Abstract:This study aims to analyze the effect of Initial Public Offering (IPO) on Return on Assets (ROA) by considering Firm Size, Liquidity, Leverage, and Tangibility in companies listed on the Indonesia Stock Exchange (IDX). The…
he study adopts a quantitative explanatory research design using secondary data obtained from audited annual financial statements of companies that conducted IPOs during the observation period. The sample was selected using purposive sampling, while panel data were analyzed using the Fixed Effect Model (FEM) to examine the relationships among the variables. The findings indicate that IPO has a positive but insignificant effect on ROA, suggesting that additional capital raised through public offerings does not immediately improve corporate profitability. Firm Size and Leverage exhibit significant negative effects on ROA, indicating that larger firms may experience operational inefficiencies, while excessive debt increases financial burdens and reduces profitability. Conversely, Liquidity and Tangibility show positive but insignificant effects on ROA. Simultaneously, IPO, Firm Size, Liquidity, Leverage, and Tangibility significantly influence ROA, with the model explaining 59.11% of the variation in profitability. These findings imply that post-IPO financial performance depends not only on capital acquisition but also on effective asset utilization, prudent debt management, and efficient operational strategies. The study contributes to the literature on post-IPO corporate performance and provides practical insights for managers and investors in evaluating financial performance after public offerings
Abstract:This study examines the role of customer value in mediating the relationship between social media marketing and service quality toward the decision to become a BritAma Prioritas customer at Bank Rakyat Indonesia Sukabumi…
Branch. The key issue addressed in this study is the need to understand how digital marketing communication and priority banking service quality can be converted into meaningful value that influences premium customer decisions. This research employed a quantitative explanatory approach involving 386 BritAma Prioritas customers as respondents. Data were collected through structured questionnaires using a five-point Likert scale and analyzed using Confirmatory Factor Analysis and Structural Equation Modeling. The results show that social media marketing and service quality have positive and significant effects on customer value. Social media marketing, service quality, and customer value also positively and significantly influence customer decision. Customer value was found to be the strongest predictor of customer decision and significantly mediated the effects of both social media marketing and service quality. These findings indicate that customer acquisition in priority banking depends not only on promotional activities and service performance, but also on customers’ holistic value evaluation.
Abstract:This study investigates the role of acquisition premiums in mergers and acquisitions (M&A) and their impact on shareholder wealth, focusing on five major Indian deals in pharmaceuticals, retail, banking, steel, and renewable…
able energy sectors. Potential synergies often justify acquisition premiums ranging from approximately 15% to 40% above target companies’ market values. However, market responses suggest that such premiums may not consistently result in value creation for acquiring firms' shareholders. Empirical findings reveal mixed outcomes: Sun Pharma’s acquisition of Ranbaxy led to a 9.8% share price increase within five days, while Tata Steel’s high-premium acquisition of Bhushan Steel saw only a 1.7% gain. In contrast, deals like Reliance–Future Retail and Tata Power–Welspun Power showed minimal or negative returns, despite sizable premiums. These patterns indicate that premium size alone is not a reliable predictor of post-deal shareholder wealth creation. The study concludes that M&A success depends more on strategic fit, market timing, and sectoral dynamics than on the premium offered. This analysis contributes to the broader M&A discourse by offering evidence-based insights into how premium valuations can either maximise or dilute shareholder value, aiding investors, corporate strategists, and policy analysts in deal assessment.
Abstract:Islamic views on property ownership depart from the notion that individuals have an innate desire to possess property (fithrah), as Islamic societies depend on other people to function. The riches or money that Allah SWT…
has bestowed upon this universe is a gift to humanity and should be used as efficiently as possible to ensure everyone's financial security. One topic covered in economics classes, including socialism, capitalist, and Islamic economics, is ownership rights. Ownership rights are determined by certain characteristics of each economic system. The number of assets (goods and services) that can be owned is limited under a socialist economy, but the method of acquisition (quality) remains unconstrained. This suggests that you can distribute it in whatever way you want. Meanwhile, the capitalist economic system views property ownership as unlimited, both in terms of quantity and quality; that is, any kind of property ownership is acceptable as long as it does not restrict the freedom of others. Islam acknowledges, but does not fully give, the right of humans to own the materials they use for production and consumption, in contrast to socialism and capitalist economic systems.
Abstract:This study investigates the role of acquisition premiums in mergers and acquisitions (M&A) and their impact on shareholder wealth, focusing on five major Indian deals in pharmaceuticals, retail, banking, steel, and renewable…
able energy sectors. Potential synergies often justify acquisition premiums ranging from approximately 15% to 40% above target companies’ market values. However, market responses suggest that such premiums may not consistently result in value creation for acquiring firms' shareholders. Empirical findings reveal mixed outcomes: Sun Pharma’s acquisition of Ranbaxy led to a 9.8% share price increase within five days, while Tata Steel’s high-premium acquisition of Bhushan Steel saw only a 1.7% gain. In contrast, deals like Reliance–Future Retail and Tata Power–Welspun Power showed minimal or negative returns, despite sizable premiums. These patterns indicate that premium size alone is not a reliable predictor of post-deal shareholder wealth creation. The study concludes that M&A success depends more on strategic fit, market timing, and sectoral dynamics than on the premium offered. This analysis contributes to the broader M&A discourse by offering evidence-based insights into how premium valuations can either maximise or dilute shareholder value, aiding investors, corporate strategists, and policy analysts in deal assessment
Abstract:Halal certification has become an essential mechanism for ensuring that products meet Islamic requirements while also maintaining standards of safety, quality, and consumer protection. Despite its growing importance, awareness…
reness and understanding of halal certification remain relatively limited among community members, particularly women who play a central role in household purchasing decisions. This community engagement initiative was designed to enhance the knowledge and awareness of members of the Family Welfare Empowerment Organization (PKK) in Sidodadi Village, Kedaton District, Bandar Lampung City, regarding the significance of halal certification in consumer products. The program engaged 30 participants and applied a participatory educational approach consisting of counseling sessions, interactive discussions, lectures, and question-and-answer activities. Knowledge acquisition was evaluated through pre-test and post-test assessments. The findings demonstrated a marked improvement in participants’ understanding, with average scores increasing from 51.3% prior to the intervention to 94.0% afterward. The program not only strengthened participants’ awareness of halal-certified products but also encouraged more informed and responsible consumption practices. These results highlight the effectiveness of community-based halal literacy initiatives in fostering greater public understanding and supporting the development of a halal-conscious society.
