Publication Search

This study applies the Mean Variance model, which aims to form an optimal portfolio composition in the health, property, and cyclical consumer sectors and combine the three sectors into one portfolio, then visualize its efficient frontier. This study analyzes the return profiles and compares the risks of each portfolio using alternative risk measures such as the Coefficient of Variation (CV), Value at Risk (VaR), and Conditional Value at Risk (CVaR). Daily closing price data for the three sectors listed on the Indonesia Stock Exchange (IDX) from March 2, 2020, to March 3, 2025, were used in this study. Stock selection was conducted using purposive sampling, followed by selecting seven stocks for optimization based on the lowest Coefficient of Variation (CV) value. Portfolio optimization analysis was conducted using the Python programming language with Visual Studio Code software. The findings of this study indicate that the combined portfolio incorporating the three sectors is the most efficient, with an expected return of 0.104%, standard deviation of 0.007, and alternative risk measures such as Coefficient of Variation (CV) 6.9328, Value at Risk (VaR) of -0.99%, and Conditional Value at Risk (CVaR) of -1.44%, which are lower than those of single-sector portfolios. Visualization of the efficient frontier curve confirms that the combined portfolio offers better results in terms of risk and return. The results of this study indicate that cross-sector diversification can significantly reduce risk and prevent significant losses.

This study aims to analyze the differences in audit quality between Big 4 and Non-Big 4 auditors in Indonesia, focusing on property and real estate companies listed on the Indonesia Stock Exchange during the 2021–2023 period. The research sample was selected using a purposive sampling method based on certain criteria, such as the availability of audited financial statements and the consistency of auditor use. The total sample consisted of 100 companies, 50 audited by Big 4 auditors and 50 by Non-Big 4 auditors. Over a three-year period, 300 financial statements were collected as observation units. To examine the differences in audit quality between the two groups of auditors, a t-test method was used on three main indicators: audit opinion, audit report lag, and discretionary accruals. The results show that Big 4 auditors tend to provide firmer audit opinions and complete audits more efficiently. However, no consistent differences were found between Big 4 and Non-Big 4 auditors in suppressing earnings management practices. These findings indicate that audit quality is influenced not only by auditor size, but also by institutional factors, independence, and the effectiveness of regulatory oversight. This research provides empirical contributions for regulators, investors, and management in considering auditor selection, as well as expanding the literature on auditing in the property and real estate sector in developing countries.

In the face of global economic uncertainty and property market fluctuations, companies in the property and real estate sector are required to maintain profitability. This sector contributes significantly to the national GDP, but it has also faced pressure due to declining demand and instability in the growth of the real estate sector's GDP from 2021 to 2024. Profitability is a key indicator of a company's sustainability, influenced by various internal factors such as liquidity, firm size, and gender diversity in leadership. The target population of this inquiry encompasses property and real estate enterprises enumerated on the Indonesia Stock Exchange throughout the 2021–2024 interval. Through the application of purposive sampling, a total of 52 data observations were delineated as the empirical sample. The dataset was subjected to scrutiny employing multiple linear regression procedures facilitated by SPSS software version 26. The empirical outcomes substantiate that liquidity, firm size, and gender diversity simultaneously influence profitability. Partially, liquidity has a positive and significant effect on profitability, while gender diversity has a negative and significant effect. In contrast, firm size does not have a significant influence on the profitability of property and real estate companies listed on the Indonesia Stock Exchange during the 2021–2024 period.

Tax avoidance is an effort made by companies to reduce the amount of tax payable. The main source of state revenue is taxes, but tax avoidance that exploits legal loopholes to reduce the tax burden remains an issue on the Indonesia Stock Exchange during the period 2020 to 2024. This study aims to examine the effect of profitability, capital intensity, and leverage on tax avoidance. This study applies a quantitative research approach using secondary data obtained from annual financial reports published on the official website www.idx.co.id as well as from the respective company websites. The analytical method employed is multiple linear regression. The research population consists of property and real estate companies listed on the Indonesia Stock Exchange from 2020 to 2024, with a final sample of 92 observations selected through purposive sampling. The findings reveal that profitability and capital intensity significantly influence tax avoidance, whereas leverage shows no significant effect on tax avoidance.

