This study aims to analyze the financial performance of companies listed in the LQ45 index before, during, and after the COVID-19 pandemic. Financial performance is measured using five key ratios: Return on Assets (ROA), Return on Equity (ROE), Net Profit Margin (NPM), Debt to Asset Ratio (DAR), and Current Ratio (CR). The data used were obtained from the annual financial reports of 45 companies over three periods: 2019 (pre-pandemic), 2020 (during the pandemic), and 2021 (post-pandemic). The analysis method employed is the Wilcoxon Signed Rank Test, as the data are not normally distributed, making it suitable for assessing differences between paired periods. The results indicate significant differences in profitability ratios (ROA, ROE, and NPM) across the three periods, particularly a decline during the pandemic followed by a recovery afterwards. Meanwhile, solvency (DAR) and liquidity (CR) ratios remained relatively stable without significant changes. These findings suggest that the pandemic had a notable impact on the profitability of LQ45 companies, but had less effect on their capital structure and liquidity. This research is expected to provide useful insights for investors, corporate management, and other stakeholders in evaluating company performance during crisis periods and economic recovery phases.Keywords: Covid-19, financial performance, LQ45, liquidity, profitabiliy, solvabilty.

Stock prices reflect firm value and serve as a key reference for investors’ decision-making in the capital market. This study examines the effect of the Loan to Deposit Ratio (LDR) and Return on Equity (ROE) on the stock prices of banking companies listed on the Indonesia Stock Exchange during the 2022–2024 period. Using a quantitative approach, the study applies purposive sampling to obtain 41 banking firms, resulting in 123 firm-year observations. Multiple linear regression analysis is employed using IBM SPSS 27. The results indicate that LDR has a positive and statistically significant effect on stock prices, suggesting that banks’ effectiveness in channeling third-party funds into credit acts as a positive signal to investors regarding liquidity management and income generation. Likewise, ROE shows a positive and significant influence on stock prices, indicating that higher profitability enhances investor confidence in management’s ability to generate returns from shareholders’ equity. These findings support signaling theory, which posits that financial performance indicators convey important information to the market and influence investor behavior. The study implies that liquidity and profitability ratios are fundamental considerations for investors in valuing banking stocks and for bank management in maintaining market credibility.

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.

Abstract The current study looks at how capital structure affects performance of few Indian electronic manufacturing companies. Decisions on the capital structure of a company are critical to its long-term growth, profitability, and financial stability. Based on secondary information gathered from the annual reports of specific firms listed on BSE and NSE over a five-year period from 2019 to 2024, the study uses a descriptive and analytical research design. Debt–Equity Ratio, Total Debt Ratio, Long-term Debt Ratio, and Short-term Debt Ratio are used to measure capital structure, and Return on Equity (ROE), Return on Assets (ROA), and Earnings per Share (EPS) are used to evaluate firm performance. The data is analyzed using multiple regression analysis, correlation analysis, and descriptive statistics. The findings show a strong negative correlation between leverage and company performance, suggesting that higher debt levels have a detrimental impact on profitability since they raise financial risk and interest costs. In order to improve financial performance and sustainability, electronic manufacturing companies in India should maintain an ideal balance between the debt and the equity, according to findings, which support the trade-off and also pecking order theory related to capital structure. Corporate managers, investors, and legislators can use the study's insightful findings to create financing plans that work for the electronic manufacturing industry. Keywords: Capital Structure, Firm Performance, Debt–Equity Ratio, ROA, ROE, EPS.

