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International student enrollment is a critical driver of financial sustainability for Higher Education Institutions (HEIs). While advanced forecasting is standard in the corporate sector, its application in educational planning remains limited. This study addresses this gap by comparing the predictive performance of ARIMA, Facebook Prophet, and Long Short-Term Memory (LSTM) models. Using a publicly available annual dataset from a US-based institution (2000–2022), the analysis employed a strategic partition training on 2000–2017 and testing on 2018–2019 to validate models on stable, pre-pandemic data. Empirical results revealed that the statistical ARIMA (2,1,0) model demonstrated superior accuracy, achieving a Mean Absolute Percentage Error (MAPE) of 1.26%. Conversely, Prophet (11.81%) and LSTM (13.84%) struggled with the limited sample size, failing to generalize effectively compared to the linear approach. The findings suggest that for annual enrollment trends, parsimonious statistical models outperform complex deep learning architectures, providing administrators with a robust, accessible framework for data-driven strategic decision-making.

This research evaluates the effectiveness of human capital development policies in Indonesia within the education and health sectors during the periods of 2015–2019 and 2020–2024. The analysis focuses on strategic programs implemented by the Ministry of Education and Culture and the Ministry of Health by comparing planned targets with the realization of performance indicators as stated in the Strategic Plan (Renstra) documents. The study employs a qualitative evaluative approach supported by descriptive quantitative data derived from official planning and performance reports. The findings indicate that during the 2015–2019 period, programs emphasizing the expansion of basic education and health services were relatively effective in increasing participation rates and improving equitable access. In contrast, programs aimed at enhancing the quality of human resources, particularly teacher development and institutional capacity building, showed lower levels of effectiveness due to weak performance measurement systems and inconsistent data reporting. During the 2020–2024 period, the effectiveness of most education and health programs declined significantly as a result of external shocks caused by the COVID-19 pandemic. However, health programs with strong financial protection mechanisms, such as the National Health Insurance (JKN), demonstrated greater resilience compared to other programs. The study concludes that the effectiveness of human capital development policies is strongly influenced by the clarity of performance indicators, consistency in program implementation, institutional capacity, and the ability of policies to adapt to external disruptions.

Delays in the submission of audited financial reports (audit report lag) remain a problem for public companies in Indonesia because they can reduce the relevance of information for investors and stalk holders. This study aims to analyze the effect of profitability, solvency, liquidity, operational complexity, and company size on audit report lag in property and real estate companies listed on the Indonesia stock exchange for the period 2022-2024. The research method used is quantitative with panel data regression analysis using Random Effect Model (REM). The results show that profitability and solvency have a negative effect on audit report lag, while company size have no effect. Simultaneously, all independent variables affect audit report lag. This study emphasizes the importance of financial performance and operational complexity in determining the timeliness of audited financial reporting.

This study aims to review the perspectives of MSME owners in the Gonilan area, particularly regarding part-time workers and their use in improving operational cost efficiency. The Gonilan area is known to have many MSMEs operating in various sectors, making this study relevant for understanding the challenges they face. A qualitative method was chosen so that the researcher could conduct in-depth interviews with three MSME owners. The informants were selected because they employed both full-time and part-time workers. The interview results showed that part-time workers were effective in reducing operational costs, such as more flexible hourly wages, although there were some disadvantages. The main disadvantages of part-time workers included lack of experience and limited working hours, which could be overcome through extra training and clear task distribution so that they could focus and increase productivity. The study concluded that the use of part-time workers has a significant impact on the operational cost efficiency of MSMEs, helping owners navigate the market without excessive financial burdens and encouraging long-term business growth.

This study aims to analyze the financial performance of the East Java Provincial Government based on the Budget Realization Report (LRA) for the 2022–2024 period. This study is important to assess the effectiveness of revenue achievement and the efficiency of regional expenditure management. The research method used is quantitative descriptive with secondary data in the form of Budget Realization Reports obtained through documentation techniques. Data analysis was performed using financial ratio analysis, namely effectiveness and efficiency ratios. The results show that the revenue performance of the East Java Provincial Government is in the highly effective category, as reflected in the realization of revenue that was able to reach and even exceed the budget target. However, regional expenditure performance is still considered inefficient because the realization of expenditure is close to the set budget. The conclusion of this study shows that even though revenue optimization has been achieved, the local government still needs to improve expenditure control so that regional financial management becomes more efficient in the future.

