Publication Search

This study aims to examine the effect of working capital efficiency and leverage on profitability and its implications for firm value in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2025 period. The post-COVID-19 pandemic condition has increased operational risks for manufacturing companies due to fluctuations in interest rates, exchange rates, cash management, inventories, and receivables. Therefore, companies are required to implement more effective financial strategies to maintain competitiveness. Profitability is positioned as an intervening variable because previous studies showed inconsistent results regarding the relationship between working capital efficiency, leverage, profitability, and firm value. This research uses a quantitative approach with path analysis to examine direct and indirect relationships among variables. The population consists of all manufacturing companies listed on the IDX, while the sample includes 45 companies selected from 270 firms using purposive sampling based on specific criteria, such as consistent listing and financial performance. The results indicate that working capital efficiency has a significant positive effect on profitability, leverage has a significant negative effect on profitability, profitability significantly increases firm value, and profitability fully mediates the effect of working capital efficiency and leverage on firm value. These findings provide theoretical and practical implications for managers and investors in financial decision-making.

The Qur'an al-Karīm employs at least four principal terms in referring to human beings, namely al-basyar, al-insān, al-nās, and banī Ādam. These terms are not merely synonymous; rather, each represents distinct yet complementary dimensions of humanity in constructing a holistic concept of the human being. This study aims to: (1) analyze the semantic meanings of these four terms based on mufrodat studies, Makkiyah-Madaniyah classification, and asbābun nuzūl; (2) compare the interpretations of classical scholars - Al-Ṭabarī, Ibn Kathīr, Al-Qurṭubī, and Fakhr Al-Rāzī - with those of contemporary scholars - Sayyid Quṭb, Ibn ‘Āshūr, M. Quraish Shihab, and Buya Hamka; and (3) formulate their implications for Islamic education. This research employs a library research method using the tafsīr maudhū‘ī approach integrated with Izutsu’s semantic analysis model. The findings reveal that al-basyar represents the physical-biological dimension of human beings; al-insān represents the spiritual dimension in relation to ‘ubūdiyyah toward Allah; al-nās represents the social-collective dimension; and banī Ādam represents the intellectual-rational dimension inherited from Adam through the divine gift of teaching al-asmā’ (Qur'an 2:31). Collectively, these four dimensions provide fundamental implications for the development of objectives, curriculum, methodology, and evaluation within holistic and comprehensive Islamic education.

The high dependence of national food on imported commodities, especially wheat, creates vulnerabilities in the aspect of National Food Security. This study examines the position and role of Modified Cassava Flour (Mocaf) Micro, Small, and Medium Enterprises (MSMEs) in Padi Village as a pillar of local food diversification and its implications from the perspective of Constitutional Law (HTN) on the internal sector (community, MSMEs, and Village Government). Mocaf, as a gluten-free cassava derivative product, has the potential to be a substitute for wheat flour. The research method used is Empirical Normative Law with a conceptual and legislative approach, reinforced by primary data regarding the operational model of MSMEs in Padi Village. The results of the study indicate that Mocaf MSMEs at the village level act as strategic legal subjects in realizing Article 33 paragraph (3) of the 1945 Constitution (UUD 1945) and Law Number 18 of 2012 concerning Food. The implications of HTN are seen in the need for regulatory harmonization and strengthening village autonomy through budget policies and assistance that ensure the sustainability of production and marketing. The position of MSMEs demands stronger recognition of the internal role of villages in the national food governance structure.

The implementation of regional autonomy and fiscal decentralization aims to enhance local governments' financial independence. However, fiscal imbalances between the central and regional governments led to the enactment of Law Number 1 of 2022 (UU HKPD), designed to strengthen regional fiscal capacity. This law introduces a piggyback tax system through a surcharge on the Motor Vehicle Tax. This study analyzes the dynamics of the piggyback tax system in Semarang City, focusing on the implications for taxpayer resistance and regional financial capacity. Using a descriptive qualitative approach, the study reviewed secondary data from regulatory documents, financial reports, and academic literature. The findings show that the shift towards centralistic fiscal policies and the increase in tax burdens have sparked significant taxpayer resistance. This resistance occurs both passively, due to poor regulatory literacy, and actively, through delays in tax payments. The resistance damages the psychological contract between the state and citizens, undermining local financial stability. It risks reducing local revenue, increasing tax collection costs, and limiting fiscal space for infrastructure development. The study suggests that Semarang’s government needs to adopt an adaptive governance framework with transparent tax allocation, digitalization of services, and persuasive policies to restore public trust and encourage compliance.

