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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 article discusses the modernity of educational instruments, along with the phenomenon of technological progress, particularly the emergence of artificial intelligence (AI), and its implications for educators in the 21st century. Rapid advances in AI have led to fundamental shifts in teaching strategies and resources, shifting from traditional models to personalized and adaptive learning environments. Through automated assessments, curriculum customization, and the implementation of virtual assistants that enhance accessibility, artificial intelligence (AI) in education aims to improve efficiency and effectiveness. However, this modernity requires educators in the 21st century to change. Teachers now play the role of facilitators, designers of learning experiences, and mentors in ethics, in addition to being providers of knowledge. Teachers need to master AI literacy and focus on teaching students the four Cs of the 21st century: communication, creativity, critical thinking, and teamwork. The integration of AI raises ethical issues related to data privacy, the digital divide, and the dangers of plagiarism, but it also offers significant potential. Therefore, the effective integration of AI technology with irreplaceable human qualities is crucial for the success of contemporary educational technology. AI is an important tool for educators in the 21st century to develop a generation of technologically literate and moral individuals.

The student admission process in many educational institutions is still conducted manually, leading to issues such as data duplication, input errors, and delays in reporting. This study designs and implements a desktop-based student registration information system using VB.NET and MySQL, equipped with an admission-status checking feature and an automated quota-management module. The system was developed using the waterfall model, consisting of requirement analysis, system design using UML, implementation, and black-box testing. Two user roles are supported: admin and student. Admin users can manage applicant data, configure program quotas, open or close the registration period, and generate reports, while student users can create accounts, complete registration forms, and independently check their admission results. The implementation results show that all core functions operate validly based on testing involving two respondents. The quota-management feature successfully restricts the number of applicants according to predetermined capacities, and the admission-status module automatically displays pass or fail results. The system improves administrative efficiency, enhances data accuracy, and reduces reliance on manual record-keeping. Therefore, this desktop application serves as an effective solution for schools requiring a reliable and efficient admission management system without depending on stable internet connectivity.

Digitalization demands the MSME sector, including barbershops, to adopt technology in reservation management and marketing. Many barbershops still use manual systems, causing problems such as irregular queues, service delays, and suboptimal promotions. This study formulates how to design an information system that can integrate reservation and marketing functions into a single web-based platform. The objective is to produce an efficient, secure, and user-friendly information system design for both barbershop managers and customers. The method used is the Design Science Research approach with a waterfall system development model, involving needs analysis, system design, database design, and user interface design. The design results were validated by experts and users with a satisfaction rate of over 85%, indicating that the designed system aligns with the operational needs of barbershops. The conclusion is that the developed information system can enhance operational efficiency and customer experience, and is suitable for implementation in the barbershop service sector of SMEs.

This article discusses the development of an e-commerce website for a batik store as an effort to digitize marketing and improve operational efficiency. The study focuses on system development strategies, integration of essential features such as product catalogs, shopping carts, digital payment methods, and their impact on customer accessibility. A descriptive qualitative approach was used, employing observation, interviews with the store owner, and a literature review related to e-commerce and digital marketing for MSMEs. The analysis results show that the implementation of a web-based digital platform can expand market reach, enhance customer convenience in shopping, and support more organized and structured transaction recording. The website development was carried out using the Waterfall method to ensure a step-by-step and structured process. These findings indicate that digital transformation through an e-commerce website is a strategic solution for batik MSMEs in facing modern market challenges.

