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Macroeconomics plays an important role in influencing firm value and performance. This study aims to analyze the effect of inflation, exchange rates, interest rates, and Gross Domestic Product (GDP) on firm value, with firm performance as a mediating variable. Firm performance in this study is proxied by liquidity, which is measured using the Current Ratio (CR), representing one specific dimension of firm performance rather than its overall performance, while firm value is proxied by the Price Earning Ratio. The study was conducted on infrastructure sector companies listed on the Indonesia Stock Exchange for the 2019–2023 period, using a purposive sampling method. Data analysis was carried out through classical assumption tests, multiple linear regression, and mediation analysis using the Sobel test. The results showed that inflation, interest rates, and GDP had a significant effect on Current Ratio, but exchange rates did not. Meanwhile, inflation, interest rates, and exchange rates had a significant effect on firm value, but GDP did not. The mediation test showed that Current Ratio only significantly mediated the effect of inflation on firm value. These findings indicate the importance of liquidity management and strategies in dealing with macroeconomic risks. Further research is recommended to examine other mediating variables and different industrial sectors.       

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. 

This paper investigates the relationship between macroeconomic factors, firm financial position, and firm value in Indonesia's property and real estate sector from 2017 to 2022. The property and real estate sectors significantly influence Indonesia's economic growth. Nevertheless, the real estate sector has encountered significant obstacles in recent years, notably during the COVID-19 pandemic, due to volatility in interest rates, high construction costs, and the sluggish property market. This study aims to address the existing research gap by investigating the relationship between macroeconomic indicators, including GDP growth, inflation rates, and interest rates, as well as financial factors, such as profitability and leverage, on the industry’s firm value over a specified timeframe. Using panel data regressions, the study analyzes 162 observations from 27 listed property and real estate companies. The empirical findings demonstrate that property and real estate firms have the potential to enhance their overall performance and increase shareholder value by considering the interconnectedness of economic conditions and the financial position of the firm. Profitability emerges as a significant predictor of firm value, while the selected macroeconomic factors have significant and insignificant effects on the valuation of firms. Meanwhile, since this industry has substantial leverage, this variable does not affect firm value. This study also highlights that the critical component that drives the evaluation of a firm's value is heavily influenced by the specifics of the industry and the regulatory framework in which the business operates.

This study examines the effect of inflation on firm value in Indonesia and uses earnings quality to moderate inflation’s effect on firm value. The aim of this study is to discuss whether earnings quality can weaken the effect of inflation on firm value. The sample of this study is consumer firm listed on the Indonesia Stock Exchange (IDX) from 2016-2021 with a total of 696 firm-years. Using EViews 9 as a statistical software to test the hypothesis, the results show that inflation harms the firm value, and also proved that earnings quality can weaken the effect of inflation’s negative effect on firm value. The findings provide insight that earnings quality can be a solution to reduce the effect of inflation on firm value. Overall, the findings support the previous studies that suggest inflation is an external factor that affects the firm value and can be solved by maintaining the quality of earnings.

This research was conducted to determine the effect of Gross Domestic Product, company value, systematic risk on stock return of the kompas100 listed company. The population of this study were companies listed on the Kompas100 index for the 2017-2020 period, with a total sample of 53 companies based on a purposive sampling technique. This study uses panel data regression analysis with the Fixed Effect Model (FEM) regression model. Classical Assumption Test was adopted to test data validation. The results showed that Gross Domestic Product and systematic risk had a negative effect on stock returns, while firm value had no effect on stock returns, with a coefficient of determination of 74 percent. The findings in this study explain that Gross Domestic Product and Systematic Risk had a negative effect on stock return explained by the investors’ behavior in terms of decision-making. They tend to avoid market risk and purchase blue chip stock when it is reached its lowest. While firm value had no effect on stock return due to investors’ confidence and the good credibility of Kompas100 Index in sorting 100 stocks.

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.

The purpose of this study is to empirically analyze the performance of liquidity, leverage, profitability, and activities of firms on the Indonesia Stock Exchange during the Covid-19 pandemic based on a quantitative approach. This study uses secondary data from financial reports of firms listed on the Indonesia Stock Exchange that are included in the LQ45 index, which represents the movement of the capital market based on specific criteria. The results reveal that the Covid-19 pandemic has hurt the Indonesian firm’s financial performance. The worst condition has increased the leverage ratio, and the profitability and activity ratio declined, as experienced in several emerging countries. The findings of this research can be a bunch of information for investors in making decisions that these financial ratios are sensitive to economic volatility. In addition, this finding also adds insight to the company's management, especially LQ45 companies, that the company is expected to be able to maintain its financial fundamentals of these ratios. Further research needs to be carried out on how the effects of the Covid-19 pandemic influence financial performance according to the sector type of the firm and conducted in more time series periods.

