Manufacturing Subsectors Research Articles

The Influence Of Profitability And Financial Leverage On Earnings Management And Its Impact On The Value Of Manufacturing Companies In The Indonesian Stock Ex-change (Case Study Of The Automotive Sub-Sector Period 2018-2022)

The practice of income smoothing still occurs in the Indonesian economy. There are sever-al cases of income smoothing that have occurred, including at PT. Kimia Farma Tbk, PT and Lippo Tbk where these companies have published different financial reports. The purpose of this research is to determine the direct effect of profitability on income smoothing, fi-nancial leverage on income smoothing, profitability on company value, financial leverage on company value, the indirect effect of profitability on company value through income smoothing, financial leverage on company value through income smoothing and Income smoothing has a direct effect on company value. This research uses a mixed method. The population used in this research is automotive sub-sector manufacturing companies listed on the Indonesia Stock Exchange for the 2018-2022 period. The sampling method is to use a purposive sampling technique so that the samples obtained are 50 samples. The re-search results show that there is no direct influence of profitability on income smoothing, there is no direct influence of financial leverage on profit smoothing, there is a direct influ-ence of profitability on firm value, there is no direct influence of financial leverage on firm value, there is no indirect influence income smoothing between profitability and company value, there is no indirect effect of income smoothing between financial leverage on com-pany value and there is no direct effect of income smoothing on company value.

Sustainability of the Food Industry: Ecological Efficiency and Influencing Mechanism of Carbon Emissions Trading Policy in China

As an important factor affecting ecological sustainability, the food industry’s ecological efficiency (EE) deserves great attention and control. In 2013, China implemented a carbon emissions trading policy (CETP) to limit carbon emissions from various industries to promote the optimization of the ecological environment. To explore the ecological sustainability of China’s food industry, identify the factors affecting the EE of the food industry, and study the influence heterogeneity and influencing mechanisms, the impact of the CETP on the food industry, which emits high volumes of greenhouse gasses, requires evaluation. Many scholars have studied the policy’s effect from the perspective of EE, but they have ignored the food industry, which is the main carbon emitting sector, and there is a lack of heterogeneity analyses of the influencing factors. This study reviewed the implementation process and characteristics of the CETP in the past decades. Using provincial panel data from 2003 to 2019, this study measured the EE in the food industry through the difference-in-difference model, evaluated the emission reduction and economic effects of the CETP on the food industry, characterized the heterogeneity of the policy’s effectiveness, and analysed its mechanism using three-stage mediating regression. The results showed that (1) the CETP significantly affected the food industry’s EE, which increased by 38.3% on average in experimental provinces compared with non-experimental provinces. (2) For the food industry, the policy’s effect was most significant in the food manufacturing and tobacco subsectors, and these subsectors in the experimental provinces increased by 66.0% and 39.7%, respectively; meanwhile, the policy’s effect was not significant in agriculture and subsidiary food processing and beverage manufacturing. By industrial area, the policy’s effects were significantly higher in the eastern region compared with the central and western regions. The influence on the food industry’s EE in the eastern region was close to 150%, while in the central and western regions, it was not significant. (3) The CETP promoted the food industry’s EE by improving energy consumption structure and technological innovation. The proportion of coal consumption decreased by 6.34% on average, and the technological innovation level increased by 25.1% on average in the experimental provinces’ food industries. The research findings indicate that the CEPT is a good practice and worth spreading. For food industry enterprises with high carbon emissions, attention should be paid to low-carbon transformation through technological upgrading and management optimization. For policymakers, targeted policies are needed to establish a national unified carbon trading market so that the national carbon emissions can be controlled, and the gap between regional carbon emissions can be narrowed.

