Abstract:This study examines the Indonesian capital market reaction to the announcement of the appointment of Purbaya Yudhi Sadewa as Minister of Finance on September 8, 2025. Using an event study approach, the analysis focuses on…
n companies included in the LQ45 index and observes market reaction within an eleven-day event window from five trading days before to five trading days after the announcement. Market reaction is measured using abnormal return, trading volume activity, and stock volatility. The data consist of daily stock prices, trading volume, outstanding shares, and market index data obtained from capital market data sources. Because the normality test indicates that the data are not normally distributed, the hypotheses are tested using the Wilcoxon Signed Rank Test. The findings show significant differences in abnormal return, trading volume activity, and stock volatility before and after the announcement. These results indicate that the appointment of the Minister of Finance contains information value for investors and is associated with changes in price reaction, trading intensity, and perceived market risk among LQ45 stocks. The study contributes to event study literature by documenting market responses to a strategic fiscal leadership event in an emerging capital market
Abstract:The convergence between sustainability and halal consumption practices has led to a surge of interest in identifying variables influencing consumer behavior towards purchasing eco-friendly and sustainable halal goods. This…
is paper examines the effects of Islamic ethics, environmental consciousness, and social norms on the purchase intention of eco-friendly and sustainable halal products, considering the moderating role of consumer trust. Four hundred and twelve participants among Muslims participated in the study, and their data were analyzed using partial least squares structural equation modeling. The proposed model had good explanatory power as it was able to explain 68.4% and 59.7% of the variances in green halal purchase intention (R² = 0.684) and consumer trust (R² = 0.597), respectively. Results of this study indicate that Islamic ethics (β = 0.31, p < 0.001), environmental consciousness (β = 0.27, p < 0.001), and social norms (β = 0.22, p < 0.01) positively influenced consumer trust. Moreover, consumer trust significantly and positively impacted green halal purchase intention (β = 0.45, p < 0.001). The mediation analyses reveal that consumer trust partly mediates the effect of Islamic ethical values, environment, and social norms on green halal purchase intention. Out of all the antecedents tested, Islamic ethical values have been found to be the most effective determinant of green halal purchase intention. It can thus be concluded that the purchase intention for green halal products increases significantly if the customers perceive these products as being consistent with Islamic moral standards, sustainable for the environment, and approved by society, especially where the issue of consumer trust is involved. This research has contributed significantly to the extant literature by showing how trust acts as an important bridge between the antecedents of green halal purchase intention and the actual intention to purchase.
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:This study aims to systematically analyze the influence of Occupational Safety and Health (K3) on employee productivity through organizational commitment and company culture using the Systematic Literature Review (SLR) approach.…
pproach. K3 has a strategic role in creating a safe and healthy work environment, which not only contributes to reducing the number of occupational accidents and occupational diseases, but also has implications for improving employee performance and productivity. However, the relationship between K3 and productivity is not always direct, but rather influenced by psychological and organizational factors, especially organizational commitment and company culture. This study uses the SLR method with PRISMA steps. Articles filtered from the Scopus journal database with the topic The study process is carried out systematically through the stages of identification, screening, feasibility assessment, and determination of final articles in accordance with the inclusion and exclusion criteria that have been set. The results of the study show that the effective implementation of K3 has a positive effect on employee productivity both directly and indirectly. Organizational commitment acts as a mediator that strengthens these relationships through increased employee loyalty, attachment, and responsibility, while a company culture that supports safety values strengthens collective norms and performance orientation in Indonesia published between 2021 and 2026 in a total of 5,863 articles. After elimination according to the criteria, only 41 articles were considered and extracted. These findings confirm that K3 is not only seen as a regulatory obligation, but as a strategic instrument in human resource management to improve the sustainability and competitiveness of the organization. Theoretically, this study integrates the concepts of K3, organizational commitment, company culture, and productivity in a comprehensive conceptual framework, and practically provides managerial implications in strengthening performance based on work safety.
Abstract:This study aims to examine and analyze the effect of trust, income, and life style on fashion purchase decisions using paylater among Accounting students at UPN “Veteran” East Java. The background of this research is based…
based on the rapid development of financial technology and e-commerce, which has influenced consumer behavior, particularly among university students, including their purchasing decisions for fashion products through paylater services. This phenomenon highlights the importance of understanding the factors that influence consumers’ decisions to use paylater services. This research employs a quantitative approach using primary data collected through a questionnaire distributed via Google Form. The sample consists of 72 respondents selected using a random sampling method. Data analysis was conducted using SPSS to test the relationships between variables. The results show that trust, income, and life style have a positive and significant effect on fashion purchase decisions using paylater. These findings are consistent with the Theory of Planned Behavior (TPB), which states that consumer behavior is influenced by attitudes, subjective norms, and perceived behavioral control.
