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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.

This study aims to examine the relationship between a company's value (firm value) and three key variables: environmental performance, capital structure, and management ownership. The research focuses on companies listed on the Indonesia Stock Exchange during the period from 2022 to 2024. The objective is to understand how these internal and external factors contribute to shaping a company’s market valuation and overall financial health. Using a panel data regression analysis with a fixed effect model, the study provides empirical evidence based on secondary data drawn from company financial reports and sustainability disclosures. The results indicate that capital structure, measured by the proportion of debt to equity, has a significant negative impact on firm value. In contrast, both environmental performance and the proportion of shares owned by management have a positive and significant effect on firm value. These findings suggest that while excessive debt may erode investor confidence and reduce a firm's valuation, strong environmental commitments and management ownership foster positive perceptions in the eyes of stakeholders, including investors and customers. Theoretically, this research supports stakeholder and agency theories by highlighting how internal governance and ethical responsibility play a role in corporate success. Pragmatically, the results offer important insights for companies, especially in emerging markets like Indonesia, to align sustainability and ownership strategies with financial management to boost firm value. Companies are encouraged to optimize their capital structures, strengthen their environmental reporting practices, and promote management ownership as a way to align interests and enhance long-term performance. Overall, this study contributes to the literature on corporate governance and sustainability by providing current, context-specific evidence relevant to stakeholders in the Indonesian capital market.

This study aims to determine the effect of capital structure on firm value at PT Kalbe Farma Tbk listed on the Indonesia Stock Exchange for the period 2020-2024, the effect of profitability on firm value at PT Kalbe Farma Tbk listed on the Indonesia Stock Exchange for the period 2020-2024, and the effect of capital structure and profitability on firm value of PT Kalbe Farma Tbk for the period 2020-2024. The method used in this research is an associative quantitative approach, which focuses on the relationship between variables. The data used is secondary data in the form of quarterly financial reports of PT Kalbe Farma Tbk. which is listed on the Indonesia Stock Exchange (IDX) during the period 2020-2024. The results showed that partially capital structure has a positive and significant effect on firm value, while profitability partially has no effect on firm value. Simultaneously, capital structure and profitability have no significant effect on firm value.

Empowerment is the process of increasing the capacity and independence of individuals and groups so they can develop optimally. Empowerment of UMKM is important because of their strategic role in supporting national economic growth. However, UMKM still face various problems such as legality, capital, marketing, and managerial skills. To support this effort, PLUT was established at the initiative of the Batam City Government to encourage UMKM to move up a class. PLUT Batam City plays an important role through strategic services such as consulting, business mentoring, legal facilitation, training, product and packaging development, as well as promotion and marketing. This study uses a qualitative method with interview, observation, and documentation techniques. The theory used is the Van Meter and Van Horn implementation model which includes six variables: policy objectives, resources, communication, implementer characteristics, socio-economic conditions, and implementer attitudes. This study aims to analyze the implementation of the PLUT program in empowering UMKM in Batam City.

Micro, Small, and Medium Enterprises (MSMEs) are one of the sectors that have an important role in supporting Indonesia's national economy. Its contribution is enormous to the Gross Domestic Product (GDP), job creation, and increased innovation, especially in the face of global economic challenges and social inequality. This research aims to examine in depth the role of MSMEs in encouraging Indonesia's economic growth and identify various challenges faced by this sector. The method used in this study is library research, by analyzing various sources of scientific literature, policy reports, and relevant empirical data related to the role of MSMEs. The results of the study show that MSMEs not only contribute to increasing national GDP, but also become the main driving force in providing jobs for the community, especially in rural and suburban areas. In addition, MSMEs are also an important means in the development of local innovation, especially in the use of simple technology that is in accordance with community conditions. However, MSMEs also face a number of serious challenges that can hinder their contribution to economic growth. These challenges include limited access to digital payment systems, low quality of human resources (HR), weak marketing networks, and limited capital and technology. Thus, to increase the role of MSMEs in national economic development, synergy is needed between the government, the private sector, and financial institutions in providing comprehensive and sustainable support. The support includes training on human resource capacity building, access to capital, digital transformation, and strengthening the business ecosystem. This research is expected to contribute to the development of policies that favor the empowerment of MSMEs in Indonesia.

