Manufacturing Subsectors Research Articles

The Effect of Firm Size, Current Ratio, and Debt to Equity Ratio on Share Price in Food and Beverage Subsector Manufacturing Companies Listed on the Indonesia Stock Exchange

The purpose of this study is to understand how company size, liquidity, and capital structure can affect stock prices in the food and beverage industry in Indonesia, so as to provide practical guidance for stakeholders in making financial and investment decisions. This research method uses a sample of 18 manufacturing companies in the food and beverage subsector on the IDX in the 2019-2022 period. Sample selection is carried out by purposive sampling technique, which is a technique that considers and determines samples based on certain criteria. The purposive sampling technique was chosen to ensure that the samples taken are relevant and in accordance with the research objectives. The results of this study show that in the number that means that the independent variable is only able to explain the bound variable of 0.299 or 29.9%. *The Stock Price variable can be explained by 29.9% by variables such as company size, debt to equity ratio, current ratio, return on equity while the remaining 70.1% can be influenced by other factors that are not studied.

Analisis Kinerja Keuangan Untuk Mengukur Tingkat Kesehatan Perusahaan Manufaktur Sub Sektor Farmasi pada Bursa Efek Indonesia Periode Tahun 2018-2022

The aim of this research is to analyze the company’s financial performance to measure the health level of pharmaceutical sub-sector manufacturing companies listed on the IDX in terms of liquidity, solvency, profitability and activity ratios for the 2018-2022 period. The sample used was 9 pharmaceutical sub-sector companies. The data analysis method used is quantitative descriptive. The research results show that the average ratio of liquidity, solvency, profitability and activity for pharmaceutical sub-sector companies fluctuates. Based on the liquidity ratio, Kimia Farma Tbk has the highest average value of the current ratio, Sido Muncul Herbal & Pharmaceutical Industry Tbk has a quick ratio and Indofarma Tbk has a cash ratio so it is classified as a company with the highest level of health. The solvency ratio in the debt to equity ratio and debt to asset ratio of the Sido Muncul Herbal & Pharmaceutical Industry Tbk has the lowest average value ratio, while the long-term debt to equity ratio of Darya Varia Laboratoria Tbk is classified as a company with the highest level of health. Tempo Scan Pacific Tbk’s profitability ratio has the highest average ratio value for net profit margin and return on assets and Pyridam Farma Tbk for return on equity so it is classified as a company with the highest level of health. The activity ratio in the inventory turnover ratio and the fixed asset turnover ratio of Darya Varia Laboratoria Tbk and Organon Pharma Indonesia Tbk in the total asset turnover ratio each have the highest average ratio values so they are classified as companies with the highest level of health.

The Influence of Debt to Equity Ratio and Return on Equity on Company Value in Food and Beverage Subsector Manufacturing Companies Listed on the BEI in 2020-2022

The purpose of this study is to analyse the relationship between Y, debt-to-equity ratio, and return on equity for food and beverage manufacturing companies listed on the BEI in 2020 and 2022. Panel data regression analysis is the research tool of choice for this associative descriptive study. This study's population consists of 2020–2022 financial reports from BEI-listed food and beverage subsector manufacturing enterprises. Nonprobability sampling with a purposive sampling approach was used to collect the samples. Various statistical methods were employed to assess the impact of the study, including panel data regression analysis, t test and F test hypothesis testing, and Pearson product moment correlation and coefficient of determination analyses. There is a very strong correlation between return on equity (ROE) and Y (0.824) and a sufficient correlation (0.535) between debt to equity ratio and Y (0.535), according to the results of the analysis. The results of the determination analysis reveal that the debt-to-equity ratio and return on equity account for 99.2% of the variance in firm value, with the remaining 0.8% explained by factors that were not part of the study

Peran Leverage Sebagai Pemediasi Pengaruh Komite Audit dan Sales Growth Terhadap Tax Avoidance

