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This article maps the knowledge structure and evolution of bankruptcy/default prediction research in financial institutions using a bibliometric co-citation approach, which identifies works that are often cited together due to the proximity of their theories, methods, or themes. Bibliographic data were collected from the Web of Science (WoS) for the period 1970-2025, then extracted in a complete bibliographic format and prepared for network analysis. The co-citation procedure is carried out by extracting the reference list, normalizing and unifying citation variations, and preparing a co-citation matrix, which is then visualized and classified using VOSviewer with minimum threshold parameters and normalized association strength. The results of the document ranking based on the number of citations and Total Link Strength (TLS) show the development trajectory of the field from the ratio and Z-Score approach to the logit probabilistic model, the market foundation based on the structural theory of credit risk, the governance perspective supported by agency theory, the dynamic panel methodology/GMM for longitudinal data, to computational waves (neural networks and machine learning) to capture nonlinear patterns of credit scoring. The co-citation map uncovers four main clusters: econometrics & banking risk, structural theory, ratios, and computational, with Merton and Altman acting as the cross-cluster binding nodes. These findings support the design of a more comprehensive early warning system (EWS) by integrating ratio signals, market indicators, governance/agency factors, and ML models to improve accuracy and adaptation.    

This study examines the effect of Good Corporate Governance (GCG), financing quality, Islamic Corporate Social Responsibility (ICSR), and operational efficiency on the financial performance of Islamic Commercial Banks (Bank Umum Syariah/BUS) in Indonesia using a quantitative explanatory approach with panel data regression analysis. The research focuses on 14 Islamic Commercial Banks registered with the Financial Services Authority (Otoritas Jasa Keuangan/OJK) over the 2019–2024 period, resulting in 84 firm-year observations selected through purposive sampling based on the availability of complete annual reports. Financial performance is proxied by Return on Assets (ROA), while GCG is measured using governance indicators disclosed in annual reports, financing quality is represented by Non-Performing Financing (NPF), ICSR is measured using an ICSR disclosure index, and operational efficiency is proxied by the BOPO ratio. The analysis was conducted using EViews version 13. The empirical results show that Good Corporate Governance has a positive and statistically significant effect on financial performance, indicating that stronger governance practices contribute to higher profitability. Financing quality does not exhibit a significant effect on ROA. Conversely, Islamic Corporate Social Responsibility and operational efficiency have a negative and statistically significant effect on financial performance, suggesting that higher operational inefficiency and CSR-related costs may reduce short-term profitability. Overall, this study contributes to the Islamic banking literature by providing empirical evidence on key determinants of financial performance in Islamic Commercial Banks and highlights the importance of strengthening governance practices, improving operational efficiency, and managing ICSR programs more strategically to balance social objectives with long-term financial sustainability, while offering insights for regulators and stakeholders in reinforcing governance frameworks and optimizing Islamic value-based social responsibility.

This study aims to assess the impact of exposure to Carbon Emission Disclosure (CED) and the level of Greenhouse Gas (GHG) emissions on the valuation of companies operating in the Indonesian banking sector. This in-depth study also evaluates the influence of capital structure and intellectual property assets. In addition, this study explicitly examines how financial performance moderates the relationship between these variables and the company's value. Using a quantitative research method, this analysis observed a sample consisting of banking entities listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. The theoretical framework underpinning this research comprises Legitimacy Theory, Stakeholder Theory, Signal Theory, Preference Order Theory, and the resource-based view (RBV). The results reveal that transparent disclosure of carbon emissions and the accumulation of intellectual capital positively influence the company's value, while GHG emissions and leverage have adverse effects. Crucially, financial performance (ROA) moderates these relationships by weakening the positive impact of carbon disclosure and buffering the negative impact of GHG emissions but does not significantly moderate the effects of capital structure or intellectual capital. These findings offer practical guidelines for banking management to align environmental sustainability practices with financial strategies to enhance corporate value.  

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.

This study looks at the effect of accounting flexibility on earnings quality in public companies listed on the Indonesia Stock Exchange during the period 2016 to 2019. This study uses two models to measure earnings quality, namely ERC and earnings persistence. The results showed that accounting flexibility, namely the limitations of companies to carry out accrual earnings management, can reduce earnings quality, as shown by the abnormal accrual model which shows a significant positive coefficient direction, and for the ERC model and earnings persistence which shows a negative and significant coefficient direction. The higher the level of accrual earnings management up to a certain limit point, the more incentive company managers will have to increase accounting flexibility and switch to real earnings management (Xu and Yang, 2013; Masri, 2018). Theoretical contributions show that the higher the level of accrual earnings management up to a certain limit point, the more incentive company managers will have to increase accounting flexibility and switch to real earnings management (Xu and Yang, 2013; Masri, 2018; Purba, Surya, Joshi & Tiagy, 2023). The Implications of this research show that accounting flexibility is carried out when abnormal accruals reach the highest limit point reflected in accounting choices in net operating assets in the balance sheet, so in this case it results in a low level of earnings informativeness and earnings persistence. 

