Tobin's Q Modeling Through the Du Pont System Financial Performance Method Using SEM-PLS

This study aims to analyze the effect of dividend policy and financial performance on firm value, with firm size as a moderating variable. The study subjects included primary consumer goods companies listed on the Indonesia Stock Exchange (IDX) for the 2019–2023 period. The independent variables were Dividend Payout Ratio (DPR), Return on Equity (ROE), Current Ratio (CR), Total Asset Turnover (TATO), and Debt to Equity Ratio (DER), while Price to Book Value (PBV) was used as a proxy for firm value. Firm size (SIZE) was used as a moderating variable using panel data regression analysis and a moderation interaction approach. The results showed that DPR had a significant positive effect on PBV, while ROE had a significant negative effect on PBV. Meanwhile, CR, TATO, and DER did not significantly influence PBV. Firm size had a significant positive effect on PBV. Regarding moderation, firm size significantly moderated the effect of DPR and DER on PBV, indicating that in larger companies, the positive effect of DPR and DER on firm value tends to weaken. The interaction of company size with ROE, CR, and TATO did not show a significant moderating effect.

Company has a normative goal to maximize the value of the companies, which aims to maximize shareholder wealth. This study aims to analyze the factors that value effect of the company. The variables used in this study are the Debt to Equity Ratio (DER), Dividend Yield (DYD) and Size. The research was conducted on property companies listed on the Stock Exchange, period from 2009 to 2011. The dependent variable in this study is measured by the value of the company’s, Price to Book Value (PBV). The independent variable in this study is capital structure is measured by Debt to Equity Ratio (DER), dividend policy as measured by Dividend Yield (DYD) and Size. Sampling was conducted using purposive sampling method which produces 17 companies as the study of a population sample of 52 companies. The method used in this research is the analysis of linier regression. This result showed by together DER, DYD and Size has effect on PBV. The partially DER indicated positive and significant effect of PBV. Size had no significant positive effect on PBV. DYD has significant effects and negatively to PBV. Keyword : Debt to Equity Ratio (DER), Divident Yield (DYD), Size and Proce to Book Value (PBV)

Stock price volatility is an important indicator for investors in assessing market risk, and it can be influenced by various internal and external factors. Previous studies on the effects of corporate social responsibility (CSR), debt to equity ratio (DER), and asset growth on stock price volatility have produced inconsistent findings, particularly when firm size is considered as a moderating variable. This study aims to analyze the influence of CSR, DER, and asset growth on stock price volatility, with firm size as a moderating variable, in construction companies listed on the Indonesia Stock Exchange. A quantitative approach was employed using secondary data from annual reports and financial statements of 15 construction companies for the 2018–2022 period. The data were analyzed using multiple linear regression with interaction terms to test the moderating effect. The results indicate that CSR and asset growth have a positive but insignificant effect on stock price volatility, while DER has a positive and significant effect. Firm size does not moderate the relationship between CSR and asset growth with stock price volatility but moderates and weakens the influence of DER. These findings suggest that, in the construction sector, leverage is a stronger driver of stock price volatility than CSR or asset growth, and that larger firms can mitigate the risk impact of high DER. The implications of this study highlight the need for effective debt management, strategic CSR implementation, and optimal asset utilization to reduce market risk and enhance investor confidence.

This research investigates the impact of Return on Assets (ROA), Debt to Equity Ratio (DER), Sales Growth, and Gender Diversity on Environmental Performance (EP) among 75 companies listed on the Indonesia Stock Exchange participating in the PROPER program from 2019 to 2022. The study employs a random effects model. The findings indicate that ROA, DER, Sales Growth, and Gender Diversity significantly influence EP. Specifically, Firm Size (FZ) moderates the impact of DER on EP. However, Firm Size does not significantly moderate the effects of ROA, Sales Growth, and Gender Diversity on EP. The research provides insights into factors contributing to the financial performance of companies and the moderating role of firm size. The novelty of the study lies in the moderating role of firm size in the relationship between ROA, DER, Sales Growth, and Gender Diversity with environmental performance. The research contributes to legitimacy, stakeholder, and agency theories. Policymakers can leverage these insights to formulate strategies that encourage corporate sustainability. This study offers valuable information for companies aiming to enhance both environmental and financial performance, ultimately contributing to broader societal well-being.

