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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 analyzes the effectiveness of using BNI Bank’s QRIS in improving transaction convenience and efficiency at the canteen of Universitas 17 Agustus 1945 (UNTAG) Surabaya. The research was conducted by a team led by Ida Ayu Nuh Kartini, S.E., M.M., together with students of the Management Study Program, during November–December 2025. The rapid development of digital banking has encouraged the adoption of QRIS as a standardized non-cash payment system regulated by Bank Indonesia. This study aims to examine the level of QRIS BNI utilization, assess ease of use (application access and QR code scanning), and evaluate transaction efficiency, including time savings, queue reduction, and error minimization. A descriptive quantitative approach was employed using a survey method with a five-point Likert scale questionnaire distributed to 36 respondents consisting of students, lecturers, and administrative staff who had used QRIS at the canteen. Primary data were analyzed descriptively using averages and percentages, supported by relevant literature. The results show that QRIS is perceived as highly effective, with scores above 90% for ease of use (95%), transaction speed (92.78%), reduction of change-related issues (97.78%), support for digitalization (97.22%), and security (91.11%). The main limitation identified is dependence on internet connectivity (85%). Overall, respondents strongly support the full implementation of non-cash payment systems at the campus canteen.

Financial management, both in public and private organizations, is highly vulnerable to fraud and misappropriation of funds. The risk of fraud in financial reporting not only jeopardizes an organization's long-term financial health but also damages the reputation and trust of stakeholders. Professional ethics and integrity are key factors in ensuring good, efficient, and effective financial governance. Weak internalization of professional ethical values ​​among financial practitioners, such as manipulation of financial reports and unauthorized use of official funds, is often a major cause of misappropriation of funds. These cases can significantly harm an organization, as seen in violations of codes of ethics in various large companies. Therefore, strengthening professional ethics in financial management practices is crucial to prevent misappropriation of funds, fraud, or financial manipulation. A strong internal control system, coupled with a good ethical culture, can play a significant role in preventing and detecting these conditions. This study aims to identify factors that support and hinder the implementation of professional ethics in financial management and provide recommendations for improving integrity and accountability in fund management. It is hoped that the results of this study will help organizations strengthen governance, increase transparency, and reduce the risk of fraud through better implementation of professional ethics.

Strategically, the professional code of ethics serves as the foundation of accountability and a key tool for building and maintaining public trust in tax practitioners and accountants. The code of ethics serves as a guideline for maintaining integrity, objectivity, independence, and professional responsibility in every task amid the increasingly complex and competitive dynamics of the business world. The purpose of this study is to examine how the regular application of a professional code of ethics is essential to improving the quality of financial reporting and tax compliance, while preventing malpractice and conflicts of interest. Professional ethical principles and their implementation in the workplace are discussed through a conceptual approach. The results of the study show that compliance with the code of ethics can increase public trust and enhance the credibility of the profession. However, in order for the accounting and tax practitioner professions to remain relevant, professional, and trusted by the public, it is necessary to internalize ethical values to counterbalance economic pressures, client needs, and advances in digital technology.

The right to immunity for advocates is an important instrument to ensure that advocates can practice their profession freely, especially in defending clients' interests in court, without being disturbed by legal threats. However, this right is not absolute and can be lost if the advocate violates the code of ethics or harms the dignity of the court, as in the case of Razman Arif Nasution, which raised questions about the balance between professional protection and ethical responsibility. This paper aims to examine the limits of the right to immunity for advocates in the context of violations of professional ethics, as well as explore its legal implications for the disciplinary mechanisms of advocate organizations. The method used is normative juridical, with a statute approach and a case study approach. The study findings indicate that advocate protection must still be linked to compliance with professional ethics, so that in practice disciplinary mechanisms have a strategic role in upholding professionalism.

Physical violence against journalists remains a serious threat that hinders the functioning of democracy in Indonesia. Law Number 40 of 1999 concerning the Press explicitly guarantees legal protection for journalists through Articles 8 and 9, which emphasize freedom from censorship and the right to seek and disseminate information. However, criminal law enforcement against perpetrators of physical violence has not been optimal, leading to a culture of impunity. This study uses a normative juridical approach by analyzing the Press Law regulations, the provisions of the Criminal Code on assault (Articles 351-355), as well as the theoretical basis of Satjipto Rahardjo's preventive-repressive legal protection and Moeljatno's law enforcement principles. The results of the study indicate a significant gap between strong legal norms and weak enforcement practices,  characterized by the dominance of mediation by the Press Council and a culture of impunity for perpetrators, often involving state apparatus. According to AJI reports from 2020-2025, there have been 84 to 89 cases annually, with only 15-20% processed criminally. The main obstacles include a lack of coordination between institutions, minimal awareness of law enforcement officials, victims' reluctance to report due to social pressure and fear of reprisals, and institutional solidarity among perpetrators. This impunity not only traumatizes journalists but also induces self-censorship, reduces investigative journalism quality, and weakens democratic checks and balances. Recommendations include revising the Press Law for stricter sanctions, enhancing law enforcement training, and establishing independent investigation teams under Komnas HAM to combat impunity effectively. 

