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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.

This study examines the determinants of the Jakarta Composite Index (JCI) based on three main macroeconomic factors namely inflation, the USD/IDR exchange rate, and the SBI interest rate (BI Rate) covering the period January 2020 to December 2025, in the context of post-COVID-19 pandemic recovery and global economic turmoil. A quantitative approach was employed using the Ordinary Least Squares (OLS) method, with 72 monthly observations derived from secondary data sourced from official institutions including Bank Indonesia (BI), the Central Statistics Agency (BPS), the Indonesia Stock Exchange (IDX), and the Financial Services Authority (OJK). Classical assumption tests were applied comprising the Jarque-Bera normality test, Variance Inflation Factor (VIF) for multicollinearity, Breusch-Godfrey for autocorrelation, White Test for heteroscedasticity, and Ramsey RESET for model specification. Partially, inflation, exchange rate, and BI Rate each demonstrate a positive and significant effect on the JCI (p < 0.05). Simultaneously, all three variables exert a significant combined influence on the JCI, with a coefficient of determination R² = 0.4414, indicating that the model explains 44.14% of the variation in the JCI. The remaining 55.86% is attributed to other variables outside the model. Classical assumption test results reveal violations of normality, autocorrelation, and heteroscedasticity assumptions, although the model is free from multicollinearity. These findings confirm that Bank Indonesia's monetary policy has a significant and measurable impact on capital market performance. Further research is recommended using more advanced time series models such as GARCH or VECM to address violations of classical assumptions and improve estimation efficiency.

This study aims to analyze the effect of inflation and interest rates on the stock prices of banking companies listed in the IDX80 index on the Indonesia Stock Exchange for the 2019–2024 period. Research data were obtained from official reports of banking company stock prices as well as inflation and interest rate data from Bank Indonesia. The study used a quantitative approach with multiple linear regression methods through the SPSS application, and classical assumption tests were conducted as a requirement for analysis. The study population included all IDX80 banking companies, with a saturated sampling technique resulting in five banks that met the criteria during the study period. The results of the partial test indicate that inflation has a positive and significant effect on stock prices, while interest rates have a negative and significant effect on stock prices. This indicates that stable inflation can still improve the performance of the banking sector, while rising interest rates tend to depress stock prices due to increased borrowing costs and a shift in investment to other instruments. The results of the simultaneous test also show that inflation and interest rates together have a significant effect on the stock prices of IDX80 banking companies. The results show that inflation has a significant positive effect on stock prices with a significance value of 0.034, while interest rates have a significant negative effect with a significance value of 0.018. Simultaneously, inflation and interest rates have a significant effect on stock prices with a calculated F value of 14.549 > Ftable 2.70 and a significance of 0.000 < 0.05.

Global economic uncertainty and exchange rate fluctuations pose significant challenges to monetary stability in Indonesia, particularly in maintaining a controlled inflation rate. This study aims to analyze the transmission mechanism of the rupiah exchange rate to the inflation rate in Indonesia from 2015 to 2024. The method used in this study is library research by collecting, reviewing, and synthesizing data from various scientific literature, official central bank reports, and related journal articles published over the past decade. The research findings indicate that rupiah depreciation has a significant influence on rising inflation through the imported inflation channel, where currency depreciation increases the cost of raw materials for industries dependent on foreign markets. Furthermore, the findings reveal that the effectiveness of this transmission is influenced by public expectations and monetary policy taken by Bank Indonesia through adjustments to the benchmark interest rate. The implications of this study emphasize the importance of synergy between a stable exchange rate policy and controlling the supply of domestic goods to minimize the impact of external shocks on public purchasing power. The government and monetary authorities are advised to continue strengthening foreign exchange reserves and encouraging the use of local currencies in international transactions to reduce dependence on the United States dollar and maintain national price stability.

The rapid development of Islamic finance has encouraged central banks in dual banking systems to design monetary instruments that comply with Sharia principles while maintaining macroeconomic stability. However, the effectiveness of Islamic monetary instruments and their transmission mechanisms remain widely debated in the literature. This study aims to systematically review the empirical and conceptual literature on Islamic monetary instruments, focusing on their effectiveness, transmission channels, and macroeconomic outcomes. Using a Systematic Literature Review (SLR) approach guided by the PRISMA framework, this research synthesizes findings from major studies examining Islamic monetary policy operations, banking transmission mechanisms, and their impacts on inflation, output, and financial stability. The results reveal that the financing/credit channel and the interest–profit pass-through mechanism are the dominant transmission pathways in dual banking systems. Although Islamic banks often demonstrate relative stability during monetary shocks, policy transmission remains partly influenced by conventional interest rate benchmarks due to institutional and market structure factors. The effectiveness of Islamic monetary instruments is largely determined by the depth of Islamic money markets, the availability of liquid instruments such as central bank sukuk, and the strength of regulatory and institutional infrastructure. Furthermore, empirical evidence linking Islamic monetary instruments directly to macroeconomic outcomes such as inflation and growth remains limited. This study proposes an integrated conceptual framework linking Islamic monetary instruments, transmission channels, and macroeconomic outcomes, moderated by institutional quality, market share of Islamic banking, and market depth. The findings contribute to the literature by providing a comprehensive synthesis of existing research and offering policy insights for strengthening Islamic monetary policy frameworks in dual financial systems.

