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From an accounting perspective, taxes reduce profits and are often perceived as diminishing shareholders’ rights. Consequently, government support through tax reductions plays a crucial role in enhancing the effectiveness of corporate strategies aimed at minimizing tax burdens. From the perspective of the Efficient Market Hypothesis (EMH), government tax incentive policies serve as vital signals to investors, shaping their expectations and influencing investment decisions. This study focuses on Indonesia’s tax incentive policy introduced at the onset of the COVID-19 pandemic on April 1, 2020, and continuing until September 30, 2023. To assess market efficiency during this period, portfolios were constructed from the top 21 firms listed on the IDX Quality 30 and IDX High Dividend 20 indices, categorized by their systematic risk and cost of equity. The findings indicate that portfolios with higher systematic risk and cost of equity exhibit more optimal returns, greater volatility, and better risk-return trade-offs. Conversely, portfolios with lower systematic risk and cost of equity tend to yield suboptimal returns due to their passive investment characteristics. Overall, the returns from all portfolios during the tax incentive period align with the weak form of the EMH, albeit showing negative autocorrelation instead of a purely random walk pattern. These findings imply that information regarding tax incentives influences prices primarily among firms with higher cost of equity or systematic risk. This study contributes to the understanding of the EMH by examining the impact of tax incentives during the pandemic while controlling for both the cost of equity and systematic risk.

Creative thinking is one of the high-level thinking skill as a form of finding the best solution to solve a problem that emphasizes aspects of fluency, flexibility, originality, and elaboration. The purpose of this study was to determine the effect of using STMCpE based Chemo-entrepreneurship textbooks on students’ creative thinking skill on Acid – Base Material. This is a quasi-experimental research with nonequivalent control group design. Data obtained from the results of creative thinking tests conducted in the experimental class and the control class before and after learning. Pretests are used as student’s premier knowledge data and the data after learning are used as data for different tests using ANCOVA. The results showed that the creative thinking skill of students who studied with STMCpE Based Chemo-entrepreneurship Textbook higher than students who studied with conventional learning with a significance value of 0.000<0.050. A large percentage of the effect of the application of STMCpE Based Chemo-entrepreneurship Textbook 87.7%. This shows that the creative thinking skill of students who learn with STMCpE Based Chemo-entrepreneurship Textbook is better than classes that use school textbooks.

This study aims to identify the mediating role of the management accounting information system (MAIS) in the relationship between innovation strategy and the financial performance of industrial companies in Jordan. To achieve the objectives of the study, the prepared a questionnaire, where the number of questionnaires was distributed (374) randomly. Where (358) questionnaires were retrieved by (95.7%) of the total questionnaires sent electronically, and they were distributed to (the general manager, financial manager, chief accountant, internal auditors, and accountants. The study reached several results, most notably: There is no significant mediating role of MAIS on the relationship between management's value orientation towards innovation and financial performance in Jordanian industrial companies. Moreover, there is a significant mediating role of MAIS in the relationship between riskiness and financial performance in Jordanian industrial companies. In view of these results, the study recommends to the Jordanian industrial companies' management the importance of applying the modern MAIS because it has become a critical component, and it is difficult to achieve a competitive advantage and stay in the market without relying on systems.Various researchers have been conducted, and the results are mixed, inconsistent, and conducted before era of pandemic. The purpose of this study is to examine the impact of corporate social responsibility disclosure on financial performance in the era of pandemic base on Indonesian context. We use quantitative method using regression analysis. Secondary data have been collected for 36 companies in consumption industry listed in Indonesian Stock Exchange for the period of 2019-2021 which are the challenging years. We measure the disclosure of social responsibility using the global reporting index in the company's annual report. For financial performance variables, we use return on asset, return on equity and Tobin's Q, to see the consistency of the result. For the control variables, we use leverage and total asset. We found that corporate social responsibility disclosure consistently has a significant positive effect on return on asset, return on equity and for the value of Tobin's Q. The corporate social responsibility in this study is assessed using personal judgment based on the Global Reporting Initiative social responsibility disclosure indicators. This proves that especially in the era of pandemic, non-financial information like corporate social responsibility disclosure is very powerful for the succeed of the company in the case of Indonesian context. This research was conducted using period when the company faced crisis that was different from previous economic crisis. Another consideration is about global pressure related to the issue of the impact of climate change. The result of this study will contribute to whether there is consistency in the findings when tested during pandemic crisis compared to the economic situation before pandemic.

The efficient market hypothesis assumes that the stock prices fully reflect all relevant information. Under the weak form, the future prices are independent of current prices or in the other words, they follow the random walk hypothesis. Global issues tend to have an impact on capital markets around the world. Therefore, the objective of this study is to assess the effect of global issues on the movements of expected returns in the Indonesian capital market from January 1, 2022, to June 30, 2022. The sample of 755 listed firms is used to test whether the expected returns have a random pattern during the observation period. The results of runs tests and variance ratio test show that the expected return movements are not random. On those results, the weak form of the efficient market hypothesis is rejected, and it can be concluded that the capital market in Indonesia for this period is inefficient. The findings of this study imply that the information about global issues does not affect the market. The success of the Indonesian government’s strategy in dealing with global issues (including the Covid-19 pandemic) in the form of a vaccination program and also followed by excellent fiscal and monetary policies has led to more predictable returns in the capital market. Moreover, investors can set their portfolios to get extraordinary returns as the market is more predictable.

