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This research aims to analyze the retirement planning of employees belonging to the sandwich generation by considering financial literacy, collectivist culture, and family financial responsibility that promote financial and psychological well-being. We run the SEM-PLS to analyze the data from 200 sandwich-generation employees between 25-55 years old. The results demonstrate that financial literacy positively affects financial and psychological well-being, collectivist culture positively affects family financial responsibility, family financial responsibility affects retirement planning and psychological well-being, as well as retirement planning positively affects financial and psychological well-being. These findings indicate that personal and financial factors contribute to retirement planning for sandwich generation employees. It is hoped that planning for retirement early can break the chain of births of the next sandwich generation in the family, so that financial and psychological well-being can be achieved. This paper implies that sandwich-generation employees must plan their retirements early and wisely to achieve financial well-being and even break the chain of the next sandwich-generation.

To reduce dependence on external funding, financial bootstrapping can be an alternative low-cost funding solution for MSMEs. Cost efficiency can also be achieved by carrying out digital transformation in business operational activities. Furthermore, cost efficiency will lead to improved financial performance of MSMEs. This research investigates the influence of financial bootstrapping and digital transformation on the financial performance of MSMEs. Data collection was carried out through a field survey involving several enumerators and 180 respondents. The respondents of this research were female MSME entrepreneurs in the culinary sector in Central Java Province, Indonesia. The data was analyzed using the Partial Least Squares-Structural Equation Modeling (PLS-SEM) method. The research results revealed that financial bootstrapping and digital transformation have a significant positive effect on the financial performance of MSMEs. Furthermore, this study offers recommendations to improve the financial performance of MSMEs. Entrepreneurs must be creative in utilizing cheap internal funding sources and willing to adopt digital technology to increase operational efficiency and customer satisfaction.Fields entrepreneurship and small firm management; business, management and accounting; entrepreneurial finance

AbstractThis study aims to examine the effect of application costs, trust reciprocity, and self-efficacy on discouraged borrowers and the role of gender as a moderating variable. Our sample was 356 micro, small, and medium enterprise actors in the manufacturing industry in Central Java Province, Indonesia. The data was analyzed using the covariant-based structural equation modeling method. The results demonstrated that application costs, trust reciprocity, and self-efficacy significantly affect discouraged borrowers. However, the contextual role of gender is not fully proven because it can only weaken the self-efficacy effect of discouraged borrowers. This study enriches the literature by proposing discouraged borrowers from a demand factor perspective. In addition, it also offers policy suggestions for the banking industry to collaborate intensively with other stakeholders to increase banking digital literacy and build capacity to foster mutual trust and self-efficacy among micro, small, and medium enterprise actors.

BackgroundTsetse flies (Glossina sp.) are the vectors of human and animal trypanosomiasis throughout sub-Saharan Africa. Tsetse flies are distinguished from other Diptera by unique adaptations, including lactation and the birthing of live young (obligate viviparity), a vertebrate blood-specific diet by both sexes, and obligate bacterial symbiosis. This work describes the comparative analysis of six Glossina genomes representing three sub-genera: Morsitans (G. morsitans morsitans, G. pallidipes, G. austeni), Palpalis (G. palpalis, G. fuscipes), and Fusca (G. brevipalpis) which represent different habitats, host preferences, and vectorial capacity.ResultsGenomic analyses validate established evolutionary relationships and sub-genera. Syntenic analysis of Glossina relative to Drosophila melanogaster shows reduced structural conservation across the sex-linked X chromosome. Sex-linked scaffolds show increased rates of female-specific gene expression and lower evolutionary rates relative to autosome associated genes. Tsetse-specific genes are enriched in protease, odorant-binding, and helicase activities. Lactation-associated genes are conserved across all Glossina species while male seminal proteins are rapidly evolving. Olfactory and gustatory genes are reduced across the genus relative to other insects. Vision-associated Rhodopsin genes show conservation of motion detection/tracking functions and variance in the Rhodopsin detecting colors in the blue wavelength ranges.ConclusionsExpanded genomic discoveries reveal the genetics underlying Glossina biology and provide a rich body of knowledge for basic science and disease control. They also provide insight into the evolutionary biology underlying novel adaptations and are relevant to applied aspects of vector control such as trap design and discovery of novel pest and disease control strategies.

Fungivorous millipedes (subterclass Colobognatha) likely represent some of the earliest known mycophagous terrestrial arthropods, yet their fungal partners remain elusive. Here we describe relationships between fungi and the fungivorous millipede, Brachycybe lecontii. Their fungal community is surprisingly diverse, including 176 genera, 39 orders, four phyla, and several undescribed species. Of particular interest are twelve genera conserved across wood substrates and millipede clades that comprise the core fungal community of B. lecontii. Wood decay fungi, long speculated to serve as the primary food source for Brachycybe species, were absent from this core assemblage and proved lethal to millipedes in pathogenicity assays while entomopathogenic Hypocreales were more common in the core but had little effect on millipede health. This study represents the first survey of fungal communities associated with any colobognath millipede, and these results offer a glimpse into the complexity of millipede fungal communities.

