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The stock market is a place to buy shares for profit. In Indonesia, energy stocks are highly unpredictable because global commodity prices change constantly. This study examines what affected energy stock returns in 2024, focusing on trading volume, price swings, company profits, and cash flow. Using financial reports and statistical analysis, all these factors were tested together and individually. The results show that combined, all these factors do affect stock returns. However, when looked at one by one, only the company's net profit truly matters to investors. On the other hand, busy trading, daily price swings, and cash flow have no impact at all. In fact, all the factors studied only account for 14% of stock return movements, while the remaining 86% is driven by other outside forces. In conclusion, for those looking to invest in energy stocks, the most important thing to watch is the company's ability to generate net profit, rather than just looking at how busy daily transactions are in the market.

This literature review synthesizes findings from fifteen peer‑reviewed studies published between 2020 and 2026 to examine the determinants of sustainable competitive advantage in the furniture industry. The analysis reveals that green innovation, environmental performance, and market orientation interact as core drivers of competitiveness, supported by theoretical perspectives including the Resource‑Based View, Natural Resource‑Based View, Institutional Theory, Circular Economy, and Strategic Management frameworks. The review highlights how internal capabilities, regulatory compliance, and responsiveness to consumer preferences collectively shape the ability of micro, small, and medium enterprises to adapt to sustainability demands in global markets. Evidence shows that eco‑innovation practices, waste recovery strategies, and clustering models enhance efficiency and legitimacy, while indicators of green growth and brand performance provide practical tools for evaluating sustainability outcomes. The synthesis underscores that competitive advantage in this sector is not determined by isolated variables but by systemic integration across resources, operations, and market dynamics. This study contributes theoretically by consolidating fragmented insights into a coherent conceptual model and practically by offering guidance for enterprises and policymakers to foster green transformation. The findings emphasize the urgency of aligning industrial practices with ecological integrity and suggest that future research should examine cross‑country variations, longitudinal impacts, and the integration of digital technologies with sustainability strategies to strengthen the resilience of furniture enterprises in the global economy.

The rapid growth of the global halal economy has positioned halal products and services as important contributors to international trade, economic development, and evolving consumer markets. This study investigates the role of halal consumer protection law in supporting the advancement of the halal economy from both legal and economic perspectives. Employing a qualitative approach with a juridical normative framework, this research examines regulatory structures, halal certification mechanisms, consumer protection principles, and the broader economic implications of halal governance. The findings indicate that effective halal consumer protection frameworks are essential for establishing legal certainty, preserving product authenticity, strengthening consumer trust, and improving market transparency. From an economic perspective, comprehensive halal regulations contribute to enhancing product competitiveness, expanding global market access, encouraging industrial innovation, attracting investment, and promoting sustainable economic growth. Nevertheless, this study highlights several ongoing challenges, including the lack of harmonization among international halal standards, limited regulatory enforcement capacity, the financial burden of certification processes for micro, small, and medium enterprises (MSMEs), and the increasing complexity of digital trade and cross-border e-commerce.

This qualitative literature review examines how global litigation finance markets manage the tension between transparency requirements and innovation dynamics. Drawing on academic scholarship, policy reports, court decisions, and industry analyses, the review synthesizes evidence on disclosure obligations, funder influence, national security concerns, and emerging regulatory models. Findings show that while transparency enhances judicial integrity and mitigates conflicts of interest, excessive disclosure may undermine commercial confidentiality and inhibit investment in complex claims. Across jurisdictions, regulatory debates converge on the need for proportionate, court directed mechanisms such as limited in camera disclosure, provenance checks, and funder conduct safeguards. The review concludes that transparency and innovation are not mutually exclusive; instead, balanced regulatory frameworks can preserve market efficiency while protecting due process values and preventing geopolitical misuse. The study highlights significant data gaps and calls for deeper empirical research to guide evidence based policy making.

