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This study aims to explain and prove the hypothesis regarding the influence of investment decisions, financing decisions, and dividend policies on firm value in coal sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. This study used a quantitative approach with a purposive sampling method, resulting in 10 companies as research samples. Data analysis was conducted through classical assumption tests to ensure the fulfillment of regression analysis requirements, followed by hypothesis testing using multiple regression analysis. Data processing was carried out using E-Views software version 13. The results showed that partially, investment decisions have a positive and significant effect on firm value, with a probability value of 0.0000, which is smaller than the 0.05 significance level. This finding indicates that the more appropriate a company's investment decisions are, the higher the company's value is reflected in its stock performance in the capital market. Conversely, the financing decision variable does not have a significant effect on firm value, with a probability value of 0.3796, which is greater than 0.05. This indicates that the funding structure, whether derived from equity or debt, did not directly affect firm value during the study period. Similarly, the dividend policy variable did not significantly influence firm value, with a probability value of 0.7493 > 0.05. This means that the amount of dividends distributed was not a determining factor in firm value in the sample studied. However, simultaneously, all three independent variables—investment decisions, financing decisions, and dividend policy—were shown to have a significant effect on firm value, with a probability value (F-statistic) of 0.0000 < 0.05. This confirms that the combination of these three factors collectively contributes to changes in firm value in the coal sub-sector.

This study analyzes the health financing system in Indonesia from a human rights perspective, particularly after the enactment of Law No. 17 of 2023 concerning Health and Minister of Health Regulation No. 18 of 2022 concerning the Implementation of One Data in the Health Sector. These two regulations reflect the state's commitment to strengthening the national health system based on the principles of justice, transparency, and the fulfillment of citizens' constitutional rights to quality, equitable, and sustainable health services. Through a qualitative approach using document analysis of relevant regulations, policies, and academic literature, this study identifies a paradigmatic transformation in health financing, from merely a fiscal mechanism to a strategic instrument for guaranteeing human rights in the health sector. The results show that despite normative and institutional progress, the implementation of the health financing system still faces several challenges. These challenges include aspects of the community's economic accessibility to health services, limitations in transparency and accountability in fund management, and inequality in the distribution of financial resources between regions. In addition, funding sustainability and dependence on certain funding sources are also issues that need to be addressed. In response to these challenges, this study recommends three main strategies: (1) strengthening the integration and interoperability of financing data through the One Health Data system, (2) diversifying funding sources by involving the private sector, philanthropy, and other innovative schemes, and (3) reorienting health budget allocations to favor vulnerable groups and underdeveloped regions. These efforts are expected to encourage the realization of a fair, transparent, and sustainable health financing system within the framework of fulfilling human rights in Indonesia.

Tax compliance refers to the behavior and actions of taxpayers in fulfilling their tax obligations in accordance with applicable laws and regulations. High tax compliance is crucial to ensuring the smooth flow of state funding, particularly in the motor vehicle sector. This study aims to provide empirical evidence regarding the influence of tax sanctions, tax socialization, and service quality on motor vehicle taxpayer compliance in Denpasar City. The research method used was accidental sampling, with a sample size of 100 respondents determined using the Slovin formula. Data were collected through questionnaires administered to motor vehicle taxpayers, and the data obtained were analyzed using multiple linear regression analysis. The results indicate that tax sanctions, tax socialization, and service quality have a positive influence on motor vehicle taxpayer compliance in Denpasar City. Specifically, the higher the public's understanding of tax sanctions and socialization conducted by the authorities, as well as the better the quality of service provided, the higher the level of taxpayer compliance in fulfilling their tax obligations. This study also shows a strong relationship between these variables in improving tax compliance. The theoretical implications of this study indicate that attribution theory and compliance theory can empirically support the idea that external factors such as sanctions and service quality, as well as educational processes through socialization, play a significant role in improving tax compliance. The practical implications of this study provide broader insights for researchers, the government, and related parties, and serve as a useful reference for stakeholders or future researchers interested in similar topics.

