Profitability, Leverage, and Company Size: A Comparative Analysis of Manufacturing Firm Value in Indonesia and Malaysia During COVID-19
DOI:
https://doi.org/10.70550/ecif.v1i3.71Keywords:
Profitability, Leverage, Company Size, Tobin’s Q, Indonesia, MalaysiaAbstract
This study examines the influence of profitability (Return on Assets/ROA), leverage (Debt-to-Equity Ratio/DER), and company size (LNAssets) on company value (Tobin’s Q) in Indonesia and Malaysia during the COVID-19 pandemic. The research aims to compare these relationships in both countries, considering differences in market maturity and investor behavior. Employing a quantitative approach, the study uses secondary data from 50 manufacturing companies in Indonesia and 42 in Malaysia, covering 2019–2021. Multiple linear regression was applied to analyze the data. The findings reveal that ROA positively impacts company value in both countries, with a more substantial effect observed in Indonesia due to its less mature market environment. DER also positively influences company value, as moderate leverage signals financial stability and growth potential. However, LNAssets negatively affect company value in Indonesia, reflecting agency conflicts and operational inefficiencies, while its effect in Malaysia is insignificant, indicating better governance and asset management. The results highlight that market dynamics and investor sophistication shape the effect of financial metrics on company value. This study offers practical implications for investors and policymakers. It provides insights into interpreting financial signals across different market contexts for investors. For policymakers, it underscores the importance of enhancing corporate governance in Indonesia to mitigate agency conflicts. The study’s novelty lies in its comparative analysis of Indonesia and Malaysia, demonstrating how market maturity and governance structures influence the relationship between financial metrics and company value. These findings contribute to firm performance and valuation literature during economic disruptions.
Downloads
References
Ahmed, B., & Sulong, Z. (2023). The Influence of Cash Flows Volatility on the Relationship Between Leverage and Accruals Earnings Management. Academic Journal of Social Sciences (Ajss ), 7(2), 163–182. https://doi.org/10.54692/ajss.2023.07021992
Anita, S. Y., Kustina, K. T., Wiratikusuma, Y., Sudirjo, F., Sari, D., Nurchayati, Rupiwardani, I., Ruswaji, Nugroho, L., Rakhmawati, I., Harahap, A. K., Anwar, S., Apriani, E., & Sucandrawati, N. L. K. A. S. (2023). Manajemen Risiko (Diana Purnama Sari (ed.); Pertama). PT GLOBAL EKSEKUTIF TEKNOLOGI. https://books.google.co.id/books?id=BL29EAAAQBAJ&printsec=frontcover&source=gbs_ge_summary_r&cad=0#v=onepage&q&f=false
Anshary, M., Labetubun, H., Kembauw, E., Hasan, M., Arifudin, O., Yulistiyono, A., Maulina, D., Tanjung, R., Nopralia, S., Siti, H. &, Mustamin, W., Rachmarwi, W., Hartoto, M., Azizi, R. T., Siregar, A., & Solikin, L. N. (2021). Sistem Ekonomi Indonesia (first). Widina Bhakti Persada Bandung. www.penerbitwidina.com
Arnaz, M. A., & Nugroho, L. (2024). Exploring the Relationship Between Profitability , Leverage , and Sales Growth with Firm Value : The Moderating Role of Company Size in Indonesia’ s Food and Beverage Sector. Social & Economic Bulletin (SEBI), 1(2), 78–95.