This study aims to analyze the influence of capital structure, company size, and liquidity on the financial performance of manufacturing companies in the food and beverage sub-sector listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. The food and beverage industry is one of the sectors that has a significant contribution to national economic growth, so understanding the factors that affect its financial performance is crucial. The method used is a quantitative approach with multiple linear regression analysis techniques to test the relationships between variables. The data used comes from the annual financial statements of companies that are included in the sub-sector for the past five years. The results of the study show that partially, the capital structure has a significant influence on the company's financial performance, which is shown by a calculated t-value of 6.414 and a significance value of 0.000 (< 0.05). These findings indicate that the more optimal the capital structure managed by the company, the better its financial performance. On the other hand, company size and liquidity do not show a significant influence on financial performance. The company size has a t-value of -1.493 with a significance of 0.140 (> 0.05), while liquidity has a t-value of 0.765 with a significance of 0.447 (> 0.05). However, simultaneously, these three independent variables together have a significant effect on financial performance, as shown by a calculated F-value of 19,527 and a significance value of 0.000 (< 0.05). The results of this study provide important implications for company management to pay more attention to the management of capital structure, as it is the dominant factor in influencing financial performance. Optimizing capital structure can be used as a strategy to increase the efficiency and competitiveness of the company in the midst of the dynamics of the food and beverage industry.

This study aims to analyze the influence of accounting knowledge, business capital, and business length on the success of micro, small, and medium enterprises (MSMEs) in Tandes District, Surabaya City. The background of this research is based on the importance of financial management skills, sufficient capital availability, and business experience in supporting the sustainability and growth of MSMEs. This study uses a quantitative approach with primary data obtained through the distribution of questionnaires to MSME actors who are registered and domiciled in Tandes District. The sample criteria include fostered MSME actors who have been running their businesses for at least three years and marketing their own products. The number of respondents who were successfully collected in this study was 105 people. The data analysis technique used was multiple linear regression analysis with the help of SPSS software version 23.0. The results of the study show that the variables of accounting knowledge, business capital, and business duration simultaneously or partially have a positive and significant effect on the success of MSME businesses in Tandes District. Accounting knowledge helps business actors in managing finances and recording transactions systematically. Adequate business capital is an important factor in business development and increasing production capacity. Meanwhile, the length of the business reflects the accumulation of experience and practical knowledge that can improve managerial efficiency and effectiveness. Thus, these three variables have a strategic role in increasing the success of MSMEs. This finding provides an implication that MSME empowerment programs should be focused on improving accounting literacy, wider access to capital, and long-term business assistance. Local governments and related institutions can take these results into consideration in designing policies that support the sustainable growth of MSMEs.

The low level of active student participation in rural learning environments poses a significant challenge to the education system. This study aims to examine the role of Gerakan Mengajar Desa (GMD), a community-based non-formal education initiative, in fostering students’ social capital at SD Negeri 1 Sedong Lor, Cirebon Regency. Employing a qualitative case study approach, data were collected through observation, in-depth interviews, and documentation, and analyzed using Miles & Huberman’s interactive model. The findings reveal that the GMD program significantly enhances students’ self-confidence, social interaction, and active engagement in collaborative learning activities. Through contextual and participatory learning methods, GMD cultivates essential social values such as mutual cooperation, empathy, responsibility, and teamwork. These findings highlight GMD’s effectiveness as a transformative model for strengthening student character and building social capital in areas where formal education access remains limited.

 Tax avoidance is a legal strategy used by companies to minimize their tax burden by exploiting loopholes in tax regulations without violating the law. Although not illegal, this practice may reduce a company’s tax contribution to the state and pose reputational risks. This study aims to analyze the influence of profitability (ROA), leverage (DER), and capital intensity (FAT) on tax avoidance, measured using the Current Effective Tax Rate (CETR), in property and real estate companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. This research adopts a quantitative approach with multiple linear regression analysis processed using SPSS. The sample was selected using purposive sampling. The results show that all three independent variables have a significant effect on tax avoidance, supported by significance values below the critical threshold and t-values exceeding the t-table, leading to the acceptance of H1, H2, and H3.

 The trade of secondhand clothing at Pasar Senggol Batubulan, Gianyar Regency, has become a rapidly growing economic activity and an alternative source of income, particularly amidst limited formal employment opportunities. However, the income of secondhand clothing traders tends to fluctuate and is influenced by several internal business factors. This study aims to analyze the influence of price, business capital, working hours, and product quality on the income of secondhand clothing traders. An associative quantitative approach was used, involving 61 traders selected through a saturated sampling technique. The data analysis method applied is multiple linear regression. The findings reveal that price, capital, working hours, and product quality simultaneously have a significant effect on traders’ income. Partially, all four variables also show a significant influence. Product quality is the most dominant factor affecting income, followed by capital, working hours, and price. Adequate capital enables traders to increase stock and improve product quality. Longer working hours provide greater opportunities to serve consumers, while competitive pricing boosts sales capacity. These findings underscore the importance of managing internal business factors to enhance income and contribute to the economic empowerment of communities in the informal sector.