Abstract The purpose of this study is to examine the effect of the audit committee and sales growth on tax avoidance, with leverage as an intervening variable. The population in this study consists of manufacturing industries in the food and beverage sub-sector listed on the Indonesia Stock Exchange (IDX) during the years 2020-2023. The sample selection in this study used purposive sampling, resulting in a total of 57 samples from the food and beverage sub-sector manufacturing industries. The data were analyzed using Partial Least Square (PLS) with the support of the SmartPLS 4 application. The results of the study show that the audit committee has a negative effect on leverage, sales growth has a negative effect on leverage, leverage has a positive effect on tax avoidance, the audit committee has a positive effect on tax avoidance, sales growth has a positive effect on tax avoidance, leverage can mediate the effect of the audit committee on tax avoidance, and leverage cannot mediate the effect of sales growth on tax avoidance. Keywords: Audit committee; sales growth; tax avoidance; leverage.

The Impact of Women Leadership and Decision-Making on Employee Performance with Servant Leadership Style as a Moderating Variable

This study aims to examine the influence of women's leadership and decision making on employee performance, as well as the moderating impact of servant leadership style in the context of the food and beverage subsector manufacturing industry in the Greater Bekasi area. A quantitative approach was used with nonprobability sampling techniques, and data were analysed using Structural Equation Modelling (SEM), involving 219 respondents as research samples. The results showed that female leadership and decision making had a significant effect on employee performance. In addition, servant leadership style moderates the relationship between these variables, suggesting that the application of this leadership style can strengthen the positive impact of women's leadership and decision-making on employee performance. The practical implication of this study is the importance of women's leadership development and the application of servant leadership style in improving employee performance in the industrial sector under study

THE INFLUENCE OF PROFITABILITY RATIO AND ACTIVITY RATIO ON FINANCIAL PERFORMANCE IN AUTOMOTIVE SUB-SECTOR MANUFACTURING COMPANIES AND THEIR COMPONENTS LISTED ON THE INDONESIAN STOCK EXCHANGE YEAR 2018-2022

This research aims to examine and analyze the influence of profitability ratios and activity ratios on financial performance in automotive sub-sector manufacturing companies and their components listed on the Indonesian Stock Exchange in 2018- 2022. This research includes quantitative research. The data used in this research is in the form of annual financial reports of Automotive and Component Subsector Manufacturing companies listed on the Indonesia Stock Exchange for 2018-2022. The sampling technique uses the Purposive Sampling method. The population is 15 companies. The sample that meets the criteria is 10 companies. The analysis technique used in this research is multiple linear regression analysis with the help of the SPSS program. Based on the results of data analysis using SPSS 25, it shows that the Profitability Ratio which is proxied by ROE and ROA has a significant effect on financial performance with a significance value of ROE of 0.028 and a significance value of ROA of 0.011, the Activity Ratio which is proxied by Inventory Turnover & Total Asset Turnover has a significant effect on performance. finance with an ITO significance value of 0.013 and a TATO significance value of 0.050. Simultaneously, the Profitability Ratio and Activity Ratio variables have a significant effect on financial performance with a significance value of 0.008.

Pengaruh Total Asset Turnover, Debt To Equity Ratio, Current Ratio, dan Firm Size Terhadap Return On Asset pada Perusahaan Manufaktur Subsektor Makanan dan Minuman yang Terdaftar di BEI Tahun 2016-2023

For the period of 2016–2023, this study is to ascertain the impact of the following factors on return on assets: firm size, debt to equity ratio, total asset turnover, and current ratio in manufacturing companies in the food and beverage sub-sector listed on the Indonesia Stock Exchange. An approach to verification and description is combined with a quantitative methodology in this study. Numerous tests are used in statistical testing, including the traditional assumption test, multiple linear regression test, Pearson correlation coefficient test, determination coefficient test, and hypothesis test with partial and simultaneous tests (t and f tests). The Food and Beverage Sub-Sector Manufacturing enterprises employs 64 enterprises, whose financial records provide the sample data. In nonprobability sampling, purposeful sampling is used. Version 26.0 of IBM SPSS was the analysis tool used in this investigation . According to study results, return on assets is significantly impacted by the debt to equity ratio, but it is not affected at all by the current ratio, total asset turnover, or business size. Return on assets is significantly impacted by the study's concurrently obtained current ratio, total asset turnover, debt to equity ratio, and firm size.

