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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

Volatility can be measured, but in fact, there is still frequent debate over the selection of precise measurements in describing volatility. In Indonesia, the commodity market is known for its volatile prices, which can impact the livelihood of farmers, traders, and the wider economy. The existence of possible asymmetry in the behavior of food commodity price volatility in the Indonesian market is not yet known. This paper aims to determine the best model to describe the volatility and to investigates the presence of the asymmetric effect on the volatility of food prices in Indonesia, over the period 2009-2019, on a monthly basis. Modeling of volatility uses the GARCH family model, both symmetric and asymmetric. The results showed that the GARCH asymmetric model produces better performance than the symmetric GARCH. Through the best GARCH asymmetric model, the food commodities used in this study showed a statistically significant asymmetrical effect on volatility. Nevertheless, policymakers and market players need to be aware of the impact of market volatility and implement measures such as real-time price information systems to mitigate its effects. The government can increase food production by providing support to farmers in managing supply efficiency and improving agricultural infrastructure. Keywords: agricultural commodity, asymmetric effect, asymmetric GARCH, modeling volatility

This paper attempts to investigate the price volatility of fruits with higher economic values, which are avocado, apple, guava, banana, and jackfruit, and analyzes the long-term and short-term period relationship between production and prices of these fruits. The data used are the quarterly productions and prices of avocado, apple, guava, banana, and jackfruit on the producer level for 2012 to 2020 obtained from Agriculture office of Batu Municipality. The volatility evaluation was using the ARCH/GARCH. The long-term relationship was analyzed using the Johansen cointegration test, and the short-term relationship used the Error Corection Mechanism (ECM). The results of the volatility analysis confirmed that every fruit studied had a low volatility rate. In addition, the productions and prices of the commodities studied had been cointegrated in the long-run; however only avocado, guava, and apple have a short-run relationship. The government is suggested to provide price and production information systems to ensure farmers' market access. Keywords: price volatility, fruits, ARCH/GARCH, cointegration, ECM

Foot and mouth disease (FMD) is typically endemic and commonly found as a recurring issue in many developing countries, including Indonesia. In 2022, FMD has massively spread to 62 districts and cities so that it was declared an outbreak which caused significant economic losses. In this paper, we attempt to assess the impacts of FMD on the Indonesian economy by using a computable general equilibrium (CGE) approach. The results show that the FMD outbreak caused negative pressure on national economic growth, reducing the real wage and consumption, as well as exacerbating trade deficit. The outbreak also induced higher prices of beef and dairy sectors as well as their related sectors. Based on the regional perspective, the main production regions of beef and dairy are expected to suffer higher economic loss than that of other regions. Meanwhile, at the household level, the outbreak caused considerable effect in lowering income and consumption, particularly for rural farm households. Some necessary policies to overcome the outbreak, consisting of establishing a FMD handling post, promoting vaccination, extending financial supports, and maintaining communication and transparency with other countries regarding the outbreak status. Keywords: Computable General Equilibrium (CGE), Foot and Mouth Disease (FMD), livestock, macroeconomy, regional

Many new positions in palm oil plantations and mills are for casual laborers who are particularly vulnerable to poor earnings, lack of social security, and limited legal support. This study purpose is to identify the alternative strategy that can be taken by BPJS Ketenagakerjaan to increase the number of casual laborers in oil palm plantations who enroll in the labor social security program. Purposive sampling is utilized to collect primary data for this study. Respondents are interviewed and given paper-based questionnaires. The respondents are five experts involved in BPJS Ketenagakerjaan's planning and strategy decision-making processes, specifically the Investigating Supervisory Officer (Petugas Pengawas Pemeriksa), Head of Branch Office, Deputy Director of DKI Jakarta Region, Deputy Director for Corporate and Institutional Membership, and Deputy Director for Special Membership. The results of the questionnaire were processed using Expert Choice 11, based on Analytic Hierarchy Process (AHP) as the analytical tool for this study. The results of this study suggest that BPJS Ketenagakerjaan can employ a law enforcement strategy to increase company compliance as an alternative strategy so that casual laborers are able to enroll in the labor social security program. Keywords: AHP, BPJS Ketenagakerjaan, casual laborers, labor social security, oil palm plantation

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

It is expected that the COVID-19 pandemic provides a significant impact on food price volatility in many products including sugar. The paper aims to analyze the price dynamic of sugar before covid (1st August – 2nd March 2020) and during the covid outbreak (3rd March – 31th August 2021) in all provinces in Indonesia by using the t-test and ARCH GARCH model. Based on Augmented Dickey-Fuller analysis before and during covid, the prices of sugar in Indonesia were stationary at the “first difference”. The results reveal that the prices of sugar in all provinces in Indonesia before covid was lower compared to during the COVID-19 pandemic. According to ARCH GARCH results, sugar prices were much more volatile in Riau, Jambi, West Java, East Nusa Tenggara, West Kalimantan, South Sulawesi, Central Sulawesi, and West Papua. As such, the government should focus to reduce the price volatility of sugar in these provinces. Keywords: ARCH GARCH, COVID-19, sugar prices, stationarity, volatility

