This study examines the relationship between Corporate Social Responsibility (CSR) disclosure and tax avoidance, with CEO Overconfidence considered as a moderating factor. The research focuses on non-cyclical consumer goods companies listed on the Indonesia Stock Exchange during the 2022-2024 period. Using annual and sustainability reports, the analysis employs multiple linear regression and moderated regression analysis (MRA). Robust standard errors based on the Newey-West method are applied to ensure reliable estimation. The results indicate that CSR disclosure does not have a significant direct effect on tax avoidance. However, CEO Overconfidence significantly moderates the relationship between CSR disclosure and tax avoidance, highlighting the role of executive behavioral characteristics in corporate tax decisions. These findings suggest that CSR disclosure alone is insufficient to explain firms’ tax avoidance behavior without considering managerial traits. The study contributes to the literature by integrating behavioral perspectives into tax avoidance research and emphasizing the importance of executive oversight in aligning CSR practices with responsible tax behavior.

This research aims to analyze the effect of profitability and liquidity on firm value, with firm size as a moderating variable, in technology sector companies listed on the Indonesia Stock Exchange (IDX). Using a quantitative approach with a moderated regression analysis (MRA) model, this study employs panel data from 19 technology companies over the period 2022–2024, resulting in 57 observations. Data analysis was conducted using Eviews 13 after passing classical assumption tests. Profitability (ROA) has a positive and significant effect on firm value (? = 0.3847; p = 0.000), while liquidity (CR) does not significantly affect firm value (? = -0.0024; p = 0.2547). Firm size strengthens the positive relationship between profitability and firm value (? interaction = 0.0158; p = 0.0128), but does not moderate the relationship between liquidity and firm value (? interaction = 0.0001; p = 0.4134). The model explains 71.54% of the variation in firm value (R² = 0.7154). Profitability is a key driver of firm value in the technology sector, whereas liquidity does not play a significant role. Firm size acts as a positive moderator only for the profitability value relationship. These findings suggest that technology companies should prioritize improving profitability and leveraging scale to enhance market valuation, rather than focusing excessively on liquidity management. The study contributes to signaling theory by confirming the relevance of profitability as a value signal, particularly in large technology firms.

This study aims to analyze the effect of working capital turnover, capital structure, and liquidity on profitability in hotel and restaurant companies listed on the Indonesia Stock Exchange during the period 2021-2023. The research method used is multiple linear regression analysis with secondary data taken from company financial reports. The results show that working capital turnover has a positive and significant effect on profitability, indicating that efficient working capital management can improve a company's ability to generate profits. On the other hand, capital structure has an insignificant negative effect on profitability, indicating that high debt levels do not always lead to increased company profits. Meanwhile, liquidity was found to have a positive and significant effect on profitability, emphasizing the importance of a company's ability to meet its short-term obligations in improving its financial performance. This study is expected to provide insights for company management in managing working capital, capital structure, and liquidity to achieve optimal profitability.

This study aims to examine the effect of leverage, institutional ownership, and liquidity on company value. The population in this study consists of infrastructure companies listed on the Indonesia Stock Exchange during the observation period of 2020-2022. The sampling technique used is purposive sampling, which is a sampling technique based on criteria determined by the researcher. Based on the sample selection criteria, 40 companies and 120 samples were obtained. The data analysis technique used was multiple linear regression analysis, which was processed using the SPSS version 23 program. The results of this study indicate that leverage and liquidity do not affect company value, while institutional ownership has a positive effect on company value.

This study examines the impact of digital transformation on supply chain management efficiency among Indonesian listed firms, using a panel dataset of 381 companies listed on the Indonesia Stock Exchange (IDX) from 2015 to 2024. The empirical results show that digital transformation significantly enhances supply chain efficiency, as evidenced by improved inventory turnover and higher order fulfillment rates. This finding remains robust after addressing endogeneity concerns and conducting a series of robustness checks. Further analysis reveals that information transparency serves as a partial mediator in this relationship, suggesting that digital transformation boosts supply chain performance largely by improving the visibility and sharing of real-time operational data across the value chain. Heterogeneity test reveals the positive impact of digital transformation is notably stronger in large firms, firms located in regions with high internet coverage, and manufacturing enterprises. Based on these findings, the study offers practical implications across three dimensions: corporate strategy, policy support, and technology implementation. It also identifying for future research, including broadening the data scope beyond listed firms, refining digital transformation metrics with more direct measures, and conducting cross-national comparisons to explore how institutional contexts shape digitization outcomes.

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.

