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:This study examines the resolution of non-performing financing in Islamic financial institutions, which have experienced significant growth but are confronted with increasing risks of non-performing financing (NPF) that…
may undermine institutional stability and public trust. The research problem focuses on the suboptimal mechanisms for resolving problematic financing, the existence of a gap between legal norms and their practical implementation, and the lack of integration of philosophical approaches within the framework of Islamic economic law. This study aims to analyze resolution mechanisms from the perspective of Islamic economic law, identify the factors contributing to the normative–practical gap, and formulate a more comprehensive and equitable resolution model. The method employed is normative juridical, utilizing statutory and case approaches, with secondary data analyzed qualitatively through deductive reasoning. The findings indicate that the resolution of non-performing financing is still predominantly characterized by restructuring measures that are administrative in nature and fail to address root causes, while litigation pathways remain relatively ineffective due to procedural and substantive constraints. The disparity between legal norms and practice suggests that legal implementation has not fully reflected the principles of substantive justice. The study concludes by emphasizing the necessity of reconstructing resolution mechanisms through the integration of normative, empirical, and philosophical dimensions. The novelty of this research lies in the development of a maqāṣid al-sharī‘ah-based resolution model that offers a holistic approach oriented toward justice, public welfare, and the balance of interests, thereby providing more effective, contextual, and sustainable solutions within the Islamic financial system in Indonesia.
Abstract:Chronic pain represents a major global health burden and often remains resistant to conventional pharmacological treatment, prompting the exploration of alternative therapeutic strategies. Electroencephalographic (EEG) neurofeedback…
eurofeedback has emerged as a non-invasive neuromodulatory intervention that enables patients to self-regulate brain activity and potentially alleviate persistent pain symptoms. This systematic review addresses the research problem of inconsistent evidence regarding the clinical efficacy and underlying mechanisms of EEG-based neurofeedback for chronic pain management in adults. A comprehensive analysis of 80 studies involving adults with chronic pain lasting at least three months was conducted, examining neurofeedback protocols, clinical pain outcomes, neurophysiological changes, secondary benefits, and methodological quality. Findings revealed heterogeneous results, with several studies reporting statistically significant and clinically meaningful pain reduction, particularly in conditions such as chemotherapy-induced neuropathy, fibromyalgia, and chronic back pain. Observed neurophysiological changes, including increased alpha power and modified connectivity in pain-related brain regions, were sometimes associated with clinical improvement, alongside reported benefits in sleep quality, mood, and overall well-being. However, evidence from sham-controlled randomized trials showed no significant differences between intervention and control groups, highlighting methodological limitations and challenges in blinding procedures. The review concludes that EEG neurofeedback is a safe and feasible intervention with potential therapeutic value for chronic pain, although current evidence remains inconsistent. The novelty of this study lies in its integrative evaluation of clinical outcomes, neurophysiological mechanisms, and protocol-specific effects, while emphasizing the need for personalized approaches, biomarker identification, and rigorous experimental designs to clarify efficacy and optimize treatment implementation.
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: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:Stock prices represent the market’s consensus regarding the fair value of a business entity, formed through a rational assessment of both financial and non-financial information. Within the frameworks of signaling theory…
ry and market efficiency, financial ratios serve as fundamental indicators reflecting a company's ability to generate profit, manage assets, and maintain short-term liquidity stability. When the market faces systemic disruptions, such as the COVID-19 pandemic, and transitions toward post-pandemic normalization, investor sensitivity to internal indicators tends to increase due to heightened external uncertainty. Consequently, a deep understanding of the internal determinants of stock prices becomes increasingly critical for data-driven investment decision-making. This study aims to empirically examine the effect of the Current Ratio (CR), Return on Assets (ROA), and Total Asset Turnover (TATO) on stock prices, both partially and simultaneously, in companies listed on the Indonesia Stock Exchange (IDX) during the 2020-2024 period. A quantitative approach was employed, using a descriptive-verificative design and secondary data drawn from audited financial statements and annual closing stock prices. The sample consisted of 91 companies selected through purposive sampling, and the data were analyzed using multiple linear regression with SPSS version 27. The analysis results indicate that all three independent variables have a positive and significant impact on stock prices, both individually and collectively. This study contributes to the capital market literature by highlighting the relevance of financial ratios in explaining stock price fluctuations in the post-pandemic period, a topic that remains underexplored in the context of developing countries.
