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Economic growth in ASEAN countries has shown heterogeneous dynamics, particularly in the post-pandemic period. This study aims to analyze the effect of economic complexity, manufacturing value added, and foreign direct investment on economic growth in ASEAN-8 countries during 2015–2024. The study employs a quantitative explanatory approach using panel data regression analysis. The data were obtained from the World Development Indicators (World Bank) and Harvard Growth Lab. Based on the Chow and Hausman tests, the Fixed Effect Model (FEM) was selected as the best estimation model. The results indicate that economic complexity has a negative and significant effect on economic growth, suggesting that increasing economic sophistication does not automatically promote growth when industrial and institutional readiness remain limited. Meanwhile, the manufacturing sector has a positive but insignificant effect on economic growth. In contrast, foreign direct investment has a positive and significant effect on economic growth through capital accumulation and technology transfer. Simultaneously, all independent variables significantly affect economic growth in ASEAN-8 countries. These findings imply the importance of strengthening industrial capacity, institutional quality, and technological readiness to support sustainable economic growth in ASEAN countries.

Micro, small, and medium enterprises (MSMEs) are crucial for driving regional economic expansion. Many MSMEs have not yet optimally utilized accounting data in selecting investments. This study aims to analyze the influence of accounting knowledge, entrepreneurial traits, and subjective norms on the use of accounting information in investment decision-making among MSMEs in Semarang City. Using a quantitative approach, this study surveyed 80 MSMEs selected through purposive sampling. Data were obtained through questionnaires with a five-point Likert scale and analyzed using multiple linear regression with the help of SPSS after undergoing validity, reliability, and classical assumption tests. The results showed that partially accounting knowledge (t = 3.337; sig = 0.001) and entrepreneurial traits (t = 2.272; sig = 0.026) had a positive and significant effect on the use of accounting information, while subjective norms had no significant effect (t = -0.788; sig = 0.433). Simultaneously, the three independent variables significantly influence the use of accounting information (F = 5.306; p = 0.002) with a coefficient of determination (R²) of 0.173. This finding indicates that increasing accounting and entrepreneurial knowledge can encourage the use of accounting information in investment decision-making in MSMEs.

This study aims to analyze the partial and simultaneous effects of Investment Decisions, Financing Decisions, and Company Size on Company Value at PT Ciputra Development Tbk for the period 2014-2024. Company value is proxied by Price to Book Value (PBV), investment decisions by Price Earning Ratio (PER), financing decisions by Debt to Equity Ratio (DER), and company size by SIZE. The method used in this study is descriptive quantitative. The population of this study is the financial statements of PT Ciputra Development Tbk for the period 2014-2024, and the sample used is the financial position report, income statement, and share price of PT Ciputra Development Tbk for the period 2014-2024. The analysis methods used are descriptive analysis, classical assumption testing, multiple linear analysis, t-test, f-test, and coefficient of determination test using SPSS version 26. The results of the study show that partially, PER and DER do not have a significant effect on PBV, while SIZE has a negative and significant effect on PBV. Simultaneously, PER, DER, and SIZE significantly affect PBV with a coefficient of determination of 94.7%, indicating that the regression model has excellent predictive power. The remaining 5.3% is influenced by other variables outside the scope of this study.

This research try to examine how investment choices in property and real estate sector businesses listed on IDX (2020-2024) are impacted by the cost of debt and equity.For the accuracy of the analysis, this study also uses firm size and profitability as controler. Purposive sampling was used in the sampling process, which produced seven qualifying organizations with a total of 35 observations over a five-year period. Panel data regression was used for data analysis, and the Common Effect Model was shown to be the best estimation model. The findings show that investment decisions are significantly influenced by firm size, profitability, cost of debt, and cost of equity all at the same time. Nonetheless, investment choices are not much impacted by the cost of debt. Similarly, it has been demonstrated that the cost of equity has no appreciable effect on the capital expenditures of the businesses. Firm size has a favorable and substantial impact, making it the main motivator for investment activity in the real estate industry. During the study period, investment decisions were not significantly impacted by profitability. These results show that, especially in the post-pandemic economic recovery era, asset capacity and economies of scale are more important for the viability of real investment projects for property firms on the IDX than yearly variations in capital costs.