This study aims to examine the effects of equity crowdfunding and business partnership relationships on the performance of micro, small, and medium enterprises (MSMEs). To the best of the researcher’s knowledge, there are still relatively few studies that discuss the relationship between these variables and business performance. These findings can add a reference to studies in the field of entrepreneurial finance, especially regarding equity crowdfunding for MSMEs. The analysis used was a multiple linear regression approach which was processed with SPSS 26.0 software. The sampling technique used a purposive sampling method. The data was obtained through the distribution of online questionnaires to 83 MSMEs registered in an application that is active in the fintech equity crowdfunding field called Santara. The study proved that equity crowdfunding has a significant positive effect on the performance of MSMEs, and the business partnership relationship has a significant positive effect on the performance of MSMEs. Equity crowdfunding is an alternative for MSMEs to obtain business capital other than bank loans. In addition, establishing a partnership will have a positive impact on business progress if it is carried out with the principle of mutual strengthening, needs, and benefits between parties.

Penelitian ini bertujuan untuk menganalisis pengaruh literasi keuangan dan financial technology (fintech) terhadap kinerja usaha yang di mediasi oleh perilaku pengelolaan keuangan. Penelitian ini menggunakan desain penelitian kuantitatif dengan menggunakan metode pengujian partial least square (PLS) berbasis kovarian dan tes sobel untuk pengujian mediasi. Pengumpulan data dilakukan melalui penyebaran kuesioner secara online maupun offline kepada pengguna “Pojok Bayar” yang tersebar di wilayah Kota Salatiga. Populasi dalam penelitian ini adalah seluruh pengguna aplikasi “Ayo SRC” dengan sampel yang dipilih menggunakan teknik purposive sampling. Jumlah sampel penelitian yang digunakan adalah 100 orang. Penelitian menunjukan hasil berikut: pertama, fintech berpengaruh positif signifikan terhadap kinerja usaha. Kedua, literasi keuangan juga memiliki pengaruh positif signifikan terhadap kinerja usaha. Ketiga, perilaku pengelolaan keuangan memiliki pengaruh positif signifikan terhadap kinerja usaha. Selanjutnya hipotesis keempat dan kelima membuktikan bahwa fintech dan literasi keuangan memiliki pengaruh positif signifikan terhadap perilaku pengelolaan keuangan. Hipotesis keenam dan ketujuh membuktikan bahwa perilaku pengelolaan keuangan memediasi pengaruh fintech dan literasi keuangan terhadap kinerja usaha. Temuan ini menunjukan bahwa dengan penggunaan fintech dan peningkatan literasi keuangan yang disertai dengan perilaku pengelolaan keuangan yang baik dalam bisnis mampu memaksimalkan kinerja usaha. Agenda penelitian selanjutnya diusulkan untuk mempertimbangkan efek variabel sosiodemografis dan karakteristik usaha untuk memeroleh perspektif yang lebih mendalam terhadap kinerja usaha.

Background: Tsetse flies (Glossina sp.) are the sole vectors of human and animal trypanosomiasis throughout sub-Saharan Africa. Tsetse are distinguished from other Diptera by unique adaptations, including lactation and the birthing of live young (obligate viviparity), a vertebrate blood specific diet by both sexes and obligate bacterial symbiosis. This work describes comparative analysis of six Glossina genomes representing three sub-genera: Morsitans (G. morsitans morsitans (G.m. morsitans), G. pallidipes, G. austeni), Palpalis (G. palpalis, G. fuscipes) and Fusca (G. brevipalpis) which represent different habitats, host preferences and vectorial capacity. Results: Genomic analyses validate established evolutionary relationships and sub-genera. Syntenic analysis of Glossina relative to Drosophila melanogaster shows reduced structural conservation across the sex-linked X chromosome. Sex linked scaffolds show increased rates of female specific gene expression and lower evolutionary rates relative to autosome associated genes. Tsetse specific genes are enriched in protease, odorant binding and helicase activities. Lactation associated genes are conserved across all Glossina species while male seminal proteins are rapidly evolving. Olfactory and gustatory genes are reduced across the genus relative to other characterized insects. Vision associated Rhodopsin genes show conservation of motion detection/tracking functions and significant variance in the Rhodopsin detecting colors in the blue wavelength ranges. Conclusions: Expanded genomic discoveries reveal the genetics underlying Glossina biology and provide a rich body of knowledge for basic science and disease control. They also provide insight into the evolutionary biology underlying novel adaptations and are relevant to applied aspects of vector control such as trap design and discovery of novel pest and disease control strategies.

