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MSCI Downgrade to Frontier Market: Lessons for Indonesia from Three Countries Muhammad Ananda Fakhri; Farianita Lestari; Berry Dhiyashavana
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 4 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i4.11882

This study investigates the impact of MSCI reclassification from Emerging Market (EM) to Frontier Market (FM) on stock market return and capital flow dynamics, using a comparative approach across three historical cases: Jordan (November 2008), Argentina (May 2009), and Morocco (November 2013). The research employs two complementary methods: (1) an event study using daily stock index data from Investing.com, measuring cumulative abnormal returns (CAR) via the Market Model with MSCI World Index as benchmark, tested using the Brown-Warner BMP test; and (2) a before-after analysis using annual Balance of Payments data from the World Bank (indicator BN.KLT.PTXL.CD), tested using the Wilcoxon Signed-Rank Test. All statistical analyses were performed using RStudio 2024.09.2+398. Results show that Jordan experienced the most severe impact with CAR reaching -54.43% (p<0.01) at ED [-20,+60] and -71.35% (p<0.01) at ED [-60,+120], confirming the Price Pressure Hypothesis. Morocco exhibited limited short-term price impact due to an FM premium effect, but recorded a net foreign flow decline of USD -1.554 billion post-downgrade. Argentina showed anomalous positive CAR attributed to Global Financial Crisis recovery effects coinciding with the downgrade period. These findings serve as empirical benchmarks for Indonesia, which faces a MSCI rebalancing freeze since January 2026 and potential downgrade risk ahead of the May 2026 review.

Optimalisasi Manajemen Hospitality Berbasis Pelayanan Prima melalui Penataan SDM di Klinik Haji Mabar Kota Medan Ayulita Ramadhani; Devana Anisha Indra Putri; Farianita Lestar; Alwi Ihsan Nababan; Haryaji Catur Putera Hasman; Berry Dhiyashavana
ABDI SABHA (Jurnal Pengabdian kepada Masyarakat) Vol. 7 No. 2 (2026): Juni
Publisher : CERED Indonesia Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53695/jas.v7i2.1577

This community service aims to strengthen the healthcare hospitality support system through education and the implementation of integrated Human Resources (HR) management at Klinik Haji Mabar, Medan City. The novelty of this program lies in its structural upstream approach, utilizing HR administration and competency tracking systems as the fundamental prerequisite to guarantee a consistent hospitality culture, rather than merely focusing on downstream patient interactions. The activity was conducted using a participatory approach comprising four stages: problem identification, material and system design, empathetic communication training and simulation, and implementation mentoring, involving 15 healthcare and administrative staff members. Evaluation results demonstrated a significant 34.97% increase in participants' cognitive understanding, with the average pre-test score (53.61) rising to 88.58 in the post-test. Managerial outputs, including Standard Operating Procedures (SOP) for hospitality service flow and a digitized ordner-based HR archiving system, were successfully implemented. In conclusion, comprehensive HR management structuring interventions are proven to be highly effective in accelerating the capacity of clinic staff to consistently deliver responsive, empathetic, and humanistic excellent service for BPJS Health participants.

The Role of Brand Authenticity in Building Consumer Loyalty Toward Islamic Brands: A Literature Review Berry Dhiyashavana; Ayulita Ramadhani; Haryaji Catur Putera Hasman
Jurnal Ilmu Pendidikan dan Sains Islam Interdisipliner Vol. 5 No. 3 Agustus 2026: Jurnal Ilmu Pendidikan dan Sains Islam Interdisipliner
Publisher : Yayasan Azhar Amanaa Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59944/jipsi.v5i3.1343

This article examines the role of brand authenticity in building consumer loyalty toward Islamic brands. The study responds to the growing use of halal labels, Islamic symbols, and religious narratives in marketing, where consumers increasingly evaluate whether brand claims are consistent with actual practices. A narrative literature review was conducted by synthesizing peer-reviewed international and national journal articles on brand authenticity, Islamic branding, brand trust, perceived value, repurchase intention, and consumer loyalty. The review shows that brand authenticity strengthens loyalty through four interrelated dimensions: continuity, credibility, integrity, and symbolism. In Islamic brands, these dimensions are reflected in consistent halal identity, credible halal claims, ethical and transparent business conduct, and the ability of the brand to represent consumers' religious and social values. The synthesis also indicates that brand trust and perceived value are important mechanisms that connect authenticity with loyalty. Consumers are more likely to repurchase, recommend, and defend Islamic brands when they perceive the brands as honest, value-consistent, and able to deliver functional, emotional, social, and spiritual benefits. This article proposes a conceptual framework in which brand authenticity influences consumer loyalty both directly and through brand trust and perceived value, while religiosity and halal awareness may strengthen the relationship. The review contributes to Islamic marketing literature by integrating brand authenticity theory with Islamic branding and offers practical implications for managers of halal-oriented brands.

