bluuebunny/crossref_metadata_2025 huggingface dataset:
The Multi-horizon Exchange Rate Exposure of Consumer Products and Services Sector in Malaysia
Authors: Abdul Wahab Hishamuddin , Afaaf Mohd. Nasir Nurul
Published: December 2022

After the abolishment of fixed exchange regime under the Bretton Woods System in 1970s, the issue of foreign exchange risk expecially among multinational corporations operating under small and open economies of Malaysia remains relevant till today. According to Abdul Wahab et al. (2017) and Adler and Dumas (1984), exchange rate exposure refers to the extent of firm's sensitivity to exchange rate fluctuations. While there has been growing interest in examining foreign exchange risk incidence under Malaysia market, however limited studies have been focusing on single sector of consumer products and services in Malaysia. Under Bursa Malaysia, the sector consists of several sub-fields including agricultural products, automotive, food and beverages, household goods, personal goods, retailers and travel and leisure services. Given the wide range of products and services, the corporations under the sector have been involved in vigorous cross-border trading activities. The consumer products and services equities become the second largest sector in Bursa Malaysia which constitues 15.89% of total stocks in main market of Bursa Malaysia in July 2021 with a 265.02 billion of total market capitalization. In terms of methodological issue, the study addresses on the bias in exchange risk pricing in previous studies. Specifically, majority of past studies assume homogeneity of exchange risk across time domains which seems to be unrealistic. Capital market contains wide range of participants with heterogenous investment holdings and expectations. To address time domain bias, the study adopts Maximal Overlap Discrete Wavelet Transformation (MODWT) in foreign exchange risk pricing to decompose a single time domain series into multiple time domains. Given this, the primary objective of the study is to examine the extent of multi-horizon foreign exchange exposure of consumer products and services sector in Malaysia from January 2000 till December 2020.

Keywords: Currency Exposure, Wavalet Technique, MODWT, Malaysian Consumer Sector
Green Supply Chain Management Practices: An Exploratory Study of Indian Food Processing Firms
Authors: Durgaprasad A V S , Prasad Ch V V S N V
Published: December 2022

Firms adopt green supply chain management (GSCM) practices to reduce environmental impact. GSCM is the integration of environmental or green thinking in all the functions of SCM, from sourcing, production, and distribution (Ali et al., 2016). Though GSCM predominantly addresses environmental concerns, literature states that GSCM practices significantly influence sustainable performance, encompassing economic, environmental, and social performance (Yildiz Çankaya & Sezen, 2019; Zaid et al., 2018). The food processing industry is one of the largest industries globally, generating massive waste and emitting greenhouse gases, raising environmental concerns. The Indian food processing industry is one of the largest in the world. India stands first in milk production and second in fruit and vegetable production. Having said this, forty percent of food produced in India is wasted. GSCM has recently gained momentum in developing countries like India due to increasing environmental issues. Thus, this research unearths the GSCM practices adopted by Indian food processing companies. This study aims to explore the GSCM practices adopted by Indian food processing firms and investigate the impact of GSCM practices on sustainable performance.

Keywords: Environment-friendly practices, green supply chain management practices, sustainability, sustainable performance.
Towards Developing a Shariah Governance Framework for Waqf Institutions: A Case of Majlis Agama Islam Melaka
Authors: Hassan Rusni , Atiqah Maulad Murat Nur , Ahmed Salman Syed , Yusoff Adnan
Published: December 2022

The practice of Waqf is deeply rooted in the history of Malaysia, going as far back as the 15th century during the Malaccan Sultanate. Waqf, at the time, became popular amongst Muslims in the Malay Peninsula. It brought about remarkable changes to the communities and the standard of living, and the world's outlook on the inhabitants (Mahamood, 2006). The building of mosques like the Kg. Hulu Mosque in Malacca, the Sultan Abu Bakar Mosque in Johor, and the Kg Laut Mosque in Kelantan are momentous examples of the early and firm establishment of Waqf in Malaysia (Sayin, 1994a). During the early stages of Waqf in the Malay states, the community organizers were responsible for managing the waqf assets' trusteeship. The trustees were responsible for the organization, its control, and Waqf management to benefit the beneficiaries. However, the purchases were not documented or evidenced to be used for Waqf. The lack of proper documentation caused different issues, like claims made by the heirs over the asset after the asset owner passed away, leading to the inability to use the asset for Waqf. Waqf properties during the colonization period from 1511 to 1946 witnessed many changes in their development. A notable difference was that waqf management's responsibility gradually shifted to the respective Majlis Agama Islam Negeri or State Islamic Religious Councils (SIRCs).

