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This study aims to examine the effect of working capital efficiency and leverage on profitability and its implications for firm value in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2025 period. The post-COVID-19 pandemic condition has increased operational risks for manufacturing companies due to fluctuations in interest rates, exchange rates, cash management, inventories, and receivables. Therefore, companies are required to implement more effective financial strategies to maintain competitiveness. Profitability is positioned as an intervening variable because previous studies showed inconsistent results regarding the relationship between working capital efficiency, leverage, profitability, and firm value. This research uses a quantitative approach with path analysis to examine direct and indirect relationships among variables. The population consists of all manufacturing companies listed on the IDX, while the sample includes 45 companies selected from 270 firms using purposive sampling based on specific criteria, such as consistent listing and financial performance. The results indicate that working capital efficiency has a significant positive effect on profitability, leverage has a significant negative effect on profitability, profitability significantly increases firm value, and profitability fully mediates the effect of working capital efficiency and leverage on firm value. These findings provide theoretical and practical implications for managers and investors in financial decision-making.

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 evaluates how macroeconomic variables such as interest rates, inflation, and exchange rates affect the returns on corporate bonds issued by the banking sector in Indonesia. Corporate bonds are an attractive investment alternative, but their performance is highly influenced by fluctuations in national economic conditions. This study uses secondary data obtained from company financial reports, macroeconomic data, and bond market information over a certain period. Multiple linear regression analysis is applied to assess the extent to which each factor affects bond returns. The analysis results indicate that increases in interest rates and inflation tend to reduce bond returns, while the effect of exchange rates is inconsistent and depends on the economic stability at the time. These findings can serve as important considerations for investors, financial analysts, and policymakers in managing risks and opportunities in the Indonesia banking bondmarket.

Exchange rates are a crucial indicator in an open economy, playing a significant role in influencing international trade, investment flows, and overall macroeconomic stability. This study aims to analyze the impact of rupiah exchange rate fluctuations on Indonesia’s economic growth during the period 2014–2023. The research employs a descriptive qualitative approach using secondary data obtained from official publications of Statistics Indonesia and Bank Indonesia. The main variables analyzed include the rupiah exchange rate against the United States dollar and Indonesia’s economic growth. The findings indicate that exchange rate movements are closely related to economic growth dynamics, particularly through international trade mechanisms, production costs, and the stability of the real sector. Depreciation of the exchange rate tends to enhance export competitiveness, but it may also trigger inflation due to rising import prices. Conversely, appreciation can help control inflation but may weaken export competitiveness. Therefore, maintaining exchange rate stability is essential to support sustainable economic growth and strengthen national economic resilience.

Global economic uncertainty and exchange rate fluctuations pose significant challenges to monetary stability in Indonesia, particularly in maintaining a controlled inflation rate. This study aims to analyze the transmission mechanism of the rupiah exchange rate to the inflation rate in Indonesia from 2015 to 2024. The method used in this study is library research by collecting, reviewing, and synthesizing data from various scientific literature, official central bank reports, and related journal articles published over the past decade. The research findings indicate that rupiah depreciation has a significant influence on rising inflation through the imported inflation channel, where currency depreciation increases the cost of raw materials for industries dependent on foreign markets. Furthermore, the findings reveal that the effectiveness of this transmission is influenced by public expectations and monetary policy taken by Bank Indonesia through adjustments to the benchmark interest rate. The implications of this study emphasize the importance of synergy between a stable exchange rate policy and controlling the supply of domestic goods to minimize the impact of external shocks on public purchasing power. The government and monetary authorities are advised to continue strengthening foreign exchange reserves and encouraging the use of local currencies in international transactions to reduce dependence on the United States dollar and maintain national price stability.

