Publication Search

This community service program aims to optimize construction project planning through assistance in preparing a business feasibility study at PT Sahabat Anugrah Sejati. The construction sector is a strategic industry that requires effective resource management, proper risk mitigation, and accurate planning to ensure project success. Therefore, the program supported the partner in analyzing financial, managerial, market, and economic aspects prior to making investment decisions for the proposed project. The results show that the project is feasible based on the Net Present Value (NPV) and Internal Rate of Return (IRR) analyses. An efficient organizational structure, a competent management team, and strong supervision mechanisms further strengthen the project’s operational readiness. Increasing demand for construction services also enhances the company’s market prospects. However, several areas still require improvement, including heavy equipment utilization, material efficiency, and digital marketing strategies. This program provides strategic recommendations to help PT Sahabat Anugrah Sejati improve project feasibility, operational effectiveness, and long-term business sustainability.

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 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 study examines the implementation of the Coretax system in preparing electronic withholding tax slips (e-Bupot) and submitting Monthly Income Tax Article 21 (PPh 21) Returns at PT RSA. Coretax, launched by the Directorate General of Taxes (DGT) and officially implemented on January 1, 2025, is part of the government’s effort to modernize tax administration and improve taxpayer compliance. The research uses a qualitative descriptive method with a case study approach. Data were obtained through interviews with personnel responsible for PPh 21 administration, direct observation of e-Bupot preparation and monthly tax return filing through Coretax, and documentation review of tax reports and withholding slips. The analysis compares PT RSA’s practices with applicable tax regulations and identifies technical challenges during system use. The results show that PT RSA has complied with prevailing regulations, including the application of the Average Effective Rate (TER) and the utilization of Coretax for tax administration. However, technical constraints remain, particularly unstable internet connections and slow Coretax server performance during peak reporting periods, leading to data entry delays and upload failures. Therefore, improvements in system stability and performance are needed to support timely reporting and optimal tax compliance.

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

This study aims to examine the influence of tax awareness, tax knowledge, and tax morale on the level of individual taxpayer compliance. Income tax plays a strategic role as the primary source of financing for government expenditures in supporting national development. However, the level of taxpayer compliance in submitting Annual Tax Returns (SPT) continues to show a downward trend over time. This condition indicates a problem with compliance behavior influenced by various internal factors within taxpayers. Therefore, government efforts are needed to increase tax awareness, expand tax knowledge, and strengthen tax morale among the public. This study uses a quantitative descriptive approach with a random sampling technique. The research sample consisted of 30 individual taxpayers registered at the Kediri Pratama Tax Service Office (KPP Pratama). Data were analyzed using descriptive statistics, classical assumption tests, and hypothesis testing with the help of SPSS software. The results show that tax awareness, tax knowledge, and tax morale have a positive and significant effect on taxpayer compliance, both partially and simultaneously.

This study explores how the drafting process of the Bill (RUU) for the Revision of the Indonesian National Armed Forces (TNI), which was approved to become Law Number 3 of 2025, occurred amidst massive public protests, with an emphasis on violations of the principles of openness, participation, and accountability as regulated in the 1945 Constitution and Law Number 12 of 2011 concerning the Formation of Legislative Regulations. The public's rejection illustrates the potential for abusive law making, threats to civilian dominance, and the possibility of a return to the dual function of the military from the New Order period, supported by protests, petitions from civil society organizations such as NU, WALHI, and KONTRAS, as well as an application for constitutional review to the Constitutional Court. Adopting the perspective of Habermas’s theory of deliberative democracy and Weber’s concept of legitimacy, this research asserts that the argument for the annulment of this Bill is growing stronger, in order to uphold democratic law making and the protection of human rights.

