INFA International Journal of The Newest Finance and Accounting

The Impact of Fundamental Factors on Stock Returns of Toll Road Companies Listed on the Indonesia Stock Exchange from 2016 to June 2026

Akbar Tabah Mutaqin — 2026-03-31

Stock returns represent the profits earned by investors from investment activities in the capital market and are influenced by various macroeconomic factors and firm-specific performance. This study aims to analyze and evaluate the effects of Gross Domestic Product (GDP) growth, exchange rates, market returns, profitability (Return on Equity/ROE), liquidity (Current Ratio/CR), total asset turnover (TATO), capital structure (Debt-to-Equity Ratio/DER), and the price-to-earnings ratio (PER) on stock returns. The population of this study consists of toll road companies listed on the Indonesia Stock Exchange (IDX). The sampling technique employed was purposive sampling based on several criteria, including companies whose primary business is toll road operations, those listed on the IDX prior to 2016, and those that consistently published financial statements and stock price data during the observation period from 2016 to March 2026. The analytical method used in this study is quantitative analysis with panel data regression. Data processing and analysis were conducted using Microsoft Excel, EViews, and IBM SPSS Statistics. The results indicate that market returns and the price-to-earnings ratio (PER) have a positive and significant effect on stock returns. In contrast, GDP growth, exchange rates, Return on Equity (ROE), Current Ratio (CR), Total Asset Turnover (TATO), and Debt-to-Equity Ratio (DER) show positive or negative relationships but do not have a statistically significant effect on stock returns.

Comparison of Leverage, Size, Profitability Before and After The Covid-19 Pandemic in Consumer Goods Companies in Indonesia

Akbar Tabah Mutaqin — 2026-03-31

Capital structure is an important financial decision related to the use of debt and equity in financing company assets and operations. The COVID-19 pandemic created economic uncertainty that potentially affected company financial performance. This study aims to examine and compare leverage, firm size, and profitability before and after the COVID-19 pandemic in consumer goods companies listed on the Indonesia Stock Exchange. The research method used in this study is quantitative with a comparative research design. The sampling technique used is purposive sampling with criteria including consumer goods companies listed on the Indonesia Stock Exchange and consistently publishing financial reports during 2019–2020. The analytical method used in this study is the paired sample t-test. Data processing and statistical analysis were carried out using the IBM SPSS program. The results of this study indicate that leverage and firm size show no significant difference between the period before and after the COVID-19 pandemic. However, profitability shows a significant difference between the two periods. These findings indicate that although company funding structure and company scale remained relatively stable, the pandemic had an impact on the ability of companies to generate profits.

The Effect of Financial Resources and Company Prices on Financial Performance of Public Palm Oil Companies in The Period 2016-2022 in Indonesia

Akbar Tabah Mutaqin — 2026-03-31

This study aims to determine the effect of Capital, Growth, Leverage, Size, and Price on the performance of palm oil companies the period 2016 - 2022 both partially and simultaneously. In this study, researchers used the method of multiple linear regressions with panel data with quantitative approach. Comparative research hypothesis is the hypothesis formulated to provide answers to the problems meant to be an influence. The population in this study was 15 oil palm companies listed in Indonesia Stock Exchange. Where sampling is devoted period 2016 - 2022. Test used in this study is the test for normality, multicollinearity, autocorrelation, heteroscedasticity, hausman, chow, lagrange multiplier, common effect, the fixed effect and random effect. The results showed that the variables leverage, size, and price does not have a significant effect on ROA, while the variable capital intensity, and growth has a significant effect on ROA. However, simultaneously the variables Capital, Growth, Leverage, Size, Price significant effect on ROA.

The Influence of Good Corporate Governance and Business Risk on Financial Distress

Mustafa Hadji — 2026-03-31

This study aims to analyze the effect of institutional ownership, audit committee, and business risk on financial distress. The object of the study focuses on public companies listed on the Indonesia Stock Exchange (IDX) that are categorized as issuers with special notations during the 2015–2025 period. The increasing number of problematic issuers, indicated by trading suspensions, adverse audit opinions, and even negative equity, highlights the importance of an in-depth analysis of the factors influencing financial distress. The results show that institutional ownership and the audit committee do not have a significant effect on financial distress, while business risk has a positive effect on increasing financial distress.

The Influence of Family Ownership and Company Size on Corporate Social Responsibility Disclosure

M. Aldi Usaini — 2026-03-31

This study was conducted with the aim of obtaining empirical evidence that family ownership and company size have an influence on corporate CSR disclosure. This study used a quantitative method as its research approach. All public companies listed on the Indonesia Stock Exchange (IDX) and State-Owned Enterprises (BUMN) became the population in the study. Data were obtained from the Indonesia Stock Exchange (IDX) in the form of annual reports and company sustainability reports. The sample determination in this study was carried out using a non-probability sampling method, through a purposive sampling technique with the aim of obtaining a representative sample according to the researcher's criteria. This study utilized multiple regression analysis as its data analysis technique, using the SPSS program version 24. Based on the data collected and tests conducted on 56 company samples using multiple regression models, it can be concluded that family ownership and company size have a positive influence on CSR disclosure of public companies and state-owned enterprises in Indonesia in the 2015-2019 period.