Keywords: Waqf, Shari'ah governance, Majlis Agama Islam, and Malaysia
Hybrid Legal Entities for Social Enterprise as Social Innovation
Authors: Nuchpiama Prapin
Published: December 2022

Social innovation has become a new way of solving social problems and a force of change for the people's better quality of life. It essentially involves empowerment of the people with a view to enhancing their potential for competition with the private sector and reduced dependence on the state sector. Social enterprise is now recognised as a form of social innovation, because the concept is based on a combination of a social benefit goal and the achievement of financial sustainability. This paper relies on a documentary enquiry, paying particular attention to the exploration of hybrid legal forms for social enterprise, especially the U.S. Low-Profit Limited Liability Company (L3C). This hybrid legal entity is taken here as a practical form of social innovation to solve social problems. The paper has followed a qualitative analytic mode making use of various types of documents obtained from many sources. Social innovation does not simply involve the availability of new strategies, approaches, or methods. It also requires appropriate legal environment. For this reason, the law itself needs to adjust, i.e. making itself innovative, so that it creates a legal setting favourable to social innovation, such as the one emerging in the United States in the form of hybrid legal entities initiated to promote social enterprise. Legal development in this way may be conceived of as legal innovation to solve social problems.

Keywords: social innovation, social enterprise, law, Low-profit Limited Liability Company (L3C).
The Impact of Perceived Quality and Perceived Value On Customer Satisfaction and Loyalty
Authors: Lukito Raynaldi , Christian Efrata Tommy , Padmawidjaja Liestya , Radianto Wirawan E.D.
Published: December 2022

One of the key elements that determines a business's financial and general success is customer loyalty. Because they are happy with the products they have already purchased, customers become loyal. Customer loyalty is ultimately a result of customer satisfaction. The purpose of this study is to ascertain whether perceived value and quality affect customers' satisfaction and loyalty with autoparts products. This study included 132 respondents who were auto parts customers. The results showed that customer satisfaction is significantly impacted by perceived quality. Customer loyalty is not directly influenced by a perceived quality, but it is indirectly affected by it. Customer satisfaction is significantly impacted by value perception. Customer loyalty is influenced by perceived value both directly and indirectly. Along with customer satisfaction, which significantly affects customer loyalty.

Keywords: Quality Perception, Value Perception, Customer Satisfaction, Customer Loyalty
China's Huai River Policy and South-North Distinctions in Population Migration
Authors: Gao Yannan , Sampattavanija San
Published: December 2022

Central heating, also called district heating, is a heating system run by a central cogeneration plant through a system of insulated pipes stretching into heating users. The word "central" stands for "centralized" instead of "scattered" or "decentralized." Central heating in China is closely related to the nation's policy as a huge amount of energy exhaustion leads to high costs and air pollution. Therefore, the country has set its winter heating boundary since establishing the central heating systems in the 1950s. The boundary formed a fixed border to classify areas with heating systems and regions without them. The areas with cold winters could have state-planned central heating systems, while the areas with warmer winters did not have those systems. The boundary was set according to the winter temperature level and hasn't changed since the 1950s. The borderline coincides with two critical geographical locations in China: the Huai River and Qinling Mountains. The policy of classifying the heating and non-heating regions is called the Huai River policy.

Keywords: Central Winter Heating, Heating Boundary, Population Migration, Huai River Policy
Assessing Long Strangle Strategy in Gold Price Index Using 1985-2020 Data
Authors: Hendrawan Riko , Erpriandy Maharsasi Daniel
Published: December 2022

According to the gold price index from 1985 to 2020 data cited from www.gold.org with the XAU code, the gold price index fluctuated between these periods. Price index fluctuation impacted to daily return value. Fluctuations in returns indicated that there was price volatility. Concerning its price, it is necessary to have risk management to anticipate its volatility. The options strategy can be used to minimize the risk of a volatile market. There are two kinds option such as Call Option (right to buy) and Put Option (right to sell). This research aims at testing implementation of options model between Black Scholes and GARCH on gold price index using Long Strangle strategy which data came from www.gold.org year 1985 till 2020. By employing comparative research, this research seeks to compare the errors that arise between the Black Scholes method with historical volatility and the Black Scholes method with GARCH. The accuracy testing was done using with an error value using the Average Mean Square Error (AMSE) method. This method is the average squared error between the forecast value and the actual value, which is usually used to check the estimated error value of the forecast. AMSE values that are low or close to zero indicate forecast results that are following actual data and are stated to be good values compared to those far from zero. Maturity periods of option contract are using 3 methods such as 1-month, 2-months and 3-months.