This study analyzes the effect of sustainable investment awareness and risk perception on students' interest in green finance instruments, with financial literacy as a mediating variable. A quantitative approach was used, involving 180 student respondents in the Special Region of Yogyakarta, who were selected through a purposive sampling technique using an online questionnaire via Google Forms. Data analysis was conducted using the SEM-PLS method through SmartPLS version 4.1.1.2. The results showed that sustainable investment awareness, risk perception, and financial literacy positively and significantly affect student investment interest in green finance. In addition, financial literacy acts as a significant mediator in the relationship between sustainable investment awareness and risk perception on interest in investing in green finance. This study contributes to developing literature on sustainable investment behavior among the younger generation, especially university students, by integrating financial literacy variables as a mediating mechanism. The findings expand the understanding of how psychological factors and financial knowledge influence investment decisions in sustainability.  

This study examines the implementation of the vMedis ERP system at Greencare Pharmacy using Balanced Scorecard (BSC) and SWOT analysis. The research evaluates financial, customer, internal process, and learning perspectives, revealing significant improvements post-implementation. Key findings include a 15% profit margin increase, enhanced customer satisfaction, streamlined inventory management, and improved staff competencies. Statistical analysis using the Wilcoxon Signed-Rank Test confirmed that these improvements across the BSC perspectives were significant (p < 0.05). SWOT analysis highlights internal strengths, such as financial stability and advanced technology adoption, and external opportunities like market growth potential. Challenges include regulatory complexity and high competition. Overall, vMedis demonstrates its effectiveness in enhancing operational efficiency and competitiveness in the healthcare sector.

This study investigates the application of Recurrent Neural Network (RNN) and Long Short-Term Memory (LSTM) models for predicting Bitcoin prices, with the objective of enhancing investment approaches. Given Bitcoin's significant volatility and inherent risk, accurate price forecasting is vital for making strategic decisions. The research evaluates model performance by analyzing Bitcoin price data spanning May 25, 2020, to May 25, 2024, employing quantitative methodologies like experimental design and predictive analysis. Results indicate the LSTM model achieves superior predictive accuracy over the RNN model, demonstrated by reduced Mean Absolute Percentage Error (MAPE) and Root Mean Squared Error (RMSE) figures. Additionally, the research delves into how these models affect the Dollar Cost Averaging (DCA) investment strategy, offering perspectives on the advantages and drawbacks of using machine learning to optimize cryptocurrency investments. 

Idiosyncratic risk refers to a distinct category of risk that impacts individual firms and is shaped by multiple aspects, including carbon performance and Environmental, Social, and Governance (ESG) disclosures. This risk, particularly concerning environmental sustainability, can provide considerable hurdles for companies. This study aims to examine the influence of carbon performance and ESG disclosure on idiosyncratic risk, with the speed of adjustment serving as a moderating variable. This research examines coal production firms listed on the Indonesia Stock Exchange (IDX) from 2021 to 2023, with a sample of 26 companies selected through purposive sampling. This research utilizes quantitative methodologies, specifically multiple linear regression and a moderating variable approach. Data is derived from annual reports, financial statements, and sustainability reports of coal firms, as well as information from investing.com and the Katadata Corporate Sustainability Index. The data indicate an inverse correlation between carbon performance and idiosyncratic risk, as well as between ESG disclosure and idiosyncratic risk, suggesting that organizations with superior ratings in both domains encounter diminished idiosyncratic risk. Moreover, whereas the speed of adjustment does not reinforce the connection between carbon performance and idiosyncratic risk, it does augment the association between ESG disclosure and idiosyncratic risk.

This research explores conservation practices at Borobudur, one of Indonesia's prominent heritage sites, and comprehends collaborative conservation strategies that preserve cultural heritage amidst rising tourist pressures. We employ a qualitative approach that incorporates narrative methods, in-depth interviews, triangulation, and observation. Furthermore, we used a thematic examination to achieve a deeper understanding of the data. The findings emphasize the necessity for mutual understanding and collaboration among stakeholders. The study highlights the challenges faced by disadvantaged groups, tour operator firms, pilgrim tourist services, and Taman Wisata Candi (TWC), which have the authority to provide service.   So, BKB, the responsible institution, has to encourage parties to collaborate on actions respectively. This study contributes to tourism service theory by offering strategic guidance to mitigate the adverse effects of conservation policies on stakeholders. It underscores the importance of collaborative efforts and tailored strategies.

