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INDONESIA
Eduvest - Journal of Universal Studies
ISSN : 27753735     EISSN : 27753727     DOI : 10.36418
Eduvest - Journal of Universal Studies is a double blind peer-reviewed academic journal and open access to multidiciplinary fields. The journal is published monthly by Green Publisher Indonesia. Eduvest - Journal of Universal Studies provides a means for sustained discussion of relevant issues that fall within the focus and scopes of the journal which can be examined empirically. This journal publishes research articles multidisciplinary sciences, which includes: Humanities and social sciences, contemporary political science, Educational sciences, religious sciences and philosophy, economics, Engineering sciences, Health sciences, medical sciences, design arts sciences and media. Published articles are from critical and comprehensive research, studies or scientific studies on important and current issues or reviews of scientific books.
Articles 2,807 Documents
The Effect of Green Bond Issuance on the Cost of Capital of Stated Owned Banks in Indonesia Toni Kurniawan; Asep Darmansyah
Eduvest - Journal of Universal Studies Vol. 6 No. 4 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i4.52582

Abstract

This study examines the impact of green bond issuance on capital costs in Indonesian state-owned banks, focusing on whether green bonds reduce the cost of debt (CoD), cost of equity (CoE), and weighted average cost of capital (WACC) for the issuing bank. This study uses PT Bank Negara Indonesia (Persero) Tbk (BNI) as the treated firm and PT Bank Tabungan Negara (Persero) Tbk (BTN) as the control firm, employing a Difference-in-Differences (DiD) methodology. The analysis is based on 16 quarters of data, comprising 8 quarters prior to and 8 quarters following BNI’s green bond issuance in 2022, covering the period from 2020Q2 to 2024Q2. The empirical findings indicate that the issuance of green bonds does not significantly lower BNI’s CoD, CoE, or WACC. The treatment effect on CoD is positive and not significant, indicating a lack of debt-pricing advantage. The treatment effect on CoE is negative but not significant, suggesting no substantial change in equity investors’ required returns. Additionally, the treatment effect on WACC is slightly positive and statistically not significant. The findings indicate that the Indonesian financial market has not incorporated the sustainability attributes of green bonds into the capital costs of issuers. Factors including the nascent state of Indonesia’s green finance ecosystem, limited involvement from global ESG-focused investors, transitional issuance expenses, and volatility associated with COVID-19 may contribute to these outcomes. This study adds to the existing literature by presenting empirical evidence from an emerging market. It points out the necessity for enhanced disclosure, increased investor engagement.
The Effect of Ethanol Extract of Purple Eggplant Peel (Solanum Melongena L.) on Estrogen Receptor-Α Levels and Vaginal Epithelium Thickness in a Menopause Model Rat Yunike Susilo; Ida Ayu Ika Wahyuniari; I Wayan Sugiritama; Ida Sri Iswari; I Wayan Juli Sumadi
Eduvest - Journal of Universal Studies Vol. 6 No. 4 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i4.52591

Abstract

Menopause is a natural phase in a woman's life marked by a decline in estrogen levels, which can lead to various health issues, including vaginal atrophy. One promising alternative treatment is phytoestrogens, such as those found in purple eggplant peel (Solanum melongena L.) extract. This study aims to analyze the effect of administering purple eggplant peel ethanol extract on estrogen receptor-α (ERα) levels and vaginal epithelial thickness in a menopause model rat. The study employed a posttest-only control group design with four groups: a control group (K) and three treatment groups that received the extract at doses of 25 mg/200 g BW, 50 mg/200 g BW, and 100 mg/200 g BW per day for 28 days. The results showed that the 100 mg/200 g BW per day dose significantly increased ERα levels and vaginal epithelial thickness compared to the control group (p < 0.05). The lower doses (25 mg/200 g BW and 50 mg/200 g BW) did not show significant differences from the control group. In conclusion, purple eggplant peel extract at a dose of 100 mg/200 g BW per day can increase ERα levels and vaginal epithelial thickness in menopause model rats, demonstrating its potential as an alternative therapy for menopause symptoms.
Integration of Physiotherapy in Healthy and Sustainable Ecotourism: A Case Study of River of Mudal Ecotourism Wisnu Budi Waluyo; Wing Umi Latifah; Bagus Dwi Hendrawan
Eduvest - Journal of Universal Studies Vol. 6 No. 4 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i4.52593