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.  

This study was conducted to find out whether there are differences in the financial performance of the Primary Consumer Goods Sector Companies before and during the Covid-19 outbreak. This study uses a probability sampling technique called the Slovin formula to determine the number of samples, the final result obtained is 72 samples of companies. The research period is one year before Covid-19 (2nd quarter of 2019 to 2nd quarter of 2020) and one year during Covid-19 occurs (2nd quarter of 2021 to 2nd quarter of 2022). Data processing in this study uses SPSS 28 with the Wilcoxon signed-rank test analysis technique. The results in the study state that there are differences for profitability and activity variable, while for liquidity and solvency variables shows that there are no differences before and during Covid-19.

This study aims to determine the effect of business diversification on stock prices by mediating company performance, represented by the variable ROE and EPS in a fluctuating coal price situation. The data used are 16 companies engaged in coal mining in Indonesia and listed on the Indonesia Stock Exchange (IDX) from 2012 to 2019. Using two analysis methods: path analysis to examine direct and indirect relationships between variables and different tests to see differences in the performance of companies that diversify and do not diversify. The results showed that coal commodity prices had a significant positive effect on stock prices and indirectly, through ROE and EPS, had a significant positive impact on stock prices. Business diversification directly has a significant negative impact on stock prices and indirectly through EPS positively affects stock prices. Business diversification provides a substantial difference to EPS and does not provide a significant difference to ROE.

This study purposes to determine the impact of risks of investment on stock returns of the agricultural sector in wetlands listed on the IDX for the period 2016-2019. This study uses secondary data while the analysis tool uses multiple linear regression (SPSS 21). The research population is 21 companies and the sample is 17 companies. The research sampling technique uses purposive sampling. The object of research is the agricultural sector which is listed on the Indonesia Stock Exchange for the period 2016 to 2019. This study also uses some classical assumptions. Testing the research hypothesis was done by t-test (partial test) and the coefficient of determination test. The results of the study are that 2 independent variables have a significant effect, namely interest rate risk (X1) in a positive direction and exchange risk in a negative direction, while liquidity risk and inflation risk have no significant effect with negative and positive directions on stock returns of the agricultural sector listed on the IDX for the period 2016-2019. The result of the research determination coefficient is 15.1%.

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.

This study aims to examine the factors that affect the value of manufacturing companies in the Automotive Industry Sub-Sector Listed on the Indonesia Stock Exchange in 2015 - 2019. These factors are firm size and financial performance. The financial performance consists of liquidity, profitability, and solvency. The number of manufacturing companies in the Automotive Industry sub-sector which was made into the population was 13. Sampling was using the purposive sampling technique. Based on the predetermined criteria, there were 10 companies that met the criteria so that there were 50 observations. Data collection techniques use documentation from financial reports published on the official website of the Indonesia Stock Exchange. The model used in this research is panel data regression using the Eviews application. The findings of this study indicate that of the four independent variables tested, only the solvency variable affects firm value, but the simultaneously firm size and financial performance have a significant effect on firm value. The results of this study indicate that in general, stock investors view the importance of all financial ratios, but can ignore short-term financial symptoms that are reflected in company size, profitability, and liquidity, but should pay more attention to the security of long-term investments which can be seen insolvency.

As an industry that has an important role for other industrial sectors, the plastic and packaging industry is the supply chain for consumer products. Behind the high industrial growth and the potential is still large, there are problems with plastic waste, consumption power, and changes in people's lifestyles that can affect the growth of the plastic and packaging industry. This study aims to determine how much impact the NPM (Net Profit Margin), GPM (Gross Profit Margin), TAT (Total Assets Turnover) on Profit Growth in the plastic and packaging industry sub-sector companies listed in IDX (Indonesia Stock Exchange) for the period 2014 to 2018. The method used in this study is a quantitative descriptive. The sampling technique used was purposive sampling in order to obtain a sample of 11 companies from a population of 12 companies. In the study the method of data analysis used the multiple linear regression analysis techniques by processing data using Eviews 8, because the data is not normally distributed, it uses the log transformation method. The results showed that simultaneously NPM (Net Profit Margin), GPM (Gross Profit Margin), TAT (Total Assets Turnover) had a significant effect on profit growth. And partially NPM (Net Profit Margin) has a significant effect on profit growth, while GPM (Gross Profit Margin) and TAT (Total Assets Turnover) have no significant effect on profit growth.

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.