The impact of greenhouse gas (GHG) emission reduction on firm financial performance is increasingly contested in prior research and there remains a lack of agreement regarding this relationship. This highlights the unanswered question of whether environmental protection investment pays off. This study investigates the association between greenhouse gas (GHG) emission and firm financial performance of 58 high-polluting companies listed on the Johannesburg Stock Exchange (JSE). The study employed a two-step system generalized method of moment (SGMM) to analyse the relationship between GHG emissions and firm financial performance. Our study reports no statistical association between greenhouse gas (GHG) emission reduction initiatives and firm financial performance of high-polluting companies listed on the Johannesburg Stock Exchange. This paper recommends that firms in high polluting intensify carbon emission reduction initiatives as a long-term investment that can improve competitive advantage and resilience to greenhouse gas emission related risks. We suggest that tax incentives and supportive regulatory mechanisms to offset the short-term financial costs associated with adoption of carbon emission reduction strategies to align firm pollution abatement practices with sustainable development goals.

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.

ABSTRACT We study the accuracy of a variety of parametric price duration‐based realized variance estimators constructed via various financial duration models and compare their forecasting performance with the performance of various nonparametric return‐based realized variance estimators. Our financial duration models consist of an autoregressive conditional duration (ACD), its logarithmic version (Log–ACD), and the fractionally integrated ACD (FIACD), as well as the Markov switching multifractal duration (MSMD) model and the factorial hidden Markov duration (FHMD) process. In an empirical study using high‐frequency data on 10 stocks traded on the New York stock exchange (NYSE), our in‐sample and out‐of‐sample results show that the parametric price duration‐based realized variance (RV) estimators, especially the ACD‐based RV estimator, seem to be robust to price jumps and microstructure noise and perform better than the non‐parametric return‐based RV estimators. Furthermore, we also find that the price duration‐ and return‐based RV models perform relatively well and produce more accurate and valid value‐at‐risk forecasts than the GARCH(1,1).

In the modern business landscape, environmental sustainability has become a strategic necessity, especially for manufacturing companies in the food and beverage industry. Growing environmental awareness and corporate social responsibility pressures have led firms to adopt green accounting practices and improve environmental performance as part of corporate accountability. This study examines how green accounting and environmental performance influence the financial performance of food and beverage manufacturing firms listed on the Indonesia Stock Exchange (IDX) during 2022–2023. Using a quantitative research design, the study employed a purposive sampling technique and selected 30 companies that consistently published annual reports and PROPER environmental performance data. Secondary data were obtained from the IDX official website and PROPER reports issued by the Ministry of Environment and Forestry. Data analysis was conducted using multiple linear regression in SPSS 26, supported by t-tests and F-tests to evaluate partial and simultaneous effects. The results show that both green accounting (t = 2.340) and environmental performance (t = 4.812) significantly and positively affect financial performance, with all t-values exceeding the critical threshold. The F-test further confirms that these variables together have a significant combined effect (F = 14.638; p < 0.001). The regression model explains 61.9% of the variation in financial performance, indicating strong explanatory power. Moreover, environmental performance has a more substantial impact (β = 12.495) compared to green accounting (β = 2.221). In conclusion, the study demonstrates that integrating environmental considerations into accounting systems and operational activities strengthens corporate sustainability while simultaneously improving financial outcomes. The evidence supports the idea that environmentally responsible practices generate tangible economic benefits, especially in sectors highly exposed to ecological concerns such as food and beverage manufacturing.

Data from the Indonesian Central Securities Depository (KSEI) shows that the number of Single Investor Identification (SID) holders in 2023 has reached more than 11 million, a rapid increase from around 2 million in 2018. This growth reflects an increase in public awareness of the importance of investing in the capital market. In addition, the Indonesian capital market plays an important role in strengthening the resilience of the national economy by providing funds for companies in various sectors (World Bank, 2022; KSEI, 2023). Thus, research on the factors that influence capital market dynamics is becoming increasingly relevant, especially in the context of strategic sectors that contribute significantly to the national Gross Domestic Product (GDP). This study aims to analyze the effect of dividend policy, financing decisions, and free cash flow on Firm value in Indonesia. The research population consists of primary consumption sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2021–2024. The sample was selected using purposive sampling and analyzed using multiple linear regression with classical assumption tests. The results show that dividend policy and financing decisions have a positive and significant effect on Firm value, while free cash flow has a negative but insignificant effect. These findings indicate that optimal dividend distribution policy and a balanced financing structure can increase Firm value, while inefficient free cash flow management can lower investor perception of company performance.

