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INDONESIA
Journal of Studies in Academic, Humanities, Research, and Innovation
Published by Pondok pesantren As-salafiyah As-Safi'iyyah
ISSN : -     EISSN : 30897106     DOI : 10.71305
Core Subject : Religion, Economy, Science, Education, Social,
Religion Chemistry Economics, Econometrics & Finance Education Library & Information Science Mathematics Social Sciences Other
SAHRI: Journal of Studies in Academic, Humanities, Research, and Innovation aims to publish high-quality, original research and theoretical works that contribute to the development of knowledge in education, humanities, and multidisciplinary research. The journal seeks to bridge academic disciplines and encourage collaboration among scholars, researchers, and practitioners globally. The Focus and scope journal: Education Educational theories, practices, and innovations Curriculum development and instructional strategies Technology integration in teaching and learning Policies and management in educational institutions Humanities Literature, history, and cultural studies Social sciences and their impact on education Philosophical and ethical inquiries in education and society Research and Innovation Research methodologies and interdisciplinary approaches Technological advancements in educational tools and resources Innovation in learning environments and pedagogy Interdisciplinary Studies Exploration of intersections between education, humanities, and other fields Studies on diversity, equity, and inclusion in education and research Cultural and Social Development The role of education in cultural preservation and societal transformation Global perspectives on education and its impact on social policies
Arjuna Subject : Ilmu Sosial - Pendidikan
Articles 115 Documents
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Capital Structure And Firm Value: The Mediating Role Of Profitability Asmin; Burhanuddin; Anwar; Nurman; Andi Mustika Amin
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 3 No. 1 (2026): Vol 3 No 1 June 2026
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v3i1.1408

Abstract

The property and real estate sector is one of the important sectors that contribute to the Indonesian economy, but in the 2021–2024 period, this sector experienced a decline in company value as reflected in market performance. This problem prompted this study, which aims to analyze the effect of capital structure on company value and examine the role of profitability as a mediating variable in property and real estate sector companies listed on the Indonesia Stock Exchange for the 2020–2024 period. This study uses a quantitative approach with the Partial Least Square-Structural Equation Modeling (PLS-SEM) method and the sample was determined through a purposive sampling technique on companies that meet the research criteria. The results of the study indicate that capital structure has a significant negative effect on company value and profitability, while profitability has a significant positive effect on company value and is proven to mediate the effect of capital structure on company value; this finding supports the Trade-off Theory regarding the importance of balance in the use of debt, but also shows limitations in the application of Signaling Theory in the property sector. This study concludes that excessive use of debt can reduce profitability and company value, so companies need to establish an optimal capital structure to maintain financial performance and increase investor confidence.
The Effect Of Dividend Policy, Profitability And Liquidity On Firm Value: Evidence From Manufacturing Companies Listed On The Indonesia Stock Exchange Dian Fajar Ayu; Romansyah Sahabuddin; Nurman
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 3 No. 1 (2026): Vol 3 No 1 June 2026
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v3i1.1411

Abstract

: Research approach was employed using panel data regression analysis. Model selection was determined through a series of diagnostic tests, namely the Redundant Fixed Effects Test and the Hausman Test, which indicated that the Fixed Effects Model (FEM) is the most appropriate estimation method. The data used are secondary data obtained from the companies’ annual financial reports during the research period. The results show that, individually, liquidity has a statistically significant positive effect on firm value, whereas dividend policy and profitability do not exhibit significant effects. This suggests that a company’s ability to meet its short-term obligations serves as a positive signal to investors, enhancing their perception of the firm’s stability and trustworthiness in terms of performance. Meanwhile, the insignificance of dividend policy and profitability implies that investors do not rely solely on these factors when evaluating firm value instead, they may consider broader strategic, market, or macroeconomic indicators. The coefficient of determination (R²) is 0.848588, indicating that approximately 84.85% of the variation in firm value can be explained by the combined influence of dividend policy, profitability, and liquidity, while the remaining 15.15% is attributed to other factors outside the scope of this study.
Analysis Of The Marketing Mix On Consumer Purchasing Decisions At PO Primadona Makassar Eben Haezer Basran Patandean; Herna Sulle Tondon
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 3 No. 1 (2026): Vol 3 No 1 June 2026
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v3i1.1412

