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:Women engaged in marine product processing play a crucial role in the national fisheries value chain, yet this strategic contribution has not been matched with formal recognition, access to resources, or decent welfare levels.…
evels. This study aims to analyze the influence of religiosity and social factors on the empowerment and welfare of marine product processing women at the National Fisheries Port (PPN) Karangantu, Serang City, Banten, as well as to formulate a development strategy based on the synergy of these two factors. This research employs a mixed-methods approach with a sequential explanatory design, combining quantitative methods through PLS-SEM analysis on 235 respondents, and qualitative methods through in-depth interviews and Focus Group Discussions (FGD). The results show that religiosity and social factors have a positive and significant effect on women’s empowerment, which in turn impacts welfare improvement across economic, social, and psychological dimensions. Findings also reveal that religious values which currently focus mainly on ritual aspects, alongside patriarchal social norms, serve as key barriers; meanwhile, community support and the integration of religious values into economic activities act as major reinforcing factors. Based on SWOT analysis, this study proposes strategies for strengthening local value-based institutions, integrating empowerment programs with religious activities, and advocating for policies that support coastal women. This research contributes new insights by presenting an integrated model of religiosity and social dimensions in the empowerment of women in the fisheries sector, an area that has not been widely explored in previous studies.
Abstract:The purpose of this study is to examine the development of education in Indonesia from the colonial era through the reform period, analyzed within the framework of legal foundations. The method employed in this article is…
s library research, which serves to elaborate on the discussion of Indonesian education during the colonial period and the post-independence era up to the reform era, viewed from a legal perspective. The findings indicate that education in the colonial period was politically driven, primarily serving Dutch interests in exploiting Indonesia’s natural resources and economy. In contrast, during the post-independence period through the reform era, education was implemented in a structured manner and underwent several refinements, beginning with the 1947 curriculum and continuing through 1952, 1964, 1968, 1975, 1984, 1994, 2004, 2006, 2013, and culminating in the Merdeka Curriculum. In the post-independence era, education was oriented toward shaping individuals based on the principles of Pancasila and the 1945 Constitution.
Abstract:Traditional performing arts along the northern coast of Java often place female performers at the complex intersection of spiritual sacredness, patriarchal control, and modern economic commodification. This study aims to…
analyze the social realities, gender power dynamics, and cultural transformations represented in Ahmad Tohari's novel Ronggeng Dukuh Paruk (RDP) in direct comparison with the empirical practices of Donbret and Sintren arts in Eretan, Indramayu. Utilizing a sociology of literature framework combined with feminist culture and political economy theories, this research investigates the persistence of animistic beliefs, mechanisms of patriarchal hegemony, and the erosion of sacredness due to commercialization. Data were collected through textual hermeneutics, in-depth ethnographic field observations, interviews with local cultural custodians, and socio-structural analytical methods. The findings reveal that while both the literary text and the living traditions share an ancestral lineage in animistic rituals where the female body functions as a sacred medium for ancestral spirits (indang), contemporary socio-economic pressures have significantly altered these structures. The sacred status of female performers is systematically degraded into an object of eroticism, saweran transactions, and male control. This paper emphasizes the vulnerability of traditional female-centered performing arts amidst societal transformation and commercialization.
Abstract:Mental health issues such as depression and anxiety among pregnant women remain a significant challenge, particularly in the third trimester leading up to delivery. These conditions can negatively impact nutritional intake…
ke and fetal growth. Based on the latest Antenatal Care (ANC) program, mental health screening is included in the 12T services implemented at the Bebandem Community Health Center since 2025. This study aims to analyze the relationship between family support and the risk of depression among pregnant women in the third trimester within the service area of the Bebandem Community Health Center. The study employed an analytical, cross-sectional design with a sample size of 124 pregnant women in the third trimester, selected using a combination of stratified random sampling and consecutive sampling, and analyzed using the Chi-Square (χ²) test. The results showed that family support (p=0.665) was associated with the incidence of depression among pregnant women.
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 influence of User-Generated Content (UGC) on the TikTok platform on Brand Trust and the Decision to Choose a Higher Education Institution, with Brand Authenticity serving as the mediating variable.…
ariable. This study employs an explanatory quantitative approach. Data were collected via an online survey of a purposive sample comprising prospective students or first-year students (aged 17–21) who actively use TikTok and interact with university-related content. Data analysis was conducted on a minimum of 250 respondents using Partial Least Squares (PLS)-based Structural Equation Modelling (SEM) with the aid of SmartPLS software. The results of the outer model testing showed that all indicators used in the questionnaire were valid and reliable. Hypothesis testing confirmed that User-Generated Content has a direct, positive and significant effect on Brand Authenticity, Brand Trust and Choice Decision. Furthermore, Brand Authenticity also has a positive and significant effect on Brand Trust and Choice Decision. Mediation analysis revealed that Brand Authenticity acts as a partial mediator, bridging the influence of UGC on Brand Trust and Choice Decisions. This study confirms that user-generated organic content on TikTok is a crucial instrument in building trust and influencing the academic decisions of Generation Z. Higher education brands that are authentically represented through UGC will find it easier to win the trust and preference of prospective students.
Abstract:Digitalization has become a key strategy for enhancing the competitiveness of Micro, Small, and Medium Enterprises (MSMEs) amidst advances in information technology and changes in consumer behavior. The use of various digital…
gital platforms, such as social media, marketplaces, digital payment applications, and technology-based financial recording systems, is expected to improve operational efficiency and expand marketing reach. However, the level of digital technology utilization by 3 Kg LPG distribution outlets remains varied, necessitating a more in-depth study of the impact of digitalization on business performance. This study aims to analyze the impact of digitalization on MSME performance based on interviews with owners and managers of 3 Kg LPG distribution outlets under PT Pinang Baris Langit Biru. The study employed a qualitative approach with descriptive methods. Data were collected through in-depth interviews, observations, and documentation of 3 Kg LPG distribution outlets that have implemented digitalization in their business activities. Data analysis was conducted using the Miles and Huberman model, which includes data reduction, data presentation, and conclusion drawing. The research results indicate that the implementation of digitalization has a positive impact on MSME performance, particularly at 3 Kg LPG distribution outlets, including increasing sales, expanding market share, accelerating transaction processes, improving promotional effectiveness, and simplifying business administration and financial management. However, several obstacles remain, such as low digital literacy, limited human resources, and limited access to technology. Therefore, support in the form of training, mentoring, and government policies is needed to improve digital capabilities at 3 Kg LPG distribution outlets so that digital transformation can proceed optimally.
Abstract:This study aims to analyze and formulate appropriate marketing strategies for PT Serena Indopangan using a SWOT (Strengths, Weakness, Opportunities, and Threats) analysis approach. The research employs a descriptive qualitative…
itative method, with data collected through observations, interviews, and documentation. The results indicate that the company’s strengths lie in its product quality and extensive distribution network, while its weaknesses include limited digital marketing activities and lack of product innovation. On the external side, growing market demand and changes in consumer lifestyles present significant opportunities, whereas intense competition and fluctuating raw material prices pose major threats. Based on the SWOT analysis, the most suitable strategy for PT Serena Indopangan is the SO (Strengths-Opportunities) strategy, which focus on leveraging internal strengths to capitalize on external opportunities. The study recommends enhancing digital marketing efforts and strengthening brand positioning to improve the company’s competitiveness.
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.