Baldwin, R. (2009). The great trade collapse: What caused it and what does it mean? | VOX, CEPR Policy Portal. VoxEU.Org; VoxEu.org. https://voxeu.org/article/great-trade-collapse-what-caused-it-and-what-does-it-mean
Bems, R., Johnson, R. C., & Yi, K.-M. (2013). The Great Trade Collapse. Annual Review of Economics, 5(1), 375–400. https://doi.org/10.1146/annurev-economics-082912-110201
Bénassy-Quéré, A., Marimon, R., Pisani-Ferry, J., Reichlin, L., Schoenmaker, D., & Mauro, B. W. di. (2020). COVID-19: Europe needs a catastrophe relief plan | VOX, CEPR Policy Portal. VoxEu.Org; VoxEu.org. https://voxeu.org/article/covid-19-europe-needs-catastrophe-relief-plan
BPS. (2021). Statistik Pertumbuhan Ekonomi Indonesia Triwulan I-2020. In Badan Pusat Statistik (Issue 13/02/Th.XXIV). https://www.bps.go.id/pressrelease/2020/02/05/1755/ekonomi-indonesia-2019-tumbuh-5-02-persen.html
BPS, B. P. S. (2020). Badan Pusat Statistik. Badan Pusat Statistik. https://www.bps.go.id/pressrelease/2020/07/15/1744/persentase-penduduk-miskin-maret-2020-naik-menjadi-9-78-persen.html
Brown, D. B., Carlin, B. I., & Lobo, M. S. (2010). Optimal Portfolio Liquidation With Distress Risk. Management Science, 56(11), 1997–2014. https://doi.org/10.1287/mnsc.1100.1235
Cahya, K. D., & Riwoe, J. C. (2018). Pengaruh Roa Dan Roe Terhadap Nilai Perusahaan Dengan Sustainability Reporting Sebagai Variabel Intervening Pada Perusahaan Yang Terdaftar Di Lq 45. Journal of Accounting and Business Studies, 3(1), 46.
Cao, D., Lorenzoni, G., & Walentin, K. (2019). Financial frictions, investment, and Tobin’s q. Journal of Monetary Economics, 103, 105–122. https://doi.org/10.1016/j.jmoneco.2018.08.002
Chen, Y., Valenzuela, E., & Capener, D. (2023). How Hotel Firm Value Fluctuates With Alternative Leveraging Strategies. American Journal of Economics and Sociology, 83(1), 177–197. https://doi.org/10.1111/ajes.12528
Chiputra, N., Nugroho, L., & Setiyawati, H. (2023). Determinasi Pengungkapan Sustainability Report berdasarkan Aspek Komite Audit , Frekuensi Rapat Direksi , Ukuran Perusahaan , Likuiditas dan Profitabilitas (Perusahaan Sektor Pertambangan yang Terdaftar di Bursa Efek Indonesia Periode 2017-2021). Journal of Trends Economics and Accounting Research, 3(4), 350–364. https://doi.org/10.47065/jtear.v3i4.591
Clarke, M., Seng, D., & Whiting, R. H. (2011). Intellectual Capital and Firm Performance in Australia. Journal of Intellectual Capital, 12(4), 505–530. https://doi.org/10.1108/14691931111181706
Dawar, V. (2014). Agency Theory, Capital Structure and Firm Performance: Some Indian Evidence. Managerial Finance, 40(12), 1190–1206. https://doi.org/10.1108/mf-10-2013-0275
Dryhurst, S., Schneider, C. R., Kerr, J., Freeman, A. L. J., Recchia, G., van der Bles, A. M., Spiegelhalter, D., & van der Linden, S. (2020). Risk perceptions of COVID-19 around the world. Journal of Risk Research, 23(7–8), 994–1006. https://doi.org/10.1080/13669877.2020.1758193
Dzahabiyya, J., Jhoansyah, D., & Danial, R. D. M. (2020). Analisis Nilai Perusahaan Dengan Model Rasio Tobin’s Q. JAD : Jurnal Riset Akuntansi & Keuangan Dewantara, 3(1), 46–55. https://doi.org/10.26533/jad.v3i1.520
Eisenhardt, K. M. (1989). Agency Theory: An Assessment and Review. Academy of Management Review, 14(1), 57–74. https://doi.org/10.5465/amr.1989.4279003
El Mir, A., & Seboui, S. (2008). Corporate governance and the relationship between EVA and created shareholder value. Corporate Governance, 8(1), 46–58. https://doi.org/10.1108/14720700810853392
Fauziyyah, N., Kembauw, E., Solissa, F., Pattiapon, M. L., Suciati, R., Rahmadani, R., Ersyafdi, I. R., Nugroho, L., Marietza, F., Yulistina, Y., Sinaga, M., Anista, J. S. A., Irwansyah, R., & Budiasih, Y. (2021). Penganggaran Perusahaan sebuah Tinjauan Teori dan Praktis. In Widina Bhakti Persada Bandung. Widina Bhakti Persada Bandung.
Harnovinsah, H., Kansil, N. E., Nugroho, L., & Putra, Y. M. (2023). Analysis of The Impact of Tax Knowledge and Penalties On The Compliance Level of Taxpayers With Religion As A Moderator. International Journal of Commerce and Finance, 9(1), 57–75.
