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This research examines the impact of Indonesia's sugar import policy during the period 2020–2024 through the case study of Thomas Trikasih Lembong. Employing a qualitative methodology with an instrumental case study approach, the study seeks to capture the complexities of strategic commodity trade policies in Indonesia. The analysis reveals that the issuance of sugar import permits to PT Andalas Putra was conducted in violation of existing legal frameworks, particularly Presidential Regulation No. 48/2013, resulting in state financial losses estimated at Rp 400 billion. These irregularities highlight not only weak adherence to regulatory standards but also minimal coordination among relevant government agencies, reflecting the broader challenge of weak good governance implementation. The distributional consequences of this policy were also significant. While downstream industries benefited from increased sugar availability and lower input costs, domestic sugarcane farmers and the national sugar industry suffered substantial losses. The oversupply condition triggered by import policy mismanagement led to a decline in local sugar prices, producing welfare transfers that disproportionately disadvantaged rural farming communities. These findings underscore the structural vulnerability of agricultural stakeholders when state institutions fail to balance industrial and farming interests in policy formulation. Furthermore, the imposition of a 4.5-year prison sentence on the policymaker involved has sparked discourse on the criminalization of public policy, raising debates over the line between policy failure and corruption in governance. In light of these findings, the study provides several recommendations. These include strengthening inter-agency coordination mechanisms, developing early warning systems to monitor commodity market dynamics, reforming the regulatory framework governing import permits, and designing adaptive policy instruments capable of mitigating welfare risks while optimizing strategic commodity management. Overall, this study contributes to the discourse on governance, accountability, and policy reform in Indonesia’s strategic trade sector, particularly in relation to sugar as a vital commodity.

This research seeks to examine the impact of inflation and exchange rates on the Jakarta Composite Index (JCI) on the Indonesia Stock Exchange (IDX) from 2019 to 2024. The study uses secondary monthly data for inflation, exchange rates, and the JCI, which were sourced from the official websites of Bank Indonesia and IDX. A quantitative approach is employed, utilizing multiple linear regression analysis along with classical assumption tests and both simultaneous and partial hypothesis testing. The findings reveal that, individually, both inflation and exchange rates have a significant effect on the JCI. When analyzed together, inflation and exchange rates also significantly influence the JCI. These results underscore the importance of macroeconomic stability, particularly the stability of the rupiah exchange rate, in shaping stock market trends in Indonesia. The study suggests that fluctuations in the inflation rate and the exchange rate can lead to uncertainty in the stock market, impacting investor decisions and market performance. These findings are particularly relevant in the context of Indonesia’s open economy, where external factors and global economic conditions can also influence domestic financial markets. This research aims to offer valuable insights to investors, policymakers, and academics, helping them understand how key macroeconomic variables, such as inflation and exchange rates, influence the dynamics of the capital market. The study emphasizes the need for maintaining economic stability to foster a conducive environment for market growth and investor confidence. By analyzing these macroeconomic factors, the study provides a clearer understanding of their role in stock market performance and offers a foundation for future research and policy development in the Indonesian financial market. Additionally, the results of this research could serve as a basis for further studies that explore the relationship between macroeconomic factors and stock market behavior in emerging markets.

This study aims to analyze the influence of Accounting Conservatism, Corporate Governance, and Financial Distress on Tax Aggressiveness in non-cyclical consumer sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2019 to 2023. This study uses a quantitative approach with secondary data in the form of annual financial reports of sample companies. Sampling was carried out using a purposive sampling technique, resulting in 14 companies that met the research criteria with a total of 70 observations over five years. The analysis method used is panel data regression, and testing was conducted using E-Views 12 software. The main objective of this study is to determine the extent to which conservatism practices in financial reporting, corporate governance, and the company's financial condition (in the context of financial distress) can influence the company's tendency to engage in tax aggressiveness, namely efforts to minimize the tax burden legally but aggressively. The results of the study indicate that simultaneously, the three independent variables—accounting conservatism, corporate governance, and financial distress—have a significant influence on tax aggressiveness. However, only corporate governance (as proxied by institutional ownership) and financial distress were found to have a significant influence on tax aggressiveness. In contrast, accounting conservatism and corporate governance, as proxied by managerial ownership, did not show a significant influence. These findings suggest that companies with high institutional ownership tend to be better able to control aggressive tax management practices, while financial distress encourages management to seek tax efficiency measures as a survival strategy. This research contributes to the interests of regulators and stakeholders in understanding the factors influencing tax aggressiveness in vital industrial sectors such as non-cyclical consumer goods.

