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Capital financing plays a crucial role in sustaining the growth potential of pharmaceutical companies, enabling them to expand operations and compete effectively in the market. In the face of a slowing global economy, maintaining solid financial performance across existing business lines becomes increasingly important. This study aims to examine the relationship between capital structure and the financial performance of pharmaceutical companies in Indonesia. The research sample consists of nine publicly listed pharmaceutical firms over the period 2013–2023. The empirical analysis employs three panel data estimation approaches—Pooled Ordinary Least Squares (Pooled OLS), Fixed Effects Model (FEM), and Random Effects Model (REM)—to account for different assumptions about unobserved firm-specific characteristics. Based on the Hausman test, FEM is determined as the most suitable model for the dataset. The estimation results reveal that the Long-term Debt to Total Assets (LDTA) ratio exerts a statistically significant negative effect on Return on Assets (ROA), indicating that a higher proportion of long-term debt tends to reduce profitability. Conversely, the Short-term Debt to Total Assets (SDTA) and Total Debt to Total Equity (TDTE) ratios have positive but statistically insignificant impacts on ROA, suggesting that neither short-term liabilities nor overall leverage significantly influence profitability in the observed period. These results imply that excessive reliance on long-term borrowing can impose interest burdens and financial constraints, thereby weakening performance. Consequently, financial managers in the pharmaceutical sector are encouraged to optimize their financing structure, prioritizing internal funds or short-term financing sources that align with operational needs and market conditions to sustain profitability and ensure long-term competitiveness.

The valuation of redeemable semi-annual and quarterly bonds is a specialised and contentious subject in finance. While instructing on this subject, students frequently pose the subsequent four enquiries: Which semi-annual discount rate do we use to discount the bond’s cash flows to arrive at its present value? What time frame is utilised to compute the present value elements for discounting the bond's cash flows? Do we obtain the identical bond value when assessing it from the views of the corporation and the investors? What is the appropriate discount rate for scenarios involving numerous discount rates from the present to the bond's maturity date? This study illustrates that the semi-annual and annual percentage rate (APR) yield to maturity (YTM) rates are the most appropriate discount rates for valuing redeemable semi-annual and quarterly bonds. The present value factors are calculated using the time interval period, not the actual years.  Assessing bonds from a company's standpoint by employing post-tax cash flows and discount rates results in an undervaluation of the bonds. The arbitrage-free valuation method is the most appropriate technique for assessing redeemable semi-annual and quarterly bonds. This method use various annual APR YTM rates derived from the bond's benchmark spot rate curve, valuing the bond as a collection of cash flows, with each cash flow treated as a zero-coupon bond. This allows each cash flow to be discounted at its specific discount rate

Stock returns reflect the investment returns investors receive from owning company shares, encompassing both dividends and stock price increases. High stock returns indicate strong company performance and are attractive to investors, often reflecting market expectations of the company's future profitability and contributing to increased company value. Conversely, low stock returns can reduce market confidence and negatively impact company value. This study examines factors influencing stock returns in cyclical consumer sector companies listed on the Indonesia Stock Exchange from 2019 to 2023, with a sample of 63 companies out of 124. The research utilizes principal component analysis (PCA) with regression mediation, analyzing variables such as liquidity, solvency, activity, profitability ratios, financial performance, good corporate governance, and macroeconomic factors. SPSS 25 is used for data analysis. Key findings reveal that Market Value Added (MVA) significantly impacts both stock returns and firm value, while exchange rates and GDP do not significantly affect stock returns or firm value in this sector. The money supply (M2) significantly influences stock returns but not firm value. The Sobel mediation test shows that stock returns significantly mediate the relationship between MVA and M2 with firm value, whereas they do not mediate the effects of exchange rates and GDP on firm value. These results offer insights into the economic and financial factors impacting stock performance and firm value in Indonesia's cyclical consumer sector. 

