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The Purpose of this paper is to research the determinant of fundamental factors consisting of Net Profit Margin (NPM), Return on Equity (ROE), Return on Asset (ROE), Earning per Share (EPS), Working Capital Turn Over (WCTO) and external factors namely: oil prices, gold prices, the Fed’s interest rate and systematic risk, and also Indonesia government regulation towards FCX stock prices. This paper utilizes the ECM analysis methodology, the data during the period of 2000-2019, are obtained from quarterly financial statements issued to the Security Exchange Commission (SEC), the internet for share and commodity prices and also created dummy variable to accommodate the impact of Indonesia government regulation (MINERBA LAW). The results indicate that fundamental and external factors simultaneous have a significant influence on FCX stock prices. Partially in the long-term ROA, gold prices and world oil prices have a significant positive effect, while the Fed Rate and government policies have a significant negative effect. In the short term, the price of oil, gold and WCTO has a significant positive effect, while ROE has a significant negative effect. Keywords: external factors, fundamental factors, minerba law, mining company, stock price

The Covid-19 pandemic increased uncertainty in the Indonesian stock market. This paper aims to investigate foreign and domestic investors' behavior in the Indonesian stock market, especially during the Covid-19 pandemic. The method used was E-GARCH and DCC-GARCH. The results showed that the impact of shocks from bad and good news was greater on the return volatility during the pandemic. The shocks had a positive impact on the increase in the spillover effect of NFI's volatility to return volatility in the short and long term before the pandemic, but this did not happen during the pandemic. There is an indication of bias of forecasting errors and prospect theory in the behavior of investors in the Indonesian stock market. Conservatism bias is also indicated in the behavior of foreign investors. Keywords: Covid-19, E-GARCH, DCC-GARCH, net foreign inflow, return volatility

The study aims to clarify the relationship between the active level of green marketing communication towards brand image and customer’s purchase desire, and examine brand image as a mediator between the green marketing communication, partially towards purchase desire. Green marketing communication consists of green action communication, green food communication, and green donation communication. This study is conclusive research and deployed the questionnaire method. The research population is the end customers who have done transactions at the green-concept food and beverages industry, live in Jabodetabek, and earn above the provincial minimum wage. The study provides empirical insight that active level of green marketing communication partially and significantly give a positive impact to brand image and customer's purchase desire. The study also proves that brand image significantly acts as a mediator between green marketing communication and purchase desire. As the research limitation due to the chosen population, the result may lack generalisability. Hence, researchers are encouraged to test the different propositions further. The study includes implications for practitioners in the food and beverage industry to improve their brand image and customer’s purchase desire by conducting green marketing communication actively. Currently, most practitioners are more focused on doing green marketing activities to affect business. This paper fulfills the need to study how the communication of green marketing affects brand image and customer’s purchase desire in food and beverages industry. Keywords: green marketing communication, green action communication, green food communication, green donation communication, brand image, purchase desire

Working capital management has an important role on firm profitability especially for retail firms operating in emerging countries. Previous studies have not really considered the influence of macroeconomic conditions on working capital management and firm profitability relation. This paper investigates the impact of working capital management on firm profitability among Indonesian retail firms listed on Indonesia Stock Exchange with the moderation of GDP growth (GDP) and working capital loan interest rate (IR). This study uses panel data regression covering the period of Q1 2016 – Q2 2021. The results show that days inventory outstanding (DIO) has negative impact on gross operating profit (GOP) and return on asset (RoA) while days payable outstanding (DPO) has positive impact on RoA and cash cycle (CCC) has positive impact on gross operating profit (GOP). The results also show that GDP moderates the relationship between CCC components and GOP, while IR moderates the relationship between DIO and both firm profitability indicators, DPO and RoA, CCC and GOP. The results suggest retail firm management to pay attention to its inventories, payables and cash cycle. The management also has to consider the GDP growth and interest rate in managing its working capital. Keywords: macroeconomy, working capital management, profitability, data panel regression, retail

Recently, halal industries have shown impressive growth in global and national market levels. The purpose of this research is designing the managing and administering institution of halal certification (LPPOM MUI) in order to maintain its functions and roles in the new era of regulations (UUJPH) and the growing of halal ecosystem in industrial digital era 4.0. Soft System Methodology (SSM) is used as the methodology. SSM is an organization process modeling that can be used to solve unstructure general problem and management changing. Rich Picture, Root Definition, and Conceptual Model are presented in this paper. Data was collected by using Focus Group Discussions, involved in the process and in-depth interviews with the Government, MUI, LPPOM MUI, business player, and the public community of halal. The focus of this research is getting knowledge of people, their behaviours, their relationships and their influence to LPPOM MUI transformation and the development of corporate and operational strategies. Based on the analysis, there are eight main results as a key strategy of institution transformation, as follows :(i)identification of people, (ii) institution form, (iii) vision, mission, culture, and values evaluation, (iv) operational evaluation based on resource-based view, (v) legal entity transformation, (vi) managerial improvement, (vii) measurement of marketing and financial performance, and (viii) risk mitigation. Keywords: business strategy, halal regulation, soft system methodology, transformation