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This study aims to analyze how digital transparency, distribution validation, and personalized donor services simultaneously maintain donor trust and loyalty as strategies to mitigate liquidity risk and ensure program sustainability at LAZIS Alharomain Pare Kediri Branch. Using a qualitative descriptive–analytical approach, data were collected through in-depth interviews, observation, and documentation involving management, donors, and beneficiaries. The findings reveal a paradox between the increasing number of donors—from 5,644 in 2020 to 7,955 in 2023—and the financial deficit observed in key programs such as Infaq Sayangi Anak Yatim Dhuafa and Infaq Sahabat Sehat. To address this, the institution implemented three main strategies: real-time digital reporting via social media, multi-layered verification in fund distribution, and personalized communication with donors. These strategies form a trust–loyalty–participation cycle that strengthens program continuity. Theoretical analysis based on Trust Theory and liquidity risk management for zakat institutions shows that public trust functions as a form of social capital capable of compensating for short-term financial liquidity gaps. This study extends the discourse on Sustainable Islamic Philanthropy Governance by asserting that digital transparency serves as both an ethical and strategic instrument to uphold accountability and the sustainability of Islamic philanthropic institutions.

The increasing intensity of business competition requires companies to maintain strong financial conditions to avoid financial distress that may disrupt business continuity. This study aims to assess the financial stability and predict the potential bankruptcy of PT Sido Muncul Tbk for the 2022–2024 period using the Altman Z-Score model. A descriptive quantitative approach was applied, utilizing secondary data obtained from annual reports published by the Indonesia Stock Exchange and the company’s official website. Five key ratios in the Altman model were used as indicators to evaluate the company’s financial position and resilience. The results show Z-Score values of 4.74 in 2022, decreasing slightly to 4.66 in 2023, and rising again to 4.79 in 2024. These scores are significantly above the safe threshold of 2.675, indicating that the company is in a healthy financial state with a very low risk of bankruptcy. Overall, PT Sido Muncul Tbk demonstrates stable financial performance, supported by a strong capital structure and consistent operational results. The Altman Z-Score model also proves to be an effective early-warning tool for identifying potential financial problems.

This study aims to analyze the effectiveness of the zakat program in empowering Micro, Small, and Medium Enterprises (MSMEs) in Pasir Penyu District, Indragiri Hulu Regency. This study uses a descriptive qualitative approach with data collection techniques through interviews, observation, and documentation. Research informants consist of MSMEs who receive productive zakat and zakat managers. The results of the study indicate that the productive zakat program has a positive impact on MSME empowerment, especially in increasing business capital, business sustainability, and income stability of mustahik. In addition, the zakat program also encourages increased skills and motivation of MSMEs in managing their businesses. However, the effectiveness of the program still faces various obstacles, such as limited zakat funds, suboptimal business mentoring, and limited managerial capabilities and market access of MSMEs. The conclusion of this study shows that the productive zakat program in Pasir Penyu District, Indragiri Hulu Regency is quite effective in empowering MSMEs, but requires strengthening in terms of mentoring, program management, and business capacity development so that its impact is more optimal and sustainable.

This Community Service Program (PKM) aims to provide direct socialization and mentoring to Micro, Small, and Medium Enterprise (MSME) actors in Biring Ere Village to enhance the quality and sustainability of their businesses. MSMEs play a vital role in the village economy as drivers of local economic growth and employment. However, various obstacles such as limited access to capital, low quality of human resources, restricted market access, lack of product innovation, and weak business management remain major barriers. This community service activity was conducted through interactive socialization methods, skills training, direct mentoring, and focused group discussions involving MSME actors, village heads, village officials, and the general community. The materials presented included business development strategies, basic financial management, product marketing techniques, product innovation and diversification, and access to capital. The results demonstrated increased understanding among MSME actors regarding business development strategies, heightened motivation to innovate, formation of collaborative business groups, and enhanced awareness of the importance of sound business management. This program has had a significant impact on empowering the community's economy and strengthening the capacity of MSME actors in Biring Ere Village to face global economic challenges.

