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This study explores the relationship between service quality dimensions and customer loyalty in high-contact service industries, including healthcare, hospitality, and financial services, particularly in emerging markets. Using the SERVQUAL model, which identifies five key dimensions tangibles, reliability, responsiveness, assurance, and empathy the research examines how these dimensions influence customer loyalty. A quantitative research design is employed, with data collected through a cross-sectional survey of 400 respondents using a structured questionnaire. The study analyzes service quality, customer satisfaction, and loyalty using Structural Equation Modeling (SEM), regression analysis, and Exploratory Factor Analysis (EFA). Findings reveal that reliability and empathy are the most influential factors in fostering loyalty, with customer satisfaction acting as a mediator. Additionally, the research highlights the role of perceived value and customer experience in moderating these effects, particularly in sectors like healthcare and hospitality. The study extends the SERVQUAL model by integrating new dimensions such as customer experience and perceived value, offering a more comprehensive framework for understanding service quality in high-contact industries. These insights provide actionable recommendations for service managers to enhance customer loyalty by addressing both functional and emotional aspects of service quality

Using Non Performing Financing (NPF) as a moderating variable, this study looks at how profit sharing and profit margin financing affect the effectiveness and stability of Islamic banks in Indonesia. The primary topic discussed is how various Islamic financing arrangements affect the operational effectiveness and financial stability of banks, as well as whether credit risk enhances or diminishes these connections. This study aims to examine the direct impacts of financing modalities as well as the moderating influence of NPF on the performance of Islamic banks. Based on secondary data from eight Islamic banks in Indonesia between 2018-2024, this study employs a quantitative methodology using panel data regression and Moderated Regression Analysis (MRA). The findings indicate that while profit margin financing has no discernible impact on efficiency, profit sharing financing has a favorable and considerable impact. Profit margin financing has a negative and negligible impact on stability, whereas profit sharing financing has a positive but negligible impact. Additionally, by changing the direction of influence, NPF significantly moderates the association between profit sharing financing and both efficiency and stability. However, it does not significantly moderate the effect of profit margin financing on efficiency, but it does on stability. In summary, the effectiveness of Islamic financing is heavily reliant on risk management, especially credit risk control, where NPF is a key factor in evaluating whether financing can improve stability and efficiency in Islamic banks.

This study examines the efficiency of financial ratios in assessing corporate performance across countries. Although financial ratios are widely used as concise indicators of profitability, liquidity, solvency, and market value, their interpretive accuracy may vary across institutional, regulatory, financial, and macroeconomic environments. The objective of this study is to conceptually evaluate whether financial ratios can function as universally comparable performance measures in heterogeneous cross-country settings. Using a qualitative literature-based method, this study synthesizes prior findings on financial ratio analysis, financial statement comparability, market efficiency, regulatory enforcement, and macroeconomic stability. The findings indicate that profitability, liquidity, solvency, and market-based ratios are context-dependent indicators rather than universally stable measures. Their efficiency is influenced by accounting standards, audit quality, leverage norms, tax systems, capital market maturity, and macroeconomic volatility. The study proposes a contextual framework for interpreting financial ratios according to their sensitivity to national conditions. The implication is that researchers, analysts, and investors should combine ratio analysis with institutional and macroeconomic diagnostics to reduce biased performance interpretation in cross-country corporate evaluation.

This study aims to examine the effect of Good Corporate Governance, Investment Opportunity Set, and Firm Size on Firm Value in banking companies listed in the LQ45 index during the 2020–2025 period. The research employed a quantitative approach using secondary data obtained from the annual reports and financial statements of selected companies. The sampling technique used purposive sampling based on predetermined criteria, resulting in banking companies that consistently met the research requirements during the observation period. Data analysis was conducted using multiple linear regression with the assistance of EViews software. The findings indicate that all independent variables simultaneously have a significant effect on Firm Value. Partially, the audit committee and Investment Opportunity Set significantly affect Firm Value, while independent commissioners and Firm Size do not show a significant effect. These results suggest that effective supervisory mechanisms and investment growth opportunities are important considerations for investors in evaluating banking companies and making investment decisions.