Keywords: Gold Price, Options Contract, Black Scholes, GARCH, Long Strangle, AMSE
Identification of the Influence Factors of Financial Communication in Multiple Crisis Condition - Bibliometric Analysis
Authors: Melega Anatol , Sorins Ciubotariu Marius , Tulvinschi Mihaela , Geanina Macovei Anamaria , Gabriela Comsulese Cristina
Published: December 2022

Financial communication between companies represents the set of rationally collected information, validly assembled and properly transmitted, so as to satisfy the increasingly heterogeneous requirements of stakeholders, a process that leads to decision-making by them. This process becomes all the more important as the world map is currently going through an extremely difficult period, characterized by crises of several types. In this context, the purpose of our work is to identify the new factors that can positively or negatively influence the financial communication process in the current multiple crisis conditions. The present work is focused around the bibliometric analysis carried out on the concept of financial communication with the help of the VOSviewer program based on the works available in this field on the Web of Science platform. In order to select the most relevant papers for the research subject, their search was carried out according to the keywords financial communication, selecting only four research areas, namely Economics, Business, Management and Business Finance, obtaining a result of 6089 scientific papers available on the Web of Science platform for the period 1975-2022. The way of disclosure and communication of information over time has seen many changes, from traditional communication to digitalized and integrated communication through ERP and blockchain technologies. Thus, new concepts appear in the economic dictionary that ensure the communication process, adapting it to the technological, economic, social and political evolution During the 1990s the issue of adopting an international conceptual framework was raised, which would ensure the disclosure of comparable, reliable and correct information, in periods of economic crisis, for example in the period 2008-2009, the economic-financial communication focused on identifying new information models, which ensure the disclosure of a complete set of information necessary for investors in making decisions.

Keywords: Financial Communication; Research Clusters; Multiple Crisis; Digitalization; Stakeholders.
Islamic Infrastructure Project Finance: A Literature Review
Authors: Farikhi Amrin , Utomo Christiono , Ismal Rifki
Published: December 2022

Infrastructure plays an important role in supporting economic growth and competitiveness of a country, and well-developed infrastructure is often considered as the foundation for economic growth (Abdurraheem & Naim, 2018); (Amel et al, 2020). Infrastructure investment and economic growth are interrelated, because infrastructure improvements will have an impact on increasing economic growth, which in turn will encourage infrastructure investment (Selim et al, 2019). Infrastructure projects have a very large scope, long time span, and involve many stakeholders, and the need for investment in infrastructure also becomes less liquid (Mohamad, 2015). Infrastructure projects have two important characteristics that must be considered in terms of financing. The first is the long-term investment period and the second is the high cost involved in infrastructure projects (Manzoor et al, 2017). Most large-scale infrastructure projects are financed non-recourse to the sponsoring companies, this type of financing is commonly known as project finance (Camacho, 2005). Project finance has been implemented globally in infrastructure financing both in developed and developing countries. The current condition faced by developing countries, besides the high investment value required and short-term for financing in infrastructure development are the high interest rates (United Nations, 2021). Project finance with a sharia scheme (Islamic project finance) is expected to be one of the best alternatives in overcoming infrastructure financing problems. Sharia financing is the most appropriate instrument for infrastructure financing because the basic asset is the project itself that it can be used as a method for financing infrastructure investment (Abdulkareem & Mahmud, 2019) and other activities that are prohibited by Islamic finance principles (Rarasati et al, 2013).

Keywords: Infrastructure; Long-term Investment; Project Finance; Sharia Scheme; Sukuk.
The Collar Strategy as a Hedgıng Effort in the Jakarta Islamıc Index
Authors: Hendrawan Riko , Arifin Zainal
Published: December 2022

The revivals of the Islamic economy in Indonesia was marked by the establishment of the Jakarta Islamic Index (JII) on July 3, 2000. The crises in 2008 and 2020 caused JII to experience relatively high fluctuations. Hedging was necessary to protect assets from sharp declines. One of the hedging strategies was to use option contracts with a collar strategy. This research focuses on testing and comparing various types of collar strategy option using the Black Scholes method with historical variance and GARCH (1,1) variance on JII in the period of one and three months. According to Sinclair (2010), the collar strategy is a combination of a covered call option and a protective put option. The collar strategy provides limited profits but the collar provides hedging with little or no cost if the buying price of the put option is the same as the selling price of the call option. Based on the above phenomenon and previous research, this research aimed at comparing the Black Scholes and GARCH models using the Collar Strategy as a Hedging Effort in the Jakarta Islamic Index (JII).

Keywords: Black Scholes, GARCH, Jakarta Islamic Index, Option Contracts
Women's Effective Leadership Roles during the Covid-19 Pandemic Crisis: Truth or Fable?
Authors: Koh Siew Len Jacqueline , Tajuddin Dewi , Uji Mohammed Rozita , Paulus Jidwin Agnes , David Jasmine
Published: December 2022

The purpose of this research is to examine the studies on women's effective leadership roles, with a focus on middle managers, top managers, and government heads. This study is based on an examination of existing literature, specifically on women leaders who were successful in times of crisis and the characteristics that contributed to their success. One such recent crisis is the Coronavirus (COVID-19) pandemic, and according to several publications, female leaders all over the world managed to tackle the COVID-19 situation more effectively than their male counterparts. These women were reportedly responding more promptly and communicating more effectively regarding pandemic strategies. This success was attributed to these women's unique characteristics when compared to male leaders. In order to comprehend these characteristics and how these women leaders were successful during times of crisis, this article reviewed the relevant past literature. However, there were some contradicting findings stating that female leaders were indifferent to male leaders during the pandemic period. These findings represent a significant first step in comprehending the crisis responses of female leaders, which can identify new research avenues in the Malaysian context.

