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This study aims to examine the influence of capital structure and liquidity on the profitability of manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. Capital structure is represented by the Debt to Equity Ratio (DER), while liquidity is measured using the Current Ratio (CR). Profitability is assessed through Return on Assets (ROA) and Return on Equity (ROE). This research employs a quantitative approach with a causality design and uses multiple linear regression as the analytical method. The sample consists of three manufacturing companies—PT Chandra Asri Pacific Tbk (TPIA), PT Aneka Tambang Tbk (ANTM), and PT Gudang Garam Tbk (GGRM)—selected through purposive sampling based on predetermined criteria. Prior to hypothesis testing, classical assumption tests including normality, multicollinearity, heteroscedasticity, and autocorrelation were conducted, and all variables met the requirements for regression analysis. The findings reveal that DER has a negative and significant effect on both ROA and ROE, indicating that higher leverage reduces the company’s ability to generate profits. Conversely, CR has a positive and significant effect on profitability, suggesting that companies with stronger liquidity positions are more capable of sustaining operational activities and improving financial performance. The F-test results show that DER and CR simultaneously have a significant influence on profitability. Furthermore, the coefficient of determination demonstrates that more than half of the variation in profitability can be explained by the two independent variables. Overall, the study emphasizes the importance of maintaining an optimal balance between debt utilization and liquidity management. Effective capital structure policies and sufficient liquidity levels are essential for enhancing profitability and ensuring financial stability within the manufacturing industry. These findings provide valuable implications for corporate decision-makers, investors, and stakeholders in formulating financial strategies that support long-term performan.  

Increasing rice production is a national strategic priority given its role in maintaining food security and economic stability in the community. This study aims to analyze strategies for increasing rice production in Indonesia through a literature review approach based on relevant scientific articles. The analysis was conducted to identify the main factors that affect rice productivity and to formulate comprehensive strategies covering aspects of cultivation technology, land and water management, institutions and extension, production risk mitigation, and socioeconomic factors. The results of the study show that modern cultivation technology, especially the use of new superior varieties, the legowo planting system, and balanced fertilization, are the main foundations for increasing productivity. However, the success of technology implementation is largely determined by stable access to water, coordination of farmer institutions, intensive extension support, and the availability of capital and supporting infrastructure. Production risks due to climate change and pest attacks also have a significant impact on yield stability, requiring integrated mitigation strategies such as simultaneous planting and strengthening of integrated pest management (IPM). Overall, this study confirms that rice production enhancement strategies must be integrative, adaptive, and sustainable by strengthening the synergy between technology, institutions, and supporting policies. These findings are expected to serve as a basis for formulating more effective agricultural policies to boost national rice production.

Content commodification has become a dominant phenomenon within Indonesia’s digital ecosystem, where communication messages are no longer oriented toward use value such as education and enlightenment, but toward exchange value determined by algorithms, virality, and monetization potential. This transformation is evident in the behavior of content creators, online media, politicians, and government institutions that adjust their message formats to align with the logic of platforms such as TikTok, Instagram, and YouTube. Political content during the 2024 Election, clickbait practices in online journalism, and the aestheticization of public campaigns such as Bangga Buatan Indonesia(BBI) and Gerakan Kamis Pakai Lokal (GASPOL) demonstrate that content today is produced primarily to capture attention rather than to strengthen social literacy. Using a constructivist paradigm and a descriptive qualitative approach, this study analyzes how exchange value dominates meaning-making processes in digital spaces. Through the lenses of media political economy, cultural industries, and surveillance capitalism, the study shows that content commodification shifts the function of communication from a deliberative public sphere to a commercial arena governed by algorithms. These findings highlight the urgent need for digital literacy and communication ethics to safeguard the social role of media in Indonesia.

This study aims to analyze the marketing strategies implemented by CV Mitra Agung to increase consumer purchasing interest in the Sungai Pinyuh District. Using a qualitative descriptive approach, data collection was conducted through in-depth interviews, direct observation, and documentation studies. The results of the analysis indicate that the implementation of an integrated marketing mix (product, price, place, and promotion) has been significantly successful in increasing both consumer purchasing interest and loyalty. The main supporting factors for this success include offering products with consistent quality, setting competitive prices compared to competitors, active and creative promotions, especially through the use of social media, and selecting a strategic and easily accessible business location. Despite showing positive results, this study also identified several challenges faced by the company, namely limited operational capital and limited market reach, which need to be addressed for future business development. Based on these findings, several important recommendations are provided, These include continuous innovation in product variants, optimizing and maximizing the use of digital media platforms to increase brand awareness, and improving the quality of customer service. These recommendations are expected to help CV Mitra Agung expand its market share, improve sales performance, and ensure business sustainability.