This study aims to measure the financial performance of the Government of West Java Province during the 2020–2024 period based on the analysis of the audited Budget Realization Reports. The research uses a descriptive quantitative approach with secondary data obtained from the Regional Financial Statements. Financial performance is measured through several ratios, namely the effectiveness ratio of Regional Original Revenue, regional financial efficiency ratio, regional financial independence ratio, and expenditure harmony ratio. The results show that the effectiveness of Regional Original Revenue fluctuated, with effective performance only in 2022 and 2024, while in other years it was categorized as ineffective. The efficiency ratio also indicated inconsistency, where inefficiency occurred in 2020, 2021, and 2023, and efficiency was achieved in 2022 and 2024. The regional financial independence ratio showed a relatively high level, reflecting low dependence on central government transfers, although there was a slight decline in 2023–2024. The expenditure harmony ratio indicated that budget allocation was still dominated by operational expenditure compared to capital expenditure. The findings imply the need for improving revenue optimization and more balanced expenditure allocation to support sustainable regional development.

Financial distress is a condition of declining financial health of a company that can develop gradually and lead to business failure if not detected early. With the increasing complexity of the business environment and the limitations of conventional statistical methods, Artificial Intelligence/AI is increasingly being adopted in the development of early warning systems (EWS) to predict financial distress. This study aims to examine the development of AI-based EWS research, identify the most widely used algorithms, and evaluate the effectiveness of AI models compared to conventional methods in predicting financial distress. The method used is a comprehensive systematic literature review of 15 relevant scientific articles. The results show that the paradigm has shifted from statistical models to machine learning and deep learning. Random Forest and Artificial Neural Network are the most widely used algorithms and have better predictive performance. This study offers a conceptual synthesis of the progress, effectiveness, and challenges of applying AI in predicting financial distress and opens opportunities for further research on the development of contextual and interpretative EWS.

Regional government financial performance is a strategic indicator for assessing the success of regional autonomy implementation, particularly in managing public finances in an effective, efficient, transparent, and accountable manner. This study aims to analyze the financial performance of the Government of West Nusa Tenggara Province (NTB) during the 2018–2022 period using a regional financial ratio analysis approach. The research employs a descriptive quantitative method utilizing secondary data obtained from the Budget Realization Reports (LRA) and the Regional Government Financial Statements (LKPD) that have been audited by the Audit Board of the Republic of Indonesia (BPK). The analysis is conducted by calculating regional financial ratios, including the financial independence ratio, the effectiveness ratio of Regional Original Revenue (PAD), the efficiency ratio of regional finances, the activity ratio (expenditure harmony), and the revenue growth ratio. The results indicate that the financial performance of the Government of West Nusa Tenggara Province has generally improved. The regional financial independence ratio falls within the participatory category with an average value of 57.81%, reflecting a gradual reduction in dependence on central government transfer revenues, particularly in 2022. The effectiveness ratio of PAD is categorized as moderately effective, with an average of 92.84%, although it fluctuates due to increases in revenue targets that were not fully matched by actual revenue realization. The regional financial efficiency ratio consistently remains in the efficient category, indicating the local government’s ability to control expenditures relative to revenues. Furthermore, the activity ratio analysis shows a shift in expenditure composition from operating expenditure toward capital expenditure, indicating an increased orientation toward development and long-term investment. The growth ratio reveals a significant increase in PAD in 2022, accompanied by a decline in transfer revenue growth.