Abstract

Amid the growing public interest in tourism that is not only refreshing but also provides health benefits, the integration of nature-based physiotherapy services represents a strategic innovation. This study examines the implementation of physiotherapy concepts within healthy and sustainable ecotourism, emphasizing the use of nature-based therapy at Sungai Mudal Ecotourism (ESM) in Kulon Progo, Special Region of Yogyakarta. Ecotourism is generally analyzed from environmental and socio-economic perspectives; however, its potential contribution to health promotion and rehabilitation remains underexplored. Given its natural assets, ESM serves as a relevant example of incorporating physiotherapy activities into ecotourism practices. This study employed a qualitative case study design, utilizing participatory field observations, in-depth interviews, focus group discussions (FGDs) with ESM managers, document analysis of reports and related literature, tourist perception surveys, and light intervention studies on the benefits of therapy-based tourism activities. The results indicate that the natural environment, including rivers, waterfalls, and natural pools, provides opportunities for therapeutic activities such as hydrotherapy and musculoskeletal mobility exercises. These activities benefit both physical and mental health, thereby enhancing the attractiveness and sustainability of ecotourism. This study presents the paradigm of “healthy ecotourism,” which integrates physiotherapy-oriented environmental therapy techniques into ecotourism planning and management. Such integration encourages ESM to strengthen ecotourism sustainability through service diversification, support for local livelihoods, and the reinforcement of health–environment linkages.
Analysis of the Implementation of Financial Accounting Standards Statement (PSAK) 117 Concerning Insurance Contracts for Social Security Funds Managed by Badan Penyelenggara Jaminan Sosial (BPJS) Kesehatan Aryo Wibisono; Ludovicus Sensi Wondabio
Eduvest - Journal of Universal Studies Vol. 6 No. 4 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i4.52596

Abstract

This research analyzes the implementation of Financial Accounting Standards Statement (PSAK) 117 on insurance contracts within the Social Security Fund (DJS) managed by BPJS Kesehatan, focusing on the conceptual and technical challenges that arise from the fundamental differences between social insurance schemes and the commercial insurance model. Using a qualitative approach grounded in regulatory review, academic literature, and BPJS Kesehatan’s technical documents, this research examines twelve critical issues of PSAK 117 relevant to the National Health Insurance (JKN)program, including the definition of insurance contracts, contract boundaries, measurement models, risk adjustment, and the relevance of the Contractual Service Margin (CSM). The analysis shows that the legal relationship between participants and BPJS Kesehatan meets the contractual criteria stipulated in PSAK 117; however, its practical application requires adjustments to align with the characteristics of social insurance. Key challenges include the need for more granular actuarial data, the establishment of fulfillment cash flows that reflect collective population risk, and the misalignment of the CSM concept with a program that is not designed to generate profit. This study concludes that the implementation of PSAK 117 enhances transparency and accountability in financial reporting while simultaneously demanding stronger institutional capacity within BPJS Kesehatan and the development of tailored accounting guidelines for social security entities to ensure alignment between accounting standards, the mandate of the National Social Security System (SJSN), and the long-term sustainability of the DJS Kesehatan program.
The Change in Hemoglobin Levels Before and After Cesarean Section and its Association with Age and Parity in Pregnant Women at Yarsi Hospital from January to October 2025 and Its Review According to Islam Tawfiqah Tsurayya; Syukrini Bahri; Afrizal Tw; Endah Purnamasari
Eduvest - Journal of Universal Studies Vol. 6 No. 4 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i4.52598

Abstract

This research aimed to analyze changes in hemoglobin levels before and after cesarean section and their association with maternal age and parity in pregnant women at YARSI Hospital from January to October 2025, as well as to review cesarean section from an Islamic perspective. This study employed a descriptive analytic design with a retrospective approach using secondary data obtained from medical records. A total of 292 pregnant women who underwent cesarean section and met the inclusion criteria were selected through consecutive sampling. Data analysis included univariate and bivariate analyses, using a paired t-test to assess differences in hemoglobin levels before and after cesarean section and a chi-square test to examine the relationship between age, parity, and changes in hemoglobin levels. The results showed that the mean hemoglobin level before cesarean section was 11.67 g/dL and after cesarean section was 11.78 g/dL, with no statistically significant difference between the two measurements. Furthermore, there was no significant association between maternal age or parity and changes in hemoglobin levels. From an Islamic perspective, cesarean section is permissible as it aligns with the principle of Hifz al-Nafs (protection of life) within Maqasid Shari‘ah, provided it is performed based on medical indications and aims to prevent harm to the mother and fetus. In conclusion, cesarean section at YARSI Hospital did not result in significant changes in hemoglobin levels and was not influenced by maternal age or parity, while remaining consistent with Islamic medical ethics.
Drivers of Indonesia's Foreign Exchange Reserves and Their Linkage to USD Liquidity: Evidence From A Macro-Financial Ols Model L M Agung B Banyu Garmada; Jagat Prirayani
Eduvest - Journal of Universal Studies Vol. 6 No. 4 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i4.52600

