Purpose of the study: This study aims to analyze the impact of production costs, marketing expenses, and sales volume on the profitability of food and beverage companies listed on the Indonesia Stock Exchange during the period from 2021 to 2024, both individually and collectively. Methodology: This research employs a quantitative approach using causal associative research methods. The data utilized consists of secondary data acquired from the annual financial reports of companies in the food and beverage subsector listed on the Indonesia Stock Exchange and the official websites of these companies. The selection of samples in this study utilizes the purposive sampling method. Data analysis was carried out utilizing multiple linear regression with the assistance of SPSS software version 27. Main Findings: The research results indicate that production costs have a significant impact on the profitability of the company. Marketing expenses have been shown to have a significant impact on the profitability of a company. The sales volume also has a significant impact on the company's profitability. At the same time, production costs, marketing costs, and sales volume together have a significant impact on the profitability of companies in the food and beverage subsector that are listed on the Indonesia Stock Exchange. Novelty/Originality of this study: The originality of this study is found in the application of a ratio-based measurement approach for production costs and marketing expenses, as well as the use of asset turnover ratios as a proxy for sales volume. This approach aims to reduce bias from differences in company size, thereby enhancing the accuracy of the test results. In addition, this research presents the latest empirical evidence from the post-pandemic period within the food and beverage industry in Indonesia.

This study investigates the impact of Return on Equity (ROE), Equity Ratio (ER), and Asset Turnover Ratio (ATR) on Net Profit Margin (NPM) among telecommunication companies listed on the Indonesia Stock Exchange during 2018–2022. Employing a quantitative approach with panel data regression using the Random Effects Model and secondary data from company annual reports, the findings indicate that ROE exerts a positive but relatively weak influence on NPM, while ER demonstrates a positive relationship approaching significance. Conversely, ATR shows a significant negative effect, underscoring that asset efficiency contributes less to profitability in the capital-intensive telecommunications sector. The model achieves an adjusted R² of 0.874, suggesting strong explanatory power. Overall, the results emphasize that managerial strategies should prioritize optimizing equity utilization and maintaining a robust capital structure rather than relying on asset turnover efficiency. Despite being limited to five firms and secondary data, this research enriches sector-specific financial performance analysis and provides valuable insights for managers and policymakers. Future studies are encouraged to extend the model by incorporating factors such as technological innovation, market competition, and regulatory dynamics to capture a more comprehensive understanding of profitability determinants in the industry.

This study examines the impact of financial performance indicators—activity, solvency, and liquidity ratios—on profit growth in pulp and paper manufacturing companies listed on the Indonesian Stock Exchange from 2019 to 2024. The research focuses on how variations in Total Assets Turnover, Inventory Turnover, Fixed Assets Turnover, Debt to Equity Ratio, and Quick Ratio affect profitability, especially during periods of economic instability like the COVID-19 pandemic. The aim is to identify which financial ratios have the most significant influence on profit performance. A quantitative research method was employed, utilizing secondary data from 42 observations of seven manufacturing firms, selected through purposive sampling. Multiple linear regression analysis, supported by SPSS software, was used to test the hypotheses. The findings show that all five ratios collectively have a significant impact on profit variations, with an F-statistic of 2.568 and a significance value of 0.044. However, when tested individually, only Total Assets Turnover and Inventory Turnover showed significant effects, while Fixed Assets Turnover, Debt to Equity Ratio, and Quick Ratio did not. The coefficient of determination (R²) was 0.263, indicating that 26.3% of the variation in profit can be explained by the analyzed variables.

This study aims to examine the effect of cash turnover, receivable turnover, inventory turnover, cash conversion cycle, and fixed asset turnover on profitability (ROA) in pharmaceutical subsector companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. The research seeks to understand how working capital efficiency and asset utilization contribute to improving a company’s financial performance, particularly in generating profits.A quantitative approach was applied using secondary data derived from the annual financial statements of pharmaceutical companies. The sample, selected through purposive sampling, consists of 13 companies with a total of 65 observations across five years. Data analysis involved descriptive statistics, classical assumption testing, and multiple linear regression using SPSS version 26 to evaluate the influence of each independent variable on profitability.The findings indicate that receivable turnover, inventory turnover, and the cash conversion cycle have a positive and significant effect on profitability. Meanwhile, cash turnover and fixed asset turnover show no significant influence. Simultaneously, all independent variables significantly affect profitability, with an R² value of 0.523, indicating that 52.3% of profitability variation is explained by the model. These results highlight that efficient management of receivables, inventory, and the cash conversion cycle plays a crucial role in enhancing profitability within the pharmaceutical sector.