The paper presents calculations of thermoelastic parameters of layered composite structure (substrate + adhesive) using the contact layer method. The corresponding mathematical model (taking into account the presence of a contact layer) has been used to study properties of a layered rod subjected to heating. Temperature dependences of Young's modulus, CLTE and thermal stresses for layered, built-up and polymeric specimens were obtained and analyzed. A comparison of the calculation data on the effective properties of objects under investigation obtained by the classical formulae and by the contact layer method was made. The importance of taking into account the contact layer presence and its parameters in the study of thermoelastic characteristics of layered structures was proved.

This study aims to examine whether Peer-to-Peer (P2P) lending, financial bootstrapping and government support affect the performance of Micro, Small, and Medium-sized Enterprises (MSMEs) by adding a mediating variable in the form of innovation. Innovation mediation is expected to be able to optimize the influence of government funding and incentives towards improving business performance. This study used an SEM-PLS analysis technique. The study samples were the MSMEs located in the city of Salatiga - Central Java, Indonesia. The results showed that P2P lending and financial bootstrapping had a positive effect on business performance and innovation. While government support had a positive effect on innovation, on the one hand, it had no effect on business performance, on the other. Innovation itself is proven to have an influence on business performance. This study also finds that innovation mediates the effect of P2P lending on business performance, facilitates the effect of financial bootstrapping on business performance and reconciles the effect of government support on business performance.

The purpose of this study is to see how the influence of financial attitudes, education level on financial management behavior with financial knowledge as a moderating variable. The sample used in this study was 105 SMEs in the city of Salatiga, using the probability sampling technique. The instrument used in this research is a questionnaire, the tool used is partial least square (PLS). The results of this study indicate that financial attitudes and education level have a positive and significant effect on financial management behavior. Financial knowledge does not moderate the effect of financial attitude and education levels on financial management. So to improve the financial management behavior of MSME actors, it is necessary to improve financial and education levels. SMEs in Salatiga need to increase their financial experience through job training and work experience to enhance their financial attitude. Abstrak Tujuan penelitian ini untuk menguji bagaimana pengaruh sikap keuangan, tingkat pendidikan terhadap perilaku manajemen keuangan dengan pengetahuan keuangan sebagai variabel moderasi. Sampel yang digunakan dalam penelitian ini adalah pelaku UMKM di kota Salatiga sebanyak 105 orang, dengan menggunakan teknik probability sampling. Instrumen yang digunakan dalam penelitian ini adalah kuesioner, sementara teknik analisis menggunakan partial least square (PLS). Hasil penelitian ini menunjukkan sikap keuangan dan tingkat pendidikan berpengaruh positif dan signifikan terhadap perilaku manajemen keuangan. Pengetahuan keuangan tidak memoderasi pengaruh sikap keuangan dan tingkat pendidikan terhadap perilaku manajemen keuangan. Untuk meningkatkan perilaku manajemen keuangan yang baik di kalangan pelaku UMKM, perlu ditingkatkan sikap keuangan yang positif, serta pentingnya latar belakang pendidikan yang memadai. Meningkatkan sikap keuangan perlu dilakukan oleh pelaku UMKM kota Salatiga dengan cara meningkatkan pengalaman keuangan melalui pelatihan kerja maupun pengalaman kerja

There have been numerous studies investigating the dynamics of micro, small and medium enterprises (MSME) development. However, this research topic still offers several interesting research gaps to be explored. Accordingly, the purpose of this research is to test the effects of entrepreneurial orientation and asymmetric information that affect MSME entrepreneurs’ emotional biases, as well as the relationships between these variables and MSME’s financing and performance. Our research objects are MSMEs located in four urban villages in Salatiga City, Central Java that engage in various business sectors, such as the food and beverage, the service industry, the groceryw, and the horticulture sector. We analyze the research data with the Partial Least Square (PLS) software. The research results reveal that entrepreneurial orientation and asymmetric information positively influence MSME entrepreneurs’ emotional bias. Meanwhile, emotional bias has a significantly positive influence on financing. Finally, we also find that financing positively affects MSMEs’ performance. In sum, our study demonstrates the importance of the behavioral aspect (emotional bias) in explaining MSMEs’ performance through its indirect impact through financing.

