Cost and capital structure are needed to evaluate the feasibility of the investments made by a company. This study aims to estimate and analyze the effect of the component of cost of capital (COC) and capital structure (CS) on firm value. Pulp & Paper companies listed on the Indonesia Stock Exchange (IDX) became the research sample for the 2013–2020 period. The research method applied is a moderation regression analysis approach. The empirical findings of the study prove that firm value is not influenced by the cost of debt (COD), while the cost of equity (COE) has a negative effect, and COC is positive. COC is a combination of the use of debt and equity, modeling by adding a CS variable as a moderating variable; this leads to the conclusion that COD and COE have a negative effect on firm value, whereas COC and CS have a positive effect. The finding of the role of CS as a moderating variable reveals that CS is a quasi-moderator variable and plays a role in increasing.
The pulp and paper industry contributes to the Indonesian economy, especially to the non-oil and gas processing industry. Empirical research shows that pulp and paper companies listed on the Indonesia Stock Exchange (IDX) indicated financial distress. This study aims to find the effect of liquidity, leverage, profitability, and efficiency on pulp & paper companies' financial distress listed on the IDX. Using the Altman Z-score as a measure of financial distress, it was found that profitability, efficiency, and liquidity had a significant adverse effect on financial distress. In contrast, leverage had a significant positive effect on financial distress. Profitability has the greatest influence on financial distress, so it needs the primary intention of management.
Cellulose is an organic component that is widely found in wood fibers. Cellulose is the main component in the pulp/paper industry. As in wood, the raw material for pulp contains cellulose fibers. Cellulose is often used and processed to produce various types in the paper industry. Pulp is the primary material for different paper products, ranging from factories’ boards to daily necessities such as paper, tissue, tea bags, and magazines. Meanwhile, paper is a new change in literature and language that has played a significant role in the history of the development of human civilization. The pulp and paper industry in Indonesia provides a reasonably good contribution to the Indonesian economy. Several pulp & paper companies are listed on the Indonesia Stock Exchange. The results of previous studies indicate that several pulp & paper companies are in a stage of financial difficulty. This study aims to prove empirically that the Z-score as a measure of the company's economic challenges affects stock prices. The results showed that the Z-score affected stock prices. From several ratios that make up the Z-score, it is known that the ratio of working capital to total assets, market value of equity to book value of debt, and sales to total assets have a significant effect on stock prices.
During the Covid-19 pandemic, lecturing activities were carried out online so there was a lack of social interaction among and between students and lecturers. Students becoming more independent in learning and faced separation situations. This could result in decreasing social sensitivity of students in solving accounting cases, especially in auditing scenarios which could help to sharpen idealism and relativism as well as ethical sensitivity. The study aims to analyze the ethical orientation effect on accounting students’ ethical sensitivity post-pandemic Covid-19 period (Empirical Study at Universitas Dian Nusantara), the research also uses gender as a moderation. This research is important as an evaluation in the new normal and future periods to increase accounting students sensitivity, especially when solving auditing scenario cases. This type of research is quantitative using the causality method. A total of 254 accounting students were included, of which the number of samples were 155 respondents. Questionnaire-style research instruments using Likert scales and the use of Google Surveys to distribute questionnaires and data analysis using structural equation models using the Lisrel software tool. This research should be conducted to test a model that examines ethically oriented causal models regarding ethics and gender sensitivity as moderators of accounting students. This research is expected to inform governments, professional institutions, and educational institutions to incorporate accounting ethics into their curriculum and to produce graduates who are sensitive to accounting practices, and who do not deviate from accounting ethics. Keywords: ethical orientation, idealism, relativism, ethical sensitivity, gender, postpandemic Covid-19
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