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 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:The rapid growth of the global affordable luxury fashion segment presents a critical paradox, as luxury brands increasingly target culturally diverse consumers who interpret the meaning of luxury in fundamentally different…
nt ways. This phenomenon becomes particularly evident when comparing collectivist markets such as Indonesia with individualistic markets such as Australia, where uniform value propositions often fail to resonate equally. This study aims to examine the influence of cultural context on Luxury Value Perception (LVP) and Purchase Intention, as well as the moderating role of Individualism–Collectivism orientation among affordable luxury fashion consumers in Indonesia and Australia. A quantitative survey-based approach was employed and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM), complemented by Measurement Invariance of Composite Models (MICOM) and Multi-Group Analysis (MGA). The findings are expected to provide empirical insights into how cultural differences shape luxury value perceptions and purchase intentions, offering strategic implications for affordable luxury fashion brands in developing culturally adaptive value propositions.
Abstract:Background: Cardiovascular disease (CVD) continues to be the predominant cause of global mortality. Polypill techniques that integrate various cardiovascular drugs into a single formulation have emerged as a potential method…
thod for primary prevention, especially in intermediate-risk populations.
Objective: To systematically review and synthesize evidence regarding the efficacy and safety of polypill formulations (comprising antihypertensive medications, statins, with or without aspirin) in comparison to standard care or placebo for the primary prevention of major adverse cardiovascular events (MACE) in intermediate-risk populations.
Methods: We conducted systematic review and meta-analysis in accordance with PRISMA 2020 standards (Systematic Review Registration: PROSPERO CRD420251184718). Various databases (PubMed, Cochrane Library, ScienceDirect, Scopus) were examined for original research published from January 2015 to October 2024. Studies were eligible if they assessed polypill therapies in individuals aged 30 to 70 years with intermediate cardiovascular risk (10-20% 10-year risk), reported composite major adverse cardiovascular events (MACE) outcomes, and included a minimum follow-up of 6 months. Two independent reviewers conducted screening, data extraction, and risk of bias evaluation utilizing the Cochrane RoB 2.0 tool.
Results: Of the 161 records discovered, 4 randomized controlled studies (HOPE-3, TIPS-3, PolyIran, PolyPars) with 31,501 people fulfilled the inclusion criteria. Polypill therapies showed a substantial decrease in composite MACE relative to control groups (pooled HR 0.67 (95% CI 0.60-0.75, p<0.001). Individual trial hazard ratios varied from 0.50 (PolyPars) to 0.66 (PolyIran) and 0.79 (TIPS-3) with moderate heterogeneity (I²=35.2%, p=0.20). Polypills were generally well- tolerated, with a safety profile consistent with the individual components. Medication adherence was enhanced with the polypill in comparison to multiple-pill regimens.
Conclusions: Polypill techniques markedly reduce major adverse cardiovascular events (MACE) in intermediate-risk patients for primary cardiovascular prevention, achieving around a 33% relative risk reduction. The fixed-dose combination strategy provides benefits in compliance and ease of use. These findings hold significant implications for healthcare systems in low-to-
middle-income nations, such as Indonesia, where the burden of cardiovascular disease is substantial and access to long-term cardiovascular drugs is frequently hindered by cost and complexity.
Abstract:This study examines the impact of ethical leadership, innovation adoption, and creativity on company performance within Indonesia's fast-fashion industry. As the industry faces increasing scrutiny regarding sustainability…
y and social responsibility, understanding the relationships between these organizational capabilities becomes crucial for competitive advantage. Using a quantitative methodology, this research employed saturated sampling of 87 managers from fast-fashion companies across major Indonesian cities including Jakarta, Bandung, Surabaya, and Medan. Data were analyzed using SmartPLS 4.0 through Partial Least Squares Structural Equation Modeling (PLS-SEM). The measurement model demonstrated strong reliability and validity, with all constructs exceeding recommended thresholds for Cronbach's Alpha (0.832-0.873), Composite Reliability (0.883-0.911), and Average Variance Extracted (0.603-0.671). Discriminant validity was confirmed through Fornell-Larcker criterion and HTMT ratios below 0.85. The findings reveal that ethical leadership, innovation adoption, and creativity function as complementary organizational resources that collectively enhance company performance rather than operating in isolation. These results provide empirical evidence for the synergistic effects of leadership behavior, technological orientation, and creative capacity in driving organizational success. The study contributes to management literature by demonstrating the integrated nature of these capabilities and offers practical guidance for fast-fashion companies seeking sustainable competitive advantage through ethical practices, systematic innovation, and creative organizational cultures.
