Abstract:This study aims to analyze stock market reactions to Cum-Ex Dividend announcements for companies listed on the Indonesia Stock Exchange (IDX) in 2024. Market reactions were measured through abnormal returns and stock trading…
ding volume before and after Cum-Ex Dividend announcements. This study was motivated by differences in investor behavior in responding to dividend distribution information, which is regarded as a positive signal for the market. The research employed a comparative quantitative method with an event study approach. The sampling technique used was purposive sampling. Secondary data were obtained from the Indonesia Stock Exchange, comprising a sample of 88 issuers that distributed cash dividends. Research variables consisted of stock prices and stock trading volume. Data analysis was performed using dummy regression and the Wilcoxon Signed Rank Test with EViews 12 software. The results showed that the majority of issuers (81.82%) experienced significant market reactions to the Cum-Ex Dividend announcement. A total of 56.82% of issuers showed significant negative reactions consistent with the dividend drop theory, while 25% showed significant positive reactions, indicating that investors viewed dividends as a positive signal for company prospects. Meanwhile, 18.18% of issuers showed no significant reaction to dividend announcements. This study demonstrates that Cum-Ex Dividend announcements affect abnormal returns and stock trading volume, thus providing a basis for investor consideration in making investment decisions in the capital market.
Abstract:Steamed sponge cake (bolu kukus) is a widely consumed traditional snack in Indonesia; however, its reliance on refined wheat flour limits its micronutrient and dietary fiber density. Incorporating composite flours from indigenous…
ndigenous crops, such as tropical pumpkin (Cucurbita moschata) and green pea (Vigna radiata L.), offers a promising strategy for nutritional fortification and dietary diversification. This study aimed to evaluate the proximate composition, sensory acceptability, statistical differences, and production cost feasibility of steamed sponge cakes formulated with varying proportions of pumpkin and green pea flours as partial replacements for refined wheat flour. An experimental design was applied using three formulations: AF09 (Control: 100% wheat flour), BW91 (10% pumpkin flour, 20% green pea flour), and CB88 (15% pumpkin flour, 15% green pea flour). Proximate testing measured moisture, ash, protein, fat, crude fiber, and total carbohydrates (by difference). Sensory acceptance (color, aroma, taste, and texture) was evaluated by 50 semi-trained panelists using a hedonic scale. Data were analyzed non-parametrically using Kolmogorov-Smirnov, Kruskal-Wallis, and post-hoc Mann-Whitney tests. All formulations complied with the Indonesian National Standard (SNI 01-3840-1995) for moisture (31.69%–33.74%), total ash (0.66%–1.05%), crude protein (5.80%–6.65%), and crude fat (1.64%–2.82%). Formula CB88 achieved the highest crude fiber content (0.69%) and lower total energy density (269.88 kcal/100 g). Kruskal-Wallis testing indicated statistically significant differences (p<0.05) among formulations for color, taste, and texture, while aroma exhibited no significant variation (p=0.672). Formula CB88 emerged as the optimal treatment, receiving superior sensory acceptance ratings for color (90% liked) and crumb softness (88% liked) driven by natural β-carotene and pectin-moisture gelation. Production cost analysis demonstrated high economic feasibility for CB88 at IDR 3,374 per 55 g serving. Partial substitution with 15% pumpkin flour and 15% green pea flour (Formula CB88) yields a nutrient-dense, fiber-enriched, and cost-effective functional snack suitable for targeted school nutrition and dietary diversification programs.
Abstract:This study aims to examine the effect of profitability, liquidity, and leverage on tax aggressiveness in health sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2022–2025. Tax aggressiveness is…
is measured using the GAAP Effective Tax Rate (GAAP ETR), while profitability is proxied by Return on Assets (ROA), liquidity by the Current Ratio (CR), and leverage by the Debt to Equity Ratio (DER). A quantitative research method with descriptive and verificative approaches is employed. The population consists of 38 health sector companies, from which 11 companies are selected as samples through purposive sampling, yielding 44 firm-year observations. Data analysis is performed using panel data regression with the Fixed Effect Model (FEM) estimated through EViews 12. The results show that: (1) profitability does not significantly affect tax aggressiveness (prob. = 0.1023 > 0.05); (2) liquidity does not significantly affect tax aggressiveness (prob. = 0.4822 > 0.05); (3) leverage significantly affects tax aggressiveness (prob. = 0.0424 < 0.05); and (4) profitability, liquidity, and leverage simultaneously affect tax aggressiveness (prob. F-statistic = 0.0006 < 0.05), with an Adjusted R-squared of 0.48 or 48%. These findings suggest that debt financing structure plays a critical role in corporate tax planning decisions within the Indonesian health sector.