This study aims to analyze the influence of interest rates, exchange rates, and coffee production on the value of coffee exports in South Sulawesi. The background of this study is based on the condition of South Sulawesi coffee exports which have experienced significant fluctuations in recent years despite coffee production tending to increase. This study uses a quantitative approach with time series data for the period 2009-2023 sourced from the World Bank, International Monetary Fund and the Directorate General of Plantations, the Food Crops, Horticulture and Plantation Service of South Sulawesi Province. Data analysis was conducted using multiple linear regression through the EViews 12 application with the classical assumption test as a model prerequisite. The results show that partially interest rates have a significant effect on coffee exports, while exchange rates and coffee production do not have a significant effect. Simultaneously, the three independent variables do not have a significant effect on the value of coffee exports. This finding indicates that external factors, especially interest rates, are more dominant in determining the performance of South Sulawesi coffee exports than internal factors of production and exchange rates.

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

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

This study analyzes the economic phenomenon known as the "Purbaya Effect" in the Indonesian capital market during the second half of 2025. This phenomenon is characterized by a significant surge in the Jakarta Composite Index (IHSG), which broke the All-Time High (ATH) record 21 times within four months following the appointment of Purbaya Yudhi Sadewa as Minister of Finance. Using a mixed-methods approach combining quantitative market data analysis and qualitative policy review, this research finds that the "Purbaya Effect" is driven by aggressive liquidity injection policies (Rp 200 trillion), institutional trust built during his tenure at LPS, and strong narrative economics. However, this study also identifies significant risks related to exchange rate volatility and potential economic overheating. The findings suggest that while the "Purbaya Effect" successfully restored short-term investor confidence, long-term sustainability depends on the balance between growth acceleration and macroeconomic stability.

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.

Corn production in the provinces of East Nusa Tenggara (NTT) and West Nusa Tenggara (NTB) exhibits dynamics influenced by agro-climatic factors, the utilization of production facilities, and the welfare condition of the farmers. This study aims to analyze the impact of rainfall, solar radiation, and production inputs on corn productivity; to explain the relationship between production changes and the Farmer’s Exchange Rate (NTP) as a welfare indicator; and to evaluate the contribution of the corn subsector to the agricultural Gross Regional Domestic Product (GRDP). The research method uses a descriptive-quantitative approach based on BPS data and official local government documents. The results indicate that NTB has more stable productivity due to relatively even rainfall and better support for production facilities, whereas NTT faces higher production fluctuations due to greater climate variability. Furthermore, the NTP in NTB tends to be better than in NTT, aligning with the stability of its productivity. Corn contributes significantly to the agricultural GRDP in both provinces, particularly in central production areas such as Dompu and Bima. Policy implications include the necessity for strengthening post-harvest infrastructure, more equitable input distribution, and climate adaptation strategies in drought-prone areas. The findings provide an empirical basis for sustainable productivity improvement and farmer welfare policies.

This study examines the factors influencing Indonesia’s motor vehicle exports to nine developing countries using the gravity model approach with long-term and short-term panel data. The variables analyzed include the Gross Domestic Product (GDP) of partner countries, exchange rates, economic distance, and trade cooperation agreements. The data are analyzed using the Error Correction Model (ECM) to capture short-term dynamics and long-term relationships. The long-term results show that partner countries’ GDP has a significant positive effect on Indonesia’s vehicle exports, indicating that economic growth in partner countries increases demand for Indonesian automotive products. Conversely, exchange rates and economic distance have significant negative effects, suggesting that depreciation of partner currencies and economic disparities reduce export volumes. Trade cooperation agreements do not have a significant impact in the long term. In the short term, changes in GDP continue to have a significant positive effect, while exchange rates maintain a significant negative impact on exports. Economic distance and trade agreements are not significant in the short term. The significant and negative error correction term (ECT) confirms the existence of an adjustment mechanism toward long-term equilibrium. This study highlights the importance of partner countries’ economic growth and exchange rate stability in supporting Indonesia’s vehicle exports to developing countries, as well as the need to address structural barriers to improve long-term competitiveness.