Abstract

This study aims to empirically analyze and test the influence of the elements of the Service Marketing Mix (7Ps), which include Product, Price, Place, Promotion, People, Process, and Physical Evidence, on Consumer Purchasing Decisions at the Primadona bus company (PO Primadona) in Makassar. Operating in the transportation services sector, PO Primadona requires an effective marketing strategy to maintain loyalty and attract consumers amidst tight industry competition. This research employs a quantitative approach with a causal explanatory design. Data will be collected through questionnaire surveys from respondents (sample size adjusted, e.g., 200) who are PO Primadona consumers at the Terminal Regional Daya Makassar, utilizing a purposive sampling technique. Data analysis will be performed using Structural Equation Modeling (SEM) to test partial (-test) and simultaneous (-test) hypotheses. The hypothetical results indicate that simultaneously, the Service Marketing Mix (7Ps) has a significant and positive influence on Purchasing Decisions. Partially, the variables Product Quality (Service) (e.g., fleet comfort) and People (staff service quality) are found to be the most dominant elements in influencing consumer decisions to choose PO Primadona, while the Price element shows the weakest influence. This study concludes that for PO Primadona Makassar, Purchasing Decisions are heavily determined by the intangible aspects of service and human resource interaction. services. The results of this study indicate that the marketing mix has a significant effect on ticket purchasing decisions by consumers which is measured from the results of the recapitulation of the questionnaire results.
The Impact Of Profitability And Solvency On Firm Value Coal Mining Subsector Businesses Listed On The Stock Exchange Of Indonesia 2020–2024 Uswatun Hasanah; Siti Hasbiah; Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 3 No. 1 (2026): Vol 3 No 1 June 2026
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v3i1.1414

Abstract

Coal mining firms listed on the Indonesia Stock Exchange (IDX) are the subject of this study between 2020 and 2024. These Businesses have a very important part in the national economy but simultaneously face difficulties like price volatility, shifts in global demand, and renewable energy transition policies. The study is motivated by previous various research results regarding impact of solvency and profitability on company value, necessitating further empirical examination. This study's objective is to evaluate the impact of profitability and solvency on company value. A quantitative causal-associative approach was employed using panel data from eight businesses that consistently release yearly reports throughout the study period, generating 40 observations. Analysis of multiple linear regression was performed on the data using SPSS version 30. The findings reveal that profitability, represented by Return on Assets (ROA), has a negative yet insignificant impact on firm value as measured by Price to Book Value (PBV). Conversely, solvency, proxied by Debt to Equity Ratio (DER), demonstrates a beneficial and noteworthy impact on the company's value. Collectively, profitability and solvency explain 20.3% of firm value variation. These results underscore the importance of maintaining a balanced capital structure to enhance investor confidence and corporate valuation. Academically, this research enriches financial management literature within the energy sector, while practically offering insights for managers and investors in financial decision-making.
Cryptocurrency And Environmental Sustainability: A Narrative Review From A Financial Management Perspective Muhammad Imam Taufik; Muhammad Rijal Alim Rahmat
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 3 No. 1 (2026): Vol 3 No 1 June 2026
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v3i1.1418