Education has long been recognized as a primary determinant of economic progress and human development , yet in the context of a global economy characterized by rapid technological change and the sustainability imperative, the focus shifts from the mere quantity of investment to its effectiveness in fostering sustainable economic growth. Current education systems face significant challenges, including a persistent global "learning crisis" , governance inefficiencies , and a misalignment between curricula and the demands of the labor market, particularly the green and digital economies. Given that existing literature often treats education investment as a static input and fails to holistically integrate sustainability and governance into the optimization process , this conceptual article aims to bridge these theoretical and empirical gaps by proposing an integrated model for the optimization of education investment for sustainable economic growth. The method involves a conceptual analysis that synthesizes human capital theory , endogenous growth theory , and the economics of sustainability , emphasizing the roles of governance, innovation, and inclusivity as mediating factors. The key finding of the study indicates that optimization necessitates a paradigm shift from input-oriented budgeting toward an outcome-based investment framework that holistically balances three crucial dimensions: efficiency (maximizing learning outcomes) , equity (ensuring inclusive access) , and relevance (alignment with sustainability needs). The resulting policy implications are delineated across the Macro (fiscal integration and sustainability strategies through performance-based funding) , Meso (institutions transform into adaptive innovation centers) , and Micro (enhancement of reskilling, upskilling, and human capital capacity) levels; by achieving this alignment, education successfully transitions from a cost center to a strategic catalyst driving sustained prosperity.    

This study examines the stock market reaction to the Christmas and New Year holidays by analyzing abnormal return and trading volume activity for companies consistently listed in the LQ45 Index during 2021–2023. Using a quantitative causal approach and an event study design, the research observes market behavior within a 10 day estimation window and a 10 8day event window surrounding the holiday period. The findings show that abnormal return exhibits limited but notable reactions, with a significant decline observed before the holiday, indicating that investors tend to reduce risk exposure prior to market closure. After the holiday, significant movements still appear, but they remain negative, suggesting that investor activity and confidence have not fully recovered. In contrast, trading volume activity does not show significant differences either before or after the holiday, implying that changes in prices are influenced more by sentiment and price adjustments rather than shifts in trading intensity. These results indicate that the Indonesian capital market demonstrates characteristics of a semi-strong form efficiency, where public information such as national holidays is largely anticipated and absorbed by the market.

This research focuses on the strategic role of the people's market as a driver of the regional economy and a source of Regional Original Income (PAD), by taking a case study of the arrangement of the people's market by the Ciamis Regency MSME Office. Using a qualitative approach, data was collected through observation, interviews, and documentation studies. The results of the study show that the Regional Government of Ciamis Regency implements five main strategies in structuring the people's market, including optimizing development and revitalization with ease of access, market development based on potential and local characteristics, cooperation with investors, facilitation and guaranteeing the ease of capital lending through banking, and market promotion using digital technology. This strategy has a significant impact on the achievement of PAD. The achievement of PAD from the people's market sector of Ciamis Regency was recorded to exceed the target in the period of 2015 to 2017, reaching 113.4%, 128.0%, and 121.9%, respectively, although it decreased in 2018 to 87.2%. To optimize regional levy revenue, these findings conclude the need to improve and improve the regional levy management system to support the performance of the apparatus, the implementation of routine activities such as coordination between agencies and socialization to business actors, as well as increasing the discipline, dedication, and honesty of fiscal officials in carrying out their main duties and functions proportionately.