The pluralistic development of Indonesian national law creates a dynamic relationship between national civil law and customary law, including in the context of resolving inheritance disputes in Chinese families who adhere to patrilineal traditions. Supreme Court Decision No. 1204 K/Pdt/2024 shows that there is a tension between legal certainty under the Civil Code and substantive justice originating from living law. This research aims to analyze the judge's interpretation of family documents as a basis for inheritance rejection, inheritance sharing mechanisms that ignore Chinese customary norms, and their implications for legal pluralism in Indonesia. The method used is normative juridical with a case study approach and a descriptive-analytical legislative approach, using literature studies of primary, secondary and tertiary legal materials. The results showed that the ruling applied neither the Civil Code nor the principle of Chinese customary inheritance consistently. The family declaration on which the judge relied was not actually a refusal of inheritance, but an internal agreement granting authority to the testator. Moreover, the distribution of inheritance carried out is not in accordance with the principle of patrilineal custom which places the eldest son as the recipient of the largest share. This finding shows the weak application of legal pluralism (weak legal pluralism) and reveals the gap between das sollen and das sein, so it is necessary to strengthen the role of judges in exploring the traditional values that live in society.

The development of information technology has given rise to a new form of business transaction: the electronic contract. This contract form replaces the traditional process that requires a physical meeting between the parties. However, questions arise regarding the validity of e-contracts from the perspective of Indonesian civil law, specifically based on Article 1320 of the Indonesian Civil Code (KUHPerdata) and the provisions of Law Number 11 of 2008 concerning Electronic Information and Transactions (UU ITE). This research aims to analyze the validity of electronic contracts as legally binding agreements and to assess the extent to which the ITE Law can serve as their legal basis. Using a normative juridical legal research method, the research results show that e-contracts are valid and binding as long as they meet the requirements for the validity of an agreement under Article 1320 of the Civil Code, namely consent, capacity, a specific object, and a lawful cause. The ITE Law expands the recognition of electronic evidence and digital signatures as valid evidence in civil law. Thus, electronic contracts have the same legal force as conventional contracts, as long as they meet the principles of free will and the integrity of a reliable electronic system.

Pepper is currently not only used to meet daily needs but also as an export commodity. Indonesian pepper exports generate foreign exchange for the country. Currently, international competition for pepper exports is increasingly fierce. An evaluation of the level of market competition and the structure of the pepper market at the international level is necessary. The methods used to analyze the level of competition concentration and market structure are the Concentration Ratio of Biggest Four (CR4) and the Herfindahl-Hirschman Index (HHI). The types of pepper discussed in this study are white pepper with HS code 090411 and black pepper with HS code 090412. The results obtained indicate that both black and white pepper tend to be in an oligopoly market structure with a relatively high level of competition. Such market conditions are a distinct advantage for Indonesia, as there are not too many competitors while buyers or enthusiasts are quite high. A striking difference occurs in the international black pepper trade. In the black pepper trade, Indonesia is not classified as a country with the largest market share.

Digital payment systems have become one of the main innovations in financial transformation. Over the past few years, these systems have gained significant traction and are now at the forefront of reshaping financial landscapes globally. Currently, digital payment systems have changed global transactions by slowly replacing the transaction patterns of societies that were previously dominated by conventional transactions, offering more efficiency, security, and accessibility. This transformation is closely related to the development of fintech, which has given rise to instruments in the form of electronic money and blockchain technology. These advancements have not only changed the way payments are made but also enabled the inclusion of previously underserved populations in the financial ecosystem. This study uses a bibliometric approach to analyze scientific publications, with the main sources coming from Scopus using the keywords “digital payment systems,” “electronic money,” and “fintech.” By utilizing Biblioshiny in the VOSviewer application, this study aims to examine publication trends, contributions from various countries, institutions involved, and thematic connections between topics. In conclusion, this study contributes to expanding the understanding of the development of digital payment systems, while also presenting a global research map that can be used as a reference for academics, researchers, and policymakers involved in financial innovation.

