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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 study aims to analyze the brand equity strategy and perception of Tomoro Coffee Blimbing based on four main dimensions: brand awareness, brand association, perceived quality, and brand loyalty. A descriptive qualitative approach was used through in-depth interviews with management, baristas, and customers. The data were then analyzed thematically through data reduction, presentation, and conclusion drawing. The results show that Tomoro Coffee's brand awareness is strongly formed through store expansion, social media activities, and a memorable slogan. Brand associations are perceived as modern, aesthetic, and closely related to youth lifestyles, although there is still a conflict between premium and economical images. Regarding quality perceptions, customers value consistent coffee taste and service, but perceived value is still influenced by promotions. Customer loyalty varies, with some indicating repeat visits due to quality, while others rely on promotions and situational needs. This study concludes that Tomoro Coffee's brand equity is quite strong, but needs to be strengthened with perceived value and fostering emotional loyalty. The implications of these findings can inform the development of marketing strategies and brand management in the increasingly competitive coffee shop industry.

The purpose of this scientific paper is to design and implement a knowledge-based expert system to assist students in determining their major specializations at Vocational High Schools (SMK) more objectively and accurately. A major problem frequently faced by SMK students is the mismatch in department selection caused by a lack of understanding regarding their own potential and the specific criteria of each competency. To address this issue, the system was developed using the Forward Chaining method as the inference engine. This method operates in a data-driven manner, beginning with the collection of facts such as interests, academic abilities, and psychological aspects, which are then matched against a Knowledge Base consisting of IF-THEN logical rules. Based on system testing results, the inference engine is capable of processing the list of facts to generate a specialization diagnosis for SMK students and provide the most relevant departmental recommendations, such as Computer and Network Engineering (TKJ), Accounting, Office Automation and Governance (OTKP), or Marketing. The research results indicate that the implementation of the Forward Chaining method is effective in accelerating the decision-making process and minimizing placement errors. This expert system is expected to serve as a tool for Guidance and Counseling (BK) teachers in providing appropriate career direction for students based on structured empirical data.

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.

In the intense competition in the entertainment industry, brand image and brand awareness are key elements that can influence brand equity. This research aims to identify and analyze the influence of brand image and brand awareness on the brand equity of Cinema XXI in Jakarta. The quantitative method was used by taking a sample of 100 respondents who were regular visitors to Cinema XXI. Data was collected through questionnaires and analyzed using SMART-PLS and SPSS. The research results show that brand image has a significant influence on brand equity, confirming that a strong positive image can increase brand value. Brand awareness also has a positive impact on brand equity, indicating that a high level of recognition strengthens the brand's position in the market. These findings provide important insights for Cinema XXI managers to develop effective strategies in strengthening their image and increasing brand awareness, which will ultimately strengthen their brand equity in the competitive entertainment industry.  

Pindang tetel is a traditional Pekalongan culinary specialty born from the creativity of the community in utilizing limited food ingredients, especially beef offal, which in the past was synonymous with lower-class consumption. This culinary dish not only serves as a daily meal, but also represents historical, social, and symbolic values ​​that reflect how Javanese people respond to their economic conditions and the dynamics of their lives. This study aims to examine the cultural meaning, local identity values, and the transformation process of pindang tetel in a modern context, especially when the dish is marketed in the tourist area of ​​Lake Al Kautsar, Kayugeritan. The study used a qualitative approach with a mini-ethnography method through direct observation, in-depth interviews with sellers, and informal conversations with consumers. The results show that pindang tetel has undergone adaptations in its presentation without losing its basic character, so it remains recognized as a traditional culinary dish. In the context of local tourism, pindang tetel serves as a representation of Pekalongan's cultural identity and a medium for cultural introduction for tourists. These findings confirm that traditional culinary plays an important role in shaping collective memory, strengthening local identity, and providing sustainable symbolic and social value in addition to economic value.

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 community service activity aims to improve digital literacy and managerial skills of Micro, Small, and Medium Enterprises (MSMEs) through two training programs: "Optimizing Marketing Content Using Artificial Intelligence (AI) Applications" and "Digital Financial Management." The program was implemented through several stages, including problem identification, training material development, hands-on training, mentoring, and evaluation using pre-test and post-test instruments to measure program effectiveness. Fifteen MSMEs from Prapatan Village, Balikpapan City, participated in the program. The evaluation results showed that the training significantly improved participants' understanding of the use of digital marketing and technology-based financial management. Prior to the training, most participants still had limited digital literacy and had not utilized technology for promotion or financial recording. After participating in the program, 73.3% of participants assessed the material as excellent and relevant to their business needs. This program provides a tangible contribution to the development of technology-based applied science while supporting community economic empowerment through the MSME digitalization process.  

