This study examines the effect of macroprudential policy instruments on bank profitability in Indonesia during the 2014–2024 period. The research is motivated by the increasing importance of macroprudential policies in maintaining financial system stability while simultaneously supporting banking performance. However, empirical findings regarding the effectiveness of macroprudential instruments on profitability remain inconclusive, particularly in emerging economies. Therefore, this study aims to analyze the influence of Loan-to-Value (LTV), Macroprudential Intermediation Ratio (RIM), and Macroprudential Liquidity Buffer (PLM) on bank profitability measured by Return on Assets (ROA). The study uses secondary panel data obtained from commercial banks in Indonesia, Bank Indonesia, and Statistics Indonesia (BPS). The sample was selected using purposive sampling based on data availability and reporting consistency criteria. Data were analyzed using the Fixed Effect Model (FEM) with Driscoll–Kraay standard errors to address heteroskedasticity, autocorrelation, and cross-sectional dependence. The findings reveal that RIM has a positive and significant effect on ROA, while LTV and PLM are generally insignificant in partial estimations. However, the composite macroprudential policy index (MaPP) significantly improves bank profitability, indicating the importance of integrated policy implementation. The novelty of this study lies in the simultaneous examination of multiple macroprudential instruments and the construction of a composite macroprudential policy index. The findings imply that coordinated macroprudential policy frameworks are more effective in supporting banking profitability and financial stability in emerging economies.

This study aims to determine the influence of Environmental, Social, and Givernance Performance on Financial Performance. This research method used is a quantitative method. The data used in this study is secondary data in the form the websited (www.idx.co.id) and Refinitiv Eikon. The population in this study are companies listed on the Indonesia Stock Exchange (IDX) for the period 2014 - 2023. The sample was selected from the purposive sampling method and obtained a sample of 35 companies from several predetermined criteria. The analysis technique used in this research is panel regression analysis with the help of Eviews version 12. The results of the analysis show that Environmental Performance has no significant positive effect on Financial Performance. Social Performance has a positive and significant effect on Financial Performance. Governance performance has a negative and significant effect on financial performance. Environmental Performance has no significant effect on Financial Performance moderated by Company Type. This research can contribute to add literature related to additional considerations such as Environmental Performance, Social Performance, Governance Performance and Financial Performance for investors in evaluating the company's potential.

Type of the article: Research ArticleAbstractThis study examines the effect of two-tier board characteristics on firm value, with corporate reputation, proxied by Return on Assets (ROA), as a mediating variable. The research focuses on the Indonesian two-tier governance context, where the Board of Commissioners supervises management under concentrated ownership structures. The study uses panel data from 333 firm-year observations of non-financial companies listed on the Indonesia Stock Exchange (IDX) and included in the Kompas 100 Index over the 2019–2023 period. Data were analyzed using panel regression models with the Sobel test applied to evaluate the mediating effect. The results reveal that among the six examined board attributes, namely independence, size, tenure, education, meeting frequency, and age, only board meeting frequency shows a significant positive effect on firm value (p < 0.01). Board size positively affects ROA, indicating that a larger supervisory board enhances operational efficiency, while board education exhibits a negative influence, suggesting a potential mismatch between academic qualifications and practical business needs. However, ROA does not significantly affect firm value (p > 0.05), indicating that corporate reputation, when proxied by financial performance, fails to mediate the relationship between board characteristics and firm value. These findings underscore the crucial role of board meetings as a formal mechanism for effective supervision in Indonesia’s two-tier system. Moreover, they highlight that financial reputation alone is insufficient to drive firm value in emerging markets where direct governance mechanisms are more influential.AcknowledgmentThis research was conducted without financial support from any public, commercial, or nonprofit funding agency.

The information that investors receive plays a crucial role in shaping their expectations regarding a firm's future prospects. It serves as a signal of the firm's performance, further amplified by its total market capitalization. This study delves into the relationship between financial performance and stock returns, with market capitalization acting as a moderating variable. Drawing on panel data from banking companies listed on the Indonesia Stock Exchange (IDX) between 2013 and 2022, the research encompasses 363 firm-year observations. Using an Ordinary Least Squares (OLS) estimation model, the findings reveal that market capitalization exerts a positive and significant influence on the relationship between financial performance and stock returns. This suggests that firms with higher market capitalization tend to see a stronger alignment between their financial performance and investor returns, underscoring the value of size and market perception in driving stock price movements.

