The instability of PT Kimia Farma Tbk’s financial performance, as reflected in fluctuations in financial ratios and several ratios that were below industry standards, indicates the need for a comprehensive evaluation of the company’s financial condition. This study aims to analyze the financial performance of PT Kimia Farma Tbk for the 2015–2024 period through liquidity ratios, solvency ratios, and profitability ratios. This study employed a quantitative descriptive method with analytical techniques in the form of liquidity ratios, solvency ratios, and profitability ratios. The results showed that the company’s financial performance was still not optimal. In terms of liquidity ratios, the current ratio (CR) was in a poor condition with an average of 117.36%, lower than the industry standard of 200%, while the quick ratio (QR) also indicated a poor condition with an average of 74.57%, below the industry standard of 150%. In terms of solvency ratios, the debt to asset ratio (DAR) of 58.88% was above the industry standard of 35%, and the debt to equity ratio (DER) of 156.90% exceeded the industry standard of 90%, thus indicating an unfavorable condition. Meanwhile, in terms of profitability ratios, the net profit margin (NPM) indicated a poor condition with an average of -0.84%, far below the industry standard of 20%. Thus, the financial performance of PT Kimia Farma Tbk for the 2015–2024 period can be considered not yet optimal. This study has implications as evaluation material for the company in formulating improvement measures to enhance its financial performance.

This study aims to examine the effect of Debt to Equity Ratio (DER), Return on Assets (ROA), and Earnings per Share (EPS) on the stock prices of companies included in the LQ45 index during the 2020–2024 period. The sampling method employed is purposive sampling, using secondary data obtained from the companies' annual financial statements. This study uses 19 companies as the research sample. Data analysis is conducted using multiple linear regression. The results indicate that the Debt to Equity Ratio (DER) has a negative effect on stock prices, Return on Assets (ROA) has no effect on stock prices, while Earnings per Share (EPS) has a positive effect on stock prices.

This study aims to examine the effect of Total Asset Turnover (TATO) and Debt to Equity Ratio (DER) on Return On Equity (ROE) at PT Hanjaya Mandala Sampoerna Tbk during the period 2014–2023. The method in this study is quantitative associative. The tools used in this study include classical assumption tests which include normality tests, multicollinearity tests, heteroscedasticity tests and autocorrelation tests, as well as simple and multiple linear regression analysis, determination tests (R square), and hypothesis testing including t-test and F-test. The data used in this study are secondary data in the form of annual financial statements obtained from the Indonesia Stock Exchange.The results of the study indicate that partially Total Asset Turnover (TATO) has a positive and significant effect on Return On Equity (ROE), as evidenced by a t-value of 5.727 > the t-table value of 2.365, and a significance value of 0.001 < 0.05. Meanwhile, Debt to Equity Ratio (DER) partially has no significant effect on Return On Equity (ROE), with a t-value of 1.139 which is smaller than the t-table value of 2.365 and a significance value of 0.292 > 0.05.Simultaneously, Total Asset Turnover (TATO) and Debt to Equity Ratio (DER) have a significant effect on Return On Equity (ROE), as indicated by an F-value of 17.351 > the F-table value of 4.74 and a significance level of 0.002 < 0.05.

This study reveals the failure of the Current Ratio (CR) to mediate the effect of Return on Assets (ROA) and Debt to Equity Ratio (DER) on Price to Book Value (PBV) in 12 chemical companies on the Indonesian Stock Exchange (IDX) for the period 2020-2023 (n=48, post-outlier n=31). Using path analysis, the Sobel test, and a robustness check (SPSS 27) after log transformation, the model meets the classical assumptions (KS p=0.200, VIF<3, DW=2.33). Main findings: ROA (β=8.438, p<0.01) and DER (β=1.043, p<0.01) have a significant positive effect directly on PBV (R² adj=64.0%); DER has a significant negative effect on CR (β=-4.917, p<0.01). However, CR is insignificant on PBV (β=0.005, p=0.878), resulting in insignificant mediation (indirect ROA=0.007, DER=-0.017; Sobel z<1.96). Fixed effects confirm robustness. The results supportsignalling theory(ROA efficiency signal) andtrade-off theory(optimal DER), but reject contingency mediation in the high liquidity chemical sector post-COVID.Managerial implications: Prioritize ROA optimization (>5%) over excess liquidity; investors weigh profitability higher than balance sheet liquidity in chemical valuations.