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.

Fenomena meningkatnya penggunaan layanan pinjaman online di kalangan mahasiswa menimbulkan kekhawatiran terhadap potensi risiko finansial yang dapat mengganggu kesejahteraan dan performa akademik mereka. Penelitian ini bertujuan untuk mengeksplorasi dan menganalisis perilaku manajemen risiko mahasiswa STIEPARI Semarang dalam penggunaan layanan pinjaman online, mengidentifikasi faktor-faktor yang memengaruhi pembentukan perilaku tersebut, serta memahami implikasinya terhadap kesejahteraan finansial mahasiswa. Penelitian menggunakan pendekatan kualitatif deskriptif dengan desain fenomenologi, melibatkan 14 mahasiswa sebagai informan utama. Temuan menunjukkan adanya kesenjangan substansial antara pemahaman konseptual mahasiswa tentang risiko dengan praktik aktual dalam pengambilan keputusan finansial, di mana mahasiswa dengan latar belakang pendidikan ekonomi tidak selalu menunjukkan perilaku manajemen risiko yang lebih baik. Rekomendasi penelitian mencakup pengembangan program edukasi berbasis experiential learning, implementasi sistem mentoring oleh mahasiswa senior, dan pembentukan early warning system untuk mendeteksi mahasiswa berisiko mengalami masalah kredit.

  Riset ini berorientasi pada tujuan guna mengetahui pengaruh celebrity endorser kepada minat beli produk kecantikan di Instagram. Adapun parameter celebrity endorser dalam riset ini didalamnya adanya daya tarik (attractiveness), kepercayaan (trustworthiness), serta keahlian (expertise). Metode yang dilibatkan yakni metode kuantitatif dalam rupa pendekatan deskriptif serta kausal. Kuesioner disebarkan kepada 104 responden yang berasal dari Lingkungan Garung, Kecamatan Ambarawa, dengan pemilihan responden melibatkan teknik purposive sampling sebagai metode pengumpulan data. Penganalisisan data yang didalamnya ada pengujian instrumen (validitas serta reliabilitas), pengujian praduga klasik, juga pengkajian regresi linier berganda (pengujian t, pengujian F, juga koefisien determinasi) yang diselenggarakan lewat berbantuan perangkat lunak SPSS. Temuan penelitian menandakan bahwasannya parameter daya tarik, kepercayaan, serta keahlian memberi pengaruh dengan simultan pada minat beli pemakai Instagram. Disisi lain secara parsial kepercayaan serta keahlian berisi pengaruh yang berarti kepada minat beli produk kecantikan di Instagram, namun daya tarik tidak berisi pengaruh yang berarti. Fakta ini menjelaskan bahwasannya ketika orang berminat membeli produk kecantikan melalui instagram kredibilitas endorser lebih penting daripada daya tarik fisik secara visual. Implikasi temuan temuan membantu praktisi bisnis memilih endorser yang mempunyai tingkst kepercayaan juga keahlian untuk menumbuhkan minat beli konsumen secara lebih efektif.    

This article examines the implications of parental verbal violence on the socio-emotional development of early childhood aged 3–6 years. The study was conducted through an extensive literature review supported by general field observations in community settings. The purpose of this research is to describe the phenomenon of verbal violence experienced by young children, analyze its effects on their emotional security, self-confidence, and social adaptation, and identify contributing factors from both the family environment and parental characteristics. Using a qualitative descriptive approach, relevant books, journal articles, and institutional reports were synthesized to construct a comprehensive understanding of how negative communication patterns shape children’s socio-emotional development. The findings indicate that verbal violence such as yelling, scolding, insulting, labeling, and threatening can disrupt children’s emotional regulation, lower their self-esteem, and hinder their ability to interact positively with peers. Repeated exposure to harsh language also increases the risk of anxiety, aggression, and social withdrawal. Conversely, positive, supportive, and empathetic parental communication fosters emotional resilience, empathy, and healthy social behavior. This article highlights the urgent need for parents, educators, and communities to strengthen awareness regarding the harmful impact of verbal violence and to promote nurturing communication practices that support the holistic development of young children.