Penelitian ini bertujuan untuk menganalisis pengaruh struktur aktiva, fleksibilitas keuangan, profitabilitas, dan kepemilikan asing terhadap struktur modal pada perusahaan pengolahan minyak sawit di Indonesia. Sampel penelitian meliputi 24 perusahaan pengolahan sawit yang terdaftar di Bursa Efek Indonesia periode 2019-2024 yang dipilih menggunakan metode purposive sampling dengan kriteria yang diterapkan. Metode analisis yang digunakan adalah regresi data panel untuk menguji hubungan variabel-variabel tersebut dengan menggunakan aplikasi StataMP versi 17. Hasil penelitian menunjukkan bahwa struktur aktiva, fleksibilitas keuangan, dan profitabilitas berpengaruh negatif dan signifikan terhadap struktur modal. Sedangkan kepemilikan asing tidak berpengaruh terhadap struktur modal. Penelitian ini memberikan kontribusi dalam memahami bagaimana kombinasi struktur aktiva, fleksibilitas keuangan, profitabilitas, dan kepemilikan asing dapat dioptimalkan untuk mengelola struktur modal, khususnya pada sektor pengolahan minyak sawit di Indonesia.

Usaha Banun Songket merupakan salah satu kelompok usaha penghasil tenun Minangkabau di Kabupaten Solok. Meskipun memiliki potensi besar, usaha ini masih menghadapi keterbatasan pada desain motif dan optimalisasi pemasaran melalui media sosial. Kegiatan pengabdian ini bertujuan untuk meningkatkan daya saing produk dengan mendesain motif yang lebih menarik bagi konsumen, mempercepat proses produksi melalui desain digital dan mengoptimalkan pemasaran media sosial agar dapat menjangkau target pasar yang lebih luas. Metode kegiatan meliputi pelatihan dan pendampingan bisnis. Pelatihan dilakukan selama dua hari, sedangkan konsultasi bisnis dilaksanakan selama enam bulan dengan enam kali pertemuan. Keberhasilan kegiatan diukur secara kuantitatif melalui tiga tahapan utama, yaitu: (1) tahap sosialisasi dan pengurusan izin, (2) tahap implementasi berupa pelatihan desain motif dengan padu padan warna, desain digital, serta pendampingan pengembangan pemasaran melalui media sosial, dan (3) tahap monitoring serta evaluasi untuk menilai capaian kegiatan. Hasil kegiatan menunjukkan dari pelatihan dan pendampingan tercipta 3 motif baru denga desain menarik dan tersedia Instagram dan TikTok Banun Songket yang memiliki tampilan yang menarik. Secara keseluruhan, pimpinan dan pengrajin Banun Songket memberikan respon positif dengan menunjukan semangat yang tinggi dalam mengikuti pelatihan maupun sesi konsultasi bersama tim dari awal hingga akhir kegiatan. Ke depannya, kegiatan ini direncanakan untuk terus dilanjutkan dengan dukungan konsultasi dari tim Universitas Andalas maupun Pemerintah Daerah Kabupaten Solok. Hambatan yang dihadapi perlu latihan yang kontinu untuk membuat para pengrajin dapat lancar dan terbiasa mendesain motif secara digital serta keterbatasan dalam konsistensi membuat dan mengunggah konten untuk media sosial karena kesibukan memenuhi pesanan kain tenun

Penelitian ini bertujuan untuk menganalisis pengaruh pendapatan non bunga (fee based income) terhadap kinerja keuangan Bank Pembangunan Daerah (BPD) di Indonesia sebelum dan setelah pandemi COVID-19. Fee based income dipertimbangkan sebagai alternatif strategis dalam menghadapi tekanan terhadap pendapatan bunga tradisional selama masa krisis. Kinerja bank diukur menggunakan Return on Assets (ROA), dengan variabel independen meliputi Fee Based Income (FBI), Capital Adequacy Ratio (CAR), Cadangan Kerugian Penurunan Nilai (CKPN), dan ukuran bank (Size). Data yang digunakan merupakan laporan keuangan tahunan dari 27 BPD di Indonesia pada periode 2017–2023. Hasil penelitian menunjukkan bahwa fee-based income memiliki hubungan yang bervariasi terhadap kinerja bank tergantung pada kondisi sebelum dan setelah pandemi. Sebagian BPD menunjukkan peningkatan kinerja dan pendapatan non bunga, sementara sebagian lainnya mengalami penurunan. Penelitian ini diharapkan dapat memberikan kontribusi bagi pengembangan strategi pendapatan bank yang lebih stabil serta bermanfaat bagi pengambil kebijakan dan manajemen perbankan daerah.

