The study aims to assess how liquidity, profitability, leverage, capital structure, and the audit committee influence the financial challenges faced by State-Owned Enterprises (SOEs). The research employs a purposive sampling method based on specific criteria, with 20 companies included in the study. The multiple linear correlation test reveals a strong relationship between liquidity, profitability, and company size regarding financial challenges. Analysis conducted using SPSS software indicates a significance value for the F-test, suggesting that liquidity, profitability, leverage, capital structure, and the audit committee significantly impact the financial difficulties. Furthermore, the t-test results demonstrate that liquidity, profitability, leverage, and capital structure play a role in influencing the financial challenges, whereas the audit committee does not have a significant effect.

This research investigates how ESG Performance affects the financial distress in several selected non-financial companies in five ASEAN countries, as well as views whether the ESG Controversies moderates these effects. The fixed effect analysis was conducted with 2342 observation samples (an unbalanced panel data of 589 firms for the 2014-2024 period). The financial distress was operationalized through the Altman Z-Score, and the ESG performance, with the controversy data sourced from the London Stock Exchange Group (LSEG) data repository. The results reveal that Environmental, Social, and Governance performance do not exert a meaningful impact on Financial Distress. Furthermore, the moderating variable, ESG Controversy, strengthens the impact of environmental and social performance, amplifying their adverse effect with statistical significant effect. The results imply that the external pressure drives the ESG improvement that reduces the financial distress risk. It is worth noting that there is no significant interaction between the governance performance and the notion that governance is "soft information" whose impact becomes more pronounced over time. Additionally, this research demonstrates that ESG performance is only useful when reputation is at risk and that company size, profitability, and liquidity remain important determinants impacting financial distress. This examine provides to what we understand about sustainability and financial distress through focusing on how ESG problems trade over the years, especially in ASEAN countries wherein ESG adoption remains voluntary. Company management, buyers, and regulators must all consider those effects after they build risk assesment frameworks that take ESG controversies under consideration.

The purpose of this study is to examine the effect of firm size and age on sustainability report disclosure. The method used in this study is quantitative. The study population comprises companies in the basic materials sector listed on the Indonesia Stock Exchange during 2019-2023. Data sampling uses a purposive sampling technique, yielding 15 samples. The analysis techniques used in this study include descriptive analysis, classical assumption testing, and multiple linear regression. The results of this study indicate that company size and age have no significant effect on sustainability report disclosure among basic materials sector companies listed on the Indonesia Stock Exchange during 2019-2023

This study aims to find out and analyze the influence of Company Size, Environmental PSAK, and Environmental Management on the Implementation of Environmental Accounting in Mining Companies in Tanjung Enim. The types of research used are descriptive and associative research. The variables used in this study include company size, environmental PSAK, environmental management, and the application of environmental accounting. The sample used was purposive sampling, consisting of 4 companies and 45 respondents. The data used includes primary and secondary data. The data collection technique uses questionnaire techniques, data testing with validity and reliability tests. The data analysis techniques used are descriptive and inferential statistics. The results of the study based on respondents' answers showed that all variables were valid and reliable. The multiple linear regression test shows that every increase in company size, environmental PSAK, and environmental management by 1 unit will increase the application of environmental accounting. The results of the t-test calculation showed that the environmental financial accounting standard statement (PSAK) did not have a significant effect on the implementation of environmental accounting, while the size of the company and environmental management had an effect on the implementation of environmental accounting.

This study aims to find out and analyze the influence of Environmental, Social, and Governance (ESG) Disclosure on Company Financial Performance with Company Size as a Moderator in Mining Companies Listed on the Indonesia Stock Exchange (IDX) for the 2019-2023 Period. The sample determination method uses purposive sampling with a total of 23 research samples from 23 companies for 5 years with a total of 115 sample data. The data analysis methods used were multiple linear regression analysis and Moderated Regression Analysis (MRA) using IBM SPSS software version 27. The results of this study show that only Environmental disclosure has a positive effect on Financial Performance, while Social disclosure has a negative effect and Governance disclosure has no effect. The size of the company itself is not able to moderate the influence of Environmental, Social and Governance (ESG) disclosures. The implications of this study show that each dimension (Environmental, Social, Governance) has a different influence on financial performance although the results support the theory of legitimacy and stakeholders, especially the importance of environmental issues as the main focus of investors and society. The company focuses more on environmental disclosure and is selective in social programs. Investors use the environmental aspect as the main indicator and always be careful about social & governance. Regulators encourage quality environmental disclosure; evaluation of social and governance standards to have an economic impact.