In social life, buying and selling are fundamental mechanisms for transferring rights, beginning with an agreement. According to Articles 1313 and 1338 of the Indonesian Civil Code, agreements are legally binding acts with the force of law for the parties involved. One high-value transaction is the sale and purchase of apartment units, which involves developers as sellers. In practice, developers often fail to deliver units within the agreed timeframe. This study examines (1) the developer’s responsibility toward buyers when units are not delivered and (2) the legal protection available for buyers under such circumstances. The research applies Hans Kelsen’s Theory of Responsibility and Satjipto Rahardjo’s Theory of Legal Protection, using a normative juridical method based on library research. Primary, secondary, and tertiary legal materials were analyzed through statutory, conceptual, analytical, and case approaches, employing grammatical and systematic interpretation, legal analogy, and legal refinement. Findings reveal that developers are primarily responsible for delivering fully paid units. Failure to fulfill this obligation, due to breach of contract or negligence, triggers legal liability in the form of performance or compensation. Legal protection for buyers ensures their rights are safeguarded, and even in cases of developer negligence or bankruptcy, consumers are legally entitled to receive the apartment units they have purchased.

The enactment of Law Number 1 of 2023 concerning the Criminal Code brought fundamental changes to the regulation of the crime of adultery in Indonesia. The expansion of the scope of criminalization, including regulations regarding extramarital relationships, has given rise to debate regarding its compliance with the principles of the formation of laws and regulations and its impact on criminal law enforcement. This study aims to analyze the provisions of the adultery article in the new Criminal Code from the perspective of the principles of the formation of laws and regulations and assess its implications for the effectiveness of the criminal justice system. This study uses a normative legal research method with a legislative and conceptual approach. Legal materials were obtained through literature studies and analyzed qualitatively and juridically. The results show that the regulation of the crime of adultery in the new Criminal Code has a clear normative purpose, but still leaves issues regarding the clarity of formulation, legal certainty, and potential human rights violations. Furthermore, the application of the adultery article has the potential to create obstacles in law enforcement practices, particularly related to evidence, caseload, and the legitimacy of the criminal justice system. Therefore, further evaluation is needed to ensure that these regulations align with the principles of sound legislative development and ensure legal justice.

The purpose of this study is to analyze the settlement of criminal cases on the liability of parents for negligence that results in minors becoming perpetrators of traffic accidents. This type of research is normative legal research with a statutory approach, a case approach and a conceptual approach. The analysis used in this study is a descriptive analysis. has not explicitly regulated the criminal liability of parents for accidents committed by children, although Civil Code Article 1367 has provided a basis for civil liability, and the new Criminal Code through Article 37 opens up opportunities for the application of the principle of vicarious liability. This study recommends the need to reconstruct the Indonesian criminal law regulation which explicitly establishes a model of parental criminal responsibility based on the principle of vicarious liability and the principle of Radbruch legal certainty, without overriding the principle of child protection in the SPPA Law.

This study examines the critical role of expert opinions from the Ministry of Energy and Mineral Resources (ESDM) during the investigation phase in uncovering gold mining without permit (PETI) crimes under Article 120 of the Indonesian Criminal Procedure Code (KUHAP) in West Kalimantan. The research employs a normative-empirical approach, analyzing legal provisions, government reports, and judicial practices to assess how ESDM experts contribute to establishing the material truth of PETI cases. Findings reveal that expert opinions are indispensable for verifying the absence of permits, assessing environmental damage, and quantifying state losses, thereby strengthening evidentiary frameworks for prosecutors and judges. However, challenges persist, including coordination gaps between law enforcement and ESDM, insufficient technical capacity among investigators, and potential threats to expert independence. The study concludes that optimizing the use of ESDM expertise is not merely procedural but strategic for effective, accountable, and just enforcement against PETI, which remains a significant threat to national resource sovereignty and environmental sustainability.

Indonesia’s civil dispute resolution system remains dominated by an adversarial litigation model that prioritizes legal certainty but often neglects the relational and emotional dimensions underlying conflicts. Yet, in many cases such as family, inheritance, or neighborhood disputes the restoration of social relationships is as crucial as formal legal resolution. This study explores the potential integration of restorative justice principles into Indonesia’s civil procedural law as an alternative approach centered on dialogue, accountability, and reconciliation. Employing a normative-juridical approach and qualitative analysis of primary and secondary legal sources, the research finds that restorative justice values align not only with Indonesia’s living law traditions such as musyawarah (deliberative consensus) and customary dispute resolution but also with existing provisions in civil procedure codes. Accordingly, the study proposes the Structured Restorative Mediation (SRM) Model, a procedural framework that embeds restorative principles into both court-annexed and community-based mediation. This model prioritizes relational healing while upholding legal certainty and procedural fairness. Its successful implementation requires regulatory support, enhanced mediator training, and institutional strengthening of community-based dispute resolution bodies. Thus, integrating restorative justice is not merely an innovation but a structural necessity for a more humane, inclusive, and holistically just legal system.