The purpose of this study was to determine the effect of Return On Assets (ROA), and Debt to Equity Ratio (DER) on Dividend Yield, with Earning Per Share (EPS) as a moderating variable. This study uses secondary data, namely in the form of financial statement data of PT. Indofood Sukses Makmur Tbk. The technique used is linear regression analysis and moderation regression analysis by utilizing the SPSS 26 program. The results showed that Return On Assets (ROA) has a positive but insignificant effect, Debt to Equity Ratio (DER) has a positive and significant effect, Earning Per Share (EPS) has an effect but is not significant on the relationship between Return On Assets (ROA) and Dividend Yield, and Earning Per Share does not affect the relationship between Debt to Equity Ratio (DER) and Dividend Yield. So to increase Dividend Yield, the company can increase the Debt to Equity Ratio (DER)

The achievements achieved by a company in financial management and the performance conditions of an entity are called financial performance. The aim of this research is to find out how liquidity variables measured by the Current Ratio (CR) and Debt to Equity Ratio (DER) influence financial performance as measured by the Profitability Ratio (ROA) simultaneously or partially. This research uses the annual financial reports of Food and Beverage sub-sector companies listed on the Indonesia Stock Exchange in 2020-2022. This research uses a quantitative descriptive approach. The sample selection method used was the purposive sampling method. The sample used is the annual financial report of Food and Beverage sub-sector companies listed on the Indonesia Stock Exchange for 2020-2022. The data source in this research is secondary data in the form of audited financial reports obtained from www.idx.co.id. The data analysis technique used is linear panel data regression using SPSS 26. Based on the research results, it is concluded that liquidity and debt to equity ratio simultaneously have a significant effect on financial performance. Partially, liquidity does not have a significant effect on financial performance. Debt to equity ratio partially does not have a significant effect on financial performance.

The performance of State-Owned Enterprises (BUMN) and Regional-Owned Enterprises (BUMD) is currently the main hope regarding state revenues and one source of regional income, because BUMN and BUMD are national assets and regional assets which are very important as a source of funds for economic recovery. nationally, especially the Covid-19 pandemic that has just passed. The aim of this research is to determine the performance of BUMN compared to the performance of BUMD. Logically, the very large resources of BUMN compared to BUMD should make BUMN's performance better than BUMD and the results are expected to be very different. The data used is BUMN and BUMD financial performance data for five years, namely the 2017-2021 period. In this research, financial performance assessment uses financial ratio indicators, Current Ratio (CR), Debt To Equity Ratio (DER), Debt To Total Asset Ratio (DTA), Net Profit (NPM), Return On Assets (ROA) and Return On Equity (ROE) Test the hypothesis using the Kolomogorov-Sminov for normality-test and t-sample independent-test. The results of this research show that the financial performance of BUMN determined by the Current Ratio (CR), Debt To Equity Ratio (DER), Debt To Total Asset Ratio (DTA), Return On Assets (ROA) and Return On Equity (ROE) is not significantly different from the financial performance of BUMD for the 2017-2021 period.The performance of State-Owned Enterprises (BUMN) and Regional-Owned Enterprises (BUMD) is currently the main hope regarding state revenues and one source of regional income, because BUMN and BUMD are national assets and regional assets which are very important as a source of funds for economic recovery. nationally, especially the Covid-19 pandemic that has just passed. The aim of this research is to determine the performance of BUMN compared to the performance of BUMD. Logically, the very large resources of BUMN compared to BUMD should make BUMN's performance better than BUMD and the results are expected to be very different. The data used is BUMN and BUMD financial performance data for five years, namely the 2017-2021 period. In this research, financial performance assessment uses financial ratio indicators, Current Ratio (CR), Debt To Equity Ratio (DER), Debt To Total Asset Ratio (DTA), Net Profit (NPM), Return On Assets (ROA) and Return On Equity (ROE) Test the hypothesis using the Kolomogorov-Sminov for normality-test and t-sample independent-test. The results of this research show that the financial performance of BUMN determined by the Current Ratio (CR), Debt To Equity Ratio (DER), Debt To Total Asset Ratio (DTA), Return On Assets (ROA) and Return On Equity (ROE) is not significantly different from the financial performance of BUMD for the 2017-2021 period.