Purpose: This study aims to analyze the influence of the implementation of Islamic accounting based on AAOIFI standards on the financial performance of Islamic banks in Qatar. Methodology: Financial performance is measured using three key indicators: Return on Assets (ROA), Return on Equity (ROE), and Net Profit Margin (NPM). The research data were collected from six leading Islamic banks in Qatar during the period of 2019 to 2023, employing a quantitative method and linear regression analysis to test the relationship between the level of compliance with Islamic accounting standards and financial performance. The AAOIFI compliance measurement instrument was developed through a Likert-scale questionnaire that was tested for validity and reliability. Findings: The results indicate that the implementation of Sharia accounting has a positive and significant effect on all three financial performance indicators. Specifically, every one-point increase in the AAOIFI compliance score raises ROA by 0.02%, ROE by 0.105%, and NPM by 0.215%. The regression model explains 38% to 47% of the variance in financial performance, suggesting that applying Sharia accounting standards plays a critical role in improving asset management, equity efficiency, and net profit generation in Islamic banks. Orginility: These findings reinforce the importance of integrating AAOIFI standards into Islamic banks’ financial reporting to enhance transparency, accountability, and competitiveness. This study provides practical implications for Islamic bank management and Islamic financial regulators, particularly in promoting the global harmonization of Sharia accounting standards. Furthermore, this research serves as a reference for future studies to examine Sharia governance aspects and other moderating variables.

This study examines whether sustainability information disclosure (SID) in the Arab Gulf acts as a substantive strategic tool that enhances corporate outcomes or merely serves as a symbolic gesture to maintain legitimacy. Using data from 92 listed firms across the Gulf Cooperation Council (GCC) from 2020 to 2023, the study distinguishes between the level (volume) and quality (credibility) of disclosure. It examines their respective impacts on return on assets (ROA), return on equity (ROE), and financial reporting quality. The results reveal a consistent positive association between disclosure levels and financial performance, suggesting that volume-based corporate environmental, social, and governance (ESG) reporting may support short-term legitimacy and market confidence. In contrast, disclosure quality shows weaker and less consistent effects, highlighting a potential disconnect between visibility and substance. This pattern reflects the strategic use of disclosure for symbolic compliance in the GCC, where ESG reporting is often adopted to satisfy external expectations rather than to support internal transformation or long-term value creation. The findings position sustainability disclosure as an underleveraged tool for strategic knowledge management. While current practices enhance legitimacy, they fall short of driving performance gains through internal learning or reporting integrity. Policy implications include the need for harmonised disclosure frameworks, mandatory assurance standards, and improved alignment with international ESG guidelines to strengthen the credibility and impact of corporate sustainability communication in emerging markets.

The study investigates the relationship between bank profitability and a comprehensive list of bank-specific, industry-specific and macroeconomic variables using unique panel data from 23 Bangladeshi banks with large market shares from 2005 to 2019 employing the Pooled Ordinary Least Square (POLS) Method for regression estimation. The random Effect model has been used to check for robustness. Three variables, namely, Return on Asset (ROA), Return on Equity (ROE), and Net Interest Margin (NIM), have been used as profitability proxies. Non-interest income, capital ratio, and GDP growth have been found to have a significant relationship with ROA. In addition to non-interest income, market share, bank size, and real exchange rates are significant explaining variables if profitability is measured as NIM. The only significant determinant of profitability measured by ROE is market share. The primary contribution of this study to the existing knowledge base is an extensive empirical analysis by covering the entire gamut of independent variables (bank-specific, industry-related, and macroeconomic) to explain the profitability of the banks in Bangladesh. It also covers an extensive and recent data set. Banking sector stakeholders may find great value from the outputs of this paper: Regulators and policymakers may find this useful in undertaking analyses in setting policy rates, banking industry stability, and impact assessment of critical policy measures before and after the enactment, etc. Investors and the bank management are to use the findings of this paper in analyzing the real drivers of profitability of the banks they’re contemplating to invest and managing on a day-to-day basis. Journal of Business Studies, Vol. XLIV, No. 1, 2025 Page 139-164

This study investigates the impact of Return on Equity (ROE), Equity Ratio (ER), and Asset Turnover Ratio (ATR) on Net Profit Margin (NPM) among telecommunication companies listed on the Indonesia Stock Exchange during 2018–2022. Employing a quantitative approach with panel data regression using the Random Effects Model and secondary data from company annual reports, the findings indicate that ROE exerts a positive but relatively weak influence on NPM, while ER demonstrates a positive relationship approaching significance. Conversely, ATR shows a significant negative effect, underscoring that asset efficiency contributes less to profitability in the capital-intensive telecommunications sector. The model achieves an adjusted R² of 0.874, suggesting strong explanatory power. Overall, the results emphasize that managerial strategies should prioritize optimizing equity utilization and maintaining a robust capital structure rather than relying on asset turnover efficiency. Despite being limited to five firms and secondary data, this research enriches sector-specific financial performance analysis and provides valuable insights for managers and policymakers. Future studies are encouraged to extend the model by incorporating factors such as technological innovation, market competition, and regulatory dynamics to capture a more comprehensive understanding of profitability determinants in the industry.