The Effect of Liquidity and Capital Intensity on Tax Aggressiveness

Aims: This research aims to determine and analyze the effect of liquidity and capital intensity on tax aggressiveness.
 Study Design: The population in this study are Basic Industry and Chemical sub-sector manufacturing companies listed on the Indonesia Stock Exchange in the 2020-2022 period, namely 66 companies. The sampling method was purposive sampling. The final sample in this research was 22 companies and the total final sample was 66 samples. The data used is secondary data taken from the financial statements obtained from the Indonesian Stock Exchange.
 Methodology: The data collection method is document analysis. The data analysis method used is quantitative analysis. The analysis techniques in this research are the classical assumption test, determinant coefficient test and Multiple Linear Regression.
 Results: The results of this research show that liquidity influences tax aggressiveness, capital intensity influences tax aggressiveness.
 Conclusion: The research results show that liquidity, capital intensity simultaneously affect tax aggressiveness. liquidity has a positive and significant effect on tax aggressiveness. Meaning that Companies with high liquidity are healthy companies with large tax liabilities so they have a higher potential for aggressive tax action. so does Capital Intensity has a positive and significant effect on Tax Aggressiveness. Meaning that higher fixed asset investment is carried out as a form of reducing profits and increasing depreciation expenses, thereby reducing the tax burden

The Influence of Company Size, Profitability, Liquidity, And Leverage On Firm Value In Pharmaceutical Sub-Sector Manufacturing Companies Listed On The Indonesian Stock Exchange For The Period 2012-2015

This study aims to analyze the effect of company size, profitability, liquidity and leverage on firm value in pharmaceutical sub-sector manufacturing companies listed on the Indonesia Stock Exchange for the period 2012-2015. This research was conducted by taking a sample of 7 pharmaceutical companies. Samples were taken from the financial statements for each year during 2012-2015. The method used is Multiple Linear Regression Analysis and data testing is carried out with SPSS (Statistical Product and Service Solution) 23 program. The test results show that the overall percentage of company size, profitability, liquidity and leverage on firm value is 74.6% while the rest is explained by other variables not included in this study. The results showed that company size has a positive and significant effect on firm value, profitability has a negative and weakly significant effect on firm value, liquidity has a negative and significant effect on firm value, leverage has a negative and significant effect on Company Value. Suggestions that can be given are that future research by adding a longer time span and using a larger and wider sample to obtain consistency in research results.

Leveraging Technology Integration in Kenya's Food & Beverage Industry for Competitiveness.

Leveraging Technology Integration in Kenya's Food & Beverage Industry for Competitiveness.

Pengaruh NPM, CR, EPS, PER, DPS Terhadap Harga Saham Pada Perusahaan Manufaktur Di Bursa Efek Indonesia Pasca Pandemi Covid-19

Companies listed on the IDX are competing to attract investors to buy their shares. The purpose of this study is to examine the effect of NPM, CR, EPS, PER and DPS with a simulated and significant effect on Share Prices in Manufacturing companies listed on the Indonesia Stock Exchange for the 2019-2022 period. This study used quantitative research and sampling techniques using purposive sampling. The population in this study is 76 Consumer Goods Manufacturing Subsector. The sample of this study amounted to 14. The model is with multiple linear regression. The result is that NPM has no partial and significant effect on the Share Price of Manufacturing companies listed on the Indonesia Stock Exchange for the 2019-2022 period. CR does not have a partial and significant effect on the Share Price of Manufacturing companies listed on the Indonesia Stock Exchange for the 2019-2022 period. EPS has a partial and significant effect on the Share Price of Manufacturing companies listed on the Indonesia Stock Exchange for the 2019-2022 period. PER has a partial and significant effect on the Share Price of Manufacturing companies listed on the Indonesia Stock Exchange for the 2019-2022 period. DPS does not have a partial and significant effect on the Share Price of Manufacturing companies listed on the Indonesia Stock Exchange for the 2019-2022 period. NPM, CR, EPS, PER and DPS have a simulated and significant effect on the Share Price of Manufacturing companies listed on the Indonesia Stock Exchange for the 2019-2022 period. Keywords: NPM, CR, EPS, PER, DPS and Stock Price