Keywords: Crisis; COVID-19; Leadership; Women; Characteristics
Cost and Marketing Channels of Khmer Craftsmen's Brown Palm Sugar Production in Chau Lang, Vietnam
Authors: Thi My Trang Duyen , Vo Tuan Truong Kiet Hong
Published: December 2022

The current investigation was carried out both quantitative and qualitative methods in Chau Lang of the Tri Ton district where it is known that 65% of the village's families are Khmer. With the aid of in-person interviews using a pre-tested questionnaire, a semi-structured interview schedule, and an open discussion method, primary data were gathered for the study from 250 sampling observations from various stakeholders, including 105 farmers and 145 intermediaries in various channels. The findings showed that the average cost of production for one kilogram of palm sugar was 5,302 VND. There are three main channels in the marketing chain: Farmers, Middlemen, Wholesalers, Retailers, and Consumers in Channel 1, Farmers, Wholesalers, Retailers and Consumers in Channel 2, and Farmers, Retails, and Consumers in Channel 3. Channel 3 has the greatest marketing efficiency, at 19.52%, followed by Channels 2 and 1, at 18.36% and 15.76%, respectively. Additionally, Channels 1 and 2 have lower monopoly index values than Channel 3, suggesting trader dominance in the marketing of palm sugar products. It also demonstrates how little influence artisans have on the product price. An enterprise that aids artisans in selling palm sugar, Chau Lang village, must grow. In order to encourage the Khmer to continue working in the village as they have done for generations, it is important to find how to help these households and boost the income from palm sugar production.

Keywords: Brown Palm Sugar, Production Cost, Marketing Channel, Craftsmen.
The role of E-Service Quality to create Consumer Trust in Shopping on the Shopee Marketplace during the COVID-19 Pandemic
Authors: Palupi Robustin Tri
Published: December 2022

The Covid-19 pandemic has caused changes in consumer behaviour. Especially when it comes to shopping for everyday necessities. The limitations of doing transactions offline make people shop more for their daily needs online. This phenomenon makes e-commerce business increase sharply. Not only that, the e-commerce business competition map is increasingly competitive. The tight competition is reflected in the number of website visits and e-commerce application users in Indonesia. The coronavirus pandemic has not shown signs of ending until the third quarter of 2020. During the period of emigrants, e-commerce players are increasingly aggressively presenting online shopping as an alternative to fulfilling daily needs without leaving the house. MarkPlus Inc. Release the results of the latest research related to e-commerce. The survey results of The Asian Parent show that almost all respondents who are mothers in Indonesia use online shopping applications. As many as 80% of them shop at Shopee the most. This shows that Shopee is a marketplace that is favored by consumers. Electronic Service Quality or also known as E-ServQual is a new version of Service Quality (ServQual). E-ServQual was developed with the aim of evaluating the services provided online or over the internet. E-Service Quality is a service from the site to facilitate shopping, purchasing, and distribution activities effectively and efficiently (Chase, Jacobs, &Aquilano, 2006). According to Tjiptono (2011) there are seven dimensions of e-service quality, namely efficiency, reliability, fulfillment, privacy, responsiveness, compensation, contact (contact). One of the disadvantages of shopping online is the doubt and lack of consumer confidence in the product to be purchased, so online marketers must provide quality services so that consumers believe. According to Mowen and Minor (2012), consumer trust is the belief that consumers have about objects, attributes, and benefits. Objects can be products, people, companies, and anything that has beliefs and attitudes. Based on these backgrounds and explanations, this study aims to determine the partial and simultaneous influence of e-service quality variables on consumer confidence in shopping at shopee.

Keywords: E-Service Quality, Trust, Shopee
Empirical Study of the Public Acceptance Model of Indirect Tax Policy: The Underlying Guiding Principles of Good Tax Policy
Authors: Suryani Mohd Jamel Nur Erma , Abd Hamid Nadiah , Hayati Mohd Zawawi Siti Noor
Published: December 2022