Corporate value plays a crucial role in evaluating the success and sustainability of a business entity, influenced by various internal factors such as special connections, transfer pricing practices, and the effective tax rate (ETR). This study aims to examine the impact of these variables on the value of companies in the property and real estate sector on the Indonesia Stock Exchange, and to examine the role of corporate social responsibility (CSR) as a moderating variable. The study's findings reveal that special relationships and less transparent transfer pricing practices generally decrease company value, while efficiency in ETR can increase it. CSR acts as a moderating factor, strengthening the positive relationship between internal variables and company value while reducing the negative risks of unethical practices. This study recommends the implementation of more solid governance and transparency in business activities to increase competitiveness and company value in the Indonesian property and real estate industry.

The patent dispute between Apple Inc. and Samsung Electronics Co. Ltd. is one of the largest Intellectual Property Rights (IPR) conflicts in the modern technology industry. This case began in 2007, when Apple launched the first-generation iPhone, revolutionizing the smartphone market with its minimalist design, full-touch screen, and intuitive interface. The success of the iPhone opened new markets and positioned Apple as an innovation leader. Samsung, as the largest electronics manufacturer in Asia, then produced the Android-based Samsung Galaxy smartphone, which quickly became the iPhone's main competitor. This business competition then turned into a legal dispute when Apple considered Samsung's products too similar to its products. This case involves claims of infringement of design patents and utility patents filed in various jurisdictions such as the United States, South Korea, Japan, Germany, and the United Kingdom. This article uses a normative juridical method with a statutory and case approach. The analysis shows that the patent dispute between Apple and Samsung cannot be resolved through a single international forum due to the territorial nature of the patent system. Therefore, litigation takes place in several countries and results in varying decisions.

This research undertakes a comparative analysis of the concept of divorce within the frameworks of Islamic Family Law and Buddhist Ethics. Marriage, recognized as a profound bond of both physical and spiritual union, holds significant value in both religious traditions. However, contemporary social realities reveal a high incidence of divorce, prompting a critical examination of the legal and ethical mechanisms governing its dissolution. Within Islamic jurisprudence, divorce (talak) is permitted but considered detestable by Allah, governed by stringent procedural mechanisms including talak (the husband’s right), khulu’ or gugat cerai (the wife’s right to initiate), and fasakh (judicial intervention). These processes carry clear legal implications concerning the waiting period (iddah), the possibility of reconciliation (rujuk), and the division of marital property. Conversely, while Buddhism does not explicitly prohibit divorce, the teachings of the Buddha strongly encourage spouses to exhaust all avenues for peaceful conflict resolution before considering separation as a last resort. The ethical framework in Buddhism grants equal rights to both parties to dissolve the marriage. This study employs a qualitative descriptive analytical method through library research, drawing upon primary legal texts such as Indonesia’s Law No. 1 of 1974 on Marriage and the Compilation of Islamic Law (KHI) for Muslims, alongside the Vinaya Pitaka for adherents of Buddhism. The findings indicate that while both traditions view divorce as a final option, they diverge fundamentally in their legal structures; Islamic law establishes specific, gender-differentiated rights and obligations, whereas Buddhist ethics emphasize mutual consent and personal responsibility without formal legalistic procedures. The research concludes by recommending that couples, regardless of faith, prioritize reconciliation and peace, aligning with the core principles of both religions, and urges policymakers and legal practitioners to promote harmonious family life and reconsider legal frameworks that might better serve the welfare of children and families.

The oil and gas industry plays a crucial role in meeting global energy needs, with crude oil from production wells being the primary product of upstream operations. Prior to further processing, crude oil requires pretreatment at the production site, one of the key stages being phase separation using a flash separator. This study examines the effect of variations in cooling temperature on the performance of liquid phase separation and energy requirements in the flash separation process of light hydrocarbons. The analysis was conducted through process simulation using Aspen HYSYS version 14.2 with the Peng Robinson property package. The feed stream had a mass rate of 10,000 kg per hour, a temperature of 50°F, and atmospheric pressure, with compositions of ethane, propane, isobutane, and normal butane. The process configuration included compression, cooling, and phase separation in a flash separator at a constant pressure of 50 psia. Variations in cooling temperature were applied at 20, 10, and 0°C. The simulation results indicated a thermodynamic critical point at 10°C. At 20°C, no liquid phase was formed, while at 10°C, significant liquid yield was obtained with moderate energy consumption. Lowering the temperature to 0°C dramatically increases liquid recovery, but the cooling energy requirement also increases sharply. Sensitivity analysis confirms a strong inverse relationship between temperature and condensation yield, as well as a surge in energy consumption at low temperatures. The optimal operating condition is set at 10°C, providing a balance between separation efficiency and energy efficiency in accordance with sustainable manufacturing principles.