Abstract

Indonesia's foreign exchange reserves are an important shield to maintain currency stability and protect the country's financial system. In recent years, changes in global interest rates, commodity prices, capital movements, and local financial conditions have made it difficult to manage these reserves. These changes create important questions for policymakers about which macro-financial factors have the strongest impact on Indonesia's foreign exchange reserves and how they relate to the USD's liquidity in the domestic interbank market. This study was conducted on the assumption that foreign exchange reserves and interbank USD liquidity respond simultaneously to domestic financial conditions and global financial macro turmoil. Based on the international financial literature, this study develops the proposition that domestic market yields, global dollar strength, financial stress indicators, commodity cycles, and external sector performance together determine the monthly dynamics of Indonesia's foreign exchange reserves and USD liquidity. The analysis applied multivariate Ordinary Least Squares to monthly macrofinancial data from 2010 to 2024, preceded by stationarity testing, multicollinearity diagnostics, and residual evaluation. The results show that Indonesia's foreign exchange reserves are heavily influenced by long-term domestic yields, global USD indices, interbank liquidity conditions, export performance, US inflation, and global dollar funding stress. Interbank USD liquidity is attributed to trade balances, domestic and global yields, consumer confidence, retail activity, MSCI equity performance, global commodity cycles, and United States corporate credit conditions. This research provides a data-driven starting point that can support the development of more responsive policy instruments to protect Indonesia's external stability.
Analysis of Internal Control Over Financial Reporting Based on Liquidation at Banks in Liquidation According to the COSO Internal Control Framework: A Case Study of the Deposit Insurance Corporation Irfan Yuansyah; Ludovicus Sensi Wondabio
Eduvest - Journal of Universal Studies Vol. 6 No. 4 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i4.52610

Abstract

This research examines the effectiveness of internal controls over transaction recording and liquidation-basis financial reporting in Banks in Liquidation (BDL), using the COSO Internal Control–Integrated Framework and a qualitative case study of the Indonesia Deposit Insurance Corporation (LPS). Despite the critical role of liquidation-basis reporting in safeguarding creditor rights and ensuring accountability, empirical research in this domain remains limited, particularly regarding controls surrounding credit asset realization and valuation. Data were collected through document analysis, business process mapping, development of a risk control matrix (RCM), and semi-structured interviews with liquidation teams, supervisory units, risk management functions, and external auditors. Analysis across six core liquidation processes reveals that LPS has implemented multiple entity-level and transaction-level controls; however, several control deficiencies persist, including the absence of detailed technical standard operating procedures, inconsistent documentation, limited formal risk assessment practices, suboptimal use of information systems, and gaps in ongoing monitoring. Although these deficiencies do not constitute material weaknesses, they may undermine the reliability of key financial reporting assertions, particularly existence, completeness, and valuation of credit assets. The study contributes to the literature by extending internal control research into the underexplored context of liquidation-basis reporting and provides theoretical insights through stewardship and agency perspectives. Practical implications include recommendations for LPS to strengthen SOP standardization, enhance liquidation team competencies, and reinforce monitoring mechanisms. The findings offer empirical guidance for improving the governance, transparency, and reliability of financial reporting in bank liquidation settings.
Comparison of Great Saphenous Vein Occlusion and Venous Clinical Severity Score in Chronic Venous Insufficiency (CVI) Patients Using and Not Using Compression Stockings after Endovenous Microwave Ablation (EVMA) Muhammad Bob Muharly Rambe; Dedy Pratama; Dewi Sumaryani Soemarko
Eduvest - Journal of Universal Studies Vol. 6 No. 4 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i4.52634