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 digital transformation of public administration in recent decades has reshaped government service delivery, particularly through the adoption of technology as a tool to enhance transparency, efficiency, and accountability. The implementation of the Online Single Submission–Risk Based Approach (OSS-RBA) represents Indonesia’s strategic effort to create an integrated licensing framework aligned with the principles of good governance. This study aims to analyze the forms of administrative responsibility in digital-based licensing services under OSS-RBA and examine the accountability mechanisms applicable when system failures affect legal certainty for business actors. The research employs a normative juridical method using statutory, conceptual, and case approaches through the examination of regulations, doctrines, and administrative court decisions. The findings indicate that digitalization does not alter the core of governmental responsibility, as every decision generated by the system is legally attributed to the competent administrative authority. The implementation of OSS-RBA still faces obstacles such as system errors, data inconsistencies between institutions, and delays in technical verification, all of which directly affect legal certainty and the quality of public services. Furthermore, internal and external oversight mechanisms are not yet fully effective in preventing maladministration, including unreasonable delays and inaccuracies in automated decision-making. The study also shows that business actors require more responsive administrative remedies to prevent technological risks from shifting entirely onto them. Therefore, this research concludes that the effectiveness of OSS-RBA depends on strengthening institutional capacity, harmonizing regulations, and ensuring the consistent application of good governance principles throughout all stages of digital licensing administration.  

The emergence of a single candidate in the 2024 Batang hari Regional Election represents an interesting illustration of political party strategies in responding to local democratic dynamics. This study aims to analyze the formation of a grand political coalition through the seek efficiency perspective, referring to the concept of political efficiency proposed by(Pamungkas & Parlindungan, 2011). This research employs a qualitative descriptive approach, with data collected through interviews, documentation, and online media analysis. The findings reveal that the establishment of a grand coalition supporting the incumbent pair, Fadhil Arief and Bakhtiar, was primarily motivated by political efficiency considerations in utilizing resources such as time, energy, and cost. Cross-party cooperation was viewed as a strategic measure to enhance campaign effectiveness and strengthen electoral support. For core parties such as PPP and NasDem, this efficiency became more evident once the coalition operated with proper coordination and proportional role distribution. Overall, the study illustrates that coalition formation in Batang Hari reflects a form of rational political behavior oriented toward effectiveness and efficiency, as well as an effort to strengthen local democratic stability through productive political collaboration

In an era of globalization marked by increased cross-border interactions, legal relationships in international contracts have become increasingly complex and demand legal certainty for the parties involved. This study aims to analyze the implementation of choice of law clauses in the settlement of international contract disputes from the perspective of International Civil Law. The method used is normative legal research with a qualitative analytical approach through a review of regulations, doctrines, and relevant legal literature. The results of the study show that choice of law clauses play an important role in providing legal certainty, efficiency in the dispute resolution process, and protection of the interests of the parties. However, its application is still limited by the principle of public policy and mandatory rules in the forum country. Thus, the choice of law clause is an important instrument that reflects the balance between the principle of party autonomy and the principle of state sovereignty in the practice of International Civil Law.

The purpose of this study is to assess the impact of halal brands, brand image, and price perceptions on the motivation and purchasing choices of Wardah consumers, as well as to identify the psychological and behavioral factors underlying the phenomenon of "The Wardah Effect" among Indonesian people. This study uses a descriptive quantitative approach supported by qualitative data. A total of 21 Wardah respondents aged 18 to 27 years old in Kudus were selected as respondents through purposive sampling techniques. Data was collected online using a questionnaire with a Likert scale and open-ended questions. The results showed that three main factors greatly influenced "The Wardah Effect", namely value (halal image and pride in local products), economic efficiency (affordable prices), and ease of access (easy to find). Most respondents felt proud of local products (81.0%), found the prices offered affordable (95.2% agreed), and thought that the products were easy to find (90.5%). Halal imagery is also the most influential component, which provides a sense of security and trust (76.2% fully agree). Promotions and advertisements had an impact on 80.9% of respondents. It was concluded that Wardah's purchase decision was based on three types of rationality, namely economic, cultural, and ideological, as well as social-digital, thus making Wardah a symbol of identity and social values for the younger generation.