This study is entitled “The Ecofeminist Movement of Mollo Indigenous Women in Rejecting Marble Mining (study: Rejection of Marble Mining in Fatumnasi Village, South Central Timor Regency)” which aims to understand and analyze the ecofeminist movement carried out by Mollo indigenous women in rejecting marble mining activities in Fatumnasi Village. The presence of marble mining in the Mollo indigenous area has posed a threat to Environmental sustainability, water sources, and cultural values that have long been the identity of the community. Through a descriptive qualitative approach, this study describes the role and form of resistance of Mollo indigenous women based on the ecological relationship between women and nature. Data were obtained through in-diepah interviews, field observations, and documentation of the head of Fatumnasi Village, traditional women’s figures, religious figures, community leaders, and youth leaders. The results of the study indicate that the movement to reject marble mining is not merely a form of protest against environmental damage, but also a form of ecofeminist awareness that emphasizes that women’s bodies and the body of nature are an inseparable whole. This movement is expressed through various acts of resistance such as traditional rituals, weaving, demonstrations, and customary deliberations, each carrying symbolic meaning about the harmony between humans and nature. Based on Françoise d’Eaubonne’s theory of ecofeminism, the Mollo women’s movement reflects critical awareness toward patriarchal and capitalist systems that exploit both women and the environment. Thus, it can be concluded that the ecofeminist movement of Mollo indigenous women in rejecting marble mining is a form of women’s struggle to maintain environmental sustainability and maintain cultural identity through loclah wisdom practices.Ecofeminism, Mollo Indigenous Women, Marble Mining, Fatumnasi Village, Environment

This study aims to provide a comprehensive overview of the implementation of green finance and its relationship with the financial performance and profitability of banking institutions in Indonesia. Although sustainable finance policies have been continuously strengthened by regulators and stakeholders, the contribution of green financing to overall banking performance is still developing gradually, making it important to conduct a more focused and systematic analysis of its effectiveness. This research specifically aims to describe the application of green financing practices, assess financial performance conditions, and analyze bank profitability during the 2020–2024 period. The study employs a descriptive quantitative approach using secondary data on green financing distribution, financial performance indicators such as the Capital Adequacy Ratio (CAR), Non-Performing Loans (NPL), and Loan to Deposit Ratio (LDR), as well as profitability measured through Return on Assets (ROA). The findings indicate that the implementation of green finance has the potential to enhance long-term financial stability and improve profitability in the banking sector. This study implies that expanding green financing can serve as a relevant and sustainable business strategy for the banking industry while simultaneously supporting national sustainability and environmental development objectives.

The increasing poverty rate in West Bandung Regency has encouraged BAZNAS to introduce the Z-Mart programme, which provides business capital assistance as an effort to improve community income. The effectiveness of the programme is assessed based on its ability to achieve predetermined targets and comply with organisational regulations. This study adopts a quantitative approach, involving 151 mustahik as the population, with 61 mustahik selected as the sample to complete the questionnaire. The objective of this study is to evaluate the effectiveness of zakat fund distribution on mustahik income in the Z-Mart programme implemented by BAZNAS of West Bandung Regency. Data analysis using SPSS version 25.0 indicates that the independent variable (X) contributes 59.8 per cent, and that the effectiveness of zakat distribution has a significant effect on mustahik income (R-square = 0.357). Regression analysis reveals that a one-point increase in distribution effectiveness contributes to a positive increase of 0.814 points in mustahik income. The t-test results show that the calculated t-value (5.725) exceeds the critical t-value (1.671), indicating acceptance of the alternative hypothesis and rejection of the null hypothesis. Therefore, this study concludes that the distribution of zakat funds through the Z-Mart programme is effective in improving the income level of mustahik in BAZNAS of West Bandung Regency.

Education functions as a central pillar in shaping the quality of human capital, encompassing knowledge, skills, and health, and thus plays a significant role in influencing Indonesia’s Human Development Index (HDI). This study employs a qualitative literature review by examining key theoretical frameworks in the economics of education, such as Becker’s Human Capital Theory and Schultz’s investment model, supported by relevant national empirical data. The findings indicate a very strong relationship between education and HDI improvement. This is reflected in a correlation coefficient of 0.943 between education expenditure and Indonesia’s HDI during the 2004–2023 period. The results suggest that an increase in education spending of IDR 1 trillion has the potential to raise the HDI by approximately 0.002 points. These findings confirm that investment in education not only enhances the quality of human resources but also directly contributes to sustainable national development. Despite the positive trend and the achievement of an HDI score of 75.02 in 2024, several challenges persist, particularly regional disparities, unequal access to education, and quality gaps between urban and rural areas. Therefore, more inclusive education policies, equitable access, and strengthened vocational education and training are essential to ensure that the benefits of human capital development are distributed evenly across all regions of Indonesia.