This study describes Islamic public and social finance: the role and mechanisms of government oversight of economic activities from an Islamic perspective. The purpose of this study is to explain Islamic public and social finance: the role and mechanisms of government oversight of economic activities from an Islamic perspective. The research method is qualitative. Data analysis was conducted using thematic analysis techniques through the stages of data reduction, data presentation, and drawing conclusions. This research finds that the government's role from an Islamic public and social finance perspective is not only as a regulator but also as an active supervisor, ensuring that economic activities are run in accordance with Sharia principles. Supervisory mechanisms are implemented through the institution of hisbah (Islamic tax), Sharia-based regulations, and a system of public financial accountability and transparency. Furthermore, Islamic social finance instruments such as zakat (alms), infaq (donations), sedekah (charity), and waqf (endowments) have been proven to play a role in equitable wealth distribution and reducing social inequality. This supervisory concept remains relevant in the modern economic context, including the digital sector and Sharia finance. The implications of this research suggest that the government needs to strengthen the implementation of Islamic-based supervision in the modern economic system by strengthening Sharia financial institutions, optimizing the management of Islamic social funds, and enhancing transparent and accountable regulations. Furthermore, adaptation of Islamic supervisory mechanisms is necessary to address the development of the digital economy. This research also implies the importance of increasing Sharia economic literacy among the public to support the creation of a more sustainable and equitable economic system.

This study aimed to analyze the influence of capital structure, liquidity, activity, and dividend policy affect firm value in the food and baverage manufacturing sub-sector listed on the Indonesia Stock Exchange during 2022-2024. The research uses secondary data drawn from financial reports. From a population of 99 listed companies for the 2022-2024 period, purposive sampling yielded 19 companies as the study sample. A quantive approach was applied, using multiple linear regression for analysis. Data processing and analysis were conducted with Microsoft Excel 2022 and IBM SPSS version 27. The findings indicate the capital structure has a positive and statistically significant effect on firm value. While liquidity, activity, and dividend policy show no significant effect.  

This study describes a comparative analysis of public financial systems in the ancient world, medieval Europe, and early Islam from a social justice perspective. The purpose of this study is to analyze the public financial systems of the ancient world, medieval Europe, and early Islam from a social justice perspective. The research method is qualitative. Data analysis was conducted using thematic analysis techniques through the stages of data reduction, data presentation, and conclusion drawing. The results of this study indicate that the ancient world had an administratively efficient financial system but was highly centered on the power of the ruler, resulting in high social inequality. In medieval Europe, the financial system was influenced by feudalism and religious values, but was fragmented and dependent on the elite, resulting in an unequal distribution of wealth. Meanwhile, early Islam presented a more structured financial system through the Baitul Mal (Financial Treasury) and instruments such as zakat, kharaj, and jizyah, oriented towards social justice and wealth redistribution. However, all three systems have their respective weaknesses, especially in aspects of implementation, accountability, and equity. This study concludes that social justice in the public financial system requires the integration of institutional efficiency, ethical values, and strong redistribution mechanisms.

This study aims to examine the role of financial literacy, risk perception, and financial attitudes in influencing investment decisions of accounting students at private universities in Surakarta. A quantitative approach was applied by distributing online questionnaires to 88 respondents selected through purposive sampling. The collected data were analyzed using several statistical procedures, including validity and reliability testing, followed by classical assumption tests and multiple linear regression analysis to examine the relationships between variables. The findings reveal that financial literacy does not play a significant role in shaping students’ investment decisions. In contrast, risk perception and financial attitude demonstrate a positive and significant influence. These results suggest that students tend to rely more on their understanding of potential risks and their financial behavior when making investment decisions, rather than solely on their level of financial knowledge