This study aims to examine the analysis of unilateral contract termination. The method used in this study is normative juridical. The approaches used in this study are the statutory approach and the conceptual approach. The results of this study indicate that the provisions for contract termination as stipulated in Article 1338 paragraph (2) of the Civil Code should not override the provisions of Article 1266 of the Civil Code, which governs the conditions for annulment in reciprocal agreements. Termination clauses in contracts are generally unilateral, disregarding the provisions of Article 1266 of the Civil Code. The Civil Code does not explicitly regulate the distinction between damages resulting from breach of contract and damages resulting from unlawful acts. Therefore, what is needed is a clear understanding of the concept of contract termination, so that in the future there will be regulations that provide legal certainty to the parties involved.

Posyandu (Integrated Health Post) is a public health facility that plays a vital role in providing health services for toddlers and pregnant women. However, data management and reporting often face challenges, such as limited access to information and errors in data recording. Therefore, this study aims to develop a Web-Based Posyandu Payolaumbu Service Information System using the CodeIgniter Framework to improve efficiency and accuracy in data management and reporting. In the development phase, a system requirements analysis and web-based application architecture design were conducted. The system implementation uses the CodeIgniter Framework as a framework to produce a faster, more efficient, and more reliable application. Proposed features include recording health data for toddlers and pregnant women, immunization schedules, weighing, and health reports. The results show that the Web-Based Posyandu Payolaumbu Service Information System can improve efficiency in recording and reporting health data. Users, including posyandu officers, midwives, and administrators, can easily access and manipulate data in real-time. Furthermore, this system helps improve service quality by providing more accurate and complete information on toddler health. In conclusion, the implementation of the Web-Based Posyandu Payolaumbu Service Information System using the CodeIgniter Framework provides significant benefits for data management and health services at Posyandu Payolaumbu. Suggestions for further development include maximizing system utilization, developing additional features, routine maintenance, and ongoing evaluation based on user feedback. With these steps, it is hoped that this system can contribute more effectively to improving the quality of health services at Posyandu and supporting comprehensive public health efforts.

This research aims to design and implement a village MSME website as a centralized digital promotional medium to overcome the limitations of conventional marketing and expand the market reach of local products more effectively and sustainably. The system was developed using the waterfall method, encompassing requirements analysis, design, implementation, testing, and maintenance. The system was developed using the PHP programming language and the CodeIgniter framework based on the Model-View-Controller (MVC) architecture to ensure a structured, efficient, and maintainable development process. The implementation resulted in a responsive and user-friendly website equipped with key features such as an informative product catalog, village MSME profiles, and a content management system via an admin dashboard that allows MSMEs to update data independently and flexibly. Functional testing demonstrated that all features functioned well and reliably according to user needs. Therefore, this village MSME website can be concluded as an effective digital solution for increasing the visibility of local products, strengthening MSME competitiveness, and supporting village economic growth through sustainable and integrated online promotion.

This study aims to describe the forms and social functions of code-switching and code-mixing in the film Hujan Bulan Juni and to explain how language choice represents identity and social differences among the characters. The film was chosen because it portrays interactions between characters from different cultural backgrounds Javanese and Manadonese which allows for complex patterns of language contact. The study employed a descriptive qualitative method using observation and note-taking techniques on dialogues containing Indonesian, Javanese, and Manadonese linguistic elements. The data were analyzed using the sociolinguistic frameworks of Gumperz (1982) and Wardhaugh (2015) to uncover the social functions and identity meanings reflected in the speakers’ language choices.The findings reveal that code-switching from Indonesian to Manadonese serves to reinforce ethnic solidarity, emotional closeness, and cultural pride, while switching from Indonesian to Javanese reflects politeness, intimacy, and social hierarchy. Meanwhile, code-mixing between Indonesian and Manadonese marks distinctive speech styles and expresses regional identity, whereas code-mixing between Indonesian and Javanese functions to soften utterances and portray the speakers’ courteous demeanor. Overall, language choice in Hujan Bulan Juni is not merely a communicative tool but also a representation of identity and social differentiation within Indonesia’s multilingual society.

This article provides a comprehensive examination of the application of the lex loci celebrationis principle in the execution of notarial deeds involving foreign legal subjects within the Indonesian legal system. The principle affirms that any authentic deed executed in Indonesia must comply with national legal requirements, regardless of the parties’ nationality or the existence of transnational legal relations. Through normative legal research employing statutory, conceptual, comparative, and case-study approaches, this article elucidates how the lex loci celebrationis principle interacts with private international law, particularly in relation to the legal capacity of foreign nationals, the use of foreign documents, and the limits of jurisdiction. The analysis reviews the Law on Notarial Office, the Indonesian Civil Code, population administration regulations, as well as doctrinal developments and jurisprudence pertaining to international legal acts. The findings indicate that although the substantive aspects of an agreement may refer to foreign law through lex voluntatis, the formal validity of a notarial deed remains entirely governed by Indonesian law. These findings underscore the need to enhance the competence of notaries in understanding the dynamics of private international law and highlight the importance of harmonizing national regulations with the principles of private international law to ensure legal certainty in cross-border transactions.