This study aims to explore how religious Muslim students interpret halal labels on product packaging and how these interpretations influence their consumption behavior. In the context of increasing awareness of halal product importance, halal labeling is not just a symbol of religious law, but also a guarantee of quality, safety, and trust. The research uses a descriptive qualitative method phenomenological approach, involving students from UIN Prof. K.H. Saifuddin Zuhri Purwokerto who were selected through purposive sampling. Data was collected through semi-structured interviews, literature study, and documentation, then analyzed using thematic analysis. The findings reveal that highly religious students tend to be more selective, careful, and responsible in choosing products, prioritizing those with halal certification even when priced higher. The halal label provides psychological comfort and certainty that the product aligns with Islamic principles. Additionally, a strong understanding of halal labels increases consumer loyalty and supports the growth of the halal industry through rising demand for certified products. Thus, the halal label plays a significant role in shaping the consumption patterns of religious Muslim students and contributes to the broader development of the halal industry in Indonesia.

Penelitian ini mengeksplorasi dinamika integrasi strategis antara pemasaran digital dan manajemen keuangan pada Usaha Mikro, Kecil, dan Menengah (UMKM) di Indonesia dalam konteks transformasi digital. Melalui pendekatan library research dengan orientasi eksploratori-deskriptif, studi ini menganalisis secara komprehensif berbagai sumber primer terkini yang membahas fenomena adopsi teknologi digital dan implementasi manajemen keuangan pada UMKM Indonesia periode 2019-2024. Hasil penelitian mengidentifikasi bahwa meskipun terdapat kesadaran substansial terhadap urgensi transformasi digital di kalangan pelaku UMKM, variasi signifikan teridentifikasi dalam tingkat adopsi dan optimalisasi teknologi digital—dengan platform media sosial seperti Instagram, TikTok, dan Facebook menjadi instrumen dominan dalam strategi pemasaran. Dalam dimensi manajemen keuangan, literasi finansial dan implementasi sistem pencatatan terdigitalisasi terungkap sebagai determinan fundamental bagi keberlanjutan operasional. Interelasi antara pemasaran digital dan manajemen keuangan termanifestasi dalam adopsi sistem pembayaran digital, pengelolaan konten strategis berbasis efisiensi finansial, dan standardisasi proses bisnis terintegrasi. Model pengembangan kapasitas yang direkomendasikan mencakup pelatihan komprehensif, pendampingan berkelanjutan, kolaborasi ekosistemik, standardisasi proses, dan integrasi strategi mitigasi risiko. Implikasi strategis dari integrasi ini meliputi optimalisasi alokasi sumber daya, penguatan kapasitas pengambilan keputusan berbasis data integratif, konstruksi model bisnis responsif, peningkatan keberlanjutan finansial, dan akselerasi skalabilitas bisnis. Temuan ini berkontribusi pada pengembangan kerangka konseptual tentang transformasi digital UMKM dalam konteks negara berkembang dan menyediakan landasan empiris bagi formulasi kebijakan dan strategi bisnis yang memperkuat daya saing UMKM Indonesia di era digital.

Penelitian ini menganalisis faktor penentu likuiditas pada bank digital di Indonesia dengan menguji pengaruh kinerja keuangan (Return on Assets/ROA, Non-Performing Loans/NPL, Capital Adequacy Ratio/CAR) dan inflasi. Data diambil dari laporan keuangan lima bank digital terkemuka (Bank Jago, AlloBank, Blu BCA, Neo Commerce, dan Seabank) periode 2020–2023, dianalisis menggunakan regresi linear berganda. Hasil menunjukkan ROA berpengaruh negatif signifikan terhadap likuiditas, bertentangan dengan studi konvensional, yang dijelaskan oleh prioritas bank digital pada efisiensi operasional ketimbang cadangan likuiditas. Sementara itu, NPL, CAR, dan inflasi tidak signifikan, mengindikasikan kemampuan mitigasi risiko unik melalui teknologi dan struktur biaya rendah. Temuan ini memperkaya literatur likuiditas perbankan digital di pasar berkembang, menekankan perlunya pendekatan regulasi dan manajemen risiko yang sesuai dengan karakteristik digital. Implikasinya mencakup rekomendasi bagi regulator untuk merancang stress test spesifik dan bagi bank digital untuk menyeimbangkan profitabilitas dengan stabilitas likuiditas.    