This study aims to examine the legal aspects of the Aceh People's Health Insurance Program (JKRA) by analyzing it as a hybrid between an insurance agreement and a social insurance agreement. The method used is a normative juridical approach, with qualitative analysis based on relevant laws and legal concepts. Data sources consist of primary, secondary, and tertiary legal materials. The results show that JKRA has two main characteristics. On the one hand, JKRA fulfills the elements of an insurance agreement, such as the existence of an insurer and an insured, premium payments, protection against risks, and the uncertainty of insured events. On the other hand, JKRA also reflects the characteristics of social insurance, namely being mandatory, non-profit-oriented, managed by the government, and applying the principle of mutual cooperation through a cross-subsidy mechanism. This dual character indicates that JKRA is a unique form of regional health insurance scheme that integrates private and social approaches. However, in its implementation, there are a number of legal issues that require serious attention. Some of the main problems found include the need for regulatory harmonization between JKRA and the National Health Insurance (JKN), ensuring the sustainability of funding through the Aceh Revenue and Expenditure Budget (APBA), and alignment with national health policies, especially after the enactment of Law Number 17 of 2023 concerning Health and Government Regulation Number 28 of 2024. Therefore, comprehensive legal regulations are needed so that the implementation of JKRA can run optimally and in line with the integrated national health insurance system, ensuring the sustainability of health services for the people of Aceh in a fair and sustainable manner.

Micro, Small, and Medium Enterprises (MSMEs) have an important contribution in supporting the national economy, especially in terms of job creation and strengthening the local economy. However, most MSMEs still face challenges in compiling financial statements that are in accordance with applicable accounting standards. This study aims to analyze the extent to which the implementation of Financial Accounting Standards for Micro, Small, and Medium Entities (SAK-EMKM) has been implemented by MSME actors, as well as identify the obstacles faced in the process. The research approach used is qualitative descriptive, with data collection techniques through interviews, direct observation, and document review. The findings of the study show that the level of understanding of MSME actors towards SAK-EMKM is still low, and the implementation of these standards is not evenly distributed. The main causative factors include limited accounting knowledge, lack of professional assistance, and lack of access to technical training. In addition, most MSMEs still rely on manual recording without referring to correct accounting principles, making it difficult in the audit process or applying for loans to financial institutions. Another obstacle is the lack of digital literacy in financial management, as well as the assumption that the preparation of financial statements is not a top priority. In fact, well-structured financial statements can be an important tool in business decision-making and open access to funding. This study recommends the importance of collaboration between the government, academics, and financial institutions to provide training, mentoring, and a simple reporting system that is in accordance with the characteristics of MSMEs. This effort is expected to increase the awareness and ability of MSMEs to manage finances in an accountable and transparent manner, as well as support business growth and sustainability in the long term.

This study examines how Environmental, Social, and Governance (ESG) performance influences financial distress, incorporating cost of debt as a moderating variable. Financial distress is proxied by the Interest Coverage Ratio (ICR), reflecting a firm’s capacity to satisfy interest payments. The empirical sample consists of 655 firm-year observations of non-financial companies listed on the Indonesia Stock Exchange from 2014 to 2023. Panel regression with fixed effects and heteroskedasticity-consistent estimation (Panel EGLS with cross-section weights) is employed to analyze the data. Results indicate that ESG performance exerts a positive and statistically significant effect on ICR (β = 0.1189; p < 0.01), implying that firms with robust ESG practices are better able to service their debt and thus face lower financial distress. Additionally, the interaction term between ESG and cost of debt yields a negative and significant coefficient (β = −0.9714; p < 0.05), suggesting that elevated financing costs attenuate the beneficial impact of ESG on financial resilience. These findings are consistent with stakeholder theory, which advocates that proactive engagement with stakeholders enhances corporate stability, and trade-off theory, which underscores the necessity of balancing debt advantages against financial risk. This research contributes to the literature by demonstrating the conditional effect of cost of debt on the ESG–financial distress nexus. From a managerial perspective, the study underscores the importance of integrating ESG initiatives with cost-efficient funding strategies to mitigate financial distress risk and foster sustainable, long-term value creation.

This study aims to describe and provide recommendations regarding the proper management of extracurricular sports activities in senior high schools in Tarakan City. Extracurricular activities play an important role in helping students develop their potential. This study used a qualitative descriptive method. Subjects included principals, physical education teachers or extracurricular sports coordinators, and sports coaches from 14 randomly selected religious, public, and private senior high schools in Tarakan City. Data collection techniques included observation, interviews, and documentation. Data validity was ensured through source triangulation and technique triangulation. The data analysis process included data collection, data reduction, data presentation, and drawing conclusions. The research findings indicate that: (1) Planning for extracurricular sports activities is generally carried out through coordination meetings among the parties involved to organize activities during one school year. Scheduling is the responsibility of the extracurricular coordinator and is arranged in consultation with the sports supervisor or coach to avoid conflicts with other school events. Coaches also prepare training programs as part of the planning process. (2) Extracurricular sports activities are held in the afternoon, outside of regular school hours, based on a schedule prepared by the coordinator and vice principal for student affairs. (3) Evaluations are conducted at least once every three months and involve various school stakeholders. Aspects evaluated include student attendance, participation in learning, and training outcomes. (4) Supporting factors include adequate facilities and infrastructure, funding, student competency, and teacher involvement. Conversely, inhibiting factors include low student attendance, limited funding, inadequate or inadequate facilities, and unfavorable weather conditions. These findings provide an overview of how extracurricular sports activities are managed in high schools in Tarakan City and highlight the importance of effective planning, implementation, and evaluation. This study also identifies key factors that support and hinder the success of these programs, offering insights for future improvements.

