PENANOMICS: International Journal of Economics

THE EFFECT OF CURRENT RATIO, DEBT TO EQUITY RATIO, NET PROFIT MARGIN AND TOTAL ASSETS TURNOVER ON STOCK PRICES IN FOOD AND BEVERAGE SUB-SECTOR COMPANIES LISTED ON THE IDX IN THE 2019-2023 PERIOD

2026-01-02T02:30:19+00:00

The purpose of this study is to determine and analyze the partial effect of the Current Ratio on Stock Prices; to determine and analyze the partial effect of the Debt to Equity Ratio on Stock Prices; to determine and analyze the effect of the Net Profit Margin on Stock Prices; to determine and analyze the effect of the Total Asset Turnover on Stock Prices; and to determine and analyze the simultaneous effect of the Current Ratio, Debt to Equity Ratio, Net Profit Margin, and Total Asset Turnover on Stock Prices. This study uses a quantitative approach. The population consists of all financial reports of Food and Beverage Sub-Sector Companies listed on the Indonesia Stock Exchange (IDX) for the period 2019–2023. The sampling technique used is purposive sampling or judgment sampling. The analytical technique applied is multiple linear regression and panel data regression using Eviews 12 software. The results of this study indicate that the Current Ratio (CR) partially has no significant effect on Stock Prices. The Debt to Equity Ratio (DER) partially has a negative and significant effect on Stock Prices. The Net Profit Margin (NPM) partially has a positive and significant effect on Stock Prices. The Total Asset Turnover (TATO) partially has no significant effect on Stock Prices. However, simultaneously, CR, DER, NPM, and TATO together have a significant effect on Stock Prices.

UNEMPLOYMENT INSURANCE RESEARCH AND THE GOVERNANCE OF INDONESIA’S JOB LOSS GUARANTEE PROGRAM: A GLOBAL BIBLIOMETRIC ASSESSMENT AND SYSTEMATIC LITERATURE REVIEW

2025-12-28T07:34:26+00:00

This study analyses global research trends on unemployment insurance (UI) alongside Indonesia’s Job Loss Guarantee programme (Jaminan Kehilangan Pekerjaan/JKP) by integrating bibliometric analysis and a systematic literature review. Drawing on 16,181 Scopus-indexed publications from 2010 to 2025, the bibliometric findings indicate a clear transition from early conceptual debates to rapid scholarly expansion after 2018, largely triggered by the COVID-19 pandemic and subsequent labour market reforms. Recent research increasingly focuses on adaptive UI systems that emphasise activation policies, digital governance, and reemployment support. A PRISMA-guided review identifies seven empirical studies relevant to Indonesia, examining ALMPs, JKP implementation, labour mobility, behavioural responses to job loss, unemployment forecasting, and skilled-worker vulnerability. Overall, Indonesia’s contribution to UI scholarship remains modest and predominantly descriptive, with limited methodological depth. Persistent challenges include weak institutional coordination, low public awareness of JKP, mismatched training provision, and restricted access for informal workers. The study highlights critical research gaps in impact evaluation, policy integration, and regional variation. Policy recommendations stress stronger governance coordination, data-driven activation mechanisms, and targeted skills development to enhance labour market protection in Indonesia.

The ROLE OF RELIGIOSITY IN ENCOURAGING SUSTAINABLE MANAGEMENT PRACTICES TO IMPROVE MSME BUSINESS PERFORMANCE

2025-11-21T09:43:42+00:00

Micro, Small, and Medium Enterprises (MSMEs) play a strategic role in the economy, yet face challenges in maintaining economic, social, and environmental sustainability amidst increasingly fierce business competition. The importance of this research lies in understanding the internal factors that can strengthen sustainable management practices, one of which is religiosity. This study aims to analyze the role of religiosity in encouraging sustainable management practices to improve MSME business performance. This research uses a literature review approach, with data sources obtained from reputable academic databases such as Scopus, ScienceDirect, JSTOR, Emerald Insight, and Google Scholar. The results of the study indicate that religiosity, both intrinsic and extrinsic, plays a significant role in shaping managers' ethical behavior, strengthening a sustainable organizational culture, and improving governance, innovation, and stakeholder relations. This has a positive impact on overall business resilience and performance. In conclusion, religiosity serves as a moral and strategic foundation capable of addressing sustainability challenges through the integration of ethical values into managerial practices. This research contributes to the development of the concept of religious-based sustainable management and opens up further research directions to test empirical models of the relationship between religiosity and sustainable performance in various MSME sectors.

QUALITY MANAGEMENT ANALYSIS IN ISLAMIC RELIGIOUS EDUCATION TEXTBOOKS UPPER SECONDARY SCHOOL CHARACTER EDUCATION ORIENTED

2025-12-28T08:03:31+00:00

This study aims to analyze the quality management of Islamic Religious Education (PAI) textbooks for Senior High Schools (SMA) that are oriented towards character education. The focus of the study is directed at how the planning, implementation, supervision, and evaluation of the quality of PAI textbooks are carried out in accordance with the educational quality standards and character values mandated in the national education policy. This study uses a qualitative approach with descriptive analysis methods. Data were collected through document studies of PAI textbooks for Senior High Schools published by the Ministry of Primary and Secondary Education, in-depth interviews with book authors, editors, and PAI teachers, and observations of book use in the school environment. The results of the study indicate that the quality management of Islamic Religious Education textbooks has met the principles of Total Quality Management (TQM). In terms of planning, the textbooks have been compiled in accordance with curriculum standards, but the systematic integration of character values has not been optimal. In terms of implementation, the writing and editing processes have followed academic publishing mechanisms, but there is still an imbalance between the cognitive, affective, and psychomotor dimensions. In terms of supervision, the quality assurance system has not been implemented in an integrated manner between the author's institution, publisher, and book users. Meanwhile, in terms of evaluation, feedback from teachers and students has not been used effectively to improve the quality of content and learning design. This study concludes that improving the quality of Islamic Religious Education textbooks based on character education requires synergy between managerial, pedagogical, and spiritual aspects. The main recommendation is the need for a quality management model for Islamic Religious Education textbooks that emphasizes the integration of character values in every stage of quality management, from planning to evaluation. The findings of this study are expected to serve as a reference for policymakers, textbook authors, and educators in developing quality and character-based Islamic Religious Education textbooks.

The Influence of Price Perception and Perceived Product Quality on Consumer Satisfaction of Detergent Brand XYZ in Medan

2025-12-17T14:55:02+00:00

This study investigates the influence of price perception and perceived product quality on customer satisfaction with detergent brand XYZ. Using a quantitative approach and Partial Least Squares Structural Equation Modeling (PLS-SEM), data were collected through a structured questionnaire administered to consumers who regularly use the brand. The measurement model demonstrated acceptable reliability and validity, while the structural model revealed substantial explanatory power, with an R² value of 0.431 for customer satisfaction. The findings indicate that both price perception and perceived product quality significantly and positively influence customer satisfaction. Perceived product quality exhibited the stronger effect, as reflected by higher f-square values and path coefficients. The combined influence of both variables also proved significant, confirming that customer satisfaction is shaped by the interplay of consumers’ value perceptions and product performance assessments. These results highlight the importance for detergent manufacturers to maintain competitive pricing strategies while consistently delivering high product quality. The study concludes with managerial implications and suggests avenues for future research, including expanding the model with additional variables and using more diverse samples to enhance generalizability.