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Anies Fatmawati
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Religion Arts Humanities Economics, Econometrics & Finance Health Professions Languange, Linguistic, Communication & Media Medicine & Pharmacology Neuroscience Public Health

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The Impact of Trauma-Informed Care on Mental Health Outcomes for Incarcerated Youth: A Longitudinal Study in Bandung, Indonesia Dedi Affandi; Ericca Dominique Perez; Winata Putri; Anies Fatmawati; Alex Putra Pratama
Scientia Psychiatrica Vol. 6 No. 1 (2025): Scientia Psychiatrica
Publisher : HM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37275/scipsy.v6i1.183

Abstract

Introduction: Incarcerated youth represent a vulnerable population with disproportionately high rates of trauma exposure and mental health disorders. This study investigated the longitudinal impact of a trauma-informed care (TIC) program on mental health outcomes for incarcerated youth in Bandung, Indonesia. Methods: A quasi-experimental design was employed, comparing a group of incarcerated youth who received TIC with a control group receiving standard care. Participants (n=200) were assessed at baseline, 6 months, and 12 months using validated instruments measuring PTSD symptoms, depression, anxiety, and behavioral problems. Data analysis included repeated measures ANOVA and correlational analyses. Results: Youth in the TIC group demonstrated significant reductions in PTSD symptoms, depression, and anxiety over time compared to the control group. Improvements in behavioral problems were also observed in the TIC group. These positive changes were sustained over the 12-month period. Conclusion: This study provides evidence for the effectiveness of TIC in improving mental health outcomes for incarcerated youth. Implementing TIC programs in juvenile detention facilities is crucial for addressing the mental health needs of this vulnerable population.
The Future of the Firm: A Comparative Institutional Analysis of Transaction Costs in DAOs versus Traditional Corporations Benyamin Wongso; Caelin Damayanti; Muhammad Faiz; Anies Fatmawati; Aylin Yermekova; Delia Tamim; Dais Susilo; Danila Adi Sanjaya; Gayatri Putri
Enigma in Economics Vol. 3 No. 2 (2025): Enigma in Economics
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/economy.v3i2.94

Abstract

The emergence of Decentralized Autonomous Organizations (DAOs) presents a fundamental challenge to the traditional corporate form, which has dominated economic organization for over a century. Built on blockchain technology, DAOs propose a new model for coordinating economic activity. This study addressed the critical question of institutional efficiency by applying the lens of Transaction Cost Economics (TCE) to compare DAOs and traditional corporations. A comparative institutional analysis was conducted using a mixed-methods approach. We employed a multiple case study design, analyzing two representative DAOs and two analogous traditional corporations from Q1 2023 to Q4 2024. Data collection involved the systematic analysis of archival records, including 215 DAO governance proposals and corporate filings, and 32 semi-structured interviews with key participants. A novel analytical framework was developed to categorize transaction costs into ex ante (search, bargaining) and ex post (monitoring, enforcement), further distinguishing between 'on-chain' and 'off-chain' costs. The study revealed significant trade-offs between the two organizational forms. Traditional corporations exhibited high ex ante bargaining costs (legal, negotiation) and ex post monitoring costs (managerial overhead), but benefited from established legal frameworks that reduced enforcement uncertainty. Conversely, DAOs significantly lowered specific transaction costs through automation via smart contracts, particularly in on-chain bargaining and enforcement for codified tasks. However, DAOs incurred substantial, often hidden, new transaction costs related to off-chain social coordination, governance participation, and navigating legal ambiguity. This was termed the 'Governance Overhead Paradox'. In conclusion, DAOs do not represent a universally superior organizational form but rather a new point on an institutional possibility frontier. They are highly efficient for tasks that are global, permissionless, and computationally verifiable. Traditional firms retain advantages in contexts requiring complex, subjective decision-making and legal certainty. The future of the firm is likely not a replacement of one form by the other, but a pluralistic ecosystem where hybrid models emerge.
Choreographies of Contagion: Mapping Virality and Performative Identity on TikTok Anies Fatmawati; Henrietta Noir; Shasa Indriyani; Jujuk Maryati; Fakhrul Setiobudi
Enigma in Cultural Vol. 3 No. 1 (2025): Enigma in Cultural
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/cultural.v3i1.100

Abstract

The rise of TikTok has inaugurated a new paradigm of digital culture centered on embodied participation. This study investigates viral dance challenges, proposing a novel framework—"choreographies of contagion"—to analyze them as structured, distributed performances that mediate identity. The framework moves beyond treating trends as mere content, instead examining the interplay between movement, affect, and algorithmic architecture. This study employed a six-month digital ethnographic approach, supplemented by a multi-modal analysis of a globally significant dance challenge (#WaveRider). A purposive sample of 500 videos and 20,000 associated comments were analyzed using a combination of kinesic analysis, to deconstruct the core movements, and reflexive thematic analysis, to map the patterns of creative deviation and affective response. The findings revealed a complex system of cultural production. A stable "kinesic blueprint" ensured replicability, acting as the trend's genetic code. This blueprint was then subjected to widespread "performative mutations," where users asserted agency and inscribed personal, cultural, and affective meaning onto the dance. These performances unfolded on an "algorithmic stage" that both disciplined and seduced users, shaping their actions. This process cultivated an "engineered communitas," a potent but transient sense of community forged through shared embodied practice and affective resonance. In conclusion, viral TikTok challenges are not spontaneous occurrences but sophisticated choreographic systems that harness the pleasure of mimesis and the desire for connection. The body on TikTok is a primary site for negotiating the tensions between individual agency and the logics of platform capitalism. This study concludes that virality is a deeply embodied, affective, and technologically mediated process, offering the "choreographies of contagion" framework as a critical tool for future scholarship.
Synergistic Alpha: A Deep Learning Framework for Forecasting Cryptocurrency Returns by Fusing On-Chain, Sentiment, and Market Data Gayatri Putri; Sonia Vernanda; Anies Fatmawati; Muhammad Faiz
Enigma in Economics Vol. 3 No. 2 (2025): Enigma in Economics
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/economy.v3i2.103

