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Purpose This study examines the influence of macroeconomic variables on stock market performance in Indonesia and Japan from 2013 to 2023. Drawing upon the Efficient Market Hypothesis (EMH), we investigate how key factors such as interest rates, inflation, exchange rates, and economic events impact stock returns. Design/methodology/approach We examine the connections between these characteristics and stock market performance in two different markets using regression analysis and EMH as the theoretical framework. In order to find patterns and trends, we analyze data spanning a decade. Findings Interest rates strongly affect Indonesian stocks due to their influence on investor sentiment. In Japan, trade agreements have a significant positive impact on stock returns. However, stock returns in both countries are weakly connected to inflation, currency rates, and other economic and political factors. The global economy remains a key external factor for both markets. Research limitations/implications This study has some restrictions, such as data limitations and EMH framework-related presumptions. In the future, research may focus on longer-term effects, behavioral aspects, and sector-specific analysis to further our comprehension of these intricate interactions. Originality/value This research advances our understanding of market behavior under various economic conditions by analyzing the interaction of macroeconomic variables and stock market dynamics in two distinct economies.

This study aims to examine the influence of ownership of non-farm enterprises by households on child participation in a secondary school in Indonesia; this area of research has received scant attention in recent times. This paper uses the Indonesia Family Life Survey (IFLS) data set that contains different levels of data, ranging from individual-level data to community-level data for the analysis. Using a binomial logistic regression model, this study finds that the ownership of non-farm enterprises generally increases the likelihood of children's participation in secondary education, especially senior high school. Further estimation using propensity score matching demonstrates that households with non-farm enterprises tend to have higher spending on school expenses than those that do not have non-farm enterprises.

Local economic development in Indonesia is still quite minimal, requiring new policies and strategies such as the creative economy. This study analyzes the influence of the creative economy as represented by the concentration of the creative class and its supporting factors on local economic development. Using panel data from Barekraf / BPS statistics for 2011-2015, the results show that the concentration of the creative working class has a significant impact on local economic development including supporting factor such as proportion graduated high educated, electrification ratio and internet coverage ratio. These findings indicate that the creative working class can encourage the growth of local economic development in a region.

The study examines the relationship between foreign direct investment (FDI) and gross domestic product (GDP) for ASEAN-5 countries between periods 1980 to 2014. The study uses a Toda-Yamamoto granger causality model to test the causality between the FDI and the GDP. The results show that the ASEAN countries are differently in responding the impacts of FDI to the GDP.

In  the  era of  sustainable  development,  alternative  and  sustainable  tourism havebecome a great  concern  for  local government. Sempu  Island which  is  located  inKabupaten Malang is one of  the interesting cases on how the Ecotourism conceptcould be combined to the local economic development and conservation issues. Theaims of this paper are to gather information about the picture of Ecotourism practicesin Sempu Island. Furthermore, it will formulate the strategic way to make ecotourismwork well to the development of the local society. Keywords: Sustainable development, ecotourism, Sempu Island and local economy.

The purposes of this study were to analyze the implementation of the Indonesian con-stitutional  values  in  Indonesia  and  in  the  regional  level of  trade policies  (AFTA-ASEAN Free Trade Area). The method used is a qualitative approach. The findings ofthis research stated that there are some trade policy that misses thebasic values  of the1945 Constitution and Pancasila, resulting inmismanagement in development policyand therefore contributesto lowering the level of public welfare in general. The policy,among others, is the policy of trade protection is not based on the principle of wealthcreation and equitable distribution, but is based on the behavior of crony-capitalism;government policiesrelated to foreign ownership in an investment is still not heedingthevalues  and principles of broad benefit of welfare, justice andequity; and governmentprotection policies in the agriculturalsector is still not optimal to create a high com-petitiveness. Keywords: constitution, international trade, welfare and equity.