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This study aims to analyze the reaction of the Indonesian capital market to the announcement of Donald Trump’s import tariff policy using an event study approach. Market reactions are measured through abnormal return and trading volume activity of exporting companies listed on the Indonesia Stock Exchange (IDX), with an event window of three trading days before and three trading days after the initial tariff announcement on April 2, 2025 and the revised tariff announcement on July 15, 2025. This study employs secondary data in the form of daily stock prices and trading volumes, analyzed using descriptive statistics, normality tests, and the Wilcoxon Signed Rank Test. The results indicate that the Indonesian capital market reacts to the announcement of Donald Trump’s import tariff policy, as reflected by differences in abnormal return and trading volume activity before and after the announcements, thereby supporting signaling theory and the semi-strong form of market efficiency.

Nickel has become a strategic mineral in the global industrial value chain, particularly for stainless steel production and electric vehicle battery manufacturing. As one of the world’s largest nickel producers, Indonesia has implemented a downstream industrialization policy aimed at increasing value added and strengthening export performance. This study analyzes the effects of international nickel prices, destination countries’ GDP per capita, exchange rates, and the downstreaming policy on the value of Indonesia’s nickel exports (HS 75) over the period 2010–2023. The study employs a quantitative approach using panel data regression with secondary data covering five major export destination countries, namely China, Japan, South Korea, Thailand, and Singapore. Based on the Chow and Hausman tests, the Fixed Effects Model is selected as the most appropriate estimation technique, indicating the presence of country-specific heterogeneity among importing countries. The results show that destination countries’ GDP per capita and international nickel prices have a positive and statistically significant effect on Indonesia’s nickel export value. The downstreaming policy dummy variable also exhibits a positive and significant impact, suggesting that the nickel ore export ban implemented since 2020 has effectively shifted export composition toward higher value-added processed nickel products. In contrast, exchange rates are found to have no significant effect on export performance. Overall, the findings provide empirical evidence supporting the effectiveness of Indonesia’s downstream industrialization policy and highlight the importance of global demand conditions in driving the performance of processed nickel exports.

The development of digital marketing has become a strategic factor in the growth of creative culinary businesses, particularly for micro, small, and medium enterprises facing increasing competition and changes in consumer behavior in the digital era. The use of digital platforms, such as social media and online marketplaces, enables business owners to expand market reach, enhance customer interaction, and optimize promotional strategies more efficiently. Nevertheless, various studies indicate that the implementation of digital marketing has not always produced optimal outcomes due to limitations in digital literacy, human resource capacity, and organizational adaptability. This study aims to systematically examine the role of digital marketing in the development of creative culinary businesses through a Systematic Literature Review approach. The review maps key concepts, research trends, and empirical findings related to digital marketing and organizational learning within the context of creative culinary enterprises. In addition, this study identifies existing research gaps and formulates recommendations for future research issues. The findings are expected to provide theoretical contributions in the form of comprehensive conceptual mapping as well as practical contributions for business practitioners, MSME facilitators, and policymakers in designing adaptive and sustainable digital marketing strategies.

Sharia-compliant investment in Indonesia has experienced rapid growth, in line with increasing public interest in instruments compliant with Islamic principles. However, market fluctuations remain a major challenge in maintaining the performance of sharia investments, particularly sharia mutual funds. This article analyzes the dynamics of sharia investment in Indonesia in the face of market volatility, focusing on the performance of sharia mutual funds. The research method used is a quantitative approach, with secondary data analysis from various scientific studies and recent statistical data. The results indicate that macroeconomic fluctuations and market conditions significantly influence the performance of sharia mutual funds. Nevertheless, sharia mutual funds continue to demonstrate resilience and certain advantages compared to conventional mutual funds, particularly in the face of market uncertainty. These findings have important implications for sharia investors, investment managers, and policymakers in designing more optimal investment strategies and strengthening the position of sharia mutual funds in an increasingly dynamic market.

The Financial Services Authority (OJK) is responsible for overseeing Indonesia's capital market, and this paper outlines its functions and powers. In order to promote financial system stability, safeguard the public interest, and boost the financial services industry's competitiveness, the OJK was founded to develop an integrated regulatory and supervisory structure. The OJK's responsibilities encompass policy formulation, business license issuance, oversight, inspection, law enforcement, and administrative penalties for infractions. Even though Indonesia's capital market has grown quickly, it still faces substantial obstacles like illicit investment and large losses from scandals and market manipulation, which emphasize the need for robust and independent oversight.