This study aims to determine the effect of Leverage and Investment Decisions on Profitability at PT Aneka Tambang Tbk for the 2015-2024 period, both partially and simultaneously. This research method uses quantitative with a asosiatif research type. Secondary data obtained comes from the Indonesia Stock Exchange website (www.web.idx.com) and the PT Aneka Tambang Tbk website. The results of this study show that the Leverage variable has a t count of -3.166 > t table 2.365 with a significant value of 0.016 < 0.05, so it can be concluded that the Leverage variable (X1) has a significant effect on Profitability (Y). The Investment Decision variable has a t count of -0.673 < 2.365 and with a significance level of the Investment Decision variable of 0.522 > 0.05, it can be concluded that the Investment Decision variable (X2) does not have a significant effect on Profitability (Y). And the results of the F Test obtained an Fcount value of 6.726 > Ftable 4.737 and a significant value of 0.023 < 0.05, meaning that the Leverage and Investment Decision variables together have a significant effect on Profitability. Therefore, the Leverage (X1) and Investment Decision (X2) variables together have a significant effect on the stock price of PT Aneka Tambang Tbk.

Company value is an important indicator that reflects company performance and investor perceptions of future business prospects and sustainability. Various strategic decisions made by management, such as capital intensity management, investment decisions, and tax aggressiveness policies, play a significant role in shaping company value. This study aims to examine and analyze the effect of capital intensity, investment decisions, and tax aggressiveness on company value through a literature review approach. The method used is a literature review by examining various relevant national and international scientific articles obtained from academic databases such as Google Scholar, Publish or Perish, and SINTA. The results of the study show that capital intensity has a positive effect on company value because it reflects long-term production capacity and operational efficiency. Investment decisions have also been proven to have a positive effect on company value because they signal management's optimism about future growth prospects. Meanwhile, tax aggressiveness can increase company value through tax savings and increased cash flow, but it has the potential to cause reputational and governance risks if done excessively. Overall, the reviewed literature shows that these three variables have an impact on company value, with the caveat that optimal and transparent management is necessary. This study is expected to serve as a reference for further research and as a consideration for company management and investors in making strategic decisions.

Village-Owned Enterprises (BUMDes) are established to support the improvement of the local economy. One of the recurring challenges faced by BUMDes is capital availability, which is essential for business expansion and achieving shared objectives. This study aims to analyze the effect of cognitive bias on investment decisions through reward-based investment balance as a mediating variable. The study employed a sample of 165 BUMDes distributed across the Pati Residency, using a combination of purposive sampling and cluster sampling, where the selected BUMDes represented each district and involved investors from the local community or community groups. Data were collected from BUMDes located in five districts within the Pati Residency, and the analysis was conducted using SMART PLS. The results indicate that cognitive bias has a direct and significant effect on community investment decisions as well as on reward-based investment balance. Furthermore, reward-based investment balance was found to have a direct effect on investment decisions. The findings also confirm that reward-based investment balance mediates the relationship between cognitive bias and investment decisions.

This study seeks to investigate the role of Fear of Missing Out (FOMO) and financial technology (fintech) in influencing Generation Z's investment decisions through a literature review approach. The rapid advancement of digital technology and the growing use of social media have transformed the financial behavior of young people, such that investment decisions are no longer solely based on rationality but are also shaped by psychological factors. The method used in this study is a literature review, which involves analyzing scientific articles indexed at both national and international levels published between 2021 and 2025. The findings indicate that FOMO can enhance investment participation, yet it also risks prompting impulsive and less rational decision-making. On the other hand, fintech contributes by simplifying access to financial services, improving transaction efficiency, and expanding financial inclusion. Nevertheless, real-time features on fintech platforms may amplify users' emotional responses, thereby magnifying the impact of FOMO. Accordingly, this research underscores the importance of financial literacy and prudent technology use to foster more rational investment decisions among Generation Z.

Sharia-compliant investment in Indonesia has experienced rapid growth, in line with increasing public interest in instruments compliant with Islamic principles. However, market fluctuations remain a major challenge in maintaining the performance of sharia investments, particularly sharia mutual funds. This article analyzes the dynamics of sharia investment in Indonesia in the face of market volatility, focusing on the performance of sharia mutual funds. The research method used is a quantitative approach, with secondary data analysis from various scientific studies and recent statistical data. The results indicate that macroeconomic fluctuations and market conditions significantly influence the performance of sharia mutual funds. Nevertheless, sharia mutual funds continue to demonstrate resilience and certain advantages compared to conventional mutual funds, particularly in the face of market uncertainty. These findings have important implications for sharia investors, investment managers, and policymakers in designing more optimal investment strategies and strengthening the position of sharia mutual funds in an increasingly dynamic market.