This study aims to analyze the impact of business combinations through acquisition on the financial performance of PT Sarana Menara Nusantara Tbk. The research employs a descriptive quantitative approach, focusing on the acquiring firm in the Indonesian telecommunications infrastructure sector. The data used are secondary data obtained from the company’s annual financial statements for the period 2019–2023, sourced from the Indonesia Stock Exchange and the company’s official website. Financial performance is analyzed using Return on Assets (ROA), Return on Equity (ROE), Net Profit Margin (NPM), and Debt to Equity Ratio (DER) by comparing the periods before, during, and after the acquisition conducted in 2021. The results indicate that the acquisition exerted short-term pressure on asset efficiency and profitability, as reflected by the decline in ROA and NPM in the year of acquisition. However, in the post-acquisition period, the company demonstrated an improvement in operational performance, particularly in Net Profit Margin, suggesting that the economic benefits of the business combination gradually materialized. Meanwhile, fluctuations in ROE and DER reflect adjustments in the capital structure following the acquisition. These findings suggest that the success of an acquisition cannot be evaluated solely based on short-term financial performance but requires continuous assessment to capture its medium- and long-term effects. This study provides practical implications for management in formulating post-acquisition integration strategies and contributes empirically to the accounting and finance literature on business combinations in Indonesia.

This research investigates the effect of fundamental factors, namely the current ratio, debt to equity ratio, and return on equity on stock returns of mining firms listed on the Indonesia Stock Exchange (IDX) during 2021–2023. The research highlights the utility of understanding a firm’s financial performance in guiding investment selection within the capital market. Although the mining industry contributes significantly to Indonesia’s economy, stock movements in this sector are often subject to uncertainty due to market fluctuations and commodity price volatility. This research utilizes secondary data from annual financial statements and stock price records of 51 IDX-listed mining companies over the study period. Panel data regression, combined with descriptive and quantitative statistical techniques, was employed using E-Views 12 software. The findings reveal that stock returns are significantly influenced by the current ratio, debt to equity ratio, and return on equity. These results provide useful insights for investors, financial analysts, and corporate management by emphasizing the function of fundamental indicators in assessing stock performance, particularly within the mining sector.

This research explores the development of a participatory governance model for community based waste management systems, aiming to enhance both legal compliance and public social welfare outcomes. Community based waste management (CBWM) plays a critical role in addressing environmental and health challenges, yet its success is often hindered by weak governance structures, limited community involvement, and insufficient regulatory frameworks. The study introduces a governance model that integrates local community participation into decision making processes, encouraging ownership and responsibility among residents. The primary goal is to improve compliance with environmental regulations while promoting social welfare by fostering better public health and community cohesion. A review of literature highlights key theories of participatory governance, focusing on its ability to enhance legal adherence and increase social equity. Previous studies on CBWM demonstrate the potential of community involvement in overcoming barriers to legal compliance, such as weak enforcement and fragmented governance. However, challenges like inadequate infrastructure, socio economic factors, and cultural habits still impede full participation and compliance. The study utilizes a mixed methods approach, including stakeholder analysis, participatory workshops, and regulatory compliance assessments, to evaluate the effectiveness of the model. The results show that communities involved in participatory governance exhibit higher compliance with waste management laws, improved sanitation, and healthier living conditions. Furthermore, the model fosters social capital and community empowerment, contributing to long term sustainability. In comparison to centralized waste management systems, the participatory approach is found to be more adaptable, accountable, and socially accepted. While the model presents several benefits, challenges such as infrastructure limitations and cultural barriers remain. Future research should further investigate how to address these challenges, particularly through technological integration and cross sector collaborations, to ensure the scalability and sustainability of the participatory governance model.

