Annual Reports Of Companies Research Articles (Page 1)

This study aims to empirically test the effect of firm size, profitability, and capital structure on firm value. The data used in this study are secondary, sourced from company annual reports. The population used in this study is property and real estate companies listed on the Indonesia Stock Exchange in the 2017-2021 period. The sampling technique used in this study is purposive sampling, with a sample size of 36 companies. The analytical method used in this study is multiple linear regression analysis. The results of this study indicate that (1) Firm size has a positive effect on firm value. (2) Return on Assets does not affect firm value. (3) Return on Equity does not affect firm value. (4) Debt-to-Asset Ratio has a negative effect on firm value. (5) Debt-to-Equity Ratio has a positive effect on firm value.

The main motive behind the study was the authors’ expectations to examine how the Covid – 19 pandemic and the war in Ukraine have affected the TSL industry (transportation – freight forwarding – logistics), which is considered a barometer of the economy. To date, there has been no study in Poland explicitly devoted to examining the impact of the crisis caused by the COVID-19 pandemic and the war in Ukraine on the TSL industry. Therefore, this article partially fills a research gap. The subjects of the study were revenues, net profits, annual reports of companies listed on the Warsaw Stock Exchange, covering the logistics sector. All (a total of 6) annual financial reports of companies listed on the Stock Exchange covering the transportation and logistics sector and all reports/reports (a total of 6) of companies in the transportation and logistics sector listed on NewConnect were examined. The method used was to analyze the full versions of the narrative sections of the annual separate and consolidated financial statements. Auditor’s audit reports and entity reports were analyzed. The research shows that the Covid-19 pandemic and the war in Ukraine have had both positive and negative impacts on the sectors analyzed, depending on the type of business. The results obtained do not take into account the impact of inflation on the categories shown in nominal terms, so where possible selected indicators were calculated, allowing a more realistic assessment of the industry under study.

Green accounting reflects a company’s capability to address and minimise various environmental issues. This study aims to determine and analyse the effect of green accounting implementation on the performance of mining companies in Indonesia. Green accounting is evaluated using the Company Performance Rating Programme in Environmental Management (PROPER), while company performance is measured through Return on Assets (ROA) and Return on Equity (ROE). This quantitative research uses secondary data obtained from the annual reports of mining companies listed on the Indonesia Stock Exchange. A purposive sampling technique was employed, resulting in a sample of 164 companies. The data were analysed using SPSS. The findings reveal that green accounting has a significant effect on ROA but no significant effect on ROE. These results suggest that green accounting can enhance asset efficiency and improve short-term profitability. However, its impact on return on equity investment may take longer to materialise, indicating a delayed effect on long-term profitability. The study highlights the importance of environmental cost efficiency as a basis for future financial performance.

ABSTRACT This study investigates the patterns and disparities in Research and Development (R&D) expenditure between selected listed Indian domestic and multinational pharmaceutical companies over a ten-year period from 2013-14 to 2022-23. The analysis distinguishes between capital R&D expenditure, representing long-term infrastructure and asset creation, and revenue (current) R&D expenditure, encompassing recurring operational research costs. Using data from company annual reports and the CMIE Prowess database, the study applies Compound Annual Growth Rate (CAGR), coefficient of variation, index construction (base year 2013-14 = 100), and independent two-sample t-tests with unequal variances to assess both trends and statistical differences between the two groups. The findings reveal that Indian multinational pharmaceutical companies (MNCs) consistently recorded significantly higher R&D investments than their domestic counterparts across both capital and revenue categories. MNCs exhibited a 7.17% CAGR in capital R&D expenditure, while domestic firms achieved 3.45%. In contrast, domestic companies demonstrated slightly higher growth in revenue R&D expenditure (12.54%) compared to MNCs (10.71%), although the absolute values remained much lower. T-test results confirmed statistically significant differences in most years, with only 2020-21 showing convergence due to pandemic-related disruptions. The overall pattern underscores the persistent R&D intensity gap between MNCs and domestic firms, driven by differences in resource availability, innovation strategies, and global integration. The study concludes that while Indian firms are gradually improving their R&D capabilities, achieving global competitiveness requires balanced growth in both capital and current R&D expenditure, greater collaboration, and enhanced policy support for innovation-led research. Keywords Capital R&D expenditure, MNCs, Pharmaceutical, Revenue R&D expenditure

The aim of this article is to analyze the annual reports of companies included in the LQ45 index from 2022 to 2024, with a particular focus on the boards of directors and commissioners, and to compare these with financial ratios and management reports. One way for businesses to communicate their financial information to interested stakeholders is by publishing financial reports. However, these reports alone do not always provide a comprehensive picture of the company's overall financial performance. To obtain a clearer insight into a company’s financial performance, financial ratios are used as analytical tools in the evaluation of financial reports. This article's goals are to (1) identify the most widely used and interesting ratios among investors and (2) summarize the findings from the examination of the reports submitted by the boards of directors and commissioners. This study employs a frequency-based research approach and utilizes quantitative data. The findings of this article offer an overview of the analysis of board of directors and commissioners' reports, along with fifteen commonly reported financial ratios found in the annual reports of companies listed on the LQ45 index from 2022 to 2024. We have shown that investors can benefit from financial ratio information and management reports when making decisions.

