Purpose This study explores the relationship between sporting success and financial performance in European football clubs. Focusing on Serie A, La Liga and the Premier League, this study aims to investigate whether on-field success contributes to profitability and financial sustainability in a highly competitive environment. Design/methodology/approach Using a panel dataset comprising 470 club-season observations spanning the 2014/2015 to 2022/2023 sports seasons, this study uses panel data regression analysis with fixed effects to examine the relationship between sporting performance and financial profitability. The authors measure profitability through three distinct indicators: earnings before interest and tax (EBIT) margin, net profit margin and return on assets (ROA). Findings Results reveal a positive and significant association between on-field performance and profitability, particularly for EBIT margin and net profit margin. However, no statistically significant relationship is found with ROA, suggesting that short-term sporting success does not necessarily translate into efficient asset utilisation. Originality/value This study advances the literature on the relationship between sporting outcomes and financial sustainability by focusing on profitability, rather than revenue alone. By adopting a multi-league comparative research design, the study provides evidence on how sporting performance relates to financial sustainability across different competitive contexts, highlighting the importance of balancing sporting ambitions with long-term financial performance.

This study aims to analyze the influence of financial management capabilities and the transparency of profit-sharing (Sisa Hasil Usaha/SHU) distribution on cooperative member satisfaction using the Expectation Confirmation Theory (ECT) approach. ECT is applied to understand the extent to which member expectations and perceptions are confirmed after receiving the cooperative’s financial performance outcomes, particularly in financial management and SHU distribution. This research adopts a mixed method approach, combining qualitative descriptive analysis to explore the cooperative’s general condition and member perceptions, and quantitative analysis using the Pearson Product Moment correlation test to measure the relationship between variables. The object of this study is the Employee Cooperative of SMPN 4 Cileungsi, utilizing financial report data from 2021 to 2024 and member questionnaire results. The findings show that the cooperative’s financial performance is categorized as excellent, with a three-year average Return on Assets (ROA) of 6.55%, Return on Equity (ROE) of 7.65%, Current Ratio of 3.68x, and Debt to Equity Ratio (DER) of 0.19. The Pearson correlation test resulted in r = 0.94, indicating a very strong relationship between financial management and SHU distribution transparency with member satisfaction. These findings highlight the importance of sound financial practices and transparency as key factors in building member trust and satisfaction in cooperatives as economic institutions.

This study aimed to analyze the profitability ratio performance of PT Bank Mandiri (Persero) Tbk during the 2020–2025 period using a quantitative descriptive approach. The data used were secondary data obtained from the company’s annual financial statements and analyzed using key profitability ratios, including return on assets (ROA), return on equity (ROE), net profit margin (NPM), and operating expenses to operating income (BOPO). The analytical method involved presenting the data in tabular form and conducting trend analysis to describe the dynamics of the company’s financial performance. The results indicated that ROA and ROE experienced significant growth until 2023, followed by a decline in the 2024–2025 period. NPM showed highly volatile fluctuations, with a sharp increase up to 2023 and a substantial decline thereafter. Meanwhile, BOPO showed a downward trend, indicating improved operational efficiency, although a slight increase occurred at the end of the period. The study concluded that Bank Mandiri’s profitability performance was dynamic and influenced by both internal and external factors. This research contributed to the understanding of banking financial performance analysis based on profitability ratios in a longitudinal context.

This study aims to empirically prove the contributions of the Cash Conversion Cycle (CCC) and Working Capital Turnover (WCT) toward the Return on Assets (ROA) of textile and textile product sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2024 period. Employing a quantitative research design coupled with a purposive sampling technique for sample selection, this study utilizes 59 observation units from 16 companies that met the criteria. Based on the multiple linear regression analysis conducted via IBM SPSS, the results indicate that, partially, both the CCC and WCT variables exert a significant negative impact on the companies' ROA level. Simultaneously, the model demonstrates a highly robust predictive power, with the coefficient of determination reaching 94.6%. These findings reinforce that efficiency in the cash cycle duration and acceleration of working capital turnover serve as primary determinants for textile companies in optimizing asset utilization to achieve competitive returns..