The Halal Management Sistem (HMS) has often been positioned as an administrative compliance tool that focuses on regulatory and certification requirements. This approach has the potential to simplify the meaning of halal by overlooking the inherent values, especially in the context of Muslim businesses. This study aims to interpret the understanding of the Halal Management Sistem not only as an administrative compliance mechanism, but also as an expression of worship and spiritual commitment in business practices. This study uses a qualitative approach through a literature review of scientific articles, books, and relevant publications discussing halal management, Islamic business ethics, and the perspectives of business actors. The results of the study show that the HMS is understood by business actors as a manifestation of religious obedience integrated into economic activities, where the application of halal principles is seen as part of devotion to God and a form of moral responsibility in running a business. In this understanding, administrative compliance is positioned as an implication of spiritual awareness, not as the main objective of the sistem's implementation. The research findings also indicate that the spiritual meaning of SMH encourages consistency in halal practices and strengthens long-term business orientation. Conceptually, this study has implications for the development of halal management studies by placing the spiritual dimension as the main foundation in the implementation of the Halal Management Sistem, particularly in supporting sustainable and ethical business practices.

This community service program aims to improve public literacy and awareness of the Islamic capital market through socialization and educational activities in Telaga Jernih Village, Secanggang District. Islamic financial literacy in rural areas remains relatively low due to limited access to information and education, leading people to prefer traditional investments such as livestock and plantations. The activity was carried out by the Community Service Program (KKN) team in collaboration with the Indonesia Stock Exchange (IDX) as the main speaker and the village government as a supporting partner. The methods used included observation, counseling, interactive discussions, and simple simulations of Islamic investment practices. The results revealed high enthusiasm among participants, reflected in their active engagement and significant improvement in understanding the concepts, principles, and products of Islamic investment. The community began to realize that Islamic capital market investments are not only halal and safe but also offer long-term economic benefits. This activity positively influenced the community’s mindset to view Islamic financial investment as a complementary form of traditional investment. The program also opened opportunities for forming a village-based Islamic investor community and establishing a financial literacy center as a follow-up initiative. Therefore, this program plays a vital role in strengthening Islamic financial inclusion in rural areas and serves as an initial step toward creating a financially literate, independent, and economically productive society.

Kecap merupakan produk fermentasi kedelai yang berperan penting sebagai bumbu penyedap dalam masakan. Berdasarkan rasa dan kekentalannya, kecap dibedakan menjadi kecap manis dan kecap asin. Penelitian ini bertujuan untuk mengkaji penerapan teknologi filling otomatis sebagai solusi dalam meningkatkan efisiensi proses pengemasan botol kecap pada skala UMKM. Metode yang digunakan adalah deskriptif kualitatif dengan pendekatan studi pustaka. Permintaan pasar yang tinggi terhadap kecap manis mendorong tumbuhnya industri kecil. Namun, UMKM ini menghadapi kendala dalam hal kapasitas produksi dan konsistensi mutu produk. Salah satu proses yang memerlukan waktu lama dan tidak efisien adalah pengemasan manual. Untuk mengatasi permasalahan tersebut, diterapkan solusi teknologi berupa filling machine semi otomatis. Teknologi ini mempercepat proses pengisian botol, mengurangi kehilangan produk akibat tumpahan, serta meningkatkan efisiensi waktu dan tenaga kerja. Meskipun memerlukan investasi awal yang cukup besar dan ketergantungan pada listrik, penggunaan filling machine semi otomatis terbukti efektif dalam meningkatkan efisiensi dan kualitas produksi kecap di skala UMKM.

In the context of Indonesia's post-pandemic financial market dynamics, investment and financing decisions often face challenges of cash flow uncertainty and capital cost volatility, requiring a Profitability Index (PI) and Weighted Average Cost of Capital (WACC) perspective to ensure optimal resource allocation to maximize company value. This study aims to analyze the effectiveness of investment and financing decisions through the integration of PI and WACC based on a synthesis of the latest literature. A descriptive qualitative approach was used through a literature study with secondary data from financial journals and textbooks from 2021-2025, collected from Google Scholar and university repositories, then analyzed thematically with data reduction, presentation, and literature triangulation to interpret the PI, IRR, and WACC indicators. The results show that PI is consistently >1 (ratio of 1.15-1.45) and IRR > WACC (average of 10-12%), confirming the feasibility of 70% of manufacturing projects, while WACC of 9.8% from the optimal capital structure (debt ratio of 40-50%) supports an effective tax shield, despite being constrained by multiple IRRs, conflicting metric rankings, and BI interest rate fluctuations that increase implicit costs by up to 15%. It can be concluded that PI-WACC integration increases theoretical profitability by 12% through precise allocation, but is limited by the generalization of secondary data; a hybrid model with mixed-method validation is recommended for the non-manufacturing sector in emerging markets.