The purpose of this study was to determine the determinants of company value. The progress of globalization in the business world is currently growing rapidly. This can be seen from the rapid increase in data and innovation that encourages businesses to continue to grow. The company continues to strive to develop in accordance with the times that increase company value. The method used in this research is Systematic literature review (SLR). SLR is a research method to collect and evaluate research results related to topics that will become research topics. The data collection techniques used in this research are observation and literature research methods. The theory is obtained through Google scholar, dimensions, sinta kemendikbud, articles, journals, the data used in this study were collected by means of indirect data collection techniques and sourced from intermediary media the research data collection period is articles from 2023 to 2025. Factors that affect firm value, namely Intelectual Capital Disclosure (ICD), financial performance, and Good Corporate Governance (GCG). Overall, to achieve maximum firm value, business organizations should not only focus on the collection of intellectual capital, but also on openness in its disclosure as well as the implementation of strong GCG practices.

Using the Systematic Literature Review (SLR) method, the purpose of this study is to investigate the effect of financial performance on the stock prices of food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. The financial performance factors analyzed include Return on Assets (ROA), Current Ratio (CR), Debt to Equity Ratio (DER), and Return on Investment (ROI). Data were collected from fifteen nationally accredited scientific articles published during the period and were eligible for inclusion. The results show that Return on Assets (ROA) consistently has a positive effect on stock prices, making it the most important indicator to attract investors. Since investors prioritize profitability over short-term liquidity, Current Ratio (CR) is usually not very influential. Debt to Equity Ratio (DER) results vary depending on the debt condition of companies and their financial plans. However, Return on Investment (ROI), which has not been studied much, seems to have a significant impact on stock prices and is starting to attract the attention of investors in the food and beverage industry. This study helps by providing a comprehensive picture of the pattern of influence of financial ratios on stock prices and complements the shortcomings of current research, especially regarding the ROI variable which is still minimal in previous studies. It is hoped that these findings will help investors, company management, academics, and regulators make decisions and create investment strategies in the Indonesian capital market.

This study aims to determine how much the effect of capital structure and profitability on earnings quality at PT Unilever Indonesia Tbk for the 2019-2023 period using secondary data accessed through www.unilever.co.id with a sampling method using purposive sampling technique. The data analysis method is quantitative analysis using descriptive statistics. The results showed that Capital Structure partially had no effect on Earnings Quality. This result is obtained from the t test results on the Capital Structure variable showing a significance level of 0.066 and a t value of 1.967 < t table 2.10982. Meanwhile, Profitability partially affects Earnings Quality. This result is obtained from the t test results on the Profitability variable showing a significant level of 0.009 and a calculated t value of 2.967 < t table 2.10982. The effect of Capital Structure and Profitability simultaneously / together on Earnings Quality at PT. Unilever Indonesia Tbk 2019-2023 where based on the F test, the calculated f value is 8.979 with a significance value of 0.002. While f table 3.55. Then f count is greater than f table.

This study aims to analyze the impact of the Russian invasion of Ukraine on February 24, 2022, on the Indonesian capital market, particularly on the stocks listed in the LQ45 index, as well as on exchange rates and cryptocurrency trading volumes. The research employs a quantitative approach using an event study method, focusing on a 15-day observation window—comprising 7 days before, the day of, and 7 days after the invasion event. The variables analyzed include abnormal return (AR), trading volume activity (TVA), exchange rates, and cryptocurrency transaction volume. The research sample consists of issuers listed in the LQ45 index and the three largest cryptocurrencies by market capitalization—Bitcoin, Ethereum, and Tether (USDT)—selected through purposive sampling. The findings indicate that the Russian invasion of Ukraine had a significant impact on abnormal returns and trading volume activity of LQ45 stocks, as well as on exchange rates and cryptocurrency trading volumes. This geopolitical event emerged as an external factor contributing to market uncertainty, prompting investors to adjust their investment strategies in both stock markets and digital assets. These findings confirm that global conflicts are closely linked to the dynamics of domestic financial markets.

This study aims to analyze the influence of inflation, interest rates, capital structure, and profitability on stock prices in manufacturing companies. The background of this research highlights the volatility of the Indonesian economy, which is driven by macroeconomic factors that significantly affect capital market performance. Using the Systematic Literature Review (SLR) method, this study synthesized 10 relevant articles published between 2023 and 2025, collected through Google Scholar using specified keywords. The findings reveal varied results: inflation and interest rates generally have a negative influence on stock prices, although some studies report insignificant effects. Similarly, capital structure shows both positive and negative impacts, depending on company conditions and research contexts. Profitability also presents mixed outcomes; some studies found significant relationships, while others reported no influence on stock prices. This literature-based synthesis highlights inconsistencies in previous empirical findings and reinforces the need for further research to clarify the interaction between these variables and stock market performance. The study contributes to providing a comprehensive understanding for investors, financial analysts, and policymakers in making better investment and strategic financial decisions under uncertain economic conditions.