This study aims to examine the relationship between Corporate Social Responsibility (CSR) disclosure and profitability with firm value. The research was conducted on companies in the oil, gas, and coal sub-sector listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. The independent variables in this study are corporate social responsibility disclosure and profitability, while firm size is employed as a control variable. Firm value is proxied by Price to Book Value (PBV), whereas profitability is measured using Return on Equity (ROE). This study is grounded in Stakeholder Theory and Signaling Theory to explain the relationships among the variables. The sample was determined using purposive sampling, resulting in 29 companies. The data analysis techniques applied include Pearson correlation analysis and multiple linear regression to examine both the simple relationships and the effects of corporate social responsibility disclosure and profitability on firm value. The results indicate that corporate social responsibility disclosure has a negative relationship with firm value, while profitability shows a positive and significant relationship with firm value.

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

The discourse on the attributes of God has developed to include the issue of His physical attributes, as described in the texts, which state that God has hands, a face, a chair, a throne, and so on. This article employs a literature study as its method. Literature data are secondary sources, meaning the researcher obtains material indirectly and not from original, first-hand sources. Such sources may contain the biases or perspectives of their authors, and the researcher does not always have full control over how the data were collected or organized according to their original purpose. The results of this study indicate that the existence of God’s attributes is clearly explained by Abduh: the attributes that must be believed by the faithful are derived from the guidance of reason and the information provided by Islamic law. Regarding the classification of God’s attributes, there are 20 attributes that are obligatory for God, 20 that are impossible for God, and attributes that are jaiz (possible) for God. Summarizing the attributes of God mentioned in Surah Al-Qashash verses 68–70: God is the Creator, God is free to choose, God is Most Holy, God is All-Knowing, God is One, God is worthy of praise, God is Most Wise, and to God all things will return. One of the characteristics of a believer is to affirm and have certainty in the existence of God while distancing themselves from ideologies that negate or oppose God.

This study analyzes the implications of the slogan “returning to the Qur’an,” which is frequently understood as a call to rely directly on the Qur’an in addressing religious and social issues while neglecting essential exegetical disciplines such as tafsir, asbāb al-nuzūl, and other authoritative scholarly frameworks. The discussion is reinforced by the findings of Husnul Maab, a postgraduate student at the Institut Ilmu Al-Qur’an (IIQ), whose thesis on the textuality of Qur’anic interpretation and its relationship to religious diversity in Indonesia highlights the serious problems inherent in literalist approaches, particularly in the interpretation of verses related to jihad and politics. This research employs a qualitative library research method, using relevant literature as the primary source of data and analysis, requiring in-depth understanding and critical engagement with the subject matter. The findings indicate that the slogan “returning to the Qur’an” can function as a form of interpretive distortion when it is not accompanied by adequate scholarly competence. Attempts to deepen Qur’anic understanding without integrating the bayānī (textual), burhānī (rational), and ‘irfānī (ethical–spiritual) approaches tend to result in rigid and reductionist interpretations. Such purely textual readings represent an extreme position that may lead to harmful consequences, including the tendency to label others as unbelievers, sinners, or wrongdoers solely due to interpretive differences. Ultimately, religious understanding shaped by reactive and exclusionary interpretations poses a significant threat to religious pluralism and social harmony in Indonesia.

The COVID-19 pandemic has increased public interest in investing, especially in the banking sector, which is known for its stability. However, many investors still lack an understanding of fundamental analysis. This study aims to examine the effect of Return on Asset (ROA), Return on Equity (ROE), and Net Profit Margin (NPM) on stock prices of banking companies listed on the Indonesia Stock Exchange during the 2011–2023 period. The research used a quantitative approach with purposive sampling and multiple linear regression analysis using SPSS. The results show that ROA has no significant effect on stock prices. In contrast, ROE has a significant negative effect, while NPM has a significant positive effect on stock prices. These findings indicate that investors tend to consider net profit margins more than asset efficiency, and that high ROE may be perceived as a signal of high leverage risk. This research is expected to provide insights for investors in assessing banking performance before making investment decisions.

