Abstract:This study aims to analyze the financial management strategies implemented by a local property and real estate company in facing conditions of Volatility, Uncertainty, Complexity, and Ambiguity (VUCA). The study employed…
a qualitative approach with a single-case study design at PT RBP in Tuban Regency. Data were obtained through in-depth interviews with nine informants at strategic, managerial, and operational levels, supported by observation and company documentation. Data were analyzed thematically with the assistance of NVivo, and validity was assessed through source and method triangulation. The findings show that PT RBP implements an adaptive-conservative financial management strategy oriented toward cash-flow stability while maintaining the ability to respond to changes in the business environment. The strategy is realized through the use of internal capital, cash-flow control, phased development, cost monitoring, customer screening, transaction flexibility, and diversification of banks and suppliers. The strategy is reinforced by cross-functional communication and an adaptive organizational culture. The findings indicate that the combination of financial prudence and adaptive capability constitutes an important mechanism for maintaining project continuity, financial stability, and operational resilience amid VUCA pressures.
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: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 conducts a bibliometric analysis of literature (2015-2025) on Indonesian stock market resilience to Federal Reserve monetary policy shocks. Data were collected from Google Scholar using Publish or Perish 8 with…
h relevant keywords. A total of 82 publications with 476 citations (h-index = 9) were identified. VOSviewer was used for bibliometric analysis to map keyword co-occurrence in titles and abstracts. Network visualization revealed three dominant clusters: (1) Federal Reserve monetary policy and capital flow spillovers, (2) market volatility and investor behavior, and (3) financial resilience and domestic policy responses. The overlay timeline indicated a shift from spillover and volatility issues in mid-decade to resilience topics in recent years. The literature suggests that while the Indonesian stock market remains sensitive to Fed rate changes, it has shown growing resilience due to proactive domestic policy interventions
Abstract:This study aims to analyze the influence of international prices, the rupiah–rupee exchange rate, non-tariff measures, and India’s import volume on the export value of Indonesian cloves to India. The research utilizes secondary…
s secondary data for the period 2015–2024. The analytical method employed is the Autoregressive Distributed Lag (ARDL) model to examine both short-run and long-run relationships, complemented by stationarity tests, cointegration tests, ECM estimation, and diagnostic and stability tests. The results show that international prices have a positive and significant effect on Indonesia’s clove export value, consistent with export-supply theory which states that higher global prices increase export incentives. The rupiah–rupee exchange rate displays a positive but insignificant relationship, indicating that exchange rate volatility is not sufficiently strong to influence changes in export value. Non-tariff measures, including SPS and TBT standards, are found to have a significant effect, reflecting the role of regulations in increasing compliance costs while simultaneously enhancing Indian consumer confidence in the quality of Indonesian cloves. India’s import volume also has a significant influence, showing that India’s domestic demand remains a major driver of Indonesia’s export value during the study period. This study is expected to provide insights for policymakers and industry players in strengthening trade strategies, particularly in enhancing the competitiveness of Indonesian clove exports through quality improvements, exchange rate stability, and compliance with non-tariff standards.
Abstract:This study aims to analyze the interpretations, behaviors, and preferences of gold investment among civil servants (PNS) of the South Sulawesi Provincial Government in facing economic volatility and inflation. Using a descriptive…
scriptive qualitative method with a case study approach, this study collected data through in-depth interviews with 13 informants consisting of active civil servants, retirees, and financial practitioners, supported by secondary data analysis. The results show that PNS interpretations of gold are multidimensional, namely as an effective life buffer and hedge against inflation, as well as an instrument for fulfilling cultural obligations (uang panai' and siri'). This study found a transformation in investment behavior from gold jewelry to gold bars and digital savings, driven by mental accounting mechanisms through payroll deduction systems to discipline spending. In conclusion, the local culture of Bugis-Makassar interacts dynamically with modern financial literacy, creating a hybrid investment pattern supported by sharia compliance and the integration of regional banking technology.
Abstract:This study aims to analyze the determinants of rupiah exchange rate volatility and its impact on Indonesia's oil and gas imports. The variables observed in this study are economic growth, interest rates, inflation, rupiah…
h exchange rate volatility and Indonesia's oil and gas imports. All data used in this study are secondary data obtained from 2005 to 2019 time series recordings obtained from the Central Bureau of Statistics, Investing.com and Bank Indonesia. Data were analyzed using the two-stage least squares (2SLS) method in the IBM SPSS Statistics application 23. Based on the analysis results, economic growth was found to have a positive effect and interest rates had a positive effect. negative and significant impact on oil and gas imports due to fluctuations in the rupee exchange rate. Although inflation is negatively correlated, there is no significant impact on oil and gas imports through fluctuations in the rupee exchange rate.