Abstract. This study aims to examine the role of social innovation in accelerating community economic development through a participatory approach based on local potential. Social innovation is seen as an effective new solution to address various social and economic problems, particularly at the community level, by involving communities as key actors of change. This study highlights the importance of collaboration between communities, government, academia, the private sector, and non-governmental organizations in creating an inclusive and sustainable development ecosystem. The results indicate that social innovation can strengthen community economic independence, create alternative economic models such as digital cooperatives and community-based economies, and encourage broad participation in the development process. However, various obstacles remain, such as low digital literacy, limited access to funding, and weak policy support. Therefore, systemic interventions and more progressive policy support are needed to expand the impact of social innovation on sustainable community economic development.

Profitability is one of the key indicators in assessing a company's ability to generate profits and plays a crucial role in financial decision-making. According to the pecking order theory, companies with high profitability tend to prefer using internal funds and reduce reliance on debt. This study aims to analyze the effect of profitability on debt policy, as well as to examine the role of dividend policy as a moderating variable in this relationship. The study employed Slovin’s formula for sample selection and analyzed 263 non-financial publicly listed companies on the Indonesia Stock Exchange (IDX) in 2023. The data used in this research were secondary data obtained from annual financial reports published on the official website of the IDX or the respective company websites. Profitability was measured using return on assets (ROA), debt policy was measured by the debt-to-equity ratio (DER), and dividend policy was measured by the dividend payout ratio (DPR). The analytical method used in this study was multiple linear regression analysis with the help of the SPSS software. The results indicate that profitability has a negative effect on debt policy, meaning that the more profitable a company is, the less likely it is to depend on debt financing. Additionally, the findings suggest that dividend policy does not significantly moderate the relationship between profitability and debt policy. This implies that whether a company distributes dividends or not does not meaningfully influence how profitability affects its debt decisions. These results are in line with the pecking order theory and provide insight for corporate financial managers in planning funding structures. It also emphasizes the importance of internally generated funds for companies with strong earnings performance.

The problem of this research departs from the phenomenon of declining quality of management of Madrasah Aliyah Negeri Religious Program (MANPK). There was a decline in the gap from the initial period of establishment of MANPK programs that were truly managed, taken seriously, with strict selection and adequate funding (project supported). While currently MANPK governance is more dependent on the standard implementation guidelines, innovation in each MANPK still occurs inequality between one MANPK and another. This research uses a qualitative approach, with a case study method with a multicluster multiple-case design type on three MANPKs, namely MAN 1 Darussalam Ciamis, MAN 1 Yogyakarta and MAN 1 Surakarta as research subjects. Data collection techniques were conducted through interviews, observation and documentation analysis. The data analysis technique uses the Miles and Huberman analysis technique. While the validity test was carried out by conducting tests; credibility, transferability, dependability, and confirmability. The results of the study found that: a) innovation planning in the form of innovation programs considers various aspects, with the steps of formulating goals, background, implementation, outcomes, benefits and evaluation of innovation programs. b) organizing madrasah innovation by determining goals, allocating programs, compiling program governance and resources. c) implementing innovations in the form of policy socialization, coordination, distribution of superior MAN religious program innovations, actualization of innovations carried out by internalizing superior programs in the curriculum, tutorial programs, self-development and extracurricular programs. d) evaluating madrasah innovation by determining the standards of innovation achievements that are poured into madrasah education standards.

This study aims to analyze interest rate risk management in Micro, Small, and Medium Enterprises (MSMEs) that use People's Business Credit (KUR) facilities, with a case study at the Kari Water Drinking Water Depot in Kulim District, Pekanbaru City. Fluctuations in interest rates are one of the financial risks that can affect the continuity of MSME businesses, especially in terms of the ability to pay credit obligations. This study uses a descriptive qualitative approach with data collection techniques through interviews, observations, and documentation. The results of the study indicate that the Kari Water Depot faces financial risks due to interest rate fluctuations, operational risks related to water distribution and quality, and legal risks due to drinking water quality regulations. The application of risk management based on ISO 31000 has been proven to help in the process of systematic risk identification, analysis, and mitigation. The mitigation strategy through investment in Reverse Osmosis (RO) technology is considered effective because it can improve product quality and operational efficiency. However, the success of this strategy is greatly influenced by the readiness of human resources, access to financing, and mature risk planning. This study recommends the importance of risk management training for MSMEs and policy support in the form of access to affordable funding and environmentally friendly technology to improve the competitiveness and sustainability of MSMEs amidst economic dynamics.