This study aims to analyze the regulatory characteristics of the Regulation of the Minister of Home Affairs Number 77 of 2020 as a technical guideline for regional financial management, particularly in examining the tension between its normative nature and mandatory provisions, as well as their implications for regional financial governance. The research employs a normative juridical approach, utilizing both statute and conceptual approaches, complemented by a critical analysis of the regulation’s implementation. The findings indicate that, formally, Regulation No. 77 of 2020 is normative in nature as a guideline; however, in practice, it contains numerous mandatory provisions that bind local governments. These mandatory elements have been shown to enhance accountability and transparency through the standardization of procedures, reporting obligations, and strict supervisory mechanisms. On the other hand, the dominance of detailed rules tends to create policy rigidity, increase administrative burdens, and reduce the flexibility and discretion of local governments in adapting policies to local needs. Furthermore, the study identifies a phenomenon of formalistic or ritualistic compliance, which risks producing symbolic accountability without improving the quality of public services. The effectiveness of the regulation’s implementation is also influenced by disparities in human resource capacity, information systems, and regional fiscal capabilities. Therefore, a balance between mandatory approaches and normative flexibility is necessary to ensure that regional financial governance operates effectively, adaptively, and in accordance with the principles of good governance.

Digitalization has become a fundamental pillar in the transformation of global labor governance, including for Indonesian Migrant Workers (TKI) in Malaysia, whose numbers reach more than 1.4 million people. This article aims to conduct an in-depth analysis of the urgency of digitalization in improving welfare, legal protection, and access to financial services for TKI in Malaysia through a systematic literature review with a descriptive qualitative approach. The research results show that digitalization has a significant impact in three main domains: (1) legal protection through migtech that bridges the gap between policy and practice, (2) economic efficiency and financial inclusion through fintech and digital wallets, and (3) competency empowerment through digital literacy training. However, various studies also highlight challenges such as suboptimal system privatization, low digital literacy, limited internet access, and the risk of cyber exploitation. The research conclusion emphasizes that digitalization is not merely an additional option but a strategic necessity for migrant workers in Malaysia to build a more independent, protected, and competitive future, with the caveat that a holistic approach involving the government, financial institutions, communities, and the strengthening of bilateral policies is needed.

Sustainability issues encompassing economic, social and environmental aspects are driving reform in the global financial sector, including in Indonesia. Although the OJK has published a Sustainable Finance Roadmap since 2015, Indonesia does not yet have comprehensive green finance regulations in the banking sector. This study aims to analyse the state of green finance regulation in the Indonesian banking sector and compare it with China’s Green Credit Guidelines, in order to identify relevant aspects for adoption in strengthening national green finance policy. This study employs a normative legal methodology using a legislative and comparative law approach, alongside a qualitative descriptive-analytical analysis of secondary data. The author found that green finance regulations in Indonesia remain fragmented and scattered across various sectoral legal instruments without adequate integration, thereby creating loopholes for greenwashing practices and the adoption of green principles that are merely administrative in nature. The Sustainable Finance Committee mandated by the P2SK Act has not yet been established, exacerbating the lack of coordination between institutions. In contrast, China, through its 2012 Green Credit Guidelines and 2016 Guidelines for Establishing a Green Financial System, demonstrates a regulatory model that is hierarchical, standardised, and legally binding. A comparison of the two identifies four relevant aspects for Indonesia to adopt: an integrated regulatory approach, standardisation of environmental risk operations, strengthening of oversight mechanisms and due diligence, and cross-sectoral institutional coordination. Consequently, Indonesia requires comprehensive, dedicated green finance regulations and must promptly establish the Sustainable Finance Committee as the sole coordinating authority.

The premium healthcare industry in urban areas is experiencing increasing competition along with the increase in healthcare facilities and the increasing public demand for fast, comfortable, and quality medical services. In this context, Columbia Asia Pulomas Hospital is implementing an expansion strategy by increasing facility capacity, modernizing services, and adding a Center of Excellence (COE) as a service differentiation. This study aims to analyze customer retention strategies within the Balanced Scorecard (BSC) framework, focusing on the relationship between customer perspectives, internal processes, learning and growth, and their application to the financial perspective. The research method uses a document-based policy and strategy analysis approach, field findings, and a synthesis of Balanced Scorecard theory and patient experience.The analysis shows that customer retention during the expansion phase is influenced not only by clinical quality, but also by the assurance of doctor time in practice, speed of service, physical comfort, and digitization of queues and administration. The addition of a COE has been shown to increase the perception of service value and expand market share through service specialist differentiation. Within the BSC framework, the customer perspective serves as a leading indicator for achieving the financial perspective, where increased patient retention contributes to increased revenue, ROI growth, and long-term financial expectations. The research implications emphasize that strategies for strengthening human resources, modernizing internal processes, and service innovation are important foundations in ensuring successful hospital expansion and enhancing competitive advantage.