This study aims to examine the effect of profitability ratios, namely Earnings per Share (EPS), Net Profit Margin (NPM), Return on Assets (ROA), and Return on Equity (ROE), on the stock price of PT Ciputra Development Tbk during the 2016–2023 period. The research employs a quantitative approach with a causal research design using secondary data derived from quarterly financial statements and stock closing prices published by the Indonesia Stock Exchange. The data were analyzed using multiple linear regression, supported by classical assumption tests, partial hypothesis testing (t-test), simultaneous testing (F-test), and the coefficient of determination (R²). The results show that EPS, NPM, and ROA do not have a significant effect on stock prices, while ROE has a positive and significant effect. Simultaneously, all profitability variables do not significantly influence stock prices. The coefficient of determination indicates that profitability ratios explain a relatively small proportion of stock price variation, suggesting that stock prices in the property sector are influenced more by external and market-related factors than by short-term profitability indicators. These findings imply that ROE is the most relevant profitability indicator for investors in assessing property sector stocks, while other profitability ratios play a limited role.

This study aims to analyze the importance of regulating property division agreements as a requirement in polygamy permit applications, using the approach of Aristotle's theory of justice, as well as maqā ṣ id al- syarī'ah in Islamic law. The type of research is normative, which includes conceptual and philosophical analysis of law, as well as comparative research on property regulation practices in the family law system. The study shows that the practice of polygamy tends to result in economic inequality, neglect of the rights of the first wife and children, and legal conflicts related to the ownership and division of joint property. There are two approaches to property division: equal distribution of property and division of property based on contribution. The results indicate that the contribution-based approach is fairer and more relevant to modern society, especially since women are increasingly involved in household expenses. The principle of sadd al-dzarī'ah also states that this agreement is very important as a preventive measure against possible damage that occurs in the household. Practically, this study proposes the implementation of regulations in state law to require property division agreements as a formal requirement in polygamy permit applications. Combining western and Islamic values of justice within a socially just family law framework is the main focus of this research.

This study aims to examine the effect of profitability, sales growth, and liquidity on debt policy in property and real estate companies listed on the Indonesia Stock Exchange for the 2019–2024 period. The independent variables in this study include profitability, measured by Return on Assets (ROA); sales growth (SG); and liquidity, measured by the Current Ratio (CR). Meanwhile, the dependent variable is debt policy, measured by the Debt-to-Equity Ratio (DER). This study uses a quantitative approach, employing multiple linear regression analysis. The sample comprises 174 observational data points collected using purposive sampling. Testing was conducted using SPSS software, which includes the classical assumption test, the coefficient of determination test, the simultaneous test (F test), and the partial test (t test). The results show that profitability, sales growth, and liquidity simultaneously significantly affect debt policy. Partially, profitability tends to be positive, sales growth tends to be negative but not significant with respect to debt policy, while liquidity has a simultaneous negative effect. Of the four hypotheses proposed, two were accepted, and two were rejected because the direction of the influence did not match the initial assumption, and the significance value was more than 0.05.

This study aims to analyze the capital market reaction to the groundbreaking event of the new capital city (IKN) on the stock prices of property and construction sector companies listed on the Indonesia Stock Exchange (IDX). This research employs a quantitative approach using the event study method with an observation period of 11 days, consisting of 5 days before (t-5), the event day (t), and 5 days after (t+5) the event. The sample includes property and construction sector companies that were actively traded during the observation period. Data analysis was conducted using the Paired Sample t-test through SPSS to examine differences in Abnormal Return (AR), Cumulative Abnormal Return (CAR), and Trading Volume Activity (TVA) before and after the event. The results show that there is no significant difference in AR and TVA, but there is a significant difference in CAR, indicating that the market reacted cumulatively to the groundbreaking IKN information. These findings support the semi-strong form of market efficiency theory, suggesting that the market requires time to fully reflect information into stock prices.