This study aims to analyze the effect of financial performance on stock prices. Financial performance is measured using the Debt-to-Equity Ratio (DER), Total Asset Turnover (TATO), and Current Ratio (CR). This study uses a quantitative approach, secondary data, and 55 samples. Data analysis was performed using multiple linear regression through SPSS. The results show that DER, TATO, and CR simultaneously have a significant effect on stock prices. Partially, all variables have a negative and significant effect on stock prices. Financial performance explains 25.2% of stock price variations, while the remaining variation is influenced by factors outside the research model

This study aims to analyze the effect of the Debt to Asset Ratio (DAR) and Debt to Equity Ratio (DER) on stock prices of automotive subsector companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. This research employed a quantitative method with purposive sampling, using secondary data consisting of annual financial statements and stock price information obtained from official IDX publications. The data were analyzed using multiple linear regression with classical assumption tests, t‐tests, and F‐tests. The results indicate that DAR has a positive and significant effect on stock prices, while DER has a negative and significant effect on stock prices. Furthermore, DAR and DER simultaneously exert a significant influence on stock prices. These findings highlight that capital structure, as reflected by DAR and DER, plays an important role in determining stock price movements in the automotive subsector

This research aims to see the effect of Total Asset Turnover and Debt To Equity Ratio (DER) on Return On Assets (ROA) at PT Indofood Sukses Makmur Tbk which is listed on the BEI in 2010 - 2023. The data used in this research is data secondary in the form of the annual financial report of the company under study. This research uses quantitative data and the data source used is secondary data with an analysis method using multiple linear regression methods with data processing using SPSS v.25. The results of hypothesis testing (T Test) partially state that the Total Asset Turnover variable does not have a significant and positive influence on Return On Assets (ROA) and the Debt To Equity Ratio (DER) variable has a significant and negative influence on Return On Assets (ROA). Simultaneous F Test results of the Total Asset Turnover and Debt To Equity Ratio (DER) variables show a significant influence between Total Asset Turnover and Debt To Equity Ratio (DER) on Return On Assets (ROA).

Financial performance is a key indicator of success for banking institutions, particularly in the context of managing profitability, debt structure, and the implementation of Good Corporate Governance (GCG). Although numerous studies have highlighted the role of financial performance in sustaining banking competitiveness, empirical research that specifically examines the effects of profitability and debt on financial performance while considering the moderating role of GCG quality in the Indonesian banking sector remains limited. This study aims to analyze the influence of profitability and debt on financial performance and to assess the role of GCG quality as a moderating variable in these relationships for banks listed on the Indonesia Stock Exchange over the 2010–2023 period. The study employed a quantitative approach using secondary data from financial reports, yielding 266 observations selected through purposive sampling. Data were analyzed using multiple linear regression with the aid of SPSS software. The results show that profitability, measured by Return on Assets (ROA), does not have a significant effect on financial performance, which is measured by Return on Equity (ROE), whereas debt, measured by the Debt to Equity Ratio (DER), has a positive and significant effect on financial performance. In addition, GCG quality, proxied by the presence of the Sharia Supervisory Board (Dewan Pengawas Syariah, DPS), has a positive effect on financial performance and strengthens the relationships between the financial variables and firm performance. These findings underline that appropriate debt management and high-quality GCG implementation are critical factors in enhancing banks’ financial performance. The implications of this study encourage banking management to continuously strengthen corporate governance in order to support long-term improvements in financial performance.

