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This study aims to analyze the financial distress condition of PT Garuda Indonesia (Persero) Tbk during the period 2015–2024 using the Springate and Grover models. The research employs a quantitative descriptive approach with secondary data obtained from the company’s annual financial statements. Financial distress analysis is conducted by calculating financial ratios included in each model to describe the company’s financial condition over the observation period. The results indicate that PT Garuda Indonesia (Persero) Tbk experienced financial distress during several periods, particularly before and during the COVID-19 pandemic, which was reflected in weakened liquidity, declining profitability, and reduced efficiency in asset utilization. However, following the financial restructuring process after 2021, both the Springate and Grover models show an improvement in the company’s financial condition, indicating a transition toward a more stable non-distress status. Although the Springate and Grover models use different financial indicators and classification approaches, both are able to descriptively capture the dynamics of financial distress experienced by the company. The differences in classification results reflect the distinct focus of each model, where the Springate model is more sensitive to liquidity and operational performance, while the Grover model emphasizes asset profitability. Therefore, the combined use of both models provides a more comprehensive overview of the financial distress condition of PT Garuda Indonesia (Persero) Tbk during the research period.

The restructuring of Indonesian state-owned enterprises (SOEs) and their subsidiaries following the establishment of Danantara has generated new organizational demands, particularly regarding employees’ psychological preparedness for change. This article develops a quantitative research framework to examine the effects of change communication, transformational leadership, job insecurity, and organizational culture on employees’ readiness for change, with perceived organizational support serving as a moderating variable. The study is designed as an explanatory survey targeting employees of PT Krakatau Steel subsidiaries affected by restructuring. Data are intended to be collected using a five-point Likert-scale questionnaire and analyzed through partial least squares structural equation modeling (PLS-SEM). The article proposes that change communication, transformational leadership, and organizational culture positively influence readiness for change, whereas job insecurity exerts a negative effect. In addition, perceived organizational support is expected to strengthen the positive effects of change communication, transformational leadership, and organizational culture while attenuating the negative effect of job insecurity. The article contributes to the organizational behavior literature by offering a contextually grounded framework for understanding employee responses to restructuring in SOE subsidiaries. It further highlights the strategic importance of organizational support in sustaining employees’ readiness to navigate changes in governance, work systems, and organizational direction.

The digital transformation of public administration represents a critical pathway toward modernizing governance, enhancing service delivery, and improving transparency in Indonesian government agencies. This study examines the current state of digital transformation initiatives across various levels of government in Indonesia, identifying key challenges and opportunities in implementing digital technologies within bureaucratic structures. Through a convergent parallel mixed-methods design combining surveys of 245 government officials from 32 agencies and in-depth interviews with 28 digital transformation leaders, this research reveals that while Indonesian government agencies have made significant progress, substantial barriers remain including limited digital infrastructure in remote regions, resistance to organizational change, insufficient digital literacy among civil servants, and inadequate legal frameworks. The overall mean maturity score was 2.87 (SD = 0.74), placing the average agency in the 'developing' category, with only 6% reaching the 'optimizing' level. The study identifies critical success factors: strong leadership commitment (β = 0.38, p < 0.001), citizen-centric design, comprehensive change management, and effective public-private partnerships. Findings indicate that successful digital transformation requires not merely technological adoption but fundamental organizational restructuring and cultural shifts toward data-driven decision-making and collaborative governance. Policy recommendations address digital infrastructure investment, human capital development, governance reform, and shared platform utilization. This research contributes to theoretical understanding of digital government in developing nations and provides practical guidance for policymakers navigating the complexities of public sector digitalization.

The phenomenon of moral degradation and the increase in negative activities among children during the crucial hours between dusk and evening have become serious challenges for the community in Ujung Negeri Kahan Village. This community service research aims to evaluate and optimize the role of the "Maghrib Mengaji" program as a preventive instrument to shield children from unhealthy environmental influences and gadget dependency. The method employed in this service is participatory mentoring using the Asset-Based Community Development (ABCD) approach, involving religious leaders, parents, and village officials. Through the restructuring of activities in mosques and prayer rooms, this program focuses not only on Qur'anic literacy but also on the cultivation of noble character (akhlakul karimah). The results indicate a significant transformation in behavior; children who previously engaged in counterproductive outdoor activities are now more focused on positive spiritual and social endeavors. The success of the program is indicated by a decrease in the intensity of nighttime wandering and an increase in learning discipline. The conclusion of this activity confirms that community synergy through structured religious programs is effective in reducing the potential for juvenile delinquency and strengthening the moral resilience of the younger generation at the rural level.