The rapid development of information technology has an impact on the development of financial services with the presence of Peer-to-Peer (P2P) Lending Financial Technology. The presence of P2P Lending has created its own legal complexities in relation to the legal relationship between lender and borrower and risk mitigation efforts, especially the risk of default without specific collateral. This research aims to analysis the legal relationship between Lender and Borrower and the legal protection for Lender in the event of default risks in the implementation of P2P Lending in Indonesia using a normative legal approach. The results of the research indicate that the legal relationship between lender and borrower is a general loan agreement involving a P2P lending platform as an intermediary between lender and borrower. POJK No. 10/POJK.05/2022 plays an important role as a regulation that ensures risk mitigation in the implementation of P2P lending, including the obligation of operators to transfer funding risks to third parties, which has been implemented by PT Amartha Mikro Fintek in collaboration with PT Jaminan Kredit Indonesia (Persero) to provide guarantee facilities for P2P Lending services to ensure legal protection for Lenders.

Animal quarantine plays a crucial role in preventing the smuggling of wildlife, particularly protected bird species. Although this is regulated under Law Number 21 of 2019 concerning Animal, Fish, and Plant Quarantine, smuggling practices remain prevalent. This study employs a normative and empirical juridical approach to examine the role of the Agricultural Quarantine Agency Class 1A Bandar Lampung in combating bird smuggling, as well as the factors hindering the enforcement of criminal law. The findings indicate that the quarantine agency carries out three main roles: normative (based on regulations), factual (preventive and repressive actions), and ideal (emphasizing prevention). Obstacles faced include a shortage of field personnel, limited equipment and funding, and low public awareness of the law. It is recommended that the quarantine agency improve community welfare and collaborate with relevant institutions to optimize public outreach and law enforcement efforts.

This study investigates the role of transformational leadership of school principals in enhancing the instructional quality of teachers at SMP Negeri 5 Satap Bungoro, Pangkep Regency, Indonesia. The research addresses three main problems: (1) how the principal's transformational leadership contributes to improving teacher performance in the classroom, (2) what strategies or actions the principal undertakes to elevate instructional practices, and (3) what supporting and inhibiting factors influence the process. Using a qualitative approach, data were collected through interviews, observation, and documentation involving the school principal and five teachers. The data were analyzed through data reduction, data display, conclusion drawing, and triangulation techniques. The findings reveal that the principal's transformational leadership plays a critical role in instructional improvement, marked by five key practices: presenting an inspiring leadership vision, encouraging professional growth, providing support and empowerment to teachers, fostering a collaborative and inclusive school culture, and delivering constructive feedback and evaluation. The strategies employed include the integration of the Merdeka Curriculum, mentoring and coaching of teachers, and fostering pedagogical understanding. Supporting factors include well-organized school and classroom environments and cleanliness, while the primary obstacles consist of limited funding, inadequate facilities and infrastructure, and a lack of strong teacher collaboration. In conclusion, transformational leadership contributes significantly to teacher development and improved instructional quality, especially in schools facing resource limitations. The study emphasizes the need for proactive leadership to overcome structural barriers and support effective teaching and learning.

This study analyzes the qualitative relationship between government fiscal expenditures and poverty reduction in East Java, Indonesia. Despite contributing significantly to national poverty reduction, East Java still has the largest number of poor residents among provinces in Java. The research focuses on four key variables: education expenditure, health expenditure, village funds (Dana Desa), and non-cash food assistance (BPNT). Using a qualitative descriptive approach, the study synthesizes secondary data from 2019 to 2024, including statistical reports from BPS and budget data from the Ministry of Finance, as well as previous empirical studies. Findings reveal that government health expenditure and village funds tend to have a stronger and more consistent impact on reducing poverty, particularly in rural areas. Education spending shows mixed results, often influenced by local capacity and governance. Meanwhile, BPNT contributes to short-term consumption but lacks sustainable poverty alleviation effects due to limited value and targeting issues. The results support the capability approach, highlighting the importance of access to basic services for long-term well-being, and reinforce the social democratic view that structural intervention is necessary to address inequality. This study concludes that poverty reduction efforts must go beyond funding amounts and focus on contextual relevance, implementation quality, and spatial equity. A place-based approach supported by strong local governance is essential for effective poverty alleviation in diverse regions like East Java.