This systematic review maps how innovation, technology adoption, and Islamic entrepreneurial behaviors are intertwined and contribute to the SDGs. Searches in Scopus followed PRISMA 2020: of the 166 initial records, 46 were eliminated prior to screening; 120 filtered by title–abstract; 45 read in full; and 25 articles were analyzed in depth. Four RQs lead the synthesis: the form of innovation/adoption (RQ1), impact on behavior and performance (RQ2), and their relationship to the SDGs (RQ3). The findings show five complementary faces of innovation: (1) process-organization (knowledge management, open innovation; innovation capability), (2) sharia business/finance models (sharia venture capital, agricultural value chain finance), (3) financial and platform digitalization (fintech, Islamic crowdfunding), (4) technological innovation in business models (e.g., urban farming–aquaponics) that are value-framed, and (5) halal product/marketing innovation (halal assurance and halal trust). Behind that, the drivers are layered: individual values and psychology, Islamic HRM cultural orientation and organizational learning, Islamic finance architecture and regulation, and access to digital literacy and trust in the platform. The impact is multidimensional performance, access to ethical capital, halal market behavior, and social and religious environmental outcomes with strong contributions to SDG 8 and SDG 9, and footprints on SDGs 1–2, 3, 10, 11, 12, 13, 16, 17. This SLR offers an integrated financial innovation value framework and proposes SDGs micro-indicators; limitations mainly in the variation of measurements and the dominance of cross-section designs.

The Indonesian Civil Servants Cooperative (KPRI) plays an important role in enhancing member welfare and supporting the national economy. Nevertheless, increases in business volume and own capital do not necessarily translate into higher profitability, while the number of members an essential characteristic of cooperatives is also assumed to influence financial performance. This study aims to examine the effect of business volume and own capital on cooperative profitability, with the number of members acting as a mediating variable. A quantitative approach was employed using secondary data derived from the financial statements of KPRI in Bogor City during the 2020–2024 period. Purposive sampling was applied, resulting in 12 cooperatives with a total of 60 observations. Panel data regression analysis was conducted using EViews software, and mediation effects were tested using the Sobel test. The results indicate that business volume has a positive and significant effect on cooperative profitability, whereas own capital does not show a significant influence. The number of members has a negative and significant effect on profitability. Furthermore, the Sobel test confirms that the number of members does not mediate the relationship between business volume or own capital and cooperative profitability. These findings suggest that enhancing business activities and improving the quality of member participation are more critical for increasing cooperative profitability than merely expanding capital or membership size.

Banks are financial institutions that play a very important role in the economy and continue to innovate by developing various new forms and services. Spin-offs of Sharia Business Units (UUS) are a new method in the world of Islamic banking with the aim of becoming independent Islamic banks in conducting business activities based on sharia principles. The spin-off of the SBU is one of the main focuses of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector. Furthermore, referring to the provisions in Financial Services Authority Regulation Number 12 of 2023 concerning Sharia Business Units, conventional banks can carry out banking activities in accordance with sharia principles by being required to open an SBU. This shows that the UUS is a unit that remains part of the conventional bank, and the provisions governing its activities, even though they are carried out by conventional banks, must still follow sharia principles, including prohibiting interest-based transactions. This study shows that spin-offs of UUS have great potential to drive the growth of Islamic banking. A spin-off is a company's decision to restructure, which has various legal implications. Although spin-offs of Islamic banks have the potential to improve the performance of Islamic banking, government policies that require spin-offs without considering the specific context of each bank can hinder the development of this sector. The implementation of mandatory spin-off policies needs to be balanced with more comprehensive government policy support.

This study investigates the determinants of dividend payout policy in energy sector firms listed on the Indonesia Stock Exchange during the 2020–2024 period. Dividend policy is a critical issue in emerging markets, especially in capital-intensive industries with high investment needs and earnings volatility. The research examines whether profitability and ownership structure—specifically institutional and managerial ownership—significantly influence dividend payout decisions, considering firm characteristics. The study analyzes the effect of profitability, institutional ownership, and managerial ownership on the dividend payout ratio, while controlling for firm size and leverage. A quantitative approach is used, employing pooled ordinary least squares (OLS) regression on 245 firm-year observations. Dividend payout ratio is measured as dividend per share divided by earnings per share, profitability is proxied by return on equity, and ownership variables are expressed as shareholding proportions. Descriptive analysis and classical assumption tests precede hypothesis testing. The results show that profitability positively and significantly affects dividend payout, suggesting that firms with better financial performance tend to distribute higher dividends. Firm size also positively influences dividend policy, while leverage negatively impacts it, reflecting the role of financial capacity and capital structure. However, institutional and managerial ownership do not show significant effects on dividend payout decisions. The findings indicate that dividend policy in Indonesian energy firms is primarily driven by financial performance and structural characteristics rather than ownership-based governance mechanisms. This study offers sector-specific evidence that refines agency and signaling perspectives on dividend policy in emerging markets, with practical implications for managers, investors, and regulators.