This study aims to analyze the reaction of the Indonesian capital market to the establishment of the Danantara Investment Management Agency (BPI) as a new financial institution formed by the government in 2025. Using a quantitative approach through the event study method, this study measures the abnormal return of the Composite Stock Price Index (JCI) around the date of the announcement of Danantara's establishment, namely in the observation period from January 31 to April 17, 2025. The analysis results show that the market reacted significantly negatively on the day of the announcement (t₀) with an abnormal return of -0.78 percent and a p-value of 0.05, while on other days around the event, no significant reaction was found. This indicates that the market responds quickly to public information, but the impact is temporary. In the long term, the cumulative abnormal return (CAR) shows a significant negative trend, reflecting market pressure and investor caution regarding Danantara's existence. These findings are in line with the semi-strong form of market efficiency theory and show that investor confidence is highly dependent on the transparency and governance of state financial institutions. Overall, the results of this study confirm that the establishment of Danantara has not had a sustainable positive impact on the Indonesian capital market.

Poverty remains a central issue in regional development, particularly in areas with pronounced economic disparities such as South Sumatra Province. This study aims to examine the effect of Gross Regional Domestic Product (GRDP) on the poverty rate across regencies and cities in South Sumatra during the period 2020–2024. A quantitative research approach was employed using panel data regression analysis, supported by descriptive statistics and classical assumption tests. The empirical findings indicate that GRDP has a negative and statistically significant effect on poverty, suggesting that an increase in regional economic capacity contributes to reducing poverty levels. However, the relatively small coefficient signifies that economic growth has not been fully inclusive and is influenced by the structural characteristics of each region. The Fixed Effect Model was identified as the most appropriate specification, highlighting the existence of heterogeneity across districts that shapes the relationship between GRDP and poverty. These results underscore the need for development strategies that not only promote economic growth but also ensure an equitable distribution of its benefits through the reinforcement of labor-intensive sectors, enhancement of human capital, and strengthening of local economic structures. The study provides valuable insights for regional policymakers in designing more effective and sustainable poverty alleviation strategies.

This research aims to examine the effect of profit optimization on market reaction and the mediating role of tax avoidance in this relationship among insurance sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2023 period. Profit optimization is proxied by Return on Assets, market reaction by stock returns, and tax avoidance by the Effective Tax Rate. This research employs a quantitative approach using secondary data obtained from the financial statements of 17 insurance sub-sector companies, with a final sample of 10 companies selected through purposive sampling. Data analysis was conducted using classical assumption tests, multiple linear regression, and path analysis. The results indicate that profit optimization has a positive and significant effect on tax avoidance. However, tax avoidance does not influence market reaction, and profit optimization also does not have a direct effect on market reaction. Furthermore, tax avoidance is able to mediate the effect of profit optimization on market reaction. This study contributes to a deeper understanding of how earnings information quality, taxation strategies, and investor responses interact in shaping capital market dynamics within the insurance industry. The findings also provide a foundation for future research to explore external factors that may influence these relationships, offering additional academic value for strengthening subsequent studies.

This study aims to explain how the implementation of a Financial Management Information System (MISK) can improve decision-making capabilities in Micro, Small, and Medium Enterprises (MSMEs). In the digital era, MSMEs are required to manage their finances quickly, accurately, and in an integrated manner to compete in a dynamic market. The SIMK offers a solution to simplify the process of recording, analyzing, and reporting financial information in real time, enabling business decisions to be based on valid data. Analysis of various studies shows that the implementation of a MISK can improve operational efficiency, financial reporting transparency, and the quality of managerial decisions. However, its effectiveness is greatly influenced by financial literacy, digital readiness, and the ability of human resources to operate the system. Many MSMEs still have not fully utilized technology due to limited capital and accounting knowledge. With training and government policy support, the implementation of a MISK is expected to strengthen the competitiveness of MSMEs, increase productivity, and achieve professional financial governance.

Waste management remains one of the major challenges in urban areas, including Rungkut Menanggal Subdistrict, Surabaya. Although two active waste banks already exist, community participation and the optimization of social and material assets remain limited. This community empowerment program aims to optimize local potential through the strengthening of social and material assets based on waste bank activities using the Asset-Based Community Development (ABCD) approach. This approach emphasizes the utilization of existing community strengths and resources to create sustainable social transformation. The program was carried out through five participatory stages: discover, dream, design, define, and destiny. The results show a significant improvement in the community’s capacity for household waste management. Residents were able to process approximately 100 kg of organic waste into compost and create creative products such as decorative bags made from plastic waste. Moreover, collaboration among local institutions such as Karang Taruna Arkidli, PKK, Posga Venus, Posga Bumi, and KSH increased, strengthening collective action in environmental management. This program demonstrates that the ABCD approach effectively enhances social capital, increases community participation, and generates both economic and environmental benefits. Waste bank management based on local asset empowerment can serve as a model for inclusive and adaptive community development in urban environmental contexts.