This research investigates the integration of Sound Governance principles within the sustainable tourism policy cycle as a mechanism to mitigate institutional fragmentation and evaluation inefficiencies in developing economies. Adopting a sequential explanatory mixed-methods design, the study establishes a multidimensional evaluation framework congruent with the Sustainable Development Goals (SDGs). Policy performance is rigorously analyzed across five strategic domains: Economy, Social-Welfare, Culture-Education, Environment, and Governance. The quantitative methodology employs 17 adapted SDG indicators to assess policy efficacy, while the subsequent qualitative phase utilizes semi-structured interviews and stakeholder mapping to deconstruct complex power dynamics within multi-actor co-management structures. The empirical findings demonstrate that Sound Governance—predicated on transparency and accountability—acts as a fundamental catalyst for policy effectiveness. It significantly enhances destination sustainability through a structured input-process-output-outcome-impact pathway. Evidence from the case study of Penglipuran Village, Bali, validates these results, showing that while indigenous institutional legitimacy bolsters social responsiveness, it remains susceptible to economic dependencies driven by overtourism. Ultimately, this study asserts that embedding SDGs into the policy evaluation cycle elevates assessments from perfunctory administrative exercises to strategic instruments essential for ecosystem preservation and long-term demand stability. These insights establish Sound Governance as a strategic intangible asset, providing significant theoretical contributions to development administration and offering pragmatic frameworks for policy-makers managing sustainable destinations in competitive global markets.

The era of globalization and accelerated digital transformation has given rise to increasingly competitive job markets, requiring every individual to possess adequate skills, confidence, and abilities to face professional demands. In this situation, Generation Z, as a productive age group, still faces various obstacles related to job readiness, for example, a lack of confidence in meeting job expectations and a low mastery of non-technical skills required by industry. This research intends to assess the influence of self-efficacy and soft skills on the employment preparedness of Generation Z in Tasikmalaya Regency using quantitative approaches. The sample comprised 100 participants who were chosen using a non-probability sampling technique, specifically purposive sampling. Data collection employed an ordinal-scale questionnaire, and data analysis was conducted using multiple linear regression testing. The findings indicate that self-efficacy has a partial, positive, and significant influence on job readiness. A similar impact is also demonstrated by the soft skills variable, where these non-technical skills are proven to accelerate individual readiness. When tested simultaneously, the combination of self-efficacy and soft skills plays a crucial role in strengthening the job readiness of Generation Z in Tasikmalaya Regency. These findings emphasize that the combination of self-confidence and interpersonal and intrapersonal competencies is the main foundation for facing the world of work. Therefore, this study offers practical implications regarding the urgency of strengthening both aspects through academic pathways, training programs, and stimulating work experiences to produce a Generation Z capable of optimally responding to the dynamics of industry needs.

Amidst rising global pressure regarding sustainability and cross-border trade, customs agencies are no longer viewed merely as gatekeepers but as strategic actors in global environmental governance through the Green Customs Initiative (GCI). This research aims to uncover the evolutionary patterns of GCI research within the context of adaptive policy, map its intellectual structure, and identify future thematic directions. The methodology employs a bibliometric analysis of documents sourced from the Web of Science database, utilizing VOSviewer software to perform co-authorship, bibliographic coupling, and co-word analysis.The results demonstrate that the dominance of scientific actors in this field is determined more by the strength of collaboration networks than by the mere volume of publications. The findings identify that the primary intellectual foundations of GCI research rest upon the critical relationship between environmental regulation, international trade, market responses, and eco-innovation. Furthermore, country-level analysis highlights the central roles of China, the United States, and the United Kingdom in shaping the knowledge structure of this domain. Overall, these findings underscore that the GCI has evolved into a multidisciplinary field that requires an adaptive policy framework to respond to the dynamics of ecological risks and global trade demands through institutional flexibility and cross-actor collaboration. By integrating environmental protection into border management and risk assessment, this study provides a strategic reference for customs authorities to move toward a more responsive and knowledge-based green customs administration.

The contemporary global economy faces a profound paradox: global Gross Domestic Product (GDP) growth and technological innovation are reaching all-time highs, yet inequality, climate crisis, and geopolitical instability are simultaneously worsening. This article employs Integrated Reality Theory (IRT) as an analytical framework to diagnose the systemic roots of this paradox. By mapping the global economy onto five IRT variables—Energy (E), Information (I), Entropy (S), Consciousness (C), and Evolution (v)—this article demonstrates that the world's economic architecture is experiencing a fundamental disequilibrium: exponential growth in E and I is not matched by adequate management of S. The accumulation of entropy, manifested in three dimensions—global debt, ecological degradation, and social polarization—has reached a critical point where every addition of energy and information only exacerbates systemic instability. This article offers a paradigmatic reorientation through the enhancement of C as the primary strategy for reducing S, while proposing the policy framework of Techno-Spiritual Based Developmentalism (TSBD) as a middle path between market fundamentalism and state fundamentalism. The function Φ = (E × I / S) × C is treated as a heuristic model for diagnosis, not a deterministic law. IRT opens the possibility for developing an economic model that integrates material efficiency, ecological sustainability, and ethical reflexivity into a unified systemic framework.