This study aims to analyze the effect of capital structure, sales growth, and firm size on financial stability in food and beverage subsector companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. The study employs a quantitative approach using secondary data from audited financial statements of 34 companies, resulting in 102 observations selected through purposive sampling. Capital structure is proxied by the Debt to Equity Ratio (DER), sales growth is measured by the percentage change in net sales, firm size is measured using the natural logarithm of total assets, and financial stability is measured using the Current Ratio (CR). The data are analyzed using multiple linear regression. The results indicate that capital structure has no significant effect on financial stability, while sales growth and firm size have a positive and significant effect. Furthermore, the simultaneous test shows that capital structure, sales growth, and firm size jointly have a significant effect on financial stability. From a theoretical perspective, this study provides empirical evidence that internal growth factors and firm scale play a more dominant role in maintaining financial stability than capital structure in the food and beverage subsector. From a practical perspective, the findings offer insights for managers and investors to focus on sustainable sales growth and optimal asset management to strengthen firms’ financial stability.

This study was conducted with the main objective of providing empirical evidence on the influence of several factors on sustainability report disclosure. The type of research conducted in this study was quantitative with a descriptive approach. This study discusses the relationship between good corporate governance, financial performance, and company size on the quality of disclosure in sustainability reports (a case study of banking sector companies listed on the Indonesia Stock Exchange for the period 2020-2022). The population in this study consisted of 44 companies. The sample data used in this study consisted of 23 banking companies that published sustainability reports during the three-year period from 2020 to 2022. The sampling technique used was purposive sampling using SPSS version 29 software. The conclusion obtained is that profitability, the board of directors, and the board of commissioners do not have a significant effect on sustainability reports. Meanwhile, leverage, firm size, and the audit committee have a significant effect on sustainability reports.

The development of the banking subsector in Indonesia is very rapid. This study was conducted to analyze the effect of liquidity, DER, and ROA on dividend policy and the moderation of company size. Quantitative methods were used with a sample of 12 banking subsectors. The sampling technique used a purposive sampling method. The data analysis method is descriptive statistics and uses the classical assumption test, multiple linear regression analysis, hypothesis testing, and MRA test using the SPSS program version 22. The results of the analysis prove that cash position and ROA do not affect dividend policy, while DER does affect dividend policy. Company size is obtained to moderate the effect of ROA and cash position on dividend policy; on the other hand, it is proven that company size does not moderate DER on dividend policy.

Stock price volatility can be caused by insufficient or inaccurate financial data, which can lead to mistakes in a company's valuation. Many investors initially review financial information before determining whether or not to invest in a company. This study aims to investigate the effect of financial statements using several financial ratios such as Current Ratio (CR), Solvency Ratio (SR), Return on Assets (ROA), and Profit Margin (PM) on the Stock Price with Firm Size as a control variable. The impact of financial statement information on stock price volatility is explained by signaling theory. Using the purposive sampling technique, the number of samples selected was 133 manufacturing publicly listed companies on the Indonesian Stock Exchange (IDX) in 2019-2023. The data were analyzed using multiple regression analysis. Results show that CR and ROA had no significant influence on stock prices, while SR, PM, and Firm Size significantly influenced stock prices. Firm Size had the greatest positive influence among all predictors that indicating that the increase in company size was significantly linked to the rise in share prices.

The objective of this riset is to investigate how elements such as company size, profitability, kemudian length of listing on the Indonesia Stock Exchange influence IFR procedures. This riset employs a quantitative methodology, selecting firms from diverse sectors through purposive sampling. Multiple linear regression is used for data examination. No statistically meaningful link exists between company size, profitability, kemudian IFR, though a negative association is observed with the duration of listing. This may be due to more established corporations holding a strong market reputation, making them less likely to engage in online financial disclosure. This empirical investigation offers insights into the connections between online financial reporting and specific corporate traits within the Indonesian business environment. It also highlights the need to consider other non-financial and governance-related factors when analyzing IFR practices. Keywords : Internet Financial Reporting, firm size, profitability, listing age, financial disclosure, Indonesia Stock ExchangeThe objective of this riset is to investigate how elements such as company size, profitability, kemudian length of listing on the Indonesia Stock Exchange influence IFR procedures. This riset employs a quantitative methodology, selecting firms from diverse sectors through purposive sampling. Multiple linear regression is used for data examination. No statistically meaningful link exists between company size, profitability, kemudian IFR, though a negative association is observed with the duration of listing. This may be due to more established corporations holding a strong market reputation, making them less likely to engage in online financial disclosure. This empirical investigation offers insights into the connections between online financial reporting and specific corporate traits within the Indonesian business environment. It also highlights the need to consider other non-financial and governance-related factors when analyzing IFR practices. Keywords : Internet Financial Reporting, firm size, profitability, listing age, financial disclosure, Indonesia Stock Exchange

