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.

This study aims to find empirical evidence of the influence of leverage (DER) and liquidity (CR) on profitability (ROA). In this research, researchers employed quantitative method using panel data regression. The study population consists of the companies listed on the Jakarta Islamic Index (JII 30) 2020-2024, and the purposive sampling technique is used to determine the sample size. A total of 105 samples from 21 companies were selected for this study. The data analysis techniques use EViews 12. Based on the study findings, profitability (ROA) significantly affected by debt to equity ratio (DER) and current ratio (CR). This study can serve as a guide for businesses looking to boost and enhance performance as well as for investors assessing company performance to gain investment certainty. The practical implication of these findings is the management stoct issuers could maintain the company good performance in order to increase investor trust in a sustainable manner.

This study aims to analyze the effect of dividends, audit quality, leverage, and profitability on firm value in major energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. Firm value is measured using Tobin’s Q ratio, while the independent variables are measured using the Dividend Payout Ratio (DPR), a dummy variable for the use of Big Four audit firms, the Debt to Equity Ratio (DER), and Return on Assets (ROA). The research employs a quantitative approach using secondary data from company annual reports, and panel data regression with the Random Effect Model (REM) is applied for analysis. The results reveal that dividends and audit quality have a negative effect on firm value, while profitability has a significant positive effect. Meanwhile, leverage shows no significant effect on firm value. These findings offer valuable implications for managerial decision-making and investment strategies, particularly in the highly regulated and risk-sensitive energy sector.

This study investigates the financial performance of Vietnamese enterprises through a time series lens, utilizing quarterly data from 2018 to 2024 across ten large firms operating in diverse sectors. By focusing on key indicators such as Return on Assets (ROA), firm size, leverage, and equity ratio, the research applies advanced time series methods including ARIMA modeling, stationarity testing, and multivariate regression analysis. The findings reveal consistent temporal trends in profitability, significant relationships between financial structure and performance, and the feasibility of short-term forecasting using autoregressive models. Notably, leverage was found to negatively affect profitability, while firm size and equity ratio showed positive associations. The study contributes theoretically by integrating time series methodology into firm-level financial analysis in emerging markets and offers practical insights for financial managers regarding performance prediction and strategic capital allocation. Limitations and avenues for future research are also discussed.

This paper reports the design of a methodological toolkit for financial provision of enterprise sustainability, taking into account the target needs of the enterprise's capital management, available opportunities, and digital changes in the business environment. This study considers the processes and mechanisms of financial provision sustainability of enterprises in the context of digital transformations of the economy. The task addressed relates to the lack of effective methodological tools for flexible adaptation to changes under financial conditions and strategic needs for ensuring financial sustainability of enterprises, taking into account the requirements of balanced economic development. Such tools are based on the mechanism of capital structure optimization and make it possible to build the financial architecture of the enterprise and effectively respond to digital challenges. Using the linear programming method, an economic and mathematical model for optimizing the capital structure of the enterprise has been constructed. It includes an objective function that is focused on maximizing profit and minimizing the weighted average cost of capital and makes it possible to determine the rational ratio of the enterprise's equity and debt capital. The system of constraints of the objective function takes into account the policy of financing the assets of the enterprise under the conditions of digital transformations, and covers the criteria of financial stability, solvency, and efficiency of capital use of the enterprise. This makes it possible to ensure the consistency of financial decisions with the strategic goals of the enterprise's development, to increase its resistance to the latest challenges of the digital economy. The practical significance of the designed methodological toolkit is in the possibility of its application for substantiating management decisions, developing financial and economic policy.

This research investigates the impact of capital structure on the performance and value of non-financial firms listed in Southeast Asia. Capital structure is represented by the Debt to Equity Ratio (DER) and the Debt to Asset Ratio (DAR), while performance and value are evaluated through Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q. By utilizing secondary data sourced from the OSIRIS database covering the period from 2019 to 2023, the study employs panel data regression methods to analyze the proposed relationships. The findings reveal that DER significantly negatively affects ROA, suggesting that high levels of debt may impair asset efficiency. Conversely, DER does not have a significant effect on ROE or Tobin’s Q. On the other hand, DAR exhibits a positive and significant correlation with ROE, indicating that leverage can be advantageous when managed properly, although its impact on ROA and firm value is not statistically significant.