The purpose of this study is to determine the impact of assets value added and assets liquidity to stock liquidity in the context and evidence in Indonesia and in relatively different situations and conditions. The novelty of this research is in the assets value added using net value-added measurements, the research was conducted in the context and evidence in Indonesia, this research was conducted in two different situations, namely 2018-2019 (before the corona virus occurred) and 2020 (the corona virus occurred). The contribution of this research fills the narrow research gap in the field of stock liquidity from the perspective of assets value added in the context and evidence in Indonesia. The population in this research are entities listed on the Indonesia Stock Exchange with a research sample of entities categorized as manufacturing entities, research year 2018-2020, data analysis methods in this research used multiple regression, moderate regression (MRA). Main Findings: (i) Assets Value Added, Assets Liquidity and Information Asymmetry simultaneously effect Stock Liquidity. (ii) Stock Liquidity is positively impacted by Assets Value Added. (iii) Stock Liquidity is negatively impacted by Assets Liquidity. (iv) Information asymmetry weakens the impact of Assets Value Added to Stock Liquidity. (v) Information asymmetry strengthens the impact of Assets Liquidity to Stock Liquidity. The results of this study provide evidence in favor of information asymmetry theory and signal theory.

This study aims to analyze the development and soundness of banks from financial performance ratios in banking companies listed on the IDX in 2016-2021 using the RGEC approach; analyze the effect of the ratios used in RGEC on stock returns in banking companies listed on the IDX in 2016-2019 or before Covid19; analyzed the effect of the ratios used in RGEC on stock returns in banking companies listed on the IDX in 2020-2021 or during the Covid-19 pandemic. The sample consisted of the banking sub-sector listed on the IDX in the period 2016 to 2021. The data analyzed using the RGEC method. Based on the calculation of bank rating (bank soundness level), it can be seen that the key figures for the risk profile, GCG, earning and equity (RGEC) in the banking sub-sector listed on the IDX developed well in 2016-2021 in the banking sector on average from 39 banks studied. There are 11 Banks that are in Composite Rating 1 (Very Healthy), 25 Banks are on Composite Rating 2 (Healthy) and 3 Banks are on Composite Rating 3 (Sufficiently Healthy). Based on the results of panel regression tests in 2016-2019 (before Covid-19), bank rating (bank soundness level) which include risk profile (NPL and LDR), GCG, earnings (ROA and NIM) and equity (CAR) together have an effect of 28.89% of bank stock returns and 71.11% of stock returns are influenced by other factors outside the variables studied. However, based on the p-value results, the variables NPL, GCG, NIM and CAR have no significant effect on bank stock returns, while the LDR and ROA variables have a significant effect on stock returns. In general, the soundness of banks listed on the IDX is in a healthy condition. Whereas the results of panel regression tests in 2020-2021 (after Covid-19), bank rating (bank soundness level) which include risk profile (NPL and LDR), GCG, earnings (ROA and NIM) and equity (CAR) together have an effect of 4.93% of bank stock returns and 95.07% of stock returns are influenced by other factors outside the variables studied. However, based on the results of the p-value variables, NPL, LDR, GCG, ROA, NIM and CAR have no significant effect on bank stock returns. However, in general, the health level of banks listed on the IDX during the Covid-19 pandemic is in a healthy condition.

This research is in the form of quantitative research that aims to determine differences in stock prices, abnormal returns, and stock trading volumes before and after the stock split. The sample selection in this study was carried out using a purposive sampling method and obtained a sample of 58 companies from companies that listed on the Indonesia Stock Exchange and carried out stock split corporate actions during 2016 until 2020 period. Hypothesis testing in this study used the SPSS version 28 program using the Paired Sample T-test method for data that is normally distributed and the Wilcoxon Signed-Rank Test for data that is not normally distributed. The result of the research is that there is no difference between stock prices before and after the stock split, while there is a difference between abnormal returns before and after the stock split, and there is a difference between the stock trading volume before and after the stock split.

