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Underpricing continues to be a prominent issue within the Indonesian capital market, as many firms conducting an Initial Public Offering (IPO) tend to set initial share prices below their subsequent market value. This research investigates the moderating role of underwriter reputation in the relationship between profitability, financial leverage, and earnings per share (EPS) on IPO underpricing among firms listed on the Indonesia Stock Exchange (IDX). Utilizing a purposive sampling technique, the study analyzes data from 176 companies. The data are processed using Moderated Regression Analysis (MRA) with the help of STATA software. The findings reveal that profitability, measured by return on assets (ROA), significantly influences underpricing. In contrast, financial leverage (proxied by the debt-to-equity ratio) and EPS show no statistically significant effect. Moreover, underwriter reputation is shown to moderate the negative impact of both ROA and EPS on underpricing but does not moderate the relationship between the debt-to-equity ratio and underpricing. These results offer valuable insights into signaling theory and information asymmetry, highlighting the importance of firm fundamentals and intermediary reputation in IPO pricing strategies. The study contributes to a better understanding for investors, issuers, and regulators involved in the IPO decision-making process.

This paper examines the implementation of translanguaging pedagogies within digital learning environments and their effectiveness in developing multilingual competence among Generation Z learners. Through a mixed-methods study involving 186 students and 14 educators across six higher education institutions, this research investigates how strategic integration of translanguaging practices in digital spaces supports linguistic flexibility, metalinguistic awareness, and cross-cultural competence. Findings reveal that digitally-mediated translanguaging approaches resulted in significant improvements in learners' willingness to communicate across languages (p<.01), metalinguistic awareness (p<.001), and cross-cultural communication efficacy (p<.01) compared to monolingual instructional approaches. The research further identifies five key digital translanguaging strategies that effectively leverage Generation Z's technological aptitude and multimodal literacy. This study contributes to the growing field of multilingual digital pedagogy by demonstrating how translanguaging can be systematically integrated into digital learning environments to foster linguistic repertoire expansion that aligns with the communicative needs of increasingly globalized contexts. The pedagogical framework presented offers practical guidance for educators seeking to implement translanguaging approaches in various digital learning modalities while accommodating Generation Z's learning preferences and multilingual development.

The food and beverage subsector of the manufacturing industry, despite experiencing positive growth, still faces challenges in maintaining financial performance stability, such as high operational costs, suboptimal capital structure, and efficiency differences across company scales. This study aims to examine the effect of operational efficiency, leverage, and firm size on financial performance, both partially and simultaneously, in food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2022–2024 period. The sample consists of 16 companies selected using purposive sampling, with a total of 48 observations. This research applies a quantitative approach using panel data regression analysis and hypothesis testing through partial (t-test) and simultaneous (F-test) methods with STATA version 14. The best model used is the Random Effect Model (REM), selected through Chow, Hausman, and Lagrange Multiplier tests. The findings indicate that leverage has a significant negative effect on financial performance when tested partially, while operational efficiency and firm size do not have a significant partial effect. However, when tested simultaneously, operational efficiency, leverage, and firm size significantly influence the financial performance of food and beverage manufacturing companies listed on the IDX.  

This paper examines the implementation of translanguaging pedagogies within digital learning environments and their effectiveness in developing multilingual competence among Generation Z learners. Through a mixed-methods study involving 186 students and 14 educators across six higher education institutions, this research investigates how strategic integration of translanguaging practices in digital spaces supports linguistic flexibility, metalinguistic awareness, and cross-cultural competence. Findings reveal that digitally-mediated translanguaging approaches resulted in significant improvements in learners' willingness to communicate across languages (p<.01), metalinguistic awareness (p<.001), and cross-cultural communication efficacy (p<.01) compared to monolingual instructional approaches. The research further identifies five key digital translanguaging strategies that effectively leverage Generation Z's technological aptitude and multimodal literacy. This study contributes to the growing field of multilingual digital pedagogy by demonstrating how translanguaging can be systematically integrated into digital learning environments to foster linguistic repertoire expansion that aligns with the communicative needs of increasingly globalized contexts. The pedagogical framework presented offers practical guidance for educators seeking to implement translanguaging approaches in various digital learning modalities while accommodating Generation Z's learning preferences and multilingual development.

Firm value refers to the price a prospective buyer is willing to pay if the company were to be sold. It serves as an economic metric to assess the overall financial position of a company, reflecting how valuable the firm is in terms of its assets, earnings, growth potential, and other relevant factors. This study aims to analyze dividend policy as a moderating variable in the relationship between liquidity, leverage, and firm value among organizations listed on the Indonesia Stock Exchange (IDX) in 2023. The data employed in this study is secondary information sourced from annual financial reviews published through the reliable IDX website or the companies’ individual websites. Liquidity is estimated using the current ratio, leverage is estimated using the debt-to-equity ratio, firm value is calculated using the price-to-book value, and dividend policy is calculated using the dividend payout ratio. The sample consists of 248 companies, selected using the Slovin sampling technique. The findings reveal that liquidity and leverage have no impact on firm value. Dividend policy does not slight the impact of liquidity on firm value. However, dividend policy does moderate the effect of leverage on firm value.

Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in driving the local economy but often face constraints in funding and market access. This study aims to analyze strategies for enhancing competitiveness and local creativity through a case study of Tajudin Shop, a microenterprise based in Cikampek. The business leverages partnerships with local doll artisans, digital marketplace distribution, and a sharia-based financing scheme through mudharabah contracts. A descriptive qualitative method was employed, using field observation, in-depth interviews, and documentation over a two-month research period. The findings show that the integration of community empowerment, digital marketing, and ethical financing significantly improves business competitiveness. These strategies not only expand market reach and increase revenue but also strengthen social networks and spiritual values in business practices. The study implies that value-based approaches, local collaboration, and technological innovation can serve as a replicable model for sustainable MSME development in other regions with similar characteristics.

This study aims to analyze the relationship between data analytics utilization and the performance improvement of Meta Platforms Inc., particularly through its Instagram platform. In the digital era, data has become a strategic asset that enables companies to understand user behavior, optimize marketing strategies, and develop innovative products and services. Using a qualitative case study approach, this research illustrates how Meta leverages Instagram analytics—through audience segmentation, campaign effectiveness evaluation, and user insight-driven feature development—to enhance operational efficiency and profitability. The findings show that the use of data analytics not only increases advertising effectiveness and return on investment (ROI) but also strengthens Meta’s position as an innovation leader in the social media industry. The study also highlights the importance of data transparency and ethical practices in data usage, and recommends the development of more open and adaptive data infrastructure to meet evolving user needs.

This study aims to analyze the influence of leverage (DER), free cash flow (FCF), and operational efficiency using inventory turnover (ITO), and receivables turnover (RTO) on company value, with company size as a control variable, in food and beverage sector companies listed on the Indonesia Stock Exchange for the 2018–2023 period. The method used is panel data regression with the Fixed Effect Model approach. The results of the study show that leverage has a significant negative effect, and inventory turnover has a significant positive effect on the company's value. Meanwhile, FCF and RTO had no significant effect, while company size had a negative effect. Robustness checks with PBV as proxy for alternative values showed relatively consistent results. These findings support the signal theory, that operational efficiency and a well-managed financial structure can strengthen investors' perception of a company's value.

Finansial restructuring is an important strategy in maintaining company sustainability and growth, especially in the face of external and internal pressures. Mergers, acquisitions, and leveraged buyouts (LBOs) are the three main instruments in restructuring strategies used by companies in various sectors. This study aims to systematically review the current academic literature on the impact, challenges, and effectiveness of using mergers, acquisitions, and LBOs in the context of financial restructuring. By reviewing more than 20 sources from academic journals and recent financial reports, this study identifies trends, research gaps, as well as theoretical and practical contributions of each of these instruments. The findings show that all three instruments have significant potential to improve a firm's operational efficiency and capital structure, but also carry substantial risks if not managed strategically.

Social media marketing is a promotional strategy that leverages social media platforms to advertise products, services, or brands by actively engaging with audiences. This approach is effective in capturing consumer attention, encouraging their participation, and plays a critical role in shaping purchase intention through broad reach and direct interaction. This study aims to examine and explain the influence of social media marketing on purchase intention with electronic word of mouth (e-WOM) as a mediating variable, focusing on Good Karma Warung Tirtagangga. The sample consisted of 120 respondents selected using purposive sampling. Data were collected through interviews and online questionnaires. The analytical techniques employed in this study include path analysis, the Sobel test, and the Variance Accounted For (VAF) test, using SPSS version 27. The results reveal that social media marketing has a positive and significant effect on purchase intention, social media marketing positively and significantly affects electronic word of mouth, electronic word of mouth has a positive and significant impact on purchase intention, and electronic word of mouth successfully mediates the relationship between social media marketing and purchase intention.

This study aims to analyze the impact of digital platforms on business communication strategies at the Mores Store MSME in Bandung City. Employing a qualitative approach, the research utilizes survey methods and descriptive analysis. Data was collected through offline interviews, literature review, and online data searches. The findings reveal that Mores Store actively leverages social media and online platforms, with Instagram and Shopee being the primary channels for promotional activities. Product promotion is heavily reliant on social media and e-commerce, which serve as the main pillars of their business communication strategy. In formulating their communication approach, Mores Store incorporates digital media by integrating persuasive interpersonal marketing, advertising, product photography, and the management of visually appealing social media displays. Overall, the study concludes that the managers of Mores Store possess a strong understanding and a high level of adaptability to digitalization and technological advancements in the era of Society 5.0, enabling them to develop effective and innovative business communication strategies.