Karang Jahe Beach is one of the leading tourism destinations located in Rembang Regency. This area provides a great opportunity for Micro, Small, and Medium Enterprises (MSMEs) to develop and reach a wider market. One of the MSMEs in this area is Warung "Mbak Raisha" owned by Mrs. Inayah which has been operating since 2015. This stall is engaged in providing food and beverages for tourists. However, these MSMEs face various challenges in managing their business, including the lack of digital financial records, the lack of social media accounts as a means of digital promotion, the lack of a business logo, and the management of orders and product packaging that is not optimal. This condition causes limitations in terms of competitiveness, management efficiency, and marketing reach which has an impact on overall business growth and hinders the potential for future business development. Community service activities are carried out to help overcome these problems through strategies to strengthen branding and digital marketing. Some of the concrete steps taken are the creation of a logo as a brand identity, the installation of banners as a visual identity of the business, training on the use of social media (Instagram) as a means of promotion, the preparation of price lists, and digital financial recording using simple applications. In addition, education was also provided regarding the importance of attractive packaging to increase the selling value of products. The results of the mentoring show that Warung "Mbak Raisha" now has a stronger business identity, a more targeted promotion system, and more efficient management. This effort is expected to be able to encourage business growth and make MSMEs better prepared to face business challenges in the digital era.

Based on the financial performance analysis of PT. Gudang Garam Tbk (GGRM) during the 2020–2023 period, the company faced significant challenges that impacted its financial condition. One of the main factors affecting the company's performance is the increase in tobacco excise duties, which has affected the cost structure and selling prices of its cigarette products. Additionally, the increasing regulatory pressure and changes in consumer behavior have posed unavoidable challenges. The decline in profitability and liquidity ratios, such as Return on Assets (ROA) and Current Ratio (CR), indicates the negative impact of these external conditions on the company’s ability to generate profit and meet short-term obligations. This decline suggests that the company is struggling to balance income and operational costs. The fluctuating solvency ratio also raises concern. Although the company manages to maintain a balance between debt and equity, these fluctuations show challenges in managing long-term assets and liabilities. Dependence on debt and rising operational costs pose risks to the company's financial stability. These fluctuations affect the company's ability to maintain liquidity and solvency in an increasingly competitive market. Trend analysis from the financial statements indicates that the company needs to strengthen its adaptation strategies and risk management to face the growing market challenges. GGRM must focus on product innovation and marketing strategies that can attract new customers while retaining existing ones. Furthermore, the company must adapt to changing regulations and evolving consumer trends. The results of this study provide important insights for stakeholders regarding the financial condition of the tobacco industry. In this challenging situation, GGRM must continue to develop more adaptive strategies to survive and thrive amidst the dynamic market and increasingly stringent regulations.

This literature review investigates the influence of fair value accounting (FVA) on enhancing financial transparency, particularly within the evolving context of digital assets. By analyzing 103 peer-reviewed articles, the study evaluates how FVA facilitates automated, real-time, and market-based disclosures. It identifies FVA as a tool for increasing investor trust and improving the clarity of financial statements by aligning valuations with current market conditions. The review also highlights the specific challenges of applying FVA to decentralized and volatile digital assets such as cryptocurrencies and non-fungible tokens (NFTs). Although FVA contributes to more transparent and relevant reporting, the implementation of FVA for digital assets is hindered by several critical issues. These include inconsistent valuation methodologies, lack of standardized regulatory guidance, susceptibility to market manipulation, and technological limitations in tracking asset value across decentralized platforms. Furthermore, the rapid pace of innovation in digital finance outstrips the adaptability of existing accounting standards and legal frameworks, creating a gap that weakens the consistency of fair value assessments. The review proposes the integration of FVA within a broader theory of decision-making under uncertainty, emphasizing the need for adaptive and digitization-responsive accounting practices. It suggests practical frameworks that align valuation procedures with the unique characteristics of digital assets while ensuring compliance with emerging regulations. This research encourages ongoing examination and policy innovation to ensure that FVA continues to support transparency and informed decision-making in a dynamic financial landscape.

