Publication Search

Sandwich composites are lightweight structural materials with a high strength-to-weight ratio and have potential as alternatives to conventional materials. This study aims to analyze the effects of core thickness variation and the number of skin layers on the bending strength of fiberglass-skinned sandwich composites with an A-flute cardboard honeycomb core. The research employed an experimental method using three-point bending tests in accordance with ASTM C393. Core thicknesses of 10 mm, 20 mm, and 30 mm were investigated, while the number of fiberglass skin layers was varied at 1, 2, and 4 layers. Bending strength was evaluated based on core shear strength and skin bending stress, expressed in MPa. The results show that the highest average core shear strength was obtained at a core thickness of 10 mm with 4 skin layers, while the lowest value occurred at a core thickness of 30 mm with 1 skin layer. The highest skin bending stress of 43.40 MPa was achieved by the specimen with a 10 mm core thickness and 1 skin layer, whereas the lowest value of 11.83 MPa was observed at a 30 mm core thickness with 4 skin layers. These results indicate that increasing core thickness tends to reduce bending strength based on core shear strength, while increasing the number of skin layers enhances the bending performance of the sandwich composite, and an interaction effect between the two variables is present.

This qualitative literature review synthesizes contemporary research on how dual-class share structures shape agency costs, voting divergence, and corporate governance outcomes. The review finds that disproportionate voting rights increase managerial entrenchment risks and weaken shareholder oversight, thereby amplifying agency costs across diverse institutional settings. However, governance safeguards particularly time bound and event-based sunset clauses emerge as effective mechanisms for moderating the long-term risks of control disproportionality. While dual class firms may benefit from strategic insulation that fosters innovation and long-term value creation, the absence of sunset provisions is consistently associated with reduced firm valuation, diminished accountability, and persistent divergence between control and ownership. Overall, this synthesis highlights that dual-class structures are not universally harmful, but their sustainability depends on the presence of robust governance constraints designed to restore alignment over time.

This article discusses the dynamics of Christian students’ spirituality in the digital era, characterized by the currents of globalization, information overload, and a culture of virtual communication that influence patterns of thinking, lifestyles, and character formation. The novelty of this study lies in its analysis of the direct relationship between the digital-global context and the process of students’ faith formation through an integrative theological–pedagogical perspective. This research aims to analyze the implications of digital globalization for the spirituality of Christian students and to formulate directions for faith formation that are relevant to the contemporary context. The method employed is a qualitative approach using a library research design through conceptual, theological, and pedagogical analysis of various relevant scholarly sources. The findings indicate that the digital era presents both opportunities and challenges for faith development, in which students experience a dynamic tension between the strengthening of spiritual insight and the potential value crisis resulting from exposure to global ideologies. In conclusion, contextual, reflective, and selective strategies of faith formation are required to ensure that the spirituality of Christian students remains firm, critical, and relevant amid the currents of digital globalization.

Multicultural education offers hope in addressing various social tensions that have emerged in recent times, as it is an educational approach that consistently upholds values, beliefs, heterogeneity, plurality, and diversity in all aspects of education. This study aims to describe the implementation of multicultural inclusive learning in developing students’ moral character and to identify the challenges of its implementation at MIN 2 Gunungkidul Yogyakarta. The study employed a qualitative approach with a case study design. Data were collected through observation, interviews, and documentation involving the principal, teachers, and students as sources of information. The data were analyzed through data collection, data reduction, data display, and conclusion drawing or verification. The findings show that multicultural inclusive learning was implemented through the habituation of the 5S values (smiling, greeting, addressing, politeness, and courtesy), inclusive classroom arrangement for students with special needs, and the strengthening of discipline, responsibility, independence, care, and religious activities within the madrasah environment. These practices contributed to a warmer learning atmosphere, acceptance of differences, and social interaction between regular students and students with special needs. The main challenges included the limited availability of special assistant teachers, teachers’ limited competence in handling students with special needs, and insufficient inclusive learning facilities

This study aims to describe the intrinsic structure and analyze the psychological aspects of the main characters in the three short stories based on Sigmund Freud's psychoanalytic theory. The research uses a qualitative approach with descriptive methods. Data sources are texts from three satua cutet in the Nimbang Rasa anthology: I Kucil by I Komang Tri Nanda Defhayana, Idup Lara by Ni Wayan Esa Juliantini, and Pajalan Keneh by Ni Putu Ayu Ari Astiti. Results show that the intrinsic structure of all three stories employs a linear plot, with themes of diligence, perseverance, and courage. Psychological analysis based on Freud's id, ego, and superego theory reveals that I Kucil is dominated by id impulses in the form of aggressive emotion due to injustice; Ani demonstrates a strong ego in withstanding social pressure and a firm superego in upholding moral values; while Gékyu shows a balance between ego and superego when facing abuse from a teacher. This research is expected to serve as a reference in Balinese literary studies, particularly in the field of literary psychology.