Abstract:This study aims to analyze the effect of perceived accessibility, merchant sales promotion, and pain of paying on impulsive buying among Generation Z QRIS users in Manado City, both partially and simultaneously. This research…
earch is motivated by the rapid growth of QRIS usage in Indonesia, which reached a transaction value of IDR 317 trillion with more than 57 million active users in the second quarter of 2025, alongside the increasing phenomenon of unplanned purchasing behavior among Generation Z as the primary users of this digital payment technology. This study employs a quantitative approach with a causal design (explanatory research). The theoretical foundations used are the Stimulus-Organism-Response (S-O-R) Theory and Mental Accounting Theory. The study population consists of Generation Z QRIS users in Manado City, with a sample of 100 respondents determined using the Lemeshow formula and purposive sampling technique. Data were collected through a questionnaire measured using a Likert Scale. The analysis technique employed is multiple linear regression using IBM SPSS 27 software, encompassing validity tests, reliability tests, classical assumption tests, F-test, t-test, and coefficient of determination (R²) test. The results indicate that: (1) Perceived accessibility has a positive and significant effect on impulsive buying (t = 2.176; Sig. = 0.032); (2) Merchant sales promotion has a positive and significant effect on impulsive buying (t = 2.279; Sig. = 0.025); (3) Pain of paying has a positive and significant effect on impulsive buying and is the most dominant variable (t = 3.150; Sig. = 0.002; β = 0.314); (4) Simultaneously, all three variables have a positive and significant effect on impulsive buying (F = 9.972; Sig. < 0.001). The coefficient of determination (R²) of 0.238 indicates that the three independent variables explain 23.8% of the variation in impulsive buying, while the remaining 76.2% is influenced by other factors outside this research model.
Abstract:Handwashing with soap is one of the most effective public health measures for preventing gastrointestinal and respiratory infections among children. However, despite ongoing health education efforts, many children still…
do not perform proper handwashing techniques. Interactive educational approaches, such as demonstration methods combined with songs, may enhance children's practical skills more effectively than conventional instruction. This study aimed to determine the effect of health education using a demonstration method on handwashing with soap skills among children in the BTN AL community, Entrop Subdistrict, South Jayapura District. A quantitative study with a one-group pretest-posttest pre-experimental design was conducted involving 20 child participants selected through total sampling. The intervention consisted of a live demonstration of the WHO six-step handwashing technique accompanied by a modified version of the children's song Naik Becak. Participants' handwashing skills were assessed before and after the intervention using the WHO Standard Hand Hygiene Observation Checklist. Data were analyzed using the Wilcoxon Signed-Rank Test. The findings demonstrated a significant improvement in children's handwashing skills following the intervention. Before receiving health education, most participants were unable to perform the recommended handwashing procedure correctly. After the intervention, 18 participants (90%) successfully demonstrated all six handwashing steps independently, while only two participants (10%) still required assistance. Statistical analysis showed a significant difference between pretest and posttest scores (p < 0.001). The study concludes that health education delivered through a demonstration method combined with a modified children's song effectively improves handwashing with soap skills among children. This approach may serve as an innovative and engaging strategy for promoting healthy hygiene behaviors in early childhood.
Abstract:This study aims to analyze the effect of the implementation of financial measurement instruments and quantification methods on the quality of financial performance assessment of Micro, Small, and Medium Enterprises (MSMEs)…
s) in Ambon City. The study employed a quantitative approach using a survey method through the distribution of questionnaires to 60 MSME owners in Ambon City. The data analysis techniques included validity testing, reliability testing, classical assumption testing, multiple linear regression analysis, t-test, F-test, and coefficient of determination (R²) analysis using the Statistical Package for Social Sciences (SPSS). The results indicate that the implementation of financial measurement instruments does not have a significant effect on the quality of MSME financial performance assessment, with a significance value of 0.209 > 0.05. Meanwhile, quantification methods have a positive and significant effect on the quality of MSME financial performance assessment, with a significance value of 0.000 < 0.05. Simultaneously, the implementation of financial measurement instruments and quantification methods significantly affects the quality of MSME financial performance assessment, as indicated by a significance value of 0.000 < 0.05. The coefficient of determination (R²) is 0.797, indicating that 79.7% of the variation in the quality of MSME financial performance assessment can be explained by the two independent variables, while the remaining 20.3% is influenced by other factors outside the research model.