Earnings information as part of the financial statements is usually the target of engineering using opportunistic steps from management in maximizing its interests, which can cause loss to shareholders and investors. Management behavior that is used to adjust earnings to suit what is desired is known as earnings management. The purpose of this study is to determine the effect of leverage, firm size and company life cycle on earnings management in mining sector companies. The population used in this study are mining sector companies listed on the Indonesia Stock Exchange that have published annual and financial reports in the 2015-2019 period. The data collection technique used in this study is the purposive sampling method which aims to obtain samples in accordance with defined criteria. Based on the predetermined criteria, there were 29 companies in this study that were used as research samples with a total of 145 observations for 5 periods. In this study, the company's life cycle is divided into 4 stages, namely introduction, growth, mature and decline. The data analysis used is dummy regression analysis. The results of this study indicate that leverage and firm size do not affect earnings management, but the company's life cycle has a positive and significant effect on earnings management in mining sector companies. Informasi laba sebagai bagian dari laporan keuangan biasanya menjadi sasaran rekayasa dengan menggunakan langkah-langkah oportunistik dari manajemen dalam memaksimalkan kepentingannya, yang dapat merugikan pemegang saham dan investor. Perilaku manajemen yang digunakan untuk hanya mengiklankan pendapatan agar sesuai dengan apa yang diinginkan dikenal sebagai manajemen laba. Tujuan penelitian adalah untuk mengetahui pengaruh leverage, ukuran perusahaan dan siklus hidup perusahaan terhadap manajemen laba pada perusahaan sektor pertambangan. Populasi penelitian adalah perusahaan sektor pertambangan yang terdaftar di Bursa Efek Indonesia yang telah mempublikasikan laporan keuangan dan tahunan periode 2015-2019. Teknik pengumpulan data digunakan metode purposive sampling. Berdasarkan kriteria yang telah ditentukan, terdapat 29 perusahaan yang kemudian dijadikan sampel penelitian dengan total 145 observasi selama 5 periode. Analisis data yang digunakan adalah analisis regresi dummy. Hasil penelitian ini menunjukkan bahwa leverage dan ukuran perusahaan tidak berpengaruh terhadap manajemen laba, tetapi siklus hidup perusahaan berpengaruh positif terhadap manajemen laba pada perusahaan sektor pertambangan. DOI: https://doi.org/10.26905/afr.v4i1.5802

The classic problem faced by MSMEs is limited access to funds from banks. This makes MSMEs to look for alternative strategy, one of which is through financial bootstrapping. This study aimed to examine the effect of financial bootstrapping on the performance of MSMEs with financial literacy as a moderator. The research sample were 38 MSME owners in Salatiga City, which were tested by Moderated Regression Analysis (MRA). The results showed that financial bootstrapping had a negative effect on the performance of MSMEs and the moderating role of financial literacy were proven. This means that when financial bootstrapping is supported by financial literacy from business actors, business performance will increase. Key words: Financial Bootstrapping, Financial Literacy, MSMEs Performance

Abstract Performance and risk information have important role in describing the condition of the company. This study aims to explain the relevance of information on the value of performance measures and information on the value of risk to the value of the company in each company’s life cycle. This study used the objects of manufacturing companies listed on the Indonesia Stock Exchange from 2009 to 2016. The research sample was selected using a purposive sampling method with the specified criteria. The variables used in this research includes change in sales growth, capital expenditure, change in operating cash flow, change in return on sales, and change in net income. Meanwhile, the risk assessment used book to market, beta, size, and leverage. Classification of life cycle adopted scoring on age, dividend payout, capital expenditure, and sales growth categorized according to industrial quintiles. This research employed a quantitative approach with multiple regression analysis techniques. The result of the research shows that there is relevance of performance and risk value that at mature stage. However, there is only relevance of risk value at decline stage. In general, this research provides evidence that the relevance of performance information and risk to each life cycle is different. However, this study failed to review the phenomenon of value relevance at the growth stage because of unsupported empirical data. Accordingly, future researches are advised to use alternative business ages as a proxy for the company’s life cycle. This study supports the theory of the relevance of accounting information in business decision making related to the business life cycle. This finding can be a direction for managerial and strategic decision making in the company where the risk value is considered relevant in management decision making, while performance information is the basis for corporate decision making in the mature phase. Abstrak Informasi kinerja dan risiko berperan penting dalam menggambarkan kondisi perusahaan. Penelitian ini bertujuan untuk menjelaskan relevansi informasi nilai ukuran kinerja dan informasi nilai resiko terhadap nilai perusahaan di setiap siklus hidup perusahaan. Penelitian ini menggunakan obyek perusahaan manufaktur yang terdaftar pada Bursa Efek Indonesia periode tahun 2009-2016. Sampel penelitian dipilih berdasarkan metode purposive sampling. Variabel untuk menilai kinerja adalah perubahan pertumbuhan penjualan, belanja modal, perubahan arus kas operasi, perubahan imbal hasil dari penjualan, dan perubahan laba bersih. Sedangkan proksi untuk menilai risiko menggunakan variabel rasio nilai buku terhadap nilai pasar, beta, ukuran perusahaan dan rasio hutang yang dikategorikan menurut kuintil industri. Penelitian ini menggunakan pendekatan kuantitatif dengan teknik analisis regresi berganda. Hasil penelitian menunjukkan bahwa terdapat relevansi nilai kinerja dan risiko pada tahap mature, namun hanya terdapat relevansi nilai risiko pada tahap decline. Secara keseluruhan, penelitian ini membuktikan secara empiris bahwa informasi kinerja dan risiko pada tiap siklus hidup berbeda. Namun studi ini tidak dapat membahas fenomena relevansi nilai pada tahapan growth karena tidak didukung oleh data empiris. Sehubungan dengan itu, penelitian selanjutnya dapat menggunakan alternatif umur usaha sebagai proksi siklus hidup perusahaan. Studi ini mendukung teori relevansi informasi akuntansi dalam pengambilan keputusan usaha yang dihubungkan dengan siklus hidup usaha. Temuan ini diharapkan menjadi arahan bagi pengambilan keputusan strategik di perusahaan, dimana nilai risiko dianggap relevan dalam pengambilan keputusan manajemen, sementara informasi kinerja menjadi dasar pengambilan keputusan perusahaan di tahap mature.

