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This study aims to analyze the effect of Debt to Asset Ratio and Debt to Equity Ratio on Price to Book Value at PT Tiga Pilar Sejahtera Food Tbk for the period 2012 2024. The phenomenon of debt ratio fluctuations, negative DER in several years, and significant changes in PBV are important bases for conducting this study. The research method used is a quantitative method with a descriptive and associative approach. The data analyzed are secondary data in the form of the company's annual financial reports. Data analysis techniques include classical assumption tests, multiple linear regression analysis, t-tests, F-tests, and coefficients of determination (R²). The results of the study indicate that Debt to Asset Ratio (DAR) has a negative and significant effect on Price to Book Value (PBV). Debt to Equity Ratio (DER) is also proven to have a negative and significant effect on Price to Book Value (PBV). Simultaneously, the Debt-to-Asset Ratio and Debt-to-Equity Ratio significantly influence Price-to-Book Value (P/BV), with a coefficient of determination of 67.3%. This means that the DAR and DER variables explain 67.3% of the variation in company value, with the remainder influenced by other factors outside the study.

Micro, Small, and Medium Enterprises (MSMEs) play a strategic role in the regional economy, including in Boyolali Regency. However, this contribution has not been fully matched by adequate human resources (HR). The main problem in this study is the still low capacity of MSMEs' human resources, particularly in aspects of managerial skills, digital literacy, and adaptability to changes in the business environment, which impact business performance. This study aims to analyze human resource development strategies implemented in the MSME context and examine the impact of these strategies on improving MSME performance in Boyolali Regency. The research method used is a Systematic Literature Review (SLR) with a content analysis approach to relevant scientific literature from the past five years. The research process includes determining inclusion and exclusion criteria, searching for literature sources, thematic coding, and synthesizing research findings. The results show that effective HR development strategies can be grouped into three main aspects: skills training, marketing digitalization, and cross-sector collaboration. These three strategies have been proven to contribute positively to improving MSME competency, operational efficiency, market expansion, and business competitiveness. Thus, human resource development is a key factor in driving sustainable improvement in MSME performance, particularly in facing the challenges of digital transformation and increasingly complex economic competition.

This article aims to analyze the role of human resource management in improving organizational performance and formulate strategic recommendations based on improvements in human resource management practices. The theoretical foundations used include strategic human resource management theory, organizational performance theory, and work motivation theory, which are used to examine the functions of workforce planning, competency development, performance appraisal, and reward systems. This study employed a qualitative, descriptive-analytical approach, with data collection techniques including in-depth interviews, non-participant observation, and documentation studies. Data analysis was conducted using an interactive qualitative analysis model that encompasses data reduction, data presentation, and conclusion drawing. The analysis results indicate that workforce planning based on organizational needs, continuous competency development, an objective performance appraisal system, and a performance-based reward system are directly related to increased effectiveness, productivity, and stability of organizational performance. Furthermore, efforts to improve human resource management practices through policy evaluation, strengthening strategic planning, enhancing internal communication, and data-driven decision-making have proven to be a strong foundation for formulating strategic recommendations for the organization. The study's conclusions confirm that the systematic and strategic integration of human resource management functions is a key factor in achieving sustainable organizational performance and adapting to changes in the work environment.

In the era of globalization and digital transformation, organizations strive to maintain competitiveness through optimizing internal factors such as work culture, business process engineering (BPR), and decision support systems (DSS). This qualitative research based on a Systematic Literature Review (SLR) analyzes the relationship between these three using the Denison Organizational Culture Model, Hammer & Champy BPR, and the Resource-Based View (RBV). It finds that work culture mediates the implementation of BPR and DSS to increase efficiency by 30-50%, employee productivity, and sustainable competitive advantage. Case studies such as the Toyota Production System (TPS) confirm this synergy, resulting in reduced costs, cycle times, and improved service quality. This research also emphasizes the importance of a strong work culture in supporting the implementation of new technologies and methodologies, which in turn strengthens the company's market position. Thus, organizations that are able to integrate these three elements will be better prepared to face the challenges of globalization and dynamic changes in their industry, creating a sustainable advantage and being able to survive in a highly competitive market.