The rapid growth of the creative economy, particularly in the culinary subsector, has prompted micro, small, and medium enterprises (MSMEs) to adopt digital marketing strategies as a means to enhance competitiveness and expand market reach. This study employs a systematic literature review (SLR) approach with content analysis to map key concepts, identify research gaps, and explore future research directions concerning the transformation of culinary MSMEs from local kitchens to digital markets. Findings reveal that organizational learning mediated by motivation, culture, leadership, and continuous digital marketing practices plays a pivotal role in this transformation. However, significant research gaps persist, including limited longitudinal studies, inadequate integration of organizational culture and leadership into digital marketing frameworks, and insufficient comparative analyses across diverse MSME profiles. This study contributes theoretically by synthesizing fragmented literature on culinary marketing in the digital creative economy and offers practical insights for MSME actors, mentors, and policymakers in designing adaptive and sustainable digital marketing strategies.

Unemployment is a socio-economic problem that can threaten the stability of the Indonesian economy. This study analyzes the effect of minimum wages, exports, foreign investment, and the human development index (HDI) on the unemployment raefrom 1990 to 2023. Using the Ordinary Least Square (OLS) multiple linear regression estimation method, to correct bias in the estimation, the Newey-West HAC standard errors approach is used. Minimum wages and foreign investment have a significant negative effect on the open unemployment rate, confirming that wage increases can boost productivity, foreign investment creates direct jobs through the construction of production facilities and economic multiplier effects in supporting sectors. The most surprising finding of the HDI which has a positive effect and exports which are proven to be insignificant on the unemployment rate, this shows that human capital formation is not in line with existing job opportunities due to rapid technological changes, as well as export-increasing policies which focus more on capital intensity. The study provides important implications for policymakers, maintaining and optimizing minimum wage increases and foreign investment in a measurable manner because they have proven effective in reducing unemployment rates. Reorienting export strategies policy from capital-intensive to labor-intensive, increasing the human development index adjusted to technological developments, especially in the business and industrial world.

Educational inequality persists across ASEAN despite improvements in enrollment and literacy, reflecting structural rather than merely access-related challenges. This study examines how governance structures, financing mechanisms, institutional capacity, and socio-economic stratification interact to produce disparities in educational access, participation, and progression. Using a qualitative-dominant mixed-methods design with cross-national comparative policy analysis, the research integrates macro-level quantitative indicators with in-depth qualitative evaluation of policy frameworks across ASEAN member states. Findings reveal that while primary enrollment approaches universality, secondary and tertiary education exhibit pronounced attrition, particularly among rural, low-income, and minority populations. Centralized governance, equitable public financing, and targeted support correlate with higher retention and reduced disparities, as evidenced in high-performing systems such as Singapore, whereas decentralized or under-resourced systems exacerbate structural inequities. Moreover, digital access and institutional capacity emerge as critical factors influencing educational trajectories. The study underscores that addressing inequality requires systemic reforms integrating governance coordination, progressive financing, institutional strengthening, and equity-focused interventions. By foregrounding structural determinants and cross-national variation, this research contributes to theoretical and policy debates on educational equity, providing evidence-based guidance for ASEAN strategies aimed at achieving inclusive, high-quality education across diverse socio-economic and geographic contexts.

Modern retail expansion in Situbondo Regency has intensified competitive interaction with traditional markets, making it important to map differences in market structure, firm conduct, and performance outcomes. This study compares (i) market structure using concentration indicators (CR4 and the Herfindahl–Hirschman Index/HHI), (ii) competitive conduct (pricing practices, promotional intensity, service attributes, and relationship patterns), and (iii) performance proxies (sales turnover and selected price efficiency measures) within the SCP framework. The analysis applies a descriptive quantitative approach supported by targeted primary observations and questionnaire-based information, and complemented by official statistics and regulatory documents. Traditional-market samples include Panji, Besuki, and Panarukan markets, while modern-retail samples include local outlets of Indomaret, Alfamart, and Basmalah. Results indicate that traditional markets are relatively unconcentrated (CR4 = 38.0%; HHI = 744), consistent with a competitive structure dominated by many small vendors. Modern retail is more concentrated (CR4 = 77.0%; HHI = 1,644), suggesting moderate concentration and a tendency toward local oligopoly. Average monthly turnover per unit is higher for modern retail (IDR 36.36 million) than for traditional vendors (IDR 15.63 million). Price efficiency varies across commodities: some items show near parity, while several fresh commodities remain cheaper in traditional markets. Policy implications point to balanced local governance: zoning and permitting for modern stores, continuous revitalization of traditional markets, and strengthened MSME partnership schemes to ensure healthy and inclusive competition.