This study aims to analyze the effect of Debt to Equity Ratio (DER), Total Asset Turnover (TATO), and Net Profit Margin (NPM) on Return On Equity (ROE) in transportation and logistics sub-sector companies listed on the Indonesia Stock Exchange for the 2021–2024 period. Using the panel data regression method with a sample of 13 companies and a total of 52 observations, this study determined the Common Effect Model (CEM) as the best model based on a series of model selection tests. The research data met the requirements of classical assumption tests, being free from multicollinerity and heteroscedasticity issues. Partial test results (t-test) indicate that the DER variable has a positive and significant effect on ROE. Meanwhile, the TATO variable does not have a significant effect on ROE , and the NPM variable shows a significant effect but with a negative coefficient direction toward ROE in this sub-sector. Simultaneously (F-test), the variables DER, TATO, and NPM collectively affect ROE. The coefficient of determination (Adjusted R Square) of 0.5305 indicates that the independent variables in this study can explain the ROE variable by 53.05%, while the remainder is explained by other factors outside the model.

Purpose The purpose of this research is to identify and analyse the determinants influencing non-financial reporting among Lithuanian companies, focusing on both mandatory and voluntary disclosures. The research tasks include identifying trends and assessing the impact of various determinants on the level of disclosure, such as company size, leverage, profitability, asset turnover and the reporting framework used. This approach provides an in-depth understanding of the country’s recent practice of mandatory and voluntary non-financial reporting. Design/methodology/approach The study analyses non-financial information reports of companies from 2017 and 2022. The target population includes the largest Lithuanian companies by revenue, with a sample of 20 companies reporting mandatory non-financial information according to European Union (EU) Directive 2014/95/EU and 20 companies reporting voluntarily. The research methods used in this study include content analysis, descriptive statistics, statistical analysis and regression analysis. Content analysis is used to evaluate the extent and quality of disclosures, while statistical methods are applied to identify significant determinants and trends. Findings The findings reveal that companies increased the information disclosure in all researched areas. Companies applying Global Reporting Initiative (GRI) or GRI in combination with the UN Global Compact demonstrate a statistically significant positive influence on specific disclosure. The industry in which a company operates has a significant impact on disclosure quality. The company’s size, measured as total assets, has a significant positive impact on disclosure quality, but leverage, profitability and operational efficiency, measured as an asset turnover, had no statistically significant effects. Originality/value In recent years, non-financial reporting has gained significant importance in corporate communication and stakeholder engagement. This study examines the determinants of mandatory and voluntary non-financial reporting practices in Lithuanian companies, addressing a crucial gap in the literature on sustainability disclosure in small Central and Eastern European markets. As Lithuania aligns its regulations with European Union (EU) directives, understanding the current state and determinants of non-financial reporting becomes critical for policymakers, companies and stakeholders.

Abstract This study aims to investigate the value creation of capital-intensive firms in Pakistan. The effect of corporate performance measures, including efficiency, liquidity, financial leverage, and dividend payout, on shareholder value are examined here. This study incorporates the capital-intensive sectors of Pakistan which are commonly ignored and have been severely affected by the financial crisis and economic downturn. In this study, panel regression models were used to find the impact of corporate performance measures on shareholder value for the oil and gas, chemicals, and cement sectors listed on Pakistan Stock Exchange. Data analysis techniques that were used are descriptive statistics test, correlation, and fixed effect regression on a sample of 46 companies generated through census sampling for the period of 2013 to 2022. The results reveal that except for financial leverage, a positive relationship between corporate performance measures and shareholder value was observed. An increase in total asset turnover, current ratio, quick ratio, and dividend payout ratio, and a decrease in debt-to-equity ratio increased shareholder value. This finding show that capital-intensive sectors can create more value if they enhance their efficiency, liquidity and dividend payout, and reduce their debts. This will make them more competitive, profitable, and sustainable in the long run.