This study investigates the role of fintech and digital finance as intermediary variables in the influence of sharia financial literacy on increasing sharia financial inclusion in Aceh Province. This study examined 308 respondents spread across various regions of Aceh Province and analyzed using SEM AMOS and a purposive sampling technique. After conducting various tests, this study demonstrated that sharia financial literacy, fintech, digital finance, and sharia financial inclusion have been well-functioning. Sharia financial literacy has been proven to enhance fintech, digital finance, and sharia financial inclusion in Aceh. Correspondingly, fintech and digital finance also have a positive and significant impact on sharia financial inclusion. Furthermore, fintech and digital finance have also been shown to partially mediate the relationship between sharia financial literacy and sharia financial inclusion

Penelitian ini bertujuan untuk menganalisis pengaruh etos kerja, motivasi intrinsik, dan kepuasan kerja terhadap kinerja karyawan di perusahaan-perusahaan yang beroperasi di Kota Cirebon. Kinerja karyawan menjadi salah satu indikator penting dalam menjamin keberlangsungan dan daya saing perusahaan. Namun, ketidaksesuaian antara potensi sumber daya manusia dan hasil aktual di lapangan masih sering terjadi, ditandai dengan rendahnya produktivitas, tingginya turnover, serta loyalitas karyawan yang lemah. Penelitian ini menawarkan kebaruan dengan menguji ketiga variabel psikologis internal secara simultan dalam satu model penelitian, berbeda dari studi sebelumnya yang menguji secara parsial. Metode penelitian yang digunakan adalah kuantitatif dengan desain kausal asosiatif. Data diperoleh melalui kuesioner skala Likert yang disebarkan kepada 50 responden menggunakan teknik purposive sampling. Analisis dilakukan menggunakan regresi linier berganda dengan bantuan SPSS versi 25 untuk mengukur pengaruh masing-masing variabel bebas terhadap variabel dependen, baik secara parsial maupun simultan. Hasil penelitian menunjukkan bahwa etos kerja, motivasi intrinsik, dan kepuasan kerja secara signifikan memengaruhi kinerja karyawan. Etos kerja memiliki hubungan positif, motivasi intrinsik menunjukkan pengaruh negatif jika tidak selaras dengan dukungan organisasi, dan kepuasan kerja berkontribusi dalam menciptakan kenyamanan dan loyalitas. Secara simultan, ketiga variabel tersebut menjelaskan proporsi signifikan terhadap variasi kinerja. Penelitian ini memberikan implikasi bahwa perusahaan perlu menyusun strategi pengelolaan SDM yang tidak hanya berfokus pada aspek teknis, tetapi juga pada penguatan faktor psikologis karyawan secara menyeluruh.

Penelitian ini bertujuan untuk menganalisis strategi promosi penjualan yang diterapkan oleh BMA (Baju Murah Anak) pada marketplace Shopee. Meskipun telah melakukan berbagai upaya promosi, penjualan BMA cenderung fluktuatif dan belum mencapai target yang diharapkan. Penelitian ini menggunakan pendekatan kualitatif deskriptif dengan teknik pengumpulan data melalui observasi, wawancara, dan dokumentasi. Penelitian terfokus pada empat strategi promosi utama yaitu pemberian, paket harga, pengembalian dana, dan premi. Hasil penelitian menunjukkan bahwa pemberian sampel kepada afiliasi efektif meningkatkan eksposur merek namun berdampak terbatas pada penjualan langsung. Strategi paket harga dan premi mampu mendorong pembelian dalam jumlah lebih besar serta meningkatkan loyalitas konsumen. Sementara itu, strategi pengembalian dana memberikan rasa aman bagi pelanggan namun menahan tantangan dalam kecepatan pelayanan. Keseluruhan strategi yang diterapkan memberikan dampak positif terhadap citra merek, namun perlu dilakukan evaluasi berkelanjutan untuk meningkatkan efektivitas promosi. Implikasi penelitian ini memberikan kontribusi praktis bagi pelaku UMKM dalam merancang strategi promosi yang adaptif terhadap dinamika pasar digital, khususnya di platform e-commerce seperti Shopee