Technological advancements in manufacturing have greatly improved production efficiency, particularly through the use of advanced machinery. As key components of industrial operations, machines must operate optimally to meet production targets, often requiring continuous use. To maintain performance and reliability, regular maintenance in accordance with Standard Operating Procedures (SOPs) is essential. This study analyzes the maintenance management system at PT. XYZ, focusing on the Komatsu OBS-25T Power Press machine. The research evaluates the Preventive Maintenance strategy using Mean Time Between Failure (MTBF) and Mean Time To Repair (MTTR) as key performance indicators. The results show that the monthly maintenance schedule is effective. Between January 1 and April 1, 2024, several component failures occurred, including lamp, roll feeder, hand sensor, oil flow, memory slide, alarm No. 11, conveyor belt, and uncoiler malfunctions. The total MTBF was 171.387 minutes (average 13.183 minutes), and the total MTTR was 1.950 minutes (average 150 minutes). The machine of availability rate reached 99%, demonstrating high operational efficiency and effective maintenance management.

This research aims to analyze the role of knowledge management in improving organizational performance. This research uses a qualitative method with a literature review approach, examining various national and international scientific journals published between 2019 and 2025. Data was obtained thru documentation techniques from secondary sources such as Google Scholar, ResearchGate, ScienceDirect, and SpringerLink. Analysis was conducted using content analysis and thematic synthesis methods to identify patterns of relationships between knowledge management dimensions and organizational performance. The research results indicate that effective knowledge management implementation has a positive impact on improving organizational performance, both in terms of operational efficiency, innovation, and competitive advantage. The four main dimensions of knowledge management that play the most significant role are knowledge creation, knowledge storage, knowledge sharing, and knowledge application. Additionally, organizational culture, transformational leadership, and employe commitment are key supporting factors for the successful implementation of knowledge management. Thus, it can be concluded that the systematic and integrated management of knowledge is an important foundation for organizations to achieve superior and sustainable performance in the digital age.

 Digital transformation in public service is an inevitable necessity in the era of modern governance. This study aims to analyze the effectiveness of the implementation of the Smart Civil Registration System (Smart System Dukcapil) in digital administrative services in Palangka Raya City as part of the national e-government initiative and the strengthening of electronic-based governance. The research employs a qualitative descriptive method, collecting data through in-depth interviews, direct observations, and document analysis of relevant regulations and the implementation of the system within the Department of Population and Civil Registration (Disdukcapil) of Palangka Raya City.The findings indicate that the implementation of the Smart System Dukcapil through applications such as the Sistem Informasi Dukcapil Oloh Itah (SI-DOI) and Digital Population Identity (IKD) has significantly improved efficiency, transparency, and data accuracy in population administration services. These digital innovations have streamlined bureaucratic processes, minimized physical interaction, and enhanced public satisfaction with administrative services. However, the system’s effectiveness is still constrained by challenges such as limited internet infrastructure in peripheral areas, low digital literacy among citizens, and inadequate technical capacity among civil servants in operating digital systems optimally. Theoretically, the implementation of the Smart System Dukcapil reflects the realization of good governance and smart governance principles through the integration of technology, bureaucratic reform, and community participation. This study recommends strengthening human resource capacity, expanding digital infrastructure, and promoting continuous public education to ensure system sustainability. Consequently, digital population administration in Palangka Raya has the potential to become an innovative, inclusive, and adaptive model for regional public service governance.

 Digital transformation in public service is an inevitable necessity in the era of modern governance. This study aims to analyze the effectiveness of the implementation of the Smart Civil Registration System (Smart System Dukcapil) in digital administrative services in Palangka Raya City as part of the national e-government initiative and the strengthening of electronic-based governance. The research employs a qualitative descriptive method, collecting data through in-depth interviews, direct observations, and document analysis of relevant regulations and the implementation of the system within the Department of Population and Civil Registration (Disdukcapil) of Palangka Raya City.The findings indicate that the implementation of the Smart System Dukcapil through applications such as the Sistem Informasi Dukcapil Oloh Itah (SI-DOI) and Digital Population Identity (IKD) has significantly improved efficiency, transparency, and data accuracy in population administration services. These digital innovations have streamlined bureaucratic processes, minimized physical interaction, and enhanced public satisfaction with administrative services. However, the system’s effectiveness is still constrained by challenges such as limited internet infrastructure in peripheral areas, low digital literacy among citizens, and inadequate technical capacity among civil servants in operating digital systems optimally. Theoretically, the implementation of the Smart System Dukcapil reflects the realization of good governance and smart governance principles through the integration of technology, bureaucratic reform, and community participation. This study recommends strengthening human resource capacity, expanding digital infrastructure, and promoting continuous public education to ensure system sustainability. Consequently, digital population administration in Palangka Raya has the potential to become an innovative, inclusive, and adaptive model for regional public service governance.