Hasan, M., Hartoto, H., Abdelina, A., Riyaldi, M. H., Aswanto, A., Akbar, T., Juliansyah, R., Talakua, B. A., Firmansyah, H., Nugroho, H., Ferdinandus, A. Y., Sattar, S., Apriyeni, D., & Nugroho, L. (2022). Ekonomi Pembangunan Sebuah Tinjauan Teori dan Praktis. In R. Septiani (Ed.), Widina Media Utama. Widina Media Utama.
Hidayah, N., Nugroho, L., Prihanto, H., & Prihantini, D. (2021). Company Characteristics , Disclosure of Social Responsibility , and Its Impact on Company Performance : An Empirical Study in Indonesia. Journal of Asian Finance, Economics and Business, 8(6), 889–895. https://doi.org/10.13106/jafeb.2021.vol8.no6.0889
Hidayah, N., Nugroho, L., Suharman, H., & Ali, A. J. (2022). Exploring the Benefit of Introducing Accounting and Finance Knowledge for Micro and Small Entrepreneurs During the COVID-19 Pandemic. ASEAN Journal of Community, 6(2), 335–346.
Hofmann, E., Töyli, J., & Solakivi, T. (2022). Working Capital Behavior of Firms During an Economic Downturn: An Analysis of the Financial Crisis Era. International Journal of Financial Studies, 10(3), 55. https://doi.org/10.3390/ijfs10030055
Hughes, J. P., & Mester, L. J. (2013). Who said large banks don’t experience scale economies? Evidence from a risk-return-driven cost function. Journal of Financial Intermediation, 22(4), 559–585. https://doi.org/10.1016/j.jfi.2013.06.004
Ibn-Mohammed, T., Mustapha, K. B., Godsell, J., Adamu, Z., Babatunde, K. A., Akintade, D. D., Acquaye, A., Fujii, H., Ndiaye, M. M., Yamoah, F. A., & Koh, S. C. L. (2021). A critical review of the impacts of COVID-19 on the global economy and ecosystems and opportunities for circular economy strategies. Resources, Conservation and Recycling, 164(September 2020), 105169. https://doi.org/10.1016/j.resconrec.2020.105169
Ihsanuddin, & Erdianto, K. (2020). Fakta Lengkap Kasus Pertama Virus Corona di Indonesia Halaman all - Kompas.com. Kompas.Com. https://nasional.kompas.com/read/2020/03/03/06314981/fakta-lengkap-kasus-pertama-virus-corona-di-indonesia?page=all
Ihwanudin, N., Wicaksono, G., Kembauw, E., Suciati, R., Reza, M., Manggabarani, A. S., Sugiri, D., Puspa Indah Arum, L., Rustandi Kartawinata, B., Amien Mastur, A., Nugroho, L., Eprianti, N., & Nugraheni, S. (2020). Dasar-Dasar Analisa Laporan Keuangan. Widina Bhakti Persada Bandung. www.penerbitwidina.com
Imani, S., Hasanah, M., Atikah, I., Kartawinata, B. R., Jarullah, J., Riyaldi, M. H., Qamaruddin, M., Hafizh, M., Mahriani, E., Febriyani, D., Nugroho, L., Sari, N., Yetti, F., & Lautania, M. F. (2023). FINTECH SYARIAH. In E. Damayanti (Ed.), CV WIDINA MEDIA UTAMA. CV WIDINA MEDIA UTAMA. https://repository.penerbitwidina.com/media/publications/559259-fintech-syariah-194861f5.pdf
Irawati, N., & Marlina, L. (2022). Control Mechanism Analysis in Mediating Market Valuation on Firm Performance in Indonesia. Advances in Economics, Business and Management Research, 134–140. https://doi.org/10.2991/978-94-6463-008-4_18
Jamali, D., Safieddine, A. M., & Rabbath, M. (2008). Corporate governance and corporate social responsibility synergies and interrelationships. Corporate Governance: An International Review, 16(5), 443–459. https://doi.org/10.1111/j.1467-8683.2008.00702.x
James, H. S. (1999). Owner as Manager, Extended Horizons and the Family Firm. International Journal of Phytoremediation, 21(1), 41–55. https://doi.org/10.1080/13571519984304
Khandelwal, V., Tripathi, P., Chotia, V., Srivastava, M., Sharma, P., & Kalyani, S. (2023). Examining the Impact of Agency Issues on Corporate Performance: A Bibliometric Analysis. Journal of Risk and Financial Management, 16(12), 497. https://doi.org/10.3390/jrfm16120497
Kholis, N., Sumarwati, E. D., & Mutmainah, H. (2018). Factors That Influence Value of the Company. Jurnal Analisis Bisnis Ekonomi, 16(1), 19–25.