This study aims to examine the influence of investment, labor, and unemployment rates on economic growth in Aceh Province. Economic growth is one of the main indicators in assessing the success of a region's development, so it is important to understand the factors that can influence it. The data used in this study are secondary data in the form of annual data for the period 2009–2023 obtained from the Central Statistics Agency (BPS) of Aceh Province and several related institutions. Data analysis was conducted using the multiple linear regression method with a time series approach. The results of the analysis show that the investment variable has a positive and significant influence on economic growth in Aceh Province, indicating that increased investment can encourage increased regional economic output. The labor variable also has a positive influence on economic growth, although its significance is lower compared to investment. Meanwhile, the unemployment variable has a negative and significant influence on economic growth, which means that increasing unemployment rates can suppress the rate of economic growth in Aceh Province.

This study discusses the 17th Sustainable Development Goal (SDG), Partnership for the Goals, which highlights the importance of global collaboration in achieving shared prosperity. The main focus of this research is on three key instruments of global partnership: external debt, foreign investment, and foreign aid. These instruments play a crucial role in supporting development in developing countries, but they also raise controversies related to economic dependence, global power imbalances, and the effectiveness of aid. This study employs a descriptive qualitative approach based on a literature review of international reports and academic research. The analysis shows that although debt, investment, and foreign aid offer opportunities for technology transfer, economic growth, and poverty reduction, their sustainability largely depends on governance, transparency, and equality among nations. Therefore, global partnerships should be directed toward more inclusive and equitable systems to ensure that global development goals can be achieved sustainably.

This study aims to examine the effect of investment in fixed assets, financial performance, and thin capitalization on tax avoidance in non-financial companies listed on the Indonesia Stock Exchange (IDX) in 2023. The research utilizes 431 company samples and employsAmultiple linear regression analysis. A descriptive quantitative method with a purposive sampling technique is applied, ensuring that only companies meeting specific criteria are included in the study. The findings.indicate that, simultaneously, the three independent variables have a significant influence on tax avoidance. However, when tested individually, more detailed results emerge. The variable of.investment in fixed assets does not show a significant effect on tax avoidance, suggesting that the size of fixed assets does not necessarily determine a company’s level of tax avoidance. In contrast, financial performance demonstrates a positive effect, indicating that companies with.stronger performance tend to have a greater ability to engage in tax planning. Meanwhile, thin capitalization has a negative effect, meaning that a higher proportion of certain types of debt tends to reduce the level of tax avoidance. These findings provide a more comprehensive understanding of the factors influencing tax avoidance behavior in Indonesia.

Nilai perusahaan mencerminkan persepsi pasar terhadap potensi laba dan risiko di masa depan, sehingga menjadi dasar penting dalam pengambilan keputusan investasi dan pendanaan. Penelitian ini bertujuan untuk menganalisis pengaruh struktur modal dan inflasi terhadap nilai perusahaan pada PT Bank Mandiri Tbk yang terdaftar di Bursa Efek Indonesia (BEI). Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan keuangan tahunan Bank Mandiri serta data inflasi nasional dari Badan Pusat Statistik (BPS) selama periode penelitian. Hasil analisis deskriptif menunjukkan bahwa struktur modal Bank Mandiri relatif stabil dengan rata-rata sebesar 6,40 dan standar deviasi 0,043, mencerminkan kebijakan keuangan yang konsisten serta pengelolaan risiko yang baik. Tingkat inflasi juga berada pada kondisi rendah dan stabil (rata-rata 0,03; standar deviasi 0,015), menandakan tekanan eksternal makroekonomi yang ringan. Nilai perusahaan memiliki rata-rata 3,18 dengan standar deviasi 0,026, menunjukkan kepercayaan investor yang tinggi terhadap kinerja Bank Mandiri. Hasil uji asumsi klasik memperlihatkan bahwa data berdistribusi normal (Sig. 0,200 > 0,05), tidak terdapat multikolinearitas (VIF 1,639 < 10; Tolerance 0,610 > 0,1), tidak terjadi heteroskedastisitas (Sig. X1 = 0,934; X2 = 0,202 > 0,05), dan tidak terdapat autokorelasi (Durbin-Watson = 1,513). Dengan demikian, model regresi yang digunakan dinyatakan layak untuk menguji pengaruh struktur modal dan inflasi terhadap nilai perusahaan.

