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INDONESIA
Journal of Studies in Academic, Humanities, Research, and Innovation
Published by Pondok pesantren As-salafiyah As-Safi'iyyah
ISSN : -     EISSN : 30897106     DOI : 10.71305
Core Subject : Religion, Economy, Science, Education, Social,
Religion Chemistry Economics, Econometrics & Finance Education Library & Information Science Mathematics Social Sciences Other
SAHRI: Journal of Studies in Academic, Humanities, Research, and Innovation aims to publish high-quality, original research and theoretical works that contribute to the development of knowledge in education, humanities, and multidisciplinary research. The journal seeks to bridge academic disciplines and encourage collaboration among scholars, researchers, and practitioners globally. The Focus and scope journal: Education Educational theories, practices, and innovations Curriculum development and instructional strategies Technology integration in teaching and learning Policies and management in educational institutions Humanities Literature, history, and cultural studies Social sciences and their impact on education Philosophical and ethical inquiries in education and society Research and Innovation Research methodologies and interdisciplinary approaches Technological advancements in educational tools and resources Innovation in learning environments and pedagogy Interdisciplinary Studies Exploration of intersections between education, humanities, and other fields Studies on diversity, equity, and inclusion in education and research Cultural and Social Development The role of education in cultural preservation and societal transformation Global perspectives on education and its impact on social policies
Arjuna Subject : Ilmu Sosial - Pendidikan
Articles 115 Documents
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Influence Of Green Banking Disclosure, CAR And ROE On PER Asrianingsih Putri; Anwar; Abdul Rahman; Anwar Ramli; Annisa Paramaswary
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1144

Abstract

The banking sector plays a pivotal role in Indonesia's economy, yet during the 2020–2024 period, conventional banks experienced substantial fluctuations in firm value, as measured by the Price Earnings Ratio (PER). This study investigates the influence of Green Banking Disclosure (GBD), Capital Adequacy Ratio (CAR), and Return on Equity (ROE) on the firm value of conventional banks listed on the Indonesia Stock Exchange (IDX). Utilizing a quantitative panel data approach, the research analyzes 160 quarterly observations from eight banks over the study period using Eviews 13 software. The findings indicate that GBD does not significantly affect firm value, suggesting that sustainability disclosures have yet to be perceived as a critical signal by investors. Similarly, CAR shows no statistically significant impact, implying that capital adequacy is not a decisive factor in market valuation. In contrast, ROE demonstrates a positive and significant effect on PER, confirming that profitability serves as a strong signal to investors, in line with Signaling Theory. The model’s adjusted R-squared of 0.401 suggests that 40.12% of the variation in firm value can be explained by GBD, CAR, and ROE, while 59.88% is attributable to other factors beyond the study’s scope. These results highlight that in the Indonesian banking sector, firm value is primarily driven by financial performance rather than sustainability practices or capital adequacy. Therefore, banks are encouraged to enhance profitability to maintain investor confidence and strengthen market valuation, while continuing to develop green banking initiatives for long-term strategic positioning.
The Influence of Profitability and Capital Structure on Stock Returns (Study of Retail Companies Listed on the Indonesia Stock Exchange for the Period 2020 – 2024) Evi Puspita Sari; Anwar; Andi Mustika Amin; Nurman; Abdul Rahman
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1146

Abstract

This study analyzes the effect of profitability (measured by Return on Equity, ROE) and capital structure (measured by Debt to Equity Ratio, DER) on stock returns in 10 retail sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2020–2024. The background of the study is based on fluctuations in stock returns in the retail sector, which are influenced by internal factors such as profitability and capital structure, as well as theories such as Signaling Theory and Trade-Off Theory. The main objective is to test whether these two independent variables significantly affect stock returns. The method used is multiple linear regression with secondary data analysis through SPSS 27, after conducting classical assumption tests such as normality, multicollinearity, and heteroscedasticity. The results show that capital structure (DER) has a positive and significant effect on stock returns, supporting the Trade-Off Theory, while profitability (ROE) has no significant effect, which contradicts the Signaling Theory. Simultaneously, both variables have a significant effect on stock returns. This conclusion suggests that retail companies should focus more on optimizing capital structure to increase stock returns. The implications of this research provide empirical contributions for investors and company management in facing economic uncertainty..
The Effect Of Solvency And Profitability On Stock Returns In Mining Sector Companies Listed On The Indonesian Stock Exchange Amalia Reviska Selamanda; Anwar; Nurman; Anwar Ramli; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1147

