Pengaruh Debt to Equity Ratio dan Price to Earning Ratio terhadap Nilai Perusahaan (Studi pada Perusahaan Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia)

Fadhia Nurhalizah — 2026-06-25

This study aims to determine the effect of Debt to Equity Ratio (DER) and Price to Earning Ratio (PER) on firm value. The population in this study consisted of 44 food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period, while the sample was determined using the purposive sampling technique with a total sample of 11 companies. This study used and implemented descriptive and verificative research methods with a quantitative approach. The analytical method used in this research was panel data regression analysis using the Eviews program. The results of this study indicate that the Debt to Equity Ratio (DER) does not have a significant effect on company value, while Price to Earning Ratio (PER) has no significant effect on company value. This research faced data constraints that resulted in having to select samples based on the availability of complete corporate financial reports across specific periods. The scope should be expanded by including other variables that are believed to have a greater influence on company value.

Pengaruh Fintech dan Literasi Keuangan terhadap Kinerja UMKM dengan Peran Moderasi Digital Marketing

Budi Gautama Siregar — 2026-06-25

This study aims to analyze the effect of financial technology, financial literacy, and digital marketing on the performance of MSMEs in Padangsidimpuan City using the Technology Acceptance Model approach. The research employs a quantitative method with Structural Equation Modeling based on Partial Least Square (SEM-PLS) as the analytical technique. The results indicate that financial technology has a positive and significant effect on MSME performance, although its contribution is relatively moderate. Meanwhile, financial literacy is found to be the most dominant variable in improving business performance, as strong financial management capabilities lead to more effective decision-making. Digital marketing also has a positive impact on MSME performance and acts as a moderating variable that strengthens the relationship between fintech, financial literacy, and business performance. Overall, the findings reveal that MSME performance is influenced not only by technology adoption but also by human resource capacity and digital marketing strategies. Therefore, synergy among fintech utilization, financial literacy enhancement, and digital marketing optimization is essential. The limitation of this study lies in its limited geographical scope and reliance on perception-based data. Future research is recommended to expand the study area and incorporate additional variables for more comprehensive results.

Penerapan Model ARIMA dalam Peramalan Harga Saham PT Samator Indo Gas, Tbk

Herlina Tiku Datu — 2026-06-25

This study aims to analyze and predict the daily closing price of PT Samator Indo Gas Tbk shares using the Autoregressive Integrated Moving Average (ARIMA) model based on three years of historical data. The research data consists of 775 daily stock price observations from January 1, 2023, to April 30, 2026, obtained from the website www.investing.com. Data preparation was performed using RStudio software. The analysis process included descriptive analysis, the Augmented Dickey-Fuller (ADF) stationarity test, model identification via Autocorrelation Function (ACF) and Partial Autocorrelation Function (PACF) plots, ARIMA model specification, residual diagnostics, and model accuracy assessment. The research results indicate that the data is not stationary at the level but becomes stationary after first-order differencing. The best model obtained is ARIMA(2,1,1) with an AIC value of 8,536.785. The Ljung-Box test results show that the residuals exhibit white noise, making the model suitable for forecasting. The forecasting results over 20 periods indicate that AGII stock prices tend to move stably with a MAPE value of 1.71%. Thus, the ARIMA model is capable of being used for short-term forecasting of AGII stock prices. This study still has limitations because the modeling was performed using ARIMA, which relies on historical AGII stock price data without accommodating external variables that could potentially influence stock price movements. Therefore, future research could integrate macroeconomic factors and evaluate the performance of alternative methods, such as ARIMAX, GARCH, or LSTM, thereby improving the model’s ability to generate accurate forecasts.

Promo Cashback Dan Kemudahan Transaksi terhadap Keputusan Penggunaan QRIS pada UMKM Berbasis Green Islamic Economic

Ratu Revi Mariska — 2026-06-25

This study aims to evaluate the impact of cashback promotions and ease of transactions on the decision to use QRIS in MSMEs based on a green Islamic economy. The research approach used was quantitative with an associative approach. Data collection was conducted through questionnaires distributed to 100 respondents who used QRIS in MSMEs, using a purposive sampling technique. Data analysis was conducted using multiple linear regression with the assistance of IBM SPSS Statistics software. The results showed that cashback promotions had a positive and significant influence on the decision to use QRIS, with a calculated t-value of 4.144 and a significance level below 0.001. Furthermore, ease of transactions also showed a positive and significant influence, with a calculated t-value of 5.971 and a significance level below 0.001. Simultaneously, both variables had a significant influence on the decision to use QRIS, with a calculated F-value of 50.014 and a significance level below 0.001. Of the two variables, ease of transactions had a more dominant influence than cashback promotions. These findings indicate that ease of use of digital payment systems is a key factor in increasing the decision to use QRIS among MSMEs, and supports the principles of efficiency and sustainability in a green Islamic economy.