This study aims to examine the influence of Capital Structure and Wealth Structure on theFinancial Performance of Telecommunication companies listed on the Indonesia Stock Exchange.Dependen variable in this research is Financial Performance of company. The company’s FinancialPerfomance is measured by Return On Equity (ROE). The independent variable in this study is theCapital Structure measured by Debt to Equity Ratio (DER) and Wealth Structure measured byCurrent Asset to Fixed Asset (CTF). The population in this study includes all Telecommunicationcompanies listed on the Indonesia Stock Exchange in 2012-2017 and all populations are taken asresearch samples because the number of Telecommunications companies only amounted to 5companies or saturated samples. Data Analysis is Multiple Linear Regression using panel data orcalled panel data regression model.The result of research shows that Capital Structure and WealthStructure have positive and significant influence simultaneosly on Financial Performance withFarithmetic 16,48 at significant level 0,00<0,05. Adjusted-R square value of 0,516 shows the capitalStructure And Wealth Structure is able to explain the Financial Performance of 52% and theremaining 48% is explained by other variables outside the research model. It is suggested to set theproblem of debt because it does not have a significant effect on Financial Performance while theliquidity needs to be maintained because it has a significant effect on the Financial Performance ofthe company.Keywords : Capital Structure, Wealth Structure, Financial Performance, Debt To Equity Ratio,Current Asset To Fixed Asset, Return On Equity.

The objective of this study is to assess the impact of Price Earning Ratio (PER), Debt to Equity Ratio (DER), Dividend Payout Ratio (DPR), and Firm Size on Firm Value in the Property and Real Estate Sector listed on the Indonesia Stock Exchange. The research was conducted on a population of 79 companies with a sample size of 15, using purposive sampling. Secondary data from the Indonesian Stock Exchange website and the companies' websites was utilized for the study. The research employed panel data regression as the method. The findings suggest that PER, DER, and DPR have no significant impact on firm value. In contrast, firm size negatively and significantly affects firm value. When considered together, all independent variables significantly affect firm value. The managerial implications of this research highlight the importance of comprehending the relationship between PER, DER, DPR, and Firm size on Firm value, providing crucial strategic insights for managers to enhance the firm's appeal to investors by demonstrating the potential for higher profit growth.

This study aims to examine the effect of investment decisions, funding decisions, profitability and dividend policy on firm value in manufacturing companies listed on the Indonesia Stock Exchange for the period 2014-2018. The independent variables used are investment decisions proxied by price earning ratio (PER), funding decisions proxied by debt to equity ratio (DER) and debt to assets ratio (DAR), profitability as proxied by return on assets (ROA), return on equity (ROE) and net profit margin (NPM) and dividend policy as proxied by dividend payout ratio (DPR), and dividend yield. The dependent variable used is the firm value which is proxied by the price book value (PBV). The population of this study are manufacturing companies listed on the Indonesia Stock Exchange. By using purposive sampling method, 26 companies were taken as samples. The analytical technique used is Structural Equation Modeling (SEM) with the help of the SmartPLS3 program. The results showed that investment decisions (PER), funding decisions (DER, DAR), and profitability (ROA, ROE and NPM) had a positive and significant effect on firm value (PBV). This means that increasing investment decisions (PER), funding decisions (DER, DAR), and profitability (ROA, ROE and NPM) can increase firm value (PBV). On the other hand, dividend policy has a negative but not significant effect. This means that increasing or decreasing dividend policy does not affect firm value.

This study examines the influence of firm size, profitability, solvency, and public accounting firm (KAP) size on audit report lag among food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. The research employs purposive sampling, involving 68 companies with a total of 272 observations, and uses multiple linear regression analysis after passing all classical assumption tests. The findings reveal that profitability measured by Return on Equity (ROE), solvency measured by Debt to Assets Ratio (DAR), and KAP size have a significant effect on audit report lag. Meanwhile, firm size (measured by total assets and total sales), profitability measured by Return on Assets (ROA), and solvency measured by Debt to Equity Ratio (DER) show no significant effect. These results indicate that companies with higher ROE, greater DAR, and those audited by Big Four accounting firms tend to complete their audit process more promptly. The study highlights that both financial performance and auditor characteristics play essential roles in determining audit timeliness. Overall, this research provides valuable insights for management, auditors, investors, and regulators to enhance the efficiency and reliability of financial reporting.