This study aims to examine the effect of the use of e-money on recording financial statements and the influence of moderation of accounting knowledge in the relationship between the use of emoney and recording financial statements. The sample used in this study was MSMEs in Argomulyo Salatiga Subdistrict as many as 56 samples were selected through purposive sampling. This study uses primary data in the form of results from distributing questionnaires to owners of Micro, Small and Medium Enterprises (MSMEs). The analysis shows that the use of emoney has a negative significant effect on the recording of financial statements. The findings also state that accounting knowledge is able to moderate the relationship between the use of e-money and recording financial statements.

Several arthropod taxa live exclusively on vertebrate blood. This food source lacks essential metabolites required for the maintenance of metabolic homeostasis, and as such, these arthropods have formed symbioses with nutrient-supplementing microbes that facilitate their hosts hematophagous feeding ecology. Herein we highlight metabolic contributions of bacterial symbionts that reside within tsetse flies, bed bugs, lice, reduviid bugs, and ticks, with specific emphasis on B vitamin and cofactor biosynthesis. Importantly, these arthropods can transmit pathogens of medical and veterinary relevance and/or cause infestations that induce psychological and dermatological distress. Microbial metabolites, and the biochemical pathways that generate them, can serve as specific targets of novel control mechanisms aimed at disrupting the metabolism of hematophagous arthropods, thus combatting pest invasion and vector-borne pathogen transmission.

This study empirically examines the effect of liquidity on the efficiency of banking operations in Indonesia, with moderation in company size. To measure the level of operational efficiency, the BOPO ratio is used, which is the ratio of operating costs to operating income and liquidity is proxied by the LDR (Loan to Deposit Ratio) ratio. The sample in this study were 35 state-owned (private) and private (BUSN) banks that listed and published complete financial statements on the Indonesia Stock Exchange for the period of 2016 - 2018. This study proves that LDR has a significant negative effect on (BOPO) and the size of the company moderates / weaken the influence of LDR on BOPO. The greater the size of the bank, the effect of the LDR on operational efficiency will be weaker. DOI: https://doi.org/10.26905/afr.v3i1.4093

Firms likely exhibit greater financial reporting aggressiveness to increase their earnings and eventually attract investors. However, firms also tend to reduce their taxable income to maximize their cash flow. Consequently, firms arguably manage their corporate income tax aggressively. This research aims to investigate whether firms with low debt levels are more aggressive in their tax reporting than in financial reporting, firms with financial deficits are more aggressive in their financial reporting than in tax reporting, and firms with better access to external/internal capital market are more aggressive in their tax reporting rather than in financial reporting. We use three financial variables, namely debt ratios, financial deficits, and access to internal or external capital markets as proxies for firms’ financial condition. This study finds that all financial variables except financial deficits, motivate firms to engage in aggressive reporting decisions. Specifically, firms with higher debt ratios and easier access to external or internal capital markets will likely exhibit more aggressive tax reporting than financial reporting.