This study aims to examine the effect of liquidity and solvency on profitability, with asset management acting as a mediating variable in coal mining companies listed on the Indonesia Stock Exchange during the 2021–2024 period. The research employed a quantitative approach using secondary data obtained from the companies’ annual financial statements. The sample consisted of 10 companies selected through purposive sampling, resulting in 40 firm-year observations in a balanced panel dataset. Liquidity was measured using the Current Ratio (CR), solvency was proxied by the Debt-to-Equity Ratio (DER), asset management was measured through Total Asset Turnover (TATO), and profitability was assessed using Return on Assets (ROA). Path analysis was applied to examine both direct and indirect effects among variables, and the Sobel test was used to determine the mediating role of asset management. The results indicate that liquidity and solvency significantly affect profitability both directly and indirectly through asset management. Asset management is proven to mediate the relationship between financial structure and corporate profitability. These findings highlight the importance of efficient asset management in enhancing financial performance in capital-intensive industries such as coal mining.

The study employs a quantitative methodology and analyses secondary data from financial reports from businesses. Ten businesses are selected as research samples using the sampling technique's purposive sampling. Using SPSS version 27, the data analysis method employs multiple linear regression. With a regression coefficient of -0.732 and a significance value of 0.007, the findings of the regression analysis demonstrate that the liquidity variable, represented by the Current Ratio (CR), has a negative and substantial impact on stock value. With a regression coefficient of -1.923 and a significance value of 0.230, the solvency variable represented by the Debt to Equity Ratio (DER) has a negative but negligible impact on stock value. With a regression coefficient of 0.253 and a significance value of 0.006, the profitability variable represented by Return on Assets (ROA) has a positive and substantial impact on stock value. According to the simultaneous test results, CR, DER, and ROA collectively have a considerable impact on stock value, with a computed F value of 6.087 at a significance level of 0.002. Furthermore, the coefficient of determination results indicate that the profitability, liquidity, and solvency variables can account for 33.7% of the fluctuation in stock value, with additional variables outside the research model influencing the remaining 66.3%.

Despite high smoking rates and substantial household spending on cigarettes, cigarette sales volume in Indonesia has gradually declined over recent years. Amid these challenging times in the cigarette industry, this research aims to analyze the determinants of profitability and efficiency of cigarette companies in Indonesia from 2019 to 2023. The study uses data from quarterly financial reports of four companies listed on the IDX. In panel data regression analysis, the independent variables include the current ratio (CR), assets turnover (TATO), and debt-to-equity ratio (DER), while the dependent variable is return on assets (ROA). The selected model for panel data regression is the Fixed Effect Model (FEM). The findings reveal that both CR and DER have a significant negative impact on return on assets, while TATO has a significant positive impact on ROA. All the independent variables collectively exert a significant influence on the ROA of cigarette companies. Among these variables, DER has the most significant effect on profitability. These variables explain 51.90% of the variation in ROA. Additionally, the average technical efficiency score of cigarette companies in Indonesia from 2019 to 2023 is 69.0%. Simple regression analysis further shows that the average technical efficiency score significantly and positively influences ROA, accounting for 47.68% of the variation. Overall, these variables explain 99.76% of the variation in ROA. In conclusion, cigarette companies should focus on optimizing asset use and cautiously managing debt levels to attract investors and sustain stable returns even during market fluctuations.

This study aims to analyze the effect of inflation and Debt to Equity Ratio (DER) on firm value, proxied by Price to Book Value (PBV), in food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2022–2024. The data used are secondary data obtained from annual financial statements, publications of the Central Bureau of Statistics (BPS), and Bank Indonesia (BI). The analytical method employed is panel data regression using the Fixed Effect Model (FEM), selected based on the results of the Chow and Ha usman tests. The results show that partially, inflation has no significant effect on firm value, indicating that the food and beverage sector tends to be resilient to inflation due to the essential nature of its products. Meanwhile, the Debt toEquity Ratio (DER) has a positive and significant effect on firm value, implying that the optimal use of debt within the capital structure can increase the company’s market value. Simultaneously, inflation and DER significantly affect PBV, confirming that macroeconomic and capital structure factors play an important role in determining firm value. The findings of this study are expected to serve as a reference for company management in determining optimal financing policies and for investors in assessing investment potential in the food and beverage sector.