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.

The purpose of this research is to analyze the effect of profitability and leverage on firm value in property and real estate sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2019–2023. Firm value in this study is measured using Price to Book Value (PBV), profitability is measured by Return on Assets (ROA), and leverage is measured by Debt to Equity Ratio (DER). The research method employed is a quantitative approach using secondary data obtained from the annual reports of companies listed on the IDX over the observation period. Data analysis techniques utilized multiple linear regression analysis with the assistance of SPSS software.The results of this study indicate that profitability has a positive and significant effect on firm value. This finding suggests that higher profitability levels tend to increase firm value, as companies capable of generating stable profits are more attractive to investors. Conversely, leverage does not have a significant effect on firm value. This implies that the level of debt owned by companies is not the main consideration for investors in assessing firms in the property and real estate sector.This study is expected to provide useful insights for company management and investors in making investment decisions and managing optimal financial structures. Additionally, this research contributes to the development of financial theory, particularly regarding the factors that influence firm value in the property and real estate industry.

This study aims to determine the effect of Return on Assets (ROA), Debt to Equity Ratio (DER), and Current Ratio (CR) on stock prices on the Indonesia Stock Exchange. This study uses an associative research method with a quantitative approach. The sampling technique used in this study is purposive sampling, so that a sample of 32 companies can be obtained that meet the criteria. The analytical method used in this study is multiple linear regression analysis using the SPSS program. The results of this study indicate that partially, Return on Assets (ROA) has a significant effect on stock prices. Debt to Equity Ratio (DER) does not have a significant effect on stock prices. Current Ratio (CR) does not have a significant effect on stock prices. Simultaneously, Return on Assets (ROA), Debt to Equity Ratio (DER), and Current Ratio (CR) affect stock prices.

Industrial development plays an important role in supporting Indonesia’s economic growth, particularly in the property sector, which attracts increasing investor interest. This study examines the effect of the price earnings ratio, current ratio, and debt to equity ratio on stock prices of property sector companies listed on the Indonesia Stock Exchange, with return on assets as a moderating variable. The study uses panel data from 12 property companies over the 2018–2022 period. Panel data regression with moderation analysis is applied using EViews version 12. The results indicate that the price earnings ratio and return on assets have a significant effect on stock prices, while the current ratio and debt to equity ratio do not show a significant influence. The moderation analysis reveals that Return on Assets strengthens the relationship between the price earnings ratio and stock prices, but does not moderate the effects of liquidity and leverage ratios. The coefficient of determination shows that the independent and moderating variables explain 37.58 % of stock price variation, while the remaining variation is influenced by other factors not examined in this study. These findings provide useful insights for investors and related institutions in evaluating stock price movements in the property sector.

This study aims to evaluate the effects of profitability, leverage, liquidity, and cash-flow shocks on the financial distress of companies in the hotel, restaurant, and tourism subsector listed on the Indonesia Stock Exchange during the period 2021 to 2024. The research approach employed is quantitative, using logistic regression analysis. The data analyzed are secondary data obtained from the annual financial statements of the respective companies. The results of the study indicate that, simultaneously, the four independent variables significantly influence financial distress. However, based on partial testing, each variable, namely Return on Assets (ROA), Debt to Equity Ratio (DER), Current Ratio (CR), and cash flow shock, does not show a significant relationship with financial distress. These findings imply that the risk of financial distress in this industry cannot be explained solely through a single financial indicator; instead, a more holistic approach is required. This study provides essential contributions to both management and investors in assessing companies' financial condition and formulating appropriate strategic decisions.

This study aims to analyze the effect of profitability, leverage, and liquidity on firm value in food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. Profitability is measured by Return On Assets (ROA), leverage by Debt to Equity Ratio (DER), and liquidity by Current Ratio (CR), while firm value is proxied by Price to Book Value (PBV). The study employs a quantitative approach using multiple linear regression analysis. The sample consists of 25 companies selected through purposive sampling, with a total of 125 secondary data observations obtained from annual financial statements. The results indicate that, partially, profitability, financial risk, and liquidity have a positive and significant effect on firm value. Simultaneously, the three independent variables also significantly affect firm value, with an adjusted R² of 43.4%, meaning that 56.6% of the variation in firm value is explained by other factors outside the model. These findings support agency theory and signaling theory, which suggest that strong financial performance, optimal debt management, and adequate liquidity provide positive signals to investors, thereby enhancing firm value.

