Jurnal Akuntansi, Keuangan dan Teknologi Informasi Akuntansi

EVALUASI IMPLEMENTASI SIPD DALAM PENGANGGARAN DAERAH PADA BAGIAN AKUNTANSI DAN PELAPORAN BKAD KABUPATEN SUMBAWA

Adellya Dewi Mustika, Arya Zulfikar Akbar — Sat, 30 May 2026 00:00:00 +0700

Digital transformation through the Regional Government Information System (SIPD) is a crucial step toward creating more transparent and accountable regional financial management. This study aims to evaluate the Regional Government Information System (SIPD) in the budgeting process at the Accounting and Reporting Division of the BKAD Sumbawa Regency, using the Van Meter and Van Horn model as a framework. The research was conducted using a descriptive qualitative approach, collecting data through interviews with four key informants and system document studies. The results indicate that, from a regulatory standpoint, SIPD has been able to integrate the process from planning to reporting and strengthen budget discipline through automatic ceiling locking features. However, several obstacles remain in the field, such as unstable central servers and uneven technical capabilities among staff. To address these issues, implementers made adjustments such as working at night and peer-to-peer learning. A key finding of this research is the "ripple effect," where the quality of financial reports highly depends on the accuracy of data input at the beginning of the budgeting process. Therefore, the researcher suggests that the central government improve server infrastructure and increase technical training in the regions to maintain the quality of financial reporting.

Keywords: Regional Budgeting, Accounting, Financial Reporting, Van Meter And Van Horn.

DIGITALISASI SISTEM INFORMASI AKUNTANSI UMKM: ANALISIS KUALITATIF BERBASIS TOE DAN RBV

Arif Hasdik, Nurkholifah Burhanuddin, Desi Ratna Dewi — Sat, 30 May 2026 00:00:00 +0700

This study aims to analyze the digitalization of Accounting Information Systems (AIS) in Micro, Small, and Medium Enterprises (MSMEs) in Indonesia through an integrated Technology-Organization-Environment (TOE) and Resource-Based View (RBV) approach, as well as to identify the factors influencing technology adoption and implementation success. The research employed a descriptive qualitative method using secondary data collected from government reports, statistical databases, national and international scientific journals, and industry reports related to MSME digitalization during the 2016–2026 period. Data were analyzed through documentation studies using the Miles and Huberman interactive model, consisting of data reduction, data display, and conclusion drawing, supported by coding techniques and source triangulation. The findings reveal that technological, organizational, and environmental factors play significant roles in encouraging the adoption of digital AIS, while internal organizational capabilities, including digital literacy and human resource competencies, determine implementation success. Digital AIS has been shown to improve operational efficiency, data accuracy, and decision-making quality among MSMEs, although challenges such as low digital literacy, limited infrastructure, and financial constraints remain. The study concludes that the success of AIS digitalization in MSMEs is determined not only by technology adoption but also by the readiness of internal resources to utilize technology effectively and sustainably, thereby creating strategic value and enhancing business competitiveness.

Keywords: Accounting Information Systems, Digitalization

PENGARUH IMPLEMENTASI GREEN ACCOUNTING, KEPEMILIKAN INSTITUSIONAL, DAN ENVIRONMENTAL DISCLOSURE, TERHADAP SUSTAINABLE DEVELOPMENT GOALS (SDGs)

Jumadi Jumadi, Helmi Herawati, Nina Yulianasari — Sat, 30 May 2026 00:00:00 +0700

This study aims to examine the effect of Green Accounting Implementation, Institutional Ownership, and Environmental Disclosure on Sustainable Development Goals (SDGs) in mining companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. The population of this study consists of 63 mining companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. Data collection was conducted using purposive sampling, resulting in a sample of 8 companies. The data used are secondary data obtained from Annual Reports and Sustainability Reports published through the official website of the Indonesia Stock Exchange (IDX) at www.idx.com and the official websites of each company. The analytical method used in this research is multiple linear regression analysis. The results of this study indicate that Green Accounting implementation (X1) and Environmental Disclosure (X3) have no effect on Sustainable Development Goals (SDGs). Meanwhile, Institutional Ownership (X2) has a significant negative effect on Sustainable Development Goals (SDGs). The results of this study also show that Green Accounting implementation (X1), Institutional Ownership (X2), and Environmental Disclosure (X3) simultaneously have a significant effect on Sustainable Development Goals (SDGs).