Abstract:This study examines the Ar Rahman Human Being (ARHB) Model as an integrative framework of resource-based business resilience by incorporating akhlakul karimah as moral capital functioning as an internal governance mechanism.…
ism. The study addresses the limitation of the resource-based view (RBV), which tends to emphasize resource capacity without adequately considering the normative dimension guiding its utilization. A contingency model is proposed that positions internal moral quality as a conditioning factor for the effectiveness of strategic resources in enhancing business resilience. Using an explanatory quantitative approach with a cross-sectional design, data were collected from 250 micro and small enterprise (MSE) owners in Makassar City. Structural Equation Modeling based on Partial Least Squares (SEM-PLS) was employed to analyze the direct effects of expertise, education and training, physical capacity, and capital on business resilience, as well as the moderating role of akhlakul karimah in these relationships. The results indicate that expertise, education and training, physical capacity, and capital positively influence business resilience. Furthermore, akhlakul karimah strengthens the relationship between strategic resources and business resilience, suggesting that the effectiveness of transforming technical capacities into business resilience is contingent upon the entrepreneur’s internal moral quality. These findings extend resource-based business resilience discourse by integrating moral capital as an internal governance mechanism.
Abstract:This study analyzes the financial condition of the Osseda Faolala Perempuan Nias Consumer Cooperative during the period January 2021–December 2024, focusing on the management of current assets, short-term liabilities, and…
and the repayment rate of member loans. Data were processed using descriptive statistics and simple linear regression to assess the cooperative's financial balance and factors influencing business growth. The classical assumption test showed that the regression model met the feasibility criteria, both in terms of normality and autocorrelation, thus the analysis results were reliable. The t-test results proved that working capital had a positive and significant effect on cooperative business growth with a significance value <0.05. The coefficient of determination (R² = 0.887) confirmed that 88.7% of the variation in business growth was explained by working capital management. This means that the more optimal the management of working capital—including current assets, short-term liabilities, and member loans—the higher the cooperative's chances of growth and development. In addition to strengthening the existing literature, this study is consistent with the findings of Winata et al. (2023) on manufacturing companies and Herawati (2023) on savings and loan cooperatives, both demonstrated the importance of working capital management to financial performance. However, these results differ from the research of Rezki Erdian et al. (2022) on the retail sector, which found that receivables had no significant effect on profitability. This difference indicates that the relevance of working capital is highly dependent on the institutional context. Overall, this study confirms that optimal working capital management is not merely an administrative issue, but a strategic factor determining cooperative business growth and improving welfare. member.
Abstract:Micro, small, and medium enterprises (MSMEs) in developing countries like Indonesia are highly vulnerable to financial risks yet often lack formal risk-management practices, relying instead on personal experience, intuition,…
ion, and culturally rooted local practices to navigate financial uncertainty. This study aimed to identify MSME owners' perceptions of financial risks, explore informal mitigation strategies based on local experience and community practices, analyze the influence of cultural norms and social networks, and propose a contextually grounded problem-solving framework. Employing a qualitative research design, the study used in-depth semi-structured interviews, direct observations, and document analysis with MSME owners, and analyzed the data using thematic analysis and triangulation to ensure credibility. The results revealed three primary financial risk-mitigation strategies: adaptive cash-flow management, reliance on social capital and local economic networks, and experiential diversification driven by local market knowledge. The findings demonstrate that MSMEs develop resilience through culturally embedded practices and social structures, confirming that interventions should leverage existing informal mechanisms and integrate culturally compatible tools rather than imposing rigid formal frameworks.
Abstract:This research aims to determine the impact of Financial Literacy and Lifestyle on the individual financial management of employees at Paulus Indonesian Christian University. The problem focuses on identifying financial literacy…
iteracy and lifestyle that play a role in managing the personal finances of Paulus Indonesian Christian University employees. The associative and comparative methods are used in problem formulation and hypothesis. This quantitative research uses a saturated sampling technique, namely all people are sampled, where the sample size is 65 people or all employees of the Indonesian Paulus Christian University. Data was collected through questionnaires and analysed quantitatively with the Validity Test, Reliability Test, Normality Test, Multicollinearity Test, Heteroscedasticity Test, Autocorrelation Test, t-test, and f-test. The results of the hypothesis test show that financial literacy has a significant positive effect on individual financial management, while lifestyle has a non-significant and negative effect on personal management. Although Lifestyle has an insignificant and negative effect, together with Financial Literacy it is stated that it has a significant positive effect on Individual Financial Management for UKI Paulus employees
Abstract:The study concludes that taxpayer compliance is driven by various economic, social-psychological, and demographic factors. Economic factors, such as reasonable tax rates and the enforcement of effective penalties, play a…
significant role in improving compliance. Additionally, social-psychological aspects, including increased tax awareness, trust in government, and social norms, are critical in influencing taxpayer behavior. Demographic characteristics, such as age, education, and income levels, also affect compliance likelihood. To foster higher tax compliance, governments must adopt a comprehensive strategy that combines economic incentives, social influence, and educational initiatives. Addressing these diverse factors can lead to a more efficient tax system and encourage voluntary compliance among taxpayers.