The development of artificial intelligence (AI) has fundamentally transformed digital marketing communication, while emerging as a strategic instrument in public relations practices of global corporations. This study aims to examine the construction of meaning around artificial intelligence as a financial solution within the cultural context of Lebaran, while analyzing the PR communication strategy employed by Google Indonesia in building persuasive messages for its public on digital platforms. The research object is a video advertisement posted on the official Instagram account @googleindonesia on March 7, 2025, promoting the Gemini Canvas feature for managing Tunjangan Hari Raya (THR) budgets. This study employs a descriptive qualitative approach with an interpretive paradigm, integrating two complementary analytical perspectives: first, Roland Barthes three-level semiotic analysis — denotation, connotation, and myth — to deconstruct meaning constructed through visual, verbal, and auditory signs in the advertisement; second, the PR communication strategy framework from Smith (2021) to identify how the choices of mascot, emotional message, and cultural appeal represent strategically planned communication decisions by Google Indonesia. The findings reveal that Google Indonesia constructs Gemini Canvas as an empathetic and culturally aware entity through three key elements: anthropomorphic symbolism in the form of a bespectacled cat functioning as brand mascot, local cultural markers of ketupat and THR, and Arabic-nuanced music that aurally reinforces the Lebaran atmosphere — all representing deliberate strategic PR decisions. From Smith’s (2021) perspective, the advertisement applies a proactive communication strategy combining negative emotional appeal — financial anxiety ahead of THR — immediately followed by positive emotional appeal as a concrete solution through Gemini Canvas, representing a structured form of public perception shaping. At the myth level, the advertisement normalizes reliance on digital platforms through systematic cultural localization. This study contributes to understanding AI-based digital marketing communication strategies and the shaping of public perception on AI technology by global corporations in the Indonesian market.  

This study aims to analyze the skills gap in the era of the Industrial Revolution 4.0 and the factors influencing it. The research employed a descriptive-analytical approach based on literature studies and the author’s analysis of the dynamics of formal education curricula and the development of industrial needs. The findings indicate that formal education curricula that are less adaptive to technological developments are the main factor causing the skills gap. In addition, the slow adaptation to technology in educational and industrial environments, as well as the unequal distribution of skills development across various regions in Indonesia, further widen the gap between graduates’ competencies and labor market demands. This condition affects the low readiness of the workforce in facing digital transformation and global competition. The study concludes that the skills gap is a strategic issue requiring serious attention from the government, educational institutions, and the industrial sector. Curriculum reform that is responsive to technological advancements, strengthening digital literacy, and ensuring equal access to training and skills development are essential steps to improve the competitiveness of Indonesian human resources. These efforts are expected to support poverty reduction, reduce social inequality, and achieve the long-term national development goals toward Indonesia Golden Vision 2045.

This study is motivated by the dynamic changes in digital consumer behavior in e-commerce, particularly in the purchase of electronic products through the Tokopedia platform. The study aims to analyze and synthesize the influence of online reviews and product ratings on purchase decisions using a systematic literature review approach. The method involves a comprehensive examination of global and local scientific literature, with a focus on peer-reviewed journals and empirical studies published between 2021 and 2026. The findings indicate that online reviews and product ratings are capable of reducing consumer uncertainty as well as the functional risks associated with electronic products. Empirical evidence over the past decade suggests that high ratings can build initial confidence in brand quality, while detailed reviews provide crucial technical validation for potential buyers. Overall, these two indicators work synergistically to strengthen consumer trust and serve as key determinants in the final stage of the purchasing decision. The implications suggest that e-commerce platforms and sellers need to prioritize the management of user-generated content and maintain transparency in reputation to remain competitive in a market increasingly reliant on the credibility of online information.