This study aims to analyse the impact of the implementation of PSAK 73 which focuses on changes in key financial ratios, namely Debt to Equity, Return on Assets, and Return on Equity. The results showed that DER experienced a significant increase, ROA in the first year experienced a significant decrease and ROE experienced a significant decrease due to depreciation and rental interest. Overall, the implementation of PSAK 73 affects the company's financial structure, increases leverage, and decreases profitability and affects asset efficiency although not consistently. This study also responds to the importance of financial statement transparency with the recognition of right-to-use assets and lease liabilities that provide a more realistic picture of the company's liabilities and assets. This study suggests expanding the sample, considering other variables, and using more complex quantitative and qualitative analysis methods to gain a deeper understanding.

Corporate profits may be allocated either as dividends to shareholders or retained to support future investment activities. The proportion of dividends distributed serves as an indicator of management’s ability to balance reinvestment needs with shareholder returns. Decisions regarding dividend distribution are typically finalized during the General Meeting of Shareholders (GMS), following recommendations put forth by the board of directors. This research investigates how asset management influences dividend payments, assesses the impact of leverage on dividend distribution, and explores the moderating effect of company growth on the relationship between asset management and leverage with dividend payouts. The study focuses on companies listed in the High Dividend 20 Index (IDXHIDIV20) from 2019 to 2023. Using purposive sampling, 29 companies were selected, yielding 145 observations that consistently issued dividends throughout the study period. The analysis was conducted using Moderated Regression Analysis (MRA). Findings indicate that asset management positively affects dividend payments, whereas leverage does not exhibit a significant influence. Moreover, company growth is found to weaken the positive association between asset management and dividends, while it does not moderate the relationship between leverage and dividend payouts. These findings support both signaling theory and contingency theory, emphasizing that efficient asset utilization enhances corporate profitability, which in turn can lead to higher dividend distributions.

This study aims to analyze the role of cash flow and financial ratios in predicting financial distress in manufacturing companies listed on the Indonesia Stock Exchange for the period 2021–2023. The independent variables include cash flow, profitability, liquidity, leverage, and activity ratios, while financial distress serves as the dependent variable. This research employs logistic regression analysis with purposive sampling, resulting in a sample of 100 companies with a total of 300 observations. The findings reveal that liquidity and activity ratios have a significant negative effect on financial distress, while solvency has a significant positive impact. However, cash flow and profitability do not significantly influence financial distress. These findings highlight the importance of liquidity management and asset efficiency in reducing financial distress risk, while also indicating that high debt burdens increase the likelihood of financial distress. The study’s implications provide valuable insights for management and investors in making strategic financial decisions

The adoption of PSAK 116 changes the accounting treatment of leases by recognising right-of-use assets and lease liabilities, replacing operating lease expenses with depreciation and interest. These changes have a direct impact on ability-to-pay financial ratios such as Debt Service Coverage Ratio (DSCR) and Net Debt to EBITDA. This study analyses the financial statements of PT Mitra Adiperkasa Tbk (MAPA) for 2019-2024 using a descriptive-comparative and simulation approach in case PSAK 116 is not applied. The results show a technical increase in EBITDA due to PSAK 116, which has an effect on the apparent improvement of DSCR and Net Debt to EBITDA. Simulations using the PSAK 30 approach show more conservative and realistic ratios. These findings highlight the importance of understanding the impact of accounting standards on ratio interpretation and credit decision-making.

This study aims to analyze and compare the financial performance of PT Asuransi Dayin Mitra Tbk and PT Asuransi Jasa Tania Tbk in 2023 using the DuPont analysis method. The data used in this study are the financial statements of both companies for the year ended December 31, 2023. The analysis was conducted by calculating the net profit margin (NPM), total asset turnover (TATO), financial leverage (EM), and return on equity (ROE) of each company. The results indicate that PT Asuransi Dayin Mitra Tbk achieved better financial performance with an ROE of 5.66%, while the ROE of PT Asuransi Jasa Tania Tbk was only 1.24%. PT Asuransi Dayin Mitra Tbk outperformed in TATO and EM, whereas PT Asuransi Jasa Tania Tbk demonstrated a higher NPM. These findings provide practical implications for insurance company management and investors in decision-making processes. However, this study has limitations in terms of sample size, time period, and its focus on financial factors. Further research is needed to explore non-financial factors influencing the performance of insurance companies.