Dampak Program Makan Bergizi Gratis (MBG) terhadap Saham Sub-Sektor Fish, Meat, Poultry di Bursa Efek Indonesia Alwi Ihsan Nababan; Berry Dhiyashavana; Farianita Lestari; Devana Anisha Indra Putri
Jurnal Ekonomi Manajemen dan Bisnis (JEMB) Vol. 4 No. 2 (2025): Juli-Desember
Publisher : CV. ITTC INDONESIA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47233/jemb.v4i2.3850

Government policies often play a crucial role in shaping market sentiment and influencing investor behavior, especially in emerging capital markets. This study examines how Indonesia's Free Nutritious Meal Program (MBG), announced in 2024–2025, affected stock performance in the Fish, Meat, and Poultry sub-sector listed on the Indonesia Stock Exchange (IDX). Using an event study approach with a 10-day observation window (t-5 to t+4, where t0 is the official announcement date), we applied the Kolmogorov-Smirnov normality test and Wilcoxon Signed Rank Test to evaluate changes in Abnormal Return (AR), Trading Volume Activity (TVA), and Abnormal Trading Volume Activity (ATVA).Results show that abnormal returns remained relatively stable with a mean of -0.002805 before the event and -0.000361 after (p-value = 0.680 > 0.05), indicating no statistically significant change. Similarly, TVA and ATVA showed no abnormal patterns (p-value = 0.159 > 0.05). These findings suggest that the MBG announcement did not contain sufficient information content to trigger a significant short-term market reaction, reflecting semi-strong form market efficiency in Indonesia's capital market. Investors appear to perceive the program's direct impact on equity values as limited or delayed, with potential effects realized only in the long term.

Pengaruh Social Media Marketing terhadap Keputusan Pembelian Skincare Melalui Brand Awareness Adika Fajar Putra; Berry Dhiyashavana; Windi Astuti; Fauziah Kumalasari; Vicky Rosalia
EKOMA : Jurnal Ekonomi, Manajemen, Akuntansi Vol. 5 No. 6: September 2026
Publisher : CV. Ulil Albab Corp

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56799/ekoma.v5i6.20972

Pertumbuhan pesat TikTok sebagai kanal pemasaran digital mendorong maraknya penerapan Social Media Marketing (SMM) oleh merek skincare, salah satunya Scarlett Whitening, namun peran Brand Awareness (BA) sebagai mediator antara SMM dan Keputusan Pembelian (KP) masih jarang diuji secara khusus. Penelitian ini menguji pengaruh Social Media Marketing (SMM) terhadap Keputusan Pembelian (KP) produk skincare Scarlett Whitening pada media sosial TikTok di Kota Medan, dengan Brand Awareness (BA) diposisikan sebagai variabel intervening (mediator). Data primer dikumpulkan dari 85 responden melalui purposive sampling dan dianalisis menggunakan Partial Least Squares Structural Equation Modeling (PLS-SEM) dengan bootstrapping 5.000 subsampel untuk menguji efek langsung dan tidak langsung. Hasil menunjukkan SMM berpengaruh positif dan sangat signifikan terhadap BA maupun terhadap KP secara langsung, sedangkan pengaruh BA terhadap KP tidak signifikan. Efek tidak langsung SMM→BA→KP juga tidak signifikan karena interval kepercayaan bootstrap melewati nol. Dengan demikian, Brand Awareness tidak terbukti memediasi hubungan antara Social Media Marketing dan Keputusan Pembelian; pengaruh SMM terhadap KP bersifat langsung, bukan melalui peningkatan kesadaran merek. Temuan ini memberikan implikasi bahwa strategi social media marketing yang aktif mendorong keputusan pembelian secara langsung, terlepas dari perannya dalam membangun kesadaran merek.

Optimalisasi Manajemen Hospitality Berbasis Pelayanan Prima melalui Penataan SDM di Klinik Haji Mabar Kota Medan Ayulita Ramadhani; Devana Anisha Indra Putri; Farianita Lestar; Alwi Ihsan Nababan; Haryaji Catur Putera Hasman; Berry Dhiyashavana
ABDI SABHA (Jurnal Pengabdian kepada Masyarakat) Vol 7 No 2 (2026): Juni
Publisher : CERED Indonesia Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53695/jas.v7i2.1577

This community service aims to strengthen the healthcare hospitality support system through education and the implementation of integrated Human Resources (HR) management at Klinik Haji Mabar, Medan City. The novelty of this program lies in its structural upstream approach, utilizing HR administration and competency tracking systems as the fundamental prerequisite to guarantee a consistent hospitality culture, rather than merely focusing on downstream patient interactions. The activity was conducted using a participatory approach comprising four stages: problem identification, material and system design, empathetic communication training and simulation, and implementation mentoring, involving 15 healthcare and administrative staff members. Evaluation results demonstrated a significant 34.97% increase in participants' cognitive understanding, with the average pre-test score (53.61) rising to 88.58 in the post-test. Managerial outputs, including Standard Operating Procedures (SOP) for hospitality service flow and a digitized ordner-based HR archiving system, were successfully implemented. In conclusion, comprehensive HR management structuring interventions are proven to be highly effective in accelerating the capacity of clinic staff to consistently deliver responsive, empathetic, and humanistic excellent service for BPJS Health participants.

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