm size. These findings imply that capital policy and intellectual resource management contribute differently to improving banking financial performance.
Pengaruh Struktur Modal Dan Kepemilikan Manajerial Terhadap Nilai Perusahaan Melalui Profitabilitas Sebagai Variabel Intervening Pada Perusahaan Sektor Energi Yang Terdaftar Di Bei Tahun 2020-2024 Atikah, Dina; ., Elfiswandi; Permata Sari, Putri Intan
Journal of Business Economics and Management | E-ISSN : 3063-8968 Vol. 2 No. 3 (2026): Januari - Maret
Publisher : GLOBAL SCIENTS PUBLISHER

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Abstract

This study aims to examine the influence of capital structure and managerial ownership on profitability as an intervening variable in energy companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. This study employed a quantitative approach, with a purposive sampling method, resulting in a sample of 20 companies from a population of 100. The data used in this study were secondary data, consisting of annual data obtained from the official website of the Indonesia Stock Exchange and the official websites of related companies. The analytical method used in this study was multiple linear regression analysis with the assistance of SPSS 26. The results of the study showed that (1) capital structure partially had no effect on profitability, (2) managerial ownership partially had an effect on profitability, (3) capital structure partially had no effect on firm value, (4) managerial ownership partially had no effect on firm value, (5) profitability partially had an effect on firm value, (6) profitability was unable to mediate the effect of capital structure on firm value, and (7) profitability was able to mediate the effect of managerial ownership on firm value.
Pengaruh Pengetahuan Keuangan Dan Persepsi Risiko Terhadap Keputusan Investasi Melalui Perilaku Keuangan Sebagai Variabel Intervening Pada UMKM Di Lubuk Begalung Kota Padang Windy Lestari Br Sihombing; Elfiswandi, Elfiswandi; Rindy Citra Dewi
Journal of Business Economics and Management | E-ISSN : 3063-8968 Vol. 2 No. 3 (2026): Januari - Maret
Publisher : GLOBAL SCIENTS PUBLISHER

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Abstract

This study aims to examine the effect of intellectual capital and capital structure on firm value with financial performance as an intervening variable in companies listed on the Indonesia Stock Exchange during the observation period of the study. Firm value is an important indicator used to assess management success in increasing shareholder wealth and reflecting market perceptions of company prospects. Internal factors such as capital structure policy and intellectual capital management are assumed to contribute to improving both performance and firm value. This research uses a quantitative approach with a causal design. The data used are secondary data derived from published annual financial statements obtained through the official Indonesia Stock Exchange database. The sampling technique applies purposive sampling based on data completeness and consistency criteria during the research period. The analytical methods include multiple regression analysis and path analysis to test both direct and indirect relationships among variables. The results indicate that intellectual capital has a significant effect on financial performance, while capital structure does not significantly affect financial performance. Financial performance has a significant effect on firm value. Indirectly, intellectual capital influences firm value through financial performance, whereas the indirect effect of capital structure through financial performance is not statistically strong. These findings imply that efficient management of knowledge-based assets plays a more important role in enhancing firm value than leverage policy.
Pengaruh Profitabilitas Dan Liabilitas Terhadap Harga Saham Dengan Kebijakan Dividen Sebagai Variabel Intervening Pada Sektor Energi Yang Terdaftar Di BEI Periode 2020-2024 Dona Meidini; Fitri Yeni; Resyelly Viona
Journal of Business Economics and Management | E-ISSN : 3063-8968 Vol. 2 No. 3 (2026): Januari - Maret
Publisher : GLOBAL SCIENTS PUBLISHER

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This study aims to analyze the effect of profitability and liabilities on stock prices through dividend policy as an intervening variable in energy sector companies listed on the Indonesia Stock Exchange for the 2020-2024 period. The research population consisted of all energy sector companies listed on the IDX, with a sample of 18 companies selected using purposive sampling method. The data used were secondary data in the form of annual financial reports obtained from the official IDX website. Data analysis techniques used path analysis with SPSS version 25 software. The results showed that profitability significantly influenced dividend policy with a t-value of 3.712 > t-table 1.987 and significance of 0.000 < 0.05. Meanwhile, liabilities did not significantly influence dividend policy with a t-value of -0.427 < t-table 1.987 and significance of 0.670 > 0.05. Profitability significantly influenced stock prices with a t-value of 5.011 > t-table 1.987 and significance of 0.000 < 0.05. However, liabilities did not significantly influence stock prices with a t-value of -0.468 < t-table 1.987 and significance of 0.641 > 0.05. Dividend policy also did not significantly influence stock prices with a t-value of 0.047 < t-table 1.987 and significance of 0.962 > 0.05. The mediation test results showed that dividend policy was unable to mediate the effect of profitability or liabilities on stock prices. The coefficient of determination (R²) value in the first equation was 0.863, indicating that 86.3% of the variation in dividend policy could be explained by profitability and liabilities, while in the second equation the R² value was 0.707, indicating that 70.7% of the variation in stock prices could be explained by profitability, liabilities, and dividend policy. This study implies that investors in the energy sector pay more attention to company profitability as an indicator of fundamental performance in investment decision-making compared to dividend policy.
Pengaruh Debt To Equity Ratio Dan Price Earning Ratio Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Moderating Pada Perusahaan Manufaktur(Yang Terdaftar Di Bursa Efek Indonesia Tahun 2020-2024) Ramadhan, Syukri; Petra, Berta Agus; Pratiwi, Nila
Journal of Business Economics and Management | E-ISSN : 3063-8968 Vol. 2 No. 3 (2026): Januari - Maret
Publisher : GLOBAL SCIENTS PUBLISHER

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This study aims to analyze the effect of the Debt to Equity Ratio (DER) and Price Earnings Ratio (PER) on firm value, with financial performance as a moderating variable. The object of this research is manufacturing companies in the food and beverage sub-sector listed on the Indonesia Stock Exchange (IDX) during the period 2020–2024. The population of this study consists of 41 companies, with a sample of 21 companies selected using a purposive sampling technique, resulting in 105 observations. The data used are secondary data obtained from the companies’ annual financial statements published on the official IDX website. The data analysis method employed is panel data regression using EViews 10 software, while the moderation analysis is conducted using Moderated Regression Analysis (MRA).The results indicate that the Debt to Equity Ratio has a significant effect on firm value, whereas the Price Earnings Ratio does not have a significant effect on firm value. Furthermore, financial performance, proxied by Return on Assets (ROA), is able to moderate the effect of the Debt to Equity Ratio on firm value, indicating that the impact of leverage on firm value is highly dependent on the company’s financial performance. In addition, financial performance is also able to moderate the effect of the Price Earnings Ratio on firm value, but with a weakening moderating effect. This finding suggests that in companies with strong financial performance, investors do not rely solely on market ratios such as PER, but place greater emphasis on the company’s actual financial performance when assessing firm value.

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