Tax avoidance refers to efforts by taxpayers to reduce tax liabilities by exploiting loopholes in tax regulations. This practice is legal and does not conflict with existing rules. This study aims to analyze financial determinants of tax avoidance, including liquidity, profitability, thin capital, capital intensity, earning power, sales growth, and company size. The research population consists of manufacturing companies listed on the Indonesia Stock Exchange (IDX-IC classification) during 2019–2021. Secondary data were obtained from 159 manufacturing company annual reports available on [www.idx.co.id] (http://www.idx.co.id) and company websites, with purposive sampling used for selection. The study applies a quantitative approach with multiple linear regression analysis. The findings show that tax evasion is negatively impacted by equity-based profitability, suggesting that companies with higher equity returns are less likely to evade taxes. However, firms with larger assets, faster development, and larger scale are more likely to employ tax avoidance tactics, according to the beneficial effects of asset-based profitability, capital intensity, sales growth, and company size. However, thin capitalization has no discernible impact. These results demonstrate that tax evasion is a strategic decision influenced by asset structure, financial situation, and the need for legitimacy, and that it goes beyond simple taxation issues.

Net banking profits declined in 2020 compared to the previous year due to the slowdown in the real and corporate sectors during the COVID-19 pandemic. In 2021, banking performance began to recover with a consistent upward trend in net profits until 2024. However, the growth rate of profits slowed after reaching its peak in 2022, indicating that banks are struggling to maintain their profit growth. The purpose of this study is to analyze the effect of non-performing loans, loan to deposit ratio, return on assets, operating expenses on operating income, and capital adequacy ratio on profit growth in the banking sub-sector listed on the Indonesia Stock Exchange for the period 2020-2024. This is a quantitative study using multiple linear regression analysis. The data used are secondary data from company annual reports, comprising 195 samples, using purposive sampling. The testing tool used is SPSS version 27. The results show that the capital adequacy ratio has a positive effect on profit growth, while non-performing loans, loan-to- deposit ratio, return on assets, and operational expenses relative to operational income do not have an effect on profit growth.

This study aims to analyze the differences in financial performance between PT Ciputra Development Tbk (CTRA) and PT Pakuwon Jati Tbk (PWON) during 2019–2023 based on liquidity, profitability, solvency, and dividend policy ratios. A quantitative approach with a descriptive-comparative method was employed. The study utilized secondary data obtained from the annual financial reports of both companies listed on the Indonesia Stock Exchange. Financial ratios were analyzed, including the Current Ratio (CR), Return on Assets (ROA), Debt to Equity Ratio (DER), and Dividend Payout Ratio (DPR). Data normality and homogeneity tests were conducted, followed by Independent Sample t-Test and Mann–Whitney U test using SPSS version 26 to identify statistical differences. The results indicate no significant differences between CTRA and PWON in CR, ROA, and DPR, but a significant difference in DER, where CTRA shows higher leverage compared to PWON. These findings suggest that the key distinction between the two companies lies in their capital structure rather than profitability or dividend policy, reflecting different financial management strategies within Indonesia’s property sector.

This study aims to examine and analyze the influence of independent commissioners, cash management, using cash flow and capital expenditure as measures, and net working capital on cash holdings. The sample was selected using a purposive sampling method based on specific criteria. The sample used in this study consists of 62 property and real estate companies listed on the Indonesia Stock Exchange (IDX) from 2021 to 2023. The research method used is a quantitative approach and multiple regression analysis. Data collection techniques were conducted using secondary data from financial statements and annual reports of companies listed on the Indonesia Stock Exchange (IDX). The results of this study indicate that cash flow has a positive effect on cash holdings. Meanwhile, independent commissioners, capital expenditure, and net working capital have a negative effect on cash holdings.