In the context of Indonesia's post-pandemic financial market dynamics, investment and financing decisions often face challenges of cash flow uncertainty and capital cost volatility, requiring a Profitability Index (PI) and Weighted Average Cost of Capital (WACC) perspective to ensure optimal resource allocation to maximize company value. This study aims to analyze the effectiveness of investment and financing decisions through the integration of PI and WACC based on a synthesis of the latest literature. A descriptive qualitative approach was used through a literature study with secondary data from financial journals and textbooks from 2021-2025, collected from Google Scholar and university repositories, then analyzed thematically with data reduction, presentation, and literature triangulation to interpret the PI, IRR, and WACC indicators. The results show that PI is consistently >1 (ratio of 1.15-1.45) and IRR > WACC (average of 10-12%), confirming the feasibility of 70% of manufacturing projects, while WACC of 9.8% from the optimal capital structure (debt ratio of 40-50%) supports an effective tax shield, despite being constrained by multiple IRRs, conflicting metric rankings, and BI interest rate fluctuations that increase implicit costs by up to 15%. It can be concluded that PI-WACC integration increases theoretical profitability by 12% through precise allocation, but is limited by the generalization of secondary data; a hybrid model with mixed-method validation is recommended for the non-manufacturing sector in emerging markets.

Modern society faces multidimensional complexities, ranging from spiritual crises and technological disruption to social inequality. Muslims, with their theological and intellectual capital, are often perceived as suboptimal in responding to these challenges contextually and applicatively. This article aims to analyze the fundamental problems faced by Muslims in formulating answers to the problems of modern society and to explore the strategic role of Islamic higher education institutions, specifically the Muhammadiyah University of Malaysia (UMAM), in bridging this gap. This research uses a qualitative approach with a case study method at UMAM. Data was collected through literature study, observation, and structured interviews with academics and policymakers at UMAM. The findings indicate that the main problems lie in: (1) the dichotomy between naqli and aqli sciences, (2) a static approach to religious texts, and (3) a lack of integrative and innovative solution models. UMAM strives to address these issues through three main strategies: integration of knowledge in the curriculum, problem-based research, and empowering community engagement. This article concludes that UMAM has the potential to become a model social laboratory of Islam that combines the Muhammadiyah renewal ethos with the Malaysian socio-cultural context to produce relevant, humanist, and rahmatan lil 'alamin solutions.

This study investigates Indonesia’s long-term economic transformation across four pivotal eras: the colonial period, the Old Order, the New Order, and the Reformasi era. Employing a descriptive qualitative design with historical analysis, the research elucidates how political transitions, institutional reforms, and global dynamics have interacted to shape the nation's economic architecture. Results indicate that colonial legacies entrenched deep structural inequalities and a dualistic economy, creating a path dependency that continued to influence policy direction after independence. During the Old Order, efforts to assert economic sovereignty were constrained by macroeconomic instability, limited state capacity, and shifting political coalitions. The New Order marked a turning point toward industrialization, macroeconomic stabilization, and openness to foreign investment, generating high growth but also deepening inequality and dependence on external capital. Entering the Reformasi era, decentralization, democratization of governance, and fiscal transparency reshaped institutional frameworks; however, persistent challenges such as regional disparities, productivity gaps, and vulnerability to global shocks remain evident. The study concludes that Indonesia’s economic evolution is non-linear, shaped by historical constraints and gradual institutional adaptation rather than abrupt shifts. Strengthening governance, enhancing domestic industrial competitiveness, and expanding inclusive development policies are essential strategies for supporting long-term resilience. These findings highlight the importance of continuity in policy reform to achieve sustainable growth and to realize the national vision of Indonesia Emas 2045.

This study aims to analyze the factors determining the growth of Micro, Small, and Medium Enterprises (MSMEs) in Indonesia through a literature review approach. MSMEs make a significant contribution to the national economy, but their growth still faces various structural barriers. Based on the results of the literature review, it was found that access to capital, human resource quality, managerial capacity, innovation, digitalization, marketing strategies, and government policies are the main factors influencing MSME growth. Limited capital and low financial literacy are dominant obstacles that hinder business expansion. Furthermore, weak managerial capacity and digital competency prevent many MSMEs from optimally exploiting market opportunities. Innovation and the use of digital technology have been proven to increase efficiency and marketing reach, but the adoption rate remains low. External factors such as government regulations, simplified licensing, and support from empowerment programs also play a significant role in creating a conducive business climate. This study emphasizes that MSME development requires a comprehensive approach that integrates internal aspects of business actors and structural government support. The research results are expected to serve as a reference for academics, policymakers, and MSME actors in formulating more effective development strategies.

