Abstract:The increasing environmental issues, particularly the problem of plastic waste in Indonesia, as well as the gap between awareness and purchasing behavior of environmentally friendly products, have become important phenomena…
ena in this study. This study aims to analyze the effect of green promotion and green packaging on green purchase behavior, as well as to examine the role of environmental knowledge as a mediating variable in Easy Green Unilever products. In this study, data were collected through a survey distributed to users of Easy Green Unilever products in Indonesia, with a total of 400 respondents obtained. The research method employed a descriptive and quantitative approach, using non-probability sampling with a purposive sampling technique. In data processing, this study utilized SmartPLS software. The results indicate that green promotion and green packaging have a positive and significant effect on green purchase behavior. In addition, environmental knowledge is proven to have a significant effect on green purchase behavior and is able to mediate the relationship between green promotion and green packaging on green purchase behavior. The conclusion of this study emphasizes that increasing consumers’ environmental knowledge is a key factor in strengthening the effectiveness of green marketing strategies in encouraging environmentally friendly purchasing behavior.
Abstract:This study aims to analyze strategies for strengthening work culture through the implementation of ethical leadership and servant leadership at PT. Mitsubishi Electric Automotive Indonesia, and to identify the challenges…
and contributions of these two leadership styles to strengthening work culture in the automotive manufacturing industry. This study used a qualitative approach with a single case study method. Data were collected through in-depth interviews with 10 informants consisting of management level, supervisors, and production line employees. Participatory observation was conducted over three weeks, supported by analysis of company documents. Data analysis used direct interview methods and in-depth observation. The results of the study revealed five main implementation strategies: (1) leaders exemplifying ethical behavior; (2) employee empowerment through delegation of authority; (3) developing two-way communication mechanisms; (4) creating a supportive and family-like work environment; and (5) integrating ethical values into the performance management system. The dimensions of family atmosphere and identification with the leader were identified as key success factors in Indonesia's collectivist cultural context. Key challenges include resistance to change, measuring short-term impact, and consistency amidst production pressures. This study recommends integrating ethical values and servant behavior into recruitment systems, developing ethics-based leadership training programs, and designing performance management systems that balance quantitative targets with ethical behavior assessments. This study is the first to integrate ethical leadership and servant leadership within a framework for strengthening work culture in the automotive manufacturing industry, with specifically case study in PT. Mitsubishi Electric Automotive Indonesia and identifies the family atmosphere dimension as a novel finding within a collectivist cultural context.
Abstract:This study aims to analyze and formulate a concept of Islamic legal protection for crypto investors in responding to the dynamics of digital crimes within virtual currency transactions. Departing from the rapid development…
nt of blockchain technology and the recognition of crypto assets as tradable commodities in Indonesia, this research identifies a normative ambiguity between positive law and religious fatwas, particularly concerning the permissibility and legal legitimacy of cryptocurrencies from a sharia perspective. The inherent characteristics of crypto assets-namely volatility, speculative tendencies, and vulnerability to digital crimes such as hacking, fraud, market manipulation, and money laundering-generate significant risks for Muslim investors. Within the framework of fiqh al-muʿāmalāt and maqāṣid al-sharīʿah, especially the principle of ḥifẓ al-māl (protection of wealth), this study asserts that investor protection constitutes not merely a regulatory necessity but an integral dimension of the higher objectives of Islamic law in safeguarding justice, transparency, and economic welfare. Methodologically, this research employs a normative-maqāṣidī approach through an interdisciplinary analysis integrating Islamic jurisprudence, national positive law, and the study of digital financial technology. The focus of the inquiry is directed toward identifying the typologies of digital crimes within the crypto ecosystem, evaluating the effectiveness of national regulations and religious fatwas, and formulating a model of Islamic legal protection that is preventive, corrective, and educational in nature. The expected outcome of this dissertation is the construction of a conceptual framework of ḥimāyah al-mustatsmir (investor protection) grounded in maqāṣid al-sharīʿah, adaptive to the digital era, and strengthened through synergy among the state, financial authorities, and fatwa institutions. Accordingly, this study contributes not only to the advancement of contemporary fiqh al-muʿāmalāt discourse but also offers an applicable normative framework for the development of a secure, equitable, and sustainable sharia-based digital economic system.
