Abstract:This study examines the effects of the Dow Jones Industrial Average (DJIA), world gold prices, world oil prices, and the rupiah exchange rate on the Composite Stock Price Index (CSPI) in Indonesia. The study uses monthly…
secondary data from January 2015 to December 2025, comprising 132 observations. CSPI data were obtained from the Indonesia Stock Exchange, DJIA, gold price, and oil price data were obtained from Investing.com, while exchange rate data were sourced from Bank Indonesia. The analysis employed the two-step Engle-Granger Error Correction Model (EG-ECM) to identify long-run relationships and short-run adjustment dynamics. The long-run results show that gold prices, world oil prices, and the DJIA have positive and significant effects on the CSPI, whereas the rupiah exchange rate has a negative but insignificant effect. In the short run, the exchange rate has a negative and significant effect on the CSPI, while gold prices, oil prices, and the DJIA have positive and significant effects. The Error Correction Term coefficient of -0.1325 is negative and significant, indicating that approximately 13.25% of short-run disequilibrium is corrected each month toward long-run equilibrium. These findings imply that investors and policymakers should closely monitor global market conditions, commodity price movements, and exchange rate volatility to support investment decisions and maintain Indonesian capital market stability
Abstract:This study aims to analyze the influence of paid social media advertising and the quality of digital marketing content on the purchase decision of the BuatMudah e-course, both directly and indirectly through customer trust…
st as a mediating variable. The background of this study is based on the decline and fluctuations in BuatMudah e-course sales amidst the growth of the EdTech industry and increasing competition in the educational market for content creators. This study used a quantitative approach with a survey method. Primary data were obtained by distributing questionnaires to 355 BuatMudah e-course customers. The research instrument was designed based on indicators of paid social media advertising, digital marketing content quality, customer trust, and purchase decisions. Data were analyzed using Structural Equation Modeling (SEM) and the Sobel test to examine the mediating role. The results show that paid social media advertising has a positive and significant effect on customer trust, with a path coefficient of 0.72 and a calculated t-value of 16.17. The quality of digital marketing content also has a positive and significant effect on customer trust, with a path coefficient of 0.75 and a calculated t-value of 14.41. Furthermore, paid social media advertising had a positive and significant effect on purchasing decisions with a path coefficient of 0.25 and a calculated t-value of 4.35. Meanwhile, the quality of digital marketing content had a positive and significant effect on purchasing decisions with a path coefficient of 0.14 and a calculated t-value of 2.31. Customer trust was shown to have a positive and significant effect on purchasing decisions with a path coefficient of 0.39 and a calculated t-value of 5.03. The Sobel test results indicate that customer trust mediates the effect of paid social media advertising on purchasing decisions and also mediates the effect of digital marketing content quality on purchasing decisions. Thus, purchasing decisions for the BuatMudah e-course are determined not only by advertising effectiveness and content quality, but also by the ability of these two digital marketing stimuli to build customer trust.
Abstract:This study examines service quality and social media marketing activities as determinants of revisit intention, with customer satisfaction as an intervening variable at Flui Restaurant & Cafe Bogor. The research was motivated…
vated by the decline in customer visits despite the restaurant’s strategic location, unique waterfall concept, and active social media promotion. A quantitative explanatory approach was applied using a cross-sectional survey of 400 customers who had visited Flui Restaurant & Cafe Bogor. Data were collected through a structured questionnaire using a five-point Likert scale and analyzed using Structural Equation Modeling with LISREL 8.80. The results show that service quality has a positive and significant effect on customer satisfaction and revisit intention. Social media marketing activities also have a positive and significant effect on customer satisfaction and revisit intention. Furthermore, customer satisfaction significantly influences revisit intention and partially mediates the relationship between service quality and revisit intention, as well as between social media marketing activities and revisit intention. These findings indicate that increasing revisit intention requires an integrated strategy involving consistent service quality, interactive social media marketing, and customer satisfaction improvement
Abstract:This study examines the influence of price perception and online promotion on brand awareness and its implication for purchase decision for KaiaMuslimWear kurta products. The issue addressed in this study is the need for…
KaiaMuslimWear to strengthen its competitive position in the Muslim fashion market, particularly in the men’s kurta category, where consumers are exposed to various product alternatives, competitive prices, and intensive digital promotion. This study used a quantitative approach with a descriptive and verificative design. Data were collected through an online questionnaire distributed to 200 KaiaMuslimWear consumers and analyzed using SPSS 27 and LISREL 8.80 with Structural Equation Modeling. The results show that price perception and online promotion have positive and significant effects on brand awareness and purchase decision. Brand awareness also has a positive and significant effect on purchase decision. Furthermore, brand awareness significantly mediates the effect of price perception and online promotion on purchase decision. These findings indicate that purchase decision is shaped through an integrated process involving perceived price fairness, online promotional effectiveness, and consumer awareness of the brand.