This study examines the relationship between capital structure and financial performance in the context of dividend policy. The dataset prepared for this purpose covers the period from 2010 to 2024 and includes BIST50 firms. Dependent variables of the study are the Return on Assets (ROA) and the Return on Equity (ROE); independent variables are the Debt-to-Equity Ratio (DE) and the Financial Leverage Ratio (FL), while control variable is the firm size (FS). First, two different data sets are created in the study, one for dividend-paying firms and one for non-dividend-paying firms, and then a panel data analysis process that takes structural breaks into account is performed. According to the findings obtained specifically for dividend-paying firms, while the debt-to-equity ratio has no effect on financial performance, but the financial leverage ratio and firm size have a positive effect. In the case of non-dividend-paying firms, it is found that the debt-to-equity ratio has no effect on financial performance, but that the financial leverage ratio has a negative effect and firm size has a positive effect. The results show that dividend policy is a determining factor in the leverage-performance relationship.

This study investigates the impact of asset structure on the financial performance and firm value of Indian automobile companies listed on the National Stock Exchange (NSE). Asset structure represents the composition of tangible and intangible resources employed by firms to generate earnings and maximize shareholder wealth. Despite its importance in corporate finance, empirical evidence on the relationship between asset composition and firm performance remains inconclusive, particularly in the Indian context. The study uses secondary data collected from six NSE-listed automobile companies, namely Bajaj Auto, Eicher Motors, Hero MotoCorp, Mahindra & Mahindra, Maruti Suzuki, and Tata Motors, covering the period from 2011–12 to 2020–21. Property, Plant and Equipment (PPE), Intangible Assets, Long-Term Investments, Long-Term Loans and Advances, and Total Current Assets were considered as explanatory variables, while Return on Assets (ROA) Tobin’s Q were used as performance indicators. Descriptive statistics, correlation analysis, Granger causality tests, and multiple regression models were employed for analysis. The findings reveal that asset structure significantly influences both accounting-based and market-based measures of performance. PPE and intangible assets positively contribute to profitability, whereas leverage and certain long-term asset components adversely affect performance. The study highlights the importance of effective asset allocation in enhancing profitability, operational efficiency, and firm value in the Indian automobile sector.

ABSTRACT China’s renewable energy sector sits at the heart of a deepening contest between techno-nationalist rivals. Whether R&D investment shields firms from the resulting disruption or heightens their vulnerability remains an open question. Using quarterly panel data from China’s new energy index constituents over 2016 to 2025, this paper allows the marginal effect of R&D on firm resilience to vary continuously with geopolitical risk. R&D intensity is positively associated with future return on assets (ROA) and return on equity (ROE) across specifications. Its relationship with resilience, however, proves conditional. Innovative firms hold a stability advantage when conditions are calm, but that advantage reverses during elevated tension, with R&D-intensive firms experiencing larger drawdowns and heightened tail risk. State-owned enterprises (SOEs) bear a far steeper market penalty than private firms when geopolitical risk spikes, consistent with their greater international visibility. These patterns suggest a technological exposure mechanism in which the cross-border linkages that sustain innovative capability become transmission channels for geopolitical shocks. The evidence implies that policies promoting R&D and those managing geopolitical exposure cannot be designed in isolation.

This research seeks to investigate the influence of capital structure, indicated by the Debt-to-Equity Ratio (DER), and post-IPO investment, represented by asset growth, on the financial performance of companies, gauged by Return on Assets (ROA). The research concentrates on industrial sector firms that were registered on the Indonesia Stock Exchange from 2020 to 2024. An associative-causal design is employed in a quantitative manner. Purposive sampling was employed to select the sample, resulting in 150 data observations. The data was analyzed using SPSS software and multiple linear regression. Test for classical assumptions, include those for normality, multicollinearity, heteroscedasticity, and autocorrelation, were carried out before hypothesis testing. The findings show that post-IPO investment significantly and favorably affects the financial achievement of a company. On the other hand, there was no discernible effect of capital structure on financial performance. Nonetheless, it was discovered that these two independent factors had a simultaneous and substantial impact on financial success. Based on the coefficient of determination, the independent variables explained only 11.7% of the variation in financial performance; variables absent from the study model accounted for the remainder 88.3%.

