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:This study investigates the critical determinants of export success in the traditional ceramics industry of Plered, using the Dodol Badebah home enterprise as a case study. The research specifically analyzes the effects…
of product quality, marketing strategy, and external institutional support on export performance. A quantitative research design was adopted, utilizing structured questionnaires distributed to 60 consumers of Plered ceramics. The data were analyzed using multiple linear regression to assess the influence and significance of each independent variable on export outcomes. Findings indicate that product quality exerts a significant and positive effect on export success, particularly through attributes such as design innovation, material strength, aesthetic value, and compliance with international standards. Conversely, marketing strategy and external support did not demonstrate statistically significant effects, suggesting the need for strategic realignment and more targeted institutional engagement. These results highlight the dominant role of internal capabilities, especially quality control and product development, over external promotional or governmental interventions in driving export readiness and sustainability. The study contributes to the growing body of literature on micro and small enterprises in developing economies by offering empirical evidence on export determinants in cultural and creative industries. Practically, the findings recommend prioritizing product excellence as a core strategy for global market penetration, while simultaneously improving the effectiveness of marketing channels and policy support mechanisms. Future research should explore digital transformation, international consumer preferences, and long-term impacts of policy shifts on export growth in artisanal sectors.
Abstract:This study examines the enforcement of criminal law in relation to the offense of aggravated theft as adjudicated in the District Court Decision of Amlapura No. 60/PID.B/2024/PN Amlapura, wherein the Defendant, Jana alias…
s Tobi, was found legally and convincingly guilty of committing aggravated theft as stipulated under Article 363 paragraph (1) point 4 of the Indonesian Penal Code (KUHP). The objective of this research is to analyze the application of criminal law in the aforementioned case, with a particular focus on two principal legal issues: (1) how law enforcement was implemented in the case in question, and (2) how the judicial decision aligns with the foundational legal principles of justice, legal certainty, and utility. The research employs a normative juridical method with a descriptive-analytical approach, and utilizes both the theory of law enforcement and the theory of criminal acts as the conceptual framework. The findings indicate that all elements of the criminal offense under Article 363 paragraph (1) point 4 of the Penal Code were fulfilled, and that the panel of judges duly considered both aggravating and mitigating factors in a balanced manner. Nonetheless, further analysis reveals that the Defendant’s role in the commission of the offense was more auxiliary in nature, thereby suggesting that the normative application of Article 55 of the Penal Code would have been more appropriate. This misapplication of legal provisions potentially gives rise to substantive injustice and opens the possibility for further legal remedies. The study concludes that although the formal procedures of law enforcement were conducted in accordance with prevailing legal standards, there exists a substantive deficiency in the identification of the perpetrator’s role, which adversely affects the overall fairness of the verdict. The novelty of this research lies in its critical analysis of the accuracy of judicial application of substantive criminal norms and the imperative of rigorous judicial reasoning in sentencing, aimed at reinforcing the integrity and consistency of the Indonesian criminal justice system.
Abstract:The enactment of Law Number 3 of 2024, as the second amendment to Law Number 6 of 2014 concerning Villages, has introduced new challenges in the governance of village administration, particularly in the legal accountability…
ity of village heads in managing village finances. Although the law outlines the authority of village heads, it does not explicitly stipulate provisions for criminal or civil sanctions in cases of abuse of power. This normative gap poses potential risks of harm to village communities due to the weak legal accountability mechanisms. This study aims to examine and analyze the legal implications of the normative vacuum in village regulations and to emphasize the urgency of establishing more specific and binding implementing regulations. Employing a normative juridical research method through statutory and conceptual approaches, this study analyzes relevant legislation and supporting legal literature. The findings reveal that the absence of clear legal sanction provisions in the Village Law creates a legal grey area that can be exploited for administrative misconduct and corruption. Therefore, regulatory reform is required in the form of amendments or the formulation of implementing regulations that explicitly define the types of sanctions and legal accountability mechanisms for village heads. The novelty of this study lies in its systematic identification of legal loopholes that have received limited attention in existing village law literature, as well as its concrete proposals for regulatory reformulation aimed at strengthening accountability and transparency in village financial management.