Against the dual backdrop of the rapid development of the digital economy and the continuous promotion of national sports industry policies, the digital transformation of traditional manufacturing has become a key path to enhance the core competitiveness of enterprises. This paper takes Anta Group, a leading enterprise in China's sports goods industry, as the research object. Based on its financial data from 2020 to 2024, the DuPont analysis method is employed to systematically analyze the impact mechanism and path of digital transformation on the profitability of the enterprise. The research shows that digital transformation significantly improves the net profit margin of the enterprise by promoting changes in the DTC (Direct-to-Consumer) model, optimizing supply chain management, and implementing refined operations, making it the core driving force for the growth of return on net assets. Although in the early stages of transformation, due to the increase in direct sales channel construction and digital infrastructure investment, the total asset turnover rate experienced some pressure in the short term, this strategic resource investment laid a solid foundation for long-term operational efficiency improvement and profit quality optimization. This paper further proposes targeted suggestions from three dimensions: deepening digital operations, enhancing asset utilization efficiency, and exploring new profit growth points, providing theoretical references and practical insights for promoting high-quality sustainable development in China's traditional manufacturing industry.

The energy sector is a business field that focuses on the sale of products and services related to energy extraction, so its revenue is greatly influenced by global energy commodity prices. In the 2017–2022 period, the financial performance of energy companies experienced considerable fluctuations, making it important to examine the factors that influence it. This study aims to analyze the effect of leverage, profitability, liquidity, total asset turnover, and company size on the financial performance of energy companies during 2017–2022. The approach used is a quantitative method with purposive sampling technique. The data were analyzed using multiple linear regression, classical assumption tests, and hypothesis tests. The results of the partial test (t-test) show that leverage, profitability, and total asset turnover affect financial performance, while liquidity and company size do not. Meanwhile, the simultaneous results (F-test) indicate that all independent variables, namely leverage, profitability, liquidity, total asset turnover, and company size, collectively affect financial performance.

The purpose of this study is to determine and analyze the partial effect of the Current Ratio on Stock Prices; to determine and analyze the partial effect of the Debt to Equity Ratio on Stock Prices; to determine and analyze the effect of the Net Profit Margin on Stock Prices; to determine and analyze the effect of the Total Asset Turnover on Stock Prices; and to determine and analyze the simultaneous effect of the Current Ratio, Debt to Equity Ratio, Net Profit Margin, and Total Asset Turnover on Stock Prices. This study uses a quantitative approach. The population consists of all financial reports of Food and Beverage Sub-Sector Companies listed on the Indonesia Stock Exchange (IDX) for the period 2019–2023. The sampling technique used is purposive sampling or judgment sampling. The analytical technique applied is multiple linear regression and panel data regression using Eviews 12 software. The results of this study indicate that the Current Ratio (CR) partially has no significant effect on Stock Prices. The Debt to Equity Ratio (DER) partially has a negative and significant effect on Stock Prices. The Net Profit Margin (NPM) partially has a positive and significant effect on Stock Prices. The Total Asset Turnover (TATO) partially has no significant effect on Stock Prices. However, simultaneously, CR, DER, NPM, and TATO together have a significant effect on Stock Prices.

This study aims to determine the effect DER, ROA, and TATO on PBV among companies in the telecommunication subsector. Applying a quantitative approach using secondary data in the form of financial statements of telecommunication subsector issuers on IDX for the 2019-2024 period. The results indicate that Only DER and ROA have a positive and significant effect on PBV, while TATO does not show a significant influence. This finding provides a theoretical contribution by serving as an academic reference for expanding knowledge on the factors that drive PBV. The result may also be used as a learning resource in relevant fields.In terms of practical contribution, the results provide empirical guidance for investors, managers, and analysts in the telecommunication subsector in prioritizing the analysis of DER and ROA as key determinants of stock value. Keywords: Return On Asset, Telecommunication Industry, Total Asset Turnover, Price To Book Value, Debt To Equity Ratio

This study aims to analyze the effect of sustainability report disclosure, audit committee meeting frequency, liquidity, leverage, and total asset turnover on profitability in mining companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. Profitability is measured using Return on Equity (ROE). This research adopts a quantitative approach using secondary data obtained from annual financial statements and sustainability reports. The sample was selected using purposive sampling, yielding 34 mining companies with 102 observations in total. Multiple linear regression analysis was employed after fulfilling classical assumption tests. The results indicate that sustainability report disclosure, audit committee meetings, liquidity, leverage, and total asset turnover simultaneously have a significant effect on profitability. However, partially, total asset turnover has a positive and significant impact on profitability. Meanwhile, sustainability report disclosure, audit committee meeting frequency, liquidity, and leverage do not significantly affect profitability. These findings suggest that asset utilization efficiency plays a crucial role in improving profitability in the mining sector. This study is expected to provide insights for companies, investors, and regulators to understand the determinants of profitability better and to support improved corporate governance and financial decision-making in mining companies.