Penelitian ini menganalisis reaksi pasar modal terhadap pengumuman larangan ekspor dan pencabutan larangan ekspor produk Crude Palm Oil (CPO) di Indonesia. Metode yang digunakan adalah event study untuk mengukur Abnormal Return (AR) dan Cumulative Abnormal Return (CAR) pada saham sub-sektor perkebunan yang terdaftar di Bursa Efek Indonesia (BEI). Periode peristiwa dibagi menjadi dua, yaitu (1) pengumuman larangan ekspor pada 22 April 2022, dan (2) pengumuman pencabutan larangan ekspor pada 19 Mei 2022. Perhitungan AR dan CAR dilakukan dengan tiga model, yaitu Market Model, Mean-Adjusted Model, dan Market-Adjusted Model. Hasil penelitian menunjukkan bahwa pada Event 1 (pengumuman larangan ekspor), terdapat abnormal return yang signifikan sebelum dan setelah pengumuman, mengindikasikan bahwa investor telah mengantisipasi kebijakan tersebut dan pasar menyesuaikan diri setelah pengumuman. Namun, uji CAR menunjukkan bahwa tidak ada perbedaan signifikan pada Market Model dan Market-Adjusted Model, sementara Mean-Adjusted Model menunjukkan hasil yang signifikan. Pada Event 2 (pengumuman pencabutan larangan ekspor), abnormal return yang signifikan juga ditemukan sebelum dan setelah pengumuman, mencerminkan antisipasi dan reaksi pasar. Namun, hasil CAR untuk Event 2 hanya signifikan pada Market-Adjusted Model. Temuan ini menunjukkan bahwa investor bereaksi secara dinamis terhadap perubahan kebijakan, dengan volatilitas pasar jangka pendek yang kemudian kembali stabil. Penelitian ini memberikan implikasi penting bagi investor dan regulator, terutama dalam pentingnya komunikasi kebijakan yang jelas dan tepat waktu untuk meminimalkan ketidakpastian pasar.

Penelitian ini bertujuan untuk menganalisis pengaruh Female Director, Institutional Ownership, Komite Audit dan Political Connection, terhadap Financial Distress pada perusahaan ritel yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2019–2023. Data penelitian diperoleh dari laporan tahunan perusahaan, mencakup variabel Female Director, Institutional Ownership, Komite Audit dan Financial Distress. Sampel penelitian terdiri dari 29 perusahaan yang dipilih melalui metode purposive sampling. Analisis data dilakukan menggunakan regresi data panel dengan perangkat lunak EViews 10. Hasil penelitian menunjukkan bahwa keberadaan Female Director berpengaruh negatif dan signifikan terhadap financial distress,. Institutional Ownership tidak memiliki pengaruh signifikan terhadap financial distress, Komite Audit juga tidak menunjukkan pengaruh signifikan terhadap financial distress, yang dapat disebabkan oleh ukuran komite audit yang besar dan keberadaan anggota independen yang tidak selalu meningkatkan efektivitas pengawasan keuangan perusahaan. Political Connection juga tidak menunjukkan pengaruh signifikan terhadap financial distress.

Sustainability issues and the implementation of Environmental, Social, and Governance (ESG) disclosure have become a major focus in the global business environment, including among Shariah-compliant firms. Although many firms have adopted sustainability initiatives, the contribution of ESG disclosure to financial performance remains debated. This study aims to examine the effect of ESG disclosure on the profitability of Shariah-compliant firms in Indonesia and Malaysia. Leverage, earnings management, and firm size are included as control variables. The sample consists of Shariah-compliant firms listed on the Indonesia Stock Exchange and Bursa Malaysia over a specified observation period. The analysis employs multiple regression using a random effect model approach. The findings reveal that, overall, ESG disclosure negatively affects profitability in both the combined sample of Indonesia and Malaysia and the Indonesian sample individually. In contrast, among Shariah-compliant firms in Malaysia, ESG disclosure does not have a significant impact on profitability, whereas earnings management shows a positive effect. These results highlight the need to enhance the substance of sustainability disclosures to better support financial value creation. This study contributes to the extension of agency theory and signaling theory within the context of Shariah-compliant businesses and opens avenues for future research on strengthening governance practices based on Islamic ethical values.

This study examines the effect of corporate social responsibility (CSR) disclosure on information asymmetry in the Indonesian capital market, with firm risk as a mediating variable in a green finance setting. CSR disclosure is viewed as a strategic transparency instrument that can reduce uncertainty about firms’ environmental, social, and governance practices and, therefore, lower information asymmetry between managers and outside investors. Using a sample of listed firms in Indonesia, CSR disclosure is measured through a content analysis–based index, while information asymmetry is proxied by relative bid–ask spread. Firm risk is captured by stock return volatility. The empirical model uses regression and mediation analysis, with the help of the Smart PLS program. Based on the analysis results, it was found that CSR disclosure was proven to play a significant role in reducing information asymmetry in the Indonesian capital market, thus confirming the relevance of CSR disclosure as a mechanism for transparency and strengthening the quality of the information environment within the framework of green finance. However, CSR disclosure does not have a significant effect on corporate risk, and corporate risk also does not have a significant effect on information asymmetry, so empirically, the risk variable is unable to mediate the relationship between CSR disclosure and information asymmetry.