Objective: The objective of this study is to investigate the impacts of SEBRAE's ALI Productivity program on micro and small enterprises (MSEs), aiming to analyze the relationship between problems, solutions, and indicators of productivity and innovation. Theoretical Framework: In this topic, the productivity indicator and the Innovation Radar are highlighted as the central diagnostic tool for assessing business maturity across six dimensions, providing a solid foundation for understanding the investigation context. Method: The adopted methodology comprises a quantitative analysis of secondary data from 139 companies participating in the program. Data collection was conducted through the SEBRAE system, using indicators such as productivity and innovation maturity. Results and Discussion: The results obtained revealed an average productivity increase of 47%, which was more pronounced in small enterprises (63%) and in the industrial sector (82%). The discussion contextualizes these gains in relation to managerial maturity and the implemented solutions. Research Implications: The practical implications provide insights for improving support policies for MSEs, influencing the work of innovation agents and the design of business training programs. Originality/Value: This study contributes to the literature by offering quantitative evidence of the effectiveness of a structured innovation methodology for Brazilian MSEs, highlighting the importance of customization by company size and sector.

This study aims to investigate the effect of Profitability, Company Size, Leverage, Audit Committee, and Independent Commissioners on Tax Aggressiveness in mining sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2021 to 2023. Tax aggressiveness is a practice carried out by companies to minimize their tax obligations, either through legal (tax avoidance) or illegal (tax evasion) strategies. This study uses a quantitative approach with data analysis obtained from the financial statements of companies listed on the IDX. The variables tested include Profitability as measured by Return on Assets (ROA), Company Size as measured by the logarithm of total assets, Leverage as measured by Debt to Equity Ratio (DER), Audit Committee as calculated based on the number of committee members, and Independent Commissioners as calculated based on the proportion of independent commissioners in the board of commissioners. The results of the study indicate that Profitability and Company Size have a negative effect on Tax Aggressiveness, which means that companies with higher profitability and large company sizes tend to be less aggressive in their tax planning. Leverage, Audit Committee, and Independent Commissioners are also proven to have a negative effect on Tax Aggressiveness, indicating that companies with better oversight structures tend to be more compliant with tax obligations. These findings contribute to the development of Corporate Governance and Taxation theory, as well as providing recommendations to regulators and companies to improve oversight and transparency in financial and tax reporting.

Albanian companies implement Circular Economy (CE) practices in their operations but the impact on their performance remains unknown. Researchers gathered information through a 32-question survey which participants used a Likert scale to rate their responses. The obtained data reached excellent reliability according to the analysis (Cronbach’s Alpha = 0.971). The research analysis transformed the CE items into two main factors: Internal CE Practices and Circular Recovery & Impact which accounted for 75.32% of total variance. The statistical analysis through ANOVA and Tukey HSD tests proved that internal CE practices varied significantly between company sizes because micro and medium enterprises performed better than small businesses. However, no significant differences were found for Circular Recovery & Impact. According to the study, small businesses encounter more obstacles when they try to put CE strategies into effect. The research results present essential knowledge to policymakers and sustainability professionals who need to develop specific support programs for small companies that will boost CE implementation in Albanian business operations for sustainable growth.

Tax avoidance can be detrimental to the country because it reduces the state's revenue. This study aims to analyze the effect of sales growth, capital intensity, and earnings management on tax avoidance with company size as a moderating variable. The population of this study comprises 221 manufacturing companies listed on the IDX in 2020-2024, with a sample of 64 companies selected via purposive sampling based on specific criteria, yielding a total of 320 observations analyzed using panel data regression (E-Views 12). The results show that sales growth directly affects tax avoidance, and company size moderates the relationship between sales growth and tax avoidance. However, capital intensity and earnings management do not have a significant effect, and company size cannot moderate the relationship between capital intensity and earnings management with tax avoidance. These findings emphasize that high sales growth can encourage companies to comply with tax regulations, thereby reducing tax avoidance, and that this effect can be suppressed by large company size due to greater reputational pressure and scrutiny. This study expands on previous research by making company size a moderating variable in the relationship between sales growth, capital intensity, and earnings management and tax avoidance.

In the investment world, stock returns are the leading indicator of a company’s performance and the basis for investor decision-making in the capital market. Fluctuations in stock returns reflect market expectations of the company’s prospects. The retail sector in Indonesia is facing significant pressure from post-pandemic shifts in consumer behavior and increased competition. This study aims to analyze the effect of financial distress, company size, liquidity, operating cash flow, and accounting profit on stock returns in retail sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2021 to 2023. This type of research is causally associated with a quantitative approach. The data used is secondary, in the form of financial statements from retail companies. The sampling technique used was purposive, yielding a total of 39 data points from 13 retail companies. Data testing was carried out using SPSS version 24. The results showed that partially, the variables of financial distress, company size, liquidity, and accounting profit had no significant effect on stock returns. Meanwhile, operating cash flow positively impacts stock returns. These findings indicate that fundamental indicators are not always the main determinants of stock returns. Therefore, investors are advised also to consider external factors such as market sentiment, macroeconomic conditions, and government policies that may have a greater influence on stock performance in the capital market.