This study analyzes the synergy between human resource development (HRD), work culture, and decision-making systems in enhancing productivity and organizational performance. The approach used is a descriptive qualitative literature review, with sources from peer-reviewed articles from 2021-2025 obtained through databases such as Google Scholar and ScienceDirect. The research findings indicate that HRD can improve employee competence by up to 28.7%, while work culture contributes 41.4-55% to motivation and collaboration within teams. Decision-making systems, such as AHP (Analytical Hierarchy Process) and BI (Business Intelligence), play a role in optimizing operational efficiency by up to 65%. The synergy of these three elements forms a more adaptive organization to change. One example of the implementation of this synergy can be seen in PT X Jakarta, which experienced a 28% increase in output and employee satisfaction reached 85%. However, the main challenge faced is resistance to change, which can be overcome through effective communication. The practical implications of this study include recommendations for holistic organizational transformation, especially in Indonesia, to face the challenges of global disruption.

This study aimed to determine and analyze the influence of financial ratios on profit changes in telecommunications companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. The financial ratios used in this study encompass four main groups: liquidity ratios, solvency ratios, activity ratios, and profitability ratios. This study employed a quantitative approach with an associative nature because it attempted to examine the relationship and influence between these financial variables on profit changes. The population in this study comprised all telecommunications companies listed on the IDX, while the sample selection was conducted using a purposive sampling technique with specific criteria, resulting in 15 eligible companies. The research data were then analyzed using panel data regression using EViews 12 software, with the best model selected being the Random Effect Model (REM). The results showed that simultaneously, liquidity, solvency, activity, and profitability ratios significantly influenced profit changes, thus concluding that the company's overall financial performance plays a significant role in determining the dynamics of profit generated. However, partial test results showed that the influence of each ratio was different. The solvency ratio has a significant negative effect on profit changes, indicating that the higher a company's debt level, the greater the risk of profit decline. Conversely, the profitability ratio has a significant positive effect, confirming that a company's ability to generate net profit is a major factor in increasing profit changes. Meanwhile, the liquidity ratio and activity ratio were not shown to have a significant effect on profit changes, indicating that short-term liquidity and operational efficiency are not sufficient to be the primary determinants in driving profit changes in the telecommunications sector.  

In an increasingly complex and dynamic global landscape, strategic leadership plays a pivotal role in ensuring organizational resilience and sustainable growth. This study seeks to provide a meaningful contribution to the development of leadership strategies aimed at fostering both learning-oriented and ethically grounded organizations. Adopting a literature review approach, the research synthesizes a range of scholarly works to explore in depth the leadership practices that facilitate continuous learning while embedding ethical principles into organizational operations and culture.The analysis reveals that the essence of effective strategic leadership lies in the capacity to navigate rapid changes, exercise authority with wisdom, and cultivate a culture of integrity. Leaders who can anticipate and adapt to environmental shifts, while maintaining transparency and fairness, are better positioned to build trust and commitment within their organizations. Additionally, strategic leadership is found to be instrumental in shaping an environment that nurtures collaboration, stimulates innovation, and incorporates ethical considerations into all levels of decision-making.The findings underscore that leadership strategies must not only address operational and competitive challenges but also prioritize moral responsibility and collective well-being. This dual focus enables organizations to remain agile while preserving their ethical identity, thus strengthening their reputation and long-term sustainability.Ultimately, the study offers practical recommendations for leaders, particularly in the public and educational sectors, to design adaptive organizational systems rooted in ethical values. By integrating learning processes with moral governance, leaders can create a synergistic and sustainable framework that supports both organizational performance and societal trust, ensuring relevance and resilience in the face of continual change.