The goal of this research is to explore the relationship between stock prices, liquidity, profitability, and leverage. This study focuses on transportation and logistics companies that were registered in the Indonesia Stock Exchange from 2021 to 2023. A quantitative approach was taken, utilizing secondary data derived from the annual financial statements of companies that were active during this time frame. The sample comprised 45 data points, selected using a purposive sampling technique. The independent variables include leverage, measured with the Debt to Equity Ratio (DER), profitability, assessed through Return on Assets (ROA), and liquidity, evaluated via the Current Ratio (CR). The dependent variable for this research is the stock price. The findings from this partial analysis reveal that liquidity significantly and negatively impacts stock price, with a t-count of -2.264 and a significance level of 0.029. However, the correlation between stock price and profitability was found to be insignificant, indicated by a significance value of 0.071 and a t-count of -1.853. Similarly, leverage does not significantly affect stock price, as evidenced by a t-count of -0.657 and a significance level of 0.515. Nonetheless, when considered collectively, the three factors of leverage, profitability, and liquidity do influence stock prices. According to the coefficient of determination (R2) test, these three variables account for 13.9% of the volatility in stock prices, leaving the remaining 86.1% to be attributed to external factors not examined in this study.

This study examines the factors that cause fraud in financial reporting. The study analyzed 195 data points from 39 financial institutions listed on the Indonesia Stock Exchange (IDX) during the period 2019 to 2023 using a purposive sampling technique. The research applied multiple linear regression analysis to analyze the impact of governance independence and performance variables on the likelihood of fraudulent financial reporting. The independent variables include financial targets assessed by profitability (return on assets [ROA]), financial stability measured by changes in assets, external pressure measured by the debt-to-equity ratio (DER), and the proportion of independent commissioners as a measure of good corporate governance. The study proves that financial targets affect fraudulent financial reporting, while financial stability, external pressure, and independent commissioners do not influence fraudulent financial reporting. The findings of this study provide valuable insights for regulators, investors, and management to enhance oversight and reduce the risk of fraud in the banking sector.

This study examines the impact of Market Value Added (MVA), Economic Value Added (EVA), and Financial Value Added (FVA) on stock returns in energy-sector mining companies listed on the Indonesia Stock Exchange (IDX) during 2018–2023. A quantitative approach with multiple linear regression was applied to 23 purposively selected firms based on data availability. Secondary data were obtained from annual reports and stock prices published on the IDX website. The findings show that EVA has a significant effect on stock returns (p = 0.048 < 0.05), while MVA (0.075) and FVA (0.080) are not significant individually. However, the three variables collectively influence stock returns (p = 0.031 < 0.05). The adjusted R² of 0.396 indicates that 39.6% of return variability is explained by the model, with the rest influenced by other factors. Overall, EVA emerges as the key indicator for investors in evaluating return potential, while market-based measures such as MVA are less decisive, and historical value indicators (FVA) are less statistically relevant as predictors of stock returns. From a managerial perspective, firms are encouraged to focus on capital efficiency and sustainable economic value creation to enhance their investment appeal.

This study aims to analyze the effect of the Current Ratio (CR), Debt-to-Equity Ratio (DER), and Return on Equity (ROE) on the stock prices of healthcare companies classified as sharia-compliant on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. The background of the study is motivated by notable stock price fluctuations among sharia healthcare issuers, such as the sharp decline in PT Kimia Farma Tbk and price dynamics of other issuers including KLBF, MIKA, PEHA, and SIDO. The analysis uses a quantitative approach applying Partial Least Squares – Structural Equation Modeling (PLS-SEM) implemented in WarpPLS 8.0. The results indicate that CR does not have a significant effect on stock price (p = 0.174), while DER has a negative but not statistically significant effect (p = 0.484). In contrast, ROE has a positive and significant effect on stock price (p < 0.001), making ROE the dominant factor influencing investor interest. Simultaneously, the three independent variables explain only 20.2% of stock price variation, while the remaining 79.8% is influenced by factors outside the research model. The Tenenhaus goodness of fit (GOF) value of 0.450 suggests the research model has good overall quality despite the limited explanatory power of the tested financial variables.