Analisis Akuntansi Biaya Digital Marketing terhadap Customer Acquisition Cost dan Dampaknya pada Laba Bersih Perusahaan E-Commerce di Wilayah Surakarta

Nurita Elfani Prasetyaningrum prasetyaningrum — 2026-06-25

This study aims to analyze the accounting treatment of digital marketing costs on Customer Acquisition Cost (CAC) and its impact on the net profit of e-commerce companies in the Surakarta region. The Surakarta region covers Surakarta City, Boyolali Regency, Sragen Regency, Karanganyar Regency, Wonogiri Regency, Klaten Regency, and Sukoharjo Regency. The research uses a quantitative approach with a purposive sampling technique, involving 100 e-commerce companies as the research sample. Data were collected through questionnaires and financial documentation. The variables consist of digital marketing cost accounting, Customer Acquisition Cost, and net profit. Data analysis employed multiple linear regression with classical assumption tests. The results revealed that digital marketing cost accounting has a significant negative effect on CAC (β=−0.452, p<0.05), CAC has a significant negative effect on net profit (β=−0.488, p<0.05), and CAC partially mediates the effect of digital marketing cost accounting on net profit. This research contributes to the development of management accounting practices in the digital era, particularly for e-commerce businesses in the Surakarta region.

Peningkatan Kinerja Pasar Perusahaan Manufaktur Indonesia dan Malaysia: Peran Kualitas Laba

Arif Wahyu Nur Kholid — 2026-06-25

This study aims to examine the effect of interest coverage and inventory management on the market performance of manufacturing companies in Indonesia and Malaysia, as well as to analyze the moderating role of earnings quality. This research applies a quantitative approach using secondary data from manufacturing companies listed on the Indonesia Stock Exchange and Bursa Malaysia in 2024. The sample consists of 574 companies selected through purposive sampling. The data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA) with EViews 13. The results show that interest coverage has a positive and significant effect on market performance, while inventory management has no significant effect. Furthermore, earnings quality strengthens the effect of interest coverage on market performance but does not moderate the relationship between inventory management and market performance. These findings indicate that financial signals are more valuable to investors when supported by credible earnings quality. This study contributes to the development of signaling theory in the context of manufacturing companies in emerging markets.

Pengaruh Literasi Keuangan, Digital Payment dan Gaya Hidup Konsumtif terhadap Keputusan Pembelian pada Platform E-commerce (Studi pada Mahasiswa di Yogyakarta)

Aninda Fabila Shofa — 2026-06-30

This research aimed to analyze the effect of financial literacy, digital payment, and consumptive lifestyle on purchasing decisions within e-commerce platforms. The data collected through a questionnaire distributed to 146 respondents of undergraduate students in Yogyakarta, the collected sampling method used is Purposive Sampling. The data analysis used is research are descriptive statistical tests, validity and reliability tests, classical assumption tests, multiple linear regression analysis, and hypothesis test using the help of SPSS 27 for windows. This research partial test demonstrates that financial literacy has a positive and significant effect on purchasing decisions on e-commerce platforms (H₁) is accepted. Digital payment also exerts a positive and significant effect on purchasing decisions on e-commerce platforms (H₂) is accepted. In contrast, consumptive lifestyle shows no significant effect on purchasing decisions on e-commerce platforms (H₃) is rejected. The simultaneous test results reveal that financial literacy, digital payment, and consumptive lifestyle collectively have a positive and significant effect on purchasing decisions on e-commerce platforms (H₄) is accepted. Future researchers are expected to more completely or modify factors associated with these variables—such as online store reputation, return rates, and delivery times etc. Furthermore, future research are expected to develop the “consumptive lifestyle” variable in line with the latest theoretical advancements, so allowing for a more robust explanation grounded in specific theoretical frameworks.