This paper analyzes the role of the World Economic Forum (WEF) in shaping global governance after the 2008 financial crisis using a non-state-centric global governance perspective. It examines how the WEF, through various agendas such as the Global Redesign Initiative, Fourth Industrial Revolution, and The Great Reset, positions itself as a key actor in formulating responses to global instability. Despite promoting a narrative of collaboration, inclusivity, and multi-stakeholder partnerships, the analysis shows that the WEF actually refines and reproduces neoliberal hegemony through the dominance of private actors, market-based approaches, and undemocratic normative authority. This study also finds that the global governance mechanisms promoted by the WEF tend to widen inequality, create symbolic participation, and reinforce the power of the global economic elite. These findings highlight the normative dilemma in contemporary global governance and the need for a more accountable, inclusive, and public interest-oriented governance model.

The highly competitive healthcare industry in Cirebon poses a significant challenge for Klinik Utama X, especially as a non-BPJS facility. This condition requires a paradigm shift from a provider-centric marketing mix to a patient-centric approach to retain patient loyalty. This study aims to evaluate and formulate the marketing strategy of Klinik Utama X using a comparative 4P (Product, Price, Place, Promotion) and 4C (Customer Solution, Customer Cost, Convenience, Communication) approach based on SWOT analysis. This research used a qualitative descriptive design with purposive sampling, gathering primary and secondary data through in-depth interviews, observations, and document studies. The data were systematically evaluated using Internal Factor Evaluation (IFE) and External Factor Evaluation (EFE) matrices. The findings reveal that the clinic is strategically positioned in Quadrant I, with an IFAS score of 2.53 and an EFAS score of 2.60, indicating strong internal capabilities to seize external opportunities. The recommended aggressive growth strategy involves integrating psychiatric and aesthetic services, penetrating the Business-to-Business (B2B) market through corporate medical check-ups, accelerating digitalization via telemedicine and online queuing, and preparing for BPJS accreditation. The managerial implications suggest that the clinic must prioritize resolving internal human resources and strengthening financial record-keeping systems before investing heavily in medical assets, while actively expanding digital convenience and corporate partnerships to secure short-term financial stability.

Trade secrets are a type of Intellectual Property Right that plays a crucial role in providing legal protection for business information with economic value and kept confidential by its owner. In the food industry, recipes not only serve as production guidelines but also serve as a business's identity and competitive advantage. Legal issues can arise if the recipe is used or owned by others without permission, especially when conflicts arise within the business or during competition. This situation can trigger trade secret disputes that can be detrimental to business owners, both financially and sustainably. This article discusses the position of fried chicken recipes as trade secrets in culinary business practices in Indonesia and the forms of legal protection available to rights holders. The discussion was conducted based on the provisions of Law Number 30 of 2000 concerning Trade Secrets, using a normative approach. The analysis shows that a fried chicken recipe falls into the trade secret category if it meets the requirements of being unknown to the public, having economic value, and being strictly maintained by the business owner. Therefore, legal protection for trade secrets is crucial to prevent unfair business competition and provide legal certainty and protection for culinary businesses in Indonesia  

This study explores how litigation risk influences valuation techniques in mergers and acquisitions (M&A), focusing on discounted cash flow (DCF) models and peer comparables. Through a qualitative synthesis of recent literature, it finds that legal exposure significantly alters valuation strategies—particularly in fairness opinions—prompting conservative estimates to mitigate shareholder lawsuits and regulatory scrutiny. The analysis reveals that litigation risk can distort valuation objectivity, reduce deal premiums, and shift the role of valuation from economic justification to legal protection. This paper contributes to a deeper understanding of the intersection between legal risk and financial valuation in corporate transactions

