AccountaBiz: Journal of Business and Accounting Research

Financial Distress Analysis of Industrial Companies Listed on the Indonesia Stock Exchange in 2024 Using the Altman Z-Score

Agus Hermanto — 2026-06-20

This study aims to analyze the potential financial distress of industrial sector companies listed on the Indonesia Stock Exchange (IDX) in 2024 using the Altman Z-Score model. The study employed a quantitative approach with a purposive sampling method, resulting in 53 companies selected as samples from 67 industrial sector companies. The variables analyzed included working capital, total assets, retained earnings, EBIT, equity value, and total liabilities. The results indicate that 37 companies (69.81%) were categorized as financially healthy, 6 companies (11.32%) were in the grey area, and 10 companies (18.87%) were identified as being in financial distress, namely INDX, KOBX, VOKS, CAKK, CTTH, IBFN, INTA, KOIN, MDRN, and HOPE. These findings suggest that although the majority of industrial companies maintain adequate financial stability, several companies still face bankruptcy risks that require strategic attention from management.

Analysis of Work Environment, Discipline, and Work Motivation on Pemepek Village Officials’ Performance in Central Lombok

Weni Indriati — 2026-06-20

This study aims to determine the effect of the work environment on the performance of village officials, the effect of discipline on the performance of village officials, and the effect of work motivation on the performance of village officials at the Pemepek Village Office. The analytical method used in this study was multiple linear regression analysis. The respondents in this study were 30 village officials at the Pemepek Village Office. The results of the multiple linear regression analysis showed that partially: (1) the work environment did not have a significant effect on the performance of village officials, with a t-value of 1.880 > t-table of 1.70562 and a significance value of 0.071 > 0.05; (2) discipline had a significant effect on the performance of village officials, with a t-value of 3.509 > t-table of 1.70562 and a significance value of 0.02 < 0.05; and (3) work motivation did not have a significant effect on the performance of village officials, with a t-value of 1.770 > t-table of 1.70562 and a significance value of 0.088 > 0.05. Simultaneously, the variables of work environment, discipline, and work motivation together had a significant effect on performance, with an F-value of 7.785 > F-table of 2.95 and a significance level of 0.001 < 0.05.

The Influence of Influencer and Viral Marketing on Wardah’s Halal Cosmetic Brand Image in Mataram

Anisa Debiana Furqi — 2026-06-26

The halal cosmetic industry has experienced significant global growth, driven by increased consumer awareness of religious and ethical standards. This study investigates the partial and simultaneous effects of influencer marketing and viral marketing on building the brand image of Wardah, a leading halal cosmetic brand, among consumers in Mataram, Indonesia. A quantitative approach was employed, using purposive sampling to collect data from 60 Wardah consumers who had used the brand for more than one year. Data were analyzed using multiple linear regression, validity and reliability tests, classical assumption tests, and hypothesis testing (t-test and F-test) via SPSS version 21. The results indicate that both influencer marketing (t-count = 2.993 > t-table = 2.00172, sig. = 0.004) and viral marketing (t-count = 2.388 > t-table = 2.00172, sig. = 0.020) have a partial and significant positive effect on brand image. Simultaneously, both variables also significantly affect brand image (F-count = 10.674 > F-table = 2.76, sig. = 0.000), with an R-square value of 0.272, meaning both variables contribute 27.2% to brand image formation. This research confirms that credible influencers and emotionally engaging viral content are strategic assets for building a strong brand image in the halal cosmetic market, particularly in Mataram.

The Effect of EPS, ROA, DER, and PER on Stock Prices of LQ45 Companies, 2022–2024

Siti Safira Herawati — 2026-06-26

This study aims to analyze the effect of Earning Per Share (EPS), Return On Asset (ROA), Debt to Equity Ratio (DER), and Price Earning Ratio (PER) on stock prices of companies consistently listed in the LQ45
Index during the 2022–2024 period, both partially and simultaneously. This research employs a quantitative associative approach using secondary data obtained from the Indonesia Stock Exchange (IDX). The sample was determined through purposive sampling, resulting in 24 companies consistently listed in the LQ45 Index for three consecutive years, yielding 72 observations. Data were analyzed using multiple linear regression with the assistance of SPSS version 21, preceded by classical
assumption tests (normality, multicollinearity, heteroscedasticity, and autocorrelation). The results show that, partially, EPS has a positive and significant effect on stock prices (t = 15.993; sig. = 0.000), while ROA (sig. = 0.279), DER (sig. = 0.345), and PER (sig. = 0.609) show no significant effect. Simultaneously, EPS, ROA, DER, and PER significantly affect stock prices (F = 68.861; sig. = 0.000) with a
coefficient of determination (R²) of 0.804, indicating that 80.4% of stock price variation can be explained by these four variables. These findings confirm that EPS is the most dominant fundamental signal responded to by investors in the Indonesian capital market during the postpandemic
recovery period

The Effect of Liquidity, Leverage, and Firm Size on the Financial Performance of Manufacturing Companies Listed on the IDX in 2024

Hotama Lyardi Gunawan — 2026-06-27

This study aims to analyze the effect of liquidity, leverage, and firm size on the financial performance of manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2024. Financial performance is measured using Return on Assets (ROA), liquidity with Current Ratio (CR), leverage with Debt to Equity Ratio (DER), and firm size using the natural logarithm of total assets. This research employs a quantitative explanatory approach with a sample of 117 manufacturing companies selected through purposive sampling. Secondary data were obtained from annual financial reports published on the official IDX website (www.idx.co.id). Data analysis was performed using multiple linear regression preceded by classical assumption tests (normality, multicollinearity, and heteroscedasticity). The results of the partial hypothesis test show that liquidity does not significantly influence financial performance (t = -1.782; sig. = 0.077 > 0.05), leverage has a positive and significant influence on financial performance (t = 4.825; sig. = 0.000 < 0.05), and firm size does not significantly influence financial performance (t = 0.899; sig. = 0.371 > 0.05). Simultaneously, all three variables significantly influence financial performance (F = 9.473; sig. = 0.000 < 0.05) with a coefficient of determination (R-squared) of 0.201, indicating that 20.1% of the variation in financial performance can be explained by these three variables, while the remaining 79.9% is explained by other factors outside the research model. These findings imply that efficient debt management is the most critical factor in improving financial performance of manufacturing companies.