Economic growth is the process of increasing a country's production capacity to generate goods and services over a specific period, reflecting the income and well-being of its people. This research aims to analyse the influence of labor, exchange rates, and exports on the Gross Domestic Product (GDP) of the manufacturing sector in Indonesia during the period 2010-2024. The method used is multiple linear regression analysis with the Ordinary Least Square (OLS) approach, using secondary data obtained from the Central Bureau of Statistics (BPS) and Bank Indonesia (BI). The research results indicate that all three independent variables, namely labor, exchange rate, and exports, have a positive and significant impact on the GDP of the manufacturing sector, both partially and simultaneously. The coefficient of determination (Adjusted R2) value of 0.9633 indicates that 96.33% of the variation in industrial sector GDP can be explained by these three variables, while 3.76% is influenced by factors outside the model. This research confirms that increased labour productivity, exchange rate stability, and export growth play an important role in strengthening the performance of the manufacturing sector in Indonesia. Therefore, policies focused on improving the quality of human resources, strengthening export competitiveness, and ensuring macroeconomic stability are needed to support the sustainable and globally competitive growth of the manufacturing sector.

Economic development strategies play a crucial role in achieving sustainable growth through increased national productivity and equitable welfare distribution. The stability of macroeconomic indicators such as inflation, exchange rates, and gross domestic product growth reflects the effectiveness of government development policies. This study aims to analyze the relationship between economic development strategies and macroeconomic equilibrium in Indonesia by examining the interconnection between the product market and the money market. The research adopts a qualitative approach using literature studies derived from scholarly journals, academic articles, and economic publications obtained from Google Scholar and other credible sources. The findings indicate that maintaining balance between the product market and the money market contributes significantly to national economic stability. A well-coordinated synergy between fiscal and monetary policies is essential to preserve macroeconomic stability and ensure that economic development progresses inclusively and sustainably amid global challenges.

This study aims to determine and analyze the development and influence of exports, exchange rates, inflation, and GRDP on the exchange rate of smallholder plantation farmers in Jambi Province. This study uses multiple linear regression analysis for the period 2009-2024 in Jambi Province. The development of exports, exchange rates, inflation, and GRDP fluctuates annually. Where the average development of exports in Jambi Province in 2009-2024 was 15.22%, the average development of exchange rates was 3.06%, the average development of inflation was 49.07%, the average development of GRDP was 6.22% and the average development of the exchange rate of smallholder plantation farmers in Jambi Province was 4.57%. The results of the study using multiple linear regression resulted in the finding that the variables of exports, exchange rates, inflation, and GRDP simultaneously influenced the exchange rate of smallholder plantation farmers in Jambi Province in 2009-2024. Meanwhile, partially, the export, exchange rate, and inflation variables have a negative effect on the exchange rate of farmers in the smallholder plantation sub-sector in Jambi Province, while the GRDP variable has a substantial positive effect on the exchange rate of farmers in the smallholder plantation sub-sector in Jambi Province in 2009-2024.

The digital economy has significantly transformed economic growth by introducing innovations in payment systems and financial services. The modernization of payment instruments through monetary policy has enhanced the ability to control inflation and ensure financial system stability. This study aims to analyze the effectiveness of monetary policy and the utilization of the digital economy in maintaining financial stability in Indonesia. Using time series data from 2010 to 2024 obtained from the World Bank, this research applies the Vector Autoregression (VAR) method to examine both short-term and long-term relationships among variables, including e-money, money supply, inflation, exchange rate, interest rate, and credit card usage. The results show that e-money has a significant reciprocal influence on the money supply, while inflation is also affected by e-money and interest rates. The impulse response function demonstrates that the interactions among these variables tend to converge towards equilibrium over time. Variance decomposition analysis indicates that in the short term, e-money primarily drives financial stability, whereas in the medium and long term, the money supply plays a dominant role. Overall, the findings suggest that monetary policy, supported by digital economic systems, effectively enhances financial system stability in Indonesia. This research contributes to understanding the dual effect of digital payment innovations and provides recommendations for policymakers to strengthen financial inclusion, economic resilience, and macro-financial stability in the digital era.