The study provides valuable insights for insurance company management in formulating optimal capital structure strategies and assists investors in evaluating financial performance. It also contributes to existing literature by offering empirical evidence from the Indian insurance sector and highlights the need for maintaining financial stability while maximizing profitability. The research is based on secondary data collected from the annual reports of HDFC Life Insurance, IRDAI publications, and financial databases over a selected study period. Ratio analysis, correlation analysis, and multiple regression techniques are employed to assess the effect of capital structure on profitability. The findings indicate that capital structure has a significant influence on profitability, with an optimal mix of equity and debt contributing positively to financial performance. Excessive leverage, however, is found to adversely affect profitability due to higher financial risk and regulatory constraints in the insurance industry. Capital structure is a crucial financial decision that significantly influences a firm’s profitability and long-term sustainability, particularly in the highly regulated insurance sector. The present study examines the impact of capital structure on the profitability of Indian insurance companies, with special reference to HDFC Life Insurance Company Ltd. The study aims to analyze the relationship between capital structure variables—such as debt–equity ratio, solvency ratio, and leverage—and profitability indicators including return on assets (ROA), return on equity (ROE), and net profit margin. Keywords: • Capital Structure • Profitability • Debt–Equity Ratio • Financial Leverage • Solvency Ratio • Return on Assets (ROA)

This study aims to provide a descriptive overview of the Debt to Equity Ratio (DER) as an indicator of capital structure and leverage levels in conventional banks in Indonesia during the 2018–2024 period. Changes in global economic conditions, regulatory dynamics, and liquidity pressures and fund costs encourage the importance of evaluating the capital structure of national banks. DER is used as a measure of a bank's ability to balance its own debt and capital use, which has direct implications for risk, profitability, and financial stability. Using a descriptive research approach with secondary data from bank financial statements listed on the Indonesia Stock Exchange, this study processed the maximum, minimum, and average values of DER, as well as describing the pattern of leverage movements through annual charts. The results of the study show that in general, conventional Indonesian banks are in the healthy category with DER in the low to moderate range (0.03–13.42). Most banks consistently maintain DERs within safe limits, supported by strong capital and prudent risk management practices. The variation in the value of the DER such as a significant increase in BBTN or very low values in PNBN and BGTG reflects differences in funding strategies, capital pressures, and internal restructuring. These findings are in line with the international literature that confirms that an optimal capital structure strengthens banks' resilience to economic shocks. Overall, this study confirms that DER remains an important metric in assessing the leverage conditions, capital stability, and financial health of conventional banking in Indonesia.

Indonesian textile companies face significant challenges in maintaining their financial stability, especially considering economic changes and strong competition in the market. One of the main risks is financial distress, which is a state when a company begins to experience financial pressure that can lead to bankruptcy. The purpose of this study is to determine how financial ratios such as Liquidity (Current Ratio), Profitability (Return on Asset), Solvency (Debt to Equity Ratio), and Sales Growth impact Financial Distress in textile companies listed on the Indonesia Stock Exchange from 2020 - 2024. The data used for this study came from the annual financial statements of eight sample textile companies. A quantitative approach, multiple linear regression method, was used. The results of this study indicate that the liquidity and solvency ratios have a significant effect on financial distress partially, the four factors simultaneously affect financial distress. These results can help company management make the right financial decisions to continue operating in the future.

This study aims to examine the effect of Working Capital Turnover (WCTO), Cash Turnover, Cash Ratio, and Debt to Equity Ratio (DER) on profitability, as measured by the Net Profit Margin (NPM), in palm oil plantation companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. Profitability is a key indicator of financial performance, especially in industries heavily reliant on operational efficiency and working capital management. This study employs a quantitative method using multiple linear regression analysis. The sample consists of 12 palm oil companies selected through purposive sampling. The results reveal that Cash Turnover and DER have a significant effect on profitability, while WCTO and Cash Ratio do not have a significant individual impact. However, all four variables jointly have a significant effect on profitability. These findings suggest that companies must optimize their working capital efficiency and maintain a balanced capital structure to enhance financial performance.