This study aims to analyze the effectiveness of market governance and the implementation of affirmative policies for Indigenous Papuan traders (OAP) at the Sorong City Central Market in 2026. Using a mixed methods approach with a sequential explanatory design, quantitative data were collected through a survey of 90 OAP trader respondents, followed by in-depth interviews with key informants from government elements and community leaders. The study results show a high level of trader dissatisfaction (58.7%), particularly regarding trade zoning and price protection. Qualitative findings reveal that affirmative policies remain administrative in nature and fail to address spatial marginalization, placing OAP traders in low-accessibility areas. This study recommends restructuring market zoning to be more equitable, standardizing local commodity prices, and digitizing trader data to ensure that Special Autonomy policies are on target. By addressing these core issues, it is hoped that the market environment in Sorong City will be more inclusive and supportive of OAP traders, fostering economic empowerment in line with the goals of Special Autonomy.

This study examines innovative strategies to strengthen institutional and technological aspects of implementing the e-market retribution system to enhance transparency and accountability in Blitar Regency, East Java, Indonesia. The research employs a qualitative case study approach, utilising in-depth interviews with key informants from the Department of Trade, market managers, traders, and stakeholders, along with secondary data from official documents. The theoretical framework integrates New Public Management, Technology Acceptance Model, and Good Governance principles. Findings reveal that e-market retribution implementation faces both opportunities and challenges in institutional strengthening and technology adoption. Innovative strategies developed include: institutional restructuring through clear role division; capacity-building programs for human resources; technological integration through QRIS digital payment systems; stakeholder engagement through participatory approaches; and monitoring and evaluation mechanisms to ensure accountability. The study concludes that successful implementation requires a comprehensive approach combining institutional strengthening, technological readiness, and stakeholder collaboration. This research contributes to the literature on digital transformation in local government revenue management and provides practical recommendations for regions implementing similar innovations

This study analyzes the implementation of the murabahah contract in resolving Non-Performing Financing (NPF) for micro-enterprises through collateral auction at the Bank Syariah Indonesia (BSI) Ahmad Yani Branch Office, Area Bandung Raya. The primary objective is to analyze the conformity of the auction process with comprehensive Sharia principles (fiqih muamalah), particularly focusing on the final stage of debt resolution. Employing a qualitative-descriptive method, data was gathered through literature review and direct interviews with personnel from the bank's collection and recovery department. The findings indicate that the NPF resolution procedure is conducted systematically and ethically, beginning with warnings, mediation, and intensive restructuring efforts, such as rescheduling and reconditioning, in line with the spirit of ta'awun and Fatwa DSN MUI No. 48/2005. The auction is only performed as a final, likuidatif resort when the customer is non-cooperative or entirely unable to pay after all 3R attempts have failed. Crucially, the process generally aligns with positive regulations and Sharia provisions, including the transparent process of Muzayyadah through KPKNL. Key aspects of Sharia compliance include the bank's commitment to returning any surplus funds from the collateral sale directly to the customer, thereby avoiding ghulul (fraudulent gain), and the provision of the option to waive the remaining debt for customers deemed genuinely unable to fulfill their obligations, in line with Fatwa DSN MUI No 47/DSN-MUI/II/2005. This research provides practical insights for Islamic financial institutions on balancing effectiveness in debt resolution with the imperative of comprehensive Sharia compliance and ethical transactional justice.