Keywords: Green Accounting, Good Corporate Governance (Gcg), Environmental Disclosure, Sustainable Development Goals (Sdgs), Mining Companies.

ANALISIS PENGARUH MOBILE BANKING DAN PERUBAHAN NILAI AKTIVA TETAP TERHADAP KINERJA KEUANGAN BANK KONVENSIONAL DI INDONESIA STUDI EMPIRIS PADA BANK UMUM KONVENSIONAL

Reghina Syalsa Jauhari, Mokhamad Anwar — Sat, 30 May 2026 00:00:00 +0700

This study aims to analyze the effect of the number of mobile banking users, the value of mobile banking transactions, and changes in fixed asset values on the financial performance of conventional banks in Indonesia as measured by Return on Assets (ROA) and Return on Equity (ROE), with Bank Size as a control variable. This study uses secondary data obtained from bank annual reports as well as publications from the Financial Services Authority and Bank Indonesia during the 2017–2024 period. The sample was determined using purposive sampling techniques and analyzed using panel data regression. The results indicate that the number of mobile banking users does not significantly affect ROA and ROE. The value of mobile banking transactions does not significantly affect ROA, but has a positive and significant effect on ROE. Meanwhile, changes in fixed asset values do not significantly affect ROA and ROE. Bank Size has a positive and significant effect on ROA and ROE. Simultaneously, all independent variables significantly affect the financial performance of conventional banks in Indonesia. The findings indicate that optimizing mobile banking services and managing technology investment effectively can become a strategy to improve sustainable bank financial performance.

Keywords: Mobile Banking, Mobile Banking Transaction Value, Fixed Assets, Bank Financial Performance

PENGARUH DEBT TO EQUITY RATIO, RETURN ON ASSETS, DAN EARNING PER SHARE TERHADAP HARGA SAHAM PADA PERUSAHAAN SUBSEKTOR MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2022-2024

Dewi Astuti, Erna Herlinawati, Dedi Supiyadi — Sat, 30 May 2026 00:00:00 +0700

This study aims to analyze the effect of Debt to Equity Ratio (DER), Return on Assets (ROA), and Earnings Per Share (EPS) on stock prices of food and beverage sub-sector companies listed on the Indonesia Stock Exchange during the 2022–2024 period. The research method employed is a quantitative approach with an associative design using secondary data obtained from companies’ annual reports and analyzed through multiple linear regression. The results show that partially DER, ROA, and EPS do not have a significant effect on stock prices. However, simultaneously DER, ROA, and EPS have a significant effect on stock prices. In conclusion, although each financial ratio individually does not significantly influence stock prices, the combination of DER, ROA, and EPS collectively explains stock price movements in food and beverage sub-sector companies listed on the Indonesia Stock Exchange during the 2022–2024 period.

Keywords: Debt To Equity Ratio, Return On Assets, Earnings Per Share, Stock Price, Food And Beverage Companies

TAX DIGITALIZATION AND TAX COMPLIANCE: A SYSTEMATIC LITERATURE REVIEW

Sat, 30 May 2026 00:00:00 +0700

This study aims to analyze the effect of tax digitalization on tax compliance and to identify research patterns and trends related to tax digitalization during the 2019–2025 period. The research method employed is a Systematic Literature Review (SLR) consisting of planning, conducting, and reporting stages. Relevant articles were systematically identified through the SINTA database based on predetermined inclusion and exclusion criteria, resulting in 21 articles selected for analysis. The findings indicate that tax digitalization contributes to improving tax compliance through enhanced ease of use, perceived usefulness, administrative efficiency, transparency, and taxpayer trust in the tax system. However, the effectiveness of digitalization is influenced by contextual factors such as digital literacy, infrastructure quality, cultural characteristics, trust in tax authorities, and regulatory readiness. Furthermore, the review reveals a shift in research trends from evaluating electronic tax system implementation toward examining taxpayer behavior, digital inclusion, the application of big data and artificial intelligence, and digital tax governance. The study concludes that tax digitalization has significant potential to improve tax compliance; however, its success depends on the development of an inclusive and adaptive ecosystem supported by adequate digital literacy, robust infrastructure, and responsive policies that accommodate technological advancements.

