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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.

In response to the escalating challenge of packaging waste in the beauty industry, The Body Shop Indonesia has implemented a Green Marketing Mix through its Bring Back Our Bottles (BBOB) and Refill Station programs. This study aims to analyze the strategic implementation of this approach, assess consumer perceptions and engagement, and explore the inherent challenges and opportunities for future development. Employing a qualitative case study approach, the research collected data from five respondents who are The Body Shop consumers with prior participation in either the BBOB or Refill Station programs. Data were gathered through semi-structured interviews, observation, and a comprehensive literature review. Thematic analysis was subsequently performed, with findings validated through source and method triangulation. The results indicate that The Body Shop’s Green Marketing Mix has been effectively implemented, particularly in the elements of product (environmentally friendly packaging), promotion (campaigns via digital and print media), and physical evidence (store design that promotes a natural ambiance). Despite positive consumer responses and a strengthened brand image, persistent obstacles were identified, including limited access to program locations and insufficient information dissemination. The programs were found to be effective in enhancing customer loyalty and hold significant potential for expansion, particularly through targeted education and collaborative initiatives with youth communities. This study recommends expanding the programs’ geographical coverage, strengthening digital communication, and establishing strategic community partnerships. The findings are expected to make a meaningful contribution to the development of sustainable green marketing strategies within the beauty industry.

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 aims to analyze bibliometric data using the supporting application Publish or Perish and mapping tools in VOSviewer with data in RIS format. The method used is descriptive quantitative to examine how Project-Based Learning can enhance creativity skills in entrepreneurship. From the search results, 200 journals were found from the years 2015-2024, which were then grouped into three categories based on their publication year. After categorizing the journal data, the most published articles were in 2022, indicating an opportunity for further research on the theme of entrepreneurial creativity. Entrepreneurial creativity can be possessed by students and can be developed through education. Entrepreneurship education is crucial to fostering creativity, innovation, and entrepreneurship, and provides information to those who wish to establish small-scale businesses. Entrepreneurship education can turn an individual into an entrepreneur and positively influence entrepreneurial attitudes and innovation. Entrepreneurship education not only imparts practical knowledge on how to start and manage a business but also plays a vital role in developing an entrepreneurial mindset, attitude, and skills such as perseverance, resilience to failure, and the desire to learn and grow. Project-based learning models can be used to enhance entrepreneurial motivation, as students not only understand the ideas but can also explain the importance of the knowledge and skills acquired.

Halal tourism has continued to grow as a highly attractive segment for Muslim travelers, particularly in the provision of Sharia-compliant accommodation such as Islamic hotels. This study aims to examine consumer perceptions of halal food-and-beverage facilities and Sharia-based operational standards in Islamic hotels across the Greater Jakarta area (Jabodetabek). A descriptive quantitative approach was employed, involving 150 respondents who had stayed in Sharia hotels. Data were collected through closed-ended Likert-scale questionnaires and analyzed using the Weighted Mean Score (WMS) technique to evaluate respondents’ assessments of each indicator. The results indicate that consumer perception of halal food-and-beverage facilities falls into the very high category, with average scores exceeding 4.838. Consumers acknowledged that Sharia hotels maintain halal assurance, hygiene, and food safety through proper processing and the availability of halal certification. Regarding operational aspects, consumer perception is also classified as very good, with an average score of 4.606, particularly for policies prohibiting unmarried couples from sharing a room and banning entertainment deemed inappropriate or immoral. However, the use of Sharia-compliant financial institutions still requires improvement. Overall, the findings affirm that Sharia hotels in Jabodetabek have successfully implemented most Sharia principles, although further enhancement of internal operational practices is needed to achieve more comprehensive Sharia compliance.

This study aims to understand how the spirit of innovation and the meaning of entrepreneurship are constructed through the lived experiences of startup business actors in the digital economy era. Using a qualitative narrative inquiry approach within the social constructivist paradigm, this research explores how startup entrepreneurs interpret innovation, resilience in the face of failure, and social responsibility as integral parts of their entrepreneurial identity. Data were collected through in-depth interviews, non-participant observation, and document analysis of startups in the technology, education, and creative economy sectors in Indonesia. Narrative thematic analysis reveals that innovation is understood not merely as a business strategy but also as a form of self-expression and the construction of entrepreneurial identity. Failure is perceived as a reflective learning process that shapes resilience and generates new meaning in the entrepreneurial journey. Moreover, entrepreneurship is interpreted as a meaningful journey that integrates economic goals with social and moral values. The digital ecosystem functions as a social space where entrepreneurial values are negotiated, shared, and reinforced through interaction and collaboration. These findings affirm that entrepreneurship in the digital era is a social process involving creativity, ethical reflection, and sustainable innovation. Theoretically, this study contributes to expanding the understanding of entrepreneurship as a social practice, while practically emphasizing the importance of reflective learning and value awareness in building a sustainable and meaningful startup ecosystem for society.