Abstract:Muhammadiyah University of Bengkulu (UMB) has great potential to develop into an environmentally friendly and sustainable Green Campus. This study aims to analyze the existing conditions of the campus, identify challenges…
s and opportunities, and formulate appropriate development strategies to create a greener campus. The research methods used include surveys, in-depth interviews, secondary data analysis, and field observations to gain a comprehensive understanding of the current situation. The findings of the study indicate that UMB faces several challenges, including the limited green open space, which only covers 15% of the total campus area, suboptimal waste management, and the low awareness of the academic community regarding environmental sustainability issues. However, there are several opportunities that can be leveraged, such as the utilization of renewable energy technologies, government policies that increasingly support environmentally friendly initiatives, and the potential for collaboration with external partners from both the private sector and government institutions. The proposed development strategy focuses on five main aspects. First, increasing the campus’s green open space to 30% of the total campus area. Second, the implementation of renewable energy, such as the installation of solar panels, to reduce dependence on fossil fuels. Third, waste management based on technology to effectively recycle waste. Fourth, the application of digital-based environmental education to raise awareness among the academic community. Fifth, maximizing student participation in sustainability activities. This strategy aims to reduce carbon footprints, improve resource efficiency, and create a campus ecosystem that supports the Sustainable Development Goals (SDGs).
Abstract:Trade is one of the crucial elements in a country's economy, playing a vital role in supporting regional and national economic growth. Through trade, a region can meet its needs and distribute its production to other areas,…
as, both domestically and internationally. Southeast Sulawesi Province, as one of the regions on the island of Sulawesi, has great potential in trade, particularly in the agricultural and industrial sectors. This province has made a significant contribution to the country's foreign exchange reserves through export and import activities. This study aims to analyze the development of trade in Southeast Sulawesi Province, focusing on the export-import performance and the region's main commodities. The method used is descriptive, utilizing secondary data obtained from the Central Statistics Agency (BPS). The results show that in 2024, Southeast Sulawesi experienced a trade surplus, where the value of exports exceeded the value of imports. The largest surplus was recorded in January 2024, amounting to 256.38 million US dollars. Three major commodities contribute significantly to the province's trade, namely cloves with a transaction value of IDR 480.74 billion, cocoa at IDR 248.74 billion, and cashew nuts at IDR 230.75 billion. These three commodities not only serve as flagship products for the local economy but also have a positive impact on the national economy. The findings of this study suggest that with proper management, the trade potential of Southeast Sulawesi can continue to grow, contributing even more to Indonesia's overall economy.
Abstract:The rapid development of globalization compels companies to enhance the quality of their products and services to compete in the market. The primary goal of companies is to maximize corporate value, which reflects the well-being…
ll-being of shareholders and attracts investors’ interest. Corporate value is often gauged by the stock price in the capital market, making it crucial for companies to plan sound financial strategies. This research focuses on the banking sector listed on the Indonesia Stock Exchange (IDX) from 2021 to 2023, evaluating the influence of investment policy, dividend policy, and profitability on corporate value. The study employs a descriptive quantitative method using secondary data from the companies’ financial reports. Multiple linear regression analysis is used to assess the relationships between these variables. The results indicate that investment policy and profitability have a positive but not significant effect on corporate value, while dividend policy has a significant positive impact. Corporate value is also affected by stock price fluctuations, which are often inconsistent. These findings affirm that dividend policy is a crucial factor in enhancing corporate value, while investment policy and profitability, although important, do not have a significant impact within the study period. Overall, these independent variables collectively have a significant influence on corporate value in the banking sector on the IDX. This research provides insights for company management in formulating effective strategies to increase corporate value.
Abstract:This study aims to identify and analyze the framing used by BatamPos.co.id and BatamNews.co.id in their coverage of Amsakar Achmad as a candidate for Mayor of Batam, compare the framing employed by these two media outlets,…
ets, and assess the impact of such framing on public perception. This qualitative research utilizes framing analysis based on framing theory. Primary data consists of news articles from BatamPos.co.id and BatamNews.co.id published during the period of May-June 2024. Secondary data is derived from literature related to framing theory and previous studies. Data collection was conducted through purposive sampling, and analysis was performed by identifying main themes, categorizing the news coverage, and evaluating the impact of framing on public perception. The analysis reveals that the framing of news about Amsakar Achmad on BatamPos.co.id tends to emphasize strong political support, popularity, and Amsakar’s concrete visions and programs. In contrast, BatamNews.co.id focuses more on Amsakar’s direct interactions with the public, local community support, and political communication. Both media construct a positive image of Amsakar, albeit with different approaches. BatamPos.co.id creates the perception that Amsakar is a strong candidate with solid political backing and a clear plan for Batam’s progress, while BatamNews.co.id portrays Amsakar as a leader who is close to the people, adaptive, and collaborative. This research provides insights into how media framing can influence public perception of political candidates.