Keywords: Tax Digitalization; Tax Compliance; E-Filing; Digital Literacy; Systematic Literature Review

THE EFFECT OF ISLAMIC SOCIAL REPORTING, BANK SIZE, AND NON-PERFORMING FINANCING ON THE PROFITABILITY OF SHARIA COMMERCIAL BANKS IN INDONESIA

Zia Imam Perdana, Dedi Supiyadi; Erna Herlinawati — Sat, 30 May 2026 00:00:00 +0700

This study examines the effect of Islamic Social Reporting (ISR), bank size, and non-performing financing (NPF) on the profitability of Sharia Commercial Banks (BUS) in Indonesia during the post-merger period of 2021–2024. The study employs a quantitative explanatory approach using secondary data obtained from annual reports, sustainability reports, and Islamic banking statistics issued by the Financial Services Authority (OJK). ISR is measured using a disclosure index based on content analysis, while profitability is proxied by return on assets (ROA). The sample consists of 8 Sharia Commercial Banks, resulting in 24 effective observations after incorporating lagged ISR to mitigate potential reverse causality. Panel data regression is conducted using a fixed effects model, as confirmed by specification tests. The results indicate that lagged ISR has a positive and significant effect on ROA, suggesting that improved Islamic social disclosure enhances bank profitability in subsequent periods. Bank size also shows a positive and significant influence on profitability, reflecting the role of scale and operational capacity. In addition, non-performing financing is positively associated with ROA within the fixed effects framework, indicating a short-run risk–return trade-off during the post-merger and post-pandemic recovery period. These findings highlight the strategic importance of Islamic Social Reporting and structural bank characteristics in supporting sustainable profitability in Indonesia’s Islamic banking sector.

Keywords : Islamic Social Reporting; Return On Assets; Bank Size; Non-Performing Financing; Sharia Commercial Banks

PENGARUH ESG (ENVIRONMENTAL SOCIAL GOVERNANCE), PERTUMBUHAN ASSET, DAN SIKLUS HIDUP PERUSAHAAN TERHADAP CASH HOLDING PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI TAHUN 2020-2022

Widia Yuliana, Ahmad Sumarlan, Hernadianto Hernadianto, Nensi Yuniarti Zs — Sat, 30 May 2026 00:00:00 +0700

This study aims to analyze the influence of ESG (Environmental Social Governance), asset growth, and company life cycle on cash holdings in manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2022 period. The research method used is a quantitative method using secondary data obtained from annual reports and sustainability reports of manufacturing companies listed on the IDX. The study population consisted of 209 companies, with a research sample of 48 observations selected using a purposive sampling technique. Data analysis was performed using multiple linear regression with the help of the SPSS program. The results showed that ESG had a negative and significant effect on cash holdings with a significance value of 0.007 and a regression coefficient of -0.203, asset growth had a negative and significant effect on cash holdings with a significance value of 0.001 and a regression coefficient of -0.119, and company life cycle had a negative and significant effect on cash holdings with a significance value of 0.004 and a regression coefficient of -0.098. Simultaneously, ESG, asset growth, and the company's life cycle significantly influence cash holdings, with a significance value of 0.000 and an Adjusted R Square of 0.322. The conclusion of this study indicates that increased ESG disclosure, asset growth, and the development of the company's life cycle tend to reduce the level of cash holdings in manufacturing companies due to the increasing need for funds for operational activities, investments, and corporate responsibilities. These three variables are able to explain 32.2% of the variation in cash holdings, while the remainder is influenced by other factors outside the study.

Keywords: ESG (Environmental Social Governance), Asset Growth, Company Life Cycle, Cash Holding, Manufacturing Companies

PENGARUH DEBT TO EQUITY RATIO, GROWTH OPPORTUNITY DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN (STUDI KASUS PADA PERUSAHAAN MANUFAKTUR SUB SEKTOR MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) TAHUN 2018-2022)

Widya Aprilya, Hesti Setiorini, Hernadianto Hernadianto, Yudi Partama Putra — Sat, 30 May 2026 00:00:00 +0700