The property and real estate sub-sector serves as a strategic pillar for investment in Indonesia, despite BPS (2023) data showing a growth slowdown to 2.18% due to macroeconomic pressures. Financial performance throughout the 2021–2024 period exhibited significant volatility, with profit growth contracting to –5% in 2022 before rebounding to 15% in 2024. These fluctuations reflect the dynamics of economic recovery and the success of corporate operational efficiency in navigating interest rate hikes and inflation. This study aims to determine the effect of Company Size, Capital Structure, Return on Assets (ROA), and Total Asset Turnover (TATO) on Profit Growth. The population used in this study is the Property & Real Estate sub-sector companies listed on the Indonesia Stock Exchange for the 2021–2024 period. This study uses secondary data with a population of 68 companies. The sampling technique used a purposive sampling technique, resulting in a research sample of 30 Property & Real Estate sub-sector companies. The analysis technique used is multiple linear regression analysis processed using the Statistical Package for the Social Sciences (SPSS) program. The results show that Capital Structure, Return on Assets, Total Asset Turnover, and Company Size influence Profit Growth.

This study aims to analyze the influence of interest rates, exchange rates, and coffee production on the value of coffee exports in South Sulawesi. The background of this study is based on the condition of South Sulawesi coffee exports which have experienced significant fluctuations in recent years despite coffee production tending to increase. This study uses a quantitative approach with time series data for the period 2009-2023 sourced from the World Bank, International Monetary Fund and the Directorate General of Plantations, the Food Crops, Horticulture and Plantation Service of South Sulawesi Province. Data analysis was conducted using multiple linear regression through the EViews 12 application with the classical assumption test as a model prerequisite. The results show that partially interest rates have a significant effect on coffee exports, while exchange rates and coffee production do not have a significant effect. Simultaneously, the three independent variables do not have a significant effect on the value of coffee exports. This finding indicates that external factors, especially interest rates, are more dominant in determining the performance of South Sulawesi coffee exports than internal factors of production and exchange rates.

This study analyzes the factors that influence the cost of equity capital in food and beverage manufacturing companies listed on the Indonesia Stock Exchange during the period 2020–2023. The study focuses on information asymmetry, earnings management, voluntary disclosure, and business diversification as determinants of the cost of equity capital. This study is relevant to the dynamics of the financial market after the decline in Bank Indonesia's benchmark interest rate in the 2024–2025 period, which has the potential to change investor preferences and increase attention to the quality and transparency of company information. The study uses a quantitative approach with secondary data obtained from companies' financial statements and annual reports. The sample was determined using purposive sampling and resulted in 177 observations from 46 companies over four years of observation. The cost of equity capital was measured using the Ohlson model, while hypothesis testing was conducted using multiple linear regression analysis. The results show that earnings management and voluntary disclosure have a significant effect on the cost of equity capital. Conversely, information asymmetry and business diversification were not found to have a significant effect. These findings confirm that the quality of financial reporting and the level of information disclosure play an important role in shaping investors' risk perceptions and return expectations.

The automotive industry requires fast and accurate sales services, particularly in vehicle credit simulation processes. At Mazda dealerships, credit simulations are still commonly conducted using conventional tools such as printed installment tables or static PDF documents, which often cause delays and calculation errors. This study aims to design and develop a mobile-based vehicle credit simulation application using the Human-Centered Design (HCD) approach and the Flutter framework. The HCD method was implemented through the inspiration, ideation, and implementation stages to ensure that the application meets the real needs of Mazda sales representatives. The application supports flexible credit calculations based on vehicle on-the-road price, down payment, loan tenor, interest rate, and insurance schemes, including All Risk and combination insurance. Usability testing results show that the proposed application significantly improves calculation speed, accuracy, and overall user experience compared to conventional methods. Therefore, the application effectively supports sales performance, minimizes human error, and enhances professionalism in automotive sales services.

