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This research investigates how Environmental, Social, and Governance (ESG) practices influence the tax liabilities of consumer cyclical companies in Indonesia between 2020 and 2024. By employing the Effective Tax Rate (ETR) as a proxy for tax burden, the study analyzes 160 data points from 32 purposively selected firms. Utilizing a Fixed Effect Model for panel data regression, the empirical results indicate that superior ESG performance significantly correlates with a higher ETR. This suggests that corporations with higher sustainability transparency tend to exhibit better tax compliance and avoid aggressive tax avoidance schemes. Grounded in stakeholder and legitimacy theories, these findings underscore that ethical ESG adoption strengthens public accountability and enhances the integrity of corporate governance within the Indonesian capital market.

Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in the economy, yet limited access to capital remains a major obstacle. Sharia financing from Islamic microfinance institutions is expected to support MSME business sustainability. This study aims to analyze MSME customers' perceptions of sharia financing, identify the internal and external factors influencing these perceptions, and examine the dynamics of perception changes after receiving multiple financing facilities. This research employs a qualitative approach with a case study method. Data were collected through in-depth interviews, observation, and documentation from MSME customers receiving sharia financing at BMT NU Ngoro Regional Office. Data validity was ensured through source and method triangulation. The findings indicate that MSME customers generally hold a positive perception of sharia financing. It is perceived as offering easy procedures, good service quality, and compliance with Islamic principles, thereby supporting capital increase and business sustainability. Perceptions are influenced by internal factors such as business experience and motivation, as well as external factors including market conditions and competition. Furthermore, customers' perceptions tend to become progressively more positive as their experience with receiving financing increases. The significant role of interpersonal service quality and mentoring in shaping positive perceptions is a key finding. In conclusion, sharia financing at BMT NU Ngoro Regional Office plays a vital role in supporting MSME business sustainability. Consequently, continuous improvement in service quality and business assistance is necessary.

This research aims to analyze: (1) the general characteristics of farmers who convert rubber land to oil palm plantations in Sungai Gelam District, and (2) the economic impact of this land conversion, particularly on farmers’ income. This study uses a quantitative approach with survey data collected from rubber and oil palm farmers. The results show that there are notable differences in farmer characteristics, including capital, labor use, and market access. The average income difference between rubber and oil palm farmers is IDR 2,712,000, indicating higher earnings from oil palm cultivation. Based on the BNT test, with a value of IDR 405,000, the average income difference exceeds the threshold, confirming that the difference is statistically significant. Furthermore, the calculated F value is greater than the F table value, which strengthens the conclusion that there is a significant difference in income between rubber and oil palm farmers. Therefore, land conversion contributes positively to farmers’ income improvement.

Algorithmic technologies are widely used in contemporary marketing strategies due to the growth of the digital economy. Digital companies can evaluate consumer activity data in real time and provide highly personalized digital experiences thanks to artificial intelligence-based solutions, especially machine learning. In addition to examining how algorithmic governance and surveillance capitalism affect algorithmic personalization, this study looks into how these mechanisms affect consumer engagement, purchase intention, and perceptions of hyperreality within the digital market ecosystem. 356 active users of digital platforms, such as social media and e-commerce, were surveyed as part of this study's quantitative methodology. The links between the constructs in the suggested conceptual model were examined through data analysis using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that the development of algorithmic personalization systems is strongly influenced by data-driven capitalism practices and algorithmic governance. Additionally, it has been demonstrated that algorithmic personalization improves customers' sense of hyperreality and increases their interaction with digital platforms. Additionally, the study shows that the most powerful factor influencing purchase intention is consumer interaction. By combining viewpoints from technology, the political economics of data, and hyperreality theory into a thorough empirical framework, these findings add to the body of knowledge on digital marketing.