In view of the strong rumor that the Goods and Services Tax (GST) may be re-introduced in Malaysia, Bernama (2022) reported that Malaysia is keen on reintroducing GST to expand its revenue base and carry the weight of public subsidies. In fact, no country in the world has reverted from the Goods and Services Tax (GST) to the Sales and Services Tax (SST), except for Malaysia. Due to GST abolishment, Malaysia incurred an annual revenue loss of RM20 billion, and, surprisingly, the reintroduction of SST 2.0 did not contribute much to the government. Compared to the GST collection of RM41 billion in 2016 and RM44 billion in 2017, SST 2.0 only collected RM26.7 billion in 2020 and RM27.9 billion in 2021. Unfortunately, from the public's perspective, GST remains a very unpopular indirect tax reform due to its regressive nature, affecting both the poor and poor the rich. Since the tax applies to every transaction regardless of the socioeconomic status of individuals, it places an undue burden, especially on poor households. Similarly, the SST 2.0 also disappoints the public since it has the same features as SST 1.0, for instance, high tax evasion levels by businesses (Sanusi et al., 2015) and a cascading impact of sales tax whereby the tax incurred by manufacturers is re-taxed (tax-on-tax effect) to a certain extent at subsequent manufacturing process stages, thus increasing the prices of goods and services (Zhou et al., 2013). Besides, literature on the key catalyst of the public acceptance of Malaysian indirect tax also lacks discussions on a specific public acceptance model for indirect tax policy implementation. Since these unresolved problems could instigate another tragic rejection by the public and impact the government's revenue collection, this study, therefore, aims to bridge the gap by proposing an indirect tax acceptance model using the guiding principles of good tax policy recommended by AICPA (2017).

Keywords: Goods and Services Tax (GST), Indirect Tax Policy, Good Tax Policy.
Green Accounting and Corporate Social Responsibility to Company Performance
Authors: Suryani Arna , Jumaida Sespi
Published: December 2022

Public and company awareness of environmental sustainability is a serious concern. Green accounting has objectives related to the activities of companies and other environmental organizations, including the interests of companies and organizations. The purpose of this study is to analyze and examine the effect of the application of Green Accounting and Corporate Social Responsibility on company performance. This study uses a descriptive quantitative method with secondary data originating from mining companies' financial statements on the Indonesia Stock Exchange for the 2019-2021 period. The sample is selected using the purposive sampling method. The analysis tool in this study uses simple and multiple regression analysis. The application of green accounting partially does not affect company performance, while Corporate social responsibility affects financial performance. It shows that green accounting has not been considered in improving the company's financial performance, and Corporate social responsibility has been taken into consideration in improving its performance. A positive corporate image will increase stakeholder interest in companies with increased performance. Simultaneously green accounting and corporate social responsibility affect the company's performance.

Keywords: Green Accounting, Corporate Social Responsibility, Company Performance.
Assessing the Effects of the COVID-19 Pandemic on the Evolution and Efficiency of Health Expenditure in Eastern European Countries
Authors: Corina PETRESCU , Veronica GROSU
Published: December 2022

In the global context of the COVID-19 pandemic, economic and social systems were shaken to their foundations, in the sense that many businesses had to close or suspend their activities, which also had a negative impact on the quality of life of the population, both from a medical and economic perspective. Thus, like other countries around the world, Eastern European countries that are members of the European Union (EU) community have also faced such economic and health problems, which have led to multiple crisis situations that have not been managed in the most optimal, efficient and targeted way to meet the real needs of the population, generating discontent and protests among them. In view of these issues, the aim of this paper is to identify the main factors impacting on the evolution of health budget expenditures allocated to the management of the COVID-19 crisis in Eastern European countries and the efficiency of the allocation of these costs.

Keywords: Eastern Europe, health expenditure, GDP, COVID-19
Vocational High School Prospective Graduates' Employability via Dual Vocational Certification (DVC)
Authors: Kisno  , Sherly  , Dharma Edy , Betty Sihombing Humiras , Sitanggang Nathanael
Published: December 2022

Vocational High Schools are educational institution aiming to prepare the ready-to-employ graduates by prioritizing their skill and expertise according to their areas of expertise (Azri, Irwan, & Nurul, 2020; Mukhlason, Winanti, & Yundra, 2020). Vocational High School is expected to play an important role in holistic human development and community development Indonesia entirely and reduce the number of early school leaver (Slamet, 2016; Diwangkoro & Soenarto, 2020; Farrugia & Martina, 2021). While the growth of employment in the industrial sector is growing slowly, the graduates of Vocational High Schools are increasing but the rate of joblessness of the Vocational Highs Schools graduates has become a critical issue in Indonesia (Erlinawati, 2020; Wijaya & Utami, 2021; Hanifah & Suharyanto, 2021). As a result, these Vocational High Schools graduates are not accommodated in the industrial sector and they become job seekers or open unemployment (Dewi, 2017; Yunikawati, Prayitno, Purboyo, Istiqomah, & Puspasari, 2018; Azman, Ambiyar, Simatupang, Karudin, & Dakhi, 2020). The Central Statistics Agency (BPS) reported that in August 2021, the majority of unemployed people in Indonesia were dominated to 11.13% or 9.77 million by the graduates from Vocational High Schools (BPS, 2021). Most of the Vocational High Schools graduates intend to work immediately, but are not employed in the industry or business sector. This is due to the increase of Vocational High Schools graduates who are mismatched by job opportunities.