Abstract

: This study examines the effect of solvency and profitability on stock returns among mining sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The mining industry represents one of Indonesia’s most volatile economic sectors, influenced by fluctuations in global commodity prices, energy transition pressures, and post-pandemic market uncertainty. Understanding how internal financial indicators shape investor responses within this environment is therefore essential. The study employs an associative quantitative approach using panel data regression. Solvency is measured through the Debt to Equity Ratio (DER), profitability through Return on Equity (ROE), and stock return serves as the dependent variable. A purposive sampling technique was applied, producing a final sample of 12 companies with 60 observations. Data analysis was conducted using EViews, and diagnostic procedures included normality, multicollinearity, heteroscedasticity, and autocorrelation tests. The results show that, individually, neither DER (p = 0.7295) nor ROE (p = 0.2456) has a significant effect on stock returns. However, when tested simultaneously, DER and ROE significantly influence stock returns, as indicated by the F-statistic probability value of 0.0142. The Adjusted R² value of 0.2373 demonstrates that the two variables jointly explain 23.73 per cent of stock return variation, while the remaining 76.27 per cent is determined by other factors not included in the model. These findings suggest that solvency and profitability do not independently drive investor reactions in a highly volatile sector; however, taken together, they form an important component of market valuation, particularly under conditions of uncertainty and fluctuating industry performance.
The Impact Of Profitability And Liquidity On The Capital Structure Safira Ainu Nadira Sofyan; Nurman; Rezky Amalia Hamka; Anwar Ramli; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1148

Abstract

The real estate sector, as one of the most capital-intensive industries in Indonesia, experienced substantial financial fluctuation during the 2020–2024 period due to the economic impacts of the COVID-19 pandemic and subsequent monetary adjustments. These conditions raised important questions regarding the determinants of firms’ capital structure decisions, particularly profitability and liquidity. This study aims to examine the effect of profitability measured by return on assets (ROA) and liquidity measured by the current ratio (CR) on the capital structure of real estate companies listed on the Indonesia Stock Exchange. Using a quantitative associative design, the research analyzed 70 observations from 14 purposively selected companies with complete and consistent financial disclosures. Multiple linear regression was applied to assess both partial and simultaneous influences of the independent variables on the debt-to-equity ratio (DER). The results indicate that profitability has no significant effect on capital structure, suggesting that ROA does not play a central role in firms’ financing choices within this sector. In contrast, liquidity shows a negative and significant influence on DER, demonstrating that firms with stronger short-term financial capacity tend to reduce their reliance on debt financing. Simultaneously, ROA and CR significantly affect capital structure, with an R² value of 14.5%, while the remaining variation is explained by other factors not included in this study. These findings support the trade-off theory, which posits that firms balance the benefits of debt with potential financial risks to achieve an optimal structure. The study highlights the critical role of liquidity management in capital structure decisions and recommends its prioritization for firms in the real estate industry.
Financial Performance Analysis At PT Indofood Sukses Makmur Tbk For The Period 2020-2024 Isra' Indriyani; Nurman; Hety Budiyanti
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1154