This study aims to determine and analyze the comparison of authority and characteristics between the Nusantara Capital Authority and the Labuan Bajo Authority in the administration of the Indonesian government. The type of research used in the research on the comparison of the authority of the Nusantara Capital Authority Authority and the Labuan Bajo Authority in the Implementation of Indonesian Government is still the same as the initial research proposal, namely using the type of normative law research (normative law research) which is carried out by examining library materials or secondary data. Comparison of the authority between the Nusantara Capital Authority and the Labuan Bajo Authority, namely the authority of the Nusantara Capital Authority (IKN) is regulated in Law Number 3 of 2022 concerning the National Capital and further regulated through Government Regulation Number 27 of 2023 concerning the Special Authority of the Nusantara Capital, namely special authority related to granting investment licenses, ease of doing business, and providing special facilities to parties that support the implementation of the Indonesian Government, as well as the provision of special facilities to parties that support financing in the context of preparation, construction, and relocation of the National Capital, as well as the development of the Archipelago Capital and partner regions and authority in government affairs, while the authority of the Labuan Bajo Authority Agency

Early Childhood Education (PAUD) honorary teachers in West Sumatra face serious welfare challenges, with incomes far below the Provincial Minimum Wage (UMP). This condition affects work motivation, limits access to professional development, and reduces the quality of early childhood education services. This study aims to analyze the current welfare conditions of PAUD honorary teachers, identify the factors contributing to low welfare, and offer strategic solutions involving the government, PAUD institutions, the community, and the teachers themselves. This research employed a literature review method by examining scientific journals, educational department reports, statistical data, government regulations, and supporting theories such as Human Capital and Work Motivation. The findings indicate that low welfare is caused by limited regional government budgets, reliance on parental fees, weak legal status of PAUD teachers, limited certification opportunities, and insufficient CSR and community support. Recommended solutions include increasing government funding, expanding ASN/PPPK recruitment opportunities, strengthening institutional management, collaborating with private sectors, and enhancing teacher competence through continuous training. In conclusion, improving the welfare of PAUD teachers is an urgent step to strengthen the quality of early childhood education services and support the achievement of national education goals from an early age.

This study aims to analyze business development strategies through a SWOT analysis approach for Patricia Aksesoris, focusing on understanding the internal and external conditions that influence business development. The analysis results show that Patricia Aksesoris has strengths in good product quality and a variety of attractive designs. However, this business also faces weaknesses, such as limitations in promotion and capital that can limit expansion. Opportunities that can be exploited include the growing trend in accessories and the great potential for marketing through digital platforms. On the other hand, the main threats faced are intense price competition and rapid changes in consumer tastes. Based on these findings, the recommended strategies to increase business competitiveness are strengthening marketing through social media, improving customer relationships, and improving operational management to achieve greater efficiency. With these strategies, Patricia Aksesoris can strengthen its position in the market and achieve sustainable growth.

State-Owned Enterprises (SOEs) are business entities whose capital is wholly or primarily owned by the government, and in the form of Persero, partial capital participation from the private sector is permitted. Earnings quality reflects the firm’s true economic condition; therefore, it is influenced by financial conditions and the policies implemented. This study aims to examine the effect of accounting conservatism, capital structure, liquidity, profitability, and Corporate Social Responsibility (CSR) disclosure on earnings quality in SOEs listed on the Indonesia Stock Exchange during 2023 and 2024. Research data were obtained from financial statements and sustainability reports as secondary sources, and analyzed using multiple linear regression with the assistance of SPSS software. The findings indicate that accounting conservatism has a positive effect on earnings quality, whereas liquidity and profitability have negative effects. Meanwhile, capital structure and CSR disclosure show no significant effect on earnings quality. These results provide empirical insights for stakeholders in understanding the factors that influence the reliability of earnings information in SOEs.