Kiranti, D. E., & Nugroho, L. (2022). Dampak Pandemi Covid-19 Terhadap Pengangguran serta Jabatan Kerja Kritis. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 3(3), 335–341. https://doi.org/10.47065/ekuitas.v3i3.1145
Klock, M., Baum, C. F., & Thies, C. F. (1996). Tobin’s Q, intangible capital, and financial policy. Journal of Economics and Business, 48(4), 387–400. https://doi.org/10.1016/0148-6195(96)00021-5
Laing, T. (2020). The economic impact of the Coronavirus 2019 (Covid-2019): Implications for the mining industry. Extractive Industries and Society, 7(2), 580–582. https://doi.org/10.1016/j.exis.2020.04.003
Li, L., & Wang, Z. (2019). How Does Capital Structure Change Product-Market Competitiveness? Evidence From Chinese Firms. Plos One, 14(2), e0210618. https://doi.org/10.1371/journal.pone.0210618
Liu, H., Ning, J., Zhang, Y., & Zhang, J. (2022). Key Audit Matters and Debt Contracting: Evidence From China. Managerial Auditing Journal, 37(6), 657–678. https://doi.org/10.1108/maj-06-2021-3210
Mahayati, F., Fatonah, S., & Meilisa, R. (2021). Pengaruh Return on Equity (Roe) Dan Debt To Equity Ratio (Der) Terhadap Nilai Perusahaan (Pbv) Pada Perusahaan Manufaktur Sub Sektor Logam Dan Sejenisnya Yang Terdaftar Di Bei. Jurnal Valuasi: Jurnal Ilmiah Ilmu Manajemen Dan Kewirausahaan, 1(1), 258–267. https://doi.org/10.46306/vls.v1i1.26
Manurung, S., Hartoto, H., Priantana, R. D., Fuadi, R., Daud, R. M., Nugroho, L., Maryasih, L., Lautania, M. F., Jefriyanto, J., Meutia, R., Bangun, R., Yulistiyono, A., Ariani, N. E., Djuanda, G., & Chania, I. (2022). AKUNTANSI MANAJEMEN. In G. Djuanda (Ed.), CV WIDINA MEDIA UTAMA. CV WIDINA MEDIA UTAMA.
Maria, Kasmo, A. B. P., & Nugroho, L. (2022). Kajian Penggunaan Aplikasi Digital dalam Meningkatkan Pendapatan UMKM pada Sektor Makanan (Studi Kasus Ayam Gepuk Pak Gembus). Jurnal Cakrawala Ilmiah, 2(4), 1669–1678.
Mightyn, A., Nugroho, L., & Hidayah, N. (2022). Kajian Usaha Pemerintah dalam Mempertahankan Keberlangsungan UMKM di Masa Pandemi Covid-19. Jurnal Cakrawala Ilmiah, 2(4), 1553–1564.
Muharramah, R., & Hakim, M. Z. (2021). Pengaruh Ukuran Perusahaan, Leverage, Dan Profitabilitas Terhadap Nilai Perusahaan. Prosiding Seminar Nasional Ekonomi Dan Bisnis 2021 Universitas Muhammadiyah Jember, 569–576. https://doi.org/10.32528/psneb.v0i0.5210
Napitupulu, D., Nugroho, L., & Nisa, B. (2020). Mudah Membuat Skripsi/Tesis (Pertama). CV. Penerbit Qiara Media.
Nasfi, N., Ganika, G., Putro, S. E., Muttaqien, Z., Ayuanti, R. N., Kusumawardani, M. R., Anwar, K., Umiyati, H., Theodora, P., Hendratmoko, S., Wardana, G. K., Rimayanti, R., Nugroho, L., & Mulatsih, L. S. (2022). Dasar Manajemen dan Bisnis (Sebuah Tinjauan Teori dan Praktis). In Widina Media Utama (First). Widina Media Utama.
Nasfi, N., Solikin, A., Irdiana, S., Nugroho, L., Widyastuti, S., Kembauw, E., Luhukay, J. M., Alfiiana, A., Nuryani, N. N. J., Riyaldi, M. H., & Firmialy, S. D. (2022). UANG DAN PERBANKAN. In L. Nugroho (Ed.), CV WIDINA MEDIA UTAMA. CV WIDINA MEDIA UTAMA.