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. 

In Indonesia, a QR code payment is referred to as QRIS (Quick Respond Code Indonesian Standard). QR code technology is employed by QRIS, a contemporary payment system, to establish connections between a variety of financial transactions. QRIS offers numerous advantages to businesses, including the ability to obtain numerous promotions, the automated recording of transactions, the ability to track financial income and expenses, and the elimination of the need to search for change. Regrettably, the low level of digital literacy in Indonesia has prevented certain individuals from adopting digital transactions. Consequently, policymakers and regulators will be able to make more informed decisions regarding the expansion of QRIS in Indonesia by gaining a more comprehensive understanding of the perceptions of utility and perceived ease of use among Indonesian users. This research involves individuals who have implemented QRIS. The sample size in this study was sufficient due to the use of PLS-SEM, a powerful multivariate analysis technique that is recognized for its statistical efficacy in small sample sizes. The study explores the behavioral intention to use QRIS among Indonesian users, emphasizing perceived usefulness and perceived ease of use while incorporating control variables such as age, experience, gender, income, and education. The analysis results indicate that perceived usefulness has a substantial impact on the behavior intention of QRIS, and perceived ease of use also has an impact on the behavior intention of using QRIS. Education and income were found to have no significant difference in relation to behavior intention of using QRIS, whereas age, experience, gender, and age were associated with a significant difference.

This study aims to resolve the inconsistencies in prior research regarding the effects of capital structure, firm size, and good corporate governance (GCG) on company value. Additionally, it investigates the moderating role of corporate social responsibility (CSR) in the relationship between financial performance and company value, offering new insights into this dynamic interaction. This study utilizes a saturated sample or census approach, including all population members, due to the small population size and the researcher's ability to access the required data. Data from 71 manufacturing companies listed on the Indonesia Stock Exchange (IDX) between 2018 and 2022 were obtained from their financial statements and annual reports. A quantitative analysis was conducted using Partial Least Square (PLS) regression with the SmartPLS 4.0 software. The results indicate that capital structure, company size, and GCG significantly impact financial performance. Additionally, capital structure was found to significantly affect company value, while company size and GCG did not. Financial performance significantly influenced company value, but CSR did not directly affect company value and did not moderate the relationship between financial performance and company value. 

This research aims to determine the influence of firm size, profitability, leverage, and board size on Islamic social responsibility. The population in this research are companies listed on the Indonesian Stock Exchange in 2020–2022. In this research, we will see the simultaneous and partial influence and the dominant variables using data analysis tools in the form of multiple linear regression, coefficient of determination, hypothesis testing using the F test and t-test, and the classical assumption test. Based on the research results, it can be concluded as follows: Simultaneously, firm size, profitability, leverage, and board size influence Islamic social responsibility. Partially, it can be seen that not all variables have a significant effect on Islamic social responsibility. Firm size and leverage influence Islamic social responsibility, while profitability and board size have no influence. 

The purpose of this article is to assess the impact of female board representation on financial performance in Southeast Asia. To compare the presence of women, three proxies are used: the percentage of women, the Blau Index, and the Shannon Index. The samples for five-year intervals (2017-2021) include 249 Southeast Asian enterprises and 1,245 observations. The Fixed Effect Model results show that, based on all three proxies, women's board participation leads to lower financial performance, which contradicts the Agency and Resource Dependence Theories. This document serves as a resource for regulators and stakeholders in developing effective and proper corporate governance, particularly in board compositions that need a proportion of women in Southeast Asia. The conclusions of this study may be impacted. 

The research was conducted to see how cost of funds (COC), and non-performing loans (NPL) on profitability is measured by return on assets (ROA). The research method used is descriptive and verification methods. Secondary data is sourced from Regional Development Banks of West Java and Banten Provinces in Indonesia quarterly financial reports for 2014 – 2022, while the data analysis technique uses multiple linear regression analysis. The results of the research are that COF and NPL has a negative and significant effect on ROA. Simultaneously, COF and NPL have a significant effect on ROA. The results of this research are useful for bank management in determining funding strategies with low cost of funds, and credit management strategies so that non-performing remains healthy. 