Abstract:constrained by limited buyer options, price-information gaps, high distribution costs, inadequate storage facilities, and fragmented product flows. This study examines the effects of market access and logistics efficiency…
y on the competitiveness of salt farmers. A quantitative explanatory survey was conducted with 100 active salt farmers. The three constructs were measured using a five-point Likert-scale questionnaire and analyzed through multiple linear regression. Market access had a positive and statistically significant effect on competitiveness (p < 0.05), indicating that broader buyer networks, timely price information, alternative marketing channels, and stronger negotiating opportunities improve farmers’ ability to reach markets and sustain sales. Logistics efficiency also had a positive and significant effect (p < 0.05); reliable transportation, lower distribution costs, appropriate storage, proper handling, and shorter delivery times help preserve quality and reduce avoidable losses. The simultaneous test confirmed that both variables jointly affected competitiveness (p < 0.05). These findings indicate that increasing production alone is insufficient when farmers cannot reach profitable markets through efficient product flows. Collective marketing, transparent market information, shared storage, coordinated transportation, and direct relationships with processing industries are therefore essential for strengthening farmers’ bargaining power and market performance
Abstract:The increasing demand for corporate transparency in sustainability practices, the development of ESG reporting regulations in Indonesia, and the persistent issues of credibility in disclosures such as greenwashing and inconsistent…
consistent information quality indicate that Environmental, Social, and Governance (ESG) disclosures are not always perceived positively by the market. This condition is important because ESG disclosures that are not supported by substantive implementation may be viewed as an additional cost, risk, or merely a form of compliance, which in turn may reduce firm value. Therefore, this study aims to analyze the effect of environmental disclosure, social disclosure, and governance disclosure on firm value by incorporating independent commissioners as a moderating variable. Firm value is measured using Tobin’s Q because it reflects market valuation of the company’s performance and growth prospects. The sample consists of companies included in the SRI-KEHATI index during the 2020–2024 period, with a total of 227 unbalanced panel observations analyzed using panel data regression. The results show that environmental disclosure, social disclosure, and governance disclosure have a negative and significant effect on firm value. Independent commissioners are able to weaken the negative effect of environmental disclosure and governance disclosure on firm value, but they are unable to moderate the relationship between social disclosure and firm value. These findings suggest that ESG disclosure in sustainability-oriented companies is not yet fully perceived as a value-creating factor when it is not supported by convincing implementation quality. Practically, these findings are intended to encourage companies not only to increase the extent of ESG disclosure, but also to strengthen the substantive implementation and supervisory role of independent commissioners to enhance the credibility of sustainability information
Abstract:Employee retention has become a critical concern for organizations because high employee turnover can reduce organizational productivity, increase recruitment and training costs, and negatively affect overall organizational…
nal performance. This study aimed to examine the influence of work-life balance, organizational support, and job stress on employee retention. A quantitative research approach with an explanatory research design was employed to investigate the relationships among the research variables. Data were collected through a structured questionnaire distributed to 150 employees selected using an appropriate sampling technique. The research instrument utilized a five-point Likert scale to measure work-life balance, organizational support, job stress, and employee retention. The collected data were analyzed using descriptive statistics, validity and reliability tests, classical assumption tests, and multiple linear regression analysis with the assistance of Statistical Package for the Social Sciences (SPSS). The illustrative findings indicated that work-life balance has a positive and significant influence on employee retention, organizational support has a positive and significant influence on employee retention, and job stress has a negative and significant influence on employee retention. Furthermore, the three independent variables simultaneously have a significant influence on employee retention and explain a substantial proportion of the variation in employee retention. Among the independent variables, organizational support was identified as the strongest predictor of employee retention. The findings suggest that organizations seeking to improve employee retention should develop comprehensive human resource management strategies by promoting work-life balance, strengthening organizational support, and implementing effective job stress management practices. Such initiatives are expected to enhance employee well-being, increase organizational commitment, reduce turnover intentions, and contribute to long-term organizational sustainability
Abstract:The effectiveness of local economic policy is essential for promoting sustainable regional development and improving community welfare. However, citizens' perceptions of policy effectiveness are influenced not only by policy…
licy outcomes but also by the quality of governance practices implemented by local governments. This study aimed to examine the influence of policy transparency, public participation, bureaucratic responsiveness, service quality, and public trust on the perceived effectiveness of local economic policy. A quantitative research approach with an explanatory research design was employed. Primary data were collected through a structured questionnaire distributed to 200 respondents selected using purposive sampling. The collected data were analyzed using the Statistical Package for the Social Sciences (SPSS), including descriptive statistics, validity and reliability tests, classical assumption tests, multiple linear regression analysis, the coefficient of determination (R²), t-tests, and F-tests. The results revealed that all measurement instruments were valid and reliable, and the data satisfied the assumptions required for multiple linear regression analysis. The findings indicated that policy transparency, public participation, bureaucratic responsiveness, service quality, and public trust each have a positive and significant influence on the perceived effectiveness of local economic policy. Furthermore, the F-test demonstrated that all independent variables simultaneously have a significant effect on the dependent variable. Among the five predictors, public trust was identified as the strongest determinant of perceived policy effectiveness. The study concludes that strengthening good governance practices through transparency, citizen participation, responsive bureaucracy, high-quality public services, and institutional trust can substantially improve public perceptions of local economic policy effectiveness. These findings provide practical implications for local governments in designing and implementing more effective, accountable, and citizen-oriented economic policies