This article examines the impact of capital structure on firms’ efficiency and stability. To demonstrate the relationship, this research collected data from 58 manufacturing firms listed on the Dhaka Stock Exchange of Bangladesh from 2013 to 2022. It has accepted total liabilities, including both current and non-current liabilities, as a proportion of its total assets, thereby representing its capital structure. Variables in cost efficiency calculated by stochastic frontier analysis and the asset turnover ratio serve as measures of efficiency, while Z-scores and solvency ratios serve as dummies for estimating firm stability (based on the solvency ratio). The ordinary least squares, fixed- and random-effects techniques have been applied to calculate the results. The findings are mixed. It finds that short-term liability can increase the efficiency of firms, while long-term liability reduces their efficiency and stability. Conversely, stability negatively correlates with capital structure. This research guides manufacturing organizations in Bangladesh and beyond on how to operate efficiently and effectively.

The business activity of trading enterprises is the most important indicator of business success, significantly affecting the development and productivity of companies, as a result of which it needs continuous monitoring and detailed study. Business activity analysis helps to identify problem areas and competitive advantages of retail chain organizations, formulating ways to improve operational efficiency. Due to the fact that the level of business activity is an indicator of effective resource management and there are many methods for analyzing business activity, some of which identify it with turnover analysis, this topic is important for research. The object of the study is the business activity of a trade organization; the subject of the study is methodological approaches to the analysis of the business activity of a trade organization. The object of surveillance is LLC “OKEY”. The study of various scientific methods for assessing the business activity of an enterprise has shown that an integrated approach has the greatest objectivity. For example, the assessment system proposed by D.A. Endovitsky, which characterizes business activity of a complex nature, includes the study of qualitative and quantitative components, dynamic changes, structure and cash flows in all areas of the organization’s functioning, but does not pay due attention to the specifics of the industry in which the organization operates. Modern scientific publications often underestimate the importance of taking into account industry specifics when assessing business activity, emphasizing the need for further research in this particular area. Taking into account the specific features of the functioning of trading organizations, it is advisable to include in the analysis of their business activity such numerical indicators as asset turnover in the form of right of use, inventory turnover, accounts receivable and payables, return on investment in rent, as well as qualitative indicators: the breadth of the trading network, the consistency of suppliers of products, customer satisfaction, competitiveness, business reputation and others.

Hospitals are the oldest and largest provider of healthcare services. Health technology is both expensive and constantly evolving and changing. In addition, factors such as increases in the proportion of aging population, in the number of immigrants, and relevant factors such as pandemic diseases, etc. increase the number of patients and therefore the treatment costs. Hospitals have to meet all these costs with limited resources. In order to provide, and sustain high quality health services, hospitals need to measure, and enhance their financial performances. In this context, the purpose of this study is to determine both the relationship between current ratio, leverage ratio, net sales, size of the enterprise and active asset turnover rate with return on assets and return on equity, which are determined as financial performance indicators, and to specify the direction of the relevant effects. This study was conducted between 2017 and 2021with the data obtained from the income and balance sheet statements of 52 hospitals affiliated to the Ministry of Health. The data of the study were analyzed with panel data analysis. As a result, active asset turnover rate has a significant positive relationship with financial performance. However, leverage ratio has a significant negative relationship with financial performance. Size of the enterprise, net sales and current ratio have no significant relationship with financial performance.

This study examines how company size, asset growth, tangibility, leverage, and total asset turnover affect profitability in consumer manufacturing companies listed on the Indonesia Stock Exchange from 2019 to 2023, using secondary data collected via purposive sampling. The independent variables in this study include the natural logarithm of total assets, asset growth (this year’s total assets relative to the previous year), and tangibility (the fixed asset ratio to total assets). Leverage uses the debt-to-asset ratio, and total asset turnover uses the total asset turnover ratio, while the dependent variable of profitability uses return on assets. Of the 108 companies in the population, 19 that met the research sample criteria were selected, yielding 95 observations. Data analysis was conducted using multiple linear regression, accompanied by classical assumption tests and hypothesis testing through F-tests and t-tests. The findings of this study reveal that asset growth has a significant positive effect on profitability, while leverage shows a significant negative effect. However, firm size, tangibility, and total asset turnover do not exhibit significant relationships with profitability. This study contributes both theoretically and practically to understanding the internal determinants of financial performance in the consumer sector and serves as a reference for management.