Digitalization has been a key catalyst for change in the global business landscape, driving the transformation of companies' strategies, organizational structures, and operational models. For small and medium enterprises (SMEs), digital technology opens up great opportunities to expand market reach and compete in the international arena more effectively. Technologies such as e-commerce, social media, big data analytics, and cloud-based platforms enable SMEs to break through geographical boundaries, facilitate access to global customers, and accelerate product distribution and marketing processes. This paper explores the current academic literature that discusses the influence of digital technology on the internationalization of SMEs. A total of five relevant studies were analyzed to identify common patterns, challenges, and successful strategies in the use of digital technology. The results of the study show that the adoption of digitalization not only improves operational cost efficiency, but also encourages business model innovation, such as digital platform-based marketing, cross-border virtual collaboration, and the development of a more adaptive global business ecosystem. In addition, the ability to utilize digital technology gives SMEs a competitive advantage through access to real-time market information, personalization of offers, and more targeted branding strategies. However, the research also found obstacles, such as limited human resources, technological infrastructure, and digital literacy among SMEs. Therefore, synergy is needed between business actors, the government, and academia to support the acceleration of digital technology adoption through training, mentoring, and policies that support innovation. The paper also highlights future research opportunities, such as the integration of artificial intelligence (AI) technologies, automation, and blockchain in supporting the global expansion of SMEs. These findings are expected to be a strategic reference in designing sustainable internationalization policies in the digital era.

Reducing product quality is one of the main challenges in the Tofu processing industry, especially in the Sumedang Bumi Armasta Tofu business which is small to medium-scale. The processing, which still maintains the traditional method without the help of technology, has been carried out for many years, but the processing that is still traditional has turned out to cause a dependence on expert employees which if not present will have a direct impact on the quality and quality of the Tofu products produced and the skills of new employees are not optimal in replacing the role of expert employees if they are unable to attend. This study aims to analyze employee development strategies in improving the quality of tofu products using the Fishbone (cause-and-effect) approach. The research method used is qualitative descriptive with data collection techniques through observation and interviews. The results of the analysis show that Human factors (HR) are the main cause of the decline in the quality and quality of Tofu products in Sumedang Tofu SMEs which can be seen from changes in texture, aroma, appearance, and size that are not suitable. Therefore, employee development strategies need to be carried out such as job training, assistance for new employees, and standardization of SOPs that are considered effective in improving the quality of Tofu products to remain consistent.

This study aims to examine the implementation of competency-based human resource management (HR) in improving employee professionalism at Devos Jok, an SME engaged in the automotive interior manufacturing sector. A descriptive qualitative approach is used to explore in depth the HR practices carried out, the challenges faced, and the impact on employee work quality. The results of the study indicate that the transformation of the HR system from an administrative pattern to a competency-based one has made a significant contribution to improving individual and organizational performance. The strategies implemented include competency-based recruitment, ongoing training, flexible payroll systems, and adaptation to digital platforms. However, challenges remain, especially in overcoming resistance to change and limited training resources. This study provides theoretical and practical contributions to the development of a competency-based SME HR system in the context of today's creative and digital industries.

Organizational Design is the process of determining the structure, layout, and relationships between parts of an organization to achieve goals and increase efficiency. This process includes planning the organizational structure, division of responsibilities, and how tasks are carried out. Organizational design is dynamic and needs to be adjusted to the development and needs of the organization. Advances in technology and organizational culture play an important role in organizational development. A strong and positive organizational culture can increase employee motivation, engagement, and commitment, which have a positive impact on productivity, efficiency, and innovation. Therefore, the preparation of organizational design is very important in determining the right strategy. A well-designed organizational structure can facilitate the exchange of knowledge, communication between members, and uphold employee moral and professional standards. This study uses a literature study method with the PRISMA approach, using data sources from the ScienceDirect database in the last three years. The results of the study show that strategies in organizations must be formulated and implemented in an organized manner to achieve predetermined goals, while paying attention to the existing organizational culture. A flexible and up-to-date organizational structure allows organizations to adapt more quickly to change. Therefore, organizations need to continue to develop and update their organizational structures to remain relevant and effective in achieving their goals.

This study aims to analyze the marketing strategy implemented by Bika Ambon Nasywa, a traditional cake producer located in Sunggal Deli Serdang, Medan City, North Sumatra. A qualitative descriptive approach was used in this study, with data collection techniques through in-depth interviews, observations, and documentation analysis. Data analysis was carried out using the SWOT (Strengths, Weaknesses, Opportunities, Threats) framework to identify internal and external factors that influence the marketing of Bika Ambon Nasywa products. The results of the study indicate that the main strength of the product lies in its distinctive taste and the quality of the raw materials used, while weaknesses include limited product and packaging innovation. Opportunities that can be utilized include increasing consumer interest in traditional culinary and the development of information technology for digital marketing. Threats faced include competition with similar products and changes in consumer preferences. Based on this analysis, it is recommended that Bika Ambon Nasywa increase product innovation, improve packaging design, and utilize digital platforms such as social media for promotion in order to expand market share and increase sales.

