International Journal of Management and Business Economics

Market Reactions To Domestic And Global Policy Events: An Event Study Of The Indonesian Capital Market In Early 2025

Said Aryonindito — 2025-08-13

This study examined the reactions of the Indonesian capital market to selected domestic and global policy events during January–February 2025, a period marked by the early phase of a new administration and heightened policy uncertainty. Using an event study approach, the analysis focused on five key events: the implementation of the Biodiesel B40 policy, the announcement of a foreign exchange retention requirement for export earnings, the Federal Open Market Committee (FOMC) statement, the release of January 2025 inflation data, and Bank Indonesia’s monetary policy decision. Results indicated that the Biodiesel B40 policy and low inflation release generated positive sentiment, reflected in rising prices, higher trading activity, and increased foreign buying. Conversely, the export earnings retention policy triggered negative market responses, particularly increased foreign selling in export-oriented sectors. Findings suggested that the market displayed characteristics of semi-strong form efficiency, responding promptly to public information but with some delayed adjustments. The study concluded that both domestic and global policy events significantly shaped short-term market dynamics, though reactions varied by event type. Future research was recommended to employ statistical tests on abnormal returns and trading activity for stronger empirical validation

Between Tradition and Challenges: Identifying Key Factors in Local Community Adaptation to Environmental Change

Rizky Ramadhan — 2025-08-14

Environmental changes resulting from oil palm plantation expansion have become a crucial issue in the discourse on sustainable development in Indonesia, particularly due to their impact on local communities and forest conditions. Although regulations such as the moratorium on oil palm expansion temporarily slowed deforestation, recent trends indicate that land conversion from forest to oil palm plantations is still ongoing. Local communities that have traditionally relied on forest resources are facing complex social, economic, and ecological pressures. This study aims to identify the key factors that shape the adaptive capacity of local communities to environmental changes caused by oil palm expansion. The research location is in the Parindu area, West Kalimantan. The method used is the Analytical Hierarchy Process (AHP), with a pentahelix approach in determining key informants so that decision-making is participatory and multidimensional. The results of this study indicate that institutional resources are the most crucial factor in improving community adaptive capacity. Local institutions—both formal and informal—play a strategic role in bridging local culture with modern economic demands. These findings emphasize the importance of strengthening local institutions to support community adaptation and promote sustainable, equitable, and locally-based development.

The Impact Of The E-Commerce Commercial Jingle On Customer Attitude Among Generation Z Audiences

Muhammad Aqshel Revinzky Nizar — 2025-08-14

The COVID-19 pandemic caused significant disruption to Indonesia’s economy, severely affecting traditional commerce while accelerating the growth of e-commerce. Shopee, as the market leader, leveraged various marketing strategies, including its Shopee COD (Cash on Delivery) commercial jingle, to strengthen brand awareness and attract users. This study examines the quality of the Shopee COD commercial jingle, analyzes Generation Z customers’ attitudes toward it, and evaluates its influence on these attitudes. Using a quantitative, causal associative approach, data were collected via an online survey of 125 Generation Z respondents who had heard the jingle and used the Shopee application. The study adopts a five-dimensional jingle evaluation model (memorability, meaningfulness, likability, adaptability, protectability) and the ABC Model of Attitudes (affective, behavioral, cognitive) to analyze the relationship between jingle quality and customer attitudes. Results show a significant positive correlation between jingle quality and customer attitude, with jingle quality explaining 42% of the variance in attitudes.