The purpose of this study is to examine and empirically prove the influence of Return on Equity (ROE), Debt to Equity Ratio (DER), and Earnings Per Share (EPS) on stock prices. The population consists of non-bank companies listed in the LQ-45 Index on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. A total of 35 companies were selected using a purposive sampling technique. The data were analyzed using a panel data regression model with the Fixed Effect Model (FEM) approach through EViews version 13 software. The results indicate that ROE has a significant positive effect on stock prices, while DER has a significant negative effect. Meanwhile, EPS was found to have no significant effect on stock prices, suggesting that earnings per share information has already been reflected in market prices. Simultaneously, the independent variables explain 95.34% of the variation in stock prices. These findings imply that investors should prioritize the analysis of profitability and capital structure over earnings per share when making investment decisions in LQ-45 stocks.

Fluctuations in the Return on Assets (ROA) of PT Indofood Sukses Makmur Tbk for the period 2016-2024 show an inconsistent relationship between sales growth, Debt to Equity Ratio (DER), and company size on profitability, particularly in the period 2023-2024 where low sales growth was followed by an increase in ROA. This study aims to analyze the effects of sales growth, DER, and company size on PT Indofood Tbk's ROA for the period 2016-2024, both partially and simultaneously. The research employed a descriptive and verificatory quantitative approach, using quarterly data for the 2016-2024 period, and analyzed the data using multiple linear regression in SPSS version 27. The results show that sales growth has a significant negative effect on ROA (β = -0.123; p = 0.038), indicating that sales expansion without cost efficiency reduces profitability. DER has a significant negative effect on ROA (β = -3.449; p = 0.007), indicating that high leverage erodes net income through higher interest expenses. Company size does not have a significant effect on ROA (β = -0.173; sig = 0.489), indicating that asset expansion does not automatically increase profitability. Simultaneously, all three variables had a significant effect on ROA (F = 6.951; p < 0.001), with an R-squared of 39.5%. This study has practical implications for management, emphasizing the need to focus on operational efficiency, deleveraging strategies, and asset-investment selectivity to improve company profitability

This study examines the effect of Current ratio (CR) and Debt to Equity Ratio (DER) on stock returns, with Return on Assets (ROA) as a moderating variable, before and after the COVID-19 pandemic. It aims to explain how financial ratios are interpreted differently by investors in stable versus crisis conditions. The research uses secondary data from banking companies listed on the Indonesia Stock Exchange (IDX) during 2018–2021. A purposive sampling of 43 firms produced 172 observations, analyzed with EVIEWS 13 through comparative period testing. The novelty of this study lies in exploring the moderating role of ROA in the relationship between liquidity, leverage, and stock returns across two distinct periods, providing insights into investor behavior under uncertainty. Results show that before the pandemic, CR had a positive significant effect, DER was insignificant, and ROA strengthened the effects of both ratios on returns. After the pandemic, CR lost significance, DER showed a significant negative effect, and the moderating role of ROA shifted. These findings highlight that investor focus moved from liquidity to risk management and resilience during economic shocks. The study concludes that maintaining liquidity, prudent leverage, and sustainable profitability are vital to enhance investor confidence in crisis periods.