ABSTRACT This study explores the relationship between bank profitability and credit risk in Indonesia, focusing on conventional and Islamic banks. Using data from 2013 to 2022, it examines variables like Pre-Provision Operating Profit (PPOP), Return on Asset (ROA), Allowance for impairment losses (AFIL), Non-Performing Loan Ratio (NPLR)/Non-Performing Financing Ratio (NPFR), Loan to Deposit Ratio (LDR)/Financing to Deposit Ratio (FDR), Loan to Total Asset Ratio (LTAR)/Financing to Total Asset Ratio (FTAR), Net Interest Margin (NIM)/Net Operating Margin (NOM), and Capital Adequacy Ratio (CAR) to assess long-term trends. Findings show Islamic banks struggle with excessive lending, higher Non-Performing Financing, and reduced profitability, while conventional banks demonstrate strong capital and liquidity but need better profit margin optimization. The study highlights differences in credit risk management both models, offering insights to enhance risk practices and performance. Islamic banks must improve risk assessment, while conventional banks should refine lending and capital strategies.

This study examines the influence of liquidity and leverage on firm profitability in property and real estate companies listed on the Indonesia Stock Exchange during the 2021–2024 period. The property sector represents a capital-intensive industry characterized by long project cycles, high financing requirements, and sensitivity to macroeconomic fluctuations. These characteristics make financial structure and working capital management critical determinants of corporate performance. Profitability is measured using Return on Assets (ROA), while liquidity and leverage are proxied by the Current Ratio (CR) and Debt to Equity Ratio (DER), respectively. A quantitative research design was employed using secondary data derived from audited annual financial reports. The sample consisted of 18 companies selected through purposive sampling, resulting in 72 firm-year observations. Following classical assumption testing and outlier adjustment, 62 observations were deemed suitable for regression analysis. Multiple linear regression analysis was conducted using IBM SPSS version 27. The empirical findings reveal that liquidity exerts a significant negative effect on profitability, indicating that excessive current assets may reduce asset utilization efficiency. Similarly, leverage demonstrates a significant negative relationship with profitability, suggesting that higher debt levels increase financial burdens that suppress net income. Simultaneously, liquidity and leverage jointly influence profitability, highlighting the importance of balanced financial management strategies. These results emphasize that both overinvestment in liquid assets and excessive reliance on debt financing may weaken firm performance. Overall, the study underscores the necessity for property companies to optimize working capital allocation and maintain a sustainable capital structure to enhance profitability and asset efficiency.

This study empirically investigates whether India's mandatory Corporate Social Responsibility (CSR) expenditure, mandated under Section 135 of the Companies Act 2013, translates into measurable progress on the United Nations Sustainable Development Goals (SDGs). Using a balanced panel dataset of 450 BSE-listed companies across seven sectors spanning the period 2014 to 2024, this research employs fixed-effects panel regression, Granger causality testing, and sector-wise moderation analysis. The dependent variable is operationalized through district-level SDG composite scores derived from the NITI Aayog SDG India Index, while the primary independent variable is annual CSR expenditure as a percentage of net profit. Control variables include firm size (log of total assets), return on assets (ROA), leverage ratio, and industry type. Findings reveal a statistically significant positive relationship between CSR expenditure and SDG outcomes in health (SDG 3), education (SDG 4), and clean energy (SDG 7), with manufacturing sector firms demonstrating stronger SDG contributions than service sector counterparts. Granger causality results confirm that CSR spending Granger-causes improvements in SDG composite scores with a two-year lag. However, the study identifies significant sectoral heterogeneity, suggesting that uniform mandatory spending thresholds may not optimize SDG impact across all industries. This paper contributes to the growing literature on the effectiveness of mandatory CSR regulations in emerging economies and provides evidence-based policy recommendations for enhancing the SDG alignment of India's CSR mandate.

This study aims to map the development of literature on Return on Assets (ROA) and Firm Value during the period 2020–2025. ROA is considered a profitability indicator that reflects operational efficiency and serves as a signal for investors in assessing corporate prospects. The method employed is bibliometric analysis using VOSviewer software through a keyword co-occurrence approach based on Scopus data. The findings reveal a significant increase in publications, with ROA consistently occupying a central position in explaining Firm Value. Cluster analysis confirms that profitability, particularly ROA, is a fundamental node in the research ecosystem of corporate financial performance. These results strengthen the literature by emphasizing that Firm Value is inseparable from profitability, and ROA is the most relevant indicator to explain this relationship. This study contributes to the literature by highlighting the strong linkage between ROA and Firm Value across both developed and emerging markets. The practical implications suggest that companies should adopt ROA as a key reference in strategies to enhance firm value, while regulators are encouraged to improve financial reporting transparency to increase market trust in ROA.

