Publication Search

This qualitative literature review synthesizes contemporary research on how dual-class share structures shape agency costs, voting divergence, and corporate governance outcomes. The review finds that disproportionate voting rights increase managerial entrenchment risks and weaken shareholder oversight, thereby amplifying agency costs across diverse institutional settings. However, governance safeguards particularly time bound and event-based sunset clauses emerge as effective mechanisms for moderating the long-term risks of control disproportionality. While dual class firms may benefit from strategic insulation that fosters innovation and long-term value creation, the absence of sunset provisions is consistently associated with reduced firm valuation, diminished accountability, and persistent divergence between control and ownership. Overall, this synthesis highlights that dual-class structures are not universally harmful, but their sustainability depends on the presence of robust governance constraints designed to restore alignment over time.

The development of digital technology has significantly changed the way students interact and present themselves in social life, especially through social media such as Instagram, TikTok, and Twitter. One of the emerging social phenomena is flexing, which refers to the behavior of showing off lifestyle, achievements, or ownership to gain attention and social recognition. This study aims to analyze how Sociology students of Sriwijaya University interpret flexing on social media and whether flexing is more dominant as a lifestyle or as a form of social pressure. This research uses a qualitative method with a literature review approach by examining various scientific articles, journals, and previous studies related to flexing, self-presentation, symbolic consumption, social validation, and Fear of Missing Out (FoMO). The results show that flexing is not only a form of self-presentation and symbolic consumption, but also a response to social pressure in the digital environment.

The purpose of this study is to examine the effect of Good Corporate Governance (GCG), financial performance, and Earning Per Share (EPS) on firm value. The object of this research consists of state-owned enterprises (SOEs) listed on the Indonesia Stock Exchange during the period of 2021–2024. This study employs a quantitative approach using secondary data in the form of annual financial statements as the primary source. The sample was selected using purposive sampling based on predetermined criteria, ensuring that only companies with complete data and consistent reporting were included in the analysis. The independent variables analyzed include the audit committee, independent commissioners, institutional ownership, Return on Assets (ROA), and Earning Per Share (EPS). Multiple linear regression analysis was used to process the data in this study, allowing the researchers to examine the simultaneous and partial effects of the variables on firm value. The findings indicate that firm value is significantly influenced by financial performance, particularly ROA, highlighting the importance of operational efficiency and profitability in enhancing shareholder wealth. While certain GCG variables such as institutional ownership showed positive influence, other elements like audit committees and independent commissioners produced mixed results, suggesting that governance mechanisms may have varying effects depending on organizational context. Meanwhile, EPS demonstrated inconsistent results in relation to firm value, implying that market perceptions of earnings may not fully capture the impact on overall firm valuation. This study provides insights for policymakers, investors, and corporate managers on the relative importance of governance and financial indicators in value creation for state-owned enterprises.

The management of nonformal education programs increasingly demands socially grounded approaches capable of fostering inclusivity, sustainability, and community empowerment. This study aims to analyze the concept and implementation of social-based management within nonformal education systems, emphasizing participatory governance, social capital, and collaborative learning as strategic components of effective program administration. Employing a qualitative narrative review methodology, this research synthesizes empirical and conceptual findings from peer-reviewed studies published between 2018 and 2025 to identify dominant themes, theoretical orientations, and emerging innovations in the field. The results reveal that social-based management strengthens institutional accountability,enhances program sustainability, and promotes shared ownership among community stakeholders. The integration of participatory management and social capital theories provides a conceptual foundation for improving nonformal education governance through collaboration, trust networks, and local knowledge mobilization. The study contributes theoretically by refining the framework of participatory educational management, and practically by offering guidance for policymakers and practitioners in designing community-driven education programs. These findings underscore the importance of socially embedded governance as a pathway toward inclusive, adaptive, and transformative nonformal education.

Indonesia's increasing economic growth has intensified competition in the business world, particularly in the Indonesian banking sector, from conventional to sharia-compliant. Furthermore, the entry of foreign banks has made business activities in Indonesia increasingly complex. The stock market is a crucial source of funding for companies. Publicly listed companies can increase their funding sources by selling ownership in the capital market. Dividends are the distribution of company earnings to shareholders in the form of cash, assets, or other forms. Dividend policy is a policy for sharing company profits with shareholders, which is announced in the form of dividends and retained earnings for the benefit of company growth. The proportion of dividends distributed to shareholders depends on the company's profitability and dividend policy. The percentage of profits distributed to shareholders in the form of dividends is called the Dividend Payout Ratio.Differences in calculations in determining financial ratios in banking companies are an interesting focus in this study. The study results show quite significant results between financial ratios and managers' decisions in making dividend policy decisions. In the future, the results of this study are expected to be a consideration and reference for investors who want to enter the world of investment, especially in the banking sector.