This study aims to analyze the effect of Debt to Equity Ratio (DER), Growth Opportunity, and Dividend Policy on Firm Value in food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2018–2022 period. The research method used is quantitative, utilizing secondary data obtained from the companies' annual financial reports. The study population consisted of 30 companies, and using a purposive sampling technique, 11 companies were sampled over a five-year observation period, resulting in 55 observations. Data analysis was performed using panel data regression with the help of EViews 12, and the best model selected was the Fixed Effect Model (FEM). The results indicate that partially, Debt to Equity Ratio (DER), Growth Opportunity, and Dividend Policy do not significantly influence Firm Value, with probability values of 0.8090, 0.0762, and 0.6887, respectively, all greater than 0.05. However, the research model was simultaneously declared feasible with a Prob(F-statistic) value of 0.0000. The Adjusted R-Squared value of 0.675969 indicates that the Debt to Equity Ratio, Growth Opportunity, and Dividend Policy variables explain 67.59% of the variation in Firm Value, while the remaining 32.41% is explained by other variables outside the research model. The conclusion of this study indicates that Debt to Equity Ratio, Growth Opportunity, and Dividend Policy are not factors influencing Firm Value in food and beverage manufacturing companies listed on the Indonesia Stock Exchange for the 2018–2022 period.

Keywords: Debt to Equity Ratio, Growth Opportunity, Dividend Policy, Firm Value, Food and Beverage Companies

ANALISIS KINERJA KEUANGAN BANK SYARIAH INDONESIA DITINJAU DARI ASPEK STRUKTUR MODAL, PROFITABILITAS DAN LIKUIDTAS

Ovet Wahyu Putri, Yusmaniarti Yusmaniarti — Sat, 30 May 2026 00:00:00 +0700

This study aims to analyze the financial performance of PT Bank Syariah Indonesia (BSI) in terms of capital structure, profitability, and liquidity during the 2021–2023 period. The research method used is quantitative descriptive research with financial ratio analysis techniques including Debt to Equity Ratio (DER) to measure capital structure, Return on Equity (ROE) to measure profitability, and Current Ratio (CR) to measure liquidity. The data used is secondary data obtained from the financial statements of PT Bank Syariah Indonesia for the 2021–2023 period. The results show that from a capital structure aspect, the DER value is in the healthy category because it is still below the established risk limit. From a profitability aspect, the ROE value has increased from 15% in 2021 to 18% in 2022 and 25% in 2023, indicating an increase in the company's ability to generate profits from its capital. From a liquidity perspective, the Current Ratio decreased from 2540% in 2021 to 1874% in 2022 and 745% in 2023, but remained above the established standard, demonstrating excellent ability to meet short-term obligations. The conclusion of this study is that PT Bank Syariah Indonesia has healthy and stable financial performance, reviewed from the aspects of capital structure, profitability, and liquidity during the study period.

Keywords: Financial Performance, Capital Structure, Profitability, Liquidity, Indonesian Sharia Banks

PENGARUH FINANCIAL DISTRESS, AUDIT STENURE, DAN KOMISARIS INDEPENDEN TERHADAP INTEGRITAS LAPORAN KEUANGAN DENGAN KUALITAS AUDIT SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN LQ 45 YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2020-2023

Fuji Lestari, Hernadianto Hernadianto, Ahmad Sumarlan, Nensi Yuniarti — Sat, 30 May 2026 00:00:00 +0700

This research aims to determine the effect of Financial Distress, Audit Tenure, and Independent Commissioners on the Integrity of Financial Reports with Audit Quality as a Moderating Variable in LQ 45 companies listed on the IDX (2020-2023). The population in this study consisted of 45 companies. The sampling technique selected based on certain criteria using purposive sampling was 25 samples. This research is a quantitative study with secondary data. The method used is a quantitative method processed with the SPSS 30 application. The techniques and data analysis used are descriptive statistics, classical assumption tests, multiple regression analysis and moderation regression analysis. The results of this study indicate that the financial distress variable affects the integrity of financial reports, audit tenure and independent commissioners do not affect the integrity of financial reports. Furthermore, audit quality moderation is unable to moderate the relationship between financial distress, audit tenure and independent commissioners on the integrity of financial reports.