In the midst of increasingly complex globalization, organizations must continue to innovate and maximize the potential of existing resources to achieve competitive advantage. Human Resource Management (HRM) plays a strategic role in managing employees as important organizational assets. This research uses a Systematic Literature Review (SLR) approach to review various literatures that discuss the relationship between HRM strategies and achieving competitive advantage. The results of the literature analysis show that effective HRM strategies, including competency-based recruitment, employee development through training and education, fair reward systems, and the use of technology such as Human Resource Information System (HRIS), can improve organizational performance and competitiveness. In addition, transparent performance management and good internal communication are also important supporting factors. Nonetheless, challenges in implementing HRM strategies remain, such as changes in organizational culture and budget constraints, which require an adaptive approach. This research provides insights into how the right HRM strategy can contribute to the achievement of competitive advantage in the face of fast-changing global market dynamics.

Along with the times and advances in technology, entrepreneurship has become an important pillar in economic growth. Entrepreneurship not only creates jobs, but also utilizes existing natural resources effectively. However, many people fail in starting a business because of the wrong mindset, a sense of personal limitations, and an inability to adapt to changing times. This article discusses the importance of having the right mindset, or mindset, in running a business. A growth mindset, which describes the belief that intelligence and skills can develop through effort and experience, is considered essential for entrepreneurial success. Meanwhile, a fixed mindset that views ability as something that is fixed can hinder progress. A positive and optimistic mindset is a key factor in facing entrepreneurial challenges. Entrepreneurs who think positively tend to see difficulties as opportunities to learn and grow, while those who are optimistic have higher motivation and are more resistant to pressure. Apart from that, creativity and innovation are aspects that are no less important, because entrepreneurs must be able to create products or services that can meet market needs and adapt to changes. Entrepreneurship also requires mental perseverance to face failure and unexpected challenges. A successful entrepreneur must have a tenacious, creative, hardworking attitude and dare to take risks. With a combination of these traits, entrepreneurs can achieve long-term success in their businesses. This article emphasizes that the right mindset, coupled with an innovative attitude and perseverance, greatly influences the journey and success of an entrepreneur.  

The technological revolution accelerated by Artificial Intelligence (AI) has fundamentally changed the paradigm of leadership and human resource management. Digital leadership is now an essential competency for organizations that want to survive and thrive in the face of the challenges of the technological disruption era. This research aims to understand the role of digital leadership in the human capital transformation process, especially in the context of AI adoption by modern organizations.The post-qualitative approach allows research to capture the evolving and diverse dynamics in a digitized organizational environment. It is more open to different forms of data, both structured and unstructured, and recognizes the complexity and ambiguity in digital leadership practices. This research utilizes open-ended interviews and participatory observation, facilitated by interpretive narrative to understand the process of human capital transformation. The main results of the study show that digital leadership plays a key role in facilitating human capital transformation, with an emphasis on adaptive skills development, data-driven decision-making and closer collaboration between people and technology. This transformation is not only technical in nature but also involves changes in organizational culture and structure. This research makes an important contribution by offering a new perspective in leadership studies through a post-qualitative approach.

The digital era has brought significant changes to various aspects of life, including the business world. Information and Communication Technology (ICT) offers new opportunities for Micro, Small, and Medium Enterprises (MSMEs) to innovate and enhance their competitiveness through various aspects such as products, processes, and business models. MSMEs play a crucial role in the Indonesian economy, contributing approximately 60% to Gross Domestic Product (GDP) and absorbing over 97% of the workforce. Despite this, MSMEs often face challenges such as limitations in capital, technology, and market access. Digital transformation presents great potential to address these challenges by improving operational efficiency, expanding market reach, and developing more relevant products and services. Business model innovation, which involves the use of digital technology to create effective solutions, can enhance MSME performance, as demonstrated by previous research. However, barriers such as limited resources and digital skills often hinder technology adoption. This research aims to examine the role of innovation in the development of MSME business models in the digital era, focusing on the utilization of digital technology, success factors of innovation, and impacts on business performance. Additionally, the study will explore strategies to overcome obstacles in the innovation process. The research is expected to provide in-depth insights and practical recommendations for MSMEs in developing innovative and sustainable business models in the digital era.