The Effect of Corporate Social Responsibility (CSR) and Debt to Equity Ratio (DER) on Profitability in Mining Sector Companies Listed on the Indonesia Stock Exchange (IDX) for the Period 2020–2024This research employs a quantitative approach with an associative research design. The data used are secondary data in the form of financial statements of mining sector companies listed on the IDX during 2020–2024. The sample consists of 8 companies with a total of 40 observations selected using purposive sampling technique. The data were analyzed using multiple linear regression analysis with the assistance of SPSS version 29. The results show that partially, Corporate Social Responsibility (CSR) does not have a significant effect on profitability with a significance value of 0.729 (&gt; 0.05). Meanwhile, Debt to Equity Ratio (DER) has a significant effect on profitability with a significance value of 0.029 (&lt; 0.05). However, simultaneously, Corporate Social Responsibility (CSR) and Debt to Equity Ratio (DER) do not have a significant effect on profitability, as indicated by a significance value of 0.720 (&gt; 0.05). The R value of 0.256 indicates a weak relationship between the independent variables and profitability. The R Square value of 0.065 indicates that Corporate Social Responsibility (CSR) and Debt to Equity Ratio (DER) together explain only 6.5% of the variation in profitability, while the remaining 93.5% is influenced by other variables outside this study Keywords: Corporate Social Responsibility (CSR), Debt to Equity Ratio (DER), Profitability, Mining Companies.

The purpose of this research is to analyze the effect of the Firm Size, Leverage and Profitability Tto Economic Value Added on emiten manufactur in Indonesia Stock Exchange. The selected independent variables in this study are Total Asset, Debt to Equity Ratio (DER) and Return on Equity (ROE) and the dependent varable is Economic Value Added (EVA). This research was conducted on manufactur listed issuers in Indonesia Stock Exchange in 2010-2014 period. Research carried out by using 59 sampels based on stratefied random sampling method. Panel Data Regression Models with Generalized Least Squares (GLS) method is used to data analysis and hipothesis testing. The results of this research and hypothesis testing indicate that: (1) Partially,Total Assets,ROE have a possitively relationships with significantly affect to the EVA and DER have a possitvely relationships with not significantly affect to the EVA.(2) Total Asset, DER and Profitability simultaneously have possitively relationship with significantly affect to the EVA. (3) model in this study showed a weak pattern relationships between the dependent variable with the independent variables.&#x0D; Keywords : Firm Size, Leverage, Profitability, Economic Value Added, panel data

The purpose of this study is to determine the effect of green accounting, financial performance, and firm size to determine the sustainability of manufacturing companies by paying attention to and maintaining the environment and public trust. This research uses Environmental, Social, Governance (ESG) as a proxy for green accounting, financial performance which is proxied by Return On Assets (ROA), Return On Equity (ROE), and Net Profit Margin (NPM), and firm size which is proxied by logarithms. from company size to Financial Sustainability which is proxied by the Debt to Equity Ratio (DER) in manufacturing companies listed on IDX. This research uses samples taken using a purposive sampling method and obtained 46 companies as samples and multiple linear regression analysis tools with data processing using SPSS version 20. The results of this research show that ROE has a positive and significant effect on financial sustainability, ESG and ROA have a significant negative effect on financial sustainability. Meanwhile, NPM and firm size have no influence on financial sustainability. Financial resilience is simultaneously influenced by ESG, ROA, ROE, NPM, and firm size when combined together.

This study aims to compare the factors influencing financial performance between healthcare companies in Indonesia and Malaysia post-COVID-19. This quantitative research utilized samples from the annual reports of healthcare companies in Indonesia listed on the Indonesia Stock Exchange (IDX) and the annual reports of healthcare companies in Malaysia published on their official websites for three consecutive years (2020-2022). Out of a population of 44 healthcare companies in Indonesia and Malaysia, 28 companies met the criteria as samples, comprising 15 healthcare companies in Indonesia and 13 in Malaysia. Purposive sampling method was employed. Regression panel data analysis using Eviews 12 revealed that leverage, approximated by Debt to Asset Ratio (DAR), and intellectual capital, measured by Value Added Capital Employed (VACA), significantly influenced the financial performance of healthcare companies in Indonesia. However, Debt to Equity Ratio (DER), Structural Capital Value Added (STVA), and Total Asset Turnover (TATO) showed no significant impact on financial performance. Conversely, in Malaysian healthcare companies, intellectual capital (VACA) and TATO were identified as influential factors on financial performance, while leverage (DAR and DER) and intellectual capital (STVA) did not significantly affect financial performance. Keywords: Financial Perfomance, Debt to Asset Ratio, Debt to Equity Ratio, Value Added Capital Employed, Total Asset Turnover