One of the Indonesian government's policies since 2015 has been to increase development through its developed infrastructure, by increasing its budget for this sector from year to year. However, companies listed in the engineering and construction subsector on the Indonesian Stock Exchange, both state-owned enterprises and private companies, experienced losses so it could be said that their financial performance was poor. This study intends to evaluate the financial performance engineering and construction sub-sector companies using the Economic Value Added (EVA), Market Value Added (MVA), Refined Economic Value Added (REVA), Financial Value Added (FVA), and Shareholder Value Added (SVA) in 2018 – 2023 and determine their influence on stock prices. This type of research is quantitative descriptive research using E-Views 12 with a population 26 companies and a sample size 16 companies. Based on the results the calculations and analysis, it stated that EVA, MVA, REVA, FVA, SVA and stock prices engineering and construction companies, both state-owned and private, during the 2018 - 2023 period obtained an average of negative amounts. The research results show that the financial performance variables using value added have an influence on stock prices with influence of 74.57% while the rest is influenced by other variables not examined in this research. Partially only MVA and SVA have an influence on stock prices because based on the probability test using E-Views 12 it appears that only MVA and SVA produce results below the alpha. The suggestion for this research is that company management should pay attention to the company's financial performance, especially the MVA and SVA variables and further researcher can make comparative research between all value-added variables. 

Changes in individual activities lead to changes in behavior. In particular, adolescents experience changes in learning and teaching activities, resulting in a gap between the amount of time available and the lack of activities that adolescents can do. It becomes a momentum for adolescents to create new activities, one of which is investing in the capital market. The relationship between emotional intelligence and adolescents’ intention to become investors, as well as the moderating effect of financial literacy in the relationship. These values indicate that the model is suitable enough to explain about 42.8%-52.6% of changes in the relationships tested.  Emotional intelligence has a positive effect on adolescents’ intention to become investors, and financial literacy is able to strengthen this influence. This study contributes to a greater understanding of the importance of emotional intelligence and financial literacy when adolescents have the intention to become investors, especially when capital market uncertainty increases. As capital market uncertainty increases, adolescents should be able to assimilate emotional intelligence with their financial literacy to obtain greater returns. It may encourage adolescents to keep choosing their career as an investor. These results have significant theoretical contributions and provide recommendations for industry and policymaker. This can encourage teens to still choose their careers as investors. These results have significant theoretical contributions and provide recommendations for industry and policymakers.  

This study delves into the performance of Indonesian state-owned enterprises (BUMN) stocks from February 2021 to October 2023, attracting investor attention due to their strategic position in the national economy. However, the stock performance during this period exhibited suboptimal movements, failing to surpass the returns of the Indonesia Stock Exchange Composite Index (IHSG). To address this, a prudent investment strategy is essential, encompassing portfolio construction and management. In portfolio construction, the study employs proven smart beta strategies, known for delivering superior returns compared to traditional portfolios. Portfolio management involves testing two strategies: a passive approach utilizing the buy-and-hold technique and an active approach employing portfolio recomposition. This quantitative descriptive study utilizes historical closing price data, forming portfolios based on selected beta groups. Weighting is adjusted, with higher beta stocks receiving a larger allocation in the portfolio. The research compares two beta groups (high and low) and two investment strategies (active and passive) using the Sharpe, Treynor, and Jensen indices. The results indicate that the high-beta group and active strategy outperform, aligning with the investment adage "high risk, high return." The high-beta group yields higher returns due to its increased risk profile, consistent with the notion of high-risk, high-reward investments. The active strategy provides opportunities to discard underperforming stocks and enhance the weighting of well-performing ones during recomposition. These findings are valuable for investors seeking to capitalize on BUMN stocks at lower prices. The study aids in minimizing negative returns (losses) by identifying the most suitable strategy for BUMN portfolios. Investors can leverage this research to make informed decisions and navigate the challenges associated with investing in state-owned enterprises.

This exploration aims to test and dissect factors that impact bank fiscal performance and their impact on shareholder tips. The variables used are E-Banking, credit handed as an independent variable, and ROE as a dependent variable. This exploration also looks at the influence of ROE on shareholder tips proxied by the DPR. This exploration was conducted in all BPDs in Sumatra, there are 8 BPDs registered with the OJK during the 2019 – 2022 period. The exploration system used was descriptive exploration with a quantitative exploration approach. Data recycling analysis uses multiple and simple retrogression analyses. The exploration results show that E-Banking and the credit handed have a significant influence on ROE, both concertedly and collectively. Meanwhile, fiscal performance (ROE) also influences shareholder tips (DPR).