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Consumer Protection in the Circulation of Illegal Cosmetics in Indonesia: An Analysis of Business Ethics, Legal Regulations, and Corporate Governance Sony Wijaya; Agus Satory
Cerdika: Jurnal Ilmiah Indonesia Vol. 6 No. 5 (2026): Cerdika: Jurnal Ilmiah Indonesia
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/cerdika.v6i5.3476

Abstract

The rise of illegal cosmetic products in Indonesia has become a significant concern for consumer protection, public health, and corporate accountability, particularly amid the rapid growth of digital marketplaces. Despite the existence of regulatory frameworks governing cosmetic safety, the circulation of unregistered and hazardous products continues to increase, driven by weak regulatory enforcement, inadequate oversight of online commerce, and misleading practices by sellers. This research used normative legal method and qualitative approach. The data is secondary data and taken from laws and regulations, regulations, official reports, journal articles, and credible online sources. The findings indicate that the current regulatory regime exhibits major deficiencies, including fragmented legal norms, limited inspection capacity, and the absence of clear liability standards for marketplace operators. These conditions have enabled illegal cosmetics many containing banned or harmful substances to enter the supply chain and reach consumers without effective preventive controls. The research further reveals that ethical business principles and corporate governance mechanisms are often undermined by profit-driven motives, resulting in “false compliance” by some platforms that outwardly adopt safety policies without substantively implementing them. The study argues that reinforcing consumer protection requires harmonizing relevant regulations, strengthening oversight of digital commerce, and imposing clearer obligations on marketplace operators, potentially through the adoption of stricter liability frameworks. Future research may explore technological solutions for product authentication, cross-border regulatory cooperation, and comparative legal models that address platform responsibility in the digital ecosystem.
Impact of Liquidity and Leverage on Profitability and Firm Value: Evidence from Oil and Gas Sector on the Indonesia Stock Exchange 2024 Using SEM-PLS Yulianik yulianik; Bilal Saratoga; Sony Wijaya; Jerry Heikal
Cerdika: Jurnal Ilmiah Indonesia Vol. 6 No. 5 (2026): Cerdika: Jurnal Ilmiah Indonesia
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/cerdika.v6i5.3477

Abstract

This study examines the impact of liquidity and leverage on profitability and firm value in oil and gas companies listed on the Indonesia Stock Exchange in 2024. The oil and gas sector plays a strategic role in Indonesia’s economy, yet it faces high financial risk due to fluctuating global oil prices, intensive capital requirements, and unstable market conditions. Therefore, understanding the relationship between liquidity, leverage, profitability, and firm value becomes important for investors and corporate management in making financial decisions. The purpose of this study is to analyse the direct and indirect effects of liquidity and leverage on profitability and firm value using profitability as an intervening variable. This research applied a quantitative causal-comparative approach using secondary data obtained from annual financial reports of oil and gas companies listed on the Indonesia Stock Exchange. The data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS). The findings indicate that liquidity has a positive and significant effect on profitability, showing that companies with stronger liquidity are more capable of generating profits efficiently. In contrast, profitability has a negative and significant effect on firm value, indicating that increased profitability does not always improve market valuation. These findings suggest that investor perceptions, financial policies, and market conditions may influence firm value more strongly than profitability alone. The study concludes that financial performance and market valuation are not always directly aligned in the oil and gas sector