The objective of this mentoring activity is to increase the capacity of swimming pool managers, particularly in strengthening management and sustainable management strategies. With this increased capacity, it is hoped that Tirta Arum Swimming Pool can develop into a valuable village asset, both economically and socially. The swimming pool will not only provide a source of income for the village but also serve as a means of recreation, education, and social interaction for the surrounding community. The method used in this mentoring activity is Participatory Rural Appraisal (PRA), an approach that emphasizes active community participation in every stage of the planning process, decision-making, and program implementation. PRA enables village communities, including Tirta Arum Village-Owned Enterprise (BUMDes) managers, to analyze their environmental conditions, identify problems, and design contextual and sustainable solutions. This approach is implemented through structured mentoring, education, and training activities. Direct community involvement aims to foster a sense of ownership and responsibility for swimming pool management. In addition, with training tailored to local needs, managers are expected to be able to apply effective management principles, from planning and financial management to customer service and promotional strategies. Thus, the results of this activity are not only temporary improvements, but also long-term empowerment that contributes to the independence and business aspirations of the Village-Owned Enterprise (BUMDes). Through the PRA method, this activity not only provides an immediate solution to swimming pool management problems but also increases the independence of the community and managers in developing and operating the business sustainably. This increased community participation is expected to foster a sense of ownership (a sense of belonging) towards the swimming pool as a shared property.

Innovation in entrepreneurship is not only limited to the creation of new products or services, but also includes the development of more efficient business models, more effective marketing strategies, and new ways of managing resources. The film "Gampang Cuan" offers a compelling depiction of the dynamics of entrepreneurship and innovation amidst family economic pressures. A thorough analysis of the film can provide valuable insights into how the characters in the film face financial challenges through the implementation of innovative entrepreneurial strategies. The film depicts how urgent needs can spark creativity and drive individuals to seek solutions outside conventional paths, resulting in small innovations that have a significant impact on their financial condition. This study aims to identify and analyze the various forms of entrepreneurial innovation that appear in the film, and how these innovations contribute to solving the financial problems faced by the characters. By analyzing elements such as opportunity identification, creative idea development, solution implementation, and adaptation to market changes, this study seeks to gain a deeper understanding of the entrepreneurial innovation process in a stressful context

This study aims to evaluate the financial performance of PT Akasha Wira International Tbk during the period 2022 to 2024 using profitability ratio analysis. The ratios analyzed include Return on Assets (ROA), Return on Equity (ROE), Gross Profit Margin (GPM), Operating Profit Margin (OPM), and Net Profit Margin (NPM). The data used is sourced from official financial statements published through the Indonesia Stock Exchange website. Based on the results of the analysis, the company's financial performance is generally relatively good and shows stability over the past three years. This is reflected in the consistency of the profitability ratio which is at a favorable level, indicating the effectiveness of the company in managing assets, its own capital, production costs, and operational activities. Further analysis shows that the Return on Assets and Return on Equity show a stable trend with a slight increase, which indicates efficiency in asset utilization and capital management. Gross Profit Margin and Operating Profit Margin also show positive trends, indicating efficiency in managing production costs and operational activities. Net Profit Margin, although slightly volatile, remains within a range that reflects good profitability. In addition, the results of this evaluation also indicate that the company has the ability to adapt to market changes and dynamic economic conditions. The ability to maintain profit margins in the midst of economic fluctuations shows the resilience of the business model and operational strategy applied. These findings provide an idea that PT Akasha Wira International Tbk has been able to maintain a healthy performance despite being in a competitive business environment. Thus, the results of this evaluation can be used as a basis for strategic considerations by management in preparing long-term financial plans and decision-making, as well as a reference for investors in assessing the company's prospects.