Pengaruh Pertumbuhan Perusahaan, Leverage, Komisaris Independen, dan Modal Bersih Terhadap Kinerja Keuangan

This research aims to provide empirical evidence regarding the influence of company growth, debt levels, independent commissioners, net working capital on financial performance. This research method uses quantitative research methods. The research object is food and beverage companies listed on the Indonesian stock exchange during 2020-2022. The data source in this research uses secondary data, namely data contained on the official IDX website, namely www.idx.co.id and the official website of the related company. The population used in this research is 30 food and beverage manufacturing companies listed on the Indonesian stock exchange for the 2020-2022 period. The number of samples taken was 30 companies, so the data obtained was 90 data. The research results show that company growth has a significant positive effect on the financial performance of consumer goods sub-sector manufacturing companies listed on the IDX in 2020-2022. Debt levels have a significant negative effect on the financial performance of Consumer Goods Sub-Sector Manufacturing Companies Listed on the IDX in 2020-2022. Commissioners have a significant positive influence on the financial performance of Consumer Goods Sub-Sector Manufacturing Companies Listed on the IDX in 2020-2022. Net working capital has a significant positive effect on the financial performance of Consumer Goods Sub-Sector Manufacturing Companies Listed on the IDX in 2020-2022. Simultaneously, company growth, debt levels, commissioners, dividend policy and net working capital have a significant positive effect on the financial performance of Consumer Goods Sub-Sector Manufacturing Companies Listed on the IDX in 2020-2022.

The effects of debt-to-asset ratio, size of the company, institutional ownership and earnings management on accounting conservatism in manufacturing companies in the food and beverage sub-sector listed on the Indonesia Stock Exchange between 2015 and 2023

This study attempts to ascertain how accounting conservatism is affected in manufacturing businesses in the food and beverage subsector listed on the Indonesia Stock Exchange between 2015 and 2023 by factors such as debt to asset ratio, company size, institutional ownership, and earnings management. This study employs a quantitative methodology that combines a verification and descriptive strategy. Traditional assumption testing, multiple linear regression, Pearson product moment correlation coefficient, determination coefficient, and hypothesis testing with partial and simultaneous tests (f and t tests) are all used in the statistical analysis approach of verification. Sample data comes from 63 financial reports of businesses in the Food and Beverage Manufacturing Subsector. This study employed a purposive sample strategy in conjunction with nonprobability sampling. Version 26.0 of SPSS software is used for data processing. According to preliminary study findings, there is no discernible relationship between accounting conservatism and the debt to asset ratio. Company size has a big impact on accounting conservatism. The impact of institutional ownership on accounting conservatism is negligible at best. Accounting conservatism is neither impacted by or significantly affected by earnings management. The study's findings concurrently demonstrate how the debt to asset ratio, business size, institutional ownership, and earnings management all have an impact on accounting conservatism

Estructura empresarial y sectorial de las manufacturas de México. Un análisis de shift-share

The analytical approach proposed in this article comes from the area of regional econ-omy. The main aim of this paper is to detail the business structure of Mexico in terms of employment in the manufacturing subsectors and at the regional level in the period 1988-2018. The traditional shift-share methodology is used to describe performance by type of company across the large division of manufacturing industry activity, in order to establish the most dynamic subsectors. Additionally, expanded shift-share is incorporated as a methodological proposal to weight the level of contribution of the business structure. The results establish that in msmes the food industry registers the best performance, while for large companies the metal products industry does best. It is corroborated that msmes specialize in traditional activities with a greater presence in the Central, Pacific and Southern regions. Meanwhile, large companies concentrate on modern and highly technical activities with greater growth in the Northern Border and North-Central regions. This makes it necessary to develop sectoral policies to im-prove the performance of each manufacturing division.