Abstract

: Bitcoin’s rise as a decentralized digital asset has been accompanied by serious concerns over its environmental impact. This paper examines Bitcoin’s energy consumption, carbon emissions, and environmental footprint from a financial management perspective, emphasizing the implications for ESG risk, capital allocation, and sustainability disclosure. Employing a structured literature review, this study synthesizes 2023–2024 research on Bitcoin’s environmental damages and evaluates technological and policy mitigation strategies. Findings show Bitcoin’s annual energy use exceeds 130–175 TWh, contributing to over 90 MtCO₂ emissions, with substantial reputational and financial risks for firms involved. Policy responses including bans, taxation, and mandatory disclosure are shaping the crypto ecosystem. From a financial standpoint, Bitcoin’s sustainability performance increasingly affects investment access, cost of capital, and long-term viability. This research urges financial managers to actively mitigate and disclose crypto-linked environmental risks. Building on these findings, the paper further highlights how Bitcoin-related environmental externalities are no longer peripheral issues but have become material financial risks that must be integrated into strategic decision-making. Institutional investors, lenders, and asset managers are increasingly incorporating climate-related metrics into portfolio evaluation, thereby intensifying scrutiny of crypto-exposed firms. The study also discusses how ESG-oriented regulations and global climate commitments amplify pressure on financial institutions to reassess their exposure to energy-intensive digital assets. Moreover, advances in renewable energy adoption, efficiency improvements in mining hardware, and shifts in consensus mechanisms are evaluated as partial mitigation pathways, though their financial feasibility remains uneven.
Analysis Of The Customer Decision Journey For Local Fashion SMES In Optimizing Marketing Funnel Strategies Through Digital Platforms Satria Veriansyah Wiguna
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 3 No. 1 (2026): Vol 3 No 1 June 2026
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v3i1.1420

Abstract

This study aims to analyze the customer decision journey (CDJ) and the implementation of the marketing funnel strategy in the context of digital marketing for local fashion SMEs in Indonesia. The rapid advancement of digital technology has provided significant opportunities for SMEs to utilize various digital platforms, such as social media and e-commerce, to enhance their competitiveness and reach consumers more effectively. However, many SMEs still struggle to optimize the use of these digital platforms. Therefore, this research examines how a good understanding of the CDJ and the proper implementation of the marketing funnel strategy can influence sales conversion and customer loyalty. This study uses a quantitative approach with a descriptive research design, involving 100 respondents, consisting of local fashion SME owners and consumers who interact with them through digital platforms. The results show that a good understanding of the CDJ and the appropriate implementation of the marketing funnel significantly improve sales conversion. The findings also indicate that the consumer journey is now non-linear and influenced by various digital touchpoints, requiring a more flexible marketing strategy. Additionally, digital technologies such as recommendation systems and marketing automation tools can enhance the effectiveness of consumer interaction at each stage of the funnel. This study provides insights for SMEs to optimize their digital marketing strategies in the face of an increasingly competitive market and contributes to the literature on digital marketing for SMEs.
Capital Market Reaction Analysis Before And After The Implementation Of The Makan Bergizi Gratis (Mbg) Program Zulfajry Al Syafaat; Tenri S.P. Dipoatmodjo; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 3 No. 1 (2026): Vol 3 No 1 June 2026
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v3i1.1421

Abstract

This study aims to analyze the capital market reaction to the implementation of the Makan Bergizi Gratis (MBG) Program announced by the Indonesian government on January 6, 2025, focusing on food and beverage subsector companies listed on the Indonesia Stock Exchange (IDX). The main research problem is whether there are differences in abnormal return and trading volume activity (TVA) before and after the policy implementation. The study employs an event study method with a comparative approach, using stock closing prices and trading volume data over a 21-day observation period (10 days before and after the event). The sample was selected through purposive sampling, consisting of 54 companies. Data analysis was conducted using the Paired Sample T-Test for normally distributed data. The results show significance values of 0.459 for abnormal return and 0.135 for trading volume activity, both exceeding the 0.05 significance level. This indicates that there is no significant difference before and after the implementation of the MBG program. These findings suggest that the MBG policy did not generate a meaningful market reaction and is perceived as a long-term social policy rather than a direct economic stimulus affecting corporate performance. The results align with the efficient market hypothesis and signaling theory, which posit that markets only respond to events containing strong economic information. Therefore, the MBG policy was not regarded as a significant economic signal by investors during the observation period. Keywords: Abnormal Return; Trading Volume Activity; Makan Bergizi Gratis Program; Event Study; Market Reaction
The Influence Of Financial Literacy On Household Financial Management Among Fishermen In Watolo Village, Central Buton Regency Xena Agnisya Putri; Anwar; Tenri Sayu Puspitaningsi Dipoatmojo
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 3 No. 1 (2026): Vol 3 No 1 June 2026
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v3i1.1424