The objective of this study is to examine whether the macroeconomic variables Exchange Rate, Money Supply (M2), and the international stock indices Dow Jones Islamic Market (DJIM) and Dow Jones Industrial Average (DJIA) have an influence on the movement of Sharia stocks in Indonesia and Malaysia (Jakarta Islamic Index and FTSE Bursa Malaysia Hijrah Shariah Index). The analytical method used in this research is multiple regression analysis. The data utilized are monthly data spanning the period from January 2015 to December 2024. The results of the study indicate that the Jakarta Islamic Index (JII) is significantly influenced by the Exchange Rate and the Dow Jones Industrial Average (DJIA). Specifically, both the Exchange Rate and DJIA show effects that are consistent with the hypothesis expectations. The Exchange Rate has a negative and significant effect on the Jakarta Islamic Index (JII), while the DJIA has a positive and significant effect. Meanwhile, the Money Supply (M2) and the Dow Jones Islamic Market (DJIM) are not found to have a significant effect on the Jakarta Islamic Index (JII). The FTSE Bursa Malaysia Hijrah Shariah Index (FHSI), on the other hand, is significantly influenced by the Dow Jones Islamic Market (DJIM). Specifically, DJIM has a positive and significant effect on FHSI. Conversely, the Exchange Rate, Money Supply (M2), and Dow Jones Industrial Average (DJIA) are not found to have a significant effect on the FTSE Bursa Malaysia Hijrah Shariah Index (FHSI).

This study aims to analyze the comparison of solvency levels and claim payment abilities between two general insurance companies in Indonesia, PT Asuransi Dayin Mitra Tbk (ASDM) and PT Asuransi Jasa Tania Tbk (ASJT), considering the macroeconomic conditions in 2023. The methods used are qualitative and quantitative comparative analyses based on the audited financial statements and annual reports of both companies, as well as a review of macroeconomic data from official sources. The findings indicate that ASDM and ASJT managed to achieve positive performance despite economic challenges, with ASJT recording higher growth in premiums and net income. Both companies maintained solvency ratios above regulatory thresholds and controlled claims ratios. Business strategy adaptation, sound governance, and effective risk management contributed to these achievements. Macroeconomic factors such as inflation, interest rates, and exchange rates were found to influence the performance of both companies, with varying levels of sensitivity depending on their market segment focus. These findings provide valuable insights into the dynamics of the insurance business in Indonesia and highlight opportunities and challenges that industry stakeholders need to anticipate..

The purpose of this study is to examine how the growth of digital payment systems has affected Indonesia's financial system and rupiah stability. More people are using digital payment methods like e-money, credit cards, debit cards, RTGS, and QRIS as a result of technical advancements. Additionally, Bank Indonesia still encourages the adoption of digital payment methods to speed up, secure, and streamline transactions. The Two Stage Least Squares (TSLS) method is used in this study's simultaneous regression model, which employs secondary data from 2020 to 2024. The findings indicate that while inflation has a positive but negligible impact on the exchange rate, the use of credit cards and RTGS has a considerable positive impact. In the meantime, debit cards and e-money significantly reduce inflation. Inflation is significantly reduced by QRIS and the exchange rate. In order to maintain Indonesia's economic stability, it is crucial to keep enhancing literacy and security when using digital payment methods.

The purpose of this research is to examine the variables that affect stock prices in the commerce and service and consumer products industries that are listed on the Indonesia Stock Exchange.  This research study is quantitative in nature.  The information was taken from annual and financial reports that were posted on the websites of the individual companies as well as the Indonesia Stock Exchange's official website (www.idx.co.id).  The population consists of all 137 consumer products, commerce, and service businesses that were listed on the Indonesia Stock Exchange between 2009 and 2013.  Seventy-seven businesses satisfied the sample requirements based on preset criteria.  Multiple linear regression analysis was used to examine the data.  The findings demonstrate that the three sets of variables—systematic risk, macroeconomic indicators, and firm fundamentals—all significantly and favorably affect stock prices at the same time.  Stock prices are positively and significantly impacted by the following factors, in part: Return on Equity (ROE), Earnings per Share (EPS), Book Value (BV), Net Profit Margin (NPM), and inflation.  In contrast, the market beta, GDP, exchange rate, and BI rate have no discernible effects, but the debt to equity ratio (DER) has a negative and substantial influence.  With an Adjusted R Square value of 62.4%, the study's independent variables may account for a significant portion of stock price fluctuations, with additional factors outside the model influencing the remaining 37.6%.