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The Indonesian capital market has become a vital pillar of the national economy, providing opportunities for companies to obtain funding while simultaneously providing an investment vehicle for the wider community. In this context, stocks are the most sought-after instrument due to the potential returns they offer. However, stock investment is constantly faced with uncertainty, with fluctuating stock prices often presenting challenges for investors, especially those without a thorough understanding of the company's fundamental performance. An interesting phenomenon, the starting point of this research, is the quite extreme price movements of BIPI shares over the past decade. From 2015 to 2021, BIPI's share price remained stagnant at Rp 50 per share, a condition often referred to by market participants as "gocap" (goat capit). This condition reflects low investor interest in the company's shares, possibly due to high risk perceptions or unconvincing fundamental performance.

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

This study examines the stock market reaction to the Christmas and New Year holidays by analyzing abnormal return and trading volume activity for companies consistently listed in the LQ45 Index during 2021–2023. Using a quantitative causal approach and an event study design, the research observes market behavior within a 10 day estimation window and a 10 8day event window surrounding the holiday period. The findings show that abnormal return exhibits limited but notable reactions, with a significant decline observed before the holiday, indicating that investors tend to reduce risk exposure prior to market closure. After the holiday, significant movements still appear, but they remain negative, suggesting that investor activity and confidence have not fully recovered. In contrast, trading volume activity does not show significant differences either before or after the holiday, implying that changes in prices are influenced more by sentiment and price adjustments rather than shifts in trading intensity. These results indicate that the Indonesian capital market demonstrates characteristics of a semi-strong form efficiency, where public information such as national holidays is largely anticipated and absorbed by the market.

The The aim of this study is to examine the migration pattern of the Minahasa people to the Netherlands over three generations, focusing on the economic aspect that became one of the main drivers of migration. This research uses a qualitative approach with descriptive analysis that combines historical data, interviews and literature studies related to the migration phenomenon that occurred from the early 20th century to the present. The three generations of Minahasa migration to the Netherlands include: (1) the first generation that left during the colonial period, generally driven by employment factors and the role of the Netherlands as a colonial state, (2) the second generation that began to migrate in post-independence Indonesia, where economic and educational factors were the main considerations, and (3) the third generation that migrated with more diverse motivations, including the search for better economic opportunities and family reasons. The research found that economic migration was a very important factor in each generational phase, although personal motivations and socio-political developments in Indonesia and the Netherlands also played an important role. The impact of this migration is not only visible at the individual level, but also affects social and economic changes in both countries, both in terms of the integration of the Minahasa community in the Netherlands and their contribution to the economic development of the Netherlands. In addition, this study also highlights the differences in migration characteristics from generation to generation.The reasons for the Minahasa migrated to the Netherlands from the first generation to the present are as follows: (1) KNIL were soldiers of the Dutch East Indies Kingdom, some former KNIL soldiers from Minahasa chose to fly and migrate to the Netherlands. The interaction of culture, religion and language that lasted for a long time eventually gave birth to emotional closeness between immigrants, in this case the Dutch and the Minahasa. (2) The Netherlands and the Minahasa are closely related because Minahasa is the 12th province of the Netherlands. This made people loyal to Twapro choose to migrate to the Netherlands. (3) On Santa Claus (a celebration of Christmas welcoming day, which is celebrated by the Dutch and Minahasa residents), on December 5, 1957, the Indonesian government carried out a massive nationalization of assets belonging to the Netherlands, the embassy and consulate (Netherlands) was closed, and evacuation plans were prepared everywhere (massive expulsion of Dutch citizens out of Indonesia). At that time, not only Dutch citizens were forcibly evicted, but also many Minahasa people who migrated to the Netherlands on their own wishes and choices by boarding Dutch ships together to the Netherlands. (4) A movement involving Minahasa people occurred in 1958 which was Permesta. For a just and prosperous economy as well for a life that is safe, comfortable and peaceful. (5) The creation of the Jakarta Charter, which was signed on June 22, 1945. At this time, gradually, the Minahasa people migrated to the Netherlands because they were worried about their religion as a minority in their country. (6) Many Minahasa people have been displaced, as a result of the "prejudice" of some Indonesians towards them. In the post-Independence period of the Republic of Indonesia, there were prejudices against Christians. This prejudice was based on the a priori attitude of other groups who accused them of being Dutch 'sympathizers'. Because their religion is Christianity who came from the Netherlands and were educated by evangelists from the Netherlands. (7) Assimilate in the context of marriage. (8) The similarity of customs, customs, traditions, culture and beliefs between the Dutch and the Minahasa. There is a bright future in the exchange of personal stories between Minahasa people, migrated Minahasa and native Dutch who will understand each other much better. It is also hoped that the sciences in the fields of architecture, water management or agriculture, plantations and others will enable the Minahasa diaspora in the Netherlands to use them to develop and advance their Minahasa homeland, through hard skills and soft skills. There are many potentials and opportunities to tie and strengthen relations between the two countries.

This research raises the issue of the phenomenon of tax evasion amidst the increase in tax revenue realization in the last three years. This study aims to determine the effect of money ethics and tax morale on student perceptions of tax evasion with hedonism as a moderating variable. The object of this research is the cadre of the Mojokerto National Student Movement (GMNI) organization. This study uses a quantitative approach with primary data sources and uses a survey method through google form with a Likert scale measuring instrument. The population in this study were 115 cadres of the Mojokerto GMNI organization. The sampling technique used purposive sampling to get 65 respondents. The data analysis technique uses descriptive statistical analysis with the Structural Equation Modeling- Partial Least Square (SEM-PLS) method. The test tool used is SmartPLS software version 4.1.0.2 with outer model and inner model. The results showed that money ethics has a positive and significant effect on student perceptions of tax evasion, tax morale has a negative and significant effect on student perceptions of tax evasion, and hedonism is able to moderate the influence of money ethics and tax morale on student perceptions of tax evasion.