Keywords: Financial Distress, Audit Tenure, Independent Commissioner, Financial Report Integrity and Audit Quality

THE EFFECT OF EARNINGS, BOOK VALUE, R&D EXPENDITURE, AND CASH FLOW INFORMATION ON STOCK PRICES

Kinanti Ananda, Rini Indriani — Wed, 03 Jun 2026 00:00:00 +0700

This study aims to examine the effect of earnings per share (EPS), book value per share (BVPS), research and development expenditure per share (R&DPS), and operating cash flow per share (OCFPS) on stock prices of healthcare, consumer, and basic materials companies listed on the Indonesia Stock Exchange during the period 2015–2024. The research method employed is a quantitative approach using panel data regression analysis with a Random Effects Model (REM) estimated through Generalized Least Squares (GLS). The sample consists of 13 firms selected through purposive sampling, resulting in 124 firm-year observations after the removal of outliers. The results indicate that EPS has a positive and significant effect on stock prices at the 5% significance level, while BVPS has a positive and significant effect at the 10% significance level. In contrast, OCFPS and R&DPS do not have a significant effect on stock prices, and firm size as a control variable is also found to be insignificant. In conclusion, earnings remain the most value-relevant accounting information in explaining stock prices in the Indonesian capital market, whereas book value exhibits weaker explanatory power and both operating cash flow and R&D expenditure are not fully reflected in market valuation.

Keywords: Earnings per Share (EPS), Book Value per Share (BVPS), Research and Development Expenditure, Operating Cash Flow per Share (OCFPS), Stock Prices

PENGARUH VOLATILITAS NILAI TUKAR RUPIAH, HARGA MINYAK MENTAH, DAN HARGA BATU BARA GLOBAL TERHADAP RETURN SAHAM DI BURSA EFEK INDONESIA DENGAN VOLATILITAS RETURN SAHAM SEBAGAI MEDIATOR

Bintang Firdaus, Mokhamad Anwar — Sat, 30 May 2026 00:00:00 +0700

This study aims to analyze the effect of Rupiah exchange rate volatility against the US dollar, global crude oil prices, and global coal prices on stock returns on the Indonesia Stock Exchange (IDX), with stock return volatility as a mediating variable. The research method used is a quantitative approach with an explanatory-causal design using daily time series secondary data from January 1, 2022, to December 30, 2025, obtained from Trading Economics. The analysis was conducted through stationarity tests, ARCH Effect tests, volatility estimation using the GJR-GARCH and EGARCH models, and mediation tests using the Two-Step Volatility Mediation approach. The results show that Rupiah exchange rate volatility has a positive and significant effect on stock return volatility, while global crude oil and coal price volatility has a negative and significant effect on stock return volatility. At the mediation stage, stock return volatility proved to be a significant intermediary variable in transmitting the influence of exchange rate volatility, crude oil prices, and coal prices on stock returns, while the direct effect of the three macroeconomic variables on stock returns became insignificant after the mediator was included in the model. The conclusion of this study shows that stock return volatility acts as the main transmission mechanism that bridges the influence of macroeconomic risk on stock returns on the Indonesia Stock Exchange, so that market volatility factors need to be a primary concern for investors and policymakers in facing global economic dynamics.

Keywords: Exchange Rate Volatility, Crude Oil Prices, Global Coal Prices, Stock Returns, Stock Return Volatility

KINERJA KEUANGAN: KEPATUHAN WAJIB PAJAK DAN INSENTIF PAJAK DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI PADA SEKTOR MAKANAN DAN MINUMAN

Puspita Maelani, Muthia Ulfa; Birrul Walidain — Thu, 11 Jun 2026 00:00:00 +0700

This study aims to analyze the effect of tax compliance and tax incentives on financial performance with company size as a moderating variable in the food and beverage sector companies listed on the Indonesia Stock Exchange for the 2020–2024 period. The research method used is an associative quantitative method with secondary data obtained from the companies' financial reports. The research sample was determined using a purposive sampling technique, resulting in 20 companies with a total of 100 observations. Data analysis was conducted through descriptive statistics, multiple linear regression, and Moderated Regression Analysis (MRA). The results of the study indicate that tax compliance has a negative and significant effect on financial performance, while tax incentives have a positive and significant effect on financial performance. In addition, company size is unable to moderate the effect of tax compliance on financial performance or the effect of tax incentives on financial performance. The conclusion of this study shows that increasing tax compliance tends to decrease financial performance in the short term due to the increasing tax burden, while the use of tax incentives can improve financial performance through fiscal efficiency, and company size does not act as a moderating variable in this relationship.