Global trade has long been promoted as a driver of economic growth and international cooperation. The World Trade Organization (WTO), established to ensure fairness and stability in global trade, plays a central role in shaping trade relations among nations. However, concerns persist regarding its impact on developing countries. This study aims to examine how WTO policies influence economic inequality and structural dependency in developing economies. Using a qualitative research approach, this article integrates legal and economic perspectives to analyze relevant literature and assess the WTO's institutional mechanisms. The findings reveal that, although the WTO seeks to promote equitable trade, its policies tend to favor developed countries through liberalization and intellectual property regimes that restrict policy flexibility in developing nations. These mechanisms reinforce technological dependency, reduce competitiveness, and perpetuate unequal participation in global markets. The study concludes that without institutional reform, the WTO framework will continue to sustain global trade imbalances. This article proposes alternative solutions, including enhancing regional and South–South trade cooperation, promoting fair technology transfer, and reforming the WTO's decision-making structures. These measures could foster a more inclusive and balanced trading system that supports sustainable development in the Global South.

The execution of mortgage rights on land is a crucial element in the property security legal system in Indonesia, which allows creditors to obtain debt repayment if the debtor defaults. However, the implementation of parate executie as a non-litigious mechanism based on Law Number 4 of 1996 concerning Mortgage Rights has sparked constitutional debates, particularly regarding the debtor's right to fair legal protection. This study analyzes the legal considerations of the Constitutional Court in Decision No. 10/PUU-XIX/2021, which rejected the constitutional review of the mortgage execution norms, and evaluates the legal execution procedures post-decision. Using the normative legal research method, this article examines the approach of contractual freedom, the principle of justice, and the protection of property rights in the context of creditor-debtor relationships. The study results show that the Court views parate executie as constitutionally valid, as long as it is carried out with the principles of transparency, proportionality, and the availability of legal recourse for the debtor. Therefore, legal protection within the mortgage system is not eliminated, but must be implemented through accountable and just practices. These findings provide an important normative basis for policymakers and economic actors in ensuring that the execution of guarantees runs effectively while still upholding the constitutional rights of the parties involved.

This Community Service Program (PKM) was conducted to address work-related stress experienced by partner institutions amid economic uncertainty and rapid digital transformation, particularly in the era of artificial intelligence (AI). The main issues identified included role ambiguity, job insecurity, and increasing demands for competency adaptation, which contribute to psychological stress, emotional exhaustion, reduced well-being, and declining work effectiveness. To respond to these challenges, the implementation team organized educational activities in the form of seminars and interactive sharing sessions titled “Thriving at Work in the AI Era: The Dynamics of Work Stress.” The program aimed to enhance participants’ understanding, awareness, and skills in identifying sources of work stress and applying adaptive stress management strategies. A participatory education method was applied, beginning with a pre-test and concluding with a post-test to assess changes in participants’ knowledge. The results showed a notable improvement in understanding, as reflected by a decrease in incorrect responses from 27.2% to 10.8% and an increase in correct responses from 72.8% to 89.2%. The implementation process consisted of three stages: preparation (team coordination, partner needs analysis, material development, and technical preparation), implementation (delivery of materials and interactive discussions), and evaluation and reporting. The mandatory outputs of this program include a PKM report and the publication of an article in a community service journal. Additional outputs involve dissemination through mass media and the development of a booklet intended for Intellectual Property Rights (IPR) registration.

The rapid development of digital technology has driven the advancement of the gaming industry in Indonesia, including the emergence of local games such as DreadOut by Digital Happiness, which has gained international recognition. However, this success is accompanied by serious challenges in the form of piracy through illegal websites that harm copyright holders. This study aims to analyze the legal protection of the game DreadOut against piracy practices based on Law Number 28 of 2014 concerning Copyright. The method used is a normative juridical approach through statutory analysis and literature study. The findings show that DreadOut is a copyrighted work categorized as a video game and is legally protected. Nevertheless, law enforcement against piracy still faces various obstacles, such as the complaint-based offense system, low public awareness, and the ease of access to piracy sites. Therefore, stronger inter-agency cooperation, policy reforms to shift complaint-based offenses into ordinary offenses, and public education to increase respect for intellectual property rights are needed. Effective legal protection will support the growth of the local gaming industry and ensure the sustainability of Indonesian creative works in the digital era.