Improving processing efficiency through workflow process reengineering, simulation and value stream mapping: a case study of business process reengineering

PurposeBusiness Process Reengineering (BPR) eliminates non-value-added (NVA) and essential non-value-added (ENVA) waste through radical process redesign to improve organizational operations. Comprehensive research integrating BPR tools is needed to understand their benefits for manufacturing firms. This research presents an integrated BPR-simulation framework tailored to the manufacturing sector to maximize process improvements and operational excellence.Design/methodology/approachThe BPR design methodology adopts a systematic, multi-stage approach. The first phase involves identifying a specific improvement process aligned with BPR's core objectives. This phase analyses and redesigns workflows to optimize task sequences, roles, and stakeholder interactions while eliminating redundancies and inefficiencies via Workflow Process Reengineering. Visual process mapping tools, including VSM and simulation, pinpoint areas of waste, delay, and potential enhancement. The second phase follows the workflow analysis and aims to improve efficiency and effectiveness by redefining roles, rearranging tasks, and integrating automation and technology solutions. The redesigned process undergoes evaluation against key performance indicators to ensure measurable improvements are achieved. The final phase validates the proposed changes through simulation models, assesses the impact on key performance metrics, and establishes the necessary infrastructure for successful implementation. The proposed model is empirically validated through a case study of a leading apparel company in Vietnam, confirming its effectiveness.FindingsThe findings reveal that NVA activities are being eliminated, and ENVA activities in key departments are significantly reduced. This yielded a substantial improvement, reducing 25 out of 186 combined ENVA and NVA operations in the sewing facility, involving a decrease of 15 ENVA operations and the removal of 10 NVA operations. Consequently, this led to an 8.5% reduction in the proportion of ENVA operations, accompanied by a complete 100% elimination of NVA activities.Research limitations/implicationsThe single case study limits generalizability; thus, expanded implementation across diverse manufacturing sub-sectors is required to establish validity and broader applicability of the integrated framework.Originality/valueThe experimental results highlight the proposed model's effectiveness in optimizing resource utilization and its practical implementation potential. This structured BPR methodology enables organizations to validate, evaluate, and establish proposed process changes to enhance operational performance and productivity.

An analysis of capital structure heterogeneity for manufacturing and service sector firms

PurposeWe aim to analyze the capital structure heterogeneity for manufacturing and service sector firms. Additionally, we analyze the impact of the COVID-19 pandemic on the leverage adjustments of corporate firms.Design/methodology/approachThis study applies the two-step system generalized method of moments (system-GMM) and panel data of 1,115 manufacturing and 482 service sector firms listed with the Bombay Stock Exchange (S&P BSE) from 2010 to 2023. We developed and analyzed three models. Model 1 analyzes the leverage determinants and speed of adjustment (SOA) for the manufacturing and service sectors. Model 2 evaluates the leverage SOA for various sub-sectors, and Model 3 analyzes the impact of the COVID-19 pandemic on the leverage SOA.FindingsThis study suggests the three following. First, the direction of leverage determinants suggests that manufacturing firms are highly tangible. In contrast, service sector firms are high-growth firms and recorded a higher SOA (12.01%) than manufacturing (9.09%). Second, analyzing the leverage heterogeneity, we found that SOA varies across the sub-sectors. For manufacturing, food and beverage sub-sector recorded the highest SOA (12.58%), while consumer durables reported the lowest (6.38%). Communication recorded the highest (24.15%) for services, while industrial services recorded the lowest (11.18%). Third, firms across sectors and sub-sectors increased their SOA during COVID-19 pandemic.Research limitations/implicationsThis in-depth analysis of leverage heterogeneity for different sectors and subsectors will assist policymakers, corporate managers and other stakeholders in making agile financial decisions.Originality/valueThe analysis of leverage heterogeneity for the manufacturing and service sector from the emerging Indian economy marks a novel contribution to existing literature.