Nicola, M., Alsafi, Z., Sohrabi, C., Kerwan, A., Al-Jabir, A., Iosifidis, C., Agha, M., & Agha, R. (2020). The socio-economic implications of the coronavirus pandemic (COVID-19): A review. International Journal of Surgery, 78, 185–193. https://doi.org/10.1016/J.IJSU.2020.04.018
Nugroho, L., Aryani, E., & Mastur, Akhmad Amien. (2019). Analisa Pengaruh Perputaran Kas dan Perputaran Piutang Terhadap Return on Asset (ROA) pada Perusahaan LQ 45 yang Terdaftar di BEI Tahun 2012-2017 . Inovbiz: Jurnal Inovasi Bisnis, 7, 20–25.
Nugroho, L., Badawi, A., & Hidayah, N. (2021). The Phenomenon of Saving Glut in the Banking Industry during the Covid-19 Pandemic. Profita: Komunikasi Ilmiah Akuntansi Dan Perpajakan, 14(1), 1–15.
Nugroho, L., Cetin, G., & Doktoralina, C. M. (2023). Discourses of Islamic Finance Supporting in Muslim-Friendly Tourism in the New Normal Era (Indonesia Cases). TSBEC: Transdisciplinary Symposium on Business, Economics, and Communication, 2023, 699–714. https://doi.org/10.18502/kss.v8i12.13717
Nugroho, L., Gal, T., Ratnawati, N., & Setiawan, A. (2023). Digital financial innovation’s urgency for micro, small, and medium-sized entrepreneurs (an empirical case study of Indonesia). The First International Annual Conference on Economics, Management, Business and Accounting, 221–231.
Nugroho, L., & Mahroji. (2024). Dynamic Capability Theory in Islamic Bank Merger Discourse in Indonesia (Profitability , Productivity, and Efficiency Perspective). Journal of Islamic Economics, 4(2), 83–106. https://doi.org/10.55237/jie.1479747
Nugroho, L., & Malik, A. (2020). Determinasi Kualitas Kredit Kepemilikan Rumah (KPR) Berdasarkan Perspektif Sumber Angsuran dan Rasio Fraud Account Officer. Moneter, 7(1), 71–79.
Nugroho, L., Nugraha, E., & Badawi, A. (2022). Intermediary strategy impact to return on asset in Covid-19 pandemics: Islamic bank vs conventional bank (Indonesia empirical cases). Business, Economics and Management Research Journal - BEMAREJ, 5(3), 157–168.
Nugroho, L., & Tamala, D. (2018). Persepsi Pengusaha UMKM Terhadap Peran Bank Syariah. Jurnal SIKAP (Sistem Informasi, Keuangan, Auditing Dan Perpajakan), 3(1), 49–62.
Nugroho, M. A., & Nugroho, L. (2024). Financial Determinants of Corporate Value in Indonesia’ s Mining Sector : Insights from the Post-COVID Era. Business, Management & Accounting Journal (BISMA), 1(2), 100–115.
Nursetya, R. P., & Hidayati, L. N. (2021). How Does Firm Size and Capital Structure Affect Firm Value? Journal of Management and Entrepreneurship Research, 1(2). https://doi.org/10.34001/jmer.2020.12.01.2-7
Oktris, L., Tarmidi, D., Nugroho, L., Anasta, L., & Fadjareni, A. (2022). Tips & Trik Cara Praktis Menyusun Skripsi dan Tesis (Pertama). Pustaka Pranala.
Panda, B., & Leepsa, N. M. (2017). Agency theory: Review of theory and evidence on problems and perspectives. Indian Journal of Corporate Governance, 10(1), 74–95. https://doi.org/10.1177/0974686217701467
Pervan, M., & Višić, J. (2012). Influence of Firm Size on Its Business Success. Croatian Operational Research Review (CRORR), 3, 213–223.
