Abstract:This study aims to analyze in depth the implementation of islamic business ethics in the sale and purchase of classic Vespa motorcycles at Garage Scooter krangkeng, Indramayu Regency, trough the perspective of Sharia Economic…
nomic Law. As part of sociological phenomenon and contemporary automotive creative economy, transactions of used motorcycles with high historical value are often faced with technical information asymmetry between business actors and consumers. This study uses a qualitative-descriptive method with a normative-empirical case study approach. Primary data were collected directly from the field through participatory observation and in-depth interviews with Garage Scooter owners and consumers, while secondary data were obtaied through participatory observastion and-depth interviews with Garage Scooter owners and consumers, national regulitions. The result of the study indicate thet transaction practices at Garage Scooter Kangkeng are carried out through a direct sale and purchase scheme (bal’ musawamah) and an indent system for ordering modification restorations. Business actors have implemened basic islamic business ethics values such as honesty (shiddiq0, trustworthiness, transparancy, and reponsibility for product qualit. However, crucial loopholes are still found in the form of weak black and white doumentation (written contracts), which opens up the potential fo uncertainty (gharar) and manipulation of minor information (tadlis)related to detalled machine specifacitions and the accuracy of restoration times. Viewed form Shari Economic La, the validity of The pillar and conditions of commodity objects requires strengthening after-sales technical tansparancy through written instruments (al-kitabah) to uphold the principle of mutual consent (an-tardhin) and the right to choose (khiyar al-‘aib) in order to achieve tru benefit (maslahah).
Abstract:This study aims to analyze the effect of Initial Public Offering (IPO) on Return on Assets (ROA) by considering Firm Size, Liquidity, Leverage, and Tangibility in companies listed on the Indonesia Stock Exchange (IDX). The…
he study adopts a quantitative explanatory research design using secondary data obtained from audited annual financial statements of companies that conducted IPOs during the observation period. The sample was selected using purposive sampling, while panel data were analyzed using the Fixed Effect Model (FEM) to examine the relationships among the variables. The findings indicate that IPO has a positive but insignificant effect on ROA, suggesting that additional capital raised through public offerings does not immediately improve corporate profitability. Firm Size and Leverage exhibit significant negative effects on ROA, indicating that larger firms may experience operational inefficiencies, while excessive debt increases financial burdens and reduces profitability. Conversely, Liquidity and Tangibility show positive but insignificant effects on ROA. Simultaneously, IPO, Firm Size, Liquidity, Leverage, and Tangibility significantly influence ROA, with the model explaining 59.11% of the variation in profitability. These findings imply that post-IPO financial performance depends not only on capital acquisition but also on effective asset utilization, prudent debt management, and efficient operational strategies. The study contributes to the literature on post-IPO corporate performance and provides practical insights for managers and investors in evaluating financial performance after public offerings
Abstract:Public service innovation in the development of micro, small, and medium enterprises (MSMEs) in Indonesia has been historically dominated by the managerial logic of New Public Management, which positions efficiency and quantitative…
uantitative targets as the measure of success. This approach fails to build long-term relational capacity among entrepreneurs, government, and the broader supporting ecosystem. This article analyses HETERO SPACE (House of Entrepreneurs, Technology-driven Ecosystem, Resource Optimization, Supportive Programs, Accessible Network, Collaborative Environment), a public service innovation developed by the Cooperatives and SME Office of Central Java Province, which received outstanding recognition in the 2025 Public Service Innovation Competition. The analysis applies a New Public Governance framework with emphasis on two sub-theoretical dimensions, namely co-production and collaborative networking. The research approach is a qualitative case study drawing on secondary data from the official Public Service Innovation System, implementation reports of the Central Java Cooperatives and SME Office, and relevant academic literature. The central argument is that HETERO SPACE is not merely an expanded MSME assistance programmed but a transition in the role of government from a sole service provider to an ecosystem orchestrator that mobilizes resources across actors. Findings indicate that HETERO SPACE success rests on three interrelated conditions, namely a platform design that facilitates inter-actor encounters, trust built through repeated interaction, and institutional commitment from the provincial government to share authority with non-state partners. The article contributes to Indonesian public administration literature by shifting the analytical arena of co-production from the social and health sectors to economic governance, and by demonstrating that New Public Governance principles can be operationalized concretely at the subnational level.
Abstract:This study aims to analyze the influence of Environmental (E), Social (S), and Governance (G) on corporate financial performance as measured by Return on Assets (ROA) and Return on Invested Capital (ROIC) in companies listed…
sted on the LQ45 index of the Indonesia Stock Exchange for the 2023-2025 period, with Company Size (SIZE) as a control variable. The study uses a quantitative method with secondary data obtained from annual reports and corporate sustainability reports. The sample was determined using a purposive sampling technique, resulting in 45 observations included in the LQ45 for the 2023-2025 period. Data analysis was performed using panel data regression with the help of EViews 13 software. The results show that Environmental has a positive and significant effect on ROA and ROIC, while Governance also has a positive and significant effect on both indicators. Conversely, Social does not have a significant effect on ROA or ROIC. The coefficient of determination value indicates that the model is able to explain variations in ROA by 29.7% and ROIC by 32.3%. These findings indicate that environmental practices and corporate governance play an important role in improving financial performance, while the implementation of social aspects has not had a significant impact during the study period.