Abstract:This research is motivated by the issue of the effectiveness of witness and victim protection within the Indonesian criminal justice system, which is considered not yet to fully reflect the values of restorative justice…
nor to be harmoniously integrated into the framework of the national legal system. Although regulatory frameworks have been established through Law Number 13 of 2006 as amended by Law Number 31 of 2014 concerning the Protection of Witnesses and Victims, as well as various regulations related to whistleblower and justice collaborator protection, their implementation continues to face normative and structural weaknesses. The lack of synchronization between the Criminal Procedure Code (KUHAP), the Draft Criminal Procedure Code (RUU KUHAP), and other sectoral regulations has resulted in the suboptimal role of the Witness and Victim Protection Agency (LPSK) in guaranteeing the rights of witnesses, victims, perpetrator-witnesses, and reporters, particularly in criminal cases with broad and organized impacts. From the perspective of maqāṣid al-syarī‘ah and the Pancasila Justice Theory, legal protection for witnesses and victims should not be merely procedural-formal in nature, but must be directed toward the restoration of dignity, the assurance of security, and the comprehensive protection of human rights. This study aims to analyze the regulatory weaknesses in witness and victim protection from the perspective of the criminal justice system and to reconstruct such regulations based on restorative justice values. Employing a normative legal research paradigm combined with conceptual, statutory, and theoretical approaches, this research positions the Pancasila Justice Theory as the grand theory, the Legal System Theory as the middle theory, and the Legal Protection Theory as the applied theory. The findings indicate that regulatory reconstruction is necessary through strengthening the institutional position of LPSK, harmonizing it with the Draft Criminal Procedure Code (RUU KUHAP), and reinforcing the protection of whistleblowers and justice collaborators in a more comprehensive and non-discriminatory manner. This reconstruction is directed toward establishing a witness and victim protection system oriented toward restoration (restorative justice), balanced interests among the parties, and the realization of social justice as mandated by the values of Pancasila and human rights principles.
Abstract:This study aims to analyze the effect of Quick Ratio (QR), Debt to Asset Ratio (DAR), and Return on Assets (ROA) on firm value as measured by Price to Book Value (PBV) in consumer non-cyclical sector companies listed on…
the Indonesia Stock Exchange during the 2021–2024 period. The consumer non-cyclical sector was selected because it consists of companies producing essential goods with relatively stable demand, making it an important sector in the national economy. This research employed a quantitative approach using secondary data obtained from the annual financial statements of companies listed on the Indonesia Stock Exchange. The sampling technique used purposive sampling, resulting in 196 observations. Data analysis was conducted using multiple linear regression analysis with SPSS software, preceded by classical assumption tests including normality, multicollinearity, heteroscedasticity, and autocorrelation tests. The results show that partially, Quick Ratio has no significant effect on firm value, indicating that short-term liquidity is not the main consideration for investors in assessing company value. Debt to Asset Ratio also has no significant effect on firm value, meaning that the level of debt dependence does not directly determine market valuation. Meanwhile, Return on Assets has a positive and significant effect on firm value, indicating that profitability is the main factor influencing investor confidence and market value. Simultaneously, Quick Ratio, Debt to Asset Ratio, and Return on Assets have a significant effect on firm value. The coefficient of determination (R²) value of 0.510 indicates that 51.0% of firm value variation can be explained by the three independent variables, while the remaining 49.0% is explained by other factors outside this study.
Abstract:This study aims to analyze the effect of liquidity, profitability, and capital structure on firm value in Food and Beverage companies listed on the Indonesia Stock Exchange during 2021–2023. Firm value is proxied by Price…
ice to Book Value (PBV) and Tobin’s Q. Liquidity is measured using Current Ratio (CR) and Quick Ratio (QR), profitability is measured using Return on Assets (ROA) and Return on Equity (ROE), while capital structure is measured using Debt to Asset Ratio (DAR) and Debt to Equity Ratio (DER). This research employed a quantitative approach using secondary data obtained from annual financial reports of Food and Beverage companies listed on the Indonesia Stock Exchange The sampling technique used in this study was purposive sampling, with a sample size of 38 companies. Data were analyzed using multiple linear regression with classical assumption tests, t-test, F-test, and coefficient of determination (R²). The results show that CR has a positive and significant effect on PBV and Tobin’s Q. QR has a negative and significant effect on PBV, but no significant effect on Tobin’s Q. ROA has a positive and significant effect on both PBV and Tobin’s Q. ROE has a positive and significant effect on PBV, but a negative and significant effect on Tobin’s Q. DAR has a negative and significant effect on PBV, but no significant effect on Tobin’s Q. DER has no significant effect on both proxies of firm value. Simultaneously, liquidity, profitability, and capital structure significantly affect firm value. These findings indicate that firm value is determined by the combined role of financial stability, profitability, and financing decisions.