Poerwati, R. T., Hardiningsih, P., Srimindarti, C., & Sundari, R. I. (2020). Does the Company’s Scale, Fixed Asset Intensity and Operating Cash Flow Affect Asset Revaluation? Jurnal Analisis Bisnis Ekonomi, 18(1), 1–13. https://doi.org/10.31603/bisnisekonomi.v18i1.3342
Popescu, M., & Xu, Z. (2023). Liquidity Management By mutual Funds. Managerial Finance, 49(12), 1886–1898. https://doi.org/10.1108/mf-07-2022-0311
Purba, R., Nugroho, L., Santoso, A., Hasibuan, R., Munir, A., Suyati, S., Azmi, Z., & Supriadi, Y. (2023). Analisa Laporan Keuangan (D. P. Sari (ed.); Pertama). Global Eksekutif Teknologi. https://books.google.co.id/books?hl=id&lr=&id=U_GoEAAAQBAJ&oi=fnd&pg=PA1&ots=44wIgKzQZe&sig=Ct8VMIUftsRycAvbJ5lLgOUkaqQ&redir_esc=y#v=onepage&q&f=false
Raflis, R., Arita, E., Indrayaeni, & Rahmaita. (2023). Dampak Philantrophy Dalam Memoderasi Kinerja Perusahaan Terhadap Nilai Perusahaan. Ekonomi Dan Bisnis Dharma Andalas, 25(1), 282–291.
Rani, D. Y., Nugroho, L., & Zulfahmi. (2023). Kajian Faktor Internal dan Eksternal UMKM Wanita di Sektor Fashion pada Kecamatan Ngunut , Kabupaten Tulungagung , Jawa Timur. SAMMAJIVA : Jurnal Penelitian Bisnis Dan Manajemen, 1(2), 227–241.
Ratnaningtyas, H., & Nurbaeti, N. (2023). The Effect of Current Ratio and Total Assets Turnover on Stock Prices and Return on Assets as Intervening Variables. At-Tadbir Jurnal Ilmiah Manajemen, 7(1), 54. https://doi.org/10.31602/atd.v7i1.8654
Riyadi, Y., Nugroho, L., Putra, Y. M., Gal, T., & ... (2024). Comparative Analysis Of The Influence Of Capital Structure, Company Size, And Governance On Company Bankruptcy With Profit Quality As A Moderating Variable In The Period Before The Pandemic And During The Covid-19 Pandemic. Business, Management & Accounting Journal (BISMA), 1(1), 45–60. https://ejournal.bacadulu.net/index.php/bisma/article/view/7%0Ahttps://ejournal.bacadulu.net/index.php/bisma/article/download/7/14
Rizqia Muharramah, D., & Zulman Hakim, M. (2021). Ukuran Perusahaan, Profitabilitas Terhadap Nilai Perusahaan. PROSIDING SEMINAR NASIONAL EKONOMI DAN BISNIS 2021 UNIVERSITAS MUHAMMADIYAH JEMBER, 569–576. https://www.idx.co.id/
Rusydi Fauzan, Rachmat, Z., S, A. W. T. F., Nugroho, L., Nurdiansyah, Sudirjo, F., & Fitri, H. (2023). Manajemen Treasury (1st ed.). Getpress Indonesia. https://books.google.co.id/books?hl=id&lr=&id=pa_NEAAAQBAJ&oi=fnd&pg=PA71&ots=J2Su1aFia8&sig=Qgfc9JT_c4s2at-hySOBstU4VpY&redir_esc=y#v=onepage&q&f=false
Sadeghian, N. S., Latifi, M. M., Soroush, S., & Aghabagher, Z. T. (2012). Effective debt management can positively influence Tobin’s Q by demonstrating to investors that management uses debt to enhance shareholder value responsibly. International Journal of Economics and Finance, 4(11). https://doi.org/10.5539/ijef.v4n11p217
Safitri, Y., Nugroho, L., Permana, S. D. H., Zonyfar, C., Purnia, D. S., Napitulu, D., Septiani, R., Sari, D. P., Utama, A. A. G. S., Kennedy, P. S. J., Kuncara, T., Fikri, Z., Siregar, E., Maulana, A. E., Kristina Lika, A. P., & Tallo, A. J. (2020). Gotong Royong Menghadapi Pandemi Covid-19 “Ide dan Solusi.” In T. Q. Media (Ed.), CV Penerbit Qiara Media (First). Penerbit Qiara Media.
Saito, Y., & Sakamoto, J. (2021). Asset Pricing During Pandemic Lockdown. Research in International Business and Finance, 58, 101449. https://doi.org/10.1016/j.ribaf.2021.101449
Satibi, E., Utami, W., & Nugroho, L. (2018). a Comparison of Sharia Banks and Conventional Banks in Terms of Efficiency, Asset Quality and Stability in Indonesia for the Period 2008-2016. International Journal of Commerce and Finance, 4(May), 134–149.