This study aims to analyze the application of the Beneish M-Score Model in detecting indications of earnings manipulation in textile and garment companies listed on the Indonesia Stock Exchange for the 2020-2024 period. The Indonesian textile industry is facing a structural crisis with 60 companies closing since 2022, mass layoffs reaching 80,000 workers, and factory utilization dropping to 45-50%. The results show that of the 15 sample companies, 7 companies (46.67%) are indicated to have engaged in earnings manipulation based on the M-Score threshold > -2.22, namely Inocycle Technology Group, Asia Pacific Investama, Pan Brothers, Century Textile, Eratex Djaja, Asia Pacific Fibers, and Sunson Textile. The companies with the highest risk are Inocycle Technology Group (maximum M-Score 39.07), Asia Pacific Investama (maximum M-Score 54.78), and Pan Brothers (maximum M-Score 26.60). Trend analysis shows a pattern of progressive deterioration in several companies in line with worsening industry conditions. The TATA (Total Accruals to Total Assets) and DSRI (Days Sales in Receivables Index) components are the dominant indicators of manipulation. This research provides practical contributions for investors, creditors, and regulators in identifying early warning signals related to the quality of financial reporting.

This research analyzes the relationship between accounting information system usage and firm performance in manufacturing companies, while considering corporate governance as a moderating factor. The study is based on 240 manufacturing firms listed on the Indonesia Stock Exchange during 2020–2023, with performance measured by Return on Assets (ROA). A quantitative approach is applied using secondary data from financial reports. The analysis employs regression and interaction testing. The findings indicate that greater use of accounting information systems improves firm performance, and this effect becomes stronger when supported by effective corporate governance. These results confirm that organizational performance is shaped by both technological implementation and governance quality.

This research discusses the role of Green Accounting and Intellectual Capital affect firm value, while moreover assessing profitability as a moderating variable. The analysis is conducted on mining firms listed on the Indonesia Stock Exchange for the 2023–2024 period. A quantitative design is applied, employing classical assumption testing, t-tests for significance, tests of the coefficient of determination, and Moderated Regression Analysis (MRA) to evaluate the impact of the independent variables on the dependent variable with the inclusion of a moderating variable. Data processing is carried out using SPSS. The study demonstrates that Green Accounting does not have a significantly influences firm value, whereas Intellectual Capital exerts a strong and significant positive effect. Profitability is found not to moderate the connection between Green Accounting and firm value, but it significantly enhances the influence of Intellectual Capital on firm value. Overall, the firm value of mining companies is predominantly shaped by Intellectual Capital, with profitability amplifying the value added by intellectual assets.

This study investigates the influence of Green Intellectual Capital and Corporate Governance toward firm value, where financial performance acts as a mediating factor. The study targets LQ45-listed companies on the Indonesia Stock Exchange from 2022 to 2024. A quantitative causal approach was applied, using purposive sampling to obtain 29 firms with a total of 87 firm-year observations. Analyses were performed using multiple linear regression and Sobel mediation methods employed, and The empirical evidence suggest that Green Intellectual Capital and Sound Corporate Governance practices exert a significant positive effect on financial performance and firm value. In addition, financial performance, proxied by ROA, positively affects firm value and plays a partial mediating role in the relationship with Green Intellectual Capital, Corporate Governance, and firm value. These findings are consistent with signaling theory (Ross, 1977), suggesting that strong green intellectual capital practices and effective corporate governance send favorable signals to investors. This study contributes to sustainable accounting literature and provides practical insights for firms and investors in enhancing firm value.

This study examined the effect of non-current assets on Shareholders’ fund of Deposit Money Banks (DMBs) in Nigeria. Particular emphasis was laid on ascertaining the effect of investment in land and building, as well as ICT infrastructure on shareholder’s value fund of listed DMBs in Nigeria. Adopting ex post facto research design, the study used population of all listed deposit money banks of which five (Access Bank Plc, First Bank of Nigeria Plc, Guarantee Trust Bank Plc, United Bank for Africa Plc, and Zenith Bank Plc) was sampled. The result of multiple regression analysis carried out with the aid of E-View 13 revealed that, while land and buildings had a statistically significant negative effect on shareholders’ value in the DMBs listed on the Nigerian Stock Exchange (β = -0.535360; p < 0.05), ICT infrastructure has no statistically significant effect on shareholders’ value (β = 0.059172; p > 0.05). It was concluded that, investments in ICT infrastructure do not directly translate to improved shareholder wealth, possibly due to factors such as maintenance costs, depreciation, or inefficiencies in asset utilization. The study therefore, recommended among other things that DMBs should limit excessive investments in land and buildings and explore cost-effective alternatives such as leasing or optimizing existing infrastructure to avoid negative impacts on shareholder value.