This study examines the comparison between litigation and Alternative Dispute Resolution (ADR) in resolving business conflicts in Indonesia. The increasingly complex nature of business activities has led to a variety of conflicts, such as breach of contract, share ownership disputes, and payment issues, which require efficient resolution methods that provide legal certainty. This study aims to explore the characteristics, procedures, advantages, and disadvantages of dispute resolution through litigation and ADR, which include negotiation, mediation, conciliation, and arbitration. The method applied is normative juridical, drawing on legislation, legal doctrine, and relevant literature. The research findings indicate that litigation offers stronger legal certainty through binding court decisions and organized procedures, but is often time-consuming, expensive, and produces win-lose outcomes. On the other hand, ADR offers flexibility, confidentiality, efficiency, and the opportunity to reach mutually beneficial solutions, although in some situations it requires court confirmation for enforcement. Therefore, the choice of dispute resolution method needs to be adjusted to the nature of the conflict, the relationship between the parties, and the need for legal certainty.

This study investigates the determinants of dividend payout policy in energy sector firms listed on the Indonesia Stock Exchange during the 2020–2024 period. Dividend policy is a critical issue in emerging markets, especially in capital-intensive industries with high investment needs and earnings volatility. The research examines whether profitability and ownership structure—specifically institutional and managerial ownership—significantly influence dividend payout decisions, considering firm characteristics. The study analyzes the effect of profitability, institutional ownership, and managerial ownership on the dividend payout ratio, while controlling for firm size and leverage. A quantitative approach is used, employing pooled ordinary least squares (OLS) regression on 245 firm-year observations. Dividend payout ratio is measured as dividend per share divided by earnings per share, profitability is proxied by return on equity, and ownership variables are expressed as shareholding proportions. Descriptive analysis and classical assumption tests precede hypothesis testing. The results show that profitability positively and significantly affects dividend payout, suggesting that firms with better financial performance tend to distribute higher dividends. Firm size also positively influences dividend policy, while leverage negatively impacts it, reflecting the role of financial capacity and capital structure. However, institutional and managerial ownership do not show significant effects on dividend payout decisions. The findings indicate that dividend policy in Indonesian energy firms is primarily driven by financial performance and structural characteristics rather than ownership-based governance mechanisms. This study offers sector-specific evidence that refines agency and signaling perspectives on dividend policy in emerging markets, with practical implications for managers, investors, and regulators.

This study examines the implications of the micro-shopping phenomenon and omnichannel integration for market structure and competitive dynamics in Indonesia’s retail sector from an industrial organization perspective. The transformation of modern retail is characterized by a shift toward small-value, high-frequency transactions alongside increasing integration between physical stores and digital channels. Employing a descriptive-analytical approach, this study utilizes secondary data on market shares and the number of retail outlets operated by major firms during the 2022–2024 period. Market structure is assessed through market share distribution, outlet ownership ratios, the four-firm concentration ratio (CR4), and the Herfindahl–Hirschman Index (HHI). The results indicate that Indonesia’s retail market exhibits a highly concentrated, network-based oligopolistic structure. The dominance of large retail firms is reflected not only in their substantial market shares but also in their dense outlet networks, which enable the aggregation of dispersed micro-shopping transactions. Furthermore, omnichannel integration reinforces these structural advantages by enhancing logistical coordination and distribution efficiency. Overall, the findings suggest an increasing tendency toward market consolidation and a declining competitive space for small and traditional retailers, highlighting important implications for competition policy and the long-term sustainability of retail market structure.

Share trading in limited liability companies that does not comply with the procedures for transferring share ownership under the Company Law may lead to legal disputes, particularly unpaid share transactions. This study examines the annulment of share sales by the court to protect the seller’s interests when the buyer defaults, based on Article 1320 of the Indonesian Civil Code. The case analyzed is District Court Decision No. 6 K/Pdt.G/2017. Legal protection for sellers includes clauses concerning legal subjects and objects, price, payment methods, share transfer, and dispute resolution in accordance with Articles 1457 and 1513 of the Civil Code. Using a normative juridical method with statutory, conceptual, analytical, and case approaches, the study concludes that default in share sale agreements may nullify ownership rights. Therefore, strict sanctions and legal remedies through the court are essential to safeguard shareholders’ rights.