This study aims to analyze cash budget management at the Kuda Kepang Mas Bagong MSME located in Wates Hamlet, Cepogo Village, Boyolali Regency. This MSME focuses on traditional kuda kepang crafts that have economic and cultural value as a support for local performing arts. The method applied is a descriptive qualitative method with data collection techniques through observation and direct interviews with the business owner. The data reviewed includes the production process, production capacity, cost structure, selling price, revenue, and marketing system. The results of the study indicate that the Kuda Kepang Mas Bagong MSME has consistent market demand, especially for medium-sized kuda kepang products. However, production capacity limitations due to the use of one worker are a major obstacle in increasing business turnover. In addition, cash budget management is still carried out in a simple and unorganized manner, so the potential for liquidity control and financial planning has not reached an optimal level. This study concludes that developing a more organized cash budget and increasing production capacity can be a key strategy in improving the financial performance and sustainability of the Kuda Kepang Mas Bagong MSME.

This study aims to examine the effect of liquidity, company growth, and company size on firm value, with profitability as a mediating variable. These three independent variables are seen as internal factors that, theoretically, can influence firm value, both directly and indirectly through financial performance. This study employs a quantitative approach, using multiple linear regression analysis, path analysis, and Sobel tests to examine the mediation effect. The results show that liquidity has a significant effect on profitability, while growth and company size do not have a significant impact. Furthermore, the findings indicate that liquidity, growth, and company size do not directly affect firm value. However, profitability was found to significantly influence firm value and can mediate the relationship between liquidity and firm value. In contrast, profitability does not mediate the effect of growth or company size on firm value. These findings contribute to understanding the importance of profitability as a factor influencing firm value and provide insights into how internal company factors affect financial performance and firm value.

This study aims to examine the effect of the board of directors, audit committee, and public accounting firm size on corporate financial performance. The population consists of manufacturing companies in the food and beverage sub-sector listed on the Indonesia Stock Exchange and not delisted during the 2019–2023 period. The sampling technique used was purposive sampling, resulting in 33 companies selected as research samples. This research employs a quantitative approach using secondary data obtained from company financial reports published by the Indonesia Stock Exchange and official corporate websites. Data analysis was conducted using SPSS (Statistical Package for Social Science) version 25, applying multiple linear regression analysis to examine the relationships among the research variables. The results indicate that the board of directors and audit committee do not have a significant effect on financial performance. In contrast, the size of the public accounting firm has a positive effect on financial performance. These findings suggest that the quality and reputation of external auditors play an important role in enhancing corporate financial performance.  

This research seeks to analyze how balancing funds and Regional Original Revenue (PAD) contribute to regional financial performance through a literature review approach. The study is motivated by inconsistencies in prior findings as well as the crucial role of these two revenue components in strengthening the fiscal autonomy of local governments. The method applied involves a review of relevant academic studies published between 2022 and 2025, which were sourced from Google Scholar. The findings suggest that balancing funds are able to support improvements in financial performance when managed effectively, although their use may also lead to a higher level of dependence on the central government. In contrast, PAD generally shows a positive relationship with financial performance, as it represents a region’s capacity to generate and manage its own revenue, even though several studies report that its influence is not always statistically significant.Overall, this study highlights the need for optimizing PAD management alongside ensuring that balancing funds are allocated in an efficient and transparent manner, in order to achieve sustainable improvements in regional financial performance.