This study analyzes the contribution of the nighttime economy to the development of micro, small, and medium enterprises (MSMEs) in Pekanbaru City, particularly the culinary sector, which dominates nighttime economic activity. This research is motivated by the increasing public consumption at night, which shapes urban economic dynamics and requires effective public governance. The research method uses a qualitative approach through literature review and in-depth interviews with nighttime MSMEs to describe business conditions and governance challenges. The analysis is based on Adam Smith's Theory of Economic Growth, emphasizing capital accumulation, population growth, and technological advancement. The results show that nighttime economic activity generates high levels of consumption, which increases MSME income and enables capital accumulation for business development and product quality improvement. Urban population growth and the use of digital technology, including social media, delivery services, and digital payment systems, contribute to expanding market reach and improving business efficiency. However, MSME development in the nighttime economy remains constrained by limited access to capital, inadequate public infrastructure, and regulatory uncertainty. This study emphasizes the need for integrated local government policies.

This study analyzes the economic phenomenon known as the "Purbaya Effect" in the Indonesian capital market during the second half of 2025. This phenomenon is characterized by a significant surge in the Jakarta Composite Index (IHSG), which broke the All-Time High (ATH) record 21 times within four months following the appointment of Purbaya Yudhi Sadewa as Minister of Finance. Using a mixed-methods approach combining quantitative market data analysis and qualitative policy review, this research finds that the "Purbaya Effect" is driven by aggressive liquidity injection policies (Rp 200 trillion), institutional trust built during his tenure at LPS, and strong narrative economics. However, this study also identifies significant risks related to exchange rate volatility and potential economic overheating. The findings suggest that while the "Purbaya Effect" successfully restored short-term investor confidence, long-term sustainability depends on the balance between growth acceleration and macroeconomic stability.

Micro, Small, and Medium Enterprises (MSMEs) play a vital role in Indonesia’s economy, especially in Bantul Regency, where they significantly contribute to the Gross Regional Product(GRDP) and job creation. Despite a rise in MSMEs numbers from 2021 to 2024, their long-term viability is hindered by issues like insufficient funding, inadequate accounting skills, and underutilization of e-commerce platforms. This research investigates how businesses, accounting knowledge, and e-commerce adoption impact MSME sustainability in Bantul Regency. Employing a quantitative method, it collected primary data via questionnaires from 100 MSME operators selected through purposive sampling. Analysis involved multiple linear regression. Findings indicated that business capital had no significant influence on sustainability, while accounting knowledge and e-commerce use positively and significantly boosted it. The R2 value of 29% show that these factors collectively explain 29% of MSME sustainability variance, with the remaining 71% attributed to external variables. The study highlights the need to enchane accounting education and digital tools to boost MSME competitiveness and resilience.

This study aims to analyze the role of innovation in enhancing the competitiveness of Micro, Small, and Medium Enterprises (MSMEs) in Medan City. The research employs a qualitative approach through direct interviews with several MSME owners from various business sectors. The results reveal that innovation plays a significant role in strengthening business competitiveness through product development, digital marketing strategies, and improvements in production processes. Product innovation among MSMEs includes changes in design, quality enhancement, and product diversification based on market demand. Meanwhile, marketing innovation is achieved through the utilization of social media and digital platforms to expand market reach and improve customer engagement. However, MSME actors still face challenges such as limited capital, low digital literacy, and lack of access to training and mentorship. Therefore, collaboration between business actors, government, and supporting institutions is essential to build a sustainable innovation ecosystem that strengthens the competitiveness of MSMEs in the digital era.

This study is titled Analysis of the Incumbent's Defeat in the 2024 Regional Head Election in East Flores Regency (A Study of Antonius Hubertus Gege Hadjon's Defeat in East Adonara District), with the aim of analyzing the factors that led to the defeat of incumbent Antonius Hubertus Gege Hadjon in the 2024 Pilkada. This study uses Pierre Bourdieu’s political modality theory, including political, social, economic, and cultural capital. A qualitative approach with a descriptive method is employed, and data is collected through interviews with subjects consisting of the incumbent candidate, a religious leader, a youth leader, a community leader, two party representatives, and the success team. The study focuses on the support base in East Adonara District. The results of the study indicate that the incumbent's defeat was caused by the weakening of political capital, especially due to the vacancy in the regent’s position for two and a half years, which strengthened the opponent's position. This caused stagnation in public services and a decrease in the intensity of local government communication. In addition to these structural factors, weak internal party consolidation and public sentiment about uneven development also contributed to the defeat, indicating the incumbent's failure to manage his political capital amidst the dynamics of governance.