This study empirically examines the effects of ownership structure, including managerial, institutional, and public ownership, on tax avoidance practices, using profitability as a moderating variable. The population in this study consists of manufacturing companies listed on the Indonesia Stock Exchange (IDX), from which a sample was selected using purposive sampling. A total of 330 observations were collected from 110 manufacturing companies for the period 2022–2024. The variables were tested using multiple linear regression in EViews 12. This study expands on previous research by using profitability as a moderating variable that can influence the relationship between ownership structure and tax avoidance. The results show that institutional ownership has a negative and significant effect on tax avoidance practices. An increase in institutional share ownership can reduce tax avoidance practices. Meanwhile, managerial and public ownership do not affect tax avoidance practices. In the moderation test, profitability strengthened the effect of managerial and institutional ownership on tax avoidance. Still, it did not moderate the impact between public ownership and tax avoidance.

This study investigates the implementation of the food security program and the establishment of independent economic pillars in Patempuran Village, Kalisat, Jember, by focusing on the central role of the Patempuran Sejahtera Village-Owned Enterprise (BUMDes). Using a qualitative approach with a case study design, this study explores the strategies, achievements, and challenges of program implementation in integrating two of the village's main agricultural potentials: soybean cultivation and livestock. The core finding is the formation of an Integrative Management Model in which the BUMDes acts as the primary institutional driver, synergizing the soybean and livestock sectors. The BUMDes successfully fulfills its dual function: as an economic institution (generating a net profit of approximately IDR 9 million from 1.8 hectares of soybean cultivation) and as a social institution empowering the community through job creation and additional income. This success is closely linked to the high level of active community participation, in line with Stakeholder Theory in strengthening legitimacy and a sense of shared ownership. However, implementation faces significant challenges, including irrigation constraints in hilly areas, livestock health risks, and a manual financial recording system (based on a simple Excel spreadsheet), which limits managerial capacity and full accountability. This study recommends immediate modernization of the accounting system, strategic investment in irrigation infrastructure, and strengthening intensive technical assistance to ensure long-term sustainability and equitable partner productivity.

This study aims to analyze the effect of institutional ownership and firm size on auditdelay with audit quality as a moderating variable in 54 mining companies listed on the Indonesia Stock Exchange during the 2021–2024 period. Using a quantitative approach with panel regression analysis, The audit delay is calculated using the number of days between the end of the financial year and issuance date of the audited financial statements; Institutionelles Eigentum is calculated by percentage institutional shareholding; firm size by the natural logarithm of total assets; and audit quality is proxied by the reputation of the Public Accounting Firm (Big Four and Non-Big Four). The results show that institutional ownership has no effect on audit delay, firm size has a negative effect on audit delay, and audit quality weakens the negative effect of both institutional ownership and firm size on audit delay. These findings highlight the need for companies and auditors to reconsider the effectiveness of monitoring mechanisms and audit quality to achieve more optimal audit completion.

This community service program was designed to empower residents of RW 06 Kalibaru, North Jakarta, by transforming local organic waste—such as sawdust and seashells—into a high-value commodity: oyster mushrooms. The training began with a needs assessment to ensure the relevance of the materials, followed by the application of the Adult Education (POD) approach, integrating theoretical and practical learning. The theoretical sessions provided participants with insights into economic prospects, nutritional benefits, and business opportunities, while the practical sessions developed technical skills in substrate preparation, sterilization, inoculation, and mushroom maintenance. The program was reinforced through participatory discussions, demonstrations, and simulations to ensure effective skill transfer. Monitoring and evaluation were conducted via Focus Group Discussions, and continuous mentoring was carried out through field visits, online communication, and the formation of farmer groups as collaborative platforms. As a result, participants demonstrated a significant improvement in knowledge and technical skills, accompanied by greater awareness of the economic potential of previously discarded waste. This initiative not only serves as an innovative solution to environmental problems but also acts as a catalyst for the application of the circular economy, creating micro-enterprise opportunities and strengthening community economic independence. The synergy between universities, the local community, and industry partners is a key factor in sustaining the program, with recommendations for expanding training on product diversification, marketing strategies, and policy support to accelerate business development. Additionally, the success of the program has opened new avenues for sustainable entrepreneurship, particularly in communities with limited resources. The involvement of local stakeholders—such as community leaders and small businesses—has been instrumental in fostering a sense of ownership and shared responsibility for the program's success. The use of organic waste as a resource for mushroom cultivation also aligns with broader environmental goals, such as reducing waste and promoting sustainable practices.