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 community service activity aims to improve digital literacy and managerial skills of Micro, Small, and Medium Enterprises (MSMEs) through two training programs: "Optimizing Marketing Content Using Artificial Intelligence (AI) Applications" and "Digital Financial Management." The program was implemented through several stages, including problem identification, training material development, hands-on training, mentoring, and evaluation using pre-test and post-test instruments to measure program effectiveness. Fifteen MSMEs from Prapatan Village, Balikpapan City, participated in the program. The evaluation results showed that the training significantly improved participants' understanding of the use of digital marketing and technology-based financial management. Prior to the training, most participants still had limited digital literacy and had not utilized technology for promotion or financial recording. After participating in the program, 73.3% of participants assessed the material as excellent and relevant to their business needs. This program provides a tangible contribution to the development of technology-based applied science while supporting community economic empowerment through the MSME digitalization process.  

Social media has become a tool used by everyone. It has become a widely used tool for sharing information and as a promotional platform. In today's digital era, many MSMEs (Micro, Small, and Medium Enterprises) promote their products using social media, eliminating the need to rely entirely on conventional strategies such as direct sales in markets or stores. Marketing utilizes digital technology to achieve goals through active and measurable communication. Marketing strategies using social media are crucial because they can reach a wide range of buyers without time or geographic limitations. Sellers and buyers can interact with each other through messages, comments, and reviews. This research aimed to gain a deeper understanding of how social media influences the marketing strategies implemented by MSMEs through interviews. The results of this study concluded that social media significantly influences MSME marketing strategies and builds relationships with customers. MSMEs are expected to develop better promotional strategies in the future and learn to adapt to competition in the digital era. As a suggestion, MSMEs are advised to integrate interactive content such as live streaming and influencer collaborations to strengthen consumer engagement, as well as allocate a minimum budget of 10-15% of revenue for digital marketing training.

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.

This research is aimed at examining the operational strategies carried out by PT. Samudera Sarana Karunia Dumai in ensuring the smooth operation of the Mt. Meghna Trader ship at Pelindo Dumai Port. The main focus of the research is directed at the identification and assessment of the effectiveness of operational strategies which include the planning, implementation, and control stages of various activities such as loading and unloading, logistics, coordination with relevant parties at the port, and operational risk management. This research also includes consideration of external factors, including port regulations, market conditions, available infrastructure, and supply chain dynamics. In addition, this study emphasizes the importance of continuous performance evaluation to ensure that ship operations can run according to safety standards, time efficiency, and procedural accuracy. A qualitative approach with a case study design is used and reinforced by quantitative data to get a more comprehensive analytical picture. Data was obtained through in-depth interviews, direct observations in the field, review of operational documents, and surveys involving internal and external parties who play a role in supporting the operational process of ships at the port.

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 improve the welfare of curly red chili farmers in Tanjung Seteko Village through the innovation of processing fresh chili into chili oil. The background of this research lies in the low added value of fresh chili and frequent price fluctuations that cause unstable farmer incomes. The study employed a descriptive qualitative approach involving preparation, implementation, and evaluation stages, with purposive sampling covering farmers, farmer group members, housewives, and village officials. Data were collected through observation, interviews, documentation, and questionnaires. The results indicate that processing chili into chili oil can extend shelf life up to 1–2 months at room temperature and more than 6 months under refrigeration, reduce harvest losses by 30–40%, and significantly increase economic value compared to selling fresh chili. A single production process using 5 kg of curly red chili yields 16 liters of chili oil with an estimated selling price of IDR 1.500.000-2.000.000 per production cycle, showing that simple processing activities can provide substantial added value for farmers. Beyond economic benefits, this innovation strengthens community empowerment by improving processing skills, encouraging economic independence, promoting participation in value-added businesses, and reinforcing local economic resilience. The social impacts also include youth and women empowerment and broader opportunities for local product–based entrepreneurship. The study recommends continuous capacity development, digital marketing strategies, and ongoing mentoring to optimize farmer welfare. Therefore, processing curly red chili into chili oil is a strategic solution to enhance income, skills, and sustainable rural economic development.

This community service activity aims to enhance supply chain efficiency and expand market access for Micro, Small, and Medium Enterprises (MSMEs) in Wabula Satu Village, Buton Regency, Southeast Sulawesi. The main problems faced by MSMEs include inefficient supply chain management, limited production coordination, and low utilization of digital technology for product marketing. The program was implemented using an educational-participatory approach through a series of training sessions, simulations, and mentoring activities. The results revealed significant improvements in participants’ understanding of supply chain management, production efficiency, and digital marketing skills, particularly through social media and marketplace platforms. MSMEs also showed progress in branding and product packaging, while collaborative networks were established to support collective raw material procurement and joint distribution. This program has contributed to improving local business competitiveness, productivity, and sustainability. Moreover, it demonstrates an effective community empowerment model based on technology adoption and collaboration to strengthen village economic resilience in the digital era.