This research analyzes the influence of profitability, audit quality and digital transformation on company value, as well as the moderating role of earnings management in construction companies in Indonesia during the 2019-2023 period. By using secondary data in the form of annual reports of companies listed on the Indonesia Stock Exchange, this research applies a multiple linear regression model with interactions (MRA). The research results show that profitability (measured by ROA) and digital transformation have a significant positive effect on company value, with B coefficients of 0.263 (p-value = 0.000) and 0.116 (p-value = 0.026), respectively. On the other hand, audit quality has no significant effect (B = -0.006, p-value = 0.933). In addition, earnings management moderates the influence of audit quality and digital transformation on firm value, but does not moderate the relationship between profitability and firm value. These findings emphasize the importance of profitability and digital transformation in increasing company value in the construction sector, as well as the role of earnings management in strengthening the influence of several of these factors. This research contributes to understanding the factors that influence company value in the Indonesian construction industry.

This study aims to determine the effect of Corporate Social Responsibility and Earning Per Share on stock prices in companies listed on the Jakarta Islamic Index (JII) for the period 2020-2024. This research uses quantitative methods with an associative approach, using secondary data obtained from the company's annual report. The sampling technique used purposive sampling, with a population of all issuers listed on the JII during the 2020-2024 period which was 59 issuers and a sample of 12 issuers selected according to the criteria that have been set. The results showed that partially neither Corporate Social Responsibility nor Earning Per Share had any effect on stock prices. However, simultaneously Corporate Social Responsibility and Earning Per Share have an effect on stock prices of companies listed on the JII for the period 2020-2024.

The property and real estate industry in Indonesia plays a strategic role in supporting national economic growth and providing employment opportunities. However, the rapid development of this sector also increases the risk of financial reporting fraud, which can harm investors and stakeholders. This study aims to analyze the effect of the Beneish M-Score model on financial statement fraud in property and real estate companies listed on the Indonesian Sharia Stock Index (ISSI) for the period 2021–2023. This study uses a quantitative approach with descriptive methods and purposive sampling techniques to determine 12 companies as samples. Secondary data were obtained from company annual reports and analyzed using simple linear regression with the help of SPSS version 30. The results show that partially, the DSRI, GMI, and SGI variables have a significant effect on financial statement fraud. Meanwhile, AQI, DEPI, SGAI, LVGI, and TATA did not show a significant effect. These findings provide important insights for investors and regulators in identifying potential fraud through certain financial indicators.

Digital transformation has become a strategic necessity for companies to maintain competitiveness amid industry disruption. However, the adoption of digital transformation does not always run smoothly because it is influenced by the gap between the structural readiness of the company and the need for long-term investment, known as corporate maturity mismatch. This study aims to analyze the impact of the level of corporate maturity mismatch on the implementation of digital transformation in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the period 2018–2023. The method used is a quantitative approach with panel data regression analysis, and digital transformation is measured based on the intensity of digital keyword usage in company annual reports. The results indicate that corporate maturity mismatch has a positive impact on overall digital transformation, as well as on fundamental technology categories such as Artificial Intelligence, Blockchain, Cloud Computing, and Big Data. Conversely, no significant impact was found on digital transformation in extended applications technology. These findings indicate that mismatches in financial structure drive companies to respond to such pressures through investments in strategic and long-term digital technologies. This study provides important implications for policymakers and industry players in designing funding strategies and regulations to support the acceleration of national digital transformation.

This study examines whether audit quality enhances the value relevance of earnings and book value of equity in explaining market prices of common shares in Thailand’s emerging market. Using data from 401 non-financial firms listed on the Stock Exchange of Thailand between 2021 and 2023, we analyze 1203 firm-year observations collected from Bloomberg and company annual reports. Multiple regression results show that earnings per share (EPS), book value per share (BVPS), and audit quality measures are significantly associated with share prices. Audit quality is proxied by audit firm size, audit fees, and financial statement irregularities (Beneish M-score). Big 4 auditors increase the relevance of book value, while higher audit fees strengthen the earnings–price relationship. Conversely, firms with higher M-scores, signaling potential earnings manipulation, display weakened associations between accounting metrics and share value. These findings highlight audit quality’s role in reducing information asymmetry, reinforcing investor trust, and supporting market efficiency in a post-crisis environment. By integrating audit quality into the Ohlson valuation framework, this study contributes to the literature on audit assurance and capital market behavior in emerging economies, offering insights for investors, regulators, and managers regarding the credibility of financial reporting.