School leadership plays a strategic role in improving educational quality through effective management, the creation of a positive school culture, and the achievement of learning outcomes, while women’s participation in educational leadership continues to face structural and cultural challenges related to gender stereotypes. This study aims to analyze the leadership styles of female principals at SMK Negeri 1 Penawar Tama and SMK Negeri 1 Banjar Margo, identify supporting and inhibiting factors, and examine the strategies implemented to improve school quality. The research employed a descriptive qualitative approach, with principals, teachers, and students as research subjects. Data were collected through in-depth interviews, passive participatory observation, and documentation, and were analyzed using interactive qualitative analysis techniques involving data condensation, data display, and conclusion drawing, with validity ensured through triangulation and member checks. The results indicate that female principals apply a combination of democratic-participatory, transformational, visionary, humanistic-communicative, and professional exemplary leadership styles. These leadership practices are reflected in inclusive decision-making, open communication, moral exemplarity, and strategic programs oriented toward student competence and institutional development. Supporting factors include strong personal commitment, high discipline, a conducive school climate, and stakeholder support, while inhibiting factors consist of limited infrastructure, policy changes, internal differences of opinion, and gender-based social pressures. The study concludes that, despite existing obstacles, female principals are able to implement adaptive and participatory leadership strategies that foster a positive work climate, enhance school community involvement, and contribute significantly to improving the quality and sustainability of vocational education.

This study aims to analyze the role of internet technology in enhancing the competitiveness of ebusiness in Indonesia, particularly in the sector of small and medium enterprises (SMEs). Based on theoretical reviews, internet technology, e-business, technology adoption (TAM), and the concept of competitiveness serve as the main foundations for understanding the ongoing digital transformation. The research employed a descriptive qualitative method with a purposive sampling technique, involving five informants consisting of digital SME owners, online store managers, and users of service platforms. Data were collected through interviews and observations, then analyzed using the Miles and Huberman model through the stages of data reduction, data presentation, and conclusion drawing. The findings reveal that the internet plays a crucial role as an essential infrastructure that enhances marketing effectiveness, expands market reach, and improves operational efficiency. Marketplaces, social media, and delivery-service platforms contribute significantly to sales growth and service quality. However, challenges such as low digital literacy, platform commission fees, changes in social media algorithms, and uneven infrastructure development still limit optimal utilization. From a policy perspective, the study recommends strengthening digital infrastructure and improving national digital literacy. This research emphasizes that the success of e-business depends on technology access, human resource competence, and support through public policy. It can be concluded that internet technology serves as a vital foundation for e-business competitiveness in the digital era.

The relatively high volatility of Robusta coffee prices creates uncertainty for farmers, business actors, and policymakers in making economic decisions. This study aims to analyze the price movement patterns of Robusta coffee, determine the most appropriate Autoregressive Integrated Moving Average (ARIMA) model, and conduct short- to medium-term price forecasting for Robusta coffee. The data used consist of monthly Robusta coffee price data from January 2023 to September 2025, sourced from the World Bank Commodity Price Data. The analytical method employed is ARIMA using EViews software, beginning with stationarity testing using the Augmented Dickey-Fuller (ADF) test, model identification through ACF and PACF, parameter estimation, and residual diagnostic testing. The results show that Robusta coffee price data are non-stationary at the level but become stationary at the first difference, indicating integration of order one I(1). Based on model identification and diagnostic testing, the ARIMA (0,1,0) model is found to be the most appropriate and satisfies the white noise assumption. Forecasting results indicate that Robusta coffee prices are projected to remain relatively stable with a moderate upward trend through December 2026. These findings are expected to serve as a reference for decision-making by farmers, business actors, and the government in responding to Robusta coffee price dynamics.