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  aims  to  determine  and  analyze  the  effect  of  service  quality  and  infrastructure  on  tourist  satisfaction  in  Mangrove  Watubaing..  The  background  of  this  study  is  based  on  fluctuations  in  the  number  of  visitors  to  Mangrove  Watubaing  tourism  and  the  gap  between  expectations  and  reality  felt  by  tourists  regarding  service  quality  and  tourism  facilities.  Service  quality  and  infrastructure  are  important  factors  in  creating  comfort  and  tourist  satisfaction  during  their  visit..  This  study  uses  a  quantitative  approach  with  causal  associative  research  type.  The  population  in  this  study  were  all  tourists  visiting  Mangrove  Watubaing.  The  sampling  technique  used  was  accidental  sampling  with  100  respondents.  Data  collection  techniques  were  carried  out  through  questionnaires,  interviews,  and  observations .  Data  analysis  techniques  used  are  descriptive  statistical  analysis,  validity  test,  reliability  test,  classic  assumption  test,  multiple  linear  regression  analysis,  t-test,  and  F-test  using  SPSS  program.  The  results  showed  that  service  quality  had  a  positive  and  significant  effect  on  tourist  satisfaction  with  a  significance  value  of  <  0.05  .  Infrastructure  also  has  a  positive  and  significant  effect  on  tourist  satisfaction  with  a  significance  value  of  <  0.05.  Simultaneously,  service  quality  and  infrastructure  have  a  significant  effect  on  tourist  satisfaction  with  an  F-count  value  >  F-table  and  a  significance  level  of  <  0.05  [cite:  uploaded:SKRIPSI  revisi  1.docx].  This  shows  that  the  better  the  quality  of  service  and  the  more  adequate  the  available  infrastructure, the level of tourist satisfaction will increase.

The purpose of this study is to examine the effect of Good Corporate Governance (GCG), financial performance, and Earning Per Share (EPS) on firm value. The object of this research consists of state-owned enterprises (SOEs) listed on the Indonesia Stock Exchange during the period of 2021–2024. This study employs a quantitative approach using secondary data in the form of annual financial statements as the primary source. The sample was selected using purposive sampling based on predetermined criteria, ensuring that only companies with complete data and consistent reporting were included in the analysis. The independent variables analyzed include the audit committee, independent commissioners, institutional ownership, Return on Assets (ROA), and Earning Per Share (EPS). Multiple linear regression analysis was used to process the data in this study, allowing the researchers to examine the simultaneous and partial effects of the variables on firm value. The findings indicate that firm value is significantly influenced by financial performance, particularly ROA, highlighting the importance of operational efficiency and profitability in enhancing shareholder wealth. While certain GCG variables such as institutional ownership showed positive influence, other elements like audit committees and independent commissioners produced mixed results, suggesting that governance mechanisms may have varying effects depending on organizational context. Meanwhile, EPS demonstrated inconsistent results in relation to firm value, implying that market perceptions of earnings may not fully capture the impact on overall firm valuation. This study provides insights for policymakers, investors, and corporate managers on the relative importance of governance and financial indicators in value creation for state-owned enterprises.

This study aims to analyze the effect of Good Corporate Governance (GCG), Firm Size, and Sales Growth on Financial Performance at PT Ace Hardware Indonesia Tbk listed on the Indonesia Stock Exchange (IDX) during the 2015–2024 period. Good Corporate Governance (GCG) in this study is proxied by institutional ownership, financial performance is measured using Return on Assets (ROA), firm size is measured by the natural logarithm of total assets, and sales growth is measured using the sales growth ratio. This study employed a quantitative method with a descriptive approach. The data used were secondary data in the form of annual financial statements obtained from the official websites of the IDX and the company. Data analysis techniques included descriptive statistics, classical assumption tests, multiple and simple linear regression analysis, and hypothesis testing consisting of t-test, F-test, and coefficient of determination with the assistance of SPSS version 27 software. The results of the study indicate that partially, the Good Corporate Governance (GCG) variable has a t-value of -1.526 < t-table 2.447, meaning that it has no significant effect on financial performance. The firm size variable has a t-value of -2.857 > t-table 2.447, indicating a significant negative effect on the company’s financial performance. The sales growth variable has a t-value of 1.593 < t-table 2.447, meaning that it has no significant effect on financial performance. Simultaneously, Good Corporate Governance (GCG), firm size, and sales growth have a significant effect on financial performance, with an F-value of 13.023 > F-table 4.76 and a significance value of 0.005 < 0.05. This study is expected to provide consideration for management and investors in decision-making and serve as a reference for future research in related fields.

