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Entrepreneurship has long been recognized as a driving force for a country's socioeconomic growth, becoming increasingly important in facing the challenges of globalization, which demand creativity and innovation. Fierce competition demands that students, as the younger generation, possess greater competencies to compete in the workforce. Student involvement in entrepreneurship can foster the development of an innovation ecosystem on campus, which in turn can improve the quality of education and research. This scientific article aims to analyze students' entrepreneurial practices in creating innovative tea products during their studies, with a focus on identifying factors influencing success and the challenges faced. Students' tea product innovations not only add value to the industry but also provide valuable experience in developing entrepreneurial skills. The research method used was a qualitative approach, interviewing students who own tea product businesses. The results show that students who are entrepreneurs in tea product businesses are highly motivated, highly creative, and have good adaptability. However, they also face various challenges, such as limited capital, lack of experience, and intense competition.

The potential war between India and Pakistan poses significant risks to the Indonesian economy, as it is expected to exacerbate uncertainty in the global financial market. Such geopolitical tensions often trigger a ‘flight to safety,’ where capital flows shift to countries considered stable, leading to reduced foreign direct investment (FDI) in emerging markets like Indonesia. This scenario is likely to place additional pressure on Indonesia’s exchange rate, further destabilizing its financial position. One of the key impacts of the looming India-Pakistan war on Indonesia is its effect on monetary and fiscal management. The Indonesian government is already facing significant challenges, including managing a large amount of maturing debt and grappling with a growing budget deficit. The war would complicate these efforts, making it more difficult for the government to stabilize the economy and implement effective policies. Indonesia’s export sector will also be affected, as India and Pakistan are two of the country’s main trading partners, especially for key commodities like crude palm oil (CPO) and coal. India is Indonesia’s 4th largest export destination, accounting for approximately 9% of total exports, while Pakistan represents around 1.9%. Any disruption in trade with these countries, due to the war or political instability, could significantly hurt Indonesia’s export revenues and negatively affect industries reliant on these markets. Moreover, Indonesia is already facing challenges from the United States, which has imposed reciprocal tariffs worth 32% on Indonesian products. This trade tension, combined with the geopolitical instability from the India-Pakistan conflict, will add further strain to Indonesia’s trade balance. The combination of these factors could lead to slower economic growth, reduced investor confidence, and potentially higher inflation, as the country faces multiple external and internal economic pressures.

This community service activity aims to identify and understand the problems faced by the residents of Pelawi Utara Subdistrict and to formulate appropriate and applicable solutions. The main focus of the program is on strengthening interpersonal communication and developing work-related skills among community members as essential components of social and economic capital. Communication plays a strategic role in delivering accurate information and fostering harmonious social relations among residents. Meanwhile, work skills are positioned as competencies that can be enhanced to produce valuable and productive outputs. Geographically, Pelawi Utara is located in a midland area and is surrounded by other subdistricts within the Babalan District, Langkat Regency. The outcomes of the program indicate the development of more positive and active communication among residents, which is manifested through artistic works resulting from skill development activities. The impact of this initiative includes improvements in community living standards and the strengthening of social cohesion, supported by the active involvement of local government officials as facilitators and intermediaries between stakeholders.

This study aims to evaluate the financial performance of PT Akasha Wira International Tbk during the period 2022 to 2024 using profitability ratio analysis. The ratios analyzed include Return on Assets (ROA), Return on Equity (ROE), Gross Profit Margin (GPM), Operating Profit Margin (OPM), and Net Profit Margin (NPM). The data used is sourced from official financial statements published through the Indonesia Stock Exchange website. Based on the results of the analysis, the company's financial performance is generally relatively good and shows stability over the past three years. This is reflected in the consistency of the profitability ratio which is at a favorable level, indicating the effectiveness of the company in managing assets, its own capital, production costs, and operational activities. Further analysis shows that the Return on Assets and Return on Equity show a stable trend with a slight increase, which indicates efficiency in asset utilization and capital management. Gross Profit Margin and Operating Profit Margin also show positive trends, indicating efficiency in managing production costs and operational activities. Net Profit Margin, although slightly volatile, remains within a range that reflects good profitability. In addition, the results of this evaluation also indicate that the company has the ability to adapt to market changes and dynamic economic conditions. The ability to maintain profit margins in the midst of economic fluctuations shows the resilience of the business model and operational strategy applied. These findings provide an idea that PT Akasha Wira International Tbk has been able to maintain a healthy performance despite being in a competitive business environment. Thus, the results of this evaluation can be used as a basis for strategic considerations by management in preparing long-term financial plans and decision-making, as well as a reference for investors in assessing the company's prospects.