Setiyawati, H., Rahayu, P., & Nugroho, L. (2023). Determinants of Accountability for The Management of Funds Vis-À-Vis Village Governments in Indonesia (Empirical Case in Sukabumi, West Java). Sosyoekonomi, 31(56), 191–204. https://doi.org/10.17233/sosyoekonomi.2023.02.09
Shoss, M. K., Horan, K. A., DiStaso, M., LeNoble, C. A., & Naranjo, A. (2021). The Conflicting Impact of COVID-19’s Health and Economic Crises on Helping. In Group and Organization Management. https://doi.org/10.1177/1059601120968704
Soboh, R., Alfons, & Dijk, O. L. G. van. (2009). Efficiency of Investor Owned Firms and Cooperatives Revisited. “A Resilient European Food Industry and Food Chain in a Challenging World,” 11.
Stepani, P. N., & Nugroho, L. (2023). Pengaruh Profitabilitas , Likuiditas , Leverage , dan Ukuran Perusahaan Terhadap Financial Distress Pada Perusahaan Consumer Non-Cyclicals yang Terdaftar di Bursa Efek Indonesia Periode 2019-2021. Journal of Trends Economics and Accounting Research, 3(3), 194–205. https://doi.org/10.47065/jtear.v3i3.551
Sudiyatno, B., & Puspitasari, E. (2010). Tobin’s Q and Altman Z-Score as Indicators of Performance Measurement Company. Kajian Akuntansi, 2(1), 9–21.
Sukmawardini, D., & Ardiansari, A. (2018). Influence of institutional ownership.profitability, liquidity, dividend policy, debt policy on firm value. Management Analysis Journal, 7(2), 211–222. http://maj.unnes.ac.id
Supeno, W. (2021). Analysis of Profitability Performance: The Comparison of BPR Kota Baru and BPR in South Kalimantan Province During Covid-19 Pandemic Period. Accountability, 10(1), 7. https://doi.org/10.32400/ja.33213.10.1.2021.7-15
Utami, W., Chairunisa, M., Nugroho, L., & Ali, A. J. (2022). Knowledge for Investment in Islamic Capital Market and Islamic Stocks for The Young Generation to Mitigate Fraudulent Investment. JMM (Jurnal Masyarakat Mandiri), 6(4), 1–8.
Utami, W., Nugroho, L., Mappanyuki, R., & Yelvionita, V. (2020). Early Warning Fraud Determinants In Banking Industries. Asian Economic and Financial Review, 10(6), 604–627. https://doi.org/10.18488/journal.aefr.2020.106.604.627
Wahyono, T., Nugroho, L., & Imron, M. (2019). Determinants Factors of Stock Price in Oil and Gas Sector (Indonesia Stock Exchange 2011-2016). Eurasian Journal of Business and Management, 7(2), 12–22. https://doi.org/10.15604/ejbm.2019.07.02.002
Wang, M. C. (2015). Value Relevance of Tobin’s Q and Corporate Governance for the Taiwanese Tourism Industry. Journal of Business Ethics, 130(1), 223–230. https://doi.org/10.1007/s10551-014-2339-9
Yasar, B., Martin, T., & Kiessling, T. (2020). An empirical test of signalling theory. Management Research Review, 43(11), 1309–1335. https://doi.org/10.1108/MRR-08-2019-0338
Yovita, M., & Amrania, G. K. P. (2018). The Influence of Intellectual Capital to Market Value With Return on Assets as Intervening Variable. Journal of Accounting Auditing and Business, 1(2), 9–16. https://doi.org/10.24198/jaab.v1i2.18267
Yusufa, A. S., Muchlis, & Nugroho, L. (2022). Analisa Perbandingan Kinerja Penyaluran Kredit Perbankan pada Masa Pandemi Covid-19 dan Sebelum Masa Pandemi Covid-19. Jurnal SIKAP (Sistem Informasi, Keuangan, Auditing Dan Perpajakan), 7(1), 50–65. https://doi.org/10.36418/jcs.v1i3.66
Zurriah, R. (2021). Pengaruh Return On Asset (ROA) Terhadap Nilai Perusahaan. Jurnal Akmami, 2(3), 528–537.
Downloads
Published
Issue
Section
License
Copyright (c) 2024 Economics & Islamic Finance Journal (ECIF)
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