This study aims to analyze the effect of Net Profit Margin (NPM), Earning Per Share (EPS), Gross Profit Margin (GPM), Return on Assets (ROA), and Return on Equity (ROE) on stock prices in mining companies listed on the Indonesia Stock Exchange (IDX) for the period 2021–2024. This study uses a quantitative method with an associative approach and purposive sampling technique, resulting in 76 observations. Data analysis was performed using descriptive statistics, classical assumption tests, multiple linear regression, t-tests, F-tests, and the coefficient of determination with the help of SPSS version 27. The results show that, partially, NPM and GPM have a significant effect on stock prices, while EPS, ROA, and ROE do not have a significant effect. Simultaneously, all independent variables significantly affect stock prices with a significance value of 0.011 (<0.05). The coefficient of determination (R²) value of 0.092 indicates that the independent variables can explain 9.2% of the variation in stock prices, while 90.8% is influenced by other factors outside the research model.

The stability of a nation’s financial system largely depends on the soundness of its financial services sector. In India, the continued prevalence of Non-Performing Assets (NPAs) has posed significant challenges to economic growth and financial resilience. This study evaluates the impact of NPAs on the stability of the financial system in India’s banking sector from 2014 to 2024.Using secondary data sourced from the Reserve Bank of India (RBI), Ministry of Finance, and annual reports of leading banks, the research employs descriptive statistics, correlation, and regression analysis. Crucial financial metrics, including Return on Assets (ROA), Regulatory capital Ratio (CAR), and Credit Growth are analyzed to evaluate the systemic implications of NPAs. The findings reveal a clear inverse association between NPAs and profitability, capital adequacy, and credit expansion. The research also highlights the positive role of policy interventions such as the Insolvency and Bankruptcy Code (IBC) and the SARFAESI Act in strengthening asset soundness and improving loan recovery frameworks. The research concludes that robust NPA management practices essential for ensuring long-term financial stability and sustained economic prosperity in India.

This study examines the effect of sales growth, liquidity, and firm size on the profitability of manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2022–2024 period. Profitability is proxied by Return on Assets (ROA). A quantitative causal method with multiple linear regression analysis via SPSS 26 was employed. Purposive sampling yielded 29 companies (82 observations after outlier removal). Results show that sales growth has a positive and significant partial effect on ROA; liquidity has a positive but insignificant partial effect; firm size has a negative and insignificant partial effect; and all three variables simultaneously exert a significant effect on ROA. The Adjusted R² is 0.143, indicating 14.3% of profitability variation is explained by the model

Abstract - This paper investigates the relationship between corporate governance—specifically board size—and firm financial performance, measured by return on assets (ROA) and return on equity (ROE), within the Indian emerging market context. Using a hand-collected, primary-source panel dataset of five major BSE/NSE-listed Indian companies—State Bank of India (SBI), Larsen and Toubro (L&T), Reliance Industries, Adani Power, and Nestle India—over financial years 2020 to 2024 (25 firm-year observations), the study employs pooled OLS and entity fixed effects (FE) panel regression. The pooled OLS models reveal a significant negative relationship between board size and both ROA (β = −1.116, p < 0.001) and ROE (β = −5.016, p < 0.001). However, once entity fixed effects are introduced, the board size coefficient becomes statistically insignificant for ROA (β = 0.030, p = 0.969) and ROE (β = 1.076, p = 0.430). The debt-to-equity ratio emerges as the only variable robustly associated with performance across all specifications: FE-ROA coefficient = −2.129 (p < 0.001); FE-ROE coefficient = −9.817 (p < 0.001). These findings have material implications for governance research methodology, regulatory design, and corporate financial management in emerging markets. Keywords: corporate governance, board size, firm performance, return on assets, return on equity, panel data, entity fixed effects, agency theory, India, emerging markets, BSE, SEBI LODR, leverage