Abstract:The purpose of this study is to analyze the effect of the Federal Funds Rate before and during the Covid-19 pandemic on economic stability in five developing countries in the Southeast Asian region which are members of an…
n economic and geopolitical organization, namely the Association of Southeast Nations (ASEAN) to see short-term relationships. and long-term during that period. The indicators of economic stability used are the benchmark interest rate for deposits, the reference interest rate for loans, the balance of payments which includes exports and imports, inflation, exchange rates, and the money supply. In this study, the method used was the quantitative method and the data obtained was secondary data sourced from International Financial Statistics (IFS) from January 2015 to December 2022 which used the Vector Error Correction Model (VECM) approach in the Eviews 9 application. The results found indicated that in the long run, the existence of FFR volatility has a positive effect on the Deposit and Export Reference Rates. While those that have a negative effect are Loan Reference Rates, Imports, Exchange Rate Inflation, and Money Supply. In the short term, the existence of the FFR interest rate has a positive effect on the Reference Rates for Deposits, Imports, and Inflation. While those that have a negative effect are Loan Reference Rates, Exports, Exchange Rates, and Money Supply
Abstract:This study aims to analyze and formulate a concept of Islamic legal protection for crypto investors in responding to the dynamics of digital crimes within virtual currency transactions. Departing from the rapid development…
nt of blockchain technology and the recognition of crypto assets as tradable commodities in Indonesia, this research identifies a normative ambiguity between positive law and religious fatwas, particularly concerning the permissibility and legal legitimacy of cryptocurrencies from a sharia perspective. The inherent characteristics of crypto assets-namely volatility, speculative tendencies, and vulnerability to digital crimes such as hacking, fraud, market manipulation, and money laundering-generate significant risks for Muslim investors. Within the framework of fiqh al-muʿāmalāt and maqāṣid al-sharīʿah, especially the principle of ḥifẓ al-māl (protection of wealth), this study asserts that investor protection constitutes not merely a regulatory necessity but an integral dimension of the higher objectives of Islamic law in safeguarding justice, transparency, and economic welfare. Methodologically, this research employs a normative-maqāṣidī approach through an interdisciplinary analysis integrating Islamic jurisprudence, national positive law, and the study of digital financial technology. The focus of the inquiry is directed toward identifying the typologies of digital crimes within the crypto ecosystem, evaluating the effectiveness of national regulations and religious fatwas, and formulating a model of Islamic legal protection that is preventive, corrective, and educational in nature. The expected outcome of this dissertation is the construction of a conceptual framework of ḥimāyah al-mustatsmir (investor protection) grounded in maqāṣid al-sharīʿah, adaptive to the digital era, and strengthened through synergy among the state, financial authorities, and fatwa institutions. Accordingly, this study contributes not only to the advancement of contemporary fiqh al-muʿāmalāt discourse but also offers an applicable normative framework for the development of a secure, equitable, and sustainable sharia-based digital economic system.
Abstract:This study examines food security, food self-sufficiency, and self-sufficiency in South Sulawesi in 2024, focusing on the province's main food commodities, distribution issues, and the impact of government policies. The…
research analyzes the gap between food production and demand, identifying key commodities such as rice, corn, and soybeans. By evaluating the availability, accessibility, and affordability of these staple foods, the study investigates how local agricultural practices, infrastructure, and external factors like climate change and market volatility affect food security in the region. The findings reveal significant challenges in meeting the demand for rice and soybeans, despite the province's ability to achieve a surplus in corn production. The methodology employed in this study involves both qualitative and quantitative approaches. Primary data was gathered through field surveys, interviews with local farmers, agricultural experts, and policymakers, as well as secondary data from government reports, agricultural statistics, and market analyses. A comparative analysis was conducted to examine trends in food production, consumption patterns, and price fluctuations over the past five years. The study also incorporated geographic information system (GIS) mapping to assess the distribution of agricultural resources and the effectiveness of existing infrastructure in connecting farmers to markets. The findings suggest that despite the province's agricultural potential, South Sulawesi continues to face challenges in achieving full food self-sufficiency. The study recommends a multifaceted approach to addressing food insecurity and achieving food self-sufficiency, including improving rural infrastructure, adopting modern agricultural technologies, and diversifying food crops.