Abstract

This study aims to examine the extent to which financial literacy influences the financial management ability of fishing households in Watolo Village, Central Buton Regency. Fishermen are a community group that depends heavily on weather conditions and market dynamics, making their income unstable between fishing and lean seasons. In such conditions, the ability to manage income becomes an essential factor in maintaining family economic resilience. Financial literacy, which includes knowledge, attitudes, and skills in understanding and managing personal finances, is believed to play a significant role in improving the welfare of fishermen. This research employs an associative quantitative approach involving 60 respondents who are active heads of fishing households in Watolo Village. Data were collected through a Likert scale questionnaire and analyzed using simple linear regression. The results indicate that financial literacy has a positive and significant effect on household financial management, with a regression coefficient of 0.430, R value of 0.542, R² of 0.294, and a significance level of 0.000 (<0.05). These findings confirm that the higher the level of financial literacy, the better the fishermen’s ability to manage income, record financial flows, and plan long-term savings. The implication of this study is the need for community-based financial education programs and coastal economic empowerment policies tailored to the income characteristics of fishermen to strengthen their resilience against seasonal risks. Keywords: financial literacy; financial management; fishermen household; Central Buton
Digital Finance And Esg Convergence In Gold Markets: Technologies, Standards And Market Impacts Sumadi
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 3 No. 1 (2026): Vol 3 No 1 June 2026
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v3i1.1428

Abstract

The gold market has long served as a reliable store of value and a strategic hedge during periods of economic turbulence. In the digital age, the market is undergoing a profound transformation driven by financial technology innovation. Digital trading platforms, blockchain-based tokenization, and fintech solutions are redefining how investors buy, sell, and verify ownership of gold, enhancing both transaction speed and transparency. According to the World Gold Council (2022), digital channels now facilitate over 40% of global gold transactions, demonstrating the rapid expansion of digital finance in this sector. Sustainability challenges persist only about 10% of newly mined gold has traceable origin verification (OECD, 2021), limiting ESG compliance and eroding investor trust. Empirically examines how blockchain, fintech platforms, and artificial intelligence (AI) can enhance ESG integration, transparency, and traceability across the gold investment ecosystem. Using a mixed empirical analytical approach with secondary data from the World Gold Council (WGC), International Monetary Fund (IMF), and Scopus-indexed studies (2019–2024), the findings reveal that digital finance mechanisms increase ESG reporting accuracy by 38% and reduce transaction opacity by 27%. The integration of blockchain based auditing and AI driven ESG analytics strengthens accountability and investor confidence while promoting sustainable financial practices. The study offers a comprehensive theoretical empirical framework linking digital finance innovation with ESG outcomes, supporting a more transparent, ethical, and resilient global gold market.
Green Bonds And Systemic Risk: Empirical Evidence From Global Markets With A Focus On Emerging Economies Sudirman; Asyraf Mustamin; Nasira Asri; Ahmad Zaki Yamani
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 3 No. 1 (2026): Vol 3 No 1 June 2026
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v3i1.1429

Abstract

This study investigates whether the issuance of green bonds contributes to financial stability by mitigating systemic risk in global markets, with a particular focus on emerging economies. We employ an unbalanced quarterly panel of 30 countries from 2014Q1 to 2023Q4 (1,052 observations) and estimate two-way fixed effects models with Driscoll-Kraay standard errors. Systemic risk is measured using ΔCoVaR, constructed from daily equity returns aggregated to the quarterly level. The results indicate that higher green bond issuance, as measured by log (1 + GB/GDP), is significantly associated with lower systemic risk (β = −0.032, p < 0.01). Market volatility exacerbates systemic fragility (β = 0.047, p < 0.01), while more liquid market conditions reduce it (β = −0.018, p < 0.05). The stabilizing effect of green bonds is stronger in countries with higher institutional quality, underscoring the moderating role of governance. Overall, the preferred specifications achieve a within-R² of approximately 0.42, indicating moderate but consistent explanatory power. These findings suggest that sustainable finance instruments can enhance market resilience. Policy implications include integrating green bonds into macroprudential frameworks, improving secondary market liquidity, and harmonizing green finance taxonomies to strengthen both credibility and stability

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