Penelitian ini bertujuan menganalisis pengaruh Research & Development (R&D) Intensity dan Managerial Ability terhadap kinerja perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2020–2024, serta menguji peran Managerial Ability sebagai variabel moderasi. Variabel kontrol yang digunakan meliputi leverage, firm size, dan firm age untuk memberikan gambaran lebih komprehensif. Sampel penelitian ditentukan melalui purposive sampling, dengan metode analisis regresi data panel random effect model menggunakan aplikasi Stata. Kinerja keuangan diproksikan melalui Return on Assets (ROA). Hasil penelitian menunjukkan bahwa R&D Intensity berpengaruh positif signifikan terhadap kinerja perusahaan, yang menegaskan pentingnya investasi penelitian dan pengembangan dalam meningkatkan efisiensi operasional serta daya saing. Selain itu, Managerial Ability juga berpengaruh positif signifikan terhadap kinerja, sejalan dengan teori Upper Echelons yang menekankan peran kemampuan manajerial tingkat atas dalam menentukan arah strategis perusahaan. Namun, peran Managerial Ability sebagai variabel moderasi tidak terbukti signifikan. Temuan ini mengindikasikan bahwa pengaruh R&D Intensity terhadap kinerja perusahaan bersifat langsung, tanpa dipengaruhi oleh variasi kemampuan manajerial.

This study aims to empirically prove the effect of entrepreneurial orientation and government support on culinary MSME business performance in Padang City. In addition, this research also aims to prove the role of government support to strengthen the relationship between entrepreneurial orientation and culinary MSME business performance in Padang City. In this research, as many as 120 culinary actors managed by gen Z or business actors aged between 16 and 23 years were used at this time. Data collection was carried out through distributing questionnaires. The data analysis method used is quantitative by using path analysis. The results of testing the hypothesis found that entrepreneurial orientation will encourage increased culinary MSME business performance managed by gen Z in Padang City. The research results obtained also found that government support in the form of financial or non-financial has a strong influence on the performance of micro business businesses managed by gen Z in Padang City. Another finding obtained through our research is that government support moderates the relationship between entrepreneurial orientation and business performance. These findings show that the implementation of an entrepreneurial orientation will be carried out and on target if it gets financial or nonfinancial support from the government so that it can encourage increased business performance.

The purpose of this study is to determine the influence of Green Accounting, and Leverage moderated by Corporate Social Responsibility on the Company's Financial Performance. The research method used is a quantitative method. The data used in this study is secondary data in the form of financial statements from the website (www.idx.co.id). The population in this study is manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2018-2022 period. The sample was selected from the purposive sampling method and obtained a sample of 38 companies from several criteria that had been set. The analysis technique used in this study is panel regression analysis with the help of STATA version 14.2. The results of the analysis show that Green Accounting does not have a significant positive effect on financial performance. Leverage has a significant negative effect on financial performance. Green accounting moderated by Corporate Social Responsibility on the Company's Financial Performance has a negative effect. Leverage moderated by Corporate Social Responsibility has a significant positive effect on the Company's financial performance. This research can contribute to adding literature related to additional considerations such as Green Accounting, leverage and CSR for investors in evaluating the Company's potential.

This community service activity aims to enhance the quality and innovation of Tenun Songket Berkah designs in Nagari Sungai Janiah, Solok Regency, through digital design training using Adobe Illustrator. The program was held on July 27, 2024, at the Tenun Songket Berkah micro-enterprise, employing various methods such as training, hands-on practice, and mentoring. The primary goal of this activity is to introduce digital design techniques that can develop traditional tenun motifs to be more innovative, modern, and appealing to both local and international markets. The implementation methods included intensive training on the use of Adobe Illustrator, practical sessions on creating digital-based tenun motifs, and ongoing mentoring to develop unique and creative designs. Participants were trained to optimize the use of this software to create complex and detailed motifs, which were then integrated into the production process. The results of the activity showed a significant improvement in the participants' ability to use Adobe Illustrator for designing tenun motifs, positively impacting the quality, variety, and added value of the products. A total of 10 new motifs were successfully created, marketed, and registered as Intellectual Property Rights (IPR), strengthening the position of the micro-enterprise in the market. In conclusion, this training proved effective in fostering innovation in the Tenun Songket Berkah industry, enhancing human resource skills, and expanding the market reach. It is recommended to continue with advanced training in product design and digital marketing to maintain and enhance the competitiveness of the products in the global market.