This study aims to comprehensively examine the role of BAZNAS (National Amil Zakat Agency) of West Bandung Regency in the distribution of productive zakat as a means to foster community-based business development during the first semester of 2025. Productive zakat, unlike consumptive assistance, is positioned as a strategic instrument to improve the economic independence of mustahik (zakat recipients), particularly micro-entrepreneurs such as small shop owners, farmer groups, tailors, and individuals engaged in similar economic activities. The research adopts a descriptive qualitative approach to capture an in-depth understanding of program implementation. Data collection methods include in-depth interviews with BAZNAS officials, serving as key informants, and the examination of relevant documents, reports, and activity records. The findings indicate that the application process for assistance is conducted through formal, verified requests, ensuring transparency and accountability, rather than accepting open-form submissions. The form and amount of assistance are adjusted to the specific type and needs of each business, and recipients are prioritized based on the eight asnaf categories, with a focus on those who already have ongoing business activities. In addition to capital provision, the program aims to empower mustahik to transition into muzakki (zakat givers) over time, thereby creating a sustainable cycle of economic empowerment. Monitoring activities are conducted three times a year to assess progress and identify challenges. However, the study also highlights constraints, including limited mentoring sessions and the need for more consistent supervision to ensure that the assistance translates into long-term economic impact. To maximize effectiveness, stronger collaboration among BAZNAS, local communities, and regional government is recommended, alongside capacity-building initiatives for beneficiaries. This collaborative approach is expected to reinforce the sustainability and impact of productive zakat programs, contributing to broader poverty reduction and community empowerment goals.

This study discusses the strategy of expanding the local Micro, Small, and Medium Enterprises (MSMEs) market through the development of Tourism Villages as a solution to limited market access and low competitiveness of MSME actors. MSMEs in Indonesia often face obstacles in aspects of the marketing mix such as venues, prices, products, and promotions. Through a qualitative approach, this study analyzes the direct impact of Tourism Villages on increasing market access, product innovation, and the role of innovation diffusion in encouraging technology adoption by MSME actors. The results of the study show that Tourism Villages such as Pujon Kidul, Taman Sari, and Sokobanah Daya are able to become a catalyst for the local economy by attracting tourists as potential consumers, reducing operational costs, and creating an innovation ecosystem that supports the growth of MSMEs. BUMDes (Village-Owned Enterprises) play an important role in digital promotion, product packaging development, and strengthening the capacity of local business actors through training and mentoring programs. Moreover, Tourism Villages encourage collaboration between stakeholders such as village governments, educational institutions, and private sectors in building sustainable local entrepreneurship. They also facilitate knowledge sharing and cultural preservation while integrating economic, social, and environmental values. Although there are still challenges such as lack of managerial skills, limited access to capital, and dependence on tourism seasons, the potential for long-term impact remains high. This study concludes that the integration of Tourism Village development with MSME strengthening strategies can be a model for inclusive and sustainable village economic empowerment. These findings provide practical recommendations for village governments, BUMDes managers, and MSME actors in building effective synergies that accelerate local economic growth and resilience.

Micro, Small, and Medium Enterprises (MSMEs) serve as a key pillar of Indonesia’s national economy, contributing significantly to the Gross Domestic Product (GDP) and employment absorption. Nevertheless, MSME actors continue to face various challenges, including limited access to capital, low digital literacy, and bureaucratic hurdles in business licensing. Law Number 11 of 2020 on Job Creation (UU Cipta Kerja) was introduced as a regulatory breakthrough to address these obstacles by simplifying bureaucracy, offering business incentives, and easing access to digital markets. This study focuses on the implementation of this policy in Kampung Batik Turi, Blitar City, a hub of local wisdom-based MSMEs. The research aims to analyze the local-level application of the Job Creation Law, identify supporting and inhibiting factors, and assess its impact on the growth and independence of batik MSME actors. The findings are expected to offer practical recommendations to strengthen the alignment between national regulation and the actual needs of regional MSMEs, fostering more inclusive and sustainable MSME empowerment.