This study examines the determinants of the Jakarta Composite Index (JCI) based on three main macroeconomic factors namely inflation, the USD/IDR exchange rate, and the SBI interest rate (BI Rate) covering the period January 2020 to December 2025, in the context of post-COVID-19 pandemic recovery and global economic turmoil. A quantitative approach was employed using the Ordinary Least Squares (OLS) method, with 72 monthly observations derived from secondary data sourced from official institutions including Bank Indonesia (BI), the Central Statistics Agency (BPS), the Indonesia Stock Exchange (IDX), and the Financial Services Authority (OJK). Classical assumption tests were applied comprising the Jarque-Bera normality test, Variance Inflation Factor (VIF) for multicollinearity, Breusch-Godfrey for autocorrelation, White Test for heteroscedasticity, and Ramsey RESET for model specification. Partially, inflation, exchange rate, and BI Rate each demonstrate a positive and significant effect on the JCI (p < 0.05). Simultaneously, all three variables exert a significant combined influence on the JCI, with a coefficient of determination R² = 0.4414, indicating that the model explains 44.14% of the variation in the JCI. The remaining 55.86% is attributed to other variables outside the model. Classical assumption test results reveal violations of normality, autocorrelation, and heteroscedasticity assumptions, although the model is free from multicollinearity. These findings confirm that Bank Indonesia's monetary policy has a significant and measurable impact on capital market performance. Further research is recommended using more advanced time series models such as GARCH or VECM to address violations of classical assumptions and improve estimation efficiency.

This study examines the impact of carbon emission disclosure, eco-efficiency, and green innovation on firm value among energy sector companies listed on the Indonesia Stock Exchange during 2022-2024. Using purposive sampling, 26 companies were selected based on specific criteria, resulting in 78 observations over the three-year period. The research employs panel data regression analysis with fixed effect model, using Tobin's Q as the proxy for firm value. Carbon emission disclosure is measured using the CDP framework with 18 disclosure items, eco-efficiency is assessed through ISO 14001 certification ownership, and green innovation is evaluated using four indicators based on the OECD framework. The results reveal that green innovation has a significant positive effect on firm value, indicating that Indonesian capital market investors place premium valuations on companies investing in environmental innovation. However, carbon emission and eco-efficiency show no significant impact on firm value. These findings suggest that while sustainability disclosure remains voluntary in Indonesia and lacks standardized frameworks, market participants are more responsive to tangible innovations that demonstrate competitive advantages and regulatory risk mitigation. Simultaneously, all three variables significantly influence firm value, confirming the relevance of comprehensive sustainability practices in value creation.

This study examines the effect of capital structure, dividend policy, and firm size on firm value at PT Adhi Karya (Persero) Tbk during the period 2014–2024. The company’s firm value has shown fluctuations and a declining trend despite an increase in total assets, indicating a mismatch between asset growth and market perception. This study aims to analyze the influence of internal financial factors on firm value, both partially and simultaneously. A quantitative approach is employed using secondary data obtained from the company’s annual financial statements. Capital structure is measured using the Debt to Equity Ratio (DER), dividend policy using the Dividend Payout Ratio (DPR), firm size using the natural logarithm of total assets, and firm value using Tobin’s Q. Data are analyzed using multiple linear regression with the assistance of SPSS, supported by classical assumption tests, t-test, F-test, and coefficient of determination (R²). The results show that partially, capital structure and dividend policy do not have a significant effect on firm value, while firm size has a significant effect. Simultaneously, all independent variables have a significant effect on firm value. The findings indicate that firm size plays a dominant role, while other factors may also influence firm value beyond the model.

Indonesia's increasing economic growth has intensified competition in the business world, particularly in the Indonesian banking sector, from conventional to sharia-compliant. Furthermore, the entry of foreign banks has made business activities in Indonesia increasingly complex. The stock market is a crucial source of funding for companies. Publicly listed companies can increase their funding sources by selling ownership in the capital market. Dividends are the distribution of company earnings to shareholders in the form of cash, assets, or other forms. Dividend policy is a policy for sharing company profits with shareholders, which is announced in the form of dividends and retained earnings for the benefit of company growth. The proportion of dividends distributed to shareholders depends on the company's profitability and dividend policy. The percentage of profits distributed to shareholders in the form of dividends is called the Dividend Payout Ratio.Differences in calculations in determining financial ratios in banking companies are an interesting focus in this study. The study results show quite significant results between financial ratios and managers' decisions in making dividend policy decisions. In the future, the results of this study are expected to be a consideration and reference for investors who want to enter the world of investment, especially in the banking sector.