This study aims to determine the effect of asset structure, sales growth, and firm size on capital structure at PT Martina Berto Tbk during the period 2014–2023. The data used in this research is secondary data, namely the financial statements of PT Martina Berto Tbk over the past ten years, obtained from the company's official website (www.martinaberto.co.id), in the form of balance sheets and income statements. The analytical methods used include classical assumption tests, multiple linear regression analysis, and hypothesis testing, conducted using SPSS version 20. The results show that asset structure, sales growth, and firm size each have a significant partial effect on capital structure. Furthermore, asset structure, sales growth, and firm size simultaneously have a significant effect on the capital structure of PT Martina Berto Tbk..

Indonesia, as the country with the largest Muslim population, has great potential in developing Islamic philanthropy, particularly through the stock waqf instrument. Stock waqf allows sharia stocks to be managed to generate dividends or capital gains, which are then distributed to social programs. This study aims to analyze the effectiveness of digital stock waqf management through MotionTrade by PT MNC Sekuritas, as well as to identify the challenges and opportunities in its implementation. The research method used is qualitative, with a field approach for data collection using semi-structured interviews, non-participant observation, and documentation at PT MNC Sekuritas Surabaya and waqf institutions such as BWI and RZI. The research results show that through the MotionTrade application, donation management is carried out based on the POAC principles (Planning, Organizing, Actuating, Controlling) in accordance with sharia, with transparency and professionalism through the philanthropic features of MotionTrade. Collaboration with trusted nazhir institutions such as BWI, RZI, and BAZNAS ensures that the donations are properly targeted, covering assistance for Gaza, orphans, healthcare services, qurban (animal sacrifice), and scholarships. However, there are still challenges such as digital literacy, resource management, and continuously evolving regulations. With proper management and cross-institutional support, stock waqf and digital philanthropic donations through MotionTrade have the potential to become strategic instruments for improving the welfare of the Muslim community in Indonesia.

The implementation of the Job Creation Law has brought significant changes to the regulation of foreign investment in Indonesia, particularly through the establishment of a minimum capital requirement for a Foreign Investment Limited Liability Company (PT PMA) of IDR 10 billion. This study aims to examine the formal minimum capital requirements for PT PMA in notarial deeds under the Job Creation Law using normative juridical methods with statutory, conceptual, and case study approaches, and referring to the theory of legal certainty, responsibility, and legal protection. The analysis includes the evolution of PT minimum capital regulations, capital classification within the company's legal structure, the phenomenon of fictitious PT PMAs such as the PT BKG case, and the status and limitations of notary responsibilities. The results of the study indicate that although the minimum capital requirement for PT PMAs has been explicitly stipulated in Government Regulation No. 5 of 2021 and Regulation of the Head of the Investment Coordinating Board (BKPM) No. 4 of 2021, there are legal loopholes in the form of unclear capital deposit periods, weak verification and oversight mechanisms, and the prevalence of nominee practices and fictitious PT PMAs that reduce the effectiveness of the policy. The notary's position as a public official plays a strategic role in drafting deeds of establishment, verifying documents, and providing legal counseling, but has limited authority in verifying material truth. The study concluded that regulatory improvements are needed through establishing clear capital deposit periods, strengthening verification and oversight mechanisms, and harmonizing regulations between institutions to ensure the effective implementation of minimum capital requirements for foreign-owned companies (PT PMA) in accordance with the principle of economic sovereignty.

Extension workers have been instrumental in encouraging farmers to adopt new technologies, aiming to improve productivity, income, social status, and climate resilience. This study investigates challenges in technology adoption and its impact on vegetable production, economic and social enhancement, and climate resilience in Svay Rieng province. Data from 302 agricultural cooperative members were analyzed using Pearson’s correlation to examine relationships and linear regression to predict factors influencing farmers' achievements. Results show that internal challenges (labor, capital, technical know-how) significantly influence success, followed by external challenges. Investments in hard technologies (e.g., net houses, drip irrigation) strongly correlated with achievements, while soft technologies (technical knowledge) had a lesser impact. Regression analysis identified internal challenges and adoption of hard technologies as key predictors, explaining 25% of overall performance, including 36%, 29%, and 25% of economic, social, and climate resilience improvements, respectively. For production, only internal challenges and hard technologies were determinants, predicting 30%. Addressing internal challenges and enhancing technology applications are critical to improving vegetable producers' success in the province.