This study aims to analyze and determine how managerial ownership, firm size, leverage, and capital structure affect financial performance in insurance companies listed on the Indonesia Stock Exchange from 2019 to 2022. The study focused on 15 companies that met the sample criteria and were deemed representative of the Indonesian insurance industry during that period. The data used in this study were sourced from officially published company financial reports. Furthermore, the data was processed using Microsoft Excel 2018 and SPSS version 25 software to ensure accurate analysis results. The analysis method used was multiple linear regression, as it is considered appropriate for testing the influence of more than one independent variable on the dependent variable. This approach allows the researchers to identify whether each independent variable has a significant effect on financial performance when tested simultaneously. The results showed consistent findings across all variables. First, managerial ownership has a positive and significant effect on financial performance. This indicates that the higher the managerial ownership, the better the alignment of interests between managers and shareholders, leading to improved financial outcomes. Second, company size also has a positive and significant effect on financial performance, meaning the larger the company, the better the performance. Furthermore, leverage has been shown to have a positive and significant effect on financial performance. This suggests that optimal use of debt can enhance company performance by providing additional resources for growth. Finally, capital structure also has a positive and significant effect on financial performance, indicating that the right combination of debt and equity can increase company value. Overall, the findings highlight the importance of financial and managerial decisions in shaping the performance of insurance companies in Indonesia during the observed period.

The concept of company value is critical for investors as it reflects the potential growth, profitability, and long-term sustainability of a business. Company value is a critical factor that guides investment decisions, as it embodies both tangible and intangible factors that contribute to the firm’s success. The factors that influence company value include Good Corporate Governance (GCG), which refers to the practices that ensure a company’s management is held accountable, transparent, and efficient. It also includes profitability metrics, such as Return on Assets (ROA) and Return on Equity (ROE), which indicate how well a company is performing in generating profits from its assets and equity. This study aimed to analyze how GCG and profitability influence company value, specifically in the infrastructure sector of Indonesia, listed on the Indonesia Stock Exchange (IDX). By using multiple linear regression analysis with data collected from 8 companies between 2020 and 2024, the research uncovered some insightful findings. It was found that the presence of Independent Commissioners, as part of GCG, had a positive and significant effect on company value. This highlights the importance of having independent oversight to ensure that the company operates in the best interests of its shareholders. In contrast, Institutional Ownership had no significant impact on company value, which might suggest that larger institutional investors do not always influence the company’s strategic direction in a way that directly affects value. Additionally, profitability, as measured by ROA and ROE, had significant effects on company value. ROA negatively influenced company value, which may indicate that companies with higher assets do not always perform better in terms of profitability, possibly due to inefficiencies. However, ROE had a positive influence on company value, suggesting that companies that efficiently use equity to generate profits are viewed more favorably by investors.  

This study aims to examine the effect of Thin Capitalization, Sales Growth, and Capital Intensity on Tax Avoidance, with Institutional Ownership as a moderating variable in coal sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. The background of this study is based on the importance of tax management as a company efficiency strategy, while maintaining compliance with tax regulations. The coal industry was chosen because of its capital-intensive characteristics, fluctuating sales growth rates, and the tendency of companies to engage in aggressive tax planning. The research method uses a quantitative approach with a purposive sampling technique, resulting in 50 company samples during the observation period. Data were analyzed using multiple linear regression with the help of E-Views 13 software to test the direct relationship between variables, and Moderated Regression Analysis (MRA) to test the role of Institutional Ownership as a moderating variable. The results show that Thin Capitalization has no significant effect on Tax Avoidance, which indicates that high debt ratios are not always utilized by companies to reduce tax burdens. Capital Intensity also had no significant effect on Tax Avoidance, indicating that the size of fixed asset investments does not directly influence tax avoidance practices. Conversely, Sales Growth had a significant positive effect on Tax Avoidance, indicating that high sales growth tends to encourage companies to optimize tax-saving strategies. Furthermore, the results of the moderation test revealed that Institutional Ownership did not moderate the relationship between Thin Capitalization, Sales Growth, or Capital Intensity on Tax Avoidance. This finding suggests that the supervisory role of institutional shareholders is ineffective in limiting or influencing tax avoidance strategies in coal companies. This research provides implications for regulators and investors to consider non-financial factors and governance mechanisms in efforts to control tax avoidance practices in strategic sectors like coal.