Abstract:The rapid growth of Indonesia’s coffee industry has intensified competition among micro, small, and medium enterprises (MSMEs), particularly street coffee businesses that rely on simple concepts, affordability, and accessibility.…
essibility. This study aims to analyze branding and digital promotion strategies implemented by street coffee MSMEs in Kotabumi, North Lampung, to enhance sales competitiveness. A qualitative case study approach was employed. Data were collected through in-depth interviews with business owners and employees, direct observation, and documentation of digital promotional activities on social media platforms. Data were analyzed using the Miles and Huberman interactive model, comprising data reduction, data display, and conclusion drawing. The findings reveal that branding strategies were implemented through brand identity development, including business name, logo, color consistency, booth design, and product differentiation. Digital promotion strategies mainly utilized Instagram, TikTok, and WhatsApp Business through product photos, coffee-making videos, and promotional content. These strategies positively impacted market reach, customer acquisition, and sales stability. However, several constraints were identified, such as limited resources, inconsistent visual identity, and suboptimal content management. This study concludes that consistent branding and planned digital promotion are essential to strengthening competitiveness and ensuring the sustainability of street coffee MSMEs.
Abstract:Arabic language learning in pesantren is not conducted solely through the formal curriculum but also through habituation processes that are internalized in the students’ daily lives. Bī’ah lughawiyyah functions as a language…
language environment that serves as a hidden curriculum at Pesantren Ar-Raudlatul Hasanah, namely an implicit curriculum that shapes language competence in a natural and sustainable manner. This study aims to analyze the role of bī’ah lughawiyyah as a hidden curriculum and its influence on the improvement of students’ speaking ability (mahārat al-kalām). This research employs a qualitative approach with a case study design. The research participants consist of students, Arabic language instructors, and pesantren administrators. Data were collected through participant observation, in-depth interviews, and documentation of language-related activities. The data were analyzed thematically through the stages of data reduction, data display, and conclusion drawing, with data validity strengthened through source and method triangulation. The findings indicate that bī’ah lughawiyyah functions as a hidden curriculum through Arabic language policies, the exemplary practices of instructors, the habituation of communication in daily pesantren life, and non-formal social reinforcement. These practices contribute positively to the enhancement of students’ kalām ability, particularly in terms of speaking confidence, fluency, and spontaneity in oral communication. The findings confirm that bī’ah lughawiyyah as a hidden curriculum plays a strategic role in Arabic language acquisition. Therefore, optimizing the language environment should be positioned as an integral component of Arabic language curriculum development in pesantren.
Abstract:This community service program aimed to enhance the English language skills of elementary school students on Tegal Island, Lampung Province, through the implementation of a Contextual Teaching and Learning (CTL) approach.…
. Limited English proficiency among local children has long hindered effective communication with foreign visitors and restricted opportunities for community-based tourism development. To address this challenge, the program incorporated basic English vocabulary related to the beach environment into interactive activities, such as songs, games, visual aids, and direct exploration of local surroundings. These methods were designed to provide authentic, engaging, and memorable language learning experiences tailored to the learners’ environment. A pre-test and post-test design was employed to evaluate the program’s effectiveness. The results demonstrated a substantial improvement in students’ vocabulary mastery, with mean scores rising from 61.36 on the pre-test to 89.73 on the post-test. Statistical analysis using a paired sample t-test revealed a significance value of 0.000 (p < 0.05), confirming that CTL significantly enhanced vocabulary acquisition. The normalized gain (N-Gain) indicated a high level of progress among participants, showing consistent improvement across all learners. Beyond cognitive gains, qualitative observations indicated that students exhibited greater confidence, motivation, and environmental awareness as they linked English lessons to familiar contexts. This program illustrates that CTL offers a practical, low-cost, and highly effective strategy for empowering youth in remote island communities. By contextualizing English instruction in real-life settings, CTL not only fosters academic achievement but also supports community engagement, cultural pride, and sustainable human resource development in rural tourism areas.
Abstract:This study aims to determine the metacognitive skills of students after using E-LAPD learning media on the material of reaction rate factors. The subjects of this study were students of class XI-2 SMAN 1 Sidayu Gresik. This…
his study used the R&D (Research and Development) research method with the ADDIE model which was limited to the development stage. Data collection in this study used pretest-posttest test instruments and a questionnaire in the form of a metacognitive inventory questionnaire. The results showed that the value of students' metacognitive skills based on metacognitive skills-based tests for the planning indicator was 90.91%; the monitoring indicator was 80.68%; and the evaluation indicator was 86.36%. These results were supported by the acquisition of the metacognitive inventory given at the end of the meeting for the planning indicator of 93.18%; the monitoring indicator was 88.64%; and the evaluation indicator was 89.02%. Overall, students' metacognitive skills increased significantly.