Abstract:Bankruptcy risk is a critical issue for publicly listed companies as it may threaten business sustainability and undermine investor confidence. This study aims to examine the effects of asset growth, revenue growth, market…
et valuation, property, plant and equipment (PPE), goodwill, and research and development expenditure on bankruptcy risk, proxied by the Altman Z-score, among publicly listed companies in ASEAN countries. The study employs a quantitative approach using secondary data obtained from 1,354 non-financial firms listed in Indonesia, Malaysia, Thailand, Singapore, and the Philippines over the 2015–2023 period, yielding a total of 7,726 firm-year observations. Data were analyzed using a fixed-effects panel regression model. The findings reveal that asset growth and goodwill exert a positive and significant effect on the Altman Z-score, whereas research and development expenditure has a negative and significant effect. Revenue growth demonstrates a marginally positive influence, while market valuation and PPE do not exhibit a significant effect on bankruptcy risk. These results suggest that corporate financial stability is determined not only by financial factors but also by the quality of strategic resources and firms’ adaptive capabilities. The novelty of this study lies in the integration of the Resource-Based View and Dynamic Capabilities Theory perspectives into a bankruptcy prediction framework for publicly listed companies across ASEAN countries.
Abstract:The phenomenon of infidelity within families constitutes a significant social issue, as it not only undermines spousal relationships but also leaves enduring psychological wounds on children who witness it, particularly…
women entering early adulthood when they begin to establish romantic relationships. This study focuses on how early adult women interpret their experiences of witnessing paternal infidelity and the implications of these experiences for trust, commitment, emotional dynamics, and partner selection processes. A qualitative approach with a phenomenological design was employed to explore the subjective experiences of three early adult women aged 20-22 who encountered such events during adolescence. The findings indicate that these experiences are interpreted as traumatic, giving rise to anxiety, fear of betrayal, and difficulties in developing trust, while simultaneously fostering heightened vigilance and selectivity in choosing partners, with an emphasis on loyalty, communication, and emotional security. The emerging psychological dynamics include trust issues, a tendency to avoid conflict, and a strong need for emotional stability, which are addressed through conscious efforts to build healthier relationships characterized by open communication and effective emotional regulation. The study concludes that the subjective meaning-making of paternal infidelity plays a crucial role in shaping relational patterns, perceptions of romantic relationships, and partner selection decisions among early adult women. The novelty of this research lies in its emphasis on the meaning-making dimension, which not only reveals psychological impacts but also highlights resilience and the transformation of traumatic experiences into a foundation for more adaptive and constructive relationships.
Abstract:The dynamics of modern education, marked by rapid social, cultural, and moral changes, require Christian Religious Education (CRE) not only to preserve its faith-based foundations but also to respond critically and constructively…
ructively to contemporary challenges. The main issue addressed in this study is how CRE can integrate the steadfastness of theological values with social sensitivity without losing its Christian identity. This study aims to analyze the relevance and contribution of the philosophical streams of Essentialism and Reconstructionism in the development of contemporary Christian Religious Education. The research employs a qualitative approach through a literature review, using descriptive–interpretative analysis of relevant scientific, philosophical, and theological sources. The findings indicate that Essentialism makes a significant contribution to strengthening the foundations of faith, shaping Christian character, and internalizing core Christian values that are normative and sustainable. Conversely, Reconstructionism positions CRE as a means of social renewal that encourages learners to actively engage in justice, social responsibility, and societal transformation. The integration of these two philosophical approaches enables CRE to develop holistically by balancing spiritual, moral, and social dimensions within the educational process. The conclusion of this study affirms that Essentialism and Reconstructionism possess strategic relevance as a philosophical foundation for contextual and transformative Christian Religious Education. The novelty of this research lies in its integrative philosophical model that harmonizes the firmness of faith with an orientation toward social change, thereby offering a new conceptual framework for the development of Christian Religious Education that is adaptive to the challenges of modern education without losing its theological essence.