This study aims to evaluate the influence of Good Corporate Governance (GCG), liquidity, and capital structure on the performance of mining sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. Company performance in this research is measured using the Net Profit Margin (NPM) as an indicator of profitability. GCG is proxied through two variables, namely managerial ownership and the existence of an audit committee. Liquidity is measured by the current ratio, while capital structure is assessed using the debt-to-asset ratio (DAR). This research employs a quantitative approach with multiple linear regression analysis. The data were obtained from annual financial reports of mining companies selected through purposive sampling to ensure that the sample met the research criteria. The findings reveal that GCG, as represented by managerial ownership, does not have a significant effect on company performance, whereas the existence of an audit committee has a positive and significant impact on performance improvement. Furthermore, liquidity does not significantly affect company performance, suggesting that the availability of current assets does not always translate into higher profitability. On the other hand, capital structure demonstrates a significant influence on company performance, highlighting the crucial role of effective capital structure management in sustaining and enhancing financial performance. These results provide practical implications for corporate management in formulating financial policies, for investors in evaluating company prospects, and for regulators in developing policies that foster better corporate governance practices within the mining sector.

This paper investigate effect target ROA comprehensive (stimulus), determining assets by fair value (opportunity), effectiveness commissioners (opportunity), fluctuations in macroeconomic fundamentals (rationalization), CEO educational background (capability), subjectivity OCI hierarchy level 3 (collusion), and OCI reclassification (arrogance) on avoid OCI tax. Data 11,616 firm-years from annual reports of companies in six countries in Southeast Asia in 2021-2023, this study has succeeded in proving that the factors effect on OCI tax avoidance are the stimulus of target ROA comprehensive, opportunity of assets by fair value, rationalization of macroeconomic fundamental fluctuations, CEO educational background capabilities, and management collusion with external parties through OCI category level 3 fair value hierarchy, while the factors that have a negative effect are the existence of commissioners and their functions and the OCI presentation policy in reclassification.

This study aims to examine and analyze the relationship between Carbon Emission Disclosure, Environmental Costs, Conditional Conservatism, Profitability, and Firm Size, and whether these variables influence Audit Fees. The population of this research consists of energy sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2022–2024. This study uses secondary data obtained from company annual reports. The sampling technique employed is purposive sampling, with an unbalanced panel data approach applied to 90 companies, resulting in 213 observations. The data analysis method used to test the hypotheses is Panel Data Regression, conducted using EViews 13 software. The findings reveal that Carbon Emission Disclosure and Environmental Costs have no significant effect on Audit Fees. Meanwhile, Conditional Conservatism, Profitability, and Firm Size have a positive effect on Audit Fees.

This article aims to analyze the business strategy of PT Kalbe Farma Tbk, the largest integrated pharmaceutical company in Indonesia, in responding to the dynamics of the competitive and evolving pharmaceutical industry. This study applies a qualitative approach with a case study method based on secondary data, including company annual reports and strategic management literature. The analytical tools used include PESTEL, Porter’s Five Forces, Product Life Cycle, SWOT, Value Chain, and strategic matrices such as SWOT, SPACE, IE, BCG, and the Grand Strategy Matrix. The results show that Kalbe’s strengths lie in brand reputation, product diversification, and an extensive distribution network, with opportunities arising from digitalization trends and increased public health awareness. The recommended strategies are product development, market development, and forward integration. These strategies are deemed most appropriate based on the QSPM results and are expected to help Kalbe maintain its market leadership while achieving sustainable international expansion.

This study originated from the phenomenon of differences in interests between principals and agents. Fraud occurs due to opportunities, justifications, and pressures, as indicated by the large number of financial statement manipulations that turn companies' losses into profits (window dressing). This study aims to analyze the influence of Ineffective Monitoring, Change in Directors, Financial Stability, and Good Corporate Governance on Financial Statement Fraud in State-Owned Enterprises listed in the period 2018-2023. The method used is a descriptive-verificative method with a quantitative approach, where data is obtained through the collection of secondary data in the form of company annual reports and analyzed using multiple linear regression with the help of the SPSS application. The research sample consists of 29 SOEs over 6 years of observation, resulting in a total of 174 panel data observations. The results of the study indicate that Ineffective Monitoring does not have a positive effect on Financial Statement Fraud. Change in Director has a positive effect on Financial Statement Fraud. Financial Stability does not have a negative effect on Financial Statement Fraud. Good Corporate Governance does not have a negative effect on Financial Statement Fraud. However, simultaneously, these four variables together have an effect on financial statement fraud

This study examines the relationship between the implementation of green accounting and the disclosure of carbon emissions and the value of non-cyclical consumer sector companies listed on the Indonesia Stock Exchange in 2021–2023. The foundation of this study is the significance of environmental sustainability in corporate operations, particularly in sectors that generate necessities for the community. Implementing green accounting and carbon emission disclosure can help companies achieve their goal of increasing their value by improving their reputation with investors and the general public. This study used panel data samples and multiple linear regression analysis. Purposive sampling methods were used to choose 56 businesses as samples. Based on sustainability and the company's annual report, 168 observations were made. This study indicates that implementing green accounting and carbon emission disclosure greatly raises the company's worth.