Penelitian ini dimaksudkan untuk mengkaji pengaruh kompensasi finansial, kepuasan kerja, dan work-life balance terhadap loyalitas karyawan yang berasal dari Generasi Z. Latar belakang dari penelitian ini didasari oleh meningkatnya tingkat mobilitas kerja pada kelompok Generasi Z, yang menciptakan tatantangan sendiri bagi perusahaan dalam mempertahankan tenaga kerja muda yang memiliki potensi tinggi. Penelitian ini menerapkan pendekatan kuantitatif dengan menggunakan metode survei yang melibatkan 80 responden dari kalangan Generasi Z yang bekerja di sektor manufaktur. Pengolahan data dilakukan dengan bantuan SPSS versi 22, dengan menggunakan sejumlah tahapan pengujian yang mencakup pengujian validitas dan reliabilitas, pengujian asumsi klasik, serta analisis regresi linier berganda. Analisis yang dilakukan dalam penelitian ini mengungkapkan bahwa ketiga variabel independen, yaitu kompensasi finansial, kepuasan kerja, dan work-life balance secara signifikan berpengaruh terhadap loyalitas karyawan, baik secara parsial maupun simultan. Temuan ini menegaskan bahwa upaya untuk menciptakan keseimbangan yang optimal antara kehidupan profesional dan personal berperan sebagai aspek strategis yang berkontribusi secara signifikan terhadap peningkatan loyalitas karywan di lingkungan kerja.  Penelitian ini memberikan implikasi bahwa perusahaan perlu lebih memperhatikan aspek work life balance dalam strategi manajemen sumber daya manusia untuk mendorong retensi dan komitmen karyawan.  

This study explores the function of the scientific approach and learning assessment as elements that strengthen the quality of education through a structured literature review. The review of various sources shows that the continuous application of the scientific method has a positive effect on improving students’ critical thinking, creativity, learning independence, and character development. Findings from several studies over the past decade support the effectiveness of implementing the scientific method at various educational levels, despite challenges such as limited time and learning resources. In addition, comprehensive learning evaluation not only measures final outcomes but also considers context, input, and process (CIPP model), thereby enhancing the relevance of learning objectives and student motivation. The literature review also highlights the importance of guidance and counseling (GC) as an integrative component that supports students’ academic, social, personal, and character development at both primary and secondary education levels. However, some studies identify challenges in implementation, such as students’ low reading interest and the dominant role of teachers, which can be addressed through STEM-based and blended learning models. Overall, the integration of GC with learning evaluation has the potential to realize holistic education that balances intellectual, emotional, social, moral, and spiritual intelligence, while preparing students to contribute effectively to society and the future workforce. These findings encourage the development of educational policies and learning practices that are more process-oriented, context-based, and focused on the holistic development of student competencies.

Early marriage remains an issue with negative impacts on the health and quality of the younger generation, particularly through the risk of stunting in children. This article discusses the results of a counseling session titled "Marriage is Not Just Legal: Legal Education on Marriage Dispensation and Its Implications for Preventing Stunting Among Students" conducted at SMA Negeri 3 Parepare. The counseling aimed to raise students' awareness about the relationship between the marriage age limit, marriage dispensation, and the health impact on children, specifically the risk of stunting. The methods used include deconstruction, brainstorming, material delivery, reconstruction, and evaluation through pre-tests and post-tests. The results show a significant improvement in students' understanding from both medical and legal perspectives. The discussion focuses on analyzing the contradictions in legal norms regarding the marriage age limit and marriage dispensation, which often cause implementation issues. This counseling emphasizes the importance of integrating legal education and reproductive health as a preventive strategy to reduce early marriage and prevent stunting. Thus, this program contributes to shaping a healthy, legally aware younger generation capable of making mature and responsible marriage decisions.