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 analyze the implementation of Value Added Tax (VAT) calculation, payment, and reporting at PT. PMP during the 2023 tax year. This study uses a qualitative descriptive approach with data collection techniques through interviews, direct field observations, and documentation studies of the company's tax archives and financial reports. The main focus of the study is to determine the extent of the company's compliance with tax regulations issued by the Directorate General of Taxes. The results show that PT. PMP has carried out its tax obligations in accordance with applicable laws and regulations, including the use of the e-Faktur application for issuing electronic tax invoices and e-Filing for reporting VAT Periodic Tax Returns. In the VAT calculation process, the company systematically classifies output and input tax invoices. However, several conditions of overpayment and underpayment were found due to the dynamic variation between output and input VAT, especially in transactions involving discounts and sales returns. Tax payments were generally made on time through the online billing system, although there was a two-day delay in one tax period due to internal administrative constraints. While reporting is consistent each month, several input errors due to human error were still found, such as incorrectly entered Tax Invoice Serial Numbers (NSFP) or transaction values. These errors were then corrected through the Periodic Tax Return correction mechanism. Overall, the company has demonstrated a strong commitment to fulfilling its tax obligations, but improvements are still needed, particularly in coordination between tax divisions, data validation prior to reporting, and increasing human resource capacity in utilizing the tax information system.

Financial reports are an important tool for Micro, Small, and Medium Enterprises (MSMEs) in measuring their performance and financial health. This study aims to design a simple financial reporting system that can be implemented by Big Bites, a culinary business located in Bekasi City. The method used is a qualitative descriptive approach with stages of observation, interviews, and documentation during a three-month internship (October–December 2024). The results of the study indicate that before the design, Big Bites did not have a good financial recording system and still relied on manual records. Through the design of Microsoft Excel-based financial reports that include a general journal, ledger, trial balance, income statement, statement of changes in equity, and balance sheet, MSMEs can understand their financial condition more clearly and accurately. The implementation of this system is expected to assist MSMEs in business decision-making, financial planning, and increasing business credibility.

Research on national banking using the Altman’s Z-Score analysis technique has been relatively extensive, but studies focusing specifically on banks indexed to SRI-KEHATI remain limited. The SRI-KEHATI Index is known as a benchmark for companies with strong sustainability, social responsibility, and good governance practices. This study aims to analyze the health trends of banks listed in the SRI-KEHATI Index during the 2015–2024 period by applying the second modified Altman’s Z-Score model (1993), which is widely recognized as a reliable indicator for assessing a company’s financial stability and risk of bankruptcy. The findings indicate that the overall Altman’s Z-Score trend of major banks within the SRI-KEHATI Index shows stability and a consistently healthy financial condition throughout 2015–2023. However, in 2024 there is a notable decline that requires further examination to determine whether it is caused by market fluctuations, structural challenges, or accounting adjustments. Despite this decrease, the overall financial health of the banks remains categorized as very good according to Altman’s model. The average Z-Score for all four banks analyzed is 6.457, which is well above the threshold of 2.6, indicating no significant bankruptcy risk. When evaluated individually, BMRI stands out as the healthiest with a Z-Score of 13.879, followed by BBNI with 5.971, BBRI with 3.175, and BBCA with 2.801. These results confirm that all four banks remain in a safe financial zone during the 2015–2024 period. Furthermore, the study’s four hypotheses are proven, reinforcing the argument that SRI-KEHATI indexed banks maintain strong financial resilience even amid post-Covid-19 challenges.