The internationalization of micro, small, and medium-sized enterprises (MSMEs) has become a strategic issue in addressing global economic dynamics, particularly within the framework of the Global Value Chain (GVC) in the digital age. Although Indonesian MSMEs have great potential to support the national economy, their level of involvement in the global value chain remains relatively limited. This study aims to analyze the challenges and strategies for the internationalization of Indonesian MSMEs within the GVC in the digital age. The study employs a qualitative approach using a case study design, along with thematic analysis and value chain analysis techniques. The findings indicate that MSMEs are already involved in the GVC across various stages of the value chain—from raw material processing to global distribution—yet they continue to face numerous challenges, such as technological limitations, human resource competencies, production capacity, and international distribution networks. On the other hand, digitalization has proven to be a key factor in expanding access to global markets through the use of digital platforms. An effective internationalization strategy requires the integration of product innovation based on local resources, the utilization of digital technology, and the strengthening of global business networks. This study contributes to integrating the perspectives of GVCs, digitalization, and SME internationalization strategies into a comprehensive analytical framework, and provides practical implications for SME actors and policymakers in enhancing competitiveness in the global market

A MSMEs in Indonesia has recently contributed to national exports by 15,7%  compared with Thailand that has reached 29 %, so substantial revision are required to make sure that increasing contribution which ultimately will give positive impact toward the economy overall, because almost 90 % of human resource work in MSMEs sector with nature resource and other plentiful resources. The main problem that is commonly found by MSMEs is to optimize the available resources as well as fulfill the required standards that have established and required regulation in order to ensure the resulting product is accepted by the market and to comply with the regulation that has been established by the regulator. Indonesia as the second biggest country in the world has biodiversity certainly offers benefits that hard to imitate by other country in producing biopharmaceutical plants product, therefore it offers competitive potential in the global market, however market penetration by MSMEs biopharmaceutical plants sector commonly discontinued regarding with technical barriers to trade (TBT). This study is based on a case study that aims to analyze main challenges in fulfillment of international certification and to formulate adaptation strategy for MSMEs. By conducting through a descriptive qualitative method with case study approaches, the result of study indicates that high compliance costs,  registration procedural complexity from the source and destination country, as well as the inconsistency of raw material quality became the main barriers. The proposed strategy including group certification model, CPOTB standard harmonization, and the utilization of integrated government assistance schemes will provide real contribution in assisting MSMEs fulfilling global market requirements.

This study examines the role of halal tourism in enhancing destination competitiveness and strengthening the Islamic economy within the tourism sector. This research employs a systematic literature review to synthesize findings from relevant academic sources. The results indicate that halal tourism contributes significantly to destination competitiveness by increasing tourist arrivals and encouraging product diversification. In addition, it supports the development of micro, small, and medium enterprises (MSMEs) and promotes local economic growth through a multiplier effect. Halal tourism also fosters ethical business practices and sustainable tourism development aligned with Islamic principles. However, its implementation faces key challenges, including limited infrastructure, complex halal certification procedures, and perceptions of exclusivity among non-Muslim tourists. Therefore, strategic efforts are required to improve Muslim-friendly infrastructure, streamline certification processes, strengthen MSME capacity through training and digitalization, and adopt inclusive branding strategies. These measures are expected to enhance the competitiveness, resilience, and sustainability of halal tourism destinations in the global market.

In the digital era, e-commerce has developed not only as a platform for buying and selling activities but also as a strategic medium for marketing and business development. University students theoretically possess strong potential to become edupreneurs because they are closely connected to technology and supported by higher education environments. Nevertheless, the reality at Al-Amien Prenduan University indicates that students tend to act more as consumers in e-commerce rather than as entrepreneurs. This condition creates a gap between theoretical expectations and practical implementation, raising questions regarding the effectiveness of e-commerce in encouraging students’ entrepreneurial spirit. This study examines strategies for strengthening Edupreneurship graduates through the optimization of e-commerce. The research specifically explores ways to maximize e-commerce in supporting the development of Edupreneurship graduate profiles and improving graduates’ competitiveness in entrepreneurship and employment sectors. A qualitative approach with a case study method was employed at Al-Amien Prenduan University. Data were collected through observation, interviews, and documentation involving female students of the Islamic Education Edupreneurship program who actively engage in entrepreneurial activities through e-commerce platforms. The findings reveal that optimizing e-commerce can be achieved through identifying students’ digital competencies and needs, as well as utilizing flexible technologies that support broader market access and global transactions. In addition, strategies such as enhancing digital marketing creativity, strengthening market research capabilities, and understanding consumer behavior significantly contribute to entrepreneurial development. The study concludes that e-commerce effectively fosters entrepreneurial attitudes, adaptability, and competitiveness among students in facing the challenges of the digital economy.