Valid information content is a useful input for stakeholders in making a decision. This study aims to examine the differences in the Forward Looking Disclosure Index (FLDI) in companies detected in bankruptcy in 2017 by comparing previous annual reports (T-5). The population consisted of non-financial companies listed on the Indonesia Stock Exchange (IDX) in the period 2013 and 2017. The samples were determined using a purposive sampling technique and obtained as many as 77 companies. Tests were carried out using the Altman Z-Score Modification Method to find out the number of detected companies went bankrupt in 2017. Thirty items of quantitative and qualitative FLDI were measured using the disclosure index. The results showed that there were differences in FLDI in companies detected as bankrupt in 2013 and 2017. The difference was shown by an increase in qualitative disclosures when companies were detected as bankrupt or experiencing financial difficulties. This difference is captured by stakeholders as a signal of financial difficulties experienced by companies, even further can be a warning of potential bankruptcy. Kandungan informasi yang valid menjadi input yang bermanfaat bagi para pemangku kepentingan dalam mengambil suatu keputusan. Penelitian ini bertujuan untuk menguji perbedaan Forward Looking Disclosure Index (FLDI) pada perusahaan yang terdeteksi bangkrut di tahun 2017 dengan membandingkan laporan tahunan sebelumnya (T-5). Populasi terdiri dari perusahaan-perusahaan nonkeuangan yang terdaftar di Bursa Efek Indonesia (BEI) periode 2013 dan 2017. Sampel ditetapkan menggunakan teknik purposive sampling dan diperoleh sebanyak 77 perusahaan. Pengujian dilakukan menggunakan Metode Modifikasi Altman Z-Score untuk mengetahui jumlah perusahaan yang terdeteksi bangkrut pada tahun 2017. Sebanyak 30 item kuantitatif dan kualitatif FLDI diukur dengan menggunakan indeks pengungkapan. Hasil penelitian menunjukkan bahwa terdapat perbedaan FLDI pada perusahaan yang terdeteksi bangkrut tahun 2013 dengan 2017. Perbedaan tersebut ditunjukkan dari peningkatan pengungkapan secara kualitatif ketika perusahaan terdeteksi bangkrut atau mengalami kesulitan keuangan. Perbedaan ini ditangkap oleh para pemangku kepentingan sebagai suatu sinyal adanya kesulitan keuangan yang dialami oleh perusahaan, bahkan lebih jauh dapat menjadi peringatan potensi kebangkrutan.

Dalam tataran empiris maupun teoretis, relevansi nilai informasi akuntansi kerap menjadi pusat kajian dalam kaitannya dengan pengambilan keputusan manajemen. Kandungan informasi yang termuat pada data laba maupun arus kas menjadi dasar pertimbangan bagi para pemangku kepentingan. Fokus penelitian ini adalah pada relevansi nilai inkremental arus kas di luar laba, yaitu ketika informasi arus kas digunakan untuk melengkapi evaluasi kinerja yang tercermin dalam laba. Sampel berasal dari perusahaan publik sektor non keuangan periode tahun 2014 – 2016, dan terpilih sebanyak 144 sampel berdasarkan kriteria yang ditentukan peneliti. Data diolah menggunakan teknik regresi data panel. Temuan menyatakan bahwa arus kas memberikan relevansi nilai inkremental di luar laba; arus kas moderat memberikan relevansi nilai di luar yang diberikan oleh laba moderat; arus kas ekstrem tidak memberikan relevansi nilai di luar yang diberikan oleh laba moderat; arus kas moderat memberikan relevansi nilai di luar yang diberikan oleh laba ekstrem; serta arus kas ekstrem tidak memberikan relevansi nilai di luar yang diberikan oleh laba ekstrem. Usulan agenda penelitian mendatang yaitu mengkomparasi temuan ini dengan menggunakan variabel dependen berupa harga saham.

The amino acid-polyamine-organoCation (APC) superfamily is the second largest superfamily of secondary carriers currently known. In this study, we establish homology between previously recognized APC superfamily members and proteins of seven new families. These families include the PAAP (Putative Amino Acid Permease), LIVCS (Branched Chain Amino Acid:Cation Symporter), NRAMP (Natural Resistance-Associated Macrophage Protein), CstA (Carbon starvation A protein), KUP (K⁺ Uptake Permease), BenE (Benzoate:H⁺ Virginia Symporter), and AE (Anion Exchanger). The topology of the well-characterized human Anion Exchanger 1 (AE1) conforms to a UraA-like topology of 14 TMSs (12 α-helical TMSs and 2 mixed coil/helical TMSs). All functionally characterized members of the APC superfamily use cation symport for substrate accumulation except for some members of the AE family which frequently use anion:anion exchange. We show how the different topologies fit into the framework of the common LeuT-like fold, defined earlier (Proteins. 2014 Feb;82(2):336-46), and determine that some of the new members contain previously undocumented topological variations. All new entries contain the two 5 or 7 TMS APC superfamily repeat units, sometimes with extra TMSs at the ends, the variations being greatest within the CstA family. New, functionally characterized members transport amino acids, peptides, and inorganic anions or cations. Except for anions, these are typical substrates of established APC superfamily members. Active site TMSs are rich in glycyl residues in variable but conserved constellations. This work expands the APC superfamily and our understanding of its topological variations.