This study investigates the potential role of the Jakarta Islamic Index (JII) as a hedging instrument and safe haven asset against the Indonesia Composite Index (IHSG) during the period from January 2020 to April 2025, a time characterized by elevated market volatility. The main objective is to determine whether sharia-compliant stocks in Indonesia offer diversification benefits during periods of financial stress. Utilizing daily closing prices converted into log returns, the study employs the Asymmetric Dynamic Conditional Correlation Generalized Autoregressive Conditional Heteroskedasticity (A-DCC GARCH) model to capture time-varying correlations between JII and IHSG. Prior to applying the model, standard diagnostic tests were performed to ensure data quality, including tests for stationarity, autocorrelation, and ARCH effects.Empirical results reveal a persistently high correlation between IHSG and JII, with an average of 0.826 and values exceeding 0.95 during periods of market turbulence. These findings indicate that JII does not fulfill the characteristics of a hedge or safe haven asset. A robustness analysis using extended data from 2010 to mid-2025 further supports the conclusion, showing the continued presence of strong comovement between the two indices across different market regimes. This suggests a structural relationship rather than one driven solely by crisis events. The high correlation may be attributed to overlapping index constituents and similar investor responses to market shocks. These results challenge the prevailing notion that Islamic indices inherently offer protection during downturns. As such, investors seeking to mitigate portfolio risk may need to look beyond domestic sharia equities and consider broader asset classes or international diversification. Future research is encouraged to explore cross-market and multi-asset safe haven properties, especially in the context of emerging economies.

Micro, Small, and Medium Enterprises (MSMEs) are one of the sectors that have an important role in supporting Indonesia's national economy. Its contribution is enormous to the Gross Domestic Product (GDP), job creation, and increased innovation, especially in the face of global economic challenges and social inequality. This research aims to examine in depth the role of MSMEs in encouraging Indonesia's economic growth and identify various challenges faced by this sector. The method used in this study is library research, by analyzing various sources of scientific literature, policy reports, and relevant empirical data related to the role of MSMEs. The results of the study show that MSMEs not only contribute to increasing national GDP, but also become the main driving force in providing jobs for the community, especially in rural and suburban areas. In addition, MSMEs are also an important means in the development of local innovation, especially in the use of simple technology that is in accordance with community conditions. However, MSMEs also face a number of serious challenges that can hinder their contribution to economic growth. These challenges include limited access to digital payment systems, low quality of human resources (HR), weak marketing networks, and limited capital and technology. Thus, to increase the role of MSMEs in national economic development, synergy is needed between the government, the private sector, and financial institutions in providing comprehensive and sustainable support. The support includes training on human resource capacity building, access to capital, digital transformation, and strengthening the business ecosystem. This research is expected to contribute to the development of policies that favor the empowerment of MSMEs in Indonesia.

Timeliness of financial reporting is crucial for maintaining company transparency and credibility, especially in uncertain environmental conditions. This study attempts to evaluate the impact of environmental uncertainty on audit report lag, moderated by corporate governance mechanisms (through the proportion of independent commissioners, audit committee size, and audit quality). This study applies a quantitative methodology, utilizing data from 106 companies in the consumer cyclicals sector from 2020–2023, and analyzed using multiple linear regression. The findings of the study demonstrate that environmental uncertainty has positive significant effect on audit report lag. Audit committee size was found to weaken this relationship, while the percentage of commissioners who are independent and audit quality did not act as moderators. The ineffectiveness of independent commissioners is attributed to their limited direct influence on reporting policies, whereas Big Four auditors tend to prioritize prudence, thereby extending the audit process. These findings have implications for companies to enhance the effectiveness of internal oversight in responding to external dynamics to minimize audit report lag.