The pico-scale generator is needed which is cheap and can be used in rural areas. Pico hydro is one solution to help provide lighting in remote villages. The Turgo turbine was chosen because of its easy-to-manufacture design, maintenance costs, and low production costs and it is easy to transport to remote areas with ease. The manufacture of Turgo turbine blades itself can use coconut shells which are easily found on the coast of Indonesia. This study aims to determine the effect of nozzle diameter on the performance of a Turgo turbine using coconut shells as a Turgo turbine blade and the effect of the diameter of a runner consisting of a fixed blade and disk on changes in the diameter of the nozzle. The method was used is experimental using a diameter variation of 8, 10, and 12 mm along with the distance between the nozzle and the blade with variations of 100, 150, and 200 mm. Based on all the results of the Turgo turbine study, it can be concluded that the best nozzle experimentally is a nozzle diameter of 8 mm with a distance variation of 100 mm and 43% for experimental and the electrical efficiency is 38%.

The purpose of this study is to examine dividend policy on both the controlling and non-controlling shareholders based on assumptions according to theories of life cycle, and free cash flow.The sample for this study is 241 listed firm in Indonesia Stock Exchange during the period from 2010 to 2015. This study divides the sample based on quartiles and analyzes it by conducting logistic regression with significant rate at 0.05. This study provides the evidences that: (1) firms as dividend payers tend not distribute their dividend for controlling shareholders and non-controlling shareholders while the composition for both shareholders are almost equal; (2) firms as dividend payers also have tendency not to distribute dividend on controlling shareholders when this shareholders have largest percentage of ownership; and (3) firms as dividend payers tend not distribute dividend on non-controlling shareholders while they have lowest retained earnings.The findings imply that life cycle theory and free cash flow theory can explain the behavior of dividending policy on controlling shareholders and non-controlling shareholders depend on their circumstances.The study uses alternative measurement for non-controlling shareholders as this variable together with controlling shareholders are moderating the other independent variables for testing the model of dividend policy.

This study begins with the assumption that the existence of abnormal circumstances will force investors to take measures to protect their investments in the capital market. Recently, the stock index in the Indonesian market has been declining and continued to fall until the end of April 2020 due to the impact of the Covid-19 pandemic. In terms of efficient market theory, prospect theory and signaling theory, this study aims to analyze the relationship between risk and return in the Indonesian capital market during the Covid-19 pandemic as a manifestation of investor behavior. To test hypotheses, the correlation test, the independent sample t-test and the Cohen test for 629 public firms with 52,836 observable data are used. The findings show that for financial sectors and non-financial sectors, the fourth period differs from previous periods when the relationship between systematic risk and stock returns is positive, although only non-financial sectors have a significant effect. The results show that efficient market theory, prospect theory and signaling theory are consistent with the phenomena around the Covid-19 pandemic in Indonesia. In addition, Cohen’s test results suggest that government policies in the face of the pandemic are successful in stimulating the market.

The optical matter is divided into three different points of view; there are physical optics, geometric optics, and optical tools. Three different points of view make optical matter difficult to integrate. Besides, the learning of optical matter in school mostly focuses on formulas, not the concept, so students find it difficult to apply optical matter in their daily lives. Also, critical thinking skills are needed to apply a concept to solve problems in daily life. One of the solutions to these problems is to apply optical teaching materials that discuss concepts and mathematics in a balanced, integrated, equipped by a contextual problem to increase student's critical thinking skills and make it easier to apply optical concepts in daily life. One of the suitable teaching materials is optical teaching materials based on STEM-CP (Science, Technology, Engineering, Mathematics-Contextual Problem). This study aims to measure student's critical thinking skills after implied optical teaching materials based on STEM-CP. This research used Quasi-Pretest-Posttest Experiment without control class. Data analysis using the mixed-method, and were analyzed quantitatively. The sample used was 33 students of class XI science. The result obtained from pretest and posttest with open questions following indicators of critical thinking skills. The application of optical instrument teaching materials and function based on STEM-CP showed that student critical thinking skills increase from weak and unacceptable to strong and acceptable.

Conservatism in the CAPM and L-CAPM standards often emphasizes systematic risk to explain the phenomenon of the risk-return relationship and ignores idiosyncratic risk with the assumption that the risk can be diversified. The effect of the Covid-19 outbreak raises the question of whether the idiosyncratic risk can still be ignored considering that the risk has a close relationship to firm-specific risk. This study sets a portfolio consisting of 177 active public firms in the Indonesia Stock Exchange before and after the Covid-19 pandemic. On portfolio set, idiosyncratic risk is estimated by the standard CAPM and L-CAPM in the observation range from January 2, 2019, to June 30, 2021. The results of the analysis show that L-CAPM and CAPM produce significantly different idiosyncratic risks. Empirical evidence shows that the highest firm-specific risk is in the third period and has a stable condition since the fourth period. This condition is confirmed by regression results that idiosyncratic risk together with systematic risk positively affects stock returns in the fourth period as suggested by the efficient market hypothesis. Uniquely, both systematic risk and idiosyncratic risk based on L-CAPM do not show a significant effect on stock returns in the fifth period, so it is a strong indication that liquidity is an important factor that must be considered in making investments.

Purpose: During the period 2022 until January 2023, several new global issues emerged besides the COVID-19 pandemic and had an impact on economic. This study aims to examine the weak form of market efficiency in Indonesia under the assumption that uncertain economic conditions tend to affect systematic risk and cause stock returns randomly move. Methodology: This study employs time series data based on the stock returns of 766 firms in Indonesia during the period January 3, 2022, to January 31, 2023. To detect random walk, the runs test is conducted with supporting of the variance ratio test. Findings: Systematic risk plays an important role in risky assets' efficiency during uncertain economic events which is consistent with the random walk theory. Otherwise, the impact of uncertain economic events on less risky assets gives the investors possibility to obtain extraordinary returns or abnormal returns. Originality/Value: This study examines market efficiency by taking into account the systematic risk of assets that are rarely analyzed at present.