Abstract:This study aims to examine the effect of product quality, brand image, and promotion on customer loyalty at Rumah Tempe in Pontianak City. A quantitative approach with an associative research design was used. The sample…
consisted of 100 Rumah Tempe customers selected through purposive sampling, with the criteria of being at least 17 years old, having made purchases independently, and having purchased the product at least twice. Data were collected through questionnaires using a five-point Likert scale, supported by interviews and documentation. The data were analyzed using multiple linear regression, preceded by validity, reliability, and classical assumption tests. The results show that product quality, brand image, and promotion have positive and significant effects on customer loyalty, both partially and simultaneously. Among the three variables, promotion has the strongest influence, indicating that effective promotional activities play an important role in encouraging repeat purchases and customer recommendations. These findings imply that Rumah Tempe should consistently maintain product quality, strengthen its brand image, and optimize promotional strategies to increase customer loyalty in the competitive local snack food market.
Abstract:This study analyzes the dividend policy of PT Telkom Indonesia (Persero) Tbk (TLKM) during the 2020–2025 period using a quantitative descriptive approach and a longitudinal case study based on secondary data from audited…
ed financial reports. The variables analyzed include Dividend Per Share (DPS), Earnings Per Share (EPS), Dividend Payout Ratio (DPR), Dividend Yield, and Free Cash Flow (FCF), with trend analysis using the Compound Annual Growth Rate (CAGR). The results show that DPS grows 6.05% per year, higher than EPS of 1.87%, resulting in DPR increasing from 80.00% to 93.95% in 2024. Nevertheless, strong and stable operating cash flow ensures that dividends remain supported by FCF, so there is no indication of financial distress. However, the increasing FCF-to-dividend ratio indicates the company's increasingly limited reinvestment space. The decline in net profit of 20.48% in 2025 also increases the risk of dividend policy sustainability. Furthermore, the increase in dividend yield was more influenced by stock price declines than dividend growth. This finding suggests that SOE dividend stability reflects not only fundamental performance but also institutional pressure from the government as the controlling shareholder, supporting the relevance of Agency Theory and Catering Theory in explaining dividend policy of state-owned enterprises in emerging markets
Abstract:This study aims to examine the role of competition law in regulating corporate conduct, protecting consumers, and enhancing economic efficiency in contemporary market economies. Amid increasing market concentration, digital…
tal platform dominance, and the emergence of data-driven business models, competition law has become an essential regulatory instrument for ensuring fair competition, safeguarding consumer interests, and promoting sustainable economic development. This study employs a Systematic Literature Review (SLR) based on the PRISMA 2020 framework. Relevant literature was systematically collected from six major academic databases, namely Scopus, Web of Science, ScienceDirect, SpringerLink, Emerald Insight, and Taylor & Francis Online. The review process included identification, screening, eligibility assessment, and inclusion stages. A total of 78 peer-reviewed articles published between 2015 and 2025 were selected and analyzed using thematic synthesis techniques. The findings reveal that competition law performs four interconnected functions. First, it serves as a regulatory mechanism that shapes corporate behavior and prevents anticompetitive practices, including monopolization, cartel agreements, price-fixing, and abuse of dominant positions. Second, competition law enhances consumer welfare by promoting competitive prices, product quality, innovation, and consumer choice. Third, effective competition policy contributes to allocative, productive, and dynamic efficiency, thereby supporting long-term economic growth. Fourth, digital markets introduce new challenges associated with data concentration, platform dominance, network effects, and algorithmic pricing, requiring adaptive regulatory frameworks and strengthened institutional capacity.This study contributes to the literature by integrating Economic Efficiency Theory, Consumer Welfare Theory, Competition Policy Theory, and Regulatory Governance Theory into a comprehensive analytical framework that explains the relationship between competition law, corporate conduct regulation, consumer protection, and economic efficiency.The findings provide policy recommendations for competition authorities and governments, particularly in developing economies, regarding digital competition governance, institutional strengthening, cross-border enforcement cooperation, and data-driven market regulation.Unlike previous studies that focus on isolated dimensions of competition law, this research offers a holistic synthesis of legal, economic, consumer welfare, and governance perspectives. It further highlights how competition law can address emerging challenges in the digital economy while simultaneously promoting consumer protection and economic efficiency.