The purpose of this study is to examine how green accounting, material flow cost accounting (MFCA), and environmental peformance affect sustainable development in food and beverage manufacturing firms listed on the Indonesia Stock Exchange between 2022-2024. A quantitative research design was applied. The study population consisted of 95 companies, from which 50 were selected as samples using purposive sampling. Data were analyzed through descriptive statistics, classical assumption testing, multiple linear regression, and hypothesis testing using SPSS 20. The results show that all three variables positively and significantly affect sustainable development. These findings demonstrate that adopting environmental accounting practices, optimizing material flow efficiency, and enhancing environmental performance substantially contribute to strengthening corporate sustainability efforts. Overall, the study underscores the strategic role of environmental management and sustainability-oriented accounting in improving sustainability outcomes within the food and beverage manufacturing industry.

To the best of our knowledge, this study provides the first systematic comparison between classical regression and advanced machine learning models for predicting the profitability of Moroccan firms listed on the Casablanca Stock Exchange. While prior research has largely focused on developed markets, profitability prediction in emerging economies such as Morocco remains underexplored, despite the market’s structural particularities (sectoral concentration, reliance on bank financing, and limited disclosure practices). This article provides the first systematic comparative analysis between regression and machine learning approaches applied to Moroccan listed companies, highlighting the advantages and limitations of each method in capturing complex and non-linear financial dynamics. Using a dataset covering ten years of financial statements, we evaluate multiple models, including OLS, Ridge regression, Random Forest, Gradient Boosting, Support Vector Regression, KNN, and XGBoost. Results show that machine learning models consistently outperform regression in predictive accuracy, while regression retains value in interpretability. Findings contribute to academic research by extending profitability forecasting studies to an under-explored emerging market, and to practice by offering investors, policymakers, and managers tools that improve risk assessment, capital allocation, and decision-making under conditions of uncertainty. These implications are particularly relevant for emerging economies, where informational asymmetries and structural heterogeneity complicate financial forecasting.

This research seeks to examine the impact of operational cash flow, sales growth, and operating capacity on financial distress within consumer cyclicals firms in the apparel and luxury goods sub-sector, listed on the Indonesia Stock Exchange for the period 2022–2024. This research employs a quantitative methodology utilizing an associative causal framework and secondary data derived from companies' yearly financial statements. We used SPSS software to do multiple linear regression to analyze the data. The results indicate that operating cash flow, sales growth, and operating capacity significantly influence financial distress, suggesting that enhanced cash flow production, sales performance, and asset utilization correlate with a diminished likelihood of financial difficulty. These results show that making a business better at making operating cash flow, keeping sales growth going, and using its assets more efficiently will help improve its financial situation and lower its financial stress. Descriptive data indicate that, on average, enterprises exhibit positive operating cash flow, continuous revenue growth, and an operating capacity over one, signifying operational efficiency and reasonably stable financial conditions. This study underscores the significance of proficient financial and operational management in sustaining financial stability and mitigating the risk of financial hardship in consumer cyclicals companies, especially within the apparel and luxury goods sub-sector.

In the context of tightening sustainability regulations and rising demands for transparent and responsible capital allocation, understanding how digital financial innovations influence market efficiency has become increasingly important. This study examines the impact of Financial Technology (FinTech) solutions and crowdfunding platforms on sustainable market efficiency, volatility dynamics, and risk structures in the United Kingdom. Using weekly data for the Financial Times Stock Exchange 100 (FTSE 100) index from January 2010 to June 2025, the analysis applies the Lo–MacKinlay variance ratio test to assess compliance with the Random Walk Hypothesis as a proxy for informational efficiency. Firm-level proxies for FinTech and crowdfunding activity are constructed using the Nomenclature of Economic Activities (NACE) and Standard Industrial Classification (SIC) systems. The empirical results indicate substantial deviations from random-walk behavior in crowdfunding-related market segments, where persistent positive autocorrelation and elevated volatility reflect liquidity constraints and informational frictions. By contrast, FinTech-dominated segments display milder inefficiencies and faster information absorption, pointing to more stable price-adjustment mechanisms. After controlling for structural distortions through heteroskedasticity-consistent corrections and volatility adjustments, variance ratios converge toward unity, suggesting a restoration of informational efficiency. The results provide relevant insights for investors, regulators, and policymakers seeking to align financial innovation with the objectives of sustainable financial systems.