This study aimed to analyze the influence of capital structure, liquidity, activity, and dividend policy affect firm value in the food and baverage manufacturing sub-sector listed on the Indonesia Stock Exchange during 2022-2024. The research uses secondary data drawn from financial reports. From a population of 99 listed companies for the 2022-2024 period, purposive sampling yielded 19 companies as the study sample. A quantive approach was applied, using multiple linear regression for analysis. Data processing and analysis were conducted with Microsoft Excel 2022 and IBM SPSS version 27. The findings indicate the capital structure has a positive and statistically significant effect on firm value. While liquidity, activity, and dividend policy show no significant effect.  

This study aims to determine the effect of tax planning and capital structure on firm value, with firm size as a moderator. The population in this study is all non-cyclical consumer companies in the food and beverage subsector listed on the Indonesia Stock Exchange (IDX) for the 2020-2024 period. The type of research used in this study is quantitative associative with secondary data. The research sample was determined using a purposive sampling technique. Based on this technique, 24 companies were obtained that met certain criteria. The panel data regression technique used in this study is the Random Effect Model. Testing of panel data regression and moderation regression uses the E=views 13 application. The results of this study indicate that tax planning partially has no effect on firm value, while capital structure does affect firm value. The results simultaneously show that tax planning and capital structure affect firm value. The results of this study also indicate that firm size weakens the relationship between tax planning and firm value, and firm size is also unable to moderate or weaken the relationship between capital structure and firm value.

This study examines how environmental, social, and governance issues shape the impact of financial success on firm value. To understand the link between the variables, the legitimacy theory and signal theory are employed. The population used includes non-financial enterprises from 2019–2023 that are listed on the Indonesia Stock Exchange (IDX) and are part of the Refinitiv database. Secondary data was gathered from the Indonesia Stock Exchange, official corporate websites, and the Refinitiv database in the form of sustainability reports, annual reports, and ESG scores. The sample size is 176 company data points over 5 years, selected using the purposive sampling method. Firm value is positively and significantly impacted by financial success, according to the research findings. ESG also improves the link between firm value and financial performance, according to the study. Lastly, the study's results also show that ESG increases business value, while not significantly. These findings suggest that the study's ESG variable is a pure moderator variable. Furthermore, the implications of the research both theoretically and practically have been discussed.

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.

This article examines three major streams of Islamic political thought in Indonesia through a comparative analysis of the ideas of Mohammad Natsir, Abu Bakar Ba’asyir, and Abdurrahman Wahid (Gus Dur). Mohammad Natsir embodies the constitutional–integralist perspective, which seeks to formalize Islam as the foundation of the state by utilizing democratic mechanisms and constitutional political processes. In contrast, Abu Bakar Ba’asyir reflects a radical–ideological orientation that firmly rejects democracy and advocates the full implementation of Islamic Sharia through extra-constitutional and non-parliamentary movements. Meanwhile, Abdurrahman Wahid represents a substantive–cultural approach, opposing the formal institutionalization of Islam within the state while promoting Islamic values as ethical guidance for building a tolerant and pluralistic nation. The contrasting viewpoints of these three figures highlight the diversity of Islamic political discourse in Indonesia and illustrate the evolving interaction between religion and state. Overall, this study demonstrates how Islamic thought continues to adapt and remain relevant within Indonesia’s multicultural and democratic context.