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

Pepper (Piper nigrum) is one of the most exported spices in Indonesia followed by cinnamon, cloves, and vanilla. Due to its strong dependency on international trade, Indonesian pepper exports are suspected to be prone to exchange rate volatility risks. Traditionally, exchange rate volatility is perceived to discourage exports. However, studies to date remain to provide an open question on whether volatile exchange rates discourage exports. This paper aims to examine the impact of exchange rate volatility on Indonesian pepper exports to its main trading partners from 2005 to 2019. Using gravity model and GARCH (1,1) for volatility measurement, the results reveal that Indonesian pepper exports are not affected significantly by exchange rate volatility. This is because Indonesia has been in the position as a net exporter of pepper where a majority of its production is consumed abroad and pepper only costs a small percentage of the total cost of food productions. Keywords: exchange rate volatility, GARCH (1,1), gravity model, Indonesian pepper trade, Indonesian spice

This paper explores inclusive business practices by focusing on the relationship between investments for-profit and social impact for small-scale farmers. Value chain mapping was used and combined with business model canvas to enable fact-finding and linkage between profit-taking action and social impact in the coffee value chain. The study was performed in two regions: East Java and North Sumatra. The study interviewed 72 farmers from Bondowoso District, East Java, and 30 farmers from Mandailing Natal District, North Sumatra. The qualitative analysis revealed the role of local organization networks in supporting the extension and improving performance in value chain governance. The organization networks supported social issues and provided access to diverse resources and environments for companies to build commitments. Furthermore, the business model canvas modeled value propositions that were practically tackling the dimensions of profit and social impact to the organization's context. The coffee value chains in both regions were differ based on key features and elements of small farmers' inclusion in the coffee value chain. The findings show that the coffee business model in Mandailing Natal encouraged smallholder farmer inclusion better than in Bondowoso. Therefore, the study implies that a shifting from profit into social initiatives in inclusive business is needed. This study provides practical evidence of business model canvas in the coffee value chain cases, showing how to develop a mission social innovation in a profit organization. Keywords: inclusive business models, business model canvas, value chain, coffee

Most learning organization studies have focused on enhancing the organization’s performance. However, learning organization extends beyond knowledge management that makes the organization more adaptable and more responsive to the challenges of a fast-changing business environment. The application of a learning organization is an alternative step for companies to be able to face the challenges of the fast-changing business environment. This paper aims to identify the effect of learning organizations on supply chain performance. This study adds the effect of transformational leadership as a variable that affects the comprehensive understanding of learning organizations to gain a. Structural Equation Modelling – Partial Least Square (SEM-PLS) was used to reveal that learning organization has no significant impact on supply chain performance. However, learning organization affected supply chain driver. The Supply chain driver has a positive and significant impact on supply chain performance. Leadership style has a positive and significant impact on learning organization. Organization can make better decisions on choosing facilities more efficiently, managing supplies efficiently and be can use the information itself to increase profits by implementing learning organization. Keywords: learning organization, SEM-PLS, supply chain performance, leadership, supply chain driver

The global demand for seaweed is expected to increase in the coming years due to new product development using seaweed. There are many benefits of seaweed such as pharmaceuticals, cosmetics, food industries, textiles, paper, and bioenergy production. On the other hand, Indonesia, as the archipelago country with the second-longest coastline after Canada, is expected to achieve competitiveness so Indonesia benefit more from the seaweed industry. This study aims to get the landscape of the seaweed industry and to select strategies. The strategies are designed using the Structural Equation Modelling Method – Partial Least Square (SEM – PLS). The findings of this study are the competitive advantage of Indonesia's carrageenan-producing seaweed industry using descriptive statistical methods through the perception model show considered weak. The three main parameters of concern are assessed as low-cost leadership, ability to increase export value and self-sufficiency in meeting the needs of domestic seaweed. The analysis also shows that the influence of innovation and stakeholder support on increasing the competitive advantage of Indonesia's carrageenan-producing seaweed industry is considered significant. Innovation is represented by the latent variable attributes of innovation, communication channels and the role of change agents, which are concluded to have a significant effect both directly and indirectly on the industry's competitive advantage. Keywords: seaweed industry, competitiveness, carrageenan, innovation, SEM-PLS, stakeholder support

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