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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.

This study aims to analyze the effect of Environmental, Social, and Governance (ESG) on the financial performance of mining companies listed in the Jakarta Islamic Index (JII70) for the 2020–2024 period, with the Debt to Equity Ratio (DER) as a control variable. The findings show that, partially, the Environmental variable has a positive but insignificant effect on ROA, indicating that efforts in energy efficiency, waste management, and emission reduction have not yet been fully reflected in short-term profitability. In contrast, the Social variable has a significant effect on ROA, emphasizing that companies’ engagement in building stakeholder relationships, protecting employee rights, and implementing social responsibility programs contribute substantially to financial performance. The Governance variable also has a significant effect on ROA, highlighting the importance of good governance practices, transparency, and accountability in enhancing profitability. Meanwhile, the control variable DER shows no significant effect on ROA. Simultaneously, ESG performance has a significant effect on ROA, proving that integrated ESG implementation supports the profitability of mining companies. These findings confirm that ESG is not only a compliance measure with sustainability principles but also a long-term business strategy that strengthens companies’ competitiveness and serves as a crucial consideration for investors in making investment decisions.

This study investigates the potential role of the Jakarta Islamic Index (JII) as a hedging instrument and safe haven asset against the Indonesia Composite Index (IHSG) during the period from January 2020 to April 2025, a time characterized by elevated market volatility. The main objective is to determine whether sharia-compliant stocks in Indonesia offer diversification benefits during periods of financial stress. Utilizing daily closing prices converted into log returns, the study employs the Asymmetric Dynamic Conditional Correlation Generalized Autoregressive Conditional Heteroskedasticity (A-DCC GARCH) model to capture time-varying correlations between JII and IHSG. Prior to applying the model, standard diagnostic tests were performed to ensure data quality, including tests for stationarity, autocorrelation, and ARCH effects.Empirical results reveal a persistently high correlation between IHSG and JII, with an average of 0.826 and values exceeding 0.95 during periods of market turbulence. These findings indicate that JII does not fulfill the characteristics of a hedge or safe haven asset. A robustness analysis using extended data from 2010 to mid-2025 further supports the conclusion, showing the continued presence of strong comovement between the two indices across different market regimes. This suggests a structural relationship rather than one driven solely by crisis events. The high correlation may be attributed to overlapping index constituents and similar investor responses to market shocks. These results challenge the prevailing notion that Islamic indices inherently offer protection during downturns. As such, investors seeking to mitigate portfolio risk may need to look beyond domestic sharia equities and consider broader asset classes or international diversification. Future research is encouraged to explore cross-market and multi-asset safe haven properties, especially in the context of emerging economies.

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).

Background: Patient satisfaction is a form of feeling happy or disappointed with the service received after the patient compares it with what is expected. In the era of digitalization, telemedicine has an impact on health services, especially patient satisfaction. This study aims to determine the use of telemedicine on increasing patient satisfaction in health services in Indonesia. Research methods: Systematic review using PRISMA guidelines and the PICO model, Population = patients who use telemedicine; Intervention = telemedicine; Comparison = not using telemedicine; Outcome = patient satisfaction in health services in Indonesia. Articles were collected through Google Scholar, Jurnal Manajemen Kesehatan (JMK), Jurnal Kebijakan Kesehatan Indonesia (JKKI), Jurnal Pendidikan dan Teknologi Kesehatan (JPTK), Jurnal Ilmiah Indonesia (JII), and Jurnal Komunikasi which focus on Indonesia. Keywords use: patient satisfaction, health services, telemedicine, Indonesia. A total of 6 articles met the inclusion criteria for a systematic review. Results: 6 articles out of 119 articles were studied for systematic review. Six articles did not find a significant difference in patient satisfaction between telemedicine and face-to-face meetings. There are several factors that influence patient satisfaction, including: most are female, productive age, college educated, and work as private employees. Conclusion: Telemedicine services have been shown to increase patient satisfaction in health services in Indonesia. This shows that the more telemedicine services used, the higher the level of patient satisfaction. However, further research is needed to analyze how effective the use of telemedicine is on patient satisfaction in health services in Indonesia.

Patient satisfaction is a form of feeling happy or disappointed with the service received after the patient compares it with what is expected. In the era of digitalization, telemedicine has an impact on health services, especially patient satisfaction. This study aims to determine the use of telemedicine on increasing patient satisfaction in health services in Indonesia. Systematic review using PRISMA guidelines and the PICO model, Population = patients who use telemedicine; Intervention = telemedicine; Comparison = not using telemedicine; Outcome = patient satisfaction in health services in Indonesia. Articles were collected through Google Scholar, Jurnal Manajemen Kesehatan (JMK), Jurnal Kebijakan Kesehatan Indonesia (JKKI), Jurnal Pendidikan dan Teknologi Kesehatan (JPTK), Jurnal Ilmiah Indonesia (JII), and Jurnal Komunikasi which focus on Indonesia. Keywords use: patient satisfaction, health services, telemedicine, Indonesia. A total of 6 articles met the inclusion criteria for a systematic review. 6 articles out of 119 articles were studied for systematic review. Six articles did not find a significant difference in patient satisfaction between telemedicine and face-to-face meetings. There are several factors that influence patient satisfaction, including: most are female, productive age, college educated, and work as private employees. Telemedicine services have been shown to increase patient satisfaction in health services in Indonesia. This shows that the more telemedicine services used, the higher the level of patient satisfaction. However, further research is needed to analyze how effective the use of telemedicine is on patient satisfaction in health services in Indonesia.

This study aims to determine the effect of transfer pricing, thin capitalization, capital intensity and audit quality on tax avoidance. The population in this study are companies that have been listed on the Jakarta Islamic Index (JII) during the 2019-2023 period, totaling 54 companies. The sample in this study amounted to 19 multinational companies or 95 observation data determined by purposive sampling method. The data analysis used is multiple linear regression analysis with dummy variables with the SPSS 29 program. The results showed that transfer pricing partially had a negative and significant effect on tax avoidance, while thin capitalization, capital intensity and audit quality partially have no significant effect on tax avoidance. However, transfer pricing, thin capitalization, capital intensity and audit quality simultaneously have a positive and significant effect on tax avoidance.