This study aims to analyze the implementation of the Balanced Scorecard (BSC) as a strategic performance evaluation tool in the era of digital transformation. Using a descriptive qualitative approach within the social constructivist paradigm, data were collected through in-depth interviews, non-participant observation, and document analysis in three organizations undergoing digitalization. Thematic analysis (Braun & Clarke, 2006) identified four main themes in the application of the BSC: digital strategy alignment, digital readiness and data integration, a culture of learning and innovation, and adaptive leadership transformation. The findings indicate that the BSC functions not only as a performance measurement system but also as an adaptive, collaborative, and data-driven strategic management framework. The integration of digital technologies accelerates decision-making processes and strengthens reflective organizational culture. Theoretically, this study extends the classical BSC model of Kaplan and Norton (1996, 2001) toward a Digital Balanced Scorecard that emphasizes synergy among strategy, data, and organizational learning. Practically, the results highlight the importance of digital readiness, an innovation-oriented culture, and adaptive leadership as key foundations for successful BSC implementation in the era of digital disruption.

This study aims to understand the meaning of adaptive leadership in modern organizations facing transformations in work culture during the era of disruption. Using a phenomenological qualitative approach within the social constructivist paradigm, this research explores the lived experiences of leaders in interpreting change, uncertainty, and human values amid digitalization and organizational complexity. Data were collected through in-depth interviews and non-participant observation involving eight leaders from various industrial sectors in Indonesia and were analyzed using Colaizzi’s phenomenological analysis technique. The findings reveal that adaptive leadership is understood as a reflective and social process rooted in value awareness, empathy, and collective learning capacity. Adaptive leaders not only direct change but also facilitate learning and build trust through open communication and collaborative work cultures. Adaptive values such as flexibility, empathy, and moral reflection are key to shaping inclusive and sustainable organizational cultural transformation. Theoretically, this study extends the discourse on adaptive leadership within phenomenological and social contexts, while practically emphasizing the importance of value-based reflective leadership in navigating disruptive change.

This study aims to understand how green accounting practices are constructed as a social reality within organizations and how environmental awareness develops through social interaction, organizational values, and culture. The research adopts an interpretive qualitative approach within the social construction paradigm (Berger & Luckmann, 1966). Data were collected through in-depth interviews, participant observation, and document analysis in organizations that have implemented sustainability reporting. The analysis employed an interpretive thematic approach to uncover the meanings underlying environmental accounting practices. The findings indicate that green accounting functions not only as a technical reporting instrument but also as a mechanism for shaping organizational moral and ecological awareness. Environmental awareness is constructed through three main stages: the externalization of sustainability values by leadership, objectivation through policies and reporting systems, and internalization within work behavior and organizational culture. Participatory, reflective, and innovation-oriented organizational cultures strengthen the substantive implementation of green accounting, whereas bureaucratic structures tend to produce symbolic practices or greenwashing. Theoretically, this study reinforces the view that accounting is a social practice that both shapes and is shaped by collective consciousness (Hopwood, 1992; Gray, 2010). Practically, the findings highlight the importance of visionary leadership and social learning spaces in fostering a sustainability-oriented organizational culture. Thus, green accounting is understood as a social process that plays a strategic role in realizing ethical, sustainable, and environmentally responsible organizations.

This research was conducted with the aim of analyzing and finding out about the empowerment of orphans at LAZNAS PPPA Daarul Qur'an Lampung through Islamic philanthropy-based educational funding. The approach used in this research is descriptive qualitative, using a case study method. The data collection process involved observation, interviews, and document review. Data analysis included data collection, data reduction, data presentation, and conclusion drawing, as well as data validation through triangulation. This study revealed that educational funding rooted in Islamic philanthropy at LAZNAS PPPA Daarul Qur'an Lampung includes budget revenues and expenditures with allocations prepared at the beginning of each year. The expenditure period can be tracked through the LAZNAS PPPA Daarul Qur'an Lampung online system. Distribution efforts include eliminating educational costs for orphans, providing basic necessities, distributing Mushabs for orphaned students who memorize the Qur'an, and supporting orphans. The evaluation of Islamic philanthropy-based education funding at LAZNAS PPPA Daarul Qur'an Lampung involved an analysis that showed that the role of the nadzir (manager) remains limited. All responsibilities and functions of the nadzir, particularly those of branch heads and fundraisers, are aimed at improving management. Furthermore, accountability is a factor taken into account when drafting the budget for the upcoming period.