Improving the quality of education has become a crucial issue in the era of globalization, marked by increasing competition between institutions and public expectations for superior educational services. Integrated Quality Management (TQM) emerges as a strategic approach to improve the effectiveness, efficiency, and satisfaction of various educational stakeholders. This study aims to review the development of studies related to TQM implementation in education through a qualitative literature review. Data were collected from scientific articles published between 2020 and 2025 using Google Scholar and Publish or Perish with the keywords "TQM implementation in education." From the initial 30 articles, five of the most relevant main articles were selected. The analysis revealed three main themes: (a) the application of TQM to strengthen institutional resilience, (b) the integration of Islamic values ​​in quality management, and (c) the challenges and opportunities of TQM in vocational education. This study concluded that the stakeholder satisfaction dimension remains underexplored and requires further empirical research.

This study is a Systematic Literature Review (SLR) to map the dynamics, challenges, and impacts of innovation, especially driven by digitalization in the contemporary enterprise and entrepreneurial ecosystem. This SLR is important because the existing literature is still fragmented and has not yet presented an integrated synthesis in the midst of a VUCA (Volatile, Uncertain, Complex, and Ambiguous) business environment. Using the PRISMA methodology, 15 key articles for the 2020-2025 period were analyzed in depth. The main results show that digital innovation and entrepreneurial competence are the main determinants of MSME performance and competitiveness. There is a strong positive relationship between innovation and business performance. Interestingly, the findings indicate that individual entrepreneurial competencies often have a more direct and significant impact on performance than the results of product innovation itself. Although digitalization provides opportunities for market expansion and efficiency, MSMEs still face serious challenges in the form of digital literacy limitations and financial constraints. Educational institutions are emphasized to have a vital role in building sustainable entrepreneurial and ethical attitudes. The theoretical implication is the need for more sophisticated models to differentiate innovation impact pathways. Meanwhile, its managerial implications encourage business actors to focus on process innovation and improve adaptive competencies in order to survive global uncertainty.

This study examines and provides a descriptive analysis of Omah Pulung, a residential house located in Banyumanik, Semarang City, Central Java. The focus of the research is directed at the application of a minimalist architectural style that emphasizes simplicity of form, spatial efficiency, and aesthetic aspects that are in harmony with the characteristics of the building. The principles of minimalist architecture are applied through the selection of simple but functional materials, optimal natural lighting arrangements, and air circulation systems that are suitable for Indonesia's tropical climate. The research method uses a qualitative approach with observation, documentation, and descriptive analysis techniques to explore the physical and functional characteristics of the house. The results of the study show that Omah Pulung successfully represents the principle of minimalism through simple geometric shapes, efficient use of space, and natural lighting that supports the comfort of residents. In addition, good air circulation strengthens the adaptation of the house to tropical climatic conditions so that healthy and sustainable housing is created. This research contributes to the understanding of the application of minimalist architecture in the local context, as well as a reference for the development of residential design that is environmentally friendly and according to the needs of urban communities in Indonesia.