Financial institutions play a pivotal role in India’s economic development by offering loans, advances and asset management services. This study conducts a comprehensive comparative analysis of the financial performance of the Delhi Financial Corporation (DFC) and the Kerala Financial Corporation (KFC) over a five-year period, emphasising liquidity, profitability, solvency and asset utilisation. Using secondary data extracted from annual reports and official financial disclosures, the study employs a series of financial ratios—including current ratio, quick ratio, return on assets, return on equity, debt-to-equity and asset turnover—to evaluate the fiscal health of both institutions. The findings reveal a stark divergence in financial trajectories: DFC exhibits declining liquidity, substantial accumulated losses, high leverage and inefficient asset utilisation, signalling financial distress and long-term sustainability risks. In contrast, KFC demonstrates consistent profitability, stronger liquidity management, healthier solvency ratios and superior operational efficiency, indicating financial resilience. The comparative insights underscore the need for strategic restructuring, improved credit risk management and operational optimisation in DFC, while positioning KFC as a benchmark for stability among state-level financial corporations. This study contributes to institutional financial analysis literature by highlighting how structural, policy and operational differences shape financial outcomes across public-sector financial institutions in India.

This study aims to evaluate the financial performance of construction companies listed on the Indonesia Stock Exchange during the 2019–2023 period using the DuPont System approach. The analysis focuses on three sample companies, PT Total Bangun Persada Tbk, PT Acset Indonusa Tbk, and PT Adhi Karya (Persero) Tbk by measuring Net Profit Margin (NPM), Total Asset Turnover (TATO), and Return on Investment (ROI). The results indicate that PT Total Bangun Persada Tbk consistently recorded the strongest financial performance, with an average ROI of 4.29%. In contrast, PT Acset Indonusa Tbk experienced significant financial pressure, with an average negative ROI of (13.33)%, while PT Adhi Karya (Persero) Tbk showed fluctuating performance, averaging an ROI of 0.68%. The industry average remained negative, reflecting the ongoing challenges in profitability and asset efficiency faced by the construction sector. These findings highlight the importance of asset management optimization and operational efficiency strategies to enhance the competitiveness of construction companies in Indonesia.

This study aims to examine the impact of capital structure on the financial performance of ‎Jordanian industrial companies listed on the Amman Stock Exchange (ASE). A descriptive ‎analytical approach was employed, using a sample of 33 Jordanian industrial companies listed on ‎the ASE. The Statistical Package for the Social Sciences (SPSS) was used to test the effects of ‎the independent variables on financial performance.‎ The results reveal a statistically significant negative relationship between total assets (TA) and ‎financial performance (FP) at the 1% level. Conversely, a statistically significant positive ‎relationship at the 1% level was found between interest rate protection (IRP), asset turnover ratio ‎‎(ATOR), current ratio (CR), earnings per share (EPS), and financial performance (FP). However, ‎there was no statistically significant relationship between market-to-book value (MBV) and ‎financial performance (FP) when measured by the return on assets (ROA). Furthermore, a ‎statistically significant negative relationship at the 1% level was observed between MBV and FP. ‎On the other hand, no statistically significant differences were identified between TA, IRP, ‎ATOR, CR, EPS, and FP when ROA measured FP‎.

Understanding the drivers of firm profitability is essential for companies in emerging markets, where structural uncertainties and competitive pressures often shape financial performance. This study investigates how four core financial ratios: current ratio (CR), debt-to-asset ratio (DAR), net profit margin (NPM), and total asset turnover (TATO), influence return on assets (ROA) among LQ45 firms listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023. Using 80 firm-year observations, the analysis applies a hybrid approach combining Bayesian regression, which captures parameter uncertainty, with XGBoost-SHAP to enhance interpretability and detect nonlinear patterns. The Bayesian posterior estimates indicate that TATO has the strongest effect on profitability (β = 0.072, 95% CI: 0.041–0.101), while DAR shows a moderate positive influence (β = 0.018, 95% CI: 0.005–0.032). NPM demonstrates a weaker but still positive contribution (β = 0.009, 95% CI: 0.001–0.018), whereas CR exhibits a non-significant effect (β = –0.002, 95% CI: –0.010–0.006). Numerically, a 10% increase in TATO corresponds to an estimated 0.7% rise in ROA, underscoring the central role of operational efficiency in shaping firm profitability. These findings reinforce the Resource-Based View and Trade-Off Theory and highlight the value of hybrid analytical frameworks for improving the interpretability and robustness of profitability models in emerging markets