This research analyzes the fundamental conflict between state regulation and Sharia principles regarding cryptocurrency in Indonesia, aiming to explore the views of Islamic scholars and the legal perspective in the Qur'an and its interpretations. Cryptocurrency has become a popular investment trend, especially among the youth. While the Bank Indonesia (BI) prohibits its use as a legal payment instrument, its trading activity is legalized as an investment asset under the supervision of OJK and BI. Conversely, the MUI Fatwa and the majority of scholars declare crypto transactions as forbidden (haram) due to the presence of elements prohibited in Islamic economics: riba (usury) and gharar (uncertainty). Gharar is linked to the extreme price volatility that encourages speculation (maysir) and the non-physical nature of crypto. Riba, on the other hand, is associated with the potential for unfair profit in lending and staking mechanisms. This prohibition is rooted in the interpretation of the Qur'an (QS. Al-Baqarah: 275 and QS. An-Nisa: 29), which strictly forbids riba and consuming others' wealth through bathil (unlawful) means. Consequently, although legally accepted as an investment asset, many scholars view crypto as violating the principles of justice and transparency in Islamic economics.

Digital technology chance in Indonesia presents both occasions and constraint for the development of Islamic economics, particularly in implementing Islamic business strategies through e-commerce. The adoption of digital technology, including Islamic fintech and halal e-commerce, has expanded market access, improved efficiency, and strengthened MSME competitiveness while adhering to sharia principles. This study employs a qualitative method using library research and the maqāshid shariah framework to examine the role of digital innovations such as fintech and blockchain in supporting Islamic entrepreneurship. The findings indicate that Islamic business strategies in the digital era have the potential to broaden international market reach, enhance transaction clarity, and reinforce compliance with sharia principles. Furthermore, digital innovation aligns with maqāshid shariah objectives, focusing on the protection of religion, life, intellect, lineage, and wealth. However, challenges remain, including low digital literacy, complex sharia regulations, and the risk of platform misuse. Therefore, cross-sector collaboration, the enhancement of digital and Islamic economic literacy, and strengthening the role of sharia e-commerce supervisory bodies are essential to build a fair and sustainable business ecosystem. With these strategic measures, digital technology integration can serve as a key instrument in strengthening the ummah’s economy, promoting financial inclusion, and positioning Indonesia as a global hub for Islamic economics.

This study aims to examine the implications of Minister of Finance Regulation (PMK) Number 37 of 2025 on the national fiscal balance and the resilience of micro, small, and medium enterprises (MSMEs) in the context of the rapid development of e-commerce in Indonesia. This PMK introduces a collect at the source mechanism, which is the appointment of certain marketplaces as collectors of Income Tax (PPh) Article 22 on online merchant transactions. This policy is seen as one of the strategic steps to expand the digital tax base, improve fiscal efficiency, and support the principle of compliance by design. The research uses a descriptive qualitative approach through documentation studies of official government documents, academic literature, and relevant publications. The results of the study show that the implementation of PMK 37/2025 has the potential to have a positive impact on state revenue through digital taxation optimization. In addition, this policy can strengthen the fiscal balance by minimizing the potential for tax avoidance in the growing digital economy sector. However, on the other hand, the policy also poses a number of challenges for MSMEs, especially related to administrative readiness, limited fiscal literacy, and adaptability to the tax digitalization system. For most MSMEs, additional tax liabilities can be a burden that affects cash flow, competitiveness, and business sustainability, especially for MSMEs that are still in the growth stage and have limited resources. The policy implications identified include the importance of improving fiscal education and literacy programs, the development of user-friendly digital reporting systems, and active collaboration between fiscal authorities, marketplaces, and MSME actors. Thus, the success of the implementation of PMK 37/2025 is not only determined by regulations, but also by the extent to which the policy is able to be implemented in an inclusive, adaptive, and sustainable manner in supporting national economic development.