This study aims to analyze the effect of leverage, liquidity, and company size on profitability in food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. Testing was conducted both partially and simultaneously to obtain a comprehensive picture of the relationship between variables. This study uses a quantitative approach with a sample of 14 companies selected through a purposive sampling method based on certain criteria, such as the completeness of annual financial reports during the study period and the availability of relevant data. The data used are secondary data obtained from the official IDX website (www.idx.co.id), including annual financial reports containing information on total assets, total liabilities, total equity, financial ratios, and the company's profit level. Data analysis was carried out using the multiple linear regression method using SPSS version 26 software, so that the effect of each independent variable on the dependent variable can be tested both individually and together. The results of the study indicate that simultaneously, the variables leverage (X1), liquidity (X2), and company size (X3) have a significant effect on profitability (Y). However, partial test results revealed that leverage had a negative and significant effect on profitability, indicating that a high proportion of debt can reduce a company's ability to generate profits. Meanwhile, liquidity and company size were not shown to have a significant influence on profitability, suggesting that these factors are not the main determinants of profit performance in this sector. This study implies that food and beverage company management needs to carefully consider capital structure to maintain profitability. For further research, it is recommended to add other variables such as operational efficiency, sales growth, and dividend policy, as well as extend the observation period for more in-depth and representative analysis results.

This study aims to examine in depth the influence of financial variables consisting of Current Ratio (CR), Return on Equity (ROE), Debt to Equity Ratio (DER), and Earning per Share (EPS) on Stock Returns in primary consumer sector companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period. This study uses a quantitative approach by utilizing secondary data in the form of annual reports published through the official websites of each company and the Indonesia Stock Exchange page, so that the data used can be accounted for its validity. Sample selection was carried out through a purposive sampling technique with certain criteria resulting in 15 sample companies with a total of 75 observation data which were then analyzed using Eviews 13 statistical software. The analysis focused on partial and simultaneous relationships between variables to determine how much each factor contributed to the movement of Stock Returns. The results showed that the Current Ratio had no significant effect on Stock Returns with a probability value of 0.4079, so that company liquidity in the short term was not a major determining factor for investors. Return on Equity also did not show a significant effect with a probability value of 0.2591, indicating that the company's efficiency in generating profits from shareholder equity has not been a consistent benchmark for investment returns. Conversely, the Debt to Equity Ratio was shown to have a significant negative effect on Stock Returns with a probability value of 0.0053, meaning that the higher the company's leverage level, the greater the risk borne, thus implying a decrease in investor interest and a decrease in returns. Earnings per Share also did not have a significant effect on Stock Returns with a probability value of 0.2989, indicating that although EPS is one of the fundamental indicators, in the context of this research period its effect was inconsistent on the returns received.

The integration of autonomous systems in traffic management has become increasingly important as urban populations and vehicle numbers continue to rise, leading to significant congestion. Traditional traffic signal control systems, which rely on fixed timing, are no longer sufficient to handle the dynamic and complex nature of urban traffic. To address these challenges, the proposed explainable Deep Reinforcement Learning (DRL) framework aims to optimize traffic signal control by dynamically adjusting traffic signals based on real-time data. This approach enhances traffic flow efficiency, reduces congestion, and improves overall system performance. The framework leverages Vehicle-to-Everything (V2X) communication, which enables real-time data exchange between vehicles, infrastructure, and other road users, extending the perception range of autonomous vehicles and providing valuable insights for traffic signal optimization. Additionally, the integration of smart infrastructure, such as smart intersections, plays a crucial role in enabling adaptive traffic management and facilitating better coordination across multiple intersections. One of the key advantages of the proposed system is its transparency, achieved through the implementation of explainable AI (XAI) techniques. These mechanisms provide clear insights into the decision-making processes, ensuring that traffic management authorities and system users can understand the rationale behind the system’s decisions. Although challenges such as data accuracy, scalability, and cybersecurity risks remain, the proposed DRL framework shows great promise in revolutionizing traffic management systems. Future research directions include enhancing data collection methods, improving the scalability of the system for larger cities, and further developing explainability features to improve trust and adoption in real-world applications.

This study examines the factors that influence financial distress in companies affiliated with Israel, focusing on the roles of profitability, liquidity, leverage, sales growth, and firm size. The research is driven by the phenomenon of boycotts caused by geopolitical conflicts involving Israel, which have impacted the financial performance of several companies, particularly in Indonesia. The study uses a quantitative approach, analyzing a sample of companies listed on the Indonesia Stock Exchange (IDX) that are affiliated with Israel during the 2023-2024 period. The data consists of quarterly financial statements, which are analyzed using the Altman Z-Score bankruptcy prediction model. The findings show that profitability and liquidity have a significant effect on financial distress, while leverage and sales growth have a smaller impact. Firm size is also found to reduce the risk of financial distress. These results suggest that companies linked to Israel are more vulnerable to financial risks due to boycotts triggered by international political tensions.