The main problem in empowering fish farming communities in Dawuhan Village, Poncokusumo District, Malang Regency is how to empower communities through the Peti Koin Bermantra Program in Dawuhan Village, Malang Regency, such as low managerial capacity, weather constraints, high feed prices, and limited market access, which have an impact on the suboptimal economic improvement of the community. This study aims to analyze the implementation of the Peti Koin Bermantra Program in empowering fish farming communities to improve their economic welfare. The study uses a qualitative method with a descriptive approach, as well as the community empowerment theory of Hashemi, Schuler, and Riley (1996). The results show that the Peti Koin Bermantra Program contributes positively to improving community welfare through eight empowerment indicators, such as increased mobility, small-scale purchasing power, ability to make larger purchases, involvement in major decisions, freedom, political and legal awareness, participation in public protests and political campaigns, economic security, and contribution to family support. The success of the program was supported by collaboration between facilitators, the East Java Provincial Marine and Fisheries Service, and the Malang Regency Fisheries Service, although there were still obstacles in terms of capital, group management, and product innovation. To support the sustainability of the program,

This study aims to analyze the role of vocational education in strengthening human capital in the era of Industry 5.0 through a case study of students at SMK Entrepreneur Indonesia Sragen. Vocational education is a crucial component in developing competent, adaptive, and innovative human resources in the face of technological disruption and changing job market needs. Using a descriptive-qualitative approach, this study examines how the implementation of a competency-based curriculum, entrepreneurship training, and collaboration with the industrial world can improve the quality of human capital. The results show that vocational education at SMK Entrepreneur Indonesia Sragen successfully improves students' technical abilities, digital skills, and entrepreneurial spirit, thus better preparing them to face the demands of the world of work in the era of Industry 5.0. In addition, policy support, teacher training, and technology-based learning facilities also strengthen learning outcomes. This study confirms that vocational education plays a strategic role in producing productive, creative, and globally competitive graduates. Strengthening human capital through vocational education is a key factor in accelerating Indonesia's economic transformation towards an intelligent and highly competitive society in the digital era.

The economy of West Sumatra Province has shown a significant decline in recent years, with the lowest growth rate on the entire island of Sumatra. This study aims to examine the influence of capital expenditure, unemployment, and the Human Development Index on economic growth in this region between 2014 and 2024. Using multiple linear regression and data sourced from the Central Statistics Agency (BPS) and the Directorate General of Fiscal Balance, the analysis shows that capital expenditure and unemployment have a significant negative impact on economic growth, while the Human Development Index (HDI) has no significant impact. Although capital expenditure varies, the decline in unemployment indicates a change in labor market conditions. This information indicates that government efforts to increase spending on infrastructure and public services are still ineffective in driving growth. Therefore, it is recommended that the government prioritize budget allocations in productive sectors such as infrastructure, tourism, and MSME development to help small businesses grow and advance through training, capital support, and technology implementation to ensure competitiveness and sustainability. Therefore, this study is expected to provide deeper insight into the elements that influence economic growth in West Sumatra and serve as a guide for further, more comprehensive research.  

This paper analyzes the relevance of the Frankfurt School’s Critical Theory in shaping public policy in Indonesia’s trade sector, particularly in the context of implementing Law Number 7 of 2014 on Trade. Using key concepts of Critical Theory—such as alienation, reification, instrumental rationality, and emancipation—this study evaluates how the structure of modern political economy can generate social inequality, the marginalization of small business actors, and the dominance of market-driven logic in national trade practices. A thematic analysis approach based on a literature review is employed to examine relevant scholarly works, including theories from Adorno, Horkheimer, Habermas, and contemporary critical theorists. The findings indicate that trade policies tend to be technocratic, efficiency-oriented, and insufficiently reflective of economic democracy, social justice, and empowerment principles for grassroots economic actors as mandated by the constitution. Such conditions reproduce structural injustices, particularly for MSMEs, which are often marginalized within a competitive trade system dominated by large capital. Therefore, more inclusive, participatory policy designs that are sensitive to structural inequalities are urgently needed. This study concludes that Critical Theory serves as a robust conceptual framework for analyzing power relations within the trade sector while also offering a transformative direction for policy development. Strengthening deliberative public spheres, enhancing MSME protection, and transforming power relations are essential steps toward achieving trade policies that are fairer, more humanistic, and emancipatory.