Business entities often face bankruptcy risks due to various factors, including accounting errors, limited experience, or small-cap transactions. The COVID-19 pandemic exacerbated financial conditions for many companies, such as PT Garuda Indonesia (Persero) Tbk., which experienced a significant revenue decline. Additionally, individuals may face bankruptcy due to reasons like job termination or business failures. The primary cause of bankruptcy lies in the imbalance between debt and income, often worsened by poor financial planning. Government regulations can help mitigate bankruptcy risks, such as through health insurance and credit restrictions. The bankruptcy process aims to provide fair resolutions between debtors and creditors while safeguarding public interests. Bankruptcy can also offer debtors the opportunity to restructure their debt, maintain economic stability, and prevent social loss. In practice, bankruptcy involves the management of the debtor's assets by a trustee and the proportional distribution of proceeds to creditors. The application of freedom of contract and legal certainty principles in debtor-creditor relationships is crucial to ensuring a transparent, efficient, and equitable process.

This study aims to analyze the financial risk of PT Smartfren Telecom Tbk during the 2014–2023 period, focusing on both short-term and long-term liquidity aspects. The analysis employs financial ratios as measurement tools to assess the company’s financial stability and its ability to fulfill financial obligations within their respective time frames. The ratios used include the current ratio, quick ratio, interest coverage ratio, and cash flow-to-debt ratio. The results indicate that the company faces significant challenges in maintaining short-term liquidity, as reflected in the consistently low values of the current and quick ratios throughout the observation period. This condition suggests a limited ability of the company to meet its short-term obligations using available assets. In terms of long-term liquidity, although there are efforts to strengthen the capital structure, the company still encounters difficulties in meeting its long-term debt obligations. This is evident from the low interest coverage ratio and cash flow-to-debt ratio. Therefore, improving operational efficiency, implementing more effective cash management, and undertaking financial restructuring are essential measures to strengthen the company’s liquidity position sustainably.

Batam City is a national strategic area that has played a significant role in Indonesia's economic growth since the 1970s. Through its Free Trade Zone (FTZ) policy, Batam has successfully attracted significant investment and developed into an export-oriented trading center. However, the implementation of regional autonomy has created institutional dualism between the Batam City Government and the Batam Business Entity (BP Batam), resulting in overlapping authority, regulatory uncertainty, and a decline in regional economic competitiveness. This study aims to analyze regional development policy strategies that align with the vision of the Batam City Long-Term Regional Development Plan (RPJPD) 2025–2045. This study uses a descriptive qualitative approach with data collection techniques through document studies, secondary data, and interviews with key stakeholders. The results indicate that institutional restructuring is an urgent need to eliminate overlapping authority between the central and regional governments. In addition, harmonization of central and regional regulations, strengthening infrastructure, and improving the quality of human resources are strategic steps in Batam's transition from an FTZ to a Special Economic Zone (KEK). To achieve Batam's successful development in the future, inclusive multi-stakeholder collaboration and governance that adapts to global dynamics are needed. A policy strategy based on synergy, regulatory efficiency, and resource readiness is believed to be able to support the achievement of sustainable economic transformation in accordance with the region's long-term vision.

Capital structure is a strategic decision made by companies in determining the combination of debt and equity financing. Financial market dynamics can influence companies' strategies for obtaining financing for expansion, operations, or financial restructuring. Companies have the flexibility to determine when and how to obtain financing by considering market conditions, a practice known as market timing. This study aims to examine the impact of market timing on capital structure and to determine the persistent long-term effects of market timing. The research focuses on non-financial companies that conducted an initial public offering (IPO) in 2020-2021, with a population of 105 companies. A purposive sampling technique was employed, using specific criteria, resulting in a sample of 65 companies. The data used are secondary data analyzed using multiple linear regression with panel data. The results indicate that market timing, measured by the market-to-book ratio, has a significant negative impact on capital structure. The study also shows that market timing, does not have a persistent impact on capital structure in the long term. Companies tend to take advantage of momentum when stock valuations are high by conducting initial public offerings, while in the long term, companies tend to make adjustments, so the impact of market timing does not last long.

The development of information and communication technology has led to major disruption in the mass media industry. Digitalization has not only changed the way information is produced and distributed, but also influenced the organizational structure, business model, and overall media management strategy. This study aims to analyze the forms of mass media management transformation in responding to changes in the modern communication landscape. Using a qualitative approach and case study method in two mass media in Indonesia, data was obtained through literature studies and observations. The results of the study indicate that the mass media are restructuring their organizations by forming digital divisions, implementing revenue diversification strategies, and utilizing digital technology in content production and distribution. In addition, it was also found that the media faces serious challenges such as the digital competency gap, algorithmic pressure, and ethical dilemmas related to journalistic professionalism. This transformation requires media management to be adaptive, data-based, and to maintain the principles of journalistic ethics in the decision-making process. This study contributes to the development of media management theory and offers practical recommendations for industry players in facing the increasingly complex digital communication ecosystem.