This research aims to throughly explore the differentiation strategy model implemented by the small-medium enterprise (SME) grocery store of  "Yussandi Komunika," in integrating digital transaction services such as prepaid credits, electricity tokens, and e-wallet top-ups, as an effort to create a competitive advantage. The background of the problem is driven by the highly competitive conditions in densely populated areas, where traditional grocery stores are compelled to transform in order to maintain their business relevance.Digital service innovation, presented through an adaptive and user-focused platform, has proven to be a core competency that is difficult to imitate and rare, simultaneously providing a sustainable competitive advantage. This innovation not only addresses the challenges of densely populated conditions but also establishes a new standard for efficiency and customer experience in a competitive market.The effective differentiation model for multi-service grocery stores in highly competitive areas is not solely based on price, but rather on a combination of services and the quality of interpersonal service. The store transforms into a "mini service point" offering one-stop shopping convenience for customers. The main differentiation strategies identified include: (1) Core Service Differentiation (offering comprehensive PPOB (Payment Point Online Banking) services and e-wallet balance availability), (2) Personnel Differentiation (quality of communication and speed of friendly service), and (3) Image Differentiation (creating a perception as a trustworthy and modern store).  

The tea franchise industry in Indonesia has experienced significant growth over the past decade, transforming the traditional tea drinking culture into a modern business opportunity. This research explores the dynamics of tea franchises in Indonesia through cultural perspectives, business strategies, and innovation. This study aims to identify critical success factors, cultural adaptation strategies, and innovation models implemented by major tea franchise brands operating in Indonesia. Using a qualitative research method with a phenomenological approach, data was collected through in-depth interviews with 25 franchise owners, 15 brand managers, and 50 consumers in five major cities in Indonesia, complemented by observation and document analysis. The findings reveal that successful tea franchising effectively balances three key elements: maintaining Indonesia's tea drinking culture while introducing modern consumption patterns, implementing adaptive business models that accommodate local economic conditions, and continuously innovating in product development and service delivery. The study identified four key innovation patterns: product localization (85% of successful franchises), digital integration (92%), experiential marketing (78%), and sustainability practices (68%). Cultural factors significantly influence menu adaptation, store ambient design, and marketing strategy. This study concludes that tea franchising in Indonesia represents a unique hybrid business model that successfully blends the global franchise system with local cultural values, creating a sustainable competitive advantage in the beverage industry.

Café retrorika is one of the cafes located in Batu City, Malang, which adopts a green marketing concept with a unique aesthetic touch, combining the concepts of “Retro” and “Eco-friendly”, where almost all of the café’s furniture and decorations are made from recycled materials, such as old windows, used motorcycle tanks, gas cylinders and rims, which are transformed into high-art decorative elements. Awareness of the importance of sustainable business is growing, including in the culinary sector. Cafes and restaurants now compete not only in terms of taste and service but also in their commitment to environmentally friendly concepts. Moreover, today’s consumers are increasingly selective in choosing places to eat that support local products, use environmentally friendly materials, and strive to reduce plastic waste. This is one of the reasons for building cafes with different concepts, as done by the owner and founder of Retrorika café. This study uses a qualitative approach with a case study research type. Data collection techniques include participant observation, interviews and documentation. The result show that Retrorika café was built based on the personal idealism of its owner as a green movement activist, rather than market calculations. The café’s “Retro” identity serves as physical evidence of sustainability practice through the use of used furniture while also creating a nostalgic experience. Its marketing strategy focuses on education through the Re-dukaci program, Retrorika goes to Halokes and Sa-Si-Su as an effort to prove the authenticity of green practices and mitigate greenwashing. These results can be concluded that the founder’s passion shapes the Green Corporate Identity and becomes a source of sustainable competitive advantage that is difficult to imitate.

This study aims to analyze consumer behavior towards two ready-to-drink beverage brands, Wedrink and Mixue, in Kudus Regency, as well as the psychological, social, and cultural factors that influence consumer preferences. The method used is descriptive quantitative with 26 respondents aged <18 to >27 years, selected through purposive sampling. Data were collected using a 20-item Likert scale questionnaire and in-depth interviews. The results show that consumer preferences are influenced by the taste of the drink, ease of access, price/promotion, as well as social and social media influence. The consumption of trendy drinks like Wedrink and Mixue not only satisfies physiological needs but also serves as a means of self-reward, relaxation, and social identity affirmation. Consumers tend to choose Mixue due to its ease of access and greater number of outlets, while Wedrink attracts attention with its distinctive flavor variants and unique experience. This study shows that the behavior of young consumers is influenced by a combination of rational, emotional, and symbolic factors, with social media playing a significant role in shaping brand perceptions and preferences. These findings provide insights for producers in designing marketing strategies that consider the social and emotional dimensions of consumers.