Abstract:This study aims to analyze the effect of capital structure on firm value with profitability as a moderating variable in consumer non-cyclical sector companies listed on the Indonesia Stock Exchange during 2021–2024. Capital…
pital structure was measured using Debt to Asset Ratio (DAR) and Debt to Equity Ratio (DER), firm value was proxied by Price to Book Value (PBV), while profitability was measured using Return on Assets (ROA). This research applied a quantitative approach using secondary data obtained from annual financial reports. The sample consisted of 154 observations selected through purposive sampling. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA) with SPSS software. The results show that DAR has a positive and significant effect on firm value, while DER has a negative but insignificant effect on firm value. Simultaneously, DAR and DER significantly affect firm value. Furthermore, profitability (ROA) is proven to strengthen the relationship between DAR and firm value as well as between DER and firm value. These findings indicate that an optimal capital structure supported by strong profitability can increase firm value. Therefore, companies should maintain a balanced financing composition and improve profitability to enhance market valuation.
Abstract:This study aims to analyse the administration of fasakh judgments in the dissolution of Muslim marriages in Indonesia and Malaysia, with specific attention to the legal bases, registration procedures, and issuance of divorce…
orce documents. This issue is significant because the dissolution of marriage does not end with a court judgment. It continues through administrative registration, which determines the legal status of the parties after divorce. This study adopts a qualitative approach with a documentation-based comparative case study design. Data were collected through an examination of statutory regulations, judicial technical guidelines, official service procedures, institutional documents, and administrative information applicable to the Religious Courts in Indonesia, as well as the Syariah Courts and State Islamic Religious Departments in Malaysia. This study does not involve interviews or participants because its focus is directed toward the objective mapping of applicable administrative procedures. The data were analysed using a comparative thematic approach by grouping the findings into three main themes: the legal basis of judicial authority, post-judgment registration procedures, and the forms of divorce documents issued. The findings show that Indonesia integrates the issuance of divorce certificates into the administration of the Religious Courts, whereas Malaysia places the issuance of Islamic divorce certificates within the institutional relationship between the Syariah Courts and the State Islamic Religious Departments. These findings affirm that fasakh is not merely a juristic concept or a ground for marital dissolution, but also forms part of the legal documentation system of Islamic family law. This study contributes to the development of comparative Islamic family law scholarship and provides a basis for mapping Muslim divorce administration policies in both countries.
Abstract:This study aims to examine the effect of the Current Ratio (CR) and Debt to Equity Ratio (DER) on stock returns, with the exchange rate as a moderating variable, in retail sub-sector companies listed on the Indonesia Stock…
ck Exchange during the 2019–2023 period. This research employed a quantitative approach using secondary data obtained from annual financial reports and stock price data. The sampling technique used purposive sampling, resulting in 25 companies with 125 observations. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA). The results indicate that the Current Ratio has a negative and significant effect on stock returns, meaning that excessively high liquidity tends to reduce stock returns. Debt to Equity Ratio also has a negative and significant effect on stock returns, indicating that higher leverage increases financial risk and lowers investor confidence. Simultaneously, Current Ratio and Debt to Equity Ratio significantly affect stock returns. However, the exchange rate has no effect on stock returns. Furthermore, the exchange rate is unable to moderate the relationship between Current Ratio and stock returns, as well as between Debt to Equity Ratio and stock returns. These findings imply that internal company factors, particularly liquidity management and capital structure, are more dominant in influencing stock returns than external macroeconomic factors such as exchange rate fluctuations. Therefore, investors are advised to pay closer attention to financial fundamentals when making investment decisions in the retail sector.
Abstract:Infrastructure management in outermost border islands is not only a matter of physical development, but also a strategic issue related to sovereignty, community welfare, connectivity and national defence. This article examines…
amines infrastructure management on Miangas Island, one of Indonesia’s northernmost outer islands bordering the Philippines. Although Miangas already has several basic and strategic infrastructures, including roads, an airport, a port, electricity facilities, clean water sources, telecommunications, health facilities and security infrastructure, these assets have not yet functioned as an integrated and reliable system. The main problem is therefore not the absence of infrastructure, but the gap between physical availability and functional performance. This study uses a qualitative descriptive-analytical approach based on field observation, semi-structured interviews and document review. Data were analysed using the Miles and Huberman model, supported by STEEP+M and SWOT analysis. The findings show that infrastructure management in Miangas is influenced by three main indicators: infrastructure availability and quality, connectivity and accessibility, and infrastructure sustainability. Internally, Miangas has strengths in its strategic geography, existing infrastructure assets, state institutional presence, social cohesion and strong national identity. However, these strengths are constrained by weak service quality, limited maintenance, unstable connectivity, a fragile local economy and inadequate maritime surveillance. Externally, Miangas benefits from national legal support, strategic policy status and Indonesia–Philippines cooperation, but faces threats from cross-border dependence, illegal fishing, border violations, environmental pressure and geopolitical sensitivity. The SWOT analysis places Miangas in the WO quadrant, meaning that external opportunities should first be used to overcome internal weaknesses. This article proposes the Civil-Military Corridor Resilience Model as an integrated framework that connects public services, logistics, energy, local markets, maritime security and territorial defence in one border resilience system.