This study is conducted to evaluate the influence of financial performance on stock prices in mining companies in the metal and mineral subsector listed on the Indonesia Stock Exchange (IDX) during the period 2019-2023. Financial performance in this study is measured using three financial ratio indicators, namely Return on Equity (ROE), Debt to Equity Ratio (DER), and Total Asset Turnover (TATO) as independent variables, while stock prices are used as dependent variables. Sample selection was carried out using a purposive sampling method, which resulted in 8 companies as the final sample from 11 firms that satisfied the conditions. The information processing methods applied include classical assumption testing, This research utilizes techniques such as panel data modeling, multiple linear regression analysis, hypothesis testing, and R² measurement. Partially, the results show that ROE and DER do not have a significant effect on stock prices, while TATO has a significant effect. However, the three variables simultaneously proved to have a significant effect on stock prices. Keywords: Financial Performance, Return on Equity (ROE), Debt to Equity Ratio (DER), and Total Asset Turnover (TATO), StockPrice.

This study aims to analyze the effect of Debt to Equity Ratio (DER), Return on Equity (ROE), and Earning Per Share (EPS) on stock prices of pulp and paper sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2023 period. This research employs a quantitative associative approach using secondary data obtained from annual financial statements and stock closing prices. The population consists of all pulp and paper sub-sector companies listed on the IDX, with six companies selected as samples through purposive sampling, resulting in 36 balanced panel observations. Data analysis was conducted using panel data regression with the Fixed Effect Model (FEM), selected based on Chow and Hausman tests. The results show that, partially, DER, ROE, and EPS do not have a significant effect on stock prices. However, simultaneously, DER, ROE, and EPS significantly affect stock prices, with a coefficient of determination (R²) of 94.7%. These findings indicate that investors tend to assess company performance holistically rather than relying on individual financial ratios. The study provides practical implications for corporate financial management and investment decision-making, particularly in capital-intensive industries such as pulp and paper.

This study aims to examine the effect of financial ratios—including liquidity, profitability, and solvency—on corporate financial stability using a systematic literature review (SLR) approach. Data were collected from various scholarly articles published between 2013 and 2023, selected based on topic relevance and publication quality. The analysis focuses on Return on Assets (ROA), Current Ratio (CR), and Debt to Equity Ratio (DER) as representative indicators of each financial ratio category. The findings reveal that these financial ratios play a crucial role in reflecting a company’s financial health and stability. ROA indicates asset management efficiency, CR reflects the company’s ability to meet short-term obligations, and DER reveals capital structure and financial risk. Therefore, these financial ratios serve as vital diagnostic tools for corporate financial assessment and decision-making.

The purpose of this study was to examine in depth how profitability and liquidity affect the capital structure of food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2021–2024. The research approach used a quantitative method utilizing secondary data in the form of company financial reports. The sample selection technique used in this study was purposive sampling, resulting in 22 sample companies that met the research criteria, which were measured using the Debt to Equity Ratio (DER) indicator. Meanwhile, the independent variables consisted of Return on Equity (ROE) as a representation of profitability and Current Ratio (CR) as a representation of liquidity. The results of the descriptive analysis showed that the average DER of food and beverage sub-sector companies was 8.214, the average ROE was 0.595, and the average CR was 2.619. The correlation test showed that DER had no significant relationship with ROE, but showed a significant negative correlation with CR. Furthermore, the results of the multiple linear regression test indicated that ROE had no significant effect on DER, while CR had a negative effect that was close to significant on DER. The results of this study indicate that liquidity plays a role in capital structure compared to profitability in food and beverage subsector companies in 2021-2024.

The purpose of this study is to assess the impact of Debt to Equity Ratio (DER), Current Ratio (CR) and Total Asset Turnover (TATO), on Return on Equity (ROE) in telecommunication subsector companies listed on the Indonesia Stock Exchange between 2017 and 2024. Secondary data from annual financial reports are used using quantitative methodology and associative techniques. Purposive sampling was used to select 80 observations from 10 companies as the research sample. Using IBM SPSS, this study was conducted by utilizing multiple linear regression, descriptive analysis, and classical assumption testing. The findings show that CR and TATO have no effect on ROE, while DER has a partial and significant impact. These three factors have a significant impact on ROE simultaneously, indicating that funding structure is crucial for increasing shareholder returns.