Abstract:The economic structure of Aceh Province is still dominated by the agriculture, forestry, and fisheries sectors, while the contribution of the manufacturing industry sector is relatively lagging. This condition indicates…
that the structural transformation process in Aceh has not yet taken place optimally, so that the economic growth that occurs tends to be quantitative, marked by an increase in aggregate output, but does not fully reflect an increase in the quality of the economic structure. This study aims to analyze the influence of the agriculture, manufacturing industry, and mining sectors on the growth of the Regional Gross Regional Domestic Product (GRDP) of Aceh Province. The approach used is quantitative with secondary data sources from the BPS of Aceh Province. This study uses panel data which is a combination of cross-regional data and time series data from 2019 to 2023. The results of the study indicate, first; the agricultural sector has a positive effect on GRDP. This is based on the probability value of the agricultural sector variable, which is 0.002. This value is smaller than 0.05. Second; the industrial sector has no effect on GRDP. This is based on the probability value of the industrial sector variable, which is 0.610. This value is greater than 0.05. Third; the mining sector has a positive effect on GRDP. This is based on the probability value of the mining sector variable, which is 0.001. Fourth; The agricultural, industrial and mining sectors have a joint influence on the dependent variable, namely GRDP in Aceh Province
Abstract:This study aims to analyze the effect of Price Earning Ratio (PER), Debt to Equity Ratio (DER), and Current Ratio (CR) on firm value, with firm size as a moderating variable, in industrial sector companies listed on the…
Indonesia Stock Exchange during the 2022–2024 period. This study employed a quantitative approach with an associative method. The data used were secondary data obtained from companies’ annual financial reports. The sample was determined using purposive sampling, resulting in 44 companies with a total of 132 firm-year observations. The data were analyzed using Moderated Regression Analysis (MRA), supported by classical assumption tests, correlation coefficient analysis, coefficient of determination analysis, simultaneous testing, and partial testing. The results of the moderation model show that firm size has a positive and significant effect on firm value, with a significance value of 0.043. Meanwhile, PER, DER, and CR do not have a significant effect on firm value after firm size and the interaction variables are included in the model. The moderation test results indicate that firm size is unable to moderate the effect of PER, DER, and CR on firm value, as all interaction variables have significance values greater than 0.05. Although PER has a positive and significant effect on firm value in the first model, this effect is no longer significant in the moderation model. The coefficient of determination in the moderation model is 12.1%, indicating that the model’s ability to explain variations in firm value remains limited. These findings indicate that firm size is a more dominant factor in explaining firm value than PER, DER, and CR in the moderation model.
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 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 examines the effect of inflation, interest rates (BI7DRR), and exchange rates (USD/IDR) on stock returns of PT Telkom Indonesia (Persero) Tbk., with the Jakarta Composite Index (IHSG) as an intervening variable.…
e. Using a quantitative explanatory research design, monthly secondary data spanning January 2016 to December 2025 (120 observations) were analysed using Pearson correlation and two-stage path analysis (OLS regression). Results indicate that inflation and exchange rates significantly influence IHSG, while the BI Rate does not. However, neither macroeconomic variables nor IHSG significantly affect Telkom's stock returns either directly or indirectly. The model explains only 2.7% of the variation in stock returns, suggesting that company-specific and sectoral factors dominate return determination. These findings imply that IHSG does not serve as an effective mediating channel between macroeconomic conditions and individual stock returns for Telkom. Investors in the telecommunications sector should prioritise fundamental and sectoral analysis over macroeconomic indicators when making portfolio decisions
Abstract:This study examines the effects of health, education, economic, and infrastructure expenditures, economic growth, investment, and the Labor Force Participation Rate (LFPR) on the Human Development Index (HDI) in Indonesia.…
a. It also compares the determinants of HDI between Western and Eastern Indonesia. Using a quantitative approach, the study applies panel data regression with the Common Effect Model and Ordinary Least Squares method. Secondary data from 2012–2021 were obtained from Statistics Indonesia, the Ministry of Finance, and other official institutions. The results show that all independent variables simultaneously have a significant effect on HDI. Partially, education expenditure, infrastructure expenditure, and investment have positive and significant effects, while health expenditure, economic expenditure, economic growth, and LFPR are statistically insignificant. Regional analysis reveals different determinants of HDI. In Western Indonesia, education expenditure, infrastructure expenditure, economic growth, and LFPR significantly affect HDI. In Eastern Indonesia, infrastructure expenditure, investment, and LFPR are significant determinants. These findings demonstrate that regional disparities in human development are associated with differences in economic capacity, infrastructure quality, investment distribution, connectivity, and development governance. Therefore, place-based development policies are required to improve the effectiveness and equity of human development, particularly in Eastern Indonesia.