The research approach used in this study is qualitative descriptive, aiming to provide a clear and systematic description of the existing conditions related to village financial management. This research was conducted in Serba Jadi Village, Sunggal Subdistrict, Deli Serdang Regency, as a case study to understand the implementation of financial management at the village level. The type of data used in this study is secondary data obtained from official village documents, reports, and other relevant administrative records. Data collection techniques include observation and documentation, which were carried out to ensure the accuracy and completeness of the information analyzed. The data analysis technique employed is descriptive research, which functions as a systematic method of thinking or review to describe, interpret, and present conditions that occurred during the research period. The analysis focuses on assessing financial performance using efficiency and effectiveness indicators. The results of the study indicate that the Efficiency Ratio shows the financial management of Serba Jadi Village falls into the category of inefficient, reflecting the imbalance between costs incurred and outputs achieved. Meanwhile, the Effectiveness Ratio demonstrates that the financial management of Serba Jadi Village is categorized as effective, indicating that revenue targets and planned objectives were generally achieved despite efficiency limitations.

This study aims to examine the effect of dividend policy on firm value in food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. This research employs a quantitative method with an associative approach to analyze the relationship between independent and dependent variables. The population consists of all food and beverage manufacturing companies listed on the IDX, while the sample is determined using a purposive sampling technique based on specific criteria. The data used in this study are secondary data obtained from the companies’ annual financial statements published on the official IDX website. Data analysis is conducted using multiple linear regression analysis with the assistance of SPSS version 26. The results indicate that dividend policy has a positive and significant effect on firm value. This finding suggests that companies implementing higher and more consistent dividend policies tend to have higher firm value as perceived by investors. The results support signaling theory, which explains that dividend policy serves as a positive signal regarding a company’s future prospects and financial performance. Therefore, dividend policy can be considered an important strategic decision for management in enhancing firm value and attracting investor confidence.

A healthy and sustainable company is the primary measure of financial performance. Approaches such as financial ratios are not sufficient to assess financial performance; methods that provide a more comprehensive picture of a company's economic value creation are also needed. Economic Value Added (EVA) is one method that can be used in performance measurement. This study aims to determine the financial performance of PT Astra Otoparts Tbk from 2020–2023 using the Economic Value Added (EVA) method, through a quantitative descriptive approach. The annual financial reports of PT Astra Otoparts Tbk from 2020 to 2023 obtained from the official website of the Indonesia Stock Exchange and the company's official website are the data used in this study. The financial performance of PT Astra Otoparts Tbk from 2020 to 2023 is considered good based on the results of the study, because the company was able to generate a positive EVA value each year, indicating that the company has succeeded in creating economic added value for shareholders and maintaining its business continuity.

Personal financial management behavior has gained prominence amid economic globalization, digital transformation, and crisis-induced shifts that reshape individual decision-making, budgeting, saving, and risk practices. This study conducts a comprehensive bibliometric analysis to chart the intellectual structure, growth patterns, and future orientations of research in this domain. Drawing on 312 English-language publications from the Scopus database spanning 2000 to 2024, the analysis employs VOSviewer for co-authorship, keyword co-occurrence, and co-citation mapping, complemented by performance metrics on trends and productivity. Findings reveal a marked acceleration in scholarly output, particularly after 2020, driven by heightened attention to digital tools and resilience factors. Thematic clusters highlight progression from foundational literacy and demographic influences to psychological mediators (e.g., self-efficacy, attitudes) and outcomes centered on well-being and socialization. Geographic contributions concentrate in the United States and Indonesia, with strong Asia-Pacific networks, while productive authors form specialized collaborative hubs. The intellectual base integrates behavioral frameworks with empirical applications, underscoring interdisciplinary depth. These insights address fragmentation in prior work by providing a unified knowledge map, revealing gaps in cross-cultural integration and dynamic digital modeling. Implications extend to guiding targeted interventions for financial education and policy, fostering individual resilience in volatile environments. This synthesis supports scholars and practitioners in advancing evidence-based approaches to sustainable personal finance practices.