Interpretation of debt-to-equity swap provisions for goods purchase transactions as stipulated in the Financial Services Authority Regulation (POJK) Number 14/POJK.04/2019 concerning Affiliated Transactions and Conflicts of Interest in Certain Transactions. The principle of openness and fairness in transactions between affiliated parties, including in the context of debt-to-equity swaps. However, this provision does not explicitly regulate the conversion of debt arising from goods purchase transactions, thus creating room for legal interpretation regarding whether business debt from operational activities can be converted into equity participation through the issuance of new shares. This study aims to analyze the implementation of debt-to-equity conversion as a financial restructuring strategy, with a focus on legal certainty and protection of public shareholders based on POJK 14/2019. The study uses a normative legal approach with the method of statutory regulations and case studies on PT SLJ Global Tbk. The results of the study indicate that PT SLJ Global Tbk has complied with the formal procedures of POJK 14/2019, including information disclosure, GMS approval, and unaffiliated creditor criteria. However, the conversion of business debt creates legal ambiguity due to the lack of clarity as to whether the debt meets the definition of “loan” in POJK 14/2019. In addition, the dilution of public shares by 34.32% without adequate protection mechanisms indicates a lack of legal certainty. The study recommends normative interpretation and strengthening of regulations to ensure fairness and legal certainty in the practice of debt conversion. Keywords: ; ; ; ; 

According to BPS data, in 2024, the poverty rate in Siak Regency reached 5.08% of a total population of 487.67 thousand. Family poverty is a major challenge in Indone-sia’s social development. As the official institution managing zakat, BAZNAS plays a strategic role in alleviating poverty. However, the current zakat regulations do not ful-ly support a family-based approach to zakat distribution. This study aims to formu-late a legislative reconstruction model for BAZNAS based on the Maqasid Syariah, ensuring that zakat distribution is more equitable, effective, and has a systemic impact on the welfare of poor families. Employing a qualitative normative approach and Maqasid Syariah theory, the study finds that the restructuring of BAZNAS regula-tions should emphasize the dimensions of protection for religion (din), soul (nafs), intellect ('aql), lineage (nasl), and wealth (mal), with the family as the fundamental unit of society. Family poverty is not merely a matter of economic incapacity; it also encompasses the failure to meet basic needs related to education, health, and social protection. Religious institutions like BAZNAS possess a constitutional and reli-gious mandate to manage zakat professionally. However, the current management and legislation of zakat have not been holistically oriented towards the sustainable empowerment of poor families. Within the framework of Maqasid Syariah, zakat is not only an obligatory act of worship but also a socio-economic instrument designed to safeguard five essential components: religion, soul, intellect, lineage, and wealth. Therefore, it is imperative to reconstruct zakat regulations in a manner that is attuned to contemporary needs and capable of addressing the challenges of family-based poverty.

This study aims to analyze the marketing strategies, operational mechanisms, and key challenges faced by the Multipurpose Cooperative (KSU) BONA MANDIRI JAYA. A qualitative research approach was employed, utilizing in-depth interviews, direct observation, and document analysis as data collection methods. The results show that the cooperative adopts a direct marketing strategy targeting underserved and remote areas, combined with a personalized approach in monitoring its clients. Despite its growth, the cooperative encounters several challenges, including limited capital, low member financial literacy, non-performing loans, and the need to adapt to digital transformation. To overcome these obstacles, the cooperative implements credit restructuring policies and intensive field monitoring. The study recommends strengthening institutional capacity and adopting digital systems to enhance the sustainability and efficiency of cooperative operations.