Leverage Moderates the Effect of Capital Intensity on Accounting Conservatism in Metal Sub Sector Manufacturing Companies Listed on the IDX In 2018-2022

This study aims to determine the Effect of Capital Intensity (X) on Accounting Conservatism (Y) with Leverage (Z) as a moderating variable in Metal Sub-Sector Manufacturing Companies listed on the Indonesia Stock Exchange in 2018-2022. The results of this study indicate that Capital Intensity has no effect on Accounting Conservatism. This result is evidenced by the calculated t of 1.289 <t table value of 2.005 and a significant value of 0.203> 0.05. After that Leverage strengthens the relationship between Capital Intensity and Accounting Conservatism. This result is evidenced by the results of the Moderate Regression Analysis (MRA) test seen from the determination coefficient (R2) value in the regression equation structure 1, which is 3% <the determination coefficient (R2) value in the regression equation structure 2, which is 4.1%. This can also be seen from the slope value in the regression equation structure 2, where the regression coefficient X * Z is positive, which is 1%.

Pengaruh Good Corporate Governance Dan Corporate Social Responsibility Pada Tax Avoidance

Good corporate governance and CSR are the foci of this research since they may have an impact on tax evasion. Quantitative studies based on secondary sources are used in this investigation. For the years 2019–2022, forty-three businesses operating in the food and beverage manufacturing subsector and listed on the Indonesian stock market (IDX) made up the study's population. The 88 samples were obtained using the purposive sampling approach that relies on criteria. Using SPSS version 22.0, the data was analysed using multiple linear regression analysis. This research found that tax evasion is reduced when management ownership is applied. When it comes to avoiding taxes, the board of directors is not on board. Tax evasion is negatively impacted by institutional ownership. When it comes to tax evasion, the Independent Board of Commissioners is a drag. Tax evasion is negatively impacted by the Audit Committee. Tax evasion is impacted negatively by corporate social responsibility. Companies are less likely to evade paying taxes if there is more management and institutional ownership as well as an independent board of commissioners, audit committee, and CSR initiatives.

Pengaruh Manajemen Kas, Manajemen Piutang, Dan Manajemen Persediaan Terhadap Profitabilitas Pada Perusahaan Manufaktur Sub Sektor Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia

This study aims to test the influence of Cash Management, Accounts Receivable Management and Inventory Management on Profitability in Indonesian Food and Beverage Subsector Manufacturing companies registered in Indonesia in the period 2020-2022. The population used is 35 Manufacture companies of the Food and Beverage subsector registered in Indonesia. Sample determination is carried out using the purposive sampling method approach, based on sample determination criteria that have been carried out by 20 companies during the period 2020-2022. The study also uses quantitative approaches and techniques of multiple linear regression analysis, correlation analysis and coefficient of determination, as well as hypothesis tests using T test and F test previously performed classical assumption test first. The result of this study is that simultaneously the influence of cash management (X1), accounts receivable management (X2), inventory management (X3) on profitability (Y) obtained Fcompat (3,680) is greater than Ftable (2,680) 76). This indicates that simultaneously Cash management (X1), Accounts receivable management (X2), Inventory management (X3) against profitability (Y). The test results partially show that there is a positive and significant influence on inventory management on profitability. Cash management and accounts receivable have a negative and insignificant effect on profitability.

Enhancing Organizational Effectiveness through Job Evaluation in Manufacturing: A Scoring Method with Fuzzy ARAS Approach

Job evaluation is a critical process for organizations to enhance organizational effectiveness by establishing fair and equitable compensation structures and aligning job roles with strategic goals. This study focuses on the manufacturing industry and aims to explore how job evaluation can be optimized through the integration of the fuzzy ARAS approach. By combining method, which assigns numerical scores to job factors, and factor analysis, which identifies underlying dimensions in a set of variables, this research proposes a comprehensive approach to job evaluation in manufacturing. This study contributes to the existing body of knowledge by offering a novel approach to job evaluation in the manufacturing industry. Research findings in practice can support HR professionals and organizational leaders in improving job evaluation practices, which can ultimately contribute to improved organizational performance and competitiveness in the manufacturing sector. Future research areas include investigating the extent to which the proposed approach is applicable in different manufacturing sub-sectors and assessing its long-term impact on organizational effectiveness.