This study aims to analyze the effect of environmental disclosure on financial performance and stock performance, as well as to examine the role of financial performance as a mediating variable in the relationship between environmental disclosure and stock performance in mining and energy sector companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2024 period. The study uses secondary data from annual reports, financial statements, and sustainability reports of 29 sample companies selected through purposive sampling, yielding 116 total observations. Environmental disclosure is measured using the Environmental Disclosure Index (EDI) based on 34 indicators from GRI 4 Environmental Category, financial performance is proxied by Return on Assets (ROA), and stock performance is measured using annual stock return. The analysis employs simple linear regression and mediation testing using the Baron & Kenny method through SPSS 26. The results show that: (1) environmental disclosure has a significant effect on financial performance, with R = 0.192, R² = 0.037 (3.7%), and sig. = 0.067; (2) financial performance has no significant effect on stock performance, with a regression coefficient of 0.722 and sig. = 0.239; (3) environmental disclosure has no significant effect on stock performance, with a regression coefficient of −0.292 and sig. = 0.346; and (4) financial performance is unable to mediate the effect of environmental disclosure on stock performance, as all mediation paths are statistically insignificant. These findings indicate that the Indonesian capital market has not yet optimally responded to environmental information in investment valuation for the mining and energy sectors, which may be attributed to the low level of investor ESG literacy, the dominance of external factors such as commodity price volatility and government policy, and the varying quality of environmental disclosures

This study was conducted in the context of fluctuating company values and the growth ofthe healthcare sector on the Indonesia Stock Exchange, which are not always in line withincreases in company profitability and liquidity. This situation highlights the gap betweencompanies' financial performance and investor perceptions in the capital market,necessitating an analysis of the factors influencing company value. This study aims toanalyze the effect of profitability, as measured by return on assets (ROA), and liquidity,as measured by the current ratio (CR), on company value, as measured by price to bookvalue (PBV), in healthcare companies listed on the Indonesia Stock Exchange (IDX)during the 2023-2024 period. This study employed a causal quantitative approach with apurposive sampling method, resulting in a sample of 28 companies (56 observations).Data analysis was performed using panel data regression using EViews 13 software,using the common effects model (CEM). The results show that ROA has a positive andsignificant effect on PBV, while CR has no significant effect on PBV. Conversely, ROAand CR simultaneously have a significant effect on PBV.Keywords: Profitability, Liquidity, Company Value, Health Sector

The increasing global geopolitical tensions, economic policy uncertainty, oil price volatility, and post-pandemic economic instability have created significant challenges for the Islamic banking industry, particularly in Organization of Islamic Cooperation (OIC) countries. This study aims to examine the influence of geopolitical risk (GPR), economic policy uncertainty (EPU), world oil prices (WTI), inflation, and economic growth (GDP) on the profitability of Islamic banks measured by Return on Assets (ROA). This research employs a quantitative approach using balanced panel data from 20 Islamic banks across 10 OIC countries during the 2020–2024 period, consisting of 100 observations. Data were collected from annual reports, Bloomberg, World Bank, U.S. Energy Information Administration (EIA), Caldara and Iacoviello’s GPR Index, and Baker et al.’s EPU Index. The analysis method uses panel data regression through Common Effect Model (CEM), Fixed Effect Model (FEM), and Random Effect Model (REM), with model selection conducted using Chow, Hausman, and Lagrange Multiplier tests.The results show that REM is the most appropriate model. Geopolitical risk and inflation have a positive and significant effect on ROA, while world oil prices negatively and significantly affect ROA. Meanwhile, EPU and GDP growth do not significantly influence Islamic bank profitability.This study implies that Islamic banking demonstrates relatively strong resilience against global uncertainty due to its asset-backed financing and risk-sharing principles, thereby strengthening the role of Islamic finance as a stabilizing force in the financial system of OIC countries.

This study aims to investigate the association between environmental disclosure and the financial performance of Indonesian manufacturing companies. Utilizing panel data collected from 2020 to 2024, comprising 425 firm-year observations, the research tests fixed-effects panel regression specifications alongside System Generalized Method of Moments (GMM) to account for potential endogeneity. The results show that environmental disclosure is positively and statistically significantly associated with Return on Assets (ROA). Furthermore, the disclosure-performance relationship is interconnected with institutional quality, firm characteristics, and genuine environmental performance. Sectoral heterogeneity is striking, with chemical and automotive manufacturing companies exhibiting a stronger association between environmental disclosure and financial returns compared to food processing companies. Specifically, the study presents evidence that disclosure should be backed by demonstrable environmental benefits, given that disclosure without corresponding performance improvements can induce adverse selection in low-resource, emerging markets. These results contribute to legitimacy and stakeholder theory by supporting the notion that environmental accountability is associated with sustainable competitive advantages when buttressed by operational improvements and adequate governance.