Abstract

This study analyzes the financial performance of PT Indofood Sukses Makmur Tbk during the period 2020-2024, a challenging era marked by the COVID-19 pandemic, inflation, exchange rate fluctuations, and dependency on commodity imports. The research objectives are to evaluate the company's overall financial health through comprehensive financial ratio analysis encompassing liquidity, solvency, activity, and profitability aspects, while integrating the influence of external macroeconomic factors on operational performance. This study employs a quantitative descriptive method with a case study approach, utilizing secondary data from annual financial reports and official sources including IDX, BI, and BPS. Financial ratio calculations are performed to evaluate year-to-year performance trends. The main findings reveal that PT Indofood demonstrated significant improvement across all financial dimensions: liquidity ratios increased from 1.37 to 2.15, indicating strong short-term debt servicing capability; solvency ratios improved with DAR declining from 0.51 to 0.46 and DER from 1.06 to 0.85, reflecting reduced dependency on external financing; profitability recovered with NPM reaching 7.5%, ROA 6.7%, and ROE 12.5% in 2024 after a temporary decline in 2022; and activity ratios remained stable with TATO ranging between 0.50-0.61 times, demonstrating efficient asset utilization. In conclusion, PT Indofood successfully navigated the pandemic challenges and volatile economic conditions through effective cost management, operational efficiency improvements, and prudent financial strategies, positioning the company for sustainable growth in the post-pandemic era.
The Impact Of Profitability And Solvency On Company Value Coal Mining Subsector Businesses Listed On The Stock Exchange Of Indonesia 2020–2024 Uswatun Hasanah; Siti Hasbiah; Annisa Paramaswary Aslam; Anwar; Nurman
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1158

Abstract

Coal mining firms listed on the Indonesia Stock Exchange (IDX) are the subject of this study between 2020 and 2024. These Businesses have a very important part in the national economy but simultaneously face difficulties like price volatility, shifts in global demand, and renewable energy transition policies. The study is motivated by previous various research results regarding impact of solvency and profitability on company value, necessitating further empirical examination. This study's objective is to evaluate the impact of profitability and solvency on company value. A quantitative causal-associative approach was employed using panel data from eight businesses that consistently release yearly reports throughout the study period, generating 40 observations. Analysis of multiple linear regression was performed on the data using SPSS version 30. The findings reveal that profitability, represented by Return on Assets (ROA), has a negative yet insignificant impact on company value as measured by Price to Book Value (PBV). Conversely, solvency, proxied by Debt to Equity Ratio (DER), demonstrates a beneficial and noteworthy impact on the company's value. Collectively, profitability and solvency explain 20.3% of company value variation. These results underscore the importance of maintaining a balanced capital structure to enhance investor confidence and corporate valuation. Academically, this research enriches financial management literature within the energy sector, while practically offering insights for managers and investors in financial decision-making.
The Effect Of Capital Structure And Liquidity On Company Value With Profitability As A Moderating Variable Regina Amalia; Anwar Ramli; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1161

Abstract

This study examines the effect of capital structure and liquidity on firm value, with profitability (ROA) as a moderating variable, using manufacturing companies listed on the Indonesia Stock Exchange during 2020–2024. The research employs a quantitative panel-data design with fixed-effects regression applied to 85 companies (425 firm-year observations). Key independent variables are debt-to-equity ratio (DER) and current ratio (CR), with price-to-book value (PBV) used as a proxy for firm value and ROA as both an explanatory and moderating factor. Model diagnostics including Chow, Hausman, and Lagrange Multiplier tests guided model selection, and robustness checks were conducted to validate results. Findings indicate that profitability (ROA) has a positive and statistically significant effect on firm value, while capital structure (DER) and liquidity (CR) do not exhibit significant direct effects within the tested model. The overall model explains a substantial portion of variation in firm value (adjusted R² ≈ 0.955), and joint significance tests confirm the collective relevance of the predictors. Implications suggest that, in the post-pandemic recovery period, market valuation for Indonesian manufacturing firms is driven more strongly by earnings performance than by leverage or short-term liquidity positions. For practitioners, prioritizing operational efficiency and profit enhancement may yield greater value creation than opportunistic adjustments to leverage or cash buffers. The study recommends further research incorporating external macroeconomic variables and alternative value measures to broaden inference. Future studies should also explore industry heterogeneity, temporal shocks, and nonlinear interactions between financial policy variables and firm performance to strengthen external validity and policy relevance systematically.
The Relevance Of Logical Principles As The Basis For Scientific Thinking In The Development Of Management Science: A Systematic Study Hilwa Rohmahdiniyah Nur Azizah; Trivena Gilang Permatasari; Agung Winarno; Subagyo
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1361