Analisis penerapan akuntansi manajemen lingkungan pada perusahaan sub sektor kayu dan pengolahannya di Bursa Efek Indonesia (BEI) dan kesesuaiannya dengan Standard Global Reporting Initiative (GRI)

Poor company environmental management requires an Environmental Management Accounting system as environmental control which is used to identify, assess, measure and present waste management costs from operational activities. This research aims to find out whether the application of environmental management accounting in the reporting of manufacturing companies in the wood and processing sub-sector is in accordance with global reporting initiative standards. The method used in this research is a qualitative descriptive approach, so it can be seen whether the environmental management accounting system and sustainability reports of manufacturing companies in the wood and processing sub-sector have been presented properly and correctly. Based on the research results, it can be concluded that 4 companies in the wood sub-sector manufacturing and processing companies listed on the Indonesia Stock Exchange (BEI) are in accordance with the Global Reporting Initiative (GRI) Standard and only one company provides an internal failure environmental cost report.

PENGARUH PENGUNGKAPAN AKUNTANSI LINGKUNGAN DAN CSR TERHADAP KINERJA KEUANGAN PERUSAHAAN SUBSEKTOR FARMASI DI BURSA EFEK INDONESIA TAHUN 2018-2021

This research aims to determine the effect of environmental accounting and corporate social responsibility disclosures on the financial performance of pharmaceutical sub-sector manufacturing companies listed on the Indonesia Stock Exchange in 2018-2021. Environmental accounting disclosures will encourage the ability to minimize environmental problems faced by the Company, problems of environmental damage, their causes and their impact on human life both now and in the future. This encourages people to realize the importance of environmental conservation. This research uses quantitative methods. The sample in this research was 36 data collection using the company's annual report. Sampling used total sampling and the significance level used was 0.05. Based on research results, Environmental Accounting positively and significantly influences financial performance, Corporate Social Responsibility positively and significantly influences financial performance, Environmental Accounting disclosure and Corporate Social Responsibility simultaneously influence the financial performance of Pharmaceutical Sub-Sector Manufacturing Companies Listed on the Stock Exchange Indonesia in 2018-2021.

Bankruptcy forecast analysis: empirical study of the manufacturing subsector of Norte de Santander, Colombia

The study \"Bankruptcy Forecast Analysis in the Manufacturing Subsector of Norte de Santander, Colombia (2015 – 2022)\" offers an empirical evaluation of financial stability in this region, using the capital structure theory of Modigliani and Miller and the Altman Z-Score model for bankruptcy risks as a theoretical foundation. Through a quantitative approach that includes time series analysis, the internal and external factors that affect the financial competitiveness of the subsector are analyzed. The research highlights the contributions and limitations of capital structure theory and the Z-Score model in real practices, and discusses the integration of advanced technologies such as artificial intelligence to fine-tune financial risk predictions. Using purposeful sampling and documentary analysis, patterns are identified and business solvency is assessed, providing a detailed view of the sector\'s resilience in the face of economic challenges. This study provides valuable insights for those interested in the financial sustainability of the manufacturing sector, highlighting the importance of adapting risk management strategies to regional particularities. Its contribution to the specialized literature lies in offering an updated perspective on bankruptcy forecasting and financial management adapted to the specific context of the Colombian emerging economy.

Impact of strategic alliance on the innovation of women-owned enterprises in Nigeria