Using the Systematic Literature Review (SLR) method, the purpose of this study is to investigate the effect of financial performance on the stock prices of food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. The financial performance factors analyzed include Return on Assets (ROA), Current Ratio (CR), Debt to Equity Ratio (DER), and Return on Investment (ROI). Data were collected from fifteen nationally accredited scientific articles published during the period and were eligible for inclusion. The results show that Return on Assets (ROA) consistently has a positive effect on stock prices, making it the most important indicator to attract investors. Since investors prioritize profitability over short-term liquidity, Current Ratio (CR) is usually not very influential. Debt to Equity Ratio (DER) results vary depending on the debt condition of companies and their financial plans. However, Return on Investment (ROI), which has not been studied much, seems to have a significant impact on stock prices and is starting to attract the attention of investors in the food and beverage industry. This study helps by providing a comprehensive picture of the pattern of influence of financial ratios on stock prices and complements the shortcomings of current research, especially regarding the ROI variable which is still minimal in previous studies. It is hoped that these findings will help investors, company management, academics, and regulators make decisions and create investment strategies in the Indonesian capital market.

This study aims to analyze the influence of inflation, interest rates, capital structure, and profitability on stock prices in manufacturing companies. The background of this research highlights the volatility of the Indonesian economy, which is driven by macroeconomic factors that significantly affect capital market performance. Using the Systematic Literature Review (SLR) method, this study synthesized 10 relevant articles published between 2023 and 2025, collected through Google Scholar using specified keywords. The findings reveal varied results: inflation and interest rates generally have a negative influence on stock prices, although some studies report insignificant effects. Similarly, capital structure shows both positive and negative impacts, depending on company conditions and research contexts. Profitability also presents mixed outcomes; some studies found significant relationships, while others reported no influence on stock prices. This literature-based synthesis highlights inconsistencies in previous empirical findings and reinforces the need for further research to clarify the interaction between these variables and stock market performance. The study contributes to providing a comprehensive understanding for investors, financial analysts, and policymakers in making better investment and strategic financial decisions under uncertain economic conditions.

Strengthening transparency and accountability in the financial management of Village-Owned Enterprises (BUMDes) is crucial in promoting good village governance. However, many BUMDes still face challenges such as weak record-keeping systems, the absence of internal audits, and limited human resource competencies in financial aspects. This community service activity aims to build an internal audit system as a strategy to improve the financial governance of BUMDes in Pematang Serai Village, Tanjung Pura Sub-District. The approach used is Community-Based Participatory Action Research (CBPAR), which emphasizes active community involvement throughout the process. The stages of the activity include problem identification, internal audit and basic accounting training, preparation of financial SOPs, implementation of the initial audit, and evaluation of the results. The results show that BUMDes administrators are able to independently conduct internal audits, compile cash reports and transaction documentation more systematically, and present the results in village deliberation forums. This activity also succeeded in increasing the capacity of administrators to compile simple digital reports using Excel. Community participation also encouraged the formation of a new culture that is more transparent and open to the process of managing village finances. This activity not only produced administrative outputs but also created institutional transformation that promotes more integrity-based BUMDes governance. The educational-participatory approach in internal audits has proven effective and is feasible to be replicated in other villages with similar conditions as part of efforts to strengthen good governance at the local level.

This study aims to examine and analyze, both partially and simultaneously, the influence of system knowledge, coworker support, and frequency of system usage on the effectiveness of computerized financial reporting and trust in the system. Furthermore, this research investigates the moderating role of trust in the system in the relationship between those three independent variables and reporting effectiveness. This study is considered novel as it incorporates three variables not previously explored in combination—particularly trust in the system as a moderating factor. The study was conducted on 391,500 employees from 94 banks across Indonesia, with a sample of 100 employees selected using Slovin’s formula. The independent variables in this research are system knowledge, coworker support, and frequency of system usage; the dependent variable is the effectiveness of computerized financial reporting; and the moderating variable is trust in the system. A quantitative descriptive approach was employed, and data were analyzed using Structural Equation Modeling (SEM) with SmartPLS 4.0. The findings reveal that system knowledge, coworker support, and frequency of system usage each significantly affect both computerized financial reporting effectiveness and trust in the system. Trust in the system is also found to significantly impact the effectiveness of computerized financial reporting. Simultaneously, only system knowledge and usage frequency show a significant effect when trust in the system serves as a moderating variable, whereas coworker support does not exert a significant influence under the same condition.