Penelitian ini menjelaskan perbedaan pemahaman tentang utang dari sudut pandang ekonomi Islam dan ekonomi konvensional, serta tantangan yang dihadapi dalam penerapannya di masyarakat dan institusi keuangan. Dalam ekonomi konvensional, utang dianggap sebagai perjanjian keuangan yang melibatkan bunga, digunakan untuk memenuhi kebutuhan konsumsi dan investasi. Sementara, dalam ekonomi Islam, utang dipahami sebagai alat sosial yang berlandaskan nilai kemanusiaan, solidaritas, dan larangan riba, sehingga perjanjian utang harus bebas dari bunga serta ketidakadilan. Penelitian ini menggunakan metode deskriptif kualitatif dengan pendekatan kajian literatur untuk meninjau konsep, prinsip, serta berbagai hambatan yang dijumpai dalam penerapan kedua sistem. Pengumpulan data dilakukan melalui analisis dokumen dari buku, jurnal, dan penelitian terdahulu, yang kemudian dianalisis dengan menggunakan pendekatan analisis konten. Tujuan penelitian adalah untuk memahami secara mendalam konsep utang menurut perspektif Islam dan konvensional, mengidentifikasi tantangan dalam pengelolaan utang di kedua sistem ekonomi, dan menyajikan perbandingan aspek moral, akad, risiko, serta tujuan penggunaan utang. Hasil penelitian menunjukkan bahwa dalam ekonomi Islam, utang menekankan pada prinsip keadilan dan etika syariah yang melarang riba, berfokus pada kerja sama, serta mengutamakan perjanjian yang jelas dan tertulis dengan disertai saksi. Sementara itu, utang dalam ekonomi konvensional lebih mengedepankan aspek keuntungan dengan penggunaan bunga sebagai sumber utama profit. Dalam praktiknya, manajemen utang syariah menghadapi tantangan seperti rendahnya pemahaman masyarakat tentang keuangan syariah, terbatasnya akses ke instrumen syariah, dan kurangnya regulasi yang tegas. Di lain pihak, pengelolaan utang konvensional berhadapan dengan risiko suku bunga, ketidakstabilan fiskal, serta masalah transparansi dan akuntabilitas. Penelitian ini memberikan sumbangan akademis untuk pengembangan sistem keuangan yang lebih adil dan berkelanjutan di masa mendatang.

Education has long been recognized as a primary determinant of economic progress and human development , yet in the context of a global economy characterized by rapid technological change and the sustainability imperative, the focus shifts from the mere quantity of investment to its effectiveness in fostering sustainable economic growth. Current education systems face significant challenges, including a persistent global "learning crisis" , governance inefficiencies , and a misalignment between curricula and the demands of the labor market, particularly the green and digital economies. Given that existing literature often treats education investment as a static input and fails to holistically integrate sustainability and governance into the optimization process , this conceptual article aims to bridge these theoretical and empirical gaps by proposing an integrated model for the optimization of education investment for sustainable economic growth. The method involves a conceptual analysis that synthesizes human capital theory , endogenous growth theory , and the economics of sustainability , emphasizing the roles of governance, innovation, and inclusivity as mediating factors. The key finding of the study indicates that optimization necessitates a paradigm shift from input-oriented budgeting toward an outcome-based investment framework that holistically balances three crucial dimensions: efficiency (maximizing learning outcomes) , equity (ensuring inclusive access) , and relevance (alignment with sustainability needs). The resulting policy implications are delineated across the Macro (fiscal integration and sustainability strategies through performance-based funding) , Meso (institutions transform into adaptive innovation centers) , and Micro (enhancement of reskilling, upskilling, and human capital capacity) levels; by achieving this alignment, education successfully transitions from a cost center to a strategic catalyst driving sustained prosperity.    

This study aims to explore how gold price volatility influences customers’ investment decisions in Islamic banks within the framework of Islamic values. Employing a qualitative phenomenological approach, the research investigates the perceptions, motivations, and strategies of twelve active customers of Bank Syariah Indonesia in Surabaya through in-depth interviews. The findings reveal that gold price volatility does not necessarily reduce investment interest; instead, it stimulates adaptive and reflective behavior grounded in religious commitment and Islamic financial literacy. Investment decisions are shaped by three main factors: rational risk perception, religious conviction in the permissibility of gold as an Islamic instrument, and trust in the integrity of Islamic financial institutions. Thus, gold price volatility is interpreted not only as an economic signal but also as a social and spiritual phenomenon that fosters financial maturity among investors. The study concludes that faith-driven investment behavior contributes to financial resilience and moral stability amid market uncertainty. These insights enrich the field of Islamic behavioral finance by highlighting the integration of economic rationality and spiritual values in investment decision-making.