The Islamic insurance industry in Indonesia, including in the city of Medan, continues to face various challenges, one of which is the low level of public participation in using Islamic insurance products. Public decisions to choose Islamic insurance are influenced not only by economic factors but also by non-economic factors, such as the level of religiosity, Islamic financial literacy, and trust in insurance service providers. This study aims to examine in depth the role of religiosity, financial literacy, and trust in influencing public decisions regarding the use of Islamic insurance in Medan City. This research employs a qualitative approach by utilizing secondary data obtained from reports of the Financial Services Authority (OJK), the Central Statistics Agency (BPS), fatwas issued by the National Sharia Council of the Indonesian Ulema Council (DSN-MUI), as well as relevant national and international scholarly articles. Data analysis was conducted using content analysis techniques to obtain a comprehensive understanding of public behavior, perceptions, and preferences. The findings indicate that religiosity plays a role in increasing awareness of the importance of financial products that comply with sharia principles, financial literacy strengthens public understanding of the benefits and mechanisms of Islamic insurance, while trust emerges as the key factor most decisively influencing decision-making. These findings are expected to serve as a reference for formulating strategies to enhance public literacy and trust in Islamic insurance in Medan City.

The rapid growth of e-commerce has increased the strategic role of freight forwarding and delivery service companies in maintaining the efficiency of supply chains. However, the increasing complexity of delivery processes also raises various operational risks, such as package damage, loss, delivery delays, and distribution errors. This study aims to analyze the implementation of risk management in freight forwarding companies operating in Brebes Regency and to assess the effectiveness of the risk management practices applied. This research employs a descriptive qualitative approach, with data collected through in-depth interviews, observations, documentation, and questionnaires. Informants were selected using purposive sampling, involving company management, operational staff, couriers, and customer service personnel. Data analysis was conducted using the Miles and Huberman interactive model and supported by average risk score analysis. The results show that most aspects of risk management fall into the high and very good categories, with an overall average score of 3.89. This indicates that the company has implemented risk management effectively, particularly in incident evaluation, risk measurement, and cooperation with insurance providers. Nevertheless, improvements are still needed in reducing the frequency of operational risks and enhancing the use of digital technology for risk monitoring to ensure a more comprehensive and sustainable risk management system.

This study aims to analyze the role and effectiveness of Islamic monetary policy in Indonesia in facing digital transformation, particularly through the instruments of Sertifikat Bank Indonesia Syariah (SBIS) and Sukuk Bank Indonesia (SukBI). The digital transformation of the national financial system demands an adaptive monetary policy that remains grounded in the principles of maqashid shariah. In the context of Islamic economics, monetary policy not only functions to regulate the money supply and maintain price stability but also ensures the realization of justice and economic welfare. This research employs a descriptive qualitative approach, using literature-based data collection from official publications of Bank Indonesia, the Financial Services Authority (OJK), and relevant academic references on Islamic monetary policy. The analysis adopts an inductive approach by examining the roles of SBIS and Sukuk BI in supporting the stability of the Islamic financial system and their alignment with maqashid shariah values such as al-‘adl (justice), al-wudhuh (transparency), and ar-rawaj (circulation of wealth). The findings indicate that digitalization has positively impacted the efficiency and transparency of Islamic monetary instruments, where SBIS plays a role in regulating the liquidity of Islamic banks in a non-usurious manner, while Sukuk BI serves as an essential instrument in maintaining national economic stability. Nevertheless, challenges remain, including the limited digital infrastructure for Islamic finance and the need to strengthen regulations to ensure that digital monetary systems remain consistent with sharia principles.

The development of artificial intelligence has revolutionized higher education by increasing the efficiency and personalization of learning, but it has also posed a major challenge in the form of a decline in students' critical thinking skills due to their dependence on technology. Therefore, an in-depth philosophical study through the post-positivism, critical theory, and constructivism paradigms is needed to understand its impact on cognitive and epistemological processes. This study aims to analyze how these three paradigms guide the development of critical thinking in the context of AI. It uses a descriptive-analytical method based on secondary data from academic literature such as journals and books that have been critically synthesized. The findings show that post-positivism views AI as a tentative critical realism tool for empirical verification. Critical theory critiques power relations, ideology, and the ethics of technological domination. Constructivism emphasizes the construction of social knowledge through human-centered design that supports creativity and collaboration. The positive impacts of AI include instant feedback and content adaptation, while the negative impacts include social isolation, weak digital literacy, and data privacy. Therefore, the implication is the wise use of AI with the assistance of teaching staff to strengthen reflective analysis, ethical literacy, and paradigm adjustments in accordance with the exact or social sciences to create multidimensional learning in the digital era.