This study aims to synthesize the results of previous research on gender diversity and financial performance through Systematic Literature Review (SLR). This research using SLR presents quantitative data to determine the development of gender diversity issues. There are several parameters used, namely journal sources, variable mapping and theory as well as fields of science, research approaches and companies.  The results of this study show that there are 30 articles originating from accredited national and national journals during the period 2020-2024. The topic of financial performance associated with environmental performance, firm value, Environmental Social Governance (ESG), capital structure, Good Corporate Governance (GCG), Corporate Social Responsibility (CSR), fair value, accounting conservatism. which continues to grow. Upperchelon theory is the most widely used theory as well as the dominant use of quantitative methods in financial performance research.  Manufacturing companies are companies that research financial performance issues

The development of information and communication technology has changed the global trade landscape, including in Indonesia. The city of Pekanbaru as the capital of Riau Province has great potential in the development of e-commerce that is integrated with the concept of a smart city. This research aims to analyze the optimization of e-commerce through the implementation of the smart city concept in Pekanbaru. Using a qualitative approach and secondary data analysis, this study examines technological infrastructure, government policies, and community participation in supporting the e-commerce ecosystem. The results show that the implementation of the smart city concept can improve the effectiveness of e-commerce platforms through improved digital connectivity, integrated payment systems, and more efficient logistics services. The adoption of technologies such as big data, Internet of Things (IoT), and geographic information systems (GIS) also supports more responsive decision-making, both by business actors and government agencies. In addition, the involvement of local MSMEs is an important component in expanding the adoption of e-commerce in an inclusive and equitable manner throughout the city. This research also highlights the importance of digital literacy among the public, including micro business actors, to optimize the use of digital technology in business transactions. The local government is expected to strengthen regulations, provide supporting infrastructure, and open cross-sector collaboration to accelerate digital transformation in Pekanbaru. A sustainable education strategy for the community is also needed through training, digital socialization, and technical support so that all levels of society can actively participate in the digital ecosystem. Thus, synergy between the government, business actors, academics, and the community is the main key in creating an adaptive, efficient, and sustainable digital ecosystem, as well as making Pekanbaru a smart city that excels in the field of electronic commerce.

The purpose of this study is to describe spelling errors in descriptive texts of grade XI students of SMA Negeri 3 Lhokseumawe. This research method is descriptive qualitative. Data were collected using documentation and note-taking techniques. Data analysis techniques were carried out through several stages, namely collecting data samples and identifying errors, classifying data based on the type of spelling errors, and describing the forms of errors found. The results of the study indicate that many students still make spelling errors, such as errors in capitalization, writing basic words, redundant words, pronouns, prepositions, abbreviations and acronyms, period errors, and comma errors. These errors are caused by students' lack of accuracy and understanding in implementing Indonesian Spelling when writing. In this case, students must be given a better understanding of Indonesian Spelling. To overcome this problem, teachers have an important role in providing more intensive learning related to the implementation of Indonesian Spelling. One effort that can be done is to provide structured writing exercises, accompanied by direct feedback on spelling errors made by students. Furthermore, the use of digital learning media, such as spelling correction apps or interactive writing platforms, can help students improve their writing skills more effectively. With the right learning strategies, it is hoped that students will be able to understand spelling rules in depth and apply them correctly in every writing activity. Furthermore, students' writing skills also need to be honed through more varied activities, such as writing competitions, daily journals, or creative writing projects that require consistent application of spelling rules. Teachers can also implement a peer review method, where students correct each other's writing, thus creating collaborative learning that can increase language awareness.

This study aims to analyze the influence of business capital, product pricing, and the utilization of e-commerce on the income of micro culinary business actors in Denpasar City. The background of this research is based on the crucial role of micro enterprises in economic development, particularly in the culinary sector, which is one of the largest contributors to the Gross Regional Domestic Product (GRDP) of Denpasar City. Despite the sector's significant growth, increasing competition and uneven adoption of technology remain key challenges in improving business income. This study employs a quantitative approach with an associative research design. The population includes micro culinary business actors spread across the four districts of Denpasar City. The sample was determined proportionally using the proportionate stratified random sampling technique, and respondents were selected using accidental sampling to ensure broad representation. Primary data were collected through direct observation and structured questionnaires, while secondary data were obtained from relevant government institutions such as the Department of Cooperatives and MSMEs and the Central Statistics Agency. The data analysis technique used was multiple linear regression, supported by classical assumption tests (normality, multicollinearity, heteroscedasticity), the F-test to determine the simultaneous influence of the variables, and the t-test to analyze the partial influence of each independent variable on income. The findings indicate that simultaneously, business capital, pricing, and e-commerce significantly influence the income of micro business actors. Partially, each of these variables also shows a positive and significant effect. Business capital provides the foundation for operational activities, pricing affects consumer demand and competitiveness, while e-commerce broadens market reach and improves efficiency. These results highlight the importance of strategic financial management, appropriate pricing strategies, and the adoption of digital platforms to support income growth and sustainability of micro culinary enterprises in Denpasar City.