Tsetse flies are the sole vectors of human African trypanosomiasis throughout sub-Saharan Africa. Both sexes of adult tsetse feed exclusively on blood and contribute to disease transmission. Notable differences between tsetse and other disease vectors include obligate microbial symbioses, viviparous reproduction, and lactation. Here, we describe the sequence and annotation of the 366-megabase Glossina morsitans morsitans genome. Analysis of the genome and the 12,308 predicted protein-encoding genes led to multiple discoveries, including chromosomal integrations of bacterial (Wolbachia) genome sequences, a family of lactation-specific proteins, reduced complement of host pathogen recognition proteins, and reduced olfaction/chemosensory associated genes. These genome data provide a foundation for research into trypanosomiasis prevention and yield important insights with broad implications for multiple aspects of tsetse biology.

The sensitivity of external financing is the main issue in developing small and medium-sized enterprises (SME) in general. A similar problem is also experienced by several batik small and medium enterprises in Central Java, Indonesia. This research strives to explore the creative alternative strategies done by batik micro, small, and medium enterprises to reduce the dependence on external capital. The samples were chosen based on a purposive sampling method in three Central Java regions, namely Pekalongan Regency, Rembang Regency, and Surakarta Municipality. The data were then analyzed using a quantitative and qualitative descriptive approach. These research findings reveal that there are variations in the bootstrapping financing method; as well as financing profiles of each in the three regions that reveal the dynamics of business funding. Referring to the description of alternative funding patterns carried out by entrepreneurs, the bootstrapping strategy can be grouped into six (6) types based on the available resources. Batik entrepreneurs can overcome their financial problem by applying bootstrapping methods, so that businesses can operate properly.

Various researches have been conducted towards the dynamics of micro, small, and medium enterprise (MSME) developments, but there are still research gaps that can be explored further. The purpose of this research is to examine the determinant factors of MSME performance as seen from the entrepreneurial dimension and the financial activities done by entrepreneurs. The research objects of this study are two batik MSME centers in Central Java Province, which are Rembang Regency and Surakarta municipality. The research model was tested by using PLS-SEM with WarpPLS version 6.0. The research findings revealed there is a positive influence between the dimensions of entrepreneurship and outside finance, entrepreneurial dimension and MSME performance, outside finance, and MSME performance, as well as innovation investment and MSME performance. Another research finding found that the entrepreneurial dimension, which consists of entrepreneurial emotion and entrepreneurial cognition, does not have a positive influence on MSME performance. Meanwhile, outside finance has a negative influence on innovation investment. This research proposes a future research agenda to add other variables that are suspected of influencing MSME performance, whether from a financial or a non-financial aspect, such as financial literacy and the application of digital marketing.

Various previous research has been conducted on the relationship between a cognitive bias and financing decisions by entrepreneurs. Besides that, it still needs to be examined whether a cognitive bias is related with SMEs performance through company finances. The purpose of this research is to test financing antecedents and SMEs performance. One kind of a creative industry, batik SMEs that are located in Pekalongan, Central Java, Indonesia, are the object of this research. There were 190 respondents chosen from batik entrepreneurs. The holistic testing of this empirical model used structural equation modelling (SEM) with an AMOS program. The research results found that an entrepreneur’s cognitive bias has a significant positive bias towards financing. Meanwhile, entrepreneurial orientation and financing also are proven to have a significant positive influence towards SMEs performance. No entrepreneurial orientation influence was discovered towards SMEs performance. Furthermore, the output analysis revealed there is an indication of a strong relationship between a cognitive bias and entrepreneurial orientation. Therefore, this model can be revised, developed, and retested by considering the agenda of this research to enrich insights in the entrepreneurial finance sphere.

The emergence of the entrepreneurial finance theory in developing the financial theory was still relatively new. Up until the early 1990s, the topic of entrepreneurial finance was still rarely discussed, although actually many aspects could be explored more in-depth by academicians. There was no consensus about the definition of entrepreneurial finance. It can be mapped out that past literature studies or previous research just looked at entrepreneurial finance from the financing provider side (supply side). A supply side test examined the fund provider (financier) perspective as a test center like formal and informal equity (venture, capitalists, angel investors, corporate venturing, crowdfunding), as well as formal and informal debt like bank debt, loans from friends and family members, and the release of other money (mezzanine) to develop start-up companies or micro, small, and medium enterprises. A synthetic meta-analysis in this research integrated and synthesized several qualitative research findings through better descriptions and facilitates the reconceptualization from a study. Based on this study, we found that actually there was still a lot of room from the topic of entrepreneurial finance to become future research, such as from the entrepreneur’s side (demand side) related with financial management or small enterprise development.