The plantation sector is one of the main pillars in Indonesia’s international trade. Commodities such as palm oil, rubber, coffee, and cocoa serve as leading export products that contribute significantly to the country’s foreign exchange earnings. This study aims to analyze the role of plantation commodity exports in Indonesia’s international economic performance and to identify the challenges faced. The method used is a descriptive qualitative approach through literature review from various scientific sources. The results indicate that plantation exports contribute substantially to economic growth, employment generation, and the stability of the trade balance. However, several challenges persist, including global price fluctuations, sustainability issues, and international trade barriers. Therefore, strategic policies are required to enhance the competitiveness of Indonesia’s plantation commodities in the global market.

This research examines the transition from brand awareness to brand meaning within saturated digital ecosystems, specifically focusing on how global brands like Pepsi and Apple navigate the "paradox of ubiquity." The objective is to identify the mechanisms through which brand authenticity and cultural resonance cultivate long-term loyalty and prevent product substitution. Utilizing a qualitative analysis of contemporary branding frameworks and case studies, the study demonstrates that mere visibility is insufficient in modern markets; instead, consumers demand a "glass box" alignment between internal corporate culture and external values. Findings reveal that brand authenticity, characterized by continuity and integrity, serves as a critical defense against commoditization by fostering self-congruity between the brand and the consumer's identity. The implications suggest that brand management must pivot toward narrative-driven communication and community-centric strategies that prioritize cultural salience over vanity reach metrics. Ultimately, the study concludes that in the digital age, a brand’s significance in a consumer's life is the primary driver of resilient brand equity.

This community service program aims to strengthen students' business skills through digital-based entrepreneurship training. The initiative responds to rapid technological development, requiring students to develop adaptive skills for building businesses in the digital realm to compete globally. Activities were designed using a participatory approach encompassing four stages: planning, training implementation, mentoring, and evaluation. The training combined material delivery, interactive discussions, case analysis, and hands-on practice based on the learning by doing principle, with practical sessions focused on creating digital business accounts and developing online marketing strategies. Results indicate a significant improvement in participants' knowledge and skills in digital entrepreneurship, as reflected in pre- and post-training evaluation scores and participants' ability to apply the learned material. The program also positively impacted students' motivation, creativity, and confidence in starting digital businesses. Throughout the activities, participants demonstrated active involvement and high enthusiasm, ultimately producing a simple business plan as a final achievement. Overall, this program contributes meaningfully to improving students' business competencies while fostering an independent and innovative entrepreneurial mindset. Continuous follow-up through mentoring programs and advanced training is recommended to ensure the benefits obtained can develop optimally.

This study examines the integration of Sound Governance principles within the sustainable tourism policy cycle to address institutional fragmentation and evaluation inefficiencies in developing economies. Using a sequential explanatory mixed-methods design, the research develops a multidimensional evaluation framework aligned with the Sustainable Development Goals (SDGs), analyzing policy performance across five strategic domains: Economy, Social-Welfare, Culture-Education, Environment, and Governance. The quantitative phase utilizes 17 adapted SDG indicators to measure policy efficacy, while the qualitative phase employs semi-structured interviews and stakeholder mapping to deconstruct power dynamics in multi-actor co-management structures. The findings reveal that Sound Governance—specifically transparency and accountability—serves as a critical catalyst for policy effectiveness, significantly influencing destination sustainability through an input-process-output-outcome-impact pathway. Empirical evidence from the case of Penglipuran Village, Bali, corroborates these results, demonstrating that indigenous institutional legitimacy enhances social responsiveness but remains vulnerable to overtourism-driven economic dependency. Notably, the study demonstrates that integrating SDGs into the policy evaluation cycle transforms assessments from mere administrative formalities into strategic instruments for long-term demand stability and ecosystem preservation. These findings position Sound Governance as a strategic intangible asset, offering theoretical contributions to development administration and practical guidance for policy-makers navigating the complexities of sustainable destination management in competitive global markets

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.