The purpose of this paper is to examine the role of Green Intellectual Capital (GIC) in the development of waste-to-energy (WtE) technologies, which is of special relevance for the incineration plants in the Gulf Cooperation Council (GCC) countries. Although previous studies have focused primarily on technological and infrastructural aspects, this paper investigates the contribution of intangible assets such as green human, structural, and relational capital towards the performance and sustainability of WtE systems. Adopting a mixed-method approach, the results show that Green Structural Capital has the first place in supporting operational efficiency, followed by Green Human Capital and Green Relational Capital. The statistical analysis based on Structural Equation Modeling (SEM) shows that all GIC dimensions are positively related to plant performance, with institutionalized knowledge and systems as the most significant enablers of innovation. Qualitative findings also highlight constraints such as lack of training, unhandy knowledge systems, and poor public-private interaction. The findings recommend policy suggestions for promoting GIC assimilation within environmental infrastructure and provide a region-based theoretical model connecting knowledge-based resources and sustainable waste management practices. The study emphasizes the importance of integrating intellectual capital into the strategic decision-making process of waste-to-energy plants to enhance their operational effectiveness and long-term sustainability. Additionally, the research underlines that fostering a knowledge-sharing culture and enhancing collaboration between various stakeholders, including governmental bodies, private firms, and research institutions, is critical for the success of green initiatives. Training programs aimed at developing green human capital and improving public-private partnerships are essential to overcoming the current barriers to innovation in the WtE sector. This study has practical and scholarly implications in unifying the focus from just technology to the facilitating role of human and intellectual capital in green transformation, further bridging the gap between environmental sustainability and technological advancements in waste management.

Human resource management (HRDM) is a crucial factor in supporting the success of companies in the digital era which is full of rapid change and global competition. Companies are required to not only adapt to technology, but also be able to build strategic and innovation-oriented MSDM systems. This study aims to examine the strategic role of MSDM in PT Telkom Indonesia (Persero) Tbk in supporting digital transformation and achieving organizational goals. Using a literature study approach, data was obtained from books, scientific journals, company annual reports, and official online sources. The results of the study show that PT Telkom Indonesia manages human resources strategically through various initiatives, such as the Great People Development Program (GPDP), digitization of the Human Capital Management (HCM) system, and strengthening the value-based work culture of "The Telkom Way" which includes Integrity, Enthusiasm, and Totality. This approach has a positive impact on increasing employee engagement, productivity, innovation, and the company's competitiveness in the highly competitive telecommunications industry. In addition, the implementation of digital technologies in HR management, such as the use of analytics platforms for performance measurement and online learning systems, has helped companies in accelerating the internal transformation process. However, challenges such as the digital divide between employees, differences in expectations between generations, and resistance to change are still obstacles that need to be addressed with a more inclusive, adaptive, and employee-well-being-oriented management strategy. This research provides the implication that the integration of technology, organizational culture, and talent development is an important combination in creating a resilient and sustainable HR system. The limitations of the research lie in the literature approach that has not touched the empirical aspect, so it is recommended that there be field studies or in-depth interviews with related parties in the next research to get a more holistic and accurate picture.

This study aims to explore the perceptions of students, micro, small, and medium enterprises (MSMEs), and the general public regarding the role of the Merah Putih Cooperative in supporting and strengthening economic development. Cooperatives are recognized as important economic institutions that promote collective welfare, particularly for small-scale entrepreneurs. This research adopts a descriptive survey method, with data collected through questionnaires distributed to 30 respondents representing students, MSME actors, and community members. The data were analyzed using descriptive techniques to capture respondents’ views on the cooperative’s contribution to economic activities. The findings indicate that the majority of respondents perceive the Merah Putih Cooperative as playing a significant and strategic role in supporting the growth of micro-enterprises. The cooperative is considered effective in expanding business networks, facilitating cooperation among members, and contributing to improvements in members’ economic welfare. In addition, respondents believe that the cooperative helps strengthen local economic resilience by encouraging mutual support and shared economic interests. However, the study also reveals several challenges that need to be addressed. Respondents highlighted the need for improvements in service efficiency, organizational management, and access to capital to ensure that the cooperative’s benefits are distributed more evenly. Strengthening institutional capacity, enhancing transparency, and increasing financial accessibility are essential steps to optimize the role of the Merah Putih Cooperative in sustainable economic development.