Abstract:The phenomenon of increasing consumption of homoromantic fiction content among early adult women has given rise to the term Fujoshi, which is often directly associated with support for LGBT issues, although such an interpretation…
pretation does not necessarily reflect individuals’ attitudes in a comprehensive manner. This study is grounded in the need to understand the attitudes of early adult Fujoshi in a more nuanced and non-simplistic way, particularly through the framework of attitude theory encompassing cognitive, affective, and conative dimensions. The research problem focuses on how Fujoshi aged 18-40 interpret, experience, and express their attitudes toward homoromantic fiction content and its relationship to social values and norms in real life. This study employed a descriptive qualitative approach using in-depth interviews with three Fujoshi informants who are members of the XX fan chat group. The findings indicate that social media and peer networks play a significant role in the process of becoming a Fujoshi, as well as in shaping relatively intensive and repetitive patterns of content consumption as a form of emotional entertainment. Cognitively, the informants recognize that homoromantic fiction is related to LGBT issues; however, at the affective level, their interest is primarily driven by the uniqueness of the narrative structure and character dynamics rather than by sexual orientation itself. In the conative dimension, most informants do not demonstrate a tendency to support LGBT practices in real life; some even hold conservative views and display critical awareness of the potential negative impacts of their hobby, which they perceive as not fully aligned with prevailing social norms. The study concludes that Fujoshi attitudes are complex, ambivalent, and highly contextual. The novelty of this research lies in revealing a clear differentiation between the consumption of homoromantic fiction as a form of symbolic entertainment and individuals’ value positions toward social reality, which are often normatively conflated in previous assumptions.
Abstract:Islamic Religious Education in higher education frequently experiences a reduction of meaning due to the separation between the mastery of empirical sciences and the cultivation of spirituality, resulting in its position…
being perceived as a complementary course with limited integration into other academic disciplines. This condition raises both conceptual and practical issues regarding how to design a model of Islamic Religious Education that systematically, applicatively, and contextually integrates scientific knowledge and spirituality within contemporary higher education. This study aims to formulate such an integrative framework through a qualitative approach based on an in-depth literature review of books, journal articles, and research findings, which are analyzed thematically and conceptually. The results identify three main strategies: the development of an interdisciplinary curriculum that internalizes ethical–tawhidic values within professional sciences, the implementation of value-based pedagogy that connects spiritual concepts such as as-sidq and al-amanah with real-life case studies, and the strengthening of campus culture that supports value internalization through co-curricular activities and community service. The synthesis of findings indicates that this integrative model has the potential to enhance students’ moral awareness, spiritual resilience, and ethical decision-making capacity in responding to the dynamics and complexities of modern life. The conclusion emphasizes that the integration of scientific knowledge and spirituality in Islamic Religious Education is not merely a curricular supplement, but a strategic necessity in higher education. The novelty of this study lies in the formulation of a conceptual framework that positions spirituality as an overarching paradigm that provides meaning, direction, and ethical responsibility for the entire structure of knowledge, while offering an applicative model to overcome the dichotomy between secular science and religion in order to produce graduates with strong character, reflective capacity, and a commitment to social responsibility. The theoretical and practical implications of this model are expected to serve as a reference for academic policy development and innovation in Islamic Religious Education learning that is adaptive to global challenges and responsive to the needs of students across contemporary interdisciplinary fields in a sustainable, transformative, and contextually Islamic humanistic value-based manner.
Abstract:This study aims to empirically analyze the effect of exchange rates and interest rates on the stock prices of banking companies listed on the Indonesia Stock Exchange during the 2020-2024 period. The research employs a quantitative…
uantitative approach with a causal-associative design and utilizes secondary data obtained from official publications of Bank Indonesia (BI) and the Indonesia Stock Exchange (IDX). The research population consists of 45 banking companies, from which 20 companies meeting the sampling criteria were selected using purposive sampling. Data analysis was conducted comprehensively through descriptive analysis, classical assumption tests, multiple linear regression, and hypothesis testing with the assistance of SPSS software. The findings reveal that, partially, exchange rates have a significant negative effect on stock prices, and interest rates also exert a significant negative effect. Furthermore, simultaneous testing confirms that both independent variables significantly and negatively influence banking stock prices. These results highlight that macroeconomic volatility, particularly exchange rate fluctuations and interest rate movements, are crucial determinants to be considered in capital market analysis. Academically, this study contributes to the literature on the relationship between macroeconomic indicators and stock price dynamics, while practically, the results may serve as a reference for investors in making investment decisions, for policymakers in formulating economic stabilization strategies, and for banking institutions in anticipating market risks arising from both global and domestic economic uncertainty.