Abstract:Environmental, Social, and Governance (ESG) branding has become increasingly important in strengthening stakeholder relationships and corporate legitimacy, particularly in emerging economies characterized by institutional…
l uncertainty and diverse stakeholder expectations. However, limited studies have comparatively examined how ESG branding and communication strategies differ between business-to-business (B2B) and business-to-consumer (B2C) firms and how these differences affect relationship outcomes. This study aims to analyze the distinctions between B2B and B2C ESG communication strategies in emerging economies and their implications for stakeholder trust, loyalty, and long-term business relationships. This study employed a systematic literature review approach using evidence retrieved from the Elicit database integrating Semantic Scholar and OpenAlex sources. From an initial pool of 1,000 studies, 10 empirical articles published between 2020 and 2026 met the inclusion criteria and were analyzed using thematic synthesis. The findings reveal that B2B ESG strategies primarily emphasize governance structures, third-party ESG ratings, and verifiable sustainability metrics to strengthen interorganizational trust and reduce relational risk. In contrast, B2C ESG strategies rely more heavily on emotional storytelling, sustainability narratives, influencer engagement, and digital interaction mechanisms that enhance consumer identification, brand credibility, and loyalty. The study further demonstrates that ESG pillar salience is strongly shaped by institutional and cultural contexts rather than business model orientation alone. This study contributes to ESG and relationship marketing literature by developing a comparative framework explaining how ESG communication strategies shape stakeholder relationships across B2B and B2C environments in emerging economies.
Abstract:This study aims to analyze the influence of Price and Social Media Marketing on the Decision to Use GrabFood in Pontianak City. This study employed an associative quantitative approach. The sample consisted of 100 respondents…
dents who were residents of Pontianak City, owned the Grab application, and had used GrabFood services. The main data were collected through questionnaires using a 5-point Likert scale, while observation, interviews, and secondary data were used as supporting data. The data were analyzed using multiple linear regression, supported by validity tests, reliability tests, classical assumption tests, correlation coefficient analysis, coefficient of determination, and hypothesis testing through t-tests and F-tests. The results show that all research instruments were valid and reliable. Partially, Price has a positive and significant effect on the Decision to Use, with a t-value of 4.069 and a significance value of 0.000. Social Media Marketing also has a positive and significant effect on the Decision to Use, with a t-value of 3.946 and a significance value of 0.000. Simultaneously, Price and Social Media Marketing have a significant effect on the Decision to Use, with an F-value of 28.950 and a significance value of 0.000. The coefficient of determination (R²) of 0.374 indicates that 37.4% of the Decision to Use GrabFood can be explained by Price and Social Media Marketing, while the remaining 62.6% is influenced by other factors outside this study.
Abstract:This study examines the reaction of the Indonesian capital market to the escalation of the Iran conflict in 2026 using an event study approach focusing on energy sector firms listed on the Indonesia Stock Exchange. Market…
t reactions are measured using Average Abnormal Return (AAR) and Trading Volume Activity (TVA). The observation period includes an 11-day event window (t−5 to t+5) and a 100-day estimation period. Statistical tests employed include the Shapiro–Wilk normality test, one-sample t-test, paired sample t-test, and Wilcoxon Signed Rank Test.
The findings indicate that abnormal returns are only significant around the event date but do not differ significantly between pre- and post-event periods. In contrast, trading volume activity shows consistent and significant changes. These results suggest that geopolitical conflict information is more strongly reflected in trading behavior than in price adjustments. This study contributes to the literature by providing sector-specific evidence from an emerging market and highlighting behavioral market responses.