Mursala Island is one of the potential coastal tourism areas in Central Tapanuli Regency, known for its natural uniqueness and rich local culture. However, tourism development in this area re-mains unstructured and unsustainable. This study aims to analyze the current conditions, infrastructure readiness, accessibility, community participation, and the level of local socio-cultural resilience toward tourism in order to formulate strategies for sustainable coastal tourism development. A mixed-methods approach was employed, with primary data collected through observation, in-depth interviews, and a questionnaire distributed to 100 respondents.The results show that local socio-cultural resilience is the most strategic variable in supporting tourism interest (mean = 4.06), followed by community participation (3.82), infrastructure readiness (3.61), and accessibility (3.26). Qualitative findings reinforce these results, revealing that while the community actively maintains cultural traditions, they face access barriers and lack participatory institutions. A SWOT analysis led to realistic strategies such as establishing a Local Customary Tourism Unit, developing permanent piers and sea transportation, and drafting a village regulation (Perdes) on culture-based tourism.This study concludes that sustainable coastal tourism development in Mursala Island must be grounded in the strength of local social capital, cultural preservation, and improvements in accessibility and infrastructure. The findings contribute theoretically to strengthening the concept of Community-Based Tourism (CBT) and practically to informing policy direction for locally-based coastal tourism area development.

This study aims to explore and understand the impact of various internal corporate governance and financial structure variables on firm value, specifically within the context of the Indonesian banking sector. The variables examined include company size, capital structure, managerial ownership, institutional ownership, and the presence of independent commissioners. The study focuses on companies listed on the Indonesia Stock Exchange during the period from 2022 to 2024. A quantitative research approach was employed, using purposive sampling to select banking firms that met the criteria for analysis. The data were analyzed using multiple linear regression to determine the individual and simultaneous influence of each variable on firm value. The empirical findings reveal that company size does not have a significant effect on firm value, indicating that larger asset bases or broader operations are not necessarily associated with higher market valuation in the banking sector. Conversely, capital structure—reflected by the proportion of debt to equity—has a positive and significant effect, suggesting that leverage, when managed efficiently, enhances firm value. Meanwhile, managerial ownership does not show a notable contribution to firm value, implying that insider ownership may not always align with shareholder interests. On the other hand, institutional ownership exerts a positive and significant influence, indicating that the presence of large, professional investors can enhance oversight and value creation. Finally, the presence of independent commissioners does not significantly impact firm value. Overall, the results highlight that, although not all governance variables have a direct individual influence, the five variables studied jointly have a significant effect on firm value. These findings have implications for corporate governance practices and financial decision-making in the banking sector, especially in emerging markets such as Indonesia.

The agricultural sector is one of the main pillars in the national economy because it makes a significant contribution to the Gross Domestic Product (GDP), absorbs labor, and is the main livelihood for most Indonesians, especially in rural areas. Among various agricultural subsectors, vegetables have an important role as a commodity that not only meets the needs of household consumption, but also becomes a major source of income for farmers. However, vegetable farmers are often faced with serious problems that directly impact their well-being. One of the main problems is price instability. During the harvest, the abundance of production causes the price of vegetables to fall drastically so that it is not able to cover the capital costs that have been incurred. This is experienced by vegetable farmers in Ngablak District, Magelang Regency, where the selling price of vegetables at harvest time is very cheap, often even below production costs, so that farmers suffer big losses. Reflecting on these problems, this community service activity is present with the theme "we buy, we distribute." This concept is carried out by buying vegetables directly from local farmers at a more decent price than the market price during the harvest. The vegetables that have been purchased are then not resold for profit, but are distributed for free to people who really need them, especially residents in Kepanjen Hamlet, Trimulyo, Sleman. Thus, this activity provides dual benefits, namely helping farmers to continue to earn a decent income and supporting community food security through the distribution of vegetables for free. This program is also a form of social solidarity between farmers and the community, as well as a simple but real solution in dealing with the problem of fluctuations in the price of agricultural products.