Physical modification of starch using microwave heat treatment (MHT) technology serves as an efficient and environmentally friendly alternative to enhance the functional properties of starch without chemical additives. This article aims to examine the influence of microwave power and heating duration on the swelling power and solubility of various starch types, including tapioca, taro, sago, and lotus rhizome. A review of four studies revealed that power and time parameters significantly affect the crystalline structure of starch granules, resulting in either enhancement or reduction of their functional properties. High power or prolonged heating may decrease swelling power due to crystal restructuring and granule disruption, while solubility increases as a result of amylose and amylopectin degradation. MHT has proven to accelerate the heating process in a volumetric and efficient manner, improving water absorption capacity and viscosity. Despite its drawback of uneven heat distribution, this method remains relevant as a physical modification technique aligned with green processing principles in the food industry.

This study looks at bad debt resolution strategies and their effect on the financial performance of Semerbak Citra Wangon Saving and Loan Cooperative (KSP) using the SPACE Matrix technique. The financial stability of cooperatives is severely threatened by bad debts, which can reduce liquidity and profitability. The four main dimensions of the SPACE Matrix approach - industry strength (IS), environmental stability (ES), competitive advantage (CA), and financial strength (FS) - were used to evaluate the cooperative's strategic position. The conclusion of the analysis, which places the cooperative in the aggressive quadrant (coordinates 5.00, 2.67), indicates that the cooperative has significant internal strengths and outward growth potential. Some recommended strategies include improved market segmentation, longer loan periods, liability restructuring, and lower interest rates. These strategies are expected to improve the cooperative's long-term financial stability and reduce the likelihood of bad debts.

Labor law in Indonesia prioritizes the protection of workers as a primary focus in industrial relations. This protection becomes highly relevant in the context of termination of employment (PHK), particularly in cases where PHK is carried out on the grounds of corporate spin offs. This study aims to analyze the company’s responsibility in fulfilling workers' rights and the legal measures that can be taken to ensure workers' welfare in accordance with Government Regulation No. 35 of 2021. The research method employs a normative juridical approach with descriptive-analytical review of primary documents, such as labor-related legislation, and secondary documents related to the PHK process. The analysis reveals that PHK conducted by a company on the basis of a spin off lacks a strong legal foundation if it contradicts the principles of legal certainty and worker protection as stipulated in applicable regulations. In the event that PHK is still carried out, the company is obligated to provide full compensation to workers, including severance pay, service appreciation pay, and rights replacement as outlined in PP 35/2021. Furthermore, workers are advised to pursue their rights through non-litigation, litigation at the Industrial Relations Court, or administrative measures in a step-by-step manner. The implication of these findings underscores the importance of enforcing labor laws to protect workers' rights during corporate restructuring.  

The issue of adolescent anxiety has become a serious concern as it can hinder their psychological, social, and academic development. One approach that can be used in group counseling is Cognitive Behavioral Therapy (CBT). This study aims to examine the effectiveness of applying Cognitive Behavioral Therapy (CBT) in group counseling to address adolescent anxiety. The research uses a literature review method, focusing on the results of Cognitive Behavioral Therapy (CBT) interventions in a group setting. The findings indicate that Cognitive Behavioral Therapy (CBT) is effective in reducing social anxiety, academic stress, and deviant behaviors. Techniques such as thought stopping, self-talk, and cognitive restructuring have proven to help change negative thought patterns into more adaptive or positive ones. In conclusion, group counseling based on Cognitive Behavioral Therapy (CBT) is an effective approach in helping adolescents manage anxiety in a healthy and productive way.    

This study aims to analyze credit management strategies in reducing non-performing loans (NPL) at PT. BPR Ambulu Dhanaartha in Jember Regency. This study uses a descriptive method with a qualitative approach. Data collection was carried out through direct interviews with the bank, observation, and documentation studies from various relevant sources. The results of the study indicate that PT. BPR Ambulu Dhanaartha implements credit management strategies through the stages of planning, organizing, implementing, and monitoring. The factors causing non-performing loans come from internal aspects, such as credit analysis errors, as well as external factors, such as economic conditions and disasters. The handling strategies implemented include restructuring, rescheduling, and confiscation of collateral. By implementing strict credit analysis, structured credit policies, periodic supervision, and effective collection strategies, PT. BPR Ambulu Dhanaartha is able to minimize the risk of non-performing loans and maintain its operational stability.