In the current era of digital transformation, organizations are increasingly turning to Artificial Intelligence (AI) to enhance the precision and agility of managerial decisions. This study investigates how AI adoption within management accounting systems influences decision-making efficiency and managerial performance. Using survey data collected from managers and accountants in medium-to-large firms across Central Java, the research applies Partial Least Squares Structural Equation Modeling (PLS-SEM) to examine the hypothesized relationships. The results reveal that AI adoption significantly improves decision-making efficiency, which in turn enhances managerial performance. Furthermore, leadership support strengthens the relationship between AI adoption and decision-making efficiency, indicating that human and organizational factors remain critical for realizing technological benefits. The findings contribute to management accounting literature by elucidating the mechanism through which AI technologies create managerial value specifically, by accelerating analytical processes and improving the quality of managerial judgments. Practically, the study suggests that firms should focus on leadership involvement, data governance, and employee training to ensure that AI systems complement, rather than replace, human judgment. Overall, this study highlights that successful AI adoption in management accounting is not merely a technical transition but a strategic and cultural evolution toward evidence-based decision-making.

This study aims to deeply analyze the contribution of work motivation and work environment conditions in improving employee satisfaction and performance. The methodology applied is a Systematic Literature Review (SLR) following the guidelines of Wahono (2015) and Kitchenham (cited in Fauzi et al., 2018). Data were collected through literature exploration in Google Scholar, Garuda Ristekdikti, and university journal websites with a publication limit between 2020 and 2025. Through a selection process, a number of relevant articles were successfully collected for narrative analysis. The results of the study revealed that work motivation has a positive and significant influence on employee performance, both directly and indirectly through job satisfaction as a mediator. A supportive work environment also plays a crucial role in increasing employee enthusiasm, productivity, and job satisfaction. Overall, the synergy between high work motivation and a conducive work environment can create maximum performance and strengthen employee loyalty to the organization. The results of this study provide importance for human resource managers to pay more attention to motivation and work conditions as an approach to improving performance and efficiency in organizations.

This study aims to analyze the role of emotional response in the relationship between price discounts, store atmosphere, and shopping emotions on impulse buying among Matahari Department Store Pekalongan consumers. This study used a quantitative method with an accidental sampling technique on 100 respondents. Data analysis was conducted through instrument testing, classical assumption testing, hypothesis testing (t-test), path analysis, and the Sobel test. The results showed that price discounts had a significant effect on impulse buying. Store atmosphere was also proven to have a significant effect on impulse buying. Furthermore, shopping emotions had a significant effect on impulse buying. In addition, emotional response had a significant effect on impulse buying and was proven to mediate the influence of price discounts, store atmosphere, and shopping emotions on impulse buying. This study provides important insights for marketers, especially in designing marketing strategies that prioritize the influence of consumer emotional factors in driving impulsive behavior. By considering these factors, companies can be more effective in increasing sales through setting price discounts, store atmosphere, and utilizing consumer emotions positively.

This study aims to determine the extent to which motivation and work discipline affect employee productivity at CV. Langgeng Jaya. The study uses a quantitative descriptive approach with data collection techniques through distributing questionnaires. The study population includes all 80 employees of CV. Langgeng Jaya, with a sampling technique using Saturated Sampling. Data analysis was carried out through Multiple Linear Regression Tests and Hypothesis Tests with the help of the SPSS 27 program. The results of the study indicate that motivation has a significant influence on employee productivity partially, while work discipline does not have a significant influence. However, simultaneously, motivation and work discipline have been proven to have a significant influence on employee productivity. Therefore, CV. Langgeng Jaya is expected to prioritize increasing employee motivation through targeted programs and conducting evaluations and coaching on work discipline aspects, so that both factors can support each other in increasing overall productivity. This aims so that both factors can support each other in increasing overall employee productivity, creating a more productive work environment, and improving company performance in the long term.

This study analyzes the forms of risk and risk management strategies in melon farming in Brebes as an impact of climate change. A descriptive qualitative approach was applied using a case study through in-depth interviews with a farmer who has more than ten years of experience, supported by secondary data from BPS, BAPPENAS, and related literature. The findings reveal four categories of major risks: market, financial, operational, and socio-environmental. High-level risks include climate variability, yield decline, and pest attacks. Medium-level risks involve production costs, water management, and price fluctuations, while low-level risks consist of limited weather information and agricultural extension services. Current strategies are still basic, including fertilization, pesticide application, and water channel arrangement. Strengthening adaptation is needed through irrigation technology, climate-resilient varieties, marketing diversification, and improved access to information and institutional support.

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.