Keywords: Dual Certification; Vocational High School; Employability
Estimation of Palm Oil Plantation Carbon Footprint and Reduction Strategy Using the O-LCA and MCDM
Authors: Farizal F  , Amanda Trisha
Published: December 2022

According to data obtained from the Greenhouse Gas Inventory Report (GHG) and Monitoring, Reporting, Verification (MPV), GHG emissions are mostly caused by five industries: energy, waste, agriculture, food and land use coalition, and industry. The palm oil industry has grown significantly during the past few decades, particularly in Indonesia and Malaysia. The primary output of the palm oil sector is crude palm oil (CPO). It is anticipated that Indonesia will keep trying to satisfy domestic demand for palm oil. However, people still seek out goods made with palm oil that is environmentally friendly to create. Environmental concerns, particularly the claim that CPO production is a source of carbon release, are another obstacle to Indonesia's CPO exports to European and American nations (Uning et al., 2020). Life Cycle Assessment (LCA) is the recommended approach to measure a product's or process's environmental impact with accurate results, according to a body of literature (Wahyono & Hadiyanto, 2019). Although the life cycle assessment method was first developed to evaluate how items affect the environment, it may also be customized to meet the needs of the business. As a result of this modification, UNEP developed a brand-new technique known as Organizational Life Cycle Assessment (O-LCA). There have not been many studies done in the past that use O-LCA to assess how business processes affect the environment, particularly with the idea of sustainability. Organizational life cycle assessments enable businesses to identify critical environmental operations and make improvements while considering a variety of sustainability variables, as well as other elements like environmental, economic, social, and technological considerations.

Keywords: Carbon Footprint, Palm Oil Plantation, Life Cycle Analysis, Multi-Criteria
Optimization of Renewable Energy in Indonesian Energy Mix 2025
Authors: Farizal F  , Muhammad Fadhel
Published: December 2022

Access to energy is considered one of basic need for human welfare. Energy is also needed by industry to produce gadgets and provide services. In transportation, energy is needed to move from one point to another point. Due to the increment number of human beings and their changing lifestyle, energy demand is ever increased. Currently, the most commonly used primary energy sources are oil and coal; however, these fossil fuels are non-renewable, unsustainable, and depleted (Sorrell, 2012). Many oil fields have already reached their peak production (Krumdieck, 2010). This decrease poses challenges to oil-dependent economies around the world, including Indonesia. Fossil fuels are also notoriously source of green house gas emission. Indonesia has pledged to reduce its emissions by 29% by 2030 (PLN, 2016). To reach this target, Government Regulation No. 79 of 2014 mandated 23% of the national energy consumed to be supplied by renewable energy (RE) by 2025. Indonesia has a variety of RE resources (RES), including biomass, hydropower, geothermal, municipal solid waste (MSW), ocean, and solar. As Indonesia is an agricultural-based economy, expansive farms provide waste biomass, especially from the production of palm oil and rice. They produce straw, rice husks, leaves, trunks, and other waste materials (Weldekidan, et al., 2020). Located at the intersection of the Ring of Fire and the Alpide belt, Indonesia is estimated to have the greatest geothermal potential in the world. Moreover, as two-thirds of the Indonesian territory are covered by water, hydropower and ocean energy can be used (Farizal and Asri, 2018). However, as most RES require more capital investment than fossil fuel and are not as technologically mature as their fossil fuel counterparts, selecting which RES to develop is important. In energy planning, especially when planning RES to substitute fossil fuel, an energy source is selected not only due to its potential availability (abundant resource) but also its dependability, reliability, cost as well as its accessibility.

Keywords: Renewable energy, energy mix, optimization, mixed integer non linear programming.
Innovation as a Delicate Process of Balancing Conflicting Internal and External Demands
Authors: Ozer Prof. Muammer
Published: December 2022

Engaging in innovation requires companies to go through a lengthy and detailed process in order to develop and introduce their innovation. In such a process, they face a number of demands. Internally, they need to do take into account the demands of top management, different departments, and people who are influenced by the innovative initiatives. Their demands can also be conflicting (e.g., while the marketing department might emphasize innovation needed by customers, the manufacturing department might emphasize innovation that is easy to manufacture, and yet the finance department might be interested in innovation that is less expensive). Externally, companies also need to deal with customers, suppliers, investors, and competitors. Similar to the internal demands, external demands can also be conflicting (e.g., while customers might want useful innovation, the investors might want higher and quicker returns on their investments). As a result, companies need to balance all these conflicting demands in order to be successful. In this research, we present an empirical evidence showing how these conflicting demands influence the innovation process.