The People’s Palm Oil Replanting Program (PSR) is a national policy aimed at improving the productivity of smallholder plantations through the replanting of aging and unproductive oil palm trees. This study reviews the implementation of PSR in Indonesia by analyzing ten scholarly articles through a literature study approach. The findings indicate that program effectiveness is significantly influenced by technical support such as training, mentoring, the application of Good Agricultural Practices (GAP), and strategic partnerships for harvest absorption. However, implementation faces several challenges, including limited human resources, damaged equipment, inadequate funding, prolonged replanting periods, weak coordination among stakeholders, and lack of policy dissemination. Local institutions such as cooperatives (KUD) and farmer groups (Gapoktan) play crucial roles in ensuring program sustainability and inclusiveness by acting as managers and conflict mediators. Although farmers are generally ready and actively participate, regulatory constraints—particularly the requirement of financial guarantors—remain a barrier. The study recommends strengthening local institutional capacity, enhancing stakeholder synergy, and simplifying financial schemes as strategic steps to improve the long-term effectiveness of the PSR program.

Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in driving the local economy but often face constraints in funding and market access. This study aims to analyze strategies for enhancing competitiveness and local creativity through a case study of Tajudin Shop, a microenterprise based in Cikampek. The business leverages partnerships with local doll artisans, digital marketplace distribution, and a sharia-based financing scheme through mudharabah contracts. A descriptive qualitative method was employed, using field observation, in-depth interviews, and documentation over a two-month research period. The findings show that the integration of community empowerment, digital marketing, and ethical financing significantly improves business competitiveness. These strategies not only expand market reach and increase revenue but also strengthen social networks and spiritual values in business practices. The study implies that value-based approaches, local collaboration, and technological innovation can serve as a replicable model for sustainable MSME development in other regions with similar characteristics.

Financing in the health sector plays an important role in ensuring the sustainability of hospital operations and the provision of quality health services. Structured and efficient financing planning contributes greatly to improving the health of the community. However, in practice, it is not uncommon to find problems due to weak financial planning, such as budget limitations that have an impact on the low quality of health services and waste due to inappropriate spending. To overcome these problems, strategic steps are needed, including through increasing funding, more accountable management and allocation of funds, and controlling service costs. Thus, the issue of health financing has a significant influence on the quality of public health and is an important part of the development of the national health system.

The purpose of this study is to determine how the regulation and implementation of legal protection for lenders in cases of default based on the Financial Services Authority Regulation (POJK) No. 77/POJK.01/2016 concerning Information Technology-Based Money Lending Services. This study also examines the form of legal responsibility of the platform organizer, as well as dispute resolution efforts that can be taken by lenders. The research method used is the normative legal method with a statutory regulatory approach and case studies. Data were obtained through literature studies and documentation of applicable legal provisions, as well as relevant documents and reports from PT. Crowde. The analysis was carried out qualitatively-descriptively to assess the suitability between field practices and applicable regulations. The results of the study indicate that POJK No. 77/POJK.01/2016 has not fully provided comprehensive legal protection for lenders in cases of default. Legal responsibility for default is still largely borne by the civil relationship between the borrower and the lender, without any concrete risk recovery mechanism from the organizer. Therefore, it is necessary to strengthen regulations, increase platform transparency, and play an active role for the OJK and the Indonesian Joint Funding Fintech Association (AFPI) in supervising and following up on default cases.

Yemen's protracted crisis has severely disrupted the educational sector, rendering the implementation of national education policies inconsistent and largely ineffective. This article explores the major challenges faced in executing educational policies in post-crisis Yemen, focusing on the gap between well-formulated regulatory frameworks and the realities of field implementation. Drawing upon a qualitative literature review and document analysis, the study identifies several critical barriers, including political instability, inadequate infrastructure, funding shortages, and regional disparities. The analysis also highlights the resilience of local actors and communities who often act as de facto education providers in the absence of centralized governance. Findings suggest that the success of post-crisis education policy in Yemen depends not only on formal regulation but also on adaptive, community-driven implementation mechanisms. The study concludes with strategic recommendations to bridge the policy-practice gap through decentralized governance, international partnerships, and targeted investment in teacher development and school reconstruction. These insights contribute to a broader understanding of educational recovery in fragile and conflict-affected settings.