Pengaruh Kondisi Keuangan, Kualitas Audit, Kepemilikan Institusional Dan Profitabilitas Terhadap Opini Audit Going Concern Pada Perusahaan Manufaktur Subsektor Metal And Allied Products Tahun 2017-2021

This study aims to examine and analyze the effect of profitability on going concern audit opinions in Metal and Allied Products Sub-Sector Manufacturing companies in 2017-2021. The number of research samples is 13 manufacturing companies in the Metal and Allied Products sub-sector. Data analysis technique using logistic regression analysis. The results showed that financial condition and audit quality had a significant negative effect on going concern audit opinion. Institutional ownership and profitability have no significant positive effect on going concern audit opinion. Financial condition, audit quality, institutional ownership, and profitability have a significant effect on going concern audit opinion.

Estimating the influence of KIBS spillovers through the knowledge production function and the role of international trade

A research gap exists regarding how research and development (R&D) expenditures contribute to the generation of innovative spillovers through knowledge-intensive business services (KIBS), particularly within the manufacturing and business services subsectors. These spillovers have a networking effect on innovation products in the manufacturing and services subsectors, as captured by the knowledge production function (KPF). The study proposes a two-stage model for analyzing the elasticities of production and economies of scale that arise from estimating singular knowledge production functions within a regional trade system. This model is tested for the case of the trade agreement of the United States, Mexico, and Canada (USMCA). The main results express that R&D expenditures embodied in KIBS spillovers have a significant effect on the generation of innovation outputs, in each of the USMCA countries and, reveal increasing returns to scale. Also, KPF elasticities, for the capital and the labor variables, proved to be inelastic and exhibited constant returns to scale. Additionally, the different estimates in each one of the USMCA countries expose diverse technologies of scale among the three countries.

The effect of value-added human capital, structural capital value-added, value-added capital employed, and profitability on firm value with firm size as a moderating variable (Study of manufacturing companies in the sub-sector pharmaceuticals listed on th

This study, which focuses on pharmaceutical sub-sector manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2015 to 2021, aims to determine the effect of value-added human capital, structural capital value-added, value-added capital employed, and profitability on firm value, moderated by firm size. The sample selection in this study used the purposive sampling method, resulting in eight companies based on predetermined criteria. The data analysis method used is moderation regression analysis. The results showed that value-added human capital significantly positively affects firm value, while structural capital value added has a significant negative effect on firm value. Value-added capital employed has a significant positive effect on firm value, and profitability has an insignificant positive effect on firm value. Firm size weakens the effect of value-added human capital on firm value, strengthens the effect of structural capital value added on firm value, weakens the effect of value-added capital employed on firm value, and does not moderate the effect of profitability on firm value.

The Effect of Capital Structure and Profitability on Company Value in Pharmaceutical Sub-Sector Manufacturing Companies Listed in the Indonesia Stock Exchange

The Impact of Capital Structure and Profitability on Company Value in Pharmaceutical Sub-Sector Manufacturing Companies Listed on the Indonesian Stock Exchange. (Supervised by H. Abdul Rahman Mus and Junaiddin Zakaria). This study aimed to rigorously examine the effect of capital structure and profitability on company value in pharmaceutical sub-sector manufacturing companies listed on the Indonesia Stock Exchange.This study employed a quantitative approach using secondary data. This study was conducted on representatives of the Indonesian Stock Exchange in the Indonesian Stock Exchange Gallery located at the Faculty of Economics and Business, Universitas Muslim Indonesia, JL Urip Sumoharjo KM. 5 Makassar, South Sulawesi. The study was carried out from November to December 2023, for around two months. The population in this study were pharmaceutical sub-sector companies listed on the Indonesian Stock Exchange in 2019-2022, for a total of 11 companies. Applying a purposive sampling technique, a number of predetermined criteria resulted in eight pharmaceutical sub-sector companies as samples. The data were analyzed using the Statistical Program for Social Science (SPSS) with multiple linear analysis techniques and classical assumption tests. The results of this study reported that: (1) capital structure demonstrated a positive and significant effect on company value; (2) profitability illustrated a positive and insignificant effect on company value.