The development of the digital era has brought significant changes to the world of education, including Islamic education, thus requiring educational institutions to adapt their policies and governance in a more modern way without neglecting Islamic values. SMA Al Hijrah Global School, as a globally oriented Islamic school, faces challenges in integrating the use of technology with the principles of Islamic education, both in learning, administration, and character development of students. This study aims to analyze how Islamic education policies are managed in the digital era and to identify the main challenges that arise in digital governance at the school.This research uses a descriptive qualitative approach with a case study design, involving the principal, teachers, administrative staff, and students as informants selected through purposive sampling. Data were collected through interviews, observations, and documentation, and then analyzed using the Miles and Huberman model. The findings show that the school has utilized technology in learning and management; however, it still faces constraints in the form of limited digital competence among teachers, suboptimal infrastructure, and challenges in supervising students’ digital ethics. The implications of this study indicate the need to strengthen Islamic education policies that are more adaptive to digital developments through improving digital literacy, providing adequate infrastructure, and reinforcing digital ethics based on Islamic values so that educational governance can run effectively and in line with the demands of the digital era.

This study examines the effect of financial ratios on dividend policy with sales growth as a moderating variable in technology sector companies listed on the Indonesia Stock Exchange during the period 2019–2023. Dividend policy is an important corporate decision because it reflects management considerations in balancing company growth and shareholder returns. The independent variables used in this research are profitability, liquidity, and leverage, while dividend policy is the dependent variable and sales growth acts as a moderating variable. Profitability is measured using Return on Assets (ROA), liquidity is proxied by the Current Ratio (CR), leverage is measured using the Debt to Equity Ratio (DER), and dividend policy is measured by the Dividend Payout Ratio (DPR). This study employs a quantitative approach using secondary data obtained from the annual financial statements of technology sector companies listed on the Indonesia Stock Exchange. The data are analyzed using multiple linear regression and moderated regression analysis.The results show that profitability does not have a significant effect on dividend policy, indicating that net profit generated during the year is not the main consideration in dividend distribution decisions within technology companies. Liquidity has a significant effect on dividend policy, suggesting that companies with stronger short-term financial conditions tend to have a greater ability to distribute dividends. Leverage also significantly affects dividend policy, implying that the level of corporate debt influences management decisions regarding dividend payments. Furthermore, sales growth does not moderate the relationship between profitability and dividend policy. However, sales growth is proven to moderate the effect of liquidity and leverage on dividend policy. These findings provide insights for management and investors in understanding dividend policy determinants in technology sector companies in Indonesia.

The implementation of the Standard Inpatient Class (KRIS) policy presents challenges for hospitals in ensuring equitable service delivery. Organizational readiness depends not only on adequate physical infrastructure but also on an adaptive organizational culture and strong clinical leadership to guide change. As a referral hospital, RS BM must ensure alignment across organizational components to meet KRIS standards sustainably. This study analyzes the influence of infrastructure quality and clinical leadership on organizational readiness for KRIS implementation, with organizational culture as an intervening variable. A quantitative cross-sectional design was used, involving 136 healthcare and medical personnel working in the inpatient units of RS Bhakti Mulia. Data were collected through structured questionnaires and analyzed using Structural Equation Modeling–Partial Least Square (SEM-PLS) to examine relationships among variables. Infrastructure quality and organizational culture significantly and positively affect organizational readiness. Clinical leadership, while not directly influencing readiness, has a significant positive effect on organizational culture. KRIS readiness at RS BM is shaped by infrastructure quality, clinical leadership, and organizational culture, with culture acting as the main mediator. The hospital shows strong readiness but still faces gaps in progress monitoring, inpatient room layout and privacy, leadership direction, and team participation. Strengthening monitoring mechanisms, improving room design according to KRIS standards, enhancing clinical leadership capacity, and fostering a collaborative organizational culture are essential to support comprehensive and sustainable KRIS implementation

This study aims to analyze the effect of global diversification, exchange rates, and interest rates on the performance of mixed mutual funds in Indonesia during the period 2020–2024. The method used is a quantitative approach with the Partial Least Squares–Structural Equation Modeling (PLS-SEM) technique, using secondary data from the Financial Services Authority, Bank Indonesia, and Bareksa. The sample consists of three mixed mutual fund products that meet the criteria of portfolio data completeness, net asset value, and performance report publication. The results show that exchange rates have a positive and significant effect on mutual fund performance, indicating that exchange rate fluctuations play an important role in determining changes in portfolio returns. The global diversification variable proved to have no significant effect, illustrating that exposure to international markets has not provided stable benefits in improving the performance of mixed mutual funds. Interest rates also did not show a significant effect because the composition of mixed portfolios was able to withstand the impact of monetary policy changes. Simultaneously, the three independent variables were able to explain 66.7 percent of the variation in mixed mutual fund performance, indicating that macroeconomic dynamics and portfolio strategies have an important contribution in influencing the performance of this collective investment instrument.

