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:The phenomenon of infidelity within families constitutes a significant social issue, as it not only undermines spousal relationships but also leaves enduring psychological wounds on children who witness it, particularly…
women entering early adulthood when they begin to establish romantic relationships. This study focuses on how early adult women interpret their experiences of witnessing paternal infidelity and the implications of these experiences for trust, commitment, emotional dynamics, and partner selection processes. A qualitative approach with a phenomenological design was employed to explore the subjective experiences of three early adult women aged 20-22 who encountered such events during adolescence. The findings indicate that these experiences are interpreted as traumatic, giving rise to anxiety, fear of betrayal, and difficulties in developing trust, while simultaneously fostering heightened vigilance and selectivity in choosing partners, with an emphasis on loyalty, communication, and emotional security. The emerging psychological dynamics include trust issues, a tendency to avoid conflict, and a strong need for emotional stability, which are addressed through conscious efforts to build healthier relationships characterized by open communication and effective emotional regulation. The study concludes that the subjective meaning-making of paternal infidelity plays a crucial role in shaping relational patterns, perceptions of romantic relationships, and partner selection decisions among early adult women. The novelty of this research lies in its emphasis on the meaning-making dimension, which not only reveals psychological impacts but also highlights resilience and the transformation of traumatic experiences into a foundation for more adaptive and constructive relationships.
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:Infant sleep quality is a fundamental biological need that plays a crucial role in growth and neurological development; however, sleep disturbances remain common among infants aged 3-6 months and are often overlooked by…
parents. This condition poses risks to physical health, emotional well-being, and overall infant development. This study aims to analyze the effect of baby massage on sleep quality among infants aged 3-6 months at Babycare Bondowoso and to identify differences in sleep quality before and after the intervention. The study employed a quantitative approach with a quasi-experimental one-group pretest-posttest design involving 40 infants selected through total sampling. Data were collected using questionnaires and observation sheets, then analyzed using the Wilcoxon test. The results showed that prior to the intervention, 87.5% of infants experienced poor sleep quality, whereas after the intervention, all infants (100%) demonstrated improvement to good sleep quality. Statistical analysis indicated a p-value of 0.00, which is lower than 0.05, confirming a significant effect of baby massage on infant sleep quality. These findings demonstrate that baby massage effectively improves sleep duration, comfort, and stability through physiological relaxation mechanisms. The novelty of this study lies in providing empirical evidence of the effectiveness of baby massage as a non-pharmacological intervention that is simple, safe, and can be independently applied by parents while offering holistic benefits for infants. The findings are expected to serve as a basis for developing health education and improving infant care practices.
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:The participation of Generation Z in the contemporary labor market serves as a key catalyst in driving technological adoption, organizational innovation, and changes in work culture. However, the high turnover intention…
among this generation indicates instability in employee retention, which can impact operational efficiency and continuity, particularly in the service sector. This study aims to empirically examine the influence of Non-Physical Work Environment, Compensation, and Workload on Turnover Intention among Generation Z workers in the Coffee Shop industry in Pontianak City, with Job Satisfaction as a mediating variable. A quantitative approach was employed in this study, with data collected through an online questionnaire using a five-point Likert scale. A total of 200 respondents aged 18–27 years were selected using purposive sampling based on relevant criteria. Data were analyzed using Structural Equation Modeling with the Partial Least Squares (SEM-PLS) approach via the SmartPLS 4 software. The analysis results show that the Non-Physical Work Environment has a significant negative effect on Turnover Intention, while Compensation has a negative but not significant effect. Workload has a significant positive effect on Turnover Intention. Furthermore, the Non-Physical Work Environment and Compensation have significant positive effects on Job Satisfaction, while the effect of Workload is not significant. Job Satisfaction is proven to act as a significant mediator in the relationship between the Non-Physical Work Environment and Compensation on Turnover Intention, but it does not mediate the relationship between Workload and Turnover Intention. These findings emphasize the urgency of formulating managerial strategies focused on improving the quality of the work environment and implementing adaptive compensation policies, in order to sustainably reduce turnover rates among Generation Z workers.