Abstract

The inherent volatility and unique economic characteristics of cryptocurrencies pose significant challenges to conventional asset-pricing models. This study investigates whether a synergistic fusion of the network’s fundamental data (on-chain metrics), market behavioral dynamics (social media sentiment), and historical market data can uncover statistically and economically significant predictive power when analyzed by advanced deep learning architectures. We developed a sophisticated forecasting and backtesting framework to predict the daily log returns of Bitcoin (BTC). The methodology is grounded in rigorous time-series analysis, beginning with Augmented Dickey-Fuller tests to ensure data stationarity. We constructed a multi-modal dataset from specified, high-frequency sources (Kaiko, Glassnode, and a custom-built FinBERT sentiment model) spanning January 1, 2018, to December 31, 2023. We systematically compared the performance of a state-of-the-art Transformer model against Long Short-Term Memory (LSTM), Gated Recurrent Unit (GRU), and robust econometric baselines, including GARCH(1,1) and ARIMA. The models were evaluated not only on statistical accuracy (such as Root Mean Squared Error and Directional Accuracy) but also on their economic significance via a realistic trading backtest that incorporates transaction costs. The fully integrated Hybrid Transformer model demonstrated superior forecasting accuracy, achieving the highest Directional Accuracy (61.25%). More importantly, in a transaction-cost-aware backtest, a trading strategy guided by this model yielded an annualized Sharpe Ratio of 1.58, significantly outperforming a buy-and-hold benchmark (Sharpe Ratio: 0.72). The strategy generated a statistically significant Jensen's Alpha of 0.18 (p < 0.01), indicating substantial risk-adjusted excess returns. Feature importance analysis via SHAP confirmed that social media sentiment and the NVT Signal were the most influential predictors beyond past returns. In conclusion, the findings provide strong evidence that the cryptocurrency market exhibits exploitable inefficiencies. The fusion of on-chain, sentiment, and market data, when processed by attention-based neural networks, uncovers a statistically and economically significant predictive edge. This work challenges the semi-strong form of market efficiency for digital assets and suggests that alpha is derivable from the complex, high-dimensional data footprints unique to this asset class, providing a robust framework for quantitative investment strategies.
Pricing Sustainability in Decentralized Finance: An Empirical Analysis of the ESG Premium in Digital Assets Anies Fatmawati; Aylin Yermekova; Andi Fatihah Syahrir; Neva Dian Permana
Enigma in Economics Vol. 3 No. 2 (2025): Enigma in Economics
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/economy.v3i2.109

Abstract

The rapid expansion of digital assets has created a conflict between technological innovation and environmental, social, and governance (ESG) principles, particularly concerning the energy consumption of legacy consensus mechanisms. This has led to the emergence of "sustainable" cryptocurrencies, raising the critical question of whether the market financially rewards sustainability. This study quantitatively investigates the existence and magnitude of an "ESG premium" in the digital asset market. A quasi-longitudinal study was conducted on a panel dataset of 20 cryptocurrencies (10 sustainable, 10 traditional) from January 1, 2021, to December 31, 2024. A detailed, transparent composite ESG score was developed to measure sustainability. The primary analysis utilized a panel data fixed-effects regression model to assess the relationship between asset prices and ESG scores, controlling for market capitalization, trading volume, market-wide indices, and key technological factors like protocol age, scalability, and developer activity. To address endogeneity and validate causality, we employed models with lagged independent variables. Further robustness checks were performed across bull and bear market sub-periods. A GARCH (1,1) model was used to analyze differences in price volatility. The primary regression model reveals a statistically and economically significant positive relationship between ESG scores and cryptocurrency prices. A 10-point increase in the ESG score is associated with a 4.1% price premium (b=0.0041, p < 0.001), even after controlling for technological modernity. This finding remains robust in models using lagged variables and across different market cycles. GARCH analysis confirms that sustainable cryptocurrencies exhibit significantly lower price volatility. In conclusion, the findings provide strong, robust empirical evidence for a persistent ESG premium in the cryptocurrency market. This suggests that investors price in the perceived long-term viability, reduced risk profile, and ethical alignment of sustainable assets, signaling a maturation of the market where non-financial, sustainability-focused metrics are integral to asset valuation.
Co-Authors Alex Putra Pratama Andi Fatihah Syahrir Aylin Yermekova Benyamin Wongso Caelin Damayanti Dais Susilo Danila Adi Sanjaya Dedi Affandi Delia Tamim Ericca Dominique Perez Fakhrul Setiobudi Gayatri Putri Henrietta Noir Jujuk Maryati Neva Dian Permana Nurwijayanti Shasa Indriyani Sonia Vernanda Winata Putri