Amid intense market competition, the profitability of manufacturing companies is not solely determined by sales volume but is highly dependent on the precision of financial management, particularly in managing the working capital cycle and operating cash flow circulation. This study aims to evaluate the relationship between Working Capital Turnover (X1) and Operating Cash Flow (X2) on Profitability (Y) in consumer goods industry companies listed on the Indonesia Stock Exchange during the 2022–2024 period. Using a quantitative approach and multiple linear regression analysis, this study processes 77 observations that have passed purposive sampling and outlier testing. The partial test results reveal contrasting findings: Working Capital Turnover (X1) does not have a significant effect on profitability, while Operating Cash Flow (X2) is proven to be a strong positive determinant. However, simultaneously, both variables have a significant influence on the financial performance of companies (Fhitung 24,008 > Ftabel 3,08), with operating cash flow acting as the dominant driving factor of profit. The implications of these findings emphasize that to maintain profit stability, management should prioritize the availability of cash generated from core operations, while investors should be more attentive to cash flow trends as an indicator of fundamental financial health before making investment decisions.

Investment decisions in pharmaceutical manufacturing companies listed on the Indonesia Stock Exchange (IDX) are influenced by fundamental analysis and stock price fluctuations. Stock prices reflect market perceptions shaped by profitability, liquidity, and capital structure. This study examines the effects of Return on Assets (ROA), Current Ratio (CR), and Debt-to-Equity Ratio (DER) on stock prices, both partially and simultaneously. Using a quantitative approach, the study analyzes secondary data from audited financial statements and stock prices of 12 pharmaceutical companies during 2022–2024, totaling 36 observations. Panel data regression with EViews 12 is applied. Results show that ROA and DER have positive and significant effects on stock prices, while CR has a negative but insignificant effect. Simultaneously, all three variables significantly influence stock prices, with an adjusted R² of 73%, indicating strong explanatory power. Profitability (ROA) is the most influential factor, followed by capital structure (DER), while liquidity (CR) shows no significant impact.

This study explores the development strategies of sweet pastry Micro, Small, and Medium Enterprises (MSMEs) based on Islamic economic principles in improving the local economy in Betungan, Bengkulu City. MSMEs play a crucial role in supporting economic growth and creating employment opportunities, particularly in the culinary sector, which has experienced significant expansion in recent years. In Betungan, sweet pastry businesses have shown promising potential; however, their development is still hindered by several challenges, including limited capital, low product innovation, and less effective marketing practices. This research employs a qualitative approach with a case study method. Data were collected through observation, interviews, and documentation at Jl. Ar-Rahman, Sepakat 7, Betungan, Selebar District, Bengkulu City. The study also considers the application of Islamic business values, emphasizing ethical conduct such as honesty, fairness, accountability, and the avoidance of riba and uncertainty in transactions. The findings indicate that the sustainability and competitiveness of sweet pastry MSMEs can be enhanced through several key strategies, including continuous product innovation, improving product quality, optimizing digital marketing, and strengthening business networks. In addition, integrating Islamic principles into business operations helps build consumer trust and ensures ethical business practices. Overall, these strategies not only improve business performance but also contribute to strengthening the local economy and community welfare.

This study examines the strategic role of Integrated Reporting (IR) in shaping investor perceptions in emerging markets, where transparency is essential for investment decision-making amid complex and volatile conditions. Using the Systematic Literature Review (SLR) method with the PRISMA framework, this study ensured objective source selection and rigorous article screening. A total of 119 articles were identified from Scopus and Google Scholar using the keywords “Integrated Reporting,” “Investor Perception,” and “Emerging Markets.” After applying inclusion criteria, 29 relevant articles were selected for analysis. The findings indicate that IR plays a significant role in building positive investor perceptions by reducing information asymmetry, enhancing reporting transparency, and improving the disclosure quality of non-financial information. Investors in emerging markets generally respond positively to IR implementation, particularly when supported by strong corporate governance and clear regulatory frameworks. However, the relationship between IR and investor perception varies across contexts due to differences in institutional environments, regulatory systems, and capital market maturity. This study contributes by mapping IR dynamics in emerging markets and identifying conceptual gaps and implementation challenges for future research and policymaking.