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.

This article investigates the method of using machine learning to design hedging strategies for technology stocks. We compared the single factor CAPM model with the multi factor linear regression model. This experiment takes Apple's market situation in 2018 as an example, and the data is sourced from the Interactive Brokers API, covering a total of 251 trading days. 74.5% of the data is the training set and 25.5% is the testing set. The experimental method adopts ordinary least squares method, combined with five fold cross validation. The experiment tested a total of eight different factor combinations, including SPY representing the market, technology ETFs such as XLK, VGT, QQQ, as well as IWM and DIA reflecting company size. The evaluation criteria include R-squared value, root mean square error (RMSE), adjusted R-squared, and how much the Sharpe ratio has improved. The experimental results show that the relationship between technology ETFs and Apple stock prices is closer than that of the overall market index: the correlation between XLK is 0.836, VGT is 0.831, QQ is 0.804, and SPY is only 0.748. The optimal two factor model (QQQ+XLK) achieved significant improvement compared to the single factor benchmark model: the R value increased from 0.639 to 0.801, with an increase of 25.4%, the root mean square error decreased by 25.8%, and the hedging portfolio volatility decreased by 23.1%.Rolling window analysis confirms model stability with a mean 30-day rolling R of 0.751. The experimental results show that the simple two factor model performs better than the complex six factor model, which confirms the principle that models should be concise in the financial field. The Sharpe ratio of the hedge portfolio increased by 58.4%, while the maximum drawdown decreased by 33.9%. These results provide practical guidance for designing cost-effective hedging strategies.

Purpose – This study aims to examine the influence of capital adequacy, liquidity, board compensation, and growth opportunities on the profitability of insurance firms listed on the Indonesia Stock Exchange (IDX). Methodology – Quantitative causal approach using secondary data from the annual financial statements of insurance companies listed on the IDX from 2019 to 2022 was used in this research. The population includes 18 insurance firms, from which 10 of those firms were selected through purposive sampling, producing 40 observations. Multiple regression and moderated regression analysis (MRA) through EViews 12 to evaluate both direct and moderating effects. Findings –Liquidity exerts a significant negative effect on profitability, while capital adequacy, board compensation. It revealed that company size significantly moderated the relationship between liquidity and profitability, but it did not moderate the effects of the other financial indicators. Originality – This research contributes to the literature by integrating multiple financial indicators and governance related variables in a comprehensive profitability model, emphasizing the moderating role of firm size in insurance industry context of Indonesia.

Driven by the increasing importance of sustainable development, Environmental Management Accounting (EMA) has become a key focus in modern accounting. However, the factors influencing EMA use and its relationship with Business Process Management (BPM) remain underexplored. This study aims to identify the organizational factors that determine EMA intensity and to empirically examine its correlation with BPM—a relationship that has been theorized but not yet empirically verified. The research is based on a survey of 746 practitioners across 26 countries, conducted in December 2024. Data analysis involved k-means clustering validated by one-way ANOVA with Tukey’s HSD post hoc tests and Spearman’s coefficients. The results show that EMA intensity is highly dependent on organizational context. Four distinct profiles were identified: “Market Leaders,” “Laggards,” “Micros,” and “Average.” Additionally, high EMA intensity (mean = 3.25) strictly correlates with larger company size, greater technological sophistication, and decentralized decision-making, as seen in the “Market Leaders” group. Conversely, “Micros” and “Laggards” demonstrated significantly lower adoption levels (means of 2.15 and 1.37, respectively), suggesting that resource availability and technology are prerequisites for advanced EMA. Notably, no link was found between EMA intensity and environmental uncertainty. Importantly, the study provides new empirical evidence of a significant positive relationship between EMA and BPM intensities. These findings indicate that standardized reporting regulations (e.g., EU CSRD) may disproportionately burden smaller, less technologically advanced organizations. Therefore, policymakers should combine environmental mandates with support for digitalization, especially in developing economies where organizational maturity often necessitates capacity-building initiatives.

This study aims to analyze the effect of profitability, company size, and capital structure on the value of manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2021-2023 period. Company value is measured using the Price to Book Value (PBV) ratio, while profitability is measured by Return On Equity (ROE), company size with the natural logarithm of total assets, and capital structure with the Debt to Eruity Ratio (DER). The research method used is quantitative with a descriptive approach. Data analysis was carried out using multiple linear regression with the help of SPSS software. The research sample consisted of 50 companies selected through the purposive sampling method, with a total observation of 150 data. The results of the study indicate that partially profitability does not have a significant effect on company value, company size does not have a significant effect on company value, and capital structure has a significant positive effect on company value. Simultaneously, profitability, company size, and capital structure have a significant effect on company value.