Women-owned enterprises are rapidly expanding across Africa and have significantly contributed to job growth and wealth development. These enterprises, however, find it challenging to pursue innovation, because of their size and their financial base. Women-owned enterprises, however, can access various resources, talents, and techniques through effective strategic alliances. Being in alliance with other market participants allows these enterprises to overcome the hurdles limiting their performance and innovativeness. This research analyses the impact of strategic alliances on the innovation of women-owned enterprises in Nigeria. The study adopts a quantitative survey approach. It selected 109 women-owned enterprises from five manufacturing subsectors in the study area, using a purposive random sample technique. Regression analysis is used to analyze the data, while tables are utilized to show results. The results reveal that different strategic alliance characteristics had different effects on the innovation of women-owned enterprises. The finding in process innovation showed that increased new opportunities and cost reduction led to 0.76 and 0.62 increases in process innovation, respectively. In comparison, an increase in cost reduction led to a 0.63 increase in product innovation in the enterprises. These results signified that strategic alliances enabled women-owned enterprises to achieve product and process innovation. This study recommends that policymakers should encourage the use of strategic alliances by women-owned enterprises. This will allow them to innovate by introducing new products and processes in their enterprises.

Talent Attraction And Organizational Competitiveness in Manufacturing Companies in Lagos, Nigeria

Purpose- The main focus of the study is to examine how talent attraction dimensions such as employee value proposition, employer branding, Job flexibility and recruitment and selection affect organizational competitive-ness in manufacturing firms in Lagos State, Nigeria. Methodology- The study adopted a survey-based research design. The per-manent staff of the selected ten (10) food, beverages, and tobacco manufactur-ing firms in Lagos State made up the population of the study. The respond-ents consist of 368 employees which represent the sample size of the study. Data was obtained through the use of questionnaire. Relative Important In-dex (RII) and Multivariate linear regression was used for data analysis with aid of SPSS version 26. Findings- The result revealed a strong effect of talent attraction variables such as employee value proposition with (β=0.611, t= 7.451, p<0.05); Job flexibility with (β=0.505, t=9.182, p< 0.05); employer branding with (β=0.434, t= 9.607, p <.0.05) and recruitment and selection with (β=0.401, t=6.481, p <.0.05) on or-ganizational competitiveness. Limitations of the study-The scope of this study was limited to food, bever-ages and tobacco manufacturing subsector operating only within the territory of Lagos state, Nigeria. Furthermore, the study looked at talent attraction variables which is only a component of talent management strategies. Practical Implication-The manufacturing companies, especially the ones in food, beverages and tobacco manufacturing sub-sector should consider talent attraction strategies as a viable tool for identifying and attracting skilful and competent staff to fill vacant position. This is critical to the attainment of present and future organizational objectives as well as gaining competitive advantage. Originality/Value- This study makes a clear understanding of talent attrac-tion and its immense contribution to organizational competitiveness and performance. It also provided a basis for future researcher to explore more on the dynamics of talent attraction in the field of human resource management.

Study on the characteristics and synergistic effects of industrial complex networks – empirical evidence from Chinese manufacturing