The objective of this study is to understand the influence of capital structure, sales growth and firm size on firm value in the automotive and component sub-sectors that are registered on the Indonesia Stock Exchange during 2016-2020 period. The research method used in this research is descriptive and verification methods. The findings of the study state that capital structure significantly and positively influences firm value, while there is no effect of sales growth and firm size on firm value in the automotive and component industry sub-sector companies that are registered on the Indonesia Stock Exchange during 2016-2020 period.  

The study examined the relevance of the statement of cash flow in the measurement of Business performance. The methodology used is a review of relevant and extant literature, First Bank share prices from 2012 -2021 after which a conclusion was made. Statement of cash flow has been a subject of debate among scholars due to some limitations in the preparation of cash flow statements. It was revealed that First Bank share prices that rose from all-time low in 2015 and 2016 to a sudden upsurge in 2018 is a reflection that the share prices did not reflect the intrinsic value of the firm. The information in the financial statement was not adequate to guide the various stakeholders. Failure of First Bank to disclose Central Bank of Nigeria forbearances, amount to material misrepresentation and led to a bubble of the share prices. The quick pick-up of the share prices after the sacked of FBN management is evidence of some investors ' belief in the bubble share prices.

The purpose of this study investigate effect of investment decisions, tax management on stock liquidity and investigate the effect of investment decisions, tax management on stock liquidity which moderated by liquidity. Novelty in the study is on the measurement of tax management variables, the contribution of this study is to introduce a new measurement of tax management and to provide information about investor responses and prospective investors in the stock market on tax management by companies in the context of Indonesia. The population of this study is manufacturing companies listed on the Indonesia Stock Exchange, determination of study samples using purposive sampling method with the criteria listed before 2015, complete data and non-delisting so as to obtain 127 manufacturing companies  with 5 years observation year (2014-2018) and obtained 635 company years data, multiple regression analysis and moderate regression analysis (MRA) were used in this study. Research findings: 1) Investment Decisions, Tax Management simultaneously influences and significant affects Stock Liquidity. 2) Investment Decisions have an effect and significant on Stock Liquidity. 3) Tax Management has an effect and is not significant on Stock Liquidity. 4) The effect of Investment Decisions on Stock Liquidity is not moderated by liquidity. 5) The effect of Tax Management on Stock Liquidity is not moderated by liquidity.

Instrument which conventionaly used to invest in a capital market is stock. Investor who invested in stocks wanted a certain level of profits from it, the profit from the result of the investment is called stock return. The increase or decreases of investors’ stock return acquisition were determined by monetary performance projected in the company monetary report. The purpose of this research is to discover the monetary performance of stock return on the category of consumer goods industry company in 2015-2018 periode using EPS (Earnings Per Share), ROE (Return on equity), and DER (Debt to equity ratio) as its measurement tools.
 The method used in this research is causal method with consumer goods industry company sector as its research object. Purposive sampling was used as research sample extraction and as a result, 14 companies were determined as data sample. The data were analyzed using classic assumption test (normality, multicollinearity dan heteroskedasticity). The samples were analyzed using data analysis panel or pooled data. 
 From the result of the research it was determined that monetary performance projected in return on equity was significantly affected the stock return. As for the monetary performance projected in earning per share and debt to equity ratio, was partially insignificant to its effect on stock return. Both monetary performance projected in earning per share, return on equity and debt to equity ratio was significantly affected the stock return of consumer goods industry company in 2015-2018.
  

Universal banks combine commercial loan services and public deposit functions with investment, and other services such as home and auto financing, mutual funds, pension and insurance to name a few. The importance of universal banks have been recognized in emerging economies, and its growth spur economic growth and development of many countries in the world. Most universal banks are listed in stock exchanges, and as financial intermediaries, not only these banks expand their already wide portfolios but they allow more global investors into the fold, almost like a foreign direct investor, the difference only is, the investor don’t have to leave the home country. Since these banks are considered to be among the key players in stock markets, and this study seeks to understand what factors drive their performance in stock exchange so that global investors be aided in making investment decisions on universal banks.