Keywords: Financial Performance, Tax Compliance, Tax Incentives, Company Size, Moderated Regression Analysis (MRA

PENGARUH SUSTAINABILITY REPORTING, INTELLECTUAL CAPITAL, DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN DENGAN GOOD CORPORATE GOVERNANCE SEBAGAI VARIABEL MODERASI

Nisrina Nabilah, Fachrurrozie Fachrurrozie — Thu, 11 Jun 2026 00:00:00 +0700

This study aims to analyze the influence of sustainability reporting, intellectual capital, and capital structure on firm value, with good corporate governance as a moderating variable, in food and beverage manufacturing companies listed on the Indonesia Stock Exchange for the 2022–2024 period. The research method used was quantitative with purposive sampling, resulting in 140 observations. The research data were secondary data obtained from annual reports and corporate sustainability reports. These data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA) using EViews SV 12. The results showed that sustainability reporting, intellectual capital, and capital structure had no significant effect on firm value. Furthermore, good corporate governance was unable to moderate the effect of sustainability reporting and intellectual capital on firm value. However, good corporate governance significantly strengthened the influence of capital structure on firm value. The conclusion of this study indicates that sustainability reporting, intellectual capital, and capital structure are not yet the primary determinants of firm value. However, effective implementation of good corporate governance can strengthen the relationship between capital structure and firm value by improving oversight and control of corporate financing policies.

Keywords: Sustainability Reporting, Intellectual Capital, Capital Structure, Good Corporate Governance, Company Value

LITERATURE REVIEW: AKUNTABILTAS DAN TRANSPARANSI PENGELOLAAN KEUANGAN SEBAGAI PILAR GOOD GOVERNANCE DI SEKTOR PUBLIK

Nikita Mutia Putri, Muhammad Ramzy Agil Faried, Yuniati Yuniati — Thu, 11 Jun 2026 00:00:00 +0700

This study aims to analyze the role of accountability and transparency in financial management as key pillars in realizing good governance in the public sector. The research method used is a literature review utilizing secondary data sourced from 20 national scientific articles published in the 2020–2025 period and obtained through Google Scholar searches and the Publish or Perish application. The results of the study indicate that accountability and transparency play a significant role in increasing the effectiveness and efficiency of public sector financial management, strengthening the quality and credibility of financial reports, encouraging public participation in oversight, and increasing public trust in the government. In addition, these two principles function as control mechanisms capable of minimizing irregularities in the financial management of villages and other public sector organizations. However, their implementation still faces various obstacles, such as limited human resources, weak internal control systems, low utilization of information technology, and limited access to information for the public. The conclusion of this study shows that accountability and transparency are important foundations in realizing sustainable good governance, thus requiring strengthening the capacity of the apparatus, increasing information disclosure, and optimizing the oversight system to support more accountable and transparent public sector financial management.

Keywords: Accountability, Transparency, Financial Management, Good Governance, Public Sector

PENGARUH HARGA EMAS DUNIA, INFLASI DOMESTIK DAN KINERJA KEUANGAN TERHADAP HARGA SAHAM PERUSAHAAN SUB-SEKTOR PERTAMBANGAN EMAS YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2024-2025

Lusiana Lusiana, Winny Lian Seventeen, Fathul Hilal Perdana Kusuma — Thu, 11 Jun 2026 00:00:00 +0700

This study aims to analyze the influence of world gold prices, domestic inflation, and financial performance proxied by Return on Equity (ROE) and Net Profit Margin (NPM) on the stock prices of gold mining sub-sector companies listed on the Indonesia Stock Exchange for the period 2024–2025. The research method used is a quantitative method with a descriptive and associative approach. The research sample consisted of 5 companies selected using a purposive sampling technique with a total of 105 observations during the period January 2024 to September 2025. Data analysis was carried out using multiple linear regression with the help of SPSS version 26 through the classical assumption test, t-test, F-test, correlation analysis, and coefficient of determination. The results show that world gold prices have a positive and significant effect on stock prices, domestic inflation does not have a significant effect on stock prices, ROE does not have a significant effect on stock prices, while NPM has a negative and significant effect on stock prices and is the most dominant variable. Simultaneously, world gold prices, domestic inflation, ROE, and NPM have a significant effect on stock prices with a coefficient of determination of 39.4%. The conclusion of this study is that world gold prices and NPM are the main factors influencing the share prices of gold mining sub-sector companies, while domestic inflation and ROE have not been able to provide a significant influence during the research period.

Keywords: World Gold Price, Domestic Inflation, Return on Equity, Net Profit Margin, Stock Price