PurposeThe manufacturing industry and the producer service industry have a high degree of industrial correlation, and their integration will cause changes in the complex industrial network topology, which is an important reason for the synergistic effect. This paper describes the topology of industrial systems using complex network theory; further, it discusses how to identify the criticality and importance of industrial nodes, and whether node characteristics cause synergistic effects.Design/methodology/approachBased on the input-output data of China in 2007, 2012 and 2017, this paper constructs the industrial complex network of 30 Chinese provinces and cities, and measures the regional network characteristics of the manufacturing industry. The fixed-effect panel regression model is adopted to test the influence of agglomeration degree and centrality on synergies, and its adjustment mechanism is explored.FindingsThe degree of network agglomeration in the manufacturing industry exerts a negative impact on the synergistic effect, while the centrality of the network exerts a significant promoting effect on the synergistic effect. The results of adjustment mechanism test show that enhancing the autonomous controllable ability of the regional industrial chain in the manufacturing industry can effectively reduce the effect of network characteristics on the synergistic effect.Research limitations/implicationsBased on input-output technology, this paper constructs a complex industrial network model, however, only basic flow data are used. Considerable in-depth and detailed research on the economic and technological connections within the industry should be conducted in the future. The selection of the evaluation index of the importance of industrial nodes also needs to be further considered. For historical reasons, it is also difficult to obtain and process data when carrying out quantitative analysis; therefore, it is necessary to make further attempts from the data source and the expression form of evaluation indicators.Practical implicationsIn a practical sense this has certain reference value for the formulation of manufacturing industrial policies the optimization of regional industrial layout and the improvement of the industrial development level. It is necessary to formulate targeted and specialized industrial development strategies according to the characteristics of the manufacturing industry appropriately regulate the autonomous controllable ability of the industrial chain and avoid to limit the development of industries which is in turn limited by regional resources. Industry competition and market congestion need to be reduced industry exchanges outside the region encouraged the industrial layout optimized and the construction of a modern industrial system accelerated.Social implicationsThe above research results hold certain reference importance for policy formulation related to the manufacturing industry, regional industrial layout optimization and industrial development level improvement. Targeted specialized industrial development strategies need to be formulated according to the characteristics of the manufacturing industry; the autonomous controllability of the industrial chain needs to be appropriately regulated; limitation of regional resources needs to be avoided as this restricts industrial development; and industry competition and market congestion need to be reduced. Agglomeration of production factors and optimization of resource allocation is an important part of a beneficial regional economic development strategy, and it is also an inevitable choice for industrialization to develop to a certain stage under the condition of a market economy. In alignment with the research conclusions, effective suggestions can be put forward for the current major industrial policies. In the process of promoting the development of the manufacturing industry, it is necessary for regional governments to carry out unified planning and guidance on the spatial layout of each manufacturing subsector. Regional governments need to effectively allocate inter-industry resources, better share economies of scale, constantly enhance the competitive advantages and competitiveness of development zones and new districts and promote the coordinated agglomeration and development of related industries with input industries. Industrial exchanges outside the region should be encouraged, the industrial layout should be optimized and the construction of a modern industrial system should be accelerated.Originality/valueComplex network theory is introduced to study the industrial synergy effect. A complex industrial network of China's 30 regions is built and key network nodes are measured. Based on the dimensionality of the “industrial node – industrial chain – industrial complex network”, the research path of industrial complex networks is improved.

Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan:

This research examines the influence of the variables Current Ratio, Debt to Equity Ratio, and Gross Profit Margin on the value of Automotive and Component Subsector Manufacturing companies listed on the Indonesia Stock Exchange (BEI). The time period covered in this research is 4 (four) years, namely 2019 to 2022. This research uses secondary data, namely collecting information from annual financial reports which include the variables Current Ratio, Debt to Equity Ratio, and Gross Profit. Margins. This data was obtained from 11 samples of companies in the Automotive and Components Subsector Manufacturing sector listed on the Indonesia Stock Exchange (BEI). This research aims to evaluate the influence of these variables on company value. Data processing and analysis methods include descriptive statistical analysis, linear regression on panel data (using the Chow test and Hausman test for selection), multiple linear regression analysis on panel data, hypothesis testing (involving the T test and F test), and data analysis evaluation. coefficient of determination. The results and discussion of the research are that the Current Ratio has a positive but not significant effect on company value, the Debt to Equity Ratio has a negative but not significant effect on company value, and Gross Profit Margin has a positive and significant effect on company value.

Pengaruh Kepemilikan Manajerial dan Kepemilikan Institusional Terhadap Nilai Perusahaan

The purpose of this research is to determine the influence of Managerial Ownership, Institutional Ownership, and Independent Board of Commissioners on Company Value in Food and Beverage sub-sector Manufacturing companies listed on the Indonesia Stock Exchange (BEI). The research time period used was 5 years, namely the 2017-2021 period. The population of this research includes manufacturing companies in the Food and Beverage sub-sector listed on the Indonesia Stock Exchange (BEI) for the 2017-2021 period. The sampling technique uses purposive sampling technique. Based on the predetermined criteria, 12 companies were obtained. The number of samples for this research is 60 samples. The type of data used is secondary data obtained from the Indonesian Stock Exchange website. The data analysis technique used is moderate regression analysis supported by the Eviews 9.0 program. The research results show that Managerial Ownership has an influence on Company Value, while Institutional Ownership shows that together they have no influence on Company Value. Keywords Managerial Ownership, Institutional Ownership Company Value

