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Each country has different holiday policies, but the number of holidays in Indonesia is quite large, which impacts uncertainty for investors when buying or selling shares. These events can cause market anomalies or irregular market conditions and produce abnormal returns at certain times, known as the holiday effect. This study uses a quantitative descriptive method with an event study approach, data collection is carried out using documentation and literature methods. The data used are secondary data in the form of the Jakarta Composite Index (JCI), the LQ45 Index, and the Jakarta Islamic Index (JII) from the official website of the Indonesia Stock Exchange (IDX). Exchange rate data is taken from the official website of Bank Indonesia. The population of this study is every company listed on the IDX, while the data used are JCI, LQ45, and JII data 6 days before and 6 days after the Eid al-Fitr holiday and regular trading days from 2011-2025. The results of the study show that there is no significant difference in the JCI, LQ45 Index, or JII before and after the Eid al-Fitr holiday, so there is no holiday effect. These results indicate that all three indices reflect a market that tends to be efficient and stable in responding to seasonal events. Furthermore, the Rupiah exchange rate had a negative but significant effect on the Jakarta Composite Index (JCI). The Rupiah exchange rate had a negative but insignificant effect on the JII before and after the Eid al-Fitr holiday. The Rupiah exchange rate had a positive but insignificant effect on the LQ45 Index before and after the Eid al-Fitr holiday.

This study examines the stock market reaction to the Christmas and New Year holidays by analyzing abnormal return and trading volume activity for companies consistently listed in the LQ45 Index during 2021–2023. Using a quantitative causal approach and an event study design, the research observes market behavior within a 10 day estimation window and a 10 8day event window surrounding the holiday period. The findings show that abnormal return exhibits limited but notable reactions, with a significant decline observed before the holiday, indicating that investors tend to reduce risk exposure prior to market closure. After the holiday, significant movements still appear, but they remain negative, suggesting that investor activity and confidence have not fully recovered. In contrast, trading volume activity does not show significant differences either before or after the holiday, implying that changes in prices are influenced more by sentiment and price adjustments rather than shifts in trading intensity. These results indicate that the Indonesian capital market demonstrates characteristics of a semi-strong form efficiency, where public information such as national holidays is largely anticipated and absorbed by the market.

In recent years, Micro, Small, and Medium Enterprises (MSMEs) have increasingly positioned themselves as one of the main pillars of the Indonesian economy, contributing significantly to employment opportunities, income distribution, and economic resilience. In the local context, Cifest Cikarang Selatan represents a dynamic marketplace where various MSMEs operate and directly interact with consumers. An interesting phenomenon emerges during holiday periods, when consumer behavior shows significant changes, especially in terms of purchasing methods and preferences between online and offline channels. This study aims to explore the transformation of consumer behavior, focusing on the comparative analysis of online and offline purchases, and to evaluate its broader implications for the sustainability and competitiveness of MSMEs operating at Cifest. The research adopts a descriptive and analytical approach, using both recent statistical data and supporting literature to provide a comprehensive understanding of the digital era’s influence on shopping patterns. The findings reveal that online purchases continue to grow rapidly due to convenience, wider product access, and promotional offers that attract customers. However, offline purchases remain relevant, particularly for consumers who value direct product inspection, immediate ownership, and social interaction within traditional marketplaces. For MSMEs, this shift presents both challenges and opportunities. Those that rely solely on conventional offline strategies risk losing competitiveness, while those able to integrate digital platforms with traditional sales methods demonstrate greater adaptability and potential for growth. Overall, this study concludes that the sustainability of MSMEs in Cifest Cikarang Selatan depends largely on their ability to embrace digital transformation without neglecting the strengths of offline interactions. By leveraging both channels strategically, MSMEs can not only survive but also thrive in the increasingly competitive market landscape shaped by evolving consumer behavior.

Money changers are also increasingly developing not only in banks as official exchange places. On the eve of the holidays, some traders sell money on the side of the road. There is a phenomenon where money becomes something that is traded in the form of money exchange that often occurs before the holidays. This research uses a qualitative method. By using a qualitative approach, researchers can focus on attention and also natural events that occur. This research examines how the concept of central bank concept analysis in the issuance of new money to prevent counterfeiting of money on roadside money exchange services during the holidays. The conclusion is that transactions that always occur before the holidays with money exchange are considered violating the law because they do not comply with the standards of exchange transactions, which should always have goods traded rather than money.

The following study aims to analyze and find out (1) The impact of incentives on the work results of PT employees. Amanah Safari Internasional Tour Travel, which has been running, (2) This research uses a qualitative approach to look for incentives to improve the performance of PT employees. Amanah Safari International Travel. Data mining methods encompass observation, documentation, and direct interviews with management and relevant staff. The results of this study show (1) the incentive system that the company has to provide material and non-material incentives to its employees, such as bonuses and social security, religious and non-religious awards and joint holidays. Employee quality, employee quantity, and employee attendance or discipline drive employee performance and motivation. This research shows that incentives can increase work morale and increase achievement, loyalty, discipline, and accountability towards positions. These valuable results can have an impact on improving employee performance. (2) According to the analysis results, PT. Amanah Safari Internasional Tour Travel has an incentive program that suits the needs of its employees, but further research is needed to improve the efficiency of this program. As a result, companies are expected to be able to maintain and improve their incentive policies to improve employee performance.