This study aims to analyze the effect of Return on Asset (ROA), Current Ratio (CR), Net Profit Margin (NPM), and Total Asset Turnover (TATO) on company value as measured by Price Book Value (PBV) in property and real estate sector companies listed on the Indonesia Stock Exchange for the 2019–2023 period. This research adopts a quantitative method with a causal associative approach. The data was obtained from the financial reports of eight companies that met the purposive sampling criteria. Data analysis was conducted using multiple linear regression with the help of SPSS software. The results show that, partially, ROA and CR have a significant negative effect on PBV, while NPM does not have a significant effect on PBV, and TATO has a significant negative effect on PBV. Simultaneously, all four independent variables significantly affect PBV, with an R² value of 12.3%, indicating that most of the PBV variations are explained by other factors outside the research model. These findings provide insights for investors and company management regarding the importance of asset management and operational efficiency in enhancing firm market value.

One of the most actively traded and liquid stock groups in the capital market is the LQ45 index, which consistently attracts investor attention due to its strong market capitalization and transaction volume. This study aims to analyze the influence of financial performance and financial management strategies on firm value among companies listed in the LQ45 index on the Indonesia Stock Exchange during the 2018–2022 period. The study population consisted of 73 LQ45-indexed companies, with purposive sampling used to select 23 companies that met the research criteria. This research employed a quantitative approach using path analysis to examine both direct and indirect relationships among variables. The findings indicate that profitability and leverage have a positive and significant effect on firm value. In addition, profitability and leverage also positively influence firm size, indicating that companies with stronger profitability and effective debt management tend to expand their operational scale. However, firm size does not significantly affect firm value and is unable to mediate the relationship between profitability, leverage, and firm value. These results suggest that investors place greater emphasis on profitability and leverage indicators than company size when evaluating firm value in LQ45 companies. Therefore, effective financial performance remains the primary factor in enhancing corporate value and investor confidence.

This research investigates how celebrity endorsements, customer reviews, and pricing affect consumers’ intention to purchase Scarlett Whitening products. Amid intense competition in the skincare industry, firms are required to focus not only on product features but also on psychological and perceptual aspects that influence consumer behavior. Celebrity endorsers contribute to strengthening brand trust, customer reviews offer insight based on user experiences, while price reflects consumers’ perceived value of the product. This study adopts a quantitative explanatory design, with data obtained from 204 respondents through structured questionnaires using a five-point Likert scale. The collected data were analyzed using multiple linear regression with SPSS version 26. The findings indicate that celebrity endorsers, customer reviews, and price have both simultaneous and individual positive and significant impacts on purchase intention. An adjusted R-square value of 0.274 suggests that these variables account for 27.4% of the variation in consumers’ purchase intention. Overall, the results highlight that appropriate endorsements, trustworthy reviews, and competitive pricing collectively enhance consumers’ intention to purchase Scarlett Whitening products

The increasingly tight competition in the textile and garment industry has led to the optimal management of capital structure and microfinance to increase the value of the company. This study aims to analyze the influence of microfinance and capital structure on the value of the company with profitability as an intervening variable. The method used is a quantitative method with secondary data obtained from the financial reports of textile and garment companies registered in the Indonesian Financial Services Authority for the period 2020–2024. Data analysis was conducted using Structural Equivalence Modeling-Partial Least Square (SEM-PLS). The results of the study indicate that microfinance has a positive and significant effect on profitability and firm value. Meanwhile, capital structure has a positive but insignificant effect on profitability and a negative and insignificant effect on firm value. Profitability is proven to have a positive and significant effect on firm value, but is unable to mediate the influence of microfinance and capital structure on firm value. Thus, the findings of this study confirm that profitability fails to be an integrating variable.

This study aims to examine the effect of Return on Assets (ROA), Debt to Equity Ratio (DER), and e-IPO regulation on the level of IPO underpricing on the Indonesia Stock Exchange during the 2021–2025 period. The research employs a causal quantitative approach using multiple linear regression analysis. Secondary data were collected from the prospectuses and financial statements of companies conducting Initial Public Offerings (IPOs).The results indicate that ROA does not have a significant effect on underpricing (significance value = 0.181). Similarly, DER is found to have no significant influence on underpricing (significance value = 0.268). The simultaneous test also shows a non-significant result, with an F-significance value of 0.120, suggesting that the independent variables collectively do not affect IPO underpricing. Furthermore, the coefficient of determination (R²) of 0.175 implies that only 17.5% of the variation in underpricing can be explained by the variables included in the model, while the remaining 82.5% is attributable to other factors outside the study, such as market sentiment, underwriter reputation, and oversubscription levels. These findings suggest that investors in the Indonesian IPO market tend to prioritize short-term capital gain opportunities rather than relying on firms’ financial fundamentals. Consequently, accounting-based indicators are not sufficiently influential in shaping stock prices during the first day of trading.