| 1 | CEO Pay Ratio | CEO Pay Ratio | \[ \frac{\text{CEO Total Compensation}}{\text{Median Employe... | |
| 2 | Digital Asset Holdings | Digital Asset Holdings | \[ \frac{\text{Carrying Value of Digital Assets}}{\text{Tota... | |
| 3 | Family Ownership (%) | Family Ownership | \[ \frac{\text{Shares Owned by Founding Family}}{\text{Total... | |
| 4 | SME Loans Ratio | SME Loans Ratio | \[ \frac{\text{Loans to SMEs}}{\text{Total Loans}} \]... | |
| 5 | State-Owned Enterprise (SOE) | SOE Dummy | \[ \text{1 if state-owned, 0 otherwise} \]... | |
| 6 | Digital Transformation Disclosure | Digital Transformation | \[ \text{Word count of digital keywords (AI, Cloud, Big Data... | |
| 7 | Liquidity (Current Ratio) | Current Ratio (CR) | \[ \text{\text{CR} = \frac{\text{Current Assets}}{\text{Curr... | |
| 8 | Capital Structure / Leverage (DER) | Debt to Equity Ratio (DER) | \[ \text{\text{DER} = \frac{\text{Total Liabilities}}{\text{... | |
| 9 | Operational Profitability (NPM) | Net Profit Margin (NPM) | \[ \frac{\text{\text{NPM} = \frac{\text{Net Income}}{\text{R... | |
| 10 | Timeliness (Audit Delay) | Audit Delay (Days) | \[ \text{\text{Audit Delay} = \text{Audit Report Date} - \te... | |
| 11 | Inventory Turnover | Inventory Turnover Ratio | \[ \text{\text{Inventory Turnover} = \frac{\text{Cost of Goo... | |
| 12 | Capital Expenditure (CAPEX) | Capital Expenditure (Total Fixed Asset Purchases) | \[ \text{\text{CAPEX} = \Delta \text{Net Fixed Assets} + \te... | |
| 13 | Underwriter Reputation | Dummy Variable (Top Tier = 1, Non-Top = 0) | \[ \text{\text{REP} = \begin{cases} 1 & \text{Top 10 Underwr... | |
| 14 | Political Connection | Dummy Variable (Connected = 1, None = 0) | \[ \text{\text{POL} = \begin{cases} 1 & \text{Politician/Off... | |
| 15 | Return on Assets (ROA) | ROA (Percentage) | \[ \text{\text{ROA} = \frac{\text{Net Income}}{\text{Total A... | |
| 16 | Firm Size | Ln(Total Assets) | \[ \text{\text{SIZE} = \ln(\text{Total Assets})} \]... | |
| 17 | Sales Growth | Sales Growth (%) | \[ \text{\text{Growth} = \frac{\text{Sales}_t - \text{Sales}... | |
| 18 | Operating Cash Flow | OCF divided by Total Assets | \[ \text{\text{OCF Ratio} = \frac{\text{Cash Flow from Opera... | |
| 19 | Audit Quality (Big 4 Auditor) | Dummy (1 = Big 4, 0 = Non Big 4) | \[ \text{\text{Big4} = \begin{cases} 1 & \text{PwC, EY, Delo... | |
| 20 | Board Size | Number of Commissioners | \[ \text{\text{Board Size} = \text{Total Individuals on the ... | |
| 21 | Independent Commissioner Proportion | Independent Commissioners (%) | \[ \text{\text{Indep. Comm.} = \frac{\text{Independent Commi... | |
| 22 | Gender Diversity | Female Director Dummy | \[ \text{\text{Gender} = \begin{cases} 1 & \text{Female Dire... | |
| 23 | Tax Avoidance | Cash Effective Tax Rate (CETR) | \[ \text{\text{CETR} = \frac{\text{Cash Taxes Paid}}{\text{P... | |
| 24 | Financial Statement Fraud Detection | Beneish M-Score | \[ \text{\text{M-Score} = -4.84 + 0.920 (\text{DSRI}) + 0.52... | |
| 25 | Alternative Bankruptcy Prediction | Zmijewski (X-Score) | \[ \text{\text{X-Score} = -4.3 - 4.5 \left( \frac{\text{Net ... | |
| 26 | Intellectual Capital (VAIC) | Value Added Intellectual Coefficient | \[ \text{\text{VAIC} = \text{VACA} + \text{VAHU} + \text{STV... | |
| 27 | Green Banking Disclosure | Dummy: 1 if disclosed, 0 otherwise | \[ \text{\text{GBD} = \begin{cases} 1 & \text{if green banki... | |
| 28 | Bank Environmental Performance | Dummy: 1 if reported, 0 otherwise | \[ \text{\text{BEP} = \begin{cases} 1 & \text{if environment... | |
| 29 | Green Finance | Dummy: 1 if distributed, 0 otherwise | \[ \text{\text{GF} = \begin{cases} 1 & \text{if green financ... | |
| 30 | R&D Intensity | R&D Intensity | \[ \frac{\text{Research and Development Expense}}{\text{Tota... | |
| 31 | Carbon Emission Disclosure | Carbon Emission Disclosure | \[ \text{Disclosure Score Based on GRI Index} \]... | |
| 32 | Audit Fee | Audit Fee | \[ \text{Natural Logarithm (Ln) of Total Professional Audit ... | |
| 33 | Rasio Direktur Wanita | Rasio Direktur Wanita | \[ \frac{\text{Number of Female Directors}}{\text{Total Boar... | |
| 34 | Skor CSR (Corporate Social Responsibility) | Skor CSR | \[ \text{Number of Disclosed CSR Items} / \text{Total Items ... | |
| 35 | Kepemilikan Institusional | Kepemilikan Institusional | \[ \frac{\text{Shares Owned by Institutions}}{\text{Total Sh... | |
| 36 | Kepemilikan Asing | Kepemilikan Asing | \[ \frac{\text{Shares Owned by Foreign Investors}}{\text{Tot... | |
| 37 | Cash Holding Ratio | Cash Holding Ratio | \[ \frac{\text{Cash and Cash Equivalents}}{\text{Total Asset... | |
| 38 | Dividend Payout Ratio | Dividend Payout Ratio | \[ \frac{\text{Total Cash Dividends}}{\text{Net Income}} \]... | |
| 39 | Rasio Operating Cash Flow terhadap Hutang | Rasio Operating Cash Flow terhadap Hutang | \[ \frac{\text{Operating Cash Flow}}{\text{Total Debt}} \]... | |