This study aims to analyze the comparison of equity-based financing decisions and sukuk from the perspective of Sharia principles in companies in Indonesia. The development of the Islamic capital market in Indonesia shows a significant increase in the use of financing instruments that comply with Islamic principles, thereby encouraging companies to consider funding alternatives that are not only financially efficient but also Sharia-compliant. In the framework of Sharia financial management, capital structure decisions must consider the prohibition of usury, the principle of risk sharing, fairness in risk distribution, and contract certainty. This research uses a qualitative approach with a literature study method thru the analysis of various scientific journals, regulations, and academic sources related to capital structure theory, the concept of Sharia equity, and the characteristics of corporate sukuk in Indonesia. The study results indicate that equity-based financing provides flexibility in capital structure and reflects a risk-sharing mechanism, but it has the potential to cause ownership dilution. Meanwhile, sukuk offers asset-based financing with a clear contractual structure and does not dilute company ownership, although it requires an underlying asset and a more complex issuance process. Comparatively, both instruments have Sharia legitimacy as long as they meet the screening requirements and contract structures applicable in Indonesia. This research emphasizes that corporate financing decisions in Indonesia need to consider the balance between financial efficiency and compliance with Sharia principles.

Micro, small, and medium enterprises (MSMEs) constitute a pivotal pillar of local economic resilience in Bandar Lampung, particularly in the fashion, salon and beauty, and professional service sectors. Notwithstanding their considerable growth potential, many MSMEs continue to encounter structural constraints that impede business expansion, most notably limited entrepreneurial capability, restricted access to capital, and the suboptimal utilization of digital marketing. Against this backdrop, the present study aims to examine the partial and simultaneous effects of entrepreneurship training, capital access, and digital marketing strategy on MSME business expansion. This research employed a quantitative explanatory design with a cross-sectional approach. Data were collected from 100 MSME owners selected through purposive sampling from a population of 2,785 enterprises, and were analyzed using multiple linear regression with SPSS. The findings reveal that entrepreneurship training does not exert a statistically significant effect on business expansion (B = 0.000; p = 0.998), indicating that training, in isolation, has not yet been effectively translated into concrete growth-oriented business practices. By contrast, access to capital has a positive and significant effect (B = 0.263; p = 0.001), demonstrating that financial accessibility enhances operational scale and market development. More importantly, digital marketing strategy emerges as the most influential determinant of business expansion (B = 0.593; p < 0.001), confirming that digital platform utilization substantially strengthens market reach, customer engagement, and business competitiveness. Simultaneously, the three variables significantly affect MSME expansion (F = 34.061; p < 0.001), with an explanatory power of 51.6%. It can therefore be concluded that MSME expansion is primarily driven by the synergy of financial accessibility and digital market adaptation, while entrepreneurship training becomes meaningful only when effectively operationalized within business practice.

The rapid growth of beverage franchises in Indonesia, particularly MIXUE with over 4,000 outlets, necessitates an in-depth examination of the financial management strategies underlying its success. This study aims to analyze the effects of working capital management, supply chain support, and operational cost efficiency on financial performance, as well as to evaluate the investment feasibility of the MIXUE franchise in Indonesia. A mixed-methods sequential explanatory approach was employed, utilizing multiple regression analysis and capital budgeting methods including Net Present Value (NPV), Internal Rate of Return (IRR), Payback Period (PP), and Return on Investment (ROI). Data were collected from 50 franchise outlets across Jakarta, Bandung, Surabaya, and Semarang during 2022-2024, supplemented by in-depth interviews with 15 franchisees and 3 regional managers. Results reveal that all three independent variables significantly and positively affect financial performance: working capital management (β = 0.412; p = 0.002), supply chain support (β = 0.358; p = 0.008), and operational cost efficiency (β = 0.486; p < 0.001) with R² = 0.684. Investment feasibility analysis indicates an average positive NPV of IDR 290.1 million, IRR 36.5%, PP 22.2 months, and ROI 56.5%. This study contributes novel insights by integrating financial and supply chain analysis within the context of beverage franchising in emerging Asian markets, providing a comprehensive evaluation framework for prospective investors and franchise system developers.

