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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.

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.

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. Keywords: financial distress, liquidity, profitability, leverage, efficiency

Abstract. This study aims to find empirical evidence of intellectual capital condition and the performance of listed state-owned banks, and the impact of intellectual capital on the profitability of the company. The results showed that the financial performance of listed state-owned banks as measured by profitability (ROA) was generally higher in the period from 2010 to 2012, then decreased in the period 2013-2015. The highest profitability performance in the 2010-2015 period is PT Bank Rakyat Indonesia. The existence of intellectual capital in the listed state-owned banking company affect its financial performance. The better the company able to manage its intellectual capital the have, the greater the value of Return on Assets (ROA) generated by the company. Structural capital (SCE) is positive but not significant effect on the financial performance of listed state-owned company in the financial sector. Capital employed efficiency is significant and have positive effect on the financial performance of the listed state-owned enterprises in financial sector. Keywords: corporate performance, intellectual capital, state Tbk. Abstrak. Penelitian ini bertujuan menemukan bukti empiris kondisi intellectual capital dan kinerja bank BUMN Tbk, serta pengaruh intellectual capital terhadap profitabilitas perusahaan. Hasil penelitian menunjukkan bahwa kinerja keuangan Bank BUMN Tbk yang diukur dengan profitabilitas (ROA) secara umum meningkat pada periode 2010- 2012, kemudian menurun pada periode 2013-2015. Kinerja profitabilitas tertinggi pada periode 2010-2015 ditunjukkan oleh PT Bank Rakyat Indonesia. Keberadaan intellectual capital pada perusahaan perbankan BUMN mempengaruhi kinerja keuangan perusahaan. Semakin baik perusahaan mampu mengelola intellectual capital yang mereka miliki, maka akan semakin besar pula nilai Return on Aset (ROA) yang dihasilkan oleh perusahaan. Structural capital (SCE) berpengaruh positif namun tidak signifikan terhadap kinerja keuangan perusahaan BUMN Terbuka sektor keuangan. Capital employed efficiency berpengaruh positif signifikan terhadap kinerja keuangan perusahaan BUMN Terbuka sektor keuangan. Kata Kunci: kinerja perusahaan, intellectual capital, BUMN Tbk