Effect of Non - Renewable Energy on Manufacturing Output in Nigeria

The role of energy, especially non-renewable energy in promoting manufacturing sector activities and operations in developing countries like Nigeria cannot be over-emphasized. This paper investigated the effect of non-renewable energy on textile and clothing output as a sub-sector of the manufacturing sector in Nigeria using time series data covering the period 1986 to 2021. Expost -Facto design was employed as a guide. The study used annual time series data on hydro-electricity, petroleum and gas energy respectively as components of non-renewable energy and textile and clothing manufacturing sub-sector output in Nigeria spanning from 1986 to 2022. Data used were obtained from the Central Bank of Nigeria (CBN) Publication and the World Development Indicators (WDI) considered as reliable sources of data for econometric analysis. The ARDL regression technique was used to estimate depicting the relationship between the variables, while the econometric properties of the data were determined using the Phillip-Perron (PP) unit root test and the Bounds cointegration methods. Mean, kurtosis and skewness were employed to describe the data. Results showed among others, that textile and clothing (coefficient, 1.25449; probability value, 0. 000) has significant positive effect on output level. Coal energy consumption (CEC) (coefficient, -6.665467; p, 0.7170), while petroleum energy consumption (PEC) (coefficient, -0.090996; p-value, 0. 6910) had no significant negative effect on textile and clothing output level. Furthermore, gas energy consumption (GEC (coefficient, 19.80158, p, 0.0069) had significant positive effect on textile and clothing output in Nigeria. The Paper concluded that non-renewable energy has no significant effect on textile and clothing output in Nigeria. The study recommended among others, that alternative energy sources, particularly renewable sources should be explored by the federal ministry of petroleum for enhanced economic growth, particularly of textile and clothing output.

Institutional Ownership Effect on Company Values with CSR and DER as An Intervening Variable

This study aims to examine whether institutional ownership has an effect on firm value with debt policies and corporate social responsibility as intervening variables in automotive sub-sector manufacturing companies and their components listed on the Indonesia Stock Exchange for the 2015-2021 period. In this study, institutional ownership is measured by INST, firm value is measured by price to book value (PBV), debt policy is measured by debt to equity ratio, corporate social responsibility is measured by CSRDI index. The population used in this study is the automotive sub-sector manufacturing companies and their components listed on the Indonesia Stock Exchange for the 2015-2021 period. The sample of this study amounted to 12 companies from a total population of 84 companies. Sampling using purposive sampling method. The data analysis tool used in this research is path analysis using smartpls3 software.
 The results of this study indicate that: (1) Institutional ownership has a significant positive effect on debt policy. (2) Institutional ownership has no significant positive effect on corporate social responsibility. (3) Institutional ownership has no significant positive effect on firm value. (4) Debt policy has a significant negative effect on firm value. (5) Corporate social responsibility has a significant positive effect on firm value. (6) Debt policy cannot mediate institutional ownership on firm value. (7) Corporate social responsibility cannot mediate institutional ownership on firm value.

The importance of accounting information in time of crisis: The Semiconductor Shortage as a result of the COVID-19 Pandemic and the impact on the Romanian Cable Manufacturing Subsector

Accounting information plays a crucial role in the decision-making process given that the primary users of this information are predominantly the company's managers. Based on the financial condition, operating results, and cash flows stated within the financial statements, managers from the automotive sector had to redesign their strategies because of the COVID-19 Pandemic followed by the worldwide semiconductor supply shortage. This study aims to analyze the decisions taken by managers from the cable manufacturing subsector in Romania, based on the information provided by the financial statements in 2018-2021, considering the crisis that the automotive sector had to face since the global vehicle sales and production rates continued to be significantly below historic levels. The results show the negative effects and disruptions caused by the dual crisis in terms of profitability and performance that will probably affect the industry beyond 2022.