This paper examines the dynamic relationship between the change in economic growth and the indicators of sustainable human development in Iraq between 2004 and 2023. The paper provides an example of what can happen when there is overdependence on oil and a lack of investment in the key areas of the economy, such as education and healthcare, which lead to negative outcomes in the human development indicators in Iraq. The paper uses highly sophisticated analytical and econometric tools to examine the relationship between GDP growth, per capita income, government spending, oil exports, and inflation and their effects on human development in Iraq. The findings show that there is a positive but weak relationship between economic growth and indicators of human development in Iraq. This underscores the need that appropriate policy recommendations be made aimed at diversifying the Iraqi economy and also investing more in human capital to facilitate sustainable economic growth and improvement in the quality of life of the Iraqi people.

This study aims to analyze the role and effectiveness of Islamic monetary policy in Indonesia in facing digital transformation, particularly through the instruments of Sertifikat Bank Indonesia Syariah (SBIS) and Sukuk Bank Indonesia (SukBI). The digital transformation of the national financial system demands an adaptive monetary policy that remains grounded in the principles of maqashid shariah. In the context of Islamic economics, monetary policy not only functions to regulate the money supply and maintain price stability but also ensures the realization of justice and economic welfare. This research employs a descriptive qualitative approach, using literature-based data collection from official publications of Bank Indonesia, the Financial Services Authority (OJK), and relevant academic references on Islamic monetary policy. The analysis adopts an inductive approach by examining the roles of SBIS and Sukuk BI in supporting the stability of the Islamic financial system and their alignment with maqashid shariah values such as al-‘adl (justice), al-wudhuh (transparency), and ar-rawaj (circulation of wealth). The findings indicate that digitalization has positively impacted the efficiency and transparency of Islamic monetary instruments, where SBIS plays a role in regulating the liquidity of Islamic banks in a non-usurious manner, while Sukuk BI serves as an essential instrument in maintaining national economic stability. Nevertheless, challenges remain, including the limited digital infrastructure for Islamic finance and the need to strengthen regulations to ensure that digital monetary systems remain consistent with sharia principles.

This study investigates Indonesia’s long-term economic transformation across four pivotal eras: the colonial period, the Old Order, the New Order, and the Reformasi era. Employing a descriptive qualitative design with historical analysis, the research elucidates how political transitions, institutional reforms, and global dynamics have interacted to shape the nation's economic architecture. Results indicate that colonial legacies entrenched deep structural inequalities and a dualistic economy, creating a path dependency that continued to influence policy direction after independence. During the Old Order, efforts to assert economic sovereignty were constrained by macroeconomic instability, limited state capacity, and shifting political coalitions. The New Order marked a turning point toward industrialization, macroeconomic stabilization, and openness to foreign investment, generating high growth but also deepening inequality and dependence on external capital. Entering the Reformasi era, decentralization, democratization of governance, and fiscal transparency reshaped institutional frameworks; however, persistent challenges such as regional disparities, productivity gaps, and vulnerability to global shocks remain evident. The study concludes that Indonesia’s economic evolution is non-linear, shaped by historical constraints and gradual institutional adaptation rather than abrupt shifts. Strengthening governance, enhancing domestic industrial competitiveness, and expanding inclusive development policies are essential strategies for supporting long-term resilience. These findings highlight the importance of continuity in policy reform to achieve sustainable growth and to realize the national vision of Indonesia Emas 2045.

This paper discusses the role of the global minimum tax in addressing tax avoidance by multinational corporations in Indonesia. This policy is the result of an agreement between the OECD/G20 (Organization for Economic Co-operation and Development) in the Base Erosion and Profit Shifting (BEPS) 2.0 project, which aims to reduce global tax avoidance practices by multinational corporations (MNEs). With a minimum rate of 15%, the GMT is expected to create fiscal justice and strengthen the tax base in developing countries like Indonesia. This research uses a qualitative approach based on a review of literature from the OECD, IMF, and academic journals. The analysis shows that the implementation of the GMT has positive potential in increasing state revenues, but also poses administrative challenges and the risk of reducing investment competitiveness. The Indonesian government needs to adjust tax regulations and strengthen fiscal administration capacity to optimize the benefits of this policy. This study also confirms the importance of international cooperation in the successful implementation of the GMT and reducing the potential for tax avoidance by multinational corporations. Furthermore, regular monitoring and evaluation are needed to assess the impact of this policy on the Indonesian economy and to ensure that the implementation of the GMT does not hinder economic growth and investment in strategic sectors.