Abstract:This study is motivated by the importance of understanding the factors that influence employee performance within governmental organizations, particularly in the National Unity and Political Agency (Bakesbangpol) of Denpasar…
asar City. The primary objective of this research is to analyze the effects of organizational culture and work discipline on employee performance, while also examining the mediating role of work motivation. Employing a quantitative approach and path analysis method, the study involved all employees of Bakesbangpol Denpasar using a saturated sampling technique. The findings reveal that organizational culture does not have a significant direct effect on employee performance, whereas work discipline exerts a positive and significant influence. Work motivation emerges as a crucial factor affecting performance, with a path coefficient of β = 0.440 and a significance value of 0.000. Although organizational culture significantly influences work motivation, it does not directly impact performance. In contrast, work discipline does not significantly affect motivation. Notably, work motivation significantly mediates the relationship between organizational culture and employee performance, but not the relationship between work discipline and performance. These findings underscore the pivotal role of work motivation as a mediating variable that enhances the impact of organizational culture on performance improvement. With an R value of 0.695 and an Adjusted R² of 0.683, the model explains 68.3% of the variance in employee performance, with the remaining 31.7% attributed to other factors outside the model. The novelty of this study lies in mapping the structural relationships among organizational culture, work discipline, and motivation as a mediating variable within the context of a local governmental institution an area that has been empirically understudied.
Abstract:A culturally responsive approach to teaching has become an essential element in building an inclusive, relevant, and transformative educational ecosystem, particularly in the context of Indonesian language instruction at…
the primary school level. This study aims to analyze the implementation of the Culturally Responsive Teaching (CRT) approach in Indonesian language learning among second-grade students at SDN Sumobito 1 Jombang. Employing a descriptive qualitative method, data were collected through participatory observation, semi-structured interviews, and documentation. The data were thematically analyzed to identify patterns of CRT application in daily teaching practices. The findings indicate that student engagement in the learning process is relatively active; however, the integration of CRT principles remains suboptimal. This is evidenced by the limited use of teaching materials that reflect students' cultural backgrounds and the low level of teachers’ conceptual understanding of the CRT approach. The study underscores the importance of enhancing educators’ professional capacity through continuous training focused on pedagogies that are sensitive to local cultural contexts. In addition, the development of culturally responsive teaching materials needs to be accommodated within the curriculum to make learning more contextual and meaningful. The implications of these findings suggest that a systematic implementation of CRT has the potential to improve the quality of Indonesian language education by positioning cultural diversity as a pedagogical asset rather than a barrier. Consequently, the results of this study are expected to serve as a reference for the formulation of more inclusive, adaptive, and culturally equitable basic education policies in multicultural societies.
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:The growing dominance of impulse buying within TikTok's live streaming commerce, particularly in the Fashion product segment, signifies a transformation in digital consumer behavior influenced by the dynamics of real-time…
e interactivity and incentive-based promotional strategies. This study empirically examines the effects of real-time interactivity and promotion incentive information on impulse buying behavior, with perceived trust serving as a mediating variable that explains the psychological pathway between digital stimuli and spontaneous purchase decisions. Employing a quantitative approach with an associative causal design, data were collected from 231 active TikTok users in Indonesia and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) version 4.0. The analysis reveals that both exogenous variables significantly enhance the tendency for impulsive purchases, both directly and indirectly through the mediation of perceived trust. Responsive real-time interactions and exclusive, time-sensitive promotions effectively foster consumer trust in sellers, which subsequently accelerates unplanned buying behavior. These findings advance theoretical discourse in digital marketing literature by emphasizing the critical integration of interactivity, promotional stimuli, and affective trust mechanisms in shaping purchasing decisions within persuasive and simultaneous digital environments. The practical implications of this study offer strategic insights for businesses, encouraging the optimization of interactive features and promotional tactics to establish credibility and drive instant sales conversions in the context of e-commerce live streaming.
Abstract:This study investigates the influence of the work environment and quality of work life on individual work productivity among Generation Z, with mental health serving as a mediating variable within the structural model. Generation…
eneration Z, as a demographic cohort increasingly dominating the labor force, exhibits distinctive psychosocial characteristics that necessitate adaptive managerial approaches, particularly concerning psychological well-being in the workplace. The sample comprised 161 respondents employed across various industrial sectors in Indonesia, selected using a sampling technique based on Lemeshow’s formula for populations lacking explicit definition. Data were analyzed using the Structural Equation Modeling (SEM) approach to assess causal relationships among constructs and to validate the proposed theoretical model. Empirical findings reveal that both the work environment and quality of work life exert a positive and statistically significant influence on mental health. Furthermore, these two variables also directly contribute to enhanced work productivity. In addition, mental health is demonstrated to be a significant mediator in the relationship between the independent variables and productivity, thereby reinforcing their indirect effects. These results underscore the importance of organizational policy formulation that strategically positions mental health as a core element in human resource management systems. Accordingly, well-being-based workplace interventions not only enhance productivity but also foster a sustainable work ecosystem for the current and future workforce.