This study examines how internal governance mechanisms shape corporate debt structure in a capital intensive and crisis exposed industry. It analyses 61 basic materials firms listed on the Indonesia Stock Exchange over 2019–2023 (305 firm year observations), a period covering pre pandemic conditions, the COVID 19 shock, post crisis recovery, and global monetary tightening. Debt structure is proxied by the debt to equity ratio (DER), which exhibits extreme volatility with values ranging from −23,124.66 to 4,950.11, indicating widespread negative equity and severe financial distress in part of the sample. The empirical model is a fixed effects panel regression with cluster robust standard errors. Board size, institutional ownership, and firm age show positive and statistically significant effects on leverage, while the proportion of independent commissioners has a strong negative effect; audit committee size and return on assets (ROA) are not significant. Firm value, measured by price to book value (PBV), has a large negative impact on DER and significantly moderates the effects of board size and independent commissioners on leverage. A PBV threshold at approximately 0.945 separates regimes where independent commissioners reduce leverage (distressed/undervalued firms) and where they facilitate higher leverage (fairly valued or overvalued firms). The findings validate a conditional multi theory framework that combines agency theory, resource dependence theory, and pecking order logic instead of relying on any single theory. They highlight that governance mechanisms are neither uniformly “good” nor “bad” for leverage but context dependent, with firm valuation and crisis conditions critically shaping their effects. The results provide implications for boards, regulators, creditors, and investors in emerging markets when designing governance structures and monitoring extreme leverage in capital intensive sectors.

This study aims to identify the influence of profitability, liquidity, and asset structure on the capital structure of pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange during the 2019–2023 period. The study spanned five years, from 2019 to 2023. Of the total 15 companies in the population, 7 companies were selected as samples using a purposive sampling method. The research data were sourced from annual financial reports accessed through the official IDX website. Data processing was carried out using multiple linear regression methods. Capital structure was measured using two indicators: the Debt to Equity Ratio (DER) and the Debt to Asset Ratio (DAR). The analysis results showed that profitability had no effect on these two capital structure indicators. Conversely, liquidity and asset structure were shown to influence both DER and DAR. This study provides insight into the factors influencing debt financing decisions in pharmaceutical companies and their implications for the company's financial stability.

This study aims to test and analyze the influence of profitability and liquidity on the value of companies with capital structure as intervening variables in companies listed in the SMInfra18 Index on the Indonesia Stock Exchange for the 2018-2023 period. The variables studied included profitability proxied by Net Profit Margin (NPM), liquidity with Current Ratio (CR), capital structure with Long-term Debt to Equity Ratio (LTDER), and company value with Tobin's Q. Purposive sampling method was used to obtain eleven companies as a sample with a total of 66 observation data. Data analysis was conducted using IBM SPSS Statistics 23. The results of the study show that profitability and liquidity have a positive and significant effect on the company's value. Profitability and liquidity have a negative and significant effect on capital structure. Capital structure is not able to mediate the influence of profitability on the value of the company, but it is able to mediate the influence of liquidity on the value of the company.

This study aims to analyze the influence of Green Innovation, debt policy, and investment decisions on the financial performance of mining companies listed on the Indonesia Stock Exchange during the 2021–2023 period. The study used a quantitative approach with a purposive sampling method, resulting in a sample of 44 companies based on the availability of financial reports and sustainability reports. The results show that Green Innovation has a negative and significant effect on financial performance (ROA). Debt policy, as measured by the Debt to Equity Ratio, has a negative and significant effect on financial performance, and investment decisions, as measured by Capital Expenditure to Book Value of Assets, have a positive and significant effect on financial performance. These findings suggest that mining companies should efficiently manage Green Innovation implementation costs, balance debt with equity financing, and strengthen strategic investment decisions in productive assets. Future research is recommended to consider additional variables such as dividend policy or company size and extend the observation period to capture long-term impacts.