Abstract:This study examines the reaction of the Indonesian capital market to the escalation of the Iran conflict in 2026 using an event study approach focusing on energy sector firms listed on the Indonesia Stock Exchange. Market…
t reactions are measured using Average Abnormal Return (AAR) and Trading Volume Activity (TVA). The observation period includes an 11-day event window (t−5 to t+5) and a 100-day estimation period. Statistical tests employed include the Shapiro–Wilk normality test, one-sample t-test, paired sample t-test, and Wilcoxon Signed Rank Test.
The findings indicate that abnormal returns are only significant around the event date but do not differ significantly between pre- and post-event periods. In contrast, trading volume activity shows consistent and significant changes. These results suggest that geopolitical conflict information is more strongly reflected in trading behavior than in price adjustments. This study contributes to the literature by providing sector-specific evidence from an emerging market and highlighting behavioral market responses.
Abstract:The emergence of consumer boycotts driven by socio-political issues reflects a fundamental shift in consumer behavior in the digital era. In Indonesia, a country characterized by high religiosity and extensive social media…
ia engagement, the rapid dissemination of negative information through electronic word of mouth (e-WOM) can trigger strong emotional reactions toward brands. Starbucks Indonesia represents a salient case in which the brand became associated with the Israel–Palestine conflict, generating moral debates, religious sentiments, and intense brand-related hostility in digital spaces. In this context, consumers act not merely as rational economic actors, but as moral agents whose purchasing decisions are influenced by deeply held values and beliefs. This study aims to examine the effects of e-WOM and religiosity on purchase intention, with brand hate serving as a moderating variable among Starbucks consumers in Indonesia. Specifically, the research investigates how exposure to negative online narratives and consumers’ religiosity shape emotional responses in the form of brand hate, and how these responses influence purchasing intentions within a boycott context. A quantitative research design was employed using a survey method targeting Starbucks consumers in Indonesia who were aware of the boycott related to the Israel–Palestine conflict. Data were collected through structured questionnaires and analyzed using structural equation modeling to assess both direct and indirect relationships among variables, including the moderating role of brand hate. This approach enables a comprehensive understanding of the psychological and behavioral mechanisms underlying consumer responses to value-laden and morally sensitive issues. The findings reveal that electronic word of mouth has a significant effect on purchase intention. Religiosity also influences purchase intention, both directly and indirectly through the formation of brand hate. Moreover, brand hate significantly moderates the relationship between e-WOM and purchase intention, such that higher levels of brand hate intensify the decline in consumers’ willingness to purchase. These results highlight the critical role of morally driven negative emotions in explaining reduced purchase intention during boycott movements. This study contributes theoretically by extending consumer behavior literature through the integration of digital communication, religiosity, and negative brand emotions within a single conceptual framework. Practically, the findings suggest that global brand managers should adopt culturally and religiously sensitive communication strategies and proactively manage digital narratives to mitigate the escalation of brand hate amid socio-political controversies.
Abstract:Abstract: This community engagement project seeks to improve the efficiency and effectiveness of processed product development by Micro, Small, and Medium Enterprises (MSMEs) in Kalirejo Village, Magelang Regency. The village…
llage is home to various MSMEs producing household food items such as grubi, slondok, etawa goat milk, honey, and other culinary goods. The predominant issues faced by these MSMEs include limited promotional outreach, inadequate marketing strategies, weak branding, and inefficient packaging and distribution systems, all of which hinder community income. Utilizing a Participatory Action Research (PAR) approach, the program provides intensive guidance to MSME actors in enhancing product development, branding, packaging, and digital marketing. The program also supports MSMEs in obtaining legal business documentation, including Business Identification Numbers (NIB), Trade Business Permits (SIUP), and Halal Certification from MUI. The anticipated outcomes include improved product quality and diversity, increased marketing efficiency, broader customer reach through social media, and a higher number of MSMEs with official business permits.
Keywords: SDGs; MSMEs; business legality; product escalation.
Abstrak: Program pengabdian ini bertujuan untuk meningkatkan kualitas serta efisiensi pengolahan produk Usaha Mikro, Kecil, dan Menengah (UMKM) di Desa Kalirejo, Kabupaten Magelang. UMKM di wilayah ini memproduksi beragam makanan rumahan seperti grubi, slondok, susu kambing etawa, madu, dan aneka pangan lainnya. Kendala utama yang dihadapi para pelaku usaha adalah kurang optimalnya promosi, strategi pemasaran yang belum efektif, lemahnya branding, serta kemasan dan distribusi yang belum memadai, yang berdampak pada pendapatan masyarakat. Melalui pendekatan Participatory Action Research (PAR) meliputi perencanaan, tindakan, observasi, dan evaluasi, kegiatan ini memberikan pendampingan intensif dalam aspek pengolahan produk, desain kemasan, branding, serta pemasaran berbasis digital. Selain itu, program ini juga mendukung pengurusan legalitas usaha seperti Nomor Induk Berusaha (NIB), Surat Izin Usaha Perdagangan (SIUP), dan Sertifikat Halal dari MUI. Hasil yang diharapkan adalah peningkatan kualitas produk, jangkauan pemasaran yang lebih luas melalui media sosial, serta bertambahnya jumlah UMKM yang memiliki legalitas resmi.
Kata kunci: SDGs; UMKM; legalitas usaha; ekskalasi produk.