This research aims to obtain empirical evidence about the influence of company growth, financial distress, opinion shopping, and political costs on going concern audit opinion with earnings management as a moderating variable. This research uses a quantitative type of research. The sample in this study was 33 banking sub-sector companies listed on the Indonesia Stock Exchange in 2014-2023. The analysis technique used to test the hypothesis is multiple regression analysis using Eviews 9 software. The results of this study found that Company Growth has a negative and statistically significant effect on Going Concern Audit Opinion, as well as Financial Distress has a negative and statistically significant effect on Going Concern. Audit Opinion, while Opinion Shopping has a positive and statistically insignificant effect on Going Concern Audit Opinion, Political Cost has a positive and statistically significant effect on Going Concern Audit Opinion, and Earnings Management has a negative and statistically significant effect on Going Concern Audit Opinion. Then, Earnings Management strengthens the influence of Company Growth on Going Concern Audit Opinion, likewise Earnings Management does not strengthen the influence of Financial Distress on Going Concern Audit Opinion, besides that, Earnings Management strengthens the influence of Opinion Shopping on Going Concern Audit Opinion, and Earnings Management does not strengthen the influence of Company Growth towards Going Concern Audit Opinion

The purpose of this study is to evaluate the implementation of PSAK 409 to achieve accountability and transparency in the financial reporting of zakat, infaq, and sedekah (ZIS) at NU CARE–LAZISNU MWCNU Babat. A qualitative approach utilizing case studies and descriptive analysis was the research methodology used. The Miles and Huberman methodology, which includes data reduction, data presentation, and conclusion drawing, was used to examine data collected through observation, interviews, and documentation. The findings indicate that ZIS LAZISNU MWCNU Babat's financial management and reporting procedures are still not fully compliant with PSAK 409. Complete financial reports, such as the statement of financial position, statement of changes in funds, cash flow statement, and notes to the financial statements, have not been published, and financial recording is still done simply and manually. This results in the institution's less-than-ideal accountability and transparency. Limited human resources, lack of knowledge of sharia accounting rules, and inadequate record-keeping systems are the main obstacles hindering the implementation of PSAK 409. Therefore, to create more accountable and transparent financial reports and increase public trust in zakat management institutions, efforts are needed to strengthen the record-keeping system, improve human resource competency, and support the implementation of PSAK 409.

Financial reporting integrity is heavily reliant on audit quality. This research explores the effect of auditor attributes, specifically integrity and professional background, on audit standards in Timor-Leste. Quantitative data was collected from a survey of 60 auditors and analyzed using descriptive statistics, correlation analysis, and multiple linear regression techniques. The findings suggest that auditor ethics has a substantial positive impact on audit quality, indicating that conformity to professional ethical guidelines is vital for enhancing audit results. In contrast, experience in auditing does not demonstrate a statistically significant impact on the quality of audits. Visualization through scatter plots further supports the notion that the relationship between ethics and audit quality is more robust than that of other auditor characteristics. Strengthening ethical standards in the auditing profession is crucial to enhancing audit quality, as these findings demonstrate. This study contributes to the body of research on auditing behavior by presenting empirical findings from a developing institutional setting. The findings also have practical implications for policymakers and auditing bodies in Timor-Leste.

The development of financial technology has led to the emergence of cryptocurrency as a decentralized digital instrument that enables fast and cross-border financial transactions. While this technology offers efficiency and flexibility in digital financial activities, it also creates opportunities for misuse in various forms of crime, including terrorist financing. This study aims to analyze the use of cryptocurrency as a means of financing terrorist activities in Indonesia, examine the existing legal framework governing terrorist financing, and identify the challenges faced in law enforcement. This research employs a normative legal method using statutory, conceptual, and case study approaches. The findings indicate that the use of cryptocurrency as a medium for terrorist financing still fulfills the elements of a criminal offense as regulated under Law Number 9 of 2013 concerning the Prevention and Eradication of Terrorism Financing. However, the characteristics of cryptocurrency, such as anonymity, decentralization, and cross-border transactions, create significant challenges in the processes of evidence gathering, transaction tracing, and identification of perpetrators. In addition, there is a regulatory gap between the recognition of crypto assets as economic commodities and the supervision of their potential misuse for terrorist financing. Therefore, stronger regulations are needed to explicitly integrate crypto assets into the terrorist financing prevention regime, along with improving the capacity of law enforcement agencies in blockchain transaction analysis and strengthening international cooperation to enhance the effectiveness of law enforcement in the digital economy era.