Purpose –The objective of this research is to analyze the role of advanced materials as a foundation for technological innovation and as a strategic element in strengthening the national defense system. The study focuses on the interrelationships between policy aspects, industry dynamics, and theoretical frameworks to explain the urgency of adopting advanced materials in Indonesia. Design/methodology/approach –This study uses a conceptual approach based on a systematic literature review (SLR) by examining reputable international publications published by Elsevier, Springer, Wiley, Taylor & Francis, IEEE, ACM, ScienceDirect, SAGE, JSTOR and DOAJ as well as national literature indexed by SINTA. The analysis was conducted using a thematic synthesis method that combines regulatory and policy dimensions, empirical data related to budget trends and industrial implementation, and theoretical models including diffusion of innovation, technology acceptance models, and behavioral reasoning theory. Findings –Studies have shown that advanced materials such as lightweight composites, high-entropy materials, smart materials, and functional coatings have a significant role in strengthening military resilience, reducing dependence on imports, and improving the efficiency of defense logistics. However, the adoption of these materials still faces obstacles such as high production costs, limited human resources, and the vulnerability of critical mineral supply chains, which are heavily influenced by global geopolitical dynamics. Practical implications –This study emphasizes the importance of strengthening national research, integrating the defense industry into the DEFEND ID ecosystem, and international collaboration to accelerate technology transfer. Mapping the critical mineral supply chain also needs to be a strategic priority to ensure the sustainability of defense materials development. Originality/value –This article offers a novel contribution through the simultaneous integration of policy perspectives, empirical data, and theoretical frameworks in the context of advanced materials development in Indonesia, an aspect that has rarely been comprehensively explored in previous studies.

The implementation of ISO 9001:2015 as a quality management system standard has become a strategic issue in improving the competitiveness, efficiency, and consistency of organizational quality in the era of globalization and digitalization. However, the effectiveness of its implementation still varies depending on the organizational context, resource readiness, and quality culture. This study aims to systematically review the literature related to the implementation of ISO 9001:2015 to answer the main questions: how it affects organizational performance, how it is integrated with other management systems, and what the challenges and directions for future research are. The method used is a systematic literature review through a search of the Google Scholar and Publish or Perish databases using the keywords "ISO 9001:2015," "quality management systems," and "organizational performance." A total of 27 articles published between 2021 and 2025 were analyzed thematically. The review results show four main trends: the implementation of ISO in various sectors, the impact on performance and productivity, integration with other systems such as TQM and ISO 21001, and implementation challenges related to organizational culture and management commitment. In general, ISO 9001:2015 has been shown to improve organizational efficiency and reputation, but its success depends on the synergy between management, digital technology, and a quality culture. Further research is recommended to examine the integration of digital-based ISO and organizational sustainability.

This study explores the implementation of an electronic Human Resource Management System (e-SDM) in the Gubeng sub-district of Surabaya to optimize civil servant (PNS) leave management. The primary focus is on assessing how digitalization improves efficiency, transparency, accountability, and service quality in human resource administration, particularly in leave processing. Traditionally, manual procedures required 7-14 days to approve leave requests, involved multiple steps, manual calculations, and were prone to errors, delays, and lack of transparency. The introduction of the e-SDM system significantly reduces processing time to approximately one day, enabling online submission, real-time monitoring, and electronic approval accessible anytime and anywhere via smartphones. The system automatically calculates leaves balances and prevents over-application, ensuring data accuracy and reducing misuse. Besides operational efficiency, the system enhances transparency by providing accessible real-time status updates, creating an audit trail for each decision, and making the process auditable and accountable. Despite these advantages, challenges such as user resistance, digital literacy, infrastructure issues, and system integration remain. This research employs descriptive-analytical methods, combining interviews, observations, and documentation, to analyze the effectiveness of e-SDM implementation. The findings indicate that digitalization has streamlined leave management, minimized administrative burdens, and improved data accuracy. Moreover, it fosters a fairer and more transparent work environment, reinforcing good governance principles and supporting Surabaya's vision to become a smart city. The research underscores the importance of technological adaptation within bureaucratic reforms and offers strategic recommendations for further system improvements. Overall, the successful adoption of e-SDM in Gubeng serves as a model for digital transformation in public service delivery, contributing to more efficient, transparent, and accountable governance in local government institutions.