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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.

We examine the efficiency and efficacy of the Arbitrage Pricing Theory model in explaining stock returns in the food and beverage industry. To that end, we analyze the relationship between macroeconomic variables and stock returns before and during the pandemic. In this paper, we use unexpected changes in economic growth, inflation, interest rate, exchange rate, and crude oil price as generating factors and find that these factors have come to explain stock returns movement. Using the generalized least square (GLS) technique, we study stocks from 19 firms listed in Indonesia Stock Exchange over sixteen months from 2018 to 2021. While most significant relations are negative, some are significantly positive. The significant associations suggest that the theory is supported in that estimated expected returns depend on selected generating factors. The result also shows that investors are rational because they consider these factors as systematic risks influencing their profit. Furthermore, we find that there is a difference in stock returns before and during the pandemic, with the average being greater during the pandemic. We assume that this is due to investors’ choice to seek out safe-haven assets in order to limit their exposure to losses.

As an intermediary institution, bank has a very vital role in the economic development of a country so bank has to operate efficiently. The efficiency analysis can be conducted with the three approaches, namely cost efficiency, profit efficiency, and alternative profit efficiency. The three approaches can measured with two methode, parametric and non parametric. By using parametric methode (Distribution Free Approach), cost efficiency of 107 commercial banks operating for 10 years (2002- 2011), the average cost efficiency of banks in Indonesia is 0.6729. While the average value of the profit efficiency in Indonesian banks is 0.96363 or more efficient than cost efficiency. The score of alternative profit efficiency Indonesian banks is 0.965957. The cost efficiency of commercial banks on average have no strong correlation with all financial ratios of banks. The profit efficiency have a strong relationship with financial ratios ROA and BOPO. Financial performance of the bank's ROE ratio has a moderate correlation with the level of profit efficiency. While the level of alternative profit efficiency have a strong relationship with financial performance ratios ROE, ROA, and ROA. NIM ratio has a low relationship with alternative profit efficiency. Keyword: Distributin Free Approach, Cost Efficiency, Profit Efficiency, and Alternative Profit Efficiency.