Theories about funding have developed rapidly, it was starting from the traditionalrational theory to the behavior-based funding theory, which responds to the gap between the reality and financial theories. The theoretical developments can depict the real condition about financial management involving funding decisions, investment decisions, and dividend policies in an enterprise. These developments and evolution enable financial managers and also entrepreneurs to realistically apply them in their business activities. This research used meta synthesis analysis technique to integrate results from a number of different but inter-related qualitative studies. There has already been a shift in the funding theory paradigm from a Newtonian paradigm which emphasizes positivistic epistemology leading to a Critical paradigm, which places more emphasis on a phenomenological approach to see the reality. This shift has resulted in many changes related to the financial essence, research related to finance, as well as the advantages of the funding or financing theory in a company. A new essence about funding has surfaced, where funding and its benefits can solve company funding problems.

The parasite Trypanosoma brucei rhodesiense and its insect vector Glossina morsitans morsitans were used to evaluate the effect of parasite clearance (resistance) as well as the cost of midgut infections on tsetse host fitness. Tsetse flies are viviparous and have a low reproductive capacity, giving birth to only 6-8 progeny during their lifetime. Thus, small perturbations to their reproductive fitness can have a major impact on population densities. We measured the fecundity (number of larval progeny deposited) and mortality in parasite-resistant tsetse females and untreated controls and found no differences. There was, however, a typanosome-specific impact on midgut infections. Infections with an immunogenic parasite line that resulted in prolonged activation of the tsetse immune system delayed intrauterine larval development resulting in the production of fewer progeny over the fly's lifetime. In contrast, parasitism with a second line that failed to activate the immune system did not impose a fecundity cost. Coinfections favored the establishment of the immunogenic parasites in the midgut. We show that a decrease in the synthesis of Glossina Milk gland protein (GmmMgp), a major female accessory gland protein associated with larvagenesis, likely contributed to the reproductive lag observed in infected flies. Mathematical analysis of our empirical results indicated that infection with the immunogenic trypanosomes reduced tsetse fecundity by 30% relative to infections with the non-immunogenic strain. We estimate that a moderate infection prevalence of about 26% with immunogenic parasites has the potential to reduce tsetse populations. Potential repercussions for vector population growth, parasite-host coevolution, and disease prevalence are discussed.

Some stock markets have employed a number of circuit breakers to avoid non-rational overreaction and price limit is one of them. While price limit is widely accepted benchmarks for the prevention of market crash, the question of weather price limit reduces stock price volatility has long attracted research interest. The purpose of this study is to test volatility spillover hypothesis by examining Indonesia Stock Exchange price limit system. We use LQ-45 stocks data from August 2001-January 2002, while research period begins from 3 December 2001- 31 December 2006. The evidence supports that all hypotheses suggesting that price limit may be effective to reduce volatility.

Tsetse flies are the sole vectors of African trypanosomes. In addition to trypanosomes, tsetse harbor obligate Wigglesworthia glossinidia bacteria that are essential to tsetse biology. The absence of Wigglesworthia results in fly sterility, thus offering promise for population control strategies. Here, microRNA (miRNAs) and mRNA expression are characterized and compared between the exclusive Wigglesworthia-containing bacteriome and adjacent aposymbiotic tissue in females of two evolutionarily distant tsetse species (Glossina brevipalpis and G. morsitans). A total of 193 miRNAs were expressed in either species, with 188 of these expressed in both species, 166 of these were novel to Glossinidae, and 41 miRNAs exhibited comparable expression levels between species. Within bacteriomes, 83 homologous mRNAs demonstrated differential expression between G. morsitans aposymbiotic and bacteriome tissues, with 21 of these having conserved interspecific expression. A large proportion of these differentially expressed genes are involved in amino acid metabolism and transport, symbolizing the essential nutritional role of the symbiosis. Further bioinformatic analyses identified a sole conserved miRNA::mRNA interaction (miR-31a::fatty acyl-CoA reductase) within bacteriomes likely catalyzing the reduction of fatty acids to alcohols which comprise components of esters and lipids involved in structural maintenance. The Glossina fatty acyl-CoA reductase gene family is characterized here through phylogenetic analyses to further understand its evolutionary diversification and the functional roles of members. Further research to characterize the nature of the miR-31a::fatty acylCoA reductase interaction may find novel contributions to the symbiosis to be exploited for vector control. [ABSTRACT FROM AUTHOR]