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.

Abstract This research paper will look at the impact of CSR on corporate financial performance in the Egyptian stock market. The study employs the fixed-effects panel data regression analysis to examine 32 companies that are listed in the S&P/EGX ESG Index between 2017 and 2024, bringing 256 observations. The financial performance measures examined in the study include the return on assets (ROA), the return on equity (ROE), the return on sales (ROS), and the return on invested capital (ROIC). Findings indicate that CSR has a significant and positive influence on all the financial performance measures. The highest relationship was found in ROE (0.769), followed by ROS (0.680), ROIC (0.657), and ROA (0.586). All models were significant statistically, which shows strong evidence of a CSR-performance relationship in the emerging markets. The suggested work organizes the empirical evidence to the new market situation in Egypt, which is applicable to the gap in the researches on CSR-performance relations in the developing economies and can offer useful information to managers, investors and policy makers of the analogous markets. There are policy implications in the findings that are of importance to the emerging market regulators and policymakers. Governments must consider supportive structures such as tax breaks, subsidies and awards to promote the adoption of CSR since the practices have proven to improve corporate financial wellbeing and the expansion of social welfare goals in general. The fact that the S&P/EGX ESG Index has been able to find financially superior companies supports its further growth and implies that mandatory ESG reporting rules would help the market to work more efficiently because they would allow allocating more capital to socially responsible and high-performing companies. The outcomes present evidence-based reasons as to why policymakers in such emerging economies ought to consider CSR not as a means of regulation but as a mechanism of pursuing economic growth and societal progress at the same time.

This study aims to examine the relationship between family ownership (FAMOW) and a firm's financial performance, including return on assets (ROA), return on equity (ROE), and Tobin’s Q. Additionally, it seeks to determine whether, in the case of non-financial enterprises in Bangladesh, the relationship between FAMOW and firm performance is moderated by risk-taking behavior and leverage. Secondary data from 2010 to 2021 were collected from 228 listed non-financial firms on the Dhaka Stock Exchange (DSE). The study's findings indicate that while Tobin's Q (TQ) is negatively significant with family ownership, return on equity (ROE) and return on assets (ROA) are positively significant. FAMOW has a positive and statistically significant relationship with both ROA and ROE, with coefficients of 0.008 and 0.005, respectively. The moderating influence of risk-taking behavior and leverage was not examined in the previous study; however, this study expands on the findings by including risk-taking behavior and leverage as moderators. Taking into consideration the findings of the inquiry, it is recommended that family firms operating in economies that are still in the process of growth prioritize the establishment of a robust corporate governance structure. As a result of implementing suitable governance measures, it has been established that the impacts of familial ownership on business performance are either amplified or moderated.

This study analyzes the impact of geopolitical risk and trade balance on the performance of Vietnamese listed firms over the period 2016–2024, using an unbalanced panel of 588 firms. The study employs a dynamic panel System Generalized Method of Moments (System GMM) estimator to address endogeneity, unobserved firm-specific effects, heteroskedasticity, and serial correlation. The empirical findings indicate that geopolitical risk exerts a positive and statistically significant effect on both return on assets (ROA) and return on equity (ROE). This suggests that, in the context of global supply chain realignments and capital reallocation, Vietnamese listed firms have been able to leverage new opportunities created by geopolitical tensions. In contrast, the trade balance shows a negative and significant relationship with firm performance, implying that improvements in the aggregate trade balance are associated with lower efficiency at the firm level. This result reflects the structural dependence of Vietnamese firms on imported raw materials, machinery, and intermediate inputs. Control variables such as firm size, tangible assets, liquidity, Tobin’s Q, and net working capital improve performance, while high financial leverage and the COVID-19 shock reduce it. Moderate inflation contributes positively to firm performance. The study offers new empirical evidence on the role of geopolitical risk and trade balance in shaping corporate performance in an emerging, export-oriented economy and provides policy implications for regulators, investors, and corporate managers.