The objective of this mentoring activity is to increase the capacity of swimming pool managers, particularly in strengthening management and sustainable management strategies. With this increased capacity, it is hoped that Tirta Arum Swimming Pool can develop into a valuable village asset, both economically and socially. The swimming pool will not only provide a source of income for the village but also serve as a means of recreation, education, and social interaction for the surrounding community. The method used in this mentoring activity is Participatory Rural Appraisal (PRA), an approach that emphasizes active community participation in every stage of the planning process, decision-making, and program implementation. PRA enables village communities, including Tirta Arum Village-Owned Enterprise (BUMDes) managers, to analyze their environmental conditions, identify problems, and design contextual and sustainable solutions. This approach is implemented through structured mentoring, education, and training activities. Direct community involvement aims to foster a sense of ownership and responsibility for swimming pool management. In addition, with training tailored to local needs, managers are expected to be able to apply effective management principles, from planning and financial management to customer service and promotional strategies. Thus, the results of this activity are not only temporary improvements, but also long-term empowerment that contributes to the independence and business aspirations of the Village-Owned Enterprise (BUMDes). Through the PRA method, this activity not only provides an immediate solution to swimming pool management problems but also increases the independence of the community and managers in developing and operating the business sustainably. This increased community participation is expected to foster a sense of ownership (a sense of belonging) towards the swimming pool as a shared property.

This study aims to explore and understand the impact of various internal corporate governance and financial structure variables on firm value, specifically within the context of the Indonesian banking sector. The variables examined include company size, capital structure, managerial ownership, institutional ownership, and the presence of independent commissioners. The study focuses on companies listed on the Indonesia Stock Exchange during the period from 2022 to 2024. A quantitative research approach was employed, using purposive sampling to select banking firms that met the criteria for analysis. The data were analyzed using multiple linear regression to determine the individual and simultaneous influence of each variable on firm value. The empirical findings reveal that company size does not have a significant effect on firm value, indicating that larger asset bases or broader operations are not necessarily associated with higher market valuation in the banking sector. Conversely, capital structure—reflected by the proportion of debt to equity—has a positive and significant effect, suggesting that leverage, when managed efficiently, enhances firm value. Meanwhile, managerial ownership does not show a notable contribution to firm value, implying that insider ownership may not always align with shareholder interests. On the other hand, institutional ownership exerts a positive and significant influence, indicating that the presence of large, professional investors can enhance oversight and value creation. Finally, the presence of independent commissioners does not significantly impact firm value. Overall, the results highlight that, although not all governance variables have a direct individual influence, the five variables studied jointly have a significant effect on firm value. These findings have implications for corporate governance practices and financial decision-making in the banking sector, especially in emerging markets such as Indonesia.

This study aims to examine the relationship between a company's value (firm value) and three key variables: environmental performance, capital structure, and management ownership. The research focuses on companies listed on the Indonesia Stock Exchange during the period from 2022 to 2024. The objective is to understand how these internal and external factors contribute to shaping a company’s market valuation and overall financial health. Using a panel data regression analysis with a fixed effect model, the study provides empirical evidence based on secondary data drawn from company financial reports and sustainability disclosures. The results indicate that capital structure, measured by the proportion of debt to equity, has a significant negative impact on firm value. In contrast, both environmental performance and the proportion of shares owned by management have a positive and significant effect on firm value. These findings suggest that while excessive debt may erode investor confidence and reduce a firm's valuation, strong environmental commitments and management ownership foster positive perceptions in the eyes of stakeholders, including investors and customers. Theoretically, this research supports stakeholder and agency theories by highlighting how internal governance and ethical responsibility play a role in corporate success. Pragmatically, the results offer important insights for companies, especially in emerging markets like Indonesia, to align sustainability and ownership strategies with financial management to boost firm value. Companies are encouraged to optimize their capital structures, strengthen their environmental reporting practices, and promote management ownership as a way to align interests and enhance long-term performance. Overall, this study contributes to the literature on corporate governance and sustainability by providing current, context-specific evidence relevant to stakeholders in the Indonesian capital market.

This research examines the legal protection available to communities affected by land acquisition for public interest development in Indonesia. Although governed primarily by Law No. 2 of 2012 and updated through Law No. 6 of 2023, many legal ambiguities remain, especially regarding the fairness of compensation and the recognition of informal or uncertified land rights. The objective of this study is to critically evaluate the adequacy of these legal frameworks and identify gaps that undermine justice for affected populations. Employing a normative-juridical method, the research conducts doctrinal analysis, comparative law review (with cases from Malaysia and India), and stakeholder consultation to assess both the text and implementation of relevant laws. The study finds that key legal concepts such as “fair and appropriate compensation” remain undefined in statute, leading to inconsistent application across regions. Furthermore, compensation mechanisms such as share ownership and resettlement are inadequately regulated and poorly implemented. The findings emphasize the disparity between normative intent and administrative reality, particularly for holders of uncertified land. By integrating stakeholder feedback with normative evaluation, the research proposes actionable reforms to strengthen legal protection and uphold constitutional guarantees under Article 28H. In conclusion, while Indonesia has made progress in establishing a framework for public interest land acquisition, significant doctrinal and institutional reforms are required to ensure equitable outcomes for all landholders.