https://goodwoodpub.com/index.php/JoMAPS/issue/feed 2026-01-20T13:44:58+07:00 Goodwood Publishing admin@goodwoodpub.com Open Journal Systems <p align="justify">Journal of Multidisciplinary Academic and Practice Studies Published by Goodwood Publishing, Journal of Multidisciplinary Academic and Practice Studies is an international peer-reviewed and scholarly journal promoting high-quality multidisciplinary research on social, humanity, economics, business, technology, and education. Journal of Multidisciplinary Academic and Practice Studies welcomes submissions of scientifically-developed research manuscripts aiming to provide solutions and innovation both scientifically and practically in every aspect of life.</p> https://goodwoodpub.com/index.php/JoMAPS/article/view/3837 2026-01-20T13:32:47+07:00 Chella Chella Chellathian@gmail.com Eka Desy Purnama Chellathian@gmail.com

<p><strong>Purpose:</strong> This study examines the effect of liquidity and solvency on firm value, with profitability as a mediating variable, using empirical evidence from PT Panca Budi Idaman Tbk during the 2017–2024 period.</p> <p><strong>Research methodology:</strong> This study employs a quantitative approach using secondary data from the company’s published financial statements. Liquidity is measured by the Current Ratio, solvency by the Debt to Equity Ratio (DER), profitability by Return on Assets (ROA), and firm value by Tobin’s Q. Data are analyzed using multiple linear regression and mediation analysis, supported by classical assumption tests and the Sobel test.</p> <p><strong>Results:</strong> The results show that liquidity has a positive and significant effect on profitability, while solvency has a negative and significant effect on profitability. Profitability positively and significantly affects firm value. Liquidity also has a positive and significant direct effect on firm value, whereas solvency does not have a significant direct effect. Mediation analysis confirms that profitability significantly mediates the relationship between liquidity and firm value, as well as between solvency and firm value.</p> <p><strong>Conclusions:</strong> The study concludes that profitability plays a key mediating role in transforming liquidity conditions and capital structure decisions into higher firm value, supporting signaling theory that strong financial performance sends positive signals to the market.</p> <p><strong>Limitations:</strong> The study is limited to a single listed company and selected financial ratios, which may restrict generalizability.</p> <p><strong>Contribution:</strong> This research contributes empirical evidence on profitability as a mediating mechanism linking liquidity and solvency to firm value and provides practical insights for managers and investors.</p>

2026-01-20T00:00:00+07:00 Copyright (c) 2026 Chella Chella , Eka Desy Purnama https://goodwoodpub.com/index.php/JoMAPS/article/view/3838 2026-01-20T13:44:58+07:00 Tyfani Heriyanto tyfaniheriyanto.student@umitra.ac.id Maria Septijantini Alie maria_alie@umitra.ac.id Yudhinanto CN yudhi@umitra.ac.id Desmon Desmon desmon@umitra.ac.id Eka Travilta Oktaria ekatravilta@umitra.ac.id Megasari Megasari tyfaniheriyanto.student@umitra.ac.id Umar Bakti tyfaniheriyanto.student@umitra.ac.id

<p><strong>Purpose:</strong> This study examines the influence of good corporate governance—comprising institutional ownership, the board of directors, the board of commissioners, independent commissioners, and the audit committee—on financial distress, with financial performance as an intervening variable in manufacturing companies listed on the Indonesia Stock Exchange during 2020–2024.</p> <p><strong>Research Methodology:</strong> A quantitative approach using secondary data from the financial reports of 15 manufacturing companies over five years (75 samples) was applied. Purposive sampling was used, and data were analyzed to test both the direct and indirect effects of corporate governance components on financial distress through financial performance.</p> <p><strong>Results:</strong> The findings show that all corporate governance components simultaneously affect financial distress. Specifically, institutional ownership, the board of commissioners, and the audit committee negatively and significantly influence financial distress, both directly and via financial performance. Meanwhile, the board of directors and independent commissioners positively and significantly affect financial distress, both directly and through financial performance.</p> <p><strong>Conclusions:</strong> Good corporate governance plays a significant role in shaping financial distress, and financial performance acts as an important mediating mechanism. Certain governance elements can either mitigate or exacerbate financial distress depending on their influence.</p> <p><strong>Limitations:</strong> This study is limited to manufacturing companies listed on the Indonesia Stock Exchange and focuses on selected governance indicators, excluding external economic or industry-specific factors.</p> <p><strong>Contribution:</strong> The study provides empirical evidence on the role of corporate governance in financial distress and highlights the mediating function of financial performance, offering practical guidance for managers and investors to improve governance structures and enhance firm stability and performance.</p>

2026-01-20T00:00:00+07:00 Copyright (c) 2026 Tyfani Heriyanto, Maria Septijantini Alie, Yudhinanto CN, Desmon Desmon , Eka Travilta Oktaria, Megasari Megasari , Umar Bakti