Abstract

This study aims to analyze the role of logic in the development of management science and managerial decision-making. This study uses a qualitative research method with a literature review approach. The research population includes scientific articles, books, and academic publications that discuss the topics of logic, management theory, and decision-making. The research sample was selected purposively based on criteria of relevance, accessibility, and thematic suitability, resulting in a number of literature sources that were analyzed in depth. The research instrument was a literature analysis sheet used to assess the suitability of concepts, clarity of argumentation, and theoretical contributions of each source. The results of the study show that logic plays an important role as the basis of scientific reasoning in constructing management theory, helping to formulate consistent propositions, and supporting a systematic and unbiased decision-making process. Logic has been proven to strengthen the accuracy of problem formulation, consistency of argumentation, and objectivity of analysis in both research and managerial practice. Thus, logic not only functions as a philosophical concept but is also an essential instrument for improving the quality of scientific studies and the effectiveness of decisions in management.
Resilient And Sustainable HR Systems: The Work-From-Anywhere (WFA)–Organizational Citizenship Behavior (OCB) Nexus In Indonesia’s Public Sector Andi Rahmawati; Muhammad Rijal Alim Rahmat
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 3 No. 1 (2026): Vol 3 No 1 June 2026
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v3i1.1374

Abstract

The adoption of Work-From-Anywhere (WFA) arrangements in Indonesia’s public sector has generated important questions regarding their implications for Organizational Citizenship Behavior (OCB), which remains essential for public service effectiveness. This qualitative single-case study examines the relationship between WFA and OCB within a provincial development planning agency in South Sulawesi. Using the Framework Method, data were triangulated from role-segmented semi-structured interviews, non-participant observations of hybrid and online coordination meetings, and analysis of internal organizational documents. The findings indicate that WFA does not inherently diminish OCB. Instead, citizenship behaviors—particularly helping, courtesy, and conscientiousness—were sustained and, in some organizational units, strengthened when supported by three interrelated enablers: transparent visibility mechanisms, structured communication cadence, and fair allocation of WFA eligibility. Increased autonomy under WFA was frequently associated with enhanced self-discipline and discretionary effort, while trust-based leadership and perceptions of procedural justice reinforced employees’ willingness to contribute beyond formal role requirements. Conversely, unclear eligibility criteria, weak coordination routines, excessive administrative procedures, and uneven digital infrastructure were associated with reduced OCB signals and coordination challenges. The study concludes that the impact of WFA on OCB in the public sector is contingent upon organizational design and leadership practices rather than the flexibility policy itself. These findings offer practical guidance for human resource policy design in public administration and contribute to broader discussions on resilient and sustainable public-sector workforce systems.
Mapping Strategy And Training Quality Development To Improve Graduate Competency At The Surabaya Job Training Center Aminatu Nadhifa Alfiah
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1380

Abstract

This study is intended to examine strategies in mapping and improving the quality of training applied at the UPT Job Training Center (BLK) Surabaya in order to produce graduates who have competence and are ready to enter the world of work. The research uses a qualitative descriptive approach with data collection methods through direct observation, document review, and interviews. The findings show that BLK Surabaya conducts regular quality mapping by evaluating the curriculum, learning methods, instructor qualifications, and completeness of training facilities and infrastructure. Efforts to improve quality are also carried out through curriculum revisions that refer to SKKNI, strengthening instructor competencies, utilizing digital technology, and synergy with the industrial sector. Despite still facing obstacles such as limited training equipment and slow administrative processes, BLK Surabaya continues to innovate to maintain the quality and relevance of its training programs.

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