Keywords: Innovation, Demands, Manufacturing.
Development of an Intellectual Capital Valuation Model for Accounting and Financial Advisory Firms
Authors: Grosu Veronica , Socoliuc Marian , Hlaciuc Elena , Marioara Viorica Panciuc , Dascalu Iulian
Published: December 2022

In all fields of activity where the formation of advanced professional skills is essential to cope with the multiple crisis which we are witnessing today, we find a permanent concern from management to increase the quality of the human resource employed, as a unique solution to increase performance and sustainability of their business. In this context, the ascension of digital economy has led to a new hierarchy with IC on top, regarding the factors that influence the competitive advantage of firms, especially since, in certain fields, the possession of these intangible resources is becoming much more important than the possession of material or financial resources. The motivation of our research was determined by the need to identify deficiencies that endanger the quality of the human resource, more precisely IC within accounting and financial advisory firms, given that we find a total lack of information on this resource. The objectives set are oriented on: O1 – Identifying IC contribution towards the increased performance of economic entities; O2 – Analyzing the most common methods of evaluating IC and O3 - Studying the methods of intangible assets management held by economic entities. The methodology of the research is based on the use of the Calculated Intangible Value (CIV) method, which has been adapted for non-listed businesses and applied to 150 accounting and financial advisory firms from Romania.

Keywords: CIV; human resource; intellectual capital; evaluation methods; performance
The Effects of CSR Policies in Maintaining the Sustainability of SMEs in Times of Crisis
Authors: Ciubotariu Marius , Sandulachi Ana-Maria , Grosu Veronica , Hlaciuc Elena , Macovei Anamaria
Published: December 2022

In the context of numerous economic, political, social and environmental crises, the role of companies regarding social and environmental responsibility is one of the topics on the agenda of many interest groups, responsibility and sustainability becoming key aspects of doing business globally. Thus, as a result of the pressures exerted by various stakeholders on companies regarding the reporting of non-financial information, more and more entities have made sustained efforts to include CSR practices in their business strategies. In this sense, both at the business environment and at the academic level, the question of the impact that the adoption of CSR practices has on the performance and sustainability of businesses in various social and economic contexts has been raised. The purpose of this paper is to evaluate the contribution of CSR policies and practices in maintaining the performance and sustainability of SME activity in times of crisis. In order to achieve the proposed goal, two main objectives were drawn, namely: O1 – Identification of the effects of CSR policies and practices at the level of SMEs; O2 – Evaluation of the sustainability of SME businesses in the field of food industry under the effect of multiple crises.

Keywords: Crisis, CSR Practices, Performance, Smes, Sustainability
Matching Fund "Kedai Reka" 2022: Link and Match Support Model for Higher Education and Industry or Productive Communities in Indonesia
Authors: Kusumarini Yusita , de Yong Sherly , Tulistyantoro Lintu , Esa Dora Purnama
Published: December 2022

The condition of the absence or lack of synergy between the world of work and higher education (broken link) is a phenomenon that inhibits the accelerated progress of the nation. As is the case in Indonesia, this phenomenon needs to be responded to immediately with real and appropriate concrete efforts. One of the concrete and massive efforts developed and implemented by the Indonesian government starting at the end of 2020 is the "Kedaireka" Matching Fund program. "Kedaireka" is the latest solution in realizing the convenience of synergizing the contribution of higher education institutions with the commercialization of partners for the advancement of the Indonesian nation, which is in line with the vision of the Indonesian Ministry of Education and Culture's Independent Campus. The "Kedaireka" Matching Fund program is expected to be able to break the chain of disconnection of campus research results that should be developed and produced by industry. The "Kedaireka" program can reconnect campus relations with industry in realizing innovation. "Kedai Reka" can make the world of business and education go hand in hand. For this purpose, the "Kedaireka" platform was developed to bridge the industry's concrete needs and higher education innovation ideas. In addition, "Kedaireka" is also one of the foundations for the creation of freedom to learn – independent campus which creates autonomous, flexible and innovative learning. The Kedaireka Platform is an official platform from the Ministry of Education and Culture in Indonesia to build optimism between the industry which has various problems or needs to meet the higher education capability which has various solutions to these problems. As a contribution to the development of link and match literacy efforts that have been processed through the "Kedai Reka" program, the research problem is stated as follows: How is the implementation of "Kedaireka"?; What are the results and evaluations in the development of innovation in Indonesia?; How is the self-reflection of the implementers of the "Kedaireka" program from case studies at universities contextually?