This study has two main objectives: (i) to explore the relationship between capital structure (CS) and firm performance (FP) among non-financial firms listed on the Egyptian Exchange (EGX30), and (ii) to analyze how agency costs (AC) influence this relationship as a moderator. The research uses Panel Least Squares (PLS) to examine how AC affects the association between CS and FP. The sample includes 200 firm observations annually from 20 non-financial firms listed on the Egyptian Stock Exchange (EGX30) from 2014 to 2023. The debt-to-equity ratio (D/E) measures CS, while return on equity (ROE) assesses FP. The asset utilization ratio (AUR) gauges AC. Results indicate that CS positively affects FP. Additionally, AC demonstrates a positive moderating effect on the relationship between CS and FP. To the best of the authors’ knowledge, this is the first study to examine the moderating influence of AC on the association between CS and FP in Egypt.

Against the background of the deep penetration of the digital economy into the real economy, digital transformation has become a core path for enterprises to optimize resource allocation and enhance competitiveness. However, a unified understanding has not yet been formed regarding the interactive mechanism between capital structure — the core of financing decisions—and digital transformation as well as corporate performance. This paper takes Chinese A-share non-financial listed companies from 2015 to 2024 as the research sample, using data from the CSMAR database and annual report text analysis, and employs a panel data model to empirically test the interactive relationship among the three. The results show that: there is a short-term weak negative non-linear correlation between digital transformation and corporate performance, reflecting the inhibitory effect of costs in the initial stage of transformation; capital structure plays an intermediary role, but the current high debt and transformation costs form a superimposed constraint, jointly inhibiting performance; among control variables, return on equity (ROE) and revenue growth rate positively drive performance, while firm age shows an efficiency attenuation characteristic, and the model results are reliable with heterogeneous impacts of transformation; the framework of "digital transformation-capital structure-corporate performance" is initially established, but the performance feedback effect needs to be deepened, and the cyclic mechanism of the three requires verification with long-term data.

This study examines the financial performance of Bank Syariah Indonesia (BSI) after the merger by comparing the Income Statement Approach and the Value-Added Approach from the perspective of Sharia Enterprise Theory. The merger of three state-owned Islamic banks represents a strategic transformation that requires a comprehensive performance evaluation beyond conventional profit-based measures. Using secondary data from BSI’s annual financial statements for the period 2020-2024, this study analyses profitability and efficiency indicators, including Return on Assets (ROA), Return on Equity (ROE), Net Profit Margin (NPM), and the Operating Expenses to Operating Income Ratio (BOPO). A paired sample t-test is employed to examine differences between the two performance measurement approaches. The results indicate that BSI experienced short-term performance adjustments in the early post-merger period, followed by gradual improvements in profitability and operational efficiency. The Value-Added Approach consistently produces higher profitability ratios than the Income Statement Approach, reflecting its broader measurement scope that captures value creation and distribution to multiple stakeholders. Statistically significant differences are found for ROA, ROE, and NPM, while no significant difference is observed for BOPO. Practically, the findings provide insights for Islamic bank management in evaluating post-merger performance, support regulators in promoting performance assessment aligned with Sharia principles, and highlight the relevance of value-added-based measurement for enhancing stakeholder accountability in Islamic banking institutions.

This study aims to investigate the relationship between dividend policy, financial performance, and Corporate Social Responsibility (CSR) through a comprehensive literature review approach. Dividend policy remains a critical financial decision that not only reflects a firm's profitability but also signals its commitment to stakeholders, including its social and environmental responsibilities. The study employs a qualitative, descriptive method based on a systematic review of 20 peer-reviewed journal articles published between 2010 and 2024. The analysis reveals that dividend policy has a significant positive impact on financial performance indicators such as Return on Assets (ROA), Return on Equity (ROE), and Net Profit Margin. However, the interaction between dividend policy and CSR is more nuanced: firms with high CSR commitments tend to retain earnings for long-term sustainability projects, while firms with low CSR scores often use high dividend payouts as a signaling mechanism. Additionally, contextual factors such as governance quality, firm size, industry type, and regional economic conditions play moderating roles. The findings suggest the need for an integrative framework that considers both financial and non-financial dimensions in dividend policy formulation. This study contributes to the literature by bridging the gap between financial decision-making and stakeholder theory, offering practical insights for managers, investors, and policymakers.