This study aims to comprehensively analyze the influence of capital, labor, raw materials, and production processes on the income of woven cloth artisans in Klungkung Regency, Bali. The woven cloth industry in this region holds significant historical and cultural value, yet faces challenges in increasing productivity and income. The study employed a quantitative approach with an associative method, combining data collection techniques through direct observation, structured interviews, and secondary data collection from relevant government agencies. The study population consisted of 120 artisan groups, with a sample of 92 groups determined using simple random sampling. Data analysis was conducted using descriptive statistics to map the general conditions of the respondents, and path analysis using SPSS software to identify direct and indirect relationships between variables. The results indicate that capital, labor, and raw materials positively and significantly influence woven cloth production volume. Furthermore, capital, labor, raw materials, and production simultaneously have a significant direct influence on artisan income, with raw materials emerging as the most dominant factor. These findings confirm that the availability of quality raw materials, the quantity and skills of the workforce, and capital adequacy play a central role in improving production performance and artisan welfare. In addition to direct influences, this study also found an indirect effect of capital, labor, and raw materials on income through the mediation of production variables. This suggests that efforts to improve production factors can automatically strengthen income, both directly and through increased production output. The study's recommendations include the need for policies that facilitate access to capital, workforce training, and a sustainable supply of raw materials to support the sustainability of the woven fabric industry as a vital component of the local creative economy and Bali's cultural heritage.

This research explores the influence of customer satisfaction on the financial performance of Perumda Tirtanadi, with a particular focus on the digital service system as a moderating factor. The study is driven by the growing urgency for digital innovation in public service sectors, particularly in the wake of the COVID-19 pandemic, which significantly altered customer engagement patterns. A quantitative method is adopted, employing Partial Least Squares–Structural Equation Modeling (PLS-SEM) using the SmartPLS 4 software to process the collected data. The analysis demonstrates that both customer satisfaction and digital services have independent and significant positive effects on financial outcomes. However, the interaction between these two variables does not show a statistically significant moderating effect. These findings underline the value of digital infrastructure as a strategic internal resource that supports financial growth. Nevertheless, the minimal moderating impact suggests that a portion of customers either lack access or sufficient skills to effectively utilize the available digital platforms. This study adds to the current body of knowledge by examining the interplay between digital transformation and customer satisfaction in shaping financial performance, framed through the Resource-Based View (RBV) theory. The research suggests that improving digital literacy and promoting better adoption of digital tools among customers is essential to fully capitalize on the benefits of technological advancement. Furthermore, it highlights the need for continuous training and support to ensure that all customers can engage with digital services effectively, thereby enhancing overall satisfaction and financial performance. By addressing these gaps, organizations can foster a more inclusive digital environment that benefits both the customers and the service providers.

This study aims to determine the influence of intellectual capital, company age, company size, and managerial ownership on firm value, with Good Corporate Governance (GCG) acting as a moderating variable. In addition to analyzing the overall effect of each variable, this study also divides the analysis into three distinct periods: the normal period, the pandemic period, and the recovery period. The population of the study includes companies in the hotel, restaurant, and tourism sub-sectors listed on the Indonesia Stock Exchange (IDX) during the period of 2018 to 2022. The sample was selected using purposive sampling, resulting in a total of 24 companies with 120 observations analyzed. To test the hypotheses and analyze the data, this study employed the Statistical Product and Service Solutions (SPSS) software version 25. The results indicate that intellectual capital and company age do not have a significant effect on firm value. In contrast, company size and managerial ownership were found to have a significant influence on firm value, suggesting that larger companies and those with higher levels of managerial ownership tend to have stronger firm value. Furthermore, Good Corporate Governance (GCG), when tested as a moderating variable, did not significantly strengthen the relationship between intellectual capital and firm value. When viewed across the three time periods—normal, pandemic, and recovery—intellectual capital, company age, managerial ownership, and the moderating effect of GCG consistently showed no significant influence on firm value. However, the study reveals a notable exception in the case of company size. During both the pandemic and recovery periods, company size was shown to significantly affect firm value. This suggests that during periods of crisis and recovery, firm size plays a more crucial role in maintaining or increasing firm value, possibly due to greater resources, resilience, and operational capacity possessed by larger firms.