The rapid development of information technology has increased the use of online lending services, including illegal platforms that impose excessive interest rates, misuse personal data, and employ intimidating debt collection practices. Limited legal and digital literacy has made communities more vulnerable to these risks. This Community Service Program aims to enhance the understanding of residents in Kradenan Village, Tuban Regency regarding the characteristics of illegal online loans, their social, economic, and psychological impacts, and the relevant legal protections under regulations such as the Electronic Information and Transactions Law, the Personal Data Protection Law, and OJK Regulation No. 77/2016. Through participatory legal education and interactive discussions, the program achieved full participation and improved participants’ knowledge by up to 75%. Residents became more capable of identifying illegal loan applications, recognizing data misuse risks, and understanding preventive measures and available legal remedies. This program effectively increased public awareness to use digital financial services more responsibly and avoid the dangers of illegal online lending.

This study aims to analyze the effect of global diversification, exchange rates, and interest rates on the performance of mixed mutual funds in Indonesia during the period 2020–2024. The method used is a quantitative approach with the Partial Least Squares–Structural Equation Modeling (PLS-SEM) technique, using secondary data from the Financial Services Authority, Bank Indonesia, and Bareksa. The sample consists of three mixed mutual fund products that meet the criteria of portfolio data completeness, net asset value, and performance report publication. The results show that exchange rates have a positive and significant effect on mutual fund performance, indicating that exchange rate fluctuations play an important role in determining changes in portfolio returns. The global diversification variable proved to have no significant effect, illustrating that exposure to international markets has not provided stable benefits in improving the performance of mixed mutual funds. Interest rates also did not show a significant effect because the composition of mixed portfolios was able to withstand the impact of monetary policy changes. Simultaneously, the three independent variables were able to explain 66.7 percent of the variation in mixed mutual fund performance, indicating that macroeconomic dynamics and portfolio strategies have an important contribution in influencing the performance of this collective investment instrument.

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.

The rapid advancement of technology has made it easier for the public to access online loans (pinjol), but it has also increased the risk of misuse by illegal entities. The Financial Services Authority (OJK) recorded that from 2018 to 2022, it shut down 4,265 illegal online lending platforms. However, many cases continue to emerge due to the ease of creating applications and the use of overseas servers. Teachers are among the most affected victims due to low salaries and high living costs. The impacts of illegal online loans are highly detrimental, including the leakage of personal data, threats, intimidation, and excessively high interest rates. Education is crucial to prevent new victims. Isometric motion graphics are chosen as a medium because of their advantages in delivering information through engaging, clear, and easily understood visual and audio elements that are sustainable for audiences.

In this era of digital disruption, Islamic banks face significant challenges in maintaining public trust. Despite growth in assets and market share, many believe that Islamic banks operatein much the same way as conventional banks, while financing marginsare often considered higher than conventional bank interest rates. This perception contributes to low public trust, declining interest in saving, and public hesitation in using Islamic financing products. This study aims to explore how entrepreneurialinnovation and internalization of da'wah values canbe strategies to rebuild public trust in Islamic banks. Using the library research method, this study analyzes secondary data from scientific journals, reports, andliterature related to Islamic banking, digital transformation, and Islamic managerial ethics Islam. The results of the study show that the integration of dakwah princip lessuch as transparency, fairness, and ethical management in entrepreneurial practicesand digital innovation can strengthen public trust andincrease the competitiveness of Islamic banks. This study provides theoretical and practical insights for Islamic banks to align digital innovation and business strategies with core Islamic values, there by supporting financial sustainability and social legitimacy.

The Jakarta Composite Index (JCI), also known as the Indonesia Composite Index is a key indicator that reflects the performance of the Indonesian capital market and serves as a reference for assessing economic conditions and making investment decisions. This study aims to examine the influence of macroeconomic factors such as inflation, the rupiah exchange rate, and interest rates along with an external factor, the Dow Jones Index, on the JCI during the period 2020–2024. This research contributes by incorporating the DJIA as a proxy for global market effects on the JCI and by using the most recent and comprehensive dataset covering the pandemic and subsequent economic recovery. A quantitative approach was employed, using monthly time-series secondary data. The study applied saturated sampling, resulting in 60 observations. The data were obtained from official sources, namely the Indonesia Stock Exchange (IDX), Bank Indonesia (BI), the Central Statistics Agency (BPS), and Investing.com. Multiple linear regression was used as the analysis technique. The results show that inflation and the Dow Jones Index have a significant positive effect with the JCI, while the rupiah exchange rate has a significant negative effect. In contrast, interest rates do not show a significant effect on the JCI. These findings suggest that investors should consider inflation, the exchange rate, and global market movements (DJIA) when making investment decisions, while interest rates may play a less prominent role.  