Keywords: Matching Fund, Kedaireka, Link and Match.
Who Pledges Net Zero: Pioneers and Laggards
Authors: Won Kim Jeong
Published: December 2022

The world has agreed on the necessity for urgent and more aggressive actions to combat climate change and set various climate targets and policies. Achieving net zero carbon emissions or carbon neutrality by a specific target year emerged as a new form of climate target. As of September 2022, 136 countries, including the European Union (EU), approximately 70% of 197 parties to the United Nations Framework Convention on Climate Change (UNFCCC), have announced or are discussing net zero targets. Although the number of governments pledging net zero has sharply increased since the late 2010s, the announcement of net zero targets at the national level dates back to 2007. However, despite the recent popularity, not all countries are supportive of setting their net zero targets. While eight countries announced net zero targets before the adoption of the Paris Agreement in December 2015, 119 countries have not yet officially pledged net zero targets. Considering that all countries' participation is required to meet the global climate target, it needs to look at which countries are lagging in the global climate efforts and why they are so. With this background, this study examines 1) the global diffusion trends and status of net zero pledges; and 2) factors that might impact the county's net zero pledge.

Keywords: Net zero, Carbon neutrality, Greenhouse gas reduction, Climate Change
Social Impact Measurement Methods and Challenges in Practice: A Study on Women Empowerment NGOs
Authors: Köroğlu Fatma , Yıldırım Nihan
Published: December 2022

This study aims to explore the social impact measurement (SIM) methods and the associated challenges from the perspective of women empowerment NGOs in Turkey. Ebrahim and Rangan (2010) define social impact as "a logic chain of results in which organizational inputs and activities lead to a series of outputs, outcomes and ultimately to a set of societal impacts", which is a function of measuring the degree of project's success on the way to the women's economic empowerment in this case. Available consultancy and outsourced services on these activities are also limited in Turkey, and the existing services and frameworks are generally performed with manual procedures. Hence, these NPOs need methodologic and practical digital tools to efficiently monitor, assess, and measure those projects' outputs, outcomes, and social impact. These monitoring and measurement activities also matter in the companies or organizations who will invest in these projects to assure the outcomes' worthiness. Despite its significance, there is a lack of human and financial resources and technical support, resulting in ineffective measurement. Research conducted by Yalçın and Güner (2016) on the women's empowerment NPOs in Turkey pointed out an urgent improvement needs since NPOS still face challenges in applying the tools developed in the wide-ocean literature of the social impact measurement. In addition to that, the expectations from non-profit organizations to prove their social impact are rising every day. This brings about a need to assure their sponsors about their good acts and results in order to continue receiving funds from both their present and future donors, even though NPOs' perception towards themselves is the exact opposite of competition among each other (Arvidson & Lyon, 2014). However, the need for social impact arises not only from the funders' satisfaction, but it also emerges for their self-evaluation as Arvidson and Lyon agreed (2014). What is more, NPOs' recognition of how their social value and benefits are in the eyes of their stakeholders like the society and other beneficiaries is indispensable (Polonsky, Grau & McDonald, 2016).

Keywords: Social Impact Measurement, Women Empowerment Ngos, Social Entrepreneurship
The Effect of Product Quality and Price Fairness on Customer Loyalty with Customer Engagement as Intervening Variable on Local Skincare in Indonesia
Authors: Saputra Dony , Lanardi Sheren , Virginia Vanessa
Published: December 2022

Nowadays, the cosmetics industry is developing rapidly. According to Statista, skincare products are ranked number one by holding a 37% majority of the cosmetics industry. Further market research reveals that the global skincare market is expected to reach USD 179 billion by 2022, growing at a CAGR Rate of 4.7% from 2016 to 2022 (Lee et al., 2019). By 2020, Indonesia's National Agency of Drug and Food Control (BPOM) has introduced a new Gradual Fulfilment Certificate for cosmetic companies to enhance local cosmetics product quality and today's skincare users are highly knowledgeable and actively question whether they get a fair price, commensurate on the quality of the product that they obtained. Faced with such a high level of competitive pressure, companies are also increasingly aware of the importance of various customer retention activities. During the 1990s and early 2000s, companies achieved customer loyalty to a large extent by building customer relationships (Bei & Chiao, 2001). However, following current trends, companies are now shifting from traditional customer relationship approaches to evolving customer engagement philosophy (Bei & Chiao, 2001). Research supporting this claim shows that customer engagement can improve user retention, and user retention is, to a certain extent, a reflection of customer loyalty (Hu, Chen & Zhang, 2021). According to Sood, A. (2022, December 4), these days the way to increase customer loyalty can be done with a coordinated, multi-channel approach, underpinned by data-driven strategies, AI analytics and automation which has been proven to increase conversions by up to 25%. Meanwhile, similar research (Noerindah & Bernarto, 2022) only discussed direct effects or didn't have intervening variables to compare the indirect effects on specific local skincare brand. This research will investigate the problems companies experience in maintaining Customer Loyalty from several variables such as Product Quality, Price Fairness, and Customer Engagement that are believed to influence Customer Loyalty and to analyze the indirect effect of Product Quality and Price Fairness to Customer Loyalty through Customer Engagement. Besides, the purpose is to give insights to local skincare companies.

Keywords: Customer Engagement; Customer Loyalty; Price Fairness; Product Quality; Skincare