Exploring the Link Between Fixed Asset Intensity and Profitability: The Mediating Role of Effective Tax Rate

Duwi Rahayu — 2026-06-30

This study aims to examine the role of the effective tax rate (ETR) as a mediating variable in the influence of fixed asset intensity (FAI) on company profitability. FAI generates depreciation expenses that reduce taxable income, thereby lowering the ETR. This quantitative study uses a sample of 41 state-owned companies (BUMN) in the mining sector that went public during the 2020–2025 period, with a total of 246 financial reports. The data were analyzed using Stata 14 through multiple regression analysis and mediation testing (path analysis/Sobel test). The results of this study show that FAI has a negative effect on profitability and on ETR. ETR also has a negative effect on profitability. Furthermore, ETR mediates the relationship between FAI and profitability, with a negative direction. In conclusion, high FAI lowers the ETR through depreciation expenses. This decrease in ETR then increases after-tax profitability. Thus, ETR mediation is considered effective if the company is able to utilize its fixed assets for tax efficiency to support net income.

Analisis Break Even Point sebagai Alat Perencanaan Laba pada Usaha “Hawa Butik Makassar”

Iqranul Citrana — 2026-06-30

This study aims to analyze the Break-Even Point (BEP) as a profit planning tool at Hawa Butik Makassar. This study employs a qualitative approach, focusing on data related to Break-Even Point analysis, including costs, sales, and net profit. Data collection techniques were conducted through interviews, documentation, and direct observation at Hawa Butik Makassar. Data analysis was performed by calculating the Break-Even Point, contribution margin, and margin of safety to determine the business’s ability to achieve profit targets. The results indicate that Break-Even Point analysis can serve as an effective profit planning tool for Hawa Butik Makassar. Through Break-Even Point calculations, management can determine the minimum sales level required to avoid losses and set sales targets to achieve desired profits. Additionally, the analysis of contribution margin and margin of safety provides useful information for evaluating the level of sales security and supports decision-making regarding cost control and future sales planning. Thus, the application of Break-Even Point analysis can help improve the effectiveness of profit planning and the sustainability of Hawa Butik Makassar.

Pengaruh Good Corporate Governance dan Penerapan Green Accounting terhadap Nilai Perusahaan (Studi Kasus pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia)

Sitti Nurcahyani — 2026-06-30

This study aims to analyze the effect of Good Corporate Governance, proxied by managerial ownership and institutional ownership, as well as Green Accounting on firm value in mining companies listed on the Indonesia Stock Exchange during the 2021–2024 period. The study employs secondary data collected through documentation and uses purposive sampling, resulting in a sample of 9 companies. Panel data regression analysis with the Fixed Effect Model (FEM) was applied using EViews. The regression results show that managerial ownership has a positive but insignificant effect on firm value, institutional ownership has a negative and significant effect on firm value, and Green Accounting has a positive but insignificant effect on firm value. However, simultaneously, managerial ownership, institutional ownership, and Green Accounting have a significant effect on firm value. These findings indicate that the implementation of Good Corporate Governance and Green Accounting practices collectively contributes to explaining variations in firm value, although not all variables show a significant individual effect.

The Influence of Work Engagement and Compensation Fairness on Employee Performance: The Mediating Role of Leadership Style

Fahmi Sulaiman — 2026-06-29

Employee performance is a critical concern in higher education institutions, particularly private universities facing increasing competition, accreditation demands, and human resource challenges. This study examines the effects of work engagement and compensation justice on employee performance, with leadership style as a mediating variable. The study is grounded in Job Demands–Resources (JD-R) Theory, Equity Theory, and Social Exchange Theory, which explain how organizational resources, fairness, and leadership practices influence employee attitudes and performance. A quantitative survey was conducted among academic and administrative staff at four private higher education institutions in Medan, Indonesia: STIM Sukma, Universitas Islam Sumatera Utara, Universitas Graha Nusantara, and Universitas Senior Medan. Data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) to test the proposed relationships and mediation effects. The results show that work engagement and compensation justice positively and significantly affect employee performance. Both variables also significantly influence leadership style, while leadership style positively and significantly affects employee performance. Furthermore, leadership style partially mediates the relationships between work engagement and employee performance and between compensation justice and employee performance. The findings highlight the importance of effective leadership, employee engagement, and fair compensation in improving performance in private higher education institutions.