Abstract

Endovenous Microwave Ablation (EVMA) is a minimally invasive thermal technique for treating venous insufficiency, known for its low complication rates and fast recovery. While compression stockings are commonly recommended after other thermal ablation procedures such as EVLA and RFA, their effectiveness following EVMA remains unclear and lacks standardized guidelines. This study aimed to compare great saphenous vein (GSV) occlusion success and changes in Venous Clinical Severity Score (VCSS) between patients who used compression stockings and those who did not after EVMA. This prospective cohort study included patients with chronic venous insufficiency (CVI) who underwent EVMA at Cipto Mangunkusumo Hospital between September and November 2025. Data analysis was conducted using Fisher’s exact test and the Mann–Whitney test. The results showed that all 40 patients achieved 100% GSV occlusion one week after EVMA, with no significant difference between the two groups (p=1.00). Preoperative VCSS scores were also comparable between the no-stocking group (10.40 ± 1.85) and the stocking group (11.25 ± 2.88) (p=0.274). Postoperatively, both groups experienced a decrease in VCSS scores; however, the reduction was significantly greater in the stocking group (median 6 vs. 8; p=0.015). The median decrease in VCSS was also higher in the stocking group (4 [2–10]) compared to the no-stocking group (2.50 [0–7]; p=0.012). Component analysis revealed that compression stockings significantly improved only the pain parameter (p=0.004). In conclusion, compression stockings do not affect GSV occlusion rates after EVMA but provide better clinical improvement, particularly in reducing postoperative pain.
State Asset Recovery from the Proceeds of Crime in Money Laundering in Indonesia: An Analysis of the Effectiveness and Urgency of Implementing Non-Conviction Based Asset Forfeiture (NCB) Dilla Hariyanti; Danny Kunto Wibisono
Eduvest - Journal of Universal Studies Vol. 6 No. 4 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i4.52670

Abstract

The return of state assets from money laundering crimes (TPPU) is a strategic component in maintaining the integrity of the financial system, national economic stability, and the effectiveness of the organized crime eradication regime. However, Indonesia's legal regime, which relies on criminal forfeiture—the confiscation of assets after a criminal verdict has obtained permanent legal force—has proven inadequate in dealing with cross-jurisdictional, multilayered, and increasingly complex TPPU. The development of financial technology, digital assets, and the use of shell companies demands a more adaptive approach. This research aims to evaluate the effectiveness of the criminal forfeiture mechanism under Law No. 8 of 2010 and to analyze the urgency of implementing non-conviction-based asset forfeiture (NCB) as an alternative. Using normative legal research methods through legislative, conceptual, and comparative approaches, this study finds that criminal forfeiture faces structural, substantive, and cultural barriers. These obstacles include the low follow-up rate on PPATK reports, the high burden of proof, and the lack of orientation among law enforcement officials toward asset recovery. Comparative studies with other countries show that NCB mechanisms are more effective in cutting off the flow of illicit funds and securing assets at an early stage. This study recommends accelerating the ratification of the Asset Forfeiture Bill, strengthening financial intelligence, and establishing an independent asset management institution as strategic steps to reinforce the asset recovery regime in Indonesia
Analysis of Bureaucratic Communication in Building Organizational Culture at the Nusantara Capital Authority Abdul Rahman; Martha Tri Lestari
Eduvest - Journal of Universal Studies Vol. 6 No. 4 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i4.52675

Abstract

Bureaucratic communication is a strategic element in shaping the work culture and determining the performance of public organizations, especially in new government institutions that are in the institutional transition phase such as the Nusantara Capital Authority (OIKN). Hierarchical bureaucratic structures, differences in employee backgrounds, and cross-sector coordination demands have the potential to cause communication distortions that have an impact on the effectiveness of organizational work. This study aims to analyze how bureaucratic communication plays a role in the formation of organizational culture and its implications for organizational performance within the OIKN. The research uses a qualitative approach with a case study method. Data was collected through in-depth interviews, observations, document analysis, and targeted group discussions with leaders, structural officials, functional officials, special staff, and executive employees. The results of the study show that bureaucratic communication, which is still dominant, is top-down and formal, affecting the perception gap between job levels and hindering the internalization of organizational values. However, the implementation of two-way communication, the use of information technology, and participatory leadership communication styles have proven to be able to strengthen collaborative and adaptive organizational cultures, while increasing the effectiveness of coordination and organizational performance. This study concludes that strengthening open and integrated bureaucratic communication is the main prerequisite in building a healthy organizational culture and sustainable bureaucratic performance at OIKN.

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