This study aims to analyze the effect of company size, Debt to Equity Ratio (DER), and Return on Equity (ROE) on the Dividend Payout Ratio (DPR) of food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the period 2019-2024. This research adopts a quantitative approach with multiple linear regression analysis processed using SPSS. The sample of the study consists of 18 companies that meet the purposive sampling criteria. The results show that company size has a positive and significant effect on the Dividend Payout Ratio. However, Debt to Equity Ratio and Return on Equity do not have a significant effect on Dividend Payout Ratio, either partially or simultaneously. These findings suggest that other factors, beyond company size, play a more significant role in influencing dividend policies in the food and beverage manufacturing sector in Indonesia.

This study investigates the interplay between asset quality, financial ratios, and market valuation in Indian commercial banks over a twelve-year period (2014–2025). Using a hybrid approach combining Structural Equation Modeling, correlation analysis, and trend evaluation, the research examines whether Non-Performing Assets (NPAs) influence market capitalization directly or through Return on Equity (ROE) as an intermediary. The findings reveal that NPAs exert a significant negative impact on both ROE and market value, while Net Interest Margin (NIM) emerges as a strong positive determinant of valuation. Conversely, Capital Adequacy Ratio (CAR), though vital for regulatory compliance, shows no direct effect on market prices. Mediation analysis challenges conventional assumptions, indicating that profitability alone does not fully explain valuation dynamics. These insights underscore the need for integrated strategies addressing asset quality and operational efficiency, offering practical implications for policymakers, investors, and bank management in strengthening resilience and optimizing shareholder value.

The purpose of this study is to examine how profitability ratios such as Gross Profit Margin (GPM), Net Profit Margin (NPM), Operating Profit (OP), Return on Equity (ROE), Return on Investment (ROI), Return on Assets (ROA), Earning Power (EP), and Earning per Share (EPS) have developed during the period between 2020 and 2024 in the mining sub-sector. This study analyzes five issuers on the Indonesia Stock Exchange: BRMS, ESSA, ANTM, INCO, and MDKA. The secondary data used are annual financial reports and closing stock prices as of December 31, which are analyzed using quantitative descriptive methods. The results show that most profitability ratios experienced a significant increase during the 2021–2022 period as a result of post-pandemic economic recovery and rising commodity prices worldwide. However, in the 2023–2024 period, profitability performance tended to decline as a result of increased operational cost pressures and falling commodity prices. Although not always applicable to every issuer, the movement of mining companies' stock prices shows a fluctuating pattern that is usually correlated with changes in profitability. These results provide an overview of the financial conditions and stock market dynamics in the mining industry, which investors can consider when making investment decisions.

This study examines the impact of bank soundness ratio (based on the Risk-Based Bank Rating (RBBR) method) on financial performance via the environmental, social, and governance (ESG) framework within Islamic governance and social responsibility in Indonesian Islamic commercial banks (Sharia banks). The sustainability of Islamic banks is attained not solely through corporate performance, dictated by financial ratios, but also by a focus on global concerns, specifically environmental, social, and banking governance (Adu et al., 2024; Pasko et al., 2022). This study utilizes data from all Islamic commercial banks in Indonesia, with a sample for 2018–2022, and employs moderating regression analysis. The findings indicate that liquidity risk, financing, operating, and capital adequacy (RBBR), Islamic social reporting (ISR), and Islamic corporate governance (ICG) significantly impact Sharia banking performance. ICG effectively moderates the relationship between RBBR and ISR on Sharia banking financial performance. ICG can enhance the health of Sharia banks and their awareness of social responsibility, thereby positively influencing their performance. The Financial Authority can use these insights to enhance risk management and ISR regulations in Sharia banks. This study reveals discrepancies with prior studies, where return on equity (ROE) yielded superior outcomes to return on assets (ROA). This study identifies ICG’s significance in enhancing RBBR and ISR impact on banking performance within Sharia banking, a topic unexplored by scholars.