Abstract:Abstract: Nagari Simpang, Pasaman Regency, is an agrarian area where maize is the main commodity, cultivated using conventional practices that rely heavily on hybrid seeds and inorganic fertilizers. In the long term, this…
s pattern leads to increased production costs, declining soil fertility, and low added value of agricultural products. In addition, suboptimal household waste management contributes to environmental pollution. This community service program aimed to revitalize a sustainable maize farming system through the integration of composite maize seeds and organic waste processing technology. The program was conducted from July to November 2025, involving approximately 30 farmers. The methods included an initial survey, program socialization, training on organic fertilizer production, establishment of a composite maize demonstration plot, and evaluation using pre-test and post-test. Data were analyzed using descriptive quantitative methods. The results showed an increase in participants’ understanding of composite maize seeds and improved skills in producing organic fertilizer. Higher post-test scores (3-4,2) compared to pre-test (1-2) indicate the effectiveness of the training and mentoring approaches. Additionally, there was an increase in community awareness regarding the utilization of organic waste. This program contributed to enhancing farmers’ capacity and independence and serves as an initial step toward developing a sustainable agriculture system based on local resources.
Keywords: composite maize; household waste; community empowerment; sustainable agriculture; organic fertilizer
Abstrak: Nagari Simpang, Kabupaten Pasaman merupakan wilayah agraris dengan komoditas utama jagung yang dikelola secara konvensional dan bergantung pada benih hibrida serta pupuk anorganik. Pola ini dalam jangka panjang menyebabkan peningkatan biaya produksi, penurunan kesuburan tanah, serta rendahnya nilai tambah hasil pertanian. Selain itu, pengelolaan limbah rumah tangga yang belum optimal berdampak pada pencemaran lingkungan. Kegiatan pengabdian ini bertujuan merevitalisasi sistem pertanian jagung berkelanjutan melalui integrasi benih jagung komposit dan teknologi pengolahan sampah organik. Kegiatan dilaksanakan selama Juli–November 2025 dengan melibatkan ±30 petani. Metode meliputi survei awal, sosialisasi, pelatihan pembuatan pupuk organik, pembuatan demplot jagung komposit, serta evaluasi menggunakan pre-test dan post-test. Data dianalisis secara deskriptif kuantitatif. Hasil menunjukkan adanya peningkatan pemahaman mitra terkait benih jagung komposit serta peningkatan keterampilan dalam memproduksi pupuk organik. Skor post-test yang lebih tinggi (3-4,2) dibandingkan pre-test (1-2) menunjukkan efektivitas metode pelatihan dan pendampingan. Selain itu, terjadi peningkatan kesadaran lingkungan masyarakat terhadap pemanfaatan sampah organik. Kegiatan ini berkontribusi dalam meningkatkan kapasitas dan kemandirian petani serta menjadi langkah awal pengembangan sistem pertanian berkelanjutan berbasis sumber daya lokal.
Kata kunci: jagung komposit; limbah rumah tangga; pemberdayaan masyarakat; pertanian berkelanjutan; pupuk organik
Abstract:Abstract: The capital market plays an important role in describing the economic conditions of a country, and the IHSG is used as the main indicator to observe the movement of all stocks on the Indonesia Stock Exchange. Because…
ecause stock data is volatile and non-linear, the forecasting process becomes challenging, requiring methods that can capture historical patterns more accurately. This study aims to predict IHSG movements using the Long Short-Term Memory (LSTM) model to generate stable short-term predictions. Historical IHSG data was used to train the model, and accuracy was evaluated using Mean Squared Error (MSE). The results show that the model obtained an MSE 6784.0207, RMSE 82.3652 and MAPE 0.88%, indicating a relatively low prediction error rate. The visualization shows that the model's predictions are very close to the actual data, and the 60-day forecasting results show a potential increase in the IHSG of 1.05%. Thus, the LSTM model is capable of providing fairly accurate IHSG predictions and can be a useful tool for investors in analyzing short-term market movements.