In the competitive property management industry, a company’s success depends not only on attracting new partners but also on retaining existing ones through strong brand loyalty. PT Bukit Vista Nusantara faces challenges in sustaining partner loyalty, as indicated by the high number of partners terminating their collaboration within a short period. This study aims to analyze the effect of service quality on brand loyalty, with brand trust serving as a mediating variable. A quantitative associative approach was employed involving 62 active partners who had collaborated with the company for more than one year, selected using purposive sampling. Data were collected through questionnaires and analyzed using path analysis and the Sobel test to assess mediation. The results show that service quality has a positive and significant effect on both brand trust and brand loyalty. Brand trust also significantly strengthens brand loyalty and mediates the relationship between service quality and brand loyalty. These findings underscore the importance of building brand trust to enhance long-term partner loyalty.

Cross-national marriages between Indonesian citizens and foreign nationals generate complex legal issues concerning land ownership and citizenship. The Basic Agrarian Law (UUPA) and Citizenship Law No. 12 of 2006 have yet to harmonize their provisions regarding property rights within mixed-nationality marriages. This study aims to analyze the interrelation between land law and citizenship in cross-national marriages and evaluate their legal certainty. The research employs a normative-empirical approach by reviewing statutory regulations, case law, and interviews with land officials. The findings reveal a normative conflict between the prohibition of land ownership by foreign nationals and the constitutional right of Indonesian citizens married to foreigners to acquire joint property rights. Such disharmony leads to legal uncertainty and potential violations of property rights. The study concludes that reforming Indonesia’s land and citizenship law is crucial to accommodate international marriage dynamics and ensure legal certainty for all citizens.

Micro, Small, and Medium Enterprises (MSMEs) in Indonesia often face challenges in protecting their Intellectual Property Rights (IPR), particularly due to limited understanding of trademark, copyright, and product design registration. This lack of legal awareness reduces competitiveness and increases the risk of ownership disputes. This Community Service Program aimed to enhance the legal knowledge and awareness of MSMEs regarding IPR through an interactive counseling activity in Bacang Subdistrict, Pangkal Pinang City. The method included material presentation, interactive discussions, IPR registration simulations, and evaluation using pre-test and post-test. The activity was attended by 25 participants from various business sectors. The results showed a significant improvement in participants’ understanding, as evidenced by the average pre-test score of 43.08 increasing to 77.08 in the post-test, representing a 79% improvement. Beyond knowledge enhancement, participants also demonstrated a shift in mindset, with the majority expressing a commitment to initiate IPR registration steps. These findings confirm that practice-based counseling combined with interactive discussions is effective in increasing MSME legal awareness and supporting the protection of intellectual assets through IPR mechanisms

This training supports the achievement of Sustainable Development Goals (SDGs), specifically SDG 4 (Quality Education), SDG 8 (Decent Work and Economic Growth), and SDG 12 (Responsible Consumption and Production). The community service activity follows the UNJ Community Service Strategic Plan (PPM Renstra) 2021–2025, focusing on education and environmental initiatives. A needs analysis conducted at SMAN 1 Muara Gembong, particularly in the school canteen, revealed that many food items sold lacked attention to health and hygiene, and did not optimize local food products. Based on this, training on personal hygiene education for the school community is needed to support school entrepreneurship programs. The training uses a practical approach integrated with digital technology through poster creation. Results showed that participants increased their awareness of health and hygiene, which improved the quality of their entrepreneurial products. The training included material on personal hygiene in entrepreneurship, with educational posters as the output. Evaluation was done using questionnaires, with data analyzed descriptively. Expected outcomes include the publication of an article, mass media exposure, YouTube video, partnership recognition, intellectual property rights registration, educational posters, and a profile of personal hygiene education for the school community in canteen management.