This study aims to evaluate the effect of Return on Assets (ROA), Debt to Equity Ratio (DER), and Current Ratio on Firm Value, with Sales Growth as a moderator variable, in textile and garment companies listed on the Indonesia Stock Exchange (IDX) for the period 2020-2024. The population of this study consisted of 21 companies, and purposive sampling was used to select 19 companies according to the established criteria. The analytical method used was panel data regression analysis with the help of Eviews version 12.0. The results of this study indicate that Return on Assets (ROA) has a negative and significant effect on firm value, Debt to Equity Ratio (DER) and Firm Size have a positive and significant effect on firm value, Current Ratio (CR) does not have a significant effect on firm value, and Sales Growth cannot moderate the effect of Return on Assets on firm value. The condition of ROA that has a negative effect on firm value can describe a situation where the greater the company's profit in the form of assets, the lower the company's value will be, or conversely, the higher the company's value, the lower the company's assets will be.

This study examines the influence of foreign ownership, return on assets (ROA), and firm size on environmental, social, and governance (ESG) disclosure among energy sector companies listed on the Indonesia Stock Exchange (IDX) during 2022–2024. The sample was selected through purposive sampling, including firms that consistently published annual and sustainability reports in accordance with the Global Reporting Initiative (GRI) standards. ESG disclosure was measured as the proportion of disclosed GRI indicators to the total applicable indicators. Multiple linear regression analysis shows that foreign ownership and firm size significantly enhance ESG disclosure, while ROA has no significant effect. These results support legitimacy theory, suggesting that companies increase ESG transparency primarily to secure societal acceptance and maintain their social license to operate. In the energy sector, where environmental sensitivity and public scrutiny are high, ownership structure and firm scale emerge as stronger determinants of ESG disclosure than short-term profitability.

This study examines the comparative volatility of gold and Bitcoin over the period January 2020 to August 2025, using monthly data and employing descriptive statistics, the Augmented Dickey-Fuller (ADF) test, GARCH (1,1), and the Dynamic Conditional Correlation Generalized Autoregressive Conditional Heteroskedasticity (DCC-GARCH) model estimated with EViews 13. The results show that Bitcoin is characterized by extreme and persistent volatility, reflecting its speculative nature, whereas gold remains stable and functions as a conventional safe-haven asset. Correlation analysis indicates that the relationship between gold and Bitcoin is generally weak but dynamic, as the strength and direction of their co-movements change across different market conditions. These findings highlight the potential role of gold as a hedge and Bitcoin as a speculative diversifier, offering insights for portfolio diversification and risk management. These results also suggest that investors should carefully consider their risk tolerance and investment horizon when allocating assets between traditional and digital commodities.

Social loans are an important tool for developing local economies, especially in remote areas such as rural areas. The Indonesian Village City Savings and Loan Cooperative (KSU) is one of the business entities that provides loan capital to its members. The purpose of this study is to determine the mechanism of social loan agreements in the Multipurpose Cooperative (KSU) of the Indonesian Village City and to determine the perspective of Islamic Economic Law on loan agreements in the Multipurpose Cooperative (KSU) of the Indonesian Village City. This research method uses a descriptive research type with a qualitative approach. Data collection was carried out through observation and interviews with the Management and members of the Savings and Loan Cooperative (KSU) of the Indonesian City Village. The results of the study show that first, the loan application procedure involves several steps such as becoming a member, filling out forms, completing documents and the approval stage. The maximum loan provision is 80% of the savings balance with a loan tenor of 12 months and 18 months. The payment system is made in installments through salary deductions and is subject to a 5% interest. For borrowing members who are late, there are no sanctions or fines but there is a time dispensation. Second, the loan application and management mechanism at the Multipurpose Cooperative has met sharia principles through transparent and structured governance, such as deductions from salary installments and a guarantee policy provided in the form of the amount of member savings balances. However, social loans at the Multipurpose Cooperative contain an element of benefit (profit) of 5%, which according to some scholars can be classified as usury because of the addition of value to the principal loan, even though the benefit is returned to members through the Business Result Remainder (SHU).