Micro, Small, and Medium Enterprises (MSMEs) play a strategic role in promoting economic growth and improving community welfare, particularly at the regional level. In Nagekeo Regency, the ikat weaving craft sector represents an important local economic potential that also carries significant cultural value. However, weaving entrepreneurs still face several challenges, including limited business capital, restricted market access, and low utilization of digital technology for product marketing. This study aims to analyze the role of the Department of Cooperatives, Industry, and Trade of Nagekeo Regency in empowering MSME actors, particularly ikat weaving groups. The research employs a qualitative approach with a descriptive research design. The study involved 18 informants consisting of local government officials, MSME actors, and institutional partners selected through purposive sampling. Data collection techniques included observation, in-depth interviews, and documentation, while data analysis was conducted through data reduction, data presentation, and conclusion drawing. The findings indicate that the department performs facilitative, educative, and technical roles in empowering weaving groups through production training, digital marketing assistance, provision of business facilities, and technical guidance on product innovation. These programs contribute to improving weavers’ skills, product quality, and market opportunities, although their implementation still faces limitations related to budget constraints and uneven program coverage.

This study examines the mediating role of SDG disclosure in the relationship between ESG score and financial performance within the mandatory reporting context of non-financial firms listed on the Indonesia Stock Exchange during 2021-2023. Using a purposive sample of 59 companies (177 observations), the analysis employs panel data regression and the Sobel test to evaluate ESG metrics from Refinitiv Eikon alongside disclosure and financial data from corporate reports. Empirical results show that ESG score does not significantly predict SDG disclosure nor directly affect financial performance measured by ROE. Furthermore, SDG disclosure shows no significant association with financial performance and fails to mediate the ESG-ROE relationship. Firm size is the only variable positively related to SDG disclosure, suggesting that reporting practices are more strongly driven by organizational resources and public visibility than by substantive ESG performance. Overall, the findings reveal a decoupling phenomenon, where sustainability reporting in Indonesia tends to reflect symbolic compliance rather than value-creating integration. The study concludes that a credibility gap exists in the capital market, as SDG disclosure has not yet functioned as an effective mechanism for converting ESG performance into financial gains. This study provides evidence on the limitations of SDG disclosure as a value transmission mechanism in emerging market, offering insights for regulators and market participants seeking to enhance the economic relevance and credibility of SDG reporting.

Culinary MSMEs serve as a vital economic pillar; however, they often encounter significant internal management obstacles and low digital competitiveness. Sabila Snack & Bakery faces complex challenges, including unstructured production schedules, limited digital marketing literacy, inconsistent visual branding, and financial record-keeping that remains intertwined with personal funds. This community service initiative aims to provide applicable solutions by strengthening internal management and digital marketing strategies to enhance operational efficiency and business competitiveness. The methodology employed is Participatory Action Research (PAR), encompassing stages of observation, interviews, technical assistance, and evaluation. The results indicate a significant transformation in business governance. The implementation of daily production schedules has successfully improved workflow regularity and operational efficiency. Furthermore, branding reinforcement through the establishment of a permanent logo, the creation of systematic product catalogs, and the optimization of social media platforms such as WhatsApp Business, Instagram, and TikTok has effectively increased business visibility and professionalism in the digital sphere. Additionally, the application of a simple bookkeeping system has fostered administrative discipline and a clear separation between personal finances and business capital. Overall, this intervention has successfully transitioned the business from traditional management patterns toward a more structured, professional, and sustainable management model ready to compete in a broader market.

Micro, Small, and Medium Enterprises (MSMEs) play a vital role in Indonesia's economy with a contribution of more than 60 percent to the Gross Domestic Product and the absorption of 97 percent of the national workforce, but their participation in international trade is still low with only 14 percent involved in export activities. This research aims to analyze the challenges and opportunities faced by MSMEs in accessing the global market and identify adaptation strategies developed by entrepreneurs. A qualitative method with a phenomenological approach was applied through in-depth interviews with 18 export-oriented MSME owners and managers in East Java who were selected by purposive sampling. Thematic analysis using ATLAS.ti revealed seven main challenges including limited access to capital, complexity of export regulations, constraints on production capacity and quality consistency, language and cross-cultural communication barriers, lack of international market information, logistics infrastructure problems, and intensive competition. On the other hand, four strategic opportunities were identified, namely increasing demand for sustainable authentic products, accelerating digitalization and e-commerce, utilizing free trade agreements, and ethical consumerism trends. MSMEs develop effective adaptation strategies in the form of strategic collaboration, product differentiation with  premium positioning, the use of digital technology, and a focus on  specific market niches. The research emphasizes that the successful internationalization of MSMEs requires a holistic approach integrating internal capacity building with the support of a conducive external ecosystem.

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.