Keywords: forecasting; JCI; long short term memory
Abstrak: Pasar modal memiliki peran penting dalam menggambarkan kondisi ekonomi suatu negara, dan IHSG digunakan sebagai indikator utama untuk melihat pergerakan seluruh saham di Bursa Efek Indonesia. Karena data saham bersifat fluktuatif dan tidak linear, proses peramalan menjadi tantangan, sehingga dibutuhkan metode yang mampu menangkap pola historis secara lebih akurat. Penelitian ini bertujuan memprediksi pergerakan IHSG menggunakan model Long Short-Term Memory (LSTM) untuk menghasilkan prediksi jangka pendek yang stabil. Data historis IHSG digunakan untuk melatih model, kemudian akurasi dievaluasi menggunakan Mean Squared Error (MSE). Hasil penelitian menunjukkan bahwa model memperoleh nilai MSE 6784.0207, RMSE 82.3652 dan MAPE 0.88% yang menandakan tingkat kesalahan prediksi relatif rendah. Visualisasi menunjukkan bahwa prediksi model sangat mendekati data aktual, dan hasil forecasting 60 hari ke depan memperlihatkan potensi kenaikan IHSG sebesar 1,05%. Dengan demikian, model LSTM mampu memberikan prediksi IHSG yang cukup akurat dan dapat menjadi alat bantu bagi investor dalam menganalisis pergerakan pasar jangka pendek.
Kata kunci: peramalan; JCI; memori jangka pendek
Abstract:Penelitian ini bertujuan untuk menganalisis pengaruh faktor religiusitas, sosial, dan budaya terhadap keputusan konsumsi produk halal di kalangan masyarakat DKI Jakarta. Produk halal kini tidak hanya dianggap sebagai kebutuhan…
utuhan spiritual, tetapi juga bagian dari gaya hidup masyarakat Muslim urban yang semakin sadar akan nilai-nilai keislaman, kualitas, dan keamanan produk. Namun, meskipun mayoritas penduduk Indonesia beragama Islam, tidak semua individu memiliki pola konsumsi halal yang konsisten. Oleh karena itu, penelitian ini penting untuk memahami sejauh mana ketiga faktor tersebut memengaruhi preferensi konsumsi. Metode penelitian yang digunakan adalah kuantitatif dengan teknik pengumpulan data melalui kuesioner yang disebarkan kepada 402 responden Muslim di enam wilayah administratif DKI Jakarta. Teknik pengambilan sampel dilakukan dengan menggunakan Structural Equation Modeling (SEM) berbasis Partial Least Square (PLS) melalui aplikasi SmartPLS 4. Uji yang digunakan dalam penelitian ini meliputi uji validitas (Convergent Validity), uji reliabilitas (Cronbach’s Alpha dan Composite Reliability), uji R-square, serta uji hipotesis, baik secara parsial (uji-t) maupun simultan (uji-F). Hasil penelitian menunjukkan bahwa secara parsial, hanya faktor religiusitas yang berpengaruh signifikan terhadap keputusan konsumsi produk halal. Sedangkan faktor sosial dan budaya tidak menunjukkan pengaruh yang signifikan. Namun, secara simultan, ketiga faktor tersebut mampu menjelaskan sebesar 80,5% variasi dalam keputusan konsumsi. Hasil ini menegaskan bahwa religiusitas menjadi faktor utama dalam perilaku konsumsi produk halal masyarakat urban, serta menjadi acuan penting dalam penyusunan strategi pemasaran dan edukasi halal di wilayah perkotaan.
Abstract:This study aims to determine the effect of short-term and long-term macroeconomic factors on the financial performance of Islamic banking in Indonesia. The dependent variables in this study are Return on Assets (ROA), Financial…
nancial to Deposit Ratio (FDR) and Operating Costs of Operating Income (BOPO) as proxies of financial performance. While the independent variables are industrial production index (IPI), inflation, BI rate, composite stock price index (CSPI) and exchange rates. The analytical method used is Vector Error Correction Models (VECM). The data used in this study are monthly time series data from January 2010 - December 2015. The results of the study state that in the long term the influence of the Industrial Production Index (IPI), inflation and exchange rates have a negative and significant effect on Return on Assets ( ROA) and Financial to Deposit Ratio (FDR). Meanwhile, the BI rate and the Composite Stock Price Index (JCI) have a positive and significant impact on Return on Assets (ROA) and Financial to Deposit Ratio (FDR). Industrial Production Index (IPI), inflation and exchange rates have a positive and significant influence on the Operating Cost of Operating Income (BOPO). Meanwhile, the BI rate and the Composite Stock Price Index (JCI) have a negative and significant effect on the Operating Cost of Operating Income (BOPO). The short-term effect of macroeconomic variables on financial performance (ROA, FDR and BOPO) does not show a significant relationship.