Liquidity

Transformasi Digital dan Inovasi Produk sebagai Penentu Keberhasilan UMKM Industri Kreatif

Pantja Sudarwanto, Rizky Pribadi — Sun, 10 May 2026 00:00:00 +0700

Digital transformation and product innovation are increasingly recognized as key factors in determining the success of Micro, Small, and Medium Enterprises (MSMEs), especially in the creative industry sector based on ideas, creativity, and product differentiation. However, empirical findings related to the role of the two factors are still scattered and have not been systematically integrated. This research aims to review and synthesize scientific evidence regarding the influence of digital transformation and product innovation on the success of creative industry MSMEs. The method used is a mild Systematic Literature Review (SLR) with reference to the guidelines of Kitchenham and Charters (2007) and Tranfield et al. (2003). The literature search process was carried out on the Google Scholar and Scopus databases with the inclusion criteria of indexed journal articles, relevant to creative industry MSMEs, and published in the last ten years. Data analysis was carried out thematically to identify the main findings patterns. The results of the study show that digital transformation plays a significant role in expanding market access, increasing operational efficiency, and strengthening the competitiveness of MSMEs, while product innovation contributes to creating differentiation, added value, and business sustainability. These findings confirm that the success of creative industry MSMEs is highly determined by the synergy between the adoption of digital technology and the ability to innovate. This research provides conceptual contributions to the development of MSME literature as well as practical implications for the formulation of policies and strategies for the development of MSMEs based on the creative economy.

Pengaruh Komite CSR Terhadap ESG Disclosure Dengan Dewan Komisaris Perempuan Sebagai Variabel Moderasi Pada Perusahaan Tambang

Latifatul Ariqoh, Evi Ekawati, Ahmad Hazas Syarif — Sun, 10 May 2026 00:00:00 +0700

Environmental, Social, and Governance disclosure is a critical aspect of ensuring corporate sustainability, particularly in the mining sector. One governance mechanism frequently highlighted in improving the quality of sustainability disclosure is the presence of a CSR committee and a board of commissioners composed of women. Therefore, this study aims to analyze the influence of the CSR committee on ESG disclosure with a board of commissioners composed of women as a moderating variable. This study employs a quantitative approach using secondary data obtained from annual reports and corporate sustainability reports. The analysis employs descriptive statistics and was processed using IBM SPSS 25 software.

Komite Audit Dan Kepemilikan Saham Institusional Sebagai Pendorong Pengungkapan Corporate Social Responsibility (CSR) Pada Perusahaan Basic Material Yang Terdaftar Di Bursa Efek Indonesia (2022-2024)

Gina Panjaitan, Jhon Rinendy, Lorina Siregar Sudjiman — Tue, 31 Mar 2026 00:00:00 +0700

This study aims to examine the effect of the audit committee and institutional share ownership on Corporate Social Responsibility (CSR) disclosure in Basic Material sector companies listed on the Indonesia Stock Exchange during the 2022–2024 period. The study applies a quantitative approach using secondary data obtained from companies’ annual reports. The sample was determined using purposive sampling, resulting in a total sample of 30 companies. Data analysis was conducted using multiple linear regression analysis with the assistance of SPSS software version 22. The results show that partially, the audit committee does not have a significant effect on CSR disclosure. In contrast, institutional share ownership has a positive and significant effect on CSR disclosure. Simultaneously, both independent variables significantly affect CSR disclosure. The coefficient of determination indicates that both variables are able to explain 17.4% of the variation in CSR disclosure. The findings suggest that institutional investors play an important role in encouraging increased transparency in CSR disclosure in Basic Material sector companies.

Pengaruh Pengetahuan Investasi Terhadap Keputusan Investasi di Pasar Modal Dengan Minat Investasi Sebagai Variabel Mediasi Pada Galeri Investasi BEI Fakultas Ekonomika Dan Bisnis Universitas Negeri Surabaya

Vina Andriani, Eko Wahjudi — Tue, 24 Mar 2026 00:00:00 +0700

Di era perkembangan ekonomi semakin pesat, membuat individu harus mampu mengelola sumber daya keuangannya dengan cermat dan bijak. Masyarakat sudah mulai menyadari akan pentingnya untuk melakukan investasi, mahasiswa dan pelajar sudah mulai masuk dunia investasi. Faktor yang dapat mendorong mahasiswa untuk berinvestasi adalah pengetahuan investasi. Penelitian ini bertujuan untuk mengetahui pengaruh pengetahuan investasi terhadap keputusan investasi. Ditemukan ketidakkonsistenan pada hasil penelitian terdahulu, sehingga penelitian ini menggunakan minat investasi sebagai variabel mediasi. Jenis penelitian ini adalah penelitian kuantitatif melalui pengujian hipotesis sekaligus pengambilan sampel dengan menggunakan purposive sampling. Sampel yang digunakan adalah mahasiswa yang terdaftar di Galeri Investasi BEI FEB Unesa sebanyak 134 responden. Pengumpulan data menggunakan kuisioner. Analisis data menggunakan analisis SEM-PLS pada software WarpPLS. Hasil Penelitian ini menunjukkan bahwa pengetahuan investasi berpengaruh positif terhadap keputusan investasi, pengetahuan investasi berpengaruh positif terhadap minat investasi, minat investasi berpengaruh terhadap keputusan investasi, dan minat investasi mampu memediasi pengaruh pengetahuan investasi terhadap keputusan investasi

Indonesian Capital Market Response to Tax Reforms: An Integrated Event Study Analysis with Methodological Robustness

Shella Febriyanti, Sri Setia Ningsih — Tue, 24 Mar 2026 00:00:00 +0700

This study examines how Indonesia’s capital market responds to major tax reforms, which hold the potential to influence investor behavior through shifts in risk perception, growth expectations, and confidence in fiscal direction. Using an event study approach, the analysis evaluates market reactions to ten key tax policies through mean-adjusted and market model return estimations. The sample consists of 29 listed companies across multiple sectors, producing 290 Cumulative Abnormal Return (CAR) observations. The testing process includes abnormal return calculations, t-statistics, the proportion of positive reactions, and several robustness checks to validate consistency across different event windows. The findings indicate that average CAR values are generally close to zero, with most policy events showing limited statistical significance. Policies that enhance business certainty, such as the Job Creation Law and the Harmonization of Tax Regulations Law (HPP), tend to generate clearer positive reactions. In contrast, policies that raise tax burdens or are associated with the pandemic show negative or insignificant effects. Sectoral results reveal that energy and mining tend to be more stable compared to infrastructure. The study is limited by its sample size and short-term focus, suggesting the need for broader sector inclusion, volatility-based or machine learning approaches, and macroeconomic or sentiment variables in future research