This study examines the influence of credit interest rates and third-party funds on the credit distribution of PT BPR BKK Banjarharjo, Brebes Regency, using a quantitative approach based on secondary data from monthly financial reports between 2020 and 2024, amounting to 60 observations. The results show that, partially, credit interest rates exert a negative and significant effect on credit distribution, while third-party funds demonstrate a positive and significant impact. Simultaneous testing further confirms that both variables collectively have a significant influence on credit distribution. These findings emphasize the importance of banking institutions in carrying out their intermediation function effectively, where the ability to maintain competitive credit interest rates and strengthen public fund mobilization becomes a strategic necessity to improve credit growth and financial stability. Moreover, the study highlights the role of micro-banking as a foundation for regional economic development, particularly in rural areas where local banks serve as drivers of community empowerment and sustainable economic activity. By reinforcing prudent management of interest rates and optimizing fund collection, banks can ensure not only improved financial performance but also the expansion of credit access for micro, small, and medium enterprises. The outcomes of this research are expected to provide practical contributions to policymakers in the banking sector, enrich scientific literature in financial management, and serve as a relevant reference for subsequent studies focusing on credit distribution, financial intermediation, and the development of microfinance institutions.

Banking stability plays a crucial role in maintaining financial system resilience and supporting national economic growth. Fluctuations in macroeconomic factors often impact banks' financial health, particularly their capital. This study aims to explore how macroeconomic factors such as inflation, central bank benchmark interest rates, and gross domestic product (GDP) impact capital adequacy ratio (CAR) in conventional banks listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. This study employed a quantitative approach with an associative design, utilizing secondary data. The sample size for this study was 43 conventional banks. Data analysis was performed using multiple linear regression using SPSS. The findings indicate that inflation and benchmark interest rates do not significantly impact financial health, while GDP indicators show a modest positive trend. These findings confirm that macroeconomic conditions are not yet a dominant factor in determining bank capital adequacy. Therefore, it is suspected that internal factors such as risk management, profitability, and operational efficiency play a greater role in maintaining bank capital stability.

This study aims to: (1) identify and analyze the development of Third Party Funds (DPK), inflation, savings interest rates, Gross Regional Domestic Product (GRDP) at constant prices, and regional expenditure across Indonesian provinces during 2019–2023; and (2) examine the influence of inflation, savings interest rates, GRDP at constant prices, and regional expenditure on Third Party Funds in the same period. The research employs panel data regression analysis using EViews 12 for data processin.The results show that (1) the highest average growth of Third Party Funds (DPK) was recorded in South Kalimantan (11.89%), while the lowest was in Banten (-10.87%). The highest average inflation occurred in East Java (3.7%) and the lowest in Papua (2.1%). The savings interest rate peaked in 2019 at 1.17% and declined to its lowest level in 2022 at 0.37%. The highest GRDP growth was found in North Maluku (16.41%) and the lowest in West Papua (1.16%). Similarly, North Maluku also recorded the highest regional expenditure growth (14.08%), while West Papua experienced the lowest (-17.24%), reflecting economic disparities across regions in Indonesia. (2) The regression analysis reveals that GRDP at constant prices and regional expenditure have a significant and positive effect on Third Party Funds, while the savings interest rate has a significant and negative effect. In contrast, inflation shows no significant effect on Third Party Funds.

This study aims to determine the effect of interest rates and inflation on the profitability of property and real estate sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2020-2024. Profitability is measured using the Return on Assets (ROA) ratio, while interest rates refer to the BI-7 Day Reverse Repo Rate and inflation is calculated based on the Consumer Price Index (CPI) data from Bank Indonesia. This study uses a quantitative approach with multiple linear regression analysis methods and classical assumption tests supported by data processing using SPSS version 27 software. The sample was selected using purposive sampling techniques with criteria of companies that consistently submit annual financial reports, do not record losses during the research period, and use the Rupiah currency. The research results indicate that partially, interest rates have a positive and significant effect on profitability, while inflation does not have a significant effect on profitability. However, simultaneously, interest rates and inflation together have a significant effect on the company's profitability. These findings are expected to serve as a strategic reference for companies in formulating financial policies to maintain profitability stability amidst macroeconomic dynamics.

This study aims to analyze the effect of changes in interest rates, exchange rates, economic growth, and world oil prices on stock returns in the transportation and logistics sector in Indonesia during the period 2006–2024. This sector was chosen because it is highly vulnerable to fluctuations in macroeconomic factors that have a direct impact on companies' operating costs and financial performance. The method used is multiple linear regression with an annual panel data approach, using a sample of transportation and logistics companies listed on the Indonesia Stock Exchange. The independent variables include changes in interest rates, exchange rates, economic growth, and oil prices, while the dependent variable is stock returns. The results show that, partially, only changes in interest rates have a significant negative effect on stock returns. Conversely, exchange rates, economic growth, and oil prices have no statistically significant effect. Simultaneously, these four variables also show no significant effect on stock returns. This study makes a new contribution through the use of a long observation period and a focus on the transportation and logistics sector, thereby providing a deeper understanding of this sector's sensitivity to macroeconomic conditions.