Abstract:The rapid growth of the online transportation sector in Indonesia has driven a significant transformation in urban mobility systems, including in Denpasar City. One of the impacts of this development is the increasing competition…
mpetition among driver-partners, which directly affects fluctuations in their income. This study aims to empirically analyze the influence of competition level, working hours duration, and fare policies on the income of GoRide partners in Denpasar City. A quantitative approach was used in this research, with the population consisting of all active GoRide driver-partners in the area. The sample was determined using the Slovin formula with a 10% significance level, resulting in 67 randomly selected respondents. Data were collected through the distribution of structured questionnaires and analyzed using multiple linear regression methods to examine the effect of each independent variable on income as the dependent variable. The results show that the competition variable has a significant negative effect on partner income, indicating that the higher the level of competition, the lower the income earned. Conversely, working hours have a positive and significant effect, indicating that increased working duration directly contributes to higher income. Meanwhile, fare policy shows a positive but insignificant effect, meaning that although there is a statistically positive relationship, the effect is not strong enough to significantly impact income. These findings highlight the importance of efficient management of working hours and strategic adaptation to competition levels as efforts to maintain the economic sustainability of driver-partners. In addition, platform providers are advised to periodically review fare policies to ensure they remain aligned with market dynamics and partner needs, in order to maintain a sustainable income balance.
Abstract:Stunting remains a crucial public health issue in Indonesia as it has multidimensional impacts on physical growth, cognitive development, productivity, and the long-term quality of human resources. This study aims to analyze…
lyze the potential application of predictive Artificial Intelligence (AI)-based Wearable Health Technology in preventing child stunting, with an emphasis on the integration of technology into the health system, socio-cultural interrelations, and ethical dimensions that need to be anticipated. The research employed a qualitative approach through a systematic literature review, analysis of national health policies, and examination of reports on the implementation of digital health technologies related to child health. The results indicate that wearable devices are effective in recording health indicators in real-time, while predictive AI algorithms enable early detection of stunting risks, allowing interventions to be carried out quickly, accurately, and in a personalized manner. However, the success of implementation is highly dependent on the support of the digital health ecosystem, including adaptive regulations, infrastructure readiness, digital literacy among communities, as well as multi-stakeholder collaboration involving the government, medical professionals, the technology industry, and families. This study affirms that the integration of Wearable Health Technology and predictive AI is not merely an additional tool in medical services, but rather a representation of a health system transformation towards a more preventive, predictive, precise, and participatory paradigm. Thus, the utilization of evidence-based digital innovations has the potential to strengthen the effectiveness of stunting prevention programs in Indonesia while accelerating the achievement of national health development targets within the context of technological disruption and global dynamics.
Abstract:Cooperatives are membership-based economic entities that play a vital role in driving the growth of the microeconomic sector and improving member welfare through the principles of economic democracy. The sustainability of…
f cooperative performance heavily depends on effective financial management, particularly in maximizing the utilization of cash, receivables, and assets to enhance profitability. This study aims to examine the influence of cash turnover, receivables turnover, and total asset turnover on the profitability of cooperatives, as measured by Return on Assets (ROA) as a financial performance indicator. The research employs a quantitative approach using multiple linear regression analysis, based on secondary data from cooperative financial statements covering the period from 2019 to 2024. The analysis results show that both simultaneously and partially, the three independent variables have a positive and significant effect on profitability. Cash turnover and total asset turnover are the primary determinants in improving ROA, reflecting the importance of efficiency in managing liquidity and productive assets. Meanwhile, although receivables turnover is also significant, it requires strict supervision in the implementation of credit policies to avoid an increase in non-performing receivables. These findings contribute empirical evidence to the literature on cooperative financial management and offer practical implications for cooperative managers in designing financial resource management strategies aimed at improving performance and business sustainability. Therefore, optimizing the management of cash, receivables, and assets should be a strategic priority within cooperative financial systems to withstand increasingly complex and competitive economic dynamics.
Abstract:The growing dominance of impulse buying within TikTok's live streaming commerce, particularly in the Fashion product segment, signifies a transformation in digital consumer behavior influenced by the dynamics of real-time…
e interactivity and incentive-based promotional strategies. This study empirically examines the effects of real-time interactivity and promotion incentive information on impulse buying behavior, with perceived trust serving as a mediating variable that explains the psychological pathway between digital stimuli and spontaneous purchase decisions. Employing a quantitative approach with an associative causal design, data were collected from 231 active TikTok users in Indonesia and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) version 4.0. The analysis reveals that both exogenous variables significantly enhance the tendency for impulsive purchases, both directly and indirectly through the mediation of perceived trust. Responsive real-time interactions and exclusive, time-sensitive promotions effectively foster consumer trust in sellers, which subsequently accelerates unplanned buying behavior. These findings advance theoretical discourse in digital marketing literature by emphasizing the critical integration of interactivity, promotional stimuli, and affective trust mechanisms in shaping purchasing decisions within persuasive and simultaneous digital environments. The practical implications of this study offer strategic insights for businesses, encouraging the optimization of interactive features and promotional tactics to establish credibility and drive instant sales conversions in the context of e-commerce live streaming.