Pengaruh Fraud Diamond Terhadap Kecenderungan Kecurangan Laporan Keuangan Yang Terdaftar di BEI Tahun 2019-2021

This research aims to determine the effect of fraud diamonds on the tendency for fraudulent financial reports in Manufacturing Companies in the Consumer Goods Industry Sub-Sector listed on the IDX in 2019-2021. This research was conducted using the associative causal method. The sample selection in this study used a purposive sampling method, with the sample criteria being the financial reports of 10 companies in the Consumer Goods Industry Sub-Sector Manufacturing Company registered on the IDX in 2019-2021. This research data was obtained from literature and documentation studies, data analysis techniques were obtained from IBM SPSS statistics version 26. Data analysis used in this research is, descriptive statistics, classical assumption tests using normality tests, autocorrelation tests, multicollinearity tests and heteroscedasticity tests, analysis multiple linear regression, hypothesis testing using partial test (t), simultaneous test (f) and coefficient of determination test (R2). The results of the research partially show that external pressure and ineffective supervision have proven to have a positive effect on financial report fraud. Meanwhile, the financial target variables, change of auditor, change of director were proven to have no positive effect on financial statement fraud. The variables pressure, opportunity, rationalization and ability simultaneously have a significant effect on financial statement fraud at a significant level of 5%. In this research, the fraud variable is explained by independent variables by 31.3%, the remaining 68.7% is explained by other external factors which are not in this study.

Analyzing the carbon emission effect and systematic emission reduction mechanism of the Sino-USA manufacturing trade

This study analyzed the theoretical mechanism of the carbon emission effect embodied in the Sino-USA manufacturing trade. We constructed a trade and carbon emission input-output model for 16 manufacturing sub-sectors in China and the USA from 2000 to 2018. A comprehensive empirical test of the systematic emission reduction mechanism was conducted. There were four main findings: (1) indirect and direct carbon emissions indicators can comprehensively analyze the link between production and demand across sectors; (2) indirect carbon emissions are higher than direct carbon emissions in half of the sectors in both China and the USA, and other sectors bear part of the carbon emissions for these sectors; (3) compared to 2000, the change in net exports of both countries is the main reason for the change in indirect carbon emissions, while the change in net exports of intermediate goods is the main reason for the change in direct carbon emissions; and (4) the Sino-USA trade surplus comes at the expense of China's environmental losses, while the USA obtains environmental benefits. Overall, the theoretical analytical framework not only comprehensively considers the interlinkages between production and demand across sectors but also provides a more reasonable evaluation of the environmental effects of Sino-USA trade. Additionally, this study provides a solid theoretical and empirical basis for China to achieve its dual-cycle and dual-carbon goals, thus promoting the rapid transformation of China's economy toward green and high-quality development.

Pengaruh Likuditas Dan Ukuran Perusahaan Terhadap Return Saham Perusahaan Food And Beverage Yang Terdaftar di Bursa Efek Indonesia Tahun 2020-2022

The positive development of companies in the food and beverage manufacturing sub-sector is a good thing to attract investors to invest. Generally, investors look at financial performance before making a decision. The purpose of this study is to examine the impact of liquidity and company size on stock returns of food and beverage companies listed on IDX during 2020-2022. The research method used in this study is the quantitative method of multiple regression analysis. The selected population is food and beverage companies listed on IDX for 2020-2022, while using purposeful sampling to determine the sample, the criteria is the industry of food and beverage companies listed on the Indonesian Stock Exchange and audited financial reports 2020-2022 . The main source of data for this study is secondary data collected from financial reports. Using linear regression analysis, it is demonstrated that liquidity and company size have no effect on the stock returns of IDX-listed food and beverage companies in 2020-2022. Researchers advise investors to look for other metrics that can describe stock returns.