Abstract:Economic growth is a key indicator in assessing a country's ability to sustainably increase the output of goods and services. This study aims to analyze the effect of trade openness (TO) and the interaction between foreign…
gn direct investment (FDI) and political stability (PS) on economic growth in member countries of the Organization of Islamic Cooperation (OIC). The study utilizes panel data from 30 OIC member countries over the period 2005–2023, sourced from the World Bank’s World Development Indicators (WDI). The analytical method employed is panel data regression using the Fixed Effect Model (FEM) to control for individual heterogeneity across countries, as well as Moderated Regression Analysis (MRA) to test the moderating role of PS in the relationship between FDI and economic growth. The estimation results show that both TO and FDI have a positive and significant impact on economic growth. However, the interaction between FDI and PS exhibits a negative and significant effect, which contradicts conventional theoretical expectations that political stability should enhance the positive impact of FDI. These findings suggest that in several OIC countries, despite relatively low political stability, FDI continues to flow in response to economic opportunities, strategic interests, or domestic market appeal. In other words, political instability does not always serve as a major barrier to foreign investment, especially when the economic potential remains high. Moreover, FDI under such conditions may serve as an important instrument to strengthen international economic cooperation, expand production capacity, and drive long-term economic growth. These findings provide strategic implications for the formulation of investment and institutional stability policies in OIC countries.
Abstract:This research examines the application of ethnomathematics in coin exchange activities at Sarwono Market, which is related to learning arithmetic operations, with the aim of understanding how everyday practices in market…
transactions can serve as a medium for learning mathematics. The method used in this study is a qualitative approach with an ethnographic perspective, allowing the researcher to observe and understand phenomena within a broader social context. Data collection was carried out through interviews with traders and market visitors, direct observation of the coin exchange activities, and documentation of activities related to these transactions. The collected data were then analyzed using three main stages: data reduction, data presentation, and conclusion drawing. The results of the study show that the practice of coin exchange not only facilitates transactions in the market but also serves as a medium for applying arithmetic operations in everyday life. This activity encourages the development of logical thinking skills, such as addition, subtraction, multiplication, and division, which are frequently used in the bargaining process or in determining the price of goods. Furthermore, coin exchange helps maintain price stability and increases transaction efficiency in the market by reducing dependence on paper money, which is often difficult to divide accurately. Thus, the study concludes that the application of ethnomathematics in coin exchange activities at Sarwono Market provides dual benefits, both in the economic context and in mathematics education.
Abstract:The Bilateral Swap Agreement (BSA) aims to assist the financial sector by facilitating cooperation between Indonesia and Japan, providing developmental aid from the Japanese government to developing countries in the form…
of loans, yen loans, grants, and aid extended to Indonesia to stabilize the country's finances. This collaboration strengthens financial sectors and bilateral cooperation under the Bilateral Swap Agreement (BSA), implemented with the principle of pacta sunt servanda. Article 1320 explains the cooperation between Indonesia and Japan, where they extend agreements and enhance financial stability within a country, applying “lex specialis derogat legi generalis” agreements implemented by ministers and governors to recognize legally binding agreements between Indonesia and Japan, expanding the Bilateral Swap Agreement (BSA) framework in the financial sector. These agreements are advanced and legally recognized under established laws and regulations.
Abstract:Kegiatan pengabdian kepada masyarakat ini dilaksanakan pada UMKM Kedai Tahu Bakso Batununggal (Kedai TBB) di Kota Bandung yang menghadapi beberapa permasalahan, antara lain pelayanan yang belum optimal, branding yang masih…
asih fokus pada produk tahu bakso, serta perlunya strategi pengembangan usaha untuk meningkatkan daya saing.
Kegiatan ini bertujuan membantu mitra dalam mengidentifikasi kondisi internal dan eksternal usaha serta merumuskan
strategi pengembangan yang sesuai. Metode yang digunakan adalah pendampingan partisipatif melalui observasi,
wawancara, dokumentasi, serta analisis SWOT (Strengths, Weaknesses, Opportunities, Threats) dan Quantitative
Strategic Planning Matrix (QSPM). Hasil analisis menunjukkan bahwa Kedai TBB memiliki skor Internal Factor
Evaluation (IFE) sebesar 2,93 dan External Factor Evaluation (EFE) sebesar 2,90 sehingga berada pada posisi Growth
Stability dalam Matriks Internal-External. Berdasarkan hasil QSPM, strategi penetrasi pasar memperoleh nilai Total
Attractiveness Score (TAS) tertinggi sebesar 6,99 dibandingkan strategi pengembangan pasar (5,32) dan
pengembangan produk (4,91). Oleh karena itu, strategi penetrasi pasar direkomendasikan melalui penguatan pemasaran
digital, optimalisasi platform online, serta peningkatan kualitas pelayanan guna mendukung pertumbuhan usaha yang
berkelanjutan.