The main pillar in building quality individuals is education. In pursuing education, people today will go to school, where at each level there are rules that must be followed and prohibitions that must be avoided by students. This is useful for building discipline and a sense of responsibility. Motivation can be said to be a tool that can move and encourage people because it can trigger a feeling of enthusiasm and can also change individual behavior to a better place. This research aims to determine the influence of motivation on the discipline of Stambuk Entrepreneurship Students 2023, Medan State University. This research is quantitative research using the ex-post facto method. In analyzing the data that has been collected, this research uses manual calculations with Quantitative Descriptive Statistical Analysis techniques. Based on the results of the analysis, it was found that there was an influence of motivation on the discipline of the 2023 UNIMED Entrepreneurship students with X and Y correlation results of 0.58 or 58%, while the remainder, namely 0.42 (42%) was determined by other variables.

The development of the Internet of Things (IoT) has changed the paradigm of banking services by offering innovations in operational efficiency, security and customer experience. Despite this, IoT implementation in the banking sector faces significant challenges related to data security and infrastructure costs. This research aims to explore the impact of implementing IoT in banking services and to identify the opportunities and challenges faced in the current digital era. This research method involves case studies, in-depth interviews, and surveys to analyze the use of smart ATMs, wearable devices, security sensors, and smart queuing systems in various banking contexts. The analysis results show significant improvements in operational efficiency and customer satisfaction, while also highlighting challenges related to data security and implementation costs. The implications of this research include recommendations for further development in IoT technology in banking services, with a focus on enhanced data security and effective implementation strategies.

Recent developments in information and communication technology such as artificial intelligence (AI) provide new opportunities to increase the efficiency and accuracy of performance assessment. The impact of the COVID-19 pandemic and the shift to a remote work model has created a need for technology solutions to unify and transmit the performance of employees working from multiple locations. The use of technology in performance management evaluations may raise concerns regarding data security and privacy, inconvenience or resistance to employees or stakeholders. Not all employees or managers have the same level of skill and understanding of the technology being implemented and it requires a high initial investment in maintenance and upgrades. This article provides an understanding of how technology can be applied in management performance evaluation and its benefits in increasing efficiency, objectivity and accuracy in employee assessment as well as providing recommendations for innovation and changes in the use of technology in management performance evaluation. The methodology used is a qualitative method by collecting data from various information sources. Some of the positive impacts of implementing technology in performance evaluation management are increased efficiency and productivity, real-time feedback, increased objectivity and fairness, more accurate and measurable performance monitoring. The technologies that can be used are Go Talent, Feedback and Recognition Systems, Analytics Technology, Application-Based Performance Evaluation Systems, Use of AI for Objective Evaluation and Chabots for Feedback.

Indonesia faces challenges and opportunities in the digital era, where industry becomes a threat if human resources do not have sufficient skills to support this change. The digital industry offers great benefits if people have sufficient skills to engage in it. Many entrepreneurs have emerged in the digital era, generating income through online businesses or e-commerce. The use of this industry can provide optimal benefits, especially because the needs of modern humans are fast-paced and practical. Even though many people use gadgets with an internet connection, being just a spectator without actively participating in the digital era can cause losses. Sidingkat Village, which is rich in natural resource potential, especially ibus plants, has not utilized the internet optimally for development and marketing. Karang Taruna youth in this village have free time that has not been used productively. The aim of this Real Work Lecture (KKN) is to develop marketing of ibus plants and provide an understanding of online marketing media to Karang Taruna youth. The method used is the Participation Action Research (PAR) approach, which aims to increase public awareness of the potential and problems they have, as well as providing solutions through change programs. Through this approach, it is hoped that young people can be more productive and use their free time more effectively in the digital era